RiverNorth Core Opportunity Fund (RNCOX) Marks 5th Anniversary as the Best Performing Fund in the Morningstar Moderate Allocation Category Over the Past 5 Years

CHICAGO, Jan. 19, 2012 /PRNewswire/ -- RiverNorth, a leading investment management firm specializing in opportunistic investment strategies, is announcing that its flagship RiverNorth Core Opportunity Fund (RNCOX) marked its five-year anniversary on December 27, 2011.

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With approximately $500 million under management as of January 18th, 2012, the RiverNorth Core Opportunity Fund is an open-end mutual fund focusing on opportunistically investing in closed-end funds. It offers investors a balanced approach and diversification into multiple asset classes and tactical allocation in a single investment.

As the only fund that invests opportunistically in closed-end funds with a five-star rating and no. 1 ranking from Morningstar, the RiverNorth Core Opportunity Fund was the best-performing fund, rated and ranked against 736 funds in Morningstar's Moderate Allocation Category for the five-year period ending December 31, 2011, generating an annual return of 6.34 percent (1). The Fund was closed to new investors on July 1, 2011.

"One of the objectives of this fund is to provide investors with an efficient way to get exposure to the inefficient closed-end fund space," said Patrick Galley, Chief Investment Officer of RiverNorth. "Five years ago, we executed that strategy by launching the first open-end mutual fund focused on closed-end fund investing. Thanks in large part to our distinctive and focused approach to investment management, which favors pursuing diverse asset allocation first and then using closed-end fund market inefficiencies to find alpha, the RiverNorth Core Opportunity Fund was one of the best-performing funds in its asset class."

For more information, please visit www.rivernorthfunds.com. For media inquiries, please contact James Doyle at 973-850-7308 or [email protected].

SEE IMPORTANT DISCLOSURES BELOW.

About RiverNorth

RiverNorth Capital Management, LLC, is a leading investment management firm specializing in opportunistic investment 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 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. Its offices can be reached by telephone at 312-832-1440 or by e-mail at [email protected].

Past performance is no guarantee of future results. Current performance may be lower or higher than the performance quoted.  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.  You can obtain performance data current to the most recent month end by calling (888) 848-7569 or www.rivernorthfunds.com.  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.

The Total Annual Operating Expense for the funds as disclosed in the prospectus is 2.39%.  The Adviser has contractually agreed to defer the collection of fees and/or reimburse expenses, but only to the extent necessary to limit Total Annual Fund Operating Expenses (excluding brokerage fees and commissions; borrowing costs, such as (a) interest and (b) dividends on securities sold short; taxes; indirect expenses incurred by the Underlying Funds in which the funds invest; and extraordinary expenses) to 1.60% of the average daily net assets of the funds through January 31, 2013.  The annualized net expense ratio in the annual report dated September 30, 2011 is 1.45%.

(2) Blend Index consists of 60% S&P 500 Index and 40% Barclays Capital U.S. Aggregate Bond Index.  S&P 500 Index is a capitalization-weighted index of 500 stocks.  The index is designed to measure performance of the broad domestic economy based on the changing aggregate market value of these 500 stocks.  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.  This unmanaged index does not reflect fees and expenses.  The S&P 500 and Blend Indices are indices only and cannot be invested in directly.

(3) The RiverNorth CEF Index measures the performance of the taxable closed-end fund market through a representative 75 funds.  The index rebalances every 12 months and is calculated using the total return of the underlying investments.  Please see www.rivernorth.com for more information.  The RiverNorth CEF Index is an index only and cannot be invested in directly.

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.

Alpha is a measure of a fund's actual returns and expected performance, given its level of risk (as measured by beta).  Beta reflects the sensitivity of a fund's return to fluctuation in the market index.

Important Risk Disclosure: 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.

©2012 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance (including the effects of sales charges, loads, and redemption fees), placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star. (Each share class is counted as a fraction of one fund within this scale and rated separately, which may cause slight variations in the distribution percentages.) The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five- and ten-year (if applicable) Morningstar Rating metrics. The RiverNorth Core Opportunity Fund (RNCOX) was rated number 1 against 736 U.S.-domiciled Moderate Allocation funds in the last five years, number 5 against 843 U.S. domiciled Moderate Allocation funds in the last three years, and number 736 against 963 U.S. domiciled Moderate Allocation funds in the last 1 year. With respect to these Moderate Allocation funds, the RiverNorth Core Opportunity Fund (RNCOX) received a Morningstar Rating of 5 stars for the three and five year period and an Overall Morningstar rating of 5 stars as of December 31, 2011. Past performance is no guarantee of future results.

Diversification does not eliminate the risk of experiencing investment losses.

There is no assurance that the investment process will consistently lead to successful investing.

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SOURCE RiverNorth