Closed-End Funds

As of 10.31.2022

Fund NYSE Ticker NAV Ticker Subadviser Inception Date Asset Class/ Strategy Discount/ Premium Net Assets Managed Assets1 Termination Date2 Distribution Frequency Distribution Rate Level Distribution Policy3 Distribution Rate Market Price4
RiverNorth Opportunities Fund, Inc. RIV XRIVX - - 12.23.2015 Tactical CEF -2.9% $234.0M $331.7M - - Monthly 12.50% 16.78%
RiverNorth Specialty Finance Corporation RSF XRSFX - - 9.22.2016 Opportunistic Credit -0.4% $58.2M $100.6M - - Monthly 10.00% 11.49%
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. OPP XOPPX DoubleLine 9.27.2016 Opportunistic Fixed Income -8.8% $227.0M $347.0M - - Monthly 12.50% 19.68%
RiverNorth Opportunistic Municipal Income Fund, Inc. RMI XRMIX MacKay Shields 10.25.2018 Opportunistic Muni -10.3% $104.3M $181.2M 10.25.2030 Monthly 5.50% 8.50%
RiverNorth Managed Duration Municipal Income Fund, Inc. RMM XRMMX MacKay Shields 7.25.2019 Opportunistic Muni -9.1% $295.5M $513.4M 7.25.2031 Monthly 5.50% 8.19%
RiverNorth Flexible Municipal Income Fund, Inc. RFM XRFMX MacKay Shields 3.26.2020 Opportunistic Muni -10.8% $100.6M $174.2M 3.26.2035 Monthly 5.50% 8.68%
RiverNorth Flexible Municipal Income Fund II, Inc. RFMZ XRFZX MacKay Shields 2.24.2021 Opportunistic Muni -11.3% $351.9M $591.7M 2.26.2036 Monthly 5.50% 8.69%
RiverNorth Managed Duration Municipal Income Fund II, Inc. RMMZ XRMZX MacKay Shields 2.10.2022 Opportunistic Muni -12.4% $136.7M $225.7M 2.16.2037 Monthly 6.25% 8.83%

RiverNorth Opportunities Fund, Inc.

NYSE Ticker: RIV   NAV Ticker: XRIVX

Inception Date: 12.23.2015

Strategy: Tactical CEF

Discount -2.9%

Net Assets: $234.0M

Managed Assets1: $331.7M

Distribution Frequency: Monthly

Distribution Rate Level Distribution Policy3: 12.5%

Distribution Rate Market Price: 16.8%

RiverNorth Specialty Finance Corporation

NYSE Ticker: RSF   NAV Ticker: XRSFX

Inception Date: 9.22.2016

Strategy: Opportunistic Credit

Discount -0.4%

Net Assets: $58.2M

Managed Assets1: $100.6M

Distribution Frequency: Monthly

Distribution Rate Level Distribution Policy3: 10.0%

Distribution Rate Market Price: 11.6%

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.

NYSE Ticker: OPP   NAV Ticker: XOPPX

Subadviser: DoubleLine

Inception Date: 9.27.2016

Strategy: Opportunistic Fixed Income

Discount -8.8%

Net Assets: $227.0M

Managed Assets1: $347.0M

Distribution Frequency: Monthly

Distribution Rate Level Distribution Policy3: 12.5%

Distribution Rate Market Price: 19.3%

RiverNorth Opportunistic Municipal Income Fund, Inc.

NYSE Ticker: RMI   NAV Ticker: XRMIX

Subadviser: MacKay Shields

Inception Date: 10.25.2018

Strategy: Opportunistic Muni

Discount -10.3%

Net Assets: $104.3M

Managed Assets1: $181.2M

Termination Date2: 10.25.2030

Distribution Frequency: Monthly

Distribution Rate Level Distribution Policy3: 5.5%

Distribution Rate Market Price: 8.0%

RiverNorth Managed Duration Municipal Income Fund, Inc.

NYSE Ticker: RMM   NAV Ticker: XRMMX

Subadviser: MacKay Shields

Inception Date: 7.25.2019

Strategy: Opportunistic Muni

Discount -9.1%

Net Assets: $295.5M

Managed Assets1: $513.4M

Termination Date2: 7.25.2031

Distribution Frequency: Monthly

Distribution Rate Level Distribution Policy3: 5.5%

Distribution Rate Market Price: 7.6%

RiverNorth Flexible Municipal Income Fund, Inc.

NYSE Ticker: RFM   NAV Ticker: XRFMX

Subadviser: MacKay Shields

Inception Date: 3.26.2020

Strategy: Opportunistic Muni

Discount -10.8%

Net Assets: $100.6M

Managed Assets1: $174.2M

Termination Date2: 3.26.2035

Distribution Frequency: Monthly

Distribution Rate Level Distribution Policy3: 5.5%

Distribution Rate Market Price: 8.2%

RiverNorth Flexible Municipal Income Fund II, Inc.

NYSE Ticker: RFMZ   NAV Ticker: XRFZX

Subadviser: MacKay Shields

Inception Date: 2.24.2021

Strategy: Opportunistic Muni

Discount -11.3%

Net Assets: $351.9M

Managed Assets1: $591.7M

Termination Date2: 2.26.2036

Distribution Frequency: Monthly

Distribution Rate Level Distribution Policy3: 5.5%

Distribution Rate Market Price: 8.4%

RiverNorth Managed Duration Municipal Income Fund II, Inc.

NYSE Ticker: RMMZ   NAV Ticker: XRMZX

Subadviser: MacKay Shields

Inception Date: 2.10.2022

Strategy: Opportunistic Muni

Discount -12.4%

Net Assets: $136.7M

Managed Assets1: $225.7M

Termination Date2: 2.16.2037

Distribution Frequency: Monthly

Distribution Rate Level Distribution Policy3: 6.3%

Distribution Rate Market Price: 8.2%

1 Managed assets include assets attributable to leverage.

2 Beginning one year before the "Termination Date”, the Fund may begin to liquidate all or a portion of the Fund's portfolio. At the discretion of the Board of Directors (“Board”), the Termination Date may be extended (i) once for up to one year, and (ii) once for up to an additional six months; or Within twelve months prior to the Termination Date, the Fund may conduct a tender offer to purchase 100% of the then outstanding shares. Following the completion of the tender offer, the Fund must have at least $100 million of net assets. The Board may then eliminate the Termination Date and convert the Fund to a perpetual trust upon the affirmative vote of a majority of the Board.

3 The Level Distribution Policy of each Fund is approved by each Fund's Board of Directors. 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.

4 The distribution rate at the current market price.

An investment in the Funds involves risk, including loss of principal. 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.

Closed-end funds do not continuously issue shares for sale as open-end mutual funds do. These 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. 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 other information disclosed in each Fund's prospectus.

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.