Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 3

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 3
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 U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. This index reflects the effects of dividend reinvestment.

Indices are unmanaged; their returns do not reflect any fees, expenses, or sales charges.

An investor cannot invest directly in an index.

RiverNorth Capital Management, LLC is the investment adviser to the Fund.

Secondary market support provided to the Fund by ALPS Advisors, Inc.'s affiliate, ALPS Portfolio Solutions Distributor, Inc., a FINRA member.

RiverNorth Opportunities Fund, Inc.

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

The graph below illustrates the growth of a hypothetical
$10,000 investment assuming the purchase of common shares at NAV or the closing market price (NYSE: RIV) of $19.40 on December 24, 2015,
and tracking its progress through December 31, 2024.

Past performance does not guarantee future results. Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. An investment in the Fund involves risk, including loss of principal.

| 4 | www.rivernorth.com |

RiverNorth Opportunities Fund, Inc.

ASSET ALLOCATION as of December 31, 2024^

| ^ | Holdings are subject to change. |

Percentages are based on total investments of the Fund.

TOP TEN HOLDINGS* as of December 31, 2024

|                                                  | % of Net Assets** |
| Pershing Square Holdings Ltd.                    | 10.78%            |
| BlackRock ESG Capital Allocation Term Trust      | 8.65%             |
| BlackRock Capital Allocation Term Trust          | 6.86%             |
| Nuveen Municipal Value Fund, Inc.                | 5.05%             |
| Saba Capital Income & Opportunities Fund         | 3.70%             |
| BlackRock Resources & Commodities Strategy Trust | 3.21%             |
| Saba Capital Income & Opportunities Fund II      | 2.91%             |
| BlackRock Science and Technology Term Trust      | 2.86%             |
| PIMCO Dynamic Income Strategy Fund               | 2.84%             |
| Calamos Long/Short Equity & Dynamic Income Trust | 2.80%             |
|