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 2020 distribution requirements for federal excise tax purposes.

Ex Date	Record Date	Payable Date
December 16, 2020	December 17, 2020	December 31, 2020

Ticker	Fund Name	Short-Term Capital Gain Distribution Per Share	Long-Term Capital Gain Distribution Per Share
RMI^1	RiverNorth Opportunistic Municipal Income Fund, Inc.	$0.00000	$0.31355

Ticker	Fund Name	Short-Term Capital Gain Distribution Per Share	Long-Term Capital Gain Distribution Per Share
RFM^1	RiverNorth Flexible Municipal Income Fund, Inc.	$0.22830	$0.04687

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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.

As of the date of this release, RiverNorth Managed Duration Municipal Income Fund, Inc., RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., and RiverNorth Specialty Finance Corp. do not anticipate having to make a year-end capital gain distribution. Such determinations are based on then current estimates and are subject to change.

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 October 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.

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.
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