Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 40

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 40
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SPACs; and (viii) no more than 15% of the Fund’s Managed Assets will be invested in “energy master limited partnership”
(“MLP”) Underlying Funds and SPACs. Underlying Funds and SPACs included in the 30% limitation applicable to investments in
“global equity” Underlying Funds and SPACs may include Underlying Funds and SPACs that invest a portion of their assets in
emerging markets securities. The Fund will also limit its investments in closed-end funds (including BDCs) that have been in operation
for less than one year to no more than 10% of the Fund’s Managed Assets. The Fund will not invest in inverse ETFs and leveraged
ETFs. The types of Underlying Funds and SPACs referenced in this paragraph will be categorized in accordance with the fund categories
established and maintained by Morningstar, Inc. The investment parameters stated above (and elsewhere in this report) apply only at the
time of purchase. The Underlying Funds and SPACs in which the Fund invests will not include those that are advised or subadvised by the
Adviser or its affiliates.

RiverNorth Opportunities Fund, Inc.

In selecting closed-end funds, the Adviser opportunistically
utilizes a combination of short-term and longer-term trading strategies to seek to derive value from the discount and premium spreads
associated with closed-end funds. The Fund benefits if it purchases a closed-end fund at a discount and the discount narrows. In addition,
the Fund may purchase closed-end funds at a premium if the Adviser believes the premium will increase. The Adviser employs both a quantitative
and qualitative approach in its selection of closed-end funds and has developed proprietary screening models and trading algorithms to
trade closed-end funds. The Adviser employs the following trading strategies, among others:

Statistical Analysis (Mean Reversion)

| ● | Using proprietary quantitative models, the Adviser seeks to identify closed-end funds that are trading at compelling absolute and 
 / or relative discounts (i.e., trading at a market price lower than its net asset value).                                         |

| ● | The Fund will attempt to capitalize on the perceived mispricing if the Adviser believes that the discount widening is irrational and 
 expects the discount to narrow to longer-term mean valuations (i.e., the current discount will approach the price of the longer-term 
 valuation).                                                                                                                          |

Corporate Actions

| ● | The Adviser will pursue investments in