RiverNorth Launches Strategic Opportunity Fund with DoubleLine

NEW CLOSED-END FUND COMBINING RIVERNORTH’S CLOSED-END FUND EXPERTISE WITH DOUBLELINE’S FIXED INCOME EXPERTISE

RiverNorth Capital Management, LLC (“RiverNorth”), an investment management firm specializing in opportunistic strategies, today announced the launch of RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (the "Fund"), a closed-end fund that opportunistically invests in fixed income securities and tactically invests in closed-end funds. The Fund debuted September 28, 2016 on the NYSE under the symbol "OPP". RiverNorth serves as the Fund’s investment adviser and DoubleLine Capital LP ("DoubleLine") serves as sub-adviser to the Fund.

"We are extremely excited to again partner with DoubleLine to add another unique multi-manager strategy to RiverNorth’s existing portfolio of closed-end fund offerings," said Patrick Galley, RiverNorth’s Chief Investment Officer. "The Fund will leverage RiverNorth’s and DoubleLine’s long performance track records across market cycles and history of working together to capitalize on market inefficiencies in both the closed-end fund and fixed income markets."

The Fund seeks to achieve its investment objective of current income and overall total return by allocating among two principal investment strategies: the Tactical Closed-End Fund Income Strategy, managed by RiverNorth, and the Opportunistic Income Strategy, managed by DoubleLine. The Fund, as described in its prospectus, has flexibility to strategically allocate between these two strategies in order to select the best relative opportunities in different market environments. The Fund will provide diversification across numerous fixed income asset classes with careful regard to balancing credit and interest rate risk.

"The team at DoubleLine is very pleased to extend our strategic relationship with RiverNorth into our first jointly-managed closed-end fund," said Jeffrey Gundlach, CEO and Chief Investment Officer of DoubleLine. "As with our open-end fund collaboration, the new closed-end fund brings together complementary investment strategies. Our respective teams have experience not only in bottom-up security selection but also in working successfully together to manage sector allocations to tap undervalued and avoid overvalued market segments."

The Fund raised gross proceeds of approximately $210 million in its initial public offering of shares of common stock and, should the underwriters exercise the overallotment option in full, which may or may not occur, the Fund will raise gross proceeds of approximately $242 million.

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. is the second fund to be co-managed by RiverNorth and DoubleLine. Since December 2010, RiverNorth and DoubleLine have co-managed an open-end mutual fund that combines RiverNorth’s closed-end fund expertise with DoubleLine’s fixed income expertise.

About RiverNorth

RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With $3.6 billion in assets under management, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is the investment manager to multiple registered and private funds.

Media Contacts
Jonathan Gasthalter/Amanda Klein
212.257.4170
rivernorth@gasthalter.com

Investor Contact
Allen Webb, CFA
312.445.2266
awebb@rivernorth.com

The Fund has no operating history. An investment in the Fund is not appropriate for all investors and is not intended to be a complete investment program. The Fund is designed as a long-term investment and not as a trading vehicle.

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 800.617.0004.

The Fund is a closed-end fund and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the 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 from their net asset value and initial offering prices. 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 public offering.

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 the Fund, you should consider the risks as well as the other information in the prospectus.