Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 64

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 64
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 future. Because longer-term inflationary pressure may result
from the U.S. government’s fiscal policies, an Underlying Fund may experience rising interest rates, rather than falling rates,
over its investment horizon. To the extent an Underlying Fund borrows money to finance its investments, the Underlying Fund’s performance
will depend, in part, upon the difference between the rate at which it borrows funds and the rate at which it invests those funds. In
periods of rising interest rates, the Underlying Fund’s cost of funds could increase. Adverse developments resulting from changes
in interest rates could have a material adverse effect on the Underlying Fund’s financial condition and results.

In addition, a decline in the prices
of the debt an Underlying Fund owns could adversely affect the Underlying Fund’s NAV. Changes in market interest rates could also
affect the ability of operating companies in which the Underlying Fund invests to service debt, which could materially impact the Underlying
Fund.

Sovereign Obligation Risk. The
Underlying Funds may invest in sovereign (i.e., foreign government) debt obligations. Investment in sovereign debt obligations involves
special risks not present in corporate debt obligations. The issuer of the sovereign debt or the governmental authorities that control
the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Underlying Funds may have limited
recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt may be more volatile than
prices of U.S. debt obligations. In the past, certain emerging markets have encountered difficulties in servicing their debt obligations,
withheld payments of principal and interest, and declared moratoria on the payment of principal and interest on their sovereign debts.
See also “Foreign Investing Risks” below.

Equity Securities Risks While equity securities have historically generated higher average returns than fixed income securities, equity securities have also experienced significantly more volatility in those returns. An adverse event, such as an unfavorable earnings report, may depress the value of an issuer’s equity securities held by an Underlying Fund. Equity security prices fluctuate for several reasons, including changes in investors’ perceptions of the financial condition of an issuer or the general condition of the relevant stock market, or when political or economic events affecting the issuers occur. The value of a particular equity security may fall in value. The prices of stocks change in response to many factors, including the historical and prospective earnings of the issuer, the value of its assets,