RiverNorth Opportunities Fund, Inc.
Statement of Investments
October 31, 2023 (Unaudited)
Shares | | |
Description |
|
Value (Note 2) | |
CLOSED-END FUNDS - COMMON SHARES (81.73%) |
|
| | |
| 369,567 | | |
Barings Corporate Investors |
|
$ | 5,931,550 | |
| 308,625 | | |
Barings Participation Investors |
|
| 4,351,613 | |
| 292,335 | | |
BlackRock California Municipal Income Trust |
|
| 2,905,810 | |
| 1,569,123 | | |
BlackRock Capital Allocation Term Trust(a) |
|
| 21,936,340 | |
| 1,638,338 | | |
BlackRock ESG Capital Allocation Term Trust(a) |
|
| 23,428,233 | |
| 230,470 | | |
BlackRock Health Sciences Term Trust |
|
| 3,016,852 | |
| 124,116 | | |
BlackRock Municipal Income Quality Trust |
|
| 1,177,861 | |
| 294,339 | | |
BlackRock Municipal Income Trust |
|
| 2,560,749 | |
| 313,257 | | |
BlackRock Municipal Income Trust II |
|
| 2,791,120 | |
| 167,757 | | |
BlackRock MuniHoldings Fund, Inc. |
|
| 1,697,701 | |
| 286,736 | | |
BlackRock MuniHoldings Quality Fund II, Inc. |
|
| 2,477,399 | |
| 105,409 | | |
BlackRock MuniVest Fund, Inc. |
|
| 638,779 | |
| 141,200 | | |
BlackRock MuniVest Fund II, Inc. |
|
| 1,284,920 | |
| 237,151 | | |
BlackRock MuniYield Fund, Inc. |
|
| 2,124,873 | |
| 280,410 | | |
BlackRock MuniYield Quality Fund II, Inc. |
|
| 2,442,371 | |
| 147,793 | | |
BlackRock Science and Technology Term Trust |
|
| 2,134,131 | |
| 167,129 | | |
BlackRock Taxable Municipal Bond Trust |
|
| 2,500,250 | |
| 220,118 | | |
Calamos Long/Short Equity & Dynamic Income Trust(a) |
|
| 3,022,220 | |
| 731,566 | | |
Clough Global Opportunities Fund |
|
| 3,072,577 | |
| 102,424 | | |
Eaton Vance Municipal Income Trust |
|
| 902,356 | |
| 323,801 | | |
First Trust High Yield Opportunities 2027 Term Fund |
|
| 4,147,891 | |
| 105,733 | | |
First Trust Intermediate Duration Preferred & Income Fund |
|
| 1,504,581 | |
| 217,002 | | |
Invesco Dynamic Credit Opportunity Fund |
|
| 2,430,421 | |
| 157,133 | | |
Invesco Municipal Opportunity Trust |
|
| 1,266,492 | |
| 121,191 | | |
MainStay CBRE Global Infrastructure Megatrends Term Fund |
|
| 1,337,949 | |
| 17,263 | | |
Miller/Howard High Dividend Fund |
|
| 165,552 | |
| 26,600 | | |
Neuberger Berman Municipal Fund, Inc. |
|
| 235,676 | |
| 567,657 | | |
Nuveen AMT-Free Municipal Credit Income Fund |
|
| 5,693,600 | |
| 20,789 | | |
Nuveen AMT-Free Municipal Value Fund |
|
| 261,941 | |
| 904,996 | | |
Nuveen AMT-Free Quality Municipal Income Fund(a) |
|
| 8,570,312 | |
| 175,844 | | |
Nuveen California Quality Municipal Income Fund |
|
| 1,649,417 | |
| 271,707 | | |
Nuveen Core Plus Impact Fund |
|
| 2,445,363 | |
| 145,734 | | |
Nuveen Municipal Credit Income Fund |
|
| 1,471,913 | |
| 455,683 | | |
Nuveen Municipal Value Fund, Inc. |
|
| 3,640,907 | |
| 143,155 | | |
Nuveen New York Quality Municipal Income Fund |
|
| 1,318,458 | |
| 1,308,054 | | |
Nuveen Preferred & Income Securities Fund(a) |
|
| 7,782,921 | |
| 110,637 | | |
Nuveen Preferred & Income Term Fund |
|
| 1,824,404 | |
| 138,430 | | |
Nuveen Quality Municipal Income Fund |
|
| 1,357,998 | |
| 54,804 | | |
Nuveen Taxable Municipal Income Fund |
|
| 764,516 | |
| 558,979 | | |
Pershing Square Holdings Ltd. |
|
| 19,787,857 | |
| 668,473 | | |
PIMCO Access Income Fund |
|
| 8,710,203 | |
| 202,036 | | |
PIMCO Dynamic Income Fund |
|
| 3,301,268 | |
| 474,398 | | |
PIMCO Dynamic Income Opportunities Fund |
|
| 5,189,914 | |
| 285,935 | | |
PIMCO Energy & Tactical Credit Opportunities Fund |
|
| 5,432,765 | |
| 339,415 | | |
PIMCO Global StocksPLUS & Income Fund |
|
| 2,131,526 | |
| 167,384 | | |
Pioneer Municipal High Income Fund Trust |
|
| 1,170,014 | |
| 1,275,236 | | |
Saba Capital Income & Opportunities Fund(a) |
|
| 9,423,994 | |
| 226,250 | | |
Special Opportunities Fund, Inc. |
|
| 2,339,425 | |
| 249,000 | | |
Templeton Emerging Markets Income Fund |
|
| 1,130,460 | |
Shares | | |
Description | |
Value (Note 2) | |
| 54,186 | | |
Virtus AllianzGI Convertible & Income 2024 Target Term Fund | |
$ | 458,955 | |
| 46,275 | | |
Western Asset Inflation-Linked Opportunities & Income Fund | |
| 378,992 | |
| | | |
| |
| | |
TOTAL CLOSED-END FUNDS - COMMON SHARES |
| | |
(Cost $211,674,715) |
| 197,723,390 | |
| | | |
| |
| | | |
Maturity | | |
Value | |
Shares | | |
Description | |
Rate | | |
Date | | |
(Note 2) | |
BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES (2.94%) | |
| | | |
| | | |
| | |
| 163,300 | | |
Crescent Capital BDC, Inc. | |
| 5.000 | % | |
| 05/25/26 | | |
| 3,821,220 | |
| 26,143 | | |
Oxford Square Capital Corp. | |
| 6.500 | % | |
| 03/30/24 | | |
| 652,678 | |
| 2,906 | | |
Virtus AllianzGI Diversified Income & Convertible Fund | |
| 5.625 | % | |
| | | |
| 59,864 | |
| 89,385 | | |
Virtus Convertible & Income Fund II(b) | |
| 5.500 | % | |
| | | |
| 1,820,773 | |
| 33,699 | | |
XAI Octagon Floating Rate Alternative Income Term Trust | |
| 6.500 | % | |
| 03/31/26 | | |
| 818,717 | |
| | | |
| |
| | | |
| | | |
| | |
TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES | | |
| | |
(Cost $7,333,638) | | | |
| 7,173,252 | |
Principal | | |
| |
| | | |
Maturity | | |
Value | |
Amount | | |
Description | |
Rate | | |
Date | | |
(Note 2) | |
BUSINESS DEVELOPMENT COMPANY NOTES (1.99%) | |
$ | 1,500,000 | | |
Golub Capital BDC, Inc. | |
| 2.050 | % | |
| 02/15/27 | | |
| 1,263,787 | |
| 2,744,753 | | |
Golub Capital BDC, Inc. | |
| 3.375 | % | |
| 04/15/24 | | |
| 2,702,178 | |
| 923,130 | | |
PennantPark Floating Rate Capital, Ltd. | |
| 4.250 | % | |
| 04/01/26 | | |
| 843,275 | |
| | | |
| |
| | | |
| | | |
| 4,809,240 | |
| | | |
| |
| | | |
| | | |
| | |
TOTAL BUSINESS DEVELOPMENT COMPANY NOTES | |
| | | |
| | |
(Cost $4,894,780) | |
| | | |
| 4,809,240 | |
| | | |
| |
| | | |
| | | |
| | |
CORPORATE BONDS (17.57%) | |
| | | |
| | |
| 6,459,394 | | |
Blackstone Private Credit Fund(c) | |
| 2.625 | % | |
| 12/15/26 | | |
| 5,531,780 | |
| 2,856,157 | | |
Blackstone Private Credit Fund(c) | |
| 3.250 | % | |
| 03/15/27 | | |
| 2,464,689 | |
| 3,082,262 | | |
Blackstone Secured Lending Fund | |
| 2.850 | % | |
| 09/30/28 | | |
| 2,499,562 | |
| 500,000 | | |
Blue Owl Capital Corp. | |
| 2.875 | % | |
| 06/11/28 | | |
| 407,728 | |
| 632,813 | | |
Blue Owl Capital Corp. | |
| 3.400 | % | |
| 07/15/26 | | |
| 564,819 | |
| 3,000,000 | | |
Blue Owl Capital Corp. | |
| 3.750 | % | |
| 07/22/25 | | |
| 2,804,320 | |
| 2,000,000 | | |
Blue Owl Capital Corp. II(c) | |
| 4.625 | % | |
| 11/26/24 | | |
| 1,937,895 | |
| 557,143 | | |
Blue Owl Capital Corp. III | |
| 3.125 | % | |
| 04/13/27 | | |
| 475,104 | |
| 2,492,428 | | |
Blue Owl Credit Income Corp.(c) | |
| 3.125 | % | |
| 09/23/26 | | |
| 2,188,066 | |
| 2,505,752 | | |
Blue Owl Credit Income Corp.(c) | |
| 5.500 | % | |
| 03/21/25 | | |
| 2,425,082 | |
| 2,718,300 | | |
Blue Owl Credit Income Corp. | |
| 7.750 | % | |
| 09/16/27 | | |
| 2,677,658 | |
| 2,500,000 | | |
Blue Owl Technology Finance Corp.(c) | |
| 4.750 | % | |
| 12/15/25 | | |
| 2,316,752 | |
| 2,500,000 | | |
Blue Owl Technology Finance Corp.(c) | |
| 6.750 | % | |
| 06/30/25 | | |
| 2,426,785 | |
| 3,072,928 | | |
Franklin BSP Lending Corp. | |
| 3.250 | % | |
| 03/30/26 | | |
| 2,751,892 | |
| 1,300,000 | | |
Franklin BSP Lending Corp.(c) | |
| 4.850 | % | |
| 12/15/24 | | |
| 1,251,549 | |
| 1,000,000 | | |
FS KKR Capital Corp. | |
| 2.625 | % | |
| 01/15/27 | | |
| 853,301 | |
| 1,000,000 | | |
MidCap Financial Investment Corp. | |
| 4.500 | % | |
| 07/16/26 | | |
| 897,100 | |
| 1,500,000 | | |
MidCap Financial Investment Corp. | |
| 5.250 | % | |
| 03/03/25 | | |
| 1,440,021 | |
| 6,000,000 | | |
Oaktree Specialty Lending Corp. | |
| 7.100 | % | |
| 02/15/29 | | |
| 5,722,746 | |
| 1,000,000 | | |
PennantPark Investment Corp. | |
| 4.000 | % | |
| 11/01/26 | | |
| 882,270 | |
| | | |
| |
| | | |
| | | |
| 42,519,119 | |
| | | |
| |
| | | |
| | | |
| | |
TOTAL CORPORATE BONDS | |
| | | |
| | |
(Cost $42,995,016) | |
| | | |
| 42,519,119 | |
Shares | | |
Description | |
Value (Note 2) | |
SPECIAL PURPOSE ACQUISITION COMPANIES - COMMON SHARES/UNITS (13.44%)(d) | |
| | |
| 48,020 | | |
A SPAC I Acquisition Corp. | |
$ | 520,057 | |
| 50,470 | | |
A SPAC II Acquisition Corp. | |
| 543,562 | |
| 28,748 | | |
Achari Ventures Holdings Corp. I | |
| 307,029 | |
| 28,640 | | |
Adit EdTech Acquisition Corp. | |
| 305,302 | |
| 27,690 | | |
Alpha Star Acquisition Corp. | |
| 307,082 | |
| 149,999 | | |
Ares Acquisition Corp. | |
| 1,616,989 | |
| 260,926 | | |
Ares Acquisition Corp. II | |
| 2,687,538 | |
| 39,063 | | |
Arisz Acquisition Corp. | |
| 418,759 | |
| 30,000 | | |
Atlantic Coastal Acquisition Corp. II | |
| 318,000 | |
| 72,474 | | |
Aurora Technology Acquisition Corp. | |
| 792,141 | |
| 54,328 | | |
Bellevue Life Sciences Acquisition Corp. | |
| 568,814 | |
| 65,000 | | |
Bowen Acquisition Corp. | |
| 664,950 | |
| 42,480 | | |
CC Neuberger Principal Holdings III | |
| 464,731 | |
| 110,000 | | |
Churchill Capital Corp. VI | |
| 1,150,600 | |
| 60,000 | | |
Churchill Capital Corp. VII | |
| 627,600 | |
| 52,566 | | |
Distoken Acquisition Corp. | |
| 555,623 | |
| 34,404 | | |
ESH Acquisition Corp. | |
| 348,513 | |
| 34,274 | | |
Everest Consolidator Acquisition Corp. | |
| 372,216 | |
| 58,038 | | |
ExcelFin Acquisition Corp. | |
| 616,944 | |
| 30,880 | | |
FutureTech II Acquisition Corp. | |
| 337,210 | |
| 37,000 | | |
Gardiner Healthcare Acquisitions Corp. | |
| 399,600 | |
| 65,531 | | |
Globalink Investment, Inc. | |
| 707,079 | |
| 68,610 | | |
Gores Holdings IX, Inc. | |
| 715,602 | |
| 30,342 | | |
Haymaker Acquisition Corp. 4 | |
| 312,219 | |
| 64,668 | | |
Horizon Space Acquisition I Corp. | |
| 685,804 | |
| 59,790 | | |
InFinT Acquisition Corp. | |
| 664,865 | |
| 63,942 | | |
Inflection Point Acquisition Corp. II | |
| 654,127 | |
| 14,300 | | |
Innovative International Acquisition Corp. | |
| 161,447 | |
| 78,504 | | |
Integrated Rail and Resources Acquisition Corp. | |
| 858,834 | |
| 87,536 | | |
Integrated Wellness Acquisition Corp. | |
| 962,896 | |
| 64,922 | | |
Kairous Acquisition Corp. ltd | |
| 730,372 | |
| 39,630 | | |
Lakeshore Acquisition II Corp. | |
| 431,571 | |
| 65,640 | | |
LIV Capital Acquisition Corp. II | |
| 714,820 | |
| 67,493 | | |
Mars Acquisition Corp. | |
| 711,376 | |
| 66,944 | | |
Nabors Energy Transition Corp. II | |
| 684,168 | |
| 42,162 | | |
Newbury Street Acquisition Corp. | |
| 445,231 | |
| 48,836 | | |
OceanTech Acquisitions I Corp. | |
| 538,173 | |
| 58,800 | | |
OPY Acquisition Corp. I | |
| 615,048 | |
| 60,000 | | |
Pearl Holdings Acquisition Corp. | |
| 645,000 | |
| 51,134 | | |
PHP Ventures Acquisition Corp. | |
| 559,406 | |
| 32,271 | | |
Pono Capital Three, Inc. | |
| 341,750 | |
| 33,890 | | |
Priveterra Acquisition Corp. II | |
| 367,368 | |
| 30,397 | | |
Quantum FinTech Acquisition Corp. | |
| 320,688 | |
| 32,463 | | |
Quetta Acquisition Corp. | |
| 328,233 | |
| 68,194 | | |
Redwoods Acquisition Corp. | |
| 728,312 | |
| 120 | | |
REE Automotive, Ltd. | |
| 314 | |
| 64,612 | | |
RF Acquisition Corp. | |
| 688,764 | |
| 65,163 | | |
Screaming Eagle Acquisition Corp. | |
| 684,211 | |
| 29,895 | | |
Seaport Global Acquisition II Corp. | |
| 320,773 | |
| 60,000 | | |
ShoulderUp Technology Acquisition Corp. | |
| 635,940 | |
| 83,236 | | |
Sizzle Acquisition Corp. | |
| 906,440 | |
| 32,463 | | |
Spark I Acquisition Corp. | |
| 328,201 | |
| 14,408 | | |
SportsMap Tech Acquisition Corp. | |
| 154,886 | |
| 39,232 | | |
Tristar Acquisition I Corp. | |
| 422,136 | |
Shares | | |
Description | |
Value (Note 2) | |
| 52,742 | | |
WinVest Acquisition Corp. | |
$ | 579,107 | |
| | | |
| |
| | |
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES - COMMON SHARES/UNITS | |
| | |
(Cost $30,469,819) | |
| 32,528,421 | |
| | | |
| |
| | |
RIGHTS (0.08%) | |
| | |
| 48,020 | | |
A SPAC I Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | |
| 4,639 | |
| 50,470 | | |
A SPAC II Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | |
| 4,542 | |
| 33,634 | | |
Accretion Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | |
| 3,363 | |
| 24,649 | | |
Allegro Merger Corp., Strike Price $11.50, Expires 12/31/2049 | |
| – | |
| 27,690 | | |
Alpha Star Acquisition Corp., Strike Price $0.01, Expires 12/13/2026 | |
| 2,769 | |
| 39,063 | | |
Arisz Acquisition Corp., Strike Price $11.50, Expires 11/16/2026 | |
| 2,812 | |
| 72,474 | | |
Aurora Technology Acquisition Corp., Strike Price $11.50, Expires 02/07/2028 | |
| 7,247 | |
| 51,497 | | |
Bannix Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | |
| 15,964 | |
| 54,328 | | |
Bellevue Life Sciences Acquisi, Strike Price $0.01, Expires 12/31/2045 | |
| 9,236 | |
| 65,000 | | |
Bowen Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | |
| 7,215 | |
| 21,512 | | |
Breeze Holdings Acquisition Corp., Strike Price $0.01, Expires 05/25/2027 | |
| 2,618 | |
| 11,614 | | |
Brilliant Acquisition Corp., Strike Price $11.50, Expires 12/31/2025 | |
| 1,293 | |
| 62,670 | | |
ClimateRock, Strike Price $0.01, Expires 06/01/2027 | |
| 6,267 | |
| 35,695 | | |
Data Knights Acquisition Corp., Strike Price $11.50, Expires 12/31/2028 | |
| 625 | |
| 28,601 | | |
Deep Medicine Acquisition Corp., Strike Price $11.50, Expires 10/26/2023 | |
| 9,724 | |
| 52,566 | | |
Distoken Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | |
| 6,839 | |
| 34,404 | | |
ESH Acquisition Corp., Strike Price $10.00, Expires 12/31/2049 | |
| 4,128 | |
| 65,633 | | |
Financial Strategies Acquisition Corp., Strike Price $11.50, Expires 03/31/2028 | |
| 13 | |
| 65,531 | | |
Globalink Investment, Inc., Strike Price $11.50, Expires 08/19/2023 | |
| 5,898 | |
| 64,668 | | |
Horizon Space Acquisition I Corp., Strike Price $0.01, Expires 12/31/2049 | |
| 7,760 | |
| 64,922 | | |
Kairous Acquisition Corp. ltd, Strike Price $11.50, Expires 11/24/2023 | |
| 7,524 | |
| 39,630 | | |
Lakeshore Acquisition II Corp., Strike Price $0.01, Expires 12/31/2049 | |
| 6,143 | |
| 67,493 | | |
Mars Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | |
| 15,517 | |
| 67,514 | | |
Mountain Crest Acquisition Corp. V, Strike Price $0.01, Expires 12/31/2049 | |
| 8,102 | |
| 36,206 | | |
Nocturne Acquisition Corp., Strike Price $0.01, Expires 12/29/2025 | |
| 5,069 | |
| 69,600 | | |
NorthView Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | |
| 9,222 | |
| 51,134 | | |
PHP Ventures Acquisition Corp., Strike Price $0.01, Expires 10/08/2022 | |
| 4,715 | |
Shares | | |
Description | |
Value (Note 2) | |
| 68,194 | | |
Redwoods Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | |
$ | 7,590 | |
| 64,612 | | |
RF Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | |
| 5,234 | |
| 32,618 | | |
Viveon Health Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | |
| 1,941 | |
| 66,708 | | |
Welsbach Technology Metals Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | |
| 5,337 | |
| 52,742 | | |
WinVest Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | |
| 3,164 | |
| 60,341 | | |
Yotta Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | |
| 4,833 | |
| | | |
| |
| | |
TOTAL RIGHTS | |
| | |
(Cost $298,936) | |
| 187,343 | |
| | | |
| |
| | |
WARRANTS (0.12%)(d) | |
| | |
| 1,245 | | |
7GC & Co. Holdings, Inc., Strike Price $11.50, Expires 12/31/2026 | |
| 54 | |
| 36,015 | | |
A SPAC I Acquisition Corp., Strike Price $11.50, Expires 05/21/2027 | |
| 436 | |
| 25,235 | | |
A SPAC II Acquisition Corp., Strike Price $11.50, Expires 05/03/2027 | |
| 235 | |
| 9,384 | | |
Abacus Life, Inc., Strike Price $11.50, Expires 07/01/2027 | |
| 2,909 | |
| 16,817 | | |
Accretion Acquisition Corp., Strike Price $11.50, Expires 03/01/2028 | |
| 367 | |
| 23,244 | | |
Ace Global Business Acquisition, Ltd., Strike Price $11.50, Expires 12/31/2027 | |
| 688 | |
| 28,748 | | |
Achari Ventures Holdings Corp. I, Strike Price $11.50, Expires 10/15/2026 | |
| 1,009 | |
| 14,320 | | |
Adit EdTech Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | |
| 574 | |
| 2,250 | | |
AEON Biopharma, Inc., Strike Price $11.50, Expires 07/21/2028 | |
| 139 | |
| 30,384 | | |
AGBA Group Holding, Ltd., Strike Price $11.50, Expires 05/10/2024 | |
| 489 | |
| 24,649 | | |
Allegro Merger Corp., Strike Price $11.50, Expires 12/31/2049 | |
| – | |
| 27,690 | | |
Alpha Star Acquisition Corp., Strike Price $11.50, Expires 12/13/2026 | |
| 166 | |
| 43,371 | | |
ALSP Orchid Acquisition Corp. I, Strike Price $11.50, Expires 11/30/2028 | |
| 1,084 | |
| 11,896 | | |
AltEnergy Acquisition Corp., Strike Price $11.50, Expires 11/02/2028 | |
| 425 | |
| 13,545 | | |
American Acquisition Opportunity, Inc., Strike Price $11.50, Expires 05/28/2026 | |
| 677 | |
| 57,051 | | |
Amprius Technologies, Inc., Strike Price $11.50, Expires 09/14/2027 | |
| 11,125 | |
| 8,612 | | |
Apexigen, Inc., Strike Price $11.50, Expires 07/29/2027 | |
| 225 | |
| 20,000 | | |
Ares Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | |
| – | |
| 130,463 | | |
Ares Acquisition Corp. II, Strike Price $11.50, Expires 06/12/2028 | |
| 24,788 | |
| 39,063 | | |
Arisz Acquisition Corp., Strike Price $11.50, Expires 11/16/2026 | |
| 391 | |
| 32,655 | | |
Ault Disruptive Technologies Corp., Strike Price $11.50, Expires 06/20/2028 | |
| 526 | |
| 72,474 | | |
Aurora Technology Acquisition Corp., Strike Price $11.50, Expires 02/07/2028 | |
| 797 | |
Shares | | |
Description | |
Value (Note 2) | |
| 51,497 | | |
Bannix Acquisition Corp., Strike Price $11.50, Expires 07/31/2026 | |
$ | 1,030 | |
| 54,641 | | |
Battery Future Acquisition Corp., Strike Price $11.50, Expires 05/26/2028 | |
| 2,049 | |
| 54,328 | | |
Bellevue Life Sciences Acquisi, Strike Price $11.50, Expires 02/10/2028 | |
| 1,413 | |
| 81,786 | | |
Beneficient, Strike Price $11.50, Expires 06/07/2028 | |
| 1,529 | |
| 21,464 | | |
Bitcoin Depot, Inc., Strike Price $11.50, Expires 07/03/2028 | |
| 3,220 | |
| 29,424 | | |
Black Mountain Acquisition Corp., Strike Price $11.50, Expires 10/15/2027 | |
| 736 | |
| 7,840 | | |
Blockchain Coinvestors Acquisition Corp. I, Strike Price $11.50, Expires 11/01/2028 | |
| 238 | |
| 57,401 | | |
Blue Ocean Acquisition Corp., Strike Price $11.50, Expires 10/21/2028 | |
| 2,852 | |
| 21,512 | | |
Breeze Holdings Acquisition Corp., Strike Price $11.50, Expires 05/25/2027 | |
| 4,421 | |
| 16,504 | | |
Bridger Aerospace Group Holdings, Inc., Strike Price $11.50, Expires 01/25/2028 | |
| 3,339 | |
| 6,735 | | |
Brilliant Acquisition Corp., Strike Price $11.50, Expires 12/31/2025 | |
| 364 | |
| 23,792 | | |
Cactus Acquisition Corp. 1, Ltd., Strike Price $11.50, Expires 10/29/2026 | |
| 550 | |
| 15,319 | | |
Cardio Diagnostics Holdings, Inc., Strike Price $11.50, Expires 12/01/2026 | |
| 613 | |
| 10,367 | | |
CC Neuberger Principal Holdings III, Strike Price $11.50, Expires 12/31/2027 | |
| 2,175 | |
| 830 | | |
CF Acquisition Corp. IV, Strike Price $11.50, Expires 12/14/2025 | |
| 40 | |
| 6,768 | | |
CF Acquisition Corp. VIII, Strike Price $11.50, Expires 12/31/2027 | |
| 677 | |
| 31,909 | | |
Churchill Capital Corp. VI, Strike Price $11.50, Expires 12/31/2027 | |
| 2,042 | |
| 32,084 | | |
Churchill Capital Corp. VII, Strike Price $11.50, Expires 02/29/2028 | |
| 6,417 | |
| 31,335 | | |
ClimateRock, Strike Price $11.50, Expires 06/01/2027 | |
| 783 | |
| 15,030 | | |
Concord Acquisition Corp. II, Strike Price $11.50, Expires 12/31/2028 | |
| 1,504 | |
| 51,016 | | |
Conduit Pharmaceuticals, Inc., Strike Price $11.50, Expires 02/03/2027 | |
| 1,530 | |
| 2,087 | | |
Corner Growth Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | |
| 152 | |
| 11,670 | | |
Crescera Capital Acquisition Corp., Strike Price $11.50, Expires 11/19/2028 | |
| 53 | |
| 5,688 | | |
DHC Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | |
| 284 | |
| 19,208 | | |
Digital Health Acquisition Corp., Strike Price $11.50, Expires 11/04/2028 | |
| 576 | |
| 17,658 | | |
Direct Selling Acquisition Corp., Strike Price $11.50, Expires 09/30/2028 | |
| 90 | |
| 52,566 | | |
Distoken Acquisition Corp., Strike Price $11.50, Expires 03/30/2028 | |
| 1,078 | |
| 9,479 | | |
Dune Acquisition Corp., Strike Price $11.50, Expires 10/29/2027 | |
| 214 | |
| 2,171 | | |
ECARX Holdings, Inc., Strike Price $11.50, Expires 12/21/2027 | |
| 77 | |
| 14,153 | | |
Edify Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | |
| 277 | |
| 53,773 | | |
ESGL Holdings, Ltd., Strike Price $11.50, Expires 04/13/2028 | |
| 355 | |
Shares | | |
Description | |
Value (Note 2) | |
| 54,501 | | |
Euda Health Holdings, Ltd., Strike Price $11.50, Expires 09/24/2026 | |
$ | 5,586 | |
| 54,641 | | |
EVe Mobility Acquisition Corp., Strike Price $11.50, Expires 12/31/2028 | |
| 3,278 | |
| 17,137 | | |
Everest Consolidator Acquisition Corp., Strike Price $11.50, Expires 07/19/2028 | |
| 3,427 | |
| 4,804 | | |
ExcelFin Acquisition Corp., Strike Price $11.50, Expires 10/21/2026 | |
| 192 | |
| 92 | | |
Falcon's Beyond Global, Inc., Strike Price $11.50, Expires 09/01/2027 | |
| 50 | |
| 65,633 | | |
Financial Strategies Acquisition Corp., Strike Price $11.50, Expires 03/31/2028 | |
| 13 | |
| 24,010 | | |
Finnovate Acquisition Corp., Strike Price $11.50, Expires 09/30/2026 | |
| 531 | |
| 426 | | |
Flame Acquisition Corp., Strike Price $11.50, Expires 12/31/2028 | |
| 298 | |
| 24,594 | | |
Forafric Global PLC, Strike Price $11.50, Expires 06/09/2027 | |
| 24,594 | |
| 20,705 | | |
FOXO Technologies, Inc., Strike Price $11.50, Expires 08/01/2027 | |
| 60 | |
| 22,574 | | |
Frontier Investment Corp., Strike Price $11.50, Expires 12/31/2026 | |
| 907 | |
| 7,176 | | |
Fusion Acquisition Corp. II, Strike Price $11.50, Expires 12/31/2027 | |
| 287 | |
| 30,880 | | |
FutureTech II Acquisition Corp., Strike Price $11.50, Expires 02/16/2027 | |
| 1,090 | |
| 67,312 | | |
Gardiner Healthcare Acquisitions Corp., Strike Price $11.50, Expires 07/30/2028 | |
| 1,743 | |
| 43,768 | | |
Genesis Growth Tech Acquisition Corp., Strike Price $11.50, Expires 05/19/2028 | |
| 206 | |
| 42,380 | | |
GigCapital5, Inc., Strike Price $11.50, Expires 12/31/2028 | |
| 1,483 | |
| 65,531 | | |
Globalink Investment, Inc., Strike Price $11.50, Expires 12/03/2026 | |
| 655 | |
| 20,390 | | |
Gorilla Technology Group, Inc., Strike Price $11.50, Expires 07/14/2027 | |
| 922 | |
| 25,071 | | |
Healthcare AI Acquisition Corp., Strike Price $11.50, Expires 12/14/2026 | |
| 755 | |
| 24,100 | | |
Hennessy Capital Investment Corp. VI, Strike Price $11.50, Expires 12/31/2027 | |
| 1,207 | |
| 64,668 | | |
Horizon Space Acquisition I Corp., Strike Price $11.50, Expires 01/26/2028 | |
| 2,263 | |
| 44,569 | | |
Hub Cyber Security, Ltd., Strike Price $11.50, Expires 02/27/2028 | |
| 1,863 | |
| 50,640 | | |
iCoreConnect, Inc., Strike Price $11.50, Expires 05/15/2028 | |
| 5,064 | |
| 31,971 | | |
Inflection Point Acquisition Corp. II, Strike Price $11.50, Expires 07/17/2028 | |
| 6,714 | |
| 7,150 | | |
Innovative International Acquisition Corp., Strike Price $11.50, Expires 07/01/2028 | |
| 265 | |
| 39,252 | | |
Integrated Rail and Resources Acquisition Corp., Strike Price $11.50, Expires 11/12/2026 | |
| 4,710 | |
| 43,768 | | |
Integrated Wellness Acquisition Corp., Strike Price $11.50, Expires 10/31/2028 | |
| 5,515 | |
| 1,067 | | |
InterPrivate III Financial Partners, Inc., Strike Price $11.50, Expires 12/31/2027 | |
| 37 | |
| 16,682 | | |
Jaws Mustang Acquisition Corp., Strike Price $11.50, Expires 01/30/2026 | |
| 364 | |
| 52,752 | | |
Jet.AI, Inc., Strike Price $11.50, Expires 08/12/2026 | |
| 860 | |
| 32,461 | | |
Kairous Acquisition Corp. ltd, Strike Price $11.50, Expires 09/15/2026 | |
| 454 | |
Shares | | |
Description | |
Value (Note 2) | |
| 31,452 | | |
Kensington Capital Acquisition Corp. V, Strike Price $11.50, Expires 08/13/2028 | |
$ | 3,554 | |
| 15,057 | | |
Kingswood Acquisition Corp., Strike Price $11.50, Expires 05/01/2027 | |
| 226 | |
| 19,815 | | |
Lakeshore Acquisition II Corp., Strike Price $11.50, Expires 11/18/2026 | |
| 297 | |
| 55,368 | | |
LAMF Global Ventures Corp. I, Strike Price $11.50, Expires 11/11/2026 | |
| 2,276 | |
| 4,787 | | |
Learn CW Investment Corp., Strike Price $11.50, Expires 12/31/2028 | |
| 168 | |
| 49,230 | | |
LIV Capital Acquisition Corp. II, Strike Price $11.50, Expires 02/16/2027 | |
| 1,083 | |
| 7,755 | | |
Maquia Capital Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | |
| 233 | |
| 16,878 | | |
MicroAlgo, Inc., Strike Price $11.50, Expires 12/31/2027 | |
| 844 | |
| 41,578 | | |
Monterey Innovation Acquisition Corp., Strike Price $11.50, Expires 10/01/2026 | |
| 832 | |
| 14,063 | | |
Moolec Science SA, Strike Price $11.50, Expires 09/27/2027 | |
| 353 | |
| 2,547 | | |
Moringa Acquisition Corp., Strike Price $11.50, Expires 02/10/2026 | |
| 76 | |
| 13,723 | | |
MSP Recovery, Inc., Strike Price $0.01, Expires 02/14/2026 | |
| 2,607 | |
| 20,306 | | |
MultiMetaVerse Holdings, Ltd., Strike Price $11.50, Expires 03/15/2027 | |
| 447 | |
| 31,288 | | |
Nabors Energy Transition Corp., Strike Price $11.50, Expires 11/17/2026 | |
| 4,693 | |
| 33,472 | | |
Nabors Energy Transition Corp. II, Strike Price $11.50, Expires 09/05/2028 | |
| 5,021 | |
| 4,126 | | |
Near Intelligence, Inc., Strike Price $11.50, Expires 07/08/2027 | |
| 25 | |
| 21,081 | | |
Newbury Street Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | |
| 2,319 | |
| 9,620 | | |
Newcourt Acquisition Corp., Strike Price $11.50, Expires 04/12/2028 | |
| 126 | |
| 9,664 | | |
NKGen Biotech, Inc., Strike Price $11.50, Expires 05/31/2028 | |
| 586 | |
| 4,228 | | |
Northern Revival Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | |
| 96 | |
| 34,800 | | |
NorthView Acquisition Corp., Strike Price $11.50, Expires 08/02/2027 | |
| 922 | |
| 5,790 | | |
Nuburu, Inc., Strike Price $11.50, Expires 09/07/2027 | |
| 116 | |
| 32,014 | | |
Nvni Group, Ltd., Strike Price $11.50, Expires 11/01/2028 | |
| 1,281 | |
| 48,836 | | |
OceanTech Acquisitions I Corp., Strike Price $11.50, Expires 05/10/2026 | |
| 786 | |
| 45,872 | | |
OmniLit Acquisition Corp., Strike Price $11.50, Expires 11/08/2026 | |
| 3,573 | |
| 8,341 | | |
Onyx Acquisition Co. I, Strike Price $11.50, Expires 11/30/2028 | |
| 184 | |
| 58,811 | | |
OPY Acquisition Corp. I, Strike Price $11.50, Expires 09/22/2027 | |
| 2,058 | |
| 23,946 | | |
Osiris Acquisition Corp., Strike Price $11.50, Expires 05/01/2028 | |
| 520 | |
| 53,236 | | |
Oxus Acquisition Corp., Strike Price $11.50, Expires 08/26/2026 | |
| 4,791 | |
| 1,733 | | |
Peak Bio, Inc., Strike Price $11.50, Expires 12/31/2027 | |
| 5 | |
| 5,294 | | |
Phoenix Biotech Acquisition Corp., Strike Price $11.50, Expires 09/01/2026 | |
| 159 | |
| 25,567 | | |
PHP Ventures Acquisition Corp., Strike Price $11.50, Expires 08/16/2028 | |
| 511 | |
Shares | | |
Description | |
Value (Note 2) | |
| 32,271 | | |
Pono Capital Three, Inc., Strike Price $11.50, Expires 04/03/2028 | |
$ | 1,413 | |
| 65,632 | | |
Power & Digital Infrastructure Acquisition II Corp., Strike Price $11.50, Expires 12/14/2028 | |
| 5,894 | |
| 7,982 | | |
Prenetics Global, Ltd., Strike Price $8.91, Expires 05/17/2027 | |
| 129 | |
| 35,388 | | |
Presto Automation, Inc., Strike Price $11.50, Expires 09/21/2027 | |
| 2,035 | |
| 16,945 | | |
Priveterra Acquisition Corp. II, Strike Price $11.50, Expires 01/08/2026 | |
| 542 | |
| 19,034 | | |
Project Energy Reimagined Acquisition Corp., Strike Price $11.50, Expires 12/31/2028 | |
| 1,028 | |
| 34,072 | | |
PROOF Acquisition Corp. I, Strike Price $11.50, Expires 12/03/2028 | |
| 2,092 | |
| 15,120 | | |
ProSomnus, Inc., Strike Price $11.50, Expires 04/20/2028 | |
| 739 | |
| 33,768 | | |
Prospector Capital Corp., Strike Price $11.50, Expires 01/01/2025 | |
| 1,891 | |
| 2,383 | | |
Pyrophyte Acquisition Corp., Strike Price $11.50, Expires 12/17/2023 | |
| 131 | |
| 30,397 | | |
Quantum FinTech Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | |
| 1,520 | |
| 68,194 | | |
Redwoods Acquisition Corp., Strike Price $11.50, Expires 03/15/2027 | |
| 2,257 | |
| 37,808 | | |
Relativity Acquisition Corp., Strike Price $11.50, Expires 02/11/2027 | |
| 1,781 | |
| 64,612 | | |
RF Acquisition Corp., Strike Price $11.50, Expires 05/01/2028 | |
| 1,305 | |
| 69 | | |
RMG Acquisition Corp. III, Strike Price $11.50, Expires 12/31/2027 | |
| 3 | |
| 15,598 | | |
Roadzen, Inc., Strike Price $11.50, Expires 11/30/2028 | |
| 546 | |
| 953 | | |
Roth CH Acquisition Co., Strike Price $11.50, Expires 10/29/2028 | |
| 44 | |
| 30,975 | | |
Roth CH Acquisition V Co., Strike Price $11.50, Expires 12/10/2026 | |
| 1,409 | |
| 21,721 | | |
Screaming Eagle Acquisition Corp., Strike Price $11.50, Expires 12/15/2027 | |
| 2,607 | |
| 31,863 | | |
SeaStar Medical Holding Corp., Strike Price $11.50, Expires 01/26/2026 | |
| 1,415 | |
| 3,201 | | |
Semper Paratus Acquisition Corp., Strike Price $11.50, Expires 11/04/2026 | |
| 144 | |
| 17,810 | | |
SHUAA Partners Acquisition Corp. I, Strike Price $11.50, Expires 03/02/2027 | |
| 892 | |
| 41,618 | | |
Sizzle Acquisition Corp., Strike Price $11.50, Expires 03/12/2026 | |
| 3,371 | |
| 51,043 | | |
SMX Security Matters PLC, Strike Price $253.00, Expires 03/07/2028 | |
| 771 | |
| 46,715 | | |
Southland Holdings, Inc., Strike Price $11.50, Expires 09/01/2026 | |
| 21,489 | |
| 32,793 | | |
Southport Acquisition Corp., Strike Price $11.50, Expires 05/24/2028 | |
| 1,148 | |
| 10,806 | | |
SportsMap Tech Acquisition Corp., Strike Price $11.50, Expires 09/01/2027 | |
| 332 | |
| 77,424 | | |
Spree Acquisition Corp. 1, Ltd., Strike Price $11.50, Expires 12/22/2028 | |
| 1,022 | |
| 28,602 | | |
SunCar Technology Group, Inc., Strike Price $11.50, Expires 05/18/2028 | |
| 5,906 | |
| 32,785 | | |
Swiftmerge Acquisition Corp., Strike Price $11.50, Expires 06/17/2028 | |
| 1,640 | |
| 25,664 | | |
TG Venture Acquisition Corp., Strike Price $11.50, Expires 08/15/2028 | |
| 646 | |
Shares | | |
Description | |
Value (Note 2) | |
| 6,195 | | |
TLGY Acquisition Corp., Strike Price $11.50, Expires 01/14/2028 | |
$ | 193 | |
| 19,616 | | |
Tristar Acquisition I Corp., Strike Price $11.50, Expires 12/31/2028 | |
| 490 | |
| 2,277 | | |
Twelve Seas Investment Co. II, Strike Price $11.50, Expires 03/02/2028 | |
| 85 | |
| 32,618 | | |
Viveon Health Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | |
| 196 | |
| 52,742 | | |
WinVest Acquisition Corp., Strike Price $11.50, Expires 08/09/2026 | |
| 290 | |
| 24,668 | | |
Worldwide Webb Acquisition Corp., Strike Price $11.50, Expires 10/20/2026 | |
| 3,698 | |
| 60,341 | | |
Yotta Acquisition Corp., Strike Price $11.50, Expires 03/15/2027 | |
| 700 | |
| 14,153 | | |
Zapp Electric Vehicles Group, Ltd., Strike Price $11.50, Expires 03/03/2028 | |
| 92 | |
| 48,471 | | |
ZyVersa Therapeutics, Inc., Strike Price $11.50, Expires 12/20/2026 | |
| 3,393 | |
| | | |
| |
| | |
TOTAL WARRANTS | |
| | |
(Cost $1,169,948) | |
| 279,222 | |
| | | |
| |
| | |
EXCHANGE-TRADED FUNDS (1.23%) | |
| | |
| 50,000 | | |
Utilities Select Sector SPDR®
Fund | |
| 2,984,500 | |
| | | |
| |
| | |
TOTAL EXCHANGE-TRADED FUNDS | |
| | |
(Cost $2,922,186) | |
| 2,984,500 | |
Principal | | |
| |
| | | |
Maturity | | |
Value | |
Amount | | |
Description | |
Rate | | |
Date | | |
(Note 2) | |
GOVERNMENT BOND (12.55%) | |
| | | |
| | | |
| | |
| 10,662,000 | | |
U.S. Treasury Bond | |
| 3.625 | % | |
| 02/15/53 | | |
| 8,310,946 | |
| 4,000,000 | | |
U.S. Treasury Bond | |
| 4.000 | % | |
| 11/15/52 | | |
| 3,343,750 | |
| 3,000,000 | | |
U.S. Treasury Note | |
| 3.000 | % | |
| 07/31/24 | | |
| 2,945,380 | |
| 5,000,000 | | |
U.S. Treasury Note | |
| 3.250 | % | |
| 08/31/24 | | |
| 4,908,986 | |
| 10,000,000 | | |
U.S. Treasury Note | |
| 4.250 | % | |
| 09/30/24 | | |
| 9,866,997 | |
| 1,000,000 | | |
U.S. Treasury Note | |
| 4.500 | % | |
| 11/30/24 | | |
| 990,169 | |
| | | |
| |
| | | |
| | | |
| | |
TOTAL GOVERNMENT BOND | |
| | | |
| | | |
| | |
(Cost $33,366,191) | |
| | | |
| | | |
| 30,366,228 | |
| | | |
| |
| | | |
| | | |
| | |
| | | |
| |
| | | |
7-Day | | |
Value | |
Shares | | |
Description | |
| | | |
Yield | | |
(Note 2) | |
SHORT-TERM INVESTMENTS (6.85%) | |
| | | |
| | | |
| | |
| 16,567,994 | | |
State Street Institutional Treasury Money Market Fund Premier Class | | |
| 5.309 | % | |
| 16,567,994 | |
| | | |
| |
| | | |
| | | |
| | |
TOTAL SHORT-TERM INVESTMENTS | |
| | | |
| | | |
| | |
(Cost $16,567,994) | |
| | | |
| | | |
| 16,567,994 | |
| | | |
| |
| | | |
| | | |
| | |
TOTAL INVESTMENTS (138.50%) | |
| | | |
| | | |
| | |
(Cost $351,693,223) | |
| | | |
| | | |
$ | 335,138,709 | |
| | | |
| |
| | | |
| | | |
| | |
Series A Cumulative Perpetual Preferred Shares (40.39%) | | |
| (97,750,000 | ) |
Other Assets In Excess Of Liabilities (1.89%)(e) | | |
| 4,609,034 | |
NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS (100.00%) | | |
$ | 241,997,744 | |
SCHEDULE OF SECURITIES SOLD SHORT |
Description | |
Shares | | |
Value (Note 2) | |
EXCHANGE TRADED FUNDS - COMMON SHARES (-11.51%) | |
| | | |
| | |
Invesco S&P 500 Equal Weight ETF | |
| (165,000 | ) | |
$ | (22,411,950 | ) |
SPDR S&P 500 ETF Trust | |
| (13,000 | ) | |
| (5,436,600 | ) |
| |
| | | |
| | |
TOTAL EXCHANGE TRADED FUNDS - COMMON SHARES | |
| | | |
| (27,848,550 | ) |
| |
| | | |
| | |
TOTAL SECURITIES SOLD SHORT | |
| | | |
| | |
(Proceeds $31,118,378) | |
| | | |
$ | (27,848,550 | ) |
(a) |
All or a portion of the security is pledged as collateral for securities sold short. As of October 31, 2023, the aggregate value of those securities was $16,205,500 representing 6.69% of net assets. |
(b) |
Perpetual maturity. |
(c) |
Security exempt from registration under Rule 144A of the Securities Act of 1933. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of October 31, 2023, the market value of those Rule 144A securities held by the Fund was $7,934,760 representing 3.28% of the Fund's net assets. |
(d) |
Non-income producing security. |
(e) |
Includes cash in the amount of $34,898,120 which is being held as collateral for securities sold short. |
See Notes to Quarterly Statement of Investments.
RiverNorth
Opportunities Fund, Inc.
Notes
to Quarterly Statement of Investments
October
31, 2023 (Unaudited)
1.
ORGANIZATION
RiverNorth
Opportunities Fund, Inc. (the “Fund”) is a Maryland corporation registered as a diversified, closed-end management
investment company under the Investment Company Act of 1940, as amended (the “1940 Act”).
The
Fund’s investment objective is total return consisting of capital appreciation and current income. The Fund seeks to achieve
its investment objective by pursuing a tactical asset allocation strategy and opportunistically investing under normal circumstances
in closed-end funds, exchange-traded funds (“ETFs”), business development companies (“BDCs” and collectively,
“Underlying Funds”) and special purpose acquisition companies (“SPACs”). All Underlying Funds are registered
under the Securities Act of 1933, as amended (the “Securities Act”). The Fund incurs higher and additional expenses
when it invests in Underlying Funds. There is also the risk that the Fund may suffer losses due to the investment practices or
operations of the Underlying Funds. To the extent that the Fund invests in one or more Underlying Funds that concentrate in a
particular industry, the Fund would be vulnerable to factors affecting that industry and the concentrating Underlying Funds’
performance, and that of the Fund, may be more volatile than Underlying Funds that do not concentrate. In addition, one Underlying
Fund may purchase a security that another Underlying Fund is selling.
Under
normal circumstances, the Fund intends to maintain long positions in Underlying Funds, but may engage in short sales for investment
purposes. When the Fund engages in a short sale, it sells a security it does not own and, to complete the sale, borrows the same
security from a broker or other institution. The Fund may benefit from a short position when the shorted security decreases in
value.
2.
SIGNIFICANT ACCOUNTING POLICIES
Use
of Estimates: The preparation of the financial statements in accordance with accounting principles generally accepted in the
United States of America (“GAAP”) requires management to make estimates and assumptions that affect the reported amounts
and disclosures, including the disclosure of contingent assets and liabilities, in the financial statements during the period
reported. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those
estimates, and the security valuations reflected in the financial statements may differ from the value the Fund ultimately realizes
upon sale of the securities. The Fund is considered an investment company under GAAP and follows the accounting and reporting
guidance applicable to investment companies in the Financial Accounting Standards Board Accounting Standards Codification
(“ASC”) Topic 946. The financial statements have been prepared as of the close of the New York Stock Exchange
(“NYSE”) on October 31, 2023.
Portfolio
Valuation: The net asset value per share of the Fund is determined daily, on each day that the NYSE is open for trading, as
of the close of regular trading on the NYSE (normally 4:00 p.m. New York time). The Fund’s net asset value per share is
calculated by dividing the value of the Fund’s total assets, less its liabilities by the number of shares outstanding.
Securities
Transactions and Investment Income: Investment security transactions are accounted for on a trade date basis. Dividend income
is recorded on the ex-dividend date. Interest income, which includes accretion of discounts and amortization of premiums calculated
using yield to maturity, is accrued and recorded as earned. Realized gains and losses from securities transactions and unrealized
appreciation and depreciation of securities are determined using the specific identification method for both financial reporting
and tax purposes.
Fair
Value Measurements: Fair value is defined as the price that the Fund might reasonably expect to receive upon selling an investment
in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier
hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of
fair value measurements for disclosure purposes.
Inputs
refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about
risk, for example, the risk inherent in a particular valuation technique used to measure fair value including using such a pricing
model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable
inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based
on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting
entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed
based on the best information available in the circumstances.
Various
inputs are used in determining the value of the Fund’s investments as of the end of the reporting period. These inputs are
categorized in the following hierarchy under applicable financial accounting standards:
|
Level
1 |
– |
Unadjusted quoted prices
in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at
the measurement date; |
|
|
|
|
|
Level 2 |
– |
Quoted prices which are not active, quoted prices
for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly
or indirectly) for substantially the full term of the asset or liability; and |
|
|
|
|
|
Level 3 |
– |
Significant unobservable
prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is
little or no market activity for the asset or liability at the measurement date. |
The
inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes,
the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the
lowest level input that is significant to the fair value measurement in its entirety.
Equity
securities, including closed-end funds and business development company notes, are generally valued by using market quotations,
but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices more accurately
reflect the fair market value of such securities. Securities that are traded on any stock exchange are generally valued by the
pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the
pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing
service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service
and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security
owned by the Fund will be valued by the pricing service with factors other than market quotations or when the market is considered
inactive. When this happens, the security will be classified as a Level 2 security. When market quotations are not readily available,
when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect
the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in
good faith by the Adviser, as valuation designee, in conformity with guidelines adopted by and subject to review by the Board.
These securities will be categorized as Level 3 securities.
Investments
in mutual funds, including short term investments, are generally priced at the ending NAV provided by the service agent of the
funds. These securities will be classified as Level 1 securities.
Domestic
and foreign fixed income securities, including foreign and U.S. corporate bonds, foreign and U.S. government bonds, non-agency
collateralized mortgage obligations, U.S. Government/Agency mortgage backed securities, bank loans, and collateralized loan obligations
are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services.
Foreign
currency positions, including forward foreign currency contracts, are priced at the mean between the closing bid and asked prices
at 4:00 p.m. Eastern Time. Prices obtained from independent pricing services typically use information provided by market makers
or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Data
used to establish quotes includes analysis of cash flows, pre-payment speeds, default rates, delinquency assumptions and assumptions
regarding collateral and loss assumptions. These securities will be classified as Level 2 securities.
Pursuant
to the requirements of Rule 2a-5 under the 1940 Act, the Board approved updated valuation procedures for the Fund and designated
the Adviser as the Fund's valuation designee to make all fair valuation determinations with respect to the Fund's portfolio investments,
subject to the Board's oversight.
In
accordance with the Fund’s good faith pricing guidelines, the Adviser is required to consider all appropriate factors relevant
to the value of securities for which it has determined other pricing sources are not available or reliable as described above.
No single standard exists for determining fair value, because fair value depends upon the circumstances of each individual case.
As a general principle, the current fair value of an issue of securities being valued by the Adviser would appear to be the amount
which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this
principle may, for example, be based on (i) a multiple of earnings; (ii) discounted cash flow models; (iii) weighted average cost
or weighted average price; (iv) a discount from market of a similar freely traded security (including a derivative security or
a basket of securities traded on other markets, exchanges or among dealers); or (v) yield to maturity with respect to debt issues,
or a combination of these and other methods. Good faith pricing is permitted if, in the Adviser’s opinion, the validity
of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a
small number of quotations, a significant event occurs after the close of a market but before the Fund’s NAV calculation
that may affect a security’s value, or the Adviser is aware of any other data that calls into question the reliability of
market quotations.
Good
faith pricing may also be used in instances when the bonds in which the Fund invests default or otherwise cease to have market
quotations readily available.
The
following is a summary of the inputs used to value the Fund’s investments as of October 31, 2023:
Investments in Securities at Value | |
Level 1 -
Quoted Prices | | |
Level 2 -
Other Significant Observable Inputs | | |
Level 3 -
Significant Unobservable Inputs | | |
Total | |
Closed-End Funds - Common Shares | |
$ | 197,783,254 | | |
$ | – | | |
$ | – | | |
$ | 197,783,254 | |
Business Development Companies - Preferred Shares | |
| 7,113,388 | | |
| – | | |
| – | | |
| 7,113,388 | |
Business Development Company Notes | |
| – | | |
| 4,809,240 | | |
| – | | |
| 4,809,240 | |
Corporate Bonds | |
| – | | |
| 42,519,119 | | |
| – | | |
| 42,519,119 | |
Special Purpose Acquisition Companies - Common Shares/Units | |
| 32,366,974 | | |
| 161,447 | | |
| – | | |
| 32,528,421 | |
Rights | |
| 187,330 | | |
| 13 | | |
| – | | |
| 187,343 | |
Warrants | |
| 263,393 | | |
| 15,829 | | |
| – | | |
| 279,222 | |
Exchange-Traded Funds | |
| 2,984,500 | | |
| – | | |
| – | | |
| 2,984,500 | |
Government Bond | |
| – | | |
| 30,366,228 | | |
| – | | |
| 30,366,228 | |
Short-Term Investments | |
| 16,567,994 | | |
| – | | |
| – | | |
| 16,567,994 | |
Total | |
$ | 257,266,833 | | |
$ | 77,871,876 | | |
$ | – | | |
$ | 335,138,709 | |
Other Financial Instruments | |
| | | |
| | | |
| | | |
| | |
Liabilities: | |
| | | |
| | | |
| | | |
| | |
Securities Sold Short | |
| | | |
| | | |
| | | |
| | |
Exchange Traded Funds - Common Shares | |
$ | (27,848,550 | ) | |
$ | – | | |
$ | – | | |
$ | (27,848,550 | ) |
Total | |
$ | (27,848,550 | ) | |
$ | – | | |
$ | – | | |
$ | (27,848,550 | ) |
The
Fund did not have any securities that used significant unobservable inputs (Level 3) in determining fair value, and there were
no transfers into or out of Level 3, during the period.
Short
Sale Risks: The Fund and the Underlying Funds may engage in short sales. A short sale is a transaction in which a fund sells
a security it does not own in anticipation that the market price of that security will decline. To establish a short position,
a fund must first borrow the security from a broker or other institution. The fund may not always be able to borrow a security
at a particular time or at an acceptable price. Accordingly, there is a risk that a fund may be unable to implement its investment
strategy due to the lack of available securities or for other reasons. After selling a borrowed security, a fund is obligated
to “cover” the short sale by purchasing and returning the security to the lender at a later date. The Fund and the
Underlying Funds cannot guarantee that the security will be available at an acceptable price. Positions in shorted securities
are speculative and more risky than long positions (purchases) in securities because the maximum sustainable loss on a security
purchased is limited to the amount paid for the security plus the transaction costs, whereas there is no maximum attainable price
of the shorted security. Therefore, in theory, securities sold short have unlimited risk. Short selling will also result in higher
transaction costs (such as interest and dividends), and may result in higher taxes, which reduce a fund’s return.
Special
Purpose Acquisition Company Risk: The Fund
may invest in SPACs. SPACs are collective investment structures that pool funds in order to seek potential acquisition opportunities.
SPACs are generally publicly traded companies that raise funds through an initial public offering (“IPO”) for the
purpose of acquiring or merging with another company to be identified subsequent to the SPAC’s IPO. The securities of a
SPAC are often issued in “units” that include one share of common stock and one right or warrant (or partial right
or warrant) conveying the right to purchase additional shares or partial shares. Unless and until an acquisition is completed,
a SPAC generally invests its assets (less an amount to cover expenses) in U.S. Government securities, money market fund securities
and cash. SPACs and similar entities may be blank check companies with no operating history or ongoing business other than to
seek a potential acquisition. Accordingly, the value of their securities is particularly dependent on the ability of the entity’s
management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or
regions, which may increase the volatility of their prices. If an acquisition or merger that meets the requirements for the SPAC
is not completed within a predetermined period of time, the invested funds are returned to the entity’s shareholders, less
certain permitted expenses. Accordingly, any rights or warrants issued by the SPAC will expire worthless. Certain private investments
in SPACs may be illiquid and/or be subject to restrictions on resale. Additionally, the Fund may acquire certain private rights
and other interests issued by a SPAC (commonly referred to as “founder shares”), which may be subject to forfeiture
or expire worthless and which typically have more limited liquidity than SPAC shares issued in an IPO. To the extent the SPAC
is invested in cash or similar securities, this may impact a Fund’s ability to meet its investment objective.
Private
Debt Risk: The Fund may invest in notes issued
by private funds (“private debt”). Private debt often may be illiquid and is typically not listed on an exchange and
traded less actively than similar securities issued by public funds. For certain private debt, trading may only be possible through
the assistance of the broker who originally brought the security to the market and has a relationship with the issuer. Due to
the limited trading market, independent pricing services may be unable to provide a price for private debt, and as such the fair
value of the securities may be determined in good faith under procedures approved by the Board, which typically will include the
use of one or more independent broker quotes.
Rights
and Warrants Risks: Warrants are securities giving the holder the right, but not the obligation, to buy the stock of an issuer
at a given price (generally higher than the value of the stock at the time of issuance) during a specified period or perpetually.
Warrants do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their
holder to purchase and they do not represent any rights in the assets of the issuer. As a result, warrants may be considered to
have more speculative characteristics than certain other types of investments. In addition, the value of a warrant does not necessarily
change with the value of the underlying securities and a warrant ceases to have value if it is not exercised prior to its expiration
date.
Rights
are usually granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it
is issued to the public. The right entitles its holder to buy common stock at a specified price. Rights have similar features
to warrants, except that the life of a right is typically much shorter, usually a few weeks.
On
October 28, 2020, the SEC adopted Rule 18f-4 under the 1940 Act providing for the regulation of the use of derivatives and certain
related instruments by registered investment companies. Rule 18f-4 prescribes specific value-at-risk leverage limits for certain
derivatives users. In addition, Rule 18f-4 requires certain derivatives users to adopt and implement a derivatives risk management
program (including the appointment of a derivatives risk manager and the implementation of certain testing requirements) and prescribes
reporting requirements in respect of derivatives. Subject to certain conditions, if a fund qualifies as a “limited derivatives
user,” as defined in Rule 18f-4, it is not subject to the full requirements of Rule 18f-4. In connection with the adoption
of Rule 18f-4, the SEC rescinded certain of its prior guidance regarding asset segregation and coverage requirements in respect
of derivatives transactions and related instruments. The Fund was required to comply with Rule 18f-4 beginning August 19, 2022
and has adopted procedures for investing in derivatives and other transactions in compliance with Rule 18f-4.Rule 18f-4 under
the 1940 Act requires funds that invest in derivatives above a specified amount to adopt and implement a derivatives risk management
program ("DRMP") administered by a derivatives risk manager that is appointed by and overseen by the fund's board of
trustees, and to comply with an outer limit on fund leverage risk based on value at risk, or "VaR." The Fund has established
a DRMP and appointed a derivatives risk manager to administer the DRMP, consistent with Rule 18f-4.
During
the period ended October 31, 2023, the Fund invested in rights and warrants, which are disclosed in the Statement of Investments.
Market
and Geopolitical Risk: The value of your investment in the Fund is based on the market prices of the securities the Fund
holds. These prices change daily due to economic and other events that affect markets generally, as well as those that affect
particular regions, countries, industries, companies or governments. These price movements, sometimes called volatility, may be
greater or less depending on the types of securities the Fund owns and the markets in which the securities trade. The increasing
interconnectivity between global economies and financial markets increases the likelihood that events or conditions in one region
or financial market may adversely impact issuers in a different country, region or financial market. Securities in the Fund’s
portfolio may underperform due to inflation (or expectations for inflation), interest rates, global demand for particular products
or resources, natural disasters, pandemics, epidemics, terrorism, regulatory events and governmental or quasi-governmental actions.
The occurrence of global events similar to those in recent years, such as terrorist attacks around the world, natural disasters,
social and political discord or debt crises and downgrades, among others, may result in market volatility and may have long term
effects on both the U.S. and global financial markets. It is difficult to predict when similar events affecting the U.S. or global
financial markets may occur, the effects that such events may have and the duration of those effects. Any such event(s) could
have a significant adverse impact on the value and risk profile of the Fund’s portfolio. There is a risk that you may lose
money by investing in the Fund.
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