RiverNorth/DoubleLine Strategic Income Fund
Class I: RNSIX
Class R: RNDLX
RiverNorth allocates the Fund's assets among three principal strategies: Tactical Closed-End Fund Income, Core Fixed Income and Opportunistic Fixed Income. RiverNorth manages the Tactical Closed-End Fund Income Strategy and DoubleLine manages the Core Fixed Income and Opportunistic Fixed Income Strategies.
RiverNorth determines which portion of the Fund's assets is allocated to each strategy based on market conditions, although there is no set minimum for any strategy. Therefore, the amount allocated to any individual strategy may vary between 0% and 100%. RiverNorth, however, anticipates it will, under normal circumstances, allocate some portion of the Fund's assets to each of the three strategies at any given time.
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.
Totals may not add up to 100% due to rounding.
Totals may not add up to 100% due to rounding.
The allocation does not add up to 100% as it reflects the estimated leverage utilized by the underlying funds.
Disclosures & Definitions
More detailed information regarding these risks can be found in the Fund's prospectus.
Fund Risks: Asset-Backed Security Risk – the risk that the value of the underlying assets will
impair the value of the security. 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. Currency Risk – foreign currencies will rise or decline relative to the U.S.
dollar. Defaulted Securities Risk – defaulted securities carry the risk of uncertainty of repayment.
Derivatives Risk – derivatives are subject to counterparty risk. 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. Investment Style Risk – investment strategies may come in and out of favor with investors
and may underperform or outperform at times. Liquidity Risk – illiquid investments may be difficult
or impossible to sell. 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. 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. Mortgage-Backed Security Risk – mortgage backed securities
are subject to credit risk, pre-payment risk and devaluation of the underlying collateral. 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. Rating Agency
Risk – rating agencies may change their ratings or ratings may not accurately reflect a debt issuer's
creditworthiness. REIT Risk – the value of REITs changes with the value of the underlying properties
and changes in interest rates and are subject to additional fees. Security Risk – The value of the
Fund may decrease in response to the activities and financial prospects of individual securities in
the Fund's portfolio. Structured Notes Risk – because of the embedded derivative feature, structured
notes are subject to more risk than investing in a simple note or bond. 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. Diversification does not ensure a
profit or guarantee against loss.
ALPS Distributors, Inc. is not affiliated with RiverNorth Capital Management, LLC or DoubleLine Capital LP.
CFA® is a trademark owned by the CFA Institute.
DoubleLine® is a registered trademark of DoubleLine Capital LP.
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 Alpha is a measure of performance on a risk-adjusted basis. The excess return of a fund relative to the return of the benchmark index is a fund's alpha.
3 The expense ratio as disclosed in the Fund's annual report dated 9.30.2021 only includes the direct expenses paid by shareholders from their investment. The expense ratio as disclosed in the Fund's prospectus dated 1.28.2022 is required to include the indirect expenses of investing in underlying funds.
4 Estimated Duration: 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 from third-party data and is subject to change.
5 30-Day SEC Yield: The yield figure reflects the dividends and interest earned during the period, after the deduction of the Fund's expenses.
6 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 the 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 SEC Yield may consist of an estimated amount of return of capital.
7 The Bloomberg Barclays US Aggregate Bond Index is an unmanaged index of investment-grade fixed-rate debt issues with maturities of at least one year. The index cannot be invested in directly and does not reflect fees and expenses.
8 BofA Master Mortgage Index consists of fixed-rate, coupon-bearing bonds that are comprised
of generic pass-through securities which are composed of numerous mortgage pools with various maturities. The
amount outstanding in each agency/type/coupon subdivision of the mortgage index must be greater than or equal
to $200 million. CMOs are excluded to avoid double-counting. The index cannot be invested in directly and does not reflect fees and expenses.
9 The All Fixed Income Closed-End Fund (CEF) Index is a peer grouping of all listed closed-end funds Morningstar categorizes as "Fixed Income", including both taxable and non-taxable funds.
10 Standard deviation is a measure of the volatility of a fund's returns.