Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 6

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 6
---
 not reflect the effect of dividend 
 payments to preferred shareholders.                                                                                                    |

| (l) | Annualized. |

| (m) | Calculated by subtracting the Fund's total liabilities (excluding the principal amount of Loan Payable)               
 from the Fund's total assets and dividing by the principal amount of the Loan Payable and then multiplying by $1,000. |

| (n) | The asset coverage ratio for a class of senior securities representing stock is calculated as the Fund's                                  
 total assets, less all liabilities and indebtedness not represented by the Fund's senior securities, divided by secured senior securities 
 representing indebtedness plus the aggregate of the involuntary liquidation preference of secured senior securities which are stock. With 
 respect to the Preferred Stock, the asset coverage per share is expressed in terms of dollar amounts per share of outstanding Preferred   
 Stock (based on a liquidation preference of $25).                                                                                         |

See Notes to Financial Statements.

| 26 | www.rivernorth.com |

RiverNorth Opportunities Fund, Inc.

1. ORGANIZATION

RiverNorth Opportunities Fund, Inc. (the “Fund”)
was organized as a Maryland corporation on September 9, 2010. The Fund commenced operations on December 24, 2015, and had no operations
until that date other than those related to organizational matters and the registration of its shares under applicable securities laws.

On May 15, 2024, the Board of Directors of the Fund
(the “Board”) approved a change in the Fund’s fiscal year from July 31 to June 30.

The Fund is a diversified, closed-end management investment
company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s Articles of Amendment
and Restatement permit the Board of Directors (the “Board” or “Directors”) to authorize and issue 37,500,000 shares
of common stock with $0.0001 par value per share, 3,910,000 of which have been reclassified as Series A Perpetual Preferred Stock. The
Fund is considered an investment company and therefore follows the Investment Company accounting and reporting guidance of the Financial
Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services – Investment Companies.

The Fund may be converted to an open-end investment
company at any time if approved by two-thirds of the Board and at least two-thirds of the Fund’s total outstanding shares. If the