# RiverNorth Opportunistic Municipal Income Fund

RiverNorth Opportunistic Municipal Income Fund is an Asset Manager based in Chicago, United States.

## Overview

- **Organization type:** Asset Manager
- **Headquarters:** Chicago, United States
- **Region:** North America
- **Address:** Chicago, IL, United States
- **Assets under management:** Undisclosed
- **Website:** rivernorth.com

## Regulatory record

- **Reports private funds:** No

## About

RiverNorth Capital Management, the fund's adviser based in Chicago, launched this closed-end vehicle to operate as a specialized municipal credit mandate. The strategy uses an opportunistic style, embedding overlapping structural advantages from the closed-end fund format — including the ability to hold less-liquid positions and employ leverage — to exploit pricing anomalies in the municipal bond market. Portfolio managers target high-yield, unrated, and distressed municipal obligations across the United States and Puerto Rico. The fund buys credits that traditional mutual funds reject due to credit-quality mandates or liquidity constraints. Management adjusts duration dynamically and allocates to sectors like land-secured bonds, tobacco settlement bonds, and project-finance debt. This is not a buy-and-hold muni ladder; it is a value-oriented, event-driven exercise. RiverNorth deploys its balance sheet opportunistically, at times trading blocks with other institutional investors or participating in tender offers when municipal issuers restructure. The fund's distribution policy aims to pay out a managed level of tax-exempt income, maintaining its focus on after-tax returns for high-bracket individual investors. The Chicago-based team operates within a broader firm specializing in closed-end fund strategies and interval funds. The structural differentiator rests in the investment-company wrapper itself: a permanent-capital vehicle whose share price can deviate sharply from NAV. That gap — and the periodic repurchases or activist campaigns it invites — forms the true canvas on which RiverNorth paints. For taxable investors seeking municipal credit exposure, the wrapper shapes the entire return path.

## Sectors

- Municipal Bonds
- Fixed Income

## People

- Patrick Galley — Chief Executive Officer and Chief Investment Officer
- Stephen O'Neill — Portfolio Manager

## Questions

### What investment strategy does this fund follow?

The fund employs an opportunistic municipal credit strategy. It targets high-yield, unrated, and distressed tax-exempt bonds that fall outside the mandates of traditional mutual funds. The aim is to capture value from credit mispricings and structural complexity rather than simply holding a laddered portfolio of high-grade munis.

### Who makes the portfolio decisions?

Investment decisions are led by Patrick Galley, the Chief Executive Officer and Chief Investment Officer, alongside Portfolio Manager Stephen O'Neill. Both operate from RiverNorth Capital Management's Chicago headquarters, where the firm specializes in closed-end fund and interval fund strategies.

### What types of municipal bonds does the fund hold?

The portfolio spans high-yield munis, unrated credits, and distressed situations. Specific allocations have included land-secured bonds, tobacco settlement bonds, and project-finance debt. The fund is known to participate in restructurings and tender offers when municipal issuers work through financial distress.

## Related profiles

- [Western Asset Investment Grade Opportunity Trust](https://altss.com/profile/western-asset-investment-grade-opportunity-trust-inc)
- [Identiv](https://altss.com/profile/identiv-inc)

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Last updated: 2026-06-03T20:00:00.000Z

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