Company: RIV
Filing Date: 2025-02-18
Form Type: N-2/A
Source: 0001398344-25-003061
Chunk: 98

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-02-18
Form: N-2/A
Chunk 98
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IAL                              
 STATEMENTS                             | 56 |
| APPENDIX                               
 A:  PROXY VOTING POLICY OF THE ADVISER |  1 |

<div align='center'>i

INVESTMENT RESTRICTIONS</div>

Except as otherwise indicated, the Fund’s investment policies are not fundamental and may be changed without a vote of shareholders. There can be no assurance the Fund’s investment objective will be met.

Any investment restrictions herein that involve a maximum percentage of securities or assets shall not be considered to be violated unless an excess over the percentage occurs immediately after and is caused by an acquisition or encumbrance of securities or assets of, or borrowings by, the Fund.

As a matter of fundamental policy, the Fund will not:

| (1) | borrow                                                                                      
 money, except as permitted under the 1940 Act, and as interpreted or modified by regulatory 
 authority having jurisdiction, from time to time;                                           |

| (2) | issue                                                                                    
 senior securities, except as permitted under the 1940 Act and as interpreted or modified 
 by regulatory authority having jurisdiction, from time to time;                          |

| (3) | concentrate                                                                                      
 its investments in a particular industry or group of industries (as the term “concentrate”       
 is used in the 1940 Act, as interpreted or modified by regulatory authority having jurisdiction, 
 from time to time), except to the extent that Underlying Funds and SPACs in which the            
 Fund invests concentrate their investments in a particular industry or group of industries;      |

| (4) | engage                                                                                      
 in the business of underwriting securities issued by others, except to the extent that      
 the Fund may be deemed to be an underwriter in connection with the disposition of portfolio 
 securities;                                                                                 |

| (5) | purchase                                                                                 
 or sell real estate, which term does not include securities of companies which deal in   
 real estate or mortgages or investments secured by real estate or interests therein,     
 except that the Fund reserves freedom of action to hold and to sell real estate acquired 
 as a result of the Fund’s ownership of securities;                                       |

| (6) | purchase                                                                                      
 or sell commodities, unless acquired as a result of ownership of securities or other          
 instruments; provided that this restriction shall not prohibit the Fund from purchasing       
 or selling options, future contracts and related options thereon, forward contracts,          
 swaps, caps, floors collars and any other financial instruments or from investing in          
 securities or other instruments backed by physical