Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 96

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 96
---
 conflicts of interest
may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one fund or other accounts. More
specifically, portfolio managers who manage multiple funds are presented with the following potential conflicts, among others.

The management of multiple accounts
may result in a portfolio manager devoting unequal time and attention to the management of each account. The management of multiple funds
and accounts also may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time
horizons and fees as the portfolio manager must allocate his time and investment ideas across multiple funds and accounts. Another potential
conflict of interest may arise where another account has the same or similar investment objective as the Fund, whereby the portfolio manager
could favor one account over another.

With respect to securities transactions
for the Fund, the Adviser determines which broker to use to execute each order, consistent with the duty to seek best execution of the
transaction. A portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities
held by the Fund. Securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Further,
a potential conflict could include a portfolio manager’s knowledge about the size, timing and possible market impact of Fund trades,
whereby they could use this information to the advantage of other accounts and to the disadvantage of the Fund. These potential conflicts
of interest could create the appearance that a portfolio manager is favoring one investment vehicle over another.

The management of personal accounts
also may give rise to potential conflicts of interest. Although a portfolio manager generally does not trade securities in his or her
own personal account, the Adviser and the Fund have each adopted a code of ethics that, among other things, permits personal trading by
employees (including trading in securities that can be purchased, sold or held by the Fund) under conditions where it has been determined
that such trades would not adversely impact client accounts. Nevertheless, the management of personal accounts may give rise to potential
conflicts of interest, and there is no assurance that these codes of ethics will adequately address such conflicts.

Conflicts potentially limiting the
Fund’s investment opportunities may also arise when the Fund and other clients of the Adviser invest in, or even conduct research
relating to, different parts of an issuer’s capital structure, such as when the Fund owns senior debt obligations of an issuer and
other clients own junior tranches of the same issuer. In such circumstances, decisions