2014 RiverNorth/DoubleLine Strategic Income Fund Review and 2015 Outlook

On 2.4.2015, RiverNorth Portfolio Specialist Allen Webb and CIO Patrick Galley discuss the 2014 year-in-review for the RiverNorth/DoubleLine Strategic Income Fund and the outlook for 2015.

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Video recorded 2/4/2015. Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This information is provided for informational purposes only and should not be considered tax, legal, or investment advice. References to specific securities, asset classes, and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations. Opinions referenced are as of the day recorded and are subject to change due to changes in the market, economic conditions, or changes in the legal and/or regulatory environment and may not necessarily come to pass.

Fund Risks

Please see the prospectus for a more detailed description of these 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.

Convertible Security Risk: the market value of convertible securities adjusts with interest rates and the value of the underlying stock.

Defaulted Securities Risk: defaulted securities carry the risk of uncertainty of repayment.

Derivatives Risk: derivatives are subject to counterparty risk.

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.

Liquidity Risk: illiquid investments may be difficult or impossible to sell.

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.

Portfolio Turnover Risk: increased portfolio turnover results in higher brokerage expenses and may impact the tax status of distributions.

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.

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.

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.


The Barclays Capital U.S. Aggregate Bond Index is an unmanaged index of investment-grade fixed-rate debt issues with maturities of at least one year. The 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 Barclays Capital U.S. Aggregate Bond Index and BofA Master Mortgage Index are indices only and cannot be invested in directly.

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.

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.

Standard deviation is a measure of the volatility of a fund's returns.

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.

30-Day SEC Yield (net) reflects the dividends and interest earned during the period, after the deduction of the Funds' expenses.

Fed Taper Talk: Federal Reserve Chairman Ben Bernanke announced that the central bank would begin paring back its $85-billion-a-month bond-buying program should the economic data continue to improve. This caused an aggressive stock market sell off and an increase in interest rates.

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.

Past performance is not a guarantee of future results. Diversification does not ensure a profit or guarantee against loss.

Investing involves risk. Principal loss is possible.

An investor should consider the investment objectives, risks, charges and expenses of the Funds (or of the Investment Company) carefully before investing. To obtain a prospectus containing this or other information, please call (888) 848-7569 or download the file from www.rivernorth.com. Read the prospectus carefully before you invest.

The Funds are distributed by ALPS Distributors, Inc. Member FINRA.

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


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