The RiverNorth closed-end funds (the “Funds”) have declared
monthly distributions for July, August and September 2023 in
accordance with each Fund’s level distribution policy. Details
below.
Ex Date
Record Date
Payable Date
July 13, 2023
July 14, 2023
July 31, 2023
August 14, 2023
August 15, 2023
August 31, 2023
September 14, 2023
September 15, 2023
September 29, 2023
Tax-Exempt Distributions1
Fund Name
Ticker
Distribution Per Share
Change From Prior
Distribution
Net Asset Value (NAV) as of
6/30/2023
Annualized Current
Distribution Rate at NAV
Market Price as of
6/30/2023
Annualized Current
Distribution Rate at Market
RiverNorth Opportunistic Municipal
Income Fund, Inc.1,2
RMI
$0.0974
--
$17.15
6.82%
$16.37
7.14%
RiverNorth Managed Duration Municipal
Income Fund, Inc.1,2
RMM
$0.0911
--
$16.28
6.71%
$15.14
7.22%
RiverNorth Flexible Municipal Income
Fund, Inc.1,2
RFM
$0.0985
--
$17.05
6.93%
$15.90
7.43%
RiverNorth Flexible Municipal Income
Fund II, Inc.1,2
RFMZ
$0.0865
--
$15.34
6.77%
$14.38
7.22%
RiverNorth Managed Duration Municipal
Income Fund II, Inc.1,2
RMMZ
$0.0971
--
$17.24
6.76%
$16.04
7.26%
Taxable Distributions
Fund Name
Ticker
Distribution Per Share
Change From Prior
Distribution
Net Asset Value (NAV) as of
6/30/2023
Annualized Current
Distribution Rate at NAV
Market Price as of
6/30/2023
Annualized Current
Distribution Rate at Market
RiverNorth Opportunities Fund,
Inc.3
RIV
$0.1278
--
$12.22
12.55%
$11.44
13.41%
RiverNorth Capital and Income Fund,
Inc.4*
RSF
$0.1424
--
$16.67
10.25%
$15.42
11.08%
RiverNorth/DoubleLine Strategic
Opportunity Fund, Inc.5
OPP
$0.1021
--
$9.61
12.75%
$8.54
14.35%
* Formerly known as RiverNorth Specialty
Finance Corporation. Effective December 7, 2022, the Fund changed
its name to RiverNorth Capital and Income Fund, Inc.
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:
- Receive additional full and fractional shares of the respective
Fund’s common stock, or
- 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 $5.0 billion6 in assets under management
as of May 31, 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. 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.
RMI000312
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