RIV RiverNorth Opportunities Fund Inc

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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