1Q23 Podcast: The NAVigator – Steve O’Neill and Chuck Jaffe

Financial Professional Use Only

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 presented 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.

Definitions & Disclosures

• A Closed-End Fund is a portfolio of pooled assets that raises a fixed amount of capital through an initial public offering (IPO) and then lists shares for trade on a stock exchange.
• The price at which a closed-end fund trades often varies from its net asset value (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.
• A percentile is a value on a scale of 100 that shows the percentage of a distribution that is equal to or below it.
• Tax loss selling or harvesting is the selling of securities at a loss to offset a capital gains tax liability.
• Municipal Closed-End Funds are defined as closed-end funds that invest in a diversified portfolio of investment-grade municipal bonds in a variety of sectors and States.
• Basis points refer to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001, and is used to denote the percentage change in a financial instrument.
• Yield refers to the earnings generated and realized on an investment over a particular period of time.
• The Federal Funds Rate refers to the interest rate that banks charge other institutions for lending excess cash to them from their reserve balances on an overnight basis.
• An inverted yield curve shows that long-term interest rates are less than short-term interest rates.
• Separately Managed Account (SMA) is an investment portfolio owned by an investor and managed by a professional investment firm—typically registered investment advisors(RIA).
• A bond rating is a letter-based credit scoring scheme used to judge the quality and creditworthiness of a bond. Investment grade bonds assigned “AAA” to “BBB-“ ratings from Standard & Poor’s, and Aaa to Baa3 ratings from Moody’s. Junk bonds have lower ratings.
• Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. Duration is non-linear and accelerates as time to maturity lessens.
• 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.
• A bond default occurs when the issuer of the bond fails to make interest or principal payments within the specified period.
• Leverage results from using borrowed capital as a funding source when investing to expand the firm’s asset base and generate returns on risk capital.
• The Global Financial Crisis (GFC) of 2008-2009 refers to the massive financial crisis the world faced from 2008 to 2009.

Diversification does not ensure a profit or a guarantee against loss.

Past performance is no guarantee of future results.

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Investors should consider the investment objectives, risks, charges and expenses of RiverNorth’s mutual funds (or Investment Companies) carefully before investing. To obtain a prospectus containing this and other important information, please call 888.848.7569 or visit rivernorth.com. Please read the prospectus carefully before investing.

Open-end mutual funds are distributed by ALPS Distributors Inc., FINRA Member firm. RiverNorth is not affiliated with ALPS.

NOT FDIC INSURED – NO BANK GUARANTEE – MAY LOSE VALUE