The Total Annual Fund Operating Expense for the Fund as disclosed in the prospectus is 2.32%. 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 Fund invests; and extraordinary expenses) to 1.60% of the average daily net assets of the Fund through January 31, 2013. The annualized net expense ratio in the annual report dated September 30, 2011 is 1.45%.

The performance data quoted represents past performance. Past performance does not represent future results and current performance may be higher or lower than performance data quoted. Investors should maintain realistic expectations for future performance. The investment return and principal value of an investment will fluctuate so that an investor's share, 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.

Blend Index consists of 60% S&P 500 Index and 40% Barclays 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. The RiverNorth Closed-end Fund 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 Closed-end Fund Index is an index only and cannot be invested in directly.

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.