Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 52

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 52
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| (6) | Effective July 16, 2018, the Board approved changing the fiscal year-end 
 of the Fund from October 31 to July 31.                                  |

| (7) | For the period December 24, 2015, commencement of operations, to October 
 31, 2016.                                                                |

RiverNorth Opportunities Fund, Inc.

Risks

Investing in the Fund involves certain risks relating
to its structure and investment objective. You should carefully consider these risk factors, together with all of the other information
included in this report, before deciding whether to make an investment in the Fund. An investment in the Fund may not be appropriate for
all investors, and an investment in the common shares of the Fund should not be considered a complete investment program.

The risks set forth below are not the only risks
of the Fund, and the Fund may face other risks that have not yet been identified, which are not currently deemed material or which are
not yet predictable. If any of the following risks occur, the Fund’s financial condition and results of operations could be materially
adversely affected. In such case, the Fund’s NAV and the trading price of its securities could decline, and you may lose all or
part of your investment.

Certain risk factors included below have been
updated since the prior disclosure date to reflect certain non-material updates.

Structural Risks:

Not a Complete Investment Program The Fund is intended for investors seeking capital appreciation and current income over the long-term, 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.

Risks Associated with Offerings of Additional Common Shares The voting power of current Common Stockholders will be diluted to the extent that current Common Stockholders do not purchase Common Shares in any future offerings of Common Shares or do not purchase sufficient Common Shares to maintain their percentage interest. If the Fund is unable to invest the proceeds of such offering as intended, the Fund’s per Common Share distribution may decrease and the Fund may not participate in market advances to the same extent as if such proceeds were fully invested as planned. If the Fund sells Common Shares at a price below NAV pursuant to the consent of Common Stockholders, shareholders will experience a dilution of the aggregate