# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001999371-26-000180
**Filing Date:** 2026-1
**Character Count:** 182774
**Document Hash:** a142b997a5618eb36c1cde31e6cdd312
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-26-000180.hdr.sgml**: 20260105

**ACCESSION NUMBER**: 0001999371-26-000180

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 39

**CONFORMED PERIOD OF REPORT**: 20251031

**FILED AS OF DATE**: 20260105

**DATE AS OF CHANGE**: 20260105

**EFFECTIVENESS DATE**: 20260105

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23812
- **FILM NUMBER:** 26507474

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

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

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

## Series and Classes Contracts Data

### Vulcan Value Partners Fund (Series ID: S000091565)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000259241 | Investor Class Shares      | VVPLX           |
| C000259242 | Institutional Class Shares | VVILX           |

### Vulcan Value Partners Small Cap Fund (Series ID: S000091566)

| Class ID   | Class Name                 | Ticker Symbol   |
|:---|:---|:---|
| C000259243 | Institutional Class Shares | VVISX           |
| C000259244 | Investor Class Shares      | VVPSX           |

### The Disciplined Growth Investors Fund (Series ID: S000093392)

| Class ID   | Class Name                            | Ticker Symbol   |
|:---|:---|:---|
| C000261609 | The Disciplined Growth Investors Fund | DGIFX           |

?xml version='1.0' encoding='ASCII'? Elevation Series Trust N-CSRS

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED** 

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act File Number:

**811-23812**

**Elevation Series Trust**

(Exact Name of Registrant as Specified in Charter)

**1700 Broadway, Suite 2100**

**Denver, CO 80290**

(Address of Principal Executive Offices) (Zip Code)

**Nicholas Adams**

**Elevation Series Trust**

**1700 Broadway, Suite 2100**

**Denver, CO 80290**

(Name and Address of Agent for Service)

Registrant's Telephone Number, including Area Code:

**303-226-4150**

With a copy to:

**JoAnn M. Strasser**

**Thompson Hine LLP**

**17<sup>th</sup> Floor**

**41 South High Street**

**Columbus, Ohio 43215**

Date of Fiscal Year End: **April 30<sup>th</sup>**

Date of Reporting Period: **May 1, 2025 – October 31, 2025**

**Item 1.** **Reports to Shareholders.**

(a) The Report to Shareholders is attached herewith.

This semi-annual shareholder report contains important information about the The Disciplined Growth Investors Fund for the period of May 1, 2025 to October 31, 2025. Please contact us at 1-855-DGI-FUND (344-3863) or dgifund@paralel.com or visit our website at https://www.dgifund.com/geeks-lawyers/literature-forms for additional information.

#### This report describes changes to the Fund that occurred during the reporting period.
![Image](ia4cb0e1a028366876fd1377f.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### DGIFX

#### THE DISCIPLINED GROWTH INVESTORS FUND

# WHAT WERE THE FUND'S COSTS FOR THE PAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**FUND NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;The Disciplined Growth Investors Fund | &nbsp;&nbsp;$43 | &nbsp;&nbsp;0.78% |

---

# HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?
This chart shows the value of a $10,000 investment over the past ten years. The result is compared with the Fund's benchmark.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i668b62409a8d6f150439ed3b.jpg)

---

| | | |
|:---|:---|:---|
| | **The Disciplined Growth Investors Fund** | **S&P 500 Total Return Index** |
| **Oct'15** | 10000 | 10000 |
| **Apr'16** | 10140 | 10043 |
| **Apr'17** | 11657 | 11843 |
| **Apr'18** | 12794 | 13414 |
| **Apr'19** | 14680 | 15224 |
| **Apr'20** | 13977 | 15356 |
| **Apr'21** | 20547 | 22416 |
| **Apr'22** | 18110 | 22464 |
| **Apr'23** | 18412 | 23063 |
| **Apr'24** | 26690 | 28289 |
| **Apr'25** | 24987 | 31711 |
| **Oct'25** | 29954 | 39196 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$586969912 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;143 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;17% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$2193319 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| . | **1 YR** | **5 YR** | **10 YR** |
| The Disciplined Growth Investors Fund | 12.12% | 13.19% | 11.60% |
| S&P 500 Total Return Index | 21.45% | 17.64% | 14.64% |

---

Past performance does not guarantee future results. Call 1-855-DGI-FUND (344-3868) or visit https://www.dgifund.com/geeks-lawyers/literature-forms for current month-end performance.

# WHAT DID THE FUND INVEST IN?

# INDUSTRY SECTOR ALLOCATION

#  ***(Expressed as % of Net Assets)*** ![Group By Sector Chart](ie0773309ff23cbc1a7060fc0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Money Market | 0.54% |
| Communications | 1.60% |
| Consumer Staples | 1.64% |
| Materials | 2.16% |
| Financials | 3.79% |
| Health Care | 4.32% |
| Utilities | 6.18% |
| Consumer Discretionary | 6.30% |
| Government | 6.97% |
| Energy | 9.89% |
| Industrials | 14.17% |
| Technology | 42.20% |
| Other Assets | 0.24% |

---

#### FIXED INCOME: QUALITY STRUCTURE

#### (Expressed as a % of Net Assets)
![Credit Rating Chart](i4d573710b9356575779e348c.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| BBB- | 0.25% |
| BBB | 5.82% |
| BBB+ | 6.83% |
| A- | 4.20% |
| A | 2.78% |
| A+ | 0.47% |
| AA | 0.54% |
| AA+ | 4.45% |

---

Credit ratings are provided by S&P Global Ratings. A credit rating is an evaluation by a nationally recognized statistical rating organization (NRSRO) of an issuer's creditworthiness with respect to its debt obligations. Ratings are assigned on a scale generally ranging from AAA (highest) to D (lowest). Credit ratings are subject to change and those above BB are typically issued to those securities considered investment grade. The securities include in the not rated "NR" category are not rated by S&P Global Ratings and may be rated by other NRSROs.

#### TOP 10 HOLDINGS

#### (Expressed as a % of Net Assets)

---

| | |
|:---|:---|
| Pure Storage, Inc. | 6.46% |
| Arista Networks, Inc. | 5.03% |
| Super Micro Computer, Inc. | 4.10% |
| Garmin Ltd. | 3.66% |
| Cognex Corp. | 3.17% |
| Plexus Corp. | 2.61% |
| Coterra Energy, Inc. | 2.54% |
| Expand Energy Corp. | 2.43% |
| United States Treasury Note/Bond | 2.39% |
| Alarm.com Holdings, Inc. | 2.36% |

---

#### ASSET WEIGHTING

#### (Expressed as % of Net Assets)
![Group By Asset Type Chart](i87ac3ae4f4079f92984aa020.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Common Stocks | 70.24% |
| Corporate Bonds | 20.06% |
| U.S. Treasury Obligations | 6.97% |
| Foreign Corporate Bonds | 1.96% |
| Money Market Funds | 0.54% |
| Other Assets | 0.20% |

---

![Image](icc4ddb4a9fb63615b690f9bc.jpg)

#### THE DISCIPLINED GROWTH INVESTORS FUND

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### DGIFX
1-855-DGI-FUND (344-3863)

dgifund@paralel.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://www.dgifund.com/geeks-lawyers/literature-forms.

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes that occurred during the period ended October 31, 2025. The Fund acquired all of the assets and liabilities of The Disciplined Growth Investors Fund, a series of Financial Investors Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on July 11, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.

This semi-annual shareholder report contains important information about the Vulcan Value Partners Fund Institutional Class shares for the period of May 1, 2025 to October 31, 2025. Please contact us at 1-877-421-5078 or clientservice@vulcanvaluepartners.com or visit our website at https://vulcanvaluepartners.com/strategies/large-cap/mutual-fund/ for additional information.

![Image](ic401ec364937ebf8a7c325f6.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Institutional Class:

#### VVILX

#### VULCAN VALUE PARTNERS FUND

#### This report describes changes to the Fund that occurred during the reporting period.

# WHAT WERE THE FUND'S COSTS FOR THE PAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**CLASS NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$45 | &nbsp;&nbsp;0.85% |

---

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark and a supplemental index.

# TOTAL RETURN BASED ON A $1,000,000 INVESTMENT
![Growth of 10K Chart](icb644c649acf775fca839115.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **May'19** | 1000000 | 1000000 | 1000000 |
| **Apr'20** | 971676 | 1016245 | 897312 |
| **Apr'21** | 1545139 | 1483535 | 1309404 |
| **Apr'22** | 1193717 | 1486696 | 1326663 |
| **Apr'23** | 1160581 | 1526305 | 1342755 |
| **Apr'24** | 1542835 | 1872191 | 1522979 |
| **Apr'25** | 1639794 | 2098654 | 1653198 |
| **Oct'25** | 1814266 | 2593993 | 1872300 |

---

The chart above represents historical performance of an investment of $1,000,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$351126314 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;29% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$1466274 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| . | **1 YR** | **5 YR** | **Since Inception (May 1, 2019)** |
| Institutional Class | 9.69% | 9.86% | 9.60% |
| S&P 500 Index | 21.45% | 17.64% | 15.79% |
| Russell 1000 Value Index | 11.15% | 14.28% | 10.13% |

---

Past performance does not guarantee future results. Call 1-877-421-5078 or visit https://vulcanvaluepartners.com/strategies/large-cap/mutual-fund/ for current month-end performance.

# WHAT DID THE FUND INVEST IN?

# INDUSTRY

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](iea66fef8a47b3a7ce9445986.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash/cash Equivalent | 0.67% |
| Containers & Packaging | 1.30% |
| Distillers & Vintners | 2.08% |
| Professional Business Support Services | 2.32% |
| Biotechnology | 2.78% |
| Consumer Digital Services | 3.29% |
| Machinery: Tools | 3.52% |
| Semiconductors | 3.70% |
| Insurance Brokers | 3.74% |
| Restaurants & Bars | 4.10% |
| Reinsurance | 4.26% |
| Specialty Retailers | 4.34% |
| Diversified Retailers | 4.41% |
| Health Care Services | 4.42% |
| Aerospace | 5.33% |
| Real Estate Services | 5.44% |
| Transaction Processing Services | 7.60% |
| Asset Managers & Custodians | 9.17% |
| Health Care Management Services | 10.83% |
| Software | 16.70% |

---

#### COUNTRY

#### (Expressed as % of Total Investments)
![Group By Country Chart](i9e074128ff9bbb6a2321b036.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 1.67% |
| United Kingdom | 2.08% |
| Israel | 4.17% |
| France | 6.43% |
| United States | 85.65% |

---

![Image](ic401ec364937ebf8a7c325f6.jpg)

#### VULCAN VALUE PARTNERS FUND

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Institutional Class:

#### VVILX
1-877-421-5078

clientservice@vulcanvaluepartners.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://vulcanvaluepartners.com/strategies/large-cap/mutual-fund/.

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Fund during the period ended October 31, 2025. For more complete information, you may review the Fund's prospectus dated September 11, 2025, as supplemented, which is available at https://vulcanvaluepartners.com/strategies/large-cap/mutual-fund or upon request at 1-877-421-5078.

The Fund acquired all of the assets and liabilities of Vulcan Value Partners Fund, a series of Financial Investors Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on September 12, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on September 12, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. The management fee of the Predecessor Fund was 1.00% and the management fee of the Fund is 0.85%.

This semi-annual shareholder report contains important information about the Vulcan Value Partners Fund Investor Class shares for the period of May 1, 2025 to October 31, 2025. Please contact us at 1-877-421-5078 or clientservice@vulcanvaluepartners.com or visit our website at https://vulcanvaluepartners.com/strategies/large-cap/mutual-fund/ for additional information.

![Image](iae943ca5702f963303197595.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Investor Class:

#### VVPLX

#### VULCAN VALUE PARTNERS FUND

#### This report describes changes to the Fund that occurred during the reporting period.

# WHAT WERE THE FUND'S COSTS FOR THE PAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**CLASS NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;Investor Class | &nbsp;&nbsp;$61 | &nbsp;&nbsp;1.16% |

---

# HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?
This chart shows the value of a $10,000 investment over the past ten years. The result is compared with the Fund's benchmark and a supplemental index.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i6d8494b3805c293bb387bc52.jpg)

---

| | | | |
|:---|:---|:---|:---|
| | **Investor Class** | **S&P 500 Index** | **Russell 1000 Value Index** |
| **Oct'15** | 10000 | 10000 | 10000 |
| **Apr'16** | 9954 | 10043 | 10193 |
| **Apr'17** | 11333 | 11843 | 11880 |
| **Apr'18** | 12775 | 13414 | 12771 |
| **Apr'19** | 13643 | 15224 | 13929 |
| **Apr'20** | 13213 | 15356 | 12395 |
| **Apr'21** | 20957 | 22416 | 18087 |
| **Apr'22** | 16151 | 22464 | 18326 |
| **Apr'23** | 15668 | 23063 | 18548 |
| **Apr'24** | 20789 | 28289 | 21037 |
| **Apr'25** | 22018 | 31711 | 22836 |
| **Oct'25** | 24323 | 39196 | 25863 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$351126314 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;30 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;29% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$1466274 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| . | **1 YR** | **5 YR** | **10 YR** |
| Investor Class | 9.36% | 9.59% | 9.30% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |
| Russell 1000 Value Index | 11.15% | 14.28% | 9.97% |

---

Past performance does not guarantee future results. Call 1-877-421-5078 or visit https://vulcanvaluepartners.com/strategies/large-cap/mutual-fund/ for current month-end performance.

# WHAT DID THE FUND INVEST IN?

# INDUSTRY

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](i202882f0c98086ab90074c17.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash/cash Equivalent | 0.67% |
| Containers & Packaging | 1.30% |
| Distillers & Vintners | 2.08% |
| Professional Business Support Services | 2.32% |
| Biotechnology | 2.78% |
| Consumer Digital Services | 3.29% |
| Machinery: Tools | 3.52% |
| Semiconductors | 3.70% |
| Insurance Brokers | 3.74% |
| Restaurants & Bars | 4.10% |
| Reinsurance | 4.26% |
| Specialty Retailers | 4.34% |
| Diversified Retailers | 4.41% |
| Health Care Services | 4.42% |
| Aerospace | 5.33% |
| Real Estate Services | 5.44% |
| Transaction Processing Services | 7.60% |
| Asset Managers & Custodians | 9.17% |
| Health Care Management Services | 10.83% |
| Software | 16.70% |

---

#### COUNTRY

#### (Expressed as % of Total Investments)
![Group By Country Chart](i74607f23ce9f828e7c4ea1ae.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Switzerland | 1.67% |
| United Kingdom | 2.08% |
| Israel | 4.17% |
| France | 6.43% |
| United States | 85.65% |

---

![Image](iae943ca5702f963303197595.jpg)

#### VULCAN VALUE PARTNERS FUND

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Investor Class:

#### VVPLX
1-877-421-5078

clientservice@vulcanvaluepartners.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://vulcanvaluepartners.com/strategies/large-cap/mutual-fund/.

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Fund during the period ended October 31, 2025. For more complete information, you may review the Fund's prospectus dated September 11, 2025, as supplemented, which is available at https://vulcanvaluepartners.com/strategies/large-cap/mutual-fund or upon request at 1-877-421-5078.

The Fund acquired all of the assets and liabilities of Vulcan Value Partners Fund, a series of Financial Investors Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on September 12, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on September 12, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. The management fee of the Predecessor Fund was 1.00% and the management fee of the Fund is 0.85%. Distribution (12b-1) Fees for Investor Class shares of the Fund are 0.25% of its average daily net assets, whereas Investor Class shares of the Predecessor Fund were not subject to a 12b-1 fee. Additionally, the Adviser had limited the total operating expenses of the Predecessor Fund's Investor Class shares to 1.25% of its average daily net assets whereas the Adviser has contractually agreed, until at least September 13, 2026, to limit the total operating expenses of the Fund's Investor Class shares to 1.10% of its average daily net assets.

This semi-annual shareholder report contains important information about the Vulcan Value Partners Small Cap Fund Institutional Class shares for the period of May 1, 2025 to October 31, 2025. Please contact us at 1-877-421-5078 or clientservice@vulcanvaluepartners.com or visit our website at https://vulcanvaluepartners.com/strategies/small-cap/mutual-fund/ for additional information.

![Image](i366c4038f3184a72e97d6016.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Institutional Class:

#### VVISX

#### VULCAN VALUE PARTNERS SMALL CAP FUND

#### This report describes changes to the Fund that occurred during the reporting period.

# WHAT WERE THE FUND'S COSTS FOR THE PAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**CLASS NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;Institutional Class | &nbsp;&nbsp;$50 | &nbsp;&nbsp;1.00% |

---

# HOW DID THE FUND PERFORM SINCE INCEPTION?
This chart shows the value of a $10,000 investment since inception. The result is compared with the Fund's benchmark and supplemental indicies.

# TOTAL RETURN BASED ON A $1,000,000 INVESTMENT
![Growth of 10K Chart](i023c39849b21b4680c975dc0.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Institutional Class** | **S&P 500 Index** | **Russell 2000 Value Index** | **Russell 2000 Index** |
| **May'19** | 1000000 | 1000000 | 1000000 | 1000000 |
| **Apr'20** | 971676 | 1016245 | 767645 | 843941 |
| **Apr'21** | 1545139 | 1483535 | 1373801 | 1476162 |
| **Apr'22** | 1193717 | 1486696 | 1283323 | 1227142 |
| **Apr'23** | 1160581 | 1526305 | 1180828 | 1182409 |
| **Apr'24** | 1542835 | 1872191 | 1346488 | 1339912 |
| **Apr'25** | 1639794 | 2098654 | 1337279 | 1351635 |
| **Oct'25** | 1814266 | 2593993 | 1650862 | 1717795 |

---

The chart above represents historical performance of an investment of $1,000,000 in the Fund since inception. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$114565946 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;13% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$476139 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| . | **1 YR** | **5 YR** | **Since Inception (May 1, 2019)** |
| Institutional Class | 0.02% | 5.73% | 1.13% |
| S&P 500 Index | 21.45% | 17.64% | 15.79% |
| Russell 2000 Value Index | 9.87% | 13.85% | 8.02% |
| Russell 2000 Index | 14.41% | 11.50% | 8.68% |

---

Past performance does not guarantee future results. Call 1-877-421-5078 or visit https://vulcanvaluepartners.com/strategies/small-cap/mutual-fund/ for current month-end performance.

# WHAT DID THE FUND INVEST IN?

# INDUSTRY

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](i2029608f5e39a83bd7ab68a0.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash/cash Equivalent | 1.21% |
| Machinery: Industrial | 1.95% |
| Hotel And Lodging Reits | 2.78% |
| Asset Managers & Custodians | 3.06% |
| Semiconductors | 3.80% |
| Biotechnology | 3.85% |
| Rental & Leasing Services: Consumer | 3.86% |
| Diversified Industrials | 4.05% |
| Specialty Retailers | 4.34% |
| Metal Fabricating | 4.34% |
| Household Furnishings | 4.93% |
| Telecommunications Services | 5.33% |
| Containers & Packaging | 5.44% |
| Electrical Components | 5.92% |
| Food Retailers & Wholesalers | 6.04% |
| Cement | 6.24% |
| Building Materials: Other | 8.27% |
| Real Estate Services | 11.19% |
| Professional Business Support Services | 13.40% |

---

#### COUNTRY

#### (Expressed as % of Total Investments)
![Group By Country Chart](iab39ca6ea1ff921ce8f48f8f.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sweden | 4.05% |
| Denmark | 5.38% |
| Canada | 6.04% |
| United Kingdom | 15.46% |
| United States | 69.07% |

---

![Image](i366c4038f3184a72e97d6016.jpg)

#### VULCAN VALUE PARTNERS SMALL CAP FUND

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Institutional Class:

#### VVISX
1-877-421-5078

clientservice@vulcanvaluepartners.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://vulcanvaluepartners.com/strategies/small-cap/mutual-fund/.

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Fund during the period ended October 31, 2025. For more complete information, you may review the Fund's prospectus dated September 11, 2025, as supplemented, which is available at https://vulcanvaluepartners.com/strategies/large-cap/mutual-fund or upon request at 1-877-421-5078.

The Fund acquired all of the assets and liabilities of Vulcan Value Partners Small Cap Fund, a series of Financial Investors Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on September 12, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on September 12, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. The management fee of the Predecessor Fund was 1.15% and the management fee of the Fund is 1.00%.

This semi-annual shareholder report contains important information about the Vulcan Value Partners Small Cap Fund Investor Class shares for the period of May 1, 2025 to October 31, 2025. Please contact us at 1-877-421-5078 or clientservice@vulcanvaluepartners.com or visit our website at https://vulcanvaluepartners.com/strategies/small-cap/mutual-fund/ for additional information.

![Image](i659b8d56aa87cb49c0c41749.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Investor Class:

#### VVPSX

#### VULCAN VALUE PARTNERS SMALL CAP FUND

#### This report describes changes to the Fund that occurred during the reporting period.

# WHAT WERE THE FUND'S COSTS FOR THE PAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;**CLASS NAME** | &nbsp;&nbsp;**COSTS OF A $10,000 INVESTMENT** | &nbsp;&nbsp;**COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT** |
| &nbsp;&nbsp;Investor Class | &nbsp;&nbsp;$61 | &nbsp;&nbsp;1.22% |

---

# HOW DID THE FUND PERFORM OVER THE PAST 10 YEARS?
This chart shows the value of a $10,000 investment over the past ten years. The result is compared with the Fund's benchmark and supplemental indicies.

# TOTAL RETURN BASED ON A $10,000 INVESTMENT
![Growth of 10K Chart](i8932f27f84147fff6d1d6255.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Investor Class** | **S&P 500 Index** | **Russell 2000 Value Index** | **Russell 2000 Index** |
| **Oct'15** | 10000 | 10000 | 10000 | 10000 |
| **Apr'16** | 10013 | 10043 | 10118 | 9810 |
| **Apr'17** | 12213 | 11843 | 12868 | 12324 |
| **Apr'18** | 12589 | 13414 | 13709 | 13745 |
| **Apr'19** | 13188 | 15224 | 14009 | 14379 |
| **Apr'20** | 9590 | 15356 | 10668 | 12023 |
| **Apr'21** | 18079 | 22416 | 19093 | 21029 |
| **Apr'22** | 14178 | 22464 | 17835 | 17482 |
| **Apr'23** | 12138 | 23063 | 16411 | 16844 |
| **Apr'24** | 12879 | 28289 | 18713 | 19088 |
| **Apr'25** | 12704 | 31711 | 18585 | 19255 |
| **Oct'25** | 13848 | 39196 | 22943 | 24471 |

---

The chart above represents historical performance of an investment of $10,000 in the Fund over the past ten years. **Performance data quoted represents past performance and does not guarantee future results**. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table presented below and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

# FUND STATISTICS

---

| | |
|:---|:---|
| &nbsp;&nbsp;Total Net Assets | &nbsp;&nbsp;$114565946 |
| &nbsp;&nbsp;# of Portfolio Holdings | &nbsp;&nbsp;25 |
| &nbsp;&nbsp;Portfolio Turnover Rate | &nbsp;&nbsp;13% |
| &nbsp;&nbsp;Total Advisory Fees Paid | &nbsp;&nbsp;$476139 |

---

# AVERAGE ANNUAL TOTAL RETURNS

---

| | | | |
|:---|:---|:---|:---|
| . | **1 YR** | **5 YR** | **10 YR** |
| Investor Class | -0.21% | 5.47% | 3.31% |
| S&P 500 Index | 21.45% | 17.64% | 14.64% |
| Russell 2000 Value Index | 9.87% | 13.85% | 8.66% |
| Russell 2000 Index | 14.41% | 11.50% | 9.36% |

---

Past performance does not guarantee future results. Call 1-877-421-5078 or visit https://vulcanvaluepartners.com/strategies/small-cap/mutual-fund/ for current month-end performance.

# WHAT DID THE FUND INVEST IN?

# INDUSTRY

#  ***(Expressed as % of Total Investment s)*** ![Group By Sector Chart](iddc2274c3121a0781bc65ced.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Cash/cash Equivalent | 1.21% |
| Machinery: Industrial | 1.95% |
| Hotel And Lodging Reits | 2.78% |
| Asset Managers & Custodians | 3.06% |
| Semiconductors | 3.80% |
| Biotechnology | 3.85% |
| Rental & Leasing Services: Consumer | 3.86% |
| Diversified Industrials | 4.05% |
| Specialty Retailers | 4.34% |
| Metal Fabricating | 4.34% |
| Household Furnishings | 4.93% |
| Telecommunications Services | 5.33% |
| Containers & Packaging | 5.44% |
| Electrical Components | 5.92% |
| Food Retailers & Wholesalers | 6.04% |
| Cement | 6.24% |
| Building Materials: Other | 8.27% |
| Real Estate Services | 11.19% |
| Professional Business Support Services | 13.40% |

---

#### COUNTRY

#### (Expressed as % of Total Investments)
![Group By Country Chart](ibad0cc7d90200fac4a18433d.jpg)

---

| | |
|:---|:---|
| **Value** | **Value** |
| Sweden | 4.05% |
| Denmark | 5.38% |
| Canada | 6.04% |
| United Kingdom | 15.46% |
| United States | 69.07% |

---

![Image](i659b8d56aa87cb49c0c41749.jpg)

#### VULCAN VALUE PARTNERS SMALL CAP FUND

#### SEMI-ANNUAL SHAREHOLDER REPORT

#### October 31, 2025

#### Investor Class:

#### VVPSX
1-877-421-5078

clientservice@vulcanvaluepartners.com

If you wish to view additional information about the Fund; including but not limited to the prospectus, financial statements, holdings, or proxy voting information, please visit https://vulcanvaluepartners.com/strategies/small-cap/mutual-fund/.

# MATERIAL FUND CHANGES THAT OCCURRED DURING THE REPORTING PERIOD
This is a summary of certain changes of the Fund during the period ended October 31, 2025. For more complete information, you may review the Fund's prospectus dated September 11, 2025, as supplemented, which is available at https://vulcanvaluepartners.com/strategies/large-cap/mutual-fund or upon request at 1-877-421-5078.

The Fund acquired all of the assets and liabilities of Vulcan Value Partners Small Cap Fund, a series of Financial Investors Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on September 12, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on September 12, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization. The management fee of the Predecessor Fund was 1.15% and the management fee of the Fund is 1.00%.Distribution (12b-1) Fees for Investor Class shares of the Fund are 0.25% of its average daily net assets, whereas Investor Class shares of the Predecessor Fund were not subject to a 12b-1 fee. Additionally, the Adviser had limited the total operating expenses of the Predecessor Fund's Investor Class shares to 1.25% of its average daily net assets whereas the Adviser has contractually agreed, until at least September 13, 2026, to limit the total operating expenses of the Fund's Investor Class shares to 1.15% of its average daily net assets.

(b) Not applicable.

**Item 2.** **Code of Ethics.**

Not applicable.

**Item 3.** **Audit Committee Financial Expert.**

Not applicable.

**Item 4.** **Principal Accountant Fees and Services.**

Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable.

**Item 6.** **Investments.**

(a) The Registrant's full schedule of investments is included as part of the report to shareholders filed under Item 7 of this Form.

(b) Not applicable.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies**

**The Disciplined Growth Investors Fund**

**(DGIFX)**

**Semi-Annual Financial Statements**

**October 31, 2025**

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Schedule of Investments](#dgisoia001) | 3 |
| [Statement of Assets and Liabilities](#dgisoia002) | 7 |
| [Statement of Operations](#dgisoia003) | 8 |
| [Statements of Changes in Net Assets](#dgisoia004) | 9 |
| [Financial Highlights](#dgisoia005) | 10 |
| [Notes to Financial Statements](#dgisoia006) | 11 |
| [Additional Information](#dgisoia007) | 15 |

---

The Disciplined Growth Investors Fund

**SCHEDULE OF INVESTMENTS**

**October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 70.23%** |  |  |
| **Consumer Discretionary Products - 2.90%** |  |  |
| &nbsp;&nbsp;&nbsp;Gentex Corp. | 452736 | $10616659 |
| &nbsp;&nbsp;&nbsp;Gentherm, Inc.<sup>(a)</sup> | 675 | 24840 |
| &nbsp;&nbsp;&nbsp;LGI Homes, Inc.<sup>(a)</sup> | 58086 | 2370490 |
| &nbsp;&nbsp;&nbsp;SharkNinja, Inc.<sup>(a)</sup> | 46999 | 4018414 |
|  |  | 17030403 |
| **Consumer Staple Products - 0.64%** |  |  |
| &nbsp;&nbsp;&nbsp;Celsius Holdings, Inc.<sup>(a)</sup> | 62487 | 3763592 |
| **Health Care - 2.49%** |  |  |
| &nbsp;&nbsp;&nbsp;Align Technology, Inc.<sup>(a)</sup> | 59043 | 8140849 |
| &nbsp;&nbsp;&nbsp;Intuitive Surgical, Inc.<sup>(a)</sup> | 10356 | 5533004 |
| &nbsp;&nbsp;&nbsp;Myriad Genetics, Inc.<sup>(a)</sup> | 3015 | 24240 |
| &nbsp;&nbsp;&nbsp;Progyny, Inc.<sup>(a)</sup> | 49190 | 920345 |
|  |  | 14618438 |
| **Industrial Products - 9.22%** |  |  |
| &nbsp;&nbsp;&nbsp;Cognex Corp. | 449255 | 18594665 |
| &nbsp;&nbsp;&nbsp;Generac Holdings, Inc.<sup>(a)</sup> | 61021 | 10252748 |
| &nbsp;&nbsp;&nbsp;Graco, Inc. | 27422 | 2242297 |
| &nbsp;&nbsp;&nbsp;Proto Labs, Inc.<sup>(a)</sup> | 265467 | 13209638 |
| &nbsp;&nbsp;&nbsp;Snap-on, Inc. | 29319 | 9837990 |
|  |  | 54137338 |
| **Industrial Services - 2.37%** |  |  |
| &nbsp;&nbsp;&nbsp;Alarm.com Holdings, Inc.<sup>(a)</sup> | 281006 | 13831115 |
| &nbsp;&nbsp;&nbsp;MSC Industrial Direct Co, Inc., Class A | 567 | 48144 |
|  |  | 13879259 |
| **Materials - 1.38%** |  |  |
| &nbsp;&nbsp;&nbsp;Simpson Manufacturing Co., Inc. | 25677 | 4531991 |
| &nbsp;&nbsp;&nbsp;Trex Co, Inc.<sup>(a)</sup> | 73189 | 3536492 |
|  |  | 8068483 |
| **Media - 1.11%** |  |  |
| &nbsp;&nbsp;&nbsp;Take-Two Interactive Software, Inc.<sup>(a)</sup> | 25482 | 6532820 |
| **Oil & Gas - 5.98%** |  |  |
| &nbsp;&nbsp;&nbsp;Core Laboratories, Inc. | 371383 | 5919845 |
| &nbsp;&nbsp;&nbsp;Coterra Energy, Inc. | 629911 | 14903694 |
| &nbsp;&nbsp;&nbsp;Expand Energy Corp. | 138331 | 14290976 |
|  |  | 35114515 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **Retail & Wholesale - Discretionary - 1.94%** |  |  |
| &nbsp;&nbsp;&nbsp;Floor & Decor Holdings, Inc., Class A<sup>(a)</sup> | 108247 | $6763273 |
| &nbsp;&nbsp;&nbsp;Stitch Fix, Inc., Class A<sup>(a)</sup> | 1109820 | 4650146 |
|  |  | 11413419 |
| **Software & Tech Services - 8.94%** |  |  |
| &nbsp;&nbsp;&nbsp;Akamai Technologies, Inc.<sup>(a)</sup> | 174201 | 13082495 |
| &nbsp;&nbsp;&nbsp;Autodesk, Inc.<sup>(a)</sup> | 30890 | 9308393 |
| &nbsp;&nbsp;&nbsp;DoubleVerify Holdings, Inc.<sup>(a)</sup> | 199724 | 2272859 |
| &nbsp;&nbsp;&nbsp;Gartner, Inc.<sup>(a)</sup> | 35500 | 8816070 |
| &nbsp;&nbsp;&nbsp;Intuit, Inc. | 5116 | 3415186 |
| &nbsp;&nbsp;&nbsp;Paychex, Inc. | 14416 | 1687104 |
| &nbsp;&nbsp;&nbsp;SPS Commerce, Inc.<sup>(a)</sup> | 64353 | 5292391 |
| &nbsp;&nbsp;&nbsp;Zeta Global Holdings Corp., Class A<sup>(a)</sup> | 477421 | 8588804 |
|  |  | 52463302 |
| **Tech Hardware & Semiconductors - 33.26%** |  |  |
| &nbsp;&nbsp;&nbsp;Arista Networks, Inc.<sup>(a)</sup> | 187107 | 29504903 |
| &nbsp;&nbsp;&nbsp;Dolby Laboratories, Inc., Class A | 131766 | 8738721 |
| &nbsp;&nbsp;&nbsp;Garmin Ltd. | 100540 | 21509528 |
| &nbsp;&nbsp;&nbsp;InterDigital, Inc. | 34158 | 12363830 |
| &nbsp;&nbsp;&nbsp;IPG Photonics Corp.<sup>(a)</sup> | 51060 | 4346227 |
| &nbsp;&nbsp;&nbsp;Microchip Technology, Inc. | 161606 | 10087446 |
| &nbsp;&nbsp;&nbsp;Plexus Corp.<sup>(a)</sup> | 109400 | 15305060 |
| &nbsp;&nbsp;&nbsp;Power Integrations, Inc. | 160678 | 6730801 |
| &nbsp;&nbsp;&nbsp;Pure Storage, Inc., Class A<sup>(a)</sup> | 383953 | 37896161 |
| &nbsp;&nbsp;&nbsp;Semtech Corp.<sup>(a)</sup> | 181260 | 12300304 |
| &nbsp;&nbsp;&nbsp;Super Micro Computer, Inc.<sup>(a)</sup> | 463431 | 24079875 |
| &nbsp;&nbsp;&nbsp;Viasat, Inc.<sup>(a)</sup> | 310818 | 12376773 |
|  |  | 195239629 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $303,301,049)** |  | 412261198 |
|  | **Principal** |  |
| **Description/Maturity Date/Rate** | **Amount** | **Value** |
| **CORPORATE BONDS - 20.06%** |  |  |
| **Aerospace & Defense - 0.53%** |  |  |
| &nbsp;&nbsp;&nbsp;L3Harris Technologies, Inc., 06/01/34, 5.350% | $1482000 | 1538664 |
| &nbsp;&nbsp;&nbsp;RTX Corp., 11/16/38, 4.450% | 1647000 | 1555581 |
|  |  | 3094245 |
| **Airlines - 0.21%** |  |  |
| &nbsp;&nbsp;&nbsp;Southwest Airlines Co., 11/16/27, 3.450% | 1285000 | 1262324 |
| **Banks - 0.46%** |  |  |
| &nbsp;&nbsp;&nbsp;US Bancorp, 07/30/29, 3.000% | 1750000 | 1677726 |
| &nbsp;&nbsp;&nbsp;Wachovia Corp., 08/01/26, 7.574%<sup>(b)</sup> | 1023000 | 1048112 |
|  |  | 2725838 |

---

See Notes to Financial Statements

The Disciplined Growth Investors Fund

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| <br>**Description/Maturity Date/Rate** | **Principal**<br>**Amount** | <br>**Value** |
| **Chemicals - 0.27%** |  |  |
| &nbsp;&nbsp;&nbsp;Dow Chemical Co., 11/01/29, 7.375% | $1417000 | $1568219 |
| &nbsp;&nbsp;&nbsp;DuPont de Nemours, Inc., 11/15/28, 4.725% | 14000 | 14126 |
|  |  | 1582345 |
| **Commercial Finance - 0.28%** |  |  |
| &nbsp;&nbsp;&nbsp;GATX Corp., 09/15/33, 5.450% | 1597000 | 1652372 |
| **Construction Materials Manufacturing - 0.25%** |  |  |
| &nbsp;&nbsp;&nbsp;CRH America Finance, Inc., 02/09/36, 5.000% | 1490000 | 1493623 |
| **Consumer Finance - 0.46%** |  |  |
| &nbsp;&nbsp;&nbsp;American Express Co., 05/03/27, 3.300% | 1215000 | 1204329 |
| &nbsp;&nbsp;&nbsp;Capital One Financial Corp., 07/29/32, 2.359% | 1700000 | 1477593 |
|  |  | 2681922 |
| **Consumer Products - 0.22%** |  |  |
| &nbsp;&nbsp;&nbsp;Clorox Co., 10/01/27, 3.100% | 1300000 | 1279894 |
| **Consumer Services - 0.22%** |  |  |
| &nbsp;&nbsp;&nbsp;Cintas Corp. No 2, 08/15/36, 6.150% | 1160000 | 1288825 |
| **Diversified Banks - 0.77%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of America Corp., 11/25/27, 4.183% | 1604000 | 1605183 |
| &nbsp;&nbsp;&nbsp;Citigroup, Inc., 03/05/38, 6.875% | 1380000 | 1615089 |
| &nbsp;&nbsp;&nbsp;JPMorgan Chase & Co., 12/15/26, 4.125% | 1299000 | 1299918 |
|  |  | 4520190 |
| **Electrical Equipment Manufacturing - 0.27%** |  |  |
| &nbsp;&nbsp;&nbsp;Hubbell, Inc., 03/15/31, 2.300% | 1755000 | 1585465 |
| **Exploration & Production - 0.25%** |  |  |
| &nbsp;&nbsp;&nbsp;Devon Energy Corp., 09/15/34, 5.200% | 1500000 | 1490437 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** |  |  |
| <br>**Description/Maturity Date/Rate** | **Amount** | **Amount** | **Value** | **Value** |
| **Financial Services - 0.44%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Morgan Stanley, 11/24/25, 5.000% | $| 1030000 | $| 1030227 |
| &nbsp;&nbsp;&nbsp;Northern Trust Corp., 05/08/32, 3.375%<sup>(c)</sup> |  | 1570000 |  | 1543757 |
|  |  |  |  | 2573984 |
| **Food & Beverage - 0.50%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Hormel Foods Corp., 06/03/28, 1.700% |  | 1400000 |  | 1323505 |
| &nbsp;&nbsp;&nbsp;Keurig Dr Pepper, Inc., 03/15/34, 5.300% |  | 1588000 |  | 1615512 |
|  |  |  |  | 2939017 |
| **Health Care Facilities & Services - 0.56%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;CVS Health Corp., 08/15/29, 3.250% |  | 1706000 |  | 1640592 |
| &nbsp;&nbsp;&nbsp;Quest Diagnostics, Inc., 11/30/33, 6.400% |  | 1464000 |  | 1627663 |
|  |  |  |  | 3268255 |
| **Industrial Other - 0.41%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Emerson Electric Co., 12/21/28, 2.000% |  | 1700000 |  | 1603120 |
| &nbsp;&nbsp;&nbsp;Fluor Corp., 09/15/28, 4.250% |  | 784000 |  | 779102 |
|  |  |  |  | 2382222 |
| **Integrated Oils - 0.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;BP Capital Markets America, Inc., 09/11/33, 4.893% |  | 1602000 |  | 1630907 |
| **Life Insurance - 0.21%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Principal Financial Group, Inc., 11/15/26, 3.100% |  | 1232000 |  | 1220922 |
| **Mass Merchants - 0.28%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Costco Wholesale Corp., 04/20/30, 1.600% |  | 1820000 |  | 1645750 |
| **Medical Equipment & Devices Manufacturing - 0.54%** | **Medical Equipment & Devices Manufacturing - 0.54%** | **Medical Equipment & Devices Manufacturing - 0.54%** | **Medical Equipment & Devices Manufacturing - 0.54%** | **Medical Equipment & Devices Manufacturing - 0.54%** |
| &nbsp;&nbsp;&nbsp;Agilent Technologies, Inc., 03/12/31, 2.300% |  | 1880000 |  | 1690968 |
| &nbsp;&nbsp;&nbsp;GE HealthCare Technologies, Inc., 11/22/32, 5.905% |  | 1400000 |  | 1507327 |
|  |  |  |  | 3198295 |

---

See Notes to Financial Statements

The Disciplined Growth Investors Fund

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| <br>**Description/Maturity Date/Rate** | **Principal**<br>**Amount** | <br>**Value** |
| **Pharmaceuticals - 0.46%** |  |  |
| &nbsp;&nbsp;&nbsp;Astrazeneca Finance LLC, 05/28/28, 1.750% | $1754000 | $1664824 |
| &nbsp;&nbsp;&nbsp;Bristol-Myers Squibb Co., 11/15/26, 6.800% | 1000000 | 1028809 |
|  |  | 2693633 |
| **Pipelines - 2.04%** |  |  |
| &nbsp;&nbsp;&nbsp;Eastern Energy Gas Holdings LLC, 11/15/29, 3.000% | 1759000 | 1660670 |
| &nbsp;&nbsp;&nbsp;El Paso Natural Gas Co. LLC, 11/15/26, 7.500% | 1000000 | 1031473 |
| &nbsp;&nbsp;&nbsp;Energy Transfer LP, 04/15/29, 5.250% | 1555000 | 1599020 |
| &nbsp;&nbsp;&nbsp;Enterprise Products Operating LLC, 07/31/29, 3.125% | 1702000 | 1646316 |
| &nbsp;&nbsp;&nbsp;Kinder Morgan Energy Partners LP, 01/15/38, 6.950% | 1400000 | 1581244 |
| &nbsp;&nbsp;&nbsp;MPLX LP, 08/15/30, 2.650% | 1804000 | 1662112 |
| &nbsp;&nbsp;&nbsp;ONEOK, Inc., 09/30/28, 6.875% | 1090000 | 1166498 |
| &nbsp;&nbsp;&nbsp;Williams Cos., Inc., 03/15/34, 5.150% | 1603000 | 1629117 |
|  |  | 11976450 |
| **Railroad - 0.28%** |  |  |
| &nbsp;&nbsp;&nbsp;Union Pacific Corp., 02/05/30, 2.400% | 1780000 | 1659834 |
| **Real Estate - 0.52%** |  |  |
| &nbsp;&nbsp;&nbsp;Simon Property Group LP, 09/13/29, 2.450% | 1787000 | 1680819 |
| &nbsp;&nbsp;&nbsp;Welltower OP LLC, 03/15/29, 4.125% | 1358000 | 1357743 |
|  |  | 3038562 |
| **Refining & Marketing - 0.56%** |  |  |
| &nbsp;&nbsp;&nbsp;Phillips 66, 12/15/30, 2.150% | 1890000 | 1691237 |
| &nbsp;&nbsp;&nbsp;Valero Energy Corp., 06/15/37, 6.625% | 1420000 | 1571338 |
|  |  | 3262575 |
| **Restaurants - 0.27%** |  |  |
| &nbsp;&nbsp;&nbsp;Starbucks Corp., 11/15/28, 4.000% | 1570000 | 1566851 |
| **Retail - Consumer Discretionary - 0.76%** |  |  |
| &nbsp;&nbsp;&nbsp;Advance Auto Parts, Inc., 04/15/30, 3.900% | 1430000 | 1312367 |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc., 06/03/30, 1.500% | 1700000 | 1525009 |
| &nbsp;&nbsp;&nbsp;Lowe's Cos., Inc., 09/15/37, 6.650% | 1412000 | 1601624 |
|  |  | 4439000 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Principal** | **Principal** |  |  |
| <br>**Description/Maturity Date/Rate** | **Amount** | **Amount** | **Value** | **Value** |
| **Transportation & Logistics - 0.55%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;FedEx Corp., 05/15/31, 2.400% | $| 1845000 | $| 1656711 |
| &nbsp;&nbsp;&nbsp;United Parcel Service, Inc., 01/15/38, 6.200% |  | 1437000 |  | 1591617 |
|  |  |  |  | 3248328 |
| **Utilities - 6.18%** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Ameren Corp., 03/15/28, 1.750% |  | 12000 |  | 11340 |
| &nbsp;&nbsp;&nbsp;Ameren Corp., 03/15/35, 5.375% |  | 1500000 |  | 1543113 |
| &nbsp;&nbsp;&nbsp;Appalachian Power Co., 04/01/31, 2.700% |  | 1505000 |  | 1370990 |
| &nbsp;&nbsp;&nbsp;Arizona Public Service Co., 08/01/33, 5.550% |  | 1521000 |  | 1596658 |
| &nbsp;&nbsp;&nbsp;Black Hills Corp., 10/15/29, 3.050% |  | 1766000 |  | 1681998 |
| &nbsp;&nbsp;&nbsp;CenterPoint Energy, Inc., 11/01/28, 4.250% |  | 1241000 |  | 1234254 |
| &nbsp;&nbsp;&nbsp;CMS Energy Corp., 08/15/27, 3.450% |  | 1344000 |  | 1329442 |
| &nbsp;&nbsp;&nbsp;Commonwealth Edison Co., 08/15/27, 2.950% |  | 1300000 |  | 1279283 |
| &nbsp;&nbsp;&nbsp;Dominion Energy, Inc., 06/15/38, 7.000% |  | 1310000 |  | 1504697 |
| &nbsp;&nbsp;&nbsp;DTE Electric Co., 10/15/32, 6.350% |  | 1267000 |  | 1387212 |
| &nbsp;&nbsp;&nbsp;Duke Energy Carolinas LLC, 06/01/37, 6.100% |  | 1412000 |  | 1534823 |
| &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC, 03/15/34, 5.350% |  | 1460000 |  | 1518307 |
| &nbsp;&nbsp;&nbsp;Entergy Louisiana LLC, 12/15/30, 1.600% |  | 13000 |  | 11501 |
| &nbsp;&nbsp;&nbsp;Interstate Power and Light Co., 04/01/29, 3.600% |  | 1620000 |  | 1587231 |
| &nbsp;&nbsp;&nbsp;National Rural Utilities Cooperative Finance Corp., 06/15/31, 1.650% |  | 1977000 |  | 1712470 |
| &nbsp;&nbsp;&nbsp;Nevada Power Co., 04/01/36, 6.650% |  | 1330000 |  | 1502396 |
| &nbsp;&nbsp;&nbsp;NextEra Energy Capital Holdings, Inc., 04/01/29, 3.500% |  | 1369000 |  | 1340549 |
| &nbsp;&nbsp;&nbsp;NiSource, Inc., 04/01/34, 5.350% |  | 1618000 |  | 1665125 |
| &nbsp;&nbsp;&nbsp;PPL Electric Utilities Corp., 08/15/37, 6.450% |  | 995000 |  | 1121624 |
| &nbsp;&nbsp;&nbsp;Public Service Enterprise Group, Inc., 04/01/34, 5.450% |  | 1588000 |  | 1650402 |
| &nbsp;&nbsp;&nbsp;Puget Energy, Inc., 06/15/30, 4.100% |  | 1695000 |  | 1661930 |
| &nbsp;&nbsp;&nbsp;Southern Co., 07/01/36, 4.250% |  | 1544000 |  | 1443735 |
| &nbsp;&nbsp;&nbsp;Southwest Gas Corp., 06/15/30, 2.200% |  | 1866000 |  | 1702204 |
| &nbsp;&nbsp;&nbsp;Toledo Edison Co., 05/15/37, 6.150% |  | 1361000 |  | 1489081 |
| &nbsp;&nbsp;&nbsp;WEC Energy Group, Inc., 10/15/30, 1.800% |  | 1922000 |  | 1703632 |
| &nbsp;&nbsp;&nbsp;Xcel Energy, Inc., 12/01/29, 2.600% |  | 1781000 |  | 1666725 |
|  |  |  |  | 36250722 |
| **Waste & Environment Services & Equipment - 0.54%** | **Waste & Environment Services & Equipment - 0.54%** | **Waste & Environment Services & Equipment - 0.54%** | **Waste & Environment Services & Equipment - 0.54%** | **Waste & Environment Services & Equipment - 0.54%** |
| &nbsp;&nbsp;&nbsp;Republic Services, Inc., 03/01/30, 2.300% |  | 1768000 |  | 1638375 |
| &nbsp;&nbsp;&nbsp;Waste Management, Inc., 07/15/28, 7.000% |  | 1421000 |  | 1529331 |
|  |  |  |  | 3167706 |

---

See Notes to Financial Statements

The Disciplined Growth Investors Fund

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| <br>**Description/Maturity Date/Rate** | **Principal**<br>**Amount** | <br>**Value** |
| **Wireless Telecommunications Services - 0.49%** |  |  |
| &nbsp;&nbsp;&nbsp;AT&T, Inc., 03/01/29, 4.350% | $1591000 | $1596323 |
| &nbsp;&nbsp;&nbsp;Verizon Communications, Inc., 09/21/28, 4.329% | 1302000 | 1309300 |
|  |  | 2905623 |
| **TOTAL CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $116,852,912)** |  | 117726116 |
|  | **Principal** |  |
| **Description/Maturity Date/Rate** | **Amount** | **Value** |
| **FOREIGN CORPORATE BONDS - 1.96%** |  |  |
| **Diversified Banks - 0.65%** |  |  |
| &nbsp;&nbsp;&nbsp;Bank of Nova Scotia, 02/02/26, 4.750% | 1225000 | 1226615 |
| &nbsp;&nbsp;&nbsp;Royal Bank of Canada, 01/27/26, 4.650% | 1260000 | 1260699 |
| &nbsp;&nbsp;&nbsp;Toronto-Dominion Bank, 06/03/26, 1.200% | 1340000 | 1318220 |
|  |  | 3805534 |
| **Exploration & Production - 0.27%** |  |  |
| &nbsp;&nbsp;&nbsp;Canadian Natural Resources Ltd., 06/30/33, 6.450% | 1482000 | 1607301 |
| **Metals & Mining - 0.26%** |  |  |
| &nbsp;&nbsp;&nbsp;BHP Billiton Finance USA Ltd., 09/08/33, 5.250% | 1490000 | 1552723 |
| **Pharmaceuticals - 0.27%** |  |  |
| &nbsp;&nbsp;&nbsp;Pfizer Investment Enterprises Pte Ltd., 05/19/28, 4.450% | 1540000 | 1556324 |
| **Pipelines - 0.51%** |  |  |
| &nbsp;&nbsp;&nbsp;Enbridge, Inc., 03/08/33, 5.700% | 1546000 | 1629076 |
| &nbsp;&nbsp;&nbsp;TransCanada PipeLines Ltd., 08/15/38, 7.250% | 1170000 | 1355026 |
|  |  | 2984102 |
| **TOTAL FOREIGN CORPORATE BONDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $11,376,693)** |  | 11505984 |

---

---

| | | |
|:---|:---|:---|
| <br>**Maturity Date/Rate** | **Principal**<br>**Amount** | <br>**Value** |
| **U.S. TREASURY OBLIGATIONS - 6.97%** |  |  |
| **Treasury Bonds - 4.08%** |  |  |
| &nbsp;&nbsp;&nbsp;08/15/28, 2.875% | $5530000 | $5425124 |
| &nbsp;&nbsp;&nbsp;11/15/33, 4.500% | 4300000 | 4458815 |
| &nbsp;&nbsp;&nbsp;11/15/34, 4.250% | 13817500 | 14029890 |
|  |  | 23913829 |
| **Treasury Notes - 2.89%** |  |  |
| &nbsp;&nbsp;&nbsp;01/15/26, 3.875% | 200000 | 199983 |
| &nbsp;&nbsp;&nbsp;04/30/26, 4.875% | 2000000 | 2010003 |
| &nbsp;&nbsp;&nbsp;06/15/26, 4.125% | 4670000 | 4681273 |
| &nbsp;&nbsp;&nbsp;07/15/26, 4.500% | 5100000 | 5124979 |
| &nbsp;&nbsp;&nbsp;08/31/26, 3.750% | 5000000 | 4999347 |
|  |  | 17015585 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $40,550,872)** |  | 40929414 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.54%** |  |  |
| &nbsp;&nbsp;&nbsp;First American Treasury Obligations Fund, Class X, 4.000%<sup>(d)</sup> | 3142070 | 3142070 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $3,142,070)** |  | 3142070 |
| **TOTAL INVESTMENTS - 99.76%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $475,223,596)** |  | $585564782 |
| **Other Assets In Excess of Liabilities - 0.24%** |  | 1405130 |
| **NET ASSETS - 100.00%** |  | $586969912 |

---

(a) Non-income producing security.

(b) *Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect as of October 31, 2025*.

(c) *Floating or variable rate security. The rate shown is in effect as of October 31, 2025.* 

(d) *Rate disclosed is 7-Day Yield as of October 31, 2025.* 

Investment Abbreviations:

LLC – Limited Liability Company

LP – Limited Partnership

Ltd. – Limited

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

See Notes to Financial Statements

The Disciplined Growth Investors Fund

**STATEMENT OF ASSETS AND LIABILITIES**

**October 31, 2025 (Unaudited)**

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**ASSETS:** | |
| &nbsp;&nbsp;&nbsp;Investments, at value | $585564782 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 227920 |
| &nbsp;&nbsp;&nbsp;Interest receivable | 1993428 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 28557 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 587814687 |
| &nbsp;&nbsp;&nbsp;**LIABILITIES:** |  |
| &nbsp;&nbsp;&nbsp;Payable to Investment Advisor | 392869 |
| &nbsp;&nbsp;&nbsp;Payable for fund shares redeemed | 451906 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 844775 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | $586969912 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid in capital | $428841504 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings | 158128408 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | $586969912 |
| &nbsp;&nbsp;&nbsp;**INVESTMENTS, AT COST** | $475223596 |
| &nbsp;&nbsp;&nbsp;**Net asset value:** |  |
| &nbsp;&nbsp;&nbsp;Net assets | $586969912 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding (unlimited number of shares authorized, no par value) | 22095990 |
| &nbsp;&nbsp;&nbsp;Net asset value, price per share | $26.56 |

---

See Notes to Financial Statements

The Disciplined Growth Investors Fund

**STATEMENT OF OPERATIONS**

**For the Six Months Ended October 31, 2025 (Unaudited)\***

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;**INVESTMENT INCOME:** | |
| &nbsp;&nbsp;&nbsp;Dividends | $1763581 |
| &nbsp;&nbsp;&nbsp;Interest and other income | 3432281 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 5195862 |
| &nbsp;&nbsp;&nbsp;**EXPENSES:** |  |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 2193319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 2193319 |
| &nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME** | 3002543 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 22661669 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Net Realized Gain | 22661669 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 72495220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Net Change in Unrealized Appreciation/Depreciation | 72495220 |
| &nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 95156889 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $98159432 |

---

*\*The Fund acquired all of the assets and liabilities of The Disciplined Growth Investors Fund, a series of Financial Investors Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on July 11, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements

The Disciplined Growth Investors Fund

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
|  | **For the Period**<br>**Ended October 31,**<br>**2025 (Unaudited)<sup>(a)</sup>** | **For the Year**<br>**Ended April 30,**<br>**2025<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $3002543 | $5916906 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 22661669 | 25757021 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 72495220 | (65643152) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets resulting from operations | 98159432 | (33969225) |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (2902387) | (95917149) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions | (2902387) | (95917149) |
| &nbsp;&nbsp;&nbsp;**BENEFICIAL INTEREST TRANSACTIONS (NOTE 5)** |  |  |
| &nbsp;&nbsp;&nbsp;Shares sold | 25386116 | 43477555 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | 2827164 | 95402516 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | (33168771) | (36525843) |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets derived from share transactions | (4955491) | 102364228 |
| &nbsp;&nbsp;&nbsp;Net increase/(decrease) in net assets | 90301554 | (27532146) |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** |  |  |
| &nbsp;&nbsp;&nbsp;Beginning of period | 496668358 | 524200504 |
| &nbsp;&nbsp;&nbsp;End of period | $586969912 | $496668358 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of The Disciplined Growth Investors Fund, a series of Financial Investors Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on July 11, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements

The Disciplined Growth Investors Fund

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | **For the Year** | **For the Year** | **For the Year** | **For the Year** | **For the Year** |
|  | | **Ended** | **Ended** | **Ended** | **Ended** | **Ended** |
|  | | **April 30,** | **April 30,** | **April 30,** | **April 30,** | **April 30,** |
|  | | **2025<sup>(a)</sup>** | **2024<sup>(a)</sup>** | **2023<sup>(a)</sup>** | **2022<sup>(a)</sup>** | **2021<sup>(a)</sup>** |
|  | **For the<br> Six Months**<br>**Ended**<br>**October 31,**<br>**2025<sup>(a)</sup>**<br>**(Unaudited)** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value - Beginning of Period | $22.27 | $28.70 | $20.36 | $20.51 | $25.94 | $19.42 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income<sup>(b)</sup> | 0.14 | 0.28 | 0.22 | 0.18 | 0.08 | 0.09 |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) on investments | 4.28 | (1.52) | 8.83 | 0.14 | (2.84) | 8.83 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total from Investment Operations | 4.42 | (1.24) | 9.05 | 0.32 | (2.76) | 8.92 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings | (0.13) | (5.19) | (0.71) | (0.47) | (2.67) | (2.40) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Distributions | (0.13) | (5.19) | (0.71) | (0.47) | (2.67) | (2.40) |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 4.29 | (6.43) | 8.34 | (0.15) | (5.43) | 6.52 |
| &nbsp;&nbsp;&nbsp;Net Asset Value - End of Period | $26.56 | $22.27 | $28.70 | $20.36 | $20.51 | $25.94 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(c)</sup>** | 19.88% | (6.38%) | 44.95% | 1.67% | (11.86%) | 47.00% |
| &nbsp;&nbsp;&nbsp;**RATIOS AND SUPPLEMENTAL DATA:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, end of period (000s) | $586970 | $496668 | $524201 | $358298 | $344503 | $345450 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net operating expenses to average net assets | 0.78 %<sup>(d)</sup> | 0.78% | 0.78% | 0.78% | 0.78% | 0.78% |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets | 1.07 %<sup>(d)</sup> | 1.09% | 0.88% | 0.89% | 0.32% | 0.39% |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate<sup>(e)(f)</sup> | 17% | 17% | 35% | 26% | 21% | 31% |

---

*(a)* *The Fund acquired all of the assets and liabilities of The Disciplined Growth Investors Fund, a series of Financial Investors Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on July 11, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on July 11, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

*(b)* *Calculated based on the average number of Fund shares outstanding during each fiscal period.* 

*(c)* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at the net asset value on the last day of the period and assuming all distributions are reinvested. Total return calculated for a period of less than one year is not annualized.* 

*(d)* *Annualized.* 

*(e)* *Excludes the impact of in-kind transactions.* 

*(f)* *Portfolio turnover rate for periods less than one full year have not been annualized.* 

See Notes to Financial Statements.

The Disciplined Growth Investors Fund

**NOTES TO FINANCIAL STATEMENTS**

**October 31, 2025 (Unaudited)**

**NOTE 1 - ORGANIZATION**

Elevation Series Trust (the "Trust") was organized on March 7, 2022, as a Delaware statutory trust, and is authorized to issue multiple investment series. The Trust is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. These financial statements relate to one series of the Trust, The Disciplined Growth Investors Fund (the "Fund"). The Fund's investment objective is to seek long-term capital growth, and as a secondary objective, modest income with reasonable risk and is a diversified open-end management company registered under the 1940 Act. The Fund pursues its investment objective by investing, under normal conditions, approximately 65% of its assets in equity securities and approximately 35% in fixed-income securities and cash equivalents. The allocation to equity and fixed-income securities may vary widely from time to time, as market conditions warrant. The Fund may invest in both investment-grade and below investment-grade securities. The Fund's fixed-income securities will generally have a weighted average maturity of five to 10 years, although Disciplined Growth Investors, Inc. ("DGI" or the "Adviser") may cause the Fund to invest in fixed-income securities with a weighted average maturity greater than 10 years or less than five years, depending on market conditions. If the Adviser cannot find qualifying investments, the Fund may hold cash and short-term securities. The Adviser seeks to invest primarily in U.S. companies but may invest in foreign companies from time to time.

The Fund commenced operations on August 12, 2011, as a mutual fund that was a series of Financial Investors Trust (the "Predecessor Fund"). On April 17, 2025, the Board of Trustees of Financial Investors Trust approved a tax-free reorganization wherein all of the assets and liabilities of the Predecessor Fund were acquired by the Fund. In connection with this acquisition as of the close of business on July 11, 2025, shares of the Predecessor Fund were exchanged for an equivalent number of shares of the Fund. The Fund's net assets of $549,301,050, net asset value ("NAV") per share of $24.80, shares outstanding of 22,148,151, and net unrealized appreciation/depreciation of $101,752,617, and the results of operations of the Funds were unchanged from that of the Predecessor Fund as a result of the reorganization. The Predecessor Fund had an investment objective that was, in all material respects, the same as that of the Fund. The Fund is a continuation of the Predecessor Fund, and therefore, the performance and financial history of the Predecessor Fund has been adopted by the Fund 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 July 11, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.

During the six months ended October 31, 2025, the Fund adopted FASB Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). An operating segment is a component of the Fund that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the Fund's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Portfolio Manager acts as the Fund's CODM. The Fund is considered a single operating segment, and its performance and operating results are reviewed to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Fund's financial statements.

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

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

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

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

Securities for which market quotations are not readily available, including circumstances under which 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.

The Disciplined Growth Investors Fund

**NOTES TO FINANCIAL STATEMENTS**

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

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.

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $412261198 | $— | $— | $412261198 |
| Corporate Bonds |  | 117726116 |  | 117726116 |
| Foreign Corporate Bonds |  | 11505984 |  | 11505984 |
| U.S. Treasury Obligations |  | 40929414 |  | 40929414 |
| Money Market Funds | 3142070 |  |  | 3142070 |
| Total | $415403268 | $170161514 | $— | $585564782 |

---

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

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

**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.

**Distributions to Shareholders**: Dividends from net investment income of the Fund, if any, are declared and paid quarterly or as the Board may determine from time to time. Distributions of net realized capital gains earned by the Fund, if any, are declared and distributed at least annually.

**Federal Income Tax**: For federal income tax purposes, the Fund currently intends to qualify, as a regulated investment company under the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, by distributing substantially all of its earnings to its shareholders. Accordingly, no provision for federal income or excise taxes has been made.

Income and capital gain distributions are determined and characterized in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Fund, timing differences and differing characterization of distributions made by the Fund as a whole.

As of and during the six months ended October 31, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statement of Operations. As of October 31, 2025, there were no interest or penalties incurred by the Fund. The Fund files U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. There are no uncertain tax positions that require a provision for income taxes.

**NOTE 3 - ADVISORY FEES AND OTHER AFFILIATED TRANSACTIONS**

The Adviser serves as the investment adviser to the Fund. Pursuant to the Investment Advisory Agreement, the Fund pays the Adviser a unitary management fee, which is calculated daily and paid monthly, at an annual rate of 0.78% of the Fund's average daily net assets. Out of the unitary management fee, the Adviser has agreed to pay substantially all of the expenses of the Fund, including the cost of transfer agency, custody, fund administration, and other non-distribution related services necessary for the Fund to operate, except for: the fee paid to the Adviser pursuant to the Investment Advisory Agreement, interest charges on any borrowings, dividends and other expense on securities sold short, taxes and related services, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses, accrued deferred tax liability, any distribution fees and expenses paid by the Fund under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act, and litigation expenses and other non-routine or extraordinary expenses.

The Disciplined Growth Investors Fund

**NOTES TO FINANCIAL STATEMENTS**

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

Paralel Technologies LLC (the "Administrator"), the parent company of Paralel Distributors, LLC (the "Distributor"), serves as the Fund's administrator and fund accountant pursuant to an Administration and Fund Accounting Agreement. The Administrator provides the Fund with certain administrative, tax and accounting services. Fees for these services are paid by the Adviser out of its unitary management fee. Alps Fund Services, Inc. ("Alps") served as the Predecessor Fund's administrator prior to the reorganization.

The Distributor, a wholly owned subsidiary of the Administrator, acts as the principal underwriter for the Fund and distributes shares pursuant to a Distribution Agreement. Shares are continuously offered for sale by the Distributor. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority. Alps Distributors, Inc. served as the Predecessor Fund's distributor prior to the reorganization.

U.S. Bank NA ("U.S. Bank") serves as the custodian of the Fund's assets pursuant to a Custody Agreement. Paralel Technologies LLC serves as the Transfer Agent pursuant to a Transfer Agent Agreement. Fees for these services are paid by the Adviser out of its unitary management fee. Alps served as the Predecessor Fund's transfer agent prior to the reorganization.

The officers and the Interested Trustee of the Trust are officers and/or employees of the Administrator and/or Distributor. No persons (other than the Independent Trustees) receive compensation for acting as a trustee or officer. For their services, Independent Trustees receive a quarterly retainer, meeting fees, as well as reimbursement for reasonable travel, lodging and other expenses in connection with attendance at meetings. Trustee fees and expenses are paid by the Adviser out of its unitary management fee.

**NOTE 4 - PURCHASES AND SALES OF SECURITIES**

For the six months ended October 31, 2025, the cost of purchases and proceeds from sales of investment securities, excluding short-term investments and U.S. Government obligations, were as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Purchases** | **In-Kind Purchases** | **Sales** | **In-Kind Sales** |
| $61488271 | $4707145 | $87380024 | $&nbsp;&nbsp;&nbsp;&nbsp;- |

---

Investments in U.S. Government Obligations during the six months ended October 31, 2025 were as follows:

---

| | |
|:---|:---|
| **Purchases** | **Sales** |
| $33454590 | $17393602 |

---

---

| |
|:---|
| **NOTE 5 - BENEFICIAL INTEREST TRANSACTIONS** |
| Beneficial Interest transactions were as follows: |

---

---

| | | |
|:---|:---|:---|
|  | **For the Six<br> Months Ended**<br>**October 31, 2025** | **For the<br> Year Ended**<br>**April 30, 2025** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 974380 | 1757159 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested | 111778 | 3759594 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1292392) | (1477887) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net increase/(decrease) in shares outstanding | (206234) | 4038866 |

---

**NOTE 6 - TAX BASIS DISTRIBUTIONS AND TAX BASIS INFORMATION**

The amounts and characteristics of tax basis distributions and composition of distributable earnings are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of October 31, 2025.

The character of distributions paid on a tax basis during the year ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Ordinary Income** | **Long-Term Capital Gain** |
| $5844195 | $90072954 |

---

The Disciplined Growth Investors Fund

**NOTES TO FINANCIAL STATEMENTS**

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

The amounts of net unrealized appreciation/depreciation and the cost of investment securities for tax purposes at October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Gross**<br> **Appreciation**<br> **(excess of value**<br> **over tax cost)<sup>(a)</sup>** | **Gross**<br> **Depreciation**<br> **(excess of tax**<br> **cost over value)<sup>(a)</sup>** | **Net**<br> **Appreciation/**<br> **(Depreciation)**<br> **of Foreign Currency** | **Net Unrealized**<br> **Appreciation/**<br> **(Depreciation)** | **Cost of**<br> **Investments for**<br> **Income Tax**<br> **Purposes<sup>(a)</sup>** |
| $150245491 | $(39925057) | $– $| 110320434 | $(475244348) |

---

(a) *Represents cost for federal income tax purposes and differs from the cost for financial reporting purposes due to various book-to-tax differences. Those differences primarily relate to wash sales. Certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of October 31, 2025.* 

**NOTE 7 - INDEMNIFICATIONS**

In the normal course of business, the Trust or Fund enters into contracts that contain a variety of representations which provide general indemnifications. Additionally, the Declaration of Trust provides that the Trust shall indemnify each person who is, or has been, a Trustee, officer, employee or agent of the Trust against certain liabilities arising out of the performance of their duties. The Fund's maximum exposure under these arrangements is unknown, however, the Fund expects the risk of loss to be remote.

**NOTE 8 - SUBSEQUENT EVENTS**

Management has evaluated subsequent events through the date these financial statements were issued and has determined that there were no subsequent events to report through the issuance of these financial statements.

The Disciplined Growth Investors Fund

**ADDITIONAL INFORMATION**

**October 31, 2025 (Unaudited)**

**PROXY VOTING**

The policies and procedures used by the Fund to determine how to vote proxies relating to portfolio securities held by the Fund are available, without charge, (i) on the SEC's website at www.sec.gov or (ii) by calling toll-free 1-855-DGI-FUND (344-3863). Information regarding how the Fund voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge at www.sec.gov or by calling toll-free 1-855-DGI-FUND (344-3863).

![](vulcansoi001.jpg)

**Semi-Annual Financial Statements**

**October 31, 2025**

Vulcan Value Partners Fund

Vulcan Value Partners Small Cap Fund

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
| [Schedules of Investments](#vulcansoia001) | 3 |
| [Statements of Assets and Liabilities](#vulcansoia002) | 7 |
| [Statements of Operations](#vulcansoia003) | 8 |
| [Statements of Changes in Net Assets](#vulcansoia004) | 9 |
| [Financial Highlights](#vulcansoia005) | 11 |
| [Notes to Financial Statements](#vulcansoia006) | 15 |
| [Additional Information](#vulcansoia007) | 20 |

---

Vulcan Value Partners Fund

**SCHEDULE OF INVESTMENTS**

**October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.35%** | **COMMON STOCKS - 99.35%** | **COMMON STOCKS - 99.35%** |
| *Aerospace **-** 5.33%* | *Aerospace **-** 5.33%* | *Aerospace **-** 5.33%* |
| &nbsp;&nbsp;&nbsp;HEICO Corp., Class A | 36514 | $9045613 |
| &nbsp;&nbsp;&nbsp;TransDigm Group, Inc. | 7382 | 9659421 |
|  |  | 18705034 |
| *Asset Managers & Custodians **-** 9.17%* | *Asset Managers & Custodians **-** 9.17%* | *Asset Managers & Custodians **-** 9.17%* |
| &nbsp;&nbsp;&nbsp;Ares Management Corp., Class A | 82434 | 12258760 |
| &nbsp;&nbsp;&nbsp;Partners Group Holding AG | 4814 | 5876699 |
| &nbsp;&nbsp;&nbsp;TPG, Inc., Class A | 255472 | 14061179 |
|  |  | 32196638 |
| *Biotechnology **-** 2.78%* | *Biotechnology **-** 2.78%* | *Biotechnology **-** 2.78%* |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 16699 | 9767412 |
| *Consumer Digital Services **-** 3.29%* | *Consumer Digital Services **-** 3.29%* | *Consumer Digital Services **-** 3.29%* |
| &nbsp;&nbsp;&nbsp;Alphabet, Inc., Class C | 41043 | 11566738 |
| *Containers & Packaging **-** 1.30%* | *Containers & Packaging **-** 1.30%* | *Containers & Packaging **-** 1.30%* |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 47074 | 4574651 |
| *Distillers & Vintners **-** 2.08%* | *Distillers & Vintners **-** 2.08%* | *Distillers & Vintners **-** 2.08%* |
| &nbsp;&nbsp;&nbsp;Diageo PLC | 317487 | 7298935 |
| *Diversified Retailers **-** 4.41%* | *Diversified Retailers **-** 4.41%* | *Diversified Retailers **-** 4.41%* |
| &nbsp;&nbsp;&nbsp;Amazon.com, Inc.<sup>(a)</sup> | 63385 | 15479885 |
| *Health Care Management Services **-** 10.84%* | *Health Care Management Services **-** 10.84%* | *Health Care Management Services **-** 10.84%* |
| &nbsp;&nbsp;&nbsp;Elevance Health, Inc. | 55091 | 17474865 |
| &nbsp;&nbsp;&nbsp;UnitedHealth Group, Inc. | 60234 | 20573525 |
|  |  | 38048390 |
| *Health Care Services **-** 4.43%* | *Health Care Services **-** 4.43%* | *Health Care Services **-** 4.43%* |
| &nbsp;&nbsp;&nbsp;IQVIA Holdings, Inc.<sup>(a)</sup> | 71786 | 15538798 |
| *Insurance Brokers **-** 3.74%* | *Insurance Brokers **-** 3.74%* | *Insurance Brokers **-** 3.74%* |
| &nbsp;&nbsp;&nbsp;Ryan Specialty Holdings, Inc., Class A | 239755 | 13138574 |
| *Machinery: Tools **-** 3.52%* | *Machinery: Tools **-** 3.52%* | *Machinery: Tools **-** 3.52%* |
| &nbsp;&nbsp;&nbsp;Stanley Black & Decker, Inc. | 182360 | 12349419 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 99.35% (continued)** | **COMMON STOCKS - 99.35% (continued)** | **COMMON STOCKS - 99.35% (continued)** |
| *Professional Business Support Services **-** 2.32%* | *Professional Business Support Services **-** 2.32%* | *Professional Business Support Services **-** 2.32%* |
| &nbsp;&nbsp;&nbsp;Bureau Veritas SA | 248453 | $8156047 |
| *Real Estate Services **-** 5.44%* | *Real Estate Services **-** 5.44%* | *Real Estate Services **-** 5.44%* |
| &nbsp;&nbsp;&nbsp;CoStar Group, Inc.<sup>(a)</sup> | 174188 | 11985876 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.<sup>(a)</sup> | 23281 | 7102801 |
|  |  | 19088677 |
| *Reinsurance **-** 4.26%* | *Reinsurance **-** 4.26%* | *Reinsurance **-** 4.26%* |
| &nbsp;&nbsp;&nbsp;Everest Group Ltd. | 47579 | 14964547 |
| *Restaurants & Bars **-** 4.11%* | *Restaurants & Bars **-** 4.11%* | *Restaurants & Bars **-** 4.11%* |
| &nbsp;&nbsp;&nbsp;Sodexo SA | 260316 | 14414492 |
| *Semiconductors **-** 3.70%* | *Semiconductors **-** 3.70%* | *Semiconductors **-** 3.70%* |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.<sup>(a)</sup> | 136816 | 12986575 |
| *Software **-** 16.69%* | *Software **-** 16.69%* | *Software **-** 16.69%* |
| &nbsp;&nbsp;&nbsp;Microsoft Corp. | 43389 | 22467258 |
| &nbsp;&nbsp;&nbsp;Nice Ltd. - Sponsored ADR<sup>(a)</sup> | 107048 | 14629180 |
| &nbsp;&nbsp;&nbsp;Salesforce, Inc. | 62245 | 16209220 |
| &nbsp;&nbsp;&nbsp;SS&C Technologies Holdings, Inc. | 62511 | 5308434 |
|  |  | 58614092 |
| *Specialty Retailers **-** 4.34%* | *Specialty Retailers **-** 4.34%* | *Specialty Retailers **-** 4.34%* |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.<sup>(a)</sup> | 364028 | 15256413 |
| *Transaction Processing Services **-** 7.60%* | *Transaction Processing Services **-** 7.60%* | *Transaction Processing Services **-** 7.60%* |
| &nbsp;&nbsp;&nbsp;Fiserv, Inc.<sup>(a)</sup> | 114690 | 7648676 |
| &nbsp;&nbsp;&nbsp;Mastercard, Inc., Class A | 16737 | 9238657 |
| &nbsp;&nbsp;&nbsp;Visa, Inc., Class A | 28789 | 9809564 |
|  |  | 26696897 |
| **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** | **TOTAL COMMON STOCKS** |
| &nbsp;&nbsp;&nbsp;**(Cost $284,301,548)** |  | 348842214 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.67%** | **MONEY MARKET FUNDS - 0.67%** | **MONEY MARKET FUNDS - 0.67%** |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 4.06% (7-day yield) | 2368913 | 2368913 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $2,368,913)** |  | 2368913 |

---

See Notes to Financial Statements.

Vulcan Value Partners Fund

**SCHEDULE OF INVESTMENTS**

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

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS - 100.02%** | |
| &nbsp;&nbsp;&nbsp;**(Cost $286,670,461)** | $351211127 |
| **Liabilities in Excess of Other Assets - (0.02)%** | (84813) |
| **NET ASSETS - 100.00%** | $351126314 |

---

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

Investment Abbreviations:

ADR - American Depositary Receipt

AG - Aktiengesellschaft (German: Stock Corporation)

Ltd. – Limited

PLC - Public Limited Company

SA - Société Anonyme (French: Public Limited Company)

See Notes to Financial Statements.

Vulcan Value Partners Small Cap Fund

**SCHEDULE OF INVESTMENTS**

**October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.79%** |  |  |
| *Asset Managers & Custodians **-** 3.06%* | *Asset Managers & Custodians **-** 3.06%* | *Asset Managers & Custodians **-** 3.06%* |
| &nbsp;&nbsp;&nbsp;Virtus Investment Partners, Inc. | 21517 | $3503398 |
| *Biotechnology **-** 3.85%* | *Biotechnology **-** 3.85%* | *Biotechnology **-** 3.85%* |
| &nbsp;&nbsp;&nbsp;Medpace Holdings, Inc.<sup>(a)</sup> | 7544 | 4412561 |
| *Building Materials: Other **-** 8.27%* | *Building Materials: Other **-** 8.27%* | *Building Materials: Other **-** 8.27%* |
| &nbsp;&nbsp;&nbsp;Forterra PLC<sup>(b)(c)</sup> | 1984768 | 4745442 |
| &nbsp;&nbsp;&nbsp;Fortune Brands Innovations, Inc. | 93077 | 4728312 |
|  |  | 9473754 |
| *Cement **-** 6.24%* | *Cement **-** 6.24%* | *Cement **-** 6.24%* |
| &nbsp;&nbsp;&nbsp;Ibstock PLC<sup>(b)(c)</sup> | 3983936 | 7149219 |
| *Containers & Packaging **-** 5.44%* | *Containers & Packaging **-** 5.44%* | *Containers & Packaging **-** 5.44%* |
| &nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 28986 | 2816859 |
| &nbsp;&nbsp;&nbsp;Sealed Air Corp. | 101970 | 3417015 |
|  |  | 6233874 |
| *Diversified Industrials **-** 4.05%* | *Diversified Industrials **-** 4.05%* | *Diversified Industrials **-** 4.05%* |
| &nbsp;&nbsp;&nbsp;Sdiptech AB, Class B<sup>(a)</sup> | 232906 | 4643288 |
| *Electrical Components **-** 5.92%* | *Electrical Components **-** 5.92%* | *Electrical Components **-** 5.92%* |
| &nbsp;&nbsp;&nbsp;Littelfuse, Inc. | 27903 | 6789079 |
| *Food Retailers & Wholesalers **-** 6.04%* | *Food Retailers & Wholesalers **-** 6.04%* | *Food Retailers & Wholesalers **-** 6.04%* |
| &nbsp;&nbsp;&nbsp;Premium Brands Holdings Corp., Class A | 100417 | 6923335 |
| *Hotel And Lodging Reits **-** 2.78%* | *Hotel And Lodging Reits **-** 2.78%* | *Hotel And Lodging Reits **-** 2.78%* |
| &nbsp;&nbsp;&nbsp;Park Hotels & Resorts, Inc. | 309225 | 3181925 |
| *Household Furnishings **-** 4.93%* | *Household Furnishings **-** 4.93%* | *Household Furnishings **-** 4.93%* |
| &nbsp;&nbsp;&nbsp;MillerKnoll, Inc. | 361347 | 5644240 |
| *Machinery: Industrial **-** 1.95%* | *Machinery: Industrial **-** 1.95%* | *Machinery: Industrial **-** 1.95%* |
| &nbsp;&nbsp;&nbsp;Middleby Corp.<sup>(a)</sup> | 17971 | 2232537 |
| *Metal Fabricating **-** 4.34%* | *Metal Fabricating **-** 4.34%* | *Metal Fabricating **-** 4.34%* |
| &nbsp;&nbsp;&nbsp;Timken Co. | 63412 | 4978476 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value** |
| **COMMON STOCKS - 98.79% (continued)** |  |  |
| *Professional Business Support Services **-** 13.40%* | *Professional Business Support Services **-** 13.40%* | *Professional Business Support Services **-** 13.40%* |
| &nbsp;&nbsp;&nbsp;ABM Industries, Inc. | 101934 | $4383162 |
| &nbsp;&nbsp;&nbsp;Genpact Ltd. | 126123 | 4811592 |
| &nbsp;&nbsp;&nbsp;ISS A/S | 195567 | 6163774 |
|  |  | 15358528 |
| *Real Estate Services **-** 11.19%* | *Real Estate Services **-** 11.19%* | *Real Estate Services **-** 11.19%* |
| &nbsp;&nbsp;&nbsp;Colliers International Group, Inc. | 25896 | 4131189 |
| &nbsp;&nbsp;&nbsp;Jones Lang LaSalle, Inc.<sup>(a)</sup> | 9413 | 2871812 |
| &nbsp;&nbsp;&nbsp;Savills PLC | 438983 | 5813046 |
|  |  | 12816047 |
| *Rental & Leasing Services: Consumer **-** 3.86%* | *Rental & Leasing Services: Consumer **-** 3.86%* | *Rental & Leasing Services: Consumer **-** 3.86%* |
| &nbsp;&nbsp;&nbsp;PROG Holdings, Inc. | 152772 | 4419694 |
| *Semiconductors **-** 3.80%* | *Semiconductors **-** 3.80%* | *Semiconductors **-** 3.80%* |
| &nbsp;&nbsp;&nbsp;Qorvo, Inc.<sup>(a)</sup> | 45853 | 4352367 |
| *Specialty Retailers **-** 4.34%* | *Specialty Retailers **-** 4.34%* | *Specialty Retailers **-** 4.34%* |
| &nbsp;&nbsp;&nbsp;CarMax, Inc.<sup>(a)</sup> | 118590 | 4970107 |
| *Telecommunications Services **-** 5.33%* | *Telecommunications Services **-** 5.33%* | *Telecommunications Services **-** 5.33%* |
| &nbsp;&nbsp;&nbsp;Ituran Location and Control Ltd. | 158487 | 6103334 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $93,409,613)** |  | 113185763 |
|  | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 1.21%** |  |  |
| &nbsp;&nbsp;&nbsp;Invesco Government & Agency Portfolio, Institutional Class, 4.06% (7-day yield) | 1382236 | 1382236 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,382,236)** |  | 1382236 |
| **TOTAL INVESTMENTS - 100.00%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $94,791,849)** |  | $114567999 |
| **Liabilities in Excess of Other Assets - 0.00%<sup>(d)</sup>** |  | (2053) |
| **NET ASSETS - 100.00%** |  | $114565946 |

---

See Notes to Financial Statements.

Vulcan Value Partners Small Cap Fund

**SCHEDULE OF INVESTMENTS**

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

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

*<sup>(b)</sup>* *All or a portion of the security is exempt from registration of the Securities Act of 1933. These securities may be resold in transactions exempt from registration under Rule 144A, normally to qualified institutional buyers. As of October 31, 2025, these securities had an aggregate value of $11,894,660 or 10.38% of net assets.*

*<sup>(c)</sup>* *Security was issued pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such security cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. As of October 31, 2025, the aggregate market value of these securities was $11,894,660, representing 10.38% of net assets.*

*<sup>(d)</sup>* *Less than 0.005%*

Investment Abbreviations:

AB – Aktiebolag (Swedish: Limited Liability Company)

A/S - Aktieselskab (Danish: Joint Stock Company)

Ltd. – Limited

PLC - Public Limited Company

See Notes to Financial Statements.

Vulcan Value Partners

**STATEMENTS OF ASSETS AND LIABILITIES** 

**October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Vulcan Value Partners Fund** | **Vulcan Value Partners Small Cap Fund** |
| &nbsp;&nbsp;&nbsp;**ASSETS:** | | |
| &nbsp;&nbsp;&nbsp;Investments, at value | $351211127 | $114567999 |
| &nbsp;&nbsp;&nbsp;Receivable for fund shares sold | 3428 | 1374 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 422491 | 177335 |
| &nbsp;&nbsp;&nbsp;Prepaid expenses and other assets | 51955 | 41986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Assets | 351689001 | 114788694 |
| &nbsp;&nbsp;&nbsp;**LIABILITIES:** | &nbsp;&nbsp;&nbsp;**LIABILITIES:** | &nbsp;&nbsp;&nbsp;**LIABILITIES:** |
| &nbsp;&nbsp;&nbsp;Payable to Investment Advisor | 220350 | 78867 |
| &nbsp;&nbsp;&nbsp;Payable for shares redeemed | 179451 | 55198 |
| &nbsp;&nbsp;&nbsp;12b-1 fees payable - Investor Class | 30204 | 5736 |
| &nbsp;&nbsp;&nbsp;Administration fees payable | 10556 |  |
| &nbsp;&nbsp;&nbsp;Transfer agent fees payable | 6327 | 4957 |
| &nbsp;&nbsp;&nbsp;Custody fees payable | 19085 | 14538 |
| &nbsp;&nbsp;&nbsp;Delegated transfer agent equivalent services payable | 58601 | 25423 |
| &nbsp;&nbsp;&nbsp;Trustees' fees and expenses payable | 7467 | 4399 |
| &nbsp;&nbsp;&nbsp;Professional fees payable | 25817 | 19511 |
| &nbsp;&nbsp;&nbsp;Accrued expenses and other liabilities | 4829 | 14119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Liabilities | 562687 | 222748 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | $351126314 | $114565946 |
| &nbsp;&nbsp;&nbsp;**NET ASSETS CONSIST OF** | &nbsp;&nbsp;&nbsp;**NET ASSETS CONSIST OF** | &nbsp;&nbsp;&nbsp;**NET ASSETS CONSIST OF** |
| &nbsp;&nbsp;&nbsp;Paid in capital | $271441723 | $487329170 |
| &nbsp;&nbsp;&nbsp;Total distributable earnings/(accumulated loss) | 79684591 | (372763224) |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | $351126314 | $114565946 |
| &nbsp;&nbsp;&nbsp;Investments, at cost | $286670461 | $94791849 |
| &nbsp;&nbsp;&nbsp;**PRICING OF SHARES** | &nbsp;&nbsp;&nbsp;**PRICING OF SHARES** | &nbsp;&nbsp;&nbsp;**PRICING OF SHARES** |
| &nbsp;&nbsp;&nbsp;**Investor Class:** | &nbsp;&nbsp;&nbsp;**Investor Class:** | &nbsp;&nbsp;&nbsp;**Investor Class:** |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $29.44 | $12.22 |
| &nbsp;&nbsp;&nbsp;Net Assets | $137012931 | $25899778 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding issued (unlimited number of shares authorized, no par value) | 4653284 | 2119941 |
| &nbsp;&nbsp;&nbsp;**Institutional Class:** | &nbsp;&nbsp;&nbsp;**Institutional Class:** | &nbsp;&nbsp;&nbsp;**Institutional Class:** |
| &nbsp;&nbsp;&nbsp;Net Asset Value, offering and redemption price per share | $29.74 | $12.37 |
| &nbsp;&nbsp;&nbsp;Net Assets | $214113383 | $88666168 |
| &nbsp;&nbsp;&nbsp;Shares of beneficial interest outstanding issued (unlimited number of shares authorized, no par value) | 7198812 | 7170038 |

---

See Notes to Financial Statements.

Vulcan Value Partners

**STATEMENTS OF OPERATIONS**

**For the Six Months Ended October 31, 2025 (Unaudited)**

---

| | | |
|:---|:---|:---|
|  | **Vulcan Value Partners Fund<sup>(a)</sup>** | **Vulcan Value Partners Small Cap Fund<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**INVESTMENT INCOME:** |  |  |
| &nbsp;&nbsp;&nbsp;Dividends\* | $3519442 | $1355503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Investment Income | 3519442 | 1355503 |
| &nbsp;&nbsp;&nbsp;**EXPENSES:** | &nbsp;&nbsp;&nbsp;**EXPENSES:** | &nbsp;&nbsp;&nbsp;**EXPENSES:** |
| &nbsp;&nbsp;&nbsp;Investment advisory fees | 1904295 | 702622 |
| &nbsp;&nbsp;&nbsp;Administrative fees | 126504 | 36897 |
| &nbsp;&nbsp;&nbsp;12b-1 fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 48141 | 9196 |
| &nbsp;&nbsp;&nbsp;Delegated transfer agent equivalent services fees |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 7914 | 1794 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 84734 | 52885 |
| &nbsp;&nbsp;&nbsp;Transfer agent fees | 48177 | 44134 |
| &nbsp;&nbsp;&nbsp;Professional fees | 72659 | 36084 |
| &nbsp;&nbsp;&nbsp;Reflow fees |  | 319 |
| &nbsp;&nbsp;&nbsp;Trustees' fees | 7507 | 364 |
| &nbsp;&nbsp;&nbsp;Principal financial officer fees |  | 2250 |
| &nbsp;&nbsp;&nbsp;Other expenses | 39191 | 3659 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total Expenses | 2339122 | 890204 |
| &nbsp;&nbsp;&nbsp;Less expenses waived by Investment Advisor |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor | (22520) | (23107) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | (415501) | (203376) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net Expenses | 1901101 | 663721 |
| &nbsp;&nbsp;&nbsp;**NET INVESTMENT INCOME** | 1618341 | 691782 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: | &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: | &nbsp;&nbsp;&nbsp;Net realized gain/(loss) on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | 39287509 | 6503832 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments sold in-kind | 1830711 | 133122 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related transactions | (9656) | 7651 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net realized gain | 41108564 | 6644605 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: | &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: | &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation on: |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments | (1093745) | 4092328 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Foreign currency related translations | (2469) | (1768) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total net change in unrealized appreciation/depreciation | (1096214) | 4090560 |
| &nbsp;&nbsp;&nbsp;**NET REALIZED AND UNREALIZED GAIN ON INVESTMENTS** | 40012350 | 10735165 |
| &nbsp;&nbsp;&nbsp;**NET INCREASE IN NET ASSETS RESULTING FROM OPERATIONS** | $41630691 | $11426947 |
| &nbsp;&nbsp;&nbsp;\*Foreign taxes withheld on dividends | $99159 | $23705 |

---

*<sup>(a)</sup>* *The Funds acquired all of the assets and liabilities of their respective series of Financial Investors Trust (the "Predecessor Funds"), in a tax free reorganization that occurred as of the close of business on September 12, 2025. 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 for the period prior to the close of business on September 12, 2025, reflects that of the Predecessor Funds which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

Vulcan Value Partners Fund

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **For the Six Months<br> Ended October 31, 2025<sup>(a)</sup>**<br>**(Unaudited)** | **For the Year Ended April 30, 2025<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $1618341 | $1031717 |
| &nbsp;&nbsp;&nbsp;Net realized gain | 41108564 | 202958537 |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | (1096214) | (164338764) |
| &nbsp;&nbsp;&nbsp;Net Increase in net assets resulting from operations | 41630691 | 39651490 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** | &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** | &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;From distributable earnings | &nbsp;&nbsp;&nbsp;From distributable earnings | &nbsp;&nbsp;&nbsp;From distributable earnings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor |  | (292167) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional |  | (1307811) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions |  | (1599978) |
| &nbsp;&nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS** | &nbsp;&nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS** | &nbsp;&nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS** |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;Shares sold |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 6575815 | 1843887 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 7593706 | 44849009 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;Dividends reinvested |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 237866 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 1154279 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;Shares redeemed |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (20993299) | (44371197) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (82395234) | (329372956) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets derived from capital share transactions | (89219012) | (325659112) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (47588321) | (287607600) |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | &nbsp;&nbsp;&nbsp;**NET ASSETS** | &nbsp;&nbsp;&nbsp;**NET ASSETS** |
| &nbsp;&nbsp;&nbsp;Beginning of period | 398714635 | 686322235 |
| &nbsp;&nbsp;&nbsp;End of period | $351126314 | $398714635 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of Vulcan Value Partners Fund, a series of Financial Investor Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on September 12, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on September 12, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

Vulcan Value Partners Small Cap Fund

**STATEMENTS OF CHANGES IN NET ASSETS**

---

| | | |
|:---|:---|:---|
| | **For the <br> Six Months Ended<br> October 31, 2025<sup>(a)</sup>**<br>**(Unaudited)** | **For the Year Ended April 30, 2025<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**OPERATIONS** | | |
| &nbsp;&nbsp;&nbsp;Net investment income | $691782 | $1934370 |
| &nbsp;&nbsp;&nbsp;Net realized gain/(loss) | 6644605 | (12585774) |
| &nbsp;&nbsp;&nbsp;Net change in unrealized appreciation/depreciation | 4090560 | 29196223 |
| &nbsp;&nbsp;&nbsp;Net Increase in net assets resulting from operations | 11426947 | 18544819 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** | &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** | &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS TO SHAREHOLDERS** |
| &nbsp;&nbsp;&nbsp;From distributable earnings | &nbsp;&nbsp;&nbsp;From distributable earnings | &nbsp;&nbsp;&nbsp;From distributable earnings |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor |  | (429698) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional |  | (1670328) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in net assets from distributions |  | (2100026) |
| &nbsp;&nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS** | &nbsp;&nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS** | &nbsp;&nbsp;&nbsp;**CAPITAL SHARE TRANSACTIONS** |
| &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;Shares sold | &nbsp;&nbsp;&nbsp;Shares sold |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | 422326 | 3337712 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | 2068202 | 28983509 |
| &nbsp;&nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;Dividends reinvested | &nbsp;&nbsp;&nbsp;Dividends reinvested |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class |  | 388469 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class |  | 1437392 |
| &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;Shares redeemed | &nbsp;&nbsp;&nbsp;Shares redeemed |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor Class | (5936773) | (24355876) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional Class | (14243732) | (215062003) |
| &nbsp;&nbsp;&nbsp;Redemption fees | &nbsp;&nbsp;&nbsp;Redemption fees | &nbsp;&nbsp;&nbsp;Redemption fees |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets derived from capital share transactions | (17689977) | (205270797) |
| &nbsp;&nbsp;&nbsp;Net decrease in net assets | (6263030) | (188826004) |
| &nbsp;&nbsp;&nbsp;**NET ASSETS** | &nbsp;&nbsp;&nbsp;**NET ASSETS** | &nbsp;&nbsp;&nbsp;**NET ASSETS** |
| &nbsp;&nbsp;&nbsp;Beginning of period | 120828976 | 309654980 |
| &nbsp;&nbsp;&nbsp;End of period | $114565946 | $120828976 |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of Vulcan Value Partners Small Cap Fund, a series of Financial Investor Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on September 12, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on September 12, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

See Notes to Financial Statements.

Vulcan Value Partners Fund

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended October 31, 2025<sup>(a)</sup> (Unaudited)** | **For the Year Ended April 30, 2025 <sup>(a)</sup>** | **For the Year Ended April 30, 2024 <sup>(a)</sup>** | **For the Year Ended April 30, 2023 <sup>(a)</sup>** | **For the Year Ended April 30, 2022 <sup>(a)</sup>** | **For the Year Ended April 30, 2021 <sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $26.65 | $25.21 | $19.01 | $20.74 | $29.87 | $19.50 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.09 | (0.00)<sup>(c)</sup> |  | 0.00 <sup>(c)</sup> | (0.16) | (0.14) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 2.70 | 1.49 | 6.21 | (0.74) | (5.75) | 11.42 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 2.79 | 1.49 | 6.21 | (0.74) | (5.91) | 11.28 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  | (0.05) | (0.01) | (0.99) | (3.22) | (0.91) |
| &nbsp;&nbsp;&nbsp;Total Distributions |  | (0.05) | (0.01) | (0.99) | (3.22) | (0.91) |
| &nbsp;&nbsp;&nbsp;Redemption fees added to paid-in capital |  |  |  |  |  | 0.00 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 2.79 | 1.44 | 6.20 | (1.73) | (9.13) | 10.37 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Period | $29.44 | $26.65 | $25.21 | $19.01 | $20.74 | $29.87 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(d)</sup>** | 10.47% | 5.91% | 32.68% | (2.99 %) | (22.93%) | 58.62% |
| &nbsp;&nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA:<sup>(e)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $137013 | $137152 | $170238 | $232565 | $437470 | $624789 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets excluding waivers | 1.19 %<sup>(f)</sup> | 1.14% | 1.08% | 1.08% | 1.06% | 1.08% |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets including waivers | 1.16 %<sup>(f)</sup> | 1.14% | 1.08% | 1.08% | 1.06% | 1.08% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets including waivers | 0.63 %<sup>(f)</sup> | 0.00 %<sup>(g)</sup> | (0.02%) | 0.01% | (0.54%) | (0.57 %) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 29% | 56% | 32% | 40% | 49% | 67% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of Vulcan Value Partners Fund, a series of Financial Investor Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on September 12, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on September 12, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.* 

*<sup>(c)</sup>* *Amount represents greater than $(0.005) per share and less than $0.005 per share.* 

*<sup>(d)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at net asset value on the last day of the period and assuming all dividends are reinvested. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Adviser.* 

*<sup>(e)</sup>* *The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented on the full Schedule of Investments.* 

*<sup>(f)</sup>* *Annualized.* 

*<sup>(g)</sup>* *Amount represents less than 0.005%.* 

See Notes to Financial Statements.

Vulcan Value Partners Fund

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended October 31, 2025<sup>(a)</sup> (Unaudited)** | **For the Year Ended April 30, 2025<sup>(a)</sup>** | **For the Year Ended April 30, 2024<sup>(a)</sup>** | **For the Year Ended April 30, 2023<sup>(a)</sup>** | **For the Year Ended April 30, 2022<sup>(a)</sup>** | **For the Year Ended April 30, 2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $26.88 | $25.40 | $19.15 | $20.84 | $29.93 | $19.52 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.14 | 0.08 | 0.04 | 0.04 | (0.10) | (0.09) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 2.72 | 1.52 | 6.26 | (0.74) | (5.77) | 11.46 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 2.86 | 1.60 | 6.30 | (0.70) | (5.87) | 11.37 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  | (0.12) | (0.05) | (0.99) | (3.22) | (0.96) |
| &nbsp;&nbsp;&nbsp;Total Distributions |  | (0.12) | (0.05) | (0.99) | (3.22) | (0.96) |
| &nbsp;&nbsp;&nbsp;Redemption fees added to paid-in capital |  |  |  |  |  | 0.00 <sup>(c)</sup> |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 2.86 | 1.48 | 6.25 | (1.69) | (9.09) | 10.41 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Period | $29.74 | $26.88 | $25.40 | $19.15 | $20.84 | $29.93 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(d)</sup>** | 10.64% | 6.28% | 32.94% | (2.78%) | (22.74%) | 59.02% |
| &nbsp;&nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA:<sup>(e)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $214113 | $261562 | $516084 | $696853 | $966357 | $1147175 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets excluding waivers | 1.18 %<sup>(f)</sup> | 1.20% | 1.13% | 1.13% | 1.11% | 1.12% |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets including waivers | 0.85 %<sup>(f)</sup> | 0.85% | 0.85% | 0.85% | 0.85% | 0.85% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets including waivers | 0.93 %<sup>(f)</sup> | 0.29% | 0.20% | 0.23% | (0.34%) | (0.36 %) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 29% | 56% | 32% | 40% | 49% | 67% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of Vulcan Value Partners Fund, a series of Financial Investor Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on September 12, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on September 12, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.* 

*<sup>(c)</sup>* *Amount represents greater than $(0.005) per share and less than $0.005 per share.* 

*<sup>(d)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at net asset value on the last day of the period and assuming all dividends are reinvested. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Adviser.* 

*<sup>(e)</sup>* *The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented on the full Schedule of Investments.* 

*<sup>(f)</sup>* *Annualized.* 

See Notes to Financial Statements.

Vulcan Value Partners Small Cap Fund

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended October 31, 2025<sup>(a)</sup> (Unaudited)** | **For the Year Ended April 30, 2025<sup>(a)</sup>** | **For the Year Ended April 30, 2024<sup>(a)</sup>** | **For the Year Ended April 30, 2023<sup>(a)</sup>** | **For the Year Ended April 30, 2022<sup>(a)</sup>** | **For the Year Ended April 30, 2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**Investor Class** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $11.21 | $11.49 | $10.87 | $14.47 | $22.62 | $12.01 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.07 | 0.08 | 0.04 | 0.01 | (0.10) | (0.10) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.94 | (0.22)<sup>(c)</sup> | 0.62 | (2.18) | (3.22) | 10.73 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.01 | (0.14) | 0.66 | (2.17) | (3.32) | 10.63 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  | (0.14) | (0.04) | (1.43) | (4.83) | (0.02) |
| &nbsp;&nbsp;&nbsp;Total Distributions |  | (0.14) | (0.04) | (1.43) | (4.83) | (0.02) |
| &nbsp;&nbsp;&nbsp;Redemption fees added to paid-in capital |  |  |  |  |  | 0.00 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 1.01 | (0.28) | 0.62 | (3.60) | (8.15) | 10.61 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Period | $12.22 | $11.21 | $11.49 | $10.87 | $14.47 | $22.62 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(e)</sup>** | 9.01% | (1.36 %) | 6.11% | (14.39%) | (21.58%) | 88.51% |
| &nbsp;&nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA:<sup>(f)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $25900 | $28859 | $48711 | $75271 | $221910 | $310600 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets excluding waivers | 1.39 %<sup>(g)</sup> | 1.37% | 1.27% | 1.26% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets including waivers | 1.22 %<sup>(g)</sup> | 1.25% | 1.25% | 1.25% | 1.25% | 1.25% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets including waivers | 1.20 %<sup>(g)</sup> | 0.72% | 0.38% | 0.12% | (0.47%) | (0.65 %) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 13% | 29% | 33% | 26% | 69% | 75% |

---

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of Vulcan Value Partners Small Cap Fund, a series of Financial Investor Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on September 12, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on September 12, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.* 

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.* 

*<sup>(c)</sup>* *The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain/(loss) on investments due to the timing of purchases and redemptions of the Fund's shares in relation to fluctuating market values of the investments of the Fund.* 

*<sup>(d)</sup>* *Amount represents greater than $(0.005) per share and less than $0.005 per share.* 

*<sup>(e)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at net asset value on the last day of the period and assuming all dividends are reinvested. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Adviser.* 

*<sup>(f)</sup>* *The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented on the full Schedule of Investments.* 

*<sup>(g)</sup>* *Annualized.* 

See Notes to Financial Statements.

Vulcan Value Partners Small Cap Fund

**FINANCIAL HIGHLIGHTS**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Six Months Ended October 31, 2025<sup>(a)</sup> (Unaudited)** | **For the Year Ended April 30, 2025<sup>(a)</sup>** | **For the Year Ended April 30, 2024<sup>(a)</sup>** | **For the Year Ended April 30, 2023<sup>(a)</sup>** | **For the Year Ended April 30, 2022<sup>(a)</sup>** | **For the Year Ended April 30, 2021<sup>(a)</sup>** |
| &nbsp;&nbsp;&nbsp;**Institutional Class** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Asset Value, Beginning of Period | $11.33 | $11.62 | $10.99 | $14.57 | $22.70 | $12.03 |
| &nbsp;&nbsp;&nbsp;**INCOME FROM INVESTMENT OPERATIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net investment income/(loss)<sup>(b)</sup> | 0.07 | 0.11 | 0.07 | 0.05 | (0.04) | (0.06) |
| &nbsp;&nbsp;&nbsp;Net realized and unrealized gain/(loss) | 0.97 | (0.22)<sup>(c)</sup> | 0.62 | (2.20) | (3.26) | 10.77 |
| &nbsp;&nbsp;&nbsp;Total from Investment Operations | 1.04 | (0.11) | 0.69 | (2.15) | (3.30) | 10.71 |
| &nbsp;&nbsp;&nbsp;**DISTRIBUTIONS:** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;From distributable earnings |  | (0.18) | (0.06) | (1.43) | (4.83) | (0.04) |
| &nbsp;&nbsp;&nbsp;Total Distributions |  | (0.18) | (0.06) | (1.43) | (4.83) | (0.04) |
| &nbsp;&nbsp;&nbsp;Redemption fees added to paid-in capital |  |  |  |  |  | 0.00 <sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Net Increase/(Decrease) in net asset value | 1.04 | (0.29) | 0.63 | (3.58) | (8.13) | 10.67 |
| &nbsp;&nbsp;&nbsp;Net Asset Value, End of Period | $12.37 | $11.33 | $11.62 | $10.99 | $14.57 | $22.70 |
| &nbsp;&nbsp;&nbsp;**TOTAL RETURN<sup>(e)</sup>** | 9.18% | (1.14 %) | 6.33% | (14.14%) | (21.40%) | 89.07% |
| &nbsp;&nbsp;&nbsp;**RATIOS/SUPPLEMENTAL DATA:<sup>(f)</sup>** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;Net Assets, End of Period (000s) | $88666 | $91970 | $260944 | $343279 | $721399 | $710679 |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets excluding waivers | 1.42 %<sup>(g)</sup> | 1.41% | 1.32% | 1.31% | 1.27% | 1.29% |
| &nbsp;&nbsp;&nbsp;Ratio of operating expenses to average net assets including waivers | 1.00 %<sup>(g)</sup> | 1.00% | 1.00% | 1.00% | 1.00% | 1.00% |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income/(loss) to average net assets including waivers | 1.07 %<sup>(g)</sup> | 0.97% | 0.64% | 0.42% | (0.19%) | (0.39 %) |
| &nbsp;&nbsp;&nbsp;Portfolio turnover rate | 13% | 29% | 33% | 26% | 69% | 75% |

---

 

*<sup>(a)</sup>* *The Fund acquired all of the assets and liabilities of Vulcan Value Partners Small Cap Fund, a series of Financial Investor Trust (the "Predecessor Fund"), in a tax free reorganization that occurred as of the close of business on September 12, 2025. Performance and financial history of the Predecessor Fund has been adopted by the Fund and will be used going forward. As a result, the information for the periods prior to the close of business on September 12, 2025, reflects that of the Predecessor Fund, which ceased operations as of the date of the reorganization.*

*<sup>(b)</sup>* *Calculated based on the average number of Fund shares outstanding during each fiscal period.*

*<sup>(c)</sup>* *The amount shown for a share outstanding does not correspond with the aggregate net realized and unrealized gain/(loss) on investments due to the timing of purchases and redemptions of the Fund's shares in relation to fluctuating market values of the investments of the Fund.*

*<sup>(d)</sup>* *Amount represents greater than $(0.005) per share and less than $0.005 per share.*

*<sup>(e)</sup>* *Total return is calculated assuming an initial investment made at the net asset value at the beginning of the period and redemption at net asset value on the last day of the period and assuming all dividends are reinvested. Total return would have been lower if certain fees had not been waived and expenses reimbursed by the Adviser.*

*<sup>(f)</sup>* *The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented on the full Schedule of Investments.*

*<sup>(g)</sup>* *Annualized.*

See Notes to Financial Statements.

Vulcan Value Partners

**NOTES TO FINANCIAL STATEMENTS**

**October 31, 2025 (Unaudited)**

**NOTE 1 - ORGANIZATION**

Elevation Series Trust (the "Trust") was organized on March 7, 2022, as a Delaware statutory trust, and is authorized to issue multiple investment series. The Trust is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. These financial statements relate to two series of the Trust, the Vulcan Value Partners Fund and the Vulcan Value Small Cap Fund (each a "Fund" and collectively, the "Funds"). The Funds are open end, non-diversified management investment companies registered under the 1940 Act. Each Fund's investment objective is long-term capital appreciation.

The Funds both commenced operations of their Investor Class shares and Institutional Class shares on December 30, 2009 and May 1, 2019, respectively, as mutual funds that were series of Financial Investors Trust (the "Predecessor Funds"). On April 17, 2025, the Board of Trustees of Financial Investors Trust approved a tax-free reorganization wherein all of the assets and liabilities of each Predecessor Fund were acquired by their respective Fund. In connection with this acquisition as of the close of business on September 12, 2025, shares of the Predecessor Funds were exchanged for an equivalent number of shares of the corresponding Fund. Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund net assets of $385,874,088 and $125,205,806, respectively, Investor Class shares outstanding of 4,768,031 and 2,210,608 respectively, Institutional Class shares outstanding of 7,767,153 and 7,431,765 respectively, and net unrealized appreciation/depreciation of $90,184,138 and $28,010,174, respectively, and the results of operations of the Funds were unchanged from that of the Predecessor Funds as a result of the reorganization. The Predecessor Funds had investment objectives that were, in all material respects, the same as that of the Funds as described below. The Funds are a continuation of the Predecessor Funds, and therefore, the performance and financial history of each Predecessor Fund has been adopted by the corresponding Fund 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 September 12, 2025, reflects that of the Predecessor Funds, which ceased operations as of the date of the reorganization.

Each Fund offers Investor and Institutional Class shares. Each class of shares differs principally in its respective distribution expenses and shareholder servicing expenses. Each class of shares has identical rights to earnings, assets, and voting privileges, except for the class specific expenses and exclusive rights to vote on matters affecting only individual classes.

During the six months ended October 31, 2025, the Funds adopted FASB Update 2023-07, Segment Reporting (Topic 280) – Improvements to Reportable Segment Disclosures ("ASU 2023-07"). An operating segment is a component of a Fund that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by the Fund's chief operating decision maker ("CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds' portfolio managers act as the Funds' CODM. Each Fund is considered an operating segment, and their performance and operating results are reviewed to make informed decisions regarding performance. The financial information provided to and reviewed by the CODM is presented within the Funds' financial statements.

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. The accompanying financial statements were prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). This requires management to make estimates and assumptions that affect the reported amounts in the financial statements. Actual results could differ from those estimates. The Funds are investment companies and f 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 net asset values ("NAVs") of the Funds are 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 NAVs are 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 Vulcan Value Partners LLC (the "Adviser") determines that prices received are unreliable, are valued at fair value according to procedures established and adopted by the Funds' Board of Trustees (the "Board"). Pursuant to Rule 2a-5 under the 1940 Act, the Board has designated the Adviser as the Funds valuation designee with respect to the fair valuation of the Funds' portfolio securities, subject to oversight by and periodic reporting to the Board.

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

Vulcan Value Partners

**NOTES TO FINANCIAL STATEMENTS**

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

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 securities.

Level 2 – other significant observable inputs (including quoted prices for similar securities, quoted prices in inactive markets, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – significant unobservable inputs (including a Fund's own assumptions in determining the fair value of investments).

The Trust's policy is to disclose transfers between levels based on valuations at the end of the reporting period. The portfolio may hold securities which are periodically fair valued in accordance with the Trust's fair value procedures. This may result in movements between levels 1, 2 and 3 throughout the period. Pursuant to the Trust's fair value procedures noted previously, equity securities (including exchange traded securities and open-end regulated investment companies), exchange traded derivatives (i.e. options) and money market instruments are generally categorized as level 1 securities in the fair value hierarchy. Fixed income securities and non-exchange traded derivatives are generally categorized as level 2 securities in the fair value hierarchy. Investments for which there are no such quotations, or for which quotations do not appear reliable, are valued at fair value as determined in accordance with procedures established by and under the general supervision of the Trustees. Provided pre-defined triggers have been met, the Board has approved independent pricing vendors that calculate fair valuations of international equity securities based on a number of factors that appear to correlate to the movements in the U.S. markets. These valuations are typically categorized as level 2 or level 3 securities in the fair value hierarchy.

The following is a summary of the Funds' investments in the fair value hierarchy as of October 31, 2025 in valuing each Fund's assets carried at fair value:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vulcan Value Partners Fund**<br>**Investments in Securities at Value<sup>(a)</sup>** |<br> **Level 1 -<br> Unadjusted<br> Quoted Prices** |<br>**Level 2 -**<br> **Other Significant**<br> **Observable Inputs** |<br>&nbsp;&nbsp;&nbsp;&nbsp; **Level 3 -**<br> **Significant**<br> **Unobservable Inputs** |<br>**Total**  |
| Common Stocks | $348842214 | $— | $— | $348842214 |
| Money Market Funds | 2368913 |  |  | 2368913 |
| Total | $351211127 | $— | $— | $351211127 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Vulcan Value Partners Small Cap Fund** | **Vulcan Value Partners Small Cap Fund** | **Vulcan Value Partners Small Cap Fund** | **Vulcan Value Partners Small Cap Fund** | **Vulcan Value Partners Small Cap Fund** |
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 -**<br> **Unadjusted**<br> **Quoted Prices**  | **Level 2 -**<br> **Other Significant**<br> **Observable Inputs** | &nbsp;&nbsp;&nbsp;&nbsp; **Level 3 -**<br> **Significant**<br> **Unobservable Inputs** | **Total** |
| Common Stocks | $113185763 | $— | $— | $113185763 |
| Money Market Funds | 1382236 |  |  | 1382236 |
| Total | $114567999 | $— | $— | $114567999 |

---

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

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

**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.

**Reflow Liquidity Program**: Each Fund may participate in the ReFlow liquidity program, which is designed to provide an alternative liquidity source for mutual funds experiencing net redemptions of their shares. Pursuant to the program, ReFlow Fund, LLC ("ReFlow") provides participating mutual funds with a source of cash to meet net shareholder redemptions by standing ready each business day to purchase fund shares up to the value of the net shares redeemed by other shareholders that are to settle the next business day. ReFlow will purchase shares of the Fund at NAV and will not be subject to any investment minimums. Following purchases of Fund shares, ReFlow then generally redeems those shares when the Fund experiences net subscriptions, at the end of a maximum holding period determined by ReFlow (currently 28 days), or at other times as the Fund may request. ReFlow may choose to redeem its position in the Fund with an in-kind transfer of securities, instead of cash, enabling the Fund to avoid a realization of capital gains on the securities it transfers. ReFlow will not be subject to any short-term redemption fees. While ReFlow holds Fund shares, it will have the same rights and privileges with respect to those shares as any other shareholder. For use of the ReFlow service, a Fund pays a fee to ReFlow each time it purchases Fund shares, calculated by applying to the purchase amount a fee rate determined through an automated daily auction among participating mutual funds. The current minimum fee rate is 0.20% of the value of a Fund's shares purchased by ReFlow although the Fund may submit a bid at a higher fee rate if it determines that doing so is in the best interest of Fund shareholders. In accordance with federal securities laws, ReFlow is prohibited from acquiring more than 3% of the outstanding voting securities of a Fund. There is no assurance that ReFlow will have sufficient funds available to meet the Funds' liquidity needs on a particular day.

For the period ended October 31, 2025, Reflow purchased 76,151 shares at a value of $2,362,206 and redeemed 76,151 shares at a value of $2,350,022 from the Vulcan Value Partners Fund.

For the period ended October 31, 2025, Reflow purchased 16,560 shares at a value of $207,498 and redeemed 16,560 shares at a value of $207,001 from the Vulcan Value Partners Small Cap Fund.

**Distributions to Shareholders**: Each Fund intends to pay out dividends in cash, if any, and distribute any net realized capital gains to its shareholders at least annually.

Vulcan Value Partners

**NOTES TO FINANCIAL STATEMENTS**

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

**Federal Income Tax**: For federal income tax purposes, the Funds currently intend to qualify, as a regulated investment companies under the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, by distributing substantially all of their earnings to their shareholders. Accordingly, no provision for federal income or excise taxes has been made.

Income and capital gain distributions are determined and characterized in accordance with income tax regulations, which may differ from GAAP. These differences are primarily due to differing treatments of income and gains on various investment securities held by the Funds, timing differences and differing characterization of distributions made by the Funds as a whole.

As of and during the six months ended October 31, 2025, the Funds did not have liability for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses, in the Statement of Operations. As of October 31, 2025, there were no interest or penalties incurred by the Funds. The Funds file U.S. federal, state, and local tax returns as required. The Funds tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations, which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. There are no uncertain tax positions that require a provision for income taxes.

**NOTE 3 - ADVISORY FEES AND OTHER AFFILIATED TRANSACTIONS**

The Predecessor Trust had an agreement with the Adviser, with which certain officers and trustees of the Trust are affiliated, to furnish investment advisory services to the Funds. Under the terms of the agreement, the Predecessor Funds compensated the Adviser for its management services at the annual rate of 1.00% and 1.15% for Predecessor Vulcan Value Partners Fund and Predecessor Vulcan Value Partners Small Cap Fund, respectively, based on each Predecessor Fund's average daily net assets. Effective September 12, 2025, the Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund pay the Adviser an annual management fee of 0.85% and 1.00% respectively, based on each Fund's average daily net assets. The management fee is calculated daily and paid on a monthly basis.

The Adviser contractually agreed to limit the Predecessor Vulcan Value Partners Fund's total annual fund operating expenses (exclusive of Acquired Fund Fees and Expenses (if any), brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.25% and 0.85% of its average daily net assets with respect to Investor Class shares and Institutional Class shares, respectively. Effective as of the close of business on September 12, 2025, the Adviser has contractually agreed to limit the Vulcan Value Partners Fund's total annual fund operating expenses (exclusive of Acquired Fund Fees and Expenses (if any), brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.10% and 0.85% of the Vulcan Value Partners Fund's average daily net assets with respect to Investor Class shares and Institutional Class shares, respectively. The Adviser contractually agreed to limit the Predecessor Vulcan Value Partners Small Cap Fund's total annual fund operating expenses (exclusive of Acquired Fund Fees and Expenses (if any), brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.25% and 1.00% of the Predecessor Vulcan Value Partners Small Cap Fund's average daily net assets with respect to Investor Class shares and Institutional Class shares, respectively. Effective as of the close of business on September 12, 2025, the Adviser contractually agreed to limit the Vulcan Value Partners Small Cap Fund's total annual fund operating expenses (exclusive of Acquired Fund Fees and Expenses (if any), brokerage expenses, interest expense, taxes and extraordinary expenses) to 1.15% and 1.00% of the Vulcan Value Partners Small Cap Fund's average daily net assets with respect to Investor Class shares and Institutional Class shares, respectively. This expense limitation agreement is in effect for at least one-year from the date that the Funds commenced operations. The Adviser will be permitted to recapture expenses it has borne through the agreement to the extent that a Fund's expenses in later periods fall below the annual rates set forth in the agreement provided, however, that such recapture payments do not cause the Fund's expense ratio (after recapture) to exceed the lesser of (i) the expense cap in effect at the time of the waiver and (ii) the expense cap then in effect at the time of the recapture. Notwithstanding the foregoing, the Fund will not pay any such deferred fees and expenses more than thirty-six months after the date on which the fee and expenses were deferred. The Adviser will not seek recoupment of any fees waived or expenses reimbursed pursuant to a Predecessor Fund's expense limitation agreement. The Adviser may not discontinue or modify this waiver prior to its initial expiration without the approval of the Board of Trustees.

To the extent that the Adviser reimburses a Fund or waives fees otherwise payable by a Fund to the Adviser during any year with respect to a class of a Fund, and the total expenses borne by such respective class, (including the Adviser's fee and any such reimbursement but excluding all acquired fund fees and expenses, interest, taxes, and extraordinary expenses) do not exceed the limits described above, the Fund agrees to reimburse the Adviser for such reimbursements or fee waivers, provided that such do not exceed expense limitations in place at the time the expenses or fees were waived or existing expense limitations. Any amounts that may be payable by a Fund to the Adviser after the third year following the time the expenses were initially incurred by a Fund or waived/reimbursed by the Adviser to a Fund, whichever is later, shall be extinguished and a Fund shall have no further obligation to pay the Adviser for such reimbursement or fee waiver.

As of October 31, 2025, reimbursed expenses for each Fund subject to potential recovery by year of expiration are as follows:

---

| | |
|:---|:---|
| | **Expiring During the <br> Fiscal Year Ended <br> April 30, 2029** |
| &nbsp;&nbsp;Vulcan Value Partners Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor | $22520 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 54943 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $77463 |
| &nbsp;&nbsp;Vulcan Value Partners Small Cap Fund |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investor | $10069 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Institutional | 31869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Total | $41938 |

---

Vulcan Value Partners

**NOTES TO FINANCIAL STATEMENTS**

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

The investment advisory fees with respect to each Fund payable to the Adviser (subject to any fee reductions pursuant to the expense limitation agreements in effect at any time) is paid by such Fund as of each month-end. To the extent any fee reductions or expense reimbursements made pursuant to the expense limitation agreements exceed the investment advisory fee payable to the Adviser for a month, the Adviser remits payment representing the difference to the applicable Fund shortly following each month end.

Paralel Technologies LLC (the "Administrator"), the parent company of Paralel Distributors, Inc. (the "Distributor"), serves as the Funds' administrator and fund accountant pursuant to an Administration and Fund Accounting Agreement. The Administrator provides the Funds with certain administrative, tax and accounting services. ALPS Fund Services, Inc. ("ALPS") served as the Predecessor Funds' administrator prior to the reorganization.

The Distributor, a wholly owned subsidiary of the Administrator, acts as the principal underwriter for the Funds and distributes shares pursuant to a Distribution Agreement. Shares are continuously offered for sale by the Distributor. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, and is a member of the Financial Industry Regulatory Authority. ALPS Distributors, Inc. served as the Predecessor Fund's distributor prior to the reorganization.

State Street Bank and Trust, Co. ("State Street") serves as the custodian of the Fund's assets pursuant to a Custody Agreement. The Bank of New York Mellon served as the Predecessor Fund's transfer agent prior to the reorganization.

Paralel Technologies LLC serves as the Transfer Agent pursuant to a Transfer Agent Agreement. ALPS served as the Predecessor Fund's transfer agent prior to the reorganization. Paralel receives an annual minimum fee, a fee based upon the number of shareholder accounts, and is also reimbursed by the Funds for certain out of pocket expenses.

The officers of the Trust and the Interested Trustee are officers and/or employees of the Administrator or Distributor. Additionally, some of these individuals are former officers and/or former employees of the administrator or distributor of the Predecessor Funds. ALPS received an annual fee for providing principal financial officer services to the Predecessor Funds. Those fees, as well as the fees and expenses of the Independent Trustees of the Predecessor Funds are presented on the Statements of Operations. Effective September 12, 2025, no persons (other than the Independent Trustees of the Trust) received compensation for acting as a trustee or officer of the Trust.

**NOTE 4 - INVESTMENT TRANSACTIONS**

Purchases and sales of investments, excluding short-term investments, for the six months ended October 31, 2025 were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund**  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Purchases of**<br> **Securities** | **Purchases In-Kind** | **Proceeds from Sales** <br> **of Securities** | **Proceeds from Sales**<br> **In-Kind** |
| Vulcan Value Partners Fund | $111742239 | $– $| 195682491 | $2276319 |
| Vulcan Value Partners Small Cap Fund | 15498784 | – | 31474461 | 200201 |

---

**NOTE 5 - CAPITAL SHARE TRANSACTIONS**

Share transactions were as follows:

---

| | | |
|:---|:---|:---|
| | **Six Months Ended**<br> **October 31, 2025** | **Year Ended**<br>**April 30, 2025** |
| **Vulcan Value Partners Fund** |  |  |
| *Investor* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 216360 | 72110 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested |  | 8337 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (709718) | (1686777) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (493358) | (1606330) |
| *Institutional* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 253419 | 1652492 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested |  | 40163 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (2786237) | (12275820) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (2532818) | (10583165) |
| **Vulcan Value Small Cap Fund** |  |  |
| *Investor* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 34042 | 269319 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested |  | 30855 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (488079) | (1966473) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (454037) | (1666299) |
| *Institutional* |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares sold | 168927 | 2294566 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Dividends reinvested |  | 113091 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shares redeemed | (1113145) | (16752872) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in shares outstanding | (944218) | (14345215) |

---

Vulcan Value Partners

**NOTES TO FINANCIAL STATEMENTS**

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

**NOTE 6 - FEDERAL TAX INFORMATION**

The amounts and characteristics of tax basis distributions and composition of distributable earnings are finalized at fiscal year-end; accordingly, tax basis balances have not been determined as of October 31, 2025.

The character of distributions paid on a tax basis during the year ended April 30, 2025 were as follows:

---

| | |
|:---|:---|
| **Fund** | **Ordinary Income** |
| Vulcan Value Partners Fund | $1599978 |
| Vulcan Value Partners Small Cap Fund | 2100026 |

---

The amounts of net unrealized appreciation/depreciation and the cost of investment securities for tax purposes at October 31, 2025 were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Gross Appreciation (excess of value over tax cost)<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp; **Gross Depreciation (excess of tax cost over value)<sup>(a)</sup>** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net Appreciation/ (Depreciation)**<br> **of Foreign Currency** | **Net Unrealized Appreciation/ (Depreciation)** | **Cost of Investments for Income Tax Purposes<sup>(a)</sup>** |
| Vulcan Value Partners Fund | $93008534 | $(32032609) | $– $| 60975925 | $290235202 |
| Vulcan Value Small Cap Fund | 26218726 | (17596842) | – | 8621884 | 105946115 |

---

<sup>(a)</sup> *Represents cost for federal income tax purposes and differs from the cost for financial reporting purposes due to various book-to-tax differences. Those differences primarily relate to wash sales. Certain tax cost basis adjustments are finalized at fiscal year-end and therefore have not been determined as of October 31, 2025.*

**NOTE 7 - DISTRIBUTION PLAN**

The Funds' have adopted a Master Distribution Plan Pursuant to Rule 12b-1 (the "Plan"). The Plan authorizes payments by the Funds in connection with the distribution of shares at an annual rate, as determined from time to time by the Board, of up to 0.25% of the average daily net assets of Investor Class of each Fund. This may include, but is not limited to, (a) payments, including incentive compensation, made to securities dealers or other intermediaries, financial institutions, investment advisers and others for the sale of, advising shareholders of, or holding omnibus accounts or acting as shareholders of record of Investor Class Shares, (b) rendering shareholder support services not otherwise provided by the transfer agent, (c) expenses of maintaining personnel who engage in or support distribution of Investor Class shares, (d) costs of preparing, printing, and distributing prospectuses and statements of additional information and reports of the Fund, (e) marketing and promotional activities, (f) preparing, printing and distributing sales literature, (g) costs of obtaining such information, and (h) costs of implementing and operating the Plan. The expenses of the Plan are reflected as 12b-1 fees in the Statement of Operations.

**NOTE 8 - INDEMNIFICATIONS**

In the normal course of business, the Trust or the Funds enter into contracts that contain a variety of representations which provide general indemnifications. Additionally, the Declaration of Trust provides that the Trust shall indemnify each person who is, or has been, a Trustee, officer, employee or agent of the Trust against certain liabilities arising out of the performance of their duties. The Funds' maximum exposure under these arrangements is unknown, however, the Funds expect the risk of loss to be remote.

**NOTE 9 - SUBSEQUENT EVENTS**

Management has evaluated subsequent events through the date these financial statements were issued and has determined that there were no subsequent events to report through the issuance of these financial statements.

Vulcan Value Partners

**ADDITIONAL INFORMATION**

**October 31, 2025 (Unaudited)**

**PROXY VOTING**

The policies and procedures used by the Funds to determine how to vote proxies relating to portfolio securities held by the Funds are available, without charge, (i) on the SEC's website at www.sec.gov or (ii) by calling 205.803.1582. Information regarding how the Funds voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 is available without charge at www.sec.gov or by calling 205-803-1582.

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

There were no changes in or disagreements with accountants on accounting and financial disclosure during the period covered by this report.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

*The Disciplined Growth Investors Fund* 

A special meeting of shareholders was held on June 16, 2025, the results of votes taken among shareholders on the proposal before them are reported below.

Proposal 1:

To approve an Agreement and Plan of Reorganization providing for the reorganization of The Disciplined Growth Investors Fund, a series of Financial Investors Trust ("FIT"), into The Disciplined Growth Investors Fund, a series of Elevation Series Trust ("EST").

---

| | | |
|:---|:---|:---|
|  | # of Votes | % of Votes |
| Vote For | 13820134 | 99.98 |
| Vote Against | 2090 | 0.02 |
| Abstain | 0 | 0.00 |
| TOTAL | 13822223 | 100.00 |

---

*Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund*

A special meeting of shareholders was held on August 7, 2025, the results of votes taken among shareholders on the proposal before them are reported below.

Proposal 1:

To approve an Agreement and Plan of Reorganization providing for the reorganization of Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund, each a series of FIT, into Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund, each a newly created series of EST.

---

| | | |
|:---|:---|:---|
| Vulcan Value Partners Fund |  |  |
| Vote For | 6963929.0 | 93.53 |
| Vote Against | 131981.0 | 1.77 |
| Abstain | 349945.0 | 2.43 |
| TOTAL | 7445855.0 | 100.0 |

---

---

| | | |
|:---|:---|:---|
| Vulcan Value Partners Small Cap Fund |  |  |
| Vote For | 5550139.0 | 98.47 |
| Vote Against | 33343.0 | 0.59 |
| Abstain | 52744.0 | 0.94 |
| TOTAL | 5636226.0 | 100.0 |

---

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

The aggregate remuneration paid by the Registrant is included in the financial statements as part of the report to shareholders filed under Item 7 of this Form.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

*The Disciplined Growth Investors Fund ("DGIFX") Advisory Agreement Approval* 

At a meeting held on March 11, 2025 (the "Meeting"), the Board of Trustees (the "Board" or "Trustees") of Elevation Series Trust (the "Trust") considered the approval of an Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Disciplined Growth Investors, Inc. ("DGI") on behalf of DGIFX (the "Fund").

The Board was assisted by independent legal counsel throughout the Advisory Agreement review process. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each factor considered. The Board's conclusions were based on a comprehensive evaluation of all the information provided and were not the result of any one factor. Moreover, each Trustee might have afforded different weights to the various factors in reaching his or her conclusions with respect to the approval of the Advisory Agreement.

<u>Nature, Extent, and Quality of Services Provided.</u> The Trustees considered the scope of services to be provided under the Advisory Agreement, noting that DGI currently provided advisory services to the predecessor fund and would provide substantially identical services to the DGIFX. The Board noted the depth of DGI's experience in the management of separately managed accounts, a CIT, and other investment vehicles, managing approximately $5.8 billion in assets. The Board reviewed the background information of the key investment professionals who would service DGIFX and noted their educational backgrounds and years of financial industry experience. The Board discussed that DGI followed an absolute return approach to equity investing and that the portfolio managers regularly assessed existing and potential new investment opportunities. The Board acknowledged that the portfolio managers met regularly to monitor and assess investment risk. The Board observed that DGI selected broker-dealers on the basis of best execution by considering the full range and quality of a broker-dealer's services. The Board noted that DGI represented it had no material regulatory, compliance or litigation issues over the past 36 months. The Board concluded that it could expect DGI to provide quality service to the DGI Fund and its shareholders.

<u>Performance.</u> The Board considered the information provided by DGI related to the predecessor fund's strategy and observed that the proposed strategy for DGIFX is identical to its predecessor fund. The Board reviewed the performance of the predecessor fund over various periods ended December 31, 2024.

The Board noted that the predecessor fund outperformed the ETFs and mutual funds selected by FUSE ("FUSE Peer Group") across all periods. The Board further observed that the predecessor fund outperformed its benchmark, the S&P 500 Total Return Index, over the three-year period but underperformed its benchmark across all other periods. The Board acknowledged DGI's explanation that the predecessor fund is a balanced portfolio and not managed to index, and that the equity portion of the portfolio had outperformed the S&P 500 across all periods. The Board concluded that DGI could be expected to provide satisfactory performance for DGIFX and its shareholders.

<u>Cost of Services Provided.</u> The Board observed that DGI's proposed management fee was identical to the fee charged by DGI to the predecessor fund, which was a "unitary fee" under which DGI would pay all expenses of the DGI Fund except for the management fee and certain other costs such as interest, brokerage, acquired fund fees and expenses, and extraordinary expenses. Accordingly, the Board agreed that a comparison of DGIFX's unitary management fee to the total expense ratios of the funds in the FUSE Peer Group was appropriate. The Board observed that the proposed management fee was slightly higher than the median of the FUSE Peer Group but well within the range of the FUSE Peer Group funds. The Board also considered the fees charged by DGI to SMAs utilizing a similar strategy, noting that DGI's proposed management fee for DGIFX was lower than the fees charged to the SMAs until an SMA exceeded a high threshold of assets. Given these and other considerations, the Board concluded that the proposed management fee for DGIFX was not unreasonable.

<u>Economies of Scale and Profitability.</u> The Board reviewed DGI's projected profitability analysis in connection with the operation of the DGIFX and whether the amount of profit was a fair entrepreneurial profit with respect to the services to be provided to DGIFX. The Board also considered the benefits that could be derived by DGI from its soft dollar arrangements. The Board concluded that the estimated profits, both in terms of actual dollars and as a percent of total revenue, would not be excessive.

<u>Conclusion.</u> Having requested and received information from DGI as it believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice and guidance of legal counsel, the Board concluded that approval of the Advisory Agreement was in the best interests of the DGIFX and its shareholders.

*Vulcan Value Partners Fund ("VPF") and Vulcan Value Partners Small Cap Fund ("VSCF") Advisory Agreements Approval* 

At a meeting held on December 11, 2024 (the "Meeting"), the Board of Trustees (the "Board") of Elevation Series Trust (the "Trust") considered the approval of an Investment Advisory Agreement (the "Advisory Agreement") between the Trust and Vulcan Value Partners, LLC ("Vulcan") on behalf of VPF and VSCF (together the "Funds").

The Board was assisted by independent legal counsel throughout the Advisory Agreement review process. The Board relied upon the advice of independent legal counsel and its own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each factor considered. The Board's conclusions were based on a comprehensive evaluation of all the information provided and were not the result of any one factor. Moreover, each Trustee might have afforded different weights to the various factors in reaching his or her conclusions with respect to the approval of the Advisory Agreement.

<u>Nature, Extent, and Quality of Services Provided.</u> The Trustees considered the scope of services to be provided under the Advisory Agreements, noting that Vulcan currently provided advisory services to the current VPF and VSCF in another fund company (collectively the "Current Vulcan Funds") and would provide substantially identical services to the Funds. The Board noted the depth of Vulcan's experience in the management of separately managed accounts, UCITS, CITs and private funds, managing total assets of approximately $7.3 billion as of September 30, 2024. The Trustees considered the qualifications, experience and capabilities of Vulcan's management team and other personnel. The Board acknowledged the investment team's depth of experience and knowledge in investment operations.

The Board verified that it had received a copy of Vulcan's Form ADV, as well as Vulcan's response to a detailed series of questions which included, among other things, information about the background and experience of the firm's key personnel, the firm's compliance program, and the services provided by Vulcan. The Board noted Vulcan's strong financial strength and long operating history. In conclusion, the Board agreed that Vulcan can be expected to provide acceptable services to VPF and VSCF and each Fund's shareholders.

<u>Performance.</u> The Board considered the information provided by Vulcan regarding each Fund's strategy and observed that the proposed strategies for the Funds are identical to the corresponding Current Vulcan Funds. The Board discussed the performance of each Current Vulcan Fund, observing that the Current VPF outperformed its Russell 1000 Value Index benchmark for the one-year period, performed in line for the five year and ten-year periods and underperformed for the three-year period.

The Board reviewed historical information for VSCF, noting for each period since inception, the Current Vulcan Fund underperformed its Russell 2000 Value Index benchmark. The Trustees considered information provided by Vulcan regarding the underperformance, noting that Vulcan's stated goal to reduce risk while maintaining quality security selection was in line with the historical performance. In conclusion, the Trustees concurred that Vulcan's proposed investment strategies and each Current Vulcan Fund's historical performance appeared to be reasonably designed to achieve acceptable performance for each Fund's' shareholders.

<u>Cost of Services Provided.</u> The Board appraised the proposed advisory fees for the Funds, which were the same as the Current Vulcan Funds' advisory fees. Accordingly, the Board agreed that a comparison of each Fund's management fee to the respective peer funds' total expense ratio in the FUSE Report was appropriate.

The Board considered that it was provided a comparison of each Fund's fees to a group of ETFs and mutual funds selected by FUSE ("FUSE Peer Group"). The Board noted that, when compared to the FUSE Peer Group, VPF's proposed advisory fee was slightly higher than the median fund in the FUSE Peer Group but within the range of the FUSE Peer Group funds. The Board also reflected that VSCF's proposed advisory fee was in line with the median FUSE Peer Group. Considering the relevant comparisons, the Board agreed that the proposed management fees for both VPF and VSCF were not unreasonable.

<u>Economies of Scale and Profitability.</u> The Board evaluated the compensation and benefits to be received by Vulcan from its relationship with the Funds and reviewed an analysis of Vulcan's expected profitability with regard to the services provided to each Fund, observing that the profits anticipated for each Fund were not unreasonable for the initial two-year term of the Advisory Agreements.

<u>Conclusion.</u> Having requested and received information from Vulcan as it believed to be reasonably necessary to evaluate the terms of the Advisory Agreements, and as assisted by the advice and guidance of legal counsel, the Board concluded that approval of each respective Advisory Agreement was in the best interests of VPF, VSCF and each Fund's shareholders.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to open-end investment companies.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to open-end investment companies.

**Item 15.** **Submission of Matters to a Vote of Security Holders.** 

No material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees have been implemented after the Registrant last provided disclosure in response to the requirements of Item 407(c)(2)(iv) of Regulation S-K (17 CFR 229.407) (as required by Item 22(b)(15) of Schedule 14A (17 CFR 240.14a-101)), or this Item.

**Item 16.** **Controls and Procedures.** 

(a) The Registrant's principal executive and principal financial officers, or persons performing similar
 functions, have concluded that the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment
 Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c))) are effective, as of a date within 90 days of the
 filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures
 required by Rule 30a-3(b) under the 1940 Act (17 CFR 270.30a-3(b)) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act
 of 1934, as amended (17 CFR 240.13a-15(b) or 240.15d-15(b)).

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule
 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected,
 or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.**

Not applicable to open-end investment companies.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

(a) Not applicable.

(b) Not applicable.

**Item 19.** **Exhibits.**

(a)(1) Not applicable to this semi-annual filing.

(a)(2) Not applicable to this semi-annual filing.

(a)(3) [Certifications as required by Rule 30a-2(a) under the Act (17 CFR 270.30a-2(a)) are attached hereto.](ex99-302.htm) <br>(a)(4) Not applicable to open-end investment companies.

(a)(5) There was no change in the Registrant's independent public accountant during the period covered by the report.

(b) [Certifications as required by Rule 30a-2(b) under the Act (17 CFR 270.30a-2(b)), Rule 13a-14(b) or Rule 15d-14(b) under the Exchange Act (17 CFR 240.13a-14(b) or 240.15d-14(b)), and Section 1350 of Chapter 63 of Title 18 of the United States Code (18 U.S.C. 1350) are attached hereto.](ex99-906.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| ELEVATION SERIES TRUST | ELEVATION SERIES TRUST |
| By: | /s/ Bradley Swenson |
|  | Bradley Swenson, President |
|  | (Principal Executive Officer) |
| Date: | January 5, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, and the Investment Company Act of 1940, as amended, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the date indicated.

---

| | |
|:---|:---|
| By: | /s/ Bradley Swenson |
|  | Bradley Swenson, President |
|  | (Principal Executive Officer) |
| Date: | January 5, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Nicholas Austin |
|  | Nicholas Austin, Treasurer |
|  | (Principal Financial Officer) |
| Date: | January 5, 2025 |

---

## Ex-99.Cert

[Elevation Series Trust N-CSRS](est_ncsrs-103125.htm)

**Exhibit 99.CERT**

**CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT**

I, Bradley Swenson, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Elevation Series Trust.

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods
presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of the financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Bradley Swenson |
|  | Bradley Swenson, President |
|  | (Principal Executive Officer) |
| Date: | January 5, 2025 |

---

**CERTIFICATION PURSUANT TO SECTION 302 OF THE SARBANES-OXLEY ACT**

I, Nicholas Austin, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of Elevation Series Trust;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or
omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements
were made, not misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this
report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash
flows (if the financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods
presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer and I are responsible for establishing and maintaining
disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control
over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures
to be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated
subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being
prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting
and the preparation of the financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented
in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior
to the filing date of this report based on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect,
the Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer and I have disclosed to the Registrant's
auditors and the audit committee of the Registrant's Board of Trustees (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control
over financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize,
and report financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Nicholas Austin |
|  | Nicholas Austin, Treasurer |
|  | (Principal Financial Officer) |
| Date: | January 5, 2025 |

---

## Exhibit 99.906

[Elevation Series Trust N-CSRS](est_ncsrs-103125.htm)

**Exhibit 99.906 CERT**

**CERTIFICATIONS PURSUANT TO SECTION 906 OF THE SARBANES-OXLEY ACT**

I, Bradley Swenson, President of Elevation Series Trust (the "**Registrant**"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "**Report**") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| By: | /s/ Bradley Swenson |
|  | Bradley Swenson, President |
|  | (Principal Executive Officer) |
| Date: | January 5, 2025 |

---

I, Nicholas Austin, Treasurer of Elevation Series Trust (the "**Registrant**"), certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. The Form N-CSR of the Registrant (the "**Report**") fully complies with the requirements
of Section 13(a) or 15(d) of the Securities Exchange Act of 1934, as amended; and

&nbsp;&nbsp;&nbsp;&nbsp;2. The information contained in the Report fairly presents, in all material respects, the financial
condition and results of operations of the Registrant.

---

| | |
|:---|:---|
| By: | /s/ Nicholas Austin |
|  | Nicholas Austin, Treasurer |
|  | (Principal Financial Officer) |
| Date: | January 5, 2025 |

---