Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 41

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 41
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 closed-end funds that have announced, or the Adviser believes are 
 likely to announce, certain corporate actions that may drive value for their shareholders.               |

| ● | The Adviser has developed trading strategies that focus on closed-end fund tender offers, rights offerings,                                  
 shareholder distributions, open-endings (i.e., conversion of a closed-end fund to an open-end mutual fund) and liquidations (the disposition 
 of a Fund’s assets).                                                                                                                         |

The Fund will invest in other Underlying Funds
and SPACs (that are not closed-end funds) to gain exposure to specific asset classes when the Adviser believes closed-end fund discount
or premium spreads are not attractive or to manage overall closed-end fund exposure in the Fund.

An index-based ETF is an investment company that
seeks to track the performance of a particular market index. These indices include not only broad-market indices, but more specific indices
as well, including those relating to particular sectors, markets, regions and industries. The Adviser selects ETFs based on their ability
to offer specific sector and style exposure in a cost and tax efficient manner. The Fund purchases ETF shares on the secondary market.
Unlike a fund that allocates its assets among mutual funds based on the perceived ability of the advisers to those mutual funds, the Adviser
actively manages the Fund’s portfolio among the Underlying Funds and SPACs based on the Adviser’s research and analysis of
the market and the investment merit of the Underlying Funds and SPACs themselves. In evaluating the investment merit of Underlying Funds
and SPACs, the Adviser analyzes the asset class, the portfolio manager(s) and the adviser, past performance, recent portfolio holdings
and concentration risks.

| 52 | www.rivernorth.com |

RiverNorth Opportunities Fund, Inc.

Under normal circumstances, the Fund intends to
maintain long positions in Underlying Funds and SPACs, however, may engage in short sales for investment purposes. When the Fund engages
in a short sale, it sells a security it does not own and, to complete the sale, borrows the same security from a broker or other institution.
The Fund may benefit from a short position when the shorted security decreases in value. The Fund may also at times establish hedging
positions. Hedging positions may include short sales and derivatives, such as options and swaps (“Hedging Positions”). Under
normal market conditions, no more than 30% of the Fund’s Managed Assets will be in