Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 1

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 1
---
 markets
and economies when making asset allocation and security selection decisions. While the Adviser continuously evaluates these factors, material
shifts in the Fund’s asset class exposures will typically take place over longer periods of time.

PERFORMANCE as of December 31, 2024

|                                                       | Cumulative | Average Annual |        |        |                    |
| TOTAL RETURNS(1)                                      | 6 Months   | 1 Year         | 3 Year | 5 Year | Since Inception(2) |
| RiverNorth Opportunities Fund, Inc. - NAV(3)          | 2.69%      | 11.84%         | 4.17%  | 7.40%  | 8.21%              |
| RiverNorth Opportunities Fund, Inc. - Market Price(4) | -0.22%     | 18.55%         | 2.76%  | 7.03%  | 7.11%              |
| S&P 500®                                              
 Total Return Index                                    | 8.44%      | 25.02%         | 8.94%  | 14.53% | 14.33%             |

| (1) | Total returns assume reinvestment of all distributions. |

| (2) | The Fund commenced operations on December 24, 2015. |

| (3) | Performance returns are net of management fees and other Fund expenses. |

| (4) | Market price is the value at which the Fund trades on an exchange. This market price can be more or 
 less than its net asset value ("NAV").                                                              |

Performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling (844) 569-4750 or by visiting www.rivernorth.com. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions.

| 2 | www.rivernorth.com |

RiverNorth Opportunities Fund, Inc.

DISTRIBUTION TO COMMON STOCKHOLDERS

The Fund intends to make regular monthly distributions
to stockholders at a constant and fixed (but not guaranteed) rate that is