Taxable CEF Index

About the Taxable CEF Index
Performance
Index Returns
Average Discount
Asset Class Weightings
Constituents
Disclosures

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 5.31.2020

1 Month 3 Month YTD 1 Year 3 Year Weighted
Average
Discount
RiverNorth Taxable CEF Index (Price) Performance 4.63% -12.13% -20.31% -12.49% -1.72% -6.63%
RiverNorth Taxable CEF Index (NAV) Performance 4.79% -11.10% -16.44% -9.96% -0.47% - -

Index Returns as of 5.31.2020

https://www.rivernorth.com/images/2020-05-31-cef-index-taxable-returns.svg

Average Discount1 as of 5.31.2020

https://www.rivernorth.com/images/2020-05-31-cef-index-taxable-discounts.svg

Asset Class Weightings as of 5.31.2020

Asset Class Allocation
Covered Call 13.63%
High Yield 10.62%
Specialized Equity 10.26%
Domestic Equity 9.47%
Hybrid 8.52%
Preferreds 7.87%
Bank Loans 7.53%
Investment Grade (IG) 6.15%
Multi-Sector Bonds 5.32%
Global Income 4.19%
Real Estate 3.99%
Limited Duration 3.04%
Global Equity 2.73%
International Equity 2.64%
Convertibles 2.63%
Emerging Income 1.40%
Covered Call 13.63%
High Yield 10.62%
Specialized Equity 10.26%
Domestic Equity 9.47%
Hybrid 8.52%
Preferreds 7.87%
Bank Loans 7.53%
Investment Grade (IG) 6.15%
Multi-Sector Bonds 5.32%
Global Income 4.19%
Real Estate 3.99%
Limited Duration 3.04%
Global Equity 2.73%
International Equity 2.64%
Convertibles 2.63%
Emerging Income 1.40%

Constituents as of 5.31.2020

# Symbol Weighting Fund Name
1 BTZ 1.77%BlackRock Credit Allocation Inc
2 ETJ 1.73%EV Risk-Mgd Divers Equity Inc
3 CLM 1.73%Cornerstone Strategic Value
4 BKT 1.72%BlackRock Income Trust
5 FFC 1.70%Flah&Crum Pref Securities Income
6 CRF 1.70%Cornerstone Total Return
7 ADX 1.66%Adams Diversified Equity Fund
8 AWF 1.66%AllianceBernstein Glb High Inc
9 CSQ 1.64%Calamos Strategic Total Return
10 HYT 1.62%BlackRock Corp High Yield
11 LDP 1.61%Cohen & Steers Limited Dur Prf & Inc
12 ETV 1.60%EV Tax-Managed Buy-Write Opps
13 DNP 1.60%DNP Select Income
14 FPF 1.57%First Trust Inter Dur Pref & Income Fund
15 HIO 1.57%Western Asset High Income Opp
16 EVV 1.54%EV Limited Duration Income
17 BGY 1.54%BlackRock Intern'l Grth & Inc
18 USA 1.54%Liberty All-Star Equity
19 GLO 1.53%Clough Global Opportunities
20 ETY 1.53%EV Tax-Managed Div Equity Income
21 CHW 1.52%Calamos Global Dynamic Income
22 JPS 1.52%Nuveen Preferred Securities Income
23 FAX 1.51%Aberdeen Asia-Pacific Income
24 EXG 1.51%EV Tax-Mgd Gbl Div Equity Income
25 ZTR 1.50%Virtus Global Dividend & Income
26 FTF 1.50%Franklin Limited Duration Income Trust
27 EAD 1.49%Wells Fargo Inc Opp
28 ETW 1.49%EV Tax-Managed Glb B-W Opps
29 UTF 1.49%Cohen & Steers Infrastructure
30 RVT 1.48%Royce Value Trust
31 BOE 1.48%BlackRock Global Opportunities
32 ETG 1.48%EV Tax Adv Global Dividend Inc
33 DHF 1.47%Dreyfus High Yield Strategies
34 JPC 1.46%Nuveen Pref Income Opps Fund
35 HIX 1.44%Western Asset High Inc Fund II
36 PTY 1.43%PIMCO Corporate & Income Opps
37 BDJ 1.43%BlackRock Enhanced Equity Div
38 GIM 1.42%Templeton Global Income
39 PFN 1.42%PIMCO Income Strategy Fund II
40 PPR 1.41%Voya Prime Rate Trust
41 EVT 1.40%EV Tax Advantaged Dividend Inc
42 JQC 1.40%Nuveen Credit Strategies Income
43 EDD 1.40%MS Emerging Markets Domestic
44 DHY 1.38%Credit Suisse High Yield Bond
45 CAF 1.38%MS China A Share
46 PCI 1.37%PIMCO Dynamic Credit and Mortgage Inc
47 GGN 1.37%GAMCO Glb Gold Natural Res & Income
48 IGR 1.37%CBRE Clarion Global Real Est Income
49 GAB 1.36%Gabelli Equity Trust
50 VVR 1.35%Invesco Senior Income Trust
51 JFR 1.35%Nuveen Floating Rate Income
52 RQI 1.35%Cohen & Steers Qty Inc Realty
53 NCV 1.34%AllianzGI Convertible & Income
54 VTA 1.34%Invesco Dynamic Credit Opps
55 PDI 1.33%PIMCO Dynamic Income
56 IGD 1.31%Voya Global Equity Dividend&Premium Opp
57 NCZ 1.29%AllianzGI Convertible & Inc II
58 AWP 1.27%Alpine Global Premier Property
59 AEF 1.27%Aberdeen Emerging Markets Equity Income Fund
60 DSL 1.26%DoubleLine Income Solutions
61 AOD 1.25%Alpine Total Dynamic Dividend
62 BCX 1.25%BlackRock Resources & Commdty
63 RCS 1.22%PIMCO Strategic Income
64 PHK 1.20%PIMCO High Income
65 NHF 0.94%NexPoint Credit Strategies Fund
66 KMF 0.78%Kayne Anderson MidstreamEnergy
67 NML 0.73%Neuberger Berman MLP Income
68 KYN 0.71%Kayne Anderson MLP
69 OXLC 0.67%Oxford Lane Capital Corp
70 CEM 0.55%ClearBridge Energy MLP
71 EMO 0.51%ClearBridge Energy MLP Opps
72 TYG 0.36%Tortoise Energy Infrastructure
73 GER 0.32%Goldman Sachs MLP and Energy Rena
74 CEN 0.30%Center Coast MLP & Infrastructure
75 NTG 0.27%Tortoise MLP Fund

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).