RiverNorth Opportunities Fund Announces Results Of Shareholder Vote

Rhea-AI Summary

RiverNorth Opportunities Fund (RIV) announced that shareholders voted against converting the fund from a closed-end to an open-end investment structure during the meeting on August 20, 2021. CEO Patrick Galley expressed satisfaction with the outcome, suggesting that the closed-end structure is more beneficial for generating long-term risk-adjusted returns. The Fund will continue to operate under its current closed-end format, which does not allow continuous share issuance. ALPS Advisors serves as the investment adviser, while RiverNorth Capital Management acts as the sub-adviser.

Positive

• Shareholders voted to maintain the closed-end fund structure, which may offer better long-term returns.

Negative

• None.

DENVER, Aug. 31, 2021 /PRNewswire/ -- RiverNorth Opportunities Fund (the "Fund"), which is traded on the New York Stock Exchange under the symbol "RIV," announced the results of its shareholder meeting held on August 20, 2021.  At that meeting, shareholders were asked to vote on a proposal, pursuant to the Fund's Articles of Incorporation, to convert the fund from its current structure as a closed-end fund to an open-end investment company. Shareholders voted against the proposal, and the Fund will continue in its current closed-end fund structure.

Patrick Galley, Chief Executive Officer and Chief Investment Officer, RiverNorth, said "we are pleased that shareholders have elected to maintain the current closed-end fund structure for the Fund.  We believe this structure gives us the best opportunity to generate attractive long-term risk adjusted returns for shareholders."

An investor should consider the Fund's investment objectives, risks, charges and expenses carefully before investing. To obtain an annual report or semi-annual report which contains this and other information, visit www.rivernorthcef.com or call 855.830.1222. Please read them carefully before investing.

The Fund is a closed-end fund and does not continuously issue shares for sale as open-end mutual funds do. Since the initial public offering, the Fund now trades in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker. The share price of a closed-end fund is based on the market's value.

ALPS Advisors, Inc. is the investment adviser to the Fund.

RiverNorth Capital Management, LLC is the investment sub-adviser to the Fund.  RiverNorth Capital Management, LLC is not affiliated with ALPS Advisors, Inc. or any of its affiliates.

ALPS Portfolio Solutions Distributor, Inc. is the FINRA Member firm.

NOT FDIC INSURED | May Lose Value | No Bank Guarantee

About SS&C Technologies

SS&C is a global provider of services and software for the financial services and healthcare industries. Founded in 1986, SS&C is headquartered in Windsor, Connecticut, and has offices around the world. Some 18,000 financial services and healthcare organizations, from the world's largest companies to small and mid-market firms, rely on SS&C for expertise, scale, and technology. Additional information about SS&C (Nasdaq: SSNC) is available at www.ssctech.com.

About SS&C | ALPS Advisors

ALPS Advisors, Inc., a wholly-owned subsidiary of SS&C Technologies, Inc., is a leading provider of investment products for advisors and institutions. With over $18.5 billion in assets under management as of June 30, 2021, the firm provides access to asset classes and boutique asset managers in real assets, alternatives, thematic/factor and fixed income through both ETF and open-end mutual fund structures. For more information, visit www.alpsfunds.com.

About RiverNorth Capital Management, LLC

RiverNorth Capital Management, LLC is an investment management firm founded in 2000. With $5.5 billion¹ in assets under management as of July 31, 2021, RiverNorth specializes in opportunistic investment strategies in niche markets where the potential to exploit inefficiencies is greatest. RiverNorth is an institutional investment manager to registered funds, private funds and separately managed accounts.

^1. Managed Assets includes assets attributable to leverage and investments in affiliated funds.

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SOURCE RiverNorth Opportunities Fund, Inc

FAQ

What was the outcome of the RiverNorth Opportunities Fund shareholder meeting on August 20, 2021?

Shareholders voted against converting the fund to an open-end investment company.

What is the current structure of the RiverNorth Opportunities Fund?

The fund remains a closed-end investment company.

Who is the investment adviser for RiverNorth Opportunities Fund?

ALPS Advisors, Inc. is the investment adviser.

What does a closed-end fund mean for investors?

Closed-end funds do not continuously issue shares and their prices are based on market value.

How much in assets does RiverNorth Capital Management manage as of July 31, 2021?

RiverNorth Capital Management manages $5.5 billion in assets.