Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 47

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 47
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 any dividend or other distribution upon any class of its shares,
or purchase any such shares, unless the aggregate indebtedness of the Fund has, at the time of the declaration of any such dividend or
distribution or at the time of any such purchase, asset coverage of at least 300% after deducting the amount of such dividend, distribution,
or purchase price, as the case may be. With respect to the asset coverage for preferred stock, under the 1940 Act, the Fund is not permitted
to issue preferred stock unless immediately after such issuance the total asset value of the Fund’s portfolio is at least 200% of
the liquidation value of the outstanding preferred stock (i.e., such liquidation value may not exceed 50% of the Fund’s Managed
Assets). In addition, the Fund is not permitted to declare any cash dividend or other distribution on its Common Shares unless, at the
time of such declaration, the NAV of the Fund’s portfolio (determined after deducting the amount of such dividend or other distribution)
is at least 200% of such liquidation value of the preferred stock. If preferred stock is issued, the Fund intends, to the extent possible,
to purchase or redeem shares, from time to time, to maintain coverage of any preferred stock of at least 200%. Normally, holders of Common
Shares will elect the directors of the Fund except that the holders of any preferred stock will elect two directors. In the event the
Fund failed to pay dividends on its preferred stock for two years, holders of preferred stock would be entitled to elect a majority of
the directors until the dividends are paid.

Effects of Leverage

Assuming the utilization of leverage through a
combination of borrowings under the Pershing Credit Agreement and BNP Credit Agreement and the issuance of Preferred Shares by the Fund
in the aggregate amount of approximately 26.68% of the Fund’s Managed Assets as of June 30, 2025, at a weighted average interest
rate or payment rate of 6.00% payable on such leverage, the annual return that the Fund’s portfolio (net of expenses) in order to
cover its leverage costs would be 1.60%. Of course, these numbers are merely estimates for illustration. Actual interest or payment rates
on the leverage utilized by the Fund will vary frequently and may be significantly higher or lower than the rate estimated above.

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RiverNorth Opportunities Fund, Inc.

The following table is furnished in