Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 2

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 2
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 reset annually to a rate equal to a percentage of the average
of the Fund’s NAV per share as reported for the final five trading days of the preceding calendar year. The Board of Directors approve
the distribution and may adjust it from time to time. The monthly distribution amount paid from August 1, 2023 to December 31, 2023 was
$0.1278 per share and the Fund paid a distribution of $0.1289 on January 31, 2024. At times, to maintain a stable level of distributions,
the Fund may pay out less than all of its net investment income or pay out accumulated undistributed income, or return of capital, in
addition to current net investment income. In addition to the contributing factors referenced above, the Adviser believes that the Fund's
level distribution policy did not have a material impact on the Fund's ability to execute on its investment strategy during the six months
ended January 31, 2024.

Total annual expense ratio as a percentage of net assets attributable to common shares as of December 31, 2024, is 1.91% (excluding dividend expense and line of credit expense). Including dividend expense and line of credit expense, the expense ratio is 2.14%.

The Fund is a closed-end fund and does not continuously issue shares for sale as open-end mutual funds do. The Fund now trades only in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker and additional charges or commissions will apply. The share price of a closed-end fund is based on the market’s value.

Distributions may be paid from sources of income other than ordinary income, such as net realized short-term capital gains, net realized long-term capital gains and return of capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon a Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year.

S&P 500 ®Total Return Index – A market value weighted index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. This index is designed to be a leading indicator of