Taxable CEF Index

About the Taxable CEF Index
Performance
Index Returns
Average Discount
Asset Class Weightings
Constituents
Disclosures

About the Index

The RiverNorth Closed-End Fund ("CEF") Index is an equal weighted index of 75 taxable closed-end funds. The rules-based index has two objectives: 1) to ensure the index constituents provide asset class exposures similar to the broader taxable closed-end fund market, and, 2) to ensure the index constituents have trading liquidity. To accomplish these objectives, the RiverNorth methodology weights the asset classes based on their respective net asset values within the taxable closed-end fund market and second, selects the most liquid closed-end funds within each asset class, and equally weights each security to represent the asset class in the index. The index is rebalanced annually on June 30th.

For more information: info@rivernorth.com

Performance As of 5.31.17

1 Month 3 Month YTD 1 Year 3 Year Weighted
Average
Discount
RiverNorth Taxable CEF Index (Price) Performance 0.75% 3.86% 11.68% 19.45% 4.36% -3.37%
RiverNorth Taxable CEF Index (NAV) Performance 0.71% 2.40% 7.25% 14.45% 3.03% - -
RiverNorth Taxable CEF Index (Price) Performance
1 Month 0.75%
3 Month 3.86%
1 Year 19.45%
3 Year 4.36%
Weighted Average Discount -3.37%
RiverNorth Taxable CEF Index (NAV) Performance
1 Month 0.71%
3 Month 2.40%
1 Year 14.45%
3 Year 3.03%

Index Returns as of 5.31.17

Average Discount1 as of 5.31.17

Asset Class Weightings as of 5.31.17

Asset Class Allocation
Specialized Equity 13.94%
Multi-Sector Bonds 11.02%
Covered Call 10.81%
Domestic Equity 8.55%
High Yield 7.75%
Global Equity 6.90%
Bank Loans 6.70%
Preferreds 6.44%
Hybrid Investments 5.75%
International Equity 5.61%
Investment Grade (IG) 4.14%
Global Income 3.78%
Real Estate 3.44%
Government & Agency 2.44%
Convertibles 1.43%
Emerging Income 1.29%
Specialized Equity 13.94%
Multi-Sector Bonds 11.02%
Covered Call 10.81%
Domestic Equity 8.55%
High Yield 7.75%
Global Equity 6.90%
Bank Loans 6.70%
Preferreds 6.44%
Hybrid Investments 5.75%
International Equity 5.61%
Investment Grade (IG) 4.14%
Global Income 3.78%
Real Estate 3.44%
Government & Agency 2.44%
Convertibles 1.43%
Emerging Income 1.29%

Constituents as of 5.31.17

SymbolWeightingFund Name
CHW 1.52%Calamos Global Dynamic Income
CET 1.51%Central Securities Corporation
PCI 1.50%PIMCO Dynamic Credit Income
CGO 1.49%Calamos Global Total Return
PTY 1.48%PIMCO Corporate & Income Opps
AOD 1.48%Alpine Total Dynamic Dividend
CSQ 1.47%Calamos Strategic Total Return
IIF 1.46%MS India Investment
ASG 1.45%Liberty All-Star Growth
ETG 1.44%EV Tax Adv Global Dividend Inc
NCV 1.44%AGIC Convertible & Income
CHI 1.44%Calamos Convertible Opps & Inc
FSD 1.43%First Trust High Inc Long/Shrt
AVK 1.43%Advent Claymore Conv & Income
CLM 1.42%Cornerstone Strategic Value
PDI 1.42%PIMCO Dynamic Income Fund
CRF 1.41%Cornerstone Total Return
TDF 1.41%Templeton Dragon Fund
CHY 1.40%Calamos Convertible & High
ETW 1.40%EV Tax-Managed Glb B-W Opps
PCN 1.40%PIMCO Corporate & Income Strgy
DSL 1.39%DoubleLine Income Solutions Fu
BGB 1.39%Blackstone/GSO Strategic Cred
IGD 1.39%Voya Glb Eqty Div & Prem Opps
BIF 1.38%Boulder Growth & Income
ADX 1.38%Adams Express
GDV 1.37%Gabelli Dividend & Income
NML 1.37%Neuberger Berman MLP Income Fu
IFN 1.37%India Fund Inc
BOE 1.37%BlackRock Global Opportunities
CAF 1.37%MS China A Share
ETY 1.37%EV Tax-Managed Div Equity Inc
JPS 1.35%Nuveen Quality Preferred Inc 2
VVR 1.35%Invesco Senior Income
VTA 1.35%Invesco VK Dynamic Cred Opps
UTF 1.35%Cohen & Steers Infrastructure
BDJ 1.34%BlackRock Enhanced Equity Div
EXG 1.34%EV Tax-Managed Global Fund
LDP 1.33%Cohen & Steers Ltd Dur Prf&Inc
BCX 1.33%BlackRock Resources & Commdty
NFJ 1.32%AllianzGI NFJ Div Int & Prem
PPT 1.32%Putnam Premier Income
EVT 1.32%EV Tax Advantaged Dividend Inc
HYT 1.32%BlackRock Corp High Yield
JQC 1.32%Nuveen Credit Strat. Income
HIX 1.31%Western Asset High Inc Fund II
HTD 1.30%JH Tax-Advantaged Dividend Inc
FMO 1.30%Fid/Claymore MLP Opportunity
EDD 1.29%MS Emerging Markets Domestic
ETV 1.29%EV Tax-Managed Buy-Write Opps
NTG 1.28%Tortoise MLP Fund
FPF 1.28%First Trust Inter Dur Pref & I
PPR 1.27%Voya Prime Rate Trust
TYG 1.27%Tortoise Energy Infrastructure
EVV 1.27%EV Limited Duration Income
DCA 1.27%Virtus Total Return Fund
HQH 1.26%H&Q Healthcare Investors
JPC 1.26%Nuveen Pref Income Opps Fund
FEI 1.26%First Trust MLP and Energy Inc
HTR 1.26%Brookfield Total Return Fund
GHY 1.25%Prudential Global Short Dur Hi
BTZ 1.25%BlackRock Credit Alloc Income
FAX 1.24%Aberdeen Asia-Pacific Income
AWF 1.24%AllianceBernstein Glb High Inc
CEM 1.23%ClearBridge Energy MLP
FFC 1.23%Flah&Crum Pref Secs
GIM 1.22%Templeton Global Income
ISD 1.21%Prudential Sht Duration Hi Yld
RNP 1.21%Cohen & Steers REIT & Pref
KYN 1.18%Kayne Anderson MLP
WIW 1.18%Western/Claymore Infl-Lnk Opps
PHK 1.17%PIMCO High Income Fund
IGR 1.13%CBRE Clarion Global Real Est I
GGN 1.12%GAMCO Glb Gold Natural Res&Inc
RQI 1.10%Cohen & Steers Qty Inc Realty

Disclosures

The index was created and developed by RiverNorth Capital Management, LLC. RiverNorth does not guarantee the accuracy or the completeness of the index or any data included therein and RiverNorth shall have no liability for any errors, omissions or interruptions therein. RiverNorth makes no warranty, express or implied, as to results to be obtained by any person or entity from the use of the index or any data included therein. RiverNorth makes no express or implied warranties, and expressly disclaims all warranties of merchantability or fitness for a particular purpose or use with respect to the index or any data included therein. Without limiting any of the foregoing, in no event shall RiverNorth have any liability for any special, punitive, direct, indirect or consequential damages (including lost profits) arising out of matters relating to the use of the index, even if notified of the possibility of such damages.

The historical values above have not been verified by an independent third party. The historical performance data is for illustrative purposes only and does not represent the actual performance of any investment product. No representation is being made that any investment will achieve performance similar to that shown. The index does not charge management fees or brokerage expenses, and no such fees or expenses were deducted from the historical performance shown. The index is unmanaged and an investor cannot invest directly in the index.

Performance information for the index is for illustrative purposes only and does not represent the performance of any actual investment. The historical performance of the price and NAV of the index should not be taken as an indication of future performance, and no assurance can be given as to the index's value on any date. The data for the historical performance of the index was calculated on materially the same basis on which the performance of the index is now calculated.

1 Discounts are the result of a closed-end fund’s market price deviating from its Net Asset Value (NAV).

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