RiverNorth Flexible Municipal Income Fund, Inc. Announces the Approval of a 6.25% Level Distribution Policy & the Declaration...
29 Aprile 2020 - 10:30PM
Business Wire
RiverNorth Flexible Municipal Income Fund, Inc. (the “Fund”)
(NYSE: RFM) announced that its Board of Directors (the “Board”) has
approved a 6.25% level distribution policy effective May 1, 2020.
Accordingly, the Fund is declaring monthly distributions for May
and June 2020.
The Board has approved the distributions of $0.1042 per share of
common stock, payable on the dates noted below. In accordance with
the level distribution policy, the rate has been set equal to 6.25%
based on the Fund’s initial public offering price of $20.00 per
share.
The following dates apply to the distributions declared:
Record Date
Payable Date
Per Share
May 15, 2020
May 29, 2020
$0.1042
June 16, 2020
June 30, 2020
$0.1042
Level Distribution Policy
As defined in the prospectus, commencing with the first
distribution, the Fund is implementing a level distribution policy.
The Fund’s intention under the level distribution policy is to
provide for monthly distributions to stockholders at a constant and
fixed (but not guaranteed) rate that is reset annually. However,
there can be no guarantee that the distribution policy will be
successful in its goals. The Fund’s ability to maintain a stable
level of distributions to stockholders will depend on a number of
factors, including changes in the financial market, market interest
rates, and performance of overall equity and fixed income markets.
As portfolio and market conditions change, the ability of the Fund
to continue to make distributions in accordance with the level
distribution policy may be affected.
The Board expects that any declaration of distributions to
stockholders, including final amounts and dates applicable to each,
will be made and announced quarterly. Stockholders have the option
of reinvesting these distributions in additional common shares
through the Fund’s automatic dividend reinvestment plan, or
electing to receive cash by contacting DST Systems, Inc. (the “Plan
Administrator”). For further information, stockholders should
carefully read the description of the dividend reinvestment plan in
the prospectus.
The Fund may at times, in its discretion, pay out less than the
entire amount of net investment income earned in any particular
period and may at times pay out such accumulated undistributed
income in addition to net investment income earned in other periods
in order to permit the Fund to maintain a stable level of
distributions. As a result, the dividend paid by the Fund to
stockholders for any particular period may be more or less than the
amount of net investment income earned by the Fund during such
period.
To the extent that sufficient investment income is not available
on a monthly basis, the Fund’s distributions may consist of return
of capital in order to maintain the distribution amount. A return
of capital occurs when some or all of the money that stockholders
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, the level distribution policy may require the Fund to
sell its portfolio securities at a less than opportune time to meet
the distribution amount.
Investors should not make any conclusions about the Fund’s
investment performance from the amount of the Fund’s distributions
or the Fund’s level distribution policy. With each distribution
that does not consist solely of net investment income, the Fund
will issue a notice to stockholders 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 stockholders are only
estimates and are not being provided for tax reporting purposes.
The actual amounts and sources of the distributions 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 individual
stockholders a Form 1099-DIV for the calendar year that will tell
them how to report these distributions for federal income tax
purposes. In addition, the source of the monthly distributions will
be available on www.rivernorth.com.
The investment objective of the Fund is current income exempt
from regular U.S. federal income taxes (but which may be includable
in taxable income for purposes of the Federal alternative minimum
tax). The Fund’s secondary investment objective is total
return.
The Fund is a closed-end fund and does not continuously issue
stock for sale as open-end mutual funds do. The Fund now 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. RiverNorth
Capital Management, LLC is the investment adviser to the Fund.
MacKay Shields LLC is the subadviser to the Fund. RiverNorth is not
affiliated with MacKay Shields. ALPS Distributors, Inc. member
FINRA is not affiliated with RiverNorth Capital Management,
LLC.
The RiverNorth Flexible Municipal Income Fund is new and has
limited performance history. 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, you should consider the risks as well as the
other information in the prospectus.
Investors should read the Fund’s prospectus and 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
RiverNorth Capital Management, LLC
RiverNorth is an investment management firm founded in 2000 that
specializes in opportunistic strategies in niche markets where the
potential to exploit inefficiencies is greatest. RiverNorth is the
manager to multiple registered and private funds.
RiverNorth® is a registered trademark of RiverNorth Capital
Management, LLC.
©2000-2020 RiverNorth Capital Management, LLC. All rights
reserved.
ALPS Distributors, Inc. is the FINRA Member Firm. RMI000151 Exp.
7.31.21
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version on businesswire.com: https://www.businesswire.com/news/home/20200429005856/en/
Media Contact Susan Mellon 312.445.2256
smellon@rivernorth.com
Investor Contact Chris Lakumb, CFA, CAIA 312.445.2266
clakumb@rivernorth.com
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