RIV RiverNorth Opportunities Fund Inc

RiverNorth Opportunities Fund, Inc.

Statement of Investments

September 30, 2024 (Unaudited)

 

Shares				Description		Value (Note 2)
CLOSED-END FUNDS - COMMON SHARES (77.71%)
Great Britain - 10.29%
	594,131			Pershing Square Holdings Ltd.		$	28,221,223
United States - 67.42%
	277,709			Aberdeen Emerging Markets Equity Income Fund, Inc.			1,564,890
	100			Advent Convertible and Income Fund			1,174
	274,908			Avenue Income Credit Strategies Fund			1,819,892
	298,560			Barings Participation Investors			5,057,606
	1,188,825			BlackRock Capital Allocation Term Trust			19,556,171
	1,355,618			BlackRock ESG Capital Allocation Term Trust			24,048,663
	549,708			BlackRock Health Sciences Term Trust			8,707,375
	123,344			BlackRock Municipal Income Quality Trust			1,485,062
	341,608			BlackRock Municipal Income Trust			3,610,797
	331,830			BlackRock Municipal Income Trust II			3,736,406
	32,936			BlackRock MuniHoldings California Quality Fund, Inc.			379,423
	167,757			BlackRock MuniHoldings Fund, Inc.			2,122,126
	287,842			BlackRock MuniHoldings Quality Fund II, Inc.			3,077,031
	141,200			BlackRock MuniVest Fund II, Inc.			1,608,268
	99,091			BlackRock MuniVest Fund, Inc.			753,092
	187,151			BlackRock MuniYield Fund, Inc.			2,139,136
	300,215			BlackRock MuniYield Quality Fund II, Inc.			3,248,326
	914,358			BlackRock Resources & Commodities Strategy Trust			8,777,837
	460,914			BlackRock Science and Technology Term Trust			8,849,549
	486,946			Calamos Long/Short Equity & Dynamic Income Trust(a)			7,639,209
	369,753			Clough Global Dividend and Income Fund			2,177,845
	102,996			Clough Global Equity Fund			714,710
	1,095,000			Clough Global Opportunities Fund(a)			5,967,750
	228,975			First Trust High Yield Opportunities 2027 Term Fund			3,462,102
	186,138			India Fund, Inc.			3,540,345
	151,400			Invesco Advantage Municipal Income Trust II			1,409,534
	32,374			Invesco Dynamic Credit Opportunity Fund			355,137
	207,133			Invesco Municipal Opportunity Trust			2,127,256
	313,036			Miller/Howard High Dividend Fund			3,815,909
	75,200			Neuberger Berman Municipal Fund, Inc.			835,472
	322,328			Nuveen AMT-Free Municipal Credit Income Fund			4,315,972
	36,587			Nuveen AMT-Free Municipal Value Fund			520,267
	616,459			Nuveen AMT-Free Quality Municipal Income Fund(a)			7,379,014
	189,217			Nuveen California Quality Municipal Income Fund			2,249,790
	133,401			Nuveen Municipal Credit Income Fund			1,747,553
	714,435			Nuveen Municipal Value Fund, Inc.(a)			6,444,204
	143,155			Nuveen New York Quality Municipal Income Fund			1,687,797
	138,430			Nuveen Quality Municipal Income Fund			1,713,763
	341,951			PIMCO Global StocksPLUS & Income Fund			2,868,969
	1,275,236			Saba Capital Income & Opportunities Fund(a)			9,679,041
	845,000			Saba Capital Income & Opportunities Fund II			7,190,950
	226,250			Special Opportunities Fund, Inc.			3,147,137
	200,000			Voya Emerging Markets High Income Dividend Equity Fund			1,141,000
	100			Western Asset Global High Income Fund, Inc.			694
	212,814			Western Asset Managed Municipals Fund, Inc.			2,306,904
TOTAL CLOSED-END FUNDS - COMMON SHARES
(Cost $177,713,441)							213,202,371

										Maturity				Value
Shares				Description		Rate				Date				(Note 2)
CLOSED-END FUNDS - PREFERRED SHARES (1.03%)
United States - 1.03%
	89,385			Virtus Convertible & Income Fund II(b)			5.500	%			12/31/99				1,981,665
33,699				XAI Octagon Floating Rate Alternative Income Trust			6.500	%			03/31/26				848,878
TOTAL CLOSED-END FUNDS - PREFERRED SHARES
(Cost $2,744,030)															2,830,543
BUSINESS DEVELOPMENT COMPANIES - COMMON SHARES (0.81%)
United States - 0.81%
136,129				Oaktree Specialty Lending Corp.										$	2,220,264
TOTAL BUSINESS DEVELOPMENT COMPANIES - COMMON SHARES
(Cost $2,264,131)															2,220,264
BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES (2.19%)
United States - 2.19%
50,000				CION Investment Corp.			7.500	%			12/30/29				1,250,000
160,246				Crescent Capital BDC, Inc.			5.000	%			05/25/26				3,901,990
900,000				PennantPark Floating Rate Capital, Ltd.			4.250	%			04/01/26				857,455
TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES
(Cost $6,189,979)															6,009,445

 

Principal										Maturity				Value
Amount				Description		Rate				Date				(Note 2)
BUSINESS DEVELOPMENT COMPANY NOTES (3.67%)
United States - 3.67%
$	1,500,000			Golub Capital BDC, Inc.			2.050	%			02/15/27				1,385,560
	1,000,000			MidCap Financial Investment Corp.			4.500	%			07/16/26				951,733
	5,000,000			MidCap Financial Investment Corp.			5.250	%			03/03/25				4,968,005
	107,745			MidCap Financial Investment Corp.			8.000	%			12/15/28				2,760,427
															10,065,725
TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $9,920,052)															10,065,725
CORPORATE BONDS (17.80%)
United States - 17.80%
	2,000,000			Barings BDC, Inc.			7.000	%			02/15/29				2,090,344
	250,000			BlackRock TCP Capital Corp.			6.950	%			05/30/29				254,968
	629			Blackstone Private Credit Fund(c)			2.625	%			12/15/26				595
	5,400,000			Blackstone Private Credit Fund			2.625	%			12/15/26				5,107,993
	157			Blackstone Private Credit Fund(c)			3.250	%			03/15/27				150
	2,850,000			Blackstone Private Credit Fund			3.250	%			03/15/27				2,716,656
	290,000			Blackstone Secured Lending Fund(d)			2.125	%			02/15/27				270,352
	3,000,000			Blackstone Secured Lending Fund			2.850	%			09/30/28				2,739,180
	500,000			Blue Owl Capital Corp.			2.875	%			06/11/28				458,293
	3,000,000			Blue Owl Capital Corp.			3.750	%			07/22/25				2,965,163
	445,000			Blue Owl Capital Corp. II(c)			4.625	%			11/26/24				444,242
	557,000			Blue Owl Capital Corp. III			3.125	%			04/13/27				527,089
	428			Blue Owl Credit Income Corp.(c)			3.125	%			09/23/26				409
	2,492,000			Blue Owl Credit Income Corp.			3.125	%			09/23/26				2,379,255
	752			Blue Owl Credit Income Corp.(c)			5.500	%			03/21/25				751

$	2,505,000			Blue Owl Credit Income Corp.			5.500	%			03/21/25			$	2,503,291
	2,718,300			Blue Owl Credit Income Corp.			7.750	%			09/16/27				2,864,769
	2,500,000			Blue Owl Technology Finance Corp.(c)			4.750	%			12/15/25				2,467,455
	3,000,000			Blue Owl Technology Finance Corp.(c)			6.750	%			06/30/25				3,016,910
	1,000,000			Blue Owl Technology Finance Corp. II(c)			6.750	%			04/04/29				1,005,099
	3,072,928			Franklin BSP Capital Corp.			3.250	%			03/30/26				2,974,287
	2,370,000			Franklin BSP Capital Corp.(c)			4.850	%			12/15/24				2,363,153
	1,000,000			FS KKR Capital Corp.			2.625	%			01/15/27				940,803
	3,500,000			New Mountain Finance Corp.			6.875	%			02/01/29				3,544,782
	6,000,000			Oaktree Specialty Lending Corp.			7.100	%			02/15/29				6,242,141
	1,000,000			PennantPark Investment Corp.			4.000	%			11/01/26				948,688
															48,826,818
TOTAL CORPORATE BONDS
(Cost $46,955,990)															48,826,818

Shares				Description		Value (Note 2)
SPECIAL PURPOSE ACQUISITION COMPANIES - COMMON SHARES/UNITS (13.81%)(e)
China - 0.47%
	65,000			Future Vision II Acquisition Corp.			650,650
	60,193			Global Lights Acquisition Corp.			629,619
Hong Kong - 0.54%
	46,894			Black Spade Acquisition II Co.			467,064
	35,100			JVSPAC Acquisition Corp.			362,934
	65,000			YHN Acquisition I, Ltd.			651,300
Ireland - 0.00%(f)
	19,034			Heramba Electric PLC			1,618
Israel - 0.00%(f)
	120			REE Automotive, Ltd.			847
	2,547			Silexion Therapeutics Corp.			80
Malaysia - 0.51%
	64,922			Kairous Acquisition Corp. ltd			788,802
	51,134			PHP Ventures Acquisition Corp.			605,427
Singapore - 0.55%
	53,256			Chenghe Acquisition II Co.			533,625
	19,616			Helport AI, Ltd.			1,962
	64,612			RF Acquisition Corp.			723,654
	25,712			RF Acquisition Corp. II			261,445
United States - 11.74%
	50,000			AA Mission Acquisition Corp.			500,500
	44,669			Aimei Health Technology Co., Ltd.			468,131
	65,000			Andretti Acquisition Corp. II			650,000
	260,926			Ares Acquisition Corp. II			2,825,829
	30,110			Bayview Acquisition Corp.			310,735
	54,328			Bellevue Life Sciences Acquisition Corp.			589,459
	65,940			Black Hawk Acquisition Corp.			675,226
	65,000			Bowen Acquisition Corp.			698,750
	27,500			Cantor Equity Partners, Inc.			275,825
	58,500			Cayson Acquisition Corp.			586,170

Shares				Description		Value (Note 2)
	65,520			Centurion Acquisition Corp.		$	656,510
	52,128			Colombier Acquisition Corp. II			534,833
	40,000			DT Cloud Star Acquisition Corp.			403,600
	65,000			EQV Ventures Acquisition Corp.			645,450
	34,404			ESH Acquisition Corp.			365,026
	57,276			Flag Ship Acquisition Corp.			579,060
	30,880			FutureTech II Acquisition Corp.			339,989
	50,000			GigCapital7 Corp			498,500
	65,531			Globalink Investment, Inc.			743,122
	58,868			GP-Act III Acquisition Corp.			593,389
	35,000			Graf Global Corp			351,050
	30,342			Haymaker Acquisition Corp. 4, Class A			323,446
	25,000			HCM II Acquisition Corp.			250,250
	64,668			Horizon Space Acquisition I Corp.			724,715
	33,524			IB Acquisition Corp.			335,240
	63,942			Inflection Point Acquisition Corp. II			687,377
	78,504			Integrated Rail and Resources Acquisition Corp.			865,114
	87,536			Integrated Wellness Acquisition Corp.			1,032,049
	61,161			Iron Horse Acquisitions Corp.			623,231
	50,000			Launch One Acquisition Corp.			500,000
	66,874			Legato Merger Corp. III			681,780
	55,008			Lionheart Holdings			551,180
	65,000			M3-Brigade Acquisition V Corp.			651,950
	58,028			Melar Acquisition Corp. I			579,990
	66,944			Nabors Energy Transition Corp. II			713,623
	42,162			Newbury Street Acquisition Corp.			460,409
	243,512			Pershing Square Tontine Holdings(g)			2
	285,935			PIMCO Dynamic Income Strategy Fund			6,745,207
	32,460			Quetta Acquisition Corp.			337,584
	25,000			Silverbox Corp. IV			250,750
	50,000			SIM Acquisition Corp. I			502,000
	32,462			Spark I Acquisition Corp.			340,462
	65,000			Vine Hill Capital Investment Corp.			650,000
	50,000			Voyager Acquisition Corp.			500,000
	52,742			WinVest Acquisition Corp.			600,204
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES - COMMON SHARES/UNITS
(Cost $32,209,941)							37,876,744
RIGHTS (0.07%)
China - 0.01%
	52,566			Distoken Acquisition Corp., Strike Price $0.01, Expires 12/31/2049			5,099
	60,193			Global Lights Acquisition Corp, Strike Price $0.01, Expires 12/31/2049			8,433
Great Britain - 0.00%(f)
	62,670			ClimateRock, Strike Price $0.01, Expires 06/01/2027			5,509
Hong Kong - 0.00%(f)
	35,100			JVSPAC Acquisition Corp., Strike Price $0.01, Expires 12/31/2049			9,487
Malaysia - 0.00%(f)
	64,922			Kairous Acquisition Corp. ltd, Strike Price $11.50, Expires 11/24/2024			4,551

Shares				Description		Value (Note 2)
	51,134			PHP Ventures Acquisition Corp., Strike Price $0.01, Expires 12/31/2049(g)		$	5,165
Singapore - 0.01%
	50,470			A SPAC II Acquisition Corp., Strike Price $0.01, Expires 12/31/2049			651
	26,628			Chenghe Acquisition II Co., Strike Price $11.50, Expires 07/29/2029			1,864
	64,612			RF Acquisition Corp., Strike Price $0.01, Expires 12/31/2049			7,760
United States - 0.05%
	100			Advent Convertible and Income Fund, Strike Price $0.01, Expires 10/17/2024			2
	44,669			Aimei Health Technology Co., Ltd., Strike Price $0.01, Expires 12/31/2049			10,274
	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			2,971
	51,497			Bannix Acquisition Corp., Strike Price $0.01, Expires 12/31/2049			3,090
	30,110			Bayview Acquisition Corp., Strike Price $0.01, Expires 12/31/2049			4,519
	54,328			Bellevue Life Sciences Acquisi, Strike Price $0.01, Expires 12/31/2045			5,661
	13,188			Black Hawk Acquisition Corp., Strike Price $0.01, Expires 12/31/2049			15,298
	65,000			Bowen Acquisition Corp., Strike Price $0.01, Expires 12/31/2049			12,226
	21,512			Breeze Holdings Acquisition Corp., Strike Price $0.01, Expires 12/31/2049(g)			3,765
	32,760			Centurion Acquisition Corp., Strike Price $11.50, Expires 08/01/2029			2,955
	34,404			ESH Acquisition Corp., Strike Price $10.00, Expires 12/31/2049			2,804
	65,531			Globalink Investment, Inc., Strike Price $11.50, Expires 04/15/2025			7,864
	64,668			Horizon Space Acquisition I Corp., Strike Price $0.01, Expires 12/31/2049			4,850
	33,524			IB Acquisition Corp., Strike Price $0.01, Expires 12/31/2049			2,849
	61,161			Iron Horse Acquisitions Corp., Strike Price $0.01, Expires 12/31/2049			9,786
	67,493			Mars Acquisition Corp., Strike Price $0.01, Expires 12/31/2049			15,523
	29,014			Melar Acquisition Corp. I, Strike Price $11.50, Expires 06/01/2031			2,611
	67,514			Mountain Crest Acquisition Corp. V, Strike Price $0.01, Expires 12/31/2049			5,401
	69,600			NorthView Acquisition Corp., Strike Price $0.01, Expires 12/31/2049			3,557
	35,695			OneMedNet Corp., Strike Price $11.50, Expires 12/31/2028			1,210
	3,246			Quetta Acquisition Corp., Strike Price $0.01, Expires 12/31/2049			4,220
	32,618			Viveon Health Acquisition Corp., Strike Price $0.01, Expires 12/31/2049(g)			1,967

Shares				Description		Value (Note 2)
	66,708			Welsbach Technology Metals Acquisition Corp., Strike Price $0.01, Expires 12/31/2049		$	7,338
	102			Western Asset Global High Income Fund, Inc., Strike Price $0.01, Expires 10/10/2024			1
	52,742			WinVest Acquisition Corp., Strike Price $0.01, Expires 12/31/2049			8,439
	60,341			Yotta Acquisition Corp., Strike Price $0.01, Expires 12/31/2049			5,437
TOTAL RIGHTS
(Cost $287,323)							193,137
WARRANTS (0.06%)
Austria - 0.01%
	41,618			Critical Metals Corp., Strike Price $11.50, Expires 06/06/2028			9,988
Canada - 0.00%(f)
	53,236			Borealis Foods, Inc., Strike Price $11.50, Expires 08/26/2026			3,418
	32,785			Swiftmerge Acquisition Corp., Strike Price $11.50, Expires 06/17/2028			2,131
Cayman Islands - 0.00%(f)
	7,840			Blockchain Coinvestors Acquisition Corp. I, Strike Price $11.50, Expires 11/01/2028			180
	24,010			Finnovate Acquisition Corp., Strike Price $11.50, Expires 09/30/2026			480
	25,071			Healthcare AI Acquisition Corp., Strike Price $11.50, Expires 12/14/2026			627
	32,014			Nvni Group, Ltd., Strike Price $11.50, Expires 11/01/2028			659
	14,153			Zapp Electric Vehicles Group, Ltd., Strike Price $11.50, Expires 03/03/2028			140
China - 0.00%(f)
	52,566			Distoken Acquisition Corp., Strike Price $11.50, Expires 03/30/2028			747
	2,171			ECARX Holdings, Inc., Strike Price $11.50, Expires 12/21/2027			46
	16,878			MicroAlgo, Inc., Strike Price $11.50, Expires 12/31/2027			214
	10,728			SunCar Technology Group, Inc., Strike Price $11.50, Expires 05/18/2028			2,360
Great Britain - 0.00%(f)
	31,335			ClimateRock, Strike Price $11.50, Expires 06/01/2027			708
Hong Kong - 0.00%(f)
	28,984			AGBA Group Holding, Ltd., Strike Price $11.50, Expires 03/15/2027			6,376
	20,306			MultiMetaVerse Holdings, Ltd., Strike Price $11.50, Expires 03/15/2027			1,168
	36,015			NewGenIvf Group, Ltd., Strike Price $11.50, Expires 06/26/2028			605
	7,982			Prenetics Global, Ltd., Strike Price $8.91, Expires 05/17/2027			86
Ireland - 0.00%(f)
	51,043			SMX Security Matters PLC, Strike Price $11.50, Expires 03/07/2028			414

Shares				Description		Value (Note 2)
Israel - 0.00%(f)
	55,368			Holdco Nuvo Group DG, Ltd., Strike Price $11.50, Expires 10/23/2028		$	22
	44,569			Hub Cyber Security, Ltd., Strike Price $11.50, Expires 02/27/2028			637
	77,424			Spree Acquisition Corp. 1, Ltd., Strike Price $11.50, Expires 12/22/2028(g)			8
Luxembourg - 0.00%(f)
	14,063			Moolec Science SA, Strike Price $11.50, Expires 09/27/2027			563
Malaysia - 0.00%(f)
	32,461			Kairous Acquisition Corp. ltd, Strike Price $11.50, Expires 09/15/2026			179
	25,567			PHP Ventures Acquisition Corp., Strike Price $11.50, Expires 08/16/2028(g)			1,127
Singapore - 0.01%
	25,235			A SPAC II Acquisition Corp., Strike Price $11.50, Expires 05/03/2027			182
	38,763			BitFuFu, Inc., Strike Price $11.50, Expires 06/07/2028			14,497
	53,773			ESGL Holdings, Ltd., Strike Price $11.50, Expires 09/24/2026			591
	54,501			Euda Health Holdings, Ltd., Strike Price $11.50, Expires 09/24/2026			3,815
	64,612			RF Acquisition Corp., Strike Price $11.50, Expires 05/01/2028			1,299
	25,712			RF Acquisition Corp. II, Strike Price $0.01, Expires 01/01/2049			1,628
Switzerland - 0.00%(f)
	43,768			Genesis Growth Tech Acquisition Corp., Strike Price $11.50, Expires 05/19/2028			9
Taiwan - 0.00%(f)
	20,390			Gorilla Technology Group, Inc., Strike Price $11.50, Expires 07/14/2027			846
United States - 0.04%
	28,748			Achari Ventures Holdings Corp. I, Strike Price $11.50, Expires 08/05/2026			190
	21,731			Aeries Technology, Inc., Strike Price $11.50, Expires 10/20/2026			548
	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			399
	11,896			AltEnergy Acquisition Corp., Strike Price $11.50, Expires 11/02/2028			133
	8,612			Apexigen, Inc., Strike Price $11.50, Expires 08/31/2027(g)			225
	130,463			Ares Acquisition Corp. II, Strike Price $11.50, Expires 06/12/2028			20,874
	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			105
	51,497			Bannix Acquisition Corp., Strike Price $11.50, Expires 07/31/2026			1,030
	1,245			Banzai International, Inc., Strike Price $575.00, Expires 12/31/2026			10

Shares				Description		Value (Note 2)
	54,641			Battery Future Acquisition Corp., Strike Price $11.50, Expires 05/26/2028		$	557
	54,328			Bellevue Life Sciences Acquisi, Strike Price $11.50, Expires 02/10/2028			1,304
	81,786			Beneficient, Strike Price $11.50, Expires 03/14/2028			703
	15,057			Binah Capital Group, Inc., Strike Price $11.50, Expires 06/07/2028			527
	57,401			Blue Ocean Acquisition Corp., Strike Price $11.50, Expires 10/21/2028			930
	5,688			Brand Engagement Network, Inc., Strike Price $11.50, Expires 03/14/2029			398
	12,512			Breeze Holdings Acquisition Corp., Strike Price $11.50, Expires 05/25/2027			2,628
	23,792			Cactus Acquisition Corp. 1, Ltd., Strike Price $11.50, Expires 10/29/2026			557
	5,294			CERo Therapeutics Holdings, Inc., Strike Price $11.50, Expires 09/01/2026			27
	17,376			Colombier Acquisition Corp. II, Strike Price $11.50, Expires 12/31/2028			5,560
	15,030			Concord Acquisition Corp. II, Strike Price $11.50, Expires 12/31/2028			526
	51,016			Conduit Pharmaceuticals, Inc., Strike Price $11.50, Expires 02/03/2027			612
	2,087			Corner Growth Acquisition Corp., Strike Price $11.50, Expires 12/31/2027			–
	72,474			DIH Holdings US, Inc., Strike Price $11.50, Expires 02/07/2028			2,899
	17,658			Direct Selling Acquisition Corp., Strike Price $11.50, Expires 09/30/2028			530
	54,641			EVe Mobility Acquisition Corp., Strike Price $11.50, Expires 05/12/2028			2,131
	17,137			Everest Consolidator Acquisition Corp., Strike Price $11.50, Expires 07/19/2028			509
	4,804			ExcelFin Acquisition Corp., Strike Price $11.50, Expires 10/21/2026			717
	20,705			FOXO Technologies, Inc., Strike Price $11.50, Expires 08/01/2027			27
	30,880			FutureTech II Acquisition Corp., Strike Price $11.50, Expires 02/16/2027			784
	9,479			Global Gas Corp., Strike Price $11.50, Expires 10/29/2027			37
	65,531			Globalink Investment, Inc., Strike Price $11.50, Expires 12/03/2026			1,638
	29,434			GP-Act III Acquisition Corp., Strike Price $11.50, Expires 12/31/2027			3,238
	14,320			Griid Infrastructure, Inc., Strike Price $11.50, Expires 12/31/2027			480
	15,171			Haymaker Acquisition Corp. 4, Strike Price $11.50, Expires 09/12/2028			2,427
	24,100			Hennessy Capital Investment Corp. VI, Strike Price $11.50, Expires 12/31/2027			1,687
	64,668			Horizon Space Acquisition I Corp., Strike Price $11.50, Expires 01/26/2028			983
	50,640			iCoreConnect, Inc., Strike Price $11.50, Expires 05/15/2028			56
	31,971			Inflection Point Acquisition Corp. II, Strike Price $11.50, Expires 07/17/2028			7,638

Shares				Description		Value (Note 2)
	39,252			Integrated Rail and Resources Acquisition Corp., Strike Price $11.50, Expires 11/12/2026		$	1,570
	43,768			Integrated Wellness Acquisition Corp., Strike Price $11.50, Expires 10/31/2028			687
	61,161			Iron Horse Acquisitions Corp., Strike Price $11.50, Expires 02/16/2029			1,535
	16,682			Jaws Mustang Acquisition Corp., Strike Price $11.50, Expires 01/30/2026			385
	68,194			Klotho Neurosciences, Inc., Strike Price $11.50, Expires 06/21/2029			2,728
	4,787			Learn CW Investment Corp., Strike Price $11.50, Expires 12/31/2028			407
	33,437			Legato Merger Corp. III, Strike Price $11.50, Expires 03/28/2029			5,016
	7,755			Maquia Capital Acquisition Corp., Strike Price $11.50, Expires 12/31/2027			178
	13,723			MSP Recovery, Inc., Strike Price $0.00, Expires 02/14/2026			550
	10,806			MultiSensor AI Holdings, Inc., Strike Price $11.50, Expires 09/01/2027			281
	33,472			Nabors Energy Transition Corp. II, Strike Price $11.50, Expires 09/05/2028			3,013
	19,815			Nature's Miracle Holding, Inc., Strike Price $11.50, Expires 03/12/2029			260
	32,271			New Horizon Aircraft, Ltd., Strike Price $11.50, Expires 04/03/2028			397
	21,081			Newbury Street Acquisition Corp., Strike Price $11.50, Expires 12/31/2027			1,897
	9,664			NKGen Biotech, Inc., Strike Price $11.50, Expires 05/31/2028			683
	4,228			Northern Revival Acquisition Corp., Strike Price $11.50, Expires 12/31/2027(g)			92
	34,800			NorthView Acquisition Corp., Strike Price $11.50, Expires 08/02/2027			1,305
	5,790			Nuburu, Inc., Strike Price $11.50, Expires 09/07/2027			30
	6,735			Nukkleus, Inc., Strike Price $11.50, Expires 12/31/2025			63
	48,836			OceanTech Acquisitions I Corp., Strike Price $11.50, Expires 05/10/2026			–
	8,341			Onyx Acquisition Co. I, Strike Price $11.50, Expires 11/30/2028			94
	1,733			Peak Bio, Inc., Strike Price $11.50, Expires 12/31/2027			–
	60,878			PERSHING SQUARE SPARC HOLDINGS, Strike Price $0.01, Expires 12/31/2049(g)			1
	35,388			Presto Automation, Inc., Strike Price $11.50, Expires 09/30/2025			42
	16,945			Priveterra Acquisition Corp. II, Strike Price $11.50, Expires 12/31/2025			339
	42,380			QT Imaging Holdings, Inc., Strike Price $11.50, Expires 12/31/2028			466
	37,808			Relativity Acquisition Corp., Strike Price $11.50, Expires 02/11/2027(g)			1,781
	69			RMG Acquisition Corp. III, Strike Price $11.50, Expires 12/31/2027			–
	15,598			Roadzen, Inc., Strike Price $11.50, Expires 11/30/2028			1,073
	953			Roth CH Acquisition Co., Strike Price $11.50, Expires 10/29/2028			1
	30,975			Roth CH Acquisition V Co., Strike Price $11.50, Expires 12/10/2026			1,462

Shares				Description		Value (Note 2)
	13,545			Royalty Management Holding Corp., Strike Price $11.50, Expires 05/28/2026		$	142
	20,602			Southland Holdings, Inc., Strike Price $11.50, Expires 09/01/2026			7,652
	32,793			Southport Acquisition Corp., Strike Price $11.50, Expires 05/24/2028			2,623
	16,231			Spark I Acquisition Corp., Strike Price $11.50, Expires 11/27/2028			2,110
	41,072			Syntec Optics Holdings, Inc., Strike Price $11.50, Expires 11/08/2026			2,875
	6,195			TLGY Acquisition Corp., Strike Price $11.50, Expires 01/14/2028			186
	32,618			Viveon Health Acquisition Corp., Strike Price $11.50, Expires 12/31/2027(g)			196
	34,072			Volato Group, Inc., Strike Price $11.50, Expires 12/03/2028			174
	19,208			VSee Health, Inc., Strike Price $11.50, Expires 11/04/2028			768
	52,742			WinVest Acquisition Corp., Strike Price $11.50, Expires 02/19/2026			717
	6,768			XBP Europe Holdings, Inc., Strike Price $11.50, Expires 12/31/2027			87
	60,341			Yotta Acquisition Corp., Strike Price $11.50, Expires 03/15/2027			1,267
	48,471			ZyVersa Therapeutics, Inc., Strike Price $11.50, Expires 12/20/2026(g)			3,393
TOTAL WARRANTS
(Cost $785,576)							168,234
EXCHANGE TRADED FUNDS (1.47%)
United States - 1.47%
	50,000			Utilities Select Sector SPDR® Fund			4,039,000
TOTAL EXCHANGE TRADED FUNDS
(Cost $2,922,186)							4,039,000

Principal										Maturity				Value
Amount				Description		Rate				Date				(Note 2)
GOVERNMENT BOND (3.64%)
United States - 3.64%
$	1,000,000			U.S. Treasury Note			0.140	%			11/30/24				999,641
	4,000,000			U.S. Treasury Note			0.200	%			12/31/24				3,995,684
	5,000,000			U.S. Treasury Note			0.380	%			05/31/25				5,001,301
TOTAL GOVERNMENT BOND
(Cost $9,985,065)															9,996,626

7-Day

Value

Shares

Description

Yield

(Note 2)

SHORT-TERM INVESTMENTS (14.17%)

Money Market Fund - 14.17%

38,865,547

State Street Institutional Treasury Money Market Fund Premier Class

4.97

%

38,865,547

TOTAL SHORT-TERM INVESTMENTS

(Cost $38,865,547)

38,865,547

					7-Day				Value
Shares		Description			Yield				(Note 2)
TOTAL INVESTMENTS (136.43%)
(Cost $330,843,261)									$	374,294,454
Series A Cumulative Perpetual Preferred Shares (-35.63)										(97,750,000	)
Liabilities in Excess of Other Assets (-0.80%)(h)										(2,182,610	)
NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS (100.00%)									$	274,361,844

 

SCHEDULE OF SECURITIES SOLD SHORT

 

Description		Shares				Value (Note 2)
EXCHANGE TRADED FUNDS - COMMON SHARES (-13.95%)
Invesco S&P 500 Equal Weight ETF			(100,895	)		$	(18,076,348	)
iShares Core S&P 500 ETF			(35,000	)			(20,188,700	)
TOTAL EXCHANGE TRADED FUNDS - COMMON SHARES							(38,265,048	)
TOTAL SECURITIES SOLD SHORT
(Proceeds $36,616,531)						$	(38,265,048	)

(a)	All or a portion of the security is pledged as collateral for securities sold short. As of September 30, 2024, the aggregate value of those securities was $17,243,500 representing 6.28% 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 September 30, 2024, the market value of those Rule 144A securities held by the Fund was $9,298,764 representing 3.39% 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 September 30, 2024, the aggregate fair value of those securities was $270,352 representing 0.10% of net assets.
(e)	Non-income producing security.
(f)	Less than 0.005%.
(g)	As a result of the use of significant unobservable inputs to determine fair value, the investment has been classified as a Level 3 asset.
(h)	Includes cash in the amount of $35,027,298 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

September 30, 2024 (Unaudited)

 

1. ORGANIZATION

 

RiverNorth Opportunities Fund, Inc. (the “Fund”) was organized as a Maryland corporation on September 9, 2010. The Fund commenced operations on December 24, 2015, and had no operations until that date other than those related to organizational matters and the registration of its shares under applicable securities laws.

 

The Fund is a diversified, closed-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Fund’s Articles of Amendment and Restatement permit the Board of Directors (the “Board” or “Directors”) to authorize and issue 37,500,000 shares of common stock with $0.0001 par value per share, 3,910,000 of which have been reclassified as Series A Perpetual Preferred Stock. The Fund is considered an investment company and therefore follows the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 946 Financial Services – Investment Companies.

 

The Fund may be converted to an open-end investment company at any time if approved by two-thirds of the Board and at least two-thirds of the Fund’s total outstanding shares. If the Fund converted to an open-end investment company, it would be required to redeem all preferred stock of the Fund then outstanding, if any (requiring in turn that it liquidate a portion of its investment portfolio). Conversion to open-end status could also require the Fund to modify certain investment restrictions and policies. The Board may at any time (but is not required to) propose conversion of the Fund to open-end status, depending upon its judgment regarding the advisability of such action in light of circumstances then prevailing.

 

The Fund’s investment adviser is RiverNorth Capital Management, LLC (the “Adviser”). The Fund’s investment objective is total return consisting of capital appreciation and current income.

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

The following is a summary of significant accounting policies followed by the Fund. These policies are in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The financial statements are prepared in accordance with U.S. GAAP, which 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 reporting period. 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 financial statements have been prepared as of the close of the New York Stock Exchange (“NYSE”) on June 30, 2024.

 

The Fund invests in closed-end funds, exchange-traded funds and business development companies (collectively, “Underlying Funds”), each of which has its own investment risks. Those risks can affect the value of the Fund’s investments and therefore the value of the Fund’s shares. To the extent that the Fund invests more of its assets in one Underlying Fund than in another, the Fund will have greater exposure to the risks of that Underlying Fund.

 

Security Valuation: The Fund’s investments are generally valued at their fair value using market quotations. If a market quotation is unavailable, a security may be valued at its estimated fair value as described in Note 3.

 

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.

 

3. SECURITIES VALUATION AND 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. U.S. 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. These inputs are summarized in the three broad levels listed below.

 

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, exchange-traded funds and business development companies, 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, and business development company notes 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 September 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		$	213,202,371			$	–			$	–			$	213,202,371
Closed-End Funds - Preferred Shares			2,830,543				–				–				2,830,543
Business Development Companies - Preferred Shares			3,901,990				2,107,455				–				6,009,445
Business Development Companies - Common Shares			2,220,264				–				–				2,220,264
Business Development Company Notes			2,760,427				7,305,298				–				10,065,725
Corporate Bonds			–				48,826,818				–				48,826,818
Special Purpose Acquisition Companies - Common Shares/Units			36,095,466				1,781,276				2				37,876,744
Rights			152,883				29,357				10,897				193,137
Warrants			154,995				6,416				6,823				168,234
Exchange Traded Funds			4,039,000				–				–				4,039,000
Government Bond			–				9,996,626				–				9,996,626
Short-Term Investments			38,865,547				–				–				38,865,547
Total		$	304,223,486			$	70,053,246			$	17,722			$	374,294,454
Other Financial Instruments
Liabilities:
Securities Sold Short
Exchange Traded Funds - Common Shares		$	(38,265,048	)		$	–			$	–			$	(38,265,048	)
Total		$	(38,265,048	)		$	–			$	–			$	(38,265,048	)

 

For the period ended September 30, 2024, there were no significant transfers into/out of Level 3.

 

Short Sale Risks: The Fund and the Underlying Funds may engage in short sales. A short sale is a transaction in which a fund sells a security it does not own in anticipation that the market price of that security will decline. To establish a short position, a fund must first borrow the security from a broker or other institution. The fund may not always be able to borrow a security at a particular time or at an acceptable price. Accordingly, there is a risk that a fund may be unable to implement its investment strategy due to the lack of available securities or for other reasons. After selling a borrowed security, a fund is obligated to “cover” the short sale by purchasing and returning the security to the lender at a later date. 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. 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 September 30, 2024, the Fund invested in rights and warrants, which are disclosed in the Statement of Investments.

---