2Q24 Audio Commentary: RiverNorth/DoubleLine Strategic Income Fund (RNSIX/RNDLX) and RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (OPP)

Financial Professional Use Only

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 6.30.2024

Mutual Fund	Ticker	Inception Date	1 Year	5 Year	10 Year	Since Inception
RiverNorth/DoubleLine Strategic Income Fund	RNSIX	12.30.2010	8.81%	2.18%	3.11%	4.62%
RiverNorth/DoubleLine Strategic Income Fund	RNDLX	12.30.2010	8.52%	1.92%	2.85%	4.37%
Closed-End Fund
RiverNorth/DoubleLine Strategic Opportunity Fund	XOPPX	9.27.2016	11.28%	0.43%	—	2.42%
RiverNorth/DoubleLine Strategic Opportunity Fund	OPP	9.27.2016	17.04%	0.80%	—	1.82%

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 or 888.848.7569 for RiverNorth Mutual 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.

Definitions

• Net Asset Value is the net value of an investment fund’s assets less its liabilities, divided by the number of shares outstanding.
• The price at which a closed-end fund trades often varies from its NAV. Some funds have market prices below their net asset values – referred to as a discount. Conversely, some funds have market prices above their net asset values – referred to as a premium.
• Basis points (BPS) refers to a common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01%, or 0.0001, and is used to denote the percentage change in a financial instrument.
• A Treasury Bill or T-Bill is a debt obligation issued by the U.S. Department of the Treasury. Of the debt issued by the U.S. government, the T-Bill has the shortest maturity, ranging from a few days to one year.
• “Yield” refers to the earnings generated and realized on an investment over a particular period of time.
• Yield volatility refers to the degree of fluctuation in bond yields over time. It’s an essential concept for fixed-income investors.
• The Federal Open Market Committee (FOMC) is the branch of the Federal Reserve System (FRS) that determines the direction of monetary policy in the United States by directing open market operations (OMOs).
• The federal funds rate is the target interest rate range set by the Federal Open Market Committee (FOMC).
• The Consumer Price Index (CPI) measures the monthly change in prices paid by U.S. consumers.
• Business Development Company (BDC) is an organization that invests in small- and medium-sized companies as well as distressed companies. A BDC helps the smalland medium-sized firms grow in the initial stages of their development.
• Taxable bonds are debt securities subject to taxation at various government levels.
• Discount narrowing means that the difference between the market interest rate and the coupon rate of a bond is decreasing.
• A floating interest rate is an interest rate that changes periodically. The rate of interest moves up and down, or “floats,” reflecting economic or financial market conditions.
• Short-term bonds are fixed-income securities with relatively short maturities, typically ranging from one to three years.
• Emerging Market Bonds are fixed income debt that is issued by countries with developing economies as well as by corporations within those nations.
• A “risk-on rally” refers to a market situation where investors exhibit a higher appetite for risk.
• Investment grade refers to the quality of a company’s credit. To be considered an investment grade issue, the company must be rated at ‘BBB’ or higher by Standard and Poor’s or Moody’s.
• Agency securities is the term used to describe two different types of bonds: those issued by a U.S. government-sponsored enterprise (GSEs) or other U.S. federal government agency. Agency securities issued by government agencies other than GSEs are backed by the full faith and credit of the U.S. government, just like Treasury bonds.
• Mortgage-Backed Securities (MBS) are asset-backed securities that are secured by a mortgage or collection of mortgages.
• Asset-backed securities (ABS) are a type of financial investments that are collateralized by an underlying pool of assets—usually ones that generate a cash flow from debt, such as loans, leases, credit card balances, or receivables.
• Top-down investing is an investment analysis approach that focuses on the macro factors of the economy, such as GDP, employment, taxation, interest rates, etc. before examining micro factors such as specific sectors or companies.
• The Treasury yield curve, which is also known as the term structure of interest rates, draws out a line chart to demonstrate a relationship between yields and maturities of on the run Treasury fixed-income securities.
• The Bloomberg US Aggregate Bond Index is an unmanaged index of investment-grade fixed-rate debt issues with maturities of at least one year. The index cannot be invested in directly and does not reflect fees and expenses.
• High-yield bonds are bonds that pay higher interest rates because they have lower credit ratings than investment-grade bonds. BB is a rating designation used by the top three credit rating agencies for a credit issue or an issuer of credit that signify higher degrees of default risk on their rating spectrums.
• Collateralized Loan Obligation (CLO) is a security backed by a pool of debt, often low-rated corporate loans. The investor receives scheduled debt payments from the underlying loans but assumes most of the risk in the event that borrowers default.
• A carry trade is a trading strategy that involves borrowing at a low-interest rate and investing in an asset that provides a higher rate of return.
• Securitized products refer to pools of income-producing financial assets that are brought together to create a new security, which is then divided and sold to investors.
• Commercial Mortgage-Backed Securities (CMBS) are fixed-income investment products that are backed by mortgages on commercial properties.
• A yield curve is a line that plots the yields, or interest rates, of bonds with equal credit quality but different maturity dates.
• An inverted yield curve occurs when short-term interest rates surpass long-term rates. In other words, yields on short-term U.S. Treasury debt are higher than those on longerterm debt.
• Hard assets refer to tangible, physical assets like real estate, machinery, equipment, or infrastructure.
• A Single Asset Single Borrower (SASB) CMBS loan involves securitizing a single loan, typically collateralized by one very large property.
• Yield to Maturity (YTM) is the total rate of return earned when a bond makes all interest payments and repays the original principal.
• Non-agency Mortgage-Backed Securities (MBS) are debt-based securities backed by the interest paid on loans for residential properties.
• Square Capital (small business loans) is an invitation-only advance on the sales that retailers make through Square’s point of sales system. It’s essentially a merchant cash advance, meaning that you pay a fixed fee rather than interest and repay the funds with a percentage of your daily sales.
• Duration is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. Duration is non-linear and accelerates as time to maturity lessens.
• The capital stack represents the capital invested from each lender of an investment and the relationship between each of those lenders. The higher you are on the capital stack the lower your risk profile and the lower your returns. Conversely, the lower you are on the capital stack, the higher your risk, but the greater your potential returns.
• The official unemployment rate is known as the U-3 rate or simply U3.
• Non-traditional fixed income, also known as alternative fixed income, refers to a category of investment securities that deviate from the typical fixed-income products like government or corporate bonds.
• Gross Domestic Product (GDP) is a crucial economic indicator that measures the total value of all goods and services produced within a country during a specific time period.
• Credit investing is a strategy that involves investing in debt or credit instruments, such as bonds, loans, or structured products.
• Short term notes payable are obligations to pay a specified sum, plus interest, within one year.
• Ratings discussed are given by one of the following national rating agencies: S&P, Moody’s or Fitch. Additional information about ratings can be found, respectively, at www.standardandpoors.com, www.moodys.com and www.fitchratings.com. Credit ratings are subject to change. AAA, AA, A, and BBB are investment grade ratings categories used by S&P and Fitch; BB, B, CCC/CC/C and D are below investment grade ratings categories used by S&P and Fitch. Aaa, Aa, A and Baa are investment grade ratings categories used by Moody’s; Ba, B, Caa/Ca and C are below investment grade ratings categories used by Moody’s. Bonds backed by U.S. Government or agency securities are given an implied rating equal to the rating of such securities. Holdings designated Not Publicly Rated are not rated by these national rating agencies.

Risk Information: Detailed information regarding the risks associated with the RiverNorth Closed-End Funds and RiverNorth Mutual Funds can be found in each Fund’s prospectus, respectively.

RiverNorth Mutual Funds:

RiverNorth/DoubleLine Strategic Income Fund (RNSIX/RNDLX): Asset-Backed Security Risk – the risk that the value of the underlying assets will impair the value of the security. Borrowing Risk – borrowings increase fund expenses and are subject to repayment, possibly at inopportune times. Closed-End Fund Risk – closed-end funds are exchange traded, may trade at a discount to their net asset values and may deploy leverage. Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Currency Risk – foreign currencies will rise or decline relative to the U.S. dollar. Defaulted Securities Risk – defaulted securities carry the risk of uncertainty of repayment. Derivatives Risk – derivatives are subject to counterparty risk. Equity Risk – equity securities may experience volatility and the value of equity securities may move in opposite directions from each other and from other equity markets generally. Exchange Traded Note Risk – exchange traded notes represent unsecured debt of the issuer and may be influenced by interest rates, credit ratings of the issuer or changes in value of the reference index. Fixed Income Risk – the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default. Foreign/Emerging Market Risk – foreign securities may be subject to inefficient or volatile markets, different regulatory regimes or different tax policies. These risks may be enhanced in emerging markets. Investment Style Risk – investment strategies may come in and out of favor with investors and may underperform or outperform at times. Liquidity Risk – illiquid investments may be difficult or impossible to sell. Large Shareholder Purchase and Redemption Risk – The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Management Risk – there is no guarantee that the adviser’s or sub-adviser’s investment decisions will produce the desired results. Market Risk – economic conditions, interest rates and political events may affect the securities markets. Mortgage-Backed Security Risk – mortgage-backed securities are subject to credit risk, pre-payment risk and devaluation of the underlying collateral. Preferred Stock Risk – preferred stocks generally pay dividends, but may be less liquid than common stocks, have less priority than debt instruments and may be subject to redemption by the issuer. Rating Agency Risk – rating agencies may change their ratings or ratings may not accurately reflect a debt issuer’s creditworthiness. REIT Risk – the value of REITs changes with the value of the underlying properties and changes in interest rates and are subject to additional fees. Security Risk – The value of the Fund may decrease in response to the activities and financial prospects of individual securities in the Fund’s portfolio. Special Purpose Acquisition Companies (SPACs) Risks – SPACs have no operating history or ongoing business other than to seek a potential acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact a Fund’s ability to meet its investment objective. Structured Notes Risk – because of the imbedded derivative feature, structured notes are subject to more risk than investing in a simple note or bond. Swap Risk – swap agreements are subject to counterparty default risk and may not perform as intended. Tax Risk – new federal or state governmental action could adversely affect the tax-exempt status of securities held by the Fund, resulting in higher tax liability for shareholders and potentially hurting Fund performance as well. Underlying Fund Risk – underlying funds have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values. Valuation Risk – Loans and fixed-income securities are traded “over the counter” and because there is no centralized information regarding trading, the valuation of loans and fixed-income securities may vary. Past performance is no guarantee of future results. Diversification does not ensure a profit or a guarantee against loss.

RiverNorth Closed-End Funds:

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/DoubleLine Strategic Opportunity Fund, Inc. (OPP): 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. Special Purpose Acquisition Companies (SPACs) have no operating history or ongoing business other than to seek a potential acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact a Fund’s ability to meet its investment objective.

Investors should consider the investment objectives, risks, charges and expenses of RiverNorth’s mutual funds (or Investment Companies) carefully before investing. To obtain a prospectus containing this and other important information, please call 888.848.7569 or visit rivernorth.com. Please read the prospectus carefully before investing.

Open-end mutual funds are distributed by ALPS Distributors Inc., FINRA Member firm. RiverNorth is not affiliated with ALPS.

NOT FDIC INSURED – NO BANK GUARANTEE – MAY LOSE VALUE