RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. Announces Results of Shareholder Vote

Rhea-AI Summary

On August 27, 2021, the RiverNorth/DoubleLine Strategic Opportunity Fund (NYSE: OPP) held a shareholder meeting where a proposal to convert from a closed-end to an open-end investment company was rejected. Shareholders opted to maintain the fund's current structure, a decision lauded by CEO Patrick Galley, who emphasized the benefits for income and overall returns. As of July 31, 2021, RiverNorth manages $5.5 billion in assets, focusing on niche market investments. The fund operates as a closed-end entity, trading on the secondary market, and carries inherent investment risks.

Positive

• Shareholders voted to maintain the closed-end fund structure, which is viewed as beneficial for current income and returns.
• RiverNorth manages $5.5 billion in assets, indicating strong market presence.

Negative

• None.

CHICAGO--(BUSINESS WIRE)-- RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (the “Fund”) (NYSE: OPP) announced the results of its shareholder meeting of August 27, 2021. At that meeting, shareholders were asked to vote on a proposal, pursuant to the Fund’s Articles of Incorporation, to convert the Fund from its current structure as a closed-end investment company to an open-end investment company. Shareholders voted against the proposal, and the Fund will continue in its current closed-end investment company structure.

“We are very pleased that the Fund’s shareholders have elected to maintain the existing closed-end fund structure,” said Patrick Galley, RiverNorth’s Chief Executive Officer and Chief Investment Officer. “In our view this structure provides the best opportunity for current income and overall return for our shareholders.”

RiverNorth Capital Management, LLC

RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With $5.5 billion¹ in assets under management as of July 31, 2021, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is an institutional investment manager to registered funds, private funds and separately managed accounts.

The Fund is a closed-end fund and does not continuously issue stock for sale as open-end mutual funds do. The Fund trades in the secondary market. Investors wishing to buy or sell stock need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market 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 shares of common stock, you should consider the risks as well as the other information in the prospectus.

Past performance is no guarantee of future results.

Investors should consider the Fund's investment objective, risks, charges and expenses carefully before investing. The prospectus should be read carefully before investing. For more information, please read the prospectus, call your financial professional or call 844.569.4750.

Chris Lakumb is a registered representative of ALPS Distributors, Inc. RiverNorth Capital Management, LLC is not affiliated with ALPS Distributors.

^1. Managed Assets includes assets attributable to leverage and investments in affiliated funds.

Not FDIC Insured | May Lose Value | No Bank Guarantee
ALPS Distributors, Inc. is the FINRA Member Firm.
RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC.

©2000-2021 RiverNorth Capital Management, LLC. All rights reserved.
RMI000231

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Investor Contact

Chris Lakumb, CFA, CAIA

312.445.2336

clakumb@rivernorth.com

Source: RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.

FAQ

What was the outcome of the August 27, 2021 shareholder meeting for OPP?

Shareholders voted against converting the fund to an open-end investment company, maintaining its closed-end structure.

Why did shareholders reject the proposal to convert OPP to an open-end fund?

Shareholders and management believe the closed-end structure offers better opportunities for income and overall returns.

What is the asset management status of RiverNorth as of July 31, 2021?

RiverNorth manages $5.5 billion in assets, specializing in niche market investments.