The RiverNorth closed-end funds (the “Funds”) have declared monthly distributions for April, May and June 2023 in accordance with each Fund’s level distribution policy. In addition, the RiverNorth Flexible Municipal Income Fund, Inc. has declared a capital gain distribution. Details below.

Ex Date

Record Date

Payable Date

April 13, 2023

April 14, 2023

April 28, 2023

May 12, 2023

May 15, 2023

May 31, 2023

June 14, 2023

June 15, 2023

June 30, 2023

Tax-Exempt Distributions1

Fund Name

Ticker

Distribution Per Share

Change From Prior Distribution

Net Asset Value (NAV) as of 3/31/2023

Annualized Current Distribution Rate at NAV

Market Price as of 3/31/2023

Annualized Current Distribution Rate at Market

RiverNorth Opportunistic Municipal Income Fund, Inc.1,2

RMI

$0.0974

--

$17.39

6.72%

$16.75

6.98%

RiverNorth Managed Duration Municipal Income Fund, Inc.1,2

RMM

$0.0911

--

$16.38

6.67%

$15.07

7.25%

RiverNorth Flexible Municipal Income Fund, Inc.1,2

RFM

$0.0985

--

$17.64

6.70%

$15.49

7.63%

RiverNorth Flexible Municipal Income Fund II, Inc.1,2

RFMZ

$0.0865

--

$15.41

6.74%

$13.50

7.69%

RiverNorth Managed Duration Municipal Income Fund II, Inc.1,2

RMMZ

$0.0971

--

$17.38

6.70%

$15.07

7.73%

Taxable Distributions

Fund Name

Ticker

Distribution Per Share

Change From Prior Distribution

Net Asset Value (NAV) as of 3/31/2023

Annualized Current Distribution Rate at NAV

Market Price as of 3/31/2023

Annualized Current Distribution Rate at Market

RiverNorth Opportunities Fund, Inc.3

RIV

$0.1278

--

$12.43

12.34%

$11.36

13.50%

RiverNorth Capital and Income Fund, Inc.4*

RSF

$0.1424

--

$16.74

10.21%

$15.43

11.07%

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.5

OPP

$0.1021

--

$9.82

12.48%

$8.56

14.31%

* Formerly known as RiverNorth Specialty Finance Corporation. Effective December 7, 2022 the Fund changed its name to RiverNorth Capital and Income Fund, Inc.

Capital Gain Distribution

RiverNorth Flexible Municipal Income Fund’s capital gain distribution is in addition to its regular monthly distribution. It represents previously undistributed net long-term capital gains realized in 2022.

Ex Date

Record Date

Payable Date

Long-Term Capital Gain Distribution Per Share

April 13, 2023

April 14, 2023

April 28, 2023

$0.396714

RMI, RMM, RFM, RFMZ, RMMZ, RIV, RSF and OPP are closed-end funds.

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, or
  2. Elect to receive cash for the distribution.

Contact your broker-dealer where you hold the shares to confirm your distribution reinvestment 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 the 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 the Fund is paid back to them. A return of capital does not necessarily reflect the Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ Any such returns of capital will decrease the Fund’s total assets and, therefore, could have the effect of increasing the Fund’s expense ratio. In addition, in order to make the level of distributions called for under its plan, the 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 $5.1 billion6 in assets under management as of February 28, 2023, 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.

1

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.

2

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.

3

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.

4

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.

5

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.

6

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. Chris Lakumb is a registered representative of 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. ©2000-2023 RiverNorth Capital Management, LLC. All rights reserved. RMI000310

Investor Contact Chris Lakumb, CFA, CAIA 312.445.2336 clakumb@rivernorth.com

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