Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 48

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 48
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 response to requirements of the SEC. It is designed to illustrate the effect of leverage on total return on Common Shares, assuming investment portfolio total returns (comprised of income, net expenses and changes in the value of investments held in the Fund’s portfolio) of -10%, -5%, 0%, 5% and 10%. The table below reflects the Fund's continued use of Preferred Shares as of June 30, 2025 as a percentage of total Managed Assets (including assets attributable to such leverage), and the annual return that the Fund's portfolio must experience (net of expenses) in order to cover such costs. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of what the Fund’s investment portfolio returns will be. In other words, the Fund’s actual returns may be greater or less than those appearing in the table below. The table further reflects the use of leverage representing approximately 26.68% of the Fund’s Managed Assets and estimated leverage costs of 6.00%.

| Assumed Portfolio Return  | -10.00% | -5.00% | 0.00%  | 5.00% | 10.00% |
| Common Share Total Return | -15.82% | -9.00% | -2.18% | 4.64% | 11.46% |

Total return is composed of two elements-the dividends
on Common Shares paid by the Fund (the amount of which is largely determined by the Fund’s net investment income after paying the
cost of leverage) and realized and unrealized gains or losses on the value of the securities the Fund owns. As the table shows, leverage
generally increases the return to Common Shareholders when portfolio return is positive or greater than the costs of leverage and decreases
return when the portfolio return is negative or less than the costs of leverage.

During the time in which the Fund is using leverage,
the amount of the fees paid to the Adviser for investment management services is higher than if the Fund did not use leverage because
the fees paid are calculated based on the Fund’s Managed Assets. This may create a conflict of interest between the Adviser, on
the one hand, and common shareholders, on the other. Also, because the leverage costs are borne by the Fund at a specified interest rate,
only the Fund’s common shareholders bear the cost of the Fund’s management fees and other expenses. There can be no assurance
that a leveraging strategy will be successful during any period in which