About the Index

The RiverNorth Municipal Closed-End Fund ("CEF") Index is an equal weighted index of 50 national municipal closed-end funds. The rules-based index has two objectives: 1) to ensure the index constituents reflect the national municipal closed-end fund market as a whole, and, 2) to ensure the index constituents have trading liquidity. To accomplish these objectives, the RiverNorth methodology selects the 50 most liquid national municipal closed-end funds and equally weights each security in the index. The index is rebalanced annually on June 30th.

For more information: info@rivernorth.com

See also: Taxable CEF Index

Performance as of 12.31.2022

Index Returns as of 12.31.2022

Average Discount¹ as of 12.31.2022

Constituents as of 12.31.2022

Symbol	Weighting	Fund Name
NXP	2.17%	Nuveen Select Tax-Free Income Portfolio
NID	2.15%	Nuveen Intermediate Duration Municipal Term Fund
PCK	2.13%	PIMCO California Municipal Income Fund II
VKQ	2.09%	Invesco Municipal Trust
OIA	2.08%	Invesco Municipal Income Opportunities Trust
EIM	2.08%	Eaton Vance Municipal Bond Fund
NEA	2.07%	Nuveen AMT-Free Quality Municipal Income Fund
NZF	2.06%	Nuveen Municipal Credit Income Fund
MYI	2.06%	BlackRock MuniYield Quality Fund III, Inc.
VMO	2.06%	Invesco Municipal Opportunity Trust
MHD	2.05%	BlackRock MuniHoldings Fund, Inc.
NUV	2.05%	Nuveen Municipal Value Fund, Inc.
VGM	2.05%	Invesco Trust for Investment Grade Municipals
PMM	2.04%	Putnam Managed Municipal Income Trust
NKX	2.04%	Nuveen California AMT-Free Quality Municipal Income Fund
BTT	2.04%	BlackRock Municipal 2030 Target Term Trust
MUI	2.04%	BlackRock Municipal Income Fund, Inc.
MMU	2.04%	Western Asset Managed Municipals Fund Inc.
PMX	2.04%	PIMCO Municipal Income Fund III
MFM	2.03%	MFS Municipal Income Trust
NAD	2.03%	Nuveen Quality Municipal Income Fund
RFMZ	2.02%	RiverNorth Flexible Municipal Income Fund II, Inc.
MVF	2.02%	BlackRock MuniVest Fund, Inc.
IIM	2.01%	Invesco Value Municipal Income Trust
BFK	2.01%	BlackRock Municipal Income Trust
BLE	2.01%	BlackRock Municipal Income Trust II
MYD	2.00%	BlackRock MuniYield Fund, Inc.
CMU	2.00%	MFS High Yield Municipal Trust
DSM	2.00%	BNY Mellon Strategic Municipal Bond Fund, Inc.
LEO	1.99%	BNY Mellon Strategic Municipals, Inc.
NRK	1.99%	Nuveen New York AMT-Free Quality Municipal Income Fund
CXE	1.99%	MFS High Income Municipal Trust
NVG	1.99%	Nuveen AMT-Free Municipal Credit Income Fund
IQI	1.98%	Invesco Quality Municipal Income Trust
PMO	1.98%	Putnam Municipal Opportunities Trust
MYN	1.96%	BlackRock MuniYield New York Quality Fund, Inc.
MQY	1.96%	BlackRock MuniYield Quality Fund, Inc.
VKI	1.95%	Invesco Advantage Municipal Income Trust II
PMF	1.95%	PIMCO Municipal Income Fund
NDMO	1.95%	Nuveen Dynamic Municipal Opportunities Fund
MUA	1.94%	BlackRock MuniAssets Fund, Inc.
EVN	1.93%	Eaton Vance Municipal Income Trust
NMCO	1.93%	Nuveen Municipal Credit Opportunities Fund
MUC	1.92%	BlackRock MuniHoldings California Quality Fund, Inc.
NAC	1.92%	Nuveen California Quality Municipal Income Fund
VCV	1.92%	Invesco California Value Municipal Income Trust
NMZ	1.90%	Nuveen Municipal High Income Opportunity Fund
PML	1.82%	PIMCO Municipal Income Fund II
MUJ	1.80%	BlackRock MuniHoldings New Jersey Quality Fund, Inc.
DMB	1.73%	BNY Mellon Municipal Bond Infrastructure Fund, 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).