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

RiverNorth Funds, including RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., will hold a combined Annual Meeting of Stockholders on September 19, 2024, to elect directors.

Summary

• RiverNorth Funds will host a combined Annual Meeting of Stockholders on September 19, 2024, at 10:00 a.m. (Eastern Time) 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 at the Annual Meeting.
• The primary proposal is to elect Directors to the Board of Directors for each fund.
• The Board of each Fund unanimously recommends that stockholders vote for the election of the applicable nominees.
• The proxy statement and proxy card are being mailed on or about August 21, 2024.
• Stockholders can vote by mail or in person at the meeting.
• The funds are urging stockholders to vote by proxy due to the COVID-19 pandemic.
• The meeting will be held in accordance with any recommended and required social distancing and safety guidelines, as applicable.
• If the meeting is postponed or the location or approach is changed due to the COVID-19 pandemic, the Funds will publicly announce the decision in advance and will provide details on how stockholders may participate in the alternative meeting.
• The expenses incurred in connection with preparing the Joint Proxy Statement and its enclosures will be paid by the Funds, except that for RIV, RMM, RMMZ, RFM and RFMZ, these expenses will be paid by the Adviser 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 providing clear communication channels for stockholders with questions.

Negatives

• The meeting may be subject to changes in location or approach due to the COVID-19 pandemic, potentially causing inconvenience for stockholders who plan to attend in person.

Risks

• The COVID-19 pandemic could lead to postponement or changes in the meeting format.
• Failure to achieve a quorum could necessitate additional proxy solicitations, increasing costs.

Future Outlook

The document outlines the process for the upcoming Annual Meeting and provides information for stockholders to participate in the election of directors. It also includes information on how stockholders can submit proposals for the 2025 annual meeting.

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 announcement is a standard corporate governance procedure for registered investment companies, ensuring stockholders have a voice in the election of directors who oversee the funds' operations and investment strategies.

Comparison to Industry Standards

• The structure of the Board, with a mix of independent and interested directors, is typical for registered investment companies.
• The compensation structure for directors is within the range of industry norms for closed-end funds of similar size and complexity.
• The process for stockholders to submit proposals for the annual meeting aligns with SEC regulations and industry best practices.

Stakeholder Impact

• The election of directors will impact the governance and oversight of the Funds, which affects shareholders.
• The outcome of the vote could influence the Funds' investment strategies and overall performance.

Next Steps

• Stockholders should review the proxy statement and vote on the proposals.
• The Annual Meeting will be held on September 19, 2024.
• The Audit Committee will meet on August 13-14, 2024, to ratify its recommendation to the Board with regards to the inclusion of the audited financial statements of the Funds for each Funds fiscal year end in the Annual Reports of the Funds.

Key Dates

Keywords

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