Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 55

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 55
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verage involves risks and special considerations for Common Stockholders, including:

| ● | the likelihood of greater volatility of NAV, market price and dividend rate of the Common Shares than 
 a comparable portfolio without leverage;                                                              |

| ● | the risk that fluctuations in interest rates on borrowings or on short-term debt or in the interest or                              
 dividend rates on any debt securities or preferred shares that the Fund must pay will reduce the return to the Common Stockholders; |

| ● | the effect of leverage in a declining market, which is likely to cause a greater decline in the NAV of                           
 the Common Shares than if the Fund were not leveraged, may result in a greater decline in the market price of the Common Shares; |

| ● | when the Fund uses financial leverage, the investment management fees payable to the Adviser will be higher                            
 than if the Fund did not use leverage. This may create a conflict of interest between the Adviser, on the one hand, and the holders of 
 Common Shares, on the other; and                                                                                                       |

| ● | leverage may increase operating costs, which may reduce total return. |

The use of leverage may require the Fund to segregate
assets to cover its obligations (or, if the Fund borrows money or issues preferred shares, to maintain asset coverage in conformity with
the requirements of the 1940 Act). While the segregated assets will be invested in liquid securities, they may not be used for other operational
purposes. Consequently, the use of leverage may limit the Fund’s flexibility and may require that the Fund sell other portfolio
investments to pay Fund expenses, to maintain assets in an amount sufficient to cover the Fund’s leveraged exposure or to meet other
obligations at a time when it may be disadvantageous to sell such assets. Certain types of borrowings by the Fund may result in the Fund
being subject to covenants in credit agreements relating to asset coverage and portfolio composition requirements. The Fund may be subject
to certain restrictions on investments imposed by guidelines of one or more rating agencies, which may issue ratings for the short-term
debt securities or preferred shares issued by the Fund. These guidelines may impose asset coverage or portfolio composition requirements
that are more stringent than those imposed by the 1940 Act. The Adviser does not believe that these covenants or guidelines will impede
it from managing the Fund’s portfolio in accordance with the Fund’s investment objective and policies if the Fund were to
utilize leverage.

Leverage risk would also apply