Company: RIV
Filing Date: 2025-02-18
Form Type: N-2/A
Source: 0001398344-25-003061
Chunk: 14

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-02-18
Form: N-2/A
Chunk 14
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 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 26.45% of Managed Assets,          
 assuming interest and fees on leverage of 6.00%. The interest and fees on leverage is expressed as an interest 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.                                 |

<div align='center'>28

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, 2021, July 31, 2020 and July 31, 2019 is derived from the Fund’s financial statements audited by Cohen & Company, Ltd. ("Cohen"), an independent registered public accounting firm, whose report on the financial statements and the financial highlights is contained in the Fund’s annual report (“Annual Report”) for the year ended June 30, 2024 contained in the Fund’s Form N-CSRfiled with the SEC on September 6, 2024. The Annual Report is incorporated by reference into this Prospectus and is available from the Fund upon request.

| RiverNorth               
 Opportunities Fund, Inc. | Financial