Company: RIV
Filing Date: 2025-09-08
Form Type: 424B2
Source: 0001398344-25-017856
Chunk: 54

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-08
Form: 424B2
Chunk 54
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, 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 “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