Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 2

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 2
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.5%. We continue to believe this represents a compelling source of income
and potential alpha from discount narrowing. An additional 14% was allocated to investment company debt—an area where we believe
the risk/reward remains attractive relative to traditional investment-grade fixed income.

As a reminder, the Fund’s level distribution
policy (“LDP”) is currently set at 12.5% of the December 31, 2024 NAV. We continue to believe LDPs set at sustainable levels
provide equitable liquidity to shareholders and help support secondary market trading closer to NAV. Since inception in December 2015,
the Fund has traded at an average discount of just 1.48%, which compares favorably to the All CEF peer group average discount of 5.89%
over the same period.

| 2 | www.rivernorth.com |

| RiverNorth Opportunities Fund, Inc. | Shareholder Letter |

June 30, 2025 (Unaudited)

We remain constructive on the opportunity set in CEFs
and related asset classes. While risks remain—particularly around the timing and pace of Fed cuts, inflation stickiness, and potential
economic softening—we believe the Fund’s positioning, flexibility, and ability to capitalize on volatility are well suited
for the environment ahead.

We are pleased to provide you with the following 2025
Annual Report. Please visit www.rivernorth.com for additional information. We thank you for your continued investment and trust in managing
your assets.

Respectfully,

RiverNorth Capital Management, LLC

Opinions and estimates offered constitute our judgment and are subject to change.

DEFINITIONS

U.S. Treasuries are seen as a good example
of a risk-free investment because they are backed by the “full faith and credit” of the U.S. government. Treasury securities
are divided into three primary categories according to the length of maturity. These are Treasury Bills, Treasury Bonds, and Treasury
Notes.

The U.S. Treasury yield curve is a line chart
that allows for the comparison of the yields of short-term Treasury bills and the yields of long-term Treasury notes and bonds.

Leverage, the use of borrowed money to invest,
is a strategy that can be employed by closed end funds in an effort to potentially increase income and enhance returns.

Special purpose acquisition companies (“SPACs”)
are companies with no commercial operations that is formed strictly to raise capital through an initial public offering (“IPO”)
for the purpose of acquiring an existing company