RiverNorth Closed-End Funds Declare Monthly Distributions and RiverNorth Flexible Municipal Income Fund, Inc. Declares Capital Gain Distribution
- WEST PALM BEACH, Fla.--(BUSINESS WIRE)--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: 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
- 04/03/2023
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Dear MULN Stock Fans, Mark Your Calendars for March 31
- The quarter is almost over. That means that Mullen Automotive (NASDAQ: MULN ) should soon deliver its Class 1 electric vehicle (EV) cargo vans.
- 03/09/2023
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RiverNorth Closed-End Funds Declare Monthly Distributions
- WEST PALM BEACH, Fla.--(BUSINESS WIRE)--In accordance with the RiverNorth closed-end funds' (the “Funds”) level distribution policies, the distribution rates have been reset for the calendar year 2023, as detailed below. Further, the Funds have declared distributions for January, February and March 2023. Ex Date Record Date Payable Date January 12, 2023 January 13, 2023 January 31, 2023 February 14, 2023 February 15, 2023 February 28, 2023 March 14, 2023 March 15, 2023 March 31, 2023 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 12/30/2022 Annualized Current Distribution Rate at NAV Market Price as of 12/30/2022 Annualized Current Distribution Rate at Market RiverNorth Opportunistic Municipal Income Fund, Inc.1,2 RMI $0.0974 ($0.0066) $17.40 6.72% $16.35 7.15% RiverNorth Managed Duration Municipal Income Fund, Inc.1,3 RMM $0.0911 ($0.0018) $16.26 6.72% $14.40 7.59% RiverNorth Flexible Municipal Income Fund, Inc.1,4 RFM $0.0985 ($0.0077) $17.61 6.71% $15.68 7.54% RiverNorth Flexible Municipal Income Fund II, Inc.1,5 RFMZ $0.0865 ($0.0063) $15.48 6.71% $13.53 7.67% RiverNorth Managed Duration Municipal Income Fund II, Inc.1,6 RMMZ $0.0971 ($0.0071) $17.38 6.70% $15.18 7.68% Taxable Distributions Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 12/30/2022 Annualized Current Distribution Rate at NAV Market Price as of 12/30/2022 Annualized Current Distribution Rate at Market RiverNorth Opportunities Fund, Inc.7 RIV $0.1278 ($0.0422) $12.27 12.50% $12.28 12.49% RiverNorth Capital and Income Fund, Inc.8* RSF $0.1424 ($0.0238) $17.12 9.98% $16.93 10.09% RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.9 OPP $0.1021 ($0.0457) $9.80 12.50% $8.68 14.12% * Formerly known as RiverNorth Specialty Finance Corporation. Effective December 7, 2022 the Fund changed its name to RiverNorth Capital and Income Fund, Inc. 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 its level distribution policy, RMI’s annual distribution rate has been set equal to 6.75% of the average of the 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, RMM’s annual distribution rate has been set equal to 6.75% of the average of the Fund’s NAV per share as reported for the final five trading days of the preceding calendar year. 4 In accordance with its level distribution policy, RFM’s annual distribution rate has been set equal to 6.75% of the average of the Fund’s NAV per share as reported for the final five trading days of the preceding calendar year. 5 In accordance with its level distribution policy, RFMZ’s annual distribution rate has been set equal to 6.75% of the average of the Fund’s NAV per share as reported for the final five trading days of the preceding calendar year. 6 In accordance with its level distribution policy, RMMZ’s annual distribution rate has been set equal to 6.75% of the average of the Fund’s NAV per share as reported for the final five trading days of the preceding calendar year. 7 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. 8 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. 9 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. 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 $5.0 billion10 in assets under management as of November 30, 2022, 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. Firm AUM reflects Managed Assets which includes the effects of leverage and investments in affiliated funds. Member Firm ALPS Distributors Inc. Chris Lakumb is a registered representative of ALPS Distributors, Inc. RiverNorth Capital Management, LLC is not affiliated with DoubleLine Capital LP, or ALPS Distributors, Inc. Marketing services provided by ALPS Distributors Inc. ALPS and RiverNorth are not affiliated. 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. 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. RMI000293
- 01/03/2023
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RiverNorth Closed-End Funds Declare Monthly Distributions
- WEST PALM BEACH, Fla.--(BUSINESS WIRE)--The RiverNorth closed-end funds (the “Funds”) have announced the declaration of monthly distributions for October, November and December 2022 in accordance with each Fund’s level distribution policy as detailed below. The following dates apply to the distribution declarations for RMI, RMM, RFM, RFMZ, RMMZ, OPP and RSF. Ex Date Record Date Payable Date October 13, 2022 October 14, 2022 October 31, 2022 November 14, 2022 November 15, 2022 November 30, 2022 December 14, 2022 December 15, 2022 December 30, 2022 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 9/30/2022 Annualized Current Distribution Rate at NAV Market Price as of 9/30/2022 Annualized Current Distribution Rate at Market RiverNorth Opportunistic Municipal Income Fund, Inc.1,2 RMI $0.1040 - $16.69 7.48% $15.60 8.00% RiverNorth Managed Duration Municipal Income Fund, Inc.1,3 RMM $0.0929 - $15.43 7.22% $14.62 7.63% RiverNorth Flexible Municipal Income Fund, Inc.1,4 RFM $0.1062 - $16.89 7.55% $15.55 8.20% RiverNorth Flexible Municipal Income Fund II, Inc.1,5 RFMZ $0.0928 - $14.82 7.51% $13.25 8.40% RiverNorth Managed Duration Municipal Income Fund II, Inc.1,6 RMMZ $0.1042 - $16.58 7.54% $15.33 8.16% Taxable Distributions Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 9/30/2022 Annualized Current Distribution Rate at NAV Market Price as of 9/30/2022 Annualized Current Distribution Rate at Market RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.7 OPP $0.1478 - $10.14 17.49% $9.20 19.28% RiverNorth Specialty Finance Corporation8 RSF $0.1662 - $17.29 11.53% $17.18 11.61% The following dates apply to the distribution declarations for RIV. Ex Date Record Date Payable Date October 13, 2022 October 14, 2022 October 31, 2022 November 18, 2022 November 21, 2022 November 30, 2022 December 14, 2022 December 15, 2022 December 30, 2022 Taxable Distributions Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 9/30/2022 Annualized Current Distribution Rate at NAV Market Price as of 9/30/2022 Annualized Current Distribution Rate at Market RiverNorth Opportunities Fund, Inc.9 RIV $0.1700 - $12.29 16.60% $12.18 16.75% 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 its level distribution policy, RMI’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. In accordance with its level distribution policy, RMM’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. In accordance with its level distribution policy, RFM’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. In accordance with its level distribution policy, RFMZ’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. In accordance with its level distribution policy, RMMZ’s annual distribution rate has been set equal to 6.25% of the of the Fund’s initial public offering price. 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. In accordance with its level distribution policy, RSF’s annual distribution rate has been set equal to 10.00% of the of the Fund’s NAV per common share as of the final trading day 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. 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 $5.3 billion10 in assets under management as of August 31, 2022, 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. Firm AUM reflects Managed Assets which includes the effects of leverage and investments in affiliated funds. Member Firm ALPS Distributors Inc. Chris Lakumb is a registered representative of ALPS Distributors, Inc. RiverNorth Capital Management, LLC is not affiliated with DoubleLine Capital LP, or ALPS Distributors, Inc. Marketing services provided by ALPS Distributors Inc. ALPS and RiverNorth are not affiliated. 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. 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. ©2000-2022 RiverNorth Capital Management, LLC. All rights reserved. RMI000281
- 10/03/2022
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RiverNorth Closed-End Funds Declare Monthly Distributions
- WEST PALM BEACH, Fla.--(BUSINESS WIRE)--Several RiverNorth closed-end funds (the “Funds”) have announced the declaration of monthly distributions for July, August and September 2022 in accordance with each Fund’s level distribution policy, as detailed below. Ex Date Record Date Payable Date July 14, 2022 July 15, 2022 July 29, 2022 August 16, 2022 August 17, 2022 August 31, 2022 September 15, 2022 September 16, 2022 September 30, 2022 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 6/30/2022 Annualized Current Distribution Rate at NAV Market Price as of 6/30/2022 Annualized Current Distribution Rate at Market RiverNorth Opportunistic Municipal Income Fund, Inc.1,2 RMI $0.1040 ‒ $17.77 7.02% $17.50 7.13% RiverNorth Managed Duration Municipal Income Fund, Inc.1,3 RMM $0.0929 ‒ $16.42 6.79% $15.80 7.06% RiverNorth Flexible Municipal Income Fund, Inc.1,4 RFM $0.1062 ‒ $18.15 7.02% $16.70 7.63% RiverNorth Flexible Municipal Income Fund II, Inc.1,5 RFMZ $0.0928 ‒ $15.77 7.06% $14.54 7.66% RiverNorth Managed Duration Municipal Income Fund II, Inc.1,6 RMMZ $0.1042 ‒ $17.63 7.09% $16.16 7.74% Taxable Distributions Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 6/30/2022 Annualized Current Distribution Rate at NAV Market Price as of 6/30/2022 Annualized Current Distribution Rate at Market RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.7 OPP $0.1478 ‒ $11.27 15.74% $10.89 16.29% RiverNorth Specialty Finance Corporation8 RSF $0.1662 ‒ $18.01 11.07% $18.03 11.06% 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 its level distribution policy, RMI’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. 3 In accordance with its level distribution policy, RMM’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. 4 In accordance with its level distribution policy, RFM’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. 5 In accordance with its level distribution policy, RFMZ’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. 6 In accordance with its level distribution policy, RMMZ’s annual distribution rate has been set equal to 6.25% of the of the Fund’s initial public offering price. 7 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. 8 In accordance with its level distribution policy, RSF’s annual distribution rate has been set equal to 10.00% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. 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 $5.7 billion9 in assets under management as of May 31, 2022, 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. 9 Firm AUM reflects Managed Assets which includes the effects of leverage and investments in affiliated funds. Member Firm ALPS Distributors Inc. Chris Lakumb is a registered representative of ALPS Distributors, Inc. RiverNorth Capital Management, LLC is not affiliated with DoubleLine Capital LP, or ALPS Distributors, Inc. 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. 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. ©2000-2022 RiverNorth Capital Management, LLC. All rights reserved. RMI000263
- 07/01/2022
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RiverNorth Closed-End Funds Declare Monthly Distributions
- CHICAGO--(BUSINESS WIRE)--Several RiverNorth closed-end funds (the “Funds”) have announced the declaration of monthly distributions for April, May and June 2022 in accordance with each Fund’s level distribution policy, as detailed below. Ex Date Record Date Payable Date April 13, 2022 April 14, 2022 April 29, 2022 May 12, 2022 May 13, 2022 May 31, 2022 June 15, 2022 June 16, 2022 June 30, 2022 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 3/31/2022 Annualized Current Distribution Rate at NAV Market Price as of 3/31/2022 Annualized Current Distribution Rate at Market RiverNorth Opportunistic Municipal Income Fund, Inc.1,2 RMI $0.1040 ‒ $19.64 6.35% $18.55 6.73% RiverNorth Managed Duration Municipal Income Fund, Inc.1,3 RMM $0.0929 ‒ $18.16 6.14% $17.19 6.49% RiverNorth Flexible Municipal Income Fund, Inc.1,4 RFM $0.1062 ‒ $20.19 6.31% $18.58 6.86% RiverNorth Flexible Municipal Income Fund II, Inc.1,5 RFMZ $0.0928 ‒ $17.57 6.34% $16.40 6.79% RiverNorth Managed Duration Municipal Income Fund II, Inc.1,6 RMMZ $0.1042 ‒ $19.43 6.44% $19.29 6.48% Taxable Distributions Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 3/31/2022 Annualized Current Distribution Rate at NAV Market Price as of 3/31/2022 Annualized Current Distribution Rate at Market RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.7 OPP $0.1478 ‒ $12.89 13.76% $12.46 14.23% RiverNorth Specialty Finance Corporation8 RSF $0.1662 ‒ $19.35 10.31% $19.41 10.28% 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 its level distribution policy, RMI’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. 3 In accordance with its level distribution policy, RMM’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. 4 In accordance with its level distribution policy, RFM’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. 5 In accordance with its level distribution policy, RFMZ’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. 6 In accordance with its level distribution policy, RMMZ’s annual distribution rate has been set equal to 6.25% of the of the Fund’s initial public offering price. 7 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. 8 In accordance with its level distribution policy, RSF’s annual distribution rate has been set equal to 10.00% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. 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 $5.9 billion9 in assets under management as of February 28, 2022, 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. 9 Firm AUM reflects Managed Assets which includes the effects of leverage and investments in affiliated funds Member Firm ALPS Distributors Inc. Chris Lakumb is a registered representative of ALPS Distributors, Inc. RiverNorth Capital Management, LLC is not affiliated with DoubleLine Capital LP, or ALPS Distributors, Inc. 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. 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. ©2000-2022 RiverNorth Capital Management, LLC. All rights reserved. RMI000263
- 04/01/2022
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New Year, New Closed-End Funds In The Works
- New Year, New Closed-End Funds In The Works
- 01/26/2022
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RiverNorth Closed-End Funds Declare Monthly Distributions
- CHICAGO--(BUSINESS WIRE)--Several RiverNorth closed-end funds (the “Funds”) have announced the declaration of monthly distributions for January, February and March 2022 in accordance with each Fund’s level distribution policy, as detailed below. Ex Date Record Date Payable Date January 13, 2022 January 14, 2022 January 31, 2022 February 10, 2022 February 11, 2022 February 28, 2022 March 16, 2022 March 17, 2022 March 31, 2022 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 12/31/2021 Annualized Current Distribution Rate at NAV Market Price as of 12/31/2021 Annualized Current Distribution Rate at Market RiverNorth Opportunistic Municipal Income Fund, Inc.1,2 RMI $0.1040 $0.0123 $22.68 5.50% $22.30 5.60% RiverNorth Managed Duration Municipal Income Fund, Inc.1,3 RMM $0.0929 $0.0012 $20.26 5.50% $20.15 5.53% RiverNorth Flexible Municipal Income Fund, Inc.1,4 RFM $0.1062 $0.0020 $23.17 5.50% $21.91 5.82% RiverNorth Flexible Municipal Income Fund II, Inc.1,5 RFMZ $0.0928 -$0.0072 $20.25 5.50% $19.86 5.61% Taxable Distributions Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 12/31/2021 Annualized Current Distribution Rate at NAV Market Price as of 12/31/2021 Annualized Current Distribution Rate at Market RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.6 OPP $0.1478 -$0.0108 $14.20 12.49% $14.20 12.49% RiverNorth Specialty Finance Corporation7 RSF $0.1662 $0.0139 $19.94 10.00% $19.20 10.39% RMI, RMM, RFM, RFMZ, OPP, and RSF are closed-end funds. 1 Monthly distributions from RMI, RMM, RFM and RFMZ 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 its level distribution policy, RMI’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. 3 In accordance with its level distribution policy, RMM’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. 4 In accordance with its level distribution policy, RFM’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. 5 In accordance with its level distribution policy, RFMZ’s annual distribution rate has been set equal to 5.50% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. 6 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. 7 In accordance with its level distribution policy, RSF’s annual distribution rate has been set equal to 10.00% of the of the Fund’s NAV per common share as of the final trading day of the preceding calendar year. 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 $5.8 billion8 in assets under management as of November 30, 2021, 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. 8 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. Chris Lakumb is a registered representative of ALPS Distributors, Inc. RiverNorth Capital Management, LLC is not affiliated with DoubleLine Capital LP, or ALPS Distributors, Inc. 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. Not FDIC Insured | May Lose Value | No Bank Guarantee ALPS Distributors, Inc. is the FINRA Member Firm. RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC. DoubleLine® is a registered trademark of DoubleLine Capital LP. ©2000-2021 RiverNorth Capital Management, LLC. All rights reserved. RMI000241
- 01/03/2022
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RiverNorth Closed-End Funds Declare Year-End Capital Gain Distributions
- CHICAGO--(BUSINESS WIRE)--The RiverNorth Opportunistic Municipal Income Fund, Inc. and the RiverNorth Flexible Municipal Income Fund, Inc. have each declared a year-end capital gain distribution, as detailed below. These year-end capital gain distributions are in addition to each Fund’s regular monthly distribution and are being paid to allow the funds to meet their 2021 distribution requirements. Ex Date Record Date Payable Date December 20, 2021 December 21, 2021 December 31, 2021 Ticker Fund Name Short-Term Capital Gain Distribution Per Share Long-Term Capital Gain Distribution Per Share RMI1 RiverNorth Opportunistic Municipal Income Fund, Inc. $0.00000 $1.18515 Ticker Fund Name Short-Term Capital Gain Distribution Per Share Long-Term Capital Gain Distribution Per Share RFM1 RiverNorth Flexible Municipal Income Fund, Inc. $0.48349 $0.56526 ___________________________________________________________________________________ 1. RiverNorth does not provide tax advice; consult a professional tax advisor regarding your specific tax situation. Income may be subject to state and local taxes as well as the AMT. Determination as to taxability will be provided in early 2022. 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 dividend and distribution. Contact your broker-dealer where you hold the shares to confirm your distribution reinvestment election. As of the date of this release, the RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., the RiverNorth Specialty Finance Corp., the RiverNorth Managed Duration Municipal Income Fund, Inc., and the RiverNorth Flexible Municipal Income Fund II, Inc., do not anticipate having to make year-end capital gain distributions. Such determinations are based on then current estimates and are subject to change. About RiverNorth RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With $5.6 billion2 in assets under management as of October 31, 2021, 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. This data is for information only and should not be construed as an official tax form, nor should it be considered tax or investment advice. RiverNorth is not a tax advisor and investors should consult a tax professional for guidance regarding their specific tax situation. When preparing your tax return, please refer to your Form 1099-DIV and consult your legal or tax advisor. A portion of the distribution may be treated as paid from sources other than net income, including but not limited to short‐term capital gain, long‐term capital gain and return of capital. The final determination of the source of all distributions, including the percentage of qualified dividend income, is made after year‐end. Past performance is no guarantee of future results. Investors should consider the Fund's investment objective, risks, charges and expenses carefully before investing. The prospectus should be read carefully before investing. For more information, please read the prospectus, call your financial professional or call 844.569.4750. The Funds referenced above are closed-end funds, and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering periods have closed, each Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value. Shares of closed-end investment companies frequently trade at a discount to their net asset value and initial offering price. The risk of loss due to this discount may be greater for initial investors expecting to sell their shares in a relatively short period after completion of the initial public offering. Investments in the Funds are not appropriate for all investors and are not intended to be complete investment programs. The Funds are designed as a long-term investments and not as a trading vehicles. Risk is inherent in all investing. Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore, before investing in the common shares of a Fund, you should consider the risks as well as the other information in each Fund’s prospectus. 2 Firm AUM reflects Managed Assets which includes the effects of leverage and investments in affiliated funds. Chris Lakumb is a registered representative of ALPS Distributors, Inc. Not FDIC Insured | May Lose Value | No Bank Guarantee ALPS Distributors, Inc. is the FINRA Member Firm. RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC. DoubleLine® is a registered trademark of DoubleLine Capital LP. ©2000-2021 RiverNorth Capital Management, LLC. All rights reserved. RMI000240
- 12/10/2021
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RiverNorth Closed-End Funds Declare Monthly Distributions
- CHICAGO--(BUSINESS WIRE)--Several RiverNorth closed-end funds (the “Funds”) have announced the declaration of monthly distributions for October, November and December 2021 in accordance with each Fund’s level distribution policy, as detailed below. Ex Date Record Date Payable Date October 14, 2021 October 15, 2021 October 29, 2021 November 10, 2021 November 12, 2021 November 30, 2021 December 15, 2021 December 16, 2021 December 31, 2021 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 9/30/2021 Annualized Current Distribution Rate at NAV Market Price as of 9/30/2021 Annualized Current Distribution Rate at Market RiverNorth Opportunistic Municipal Income Fund, Inc.1,2 RMI $0.0917 ‒ $23.74 4.64% $23.12 4.76% RiverNorth Managed Duration Municipal Income Fund, Inc.1,3 RMM $0.0917 ‒ $20.07 5.48% $19.85 5.54% RiverNorth Flexible Municipal Income Fund, Inc.1,4 RFM $0.1042 ‒ $24.10 5.19% $23.41 5.34% RiverNorth Flexible Municipal Income Fund II, Inc.1,5 RFMZ $0.1000 ‒ $20.11 5.97% $20.26 5.92% Taxable Distributions Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 9/30/2021 Annualized Current Distribution Rate at NAV Market Price as of 9/30/2021 Annualized Current Distribution Rate at Market RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.6 OPP $0.1586 ‒ $14.81 12.85% $14.57 13.06% RiverNorth Specialty Finance Corporation7 RSF $0.1523 ‒ $20.09 9.10% $19.20 9.52% RMI, RMM, RFM, RFMZ, OPP, and RSF are closed-end funds. 1 Monthly distributions from RMI, RMM, RFM and RFMZ 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 its level distribution policy, RMI’s annual distribution rate has been set equal to 5.50% of the Fund’s initial public offering price of $20.00 per share. 3 In accordance with its level distribution policy, RMM’s annual distribution rate has been set equal to 5.50% of the Fund’s initial public offering price of $20.00 per share. 4 In accordance with its level distribution policy, RFM’s annual distribution rate has been set equal to 6.25% of the Fund’s initial public offering price of $20.00 per share. 5 In accordance with its level distribution policy, RFMZ’s annual distribution rate has been set equal to 6.00% of the Fund’s initial public offering price of $20.00 per share. 6 In accordance with its level distribution policy, OPP’s annual distribution rate has been set to 12.50% of the average of the Fund’s NAV per common share reported the final five trading days of the preceding calendar year. 7 In accordance with its level distribution policy, RSF’s annual distribution rate has been set to 10.00% of the average of the Fund’s NAV per common share reported the final five trading days of the preceding calendar year. 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 $5.5 billion8 in assets under management as of August 31, 2021, 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. 8 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. Chris Lakumb is a registered representative of ALPS Distributors, Inc. RiverNorth Capital Management, LLC is not affiliated with DoubleLine Capital LP, or ALPS Distributors, Inc. 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. Not FDIC Insured | May Lose Value | No Bank Guarantee ALPS Distributors, Inc. is the FINRA Member Firm. RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC. DoubleLine® is a registered trademark of DoubleLine Capital LP. ©2000-2021 RiverNorth Capital Management, LLC. All rights reserved. RMI000214
- 10/01/2021
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RiverNorth Closed-End Funds Declare Monthly Distributions
- CHICAGO--(BUSINESS WIRE)--Several RiverNorth closed-end funds (the “Funds”) have announced the declaration of monthly distributions for July, August and September 2021 in accordance with each Fund’s level distribution policy, as detailed below. Ex Date Record Date Payable Date July 15, 2021 July 16, 2021 July 30, 2021 August 16, 2021 August 17, 2021 August 31, 2021 September 15, 2021 September 16, 2021 September 30, 2021 Tax-Exempt Distributions1 Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 6/30/2021 Annualized Current Distribution Rate at NAV Market Price as of 6/30/2021 Annualized Current Distribution Rate at Market RiverNorth Opportunistic Municipal Income Fund, Inc.1,2 RMI $0.0917 ‒ $24.36 4.52% $23.16 4.75% RiverNorth Managed Duration Municipal Income Fund, Inc.1,3 RMM $0.0917 ‒ $20.61 5.34% $20.28 5.43% RiverNorth Flexible Municipal Income Fund, Inc.1,4 RFM $0.1042 ‒ $24.73 5.06% $23.65 5.29% RiverNorth Flexible Municipal Income Fund II, Inc.1,5 RFMZ $0.1000 ‒ $20.77 5.78% $20.41 5.88% Taxable Distributions Fund Name Ticker Distribution Per Share Change From Prior Distribution Net Asset Value (NAV) as of 6/30/2021 Annualized Current Distribution Rate at NAV Market Price as of 6/30/2021 Annualized Current Distribution Rate at Market RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.6 OPP $0.1586 ‒ $15.32 12.42% $15.58 12.22% RiverNorth Specialty Finance Corporation7 RSF $0.1523 ‒ $20.06 9.11% $19.90 9.18% RMI, RMM, RFM, RFMZ, OPP, and RSF are closed-end funds. 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 $5.3 billion8 in assets under management as of May 31, 2021, 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. 8. 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. Chris Lakumb is a registered representative of ALPS Distributors, Inc. RiverNorth Capital Management, LLC is not affiliated with DoubleLine Capital LP, or ALPS Distributors, Inc. 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. Not FDIC Insured | May Lose Value | No Bank Guarantee ALPS Distributors, Inc. is the FINRA Member Firm. RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC. DoubleLine® is a registered trademark of DoubleLine Capital LP. ©2000-2021 RiverNorth Capital Management, LLC. All rights reserved. RMI000214
- 07/01/2021
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RFMZ: The Latest Offering From RiverNorth, Wait For Better Opportunity
- RFMZ: The Latest Offering From RiverNorth, Wait For Better Opportunity
- 06/22/2021
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RFM: A RiverNorth Offering In The Muni Space Lacking Overall Appeal
- RFM: A RiverNorth Offering In The Muni Space Lacking Overall Appeal
- 06/20/2021
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RMM: Muni Exposure And Monthly Income
- RMM: Muni Exposure And Monthly Income
- 06/15/2021
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RMI: Muni Fund With A Unique Approach
- RMI: Muni Fund With A Unique Approach
- 06/12/2021
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2 New Closed-End Funds In The Pipeline
- Today, I wanted to go over two funds that should tentatively be launching in the future. The fund sponsors have filed with the SEC forms N-2 - this is a file to register new offerings, secondary offerings or anything that involves new shares being created.
- 04/23/2021
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Corrected Year-End Capital Gains Distribution Information for RiverNorth Flexible Municipal Income Fund, Inc. and RiverNorth Opportunistic Municipal Income Fund, Inc.
- CHICAGO--(BUSINESS WIRE)--RiverNorth Flexible Municipal Income Fund, Inc. (NYSE: RFM) and RiverNorth Opportunistic Municipal Income Fund, Inc. (NYSE: RMI) are announcing corrections to the information provided with respect to each fund's year-end capital gains distribution, discussed below. This corrects the information previously announced in a December 4, 2020 press release. The RiverNorth Flexible Municipal Income Fund, Inc. has determined that no year-end capital gains distribution is neces
- 12/15/2020
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Municipal Funds-Of-Funds Are Not A Slam Dunk
- With hundreds of open-end and closed-end funds in the tax-exempt sector figuring out the best allocation is a daunting task. Funds-of-funds, or funds that hold other municipal funds, are attractive in providing a way to quickly gain exposure to a basket of funds and eliminate an element of bad luck.
- 12/08/2020
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