Company: RIV
Filing Date: 2025-09-05
Form Type: N-CSR
Source: 0001398344-25-017710
Chunk: 18

Company: RIVERNORTH OPPORTUNITIES FUND, INC.
Filing Date: 2025-09-05
Form: N-CSR
Chunk 18
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-Term Investments |     |               |  21,999,102 |   |     |                   |          – |     |              | – |    |     |       |  21,999,102 |   |
| Total                                                          |     | $             | 315,941,546 |   |     | $                 | 48,465,726 |     | $            | – |    |     | $     | 364,407,272 |   |
| Other Financial Instruments Liabilities:                       |     |               |             |   |     |                   |            |     |              |   |    |     |       |             |   |
| Securities Sold Short Exchange Traded Funds - Common Shares    |     | $             |  (9,199,667 | ) |     | $                 |          – |     | $            | – |    |     | $     |  (9,199,667 | ) |
| Special Purpose Acquisition Companies - Common Shares/Units    |     | $             |  (4,040,657 | ) |     | $                 |          – |     | $            | – |    |     | $     |  (4,040,657 | ) |
| Total                                                          |     | $             | (13,240,324 | ) |     | $                 |          – |     | $            | – |    |     | $     | (13,240,324 | ) |

| (1) | Includes a security valued at zero. |

For the year ended June 30, 2025, 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