Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 38

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 38
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 period may be unrelated to the cost  
 of investing in the Underlying Funds. Future Underlying Funds’ fees and expenses may be substantially higher or lower because certain     
 fees may be based on the performance of the Underlying Funds, which may fluctuate over time. Acquired Fund Fees and Expenses are borne    
 indirectly by the Fund, but they will not be reflected in the Fund’s financial statements; and the information presented in the           
 table will differ from that presented in the Fund’s financial highlights.                                                                 |

RiverNorth Opportunities Fund, Inc.

| (7) | The example does not include sales load or estimated offering costs.                                                                        
 The example should not be considered a representation of future expenses. The example assumes that the estimated “Other Expenses”           
 set forth in the table are accurate and that all dividends and distributions are reinvested at net asset value and that the Fund is engaged 
 in leverage of 26.68% of Managed Assets, assuming interest and fees on leverage of 6.00%, including the unused borrowing fee paid on the    
 line of credit under the BNP Credit Agreement (defined below), as well as the Fund’s continued use of Preferred Shares. The interest        
 and fees on leverage is expressed as a dividend rate and represents dividends paid on Preferred Shares. Actual expenses may be greater      
 or less than those shown. Moreover, the Fund’s actual rate of return may be greater or less than the hypothetical 5% annual return          
 shown in the example.                                                                                                                       |

The purpose of the table and the example above
is to help investors understand the fees and expenses that they, as Common Shareholders, would bear directly or indirectly.

Investment Objective

There have been no changes in the Fund’s
investment objective since the prior disclosure date that has not been approved by shareholders.

The Fund’s investment objective is total
return consisting of capital appreciation and current income.

Principal Investment Strategies

There have been no material changes to the Fund’s
principal investment strategies since the prior disclosure date.

The Fund seeks to achieve its investment objective
by pursuing a tactical asset allocation strategy and opportunistically investing under normal circumstances in closed-end funds, exchange
traded funds (“ETFs”), business development companies (“BDCs” and collectively, “Underlying Funds”)
and special purpose acquisition companies (“SPACs”). BDCs are a type of closed-end fund that invests in small companies in
the initial stages of their development and are similar to venture capital funds. SPACs are collective investment structures that pool
f