Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 0

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
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: December 31, 2024</div>

| Item 1. | Reports to Stockholders. |

| (a) |

RiverNorth Opportunities Fund, Inc.

Table of Contents

| Performance Overview                                                    |  2 |
| Statement of Investments                                                |  6 |
| Statement of Assets and Liabilities                                     | 20 |
| Statement of Operations                                                 | 21 |
| Statements of Changes in Net Assets Attributable to Common Shareholders | 22 |
| Financial Highlights                                                    | 24 |
| Notes to Financial Statements                                           | 27 |
| Dividend Reinvestment Plan                                              | 41 |
| Additional Information                                                  | 43 |
| Consideration and Approval of Advisory Agreement                        | 45 |
| Data Privacy Policies and Procedures                                    | 48 |

RiverNorth Opportunities Fund, Inc.

INVESTMENT OBJECTIVE AND PRINCIPAL INVESTMENT STRATEGIES

RiverNorth Opportunities Fund, Inc.’s (the “Fund”)
investment objective is total return consisting of capital appreciation and current income.

The Fund seeks to achieve its investment objective
by pursuing a tactical asset allocation strategy and opportunistically investing 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").

RiverNorth Capital Management, LLC (the "Adviser")
has the flexibility to change the Fund’s asset allocation based on its ongoing analysis of the equity, fixed income and alternative
asset markets. The Adviser considers various quantitative and qualitative factors relating to the domestic and foreign securities