Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 11

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 11
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 the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes,
an equity security owned by the Fund will be valued by the pricing service with factors other than market quotations or when the market
is considered inactive. When this happens, the security will be classified as a Level 2 security. When market quotations are not readily
available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect
the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith
by the Adviser, as valuation designee, in conformity with guidelines adopted by and subject to review by the Board. These securities will
be categorized as Level 3 securities.

Investments in mutual funds, including short term
investments, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be classified as
Level 1 securities.

Domestic and foreign fixed income securities, including
foreign and U.S. corporate bonds, foreign and U.S. government bonds, and business development company notes are normally valued on the
basis of quotes obtained from brokers and dealers or independent pricing services. Foreign currency positions, including forward foreign
currency contracts, are priced at the mean between the closing bid and asked prices at 4:00 p.m. Eastern Time. Prices obtained from independent
pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to
investments or securities with similar characteristics. Data used to establish quotes includes analysis of cash flows, pre-payment speeds,
default rates, delinquency assumptions and assumptions regarding collateral and loss assumptions. These securities will be classified
as Level 2 securities.

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RiverNorth Opportunities Fund, Inc.

Pursuant to the requirements of Rule 2a-5 under the
1940 Act, the Board approved updated valuation procedures for the Fund and designated the Adviser as the Fund's valuation designee to
make all fair valuation determinations with respect to the Fund's portfolio investments, subject to the Board's oversight.

In accordance with the Fund’s good faith pricing
guidelines, 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