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 first 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: cefindex@rivernorth.com

Performance As of 09/30/2014

1 Month3 MonthYTD1 Year3 YearWeighted Average Discount
RiverNorth Taxable CEF Index (Price) Performance-3.15%-2.44%7.70%12.47%13.84%-6.78%
RiverNorth Taxable CEF Index (Nav) Performance-2.40%-0.97%8.24%13.24%14.50% 

Index Returns1 As of 09/30/2014

Average Discount As of 09/30/2014

Asset Class Weightings As of 09/30/2014

20.36% Specialized Equity
10.66% Covered Call
10.46% Multi-Sector Bonds
7.84% Bank Loans
6.56% High Yield
6.46% US Equity
5.73% Non-US Equity
5.38% Global Equity
5.37% Preferreds
5.30% Hybrid
4.11% Govt and Agency
4.02% Global Income
2.61% Investment Grade
2.59% Real Estate
2.53% Emerging Income

Constituents As of 09/30/2014

CAF1.51%MS China A Share
HQH1.50%H&Q Healthcare Investors
NML1.49%Neuberger Berman MLP Income Fu
IFN1.47%India Fund Inc
KYN1.44%Kayne Anderson MLP
TDF1.39%Templeton Dragon Fund
NBB1.38%Nuveen Build America Bond
MIE1.38%Cohen & Steers MLP Inc&Energy
JMF1.38%Nuveen Energy MLP Total Return
ACG1.38%AllianceBernstein Income Fund
CLM1.38%Cornerstone Strategic Value
FEI1.38%First Trust MLP and Energy Inc
FFC1.38%Flah&Crum Pref Secs
FMO1.37%Fid/Claymore MLP Opportunity
KYE1.37%Kayne Anderson Energy TR
PPT1.37%Putnam Premier Income
MXF1.36%Mexico Fund
NFJ1.36%AllianzGI NFJ Div Int & Prem
ETY1.36%EV Tax-Managed Div Equity Inc
EVT1.36%EV Tax Advantaged Dividend Inc
CSQ1.36%Calamos Strategic Total Return
CBA1.36%ClearBridge Amer Energy MLP
BTZ1.35%BlackRock Credit Alloc Income
BBN1.35%BlackRock Build America Bond
ETG1.35%EV Tax Adv Global Dividend Inc
GDV1.35%Gabelli Dividend & Income
NTG1.35%Tortoise MLP Fund
TYG1.35%Tortoise Energy Infrastructure
USA1.35%Liberty All-Star Equity
IGD1.35%Voya Glb Eqty Div & Prem Opps
EXG1.35%EV Tax-Managed Global Fund
HYT1.34%BlackRock Corp High Yield
JPS1.34%Nuveen Quality Preferred Inc 2
EFT1.34%EV Floating Rate Income
DNP1.34%DNP Select Income
DSL1.34%DoubleLine Income Solutions Fu
BDJ1.34%BlackRock Enhanced Equity Div
BIT1.34%BlackRock Multi-Sector Income
CHY1.34%Calamos Convertible & High
AOD1.33%Alpine Total Dynamic Dividend
ETW1.33%EV Tax-Managed Glb B-W Opps
MIN1.33%MFS Intermediate Income
HIX1.33%Western Asset High Inc Fund II
GIM1.33%Templeton Global Income
VTA1.33%Invesco VK Dynamic Cred Opps
VVR1.32%Invesco Senior Income
PPR1.32%Voya Prime Rate Trust
JPC1.32%Nuveen Pref Income Opps Fund
JQC1.32%Nuveen Credit Strat. Income
PCI1.32%PIMCO Dynamic Credit Income
FPF1.32%First Trust Inter Dur Pref & I
AWF1.32%AllianceBernstein Glb High Inc
CHW1.32%Calamos Global Dynamic Income
BGB1.31%Blackstone/GSO Strategic Cred
UTF1.31%Cohen & Steers Infrastructure
RQI1.31%Cohen & Steers Qty Inc Realty
ISD1.30%Prudential Sht Duration Hi Yld
BOE1.30%BlackRock Global Opportunities
EVV1.30%EV Limited Duration Income
ESD1.30%Western Asset Emerg Mkts Debt
CEM1.29%ClearBridge Energy MLP
CFP1.29%Cornerstone Progressive Return
PDI1.29%PIMCO Dynamic Income Fund
GLO1.28%Clough Global Opportunities
GHY1.28%Prudential Global Short Dur Hi
IGR1.28%CBRE Clarion Global Real Est I
RVT1.26%Royce Value Trust
PTY1.26%PIMCO Corporate & Income Opps
BGY1.26%BlackRock Intern'l Grth & Inc
EDD1.24%MS Emerging Markets Domestic
BGR1.22%BlackRock Energy & Resources
PHK1.22%PIMCO High Income Fund
NHF1.22%NexPoint Credit Strategies Fun
GGN1.18%GAMCO Glb Gold Natural Res&Inc
GAB1.18%Gabelli Equity Trust

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.