Company: RIV
Filing Date: 2025-02-18
Form Type: N-2/A
Source: 0001398344-25-003061
Chunk: 13

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-02-18
Form: N-2/A
Chunk 13
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.00%. The interest and fees on leverage      
 is expressed as an interest 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 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 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’s derivatives            
 will be used for purposes of calculating Managed Assets. The management fee of 1.30% of the Fund’s Managed Assets represents        
 1.79% of net assets attributable to Common Shares assuming the use of leverage in an amount of 26.45% of the Fund’s Managed         
 Assets. The Fund’s Managed Assets for the fiscal year ended June 30, 2024 (which includes the use of leverage discussed             
 in footnote (4)) were multiplied by the annual advisory fee rate and then divided by the Fund’s average net assets for the          
 same period to calculate the management fee as a percentage of the Fund’s net assets attributable to Common Shares. Since           
 the Fund has Preferred Shares outstanding,