Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 14

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 14
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 of the Fund’s     
 average daily Managed Assets, as opposed to net assets. With leverage, Managed Assets are greater in amount than net assets, because Managed 
 Assets include assets attributable to the Fund’s use of leverage created by its borrowings. In addition, the mark-to-market value            
 of the Fund’s derivatives will be used for purposes of calculating Managed Assets. The management fee of 1.30% of the Fund’s                 
 Managed Assets represents 1.77% of net assets attributable to Common Shares assuming the use of leverage in an amount of 27.12% of the       
 Fund’s Managed Assets. The Fund’s Managed Assets for the period ended December 31, 2024 (which includes the use of leverage                  
 discussed in footnote (4)) were multiplied by the annual advisory fee rate and then divided by the Fund’s average net assets for             
 the same period to calculate the management fee as a percentage of the Fund’s net assets attributable to Common Shares. Since the            
 Fund has Preferred Shares outstanding, the management fee and certain other expenses as a percentage of net assets attributable to Common    
 Shares is higher than if the Fund did not utilize a leveraged capital structure.                                                             |

| S-5 |

| (4) | The actual amount of leverage costs borne by the Fund will vary over time in accordance with the level                                  
 of the Fund’s use of leverage and variations in market interest rates. Leverage costs in the table reflect the cost to the Fund         
 of borrowings, including the unused borrowing fee paid on the line of credit for the BNP Credit Agreement, expressed as a percentage of 
 the Fund’s net assets as of December 31, 2024.                                                                                          |

| (5) | As of December 31, 2024, the Fund has issued 3,910,000 shares of 6.00% Series 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 “Ac