RiverNorth Closed-End Funds Declare Year-End Capital Gain Distributions

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.

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.

2Firm 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

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