Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 17

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 17
---
, the Adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined
other pricing sources are not available or reliable as described above. No single standard exists for determining fair value, because
fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities
being valued by the Adviser would appear to be the amount which the owner might reasonably expect to receive for them upon their current
sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) discounted cash
flow models; (iii) weighted average cost or weighted average price; (iv) a discount from market of a similar freely traded security (including
a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (v) yield to maturity with respect
to debt issues, or a combination of these and other methods. Good faith pricing is permitted if, in the Adviser’s opinion, the validity
of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number
of quotations, a significant event occurs after the close of a market but before the Fund’s NAV calculation that may affect a security’s
value, or the Adviser is aware of any other data that calls into question the reliability of market quotations.

Good faith pricing may also be used in instances
when the bonds in which the Fund invests default or otherwise cease to have market quotations readily available.

| 34 | www.rivernorth.com |

RiverNorth Opportunities Fund, Inc.

The following is a summary of the inputs used to value the Fund’s
investments as of June 30, 2025:

| Investments in Securities at Value                             |     | Level 1 -     
 Quoted Prices |             |   |     | Level 2 -         
 Other Significant 
 Observable        
 Inputs            |            |     | Level 3 -    
 Significant  
 Unobservable 
 Inputs       |   |    |     | Total |             |   |
|:---------------------------------------------------------------|:----|:--------------|------------:|:--|:----|:------------------|-----------:|:----|:-------------|:--|---:|:----|:------|------------:|:--|
| Closed-End Funds - Common Shares                               |     | $             | 160,246,290 |   |     |