Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 31

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 31
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 Group for the three-month, one-year
and five year periods ended September 30, 2024. The Directors also noted that on a NAV basis, the Fund had underperformed its benchmark
index for the three-month, one-year, three-year, five-year and since inception periods ended September 30, 2024. The Directors also reviewed
the Fund’s performance relative to other funds managed by the Adviser. It was noted that the Adviser had indicated that the Performance
Group is not entirely reflective of the Fund due to its unique investment strategy.

RiverNorth Opportunities Fund, Inc.

As to the comparative fees and expenses, the Directors
considered the management and other fees paid by the Fund and compared those to the management and other fees paid by funds in FUSE’s
Tactical-Flexible Allocation fund peer group (the “Expense Group”). The Board noted that the Fund’s annual net expense
ratio was higher than the Expense Group median. The Directors also reviewed the Fund’s total net and gross expense rankings against
its peers calculated on the basis of each fund’s average managed assets to mitigate the distortions caused by differing levels of
leverage.

The Board noted that the annual management fee for
the Fund was above the median paid by the Expense Group. The Directors also reviewed the Fund’s fees relative to other funds managed
by the Adviser. The Board, including the Independent Directors, determined that the fees were reasonable given the nature of the Fund’s
investment strategy, the capabilities of the Adviser and the Sub-Adviser and the nature of the services provided to the Fund.

Nature, Extent and Quality of Services

As to the nature, extent and quality of the services
provided by the Adviser to the Fund, the Board considered that under the terms of the Advisory Agreement, the Adviser, subject to the
supervision of the Board, provides or arranges to be provided to the Fund such investment advice as the Adviser, in its discretion, deems
advisable and furnishes or arranges to be furnished a continuous investment program for the Fund consistent with the Fund’s investment
objective and policies. The Board reviewed the Adviser’s Form ADV, which was previously provided to the Board and that provided
details regarding the experience of each of the Adviser’s personnel. The Adviser also provided additional information regarding
its experience managing other investment accounts. Based on the foregoing information, the Board, including the Independent Directors,
concluded that the Adviser had provided quality