Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 97

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 97
---
 over whether to trigger an event of default, over
the terms of any workout, or how to exit an investment may result in conflicts of interest. In order to minimize such conflicts, a portfolio
manager may avoid certain investment opportunities that would potentially give rise to conflicts with other clients of the Adviser or
result in the Adviser receiving material, non-public information, or the Adviser may enact internal procedures designed to minimize such
conflicts, which could have the effect of limiting the Fund’s investment opportunities. Additionally, if the Adviser acquires material
non-public confidential information in connection with its business activities for other clients, a portfolio manager or other investment
personnel may be restricted from purchasing securities or selling certain securities for the Fund or other clients. When making investment
decisions where a conflict of interest may arise, the Adviser will endeavor to act in a fair and equitable manner between the Fund and
other clients; however, in certain instances the resolution of the conflict may result in the Adviser acting on behalf of another client
in a manner that may not be in the best interest, or may be opposed to the best interest, of the Fund.

The Adviser has adopted certain compliance
procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each
and every situation in which a conflict arises.

The underlying funds in which the Fund
invests will not include those that are advised or subadvised by the Adviser or its affiliates.

(a)(4) Portfolio Manager Ownership of Fund Shares

The following table shows the dollar range of equity securities
of the Fund beneficially owned by the portfolio managers of the Fund as of June 30, 2025.

| Name of Portfolio Manager | Dollar Range of Equity Securities of the Fund |
| Patrick W. Galley         | Over $100,000                                 |
| Stephen A. O’Neill        | $50,001 – $100,000                            |

(b) Not applicable.

| Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |

Not applicable, due to no such purchases occurring during
the period covered by this report.

| Item 15. | Submission of Matters to a Vote of Security Holders. |

There have been no material changes to the procedures by
which shareholders may recommend nominees to the Board of Directors of the Registrant.

| Item 16. | Controls and Procedures. |

| (a) | The Registr