Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 16

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 16
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. Lacking a
last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the
NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market
quotations or close prices provided by 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.

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