Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 11

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 11
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 exclude the impact of income and expenses of the underlying                                                                  
 funds in which the Fund invests as represented in the Schedule of Investments. The expense ratio and net investment income ratio do not 
 reflect the effect of dividend payments to preferred shareholders.                                                                      |

| (k) | Annualized. |

| (l) | Calculated by subtracting the Fund's total liabilities (excluding                                                                    
 the principal amount of Loan Payable) from the Fund's total assets and dividing by the principal amount of the Loan Payable and then 
 multiplying by $1,000.                                                                                                               |

| (m) | The asset coverage ratio for a class of senior securities representing                                                                 
 stock is calculated as the Fund's total assets, less all liabilities and indebtedness not represented by the Fund's senior securities, 
 divided by secured senior securities representing indebtedness plus the aggregate of the involuntary liquidation preference of secured 
 senior securities which are stock. With respect to the Preferred Stock, the asset coverage per share is expressed in terms of dollar   
 amounts per share of outstanding Preferred Stock (based on a liquidation preference of $25).                                           |

See Notes to Financial Statements.

RiverNorth Opportunities Fund, Inc.

1. ORGANIZATION

RiverNorth Opportunities Fund, Inc. (the “Fund”)
was organized as a Maryland corporation on September 9, 2010. The Fund commenced operations on December 24, 2015, and had no operations
until that date other than those related to organizational matters and the registration of its shares under applicable securities laws.

On May 15, 2024, the Board of Directors of the
Fund (the “Board”) approved a change in the Fund’s fiscal year from July 31 to June 30.

The Fund is a diversified, closed-end management
investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s Articles
of Amendment and Restatement permit the Board of Directors (the “Board” or “Directors”) to authorize and issue
37,500,000 shares of common stock with $0.0001 par value per share, 3,910,000 of which have been reclassified as Series A Perpetual Preferred
Stock. The Fund is considered an investment company and therefore follows the Investment Company accounting and reporting guidance of
the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services – Investment Companies.

The Fund may be converted to an open-end investment
company