Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 62

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 62
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 held by the Fund, do not
exceed 10% of the value of the Fund’s total assets. Under Section 12(d)(1)(C) of the 1940 Act, the Fund, together with any other
investment companies for which the Adviser acts as an investment adviser, may not, in the aggregate, own more than 10% of the total outstanding
voting stock of a registered closed-end investment company. Section 12(d)(1)(F) of the 1940 Act provides that the limitations of Section
12(d)(1) described above shall not apply to securities purchased or otherwise acquired by the Fund if (i) immediately after such purchase
or acquisition not more than 3% of the total outstanding stock of such Underlying Fund is owned by the Fund and all affiliated persons
of the Fund, and (ii) certain requirements are met with respect to sales charges. In addition, Rule 12d1-4 permits the Fund to invest
in Underlying Funds beyond the limitations of Section 12(d)(1) described above, subject to various conditions, including that the Fund
enter into an investment agreement with the Underlying Fund (which agreements may impose additional conditions on the Fund). In matters
upon which the Fund is solicited to vote as a shareholder of an Underlying Fund, the Adviser may be required to vote Underlying Fund shares
in the same proportion as shares held by other shareholders of the Underlying Fund.

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RiverNorth Opportunities Fund, Inc.

Fixed Income Securities Risks

The Underlying Funds and the Fund may invest in
fixed income securities. Fixed income securities increase or decrease in value based on changes in interest rates. If rates increase,
the value of an Underlying Fund’s fixed income securities generally declines. On the other hand, if rates fall, the value of the
fixed income securities generally increases. The issuer of a fixed income security may not be able to make interest and principal payments
when due. This risk is increased in the case of issuers of high yield securities, also known as “junk bonds.” If a U.S. Government
agency or instrumentality in which an Underlying Fund invests defaults, and the U.S. Government does not stand behind the obligation,
the Underlying Fund’s share price or yield could fall. Securities of certain U.S. Government sponsored entities are neither issued
nor guaranteed by the U.S. Government. The Underlying Funds may invest in