DEF 14A: RiverNorth Funds to Hold Annual Stockholder Meeting on September 19, 2024

RiverNorth Funds will host a combined Annual Meeting of Stockholders on September 19, 2024, to elect directors and transact other business.

Summary

• RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., RiverNorth Capital and Income Fund, Inc., RiverNorth Opportunities Fund, Inc., RiverNorth Opportunistic Municipal Income Fund, Inc., RiverNorth Managed Duration Municipal Income Fund, Inc., RiverNorth Managed Duration Municipal Income Fund II, Inc., RiverNorth Flexible Municipal Income Fund, Inc., and RiverNorth Flexible Municipal Income Fund II, Inc. will hold a combined Annual Meeting of Stockholders on September 19, 2024.
• The meeting will take place at the offices of RiverNorth Capital Management, LLC in West Palm Beach, Florida.
• Stockholders of record as of August 16, 2024, are entitled to vote.
• The primary purpose of the meeting is to elect directors to the Board of Directors for each fund.
• For OPP, RSF, and RIV, stockholders will elect one Class I Director by all stockholders voting together and one Class I Director by Preferred Shares only.
• For RMI, RMM, RMMZ, RFM, and RFMZ, stockholders will elect two Class I Directors.
• The Board of each Fund unanimously recommends that stockholders vote for the election of the applicable nominees.
• The proxy statement is being mailed to stockholders on or about August 21, 2024.
• Stockholders can vote by mail or in person at the meeting.
• The Board believes that the use of this Joint Proxy Statement is in the best interests of each Fund in light of the similar matters being considered and voted on by the stockholders.

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 sentiment.

Positives

• The Board of each Fund unanimously recommends that stockholders vote for the election of the applicable nominees.
• Stockholders are encouraged to exercise their rights in governing the Funds by voting on the proposals.

Risks

• The document mentions the possibility of the meeting being postponed or changed to a remote format due to the COVID-19 pandemic.
• If many stockholders choose not to vote, the Funds might not receive enough votes to reach a quorum to hold the Meeting.

Future Outlook

The document outlines the process for stockholders to submit proposals for the 2025 annual meeting, with deadlines in April and May 2025.

Management Comments

• The Board of each Fund unanimously recommends that stockholders vote for the election of the applicable nominees.
• I encourage you to exercise your rights in governing the Funds by voting on the proposals.
• Your vote is important.

Industry Context

This announcement is a standard part of corporate governance for investment funds, ensuring stockholders have a voice in the election of directors and other important matters.

Comparison to Industry Standards

• The structure of the Board of Directors, with a mix of independent and interested directors, is typical for registered investment companies.
• The use of staggered terms for directors is a common practice to ensure continuity and experience on the board.
• The establishment of an Audit Committee and a Nominating and Corporate Governance Committee, both chaired by independent directors, aligns with best practices for corporate governance in the investment management industry.
• The disclosure of director compensation and ownership in the funds is a standard requirement to ensure transparency and alignment of interests with stockholders.

Stakeholder Impact

• Shareholders are directly impacted through their voting rights in the election of directors.
• The outcome of the director elections can influence the governance and strategic direction of the Funds, potentially affecting investment performance and shareholder value.

Next Steps

• Stockholders should review the proxy statement and vote on the proposals.
• 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 of the Funds.

Key Dates

Keywords

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