1Q23 Audio Commentary: RiverNorth Municipal Closed-End Funds

• Transcript

Members of RiverNorth's and MacKay Municipal Managers' investment teams provide a high-level overview of the positioning, performance and outlook of the RiverNorth Municipal Closed-End Funds.

RiverNorth Municipal Closed-End Funds

• RiverNorth Opportunistic Municipal Income Fund, Inc. (RMI)
• RiverNorth Managed Duration Municipal Income Fund, Inc. (RMM)
• RiverNorth Flexible Duration Municipal Income Fund, Inc. (RFM)
• RiverNorth Flexible Duration Municipal Income Fund II, Inc. (RFMZ)
• RiverNorth Managed Duration Municipal Income Fund II, Inc. (RMMZ)

Speakers

• Steve O'Neill, CFA - Portfolio Manager, RiverNorth
• Christopher Roberti, CIMA^® - Managing Director, MacKay Municipal Managers^™

Moderator

• Chris Lakumb, CFA – Investor Relations, RiverNorth

Opinions and estimates offered constitute our judgment and are subject to change without notice, as are statements of financial market trends, which are based on current market conditions. We believe the information provided here is reliable, but do not warrant its accuracy or completeness. This material is not intended as an offer or solicitation for the purchase or sale of any financial instrument. The views and strategies described may not be suitable for all investors. This information is provided for informational purposes only and should not be considered tax, legal, or investment advice. References to specific securities, asset classes, and financial markets are for illustrative purposes only and are not intended to be, and should not be interpreted as, recommendations. Opinions referenced are as of the day presented and are subject to change due to changes in the market, economic conditions, or changes in the legal and/or regulatory environment and may not necessarily come to pass.

Standardized Performance as of 3.31.2023

Performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling 844.569.4750 for RiverNorth Closed-End Funds. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions.

Definitions

• A Closed-End Fund is a portfolio of pooled assets that raises a fixed amount of capital through an initial public offering (IPO) and then lists shares for trade on a stock exchange.
• Net Asset Value is the net value of an investment fund's assets less its liabilities, divided by the number of shares outstanding.
• The price at which a closed-end fund trades often varies from its NAV. Some funds have market prices below their net asset values - referred to as a discount. Conversely, some funds have market prices above their net asset values - referred to as a premium.
• A hedge is a strategy that seeks to limit risk exposures in financial assets. Generally, by taking an offsetting position in an asset or investment that reduces the price risk of an existing position.
• Leverage results from using borrowed capital as a funding source when investing to expand the firm's asset base and generate returns on risk capital.
• Basis points (BPS) refers to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001, and is used to denote the percentage change in a financial instrument.
• A Treasury Bill or T-Bill is a debt obligation issued by the U.S. Department of the Treasury. Of the debt issued by the U.S. government, the T-Bill has the shortest maturity, ranging from a few days to one year.
• U.S. Treasury Bond Futures are standardized contracts for the purchase and sale of U.S. government notes or bonds for future delivery. Bond futures are financial derivatives that obligate the contract holder to purchase or sell a bond on a specified date at a predetermined price. The bond futures contract is used for hedging, speculating, or arbitrage purposes. Hedging is a form of investing in products that provide protection to holdings.
• A headwind is any obstacle or challenge that creates resistance against the growth of an investment portfolio. Headwinds can come in many forms, including economic downturns, market volatility, and company-specific issues.
• Short-term municipal bonds are a fixed-income cash-equivalent investment for high tax-bracket investors.
• Cash-like return refers to an asset that is so easily and quickly convertible to cash that holding it is essentially equivalent to holding cash.
• Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. Duration is non-linear and accelerates as time to maturity lessens.
• Bond ladders refer to a portfolio of bonds that mature at regular intervals across a chosen maturity range.
• An upgrade occurs when a credit rating agency raises the rating of a bond. A downgrade occurs when a credit agency lowers the rating of a bond.
• Ratings discussed are given by one of the following national rating agencies: S&P, Moody's or Fitch. Additional information about ratings can be found, respectively, at www.standardandpoors.com, www.moodys.com and www.fitchratings.com. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings categories used by S&P and Fitch; BB, B, CCC/CC/C and D are below investment grade ratings categories used by S&P and Fitch. Aaa, Aa, A and Baa are investment grade ratings categories used by Moody's; Ba, B, Caa/Ca and C are below investment grade ratings categories used by Moody's. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated Not Publicly Rated are not rated by these national rating agencies.
• Market dislocations are circumstances in which financial markets, operating under stressful conditions, cease to price assets correctly on an absolute and relative basis.
• A coupon is the annual interest rate paid on a bond, expressed as a percentage of the face value.
• A yield curve is a line that plots yields of bonds having equal credit quality but differing maturity dates. The slope of the yield curve gives an idea of future interest rate changes and economic activity.
• Margin pressure is the risk of negative effects from internal or external forces on a company's profitability margins.
• Investor sentiment or market sentiment refers to the overall attitude of investors toward a particular security or financial market.
• Securities Industry and Financial Markets Association (SIFMA) is a not-for-profit trade association that represents securities brokerage firms, investment banking associations, and other investment firms.
• Tender Option Bonds are special purpose trust investments that create leverage by borrowing primarily from money market funds or other cash-like investors to invest in high quality municipal bonds.
• Alpha is a measure of performance on a risk-adjusted basis. The excess return of a fund relative to the return of the benchmark index is a fund's alpha.
• Municipal bond closed-end funds are defined as funds that invest in a diversified portfolio of investment-grade municipal bonds in a variety of sectors and States
• Tax-loss harvesting is the timely selling of securities at a loss to offset a capital gains tax liability.

Risk Information: Detailed information regarding the risks associated with the RiverNorth Municipal Closed-End Funds can be found in each Fund's prospectus, respectively.

The price at which a closed-end fund trades often varies from its net asset value (NAV). Some funds have market prices below their NAVs - referred to as a discount. Conversely, some funds have market prices above their NAVs - referred to as a premium. Investing involves risk. Principal loss is possible. Past performance is no guarantee of future results. Diversification does not ensure a profit or a guarantee against loss.

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, you should consider the risks as well as the other information in the prospectus. Past performance is no guarantee of future results. An investment in the Funds are not appropriate for all investors and is not intended to be a complete investment program. The Funds are designed as long-term investments and not as a trading vehicles. The Funds are closed-end funds and do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Funds trade 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.

RiverNorth Opportunistic Municipal Income Fund, Inc. (RMI), RiverNorth Managed Duration Municipal Income Fund, Inc. (RMM), RiverNorth Flexible Municipal Income Fund, Inc. (RFM), RiverNorth Flexible Municipal Income Fund II, Inc. (RFMZ), RiverNorth Managed Duration Municipal Income Fund II, Inc. (RMMZ): Credit Risk - a borrower may be unable to make interest or principal payments when they are due. Funds that invest in Municipal Bonds rely on the ability of the issuer to service its debt. This subjects the Fund to credit risk in that the municipal issuer may be fiscally unstable or exposed to large liabilities that could impair its ability to honor its obligations. Municipal issuers with significant debt service requirements, in the near-to mid-term, unrated issuers and those with less capital and liquidity to absorb additional expenses may be most at risk. To the extent the Fund invests in lower quality or high yield Municipal Bonds, it may be more sensitive to the adverse credit events in the municipal market. The treatment of municipalities in bankruptcy is more uncertain, and potentially more adverse to debt holders, than for corporate issues. Interest Rate Risk - the value of Municipal Bonds, similar to other fixed income securities, will likely drop as interest rates rise in the general market. Conversely, when rates decline, bond prices generally rise. Investments may include securities that have a rating that below investment grade, including “high yield” securities. High yield bonds are subject to interest rate risk. If rates increase, the value generally declines. Leverage is a speculative technique that exposes a closed-end fund to greater risk and increased costs than if it were not used. The use of leverage may cause greater volatility in the level of a closed-end fund's NAV, market price and distributions on its common shares. Leverage will also result in higher fees to the closed-end fund manager because the amount of assets under management will be included in the Fund's managed assets. There can be no assurance that a closed-end fund will use leverage or that its leveraging strategy will be successful during any period in which it is employed.

Investors should consider the investment objectives, risks, charges and expenses of RiverNorth's Investment Companies carefully before investing. To obtain a prospectus and most recent periodic reports containing this and other important information, please call 844.569.4750 for RiverNorth Closed- End Funds, or visit rivernorth.com/literature. Please read the prospectus carefully before investing.

Open-end mutual funds are distributed by ALPS Distributors Inc., FINRA Member firm. RiverNorth is not affiliated with ALPS.

Marketing services provided by ALPS Distributors Inc.

NOT FDIC INSURED - NO BANK GUARANTEE - MAY LOSE VALUE