Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 79

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 79
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| 78 | www.rivernorth.com |

RiverNorth Opportunities Fund, Inc.

There can be no assurance that a liquid market
will exist for any particular futures contract at any particular time. Many futures exchanges and boards of trade limit the amount of
fluctuation permitted in futures contract prices during a single trading day. Once the daily limit has been reached in a particular contract,
no trades may be made that day of a price beyond that limit or trading may be suspended for specified periods during the trading day.

The Fund or an Underlying Fund may purchase and
sell single stock futures, stock index futures contracts, interest rate futures contracts, currency futures and other commodity futures.
A stock index future obligates a fund to pay or receive an amount of cash based upon the value of a stock index at a specified date in
the future. An interest rate futures contract obligates a fund to purchase or sell an amount of a specific debt security at a future date
at a specified price. A currency futures contract obligates a fund to purchase or sell an amount of a specific currency at a future date
at a future price.

If the Fund or an Underlying Fund purchases an
option and the price of the underlying stock fails to move in the expected direction, the Fund or Underlying Fund will lose most or all
of the amount the fund paid for the option, plus commission costs. If an Underlying Fund writes (“sells”) an option and the
price of the underlying stock fails to move in the expected direction, the Underlying Fund’s losses could easily exceed the proceeds
it received when it wrote the options.

Private Debt Risk The Fund may invest in debt issued by non-listed funds and BDCs (“Private Debt”). Private Debt often may be illiquid and is typically not listed on an exchange and traded less actively than similar securities issued by publicly traded-vehicles. For certain Private Debt investments, trading may only be possible through the assistance of the broker who originally brought the security to the market and has a relationship with the issuer. Due to the limited trading market, independent pricing services may be unable to provide a price for Private Debt, and as such the fair value of the securities may be determined in good faith under procedures approved by the Board, which typically will include the use of one or more independent broker quotes.

Real Estate Investment Trust (“REIT”) Risks The Underlying Funds may invest in equity and mortgage REITs. Equity REITs invest in real estate, and mortgage REITs invest in