Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 28

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 28
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 stock from time to time in an "at-the-market" offering. On November 11, 2020, the agreement with
Jones was terminated and the Fund entered into a distribution agreement with ALPS Distributors, Inc. (“ADI”), pursuant to
which the Fund was permitted to offer and sell up to 3,196,130 shares of the Fund's common stock from time to time through ADI. On September
17, 2021, the Fund entered into a new distribution agreement with ADI, as amended, pursuant to which the Fund was permitted to offer and
sell 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 new distribution agreement with ADI, pursuant to which the Fund was permitted to offer and sell up to
15,000,000 shares of the Fund’s common stock from time to time through ADI. On May 20, 2025, the Fund entered into a new 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 year ended June 30, 2025.

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

9. INVESTMENT TRANSACTIONS

Investment transactions for the year ended June
30, 2025, excluding short-term investments, were as follows:

| Fund                          | Purchases of Securities | Proceeds from Sale of Securities |
| RiverNorth Opportunities Fund |            $194,832,692 |                     $235,571,262 |

10. TAX BASIS INFORMATION

Tax Basis of Distributions to Shareholders:
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.

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