ELEVATION SERIES TRUST

Ticker: IDVZ CUSIP: 210322707 Class: OPAL INTL INCOME

Holders for Q4 2025 Position Changes for Q4 2025

Note: Option positions (PUT/CALL) are excluded.

Increased Positions (1)

49 WEALTH MANAGEMENT, LLC

Value ($000) $116,455 (+20.1%) Shares 3,664,407 (+16.2%)

Institution	Prev Shares	Curr Shares	Change
49 WEALTH MANAGEMENT, LLC	3,152,328	3,664,407	+512,079 (+16.2%)

Decreased Positions (4)

CITADEL ADVISORS LLC

Value ($000) $1,221 (-16.2%) Shares 38,405 (-18.9%)

JANE STREET GROUP, LLC

Value ($000) $255 (-17.5%) Shares 8,018 (-20.2%)

Value ($000) $8 (-31.6%) Shares 265 (-33.8%)

Thrivent Financial for Lutherans

Value ($000) $1 (-1.3%) Shares 16,628 (-4.7%)

Institution	Prev Shares	Curr Shares	Change
CITADEL ADVISORS LLC	47,340	38,405	-8,935 (-18.9%)
JANE STREET GROUP, LLC	10,044	8,018	-2,026 (-20.2%)
UBS Group AG	400	265	-135 (-33.8%)
Thrivent Financial for Lutherans	17,448	16,628	-820 (-4.7%)

Exited Positions (3)

GTS SECURITIES LLC

Value ($000) $269 Shares 8,738

Value ($000) $400 Shares 13,009

Value ($000) $0 Shares 1

Institution	Prev Shares	Prev Value ($000)
GTS SECURITIES LLC	8,738	$269
&PARTNERS	13,009	$400
FMR LLC	1	$0