In accordance with the RiverNorth closed-end funds (the “Funds”)
level distribution policies, the Funds have declared distributions
for July, August and September 2024, as detailed below.
Ex Date
Record Date
Payable Date
July 15, 2024
July 15, 2024
July 31, 2024
August 15, 2024
August 15, 2024
August 30, 2024
September 13, 2024
September 13, 2024
September 30, 2024
Tax-Exempt Distributions1
Fund Name
Ticker
Distribution Per Share
Net Asset Value (NAV) as of
6/28/2024
Annualized Current
Distribution Rate at NAV
Market Price as of
6/28/2024
Annualized Current
Distribution Rate at Market
Inception to Date Cumulative
Distributions^
RiverNorth Opportunistic Municipal
Income Fund, Inc.1,2
RMI
$0.0965
$17.23
6.72%
$15.91
7.28%
$7.77
RiverNorth Managed Duration Municipal
Income Fund, Inc.1,2
RMM
$0.0916
$16.46
6.68%
$15.26
7.20%
$5.33
RiverNorth Flexible Municipal Income
Fund, Inc.1,2
RFM
$0.0954
$17.13
6.68%
$16.19
7.07%
$6.60
RiverNorth Flexible Municipal Income
Fund II, Inc.1,2
RFMZ
$0.0866
$15.61
6.66%
$14.14
7.35%
$3.57
RiverNorth Managed Duration Municipal
Income Fund II, Inc.1,2
RMMZ
$0.0974
$17.40
6.72%
$16.26
7.19%
$2.79
Taxable Distributions
Fund Name
Ticker
Distribution Per Share
Net Asset Value (NAV) as of
6/28/2024
Annualized Current
Distribution Rate at NAV
Market Price as of
6/28/2024
Annualized Current
Distribution Rate at Market
Inception to Date
Cumulative Distributions^
RiverNorth Opportunities
Fund, Inc.3
RIV
$0.1289
$12.67
12.21%
$12.25
12.63%
$17.84
RiverNorth Capital and Income Fund,
Inc.4
RSF
$0.1398
$16.51
10.16%
$15.36
10.92%
$15.33
RiverNorth/DoubleLine Strategic
Opportunity Fund, Inc.5
OPP
$0.1003
$9.40
12.80%
$8.65
13.91%
$13.39
^As of 6/28/24. The inception date for
each closed-end fund follows: RMI (10/25/2018), RMM (7/25/2019),
RFM (3/26/2020), RFMZ (2/24/2021), RMMZ (2/10/2022), RIV
(12/24/2015), RSF (9/22/2016), and OPP (9/27/2016).
Each Fund maintains a level distribution policy with the
intention of providing monthly distributions to shareholders at a
constant and fixed (but not guaranteed) rate that is reset
annually. Although there can be no guarantee that the distribution
policy will be successful in its goals, shareholders may
potentially benefit from both increased liquidity and flexibility
in managing their Fund investments. Each Fund’s ability to maintain
a stable level of distributions to shareholders will depend on a
number of factors, including changes in the financial market,
market interest rates, and performance of overall equity and fixed
income markets. As portfolio and market conditions change, the
ability of each Fund to continue to make distributions in
accordance with the level distribution policy may be affected.
Holders of each Fund’s common stock will receive the
distribution under one of two options:
1. Receive additional full and fractional shares of the
respective Fund’s common stock through its dividend reinvestment
plan
or,
2. Elect to receive cash for the distribution.
Shareholders may consider the dividend reinvestment plan as a
convenient way to add to their Fund holdings along with other
potential benefits. For example, if a Fund is trading at a discount
to NAV, the investor generally receives shares acquired on the
secondary market at/near that discount to NAV. In the case where a
Fund is trading at a premium to NAV, the investor will typically
receive newly issued shares by the Fund at NAV.
For further information, shareholders should carefully read the
description of the dividend reinvestment plan in each Fund’s
prospectus and/or annual report. Contact your broker-dealer to
confirm your distribution election.
With each distribution that does not consist solely of net
investment income, the respective Fund will issue a notice to
shareholders and an accompanying press release that will provide
detailed information regarding the amount and composition of the
distribution and other related information. The amounts and sources
of distributions reported in the notice to shareholders are only
estimates and are not being provided for tax reporting purposes.
The actual amounts and sources of the amounts for tax reporting
purposes will depend upon each Fund’s investment experience during
its full fiscal year and may be subject to changes based on tax
regulations. Each Fund will send shareholders a Form 1099-DIV for
the calendar year that will tell them how to report these
distributions for federal income tax purposes.
Each Fund may at times distribute more than its net investment
income and net realized capital gains; therefore, a portion of the
distribution may result in a return of capital. A return of capital
occurs when some or all of the money that shareholders invested in
a Fund is paid back to them. A return of capital does not
necessarily reflect a Fund’s investment performance and should not
be confused with ‘yield’ or ‘income.’ Any such returns of capital
will decrease a Fund’s total assets and, therefore, could have the
effect of increasing a Fund’s expense ratio. In addition, in order
to make the level of distributions called for under its plan, a
Fund may have to sell its portfolio securities at a less than
opportune time.
About RiverNorth
RiverNorth Capital Management, LLC is an investment management
firm founded in 2000. With $5.0 billion6 in assets under management
as of May 31, 2024, RiverNorth specializes in opportunistic
investment strategies in niche markets where the potential to
exploit inefficiencies is greatest. RiverNorth is an institutional
investment manager to registered funds, private funds and
separately managed accounts.
- Monthly distributions from RMI, RMM, RFM, RFMZ and RMMZ are
expected to be generally exempt from regular U.S. federal income
taxes, however, portions of these Funds’ distributions may (i) be
subject to U.S. federal income tax, (ii) be includable in taxable
income for purposes of the federal alternative minimum tax, or
(iii) constitute a return of capital. Such distributions will also
generally be subject to state and local taxes. RiverNorth does not
provide tax advice; consult a professional tax advisor regarding
your specific tax situation.
- In accordance with their level distribution policies, the
annual distribution rates for RMI, RMM, RFM, RFMZ and RMMZ have
been set equal to 6.75% of the average of each Fund’s NAV per share
as reported for the final five trading days of the preceding
calendar year.
- In accordance with its level distribution policy, RIV’s annual
distribution rate has been set equal to 12.50% of the average of
the Fund’s NAV per common share reported on the final five trading
days of the preceding calendar year.
- In accordance with its level distribution policy, RSF’s annual
distribution rate has been set equal to 10.00% of the average of
the Fund’s NAV per common share reported on the final five trading
days of the preceding calendar year.
- In accordance with its level distribution policy, OPP’s annual
distribution rate has been set equal to 12.50% of the average of
the Fund’s NAV per common share reported on the final five trading
days of the preceding calendar year.
- Firm AUM reflects Managed Assets which includes the effects of
leverage and investments in affiliated funds.
An investment in the Funds involves risk, including loss of
principal.
Investors should consider a Fund's investment objective,
risks, charges and expenses carefully before investing. Each Fund’s
prospectus and most recent periodic reports contain this and other
important information about the respective Fund and may be obtained
by visiting rivernorth.com/literature or by calling
your financial professional or RiverNorth at 844.569.4750.
Member Firm ALPS Distributors Inc. Marketing services provided
by ALPS Distributors Inc.
RiverNorth Capital Management, LLC is not affiliated with
DoubleLine Capital LP, or ALPS Distributors, Inc.
Not FDIC Insured | May Lose Value | No Bank Guarantee
RiverNorth® is a registered trademark of RiverNorth Capital
Management, LLC. DoubleLine® is a registered trademark of
DoubleLine Capital LP.
©2000-2024 RiverNorth Capital Management, LLC. All rights
reserved. RMI000323
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CEF@rivernorth.com
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