1Q24 Audio Commentary: RiverNorth Municipal Closed-End Funds

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.



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 3.31.2024 Ticker Inception Date 1 Year 5 Year 10 Year Since Inception
RiverNorth Opportunistic Municipal Income Fund, Inc. XRMIX 10.25.2018 6.91% 2.29% - - 4.39%
RiverNorth Opportunistic Municipal Income Fund, Inc. RMI 10.25.2018 3.47% 2.08% - - 3.01%
RiverNorth Managed Duration Municipal Income Fund, Inc. XRMMX 7.25.2019 8.16% - - - - 2.19%
RiverNorth Managed Duration Municipal Income Fund, Inc. RMM 7.25.2019 6.92% - - - - 0.14%
RiverNorth Flexible Duration Municipal Income Fund, Inc. XRFMX 3.26.2020 7.62% - - - - 4.69%
RiverNorth Flexible Duration Municipal Income Fund, Inc. RFM 3.26.2020 16.20% - - - - 3.31%
RiverNorth Flexible Duration Municipal Income Fund II, Inc. XRFZX 2.24.2021 8.99% - - - - -1.21%
RiverNorth Flexible Duration Municipal Income Fund II, Inc. RFMZ 2.24.2021 12.25% - - - - -4.44%
RiverNorth Managed Duration Municipal Income Fund II, Inc. XRMZX 2.10.2022 8.10% - - - - 0.92%
RiverNorth Managed Duration Municipal Income Fund II, Inc. RMMZ 2.10.2022 15.44% - - - - -2.65%

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.


MacKay Shields Disclosure. This material contains the views and opinions of certain investment professionals at MacKay Shields which are subject to change without notice. The opinions expressed herein do not necessarily represent the views of all MacKay Shields investment professionals. The content of the Website is distributed for informational purposes only and should not be considered as investment advice or a recommendation of any particular security, strategy, or investment product. In addition, MacKay Shields does not provide tax, legal or accounting advice and prospects, clients, and investors should consult with appropriate tax, legal and accounting professional before making investment decisions. Prospects, clients and investors should understand the risks involved with specific products or services and consider this information in the context of its risk tolerance and investment goals. All investments contain risks and may lose value.

Information contained herein has been obtained from sources believed to be reliable, but not guaranteed by MacKay Shields. Any forward looking statements speak only as of the date they are made, and MacKay Shields assumes no duty and does not undertake to update forward looking statements. Past performance does not guarantee future results. No part of the content of the present website may be reproduced in any form, or referred to in any other publication, without express written permission of MacKay Shields. The investments or strategies presented are not appropriate for every client or investor, and do not take into account the investment objectives or financial needs of particular clients or investors. The information on this Website is provided solely on the basis that you will make your own investment decisions and MacKay Shields has not taken any account of your particular investment objectives or financial situation in preparing the information on this Website. In addition, nothing in this Website shall, or is intended to, constitute financial, legal, accounting or tax advice. We strongly recommend that you seek professional investment advice before making any investment decision. Any investment decision that you make should be based on an assessment of the risks in consultation with your investment adviser.

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.

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