ETFOptimize | High-performance ETF-based Investment Strategies

Quantitative strategies, Wall Street-caliber research, and insightful market analysis since 1998.


ETFOptimize | HOME
Close Window

RiverNorth Closed-End Funds Declare Monthly Distributions

In accordance with the RiverNorth closed-end funds (the “Funds”) level distribution policies, the distribution rates have been reset for the calendar year 2024, as detailed below. Further, the Funds have declared distributions for January, February, and March 2024.

Ex Date

Record Date

Payable Date

January 12, 2024

January 16, 2024

January 31, 2024

February 14, 2024

February 15, 2024

February 29, 2024

March 14, 2024

March 15, 2024

March 28, 2024

Tax-Exempt Distributions1

Fund Name

Ticker

Distribution

Per Share

Net Asset

Value (NAV)

as of

12/29/2023

Annualized

Current

Distribution

Rate at NAV

Market Price

as of

12/29/2023

Annualized

Current

Distribution

Rate at

Market

Inception to

Date

Cumulative

Distributions^

RiverNorth Opportunistic Municipal

Income Fund, Inc.1,2

RMI

$0.0965

$17.18

6.74%

$15.23

7.60%

$7.19

RiverNorth Managed Duration Municipal

Income Fund, Inc.1,2

RMM

$0.0916

$16.31

6.74%

$14.18

7.75%

$4.78

RiverNorth Flexible Municipal

Income Fund, Inc.1,2

RFM

$0.0954

$16.97

6.75%

$15.47

7.40%

$6.03

RiverNorth Flexible Municipal

Income Fund II, Inc.1,2

RFMZ

$0.0866

$15.42

6.74%

$13.10

7.93%

$3.05

RiverNorth Managed Duration Municipal

Income Fund II, Inc.1,2

RMMZ

$0.0974

$17.35

6.74%

$15.65

7.47%

$2.21

Taxable Distributions

Fund Name

Ticker

Distribution

Per Share

Net Asset

Value (NAV)

as of

12/29/2023

Annualized

Current

Distribution

Rate at NAV

Market Price

as of

12/29/2023

Annualized

Current

Distribution

Rate at

Market

Inception to

Date

Cumulative

Distributions^

RiverNorth Opportunities Fund, Inc.3

RIV

$0.1289

$12.40

12.47%

$10.99

14.07%

$17.06

RiverNorth Capital and Income Fund, Inc.4

RSF

$0.1398

$16.77

10.00%

$15.75

10.65%

$14.49

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.5

OPP

$0.1003

$9.63

12.50%

$8.36

14.40%

$12.79

 

^As of 12/31/23. The inception date for each closed-end fund follows: RMI (10/25/2018), RMM (7/25/2019), RFM (3/26/2020), RFMZ (2/24/2021), RMMZ (2/10/2022), RIV (12/24/2015), RSF (9/22/2016), and OPP (9/27/2016).

Each Fund maintains a level distribution policy with the intention of providing monthly distributions to shareholders at a constant and fixed (but not guaranteed) rate that is reset annually. Although there can be no guarantee that the distribution policy will be successful in its goals, shareholders may potentially benefit from both increased liquidity and flexibility in managing their Fund investments. Each Fund’s ability to maintain a stable level of distributions to shareholders will depend on a number of factors, including changes in the financial market, market interest rates, and performance of overall equity and fixed income markets. As portfolio and market conditions change, the ability of each Fund to continue to make distributions in accordance with the level distribution policy may be affected.

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 through its dividend reinvestment plan

or,

2. Elect to receive cash for the distribution.

Shareholders may consider the dividend reinvestment plan as a convenient way to add to their Fund holdings along with other potential benefits. For example, if a Fund is trading at a discount to NAV, the investor generally receives shares acquired on the secondary market at/near that discount to NAV. In the case where a Fund is trading at a premium to NAV, the investor will typically receive newly issued shares by the Fund at NAV.

For further information, shareholders should carefully read the description of the dividend reinvestment plan in each Fund’s prospectus and/or annual report. Contact your broker-dealer to confirm your distribution election.

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 each 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 a Fund is paid back to them. A return of capital does not necessarily reflect a Fund’s investment performance and should not be confused with ‘yield’ or ‘income.’ Any such returns of capital will decrease a Fund’s total assets and, therefore, could have the effect of increasing a Fund’s expense ratio. In addition, in order to make the level of distributions called for under its plan, a 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 $4.9 billion6 in assets under management as of November 30, 2023, 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.

1

Monthly distributions from RMI, RMM, RFM, RFMZ and RMMZ 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.

2

In accordance with their level distribution policies, the annual distribution rates for RMI, RMM, RFM, RFMZ and RMMZ have been set equal to 6.75% of the average of each Fund’s NAV per share as reported for the final five trading days of the preceding calendar year.

3

In accordance with its level distribution policy, RIV’s annual distribution rate has been set equal to 12.50% of the average of the Fund’s NAV per common share reported on the final five trading days of the preceding calendar year.

4

In accordance with its level distribution policy, RSF’s annual distribution rate has been set equal to 10.00% of the average of the Fund’s NAV per common share reported on the final five trading days of the preceding calendar year.

5

In accordance with its level distribution policy, OPP’s annual distribution rate has been set equal to 12.50% of the average of the Fund’s NAV per common share reported on the final five trading days of the preceding calendar year.

6

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.

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.

Member Firm ALPS Distributors Inc. Marketing services provided by ALPS Distributors Inc.

RiverNorth Capital Management, LLC is not affiliated with DoubleLine Capital LP, or ALPS Distributors, Inc.

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.

©2000-2023 RiverNorth Capital Management, LLC. All rights reserved. RMI000323

 

Contacts

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.


 

IntelligentValue Home
Close Window

DISCLAIMER

All content herein is issued solely for informational purposes and is not to be construed as an offer to sell or the solicitation of an offer to buy, nor should it be interpreted as a recommendation to buy, hold or sell (short or otherwise) any security.  All opinions, analyses, and information included herein are based on sources believed to be reliable, but no representation or warranty of any kind, expressed or implied, is made including but not limited to any representation or warranty concerning accuracy, completeness, correctness, timeliness or appropriateness. We undertake no obligation to update such opinions, analysis or information. You should independently verify all information contained on this website. Some information is based on analysis of past performance or hypothetical performance results, which have inherent limitations. We make no representation that any particular equity or strategy will or is likely to achieve profits or losses similar to those shown. Shareholders, employees, writers, contractors, and affiliates associated with ETFOptimize.com may have ownership positions in the securities that are mentioned. If you are not sure if ETFs, algorithmic investing, or a particular investment is right for you, you are urged to consult with a Registered Investment Advisor (RIA). Neither this website nor anyone associated with producing its content are Registered Investment Advisors, and no attempt is made herein to substitute for personalized, professional investment advice. Neither ETFOptimize.com, Global Alpha Investments, Inc., nor its employees, service providers, associates, or affiliates are responsible for any investment losses you may incur as a result of using the information provided herein. Remember that past investment returns may not be indicative of future returns.

Copyright © 1998-2017 ETFOptimize.com, a publication of Optimized Investments, Inc. All rights reserved.