Company: RIV
Filing Date: 2025-03-21
Form Type: N-2/A
Source: 0001398344-25-005840
Chunk: 12

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-21
Form: N-2/A
Chunk 12
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 reflects estimated operating expenses of the Underlying Funds and transaction-related fees. Certain Underlying Funds in which the          
 Fund intends to invest generally charge a management fee of 1.00% to 2.00%, which are included in “Acquired Fund Fees and Expenses,”       
 as applicable. The Acquired Fund Fees and Expenses disclosed above, however, do not reflect any performance-based fees or allocations      
 paid by the Underlying Funds that are calculated solely on the realization and/or distribution of gains, or on the sum of such gains and   
 unrealized appreciation of assets distributed in-kind, as such fees and allocations for a particular 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.                                                                  |

The purpose of the table above and the example below
is to help you understand the fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. The expenses shown
in the table under “Other Expenses” and “Total annual expenses” assume that the Fund has not issued any additional
Common Shares.

Example (8)

The example illustrates the expenses that you would
pay on a $1,000 investment in Common Shares, assuming (1) that the Fund incurs total annual expenses of 6.69% of its net assets in years
1 through 10 and (2) a 5% annual return.

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|                         |     | 1 year |    |     | 3 years |     |     | 5 years |     |     | 10 years |     |
|:------------------------|:----|:-------|---:|:----|:--------|----:|:----|:--------|----:|:----|:---------|----:|
| Total Expenses Incurred |     | $      | 66 |     | $       | 196 |     | $       | 321 |     | $        | 615 |

| (8) |     | 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