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 3.31.17

1 Month 3 Month 1 Year 3 Year Weighted
Average
Discount
RiverNorth Taxable CEF Index (Price) Performance 0.21% 7.75% 21.36% 4.61% -5.07%
RiverNorth Taxable CEF Index (NAV) Performance 0.56% 5.33% 17.40% 3.58% - -
RiverNorth Taxable CEF Index (Price) Performance
1 Month 0.21%
3 Month 7.75%
1 Year 21.36%
3 Year 4.61%
Weighted Average Discount -5.07%
RiverNorth Taxable CEF Index (NAV) Performance
1 Month 0.56%
3 Month 5.33%
1 Year 17.40%
3 Year 3.58%

Index Returns as of 3.31.17

Average Discount1 as of 3.31.17

Asset Class Weightings as of 3.31.17

Asset Class Allocation
Specialized Equity 14.87%
Multi-Sector Bonds 10.96%
Covered Call 10.65%
Domestic Equity 8.41%
High Yield 7.77%
Bank Loans 6.80%
Global Equity 6.73%
Preferreds 6.26%
International Equity 5.51%
Hybrid Investments 5.50%
Investment Grade (IG) 4.06%
Global Income 3.93%
Real Estate 3.44%
Government & Agency 2.47%
Convertibles 1.41%
Emerging Income 1.25%
Specialized Equity 14.87%
Multi-Sector Bonds 10.96%
Covered Call 10.65%
Domestic Equity 8.41%
High Yield 7.77%
Bank Loans 6.80%
Global Equity 6.73%
Preferreds 6.26%
International Equity 5.51%
Hybrid Investments 5.50%
Investment Grade (IG) 4.06%
Global Income 3.93%
Real Estate 3.44%
Government & Agency 2.47%
Convertibles 1.41%
Emerging Income 1.25%

Constituents as of 3.31.17

SymbolWeightingFund Name
CET 1.50%Central Securities Corporation
NML 1.49%Neuberger Berman MLP Income Fu
PCI 1.47%PIMCO Dynamic Credit Income
FMO 1.46%Fid/Claymore MLP Opportunity
PTY 1.45%PIMCO Corporate & Income Opps
IIF 1.44%MS India Investment
CSQ 1.44%Calamos Strategic Total Return
CHI 1.44%Calamos Convertible Opps & Inc
AOD 1.44%Alpine Total Dynamic Dividend
CHW 1.43%Calamos Global Dynamic Income
NTG 1.42%Tortoise MLP Fund
NCV 1.42%AGIC Convertible & Income
TYG 1.42%Tortoise Energy Infrastructure
ASG 1.41%Liberty All-Star Growth
CGO 1.41%Calamos Global Total Return
AVK 1.41%Advent Claymore Conv & Income
TDF 1.41%Templeton Dragon Fund
BIF 1.40%Boulder Growth & Income
PDI 1.40%PIMCO Dynamic Income Fund
FSD 1.40%First Trust High Inc Long/Shrt
BCX 1.39%BlackRock Resources & Commdty
PPT 1.39%Putnam Premier Income
DSL 1.39%DoubleLine Income Solutions Fu
VTA 1.39%Invesco VK Dynamic Cred Opps
BGB 1.39%Blackstone/GSO Strategic Cred
ADX 1.38%Adams Express
CHY 1.38%Calamos Convertible & High
IGD 1.37%Voya Glb Eqty Div & Prem Opps
CLM 1.37%Cornerstone Strategic Value
VVR 1.37%Invesco Senior Income
ETG 1.37%EV Tax Adv Global Dividend Inc
CRF 1.36%Cornerstone Total Return
PCN 1.36%PIMCO Corporate & Income Strgy
GDV 1.36%Gabelli Dividend & Income
BDJ 1.35%BlackRock Enhanced Equity Div
ETW 1.35%EV Tax-Managed Glb B-W Opps
ETY 1.35%EV Tax-Managed Div Equity Inc
IFN 1.34%India Fund Inc
JQC 1.34%Nuveen Credit Strat. Income
NFJ 1.33%AllianzGI NFJ Div Int & Prem
KYN 1.33%Kayne Anderson MLP
CAF 1.33%MS China A Share
CEM 1.33%ClearBridge Energy MLP
EVT 1.32%EV Tax Advantaged Dividend Inc
HYT 1.32%BlackRock Corp High Yield
HIX 1.32%Western Asset High Inc Fund II
FEI 1.32%First Trust MLP and Energy Inc
LDP 1.31%Cohen & Steers Ltd Dur Prf&Inc
BOE 1.31%BlackRock Global Opportunities
ETV 1.31%EV Tax-Managed Buy-Write Opps
JPS 1.30%Nuveen Quality Preferred Inc 2
PPR 1.30%Voya Prime Rate Trust
UTF 1.29%Cohen & Steers Infrastructure
EVV 1.29%EV Limited Duration Income
HQH 1.29%H&Q Healthcare Investors
EXG 1.28%EV Tax-Managed Global Fund
GIM 1.28%Templeton Global Income
BTZ 1.26%BlackRock Credit Alloc Income
FAX 1.26%Aberdeen Asia-Pacific Income
AWF 1.26%AllianceBernstein Glb High Inc
EDD 1.25%MS Emerging Markets Domestic
GHY 1.25%Prudential Global Short Dur Hi
HTR 1.25%Brookfield Total Return Fund
HTD 1.24%JH Tax-Advantaged Dividend Inc
FPF 1.23%First Trust Inter Dur Pref & I
JPC 1.23%Nuveen Pref Income Opps Fund
WIW 1.22%Western/Claymore Infl-Lnk Opps
DCA 1.22%Virtus Total Return Fund
ISD 1.22%Prudential Sht Duration Hi Yld
FFC 1.19%Flah&Crum Pref Secs
RNP 1.18%Cohen & Steers REIT & Pref
PHK 1.17%PIMCO High Income Fund
IGR 1.14%CBRE Clarion Global Real Est I
RQI 1.12%Cohen & Steers Qty Inc Realty
GGN 1.12%GAMCO Glb Gold Natural Res&Inc

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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