Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 24

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 24
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----|:---------------------------------|-----------:|
| Ordinary Income (Common)      |     | $                                | 14,046,239 |
| Ordinary Income (Preferred)   |     |                                  |  4,358,153 |
| Tax-Exempt Income (Common)    |     |                                  |    901,339 |
| Tax-Exempt Income (Preferred) |     |                                  |    279,660 |
| Long-Term Capital Gain        |     |                                  |          - |
| Return of Capital             |     |                                  | 15,299,358 |
| Total                         |     | $                                | 34,884,749 |

Tax Basis of Investments: Net unrealized appreciation/(depreciation)
of investments based on federal tax cost as of December 31, 2024, was as follows:

| Cost of investments for income tax purposes                          |     | $ | 302,514,966 |   |
| Gross appreciation on investments (excess of value over tax cost)(a) |     |   |  36,810,097 |   |
| Gross depreciation on investments (excess of tax cost over value)(a) |     |   |  (8,429,983 | ) |
| Net unrealized appreciation on investments                           |     | $ |  28,380,114 |   |

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

RiverNorth Opportunities Fund, Inc.

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 December 31, 2024, the Fund paid the following distributions:

| Ex-Date           | Record Date       | Payable Date      |        Rate 
 (per share) |
| January 15, 2025  | January 15, 2025  | January 31, 2025  |