Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 32

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 32
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lying 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.                                                                               |

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| (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 the estimated “Other Expenses” set forth in the table are accurate and that all dividends and distributions           
 are reinvested at net asset value and that the Fund is engaged in leverage of 27.12% of Managed Assets, assuming interest and fees on          
 leverage of 6.00%, including the unused borrowing fee paid on the line of credit for the BNP Facility (defined below), as well as the          
 Fund’s continued use of Preferred Shares. The interest and fees on leverage is expressed as a dividend rate and represents dividends           
 paid on Preferred Shares. Actual expenses may be greater or less than those shown. Moreover, the Fund’s actual rate of return may              
 be greater or less than the hypothetical 5% annual return shown in the example.                                                                |

The purpose of the table and the
example above is to help investors understand the fees and expenses that they, as Common Shareholders, would bear directly or indirectly.

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FINANCIAL HIGHLIGHTS</div>

The information in the following table shows selected data for a share outstanding throughout the periods listed below. The information for the periods ended June 30, 2024, July 31, 2023, July 31, 2022, July 31,