Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 3

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 3
---
.

Business development companies (“BDCs”)
are organizations that invest in small- and medium-sized companies as well as distressed companies. A BDC helps the small- and medium-sized
firms grow in the initial stages of their development.

A warrant is a derivative that gives the holder
the right but not the obligation to buy an underlying security at a certain price, quantity, and future time.

A coupon is the annual interest rate paid on
a bond, expressed as a percentage of the face value and paid from issue date until maturity.

A hedge is an investment that is selected to
reduce the potential for loss in other investments because its price tends to move in the opposite direction.

Alpha is a measure of performance on a risk-adjusted
basis. The excess return of a fund relative to the return of the benchmark index is a fund’s alpha.

| RiverNorth Opportunities Fund, Inc. | Performance Overview |

June 30, 2025 (Unaudited)

WHAT IS THE FUND’S INVESTMENT STRATEGY?

HOW DID THE FUND PERFORM RELATIVE TO ITS BENCHMARK DURING THE PERIOD?

The RiverNorth Opportunities Fund, Inc. (the “Fund”)
pursues a tactical asset allocation strategy and opportunistically invests under normal circumstances in closed-end funds ("CEFs"),
exchange-traded funds ("ETFs"), business development companies ("BDCs" and collectively, "Underlying Funds")
and special purpose acquisition companies ("SPACs"). In selecting CEFs, RiverNorth Capital Management, LLC (the “Adviser”)
will opportunistically utilize a combination of short-term and longer-term trading strategies to seek to derive value from the discount
and premium spreads associated with CEFs. The Fund will invest in other Underlying Funds and SPACs (that are not CEFs) to gain exposure
to specific asset classes when the Adviser believes CEF discount or premium spreads are not attractive or to manage overall CEF exposure
in the Fund.

PERFORMANCE as of June 30, 2025

|                                                       | AVERAGE ANNUAL |        |        |              |
| TOTAL RETURNS(1)                                      | 1 Year         | 3 Year | 5 Year | Since        
 Inception(2) |
| RiverNorth Opportunities Fund, Inc. - NAV(3)          | 11.88%         | 12.18% | 10.70% | 8.74%        |
| RiverNorth Opportunities Fund,