Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 0

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 0
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<div align='center'>UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

811-22472

(Investment Company Act File Number)

RiverNorth Opportunities Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

360 South Rosemary Avenue, Suite 1420

West Palm Beach, FL 33401

(Address of Principal Executive Offices)

Marcus L. Collins, Esq.

RiverNorth Capital Management, LLC

360 South Rosemary Avenue, Suite 1420

West Palm Beach, FL 33401

(Name and Address of Agent for Service)

(561) 484-7185

(Registrant’s Telephone Number)

Date of Fiscal Year End: June 30

Date of Reporting Period: June 30, 2025</div>

| Item 1. | Reports to Stockholders. |

| (a) |

| RiverNorth Opportunities Fund, Inc. | Table of Contents |

| Shareholder Letter                                                      |  2 |
| Performance Overview                                                    |  4 |
| Statement of Investments                                                |  8 |
| Statement of Assets and Liabilities                                     | 23 |
| Statement of Operations                                                 | 24 |
| Statements of Changes in Net Assets Attributable to Common Shareholders | 25 |
| Financial Highlights                                                    | 28 |
| Notes to Financial Statements                                           | 31 |
| Report of Independent Registered Public Accounting Firm                 | 46 |
| Dividend Reinvestment Plan                                              | 47 |
| Summary of Updated Information Regarding the Fund                       | 49 |
| Directors and Officers                                                  | 86 |
| Additional Information                                                  | 90 |
| Data Privacy Policies and Procedures                                    | 91 |

| RiverNorth Opportunities Fund, Inc. | Shareholder Letter |

June 30, 2025(Unaudited)

Dear Fellow Shareholders,

We began last year’s letter discussing the Federal
Reserve’s (the “Fed”) unprecedented rate tightening and its impact on the yield curve. One year later, we believe the
story is still about the yield curve. Although the yield curve is positively sloped as measured by the difference between 2-year and 10-year
Treasuries, short-term rates remain elevated. However, with inflation trending modestly lower and the Fed pausing rate hikes since mid-2024,
markets have started to price in an eventual pivot. Futures imply