Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 30

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 30
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 Payable       |     |   | 21,133,966 
   (750,442 | ) |
|:------------------------|:----|:--|-----------:|:--|
| Total                   |     | $ | 20,383,524 |   |

RiverNorth Opportunities Fund, Inc.

Capital Losses: Capital loss carryforwards used during the period
ended June 30, 2025 were $18,815,112.

Tax Basis of Investments: Net unrealized appreciation/(depreciation)
of investments based on federal tax cost as of June 30, 2025, was as follows:

| Cost of investments for income tax purposes                          |     | $ | 342,694,036 |   |
| Gross appreciation on investments (excess of value over tax cost)(a) |     |   |  25,060,561 |   |
| Gross depreciation on investments (excess of tax cost over value)(a) |     |   |  (3,926,693 | ) |
| Net appreciation of foreign currency and derivatives                 |     |   |          98 |   |
| Net unrealized appreciation on investments                           |     | $ |  21,133,966 |   |

| (a) | Includes appreciation/(depreciation) on securities sold short. |

The differences between book-basis and tax-basis
are primarily due to wash sales, investments in passive foreign investment companies, and the tax treatment of certain other investments.

11. INDEMNIFICATIONS

Under the Fund’s organizational documents,
its officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally,
in the normal course of business, the Fund enters into contracts with service providers that may contain general indemnification clauses.
The Fund’s maximum exposure under those arrangements is unknown, as this would involve future claims that may be made against the
Fund that have not yet occurred.

12. SUBSEQUENT EVENTS

Subsequent to June 30, 2025, the Fund paid the following distributions:

| Ex-Date         | Record Date     | Payable Date    |        Rate 
 (per share) |
| July 15, 2025   | July 15, 2025   | July 31, 2025   |     $0.1277 |
| August 15, 2025 | August 15, 2025 | August 29, 2025 |     $0