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RiverNorth/DoubleLine Strategic Income Fund reopens to all investors

TheShadowTheShadow
edited August 2013 in Fund Discussions
http://www.sec.gov/Archives/edgar/data/1370177/000119312513346104/d589002d497.htm

497 1 d589002d497.htm RIVERNORTH FUNDS
RIVERNORTH FUNDS

RiverNorth/DoubleLine Strategic Income Fund

(Ticker Symbols RNSIX & RNDLX)

SUPPLEMENT TO PROSPECTUS DATED

February 1, 2013

On August 21, 2013, the Board of Trustees for the RiverNorth Funds voted to re-open the RiverNorth/DoubleLine Strategic Income Fund to all investors.

Accordingly, the notice on the inside cover of the prospectus regarding the Fund’s Limited Purchase Availability should be disregarded.

Although the Board of Trustees approved the re-opening effective immediately, there could be delayed availability through certain intermediaries or omnibus accounts due to time needed to update their systems regarding the availability of the Fund.

Dated: August 26, 2013

RIVERNORTH FUNDS

c/o ALPS Fund Services, Inc.

1290 Broadway, Suite 1100

Denver, Colorado 80203

1-888-848-7569

Please retain this supplement with your Prospectus for future reference.

Comments

  • David_Snowball
    You're good!

    They have a conference call upcoming to discuss the decision. I'll share the link in our September issue.

    Because careful of glancing at the Morningstar returns for standard reporting periods. The fund has outperformed its peers in seven of the 10 quarters that it's been open and has squashed them from inception to now. Since Morningstar offers updates at 1, 3 and 5, apparent performance can be deceived for funds with 2.5 year records.

    As ever,

    David
  • andrei
    I guess they reopened because the closed end branch of this fund has a very difficult time: The fund is 6% down during the last 3 months, which is a lot for a fund which was exceptionally stable since inception. Maybe they want to use fresh cash to buy closed end funds at a discount, or to avoid selling them when they are down.
  • claimui
    edited August 2013
    Reply to @David_Snowball: I think it's more interesting to compare this fund with its other DoubleLine siblings, DBLFX and ADBLX. Looks like RNDLX and ADBLX have been roughly equal (alternating periods of outperformance) and both have outperformed DBLFX.
  • claimui
    Reply to @andrei: If there are indeed a number of bond CEFs trading at discount now, I expect RNDLX could bounce back quickly if (when?) the bond sell-off ends. But also a good chance that things will get much worse before they get better.
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