Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 74

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 74
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 benefit all security holders of the MLP.

MLP common units represent a limited partnership
interest in the MLP. MLP common units are listed and traded on U.S. securities exchanges, with their value fluctuating predominantly based
on prevailing market conditions and the success of the MLP. An Underlying Fund may purchase MLP common units in market transactions. Unlike
owners of common stock of a corporation, owners of MLP common units have limited voting rights and have no ability to elect directors.
In the event of liquidation, MLP common units have preference over subordinated units, but not over debt or preferred units, to the remaining
assets of the MLP.

MLPs may be subject to legal and other restrictions
on resale or will otherwise be less liquid than publicly traded securities. Certain MLP securities may trade in lower volumes due to their
smaller capitalizations. Accordingly, those MLPs may be subject to more abrupt or erratic price movements and may lack sufficient market
liquidity to enable an Underlying Fund to effect sales at an advantageous time or without a substantial drop in price. As a result, these
investments may be difficult to dispose of at a fair price at the times when an Underlying Fund believes it is desirable to do so. MLPs
are generally considered interest-rate sensitive investments. During periods of interest rate volatility, these investments may not provide
attractive returns, which may adversely impact the overall performance of the Fund or an Underlying Fund.

RiverNorth Opportunities Fund, Inc.

MLPs are subject to various risks related to the
underlying operating companies they control, including dependence upon specialized management skills and the risk that those operating
companies may lack or have limited operating histories. The success an Underlying Fund’s investments in an MLP will vary depending
on the underlying industry represented by the MLP’s portfolio. Certain MLPs in which an Underlying Fund may invest depend upon their
parent or sponsor entities for the majority of their revenues.

Certain MLPs in which an Underlying Fund may invest
depend upon a limited number of customers for substantially all of their revenue. Similarly, certain MLPs in which an Underlying Fund
may invest depend upon a limited number of suppliers of goods or services to continue their operations. The loss of those customers or
suppliers could have a material adverse effect on an MLP’s results of operations and cash flow, and on its ability to make distributions
to unit holders such as an Underlying Fund.

The benefit an Underlying Fund will derive from
its investment in MLPs will be largely dependent on the