RiverNorth Opportunities Fund, Inc.

Statement of Investments

October 31, 2023 (Unaudited)

 

Shares   Description   Value
(Note 2)
 
CLOSED-END FUNDS - COMMON SHARES (81.73%)      
 369,567   Barings Corporate Investors   $5,931,550 
 308,625   Barings Participation Investors    4,351,613 
 292,335   BlackRock California Municipal Income Trust    2,905,810 
 1,569,123   BlackRock Capital Allocation Term Trust(a)    21,936,340 
 1,638,338   BlackRock ESG Capital Allocation Term Trust(a)    23,428,233 
 230,470   BlackRock Health Sciences Term Trust    3,016,852 
 124,116   BlackRock Municipal Income Quality Trust    1,177,861 
 294,339   BlackRock Municipal Income Trust    2,560,749 
 313,257   BlackRock Municipal Income Trust II    2,791,120 
 167,757   BlackRock MuniHoldings Fund, Inc.    1,697,701 
 286,736   BlackRock MuniHoldings Quality Fund II, Inc.    2,477,399 
 105,409   BlackRock MuniVest Fund, Inc.    638,779 
 141,200   BlackRock MuniVest Fund II, Inc.    1,284,920 
 237,151   BlackRock MuniYield Fund, Inc.    2,124,873 
 280,410   BlackRock MuniYield Quality Fund II, Inc.    2,442,371 
 147,793   BlackRock Science and Technology Term Trust    2,134,131 
 167,129   BlackRock Taxable Municipal Bond Trust    2,500,250 
 220,118   Calamos Long/Short Equity & Dynamic Income Trust(a)    3,022,220 
 731,566   Clough Global Opportunities Fund    3,072,577 
 102,424   Eaton Vance Municipal Income Trust    902,356 
 323,801   First Trust High Yield Opportunities 2027 Term Fund    4,147,891 
 105,733   First Trust Intermediate Duration Preferred & Income Fund    1,504,581 
 217,002   Invesco Dynamic Credit Opportunity Fund    2,430,421 
 157,133   Invesco Municipal Opportunity Trust    1,266,492 
 121,191   MainStay CBRE Global Infrastructure Megatrends Term Fund    1,337,949 
 17,263   Miller/Howard High Dividend Fund    165,552 
 26,600   Neuberger Berman Municipal Fund, Inc.    235,676 
 567,657   Nuveen AMT-Free Municipal Credit Income Fund    5,693,600 
 20,789   Nuveen AMT-Free Municipal Value Fund    261,941 
 904,996   Nuveen AMT-Free Quality Municipal Income Fund(a)    8,570,312 
 175,844   Nuveen California Quality Municipal Income Fund    1,649,417 
 271,707   Nuveen Core Plus Impact Fund    2,445,363 
 145,734   Nuveen Municipal Credit Income Fund    1,471,913 
 455,683   Nuveen Municipal Value Fund, Inc.    3,640,907 
 143,155   Nuveen New York Quality Municipal Income Fund    1,318,458 
 1,308,054   Nuveen Preferred & Income Securities Fund(a)    7,782,921 
 110,637   Nuveen Preferred & Income Term Fund    1,824,404 
 138,430   Nuveen Quality Municipal Income Fund    1,357,998 
 54,804   Nuveen Taxable Municipal Income Fund    764,516 
 558,979   Pershing Square Holdings Ltd.    19,787,857 
 668,473   PIMCO Access Income Fund    8,710,203 
 202,036   PIMCO Dynamic Income Fund    3,301,268 
 474,398   PIMCO Dynamic Income Opportunities Fund    5,189,914 
 285,935   PIMCO Energy & Tactical Credit Opportunities Fund    5,432,765 
 339,415   PIMCO Global StocksPLUS & Income Fund    2,131,526 
 167,384   Pioneer Municipal High Income Fund Trust    1,170,014 
 1,275,236   Saba Capital Income & Opportunities Fund(a)    9,423,994 
 226,250   Special Opportunities Fund, Inc.    2,339,425 
 249,000   Templeton Emerging Markets Income Fund    1,130,460 

 

 

Shares   Description  Value
(Note 2)
 
 54,186   Virtus AllianzGI Convertible & Income 2024 Target Term Fund  $458,955 
 46,275   Western Asset Inflation-Linked Opportunities & Income Fund   378,992 
           
TOTAL CLOSED-END FUNDS - COMMON SHARES    
(Cost $211,674,715)  197,723,390 

 

             Maturity   Value 
Shares   Description  Rate   Date   (Note 2) 
BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES (2.94%)               
 163,300   Crescent Capital BDC, Inc.   5.000%   05/25/26    3,821,220 
 26,143   Oxford Square Capital Corp.   6.500%   03/30/24    652,678 
 2,906   Virtus AllianzGI Diversified Income & Convertible Fund   5.625%        59,864 
 89,385   Virtus Convertible & Income Fund II(b)   5.500%        1,820,773 
 33,699   XAI Octagon Floating Rate Alternative Income Term Trust   6.500%   03/31/26    818,717 
                     
TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES      
(Cost $7,333,638)      7,173,252 

 

Principal           Maturity   Value 
Amount   Description  Rate   Date   (Note 2) 
BUSINESS DEVELOPMENT COMPANY NOTES (1.99%) 
$1,500,000   Golub Capital BDC, Inc.   2.050%   02/15/27    1,263,787 
 2,744,753   Golub Capital BDC, Inc.   3.375%   04/15/24    2,702,178 
 923,130   PennantPark Floating Rate Capital, Ltd.   4.250%   04/01/26    843,275 
                   4,809,240 
                     
TOTAL BUSINESS DEVELOPMENT COMPANY NOTES          
(Cost $4,894,780)        4,809,240 
                     
CORPORATE BONDS (17.57%)          
 6,459,394   Blackstone Private Credit Fund(c)   2.625%   12/15/26    5,531,780 
 2,856,157   Blackstone Private Credit Fund(c)   3.250%   03/15/27    2,464,689 
 3,082,262   Blackstone Secured Lending Fund   2.850%   09/30/28    2,499,562 
 500,000   Blue Owl Capital Corp.   2.875%   06/11/28    407,728 
 632,813   Blue Owl Capital Corp.   3.400%   07/15/26    564,819 
 3,000,000   Blue Owl Capital Corp.   3.750%   07/22/25    2,804,320 
 2,000,000   Blue Owl Capital Corp. II(c)   4.625%   11/26/24    1,937,895 
 557,143   Blue Owl Capital Corp. III   3.125%   04/13/27    475,104 
 2,492,428   Blue Owl Credit Income Corp.(c)   3.125%   09/23/26    2,188,066 
 2,505,752   Blue Owl Credit Income Corp.(c)   5.500%   03/21/25    2,425,082 
 2,718,300   Blue Owl Credit Income Corp.   7.750%   09/16/27    2,677,658 
 2,500,000   Blue Owl Technology Finance Corp.(c)   4.750%   12/15/25    2,316,752 
 2,500,000   Blue Owl Technology Finance Corp.(c)   6.750%   06/30/25    2,426,785 
 3,072,928   Franklin BSP Lending Corp.   3.250%   03/30/26    2,751,892 
 1,300,000   Franklin BSP Lending Corp.(c)   4.850%   12/15/24    1,251,549 
 1,000,000   FS KKR Capital Corp.   2.625%   01/15/27    853,301 
 1,000,000   MidCap Financial Investment Corp.   4.500%   07/16/26    897,100 
 1,500,000   MidCap Financial Investment Corp.   5.250%   03/03/25    1,440,021 
 6,000,000   Oaktree Specialty Lending Corp.   7.100%   02/15/29    5,722,746 
 1,000,000   PennantPark Investment Corp.   4.000%   11/01/26    882,270 
                   42,519,119 
                     
TOTAL CORPORATE BONDS          
(Cost $42,995,016)        42,519,119 

 

 

 

Shares   Description  Value
(Note 2)
 
SPECIAL PURPOSE ACQUISITION COMPANIES - COMMON SHARES/UNITS (13.44%)(d)     
 48,020   A SPAC I Acquisition Corp.  $520,057 
 50,470   A SPAC II Acquisition Corp.   543,562 
 28,748   Achari Ventures Holdings Corp. I   307,029 
 28,640   Adit EdTech Acquisition Corp.   305,302 
 27,690   Alpha Star Acquisition Corp.   307,082 
 149,999   Ares Acquisition Corp.   1,616,989 
 260,926   Ares Acquisition Corp. II   2,687,538 
 39,063   Arisz Acquisition Corp.   418,759 
 30,000   Atlantic Coastal Acquisition Corp. II   318,000 
 72,474   Aurora Technology Acquisition Corp.   792,141 
 54,328   Bellevue Life Sciences Acquisition Corp.   568,814 
 65,000   Bowen Acquisition Corp.   664,950 
 42,480   CC Neuberger Principal Holdings III   464,731 
 110,000   Churchill Capital Corp. VI   1,150,600 
 60,000   Churchill Capital Corp. VII   627,600 
 52,566   Distoken Acquisition Corp.   555,623 
 34,404   ESH Acquisition Corp.   348,513 
 34,274   Everest Consolidator Acquisition Corp.   372,216 
 58,038   ExcelFin Acquisition Corp.   616,944 
 30,880   FutureTech II Acquisition Corp.   337,210 
 37,000   Gardiner Healthcare Acquisitions Corp.   399,600 
 65,531   Globalink Investment, Inc.   707,079 
 68,610   Gores Holdings IX, Inc.   715,602 
 30,342   Haymaker Acquisition Corp. 4   312,219 
 64,668   Horizon Space Acquisition I Corp.   685,804 
 59,790   InFinT Acquisition Corp.   664,865 
 63,942   Inflection Point Acquisition Corp. II   654,127 
 14,300   Innovative International Acquisition Corp.   161,447 
 78,504   Integrated Rail and Resources Acquisition Corp.   858,834 
 87,536   Integrated Wellness Acquisition Corp.   962,896 
 64,922   Kairous Acquisition Corp. ltd   730,372 
 39,630   Lakeshore Acquisition II Corp.   431,571 
 65,640   LIV Capital Acquisition Corp. II   714,820 
 67,493   Mars Acquisition Corp.   711,376 
 66,944   Nabors Energy Transition Corp. II   684,168 
 42,162   Newbury Street Acquisition Corp.   445,231 
 48,836   OceanTech Acquisitions I Corp.   538,173 
 58,800   OPY Acquisition Corp. I   615,048 
 60,000   Pearl Holdings Acquisition Corp.   645,000 
 51,134   PHP Ventures Acquisition Corp.   559,406 
 32,271   Pono Capital Three, Inc.   341,750 
 33,890   Priveterra Acquisition Corp. II   367,368 
 30,397   Quantum FinTech Acquisition Corp.   320,688 
 32,463   Quetta Acquisition Corp.   328,233 
 68,194   Redwoods Acquisition Corp.   728,312 
 120   REE Automotive, Ltd.   314 
 64,612   RF Acquisition Corp.   688,764 
 65,163   Screaming Eagle Acquisition Corp.   684,211 
 29,895   Seaport Global Acquisition II Corp.   320,773 
 60,000   ShoulderUp Technology Acquisition Corp.   635,940 
 83,236   Sizzle Acquisition Corp.   906,440 
 32,463   Spark I Acquisition Corp.   328,201 
 14,408   SportsMap Tech Acquisition Corp.   154,886 
 39,232   Tristar Acquisition I Corp.   422,136 

 

 

Shares   Description  Value
(Note 2)
 
 52,742   WinVest Acquisition Corp.  $579,107 
           
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES - COMMON SHARES/UNITS     
(Cost $30,469,819)    32,528,421 
           
RIGHTS (0.08%)     
 48,020   A SPAC I Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   4,639 
 50,470   A SPAC II Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   4,542 
 33,634   Accretion Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   3,363 
 24,649   Allegro Merger Corp., Strike Price $11.50, Expires 12/31/2049    
 27,690   Alpha Star Acquisition Corp., Strike Price $0.01, Expires 12/13/2026   2,769 
 39,063   Arisz Acquisition Corp., Strike Price $11.50, Expires 11/16/2026   2,812 
 72,474   Aurora Technology Acquisition Corp., Strike Price $11.50, Expires 02/07/2028   7,247 
 51,497   Bannix Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   15,964 
 54,328   Bellevue Life Sciences Acquisi, Strike Price $0.01, Expires 12/31/2045   9,236 
 65,000   Bowen Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   7,215 
 21,512   Breeze Holdings Acquisition Corp., Strike Price $0.01, Expires 05/25/2027   2,618 
 11,614   Brilliant Acquisition Corp., Strike Price $11.50, Expires 12/31/2025   1,293 
 62,670   ClimateRock, Strike Price $0.01, Expires 06/01/2027   6,267 
 35,695   Data Knights Acquisition Corp., Strike Price $11.50, Expires 12/31/2028   625 
 28,601   Deep Medicine Acquisition Corp., Strike Price $11.50, Expires 10/26/2023   9,724 
 52,566   Distoken Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   6,839 
 34,404   ESH Acquisition Corp., Strike Price $10.00, Expires 12/31/2049   4,128 
 65,633   Financial Strategies Acquisition Corp., Strike Price $11.50, Expires 03/31/2028   13 
 65,531   Globalink Investment, Inc., Strike Price $11.50, Expires 08/19/2023   5,898 
 64,668   Horizon Space Acquisition I Corp., Strike Price $0.01, Expires 12/31/2049   7,760 
 64,922   Kairous Acquisition Corp. ltd, Strike Price $11.50, Expires 11/24/2023   7,524 
 39,630   Lakeshore Acquisition II Corp., Strike Price $0.01, Expires 12/31/2049   6,143 
 67,493   Mars Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   15,517 
 67,514   Mountain Crest Acquisition Corp. V, Strike Price $0.01, Expires 12/31/2049   8,102 
 36,206   Nocturne Acquisition Corp., Strike Price $0.01, Expires 12/29/2025   5,069 
 69,600   NorthView Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   9,222 
 51,134   PHP Ventures Acquisition Corp., Strike Price $0.01, Expires 10/08/2022   4,715 

 

 

Shares   Description  Value
(Note 2)
 
 68,194   Redwoods Acquisition Corp., Strike Price $0.01, Expires 12/31/2049  $7,590 
 64,612   RF Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   5,234 
 32,618   Viveon Health Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   1,941 
 66,708   Welsbach Technology Metals Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   5,337 
 52,742   WinVest Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   3,164 
 60,341   Yotta Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   4,833 
           
TOTAL RIGHTS     
(Cost $298,936)    187,343 
           
WARRANTS (0.12%)(d)     
 1,245   7GC & Co. Holdings, Inc., Strike Price $11.50, Expires 12/31/2026   54 
 36,015   A SPAC I Acquisition Corp., Strike Price $11.50, Expires 05/21/2027   436 
 25,235   A SPAC II Acquisition Corp., Strike Price $11.50, Expires 05/03/2027   235 
 9,384   Abacus Life, Inc., Strike Price $11.50, Expires 07/01/2027   2,909 
 16,817   Accretion Acquisition Corp., Strike Price $11.50, Expires 03/01/2028   367 
 23,244   Ace Global Business Acquisition, Ltd., Strike Price $11.50, Expires 12/31/2027   688 
 28,748   Achari Ventures Holdings Corp. I, Strike Price $11.50, Expires 10/15/2026   1,009 
 14,320   Adit EdTech Acquisition Corp., Strike Price $11.50, Expires 12/31/2027   574 
 2,250   AEON Biopharma, Inc., Strike Price $11.50, Expires 07/21/2028   139 
 30,384   AGBA Group Holding, Ltd., Strike Price $11.50, Expires 05/10/2024   489 
 24,649   Allegro Merger Corp., Strike Price $11.50, Expires 12/31/2049    
 27,690   Alpha Star Acquisition Corp., Strike Price $11.50, Expires 12/13/2026   166 
 43,371   ALSP Orchid Acquisition Corp. I, Strike Price $11.50, Expires 11/30/2028   1,084 
 11,896   AltEnergy Acquisition Corp., Strike Price $11.50, Expires 11/02/2028   425 
 13,545   American Acquisition Opportunity, Inc., Strike Price $11.50, Expires 05/28/2026   677 
 57,051   Amprius Technologies, Inc., Strike Price $11.50, Expires 09/14/2027   11,125 
 8,612   Apexigen, Inc., Strike Price $11.50, Expires 07/29/2027   225 
 20,000   Ares Acquisition Corp., Strike Price $11.50, Expires 12/31/2027    
 130,463   Ares Acquisition Corp. II, Strike Price $11.50, Expires 06/12/2028   24,788 
 39,063   Arisz Acquisition Corp., Strike Price $11.50, Expires 11/16/2026   391 
 32,655   Ault Disruptive Technologies Corp., Strike Price $11.50, Expires 06/20/2028   526 
 72,474   Aurora Technology Acquisition Corp., Strike Price $11.50, Expires 02/07/2028   797 

 

 

Shares   Description  Value
(Note 2)
 
 51,497   Bannix Acquisition Corp., Strike Price $11.50, Expires 07/31/2026  $1,030 
 54,641   Battery Future Acquisition Corp., Strike Price $11.50, Expires 05/26/2028   2,049 
 54,328   Bellevue Life Sciences Acquisi, Strike Price $11.50, Expires 02/10/2028   1,413 
 81,786   Beneficient, Strike Price $11.50, Expires 06/07/2028   1,529 
 21,464   Bitcoin Depot, Inc., Strike Price $11.50, Expires 07/03/2028   3,220 
 29,424   Black Mountain Acquisition Corp., Strike Price $11.50, Expires 10/15/2027   736 
 7,840   Blockchain Coinvestors Acquisition Corp. I, Strike Price $11.50, Expires 11/01/2028   238 
 57,401   Blue Ocean Acquisition Corp., Strike Price $11.50, Expires 10/21/2028   2,852 
 21,512   Breeze Holdings Acquisition Corp., Strike Price $11.50, Expires 05/25/2027   4,421 
 16,504   Bridger Aerospace Group Holdings, Inc., Strike Price $11.50, Expires 01/25/2028   3,339 
 6,735   Brilliant Acquisition Corp., Strike Price $11.50, Expires 12/31/2025   364 
 23,792   Cactus Acquisition Corp. 1, Ltd., Strike Price $11.50, Expires 10/29/2026   550 
 15,319   Cardio Diagnostics Holdings, Inc., Strike Price $11.50, Expires 12/01/2026   613 
 10,367   CC Neuberger Principal Holdings III, Strike Price $11.50, Expires 12/31/2027   2,175 
 830   CF Acquisition Corp. IV, Strike Price $11.50, Expires 12/14/2025   40 
 6,768   CF Acquisition Corp. VIII, Strike Price $11.50, Expires 12/31/2027   677 
 31,909   Churchill Capital Corp. VI, Strike Price $11.50, Expires 12/31/2027   2,042 
 32,084   Churchill Capital Corp. VII, Strike Price $11.50, Expires 02/29/2028   6,417 
 31,335   ClimateRock, Strike Price $11.50, Expires 06/01/2027   783 
 15,030   Concord Acquisition Corp. II, Strike Price $11.50, Expires 12/31/2028   1,504 
 51,016   Conduit Pharmaceuticals, Inc., Strike Price $11.50, Expires 02/03/2027   1,530 
 2,087   Corner Growth Acquisition Corp., Strike Price $11.50, Expires 12/31/2027   152 
 11,670   Crescera Capital Acquisition Corp., Strike Price $11.50, Expires 11/19/2028   53 
 5,688   DHC Acquisition Corp., Strike Price $11.50, Expires 12/31/2027   284 
 19,208   Digital Health Acquisition Corp., Strike Price $11.50, Expires 11/04/2028   576 
 17,658   Direct Selling Acquisition Corp., Strike Price $11.50, Expires 09/30/2028   90 
 52,566   Distoken Acquisition Corp., Strike Price $11.50, Expires 03/30/2028   1,078 
 9,479   Dune Acquisition Corp., Strike Price $11.50, Expires 10/29/2027   214 
 2,171   ECARX Holdings, Inc., Strike Price $11.50, Expires 12/21/2027   77 
 14,153   Edify Acquisition Corp., Strike Price $11.50, Expires 12/31/2027   277 
 53,773   ESGL Holdings, Ltd., Strike Price $11.50, Expires 04/13/2028   355 

 

 

Shares   Description  Value
(Note 2)
 
 54,501   Euda Health Holdings, Ltd., Strike Price $11.50, Expires 09/24/2026  $5,586 
 54,641   EVe Mobility Acquisition Corp., Strike Price $11.50, Expires 12/31/2028   3,278 
 17,137   Everest Consolidator Acquisition Corp., Strike Price $11.50, Expires 07/19/2028   3,427 
 4,804   ExcelFin Acquisition Corp., Strike Price $11.50, Expires 10/21/2026   192 
 92   Falcon's Beyond Global, Inc., Strike Price $11.50, Expires 09/01/2027   50 
 65,633   Financial Strategies Acquisition Corp., Strike Price $11.50, Expires 03/31/2028   13 
 24,010   Finnovate Acquisition Corp., Strike Price $11.50, Expires 09/30/2026   531 
 426   Flame Acquisition Corp., Strike Price $11.50, Expires 12/31/2028   298 
 24,594   Forafric Global PLC, Strike Price $11.50, Expires 06/09/2027   24,594 
 20,705   FOXO Technologies, Inc., Strike Price $11.50, Expires 08/01/2027   60 
 22,574   Frontier Investment Corp., Strike Price $11.50, Expires 12/31/2026   907 
 7,176   Fusion Acquisition Corp. II, Strike Price $11.50, Expires 12/31/2027   287 
 30,880   FutureTech II Acquisition Corp., Strike Price $11.50, Expires 02/16/2027   1,090 
 67,312   Gardiner Healthcare Acquisitions Corp., Strike Price $11.50, Expires 07/30/2028   1,743 
 43,768   Genesis Growth Tech Acquisition Corp., Strike Price $11.50, Expires 05/19/2028   206 
 42,380   GigCapital5, Inc., Strike Price $11.50, Expires 12/31/2028   1,483 
 65,531   Globalink Investment, Inc., Strike Price $11.50, Expires 12/03/2026   655 
 20,390   Gorilla Technology Group, Inc., Strike Price $11.50, Expires 07/14/2027   922 
 25,071   Healthcare AI Acquisition Corp., Strike Price $11.50, Expires 12/14/2026   755 
 24,100   Hennessy Capital Investment Corp. VI, Strike Price $11.50, Expires 12/31/2027   1,207 
 64,668   Horizon Space Acquisition I Corp., Strike Price $11.50, Expires 01/26/2028   2,263 
 44,569   Hub Cyber Security, Ltd., Strike Price $11.50, Expires 02/27/2028   1,863 
 50,640   iCoreConnect, Inc., Strike Price $11.50, Expires 05/15/2028   5,064 
 31,971   Inflection Point Acquisition Corp. II, Strike Price $11.50, Expires 07/17/2028   6,714 
 7,150   Innovative International Acquisition Corp., Strike Price $11.50, Expires 07/01/2028   265 
 39,252   Integrated Rail and Resources Acquisition Corp., Strike Price $11.50, Expires 11/12/2026   4,710 
 43,768   Integrated Wellness Acquisition Corp., Strike Price $11.50, Expires 10/31/2028   5,515 
 1,067   InterPrivate III Financial Partners, Inc., Strike Price $11.50, Expires 12/31/2027   37 
 16,682   Jaws Mustang Acquisition Corp., Strike Price $11.50, Expires 01/30/2026   364 
 52,752   Jet.AI, Inc., Strike Price $11.50, Expires 08/12/2026   860 
 32,461   Kairous Acquisition Corp. ltd, Strike Price $11.50, Expires 09/15/2026   454 

 

 

Shares   Description  Value
(Note 2)
 
 31,452   Kensington Capital Acquisition Corp. V, Strike Price $11.50, Expires 08/13/2028  $3,554 
 15,057   Kingswood Acquisition Corp., Strike Price $11.50, Expires 05/01/2027   226 
 19,815   Lakeshore Acquisition II Corp., Strike Price $11.50, Expires 11/18/2026   297 
 55,368   LAMF Global Ventures Corp. I, Strike Price $11.50, Expires 11/11/2026   2,276 
 4,787   Learn CW Investment Corp., Strike Price $11.50, Expires 12/31/2028   168 
 49,230   LIV Capital Acquisition Corp. II, Strike Price $11.50, Expires 02/16/2027   1,083 
 7,755   Maquia Capital Acquisition Corp., Strike Price $11.50, Expires 12/31/2027   233 
 16,878   MicroAlgo, Inc., Strike Price $11.50, Expires 12/31/2027   844 
 41,578   Monterey Innovation Acquisition Corp., Strike Price $11.50, Expires 10/01/2026   832 
 14,063   Moolec Science SA, Strike Price $11.50, Expires 09/27/2027   353 
 2,547   Moringa Acquisition Corp., Strike Price $11.50, Expires 02/10/2026   76 
 13,723   MSP Recovery, Inc., Strike Price $0.01, Expires 02/14/2026   2,607 
 20,306   MultiMetaVerse Holdings, Ltd., Strike Price $11.50, Expires 03/15/2027   447 
 31,288   Nabors Energy Transition Corp., Strike Price $11.50, Expires 11/17/2026   4,693 
 33,472   Nabors Energy Transition Corp. II, Strike Price $11.50, Expires 09/05/2028   5,021 
 4,126   Near Intelligence, Inc., Strike Price $11.50, Expires 07/08/2027   25 
 21,081   Newbury Street Acquisition Corp., Strike Price $11.50, Expires 12/31/2027   2,319 
 9,620   Newcourt Acquisition Corp., Strike Price $11.50, Expires 04/12/2028   126 
 9,664   NKGen Biotech, Inc., Strike Price $11.50, Expires 05/31/2028   586 
 4,228   Northern Revival Acquisition Corp., Strike Price $11.50, Expires 12/31/2027   96 
 34,800   NorthView Acquisition Corp., Strike Price $11.50, Expires 08/02/2027   922 
 5,790   Nuburu, Inc., Strike Price $11.50, Expires 09/07/2027   116 
 32,014   Nvni Group, Ltd., Strike Price $11.50, Expires 11/01/2028   1,281 
 48,836   OceanTech Acquisitions I Corp., Strike Price $11.50, Expires 05/10/2026   786 
 45,872   OmniLit Acquisition Corp., Strike Price $11.50, Expires 11/08/2026   3,573 
 8,341   Onyx Acquisition Co. I, Strike Price $11.50, Expires 11/30/2028   184 
 58,811   OPY Acquisition Corp. I, Strike Price $11.50, Expires 09/22/2027   2,058 
 23,946   Osiris Acquisition Corp., Strike Price $11.50, Expires 05/01/2028   520 
 53,236   Oxus Acquisition Corp., Strike Price $11.50, Expires 08/26/2026   4,791 
 1,733   Peak Bio, Inc., Strike Price $11.50, Expires 12/31/2027   5 
 5,294   Phoenix Biotech Acquisition Corp., Strike Price $11.50, Expires 09/01/2026   159 
 25,567   PHP Ventures Acquisition Corp., Strike Price $11.50, Expires 08/16/2028   511 

 

 

Shares   Description  Value
(Note 2)
 
 32,271   Pono Capital Three, Inc., Strike Price $11.50, Expires 04/03/2028  $1,413 
 65,632   Power & Digital Infrastructure Acquisition II Corp., Strike Price $11.50, Expires 12/14/2028   5,894 
 7,982   Prenetics Global, Ltd., Strike Price $8.91, Expires 05/17/2027   129 
 35,388   Presto Automation, Inc., Strike Price $11.50, Expires 09/21/2027   2,035 
 16,945   Priveterra Acquisition Corp. II, Strike Price $11.50, Expires 01/08/2026   542 
 19,034   Project Energy Reimagined Acquisition Corp., Strike Price $11.50, Expires 12/31/2028   1,028 
 34,072   PROOF Acquisition Corp. I, Strike Price $11.50, Expires 12/03/2028   2,092 
 15,120   ProSomnus, Inc., Strike Price $11.50, Expires 04/20/2028   739 
 33,768   Prospector Capital Corp., Strike Price $11.50, Expires 01/01/2025   1,891 
 2,383   Pyrophyte Acquisition Corp., Strike Price $11.50, Expires 12/17/2023   131 
 30,397   Quantum FinTech Acquisition Corp., Strike Price $11.50, Expires 12/31/2027   1,520 
 68,194   Redwoods Acquisition Corp., Strike Price $11.50, Expires 03/15/2027   2,257 
 37,808   Relativity Acquisition Corp., Strike Price $11.50, Expires 02/11/2027   1,781 
 64,612   RF Acquisition Corp., Strike Price $11.50, Expires 05/01/2028   1,305 
 69   RMG Acquisition Corp. III, Strike Price $11.50, Expires 12/31/2027   3 
 15,598   Roadzen, Inc., Strike Price $11.50, Expires 11/30/2028   546 
 953   Roth CH Acquisition Co., Strike Price $11.50, Expires 10/29/2028   44 
 30,975   Roth CH Acquisition V Co., Strike Price $11.50, Expires 12/10/2026   1,409 
 21,721   Screaming Eagle Acquisition Corp., Strike Price $11.50, Expires 12/15/2027   2,607 
 31,863   SeaStar Medical Holding Corp., Strike Price $11.50, Expires 01/26/2026   1,415 
 3,201   Semper Paratus Acquisition Corp., Strike Price $11.50, Expires 11/04/2026   144 
 17,810   SHUAA Partners Acquisition Corp. I, Strike Price $11.50, Expires 03/02/2027   892 
 41,618   Sizzle Acquisition Corp., Strike Price $11.50, Expires 03/12/2026   3,371 
 51,043   SMX Security Matters PLC, Strike Price $253.00, Expires 03/07/2028   771 
 46,715   Southland Holdings, Inc., Strike Price $11.50, Expires 09/01/2026   21,489 
 32,793   Southport Acquisition Corp., Strike Price $11.50, Expires 05/24/2028   1,148 
 10,806   SportsMap Tech Acquisition Corp., Strike Price $11.50, Expires 09/01/2027   332 
 77,424   Spree Acquisition Corp. 1, Ltd., Strike Price $11.50, Expires 12/22/2028   1,022 
 28,602   SunCar Technology Group, Inc., Strike Price $11.50, Expires 05/18/2028   5,906 
 32,785   Swiftmerge Acquisition Corp., Strike Price $11.50, Expires 06/17/2028   1,640 
 25,664   TG Venture Acquisition Corp., Strike Price $11.50, Expires 08/15/2028   646 

 

 

Shares   Description  Value
(Note 2)
 
 6,195   TLGY Acquisition Corp., Strike Price $11.50, Expires 01/14/2028  $193 
 19,616   Tristar Acquisition I Corp., Strike Price $11.50, Expires 12/31/2028   490 
 2,277   Twelve Seas Investment Co. II, Strike Price $11.50, Expires 03/02/2028   85 
 32,618   Viveon Health Acquisition Corp., Strike Price $11.50, Expires 12/31/2027   196 
 52,742   WinVest Acquisition Corp., Strike Price $11.50, Expires 08/09/2026   290 
 24,668   Worldwide Webb Acquisition Corp., Strike Price $11.50, Expires 10/20/2026   3,698 
 60,341   Yotta Acquisition Corp., Strike Price $11.50, Expires 03/15/2027   700 
 14,153   Zapp Electric Vehicles Group, Ltd., Strike Price $11.50, Expires 03/03/2028   92 
 48,471   ZyVersa Therapeutics, Inc., Strike Price $11.50, Expires 12/20/2026   3,393 
           
TOTAL WARRANTS     
(Cost $1,169,948)    279,222 
           
EXCHANGE-TRADED FUNDS (1.23%)     
 50,000   Utilities Select Sector SPDR® Fund   2,984,500 
           
TOTAL EXCHANGE-TRADED FUNDS     
(Cost $2,922,186)    2,984,500 

 

Principal           Maturity   Value 
Amount   Description  Rate   Date   (Note 2) 
GOVERNMENT BOND (12.55%)               
 10,662,000   U.S. Treasury Bond   3.625%   02/15/53    8,310,946 
 4,000,000   U.S. Treasury Bond   4.000%   11/15/52    3,343,750 
 3,000,000   U.S. Treasury Note   3.000%   07/31/24    2,945,380 
 5,000,000   U.S. Treasury Note   3.250%   08/31/24    4,908,986 
 10,000,000   U.S. Treasury Note   4.250%   09/30/24    9,866,997 
 1,000,000   U.S. Treasury Note   4.500%   11/30/24    990,169 
                     
TOTAL GOVERNMENT BOND               
(Cost $33,366,191)             30,366,228 
                     
             7-Day    Value 
Shares   Description       Yield   (Note 2) 
SHORT-TERM INVESTMENTS (6.85%)               
 16,567,994   State Street Institutional Treasury Money Market Fund Premier Class    5.309%   16,567,994 
                     
TOTAL SHORT-TERM INVESTMENTS               
(Cost $16,567,994)             16,567,994 
                     
TOTAL INVESTMENTS (138.50%)               
(Cost $351,693,223)            $335,138,709 
                     
Series A Cumulative Perpetual Preferred Shares (40.39%)    (97,750,000)
Other Assets In Excess Of Liabilities (1.89%)(e)    4,609,034 
NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS (100.00%)   $241,997,744 

 

 

SCHEDULE OF SECURITIES SOLD SHORT
Description  Shares   Value
(Note 2)
 
EXCHANGE TRADED FUNDS - COMMON SHARES (-11.51%)          
Invesco S&P 500 Equal Weight ETF   (165,000)  $(22,411,950)
SPDR S&P 500 ETF Trust   (13,000)   (5,436,600)
           
TOTAL EXCHANGE TRADED FUNDS - COMMON SHARES        (27,848,550)
           
TOTAL SECURITIES SOLD SHORT          
(Proceeds $31,118,378)       $(27,848,550)

 

(a) All or a portion of the security is pledged as collateral for securities sold short. As of October 31, 2023, the aggregate value of those securities was $16,205,500 representing 6.69% of net assets.
(b) Perpetual maturity.
(c) Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2023, the market value of those Rule 144A securities held by the Fund was $7,934,760 representing 3.28% of the Fund's net assets.
(d) Non-income producing security.
(e) Includes cash in the amount of $34,898,120 which is being held as collateral for securities sold short.

 

See Notes to Quarterly Statement of Investments.

 

 

RiverNorth Opportunities Fund, Inc. 

Notes to Quarterly Statement of Investments 

October 31, 2023 (Unaudited)

 

1. ORGANIZATION 

 

RiverNorth Opportunities Fund, Inc. (the “Fund”) is a Maryland corporation registered as a diversified, closed-end management investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).

 

The Fund’s 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, exchange-traded funds (“ETFs”), business development companies (“BDCs” and collectively, “Underlying Funds”) and special purpose acquisition companies (“SPACs”). All Underlying Funds are registered under the Securities Act of 1933, as amended (the “Securities Act”). The Fund incurs higher and additional expenses when it invests in Underlying Funds. There is also the risk that the Fund may suffer losses due to the investment practices or operations of the Underlying Funds. To the extent that the Fund invests in one or more Underlying Funds that concentrate in a particular industry, the Fund would be vulnerable to factors affecting that industry and the concentrating Underlying Funds’ performance, and that of the Fund, may be more volatile than Underlying Funds that do not concentrate. In addition, one Underlying Fund may purchase a security that another Underlying Fund is selling.

 

Under normal circumstances, the Fund intends to maintain long positions in Underlying Funds, but may engage in short sales for investment purposes. When the Fund engages in a short sale, it sells a security it does not own and, to complete the sale, borrows the same security from a broker or other institution. The Fund may benefit from a short position when the shorted security decreases in value.

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

Use of Estimates: The preparation of the financial statements in accordance with accounting principles generally accepted in the United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts and disclosures, including the disclosure of contingent assets and liabilities, in the financial statements during the period reported. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Fund ultimately realizes upon sale of the securities. The Fund is considered an investment company under GAAP and follows the accounting and reporting guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification (“ASC”) Topic 946. The financial statements have been prepared as of the close of the New York Stock Exchange (“NYSE”) on October 31, 2023.

 

Portfolio Valuation: The net asset value per share of the Fund is determined daily, on each day that the NYSE is open for trading, as of the close of regular trading on the NYSE (normally 4:00 p.m. New York time). The Fund’s net asset value per share is calculated by dividing the value of the Fund’s total assets, less its liabilities by the number of shares outstanding.

 

Securities Transactions and Investment Income: Investment security transactions are accounted for on a trade date basis. Dividend income is recorded on the ex-dividend date. Interest income, which includes accretion of discounts and amortization of premiums calculated using yield to maturity, is accrued and recorded as earned. Realized gains and losses from securities transactions and unrealized appreciation and depreciation of securities are determined using the specific identification method for both financial reporting and tax purposes.

 

Fair Value Measurements: Fair value is defined as the price that the Fund might reasonably expect to receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

 

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including using such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

 

Various inputs are used in determining the value of the Fund’s investments as of the end of the reporting period. These inputs are categorized in the following hierarchy under applicable financial accounting standards: 

 

 

  Level 1 Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;
       
  Level 2 Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and
       
  Level 3 Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

  

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

 

Equity securities, including closed-end funds and business development company notes, are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices more accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the Fund will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security will be classified as a Level 2 security. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Adviser, as valuation designee, in conformity with guidelines adopted by and subject to review by the Board. These securities will be categorized as Level 3 securities.

 

Investments in mutual funds, including short term investments, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be classified as Level 1 securities.

 

Domestic and foreign fixed income securities, including foreign and U.S. corporate bonds, foreign and U.S. government bonds, non-agency collateralized mortgage obligations, U.S. Government/Agency mortgage backed securities, bank loans, and collateralized loan obligations are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services.

 

Foreign currency positions, including forward foreign currency contracts, are priced at the mean between the closing bid and asked prices at 4:00 p.m. Eastern Time. Prices obtained from independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Data used to establish quotes includes analysis of cash flows, pre-payment speeds, default rates, delinquency assumptions and assumptions regarding collateral and loss assumptions. These securities will be classified as Level 2 securities.

 

Pursuant to the requirements of Rule 2a-5 under the 1940 Act, the Board approved updated valuation procedures for the Fund and designated the Adviser as the Fund's valuation designee to make all fair valuation determinations with respect to the Fund's portfolio investments, subject to the Board's oversight.

 

In accordance with the Fund’s good faith pricing guidelines, the Adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Adviser would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) discounted cash flow models; (iii) weighted average cost or weighted average price; (iv) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (v) yield to maturity with respect to debt issues, or a combination of these and other methods. Good faith pricing is permitted if, in the Adviser’s opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before the Fund’s NAV calculation that may affect a security’s value, or the Adviser is aware of any other data that calls into question the reliability of market quotations.

 

Good faith pricing may also be used in instances when the bonds in which the Fund invests default or otherwise cease to have market quotations readily available.

 

The following is a summary of the inputs used to value the Fund’s investments as of October 31, 2023: 

 

 

 

Investments in Securities at Value  Level 1 -
Quoted Prices
   Level 2 -
Other Significant Observable Inputs
   Level 3 -
Significant Unobservable Inputs
   Total 
Closed-End Funds - Common Shares  $197,783,254   $   $   $197,783,254 
Business Development Companies - Preferred Shares   7,113,388            7,113,388 
Business Development Company Notes       4,809,240        4,809,240 
Corporate Bonds       42,519,119        42,519,119 
Special Purpose Acquisition Companies - Common Shares/Units   32,366,974    161,447        32,528,421 
Rights   187,330    13        187,343 
Warrants   263,393    15,829        279,222 
Exchange-Traded Funds   2,984,500            2,984,500 
Government Bond       30,366,228        30,366,228 
Short-Term Investments   16,567,994            16,567,994 
Total  $257,266,833   $77,871,876   $   $335,138,709 
Other Financial Instruments                    
Liabilities:                    
Securities Sold Short                    
Exchange Traded Funds - Common Shares  $(27,848,550)  $   $   $(27,848,550)
Total  $(27,848,550)  $   $   $(27,848,550)

 

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value, and there were no transfers into or out of Level 3, during the period.

 

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. The Fund and the Underlying Funds cannot guarantee that the security will be available at an acceptable price. Positions in shorted securities are speculative and more risky than long positions (purchases) in securities because the maximum sustainable loss on a security purchased is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price of the shorted security. Therefore, in theory, securities sold short have unlimited risk. Short selling will also result in higher transaction costs (such as interest and dividends), and may result in higher taxes, which reduce a fund’s return.

 

Special Purpose Acquisition Company Risk: The Fund may invest in SPACs. SPACs are collective investment structures that pool funds in order to seek potential acquisition opportunities. SPACs are generally publicly traded companies that raise funds through an initial public offering (“IPO”) for the purpose of acquiring or merging with another company to be identified subsequent to the SPAC’s IPO. The securities of a SPAC are often issued in “units” that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. Unless and until an acquisition is completed, a SPAC generally invests its assets (less an amount to cover expenses) in U.S. Government securities, money market fund securities and cash. SPACs and similar entities may be blank check companies with no operating history or ongoing business other than to seek a potential acquisition. Accordingly, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. If an acquisition or merger that meets the requirements for the SPAC is not completed within a predetermined period of time, the invested funds are returned to the entity’s shareholders, less certain permitted expenses. Accordingly, any rights or warrants issued by the SPAC will expire worthless. Certain private investments in SPACs may be illiquid and/or be subject to restrictions on resale. Additionally, the Fund may acquire certain private rights and other interests issued by a SPAC (commonly referred to as “founder shares”), which may be subject to forfeiture or expire worthless and which typically have more limited liquidity than SPAC shares issued in an IPO. To the extent the SPAC is invested in cash or similar securities, this may impact a Fund’s ability to meet its investment objective.

 

Private Debt Risk: The Fund may invest in notes issued by private funds (“private debt”). Private debt often may be illiquid and is typically not listed on an exchange and traded less actively than similar securities issued by public funds. For certain private debt, trading may only be possible through the assistance of the broker who originally brought the security to the market and has a relationship with the issuer. Due to the limited trading market, independent pricing services may be unable to provide a price for private debt, and as such the fair value of the securities may be determined in good faith under procedures approved by the Board, which typically will include the use of one or more independent broker quotes.

 

 

Rights and Warrants Risks: Warrants are securities giving the holder the right, but not the obligation, to buy the stock of an issuer at a given price (generally higher than the value of the stock at the time of issuance) during a specified period or perpetually. Warrants do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase and they do not represent any rights in the assets of the issuer. As a result, warrants may be considered to have more speculative characteristics than certain other types of investments. In addition, the value of a warrant does not necessarily change with the value of the underlying securities and a warrant ceases to have value if it is not exercised prior to its expiration date.

 

Rights are usually granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued to the public. The right entitles its holder to buy common stock at a specified price. Rights have similar features to warrants, except that the life of a right is typically much shorter, usually a few weeks.

 

On October 28, 2020, the SEC adopted Rule 18f-4 under the 1940 Act providing for the regulation of the use of derivatives and certain related instruments by registered investment companies. Rule 18f-4 prescribes specific value-at-risk leverage limits for certain derivatives users. In addition, Rule 18f-4 requires certain derivatives users to adopt and implement a derivatives risk management program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements) and prescribes reporting requirements in respect of derivatives. Subject to certain conditions, if a fund qualifies as a “limited derivatives user,” as defined in Rule 18f-4, it is not subject to the full requirements of Rule 18f-4. In connection with the adoption of Rule 18f-4, the SEC rescinded certain of its prior guidance regarding asset segregation and coverage requirements in respect of derivatives transactions and related instruments. The Fund was required to comply with Rule 18f-4 beginning August 19, 2022 and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.Rule 18f-4 under the 1940 Act requires funds that invest in derivatives above a specified amount to adopt and implement a derivatives risk management program ("DRMP") administered by a derivatives risk manager that is appointed by and overseen by the fund's board of trustees, and to comply with an outer limit on fund leverage risk based on value at risk, or "VaR." The Fund has established a DRMP and appointed a derivatives risk manager to administer the DRMP, consistent with Rule 18f-4.

 

During the period ended October 31, 2023, the Fund invested in rights and warrants, which are disclosed in the Statement of Investments.

 

Market and Geopolitical Risk: The value of your investment in the Fund is based on the market prices of the securities the Fund holds. These prices change daily due to economic and other events that affect markets generally, as well as those that affect particular regions, countries, industries, companies or governments. These price movements, sometimes called volatility, may be greater or less depending on the types of securities the Fund owns and the markets in which the securities trade. The increasing interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions. The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters, social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could have a significant adverse impact on the value and risk profile of the Fund’s portfolio. There is a risk that you may lose money by investing in the Fund.