4Q22 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.
• Tax loss selling or harvesting is the selling of securities at a loss to offset a capital gains tax liability.
• An initial public offering (IPO) refers to the process of offering shares of a private corporation to the public in a new stock issuance.
• Beta reflects the sensitivity of a fund’s return to fluctuations in the market index. A beta of 0.5 reflects half of the market’s volatility as represented by the Fund’s primary benchmark, while a beta of 2.0 reflects twice the volatility.
• 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.
• Municipal bond funds invest in municipal bonds, debt instruments issued by state and local governments to help fund capital projects.
• 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.
• Par value, also known as nominal value, is the face value of a bond or the stock value stated in the corporate charter.
• 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.
• 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.
• Yield refers to the earnings generated and realized on an investment over a particular period of time.

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