DEF 14A: RiverNorth Funds Announce Annual Stockholder Meeting to Elect Directors

RiverNorth family of funds will hold a combined Annual Meeting of Stockholders on September 19, 2024, to elect directors to the Board of Directors.

Summary

• RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. and other RiverNorth Funds will hold a combined Annual Meeting of Stockholders on September 19, 2024, to elect directors.
• Stockholders of record as of August 16, 2024, are entitled to vote.
• The meeting will take place at RiverNorth Capital Management, LLC in West Palm Beach, Florida.
• The primary proposal is to elect Class I Directors for each fund, with specific details varying by fund and share class (common vs. preferred).
• The Board of each Fund unanimously recommends voting for the election of the applicable nominees.
• Stockholders can vote by mail or in person at the meeting.
• The proxy statement is being mailed on or about August 21, 2024.
• The expenses of preparing the proxy statement will be paid by the Funds, except for certain funds where the Adviser will pay the expenses out of its unitary management fee.

Sentiment

Score: 7

Explanation: The document is a standard proxy statement, which is generally neutral in tone. The board's recommendation to vote for the nominees adds a slightly positive element.

Positives

• The Board unanimously recommends voting for the election of the director nominees.
• Stockholders have the option to vote by mail or in person.
• The Funds are taking precautions related to COVID-19, including the possibility of a remote meeting.

Risks

• The possibility of the Annual Meeting being postponed or changed to a remote format due to the COVID-19 pandemic.

Future Outlook

The document outlines the process for the upcoming Annual Meeting and provides information for stockholders to participate in the election of directors.

Management Comments

• The Board of each Fund unanimously recommends that stockholders vote for the election of the applicable nominees.
• Marcus L. Collins, Secretary and Chief Compliance Officer of each Fund, encourages stockholders to exercise their rights in governing the Funds by voting on the proposals.

Industry Context

This is a standard proxy filing related to the annual meeting of stockholders, a common practice for publicly traded investment funds.

Comparison to Industry Standards

• The structure of the board, with a mix of independent and interested directors, is typical for registered investment companies.
• The committee structure, including Audit and Nominating and Corporate Governance Committees, aligns with industry best practices for corporate governance.
• The director compensation structure, including annual retainers and meeting fees, is consistent with industry norms for closed-end funds.

Stakeholder Impact

• Shareholders are asked to vote on the election of directors, which impacts the governance and oversight of the Funds.
• The outcome of the vote will determine the composition of the Board of Directors, which is responsible for setting policies and overseeing the Funds' operations.

Next Steps

• Stockholders should review the proxy statement and vote by mail or in person.
• The Funds will hold the Annual Meeting on September 19, 2024.
• The Audit Committee will meet on August 13-14, 2024, to ratify its recommendation to the Board regarding the inclusion of the audited financial statements in the Annual Reports.

Key Dates

Keywords

Annual Meeting, Proxy Statement, Directors, Stockholders, RiverNorth Funds, Election