RiverNorth/DoubleLine Strategic Income Fund Exceeds $100 Million

CHICAGO, May 11, 2011 /PRNewswire/ -- RiverNorth Capital, a leading investment management firm specializing in quantitative and qualitative closed-end fund trading strategies, is pleased to announce that the RiverNorth/DoubleLine Strategic Income Fund (RNSIX, RNDLX) has exceeded $100 million in assets under management as of May 9, 2011. The open-end mutual fund, launched on December 30, 2010, in partnership with DoubleLine Capital LP, is available on most major investment platforms and was added recently to LPL, Raymond James and UBS.

"Surpassing the $100 million mark within a few months of launching is a milestone for the Fund that reflects RiverNorth's reputation as a specialist in identifying and capitalizing on market inefficiencies," said Patrick Galley, RiverNorth's Chief Investment Officer. "The Fund is a truly unique investment vehicle, combining two experienced managers and their complementary alternative investment strategies into a single mutual fund."

The Strategic Income Fund combines RiverNorth's expertise in closed-end fund trading with expertise of the DoubleLine team, led by the firm's CEO and Chief Investment Officer Jeffery Gundlach, a highly regarded portfolio manager known for his disciplined approach to fixed income investment and risk management. The Fund's goal is to achieve current income and overall total return.

The Fund employs an opportunistic approach designed to capitalize on the inefficiencies within the closed-end fund space and bond markets. With the flexibility to respond to market dynamics, the Fund allocates its assets among three different strategies:

• Tactical closed-end fixed income (RiverNorth);
• Core fixed income (DoubleLine); and
• Opportunistic income (DoubleLine).

"DoubleLine is proud of the strong partnership we've established with RiverNorth, whose disciplined and opportunistic investment approach complements our focus on active risk management and security selection," Gundlach said. "We look forward to our continued partnership."

"The success of the RiverNorth/DoubleLine Strategic Income Fund reflects our ongoing growth and focus on aligning with complementary managers who have a record of successfully identifying unique market opportunities," said RiverNorth CEO Brian Schmucker. "We are pleased with the Fund's performance to date and are very optimistic about its future."  

For more information, please visit www.rivernorthfunds.com. To request more information about RiverNorth Capital, please contact James Doyle at 973-850-7300 or [email protected].

About RiverNorth Capital

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. RiverNorth Capital is the Investment Adviser to RiverNorth Funds, 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].

About DoubleLine Capital

DoubleLine Capital LP is a fixed income investment management firm and a registered investment advisor under the Investment Advisers Act of 1940. The firm is majority employee-owned with CEO Jeffrey Gundlach and President Philip Barach holding a combined controlling interest in the firm. DoubleLine's headquarters is in Los Angeles, CA.

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.

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Distributed by ALPS Distributors, Inc., Denver, CO, Member FINRA.

ALPS Distributors, Inc. is not affiliated with LPL, Raymond James and UBS.

CONTACT:
James Doyle
JCPR
973-944-8105
[email protected]

SOURCE RiverNorth Capital