RiverNorth Core Opportunity Fund
Class I: RNCIX
Class R: RNCOX
Net Asset Value (NAV)
Fact Sheet, Prospectus & Annual Report
Investment Objective & Philosophy
Investment Strategy
Investment Rationale
Fund Information
Portfolio Detail
Performance
Fund Expenses
Risk-Return Tradeoff
Portfolio Managers
Distributions
Disclosures & Definitions
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RiverNorth Core Opportunity Fund

Class I: RNCIX
Class R: RNCOX
Net Asset Value
Fact Sheet, Prospectus & Annual Report
Investment Objective & Philosophy
Investment Strategy
Investment Rationale
Fund Information
Portfolio Detail
Performance
Fund Expenses
Risk-Return Tradeoff
Portfolio Managers
Distributions
Disclosures & Definitions

Net Asset Value as of 2.21.2017

Share Class Current NAV Daily Change % YTD Change %
Class I: RNCIX $11.81 0.25% 5.26%
Class R: RNCOX $11.80 0.25% 5.17%

Fact Sheet, Prospectus & Annual Report

Investment Objective & Philosophy

  • The RiverNorth Core Opportunity Fund seeks to provide investors with long-term capital appreciation and income.
  • RiverNorth primarily allocates the Fund's assets among closed-end funds, exchange-traded funds and cash.
  • While RiverNorth believes markets are generally efficient, closed-end funds offer a unique structure whereby investors can purchase a diversified fund and potentially generate additional return through the change in the relationship between the closed-end fund's market price and Net Asset Value (NAV)1.

Diversification does not ensure a profit or guarantee against loss.

Investment Strategy

  • Primarily invests in closed-end funds and exchange-traded funds that invest in both equity and fixed income securities
  • Opportunistically utilizes a combination of short-term and long-term trading strategies to seek to derive value from changes in discounts and premiums associated with closed-end funds
  • Employs both a quantitative and qualitative approach
  • Utilizes proprietary screening and trading models

Investment Rationale

  • Fund provides beta3 exposure to both equity and fixed income asset classes with the potential ability to generate alpha3 through changes in closed-end fund discounts/premiums
  • Opportunistic strategy designed to capitalize on the inefficiencies within the closed-end fund space
  • Experienced and proven managers
  • Tactically managed asset allocation
  • Flexibility to respond to market dynamics

Fund Information

  • Benchmarks: S&P 500 Total Return Index, Blend Index
  • Fund Assets: $614M as of 1.31.2017
  • No sales load
  • Income Distributions: Quarterly*
  • Capital Gains Distributions: Annually
  • RNCOX Inception Date: 12.27.2006
  • RNCIX Inception Date: 8.11.2014

* Prior to 6.30.2015, the Fund distributed dividends annually.

Fund Information Class I (Institutional) Class R (Retail)
NASDAQ Symbol RNCIX RNCOX
CUSIP Number 76881N889 76881N103
Minimum Initial Investment $5,000,000 $5,000
Minimum IRA Investment $5,000,000 $1,000
Status Open Open

Portfolio Detail as of 1.31.2017

Portfolio asset allocations are estimates made by the adviser and are subject to change.

Asset Class Allocation
Asset Class Allocation
Fixed Income 42%
Domestic Equity 38%
Cash & Cash Equivalents 19%
International Equity 14%
Hybrid Investments 5%
Fixed Income 42%
Domestic Equity 38%
Cash & Cash Equivalents 19%
International Equity 14%
Hybrid Investments 5%

The allocation does not add up to 100% as it reflects the estimated leverage utilized by the underlying funds and the effects of a total return swap.

Investment Vehicle Allocation
Asset Class Allocation
Closed-End Funds (CEFs) 73%
Cash & Cash Equivalents 16%
Exchange-Traded Funds (ETFs) 10%
Business Dev. Companies (BDCs) 1%
Closed-End Funds (CEFs) 73%
Cash & Cash Equivalents 16%
Exchange-Traded Funds (ETFs) 10%
Business Dev. Companies (BDCs) 1%
Equity Capitalization Allocation
Asset Class Allocation
Large Cap 62%
Mid Cap 21%
Small Cap 17%
Large Cap 62%
Mid Cap 21%
Small Cap 17%
Fixed Income Allocation
Asset Class Allocation
High Yield 56%
Investment Grade 44%
High Yield 56%
Investment Grade 44%

Portfolio Statistics as of 1.31.2017

RNCIX RNCOX
30-Day SEC Yield (net)4 4.35% 4.10%

Performance

Total Returns for the Period Ending 12.31.2016

RiverNorth Core Opportunity Fund, Class I
2016 Q4 0.90%
1 Year 12.46%
3 Year - -
5 Year - -
Since Inception†* (RNCIX) 2.77%
RiverNorth Core Opportunity Fund, Class R
2016 Q4 0.83%
1 Year 12.17%
3 Year 3.91%
5 Year 8.20%
Since Inception†* (RNCOX) 7.26%
S&P 500 Total Return Index2
2016 Q4 3.82%
1 Year 11.96%
3 Year 8.87%
5 Year 14.66%
Since Inception†* (RNCIX) 8.54%
Since Inception†* (RNCOX) 6.87%
Blend Index2
2016 Q4 1.10%
1 Year 8.31%
3 Year 6.66%
5 Year 9.69%
Since Inception†* (RNCIX) 6.08%
Since Inception†* (RNCOX) 6.16%
  2016 Q4 1 Year 3 Year 5 Year Since Inception†* (RNCOX) Since Inception* (RNCIX)
RiverNorth Core Opportunity Fund, Class I 0.90% 12.46% - - - - - - 2.77%
RiverNorth Core Opportunity Fund, Class R 0.83% 12.17% 3.91% 8.20% 7.26% - -
S&P 500 Total Return Index2 3.82% 11.96% 8.87% 14.66% 6.87% 8.54%
Blend Index2 1.10% 8.31% 6.66% 9.69% 6.16% 6.08%

Total Returns for the Period Ending 1.31.2017

  January 1 Year 3 Year 5 Year 10 Year Since Inception†* (RNCOX) Since Inception†* (RNCIX)
RiverNorth Core Opportunity Fund, Class I 3.03% 22.53% - - - - - - - - 3.92%
RiverNorth Core Opportunity Fund, Class R 3.03% 22.21% 5.43% 7.54% 7.52% 7.51% - -
S&P 500 Total Return Index2 1.90% 20.04% 10.85% 14.09% 6.99% 7.01% 9.06%
Blend Index2 1.22% 12.35% 7.63% 9.30% 6.25% 6.23% 6.38%

Performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling (888) 848-7569. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions.

* RNCOX Inception Date: 12.27.2006, RNCIX Inception Date: 8.11.2014

Average Annual

Fund Expenses

Fund Expenses RNCIX RNCOX
Annual Report Expense Ratio 1.11% 1.36%
Total Expense Ratio 2.56% 2.81%

The expense ratio as disclosed in the Fund's annual report dated 9.30.2016 only includes the direct expenses paid by shareholders from their investment. The expense ratio as disclosed in the Fund's prospectus dated 1.28.2017 is required to include the indirect expenses of investing in underlying funds.

Risk/Return Tradeoff

As of 12.31.2016 (Since Inception*)

* Inception date: 12.27.2006

Past performance does not guarantee future results. Source: RiverNorth Capital Management, LLC.

Portfolio Managers

Patrick Galley, CFA

Patrick joined RiverNorth in 2004 and serves as Chief Investment Officer and Portfolio Manager. Patrick heads the firm's investment team and oversees all portfolio management activities at RiverNorth.

Read full bio »

Steve O'Neill, CFA

Steve joined RiverNorth in 2007 and serves as Portfolio Manager. Steve co-manages the firm's closed-end fund trading strategies and helps to oversee the firm's closed-end fund investment analysts.

Read full bio »

Distributions

Class I: RNCIX
Record Date Ex-Date Payable
Date
Income Short Term
Gains
Long Term
Gains
Total Distributions
03.29.16 03.30.16 03.31.16 $0.09686 $0.00000 $0.00000 $0.09686
06.28.16 06.29.16 06.30.16 $0.12710 $0.00000 $0.00000 $0.12710
09.28.16 09.29.16 09.30.16 $0.11931 $0.00000 $0.00000 $0.11931
12.28.16 12.29.16 12.30.16 $0.20090 $0.00000 $0.00000 $0.20090
03.29.17 03.30.17 03.31.17 - - - - - - - -
06.28.17 06.29.17 06.30.17 - - - - - - - -
09.27.17 09.28.17 09.29.17 - - - - - - - -
12.27.17 12.28.17 12.29.17 - - - - - - - -
Class R: RNCOX
Record Date Ex-Date Payable
Date
Income Short Term
Gains
Long Term
Gains
Total Distributions
03.29.16 03.30.16 03.31.16 $0.09054 $0.00000 $0.00000 $0.09054
06.28.16 06.29.16 06.30.16 $0.11999 $0.00000 $0.00000 $0.11999
09.28.16 09.29.16 09.30.16 $0.11209 $0.00000 $0.00000 $0.11209
12.28.16 12.29.16 12.30.16 $0.19310 $0.00000 $0.00000 $0.19310
03.29.17 03.30.17 03.31.17 - - - - - - - -
06.28.17 06.29.17 06.30.17 - - - - - - - -
09.27.17 09.28.17 09.29.17 - - - - - - - -
12.27.17 12.28.17 12.29.17 - - - - - - - -

Disclosures & Definitions

More detailed information regarding these risks can be found in the Fund's prospectus.

Fund Risks: Borrowing Risk – borrowings increase fund expenses and are subject to repayment, possibly at inopportune times. Closed-End Fund Risk – closed-end funds are exchange traded, may trade at a discount to their net asset values and may deploy leverage. Derivatives Risk – derivatives are subject to counterparty risk. Equity Risk – equity securities may experience volatility and the value of equity securities may move in opposite directions from each other and from other equity markets generally. Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Exchange Traded Note Risk – exchange traded notes represent unsecured debt of the issuer and may be influenced by interest rates, credit ratings of the issuer or changes in value of the reference index. Fixed Income Risk – the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default. Foreign/Emerging Market Risk – foreign securities may be subject to inefficient or volatile markets, different regulatory regimes or different tax policies. These risks may be enhanced in emerging markets. Investment Style Risk – investment strategies may come in and out of favor with investors and may underperform or outperform at times. Management Risk – there is no guarantee that the adviser's investment decisions will produce the desired results. Large Shareholder Purchase and Redemption Risk – The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Market Risk – economic conditions, interest rates and political events may affect the securities markets. Preferred Stock Risk – preferred stocks generally pay dividends, but may be less liquid than common stocks, have less priority than debt instruments and may be subject to redemption by the issuer. REIT Risk – the value of REITs changes with the value of the underlying properties and changes in interest rates and are subject to additional fees. Security Risk – The value of the Fund may decrease in response to the activities and financial prospects of individual securities in the Fund's portfolio. Short Sale Risk – short positions are speculative, are subject to transaction costs and are riskier than long positions in securities. Small-Cap Risk – small-cap companies are more susceptible to failure, are often thinly traded and have more volatile stock prices. Structured Notes Risk – because of the embedded derivative feature, structured notes are subject to more risk than investing in a simple note or bond. Swap Risk – swap agreements are subject to counterparty default risk and may not perform as intended. Tax Risk – new federal or state governmental action could adversely affect the tax-exempt status of securities held by the Fund, resulting in higher tax liability for shareholders and potentially hurting Fund performance as well. Underlying Fund Risk – underlying funds have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values.

ALPS Distributors, Inc. is not affiliated with RiverNorth Capital Management, LLC.

CFA® is a trademark owned by the CFA Institute.

Past performance is no guarantee of future results. Diversification does not ensure a profit or a guarantee against loss.

1 The price at which a closed-end fund trades often varies from its NAV. Some funds have market prices below their net asset values - referred to as a discount. Conversely, some funds have market prices above their net asset values - referred to as a premium.

2 Blend Index consists of 60% S&P 500 Total Return Index and 40% Barclays Capital U.S. Aggregate Bond Index. S&P 500 Index is a capitalization-weighted index of 500 stocks. The index is designed to measure performance of the broad domestic economy based on the changing aggregate market value of these 500 stocks. The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index of investment-grade fixed-rate debt issues with maturities of at least one year. This unmanaged index does not reflect fees and expenses. The S&P 500 and Blend Indices are indices only and cannot be invested in directly.

3 Standard Deviation is a measure of the volatility of a fund's returns. Beta reflects the sensitivity of a fund's return to fluctuations in the market index. A beta of 0.5 reflects half of the market's volatility as represented by the Fund's primary benchmark, while a beta of 2.0 reflects twice the volatility. Alpha is a measure of performance on a risk-adjusted basis. The excess return of a fund relative to the return of the benchmark index is a fund's alpha.

4 30-Day SEC Yield: The yield figure reflects the dividends and interest earned during the period, after the deduction of the Fund's expenses.

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