Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 19

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 19
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 a leveraged capital structure. |

| S-15 |

| (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. See “Use of Leverage.” 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 Facility, expressed as a percentage of the Fund’s net assets as of June 30, 2025. |

| (5) | As of June 30, 2025, the Fund has issued 3,910,000 shares of 6.0% Series A Preferred Stock with a liquidation preference of $97,750,000. The table assumes the use of leverage representing 26.68% 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 June 30, 2025, 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 annual report dated June 30, 2025. |

| (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 2.21% 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