CHICAGO, May 18, 2011 /PRNewswire/ --RiverNorth Capital, a leading investment management firm specializing in quantitative and qualitative closed-end fund trading strategies, announced today that its flagship Core Opportunity Fund (RNCOX) will be closed to new investors as of July 1, 2011. Current investors may still purchase shares.
"At RiverNorth, we take fund capacity very seriously. Our decision to close the Core Opportunity Fund to new investors reflects our commitment to preventing a fund's assets from exceeding a level where they would alter the fund's investment strategy," said Patrick Galley, President of RiverNorth Funds.
The RiverNorth Core Opportunity Fund (RNCOX) is an open-end mutual fund focused on closed-end fund investing. Launched on December 27, 2006, the Fund offers diversification to multiple asset classes plus tactical allocation in a single investment. As of March 31, 2011, the Fund has a 5-star rating from Morningstar and is in the top 1% for the 3-year period among 932 moderate allocation funds.
RiverNorth Capital Management, LLC, is a leading investment management firm specializing in closed-end fund trading strategies. As one of the nation's largest closed-end fund investors, RiverNorth makes quantitative and qualitative closed-end fund strategies available to advisors, institutions and individual investors. In addition to the RiverNorth Core Opportunity Fund (RNCOX), RiverNorth Capital is also the Investment Adviser to the RiverNorth/DoubleLine Strategic Income Fund (RNSIX/RNDLX) launched on December 30, 2010, and is the General Partner of multiple private investment partnerships. RiverNorth's headquarters is in Chicago, IL. Its offices can be reached by telephone at 312-832-1440 or by email at [email protected].
RiverNorth/DoubleLine Strategic Income Fund (RNSIX, RNDLX) is new and has limited operating history.
You should carefully consider the investment objectives, potential risks, management fees, and charges and expenses of the Fund before investing. The Fund's prospectus contains this and other information about the Fund, and should be read carefully before investing. You may obtain a copy of the Fund's prospectus by calling 1-888-848-7569.
Past performance is no guarantee of future results. The investment return and principal value of an investment in the Fund will fluctuate so that an investor's shares, when redeemed, may be worth more or less than their original cost.
Investments in closed end funds are subject to investment risk, including the possible loss of the entire principal amount that you invest. The value of these securities, like other market investments, may move up or down, sometimes rapidly and unpredictably. At any point in time an investment may be worth less than the original investment, even after considering the reinvestment of fund dividends and distributions. Closed-end funds also carry price risk, or the risk that shares may trade at prices different from their net asset values.