Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 36

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 36
---
                                                                         | 6.43 | % |

The purpose of the table above and the example
below is to help you understand the fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. The expenses
shown in the table under “Other Expenses” and “Total annual expenses” assume that the Fund has not issued any
additional Common Shares.

| 48 | www.rivernorth.com |

RiverNorth Opportunities Fund, Inc.

Example (7)

The example illustrates the expenses that you
would pay on a $1,000 investment in Common Shares, assuming (1) that the Fund incurs total annual expenses of 6.43% of its net assets
in years 1 through 10 and (2) a 5% annual return.

|                         | 1 year | 3 years | 5 years | 10 years |
| Total Expenses Incurred |    $64 |    $189 |    $310 |     $599 |

The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those assumed.

| * | The applicable prospectus supplement to be used in connection with any sales of Common Shares or Preferred               
 Shares will set forth any applicable sales load and the estimated offering expenses borne by the Fund under an Offering. |

| (1) | There will be no brokerage charges with respect to Common shares issued                                                               
 directly by the Fund under the dividend reinvestment plan. You will pay brokerage charges in connection with open market purchases or 
 if you direct the plan agent to sell your Common Shares held in a dividend reinvestment account.                                      |

| (2) | The management fee paid by the Fund to RiverNorth Capital Management,                                                                   
 LLC (“RiverNorth” or the “Adviser”) is essentially an all-in fee structure (the “unified management fee”),                              
 including the fee paid to the Adviser for advisory, supervisory, administrative, shareholder servicing and other services. However, the 
 Fund (and not the Adviser) will be responsible for certain additional fees and expenses, which are reflected in the table above, that   
 are not covered by the unified management fee. The unified management fee is charged as a percentage of the Fund’s average daily        
 Managed Assets, as opposed to net assets. With leverage, Managed Assets are greater in amount than net assets, because Managed Assets   
 include assets attributable to the Fund’s use of leverage created by its borrowings. In addition, the mark-to-market value of the       
 Fund