Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 29

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 29
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RiverNorth Opportunities Fund, Inc.

The tax character of distributions paid during
the fiscal year ended June 30, 2025 and the period ended June 30, 2024 were as follows:

|                               |     | For the Year Ended June 30, 2025 |            |
|:------------------------------|:----|:---------------------------------|-----------:|
| Ordinary Income (Common)      |     | $                                | 11,908,717 |
| Ordinary Income (Preferred)   |     |                                  |  5,131,875 |
| Tax-Exempt Income (Common)    |     |                                  |          – |
| Tax-Exempt Income (Preferred) |     |                                  |          – |
| Long-Term Capital Gain        |     |                                  |  4,715,681 |
| Return of Capital             |     |                                  | 16,407,101 |
| Total                         |     | $                                | 38,163,374 |

|                               |     | For the Period Ended June 30, 2024 |            |
|:------------------------------|:----|:-----------------------------------|-----------:|
| Ordinary Income (Common)      |     | $                                  | 14,046,239 |
| Ordinary Income (Preferred)   |     |                                    |  4,358,153 |
| Tax-Exempt Income (Common)    |     |                                    |    901,339 |
| Tax-Exempt Income (Preferred) |     |                                    |    279,660 |
| Return of Capital             |     |                                    | 15,299,358 |
| Total                         |     | $                                  | 34,884,749 |

Components of Distributable Earnings on a Tax Basis: The tax components of distributable earnings are determined in accordance with income tax regulations which may differ from
the composition of net assets reported under GAAP. Accordingly, for the year ended June 30, 2025, certain differences were reclassified.
The amounts reclassified did not affect net assets and were primarily related to the return of capital on underlying investments. The
reclassifications were as follows:

| Paid-in capital | Total distributable earnings/(accumulated deficit) |
| $(1,032,749)    |                                         $1,032,749 |

At June 30, 2025, the components of distributable
earnings on a tax basis for the Fund were as follows:

| Unrealized Appreciation 
 Dividends