RiverNorth Launches High Income Fund With Oaktree

              RiverNorth Launches High Income Fund With Oaktree

Designed to Deliver Capital Appreciation and Income

Combines RiverNorth's Closed-End Fund and Oaktree's Senior Loan and High Yield
Bond Expertise

PR Newswire

CHICAGO, Jan. 17, 2013

CHICAGO, Jan. 17, 2013 /PRNewswire/ --RiverNorth Capital Management, LLC, a
leading investment management firm specializing in opportunistic investment
strategies, has launched the RiverNorth/Oaktree High Income Fund (Class I
Symbol: RNHIX, Class R Symbol: RNOTX), a new mutual fund focused on total
return consisting of long-term capital appreciation and income. The Fund is
advised by RiverNorth and is designed to capitalize on market inefficiencies
in both closed-end funds and the credit markets. Oaktree Capital Management,
L.P., a subsidiary of Oaktree Capital Group, LLC (NYSE: OAK), a leading global
investment management firm focused on alternative markets, co-manages the Fund
as sub-adviser to RiverNorth.

The Fund provides daily liquidity and allocates its assets among three
strategies: a Closed-End Fund Strategy (managed by RiverNorth), a Senior Loan
Strategy and a High Yield Bond Strategy (both managed by Oaktree). Combined
into a single fund, these three strategies work together to offer investors
the potential for attractive yield.

"The RiverNorth/Oaktree High Income Fund provides investors with access to two
experienced managers that are proven in their respective strategies, as well
as a unique opportunity to potentially benefit from the Fund's high income
strategy at a time when investors are hungry for higher yields," said Brian
Schmucker, Chief Executive Officer of RiverNorth. "We believe Oaktree's
value-oriented and risk-controlled strategies, as well as our flexible and
opportunistic approach to closed-end fund investing, will hold tremendous
appeal to both advisors and their clients seeking yield and diversification
during periods of market volatility."

The allocation between the High Yield Bond and Senior Loan Strategies will be
tactically managed based both on market opportunities and the anticipated
risk/reward trade-offs between the two asset classes. RiverNorth's Closed-End
Fund Strategy has the flexibility to invest across all asset classes
represented in the closed-end fund universe.

"We are pleased to partner with RiverNorth, a leader in closed-end fund
investing. Through this Fund, individual investors and advisors can access a
tactical allocation between Oaktree's Senior Loan and High Yield Strategies
that has been available to institutional clients for many years," said Howard
Marks, Chairman of Oaktree.

The Fund's portfolio managers are Patrick Galley, Chief Investment Officer,
and Stephen O'Neill of RiverNorth, along with Sheldon Stone, Principal, and
Desmund Shirazi of Oaktree.

As of December 31, 2012, global high-yield bonds were yielding an average of
6.05 percent, senior loans an average of 5.16 percent, while the average
distribution yield of all closed-end funds was 6.45 percent as represented by
the BofA Merrill Lynch Global High Yield Constrained Index, the Credit Suisse
Leveraged Loan Index and the Morningstar U.S. All Closed-End Fund Index
(unweighted), respectively. These asset classes were offering significantly
higher average yields than 10-year Treasuries (1.76 percent) and the Barclays
Capital U.S. Aggregate Bond Index (1.74 percent) at that time^1.

About RiverNorth

RiverNorth Capital Management, LLC is a leading investment management firm
specializing in opportunistic investment strategies including the trading of
closed-end funds and volatility. RiverNorth typically favors under-followed,
specialty asset classes where the potential to exploit inefficiencies is
greatest. RiverNorth serves as the Investment Adviser to RiverNorth Funds and
is the General Partner of multiple private investment partnerships.

Headquartered in Chicago, RiverNorth's offices can be reached at (312)
832-1440 or info@rivernorth.com.

For additional information, please visit www.rivernorthfunds.com.

About Oaktree

Oaktree is a leading global investment management firm focused on alternative
markets, with an estimated $81 billion in assets under management as of
September 30, 2012. The firm emphasizes an opportunistic, value-oriented and
risk-controlled approach to investments in distressed debt, corporate debt
(including high yield debt and senior loans), control investing, convertible
securities, real estate and listed equities. Headquartered in Los Angeles, the
firm has over 700 employees and offices in 13 cities worldwide.

For additional information, please visit www.oaktreecapital.com.

^1 ^ BofA Merrill Lynch Global High Yield Constrained Index tracks the
performance of below investment grade bonds of corporate issuers domiciled in
countries having an investment grade foreign currency long-term debt rating
(based on composite of Moody's and S&P). The Index is weighted by outstanding
issuance, but constrained such that the percentage of any one issuer may not
represent more than 3% of the Index. Credit Suisse Leveraged Loan Index tracks
the investable market of the U.S. dollar denominated leveraged loan market. It
consists of issues rated "5B" or lower, meaning that the highest rated issues
included in this index are Moody's/S&P ratings of Baa1/BB+ or Ba1/BBB+. All
loans are funded term loans with a tenor of at least one year and are made by
issuers domiciled in developed countries. Closed-end fund statistics are based
on the Morningstar U.S. All Closed-End Fund Index (unweighted), which are an
un-weighted average of all funds in the index. 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. The indices cannot be invested
in directly and do not reflect fees and expenses. 

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.

Fund Risks

Borrowing Risk– borrowings increase fund expenses and are subject to
repayment, possibly at inopportune times. Closed-End Fund Risk – closed-end
funds are exchange traded, may trade at a discount to their net asset values
and may deploy leverage. Convertible Security Risk – the market value of
convertible securities adjusts with interest rates and the value of the
underlying stock. Credit Derivatives Risk – the use of credit derivatives is
highly specialized, involves default, counterparty and liquidity risks and may
not perfectly correlate to the underlying asset or liability being hedged.
Currency Risk – foreign currencies will rise or decline relative to the U.S.
dollar. Distressed and Defaulted Securities Risk – defaulted securities carry
the risk of uncertainty of repayment. Equity Risk – equity securities may
experience volatility and the value of equity securities may move in opposite
directions from each other and from other equity markets generally. Fixed
Income Risk – the market value of fixed income securities adjusts with
interest rates and is subject to issuer default. Foreign/Emerging Market Risk
– foreign securities may be subject to inefficient or volatile markets,
different regulatory regimes or different tax policies. These risks may be
enhanced in emerging markets. Floating Interest Rate Risk – loans pay
interest based on the London Interbank Offered Rate (LIBOR) and a decline in
LIBOR could negatively impact the Fund's return. Investment Style Risk –
investment strategies may come in and out of favor with investors and may
underperform or outperform at times. Loans Risk – loans may be unrated or
rated below investment grade and the pledged collateral may lose value.
Secondary trading in loans is not fully-developed and may result in
illiquidity. Management Risk – there is no guarantee that the adviser's or
sub-adviser's investment decisions will produce the desired results. Market
Risk – economic conditions, interest rates and political events may affect the
securities markets. New Fund Risk – there can be no assurance that the Fund
will grow to, or maintain an economically viable size. Portfolio Turnover
Risk – increased portfolio turnover results in higher brokerage expenses and
may impact the tax status of distributions. Preferred Stock Risk – preferred
stocks generally pay dividends, but may be less liquid than common stocks,
have less priority than debt instruments and may be subject to redemption by
the issuer. Security Risk – value of the Fund may increase or decrease in
response to the prospects of the issuers of securities and loans held in the
Fund. Swap Risk – swap agreements are subject to counterparty default risk and
may not perform as intended. Underlying Fund Risk – underlying funds have
additional fees, may utilize leverage, may not correlate to an intended index
and may trade at a discount to their net asset values. Valuation Risk – Loans
and fixed-income securities are traded "over the counter" and because there is
no centralized information regarding trading, the valuation of loans and
fixed-income securities may vary.

RVN000374 20130430

The Fund is distributed by ALPS Distributors, Inc. Member FINRA.

ALPS Distributors, Inc. is not affiliated with RiverNorth Capital Management,
LLC or Oaktree Capital Group, LLC

CONTACT: Jami Schlicher
         JCPR
         973-850-7309
         jschlicher@jcprinc.com

SOURCE RiverNorth Capital Management, LLC

Website: http://www.rivernorth.com
 
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