# EDGAR Filing Document

**Accession Number:** 0001936157
**File Stem:** 0001999371-25-011163
**Filing Date:** 2025-8
**Character Count:** 27804
**Document Hash:** 1160e7a71da952d6eeb4a81ca0b03d50
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001999371-25-011163.hdr.sgml**: 20250812

**ACCESSION NUMBER**: 0001999371-25-011163

**CONFORMED SUBMISSION TYPE**: POS EX

**PUBLIC DOCUMENT COUNT**: 4

**FILED AS OF DATE**: 20250812

**DATE AS OF CHANGE**: 20250812

**EFFECTIVENESS DATE**: 20250812

**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:** POS EX
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-287929
- **FILM NUMBER:** 251208086

**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

As filed with the Securities and Exchange Commission on August 12, 2025<br> 1933 Act Registration File No. 333-287929

**UNITD STATES<br> SECURITIES AND EXCHANGE COMMISSION**

**Washington, D.C. 20549**

**FORM N-14**

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 ☒ <br> Pre-Effective Amendment No.   ☐ <br> Post-Effective Amendment No. <u>1</u> ☒

**Elevation Series Trust**<br> (Exact Name of Registrant as Specified in Charter)

**1700 Broadway, Suite 1850<br> Denver, CO 80290**<br> (Address of Principal Executive Offices) (Zip Code)

(Registrant's Telephone Number, including Area Code): **303.226.4150**

Copies to:

 **Christopher Moore**<br> **Elevation Series Trust**<br> **1700 Broadway, Suite 1850**<br> **Denver, CO 80290**

**JoAnn Strasser, Esq.**<br> **Thompson Hine LLP**<br> **17<sup>th</sup> Floor**<br> **41 South High Street**<br> **Columbus, OH 43215**

No filing fee is required because the Registrant is relying on Section 24(f) of the Investment Company Act of 1940, as amended, pursuant to which it has previously registered an indefinite number of shares.

**Explanatory Note:** This post-effective amendment No. 1 to the Registrant's Registration Statement on Form N-14 is being filed solely to provide the final opinion of counsel supporting the tax consequences of the reorganization as an exhibit to Part C of the Registration Statement.

Parts A and B of the Registration Statement filed with the Commission on June 10, 2025, and the definitive versions thereof filed with the SEC on July 16, 2025 pursuant to Rule 497 under the Securities Act are incorporated by reference herein.

**PART C**<br> **OTHER INFORMATION**

**Item 15.** **Indemnification**

As permitted by Section 17(h) and (i) of the Investment Company Act of 1940, as amended (the 1940 Act), and pursuant to Article X of the Registrant's Declaration of Trust (Exhibit (a)(2) to the Registration Statement) and Section 6 of the Distribution Agreement (Exhibit (e)(1)) to the Registration Statement), officers, trustees, employees and agents of the Registrant will not be liable to the Registrant, any shareholder, officer, trustee, employee, agent or other control person for any action or failure to act, except for bad faith, willful misfeasance, gross negligence or reckless disregard of duties, and those individuals may be indemnified against liabilities in connection with the Registrant, subject to the same exceptions.

Insofar as indemnification for liabilities arising under the Securities Act of 1933, as amended (the Securities Act), may be permitted to trustees, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant understands that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a trustee, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such trustee, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act and will be governed by the final adjudication of such issue.

The Registrant has purchased an insurance policy insuring its officers and trustees against liabilities, and certain costs of defending claims against such officers and trustees, to the extent such officers and trustees are not found to have committed conduct constituting willful misfeasance, bad faith, gross negligence or reckless disregard in the performance of their duties. The insurance policy also insures the Registrant against the cost of indemnification payments to officers under certain circumstances.

The Registrant hereby undertakes that it will apply the indemnification provisions of its Declaration of Trust and Distribution Agreement in a manner consistent with Release No. 11330 of the Securities and Exchange Commission under the 1940 Act so long as the interpretations of Section 17(h) and 17(i) of such Act remain in effect and are consistently applied.

**Item 16.** **Exhibits**

---

| | |
|:---|:---|
| (1)(a) | [Certificate of Trust dated March 7, 2022<sup>1</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422012830/fp0077247_ex9928a1.htm) |
| (b) | [Certificate of Amendment to Certificate of Trust<sup>2</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928a2.htm) |
| (c) | [Second Amended and Restated Agreement and Declaration of Trust of Elevation Series Trust dated September 26, 2022<sup>2</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928a3.htm) |
| (2) | [Amended By-Laws dated September 14, 2022<sup>2</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928b1.htm) |
| (3) | Voting Trust Agreement - None |
| (4) | Agreement of Plan of Reorganization (incorporated by reference to Appendix A of Part A) |
| (5) | Instruments Defining Rights of Security Holders incorporated by reference to the [Agreement and Declaration of Trust](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928a3.htm) and [By-Laws](http://www.sec.gov/Archives/edgar/data/1936157/000139834422012830/fp0077247_ex9928b1.htm)<sup>2</sup> |
| (6) (a) | [Investment Advisory Agreement between Elevation Series Trust and TrueMark Investments, LLC on behalf of the TrueShares Quarterly Bull Hedge ETF and TrueShares Quarterly Bear Hedge ETF](http://www.sec.gov/Archives/edgar/data/1936157/000199937124007802/ex99-d8.htm)<sup>5</sup> |
| (b) | [Form of Amendment to Schedule A of the Investment Advisory Agreement between Elevation Series Trust and TrueMark Investments, LLC for the purpose of adding the RiverNorth Active Income ETF<sup>5</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007562/ex99-6b.htm) |
| (c) | [Form of Investment Sub-Advisory Agreement between Elevation Series Trust, TrueMark Investments, LLC and RiverNorth Capital Management, LLC on behalf of RiverNorth Active Income ETF<sup>5</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007562/ex99-6c.htm)<br>|
| (7) (a) | [ETF Distribution Agreement between Elevation Series Trust and Paralel Distributors LLC<sup>2</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928e1.htm) |
| (b) | [Form of Amendment to the ETF Distribution Agreement between Elevation Series Trust and Paralel Distributors LLC to update Exhibit A, effective \[_________\]<sup>5</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007562/ex99-7b.htm) |
| (8) | None. |

---

---

| | |
|:---|:---|
| (9)(a) | [Custody Agreement between Elevation Series Trust and State Street Bank and Trust Company<sup>2</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928g1.htm) |
| (b) | [Letter Agreement adding the RiverNorth Active Income ETF to the Custody Agreement between Elevation Series Trust and State Street Bank and Trust Company<sup>5</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007562/ex99-9b.htm) |
| (10) | None. |
| (11) | [Opinion and Consent of Counsel for the RiverNorth Active Income ETF<sup>5</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007562/ex99-11.htm) |
| (12) | [Opinion and Consent of Thompson Hine LLP, supporting the tax matters and consequences of securities being issued](ex99-12.htm) (filed herewith) |
| (13) (a) | [Transfer Agency and Service Agreement between Elevation Series Trust and State Street Bank and Trust (TA Agreement)<sup>2</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000139834422019442/fp0079851_ex9928h1.htm) |
| (b) | [Letter Agreement adding RiverNorth Active Income ETF to the TA Agreement<sup>5</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007562/ex99-13b.htm) |
| (c) | [Amended and Restated Master Administration and Fund Accounting Agreement between Elevation Series Trust and Paralel Technologies LLC (Master Admin Agreement)](http://www.sec.gov/Archives/edgar/data/1936157/000139834423018423/fp0085142-1_ex9928h3.htm)<sup>3</sup> |
| (d) | [Amended and Restated Fund Addendum to the Master Admin Agreement with respect to the TrueMark Funds, dated December 26, 2024<sup>4</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000199937124015808/ex99-h11.htm) |
| (14) (a) | [Consent of Independent Registered Accounting Firm<sup>5</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007562/ex99-14a.htm) |
| (b) | [Consent of Independent Registered Accounting Firm<sup>5</sup>](http://www.sec.gov/Archives/edgar/data/1936157/000199937125007562/ex99-14b.htm) |
| (15) | None. |
| (16) | None. |
| (17) |  |
| <sup>1</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on July 1, 2022. |
| <sup>2</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on September 30, 2022. |
| <sup>3</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on September 26, 2023. |
| <sup>4</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-1A (1933 Act File No. 333-265972) filed on December 26, 2024. |
| <sup>5</sup> | Incorporated by reference to Registrant's Registration Statement on Form N-14 (1933 Act File No. 333-287929) filed on June 10, 2025. |

---

**Item 17. Undertakings**

(1) The
 Registrant agrees that prior to any public reoffering of the securities registered through the use of a prospectus which is
 a part of this registration statement by any person or party who is deemed to be an underwriter within the meaning of Rule
 145(c) of the Securities Act, the reoffering prospectus will contain the information called for by the applicable registration
 form for by the applicable registration form for the reofferings by persons who may be deemed underwriters, in addition to
 the information called for by the other items of the applicable form.

(2) The
 Registrant agrees that every prospectus that is filed under paragraph (1) above will be filed as a part of an amendment to
 the registration statement and will not be used until the amendment is effective, and that, in determining any liability under
 the 1933 Act, each post-effective amendment shall be deemed to be a new registration statement for the securities offered
 therein, and the offering of the securities at that time shall be deemed to be the initial bona fide offering of them.

(3) The
 Registrant agrees to file by PEA the final opinion and consent of counsel regarding the tax consequences of the proposed Reorganization
 required by Item 16 (12) of Form N-14 within a reasonable time after receipt of such opinion.

**SIGNATURES**

Pursuant to the requirements of the Securities Act of 1933, as amended, the Registrant has duly caused this Registration Statement on Form N-14 to be signed on its behalf by the undersigned, duly authorized, in the City of Denver and the State of Colorado, on the 12<sup>th</sup> day of August, 2025.

---

| | |
|:---|:---|
| **ELEVATION SERIES TRUST** | **ELEVATION SERIES TRUST** |
| By: | /s/ Bradley Swenson |
|  | Bradley Swenson |
|  | President |

---

Pursuant to the requirements of the Securities Act of 1933, as amended, this Registration Statement has been signed below by the following persons in the capacities indicated.

---

| | | |
|:---|:---|:---|
| **Signature** | **Title** | **Date** |
| /s/ Bradley Swenson | President, Principal Executive Officer and Trustee | August 12, 2025 |
| Bradley Swenson |  |  |
| /s/ Nicholas Austin | Treasurer and Principal Financial Officer | August 12, 2025 |
| Nicholas Austin | (Principal Accounting Officer) |  |
| /s/ Steve Norgaard | Trustee | August 12, 2025 |
| Steve Norgaard |  |  |
| /s/ Kimberly Storms | Trustee | August 12, 2025 |
| Kimberly Storms |  |  |

---

**Exhibit Index**

[(12)](ex99-12.htm) [Opinion and Consent of Thompson Hine LLP, supporting the tax matters and consequences of securities being issued.](ex99-12.htm)

## Exhibit 99.12

[Elevation Series Trust POS EX](cefz-posex_081225.htm)

**Exhibit 99(12)**

![](ex9912001.jpg)

August 1, 2025

Elevation Series Trust<br> 1700 Broadway<br> Suite 1850<br> Denver, CO 80290

RiverNorth Funds<br> 360 S. Rosemary Avenue<br> Suite 1420<br> West Palm Beach, FL 33401

---

| | |
|:---|:---|
| RE: | AGREEMENT AND PLAN OF REORGANIZATION AND TERMINATION (THE "AGREEMENT"), DATED AS OF JUNE 9, 2025, BY AND AMONG ELEVATION SERIES TRUST (THE "ACQUIRING TRUST"), ON BEHALF OF RIVERNORTH ACTIVE INCOME ETF, A NEW SERIES OF THE ACQUIRING TRUST, (THE "ACQUIRING FUND"); RIVERNORTH FUNDS (THE "ACQUIRED TRUST"), ON BEHALF OF THE RIVERNORTH CORE OPPORTUNITY FUND, A SERIES OF THE ACQUIRED TRUST (THE "TARGET FUND"); TRUEMARK INVESTMENTS, LLC ("TRUEMARK"), as investment adviser to the Acquiring Fund, BUT ONLY FOR PURPOSES OF SECTIONS 4.4, 5.10, 8.8, 9.1, AND 9.2 OF THE AGREEMENT; RIVERNORTH CAPITAL MANAGEMENT, LLC ("RIVERNORTH CAPITAL"), AS INVESTMENT ADVISER TO THE TARGET FUND, BUT ONLY FOR PURPOSES OF SECTIONS 4.5, 6.6, 8.8, 9.1, AND 9.2 OF THE AGREEMENT; AND RIVERNORTH CAPITAL, AS SUB-ADVISER TO THE ACQUIRING FUND, BUT ONLY FOR PURPOSES OF SECTIONS 5.10, 9.1, AND 9.2 OF THE AGREEMENT |

---

Ladies and Gentlemen:

You have requested our opinion with respect to certain of the federal income tax consequences of a proposed transaction consisting of: (i) the transfer of all of the assets of the Target Fund (the "Assets") in exchange solely for voting shares of beneficial interest of the Acquiring Fund (the "Acquiring Fund Shares") and the assumption by the Acquiring Fund of all of the liabilities of the Target Fund (the "Liabilities"); and (ii) the distribution of the Acquiring Fund Shares to the shareholders of the Target Fund in exchange for their shares of beneficial interest of the Target Fund ("Target Fund Shares") in complete liquidation of the Target Fund, all upon the terms and conditions set forth in the Agreement. The Agreement and the transactions contemplated thereunder with respect to the Target Fund and the Acquiring Fund are hereinafter called the "Reorganization". The Acquiring Fund is a newly organized series of Acquiring Trust that has not commenced operations and will not do so until the date of the Reorganization. Pursuant to the Agreement and on or prior to the Closing Date, the Target Fund will (i) redeem any fractional Target Fund Shares at NAV in exchange for a cash payment in lieu thereof and (ii) liquidate with cash Target Fund Shares held through accounts that are not permitted to hold Acquiring Fund Shares. Unless otherwise defined herein, capitalized terms shall have the meanings ascribed to them in the Agreement.

In rendering our opinion, we have reviewed and relied upon: (i) the Agreement; (ii) the Combined Proxy Statement and Prospectus (Form N-14) filed with the Securities and Exchange Commission in connection with the Reorganization (the "Proxy Statement"); (iii) certain representations concerning the Reorganization made to us by the Acquired Trust, on behalf of the Target Fund, and by the Acquiring Trust, on behalf of the Acquiring Fund, in letters of even date herewith (the "Representation Letters"); (iv) all other documents, financial and other reports which we deemed relevant or appropriate; and (v) the Code,<sup>1</sup> applicable Treasury Department regulations in effect as of the date hereof, current published administrative positions of the Internal Revenue Service (the "IRS") contained in revenue rulings and procedures, and such other statutes, regulations, rulings and decisions as we deemed material to the preparation of this opinion letter. For purposes of this opinion, we have assumed that the representations and warranties set forth in the Agreement and the representations made in the Representation Letters are true and correct and that the conditions to the parties' obligations under the Agreement will be satisfied and the parties will comply with their respective covenants thereunder. In rendering our opinion, we have relied on the representations and warranties in the Agreement and the representations in the Representation Letters. To the extent that any of the representations or warranties in the Agreement or any of the representations in either of the Representation Letters are inaccurate, the conclusions set forth herein may also become inaccurate, or may no longer apply.

In formulating our opinion, we have examined originals or copies, identified to our satisfaction, of documents and other instruments that we have deemed necessary or appropriate for purposes of this opinion. In performing such examination, we have assumed the authenticity of all documents submitted to us as copies, the authenticity of the originals of such latter documents, the genuineness of all signatures and the correctness of all representations made therein. We cannot and do not represent that we checked the accuracy or completeness of, or otherwise independently verified, any of the various statements of fact contained in such documents and in documents incorporated by reference therein. We have further assumed that there are no agreements or understandings contemplated therein other than those contained in such documents.

Based upon the foregoing, it is our opinion for federal income tax purposes that, with respect to the Target Fund and the Acquiring Fund, subject to the limitations set forth herein:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Acquiring Fund's acquisition of the Target Fund's Assets in exchange solely for the Acquiring Fund Shares and its assumption of the Liabilities of the Target Fund, followed by the Target Fund's distribution of the Acquiring Fund Shares pro rata to the Target Fund shareholders actually or constructively in exchange for their Target Fund Shares in complete liquidation of the Target Fund, will qualify as a "reorganization" within the meaning of Section 368(a)(1)(F) of the Code, and the Target Fund and the Acquiring Fund each will be a "party to a reorganization" within the meaning of Section 368(b) of the Code.

<sup>1</sup> All references to the "Code" are to the Internal Revenue Code of 1986, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Under Sections 361 and 357(a) of the Code, no gain or loss will be recognized by the Target Fund upon the transfer of the Target Fund's Assets to the Acquiring Fund solely in exchange for the Acquiring Fund Shares and the assumption by the Acquiring Fund of all the Liabilities of the Target Fund or upon the distribution (whether actual or constructive) of the Acquiring Fund Shares to the Target Fund shareholders in exchange for their Target Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Under Section 1032(a) of the Code, no gain or loss will be recognized by the Acquiring Fund upon the receipt of the Assets solely in exchange for the Acquiring Fund Shares and the Acquiring Fund's assumption of the Liabilities of the Target Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Under Section 362(b) of the Code, the adjusted basis in each of the Target Fund's Assets acquired by the Acquiring Fund will be the same as the adjusted basis of such Assets to the Target Fund immediately prior to the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Under Section 1223(2) of the Code, the holding period of each of the Assets of the Target Fund in the hands of the Acquiring Fund will include the period during which those Assets were held by the Target Fund (except where the Acquiring Fund's investment activities have the effect of reducing or eliminating an Asset's holding period).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Under Section 354(a)(1) of the Code, no gain or loss will be recognized by the Target Fund shareholders upon the exchange of their Target Fund Shares solely for the Acquiring Fund Shares in complete liquidation of the Target Fund pursuant to the Reorganization, except with respect to any cash distributed by the Target Fund on or prior to the Reorganization in connection with (i) the redemption of fractional Target Fund Shares, and (ii) the liquidation of Target Fund Shares held through accounts that are not permitted to hold Acquiring Fund Shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) Under Section 358(a)(1) of the Code, the aggregate adjusted basis of the Acquiring Fund Shares received by each Target Fund shareholder pursuant to the Reorganization will be the same as the aggregate adjusted basis of the Target Fund Shares held by such shareholder immediately prior to the Reorganization, after taking into account cash distributed by the Target Fund immediately prior to the Reorganization in connection with the redemption of fractional Target Fund Shares, if any.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Under Section 1223(1) of the Code, the holding period of the Acquiring Fund Shares received by each Target Fund shareholder in the Reorganization will include the period during which the Target Fund Shares exchanged therefor were held by such shareholder, provided the Target Fund Shares were held as capital assets on the date of the Reorganization.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Acquiring Fund will succeed to and take into account the items of the Target Fund described in Section 381(c) of the Code. In particular, under Treasury Regulations § 1.381(b)-1(a)(2), the Acquiring Fund will be treated for purposes of section 381 of the Code just as the Target Fund would have been treated if there had been no Reorganization, the tax attributes of the Target Fund enumerated in Section 381(c) of the Code shall be taken into account by the Acquiring Fund as if there had been no Reorganization, and the taxable year of the Target Fund will not end on the date of the Reorganization merely because of the closing of the Reorganization.

This opinion letter expresses our views only as to U.S. federal income tax laws in effect as of the date hereof. Our opinions represent our best legal judgment as to the matters addressed herein, but are not binding upon the IRS or the courts, and there is no guarantee that the IRS will not assert positions contrary to the ones taken in this opinion. We disclaim any obligation to make any continuing analysis of the facts or relevant law following the date of this opinion letter.

Our opinions are provided solely to you as a legal opinion only, and not as a guaranty or warranty, and are limited to the specific transactions and matters described above. No opinion may be implied or inferred beyond what is expressly stated in this letter. We express no opinion with respect to any matter not specifically addressed by the foregoing opinions. By way of illustration, and without limitation of the foregoing, we express no opinion regarding: (1) the effect of the Reorganization on the Target Fund or the corresponding Acquiring Fund with respect to any stock held in a passive foreign investment company as defined in Section 1297(a) of the Code; (2) the effect of the Reorganization on any transferred asset as to which any unrealized gain or loss is required to be recognized under U.S. federal income tax principles upon the transfer of such asset regardless of whether such transfer would otherwise be a non-recognition transaction; (3) whether either the Target Fund or the Acquiring Fund qualifies or will qualify as a regulated investment company; (4) the federal income tax consequences of the payment of Reorganization expenses by RiverNorth Capital, except in relation to the qualification of the Reorganization as a reorganization under Section 368(a) of the Code; (5) whether any federal income tax will be imposed or required to be withheld under the Foreign Investment in Real Property Tax Act of 1980 with respect to any Target Fund shareholder that is a foreign person; (6) the effect of the Reorganization on the Target Fund with respect to any transferred asset as to which unrealized gain or loss is required to be recognized for federal income tax purposes under a mark-to-market system of accounting (including under Section 1256 of the Code); (7) the effect of the Reorganization on any shareholder of the Target Fund that is required to recognize unrealized gains or losses for federal income tax purposes under a mark-to-market system of accounting; (8) whether accrued market discount, if any, on any market discount bonds held by the Target Fund will be required to be recognized as ordinary income under Section 1276 of the Code as a result of the Reorganization; or (9) any other U.S. federal tax issues (except those set forth above) and all state, local or foreign tax issues of any kind.

Our opinions are being rendered to the Acquiring Trust and the Acquired Trust and their respective Boards of Trustees, and may be relied upon only by the Acquiring Trust and the Acquired Trust and their respective Boards of Trustees and by the shareholders of the Target Fund, it being understood that we are not thereby establishing any attorney-client relationship with any shareholder of the Target Fund. The Acquired Trust, the Target Fund, the Acquiring Trust, the Acquiring Fund and the shareholders of the Target Fund and the Acquiring Fund are free to disclose the tax treatment or tax structure of any of the transactions described herein.

We hereby consent to the filing of this opinion as an exhibit to the Proxy Statement and to the use of our name and to any reference to our firm in the Proxy Statement. In giving such consent, we do not hereby admit that we are within the category of person whose consent is required under Section 7 of the Securities Act of 1933, as amended, or the rules and regulations of the Securities and Exchange Commission thereunder.

Very truly yours,

![](ex9912002.jpg)

Thompson Hine LLP