Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 9

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 9
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, they are reclassified in the components of the net assets based on their ultimate
characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or
net asset value ("NAV") per share of the Fund.

The Fund maintains a level distribution policy. The
Fund distributes to common shareholders regular monthly cash distributions of its net investment income. In addition, the Fund distributes
its net realized capital gains, if any, at least annually. Any amounts received in excess of a common shareholder’s basis are generally
treated as capital gain, assuming the shares are held as capital assets. The Board approved the implementation of the level distribution
policy to make monthly cash distributions to common shareholders. The Fund made monthly distributions to common shareholders set at a
level monthly rate of $0.1289 per common share for the period from August 1, 2024 to December 31, 2024.

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RiverNorth Opportunities Fund, Inc.

Return Of Capital Distributions: At times,
to maintain a stable level of distributions, the Fund may pay out less than all of its net investment income or pay out accumulated undistributed
income, or return of capital, in addition to current net investment income. Any distribution that is treated as a return of capital generally
will reduce a common shareholder’s basis in his or her shares, which may increase the capital gain or reduce the capital loss realized
upon the sale of such shares.

Preferred Stock: In accordance with ASC 480-10-25,
the Fund's Series A Perpetual Preferred Stock has been classified as equity on the Statement of Assets and Liabilities. Refer to "Note
7. Cumulative Perpetual Preferred Stock" for further details.

Other: Distributions received from investments
in securities that represent a return of capital or long-term capital gains are recorded as a reduction of the cost of investments or
as a realized gain, respectively.

3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS

Fair value is defined as the price that the Fund might
reasonably expect to receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous
market of the investment. U.S. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the
use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market
participants would