Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 15

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 15
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. U.S. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and
minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market
participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular
valuation technique used to measure fair value including using such a pricing model and/or the risk inherent in the inputs to the valuation
technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would
use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable
inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing
the asset or liability developed based on the best information available in the circumstances.

| 32 | www.rivernorth.com |

RiverNorth Opportunities Fund, Inc.

Various inputs are used in determining the value of the Fund’s
investments. These inputs are summarized in the three broad levels listed below.

| Level 1 – | Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;                                                                                   |
| Level 2 – | Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and |
| Level 3 – | Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.                               |

The inputs used to measure fair value may fall
into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within
which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value
measurement in its entirety.

Equity securities, including closed-end funds,
exchange-traded funds and business development companies, are generally valued by using market quotations, but may be valued on the basis
of prices furnished by a pricing service when the Adviser believes such prices more accurately reflect the fair market value of such securities.
Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price