Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 5

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 5
---
, 2% in BDCs, and 1% in ETFs, U.S. Treasuries,
and stocks, respectively.

Total leverage of the portfolio at period end was 26.9%.

DEFINITIONS

Special purpose acquisition companies (“SPACs”)
are companies with no commercial operations that is formed strictly to raise capital through an initial public offering (“IPO”)
for the purpose of acquiring an existing company.

Business development companies (“BDCs”)
are organizations that invest in small- and medium-sized companies as well as distressed companies. A BDC helps the small- and medium-sized
firms grow in the initial stages of their development.

Investment company debt (“ICD”)
are non-equity securities. Notes typically obligate issuers to repay creditors the principal loan, in addition to any interest payments,
at a predetermined date.

DISTRIBUTION TO COMMON STOCKHOLDERS

The Fund intends to make regular monthly distributions
to stockholders at a constant and fixed (but not guaranteed) rate that is 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 1, 2023 was
$0.1278 per share and the monthly distribution amount paid from January 1, 2024 to June 30, 2024 was $0.1289 per share. 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 fiscal period ended June 30, 2024.

Total annual expense ratio as a percentage of net assets attributable to common shares as of June 30, 2024 is 1.86% (excluding dividend expense and line of credit expense). Including dividend expense and line of credit expense, the expense ratio is 2.12%.

The Fund is a CEF 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