Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 72

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 72
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 more widely, the profitability and growth of Fund holdings may be impacted, which could significantly
impact the overall performance of the Fund.

Additionally, climate change poses long-term threats
to physical and biological systems. Potential hazards and risks related to climate change for a State or municipality include, among other
things, wildfires, rising sea levels, more severe coastal flooding and erosion hazards, and more intense storms. Storms in recent years
have demonstrated vulnerabilities in a State's or municipality's infrastructure to extreme weather events. Climate change risks, if they
materialize, can adversely impact a State's or municipality's financial plan in current or future years. In addition, economists and others
have expressed increasing concern about the potential effects of global climate change on property and security values. A rise in sea
levels, an increase in powerful windstorms and/or a climate-driven increase in sea levels or flooding could cause coastal properties to
lose value or become unmarketable altogether. Economists warn that, unlike previous declines in the real estate market, properties in
affected coastal zones may not ever recover their value. Large wildfires driven by high winds and prolonged drought may devastate businesses
and entire communities and may be very costly to any business found to be responsible for the fire. Regulatory changes and divestment
movements tied to concerns about climate change could adversely affect the value of certain land and the viability of industries whose
activities or products are seen as accelerating climate change.

These losses could adversely affect the bonds
of municipalities that depend on tax or other revenues and tourist dollars generated by affected properties, and insurers of the property
and/or of municipal securities. Since property and security values are driven largely by buyers' perceptions, it is difficult to know
the time period over which these market effects might unfold.

Master Limited Partnerships Risks

The Underlying Funds may invest in MLPs. Investments
in publicly traded MLPs, which are limited partnerships or limited liability companies taxable as partnerships, involve some risks that
differ from an investment in the common stock of a corporation, including risks related to limited control and limited rights to vote
on matters affecting MLPs, risks related to potential conflicts of interest between an MLP and the MLP’s general partner, cash flow
risks, dilution risks and risks related to the general partner’s right to require unit-holders to sell their common units at an
undesirable time or price. MLPs may derive income and gains from the exploration, development, mining or production, processing, refining,
transportation (