Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 58

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 58
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 in excess of the Underlying Fund’s earnings; if the Fund distributes these amounts, the distributions could constitute
a return of capital to Fund shareholders for federal income tax purposes. As a result of these factors, the use of the fund of funds structure
by the Fund could therefore affect the amount, timing and character of distributions to shareholders

The Fund may invest in shares of closed-end funds
that are trading at a discount to NAV or at a premium to NAV and closed-end funds may not be able to outperform their benchmarks. There
can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease. In fact, it is
possible that this market discount may increase and the Fund may suffer realized or unrealized capital losses due to further decline in
the market price of the securities of such closed-end funds, thereby adversely affecting the Fund’s NAV. The Fund’s investment
in the Common Shares of closed-end funds that are financially leveraged may create an opportunity for greater total return on its investment,
but at the same time may be expected to exhibit more volatility in market price and NAV than an investment in shares of investment companies
without a leveraged capital structure.

The Fund may invest in BDCs. BDCs generally invest
in less mature U.S. private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded
companies. While BDCs are expected to generate income in the form of dividends, certain BDCs during certain periods of time may not generate
such income. The Fund will indirectly bear its proportionate share of any management fees and other operating expenses incurred by the
BDCs and of any performance-based or incentive fees payable by the BDCs in which it invests, in addition to the expenses paid by the Fund.
A BDC’s incentive fee may be very high, vary from year to year and be payable even if the value of the BDC’s portfolio declines
in a given time period. Incentive fees may create an incentive for a BDC’s manager to make investments that are risky or more speculative
than would be the case in the absence of such compensation arrangements, and may also encourage the BDC’s manager to use leverage
to increase the return on the BDC’s investments. The use of leverage by BDCs magnifies gains and losses on amounts invested and
increases the risks associated with investing in BDCs. A BDC may make investments with a larger amount