RiverNorth Opportunities Fund, Inc.
Statement of Investments
April 30, 2024 (Unaudited)
| Shares | Description | Value (Note 2) | ||||||
| CLOSED-END FUNDS - COMMON SHARES (88.21%) | ||||||||
| 277,709 | Aberdeen Emerging Markets Equity Income Fund, Inc. | $ | 1,394,099 | |||||
| 263,116 | AllianzGI Convertible & Income 2024 Target Term Fund | 2,339,101 | ||||||
| 308,525 | Barings Participation Investors | 4,874,695 | ||||||
| 1,450,981 | BlackRock Capital Allocation Term Trust(a) | 22,359,617 | ||||||
| 1,588,402 | BlackRock ESG Capital Allocation Term Trust(a) | 25,573,272 | ||||||
| 543,810 | BlackRock Health Sciences Term Trust | 7,858,055 | ||||||
| 124,116 | BlackRock Municipal Income Quality Trust | 1,352,864 | ||||||
| 341,608 | BlackRock Municipal Income Trust | 3,388,751 | ||||||
| 331,830 | BlackRock Municipal Income Trust II | 3,447,714 | ||||||
| 32,936 | BlackRock MuniHoldings California Quality Fund, Inc. | 350,768 | ||||||
| 167,757 | BlackRock MuniHoldings Fund, Inc. | 1,920,818 | ||||||
| 287,842 | BlackRock MuniHoldings Quality Fund II, Inc. | 2,806,460 | ||||||
| 141,200 | BlackRock MuniVest Fund II, Inc. | 1,467,068 | ||||||
| 105,409 | BlackRock MuniVest Fund, Inc. | 718,889 | ||||||
| 237,151 | BlackRock MuniYield Fund, Inc. | 2,490,086 | ||||||
| 300,215 | BlackRock MuniYield Quality Fund II, Inc. | 2,945,109 | ||||||
| 626,477 | BlackRock Resources & Commodities Strategy Trust | 5,769,853 | ||||||
| 459,281 | BlackRock Science and Technology Term Trust | 7,959,340 | ||||||
| 375,625 | Calamos Long/Short Equity & Dynamic Income Trust(a) | 5,758,331 | ||||||
| 11,843 | Clough Global Dividend and Income Fund | 63,538 | ||||||
| 791,795 | Clough Global Opportunities Fund | 3,856,042 | ||||||
| 142,035 | Eaton Vance Municipal Income Trust | 1,394,784 | ||||||
| 38,738 | First Trust Aberdeen Global Opportunity Income Fund | 245,405 | ||||||
| 323,801 | First Trust High Yield Opportunities 2027 Term Fund | 4,585,022 | ||||||
| 3 | India Fund, Inc. | 55 | ||||||
| 151,400 | Invesco Advantage Municipal Income Trust II | 1,252,078 | ||||||
| 170,405 | Invesco Dynamic Credit Opportunity Fund | 1,876,158 | ||||||
| 157,133 | Invesco Municipal Opportunity Trust | 1,458,194 | ||||||
| 373,036 | Miller/Howard High Dividend Fund | 4,081,014 | ||||||
| 75,200 | Neuberger Berman Municipal Fund, Inc. | 758,768 | ||||||
| 567,657 | Nuveen AMT-Free Municipal Credit Income Fund | 6,556,438 | ||||||
| 36,587 | Nuveen AMT-Free Municipal Value Fund | 492,461 | ||||||
| 1,182,970 | Nuveen AMT-Free Quality Municipal Income Fund(a) | 12,586,801 | ||||||
| 189,217 | Nuveen California Quality Municipal Income Fund | 2,037,867 | ||||||
| 269,205 | Nuveen Core Plus Impact Fund | 2,716,278 | ||||||
| 145,734 | Nuveen Municipal Credit Income Fund | 1,703,630 | ||||||
| 748,283 | Nuveen Municipal Value Fund, Inc. | 6,337,957 | ||||||
| 143,155 | Nuveen New York Quality Municipal Income Fund | 1,523,169 | ||||||
| 163,662 | Nuveen Preferred & Income Term Fund(a) | 3,071,936 | ||||||
| 1,122,066 | Nuveen Preferred Income Opportunities Fund | 7,899,348 | ||||||
| 138,430 | Nuveen Quality Municipal Income Fund | 1,513,040 | ||||||
| 558,979 | Pershing Square Holdings Ltd. | 27,501,767 | ||||||
| 361,747 | PIMCO Access Income Fund | 5,610,696 | ||||||
| 42,406 | PIMCO Dynamic Income Fund | 806,138 | ||||||
| 339,415 | PIMCO Global StocksPLUS & Income Fund | 2,501,489 | ||||||
| 1,275,236 | Saba Capital Income & Opportunities Fund(a) | 9,117,937 | ||||||
| 1,690,000 | Saba Capital Income & Opportunities Fund II | 6,371,300 | ||||||
| 226,250 | Special Opportunities Fund, Inc. | 2,794,188 | ||||||
| 200,000 | Voya Emerging Markets High Income Dividend Equity Fund | 1,035,000 | ||||||
| 626,212 | Western Asset High Income Fund II, Inc. | 2,717,760 | ||||||
| Shares | Description | Value (Note 2) | ||||||
| 213,085 | Western Asset Managed Municipals Fund, Inc. | $ | 2,111,672 | |||||
| TOTAL CLOSED-END FUNDS - COMMON SHARES | ||||||||
| (Cost $217,650,161) | 231,352,820 | |||||||
| Maturity | Value | |||||||||||||||
| Shares | Description | Rate | Date | (Note 2) | ||||||||||||
| BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES (3.87%) | ||||||||||||||||
| 160,246 | Crescent Capital BDC, Inc. | 5.000 | % | 05/25/26 | 3,868,338 | |||||||||||
| 107,745 | MidCap Financial Investment Corp. | 8.000 | % | 12/15/28 | 2,735,646 | |||||||||||
| 900,000 | PennantPark Floating Rate Capital, Ltd. | 4.250 | % | 04/01/26 | 842,144 | |||||||||||
| 1,446 | Virtus AllianzGI Diversified Income & Convertible Fund(b) | 5.625 | % | 12/31/99 | 32,390 | |||||||||||
| 89,385 | Virtus Convertible & Income Fund II(b) | 5.500 | % | 12/31/99 | 1,860,102 | |||||||||||
| 33,699 | XAI Octagon Floating Rate Alternative Income Trust | 6.500 | % | 03/31/26 | 822,930 | |||||||||||
| TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES | ||||||||||||||||
| (Cost $10,419,952) | 10,161,550 | |||||||||||||||
| Principal | Maturity | Value | ||||||||||||||
| Amount | Description | Rate | Date | (Note 2) | ||||||||||||
| BUSINESS DEVELOPMENT COMPANY NOTES (0.51%) | ||||||||||||||||
| $ | 1,500,000 | Golub Capital BDC, Inc. | 2.050 | % | 02/15/27 | 1,330,610 | ||||||||||
| TOTAL BUSINESS DEVELOPMENT COMPANY NOTES | ||||||||||||||||
| (Cost $1,305,865) | 1,330,610 | |||||||||||||||
| CORPORATE BONDS (20.34%) | ||||||||||||||||
| 2,000,000 | Barings BDC, Inc. | 7.000 | % | 02/15/29 | 1,979,785 | |||||||||||
| 629 | Blackstone Private Credit Fund(c) | 2.625 | % | 12/15/26 | 571 | |||||||||||
| 5,807,439 | Blackstone Private Credit Fund | 2.625 | % | 12/15/26 | 5,273,296 | |||||||||||
| 157 | Blackstone Private Credit Fund(c) | 3.250 | % | 03/15/27 | 144 | |||||||||||
| 2,850,000 | Blackstone Private Credit Fund | 3.250 | % | 03/15/27 | 2,616,120 | |||||||||||
| 290,000 | Blackstone Secured Lending Fund(d) | 2.125 | % | 02/15/27 | 260,005 | |||||||||||
| 3,082,262 | Blackstone Secured Lending Fund | 2.850 | % | 09/30/28 | 2,681,230 | |||||||||||
| 500,000 | Blue Owl Capital Corp. | 2.875 | % | 06/11/28 | 437,059 | |||||||||||
| 632,813 | Blue Owl Capital Corp. | 3.400 | % | 07/15/26 | 593,557 | |||||||||||
| 3,000,000 | Blue Owl Capital Corp. | 3.750 | % | 07/22/25 | 2,911,695 | |||||||||||
| 445,000 | Blue Owl Capital Corp. II(c) | 4.625 | % | 11/26/24 | 440,858 | |||||||||||
| 557,000 | Blue Owl Capital Corp. III | 3.125 | % | 04/13/27 | 503,911 | |||||||||||
| 428 | Blue Owl Credit Income Corp.(c) | 3.125 | % | 09/23/26 | 392 | |||||||||||
| 2,492,000 | Blue Owl Credit Income Corp. | 3.125 | % | 09/23/26 | 2,280,209 | |||||||||||
| 752 | Blue Owl Credit Income Corp.(c) | 5.500 | % | 03/21/25 | 746 | |||||||||||
| 2,505,000 | Blue Owl Credit Income Corp. | 5.500 | % | 03/21/25 | 2,486,979 | |||||||||||
| 2,718,300 | Blue Owl Credit Income Corp. | 7.750 | % | 09/16/27 | 2,776,941 | |||||||||||
| 2,500,000 | Blue Owl Technology Finance Corp.(c) | 4.750 | % | 12/15/25 | 2,399,067 | |||||||||||
| 3,000,000 | Blue Owl Technology Finance Corp.(c) | 6.750 | % | 06/30/25 | 2,971,978 | |||||||||||
| 450,000 | Blue Owl Technology Finance Corp. II(c) | 6.750 | % | 04/04/29 | 433,797 | |||||||||||
| 3,072,928 | Franklin BSP Lending Corp. | 3.250 | % | 03/30/26 | 2,875,905 | |||||||||||
| 2,370,000 | Franklin BSP Lending Corp.(c) | 4.850 | % | 12/15/24 | 2,341,363 | |||||||||||
| 1,000,000 | FS KKR Capital Corp. | 2.625 | % | 01/15/27 | 900,352 | |||||||||||
| 1,000,000 | MidCap Financial Investment Corp. | 4.500 | % | 07/16/26 | 929,474 | |||||||||||
| 5,000,000 | MidCap Financial Investment Corp. | 5.250 | % | 03/03/25 | 4,889,051 | |||||||||||
| 3,500,000 | New Mountain Finance Corp. | 6.875 | % | 02/01/29 | 3,409,089 | |||||||||||
| 6,000,000 | Oaktree Specialty Lending Corp. | 7.100 | % | 02/15/29 | 6,024,997 | |||||||||||
| 1,000,000 | PennantPark Investment Corp. | 4.000 | % | 11/01/26 | 925,128 | |||||||||||
| Principal | Maturity | Value | ||||||||||||||
| Amount | Description | Rate | Date | (Note 2) | ||||||||||||
| $ | 53,343,699 | |||||||||||||||
| TOTAL CORPORATE BONDS | ||||||||||||||||
| (Cost $52,527,690) | 53,343,699 | |||||||||||||||
| Shares | Description | Value (Note 2) | ||||||
| SPECIAL PURPOSE ACQUISITION COMPANIES - COMMON SHARES/UNITS (11.43%)(e) | ||||||||
| 50,470 | A SPAC II Acquisition Corp. | 559,763 | ||||||
| 28,748 | Achari Ventures Holdings Corp. I | 315,078 | ||||||
| 44,669 | Aimei Health Technology Co., Ltd. | 464,558 | ||||||
| 27,690 | Alpha Star Acquisition Corp. | 314,835 | ||||||
| 260,926 | Ares Acquisition Corp. II | 2,771,034 | ||||||
| 30,110 | Bayview Acquisition Corp. | 306,219 | ||||||
| 54,328 | Bellevue Life Sciences Acquisition Corp. | 582,939 | ||||||
| 65,941 | Black Hawk Acquisition Corp. | 678,533 | ||||||
| 65,000 | Bowen Acquisition Corp. | 681,200 | ||||||
| 60,000 | Churchill Capital Corp. VII | 643,800 | ||||||
| 52,128 | Colombier Acquisition Corp II | 547,344 | ||||||
| 34,404 | ESH Acquisition Corp. | 356,770 | ||||||
| 34,274 | Everest Consolidator Acquisition Corp. | 385,240 | ||||||
| 58,038 | ExcelFin Acquisition Corp. | 635,516 | ||||||
| 30,880 | FutureTech II Acquisition Corp. | 342,768 | ||||||
| 60,193 | Global Lights Acquisition Corp. | 615,172 | ||||||
| 65,531 | Globalink Investment, Inc. | 725,428 | ||||||
| 30,342 | Haymaker Acquisition Corp. 4, Class A | 318,288 | ||||||
| 64,668 | Horizon Space Acquisition I Corp. | 706,821 | ||||||
| 33,524 | IB Acquisition Corp. | 336,916 | ||||||
| 59,790 | InFinT Acquisition Corp. | 686,987 | ||||||
| 63,942 | Inflection Point Acquisition Corp. II | 672,670 | ||||||
| 78,504 | Integrated Rail and Resources Acquisition Corp. | 855,694 | ||||||
| 87,536 | Integrated Wellness Acquisition Corp. | 1,004,913 | ||||||
| 61,161 | Iron Horse Acquisitions Corp. | 623,231 | ||||||
| 35,100 | JVSPAC Acquisition Corp. | 366,093 | ||||||
| 64,922 | Kairous Acquisition Corp. ltd | 760,886 | ||||||
| 66,875 | Legato Merger Corp. III | 680,788 | ||||||
| 66,944 | Nabors Energy Transition Corp. II | 704,251 | ||||||
| 42,162 | Newbury Street Acquisition Corp. | 456,615 | ||||||
| 48,020 | NewGenIvf Group, Ltd. | 528,220 | ||||||
| 48,836 | OceanTech Acquisitions I Corp. | 557,707 | ||||||
| 243,512 | Pershing Square Tontine Holdings, Ltd | – | ||||||
| 51,134 | PHP Ventures Acquisition Corp. | 566,053 | ||||||
| 285,935 | PIMCO Dynamic Income Strategy Fund | 6,070,400 | ||||||
| 32,460 | Quetta Acquisition Corp. | 332,390 | ||||||
| 68,194 | Redwoods Acquisition Corp. | 751,498 | ||||||
| 120 | REE Automotive, Ltd. | 512 | ||||||
| 64,612 | RF Acquisition Corp. | 706,855 | ||||||
| 32,462 | Spark I Acquisition Corp. | 335,008 | ||||||
| 39,232 | Tristar Acquisition I Corp. | 433,121 | ||||||
| 52,742 | WinVest Acquisition Corp. | 584,381 | ||||||
| TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES - COMMON SHARES/UNITS | ||||||||
| (Cost $24,795,637) | 29,966,495 | |||||||
| RIGHTS (0.06%) | ||||||||
| 50,470 | A SPAC II Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 3,079 | ||||||
| Shares | Description | Value (Note 2) | ||||||
| 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 | 2,354 | ||||||
| 51,497 | Bannix Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 11,844 | ||||||
| 30,110 | Bayview Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 4,215 | ||||||
| 54,328 | Bellevue Life Sciences Acquisi, Strike Price $0.01, Expires 12/31/2045 | 7,340 | ||||||
| 65,000 | Bowen Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 7,150 | ||||||
| 21,512 | Breeze Holdings Acquisition Corp., Strike Price $0.01, Expires 05/25/2027 | 4,733 | ||||||
| 62,670 | ClimateRock, Strike Price $0.01, Expires 06/01/2027 | 6,135 | ||||||
| 52,566 | Distoken Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 4,284 | ||||||
| 34,404 | ESH Acquisition Corp., Strike Price $10.00, Expires 12/31/2049 | 4,129 | ||||||
| 65,633 | Financial Strategies Acquisition Corp., Strike Price $11.50, Expires 03/31/2028 | – | ||||||
| 60,193 | Global Lights Acquisition Corp, Strike Price $0.01, Expires 12/31/2049 | 11,437 | ||||||
| 65,531 | Globalink Investment, Inc., Strike Price $11.50, Expires 08/19/2023 | 7,739 | ||||||
| 64,668 | Horizon Space Acquisition I Corp., Strike Price $0.01, Expires 12/31/2049 | 5,174 | ||||||
| 3 | India Fund, Inc., Strike Price $0.00, Expires 05/14/2024 | – | ||||||
| 64,922 | Kairous Acquisition Corp. ltd, Strike Price $11.50, Expires 11/24/2023 | 5,317 | ||||||
| 67,493 | Mars Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 12,486 | ||||||
| 67,514 | Mountain Crest Acquisition Corp. V, Strike Price $0.01, Expires 12/31/2049 | 6,751 | ||||||
| 36,206 | Nocturne Acquisition Corp., Strike Price $0.01, Expires 12/29/2025 | 362 | ||||||
| 69,600 | NorthView Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 4,921 | ||||||
| 35,695 | OneMedNet Corp., Strike Price $11.50, Expires 12/31/2028 | 625 | ||||||
| 51,134 | PHP Ventures Acquisition Corp., Strike Price $0.01, Expires 10/08/2022 | 5,165 | ||||||
| 3,246 | Quetta Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 4,090 | ||||||
| 68,194 | Redwoods Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 18,412 | ||||||
| 64,612 | RF Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 5,427 | ||||||
| 32,618 | Viveon Health Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 1,967 | ||||||
| 66,708 | Welsbach Technology Metals Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 8,005 | ||||||
| 52,742 | WinVest Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 2,637 | ||||||
| 60,341 | Yotta Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 4,833 | ||||||
| TOTAL RIGHTS | ||||||||
| (Cost $266,660) | 160,611 | |||||||
| Shares | Description | Value (Note 2) | ||||||
| WARRANTS (0.11%) | ||||||||
| 25,235 | A SPAC II Acquisition Corp., Strike Price $11.50, Expires 05/03/2027 | $ | 722 | |||||
| 23,244 | Ace Global Business Acquisition, Ltd., Strike Price $11.50, Expires 12/31/2027 | 676 | ||||||
| 28,748 | Achari Ventures Holdings Corp. I, Strike Price $11.50, Expires 10/15/2026 | 288 | ||||||
| 21,731 | Aeries Technology, Inc., Strike Price $11.50, Expires 10/20/2026 | 1,163 | ||||||
| 30,384 | AGBA Group Holding, Ltd., Strike Price $11.50, Expires 05/10/2024 | 7,520 | ||||||
| 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 | 299 | ||||||
| 11,896 | AltEnergy Acquisition Corp., Strike Price $11.50, Expires 11/02/2028 | 714 | ||||||
| 8,612 | Apexigen, Inc., Strike Price $11.50, Expires 07/29/2027 | 225 | ||||||
| 130,463 | Ares Acquisition Corp. II, Strike Price $11.50, Expires 06/12/2028 | 19,570 | ||||||
| 30,397 | AtlasClear Holdings, Inc., Strike Price $11.50, Expires 10/25/2028 | 334 | ||||||
| 32,655 | Ault Disruptive Technologies Corp., Strike Price $11.50, Expires 06/20/2028 | 297 | ||||||
| 51,497 | Bannix Acquisition Corp., Strike Price $11.50, Expires 07/31/2026 | 1,792 | ||||||
| 1,245 | Banzai International, Inc., Strike Price $11.50, Expires 12/31/2026 | 21 | ||||||
| 54,641 | Battery Future Acquisition Corp., Strike Price $11.50, Expires 05/26/2028 | 2,732 | ||||||
| 54,328 | Bellevue Life Sciences Acquisi, Strike Price $11.50, Expires 02/10/2028 | 1,087 | ||||||
| 81,786 | Beneficient, Strike Price $11.50, Expires 06/07/2028 | 654 | ||||||
| 15,057 | Binah Capital Group, Inc., Strike Price $11.50, Expires 06/07/2028 | 1,506 | ||||||
| 39,063 | BitFuFu, Inc., Strike Price $11.50, Expires 06/07/2028 | 6,641 | ||||||
| 7,840 | Blockchain Coinvestors Acquisition Corp. I, Strike Price $11.50, Expires 11/01/2028 | 913 | ||||||
| 57,401 | Blue Ocean Acquisition Corp., Strike Price $11.50, Expires 10/21/2028 | 1,165 | ||||||
| 53,236 | Borealis Foods, Inc., Strike Price $11.50, Expires 08/26/2026 | 5,856 | ||||||
| 5,688 | Brand Engagement Network, Inc., Strike Price $11.50, Expires 03/14/2029 | 540 | ||||||
| 12,512 | Breeze Holdings Acquisition Corp., Strike Price $11.50, Expires 05/25/2027 | 14,514 | ||||||
| 23,792 | Cactus Acquisition Corp. 1, Ltd., Strike Price $11.50, Expires 10/29/2026 | 1,713 | ||||||
| 5,294 | CERo Therapeutics Holdings, Inc., Strike Price $11.50, Expires 02/14/2029 | 318 | ||||||
| 32,084 | Churchill Capital Corp. VII, Strike Price $11.50, Expires 02/29/2028 | 9,946 | ||||||
| 31,335 | ClimateRock, Strike Price $11.50, Expires 06/01/2027 | 874 | ||||||
| 15,030 | Concord Acquisition Corp. II, Strike Price $11.50, Expires 12/31/2028 | 2,104 | ||||||
| 51,016 | Conduit Pharmaceuticals, Inc., Strike Price $11.50, Expires 02/03/2027 | 4,592 | ||||||
| 2,087 | Corner Growth Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | 459 | ||||||
| Shares | Description | Value (Note 2) | ||||||
| 41,618 | Critical Metals Corp., Strike Price $11.50, Expires 06/06/2028 | $ | 7,075 | |||||
| 19,208 | Digital Health Acquisition Corp., Strike Price $11.50, Expires 11/04/2028 | 2,597 | ||||||
| 72,474 | DIH Holdings US, Inc., Strike Price $11.50, Expires 02/07/2028 | 3,008 | ||||||
| 17,658 | Direct Selling Acquisition Corp., Strike Price $11.50, Expires 09/30/2028 | 883 | ||||||
| 52,566 | Distoken Acquisition Corp., Strike Price $11.50, Expires 03/30/2028 | 1,340 | ||||||
| 2,171 | ECARX Holdings, Inc., Strike Price $11.50, Expires 12/21/2027 | 43 | ||||||
| 53,773 | ESGL Holdings, Ltd., Strike Price $11.50, Expires 04/13/2028 | 376 | ||||||
| 54,501 | Euda Health Holdings, Ltd., Strike Price $11.50, Expires 09/24/2026 | 11,636 | ||||||
| 54,641 | EVe Mobility Acquisition Corp., Strike Price $11.50, Expires 12/31/2028 | 6,125 | ||||||
| 17,137 | Everest Consolidator Acquisition Corp., Strike Price $11.50, Expires 07/19/2028 | 2,828 | ||||||
| 4,804 | ExcelFin Acquisition Corp., Strike Price $11.50, Expires 10/21/2026 | 193 | ||||||
| 65,633 | Financial Strategies Acquisition Corp., Strike Price $11.50, Expires 03/31/2028 | 1 | ||||||
| 24,010 | Finnovate Acquisition Corp., Strike Price $11.50, Expires 09/30/2026 | 485 | ||||||
| 20,705 | FOXO Technologies, Inc., Strike Price $115.00, Expires 08/01/2027 | 68 | ||||||
| 30,880 | FutureTech II Acquisition Corp., Strike Price $11.50, Expires 02/16/2027 | 772 | ||||||
| 43,768 | Genesis Growth Tech Acquisition Corp., Strike Price $11.50, Expires 05/19/2028 | 573 | ||||||
| 9,479 | Global Gas Corp., Strike Price $11.50, Expires 10/29/2027 | 358 | ||||||
| 65,531 | Globalink Investment, Inc., Strike Price $11.50, Expires 12/03/2026 | 1,638 | ||||||
| 20,390 | Gorilla Technology Group, Inc., Strike Price $11.50, Expires 07/14/2027 | 1,142 | ||||||
| 14,320 | Griid Infrastructure, Inc., Strike Price $11.50, Expires 12/31/2027 | 1,074 | ||||||
| 15,171 | Haymaker Acquisition Corp. 4, Strike Price $11.50, Expires 09/12/2028 | 3,489 | ||||||
| 25,071 | Healthcare AI Acquisition Corp., Strike Price $11.50, Expires 12/14/2026 | 1,018 | ||||||
| 24,100 | Hennessy Capital Investment Corp. VI, Strike Price $11.50, Expires 12/31/2027 | 3,133 | ||||||
| 64,668 | Horizon Space Acquisition I Corp., Strike Price $11.50, Expires 01/26/2028 | 1,552 | ||||||
| 44,569 | Hub Cyber Security, Ltd., Strike Price $11.50, Expires 02/27/2028 | 887 | ||||||
| 50,640 | iCoreConnect, Inc., Strike Price $11.50, Expires 05/15/2028 | 10 | ||||||
| 31,971 | Inflection Point Acquisition Corp. II, Strike Price $11.50, Expires 07/17/2028 | 3,520 | ||||||
| 39,252 | Integrated Rail and Resources Acquisition Corp., Strike Price $11.50, Expires 11/12/2026 | 2,355 | ||||||
| 43,768 | Integrated Wellness Acquisition Corp., Strike Price $11.50, Expires 10/31/2028 | 1,650 | ||||||
| 16,682 | Jaws Mustang Acquisition Corp., Strike Price $11.50, Expires 01/30/2026 | 3,670 | ||||||
| 52,752 | Jet.AI, Inc., Strike Price $11.50, Expires 08/10/2028 | 2,189 | ||||||
| Shares | Description | Value (Note 2) | ||||||
| 32,461 | Kairous Acquisition Corp. ltd, Strike Price $11.50, Expires 09/15/2026 | $ | 519 | |||||
| 31,452 | Kensington Capital Acquisition Corp. V, Strike Price $11.50, Expires 08/13/2028 | 1,730 | ||||||
| 55,368 | LAMF Global Ventures Corp. I, Strike Price $11.50, Expires 11/11/2026 | 4,429 | ||||||
| 4,787 | Learn CW Investment Corp., Strike Price $11.50, Expires 12/31/2028 | 479 | ||||||
| 7,755 | Maquia Capital Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | 349 | ||||||
| 16,878 | MicroAlgo, Inc., Strike Price $11.50, Expires 12/31/2027 | 3 | ||||||
| 65,632 | Montana Technologies Corp., Strike Price $11.50, Expires 03/15/2029 | 41,348 | ||||||
| 14,063 | Moolec Science SA, Strike Price $11.50, Expires 09/27/2027 | 741 | ||||||
| 2,547 | Moringa Acquisition Corp., Strike Price $11.50, Expires 02/10/2026 | 165 | ||||||
| 13,723 | MSP Recovery, Inc., Strike Price $0.00, Expires 02/14/2026 | 701 | ||||||
| 20,306 | MultiMetaVerse Holdings, Ltd., Strike Price $11.50, Expires 03/15/2027 | 934 | ||||||
| 10,806 | MultiSensor AI Holdings, Inc., Strike Price $11.50, Expires 12/19/2028 | 540 | ||||||
| 33,472 | Nabors Energy Transition Corp. II, Strike Price $11.50, Expires 09/05/2028 | 4,017 | ||||||
| 19,815 | Nature's Miracle Holding, Inc., Strike Price $11.50, Expires 03/12/2029 | 596 | ||||||
| 4,126 | Near Intelligence, Inc., Strike Price $11.50, Expires 07/08/2027 | 3 | ||||||
| 32,271 | New Horizon Aircraft, Ltd., Strike Price $11.50, Expires 04/03/2028 | 1,543 | ||||||
| 21,081 | Newbury Street Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | 1,077 | ||||||
| 36,015 | NewGenIvf Group, Ltd., Strike Price $11.50, Expires 06/26/2028 | 2,914 | ||||||
| 9,664 | NKGen Biotech, Inc., Strike Price $11.50, Expires 10/02/2028 | 1,159 | ||||||
| 4,228 | Northern Revival Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | 92 | ||||||
| 34,800 | NorthView Acquisition Corp., Strike Price $11.50, Expires 08/02/2027 | 2,523 | ||||||
| 5,790 | Nuburu, Inc., Strike Price $11.50, Expires 09/07/2027 | 23 | ||||||
| 6,735 | Nukkleus, Inc., Strike Price $11.50, Expires 12/31/2025 | 270 | ||||||
| 32,014 | Nvni Group, Ltd., Strike Price $11.50, Expires 11/01/2028 | 1,313 | ||||||
| 48,836 | OceanTech Acquisitions I Corp., Strike Price $11.50, Expires 05/10/2026 | 1,709 | ||||||
| 8,341 | Onyx Acquisition Co. I, Strike Price $11.50, Expires 11/30/2028 | 253 | ||||||
| 23,946 | Osiris Acquisition Corp., Strike Price $11.50, Expires 05/01/2028 | 256 | ||||||
| 1,733 | Peak Bio, Inc., Strike Price $11.50, Expires 12/31/2027 | 17 | ||||||
| 25,567 | PHP Ventures Acquisition Corp., Strike Price $11.50, Expires 08/16/2028 | 1,128 | ||||||
| 7,982 | Prenetics Global, Ltd., Strike Price $8.91, Expires 05/17/2027 | 46 | ||||||
| 35,388 | Presto Automation, Inc., Strike Price $11.50, Expires 09/21/2027 | 665 | ||||||
| 16,945 | Priveterra Acquisition Corp. II, Strike Price $11.50, Expires 01/07/2027 | 301 | ||||||
| 19,034 | Project Energy Reimagined Acquisition Corp., Strike Price $11.50, Expires 12/31/2028 | 1,715 | ||||||
| 15,120 | ProSomnus, Inc., Strike Price $11.50, Expires 04/20/2028 | 11 | ||||||
| Shares | Description | Value (Note 2) | ||||||
| 42,380 | QT Imaging Holdings, Inc., Strike Price $11.50, Expires 12/31/2028 | $ | 2,119 | |||||
| 68,194 | Redwoods Acquisition Corp., Strike Price $11.50, Expires 03/15/2027 | 3,410 | ||||||
| 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 | 1,938 | ||||||
| 69 | RMG Acquisition Corp. III, Strike Price $11.50, Expires 01/05/2027 | 2 | ||||||
| 15,598 | Roadzen, Inc., Strike Price $11.50, Expires 11/30/2028 | 1,560 | ||||||
| 953 | Roth CH Acquisition Co., Strike Price $11.50, Expires 10/29/2028 | 5 | ||||||
| 30,975 | Roth CH Acquisition V Co., Strike Price $11.50, Expires 12/10/2026 | 2,710 | ||||||
| 13,545 | Royalty Management Holding Corp., Strike Price $11.50, Expires 05/28/2026 | 406 | ||||||
| 21,721 | Screaming Eagle Acquisition Corp., Strike Price $11.50, Expires 12/15/2027 | 10,643 | ||||||
| 51,043 | SMX Security Matters PLC, Strike Price $253.00, Expires 03/07/2028 | 260 | ||||||
| 30,102 | Southland Holdings, Inc., Strike Price $11.50, Expires 09/01/2026 | 7,902 | ||||||
| 32,793 | Southport Acquisition Corp., Strike Price $11.50, Expires 05/24/2028 | 118 | ||||||
| 16,231 | Spark I Acquisition Corp., Strike Price $11.50, Expires 11/27/2028 | 2,599 | ||||||
| 77,424 | Spree Acquisition Corp. 1, Ltd., Strike Price $11.50, Expires 12/22/2028 | 2,222 | ||||||
| 10,728 | SunCar Technology Group, Inc., Strike Price $11.50, Expires 05/18/2028 | 2,682 | ||||||
| 32,785 | Swiftmerge Acquisition Corp., Strike Price $11.50, Expires 06/17/2028 | 1,685 | ||||||
| 42,572 | Syntec Optics Holdings, Inc., Strike Price $11.50, Expires 11/08/2026 | 8,510 | ||||||
| 25,664 | TG Venture Acquisition Corp., Strike Price $11.50, Expires 08/15/2028 | 185 | ||||||
| 6,195 | TLGY Acquisition Corp., Strike Price $11.50, Expires 01/14/2028 | 187 | ||||||
| 19,616 | Tristar Acquisition I Corp., Strike Price $11.50, Expires 12/31/2028 | 1,962 | ||||||
| 2,277 | Twelve Seas Investment Co. II, Strike Price $11.50, Expires 03/02/2028 | 228 | ||||||
| 32,618 | Viveon Health Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | 196 | ||||||
| 34,072 | Volato Group, Inc., Strike Price $11.50, Expires 12/03/2028 | 2,044 | ||||||
| 52,742 | WinVest Acquisition Corp., Strike Price $11.50, Expires 08/09/2026 | 533 | ||||||
| 6,768 | XBP Europe Holdings, Inc., Strike Price $11.50, Expires 12/31/2027 | 307 | ||||||
| 60,341 | Yotta Acquisition Corp., Strike Price $11.50, Expires 03/15/2027 | 1,050 | ||||||
| 14,153 | Zapp Electric Vehicles Group, Ltd., Strike Price $11.50, Expires 03/03/2028 | 113 | ||||||
| 48,471 | ZyVersa Therapeutics, Inc., Strike Price $11.50, Expires 12/12/2027 | 3,393 | ||||||
| TOTAL WARRANTS | ||||||||
| (Cost $940,328) | 289,242 | |||||||
| Shares | Description | Value (Note 2) | ||||||
| EXCHANGE-TRADED FUNDS (1.27%) | ||||||||
| 50,000 | Utilities Select Sector SPDR® Fund | $ | 3,337,000 | |||||
| TOTAL EXCHANGE-TRADED FUNDS | ||||||||
| (Cost $2,922,186) | 3,337,000 | |||||||
| Principal | Maturity | Value | ||||||||||||||
| Amount | Description | Rate | Date | (Note 2) | ||||||||||||
| GOVERNMENT BOND (7.19%) | ||||||||||||||||
| $ | 3,000,000 | U.S. Treasury Note | 3.000 | % | 07/31/24 | 2,981,990 | ||||||||||
| 5,000,000 | U.S. Treasury Note | 3.250 | % | 08/31/24 | 4,965,120 | |||||||||||
| 1,000,000 | U.S. Treasury Note | 4.250 | % | 09/30/24 | 995,303 | |||||||||||
| 4,000,000 | U.S. Treasury Note | 4.250 | % | 12/31/24 | 3,971,496 | |||||||||||
| 5,000,000 | U.S. Treasury Note | 4.250 | % | 05/31/25 | 4,947,852 | |||||||||||
| 1,000,000 | U.S. Treasury Note | 4.500 | % | 11/30/24 | 995,077 | |||||||||||
| TOTAL GOVERNMENT BOND | ||||||||||||||||
| (Cost $18,963,880) | 18,856,838 | |||||||||||||||
| 7-Day | Value | |||||||||||
| Shares | Description | Yield | (Note 2) | |||||||||
| SHORT-TERM INVESTMENTS (2.98%) | ||||||||||||
| 7,799,529 | State Street Institutional Treasury Money Market Fund Premier Class | 5.249 | % | 7,799,529 | ||||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||||||
| (Cost $7,799,529) | 7,799,529 | |||||||||||
| TOTAL INVESTMENTS (135.97%) | ||||||||||||
| (Cost $337,591,888) | $ | 356,598,394 | ||||||||||
| Series A Cumulative Perpetual Preferred Shares (-37.27) | (97,750,000 | ) | ||||||||||
| Other Assets In Excess Of Liabilities (1.30%)(f) | 3,415,042 | |||||||||||
| NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS (100.00%) | $ | 262,263,436 | ||||||||||
| SCHEDULE OF SECURITIES SOLD SHORT | ||||||||
| Description | Shares | Value (Note 2) | ||||||
| EXCHANGE TRADED FUNDS - COMMON SHARES (-11.48%) | ||||||||
| SPDR S&P 500 ETF Trust | (60,000 | ) | $ | (30,118,800 | ) | |||
| TOTAL EXCHANGE TRADED FUNDS - COMMON SHARES | (30,118,800 | ) | ||||||
| TOTAL SECURITIES SOLD SHORT | ||||||||
| (Proceeds $29,724,776) | $ | (30,118,800 | ) | |||||
| (a) | All or a portion of the security is pledged as collateral for securities sold short. As of April 30, 2024, the aggregate value of those securities was $17,684,179 representing 6.74% of net assets. |
| (b) | Perpetual maturity. |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of April 30, 2024, the market value of those Rule 144A securities held by the Fund was $8,588,916 representing 3.27% of the Fund's net assets. |
| (d) | Securities were purchased pursuant to Regulation S under the Securities Act of 1933, as amended, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, as amended, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Directors (the "Board"). As of April 30, 2024, the aggregate fair value of those securities was $260,005 representing 0.10% of net assets. |
| (e) | Non-income producing security. |
| (f) | Includes cash in the amount of $30,916,893 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, 2024 (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 April 30, 2024.
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 April 30, 2024:
| 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 | $ | 231,352,820 | $ | – | $ | – | $ | 231,352,820 | ||||||||
| Business Development Companies - Preferred Shares | 9,319,406 | 842,144 | – | 10,161,550 | ||||||||||||
| Business Development Company Notes | – | 1,330,610 | – | 1,330,610 | ||||||||||||
| Corporate Bonds | – | 53,343,699 | – | 53,343,699 | ||||||||||||
| Special Purpose Acquisition Companies - Common Shares/Units | 27,563,017 | 2,403,478 | – | 29,966,495 | ||||||||||||
| Rights | 141,808 | 18,803 | – | 160,611 | ||||||||||||
| Warrants | 273,821 | 15,421 | – | 289,242 | ||||||||||||
| Exchange-Traded Funds | 3,337,000 | – | – | 3,337,000 | ||||||||||||
| Government Bond | – | 18,856,838 | – | 18,856,838 | ||||||||||||
| Short-Term Investments | 7,799,529 | – | – | 7,799,529 | ||||||||||||
| Total | $ | 279,787,401 | $ | 76,810,993 | $ | – | $ | 356,598,394 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Liabilities: | ||||||||||||||||
| Securities Sold Short | ||||||||||||||||
| Exchange Traded Funds - Common Shares | $ | (30,118,800 | ) | $ | – | $ | – | $ | (30,118,800 | ) | ||||||
| Total | $ | (30,118,800 | ) | $ | – | $ | – | $ | (30,118,800 | ) | ||||||
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.
During the period ended April 30, 2024, 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.