Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 56

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 56
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 to the Fund’s
investments in Underlying Funds and SPACs to the extent an Underlying Fund or SPAC uses leverage.

| 62 | www.rivernorth.com |

RiverNorth Opportunities Fund, Inc.

Market Discount The stock of closed-end management investment companies often trade at a discount from their NAV, and the Fund’s Common Shares may likewise trade at a discount from NAV. The trading price of the Fund’s Common Shares may be less than the NAV. The returns earned by Common Stockholders who sell their Common Shares below NAV will be reduced. The Fund’s Common Shares are currently sold at a premium to NAV. This risk would also apply to the Fund’s investments in closed-end funds.

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 or to convert the Fund to open-end status. 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. This risk would also apply to many of the Fund’s investments in closed-end funds.

Investment-Related Risks:

With the exception of Underlying Fund risk (and
except as otherwise noted below), the following risks apply to the direct investments the Fund may make, and generally apply to the Fund’s
investments in Underlying Funds and SPACs. That said, each risk described below may not apply to each Underlying Fund or SPAC investment.
Similarly, an Underlying Fund may be subject to additional or different risks than those described below.

Underlying Fund Risks

The Fund will invest in Underlying Funds such
as other closed-end funds and ETFs. The expenses of the Fund will generally be higher than the direct expenses of other fund shares. The
Fund will indirectly bear fees and expenses charged by the Underlying Funds in which the Fund invests in addition to the Fund’s
direct fees and expenses. The Fund may also incur brokerage costs when it purchases shares of Underlying Funds. Furthermore, investments
in Underlying Funds could affect the timing, amount and character of distributions to Common Stockholders and therefore may increase the
amount of taxes payable by investors in the Fund. The value of your investment in the Fund will go up and down with the prices of Underlying
Fund shares (and other securities) in which the Fund invests. Similarly, the value of the Fund’s investments in Underlying Funds
will