Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 24

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 24
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 out-of-pocket
expenses relating to attendance at meetings of the Board.

The Chief Compliance Officer ("CCO")
of the Fund is an employee of the Adviser. The Fund reimburses the Adviser for certain compliance costs related to the Fund, including
a portion of the CCO's compensation.

Managed Assets: For these purposes, the
term Managed Assets is defined as the total assets of the Fund, including assets attributable to leverage, minus liabilities (other than
debt representing leverage and any preferred stock that may be outstanding).

5. NEW ACCOUNTING PRONOUNCEMENTS AND RULE ISSUANCES

In this reporting period, the Fund adopted FASB
Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”).
Adoption of the new standard impacted disclosures only and did not affect the Fund’s financial position nor the results of its operations.
An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize
revenues and incur expenses, has operating results that are regularly reviewed by a public entity’s chief operating decision maker
(the “CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete
financial information available. The Fund’s Principal Financial Officer, acting together as the Fund’s CODM, has determined
that the Fund has operated as a single segment since inception. The CODM monitors the operating results of the Fund, as a whole, and the
Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of the related Prospectus, based on
the defined investment objectives and strategies that are executed by the Fund’s portfolio management team. The financial information,
in the form of the Fund’s holdings, total returns, expense ratios, and changes in net assets (i.e., changes in net assets resulting
from operations, subscriptions and redemptions) are used by the CODM to assess the Fund’s performance versus the Fund’s benchmark
and to make resource allocation decisions for the Fund’s segment, which is consistent with that presented within the Fund’s
financial statements. Segment assets are reflected on the Fund’s Statement of Assets and Liabilities as “Total Assets”
and significant segment expenses are listed on the Statement of Operations.

RiverNorth Opportunities Fund, Inc.

6. CREDIT AGREEMENT

On November 25, 2020, the Fund entered into a