Municipal CEF Index

About the Municipal CEF Index
Performance
Index Returns
Average Discount
Constituents
Disclosures

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

Performance As of 8.31.2021

1 Mo 3 Mo YTD 1 Year 3 Year† Weighted
Average
Discount
RiverNorth Municipal CEF Index (Price) Performance 0.32% 3.54% 10.55% 17.52% 11.48% 0.38%
RiverNorth Municipal CEF Index (NAV) Performance -0.65% 1.47% 5.07% 9.18% 7.97% - -
RiverNorth Municipal CEF Index (Price) Performance
1 Month 0.32%
3 Month 3.54%
1 Year 17.52%
3 Year 11.48%
Weighted Average Discount 0.38%
RiverNorth Municipal CEF Index (NAV) Performance
1 Month -0.65%
3 Month 1.47%
1 Year 9.18%
3
Year		 7.97%

Index Returns as of 8.31.2021

Average Discount1 as of 8.31.2021

Constituents as of 8.31.2021

Symbol Weighting Fund Name
RMM 2.09% RiverNorth Managed Duration Muni Inc Fd
LEO 2.08% BNY Mellon Strategic Municipals
VKI 2.06% Invesco Adv Muni Inc II
PMO 2.05% Putnam Municipal Opportunities
CXE 2.05% MFS High Income Municipal Trust
VMO 2.04% Invesco Muni Opps. Trust
IIM 2.04% Invesco Value Muni Income Trust
VKQ 2.03% Invesco Municipal Trust
DSM 2.03% BNY Mellon Strategic Muni Bond
MYN 2.02% BlackRock MuniYield NY Quality
CMU 2.02% MFS® High Yield Municipal Trust
OIA 2.02% Invesco Muni Income Opps Trust
BLE 2.02% BlackRock Municipal Income II
MHD 2.02% BlackRock MuniHoldings Fund
NKX 2.01% Nuveen CA AMT - Free Quality Muni Inc
NMCO 2.01% Nuveen Municipal Credit Opps Fund
NAD 2.01% Nuveen Quality Muni Income Fund
VGM 2.01% Invesco Muni Invst. Grade Trust
MVF 2.01% BlackRock MuniVest
NUV 2.01% Nuveen Municipal Value
NVG 2.01% Nuveen AMT-Free Muni Credit Inc
EVN 2.01% EV Municipal Income
EIM 2.00% EV Municipal Bond
NZF 2.00% Nuveen Municipal Credit Income
MFM 2.00% MFS Municipal Income
MCA 2.00% BlackRock MuniYield CA Quality
NEA 2.00% Nuveen AMT-Free Quality Muni Inc
BFK 2.00% BlackRock Municipal Income
MYD 2.00% BlackRock MuniYield
EVM 1.99% EV CA Municipal Bond
MFL 1.99% BlackRock MuniHoldings Inv Qty
VCV 1.99% Invesco CA Value Muni Income
NAC 1.99% Nuveen CA Quality Muni Income
MYI 1.99% BlackRock MuniYield Qty III
IQI 1.99% Invesco Quality Muni Income Trust
BTT 1.98% BlackRock Municipal 2030 Target Term
NXJ 1.98% Nuveen NJ Quality Muni Inc
MQY 1.98% BlackRock MuniYield Quality
KTF 1.98% DWS Municipal Income
MUI 1.98% BlackRock Muni Inter Duration
MMU 1.97% Western Asset Managed Muni
PCK 1.97% PIMCO CA Municipal Income II
NMZ 1.97% Nuveen Muni High Inc Opp
NRK 1.97% Nuveen NY AMT - Free Quality Muni Inc
PML 1.97% PIMCO Municipal Income II
MUC 1.96% BlackRock MuniHoldings CA Qty
NID 1.95% Nuveen Intermediate Duration Muni Term
NDMO 1.94% Nuveen Dynamic Municipal Opportunities
PMM 1.94% Putnam Managed Muni Income
MAV 1.90% Pioneer Muni High Inc Adv

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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