Company: RIV
Filing Date: 2025-05-21
Form Type: 424B5
Source: 0001398344-25-009946
Chunk: 15

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-05-21
Form: 424B5
Chunk 15
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quired 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.                                                                |

| (8) | The example does not include sales load or estimated offering costs. The example should not be considered                                 
 a representation of future expenses. The example assumes that the estimated “Other Expenses” set forth in the table are accurate          
 and that all dividends and distributions are reinvested at net asset value and that the Fund is engaged in leverage of 27.12% of Managed  
 Assets, assuming interest and fees on leverage of 6.00%, including the unused borrowing fee paid on the line of credit for the BNP Credit 
 Agreement, as well as the Fund’s continued use of Preferred Shares. The interest and fees on leverage is expressed as a dividend          
 rate and represents dividends paid on Preferred Shares. Actual expenses may be greater or less than those shown. Moreover, the Fund’s     
 actual rate