Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 19

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 19
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 pay the lender amounts equal to the dividend or interest
that accrue during the period which is recorded as an expense on the Statements of Operations. A Fund may also incur stock loan fees which
represent the cost of borrowing securities used for short sale transactions. A Fund may also earn rebates as an element of the broker
arrangement, which are recorded as an offset to stock loan fees on short sales transactions. The stock loan fees on short sales are recognized
on the Statements of Operations. In the event that rebates exceed the stock loan fees on short sales, the net rebates are recognized as
a component of other income on the Statements of Operations. The Fund and the Underlying Funds cannot guarantee that the security will
be available at an acceptable price. Positions in shorted securities are speculative and more risky than long positions (purchases) in
securities because the maximum sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction
costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited
risk. Short selling will also result in higher transaction costs (such as interest and dividends), and may result in higher taxes, which
reduce a fund’s return.

RiverNorth Opportunities Fund, Inc.

Special Purpose Acquisition Company Risk:
The Fund may invest in special purpose acquisition companies (“SPACs”). SPACs are collective investment structures that pool
funds in order to seek potential acquisition opportunities. SPACs are generally publicly traded companies that raise funds through an
initial public offering (“IPO”) for the purpose of acquiring or merging with another company to be identified subsequent to
the SPAC’s IPO. The securities of a SPAC are often issued in “units” that include one share of common stock and one
right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. Unless and until an
acquisition is completed, a SPAC generally invests its assets (less an amount to cover expenses) in U.S. Government securities, money
market fund securities and cash. SPACs and similar entities may be blank check companies with no operating history or ongoing business
other than to seek a potential acquisition. Accordingly, the value of their securities is particularly dependent on the ability of the
entity’s management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries
or regions, which may increase the volatility of their prices. If