Several RiverNorth Closed-End Funds announced the declaration of
monthly distributions for the months of October, November and
December 2020, as detailed below. The following dates apply to the
monthly distribution declarations for the tax-exempt and taxable
closed-end funds:
Ex Date
Record Date
Payable Date
October 15, 2020
October 16, 2020
October 30, 2020
November 12, 2020
November 13, 2020
November 30, 2020
December 16, 2020
December 17, 2020
December 31, 2020
Tax-Exempt Distributions
Ticker
Fund Name
Distribution Per Share
RMI1
RiverNorth Opportunistic Municipal Income
Fund, Inc.
$0.0917
In accordance with the level distribution policy, the rate has
been set equal to 5.50% of the Fund’s initial public offering price
of $20.00 per share. Based on the Fund’s current net asset value
(NAV) per share of $22.62 (as of market close September 30, 2020),
the distributions represent an annualized distribution rate of
4.86%. Based on the Fund’s current market price per share of $20.41
annualized market price distribution rate is 5.39%.
Ticker
Fund Name
Distribution Per Share
RMM1
RiverNorth Managed Duration Municipal
Income Fund, Inc.
$0.0917
In accordance with the level distribution policy, the rate has
been set equal to 5.50% of the Fund’s initial public offering price
of $20.00 per share. Based on the Fund’s current NAV per share of
$18.46 (as of market close September 30, 2020), the distributions
represent an annualized distribution rate of 5.96%. Based on the
Fund’s current market price per share of $16.70 the annualized
market price distribution rate is 6.59%.
Ticker
Fund Name
Distribution Per Share
RFM1
RiverNorth Flexible Municipal Income Fund,
Inc.
$0.1042
In accordance with the level distribution policy, the rate has
been set equal to 6.25% of the Fund’s initial public offering price
of $20.00 per share. Based on the Fund’s current NAV per share of
$21.95 (as of market close September 30, 2020), the distributions
represent an annualized distribution rate of 5.70%. Based on the
Fund’s current market price per share of $20.34 the annualized
market price distribution rate is 6.15%.
Taxable Distributions
Ticker
Fund Name
Distribution Per Share
OPP
RiverNorth/DoubleLine Strategic
Opportunity Fund, Inc.
$0.1800
In accordance with the level distribution policy, the rate has
been set equal to 12.5% of the average of the Fund’s NAV per share
for the final five trading days of the 2019 calendar year. Based on
the Fund’s current NAV per share of $14.98 (as of market close
September 30, 2020), the distributions represent an annualized
distribution rate of 14.42%. Based on the Fund’s current market
price per share of $13.72 the annualized market price distribution
rate is 15.74%.
___________________________________________________________________________________
- Monthly distributions from RMI, RMM and RFM are generally
exempt from regular U.S. federal income taxes, but may be subject
to the federal alternative minimum tax (AMT) for some shareholders.
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.
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 $4.4 billion2 in assets under management
as of August 31, 2020, 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.
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.
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.
©2000-2020 RiverNorth Capital Management, LLC. All rights reserved.
RMI000155
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version on businesswire.com: https://www.businesswire.com/news/home/20201005005077/en/
Investor Contact Chris Lakumb, CFA, CAIA 312.445.2336
clakumb@rivernorth.com
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