Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 46

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 46
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 the terms of the BNP Credit Agreement, the Fund may
borrow up to $25,000,000 bearing an interest rate of the Overnight Bank Funding Rate plus a fixed rate determined by the securities pledged
as collateral. Any unused portion of the BNP Credit Agreement is subject to a commitment fee of 0.50% of the unused portion of the facility
until a utilization of 80% or greater is met.

The Fund did not utilize the Pershing Credit Agreement
or the BNP Credit Agreement for the year ended June 30, 2025. There was no outstanding balance on the Pershing Credit Agreement or the
BNP Credit Agreement as of June 30, 2025.

The provisions of the 1940 Act further provide
that the Fund may borrow or issue notes or debt securities in an amount up to 33 1/3% of its total assets or may issue preferred shares
in an amount up to 50% of the Fund’s total assets (including the proceeds from leverage).

RiverNorth Opportunities Fund, Inc.

The Fund may enter into derivatives or other transactions
(e.g., total return swaps) that may provide leverage (other than through borrowings or the issuance of preferred shares). The Fund also
invests in reverse repurchase agreements, total return swaps and derivatives or other transactions with leverage embedded in them in a
limited manner or subject to a limit on leverage risk calculated based on value-at-risk, as required by Rule 18f-4 under the 1940 Act.

However, these transactions will entail additional
expenses (e.g., transaction costs) which will be borne by the Fund. These types of transactions have the potential to increase returns
to Common Stockholders, but they also involve additional risks. This additional leverage will increase the volatility of the Fund’s
investment portfolio and could result in larger losses than if the transactions were not entered into. However, to the extent that the
Fund enters into offsetting transactions or owns positions covering its obligations, the leveraging effect is expected to be minimized
or eliminated.

Under the 1940 Act, the Fund is not permitted
to incur indebtedness unless immediately after doing so the Fund has an asset coverage of at least 300% of the aggregate outstanding principal
balance of indebtedness (i.e., such indebtedness may not exceed 33 1/3% of the value of the Fund’s total assets including the amount
borrowed). Additionally, under the 1940 Act, the Fund may not declare