Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 14

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 14
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 the timing of recognition of certain components of income, expense, or realized capital gain for federal income tax
purposes. Where such differences are permanent in nature, 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 July 1, 2024 to December 31, 2024, and $0.1277 per common share for
the period from January 1, 2025 to June 30, 2025.

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