Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 21

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 21
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. The right entitles its holder
to buy common stock at a specified price. Rights have similar features to warrants, except that the life of a right is typically much
shorter, usually a few weeks.

During the year ended June 30, 2025, the Fund
invested in rights and warrants, which are disclosed in the Statement of Investments.

The effect of derivative instruments on the Statement of Assets and
Liabilities as of June 30, 2025:

| Risk Exposure               |     | Asset Derivatives                   
 Statement of Assets and Liabilities 
 Location                            |     |   |   Value |
|:----------------------------|:----|:------------------------------------|:----|:--|--------:|
| Equity Contracts (Rights)   |     | Investments in securities, at value |     | $ | 355,557 |
| Equity Contracts (Warrants) |     | Investments in securities, at value |     |   | 571,585 |
|                             |     |                                     |     | $ | 927,142 |

RiverNorth Opportunities Fund, Inc.

The effect of derivative instruments on the Statements of Operations
for the year ended June 30, 2025:

| Risk Exposure               |     | Statement of Operations Location                                                                           |     | Realized  Gain/(Loss)  on Derivatives |        |   |     | Change in  Unrealized  Appreciation/  (Depreciation)  on Derivatives |         |
|:----------------------------|:----|:-----------------------------------------------------------------------------------------------------------|:----|:--------------------------------------|-------:|:--|:----|:---------------------------------------------------------------------|--------:|
| Equity Contracts (Rights)   |     | Net realized gain/(loss) on investments/ Net change in unrealized appreciation/depreciation on investments |     | $                                     | (8,727 | ) |     | $                                                                    | 117,485 |
| Equity Contracts (Warrants) |     | Net realized gain/(loss) on investments/ Net change in unrealized appreciation/depreciation on investments |     |                                       | 43,233 |   |     |                                                                      | 515,986 |
| Total                       |     |                                                                                                            |     | $                                     | 34,506 |   |     | $                                                                    | 633,471 |

The Fund’s average fair value of rights
and warrants held for the year ended June 30, 2025 were $230,825 and $326,752, respectively.

4. ADVISORY