Closed-End Funds

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. Distribution rates are calculated by annualizing the latest declared regular distribution and dividing the resulting amount by either the Fund’s market price or NAV. Distributions under a level distribution plan approach have historically included a return of capital along with net investment income and may also include realized capital gains. 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. With each distribution that does not consist solely of net investment income, the respective Fund will issue a notice to shareholders that will provide detailed information regarding the amount and composition of the distribution and other related information. For more information, please visit the 19a-1 Notice section on each Fund’s webpage noted above for estimates of its distribution components.
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.