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RiverNorth/DoubleLine Strategic Opportunities Fund, Inc. Announces Adoption of Managed Distribution Plan of $0.15 Per Share

CHICAGO--(BUSINESS WIRE)-- RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (the “Fund”), which is traded on the New York Stock Exchange under the symbol “OPP”, announced today that its Board of Directors has approved the adoption of a managed distribution plan in accordance with RiverNorth Capital Management, LLC Section 19(b) exemptive order whereby the Fund will, beginning in October 2017, make monthly distributions to common shareholders set initially at a fixed monthly rate of $0.15 per common share. Distributions for the months of October, November, and December 2017 have been announced. The distribution is subject to the following ex-distribution, record and payable dates below set by the Fund’s Board of Trustees. Based on the Fund’s current share price of $19.10 (as of market close September 29, 2017), the distribution represents an annualized distribution rate of 9.42%.

The following dates apply to the distributions declared:

Ex Date Record Date Payable Date
October 12, 2017 October 13, 2017 October 31, 2017
November 16, 2017 November 17, 2017 November 30, 2017
December 14, 2017 December 15, 2017 December 29, 2017

The primary purpose of the managed distribution plan is to provide shareholders with a constant, but not guaranteed, fixed minimum rate of distribution each month. The managed distribution plan is intended to narrow the discount between the market price and the NAV of the Fund’s common shares, but there is no assurance that the plan will be successful in doing so.

Under the managed distribution plan, to the extent that sufficient investment income is not available on a monthly basis, the Fund’s distributions may consist of long-term capital gains and/or return of capital in order to maintain the distribution rate. Investors should not make any conclusions about the Fund’s investment performance from the amount of the Fund’s distributions or from the terms of the Fund’s managed distribution plan. The Board may amend the terms of the plan or terminate the plan at any time without prior notice to the Fund’s shareholders. The amendment or termination of the managed distribution plan could have an adverse effect on the market price of the Fund’s common shares. The managed distribution plan will be subject to periodic review by the Board, including a yearly review of the annual minimum fixed rate to determine if an adjustment should be made.

With each distribution that does not consist solely of net investment income, the Fund will issue a notice to shareholders and an accompanying press release that will provide detailed information regarding the amount and composition of the distribution and other related information. The amounts and sources of distributions reported in the notice to shareholders are only estimates and are not being provided for tax reporting purposes. The actual amounts and sources of the amounts for tax reporting purposes will depend upon the Fund’s investment experience during its full fiscal year and may be subject to changes based on tax regulations. The Fund will send shareholders a Form 1099-DIV for the calendar year that will tell them how to report these distributions for federal income tax purposes.

The Fund may at times distribute more than its net investment income and net realized capital gains; therefore, a portion of the distribution may result in a return of capital. 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.

About RiverNorth

RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With $3.6 billion1 in assets under management as of August 31, 2017, 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.

This data is for information only and should not be construed as an official tax form, nor should it be considered tax or investment advice. RiverNorth is not a tax advisor and investors should consult a tax professional for guidance regarding their specific tax situation. When preparing your tax return, please refer to your Form 1099-DIV and consult your legal or tax advisor.

A portion of the distribution may be treated as paid from sources other than net income, including but not limited to short‐term capital gain, long‐term capital gain and return of capital.

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 800.617.0004.

The Fund is a closed-end fund, and closed-end funds do not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering has closed, the Fund now trades 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.

Shares of closed-end investment companies frequently trade at a discount to their net asset value and initial offering price. The risk of loss due to this discount may be greater for initial investors expecting to sell their shares in a relatively short period after completion of the initial public offering.

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.

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 of the Fund, you should consider the risks as well as the other information in the prospectus.

1 Firm AUM reflects Managed Assets, which includes assets attributable to leverage.

Not FDIC Insured | May Lose Value | No Bank Guarantee

RiverNorth® is a registered trademark of RiverNorth Capital Management, LLC. DoubleLine® is a registered trademark of DoubleLine Capital LP.

©2000-2017 RiverNorth Capital Management, LLC. All rights reserved.

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RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.
Investor Contact
Allen Webb, CFA
312.445.2266
awebb@rivernorth.com

Source: RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.