RiverNorth Managed Volatility Fund

Class Retirement (RNBWX)

Fund Holdings

Asset Allocation

% Long % Short % Net
Cash 56.58 0.0 56.58
Stocks 35.45 0.62 34.83
Bonds 0.0 0.0 0.0
Other 1.44 3.42 -1.98
Foreign Bonds 0.0 0.0 0.0
Foreign Stocks 5.82 0.0 5.82
Convertible 0.0 0.0 0.0
Preferred 4.75 0.0 4.75

Updated 03.31.2014

Top 10 Holdings

Performance as of 06.30.2014

Portfolio as of 03.31.2014

Ticker YTD Return % % Net Assets
Financial Select Sector SPDR® ETF --- --- 6.02
SPDR S&P 500 --- --- 5.97
Market Vectors Gold Miners ETF --- --- 5.57
Goodyear Tire & Rubr Cv --- --- 4.75
Apple Inc AAPL 17.82 3.96
Industrial Select Sector SPDR® ETF --- --- 3.86
Bristol-Myers Squibb Company BMY -8.11 1.7
EMC Corp EMC 7.06 1.12
Exelon Corp EXC 32.6 0.96
Utilities Select Sector SPDR® ETF --- --- 0.92