RiverNorth Opportunities Fund (RIV) NPORT-P RiverNorth Opportunities Fund Inc. (Apr 2020 report)

RiverNorth Opportunities Fund, Inc.

Statement of Investments

April 30, 2020 (Unaudited)

Description	Shares		Value (Note 2)
CLOSED-END FUNDS - COMMON SHARES (71.27%)
Aberdeen Emerging Markets Equity Income Fund, Inc.		310,305	$	1,737,708
Aberdeen Total Dynamic Dividend Fund		463,322		3,340,552
AllianzGI Artificial Intelligence & Technology Opportunities Fund		36,740		655,442
AllianzGI NFJ Dividend Interest & Premium Strategy Fund		271,227		2,869,582
Barings Corporate Investors		29,206		401,033
Barings Participation Investors		15,118		171,589
BlackRock California Municipal Income Trust		24,540		299,388
BlackRock Debt Strategies Fund, Inc.		525,772		4,821,329
BlackRock Muni New York Intermediate Duration Fund, Inc.		63,487		903,737
BlackRock MuniHoldings California Quality Fund, Inc.		8,937		113,500
BlackRock New York Municipal Bond Trust		81,156		1,168,646
BlackRock New York Municipal Income Quality Trust		143,197		1,726,956
BlackRock Resources & Commodities Strategy Trust		456,408		2,551,321
BrandywineGLOBAL - Global Income Opportunities Fund, Inc.(a)		357,123		3,989,064
Clough Global Equity Fund		190,722		1,848,096
Clough Global Opportunities Fund(a)		300,858		2,382,795
Cohen & Steers Quality Income Realty Fund, Inc.		233,998		2,339,980
Delaware Enhanced Global Dividend & Income Fund		158,072		1,262,995
DTF Tax-Free Income, Inc.		166,827		2,242,155
Eaton Vance Floating-Rate Income Plus Fund		218,844		2,840,595
Eaton Vance Limited Duration Income Fund(a)		243,225		2,646,288
Eaton Vance Municipal Bond Fund		244,392		2,930,260
Eaton Vance Senior Income Trust		322,575		1,603,198
Eaton Vance Tax-Managed Buy-Write Strategy Fund		25,569		222,962
First Trust Senior Floating Rate Income Fund II		34,687		361,439
Highland Global Allocation Fund		207,256		1,050,788
Highland Income Fund		300,841		2,232,240
India Fund, Inc.		16,754		244,273
Invesco Dynamic Credit Opportunities Fund		109,176		908,344
Invesco High Income Trust II		120,789		1,307,819
Invesco Senior Income Trust		380,575		1,263,509
John Hancock Tax-Advantaged Global Shareholder Yield Fund		93,107		486,019
Kayne Anderson Midstream/Energy Fund, Inc.		192,971		868,369
Kayne Anderson MLP/Midstream Investment Co.		312,442		1,652,818
Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		28,617		152,529
Neuberger Berman High Yield Strategies Fund, Inc.		21,565		210,259
Neuberger Berman New York Municipal Fund, Inc.		92,391		1,008,910
NexPoint Credit Strategies Fund		142,230		1,385,320
Nuveen Credit Strategies Income Fund		271,710		1,603,089
Nuveen Dividend Advantage Municipal Income Fund		68,583		956,047
Nuveen Georgia Quality Municipal Income Fund		127,994		1,471,931
Nuveen Intermediate Duration Quality Municipal Term Fund		13,740		179,032
Nuveen New York Municipal Value Fund 2		40,355		529,054
Nuveen Ohio Quality Municipal Income Fund		25,298		357,714
PGIM Global High Yield Fund, Inc.(a)		474,681		5,568,008
PGIM High Yield Bond Fund, Inc.		128,648		1,586,230
PIMCO Energy & Tactical Credit Opportunities Fund		315,975		2,486,723
Pioneer Floating Rate Trust		163,207		1,367,675
Putnam Municipal Opportunities Trust		16,267		189,185
Royce Micro-Cap Trust, Inc.		233,042		1,554,390
Source Capital, Inc.		70,467		2,255,733
Special Opportunities Fund, Inc.		75,769		780,421

Description	Shares		Value (Note 2)
The Swiss Helvetia Fund, Inc.		127,223	$	938,906
Templeton Global Income Fund		321,422		1,738,893
Voya Global Equity Dividend and Premium Opportunity Fund		294,817		1,465,240
Voya Natural Resources Equity Income Fund		286,427		707,475
Voya Prime Rate Trust(a)		1,273,755		5,044,070
Wells Fargo Income Opportunities Fund		113,293		771,525
Western Asset Global High Income Fund, Inc.		272,934		2,295,375
TOTAL CLOSED-END FUNDS - COMMON SHARES
(Cost $109,672,772)				92,048,523
CLOSED-END FUNDS - PREFERRED SHARES (0.74%)
PennantPark Investment Corp.		30,979		647,461
WhiteHorse Finance, Inc.		13,249		311,484
TOTAL CLOSED-END FUNDS - PREFERRED SHARES
(Cost $1,094,059)				958,945
BUSINESS DEVELOPMENT COMPANIES - COMMON SHARES (5.04%)
Barings BDC, Inc.(a)		963,209		6,511,293
TOTAL BUSINESS DEVELOPMENT COMPANIES - COMMON SHARES
(Cost $8,778,320)				6,511,293
BUSINESS DEVELOPMENT COMPANY NOTES - PREFERRED SHARES (5.34%)
Capital Southwest Corp., 5.95%, 12/15/2022		15,668		363,028
Monroe Capital Corp., 5.75%, 10/31/2023		31,867		688,008
Oxford Square Capital Corp., 6.50%, 3/30/2024		117,106		2,559,937
Portman Ridge Finance Corp., 6.13%, 9/30/2022		35,346		728,481
Stellus Capital Investment Corp., 5.75%, 9/15/2022		18,081		387,865
THL Credit, Inc., 6.75%, 12/30/2022		33,487		795,316
THL Credit, Inc., 6.13%, 10/30/2023		45,456		1,077,644
TriplePoint Venture Growth BDC Corp., 5.75%, 7/15/2022		12,985		295,798
TOTAL BUSINESS DEVELOPMENT COMPANY NOTES - PREFERRED SHARES
(Cost $7,043,020)				6,896,077

			Maturity		Principal		Value
Description	Rate		Date		Amount		(Note 2)
CONVERTIBLE CORPORATE BONDS (3.62%)
Ares Capital Corp.	3.750	%	02/01/22	$	1,000,000	$	961,500
BlackRock Capital Investment Corp.	5.000	%	06/15/22		1,582,335		1,236,199
BlackRock TCP Capital Corp.	4.625	%	03/01/22		699,500		655,136
Goldman Sachs BDC, Inc.	4.500	%	04/01/22		500,000		475,000
New Mountain Finance Corp.	5.750	%	08/15/23		1,000,000		851,118
TPG Specialty Lending, Inc.	4.500	%	08/01/22		500,000		495,625
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $4,691,457)							4,674,578
CORPORATE BONDS (0.49%)
Business Development Corp. of America(b)	4.850	%	12/15/24		725,000		638,552
TOTAL CORPORATE BONDS
(Cost $725,000)							638,552

Description	Shares		Value (Note 2)
SPECIAL PURPOSE ACQUISITION COMPANIES - COMMON SHARES (15.48%)(c)
8i Enterprises Acquisition Corp.		23,872	$	242,540
Act II Global Acquisition Corp.		13,142		132,340
Agba Acquisition, Ltd.		30,883		327,360
Alberton Acquisition Corp.		22,730		246,848
Alussa Energy Acquisition Corp.		33,782		336,131
Amplitude Healthcare Acquisition Corp.		47,778		481,602
Andina Acquisition Corp. III		29,708		302,427
Apex Technology Acquisition Corp.		6,941		70,590
CC Neuberger Principal Holdings I		43,113		435,010
Chardan Healthcare Acquisition 2 Corp.		29,794		296,748
Churchill Capital Corp. II		56,978		615,362
CIIG Merger Corp.		19,510		195,490
Crescent Acquisition Corp.		39,846		416,391
dMY Technology Group, Inc.		62,164		629,100
East Stone Acquisition Corp.		41,399		408,608
Far Point Acquisition Corp., Class A		5,103		52,000
FinTech Acquisition Corp. III		35,478		370,745
Flying Eagle Acquisition Corp.		29,396		305,424
Galileo Acquisition Corp.		9,373		98,745
GigCapital2, Inc.		23,193		238,192
Greenrose Acquisition Corp.		74,128		726,825
Greenvision Acquisition Corp.		65,740		691,256
GX Acquisition Corp.		21,598		220,300
Haymaker Acquisition Corp. II		15,939		164,411
Healthcare Merger Corp.		9,755		99,452
Hennessy Capital Acquisition Corp. IV		44,040		465,283
Insurance Acquisition Corp.		6,376		68,733
InterPrivate Acquisition Corp.		72,070		727,907
Juniper Industrial Holdings, Inc.		1,301		13,238
Landcadia Holdings II, Inc.		37,799		385,928
LF Capital Acquisition Corp., Class A		33,437		348,079
LifeSci Acquisition Corp.		24,497		245,215
LIV Capital Acquisition Corp.		46,360		470,554
Longevity Acquisition Corp.		24,043		254,014
Megalith Financial Acquisition Corp.		35,972		371,950
Merida Merger Corp. I		61,365		594,013
Monocle Acquisition Corp.		7,363		75,029
Netfin Acquisition Corp.		25,065		255,914
New Providence Acquisition Corp.		16,868		172,897
Newborn Acquisition Corp.		26,810		265,955
Orisun Acquisition Corp.		36,130		368,526
Osprey Technology Acquisition Corp.		31,260		314,945
Pivotal Investment Corp. II		30,504		308,395
Proficient Alpha Acquisition Corp.		34,883		353,016
PropTech Acquisition Corp.		24,696		248,812
Pure Acquisition Corp.		42,170		441,942
Replay Acquisition Corp.		21,524		217,500
SC Health Corp.		5,789		60,640
Schultze Special Purpose Acquisition Corp.		30,224		307,680
Silver Spike Acquisition Corp.		25,306		255,591
South Mountain Merger Corp.		30,930		326,002
Stable Road Acquisition Corp.		13,092		129,938
Tenzing Acquisition Corp.		29,977		318,056
Thunder Bridge Acquisition II, Ltd.		16,262		167,336
Tottenham Acquisition I, Ltd.		24,729		263,364
Trine Acquisition Corp.		30,246		318,188
Tuscan Holdings Corp.		43,548		455,294

Description	Shares		Value (Note 2)
Tuscan Holdings Corp. II		92,638	$	915,263
Union Acquisition Corp. II		5,982		59,700
VectoIQ Acquisition Corp.		47,906		634,755
Wealthbridge Acquisition, Ltd.		22,108		220,748
Yunhong International		49,213		487,209
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES - COMMON SHARES
(Cost $19,320,438)				19,991,506
RIGHTS (0.09%)(c)
8i Enterprises Acquisition Corp., Strike Price $11.50, Expires 12/31/2049		23,872		6,338
Andina Acquisition Corp. III, Strike Price $11.50, Expires 12/31/2049		29,708		3,862
Atlas Technical Consultants, Inc., Strike Price $11.50, Expires 11/26/2025		20,683		10,342
Big Rock Partners Acquisition Corp., Strike Price $11.50, Expires 12/31/2049		35,482		4,081
Golub Capital BDC, Inc., Strike Price $9.17, Expires 05/08/2020		120,235		77,371
HL Acquisitions Corp., Strike Price $11.50, Expires 07/19/2023		30,748		3,997
KBL Merger Corp. IV, Strike Price $11.50, Expires 07/01/2023		20,375		1,326
Longevity Acquisition Corp., Strike Price $11.50, Expires 12/31/2049		24,043		3,005
Tottenham Acquisition I, Ltd., Strike Price $11.50, Expires 12/31/2049		24,729		3,044
Wealthbridge Acquisition, Ltd., Strike Price $11.50, Expires 03/01/2024		22,108		8,401
TOTAL RIGHTS
(Cost $149,010)				121,767
WARRANTS (0.31%)(c)
8i Enterprises Acquisition Corp., Strike Price $11.50, Expires 10/01/2025		23,872		3,963
Act II Global Acquisition Corp., Strike Price $11.50, Expires 04/30/2024		6,571		3,959
Alta Equipment Group, Inc., Strike Price $11.50, Expires 04/08/2024		10,909		8,727
American Virtual Cloud Technologies, Inc., Strike Price $11.50, Expires 08/08/2022		19,431		874
Andina Acquisition Corp. III, Strike Price $11.50, Expires 03/06/2024		29,708		1,782
Betterware de Mexico SAPI de CV, Strike Price $11.50, Expires 03/13/2025		48,372		10,884
Big Rock Partners Acquisition Corp., Strike Price $11.50, Expires 12/01/2022		17,741		899
Brooge Energy, Ltd., Strike Price $11.50, Expires 07/14/2023		41,758		27,143
Far Point Acquisition Corp., Strike Price $11.50, Expires 06/03/2025		1,701		774
Graf Industrial Corp., Strike Price $11.50, Expires 12/31/2025		47,967		18,707
Grid Dynamics Holdings, Inc., Strike Price $11.50, Expires 09/30/2023		8,053		13,006
HL Acquisitions Corp., Strike Price $11.50, Expires 07/19/2023		30,748		1,922
Immunovant, Inc., Strike Price $11.50, Expires 04/01/2024		13,788		48,947
KBL Merger Corp. IV, Strike Price $11.50, Expires 07/01/2023		14,899		849
KLDiscovery, Inc., Strike Price $11.50, Expires 12/01/2025		9,896		1,979
Legacy Acquisition Corp., Strike Price $11.50, Expires 12/01/2022		29,594		10,358

Description	Shares		Value (Note 2)
Leisure Acquisition Corp., Strike Price $11.50, Expires 12/28/2022		28,414	$	4,262
LF Capital Acquisition Corp., Strike Price $11.50, Expires 06/28/2023		33,437		9,362
Longevity Acquisition Corp., Strike Price $11.50, Expires 07/31/2025		24,043		1,683
Megalith Financial Acquisition Corp., Strike Price $11.50, Expires 09/21/2023		35,972		6,878
Merida Merger Corp. I, Strike Price $11.50, Expires 11/07/2026		30,682		11,659
Meten EdtechX Education Group, Ltd., Strike Price $11.50, Expires 03/16/2025		16,106		6,120
Monocle Acquisition Corp., Strike Price $11.50, Expires 06/12/2024		7,363		1,473
Schultze Special Purpose Acquisition Corp., Strike Price $11.50, Expires 12/31/2023		30,224		4,534
Tenzing Acquisition Corp., Strike Price $11.50, Expires 08/23/2025		29,977		2,398
Tottenham Acquisition I, Ltd., Strike Price $11.50, Expires 06/06/2025		24,729		764
Trident Acquisitions Corp., Strike Price $11.50, Expires 06/14/2021		50,476		2,271
VectoIQ Acquisition Corp., Strike Price $11.50, Expires 06/12/2023		47,906		197,373
Wealthbridge Acquisition, Ltd., Strike Price $11.50, Expires 02/05/2024		22,108		1,769
TOTAL WARRANTS
(Cost $288,409)				405,319

	7-Day					Value
Description	Yield			Shares		(Note 2)
SHORT-TERM INVESTMENTS (6.66%)
State Street Institutional Treasury Money Market Fund		0.286	%		8,595,682		8,595,682
TOTAL SHORT-TERM INVESTMENTS
(Cost $8,595,682)							8,595,682
TOTAL INVESTMENTS (109.04%)
(Cost $160,358,167)						$	140,842,242
Liabilities in Excess of Other Assets (-9.04%)(d)							(11,690,517	)
NET ASSETS (100.00%)						$	129,151,725

SCHEDULE OF SECURITIES SOLD SHORT(c)
Description	Shares			Value (Note 2)
EXCHANGE TRADED FUNDS - COMMON SHARES (-7.05%)
iShares® iBoxx $ High Yield Corporate Bond Fund		(16,644	)	$	(1,338,677	)
SPDR Bloomberg Barclays High Yield Bond ETF		(50,000	)		(4,951,500	)
SPDR Bloomberg Barclays Short Term High Yield Bond ETF		(114,385	)		(2,811,583	)
TOTAL EXCHANGE TRADED FUNDS - COMMON SHARES					(9,101,760	)
TOTAL SECURITIES SOLD SHORT
(Proceeds $9,809,300)				$	(9,101,760	)

^(a) All or a portion of the security is pledged as collateral for securities sold short. As of April 30, 2020, the aggregate market value of those securities was $7,698,687 representing 5.96% of net assets.

^(b) Restricted security (see Note 3)

^(c) Non-income producing security.

^(d) Includes cash, in the amount of $10,329,267 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

April 30, 2020 (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”). Effective July 18, 2018, the Fund’s Board of Directors (the “Board”) approved changing the fiscal year-end of the Fund from October 31 to July 31.

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 and exchange-traded funds (“ETFs” and collectively, “Underlying Funds”). Underlying Funds also may include business development companies (“BDCs”) 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 Statement of Investments is prepared in accordance with accounting principles generally accepted in the United States of America (“GAAP”), which requires management to make estimates and assumptions that affect the reported amounts and disclosures in the Statement of Investments 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 Statement of Investments may differ from the value the Fund ultimately realizes upon sale ofthe 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 BoardAccounting Standards Codification Topic 946. The Statement of Investments has been prepared as of the close of the New York Stock Exchange (“NYSE”) on April 30, 2020.

Portfolio Valuation: The net asset value per common 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 common share is calculated by dividing the value of the Fund’s total assets, less its liabilities by the number of shares outstanding.

The Board has established the following procedures for valuation of the Fund’s assets under normal market conditions. Marketable securities listed on foreign or U.S. securities exchanges generally are valued at closing sale prices or, if there were no sales, at the mean between the closing bid and ask prices on the exchange where such securities are primarily traded. If the independent primary or secondary pricing service is unable to provide a price for a security, if the price provided by the independent primary or secondary pricing service is deemed unreliable, or if events occurring after the close of the market for a security but before the time as of which the Fund values its common shares would materially affect net asset value, such security will be valued at its fair value as determined in good faith under procedures approved by the Board.

When applicable, fair value of an investment is determined by the Fund’s Fair Valuation Committee as a designee of the Board. In fair valuing the Fund’s investments, consideration is given to several factors, whichmay include, among others, the following: the fundamental business data relating to the issuer, borrower, or counterparty; an evaluation of the forces which influence the market in which the investments are purchased and sold; the type, size and cost of the investment; the information as to any transactions in or offers for the investment; the price and extent of public trading in similar securities (or equity securities) of the issuer, or comparable companies; the coupon payments, yield data/cash flow data; the quality, value and saleability of collateral, if any, securing the investment; the business prospects of the issuer, borrower, or counterparty, as applicable, including any ability to obtain money or resources from a parent or affiliate and an assessment of the issuer’s, borrower’s, or counterparty’s management; the prospects for the industry of the issuer, borrower, or counterparty, as applicable, and multiples (of earnings and/or cash flow) being paid for similar businesses in that industry; one or more independent broker quotes for the sale price of the portfolio security; and other relevant factors.

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. Realized gains and losses from securities transactions and unrealized appreciation and depreciation of securities are determined using the cost basis method for both financial reporting and tax purposes.

Fair Value Measurements: The Fund discloses the classification of its fair value measurements following a three-tier hierarchy based on the inputs used to measure fair value. Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. Inputs may be observable or unobservable. Observable inputs reflect the assumptions market participants would use in pricing the asset or liability that are developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability that are developed based on the best information available.

Various inputs are used in determining the value of the Fund’s investments as of the end of the reporting period. When inputs used fall into different levels of the fair value hierarchy, the level in the hierarchy within which the fair value measurement falls is determined based on the lowest level input that is significant to the fair value measurement in its entirety. The designated input levels are not necessarily an indication of the risk or liquidity associated with these investments.

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 following is a summary of the inputs used to value the Fund’s investments as of April 30, 2020:

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	$	92,048,523		$	–	$	–	$	92,048,523
Closed-End Funds - Preferred Shares		958,945			–		–		958,945
Business Development Companies - Common Shares		6,511,293			–		–		6,511,293
Business Development Company Notes - Preferred Shares		6,896,077			–		–		6,896,077
Convertible Corporate Bonds		–			4,674,578		–		4,674,578
Corporate Bonds		–			638,552		–		638,552
Special Purpose Acquisition Companies - Common Shares		19,991,506			–		–		19,991,506
Rights		121,767			–		–		121,767
Warrants		405,319			–		–		405,319
Short-Term Investments		8,595,682			–		–		8,595,682
Total	$	135,529,112		$	5,313,130	$	–	$	140,842,242
Other Financial Instruments
Liabilities:
Securities Sold Short
Exchange Traded Funds - Common Shares	$	(9,101,760	)	$	–	$	–	$	(9,101,760	)
Total	$	(9,101,760	)	$	–	$	–	$	(9,101,760	)

The Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value as of April 30, 2020. Therefore, a reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is not applicable.

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 special purpose acquisition companies (“SPACs”). SPACs are collective investment structures that pool funds in order to seek potential acquisition opportunities. 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. Certain SPACs may seek acquisitions only in limited industries or regions. If an acquisition 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. Investments in SPACs may be illiquid and/or be subject to restrictions on resale.

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.

During the period ended April 30, 2020, 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.

3. RESTRICTED SECURITIES

As of April 30, 2020, investments in securities included a security that is considered restricted. Restricted securities are often purchased in private placement transactions, are not registered under the Securities Act of 1933, and may have contractual restrictions on resale.

Description	Acquisition Date	Cost		Value		Value as a Percentage of Net Assets
Business Development Corp. of America	12/3/2019	$	725,000	$	638,552		0.49	%