# EDGAR Filing Document

**Accession Number:** 0002077697
**File Stem:** 0001398344-26-003617
**Filing Date:** 2026-2
**Character Count:** 710657
**Document Hash:** bb997d16cab90504a65468fe4b7f1c6e
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-26-003617.hdr.sgml**: 20260225

**ACCESSION NUMBER**: 0001398344-26-003617

**CONFORMED SUBMISSION TYPE**: N-2/A

**PUBLIC DOCUMENT COUNT**: 16

**FILED AS OF DATE**: 20260225

**DATE AS OF CHANGE**: 20260224

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RiverNorth Short Prime Unicorn Fund 2028, Inc
- **CENTRAL INDEX KEY:** 0002077697

**ORGANIZATION NAME:**
- **EIN:** 392956978
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-24105
- **FILM NUMBER:** 26673766

**BUSINESS ADDRESS:**
- **STREET 1:** 360 SOUTH ROSEMARY AVENUE
- **STREET 2:** SUITE 1420
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401
- **BUSINESS PHONE:** 561-484-7185

**MAIL ADDRESS:**
- **STREET 1:** 360 SOUTH ROSEMARY AVENUE
- **STREET 2:** SUITE 1420
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RiverNorth Short Prime Unicorn Fund 2027, Inc.
- **DATE OF NAME CHANGE:** 20250717
**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RiverNorth Short Prime Unicorn Fund 2028, Inc
- **CENTRAL INDEX KEY:** 0002077697

**ORGANIZATION NAME:**
- **EIN:** 392956978
- **STATE OF INCORPORATION:** MD
- **FISCAL YEAR END:** 0630

**FILING VALUES:**
- **FORM TYPE:** N-2/A
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 333-288804
- **FILM NUMBER:** 26673765

**BUSINESS ADDRESS:**
- **STREET 1:** 360 SOUTH ROSEMARY AVENUE
- **STREET 2:** SUITE 1420
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401
- **BUSINESS PHONE:** 561-484-7185

**MAIL ADDRESS:**
- **STREET 1:** 360 SOUTH ROSEMARY AVENUE
- **STREET 2:** SUITE 1420
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RiverNorth Short Prime Unicorn Fund 2027, Inc.
- **DATE OF NAME CHANGE:** 20250717

As filed with the Securities and Exchange Commission on February 25, 2026

1933 Act File No. 333-288804

1940 Act File No. 811-24105

U.S. Securities and Exchange Commission

Washington, D.C. 20549

**FORM N-2**

(Check appropriate box or boxes)

[X] Registration Statement Under the Securities Act of 1933

[X] Pre-Effective Amendment No. 2

[ ] Post-Effective Amendment No. _

and

[X] Registration Statement Under the Investment Company Act of 1940

[X] Amendment No. 2

RiverNorth Short Prime Unicorn Fund 2028, Inc.

Exact Name of Registrant as Specified in Charter

360 S. Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401

Address of Principal Executive Offices (Number, Street, City, State, Zip Code)

(561) 484-7185

Registrant's Telephone Number, including Area Code

Marcus L. Collins, Esq.

RiverNorth Capital Management, LLC

360 S. Rosemary Avenue, Suite 1420

West Palm Beach, FL 33401

Name and Address (Number, Street, City, State, Zip Code) of Agent for Service

Copies of Communications to:

Morrison C. Warren, Esq.

Walter L. Draney, Esq.

E. Roy Kim, Esq.

Chapman and Cutler LLP

320 South Canal Street

Chicago, Illinois 60606

Joshua B. Deringer, Esq.

Faegre Drinker Biddle & Reath LLP

One Logan Square, Ste. 2000

Philadelphia, PA 19103

Louis E. Rambo

Proskauer Rose LLP

1001 Pennsylvania Ave., NW. Suite 600

Washington, DC 20004-2533

Approximate Date of Proposed Public Offering: As soon as practicable after the effective date of this Registration Statement

[ ] Check box if the only securities being registered on this Form are being offered pursuant to dividend or interest reinvestment plans.

[ ] Check box if any securities being registered on the Form will be offered on a delayed or continuous basis in reliance on Rule 415 under the Securities Act of 1933 ("Securities Act"), other than securities offered in connection with a dividend reinvestment plan.

[ ] Check box if this Form is a registration statement pursuant to General Instruction A.2 or a post-effective amendment thereto.

[ ] Check box if this Form is a registration statement pursuant to General Instruction B or a post-effective amendment thereto that will become effective upon filing with the Commission pursuant to Rule 462(e) under the Securities Act.

[ ] Check box if this Form is a post-effective amendment to a registration statement filed pursuant to General Instruction B to register additional securities or additional classes of securities pursuant to Rule 413(b) under the Securities Act.

It is proposed that this filing will become effective (check appropriate box)

[ ] when declared effective pursuant to section 8(c)

If appropriate, check the following box:

[ ] This [post-effective] amendment designates a new effective date for a previously filed [post-effective amendment] [registration statement].

[ ] This Form is filed to register additional securities for an offering pursuant to Rule 462(b) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

[ ] This Form is a post-effective amendment filed pursuant to Rule 462(c) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

[ ] This Form is a post-effective amendment filed pursuant to Rule 462(d) under the Securities Act, and the Securities Act registration statement number of the earlier effective registration statement for the same offering is: ______.

Check each box that appropriately characterizes the Registrant:

[X] Registered Closed-End Fund (closed-end company that is registered under the Investment Company Act of 1940 ("Investment Company Act")).

[ ] Business Development Company (closed-end company that intends or has elected to be regulated as a business development company under the Investment Company Act).

[ ] Interval Fund (Registered Closed-End Fund or a Business Development Company that makes periodic repurchase offers under Rule 23c-3 under the Investment Company Act).

[ ] A.2 Qualified (qualified to register securities pursuant to General Instruction A.2 of this Form).

[ ] Well-Known Seasoned Issuer (as defined by Rule 405 under the Securities Act).

[ ] Emerging Growth Company (as defined by Rule 12b-2 under the Securities Exchange Act of 1934 ("Exchange Act").

[ ] If an Emerging Growth Company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 7(a)(2)(B) of Securities Act.

[X] New Registrant (registered or regulated under the Investment Company Act for less than 12 calendar months preceding this filing).

Calculation of Registration Fee Under the Securities Act of 1933

---

| | | | | |
|:---|:---|:---|:---|:---|
| Title of Securities <br> Being Registered | Amount Being<br> Registered | Proposed Maximum <br> Offering Price Per Unit | Proposed Maximum <br> Aggregate Offering Price<sup>(1)</sup> | Amount of <br> Registration Fee<sup>(2)</sup> |
| Common Stock, $0.0001 par value | 500 | $20.00 | $10000 | $1.53 |

---

(1) Estimated solely for the purpose of determining the registration fee.

(2) $1.53 of which has been previously paid.

The Registrant hereby amends this Registration Statement on such date or dates as may be necessary to delay its effective date until the Registrant shall file a further amendment which specifically states this Registration Statement shall thereafter become effective in accordance with Section 8(a) of the Securities Act of 1933 or until the Registration Statement shall become effective on such dates as the Commission, acting pursuant to said Section 8(a), may determine.

**The information in this prospectus is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This prospectus is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.**

**<u>PROSPECTUS</u>**

**Subject to Completion, Dated February 25, 2026**

 **Shares**

**RiverNorth Short Prime Unicorn Fund 2028, Inc.**

**Common Stock**

**$20.00 per Share**

***The Fund.*** RiverNorth Short Prime Unicorn Fund 2028, Inc. (the "Fund") is a newly organized, non-diversified, closed-end management investment company. The Fund intends to list shares of its common stock (the "Common Shares") on the New York Stock Exchange, subject to notice of issuance. The trading or ticker symbol of the Common Shares is expected to be "UNID." The Fund will terminate 24 months from the date of this prospectus, , 2028 (the "Termination Date").

***Investment Adviser.*** The Fund's investment adviser is RiverNorth Capital Management, LLC (the "Adviser"). The Adviser will be responsible for the day-to-day management of the Fund's portfolio, managing the Fund's business affairs and providing certain administrative services. See "Management of the Fund."

***Investment Objective****.* The Fund seeks to achieve the inverse (-100%) of the U.S. dollar returns of the RiverNorth Long Prime Unicorn Fund 2028, Inc. (the "Long Fund") generated by the Long Fund's investment exposure to the Prime Unicorn<sup>TM</sup> 30 Index (the "Index") over the period beginning from the date of this Prospectus through the Termination Date, excluding the distributions of investment income with respect to the Fund's Collateral Investments (as defined below) and before fees and expenses. There can be no assurance that the Fund will meet its investment objective.

***Principal Investment Strategies.*** The Fund will seek to achieve its investment objective by entering into one or more swap agreements that correspond to the inverse dollar returns of the Long Fund Index Returns (as defined below), as such returns are measured from the Long Fund's initial net asset value ("NAV") per share of common stock of $ to its NAV per share of common stock on the Termination Date. See "Portfolio Contents and Transactions." The Fund has adopted a policy to invest, under normal market circumstances, at least 80% of the value of its assets in financial instruments that track the inverse returns of the Long Fund. The notional value of a derivative instrument, including swap agreements, that provides the Fund with indirect exposure to the inverse returns of the Long Fund will be counted toward the Fund's 80% investment policy.

The Long Fund is a newly organized, non-diversified closed-end management investment company advised by the Adviser. Shares of the Long Fund are being offered concurrently with the offering of the Common Shares of the Fund. The Long Fund seeks to track the investment results of the Index over the period beginning from the date of this Prospectus through the Termination Date, excluding the distributions of investment income with respect to the Long Fund's investments used to collateralize its swap agreements and other derivative instruments and before fees and expenses (the "Long Fund Index Returns"). The Long Fund Index Returns are subject to a cap of 100% on the maximum percentage of any positive returns on the Long Fund's NAV that a shareholder can achieve from investing in the Fund over the duration of the Fund's term, as measured from the Long Fund's initial NAV per share of common stock of $ to the NAV per share of the Long Fund's common stock on the Termination Date.

If the Fund is successful in meeting its investment objective as of the Termination Date, it will achieve dollar gains equal to approximately the inverse dollar amount of losses represented by the Long Fund Index Returns or, conversely, lose approximately as much as the gains represented by the Long Fund Index Returns. The Fund generally anticipates that its NAV will increase during the days when the NAV of the Long Fund decreases and will decrease during the days when the NAV of the Long Fund increases, but the dollar value of such increase or decrease will be more or less than the inverse amount experienced by the Long Fund. See "Investment Objective, Strategies and Policies."

*Long Fund Index.* The Index was developed by Lagniappe Labs LLC and is calculated by the Index Calculation Agent, Solactive AG. The Index is a modified market cap price return index designed to measure the price performance of the 30 largest U.S.- incorporated private companies valued at $1 billion dollars or more and that satisfy certain other requirements. Such companies are commonly referred to as "Unicorns." The Index's composition is reconstituted and rebalanced on a quarterly basis on the third Wednesday of each January, April, July and October. As of January 21, 2026, the Index was comprised of 30 constituents with market capitalizations ranging from approximately $5 billion to $795 billion and an overall median market capitalization of approximately $9.7 billion and an average market capitalization of approximately $71.4 billion. See "The Fund—Investment Objective, Strategies and Policies—Prime Unicorn<sup>TM</sup> 30 Index."

***No Prior History.* Because the Fund is newly organized, the Fund's Common Shares have no history of public trading. Common shares of closed-end funds frequently trade at prices lower than net asset value. The risk of loss due to this discount may be greater for initial investors expecting to sell their Common Shares in a relatively short period after the completion of this initial public offering.**

You should read this Prospectus, which contains important information about the Fund, before deciding whether to invest in the Common Shares, and retain it for future reference. A Statement of Additional Information, dated , 2026 (the "SAI"), containing additional information about the Fund, has been filed with the Securities and Exchange Commission (the "SEC") and is incorporated by reference in its entirety into this Prospectus. You may request a free copy of the Prospectus, the SAI, annual and semi-annual reports to shareholders (when available) and other information about the Fund, or make shareholder inquiries, by calling (800) 646-0148, by writing to the Fund at c/o RiverNorth Capital Management, LLC, 360 S. Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401, or by visiting the Fund's and the Adviser's website at www.rivernorth.com (information included on the website does not form a part of this Prospectus), or from the SEC's website at www.sec.gov.

As permitted by regulations adopted by the SEC, paper copies of the Fund's annual and semi-annual reports to shareholders will not be sent by mail unless you specifically request paper copies of the reports from the Fund or from your financial intermediary (such as a broker-dealer or bank). Instead, the reports will be made available on the Fund's website at www.rivernorth.com, and you will be notified by mail each time a report is posted and provided with a website address to access the report.

You may elect to receive shareholder reports and other communications from the Fund electronically by contacting your financial intermediary or, if you are a direct investor, by calling (800) 646-0148.

You may elect to receive all future reports in paper free of charge. If you invest through a financial intermediary, you can contact your financial intermediary to request that you receive paper copies of your shareholder reports.

**Investing in the Fund's common stock involves certain risks. See "Risks" beginning on page of this Prospectus. See "Risks—Derivatives Risks—Swap Agreement Risk" beginning on page of this Prospectus for a discussion of the risks associated with the Fund's use of swaps and the leverage inherent in such instruments.**

**Neither the Securities and Exchange Commission nor any state securities commission has approved or disapproved these securities or determined if this Prospectus is truthful or complete. Any representation to the contrary is a criminal offense.**

The underwriters expect to deliver the Common Shares to purchasers on or about , 2026.

---

| | | |
|:---|:---|:---|
|  | **Per Share** | **Total(1)** |
| Public offering price | $20.00 | $|
| Sales load(2) | $0.70 | $|
| Estimated Offering Expenses(3) | $0.10 | $|
| Proceeds, after expenses, to the Fund(4) | $19.20 | $|

---

(notes continued on the next page)

ii

---

| | | |
|:---|:---|:---|
|  | *Book-Running Manager* |  |
|  | **Lucid Capital Markets** |  |
|  | *Co-Managers* |  |
| **Brookline Capital Markets<br> a division of Arcadia Securities, LLC** | **Clear Street** | **InspereX** |
| **Maxim Group LLC** |  | **Webull Financial** |

---

**Prospectus dated , 2026.**

(notes continued from previous page)

&nbsp;&nbsp;&nbsp;&nbsp;(1) The Common Shares are being offered concurrently with the offering
of shares of common stock of the Long Fund. The number of Common Shares offered by the Fund in this offering is limited to not exceed
the number of shares of common stock offered by the Long Fund in its concurrent initial public offering.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The sales load with respect to the Common Shares sold in this offering,
 which is a one-time fee paid to the underwriters, is the only sales load paid
 in connection with this offering. For all Common Shares sold in the offering described in
 this Prospectus, except any RiverNorth Indicative Commitment Shares (as defined in this Prospectus
 under "Prospectus Summary – RiverNorth Indication of Interest") sold to
 certain affiliates of the Adviser, the underwriters will be entitled to receive $ per Common Share at settlement. See "Underwriters" for a more complete description
 of underwriting compensation.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The Fund will pay organizational and offering costs (other than the sales load) up to an aggregate of 0.50% of the offering price
per Common Share sold in this offering. The Adviser has agreed to pay all organizational and offering costs of the Fund (other than
the sales load) to the extent that they exceed 0.50% of the offering price per Common Share. If the Fund were to issue 
Common Shares at a total price to the public of $, total organizational and offering expenses
are estimated at $(approximately $ per
Common Share), of which the Fund would pay $($0.10 per Common Share or 0.50% of the public
offering price) and the Adviser $(approximately $
per Common Share). The actual size of the offering and related expenses may vary substantially from these estimates. See "Summary
of Fund Expenses."

&nbsp;&nbsp;&nbsp;&nbsp;(4) The Adviser has agreed to bear such organizational and offering expenses of the Fund (other than sales load) that exceed 0.50% of
the offering price per Common Share. The amount of such expenses that do not exceed 0.50% of the offering price per Common Share, although
payable by the Fund, are indirectly paid by investors in this offering and will immediately reduce the NAV of each Common Share purchased
in this offering. Proceeds to the Fund are calculated after expenses paid by the Fund.

***Limited Term***. The Fund will terminate 24 months from the date of this prospectus; provided that, if the Board of Directors of the Fund (the "Board of Directors") believes, under then-current market conditions, it is in the best interests of the Fund to do so, the Board of Directors may adopt a plan of liquidation at any time during the 24 months immediately preceding the Termination Date, upon the affirmative vote of a majority of the Board of Directors and without the approval of the holders of the Common Shares of the Fund (the "Common Shareholders").

**The Fund is not a so called "target date" or "life cycle" fund whose asset allocation becomes more conservative over time as its target date, often associated with retirement, approaches. In addition, the Fund is not a "target term" fund whose investment objective is to return its original NAV on the Termination Date. The Fund's investment objective and policies are not designed to seek to return to investors that purchase Common Shares in this initial offering their initial investment of $20.00 per Common Share on the Termination Date, and such investors and investors that purchase Common Shares after the completion of this initial offering may receive more or less than their original investment upon termination. See "Limited Term" and "Risks—Structural Risks—Limited Term Risk" below.**

***Dividends and Distributions.*** The Fund intends to distribute to Common Shareholders regular monthly cash distributions of all or a portion of its net investment income, if any. **There is no assurance the Fund will make regular monthly distributions or that it will do so at a particular rate.**

**The Fund's Common Shares do not represent a deposit or obligation of, and are not guaranteed or endorsed by, any bank or other insured depository institution, and are not federally insured by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.**

iii

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | **Page** |
| Prospectus Summary |  |
| Summary of Fund Expenses |  |
| The Fund |  |
| Use of Proceeds |  |
| Investment Objective, Strategies and Policies |  |
| Investment Philosophy and Process |  |
| Risks |  |
| Management of the Fund |  |
| Net Asset Value |  |
| Dividends and Distributions |  |
| Description of the Common Shares |  |
| Certain Provisions of The Fund's Charter and Bylaws and of Maryland Law |  |
| Limited Term |  |
| Certain U.S. Federal Income Tax Matters |  |
| Underwriters |  |
| Administrator, Fund Accountant, Transfer Agent, Dividend Disbursing Agent and Custodian |  |
| Legal Matters |  |
| Additional Information |  |

---

**You should rely only on the information contained or incorporated by reference in this Prospectus. Neither the Fund nor the underwriters have authorized any other person to provide you with different information. If anyone provides you with different or inconsistent information, you should not rely on it. Neither the Fund nor the underwriters are making an offer to sell these securities in any jurisdiction where the offer or sale is not permitted. You should not assume that the information provided by this Prospectus is accurate as of any date other than the date on the front of this Prospectus. The Fund's business, financial condition and results of operations may have changed since that date. The Fund will amend this Prospectus if, during the period this Prospectus is required to be delivered, there are any material changes to the facts stated in this Prospectus.**

iv

**PROSPECTUS SUMMARY**

*This is only a summary of information contained elsewhere in this Prospectus. This summary does not contain all of the information that you should consider before investing in the Fund's shares of common stock (the "Common Shares") offered by this Prospectus. You should review the more detailed information contained in this Prospectus and the Statement of Additional Information ("SAI"), especially the information set forth under the headings "Investment Objective, Strategies and Policies" and "Risks."*

---

| | |
|:---|:---|
| **The Fund** | RiverNorth Short Prime Unicorn Fund 2028, Inc. (the "Fund") is a Maryland corporation registered as a non-diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the "1940 Act"). The Fund will have a limited term and terminate 24 months from the date of this prospectus, , 2028 (the "Termination Date"). See "Limited Term" and "Risks—Structural Risks—Limited Term Risk." |
| **Investment Adviser** | The Fund's investment adviser is RiverNorth Capital Management, LLC (the "Adviser"). The Adviser will be responsible for the day-to-day management of the Fund's portfolio, managing the Fund's business affairs and providing certain administrative services. See "Management of the Fund." |
| **The Offering** | The Fund is offering of its Common Shares, $0.0001 par value per share, at $20.00 per Common Share through the Underwriters (as defined below) with Lucid Capital Markets, LLC as lead underwriter and sole bookrunning manager pursuant to an underwriting agreement. You must purchase at least 100 Common Shares in this offering ($2000). The Adviser has agreed to bear such organizational and offering expenses of the Fund (other than the sales load) that exceed 0.50% of the offering price per Common Share. The aggregate organizational and offering expenses (other than the sales load) to be incurred by the Fund will be $. The sales load with respect to the Common Shares sold in this offering, which is a one-time fee paid to the Underwriters, is the only sales load paid in connection with this offering. Proceeds to the Fund are calculated after expenses paid by the Fund. |
|  | The Common Shares are being offered concurrently with the offering of shares of common stock of the Long Fund (as defined below). The number of Common Shares offered by the Fund in this offering is limited to not exceed the number of shares of common stock offered by the Long Fund in its concurrent initial public offering. |
|  | Certain affiliates of the Adviser (the "RiverNorth Affiliates") may purchase Common Shares in this offering at the initial public offering price and/or may purchase Common Shares after the initial public offering on the open market at market price, as described below under "RiverNorth Indication of Interest." Any investor owning 25% of the outstanding Common Shares, including the affiliate of the Adviser, will be deemed to control the Fund. Such controlling shareholders will be able to exercise a controlling influence in matters submitted to a vote of the shareholders. See "Risks—Structural Risks—Offering and Controlling Shareholder Risk." |
| **RiverNorth Indication of Interest** | The RiverNorth Affiliates have expressed indications of interest to purchase Common Shares (the "RiverNorth Indicative Commitment Shares") in this offering at the public offering price. However, because indications of interest are not binding agreements or commitments to purchase, the RiverNorth Affiliates may or may not determine to purchase Common Shares in this offering. The Fund will not pay underwriting discounts and commissions on any RiverNorth Indicative Commitment Shares sold to the RiverNorth Affiliates. The RiverNorth Indicative Commitment Shares will be subject to the lock-up agreement with the Underwriters described elsewhere in this prospectus. |

---

---

| | |
|:---|:---|
|  | Prior to this offering, the RiverNorth Affiliates beneficially owned 5,182 Common Shares or 100 % of the Fund's common stock outstanding as of February 25, 2026. |
| **Investment Objective** | The Fund seeks to achieve the inverse (-100%) of the U.S. dollar returns of the RiverNorth Long Prime Unicorn Fund 2028, Inc. (the "Long Fund") generated by the Long Fund's investment exposure to the Prime Unicorn<sup>TM</sup> 30 Index (the "Index") over the period beginning from the date of this Prospectus through the Termination Date, excluding the distributions of investment income with respect to the Fund's Collateral Investments (as defined below) and before fees and expenses. The Fund has adopted a policy to invest, under normal market circumstances, at least 80% of the value of its assets in financial instruments that track the inverse returns of the Long Fund. The notional value of a derivative instrument, including swap agreements, that provides the Fund with indirect exposure to the inverse returns of the Long Fund will be counted toward the Fund's 80% investment policy. |
|  | The Fund's return potential pursuant to its investment objective is limited to the extent of the value of the Long Fund, effectively capping the maximum percentage of any positive returns on the Fund's net asset value that a shareholder can achieve from investing in the Fund over the duration of the Fund's term. |
|  | If the Fund is successful in meeting its investment objective as of the Termination Date, it will achieve dollar gains equal to approximately the inverse dollar amount of losses represented by the Long Fund Index Returns or, conversely, lose approximately as much as the gains represented by the Long Fund Index Returns. The Fund generally anticipates that its NAV will increase during the days when the NAV of the Long Fund decreases and will decrease during the days when the NAV of the Long Fund increases, but the dollar value of such increase or decrease will be more or less than the inverse amount experienced by the Long Fund. In addition, the Fund's objective to seek such inverse dollar returns relative to the Long Fund may result in returns that are significantly different than what the Fund would experience if it sought to achieve the inverse investment results of the Index itself. See "Risks—Investment-Related Risks—Additional Investment-Related Risks—Short Sale Exposure Risk" and "—Inverse Correlation Risk." |
|  | There can be no assurance that the Fund will meet its investment objective. |

---

---

| | |
|:---|:---|
| **Principal Investment Strategies and Policies** | The Fund will seek to achieve its investment objective by entering into one or more swap agreements that correspond to the inverse dollar returns of the Long Fund Index Returns, as such returns are measured from the Long Fund's initial NAV per share of common stock of $ to its NAV per share of common stock on the Termination Date. In order to collateralize its swap agreements, the Fund also expects to invest in cash and U.S. Treasury securities and other high credit quality short term fixed income or similar securities (collectively, the "Collateral Investments"). See "Portfolio Contents and Transactions." |
|  | *The Long Fund.* The Long Fund is a newly organized, non-diversified closed-end management investment company advised by the Adviser. Shares of the Long Fund are being offered concurrently with the offering of the Common Shares of the Fund. The Long Fund seeks to track the investment results of the Index over the period beginning from the date of this Prospectus through the Termination Date, excluding the distributions of investment income with respect to the Long Fund's investments used to collateralize its swap agreements and other derivative instruments and before fees and expenses (the "Long Fund Index Returns"). The Long Fund Index Returns are subject to a cap of 100% on the maximum percentage of any positive returns on the Long Fund's NAV that a shareholder can achieve from investing in the Fund over the duration of the Fund's term, as measured from the Long Fund's initial NAV per share of common stock of $ to the NAV per share of the Long Fund's common stock on the Termination Date. |
|  | *Prime Unicorn<sup>TM</sup> 30 Index*. The Long Fund seeks to track the investment results of the Index, as described above. The Index was developed by Lagniappe Labs LLC (the "Index Provider") and is calculated by Solactive AG (the "Index Calculation Agent"). The Index is a modified market cap price return index designed to measure the share price performance of the 30 largest U.S.-incorporated private companies valued at $1 billion dollars or more and that satisfy the following requirements (among others): |

---

● The company has not declared bankruptcy;

● The company has (i) authorized the issuance of preferred shares in return for investment capital; or (ii) has filed a registration statement with the Securities and Exchange Commission (the "SEC"), even if that registration statement has been withdrawn.

The Index will exclude companies which:

● have announced a definitive agreement to be acquired within three months;

● have announced that they have entered into a merger agreement pursuant to which they would not be the surviving company;

● had a "take-private" transaction; or

● had a disqualifying legal entity change.

Private companies in the United States valued at $1 billion or more that have raised venture capital are commonly referred to as "Unicorns." The components of the Index may change over time. For example, the Index will remove companies which have listed their shares on a national securities exchange for at least 150 trading days at the Index's next reconstitution after the 150<sup>th</sup> day and will remove companies that have indicated that they have begun liquidating assets at the next reconstitution after such indication.

---

| | |
|:---|:---|
|  | The Index's composition is reconstituted and rebalanced on a quarterly basis on the third Wednesday of each January, April, July and October. As of January 21, 2026, the Index was comprised of 30 constituents with market capitalizations ranging from approximately $5 billion to $795 billion and an overall median market capitalization of approximately $9.7 billion and an average market capitalization of approximately $71.4 billion. To the extent that the Index concentrates in a particular industry or group of industries, the Fund may be deemed to concentrate in such industry or group of industries. As of January 21, 2026, the Index had significant exposure to the information technology sector and the industrials sector. |
|  | *Fundamental Investment Policies.* Unless otherwise specified, the investment policies and limitations of the Fund are not considered to be fundamental by the Fund and can be changed without a vote of the Common Shareholders. The Fund's investment objective and certain investment restrictions specifically identified as such in the SAI are considered fundamental and may not be changed without the approval of the holders of a majority of the outstanding voting securities of the Fund, as defined in the 1940 Act, which includes Common Shares, if any, voting together as a single class. See "Investment Restrictions" in the SAI. |
| **Portfolio Contents and Transactions** | *Swap Agreements.* Swap agreements are contractual agreements whereby the cash flows agreed upon between the parties to the agreement are dependent upon the price of the underlying reference asset over the life of the swap. The Fund will enter into one or more swap agreements with major global financial institutions for the period beginning on the date of this Prospectus through the Termination Date whereby the Fund and the counterparty will agree to exchange the inverse dollar returns of the Long Fund Index Returns. The gross return to be exchanged or "swapped" between the parties is calculated with respect to a notional amount—*e.g.,* the return on or change in value of a particular dollar amount relating to the Long Fund Index Returns. The Fund may enter into some swap agreements in the "over the counter" ("OTC") market by negotiating directly with a third party. Other swap agreements are cleared through a central counterparty and executed through a futures commission merchant. The Fund anticipates that substantially all of the swap agreements it enters into will be OTC market swap agreements. |

---

---

| | |
|:---|:---|
|  | As of the date of this Prospectus, the Fund expects that its notional exposure to The Toronto Dominion Bank ("TD"), as a swap counterparty to the Fund, may exceed 20% of the value of the Fund's assets. TD is subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and, in accordance with such requirements, files reports and other information with the SEC as a "foreign private issuer", as defined in Rule 3b-4 of the Exchange Act. TD's common shares are listed on the New York Stock Exchange. Reports and other information concerning TD can be inspected at such exchange and are available through the SEC's EDGAR database. |
|  | See "Risks—Investment-Related Risks" for a description of the principal risks associated with the Fund's investments and transactions. |
| **Limited Term Fund Structure** | The Fund will terminate 24 months from the date of this prospectus; provided that, if the Board of Directors believes, under then-current market conditions, it is in the best interests of the Fund to do so, the Fund may adopt a plan of liquidation at any time during the 24 months immediately preceding the Termination Date, upon the affirmative vote of a majority of the Board of Directors and without the approval of Common Shareholders. The Board of Directors may extend the Termination Date or terminate the Fund earlier than the Termination Date, in each case, by the action of a majority of the entire Board of Directors and without the approval of the Common Shareholders. The Board of Directors may determine, for example, that, in light of then-existing extenuating circumstances, an extension could meaningfully improve the Fund's ability to achieve its investment objective and benefit shareholders relative to the cost and expense of continuing the operation of the Fund. |
|  | **The Fund is not a so called "target date" or "life cycle" fund whose asset allocation becomes more conservative over time as its target date, often associated with retirement, approaches. In addition, the Fund is not a "target term" fund whose investment objective is to return its original NAV on the Termination Date. The Fund's investment objective and policies are not designed to seek to return to investors that purchase Common Shares in this initial offering their initial investment of $20.00 per Share on the Termination Date, and such investors and investors that purchase Common Shares after the completion of this initial offering may receive more or less than their original investment upon termination. See "Risks—Structural Risks—Limited Term Risk."** |
| **Dividends and Distributions** | Commencing with the Fund's first dividend, the Fund intends to distribute to Common Shareholders regular monthly cash distributions of all or a portion of its net investment income, if any. The Fund expects to declare its initial monthly dividend within 60-75 days after the completion of this initial offering and pay its initial monthly dividend within approximately 75-90 days after the completion of this initial offering, depending on market conditions. There is no assurance the Fund will make this initial monthly distribution or continue to pay regular monthly distributions or that it will do so at a particular rate. |

---

---

| | |
|:---|:---|
|  | Common Shareholders are advised to consult with their own tax advisers with respect to the tax consequences of their investment in the Fund. The Fund's distribution policy may result in the Fund making a significant distribution in December of each year in order to maintain the Fund's status as a regulated investment company for federal income tax purposes. Depending upon the income of the Fund, such a year-end distribution may be taxed as ordinary income to investors. See "Dividends and Distributions." |
| **Listing of Common Shares** | The Fund intends to list its Common Shares on the New York Stock Exchange, subject to notice of issuance. The trading or ticker symbol of the Common Shares is expected to be "UNID." |
| **Risk Considerations** | ***Risk is inherent in all investing.*** Investing in any investment company security involves risks, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. Therefore, before investing in the Common Shares, you should consider the risks more fully set forth under "Risks" beginning on page (as well as the other information in this Prospectus and the SAI), which provides a discussion of the principal risk factors associated with an investment in the Fund specifically, as well as those factors generally associated with an investment in a fund with an investment objective, investment policies, capital structure or trading markets similar to the Fund. Given the nature of the Fund's investment strategies, these principal risks include, among others, swap agreement risk, private company risk, counterparty risk, short sale exposure risk, correlation risk, inverse correlation risk, limited term risk, and valuation risk. |
| **Administrator, Fund Accountant, Transfer Agent, Dividend Disbursing Agent and Custodian** | Paralel Technologies, LLC is the Fund's administrator. Under a Fund Administration Services Agreement (the "Administration Agreement"), Paralel Technologies, LLC is responsible for calculating NAVs, providing additional fund accounting and tax services, and providing fund administration and compliance-related services. State Street Bank and Trust Company will act as the Fund's custodian. Computershare, Inc. will act as the Fund's transfer agent, registrar and dividend disbursing agent. See "Administrator, Fund Accountant, Transfer Agent, Dividend Disbursing Agent and Custodian." |

---

**SUMMARY OF FUND EXPENSES**

The following table shows estimated Fund expenses as a percentage of net assets attributable to Common Shares. The purpose of the following table and the example below is to help you understand the fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. Common Shareholders should understand that some of the percentages indicated in the tables below are estimates and may vary. The expenses shown in the table and related footnotes are based on estimated amounts for the Fund's first year of operations and assume that the Fund issues 5,000,000 Common Shares. If the Fund issues fewer Common Shares, all other things being equal, these expenses would increase as a percentage of net assets attributable to the Fund's Common Shares, which could adversely impact the investment performance of the Fund. Accordingly, the Fund's net assets for purposes of the tables and example below include estimated net proceeds from the offering of $96,000,000. The following table should not be considered a representation of the Fund's future expenses. Actual expenses may be greater or less than those shown below.

---

| | |
|:---|:---|
| **Shareholder Transaction Expenses** | **As a Percentage** <br> **of Offering Price** |
| Sales Load (1) | 3.50% |
| Offering Expenses Borne by Common Shareholders of the Fund (2) | 0.50% |

---

---

| | |
|:---|:---|
|  | **As a Percentage of** <br> **Net Assets Attributable to Common Shares** |
| **Annual Expenses** |  |
| Management fee | 2.00% |
| Other Expenses (3) | 0.21% |
| Total annual expenses (4) | 2.21% |

---

**Example (4)(5)**

The example illustrates the expenses you would pay on a $1,000 investment in Common Shares (including estimated expenses of the offering payable by the Fund of 0.50%), assuming (1) "Total annual expenses" of 2.21% of net assets attributable to Common Shares, and (2) a 5% annual return.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **1 year** | **3 years** | **5 years** | **10 years** |
| Total Expenses Incurred | $62 | $107 | $155 | $286 |

---

**The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those assumed.**

&nbsp;&nbsp;&nbsp;&nbsp;(1) The sales load with respect to the Common Shares sold in this
offering, which is a one-time fee paid to the Underwriters, is the only sales load paid in connection
with this offering.

&nbsp;&nbsp;&nbsp;&nbsp;(2) The Adviser has agreed to bear such organizational and offering expenses of the Fund (other than the sales load) that exceed 0.50%
of the offering price per Common Share. Based on an estimated offering size of $100,000,000 (5,000,000 Common Shares), the Fund would
pay a maximum of $500,000 of organizational and offering costs (or $0.10 per Common Share) and the Adviser would pay all organizational
and offering costs in excess of $500,000, which are currently estimated to be $391,434 (or $0.08 per Common Share). The organizational
and offering expenses to be paid by the Fund are not included in the Annual Expenses table above. However, these expenses will be borne
by Common Shareholders and result in a reduction of the net asset value of the Common Shares. Proceeds to the Fund are calculated after
expenses paid by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(3) The "Other Expenses" shown in the table above and related footnotes are based upon estimated amounts for the Fund's
first year of operations and assumes that the Fund issues 5,000,000 Common Shares.

&nbsp;&nbsp;&nbsp;&nbsp;(4) The cost of entering into swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is an
indirect expense that is not included in the above fee table and is not reflected in the expense example. The total indirect cost of entering
into swaps, including the embedded cost of the swap and the operating expenses of the referenced assets, is estimated to be 0.75% of Fund
assets during the current fiscal year of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;(5) The example should not be considered a representation of future expenses. The example assumes that the estimated "Other expenses"
set forth in the table are accurate and that all dividends and distributions are reinvested at the Common Share net asset values. Actual
expenses may be greater or less than those assumed. Moreover, the Fund's actual rate of return may be greater or less than the hypothetical
5% annual return shown in the example.

**THE FUND**

RiverNorth Short Prime Unicorn Fund 2028, Inc. (the "Fund") is a non-diversified, closed-end management investment company registered under the Investment Company Act of 1940 (the "1940 Act"). The Fund was organized as a Maryland corporation on July 2, 2025. The Fund will have a two-year limited term unless the Fund's Board of Directors (the "Board of Directors") determines that the term of existence of the Fund should be extended or terminated earlier. Because the Fund is newly organized, shares of the Fund's common stock (the "Common Shares") have no history of public trading. The Fund's principal office is located at 360 South Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401, and its telephone number is (800) 646-0148. The Fund intends to list the Common Shares on the New York Stock Exchange, subject to notice of issuance. The trading or ticker symbol of the Common Shares is expected to be "UNID."

**USE OF PROCEEDS**

The net proceeds of this initial offering are estimated at approximately $ after deduction of the sales load and payment of estimated offering expenses payable by the Fund. Such estimate assumes the sale of RiverNorth Indicative Commitment Shares. The Adviser has agreed to bear all of the Fund's organizational and offering expenses (other than the sales load) that exceed 0.50% of the offering price per Common Share. The Adviser anticipates that the investment of the net proceeds will be made in accordance with the Fund's investment objective and policies as of the completion of this initial offering, or shortly thereafter. Pending such investment, those proceeds may be invested in cash, cash equivalents, short-term debt securities or U.S. government securities. See "Investment Objective, Strategies and Policies."

**INVESTMENT OBJECTIVE, STRATEGIES AND POLICIES**

**Investment Objective**

The Fund seeks to achieve the inverse (-100%) of the U.S. dollar returns of the RiverNorth Long Prime Unicorn Fund 2028, Inc. (the "Long Fund") generated by the Long Fund's investment exposure to the Prime Unicorn<sup>TM</sup> 30 Index (the "Index") over the period beginning from the date of this Prospectus through the Termination Date, excluding the distributions of investment income with respect to the Fund's Collateral Investments (as defined below) and before fees and expenses. The Fund's return potential pursuant to its investment objective is limited to the extent of the value of the Long Fund, effectively capping the maximum percentage of any positive returns on the Fund's net asset value that a shareholder can achieve from investing in the Fund over the duration of the Fund's term. An investor purchasing shares of the Fund in the secondary market after the initial offering of the shares may have its return potential further reduced depending on the performance of the Long Fund at the time of such purchase.

If the Fund is successful in meeting its investment objective as of the Termination Date, it will achieve dollar gains equal to approximately the inverse dollar amount of losses represented by the Long Fund Index Returns (as defined below) or, conversely, lose approximately as much as the gains represented by the Long Fund Index Returns. The Fund generally anticipates that its NAV will increase during the days when the NAV of the Long Fund decreases and will decrease during the days when the NAV of the Long Fund increases, but the dollar value of such increase or decrease will be more or less than the inverse amount experienced by the Long Fund. In addition, the Fund's objective to seek such inverse dollar returns relative to the Long Fund may result in returns that are significantly different than what the Fund would experience if it sought to achieve the inverse investment results of the Index itself. See "Risks—Investment-Related Risks—Additional Investment-Related Risks—Short Sale Exposure Risk" and "—Inverse Correlation Risk."

**Principal Investment Strategies**

The Fund will seek to achieve its investment objective by entering into one or more swap agreements that correspond to the inverse dollar returns of the Long Fund Index Returns (as defined below), as such returns are measured from the Long Fund's initial NAV per share of common stock of $ to its NAV per share of common stock on the Termination Date. In order to collateralize its swap agreements and other derivative instruments, the Fund also expects to invest in cash and U.S. Treasury securities and other high credit quality short term fixed income or similar securities (collectively, the "Collateral Investments"). The Fund has adopted a policy to invest, under normal market circumstances, at least 80% of the value of its assets in financial instruments that track the inverse returns of the Long Fund. The notional value of a derivative instrument, including swap agreements, that provides the Fund with indirect exposure to the inverse returns of the Long Fund will be counted toward the Fund's 80% investment policy. See "Portfolio Contents and Transactions."

*The Long Fund.* The Long Fund is a newly organized, non-diversified closed-end management investment company advised by the Adviser. Shares of the Long Fund are being offered concurrently with the offering of the Common Shares of the Fund. The Long Fund seeks to track the investment results of the Index over the period beginning from the date of this Prospectus through the Termination Date, excluding the distributions of investment income with respect to the Long Fund's investments used to collateralize its swap agreements and other derivative instruments and before fees and expenses (the "Long Fund Index Returns"). The Long Fund Index Returns are subject to a cap of 100% on the maximum percentage of any positive returns on the Long Fund's NAV that a shareholder can achieve from investing in the Fund over the duration of the Fund's term, as measured from the Long Fund's initial NAV per share of common stock of $ to the NAV per share of the Long Fund's common stock on the Termination Date.

*Prime Unicorn<sup>TM</sup> 30 Index.* The Index was developed by Lagniappe Labs LLC (the "Index Provider") and is calculated by Solactive AG (the "Index Calculation Agent"). The Index is a modified market cap price return index designed to measure the share price performance of the 30 largest U.S.- incorporated private companies valued at $1 billion dollars or more and that satisfy the following requirements (among others):

● The company has not declared bankruptcy;

● The company has (i) authorized the issuance of preferred shares in return for investment capital; or (ii) has filed a registration statement with the Securities and Exchange Commission (the "SEC"), even if that registration statement has been withdrawn.

The Index will exclude companies which:

● have announced a definitive agreement to be acquired within three months;

● have announced that they have entered into a merger agreement pursuant to which they would not be the surviving company;

● had a "take-private" transaction; or

● had a disqualifying legal entity change.

Private companies in the United States valued at $1 billion or more that have raised venture capital are commonly referred to as "Unicorns." The components of the Index may change over time. For example, the Index will remove companies which have listed their shares on a national securities exchange for at least 150 trading days at the Index's next reconstitution after the 150<sup>th</sup> day and will remove companies that have indicated that they have begun liquidating assets at the next reconstitution after such indication.

The Index's composition is reconstituted and rebalanced on a quarterly basis on the third Wednesday of each January, April, July and October. As of January 21, 2026, the Index was comprised of 30 constituents with market capitalizations ranging from approximately $5 billion to $795 billion and an overall median market capitalization of approximately $9.7 billion and an average market capitalization of approximately $71.4 billion. To the extent that the Index concentrates in a particular industry or group of industries, the Fund may be deemed to concentrate in such industry or group of industries. As of January 21, 2026, the Index had significant exposure to the information technology sector and the industrials sector.

The Index is a "price return index." A price return index only tracks the changes in an underlying asset's price. For comparison, a total return index tracks not only the price changes of the underlying assets, but also accounts for distributions like dividend and interest and assumes such distributions are reinvested.

The Index Provider is not affiliated with the Fund, the Long Fund, the Adviser, the Underwriters or any of their respective affiliates. The Adviser has entered into a license agreement with the Index Provider to use the Index and sublicenses its rights thereunder to the Fund at no charge. The Fund is not sponsored, endorsed, sold or promoted by the Index Provider. The Index Provider has not passed on the legality or suitability of, or the accuracy or adequacy of descriptions and disclosures relating to the Fund, nor makes any representation or warranty, express or implied, to the owners of the Fund or any member of the public regarding the Fund or the advisability of investing in the Fund, particularly the ability of the Index to track performance of any market or strategy. The Index Provider's only relationship to the Adviser is the licensing of certain trademarks and trade names and the Index or components thereof.

The Index is maintained by the Index Provider and calculated by the Index Calculation Agent without regard to the Adviser or the Fund or shareholders of the Fund. The Index Provider and the Index Calculation Agent have no obligation to take the needs of the Adviser or the shareholders of the Fund into consideration in maintaining and calculating the Index. Neither the Index Provider nor the Index Calculation Agent is responsible for or has participated in the determination of the timing of, prices of, or quantities of the Fund's Common Shares to be issued. The Index Provider and the Index Calculation Agent have no obligation or liability in connection with the administration, marketing, or trading of the Fund.

THE INDEX PROVIDER AND THE INDEX CALCULATION AGENT DO NOT GUARANTEE THE ACCURACY AND/OR THE COMPLETENESS OF THE INDEX OR ANY DATA INCLUDED THEREIN AND THE INDEX PROVIDER AND THE INDEX CALCULATION AGENT SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, UNAVAILABILITY, OR INTERRUPTIONS THEREIN. THE INDEX PROVIDER AND THE INDEX CALCULATION AGENT MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO RESULTS TO BE OBTAINED BY THE ADVISER, SHAREHOLDERS OF THE FUND OR ANY OTHER PERSON OR ENTITY FROM THE USE OF THE INDEX OR ANY DATA INCLUDED THEREIN. THE INDEX PROVIDER AND THE INDEX CALCULATION AGENT MAKE NO EXPRESS OR IMPLIED WARRANTIES, AND EXPRESSLY DISCLAIM ALL WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE, WITH RESPECT TO THE INDEX OR ANY DATA INCLUDED THEREIN. WITHOUT LIMITING ANY OF THE FOREGOING, IN NO EVENT SHALL THE INDEX PROVIDER OR THE INDEX CALCULATION AGENT HAVE ANY LIABILITY FOR ANY SPECIAL, PUNITIVE, INDIRECT, INCIDENTAL, CONSEQUENTIAL DAMAGES, OR LOST PROFITS, EVEN IF NOTIFIED OF THE POSSIBILITY OF SUCH DAMAGES.

"Prime Unicorn" is a trademark of the Index Provider or its affiliates and has been licensed for use by the Adviser.

**PORTFOLIO CONTENTS AND TRANSACTIONS**

The following provides important information on the principal investments and transactions of the Fund. See "Risks—Investment-Related Risks" below for the risks associated with these investments and transactions. Additional information on the Fund's investments and transactions and their associated risks, including with respect to the non-principal investments and transactions of the Fund, is contained in the SAI.

**Principal Investments**

*Swap Agreements.* Swap agreements are contractual agreements whereby the cash flows agreed upon between the parties to the agreement are dependent upon the price of the underlying reference asset over the life of the swap. The Fund will enter into one or more swap agreements with major global financial institutions for the period beginning on the date of this Prospectus through the Termination Date whereby the Fund and the counterparty will agree to exchange the inverse dollar returns of the Long Fund Index Returns. The gross return to be exchanged or "swapped" between the parties is calculated with respect to a notional amount—*e.g.,* the return on or change in value of a particular dollar amount relating to the Long Fund Index Returns. The Fund may enter into some swap agreements in the "over the counter" ("OTC") market by negotiating directly with a third party. Other swap agreements are cleared through a central counterparty and executed through a futures commission merchant. The Fund anticipates that substantially all of the swap agreements it enters into will be OTC market swap agreements.

 

The Fund also may use a combination of swaps relating to the constituent securities of the Index and swaps on various investment vehicles that are designed to track the performance of, or the inverse performance of, the Index or constituent securities of the Index, including, but not limited to, exchange-traded funds, exchange-traded products, derivatives, and other comparable instruments. The underlying investment vehicle may not track the performance of an underlying reference asset due to embedded costs and other factors, which may increase the Fund's correlation risk and impact the Fund's ability to correlate with inverse dollar returns of the Long Fund Index Returns.

The Fund anticipates predominantly using total return swaps. Total return swaps are a mechanism for the user to accept the economic benefits of asset ownership without utilizing the balance sheet. The other leg of the swap, is spread to reflect the non-balance sheet nature of the product. Total return swaps can be designed with any underlying asset agreed between two parties. Typically, no notional amounts are exchanged with total return swaps. Total return swap agreements entail the risk that a party will default on its payment obligations to the party thereunder.

With respect to the use of swap agreements, if an underlying security or index has a dramatic intraday move that causes a material decline in net assets, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, a Fund may be unable to enter into another swap agreement or invest in other derivatives to achieve the desired exposure consistent with its investment objective. This, in turn, may prevent the Fund from achieving its investment objective, even if the reference asset reverses all or a portion of its intraday move by the end of the day. Any costs associated with using swap agreements may also have the effect of lowering the Fund's return.

As of the date of this Prospectus, the Fund expects that its notional exposure to The Toronto Dominion Bank ("TD"), as a swap counterparty to the Fund, may exceed 20% of the value of the Fund's assets. TD is subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the "Exchange Act") and, in accordance with such requirements, files reports and other information with the SEC as a "foreign private issuer", as defined in Rule 3b-4 of the Exchange Act. TD's common shares are listed on the New York Stock Exchange. Reports and other information concerning TD can be inspected at such exchange and are available through the SEC's EDGAR database.

*Cash Equivalents and Short-Term Investments.* 

 

The Fund may invest in securities with maturities of less than one year or cash equivalents, or they may hold cash. The percentage of the Fund invested in such holdings varies and depends on several factors, including market conditions. For more information on eligible short-term investments, see the SAI.

*U.S. Government Securities.* 

 

The Fund may invest in short-term U.S. government securities. U.S. government securities include U.S. Treasury obligations and securities issued or guaranteed by various agencies of the U.S. government, or by various instrumentalities that have been established or sponsored by the U.S. government. U.S. Treasury obligations are backed by the "full faith and credit" of the U.S. government. Securities issued or guaranteed by federal agencies and U.S. government sponsored instrumentalities may or may not be backed by the full faith and credit of the U.S. government.

**RISKS**

Investing in any investment company security involves risk, including the risk that you may receive little or no return on your investment or even that you may lose part or all of your investment. This section discusses the principal risk factors associated with an investment in the Fund. Investors should consider the following risk factors and special considerations as well as the other information in this Prospectus, as well as the SAI, prior to investing in the Fund's Common Shares.

**<u>Investment-Related Risks</u>**

The following risks are generally associated with the investments the Fund may make.

**Private Company Risk**

The Long Fund is subject to a high degree of private company risk that, in turn, could impact the Fund, albeit in the inverse relationship as the Long Fund. Investment exposure to private companies involve a number of significant risks (particularly in comparison to public companies), which include the following:

● private companies can involve a high degree of business and financial risk that can result in substantial losses;

● they may face intense competition, including competition from companies with far greater financial resources, more extensive development, manufacturing, marketing and other capabilities, and a larger number of qualified managerial and technical personnel;

● they may have limited financial resources and may be unable to meet their obligations;

● they typically have shorter operating histories, narrower product lines and/or asset concentration risk and smaller market shares than larger businesses, which tend to render them more vulnerable to competitors' actions and market conditions, as well as general economic downturns;

● they typically depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have material adverse effects;

● there is generally little public information about these companies as they are not subject to the reporting requirements of the Exchange Act and other regulations that govern public companies, and an investor may not be able to uncover all material information about these companies;

● they may not maintain their accounting records in accordance with generally accepted accounting principles or maintain effective internal controls over financial reporting;

● they generally have less predictable operating results and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position;

● changes in laws and regulations, as well as interpretations of relevant laws and regulations, may adversely affect their business, financial structure or prospects;

● they may be highly leveraged and, as a consequence, subject to restrictive financial and operating covenants. The leverage may impair the ability of these companies to finance their future operations and capital needs. As a result, these companies may lack the flexibility to respond to changing business and economic conditions, or to take advantage of business opportunities.

● they may have difficulty accessing the capital markets to meet future capital needs; and

● they are subject to valuation risk as they are fair valued and therefore subject to inherent uncertainty which, in turn, can result in rapid, substantial changes to their value and to the corresponding value of the Index.

In the case of the Fund, although private companies are subject to the foregoing risks (among others), they also have the potential for high returns, including within a short period of time, that would decrease the returns of the Fund to the detriment of Fund shareholders.

***Derivatives Risks:***

 ****

**Swap Agreement Risk**

The Fund will use swap agreements as a means to achieve its investment objective. Swap agreements are generally traded in over-the-counter ("OTC") markets and are subject to regulation by the Commodity Futures Trading Commission (the "CFTC"). CFTC rules, however, do not cover all types of swap agreements. Investors, therefore, may not receive the protection of CFTC regulation or the statutory scheme of the Commodity Exchange Act of 1936 in connection with the Fund's swap agreements. The lack of regulation in these markets could expose investors to significant losses under certain circumstances, including in the event of trading abuses or financial failure by participants. Unlike in futures contracts, the counterparty to uncleared OTC swap agreements is generally a single bank or other financial institution, rather than a clearing organization backed by a group of financial institutions. As a result, the Fund is subject to increased counterparty risk with respect to the amount it expects to receive from counterparties to uncleared swaps. If a counterparty becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund could fail to achieve its investment objective and suffer significant losses on these contracts and the value of an investor's investment in the Fund may significantly decline. OTC swaps of the type that may be utilized by the Fund are less liquid than futures contracts because they are not traded on an exchange, do not have uniform terms and conditions, and are generally entered into based upon the creditworthiness of the parties and the availability of credit support, such as collateral, and in general, are not transferable without the consent of the counterparty. Swaps are also subject to the risk of imperfect correlation between the value of the reference asset underlying the swap and the swap. Leverage inherent in derivatives will tend to magnify the Fund's gains and losses. Moreover, with respect to the use of swap agreements, if a reference asset has dramatic intraday moves that cause a material decline in its net assets (any such dramatic intraday moves may cause a significant decline in the Fund's net assets as well), or the net assets of the Fund decline significantly during its winddown, the terms of a swap agreement between the Fund and its counterparty may permit the counterparty to immediately close out the transaction with the Fund. In that event, the Fund may be unable to enter into other swap agreements or invest in other derivatives to achieve the desired exposure consistent with the Fund's investment objective. This, in turn, may prevent the Fund from achieving its investment objective, even if the reference asset reverses all or a portion of its intraday move by the end of the day. As a result, the value of an investment in the Fund may change quickly and without warning.

**Margin Risk** 

Certain derivatives, including the swap agreements in which the Fund invests, require margin payments, a form of security deposit intended to protect against nonperformance of the derivative contract. The Fund may have to post additional margin if the value of the derivative position changes in a manner adverse to the Fund or if collateral provided by the Fund to secure its performance under the derivative contract decreases in value. Derivatives may be difficult to value, which may result in increased payment requirements to counterparties or a loss of value to the Fund. If the Fund has insufficient cash to meet additional margin requirements, it might need to sell assets or liquidate its derivative position at a disadvantageous time or price. Regulators, including the CFTC and the U.S. banking regulators, have adopted margin requirements applicable to uncleared swaps. While the Fund is not directly subject to these requirements, where the Fund's counterparties are subject to the requirements, uncleared swaps between the Fund and those counterparties are required to be marked-to-market on a daily basis, and collateral is required to be exchanged to account for any changes in the value of such swaps. The rules impose a number of requirements as to these exchanges of margin, including as to the timing of transfers, the type of collateral (and valuations for such collateral) and other matters that may be different than what the Fund would agree with its counterparty in the absence of such regulation. Collateral posted for swaps may be rehypothecated by counterparties (unless segregated) and as such may not be returned to the Fund when required under the derivative contract.

**Collateral Investments Risk**

The Fund will invest in cash and U.S. Treasury securities and other high credit quality short term fixed income or similar securities in order to collateralize its swap agreements and other derivative transactions.

Some securities issued or guaranteed by federal agencies and U.S. Government-sponsored instrumentalities may not be backed by the full faith and credit of the United States, in which case the investor must look principally to the agency or instrumentality issuing or guaranteeing the security for ultimate repayment, and may not be able to assert a claim against the United States itself in the event that the agency or instrumentality does not meet its commitment. The U.S. Government, its agencies and instrumentalities do not guarantee the market value of their securities, and consequently, the value of such securities may fluctuate. Although the Fund may hold securities that carry U.S. Government guarantees, these guarantees do not extend to shares of the Fund.

Money market funds are subject to management fees and other expenses. Therefore, investments in money market funds will cause the Fund to bear indirectly a proportional share of the fees and costs of the money market funds in which it invests. At the same time, the Fund will continue to pay its own management fees and expenses with respect to all of its assets, including any portion invested in the shares of the money market fund. It is possible to lose money by investing in money market funds.

Corporate debt securities such as commercial paper generally are short-term unsecured promissory notes issued by businesses. Corporate debt may carry variable or floating rates of interest. Corporate debt securities carry both credit risk and interest rate risk. Credit risk is the risk that the Fund could lose money if the issuer of a corporate debt security is unable to pay interest or repay principal when it is due. Changes in prevailing interest rates may adversely affect the value of the Fund's investments and may result in reduced income and the longer the duration of a security, the more sensitive it is likely to be to interest rate fluctuations.

**Derivatives Market Risk**

Adverse movements in the value of an underlying asset can expose the Fund to losses. Derivative instruments may include elements of leverage and, accordingly, fluctuations in the value of the derivative instrument in relation to the underlying asset may be magnified. The successful use of derivative instruments depends upon a variety of factors which may require different skills than predicting changes in the prices of individual securities. A decision to engage in a derivative transaction will reflect the portfolio managers' judgment that the derivative transaction will provide value to the Fund and its Common Shareholders and is consistent with the Fund's objective, investment limitations and operating policies. In making such a judgment, the portfolio managers will analyze the benefits and risks of the derivative transactions and weigh them in the context of the Fund's overall investments and investment objective.

**Correlation Risk**

A number of factors may affect the Fund's ability to achieve a high degree of correlation with the inverse (-100%) of the U.S. dollar returns of the Long Fund Index Returns, before fees and expenses, and there is no guarantee that the Fund will achieve a high degree of correlation. Failure to achieve a high degree of correlation may prevent the Fund from achieving its investment objective, and the percentage change of the Fund's NAV each day may differ, perhaps significantly in amount, and possibly even direction, from the percentage change of the U.S. dollar returns of the Long Fund Index Returns.

The Fund generally anticipates that its NAV will increase during the days when the NAV of the Long Fund decreases and will decrease during the days when the NAV of the Long Fund increases, but the dollar value of such increase or decrease will be more or less than the inverse amount experienced by the Long Fund. In addition, the Fund's objective to seek such inverse dollar returns relative to the Long Fund may result in returns that are significantly different than what the Fund would experience if it sought to achieve the inverse investment results of the Index itself. See also "—Additional Investment-Related Risks—Inverse Correlation Risk" below.

**Counterparty Risk**

Investing in derivatives involves entering into contracts with third parties (i.e., counterparties). The use of derivatives involves risks that are different from those associated with ordinary portfolio securities transactions. The Fund will be subject to credit risk (i.e., the risk that a counterparty is or is perceived to be unwilling or unable to make timely payments or otherwise meet its contractual obligations) with respect to the amount it expects to receive from counterparties to derivatives entered into by the Fund. If a counterparty becomes bankrupt or fails to perform its obligations, the Fund may lose the entire value of any swaps with the counterparty as well as any collateral posted to the Counterparty and as a result the value of an investment in the Fund may decline. Additionally, if any collateral posted by the counterparty for the benefit of the Fund is insufficient or there are delays in the Fund's ability to access such collateral, the value of an investment in the Fund may decline. As the Fund expects to trade with a limited number of counterparties, its counterparty risk will be higher. To the extent such number of counterparties remains limited, the Fund and its ability to pursue its investment objective and strategies may be overly dependent on the ability and/or willingness of such counterparties to continue transacting with the Fund on the terms and at the prices agreeable to the Fund, and any changes thereto could adversely impact, among other things, the liquidity and pricing of the Fund's swap agreements. Accordingly, from time to time, the Fund could experience difficulty implementing its investment strategies, entering into swap agreements, and/or obtaining appropriate pricing for its swap agreements and any adjustments thereto, which in turn could cause the Fund to fail to achieve its investment objective. A secondary market for the Fund's swap transactions is not expected to exist or, to the extent one develops, may not be as deep as for other instruments. If the Fund fails to meet its payment or collateral delivery obligations under a swap agreement or some other termination or default event occurs, or an underlying asset suffers a disruption event, the counterparty to the contract could close out the contract and the Fund could experience significant losses and fail to achieve its investment objective.

**Legal Risk**

Legal risk is the risk of loss caused by the unenforceability of a party's obligations under a derivative instrument. While a party seeking price certainty agrees to surrender the potential upside in exchange for downside protection, the party taking the risk is looking for a positive payoff. Despite this voluntary assumption of risk, a counterparty that has lost money in a derivative transaction may try to avoid payment by exploiting various legal uncertainties about certain derivative products.

**Systemic or "Interconnection" Risk**

Systemic or "interconnection" risk is the risk that a disruption in the financial markets will cause difficulties for all market participants. In other words, a disruption in one market will spill over into other markets, perhaps creating a chain reaction. Much of the OTC derivatives market takes place among the OTC dealers themselves, thus creating a large, interconnected web of financial obligations. This interconnectedness raises the possibility that a default by one large dealer could create losses for other dealers and destabilize the entire market for OTC derivative instruments.

***Additional Investment-Related Risks:***

 ****

**Short Sale Exposure Risk**

The Fund will seek inverse or "short" exposure through financial instruments, which would cause the Fund to be exposed to certain risks associated with selling short. These risks include, under certain market conditions, an increase in the volatility and decrease in the liquidity of the instruments underlying the short position, which may lower the Fund's return, result in a loss, have the effect of limiting the Fund's ability to obtain inverse exposure through financial instruments, or require the Fund to seek inverse exposure through alternative investment strategies that may be less desirable or more costly to implement. As the Fund has exposure to private companies through the Long Fund, these risks may be exacerbated as private companies generally have higher volatility and less liquidity when compared to exchanged-traded companies. If the underlying assets experience significant gains, the net asset value of the Fund could decrease sharply in a short period of time. To the extent that, at any particular point in time, the instruments underlying the short position may be thinly traded or have a limited market, including due to regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities or counterparties. Obtaining inverse exposure through these instruments may be considered an aggressive investment technique. Any income, dividends or payments by any assets underlying the Fund's short positions, if any, would negatively impact the Fund.

**Inverse Correlation Risk**

Short (inverse) positions are designed to profit from a decline in the price of a particular reference asset. The reference asset for the Fund's short positions is the Long Fund. Investors in the Fund will lose money when the value of the reference asset rises, which is the opposite result from that of traditional funds. Any significant gains by the reference asset could cause the net assets of the Fund to decline sharply. A single day or intraday increase in the performance of the reference asset may result in the total loss or almost total loss of an investor's investment, even if the reference asset subsequently moves lower. Like leveraged funds, inverse funds may be considered to be aggressive. The use of inverse instruments may expose the Fund to additional risks that it would not be subject to if it invested only in "long" positions.

**Concentration Risk**

In following its methodology, the Index from time to time may be concentrated to a significant degree in securities of issuers operating in a single industry or industry group. To the extent that the Index concentrates in the securities of issuers in a particular industry or industry group, the Long Fund will also concentrate its investments to approximately the same extent and, in turn, the Fund will be subject to a greater extent to the market conditions and performance results of such industry or industry group, albeit in the inverse relationship as the Long Fund. By concentrating its investments in an industry or industry group, the Long Fund may face more risks than if it were diversified broadly over numerous industries or industry groups. Such industry-based risks, any of which may adversely affect the constituent securities of the Index and the Long Fund, may include, but are not limited to, the following: general economic conditions or cyclical market patterns that could negatively affect supply and demand in a particular industry, competition for resources, adverse labor relations, political or world events, obsolescence of technologies, and increased competition or new product introductions that may affect the profitability or viability of companies in an industry. However, at times, such industry or industry group may be in favor and outperform other industries or the market as a whole, which could adversely impact the Fund. As of January 21, 2026, the Index concentrates in securities of issuers in the Information Technology Sector and is also subject to additional Sector Risks such as Industrials Sector Risk, as follows:

*Information Technology Sector Risk.* Companies in the information technology sector are subject to certain risks, including the risk that new services, equipment or technologies will not be accepted by consumers and businesses or will become rapidly obsolete. Performance of such companies may be affected by factors including obtaining and protecting patents (or the failure to do so) and significant competitive pressures, including aggressive pricing of their products or services, new market entrants, competition for market share and short product cycles due to an accelerated rate of technological developments. Such competitive pressures may lead to limited earnings and/or falling profit margins. As a result, the value of their securities may fall or fail to rise. In addition, many information technology sector companies have limited operating histories and prices of these companies' securities historically have been more volatile than other securities, especially over the short term. Some companies in the information technology sector are facing increased government and regulatory scrutiny and may be subject to adverse government or regulatory action, which could negatively impact the value of their securities.

*Industrials Sector Risk.* Companies in the industrials sector are subject to certain risks, including changes in supply and demand for their specific product or service and for industrial sector products in general, including decline in demand for such products due to rapid technological developments and frequent new product introduction. Performance of such companies may be affected by factors including government regulation, world events, economic conditions and risks for environmental damage and product liability claims.

**Equity Securities Risk**

The value of the Index will fluctuate with changes in the value of the equity securities of the private companies comprising the Index. Equity securities prices fluctuate for several reasons, including changes in investors' perceptions of the financial condition of an issuer or the general condition of the relevant equity market, such as market volatility, or when political or economic events affecting an issuer occur. Common stock prices may be particularly sensitive to rising interest rates, as the cost of capital rises and borrowing costs increase. Equity securities may decline significantly in price over short or extended periods of time, and such declines may occur in the equity market as a whole, or they may occur in only a particular country, company, industry or sector of the market. Conversely, equity securities could increase significantly in price. Any such increase in the equity securities comprising the Index could adversely impact the Fund and cause a sharp decline in its net assets.

 ****

**Indirect Investment Risk**

The Index and the constituent securities of the Index are not affiliated with the Fund, the Long Fund, the Adviser, or any affiliates thereof and is not involved with this offering in any way. The Adviser has not made any due diligence inquiry with respect to the publicly available information of constituent securities of the Index in connection with this offering. Investors in the Common Shares will not have voting rights or rights to receive dividends or other distributions or any other rights with respect to the common shares of constituent securities of the Index.

**<u>Structural Risks</u>**

This subsection of "Risks" highlights risks that are associated with an investment in closed-end funds generally (including the Fund) as well as those that are associated with the specific structural elements of the Fund.

**Investment and Market Risks**

An investment in Common Shares is subject to investment risk, including the possible loss of the entire principal amount invested. The value of the Fund, like other market investments, may move up or down, sometimes rapidly and unpredictably. Overall stock market risks may also affect the NAV of the Fund. Factors beyond the control of the Fund such as domestic and foreign economic growth and market conditions, interest rate levels and political events affect the securities markets and, in turn, could adversely affect the Fund's performance. The Common Shares at any point in time may be worth less than your original investment.

**Market Discount**

Common stock of closed-end funds frequently trades at a discount from the NAV of the fund. This risk may be greater for investors selling their shares in a relatively short period of time after completion of the initial offering. The Fund's Common Shares may trade at a price that is less than the initial offering price. In recognition of the possibility that the Fund's shares might trade at a discount to NAV, the Fund's Board of Directors may determine that it would be in the best interest of Common Shareholders to take action to attempt to reduce or eliminate a market value discount from NAV. To that end, the Board of Directors may undertake from time to time either to repurchase Common Shares in open market or private transactions or to make a tender offer for Common Shares at NAV. No assurance can be given that the Board of Directors will decide to undertake such repurchases or tender offers, or that any such repurchases or tender offers would reduce any market discount. The Fund, while permitted, does not currently intend to conduct repurchases or tender offers.

**Management Risks**

The Fund is dependent on the diligence, skill and business contacts of the investment professionals of the Adviser to achieve the Fund's investment objective. If the Adviser was to lose the services of one or more key individuals, including members of its portfolio management team, it may not be able to hire qualified replacements or may require an extended time to do so. This could prevent the Fund from achieving its investment objective and could have an adverse effect on an investment in the Fund.

**Index Provider Risk** 

There is no assurance that the Index will be determined, maintained, constructed, reconstituted, rebalanced, composed, calculated or disseminated accurately. To correct any such error, the Index Provider or the Index Calculation Agent may carry out an unscheduled rebalance or other modification of the Index constituents or weightings. Unusual market conditions may cause the Index Provider or the Index Calculation Agent to postpone a scheduled rebalance. Such a postponement in a time of market volatility could mean a constituent that would otherwise be removed at rebalance may remain, causing the performance and constituents of the Index to vary from those expected under normal conditions. Index providers generally do not provide any representation or warranty in relation to the quality, accuracy or completeness of data in the indexes in which they license, and generally do not guarantee that an index will be calculated in accordance with its stated methodology. Losses or costs associated with any index provider errors generally will be borne by the Long Fund and its shareholders. However, any errors or other issues with the Index could also impact the Fund and its shareholders given the relationship of the Fund to the Long Fund and therefore the Index.

**Current Market Conditions Risk**

Current market conditions risk is the risk that a particular investment, including the companies comprising the Index, or shares of the Fund in general, may fall in value due to current market conditions. As a means to fight inflation, which remains at elevated levels, the Federal Reserve and certain foreign central banks have raised interest rates; however, the Federal Reserve has recently lowered interest rates and may continue to do so. U.S. regulators have proposed several changes to market and issuer regulations which would directly impact the Fund, and any regulatory changes could adversely impact the Fund's ability to achieve its investment strategies or make certain investments. Recent and potential future bank failures could result in disruption to the broader banking industry or markets generally and reduce confidence in financial institutions and the economy as a whole, which may also heighten market volatility and reduce liquidity.

Additionally, challenges in commercial real estate markets, including rising interest rates, declining valuations and increasing vacancies, could have a broader impact on financial markets. The ongoing adversarial political climate in the United States, as well as political and diplomatic events both domestic and abroad, have and may continue to have an adverse impact on the U.S. regulatory landscape, markets and investor behavior, which could have a negative impact on the Fund's investments and operations. The change in administration resulting from the 2024 United States national elections could result in significant impacts to international trade relations, tax and immigration policies, and other aspects of the national and international political and financial landscape, which could affect, among other things, inflation and the financial and securities markets generally. Other unexpected political, regulatory and diplomatic events within the U.S. and abroad may affect investor and consumer confidence and may adversely impact financial markets and the broader economy. For example, ongoing armed conflicts between Russia and Ukraine in Europe and among Israel, Iran, Hamas and other militant groups in the Middle East, have caused and could continue to cause significant market disruptions and volatility within the markets in Russia, Europe, the Middle East and the United States. The hostilities and sanctions resulting from those hostilities have and could continue to have a significant impact on certain Fund investments, including the companies comprising the Index, as well as Fund performance and liquidity. The economies of the United States and its trading partners, as well as the financial markets generally, may be adversely impacted by trade disputes and other matters. For example, the United States has imposed trade barriers and restrictions on China. In addition, the Chinese government is engaged in a longstanding dispute with Taiwan, continually threatening an invasion. If the political climate between the United States and China does not improve or continues to deteriorate, if China were to attempt invading Taiwan, or if other geopolitical conflicts develop or worsen, economies, markets and individual securities may be adversely affected, and the value of the Fund's assets may go down.

A public health crisis and the ensuing policies enacted by governments and central banks may cause significant volatility and uncertainty in global financial markets, negatively impacting global growth prospects. As the COVID-19 global pandemic illustrated, such events may affect certain geographic regions, countries, sectors and industries more significantly than others. Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. Additionally, cyber security breaches of both government and non-government entities could have negative impacts on infrastructure and the ability of such entities, including the Fund, to operate properly. These events, and any other future events, may adversely affect the prices and liquidity of the Fund's investments and could result in disruptions in the trading markets.

**Limited Term Risk**

The Fund is scheduled to terminate on the Termination Date. **The Fund is not a so called "target date" or "life cycle" fund whose asset allocation becomes more conservative over time as its target date, often associated with retirement, approaches. In addition, the Fund is not a "target term" fund whose investment objective is to return its original NAV on the Termination Date. The Fund's investment objective and policies are not designed to seek to return to investors that purchase Common Shares in this initial offering their initial investment of $20.00 per Common Share on the Termination Date, and such investors and investors that purchase Common Shares after the completion of this initial offering may receive more or less than their original investment upon termination.**

The Board of Directors may extend the Termination Date or terminate the Fund earlier without shareholder approval at any time prior to the Termination Date. If the Long Fund extends the Termination Date or terminates prior to the Termination Date, it is anticipated the Board of Directors would elect to extend the Termination Date or terminate the Fund as well.

Common Shareholders are subject to timing risk as the Termination Date may coincide with a period of market volatility and other factors that cause the value of the Fund to decline, potentially significantly and rapidly, and thereby adversely impact the return and liquidating distribution to Fund shareholders upon termination.

**Valuation Risk**

The Fund is subject to valuation risk, which includes the risk that the Index is valued incorrectly due to factors such as incomplete data regarding a constituent private company, market instability and human error. Despite the efforts of Calculation Agent to value the constituent companies of the Index, there is generally little publicly available information about these companies; therefore such valuations may not reflect all material information and may ultimately prove to be unreliable or inaccurate and result in sudden changes to the values of the Index and adversely impact the Fund. There may not be a public or active secondary market for private companies included in the Index. The Adviser may, but is not required to, use an independent pricing service or prices provided by dealers to value the swap agreements held by the Fund based on the value of the underlying Index. Because the secondary markets for certain investments may be limited, such instruments may be difficult to value. The information available in the marketplace for private companies, their securities and the status of their businesses and financial conditions is often extremely limited, outdated and difficult to confirm. The determination of fair value necessarily involves judgment in evaluating this information in order to determine the value of the Index and in turn the NAV of the Fund. The most relevant information may often be provided by the issuer of the securities.

The value of an OTC swap is derived from the contractual terms of, and specific risks inherent in, the swap as well as the value and transactions in the securities of the companies comprising the Long Fund and other available and reliable observable inputs, such as credit spreads.

If a price cannot be obtained from a pricing service or other pre-approved source, or if the Adviser deems such price to be unreliable, or if a significant event occurs after the close of the local market but prior to the time at which the Fund's NAV is calculated, a swap agreement will be valued at its fair value in accordance with the Fund's valuation policies and procedures approved by the Board of Directors. The Adviser may determine that a price is unreliable in various circumstances. For example, a price may be deemed unreliable if it has not changed for an identified period of time, or has changed from the previous price by more than a threshold amount, and recent transactions and/or broker dealer price quotations differ materially from the price in question. Fair valuation involves subjective judgments and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security.

In addition, the Fund's compliance with the asset diversification tests under the Code depends on the fair market values of the Fund's assets, and, accordingly, a challenge to the valuations ascribed by the Fund could affect its ability to comply with those tests or require it to pay penalty taxes in order to cure a violation thereof.

The Fund's NAV is a critical component in several operational matters including computation of the management fee. Consequently, variance in the valuation of the Fund's investments will impact, positively or negatively, the fees and expenses Common Shareholders will pay. For more information regarding the Fund's calculation of its NAV, see "Net Asset Value."

**Legislation and Regulatory Risks**

At any time after the date of this Prospectus, legislation or additional regulations may be enacted that could negatively affect the assets of the Fund or the issuers of such assets. Changing approaches to regulation may have a negative impact on the entities and/or securities in which the Fund invests. Legislation or regulation may also change the way in which the Fund is regulated. New or amended regulations may be imposed by the CFTC, the SEC, the Federal Reserve or other financial regulators, other governmental regulatory authorities or self-regulatory organizations that supervise the financial markets that could adversely affect the Fund. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objective. The Fund also may be adversely affected by changes in the enforcement or interpretation of existing statutes and rules by these governmental authorities or self-regulatory organizations.

**Anti-Takeover Provisions**

Maryland law and the Fund's Charter and Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund, including the adoption of a staggered Board of Directors and the supermajority voting requirements discussed herein. These provisions could deprive the holders of Common Shares of opportunities to sell their Common Shares at a premium over the then current market price of the Common Shares or at NAV. See "Certain Provisions of the Fund's Charter and Bylaws and of Maryland Law."

**Potential Conflicts of Interest Risk**

The Adviser and the portfolio managers of the Fund have interests which may conflict with the interests of the Fund. In particular, the Adviser manages the Long Fund, which performance directly impacts that of the Fund. The Adviser also manages several other accounts and funds and, as a result, may devote unequal time and attention to the management of the Fund and those other funds and accounts. Transaction orders may be aggregated for multiple accounts for purpose of execution, which may cause the price or brokerage costs to be less favorable to the Fund than if similar transactions were not being executed concurrently for other accounts. Furthermore, it is theoretically possible that a portfolio manager could use the information obtained from managing a fund or account to the advantage of other funds or accounts under management, and also theoretically possible that actions could be taken (or not taken) to the detriment of the Fund. At times, a portfolio manager may determine that an investment opportunity may be appropriate for only some of the funds and accounts for which he or she exercises investment responsibility, or may decide that certain of the funds and accounts should take differing positions with respect to a particular security. In these cases, the portfolio manager may place separate transactions for one or more funds or accounts which may affect the market price of the security or the execution of the transaction, or both, to the detriment or benefit of one or more other funds and accounts.

Conflicts potentially limiting the Fund's investment opportunities may also arise when the Fund and other clients of the Adviser invest in, or even conduct research relating to, different parts of an issuer's capital structure. In such circumstances, decisions 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. 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 other clients.

The Adviser may receive different amounts of financial or other benefits for managing different funds and accounts. The Adviser and its affiliates may provide more services to some types of funds and accounts than others.

The Fund and the Adviser have adopted policies and procedures that address the foregoing potential conflicts of interest and are designed to ensure that all accounts of the Adviser are treated equitably. There is no guarantee that the policies and procedures adopted by the Adviser and the Fund will be able to identify or mitigate all conflicts of interest that arise between the Fund and any other investment funds or accounts that the Adviser may manage or advise from time to time. For further information on potential conflicts of interest, see "Management of the Fund—Conflicts of Interest" in the SAI.

**Stockholder Activism**

Stockholder activism, which could take many forms, including making public demands that the Fund consider certain strategic alternatives, engaging in public campaigns to attempt to influence the Fund's corporate governance and/or management, and commencing proxy contests to attempt to elect the activists' representatives or others to the Fund's Board of Directors, or arise in a variety of situations, has been increasing in the closed-end fund space recently. Stockholder activism could result in substantial costs and divert management's and the Fund's Board's attention and resources from its business. Also, the Fund may be required to incur significant legal and other expenses related to any activist stockholder matters. Further, the Fund's stock price could be subject to significant fluctuation or otherwise be adversely affected by the events, risks and uncertainties of any stockholder activism.

**Cyber Security Risk**

With the increased use of the Internet and because information technology ("IT") systems and digital data underlie most of the Fund's operations, the Fund and the Adviser, transfer agent, and other service providers and the vendors of each (collectively, the "Service Providers") are exposed to the risk that their operations and data may be compromised as a result of internal and external cyber-failures, breaches or attacks ("Cyber Risk"). This could occur as a result of malicious or criminal cyber-attacks. Cyber-attacks include actions taken to: (i) steal or corrupt data maintained online or digitally, (ii) gain unauthorized access to or release confidential information, (iii) shut down the Fund or Service Provider website through denial-of-service attacks, or (iv) otherwise disrupt normal business operations. However, events arising from human error, faulty or inadequately implemented policies and procedures or other systems failures unrelated to any external cyber-threat may have effects similar to those caused by deliberate cyber-attacks.

Successful cyber-attacks or other cyber-failures or events affecting the Fund or its Service Providers may adversely impact the Fund or its Common Shareholders or cause an investment in the Fund to lose value. For instance, such attacks, failures or other events may interfere with the processing of shareholder transactions, impact the Fund's ability to calculate its NAV, cause the release of private shareholder information or confidential Fund information, impede trading, or cause reputational damage. Because the Fund does not offer to redeem its Common Shares at NAV, damage to the reputation of the Fund or its service providers could cause a decline in the value of the Fund's Common Shares, perhaps suddenly. Such attacks, failures or other events could also subject the Fund or its Service Providers to regulatory fines, penalties or financial losses, reimbursement or other compensation costs, and/or additional compliance costs. Insurance protection and contractual indemnification provisions may be insufficient to cover these losses. The Fund or its Service Providers may also incur significant costs to manage and control Cyber Risk. While the Fund and its Service Providers have established IT and data security programs and have in place business continuity plans and other systems designed to prevent losses and mitigate Cyber Risk, there are inherent limitations in such plans and systems, including the possibility that certain risks have not been identified or that cyber-attacks may be highly sophisticated.

Cyber Risk is also present for issuers of securities or other instruments in which the Fund invests, which could result in material adverse consequences for such issuers, and may cause a Fund's investment in such issuers to lose value.

**Not a Complete Investment Program**

The Fund is intended for investors seeking the inverse investment results of the Long Fund Index Returns and is not intended to be a short-term trading vehicle. An investment in the Common Shares of the Fund should not be considered a complete investment program. Each investor should take into account the Fund's investment objective and other characteristics as well as the investor's other investments when considering an investment in the Common Shares. An investment in the Fund may not be appropriate for all investors.

**No Operating History**

The Fund is a newly organized, non-diversified, closed-end management investment company with no operating history.

**Non-Diversification Risk**

The Fund is classified as "non-diversified" under the 1940 Act. As a result, the Fund is only limited as to the percentage of its assets which may be invested in the securities of any one issuer by the diversification requirements imposed by the Internal Revenue Code of 1986, as amended (the "Code").

The Fund seeks to achieve its investment objective by entering into one or more swap agreements and, as such, may invest a relatively high percentage of its assets in swap agreements with a single counterparty or a few counterparties. As a result, the Fund may experience increased volatility and be more susceptible to a single economic or regulatory occurrence affecting the issuer or one or more of the counterparties.

**Offering and Controlling Shareholder Risk**

The RiverNorth Affiliates may purchase Common Shares in and/or following the offering (in addition to the initial seed investment by one of the RiverNorth Affiliates). It is possible that the Fund's viability and ability to effectively implement its investment strategy depends on such purchase and, accordingly, no individual investor should place any reliance on the size of the offering as an indication of the merits of the offering.

Each investor must make his or her own investment decision as to the merits of the offering. Any possible purchase of Common Shares by the RiverNorth Affiliates or any other investor or group of investors could, depending on the size of such ownership, result in such party or parties being in a position to exercise a significant influence on or, in the extreme case, control the outcome of any matter put to a vote of Common Shareholders, including, but not limited to, the election of the Fund's directors, approval or renewal of the Fund's investment advisory agreement, and any vote relating to a reorganization or merger of the Fund. Such scenarios would result in a conflict of interest in the case of the RiverNorth Affiliates' ownership of Common Shares.

**Delisting Risk**

The Fund is subject to the risk that its net assets may decline to a level that no longer meets the continued listing requirements of the Exchange. If the Fund becomes too small, it may be delisted from the Exchange, which could significantly reduce the liquidity of Common Shares and adversely affect their market price. Delisting may also make it more difficult for shareholders to sell their shares. In certain circumstances, if the Fund's asset size becomes insufficient to support its operations, the Board of Directors may determine that liquidation of the Fund is in the best interests of shareholders. Liquidation could occur prior to the Termination Date. There can be no assurance that the Fund will maintain sufficient asset levels to avoid delisting or liquidation.

**Tax Risk**

In order to qualify for the favorable tax treatment generally available to regulated investment companies, the Fund must satisfy certain diversification and other requirements. In particular, the Fund generally may not acquire a security if, as a result of the acquisition, more than 50% of the value of the Fund's assets would be invested in (a) issuers in which the Fund has, in each case, invested more than 5% of the Fund's assets and (b) issuers more than 10% of whose outstanding voting securities are owned by the Fund. The application of these requirements to certain investments (including swaps) that may be entered into by the Fund is unclear. In addition, the application of these requirements to the Fund's investment objective is not clear. If the Fund were to fail to qualify as a regulated investment company, it would be taxed in the same manner as an ordinary corporation, and distributions to its Common Shareholders would not be deductible by the Fund in computing its taxable income.

**MANAGEMENT OF THE FUND**

**Board of Directors**

The Fund's Board of Directors has overall responsibility for management of the Fund. The Board of Directors decides upon matters of general policy and generally oversees the actions of the Adviser and the other service providers of the Fund. At least a majority of the Board of Directors are and will be persons who are not "interested persons" of the Fund or the Adviser (as such term is defined in Section 2(a)(19) of the 1940 Act, each, an "Independent Director and, collectively, the "Independent Directors"). Any vacancy on the Board of Directors may be filled by the remaining Directors except to the extent the 1940 Act requires the election of Directors by Shareholders. The name and business address of the Board of Directors and officers of the Fund, and their principal occupations and other affiliations during the past five years, are set forth under "Board Members and Officers" in the SAI.

**Investment Adviser**

RiverNorth Capital Management, LLC ("RiverNorth" or the "Adviser"), a registered investment adviser, is the Fund's investment adviser and will be responsible for the day-to-day management of the Fund's portfolio, managing the Fund's business affairs and providing certain administrative services. The Adviser will also be responsible for determining the Fund's overall investment strategy and overseeing its implementation.

RiverNorth, founded in 2000, is a wholly-owned subsidiary of RiverNorth Financial Holdings LLC and is located at 360 South Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401. As of December 31, 2025, RiverNorth managed approximately $5.1 billion for registered open-end management investment companies, registered closed-end management investment companies, separately managed accounts and private investment vehicles. See "Management of the Fund" in the SAI.

**Portfolio Management**

Patrick W. Galley, Jeffrey Feldman and Christopher Lakumb are responsible for implementing portfolio management decisions for the Fund.

Patrick W. Galley, CFA is a co-portfolio manager of the Fund. Mr. Galley is the Chief Executive Officer and Chief Investment Officer for the Adviser. Mr. Galley heads the Adviser's research and investment team and oversees all portfolio management activities at the Adviser. Mr. Galley also serves as the President and Chairman of all of RiverNorth's proprietary registered investment companies. Prior to joining the Adviser in 2004, he was most recently a Vice President at Bank of America in the Global Investment Bank's Portfolio Management group, where he specialized in analyzing and structuring corporate transactions for investment management firms in addition to closed-end and open-end funds, hedge funds, funds of funds, structured investment vehicles and insurance/reinsurance companies. Mr. Galley graduated with honors from Rochester Institute of Technology with a B.S. in Finance. He has received the Chartered Financial Analyst (CFA) designation, is a member of the CFA Institute and is a member of the CFA Society of Chicago.

Jeffrey Feldman is a co-portfolio manager of the Fund. Mr. Feldman is a Quantitative Risk Manager for the Adviser. Mr. Feldman is a member of the investment management team and is responsible for analysis, trading and hedging. Mr. Feldman is an employee of the Adviser and TrueMark Investments where he serves as a Portfolio Manager. Prior to joining the Adviser, he was most recently the Head Trader for the Liquidity Group at Wolverine Trading where he was responsible for risk management and trading of ETFs. Mr. Feldman graduated from the University of Illinois with a B.S. in Financial Management.

Christopher Lakumb, CFA, CAIA is a co-portfolio manager of the Fund. Mr. Lakumb joined the Adviser in 2009 and helps oversee the Adviser's registered fund platform which includes mutual funds, closed-end funds, and ETFs. Prior to joining the Adviser, Mr. Lakumb was most recently a Managing Director at InterOcean Financial Group where he led InterOcean's Retirement Services team. Prior to joining InterOcean in 2007, Chris served in various roles in the Trust and Wealth Management division at Cole Taylor Bank where he started his career in 1998. Mr. Lakumb graduated from Lewis University with a B.S. in Finance. Mr. Lakumb holds both the CFA and CAIA charters and is a member of the CFA Institute and the CFA Society Nashville.

The Fund's SAI provides information about the compensation received Mr. Galley, Mr. Feldman and Mr. Lakumb and other accounts that they manage and their ownership of the Fund's equity securities.

**Investment Advisory Agreement**

Pursuant to an Investment Advisory Agreement, the Adviser is responsible for managing the Fund's affairs, subject at all times to the general oversight of the Fund's Board of Directors. The Fund has agreed to pay the Adviser a management fee payable on a monthly basis at the annual rate of 2.00% of the Fund's average daily net assets for the services it provides.

In addition to the fees of the Adviser, the Fund pays all other costs and expenses of its operations, including, but not limited to, compensation of its directors (other than those affiliated with the Adviser), custodial expenses, transfer agency and dividend disbursing expenses, legal fees, expenses of independent auditors, expenses of repurchasing shares, expenses of preparing, printing and distributing prospectuses, shareholder reports, notices, proxy statements and reports to governmental agencies, and taxes, if any.

A discussion of the basis for the Board of Directors' approval of the Fund's Investment Advisory Agreement will be provided in the Fund's initial shareholder report. The basis for subsequent continuations of these agreements will be provided in annual or semi-annual reports to shareholders for the periods during which such continuations occur.

**NET ASSET VALUE**

NAV is determined daily as of the close of the regular trading session on the New York Stock Exchange (the "Exchange") (usually 4:00 p.m. Eastern time). The Exchange is regularly closed on New Year's Day, the third Mondays in January and February, Good Friday, the last Monday in May, Juneteenth National Independence Day, Independence Day, Labor Day, Thanksgiving and Christmas. If the Exchange is closed due to weather or other extenuating circumstances on a day it would typically be open for business, the Fund reserves the right to treat such day as a business day and calculate the Fund's NAV as of the normally scheduled close of regular trading on the Exchange or such other time that the Fund may determine, in accordance with applicable law. The Fund reserves the right to close if the primary trading markets of the Fund's portfolio instruments are closed. On any business day when the Securities Industry and Financial Markets Association ("SIFMA") recommends that the securities markets close trading early or when the Exchange closes earlier than scheduled, the Fund may (i) close trading early (as such, the time as of which the NAV is calculated, if applicable on such day, would be advanced) or (ii) calculate its NAV as of the normally scheduled close of regular trading on the Exchange for that day (if applicable on such day).

NAV is calculated by dividing the value of all of the securities and other assets of the Fund, less the liabilities (including accrued expenses and indebtedness), by the total number of Common Shares outstanding.

In determining the NAV of the common shares, portfolio instruments generally are valued using prices provided by independent pricing services or obtained from other sources, such as broker-dealer quotations. Exchange-traded instruments generally are valued at the last reported sales price or official closing price on an exchange, if available. Independent pricing services typically value non-exchange traded instruments utilizing a range of market-based inputs and assumptions, including readily available market quotations obtained from broker-dealers making markets in such instruments, cash flows and transactions for comparable instruments. In pricing certain instruments, particularly less liquid and lower quality securities, the pricing services may consider information about a security, its issuer or market activity provided by the Adviser.

The value of an OTC swap is derived from the contractual terms of, and specific risks inherent in, the swap as well as the value and transactions in the securities of the companies comprising the Long Fund and other available and reliable observable inputs, such as credit spreads.

If a price cannot be obtained from a pricing service or other pre-approved source, or if the Adviser deems such price to be unreliable, or if a significant event occurs after the close of the local market but prior to the time at which the Fund's NAV is calculated, a portfolio instrument will be valued at its fair value in accordance with the Fund's valuation policies and procedures approved by the Board of Directors. The Adviser may determine that a price is unreliable in various circumstances. For example, a price may be deemed unreliable if it has not changed for an identified period of time, or has changed from the prior price by more than a threshold amount, and recent transactions and/or broker dealer price quotations differ materially from the price in question. Fair valuation involves subjective judgments and it is possible that the fair value determined for a security may differ materially from the value that could be realized upon the sale of the security. See "Risks—Structural Risks—Valuation Risk."

The Board of Directors has adopted valuation policies and procedures for the Fund and has designated the Adviser as its valuation designee under Rule 2a-5 of the 1940 Act to perform fair value determinations on behalf of the Fund. The Adviser's valuation committee (the "Committee") (comprised of officers of the Adviser and established pursuant to the policies and procedures adopted by the Board of Directors) has the day-to-day responsibility for overseeing the implementation of the Fund's valuation policies and procedures and fair value determinations (subject to oversight by the Board of Directors).

**DIVIDENDS AND DISTRIBUTIONS**

Commencing with the Fund's first dividend, the Fund intends to distribute to Common Shareholders regular monthly cash distributions of all or a portion of its net investment income, if any. The Fund expects to declare its initial monthly dividend within 60-75 days after the completion of this initial offering and pay its initial monthly dividend within approximately 75-90 days after the completion of this initial offering, depending on market conditions. There is no assurance the Fund will make this initial monthly distribution or continue to pay regular monthly distributions or that it will do so at a particular rate.

The Fund will distribute to Common Shareholders at least annually all or substantially all of its investment company taxable income and net exempt interest income. The Fund intends to pay any capital gains distributions at least annually. A distribution of an amount in excess of the Fund's current and accumulated earnings and profits will be treated by a Common Shareholder as a return of capital which is applied against and reduces the Common Shareholder's tax basis in his or her Common Shares. To the extent that the amount of any distribution exceeds the Common Shareholder's basis in his or her shares, the excess will be treated by the Common Shareholder as gain from a sale or exchange of the Common Shares.

Under the 1940 Act, the Fund may not declare any dividend or other distribution upon any class of its capital shares, or purchase any such capital shares, unless the aggregate indebtedness of the Fund has, at the time of the declaration of any such dividend or distribution or at the time of any such purchase, an asset coverage of at least 300% after deducting the amount of such dividend, distribution, or purchase price, as the case may be.

In addition to the limitations imposed by the 1940 Act described above, certain lenders may impose additional restrictions on the payment of dividends or distributions on the Common Shares in the event of a default on the Fund's borrowings. If the Fund's ability to make distributions on its Common Shares is limited, such limitations could, under certain circumstances, impair the ability of the Fund to maintain its qualification for federal income tax purposes as a regulated investment company, which would have adverse tax consequences for shareholders. See "U.S. Federal Income Tax Matters."

**DESCRIPTION OF THE COMMON SHARES**

The following summary of the terms of the Common Shares of the Fund does not purport to be complete and is subject to and qualified in its entirety by reference to the Fund's Charter and the Fund's Bylaws, copies of which are filed as exhibits to the Registration Statement.

The Fund's authorized capital stock consists of 50,000,000 shares of common stock, $0.0001 par value per share, all of which is initially classified as Common Shares. The Fund's Board of Directors, with the approval of a majority of the entire Board, but without any action by the shareholders of the Fund, may amend the Fund's Charter from time to time to increase or decrease the aggregate number of shares of stock of the Fund or the number of shares of stock of any class or series that the Fund has authority to issue.

In general, Common Shareholders have no personal liability for the debts and obligations of the Fund because of their status as shareholders, except to the extent that the price or other agreed consideration for the stock has not been paid.

The Common Shares to be issued in the offering will be, upon payment as described in this Prospectus, fully paid and non-assessable. The Common Shares have no preemptive, conversion, exchange, appraisal or redemption rights, and each share has equal voting, dividend, distribution and liquidation rights.

Common Shareholders are entitled to receive dividends if and when the Board of Directors declares dividends from funds legally available. In the event of the Fund's liquidation, dissolution or winding up, Common Shares would be entitled to share ratably in all of the Fund's assets that are legally available for distribution after the Fund pays all debts and other liabilities.

Common Shareholders are entitled to one vote per share. All voting rights for the election of directors are noncumulative, which means that the holders of more than 50% of the Common Shares will elect 100% of the directors then nominated for election if they choose to do so and, in such event, the holders of the remaining Common Shares will not be able to elect any Directors. See "Risks—Structural Risks—Offering and Controlling Shareholder Risk."

The Fund's Charter authorizes the Board of Directors to classify and reclassify any unissued shares of common stock into other classes or series of stock. Prior to issuance of shares of each class or series, the Board of Directors is required by Maryland law and by the Fund's Charter to set the terms, preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications and terms or conditions of redemption for each class or series. Thus, the Board of Directors could authorize the issuance of shares of common stock with terms and conditions that could have the effect of delaying, deferring or preventing a transaction or a change in control that might involve a premium price for holders of the Fund's Common Shares or otherwise be in their best interest. As of the date of this Prospectus, the Fund has no plans to classify or reclassify any unissued shares of common stock.

The following are our outstanding classes of securities as of February 25, 2026.

---

| | | | |
|:---|:---|:---|:---|
| **(1)**<br> **Title of Class** | **(2)**<br> **Amount Authorized** | **(3)**<br> **Amount Held by the Fund for its Account** | **(4)**<br> **Amount Outstanding Exclusive of**<br> **Amount Shown Under (3)** |
| Common Stock | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;50000000 | &nbsp;&nbsp;0 | &nbsp;&nbsp;0 |

---

It is expected that the Fund's Common Shares will be approved for listing on the New York Stock Exchange, upon notice of issuance, under the symbol "UNID." Under the rules of the New York Stock Exchange applicable to listed companies, the Fund will be required to hold an annual meeting of shareholders each year.

**CERTAIN PROVISIONS OF THE FUND'S CHARTER AND BYLAWS AND OF MARYLAND LAW**

The following provides a summary of certain provisions of the Maryland General Corporation Law (the "MGCL") and of the Charter and Bylaws of the Fund.

**General**

The MGCL and the Fund's Charter and Bylaws contain provisions that could have the effect of limiting the ability of other entities or persons to acquire control of the Fund, to cause it to engage in certain transactions or to modify its structure.

These provisions could have the effect of depriving Common Shareholders of an opportunity to sell their Common Shares by discouraging a third party from seeking to obtain control of the Fund in a tender offer or similar transaction. On the other hand, these provisions may require persons seeking control of the Fund to negotiate with the Fund's management regarding the price to be paid for the Common Shares required to obtain such control, promote continuity and stability and enhance the Fund's ability to pursue long-term strategies that are consistent with its investment objective.

The Board of Directors has concluded that the potential benefits of these provisions outweigh their possible disadvantages.

**Classified Board of Directors**

The Board of Directors is divided into three classes of directors serving staggered three-year terms. The initial terms of the first, second and third classes will expire at the first, second and third annual meetings of shareholders, respectively, and, in each case, until their successors are duly elected and qualify. Upon expiration of their terms, directors of each class will be elected to serve for three-year terms and until their successors are duly elected and qualify and at each annual meeting one class of directors will be elected by the shareholders. A classified board of directors promotes continuity and stability of management but makes it more difficult for shareholders to change a majority of the directors because it generally takes at least two annual elections of directors for this to occur. The Fund believes that classification of the Board of Directors will help to assure the continuity and stability of the Fund's strategies and policies as determined by the Board of Directors.

**Election of Directors**

The MGCL provides that, unless the charter or bylaws of a corporation provide otherwise, which the Fund's Charter and the Fund's Bylaws do not, a plurality of all the votes cast at a meeting at which a quorum is present is sufficient to elect a director.

**Number of Directors; Vacancies**

The Fund's Charter provides that the number of directors will be set only by the Board of Directors in accordance with the Bylaws. The Bylaws provide that a majority of the Fund's entire Board of Directors may at any time increase or decrease the number of directors, provided that there may be no fewer than three directors and no more than 12 directors.

The Fund's Charter provides that the Fund elects, at such time as the Fund becomes eligible to make such an election (*i.e.,* when the Fund has at least three Independent Directors and the Common Shares are registered under the Exchange Act), to be subject to the provision of Subtitle 8 of Title 3 of the MGCL regarding the filling of vacancies on the Board of Directors. Accordingly, at such time any and all vacancies on the Board of Directors may be filled only by the affirmative vote of a majority of the remaining directors in office, and any director elected to fill a vacancy will serve for the remainder of the full term of the directorship in which the vacancy occurred and until a successor is elected and qualifies, subject to any applicable requirements of the 1940 Act.

**Removal of Directors**

The Fund's Charter provides that a director may be removed from office only for cause (as defined in the Charter) and then only by the affirmative vote of the holders of at least two-thirds of the votes entitled to be cast generally in the election of directors.

**Absence of Cumulative Voting**

There is no cumulative voting in the election of the Fund's directors. Cumulative voting means that holders of stock of a corporation are entitled, in the election of directors, to cast a number of votes equal to the number of shares that they own multiplied by the number of directors to be elected. Because a shareholder entitled to cumulative voting may cast all of his or her votes for one nominee or disperse his or her votes among nominees as he or she chooses, cumulative voting is generally considered to increase the ability of minority shareholders to elect nominees to a corporation's Board of Directors. In general, the absence of cumulative voting means that the holders of a majority of the Fund's shares can elect all of the directors then standing for election and the holders of the remaining shares will not be able to elect any directors.

**Approval of Extraordinary Corporate Actions**

The Fund's Charter requires the favorable vote of at least two-thirds of the Common Shares entitled to be voted on the matter, voting together as a single class, to advise, approve, adopt or authorize the following:

● a "Business Combination," which includes the following:

● a merger, consolidation or statutory share exchange of the Fund with or into another person;

● an issuance or transfer by the Fund (in one or a series of transactions in any 12-month period) of any securities of the Fund to any person or entity for cash, securities or other property (or combination thereof) having an aggregate fair market value of $1,000,000 or more, excluding issuances or transfers of debt securities of the Fund, sales of securities of the Fund in connection with a public offering, issuances of securities of the Fund upon the exercise of any stock subscription rights distributed by the Fund and portfolio transactions effected by the Fund in the ordinary course of business; or

● a sale, lease, exchange, mortgage, pledge, transfer or other disposition by the Fund (in one or a series of transactions in any 12-month period) to or with any person or entity of any assets of the Fund having an aggregate fair market value of $1,000,000 or more except for portfolio transactions (including pledges of portfolio securities in connection with borrowings) effected by the Fund in the ordinary course of its business;

● the voluntary dissolution of the Fund or a charter amendment for the early termination of the Fund's term; or

● unless the 1940 Act or federal law requires a lesser vote, any shareholder proposal as to specific investment decisions made or to be made with respect to the Fund's assets as to which shareholder approval is required under federal or Maryland law.

However, unless shareholder approval is required under federal or Maryland law, the Common Shareholder vote described above will not be required with respect to the foregoing transactions if they are approved by a vote of two-thirds of the Continuing Directors (as defined below). The Fund's Charter includes provisions allowing the Board of Directors extend the Termination Date or to terminate the Fund's term earlier, as allowed under MGCL Section 2-104(b)(11). If Maryland law or the 1940 Act requires Common Shareholder approval (and two-thirds of the Continuing Directors have approved the transaction), the affirmative vote by Common Shareholders, at a meeting of such shareholders, of the lesser of (a) 67% or more of the voting securities present at such meeting, if the holders of more than 50% of the outstanding voting securities of the Fund are present or represented by proxy; or (b) more than 50% of the outstanding voting securities of the Fund, will be required.

In no event will the foregoing provisions affect shareholder rights under the 1940 Act to approve or terminate an advisory contract of the Fund (either of which may be effectuated by Fund shareholders without the need for approval of any Continuing Director or other member of the Board of Directors).

"Continuing Director" means any member of the Board of Directors who is not an Interested Party (as defined below) or an affiliate of an Interested Party and has been a member of the Board of Directors for a period of at least 12 months, or has been a member of the Board of Directors since January 22, 2026, or is a successor of a Continuing Director who is unaffiliated with an Interested Party and is recommended to succeed a Continuing Director by a majority of the Continuing Directors then on the Board of Directors.

"Interested Party" means any person, other than an investment company advised by the Adviser or any of its affiliates, which enters, or proposes to enter, into a Business Combination with the Fund.

In addition, the Fund's Charter requires the favorable vote of two-thirds of the entire Board of Directors to advise, approve, adopt or authorize any of the following:

● the election and removal of officers;

● the creation of and delegation of authority and appointment of members to committees of the Board of Directors;

● amendments to the Fund's Bylaws (which may only be effected by the Board of Directors, not the Common Shareholders); and

● Charter amendments not requiring shareholder approval under the 1940 Act.

The Board of Directors has determined that the foregoing supermajority requirements applicable to certain votes of the directors and the Common Shareholders, which are greater than the minimum requirements permitted under Maryland law or the 1940 Act, are in the best interests of the Fund. Reference should be made to the Charter on file with the SEC for the full text of these provisions.

**Action by Shareholders**

Under the MGCL, Common Shareholder action can be taken only at an annual or special meeting of Common Shareholders or, unless the charter provides for Common Shareholder action by less than unanimous written consent (which is not the case in the Fund's Charter), by unanimous written consent in lieu of a meeting. These provisions, combined with the requirements of the Fund's Bylaws regarding the calling of a Common Shareholder-requested special meeting, as discussed below, may have the effect of delaying consideration of a Common Shareholder proposal until the next annual meeting.

**Procedures for Shareholder Nominations and Proposals**

The Fund's Bylaws provide that any Common Shareholder desiring to make a nomination for the election of directors or a proposal for new business at a meeting of Common Shareholders must comply with the advance notice provisions of the Bylaws. Nominations and proposals that fail to follow the prescribed procedures will not be considered. The Board of Directors believes that it is in the Fund's best interests to provide sufficient time to enable management to disclose to Common Shareholders information about a slate of nominations for directors or proposals for new business. This advance notice requirement also may give management time to solicit its own proxies in an attempt to defeat any slate of nominations should management determine that doing so is in the best interest of Common Shareholders generally. Similarly, adequate advance notice of Common Shareholder proposals will give management time to study such proposals and to determine whether to recommend to the Common Shareholders that such proposals be adopted. For Common Shareholder proposals to be included in the Fund's proxy materials, the Common Shareholder must comply with all timing and information requirements of the Exchange Act.

**Calling of Special Meetings of Shareholders**

The Fund's Bylaws provide that special meetings of Common Shareholders may be called by the Board of Directors or by certain of its officers. Additionally, the Fund's Bylaws provide that, subject to the satisfaction of certain procedural and informational requirements by the Common Shareholders requesting the meeting, a special meeting of Common Shareholders will be called by the Fund's Secretary upon the written request of Common Shareholders entitled to cast not less than a majority of all the votes entitled to be cast at such meeting.

**No Appraisal Rights**

As permitted by the MGCL, the Fund's Charter provides that Common Shareholders will not be entitled to exercise appraisal rights, unless the Fund's Board of Directors determines that such rights apply.

**Limitations on Liabilities**

The Fund's Charter provides that the personal liability of the Fund's directors and officers for monetary damages is eliminated to the fullest extent permitted by Maryland law. Maryland law currently provides that directors and officers of corporations that have adopted such a provision will generally not be so liable, except to the extent that (i) it is proven that the person actually received an improper benefit or profit in money, property, or services for the amount of the benefit or profit in money, property, or services actually received; and (ii) a judgment or other final adjudication adverse to the person is entered in a proceeding based on a finding in the proceeding that the person's action, or failure to act, was the result of active and deliberate dishonesty and was material to the cause of action adjudicated in the proceeding.

The Fund's Charter delegates the Fund, to the maximum extent permitted by Maryland law and the 1940 Act, to indemnify and advance expenses to the Fund's directors and officers. The Fund's Bylaws provide that the Fund will indemnify its officers and directors against liabilities to the fullest extent permitted by Maryland law and the 1940 Act, and that it shall advance expenses to such persons prior to a final disposition of an action. The rights of indemnification provided in the Fund's Charter and Bylaws are not exclusive of any other rights which may be available under any insurance or other agreement, by resolution of Common Shareholders or directors or otherwise.

**Authorized Shares**

The Fund's Charter authorizes the issuance of 50,000,000 Common Shares, and authorizes a majority of the Fund's Board of Directors, without Common Shareholder approval, to increase the number of authorized Common Shares and to classify and reclassify any unissued shares into one or more classes or series of stock and set the terms thereof. The issuance of capital stock or any class or series thereof without Common Shareholder approval may be used by the Fund's Board of Directors consistent with its duties to deter attempts to gain control of the Fund.

**Anti-Takeover Provisions of Maryland Law**

*Maryland Unsolicited Takeovers Act*

Subtitle 8 of Title 3 of the Maryland General Corporation Law permits a Maryland corporation with a class of equity securities registered under the Exchange Act and at least three independent directors to elect to be subject, by provision in its charter or bylaws or a resolution of its board of directors and notwithstanding any contrary provision in the charter or bylaws, to any or all of five provisions:

● a classified board;

● a two-thirds vote requirement for removing a director;

● a requirement that the number of directors be fixed only by vote of directors;

● a requirement that a vacancy on the board be filled only by the remaining directors and for the remainder of the full term of the class of directors in which the vacancy occurred; and

● a majority requirement for the calling of a special meeting of shareholders.

The Fund has elected to be subject to the classified board provision and the requirement that a vacancy on the Board of Directors be filled only by the remaining directors and for the remainder of the full term of the class of directors in which the vacancy occurred. The Fund retains its right to opt into any of the other provisions. The charter of a corporation may contain a provision or the board of directors may adopt a provision that prohibits the corporation from electing to be subject to any or all of the provisions of Subtitle 8.

*Maryland Business Combination Act*

The provisions of the Maryland Business Combination Act (the "MBCA") do not apply to a closed-end investment company, such as the Fund, unless the Board of Directors has affirmatively elected to be subject to the MBCA by a resolution. To date, the Fund has not made such an election but may make such an election under Maryland law at any time.

Under the MBCA, "business combinations" between a Maryland corporation and an interested shareholder or an affiliate of an interested shareholder are prohibited for five years after the most recent date on which the interested shareholder becomes an interested shareholder. These business combinations include a merger, consolidation, share exchange, or, in circumstances specified in the MBCA, an asset transfer or issuance or reclassification of equity securities. An interested shareholder is defined as:

● any person who beneficially owns ten percent or more of the voting power of the corporation's shares; or

● an affiliate or associate of the corporation who, at any time within the two-year period prior to the date in question, was the beneficial owner of ten percent or more of the voting power of the then outstanding voting stock of the corporation

● A person is not an interested shareholder under the MBCA if the board of directors approved in advance the transaction by which he otherwise would have become an interested shareholder. However, in approving a transaction, the board of directors may provide that its approval is subject to compliance, at or after the time of approval, with any terms and conditions determined by the board.

After the five-year prohibition, any business combination between the Maryland corporation and an interested shareholder generally must be recommended by the board of directors of the corporation and approved by the affirmative vote of at least:

● 80% of the votes entitled to be cast by holders of outstanding shares of voting stock of the corporation; and

● two-thirds of the votes entitled to be cast by holders of voting stock of the corporation other than shares held by the interested shareholder with whom or with whose affiliate the business combination is to be effected or held by an affiliate or associate of the interested shareholder.

These super-majority vote requirements do not apply if the corporation's common shareholders receive a minimum price, as defined in the MBCA, for their shares in the form of cash or other consideration in the same form as previously paid by the interested shareholder for its shares.

The MBCA permits various exemptions from its provisions, including business combinations that are exempted by the board of directors before the time that the interested shareholder becomes an interested shareholder.

*Maryland Control Share Acquisition Act*

The Maryland Control Share Acquisition Act (the "MCSAA") provides that control shares of a Maryland corporation acquired in a control share acquisition have no voting rights except to the extent approved by a vote of two-thirds of the votes entitled to be cast on the matter. Shares owned by the acquirer, by officers of the acquirer or by an employee of the acquirer who is also a director of the acquirer are excluded from shares entitled to vote on the matter. Control shares are voting shares of stock which, if aggregated with all other shares of stock owned by the acquirer or in respect of which the acquirer is able to exercise or direct the exercise of voting power (except solely by virtue of a revocable proxy), would entitle the acquirer to exercise voting power in electing directors within one of the following ranges of voting power:

● one-tenth or more but less than one-third,

● one-third or more but less than a majority, or

● a majority or more of all voting power.

Control shares do not include shares the acquiring person is then entitled to vote as a result of having previously obtained shareholder approval. A control share acquisition means the acquisition of control shares, subject to certain exceptions.

A person who has made or proposes to make a control share acquisition may compel the board of directors of the corporation to call a special meeting of shareholders to be held within 50 days of demand to consider the voting rights of the shares. The right to compel the calling of a special meeting is subject to the satisfaction of certain conditions, including an undertaking to pay the expenses of the meeting. If no request for a meeting is made, the corporation may itself present the question at any shareholders meeting.

If voting rights are not approved at the meeting or if the acquiring person does not deliver an acquiring person statement as required by the MCSAA, then the corporation may redeem for fair value any or all of the control shares, except those for which voting rights have previously been approved. The right of the corporation to redeem control shares is subject to certain conditions and limitations. Fair value is determined, without regard to the absence of voting rights for the control shares, as of the date of the last control share acquisition by the acquirer or of any meeting of shareholders at which the voting rights of the shares are considered and not approved. If voting rights for control shares are approved at a shareholders meeting and the acquirer becomes entitled to vote a majority of the shares entitled to vote, all other shareholders may exercise appraisal rights. The fair value of the shares as determined for purposes of appraisal rights may not be less than the highest price per share paid by the acquirer in the control share acquisition.

The Staff of the SEC's Division of Investment Management ("Staff") has previously taken the position that, if a closed-end fund opted into a state control share statute ("control shares statutes"), such as the MCSAA, its actions would be inconsistent with the requirements in Section 18(i) of the 1940 Act, which generally requires that shares of the fund have equal voting rights. However, in May 2020, the Staff withdrew its previous position and has stated that it would not recommend enforcement action to the SEC against a closed-end fund for opting into a control share statute if the decision to do so by the fund's board was taken with reasonable care on a basis consistent with other applicable duties and laws and the duty to the fund and its shareholders generally. The Staff's current position reflects only the views of the Staff and is not made part of any SEC rule, regulation or court interpretation or ruling. The Fund's Board of Directors reserves the right to consider and determine, in the future, whether the Fund will opt in and be subject to the MCSAA.

**LIMITED TERM**

The Fund will terminate on or before the Termination Date; provided, that if the Board of Directors believes that under then-current market conditions it is in the best interests of the Fund to do so, the Fund may adopt a plan of liquidation at any time during the 24 months immediately preceding the Termination Date, upon the affirmative vote of a majority of the Board of Directors and without a vote of Common Shareholders, but subject to the extension of the termination date of the Long Fund.

**The Fund is not a so called "target date" or "life cycle" fund whose asset allocation becomes more conservative over time as its target date, often associated with retirement, approaches. In addition, the Fund is not a "target term" fund whose investment objective is to return its original NAV on the Termination Date. The Fund's investment objective and policies are not designed to seek to return to investors that purchase Common Shares in this offering their initial investment of $20.00 per Common Share on the Termination Date, and such investors and investors that purchase Common Shares after the completion of this initial offering may receive more or less than their original investment upon termination.**

Upon its termination, the Fund will distribute substantially all of its net assets to Common Shareholders, after paying or otherwise providing for all charges, taxes, expenses and liabilities, whether due or accrued or anticipated, of the Fund, as may be determined by the Board of Directors. The Fund may distribute the proceeds in one or more liquidating distributions prior to the final liquidation, which may cause fixed expenses to increase when expressed as a percentage of assets under management. It is expected that Common Shareholders will receive cash in any liquidating distribution from the Fund. Common Shareholders generally will realize capital gain or loss upon the termination of the Fund in an amount equal to the difference between the amount of cash or other property received by the Common Shareholder (including any property deemed received by reason of its being placed in a liquidating trust) and the Common Shareholder's adjusted tax basis in the Common Shares of the Fund for U.S. federal income tax purposes.

If the Board of Directors believes that under then-current market conditions it is in the best interests of the Fund to do so, the Board of Directors may adopt a plan of liquidation at any time during the 24 months immediately preceding the Termination Date, upon the affirmative vote of a majority of the Board of Directors and without a vote of Commons Shareholders, but subject to the extension of the termination date of the Long Fund. The Board of Directors may determine, for example, that, in light of then-existing extenuating circumstances, an earlier termination could meaningfully improve the Fund's ability to achieve its investment objective and benefit shareholders relative to the cost and expense of continuing the operation of the Fund.

The Board of Directors may, to the extent it deems appropriate, and without shareholder approval, adopt a plan of liquidation at any time preceding the Termination Date, which plan may set forth the terms and conditions for implementing the termination of the existence of the Fund, including the commencement of the winding down of its investment operations and the making of one or more liquidating distributions to Common Shareholders prior to the Termination Date.

**CERTAIN U.S. FEDERAL INCOME TAX MATTERS**

The following is a summary discussion of certain U.S. federal income tax consequences that may be relevant to a shareholder that acquires, holds and/or disposes of common shares of the Fund. This discussion only addresses U.S. federal income tax consequences to U.S. shareholders who hold their shares as capital assets and does not address all of the U.S. federal income tax consequences that may be relevant to particular shareholders in light of their individual circumstances. This discussion also does not address the tax consequences to shareholders who are subject to special rules, including, without limitation, banks and other financial institutions, insurance companies, dealers in securities or foreign currencies, traders in securities that have elected to mark-to-market their securities holdings, foreign holders, persons who hold their shares as or in a hedge against currency risk, or as part of a constructive sale, straddle or conversion transaction, or tax-exempt or tax-deferred plans, accounts, or entities. In addition, the discussion does not address any state, local, or foreign tax consequences. The discussion reflects applicable income tax laws of the United States as of the date hereof, which tax laws may be changed or subject to new interpretations by the courts or the IRS retroactively or prospectively, which could affect the continued validity of this summary. No attempt is made to present a detailed explanation of all U.S. federal income tax concerns affecting the Fund and its shareholders, and the discussion set forth herein does not constitute tax advice. Investors are urged to consult their own tax advisors before making an investment in the Fund to determine the specific tax consequences to them of investing in the Fund, including the applicable federal, state, local and foreign tax consequences as well as the effect of possible changes in tax laws.

The Fund intends to elect to be treated, and to qualify each year, as a "regulated investment company" under Subchapter M of the Code, so that it will generally not pay U.S. federal income tax on income and capital gains timely distributed (or treated as being distributed, as described below) to shareholders. If the Fund qualifies as a regulated investment company and distributes to its shareholders at least 90% of the sum of (i) its "investment company taxable income" as that term is defined in the Code (which includes, among other things, dividends, taxable interest, the excess of any net short-term capital gains over net long-term capital losses and certain net foreign exchange gains as reduced by certain deductible expenses) without regard to the deduction for dividends paid, and (ii) the excess of its gross tax-exempt interest, if any, over certain disallowed deductions, the Fund will be relieved of U.S. federal income tax on any income of the Fund, including long-term capital gains, distributed to shareholders. However, if the Fund retains any investment company taxable income or "net capital gain" (*i.e.*, the excess of net long-term capital gain over net short-term capital loss), it will be subject to U.S. federal income tax at regular corporate federal income tax rates (currently at a maximum rate of 21%) on the amount retained. The Fund intends to distribute at least annually all or substantially all of its investment company taxable income (determined without regard to the deduction for dividends paid), net tax-exempt interest, if any, and net capital gain. Under the Code, the Fund will generally be subject to a nondeductible 4% federal excise tax on the portion of its undistributed ordinary income and capital gains if it fails to meet certain distribution requirements with respect to each calendar year. In order to avoid the 4% federal excise tax, the required minimum distribution is generally equal to the sum of 98% of the Fund's ordinary income (computed on a calendar year basis, and taking into account certain deferrals and elections), plus 98.2% of the Fund's capital gain net income (generally computed for the one-year period ending on October 31) plus undistributed amounts from prior years on which the Fund paid no federal income tax. The Fund generally intends to make distributions in a timely manner in an amount at least equal to the required minimum distribution and therefore, under normal circumstances, does not expect to be subject to this excise tax. However, the Fund may also decide to distribute less and pay the federal excise taxes.

If, for any taxable year, the Fund did not qualify as a regulated investment company for U.S. federal income tax purposes, it would be treated as a U.S. corporation subject to U.S. federal income tax, and possibly state and local income tax, and distributions to its shareholders would not be deductible by the Fund in computing its taxable income. In such event, the Fund's distributions, to the extent derived from the Fund's current or accumulated earnings and profits, would generally constitute ordinary dividends, which would generally be eligible for the dividends received deduction available to corporate shareholders, and non-corporate shareholders would generally be able to treat such distributions as "qualified dividend income" eligible for reduced rates of U.S. federal income taxation, provided in each case that certain holding period and other requirements are satisfied.

For shareholders subject to U.S. federal income tax, all dividends will generally be taxable when received in cash. Distributions of the Fund's investment company taxable income (determined without regard to the deduction for dividends paid) will generally be taxable as ordinary income to the extent of the Fund's current and accumulated earnings and profits. However, a portion of such distributions derived from certain corporate dividends, if any, may qualify for either the dividends received deduction available to corporate shareholders under Section 243 of the Code or the reduced rates of U.S. federal income taxation for "qualified dividend income" available to non-corporate shareholders under Section 1(h)(11) of the Code, provided in each case certain holding period and other requirements are met. Distributions of net capital gain, if any, that are properly reported by the Fund are generally taxable as long-term capital gain for U.S. federal income tax purposes without regard to the length of time a shareholder has held shares of the Fund. If the Fund received dividends from a closed-end fund, BDC or exchange-traded fund in which it has invested (in each case, an "Underlying Fund") that qualifies as a regulated investment company, and the Underlying Fund designates such dividends as qualified dividend income or as eligible for the dividends received deduction, then the Fund is permitted in turn to designate a portion of its distributions as qualified dividend income and/or as eligible for the dividends received deduction, provided the Fund meets holding period and other requirements with respect to shares of the Underlying Fund.

A distribution of an amount in excess of the Fund's current and accumulated earnings and profits, if any, will be treated by a shareholder as a tax-free return of capital, which is applied against and reduces the shareholder's basis in his, her or its shares. To the extent that the amount of any such distribution exceeds the shareholder's basis in his, her, or its shares, the excess will be treated by the shareholder as gain from the sale or exchange of such shares. The U.S. federal income tax status of all dividends and distributions will be designated by the Fund and reported to shareholders annually. The Fund can provide no assurance regarding the portion of its dividends that will qualify for the dividends received deduction or for qualified dividend income treatment. As long as the Fund qualifies as a RIC under the Code, it is not expected that any significant part of its distributions to Common Shareholders from its investments will so qualify.

The Fund intends to distribute all realized net capital gains, if any, at least annually. If, however, the Fund were to retain any net capital gain, the Fund may designate the retained amount as undistributed capital gains in a notice to shareholders who, if subject to U.S. federal income tax on long-term capital gains, (i) will be required to include in income as long-term capital gain, their proportionate share of such undistributed amount, and (ii) will be entitled to credit their proportionate share of the federal income tax paid by the Fund on the undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent the credit exceeds such liabilities. If such an event occurs, the tax basis of shares owned by a shareholder of the Fund will, for U.S. federal income tax purposes, generally be increased by the difference between the amount of undistributed net capital gain included in the shareholder's gross income and the tax deemed paid by the shareholder.

Any dividend declared by the Fund in October, November or December with a record date in such a month and paid during the following January will be treated for U.S. federal income tax purposes as paid by the Fund and received by shareholders on December 31 of the calendar year in which it is declared.

Certain of the investment practices of the Fund are subject to special and complex federal income tax provisions that may, among other things, (i) disallow, suspend or otherwise limit the allowance of certain losses or deductions, (ii) convert tax-advantaged, long-term capital gains and qualified dividend income into higher taxed short-term capital gain or ordinary income, (iii) convert an ordinary loss or a deduction into a capital loss (the deductibility of which is more limited), (iv) cause the Fund to recognize income or gain without a corresponding receipt of cash, (v) adversely affect the timing as to when a purchase or sale of stock or securities is deemed to occur, (vi) produce income that will not be qualifying income for purposes of the 90% income test and (vii) adversely alter the intended characterization of certain complex financial transactions. These rules could therefore affect the character, amount and timing of distributions to shareholders. The Fund will monitor its investments and transactions and may make certain federal income tax elections where applicable in order to mitigate the effect of these provisions, if possible.

Investments in distressed debt obligations that are at risk of or in default may present special federal income tax issues for the Fund. The federal income tax consequences to a holder of such securities are not entirely certain. If the Fund's characterization of such investments were successfully challenged by the IRS or the IRS issues guidance regarding investments in such securities, it may affect whether the Fund has made sufficient distributions or otherwise satisfied the requirements to maintain its qualification as a regulated investment company and avoid federal income and excise taxes.

The Fund may be subject to withholding and other taxes imposed by foreign countries, including taxes on interest, dividends and capital gains with respect to its investments in those countries, which would, if imposed, reduce the yield on or return from those investments. Tax treaties between certain countries and the U.S. may reduce or eliminate such taxes in some cases. If more than 50% of the value of the Fund's total assets at the close of its taxable year consists of stock or securities of foreign corporations, or if at least 50% of the value of the Fund's total assets at the close of each quarter of its taxable year is represented by interests in other regulated investment companies, the Fund may elect to "pass through" to its shareholders the amount of foreign taxes paid or deemed paid by the Fund. If the Fund so elects, each of its shareholders would be required to include in gross income, even though not actually received, its pro rata share of the foreign taxes paid or deemed paid by the Fund, but would be treated as having paid its pro rata share of such foreign taxes and would therefore be allowed to either deduct such amount in computing taxable income or use such amount (subject to various limitations) as a foreign tax credit against federal income tax (but not both).

Sales, exchanges and other dispositions of the Fund's shares generally are taxable events for shareholders that are subject to U.S. federal income tax. Shareholders should consult their own tax advisors with reference to their individual circumstances to determine whether any particular transaction in the Fund's shares is properly treated as a sale or exchange for federal income tax purposes, as the following discussion assumes, and the tax treatment of any gains or losses recognized in such transactions. Gain or loss will generally be equal to the difference between the amount of cash and the fair market value of other property received and the shareholder's adjusted tax basis in the shares sold or exchanged. Such gain or loss will generally be characterized as capital gain or loss and will be long-term if the shareholder's holding period for the shares is more than one year and short-term if it is one year or less. However, any loss realized by a shareholder upon the sale or other disposition of shares with a tax holding period of six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions of long-term capital gain with respect to such shares. For the purposes of calculating the six-month period, the holding period is suspended for any periods during which the shareholder's risk of loss is diminished as a result of holding one or more other positions in substantially similar or related property or through certain options, short sales or contractual obligations to sell. The ability to deduct capital losses may be limited. In addition, losses on sales or other dispositions of shares may be disallowed under the "wash sale" rules in the event that substantially identical stock or securities are acquired within a period of 61 days beginning 30 days before and ending 30 days after a sale or other disposition of shares. In such a case, the disallowed portion of any loss generally would be included in the U.S. federal income tax basis of the shares acquired.

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Common Shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts. Because the Fund does not expect to distribute dividends that would give rise to an adjustment to an individual's alternative minimum taxable income, an investment in the Common Shares should not, by itself, cause the holders of Common Shares to become subject to alternative minimum tax.

The Fund is required in certain circumstances to backup withhold at a current rate of 24% on reportable payments including dividends, capital gain distributions, and proceeds of sales or other dispositions of the Fund's shares paid to certain holders of the Fund's shares who do not furnish the Fund with their correct social security number or other taxpayer identification number and certain certifications, or who are otherwise subject to backup withholding. Backup withholding is not an additional tax. Any amounts withheld from payments made to a shareholder may be refunded or credited against such shareholder's U.S. federal income tax liability, if any, provided that the required information is timely furnished to the IRS.

**Non-U.S. Common Shareholders**

If you are a non-U.S. Common Shareholder, distributions from the Fund treated as dividends will generally be subject to a U.S. withholding tax of 30% of the distribution. Certain dividends, such as capital gains dividends, short-term capital gains dividends, and distributions that are attributable to exempt interest income or certain other interest income may not be subject to U.S. withholding taxes. In addition, some non-U.S. Common Shareholders may be eligible for a reduction or elimination of U.S. withholding taxes under a treaty.

Distributions may be subject to a U.S. withholding tax of 30% in the case of distributions to (i) certain non-U.S. financial institutions that have not entered into an agreement with the U.S. Treasury to collect and disclose certain information and are not resident in a jurisdiction that has entered into such an agreement with the U.S. Treasury and (ii) certain other non-U.S. entities that do not provide certain certifications and information about the entity's U.S. owners. Dispositions of shares by such persons may be subject to such withholding after December 31, 2018, although proposed regulations may eliminate this withholding obligation.

The foregoing is a general and abbreviated summary of the provisions of the Code and the Treasury regulations thereunder currently in effect as they directly govern the taxation of the Fund and its shareholders. These provisions are subject to change by legislative or administrative action, and any such change may be retroactive. A more complete discussion of the federal income tax rules applicable to the Fund can be found in the SAI, which is incorporated by reference into this Prospectus. Shareholders are urged to consult their tax advisors regarding specific questions as to U.S. federal, foreign, state, and local income or other taxes before making an investment in the Fund.

**UNDERWRITERS**

The underwriters named below (collectively, the "Underwriters"), acting through Lucid Capital Markets, LLC as the representative (the "Representative"), are acting as the underwriters for the offering of the Fund's Common Shares. Subject to the terms and conditions stated in the underwriting agreement (the "Underwriting Agreement") dated as of the date of this prospectus, by and among the Representative, on behalf of the Underwriters, the Fund and the Adviser, the Underwriters have agreed to purchase, and the Fund has agreed to sell to the Underwriters, the number of Common Shares set forth opposite their respective names below. The Underwriters have committed to purchase and pay for all such Common Shares if any are purchased.

---

| | |
|:---|:---|
| Underwriters | Number of Common Shares\* |
| Lucid Capital Markets, LLC |  |
| Brookline Capital Markets, a Division of Arcadia Securities LLC |  |
| Clear Street LLC |  |
| InspereX LLC |  |
| Maxim Group LLC |  |
| Webull Financial LLC |  |
| Total |  |

---

\* These amounts are shown assuming the sale of RiverNorth Indicative Commitment Shares.

If an Underwriter fails to purchase the Common Shares it has agreed to purchase, the Underwriting Agreement provides that one or more substitute underwriters may be found, the purchase commitments of the remaining Underwriters may be increased or the Underwriting Agreement may be terminated.

The Underwriting Agreement provides that the obligations of the Underwriters to purchase our Common Shares are subject to approval of certain legal matters by counsel and certain conditions precedent such as the receipt by the Underwriters of officers' certificates and legal opinions.

The Underwriters propose to initially offer some of our Common Shares directly to the public at the public offering price set forth on the cover page of this prospectus and some of our Common Shares to certain dealers at the public offering price less a concession not in excess of $ per Common Share. If all of our Common Shares are not sold at the initial offering price, the Underwriters may change the public offering price and other selling terms. Investors must pay for any shares purchased on or before the settlement date. The Underwriters do not intend to confirm any sales to any accounts over which they exercise discretionary authority. The sales load payable of 3.5% of the gross proceeds raised in connection with this public offering (excluding shares sold to the RiverNorth Affiliates) is equal to 3.5% of the public offering price, and includes a selling concession of 2.00%, a management and underwriting fee of 1.00%, and a structuring fee payable to the Representative for structuring the syndicate equal to 0.50% of the gross proceeds (subject to adjustment in the sole discretion of the Representative). Assuming the issuance of shares in connection with the offering, the sales load may be up to an aggregate amount of $.

The Fund, its executive officers, directors and the Adviser have agreed that, without the prior written consent of the Representative, on behalf of the Underwriters, each such party will not, during the period ending 180 days after the date of this prospectus (the "restricted period") sell, offer to sell, contract or agree to sell, hypothecate, pledge, grant any option to purchase or otherwise dispose of or agree to dispose of, directly or indirectly, any Common Shares or any securities convertible into or exchangeable for Common Shares. In addition, the Fund and the Adviser have agreed that, without the prior written consent of the Representative, on behalf of the Underwriters, such party will not, during the restricted period, offer, sell or register with the SEC any additional equity securities of the Fund, other than issuances (1) of Common Shares hereby or (2) of preferred shares. The Representative in its sole discretion may release any of the securities subject to these lock-up agreements in whole or in part at any time.

Prior to this offering, there has been no public or private market for the Common Shares or any other securities of the Fund. Consequently, the offering price for the Common Shares was determined by negotiation among the Fund and the Representative. There can be no assurance, however, that the price at which the Common Shares sell after this offering will not be lower than the price at which they are sold by the Underwriters or that an active trading market in the Common Shares will develop and continue after this offering. The Fund's Common Shares are expected to be listed on the New York Stock Exchange ("NYSE") under the ticker symbol "UNID."

As part of our payment of our offering expenses, the Adviser has agreed to pay expenses related to the fees and disbursements of counsel to the Underwriters, in an amount not to exceed $125,000 in the aggregate, as well as any fees in connection with the review by the Financial Industry Regulatory Authority, Inc. ("FINRA") of the terms of the sale of our Common Shares, not to exceed $.

The RiverNorth Affiliates have indicated their interest in purchasing Common Shares in this offering. The Fund will not pay underwriting discounts and commissions on any RiverNorth Indicative Commitment Shares sold to the RiverNorth Affiliates. The RiverNorth Indicative Commitment Shares will be subject to the lock-up agreement with the Underwriters described elsewhere in this prospectus.

This offering will conform with the requirements set forth in FINRA Rule 5110. The sum of all compensation to the Underwriters in connection with this offering of Common Shares will not exceed % of the total public offering price of the shares sold in this offering.

The Fund and the Adviser have each agreed to indemnify each of the Underwriters against certain liabilities, including liabilities under the Securities Act or to contribute to payments the Underwriters may be required to make because of any of those liabilities.

The Underwriters may make a market in the Common Shares. The Underwriters are not, however, obligated to conduct market-making activities and any such activities may be discontinued at any time without notice, at the sole discretion of the Underwriters. No assurance can be given as to the liquidity of, or the trading market for, the Common Shares as a result of any market-making activities undertaken by the Underwriters. This prospectus is to be used by the Underwriters in connection with this offering and, during the period in which a prospectus must be delivered, with offers and sales of the Common Shares in market-making transactions in the over-the-counter market at negotiated prices related to prevailing market prices at the time of the sale.

In connection with this offering, the Underwriters may purchase and sell Common Shares in the open market. These transactions may include stabilizing transactions and purchases to cover syndicate short positions created in connection with this offering. Stabilizing transactions consist of certain bids or purchases for the purpose of preventing or delaying a decline in the market price of the Common Shares and syndicate short positions involve the sale by the Underwriters of a greater number of Common Shares than they are required to purchase from the Fund in this offering. The Underwriters also may impose a penalty bid, whereby selling concessions allowed to syndicate members or other broker-dealers in respect of the Common Shares sold in this offering for their account may be reclaimed by the syndicate if such Common Shares are repurchased by the syndicate in stabilizing or covering transactions. These activities may stabilize, maintain or otherwise affect the market price of the Common Shares, which may be higher than the price that might otherwise prevail in the open market; and these activities, if commenced, may be discontinued at any time without notice. These transactions may be effected on the NYSE or otherwise.

We estimate that the total expenses of this offering, including up to $125,000 in reimbursement of certain Underwriters' counsel fees and up to $ of Underwriters' counsel fees in connection with the review by FINRA of the terms of the sale of Common Shares in this offering, will be approximately $, all of which will be paid by the Adviser.

A prospectus in electronic format may be made available on the websites maintained by the Underwriters. The Underwriters may allocate a certain number of Common Shares for sale to their online brokerage account holders. The Underwriters may allocate a certain number of Common Shares that it may distribute though the Internet on the same basis as other allocations. In addition, Common Shares may be sold by the Underwriters to securities dealers who resell shares to online brokerage account holders.

We anticipate that, from time to time, certain of the Underwriters may act as a broker or dealer in connection with the execution of our portfolio transactions after they have ceased to be an Underwriter and, subject to certain restrictions, may act as a broker while acting as the Underwriter. Certain Underwriters may have performed investment banking and financial advisory services for the Adviser and our affiliates from time to time, for which they have received customary fees and expenses. Certain Underwriters may, from time to time, engage in transactions with or perform services for us, the Adviser and our affiliates in the ordinary course of business.

The principal business addresses of the Representative is 570 Lexington Avenue, 40th Floor, New York, New York 10022.

**ADMINISTRATOR, FUND ACCOUNTANT, TRANSFER AGENT, DIVIDEND DISBURSING AGENT AND CUSTODIAN**

The Fund's administrator is Paralel Technologies, LLC. Under the Fund Administration Services Agreement, Paralel Technologies, LLC is responsible for calculating NAVs, providing additional fund accounting and tax services, and providing fund administration and compliance-related services. The address of Paralel Technologies, LLC is 1700 Broadway, Suite 1850, Denver, Colorado 80290. For its services, the Fund pays Paralel Technologies, LLC customary fees based on the Fund's net assets plus out of pocket expenses.

State Street Bank and Trust Company, located at State Street Financial Center, One Lincoln Street, Boston, MA 02111, will serve as the Fund's custodian and will maintain custody of the securities and cash of the Fund. For its services, the custodian will receive a monthly fee based upon, among other things, the average value of the net assets of the Fund, plus certain charges for securities transactions.

Computershare, Inc., located at 150 Royall Street, Canton, Massachusetts 020214, will serve as the Fund's transfer agent, registrar and dividend disbursing agent.

**LEGAL MATTERS**

Certain legal matters in connection with the Common Shares will be passed upon for the Fund by Chapman and Cutler LLP, and for the Underwriters by Proskauer Rose LLP. Chapman and Cutler LLP and Proskauer Rose LLP may rely as to certain matters of Maryland law on the opinion of Shapiro Sher Guinot & Sandler, P.A.

**ADDITIONAL INFORMATION**

The Fund will be subject to the informational requirements of the Exchange Act and the 1940 Act and in accordance therewith files reports and other information with the SEC. Reports, proxy statements and other information filed by the Fund with the SEC pursuant to the informational requirements of such Acts can be inspected and copied at the public reference facilities maintained by the SEC, 100 F Street, N.E., Washington, D.C. 20549. The SEC maintains a website at http://www.sec.gov containing reports, proxy and information statements and other information regarding registrants, including the Fund (when available), that file electronically with the SEC.

This Prospectus constitutes part of a Registration Statement filed by the Fund with the SEC under the Securities Act and the 1940 Act. This Prospectus omits certain of the information contained in the Registration Statement, and reference is hereby made to the Registration Statement and related exhibits for further information with respect to the Fund and the Common Shares offered hereby. Any statements contained herein concerning the provisions of any document are not necessarily complete, and, in each instance, reference is made to the copy of such document filed as an exhibit to the Registration Statement. Each such statement is qualified in its entirety by such reference. The complete Registration Statement may be obtained from the SEC upon payment of the fee prescribed by its rules and regulations or free of charge through the SEC's website (http://www.sec.gov).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Shares**

RiverNorth Short Prime Unicorn Fund 2028, Inc.

**Common Stock**

**$20.00 per Share**

**PROSPECTUS**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**, 2026**

**Until (25 days after the date of this Prospectus), all dealers that buy, sell or trade the shares of common stock, whether or not participating in this offering, may be required to deliver a prospectus. This is in addition to the dealers' obligation to deliver a prospectus when acting as underwriters and with respect to their unsold allotments or subscriptions.** 

**The information in this statement of additional information is not complete and may be changed. We may not sell these securities until the registration statement filed with the Securities and Exchange Commission is effective. This statement of additional information is not an offer to sell these securities and it is not soliciting an offer to buy these securities in any jurisdiction where the offer or sale is not permitted.** 

**RiverNorth Short Prime Unicorn Fund 2028, Inc.**

**Statement of Additional Information**

RiverNorth Short Prime Unicorn Fund 2028, Inc. (the "Fund") is a Maryland corporation that is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a newly organized, non-diversified, closed-end management investment company. The Fund seeks to achieve the inverse (-100%) of the U.S. dollar returns of the RiverNorth Long Prime Unicorn Fund 2028, Inc. (the "Long Fund") generated by the Long Fund's investment exposure to the Prime UnicornTM 30 Index (the "Index") over the period beginning from the date of this Prospectus through the Termination Date, excluding the distributions of investment income with respect to the Fund's Collateral Investments (as defined below) and before fees and expenses. RiverNorth Capital Management, LLC, the investment adviser of the Fund ("RiverNorth" or the "Adviser") will attempt to achieve the Fund's investment objective by entering into one or more swap agreements that correspond to the inverse dollar returns of, the Index. The Fund also may invest in other derivative instruments to achieve its investment objective. See "Investment Objective, Strategies and Policies—Principal Investment Strategies" in the Fund's Prospectus (as defined below). There is no assurance that the Fund will achieve its investment objectives.

This Statement of Additional Information ("SAI") relating to the shares of common stock of the Fund (the "Common Shares") is not a prospectus, but should be read in conjunction with the prospectus for the Fund dated , 2026 (the "Prospectus"). This SAI does not include all information that a prospective investor should consider before purchasing Common Shares. Investors should obtain and read the Prospectus prior to purchasing such Common Shares. A copy of the Prospectus may be obtained without charge by calling the Fund at (800) 646-0148.

The Prospectus and this SAI omit certain of the information contained in the registration statement filed with the Securities and Exchange Commission ("SEC"), Washington, D.C. The registration statement may be obtained from the SEC upon payment of the fee prescribed, or inspected at the SEC's office or via its website (www.sec.gov) at no charge. Capitalized terms used but not defined herein have the meanings ascribed to them in the Prospectus.

This Statement of Additional Information is dated , 2026.

**TABLE OF CONTENTS**

---

| | |
|:---|:---|
|  | Page |
| INVESTMENT RESTRICTIONS | 1 |
| INVESTMENT POLICIES AND TECHNIQUES | 2 |
| MANAGEMENT OF THE FUND | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Adviser | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investment Advisory Agreement | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Managers | 10 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Compensation of Portfolio Managers | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Portfolio Manager Ownership of Fund Shares | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Conflicts of Interest | 11 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Accounts Managed | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Administrator | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Codes of Ethics | 13 |
| FUND SERVICE PROVIDERS | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Independent Registered Public Accounting Firm | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Legal Counsel | 13 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Custodian and Transfer Agent | 13 |
| PORTFOLIO TRANSACTIONS | 13 |
| CERTAIN U.S. FEDERAL INCOME TAX MATTERS | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Fund Taxation | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder Taxation | 16 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other Taxes | 19 |
| BOARD MEMBERS AND OFFICERS | 19 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Director Ownership in the Fund | 25 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Securities Beneficially Owned | 25 |
| PROXY VOTING GUIDELINES | 25 |
| ADDITIONAL INFORMATION | 26 |
| FINANCIAL STATEMENT AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM | 27 |
| APPENDIX A - PROXY VOTING GUIDELINES OF THE ADVISER | 1 |

---

-i-

**INVESTMENT RESTRICTIONS**

Except as otherwise indicated, the Fund's investment policies are not fundamental and may be changed without a vote of Common 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. However, the asset coverage requirement applicable to borrowings will be maintained as required under the 1940 Act.

The Fund's 80% policy (as set forth in the Prospectus) is considered fundamental. In addition, as a matter of fundamental policy, the Fund will not:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) borrow money, except as permitted under the 1940 Act, as it may be amended, interpreted or modified from time to time by Congress or regulatory authorities having jurisdiction, including, for the avoidance of doubt, SEC staff interpretations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) issue senior securities, except as permitted under the 1940 Act, as it may be amended, interpreted or modified from time to time by Congress or regulatory authorities having jurisdiction, including, for the avoidance of doubt, SEC staff interpretations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) purchase any security if, as a result, 25% or more of the Fund's total assets (taken at current value) would be invested in any single industry or group of industries, except to the extent that the Fund's Index is concentrated in an industry or a group of industries. This restriction does not apply to obligations issued or guaranteed by the U.S. government, its agencies or instrumentalities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) purchase or sell real estate. The Fund may, for clarity, purchase interests in issuers which deal or invest in real estate, including limited partnership interests of limited partnerships that invest or deal in real estate;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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, futures 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 commodities or as otherwise permitted by the 1940 Act, as amended, interpreted or modified from time to time by Congress or regulatory authorities having jurisdiction, including, for the avoidance of doubt, SEC staff interpretations, or pursuant to an exemption or other relief applicable to the Fund from the provisions of the 1940 Act, as amended from time to time; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) make loans, except as permitted under the 1940 Act, as it may be amended, interpreted or modified from time to time by Congress or regulatory authorities having jurisdiction, including, for the avoidance of doubt, SEC staff interpretations or except as may be permitted by exemptive orders granted under the 1940 Act.

A fundamental policy may not be changed without the approval of a majority of the outstanding voting securities of the Fund which, under the 1940 Act and the rules thereunder and as used in this SAI, means the lesser of (1) 67% or more of the voting securities present at such meeting, if the holders of more than 50% of the outstanding voting securities of the Fund are present or represented by proxy, or (2) more than 50% of the outstanding voting securities of the Fund.

**Fundamental Investment Restriction (1)**

The 1940 Act permits the Fund to borrow money in an amount up to one-third of its total assets (including the amount borrowed) less its liabilities (not including any borrowings but including the fair market value at the time of computation of any other senior securities then outstanding). The Fund may also borrow an additional 5% of its total assets without regard to the foregoing limitation for temporary purposes such as clearance of portfolio transactions.

Practices and investments that may involve leverage but are not considered to be borrowings are not subject to the policy.

**Fundamental Investment Restriction (2)**

The ability of a closed-end fund to issue senior securities is severely circumscribed by complex regulatory constraints under the 1940 Act that restrict, for instance, the amount, timing, and form of senior securities that may be issued. Certain portfolio management techniques, such as reverse repurchase agreements, tender option bonds, credit default swaps, futures contracts, the purchase of securities on margin, short sales, or the writing of puts on portfolio securities, may be considered senior securities.

Under the 1940 Act, the issuance by the Fund of a senior security representing an indebtedness is subject to a requirement that provision is made that, (i) if on the last business day of each of 12 consecutive calendar months the asset coverage with respect to the senior security is less than 100%, the holders of such securities voting as a class shall be entitled to elect at least a majority of the board of directors of the Fund (the "Board of Directors") with such voting right to continue until the asset coverage for such class of senior security is at least 110% on the last business day of each of 3 consecutive calendar months or, (ii) if on the last business day of each of 24 consecutive calendar months the asset coverage for such class of senior security is less than 100%, an event of default shall be deemed to have occurred.

The Fund will comply with Rule 18f-4 with respect to its derivatives transactions. Thus, the fundamental policy relating to issuing senior securities above will not restrict the Fund from entering into derivatives transactions that are treated as senior securities so long as the Fund complies with Rule 18f-4 with respect to such derivatives transactions.

**Fundamental Investment Restriction (6)**

The ability of the Fund to invest directly in commodities, and in certain commodity-related securities and other instruments, is subject to significant limitations in order to enable the Fund to maintain its status as a regulated investment company under the Internal Revenue Code of 1986, as amended (the "Code").

**Fundamental Investment Restriction (7)**

The 1940 Act does not prohibit a fund from making loans; however, SEC staff interpretations currently prohibit funds from lending more than one-third of their total assets, except through the purchase of debt obligations or the use of repurchase agreements. A repurchase agreement is an agreement to purchase a security, coupled with an agreement to sell that security back to the original seller on an agreed-upon date at a price that reflects current interest rates. The SEC frequently treats repurchase agreements as loans.

**INVESTMENT POLICIES AND TECHNIQUES**

The following describes certain investment practices and techniques in which the Fund may engage, and certain of the risks associated with such practices and techniques, and includes a discussion of the spectrum of investments that the Adviser in its discretion may, but is not required to, use in managing the Fund's assets. The following descriptions supplement the descriptions of the investment objectives, policies, strategies and risks as set forth in the Fund's Prospectus.

Furthermore, it is possible that certain types of financial instruments or investment techniques described herein may not be available, permissible, economically feasible or effective for their intended purposes in all markets. Certain practices, techniques or instruments may not be principal activities of the Fund but, to the extent employed, could from time to time have a material impact on the Fund's performance.

**Derivatives**. The Fund expects to utilize a variety of derivatives contracts, such as futures, options, swaps and forward contracts, both for investment purposes and for hedging purposes.

In the course of pursuing these investment strategies, the Fund may purchase and sell exchange-listed and over-the-counter put and call options on securities, equity and fixed-income indices and other instruments, purchase and sell futures contracts and options thereon, enter into various transactions such as swaps, caps, floors or collars, (collectively, all the above are called "Derivative Transactions"). In addition, Derivative Transactions may also include new techniques, instruments or strategies that are permitted as regulatory changes occur. Derivative Transactions may be used without limit (subject to certain limits imposed by the 1940 Act) to attempt to protect against possible changes in the market value of securities held in or to be purchased for the Fund's portfolio resulting from securities markets fluctuations, to protect the Fund's unrealized gains in the value of its portfolio securities, to facilitate the sale of such securities for investment purposes, to manage the effective maturity or duration of the Fund's portfolio, or to establish a position in the derivatives markets as a substitute for purchasing or selling particular securities. Some Derivative Transactions may also be used to enhance potential gain. Any or all of these investment techniques may be used at any time and in any combination, and there is no particular strategy that dictates the use of one technique rather than another, as use of any Derivative Transaction is a function of numerous variables including, but not limited to, market conditions. The ability of the Fund to utilize these Derivative Transactions successfully will depend on the Adviser's ability to predict pertinent market movements, which cannot be assured. The Fund's use of Derivative Transactions may also be limited by the requirements of the Code for qualification as a regulated investment company for U.S. federal income tax purposes. The Fund will comply with applicable regulatory requirements when implementing these strategies, techniques and instruments.

Derivative Transactions, including derivative contracts, have risks associated with them including, but not limited to, possible default by the other party to the transaction, illiquidity and, to the extent the Adviser's view as to certain market movements is incorrect, the risk that the use of such Derivative Transactions could result in losses greater than if they had not been used. Use of Derivative Transactions may result in losses to the Fund, force the sale or purchase of portfolio securities at inopportune times or for prices higher than or lower than current market values, limit the amount of appreciation the Fund can realize on its investments or cause the Fund to hold a security it might otherwise sell.

The use of options and futures transactions entails certain other risks. In particular, the variable degree of correlation between price movements of futures contracts and price movements in the related portfolio position of the Fund creates the possibility that losses on the hedging instrument may be greater than gains in the value of the position the Fund is attempting to hedge. In addition, futures and options markets may not be liquid in all circumstances and certain over-the-counter options may have no markets. As a result, in certain markets, the Fund might not be able to close out a transaction without incurring substantial losses, if at all. Although the use of futures and options transactions for hedging should tend to reduce the risk of loss due to a decline in the value of the hedged position, at the same time they tend to limit any potential gain which might result from an increase in value of such position. Finally, the daily variation margin requirements for futures contracts would create a greater ongoing potential financial risk than would purchases of options, where the exposure is limited to the cost of the initial premium. Losses resulting from the use of Derivative Transactions would reduce NAV, and possibly income, and such losses can be greater than if the Derivative Transactions had not been utilized.

On October 28, 2020, the SEC adopted Rule 18f-4 under the 1940 Act relating to a registered investment company's use of derivatives and related instruments. Rule 18f-4 prescribes specific value-at-risk leverage limits for certain derivatives users and requires certain derivatives users to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements), and prescribes reporting requirements in respect of derivatives. Subject to certain conditions, if a fund qualifies as a "limited derivatives user," as defined in Rule 18f-4, it is not subject to the full requirements of Rule 18f-4. In connection with the adoption of Rule 18f-4, the SEC rescinded certain of its prior guidance regarding asset segregation and coverage requirements in respect of derivatives transactions and related instruments. With respect to reverse repurchase agreements, tender option bonds or other similar financing transactions in particular, Rule 18f-4 permits a fund to enter into such transactions if the fund either (i) complies with the asset coverage requirements of Section 18 of the 1940 Act, and combines the aggregate amount of indebtedness associated with all tender option bonds or similar financing with the aggregate amount of any other senior securities representing indebtedness when calculating the relevant asset coverage ratio, or (ii) treats all tender option bonds or similar financing transactions as derivatives transactions for all purposes under Rule 18f-4. The Fund was required to comply with Rule 18f-4 beginning August 19, 2022 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.

*Swaps*. Among the Derivative Transactions into which the Fund may enter are interest rate, index and other swaps and the purchase or sale of related caps, floors and collars. The Fund may enter into these transactions for investment purposes or to preserve a return or spread on a particular investment or portion of its portfolio, as a duration management technique or to protect against any increase in the price of securities the Fund anticipates purchasing at a later date. Swaps may be used in conjunction with other instruments to offset interest rate, currency or other underlying risks. Interest rate swaps involve the exchange by the Fund with another party of their respective commitments to pay or receive interest, *e.g.,* an exchange of floating rate payments for fixed rate payments with respect to a notional amount of principal. An index swap is an agreement to swap cash flows on a notional amount based on changes in the values of the reference indices. The purchase of a cap entitles the purchaser to receive payments on a notional principal amount from the party selling such cap to the extent that a specified index exceeds a predetermined interest rate or amount. The purchase of a floor entitles the purchaser to receive payments on a notional principal amount from the party selling such floor to the extent that a specified index falls below a predetermined interest rate or amount. A collar is a combination of a cap and a floor that preserves a certain return within a predetermined range of interest rates or values.

The Fund will usually enter into swaps on a net basis, *i.e.,* the two payment streams are netted out in a cash settlement on the payment date or dates specified in the instrument, with the Fund receiving or paying, as the case may be, only the net amount of the two payments. If there is a default by the Counterparty, the Fund may have contractual remedies pursuant to the agreements related to the transaction.

*Total Return Swap Agreements.* The Fund will enter into total return swap agreements. Total return swaps are contracts in which one party agrees to make periodic payments based on the change in market value of the underlying assets, which may include a specified security, basket of securities or security indexes during the specified period, in return for periodic payments based on a fixed or variable interest rate of the total return from other underlying assets. Total return swaps may be used to obtain exposure to a security or market without owning or taking physical custody of such security or market, including in cases in which there may be disadvantages associated with direct ownership of a particular security. In a typical total return equity swap, payments made by the Fund or the counterparty are based on the total return of a particular reference asset or assets (such as an equity security, a combination of such securities, or an index). That is, one party agrees to pay another party the return on a stock, basket of stocks, or stock index in return for a specified interest rate. By entering into an equity index swap, for example, the index receiver can gain exposure to stocks making up the index of securities without actually purchasing those stocks. Total return swaps involve not only the risk associated with the investment in the underlying securities, but also the risk of the counterparty not fulfilling its obligations under the agreement.

*General Characteristics of Options*. Put options and call options typically have similar structural characteristics and operational mechanics regardless of the underlying instrument on which they are purchased or sold. Thus, the following general discussion relates to each of the particular types of options discussed in greater detail below.

A put option gives the purchaser of the option, upon payment of a premium, the right to sell, and the writer the obligation to buy, the underlying security, commodity, index or other instrument at the exercise price. For instance, the Fund's purchase of a put option on a security might be designed to protect its holdings in the underlying instrument (or, in some cases, a similar instrument) against a substantial decline in the market value by giving the Fund the right to sell such instrument at the option exercise price. A call option, upon payment of a premium, gives the purchaser of the option the right to buy, and the seller the obligation to sell, the underlying instrument at the exercise price. The Fund's purchase of a call option on a security, financial future, index or other instrument might be intended to protect the Fund against an increase in the price of the underlying instrument that it intends to purchase in the future by fixing the price at which it may purchase such instrument. An American style put or call option may be exercised at any time during the option period while a European style put or call option may be exercised only upon expiration or during a fixed period prior thereto. The Fund is authorized to purchase and sell exchange listed options and over-the-counter options ("OTC options"). Exchange listed options are issued by a regulated intermediary such as the Options Clearing Corporation ("OCC"), which guarantees the performance of the obligations of the parties to such options. The discussion below uses the OCC as an example, but is also applicable to other financial intermediaries.

With certain exceptions, OCC issued and exchange listed options generally settle by physical delivery of the underlying security, although in the future cash settlement may become available. Index options are cash settled for the net amount, if any, by which the option is "in-the-money" (*i.e.,* where the value of the underlying instrument exceeds, in the case of a call option, or is less than, in the case of a put option, the exercise price of the option) at the time the option is exercised. Frequently, rather than taking or making delivery of the underlying instrument through the process of exercising the option, listed options are closed by entering into offsetting purchase or sale transactions that do not result in ownership of the new option.

The Fund's ability to close out its position as a purchaser or seller of an OCC or exchange listed put or call option is dependent, in part, upon the liquidity of the option market. Among the possible reasons for the absence of a liquid option market on an exchange are: (i) insufficient trading interest in certain options; (ii) restrictions on transactions imposed by an exchange; (iii) trading halts, suspensions or other restrictions imposed with respect to particular classes or series of options or underlying securities including reaching daily price limits; (iv) interruption of the normal operations of the OCC or an exchange; (v) inadequacy of the facilities of an exchange or OCC to handle current trading volume; or (vi) a decision by one or more exchanges to discontinue the trading of options (or a particular class or series of options), in which event the relevant market for that option on that exchange would cease to exist, although outstanding options on that exchange would generally continue to be exercisable in accordance with their terms.

The hours of trading for listed options may not coincide with the hours during which the underlying financial instruments are traded. To the extent that the option markets close before the markets for the underlying financial instruments, significant price and rate movements can take place in the underlying markets that cannot be reflected in the option markets.

OTC options are purchased from or sold to securities dealers, financial institutions or other parties ("Counterparties") through direct bilateral agreement with the Counterparty. In contrast to exchange listed options, which generally have standardized terms and performance mechanics, all the terms of an OTC option, including such terms as method of settlement, term, exercise price, premium, guarantees and security, are set by negotiation of the parties. The Fund will only sell OTC options that are subject to a buy-back provision permitting the Fund to require the Counterparty to sell the option back to the Fund at a formula price within seven days. The Fund expects generally to enter into OTC options that have cash settlement provisions, although it is not required to do so.

Unless the parties provide for it, there is no central clearing or guaranty function in an OTC option. As a result, if the Counterparty fails to make or take delivery of the security or other instrument underlying an OTC option it has entered into with the Fund or fails to make a cash settlement payment due in accordance with the terms of that option, the Fund will lose any premium it paid for the option as well as any anticipated benefit of the transaction. Accordingly, the Adviser must assess the creditworthiness of each such Counterparty or any guarantor or credit enhancement of the Counterparty's credit to determine the likelihood that the terms of the OTC option will be satisfied. The Fund will engage in OTC option transactions only with U.S. government securities dealers recognized by the Federal Reserve Bank of New York as "primary dealers" or broker/dealers, domestic or foreign banks or other financial institutions which have received (or the guarantors of the obligation of which have received) a short-term credit rating of "A-1" from S&P Global Ratings, a Standard & Poor's Financial Services LLC business ("S&P") or "P-1" from Moody's Investor Services, Inc. ("Moody's") or an equivalent rating from any nationally recognized statistical rating organization ("NRSRO") or, in the case of OTC currency options, are determined to be of equivalent credit quality by the Adviser. The staff of the SEC currently takes the position that OTC options purchased by the Fund, and portfolio securities "covering" the amount of the Fund's obligation pursuant to an OTC option sold by it (the cost of the sell-back plus the in-the-money amount, if any) are illiquid.

If the Fund sells a call option, the premium that it receives may serve as a partial hedge, to the extent of the option premium, against a decrease in the value of the underlying securities or instruments in its portfolio or will increase the Fund's income. The sale of put options can also provide income.

The Fund may purchase and sell call options on securities including U.S. Treasury and agency securities, corporate debt securities and equity securities (including convertible securities) that are traded on U.S. securities exchanges and in the over-the-counter markets, and on securities indices and futures contracts. All calls sold by the Fund must be "covered" (*i.e.,* the Fund must own the securities or futures contract subject to the call). Even though the Fund will receive the option premium to help protect it against loss, a call sold by the Fund exposes the Fund during the term of the option to possible loss of opportunity to realize appreciation in the market price of the underlying security or instrument and may require the Fund to hold a security or instrument which it might otherwise have sold.

The Fund may purchase and sell put options on securities including U.S. Treasury and agency securities, corporate debt securities and equity securities (including convertible securities), whether or not it holds the above securities in its portfolio, and on securities indices and futures contracts other than futures on individual corporate debt and individual equity securities. In selling put options, there is a risk that the Fund may be required to buy the underlying security at a disadvantageous price above the market price.

*General Characteristics of Futures*. The Fund may enter into futures contracts or purchase or sell put and call options on such futures as a hedge against anticipated interest rate or equity market changes or to enhance returns. Futures are generally bought and sold on the commodities exchanges where they are listed with payment of initial and variation margin as described below. The sale of a futures contract creates a firm obligation by the Fund, as seller, to deliver to the buyer the specific type of financial instrument called for in the contract at a specific future time for a specified price (or, with respect to index futures, the net cash amount). Options on futures contracts are similar to options on securities except that an option on a futures contract gives the purchaser the right in return for the premium paid to assume a position in a futures contract and obligates the seller to deliver such position.

Typically, maintaining a futures contract or selling an option thereon requires the Fund to deposit with a financial intermediary as security for its obligations an amount of cash or other specified assets (initial margin), which initially is typically 1% to 10% of the face amount of the contract (but may be higher in some circumstances). Additional cash or assets (variation margin) may be required to be deposited thereafter on a daily basis as the mark-to-market value of the contract fluctuates. The purchase of an option on financial futures involves payment of a premium for the option without any further obligation on the part of the Fund. If the Fund exercises an option on a futures contract it will be obligated to post initial margin (and potential subsequent variation margin) for the resulting futures position just as it would for any position. Futures contracts and options thereon are generally settled by entering into an offsetting transaction but there can be no assurance that the position can be offset prior to settlement at an advantageous price, nor that delivery will occur.

*Options on Securities Indices and Other Financial Indices*. The Fund also may purchase and sell call and put options on securities indices and other financial indices and in so doing can achieve many of the same objectives it would achieve through the sale or purchase of options on individual securities or other instruments. Options on securities indices and other financial indices are similar to options on a security or other instrument except that, rather than settling by physical delivery of the underlying instrument, they settle by cash settlement, *i.e.,* an option on an index gives the holder the right to receive, upon exercise of the option, an amount of cash if the closing level of the index upon which the option is based exceeds, in the case of a call, or is less than, in the case of a put, the exercise price of the option (except if, in the case of an OTC option, physical delivery is specified). This amount of cash is equal to the excess of the closing price of the index over the exercise price of the option, which also may be multiplied by a formula value. The seller of the option is obligated, in return for the premium received, to make delivery of this amount. The gain or loss on an option on an index depends on price movements in the instruments making up the market, market segment, industry or other composite on which the underlying index is based, rather than price movements in individual securities, as is the case with respect to options on securities.

*Structured Notes*. Structured notes are derivative debt securities, the interest rate or principal of which is determined by reference to changes in value of a specific security, reference rate, or index. Indexed securities, similar to structured notes, are typically, but not always, debt securities whose value at maturity or coupon rate is determined by reference to other securities. The performance of a structured note or indexed security is based upon the performance of the underlying instrument, but may involve a formula that multiplies the effect of certain aspects of the performance of that instrument, so that the performance of the derivative is more or less volatile than that of the underlying instrument.

The terms of a structured note may provide that, in certain circumstances, no principal is due on maturity and, therefore, may result in loss of investment. Structured notes may be indexed positively or negatively to the performance of the underlying instrument such that the appreciation or deprecation of the underlying instrument will move in the same direction as the value of the structured note at maturity or of any coupon payment. In addition, changes in the interest rate and value of the principal at maturity may be fixed at a specific multiple of the change in value of the underlying instrument, making the value of the structured note more volatile than the underlying instrument. In addition, structured notes may be less liquid and more difficult to price accurately than less complex securities or traditional debt securities.

*OTC Derivatives.* The Fund may enter into OTC derivatives transactions. The Dodd-Frank Act established a new statutory framework that comprehensively regulated the OTC derivatives markets for the first time. Key Dodd-Frank Act provisions relating to OTC derivatives require rulemaking by the SEC and the CFTC, not all of which has been proposed or finalized as at the date of this SAI. Prior to the Dodd-Frank Act, the OTC derivatives markets were traditionally traded on a bilateral basis (so-called "bilateral OTC transactions"). Now certain OTC derivatives contracts are required to be centrally cleared and traded on exchanges or electronic trading platforms called swap execution facilities ("SEFs").

Bilateral OTC transactions differ from exchange-traded or cleared derivatives transactions in several respects. Bilateral OTC transactions are transacted directly with dealers and not with a clearing corporation. Without the availability of a clearing corporation, bilateral OTC transaction pricing is normally done by reference to information from market makers, which information is carefully monitored by the Adviser and verified in appropriate cases. As bilateral OTC transactions are entered into directly with a dealer, there is a risk of nonperformance by the dealer as a result of its insolvency or otherwise. Under recently-adopted CFTC regulations, counterparties of registered swap dealers and major swap participants have the right to elect segregation of initial margin in respect of uncleared swaps. If a counterparty makes such an election, any initial margin that is posted to the swap dealer or major swap participant must be segregated in individual customer accounts held at an independent third-party custodian. In addition, the collateral may only be invested in certain categories of instruments identified in the CFTC's regulations. Agreements covering these segregation arrangements must generally provide for consent by both the counterparty and the swap dealer or major swap participant to withdraw margin from the segregated account. Given these limitations on the use of uncleared swaps collateral, there is some likelihood that the electing counterparty will experience an increase in the costs associated with trading swaps with the relevant swap dealer or major swap participant. Certain other protections apply to a counterparty to uncleared swaps under the CFTC's regulations even if the counterparty does not elect segregation of its initial margin. These regulations are newly adopted, and it remains unclear whether they will be effective in protecting initial margin in the manner intended in the event of significant market stress or the insolvency of a swap dealer or major swap participant.

Furthermore, a bilateral OTC transaction may only be terminated voluntarily by entering into a closing transaction with the dealer with which the Fund originally dealt. Any such cancellation may require the Fund to pay a premium to that dealer. In those cases in which the Fund has entered into a covered transaction and cannot voluntarily terminate the transaction, the Fund will not be able to sell the underlying security until the transaction expires or is exercised or different cover is substituted. The Fund will seek to enter into OTC transactions only with dealers which agree to, and which are expected to be capable of, entering into closing transactions with the Fund. There is also no assurance that the Fund will be able to liquidate an OTC transaction at any time prior to expiration.

The requirement to execute certain OTC derivatives contracts on SEFs may offer certain advantages over traditional bilateral OTC trading, such as ease of execution, price transparency, increased liquidity and/or favorable pricing. However, SEF trading may make it more difficult and costly for the Fund to enter into highly tailored or customized transactions and may result in additional costs and risks. Market participants such as the Fund that execute derivatives contracts through a SEF, whether directly or through a broker intermediary, are required to submit to the jurisdiction of the SEF and comply with SEF and CFTC rules and regulations which impose, among other things disclosure and recordkeeping obligations. In addition, the Fund will generally incur SEF or broker intermediary fees when it trades on a SEF. The Fund may also be required to indemnify the SEF or broker intermediary for any losses or costs that may result from the Fund's transactions on the SEF.

*Combined Transactions*. The Fund may enter into multiple transactions, including multiple options transactions, multiple futures transactions, multiple currency transactions (including forward currency contracts) and multiple interest rate transactions and any combination of futures, options, currency and interest rate transactions ("component" transactions), instead of a single Derivative Transaction, as part of a single or combined strategy when, in the opinion of the Adviser, it is in the best interests of the Fund to do so. A combined transaction will usually contain elements of risk that are present in each of its component transactions. Although combined transactions are normally entered into based on the Adviser's judgment that the combined strategies will reduce risk or otherwise more effectively achieve the desired portfolio management goal, it is possible that the combination will instead increase such risks or hinder achievement of the portfolio management objectives.

**Shorting or Inverse Positions.**

The Fund will seek inverse or "short" exposure through financial instruments. Shareholders should lose money when the underlying security rises, which is a result that is the opposite from traditional index tracking funds. The Fund will obtain short exposure that is designed to earn the Fund a profit from the decline in the price of particular securities, baskets of securities or indices. If the market price of the underlying security or underlying security goes down between the time the Fund sells the security or underlying security and buys it back, the Fund will realize a gain on the transaction. Conversely, if the underlying security or underlying security goes up in price during the period, the Fund will realize a loss on the transaction. Any such loss is increased by the cost the Fund must pay to obtain the short exposure. Likewise, any gain will be decreased by the costs the Fund must pay to obtain short exposure.

The Fund will obtain inverse or "short" exposure through the use of swap agreements, which may expose the Fund to certain risks such as an increase in volatility or decrease in the liquidity of the securities or financial instruments of the underlying short position. If the Fund were to experience this volatility or decreased liquidity, the Fund's return may be lower, the Fund's ability to obtain inverse exposure through the use of swap agreements may be limited. If the securities or financial instruments underlying the short positions are thinly traded or have a limited market due to various factors, including regulatory action, the Fund may be unable to meet its investment objective due to a lack of available securities, financial instruments or counterparties. Any income, dividends or payments by the assets underlying the Fund's swap agreements will negatively impact the Fund.

**Collateral Investments.** The Fund may invest in cash and U.S. Treasury securities and other high credit quality short-term fixed income or similar securities (collectively, the "Collateral Investments").

*U.S. Treasury Securities.* The Fund may invest in U.S. government obligations. U.S. Government securities, including bills, notes and bonds differing as to maturity and rates of interest that are either issued or guaranteed by the U.S. Treasury or by U.S. Government agencies or instrumentalities. U.S. Government agency securities include securities issued by: (a) the Federal Housing Administration, Farmers Home Administration, Export-Import Bank of the United States, Small Business Administration, and the Government National Mortgage Association, whose securities are supported by the full faith and credit of the United States; (b) the Federal Home Loan Banks, Federal Intermediate Credit Banks, and the Tennessee Valley Authority, whose securities are supported by the right of the agency to borrow from the U.S. Treasury; (c) the Federal National Mortgage Association; and (d) the Student Loan Marketing Association. While the U.S. Government typically provides financial support to such U.S. Government-sponsored agencies or instrumentalities, no assurance can be given that it always will do so since it is not so obligated by law. The U.S. Government, its agencies, and instrumentalities do not guarantee the market value of their securities. Consequently, the value of such securities may fluctuate.

*Cash and Cash Equivalents*. The Fund may invest in any of the following securities and instruments:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Certificates of deposit issued against funds deposited in a bank or a savings and loan association. Such certificates are for a definite period of time, earn a specified rate of return, and are normally negotiable. The issuer of a certificate of deposit agrees to pay the amount deposited plus interest to the bearer of the certificate on the date specified thereon. Under current Federal Deposit Insurance Corporation ("FDIC") regulations, the maximum insurance payable as to any one certificate of deposit is $250,000, therefore, certificates of deposit purchased by the Fund may not be fully insured.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Repurchase agreements, which involve purchases of debt securities. At the time the Fund purchases securities pursuant to a repurchase agreement, it simultaneously agrees to resell and redeliver such securities to the seller, who also simultaneously agrees to buy back the securities at a fixed price and time. This assures a predetermined yield for the Fund during its holding period, since the resale price is always greater than the purchase price and reflects an agreed-upon market rate. Such actions afford an opportunity for the Fund to invest temporarily available cash. Pursuant to the Fund's policies and procedures, the Fund may enter into repurchase agreements only with respect to obligations of the U.S. Government, its agencies or instrumentalities; certificates of deposit; or bankers' acceptances in which the Fund may invest. Repurchase agreements may be considered loans to the seller, collateralized by the underlying securities. The risk to the Fund is limited to the ability of the seller to pay the agreed-upon sum on the repurchase date; in the event of default, the repurchase agreement provides that the Fund is entitled to sell the underlying collateral. If the seller defaults under a repurchase agreement when the value of the underlying collateral is less than the repurchase price, the Fund could incur a loss of both principal and interest. The Adviser monitors the value of the collateral at the time the action is entered into and at all times during the term of the repurchase agreement. The Adviser does so in an effort to determine that the value of the collateral always equals or exceeds the agreed-upon repurchase price to be paid to the Fund. If the seller were to be subject to a federal bankruptcy proceeding, the ability of the Fund to liquidate the collateral could be delayed or impaired because of certain provisions of the bankruptcy laws.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Commercial paper, which consists of short-term unsecured promissory notes, including variable rate master demand notes issued by corporations to finance their current operations. Master demand notes are direct lending arrangements between the Fund and a corporation. There is no secondary market for such notes. However, they are redeemable by the Fund at any time. The Adviser will consider the financial condition of the corporation (*e.g.,* earning power, cash flow, and other liquidity measures) and will continuously monitor the corporation's ability to meet all its financial obligations, because the Fund's liquidity might be impaired if the corporation were unable to pay principal and interest on demand. Investments in commercial paper will be limited to commercial paper rated in the highest categories by a NRSRO and which mature within one year of the date of purchase or carry a variable or floating rate of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) The Fund may invest in bankers' acceptances which are short-term credit instruments used to finance commercial transactions. Generally, an acceptance is a time draft drawn on a bank by an exporter or an importer to obtain a stated amount of funds to pay for specific merchandise. The draft is then "accepted" by a bank that, in effect, unconditionally guarantees to pay the face value of the instrument on its maturity date. The acceptance may then be held by the accepting bank as an asset or it may be sold in the secondary market at the going rate of interest for a specific maturity.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) The Fund may invest in bank time deposits, which are monies kept on deposit with banks or savings and loan associations for a stated period of time at a fixed rate of interest. There may be penalties for the early withdrawal of such time deposits, in which case the yields of these investments will be reduced.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Fund may invest in shares of money market funds in accordance with the provisions of the 1940 Act.

***Private Company Related Investments Risk***

 ****

Private companies are generally not subject to SEC reporting requirements, are not required to maintain their accounting records in accordance with generally accepted accounting principles, and are not required to maintain effective internal controls over financial reporting. As a result, the Adviser may not have timely or accurate information about the business, financial condition and results of operations of the private companies to which the Fund has exposure.

Venture-capital-backed private companies to which the Fund has exposure may have limited financial resources and may be unable to meet their obligations under their existing debt, which may lead to equity financings, possibly at discounted valuations, bankruptcy or liquidation. Such private companies may also have shorter operating histories, more asset concentration risk, narrower product lines and smaller market shares than larger businesses, which tend to render such private companies more vulnerable to competitors' actions, market conditions and consumer sentiment in respect of their products or services, as well as general economic downturns. These companies generally have less predictable operating results, may from time to time be parties to litigation, may be engaged in rapidly changing businesses with products subject to a substantial risk of obsolescence, and may require substantial additional capital to support their operations, finance expansion or maintain their competitive position. These companies may have difficulty accessing the capital markets to meet future capital needs, which may limit their ability to grow or to repay their outstanding indebtedness upon maturity.

Private companies are more likely to depend on the management talents and efforts of a small group of persons; therefore, the death, disability, resignation or termination of one or more of these persons could have a material adverse impact on the company. The Fund will generally have indirect exposure to the private companies in which it invests. As a result, the Fund is subject to the risk that a company may make business decisions with which the Fund disagrees, and that the management and/or stockholders of a portfolio company may take risks or otherwise act in ways that are adverse to the Fund's interests.

Investments in late-stage private companies involve greater risks than investments in shares of companies that have traded publicly on an exchange for extended periods of time. These investments may present significant opportunities for capital appreciation but involve a high degree of risk that may result in significant decreases in the value of these investments. Market conditions, developments within a company, investor perception or regulatory decisions may adversely affect a late-stage private company and delay or prevent such a company from ultimately offering its securities to the public. If a company does issue shares in an IPO, IPOs are risky and volatile and may cause the value of the Fund's investment to decrease significantly.

***Additional Risks of Investing in the Fund***

 ****

*Counterparty Credit Risk* The Fund will be subject to counterparty credit risk with respect to any use of derivatives contracts. If a counterparty to a derivative contract becomes bankrupt or otherwise fails to perform its obligations due to financial difficulties, the Fund may experience significant delays in obtaining any recovery in a bankruptcy or other reorganization proceeding. The Fund may obtain only a limited recovery or may obtain no recovery in such circumstances. To partially mitigate this risk, the Adviser will seek to effect derivative transactions only with counterparties that it believes are creditworthy. The Adviser will consider the creditworthiness of counterparties in the same manner as it would review the credit quality of a security to be purchased by the Fund. However, there is no assurance that a counterparty will remain creditworthy or solvent.

*Deflation Risk.* Deflation risk is the risk that prices throughout the economy decline over time, which may have an adverse effect on the market valuation of companies, their assets and revenues. In addition, deflation may have an adverse effect on the creditworthiness of issuers and may make issuer default more likely, which may result in a decline in the value of the Fund's portfolio.

*Inflation Risk.* Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of the Common Shares and distributions can decline.

*Legislation and Regulatory Risks.* The Fund is subject to legislation and regulatory risks. On July 21, 2010, the Dodd-Frank Wall Street Reform and Consumer Protection Act (the "Dodd-Frank Act") was enacted. The Dodd- Frank Act, among other things, grants regulatory authorities such as the U.S. Commodity Futures Trading Commission (the "CFTC") and the SEC broad rulemaking authority to promulgate rules under the Dodd-Frank Act, including comprehensive regulation of the over-the-counter derivatives market. It is unclear to what extent these regulators will exercise these revised and expanded powers and whether they will undertake rulemaking, supervisory or enforcement actions that would adversely affect the Fund or investments made by the Fund. Possible regulatory actions taken under these revised and expanded powers may include actions related to financial consumer protection, proprietary trading and derivatives.

While some rules have been promulgated by the CFTC and the SEC, a number of important rulemakings have not yet been finalized and there can be no assurance that future regulatory actions authorized by the Dodd-Frank Act will not significantly reduce the returns of the Fund. The implementation of the Dodd-Frank Act could adversely affect the Fund by increasing transaction and/or regulatory compliance costs and may affect the availability, liquidity and cost of entering into derivatives, including potentially limiting or restricting the ability of the Fund to use certain derivatives or certain counterparties as a part of its investment strategy, increasing the costs of using these instruments or making these instruments less effective. In addition, greater regulatory scrutiny may increase the Fund's, the Adviser's exposure to potential liabilities. Increased regulatory oversight can also impose administrative burdens on the Fund and the Adviser, including, without limitation, responding to examinations or investigations and implementing new policies and procedures.

At any time after the date of this SAI, legislation by U.S. and foreign governments may be enacted that could negatively affect the assets of the Fund or the issuers of such assets. Changing approaches to regulation may have a negative impact on the entities in which the Fund invests. Legislation or regulation may also change the way in which the Fund itself is regulated. There can be no assurance that future legislation, regulation or deregulation will not have a material adverse effect on the Fund or will not impair the ability of the Fund to achieve its investment objective.

*Regulatory Margin Risk.* In recent years, regulators across the globe, including the CFTC and the U.S. banking regulators, have adopted margin requirements applicable to uncleared swaps. While the Fund is not directly subject to these requirements, where the Fund's counterparties are subject to the requirements, uncleared swaps between the Fund and those counterparties are required to be marked-to-market on a daily basis, and collateral is required to be exchanged to account for any changes in the value of such swaps. The rules impose a number of requirements as to these exchanges of margin, including as to the timing of transfers, the type of collateral (and valuations for such collateral) and other matters that may be different than what the Fund would agree with its counterparty in the absence of such regulation. In all events, where the Fund is required to post collateral to its swap counterparty, such collateral will be posted to an independent bank custodian, where access to the collateral by the swap counterparty will generally not be permitted unless the Fund is in default on its obligations to the swap counterparty.

In addition to the variation margin requirements, regulators have adopted "initial" margin requirements applicable to uncleared swaps. Where applicable, these rules require parties to an uncleared swap to post, to a custodian that is independent from the parties to the swap, collateral (in addition to any "variation margin" collateral noted above) in an amount that is either (i) specified in a schedule in the rules or (ii) calculated by the regulated party in accordance with a model that has been approved by that party's regulator(s). In the event that the rules apply, they would impose significant costs on the Fund's ability to engage in uncleared swaps and, as such, could adversely affect the Adviser's ability to manage the Fund, may impair the Fund's ability to achieve their investment objective and/or may result in reduced returns to the Fund's investors.

*Tracking and Correlation Risk.* Several factors may affect the Fund's ability to achieve a high degree of correlation with its underlying security. Among these factors are: (i) the Fund's fees and expenses, including brokerage (which may be increased by high portfolio turnover) and the costs associated with the use of derivatives; (ii) an imperfect correlation between the performance of instruments held by the Fund, such as swaps, and the performance of the underlying security; (iii) bid-ask spreads (the effect of which may be increased by portfolio turnover); (iv) holding instruments traded in a market that has become illiquid or disrupted; (v) the Fund's share prices being rounded to the nearest cent; (vi) the need to conform the Fund's portfolio holdings to comply with investment restrictions or policies or regulatory or tax law requirements; limit-up or limit-down trading halts on options or futures contracts which may prevent the Fund from purchasing or selling options or futures contracts; (vii) early and unanticipated closings of the markets on which the holdings of the Fund trade, resulting in the inability of the Fund to execute intended portfolio transactions; and (viii) fluctuations in currency exchange rates.

Also, the Fund has an investment objective to seek to achieve the inverse (-100%) of the U.S. dollar returns, before fees and expenses, of an index over a period lasting from the date of the Prospectus through the Termination Date (as defined in the Prospectus), not for any other period. The Fund's performance for any other period may differ in amount and possibly even direction from the performance over a period lasting from the date of the Prospectus through the Termination Date, before accounting for fees and expenses, as further described in the Fund's Prospectus.

**MANAGEMENT OF THE FUND**

**Investment Adviser**

RiverNorth Capital Management, LLC is the investment adviser for the Fund pursuant to an Investment Advisory Agreement. RiverNorth is headquartered at 360 S. Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401. Under the oversight of the Board of Directors, the Adviser will be responsible for the day-to-day management of the Fund's portfolio, managing the Fund's business affairs and providing certain clerical, bookkeeping and other administrative services. The Adviser will also be responsible for determining the Fund's overall investment strategy and overseeing its implementation. Founded in 2000, RiverNorth is registered with the SEC and as of December 31, 2025 managed approximately $5.1 billion for registered open-end management investment companies, registered closed-end management investment companies and private investment vehicles. Patrick W. Galley, a portfolio manager of the Fund, and Brian H. Schmucker, each own, directly or indirectly, more than 25% of RiverNorth Holding Co., the indirect parent company of the Adviser and each is deemed to control the Adviser.

**Investment Advisory Agreement** 

For its services under the Investment Advisory Agreement, the Fund pays the Adviser a monthly management fee computed at the annual rate of 2.00% of the average daily net assets. In addition to the monthly advisory fee, the Fund pays all other costs and expenses of its operations, including, but not limited to, compensation of its directors (other than those affiliated with the Adviser, who are not compensated by the Fund), custodial expenses, transfer agency and dividend disbursing expenses, legal fees, expenses of independent auditors, expenses of repurchasing shares, expenses of preparing, printing and distributing prospectuses, shareholder reports, notices, proxy statements and reports to governmental agencies, and taxes, if any.

The Investment Advisory Agreement provides that the Adviser shall not be liable for any act or omission connected with or arising out of any services to be rendered under such agreement, except by reason of willful misfeasance, bad faith or gross negligence on the part of the Adviser in the performance of its duties or from reckless disregard by the Adviser of its obligations and duties under such agreement.

The Adviser will make available, without additional expense to the Fund, the services of such of its officers, directors and employees as may be duly elected as officers or directors of the Fund, subject to the individual consent of such persons to serve and to any limitations imposed by law. The Adviser will pay all expenses incurred in performing its services under the Investment Advisory Agreement, including compensation of and office space for directors, officers and employees of the Adviser connected with management of the Fund. The Fund will be required to pay brokerage and other expenses of executing the Fund's portfolio transactions; taxes or governmental fees; interest charges and other costs of borrowing funds; litigation and indemnification expenses and other extraordinary expenses not incurred in the ordinary course of the Fund's business.

The Investment Advisory Agreement will remain in effect for an initial term ending two years from the effective date of that agreement (unless sooner terminated). The Investment Advisory Agreement shall remain in effect from year to year thereafter if approved annually (i) by a majority of the outstanding voting securities of the Fund or by a vote of the Fund's Board of Directors, cast in person at a meeting called for the purpose of voting on such approval, and (ii) by vote of a majority of the Board of Directors who are not parties to the Investment Advisory Agreement, or "interested persons" of any party to the Investment Advisory Agreement, cast in person at a meeting called for the purpose of voting on such approval. Information regarding the Board of Directors' approval of the Investment Advisory Agreement will be available in the Fund's annual report to Common Shareholders for the year ended June 30, 2026. The Investment Advisory Agreement will terminate upon assignment by any party and is terminable, without penalty, on 60 days' written notice by the Board of Directors or by vote of a majority of the outstanding voting securities (as defined in the 1940 Act) of the Fund or upon 60 days' written notice by the Adviser.

**Portfolio Managers**

Patrick W. Galley, CFA is a co-portfolio manager of the Fund. Mr. Galley is the Chief Executive Officer and Chief Investment Officer for the Adviser. Mr. Galley heads the Adviser's research and investment team and oversees all portfolio management activities at the Adviser. Mr. Galley also serves as the President and Chairman of all of RiverNorth's proprietary registered investment companies. Prior to joining the Adviser in 2004, he was most recently a Vice President at Bank of America in the Global Investment Bank's Portfolio Management group, where he specialized in analyzing and structuring corporate transactions for investment management firms in addition to closed-end and open-end funds, hedge funds, funds of funds, structured investment vehicles and insurance/reinsurance companies. Mr. Galley graduated with honors from Rochester Institute of Technology with a B.S. in Finance. He has received the Chartered Financial Analyst (CFA) designation, is a member of the CFA Institute and is a member of the CFA Society of Chicago.

Jeffrey Feldman is a co-portfolio manager of the Fund. Mr. Feldman is a Quantitative Risk Manager for the Adviser. Mr. Feldman is a member of the investment management team and is responsible for analysis, trading and hedging. Mr. Feldman is an employee of the Adviser and TrueMark Investments where he serves as a Portfolio Manager. Prior to joining the Adviser, he was most recently the Head Trader for the Liquidity Group at Wolverine Trading where he was responsible for risk management and trading of ETFs. Mr. Feldman graduated from the University of Illinois with a B.S. in Financial Management.

Christopher Lakumb, CFA, CAIA is a co-portfolio manager of the Fund. Mr. Lakumb joined the Adviser in 2009 and helps oversee the Adviser's registered fund platform which includes mutual funds, closed-end funds, and ETFs. Prior to joining the Adviser, Mr. Lakumb was most recently a Managing Director at InterOcean Financial Group where he led InterOcean's Retirement Services team. Prior to joining InterOcean in 2007, Chris served in various roles in the Trust and Wealth Management division at Cole Taylor Bank where he started his career in 1998. Mr. Lakumb graduated from Lewis University with a B.S. in Finance. Mr. Lakumb holds both the CFA and CAIA charters and is a member of the CFA Institute and the CFA Society Nashville.

**Compensation of Portfolio Managers**

*RiverNorth Capital Management, LLC*

 

Mr. Galley's, Mr. Feldman's and Mr. Lakumb's total compensation package, like others in the Adviser's business, is a package designed to attract and retain investment professionals. The compensation package includes a base salary fixed from year to year. The amount of the base salary is assessed for its competitiveness in the industry and geographic location of the Adviser. The compensation package also provides for an annual but variable performance bonus. The performance bonus reflects individual performance of the portfolio manager in his or her allocated duties and responsibilities. While performance of the funds managed by the portfolio managers is considered in determining the annual performance bonus, it is but one factor. The overall success of the Adviser in its business objectives and the performance of the Adviser's business as a whole are more important factors than the investment performance of a particular fund or account. Mr. Galley, Mr. Feldman and Mr. Lakumb also participate in a 401K program on the same basis as other officers of the Adviser, which includes matching of employee contributions up to a certain percent of the portfolio managers base salary. Those portfolio managers that are also equity stakeholders in the Adviser or its affiliates may also receive periodic distribution of profits from business operations.

**Portfolio Manager Ownership of Fund Shares**

As of the date of the SAI, none of the portfolio managers beneficially owns any equity securities of the Fund.

**Conflicts of Interest**

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one fund or other accounts. More specifically, portfolio managers who manage multiple funds are presented with the following potential conflicts, among others:

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. The management of multiple funds and accounts also may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons and fees as the portfolio manager must allocate his time and investment ideas across multiple funds and accounts. Another potential conflict of interest may arise where another account has the same or similar investment objective as the Fund, whereby the portfolio manager could favor one account over another.

With respect to securities transactions for the Fund, the Adviser determines which broker to use to execute each order, consistent with the duty to seek best execution of the transaction. A portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by the Fund. Securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Further, a potential conflict could include a portfolio manager's knowledge about the size, timing and possible market impact of Fund trades, whereby they could use this information to the advantage of other accounts and to the disadvantage of the Fund. These potential conflicts of interest could create the appearance that a portfolio manager is favoring one investment vehicle over another.

The management of personal accounts also may give rise to potential conflicts of interest. Although a portfolio manager generally does not trade securities in his or her own personal account, the Adviser and the Fund have each adopted a code of ethics that, among other things, permits personal trading by employees (including trading in securities that can be purchased, sold or held by the Fund) under conditions where it has been determined that such trades would not adversely impact client accounts. Nevertheless, the management of personal accounts may give rise to potential conflicts of interest, and there is no assurance that these codes of ethics will adequately address such conflicts.

Conflicts potentially limiting the Fund's investment opportunities may also arise when the Fund and other clients of the Adviser invest in, or even conduct research relating to, different parts of an issuer's capital structure. In such circumstances, decisions 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. 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 other clients.

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.

**Other Accounts Managed**

As of December 31, 2025, the portfolio managers of the Fund were responsible for the management of the following other accounts (in addition to the Fund):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **Number of Other Accounts Managed and Assets by Account Type<br> As of December 31, 2025** | **Number of Other Accounts Managed and Assets by Account Type<br> As of December 31, 2025** | **Number of Other Accounts Managed and Assets by Account Type<br> As of December 31, 2025** | **Number of Other Accounts Managed and Assets by Account Type<br> As of December 31, 2025** | **Number of Other Accounts Managed and Assets by Account Type<br> As of December 31, 2025** | **Number of Other Accounts Managed and Assets by Account Type<br> As of December 31, 2025** |
| Portfolio Manager | Registered Investment<br> Companies<br> (other than the Fund) | Registered Investment Companies Subject to Performance-Based Advisory Fees | Other Pooled Investment Vehicles | Other Pooled Investment Vehicles Subject to Performance-Based Advisory Fees | Other Accounts | Other Accounts Subject to Performance-Based Advisory Fees |
| Patrick W. Galley | Number: 16<br> Assets: $3.9 billion | Number: 0<br> Assets: $0 | Number: 5<br> Assets: $1.08 billion | Number: 5<br> Assets: $1.08 billion | Number: 11<br> Assets: $60.8 million | Number: 11<br> Assets: $60.8 million |
| Jeffrey Feldman | Number: 18<br> Assets: $771.559 million | Number: 0<br> Assets: $0 | Number: 0<br> Assets: $0 | Number: 0<br> Assets: $0 | Number: 0<br> Assets: $0 | Number: 0<br> Assets: $0 |
| Christopher Lakumb | Number: 0<br> Assets: $0 | Number: 0<br> Assets: $0 | Number: 0<br> Assets: $0 | Number: 0<br> Assets: $0 | Number: 0<br> Assets: $0 | Number: 0<br> Assets: $0 |

---

**Administrator**

Under the Administration, Bookkeeping and Pricing Services Agreement (the "Administration Agreement"), subject to the supervision of the Board of Directors, Paralel Technologies, LLC ("Paralel" or the "Administrator") is responsible for calculating NAVs, providing additional fund accounting and tax services, and providing fund administration and compliance-related services. Paralel will bear all expenses in connection with the performance of its services under the Fund Administration Services Agreement, except for certain out-of-pocket expenses described therein. Paralel will not bear any expenses incurred by the Fund, including but not limited to, initial organization and offering expenses; litigation expenses; costs of preferred shares (if any); expenses of conducting repurchase offers, if any, for the purpose of repurchasing Fund shares; transfer agency and custodial expenses; taxes; interest; Fund directors' fees; compensation and expenses of Fund officers who are not associated with Paralel or its affiliates; brokerage fees and commissions; state and federal registration fees; advisory fees; insurance premiums; fidelity bond premiums; Fund legal and audit fees and expenses; costs of maintenance of Fund existence; printing and delivery of materials in connection with meetings of the Fund's directors; printing and mailing shareholder reports, offering documents, and proxy materials; securities pricing and data services; and expenses in connection with electronic filings with the SEC.

Paralel is entitled to receive a monthly fee based on the Fund's net assets plus certain out of pocket expenses. See "Summary of Fund Expenses" in the prospectus.

**Codes of Ethics**

The Fund and the Adviser have each adopted a code of ethics under Rule 17j-1 under the 1940 Act. These codes permit personnel subject to the code to invest in securities, including securities that may be purchased or held by the Fund. The codes of ethics are available on the EDGAR Database on the SEC's website (http://www.sec.gov), and copies of these codes may be obtained, after paying a duplicating fee, by electronic request.

**FUND SERVICE PROVIDERS**

**Independent Registered Public Accounting Firm**

Cohen & Company, Ltd., 1350 Euclid Avenue, Suite 800, Cleveland, Ohio 44115, has been appointed as the independent registered public accounting firm for the Fund. Cohen & Company, Ltd. audits the financial statements of the Fund and provides other audit, tax and related services. The Financial Statements of the Fund as of January 28, 2026 appearing in this SAI has been audited by Cohen & Company, Ltd., as set forth in its report thereon appearing elsewhere herein, and is included in reliance upon such report given upon the authority of such firm as experts in accounting and auditing.

**Legal Counsel**

Chapman and Cutler LLP serves as legal co-counsel to the Fund in connection with the offering of Common Shares contemplated by the Prospectus, and Faegre Drinker Biddle & Reath LLP serves as legal counsel to the independent directors of the Fund and legal co-counsel to the Fund.

**Custodian and Transfer Agent**

State Street Bank and Trust Company, located at State Street Financial Center, One Lincoln Street, Boston, MA 02111, will serve as the Fund's custodian and will maintain custody of the securities and cash of the Fund pursuant to a Custody Agreement. Under the Custody Agreement, the custodian holds the Fund's assets in compliance with the 1940 Act. For its services, the custodian will receive a monthly fee based upon, among other things, the average value of the total assets of the Fund, plus certain charges for securities transactions.

Computershare, Inc., located at 150 Royall Street, Canton, Massachusetts 020214, will serve as the transfer agent and registrar for the Fund.

**PORTFOLIO TRANSACTIONS**

Subject to policies established by the Board of Directors of the Fund, the Adviser is responsible for the Fund's portfolio decisions and the placing of the Fund's portfolio transactions. In placing portfolio transactions, the Adviser seeks the best qualitative execution for the Fund, taking into account such factors as price (including the applicable brokerage commission or dealer spread), the execution capability, financial responsibility and responsiveness of the broker or dealer and the brokerage and research services provided by the broker or dealer. The Adviser generally seeks favorable prices and commission rates that are reasonable in relation to the benefits received under the circumstances under which that particular trade is placed.

The Adviser is specifically authorized to select brokers or dealers who also provide brokerage and research services to the Fund and/or the other accounts over which the Adviser exercises investment discretion, and to pay such brokers or dealers a commission in excess of the commission another broker or dealer would charge if the Adviser determines in good faith that the commission is reasonable in relation to the value of the brokerage and research services provided. The determination may be viewed in terms of a particular transaction or the Adviser's overall responsibilities with respect to the Fund and to other accounts over which it exercises investment discretion. The Adviser may not give consideration to sales of Common Shares of the Fund as a factor in the selection of brokers and dealers to execute portfolio transactions. However, the Adviser may place portfolio transactions with brokers or dealers that promote or sell the Fund's Common Shares so long as such placements are made pursuant to policies approved by the Board of Directors that are designed to ensure that the selection is based on the quality of the broker's execution and not on its sales efforts.

Research services include supplemental research, securities and economic analyses, statistical services and information with respect to the availability of securities or purchasers or sellers of securities and analyses of reports concerning performance of accounts. (Much, if not all, of this information is the usual and customary research provided to the Adviser irrespective of any trading activity effected with that broker). The research services and other information furnished by brokers through whom the Fund effects securities transactions may also be used by the Adviser in servicing other accounts. Similarly, research and information provided by brokers or dealers when serving other clients may be useful to the Adviser in connection with its services to the Fund. Although research services and other information are useful to the Fund and the Adviser, it is not possible to place a dollar value on the research and other information received. It is the opinion of the Board of Directors and the Adviser that the review and study of the research and other information will not increase or reduce the overall cost to the Adviser of performing its duties to the Fund under the Agreement.

Over-the-counter transactions will be placed either directly with principal market makers or with broker-dealers, if the same or a better price, including commissions and executions, is available. Fixed income securities are normally purchased directly from the issuer, an underwriter or a market maker. Purchases include a concession paid by the issuer to the underwriter and the purchase price paid to a market maker may include the spread between the bid and asked prices.

When the Fund and another of the Adviser's clients seek to purchase or sell the same security at or about the same time, the Adviser may execute the transaction on a combined ("blocked") basis. Blocked transactions can produce better execution for the Fund because of the increased volume of the transaction. If the entire blocked order is not filled, the Fund may not be able to acquire as large a position in such security as it desires or it may have to pay a higher price for the security. Similarly, the Fund may not be able to obtain as large an execution of an order to sell or as high a price for any particular portfolio security if the other client desires to sell the same portfolio security at the same time. In the event that the entire blocked order is not filled, the purchase or sale will normally be allocated on a pro rata basis. The Adviser may adjust the allocation when, taking into account such factors as the size of the individual orders and transaction costs, the Adviser believes an adjustment is reasonable.

**CERTAIN U.S. FEDERAL INCOME TAX MATTERS**

The following is a summary discussion of certain U.S. federal income tax consequences that may be relevant to a Common Shareholder that acquires, holds and/or disposes of Common Shares of the Fund. This discussion only addresses U.S. federal income tax consequences to U.S. Common Shareholders who hold their Common Shares as capital assets and does not address all of the U.S. federal income tax consequences that may be relevant to particular Common Shareholders in light of their individual circumstances. This discussion also does not address the tax consequences to Common Shareholders who are subject to special rules, including, without limitation, banks and other financial institutions, insurance companies, dealers in securities or foreign currencies, traders in securities that have elected to mark-to-market their securities holdings, foreign holders, persons who hold their Common Shares as or in a hedge against currency risk, or as part of a constructive sale, straddle or conversion transaction, or tax-exempt or tax-deferred plans, accounts, or entities. In addition, the discussion does not address any state, local, or foreign tax consequences. The discussion reflects applicable income tax laws of the United States as of the date hereof, which tax laws may be changed or subject to new interpretations by the courts or the Internal Revenue Service ("IRS") retroactively or prospectively, which could affect the continued validity of this summary. No attempt is made to present a detailed explanation of all U.S. federal income tax concerns affecting the Fund and its Common Shareholders, and the discussion set forth herein does not constitute tax advice. **Investors are urged to consult their own tax advisors before making an investment in the Fund to determine the specific tax consequences to them of investing in the Fund, including the applicable federal, state, local and foreign tax consequences as well as the effect of possible changes in tax laws.**

**Fund Taxation**

The Fund intends to elect to be treated, and to qualify each year, as a "regulated investment company" under Subchapter M of Subtitle A, Chapter 1 of the Code, so that it will generally not pay U.S. federal income tax on income and capital gains timely distributed (or treated as being distributed, as described below) to Common Shareholders. If the Fund qualifies as a regulated investment company and distributes to its Common Shareholders at least 90% of the sum of (i) its "investment company taxable income" as that term is defined in the Code (which includes, among other things, dividends, taxable interest, the excess of any net short-term capital gains over net long-term capital losses and certain net foreign exchange gains as reduced by certain deductible expenses) without regard to the deduction for dividends paid, and (ii) the excess of its gross tax-exempt interest, if any, over certain disallowed deductions, the Fund will be relieved of U.S. federal income tax on any income of the Fund, including long-term capital gains, distributed to Common Shareholders. However, if the Fund retains any investment company taxable income or "net capital gain" (*i.e.*, the excess of net long-term capital gain over net short-term capital loss), it will be subject to U.S. federal income tax at regular corporate federal income tax rates (currently at the rate of 21%) on the amount retained. The Fund intends to distribute at least annually all or substantially all of its investment company taxable income (determined without regard to the deduction for dividends paid), net tax-exempt interest, and net capital gain. Under the Code, the Fund will generally be subject to a nondeductible 4% federal excise tax on the portion of its undistributed ordinary income and capital gains if it fails to meet certain distribution requirements with respect to each calendar year. In order to avoid the 4% federal excise tax, the required minimum distribution is generally equal to the sum of 98% of the Fund's ordinary income (computed on a calendar year basis, and taking into account certain deferrals and elections), plus 98.2% of the Fund's capital gain net income (generally computed for the one-year period ending on October 31) plus undistributed amounts from prior years on which the Fund paid no federal income tax. The Fund generally intends to make distributions in a timely manner in an amount at least equal to the required minimum distribution and therefore, under normal circumstances, does not expect to be subject to this excise tax. However, the Fund may also decide to distribute less and pay the federal excise taxes.

If for any taxable year the Fund does not qualify as a regulated investment company for U.S. federal income tax purposes, it would be treated as a U.S. corporation subject to U.S. federal income tax, and possibly state and local income tax, and distributions to its Common Shareholders would not be deductible by the Fund in computing its taxable income. In such event, the Fund's distributions, to the extent derived from the Fund's current or accumulated earnings and profits, would generally constitute ordinary dividends, which generally would be eligible for the dividends received deduction available to corporate Common Shareholders under Section 243 of the Code, discussed below, and non-corporate Common Shareholders of the Fund generally would be able to treat such distributions as qualified dividend income eligible for reduced rates of U.S. federal income taxation, as discussed below, provided in each case that certain holding period and other requirements are satisfied.

If the Fund invests in certain positions such as pay-in-kind securities, zero coupon securities, deferred interest securities or, in general, any other securities with original issue discount (or with market discount if the Fund elects to include market discount in income currently), the Fund must accrue income on such investments for each taxable year, which generally will be prior to the receipt of the corresponding cash payments. However, the Fund must distribute, at least annually, all or substantially all of its net investment income, including such accrued income, to Common Shareholders to avoid U.S. federal income and excise taxes. Therefore, the Fund may have to dispose of its portfolio securities under disadvantageous circumstances to generate cash, or may have to leverage itself by borrowing the cash, to satisfy distribution requirements.

The Fund may also acquire market discount bonds. A market discount bond is a security acquired in the secondary market at a price below its stated redemption price at maturity (or its adjusted issue price if it is also an original issue discount bond). If the Fund invests in a market discount bond, it will be required for federal income tax purposes to treat any gain recognized on the disposition of such market discount bond as ordinary income (instead of capital gain) to the extent of the accrued market discount unless the Fund elects to include the market discount in income as it accrues.

The Fund may invest in debt obligations that are in the lowest rating categories or are unrated, including debt obligations of issuers not currently paying interest or who are in default. Investments in debt obligations that are at risk of or in default present special tax issues. Tax rules are not entirely clear about issues such as when the Fund may cease to accrue interest, original issue discount or market discount, when and to what extent deductions may be taken for bad debts or worthless securities, how payments received on obligations in default should be allocated between principal and income and whether exchanges of debt obligations in a bankruptcy or workout context are taxable. These and other related issues will be addressed by the Fund when, as and if it invests in such securities, in order to seek to ensure that it distributes sufficient income to preserve its status as a regulated investment company and does not become subject to U.S. federal income or excise taxes.

The Fund may engage in various transactions utilizing options, futures contracts, forward contracts, hedge instruments, straddles, and other similar transactions. Such transactions may be subject to special provisions of the Code that, among other things, affect the character of any income realized by the Fund from such investments, accelerate recognition of income to the Fund, defer Fund losses and affect the determination of whether capital gain or loss is characterized as long-term or short-term capital gain or loss. These rules could therefore affect the character, amount and timing of distributions to Common Shareholders. These provisions may also require the Fund to mark-to-market certain positions in its portfolio (*i.e.*, treat them as if they were closed out), which may cause the Fund to recognize income without receiving cash with which to make distributions in amounts necessary to satisfy the distribution requirements for avoiding U.S. federal income and excise taxes. In addition, certain Fund investments may produce income that will not be qualifying income for purposes of the 90% income test. The Fund will monitor its investments and transactions, will make the appropriate tax elections, and will make the appropriate entries in its books and records when it acquires an option, futures contract, forward contract, hedge instrument or other similar investment in order to mitigate the effect of these rules, prevent disqualification of the Fund as a regulated investment company and minimize the imposition of U.S. federal income and excise taxes, if possible.

The Fund's transactions in broad based equity index futures contracts, exchange-traded options on such indices and certain other futures contracts (if any) are generally considered "Section 1256 contracts" for federal income tax purposes. Any unrealized gains or losses on such Section 1256 contracts are treated as though they were realized at the end of each taxable year. The resulting gain or loss is treated as sixty percent long-term capital gain or loss and forty percent short-term capital gain or loss. Gain or loss recognized on actual sales of Section 1256 contracts is treated in the same manner. As noted below, distributions of net short-term capital gain are taxable to Common Shareholders as ordinary income while distributions of net long-term capital gain are generally taxable to Common Shareholders as long-term capital gain, regardless of how long the Common Shareholder has held Common Shares of the Fund.

The Fund's entry into a short sale transaction, an option or certain other contracts (if any) could be treated as the constructive sale of an appreciated financial position, causing the Fund to realize gain, but not loss, on the position.

**Common Shareholder Taxation**

Distributions of investment company taxable income are generally taxable as ordinary income to the extent of the Fund's current and accumulated earnings and profits. Distributions of net investment income designated by the Fund as derived from qualified dividend income will be taxed in the hands of individuals and other non-corporate taxpayers at the rates applicable to long-term capital gain, provided certain holding period and other requirements are met at both the shareholder and Fund levels. A dividend will not be treated as qualified dividend income (at either the Fund or shareholder level) (i) if the dividend is received with respect to any share of stock held for fewer than 61 days during the 121-day period beginning on the date which is 60 days before the date on which such share becomes ex-dividend with respect to such dividend (or, in the case of certain preferred stock, 91 days during the 181-day period beginning 90 days before such date), (ii) to the extent that the recipient is under an obligation (whether pursuant to a short sale or otherwise) to make related payments with respect to positions in substantially similar or related property, (iii) if the recipient elects to have the dividend income treated as investment income for purposes of the limitation on deductibility of investment interest, or (iv) if the dividend is received from a foreign corporation that is (a) not eligible for the benefits of a comprehensive income tax treaty with the U.S. which the IRS has approved for these purposes (with the exception of dividends paid on stock of such a foreign corporation that is readily tradable on an established securities market in the U.S.) or (b) treated as a passive foreign investment company. Qualified dividend income does not include interest from fixed income securities and generally does not include income from REITs. If the Fund lends portfolio securities, amounts received by the Fund that is the equivalent of the dividends paid by the issuer on the securities loaned will not be eligible for qualified dividend income treatment. The Fund can provide no assurance regarding the portion, if any, of its dividends that will qualify for qualified dividend income treatment.

Distributions of net capital gain, if any, that are properly reported by the Fund are taxable at long-term capital gain rates for U.S. federal income tax purposes without regard to the length of time the Common Shareholder has held Common Shares of the Fund. A distribution of an amount in excess of the Fund's current and accumulated earnings and profits, if any, will be treated by a Common Shareholder as a tax-free return of capital, which is applied against and reduces the Common Shareholder's basis in his, her or its Common Shares. To the extent that the amount of any such distribution exceeds the Common Shareholder's basis in his, her or its Common Shares, the excess will be treated by the Common Shareholder as gain from the sale or exchange of such Common Shares. The U.S. federal income tax status of all distributions will be designated by the Fund and reported to Common Shareholders annually.

Distributions to Common Shareholders of net investment income received by the Fund from taxable investments, if any, including temporary taxable investments, and of net short-term capital gains realized by the Fund, if any, will be taxable to Common Shareholders as ordinary income. Distributions by the Fund of net capital gain (i.e., the excess of net long-term capital gain over net short-term capital loss), if any, are taxable as long-term capital gain, regardless of the length of time the Common Shareholder has owned the shares with respect to which such distributions are made. The amount of taxable income allocable to the Fund's shares will depend upon the amount of such income realized by the Fund. Distributions, if any, in excess of the Fund's earnings and profits will first reduce the adjusted tax basis of a Common Shareholder's shares and, after that basis has been reduced to zero, will constitute capital gain to the Common Shareholder (assuming the shares are held as a capital asset). As long as the Fund qualifies as a RIC under the Code, it is not expected that any part of its distributions to Common Shareholders from its investments will qualify as "qualified dividend income" taxable to non-corporate Common Shareholders at reduced rates.

The interest on private activity bonds in most instances is not federally tax-exempt to a person who is a "substantial user" of a facility financed by such bonds or a "related person" of such "substantial user." As a result, the Fund may not be an appropriate investment for a Common Shareholder who is considered either a "substantial user" or a "related person" within the meaning of the Code. In general, a "substantial user" of a facility includes a "nonexempt person who regularly uses a part of such facility in his trade or business." "Related persons" are in general defined to include persons among whom there exists a relationship, either by family or business, which would result in a disallowance of losses in transactions among them under various provisions of the Code (or if they are members of the same controlled group of corporations under the Code), including a partnership and each of its partners (and certain members of their families), an S corporation and each of its shareholders (and certain members of their families) and various combinations of these and other relationships. The foregoing is not a complete description of all of the provisions of the Code covering the definitions of "substantial user" and "related person."

Federal income tax law imposes an alternative minimum tax with respect to individuals, trusts, and estates. Interest on certain municipal securities, such as bonds issued to make loans for housing purposes or to private entities (but not to certain tax-exempt organizations such as universities and non-profit hospitals), is included as an item of tax preference in determining the amount of a taxpayer's alternative minimum taxable income. To the extent that the Fund receives income from such municipal securities, a portion of the dividends paid by the Fund, although otherwise exempt from federal income tax, will be taxable to Common Shareholders whose tax liabilities are determined under the federal alternative minimum tax. The Fund will annually provide a report indicating the percentage of the Fund's income attributable to municipal securities and the portion thereof the interest on which is a tax preference item.

The Fund may invest in municipal securities that pay interest that is taxable under the federal alternative minimum tax applicable to individuals. If you are, or as a result of investment in the Fund would become, subject to the federal alternative minimum tax, the Fund may not be a suitable investment for you. In addition, distributions of taxable ordinary income (including any net short-term capital gain) will be taxable to Common Shareholders as ordinary income (and not eligible for favorable taxation as "qualified dividend income"), and capital gain dividends will be taxable as long-term capital gains.

Any loss realized by a shareholder of the Fund upon the sale of shares held for six months or less may be disallowed to the extent of any exempt-interest dividends received with respect to such shares.

Certain distributions by the Fund may qualify for the dividends received deduction available to corporate Common Shareholders under Section 243 of the Code, subject to certain holding period and other requirements, but generally only to the extent the Fund earned dividend income from stock investments in U.S. domestic corporations (but not including real estate investment trusts). As long as the Fund qualifies as a RIC under the Code, it is not expected that any significant part of its distributions to Common Shareholders from its investments will qualify for the dividends-received deduction available to corporate Common Shareholders.

For U.S. federal income tax purposes, all dividends are generally taxable when received in cash.

The Fund intends to distribute all realized net capital gains, if any, at least annually. If, however, the Fund were to retain any net capital gain, the Fund may designate the retained amount as undistributed capital gains in a notice to Common Shareholders who, if subject to U.S. federal income tax on long-term capital gains, (i) will be required to include in income, as long-term capital gain, their proportionate share of such undistributed amount, and (ii) will be entitled to credit their proportionate share of the federal income tax paid by the Fund on the undistributed amount against their U.S. federal income tax liabilities, if any, and to claim refunds to the extent the credit exceeds such liabilities. For U.S. federal income tax purposes, the tax basis of Common Shares owned by a Common Shareholder will be increased by the difference between the amount of undistributed net capital gain included in the Common Shareholder's gross income and the federal income tax deemed paid by the Common Shareholder.

Any dividend declared by the Fund in October, November or December with a record date in such a month and paid during the following January will be treated for U.S. federal income tax purposes as paid by the Fund and received by Common Shareholders on December 31 of the calendar year in which it is declared.

At the time of an investor's purchase of the Fund's Common Shares, a portion of the purchase price may be attributable to realized or unrealized appreciation in the Fund's portfolio or undistributed taxable income of the Fund. Consequently, subsequent distributions by the Fund with respect to these Common Shares from such appreciation or income may be taxable to such investor even if the net asset value of the investor's Common Shares is, as a result of the distributions, reduced below the investor's cost for such Common Shares and the distributions economically represent a return of a portion of the investment. Investors should consider the tax implications of purchasing Common Shares just prior to a distribution.

The IRS has taken the position that if a regulated investment company has two or more classes of shares, it must designate distributions made to each class in any year as consisting of no more than such class' proportionate share of particular types of income (*e.g.*, ordinary income and net capital gains). Consequently, if both common stock and preferred stock are outstanding, the Fund intends to designate distributions made to each class of particular types of income in accordance with each class' proportionate share of such income. Thus, the Fund will designate to the extent applicable, dividends qualifying for the corporate dividends received deduction (if any), income not qualifying for the dividends received deduction, qualified dividend income, ordinary income, exempt interest and net capital gain, if any, in a manner that allocates such income between the holders of common stock and preferred stock in proportion to the total dividends paid to each class during or for the taxable year, or otherwise as required by applicable law. However, for purposes of determining whether distributions are out of the Fund's current or accumulated earnings and profits, the Fund's earnings and profits will be allocated first to the Fund's preferred stock, if any, and then to the Fund's common stock. In such a case, since the Fund's current and accumulated earnings and profits will first be used to pay dividends on the preferred stock, distributions in excess of such earnings and profits, if any, will be made disproportionately to holders of common stock.

In addition, solely for the purpose of satisfying the 90% distribution requirement and the distribution requirement for avoiding federal income taxes, certain distributions made after the close of a taxable year of the Fund may be "spilled back" and treated as paid during such taxable year. In such case, Common Shareholders will be treated as having received such dividends in the taxable year in which the distribution was actually made.

Sales, exchanges and other dispositions of the Fund's Common Shares generally are taxable events for Common Shareholders that are subject to federal income tax. Common Shareholders should consult their own tax advisors regarding their individual circumstances to determine whether any particular transaction in the Fund's Common Shares is properly treated as a sale or exchange for federal income tax purposes (as the following discussion assumes) and the tax treatment of any gains or losses recognized in such transactions. Generally, gain or loss will be equal to the difference between the amount of cash and the fair market value of other property received (including securities distributed by the Fund) and the Common Shareholder's adjusted tax basis in the Common Shares sold or exchanged. In general, any gain or loss realized upon a taxable disposition of Common Shares will be treated as long-term capital gain or loss if the Common Shares have been held for more than one year. Otherwise, the gain or loss on the taxable disposition of the Fund's Common Shares will be treated as short-term capital gain or loss. However, any loss realized by a Common Shareholder upon the sale or other disposition of Common Shares with a tax holding period of six months or less will be treated as a long-term capital loss to the extent of any amounts treated as distributions of long-term capital gain with respect to such Common Shares. For the purposes of calculating the six-month period, the holding period is suspended for any periods during which the Common Shareholder's risk of loss is diminished as a result of holding one or more other positions in substantially similar or related property or through certain options, short sales or contractual obligations to sell. The maximum individual rate applicable to long-term capital gains is generally either 15% or 20%, depending on whether the individual's income exceeds certain threshold amounts. The ability to deduct capital losses may be subject to limitations. In addition, losses on sales or other dispositions of Common Shares may be disallowed under the "wash sale" rules in the event a Common Shareholder acquires substantially identical stock or securities within a period of 61 days beginning 30 days before and ending 30 days after a sale or other disposition of Common Shares. In such a case, the disallowed portion of any loss generally would be included in the U.S. federal income tax basis of the Common Shares acquired.

An additional 3.8% Medicare tax is imposed on certain net investment income (including ordinary dividends and capital gain distributions received from the Fund and net gains from redemptions or other taxable dispositions of Common Shares) of U.S. individuals, estates and trusts to the extent that such person's "modified adjusted gross income" (in the case of an individual) or "adjusted gross income" (in the case of an estate or trust) exceeds certain threshold amounts.

The Code requires that the Fund withhold, as "backup withholding," 24% of reportable payments, including dividends, capital gain distributions and the proceeds of sales or other dispositions of the Fund's stock paid to Common Shareholders who have not complied with IRS regulations. In order to avoid this withholding requirement, Common Shareholders must certify on their account applications, or on a separate IRS Form W-9, that the social security number or other taxpayer identification number they provide is their correct number and that they are not currently subject to backup withholding, or that they are exempt from backup withholding. The Fund may nevertheless be required to withhold if it receives notice from the IRS or a broker that the number provided is incorrect or backup withholding is applicable. Backup withholding is not an additional tax. Any amount withheld may be allowed as a refund or a credit against the Common Shareholder's U.S. federal income tax liability if the appropriate information (such as the timely filing of the appropriate federal income tax return) is provided to the IRS.

Under Treasury regulations, if a Common Shareholder recognizes a loss with respect to Common Shares of $2 million or more in a single taxable year (or $4 million or more in any combination of taxable years) for an individual Common Shareholder, S corporation or trust or $10 million or more in a single taxable year (or $20 million or more in any combination of years) for a Common Shareholder who is a C corporation, such Common Shareholder will generally be required to file with the IRS a disclosure statement on Form 8886. Direct shareholders of portfolio securities are generally excepted from this reporting requirement, but under current guidance, shareholders of a regulated investment company are not excepted. Future guidance may extend the current exception from this reporting requirement to shareholders of most or all regulated investment companies. The fact that a loss is reportable under these regulations does not affect the legal determination of whether the taxpayer's treatment of the loss is proper. Common Shareholders should consult their tax advisors to determine the applicability of these regulations in light of their individual circumstances.

**Other Taxes**

The description of certain U.S. federal income tax provisions above relates only to U.S. federal income tax consequences for Common Shareholders who are U.S. persons (*i.e.*, U.S. citizens or residents or U.S. corporations, partnerships, trusts or estates). Non-U.S. Common Shareholders should consult their tax advisors concerning the tax consequences of ownership of Common Shares of the Fund, including the possibility that distributions may be subject to a 30% U.S. withholding tax (or a reduced rate of withholding provided by an applicable treaty if the investor provides proper certification of its non-U.S. status).

A separate U.S. withholding tax may apply in the case of distributions to (i) certain non-U.S. financial institutions that have not agreed to collect and disclose certain account holder information and are not resident in a jurisdiction that has entered into such an agreement with the U.S. Treasury and (ii) certain other non-U.S. entities that do not provide certain certifications and information about the entity's U.S. owners.

**Common Shareholders should consult their own tax advisors on these matters and on any specific question of U.S. federal, state, local, foreign and other applicable tax laws before making an investment in the Fund.**

**BOARD MEMBERS AND OFFICERS**

The following table presents certain information regarding the members of the Board of Directors (each, a "Board Member"). Each Board Member's year of birth is set forth in parentheses after his or her name. The Board of Directors is divided into three classes of directors serving staggered three-year terms. The initial terms of the first, second and third classes of directors will expire at the first, second and third annual meetings of Common Shareholders, respectively, and, in each case, until their successors are duly elected and qualify, or until a director sooner dies, retires, resigns or is removed as provided in the governing documents of the Fund. Upon expiration of their initial terms, directors of each class will be elected to serve for three-year terms and until their successors are duly elected and qualify, and at each annual meeting one class of directors will be elected by the Common Shareholders.

Except as otherwise noted, the address for all directors and officers is 360 S. Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401. The "independent directors" consist of those directors who are not "interested persons" of the Fund, as that term is defined under the 1940 Act (each, an "Independent Director" and collectively, the "Independent Directors").

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and Year of Birth** | **Position(s) Held with Registrant** | **Term of Office and Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of Portfolios in Fund Complex(1) Overseen by Director** | **Other Directorships(2) Held by Director During Past 5 Years** |
| *Independent Directors* | *Independent Directors* |  |  |  |  |
| John K. Carter<br> (1961) | Director | Initial term expires in 2027. Has served since 2025. | Founder, Special Counsel, Law Office of Osprey Law Firm P.A. (formerly known as the Law Office of John K. Carter, P.A.) (a general practice and corporate law firm) (2015 to present). | 12 | Carillon Mutual Funds (15 funds) (2016 to present). |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address and Year of Birth** | **Position(s) Held with Registrant** | **Term of Office and Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of Portfolios in Fund Complex(1) Overseen by Director** | **Other Directorships(2) Held by Director During Past 5 Years** |
| J. Wayne Hutchens<br> (1944) | Director | Initial term expires in 2028. Has served since 2025. | Currently retired; Trustee of the Denver Museum of Nature and Science (2000 to 2020); Director of AMG National Trust Bank (June 2012 to present); Trustee of Children's Hospital Colorado (May 2012 to 2020). | 12 | ALPS Series Trust (11 funds) (2012 to present). |
| Lisa B. Mougin<br> (1972) | Director | Initial term expires in 2027. Has served since 2025. | Chief Investment Officer of Capital Sisters International (a non-profit) (2023 to present); President & Chief Operating Officer at Positivly and Louise, each a TIFIN Company (a fintech software company) (2020 to 2022). | 12 | N/A<br>|
| David M. Swanson<br> (1957) | Director | Initial term expires in 2026. Has served since 2025. | Founder & Managing Partner, SwanDog Strategic Marketing (2006 to present). | 12 | Managed Portfolio Series (31 funds) (2011 to present); ALPS Variable Investment Trust (7 funds) (2006 to 2025). |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Name, Address and Year of Birth** | **Position(s) Held with Registrant** | **Term of Office and Length of Time Served** | **Principal Occupation(s) During Past 5 Years** | **Number of Portfolios in Fund Complex(1) Overseen by Director** |
| *Interested Directors* | *Interested Directors* |  | Initial term expires in 2028. Has served since 2026. |  |
| Patrick W. Galley<sup>3</sup><br> (1975) | Interested Director, Chairman and President | Initial term expires in 2026. Has served since 2025. | Chief Executive Officer, RiverNorth Capital Management, LLC (2020 to present); Chief Investment Officer, RiverNorth Capital Management, LLC (2004 to present). | 12 NA |
| Jerry R. Raio<sup>4</sup><br> (1964) | Interested Director | Initial term expires in 2028. Has served since 2025. | Partner, Compoundr LLC (since 2025); President, Arbor Lane Advisors, Inc. (2018 to present); Advisory Board Member of each of FLX Distribution, (2020 to present); Quantify Crypto (2021 to present); ETF Action (2022 to present); Qudos Technologies (2019 to 2022). | 12 NA |
| *Officers* | *Officers* |  |  |  |
| Jonathan M. Mohrhardt<br> (1974) | Chief Financial Officer and Treasurer | Indefinite/Has served since 2025. | President, RiverNorth Capital Management, LLC (2020 to present); Chief Operating Officer, RiverNorth Capital Management, LLC, (2011 to present). | N/A NA |
| Marcus L. Collins<br> (1968) | Chief Compliance Officer;<br> Secretary | Indefinite/Has served since 2025. | General Counsel, RiverNorth Capital Management, LLC (2012 to present); Chief Compliance Officer, RiverNorth Capital Management, LLC (2012 to present). | N/A NA |

---

(1) The term "Fund Complex" means two or more registered investment companies that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) hold themselves out to investors as related companies for purposes of investment and investor services; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) have a common investment adviser or that have an investment adviser that is an affiliated person of the investment adviser of any of the other registered investment companies.

The Fund Complex consists of the Fund, RiverNorth Long Prime Unicorn Fund 2028, Inc., RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., RiverNorth Capital and Income Fund, Inc., RiverNorth Opportunistic Municipal Income Fund, Inc., RiverNorth Managed Duration Municipal Income Fund, Inc., RiverNorth Flexible Municipal Income Fund, Inc., RiverNorth Funds (2 Funds), RiverNorth Opportunities Fund, Inc., RiverNorth Managed Duration Municipal Income Fund II, Inc. and RiverNorth Flexible Municipal Income Fund II, Inc. for all Directors.

(2) The numbers enclosed in the parentheticals represent the number of funds overseen in each respective directorship held by the director.

(3) Mr. Galley is deemed an "interested person" of the Fund due to his position as Chief Executive Officer and Chief Investment Officer of RiverNorth Capital Management, LLC, investment adviser to the Fund.

(4) Mr. Raio is deemed an "interested person" of the Fund because of his current position as an advisory board member of FLX Distribution, which the Adviser is an investor in and Mr. Galley is a Director of; and because of his prior position as Managing Director – Head of Retail Origination at Wells Fargo Securities, LLC, which had previously served as a broker and principal underwriter for certain funds advised by the Adviser.

*Board Leadership Structure*. The Board of Directors, which has overall responsibility for the oversight of the Fund's investment programs and business affairs, believes that it has structured itself in a manner that allows it to effectively perform its oversight obligations. Mr. Patrick W. Galley, the Chairman of the Board of Directors ("Chairman"), is not an Independent Director. The Board of Directors believes that the use of an interested director as Chairman is the appropriate leadership structure for the Fund given (i) Mr. Patrick Galley's role in the day to day operations of the Adviser, (ii) the extent to which the work of the Board of Directors is conducted through the Audit Committee of the Board of Directors (the "Audit Committee") and the Nominating and Corporate Governance Committee of the Board of Directors (the "Nominating and Corporate Governance Committee"), each of whose meetings is chaired by an Independent Director, (iii) the frequency that Independent Directors meet with their independent legal counsel and auditors in the absence of members of the Board of Directors who are interested directors of the Fund and management, and (iv) the overall sophistication of the Independent Directors, both individually and collectively. The members of Board of Directors also complete an annual self-assessment during which the directors review their overall structure and consider where and how its structure remains appropriate in light of the Fund's current circumstances. The Chairman's role is to preside at all meetings of the Board of Directors and in between meetings of the Board of Directors to generally act as the liaison between the Board of Directors and the Fund's officers, attorneys and various other service providers, including but not limited to the Adviser and other such third parties servicing the Fund. The Board of Directors believes that having an interested person serve as Chairman of the Board of Directors enables Mr. Patrick Galley to more effectively carry out these liaison activities. The Board of Directors also believes that it benefits during its meetings from having a person intimately familiar with the operation of the Fund to set the agenda for meetings of the Board of Directors to ensure that important matters are brought to the attention of and considered by the Board of Directors.

The Fund has two standing committees, each of which enhances the leadership structure of the Board of Directors: the Audit Committee and the Nominating and Corporate Governance Committee. The Audit Committee and Nominating and Corporate Governance Committee are each chaired by, and composed of, members who are Independent Directors.

The Audit Committee is comprised of Messrs. Carter, Hutchens, Swanson and Ms. Mougin, all of whom are "independent" as defined in the listing standard of the NYSE. Ms. Mougin is the Chair of the Audit Committee and has been determined to qualify as an "audit committee financial expert" as such term is defined in Form N-CSR. The role of the Audit Committee is to assist the Board of Directors in its oversight of (i) the quality and integrity of the Fund's financial statements, reporting process and the independent registered public accounting firm (the "independent accountants") and reviews thereof, (ii) the Fund's accounting and financial reporting policies and practices, its internal controls and, as appropriate, the internal controls of certain service providers, (iii) the Fund's compliance with certain legal and regulatory requirements, and (iv) the independent accountants' qualifications, independence and performance. The Audit Committee is also required to prepare an audit committee report pursuant to the rules of the SEC for inclusion in the Fund's annual proxy statement. The Audit Committee operates pursuant to the Audit Committee Charter that was most recently reviewed and approved by the Board of Directors on November 11, 2025. The Audit Committee Charter is available at the Fund's website, www.rivernorth.com. As set forth in the Audit Committee Charter, management is responsible for maintaining appropriate systems for accounting and internal control, and the Fund's independent accountants are responsible for planning and carrying out proper audits and reviews. The independent accountants are ultimately accountable to the Board of Directors and to the Audit Committee, as representatives of the Common Shareholders. The independent accountants for the Fund report directly to the Audit Committee. During the last fiscal year, the Audit Committee held no meetings.

The Nominating and Corporate Governance Committee is comprised of Messrs. Carter, Hutchens, Swanson and Ms. Mougin. Mr. Swanson is the Chair of the Nominating and Corporate Governance Committee. The Nominating and Corporate Governance Committee is responsible for identifying and recommending to the Board of Directors individuals believed to be qualified to become members of the Board of Directors in the event that a position is vacated or created. The Nominating and Corporate Governance Committee will consider director candidates recommended by Common Shareholders. In considering candidates submitted by Common Shareholders, the Nominating and Corporate Governance Committee will take into consideration the needs of the Board of Directors, the qualifications of the candidate and the interests of Common Shareholders. Common Shareholders wishing to recommend candidates to the Nominating and Corporate Governance Committee should submit such recommendations to the Secretary of the Fund, who will forward the recommendations to the committee for consideration. The submission must include: (i) whether the Common Shareholder proposing such nominee believes the proposed nominee is, or is not, an "interested person", (ii) the name and address, as they appear on the Fund's books, of the Common Shareholder proposing such business or nomination, (iii) a representation that the Common Shareholder is a holder of record of Shares entitled to vote at such meeting and intends to appear in person or by proxy at the meeting to present such nomination; (iv) whether the Common Shareholder plans to deliver or solicit proxies from other Common Shareholders; (v) the class and number of Shares of the capital stock of the Fund, which are beneficially owned by the Common Shareholder and the proposed nominee to the Board of Directors, (vi) any material interest of the Common Shareholder or nominee in such business; (vii) the extent to which such Common Shareholder (including such Common Shareholder's principals) or the proposed nominee to the Board of Directors has entered into any hedging transaction or other arrangement with the effect or intent of mitigating or otherwise managing profit, loss or risk of changes in the value of the Shares or the daily quoted market price of the Fund held by such Common Shareholder (including the Common Shareholder's principals) or the proposed nominee, including independently verifiable information in support of the foregoing; (viii) any substantial interest, direct or indirect, of such Common Shareholder or the proposed nominee in the Fund other than interest arising from ownership of Common Shares; (ix) to the extent known by such Common Shareholder, the name and address of any other Common Shareholder supporting the proposed nominee; (x) the nominee holder for, and number of, Common Shares owned beneficially but not of record by such Common Shareholder; (xi) the investment strategy or objective, if any, of such Common Shareholder who is not an individual and a copy of the prospectus, offering memorandum, or similar document, if any; and (xii) such other information regarding such nominee proposed by such Common Shareholder as would be required to be included in a proxy statement filed pursuant to Regulation 14A under the Securities Exchange Act of 1934, as amended. Each eligible Common Shareholder or Common Shareholder group may submit no more than one Independent Director nominee each calendar year. The Nominating and Corporate Governance Committee has not determined any minimum qualifications necessary to serve as a director of the Fund. During the last fiscal year, the Nominating and Corporate Governance Committee held no meetings.

*Director Qualifications.* In addition to the description of each Director's Principal Occupation(s) and Other Directorships set forth above, the following provides further information about each Director's specific experience, qualifications, attributes or skills that led to the conclusion that he should serve as a director for the Fund. There are no specific required qualifications for membership on the Board of Directors.

Interested Directors

Patrick W. Galley. Mr. Patrick Galley is the Chief Executive Officer and Chief Investment Officer for the Fund's investment adviser. He is also the President and a portfolio manager of the Fund. His knowledge regarding the investment strategy of the Fund, more specifically the closed-end mutual fund industry, makes him uniquely qualified to serve as the Fund's President.

Jerry R. Raio. Mr. Raio has many years of experience in the securities industry, including management roles in the banking and investment management industries. He has more than 15 years of experience in equity capital markets, having worked on the retail syndicate desks at both Citigroup and Morgan Stanley. Since 2018, he has served as President and CEO of Arbor Lane Advisors, Inc. He served as the Managing Director and Head of Retail Origination for Wells Fargo Securities, LLC from 2005 to 2018. Prior to working at Wells Fargo, he served as Director and Head of Closed-End Funds for Citigroup Asset Management. He also serves on the board of each of FLX Distribution; Qudos Technologies; and Quantify Crypto.

Independent Directors

John K. Carter. Mr. Carter possesses extensive mutual fund industry experience. Mr. Carter served as a Business Unit Head at Transamerica Asset Management, a subsidiary of Aegon, N.V. Mr. Carter oversaw the mutual fund servicing, operations and advisory services for Transamerica's approximately 120 mutual funds. He also served as a compliance officer. Mr. Carter brings experience managing a large mutual fund complex, including experience overseeing multiple sub-advisers. Mr. Carter is currently an attorney in private practice and was previously an investment management attorney with experience as in-house counsel, serving with the SEC and in private practice with a large law firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Wayne Hutchens. Mr. Hutchens was President and CEO of the University of Colorado Foundation from April 2006 to December 2012 and Executive Director for the CU Real Estate Foundation from April 2009 to December 2012. Prior to these positions, Mr. Hutchens spent over 30 years in the banking industry, retiring as Chairman of Chase Bank Colorado. Mr. Hutchens is a graduate of the University of Colorado Boulder's School of Business and has done graduate study at Syracuse University and the University of Colorado. He was selected to serve as a Trustee based on his business and financial services experience.

Lisa Mougin. Ms. Lisa Mougin is an experienced senior executive with 30+ years of investment management industry experience. Ms. Mougin began her career at PricewaterhouseCoopers, as an auditor specializing with investment advisor firms. She then spent two decades at ALPS Fund Services in operational and sales roles, and as part of the executive team that built the company into a leading service provider in the mutual fund industry. Ms. Mougin later served as the President and Chief Operating Officer of TIFIN-affiliated tech platforms. She is currently the Chief Investment Officer of Capital Sisters International, a non-profit organization that issues retail bonds for raising capital to provide micro loans to impoverished female entrepreneurs around the world and also serves as the Treasurer for Project Worthmore, a non-profit organization supporting immigrants resettling in Colorado.

David M. Swanson. Mr. Swanson founded SwanDog Marketing, a marketing consulting firm to asset managers, in 2006. He currently serves as SwanDog's Managing Partner. He has over 40 years of senior management and marketing experience, with over 35 years in financial services. Before joining SwanDog, Mr. Swanson most recently served as Executive Vice President and Head of Distribution for Calamos Investments, an investment management firm. He previously held positions as Chief Operating Officer of Van Kampen Investments, President and CEO of Scudder, Stevens & Clark, Canada, Ltd., and Managing Director and Head of Global Investment Products at Morgan Stanley. Mr. Swanson holds a Master of Management from the Kellogg Graduate School of Management at Northwestern University and a Bachelors in Journalism from Southern Illinois University.

*Risk Oversight*. The Fund is confronted with a multitude of risks, such as investment risk, counterparty risk, valuation risk, political risk, risk of operational failures, business continuity risk, regulatory risk, legal risk and other risks not listed here. The Board of Directors recognizes that not all risk that may affect the Fund can be known, eliminated or even mitigated. In addition, there are some risks that may not be cost effective or an efficient use of the Fund's limited resources to moderate. As a result of these realities, the Board of Directors, through its oversight and leadership, has and will continue to deem it necessary for Common Shareholders to bear certain and undeniable risks, such as investment risk, in order for the Fund to operate in accordance with its Prospectus, SAI and other related documents.

However, the Board of Directors has adopted on the Fund's behalf a vigorous risk program that mandates the Fund's various service providers, including the Adviser, to adopt a variety of processes, procedures and controls to identify various risks, mitigate the likelihood of adverse events from occurring and/or attempt to limit the effects of such adverse events on the Fund. The Board of Directors fulfills its leadership role and risk oversight function by receiving a variety of quarterly written reports prepared by the Fund's Chief Compliance Officer ("CCO") that (i) evaluate the operation, policies and procedures of the Fund's service providers, (ii) make known any material changes to the policies and procedures adopted by the Fund or its service providers since the CCO's last report, and (iii) disclose any material compliance matters that occurred since the date of the last CCO report. In addition, the Independent Directors meet quarterly in executive sessions without the presence of any interested directors, the Adviser or any of its affiliates. This configuration permits the Independent Directors to effectively receive the information and have private discussions necessary to perform their risk oversight role, exercise independent judgment and allocate areas of responsibility between the full Board of Directors, its committees and certain officers of the Fund. Furthermore, the Independent Directors have engaged independent legal counsel and auditors to assist the Independent Directors in performing their oversight responsibilities. As discussed above and in consideration of other factors not referenced herein, the Board of Directors has determined its leadership role concerning risk management as one of oversight and not active management of the Fund's day-to-day risk management operations, and believes that this oversight responsibility reinforces the Board's leadership structure by ensuring that the Independent Directors, together with the full Board, play an active role in monitoring the Fund's risks.

*Compensation*. The Fund pays no salaries or compensation to its officers or to any interested Director employed by the Adviser and the Fund has no employees. For their services, the Directors of the Fund who are not employed by the Adviser, receive an annual retainer in the amount of $1,250. In addition, the lead Independent Director receives $1,091 annually, the Chair of the Audit Committee receives $909 annually and the Chair of the Nominating and Corporate Governance Committee receives $545 annually. The Directors not employed by the Adviser are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings of the Board of Directors. The following tables show compensation with respect to the Fund and the Fund Complex. Patrick W. Galley is an interested person of the Fund and has not received any compensation from the Fund.

---

| | | |
|:---|:---|:---|
| **Name of Board Member** | **Estimated Compensation <br> with respect to the Fund (1)** | **Estimated Total <br> Compensation with respect <br> to the Fund and Fund Complex (2)** |
| **Independent Directors:** | | |
| John K. Carter | $2341 | $238500 |
| J. Wayne Hutchens | $1250 | $226500 |
| Lisa Mougin | $2159 | $236500 |
| David M. Swanson | $1795 | $232500 |
| **Interested Director:** |  |  |
| Jerry Raio | $1250 | $226500 |

---

(1) The compensation estimated for the first full fiscal year for services to the Fund.

(2) The total estimated compensation estimated to be paid to the Director with respect to the Fund and the
Fund Complex for a full calendar year.

**Director Ownership in the Fund**

The following table shows the dollar range of equity securities beneficially owned by each director in the Fund and Fund Complex as of December 31, 2025.

---

| | | |
|:---|:---|:---|
| **Director** | **Dollar Range of<br> Beneficial Ownership in Fund** | **Aggregate Dollar Range of Ownership in all Funds Overseen by Director in the Fund Complex (1)** |
| **Independent Director**: | | |
| John K. Carter | $0 | $50001 – $100000 |
| J. Wayne Hutchens | $0 | $100001 - $500000 |
| Lisa Mougin | $0 | $100001 - $500000 |
| David M. Swanson | $0 | $10001-$50000 |
| **Interested Director**: |  |  |
| Patrick Galley | $0 | $50001 - $100000 |
| Jerry Raio | $0 | Over $500,000 |

---

(1) The Fund Complex consists of the Fund, RiverNorth Long Prime Unicorn Fund 2028, Inc., RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., RiverNorth Capital and Income Fund, Inc., RiverNorth Opportunistic Municipal Income Fund, Inc., RiverNorth Managed Duration Municipal Income Fund, Inc., RiverNorth Flexible Municipal Income Fund, Inc., RiverNorth Funds (2 Funds), RiverNorth Opportunities Fund, Inc., RiverNorth Managed Duration Municipal Income Fund II, Inc. and RiverNorth Flexible Municipal Income Fund II, Inc. for all Directors.

As of the date of this SAI, and during the two most recently completed calendar years, the Independent Directors of the Fund and immediate family members do not own beneficially or of record any class of securities of the investment adviser or principal underwriter of the Fund or any person directly or indirectly controlling, controlled by, or under common control with an investment adviser or principal underwriter of the Fund.

As of the date of this SAI, the directors and officers of the Fund owned, as a group, less than 1% of the outstanding Common Shares of the Fund.

**Securities Beneficially Owned**

The Adviser has provided the initial capitalization of the Fund and therefore is deemed to be a control person because it was the sole Common Shareholder of the Fund at that time. However, it is anticipated that the Adviser will no longer be a control person of the Fund by virtue of share ownership once this offering of Common Shares is completed.

**PROXY VOTING GUIDELINES**

The Board of Directors of the Fund has delegated responsibilities for decisions regarding proxy voting for securities held by the Fund to the Adviser. The Adviser will vote such proxies in accordance with its proxy policies and procedures. In some instances, the Adviser may be asked to cast a proxy vote that presents a conflict between the interests of the Fund's Common Shareholders, and those of the Adviser or an affiliated person of the Adviser. In such a case, the Adviser will abstain from making a voting decision and will forward all necessary proxy voting materials to the Fund to enable the Board of Directors to make a voting decision. The Adviser shall make a written recommendation of the voting decision to the Board of Directors, which shall include: (i) an explanation of why it has a conflict of interest; (ii) the reasons for its recommendation; and (iii) an explanation of why the recommendation is consistent with the Adviser's proxy voting policies. The Board of Directors shall make the proxy voting decision that in its judgment, after reviewing the recommendation of the Adviser, is most consistent with the Adviser's proxy voting policies and in the best interests of Common Shareholders. When the Board of Directors of the Fund is required to make a proxy voting decision, only the directors without a conflict of interest with regard to the security in question or the matter to be voted upon shall be permitted to participate in the decision of how the Fund's vote will be cast. The Adviser votes proxies pursuant to the proxy voting policies and guidelines set forth in Appendix A to this SAI.

You may also obtain information about how the Fund voted proxies related to its portfolio securities during the 12-month period ended June 30 by visiting the SEC's website at www.sec.gov or by visiting the Fund's website at www.rivernorth.com (this reference to the Fund's website does not incorporate the contents of the website into this SAI).

**ADDITIONAL INFORMATION**

A Registration Statement on Form N-2, including amendments thereto, relating to the Common Shares offered hereby, has been filed by the Fund with the SEC. The Fund's Prospectus and this SAI do not contain all of the information set forth in the Registration Statement, including any exhibits and schedules thereto. For further information with respect to the Fund and the Common Shares offered hereby, reference is made to the Fund's Registration Statement. Statements contained in the Fund's Prospectus and this SAI as to the contents of any contract or other document referred to are not necessarily complete and in each instance reference is made to the copy of such contract or other document filed as an exhibit to the Registration Statement, each such statement being qualified in all respects by such reference. A copy of the Registration Statement may be reviewed on the EDGAR database on the SEC's website at http://www.sec.gov, or be obtained, after paying a duplicating fee, by electronic request to publicinfo@sec.gov.

**FINANCIAL STATEMENT AND REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

![](fp0097718-1_01.jpg)

**<u>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</u>**

To the Shareholder and Board of Directors of

RiverNorth Short Prime Unicorn Fund 2028, Inc.

<u>Opinion on the Financial Statements</u> 

We have audited the accompanying statement of assets and liabilities of RiverNorth Short Prime Unicorn Fund 2028, Inc. (the "Fund") as of January 28, 2026, the related statement of operations for the one day then ended, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of the Fund as of January 28, 2026, and the results of its operations for the one day then ended, in conformity with accounting principles generally accepted in the United States of America.

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Fund's management. Our responsibility is to express an opinion on the Fund's financial statements based on our audit. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Fund in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud.

Our audit includes performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures include examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and confirmation of cash owned as of January 28, 2026, by correspondence with the custodian. Our audit also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audit provides a reasonable basis for our opinion.

We have served as the auditor of one or more of RiverNorth Capital Management, LLC's investment companies since 2006.

![](fp0097718-1_02.jpg)

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 6, 2026

![](fp0097718-1_03.jpg)

**RiverNorth Short Prime Unicorn Fund 2028, Inc.<br> Statement of Assets and Liabilities<br> January 28, 2026**

---

| | |
|:---|:---|
| **Assets:** | |
| &nbsp;&nbsp;&nbsp;Cash | $100013 |
| &nbsp;&nbsp;&nbsp;Deferred offering costs (Note 4) | 330353 |
| &nbsp;&nbsp;&nbsp;Receivable from Adviser (Note 4) | 61081 |
| Total Assets | 491447 |
| **Liabilities:** |  |
| &nbsp;&nbsp;&nbsp;Accrued offering costs (Note 4) | 310575 |
| &nbsp;&nbsp;&nbsp;Accrued organizational costs (Note 4) | 37606 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser (Note 4) | 43253 |
| Total Liabilities | 391434 |
| **Net Assets** | $**100013** |
| **NET ASSETS CONSIST OF:** |  |
| &nbsp;&nbsp;&nbsp;Paid-in capital | $100013 |
| **Net Assets:** |  |
| Shares of common stock outstanding, at $0.0001 par value and 50,000,000 shares authorized | 5182 |
| **Net Asset Value per Common Share** | $**19.30** |
| **Offering Price per Common Share** | $**20.00** |

---

*The accompanying notes are an integral part of these financial statements.*

**RiverNorth Short Prime Unicorn Fund 2028, Inc.**

**Statement of Operations**

**For the Period ended January 28, 2026**

---

| | |
|:---|:---|
| **Investment Income:** |  |
| &nbsp;&nbsp;&nbsp;Investment income | $- |
| **Expenses:** |  |
| &nbsp;&nbsp;&nbsp;Organizational costs (Note 4) | 61081 |
| &nbsp;&nbsp;&nbsp;Total Expenses | 61081 |
| &nbsp;&nbsp;&nbsp;Less: Reimbursement from Adviser | (61081) |
| &nbsp;&nbsp;&nbsp;Net expenses |  |
| &nbsp;&nbsp;&nbsp;Net investment income | $**-** |

---

*The accompanying notes are an integral part of these financial statements.*

**RiverNorth Short Prime Unicorn Fund 2028, Inc.**

**Notes to Financial Statements**

**January 28, 2026**

**1. Organization**

RiverNorth Short Prime Unicorn Fund 2028, Inc. (the "Fund") was organized on July 2, 2025, as a Maryland corporation and is registered with the Securities and Exchange Commission under the Investment Company Act of 1940, as amended (the "1940 Act"), as a non-diversified, closed-end investment company. The Fund will have a limited term and will terminate approximately two years from the inception date of the Fund (the "Termination Date"). The Fund's investment objective is to seek to track the investment results of the Prime Unicorn<sup>TM</sup> 30 Index (the "Index"), excluding the distributions of investment income with respect to the Fund's Collateral Investments (as defined below) and before fees and expenses (hereinafter, the "Index Return"). The Fund will seek to achieve its investment objective by entering into one or more swap agreements that provide exposure to, and correspond to the returns of, the Index.

The Fund's Collateral Investments are expected to be U.S. Treasury Securities and other high credit quality short term fixed income or similar securities. The Index Return is subject to a cap of 100% on the maximum percentage of any positive return on the Fund's net asset value ("NAV") that a shareholder can achieve from investing in the Fund over the duration of the Fund's term, as measured from the Fund's initial NAV per Common Share of $19.30 to the NAV per common share on the Termination Date.

The Fund intends to offer its common shares through the Underwriters listed in the Prospectus, with Lucid Capital Markets, LLC acting as lead underwriter and sole bookrunning manager (collectively, the "Underwriters") pursuant to an underwriting agreement. The common shares are subject to a sales load of 3.5%. The common shares are being offered concurrently with the offering of shares of common stock of RiverNorth Short Prime Unicorn Fund 2028, Inc., a closed-end management investment company advised by the Adviser that seeks to achieve the inverse (-100%) of the U.S. dollar returns (before fees and expenses) of the Fund generated by its investment exposure to the Index over duration of the Fund's term. The number of Common Shares offered by the Fund is limited to not exceed the number of shares of common stock offered by RiverNorth Short Prime Unicorn Fund 2028, Inc.

The Fund has no operations as of January 28, 2026, other than matters relating to its registration and initial sale of 5,182 common shares sold to RiverNorth Strategic Holdings, LLC, which represented the initial capital of $100,013 at $19.30 per share.

**2. Significant Accounting Policies**

The following is a summary of significant accounting policies consistently followed by the Fund in the preparation of its financial statements. These policies are in conformity with accounting principles generally accepted in the United States ("GAAP"). The Fund is an investment company and follows accounting and reporting guidance in the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 "*Financial Services – Investment Companies*".

*Use of Estimates* – The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions and disclosure of contingent assets and liabilities that affect the reported amounts in the financial statements. Actual results could differ from those estimates.

 

*Share Valuation* – The Fund will calculate the net asset value ("NAV") of each class of shares as of the close of business on each business day.

 

*Income Taxes* – For federal income tax purposes, the Fund expects to qualify, and intends to remain qualified, as a regulated investment company under the provisions of Subchapter M of the Internal Revenue Code of 1986, as amended, by distributing substantially all of its taxable income and net capital gains to its shareholders. Therefore, no provision for federal income tax should be required. The Fund intends to file U.S. federal, state, and local tax returns as required. The Fund's tax returns are subject to examination by the relevant tax authorities until the expiration of the applicable statute of limitations which is generally three years after the filing of the tax return.

 

**3. Investment Advisory and Other Agreements**

RiverNorth Capital Management, LLC ("RiverNorth" or "Adviser") serves as the investment adviser to the Fund. Pursuant to the Investment Advisory Agreement, the Fund pays the Adviser an annual fee, payable monthly in arrears, in an amount equal to 2.00% of the Fund's average daily net assets.

Paralel Technologies LLC, (the "Administrator") serves as the Fund's administrator pursuant to an Administration Agreement. The Administrator provides the Fund with accounting and administrative services (other than investment advisory services). The Administrator does not have any responsibility or authority for the management of the Fund, the determination of investment policy, or for any matter pertaining to the distribution of shares.

Computershare Shareowner Services (the "Transfer Agent") serves as the Fund's transfer agent, registrar and dividend-paying agent, pursuant to a Transfer Agency Agreement.

State Street Bank & Trust Co. (the "Custodian") serves as the Custodian of the Fund's assets pursuant to a Custody Agreement, under which the Custodian holds the Fund's assets in compliance with the 1940 Act.

**4. Organizational and Offering Costs**

Organizational and offering costs are paid directly by the Fund. The Adviser has agreed to pay the Fund's organizational and offering costs (other than the sales load) that exceed $0.10 per common share (0.50% of the offering price). The Adviser estimates total organizational costs of $61,081 and total offering costs of $330,353 based on a $100 million offering. The total organizational and offering costs of $391,434 are below 0.50% of the $100 million offering. The Statement of Assets and Liabilities reflects $330,353 as deferred offering costs. These offering costs, as well as offering costs incurred subsequent to January 28, 2026 and within the organizational and offering cost limit, will be charged to paid-in-capital upon sale of the shares to the public. Organizational costs are expensed as incurred and are reflected in the Statement of Operations. The Adviser will pay all expenses on behalf of the Fund prior to commencement of operations and will seek reimbursement from the Fund upon launch. The Adviser has paid $23,475 in organizational costs and $19,778 in offering costs through January 28, 2026 and will be reimbursed by the Fund upon launch.

**5. Beneficial Ownership**

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the Fund under Section 2(a)(9) of the 1940 Act. As of the date of these financial statements, an affiliate of the Adviser owns 100% of the outstanding common shares.

**6. Indemnifications**

Under the Fund's organizational documents, its officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that may contain general indemnification clauses. The Fund's maximum exposure under those agreements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.

**7. Subsequent Events**

Management has evaluated subsequent events through the date the financial statements were issued and has determined that there were no subsequent events to report through the issuance of these financial statements.

**APPENDIX A**

**PROXY VOTING POLICY OF THE ADVISER**

**Proxy Voting<br> RiverNorth Capital Management, LLC**

**PROXY VOTING POLICIES AND PROCEDURES**

Pursuant to the recent adoption by the Securities and Exchange Commission (the "Commission") of Rule 206(4)-6 (17 CFR 275.206(4)-6) and amendments to Rule 204-2 (17 CFR 275.204-2) under the Investment Advisers Act of 1940 (the "Act"), it is a fraudulent, deceptive, or manipulative act, practice or course of business, within the meaning of Section 206(4) of the Act, for an investment adviser to exercise voting authority with respect to client securities, unless (i) the adviser has adopted and implemented written policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the best interests of its clients, (ii) the adviser describes its proxy voting procedures to its clients and provides copies on request, and (iii) the adviser discloses to clients how they may obtain information on how the adviser voted their proxies.

In its standard investment advisory agreement, RiverNorth Capital Management, LLC (RiverNorth Capital) specifically states that it does not vote proxies and the client, including clients governed by ERISA, is responsible for voting proxies. Therefore, RiverNorth Capital will not vote proxies for these clients. However, RiverNorth Capital will vote proxies on behalf of investment company clients ("Funds"). RiverNorth Capital has instructed all custodians, other than Fund custodians, to forward proxies directly to its clients, and if RiverNorth Capital accidentally receives a proxy for any non-Fund client, current or former, the Chief Compliance Officer will promptly forward the proxy to the client. In order to fulfill its responsibilities to Funds, RiverNorth Capital Management, LLC (hereinafter "we" or "our") has adopted the following policies and procedures for proxy voting with regard to companies in any Fund's investment portfolios.

**KEY OBJECTIVES**

The key objectives of these policies and procedures recognize that a company's management is entrusted with the day-to-day operations and longer term strategic planning of the company, subject to the oversight of the company's board of directors. While "ordinary business matters" are primarily the responsibility of management and should be approved solely by the corporation's board of directors, these objectives also recognize that the company's shareholders must have final say over how management and directors are performing, and how shareholders' rights and ownership interests are handled, especially when matters could have substantial economic implications to the shareholders.

Therefore, we will pay particular attention to the following matters in exercising our proxy voting responsibilities as a fiduciary for our clients:

*Accountability*. Each company should have effective means in place to hold those entrusted with running a company's business accountable for their actions. Management of a company should be accountable to its board of directors and the board should be accountable to shareholders.

*Alignment of Management and Shareholder Interests*. Each company should endeavor to align the interests of management and the board of directors with the interests of the company's shareholders. For example, we generally believe that compensation should be designed to reward management for doing a good job of creating value for the shareholders of the company.

*Transparency*. Promotion of timely disclosure of important information about a company's business operations and financial performance enables investors to evaluate the performance of a company and to make informed decisions about the purchase and sale of a company's securities.

**DECISION METHODS**

We generally believe that the individual portfolio managers that invest in and track particular companies are the most knowledgeable and best suited to make decisions with regard to proxy votes. Therefore, we rely on those individuals to make the final decisions on how to cast proxy votes.

No set of proxy voting guidelines can anticipate all situations that may arise. In special cases, we may seek insight from our managers and analysts on how a particular proxy proposal will impact the financial prospects of a company, and vote accordingly.

In some instances, a proxy vote may present a conflict between the interests of a client, on the one hand, and our interests or the interests of a person affiliated with us, on the other. In such a case, we will abstain from making a voting decision and will forward all of the necessary proxy voting materials to the client to enable the client to cast the votes.

Notwithstanding the forgoing, the following policies will apply to investment company shares owned by a Fund. Under Section 12(d)(1) of the Investment Company Act of 1940, as amended, (the "1940 Act"), a fund may only invest up to 5% of its total assets in the securities of any one investment company, but may not own more than 3% of the outstanding voting stock of any one investment company or invest more than 10% of its total assets in the securities of other investment companies. However, Section 12(d)(1)(F) of the 1940 Act provides that the provisions of paragraph 12(d)(1) shall not apply to securities purchased or otherwise acquired by a fund if (i) immediately after such purchase or acquisition not more than 3% of the total outstanding stock of such registered investment company is owned by the fund and all affiliated persons of the fund; and (ii) the fund is not proposing to offer or sell any security issued by it through a principal underwriter or otherwise at a public or offering price which includes a sales load of more than 1½% percent. Therefore, each Fund (or the Adviser acting on behalf of the Fund) must comply with the following voting restrictions unless it is determined that the Fund is not relying on Section 12(d)(1)(F):

–when the Fund exercises voting rights, by proxy or otherwise, with respect to any investment company owned by the Fund, the Fund will either

–seek instruction from the Fund's shareholders with regard to the voting of all proxies and vote in accordance with such instructions, or

–vote the shares held by the Fund in the same proportion as the vote of all other holders of such security.

**PROXY VOTING GUIDELINES**

**Election of the Board of Directors**

We believe that good corporate governance generally starts with a board composed primarily of independent directors, unfettered by significant ties to management, all of whose members are elected annually. We also believe that turnover in board composition promotes independent board action, fresh approaches to governance, and generally has a positive impact on shareholder value. We will generally vote in favor of non-incumbent independent directors.

The election of a company's board of directors is one of the most fundamental rights held by shareholders. Because a classified board structure prevents shareholders from electing a full slate of directors annually, we will generally support efforts to declassify boards or other measures that permit shareholders to remove a majority of directors at any time, and will generally oppose efforts to adopt classified board structures.

**Approval of Independent Auditors**

We believe that the relationship between a company and its auditors should be limited primarily to the audit engagement, although it may include certain closely related activities that do not raise an appearance of impaired independence.

We will evaluate on a case-by-case basis instances in which the audit firm has a substantial non-audit relationship with a company to determine whether we believe independence has been, or could be, compromised.

Equity-based compensation plans

We believe that appropriately designed equity-based compensation plans, approved by shareholders, can be an effective way to align the interests of shareholders and the interests of directors, management, and employees by providing incentives to increase shareholder value. Conversely, we are opposed to plans that substantially dilute ownership interests in the company, provide participants with excessive awards, or have inherently objectionable structural features.

We will generally support measures intended to increase stock ownership by executives and the use of employee stock purchase plans to increase company stock ownership by employees. These may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Requiring senior executives to hold stock in a company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Requiring stock acquired through option exercise to be held for a certain period of time.

These are guidelines, and we consider other factors, such as the nature of the industry and size of the company, when assessing a plan's impact on ownership interests.

**Corporate Structure**

We view the exercise of shareholders' rights, including the rights to act by written consent, to call special meetings and to remove directors, to be fundamental to good corporate governance.

Because classes of common stock with unequal voting rights limit the rights of certain shareholders, we generally believe that shareholders should have voting power equal to their equity interest in the company and should be able to approve or reject changes to a company's by-laws by a simple majority vote.

We will generally support the ability of shareholders to cumulate their votes for the election of directors.

**Shareholder Rights Plans**

While we recognize that there are arguments both in favor of and against shareholder rights plans, also known as poison pills, such measures may tend to entrench current management, which we generally consider to have a negative impact on shareholder value. Therefore, while we will evaluate such plans on a case by case basis, we will generally oppose such plans.

**CLIENT INFORMATION**

A copy of these Proxy Voting Policies and Procedures is available to our clients, without charge, upon request, by calling 1-800-646-0148. We will send a copy of these Proxy Voting Policies and Procedures within three business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt delivery.

In addition, we will provide each client, without charge, upon request, information regarding the proxy votes cast by us with regard to the client's securities.

PART C - OTHER INFORMATION

Item 25: Financial Statements and Exhibits

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Financial Statements:

Registrant has not conducted any business as of the date of this filing, other than in connection with its organization. A Financial Statement indicating that the Registrant has met the net worth requirements of Section 14(a) of the Investment Company Act of 1940 will be filed with a Pre-effective Amendment to the Registration Statement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Exhibits:

a.1 [Articles of Incorporation.](https://www.sec.gov/Archives/edgar/data/2077697/000139834425013359/fp0094162-1_ex9925a.htm)

a.2 [Articles of Amendment and Restatement.](fp0097718-1_ex9925a2.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. [By-Laws of Fund.](fp0097718-1_ex9925b.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;e. None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;f. None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;g. [Investment Management Agreement between Registrant and RiverNorth Capital Management, LLC.](fp0097718-1_ex9925g.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;h. Form of Underwriting Agreement.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. None.

j.1 [Master Custodian Agreement.](https://www.sec.gov/Archives/edgar/data/1870833/000139834422000868/fp0072309_ex9925j1.htm)

j.2 [Letter Amending Appendix A to the Master Custodian Agreement.](fp0097718-1_ex9925j2.htm)

k.1 [Fund Administration Services Agreement.](fp0097718-1_ex9925k1.htm)

k.2 [Transfer Agency Service Agreement.](fp0097718-1_ex9925k2.htm)

l.1 Opinion and consent of Fund counsel.\*

l.2 Opinion and consent of Maryland counsel.\*

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;m. None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;n. [Consent of Independent Registered Public Accounting Firm.](fp0097718-1_ex9925n.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o. None.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;p. [Subscription Agreement.](fp0097718-1_ex9925p.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;q. None.

r.1 [Code of Ethics of Registrant.](fp0097718-1_ex9925r1.htm)

r.2 [Code of Ethics of RiverNorth Capital Management, LLC.](fp0097718-1_ex9925r1.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;s. [Powers of Attorney.](fp0097718-1_ex9925s.htm)

\* To be filed by amendment.

Item 26: Marketing Arrangements

[To Come]

Item 27: Other Expenses of Issuance and Distribution

---

| | |
|:---|:---|
| Securities and Exchange Commission Fees | $\* |
| Financial Industry Regulatory Authority, Inc. Fees | $\* |
| Printing and Engraving Expenses | $\* |
| Legal Fees | $\* |
| Listing Fees | $\* |
| Accounting Expenses | $\* |
| Blue Sky Filing Fees and Expenses | $\* |
| Miscellaneous Expenses | $\* |
| Total | $\* |

---

\* To be completed by amendment

Item 28: Persons Controlled by or under Common Control with Registrant

Not applicable.

Item 29: Number of Holders of Securities

At February 25, 2026

---

| | |
|:---|:---|
| Title of Class | Number of Record Holders |
| Common Shares, $0.0001 par value | 1 |

---

Item 30: Indemnification

Section 7.2 of the Articles of Amendment and Restatement of the Registrant provides as follows:

Any person who is made a party or is threatened to be made a party in any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative, by reason of the fact that such person is a current or former director or officer of the Corporation, or is or was serving while a director or officer of the Corporation as a director, officer, partner, trustee, employee, agent, or fiduciary of another corporation, partnership, joint venture, trust, enterprise, or employee benefit plan, shall be indemnified by the Corporation against judgments, penalties, fines, excise taxes, settlements, and reasonable expenses (including attorneys' fees) actually incurred by such person in connection with such action, suit, or proceeding to the fullest extent permissible under Maryland law, the Securities Act, and the 1940 Act, as such statutes are now or hereinafter in force. In addition, the Corporation shall advance expenses to its current and former directors and officers who are made, or are threatened to be made, parties to any action, suit, or proceeding described above to the fullest extent that advancement of expenses is permitted by Maryland law, the Securities Act and the 1940 Act. The Board of Directors, by Bylaw, resolution, or agreement, may make further provision for indemnification of directors, officers, employees, and agents to the fullest extent permitted by Maryland law. No provision of this Article VII shall be effective to protect or purport to protect any director or officer of the Corporation against any liability to the Corporation or its security holders to which she or he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the standard of conduct or duties involved in the conduct of her or his office. Upon the direction of the Board of Directors, an advancement-of-costs agreement may be required in order to require the repayment of reimbursed expenses in the event that the foregoing exclusion was later determined to apply.

Insofar as indemnification for liability arising under the Securities Act of 1933 may be permitted to directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the Securities Act of 1933 and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered, the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate jurisdiction the question whether such indemnification by it is against public policy as expressed in the Securities Act of 1933 and will be governed by the final adjudication of such issue.

Item 31: Business and Other Connections of Investment Advisers

The information in the Statement of Additional Information under the captions "Board Members and Officers" is hereby incorporated by reference.

The principal occupation of the directors and officers of RiverNorth Capital Management, LLC (the "Adviser") are their services as directors and officers of the Adviser. The address of the Adviser is 360 S. Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401.

Set forth below is information as to any other business, profession, vocation and employment of a substantial nature in which each officer of the Adviser is, or at any during the last two fiscal years has been, engaged for their own account or in the capacity of director, officer, employee partner or trustee:

---

| | | | |
|:---|:---|:---|:---|
| **Name\*** | **Positions with RiverNorth Capital Management, LLC** | **Other Business Connections** | **Type of Business** |
| Patrick W. Galley | Chief Executive Officer, Chief Investment Officer and Board of Managers | President and Director, RiverNorth Funds; Board of Directors, RiverNorth Holdings, Co.; Board of Managers, RiverNorth Financial Holdings, LLC. | Investments |
| Jonathan M. Mohrhardt | President, Chief Operating Officer and Board of Managers | Treasurer, RiverNorth Funds; Board of Directors, RiverNorth Holdings, Co.; Board of Managers, RiverNorth Financial Holdings, LLC | Investments |
| Marcus L. Collins | Secretary, General Counsel and Chief Compliance Officer | Chief Compliance Officer, RiverNorth Funds | Investments |
| Jeffrey Feldman | Portfolio Manager | Portfolio Manager, RiverNorth Capital, TrueMark Investments | Investments |
| Christopher Lakumb | Portfolio Manager | Director, Closed-End Fund Solutions, RiverNorth Capital | Investments |

---

\* The address for each of the named is 360 S. Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401.

Item 32: Location of Accounts and Records.

RiverNorth Capital Management, LLC maintains the Charter, By-Laws, minutes of directors and shareholders meetings and contracts of the Registrant, all advisory material of the investment adviser, all general and subsidiary ledgers, journals, trial balances, records of all portfolio purchases and sales, and all other required records.

Item 33: Management Services

Not applicable.

Item 34: Undertakings

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. Registrant undertakes to suspend the offering of its shares until it amends its prospectus if (1) subsequent
to the effective date of its Registration Statement, the net asset value declines more than 10 percent from its net asset value as of
the effective date of the Registration Statement, or (2) the net asset value increases to an amount greater than its net proceeds as stated
in the prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant undertakes that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. For purposes of determining any liability under the Securities Act of 1933, the information omitted from
the form of prospectus filed as part of a registration statement in reliance upon Rule 430A and contained in the form of prospectus filed
by the Registrant under Rule 424(b)(1) under the Securities Act of 1933 shall be deemed to be part of the Registration Statement as of
the time it was declared effective; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. For the purpose of determining any liability under the Securities Act of 1933, each post-effective amendment
that contains a form of prospectus shall be deemed to be a new registration statement relating to the securities offered therein, and
the offering of the securities at that time shall be deemed to be the initial bona fide offering thereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. Insofar as indemnification for liabilities arising under the Securities Act of 1933 may be permitted to
directors, officers and controlling persons of the Registrant pursuant to the foregoing provisions, or otherwise, the Registrant has been
advised that in the opinion of the Securities and Exchange Commission such indemnification is against public policy as expressed in the
Act and is, therefore, unenforceable. In the event that a claim for indemnification against such liabilities (other than the payment by
the Registrant of expenses incurred or paid by a director, officer or controlling person of the Registrant in the successful defense of
any action, suit or proceeding) is asserted by such director, officer or controlling person in connection with the securities being registered,
the Registrant will, unless in the opinion of its counsel the matter has been settled by controlling precedent, submit to a court of appropriate
jurisdiction the question whether such indemnification by it is against public policy as expressed in the Act and will be governed by
the final adjudication of such issue.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. The Registrant undertakes to send by first class mail or other means designed to ensure equally prompt
delivery, within two business days of receipt of a written or oral request, any prospectus or Statement of Additional Information.

SIGNATURES

Pursuant to the requirements of the Securities Act of 1933 and the Investment Company Act of 1940, the Registrant has duly caused this Registration Statement to be signed on its behalf by the undersigned, thereunto duly authorized, in this City of Chicago, and State of Illinois, on the 25th day of February, 2026.

---

| | |
|:---|:---|
| RiverNorth Short Prime Unicorn Fund 2028, Inc. | RiverNorth Short Prime Unicorn Fund 2028, Inc. |
| By: | /s/ Patrick W. Galley |
|  | Patrick W. Galley, President |

---

Pursuant to the requirements of the Securities Act of 1933, this Registration Statement has been signed below by the following persons in the capacities and on the date indicated.

---

| | | | |
|:---|:---|:---|:---|
| Signature | Signature | Title | Date |
| By: | /s/ Patrick W. Galley | President (Principal Executive Officer) | February 25, 2026 |
| Patrick W. Galley | Patrick W. Galley |  |  |
| By: | /s/ Jonathan M Mohrhardt | Chief Financial Officer and Treasurer (Principal Financial Officer/Principal Accounting Officer) | February 25, 2026 |
| Jonathan M Mohrhardt | Jonathan M Mohrhardt |  |  |
| By: | /s/ Patrick W. Galley | Chairman of the Board and Director | February 25, 2026 |
| Patrick W. Galley | Patrick W. Galley |  |  |
| John K. Carter(1) | John K. Carter(1) | Director) | By: <u>/s/ Patrick W. Galley</u> |
| Lisa Mougin(1) | Lisa Mougin(1) | Director) | Patrick W. Galley |
| J. Wayne Hutchens(1) | J. Wayne Hutchens(1) | Director) | Attorney-In-Fact |
| David M. Swanson(1) | David M. Swanson(1) | Director) | February 25, 2026 |
| Jerry Raio(1) | Jerry Raio(1) | Director) |  |

---

INDEX TO EXHIBITS

---

| | |
|:---|:---|
| [a.2](fp0097718-1_ex9925a2.htm) | [Articles of Amendment and Restatement.](fp0097718-1_ex9925a2.htm) |
| [b.](fp0097718-1_ex9925b.htm) | [By-Laws of Fund.](fp0097718-1_ex9925b.htm) |
| [g.](fp0097718-1_ex9925g.htm) | [Investment Management Agreement between Registrant and RiverNorth Capital Management, LLC.](fp0097718-1_ex9925g.htm) |
| [j.2](fp0097718-1_ex9925j2.htm) | [Letter Amending Appendix A to the Master Custodian Agreement.](fp0097718-1_ex9925j2.htm) |
| [k.1](fp0097718-1_ex9925k1.htm) | [Fund Administration Services Agreement.](fp0097718-1_ex9925k1.htm) |
| [k.2](fp0097718-1_ex9925k2.htm) | [Transfer Agency Service Agreement.](fp0097718-1_ex9925k2.htm) |
| [n.](fp0097718-1_ex9925n.htm) | [Consent of Independent Registered Public Accounting Firm.](fp0097718-1_ex9925n.htm) |
| [p.](fp0097718-1_ex9925p.htm) | [Subscription Agreement.](fp0097718-1_ex9925p.htm) |
| [r.1](fp0097718-1_ex9925r1.htm) | [Code of Ethics of Registrant.](fp0097718-1_ex9925r1.htm) |
| [r.2](fp0097718-1_ex9925r1.htm) | [Code of Ethics of RiverNorth Capital Management, LLC.](fp0097718-1_ex9925r1.htm) |
| [s.](fp0097718-1_ex9925s.htm) | [Powers of Attorney.](fp0097718-1_ex9925s.htm) |

---

## Exhibit 99.25

**RIVERNORTH SHORT PRIME UNICORN FUND 2027, INC.**

**ARTICLES OF AMENDMENT AND RESTATEMENT**

<u>FIRST</u>: RiverNorth Short Prime Unicorn Fund 2027, Inc., a Maryland corporation (the "<u>Corporation</u>"), desires to amend and restate its charter as currently in effect and as hereinafter amended.

<u>SECOND</u>: The following provisions are all the provisions of the charter of the Corporation (the "<u>Charter</u>") currently in effect and as hereinafter amended:

**ARTICLE I**

**NAME**

The name of the corporation (the "<u>Corporation</u>") is " RiverNorth Short Prime Unicorn Fund 2028, Inc.".

**ARTICLE II**

**PURPOSE AND POWER**

The purposes for which the Corporation is formed are to conduct and carry on the business of a closed-end investment company registered under the Investment Company Act of 1940, as amended (the "<u>1940 Act</u>"), and to engage in any lawful act or activity for which corporations may be organized under the general laws of the State of Maryland as now or hereafter in force.

**ARTICLE III**

**PRINCIPAL OFFICE AND RESIDENT AGENT**

The address of the principal office of the Corporation in the State of Maryland is 245 West Chase Street, Baltimore, Maryland 21201. The name and address of the resident agent of the Corporation in the State of Maryland are Paracorp Incorporated, 245 West Chase Street, Baltimore, Maryland 21201. The resident agent is a Maryland corporation.

**ARTICLE IV**

**STOCK**

Section 4.1 <u>Authorized Shares</u>. The Corporation has authority to issue Fifty Million (50,000,000) shares of stock, all of which are shares of Common Stock, $0.0001 par value per share ("<u>Common Stock</u>"). The aggregate par value of all authorized shares of stock having par value is $5,000. If shares of one class of stock are classified or reclassified into shares of another class of stock pursuant to this Article IV, the number of authorized shares of the former class shall be automatically decreased and the number of shares of the latter class shall be automatically increased, in each case by the number of shares so classified or reclassified, so that the aggregate number of shares of stock of all classes that the Corporation has authority to issue shall not be more than the total number of shares of stock set forth in the first sentence of this paragraph. To the extent permitted by Maryland law, the Board of Directors, without any action by the stockholders of the Corporation, may amend the Charter from time to time to increase or decrease the aggregate number of shares of stock or the number of shares of stock of any class or series that the Corporation has authority to issue.

Section 4.2 <u>Common Stock</u>. Each share of Common Stock shall entitle the holder thereof to one vote. The Board of Directors may reclassify any unissued shares of Common Stock from time to time in one or more classes or series of stock.

Section 4.3 <u>Preferred Stock</u>. The Board of Directors may classify any unissued shares of stock and reclassify any previously classified but unissued shares of stock of any class or series from time to time, in one or more classes or series of stock, including preferred stock ("<u>Preferred Stock</u>").

Section 4.4 <u>Classified or Reclassified Shares</u>. Prior to issuance of classified or reclassified shares of any class or series, the Board of Directors by resolution shall: (a) designate that class or series to distinguish it from all other classes and series of stock of the Corporation; (b) specify the number of shares to be included in the class or series; (c) set or change, subject to the express terms of any class or series of stock of the Corporation outstanding at the time, the preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, and terms and conditions of redemption for each class or series; and (d) cause the Corporation to file articles supplementary with the State Department of Assessments and Taxation of Maryland (the "SDAT"). Any of the terms of any class or series of stock set or changed pursuant to clause (c) of this Section 4.4 may be made dependent upon facts or events ascertainable outside the Charter (including determinations by the Board of Directors or other facts or events within the control of the Corporation) and may vary among holders thereof, provided that the manner in which such facts, events or variations shall operate upon the terms of such class or series of stock is clearly and expressly set forth in the articles supplementary filed with the SDAT.

Section 4.5 <u>Charter and Bylaws</u>. All persons who shall acquire stock in the Corporation shall acquire the same subject to the provisions of the Charter and the Bylaws.

**ARTICLE V**

**PROVISIONS FOR DEFINING, LIMITING** 

**AND REGULATING CERTAIN POWERS OF THE** 

**CORPORATION AND OF THE STOCKHOLDERS AND DIRECTORS**

Section 5.1 <u>Number of Directors</u>. The business and affairs of the Corporation shall be managed under the direction of the Board of Directors. The number of directors of the Corporation is six (6), which number may be increased or decreased pursuant to the Bylaws, but shall never be less than the minimum number required by the Maryland General Corporation Law (the "<u>MGCL</u>"). In no case shall a decrease in the number of directors shorten the term of any incumbent director. The directors shall have the qualifications, if any, specified in the Bylaws. The Board of Directors may increase the number of directors and may fill any vacancy, whether resulting from an increase in the number of directors or otherwise, on the Board of Directors occurring before the first annual meeting of stockholders in the manner provided in the Bylaws. The names of the directors who shall serve until their successors are duly elected and qualify are:

John K. Carter

Patrick W. Galley

J. Wayne Hutchens

Lisa Mougin

Jerry R. Raio

David M. Swanson

The Corporation elects, at such time as it becomes eligible pursuant to Section 3-802 of the MGCL to make the election provided for under Section 3-804(c) of the MGCL, that, subject to applicable requirements of the 1940 Act and except as may be provided by the Board of Directors in setting the terms of any class or series of Preferred Stock, any and all vacancies on the Board of Directors may be filled only by the affirmative vote of a majority of the remaining directors in office and any director elected to fill a vacancy shall serve for the remainder of the full term of the directorship in which such vacancy occurred and until a successor is duly elected and qualifies.

On the date (the "<u>Classification Date</u>") of the closing of the initial underwritten public offering of shares of Common Stock, the directors shall be classified, with respect to the terms for which they severally hold office, into three classes, as nearly equal as possible and as determined by the Board of Directors, with Class I directors to hold office initially for a term expiring at the first annual meeting of stockholders after the Classification Date, Class II directors to hold office initially for a term expiring at the second annual meeting of stockholders after the Classification Date, and Class III directors to hold office for a term expiring at the third annual meeting of stockholder after the Classification Date, with each director to hold office until her or his successor is duly elected and qualifies. At each annual meeting of stockholders, commencing with the first annual meeting of stockholders after the Classification Date, the successors to the class of directors whose term expires at such meeting shall be elected to hold office for a term expiring at the third succeeding annual meeting of stockholders following the meeting at which they were elected and until their successors are duly elected and qualify.

Section 5.2 <u>Bylaws</u>. The Board of Directors shall have the exclusive power to make, alter, or repeal the Bylaws.

Section 5.3 <u>Extraordinary Actions</u>. Except as specifically provided in Section 5.9 (relating to removal of directors) and as otherwise provided in Article VI (relating to amendments and certain transactions), notwithstanding any provision of law permitting or requiring any action to be taken or approved by the affirmative vote of the holders of shares entitled to cast a greater number of votes, any such action shall be effective and valid if taken or approved by the affirmative vote of holders of shares entitled to cast a majority of all the votes entitled to be cast on the matter.

Section 5.4 <u>Authorization by Board of Stock Issuance</u>. The Board of Directors may authorize the issuance from time to time of shares of stock of the Corporation of any class or series, whether now or hereafter authorized, or securities or rights convertible into shares of its stock of any class or series, whether now or hereafter authorized, for such consideration as the Board of Directors may deem advisable (or without consideration in the case of a stock split or stock dividend), subject to such restrictions or limitations, if any, as may be set forth in the Charter or the Bylaws.

Section 5.5 <u>Quorum</u>. The presence in person or by proxy of the holders of shares of stock of the Corporation entitled to cast one-third (33<sup>1</sup>/<sub>3</sub>%) of the votes entitled to be cast (without regard to class) shall constitute a quorum at any meeting of stockholders, except with respect to any such matter that, under applicable statutes or regulatory requirements or the Charter, requires approval by a separate vote of one or more classes of stock, in which case the presence in person or by proxy of the holders of shares entitled to cast one-third (33<sup>1</sup>/<sub>3</sub>%) of the votes entitled to be cast by each such class on such a matter shall constitute a quorum.

Section 5.6 <u>Preemptive Rights</u>. Except as may be provided by the Board of Directors in setting the terms of classified or reclassified shares of stock pursuant to Section 4.4 or as may otherwise be provided by contract, no holder of shares of stock of the Corporation shall, as such holder, have any preemptive right to purchase or subscribe for any additional shares of stock of the Corporation or any other security of the Corporation which it may issue or sell.

Section 5.7 <u>Appraisal Rights</u>. No holder of stock of the Corporation shall be entitled to exercise the rights of an objecting stockholder under Title 3, Subtitle 2 of the MGCL or any successor statute unless the Board of Directors, upon the affirmative vote of a majority of the entire Board of Directors, shall determine that such rights apply, with respect to all or any classes or series of stock, or any proportion of the shares thereof, to a particular transaction or all transactions occurring after the date of such determination in connection with which holders of such shares would otherwise be entitled to exercise such rights.

Section 5.8 <u>Determinations by Board</u>. The determination as to any of the following matters, made in good faith and in accordance with the Charter, by or pursuant to the direction of the Board of Directors consistent with the Charter, shall be final and conclusive and shall be binding upon the Corporation and every holder of shares of its stock: the amount of the net income of the Corporation for any period and the amount of assets at any time legally available for the payment of dividends, redemption of its stock, or the payment of other distributions on its stock; the amount of paid-in surplus, net assets, other surplus, annual or other cash flow, net profit, net assets in excess of capital, undivided profits, or excess of profits over losses on sales of assets; the amount, purpose, time of creation, increase or decrease, alteration, or cancellation of any reserves or charges and the propriety thereof (whether or not any obligation or liability for which such reserves or charges shall have been created shall have been paid or discharged); any interpretation of the terms, preferences, conversion or other rights, voting powers, restrictions, limitations as to dividends or other distributions, qualifications, or terms or conditions of redemption of any class or series of stock of the Corporation; the fair value, or any sale, bid, or asked price to be applied in determining the fair value, of any asset owned or held by the Corporation or of any shares of stock of the Corporation; the number of shares of stock of any class or series of the Corporation; any matter relating to the acquisition, holding, and disposition of any assets by the Corporation; or any other matter relating to the business and affairs of the Corporation or required or permitted by applicable law, the Charter, or Bylaws or otherwise to be determined by the Board of Directors. No provision of the Charter shall be effective to (a) require a waiver of compliance with any provision of the Securities Act of 1933, as amended (the "<u>Securities Act</u>"), or the 1940 Act, or of any valid rule, regulation, or order of the Securities and Exchange Commission under those Acts or (b) protect or purport to protect any director or officer against any liability to the Corporation or its security holders to which he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the duties involved in the conduct of her or his office.

Section 5.9 <u>Removal of Directors</u>. Subject to the rights of holders of one or more classes or series of Preferred Stock (as defined below) to elect or remove one or more directors, any director, or the entire Board of Directors, may be removed from office at any time, but only for cause and then only by the affirmative vote of at least two-thirds (66<sup>2</sup>/<sub>3</sub>%) of the votes entitled to be cast generally in the election of directors. For the purpose of this paragraph, "cause" shall mean, with respect to any particular director, conviction of a felony or a final judgment of a court of competent jurisdiction holding that such director caused demonstrable, material harm to the Corporation through bad faith or active and deliberate dishonesty.

Section 5.10 <u>Advisory Agreements</u>. Subject to such approval of stockholders and other conditions, if any, as may be required by any applicable statute, rule, or regulation, the Board of Directors may authorize the execution and performance by the Corporation of (each, an "<u>Advisory Agreement</u>") one or more agreements with any person, corporation, association, company, trust, partnership (limited or general), or other organization whereby, subject to the supervision and control of the Board of Directors, any such other person, corporation, association, company, trust, partnership (limited or general), or other organization shall render or make available to the Corporation managerial, investment, advisory, sub-advisory, and/or related services, office space, and other services and facilities (including, if deemed advisable by the Board of Directors, the management or supervision of the investments of the Corporation) upon such terms and conditions as may be provided in such Advisory Agreement or Advisory Agreements (including, if deemed fair and equitable by the Board of Directors, the compensation payable thereunder by the Corporation).

**ARTICLE VI**

**AMENDMENTS; CERTAIN TRANSACTIONS; LIMITED PERIOD OF EXISTENCE**

Section 6.1 <u>Amendments Generally</u>. The Corporation reserves the right from time to time to make any amendment to its Charter, now or hereafter authorized by law, including any amendment altering the terms or contract rights, as expressly set forth in the Charter, of any shares of outstanding stock. All rights and powers conferred by the Charter on stockholders, directors, and officers are granted subject to this reservation.

Section 6.2 <u>Actions Requiring Supermajority Vote of Stockholders</u>. Notwithstanding any other provision of this Charter, the affirmative vote of the holders of two-thirds (66<sup>2</sup>/3%) of the votes entitled to be cast thereon by stockholders of the Corporation shall be required to advise, approve, adopt, or authorize any of the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) a merger, consolidation, or statutory share exchange of the Corporation with or into another person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) issuance or transfer by the Corporation (in one or a series of transactions in any twelve-month period) of any securities of the Corporation to any person or entity for cash, securities or other property (or combination thereof) having an aggregate fair market value of $1,000,000 or more, excluding (i) issuances or transfers of debt securities of the Corporation, (ii) sales of securities of the Corporation in connection with a public offering, (iii) issuances of securities of the Corporation pursuant to a dividend reinvestment plan adopted by the Corporation, (iv) issuances of securities of the Corporation upon the exercise of any stock subscription rights distributed by the Corporation, and (v) portfolio transactions effected by the Corporation in the ordinary course of business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) sale, lease, exchange, mortgage, pledge, transfer, or other disposition by the Corporation (in one or a series of transactions in any 12 month period) to or with any person or entity of any assets of the Corporation having an aggregate fair market value of $1,000,000 or more except for portfolio transactions (including pledges of portfolio securities in connection with borrowings) effected by the Corporation in the ordinary course of its business;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) the voluntary dissolution of the Corporation or a Charter amendment to terminate the Corporation's existence (except as set forth under Section 6.4 of this Article VI); or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) unless the 1940 Act or federal law requires a lesser vote, any stockholder proposal as to specific investment decisions made or to be made with respect to the Corporation's assets as to which stockholder approval is required under federal or Maryland law.

However, the stockholder vote described in Section 6.2 of this Article VI shall not be required with respect to the foregoing transactions (other than those set forth in (e) above) if they are approved by a vote of two-thirds (66<sup>2</sup>/3%) of the Continuing Directors (as defined below). In that case, if Maryland law or the 1940 Act requires stockholder approval, the affirmative vote by stockholders at a meeting of the stockholders of the lesser of (a) 67% or more of the voting securities present at such meeting, if the holders of more than 50% of the outstanding voting securities of the Corporation are present or represented by proxy, or (b) more than 50% of the outstanding voting securities of the Corporation shall be required (provided that, in accordance with Maryland law, such vote shall never be less than a majority of all of the votes entitled to be cast on such matter).

Section 6.3 <u>Actions Requiring Supermajority Vote of Board of Directors</u>: Notwithstanding any other provision of this Charter, the affirmative vote of two-thirds (66<sup>2</sup>/<sub>3</sub>%) of the entire Board of Directors shall be required to advise, approve, adopt, or authorize any of the following: (a) the election and removal of officers; (b) the creation of and delegation of authority and appointment of members to committees of the Board of Directors; (c) amendments to the Bylaws; and (d) Charter amendments not requiring stockholder approval under the 1940 Act.

Section 6.4 <u>Limited Period of Existence; Termination of Corporation</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Unless (i) earlier dissolved in accordance with the MGCL, (ii) the term of existence of the Corporation is extended upon the occurrence of the event set forth in paragraph (b) of this Section 6.4, or (iii) the term of existence of the Corporation is earlier terminated upon the occurrence of the event set forth in paragraph (c) of this Section 6.4, the Corporation shall have a limited period of existence and shall cease to exist at the close of business on the date that is twenty-four (24) months from the date of the closing of the issuance of shares of Common Stock pursuant to the initial underwritten public offering of the Corporation (as such date may be extended pursuant to paragraph (b) of this Section 6.4 or earlier terminated pursuant to paragraph (c) of this Section 6.4, the "<u>Termination Date</u>"). Notwithstanding anything in the foregoing to the contrary, to the extent then required by the MGCL, the Corporation shall continue to exist until the conditions set forth in Section 3-519(a) of the MGCL have been fulfilled.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Termination Date may be extended up to the date following the end of the quarter following the Termination Date by the action of a majority of the entire Board of Directors, without a vote of the stockholders of the Corporation, provided that the Corporation shall give notice to the stockholders and file a Certificate of Notice with the SDAT to disclose the occurrence of such event resulting in an extension of the limited period of existence.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Corporation may be terminated earlier than the Termination Date by the action of a majority of the entire Board of Directors, without a vote of the stockholders of the Corporation, provided that the Corporation shall give notice to the stockholders and file a Certificate of Notice with the SDAT to disclose the occurrence of such event resulting in an earlier Termination Date. Such notice and/or Certificate of Notice shall be given and/or filed with the SDAT at least thirty (30) days prior to the Termination Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) The Board of Directors may, to the extent they deem appropriate, adopt a plan of liquidation at any time during the twenty-four (24) months preceding the Termination Date, which plan of liquidation may set forth the terms and conditions for implementing the termination of the existence of the Corporation, including the commencement of the winding down of the Corporation's investment operations and the making of one or more liquidating distributions to stockholders prior to the Termination Date. Stockholders of the Corporation shall not be entitled to vote on or consent to the adoption of any such plan or the termination of the Corporation under this Article VI.

Section 6.5 <u>Definitions</u>: As used in this Article VI:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) "<u>Affiliate</u>" shall have the meaning ascribed to such term in Rule 12b-2 of the General Rules and Regulations under the Securities Exchange Act of 1934, as amended.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) "<u>Business Combination</u>" means any of the transactions identified in Section 6.2(a), (b) or (c) in this Article VI.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) "<u>Continuing Director</u>" means any member of the Board of Directors of the Corporation who is not an Interested Party (as defined below) or an Affiliate of an Interested Party and has been a member of the Board of Directors for a period of at least (12) months, or has been a member of the Board of Directors since January 22, 2026, or is a successor of a Continuing Director who is unaffiliated with an Interested Party and is recommended to succeed a Continuing Director by a majority of the Continuing Directors then on the Board of Directors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) "<u>Interested Party</u>" means any person, other than an investment company advised by the Corporation's initial investment adviser or any of its Affiliates, which enters, or proposes to enter, into a Business Combination (as defined above) with the Corporation.

**ARTICLE VII**

**LIMITATION OF LIABILITY; INDEMNIFICATION AND ADVANCE OF EXPENSES**

Section 7.1 <u>Limitation of Liability</u>. To the maximum extent that Maryland law in effect from time to time permits limitation of the liability of directors and officers of a corporation, no director or officer of the Corporation shall be liable to the Corporation or its stockholders for money damages.

Section 7.2 <u>Indemnification and Advance of Expenses</u>. Any person who is made a party or is threatened to be made a party in any threatened, pending, or completed action, suit, or proceeding, whether civil, criminal, administrative, or investigative, by reason of the fact that such person is a current or former director or officer of the Corporation, or is or was serving while a director or officer of the Corporation as a director, officer, partner, trustee, employee, agent, or fiduciary of another corporation, partnership, joint venture, trust, enterprise, or employee benefit plan, shall be indemnified by the Corporation against judgments, penalties, fines, excise taxes, settlements, and reasonable expenses (including attorneys' fees) actually incurred by such person in connection with such action, suit, or proceeding to the fullest extent permissible under Maryland law, the Securities Act, and the 1940 Act, as such statutes are now or hereinafter in force. In addition, the Corporation shall advance expenses to its current and former directors and officers who are made, or are threatened to be made, parties to any action, suit, or proceeding described above to the fullest extent that advancement of expenses is permitted by Maryland law, the Securities Act and the 1940 Act. The Board of Directors, by Bylaw, resolution, or agreement, may make further provision for indemnification of directors, officers, employees, and agents to the fullest extent permitted by Maryland law. No provision of this Article VII shall be effective to protect or purport to protect any director or officer of the Corporation against any liability to the Corporation or its security holders to which she or he would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence, or reckless disregard of the standard of conduct or duties involved in the conduct of her or his office. Upon the direction of the Board of Directors, an advancement-of-costs agreement may be required in order to require the repayment of reimbursed expenses in the event that the foregoing exclusion was later determined to apply.

Section 7.3 <u>1940 Act</u>. The provisions of this Article VII shall be subject to the limitations of the 1940 Act.

Section 7.4 <u>Amendment or Repeal</u>. Neither the amendment nor repeal of this Article VII, nor the adoption or amendment of any other provision of the Charter or Bylaws inconsistent with this Article VII, shall apply to or affect in any respect the applicability of the preceding sentence with respect to any act or failure to act which occurred prior to such amendment, repeal, or adoption.

<u>THIRD</u>: The amendment to and restatement of the Charter as hereinabove set forth has been advised by the Board of Directors and approved by the initial sole stockholder of the Corporation, as required by law.

<u>FOURTH</u>: The current address of the principal office of the Corporation is as set forth in Article III of the foregoing amendment and restatement of the Charter.

<u>FIFTH</u>: The name and address of the Corporation's current resident agent is as set forth in Article III of the foregoing amendment and restatement of the Charter.

<u>SIXTH</u>: The number of directors of the Corporation and the names of those currently in office are as set forth in Article V of the foregoing amendment and restatement of the Charter.

<u>SEVENTH</u>: The total number of shares of stock which the Corporation had authority to issue immediately prior to this amendment and restatement was 100,000 shares, $0.0001 par value per share, all of one class. The aggregate par value of all authorized shares of stock having par value was $10.

<u>EIGHTH</u>: The total number of shares of stock which the Corporation has authority to issue pursuant to the foregoing amendment and restatement of the Charter is Fifty Million (50,000,000), all of which are shares of Common Stock, $0.0001 par value per share. The aggregate par value of all authorized shares of stock having par value is $5,000.

<u>NINTH</u>: The undersigned President acknowledges these Articles of Amendment and Restatement to be the corporate act of the Corporation and as to all matters or facts required to be verified under oath, the undersigned President acknowledges that to the best of his knowledge, information, and belief, these matters and facts are true in all material respects and that this statement is made under the penalties for perjury.

IN WITNESS WHEREOF, RiverNorth Short Prime Unicorn Fund 2027, Inc. has caused these Articles of Amendment and Restatement to be signed in its name and on its behalf by its President and attested to by its Secretary on this 22nd day of January, 2026.

---

| | | |
|:---|:---|:---|
| ATTEST: | RIVERNORTH SHORT PRIME UNICORN FUND 2027, INC. | RIVERNORTH SHORT PRIME UNICORN FUND 2027, INC. |
| /s/ Marcus L. Collins | By: | /s/ Patrick W. Galley &nbsp;&nbsp;&nbsp;&nbsp;(SEAL) |
| Marcus L. Collins, Secretary |  | Patrick W. Galley, President |

---

The undersigned, the President of RiverNorth Short Prime Unicorn Fund 2027, Inc., who executed on behalf of the Corporation the foregoing Articles of Amendment and Restatement of which this certificate is made a part, hereby acknowledges in the name and on behalf of said Corporation the foregoing Articles of Amendment and Restatement to be the corporate act of said Corporation and hereby certifies that to the best of his knowledge, information, and belief the matters and facts set forth therein with respect to the authorization and approval thereof are true in all material respects under the penalties of perjury.

---

| |
|:---|
| /s/ Patrick W. Galley |
| Patrick W. Galley, President |

---

<u>Consent of Resident Agent</u>

Paracorp Incorporated hereby consents to act as resident agent in Maryland for the foregoing corporation.

---

| | |
|:---|:---|
| Paracorp Incorporated | Paracorp Incorporated |
| By: | /s/ Jody Moua |
| Name: | Jody Moua |
| Title: | Assistant Secretary |

---

## Exhibit 99.25

**<u>RIVERNORTH SHORT PRIME UNICORN FUND 2028, INC.</u>**

**BYLAWS**

**ARTICLE I<br> NAME OF COMPANY, LOCATION OF OFFICES AND SEAL**

<u>Section 1.1</u>. <u>Name</u>. The name of the Company is RiverNorth Short Prime Unicorn Fund 2028, Inc. (the "<u>Company</u>").

<u>Section 1.2</u>. <u>Principal Office</u>. The principal office of the Company in the State of Maryland shall be located in Baltimore, Maryland. The Company may, in addition, establish and maintain such other offices, including a principal executive office, and places of business within or outside the State of Maryland as the Board of Directors may from time to time determine.

<u>Section 1.3</u>. <u>Seal</u>. The corporate seal of the Company shall be circular in form and shall bear the name of the Company, the year of its incorporation and the words "Corporate Seal, Maryland." The form of the seal shall be subject to alteration by the Board of Directors and the seal may be used by causing it or a facsimile to be impressed or affixed or printed or otherwise reproduced. Any Officer or Director of the Company shall have authority to affix the corporate seal of the Company to any document requiring the same.

**ARTICLE II<br> STOCKHOLDERS**

<u>Section 2.1</u>. <u>Place of Meetings</u>. All meetings of the Stockholders shall be held at such place, whether within or outside the State of Maryland, as the Board of Directors shall determine, which shall be stated in the notice of the meeting or in a duly executed waiver of notice thereof.

<u>Section 2.2</u>. <u>Annual Meeting</u>. The annual meeting of the Stockholders of the Company shall be held on the date and at such time and place as the Board of Directors shall determine in its discretion, at which time the Stockholders shall elect Directors and transact such other business as may properly come before the meeting. Any business of the Company may be transacted at the annual meeting without being specially designated in the notice except as otherwise provided by statute, by the charter of the Company (the "<u>Charter</u>") or by these Bylaws.

<u>Section 2.3</u>. <u>Special Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>General</u>. The Chairman of the Board, the Chief Executive Officer, the President or the Board of Directors may call a special meeting of the Stockholders. Subject to subsection (b) of this Section 2.3, a special meeting of Stockholders shall also be called by the Secretary of the Company to act on any matter that may properly be considered at a meeting of Stockholders upon the written request of Stockholders entitled to cast not less than a majority of all the votes entitled to be cast on such matter at such meeting. Subject to subsection (b) of this Section 2.3, any special meeting shall be held at such place, date and time as may be designated by the Chairman of the Board, the Chief Executive Officer, the President or the Board of Directors, whoever shall have called the meeting. In fixing a date for any special meeting, the Chairman of the Board, the Chief Executive Officer, the President or the Board of Directors may consider such factors as he, she or it deems relevant, including, without limitation, the nature of the matters to be considered, the facts and circumstances surrounding any request for the meeting and any plan of the Board of Directors to call an annual meeting or a special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Stockholder Requested Special Meetings</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Any Stockholder of record seeking to have Stockholders request a special meeting shall, by sending written notice to the Secretary (the "<u>Record Date Request Notice</u>") by registered mail, return receipt requested, request the Board of Directors to fix a record date to determine the Stockholders entitled to request a special meeting (the "<u>Request Record Date</u>"). The Record Date Request Notice shall set forth the purpose of the meeting and the matters proposed to be acted on at it, shall be signed by one or more Stockholders of record as of the date of signature (or their agents duly authorized in a writing accompanying the Record Date Request Notice), shall bear the date of signature of each such Stockholder (or such agent) and shall set forth all information relating to each such Stockholder and each matter proposed to be acted on at the meeting that would be required to be disclosed in connection with the solicitation of proxies for election of Directors in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such a solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Securities Exchange Act of 1934, as amended, and the rules and regulations promulgated thereunder (the "<u>Exchange Act</u>"). Upon receiving the Record Date Request Notice, the Board of Directors may fix a Request Record Date. The Request Record Date shall not precede and shall not be more than ten days after the close of business on the date on which the resolution fixing the Request Record Date is adopted by the Board of Directors. If the Board of Directors, within ten days after the date on which a valid Record Date Request Notice is received, fails to adopt a resolution fixing the Request Record Date, the Request Record Date shall be the close of business on the tenth day after the first date on which a Record Date Request Notice is received by the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) In order for any Stockholder to request a special meeting to act on any matter that may properly be considered at a meeting of Stockholders, one or more written requests for a special meeting (collectively, the "<u>Special Meeting Request</u>") signed by Stockholders of record (or their agents duly authorized in a writing accompanying the request) as of the Request Record Date entitled to cast not less than a majority of all of the votes entitled to be cast on such matter at such meeting (the "<u>Special Meeting Percentage</u>") shall be delivered to the Secretary. In addition, the Special Meeting Request shall (a) set forth the purpose of the meeting and the matters proposed to be acted on at it (which shall be limited to those lawful matters set forth in the Record Date Request Notice received by the Secretary), (b) bear the date of signature of each such Stockholder (or such agent) signing the Special Meeting Request, (c) set forth (i) the name and address, as they appear in the Company's books, of each Stockholder signing such request (or on whose behalf the Special Meeting Request is signed), (ii) the class, series and number of all shares of stock of the Company which are owned (beneficially or of record) by each such Stockholder and (iii) the nominee holder for, and number of, shares of stock of the Company owned beneficially but not of record by such Stockholder, (d) be sent to the Secretary by registered mail, return receipt requested, and (e) be received by the Secretary within 60 days after the Request Record Date. Any requesting Stockholder (or agent duly authorized in a writing accompanying the revocation of the Special Meeting Request) may revoke his, her or its request for a special meeting at any time by written revocation delivered to the Secretary.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) The Secretary shall inform the requesting Stockholders of the reasonably estimated cost of preparing and mailing or delivering the notice of the meeting (including the Company's proxy materials). The Secretary shall not be required to call a special meeting upon Stockholder request and such meeting shall not be held unless, in addition to the documents required by paragraph (2) of this Section 2.3(b), the Secretary receives payment of such reasonably estimated cost prior to the preparation and mailing or delivery of such notice of the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) In the case of any special meeting called by the Secretary upon the request of Stockholders (a "<u>Stockholder-Requested Meeting</u>"), such meeting shall be held at such place, date and time as may be designated by the Board of Directors; provided, however, that the date of any Stockholder-Requested Meeting shall be not more than 90 days after the record date for such meeting (the "<u>Meeting Record Date</u>"); and provided further that if the Board of Directors fails to designate, within ten days after the date that a valid Special Meeting Request is actually received by the Secretary (the "<u>Delivery Date</u>"), a date and time for a Stockholder-Requested Meeting, then such meeting shall be held at 2:00 p.m. local time on the 90th day after the Meeting Record Date or, if such 90th day is not a Business Day (as defined below), on the first preceding Business Day; and provided further that in the event that the Board of Directors fails to designate a place for a Stockholder-Requested Meeting within ten days after the Delivery Date, then such meeting shall be held at the principal executive office of the Company. In the case of any Stockholder-Requested Meeting, if the Board of Directors fails to fix a Meeting Record Date that is a date within 30 days after the Delivery Date, then the close of business on the 30th day after the Delivery Date shall be the Meeting Record Date. The Board of Directors may revoke the notice for any Stockholder-Requested Meeting in the event that the requesting Stockholders fail to comply with the provisions of paragraph (3) of this Section 2.3(b).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(5) If written revocations of the Special Meeting Request have been delivered to the Secretary and the result is that Stockholders of record (or their agents duly authorized in writing), as of the Request Record Date, entitled to cast less than the Special Meeting Percentage have delivered, and not revoked, requests for a special meeting on the matter to the Secretary: (i) if the notice of meeting has not already been delivered, the Secretary shall refrain from delivering the notice of the meeting and send to all requesting Stockholders who have not revoked such requests written notice of any revocation of a request for a special meeting on the matter, or (ii) if the notice of meeting has been delivered and if the Secretary first sends to all requesting Stockholders who have not revoked requests for a special meeting on the matter written notice of any revocation of a request for the special meeting and written notice of the Company's intention to revoke the notice of the meeting or for the chairman of the meeting to adjourn the meeting without action on the matter, (A) the Secretary may revoke the notice of the meeting at any time before ten days before the commencement of the meeting or (B) the chairman of the meeting may call the meeting to order and adjourn the meeting without acting on the matter. Any request for a special meeting received after a revocation by the Secretary of a notice of a meeting shall be considered a request for a new special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) The Board of Directors, the Chairman of the Board, the Chief Executive Officer or the President may appoint regionally or nationally recognized independent inspectors of elections to act as the agent of the Company for the purpose of promptly performing a ministerial review of the validity of any purported Special Meeting Request received by the Secretary. For the purpose of permitting the inspectors to perform such review, no such purported Special Meeting Request shall be deemed to have been delivered to the Secretary until the earlier of (i) five Business Days after receipt by the Secretary of such purported request and (ii) such date as the independent inspectors certify to the Company that the valid requests received by the Secretary represent, as of the Request Record Date, Stockholders of record entitled to cast not less than the Special Meeting Percentage. Nothing contained in this paragraph (6) shall in any way be construed to suggest or imply that the Company or any Stockholder shall not be entitled to contest the validity of any request, whether during or after such five Business Day period, or to take any other action (including, without limitation, the commencement, prosecution or defense of any litigation with respect thereto, and the seeking of injunctive relief in such litigation).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(7) For purposes of these Bylaws, "Business Day" shall mean any day other than a Saturday, a Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close.

<u>Section 2.4</u>. <u>Notice</u>. Not less than ten nor more than 90 days before each meeting of Stockholders, the Secretary shall give to each Stockholder entitled to vote at such meeting and to each Stockholder not entitled to vote who is entitled to notice of the meeting notice in writing or by electronic transmission stating the time and place of the meeting and, in the case of a special meeting or as otherwise may be required by any statute, the purpose for which the meeting is called. Notice may be delivered by mail, by presenting it to such Stockholder personally, by leaving it at the Stockholder's residence or usual place of business, by electronic means, or by any other means permitted by Maryland law. If mailed, such notice shall be deemed to be given when deposited in the United States mail addressed to the Stockholder at the Stockholder's address as it appears on the records of the Company, with postage thereon prepaid. If transmitted electronically, such notice shall be deemed to be given when transmitted to the Stockholder by an electronic transmission to any address or number of the Stockholder at which the Stockholder receives electronic transmissions. The Company may give a single notice to all Stockholders who share an address, which single notice shall be effective as to any Stockholder at such address, unless a Stockholder objects to receiving such single notice or revokes a prior consent to receiving such single notice. Failure to give notice of any meeting to one or more Stockholders, or any irregularity in such notice, shall not affect the validity of any meeting fixed in accordance with this Article II or the validity of any proceedings at any such meeting.

Subject to Section 2.5(a) of this Article II, any business of the Company may be transacted at an annual meeting of Stockholders without being specifically designated in the notice, except such business as is required by any statute to be stated in such notice. No business shall be transacted at a special meeting of Stockholders except as specifically designated in the notice. The Company may postpone or cancel a meeting of Stockholders by making a public announcement (as defined in Section 2.5(c)(3) of this Article II) of such postponement or cancellation prior to the meeting. Notice of the date, time and place to which the meeting is postponed shall be given not less than ten days prior to such date and otherwise in the manner set forth in this section.

<u>Section 2.5</u>. <u>Advance Notice of Stockholder Nominees for Director and Other</u> <u>Stockholder Proposals</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Annual Meetings of Stockholders</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Nominations of individuals for election to the Board of Directors and the proposal of other business to be considered by the Stockholders may be made at an annual meeting of Stockholders (i) pursuant to the Company's notice of meeting, (ii) by or at the direction of the Board of Directors or (iii) by any Stockholder of the Company who was a Stockholder of record both at the time of giving of notice by the Stockholder as provided for in this Section 2.5(a) and at the time of the annual meeting, who is entitled to vote at the meeting in the election of each individual so nominated or on any such other business and who has complied with this Section 2.5(a).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) For any nomination or other business to be properly brought before an annual meeting by a Stockholder pursuant to clause (iii) of paragraph (a)(1) of this Section 2.5, the Stockholder must have given timely notice thereof in writing to the Secretary of the Company and, in the case of any such other business, such other business must otherwise be a proper matter for action by the Stockholders. To be timely, a Stockholder's notice shall set forth all information required under this Section 2.5 and shall be delivered to the Secretary at the principal executive office of the Company not earlier than 9:00 a.m. on the 150<sup>th</sup> day nor later than 5:00 p.m., Eastern Time, on the 120<sup>th</sup> day prior to the first anniversary of the date of the proxy statement (as defined in Section 2.5(c)(3)) for the preceding year's annual meeting; provided, however, that in the event that the date of the annual meeting is advanced or delayed by more than 30 days from the first anniversary of the date of the preceding year's annual meeting (or in the case of the first annual meeting of stockholders), notice by the Stockholder to be timely must be so delivered not earlier than the 150<sup>th</sup> day prior to the date of such annual meeting and not later than 5:00 p.m., Eastern Time, on the later of the 120<sup>th</sup> day prior to the date of such annual meeting, as originally convened, or the tenth day following the day on which public announcement of the date of such meeting is first made. The public announcement of a postponement or adjournment of an annual meeting shall not commence a new time period for the giving of a Stockholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) Such Stockholder's notice shall set forth:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) as to each individual whom the Stockholder proposes to nominate for election or reelection as a Director (each, a "<u>Proposed Nominee</u>"),

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) all information relating to the Proposed Nominee that would be required to be disclosed in connection with the solicitation of proxies for the election of the Proposed Nominee as a Director in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act and the rules thereunder; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) whether such Stockholder believes any such Proposed Nominee is, or is not, an "interested person" of the Company, as defined in the Investment Company Act of 1940, as amended, and the rules promulgated thereunder (the "<u>Investment Company Act</u>") and information regarding such individual that is sufficient, in the discretion of the Board of Directors or any committee thereof or any authorized Officer of the Company, to make such determination;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) as to any business that the Stockholder proposes to bring before the meeting, a description of such business, the Stockholder's reasons for proposing such business at the meeting and any material interest in such business of such Stockholder or any Stockholder Associated Person (as defined below), individually or in the aggregate, including any anticipated benefit to the Stockholder or the Stockholder Associated Person therefrom;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) as to the Stockholder giving the notice, any Proposed Nominee and any Stockholder Associated Person,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the class, series and number of all shares of stock or other securities of the Company or any affiliate thereof (collectively, the "<u>Company Securities</u>"), if any, which are owned (beneficially or of record) by such Stockholder, Proposed Nominee or Stockholder Associated Person, the date on which each such Company Security was acquired and the investment intent of such acquisition, and any short interest (including any opportunity to profit or share in any benefit from any decrease in the price of such stock or other security) in any Company Securities of any such person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the nominee holder for, and number of, any Company Securities owned beneficially but not of record by such Stockholder, Proposed Nominee or Stockholder Associated Person;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) whether and the extent to which such Stockholder, Proposed Nominee or Stockholder Associated Person, directly or indirectly (through brokers, nominees or otherwise), is subject to or during the last twelve months has engaged in any hedging, derivative or other transaction or series of transactions or entered into any other agreement, arrangement or understanding (including any short interest, any borrowing or lending of securities or any proxy or voting agreement), the effect or intent of which is to (I) manage risk or benefit of changes in the price of (x) Company Securities or (y) any security of any other closed-end investment company (a "<u>Peer Group Company</u>") for such Stockholder, Proposed Nominee or Stockholder Associated Person or (II) increase or decrease the voting power of such Stockholder, Proposed Nominee or Stockholder Associated Person in the Company or any affiliate thereof (or, as applicable, in any Peer Group Company) disproportionately to such person's economic interest in the Company Securities (or, as applicable, in any Peer Group Company); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) any substantial interest, direct or indirect (including, without limitation, any existing or prospective commercial, business or contractual relationship with the Company), by security holdings or otherwise, of such Stockholder, Proposed Nominee or Stockholder Associated Person, in the Company or any affiliate thereof, other than an interest arising from the ownership of Company Securities where such Stockholder, Proposed Nominee or Stockholder Associated Person receives no extra or special benefit not shared on a *pro rata* basis by all other holders of the same class or series;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) as to the Stockholder giving the notice, any Stockholder Associated Person with an interest or ownership referred to in clauses (ii) or (iii) of this paragraph (3) of this Section 2.5(a) and any Proposed Nominee,

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) the name and address of such Stockholder, as they appear on the Company's stock ledger, and the current name and business address, if different, of each such Stockholder Associated Person and any Proposed Nominee and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) the investment strategy or objective, if any, of such Stockholder and each such Stockholder Associated Person who is not an individual and a copy of the prospectus, offering memorandum or similar document, if any, provided to investors or potential investors in such Stockholder and each such Stockholder Associated Person; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) to the extent known by the Stockholder giving the notice, the name and address of any other Stockholder supporting the Proposed Nominee for election or reelection as a Director or the proposal of other business on the date of such Stockholder's notice.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Such Stockholder's notice shall, with respect to any Proposed Nominee, be accompanied by a certificate executed by the Proposed Nominee (i) certifying that such Proposed Nominee (a) is not, and will not become a party to, any agreement, arrangement or understanding with any person or entity other than the Company in connection with service or action as a Director that has not been disclosed to the Company and (b) will serve as a Director of the Company if elected; and (ii) attaching a completed Proposed Nominee questionnaire (which questionnaire shall be provided by the Company, upon request, to the Stockholder providing the notice and shall include all information relating to the Proposed Nominee that would be required to be disclosed in connection with the solicitation of proxies for the election of the Proposed Nominee as a Director in an election contest (even if an election contest is not involved), or would otherwise be required in connection with such solicitation, in each case pursuant to Regulation 14A (or any successor provision) under the Exchange Act and the rules thereunder, or would be required pursuant to the rules of any national securities exchange or over-the-counter market).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(6) For purposes of this Section 2.5, "Stockholder Associated Person" of any stockholder means (i) any person acting in concert with such Stockholder, (ii) any beneficial owner of shares of stock of the Company owned of record or beneficially by such Stockholder (other than a Stockholder that is a depositary) and (iii) any person that directly, or indirectly through one or more intermediaries, controls, or is controlled by, or is under common control with, such Stockholder or such Stockholder Associated Person or is an officer, Director, partner, member, employee or agent of such Stockholder or such Stockholder Associated Person.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Special Meetings of Stockholders</u>. Only such business shall be conducted at a special meeting of Stockholders as shall have been brought before the meeting pursuant to the Company's notice of meeting. Nominations of individuals for election to the Board of Directors may be made at a special meeting of Stockholders at which Directors are to be elected only (i) by or at the direction of the Board of Directors or (ii) provided that the special meeting has been called in accordance with Section 2.3 of this Article II for the purpose of electing Directors, by any Stockholder of the Company who is a Stockholder of record both at the time of giving of notice provided for in this Section 2.5 and at the time of the special meeting, who is entitled to vote at the meeting in the election of each individual so nominated and who has complied with the notice procedures set forth in this Section 2.5. In the event the Company calls a special meeting of Stockholders for the purpose of electing one or more individuals to the Board of Directors, any such Stockholder may nominate an individual or individuals (as the case may be) for election as a Director as specified in the Company's notice of meeting, if the Stockholder's notice, containing the information required by paragraph (a)(3) of this Section 2.5 shall be delivered to the Secretary at the principal executive office of the Company not earlier than the 120<sup>th</sup> day prior to such special meeting and not later than 5:00 p.m., Eastern Time, on the later of the 90<sup>th</sup> day prior to such special meeting or the tenth day following the day on which public announcement is first made of the date of the special meeting and of the nominees proposed by the Board of Directors to be elected at such meeting. The public announcement of a postponement or adjournment of a special meeting shall not commence a new time period for the giving of a Stockholder's notice as described above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>General</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) If information submitted pursuant to this Section 2.5 by any Stockholder proposing a nominee for election as a Director or any proposal for other business at a meeting of Stockholders shall be inaccurate in any material respect, such information may be deemed not to have been provided in accordance with this Section 2.5. Any such Stockholder shall notify the Company of any inaccuracy or change (within two Business Days of becoming aware of such inaccuracy or change) in any such information. Upon written request by the Secretary of the Company or the Board of Directors, any such Stockholder shall provide, within five Business Days of delivery of such request (or such other period as may be specified in such request), (A) written verification, satisfactory, in the discretion of the Board of Directors or any authorized Officer of the Company, to demonstrate the accuracy of any information submitted by the Stockholder pursuant to this Section 2.5, and (B) a written update of any information (including, if requested by the Company, written confirmation by such Stockholder that it continues to intend to bring such nomination or other business proposal before the meeting) submitted by the Stockholder pursuant to this Section 2.5 as of an earlier date. If a Stockholder fails to provide such written verification or written update within such period, the information as to which written verification or a written update was requested may be deemed not to have been provided in accordance with this Section 2.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Only such individuals who are nominated in accordance with this Section 2.5 shall be eligible for election by Stockholders as Directors, and only such business shall be conducted at a meeting of Stockholders as shall have been brought before the meeting in accordance with this Section 2.5. The chairman of the meeting shall have the power to determine whether a nomination or any other business proposed to be brought before the meeting was made or proposed, as the case may be, in accordance with this Section 2.5.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(3) For purposes of this Section 2.5, "the date of the proxy statement" shall have the same meaning as "the date of the company's proxy statement released to shareholders" as used in Rule 14a-8(e) promulgated under the Exchange Act, as interpreted by the Securities and Exchange Commission from time to time. "Public announcement" shall mean disclosure (i) in a press release reported by the Dow Jones News Service, Associated Press, Business Wire, PR Newswire or other widely circulated news or wire service or (ii) in a document publicly filed by the Company with the Securities and Exchange Commission pursuant to the Exchange Act or the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Notwithstanding the foregoing provisions of this Section 2.5, a Stockholder shall also comply with all applicable requirements of state law and of the Exchange Act and the rules and regulations thereunder with respect to the matters set forth in this Section 2.5. Nothing in this Section 2.5 shall be deemed to affect any right of a Stockholder to request inclusion of a proposal in, or the right of the Company to omit a proposal from, the Company's proxy statement pursuant to Rule 14a-8 (or any successor provision) under the Exchange Act. Nothing in this Section 2.5 shall require disclosure of revocable proxies received by the Stockholder or Stockholder Associated Person pursuant to a solicitation of proxies after the filing of an effective Schedule 14A by such Stockholder or Stockholder Associated Person under Section 14(a) of the Exchange Act.

<u>Section 2.6</u>. <u>Quorum</u>. At any meeting of Stockholders, the presence in person or by proxy of Stockholders entitled to cast one-third (33 1/3%) of all the votes entitled to be cast (without regard to class) at such meeting on any matter shall constitute a quorum; but this section shall not affect any requirement under any statute or the charter of the Company for the vote necessary for the approval of any matter. If such quorum is not established at any meeting of the Stockholders, the chairman of the meeting may adjourn the meeting *sine die* or from time to time to a date not more than 120 days after the original record date without notice other than announcement at the meeting. At such adjourned meeting at which a quorum shall be present, any business may be transacted which might have been transacted at the meeting as originally notified.

The Stockholders present either in person or by proxy, at a meeting which has been duly called and at which a quorum has been established, may continue to transact business until adjournment, notwithstanding the withdrawal from the meeting of enough Stockholders to leave fewer than would be required to establish a quorum.

<u>Section 2.7</u>. <u>Voting</u>. A plurality of all the votes cast at a meeting of Stockholders duly called and at which a quorum is present shall be sufficient to elect a Director. Each share may be voted for as many individuals as there are Directors to be elected and for whose election the share is entitled to be voted. A majority of the votes cast at a meeting of Stockholders duly called and at which a quorum is present shall be sufficient to approve any other matter which may properly come before the meeting, unless a different vote is required by statute or by the Charter.

<u>Section 2.8</u>. <u>Voting Rights of Stockholders</u>. Unless otherwise provided by statute or in the Charter, each Stockholder of record having the right to vote shall be entitled at every meeting of the Stockholders of the Company to one vote for each share of stock having voting power standing in the name of such Stockholder on the books of the Company on the record date fixed in accordance with Section 6.5 of these Bylaws, with pro rata voting rights for any fractional shares, and such votes may be cast either in person or by proxy, by any means permitted by law.

<u>Section 2.9</u>. <u>Organization and Conduct</u>. Every meeting of Stockholders shall be conducted by an individual appointed by the Board of Directors to be chairman of the meeting or, in the absence of such appointment or appointed individual, by the Chairman of the Board, if any, or, in the case of a vacancy in the office or absence of the Chairman of the Board, by one of the following Officers present at the meeting in the following order: the Vice Chairman of the Board, if any, the Chief Executive Officer, the President, any Vice Presidents in order of their rank and seniority, the Secretary, the Treasurer or, in the absence of such Officers, a chairman chosen by the Stockholders by the vote of a majority of the votes cast by Stockholders present in person or by proxy. The Secretary, or, in the Secretary's absence, an Assistant Secretary, or, in the absence of both the Secretary and Assistant Secretaries, an individual appointed by the Board of Directors or, in the absence of such appointment, an individual appointed by the chairman of the meeting shall act as secretary. In the event that the Secretary presides at a meeting of the Stockholders, an Assistant Secretary, or, in the absence of Assistant Secretaries, an individual appointed by the Board of Directors or the chairman of the meeting, shall record the minutes of the meeting. The order of business and all other matters of procedure at any meeting of Stockholders shall be determined by the chairman of the meeting. The chairman of the meeting may prescribe such rules, regulations and procedures and take such action as, in the discretion of such chairman and without any action by the Stockholders, are appropriate for the proper conduct of the meeting, including, without limitation, (a) restricting admission to the time set for the commencement of the meeting; (b) limiting attendance at the meeting to Stockholders of record of the Company, their duly authorized proxies and other such individuals as the chairman of the meeting may determine; (c) limiting participation at the meeting on any matter to Stockholders of record of the Company entitled to vote on such matter, their duly authorized proxies and other such individuals as the chairman of the meeting may determine; (d) limiting the time allotted to questions or comments; (e) determining when and for how long the polls should be open and when the polls should be closed; (f) maintaining order and security at the meeting; (g) removing any Stockholder or any other individual who refuses to comply with meeting procedures, rules or guidelines as set forth by the chairman of the meeting; (h) concluding a meeting or recessing or adjourning the meeting to a later date and time and at a place announced at the meeting; and (i) complying with any state and local laws and regulations concerning safety and security. Unless otherwise determined by the chairman of the meeting, meetings of Stockholders shall not be required to be held in accordance with the rules of parliamentary procedure.

<u>Section 2.10</u>. <u>Proxies</u>. Each Stockholder entitled to vote at any meeting of Stockholders may authorize another person to act as proxy for the Stockholder by (a) signing a writing authorizing another person to act as proxy, (b) transmitting an authorization for a person or persons to act as proxy to either (i) the person or persons authorized to act as proxy or (ii) any other person authorized to receive the proxy authorization on behalf of the person or persons authorized to act as proxy or (c) any other means permitted by law. Signing of a writing may be accomplished by the Stockholder or the Stockholder's authorized agent signing the writing or causing the Stockholder's signature to be affixed to the writing by any reasonable means, including facsimile signature. An authorization of a person or persons to serve as proxy may be transmitted by any means permitted by law, including telegram, datagram, electronic mail or any other electronic or telephonic means. No proxy shall be valid after the expiration of eleven months from its date unless it provides otherwise. Unless a proxy provides otherwise, every proxy shall be revocable prior to its exercise at the pleasure of the person authorizing it or of his or her personal representatives or assigns. Proxies shall be delivered prior to the meeting to the Secretary of the Company or to the person acting as Secretary of the meeting before being exercised. A proxy with respect to stock held in the name of two or more persons shall be valid if authorized by one of them unless, at or prior to exercise of such proxy, the Company receives a specific written notice to the contrary from any one of them. A proxy purporting to be authorized by or on behalf of a Stockholder shall be deemed valid unless challenged at or prior to its exercise.

<u>Section 2.11</u>. <u>Action without Meeting</u>. Any action to be taken by holders of Common Stock, or of Common Stock and Preferred Stock (and any other class of stock) voting together as a single class, may be taken without a meeting if (i) all Stockholders entitled to vote on the matter consent to the action in writing, and (ii) such consents are filed with the records of the meetings of Stockholders. Except as provided above, the holders of Preferred Stock and of any other class of stock (other than Common Stock entitled to vote generally in the election of Directors) may take action or consent to any action by the written consent of the holders of the Preferred Stock and/or such other class of stock entitled to cast not less than the minimum number of votes that would be necessary to authorize or take the action at a Stockholders' meeting if the Company gives notice of the action to each Stockholder of the Company not later than 10 days after the effective time of the action. A consent shall be treated for all purposes as a vote at a meeting.

<u>Section 2.12</u>. <u>Inspectors</u>. The Board of Directors or the chairman of the meeting may appoint, before or at the meeting, one or more inspectors for the meeting and any successor to the inspector. Except as otherwise provided by the chairman of the meeting, the inspectors, if any, shall (i) determine the number of shares of stock represented at the meeting, in person or by proxy, and the validity and effect of proxies, (ii) receive and tabulate all votes, ballots or consents, (iii) report such tabulation to the chairman of the meeting, (iv) hear and determine all challenges and questions arising in connection with the right to vote, and (v) do such acts as are proper to fairly conduct the election or vote. Each such report shall be in writing and signed by the inspector or by a majority of them if there is more than one inspector acting at such meeting. If there is more than one inspector, the report of a majority shall be the report of the inspectors. The report of the inspector or inspectors on the number of shares represented at the meeting and the results of the voting shall be *prima facie* evidence thereof.

**ARTICLE III<br> BOARD OF DIRECTORS**

<u>Section 3.1</u>. <u>General Powers</u>. Except as otherwise provided in the Charter, the business and affairs of the Company shall be managed under the direction of the Board of Directors. All powers of the Company may be exercised by or under authority of the Board of Directors except as conferred on or reserved to the Stockholders by law, by the Charter or by these Bylaws.

 <u>Section 3.2</u>. <u>Board of Three to 12 Directors</u>. At any regular meeting or at any special meeting called for that purpose, a majority of the entire Board of Directors may establish, increase or decrease the number of Directors, provided that the number thereof shall never be less than three nor more than 12, and further provided that the tenure of office of a Director shall not be affected by any decrease in the number of Directors. The Board of Directors shall be classified at the time and in the manner provided in the Charter.

<u>Section 3.3</u>. <u>Vacancies</u>. If for any reason any or all the Directors cease to be Directors, such event shall not terminate the Company or affect these Bylaws or the powers of the remaining Directors hereunder, if any. Subject to the provisions of the Investment Company Act and except as may be provided by the Board of Directors in setting the terms of any class or series of Preferred Stock, effective upon the Company being eligible under Section 3-802 of the Maryland General Corporation Law (the "<u>MGCL</u>") to make the election provided for under Section 3-804(c) of the MGCL and subject to the requirements of the 1940 Act, (a) any vacancy on the Board of Directors may be filled only by a majority of the remaining Directors, even if the remaining Directors do not constitute a quorum and (b) any Director elected to fill a vacancy shall serve for the remainder of the full term of the class in which the vacancy occurred and until a successor is elected and qualifies.

<u>Section 3.4</u>. <u>Removal</u>. As provided in the Charter, at any meeting of Stockholders duly called and at which a quorum is present, a Director may be removed only with cause, and then only by the affirmative vote of the stockholders entitled to cast at least two-thirds (<sup>2</sup>/<sub>3</sub>) of the votes entitled to be cast generally in the election of Directors.

<u>Section 3.5</u>. <u>Resignation</u>. A Director may resign at any time by giving written notice of his or her resignation to the Board of Directors or the Chairman or the Vice Chairman, if any, of the Board or the Secretary of the Company. Any resignation shall take effect immediately upon its receipt or at such later time specified in the resignation. Acceptance of a resignation shall not be necessary to make it effective, unless the resignation states otherwise.

<u>Section 3.6</u>. <u>Place of Meetings</u>. The Directors may hold their meetings at the principal office of the Company or at such other places, either within or outside the State of Maryland, as they may from time to time determine.

<u>Section 3.7</u>. <u>Regular Meetings</u>. Regular meetings of the Board may be held at such date and time as shall from time to time be determined by resolution of the Board.

<u>Section 3.8</u>. <u>Special Meetings</u>. Special meetings of the Board may be called by order of the Chairman or Vice Chairman of the Board on one day's notice given to each Director either in person or by mail, telephone, telegram, cable or wireless to each Director at his or her residence or regular place of business. Special meetings will be called by the Chairman or Vice Chairman of the Board or Secretary in a like manner on the written request of a majority of the Directors.

<u>Section 3.9</u>. <u>Quorum and Voting</u>. At all meetings of the Board, the presence of a majority of the entire Board of Directors shall be necessary to constitute a quorum and sufficient for the transaction of business; provided, however, that if there are only two or three Directors, not less than two may constitute a quorum and provided, further, that if there is only one Director, the presence of such Director will constitute a quorum. The act of a majority of the Directors present at a meeting at which there is a quorum shall be the act of the Board of Directors, except as may be otherwise specifically provided by statute, by the Charter or by these Bylaws. If a quorum shall not be present at any meeting of Directors, the Directors present thereat may adjourn the meeting from time to time, without notice other than announcement at the meeting, until a quorum shall be present.

The Directors present at a meeting which has been duly called and at which a quorum has been established may continue to transact business until adjournment, notwithstanding the withdrawal from the meeting of enough Directors to leave fewer than required to establish a quorum. If enough Directors have withdrawn from a meeting to leave fewer than required to establish a quorum, but the meeting is not adjourned, the action of the majority of that number of Directors necessary to constitute a quorum at such meeting shall be the action of the Board of Directors, except as may be otherwise specifically provided by statute, by the Charter or by these Bylaws.

<u>Section 3.10</u>. <u>Organization</u>. The Board of Directors shall designate one of its members to serve as Chairman of the Board. The Chairman of the Board shall preside at each meeting of the Board. In the absence or inability of the Chairman of the Board to act, another Director chosen by a majority of the Directors present, shall act as chairman of the meeting and preside at the meeting. The Secretary (or, in his or her absence or inability to act, any person appointed by the Chairman) shall act as secretary of the meeting and keep the minutes of the meeting.

<u>Section 3.11</u>. <u>Informal Action by Directors and Committees</u>. Any action required or permitted to be taken at any meeting of the Board of Directors or of any committee thereof may, except as otherwise required by statute, be taken without a meeting if a consent to such action is given in writing or by electronic transmission by all members of the Board, or of such committee, as the case may be, and filed with the minutes of the proceedings of the Board or committee. Subject to the Investment Company Act, members of the Board of Directors or a committee thereof may participate in a meeting by means of a conference telephone or similar communications equipment if all persons participating in the meeting can hear each other at the same time.

<u>Section 3.12</u>. <u>Executive Committee</u>. There may be an Executive Committee of two or more Directors appointed by the Board who may meet at stated times or on notice to all by any of their own number. The Executive Committee shall consult with and advise the Officers of the Company in the management of its business and exercise such powers of the Board of Directors as may be lawfully delegated by the Board of Directors. Vacancies shall be filled by the Board of Directors at any regular or special meeting. The Executive Committee shall keep regular minutes of its proceedings and report the same to the Board when required.

<u>Section 3.13</u>. <u>Audit Committee</u>. There shall be an Audit Committee of two or more Directors who are not "interested persons" of the Company (as defined in the Investment Company Act) appointed by the Board who may meet at stated times or on notice to all by any of their own number. The Committee's duties shall include reviewing both the audit and other work of the Company's independent accountants, recommending to the Board of Directors the independent accountants to be retained, and reviewing generally the maintenance and safekeeping of the Company's records and documents.

<u>Section 3.14</u>. <u>Other Committees</u>. The Board of Directors may appoint other committees which shall in each case consist of such number of members (which may be one) and shall have and may exercise, to the extent permitted by law, such powers as the Board may determine in the resolution appointing them. A majority of all members of any such committee may determine its action, and fix the time and place of its meetings, unless the Board of Directors shall otherwise provide. The Board of Directors shall have power at any time to change the members and, to the extent permitted by law, to change the powers of any such committee, to fill vacancies and to discharge any such committee.

<u>Section 3.15</u>. <u>Compensation of Directors</u>. The Board may, by resolution, determine what compensation and reimbursement of expenses of attendance at meetings, if any, shall be paid to Directors in connection with their service on the Board or on various committees of the Board. Nothing herein contained shall be construed to preclude any Director from serving the Company in any other capacity or from receiving compensation therefor.

<u>Section 3.16</u>. <u>Authority to Retain Experts and Advisers</u>. The Directors who are not "interested persons" (as defined in the Investment Company Act) of the Company may hire employees and retain experts and advisers, including independent legal counsel, at the expense of the Company, to the extent such Directors deem necessary to carry out their duties as Directors.

<u>Section 3.17</u>. <u>Reliance</u>. Each Director and Officer of the Company shall, in the performance of his or her duties with respect to the Company, be entitled to rely on any information, opinion, report or statement, including any financial statement or other financial data, prepared or presented by an Officer or employee of the Company whom the Director or Officer reasonably believes to be reliable and competent in the matters presented, by a lawyer, certified public accountant or other person, as to a matter which the Director or Officer reasonably believes to be within the person's professional or expert competence, or, with respect to a Director, by a committee of the Board of Directors on which the Director does not serve, as to a matter within its designated authority, if the Director reasonably believes the committee to merit confidence.

<u>Section 3.18</u>. <u>Ratification</u>. The Board of Directors or the Stockholders may ratify and make binding on the Company any action or inaction by the Company or its Officers to the extent that the Board of Directors or the Stockholders could have originally authorized the matter. Moreover, any action or inaction questioned in any Stockholders' derivative proceeding or any other proceeding on the ground of lack of authority, defective or irregular execution, adverse interest of a Director, Officer or Stockholder, non-disclosure, miscomputation, the application of improper principles or practices of accounting or otherwise, may be ratified, before or after judgment, by the Board of Directors or by the Stockholders, and if so ratified, shall have the same force and effect as if the questioned action or inaction had been originally duly authorized, and such ratification shall be binding upon the Company and its Stockholders and shall constitute a bar to any claim or execution of any judgment in respect of such questioned action or inaction.

<u>Section 3.19</u>. <u>Emergency Provisions</u>. Notwithstanding any other provision in the Charter or these Bylaws, this Section 3.19 shall apply during the existence of any catastrophe, or other similar emergency condition, as a result of which a quorum of the Board of Directors under this Article III cannot readily be obtained (an "<u>Emergency</u>"). During any Emergency, unless otherwise provided by the Board of Directors, (i) a meeting of the Board of Directors or a committee thereof may be called by any Director or Officer by any means feasible under the circumstances; (ii) notice of any meeting of the Board of Directors during such an Emergency may be given less than 24 hours prior to the meeting to as many Directors and by such means as may be feasible at the time, including publication, television or radio; and (iii) the number of Directors necessary to constitute a quorum shall be one-third of the entire Board of Directors.

**ARTICLE IV<br> OFFICERS**

<u>Section 4.1</u>. <u>Officers</u>. The Officers of the Company shall be fixed by the Board of Directors and shall include a President, Secretary and Treasurer. Any two offices may be held by the same person except the offices of President and Vice President. A person who holds more than one office in the Company may not act in more than one capacity to execute, acknowledge or verify an instrument required by law to be executed, acknowledged or verified by more than one Officer.

<u>Section 4.2</u>. <u>Election of Officers</u>. The Directors shall elect the Officers, who need not be members of the Board.

<u>Section 4.3</u>. <u>Additional Officers</u>. The Board may appoint such other Officers and agents as it shall deem necessary who shall exercise such powers and perform such duties as shall be determined from time to time by the Board.

<u>Section 4.4</u>. <u>Salaries of Officers</u>. The salaries of all Officers of the Company shall be fixed by the Board of Directors.

<u>Section 4.5</u>. <u>Term, Removal, Resignation and Vacancies</u>. The Officers of the Company shall serve at the pleasure of the Board of Directors and hold office for one year and until their successors are elected and qualify. Any officer of the Company may be removed, with or without cause, by the Board of Directors if in its judgment the best interests of the Company would be served thereby. Any officer of the Company may resign at any time by delivering his or her resignation to the Board of Directors, the Chairman of the Board, the Chief Executive Officer, the President or the Secretary. Any resignation shall take effect immediately upon its receipt or at such later time specified in the resignation. The acceptance of a resignation shall not be necessary to make it effective unless otherwise stated in the resignation. Such resignation shall be without prejudice to the contract rights, if any, of the Company. If the office of any Officer becomes vacant for any reason, the vacancy shall be filled by the Board of Directors.

<u>Section 4.6</u>. <u>Chief Executive Officer; President</u>. The Chief Executive Officer shall be the highest ranking Officer of the Company and shall, subject to the supervision of the Board of Directors, have general oversight responsibility for the management of the business of the Company. The Chief Executive Officer shall see that all orders and resolutions of the Board are carried into effect. If the Board has not selected a Chief Executive Officer, the President shall be the Chief Executive Officer of the Company and shall perform the duties and exercise the powers of the Chief Executive Officer and shall perform such other duties as the Board of Directors shall prescribe. The Company may select a President in addition to the Chief Executive Officer, to have such duties as the Board of Directors shall prescribe.

<u>Section 4.7</u>. <u>Vice President</u>. Any Vice President shall, in the absence or disability of the President, perform the duties and exercise the powers of the President and shall perform such other duties as the Board of Directors shall prescribe.

<u>Section 4.8</u>. <u>Treasurer or Chief Financial Officer</u>. The Treasurer or Chief Financial Officer shall have the custody of the corporate funds and securities and shall keep full and accurate accounts of receipts and disbursements in books belonging to the Company and shall deposit all moneys and other valuable effects in the name and to the credit of the Company in such depositories as may be designated by the Board of Directors. He or she shall disburse the funds of the Company as may be ordered by the Board, taking proper vouchers for such disbursements, and shall render to the Chairman of the Board and Directors at the regular meetings of the Board, or whenever they may require it, an account of the financial condition of the Company.

Any Assistant Treasurer may perform such duties of the Treasurer or Chief Financial Officer as the Treasurer or Chief Financial Officer or the Board of Directors may assign, and, in the absence of the Treasurer or Chief Financial Officer, may perform all the duties of the Treasurer or Chief Financial Officer.

<u>Section 4.9</u>. <u>Secretary</u>. The Secretary shall attend meetings of the Board and meetings of the Stockholders and record all votes and the minutes of all proceedings in a book to be kept for those purposes, and shall perform like duties for the Executive Committee, or other committees, of the Board when required. He or she shall give or cause to be given notice of all meetings of Stockholders and special meetings of the Board of Directors and shall perform such other duties as may be prescribed by the Board of Directors. The Secretary shall keep in safe custody the seal of the Company and affix it to any instrument when authorized by the Board of Directors.

Any Assistant Secretary may perform such duties of the Secretary as the Secretary or the Board of Directors may assign, and, in the absence of the Secretary, may perform all the duties of the Secretary.

<u>Section 4.10</u>. <u>Subordinate Officers</u>. The Board of Directors from time to time may appoint such other Officers or agents as it may deem advisable, each of whom shall serve at the pleasure of the Board of Directors and have such title, hold office for such period, have such authority and perform such duties as the Board of Directors may determine. The Board of Directors from time to time may delegate to one or more Officers or agents the power to appoint any such subordinate Officers or agents and to prescribe their respective rights, terms of office, authorities and duties.

<u>Section 4.11</u>. <u>Surety Bonds</u>. The Board of Directors may require any Officer or agent of the Company to execute a bond (including, without limitation, any bond required by the Investment Company Act, and the rules and regulations of the Securities and Exchange Commission) to the Company in such sum and with such surety or sureties as the Board of Directors may determine, conditioned upon the faithful performance of his or her duties to the Company, including responsibility for negligence and for the accounting of any of the Company's property, funds or securities that may come into his or her hands.

**ARTICLE V<br> GENERAL PROVISIONS**

<u>Section 5.1</u>. <u>Waiver of Notice</u>. Whenever the Stockholders or the Board of Directors are authorized by statute, the provisions of the Charter or these Bylaws to take any action at any meeting after notice, such notice may be waived, in writing, before or after the holding of the meeting, by the person or persons entitled to such notice, or, in the case of a Stockholder, by his or her duly authorized attorney-in-fact.

<u>Section 5.2</u>. <u>Indemnification and Advance of Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Company shall indemnify its Directors to the fullest extent that indemnification of Directors is permitted by the MGCL. The Company shall indemnify its Officers to the same extent as its Directors and to such further extent as is consistent with law. The Company shall indemnify its Directors and Officers who, while serving as Directors or Officers, also serve at the request of the Company as a Director, Officer, partner, trustee, employee, agent or fiduciary of another corporation, partnership, joint venture, trust, other enterprise or employee benefit plan to the fullest extent consistent with law. The indemnification and other rights provided by this Section shall continue as to a person who has ceased to be a Director or Officer and shall inure to the benefit of the heirs, executors and administrators of such a person. This Section shall not protect any such person against any liability to the Company or any Stockholder thereof to which such person would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the standard of conduct or duties involved in the conduct of his or her office ("<u>disabling conduct</u>").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any current or former Director or Officer of the Company seeking indemnification within the scope of this Section shall be entitled to advances from the Company for payment of the reasonable expenses incurred by him or her in connection with the matter as to which he or she is seeking indemnification in the manner and to the fullest extent permissible under the MGCL without a preliminary determination of entitlement to indemnification (except as provided below). The person seeking indemnification shall provide to the Company a written affirmation of his or her good faith belief that the standard of conduct necessary for indemnification by the Company has been met and a written undertaking to repay any such advance if it should ultimately be determined that the standard of conduct has not been met. In addition, at least one of the following additional conditions shall be met: (i) the person seeking indemnification shall provide a security in form and amount acceptable to the Company for his or her undertaking; (ii) the Company is insured against losses arising by reason of the advance; or (iii) a majority of a quorum of Directors of the Company who are neither "interested persons" as defined in Section 2(a)-(19) of the Investment Company Act nor parties to the proceeding ("<u>disinterested non-party Directors</u>"), or independent legal counsel, in a written opinion, shall have determined, based on a review of facts readily available to the Company at the time the advance is proposed to be made, that there is reason to believe that the person seeking indemnification will ultimately be found to be entitled to indemnification.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) At the request of any person claiming indemnification under this Section, the Board of Directors shall determine, or cause to be determined, in a manner consistent with the MGCL, whether the standards required by this Section have been met. Indemnification shall be made only following: (i) a final decision on the merits by a court or other body before whom the proceeding was brought that the person to be indemnified was not liable by reason of disabling conduct or (ii) in the absence of such a decision, a reasonable determination, based upon a review of the facts, that the person to be indemnified was not liable by reason of disabling conduct by (A) the vote of a majority of a quorum of disinterested non-party Directors or (B) an independent legal counsel in a written opinion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Employees and agents who are not Officers or Directors of the Company may be indemnified, and reasonable expenses may be advanced to such employees or agents, as may be provided by action of the Board of Directors or by contract, subject to any limitations imposed by the Investment Company Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The Board of Directors may make further provision consistent with law for indemnification and advance of expenses to Directors, Officers, employees and agents by resolution, agreement or otherwise. The indemnification provided by this Section shall not be deemed exclusive of any other right, with respect to indemnification or otherwise, to which those seeking indemnification may be entitled under any insurance or other agreement or resolution of Stockholders or disinterested Directors or otherwise.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) References in this Section are to the MGCL and to the Investment Company Act. The rights to indemnification and advance of expenses provided by the Charter and these Bylaws shall vest immediately upon the election of a Director or Officer. No amendment of these Bylaws shall affect any right of any person under this Section based on any event, omission or proceeding prior to the amendment.

<u>Section 5.3</u>. <u>Insurance</u>. The Company may purchase and maintain insurance on behalf of any person who is or was a Director, Officer, employee or agent of the Company or who, while a Director, Officer, employee or agent of the Company, is or was serving at the request of the Company as a Director, Officer, partner, trustee, employee or agent of another foreign or domestic corporation, partnership, joint venture, trust, other enterprise or employee benefit plan, against any liability asserted against and incurred by such person in any such capacity or arising out of such person's position; provided that no insurance may be purchased by the Company on behalf of any person against any liability to the Company or to its Stockholders to which he or she would otherwise be subject by reason of willful misfeasance, bad faith, gross negligence or reckless disregard of the duties involved in the conduct of his or her office.

<u>Section 5.4</u>. <u>Checks</u>. All checks or demands for money and notes of the Company shall be signed by such Officer or Officers or such other person or persons as the Board of Directors may from time to time designate.

<u>Section 5.5</u>. <u>Fiscal Year</u>. The fiscal year of the Company shall be determined by resolution of the Board of Directors.

**ARTICLE VI<br> SHARES**

<u>Section 6.1(a)</u>. <u>Certificates of Stock</u>. The Board of Directors may authorize the Company to issue some or all of the shares of any class or series of its stock without certificates. In the event that the Company issues shares of stock represented by certificates, such certificates shall be in such form as prescribed by the Board of Directors or a duly authorized Officer, shall contain the statements and information required by the MGCL and shall be signed by the Officers of the Company in the manner permitted by the MGCL. In the event that the Company issues shares of stock without certificates, to the extent then required by the MGCL, the Company shall provide to record holders of such shares a written statement of the information required by the MGCL to be included on stock certificates. There shall be no differences in the rights and obligations of Stockholders based on whether or not their shares are represented by certificates. If shares of a class or series of stock are authorized by the Board of Directors to be issued without certificates, no Stockholder shall be entitled to a certificate or certificates representing any shares of such class or series of stock held by such Stockholder unless otherwise determined by the Board of Directors and then only upon written request by such Stockholder to the Secretary of the Company.

<u>Section 6.1(b)</u>. <u>Uncertificated Shares</u>. For any shares issued without certificates, the Company or a Transfer Agent of the Company may either issue receipts therefor or may keep accounts upon the books of the Company for the record holders of such shares, who shall in either case be deemed, for all purposes hereunder, to be the holders of such shares as if they had received certificates therefor.

<u>Section 6.2</u>. <u>Lost, Stolen or Destroyed Certificates</u>. The Board of Directors, or the President together with the Treasurer or Chief Financial Officer or Secretary, may direct a new certificate to be issued in place of any certificate for certificated shares theretofore issued by the Company, alleged to have been lost, stolen or destroyed, upon the making of an affidavit of that fact by the person claiming the certificate of stock to be lost, stolen or destroyed, or by his or her legal representative; provided, however, if such shares have ceased to be certificated, no new certificate shall be issued unless requested in writing by such stockholder and the Board of Directors has determined that such certificates may be issued. When authorizing such issue of a new certificate, the Board of Directors, or the President and Treasurer or Chief Financial Officer or Secretary, may, in its or their discretion and as a condition precedent to the issuance thereof, require the owner of such lost, stolen or destroyed certificate, or his or her legal representative, to advertise the same in such manner as it or they shall require and/or give the Company a bond in such sum and with such surety or sureties as it or they may direct as indemnity against any claim that may be made against the Company with respect to the certificate alleged to have been lost, stolen or destroyed for such newly issued certificate.

<u>Section 6.3</u>. <u>Transfer of Stock</u>. Transfer of shares of the Company shall be made on the books of the Company by the registered holder thereof or by his or her duly authorized attorney or legal representative and upon surrender and cancellation of a certificate or certificates, if issued, for the same number of shares of the same class, duly endorsed or accompanied by proper evidence of succession, assignment or authority to transfer, with such proof of the authenticity of the transferor's signature as the Company or its agents may reasonably require. The shares of stock of the Company may be freely transferred, and the Board of Directors may, from time to time, adopt rules and regulations with reference to the method of transfer of the shares of stock of the Company. Upon the transfer of any uncertificated shares, to the extent then required by the MGCL, the Company shall provide to the record holders of such shares a written statement of the information required by the MGCL to be included on stock certificates.

<u>Section 6.4</u>. <u>Registered Holder</u>. The Company shall be entitled to treat the holder of record of any share or shares of stock as the holder in fact thereof and, accordingly, shall not be bound to recognize any equitable or other claim to or interest in such share or shares on the part of any other person whether or not it shall have express or other notice thereof, except as expressly provided by statute.

<u>Section 6.5</u>. <u>Record Date</u>. The Board of Directors may fix a time not less than 10 nor more than 90 days prior to the date of any meeting of Stockholders as the time as of which Stockholders are entitled to notice of, and to vote at, such a meeting; and all such persons who were holders of record of voting stock at such time, and no other, shall be entitled to notice of, and to vote at, such meeting or to express their consent or dissent, as the case may be. If no record date has been fixed, the record date for the determination of the Stockholders entitled to notice of, or to vote at, a meeting of Stockholders shall be the later of the close of business on the day on which notice of the meeting is mailed or transmitted or the 30th day before the meeting, or, if notice is waived by all Stockholders, at the close of business on the tenth day immediately preceding the day on which the meeting is held.

When a record date for the determination of stockholders entitled to notice of and to vote at any meeting of stockholders has been set as provided in this section, such record date shall continue to apply to the meeting if adjourned or postponed, except if the meeting is adjourned or postponed to a date more than 120 days after the record date originally fixed for the meeting, in which case a new record date for such meeting may be determined as set forth herein.

The Board of Directors may also fix a time not exceeding 90 days preceding the date fixed for the payment of any dividend or the making of any distribution, or for the delivery of evidences of rights, or evidences of interests arising out of any change, conversion or exchange of capital stock, as a record time for the determination of the Stockholders entitled to receive any such dividend, distribution, rights or interests.

<u>Section 6.6</u>. <u>Stock Ledgers</u>. The stock ledgers of the Company, containing the names and addresses of the Stockholders and the number of shares held by them respectively, shall be kept at the principal offices of the Company or at such other location as may be authorized by the Board of Directors from time to time, except that an original or duplicate stock ledger shall be maintained at the office of the Company's Transfer Agent.

<u>Section 6.7</u>. <u>Transfer Agents and Registrars</u>. The Board of Directors may from time to time appoint or remove Transfer Agents and/or Registrars of transfers (if any) of shares of stock of the Company, and it may appoint the same person as both Transfer Agent and Registrar. Upon any such appointment being made, all certificates representing shares of capital stock thereafter issued shall be countersigned by one of such Transfer Agents or by one of such Registrars of transfers (if any) or by both and shall not be valid unless so countersigned. If the same person shall be both Transfer Agent and Registrar, only one countersignature by such person shall be required.

**ARTICLE VII<br> AMENDMENTS**

<u>Section 7.1</u>. <u>General</u>. Except as provided in the next succeeding sentence, and except as otherwise required by the Investment Company Act, all Bylaws of the Company shall be subject to amendment, alteration or repeal, and new Bylaws may be made, exclusively by the affirmative vote of at least two-thirds (66<sup>2</sup>/<sub>3</sub>%) of the entire Board of Directors, at any regular or special meeting, the notice or waiver of notice of which shall have specified or summarized the proposed amendment, alteration, repeal or new Bylaw. The provisions of Sections 2.5, 3.2, 3.4, and 7.1 of these Bylaws shall be subject to amendment, alteration or repeal exclusively by the affirmative vote of at least a majority of the entire Board of Directors, including at least 80% of the Continuing Directors (as such term is defined in the Charter), at any regular or special meeting, the notice or waiver of notice of which shall have specified or summarized the proposed amendment, alteration or repeal.

**ARTICLE VIII**

**EXCLUSIVE FORUM**

Unless the Company consents in writing to the selection of an alternative forum, the Circuit Court for Baltimore City, Maryland, or, if that Court does not have jurisdiction, the United States District Court for the District of Maryland, Baltimore Division, shall be the sole and exclusive forum for (a) any derivative action or proceeding brought on behalf of the Company, (b) any Internal Corporate Claim (as such term is defined under the MGCL), or any successor provision thereof, including, without limitation, (i) any action asserting a claim of breach of any duty owed by any director or officer or other employee of the Company to the Company or to the stockholders of the Company or (ii) any action asserting a claim against the Company or any director or officer or other employee of the Company arising pursuant to any provision of the MGCL, the Charter or these Bylaws, or (c) any other action asserting a claim against the Company or any director or officer or other employee of the Company that is governed by the internal affairs doctrine. None of the foregoing actions, claims, or proceedings may be brought in any court sitting outside the State of Maryland unless the Company consents in writing to such court.

Unless the Company consents in writing to the selection of an alternative forum, the United States District Court for the District of Maryland, to the fullest extent permitted by law, shall be the sole and exclusive forum for the resolution of any complaint asserting a cause of action arising under the Securities Act of 1933, as amended.

Dated: January 22, 2026

## Exhibit 99.25

**MANAGEMENT AGREEMENT**

TO: RiverNorth Capital Management, LLC

360 South Rosemary Avenue, Suite 1420

West Palm Beach, FL

Dear Sirs:

RiverNorth Short Prime Unicorn Fund 2028, Inc. (the "Company") herewith confirms our agreement with you.

The Company has been organized to engage in the business of a closed-end management investment company.

You have been selected to act as the sole investment manager of the series of the Company set forth on the Exhibit to this Agreement (the "Fund") and to provide certain other services, as more fully set forth below, and you are willing to act as such investment manager and to perform such services under the terms and conditions hereinafter set forth. Accordingly, the Company agrees with you as follows effective upon the date of the execution of this Agreement.

1. <u>ADVISORY SERVICES</u> 

Subject to the supervision of the Board of Directors of the Company, you will provide or arrange to be provided to the Fund such investment advice as you in your discretion deem advisable and will furnish or arrange to be furnished a continuous investment program for the Fund consistent with the Fund's investment objective and policies. You will determine or arrange for others to determine the securities to be purchased for the Fund, the portfolio securities to be held or sold by the Fund and the portion of the Fund's assets to be held uninvested, subject always to the Fund's investment objective, policies and restrictions, as each of the same shall be from time to time in effect, and subject further to such policies and instructions as the Board may from time to time establish. You will furnish such reports, evaluations, information or analyses to the Company as the Board of Directors of the Company may request from time to time or as you may deem to be desirable. You also will advise and assist the officers of the Company in taking such steps as are necessary or appropriate to carry out the decisions of the Board and the appropriate committees of the Board regarding the conduct of the business of the Company.

2. <u>USE OF SUB-ADVISERS</u> 

You may delegate any or all of the responsibilities, rights or duties described above to one or more sub-advisers who shall enter into agreements with you, provided the agreements are approved and ratified (i) by the Board including a majority of the Directors who are not interested persons of you or of the Company, cast in person at a meeting called for the purpose of voting on such approval, and (ii) if required under interpretations of the Investment Company Act of 1940, as amended (the "Act") by the Securities and Exchange Commission or its staff, by vote of the holders of a majority of the outstanding voting securities of the applicable Fund (unless the Company has obtained an exemption from the provisions of Section 15(a) of the Act). Any such delegation shall not relieve you from any liability hereunder.

3. <u>ALLOCATION OF CHARGES AND EXPENSES</u> 

As part of the unified management fee payable hereunder, you will provide or cause to be furnished all supervisory and administrative and other services reasonably necessary for the operation of the Fund, except (unless otherwise described in the Fund's Prospectus or otherwise agreed to in writing), the Fund will pay, in addition to the unified management fee, taxes and governmental fees, if any, levied against the Fund; brokerage fees and commissions and other portfolio transaction expenses incurred by or for the Fund; costs, including interest expenses, of borrowing money or engaging in other types of leverage financing including, without limit, through the use by the Fund of tender option bond transactions; costs, including dividend and/or interest expenses and other costs (including, without limit, offering and related legal costs, fees to brokers, fees to auction agents, fees to transfer agents, fees to ratings agencies and fees to auditors associated with satisfying ratings agency requirements for preferred shares or other securities issued by the Fund and other related requirements in the Fund's organizational documents) associated with the Fund's issuance, offering, redemption and maintenance of preferred shares or other instruments (such as the use of tender option bond transactions) for the purpose of incurring leverage; fees and expenses of any Underlying Funds in which the Fund invests; dividend and interest expenses on short positions taken by the Fund; fees and expenses, including travel expenses and fees and expenses of legal counsel retained for the benefit of the Fund or directors of the Fund who are not officers, employees, partners, shareholders or members of the Adviser or its affiliates; fees and expenses associated with and incident to shareholder meetings and proxy solicitations involving contested elections of directors, shareholder proposals or other non-routine matters that are not initiated or proposed by the Adviser; legal, marketing, printing, accounting and other expenses associated with any future share offerings, such as rights offerings and shelf offerings, following the Fund's initial offering; expenses associated with tender offers (other than any Eligible Tender Offer) and other share repurchases and redemptions; and other extraordinary expenses, including extraordinary legal expenses, as may arise, including, without limit, expenses incurred in connection with litigation, proceedings, other claims and the legal obligations of the Fund to indemnify its directors, officers, employees, shareholders, distributors and agents with respect thereto.

You will also pay the compensation of any sub-adviser retained pursuant to paragraph 2 above and the compensation and expenses of any persons rendering portfolio management services to the Company who are directors, officers, employees, members or stockholders of your corporation or limited liability company. You will make available to the Board of Directors, without expense to the Fund, such of your employees as the Board may request to participate in Board meetings and provide such reports and other assistance as the Directors may reasonably request.

4. <u>COMPENSATION OF THE MANAGER</u> 

For all of the services to be rendered as provided in this Agreement, as of the last business day of each month, the Fund will pay you a fee based on the average value of the daily net assets of the Fund and paid at an annual rate as set forth on the Exhibit executed with respect to the Fund and attached hereto.

The average value of the daily net assets of a Fund shall be determined pursuant to the applicable provisions of the Articles of Incorporation or a resolution of the Board of Directors, if required. If, pursuant to such provisions, the determination of net asset value of a Fund is suspended for any particular business day, then for the purposes of this paragraph, the value of the net assets of the Fund as last determined shall be deemed to be the value of the net assets as of the close of the business day, or as of such other time as the value of the Fund's net assets may lawfully be determined, on that day. If the determination of the net asset value of a Fund has been suspended for a period including such month, your compensation payable at the end of such month shall be computed on the basis of the value of the net assets of the Fund as last determined (whether during or prior to such month).

5. <u>EXECUTION OF PURCHASE AND SALE ORDERS</u> 

In connection with purchases or sales of portfolio securities for the account of a Fund, it is understood that you (or the applicable sub-adviser retained pursuant to paragraph 2 above) will arrange for the placing of all orders for the purchase and sale of portfolio securities for the account with brokers or dealers selected by you (or the sub-adviser), subject to review of this selection by the Board of Directors from time to time. You (or the sub-adviser) will be responsible for the negotiation and the allocation of principal business and portfolio brokerage. In the selection of such brokers or dealers and the placing of such orders, you (or the sub-adviser) are directed at all times to seek for the Fund the best qualitative execution, taking into account such factors as price (including the applicable brokerage commission or dealer spread), the execution capability, financial responsibility and responsiveness of the broker or dealer and the brokerage and research services provided by the broker or dealer.

You (or the sub-adviser) should generally seek favorable prices and commission rates that are reasonable in relation to the benefits received. In seeking best qualitative execution, you (or the sub-adviser) are authorized to select brokers or dealers who also provide brokerage and research services to the Fund and/or the other accounts over which you exercise investment discretion. You (or the sub-adviser) are authorized to pay a broker or dealer who provides such brokerage and research services a commission for executing a Fund portfolio transaction which is in excess of the amount of commission another broker or dealer would have charged for effecting that transaction if you (or the sub-adviser) determine in good faith that the amount of the commission is reasonable in relation to the value of the brokerage and research services provided by the executing broker or dealer. The determination may be viewed in terms of either a particular transaction or your (or the sub-adviser's) overall responsibilities with respect to the Fund and to accounts over which you (or the sub-adviser) exercise investment discretion. The Fund and you (and the sub-adviser) understand and acknowledge that, although the information may be useful to the Fund and you (and the sub-adviser), it is not possible to place a dollar value on such information. The Board of Directors shall periodically review the commissions paid by the Fund to determine if the commissions paid over representative periods of time were reasonable in relation to the benefits to the Fund.

A broker's or dealer's sale or promotion of Fund shares shall not be a factor considered by your personnel responsible for selecting brokers to effect securities transactions on behalf of the Fund. You and your personnel shall not enter into any written or oral agreement or arrangement to compensate a broker or dealer for any promotion or sale of Fund shares by directing to such broker or dealer (i) the Fund's portfolio securities transactions or (ii) any remuneration, including but not limited to, any commission, mark-up, mark down or other fee received or to be received from the Fund's portfolio transactions through such broker or dealer. However, you may place Fund portfolio transactions with brokers or dealers that sell or promote shares of the Fund provided the Board of Directors has adopted policies and procedures under Rule 12b-1(h) under the Act and such transactions are conducted in compliance with those policies and procedures.

Subject to the provisions of the Act, and other applicable law, you (or the sub-adviser), any of your (and the sub-adviser's) affiliates or any affiliates of your (or the sub-adviser's) affiliates may retain compensation in connection with effecting a Fund's portfolio transactions, including transactions effected through others. If any occasion should arise in which you (or the sub-adviser) give any advice to your clients (or clients of the sub-adviser) concerning the shares of a Fund, you (or the sub-adviser) will act solely as investment counsel for such client and not in any way on behalf of the Fund.

6. <u>PROXY VOTING</u> 

You will vote, or make arrangements to have voted, all proxies solicited by or with respect to the issuers of securities in which assets of the Fund may be invested from time to time. Such proxies will be voted in a manner that you deem, in good faith, to be in the best interest of the Fund and in accordance with your proxy voting policy. You agree to provide a copy of your proxy voting policy, and any amendments thereto, to the Company prior to the execution of this Agreement

7. <u>CODE OF ETHICS</u> 

You have adopted a written code of ethics complying with the requirements of Rule 17j-1 under the Act and will provide the Company with a copy of the code and evidence of its adoption. Within 45 days of the last calendar quarter of each year while this Agreement is in effect, you will provide to the Board of Directors of the Company a written report that describes any issues arising under the code of ethics since the last report to the Board of Directors, including, but not limited to, information about material violations of the code and sanctions imposed in response to the material violations; and which certifies that you have adopted procedures reasonably necessary to prevent access persons (as that term is defined in Rule 17j-1) from violating the code.

8. <u>SERVICES NOT EXCLUSIVE/USE OF NAME</u> 

Your services to the Fund pursuant to this Agreement are not to be deemed to be exclusive, and it is understood that you may render investment advice, management and other services to others, including other registered investment companies, provided, however, that such other services and activities do not, during the term of this Agreement, interfere in a material manner, with your ability to meet all of your obligations with respect to rendering services to the Fund.

The Company and you acknowledge that all rights to the name "RiverNorth" or any variation thereof belong to you, and that the Company is being granted a limited license to use such words in its Fund name or in any class name. In the event you cease to be the adviser to the Fund, the Company's right to the use of the name "RiverNorth" shall automatically cease on the ninetieth day following the termination of this Agreement. The right to the name may also be withdrawn by you during the term of this Agreement upon ninety (90) days' written notice by you to the Company. Nothing contained herein shall impair or diminish in any respect, your right to use the name "RiverNorth" in the name of, or in connection with, any other business enterprises with which you are or may become associated. There is no charge to the Company for the right to use this name.

9. <u>LIMITATION OF LIABILITY OF MANAGER</u> 

You may rely on information reasonably believed by you to be accurate and reliable. Except as may otherwise be required by the Act or the rules thereunder, neither you nor your directors, officers, employees, shareholders, members, agents, control persons or affiliates of any thereof shall be subject to any liability for, or any damages, expenses or losses incurred by the Company in connection with, any error of judgment, mistake of law, any act or omission connected with or arising out of any services rendered under, or payments made pursuant to, this Agreement or any other matter to which this Agreement relates, except by reason of willful misfeasance, bad faith or gross negligence on the part of any such persons in the performance of your duties under this Agreement, or by reason of reckless disregard by any of such persons of your obligations and duties under this Agreement.

Any person, even though also a director, officer, employee, shareholder, member or agent of you, who may be or become a Director, officer, employee or agent of the Company, shall be deemed, when rendering services to the Company or acting on any business of the Company (other than services or business in connection with your duties hereunder), to be rendering such services to or acting solely for the Company and not as a director, officer, employee, shareholder, member, or agent of you, or one under your control or direction, even though paid by you.

10. <u>DURATION AND TERMINATION OF THIS AGREEMENT</u> 

The term of this Agreement shall begin on the date of this Agreement for the Fund that has executed an Exhibit hereto as of the date of this Agreement and shall continue in effect with respect to the Fund (and any subsequent Fund added pursuant to an Exhibit executed during the initial two-year term of this Agreement) for a period of two years. This Agreement shall continue in effect from year to year thereafter, subject to termination as hereinafter provided, if such continuance is approved at least annually by (a) a majority of the outstanding voting securities of the Fund or by vote of the Company's Board of Directors, cast in person at a meeting called for the purpose of voting on such approval, and (b) by vote of a majority of the Directors of the Company who are not parties to this Agreement or "interested persons" of any party to this Agreement, cast in person at a meeting called for the purpose of voting on such approval. If a Fund is added pursuant to an Exhibit executed after the date of this Agreement as described above, this Agreement shall become effective with respect to that Fund upon execution of the applicable Exhibit and shall continue in effect for a period of two years from the date thereof and from year to year thereafter, subject to approval as described above.

This Agreement may, on sixty (60) days written notice, be terminated with respect to the Fund, at any time without the payment of any penalty, by the Board of Directors, by a vote of a majority of the outstanding voting securities of the Fund, or by you. This Agreement shall automatically terminate in the event of its assignment.

11. <u>AMENDMENT OF THIS AGREEMENT</u> 

No provision of this Agreement may be changed, waived, discharged or terminated orally, and no amendment of this Agreement shall be effective until approved by the Board of Directors, including a majority of the Directors who are not interested persons of you or of the Company, cast in person at a meeting called for the purpose of voting on such approval, and (if required under interpretations of the Act by the Securities and Exchange Commission or its staff) by vote of the holders of a majority of the outstanding voting securities of the Fund to which the amendment relates.

12. <u>LIMITATION OF LIABILITY TO COMPANY PROPERTY</u> 

The term "RiverNorth Funds" means and refers to the Directors from time to time serving under the Company's Articles of Incorporation as the same may subsequently thereto have been, or subsequently hereto be, amended. It is expressly agreed that the obligations of the Company hereunder shall not be binding upon any of the Directors, officers, employees, agents or nominees of the Company, or any shareholders of any series of the Company, personally, but bind only the property of the Company (and only the property of the applicable Fund), as provided in the Articles of Incorporation. The execution and delivery of this Agreement have been authorized by the Directors and shareholders of the applicable Fund and signed by officers of the Company, acting as such, and neither such authorization by such Directors and shareholders nor such execution and delivery by such officers shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, but shall bind only the property of the Company (and only the property of applicable Fund) as provided in its Articles of Incorporation. A copy of the Articles of Incorporation is on file with the Secretary of State of Maryland.

13. <u>SEVERABILITY</u> 

In the event any provision of this Agreement is determined to be void or unenforceable, such determination shall not affect the remainder of this Agreement, which shall continue to be in force.

14. <u>BOOKS AND RECORDS</u> 

In compliance with the requirements of Rule 31a-3 under the Act, you agree that all records which you maintain for the Company are the property of the Company and you agree to surrender promptly to the Company such records upon the Company's request. You further agree to preserve for the periods prescribed by Rule 31a-2 under the Act all records which you maintain for the Company that are required to be maintained by Rule 31a-1 under the Act.

15. <u>QUESTIONS OF INTERPRETATION</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) This Agreement shall be governed by the laws of the State of Maryland.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) For the purpose of this Agreement, the terms "assignment," "majority of the outstanding voting securities," "control" and "interested person" shall have their respective meanings as defined in the Act and rules and regulations thereunder, subject, however, to such exemptions as may be granted by the Securities and Exchange Commission under the Act; and the term "brokerage and research services" shall have the meaning given in the Securities Exchange Act of 1934.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Any question of interpretation of any term or provision of this Agreement having a counterpart in or otherwise derived from a term or provision of the Act shall be resolved by reference to such term or provision of the Act and to interpretation thereof, if any, by the United States courts or in the absence of any controlling decision of any such court, by the Securities and Exchange Commission or its staff. In addition, where the effect of a requirement of the Act, reflected in any provision of this Agreement, is revised by rule, regulation, order or interpretation of the Securities and Exchange Commission or its staff, such provision shall be deemed to incorporate the effect of such rule, regulation, order or interpretation.

16. <u>NOTICES</u> 

Any notices under this Agreement shall be in writing, addressed and delivered or mailed postage paid to the other party at such address as such other party may designate for the receipt of such notice. Until further notice to the other party, it is agreed that the address of the Company is 360 South Rosemary Avenue, Suite 1420, West Palm Beach, Florida 33410.

17. <u>CONFIDENTIALITY</u> 

You agree to treat all records and other information relating to the Company and the securities holdings of the Fund as confidential and shall not disclose any such records or information to any other person unless (i) the Board of Directors of the Company has approved the disclosure or (ii) such disclosure is compelled by law. In addition, you, and your officers, directors and employees are prohibited from receiving compensation or other consideration, for themselves or on behalf of the Fund, as a result of disclosing the Fund's portfolio holdings. You agree that, consistent with your Code of Ethics, neither you nor your officers, directors or employees may engage in personal securities transactions based on nonpublic information about the Fund's portfolio holdings.

18. <u>COUNTERPARTS</u> 

This Agreement may be executed in one or more counterparts, each of which shall be deemed an original, but all of which together shall constitute one and the same instrument.

19. <u>BINDING EFFECT</u> 

Each of the undersigned expressly warrants and represents that he has the full power and authority to sign this Agreement on behalf of the party indicated, and that his signature will operate to bind the party indicated to the foregoing terms.

20. <u>CAPTIONS</u> 

The captions in this Agreement are included for convenience of reference only and in no way define or delimit any of the provisions hereof or otherwise affect their construction or effect.

If you are in agreement with the foregoing, please sign the form of acceptance on the accompanying counterpart of this letter and return such counterpart to the Company, whereupon this letter shall become a binding contract upon the date thereof.

---

| | | |
|:---|:---|:---|
|  | Yours very truly, | Yours very truly, |
|  | **RiverNorth Short Prime Unicorn Fund 2028, Inc.** | **RiverNorth Short Prime Unicorn Fund 2028, Inc.** |
| Dated: as of November 11, 2025 | By: | /s/ Patrick Galley |
|  | Print Name: | Patrick Galley |
|  | Title: | Chairman & President |

---

**ACCEPTANCE:**

The foregoing Agreement is hereby accepted.

---

| | | |
|:---|:---|:---|
|  | **RiverNorth Capital Management, LLC** | **RiverNorth Capital Management, LLC** |
| Dated: as of November 11, 2025 | By: | /s/ Johnathan M. Mohrhardt |
|  | Print Name: | Johnathan M. Mohrhardt |
|  | Title: | President & Chief Operating Officer |

---

**<u>Exhibit 1</u>**

---

| | |
|:---|:---|
| Fund | Percentage of Average<br> Daily Net Assets |
| RiverNorth Short Prime Unicorn Fund 2028, Inc. | 2.00% |

---

## Exhibit 99.25

![](fp0097718-1_05.jpg)

December 8, 2025

State Street Bank and Trust Company

801 Pennsylvania Avenue

Kansas City, Missouri 64105

Attention: Vice President – Mutual Funds

---

| | |
|:---|:---|
| Re: | RiverNorth Short Prime Unicorn Fund 2028, Inc.; RiverNorth Long Prime Unicorn Fund 2028, Inc**.** <u>(the "**Funds**")</u> |

---

Ladies and Gentlemen:

Please be advised that the undersigned Funds have been incorporated and each has registered as a management investment company under the Investment Company Act of 1940, as amended.

In accordance with Section 20.5, the Additional Funds and Portfolios provision, of the Master Custodian Agreement, dated as of March 3, 2014, as amended, modified, or supplemented from time to time (the "**Agreement**"), by and among each registered investment company party thereto, and State Street Bank and Trust Company ("**State Street**"), the undersigned Funds hereby requests that State Street act as Custodian for the new Funds under the terms of the Agreement, and that Appendix A to the Agreement is hereby amended and restated as set forth on Appendix A attached hereto. In connection with such request, the undersigned Funds hereby confirm, as of the date hereof, its representations and warranties set forth in Section 20.6 of the Agreement.

Please indicate your acceptance of the foregoing by executing this letter agreement and returning a copy to the Funds.

---

| | |
|:---|:---|
| Sincerely, | Sincerely, |
| **RIVERNORTH SHORT PRIME UNICORN FUND 2028, INC.** | **RIVERNORTH SHORT PRIME UNICORN FUND 2028, INC.** |
| By | /s/ Marcus Collins |
| Name: Marcus Collins | Name: Marcus Collins |
| Title: Secretary and Chief Compliance Officer | Title: Secretary and Chief Compliance Officer |
| **RIVERNORTH LONG PRIME UNICORN FUND 2028, INC.** | **RIVERNORTH LONG PRIME UNICORN FUND 2028, INC.** |
| By | /s/ Marcus Collins |
| Name: Marcus Collins | Name: Marcus Collins |
| Title: Secretary and Chief Compliance Officer | Title: Secretary and Chief Compliance Officer |

---

Information Classification: Limited Access

**Agreed and Accepted:** 

**STATE STREET BANK AND TRUST COMPANY** 

---

| |
|:---|
| By: |
| Name: |
| Title: |
| Effective Date: |

---

Information Classification: Limited Access

**APPENDIX A TO** 

**MASTER CUSTODIAN AGREEMENT**

RiverNorth Funds

RiverNorth/Oaktree High Income Fund – RiverNorth

RiverNorth/Oaktree High Income Fund – Oaktree

RiverNorth/Oaktree High Income Fund – Collateral

RiverNorth/Oaktree High Income Fund – Collateral FBO Goldman Sachs

RiverNorth/Oaktree High Income Fund – Collateral FBO REFLOW

RiverNorth/DoubleLine Strategic Income Fund – RiverNorth

RiverNorth/DoubleLine Strategic Income Fund – Collateral FBO REFLOW

RiverNorth/DoubleLine Strategic Income Fund – Collateral FBO Goldman Sachs

RiverNorth/DoubleLine Strategic Income Fund – DoubleLine 1

RiverNorth/DoubleLine Strategic Income Fund – DoubleLine 2

RiverNorth Opportunistic Municipal Income Fund, Inc.

RiverNorth Opportunistic Municipal Income Fund, Inc. – Collateral

RiverNorth Opportunistic Municipal Income Fund, Inc. – MacKay Shields

RiverNorth Opportunistic Municipal Income Fund, Inc. – MacKay Shields Collateral

RiverNorth Opportunistic Municipal Income Fund, Inc. – MacKay Shields TOBs

RiverNorth Managed Duration Municipal Fund, Inc.

RiverNorth Managed Duration Municipal Fund, Inc. – RN Collateral

RiverNorth Managed Duration Municipal Fund, Inc. – MacKay

RiverNorth Managed Duration Municipal Fund, Inc. – MacKay Collateral RiverNorth Managed Duration Municipal Fund, Inc. – MacKay TOB

RiverNorth DoubleLine Strategic Opportunity Fund, Inc.

RiverNorth DoubleLine Strategic Opportunity Fund, Inc. – RiverNorth

RiverNorth DoubleLine Strategic Opportunity Fund, Inc. - DoubleLine

RiverNorth Flexible Municipal Income Fund, Inc.

RiverNorth Flexible Municipal Income Fund, Inc. – RiverNorth

RiverNorth Flexible Municipal Income Fund, Inc. – RN Collateral

RiverNorth Flexible Municipal Income Fund, Inc. – MacKay

RiverNorth Flexible Municipal Income Fund, Inc. – MacKay Collateral

RiverNorth Flexible Municipal Income Fund II, Inc.

RiverNorth Flexible Municipal Income Fund II, Inc. – RiverNorth

RiverNorth Flexible Municipal Income Fund II, Inc. – RN Collateral

RiverNorth Flexible Municipal Income Fund II, Inc. – MacKay

RiverNorth Flexible Municipal Income Fund II, Inc. – MacKay Collateral

Information Classification: Limited Access

**EXHIBIT A**

RiverNorth Specialty Finance Corporation

RiverNorth Specialty Finance Corporation – RN Collateral

RiverNorth Managed Duration Municipal Income Fund II, Inc.

RiverNorth Managed Duration Municipal Income Fund II, Inc. – RiverNorth

RiverNorth Managed Duration Municipal Income Fund II, Inc. – MacKay

RiverNorth Opportunities Fund, Inc.

**RiverNorth Short Prime Unicorn Fund 2028, Inc.** 

**RiverNorth Long Prime Unicorn Fund 2028, Inc.** 

Information Classification: Limited Access

## Exhibit 99.25

**FUND ADMINISTRATION SERVICES AGREEMENT**

This FUND ADMINISTRATION SERVICES AGREEMENT ("Agreement") is made as of [DATE], between the RiverNorth Short Prime Unicorn Fund 2028, Inc., a Maryland corporation (the "Fund"), and Paralel Technologies LLC, a Delaware limited liability company, its successors and assigns ("Paralel").

WHEREAS, the Fund is registered under the Investment Company Act of 1940, as amended ("1940 Act"), as a closed-end management investment company to be listed on a national stock exchange; and

WHEREAS, the Fund and Paralel desire to enter into an agreement pursuant to which Paralel shall provide the Services (as defined below) to the Fund; and

WHEREAS, RiverNorth Capital Management, LLC, the Fund's adviser, is also the adviser to another closed-end fund, the RiverNorth Long Prime Unicorn Fund 2028, Inc. (the "Sister RN Unicorn Fund" and collectively with the Fund, the "RN Unicorn Fund Complex") for which Paralel also provides similar services; and

WHEREAS, the parties have agreed to be charged fees in part on the RN Unicorn Fund Complex level under this Agreement; and

NOW, THEREFORE, in consideration of the mutual promises and agreements herein contained and other good and valuable consideration, the receipt of which is hereby acknowledged, the parties hereto, intending to be legally bound, do hereby agree as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Paralel Appointment and Duties; Interpretation.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Fund hereby appoints Paralel to provide the services set forth in <u>Appendix A</u> hereto, as amended
from time to time upon the terms and conditions hereinafter set forth (the "Services"). Paralel hereby accepts such appointment
and agrees to furnish the Services. Paralel shall for all purposes be deemed to be an independent contractor and shall, except as otherwise
expressly authorized in this Agreement, have no authority to act for or represent the Fund in any way or otherwise be deemed an agent
of the Fund. The Fund acknowledges that Paralel does not render legal, tax or investment advice and that Paralel is not a registered broker-dealer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paralel may employ or associate itself with such person(s) or organization(s) as Paralel believes to be
desirable in the performance of its duties hereunder; provided that, in such event, the compensation of such person(s) or organization(s)
shall be paid by and be the sole responsibility of Paralel, and the Fund shall bear no cost or obligation with respect thereto; and provided
further that Paralel shall not be relieved of any of its obligations under this Agreement in such event and shall be responsible for all
acts of any such person(s) or organization(s) taken in furtherance of this Agreement to the same extent it would be for its own acts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Paralel Compensation; Expenses</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In consideration for the Services to be performed hereunder by Paralel, the Fund shall pay Paralel the
fees listed in <u>Appendix B</u>. Notwithstanding anything to the contrary in this Agreement, fees billed for the Services to be performed
by Paralel under this Agreement are based on information provided by the Fund and such fees are subject to renegotiation between the parties
to the extent such information is determined by Paralel to be materially different from what the Fund originally provided to Paralel.
Fees paid to Paralel will be calculated and accrued daily and payable monthly by the Fund, including for any partial months in which this
Agreement begins or terminates. Commencing on the initial January 1 of a Renewal Term (defined below) (pro-rated for a previous partial
year) and each January 1 thereafter, all fees set forth in <u>Appendix B</u> or otherwise in this Agreement shall automatically be increased
by a cost of living adjustment equal to 3% or the percentage increase in the Consumer Price Index published by the Bureau of Labor and
Statistics of the United States Department of Labor, for the Denver-Aurora-Lakewood, CO region for the twelve-month period ending with
the latest published month preceding January 1st (the "CPI") plus 1.5%, whichever is greater. Paralel will provide notice
to the Fund of the amount of such CPI adjustment at, prior to, or reasonably promptly following its implementation. Any CPI adjustment
not charged in any given year may be included in prospective CPI fee adjustments in future years.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paralel will bear all expenses in connection with its provisions of Services under this Agreement, except
as otherwise provided herein and in <u>Appendix B.</u> Paralel will not bear any of the costs of Fund personnel. Fund expenses related
to the operations of the Fund (even if completed by Paralel) shall be borne by the Fund or the Fund's investment adviser (or sub-adviser),
including, but not limited to: initial organization and offering expenses; any secondary offering expenses; litigation expenses; expenses
related to any requests from, or as otherwise required by, any regulatory body concerning the Fund or the Fund's investment adviser
(or sub-adviser); taxes; expenses relating to listing of any Fund securities on an exchange; expenses related to any tender or repurchase
offers' transfer agency and custodial expenses; interest; directors' fees; brokerage fees and commissions; state and federal
registration fees; advisory fees; insurance premiums; fidelity bond premiums; Fund and investment advisory related legal expenses; costs
of maintenance of the Fund's existence; any printing, distribution, or delivery expenses related to materials in connection with
meetings of the Fund's directors (including the cost of any third party board portal utilized for those purposes by Paralel); filing,
printing and mailing of shareholder reports, prospectuses, statements of additional information, other offering documents, supplements,
proxy materials and any other communications to shareholders or other third parties; securities pricing data; expenses incurred connection
with electronic filings with the U.S. Securities and Exchange Commission (the "SEC"), including costs of preparation, typesetting,
XBRL-tagging, page changes and all other print vendor, document management, EDGAR conversion or other related charges, and any fees and
expenses upon termination as provided in this Agreement, among others.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund agrees to pay all amounts due hereunder within thirty (30) days of receipt of each invoice. Except
as provided in <u>Appendix B</u>, Paralel shall bill fees monthly, and out-of-pocket expenses as incurred (unless prepayment is requested
by Paralel). Any invoices not paid within thirty (30) days of the invoice date are subject to a one percent (1%) per month financing charge
on any unpaid balance to the extent permitted by law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Right to Receive Advice</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Advice of the Fund and Service Providers</u>. If Paralel is in doubt as to any action it should or
should not take, Paralel may request directions, advice or instructions from the Fund or, as applicable, the Fund's investment adviser,
sub-adviser, custodian or other service providers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Advice of Counsel</u>. If Paralel is in doubt as to any question of law pertaining to any action it
should or should not take, Paralel may request advice from counsel of its own choosing (who may be counsel for the Fund, the Fund's
independent board members, the Fund's investment adviser, sub-adviser, or Paralel, at the option of Paralel).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Conflicting Advice</u>. In the event of a conflict between directions, advice or instructions Paralel
receives from the Fund or any service provider and the advice Paralel receives from counsel, Paralel may in its sole discretion rely upon
and follow the advice of counsel. Paralel will provide the Fund with prior written notice of its intent to follow advice of counsel that
is materially inconsistent with directions, advice or instructions from the Fund. Upon request, Paralel will provide the Fund with a copy
of such advice of counsel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. <u>Standard of Care; Limitation of Liability; Indemnification</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Paralel shall be obligated to act in good faith and to exercise commercially reasonable care and diligence
in the performance of its duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Notwithstanding anything in this Agreement to the contrary, Paralel, its affiliates and each of their
respective directors, officers, control persons, employees and agents (any of Paralel, its affiliates, their respective officers, employees,
agents and directors or such control persons, a "Admin Associate") shall have no liability to the Fund, or its shareholders
for any action or inaction of an Admin Associate except to the extent such liability results directly from the bad faith, reckless disregard,
gross negligence or willful misfeasance of the Admin Associate taken with respect to this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund agrees to indemnify and hold harmless the Admin Associates against any loss, liability, claim,
damages or expense (including the reasonable cost of investigating or defending any alleged loss, liability, claim, damages or expense
and reasonable counsel fees incurred in connection therewith) of any Admin Associate directly or indirectly related to, arising out of
or based upon (i) this Agreement or any activity related to or taken under this Agreement, or (ii) the breach of any obligation, representation
or warranty under this Agreement by the Fund, except that, in no case is the indemnity of an Admin Associate described in this section
to be deemed to protect any Admin Associate against any liability to which such Admin Associate would otherwise be subject due to such
Admin Associate's reckless disregard, willful misfeasance, bad faith or gross negligence in the performance of its duties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Paralel agrees to indemnify and hold harmless the Fund, and each of its directors and officers (for purposes
of this Section, the Fund, and each of its directors and its controlling persons are collectively referred to as the "Fund Associate")
against any loss, liability, claim, damages or expense (including the reasonable cost of investigating or defending any alleged loss,
liability, claim, damages or expense and reasonable counsel fees incurred in connection therewith) arising directly out of an Admin Associate's
reckless disregard, willful misfeasance, bad faith or gross negligence taken in connection to this Agreement. In no case is the indemnity
of Paralel in favor of any Fund Associate to be deemed to protect any Fund Associate against any liability to which such Fund Associate
would otherwise be subject by reason of reckless disregard, willful misfeasance, bad faith or negligence in the performance of its duties
or by reason of its reckless disregard of its obligations and duties under this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Paralel shall be entitled to rely on information and data provided by third-party service provider(s),
including among others, pricing vendors, (whether or not selected by Paralel, Fund or the adviser), adviser, sub-adviser, custodian or
other service provider to the Fund, as well as other authorized representatives of such parties, without further investigation or verification.
Paralel may rely on any instruction, direction, notice, instrument or other information that Paralel reasonably believes to be genuine.
Further, Paralel may rely on the advice of Fund counsel or its own counsel as it deems appropriate. In all such cases described herein,
Paralel shall have no liability to and shall be fully indemnified by the Fund for any losses or claims occurring related to or otherwise
arising from such reliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Notwithstanding anything in this Agreement to the contrary, (i) neither party shall be liable under this
Agreement to the other party hereto, or to any other party, for any punitive, consequential, special or indirect losses or damages; (ii)
Paralel will not be liable for any trading losses, lost revenues, lost profits, whether or not such damages were foreseeable or Paralel
was advised of the possibility thereof, and (iii) the maximum cumulative amount of liability of Paralel to the Fund arising out of the
subject matter of, or in any way related to, this Agreement shall not exceed the aggregate fees paid by the Fund to Paralel under this
Agreement for the most recent 12 months immediately preceding the date of the event giving rise to the claim.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) In any case in which either party (the "Indemnifying Party") may be asked to indemnify or
hold the other party (the "Indemnified Party") harmless, the Indemnified Party will notify the Indemnifying Party promptly
after identifying any situation which it believes presents or appears likely to present a claim for indemnification against the Indemnifying
Party (although the failure to do so shall not prevent recovery by the Indemnified Party) and shall keep the Indemnifying Party advised
with respect to all developments concerning such situation. The Indemnifying Party shall have the option to defend the Indemnified Party
against any claim which may be the subject of this indemnification, and, in the event that the Indemnifying Party so elects, such defense
shall be conducted by counsel chosen by the Indemnifying Party and reasonably satisfactory to the Indemnified Party, and thereupon the
Indemnifying Party shall take over complete defense of the claim and the Indemnified Party shall sustain no further legal or other expenses
in respect of such claim. The Indemnified Party will not confess any claim or make any compromise in any case in which the Indemnifying
Party will be asked to provide indemnification, except with the Indemnifying Party's prior written consent.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. <u>Force Majeure</u>. Other than as to payment obligations of the Fund, no party shall be liable for losses,
delays, failures, errors, interruptions or losses of data in its performance of its obligations under this Agreement if and to the extent
it is caused, directly or indirectly, by reason of circumstances beyond their reasonable control, including without limitation, acts of
God, action or inaction of civil or military authority, war, terrorism, riot, fire, flood, sabotage, labor disputes, elements of nature
or non-performance by a third party. In any such event, the non-performing party shall be excused from any further performance and observance
of obligations so affected only for so long as such circumstances prevail and such party continues to use commercially reasonable efforts
to recommence performance or observance as soon as practicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;6. <u>Activities of Paralel; Web Portal</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Services rendered by Paralel under this Agreement are not to be deemed exclusive and Paralel shall
be free to render similar services to others. The Fund recognizes that, from time to time, directors, officers and employees of Paralel
may serve as directors, officers and employees of other corporations or businesses (including other investment companies) and that such
other corporations and businesses may include Paralel as part of their name and that Paralel or its affiliates may enter into administration,
bookkeeping, pricing agreements or other agreements with such other corporations and businesses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Paralel may require the Fund or its adviser to enter into an additional agreement or agree to certain
terms of use relating to the creation of, or to obtain access to Paralel's web portal. Paralel is not obligated to provide access
to such web portal (and this Agreement does not create any such obligation). Paralel may discontinue or suspend the availability of any
web portal at any time without prior notice; Paralel will endeavor to notify Fund as soon as reasonably practicable of such action if
it occurs. If access is provided to a web portal, with or without the parties entering into additional agreements or terms of use, the
Fund acknowledges that Paralel does not guarantee the accuracy of any information or services provided in or by the web portal. Further,
the Fund acknowledges that Paralel and its affiliates, including their respective officers, directors, agents and employees, shall not
be liable for, and the Fund agrees to indemnify, defend and hold harmless such persons from any claim, loss, or other damage (as otherwise
described in Section 4(c)) arising directly or indirectly from the Fund's or service providers' use of the web portal and/or
any information or service provided therein. For clarity, notwithstanding the foregoing, with respect to any reports or information that
Paralel is required to provide to the Fund pursuant to the Services described in this Agreement (the "Reports"), if such Reports
are delivered through the Paralel web portal as the primary means of transmission, these Reports shall remain subject to the liability
and indemnification provisions otherwise applicable to the Services under this Agreement, and shall not be subject to the waiver of liability
and indemnification set forth in Section 6(b) simply due to the delivery through the web portal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;7. <u>Accounts and Records</u>. The accounts and records maintained by Paralel under this Agreement on behalf
of the Fund shall be the property of the Fund. Paralel shall prepare, maintain and preserve such accounts and records as required by the
1940 Act and other applicable securities laws, rules and regulations. Paralel shall surrender such accounts and records to the Fund **,** in the form in which such accounts and records have been maintained or preserved **,** promptly upon receipt of instructions from
the Fund. The Fund shall have access to such accounts and records at all times during Paralel's normal business hours. Upon the
reasonable request of the Fund, copies of any such books and records shall be provided by Paralel to the Fund at the Fund's expense.
Paralel shall assist the Fund, the Fund's independent auditors, or, upon approval of the Fund, any regulatory body, in any requested
review of the Fund's accounts and records and reports by Paralel or its independent accountants concerning its accounting system
and internal auditing controls will be open to such entities for audit or inspection upon reasonable request. The Fund agrees to cooperate
with Paralel and take delivery of Fund records within 120 days of termination of this Agreement and to pay all reasonable costs associated
with the return of Fund records to the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;8. <u>Confidential and Proprietary Information</u>. Paralel agrees that it will, on behalf of itself and
its officers and employees, treat all transactions contemplated by this Agreement, and all records and information relative to the Fund
and its current and former shareholders and other information germane thereto, as confidential and as proprietary information of the Fund.
Paralel further agrees that it will not use, sell, transfer or divulge such information or records to any person for any purpose other
than performance of its duties hereunder, except after prior notification to and approval in writing from the Fund, which approval shall
not be unreasonably withheld. Approval may not be withheld where Paralel may be exposed to civil, regulatory, or criminal proceedings
for failure to comply, when requested to divulge such information by duly constituted authorities, or when requested by the Fund. When
requested to divulge such information by duly constituted authorities, Paralel shall use reasonable commercial efforts to request confidential
treatment of such information. Paralel shall have in place and maintain physical, electronic, and procedural safeguards reasonably designed
to protect the security, confidentiality and integrity of, and to prevent unauthorized access to or use of records and information relating
to the Fund and its current and former shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;9. <u>Compliance with Rules and Regulations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Paralel shall comply (and to the extent Paralel takes or is required to take action on behalf of the Fund
hereunder shall cause the Fund to comply) with all applicable requirements of the 1940 Act and other applicable laws, rules, regulations,
orders and codes of ethics, as well as all investment restrictions, policies and procedures adopted by the Fund of which Paralel has knowledge
(it being understood that Paralel is deemed to have knowledge of all investment restrictions, policies or procedures set out in the Fund's
public filings or otherwise provided to Paralel). Except as set out in this Agreement, Paralel assumes no responsibility for such compliance
by the Fund. Paralel shall maintain at all times a program reasonably designed to prevent violations of the federal securities laws (as
defined in Rule 38a-1 under the 1940 Act) with respect to the Services. Paralel shall make available its compliance personnel and shall
provide at its own expense summaries and other relevant materials relating to such program as reasonably requested by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Portfolio compliance with: (i) the investment objective and certain policies and restrictions as disclosed
in the Fund's prospectus(es) and statement(s) of additional information, as applicable; and (ii) certain SEC rules and regulations
(collectively, "Portfolio Compliance") is required daily and is the responsibility of the Fund or the Fund's adviser/sub-adviser,
as applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Fund agrees and acknowledges that Paralel's performance of the Portfolio Compliance Testing
(if applicable) shall not relieve the Fund or the Fund's investment adviser or sub-adviser of their primary day-to-day responsibility
for assuring such Portfolio Compliance, including on a pre-trade basis, and Paralel is not responsible and shall not be held liable for
matters related to the Fund's Portfolio Compliance, or any act or omission of the Fund, or the Fund's adviser or sub-adviser,
as applicable, related to such Portfolio Compliance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;10. <u>Representations and Warranties of Paralel</u>. Paralel represents and warrants to the Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is duly organized and existing as a limited liability company and in good standing under the laws of
the State of Delaware.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is empowered under applicable laws and by its Certificate of Formation and Operating Agreement to enter
into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) All requisite corporate proceedings have been taken to authorize it to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) It has and will continue to have access to the necessary facilities, equipment and personnel to perform
its duties and obligations under this Agreement in accordance with industry standards.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) It is conducting its business in compliance in all material respects with all applicable laws and regulations,
both state and federal, and has obtained (or will timely obtain) all regulatory approvals necessary to carry on its business as now conducted;
there is no statute, rule, regulation, order or judgment binding on it and no provision of its operating documents or any contract binding
it or affecting its property which would prohibit its execution or performance of this Agreement. Its execution, delivery or performance
of this Agreement will not conflict with or violate (a) any provision of the organizational or governance documents of Paralel or (b)
any law applicable to Paralel.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;11. <u>Representations and Warranties of the Fund.</u> The Fund represents and warrants to Paralel that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) It is a corporation duly organized and existing and in good standing under the laws of the state of Maryland
and is registered with the SEC as a closed-end management investment company under the 1940 Act.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) It is empowered under applicable laws and by its organizational documents (its bylaws, articles of incorporation
and other governing documents, collectively, the "Organizational Documents") to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) The Board of Directors of the Fund has duly authorized it to enter into and perform this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Notwithstanding anything in this Agreement to the contrary, the Fund agrees not to make any modifications
to the Fund's registration statement or adopt any policies which would affect materially the obligations or responsibilities of
Paralel hereunder without the prior written approval of Paralel, which approval shall not be unreasonably withheld or delayed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) The (i) execution, delivery and performance of this Agreement by the Fund does not breach, violate or
cause a default under any agreement, contract or instrument to which the Fund is a party or any judgment, order or decree to which the
Fund is subject; (ii) the execution, delivery and performance of this Agreement by the Fund has been duly authorized and approved by all
necessary action; and (iii) upon the execution and delivery of this Agreement by Paralel and Fund, this Agreement will be a valid and
binding obligation of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The officer position(s) filled by Paralel, to the extent applicable, shall be covered by the Fund's
Directors & Officers/Errors & Omissions Policy (the "Policy"), and the Fund shall use reasonable efforts to ensure
that such coverage be (i) reinstated should the Policy be cancelled; (ii) continued after such officer(s) cease to serve as officer(s)
of the Fund on substantially the same terms as such coverage is provided for the other persons serving as officers of the Fund after such
persons are no longer officers of the Fund; or (iii) continued in the event the Fund merges or terminates, on substantially the same terms
as such coverage is continued for the other Fund officers (but, in any event, for a period of no less than six years). The Fund shall
provide Paralel with proof of current coverage, including a copy of the Policy, and shall notify Paralel immediately should the Policy
be cancelled or terminated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund's officer position(s) filled by Paralel (if any) are named officer(s) in the Fund's
corporate resolutions and are subject to the provisions of the Fund's Organizational Documents regarding indemnification of its
officers.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;12. <u>Documents</u>. The Fund has furnished or will furnish, upon request, Paralel with copies of the Fund's
Organizational Documents, advisory agreement(s), sub-advisory agreement (if applicable), custodian agreement, transfer agency agreement,
administration agreement, other service agreements, current prospectus, statement of additional information, periodic reports and all
forms relating to any plan, program or service offered by the Fund. The Fund shall furnish, within a reasonable time period, to Paralel
a copy of any amendment or supplement to any of the above-mentioned documents. Upon request, the Fund shall furnish promptly to Paralel
any additional documents necessary or advisable to perform its functions hereunder. As used in this Agreement the terms "registration
statement," "prospectus" and "statement of additional information" shall mean any registration statement,
prospectus and statement of additional information filed by the Fund with the SEC and any amendments and supplements thereto that are
filed with the SEC.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;13. <u>Consultation Between the Parties</u>. Paralel and the Fund shall regularly consult with each other
regarding Paralel's performance of its obligations under this Agreement. In connection therewith, the Fund shall submit to Paralel
at a reasonable time in advance of filing with the SEC reasonably final copies of any amended or supplemented registration statement (including
exhibits) under the Securities Act of 1933, as amended (if applicable), and the 1940 Act; provided, however, that nothing contained in
this Agreement shall in any way limit the Fund's right to file at any time such amendments to any registration statement and/or
supplements to any prospectus or statement of additional information, of whatever character, as the Fund may deem advisable, such right
being in all respects absolute and unconditional.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;14. <u>Valuation, Custodians, and Pricing Services; Assistance with Regulatory Examinations</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Accountants.</u> Paralel may act as a liaison with the Fund's independent public accountants
and shall provide account analyses, fiscal year summaries, and such other audit related schedules as may be requested by the Fund's
independent public accountants or the Fund with respect to the Services provided by Paralel hereunder. Paralel shall take all reasonable
action in the performance of its duties under this Agreement to assure that the necessary information is made available to such accountants
as reasonably requested or required by the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Valuation Responsibilities and Pricing Services</u>.

If set forth in the Services, Paralel may assist the Fund in calculating fair values and apply securities pricing information as required or authorized under the terms of the valuation policies and procedures of the Fund ("Valuation Procedures"). This may include utilizing (i) pricing information from third-party pricing services, (ii) fair value pricing information from third-party pricing services to apply to prices pursuant to the Valuation Procedures, and (iii) such other prices or valuations obtained from the Fund, the Adviser, Sub-Adviser, Valuation Designee of the Fund, third-party pricing service, or other third party, as directed by the Fund (collectively, any party providing pricing or valuation information to Paralel related to the Services described above, including, but not limited to, the Fund, the Adviser, Sub-Adviser(s), Valuation Designee of the Fund, third-party pricing service, or other third party as directed by the Fund, referred to as the "Fund Valuation Providers").

The Fund acknowledges that, while Paralel may provide assistance with valuation calculations as provided in the Services and set forth in the Valuation Procedures, Paralel (i) does not provide valuations with respect to the Fund's securities, (ii) does not and is not responsible for valuing the Fund's securities, except to apply such calculations as set forth in the Services, (iii) does not verify any valuations provided to it by the Fund or any Fund Valuation Provider, and does not verify the existence of any assets referenced, but instead relies exclusively on information about prices, valuations and the existence of assets provided to it by the Fund or the Fund Valuation Providers, and (iv) shall have no responsibility and shall be without liability for, and be fully indemnified by the Fund, any claim, loss or damage arising with respect to pricing, valuation, verification, and/or existence of such securities held by the Fund. The Fund further acknowledges that (i) the valuation of its securities remains the sole responsibility of the Fund; (ii) it is the Fund's obligation to select and complete appropriate diligence on all pricing services, even if recommended or otherwise utilized by Paralel in its services, and (iii) Paralel is not the guarantor of the accuracy of the security prices received from any third-party pricing service or Fund Valuation Provider, and Paralel will not be liable to the Fund for incorrect prices, errors, or other mistakes or issues (and shall be indemnified by Fund for any claims against or losses of Paralel related to such issues) occurring with respect to valuing the Fund's assets or calculating the net asset value of the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Custodians and Verification</u>. The Fund acknowledges that Paralel may rely on and shall have no responsibility
to validate the existence of assets reported by the Fund, its adviser, sub-adviser(s), Valuation Designee or the Fund's custodian,
other than Paralel's completion of a reconciliation of the assets reported by such parties. The Fund acknowledges that it is the
responsibility of the Fund to validate the existence of assets reported to Paralel. Paralel may rely, and has no duty to investigate the
representations of, the adviser, sub-adviser, Fund, or the Fund's custodian.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Examinations</u>. Paralel shall provide reasonable assistance in connection with any examination of
or inquiry related to the Fund by a regulatory authority that includes a review of Fund records maintained by Paralel. Paralel reserves
the right to charge a reasonable fee for such services at its discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;15. <u>Business Continuity Plan</u>. Paralel shall maintain in effect a business continuity plan and enter
into any agreements necessary with appropriate parties making reasonable provisions for emergency use of electronic data processing equipment
customary in the industry. In the event of equipment failures, Paralel shall, at no additional expense to the Fund, take commercially
reasonable steps to minimize service interruptions.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;16. <u>Duration and Termination of this Agreement</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Initial Term</u>. This Agreement shall become effective as of the date first written above (the "Start
Date") and shall continue thereafter throughout the period that ends the earlier of: three (3) years after the Start Date (the "Initial
Term"), or for the life of the Fund, if the Fund is liquidated in accordance with the set term of the Fund as set forth in its initial
Prospectus ("Fund Term Date").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Renewal Terms:</u> If not sooner terminated, this Agreement shall renew at the end of the Initial Term
and shall thereafter continue for successive annual periods (each a "Renewal Term" and collectively with the Initial Term,
a "Term") until terminated as provided herein.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Termination:</u> Either party may terminate this Agreement, without payment of penalty, if upon at
least ninety (90) days prior to the end of applicable Term it gives the other party a written notice of non-renewal and termination, with
such termination coinciding at the end of the applicable Term or otherwise negotiated date, provided however, that this Agreement shall
terminate automatically upon the liquidation of the Fund on its Fund Term Date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Termination for Cause</u>. Paralel or the Fund may, by written notice to the other, terminate this
Agreement if any of the following events occur:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The other party breaches any material term, condition or provision of this Agreement, which breach, if
capable of being cured, is not cured within 30 calendar days after the non-breaching party gives the other party written notice of such
breach.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The other party (i) terminates or suspends its business, (ii) becomes insolvent, admits in writing its
inability to pay its debts as they mature, makes an assignment for the benefit of creditors, or becomes subject to direct control of a
trustee, receiver or analogous authority, (iii) becomes subject to any bankruptcy, insolvency or analogous proceeding, or (iv) where the
other party is the Fund, and Fund becomes subject to a material Action (as defined below) or an Action that Paralel reasonably determines
could cause Paralel reputational harm (including any Action against an investment adviser, or other service provider of Fund), or (v)
where the other party is Fund, material changes in governing documents, bylaws, or registration statement, or other assumptions relied
upon by Paralel or the assumptions set forth are determined by Paralel, in its reasonable discretion, to materially affect the services
provided by Paralel. "Action" means any civil, criminal, regulatory or administrative lawsuit, allegation, demand, claim,
counterclaim, action, dispute, sanction, suit, request, inquiry, investigation, arbitration or proceeding, in each case, made, asserted,
commenced or threatened by any person, including any government entity or authority.

If any such event occurs, the termination will become effective immediately, or on the date stated in the written notice of termination, or other such date as agreed to by the parties.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Early Termination</u> - Except if terminated in accordance with Section 16(c) or 16(d), if this Agreement
is otherwise terminated by the Fund (prior to the end of the applicable Term, the Fund shall be obligated to pay Paralel the remaining
balance of the minimum fees, reimbursable expenses and other moneys payable to Paralel under this Agreement through the end of the applicable
Term. Termination of the Agreement by the Fund will not relieve the Fund of any other amount due under this Agreement. The parties agree
that any payment is a reasonable forecast of probable actual loss to Paralel and that this sum is agreed to as liquidated damages and
not as a penalty.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) <u>Deliveries Upon Termination</u>. Upon termination of this Agreement, Paralel agrees to cooperate in
the orderly transfer of administrative duties and shall deliver to the Fund or as otherwise directed by the Fund (at the expense of the
Fund) all records and other documents made or accumulated in the performance of its duties for the Fund hereunder. In the event Paralel
gives notice of termination under this Agreement, it will continue to provide the Services contemplated hereunder after such termination
at the contractual rate for up to 120 days, provided that the Fund uses all reasonable commercial efforts to appoint such replacement
on a timely basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) <u>Fees and Expenses Upon Termination</u> *.* Should either party exercise its right to terminate,
all reasonable out-of-pocket expenses or costs associated with the movement of records and material will be borne by the Fund. Additionally,
the Fund agrees to pay to Paralel a reasonable fee (determined by Paralel) for Paralel's services provided in connection with the
Fund liquidating or converting to another service provider.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;17. <u>Assignment</u>. This Agreement shall extend to and shall be binding upon the parties hereto and their
respective successors and permitted assigns; provided, however, that this Agreement shall not be assignable by the Fund without the prior
written consent of Paralel, or by Paralel without the prior written consent of the Fund (except for assignment by Paralel to an affiliate
under common control).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;18. <u>Governing Law</u>. The provisions of this Agreement shall be construed and interpreted in accordance
with the laws of the State of Colorado and the 1940 Act and the rules thereunder. To the extent that the laws of the State of Colorado
conflict with the 1940 Act or such rules, the latter shall control. Each party to this Agreement, by its execution hereof (i) irrevocably
submits to the nonexclusive jurisdiction of the state courts of the State of Colorado or the United States District Courts for the State
of Colorado for the purpose of any action between the parties arising in whole or in part under or in connection with this Agreement,
and (ii) waives to the extent not prohibited by applicable law, and agrees not to assert, by way of motion, as a defense or otherwise,
in any such action, any claim that it is not subject personally to the jurisdiction of the above-named courts, that its property is exempt
or immune from attachment or execution, that any such action brought in one of the above-named courts should be dismissed on grounds of
forum non conveniens, should be transferred or removed to any court other than one of the above-named courts, or should be stayed by reason
of the pendency of some other proceeding in any other court other than one of the above-named courts, or that this Agreement or the subject
matter hereof may not be enforced in or by such court.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;19. <u>Names</u>. The obligations of the Fund entered into in the name or on behalf thereof by any director,
shareholder, representative, or agent thereof are made not individually, but in such capacities, and are not binding upon any of the directors,
shareholders, representatives or agents of the Fund personally, but bind only the property of the Fund, and all persons dealing with the
Fund must look solely to the property of the Fund for the enforcement of any claims against the Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;20. <u>Amendments to this Agreement</u>. This Agreement may only be amended by the parties in writing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;21. <u>Notices</u>. Any notice, advice or report to be given pursuant to this Agreement shall be made in writing
and deemed to have been given and received (a) when personally delivered, or delivered by same-day courier; or (b) on the third business
day after mailing by registered or certified mail, postage prepaid, return receipt requested; or (c) upon delivery when sent by prepaid
overnight express delivery service (e.g., FedEx, UPS); or (d) when sent by email, upon the receipt by the sending party of confirmation
of receipt by the receiving party, which shall not be unduly withheld by the receiving party;

To Paralel:

Paralel Technologies LLC

1700 Broadway Suite 2100

Denver, Colorado 80290

Attn: General Counsel

Email: legalnotice@paralel.com; chris@paralel.com

To the Fund:

RiverNorth Short Prime Unicorn Fund 2028, Inc.

360 S. Rosemary Avenue, Suite 1420

West Palm Beach, FL 33401

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;22. <u>Counterparts</u>. This Agreement may be executed by the parties hereto on any number of counterparts,
and all of said counterparts taken together shall be deemed to constitute one and the same instrument.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;23. <u>Entire Agreement</u>. This Agreement, together with any Appendices embodies the entire agreement and
understanding among the parties and supersedes all prior agreements and understandings relating to the subject matter hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;24. <u>Severability</u>. Any covenant, provision, agreement or term contained in this Agreement that is prohibited
or that is held to be void or unenforceable in any jurisdiction shall, as to that jurisdiction, be ineffective to the extent of such prohibition
or unenforceability, without in any way invalidating, effecting or impairing the other provisions hereof.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;25. <u>Survival</u>. The provisions of Sections 4, 7, 11(f), 11(g), 16 (as applicable), 18, 24 and this Section
25 hereof shall survive termination of this Agreement.

*[signature page follows]*

IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written.

---

| | |
|:---|:---|
| **RIVERNORTH SHORT PRIME UNICORN FUND 2028, INC.** | **RIVERNORTH SHORT PRIME UNICORN FUND 2028, INC.** |
| a Maryland Corporation | a Maryland Corporation |
| By: |  |
| Name: |  |
| Title: |  |
| **PARALEL TECHNOLOGIES LLC,** | **PARALEL TECHNOLOGIES LLC,** |
| A Delaware limited liability company | A Delaware limited liability company |
| By: |  |
| Name: | Jeremy May |
| Title: | Chief Executive Officer |

---

**<u>APPENDIX A</u>**

**SERVICES**

The below services to be performed by Paralel are included in the compensation noted on <u>Appendix B</u>.

**Fund Accounting**

● Calculate daily net asset values (NAVs) in conformance with generally accepted accounting principles and SEC regulations.

● Apply security valuations provided by the Fund's adviser, consistent with pricing and valuation policies

● Transmit NAVs to the adviser, NASDAQ, transfer agent, custodian and other third parties

● Reconcile cash & positions with the custodian, as applicable

● Provide data and reports to support preparation of financial statements and regulatory filings

● Maintain required accounting records in accordance with the 1940 Act

● Calculate SEC standardized total return performance

● Coordinate reporting to outside agencies including Morningstar, etc.

**Fund Administration**

● Prepare annual and semi-annual financial statements utilizing templates for standard layout and printing

● Host annual audit of financial statements

● Prepare and file Forms N-PORT, N-CEN

● Prepare required reports for quarterly Board meetings

● Monitor expense ratios

● Maintain budget vs. actual expenses

● Manage fund invoice approval and bill payment process

● Assist with placement of Fidelity Bond and E&O/D&O insurance

**Legal Administration**

● Prepare, coordinate EDGARization of, and file Forms N-CSR, N-PX and 40G-17 (fidelity bond)

- Fund to provide proxy voting information for N-PX filing in requested form

● Coordinate EDGARization and filing of other SEC filings as applicable to the Fund

● Send notices of press releases to Fund's securities exchange and maintain compliance with such exchange requirements

● Coordination of annual shareholder meeting proxy statement filing and mailing process

- Fund to draft and provide final proxy statement to Paralel. Paralel to file preliminary/final proxy statement with SEC and coordinate with third party proxy tabulation service if requested by Fund

● Board of Directors Meetings

- Prepare initial draft of quarterly board meeting agendas, compile and distribute board materials for quarterly board meetings using Paralel's preferred third-party board portal system

- Attend quarterly board meetings and prepare initial set of minutes

- In coordination with legal counsel, maintain board compliance calendar for the Fund with schedule for quarterly board matters and items

Appendix A-1

**Tax Administration**

● Calculate dividend and capital gain distribution rates

● Prepare ROCSOP and required tax designations for Annual Report

● Assist and coordinate filing of income and excise tax returns

- Audit firm to sign all returns as paid preparer

● Calculate/monitor book-to-tax differences

● Provide quarterly Subchapter M compliance monitoring and reporting

● Provide tax re-allocation data for shareholder 1099 reporting

**Compliance Administration**

● Monitor post-trade prospectus & SAI, SEC investment restrictions, monthly

● Provide quarterly compliance testing certification to Board of Directors (on request)

Any addition of new services, or revision to, the services listed above (including but not limited to new or revised services related to regulatory changes or special projects) shall be subject to additional fees as determined by Paralel. Paralel is not responsible for any services that is not specifically set forth above.

Appendix A-2

**<u>APPENDIX B</u>**

**FEES AND EXPENSES**

The Fund will be charged the GREATER of the following: (i) results of an application of the following basis point fee schedule as applied on the aggregate managed assets of the RN Unicorn Fund Complex, or (ii) a $160,000\* annual minimum fee applied at the RN Unicorn Fund Complex level:

---

| | |
|:---|:---|
| **Average Daily Aggregate Net <br> Assets of the RN Unicorn <br> Fund Complex** | **Basis Point Fee** |
| Up to $250 million | 5 bps |
| >$250 million - $500 million | 4 bps |
| >$500 million - $1 billion | 3 bps |
| Greater than $1 billion | 2 bps |

---

\* *CPI* During the Renewal Terms, all fees noted (and that are otherwise non-basis point fees referenced in this Agreement) are subject to the CPI increase as set forth in the Agreement.

The Fund shall be responsible for its pro rata share of such fee, determined based on the relative average daily net assets of the Fund as compared to those of the Sister RN Unicorn Fund within the RN Unicorn Fund Complex.

**Out-of-Pocket Expenses**

Without limiting any provision in this Agreement, the Fund shall be responsible and will reimburse Paralel for all out of pocket costs, including, among others that may be applicable: all security pricing and data fees (including but not limited to, ICE, Bloomberg, GICS, MSCI, CUSIP, SEDOL); any fees or expenses charged by software systems utilized in connection to the provision of the Services (including but not limited to those related to the setup, maintenance, or use of, or the performance calculations for, a benchmark, index, Fund, and/or share class); fees applicable to the use of third party indexes or benchmarks; third-party board portal expenses, Edgar filer service fees (including costs of preparation, typesetting, XBRL-tagging, page changes and all other print vendor, document management, EDGAR conversion or other related charges, or the reasonable pro rata cost of direct filing software if utilized by Paralel); cost of mailings, including typesetting, printing, postage and fulfillment costs of a third party printer, as well as any e\*delivery services; SSAE 18 control review reports; travel expenses of Paralel individuals to in-person Board meetings and on-site reviews; customized programming/enhancements and enhanced reporting activities; expenses or fees of third parties regarding the provision of ETF Basket Services (including but not limited to, DTCC, CNS, NSCC, the custodian, or any other third-party), and any other expenses incurred in connection with Paralel's performance of its duties under the Agreement. Paralel may provide certain services or data to the Fund that would otherwise be or have been an out-of-pocket expense; these services will be billed to the Fund at Paralel's standard rates for such service.

Appendix B-1

**<u>APPENDIX C</u>**

**ADDITIONAL TERMS APPLICABLE TO DATA SERVICES**

In addition to the terms and conditions otherwise contained in the Agreement, the following terms and conditions apply to any services requiring third-party valuation, pricing, or security level data, or any other reference or similar data (as defined generally below as "Data") (herein referred to as "Data Services").

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. <u>Provision of Services.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Paralel may engage third-party persons or organizations (referred to as a "Supplier") to assist
in the provision of its duties of providing the Data Services; provided that, in such event, Paralel shall not be relieved of any of its
obligations otherwise applicable under the Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. <u>Use of Data; No Warranty; Termination of Rights.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) As part of the provision of the Data Services, Paralel may provide or utilize security and/or issuer level
reference data, risk metrics calculations, liquidity data, taxonomy data and other similar holdings classifications, as well as pricing
or other market data (collectively, the "Data") that may be supplied by Paralel or third-party Suppliers. Any Data being
provided to the Fund by Paralel directly or by a Suppliers are being supplied to the Fund for the sole purpose of completion of the Data
Services. The Fund may use the Data only for purposes necessary for the Data Services. The Fund does not have any license or right to
use the Data for purposes beyond the Data Services, including, but not limited to, resale to other users or use to create any type of
historical database. Data cannot be passed to or shared with any other non-affiliated entity or used by Fund in a third party hosted system
except as to complete the Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The Fund acknowledges the proprietary rights that Paralel and its Suppliers have in the Data. Paralel
and/or Supplier shall retain any intellectual property rights in the Data supplied to Fund in the provision of the Data Services under
this Agreement. Fund acknowledges the confidentiality provisions of the Agreement applies to any Data provided by Suppliers as part of
the Data Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) When required in Paralel's agreement with a Supplier ("Supplier Agreement"), the Fund
acknowledges that such Supplier shall be considered a third-party beneficiary under this Agreement as it relates to the Data supplied
by such Supplier in the Data Services and may enforce its rights under the applicable provisions of this Agreement. Upon termination of
a Supplier Agreement or by request of Supplier (which may be communicated to Paralel, who shall notify the Fund), the Fund agrees to cease
use of and delete any Data related to such Supplier Agreement from its systems, except as may be required by applicable law or regulatory
requirements. Upon reasonable prior notice, Fund agrees to provide a Supplier with limited audit rights to reasonably ensure that Fund's
use of that Supplier's Data (or its deletion, if applicable) is in accordance with the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) In reports or other materials created for the Fund or by the Fund using Data or as part of the Data Services,
Paralel may require the inclusion of certain disclaimers that may be now or later required under a Supplier Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Paralel and its Suppliers shall have no liability to the Fund, any Fund, or other third party, for errors,
omissions or malfunctions in the Data or related services, other than the obligation of Paralel to endeavor, upon receipt of notice from
the Fund, to correct a malfunction, error, or omission in any Data or related services.

Appendix C-1

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Fund acknowledges that the Data and related services are intended for use as an aid to institutional
investors, registered brokers or professionals of similar sophistication in making informed judgments concerning securities, in connection
to the Data Services. The Fund accepts responsibility for, and acknowledges it exercises its own independent judgment in, its selection
of the Data and related services, its selection of the use or intended use of such, and any results obtained. Nothing contained herein
shall be deemed to be a waiver of any rights existing under applicable law for the protection of investors.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The Fund shall indemnify Paralel and its Suppliers against and hold Paralel and its Suppliers harmless
from any and all losses, damages, liability, costs, including attorney's fees, resulting directly or indirectly from any claim or demand
against Paralel or its Suppliers by a third party arising out of or related to the accuracy or completeness of any Data or related services
received by the Fund, or any data, information, service, report, analysis or publication derived therefrom. Neither Paralel nor its Suppliers
shall be liable for any claim or demand against the Fund by a third party related to the Data or provision of the Data Services.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Neither Paralel and its Suppliers, nor the Fund shall be liable for (i) any special, indirect or consequential
damages (even if advised of the possibility of such), (ii) any delay by reason of circumstances beyond its control, including acts of
civil or military authority, national emergencies, labor difficulties, fire, mechanical breakdown, flood or catastrophe, acts of God,
insurrection, war, riots, or failure beyond its control of transportation or power supply, or (iii) any claim that arose more than one
year prior to the institution of suit therefor.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) THE FUND HEREBY ACCEPTS THE DATA AS IS, WHERE IS, PARALEL AND ITS SUPPLIERS MAKE NO WARRANTIES, EXPRESS
OR IMPLIED, AS TO MERCHANTABILITY, FITNESS OR ANY OTHER MATTER.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. <u>Provisions applicable to Data from Suppliers containing evaluations.</u> 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) In the event that the Fund at any time receives Data from Supplier containing evaluations, rather than
market quotations, for certain securities or certain other data related to such securities, the following provisions will apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;i. Evaluated securities are typically complicated financial instruments. There are many methodologies (including
computer-based analytical modeling and individual security evaluations) available to generate approximations of the market value of such
securities, and there is significant professional disagreement about which is best. No evaluation method, including those used by Supplier,
may consistently generate approximations that correspond to actual "traded" prices of the instruments;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ii. Supplier methodologies used to provide the pricing portion of certain Data may rely on evaluations; however,
the Fund acknowledges that there may be errors or defects in Supplier's software, databases, or methodologies that may cause resultant
evaluations to be inappropriate for use in certain applications; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;iii. The Fund assumes all responsibility for edit checking, external verification of evaluations, and ultimately
the appropriateness of use of evaluations and other pricing data provided via the Service in Fund's applications, regardless of
any efforts made by Supplier in this respect. The Fund shall indemnify and hold Supplier and Paralel completely harmless in the event
that errors, defects, or inappropriate evaluations are made available via the Data.

Appendix C-2

## Exhibit 99.25

![](fp0097718-1_06.jpg)

**Transfer Agency and Service Agreement**

**Between**

**Each of the RiverNorth Closed-End Investment Companies**

**Listed on Schedule A Attached Hereto**

**and**

**Computershare Trust Company, N.A.**

**and**

**Computershare Inc.**

**THIS TRANSFER AGENCY AND SERVICE AGREEMENT**, effective as of , 2026 ("**Effective Date**"), is by and between each of the RiverNorth closed-end investment companies listed on Schedule A attached hereto, as may be amended from time to time ("**Schedule A**") (each such investment company, a "**Fund**"), and Computershare Inc., a Delaware corporation ("**Computershare**"), and its affiliate Computershare Trust Company, N.A., a federally chartered trust company ("**Trust Company**", and together with Computershare, "**Agent**"), each having a principal office and place of business at 150 Royall Street, Canton, Massachusetts 02021. As used herein "party" means Agent or Fund, as applicable, and "parties" means Agent and Fund.

**WHEREAS**, Fund desires to appoint Trust Company as its sole transfer agent and registrar for the Shares, and administrator of any Plans (defined below) for Fund, and Computershare as processor of all payments received or made by Fund under this Agreement, as of the commencement date indicated for such Fund in Schedule A ("**Commencement Date**");

**WHEREAS,** Trust Company and Computershare will each separately provide specified services covered by this Agreement and, in addition, Trust Company may arrange for Computershare to act on behalf of Trust Company in providing certain of its services covered by this Agreement; and

**WHEREAS,** Trust Company and Computershare desire to accept such respective appointments and perform the services related to such appointments;

**NOW THEREFORE**, in consideration of the mutual covenants herein contained, the parties agree as follows:

**1. <u>CERTAIN DEFINITIONS</u>.**

1.1 "**Account**" means the account of each Shareholder which reflects any full or fractional Shares held by such Shareholder, outstanding funds, or reportable tax information.

1.2 "**Agreement**" means this agreement and any and all exhibits or schedules attached hereto and any and all amendments or modifications which may from time to time be executed.

1.3 "**Confidential Information**" means any and all technical or business information relating to a party, including, without limitation, financial, marketing and product development information, Shareholder Data (including any non-public information of such Shareholder), Personal Information, Proprietary Information, and the terms and conditions (but not the existence) of this Agreement, that is disclosed or otherwise becomes known to the other party or its affiliates, agents or representatives before or during the term of this Agreement, as well as any other information designated as confidential or proprietary by the disclosing party or otherwise disclosed in a manner such that a reasonable person would understand its confidential nature. Confidential Information may constitute trade secrets and is of great value to the owner (or its affiliates). Except for Personal Information and Proprietary Information, Confidential Information shall not include any information that is reasonably demonstrated to be: (a) already known to the other party or its affiliates on a non-confidential basis at the time of the disclosure; (b) publicly known at the time of the disclosure or becomes publicly known through no wrongful act or failure of the other party; (c) subsequently disclosed to the other party or its affiliates on a non-confidential basis by a third party not having a confidential relationship with the owner and which rightfully acquired such information; or (d) independently developed by one party without access to the Confidential Information of the other.

1.4 "**Personal Information**" means information that identifies, relates to, describes, is reasonably capable of being associated with, or could reasonably be linked, directly or indirectly, with a particular living individual, including, without limitation, names, signatures, addresses, e-mail addresses, telephone numbers, account numbers and information, social security numbers and other personal identification numbers, financial data, date of birth, transaction information, user names, passwords, security codes, employee ID numbers, identity photos, and any other information defined in applicable privacy laws or regulations as personal information, that Agent receives from, is otherwise obtained by Agent in connection with this Agreement, or to which Agent has access in the course of performing the Services.

1.5 "**Plans**" means any dividend reinvestment plan, direct stock purchase plan, or other investment programs administered by Trust Company for Fund relating to the Shares, whether as of the Effective Date or at any time during the term of this Agreement.

1.6 "**Services**" means all services performed or made available by Agent pursuant to this Agreement.

1.7 "**Share**" means, with respect to each Fund, shares of each class indicated for such Fund in Exhibit A, authorized by Fund's Articles of Incorporation, and other classes of Fund's shares to be designated by Fund in writing and which Agent agrees to service under this Agreement.

1.8 "**Shareholder**" means a holder of record of Shares.

1.9 "**Shareholder Data**" means all information, including Personal Information, maintained on the records database of Agent concerning Shareholders.

**2. <u>APPOINTMENT OF AGENT</u>.**

2.1 <u>Appointments</u>. Fund appoints, and Trust Company and Computershare hereby accept such appointments, as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Trust Company as sole transfer agent and registrar for all Shares;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Computershare as the service provider to Trust Company and as processor of all payments received or made by or on behalf of Fund under
this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Trust Company as administrator of any Plans in accordance with the terms and conditions of this Agreement and such Plans.

2.2 <u>Appointment Documents</u>. On or before the Effective Date, Fund will provide the appointment and corporate authority documents as set out separately by Agent, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Board resolution appointing Trust Company as the transfer agent;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Board resolution and/or certificate of incumbency designating officers or other designated persons of Fund authorized to sign written
instructions and requests and, if applicable, Share certificates, in connection with this Agreement (each an "**Authorized Person** ");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) An opinion of counsel for Fund addressed to Agent as mutually agreed upon by both parties, concerning, without limitation, Fund's
legal status under applicable law and legal status of the Shares, including whether the applicable offering of Shares is registered or
exempt from registration;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) A certificate of Fund as to the Shares authorized, issued and outstanding, as well as a description of all reserves of unissued Shares
relating to the exercise of options; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) A complete and accurate register of Shareholders.

2.3 <u>Records</u>. Agent may adopt as part of its records all Shareholder lists, Share ledgers, records, books, and documents provided to Agent by Fund or any of its agents. In order to enable Agent to perform the duties of transfer agent and registrar, each Fund shall provide, or shall cause its prior transfer agent and registrar to provide, a complete and accurate register of Shareholders on or before the Commencement Date relevant to such Fund, and shall indemnify Agent under Section 7.2 of this Agreement for the failure to provide such register on or before such Commencement Date. Agent shall keep records relating to the Services, in the form and manner it deems advisable, but in any event consistent with the reasonable standards of the transfer agency industry. Agent agrees that all such records prepared or maintained by it relating to the Services are the property of Fund and will be preserved, maintained and made available in accordance with the requirements of applicable law and Agent's records management policy, and will be surrendered promptly to Fund in accordance with its request subject to applicable law and Agent's records management policy.

2.4 <u>Shares</u>. Fund shall, if applicable, inform Agent as soon as possible in advance as to: (a) the existence or termination of any restrictions on the transfer of Shares, the application to or removal from any Shares of any legend restricting the transfer of such Shares (which may be subject, in the case of removal of any such legend, to delivery of a legal opinion in form and substance acceptable to Agent), or the substitution for such Share of a Share without such legend; (b) any authorized but unissued Shares reserved for specific purposes; (c) any outstanding Shares which are exchangeable for Shares and the basis for exchange; (d) reserved Shares subject to option and the details of such reservation; (e) any Share split or Share dividend; (f) any other relevant event or special instructions which may affect the Shares; (g) any bankruptcy, insolvency or other proceeding regarding a Fund affecting the enforcement of creditors' rights; and (h) any future original issuances of Shares for which Agent will act as transfer agent under this Agreement (subject to delivery of a legal opinion of counsel for Fund addressed to Agent in a form mutually agreed upon by both parties, concerning, without limitation, the legal status of such Shares, including whether the applicable issuance is part of an offering of Shares that is registered or exempt from registration).

2.5 <u>Share Certificates</u>. If applicable, Fund shall provide Agent with (a) documentation required to print on demand Share certificates, or (b) an appropriate supply of Share certificates which contain a signature panel for use by an authorized signor of Agent and state that such certificates are only valid after being countersigned and registered, whichever is applicable.

2.6 <u>Fund Responsibility</u>. Fund shall perform, execute, acknowledge and deliver or cause to be performed, executed, acknowledged and delivered all such further and other acts, documents, instruments and assurances as Agent may reasonably require in order to carry out or perform its obligations under this Agreement. If any out-of-balance condition caused by Fund or any of its prior agents arises during any term of this Agreement, then Fund will, promptly upon Agent's request, provide Agent with funds or Shares sufficient to resolve such out-of-balance condition. For purposes of the prior sentence, an "out-of-balance condition" occurs when any funds or Shares do not balance out adequately to cover payment or issuance obligations to Shareholders, or there is a record difference or over issuance as defined under applicable state or federal law.

2.7 <u>Scope of Agency</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Agent shall act solely as agent for Fund under this Agreement and owes no duties hereunder to any other person. Agent undertakes to
perform the duties and only the duties that are specifically set forth in this Agreement, and no implied covenants or obligations shall
be read into this Agreement against Agent. Agent is engaged in an independent business and will perform its obligations under this Agreement
as an agent of the Fund for the purposes of the Services to be furnished hereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Agent may rely upon, and shall be protected in acting or refraining from acting in good faith reliance upon, (i) any communication
from Fund, any predecessor transfer agent or co-transfer agent or any registrar (other than Agent), predecessor registrar or co-registrar;
(ii) any instruction, notice, request, direction, consent, report, certificate, opinion or other instrument, paper, document or electronic
transmission believed in good faith by Agent to be genuine and to have been signed or given by the proper party or parties; (iii) any
guaranty of signature by an "eligible guarantor institution" that is a member or participant in the Securities Transfer Agents
Medallion Program or other comparable "signature guarantee program" or insurance program in addition to, or in substitution
for, the foregoing; or (iv) any instructions received through Direct Registration System/Profile. In addition, Agent is authorized to
refuse to make any transfer that it determines in good faith not to be in good order.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) From time to time, Fund may provide Agent with instructions concerning the Services. Further, Agent may apply to any Authorized Person
for instruction, and may consult with legal counsel for Fund with respect to any matter arising in connection with the Services. Agent
and its agents and subcontractors shall not be liable and shall be indemnified by Fund under Section 7.2 of this Agreement for any action
taken or omitted by Agent in good faith reliance upon any Fund instructions given by an Authorized Person or upon the advice or opinion
of Fund counsel. Fund shall promptly provide Agent with an updated board resolution and/or certificate of incumbency regarding any change
of authority for any Authorized Person. Agent shall not be held to have notice of any change of authority of any Authorized Person, until
receipt of written notice thereof from Fund.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Compliance with Laws</u>. Agent is obligated and agrees to comply with all applicable laws and regulations, codes, orders and government
rules in the performance of its duties under this Agreement.

2.8 <u>Additional Funds</u>. To the extent that a Fund is added to Schedule A after the Effective Date, such Fund is a Fund for all purposes of this Agreement and is bound by all terms and conditions and provisions of this Agreement, including, without limitation, the representations and warranties of Funds set forth herein.

2.9 <u>Amendment to Schedule A</u>. The parties agree to amend Exhibit A to reflect the most updated information regarding Funds and Shares relevant to this Agreement. The parties agree that notwithstanding Section 13.4 of this Agreement, Schedule A may be amended without an executed written amendment if an Authorized Person delivers by email to Agent's Relationship Manager a copy of an amended and restated Schedule A, dated as of the date such amended and restated Schedule A is intended to be effective, and a member of Agent's Relationship Management team acknowledges in a responding email that the amended and restated Schedule A has been received. To the extent Schedule A is amended to add a Fund, Fund must provide Agent with the documents listed in Section 2.2 of this Agreement in relation to such Fund on a timeline mutually agreed by the parties.

2.10 <u>Rule 38a-1 Compliance Program</u>*.*** Agent will maintain written policies and procedures reasonably designed to prevent violations of the Federal Securities Laws, as that term is defined in Rule 38a-1, adopted by the Securities and Exchange Commission under the Investment Company Act of 1940, as amended ("**Rule 38a-1**") with respect to the Services. On a quarterly basis, Agent will provide to Fund a certification in connection with Rule 38a-1. Upon Fund's request, Agent will provide Fund with a summary of its policies and procedures in connection with Fund's compliance with Rule 38a-1 and will provide such explanations of its policies and procedures as Fund may reasonably request. To the extent Agent makes any material changes to its written policies and procedures in order to address changing regulatory and industry developments that would impact Fund's compliance with Rule 38a-1, Agent will notify Fund of any such changes in a timely manner.

2.11 <u>Anti-Money Laundering; Office of Foreign Asset Control</u>. Agent will comply with any laws or regulations relating to anti-money laundering applicable to Agent with respect to Fund's Shareholders, including compliance with Office of Foreign Asset Control laws or regulations, currency transaction reporting laws and regulations and suspicious activity reporting and recordkeeping requirements, by adopting appropriate compliance policies, procedures, and internal controls.

**3. <u>STANDARD SERVICES</u>.**

3.1 <u>Share Services</u>. Agent shall perform the Services set forth in the Fee and Service Schedule ("**Fee and Service Schedule**") attached hereto and incorporated herein. Agent shall perform the Services in compliance with this Agreement and in a manner consistent with the reasonable standards of the transfer agency industry.

3.2 <u>Replacement Shares</u>. Agent shall issue replacement Shares for those certificates alleged to have been lost, stolen or destroyed, upon receipt by Agent of a reasonable administration fee paid by Shareholder, and an open penalty surety bond satisfactory to it and holding it and Fund harmless, absent notice to Agent that such certificates have been acquired by a bona fide purchaser. Agent may, at its option, issue replacement Shares for mutilated certificates upon presentation thereof without such indemnity. Agent may, at its sole option, accept indemnification from Fund to issue replacement Shares for those certificates alleged to have been lost, stolen or destroyed in lieu of an open penalty bond. Agent may receive compensation, including in the form of commissions, for services provided in connection with surety programs offered to Shareholders.

3.3 <u>Internet Services</u>. Agent shall make available to Fund and Shareholders, through its web sites, including but not limited to <u>www.computershare.com</u> (collectively, "**Web Site**"), online access to certain Account and Shareholder information and certain transaction capabilities ("**Internet Services**"), subject to Agent's security procedures and the terms and conditions set forth herein and on the Web Site. Agent provides Internet Services "as is," on an "as available" basis, and hereby specifically disclaims any and all representations or warranties, express or implied, regarding such Internet Services, including any implied warranty of merchantability or fitness for a particular purpose and implied warranties arising from course of dealing or course of performance.

3.4 <u>Proprietary Information</u>. Fund agrees that the databases, programs, screen and report formats, interactive design techniques, Internet Services, software (including methods or concepts used therein, source code, object code, or related technical information) and documentation manuals furnished to Fund by Agent as part of the Services are under the control and ownership of Agent or a third party (including its affiliates) and constitute copyrighted, trade secret, or other proprietary information (collectively, "**Proprietary Information**"). Shareholder Data is not Proprietary Information. Fund agrees that Proprietary Information is of substantial value to Agent or other third party and will treat all Proprietary Information as confidential in accordance with Section 9 of this Agreement. Fund shall take reasonable efforts to advise its relevant employees and agents of its obligations pursuant to this Section 3.4.

3.5 <u>Third Party Content</u>. Agent may provide real-time or delayed quotations and other market information and messages ("**Market Data**"), which Market Data is provided to Agent by certain third parties who may assert a proprietary interest in Market Data disseminated by them but do not guarantee the timeliness, sequence, accuracy or completeness thereof. Fund agrees and acknowledges that Agent shall not be liable in any way for any loss or damage arising from or occasioned by any inaccuracy, error, delay in, omission of, or interruption in any Market Data or the transmission thereof.

3.6 <u>Lost Shareholders; In-Depth Shareholder Search</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Computershare shall conduct such database searches to locate lost Shareholders as are required by Rule 17Ad-17 ()"**Rule 17Ad-17** ")
promulgated under the Securities Exchange Act of 1934, as amended ()"**1934 Act** "), without charge to Shareholder(s). If
a new address is so obtained in a database search for a lost Shareholder, then Computershare shall conduct a verification mailing and
update its records for such Shareholder accordingly.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Computershare may cause the performance of more in-depth searches for the purpose of (i) locating certain lost Shareholders for whom
a new address is not obtained in accordance with clause (a) above, (ii) identifying Shareholders who are deceased (or locating such deceased
Shareholder's estate representative, heirs or other party entitled to act with respect to such Shareholder's Account ()"**Authorized Representative** ")), and (iii) locating Shareholders whose Accounts contain an uncashed check older than 180 days and who have
already received the required unresponsive payee notification under Rule 17Ad-17, in each case using the services of a locating service
provider selected by Computershare ()"**Service Provider** "), which Service Provider may be an affiliate of Computershare.
Such Service Provider may compensate Computershare for processing and other services that Computershare provides in connection with such
in-depth search, including providing Computershare a portion of its service fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) In communicating its services to any Shareholder (or Authorized Representative) located pursuant to clause (b) above, such Service
Provider shall clearly identify to such Shareholder (or Authorized Representative) all assets held in such Shareholder's Account.
Such Service Provider shall inform any such located Shareholders (or Authorized Representative) that such Shareholder (or Authorized Representative)
may choose (i) to contact Computershare directly to update account records and claim uncashed check funds, if any, at no charge other
than any applicable fees to replace lost certificates, (ii) to contact such Shareholder's broker directly to update account records
and claim uncashed funds, if any, subject to the broker's applicable fees, documentation requirements and other procedures, or (iii)
to use the services of such Service Provider for a processing fee, which may not exceed approximately 10% of the asset value of such Shareholder's
property where the registered Shareholder is living, deceased, or not a natural person; provided that such processing fee shall not include
or limit any applicable fees to replace lost certificates; and provided that in no case shall such fee exceed the maximum statutory fee
permitted by the applicable state jurisdiction. If Fund selects a locating service provider other than one selected by Computershare,
then Computershare shall not be responsible for the terms of any agreement between such provider and Fund and additional fees may apply.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Pursuant to Section 2.7(c) of this Agreement, Fund hereby authorizes and instructs Computershare to provide to Service Provider:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) aggregate Shareholder Data including number of projected eligible Accounts, value of projected eligible Accounts (includes sum of
outstanding checks and value of Shares) in order for Service Provider to determine the feasibility of providing in-depth search services;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) upon determination by Service Provider that an in-depth Shareholder location program will be implemented and after notification of
implementation to Fund by Computershare (including by e-mail):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) a complete Shareholder file (from which Service Provider will eliminate those Accounts for which a search is still required by Rule
17Ad-17); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) preliminary escheatment files (used to block Accounts that may not be serviced under the program based on state unclaimed property
laws); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) view-only access (during the time a program is in place) to Shareholder
Data for the limited purposes of verifying Account information and reconcilement for program eligible Accounts.

**4. <u>COMPUTERSHARE DIVIDEND DISBURSING AND PAYMENT SERVICES</u>**.

4.1 <u>Declaration of Dividends</u>. Fund must provide Computershare with written notice from an Authorized Person of any declaration of a dividend. Computershare will initiate dividend payments to the extent Computershare receives sufficient funds from Fund in advance of such initiation. The payment of such funds to Computershare for the purpose of being available for the payment of dividends from time to time is not intended by Fund to confer any rights in such funds on Shareholders whether in trust, contract, or otherwise.

4.2 <u>Stop Payments</u>. Fund hereby authorizes Computershare to stop payment of checks issued in payment of sales proceeds and of dividends, if applicable, but not presented for payment, when the payees thereof allege either that they have not received the checks or that such checks have been mislaid, lost, stolen, destroyed or, through no fault of theirs, are otherwise beyond their control and cannot be produced by them for presentation and collection, and Computershare shall issue and deliver duplicate checks in replacement thereof, and Fund shall indemnify Agent against any loss or damage resulting from reissuance of the checks.

4.3 <u>Tax Withholding</u>. Fund hereby authorizes Computershare to deduct from all payments of sales proceeds and of dividends declared by Fund and disbursed by Computershare to Shareholders, if applicable, the tax required to be withheld pursuant to Sections 1441, 1442, 1445, 1471 through 1474, and 3406 of the Internal Revenue Code of 1986, as amended, or by any federal or state statutes subsequently enacted, and to make the necessary returns and payment of such tax to the relevant taxing authority. Fund will provide withholding and reporting instructions to Computershare from time to time as relevant, and upon request of Computershare.

4.4 <u>Plan Payments</u>. If applicable, Fund hereby authorizes Computershare to receive all payments made to Fund (*i.e.*, optional cash purchases) or Agent under the Plans and make all payments required to be made under such Plans, including all payments required to be made to Fund. For optional cash purchases, in the event funds are unavailable for any reason (including, without limitation, due to a rejection or reversal of the payment), Computershare shall sell the Shares purchased and any gain thereon shall accrue to Computershare.

4.5 <u>Bank Accounts</u>. All funds administered by Computershare under this Agreement that are to be distributed or applied by Computershare in the performance of Services (the "**Monies**") shall be administered by Computershare as agent for Fund and deposited in one or more bank accounts to be maintained by Computershare in its name as agent for Fund. Until paid pursuant to this Agreement, Computershare may administer or invest the Monies through such accounts in: (a) funds backed by obligations of, or guaranteed by, the United States of America; (b) debt or commercial paper obligations rated A-1 or P-1 or better by S&P Global Inc. ("**S&P**") or Moody's Investors Service, Inc. ("**Moody's**"), respectively; (c) Government and Treasury backed AAA-rated Fixed NAV money market funds that comply with Rule 2a-7 of the Investment Company Act of 1940, as amended; or (d) short term certificates of deposit, bank repurchase agreements, and bank accounts with commercial banks with Tier 1 capital exceeding $1 billion, or with an investment grade rating by S&P (LT Local Issuer Credit Rating), Moody's (Long Term Rating) and Fitch Ratings, Inc. (LT Issuer Default Rating) (each as reported by Bloomberg Finance L.P.). Computershare shall have no responsibility or liability for any diminution of the Monies that may result from any deposit or investment made by Computershare in accordance with this paragraph, including any losses resulting from a default by any bank, financial institution or other third party. Computershare may from time to time receive interest, dividends or other earnings in connection with such deposits or investments. Computershare shall not be obligated to pay such interest, dividends or earnings to Fund, any Shareholder or any other party.

**5. <u>FEES AND EXPENSES</u>.**

5.1 <u>Fee and Service Schedules</u>. Fund agrees to pay to Agent the fees and expenses for the Services as set forth in the Fee and Service Schedule. At least sixty (60) days before the expiration of the Initial Term (as defined below) or a Renewal Term (as defined below), whichever is applicable, the parties to this Agreement will agree upon a new fee schedule for the upcoming Renewal Term. If no new fee schedule is agreed upon, then the fees will increase as set forth in the Term Section of the Fee and Service Schedule.

5.2 <u>Invoices</u>. Fund agrees to pay Agent all amounts invoiced in accordance with this Agreement within thirty (30) days of Fund's receipt of such invoice, except for any amounts that are subject to good faith dispute. In the event of such dispute, Fund must promptly notify Agent of such dispute and may only withhold that portion of the amounts subject to such dispute. Fund shall settle such disputed amounts within five (5) business days of the date on which the parties agree on the amount to be paid by payment of the agreed amount. If no agreement is reached, then such disputed amounts shall be settled as may be required by applicable law or legal process.

5.3 <u>Late Payments</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) If any undisputed amount in an invoice of Agent is not paid within thirty (30) days after the date of such invoice, then Agent may
charge Fund interest thereon (from the due date to the date of payment) at a monthly rate equal to one and a half percent (1.5%). Notwithstanding
any other provision hereof, such interest rate shall be no greater than permitted under applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) The failure by Fund to (i) pay the undisputed portion of an invoice within ninety (90) days after the date of such invoice or (ii)
timely pay the undisputed portions of two (2) consecutive invoices shall constitute a material breach of this Agreement by Fund. Notwithstanding
terms to the contrary in Section 10.2 below, Agent may terminate this Agreement for such material breach immediately and shall not be
obligated to provide Fund with thirty (30) days to cure such breach.

5.4 <u>Transaction Taxes</u>. Fund is responsible for all taxes, levies, duties, and assessments levied on Services purchased under this Agreement (collectively, "**Transaction Taxes**"). Computershare is responsible for collecting and remitting Transaction Taxes in all jurisdictions in which Computershare is registered to collect such Transaction Taxes. Computershare shall invoice Fund for such Transaction Taxes that Computershare is obligated to collect upon the furnishing of Services. Fund shall pay such Transaction Taxes according to the terms in Section 5.2 above. Computershare shall timely remit to the appropriate governmental authorities all such Transaction Taxes that Computershare collects from Fund. To the extent that Fund provides Computershare with valid exemption certificates, direct pay permits, or other documentation that exempts Computershare from collecting Transaction Taxes from Fund, invoices issued for the Services provided after Computershare's receipt of such certificates, permits, or other documentation will not reflect exempted Transaction Taxes. Computershare is solely responsible for the payment of all personal property taxes, franchise taxes, corporate excise or privilege taxes, property or license taxes, taxes relating to Computershare's personnel, and taxes based on Computershare's net income or gross revenues relating to the Services.

**6. <u>REPRESENTATIONS AND WARRANTIES</u>.**

6.1 <u>Agent</u>. Agent represents and warrants to Fund that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governance</u>. Trust Company is a federally chartered trust company duly organized, validly existing, and in good standing under
the laws of the United States and Computershare is a corporation duly organized, validly existing, and in good standing under the laws
of the State of Delaware and each has full power, authority and legal right to execute, deliver and perform this Agreement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance with Laws</u>. The execution, delivery and performance of this Agreement by Agent has been duly authorized by all necessary
action, constitutes a legal, valid and binding obligation of Agent enforceable against Agent in accordance with its terms, will not require
the consent of any third party that has not been given, and will not violate, conflict with or result in the breach of any material term,
condition or provision of (i) any existing law, ordinance, or governmental rule or regulation to which Agent is subject, (ii) any judgment,
order, writ, injunction, decree or award of any court, arbitrator or governmental or regulatory official, body or authority applicable
to Agent, (iii) Agent's incorporation documents or by-laws, or (iv) any material agreement to which Agent is a party.

6.2 <u>Fund</u>. Fund represents and warrants to Agent that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) <u>Governance</u>. It is a Corporation duly organized, validly existing and in good standing under the laws of the State of Maryland,
and it has full power, authority and legal right to enter into and perform this Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) <u>Compliance with Laws</u>. The execution, delivery and performance of this Agreement by Fund has been duly authorized by all necessary
action, constitutes a legal, valid and binding obligation of Fund enforceable against Fund in accordance with its terms, will not require
the consent of any third party that has not been given, and will not violate, conflict with or result in the breach of any material term,
condition or provision of (i) any existing law, ordinance, or governmental rule or regulation to which Fund is subject, (ii) any judgment,
order, writ, injunction, decree or award of any court, arbitrator or governmental or regulatory official, body or authority applicable
to Fund, (iii) Fund's incorporation documents or by-laws, (iv) any material agreement to which Fund is a party, or (v) any applicable
stock exchange rules;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) <u>Securities Laws</u>. Registration statements under the Securities Act of 1933, as amended ()"**1933 Act**") and the
1934 Act have been filed and are currently effective, or will be effective prior to the sale of any Shares, and will remain so effective,
and all appropriate state securities law filings have been made with respect to all Shares being offered for sale except for any Shares
which are offered in a transaction or series of transactions which are exempt from the registration requirements of the 1933 Act, 1934
Act and state securities laws; Fund will immediately notify Agent of any information to the contrary;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) <u>Shares</u>. The Shares issued and outstanding on the date hereof have been duly authorized, validly issued and are fully paid and
are non-assessable; and any Shares to be issued hereafter, when issued, shall have been duly authorized, validly issued and fully paid
and will be non-assessable; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) <u>Facsimile Signatures</u>. The use of facsimile signatures by Agent in connection with the countersigning and registering of Share
certificates has been duly authorized by Fund and is valid and effective.

**7. <u>INDEMNIFICATION AND LIMITATION OF LIABILITY</u>.**

7.1 <u>Liability</u>. Agent shall only be liable for any loss or damage determined by a court of competent jurisdiction to be the result of Agent's gross negligence or willful misconduct; provided that any liability of Agent will be limited in the aggregate to the ongoing account management fees paid hereunder by Fund to Agent during the twelve (12) months immediately preceding the event for which recovery from Agent is being sought.

7.2 <u>Indemnity</u>. Fund shall indemnify, defend and hold Agent harmless from and against, and Agent shall not be responsible for, any and all losses, claims, damages, costs, charges, counsel fees and expenses, payments, expenses and liability (collectively, "**Losses**") arising out of or attributable to Agent's duties under this Agreement or this appointment, including the reasonable costs and expenses of defending itself against any Loss or enforcing this Agreement, except for any liability of Agent as set forth in Section 7.1 above.

**8. <u>DAMAGES</u>.** Notwithstanding anything in this Agreement to the contrary, neither party shall be liable to the other for any incidental, indirect, special or consequential damages of any nature whatsoever, including, but not limited to, loss of anticipated profits, occasioned by a breach of any provision of this Agreement even if apprised of the possibility of such damages.

**9. <u>CONFIDENTIALITY AND DATA PRIVACY</u>.**

9.1 <u>General</u>. All Confidential Information of a party will be held in confidence by the other party with at least the same degree of care as such party protects its own confidential or proprietary information of like kind and import, but not less than a reasonable degree of care. Neither party will disclose in any manner Confidential Information of the other party in any form to any person or entity without the other party's prior consent. However, each party may disclose relevant aspects of the other party's Confidential Information to its officers, affiliates, agents, subcontractors, and employees to the extent reasonably necessary to perform its duties and obligations under this Agreement and such disclosure is not prohibited by applicable law. Without limiting the foregoing, each party will implement physical and other security measures and controls designed to protect (a) the security and confidentiality of Confidential Information; (b) against any threats or hazards to the security and integrity of Confidential Information; and (c) against any unauthorized access to or use of Confidential Information. To the extent that a party delegates any duties and responsibilities under this Agreement to an agent or other subcontractor, such party will ensure that such agent or subcontractor is contractually bound to confidentiality terms consistent with the terms of this Section 9.

9.2 <u>Required or Permitted Disclosure</u>. In the event any requests or demands are made for the disclosure of Confidential Information, other than requests or demands to Agent for Shareholder records pursuant to subpoenas or requests from state or federal government authorities (*e.g.*, probate, divorce and criminal actions), the party receiving such request or demand will promptly notify the other party to secure instructions from an authorized officer of such party as to such request or demand and to enable the other party the opportunity to obtain a protective order or other confidential treatment, unless such notification is otherwise prohibited by applicable law or court order. Each party expressly reserves the right, however, to disclose Confidential Information to any person whenever it is advised by counsel that it may be held liable for the failure to disclose such Confidential Information or if required by applicable law or court order.

9.3 <u>Unauthorized Disclosure</u>. As may be required by applicable law and without limiting any party's rights in respect of a breach of this Section 9, each party will promptly:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) notify the other party in writing of any unauthorized possession, use or disclosure of the other party's Confidential Information
by any person or entity that may become known to such party;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) furnish to the other party full details of the unauthorized possession, use or disclosure; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) use commercially reasonable efforts to prevent a recurrence of any such unauthorized possession, use or disclosure of Confidential
Information.

9.4 <u>Data Privacy</u>.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Agent will not retain, use, process, or disclose Personal Information for any purpose other than: (i) the specific purpose of performing
the Services specified in this Agreement on behalf of Fund and the services reasonably related thereto; (ii) Agent's business purposes,
as defined by applicable privacy laws; or (iii) as otherwise required or permitted by applicable law and the terms of this Agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Agent will not sell, rent, release, disclose, disseminate, make available, transfer, or otherwise communicate orally, in writing,
or by electronic or other means, any Personal Information to a third party for monetary or other valuable consideration from such third
party, except as permitted by applicable law.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Agent will reasonably assist Fund to support Fund's obligations to respond to requests of Shareholders exercising their respective
rights under applicable privacy laws, as directed by Fund and agreed to by Agent.

**10. <u>TERM AND TERMINATION</u>.**

10.1 <u>Term</u>. The initial term of this Agreement shall be three (3) years from the Effective Date ("**Initial Term**") unless terminated pursuant to the provisions of this Section 10. This Agreement will renew automatically from year to year (each a "**Renewal Term**"), unless a terminating party gives written notice to the other party not less than sixty (60) days before the expiration of the Initial Term or a Renewal Term, whichever is in effect.

10.2 <u>Termination for Cause</u>. This Agreement may be terminated at any time by any party (a) upon a material breach of a representation, covenant or term of this Agreement by any other party which is not cured within thirty (30) days after receipt of written notice thereof from the terminating party or (b) if any proceeding in bankruptcy, reorganization, receivership or insolvency is commenced by or against any other party, such other party shall become insolvent or shall cease paying its obligations as they become due or such other party shall make any assignment for the benefit of its creditors.

10.3 <u>Fees and Expenses</u>. Upon termination or expiration of this Agreement for any reason, including any termination of this Agreement with respect to any Fund, or termination due to liquidation, Fund shall pay to Agent on or before the effective date of such termination or expiration

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) under the Fee and Service Schedule all fees and expenses due and payable to Agent up to and including the date of such termination
or expiration; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) in order for Agent to move records, materials, and services to Fund or the successor agent:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) all reasonable expenses in connection with such movement; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) a conversion fee for standard conversion services, in an amount
equal to 10% of the aggregate fees (not including expenses) incurred by Fund during the immediately preceding twelve (12) month period;
provided, however, this fee shall in no event be less than $5,000.00. Upon Fund's request, Agent shall provide extended conversion
services (e.g., test files) for an additional fee.

10.4 <u>Early Termination</u>. Notwithstanding anything in this Agreement to the contrary, if this Agreement is terminated prior to the expiration of the then-current term (a) by Fund for any reason other than pursuant to Section 10.2 above, including but not limited to, Fund's liquidation, acquisition, merger or restructuring, or (b) by Agent pursuant to Section 10.2 above, then, in addition to the payments required in Section 10.3 above, Fund shall pay to Agent all fees accelerated through the end of, and including all months that would have remained in, the then-current term at the time of termination. Such fees will be calculated using the rates, volumes, and Services in effect as of the termination date. If Fund does not provide notice of early termination within the time period referenced in Section 10.1 above, then Agent shall make a good faith effort, but cannot guarantee, to convert Fund's records on the date requested by Fund.

**11. <u>ASSIGNMENT</u>.** Neither this Agreement nor any rights or obligations hereunder may be assigned by Fund or Agent without the written consent of the other, such consent not to be unreasonably withheld; provided, however, that Agent may, without further consent of Fund, assign any of its rights and obligations hereunder to any affiliated transfer agent registered under Rule 17Ac2-1 promulgated under the 1934 Act.

**12. <u>SUBCONTRACTORS AND UNAFFILIATED THIRD PARTIES</u>.**

12.1 <u>Subcontractors</u>. Agent may, without further consent of Fund, subcontract with (a) any affiliates, or (b) unaffiliated subcontractors for such services as may be required from time to time (*e.g.*, lost shareholder searches, escheatment, telephone and mailing services); provided, however, that Agent shall be as fully responsible to Fund for the acts and omissions of any subcontractor as it is for its own acts and omissions under this Agreement.

12.2 <u>Unaffiliated Third Parties</u>. Nothing herein shall impose any duty upon Agent in connection with or make Agent liable for the actions or omissions to act of unaffiliated third parties (other than subcontractors referenced in Section 12.1 of this Agreement), such as, by way of example and not limitation, airborne services, delivery services, the U.S. mails, and telecommunication companies, provided, that if Agent selected such company, then Agent exercised due care in selecting the same.

**13. <u>MISCELLANEOUS</u>.**

13.1 <u>Notices</u>. Any notice or communication by Agent or Fund to the other pursuant to this Agreement is duly given if in writing and delivered in person or sent by overnight delivery service or first-class mail, postage prepaid, to the other's address or to the e-mail address listed below:

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to Fund: | [Fund Name] |
|  | c/o RiverNorth Capital Management, LLC |
|  | 360 South Rosemary Avenue |
|  | Suite 1420 |
|  | West Palm Beach, FL 33401 |
|  | <u>Email: RNlegal@rivernorth.com</u> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;If to Agent: | Computershare Trust Company, N.A. |
|  | 150 Royall Street |
|  | Canton, MA 02021 |
|  | Attn: General Counsel |
|  | e-mail: <u>#USCISLegalContractNotices@computershare.com</u> |

---

13.2 <u>No Expenditure of Funds</u>. No provision of this Agreement shall require Agent to expend or risk its own funds or otherwise incur any financial liability in the performance of any of its duties hereunder or in the exercise of its rights if it shall believe in good faith that repayment of such funds or adequate indemnification against such risk or liability is not reasonably assured to it.

13.3 <u>Successors</u>. All covenants and provisions of this Agreement by or for the benefit of Fund or Agent shall bind and inure to the benefit of their respective successors and assigns hereunder.

13.4 <u>Amendments</u>. This Agreement may be amended or modified by a written amendment executed by the parties and, to the extent required, authorized by a resolution of the Board of Directors of Fund.

13.5 <u>Severability</u>. If any term, provision, covenant or restriction of this Agreement is held by a court of competent jurisdiction or other authority to be invalid, void or unenforceable, the remainder of the terms, provisions, covenants and restrictions of this Agreement shall remain in full force and effect and shall in no way be affected, impaired or invalidated.

13.6 <u>Governing Law; Jurisdiction</u>. This Agreement shall be governed by the laws of the State of New York, without regard to principles of conflicts of law. The parties irrevocably (a) submit to the non-exclusive jurisdiction of any New York State court sitting in New York City or the United States District Court for the Southern District of New York in any action or proceeding arising out of or relating to this Agreement, (b) waive, to the fullest extent they may effectively do so, any defense based on inconvenient forum, improper venue or lack of jurisdiction to the maintenance of any such action or proceeding, and (c) waive, to the fullest extent permitted by law, all right to trial by jury in any action, proceeding or counterclaim arising out of this Agreement or the transactions contemplated hereby.

13.7 <u>Force Majeure</u>. Agent will not be liable for any delay or failure in performance when such delay or failure arises from circumstances beyond its reasonable control, including, without limitation, acts of God, acts of government in its sovereign or contractual capacity, acts of public enemy or terrorists, acts of civil or military authority, war, riots, civil strife, terrorism, blockades, sabotage, rationing, embargoes, epidemics, pandemics, outbreaks of infectious diseases or any other public health crises, earthquakes, fire, flood, other natural disaster, quarantine or any other employee restrictions, power shortages or failures, utility or communication failures or delays, labor disputes, strikes, or shortages, supply shortages, equipment failures, or software malfunctions.

13.8 <u>Third Party Beneficiaries</u>. The provisions of this Agreement are intended to benefit only Agent, Fund and their respective permitted successors and assigns. No rights shall be granted to any other person by virtue of this Agreement, and there are no third party beneficiaries hereof.

13.9 <u>Survival</u>. All provisions regarding indemnification, warranty, liability and limits thereon, compensation and expenses and confidentiality and protection of proprietary rights and trade secrets shall survive the termination or expiration of this Agreement.

13.10 <u>Priorities</u>. In the event of any conflict, discrepancy, or ambiguity between the terms and conditions contained in this Agreement and any exhibits, schedules or attachments hereto, the terms and conditions contained in this Agreement shall take precedence.

13.11 <u>Merger of Agreement</u>. This Agreement constitutes the entire agreement between the parties and supersedes any prior agreement with respect to the subject matter hereof, whether oral or written.

13.12 <u>No Strict Construction</u>. The parties have participated jointly in the negotiation and drafting of this Agreement. In the event any ambiguity or question of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by all parties, and no presumption or burden of proof shall arise favoring or disfavoring any party by virtue of the authorship of any provision of this Agreement.

13.13 <u>Descriptive Headings</u>. Descriptive headings contained in this Agreement are inserted for convenience only and shall not control or affect the meaning or construction of any of the provisions hereof.

13.14 <u>Counterparts</u>. This Agreement may be executed in any number of counterparts and each of such counterparts shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same instrument. A signature to this Agreement executed and/or transmitted electronically shall have the same authority, effect, and enforceability as an original signature.

[The remainder of page intentionally left blank.]

IN WITNESS WHEREOF, each of the parties hereto has caused this Agreement to be executed by one of its officers thereunto duly authorized, all as of the Effective Date.

---

| | | | |
|:---|:---|:---|:---|
| **Computershare Inc. and Computershare Trust Company, N. A. *On Behalf of Both Entities:*** | **Computershare Inc. and Computershare Trust Company, N. A. *On Behalf of Both Entities:*** | **On behalf of each of the RiverNorth closed-end investment companies listed on Schedule A hereto** | **On behalf of each of the RiverNorth closed-end investment companies listed on Schedule A hereto** |
| By: | /s/ Rachel Fisher | By: | /s/ Marcus Collins |
| Name: | Rachel Fisher | Name: | Marcus Collins |
| Title: | Sr Contract Negotiation Specialist | Title: | Secretary and Chief Compliance Officer |

---

[SIGNATURE PAGE TO TRANSFER AGENCY AND SERVICE AGREEMENT]

**Schedule A**

**Funds and Classes**

---

| | | | |
|:---|:---|:---|:---|
| **FUND** | **CLASSES** | **COMMENCEMENT DATE** | **DIVIDEND FREQUENCY** |
| **RiverNorth Long Prime Unicorn Fund 2028, Inc.** |  |  |  |
| **RiverNorth Short Prime Unicorn Fund 2028, Inc.** |  |  |  |

---

## Exhibit 99.25

**CONSENT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM**

We hereby consent to the incorporation in this Registration Statement on Form N-2 of our report dated February 6, 2026, relating to the financial statements of RiverNorth Short Prime Unicorn Fund 2028, Inc. for the one day ended January 28, 2026, and to the references to our firm under the heading "Independent Registered Public Accounting Firm" in the Statement of Additional Information.

/s/ Cohen & Company, Ltd.

COHEN & COMPANY, LTD.

Cleveland, Ohio

February 23, 2026

## Exhibit 99.25

**<u>RiverNorth Short Prime Unicorn Fund 2028, Inc.</u>**

**<u>Subscription Agreement</u>**

This Subscription Agreement made as of January 28, 2026 by and between RiverNorth Short Prime Unicorn Fund 2028, Inc., a Maryland corporation (the "Fund"), and RiverNorth Strategic Holdings, LLC (the "Subscriber").

**WITNESSETH:**

**WHEREAS,** the Fund has been formed for the purposes of carrying on business as a closed-end management investment company; and

**WHEREAS,** the Subscriber is the investment manager to the Fund; and

**WHEREAS,** the Subscriber wishes to subscribe for and purchase, and the Fund wishes to sell to the Subscriber, 5,182 common shares of beneficial interest, or such other amounts as the officers of the Fund may approve (the "Shares"), for a purchase price of $19.30 per Share, or at such other prices as the officers of the Fund may approve;

**NOW THEREFORE, IT IS AGREED:**

1. The Subscriber subscribes for and agrees to purchase from the Fund the Shares for a purchase price of $19.30 per Share and an aggregate purchase price of $100,012.60.

2. The Fund agrees to issue and sell said Shares to the Subscriber promptly upon its receipt of the aggregate purchase price.

3. To induce the Fund to accept its subscription and issue the Shares subscribed for, the Subscriber represents that it is informed as follows:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) That the Shares being subscribed for have not been and will not be registered under the Securities Act of 1933, as amended (the "Securities Act"), or registered or qualified under the securities laws of any state;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) That the Shares will be sold by the Fund in reliance on one or a series of exemptions from the registration requirements of the Securities Act;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) That the Fund's reliance upon an exemption from the registration requirements of the Securities Act is predicated in part on the representations and agreements contained in this Subscription Agreement;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) That, when issued, the Shares will be "restricted securities," as defined in paragraph (a)(3) of Rule 144 of the General Rules and Regulations under the Securities Act ("Rule 144") and cannot be sold or transferred by Subscriber unless they are subsequently registered under the Securities Act or unless an exemption from such registration is available.

The Subscriber understands that a primary purpose of the information acknowledged in subparagraphs (a) through (d) above is to put the Subscriber on notice as to certain restrictions on the transferability of the Shares. The Subscriber acknowledges that other restrictions may apply and that none of the Fund or its affiliates has provided any legal, tax or investment advice related to this transaction.

4. To further induce the Fund to accept its subscription and issue the Shares subscribed for, the Subscriber:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Represents and warrants that the Subscriber is an accredited investor;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Represents and warrants that the Shares subscribed for are being and will be acquired for investment for its own account and not on behalf of any other person or persons and not with a view to, or for sale in connection with, any public distribution thereof;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Agrees that any certificates representing the Shares subscribed for may bear a legend substantially in the following form:

The shares represented by this certificate have been acquired for investment and have not been registered under the Securities Act of 1933 or any other federal or state securities law. These shares may not be offered for sale, sold or otherwise transferred unless registered under said securities laws or unless some exemption from registration is available;

and that in the absence of a certificate, this Subscription Agreement provides the notice and legend required under Rule 144; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Agrees that it will not sell, assign, or transfer the Shares or any interest therein, except upon repurchase or redemption by the Fund, unless and until the Shares have been registered under the Securities Act or it has received an opinion of its counsel that such sale, assignment, or transfer will not violate the provisions of the Securities Act or any rules or regulations promulgated thereunder.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Consents, as the sole holder of the Fund's common shares of beneficial interest and pursuant to Section 23(b)(2) of the Investment Company Act of 1940, to the issuance by the Fund of common shares of beneficial interest at a price per share as set forth in the underwriting agreement relating to the public offering of the common shares of beneficial interest of the Fund.

5. This Subscription Agreement and all of its provisions shall be binding upon the legal representatives, heirs, successors and assigns of the parties hereto. This Subscription Agreement may be signed in one or more counterparts, each of which shall be deemed to be an original for all purposes.

6. This Agreement shall be governed by, construed and interpreted in accordance with the laws of the Commonwealth of Maryland, without regard to the principles of conflicts of law.

7. The Fund's Articles of Incorporation, including any amendments thereto, is on file with the Secretary of State of Maryland. This Subscription Agreement is executed on behalf of the Fund by an officer of the Fund as an officer and not individually, and the obligations imposed upon the Fund by this Subscription Agreement are not binding upon any of the Fund's Trustees, officers or shareholders individually but are binding only upon the assets and property of the Fund.

IN WITNESS WHEREOF, this Subscription Agreement has been executed by the parties hereto as of the day and date first above written.

---

| | |
|:---|:---|
| RiverNorth Short Prime Unicorn Fund 2028, Inc. | RiverNorth Short Prime Unicorn Fund 2028, Inc. |
| By: | /s/ Patrick W. Galley |
| Name: | Patrick W. Galley |
| Title: | President |
| RIVERNORTH STRATEGIC HOLDINGS, LLC | RIVERNORTH STRATEGIC HOLDINGS, LLC |
| By: | /s/ Jonathan M. Mohrhardt |
| Name: | Jonathan M. Mohrhardt |
| Title: | President & Chief Operating Officer of the Manager |

---

## Exhibit 99.25

Section 6 - Code of Ethics

This Code of Ethics (the "Code") is a joint Code for RiverNorth Capital Management, LLC (the "Adviser"), RiverNorth Funds (the "RiverNorth Funds") and any subsequent funds advised by the Adviser. It reflects the requirements of Section 204A of the Investment Advisers Act of 1940, Rule 204A-1 under that Act, and Rule 17j-1 under the Investment Company Act of 1940. The Adviser and the RiverNorth Funds are often referred to collectively as "RiverNorth". Access Persons (as defined by the Investment Company Act) of other funds advised or subadvised by the Adviser may be subject to other codes of ethics as well.

I. STANDARDS OF CONDUCT AND FIDUCIARY DUTY

The Adviser has a fiduciary duty to its investment advisory clients. That duty requires each Employee to act solely for the benefit of Adviser's clients. The conduct of the Adviser and its Employees must recognize that the clients' interests always have priority over those of the Adviser and its Employees (including with respect to any Employee's personal trading activity) and is based upon fundamental principles of openness, integrity, honesty and trust.

Each Employee is expected to adhere, not only to the Federal Securities Laws (as defined herein), but also to the highest standard of professional and ethical conduct and should be sensitive to situations that may give rise to an actual conflict AND the appearance of a conflict with the Adviser's clients' interests. Such conflicts could also have the potential to cause damage to the Adviser's reputation. Each Employee is also required to comply with all applicable Federal Securities Laws. Each Employee must exercise reasonable care and professional judgment to avoid actions that could put the image or reputation of the Adviser at risk.

This Code sets forth the policy regarding Employee conduct in those situations in which conflicts with our clients' interests are most likely to be present or develop. The Code does not attempt to identify all possible conflicts of interest, and literal compliance with the Code will not shield the Employee from sanctions for personal trading or other conduct that violates a fiduciary duty to clients. It is expected that Employees will embrace and comply with both the letter and the spirit of the Code.

Adherence to the Code is a basic condition of employment. If an Employee has any doubt as to the appropriateness of any activity, believes that he or she has violated the Code, or becomes aware of a violation of the Code by another Employee, or the Employee has become subject to any legal action that may impact their ability to fulfill their duties as an Employees of a registered investment adviser, the Employee is obligated to bring these matters to the attention of the Chief Compliance Officer ("CCO") or any member of the Compliance Group, as defined herein.

II. DEFINITIONS

*"Access Person"* means any person who is either an Adviser Access Person or a Fund Access Person.

 

*"Adviser Access Person"* means any Employee or any other person identified by the CCO as an Adviser Access Person. The CCO shall designate as an Adviser Access Person any supervised person who (i) has access to non-public information regarding any purchase or sale of securities for an Adviser client, or non-public information regarding the portfolio holdings of any Reportable Fund, or (ii) is involved in making securities recommendations to Adviser clients, or who has access to such recommendations that are non-public. Since providing investment advice is the Adviser's primary business, all of the Adviser's members (other than passive investors), officers and employees are presumed to be Adviser Access Persons.

*"Active Consideration"* means the period of time during which an Adviser portfolio manager has a pending order or is considering the purchase or sale of a security for any client account.

 

*"Adviser"* means RiverNorth Capital Management, LLC.

 

*"Advisers Act"* means the Investment Advisers Act of 1940, as amended, and rules promulgated thereunder.

 

*"Automatic Investment Plan"* means a program, including a dividend reinvestment program, in which regular periodic purchases or withdrawals are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation, including automatic rebalances.

 

*"Beneficial Ownership"* means that a person, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in a security. A "pecuniary interest" in a security means the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in such security. An Employee is presumed to have beneficial ownership in the following: (i) securities owned by an Employee in his or her name; (ii) securities owned by an individual Employee indirectly through an account or investment vehicle for his or her benefit, such as an IRA, family trust, or family partnership; (iii) securities owned in which the Employee has a joint ownership interest, such as a joint brokerage account; (iv) securities in which a member of the Employee's immediate family (currently defined as one's spouse, domestic partner, minor children, adult children living at home, other dependent relatives and other adult relatives sharing living arrangements) has a direct, indirect or joint ownership interest if the immediate family member resides in the same household as the Employee; (v) securities owned by a trust, private foundation or other charitable accounts in which the Employee (or a member of the Employee's immediate family) has both a pecuniary interest and investment discretion and (vi) securities owned by an Investment Club in which the Employee or Employee's immediate family members are participants.. This definition shall be interpreted in the same manner as it would be under Rule 16a-1(a)(2) of the Securities Exchange Act of 1934, the text of which is attached as Exhibit A to the Code.

 

*"Blackout Period"* means a period during which an Access Person is prohibited from engaging in a Personal Securities Transaction in a particular security because (i) a transaction in the same security is pending or anticipated for client accounts; or (ii) a transaction for client accounts is under Active Consideration by a portfolio manager of the Adviser.

 

*"CCO"* means the Chief Compliance Officer of the Adviser. The CCO may also mean any person designated as the Chief Compliance Officer of any Fund.

*"Compliance Group"* means the Adviser's compliance personnel charged with overseeing the Adviser's compliance policies and procedures. The Compliance Group is comprised of the Chief Compliance Officer and such other persons as may be designated by the Chief Compliance Officer from time to time. A list of the current Compliance Group members is attached as Exhibit B to the Code.

 

*"Control"* means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company.

 

"Cryptocurrency" means a decentralized digital currency which takes the form of tokens or coins, such as Bitcoin, Litecoin, Ethereum. Cryptocurrencies, own their own, are considered currency and not a security.

*"Designee"* means any internal employee or third-party entity (as a compliance consultant).

 

*"Employee"* means an employee of the Adviser, a member of the Adviser (other than passive investors who are not employed by the Adviser in another capacity), and any temporary employee or independent contractor of the Adviser who is contracted to work onsite in the offices of the Adviser for more than seven (7) consecutive days (unless steps are taken to prevent such person from gaining access to proprietary or trading information related to the Adviser of its clients). All Employees are deemed to be Access Persons.

 

*"ETF"* means an exchange traded fund, whether organized as an open-end fund or a unit investment trust.

 

*"Exchange Act"* means the Securities Exchange Act of 1934.

 

*"Exempt Transactions"* means transactions in securities that are exempt from the pre-clearance and/or the reporting requirements of this Code. Refer to Exhibit C for a list of security types that fall into this category.

 

*"Federal Securities Laws"* means the Securities Act of 1933, the Securities Exchange Act of 1934, the Sarbanes-Oxley Act of 2002, the Investment Company Act of 1940, the Investment Advisers Act of 1940, Title V of the Gramm-Leach-Bliley Act, any rules adopted by the SEC under any of these statutes, the Bank Secrecy Act as it applies to Funds and investment advisers, any rules adopted thereunder by the SEC or the Department of the Treasury or the Dodd-Frank Wall Street Reform and Consumer Protection Act to the extent and as it pertains to investments advisers and investment companies.

 

*"Frequent Trading"* means the frequent trading in shares of an open-end fund in violation of the fund's prospectus and/or trading policies, including any trading designed to exploit perceived inefficiencies in the prices of Fund shares.

 

*"Front Running"* means engaging in a Personal Securities Transaction in advance of a transaction in the same security for a client's account.

*"Fund"* means an investment company registered under the Investment Company Act of 1940.

 

*"Fund Access Person"* means any trustee or officer of a Fund managed by the Adviser who is not also an Adviser Access Person.

 

*"Independent Trustee/Director"* means a trustee or director of a Fund who is not an "interested person" of the Fund within the meaning of Section 2(a)(19) of the Investment Company Act of 1940.

 

*"Initial Public Offering" or "IPO"* means an offering of securities registered under the Securities Act of 1933, the issuer of which, immediately before the registration, was not subject to the reporting requirements of Sections 13 or 15(d) of the Securities Exchange Act of 1934.

 

*"Initial Coin Offering" or "ICO"* is the equivalent of an IPO for an offering of cryptocurrency.

 

*"Insider Trading"* is not defined in the Federal Securities Laws, but generally refers to the buying or selling a security, in breach of a fiduciary duty or other relationship of trust and confidence, while in possession of Material, Non-Public Information about the security.

 

*"Investment Company Act"* means the Investment Company Act of 1940, as amended and the rules promulgated thereunder.

 

*"Late Trading"* means the illegal practice of pricing a purchase or redemption order for shares of an open-end Fund with the current day share price even though the order is received after the pricing time established in the Fund's prospectus. Late trading often involves a coordinated effort by the investor and a broker or service provider for the Fund.

 

*"Limited Offering"* means an offering (*e.g.*, limited partnership) that is exempt from registration under the Securities Act of 1933 pursuant to Section 4(2) or Section 4(6) or pursuant to Rule 504, Rule 505, or Rule 506 under the Securities Act of 1933.

 

*"Material, Non-Public Information" or "MNPI"* means information for which there is substantial likelihood that a reasonable investor would consider important in making an investment decision, or is reasonably certain to have an effect on the price of the issuer's security, but which has not been made available to the public, has not been disseminated broadly to the marketplace, or has not had sufficient time post-dissemination for the marketplace to react to the information.

 

*"My Compliance Office" or "MCO" means Compliance software used to facilitate requirements of the Code.*

 

*"Organizations"* means entities, and the individuals that work for them, that provide services, or seek to provide services, to individual clients through the Adviser's relationship with the client. Examples include brokers, consultants, companies that the Adviser researches for possible investment, and companies in which the Adviser invests for client accounts.

 

*"Personal Securities Transaction"* means a Reportable Transaction in which an Access Person has Beneficial Ownership in the security.

*"Reportable Account"* means investment accounts in which Reportable Securities are held.

 

*"Reportable Fund"* means any Fund: (i) for which the Adviser serves as the investment adviser or sub-adviser; or (ii) whose investment adviser or principal underwriter controls the Adviser, is controlled by the Adviser, or is under common control with the Adviser. For purposes of this Code, aa list of the Reportable Funds are attached in Exhibit D.

 

*"Reportable Security"* means a Security, except that it does <u>not</u> include any of the following: (i) direct obligations of the government of the United States; (ii) bankers' acceptances, bank certificates of deposit, commercial paper and high quality short-term debt instruments, including repurchase agreements; (iii) shares issued by money market Funds; (iv) shares issued by unit investment trusts that are invested exclusively in one or more open-end Funds, none of which are Reportable Funds. The definition of "Reportable Security" also excludes securities held through certain qualified tuition programs established pursuant to Section 529 of the Internal Revenue Code of 1986 ("529 Plans"), provided the Adviser or a control affiliate does not manage, distribute, market or underwrite the 529 Plan or the investments and strategies underlying the 529 Plan. However, ETFs and mutual funds are included in the definition of "Reportable Security" whether held directly with the issuer or its transfer agent or in a brokerage account.

 

*"Reportable Transaction"* means a transaction by an Access Person in a Reportable Security.

 

*"Rumor"* means a statement not based on verified information. An expression of opinion is not a Rumor.

 

*"Security"* means any note, stock, treasury stock, security future, bond, debenture, evidence of indebtedness, certificate of interest or participation in any profit sharing agreement, collateral trust certificate, reorganization certificate or subscription, transferable share, investment contract, voting-trust certificate, certificate of deposit for a security, fractional undivided interest in oil, gas, or other mineral rights, any put, call, straddle, option, or privilege on any, security (including a certificate of deposit) or on any group or index of securities (including any interest therein or based on the value thereof), or any put, call, straddle, option, or privilege entered into on a national securities exchange relating to foreign currency, or, in general, any interest or instrument commonly known as a "security," or any certificate of interest or participation in, temporary or interim certificate for, receipt for, guarantee of, or warrant or right to subscribe to or purchase, any of the foregoing.

 

*"Securities Act"* means the Securities Act of 1933, as amended, and the rules promulgated thereunder.

 

*"Trading Day"* means any day on which the New York Stock Exchange is open for regular, unrestricted trading.

 

Terms not defined above or in this Code have the meaning set forth in the Advisers Act. If terms are ambiguous to any person potentially covered by the Code, it is suggested that the Employee contact the Chief Compliance Officer or a member of the Compliance Group for clarification before engaging in any conduct or activity that may be covered under the Code.

III. POLICY ON PERSONAL SECURITIES TRANSACTIONS

Each Access Person must comply with the following policies for all of his or her Personal Securities Transactions.

&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Initial Offerings</u> 

*Initial Public Offerings (IPO)* 

An Adviser Access Person may not participate in an initial public offering without prior approval and

unless the IPO falls into one of the following categories:

&nbsp;&nbsp;&nbsp;&nbsp;1. An IPO of securities of a mutual insurance company as a result of the Adviser Access Person's ownership
of an insurance policy; or

&nbsp;&nbsp;&nbsp;&nbsp;2. An IPO of securities of a spinoff company as a result of the Adviser Access Person's ownership of
shares of the company that spins off the issuer of the IPO.

&nbsp;&nbsp;&nbsp;&nbsp;3. An IPO of securities of a closed-end fund to which the Adviser serves as investment adviser or sub-adviser.

An Access Person must obtain prior clearance from the CCO when acquiring Beneficial Ownership in securities of an IPO that are subject to either of the three exceptions set forth above. If an Access Person believes participation in an IPO may be appropriate, for example, in situations similar to the three situations identified above, but not covered by those two situations, the Access Person may submit a written request for approval, and the CCO may grant approval if the investment is deemed acceptable.

*Initial Coin Offerings (ICO)* 

An Adviser Access Person may not participate in an initial coin offering.

&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Limited Offerings</u> 

An Adviser Access Person may purchase or sell securities in a Limited Offering only with the prior written approval from a member of the Compliance Group. Limited Offerings include investments in private funds managed by the Adviser. The Compliance Group member shall consider the following factors in determining whether to approve a transaction in a Limited Offering:

&nbsp;&nbsp;&nbsp;&nbsp;1. Whether the investment opportunity should be reserved for clients;

&nbsp;&nbsp;&nbsp;&nbsp;2. Whether the Access Person is being offered the investment opportunity due to his or her employment with
the Adviser; and

&nbsp;&nbsp;&nbsp;&nbsp;3. Any other relevant factors (*e.g.*, whether the Adviser has any business dealings with the issuer,
general partner, or any of the individuals named in the offering documents, or if the Access Person has knowledge of an impending IPO
by the issuer).

The Compliance Group member may approve a single transaction in a Limited Offering or additional investments in previously-approved Limited Offerings (such as subsequent investments in the same limited partnership). The approval may be subject to limitations, including timing of investments, number of investments, or amount of investments. Additionally, Adviser Access Persons should seek approval for transactions in Limited Offerings as far in advance as possible.

&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Frequent Trading (Open-End Funds)</u> 

Frequent Trading can harm shareholders in various ways, including reducing the returns to long-term shareholders by increasing costs to the fund and disrupting portfolio management strategies. Access Persons are required to comply with the policies of any open-end funds in which they invest regarding purchases, redemptions and exchanges, and are prohibited from engaging in Frequent Trading in open-end funds which indicate in their prospectus or statement of additional information that the funds prohibit or restrict Frequent Trading.

&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Late Trading (Open-End Funds)</u> 

Late Trading is prohibited by law and, with respect to Reportable Funds, may represent a violation of fiduciary duty. This Code prohibits Access Persons from engaging in or facilitating Late Trading in shares of any open-end Fund.

&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Short-Term Trading (All Securities)</u> 

The Adviser considers short-term trading problematic because it (1) may interfere with the Adviser Access Person's duties, obligations or loyalties to the Adviser or the Adviser's clients; (2) may be indicative of using Material, Non-Public Information, or (3) may be in violation of applicable laws, rules and regulations or the Adviser's or issuer's policies and procedures.

Accordingly, all Adviser Access Persons are required to hold securities for a minimum of ninety (90) calendar days, to avoid short-term trading practices. The Compliance Group may approve exceptions to the ninety (90) calendar day holding period in certain limited circumstances, for instance to reduce the level of investment losses to the Adviser Access Person if the security has significantly decreased in value. The ninety (90) calendar day hold period does not apply to transactions resulting from certain corporate actions or assets attributable to an Automatic Investment Plan.

The Compliance Group may impose restrictions on Personal Securities Transactions, or deny a request for prior approval of Personal Securities Transactions, if it believes that the transactions may interfere with the Adviser Access Person's duties, obligations or loyalties to the Adviser or the Adviser's clients, impose undue burden on the Adviser, or may otherwise be contrary to the interests of the Adviser or the Adviser's clients.

&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Options Trading</u> 

Adviser Access Persons are permitted to invest in options. All personal securities transactions involving options must be pre-approved through MCO and are subject to the mandatory ninety (90) calendar day holding period detailed in Section III.E. (unless the strike date of the option is less than ninety (90) calendar days). Access Persons may not take an options position opposite of any options holding in the Adviser's or a client's accounts (same underlying security, same strike price, and same expiration).

&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Closed-End Funds, Business Development Companies (BDCs) and Special Purpose Acquisition Companies (SPACs)</u> 

Because of the Adviser's expertise and access to analytic information regarding the closed-end fund markets, business development companies and special purpose acquisition companies, direct investments in these vehicles (excluding those managed by the Adviser) is prohibited. Trading in closed-end funds managed by the Adviser is permitted but limited to a percentage of the average daily trading volume as determined by the Compliance Group and then subject to pre-clearance by the Compliance Group.

&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Marketplace Loans and Related Securities</u> 

Because of the Adviser's expertise and access to analytic and platform-proprietary information regarding marketplace loans, direct investments in marketplace loans, including investments in the platforms themselves is prohibited. Adviser Access Persons are also prohibited from borrowing with any current platform(s) utilized by strategies managed by RiverNorth. Currently, the only prohibited platform is Square Capital LLC.

&nbsp;&nbsp;&nbsp;&nbsp;I. <u>Blackout Period</u> 

To avoid Front Running or other conflict of interest with client accounts, or the appearance of Front Running or a conflict of interest with client accounts, no Access Person may engage in a Personal Securities Transaction in a Reportable Fund that is in a Blackout Period.

Requests for a waiver of the Blackout Period will be considered by a member of the Compliance Group on a case-by-case basis. Factors that may be considered include, but are not limited to, the size of the proposed Personal Securities Transaction in relation to average daily trading volumes, whether transactions for client accounts have been completed, and whether the proposed Personal Securities Transaction is directionally aligned or opposed to transactions for client accounts.

&nbsp;&nbsp;&nbsp;&nbsp;J. *<u>De Minimis</u>* <u>Exception</u> 

Purchases or sales in an amount of less than $50,000 within a thirty (30) calendar day period in a Reportable Security of an issuer that is a component security in the Standard & Poor's 500 Index are exempt from the prohibitions with respect to whether the Adviser is trading the same or equivalent security for the accounts of its clients under this Code, and are exempt from the prohibitive sections of the Code.

Purchases or sales of broad-based index open-ended exchange traded funds (ETFs) with either a market capitalization exceeding $1 billion OR an average daily trading volume exceeding 1 million shares (measured over a ninety (90) calendar day period) are exempt from the prohibitive sections of the Code.

However, it should be noted that trades falling within these *de minimis* exceptions must be submitted for approval and reported in My Compliance Office pursuant to the applicable requirements of the Code and are subject to the mandatory ninety (90) calendar day holding period detailed in Section III.E.

&nbsp;&nbsp;&nbsp;&nbsp;K. <u>Prior Approval Required</u> 

Access Persons must obtain prior approval for all Personal Securities Transactions (other than Personal Securities Transactions in securities set forth below in Section V.C., ADMINISTRATION OF THE CODE OF ETHICS).

&nbsp;&nbsp;&nbsp;&nbsp;L. <u>Disgorgement of Profits</u> 

If, within any ten (10) calendar day period, an Adviser Access Person transacts in a security in a more advantageous manner than a Client account, the Chief Compliance Officer may require disgorgement of the profits realized *vis-à-vis* the Client account.

Each Adviser Access Person is responsible for ensuring that his or her Personal Securities Transactions for which he or she requests prior approval will not violate the Adviser's policies or applicable Federal Securities Laws.

IV. REPORTING AND CERTIFICATION REQUIREMENTS

Each Adviser Access Person must comply with the following reporting and certification requirements:

&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Initial Holdings Report</u> 

Each new Adviser Access Person is required to complete and submit an Initial Holdings Report to the CCO or his Designee (and/or compliance consultant) within ten (10) calendar days of becoming an Access Person. The new Access Person must disclose all the security holdings in which he or she may have a Beneficial Interest, including in all Reportable Accounts holding Reportable Securities, including Limited Offerings and Reportable Funds. The new Access Person must also disclose all brokerage accounts and all other accounts in which he or she has a Beneficial Interest that hold Reportable Securities at that time (including IRA accounts and custodial accounts), even if the only securities held in such accounts are Reportable Funds. Personal Securities Transactions are prohibited until the Initial Holdings Report is filed.

The Initial Holdings Report must be current as of a date no more than forty-five (45) calendar days prior to the date the person becomes an Adviser Access Person. The Initial Holdings Report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;1. The title and type of security, and as applicable the exchange ticker or CUSIP number, number of shares,
and principal amount of each Reportable Security in which the Access Person has any direct or indirect Beneficial Ownership when the person
became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with which the Access Person maintains an account in which any
securities are held for the Access Person's direct or indirect benefit as of the date the person became an Access Person;

&nbsp;&nbsp;&nbsp;&nbsp;3. The number and title of each account in which the Access Person has any direct or indirect Beneficial
Ownership; and

&nbsp;&nbsp;&nbsp;&nbsp;4. The date the Access Person submits the Initial Holdings Report.

In addition, an Access Person must notify the Compliance Group within ten (10) calendar days of the opening of a new investment or brokerage account in which the Access Person has a Beneficial Interest.

&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Duplicate Confirmations</u> 

Access Persons may maintain accounts with any broker or brokers of their choosing, but are strongly encouraged to utilize a broker from list of preferred brokers maintained by the Compliance Group. In certain instances, the Compliance Group may require Access Persons to move accounts from existing brokers to a preferred broker. Access Persons must instruct their brokers to send duplicate confirmations for their Reportable Transactions to the CCO. Duplicate confirmations are used to reconcile the Quarterly Transaction Reports submitted by each Access Person. The CCO can provide sample letters requesting duplicate confirmations. Alternatively, a feed of certain data direct from your broker may be acceptable to the Compliance Group.

&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Initial Conflicts of Interest Questionnaire</u> 

Each new Adviser Access Person is required to complete and submit an Initial Conflicts of Interest Questionnaire to the CCO or Designee (and/or compliance consultant) within ten (10) calendar days of becoming an Adviser Access Person. The CCO may request additional details based upon the information furnished by the Adviser Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Quarterly Transaction Report</u> 

Each Adviser Access Person must complete and submit a Quarterly Transaction Report to the CCO or Designee (and/or compliance consultant) within thirty (30) calendar days following the close of the quarter, even if there were no transactions in Reportable Securities during the reporting period. Such reports are completed using MCO.

The Quarterly Transaction Report must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;1. With respect to any Personal Securities Transaction:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a. The date of the transaction, the title of the security, and as applicable the exchange ticker symbol or CUSIP number, the interest
rate and maturity date (if applicable), the number of shares and principal amount of each Reportable Security involved;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b. The nature of the transaction (*i.e.*, purchase, sale, gift or any other type of acquisition or disposition);

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c. The price of the security at which the transaction was effected;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d. The name of the broker, dealer or bank with or through which the transaction was effected.

&nbsp;&nbsp;&nbsp;&nbsp;2. Any additions (including the date the account was established), deletions or changes to the securities account information previously
provided by the Access Person that are necessary to bring it up to date.

&nbsp;&nbsp;&nbsp;&nbsp;3. The date the Adviser Access Person submits the Quarterly Transaction Report.

Transactions effected through an Automatic Investment Plan do not need to be reported on a Quarterly Transaction Report, unless the transaction(s) overrides the pre-set schedule or allocations of the Automatic Investment Plan, in which case the transaction(s) must be reported.

&nbsp;&nbsp;&nbsp;&nbsp;E. <u>Annual Holdings Report</u> 

Each Adviser Access Person is required to complete and submit an Annual Holdings Report to the CCO or Designee (and/or compliance consultant) within thirty (30) calendar days following the close of the calendar year. Such reports are completed using MCO.

The Annual Holdings Report must be current as of a date no more than forty-five (45) calendar days prior to the date the report is submitted and contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;1. The title and type of security, and as applicable the exchange ticker or CUSIP number, number of shares,
and principal amount of each Reportable Security in which the Access Person has any direct or indirect Beneficial Ownership;

&nbsp;&nbsp;&nbsp;&nbsp;2. The name of any broker, dealer or bank with which the Access Person maintains an account in which any
securities are held for the Access Person's direct or indirect benefit;

&nbsp;&nbsp;&nbsp;&nbsp;3. The number and title of each account in which the Access Person has any direct or indirect Beneficial
Ownership; and

&nbsp;&nbsp;&nbsp;&nbsp;4. The date the Access Person submits the Annual Holdings Report.

&nbsp;&nbsp;&nbsp;&nbsp;F. <u>Annual Certifications</u> 

Each Adviser Access Person is required to certify annually that he or she has received, read, and understands the Code, including any amendments thereto, recognizes that he or she is subject to the Code and will continue to comply with all requirements set forth in the Code. In addition, each Adviser Access Person is required to certify annually that he or she has disclosed or reported all Reportable Transactions. Certifications may be requested of Adviser Access Persons, and may be submitted by Adviser Access Persons, manually or electronically.

The Adviser will provide each Access Person with a copy of the Code, and any amendments thereto.

&nbsp;&nbsp;&nbsp;&nbsp;G. <u>Annual Conflicts of Interest Questionnaire</u> 

Each Adviser Access Person is required to complete and submit an Annual Conflicts of Interest Questionnaire. The CCO reviews the information furnished on the Questionnaire and may request additional details based upon the information furnished by the Adviser Access Person.

&nbsp;&nbsp;&nbsp;&nbsp;H. <u>Independent Trustees/Directors</u> 

An Independent Trustee/Director does not need to provide the following reports or certifications: Initial or Annual Holdings Reports, Duplicate Confirmations, or Initial or Annual Conflict of Interest Questionnaire. An Independent Trustee/Director need not file Quarterly Transaction Reports, unless the Independent Trustee/Director knew or, in the ordinary course of fulfilling his or her official duties as an Independent Trustee/Director, should have known that during the fifteen (15) calendar day period immediately before or after the Independent Trustee's/Director's transaction in a Reportable Security, a Fund purchased or sold the Reportable Security, or the Adviser considered purchasing or selling the Reportable Security.

V. ADMINISTRATION OF THE CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Prior Approval Requirements and Procedures</u> 

Access Persons must obtain prior approval for Personal Securities Transactions in certain Reportable Securities in accordance with these procedures. It is encouraged that all Access Persons seek prior approval for all Personal Securities Transactions through MCO, although alternative approval, including written or verbal approval, may be granted. In the case of verbal approval, the Compliance Group will document the reasons written approval was not possible.

Unless the CCO permits or requests a different form, the request must contain the following information:

&nbsp;&nbsp;&nbsp;&nbsp;1. The name of the security;

&nbsp;&nbsp;&nbsp;&nbsp;2. The exchange ticker or CUSIP number;

&nbsp;&nbsp;&nbsp;&nbsp;3. Whether the transaction is a purchase or sale;

&nbsp;&nbsp;&nbsp;&nbsp;4. The quantity of shares or principal amount; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The account or broker or dealer where the transaction will take place.

The Adviser Access Person will receive a response from a member of the Compliance Group or MCO. If prior approval is granted, the Adviser Access Person must execute his or her Personal Securities Transaction no later than the close of business on the same Trading Day. Approval expires at the end of the day. If the Adviser Access Person receives prior approval for a Personal Securities Transaction and places a limit order with his or her broker, that limit order must either execute or expire no later than the close of business on the Trading Day.

If the Personal Securities Transaction is not executed within the specified timeframe, the Adviser Access Person must re-submit his or her prior approval request if he or she still desires to execute the Personal Securities Transaction.

An Adviser Access Person is prohibited from engaging in a Personal Securities Transaction in advance of receiving written approval, even if he or she expects that approval will be forthcoming.

Investments in IPOs and Limited Offerings are governed by Section III of the Code, not the requirements of this section of the Code.

Note – transactions in retirement accounts of an Adviser Access Person's immediate family member that can only invest in unaffiliated mutual funds do not require pre-approval or entry in MCO, although periodic reporting may be required and an Access Person may need to periodically certify that the account can only hold unaffiliated mutual funds.

&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Some Reasons for Denial of Prior Approval</u> 

Access Persons are reminded that engaging in Personal Securities Transactions in Reportable Securities is a privilege and not a right.

Although this list is not meant to be exhaustive, an Access Person will be denied prior approval of a Personal Securities Transaction if the security is subject to a Blackout Period. Approval can also be denied if: the CCO or any member of the Compliance Group believes that the Access Person's pattern of trading is inconsistent with the spirit of the Code regardless of whether it meets the letter of the Code; if a Reportable Security was the subject of a newly-issued or changed outlook of the Adviser within five (5) business days prior to the request; or to avoid a conflict, or the appearance of a conflict, with the interests of the Adviser's clients. Approvals are denied without prejudice, so an Access Person can resubmit his or her request for prior approval for reconsideration at any time.

&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Managed Account Exemption</u> 

Transactions in accounts holding Reportable Securities in which an Access Person has Beneficial Ownership but over which the Adviser Access Person and his or her family members have no direct or indirect influence or control are exempted from the definition of Reportable Transactions.

An example of an eligible managed account would be an account managed by an independent investment professional that neither consults with nor accepts guidance from the account owner on specific securities transactions prior to execution.

Exemption of a managed account from the prior approval and reporting requirements of this Code must be requested in writing by the Adviser Access Person to the CCO.

Adviser Access Persons are required to submit a quarterly affirmation certifying they did not suggest or direct any transactions or allocations in managed accounts.

&nbsp;&nbsp;&nbsp;&nbsp;D. <u>Written Report to Funds Board</u> 

No less frequently than annually, the Adviser must furnish to the Board of the Funds and the Board must consider, a written report that:

&nbsp;&nbsp;&nbsp;&nbsp;1. Describes any issues arising under this Code or procedures since the last report to the Board, including
but not limited to information about violations of the Code or procedures or sanctions imposed in response to the violations;

&nbsp;&nbsp;&nbsp;&nbsp;2. Discusses whether any significant conflicts of interest arose during the reporting period, even if the
conflicts have not resulted in a violation of the Code;

&nbsp;&nbsp;&nbsp;&nbsp;3. Discusses any waivers that might be considered important by the Board that were granted during the reporting
period; and

&nbsp;&nbsp;&nbsp;&nbsp;4. Certifies that the Funds and the Adviser have adopted procedures reasonably necessary to prevent Access
Persons from violating the Code.

VI. DUTY OF CONFIDENTIALITY

Confidentiality is a cornerstone of the Adviser's fiduciary obligation to its clients. Access Persons owe a duty of confidentiality to both the Adviser and its clients. Information acquired in the course of employment by the Adviser, including but not limited to information regarding actual or contemplated investment decisions, securities under Active Consideration, portfolio composition, client interests, non-public client information, research, research recommendations, Adviser activities, finances, employees, general business and operation plans and new business initiatives is confidential.

Access Persons must not discuss client business (*e.g.,* strategy, holdings, assets under management, etc.), including the existence of a client relationship, with outsiders except as necessary to perform his or her job responsibilities.

In addition, Access Persons should be familiar with the Funds' Policies and Procedures Regarding Selective Disclosure of Portfolio Holdings, which addresses the requirements for disclosure of the Funds' portfolio holdings to ensure equality of dissemination.

VII. OUTSIDE AFFILIATIONS

The Adviser recognizes that an Adviser Access Person has outside affiliations to which he or she dedicates personal time. An employee seeking approval of outside employment or other business or investment-related activities shall provide the following information to RiverNorth's CCO:

(1) the name and address of the outside business organization;

(2) a description of the business or the organization;

(3) compensation, if any, to be received;

(4) a description of the activities to be performed; and

(5) the amount of time per month that will be spent on the outside activity.

Records of requests for approval, along with the reasons such requests were granted or denied, are maintained by the CCO or Designee (and/or compliance consultant). In situations where a RiverNorth employee has been granted permission to engage in outside activities within the investment management industry, that employee must still:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Treat any information learned as a result of his or her RiverNorth duties as proprietary and confidential; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Comply in all respects with RiverNorth compliance procedures and applicable codes of ethics, including, without limitation, providing to RiverNorth all necessary transactions and holdings reports.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● Disclose if the outside business activity is related to a client of the firm.

&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Directorships</u> 

An Adviser Access Person who wishes to serve on the Board of Directors of any organization must first obtain approval from the CCO, or another member of the Compliance Group, prior to accepting the position. The Compliance Group will determine if a new Adviser Access Person can continue to serve as a director of an organization if he or she is already in that position prior to joining the Adviser. In either case, approval will be granted only if the Compliance Group determines that the activity does not present a significant conflict of interest with the Adviser or the Adviser's clients. If the Adviser Access Person has a financial interest in the organization, it may be classified as a private placement; in which case he or she may be subject to additional reporting and disclosure requirements.

The above restrictions and procedures for approval do not apply to unpaid service with a charitable or non-profit organization.

These disclosures are required on the Initial Conflicts of Interest and annually thereafter on the Annual Conflicts of Interest Questionnaire available through MCO.

VIII. OVERSIGHT OF THE CODE OF ETHICS

&nbsp;&nbsp;&nbsp;&nbsp;A. <u>Compliance Group</u> 

The Compliance Group, led by the CCO, is responsible for monitoring and oversight of this Code.

&nbsp;&nbsp;&nbsp;&nbsp;B. <u>Responsibilities of Each Employee</u> 

It is expected that Employees will embrace and comply with both the letter and spirit of the Code and to uphold its fiduciary obligations.

Adherence to the Code is a basic condition of employment. If an Employee has any doubt as to the appropriateness of any activity, believes that he or she has violated the Code, or becomes aware of a violation of the Code by another Employee, the Employee is obligated to bring these matters to the attention of the Compliance Group.

&nbsp;&nbsp;&nbsp;&nbsp;C. <u>Enforcement of the Code</u> 

Potential violations of the Code will be investigated and considered by the Compliance Group and/or Management of the Adviser.

Violations of the Code's provisions are taken seriously and may result in sanctions or other consequences, including but not limited to the following:

&nbsp;&nbsp;&nbsp;&nbsp;1. A warning;

&nbsp;&nbsp;&nbsp;&nbsp;2. A reversal of a Personal Securities Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;3. Disgorgement of profits from the Personal Securities Transaction;

&nbsp;&nbsp;&nbsp;&nbsp;4. A limitation or restriction on engaging in Personal Securities Transactions;

&nbsp;&nbsp;&nbsp;&nbsp;5. A monetary fine;

&nbsp;&nbsp;&nbsp;&nbsp;6. Termination of employment; and

&nbsp;&nbsp;&nbsp;&nbsp;7. Referral to civil or criminal authorities.

As described above in Section V, ADMINISTRATION OF THE CODE OF ETHICS, violations are reported to the Boards of the Funds no less frequently than annually.

Any questions about the Code of Ethics or the existence of a conflict of interest, or the appearance of a conflict of interest, should be brought to the attention of the CCO or other member of the Compliance Group.

**Exhibit A - Text of Rule 16a-1(a)(2) of the Securities Exchange Act of 1934**

Rule 16a-1(a)(2) Other than for purposes of determining whether a person is a beneficial owner of more than ten percent of any class of equity securities registered under Section 12 of the Act, the term beneficial owner shall mean any person who, directly or indirectly, through any contract, arrangement, understanding, relationship or otherwise, has or shares a direct or indirect pecuniary interest in the equity securities, subject to the following:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The term pecuniary interest in any class of equity securities shall mean the opportunity, directly or indirectly, to profit or share in any profit derived from a transaction in the subject securities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The term indirect pecuniary interest in any class of equity securities shall include, but not be limited to:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(A) Securities held by members of a person's immediate family sharing the same household; provided, however, that the presumption of such beneficial ownership may be rebutted; see also § 240.16a-1(a)(4) ;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(B) A general partner's proportionate interest in the portfolio securities held by a general or limited partnership. The general partner's proportionate interest, as evidenced by the partnership agreement in effect at the time of the transaction and the partnership's most recent financial statements, shall be the greater of:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The general partner's share of the partnership's profits, including profits attributed to any limited partnership interests held by the general partner and any other interests in profits that arise from the purchase and sale of the partnership's portfolio securities; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) The general partner's share of the partnership capital account, including the share attributable to any limited partnership interest held by the general partner.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(C) A performance-related fee, other than an asset-based fee, received by any broker, dealer, bank, insurance company, investment company, investment adviser, investment manager, trustee or person or entity performing a similar function; provided, however, that no pecuniary interest shall be present where:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) The performance-related fee, regardless of when payable, is calculated based upon net capital gains and/or net capital appreciation generated from the portfolio or from the fiduciary's overall performance over a period of one year or more; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Equity securities of the issuer do not account for more than ten percent of the market value of the portfolio. A right to a nonperformance-related fee alone shall not represent a pecuniary interest in the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(D) A person's right to dividends that is separated or separable from the underlying securities. Otherwise, a right to dividends alone shall not represent a pecuniary interest in the securities;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(E) A person's interest in securities held by a trust, as specified in § 240.16a-8(b); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(F) A person's right to acquire equity securities through the exercise or conversion of any derivative security, whether or not presently exercisable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) A shareholder shall not be deemed to have a pecuniary interest in the portfolio securities held by a corporation or similar entity in which the person owns securities if the shareholder is not a controlling shareholder of the entity and does not have or share investment control over the entity's portfolio.

Exhibit B - Members of Compliance Group

Marc Collins, Chief Compliance Officer<br> Erin Heitman, Compliance Manager<br> Jon Mohrhardt<br> Melissa Hale

**Exhibit C - Exempt Transactions**

The following transactions shall be exempt from the pre-clearance requirements and other provisions of this Code of Ethics, but the reporting and disclosure requirements of the Code shall apply:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;A. Non-discretionary Transactions

Purchases or sales effected in any account over which an Access Person has no direct or indirect influence or control, or in any account of the Access Person which is managed on a discretionary basis by a person: (a) unrelated to the Access Person; (b) whom the Access Person does not, in fact, influence or control; and (c) with whom the Access Person does not confer or otherwise participate in connection with the purchase and sale of securities in the account.

Note: Any registered investment adviser retained by an Access Person shall be pre-approved by the Chief Compliance Officer before the Access Person may rely upon this exemption. For this purpose, transactions effected under a power of attorney or a brokerage account agreement are not eligible for this exemption unless they contain an express delegation of investment discretion.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;B. Non-volitional Transactions

Purchases or sales that are non-volitional on the part of the Access Person, including mergers, recapitalizations or similar transactions. Non-volitional transactions also include gifts of a Reportable Security to an Access Person over which the Access Person has no control of the timing.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;C. Automatic Investment Plans

A program in which regular periodic purchases or sales are made automatically in or from investment accounts in accordance with a predetermined schedule and allocation, including an issuer's automatic dividend reinvestment plan, including rebalance transaction in such plans.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;D. Rights Issuances

Purchases effected upon the exercise of rights issued by the issuer pro rata to all holders of a class of its securities, to the extent such rights were acquired from such issuer, and sales of such rights so acquired.

**Exhibit D - List of Funds**

RiverNorth Core Opportunity Fund

RiverNorth/DoubleLine Strategic Income Fund

RiverNorth/Oaktree High Income Fund

RiverNorth Opportunities Fund, Inc.

RiverNorth Capital and Income Fund, Inc.

RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.

RiverNorth Opportunistic Municipal Income Fund, Inc.

RiverNorth Managed Duration Municipal Income Fund, Inc.

RiverNorth Flexible Municipal Income Fund, Inc.

RiverNorth Flexible Municipal Income Fund II, Inc.

RiverNorth Managed Duration Municipal Income Fund II, Inc.

*Sub-Advised Funds*

 

First Trust Alternative Opportunity Fund

RiverNorth Patriot ETF

RiverNorth Enhanced Pre-Merger SPAC ETF

 

---

| | |
|:---|:---|
| Revised | 11/1/2013 |
|  | 12/5/2013 |
|  | 2/28/2014 |
|  | 11/7/2014 |
|  | 1/5/2016 |
|  | 8/1/2016 |
|  | 11/1/2018 |
|  | 2/20/2019 |
|  | 7/1/2021 |
|  | 11/1/2022 |
|  | 6/1/2023 |
|  | 7/1/2024 |

---

## Exhibit 99.25

**RiverNorth Short Prime Unicorn Fund 2028, Inc.**

**Power of Attorney**

Know All Men By These Presents, that the undersigned, a Director of the above-referenced corporation, hereby constitutes and appoints Joshua B. Deringer, David L. Williams and Patrick W. Galley and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, for him on his behalf and in his name, place and stead, in any and all capacities, to sign and file one or more Registration Statements on Form N-2 under the Securities Act of l933 and the Investment Company Act of l940 registering common stock of the above-referenced corporation, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of securities thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

In Witness Whereof, the undersigned Director of the above-referenced corporation has hereunto set his hand this 10<sup>th</sup> day of February, 2026.

---

| |
|:---|
| /s/ John K. Carter |
| John K. Carter |

---

State of Florida) ) SS <br> County of Palm Beach)

On this 10<sup>th</sup> day of February, 2026, personally appeared before me, a Notary Public in and for said County and State, the person named above who is known to me to be the person whose name and signature is affixed to the foregoing Power of Attorney and who acknowledged the same to be his voluntary act and deed for the intent and purposes therein set forth.

"Official Seal"

---

| | |
|:---|:---|
| Erin C. Heitman | /s/ Erin C. Heitman |
| Notary Public, State of Florida | Notary Public |

---

My Commission Expires: 11/20/2026

**RiverNorth Short Prime Unicorn Fund 2028, Inc.**

**Power of Attorney**

Know All Men By These Presents, that the undersigned, a Director of the above-referenced corporation, hereby constitutes and appoints Joshua B. Deringer, David L. Williams and Patrick W. Galley and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, for him on his behalf and in his name, place and stead, in any and all capacities, to sign and file one or more Registration Statements on Form N-2 under the Securities Act of l933 and the Investment Company Act of l940 registering common stock of the above-referenced corporation, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of securities thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

In Witness Whereof, the undersigned Director of the above-referenced corporation has hereunto set his hand this 10<sup>th</sup> day of February, 2026.

---

| |
|:---|
| /s/ J. Wayne Hutchens |
| J. Wayne Hutchens |

---

State of Florida) ) SS <br> County of Palm Beach)

On this 10<sup>th</sup> day of February, 2026, personally appeared before me, a Notary Public in and for said County and State, the person named above who is known to me to be the person whose name and signature is affixed to the foregoing Power of Attorney and who acknowledged the same to be his voluntary act and deed for the intent and purposes therein set forth.

"Official Seal"

---

| | |
|:---|:---|
| Erin C. Heitman | /s/ Erin C. Heitman |
| Notary Public, State of Florida | Notary Public |

---

My Commission Expires: 11/20/2026

**RiverNorth Short Prime Unicorn Fund 2028, Inc.**

**Power of Attorney**

Know All Men By These Presents, that the undersigned, a Director of the above-referenced corporation, hereby constitutes and appoints Joshua B. Deringer, David L. Williams and Patrick W. Galley and each of them (with full power to each of them to act alone) her true and lawful attorney-in-fact and agent, for her on her behalf and in her name, place and stead, in any and all capacities, to sign and file one or more Registration Statements on Form N-2 under the Securities Act of l933 and the Investment Company Act of l940 registering common stock of the above-referenced corporation, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of securities thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as she might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

In Witness Whereof, the undersigned Director of the above-referenced corporation has hereunto set her hand this 10<sup>th</sup> day of February, 2026.

---

| |
|:---|
| /s/ Lisa Mougin |
| John S. Oakes |

---

State of Florida) ) SS <br> County of Palm Beach)

On this 10<sup>th</sup> day of February, 2026, personally appeared before me, a Notary Public in and for said County and State, the person named above who is known to me to be the person whose name and signature is affixed to the foregoing Power of Attorney and who acknowledged the same to be her voluntary act and deed for the intent and purposes therein set forth.

"Official Seal"

---

| | |
|:---|:---|
| Erin C. Heitman | /s/ Erin C. Heitman |
| Notary Public, State of Florida | Notary Public |

---

My Commission Expires: 11/20/2026

**RiverNorth Short Prime Unicorn Fund 2028, Inc.**

**Power of Attorney**

Know All Men By These Presents, that the undersigned, a Director of the above-referenced corporation, hereby constitutes and appoints Joshua B. Deringer, David L. Williams and Patrick W. Galley and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, for him on his behalf and in his name, place and stead, in any and all capacities, to sign and file one or more Registration Statements on Form N-2 under the Securities Act of l933 and the Investment Company Act of l940 registering common stock of the above-referenced corporation, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of securities thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

In Witness Whereof, the undersigned Director of the above-referenced corporation has hereunto set his hand this 10<sup>th</sup> day of February, 2026.

---

| |
|:---|
| /s/ David M. Swanson |
| David M. Swanson |

---

State of Florida) ) SS <br> County of Palm Beach)

On this 10<sup>th</sup> day of February, 2026, personally appeared before me, a Notary Public in and for said County and State, the person named above who is known to me to be the person whose name and signature is affixed to the foregoing Power of Attorney and who acknowledged the same to be his voluntary act and deed for the intent and purposes therein set forth.

"Official Seal"

---

| | |
|:---|:---|
| Erin C. Heitman | /s/ Erin C. Heitman |
| Notary Public, State of Florida | Notary Public |

---

My Commission Expires: 11/20/2026

**RiverNorth Short Prime Unicorn Fund 2028, Inc.**

**Power of Attorney**

Know All Men By These Presents, that the undersigned, a Director of the above-referenced corporation, hereby constitutes and appoints Joshua B. Deringer, David L. Williams and Patrick W. Galley and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, for him on his behalf and in his name, place and stead, in any and all capacities, to sign and file one or more Registration Statements on Form N-2 under the Securities Act of l933 and the Investment Company Act of l940 registering common stock of the above-referenced corporation, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of securities thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

In Witness Whereof, the undersigned Director of the above-referenced corporation has hereunto set his hand this 10<sup>th</sup> day of February, 2026.

---

| |
|:---|
| /s/ Jerry Raio |
| Jerry Raio |

---

State of Florida) ) SS <br> County of Palm Beach)

On this 10<sup>th</sup> day of February, 2026, personally appeared before me, a Notary Public in and for said County and State, the person named above who is known to me to be the person whose name and signature is affixed to the foregoing Power of Attorney and who acknowledged the same to be his voluntary act and deed for the intent and purposes therein set forth.

"Official Seal"

---

| | |
|:---|:---|
| Erin C. Heitman | /s/ Erin C. Heitman |
| Notary Public, State of Florida | Notary Public |

---

My Commission Expires: 11/20/2026

**RiverNorth Short Prime Unicorn Fund 2028, Inc.**

**Power of Attorney**

Know All Men By These Presents, that the undersigned, a Director of the above-referenced corporation, hereby constitutes and appoints Joshua B. Deringer and David L. Williams and each of them (with full power to each of them to act alone) his true and lawful attorney-in-fact and agent, for him on his behalf and in his name, place and stead, in any and all capacities, to sign and file one or more Registration Statements on Form N-2 under the Securities Act of l933 and the Investment Company Act of l940 registering common stock of the above-referenced corporation, including any amendment or amendments thereto, with all exhibits, and any and all other documents required to be filed with any regulatory authority, federal or state, relating to the registration thereof, or the issuance of securities thereof, without limitation, granting unto said attorneys, and each of them, full power and authority to do and perform each and every act and thing requisite and necessary to be done in and about the premises in order to effectuate the same as fully to all intents and purposes as he might or could do if personally present, hereby ratifying and confirming all that said attorneys-in-fact and agents, or any of them, may lawfully do or cause to be done by virtue hereof.

In Witness Whereof, the undersigned Director of the above-referenced corporation has hereunto set his hand this 10<sup>th</sup> day of February, 2026.

---

| |
|:---|
| /s/ Patrick W. Galley |
| Patrick W. Galley |

---

State of Florida) ) SS <br> County of Palm Beach)

On this 10<sup>th</sup> day of February, 2026, personally appeared before me, a Notary Public in and for said County and State, the person named above who is known to me to be the person whose name and signature is affixed to the foregoing Power of Attorney and who acknowledged the same to be his voluntary act and deed for the intent and purposes therein set forth.

"Official Seal"

---

| | |
|:---|:---|
| Erin C. Heitman | /s/ Erin C. Heitman |
| Notary Public, State of Florida | Notary Public |

---

My Commission Expires: 11/20/2026