Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 15

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 15
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restrictions on resale. Additionally, the Fund may acquire certain private rights and other interests issued by a SPAC (commonly referred
to as “founder shares”), which may be subject to forfeiture or expire worthless and which typically have more limited liquidity
than SPAC shares issued in an IPO. To the extent the SPAC is invested in cash or similar securities, this may impact the Fund’s
ability to meet its investment objective.

Private Debt Risk: The Fund may invest in notes
issued by private funds (“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 public funds. For certain private debt, 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.

RiverNorth Opportunities Fund, Inc.

Rights and Warrants Risks: Warrants are securities
giving the holder the right, but not the obligation, to buy the stock of an issuer at a given price (generally higher than the value of
the stock at the time of issuance) during a specified period or perpetually. Warrants do not carry with them the right to dividends or
voting rights with respect to the securities that they entitle their holder to purchase and they do not represent any rights in the assets
of the issuer. As a result, warrants may be considered to have more speculative characteristics than certain other types of investments.
In addition, the value of a warrant does not necessarily change with the value of the underlying securities and a warrant ceases to have
value if it is not exercised prior to its expiration date.

Rights are usually granted to existing shareholders
of a corporation to subscribe to shares of a new issue of common stock before it is issued to the public. The right entitles its holder
to buy common stock at a specified price. Rights have similar features to warrants, except that the life of a right is typically much
shorter, usually a few weeks.

During the six months ended December 31, 2024, the
Fund invested in rights and warrants, which are disclosed in the Statement of Investments.

The effect of derivative instruments on