Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 16

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 16
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 the Statement
of Assets and Liabilities as of December 31, 2024:

| Risk Exposure               |     | Asset Derivatives                            
 Statement of Assets and Liabilities Location |     | Value |         |
|:----------------------------|:----|:---------------------------------------------|:----|:------|--------:|
| Equity Contracts (Rights)   |     | Investments, at value                        |     | $     | 228,080 |
| Equity Contracts (Warrants) |     | Investments, at value                        |     |       | 338,907 |
|                             |     |                                              |     | $     | 566,987 |

The effect of derivative instruments on the Statements
of Operations for the six months ended December 31, 2024:

| Risk Exposure               |     | Statement of Operations Location                                                                           |     | Realized Gain/(Loss) on Derivatives |         |   |     | Change in Unrealized Appreciation/ (Depreciation) on Derivatives |         |   |
|:----------------------------|:----|:-----------------------------------------------------------------------------------------------------------|:----|:------------------------------------|--------:|:--|:----|:-----------------------------------------------------------------|--------:|:--|
| Equity Contracts (Rights)   |     | Net realized gain/(loss) on investments/ Net change in unrealized appreciation/depreciation on investments |     | $                                   |   7,509 |   |     | $                                                                | (49,042 | ) |
| Equity Contracts (Warrants) |     | Net realized gain/(loss) on investments/ Net change in unrealized appreciation/depreciation on investments |     |                                     | (75,318 | ) |     |                                                                  | 166,097 |   |
| Total                       |     |                                                                                                            |     | $                                   | (67,809 | ) |     | $                                                                | 117,055 |   |

| 34 | www.rivernorth.com |

RiverNorth Opportunities Fund, Inc.

The Fund’s average fair value of rights and warrants held for the
six months ended December 31, 2024 were $194,114 and $216,152, respectively.

4. ADVISORY FEES, DIRECTOR FEES AND OTHER AGREEMENTS

RiverNorth serves as the adviser pursuant to an Investment
Advisory Agreement with the Fund (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Fund pays RiverNorth an
annual management fee of 1.30% of the