Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 26

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 26
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 of Underlying Funds only when that information is made available to the public. The Fund cannot dictate how the Underlying   
 Funds invest their assets. The Underlying Funds may invest their assets in securities and other instruments, and may use investment   
 techniques and strategies, that are not described in this Prospectus. Common Stockholders will bear two layers of fees and expenses   
 with respect to the Fund’s investments in Underlying Funds because each of the Fund and the Underlying Fund will charge               
 fees and incur separate expenses. In addition, subject to applicable 1940 Act limitations, the Underlying Funds themselves may        
 purchase securities issued by registered and unregistered funds (e.g., common stock, preferred stock, auction rate preferred stock),  
 and those investments would be subject to the risks associated with Underlying Funds and unregistered funds (including a third        
 layer of fees and expenses, i.e., the Underlying Fund will indirectly bear fees and expenses charged by the funds in which the        
 Underlying Fund invests, in addition to the Underlying Fund’s own fees and expenses). An Underlying Fund with positive performance    
 may indirectly receive a performance fee from the Fund, even when the Fund’s overall returns are negative. Additionally,              
 the Fund’s investment in an Underlying Fund may result in the Fund’s receipt of cash in excess of the Underlying Fund’s               
 earnings; if the Fund distributes these amounts, the distributions could constitute a return of capital to Fund shareholders for      
 federal income tax purposes. As a result of these factors, the use of the fund of funds structure by the Fund could therefore         
 affect the amount, timing and character of distributions to shareholders.                                                             
 The                                                                                                                                   
 Fund may invest in BDCs. BDCs generally invest in less mature U.S. private companies or thinly traded U.S. public companies which     
 involve greater risk than well-established publicly-traded companies. While BDCs are expected to generate income in the form of       
 dividends, certain BDCs during certain periods of time may not generate such income. The Fund will indirectly bear its proportionate  
 share of any management fees and other operating expenses incurred by the BDCs and of any performance-based or incentive fees         
 payable by the BDCs in which it invests, in addition to the expenses paid by the Fund. The use of leverage by BDCs magnifies gains    
 and losses on amounts invested and increases the risks associated with investing in BDCs. A BDC may make investments with a larger    
 amount of risk of volatility