Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 29

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 29
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 |     | % of Shares Voted |        |   |
| For      |     |              | 1,600,443 |     |                   |  96.93 | % |
| Withheld |     |              |    50,607 |     |                   |   3.07 | % |
| Total    |     |              | 1,651,050 |     |                   | 100.00 | % |

| 44 | www.rivernorth.com |

RiverNorth Opportunities Fund, Inc.

Consideration of the Advisory Agreement

At a meeting (the “Meeting”) of the Board
of Directors (the “Board” or the “Directors”) of the RiverNorth Opportunities Fund, Inc. (the “Fund”)
held on November 12-13, 2024 and called expressly for that purpose, the Board, including a majority of the Directors who are not “interested
persons” (as defined in the Investment Company Act of 1940, as amended) (the “Independent Directors”), considered the
renewal of the advisory agreement between RiverNorth Capital Management, LLC (the “Adviser”) and the Fund (the “Advisory
Agreement”). In its consideration of the Advisory Agreement, the Board considered information and materials furnished by the Adviser
in advance of and at the Meeting and was afforded the opportunity to request additional information and to ask questions of the Adviser
to obtain information that it believed to be reasonably necessary to evaluate the terms of the Advisory Agreement. The Board received
materials compiled by the Adviser and the Fund’s administrator, including a copy of the Advisory Agreement, the Adviser’s
response to a questionnaire regarding the Adviser’s profitability, organization, management and operations, a copy of the Adviser’s
Form ADV, the Adviser’s audited financial statements, information regarding the Adviser’s assets under management, an overview
of the Fund’s cumulative and annualized returns as compared to the Fund’s benchmark, the Fund’s fact sheet for the quarter
ended September 30, 2024, a performance comparison of the Fund to other funds managed by the Adviser, information regarding the Adviser’s
compliance programs and a third-party comparison report regarding the Fund’s performance and fees compared to benchmark indices
and peer funds provided by FUSE Research Network, LLC (“FUSE”). The Board considered the following factors, among others,
in reaching its determination to renew the Advisory Agreement: (i) the investment