Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 30

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 30
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 performance of the Fund and the investment performance
of the Adviser, (ii) the nature, extent and quality of the services provided by the Adviser to the Fund, (iii) the experience and qualifications
of the personnel providing such services, (iv) the costs of the services provided and the profits to be realized by the Adviser and any
of its affiliates from the relationship with the Fund, (v) the extent to which economies of scale will be realized by the Fund as it grows,
and (vi) whether the Fund’s fee levels reflected the economies of scale to the benefit of the Fund’s shareholders.

The Directors relied upon the advice of independent
legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement
and the weight to be given to each such factor. The Directors’ conclusions were based on an evaluation of all of the information
provided and were not the result of any one factor. Moreover, each Director may have afforded different weight to the various factors
in reaching conclusions with respect to the Advisory Agreement. Although not meant to be all-inclusive, the following discussion summarizes
the factors considered and conclusions reached by the Directors in determining to renew the Advisory Agreement at the Meeting, and at
the November 4, 2024 special meeting of the Board that was held to review and discuss the materials and information the Board requested
from the Adviser related to the Advisory Agreement, including during executive sessions with their independent legal counsels.

Performance, Fees and Expenses

The Board reviewed the performance of the Fund for
the three month, one-year, three-year, five-year and since inception periods ended September 30, 2024. These returns were compared to
the returns of Tactical-Flexible Allocation funds identified by FUSE (the “Performance Group”). The Board considered the Fund’s
net asset value (“NAV”) and market price returns relative to the returns for funds in the Performance Group, noting that on
a NAV basis, the Fund had underperformed the median of the Performance Group for the three-month, one-year, three-year and since inception
periods ended September 30, 2024 and outperformed the median of its Performance Group for the five-year period ended September 30, 2024.
Using market price returns, the Board observed that the Fund had underperformed the median of its Performance Group for the three-year
and since inception periods ended September 30, 2024 and outperformed the median of its Performance