Company: RIV
Filing Date: 2025-03-07
Form Type: N-CSRS
Source: 0001398344-25-005090
Chunk: 13

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-03-07
Form: N-CSRS
Chunk 13
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   |     | $                 | 58,783,404 |     | $                   | – |     | $     | 365,137,078 |   |
| Other Financial Instruments                                 |     |               |             |   |     |                   |            |     |                     |   |     |       |             |   |
| Liabilities:                                                |     |               |             |   |     |                   |            |     |                     |   |     |       |             |   |
| Securities Sold Short                                       |     |               |             |   |     |                   |            |     |                     |   |     |       |             |   |
| Exchange Traded Funds - Common Shares                       |     | $             | (33,828,461 | ) |     | $                 |          – |     | $                   | – |     | $     | (33,828,461 | ) |
| Total                                                       |     | $             | (33,828,461 | ) |     | $                 |          – |     | $                   | – |     | $     | (33,828,461 | ) |

For the six months ended December 31, 2024, there were no significant transfers
into/out of Level 3.

Short Sale Risks: The Fund and the Underlying
Funds may engage in short sales. A short sale is a transaction in which a fund sells a security it does not own in anticipation that the
market price of that security will decline. To establish a short position, a fund must first borrow the security from a broker or other
institution. The fund may not always be able to borrow a security at a particular time or at an acceptable price. Accordingly, there is
a risk that a fund may be unable to implement its investment strategy due to the lack of available securities or for other reasons. After
selling a borrowed security, a fund is obligated to “cover” the short sale by purchasing and returning the security to the
lender at a later date. Until the security is replaced, the Fund is required to pay the lender amounts equal to the dividend or interest
that accrue during the period which is recorded as an expense on the Statements of Operations. A Fund may also incur stock loan fees which
represent the cost of borrowing securities used for short sale transactions. A Fund may also earn rebates as an element of the broker
arrangement, which are recorded as an offset to stock loan fees on short sales transactions