RiverNorth Managed Volatility Fund

Class Retirement (RNBWX)

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 0.15 0.0 0.15
Stocks 64.36 0.0 64.36
Bonds 0.0 0.0 0.0
Other 18.97 4.33 14.65
Foreign Bonds 0.0 0.0 0.0
Foreign Stocks 8.72 0.0 8.72
Convertible 0.0 0.0 0.0
Preferred 12.13 0.0 12.13

Updated 09.30.2013

Top 10 Holdings

Performance as of 02.28.2014

Portfolio as of 09.30.2013

Ticker YTD Return % % Net Assets
Northern Instl Fds --- --- 18.08
SPDR S&P 500 --- --- 12.77
Goodyear Tire & Rubr Cv --- --- 12.13
Technology Select Sector SPDR --- --- 10.55
Market Vectors Gold Miners ETF --- --- 7.5
Financial Select Sector SPDR --- --- 5.47
Consumer Staples Select Sector SPDR --- --- 3.27
Hewlett-Packard Co HPQ 6.25 2.45
Apple Inc AAPL -5.38 1.93
Google, Inc. Class A GOOG 7.32 1.78