false N-CSRS N-2 RIVERNORTH OPPORTUNITIES FUND, INC. 0001501072 0001501072 2024-07-01 2024-12-31 iso4217:USD xbrli:shares iso4217:USD xbrli:shares xbrli:pure

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM N-CSR

 

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

 

811-22472

(Investment Company Act File Number)

 

RiverNorth Opportunities Fund, Inc.

(Exact Name of Registrant as Specified in Charter)

 

360 South Rosemary Avenue, Suite 1420

West Palm Beach, FL 33401

(Address of Principal Executive Offices)

 

Marcus L. Collins, Esq.

RiverNorth Capital Management, LLC

360 South Rosemary Avenue, Suite 1420

West Palm Beach, FL 33401

(Name and Address of Agent for Service)

 

(561) 484-7185

(Registrant’s Telephone Number)

 

Date of Fiscal Year End: June 30

 

Date of Reporting Period: December 31, 2024

 

 

Item 1.Reports to Stockholders.

 

(a) 

 

   

 

RiverNorth Opportunities Fund, Inc.

 

Table of Contents

 

Performance Overview 2
Statement of Investments 6
Statement of Assets and Liabilities 20
Statement of Operations 21
Statements of Changes in Net Assets Attributable to Common Shareholders 22
Financial Highlights 24
Notes to Financial Statements 27
Dividend Reinvestment Plan 41
Additional Information 43
Consideration and Approval of Advisory Agreement 45
Data Privacy Policies and Procedures 48

   

 

RiverNorth Opportunities Fund, Inc.

 

Performance Overview December 31, 2024 (Unaudited)

 

INVESTMENT OBJECTIVE AND PRINCIPAL INVESTMENT STRATEGIES

 

RiverNorth Opportunities Fund, Inc.’s (the “Fund”) 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 ("CEFs"), exchange-traded funds ("ETFs"), business development companies ("BDCs" and collectively, "Underlying Funds") and special purpose acquisition companies ("SPACs").

 

RiverNorth Capital Management, LLC (the "Adviser") has the flexibility to change the Fund’s asset allocation based on its ongoing analysis of the equity, fixed income and alternative asset markets. The Adviser considers various quantitative and qualitative factors relating to the domestic and foreign securities markets and economies when making asset allocation and security selection decisions. While the Adviser continuously evaluates these factors, material shifts in the Fund’s asset class exposures will typically take place over longer periods of time.

 

PERFORMANCE as of December 31, 2024

 

  Cumulative Average Annual
TOTAL RETURNS(1) 6 Months 1 Year 3 Year 5 Year Since Inception(2)
RiverNorth Opportunities Fund, Inc. - NAV(3) 2.69% 11.84% 4.17% 7.40% 8.21%
RiverNorth Opportunities Fund, Inc. - Market Price(4) -0.22% 18.55% 2.76% 7.03% 7.11%
S&P 500® Total Return Index 8.44% 25.02% 8.94% 14.53% 14.33%

 

(1)Total returns assume reinvestment of all distributions.
(2)The Fund commenced operations on December 24, 2015.
(3)Performance returns are net of management fees and other Fund expenses.
(4)Market price is the value at which the Fund trades on an exchange. This market price can be more or less than its net asset value ("NAV").

 

Performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling (844) 569-4750 or by visiting www.rivernorth.com. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions.

 

 

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RiverNorth Opportunities Fund, Inc.

 

Performance Overview December 31, 2024 (Unaudited)

 

DISTRIBUTION TO COMMON STOCKHOLDERS

 

The Fund intends to make regular monthly distributions to stockholders at a constant and fixed (but not guaranteed) rate that is reset annually to a rate equal to a percentage of the average of the Fund’s NAV per share as reported for the final five trading days of the preceding calendar year. The Board of Directors approve the distribution and may adjust it from time to time. The monthly distribution amount paid from August 1, 2023 to December 31, 2023 was $0.1278 per share and the Fund paid a distribution of $0.1289 on January 31, 2024. At times, to maintain a stable level of distributions, the Fund may pay out less than all of its net investment income or pay out accumulated undistributed income, or return of capital, in addition to current net investment income. In addition to the contributing factors referenced above, the Adviser believes that the Fund's level distribution policy did not have a material impact on the Fund's ability to execute on its investment strategy during the six months ended January 31, 2024.

 

Total annual expense ratio as a percentage of net assets attributable to common shares as of December 31, 2024, is 1.91% (excluding dividend expense and line of credit expense). Including dividend expense and line of credit expense, the expense ratio is 2.14%.

 

The Fund is a closed-end fund and does not continuously issue shares for sale as open-end mutual funds do. The Fund now trades only in the secondary market. Investors wishing to buy or sell shares need to place orders through an intermediary or broker and additional charges or commissions will apply. The share price of a closed-end fund is based on the market’s value.

 

Distributions may be paid from sources of income other than ordinary income, such as net realized short-term capital gains, net realized long-term capital gains and return of capital. The actual amounts and sources of the amounts for tax reporting purposes will depend upon a Fund’s investment experience during the remainder of its fiscal year and may be subject to changes based on tax regulations. If a distribution includes anything other than net investment income, the Fund provides a Section 19(a) notice of the best estimate of its distribution sources at that time. These estimates may not match the final tax characterization (for the full year’s distributions) contained in shareholders’ 1099-DIV forms after the end of the year.

 

S&P 500® Total Return Index – A market value weighted index of 500 stocks chosen for market size, liquidity and industry grouping, among other factors. This index is designed to be a leading indicator of U.S. equities and is meant to reflect the risk/return characteristics of the large cap universe. This index reflects the effects of dividend reinvestment.

 

Indices are unmanaged; their returns do not reflect any fees, expenses, or sales charges.

 

An investor cannot invest directly in an index.

 

RiverNorth Capital Management, LLC is the investment adviser to the Fund.

 

Secondary market support provided to the Fund by ALPS Advisors, Inc.'s affiliate, ALPS Portfolio Solutions Distributor, Inc., a FINRA member.

 

 

Semi-Annual Report | December 31, 2024 3

   

 

RiverNorth Opportunities Fund, Inc.

 

Performance Overview December 31, 2024 (Unaudited)

 

GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT

 

The graph below illustrates the growth of a hypothetical $10,000 investment assuming the purchase of common shares at NAV or the closing market price (NYSE: RIV) of $19.40 on December 24, 2015, and tracking its progress through December 31, 2024.

 

 

Past performance does not guarantee future results. Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. An investment in the Fund involves risk, including loss of principal.

 

 

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RiverNorth Opportunities Fund, Inc.

 

Performance Overview December 31, 2024 (Unaudited)

 

ASSET ALLOCATION as of December 31, 2024^

 

 

^Holdings are subject to change.

Percentages are based on total investments of the Fund.

 

TOP TEN HOLDINGS* as of December 31, 2024

 

  % of Net Assets**
Pershing Square Holdings Ltd. 10.78%
BlackRock ESG Capital Allocation Term Trust 8.65%
BlackRock Capital Allocation Term Trust 6.86%
Nuveen Municipal Value Fund, Inc. 5.05%
Saba Capital Income & Opportunities Fund 3.70%
BlackRock Resources & Commodities Strategy Trust 3.21%
Saba Capital Income & Opportunities Fund II 2.91%
BlackRock Science and Technology Term Trust 2.86%
PIMCO Dynamic Income Strategy Fund 2.84%
Calamos Long/Short Equity & Dynamic Income Trust 2.80%
  49.66%

 

*Holdings are subject to change and exclude cash equivalents. Only long positions are listed.
**Percentages are based on net assets attributable to common shareholders, including securities sold short.

 

 

Semi-Annual Report | December 31, 2024 5

   

 

RiverNorth Opportunities Fund, Inc.

 

Statement of Investments December 31, 2024 (Unaudited)

 

Shares   Description  Value
(Note 2)		 
CLOSED-END FUNDS - COMMON SHARES (80.51%)    
Great Britain - 10.78%     
 594,131   Pershing Square Holdings Ltd.  $28,310,342 
           
United States - 69.73%     
 468,868   Aberdeen Emerging Markets Equity Income Fund, Inc.   2,433,425 
 303,716   abrdn Total Dynamic Dividend Fund   2,554,252 
 415,977   Avenue Income Credit Strategies Fund   2,483,384 
 2,228   Barings Participation Investors   38,076 
 1,188,825   BlackRock Capital Allocation Term Trust   18,010,699 
 1,385,618   BlackRock ESG Capital Allocation Term Trust   22,724,136 
 495,719   BlackRock Health Sciences Term Trust   7,138,354 
 123,344   BlackRock Municipal Income Quality Trust   1,338,282 
 341,608   BlackRock Municipal Income Trust   3,368,255 
 331,830   BlackRock Municipal Income Trust II   3,487,533 
 42,447   BlackRock MuniHoldings California Quality Fund, Inc.   451,212 
 167,757   BlackRock MuniHoldings Fund, Inc.   1,957,724 
 287,842   BlackRock MuniHoldings Quality Fund II, Inc.   2,878,420 
 141,200   BlackRock MuniVest Fund II, Inc.   1,489,660 
 93,195   BlackRock MuniVest Fund, Inc.   656,093 
 187,151   BlackRock MuniYield Fund, Inc.   1,944,499 
 300,215   BlackRock MuniYield Quality Fund II, Inc.   2,960,120 
 987,026   BlackRock Resources & Commodities Strategy Trust(a)(b)   8,429,202 
 363,087   BlackRock Science and Technology Term Trust   7,519,532 
 496,697   Calamos Long/Short Equity & Dynamic Income Trust(a)(b)   7,366,016 
 369,753   Clough Global Dividend and Income Fund   2,005,910 
 140,567   Clough Global Equity Fund   936,176 
 1,279,907   Clough Global Opportunities Fund(a)(b)   6,553,124 
 109,172   Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund   2,098,286 
 190,819   First Trust High Yield Opportunities 2027 Term Fund   2,763,059 
 335,074   India Fund, Inc.   5,277,415 
 192,735   Invesco Advantage Municipal Income Trust II   1,684,504 
 300,000   Invesco Municipal Opportunity Trust   2,916,000 
 100,000   Invesco Quality Municipal Income Trust   986,000 
 100,000   Invesco Trust for Investment Grade Municipals   1,010,000 
 75,200   Neuberger Berman Municipal Fund, Inc.   778,320 
 329,771   Nuveen AMT-Free Municipal Credit Income Fund   4,042,992 
 36,587   Nuveen AMT-Free Municipal Value Fund   496,851 
 251,967   Nuveen AMT-Free Quality Municipal Income Fund   2,842,188 
 189,217   Nuveen California Quality Municipal Income Fund   2,136,260 
 325,540   Nuveen Municipal Credit Income Fund   3,961,822 
 1,544,779   Nuveen Municipal Value Fund, Inc.   13,269,652 
 129,855   Nuveen New York Quality Municipal Income Fund   1,480,347 
 138,430   Nuveen Quality Municipal Income Fund   1,614,094 
 341,951   PIMCO Global StocksPLUS & Income Fund   2,660,379 

 

See Notes to Financial Statements.

 

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RiverNorth Opportunities Fund, Inc.

 

Statement of Investments December 31, 2024 (Unaudited)

 

Shares   Description  Value
(Note 2)		 
 1,275,236   Saba Capital Income & Opportunities Fund(a)(b)  $9,717,298 
 845,000   Saba Capital Income & Opportunities Fund II   7,655,700 
 171,835   Special Opportunities Fund, Inc.   2,513,946 
 475,000   Voya Emerging Markets High Income Dividend Equity Fund   2,379,750 
 212,814   Western Asset Managed Municipals Fund, Inc.   2,170,703 
           
TOTAL CLOSED-END FUNDS - COMMON SHARES     
(Cost $188,429,014)   211,489,992 

 

Shares   Description  Rate  Maturity
 Date		  Value
(Note 2)		 
CLOSED-END FUNDS - PREFERRED SHARES (0.69%)          
United States - 0.69%           
 89,385   Virtus Convertible & Income Fund II(c)  5.500%  12/31/99   1,810,046 
                 
TOTAL CLOSED-END FUNDS - PREFERRED SHARES           
(Cost $1,901,937)         1,810,046 

 

Shares   Description  Value
(Note 2)		 
BUSINESS DEVELOPMENT COMPANIES - COMMON SHARES (1.51%)    
United States - 1.51%     
 259,832   Oaktree Specialty Lending Corp.   3,970,233 
           
TOTAL BUSINESS DEVELOPMENT COMPANIES - COMMON SHARES     
(Cost $4,181,255)   3,970,233 

 

Shares   Description  Rate  Maturity
Date		  Value
(Note 2)		 
BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES (1.89%)       
United States - 1.89%           
 11,823   CION Investment Corp.  7.500%  12/30/29   298,294 
 154,224   Crescent Capital BDC, Inc.  5.000%  05/25/26   3,789,284 
 900,000   PennantPark Floating Rate Capital, Ltd.  4.250%  04/01/26   871,456 
                 
TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES           
(Cost $5,082,801)         4,959,034 

 

Principal
Amount		   Description  Rate  Maturity
Date		  Value
(Note 2)		 
BUSINESS DEVELOPMENT COMPANY NOTES (3.31%)          
United States - 3.31%           
$1,000,000   MidCap Financial Investment Corp.  4.500%  07/16/26   967,183 
 5,000,000   MidCap Financial Investment Corp.  5.250%  03/03/25   4,987,923 
 107,745   MidCap Financial Investment Corp.  8.000%  12/15/28   2,743,198 
               8,698,304 
TOTAL BUSINESS DEVELOPMENT COMPANY NOTES           
(Cost $8,625,274)         8,698,304 

 

See Notes to Financial Statements.

 

Semi-Annual Report | December 31, 2024 7

   

 

RiverNorth Opportunities Fund, Inc.

 

Statement of Investments December 31, 2024 (Unaudited)

 

Principal
Amount		   Description  Rate  Maturity
Date		  Value
(Note 2)		 
CORPORATE BONDS (17.11%)          
United States - 17.11%           
$2,000,000   Barings BDC, Inc.  7.000%  02/15/29  $2,049,627 
 2,000,000   BlackRock TCP Capital Corp.  6.950%  05/30/29   2,085,696 
 629   Blackstone Private Credit Fund(d)  2.625%  12/15/26   600 
 157   Blackstone Private Credit Fund(d)  3.250%  03/15/27   150 
 290,000   Blackstone Secured Lending Fund(e)  2.125%  02/15/27   271,585 
 500,000   Blue Owl Capital Corp.  2.875%  06/11/28   454,961 
 3,000,000   Blue Owl Capital Corp.  3.750%  07/22/25   2,975,874 
 557,000   Blue Owl Capital Corp. III  3.125%  04/13/27   525,775 
 428   Blue Owl Credit Income Corp.(d)  3.125%  09/23/26   411 
 2,492,000   Blue Owl Credit Income Corp.  3.125%  09/23/26   2,392,135 
 752   Blue Owl Credit Income Corp.(d)  5.500%  03/21/25   752 
 2,500,000   Blue Owl Credit Income Corp.  5.500%  03/21/25   2,500,591 
 2,700,000   Blue Owl Credit Income Corp.  7.750%  09/16/27   2,836,047 
 2,500,000   Blue Owl Technology Finance Corp.(d)  4.750%  12/15/25   2,473,916 
 3,000,000   Blue Owl Technology Finance Corp.(d)  6.750%  06/30/25   3,011,030 
 2,000,000   Blue Owl Technology Finance Corp. II(d)  6.750%  04/04/29   2,013,191 
 3,000,000   Franklin BSP Capital Corp.  3.250%  03/30/26   2,918,014 
 2,900,000   Franklin BSP Capital Corp.(d)  7.200%  06/15/29   2,957,986 
 1,000,000   FS KKR Capital Corp.  2.625%  01/15/27   947,055 
 1,500,000   Golub Capital BDC, Inc.  2.050%  02/15/27   1,393,085 
 1,000,000   Morgan Stanley Direct Lending Fund(d)  6.150%  05/17/29   1,006,001 
 3,500,000   New Mountain Finance Corp.  6.875%  02/01/29   3,531,369 
 1,500,000   North Haven Private Income Fund LLC(d)  5.750%  02/01/30   1,462,889 
 6,000,000   Oaktree Specialty Lending Corp.  7.100%  02/15/29   6,185,474 
 1,000,000   PennantPark Investment Corp.  4.000%  11/01/26   946,316 
               44,940,530 
TOTAL CORPORATE BONDS           
(Cost $43,723,752)         44,940,530 

 

Shares   Description  Value
(Note 2)		 
SPECIAL PURPOSE ACQUISITION COMPANIES - COMMON SHARES/UNITS (20.54%)(f)     
China - 0.50%     
 65,000   Future Vision II Acquisition Corp.   651,625 
 65,000   Rising Dragon Acquisition Corp.   651,300 
           
Great Britain - 0.25%     
 509   Akari Therapeutics PLC   621 
 65,632   Tavia Acquisition Corp.   658,945 
           
Hong Kong - 1.45%     
 130,000   A SPAC III Acquisition Corp.   1,309,100 

 

See Notes to Financial Statements.

 

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RiverNorth Opportunities Fund, Inc.

 

Statement of Investments December 31, 2024 (Unaudited)

 

Shares   Description  Value
(Note 2)		 
 46,893   Black Spade Acquisition II Co.  $465,647 
 1   Black Spade Acquisition II Co.   10 
 35,100   JVSPAC Acquisition Corp.   366,444 
 100,000   Malacca Straits Acquisition Co., Ltd.   1,003,000 
 65,000   YHN Acquisition I, Ltd.   653,900 
           
Israel - 0.00%(g)     
 120   REE Automotive, Ltd.   1,060 
           
Malaysia - 0.30%     
 64,922   Kairous Acquisition Corp. ltd   796,593 
           
Singapore - 0.58%     
 53,256   Chenghe Acquisition II Co.   538,951 
 64,612   RF Acquisition Corp.   733,346 
 25,712   RF Acquisition Corp. II   262,776 
           
United States - 17.46%     
 50,000   AA Mission Acquisition Corp.   505,000 
 32,535   abrdn Healthcare Investors   522,187 
 39,814   abrdn Life Sciences Investors   522,360 
 44,669   Aimei Health Technology Co., Ltd.   472,151 
 140,000   Aldel Financial II, Inc.   1,408,400 
 65,000   Andretti Acquisition Corp. II   649,675 
 260,926   Ares Acquisition Corp. II   2,864,967 
 65,940   Black Hawk Acquisition Corp.   684,457 
 100,000   Bleichroeder Acquisition Corp. I   986,000 
 65,000   Bowen Acquisition Corp.   709,800 
 27,500   Cantor Equity Partners, Inc.   284,625 
 58,500   Cayson Acquisition Corp.   587,925 
 65,520   Centurion Acquisition Corp.   661,752 
 100,000   Charlton Aria Acquisition Corp.   996,000 
 85,696   CO2 Energy Transition Corp.   858,674 
 1   Cohen Circle Acquisition Corp. I   10 
 43,332   Cohen Circle Acquisition Corp. I   432,887 
 52,128   Colombier Acquisition Corp. II   612,504 
 40,000   DT Cloud Star Acquisition Corp.   402,800 
 100,000   Dynamix Corp.   979,000 
 64,998   EQV Ventures Acquisition Corp.   648,680 
 2   EQV Ventures Acquisition Corp.   20 
 100,000   Fact II Acquisition Corp.   998,000 
 57,276   Flag Ship Acquisition Corp.   581,924 
 30,880   FutureTech II Acquisition Corp.   358,517 
 50,000   GigCapital7 Corp.   500,000 
 58,868   GP-Act III Acquisition Corp.   596,922 
 35,000   Graf Global Corp.   353,150 
 130,000   GSR III Acquisition Corp.   1,306,500 

 

See Notes to Financial Statements.

 

Semi-Annual Report | December 31, 2024 9

   

 

RiverNorth Opportunities Fund, Inc.

 

Statement of Investments December 31, 2024 (Unaudited)

 

Shares   Description  Value
 (Note 2)		 
 30,342   Haymaker Acquisition Corp. 4, Class A $   326,783 
 25,000   HCM II Acquisition Corp.   250,500 
 130,000   HORIZON SPACE ACQUISITION II Corp.   1,305,200 
 33,524   IB Acquisition Corp.   339,430 
 61,161   Iron Horse Acquisitions Corp.   629,347 
 100,000   Jackson Acquisition Co. II   1,006,000 
 50,000   Launch One Acquisition Corp.   502,480 
 55,000   Launch Two Acquisition Corp.   546,700 
 66,874   Legato Merger Corp. III   688,133 
 55,008   Lionheart Holdings   555,581 
 65,000   M3-Brigade Acquisition V Corp.   653,900 
 58,028   Melar Acquisition Corp. I   584,922 
 66,944   Nabors Energy Transition Corp. II   722,995 
 42,162   Newbury Street Acquisition Corp.   488,658 
 100,000   Newbury Street II Acquisition Corp.   1,000,000 
 243,512   Pershing Square Tontine Holdings   2 
 285,935   PIMCO Dynamic Income Strategy Fund(a)(b)   7,471,482 
 32,460   Quetta Acquisition Corp.   342,453 
 88,836   Range Capital Acquisition Corp.   890,137 
 100,000   Roman DBDR Acquisition Corp. II   997,000 
 90,000   Shepherd Ave Capital Acquisition Corp.   901,800 
 1   Silverbox Corp. IV   10 
 24,999   Silverbox Corp. IV   252,240 
 50,000   SIM Acquisition Corp. I   502,000 
 32,462   Spark I Acquisition Corp.   345,396 
 100,000   Translational Development Acquisition Corp.   1,002,000 
 65,000   Vine Hill Capital Investment Corp.   653,250 
 50,000   Voyager Acquisition Corp.   501,500 
 130,000   Willow Lane Acquisition Corp.   1,297,400 
 52,742   WinVest Acquisition Corp.   627,630 
           
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES - COMMON SHARES/UNITS     
(Cost $47,844,953)   53,963,134 
      
RIGHTS (0.09%)     
China - 0.01%     
 52,566   Distoken Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   5,257 
 65,000   Future Vision II Acquisition Corp., Strike Price $0.01, Expires 01/01/2049   7,163 
 60,193   Global Lights Acquisition Corp, Strike Price $0.01, Expires 12/31/2049   8,457 
 65,000   Rising Dragon Acquisition Corp., Strike Price $0.01, Expires 01/01/2049   9,191 

 

See Notes to Financial Statements.

 

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RiverNorth Opportunities Fund, Inc.

 

Statement of Investments December 31, 2024 (Unaudited)

 

Shares   Description  Value
(Note 2)		 
Great Britain - 0.00%(g)     
 62,670   ClimateRock, Strike Price $0.01, Expires 06/01/2027  $4,387 
           
Hong Kong - 0.01%     
 35,100   JVSPAC Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   8,779 
 65,000   YHN Acquisition I, Ltd., Strike Price $0.01, Expires 01/01/2049   7,156 
           
Malaysia - 0.00%(g)     
 64,922   Kairous Acquisition Corp. ltd, Strike Price $11.50, Expires 06/16/2025   662 
 51,134   PHP Ventures Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   5,165 
           
Singapore - 0.01%     
 50,470   A SPAC II Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   656 
 26,628   Chenghe Acquisition II Co., Strike Price $11.50, Expires 07/29/2029   1,065 
 64,612   RF Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   10,093 
           
United States - 0.06%     
 44,669   Aimei Health Technology Co., Ltd., Strike Price $0.01, Expires 12/31/2049   5,360 
 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   141 
 51,497   Bannix Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   4,954 
 30,110   Bayview Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   3,041 
 54,328   Bellevue Life Sciences Acquisi, Strike Price $0.01, Expires 12/31/2045   6,210 
 13,188   Black Hawk Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   13,188 
 100,000   Bleichroeder Acquisition Corp. I, Strike Price $0.01, Expires 01/01/2049   17,000 
 65,000   Bowen Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   13,000 
 21,512   Breeze Holdings Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   3,765 
 58,500   Cayson Acquisition Corp., Strike Price $0.01, Expires 01/01/2049   7,020 
 32,760   Centurion Acquisition Corp., Strike Price $11.50, Expires 08/01/2029   4,586 

 

See Notes to Financial Statements.

 

Semi-Annual Report | December 31, 2024 11

   

 

RiverNorth Opportunities Fund, Inc.

 

Statement of Investments December 31, 2024 (Unaudited)

 

Shares   Description  Value
 (Note 2)		 
 100,000   Charlton Aria Acquisition Corp., Strike Price $0.01, Expires 01/01/2049  $14,000 
 40,000   DT Cloud Star Acquisition Corp., Strike Price $0.01, Expires 01/01/2049   5,400 
 34,404   ESH Acquisition Corp., Strike Price $10.00, Expires 12/31/2049   3,096 
 57,276   Flag Ship Acquisition Corp., Strike Price $0.01, Expires 01/01/2049   5,733 
 65,531   Globalink Investment, Inc., Strike Price $11.50, Expires 04/15/2025   930 
 64,668   Horizon Space Acquisition I Corp., Strike Price $0.01, Expires 12/31/2049   7,437 
 33,524   IB Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   2,323 
 61,161   Iron Horse Acquisitions Corp., Strike Price $0.01, Expires 12/31/2049   17,737 
 29,014   Melar Acquisition Corp. I, Strike Price $11.50, Expires 06/01/2031   3,337 
 67,514   Mountain Crest Acquisition Corp. V, Strike Price $0.01, Expires 12/31/2049   2,100 
 69,600   NorthView Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   1,399 
 35,695   OneMedNet Corp., Strike Price $11.50, Expires 12/31/2028   721 
 3,246   Quetta Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   3,798 
 32,618   Viveon Health Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   – 
 66,708   Welsbach Technology Metals Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   5,003 
 52,742   WinVest Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   4,673 
 60,341   Yotta Acquisition Corp., Strike Price $0.01, Expires 12/31/2049   4,097 
           
TOTAL RIGHTS     
(Cost $354,526)   228,080 
      
WARRANTS (0.13%)     
Austria - 0.01%     
 41,618   Critical Metals Corp., Strike Price $11.50, Expires 06/06/2028   9,572 
           
Canada - 0.00%(g)     
 53,236   Borealis Foods, Inc., Strike Price $11.50, Expires 08/26/2026   4,112 
           
Cayman Islands - 0.00%(g)     
 24,010   Finnovate Acquisition Corp., Strike Price $11.50, Expires 09/30/2026   912 

 

See Notes to Financial Statements.

 

12 www.rivernorth.com

   

 

RiverNorth Opportunities Fund, Inc.

 

Statement of Investments December 31, 2024 (Unaudited)

 

Shares   Description  Value
 (Note 2)		 
 25,071   Healthcare AI Acquisition Corp., Strike Price $11.50, Expires 12/14/2026  $30 
 32,014   Nvni Group, Ltd., Strike Price $11.50, Expires 11/01/2028   2,122 
 57,401   TNL Mediagene, Strike Price $11.50, Expires 12/05/2029   2,813 
 14,153   Zapp Electric Vehicles Group, Ltd., Strike Price $11.50, Expires 03/03/2028   108 
           
China - 0.00%(g)     
 52,566   Distoken Acquisition Corp., Strike Price $11.50, Expires 03/30/2028   930 
 2,171   ECARX Holdings, Inc., Strike Price $11.50, Expires 12/21/2027   109 
 16,878   MicroAlgo, Inc., Strike Price $11.50, Expires 12/31/2027   911 
 10,728   SunCar Technology Group, Inc., Strike Price $11.50, Expires 05/18/2028   3,433 
           
Germany - 0.00%(g)     
 19,034   Heramba Electric PLC, Strike Price $11.50, Expires 10/10/2028   813 
           
Great Britain - 0.00%(g)     
 31,335   ClimateRock, Strike Price $11.50, Expires 06/01/2027   627 
           
Hong Kong - 0.01%     
 15,631   Black Spade Acquisition II Co., Strike Price $11.50, Expires 08/28/2030   6,254 
 20,306   MultiMetaVerse Holdings, Ltd., Strike Price $11.50, Expires 03/15/2027   563 
 36,015   NewGenIvf Group, Ltd., Strike Price $11.50, Expires 06/26/2028   1,613 
 7,982   Prenetics Global, Ltd., Strike Price $8.91, Expires 05/17/2027   62 
 28,984   Triller Group, Inc., Strike Price $11.50, Expires 03/15/2027   4,226 
           
Ireland - 0.00%(g)     
 51,043   SMX Security Matters PLC, Strike Price $11.50, Expires 03/07/2028   2,802 
           
Israel - 0.00%(g)     
 55,368   Holdco Nuvo Group DG, Ltd., Strike Price $11.50, Expires 05/01/2029   22 
 44,569   Hub Cyber Security, Ltd., Strike Price $11.50, Expires 02/27/2028   1,674 
 2,547   Silexion Therapeutics Corp., Strike Price $11.50, Expires 08/15/2029   86 
 77,424   Spree Acquisition Corp. 1, Ltd., Strike Price $11.50, Expires 12/22/2028   774 

 

See Notes to Financial Statements.

 

Semi-Annual Report | December 31, 2024 13

   

 

RiverNorth Opportunities Fund, Inc.

 

Statement of Investments December 31, 2024 (Unaudited)

 

Shares   Description  Value
(Note 2)		 
Luxembourg - 0.00%(g)
 14,063   Moolec Science SA, Strike Price $11.50, Expires 09/27/2027  $   357 
           
Malaysia - 0.00%(g)     
 32,461   Kairous Acquisition Corp. ltd, Strike Price $11.50, Expires 09/15/2026   188 
 25,567   PHP Ventures Acquisition Corp., Strike Price $11.50, Expires 08/16/2028   1,128 
           
Singapore - 0.01%     
 25,235   A SPAC II Acquisition Corp., Strike Price $11.50, Expires 05/03/2027   232 
 36,863   BitFuFu, Inc., Strike Price $11.50, Expires 06/07/2028   20,275 
 53,773   ESGL Holdings, Ltd., Strike Price $11.50, Expires 04/13/2028   656 
 54,501   Euda Health Holdings, Ltd., Strike Price $11.50, Expires 09/24/2026   6,055 
 19,616   Helport AI, Ltd., Strike Price $11.50, Expires 08/05/2029   4,414 
 64,612   RF Acquisition Corp., Strike Price $11.50, Expires 05/01/2028   2,035 
 25,712   RF Acquisition Corp. II, Strike Price $0.01, Expires 01/01/2049   1,442 
           
Switzerland - 0.00%(g)     
 43,768   Genesis Growth Tech Acquisition Corp., Strike Price $11.50, Expires 05/19/2028   22 
           
Taiwan - 0.00%(g)     
 2,490   Gorilla Technology Group, Inc., Strike Price $11.50, Expires 07/14/2027   2,365 
           
United States - 0.10%     
 25,000   AA Mission Acquisition Corp., Strike Price $11.50, Expires 08/01/2030   1,750 
 21,731   Aeries Technology, Inc., Strike Price $11.50, Expires 10/20/2026   761 
 32,785   AleAnna, Inc., Strike Price $11.50, Expires 12/13/2029   4,590 
 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   42 
 11,896   AltEnergy Acquisition Corp., Strike Price $11.50, Expires 11/02/2028   62 
 32,500   Andretti Acquisition Corp. II, Strike Price $11.50, Expires 10/24/2029   4,680 
 8,612   Apexigen, Inc., Strike Price $11.50, Expires 07/29/2027   225 
 130,463   Ares Acquisition Corp. II, Strike Price $11.50, Expires 06/12/2028   19,569 
 30,397   AtlasClear Holdings, Inc., Strike Price $11.50, Expires 10/25/2028   547 

 

See Notes to Financial Statements.

 

14 www.rivernorth.com

   

 

RiverNorth Opportunities Fund, Inc.

 

Statement of Investments December 31, 2024 (Unaudited)

 

Shares   Description  Value
(Note 2)		 
 51,497   Bannix Acquisition Corp., Strike Price $11.50, Expires 07/31/2026  $1,421 
 1,245   Banzai International, Inc., Strike Price $575.00, Expires 12/31/2026   14 
 54,641   Battery Future Acquisition Corp., Strike Price $11.50, Expires 05/26/2028   1,639 
 54,328   Bellevue Life Sciences Acquisi, Strike Price $11.50, Expires 02/10/2028   2,173 
 81,786   Beneficient, Strike Price $11.50, Expires 06/07/2028   630 
 15,057   Binah Capital Group, Inc., Strike Price $11.50, Expires 03/15/2029   970 
 5,688   Brand Engagement Network, Inc., Strike Price $11.50, Expires 03/14/2029   318 
 12,512   Breeze Holdings Acquisition Corp., Strike Price $11.50, Expires 05/25/2027   2,127 
 23,792   Cactus Acquisition Corp. 1, Ltd., Strike Price $11.50, Expires 10/29/2026   338 
 5,294   CERo Therapeutics Holdings, Inc., Strike Price $11.50, Expires 02/14/2029   44 
 14,320   Cleanspark, Inc., Strike Price $11.50, Expires 10/30/2029   10,310 
 14,444   Cohen Circle Acquisition Corp. I, Strike Price $11.50, Expires 11/29/2029   6,479 
 17,376   Colombier Acquisition Corp. II, Strike Price $11.50, Expires 12/31/2028   27,802 
 15,030   Concord Acquisition Corp. II, Strike Price $11.50, Expires 12/31/2028   601 
 51,016   Conduit Pharmaceuticals, Inc., Strike Price $11.50, Expires 02/03/2027   301 
 2,087   Corner Growth Acquisition Corp., Strike Price $11.50, Expires 12/31/2027   – 
 72,474   DIH Holdings US, Inc., Strike Price $11.50, Expires 02/07/2028   3,848 
 17,658   Direct Selling Acquisition Corp., Strike Price $11.50, Expires 09/30/2028   134 
 50,000   Dynamix Corp., Strike Price $11.50, Expires 12/06/2029   13,000 
 21,666   EQV Ventures Acquisition Corp., Strike Price $11.50, Expires 07/01/2031   7,800 
 54,641   EVe Mobility Acquisition Corp., Strike Price $11.50, Expires 12/31/2028   2,459 
 17,137   Everest Consolidator Acquisition Corp., Strike Price $11.50, Expires 07/19/2028   344 
 20,705   FOXO Technologies, Inc., Strike Price $11.50, Expires 08/01/2027   445 
 30,880   FutureTech II Acquisition Corp., Strike Price $11.50, Expires 02/16/2027   476 
 50,000   GigCapital7 Corp., Strike Price $11.50, Expires 09/11/2029   3,250 

 

See Notes to Financial Statements.

 

Semi-Annual Report | December 31, 2024 15

   

 

RiverNorth Opportunities Fund, Inc.

 

Statement of Investments December 31, 2024 (Unaudited)

 

Shares   Description  Value
(Note 2)		 
 9,479   Global Gas Corp., Strike Price $11.50, Expires 10/29/2027  $19 
 65,531   Globalink Investment, Inc., Strike Price $11.50, Expires 12/03/2026   315 
 29,434   GP-Act III Acquisition Corp., Strike Price $11.50, Expires 12/31/2027   4,121 
 17,500   Graf Global Corp., Strike Price $11.50, Expires 08/07/2029   2,275 
 15,171   Haymaker Acquisition Corp. 4, Strike Price $11.50, Expires 09/12/2028   2,124 
 12,500   HCM II Acquisition Corp., Strike Price $11.50, Expires 10/10/2029   1,500 
 24,100   Hennessy Capital Investment Corp. VI, Strike Price $11.50, Expires 12/31/2027   2,918 
 64,668   Horizon Space Acquisition I Corp., Strike Price $11.50, Expires 01/26/2028   1,183 
 50,640   iCoreConnect, Inc., Strike Price $11.50, Expires 05/15/2028   76 
 31,971   Inflection Point Acquisition Corp. II, Strike Price $11.50, Expires 07/17/2028   15,666 
 39,252   Integrated Rail and Resources Acquisition Corp., Strike Price $11.50, Expires 11/12/2026   3,925 
 43,768   Integrated Wellness Acquisition Corp., Strike Price $11.50, Expires 10/31/2028   158 
 61,161   Iron Horse Acquisitions Corp., Strike Price $11.50, Expires 02/16/2029   2,141 
 16,682   Jaws Mustang Acquisition Corp., Strike Price $11.50, Expires 01/30/2026   417 
 68,194   Klotho Neurosciences, Inc., Strike Price $11.50, Expires 06/21/2029   3,151 
 25,000   Launch One Acquisition Corp., Strike Price $11.50, Expires 08/29/2029   3,375 
 27,500   Launch Two Acquisition Corp., Strike Price $11.50, Expires 11/26/2029   4,950 
 33,437   Legato Merger Corp. III, Strike Price $11.50, Expires 03/28/2029   5,350 
 27,504   Lionheart Holdings, Strike Price $11.50, Expires 08/09/2029   3,025 
 32,500   M3-Brigade Acquisition V Corp., Strike Price $11.50, Expires 09/23/2030   5,850 
 7,755   Maquia Capital Acquisition Corp., Strike Price $11.50, Expires 12/31/2027   181 
 13,723   MSP Recovery, Inc., Strike Price $0.06, Expires 02/14/2026   672 
 10,806   MultiSensor AI Holdings, Inc., Strike Price $11.50, Expires 12/19/2028   432 
 33,472   Nabors Energy Transition Corp. II, Strike Price $11.50, Expires 09/05/2028   5,355 
 19,815   Nature's Miracle Holding, Inc., Strike Price $11.50, Expires 03/12/2029   299 
 30,975   New Era Helium, Inc., Strike Price $11.50, Expires 12/06/2029   14,868 

 

See Notes to Financial Statements.

 

16 www.rivernorth.com

   

 

RiverNorth Opportunities Fund, Inc.

 

Statement of Investments December 31, 2024 (Unaudited)

 

Shares   Description  Value
(Note 2)		 
 32,271   New Horizon Aircraft, Ltd., Strike Price $11.50, Expires 04/03/2028  $3,227 
 21,081   Newbury Street Acquisition Corp., Strike Price $11.50, Expires 12/31/2027   – 
 9,664   NKGen Biotech, Inc., Strike Price $11.50, Expires 10/02/2028   966 
 4,228   Northern Revival Acquisition Corp., Strike Price $11.50, Expires 12/31/2027   92 
 34,800   NorthView Acquisition Corp., Strike Price $11.50, Expires 08/02/2027   1,392 
 5,790   Nuburu, Inc., Strike Price $11.50, Expires 09/07/2027   75 
 6,735   Nukkleus, Inc., Strike Price $11.50, Expires 12/31/2025   1,583 
 48,836   OceanTech Acquisitions I Corp., Strike Price $11.50, Expires 05/10/2026   – 
 60,878   PERSHING SQUARE SPARC HOLDINGS, Strike Price $0.01, Expires 12/31/2049   1 
 35,388   Presto Automation, Inc., Strike Price $11.50, Expires 09/21/2027   71 
 16,945   Priveterra Acquisition Corp. II, Strike Price $11.50, Expires 01/07/2027   339 
 42,380   QT Imaging Holdings, Inc., Strike Price $11.50, Expires 12/31/2028   1,059 
 37,808   Relativity Acquisition Corp., Strike Price $11.50, Expires 02/11/2027   1,781 
 69   RMG Acquisition Corp. III, Strike Price $11.50, Expires 02/08/2026   – 
 15,598   Roadzen, Inc., Strike Price $11.50, Expires 11/30/2028   2,340 
 953   Roth CH Acquisition Co., Strike Price $11.50, Expires 10/29/2028   1 
 13,545   Royalty Management Holding Corp., Strike Price $11.50, Expires 05/28/2026   255 
 8,333   Silverbox Corp. IV, Strike Price $11.50, Expires 09/24/2029   1,753 
 25,000   SIM Acquisition Corp. I, Strike Price $11.50, Expires 08/28/2029   2,500 
 20,602   Southland Holdings, Inc., Strike Price $11.50, Expires 09/01/2026   4,944 
 32,793   Southport Acquisition Corp., Strike Price $11.50, Expires 05/24/2028   6,555 
 16,231   Spark I Acquisition Corp., Strike Price $11.50, Expires 11/27/2028   1,628 
 41,072   Syntec Optics Holdings, Inc., Strike Price $11.50, Expires 11/08/2028   4,518 
 6,195   TLGY Acquisition Corp., Strike Price $11.50, Expires 01/14/2028   125 
 32,500   Vine Hill Capital Investment Corp., Strike Price $11.50, Expires 10/25/2029   5,200 

 

See Notes to Financial Statements.

 

Semi-Annual Report | December 31, 2024 17

   

 

RiverNorth Opportunities Fund, Inc.

 

Statement of Investments December 31, 2024 (Unaudited)

 

Shares   Description  Value
(Note 2)		 
 32,618   Viveon Health Acquisition Corp., Strike Price $11.50, Expires 12/31/2027  $– 
 34,072   Volato Group, Inc., Strike Price $11.50, Expires 12/03/2028   511 
 25,000   Voyager Acquisition Corp., Strike Price $11.50, Expires 05/16/2031   3,000 
 19,208   VSee Health, Inc., Strike Price $11.50, Expires 11/04/2028   958 
 52,742   WinVest Acquisition Corp., Strike Price $11.50, Expires 08/09/2026   723 
 6,768   XBP Europe Holdings, Inc., Strike Price $11.50, Expires 12/31/2027   271 
 60,341   Yotta Acquisition Corp., Strike Price $11.50, Expires 03/15/2027   2,414 
 48,471   ZyVersa Therapeutics, Inc., Strike Price $11.50, Expires 12/20/2026   3,393 
           
TOTAL WARRANTS     
(Cost $827,659)   338,907 
           
EXCHANGE TRADED FUNDS - COMMON SHARES (1.98%)     
United States - 1.98%     
 100,000   iShares Flexible Income Active ETF   5,202,000 
           
TOTAL EXCHANGE TRADED FUNDS - COMMON SHARES     
(Cost $5,286,128)   5,202,000 

 

Principal
Amount		   Description  Rate  Maturity
Date		  Value
(Note 2)		 
GOVERNMENT BOND (1.90%)          
United States - 1.90%           
$5,000,000   U.S. Treasury Note  4.250%  05/31/25  $4,999,239 
                 
TOTAL GOVERNMENT BOND           
(Cost $4,991,839)         4,999,239 

 

Shares   Description  7-Day
Yield		   Value
(Note 2)		 
SHORT-TERM INVESTMENTS (9.34%)        
United States - 9.34%          
 24,537,579   State Street Institutional Treasury Money Market Fund Premier Class   4.410%   24,537,579 
                
TOTAL SHORT-TERM INVESTMENTS          
(Cost $24,537,579)        24,537,579 

 

See Notes to Financial Statements.

 

18 www.rivernorth.com

   

 

RiverNorth Opportunities Fund, Inc.

 

Statement of Investments December 31, 2024 (Unaudited)

 

Shares  Description  7-Day
Yield		   Value
(Note 2)		 
TOTAL INVESTMENTS (139.00%)         
(Cost $335,786,717)       $365,137,078 
              
Series A Cumulative Perpetual Preferred Shares (-37.21)        (97,750,000)
Liabilities in Excess of Other Assets (-1.79%)(h)        (4,700,211)
NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS (100.00%)       $262,686,867 

 

SCHEDULE OF SECURITIES SOLD SHORT

 

 

Description  Shares   Value
(Note 2)		 
EXCHANGE TRADED FUNDS - COMMON SHARES (-12.88%)          
Invesco S&P 500 Equal Weight ETF   (75,411)  $(13,214,269)
SPDR S&P 500 ETF Trust   (35,173)   (20,614,192)
           
TOTAL EXCHANGE TRADED FUNDS - COMMON SHARES        (33,828,461)
           
TOTAL SECURITIES SOLD SHORT          
(Proceeds $33,181,208)       $(33,828,461)

 

(a)All or a portion of the security is pledged as collateral for any loan payable. As of December 31, 2024, the aggregate value of those securities was $2,025,000, representing 0.77% of net assets.
(b)All or a portion of the security is pledged as collateral for securities sold short. As of December 31, 2024, the aggregate value of those securities was $16,917,400 representing 6.44% of net assets.
(c)Perpetual maturity.
(d)Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2024, the market value of those Rule 144A securities held by the Fund was $12,926,926 representing 4.92% of the Fund's net assets.
(e)Securities were purchased pursuant to Regulation S under the Securities Act of 1933, as amended, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, as amended, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Directors (the "Board"). As of December 31, 2024, the aggregate fair value of those securities was $271,585 representing 0.10% of net assets.
(f)Non-income producing security.
(g)Less than 0.005%.
(h)Includes cash in the amount of $31,273,223 which is being held as collateral for securities sold short.

 

See Notes to Financial Statements.

 

Semi-Annual Report | December 31, 2024 19

   

 

RiverNorth Opportunities Fund, Inc.

 

Statement of Assets and Liabilities December 31, 2024 (Unaudited)

 

ASSETS:    
Investments in securities:     
At cost  $335,786,717 
At value  $365,137,078 
Cash   319,519 
Deposit with broker for securities sold short   31,273,223 
Foreign currency, at value (Cost $1,304)   1,233 
Receivable for investments sold   1,297,237 
Interest receivable   975,664 
Dividends receivable   617,239 
Deferred offering costs (Note 8)   155,210 
Total Assets   399,776,403 
      
LIABILITIES:     
Securities sold short (Proceeds $33,181,208)   33,828,461 
Dividend payable - Series A Cumulative Perpetual Preferred Shares   733,125 
Dividend payable   69,134 
Payable for credit agreement fees   8,611 
Payable for investments purchased   4,289,138 
Payable to adviser   404,452 
Payable for professional fees   6,615 
Total Liabilities   39,339,536 
Series A Cumulative Perpetual Preferred Shares, $0.0001 par value per share, 3,910,000 of shares authorized     
Series A Cumulative Perpetual Preferred Shares (6.00%, $25.00 liquidation value per share, 3,910,000 shares issued and outstanding)  $97,750,000 
Net Assets Attributable to Common Shareholders  $262,686,867 
      
NET ASSETS CONSIST OF:     
Paid-in capital  $265,730,733 
Total distributable earnings/(accumulated deficit)   (3,043,866)
Net Assets Attributable to Common Shareholders  $262,686,867 
      
PRICING OF SHARES:     
Net Assets Attributable to Common Shareholders  $262,686,867 
Shares of common stock outstanding (37,500,000 of shares authorized, at $0.0001 par value per share)   21,472,248 
Net Asset Value Per Share Attributable to Common Shareholders  $12.23 

 

See Notes to Financial Statements.

 

20 www.rivernorth.com

   

 

RiverNorth Opportunities Fund, Inc.

 

Statement of Operations For the Six Months Ended December 31, 2024 (Unaudited)

 

INVESTMENT INCOME:    
Dividends  $13,336,065 
Interest   3,172,602 
Total Investment Income   16,508,667 
      
EXPENSES:     
Investment advisory fees   2,418,647 
Dividend and interest expense - short sales   267,029 
Offering costs   102,323 
Legal fees   75,229 
Commitment fee on loan   51,334 
Total Expenses   2,914,562 
Net Investment Income   13,594,105 
      
REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS:     
Net realized gain/(loss) on:     
Investments   9,181,896 
Securities sold short   (2,467,450)
Net realized gain   6,714,446 
Net change in unrealized appreciation/depreciation on:     
Investments   (9,873,229)
Securities sold short   (280,609)
Translation of assets and liabilities denominated in foreign currencies   (60)
Net change in unrealized appreciation/depreciation   (10,153,898)
Net Realized and Unrealized Loss on Investments   (3,439,452)
Dividends to Series A Cumulative Perpetual Preferred Shares  $(2,932,500)
Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations  $7,222,153 

 

See Notes to Financial Statements.

 

Semi-Annual Report | December 31, 2024 21

   

 

RiverNorth Opportunities Fund, Inc.

 

Statements of Changes in Net Assets Attributable to Common Shareholders

 

   For the Six Months Ended December 31, 2024 (Unaudited)   For the Period Ended June 30, 2024(a)   For the Year Ended July 31, 2023 
NET INCREASE/(DECREASE) IN NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS FROM OPERATIONS:               
Net investment income  $13,594,105   $10,977,797   $12,763,962 
Net realized gain/(loss)   6,714,446    (6,012,425)   (5,848,525)
Long-term capital gains from other investment companies   –    90,264    897,316 
Net change in unrealized appreciation/depreciation   (10,153,898)   38,284,421    10,787,226 
Net increase in net assets resulting from operations   10,154,653    43,340,057    18,599,979 
Distributions to Series A Cumulative Perpetual               
Preferred Shareholders   (2,932,500)   (5,370,938)   (5,865,000)
Net increase in net assets attributable to common shareholders resulting from operations   7,222,153    37,969,119    12,734,979 
                
TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS:               
From distributable earnings   (16,596,779)   (15,001,105)   (10,767,356)
From return of capital   –    (15,299,358)   (25,211,317)
Net decrease in net assets from distributions to common shareholders   (16,596,779)   (30,300,463)   (35,978,673)
                
COMMON SHARE TRANSACTIONS:               
Proceeds from sales of shares, net of offering costs   –    –    37,867,362 
Dividend Reinvestment   242,804    –    836,635 
Net increase in net assets attributable to common shareholders from capital share transactions   242,804    –    38,703,997 
                
Net Increase/(Decrease) in Net Assets attributable to common shareholders   (9,131,822)   7,668,656    15,460,303 
                
NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS:               
Beginning of period   271,818,689    264,150,033    248,689,730 
End of period  $262,686,867   $271,818,689   $264,150,033 

 

See Notes to Financial Statements.

 

22 www.rivernorth.com

   

 

RiverNorth Opportunities Fund, Inc.

 

Statements of Changes in Net Assets Attributable to Common Shareholders

 

OTHER INFORMATION:            
Common Share Transactions:            
Common Shares outstanding - beginning of period   21,453,174    21,453,174    18,291,243 
Common Shares issued in connection with public offering   –    –    3,097,795 
Common Shares issued as reinvestment of dividends   19,074    –    64,136 
Common Shares outstanding - end of period   21,472,248    21,453,174    21,453,174 

 

(a)Effective May 15, 2024, the Board approved changing the fiscal year-end of the Fund from July 31 to June 30.

 

See Notes to Financial Statements.

 

Semi-Annual Report | December 31, 2024 23

   

 

RiverNorth Opportunities Fund, Inc.

 

Financial Highlights For a common share outstanding throughout the periods presented.

 

Net asset value - beginning of period
Income/(loss) from investment operations:
Net investment income(b)
Net realized and unrealized gain/(loss)
Total income/(loss) from investment operations
Less distributions to common shareholders:
From net investment income
From net realized gains
From tax return of capital
Total distributions to common shareholders
Less distributions to preferred shareholders:
From net investment income(b)
Total distributions to preferred shareholders
Common share transactions:
Dilutive effect of rights offering
Common share offering costs charged to paid-in capital
Total common share transactions
Preferred Share issuance and offering costs charged to paid-in capital
Total preferred share transactions
Net increase/(decrease) in net asset value
Net asset value - end of period
Market price - end of period
Total Return - Net Asset Value(i)
Total Return - Market Price(i)
Supplemental Data:
Net assets, end of period (in thousands)
Ratios to Average Net Assets (including dividend expense on short sales and line of credit expense)(k)
Ratio of expenses to average net assets
Ratio of net investment income to average net assets
Ratios to Average Net Assets (excluding dividend expense on short sales and line of credit expense)(k)
Ratio of expenses to average net assets
Ratio of net investment income average net assets
Portfolio turnover rate
Loan Payable (in thousands)
Asset Coverage Per $1,000 of loan payable(m)
Cumulative Perpetual Preferred Stock (in thousands)
Asset coverage per share of Cumulative Perpetual Preferred Stock(n)
 
Involuntary liquidating preference per share of Series A Cumulative Perpetual Preferred Stock
Average market value per share of Series A Cumulative Preferred Stock

 

See Notes to Financial Statements.

 

24 www.rivernorth.com

   

 

RiverNorth Opportunities Fund, Inc.

 

Financial Highlights For a common share outstanding throughout the periods presented.

 

For the Period Ended
December 31, 2024		   For the Period Ended
June 30, 2024(a)		   For the Year Ended July 31, 2023   For the Year Ended July 31, 2022   For the Year Ended July 31, 2021   For the Year Ended July 31, 2020   For the Year Ended
July 31, 2019		 
$12.67   $12.31   $13.60   $17.02   $14.89   $17.39   $19.07 
                                 
 0.63    0.51    0.62    0.18    0.31    0.41    0.55 
 (0.16)   1.51    0.22    (0.85)   4.03    (0.56)   0.29 
 0.47    2.02    0.84    (0.67)   4.34    (0.15)   0.84 
                                 
 (0.77)   (0.70)   (0.52)   (0.70)   (0.72)   (0.51)   (0.63)
 –    –    –    (0.24)   (1.37)   (0.00)(c)    (0.41)
 –    (0.71)   (1.22)   (1.34)   –    (1.60)   (1.20)
 (0.77)   (1.41)   (1.74)   (2.28)   (2.09)   (2.11)   (2.24)
                                 
 (0.14)   (0.25)   (0.28)   (0.10)   –    –    – 
 (0.14)   (0.25)   (0.28)   (0.10)   –    –    – 
                                 
 –    –    (0.10)(d)    (0.13)(e)    (0.08)(f)    (0.21)(g)    (0.26)(h) 
 –    –    (0.01)   (0.02)   (0.04)   (0.03)   (0.02)
 –    –    (0.11)   (0.15)   (0.12)   0.24    (0.28)
 –    –    –    (0.22)   –    –    – 
 –    –    –    (0.22)   –    –    – 
 (0.44)   0.36    (1.29)   (3.42)   2.13    (2.50)   (1.68)
$12.23   $12.67   $12.31   $13.60   $17.02   $14.89   $17.39 
$11.49   $12.25   $11.49   $14.60   $18.21   $14.81   $17.38 
 2.69%(j)    16.39%(j)    4.41%   (7.41%)   30.09%   (1.75%)   3.77%
 (0.22%)(j)    20.56%(j)    (9.22%)   (7.10%)   39.94%   (2.22%)   3.33%
                                 
$262,687   $271,819   $264,150   $248,690   $211,711   $139,166   $124,664 
                                 
                                 
 2.14%(l)    2.12%(l)    2.29%   1.91%   1.91%   2.06%   2.17%
 9.97%(l)    4.57%(l)    4.93%   1.18%   1.87%   2.59%   3.11%
                                 
                                 
 1.91%(l)    1.86%(l)    1.91%   1.58%   1.45%   1.54%   1.56%
 10.20%(l)    4.83%(l)    5.31%   1.51%   2.33%   3.11%   3.72%
 32%(j)    49%(j)    73%   119%   190%   133%   76%
 –    –    –    –    –   $7,500    – 
 –    –    –    –    –    19,556    – 
$97,750   $97,750   $97,750   $97,750    –    –    – 
 92    95    93    89    –    –    – 
                                 
$25.00   $25.00   $25.00   $25.00    –    –    – 
$23.68   $23.04   $23.40   $24.41    –    –    – 

 

See Notes to Financial Statements.

 

Semi-Annual Report | December 31, 2024 25

   

 

RiverNorth Opportunities Fund, Inc.

 

Financial Highlights For a common share outstanding throughout the periods presented.

 

(a)Effective May 15, 2024, the Board approved changing the fiscal year-end of the Fund from July 31 to June 30.
(b)Calculated using average common shares throughout the period.
(c)Less than ($0.005) per share.
(d)Represents the impact of the Fund's rights offering of 2,752,078 common shares in November 2022 at a subscription price per share based on a formula. For more details, please refer to Note 8 of the Notes to Financial Statements.
(e)Represents the impact of the Fund's rights offering of 4,373,407 common shares in November 2021 at a subscription price per share based on a formula. For more details, please refer to Note 8 of the Notes to Financial Statements.
(f)Represents the impact of the Fund's rights offering of 575,706 common shares in November 2020 at a subscription price per share based on a formula. For more details, please refer to Note 8 of the Notes to Financial Statements.
(g)Represents the impact of the Fund's rights offering of 2,163,193 common shares in November 2019 at a subscription price per share based on a formula.
(h)Represents the impact of the Fund's rights offering of 1,790,000 common shares in November 2018.
(i)Total investment return is calculated assuming a purchase of a common share at the opening on the first day and a sale at closing on the last day of each period reported. For purposes of this calculation, dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund’s dividend reinvestment plan. Total investment returns do not reflect brokerage commissions, if any. Total return on Market Price does not reflect any sales load paid by investors. Periods less than one year are not annualized.
(j)Not annualized.
(k)The ratios exclude the impact of income and expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments. The expense ratio and net investment income ratio do not reflect the effect of dividend payments to preferred shareholders.
(l)Annualized.
(m)Calculated by subtracting the Fund's total liabilities (excluding the principal amount of Loan Payable) from the Fund's total assets and dividing by the principal amount of the Loan Payable and then multiplying by $1,000.
(n)The asset coverage ratio for a class of senior securities representing stock is calculated as the Fund's total assets, less all liabilities and indebtedness not represented by the Fund's senior securities, divided by secured senior securities representing indebtedness plus the aggregate of the involuntary liquidation preference of secured senior securities which are stock. With respect to the Preferred Stock, the asset coverage per share is expressed in terms of dollar amounts per share of outstanding Preferred Stock (based on a liquidation preference of $25).

 

See Notes to Financial Statements.

 

26 www.rivernorth.com

   

 

RiverNorth Opportunities Fund, Inc.

 

Notes to Financial Statements December 31, 2024 (Unaudited)

 

1. ORGANIZATION

 

 

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

 

On May 15, 2024, the Board of Directors of the Fund (the “Board”) approved a change in the Fund’s fiscal year from July 31 to June 30.

 

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

 

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

 

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

 

2. SIGNIFICANT ACCOUNTING POLICIES

 

 

The following is a summary of significant accounting policies followed by the Fund. These policies are in conformity with generally accepted accounting principles in the United States of America (“U.S. GAAP”). The financial statements are prepared in accordance with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts and disclosures, including the disclosure of contingent assets and liabilities, in the financial statements during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Fund ultimately realizes upon sale of the securities. The financial statements have been prepared as of the close of the New York Stock Exchange (“NYSE”) on December 31, 2024.

 

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

 

 

Semi-Annual Report | December 31, 2024 27
   

 

RiverNorth Opportunities Fund, Inc.

 

Notes to Financial Statements December 31, 2024 (Unaudited)

 

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

 

Securities Transactions and Investment Income: Investment security transactions are accounted for on a trade date basis. Dividend income is recorded on the ex-dividend date. Interest income, which includes accretion of discounts and amortization of premiums calculated using yield to maturity, is accrued and recorded as earned. Realized gains and losses from securities transactions and unrealized appreciation and depreciation of securities are determined using the specific identification method for both financial reporting and tax purposes.

 

Federal Income Taxes: The Fund makes no provision for federal income tax. The Fund intends to qualify each year as a “regulated investment company” ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "IRC"). In order to qualify as a RIC, the Fund must, among other things, satisfy income, asset diversification and distribution requirements. As long as it so qualifies, the Fund will not be subject to U.S. federal income tax to the extent that it distributes annually its investment company taxable income and its “net capital gain”. If the Fund retains any investment company taxable income or net capital gain, it will be subject to U.S. federal income tax on the retained amount at regular corporate tax rates. In addition, if the Fund fails to qualify as a RIC for any taxable year, it will be subject to U.S. federal income tax on all of its income and gains at regular corporate tax rates.

 

The Fund recognizes the tax benefits of uncertain tax positions only where the position is “more likely than not” to be sustained assuming examination by tax authorities. As of and during the six months ended December 31, 2024, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund’s tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

 

Distributions to Shareholders: Distributions to shareholders, which are paid monthly and determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense, or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset value ("NAV") per share of the Fund.

 

The Fund maintains a level distribution policy. The Fund distributes to common shareholders regular monthly cash distributions of its net investment income. In addition, the Fund distributes its net realized capital gains, if any, at least annually. Any amounts received in excess of a common shareholder’s basis are generally treated as capital gain, assuming the shares are held as capital assets. The Board approved the implementation of the level distribution policy to make monthly cash distributions to common shareholders. The Fund made monthly distributions to common shareholders set at a level monthly rate of $0.1289 per common share for the period from August 1, 2024 to December 31, 2024.

 

 

28 www.rivernorth.com

   

 

RiverNorth Opportunities Fund, Inc.

 

Notes to Financial Statements December 31, 2024 (Unaudited)

 

Return Of Capital Distributions: At times, to maintain a stable level of distributions, the Fund may pay out less than all of its net investment income or pay out accumulated undistributed income, or return of capital, in addition to current net investment income. Any distribution that is treated as a return of capital generally will reduce a common shareholder’s basis in his or her shares, which may increase the capital gain or reduce the capital loss realized upon the sale of such shares.

 

Preferred Stock: In accordance with ASC 480-10-25, the Fund's Series A Perpetual Preferred Stock has been classified as equity on the Statement of Assets and Liabilities. Refer to "Note 7. Cumulative Perpetual Preferred Stock" for further details.

 

Other: Distributions received from investments in securities that represent a return of capital or long-term capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

 

3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS

 

 

Fair value is defined as the price that the Fund might reasonably expect to receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. U.S. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

 

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk, for example, the risk inherent in a particular valuation technique used to measure fair value including using such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

 

 

Semi-Annual Report | December 31, 2024 29

   

 

RiverNorth Opportunities Fund, Inc.

 

Notes to Financial Statements December 31, 2024 (Unaudited)

 

Various inputs are used in determining the value of the Fund’s investments. These inputs are summarized in the three broad levels listed below.

 

  Level 1 – Unadjusted quoted prices in active markets for identical investments, unrestricted assets or liabilities that the Fund has the ability to access at the measurement date;
     
  Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and
     
  Level 3 – Significant unobservable prices or inputs (including the Fund’s own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

 

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

 

Equity securities, including closed-end funds, exchange-traded funds and business development companies, are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices more accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the Fund will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security will be classified as a Level 2 security. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Adviser, as valuation designee, in conformity with guidelines adopted by and subject to review by the Board. These securities will be categorized as Level 3 securities.

 

Investments in mutual funds, including short term investments, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be classified as Level 1 securities.

 

Domestic and foreign fixed income securities, including foreign and U.S. corporate bonds, foreign and U.S. government bonds, and business development company notes are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services. Foreign currency positions, including forward foreign currency contracts, are priced at the mean between the closing bid and asked prices at 4:00 p.m. Eastern Time. Prices obtained from independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Data used to establish quotes includes analysis of cash flows, pre-payment speeds, default rates, delinquency assumptions and assumptions regarding collateral and loss assumptions. These securities will be classified as Level 2 securities.

 

 

30 www.rivernorth.com
   

 

RiverNorth Opportunities Fund, Inc.

 

Notes to Financial Statements December 31, 2024 (Unaudited)

 

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.

 

 

Semi-Annual Report | December 31, 2024 31

   

 

RiverNorth Opportunities Fund, Inc.

 

Notes to Financial Statements December 31, 2024 (Unaudited)

 

The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2024:

 

Investments in Securities at Value  Level 1 -
Quoted Prices		   Level 2 -
Other Significant
Observable Inputs		   Level 3 -
Significant
Unobservable Inputs		   Total 
Closed-End Funds - Common Shares  $211,489,992   $–   $–   $211,489,992 
Closed-End Funds - Preferred Shares   1,810,046    –    –    1,810,046 
Business Development Companies - Preferred Shares   4,087,578    871,456    –    4,959,034 
Business Development Companies - Common Shares   3,970,233    –    –    3,970,233 
Business Development Company Notes   2,743,198    5,955,106    –    8,698,304 
Corporate Bonds   –    44,940,530    –    44,940,530 
Special Purpose Acquisition Companies - Common Shares/Units   52,016,166    1,946,968    –    53,963,134 
Rights   175,879    52,201    –    228,080 
Warrants   321,003    17,904    –    338,907 
Exchange Traded Funds - Common Shares   5,202,000    –    –    5,202,000 
Government Bond   –    4,999,239    –    4,999,239 
Short-Term Investments   24,537,579    –    –    24,537,579 
Total  $306,353,674   $58,783,404   $–   $365,137,078 
Other Financial Instruments                    
Liabilities:                    
Securities Sold Short                    
Exchange Traded Funds - Common Shares  $(33,828,461)  $–   $–   $(33,828,461)
Total  $(33,828,461)  $–   $–   $(33,828,461)

 

For the six months ended December 31, 2024, there were no significant transfers into/out of Level 3.

 

Short Sale Risks: The Fund and the Underlying Funds may engage in short sales. A short sale is a transaction in which a fund sells a security it does not own in anticipation that the market price of that security will decline. To establish a short position, a fund must first borrow the security from a broker or other institution. The fund may not always be able to borrow a security at a particular time or at an acceptable price. Accordingly, there is a risk that a fund may be unable to implement its investment strategy due to the lack of available securities or for other reasons. After selling a borrowed security, a fund is obligated to “cover” the short sale by purchasing and returning the security to the lender at a later date. Until the security is replaced, the Fund is required to pay the lender amounts equal to the dividend or interest that accrue during the period which is recorded as an expense on the Statements of Operations. A Fund may also incur stock loan fees which represent the cost of borrowing securities used for short sale transactions. A Fund may also earn rebates as an element of the broker arrangement, which are recorded as an offset to stock loan fees on short sales transactions. The stock loan fees on short sales are recognized on the Statements of Operations. In the event that rebates exceed the stock loan fees on short sales, the net rebates are recognized as a component of interest income on the Statements of Operations. 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.

 

 

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RiverNorth Opportunities Fund, Inc.

 

Notes to Financial Statements December 31, 2024 (Unaudited)

 

Special Purpose Acquisition Company Risk: The Fund may invest in special purpose acquisition companies (“SPACs”). SPACs are collective investment structures that pool funds in order to seek potential acquisition opportunities. SPACs are generally publicly traded companies that raise funds through an initial public offering (“IPO”) for the purpose of acquiring or merging with another company to be identified subsequent to the SPAC’s IPO. The securities of a SPAC are often issued in “units” that include one share of common stock and one right or warrant (or partial right or warrant) conveying the right to purchase additional shares or partial shares. Unless and until an acquisition is completed, a SPAC generally invests its assets (less an amount to cover expenses) in U.S. Government securities, money market fund securities and cash. SPACs and similar entities may be blank check companies with no operating history or ongoing business other than to seek a potential acquisition. Accordingly, the value of their securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. If an acquisition or merger that meets the requirements for the SPAC is not completed within a predetermined period of time, the invested funds are returned to the entity’s shareholders, less certain permitted expenses. Accordingly, any rights or warrants issued by the SPAC will expire worthless. Certain private investments in SPACs may be illiquid and/or be subject to restrictions on resale. Additionally, the Fund may acquire certain private rights and other interests issued by a SPAC (commonly referred to as “founder shares”), which may be subject to forfeiture or expire worthless and which typically have more limited liquidity than SPAC shares issued in an IPO. To the extent the SPAC is invested in cash or similar securities, this may impact the 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.

 

 

Semi-Annual Report | December 31, 2024 33

   

 

RiverNorth Opportunities Fund, Inc.

 

Notes to Financial Statements December 31, 2024 (Unaudited)

 

Rights and Warrants Risks: Warrants are securities giving the holder the right, but not the obligation, to buy the stock of an issuer at a given price (generally higher than the value of the stock at the time of issuance) during a specified period or perpetually. Warrants do not carry with them the right to dividends or voting rights with respect to the securities that they entitle their holder to purchase and they do not represent any rights in the assets of the issuer. As a result, warrants may be considered to have more speculative characteristics than certain other types of investments. In addition, the value of a warrant does not necessarily change with the value of the underlying securities and a warrant ceases to have value if it is not exercised prior to its expiration date.

 

Rights are usually granted to existing shareholders of a corporation to subscribe to shares of a new issue of common stock before it is issued to the public. The right entitles its holder to buy common stock at a specified price. Rights have similar features to warrants, except that the life of a right is typically much shorter, usually a few weeks.

 

During the six months ended December 31, 2024, the Fund invested in rights and warrants, which are disclosed in the Statement of Investments.

 

The effect of derivative instruments on the Statement of Assets and Liabilities as of December 31, 2024:

 

   Asset Derivatives    
Risk Exposure  Statement of Assets and Liabilities Location  Value 
Equity Contracts (Rights)  Investments, at value  $228,080 
Equity Contracts (Warrants)  Investments, at value   338,907 
      $566,987 

 

The effect of derivative instruments on the Statements of Operations for the six months ended December 31, 2024:

 

Risk Exposure  Statement of Operations Location  Realized Gain/(Loss) on Derivatives   Change in Unrealized Appreciation/ (Depreciation) on Derivatives 
Equity Contracts (Rights)  Net realized gain/(loss) on investments/ Net change in unrealized appreciation/depreciation on investments  $7,509   $(49,042)
Equity Contracts (Warrants)  Net realized gain/(loss) on investments/ Net change in unrealized appreciation/depreciation on investments   (75,318)   166,097 
Total     $(67,809)  $117,055 

 

 

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RiverNorth Opportunities Fund, Inc.

 

Notes to Financial Statements December 31, 2024 (Unaudited)

 

The Fund’s average fair value of rights and warrants held for the six months ended December 31, 2024 were $194,114 and $216,152, respectively.

 

4. ADVISORY FEES, DIRECTOR FEES AND OTHER AGREEMENTS

 

 

RiverNorth serves as the adviser pursuant to an Investment Advisory Agreement with the Fund (the "Advisory Agreement"). Pursuant to the Advisory Agreement, the Fund pays RiverNorth an annual management fee of 1.30% of the Fund’s average daily Managed Assets (as defined below) for the services it provides. This management fee paid by the Fund to the Adviser is essentially an all-in fee structure (the “unified management fee”) and, as part of the unified management fee, the Adviser provides or causes to be furnished all supervisory and administrative and other services reasonably necessary for the operation of the Fund, except the Fund pays, in addition to the unified management fee, taxes and governmental fees (if any) levied against the Fund; brokerage fees and commissions and other portfolio transaction expenses incurred by or for the Fund; costs of borrowing money including interest expenses or engaging in other types of leverage financing; dividend and/or interest expenses and other costs associated with the Fund’s issuance, offering, redemption and maintenance of preferred shares or other instruments for the purpose of incurring leverage; fees and expenses of any underlying funds in which the Fund invests; dividend and interest expenses on short positions taken by the Fund; fees and expenses, including travel expenses and fees and expenses of legal counsel retained for the benefit of the Fund or directors of the Fund who are not officers, employees, partners, stockholders or members of the Adviser or its affiliates; fees and expenses associated with and incident to stockholder meetings and proxy solicitations involving contested elections of directors, stockholder proposals or other non-routine matters that are not initiated or proposed by the Adviser; legal, marketing, printing, accounting and other expenses associated with any future share offerings, such as rights offerings and shelf offerings, following the Fund’s initial offering; expenses associated with tender offers and other share repurchases and redemptions; and other extraordinary expenses, including extraordinary legal expenses, as may arise, including without limit, expenses incurred in connection with litigation, proceedings, other claims and the legal obligations of the Fund to indemnify its directors, officers, employees, stockholders, distributors and agents with respect thereto. The unified management fee is designed to pay substantially all of the Fund’s expenses and to compensate the Adviser for providing services for the Fund. For the six months ended December 31, 2024, the Adviser accrued fees of $2,418,647, of which $404,452 remained payable at December 31, 2024.

 

ALPS Fund Services, Inc. (‘‘ALPS’’) serves as administrator to the Fund. Under an Administration, Bookkeeping and Pricing Services Agreement, ALPS is responsible for calculating the net asset values, providing additional fund accounting and tax services, and providing fund administration and compliance-related services to the Fund. DST Systems, Inc. (“DST”) is the parent company of ALPS and DST is a wholly-owned subsidiary of SS&C Technologies Holdings, Inc., a publicly traded company listed on the NASDAQ Global Select Market. ALPS is entitled to receive a monthly fee, accrued daily based on the Fund’s average Managed Assets, as defined below, plus a fixed fee for completion of certain regulatory filings and reimbursement for certain out-of-pocket expenses. Effective October 1, 2022, these fees are paid by the Adviser, not the Fund, out of the Unified Management Fee.

 

DST serves as the Transfer Agent to the Fund. Under the Transfer Agency Agreement, DST is responsible for maintaining all shareholder records of the Fund. Effective October 1, 2022, these fees of DST are paid by the Adviser, and not the Fund, out of the Unified Management Fee.

 

 

Semi-Annual Report | December 31, 2024 35

   

 

RiverNorth Opportunities Fund, Inc.

 

Notes to Financial Statements December 31, 2024 (Unaudited)

 

State Street Bank & Trust Co. serves as the Fund's custodian. Effective October 1, 2022, the fees of State Street Bank & Trust Co. are paid by the Adviser, and not the Fund, out of the Unified Management Fee.

 

The Fund pays no salaries or compensation to its officers or to any interested Director employed by the Adviser, and the Fund has no employees. For their services, the Directors of the Fund who are not employed by the Adviser, receive an annual retainer in the amount of $16,500, an additional $2,000 for attending each quarterly meeting of the Board and an additional fee of $1,500 for each special meeting of the Board. In addition, the lead Independent Director receives $1,333 annually, the Chair of the Audit Committee receives $1,111 annually and the Chair of the Nominating and Corporate Governance Committee receives $667 annually. The Directors not employed by the Adviser are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings of the Board.

 

The Chief Compliance Officer ("CCO") of the Fund is an employee of the Adviser. The Fund reimburses the Adviser for certain compliance costs related to the Fund, including a portion of the CCO's compensation.

 

Managed Assets: For these purposes, the term Managed Assets is defined as the total assets of the Fund, including assets attributable to leverage, minus liabilities (other than debt representing leverage and any preferred stock that may be outstanding).

 

5. NEW ACCOUNTING PRONOUNCEMENTS AND RULE ISSUANCES

 

 

In this reporting period, the Fund adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted disclosures only and did not affect the Fund’s financial position nor the results of its operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by a public entity’s chief operating decision maker (the “CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Fund’s Principal Financial Officer, acting together as the Fund’s CODM, has determined that the Fund has operated as a single segment since inception. The CODM monitors the operating results of the Fund, as a whole, and the Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of the related Prospectus, based on the defined investment objectives and strategies that are executed by the Fund’s portfolio management team. The financial information, in the form of the Fund’s holdings, total returns, expense ratios, and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) are used by the CODM to assess the Fund’s performance versus the Fund’s benchmark and to make resource allocation decisions for the Fund’s segment, which is consistent with that presented within the Fund’s financial statements. Segment assets are reflected on the Fund’s Statement of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of Operations.

 

6. CREDIT AGREEMENT

 

 

On December 24, 2020, the Fund entered into a $65,000,000 credit agreement for margin financing with Pershing LLC (the "Pershing Credit Agreement"). Per the Pershing Credit Agreement, the Fund may borrow at an interest rate of 0.85% plus the Overnight Bank Funding Rate. The Pershing Credit Agreement does not have an expiration date. The Fund did not utilize the Pershing Credit Agreement for the six months ended December 31, 2024. There was no outstanding balance on the Pershing Credit Agreement as of December 31, 2024.

 

 

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RiverNorth Opportunities Fund, Inc.

 

Notes to Financial Statements December 31, 2024 (Unaudited)

 

On March 9, 2023, the Fund entered into an additional credit agreement with BNP Paribas (“BNP Credit Agreement”). The BNP Credit Agreement permits the Fund to borrow funds that are collateralized by assets held at BNP Paribas pursuant to the agreement. Under the terms of the BNP Credit Agreement, the Fund may borrow up to $25,000,000 bearing an interest rate of the Overnight Bank Funding Rate plus a fixed rate determined by the securities pledged as collateral. Any unused portion of the BNP Credit Agreement is subject to a commitment fee of 0.50% of the unused portion of the facility until a utilization of 80% or greater is met.

 

The Fund did not utilize the BNP Credit Agreement for the six months ended December 31, 2024. There was no outstanding balance on the BNP Credit Agreement as of December 31, 2024.

 

7. CUMULATIVE PERPETUAL PREFERRED STOCK

 

 

At December 31, 2024, the Fund had issued and outstanding 3,910,000 shares of Series A Cumulative Perpetual Preferred Stock, listed under trading symbol RIVPRA on the NYSE, with a par value of $0.0001 per share and a liquidation preference of $25.00 per share plus accrued and unpaid dividends (whether or not declared). The Fund issued 3,910,000 shares of Series A Cumulative Perpetual Preferred Stock on April 20, 2022. The Series A Cumulative Perpetual Preferred Stock is entitled to voting rights and a dividend at a rate of 6.00% per year, paid quarterly, based on the $25.00 liquidation preference before the common stock is entitled to receive any dividends. The Series A Cumulative Perpetual Preferred Stock is generally not redeemable at the Fund’s option prior to May 15, 2027, and is subject to mandatory redemption by the Fund in certain circumstances. On or after May 15, 2027, the Fund may redeem in whole, or from time to time in part, outstanding Series A Cumulative Perpetual Preferred Stock at a redemption price per share equal to the per share liquidation preference of $25.00 per share, plus accumulated and unpaid dividends, if any, through the date of redemption.

 

Series  First
Redemption Date		  Fixed Rate  Shares
Outstanding		   Aggregate
Liquidation
Preference		   Fair Value 
Series A  May 15, 2027  6.000%   3,910,000   $97,750,000   $90,203,700 

 

8. CAPITAL SHARE TRANSACTIONS

 

 

The Fund’s authorized capital stock consists of 37,500,000 shares of common stock, $0.0001 par value per share and 3,910,000 shares of Series A Preferred Stock. Under the rules of the NYSE applicable to listed companies, the Fund is required to hold an annual meeting of stockholders in each year.

 

Under the Fund’s Charter, the Board is authorized to classify and reclassify any unissued shares of stock into other classes or series of stock and authorize the issuance of shares of stock without obtaining stockholder approval. Also, the Fund’s Board, with the approval of a majority of the entire Board, but without any action by the stockholders of the Fund, may amend the Fund’s Charter from time to time to increase or decrease the aggregate number of shares of stock of the Fund or the number of shares of stock of any class or series that the Fund has authority to issue.

 

 

Semi-Annual Report | December 31, 2024 37

   

 

RiverNorth Opportunities Fund, Inc.

 

Notes to Financial Statements December 31, 2024 (Unaudited)

 

During the years ended July 31, 2023 and July 31, 2022, the Board approved rights offerings to participating shareholders of record who were allowed to subscribe for new common shares of the Fund. Record date shareholders received one right for each common share held on the respective record dates. For every three rights held, a holder of the rights was entitled to buy one new common share of the Fund. Record date shareholders who fully exercised all rights initially issued to them in the primary subscription were entitled to buy those common shares that were not purchased by other record date shareholders. The Fund issued new shares of common stock at 95% of NAV per share for the October 2, 2020 rights offering, and at 97.5% of NAV per share for the October 1, 2021 rights offering. Offering costs were charged to paid-in-capital upon the exercise of the rights.

 

The shares of common stock issued, subscription price, and offering costs for the rights offerings were as follows:

 

Record Date  Expiration Date  Shares of common stock issued   Subscription price   Gross Proceeds   Offering costs   Net Proceeds 
October 1, 2021  November 5, 2021   4,373,407   $16.81   $73,516,972   $191,237   $73,325,735 
October 14, 2022  November 8, 2022   2,752,078   $11.97   $32,942,374   $208,954   $32,733,420 

 

On August 31, 2018, the Fund entered into a sales agreement with Jones Trading Institutional Services LLC ("Jones"), under which the Fund may from time to time offer and sell up to 3,300,000 of the Fund's common stock in an "at-the-market" offering. On November 11, 2020, the agreement with Jones was terminated and the Fund entered into a distribution agreement with ALPS Distributors, Inc. (“ADI”), pursuant to which the Fund was permitted to offer and sell up to 3,196,130 shares of the Fund's common stock from time to time through ADI. On September 17, 2021, the Fund entered into a new distribution agreement with ADI, as amended, pursuant to which the Fund was permitted to offer and sell an additional 5,000,000 shares of the Fund's common stock from time to time through ADI, for a total of 8,196,130 shares. On April 2, 2024, the Fund entered into a distribution agreement with ADI, replacing the previous arrangement, pursuant to which the Fund may offer and sell up to 15,000,000 shares of the Fund’s common stock from time to time through ADI.

 

There were no shares issued through the at-the-market offering during the period from August 1, 2023 through June 30, 2024 or during the six months ended December 31, 2024.

 

Additional shares of the Fund may be issued under certain circumstances, including pursuant to the Fund’s Automatic Dividend Reinvestment Plan, as defined within the Fund’s organizational documents. Additional information concerning the Automatic Dividend Reinvestment Plan is included within this report.

 

 

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RiverNorth Opportunities Fund, Inc.

 

Notes to Financial Statements December 31, 2024 (Unaudited)

 

9. INVESTMENT TRANSACTIONS

 

 

Investment transactions for the six months ended December 31, 2024, excluding short-term investments, were as follows:

 

Fund  Purchases of Securities   Proceeds from Sale of Securities 
RiverNorth Opportunities Fund  $109,766,968   $135,825,977 

 

10. TAX BASIS INFORMATION

 

 

Classification of Distributions: Net investment income/(loss) and net realized gain/(loss) may differ for financial statement and tax purposes. The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain was recorded by the Fund.

 

The amounts and characteristics of tax basis distributions and composition of distributable earnings/(accumulated losses) are finalized at fiscal year-end and are not available for the six months ended December 31, 2024.

 

The tax character of distributions paid during the year ended June 30, 2024 was as follows:

 

   For the Year Ended June 30, 2024 
Ordinary Income (Common)  $14,046,239 
Ordinary Income (Preferred)   4,358,153 
Tax-Exempt Income (Common)   901,339 
Tax-Exempt Income (Preferred)   279,660 
Long-Term Capital Gain   - 
Return of Capital   15,299,358 
Total  $34,884,749 

 

Tax Basis of Investments: Net unrealized appreciation/(depreciation) of investments based on federal tax cost as of December 31, 2024, was as follows:

 

Cost of investments for income tax purposes  $302,514,966 
Gross appreciation on investments (excess of value over tax cost)(a)   36,810,097 
Gross depreciation on investments (excess of tax cost over value)(a)   (8,429,983)
Net unrealized appreciation on investments  $28,380,114 

 

(a)Includes appreciation/(depreciation) on securities sold short.

 

 

Semi-Annual Report | December 31, 2024 39

   

 

RiverNorth Opportunities Fund, Inc.

 

Notes to Financial Statements December 31, 2024 (Unaudited)

 

The differences between book-basis and tax-basis are primarily due to wash sales, investments in passive foreign investment companies, and the tax treatment of certain other investments.

 

11. INDEMNIFICATIONS

 

 

Under the Fund’s organizational documents, its officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that may contain general indemnification clauses. The Fund’s maximum exposure under those arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.

 

12. SUBSEQUENT EVENTS

 

 

Subsequent to December 31, 2024, the Fund paid the following distributions:

 

Ex-Date Record Date Payable Date Rate
(per share)
January 15, 2025 January 15, 2025 January 31, 2025 $0.1277
February 14, 2025 February 14, 2025 February 28, 2025 $0.1277

 

The Fund has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no additional items require recognition or disclosure.

 

 

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RiverNorth Opportunities Fund, Inc.

 

Dividend Reinvestment Plan December 31, 2024 (Unaudited)

 

RiverNorth Opportunities Fund, Inc. (the “Fund”) has a dividend reinvestment plan commonly referred to as an “opt-out” plan. Unless the registered owner of the Fund’s shares of common stock (the “Common Shares”) elects to receive cash by contacting DST Systems, Inc. (the "Plan Administrator"), all dividends and distributions declared on Common Shares will be automatically reinvested by the Plan Administrator for shareholders in the Fund’s Automatic Dividend Reinvestment Plan (the “Plan”), in additional Common Shares. Common Shareholders who elect not to participate in the Plan will receive all dividends and other distributions in cash paid by check mailed directly to the shareholder of record (or, if the Common Shares are held in street or other nominee name, then to such nominee) by the Plan Administrator as dividend disbursing agent. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Such notice will be effective with respect to a particular dividend or other distribution (together, a “Dividend”). Some brokers may automatically elect to receive cash on behalf of Common Shareholders and may re-invest that cash in additional Common Shares.

 

Whenever the Fund declares a Dividend payable in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in Common Shares. The Common Shares will be acquired by the Plan Administrator for the participants’ accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Common Shares from the Fund (“Newly Issued Common Shares”) or (ii) by purchase of outstanding Common Shares on the open market (“Open-Market Purchases”) on the New York Stock Exchange (“NYSE”) or elsewhere. If, on the payment date for any Dividend, the closing market price plus estimated brokerage commissions per Common Share is equal to or greater than the net asset value per Common Share, the Plan Administrator will invest the Dividend amount in Newly Issued Common Shares on behalf of the participants. The number of Newly Issued Common Shares to be credited to each participant’s account will be determined by dividing the dollar amount of the Dividend by the Fund’s net asset value per Common Share on the payment date. If, on the payment date for any Dividend, the net asset value per Common Share is greater than the closing market value plus estimated brokerage commissions (i.e., the Fund’s Common Shares are trading at a discount), the Plan Administrator will invest the Dividend amount in Common Shares acquired on behalf of the participants in Open-Market Purchases.

 

In the event of a market discount on the payment date for any Dividend, the Plan Administrator will have until the last business day before the next date on which the Common Shares trade on an “ex-dividend” basis or 30 days after the payment date for such Dividend, whichever is sooner (the “Last Purchase Date”), to invest the Dividend amount in Common Shares acquired in Open-Market Purchases. It is contemplated that the Fund will pay monthly income Dividends. If, before the Plan Administrator has completed its Open-Market Purchases, the market price per Common Share exceeds the net asset value per Common Share, the average per Common Share purchase price paid by the Plan Administrator may exceed the net asset value of the Common Shares, resulting in the acquisition of fewer Common Shares than if the Dividend had been paid in Newly Issued Common Shares on the Dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full Dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making Open-Market Purchases and may invest the uninvested portion of the Dividend amount in Newly Issued Common Shares at the net asset value per Common Share at the close of business on the Last Purchase Date.

 

 

Semi-Annual Report | December 31, 2024 41

   

 

RiverNorth Opportunities Fund, Inc.

 

Dividend Reinvestment Plan December 31, 2024 (Unaudited)

 

The Plan Administrator maintains all shareholders’ accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by shareholders for tax records. Common Shares in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant, and each shareholder proxy will include those shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for shares held under the Plan in accordance with the instructions of the participants.

 

Beneficial owners of Common Shares who hold their Common Shares in the name of a broker or nominee should contact the broker or nominee to determine whether and how they may participate in the Plan. In the case of Common Shareholders such as banks, brokers or nominees which hold shares for others who are the beneficial owners, the Plan Administrator will administer the Plan on the basis of the number of Common Shares certified from time to time by the record shareholder’s name and held for the account of beneficial owners who participate in the Plan.

 

There will be no brokerage charges with respect to Common Shares issued directly by the Fund. However, each participant will pay a pro rata share of brokerage commissions incurred in connection with Open-Market Purchases. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. Participants that request a sale of Common Shares through the Plan Administrator are subject to brokerage commissions.

 

The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants.

 

All correspondence or questions concerning the Plan should be directed to the Plan Administrator at Mail Stop: RiverNorth Opp, 430 West 7th Street, Kansas City, MO 64105-1407.

 

 

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RiverNorth Opportunities Fund, Inc.

 

Additional Information December 31, 2024 (Unaudited)

 

PROXY VOTING GUIDELINES

 

 

A description of the Fund’s proxy voting policies and procedures is available (1) without charge, upon request, by calling 1-(844)-569-4750, (2) on the Fund’s website located at http://www.rivernorthcef.com, or (3) on the SEC’s website at http://www.sec.gov. Information regarding how the Fund voted proxies relating to portfolio securities during the twelve-month period ended June 30th is available on the SEC’s website at http://www.sec.gov.

 

PORTFOLIO HOLDINGS DISCLOSURE POLICY

 

 

The Fund files a complete schedule of portfolio holdings with the U.S. Securities and Exchange Commission (“SEC”) for the first and third quarters of each fiscal year on Form N-PORT within 60 days after the end of the period. Copies of the Fund’s Form N-PORT are available without a charge, upon request, by contacting the Fund at 1-(844)-569-4750 and on the SEC’s website at http://www.sec.gov.

 

UNAUDITED TAX INFORMATION

 

 

Of the distributions paid by the Fund from ordinary income for the calendar year ended December 31, 2024, the following percentages met the requirements to be treated as qualifying for the corporate dividends received deduction and qualified dividend income:

 

  Dividend Received Deduction Qualified Dividend Income
RiverNorth Opportunities Fund 21.50% 15.37%

 

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Fund during the calendar year 2024 via Form 1099. The Fund will notify shareholders in early 2026 of amounts paid to them by the Fund, if any, during the calendar year 2025.

 

Pursuant to Section 852(b)(3) of the Internal Revenue Code, the Fund designated $0 as long term capital gain dividends.

 

STOCKHOLDER MEETING RESULTS

 

 

On September 19, 2024, the Fund held a Meeting of Stockholders to consider the proposals set forth below. The following votes were recorded:

 

Election of John K. Carter as a Director of the Fund to a three-year term to expire at the Fund's 2027 Annual Meeting of Stockholders or until his successor is duly elected and qualified.

 

   Shares Voted   % of Shares Voted 
For   16,157,628    98.39%
Withheld   265,083    1.61%
Total   16,422,711    100.00%

 

 

Semi-Annual Report | December 31, 2024 43

   

 

RiverNorth Opportunities Fund, Inc.

 

Additional Information December 31, 2024 (Unaudited)

 

Election of Lisa B. Mougin as a Director of the Fund to a three-year term to expire at the Fund's 2027 Annual Meeting of Stockholders or until her successor is duly elected and qualified.

 

   Shares Voted   % of Shares Voted 
For   1,600,443    96.93%
Withheld   50,607    3.07%
Total   1,651,050    100.00%

  

 

44 www.rivernorth.com
   

 

RiverNorth Opportunities Fund, Inc.

 

Consideration and Approval of
Advisory Agreement		 December 31, 2024 (Unaudited)

 

Consideration of the Advisory Agreement

At a meeting (the “Meeting”) of the Board of Directors (the “Board” or the “Directors”) of the RiverNorth Opportunities Fund, Inc. (the “Fund”) held on November 12-13, 2024 and called expressly for that purpose, the Board, including a majority of the Directors who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) (the “Independent Directors”), considered the renewal of the advisory agreement between RiverNorth Capital Management, LLC (the “Adviser”) and the Fund (the “Advisory Agreement”). In its consideration of the Advisory Agreement, the Board considered information and materials furnished by the Adviser in advance of and at the Meeting and was afforded the opportunity to request additional information and to ask questions of the Adviser to obtain information that it believed to be reasonably necessary to evaluate the terms of the Advisory Agreement. The Board received materials compiled by the Adviser and the Fund’s administrator, including a copy of the Advisory Agreement, the Adviser’s response to a questionnaire regarding the Adviser’s profitability, organization, management and operations, a copy of the Adviser’s Form ADV, the Adviser’s audited financial statements, information regarding the Adviser’s assets under management, an overview of the Fund’s cumulative and annualized returns as compared to the Fund’s benchmark, the Fund’s fact sheet for the quarter ended September 30, 2024, a performance comparison of the Fund to other funds managed by the Adviser, information regarding the Adviser’s compliance programs and a third-party comparison report regarding the Fund’s performance and fees compared to benchmark indices and peer funds provided by FUSE Research Network, LLC (“FUSE”). The Board considered the following factors, among others, in reaching its determination to renew the Advisory Agreement: (i) the investment performance of the Fund and the investment performance of the Adviser, (ii) the nature, extent and quality of the services provided by the Adviser to the Fund, (iii) the experience and qualifications of the personnel providing such services, (iv) the costs of the services provided and the profits to be realized by the Adviser and any of its affiliates from the relationship with the Fund, (v) the extent to which economies of scale will be realized by the Fund as it grows, and (vi) whether the Fund’s fee levels reflected the economies of scale to the benefit of the Fund’s shareholders.

 

The Directors relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Advisory Agreement and the weight to be given to each such factor. The Directors’ conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Director may have afforded different weight to the various factors in reaching conclusions with respect to the Advisory Agreement. Although not meant to be all-inclusive, the following discussion summarizes the factors considered and conclusions reached by the Directors in determining to renew the Advisory Agreement at the Meeting, and at the November 4, 2024 special meeting of the Board that was held to review and discuss the materials and information the Board requested from the Adviser related to the Advisory Agreement, including during executive sessions with their independent legal counsels.

 

Performance, Fees and Expenses

The Board reviewed the performance of the Fund for the three month, one-year, three-year, five-year and since inception periods ended September 30, 2024. These returns were compared to the returns of Tactical-Flexible Allocation funds identified by FUSE (the “Performance Group”). The Board considered the Fund’s net asset value (“NAV”) and market price returns relative to the returns for funds in the Performance Group, noting that on a NAV basis, the Fund had underperformed the median of the Performance Group for the three-month, one-year, three-year and since inception periods ended September 30, 2024 and outperformed the median of its Performance Group for the five-year period ended September 30, 2024. Using market price returns, the Board observed that the Fund had underperformed the median of its Performance Group for the three-year and since inception periods ended September 30, 2024 and outperformed the median of its Performance Group for the three-month, one-year and five year periods ended September 30, 2024. The Directors also noted that on a NAV basis, the Fund had underperformed its benchmark index for the three-month, one-year, three-year, five-year and since inception periods ended September 30, 2024. The Directors also reviewed the Fund’s performance relative to other funds managed by the Adviser. It was noted that the Adviser had indicated that the Performance Group is not entirely reflective of the Fund due to its unique investment strategy.

 

 

Semi-Annual Report | December 31, 2024 45

   

 

RiverNorth Opportunities Fund, Inc.

 

Consideration and Approval of
Advisory Agreement		 December 31, 2024 (Unaudited)

 

As to the comparative fees and expenses, the Directors considered the management and other fees paid by the Fund and compared those to the management and other fees paid by funds in FUSE’s Tactical-Flexible Allocation fund peer group (the “Expense Group”). The Board noted that the Fund’s annual net expense ratio was higher than the Expense Group median. The Directors also reviewed the Fund’s total net and gross expense rankings against its peers calculated on the basis of each fund’s average managed assets to mitigate the distortions caused by differing levels of leverage.

 

The Board noted that the annual management fee for the Fund was above the median paid by the Expense Group. The Directors also reviewed the Fund’s fees relative to other funds managed by the Adviser. The Board, including the Independent Directors, determined that the fees were reasonable given the nature of the Fund’s investment strategy, the capabilities of the Adviser and the Sub-Adviser and the nature of the services provided to the Fund.

 

Nature, Extent and Quality of Services

As to the nature, extent and quality of the services provided by the Adviser to the Fund, the Board considered that under the terms of the Advisory Agreement, the Adviser, subject to the supervision of the Board, provides or arranges to be provided to the Fund such investment advice as the Adviser, in its discretion, deems advisable and furnishes or arranges to be furnished a continuous investment program for the Fund consistent with the Fund’s investment objective and policies. The Board reviewed the Adviser’s Form ADV, which was previously provided to the Board and that provided details regarding the experience of each of the Adviser’s personnel. The Adviser also provided additional information regarding its experience managing other investment accounts. Based on the foregoing information, the Board, including the Independent Directors, concluded that the Adviser had provided quality services and would continue to do so for the Fund.

 

Profitability and Other Benefits

As to the cost of the services provided and the profits to be realized by the Adviser, the Board reviewed the Adviser’s estimates of its profitability and its financial condition. The Board reviewed the Adviser’s financial statements and noted the Adviser’s financial condition is stable as income from its asset management operations have contributed to higher revenues for the Adviser. The Board acknowledged the Adviser’s management fees were comparable to those charged to other funds to which the Adviser provides advisory or sub-advisory services. The Board, including the Independent Directors, determined that the Advisory Agreement, with respect to the Fund was not overly profitable to the Adviser and the financial condition of the Adviser was adequate.

 

 

46 www.rivernorth.com

   

 

RiverNorth Opportunities Fund, Inc.

 

Consideration and Approval of
Advisory Agreement		 December 31, 2024 (Unaudited)

 

The Board noted that the Adviser has no affiliations with the Fund’s transfer agent, fund accountant, custodian, or distribution-related service providers utilized by the Fund and therefore does not derive any benefits from the relationships these parties may have with the Fund.

 

Conclusion

Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreement, and as assisted by the advice of independent counsel, the Board, including the Independent Directors, concluded that renewal of the Advisory Agreement was in the best interests of the Fund and its shareholders.

 

 

Semi-Annual Report | December 31, 2024 47

   

 

RiverNorth Opportunities Fund, Inc.

 

Data Privacy Policies and Procedures

 

FACTS WHAT DOES RIVERNORTH OPPORTUNITIES FUND DO WITH YOUR PERSONAL INFORMATION?
WHY? Financial companies choose how they share your personal information. Federal law gives consumers the right to limit some but not all sharing. Federal law also requires us to tell you how we collect, share, and protect your personal information. Please read this notice carefully to understand what we do.
WHAT? The types of personal information we collect and share depend on the product or service you have with us. This information can include:

 

●    Social Security number

●    Assets

●    Retirement Assets

●    Transaction History

●    Checking Account Information

●    Purchase History

●    Account Balances

●    Account Transactions

●    Wire Transfer Instructions

  When you are no longer our customer, we continue to share your information as described in this notice.
HOW? All financial companies need to share customers’ personal information to run their everyday business. In the section below, we list the reasons financial companies can share their customers’ personal information; the reasons RiverNorth Opportunities Fund chooses to share; and whether you can limit this sharing.

REASONS WE CAN SHARE YOUR PERSONAL INFORMATION DOES RIVERNORTH OPPORTUNITIES INCOME FUND SHARE? CAN YOU LIMIT THIS SHARING?
For our everyday business purposes – such as to process your transactions, maintain your account(s), respond to court orders and legal investigations, or report to credit bureaus Yes No
For our marketing purposes – to offer our products and services to you No We don't share
For joint marketing with other financial companies No We don't share

For our affiliates’ everyday business purposes – information about your transactions and experiences

 No We don't share

For our affiliates’ everyday business purposes – information about your creditworthiness

 No We don't share
For nonaffiliates to market to you No We don't share

QUESTIONS? Call 1-(844)-569-4750

 

 

48 www.rivernorth.com

   

 

RiverNorth Opportunities Fund, Inc.

 

Data Privacy Policies and Procedures

 

WHO WE ARE  
Who is providing this notice? RiverNorth Opportunities Fund
WHAT WE DO  
How does RiverNorth Opportunities Fund protect my personal information?

To protect your personal information from unauthorized access and use, we use security measures that comply with federal law. These measures include computer safeguards and secured files and buildings.

 

Our service providers are held accountable for adhering to strict policies and procedures to prevent any misuse of your nonpublic personal information.

How does RiverNorth Opportunities Fund collect my personal information?

We collect your personal information, for example, when you

 

●

Open an account

●

Provide account information

●

Give us your contact information

●

Make deposits or withdrawals from your account

●

Make a wire transfer

●

Tell us where to send the money

●

Tells us who receives the money

●

Show your government-issued ID

●

Show your driver’s license

 

We also collect your personal information from other companies.

Why can’t I limit all sharing?

Federal law gives you the right to limit only:

 

●

Sharing for affiliates’ everyday business purposes – information about your creditworthiness

●

Affiliates from using your information to market to you

●

Sharing for nonaffiliates to market to you

 

State laws and individual companies may give you additional rights to limit sharing.

DEFINITIONS  
Affiliates

Companies related by common ownership or control. They can be financial and nonfinancial companies.

●

RiverNorth Opportunities Fund does not share with our affiliates for marketing purposes.

Nonaffiliates

Companies not related by common ownership or control. They can be financial and nonfinancial companies.

●

RiverNorth Opportunities Fund does not share with nonaffiliates so they can market to you.

Joint marketing

A formal agreement between nonaffiliated financial companies that together market financial products or services to you.

●

RiverNorth Opportunities Fund does not jointly market.

 

 

Semi-Annual Report | December 31, 2024 49

   

 

Board of Directors

Patrick W. Galley, CFA, Chairman

John K. Carter

J. Wayne Hutchens

David M. Swanson

Jerry R. Raio

Lisa B. Mougin

 

Investment Adviser

RiverNorth Capital Management, LLC

 

Fund Administrator

ALPS Fund Services, Inc.

 

Transfer Agent and

Dividend Disbursing Agent

DST Systems, Inc.

 

Custodian

State Street Bank and Trust Company

 

Independent Registered

Public Accounting Firm

Cohen & Company, Ltd.

 

 

RiverNorth Capital Management, LLC

360 South Rosemary Avenue, Suite 1420

West Palm Beach, FL 33401

 

Secondary market support provided to the Fund by ALPS Fund Services, Inc.’s affiliate ALPS Distributors, Inc., a FINRA member.

 

This report is provided for the general information of the shareholders of the RiverNorth Opportunities Fund, Inc. This report is not intended for distribution to prospective investors in the Fund, unless preceded or accompanied by an effective prospectus.

   

 

 

(b)Not applicable.

 

Item 2.Code of Ethics.

 

Not applicable to semi-annual report.

 

Item 3.Audit Committee Financial Expert.

 

Not applicable to semi-annual report.

 

Item 4.Principal Accountant Fees and Services.

 

Not applicable to semi-annual report.

 

Item 5.Audit Committee of Listed Registrants.

 

Not applicable to semi-annual report.

 

Item 6.Investments.

 

(a)Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this form.

 

(b)Not applicable to the Registrant.

 

Item 7.Financial Statements and Financial Highlights for Open-End Management Investment Companies.

 

Not applicable to the Registrant.

 

Item 8.Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

 

Not applicable to the Registrant.

 

Item 9.Proxy Disclosures for Open-End Management Investment Companies.

 

Not applicable to the Registrant.

 

Item 10.Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

 

Not applicable to the Registrant.

 

 

Item 11.Statement Regarding Basis for Approval of Investment Advisory Contract.

 

The Approval of Investment Advisory Agreement is included as part of the Report to Stockholders filed under Item 1(a) of this form.

 

Item 12.Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

 

Not applicable to semi-annual report.

 

Item 13.Portfolio Managers of Closed-End Management Investment Companies.

 

(a)Not applicable to semi-annual report.

 

(b)As of the date of this filing, there were no changes to the portfolio managers.

 

Item 14.Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

 

Not applicable, due to no such purchases occurring during the period covered by this report.

 

Item 15.Submission of Matters to a Vote of Security Holders.

 

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board of Directors of the Registrant.

 

Item 16.Controls and Procedures.

 

(a)The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective based on their evaluation of these controls and procedures, required by Rule 30a-3(b) under the 1940 Act and Rules 13a-15(b) under the Securities Exchange Act of 1934, as amended, as of a date within 90 days of the filing date of this document.

 

(b)There were no significant changes in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

 

Item 17.Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

 

(a)Not applicable.

 

(b)Not applicable.

 

 

Item 18.Recovery of Erroneously Awarded Compensation.

 

(a)Not applicable.

 

(b)Not applicable.

 

Item 19.Exhibits.

 

(a)(1)Not applicable to semi-annual report.

 

(a)(2)Not applicable to semi-annual report.

 

(a)(3)The certifications of the Registrant’s Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(a) of the 1940 Act, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.CERT.

 

(a)(4)Not applicable.

 

(a)(5)Not applicable.

 

(b)The certifications of the Registrant’s Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) of the 1940 Act, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

Registrant: RiverNorth Opportunities Fund, Inc.

 

By: /s/ Patrick W. Galley  
Name: Patrick W. Galley  
Title: President and Chief Executive Officer  
     
Date: March 7, 2025  

 

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

 

By: /s/ Patrick W. Galley  
Name: Patrick W. Galley  
Title: President and Chief Executive Officer  
     
Date: March 7, 2025  

 

By: /s/ Jonathan M. Mohrhardt  
Name: Jonathan M. Mohrhardt  
Title: Treasurer and Chief Financial Officer  
     
Date: March 7, 2025  

 

 

EX-99.CERT

 

CERTIFICATIONS PURSUANT TO SECTION 302 OF THE

SARBANES-OXLEY ACT OF 2002

 

I, Patrick W. Galley, certify that:

 

1.

I have reviewed this report on Form N-CSR of RiverNorth Opportunities Fund, Inc.;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

By: /s/ Patrick W. Galley  
  Patrick W. Galley  
  President and Chief Executive Officer  
     
Date: March 7, 2025  

 

 

I, Jonathan M. Mohrhardt, certify that:

 

1.

I have reviewed this report on Form N-CSR of RiverNorth Opportunities Fund, Inc.;

 

2.

Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

 

3.

Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

 

4.

The registrant’s other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

 

(a)Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

 

(b)Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

 

(c)Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

 

(d)Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

 

5.

The registrant’s other certifying officer(s) and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

 

(a)All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

 

(b)Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

 

By: /s/ Jonathan M. Mohrhardt  
  Jonathan M. Mohrhardt  
  Treasurer and Chief Financial Officer  
     
Date: March 7, 2025  

 

EX-99.906CERT

 

CERTIFICATIONS PURSUANT TO SECTION 906 OF THE

SARBANES-OXLEY ACT OF 2002

 

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2024 of RiverNorth Opportunities Fund, Inc. (the “Company”).

 

I, Patrick W. Galley, the President and Chief Executive Officer of the Company, certify that:

 

(i)the report on Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

 

(ii)the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: March 7, 2025 /s/ Patrick W. Galley  
    Patrick W. Galley  
    President and Chief Executive Officer  

 

 

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended December 31, 2024 of RiverNorth Opportunities Fund, Inc. (the “Company”).

 

I, Jonathan M. Mohrhardt, the Treasurer and Chief Financial Officer of the Company, certify that:

 

(i)the report on Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d), as applicable, of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

 

(ii)the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the Company.

 

Date: March 7, 2025 /s/ Jonathan M. Mohrhardt  
    Jonathan M. Mohrhardt  
    Treasurer and Chief Financial Officer  
       

 

These statements accompany this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934.

 

 

 

v3.25.0.1
N-2
 6 Months Ended
Dec. 31, 2024
Prospectus [Line Items]  
Document Period End Date Dec. 31, 2024
Cover [Abstract]  
Entity Central Index Key 0001501072
Amendment Flag false
Entity Inv Company Type N-2
Document Type N-CSRS
Entity Registrant Name RIVERNORTH OPPORTUNITIES FUND, INC.
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