Net Asset Value as of 8.3.2020

Share Class	Current NAV	Daily Change %	YTD Change %
Class I: RNHIX	$9.10	0.22%	-2.51%
Class R: RNOTX	$9.09	0.11%	-2.66%

Literature

• Fact Sheet
• Manager Commentary
• CEF Market Review
• Prospectus
• Annual Report
• Semi-Annual Report
• SAI
• Additional Portfolio Information
• Tax Information

Investment Objective & Philosophy

The RiverNorth/Oaktree High Income Fund seeks to provide investors with overall total return consisting of long-term capital appreciation and income.

While RiverNorth Capital Management, LLC ("RiverNorth") believes markets are generally efficient, closed-end funds offer a unique structure whereby investors can purchase a diversified fund and potentially generate additional return through the change in the relationship between the closed-end fund's market price and Net Asset Value (NAV)¹. RiverNorth also believes combining a closed-end fund strategy with a proven credit manager such as Oaktree Capital Management, L.P. ("Oaktree") provides an attractive investment vehicle for investors.

Diversification does not ensure a profit or guarantee against loss.

Investment Strategy

RiverNorth allocates the Fund's assets among three principal strategies:

• Tactical Closed-End Fund
• High Yield Bond
• Senior Loan

RiverNorth manages the Tactical Closed-End Fund Strategy and Oaktree manages the High Yield Bond and Senior Loan Strategies. Oaktree tactically manages the allocation between the High Yield Bond and Senior Loan Strategies based on both market opportunities and the risk-reward trade-offs between the two asset classes.

The Fund provides investors unique market access to managers who are experts in their respective asset classes. The Fund also offers first time access in the U.S. to both Oaktree's Senior Loan and High Yield Bond Strategies in a daily priced vehicle.

Investment Rationale

• High income portfolio focused on high yield bonds and senior loans with a tactical closed-end fund overlay
• RiverNorth's strategy seeks to capitalize on inefficiencies within the closed-end fund space
• The Oaktree strategies provide a value-oriented and risk-controlled approach to investing in high yield bonds and senior loans
• Flexibility to respond to market dynamics

Fund Information

• No sales load
• Income Distributions: Monthly
• Capital Gains Distributions: Annually
• Fund Assets: $46M as of 6.30.2020
• Inception Date: 12.28.2012

Fund Information	Class I (Institutional)	Class R (Retail)
NASDAQ Symbol	RNHIX	RNOTX
CUSIP Number	76881N806	76881N707
Minimum Initial Investment	$100,000	$5,000
Minimum IRA Investment	$100,000	$1,000

Portfolio Detail as of 6.30.2020

Portfolio asset allocations are estimates made by the adviser and are subject to change.

Sector	Weighting
Bank Loans	43%
High Yield	37%
Developed Foreign	15%
Investment Grade	4%
Cash	2%
EM Debt	2%
Equity	1%
Preferreds	1%
Agency MBS	1%

The allocation does not add up to 100% as it reflects the leverage utilized by the underlying funds.

Total does not add up to 100% due to rounding.

Portfolio Statistics as of 6.30.2020

	RNHIX	RNOTX
Estimated Duration3 (years)	2.74	2.74
30-Day SEC Yield (net)7, 9	4.66%	4.41%
30-Day SEC Yield (unsubsidized)7, 9	4.35%	4.10%

Performance

Total Returns for the Period Ending 6.30.2020

Performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling (888) 848-7569. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions.

* Inception Date: 12.28.2012

^† Average Annual

Fund Expenses

Fund Expenses	RNHIX	RNOTX
Annual Report Expense Ratio	1.36%	1.61%
Total Expense Ratio8	2.07%	2.32%

The expense ratio as disclosed in the Fund's annual report dated 9.30.2019 only includes the direct expenses paid by shareholders from their investment. The expense ratio as disclosed in the Fund's prospectus dated 1.28.2020 is required to include the indirect expenses of investing in underlying funds.

Risk/Return Tradeoff

As of 6.30.2020 (Since Inception*)

* Inception date: 12.28.2012
Past performance does not guarantee future results. Source: RiverNorth Capital Management, LLC.

Portfolio Managers

	Patrick Galley, CFA - RiverNorth Patrick joined RiverNorth in 2004 and serves as Chief Executive Officer and Chief Investment Officer. Patrick is responsible for strategic planning and business development and oversees all portfolio management activities at RiverNorth. In addition, Patrick serves as the President and Chairman of all RiverNorth proprietary funds. Read full bio »
	Steve O'Neill, CFA - RiverNorth Steve joined RiverNorth in 2007 and serves as Portfolio Manager. Steve co-manages the firm's closed-end fund trading strategies and helps to oversee the firm's closed-end fund investment analysts. Read full bio »
	Sheldon Stone, Principal & Portfolio Manager - Oaktree Mr. Stone is the head of Oaktree's high yield bond area. In this capacity, he serves as co-portfolio manager of Oaktree's U.S. High Yield Bond and Global High Yield Bond strategies and has supervisory responsibility for European High Yield Bonds. Mr. Stone, a co-founding member of Oaktree in 1995, established TCW's High Yield Bond department with Howard Marks in 1985 and ran the department for ten years. Prior to joining TCW, Mr. Stone worked with Mr. Marks at Citibank for two years where he performed credit analysis and managed high yield bond portfolios. From 1978 to 1983, Mr. Stone worked at The Prudential Insurance Company where he was a director of corporate finance, managing a fixed income portfolio exceeding $1 billion. Mr. Stone holds a B.A. degree from Bowdoin College and an M.B.A. in accounting and finance from Columbia University. Mr. Stone serves as a Trustee of Colonial Williamsburg Foundation and Bowdoin College.
	Ronnie Kaplan, CFA, Managing Director & Portfolio Manager - Oaktree Mr. Kaplan joined Oaktree in 2016 and is a managing director and portfolio manager for the U.S. Senior Loan strategy. Before joining Oaktree, he was a portfolio manager, managing director and analyst with Levine Leichtman Capital Partners. There, Mr. Kaplan managed a fixed income portfolio investing in leveraged loans and high yield securities. Prior thereto, he was an analyst for the credit opportunities strategy at Wolf Point Capital Management. Additional investment experience, in the distressed debt area, includes serving as vice president at PPM America, Inc.; Bank One, NA; and Renaissance Financial Restructuring. Mr. Kaplan began his career as a senior analyst with Bankers Trust Corporation. He received a B.S. degree cum laude in economics from The Wharton School at the University of Pennsylvania and is a CFA charterholder.
	David Rosenberg, Managing Director & Co-Portfolio Manager - Oaktree Mr. Rosenberg serves as co-portfolio manager for Oaktree's U.S. High Yield Bond and Global High Yield Bond strategies. He joined Oaktree in 2004 following graduation from the University of Southern California with an M.B.A. in business administration. Before attending graduate school, Mr. Rosenberg served as an associate in the Franchise Systems Finance Group at J.P. Morgan. Mr. Rosenberg holds an M.P.A. in professional accounting with a concentration in finance and a B.A. degree in business administration from the University of Texas at Austin. He is a Certified Public Accountant (inactive).
	Madelaine Jones, CFA – Managing Director and Portfolio Manager, Oaktree Capital Management (UK) LLP Ms. Jones joined Oaktree’s London office in 2003 and serves as portfolio manager for the European High Yield Bond and European Senior Loan strategies, and co-portfolio manager for the Global High Yield Bond strategy. Before joining Oaktree, Ms. Jones spent more than three years at Deutsche Bank AG in London as a senior associate in the Leveraged Debt Origination Group specializing in loan, mezzanine and high yield bond financings to support European leveraged buyouts. Prior thereto, she spent two years in the Acquisition Finance Group at Natwest Group plc. Ms. Jones received a B.A. degree in economics from the University of Durham, England. She is a CFA charterholder.
	Anthony Shackleton, FCA - Managing Director and Co-Portfolio Manager, Oaktree Capital Management (UK) LLP Mr. Shackleton joined Oaktree's London office in 2004 and serves as co-portfolio manager for the European High Yield Bond strategy and the European Credit product. Mr. Shackleton also serves as assistant portfolio manager for the Global High Yield Bond strategy. He previously worked at PricewaterhouseCoopers LLP in the UK, where he qualified as a Chartered Accountant. Mr. Shackleton is a graduate of the University of Oxford.

Distributions

• Distribution dates are estimates and subject to change.
• View all RNHIX/RNOTX historical distributions

Disclosures & Definitions

More detailed information regarding these risks can be found in the Fund's prospectus.

Fund Risks: Borrowing Risk – borrowings increase fund expenses and are subject to repayment, possibly at inopportune times. Closed-End Fund Risk – closed-end funds are exchange traded, may trade at a discount to their net asset values and may deploy leverage. Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Credit Derivatives Risk – the use of credit derivatives is highly specialized, involves default, counterparty and liquidity risks and may not perfectly correlate to the underlying asset or liability being hedged. Currency Risk – foreign currencies will rise or decline relative to the U.S. dollar. Derivatives Risk – derivatives are subject to counterparty risk. Distressed and Defaulted Securities Risk – defaulted securities carry the risk of uncertainty of repayment. Equity Risk – equity securities may experience volatility and the value of equity securities may move in opposite directions from each other and from other equity markets generally. Exchange Traded Note Risk – exchange traded notes represent unsecured debt of the issuer and may be influenced by interest rates, credit ratings of the issuer or changes in value of the reference index. Fixed Income Risk – the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default. Foreign/Emerging Market Risk – foreign securities may be subject to inefficient or volatile markets, different regulatory regimes or different tax policies. These risks may be enhanced in emerging markets. Floating Interest Rate Risk – loans pay interest based on the London Interbank Offered Rate (LIBOR) and a decline in LIBOR could negatively impact the Fund's return. Investment Style Risk – investment strategies may come in and out of favor with investors and may underperform or outperform at times. Large Shareholder Purchase and Redemption Risk – The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Liquidity Risk – illiquid investments may be difficult or impossible to sell. Loans Risk – loans may be unrated or rated below investment grade and the pledged collateral may lose value. Secondary trading in loans is not fully-developed and may result in illiquidity. Management Risk – there is no guarantee that the adviser's or sub-adviser's investment decisions will produce the desired results. Market Risk – economic conditions, interest rates and political events may affect the securities markets. Preferred Stock Risk – preferred stocks generally pay dividends, but may be less liquid than common stocks, have less priority than debt instruments and may be subject to redemption by the issuer. Security Risk – the value of the Fund may increase or decrease in response to the prospects of the issuers of securities and loans held in the Fund. Swap Risk – swap agreements are subject to counterparty default risk and may not perform as intended. Tax Risk – new federal or state governmental action could adversely affect the tax-exempt status of securities held by the Fund, resulting in higher tax liability for shareholders and potentially hurting Fund performance as well. Underlying Fund Risk – underlying funds have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values. Valuation Risk – Loans and fixed-income securities are traded "over the counter" and because there is no centralized information regarding trading, the valuation of loans and fixed-income securities may vary.

Past performance is no guarantee of future results.

High yield bonds are subject to interest rate risk. If rates increase, the value generally declines.

ALPS Distributors, Inc. is not affiliated with RiverNorth Capital Management, LLC or Oaktree Capital Management, L.P.

CFA^® is a trademark owned by the CFA Institute.

¹ The price at which a closed-end fund trades often varies from its NAV. Some funds have market prices below their net asset values - referred to as a discount. Conversely, some funds have market prices above their net asset values - referred to as a premium.

² Investment grade is a rating that indicates that a municipal or corporate bond has a relatively low risk of default.

³ Estimated duration is a measure of the sensitivity of the price of a fixed income investment to a change in interest rates. Duration is expressed as a number of years. Duration is estimated by the adviser based on certain assumptions by third-party data and is subject to change.

⁴ The BofA Merrill Lynch Developed Markets High Yield Constrained Index contains all securities in the BofA Merrill Lynch Global High Yield index from developed markets countries but cap issuer exposure at 2%. Developed markets is defined as an FX-G10 member, a Western European nation, or a territory of the U.S. or a Western European nation. The index tracks the performance of USD, CAD, GBP and EUR denominated below investment grade corporate debt publicly issued in the major domestic or Eurobond markets. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P and Fitch). The index cannot be invested in directly and does not reflect fees and expenses.

⁵ CS Leveraged Loan Index tracks the investable market of the U.S. dollar denominated leveraged loan market. It consists of issues rated "5B" or lower, meaning that the highest rated issues included in this index are Moody's/S&P ratings of Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenor of at least one year and are made by issuers domiciled in developed countries. The index cannot be invested in directly and does not reflect fees and expenses.

⁶ High-yield bond portfolios concentrate on lower-quality bonds, which are riskier than those of higher-quality companies. These portfolios generally offer higher yields than other types of portfolios, but they are also more vulnerable to economic and credit risk. These portfolios primarily invest in U.S. high-income debt securities where at least 65% or more of bond assets are not rated or are rated by a major agency such as Standard & Poor's or Moody's at the level of BB (considered speculative for taxable bonds) and below.

⁷ 30-Day SEC Yield: The yield figure reflects the dividends and interest earned during the period, after the deduction of the Funds' expenses. Unsubsidized SEC Yield: The yield excludes contractual expense reimbursements, resulting in a lower yield.

⁸ As of prospectus dated 1.28.2020. The adviser has contractually agreed to defer the collection of fees and/or reimburse expenses, but only to the extent necessary to limit Total Annual Fund Operating Expenses (excluding brokerage fees and commissions; borrowing costs, such as (a) interest and (b) dividends on securities sold short; taxes; indirect expenses incurred by the underlying funds in which the Fund invests; and extraordinary expenses) to 1.35% (RNHIX) and 1.60% (RNOTX) of the average daily net assets of the Fund through 1.31.2021.

⁹ The Fund pays periodic distributions consisting of dividend income, return of capital, and capital gains. However, the tax characteristics of these distributions cannot be fully determined until after the end of year when the Fund's underlying investments designate or reclassify the composition of their payments. In the interim, the Fund estimates return of capital rates based on the previous year's distribution. As a result, a portion of the quoted SEC Yield may consist of an estimated amount of return of capital.