Taxable CEF Index

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 8.31.2021

	1 Month	3 Month	YTD	1 Year	3 Year^†	Weighted Average Discount
RiverNorth Taxable CEF Index (Price) Performance	1.70%	3.82%	21.82%	37.38%	8.91%	-0.93%
RiverNorth Taxable CEF Index (NAV) Performance	1.60%	3.31%	15.61%	26.98%	7.63%	- -

Index Returns as of 8.31.2021

https://www.rivernorth.com/images/2021-08-31-cef-index-taxable-returns.svg

Average Discount¹ as of 8.31.2021

https://www.rivernorth.com/images/2021-08-31-cef-index-taxable-discounts.svg

Asset Class Weightings as of 8.31.2021

Asset Class	Allocation
Specialized Equity	18.16%
Covered Call	10.96%
US Equity	10.95%
All Hybrid	9.54%
High Yield	7.88%
Bank Loans	6.52%
Preferreds	5.38%
Investment Grade (IG)	5.34%
Multi-Sector	5.30%
Real Estate	4.18%
Global Income	3.90%
Non-US Equity	3.83%
Global Equity	2.71%
Convertibles	2.68%
Limited Duration	1.34%
Emerging Income	1.32%

		Specialized Equity		18.16%

		Covered Call		10.96%

		US Equity		10.95%

		All Hybrid		9.54%

		High Yield		7.88%

		Bank Loans		6.52%

		Preferreds		5.38%

		Investment Grade (IG)		5.34%

		Multi-Sector		5.30%

		Real Estate		4.18%

		Global Income		3.90%

		Non-US Equity		3.83%

		Global Equity		2.71%

		Convertibles		2.68%

		Limited Duration		1.34%

		Emerging Income		1.32%

Constituents as of 8.31.2021

#	Symbol	Weighting	Fund Name
1	CLM	1.50%	Cornerstone Strategic Value
2	CRF	1.48%	Cornerstone Total Return
3	HGLB	1.45%	Highland Global Allocation Fund
4	NHF	1.44%	NexPoint Strategic Opportunities Fund
5	GLO	1.43%	Clough Global Opportunities
6	AWP	1.41%	Aberdeen Global Premier Property
7	EXG	1.40%	EV Tax-Mgd Gbl Div Equity Income
8	IFN	1.40%	India Fund Inc
9	FPF	1.39%	First Trust Inter Dur Pref & Income Fund
10	ADX	1.39%	Adams Diversified Equity Fund
11	UTG	1.39%	Reaves Utility Income
12	IGR	1.39%	CBRE Clarion Global Real Est Income
13	ETY	1.38%	EV Tax-Managed Div Equity Income
14	IGD	1.38%	Voya Global Equity Dividend&Premium Opp
15	DNP	1.38%	DNP Select Income
16	RQI	1.38%	Cohen & Steers Qty Inc Realty
17	CSQ	1.38%	Calamos Strategic Total Return
18	PTY	1.38%	PIMCO Corporate & Income Opps
19	NFJ	1.37%	Virtus Divid, Interest & Prem
20	BXMX	1.37%	Nuveen S&P 500 Buy-Write Income
21	HYT	1.36%	BlackRock Corp High Yield
22	GDV	1.36%	Gabelli Dividend & Income
23	AOD	1.36%	Aberdeen Total Dynamic Dividend
24	ETW	1.36%	EV Tax-Managed Glb B-W Opps
25	ETV	1.36%	EV Tax-Managed Buy-Write Opps
26	UTF	1.35%	Cohen & Steers Infrastructure
27	EOD	1.35%	Wells Fargo Global Dividend Opportunity
28	RA	1.35%	Brookfield Real Assets Income Fund Inc.
29	JPC	1.34%	Nuveen Pref & Income Opps Fund
30	BDJ	1.34%	BlackRock Enhanced Equity Div
31	BKT	1.34%	BlackRock Income Trust
32	NCV	1.34%	Virtus AllianzGI Convert & Inc Fund
33	NCZ	1.34%	Virtus AllianzGI Convert & Inc Fund II
34	PCI	1.34%	PIMCO Dynamic Credit and Mortgage Inc
35	DPG	1.34%	Duff & Phelps Utility and Infra Fund Inc
36	EVV	1.34%	EV Limited Duration Income
37	JFR	1.33%	Nuveen Floating Rate Income
38	CIK	1.33%	Credit Suisse Asset Mgmt Income
39	ZTR	1.33%	Virtus Total Return Fund Inc.
40	PHK	1.33%	PIMCO High Income
41	JPS	1.33%	Nuveen Pref & Income Securities Fund
42	NSL	1.32%	Nuveen Senior Income
43	PDT	1.32%	JH Premium Dividend Fund
44	BMEZ	1.32%	BlackRock Health Sciences Trust II
45	PDI	1.32%	PIMCO Dynamic Income
46	EDD	1.32%	MS Emerging Markets Domestic
47	HIO	1.32%	Western Asset High Income Opp
48	ASG	1.32%	Liberty All-Star Growth
49	BSTZ	1.31%	BlackRock Science & Technology Trust II
50	GIM	1.31%	Templeton Global Income
51	GOF	1.31%	Guggenheim Strategic Opp Fund
52	BTZ	1.31%	BlackRock Credit Allocation Inc
53	BCX	1.31%	BlackRock Resources & Commdty
54	BHK	1.31%	BlackRock Core Bond
55	MIN	1.31%	MFS® Intermediate Income
56	RVT	1.31%	Royce Value Trust
57	GAB	1.31%	Gabelli Equity Trust
58	GGN	1.30%	GAMCO Glb Gold Natural Res & Income
59	FPL	1.30%	First Trust New Opps MLP & Energy
60	VVR	1.30%	Invesco Senior Income Trust
61	CHW	1.29%	Calamos Global Dynamic Income
62	JQC	1.29%	Nuveen Credit Strategies Income
63	OXLC	1.28%	Oxford Lane Capital Corp
64	FAX	1.28%	Aberdeen Asia-Pacific Income
65	DHY	1.28%	Credit Suisse High Yield Bond
66	KMF	1.28%	Kayne Anderson MidstreamEnergy
67	NML	1.27%	NB MLP and Energy Income Fund Inc.
68	USA	1.27%	Liberty All-Star Equity
69	IAF	1.25%	Aberdeen Australia Equity
70	DHF	1.23%	BNY Mellon High Yield Strategies Fund
71	FEI	1.22%	First Trust MLP & Energy Inc Fund
72	NRGX	1.20%	PIMCO Energy & Tactical Credit Opps
73	KYN	1.20%	Kayne Anderson MLP/Midstream
74	BGR	1.19%	BlackRock Energy & Resources
75	IHD	1.18%	Voya Emerging Markets High Dividend Eq

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).

Financial Professional Sign In