Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 52

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 52
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 A Preferred Stock with a liquidation preference of $97,750,000. 
 The table assumes the use of leverage representing 27.12% of Managed Assets, which reflects approximately the percentage of the Fund’s        
 total average Managed Assets attributable to such leverage averaged over the period ended December 31, 2024, at a weighted average annual     
 expense to the Fund of 6.00%.                                                                                                                 |
| (6) |     | Other Expenses, Leverage Costs and Dividend and Interest Expense on Short Sales are estimated based on the Fund’s semi-annual report          
 dated December 31, 2024.                                                                                                                      |
| (7) |     | 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 2.40% 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 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.                                                                     |

The purpose of the table above and the example below
is to help you understand the fees and expenses that you, as a