Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 4

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 4
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 Inc. - Market Price(4) | 13.40%         | 9.12%  | 10.26% | 8.17%        |
| S&P 500® Total Return Index                           | 15.16%         | 19.71% | 16.64% | 14.25%       |

| (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 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 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 but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.

WHAT CONTRIBUTING FACTORS WERE RESPONSIBLE FOR THE FUND’S RELATIVE PERFORMANCE DURING THE FISCAL YEAR ENDED JUNE 30, 2025?

During the fiscal period ended June 30, 2025, exposure
to CEFs, primarily net asset value exposure, and discount narrowing were the largest contributors to performance. Investment company debt
(“ICD”) and SPACs also contributed positively over the period. The Fund’s short hedge detracted from performance over
the fiscal year.

| 4 | www.rivernorth.com |

| RiverNorth Opportunities Fund, Inc. | Performance Overview |

June 30, 2025 (Unaudited)

HOW WAS THE RIVERNORTH OPPORTUNITIES FUND POSITIONED AT THE END OF THE FISCAL YEAR?

The Fund had 46% of its portfolio invested in CEFs
at the end of the fiscal year. Additionally, the Fund had 24% in SPACs, 14% in ICD, 7% in cash