RiverNorth Closed-End Funds Declare Monthly Distributions
July 01 2021 - 4:30PM
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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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 $5.3 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
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Investor Contact Chris Lakumb, CFA, CAIA 312.445.2336
clakumb@rivernorth.com
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