Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 45

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 45
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 Common Stockholders will, however, receive at least 60 days prior
notice of any change in this investment objective. The Fund may also change the 80% policy noted above without shareholder approval upon
at least 60 days' prior written notice to shareholders.

Use of Leverage

This section has been updated since the prior
disclosure date to reflect certain non-material updates and to add disclosure regarding the Pershing Facility (as defined below).

The Fund may borrow money and/or issue preferred
stock, notes or debt securities for investment purposes. These practices are known as leveraging. The Fund may utilize leverage to purchase
portfolio securities and for portfolio or cash management purposes. The Fund also may borrow money as a temporary measure for extraordinary
or emergency purposes, including settlement of securities transactions, which otherwise might require untimely dispositions of the Fund’s
portfolio securities. The Fund currently anticipates that if employed, leverage will primarily be obtained through the use of bank borrowings
or other similar term loans. The Underlying Funds and SPACs that the Fund invests in may also use leverage. The Fund may be subject to
certain restrictions on investments imposed by lenders or by one or more rating agencies that may issue ratings for any senior securities
issued by the Fund. Borrowing covenants or rating agency guidelines may impose asset coverage or Fund composition requirements that are
more stringent than those imposed on the Fund by the Investment Company Act of 1940, as amended (the “1940 Act”).

On November 25, 2020, the Fund entered into a
$65,000,000 credit agreement for margin financing with Pershing LLC, which was amended and restated as of March 20, 2022 (the “Pershing
Credit Agreement”). Per the Pershing Credit Agreement, the Fund may borrow at an interest rate of 0.85% plus the Overnight Bank
Funding Rate. The Pershing Credit Agreement does not have an expiration date. The Fund did not utilize the Pershing Credit Agreement during
the year ended June 30, 2025. There was no outstanding balance on the Credit Agreement as of June 30, 2025.

On March 9, 2023, the Fund entered into an additional
credit agreement with BNP Paribas (“BNP Credit Agreement”). The BNP Credit Agreement permits the Fund to borrow funds that
are collateralized by assets held at BNP Paribas pursuant to the agreement. Under