# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001936157-26-000182
**Filing Date:** 2026-3
**Character Count:** 60018
**Document Hash:** db76a682e72ccc2d12715c5d20166270
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001936157-26-000182.hdr.sgml**: 20260331

**ACCESSION NUMBER**: 0001936157-26-000182

**CONFORMED SUBMISSION TYPE**: NPORT-P

**PUBLIC DOCUMENT COUNT**: 2

**CONFORMED PERIOD OF REPORT**: 20260131

**FILED AS OF DATE**: 20260331

**DATE AS OF CHANGE**: 20260331

**PERIOD START**: 20261031

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 882465192
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0831

**FILING VALUES:**
- **FORM TYPE:** NPORT-P
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23812
- **FILM NUMBER:** 26817290

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

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

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

## Series and Classes Contracts Data

### TrueShares Quarterly Bull Hedge ETF (Series ID: S000085521)

| Class ID   | Class Name                          | Ticker Symbol   |
|:---|:---|:---|
| C000250806 | TrueShares Quarterly Bull Hedge ETF | QBUL            |

## Nport-Ex

**TrueShares ETFs**

**Polen International Dividend Income ETF\* (Cboe BZX Exchange, Inc.: IDVZ)**

**TrueShares ConVequity ETF\*\* (Cboe BZX Exchange, Inc.: PVEX)**

**TrueShares Equity Hedge ETF (Cboe BZX Exchange, Inc.: ONEH)**

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

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

**TrueShares S&P Autocallable Defensive Income ETF (Cboe BZX Exchange, Inc.: PAYM)**

**TrueShares S&P Autocallable High Income ETF (Cboe BZX Exchange, Inc.: PAYH)**

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

**Schedules of Investments**

**January 31, 2026**

\* Effective February 8<sup>th</sup>, 2026, the name of the Fund was changed from The Opal International Dividend Income ETF to Polen International Dividend Income ETF.

\*\* Effective February 27<sup>th</sup>, 2026, the name of the Fund was changed from TrueShares ConVex Protect Equity ETF to TrueShares ConVequity ETF.

Polen International Dividend Income ETF

**SCHEDULE OF INVESTMENTS**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.95%** |  |  |
| *Banking **-** 15.34%* |  |  |
| &nbsp;&nbsp;&nbsp;Banco do Brasil SA - Sponsored ADR | 247862 | $1159994 |
| &nbsp;&nbsp;&nbsp;Bank Rakyat Indonesia Persero Tbk PT - ADR | 227779 | 2532903 |
| &nbsp;&nbsp;&nbsp;Barclays PLC - Sponsored ADR | 89207 | 2386287 |
| &nbsp;&nbsp;&nbsp;BNP Paribas SA - Sponsored ADR | 97496 | 5232610 |
| &nbsp;&nbsp;&nbsp;China Construction Bank Corp. - ADR | 124588 | 2515432 |
| &nbsp;&nbsp;&nbsp;HSBC Holdings PLC - Sponsored ADR | 38195 | 3361542 |
| &nbsp;&nbsp;&nbsp;ICICI Bank Ltd. - Sponsored ADR | 73181 | 2143472 |
| &nbsp;&nbsp;&nbsp;Intesa Sanpaolo SpA - Sponsored ADR | 41106 | 1740428 |
|  |  | 21072668 |
| *Consumer Discretionary Products **-** 0.52%* |  |  |
| &nbsp;&nbsp;&nbsp;BYD Co Ltd. - ADR | 57804 | 715035 |
| *Consumer Staple Products **-** 19.03%* |  |  |
| &nbsp;&nbsp;&nbsp;British American Tobacco PLC - Sponsored ADR | 72333 | 4389167 |
| &nbsp;&nbsp;&nbsp;Coca-Cola Femsa SAB de CV - Sponsored ADR | 29342 | 3060077 |
| &nbsp;&nbsp;&nbsp;Imperial Brands PLC - Sponsored ADR | 90388 | 3808046 |
| &nbsp;&nbsp;&nbsp;Kimberly-Clark de Mexico SAB de CV - Sponsored ADR | 272282 | 3030498 |
| &nbsp;&nbsp;&nbsp;Nestle SA - Sponsored ADR | 31204 | 2966252 |
| &nbsp;&nbsp;&nbsp;Philip Morris International, Inc. | 9902 | 1776815 |
| &nbsp;&nbsp;&nbsp;Reckitt Benckiser Group PLC - Sponsored ADR | 309738 | 5163333 |
| &nbsp;&nbsp;&nbsp;Unilever PLC - Sponsored ADR | 28542 | 1951131 |
|  |  | 26145319 |
| *Financial Services **-** 2.91%* |  |  |
| &nbsp;&nbsp;&nbsp;UBS Group AG | 84927 | 4004308 |
| *Health Care **-** 9.02%* |  |  |
| &nbsp;&nbsp;&nbsp;GSK PLC - Sponsored ADR | 105002 | 5418103 |
| &nbsp;&nbsp;&nbsp;Novartis AG - Sponsored ADR | 10175 | 1512819 |
| &nbsp;&nbsp;&nbsp;Novo Nordisk A/S - Sponsored ADR | 64784 | 3850113 |
| &nbsp;&nbsp;&nbsp;Roche Holding AG - Sponsored ADR | 28490 | 1616808 |
|  |  | 12397843 |
| *Industrial Services **-** 2.37%* |  |  |
| &nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV - Sponsored ADR | 13776 | 1611241 |
| &nbsp;&nbsp;&nbsp;International Container Terminal Services, Inc. | 150704 | 1643192 |
|  |  | 3254433 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.95% (continued)** |  |  |
| *Insurance **-** 4.30%* |  |  |
| &nbsp;&nbsp;&nbsp;BB Seguridade Participacoes SA - Sponsored ADR | 548265 | $3843338 |
| &nbsp;&nbsp;&nbsp;Tokio Marine Holdings, Inc. - Sponsored ADR | 55352 | 2064076 |
|  |  | 5907414 |
| *Materials **-** 2.78%* |  |  |
| &nbsp;&nbsp;&nbsp;Rio Tinto PLC - Sponsored ADR | 41921 | 3816069 |
| *Media **-** 2.19%* |  |  |
| &nbsp;&nbsp;&nbsp;Universal Music Group NV - ADR | 246236 | 3009004 |
| *Oil & Gas **-** 8.14%* |  |  |
| &nbsp;&nbsp;&nbsp;BP PLC - Sponsored ADR | 75747 | 2869296 |
| &nbsp;&nbsp;&nbsp;Petroleo Brasileiro SA - Sponsored ADR | 302840 | 4645565 |
| &nbsp;&nbsp;&nbsp;TotalEnergies SE | 50579 | 3661920 |
|  |  | 11176781 |
| *Retail & Wholesale - Discretionary **-** 4.15%* |  |  |
| &nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. - Sponsored ADR | 21272 | 3606881 |
| &nbsp;&nbsp;&nbsp;JD.com, Inc. - Sponsored ADR | 73311 | 2087897 |
|  |  | 5694778 |
| *Retail & Wholesale - Staples **-** 2.71%* |  |  |
| &nbsp;&nbsp;&nbsp;Wal-Mart de Mexico SAB de CV - Sponsored ADR | 117193 | 3719706 |
| *Tech Hardware & Semiconductors **-** 7.79%* |  |  |
| &nbsp;&nbsp;&nbsp;ASML Holding NV - Sponsored ADR | 2422 | 3446506 |
| &nbsp;&nbsp;&nbsp;Lenovo Group Ltd. - Sponsored ADR | 32072 | 725148 |
| &nbsp;&nbsp;&nbsp;Nokia Oyj - Sponsored ADR | 358990 | 2308306 |
| &nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. - Sponsored ADR | 12773 | 4222243 |
|  |  | 10702203 |
| *Telecommunications **-** 11.45%* |  |  |
| &nbsp;&nbsp;&nbsp;America Movil SAB de CV | 133544 | 2764361 |
| &nbsp;&nbsp;&nbsp;Koninklijke KPN NV - Sponsored ADR | 908452 | 4496837 |
| &nbsp;&nbsp;&nbsp;Orange SA - Sponsored ADR | 308409 | 5702482 |
| &nbsp;&nbsp;&nbsp;Telefonica Brasil SA - Sponsored ADR | 195194 | 2767851 |
|  |  | 15731531 |

---

See Notes to Schedules of Investments.

Polen International Dividend Income ETF

**SCHEDULE OF INVESTMENTS**

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

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **COMMON STOCKS - 98.95% (continued)** |  |  |
| *Utilities **-** 6.25%* |  |  |
| &nbsp;&nbsp;&nbsp;Enel SpA - ADR | 463488 | $5093733 |
| &nbsp;&nbsp;&nbsp;Iberdrola SA - Sponsored ADR | 17908 | 1617451 |
| &nbsp;&nbsp;&nbsp;Manila Electric Co. | 187051 | 1874306 |
|  |  | 8585490 |
| **TOTAL COMMON STOCKS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $114,245,794)** |  | 135932582 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.89%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.40% (7-day yield)<sup>(a)</sup> | 1222294 | 1222294 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,222,294)** |  | 1222294 |
| **TOTAL INVESTMENTS - 99.84%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $115,468,088)** |  | $137154876 |
| **Other Assets in Excess of Liabilities - 0.16%** |  | 225114 |
| **NET ASSETS - 100.00%** |  | $137379990 |

---

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

 

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

Investment abbreviations:

ADR - American Depository Receipt

AG - Aktiengesellschaft (German: Stock Corporation)

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

NV - Naamloze Vennootschap (Dutch: Public Limited Company)

Oyj – Julkinen Osakeyhtiö (Finnish: Public Limited Company)

PLC - Public Limited Company

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

SA - Société Anonyme (French: Public Limited Company)

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

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

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

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

See Notes to Schedules of Investments.

TrueShares ConVequity ETF

**SCHEDULE OF INVESTMENTS**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 39.81%** |  |  |
| &nbsp;&nbsp;&nbsp;Janus Henderson AAA CLO ETF | 67014 | $3395600 |
| &nbsp;&nbsp;&nbsp;SPDR Portfolio Short Term Corporate Bond ETF | 530788 | 16088184 |
| **TOTAL EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $19,407,778)** |  | 19483784 |

---

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/**<br> **Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 5.41%** |  |  |
| *Call Options Purchased - 5.41%* |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/20/2026, $649.89, $3,321,456 | 48 | 235747 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/20/2026, $676.80, $1,176,349 | 17 | 45513 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/18/2026, $653.82, $5,051,381 | 73 | 434753 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6/18/2026, $684.66, $1,522,334 | 22 | 79931 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/18/2026, $705.00, $13,908,597 | 201 | 718909 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9/18/2026, $740.00, $5,120,578 | 74 | 131559 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/18/2026, $720.00, $15,638,522 | 226 | 850147 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12/18/2026, $755.00, $5,120,578 | 74 | 153762 |
|  |  | 2650321 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $2,369,563)** |  | 2650321 |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal**<br> **Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 55.53%** |  |  |
| Treasury Bills <sup>(a)</sup> |  |  |
| &nbsp;&nbsp;&nbsp;3/19/2026, 4.06% | $6907800 | 6876544 |
| &nbsp;&nbsp;&nbsp;6/11/2026, 4.02% | 6907800 | 6820546 |
| &nbsp;&nbsp;&nbsp;9/3/2026, 3.63% | 6907800 | 6768245 |
| &nbsp;&nbsp;&nbsp;11/27/2026, 3.54% | 6907800 | 6713412 |
|  |  | 27178747 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $27,182,771)** |  | 27178747 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.81%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.40% (7-day yield)<sup>(b)</sup> | 394968 | 394968 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $394,968)** |  | 394968 |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS - 101.56%** |  |
| &nbsp;&nbsp;&nbsp;**(Cost $49,355,080)** | $49707820 |
| **Liabilities in Excess of Other Assets - (1.56)%** | (763880) |
| **NET ASSETS - 100.00%** | $48943940 |

---

 

<sup>(a)</sup> *Pledged security; a portion or all of the security is pledged as collateral for written options. As of January 31, 2026, the aggregate value of those securities was $14,348,469, representing 29.32% of net assets.*

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

 

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

 

See Notes to Schedules of Investments.

TrueShares ConVequity ETF

**SCHEDULE OF INVESTMENTS**

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

**Put Options Written**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| **Underlying Security** | **Counterparty** | **Expiration Date** | **Strike Price** | **Contracts** | **Premiums<br> Received** | **Notional Value** | **Value** |
| SPDR S&P 500 ETF Trust | Goldman Sachs | 3/20/2026 | $638.40 | (95) | $77712 | $(6573715) | $(38857) |
| SPDR S&P 500 ETF Trust | Goldman Sachs | 6/18/2026 | 638.40 | (95) | 146665 | (6573715) | (114692) |
| SPDR S&P 500 ETF Trust | Goldman Sachs | 9/18/2026 | 685.00 | (88) | 296069 | (6089336) | (258948) |
| SPDR S&P 500 ETF Trust | Goldman Sachs | 12/18/2026 | 700.00 | (86) | 379818 | (5950942) | (346418) |
|  |  |  |  |  | $900264 | $(25187708) | $(758915) |

---

See Notes to Schedules of Investments.

TrueShares Equity Hedge ETF

**SCHEDULE OF INVESTMENTS**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 100.38%<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, 3.40% (7-day yield)<sup>(b)</sup> | 1000000 | $1000000 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,000,000)** |  | 1000000 |
| **TOTAL INVESTMENTS - 100.38%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,000,000)** |  | $1000000 |
| **Liabilities in Excess of Other Assets - (0.38)%** |  | (3800) |
| **NET ASSETS - 100.00%** |  | $996200 |

---

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

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

 

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

**Bullet Total Return Swap Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Index Return Received by the Fund<sup>(a)</sup>** | **Counterparty** | **Rate Paid by the <br> Fund** | **Termination Date** | **Notional<br> Amount** | **Value** | **Net Unrealized<br> Depreciation** |
| Bespoke Risk Premia Strategy Total Return Index | Goldman Sachs | FEDEF - 1D + 0 bps | 7/30/2027 | $500000 | $497485 | $(2515) |
| Bespoke Risk Premia Strategy Total Return Index | Goldman Sachs | FEDEF - 1D + 0 bps | 7/30/2027 | 499999 | 498803 | (1196) |
|  |  |  |  | $999999 | $996288 | $(3711) |

---

*<sup>(a)</sup>* *Payments are netted and settled when the swap contract closes.*

Investment abbreviations:

FEDEF – 1D – Overnight Federal Funds Effective Rate

bps – basis points (1 bp = 0.01%)

See Notes to Schedules of Investments.

TrueShares Quarterly Bear Hedge ETF

**SCHEDULE OF INVESTMENTS**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/**<br>**Strike Price/Notional Value** |<br>**Contracts** |<br>**Value** |
| **PURCHASED OPTIONS - 0.50%** |  |  |
| *Put Options Purchased - 0.50%* |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/20/2026, $630.00, $13,977,794 | 202 | $17566 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/20/2026, $645.00, $12,247,869 | 177 | 24465 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/20/2026, $650.00, $207,591 | 3 | 492 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/20/2026, $655.00, $553,576 | 8 | 1571 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/20/2026, $665.00, $138,394 | 2 | 571 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/20/2026, $670.00, $138,394 | 2 | 693 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/20/2026, $675.00, $138,394 | 2 | 844 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/20/2026, $650.00, $21,866,252 | 316 | 165777 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/20/2026, $655.00, $345,985 | 5 | 2928 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/20/2026, $665.00, $16,607,280 | 240 | 176006 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/20/2026, $670.00, $138,394 | 2 | 1646 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/20/2026, $675.00, $138,394 | 2 | 1850 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/17/2026, $655.00, $69,197 | 1 | 877 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/17/2026, $660.00, $17,714,432 | 256 | 244780 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/17/2026, $670.00, $69,197 | 1 | 1142 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/17/2026, $675.00, $13,631,809 | 197 | 246368 |
|  |  | 887576 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,713,935)** |  | 887576 |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal <br> Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 99.47%** |  |  |
| Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;2/19/2026, 3.78% | $58697000 | 58597326 |
| &nbsp;&nbsp;&nbsp;3/19/2026, 3.57% | 58697000 | 58431408 |
| &nbsp;&nbsp;&nbsp;4/16/2026, 3.61% | 58697000 | 58270863 |
|  |  | 175299597 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $175,287,114)** |  | 175299597 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.06%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.40% (7-day yield)<sup>(a)</sup> | 100346 | $100346 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $100,346)** |  | 100346 |
| **TOTAL INVESTMENTS - 100.03%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $177,101,395)** |  | $176287519 |
| **Liabilities in Excess of Other Assets - (0.03)%** |  | (55790) |
| **NET ASSETS - 100.00%** |  | $176231729 |

---

 

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

 

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

See Notes to Schedules of Investments.

TrueShares Quarterly Bull Hedge ETF

**SCHEDULE OF INVESTMENTS**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Underlying Security/Expiration Date/**<br> **Strike Price/Notional Value** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 0.85%** |  |  |
| *Call Options Purchased - 0.85%* |  |  |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/20/2026, $680.00, $691,970 | 10 | $18695 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/20/2026, $695.00, $1,314,743 | 19 | 15455 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/20/2026, $700.00, $207,591 | 3 | 1623 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/20/2026, $715.00, $1,107,152 | 16 | 1426 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2/20/2026, $720.00, $207,591 | 3 | 120 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/20/2026, $700.00, $1,522,334 | 22 | 24524 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/20/2026, $715.00, $2,767,880 | 40 | 18626 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3/20/2026, $720.00, $138,394 | 2 | 657 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/17/2026, $710.00, $1,245,546 | 18 | 19970 |
| &nbsp;&nbsp;&nbsp;SPDR S&P 500 ETF Trust |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4/17/2026, $730.00, $3,113,865 | 45 | 18563 |
|  |  | 119659 |
| **TOTAL PURCHASED OPTIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $142,076)** |  | 119659 |

---

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal**<br> **Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 99.03%** |  |  |
| Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;2/19/2026, 3.78% | $4651000 | 4643102 |
| &nbsp;&nbsp;&nbsp;3/19/2026, 3.57% | 4651000 | 4629956 |
| &nbsp;&nbsp;&nbsp;4/16/2026, 3.61% | 4651000 | 4617234 |
|  |  | 13890292 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $13,889,316)** |  | 13890292 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.15%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, Administration Class, 3.40% (7-day yield)<sup>(a)</sup> | 21088 | 21088 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $21,088)** |  | 21088 |

---

---

| | |
|:---|:---|
| **TOTAL INVESTMENTS - 100.03%** |  |
| &nbsp;&nbsp;&nbsp;**(Cost $14,052,480)** | $14031039 |
| **Liabilities in Excess of Other Assets - (0.03)%** | (4805) |
| **NET ASSETS - 100.00%** | $14026234 |

---

 

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

 

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

See Notes to Schedules of Investments.

TrueShares S&P Autocallable Defensive Income ETF

**SCHEDULE OF INVESTMENTS**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal**<br> **Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 0.15%** |  |  |
| Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3/19/2026, 3.53% | $100000 | $99547 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $99,553)** |  | 99547 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 80.79%<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, 3.40% (7-day yield)<sup>(b)</sup> | 51417188 | 51417188 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $51,417,188)** |  | 51417188 |
| **TOTAL INVESTMENTS - 80.94%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $51,516,741)** |  | $51516735 |
| **Other Assets in Excess of Liabilities - 19.06%<sup>(c)</sup>** |  | 12128134 |
| **NET ASSETS - 100.00%** |  | $63644869 |

---

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

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

*<sup>(c)</sup>* *Includes cash which is being held as collateral for bullet total return swaps.*

 

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

**Bullet Total Return Swap Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Index Return Received by the Fund<sup>(a)</sup>** | **Counterparty** | **Rate Paid by the <br> Fund** | **Termination Date** | **Notional <br> Amount** | **Value** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** |
| Tactical Put Participation Moderate Index | Morgan Stanley | 10 bps | 6/30/2027 | $63445382 | $63427995 | $(17387) |
| US Large Cap Moderate Income Autocallable Index | Morgan Stanley | SOFR + 10 bps | 6/30/2027 | 63711420 | 63727336 | 15916 |
|  |  |  |  | $127156802 | $127155331 | $(1471) |

---

*<sup>(a)</sup>* *Payments are netted and settled when the swap contract closes.*

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

bps - basis points (1 basis point = 0.01%)

See Notes to Schedules of Investments.

TrueShares S&P Autocallable High Income ETF

**SCHEDULE OF INVESTMENTS**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| **Description/Maturity Date/Rate** | **Principal**<br> **Amount** | **Value** |
| **U.S. TREASURY OBLIGATIONS - 6.73%** |  |  |
| Treasury Bills |  |  |
| &nbsp;&nbsp;&nbsp;3/19/2026, 3.53% | $100000 | $99548 |
| **TOTAL U.S. TREASURY OBLIGATIONS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $99,553)** |  | 99548 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 61.17%<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, 3.40% (7-day yield)<sup>(b)</sup> | 904408 | 904408 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $904,408)** |  | 904408 |
| **TOTAL INVESTMENTS - 67.90%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $1,003,961)** |  | $1003956 |
| **Other Assets in Excess of Liabilities - 32.10%<sup>(c)</sup>** |  | 474649 |
| **NET ASSETS - 100.00%** |  | $1478605 |

---

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

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

<sup>(c)</sup> *Includes cash which is being held as collateral for bullet total return swaps.*

 

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

**Bullet Total Return Swap Contracts**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Reference Index Return Received by the Fund<sup>(a)</sup>** | **Counterparty** | **Rate Paid by the <br> Fund** | **Termination Date** | **Notional <br> Amount** | **Value** | **Net Unrealized<br> Depreciation** |
| Tactical Put Participation High Index | Morgan Stanley | 10 bps | 6/30/2027 | $1480039 | $1479492 | $(546) |
| US Large Cap High Income Autocallable Index | Morgan Stanley | SOFR + 10 bps | 6/30/2027 | 1492246 | 1487895 | (4351) |
|  |  |  |  | $2972285 | $2967387 | $(4897) |

---

*<sup>(a)</sup>* *Payments are netted and settled when the swap contract closes.*

Investment Abbreviations:

SOFR - Secured Overnight Financing Rate

bps - basis points (1 basis point = 0.01%)

See Notes to Schedules of Investments.

TrueShares Seasonality Laddered Buffered ETF

**SCHEDULE OF INVESTMENTS**

**January 31, 2026 (Unaudited)**

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **EXCHANGE-TRADED FUNDS - 99.78%**<sup>(a)</sup>** |  |  |
| &nbsp;&nbsp;&nbsp;TrueShares Quarterly Bear Hedge ETF | 194260 | $4631119 |
| &nbsp;&nbsp;&nbsp;TrueShares Quarterly Bull Hedge ETF | 376305 | 8927046 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (April) ETF | 286124 | 10809936 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (August) ETF | 217722 | 9285147 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (December) ETF | 205411 | 8345192 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (February) ETF | 276443 | 10509368 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (January) ETF | 200958 | 7719520 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (July) ETF | 225435 | 9585158 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (June) ETF | 280984 | 9276799 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (March) ETF | 285363 | 9880751 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (May) ETF | 301658 | 10202375 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (November) ETF | 181626 | 8045832 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (October) ETF | 201925 | 8673325 |
| &nbsp;&nbsp;&nbsp;TrueShares Structured Outcome (September) ETF | 210207 | 8967431 |
| **TOTAL EXCHANGE-TRADED FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $119,243,410)** |  | 124858999 |

---

---

| | | |
|:---|:---|:---|
| | **Shares** | **Value** |
| **MONEY MARKET FUNDS - 0.23%** |  |  |
| &nbsp;&nbsp;&nbsp;State Street Institutional US Government Money Market Fund, 3.40% (7-day yield)<sup>(b)</sup> | 291975 | 291975 |
| **TOTAL MONEY MARKET FUNDS** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $291,975)** |  | 291975 |
| **TOTAL INVESTMENTS - 100.01%** |  |  |
| &nbsp;&nbsp;&nbsp;**(Cost $119,535,385)** |  | $125150974 |
| **Liabilities in Excess of Other Assets - (0.01)%** |  | (17438) |
| **NET ASSETS - 100.00%** |  | $125133536 |

---

*<sup>(a)</sup>* *Affiliated security. See Note 3.*

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

 

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

See Notes to Schedules of Investments.

TrueShares ETFs

**NOTES TO SCHEDULES OF INVESTMENTS**

**January 31, 2026 (Unaudited)**

**NOTE 1 - ORGANIZATION**

Elevation Series Trust (the "Trust") was organized on March 7, 2022, as a Delaware statutory trust, and is authorized to issue multiple investment series. The Trust is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. These Schedules of Investments relate to eight series of the Trust, Polen International Dividend Income ETF (formerly known as The Opal International Dividend Income ETF) ("IDVZ"), TrueShares ConVequity ETF (formerly known as TrueShares ConVex Protect Equity ETF) ("PVEX"), TrueShares Equity Hedge ETF ("ONEH"), TrueShares Quarterly Bear Hedge ETF ("QBER"), TrueShares Quarterly Bull Hedge ETF ("QBUL"), TrueShares S&P Autocallable Defensive Income ETF ("PAYM"), TrueShares S&P Autocallable High Income ETF ("PAYH") and TrueShares Seasonality Laddered Buffered ETF ("ONEZ") (each a "Fund" and collectively the "Funds"). Each Fund is an actively managed exchange-traded fund ("ETF") that aims to achieve its following investment objective:

---

| | |
|:---|:---|
| **Fund** | **Investment Objective** |
| Polen International Dividend Income ETF | Provide capital appreciation with lower volatility and a higher dividend yield compared to the MSCI ACWI ex USA High Dividend Yield Total Return Index. |
| TrueShares ConVequity ETF | Capital appreciation with the potential for lower volatility relative to the broader U.S. large cap equity market. |
| TrueShares Equity Hedge ETF | Profit from equity market declines and subsequent reversals, with income as a secondary objective. |
| TrueShares Quarterly Bear Hedge ETF | Substantial protection of principal with total return. |
| TrueShares Quarterly Bull Hedge ETF | Total return with substantial protection of principal. |
| TrueShares S&P Autocallable Defensive Income ETF | Generate moderate monthly income while reducing downside risk. |
| TrueShares S&P Autocallable High Income ETF | Generate high monthly income while reducing downside risk. |
| TrueShares Seasonality Laddered Buffered ETF | Capital appreciation with the potential for lower volatility relative to the broader U.S. large cap equity market. |

---

Financial statements and other information about each underlying fund is available at www.true-shares.com. The Funds commenced operations on the dates below.

---

| | | |
|:---|:---|:---|
| **Fund** | **Diversified/**<br> **Non-Diversified** | **Commencement of Operations** |
| Polen International Dividend Income ETF | Non-Diversified | December 26, 2024 |
| TrueShares ConVequity ETF | Non-Diversified | June 27, 2025 |
| TrueShares Quarterly Bear Hedge ETF | Non-Diversified | June 28, 2024 |
| TrueShares Quarterly Bull Hedge ETF | Non-Diversified | June 28, 2024 |
| TrueShares Seasonality Laddered Buffered ETF | Non-Diversified | January 24, 2025 |
| TrueShares S&P Autocallable Defensive Income ETF | Non-Diversified | December 29, 2025 |
| TrueShares S&P Autocallable High Income ETF | Non-Diversified | December 29, 2025 |
| TrueShares Seasonality Laddered Buffered ETF | Non-Diversified | January 28, 2026 |

---

The Funds currently offer an unlimited number of one class of shares, without par value, which are listed and traded on the Cboe BZX Exchange, Inc. ("Cboe" or the "Exchange"). The Funds issue and redeem shares only in creation units ("Creation Units") which are offered on a continuous basis through Paralel Distributors LLC (the "Distributor"), without a sales load (but subject to transaction fees, if applicable), at the net asset value per share next determined after receipt of an order in proper form pursuant to the terms of the Authorized Participant Agreement, calculated as of the scheduled close of regular trading on the Exchange on any day on which the Exchange is open for business. The Funds do not issue fractional Creation Units. The offerings of the Funds' shares are registered under the Securities Act of 1933, as amended.

**NOTE 2 - SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their Schedules of Investments. The accompanying Schedules of Investments were prepared in accordance with accounting principles generally accepted in the United States ("GAAP"). This requires management to make estimates and assumptions that affect the reported amounts in the Schedules of Investments. Actual results could differ from those estimates. The Funds are investment companies and follow accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Topic 946 "Financial Services – Investment Companies, including Accounting Standard Update 2013-08."

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

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

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

TrueShares ETFs

**NOTES TO SCHEDULES OF INVESTMENTS**

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

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

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

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

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

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

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

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

The following is a summary of the Funds' investments in the fair value hierarchy as of January 31, 2026:

**Polen International Dividend Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted**<br> **Prices** | **Level 2 - Other Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Common Stocks | $135932582 | $– | $– | $135932582 |
| Money Market Funds | 1222294 | – | – | 1222294 |
| Total | $137154876 | $– | $– | $137154876 |

---

**TrueShares ConVequity ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted**<br> **Prices** | **Level 2 - Other Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Exchange-Traded Funds | $19483784 | $– | $– | $19483784 |
| Purchased Options |  | 2650321 |  | 2650321 |
| U.S. Treasury Obligations |  | 27178747 |  | 27178747 |
| Money Market Funds | 394968 | – | – | 394968 |
| Total | $19878752 | $29829068 | $– | $49707820 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Liabilities** |  |  |  |  |
| Written Options | $– | $(758915) | $– | $(758915) |
| Total | $– | $(758915) | $– | $(758915) |

---

**TrueShares Equity Hedge ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted**<br> **Prices** | **Level 2 - Other Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Money Market Funds | $1000000 | $– | $– | $1000000 |
| Total | $1000000 | $– | $– | $1000000 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Assets** |  |  |  |  |
| Bullet Total Return Swap Contracts<sup>(c)</sup> | $– | $(3711) | $– | $(3711) |
| Total | $– | $(3711) | $– | $(3711) |

---

TrueShares ETFs

**NOTES TO SCHEDULES OF INVESTMENTS**

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

**TrueShares Quarterly Bear Hedge ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted**<br> **Prices** | **Level 2 - Other Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Purchased Options | $– | $887576 | $– | $887576 |
| U.S. Treasury Obligations |  | 175299597 |  | 175299597 |
| Money Market Funds | 100346 | – | – | 100346 |
| Total | $100346 | $176187173 | $– | $176287519 |

---

**TrueShares Quarterly Bull Hedge ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted**<br> **Prices** | **Level 2 - Other Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Purchased Options | $– | $119659 | $– | $119659 |
| U.S. Treasury Obligations |  | 13890292 |  | 13890292 |
| Money Market Funds | 21088 | – | – | 21088 |
| Total | $21088 | $14009951 | $– | $14031039 |

---

**TrueShares S&P Autocallable Defensive Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted**<br> **Prices** | **Level 2 - Other Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| U.S. Treasury Obligations | $– | $99547 | $– | $99547 |
| Money Market Funds | 51417188 | – | – | 51417188 |
| Total | $51417188 | $99547 | $– | $51516735 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Assets** |  |  |  |  |
| Bullet Total Return Swap Contracts<sup>(c)</sup> | $– | $(1471) | $– | $(1471) |
| Total | $– | $(1471) | $– | $(1471) |

---

**TrueShares S&P Autocallable High Income ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted**<br> **Prices** | **Level 2 - Other Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| U.S. Treasury Obligations | $– | $99548 | $– | $99548 |
| Money Market Funds | 904408 | – | – | 904408 |
| Total | $904408 | $99548 | $– | $1003956 |
| **Other Financial Instruments<sup>(b)</sup>** |  |  |  |  |
| **Assets** |  |  |  |  |
| Bullet Total Return Swap Contracts<sup>(c)</sup> | $– | $(4897) | $– | $(4897) |
| Total | $– | $(4897) | $– | $(4897) |

---

**TrueShares Seasonality Laddered Buffered ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value<sup>(a)</sup>** | **Level 1 - Unadjusted Quoted**<br> **Prices** | **Level 2 - Other Significant**<br> **Observable Inputs** | **Level 3 - Significant**<br> **Unobservable Inputs** | **Total** |
| Exchange-Traded Funds | $124858999 | $– | $– | $124858999 |
| Money Market Funds | 291975 | – | – | 291975 |
| Total | $125150974 | $– | $– | $125150974 |

---

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

<sup>(b)</sup> Other financial instruments are derivative instruments reflected in the Schedule of Investments.

<sup>(c)</sup> Swap contracts are reported at their unrealized appreciation/(depreciation) at measurement date, which represents the change in the contract's value from trade date.

**Cash and Cash Equivalents** – Cash and cash equivalents may include demand deposits and highly liquid investments, typically with original maturities of three months or less. Cash and cash equivalents are carried at cost, which approximates fair value.

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

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

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

TrueShares ETFs

**NOTES TO SCHEDULES OF INVESTMENTS**

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

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

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

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

**Bullet Swaps** – The Fund may enter into bullet total return swap contracts ("bullet swaps"). The Fund may utilize bullet swaps in an attempt to gain exposure to the securities in a market without actually purchasing those securities, or to hedge a position. A swap agreement is a contract in which one party agrees to make a one-time payment to another party based on the change in market value to the assets underlying the contract, which may include a specified security, basket of securities, or securities indices during the specified period. Swap agreements will usually be done on a net basis, i.e., where the two parties make a net payment with the Fund receiving or paying, as the case may be, only the net amount of the two payments. The net amount of excess, if any, of the Fund's obligations over its entitlements with respect to each swap is accrued on a daily basis and an amount of cash or equivalents having an aggregate value at least equal to the accrued excess is maintained by the Fund. In the case of bullet swaps, the net settlement of the total return and financing legs will generally be paid or received at the contract termination date rather than periodically.

The bullet swap contracts are subject to master netting agreements, which are agreements between the Fund and its counterparties that provide the net settlement of all transactions and collateral with the Fund through a single payment, in the event of default or termination.

**NOTE 3 - INVESTMENTS IN AFFILIATES**

ONEZ uses a fund-of-funds approach and invests in certain securities that have the same Adviser as the Fund. As such, those securities are affiliates as defined in the Investment Company Act of 1940. Transactions during the period in those securities were as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security** | **October 31,**<br> **2025 Value** | **Purchases at**<br> **Cost** | **Proceeds**<br> **from**<br> **Securities**<br> **Sold** | **Realized Net**<br> **Gain/(Loss)** | **Change in**<br> **Unrealized**<br> **Appreciation/** | **Income** | **Capital Gain**<br> **Distributions**<br> **Received** | **January 31,**<br> **2026 Value** |
| TrueShares Quarterly Bear Hedge ETF | $12917625 | $1824983 | $(9984074) | $(117155) | $(10260) | $96008 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $4631129 |
| TrueShares Quarterly Bull Hedge ETF | 5342470 | 5337366 | (896655) | (2822) | (853313) | 755185 |  | 8927046 |
| TrueShares Structured Outcome (April) ETF | 8778052 | 2797968 | (525430) | 12718 | (253372) | 317293 |  | 10809936 |
| TrueShares Structured Outcome (August) ETF | 9003322 | 1008262 | (479744) | 15763 | (262456) | 313095 |  | 9285147 |
| TrueShares Structured Outcome (December) ETF | 9669201 | 317035 | (1456215) | 54345 | (239174) | 271565 |  | 8345192 |
| TrueShares Structured Outcome (February) ETF | 9928447 | 1632707 | (820228) | 19994 | (251552) | 289491 |  | 10509368 |
| TrueShares Structured Outcome (January) ETF | 9442650 | 1206879 | (2846479) | 53538 | (137068) | 140034 |  | 7719520 |
| TrueShares Structured Outcome (July) ETF | 10155939 | 1552989 | (1203773) | 27080 | (947077) | 977359 |  | 9585158 |
| TrueShares Structured Outcome (June) ETF | 9010188 | 2022281 | (1602974) | 8846 | (161542) | 205421 |  | 9276799 |
| TrueShares Structured Outcome (March) ETF | 9237119 | 1869707 | (978630) | 9563 | (257008) | 305148 |  | 9880751 |
| TrueShares Structured Outcome (May) ETF | 8085528 | 2796079 | (537894) | 13289 | (154627) | 214567 |  | 10202375 |
| TrueShares Structured Outcome (November) ETF | 7854491 | 1670446 | (1260246) | 7890 | (226749) | 281927 |  | 8045832 |
| TrueShares Structured Outcome (October) ETF | 8272350 | 1085464 | (451727) | 13814 | (246576) | 321953 |  | 8673325 |
| TrueShares Structured Outcome (September) ETF | 8518899 | 1003050 | (468735) | 14790 | (100753) | 188008 | – | 8967431 |
| TOTAL | $126216281 | $26125216 | $(23512804) | $131833 | $(4101527) | $4677054 | $– | $124858999 |

---

## Form NPORT-P: Monthly Portfolio Investments Report

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

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

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

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

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

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

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

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

  - **City:** Denver

  - **State:** CO

  - **Foreign country:** US

  - **Zip / Postal Code:** 80290

  - **Telephone number:** 8775249155

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

- **a. Name of Series:** TrueShares Quarterly Bull Hedge ETF

- **b. EDGAR series identifier (if any):** S000085521

- **c. LEI of Series:** 529900H9M1RL3IIPCZ46

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

- **a. Date of fiscal year-end:** 2026-10-31

- **b. Date as of which information is reported:** 2026-01-31

**Item A.4. Final filing**

Does the Fund anticipate that this will be its final filing on Form N-PORT? **No**

### Fund Information

**Total Assets:** $14035604.30

**Total Liabilities:** $9370.32

**Net Assets:** $14026233.98

**Currency Risk Metrics (dv01):**

- 

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

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

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

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

**Monthly Return Information**

| Class               | Month 1 Return (%)   | Month 2 Return (%)   | Month 3 Return (%)   |
|:---|:---|:---|:---|
| Class ID C000250806 | -0.99%               | -0.42%               | 0.17%                |

**Monthly Gains & Losses**

| Period   | Net Realized Gain/Loss   | Net Unrealized Appreciation/Depreciation   |
|:---|:---|:---|
| Month 1  | $0.00                    | $-2570.31                                  |
| Month 2  | $37.88                   | $2530.72                                   |
| Month 3  | $-2.43                   | $-1936.49                                  |

### Schedule of Portfolio Investments

| Name                          | Title                                             | Identifiers                                   | Payoff Profile   | Asset Category   | Issuer Category   | Country   |   Balance | Units   | Value (USD)   | % of Net Assets   | Maturity Date   | Coupon Type   | Annualized Rate (%)   | Restricted?   |   Fair Value Level | Lending Status   |
|:---|:---|:---|:---|:---|:---|:---|---:|:---|:---|:---|:---|:---|:---|:---|---:|:---|
| The Options Clearing Corp     | SPY 02/20/26 C720.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |         3 | NC      | $120.48       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| Treasury Bill                 | TREASURY BILL B 04/16/26                          | CUSIP: 912797QD2<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4651000 | PA      | $4617233.97   | 32.92%            | 2026-04-16      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 03/20/26 C720.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |         2 | NC      | $656.70       | 0.00%             |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 02/20/26 C700.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |         3 | NC      | $1622.61      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 03/20/26 C700.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        22 | NC      | $24524.28     | 0.17%             |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 04/17/26 C710.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        18 | NC      | $19970.28     | 0.14%             |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 04/17/26 C730.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        45 | NC      | $18563.40     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 02/20/26 C695.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        19 | NC      | $15454.98     | 0.11%             |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 02/20/26 C680.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        10 | NC      | $18694.60     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Treasury Bill                 | TREASURY BILL B 02/19/26                          | CUSIP: 912797PM3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4651000 | PA      | $4643102.09   | 33.10%            | 2026-02-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |
| STATE STREET INSTITUTIONAL US | STATE STREET INST U.S. GOVERNMENT MMKT ADMN CLASS | CUSIP: 857492656<br>LEI: 549300BZ5TGIFZUZDZ37 | Long             | STIV             | RF                | US        |     21088 | NS      | $21088.23     | 0.15%             |  |  |  | No            |                  1 | On Loan: No      |
| The Options Clearing Corp     | SPY 02/20/26 C715.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        16 | NC      | $1425.60      | 0.01%             |  |  |  | No            |                  2 | On Loan: No      |
| The Options Clearing Corp     | SPY 03/20/26 C715.00 Euro Cash Flex               | CUSIP: N/A<br>LEI: 549300CII6SLYGKNHA04       | N/A              | DE               | CORP              | US        |        40 | NC      | $18626.40     | 0.13%             |  |  |  | No            |                  2 | On Loan: No      |
| Treasury Bill                 | TREASURY BILL B 03/19/26                          | CUSIP: 912797PV3<br>LEI: 254900HROIFWPRGM1V77 | Long             | DBT              | UST               | US        |   4651000 | PA      | $4629955.20   | 33.01%            | 2026-03-19      | None          | 0.00%                 | No            |                  2 | On Loan: No      |

### Signature

**Date Signed:** 2026-03-02

**Name of Applicant:** Elevation Series Trust

**Signature:** Nick Austin

**Name of Signer:** Nick Austin

**Title:** Treasurer