# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001999371-25-013712
**Filing Date:** 2025-9
**Character Count:** 24557
**Document Hash:** 64c27675eaf402bd4f6bcd73ac7bdf83
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-013712.hdr.sgml**: 20250922

**ACCESSION NUMBER**: 0001999371-25-013712

**CONFORMED SUBMISSION TYPE**: 497K

**PUBLIC DOCUMENT COUNT**: 2

**FILED AS OF DATE**: 20250922

**DATE AS OF CHANGE**: 20250922

**EFFECTIVENESS DATE**: 20250922

**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:** 497K
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-265972
- **FILM NUMBER:** 251329163

**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      |  |
| C000259242 | Institutional Class Shares |  |

**Vulcan Value Partners Fund**

**Summary Prospectus**

**September 16, 2025**

**Trading Symbol: VVPLX**

**www.vulcanvaluepartners.com**

Before you invest, you may want to review the Vulcan Value Partners Fund (the "Fund") statutory prospectus and statement of additional information, which contain more information about the Fund and its risks. The current statutory prospectus and statement of additional information dated September 16, 2025, are incorporated by reference into this Summary Prospectus. You can find the Fund's statutory prospectus, statement of additional information, reports to shareholders, and other information about the Fund online at www.vulcanvaluepartners.com/mutual-funds/. You can also get this information at no cost by calling 1.877.421.5078 or writing to the Funds at 1700 Broadway Suite 1850, Denver, Colorado 80290.

**Investment Objective**

The Vulcan Value Partners Fund (the "Fund") seeks to achieve long-term capital appreciation.

**Fees and Expenses of the Fund**

The following table describes the fees and expenses you may pay if you buy, hold, and sell shares of the Fund ("Shares"). **You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the table and Example below.**

---

| | | |
|:---|:---|:---|
| **Annual Fund Operating Expenses** |  |  |
| (expenses that you pay each year as a percentage of the value of your investment) | *Investor Class Shares* | *Institutional Class Shares* |
| Management Fees | 0.85% | 0.85% |
| Distribution (12b-1) Fees | 0.25% | 0.00% |
| Other Expenses<sup>2</sup> | 0.09% | 0.16% |
| Total Annual Fund Operating Expenses | 1.19% | 1.01% |
| <br>Fee Waiver and Expense Reimbursement<sup>1</sup>  | <br>(0.09%)  | <br>(0.16%)  |
| **Total Annual Fund Operating Expenses After Fee Waiver/Expense Reimbursement** | 1.10% | 0.85% |

---

&nbsp;&nbsp;&nbsp;&nbsp;1. Vulcan
Value Partners, LLC ("Vulcan" or the "Adviser") has contractually agreed to limit the 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 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 Fund commences operations. The Adviser will be permitted to recapture expenses it has borne through the agreement to
the extent that the 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.

&nbsp;&nbsp;&nbsp;&nbsp;2. Other
Expenses are estimated for the Fund's initial fiscal year.

**Expense Example**

This Example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your Shares at the end of those periods. The Example reflects the net operating expenses with expense waivers through the current term of the Expense Agreements, which end one-year from the date that the Fund commences operations. The Example also assumes that your investment has a 5% return each year and that the Fund's operating expenses remain the same.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Although your actual costs may be higher or lower, based on these assumptions your costs would be**: | &nbsp;&nbsp;**1 Year** | &nbsp;&nbsp;**3 Year** | &nbsp;&nbsp;**5 Year** | &nbsp;&nbsp;**10 Year** |
| Investor Class Shares | &nbsp;&nbsp;$112 | &nbsp;&nbsp;$369 | &nbsp;&nbsp;$645 | &nbsp;&nbsp;$1434 |
| Institutional Class Shares | &nbsp;&nbsp;$87 | &nbsp;&nbsp;$306 | &nbsp;&nbsp;$542 | &nbsp;&nbsp;$1221 |

---

**Portfolio Turnover**

The Fund pays transaction costs, such as commissions, when it buys and sells securities (or "turns over" its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Shares are held in a taxable account. These costs, which are not reflected in the Total Annual Fund Operating Expenses or in the Example, affect the Fund's performance. During the most recent fiscal year, the Predecessor Fund's turnover rate was 56% of the average value of its portfolio.

**Principal Investment Strategies of the Fund**

Vulcan Value Partners Fund

The Fund seeks to achieve long-term capital appreciation by purchasing securities primarily in publicly traded small-cap and large-cap companies that Vulcan Value Partners, LLC ("Vulcan" or the "Adviser"), the Fund's investment adviser, believes to be both undervalued and possessing a quality that gives a company a non-temporary advantage over their peers (or a "Sustainable Competitive Advantage"). An example of a Sustainable Competitive Advantage includes, among others, companies with strong operational scale, pricing power, and brand loyalty operating in an industry with high switching costs.

The Adviser seeks to purchase publicly traded companies at significant discounts to intrinsic worth. The portfolio managers typically use a discounted cash flow analysis to determine intrinsic worth. The Adviser seeks to invest for the long term, limiting the selection of qualifying investments to good businesses with identifiable, Sustainable Competitive Advantages that allow a company to outcompete peers to maximize returns and to minimize risk. Identifiable, sustainable competitive advantages may include factors such as switching costs, brand recognition, and scalability, among others. The Adviser generally defines risk as the probability of permanently losing capital over a five-year period. Permanent loss of capital could occur if the Adviser has to sell a company at a loss because its estimated intrinsic value falls below the market price resulting in the loss of a margin of safety. The Adviser generally sells stocks when they approach or exceed their intrinsic worth as determined by the portfolio managers. The Adviser seeks to determine business or intrinsic value through disciplined financial analysis. Typically, the intrinsic value analysis includes a discounted cash flow analysis based on individual company financial statements and guidance, internal estimates of future growth in earnings and profitability, and qualitative research. The amount a company utilizes leverage is an important consideration in the stock selection analysis because leverage increases a company's risk and potential for return. The Adviser believes that good businesses can enhance their returns to equity investors with an efficient capital structure and prudent leverage, but the it generally views leveraged businesses with skepticism. The Adviser believes that equities purchased at prices substantially less than their intrinsic worth generally afford capital protection from significant permanent loss and also create the possibility of substantial appreciation if the market recognizes the company's economic value. To minimize business ownership risk, the Adviser evaluates business risks, assesses key management employee's business impact and scrutinizes competitive market strengths and weaknesses in the assessment of long-term investment qualifications. The Adviser seeks to limit Fund investments to businesses that are run by ethical, capable, stockholder-oriented management teams that also are good operators and, very importantly, understand the importance of capital allocation.

Generally, subject to price, any publicly traded company with profitable economics would be a potential investment for this Fund. A core position in the Fund is generally approximately 5% of the Fund's portfolio, so that theoretically the Fund would hold about 20 companies, spread across various industries. Because it is rare that the Adviser would find exactly 20 companies meeting the Fund's investment guidelines, allocations will vary with the price to value ratio of specific companies. The Adviser may invest in positions as small as 1% when price to value ratios are higher. The Adviser generally will not invest in any business that is trading above the its estimate of a business's fair value. The Adviser will typically sell a position when the position's market price exceeds its calculated estimate of intrinsic value. The Adviser may invest up to 30% of the Fund's net assets in publicly traded foreign securities, which may consist in whole or in part of securities of issuers in emerging markets. The Fund may be subject to currency risk when the Adviser invests in securities denominated in, or which receive revenues in, non-U.S. currencies. The Adviser will ensure that no issuer's securities will constitute more than 10% of the Fund's assets at the time of purchase. In addition, the Adviser will be allowed to invest up to, but no more than, an aggregate of 40% of the Fund's assets in positions where the investment in the securities of an issuer exceeds 5% of the Fund's assets. If the investments meeting the Fund's criteria are not available, the Adviser may invest the Fund's assets temporarily in obligations of the U.S. government and its agencies, or in other money market instruments. Under the 1940 Act, to qualify as a diversified fund, a fund, with respect to 75% of its total assets, may not invest greater than 5% of its total assets in any one issuer and may not hold greater than 10% of the securities of one issuer, other than investments in cash and cash items (including receivables), U.S. government securities, and securities of other investment companies. The remaining 25% of a fund's total assets does not need to be "diversified" and may be invested in securities of a single issuer, subject to other applicable laws. The Fund is non-diversified, which means that it is not subject to the 75-5-10 diversification requirements and the Adviser can invest a larger percentage of the Fund's assets in a smaller number of issuers, meaning it is not constrained by the 5%/10% asset allocation rule for diversified funds.

**Principal Risks of Investing in the Fund**

The principal risks of investing in the Fund are summarized below. Each risk summarized below is considered a "principal risk" of investing in the Fund, regardless of the order in which it appears. As with any investment, there is a risk that you could lose all or a portion of your investment in the Fund. Some or all of these risks may adversely affect the Fund's net asset value ("NAV"), trading price, yield, total return and/or ability to meet its investment objective. The following risks could affect the value of your investment in the Fund:

● **Equity Securities Risk.** Equity prices fluctuate and may decline in response to developments at individual companies or general economic conditions including interest rate levels, political events, war, natural disasters and the spread of infectious illness or other public health issues. If the value of Fund's investments goes down and you redeem your shares, you could lose money. While the ability to hold shares through periods of volatility may protect long-term investments from permanent loss, Fund investments might not be profitable either because the market fails to recognize the value or because the Adviser misjudged the value of the investment.

● **Business Ownership Risk.** The Fund treats investing as partial ownership of qualifying businesses. As partial owners of these companies, the Fund faces the risks inherent in owning a business, which may include financial, operational, and reputational risk associated with the operations of a business. Additionally, loss of profitability, cessation of operations resulting in a permanent capital loss, or harm to its public image, among other factors, may negatively impact a business's price and intrinsic value resulting in the loss of capital invested.

● **Small-Size Company Risk.** The Fund's investments in securities issued by small-sized companies, which can include companies offering emerging products or services, may involve greater risks than are customarily associated with larger, more established companies. Securities issued by small-sized companies tend to be more volatile and somewhat more speculative than securities issued by larger or more established companies because small-sized companies tend to be less established and less developed in nature and may underperform compared to the securities of larger companies.

● **Large-Size Company Risk.** The Fund's investments in larger companies are subject to the risk that larger companies are sometimes unable to attain the high growth rates of successful, smaller companies, especially during extended periods of economic expansion.

● **Currency Risk.** The value of the Fund's investments may fall as a result of changes in exchange rates.

● **Economic and Market Events Risk.** Markets can be volatile in response to a number of factors, as well as broader economic, political, military and regulatory conditions. Events in the U.S. and global financial markets, including actions taken by the U.S. Federal Reserve or foreign central banks to stimulate or stabilize economic growth, may at times result in unusually high market volatility, which could negatively impact performance and may prevent execution of the Fund's strategy successfully. It is not always possible to access certain markets or to sell certain investments at a particular time or at an acceptable price, thereby impacting the liquidity of a given portfolio. The value of the fund will change daily based on changes in market, economic, industry, political, military, regulatory, geopolitical, and other considerations.

● **Emerging Markets Risk.** To the extent that the Fund invests in issuers located in emerging markets, the risk of loss may be heightened by political changes and changes in taxation or currency controls that could adversely affect the values of these investments. Emerging markets have the same risks as Non-U.S. Securities, however, have exacerbated risk because they have been more volatile than the markets of developed countries with more mature economies.

● **Managed Portfolio Risk.** The manager's investment strategies or choice of specific securities may be unsuccessful and may cause the Fund to incur losses.

● **Non-diversification Risk and Securities Concentration Limitations.** The Fund is classified as non-diversified. As a result, an increase or decrease in the value of a single security may have a greater impact on the Fund's NAV and total return. Being non-diversified may also make the Fund more susceptible to financial, economic, political or other developments that may impact a security. Although the Fund may from time to time satisfy the requirements for a diversified fund, its non-diversified classification gives the Fund's portfolio managers more flexibility to hold larger positions in a smaller number of securities than a fund that is classified as diversified.

● **Non-U.S. Securities Risk.** Non-U.S. securities are subject to the risks of foreign currency fluctuations, generally higher volatility and lower liquidity than U.S. securities, less developed securities markets and economic systems and political and economic instability. Non-U.S. investments are also not subject to the same regulatory and transparency requirements and protections as those of U.S. based transactions.

● **Value Stocks Risk.** The Fund invests in companies that the portfolio managers believe to be selling at a discount to their intrinsic value. Value investing is subject to the risk that a company's intrinsic value may never be fully realized by the market or that a company judged by the Fund to be undervalued may actually be appropriately priced.

An investment in the Fund is not a deposit of the bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency.

**Performance**

The following information provides some indication of the risks of investing in the Fund by showing how the Fund's performance has varied over time.

The bar chart depicts the change in performance from year to year during the periods indicated. If sales charges were included, the returns would be lower. The Fund is the successor to the Predecessor Vulcan Value Partners Fund, a mutual fund with substantially similar investment objectives, policies, and restrictions, as a result of the reorganization of the Predecessor Fund into the Fund on September 12, 2025. The performance provided in the bar chart and table is that of the Predecessor Fund. The table compares the Predecessor Fund's average annual returns for the periods indicated to broad-based securities market indices. The indices are not actively managed and are not available for direct investment. The bar charts and performance tables assume reinvestment of dividends and distributions. The Fund's past performance (before and after taxes) does not necessarily indicate how it will perform in the future. Updated performance information is available on the Fund's website at https://vulcanvaluepartners.com/strategies/large-cap/mutual-fund/ or by calling 1.877.421.5078.

![](vulcan485bpos001.jpg)

The bar chart above shows returns for Investor Class shares.

During the period shown in the bar chart, the best performance for a quarter was 24.87% (for the quarter ended June 30, 2020) and the worst performance was 28.51% (for the quarter ended June 30, 2022).

As of June 30, 2025, the year-to-date total return was 4.56% for the Investor Class shares.

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| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** <br>**(for the Periods Ended December 31, 2024)**  | **Average Annual Total Returns** <br>**(for the Periods Ended December 31, 2024)**  | **Average Annual Total Returns** <br>**(for the Periods Ended December 31, 2024)**  |  |  |
| Institutional Class Shares | **<u>One Year</u>** | **<u>Five Year</u>** | &nbsp;&nbsp;**<u>Since Inception\*</u>** | &nbsp;&nbsp;**<u>Ten Year</u>** |
| Return Before Taxes | 17.88% | 7.21% | &nbsp;&nbsp;9.79% | &nbsp;&nbsp;N/A |
| Return After Taxes on Distributions | 17.68% | 6.00% | &nbsp;&nbsp;8.46% | &nbsp;&nbsp;N/A |
| Return After Taxes on Distributions and Sale of Fund Shares | 10.59% | 5.34% | &nbsp;&nbsp;7.43% | &nbsp;&nbsp;N/A |
| Investor Class Shares |  |  |  |  |
| Return Before Taxes | 17.50% | 6.95% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;11.08% |
| Return After Taxes on Distributions | 17.41% | 5.77% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;9.95% |
| Return After Taxes on Distributions and Sale of Fund Shares | 10.36% | 5.14% | &nbsp;&nbsp;N/A | &nbsp;&nbsp;9.02% |
| **S&P 500 Total Return Index®**<br> (reflects no deductions for fees, expenses, or taxes) | 25.02% | 14.53% | &nbsp;&nbsp;14.99% | &nbsp;&nbsp;13.10% |
| **Russell 1000 Value Index®**<br>(reflects no deductions for fees, expenses, or taxes)  | 14.37% | 8.68% | &nbsp;&nbsp;9.46% | &nbsp;&nbsp;8.49% |

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\* Inception date for Institutional Class Shares: May 1, 2019

After-tax returns are calculated using the historical highest individual federal marginal income tax rates during the periods covered by the table above and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown. After-tax returns shown are not relevant to investors who hold their Shares through tax deferred arrangements such as an individual retirement account ("IRA") or other tax-advantaged accounts. In certain cases, the figure representing "Return After Taxes on Distributions and Sale of Shares" may be higher than the other return figures for the same period. A higher after-tax return results when a capital loss occurs upon redemption and provides an assumed tax deduction that benefits the investor.

**Management**

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| | |
|:---|:---|
| *Adviser:* | Vulcan Value Partners, LLC |
| *Portfolio Managers:* | C.T. Fitzpatrick, Chief Investment Officer of Vulcan Value Partners, LLC, has served as the Fund's portfolio manager since its inception in December 2009. In addition, Stephen Simmons, CFA, Colin Casey, and Taylor Cline, CFA of Vulcan Value Partners, LLC have served as the Fund's portfolio manager since 2024, and David Shelton has served as the Fund's portfolio manager since 2025. Mr. Fitzpatrick, Mr. Simmons, Mr. Casey, Mr. Cline and Mr. Shelton are jointly and primarily responsible for day-to-day management of the Fund's portfolio. |

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**Purchase and Sale of Shares**

The minimum investment to open a regular account in Investor Class shares is $5,000. The minimum investment to open a Coverdell Education Savings Account or a retirement fund account in Investor Class shares is $500. The subsequent investment minimum for any type of account in Investor Class shares is $500. The minimum investment to open any type of account in Institutional Class shares is $1 million. The subsequent investment minimum for any type of account in Institutional Class shares is $5,000. Purchases, exchanges and redemptions may be made on any business day that the NYSE is open for trading through certain broker-dealers or other financial intermediaries, the Fund's website at www.vulcanvaluepartners.com/mutual-funds/, by telephone at 1.877.421.5078, by regular mail at 1700 Broadway, Suite 1850, Denver, Colorado 80290, or by a systematic purchase, exchange or withdrawal plan (must be a minimum of $500).

**Tax Information**

The Fund's distributions are generally taxable as ordinary income, qualified dividend income, or capital gains (or a combination), unless your investment is held in an IRA or other tax-advantaged account. Distributions on investments made through tax-deferred arrangements may be taxed later upon withdrawal of assets from those accounts. See "Dividends, Distributions, and Taxes – Dividends and Distributions" for more information.

**Financial Intermediary Compensation**

If you purchase Shares through a broker-dealer or other financial intermediary (such as a bank) (an "Intermediary"), the adviser or its affiliates may pay Intermediaries for certain activities related to the Fund, including participation in activities that are designed to make Intermediaries more knowledgeable about exchange traded products, including the Fund, or for other activities, such as marketing, educational training or other initiatives related to the sale or promotion of Shares. These payments may create a conflict of interest by influencing the Intermediary and your salesperson to recommend the Fund over another investment. Any such arrangements do not result in increased Fund expenses. Ask your salesperson or visit the Intermediary's website for more information.