Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 46

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 46
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5% and 10%. The table below reflects the Fund's continued use of Preferred Shares as of December 31, 2024 as a percentage of total
Managed Assets (including assets attributable to such leverage), and the annual return that the Fund's portfolio must experience (net
of expenses) in order to cover such costs. These assumed investment portfolio returns are hypothetical figures and are not necessarily
indicative of what the Fund’s investment portfolio returns will be. In other words, the Fund’s actual returns may be greater
or less than those appearing in the table below. The table further reflects the use of leverage representing approximately 27.12% of
the Fund’s Managed Assets and estimated leverage costs of 6.00%.

| Assumed            
 Portfolio Return   | -10.00% | -5.00% | 0.00%  | 5.00% | 10.00% |
| Common             
 Share Total Return | -15.95% | -9.09% | -2.23% | 4.63% | 11.49% |

Total return is composed of two elements-the dividends on Common Shares paid by the Fund (the amount of which is largely determined by the Fund’s net investment income after paying the cost of leverage) and realized and unrealized gains or losses on the value of the securities the Fund owns. As the table shows, leverage generally increases the return to Common Shareholders when portfolio return is positive or greater than the costs of leverage and decreases return when the portfolio return is negative or less than the costs of leverage.

During the time in which the Fund is using leverage, the amount of the fees paid to the Adviser for investment management services is higher than if the Fund did not use leverage because the fees paid are calculated based on the Fund’s Managed Assets. This may create a conflict of interest between the Adviser, on the one hand, and common shareholders, on the other. Also, because the leverage costs are borne by the Fund at a specified interest rate, only the Fund’s common shareholders bear the cost of the Fund’s management fees and other expenses. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed.

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RISKS</div>

Investing in the Fund involves certain risks relating to its structure and investment objective. You should carefully consider these risk factors, together with all of the other information included in this Prospectus, any applicable prospectus supplement and the S