Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 23

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 23
---

an additional 5,000,000 shares of the Fund's common stock from time to time through ADI, for a total of 8,196,130 shares. On April 2,
2024, the Fund entered into a distribution agreement with ADI, replacing the previous arrangement, pursuant to which the Fund may offer
and sell up to 15,000,000 shares of the Fund’s common stock from time to time through ADI.

There were no shares issued through the at-the-market
offering during the period from August 1, 2023 through June 30, 2024 or during the six months ended December 31, 2024.

Additional shares of the Fund may be issued under
certain circumstances, including pursuant to the Fund’s Automatic Dividend Reinvestment Plan, as defined within the Fund’s
organizational documents. Additional information concerning the Automatic Dividend Reinvestment Plan is included within this report.

| 38 | www.rivernorth.com |

RiverNorth Opportunities Fund, Inc.

9. INVESTMENT TRANSACTIONS

Investment transactions for the six months ended December
31, 2024, excluding short-term investments, were as follows:

| Fund                          |     | Purchases of Securities |             |     | Proceeds from Sale of Securities |             |
|:------------------------------|:----|:------------------------|------------:|:----|:---------------------------------|------------:|
| RiverNorth Opportunities Fund |     | $                       | 109,766,968 |     | $                                | 135,825,977 |

10. TAX BASIS INFORMATION

Classification of Distributions: Net investment
income/(loss) and net realized gain/(loss) may differ for financial statement and tax purposes. The character of distributions made during
the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes.
Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in
which the income or realized gain was recorded by the Fund.

The amounts and characteristics of tax basis distributions
and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end and are not available for the six months
ended December 31, 2024.

The tax character of distributions paid during the year ended June 30,
2024 was as follows:

|                               |     | For the Year Ended June 30, 2024 |            |
|:------------------------------|: