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 6.30.2019

1 Mo 3 Mo YTD 1 Year 3 Year Weighted
Average
Discount
RiverNorth Municipal CEF Index (Price) Performance 1.34% 4.05% 16.89% 14.05% 2.41% -4.07%
RiverNorth Municipal CEF Index (NAV) Performance 0.47% 3.09% 9.45% 10.09% 3.76% - -
RiverNorth Municipal CEF Index (Price) Performance
1 Month 1.34%
3 Month 4.05%
1 Year 14.05%
3 Year 2.41%
Weighted Average Discount -4.07%
RiverNorth Municipal CEF Index (NAV) Performance
1 Month 0.47%
3 Month 3.09%
1 Year 10.09%
3
Year
3.76%

Index Returns as of 6.30.2019

Average Discount1 as of 6.30.2019

Constituents as of 6.30.2019

SymbolWeightingFund Name
MUA 2.25%BlackRock MuniAssets Fund
PML 2.17%PIMCO Municipal Income II
EOT 2.10%EV National Muni Opps Trust
NMZ 2.08%Nuveen Muni High Inc Opp
NZF 2.08%Nuveen Municipal Credit Income
PMF 2.08%PIMCO Municipal Income
NVG 2.06%Nuveen AMT-Free Muni Credit Inc
MVT 2.05%BlackRock MuniVest Fund II
PMO 2.05%Putnam Municipal Opportunities
PMX 2.05%PIMCO Municipal Income III
MMU 2.04%Western Asset Managed Muni
MYD 2.04%BlackRock MuniYield
BFK 2.04%BlackRock Municipal Income
PMM 2.03%Putnam Managed Muni Income
MMD 2.03%Mainstay Defind Term Muni Opps
IIM 2.03%Invesco Value Muni Income Trust
NBH 2.02%Neuberger Berman Inter Muni
MHI 2.02%Pioneer Municipal High Income
NID 2.01%Nuveen Intermediate Duration Muni Term
DMB 2.01%Dreyfus Muni Bond Infrastructure
LEO 2.00%Dreyfus Strategic Municipals
BKN 2.00%BlackRock Invst. Quality Muni
NEA 2.00%Nuveen AMT-Free Quality Muni Inc
BTT 2.00%BlackRock Municipal 2030 Target Term
BYM 1.99%BlackRock Muni Inc Qty Trust
MUI 1.99%BlackRock Muni Inter Duration
AFB 1.99%AllianceBernstein Nat Muni Inc
MEN 1.99%BlackRock MuniEnhanced
VMO 1.98%Invesco Muni Opps. Trust
MVF 1.98%BlackRock MuniVest
NUV 1.98%Nuveen Municipal Value
EVN 1.98%EV Municipal Income
NAD 1.98%Nuveen Quality Muni Income Fund
VKQ 1.97%Invesco Municipal Trust
DSM 1.97%Dreyfus Strategic Muni Bond
EIM 1.97%EV Municipal Bond
IQI 1.97%Invesco Quality Muni Income Trust
MYI 1.97%BlackRock MuniYield Qty III
MQY 1.96%BlackRock MuniYield Quality
MHF 1.95%Western Asset Muni High Income
NEV 1.95%Nuveen Enhanced Muni Value
VKI 1.95%Invesco Adv Muni Inc II
MFL 1.94%BlackRock MuniHoldings Inv Qty
MUE 1.94%BlackRock MuniHoldings Qty II
BLE 1.93%BlackRock Municipal Income II
VGM 1.93%Invesco Muni Invst. Grade Trust
OIA 1.92%Invesco Muni Income Opps Trust
KTF 1.92%Deutsche Municipal Income
MAV 1.85%Pioneer Muni High Inc Adv
BKK 1.83%BlackRock Municipal 2020

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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