WEST PALM BEACH, Fla.–(BUSINESS WIRE)–July 1, 2022–

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.

Date of departure

Registration Date

Payment 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

Teleprinter

Distribution
Per share

To change
Forward
Distribution

Net assets
Value (NAV)
of the
06/30/2022

annualized
Running
Distribution
Rate at NAV

Market price
of the
06/30/2022

annualized
Running
Distribution
Price at
Market

River North Opportunistic Municipal Income Fund, Inc. 1.2

MRI

$0.1040

$17.77

7.02%

$17.50

7.13%

River North Managed Duration Municipal Income Fund, Inc. 1.3

RMM

$0.0929

$16.42

6.79%

$15.80

7.06%

River North 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

Teleprinter

Distribution
Per share

To change
Forward
Distribution

Net assets
Value (NAV)
of the
06/30/2022

annualized
Running
Distribution
Rate at NAV

Market price
of the
06/30/2022

annualized
Running
Distribution
Price at
Market

RiverNorth/DoubleLine, Inc. Strategic Opportunities Fund 7

Ontario Provincial Police

$0.1478

$11.27

15.74%

$10.89

16.29%

Specialized finance company RiverNorth 8

RSF

$0.1662

$18.01

11.07%

$18.03

11.06%

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

1

Monthly distributions from RMI, RMM, RFM, RFMZ and RMMZ should generally be exempt from ordinary U.S. federal income tax, however, portions of distributions from these Funds may (i) be subject to income tax federal government, (ii) be included in taxable income for alternative federal minimum tax purposes, or (iii) be 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 particular tax situation.

2

In accordance with its level distribution policy, RMI’s annual distribution rate has been set at 5.50% of the Fund’s net asset value per common share as of the last trading day of the preceding calendar year.

3

In accordance with its level distribution policy, RMM’s annual distribution rate has been set at 5.50% of the Fund’s net asset value per common share as of the last trading day of the preceding calendar year.

4

In accordance with its level distribution policy, RFM’s annual distribution rate has been set at 5.50% of the Fund’s net asset value per common share as of the last trading day of the preceding calendar year.

5

In accordance with its level distribution policy, RFMZ’s annual distribution rate has been set at 5.50% of the Fund’s net asset value per common share as of the last trading day of the preceding calendar year.

6

In accordance with its level distribution policy, RMMZ’s annual distribution rate has been set at 6.25% of the IPO price of the Fund.

seven

In accordance with its level distribution policy, OPP’s annual distribution rate has been set at 12.50% of the Fund’s average reported net asset value per common share for the last five trading days of the preceding calendar year.

8

In accordance with its level distribution policy, RSF’s annual distribution rate has been set at 10.00% of the Fund’s net asset value per common share as of the last trading day of the preceding calendar year.

Holders of common shares of each Fund will receive the distribution according to one of the following two options:

1. Receive additional full and fractional shares of the respective Fund’s common stock

Where,

2. Choose to receive cash for distribution.

Contact your broker 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 a related press release that will provide detailed information on the amount and composition of the distribution and other related information. The amounts and sources of distributions set forth in the Notice to Shareholders are estimates only and are not provided for tax reporting purposes. Actual amounts and sources of amounts for tax reporting purposes will depend on the investment experience of the Fund over its full financial year and may be subject to change as a result of tax regulations. Each Fund will send shareholders a Form 1099-DIV for the calendar year which will instruct them how to report such distributions for federal income tax purposes.

Each Fund may at times distribute more than its net investment income and net realized capital gains; therefore, part of the distribution may give rise to a return of capital. A return of capital occurs when some or all of the money shareholders have invested in the Fund is returned to them. A return of capital does not necessarily reflect the investment performance of the Fund and should not be confused with ‘yield’ or ‘income’. Such repayments of capital will reduce the total assets of the Fund and therefore may have the effect of increasing the expense ratio of the Fund. In addition, in order to make the level of distributions provided for by its plan, the Fund may have to sell the securities in its portfolio 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 for exploiting inefficiencies is greatest. RiverNorth is an institutional investment manager for registered funds, private funds and separately managed accounts.

9

The firm’s AUM reflects assets under management which include 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 risks, including loss of principal.

Investors should carefully consider a Sub-Fund’s investment objective, risks, charges and expenses 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 advisor 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

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CONTACT: Contact with investors

Chris Lakumb, CFA, ACIA

312.445.2336

[email protected]

KEYWORD: UNITED STATES NORTH AMERICA FLORIDA

SECTOR KEYWORD: BANKING ASSET MANAGEMENT PROFESSIONAL SERVICES FINANCE

SOURCE: RiverNorth Capital Management, LLC

Copyright BusinessWire 2022.

PUB: 07/01/2022 5:00 p.m. / DISC: 07/01/2022 5:00 p.m.

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