M&A - Elevation Series Trust

Form Type: 497

Filing Date: 2025-07-10

Corporate Action: Merger

Type: New

Accession Number: 000199937125008948

Filing Summary: The document discusses the proposed reorganization of the RiverNorth Core Opportunity Fund (the Target Fund) into the RiverNorth Active Income ETF (the Acquiring Fund), a newly established series of Elevation Series Trust. This reorganization aims to transition the Target Fund from a mutual fund to an exchange-traded fund (ETF). The Special Meeting of Shareholders is scheduled for July 23, 2025, where shareholders will vote on the Agreement and Plan of Reorganization. Key benefits of the reorganization include a similar investment objective, the advantages of the ETF structure (such as intraday trading and potential tax efficiency), lower total annual operating expenses, and no direct expenses incurred by the Target Fund. Shareholders will receive shares of the Acquiring Fund equivalent to the value of their Target Fund shares, while they will have continued redemption rights prior to the reorganization. Additionally, the reorganization is expected to qualify as a tax-free event for U.S. federal income tax purposes. The document emphasizes the importance of shareholder votes in this process and recommends approval of the Plan for the benefit of Target Fund investors.

Form Type: 497

Filing Date: 2025-06-27

Corporate Action: Merger

Type: New

Accession Number: 000199937125008418

Filing Summary: On June 25, 2025, a Combined Proxy Statement and Prospectus was issued regarding the proposed reorganization of the Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund, both series of Financial Investors Trust, into newly created series under Elevation Series Trust. Shareholders of the Acquired Funds are invited to a Special Meeting on August 7, 2025, to vote on the Agreement and Plan of Reorganization (the 'Plan'). The proposal aims to transfer all assets and liabilities of the Acquired Funds to the corresponding Acquiring Funds in exchange for shares of the Acquiring Funds, thereby liquidating the Acquired Funds. Key benefits highlighted include the retention of investment objectives and strategies, expected lower fees and expenses for shareholders, and the tax-free nature of the transaction. The reorganization is designed to not dilute shareholder interests, and Vulcan Value Partners, LLC will remain the investment adviser for the Acquiring Funds, ensuring continuity in management and performance strategy. Shareholders are encouraged to vote in favor of the plan, which has been deemed in the best interests of the shareholders by the Board.

Form Type: N-14/A

Filing Date: 2025-06-24

Corporate Action: Merger

Type: New

Accession Number: 000138713125000151

Filing Summary: The document outlines a proposed reorganization whereby the Vulcan Value Partners Fund and the Vulcan Value Partners Small Cap Fund, each a series of Financial Investors Trust, will be reorganized into newly created series of Elevation Series Trust. A Special Meeting of Shareholders is scheduled for August 7, 2025, to solicit approval for the Agreement and Plan of Reorganization. The reorganization aims to provide shareholders with shares of the Acquiring Funds that have the same investment objectives and similar strategies as the Acquired Funds, without incurring any expenses related to the reorganization. The reorganization is expected to be tax-free under U.S. federal income tax laws and will not dilute shareholder interests. Shareholders will retain the ability to redeem their shares before the reorganization occurs, and a variety of methods for casting votes are provided. If the reorganization is approved, shareholders will have their shares converted into shares of the corresponding Acquiring Fund without facing direct transaction fees.

Form Type: 497K

Filing Date: 2025-06-12

Corporate Action: Merger

Type: New

Accession Number: 000199937125007676

Filing Summary: The document details the Opal Dividend Income ETF's Summary Prospectus dated June 11, 2025, highlighting its investment objective, which is to provide capital appreciation with lower volatility and a higher dividend yield compared to the S&P 500 Index. It outlines the Fund's fee structure, including management fees of 0.65% and no direct shareholder fees. An expense example indicates potential costs over various investment periods, calculating potential fees based on assumed returns. The Fund seeks to invest in 25-35 dividend-paying stocks predominantly from established companies. It emphasizes the importance of portfolio management under TrueMark Investments, LLC, and Opal Capital LLC, the respective adviser and sub-adviser. The summary includes principal risks of investing in the Fund, such as dividend-paying security risk, equity market risk, and other market-related risks. Notably, it announces that the Fund will acquire all assets and liabilities of The Opal Dividend Income ETF (the Predecessor Fund) in a tax-free reorganization on June 13, 2025, indicating a merger between the two entities. Performance data illustrates the historical total returns of the Predecessor Fund, providing context for the Fund's expected risks and returns, reinforcing its operational continuity despite the organizational change.

Form Type: N-14

Filing Date: 2025-06-10

Corporate Action: Merger

Type: New

Accession Number: 000199937125007562

Filing Summary: On June 10, 2025, Elevation Series Trust filed an N-14 Registration Statement for the reorganization of the RiverNorth Core Opportunity Fund into a new exchange-traded fund (ETF) named RiverNorth Active Income ETF. This reorganization is subject to shareholder approval and aims to transition the mutual fund into an ETF format which offers advantages such as tax efficiency, lower operating expense ratios, and intraday trading capabilities. The target fund shareholders, as of June 5, 2025, will vote on the proposal at a special meeting on July 23, 2025. If approved, the reorganization will allow shareholders to exchange their shares for shares in the new ETF without incurring any direct expenses or taxes, and existing shares will be liquidated. The new ETF will follow similar investment objectives and strategies as the prior fund but with added benefits inherent to ETF structures such as greater transparency and lower transaction costs. TrueMark Investments, LLC will serve as the investment adviser and RiverNorth Capital Management, LLC will act as the sub-adviser for the new fund, ensuring continuity in management while adapting to the new format of an ETF.

Form Type: N-14

Filing Date: 2025-05-16

Corporate Action: Merger

Type: New

Accession Number: 000199937125006327

Filing Summary: Elevation Series Trust has filed a Registration Statement under the Securities Act of 1933 for a merger of Vulcan Value Partners Fund and Vulcan Value Partners Small Cap Fund from Financial Investors Trust into newly created series within Elevation Series Trust. A Special Meeting of Shareholders is scheduled for August 7, 2025, where shareholders will vote on the Agreement and Plan of Reorganization to transfer assets of the Acquired Funds in exchange for shares of the Acquiring Funds. The Reorganizations are expected to maintain the same investment objectives and strategies, at potentially lower expense ratios for the Acquiring Funds. The move aims to maximize benefits for shareholders, including tax-free treatment upon the exchange of shares and no direct expenses for the Acquired Funds during the reorganization process.