Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 7

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 7
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Fund converted to an open-end investment company, it would be required to redeem all preferred stock of the Fund then outstanding, if
any (requiring in turn that it liquidate a portion of its investment portfolio). Conversion to open-end status could also require the
Fund to modify certain investment restrictions and policies. The Board may at any time (but is not required to) propose conversion of
the Fund to open-end status, depending upon its judgment regarding the advisability of such action in light of circumstances then prevailing.

The Fund’s investment adviser is RiverNorth
Capital Management, LLC (the “Adviser”). The Fund’s investment objective is total return consisting of capital appreciation
and current income.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting
policies followed by the Fund. These policies are in conformity with generally accepted accounting principles in the United States of
America (“U.S. GAAP”). The financial statements are prepared in accordance with U.S. GAAP, which requires management to make
estimates and assumptions that affect the reported amounts and disclosures, including the disclosure of contingent assets and liabilities,
in the financial statements during the reporting period. Management believes the estimates and security valuations are appropriate; however,
actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the
value the Fund ultimately realizes upon sale of the securities. The financial statements have been prepared as of the close of the New
York Stock Exchange (“NYSE”) on December 31, 2024.

The Fund invests in closed-end funds, exchange-traded
funds and business development companies (collectively, "Underlying Funds"), each of which has its own investment risks. Those
risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the
Fund invests more of its assets in one Underlying Fund than in another, the Fund will have greater exposure to the risks of that Underlying
Fund.

RiverNorth Opportunities Fund, Inc.

Security Valuation: The Fund's investments
are generally valued at their fair value using market quotations. If a market quotation is unavailable, a security may be valued at its
estimated fair value as described in Note 3.

Securities Transactions and Investment Income:
Investment security transactions are accounted for on a trade date basis. Dividend income is recorded on the ex-dividend date. Interest
income, which includes accretion of discounts