Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 37

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 37
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’s derivatives will be used for purposes of calculating Managed Assets. The management fee of 1.30% of the Fund’s Managed           
 Assets represents 1.78% of net assets attributable to Common Shares assuming the use of leverage in an amount of 26.68% of the Fund’s   
 Managed Assets.                                                                                                                         |

| (3) | The actual amount of interest expense borne by the Fund will vary over                                                          
 time in accordance with the level of the Fund’s use of leverage and variations in market interest rates. See “Use of Leverage.” |

| (4) | “Leverage costs” are estimated to reflect actual leverage                                                                               
 outstanding as of June 30, 2025 and estimated interest and associated costs. Actual leverage costs incurred in the future may be higher 
 or lower as the actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund’s      
 use of leverage and variations in market interest rates. See “Use of Leverage.”                                                         |

| (5) | As of June 30, 2025, the Fund has issued 3,910,000 shares of 6.00% Series A Preferred Stock with 
 a liquidation preference of $97,750,000.                                                         |

| (6) | The “Acquired Fund Fees and Expenses” disclosed above are                                                                                 
 based on the expense ratios for the most recent fiscal year of the Underlying Funds in which the Fund anticipates investing, which may    
 change substantially over time and, therefore, significantly affect Acquired Fund Fees and Expenses. These amounts are based on the total 
 expense ratio disclosed in each Underlying Fund’s most recent stockholder report. Some of the Underlying Funds in which the Fund          
 intends to invest charge incentive fees based on the Underlying Funds’ performance. The 2.21% shown as Acquired Fund Fees and Expenses    
 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