UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
CERTIFIED SHAREHOLDER REPORT OF REGISTERED
MANAGEMENT INVESTMENT COMPANIES
811-22472
(Investment Company Act File Number)
(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:
| Item 1. | Reports to Stockholders. |
| (a) |
RiverNorth Opportunities Fund, Inc.
Table of Contents
| Performance Overview | 2 |
| Schedule of Investments | 6 |
| Statement of Assets and Liabilities | 24 |
| Statement of Operations | 25 |
| Statements of Changes in Net Assets Attributable to Common Shareholders | 26 |
| Statement of Cash Flows | 27 |
| Financial Highlights | 30 |
| Notes to Financial Statements | 33 |
| Dividend Reinvestment Plan | 48 |
| Additional Information | 50 |
| Consideration and Approval of Advisory Agreement | 51 |
RiverNorth Opportunities Fund, Inc.
| Performance Overview | December 31, 2025 (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, 2025
| Cumulative | Average Annual | ||||
| TOTAL RETURNS(1) | 6 Months | 1 Year | 5 Year | 10 Year | Since Inception(2) |
| RiverNorth Opportunities Fund, Inc. - NAV(3) | 6.82% | 16.38% | 8.67% | 9.03% | 9.00% |
| RiverNorth Opportunities Fund, Inc. - Market Price(4) | 2.05% | 15.97% | 7.37% | 8.03% | 7.96% |
| S&P 500® Total Return Index(5) | 11.00% | 17.88% | 14.42% | 14.82% | 14.68% |
| (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"). |
| (5) | The index cannot be invested in directly and does not reflect fees and expenses. |
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, 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 but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares.
| 2 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Performance Overview | December 31, 2025 (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 approves the distribution and may adjust it from time to time. The monthly distribution amount paid from August 1, 2025 to December 31, 2025 was $0.1277 per share and the Fund paid a distribution of $0.1306 on January 30, 2026. 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 December 31, 2025.
Total annual expense ratio as a percentage of net assets attributable to common shares as of December 31, 2025, is 1.77% (excluding dividend expense and line of credit expense). Including dividend expense and line of credit expense, the expense ratio is 1.84%.
The Fund is a CEF 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 CEF 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 the 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, 2025 | 3 |
RiverNorth Opportunities Fund, Inc.
| Performance Overview | December 31, 2025 (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 (commencement of operations), and tracking its progress through December 31, 2025.
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.
| 4 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Performance Overview | December 31, 2025 (Unaudited) |
ASSET ALLOCATION as of December 31, 2025^
| ^ | Holdings are subject to change. |
Percentages are based on total investments of the Fund.
TOP TEN HOLDINGS* as of December 31, 2025
| % of Net Assets** | |
| Pershing Square Holdings, Ltd. | 9.42% |
| iShares Flexible Income Active ETF | 3.84% |
| BlackRock Science and Technology Term Trust | 3.13% |
| Howard Hughes Holdings, Inc. | 3.02% |
| Liberty All Star® Equity Fund | 2.93% |
| BlackRock Health Sciences Term Trust | 2.63% |
| Royce Value Trust, Inc. | 2.48% |
| Royce Micro-Cap Trust, Inc. | 2.41% |
| Kayne Anderson Energy Infrastructure Fund | 2.28% |
| Oaktree Specialty Lending Corp. | 2.10% |
| 34.24% |
| * | 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, 2025 | 5 |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| Shares | Description | Value (Note 2) | ||||||
| CLOSED-END FUNDS - COMMON SHARES (56.34%) | ||||||||
| Great Britain - 9.42% | ||||||||
| 498,930 | Pershing Square Holdings, Ltd. | $ | 32,330,664 | |||||
| United States - 46.92% | ||||||||
| 169,737 | abrdn Emerging Markets Equity Income Fund, Inc. | 1,188,159 | ||||||
| 300,000 | BlackRock Capital Allocation Term Trust | 4,248,000 | ||||||
| 100,000 | BlackRock Core Bond Trust | 959,000 | ||||||
| 100 | BlackRock Corporate High Yield Fund, Inc.(a) | 890 | ||||||
| 600,000 | BlackRock Health Sciences Term Trust | 9,030,000 | ||||||
| 187,047 | BlackRock Income Trust, Inc. | 2,064,999 | ||||||
| 275,000 | BlackRock Multi-Sector Income Trust | 3,591,500 | ||||||
| 152,466 | BlackRock Municipal Income Quality Trust | 1,667,978 | ||||||
| 341,608 | BlackRock Municipal Income Trust | 3,426,328 | ||||||
| 331,830 | BlackRock Municipal Income Trust II | 3,464,305 | ||||||
| 167,757 | BlackRock MuniHoldings Fund, Inc. | 1,969,467 | ||||||
| 287,842 | BlackRock MuniHoldings Quality Fund II, Inc. | 2,887,055 | ||||||
| 141,200 | BlackRock MuniVest Fund II, Inc. | 1,526,372 | ||||||
| 19,728 | BlackRock MuniVest Fund, Inc. | 136,715 | ||||||
| 187,151 | BlackRock MuniYield Fund, Inc. | 1,963,214 | ||||||
| 300,215 | BlackRock MuniYield Quality Fund II, Inc. | 3,017,161 | ||||||
| 488,700 | BlackRock Resources & Commodities Strategy Trust | 5,365,926 | ||||||
| 475,000 | BlackRock Science and Technology Term Trust(a)(b) | 10,739,750 | ||||||
| 225,000 | Bluerock Private Real Estate Fund | 3,375,000 | ||||||
| 408,657 | Calamos Long/Short Equity & Dynamic Income Trust | 5,974,565 | ||||||
| 475,317 | Clough Global Dividend and Income Fund | 2,837,643 | ||||||
| 239,594 | Clough Global Equity Fund | 1,835,290 | ||||||
| 1,188,195 | Clough Global Opportunities Fund | 6,725,184 | ||||||
| 280,000 | Cohen & Steers Infrastructure Fund, Inc. | 6,750,800 | ||||||
| 90,000 | Eagle Point Income Co., Inc. | 1,026,900 | ||||||
| 104,600 | First Trust High Yield Opportunities 2027 Term Fund | 1,471,722 | ||||||
| 292,364 | FS Specialty Lending Fund | 4,134,027 | ||||||
| 52,560 | High Income Securities Fund | 323,244 | ||||||
| 394,299 | India Fund, Inc. | 5,405,839 | ||||||
| 631,923 | Kayne Anderson Energy Infrastructure Fund | 7,823,207 | ||||||
| 1,600,000 | Liberty All Star® Equity Fund | 10,048,000 | ||||||
| 120,000 | Long Pond Real Estate Select ETF | 3,202,800 | ||||||
| 100,000 | Nuveen Dow 30sm Dynamic Overwrite Fund | 1,526,000 | ||||||
| 125,000 | Nuveen Floating Rate Income Fund | 978,750 | ||||||
| 62,817 | PIMCO Corporate & Income Strategy Fund | 801,545 | ||||||
| 240,292 | PIMCO Dynamic Income Fund | 4,255,571 | ||||||
| 345,951 | PIMCO Global StocksPLUS & Income Fund | 3,158,533 | ||||||
| 792,107 | Royce Micro-Cap Trust, Inc.(a)(b) | 8,261,676 | ||||||
| 528,104 | Royce Value Trust, Inc.(a)(b) | 8,502,474 | ||||||
| 601,125 | Saba Capital Income & Opportunities Fund | 4,213,886 | ||||||
| 845,000 | Saba Capital Income & Opportunities Fund II | 6,971,250 | ||||||
See Notes to Financial Statements.
| 6 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| 88,573 | Special Opportunities Fund, Inc. | $ | 1,301,137 | |||||
| 138,901 | Sprott Focus Trust, Inc. | 1,205,661 | ||||||
| 85,859 | The Swiss Helvetia Fund, Inc. | 534,043 | ||||||
| 9,246 | Virtus Artificial Intelligence & Technology Opportunities Fund(a) | 201,101 | ||||||
| 200,000 | XAI Octagon Floating Rate Alternative Income Trust | 960,000 | ||||||
| 161,052,667 | ||||||||
| TOTAL CLOSED-END FUNDS - COMMON SHARES | ||||||||
| (Cost $167,692,218) | 193,383,331 | |||||||
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| BUSINESS DEVELOPMENT COMPANIES - COMMON SHARES (0.15%) | ||||||||
| United States - 0.15% | ||||||||
| 35,709 | FS KKR Capital Corp. | 528,850 | ||||||
| TOTAL BUSINESS DEVELOPMENT COMPANIES - COMMON SHARES | ||||||||
| (Cost $521,648) | 528,850 | |||||||
| Maturity | Value | |||||||||||||
| Shares | Description | Rate | Date | (Note 2) | ||||||||||
| BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES (1.81%) | ||||||||||||||
| United States - 1.81% | ||||||||||||||
| 11,823 | CION Investment Corp. | 7.500 | % | 12/30/29 | 297,585 | |||||||||
| 200,000 | Crescent Capital BDC, Inc. | 5.000 | % | 05/25/26 | 5,010,000 | |||||||||
| 900,000 | PennantPark Floating Rate Capital, Ltd. | 4.250 | % | 04/01/26 | 897,268 | |||||||||
| TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES | ||||||||||||||
| (Cost $6,206,330) | 6,204,853 | |||||||||||||
| Principal | Maturity | Value | ||||||||||||
| Amount | Description | Rate | Date | (Note 2) | ||||||||||
| BUSINESS DEVELOPMENT COMPANY NOTES (1.08%) | ||||||||||||||
| United States - 1.08% | ||||||||||||||
| $ | 1,000,000 | MidCap Financial Investment Corp. | 4.500 | % | 07/16/26 | 987,404 | ||||||||
| 107,745 | MidCap Financial Investment Corp. | 8.000 | % | 12/15/28 | 2,707,632 | |||||||||
| TOTAL BUSINESS DEVELOPMENT COMPANY NOTES | ||||||||||||||
| (Cost $3,683,153) | 3,695,036 | |||||||||||||
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| COMMON STOCKS (0.44%) | ||||||||
| United States - 0.44% | ||||||||
| 83,544 | Barings BDC, Inc. | 766,934 | ||||||
| 50,000 | DoubleLine Yield Opportunities Fund | 727,000 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $1,453,321) | 1,493,934 | |||||||
See Notes to Financial Statements.
| Semi-Annual Report | December 31, 2025 | 7 |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| Principal | Maturity | Value | ||||||||||||
| Amount | Description | Rate | Date | (Note 2) | ||||||||||
| CORPORATE BONDS (13.10%) | ||||||||||||||
| United States - 13.10% | ||||||||||||||
| $ | 2,000,000 | Barings BDC, Inc. | 7.000 | % | 02/15/29 | $ | 2,066,482 | |||||||
| 1,000,000 | Barings Private Credit Corp.(c) | 6.150 | % | 06/11/30 | 998,005 | |||||||||
| 4,239,000 | BlackRock TCP Capital Corp. | 6.950 | % | 05/30/29 | 4,259,307 | |||||||||
| 629 | Blackstone Private Credit Fund(c) | 2.625 | % | 12/15/26 | 618 | |||||||||
| 157 | Blackstone Private Credit Fund(c) | 3.250 | % | 03/15/27 | 154 | |||||||||
| 290,000 | Blackstone Secured Lending Fund(d) | 2.125 | % | 02/15/27 | 282,280 | |||||||||
| 550,000 | Blue Owl Capital Corp. | 3.125 | % | 04/13/27 | 537,379 | |||||||||
| 428 | Blue Owl Credit Income Corp.(c) | 3.125 | % | 09/23/26 | 424 | |||||||||
| 2,492,000 | Blue Owl Credit Income Corp. | 3.125 | % | 09/23/26 | 2,464,745 | |||||||||
| 2,700,000 | Blue Owl Credit Income Corp. | 7.750 | % | 09/16/27 | 2,809,377 | |||||||||
| 3,000,000 | Blue Owl Technology Finance Corp. | 6.750 | % | 04/04/29 | 3,069,591 | |||||||||
| 3,000,000 | Franklin BSP Capital Corp.(a) | 3.250 | % | 03/30/26 | 2,986,200 | |||||||||
| 2,900,000 | Franklin BSP Capital Corp. | 7.200 | % | 06/15/29 | 2,990,042 | |||||||||
| 1,000,000 | FS KKR Capital Corp. | 6.125 | % | 01/15/30 | 984,716 | |||||||||
| 2,250,000 | FS KKR Capital Corp. | 6.125 | % | 01/15/31 | 2,197,063 | |||||||||
| 4,000,000 | FS KKR Capital Corp. | 6.875 | % | 08/15/29 | 4,034,080 | |||||||||
| 1,000,000 | Morgan Stanley Direct Lending Fund | 6.150 | % | 05/17/29 | 1,027,827 | |||||||||
| 3,500,000 | New Mountain Finance Corp. | 6.875 | % | 02/01/29 | 3,557,298 | |||||||||
| 1,500,000 | North Haven Private Income Fund LLC | 5.750 | % | 02/01/30 | 1,499,195 | |||||||||
| 7,000,000 | Oaktree Specialty Lending Corp. | 7.100 | % | 02/15/29 | 7,217,347 | |||||||||
| 2,000,000 | PennantPark Investment Corp. | 4.000 | % | 11/01/26 | 1,963,218 | |||||||||
| TOTAL CORPORATE BONDS | ||||||||||||||
| (Cost $44,060,354) | 44,945,348 | |||||||||||||
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| SPECIAL PURPOSE ACQUISITION COMPANIES - COMMON SHARES/UNITS (51.76%)(e) | ||||||||
| Canada - 0.15% | ||||||||
| 50,000 | Oxley Bridge Acquisition, Ltd. | 504,000 | ||||||
| Cayman Islands - 0.59% | ||||||||
| 100,000 | Activate Energy Acquisition Corp. | 999,500 | ||||||
| 100,000 | Fifth Era Acquisition Corp. I | 1,029,000 | ||||||
| 2,028,500 | ||||||||
| China - 0.40% | ||||||||
| 65,000 | Future Vision II Acquisition Corp. | 687,700 | ||||||
| 65,000 | Rising Dragon Acquisition Corp. | 678,600 | ||||||
| 24,010 | Scage Future | 1,203 | ||||||
| 1,367,503 | ||||||||
| France - 0.29% | ||||||||
| 100,000 | LaFayette Acquisition Corp. | 1,002,000 | ||||||
| Great Britain - 0.54% | ||||||||
| 509 | Akari Therapeutics PLC | 147 | ||||||
See Notes to Financial Statements.
| 8 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| 66,667 | Axiom Intelligence Acquisition Corp. 1 | $ | 670,670 | |||||
| 50,000 | Daedalus Special Acquisition Corp. | 502,000 | ||||||
| 65,632 | Tavia Acquisition Corp. | 684,542 | ||||||
| 1,857,359 | ||||||||
| Hong Kong - 0.94% | ||||||||
| 50,000 | A Paradise Acquisition Corp. | 502,500 | ||||||
| 100,000 | BEST SPAC I Acquisition Corp. | 1,013,000 | ||||||
| 100,000 | Copley Acquisition Corp. | 1,027,000 | ||||||
| 65,000 | YHN Acquisition I, Ltd. | 689,650 | ||||||
| 3,232,150 | ||||||||
| Japan - 0.30% | ||||||||
| 100,000 | Ribbon Acquisition Corp. | 1,038,000 | ||||||
| Malaysia - 0.00%(f) | ||||||||
| 64,922 | Kairous Acquisition Corp. ltd | 8,440 | ||||||
| Mexico - 0.08% | ||||||||
| 25,296 | Globa Terra Acquisition Corp. | 255,490 | ||||||
| Singapore - 1.18% | ||||||||
| 100,000 | Chenghe Acquisition III Co. | 1,003,000 | ||||||
| 100,000 | Columbus Acquisition Corp. | 1,038,800 | ||||||
| 64,612 | GCL Global Holdings, Ltd. | 1,938 | ||||||
| 100,000 | Hall Chadwick Acquisition Corp. | 1,002,000 | ||||||
| 100,000 | Westin Acquisition Corp. | 989,000 | ||||||
| 4,034,738 | ||||||||
| United States - 47.29% | ||||||||
| 44,016 | 1RT Acquisition Corp. | 448,963 | ||||||
| 50,000 | AA Mission Acquisition Corp. | 533,500 | ||||||
| 50,000 | AA Mission Acquisition Corp. II(a) | 504,250 | ||||||
| 198,730 | abrdn Life Sciences Investors | 3,334,689 | ||||||
| 87,750 | AI Infrastructure Acquisition Corp.(a) | 893,295 | ||||||
| 140,000 | Aldel Financial II, Inc.(a) | 1,468,600 | ||||||
| 100,000 | Alussa Energy Acquisition Corp. II | 1,010,000 | ||||||
| 65,000 | Andretti Acquisition Corp. II(a) | 683,150 | ||||||
| 62,867 | Apex Treasury Corp. | 631,813 | ||||||
| 90,000 | Archimedes Tech SPAC Partners II Co. | 932,400 | ||||||
| 100,000 | Armada Acquisition Corp. II | 1,024,000 | ||||||
| 100,000 | Artius II Acquisition, Inc. | 1,030,000 | ||||||
| 43,750 | BERTO ACQUISITION Corp. | 443,625 | ||||||
| 100,000 | Bitcoin Infrastructure Acquisition Corp., Ltd.(a) | 996,000 | ||||||
| 291,973 | BlackRock Technology and Private Equity Term Trust | 1,924,102 | ||||||
| 77,602 | Blue Acquisition Corp. | 792,316 | ||||||
| 50,000 | Blue Owl Capital Corp. | 621,500 | ||||||
| 404,802 | Blue Owl Technology Finance Corp. | 5,885,821 | ||||||
| 100,000 | Blue Water Acquisition Corp. III | 1,032,000 | ||||||
See Notes to Financial Statements.
| Semi-Annual Report | December 31, 2025 | 9 |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| 100,000 | Blueport Acquisition, Ltd. | $ | 1,009,000 | |||||
| 100,000 | Bluerock Acquisition Corp. | 1,000,000 | ||||||
| 50,000 | BTC Development Corp. | 507,000 | ||||||
| 100,000 | Cal Redwood Acquisition Corp. | 1,018,000 | ||||||
| 100,000 | Calisa Acquisition Corp. | 1,045,000 | ||||||
| 6,250 | Cantor Equity Partners V, Inc. | 64,062 | ||||||
| 25,000 | CARTESIAN GROWTH Corp. III | 257,375 | ||||||
| 58,500 | Cayson Acquisition Corp.(a) | 622,440 | ||||||
| 65,520 | Centurion Acquisition Corp.(a) | 697,788 | ||||||
| 37,500 | ChampionsGate Acquisition Corp. | 382,125 | ||||||
| 100,000 | Charlton Aria Acquisition Corp. | 1,048,000 | ||||||
| 12,232 | CN Healthy Food Tech Group Corp. | 67,399 | ||||||
| 85,696 | CO2 Energy Transition Corp. | 881,812 | ||||||
| 50,000 | Cohen Circle Acquisition Corp. II | 512,000 | ||||||
| 100,000 | Crane Harbor Acquisition Corp. | 1,077,000 | ||||||
| 100,000 | Crane Harbor Acquisition Corp. II | 1,007,000 | ||||||
| 100,000 | CSLM Digital Asset Acquisition Corp. III, Ltd. | 1,012,000 | ||||||
| 50,000 | D Boral ARC Acquisition I Corp. | 501,500 | ||||||
| 50,026 | Digital Asset Acquisition Corp.(a) | 508,264 | ||||||
| 50,000 | DoubleLine Income Solutions Fund | 563,500 | ||||||
| 100,000 | Drugs Made In America Acquisition Corp. | 1,037,000 | ||||||
| 100,000 | Drugs Made In America Acquisition II Corp. | 1,001,500 | ||||||
| 75,000 | Dune Acquisition Corp. II | 764,250 | ||||||
| 25,000 | Dynamix Corp. III | 251,250 | ||||||
| 100,000 | EGH Acquisition Corp. | 1,013,000 | ||||||
| 64,998 | EQV Ventures Acquisition Corp. | 681,829 | ||||||
| 99,999 | EQV Ventures Acquisition Corp. II | 1,002,990 | ||||||
| 20,000 | Evolution Global Acquisition Corp. | 201,000 | ||||||
| 100,000 | Fact II Acquisition Corp. | 1,041,000 | ||||||
| 100,000 | FG Merger II Corp. | 1,004,000 | ||||||
| 100,000 | FIGX Capital Acquisition Corp. | 1,006,000 | ||||||
| 100,000 | Galata Acquisition Corp. II | 1,005,500 | ||||||
| 100,000 | Gesher Acquisition Corp. II | 1,026,720 | ||||||
| 50,000 | GigCapital7 Corp. | 527,000 | ||||||
| 100,000 | GigCapital8 Corp. | 1,018,000 | ||||||
| 300,000 | Golub Capital BDC, Inc. | 4,071,000 | ||||||
| 50,000 | Gores Holdings X, Inc.(a) | 512,500 | ||||||
| 58,868 | GP-Act III Acquisition Corp. | 629,299 | ||||||
| 35,000 | Graf Global Corp. | 376,425 | ||||||
| 100,000 | GSR IV Acquisition Corp. | 1,035,000 | ||||||
| 30,342 | Haymaker Acquisition Corp. 4, Class A | 345,292 | ||||||
| 44,444 | HCM III Acquisition Corp. | 457,107 | ||||||
| 100,000 | Hennessy Capital Investment Corp. VII | 1,035,000 | ||||||
| 130,000 | HORIZON SPACE ACQUISITION II Corp. | 1,370,200 | ||||||
| 130,000 | Howard Hughes Holdings, Inc. | 10,370,100 | ||||||
| 100,000 | Indigo Acquisition Corp. | 1,008,000 | ||||||
See Notes to Financial Statements.
| 10 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| 62,500 | Inflection Point Acquisition Corp. III | $ | 633,750 | |||||
| 100,000 | Inflection Point Acquisition Corp. IV | 1,072,000 | ||||||
| 83,334 | Inflection Point Acquisition Corp.. V | 856,674 | ||||||
| 100,000 | Invest Green Acquisition Corp. | 1,003,000 | ||||||
| 136,777 | iShares 10+ Year Investment Grade Corporate Bond ETF | 6,900,400 | ||||||
| 100,000 | ITHAX Acquisition Corp. III | 997,500 | ||||||
| 100,000 | Jackson Acquisition Co. II | 1,042,000 | ||||||
| 100,000 | K&F Growth Acquisition Corp. II | 1,034,000 | ||||||
| 100,000 | Kochav Defense Acquisition Corp. | 1,014,000 | ||||||
| 100,000 | Lake Superior Acquisition Corp. | 1,021,000 | ||||||
| 100,000 | Lakeshore Acquisition III Corp. | 1,019,000 | ||||||
| 50,000 | Launch One Acquisition Corp. | 529,500 | ||||||
| 55,000 | Launch Two Acquisition Corp. | 577,500 | ||||||
| 100,000 | Leapfrog Acquisition Corp. | 1,000,500 | ||||||
| 66,874 | Legato Merger Corp. III | 727,589 | ||||||
| 100,000 | Lightwave Acquisition Corp. | 1,005,000 | ||||||
| 55,008 | Lionheart Holdings | 584,741 | ||||||
| 100,000 | Live Oak Acquisition Corp. V | 1,030,000 | ||||||
| 65,000 | M3-Brigade Acquisition V Corp. | 690,950 | ||||||
| 100,000 | M3-Brigade Acquisition VI Corp. | 1,012,500 | ||||||
| 58,028 | Melar Acquisition Corp. I | 616,838 | ||||||
| 100,000 | Meshflow Acquisition Corp. | 1,000,000 | ||||||
| 100,000 | MidCap Financial Investment Corp. | 1,144,000 | ||||||
| 240,000 | Morgan Stanley Direct Lending Fund | 3,955,200 | ||||||
| 100,000 | Mountain Lake Acquisition Corp. | 1,040,000 | ||||||
| 150,000 | New Mountain Finance Corp. | 1,381,500 | ||||||
| 99,999 | New Providence Acquisition Corp. III | 1,025,990 | ||||||
| 100,000 | Newbury Street II Acquisition Corp. | 1,043,000 | ||||||
| 100,000 | NewHold Investment Corp. III | 1,036,000 | ||||||
| 100,000 | NMP Acquisition Corp. | 1,002,000 | ||||||
| 200,000 | Oaktree Specialty Lending Corp. | 2,548,000 | ||||||
| 100,000 | Oyster Enterprises II Acquisition Corp. | 1,011,000 | ||||||
| 50,000 | Palmer Square Capital BDC, Inc. | 609,500 | ||||||
| 90,000 | Pantages Capital Acquisition Corp. | 932,400 | ||||||
| 100,000 | Pelican Acquisition Corp. | 1,015,050 | ||||||
| 243,512 | Pershing Square Tontine Holdings(g) | – | ||||||
| 285,935 | PIMCO Dynamic Income Strategy Fund | 5,369,861 | ||||||
| 66,666 | Pioneer Acquisition I Corp. | 669,993 | ||||||
| 87,500 | Plum Acquisition Corp. IV | 912,625 | ||||||
| 39,999 | ProCap Acquisition Corp. | 405,190 | ||||||
| 100,000 | Quantumsphere Acquisition Corp. | 1,018,000 | ||||||
| 100,000 | Quartzsea Acquisition Corp. | 1,023,000 | ||||||
| 88,836 | Range Capital Acquisition Corp. | 937,220 | ||||||
| 100,000 | Range Capital Acquisition Corp. II | 1,020,000 | ||||||
| 100,000 | Real Asset Acquisition Corp. | 1,022,000 | ||||||
| 30,000 | Renatus Tactical Acquisition Corp. I | 320,100 | ||||||
See Notes to Financial Statements.
| Semi-Annual Report | December 31, 2025 | 11 |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| 50,000 | Republic Digital Acquisition Co. | $ | 506,250 | |||||
| 24,999 | Rithm Acquisition Corp. | 259,740 | ||||||
| 100,000 | Roman DBDR Acquisition Corp. II | 1,043,000 | ||||||
| 99,757 | SC II Acquisition Corp. | 1,004,553 | ||||||
| 100,000 | Siddhi Acquisition Corp. | 1,028,000 | ||||||
| 100,000 | Silicon Valley Acquisition Corp. | 994,500 | ||||||
| 66,667 | Silver Pegasus Acquisition Corp. | 671,337 | ||||||
| 24,999 | Silverbox Corp. IV | 264,489 | ||||||
| 50,000 | SIM Acquisition Corp. I | 529,500 | ||||||
| 100,000 | Sizzle Acquisition Corp. II | 1,016,000 | ||||||
| 100,000 | Social Commerce Partners Corp. | 1,000,000 | ||||||
| 100,000 | Solarius Capital Acquisition Corp. | 1,005,000 | ||||||
| 90,000 | Soulpower Acquisition Corp. | 913,500 | ||||||
| 100,000 | Spring Valley Acquisition Corp. III | 1,030,000 | ||||||
| 50,000 | Starry Sea Acquisition Corp. | 511,000 | ||||||
| 100,000 | Stellar V Capital Corp. | 1,036,500 | ||||||
| 99,000 | StoneBridge Acquisition II Corp. | 997,920 | ||||||
| 100,000 | Tailwind 2.0 Acquisition Corp. | 1,006,000 | ||||||
| 100,000 | Talon Capital Corp. | 1,026,000 | ||||||
| 448,179 | TCG BDC, Inc. | 5,597,756 | ||||||
| 100,000 | Texas Ventures Acquisition III Corp. | 1,065,000 | ||||||
| 80,000 | Thayer Ventures Acquisition Corp. II | 809,600 | ||||||
| 100,000 | Titan Acquisition Corp. | 1,025,100 | ||||||
| 100,000 | Trailblazer Acquisition Corp. | 1,025,000 | ||||||
| 100,000 | Translational Development Acquisition Corp. | 1,049,000 | ||||||
| 100,000 | Twelve Seas Investment Co. III | 995,000 | ||||||
| 62,500 | UY Scuti Acquisition Corp. | 640,625 | ||||||
| 87,500 | Vendome Acquisition Corp. I | 881,125 | ||||||
| 100,000 | Viking Acquisition Corp. I | 1,007,000 | ||||||
| 65,000 | Vine Hill Capital Investment Corp. | 700,050 | ||||||
| 100,000 | Vine Hill Capital Investment Corp. II | 1,002,100 | ||||||
| 50,000 | Voyager Acquisition Corp. | 533,500 | ||||||
| 25,000 | Wen Acquisition Corp. | 252,500 | ||||||
| 130,000 | Willow Lane Acquisition Corp. | 1,643,200 | ||||||
| 52,742 | WinVest Acquisition Corp. | 661,912 | ||||||
| 162,304,079 | ||||||||
| TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES - COMMON SHARES/UNITS | ||||||||
| (Cost $167,556,085) | 177,632,259 | |||||||
| RIGHTS (0.38%) | ||||||||
| Cayman Islands - 0.01% | ||||||||
| 100,000 | Fifth Era Acquisition Corp. I, Strike Price $0.01, Expires 12/31/2049 | 39,990 | ||||||
| China - 0.01% | ||||||||
| 65,000 | Future Vision II Acquisition Corp., Strike Price $0.01, Expires 01/01/2049 | 8,469 | ||||||
See Notes to Financial Statements.
| 12 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| 65,000 | Rising Dragon Acquisition Corp., Strike Price $0.01, Expires 01/01/2049 | $ | 15,600 | |||||
| 24,069 | ||||||||
| Great Britain - 0.01% | ||||||||
| 66,667 | Axiom Intelligence Acquisition Corp. 1, Strike Price $0.01, Expires 12/31/2049 | 14,000 | ||||||
| 62,670 | ClimateRock, Strike Price $0.01, Expires 06/01/2027 | 10,033 | ||||||
| 65,632 | Tavia Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 15,089 | ||||||
| 39,122 | ||||||||
| Hong Kong - 0.02% | ||||||||
| 50,000 | A Paradise Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 12,500 | ||||||
| 130,000 | A SPAC III Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 24,700 | ||||||
| 100,000 | BEST SPAC I Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 15,100 | ||||||
| 65,000 | YHN Acquisition I, Ltd., Strike Price $0.01, Expires 01/01/2049 | 8,450 | ||||||
| 60,750 | ||||||||
| Japan - 0.01% | ||||||||
| 100,000 | Ribbon Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 22,000 | ||||||
| Malaysia - 0.00%(f) | ||||||||
| 51,134 | PHP Ventures Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 5,165 | ||||||
| Mexico - 0.00%(f) | ||||||||
| 25,296 | Globa Terra Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 3,291 | ||||||
| Singapore - 0.01% | ||||||||
| 50,470 | A SPAC II Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 2,019 | ||||||
| 100,000 | Columbus Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 33,640 | ||||||
| 100,000 | Westin Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 18,000 | ||||||
| 53,659 | ||||||||
| United States - 0.31% | ||||||||
| 44,669 | Aimei Health Technology Co., Ltd., Strike Price $0.01, Expires 12/31/2049 | 16,715 | ||||||
| 24,649 | Allegro Merger Corp., Strike Price $11.50, Expires 12/31/2049 | – | ||||||
| 27,690 | Alpha Star Acquisition Corp., Strike Price $0.01, Expires 12/13/2026 | 2,769 | ||||||
See Notes to Financial Statements.
| Semi-Annual Report | December 31, 2025 | 13 |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| 100,000 | Artius II Acquisition, Inc., Strike Price $0.01, Expires 12/31/2049 | $ | 36,990 | |||||
| 30,110 | Bayview Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 5,119 | ||||||
| 13,188 | Black Hawk Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 16,749 | ||||||
| 100,000 | Blue Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 32,410 | ||||||
| 17,000 | Bowen Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 3,828 | ||||||
| 100,000 | Cal Redwood Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 32,380 | ||||||
| 58,500 | Cayson Acquisition Corp., Strike Price $0.01, Expires 01/01/2049 | 13,338 | ||||||
| 32,760 | Centurion Acquisition Corp., Strike Price $11.50, Expires 08/01/2029 | 10,483 | ||||||
| 37,500 | ChampionsGate Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 5,632 | ||||||
| 100,000 | Charlton Aria Acquisition Corp., Strike Price $0.01, Expires 01/01/2049 | 18,990 | ||||||
| 85,696 | CO2 Energy Transition Corp., Strike Price $0.01, Expires 12/31/2049 | 18,939 | ||||||
| 100,000 | Crane Harbor Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 80,000 | ||||||
| 100,000 | Drugs Made In America Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 18,730 | ||||||
| 40,000 | DT Cloud Star Acquisition Corp., Strike Price $0.01, Expires 01/01/2049 | 5,600 | ||||||
| 100,000 | EGH Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 25,000 | ||||||
| 34,404 | ESH Acquisition Corp., Strike Price $10.00, Expires 12/31/2049 | 8,601 | ||||||
| 100,000 | FG Merger II Corp., Strike Price $0.01, Expires 12/31/2049 | 55,000 | ||||||
| 57,276 | Flag Ship Acquisition Corp., Strike Price $0.01, Expires 01/01/2049 | 10,310 | ||||||
| 100,000 | Hennessy Capital Investment Corp. VII, Strike Price $0.01, Expires 01/01/2049 | 27,900 | ||||||
| 130,000 | HORIZON SPACE ACQUISITION II Corp., Strike Price $0.01, Expires 12/31/2049 | 20,800 | ||||||
| 33,524 | IB Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 2,628 | ||||||
| 100,000 | Indigo Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 15,900 | ||||||
| 62,500 | Inflection Point Acquisition Corp. III, Strike Price $0.01, Expires 12/31/2049 | 23,625 | ||||||
| 100,000 | Inflection Point Acquisition Corp. IV, Strike Price $0.01, Expires 01/01/2049 | 73,500 | ||||||
| 83,334 | Inflection Point Acquisition Corp.. V, Strike Price $0.01, Expires 12/31/2049 | 66,667 | ||||||
See Notes to Financial Statements.
| 14 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| 100,000 | Jackson Acquisition Co. II, Strike Price $0.01, Expires 12/31/2049 | $ | 25,000 | |||||
| 100,000 | K&F Growth Acquisition Corp. II, Strike Price $0.01, Expires 01/01/2049 | 13,000 | ||||||
| 100,000 | Kochav Defense Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 24,000 | ||||||
| 100,000 | Lakeshore Acquisition III Corp., Strike Price $0.01, Expires 12/31/2049 | 25,110 | ||||||
| 29,014 | Melar Acquisition Corp. I, Strike Price $11.50, Expires 06/01/2031 | 4,065 | ||||||
| 67,514 | Mountain Crest Acquisition Corp. V, Strike Price $0.01, Expires 12/31/2049 | 6,765 | ||||||
| 100,000 | Mountain Lake Acquisition Corp., Strike Price $0.01, Expires 11/15/2028 | 24,000 | ||||||
| 100,000 | NMP Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 20,100 | ||||||
| 35,695 | OneMedNet Corp., Strike Price $11.50, Expires 12/31/2028 | 3,352 | ||||||
| 100,000 | Oyster Enterprises II Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 20,000 | ||||||
| 90,000 | Pantages Capital Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 18,018 | ||||||
| 100,000 | Pelican Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 23,000 | ||||||
| 100,000 | Quartzsea Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 20,020 | ||||||
| 3,246 | Quetta Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 6,622 | ||||||
| 88,836 | Range Capital Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 39,976 | ||||||
| 100,000 | Siddhi Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 25,000 | ||||||
| 66,667 | Silver Pegasus Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 16,000 | ||||||
| 100,000 | Sizzle Acquisition Corp. II, Strike Price $0.01, Expires 12/31/2049 | 16,000 | ||||||
| 90,000 | Soulpower Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 15,750 | ||||||
| 80,000 | Thayer Ventures Acquisition Corp. II, Strike Price $0.01, Expires 12/31/2049 | 16,800 | ||||||
| 62,500 | UY Scuti Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 16,813 | ||||||
| 66,708 | Welsbach Technology Metals Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 33,354 | ||||||
| 52,742 | WinVest Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 5,564 | ||||||
See Notes to Financial Statements.
| Semi-Annual Report | December 31, 2025 | 15 |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| 60,341 | Yotta Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | $ | 6,034 | |||||
| 1,072,946 | ||||||||
| TOTAL RIGHTS | ||||||||
| (Cost $1,125,831) | 1,320,992 | |||||||
| WARRANTS (0.46%) | ||||||||
| Canada - 0.00%(f) | ||||||||
| 53,236 | Borealis Foods, Inc., Strike Price $11.50, Expires 02/09/2029 | 2,667 | ||||||
| 25,000 | Oxley Bridge Acquisition, Ltd., Strike Price $11.50, Expires 08/15/2030 | 5,503 | ||||||
| 8,170 | ||||||||
| Cayman Islands - 0.00%(f) | ||||||||
| 25,071 | Healthcare AI Acquisition Corp., Strike Price $11.50, Expires 12/14/2026 | 331 | ||||||
| 24,100 | Namib Minerals, Strike Price $11.50, Expires 06/05/2030 | 1,687 | ||||||
| 32,014 | Nvni Group, Ltd., Strike Price $11.50, Expires 11/01/2028 | 2,148 | ||||||
| 57,401 | TNL Mediagene, Strike Price $11.50, Expires 12/05/2029 | 534 | ||||||
| 4,700 | ||||||||
| China - 0.00%(f) | ||||||||
| 16,125 | MicroAlgo, Inc., Strike Price $11.50, Expires 12/31/2027 | 145 | ||||||
| 52,566 | Youlife Group, Inc., Strike Price $11.50, Expires 07/10/2030 | 6,308 | ||||||
| 6,453 | ||||||||
| Germany - 0.00%(f) | ||||||||
| 19,034 | Heramba Electric PLC, Strike Price $11.50, Expires 10/10/2028 | 109 | ||||||
| Great Britain - 0.00%(f) | ||||||||
| 31,335 | ClimateRock, Strike Price $11.50, Expires 06/01/2027 | 793 | ||||||
| 14,153 | Zapp Electric Vehicles Group, Ltd., Strike Price $11.50, Expires 03/03/2028 | 39 | ||||||
| 832 | ||||||||
| Hong Kong - 0.00%(f) | ||||||||
| 50,000 | Copley Acquisition Corp., Strike Price $11.50, Expires 05/23/2030 | 12,880 | ||||||
| 20,306 | MultiMetaVerse Holdings, Ltd., Strike Price $11.50, Expires 03/15/2027 | 32 | ||||||
| 36,015 | NewGenIvf Group, Ltd., Strike Price $11.50, Expires 06/26/2028 | 616 | ||||||
| 13,528 | ||||||||
| Indonesia - 0.00%(f) | ||||||||
| 26,628 | Polibeli Group, Ltd., Strike Price $11.50, Expires 06/23/2030 | 2,484 | ||||||
See Notes to Financial Statements.
| 16 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| Ireland - 0.00%(f) | ||||||||
| 51,043 | SMX Security Matters PLC, Strike Price $11.50, Expires 03/07/2028 | $ | 2,425 | |||||
| Israel - 0.00%(f) | ||||||||
| 55,368 | Holdco Nuvo Group DG, Ltd., Strike Price $11.50, Expires 05/01/2029 | 27 | ||||||
| 44,569 | Hub Cyber Security, Ltd., Strike Price $11.50, Expires 02/27/2028 | 820 | ||||||
| 77,424 | Spree Acquisition Corp. 1, Ltd., Strike Price $11.50, Expires 12/22/2028 | 8 | ||||||
| 855 | ||||||||
| Malaysia - 0.00%(f) | ||||||||
| 65,531 | Alps Group, Inc., Strike Price $11.50, Expires 10/31/2030(a) | 819 | ||||||
| 25,567 | PHP Ventures Acquisition Corp., Strike Price $11.50, Expires 08/16/2028 | 1,128 | ||||||
| 1,947 | ||||||||
| Mexico - 0.00%(f) | ||||||||
| 18,972 | Globa Terra Acquisition Corp., Strike Price $11.50, Expires 04/17/2030 | 2,385 | ||||||
| Singapore - 0.01% | ||||||||
| 25,235 | A SPAC II Acquisition Corp., Strike Price $11.50, Expires 05/03/2027 | 757 | ||||||
| 53,773 | ESGL Holdings, Ltd., Strike Price $11.50, Expires 04/13/2028 | 5,377 | ||||||
| 54,501 | Euda Health Holdings, Ltd., Strike Price $11.50, Expires 09/24/2026 | 5,450 | ||||||
| 19,616 | Helport AI, Ltd., Strike Price $11.50, Expires 08/05/2029 | 3,123 | ||||||
| 25,712 | RF Acquisition Corp. II, Strike Price $0.01, Expires 01/01/2049 | 3,086 | ||||||
| 17,793 | ||||||||
| Switzerland - 0.00%(f) | ||||||||
| 43,768 | Genesis Growth Tech Acquisition Corp., Strike Price $11.50, Expires 05/19/2028 | 4 | ||||||
| United States - 0.45% | ||||||||
| 11,004 | 1RT Acquisition Corp., Strike Price $11.50, Expires 06/20/2031 | 6,383 | ||||||
| 25,000 | AA Mission Acquisition Corp., Strike Price $11.50, Expires 08/01/2030 | 4,242 | ||||||
| 70,000 | Aldel Financial II, Inc., Strike Price $11.50, Expires 10/10/2029 | 38,500 | ||||||
| 32,785 | AleAnna, Inc., Strike Price $11.50, Expires 12/13/2029 | 4,639 | ||||||
| 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 | 692 | ||||||
See Notes to Financial Statements.
| Semi-Annual Report | December 31, 2025 | 17 |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| 11,896 | AltEnergy Acquisition Corp., Strike Price $11.50, Expires 11/02/2028 | $ | 264 | |||||
| 32,500 | Andretti Acquisition Corp. II, Strike Price $11.50, Expires 10/24/2029 | 9,380 | ||||||
| 45,000 | Archimedes Tech SPAC Partners II Co., Strike Price $11.50, Expires 04/02/2030 | 24,709 | ||||||
| 50,000 | Armada Acquisition Corp. II, Strike Price $11.50, Expires 05/20/2030 | 44,500 | ||||||
| 30,397 | AtlasClear Holdings, Inc., Strike Price $690.00, Expires 10/25/2028 | 681 | ||||||
| 81,786 | Beneficient, Strike Price $11.50, Expires 06/07/2028 | 867 | ||||||
| 21,875 | BERTO ACQUISITION Corp., Strike Price $11.50, Expires 04/28/2030 | 8,094 | ||||||
| 50,000 | Blue Water Acquisition Corp. III, Strike Price $11.50, Expires 12/31/2026 | 26,500 | ||||||
| 23,792 | Cactus Acquisition Corp. 1, Ltd., Strike Price $11.50, Expires 10/29/2026 | 714 | ||||||
| 12,500 | CARTESIAN GROWTH Corp. III, Strike Price $11.50, Expires 03/06/2030 | 9,875 | ||||||
| 51,016 | CDT Equity, Inc., Strike Price $11.50, Expires 02/03/2027 | 281 | ||||||
| 54,641 | Classover Holdings, Inc., Strike Price $11.50, Expires 04/07/2030 | 656 | ||||||
| 61,161 | CN Healthy Food Tech Group Corp., Strike Price $11.50, Expires 02/16/2029 | 5,504 | ||||||
| 85,696 | CO2 Energy Transition Corp., Strike Price $11.50, Expires 08/17/2028 | 14,440 | ||||||
| 12,500 | Cohen Circle Acquisition Corp. II, Strike Price $11.50, Expires 05/23/2030 | 8,749 | ||||||
| 15,030 | Concord Acquisition Corp. II, Strike Price $11.50, Expires 12/31/2028 | 612 | ||||||
| 2,087 | Corner Growth Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | – | ||||||
| 25,000 | D Boral ARC Acquisition I Corp., Strike Price $11.50, Expires 05/06/2030 | 9,082 | ||||||
| 25,013 | Digital Asset Acquisition Corp., Strike Price $11.50, Expires 03/17/2030 | 9,505 | ||||||
| 72,474 | DIH Holdings US, Inc., Strike Price $11.50, Expires 02/07/2028 | – | ||||||
| 56,250 | Dune Acquisition Corp. II, Strike Price $11.50, Expires 06/12/2030 | 14,428 | ||||||
| 50,000 | Dynamix Corp., Strike Price $11.50, Expires 12/06/2029 | 102,500 | ||||||
| 21,666 | EQV Ventures Acquisition Corp., Strike Price $11.50, Expires 07/01/2031 | 10,402 | ||||||
| 33,333 | EQV Ventures Acquisition Corp. II, Strike Price $11.50, Expires 06/30/2031 | 11,667 | ||||||
See Notes to Financial Statements.
| 18 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| 17,137 | Everest Consolidator Acquisition Corp., Strike Price $11.50, Expires 07/19/2028 | $ | 5 | |||||
| 50,000 | Fact II Acquisition Corp., Strike Price $11.50, Expires 12/20/2029 | 17,505 | ||||||
| 50,000 | FIGX Capital Acquisition Corp., Strike Price $11.50, Expires 06/26/2030 | 13,735 | ||||||
| 30,880 | FutureTech II Acquisition Corp., Strike Price $11.50, Expires 02/16/2027 | 929 | ||||||
| 50,000 | Gesher Acquisition Corp. II, Strike Price $11.50, Expires 03/12/2030 | 22,500 | ||||||
| 50,000 | GigCapital7 Corp., Strike Price $11.50, Expires 09/11/2029 | 20,500 | ||||||
| 9,479 | Global Gas Corp., Strike Price $11.50, Expires 10/29/2027 | 11 | ||||||
| 12,500 | Gores Holdings X, Inc., Strike Price $11.50, Expires 06/20/2031 | 9,389 | ||||||
| 29,434 | GP-Act III Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | 7,935 | ||||||
| 17,500 | Graf Global Corp., Strike Price $11.50, Expires 08/07/2029 | 7,910 | ||||||
| 15,171 | Haymaker Acquisition Corp. 4, Strike Price $11.50, Expires 09/12/2028 | 23,515 | ||||||
| 64,668 | Horizon Space Acquisition I Corp., Strike Price $11.50, Expires 01/26/2028 | 1,293 | ||||||
| 50,640 | iCoreConnect, Inc., Strike Price $230.00, Expires 05/15/2028 | 25 | ||||||
| 39,252 | Integrated Rail and Resources Acquisition Corp., Strike Price $11.50, Expires 11/12/2026 | 29,046 | ||||||
| 43,768 | Integrated Wellness Acquisition Corp., Strike Price $11.50, Expires 10/31/2028 | 3,064 | ||||||
| 16,682 | Jaws Mustang Acquisition Corp., Strike Price $11.50, Expires 01/30/2026 | 918 | ||||||
| 130,463 | Kodiak AI, Inc., Strike Price $11.50, Expires 09/25/2030 | 199,608 | ||||||
| 25,000 | Launch One Acquisition Corp., Strike Price $11.50, Expires 08/29/2029 | 6,250 | ||||||
| 27,500 | Launch Two Acquisition Corp., Strike Price $11.50, Expires 11/26/2029 | 8,676 | ||||||
| 33,437 | Legato Merger Corp. III, Strike Price $11.50, Expires 03/28/2029 | 13,713 | ||||||
| 50,000 | Lightwave Acquisition Corp., Strike Price $11.50, Expires 06/24/2030 | 9,525 | ||||||
| 27,504 | Lionheart Holdings, Strike Price $11.50, Expires 08/09/2029 | 4,676 | ||||||
| 50,000 | Live Oak Acquisition Corp. V, Strike Price $11.50, Expires 04/17/2030 | 49,250 | ||||||
| 32,500 | M3-Brigade Acquisition V Corp., Strike Price $11.50, Expires 09/23/2030 | 28,438 | ||||||
| 7,755 | Maquia Capital Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | 1 | ||||||
| 19,815 | Nature’s Miracle Holding, Inc., Strike Price $11.50, Expires 03/12/2029(a) | 299 | ||||||
See Notes to Financial Statements.
| Semi-Annual Report | December 31, 2025 | 19 |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| 33,333 | New Providence Acquisition Corp. III, Strike Price $11.50, Expires 04/24/2030(a) | $ | 16,843 | |||||
| 21,081 | Newbury Street Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | 2 | ||||||
| 50,000 | Newbury Street II Acquisition Corp., Strike Price $11.50, Expires 12/27/2029 | 12,550 | ||||||
| 50,000 | NewHold Investment Corp. III, Strike Price $11.50, Expires 04/17/2030 | 22,515 | ||||||
| 4,228 | Northern Revival Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | 92 | ||||||
| 48,836 | OceanTech Acquisitions I Corp., Strike Price $11.50, Expires 05/10/2026 | – | ||||||
| 54,328 | OSR Holdings, Inc., Strike Price $11.50, Expires 02/14/2030 | 2,771 | ||||||
| 60,878 | PERSHING SQUARE SPARC HOLDINGS, Strike Price $0.01, Expires 12/31/2049(g) | – | ||||||
| 33,333 | Pioneer Acquisition I Corp., Strike Price $11.50, Expires 06/17/2030 | 7,334 | ||||||
| 43,750 | Plum Acquisition Corp. IV, Strike Price $11.50, Expires 01/30/2030 | 11,834 | ||||||
| 35,388 | Presto Automation, Inc., Strike Price $11.50, Expires 09/21/2027 | – | ||||||
| 13,333 | ProCap Acquisition Corp., Strike Price $11.50, Expires 05/13/2030 | 4,948 | ||||||
| 25,000 | Procap Financial, Inc., Strike Price $11.50, Expires 12/31/2030 | 17,500 | ||||||
| 8,612 | PYXIS ONCOLOGY INC WTS, Strike Price $0.01, Expires 07/29/2027 | 225 | ||||||
| 50,000 | Real Asset Acquisition Corp., Strike Price $11.50, Expires 06/02/2030 | 22,500 | ||||||
| 37,808 | Relativity Acquisition Corp., Strike Price $11.50, Expires 02/11/2027 | 1,781 | ||||||
| 15,000 | Renatus Tactical Acquisition Corp. I, Strike Price $11.50, Expires 06/05/2030 | 12,191 | ||||||
| 25,000 | Republic Digital Acquisition Co., Strike Price $11.50, Expires 03/05/2026 | 14,500 | ||||||
| 8,333 | Rithm Acquisition Corp., Strike Price $11.50, Expires 04/11/2030 | 4,583 | ||||||
| 50,000 | Roman DBDR Acquisition Corp. II, Strike Price $11.50, Expires 02/03/2030 | 29,000 | ||||||
| 8,333 | Silverbox Corp. IV, Strike Price $11.50, Expires 09/24/2029 | 2,334 | ||||||
| 25,000 | SIM Acquisition Corp. I, Strike Price $11.50, Expires 08/28/2029 | 5,385 | ||||||
| 50,000 | Solarius Capital Acquisition Corp., Strike Price $11.50, Expires 07/16/2030 | 14,005 | ||||||
| 11,802 | Southland Holdings, Inc., Strike Price $11.50, Expires 09/01/2026 | 1,015 | ||||||
See Notes to Financial Statements.
| 20 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| 50,000 | Stellar V Capital Corp., Strike Price $11.50, Expires 03/24/2030 | $ | 16,500 | |||||
| 41,072 | Syntec Optics Holdings, Inc., Strike Price $11.50, Expires 11/08/2028 | 9,820 | ||||||
| 50,000 | Texas Ventures Acquisition III Corp., Strike Price $11.50, Expires 05/15/2031 | 45,000 | ||||||
| 50,000 | Titan Acquisition Corp., Strike Price $11.50, Expires 06/02/2030 | 15,750 | ||||||
| 50,000 | Translational Development Acquisition Corp., Strike Price $11.50, Expires 02/13/2030 | 15,500 | ||||||
| 28,984 | Triller Group, Inc., Strike Price $11.50, Expires 03/15/2027 | 3 | ||||||
| 43,750 | Vendome Acquisition Corp. I, Strike Price $11.50, Expires 02/18/2026 | 10,942 | ||||||
| 32,500 | Vine Hill Capital Investment Corp., Strike Price $11.50, Expires 10/25/2029 | 58,500 | ||||||
| 34,072 | Volato Group, Inc., Strike Price $11.50, Expires 12/03/2028 | 307 | ||||||
| 25,000 | Voyager Acquisition Corp., Strike Price $11.50, Expires 05/16/2031 | 5,745 | ||||||
| 12,500 | Wen Acquisition Corp., Strike Price $11.50, Expires 05/15/2031 | 3,879 | ||||||
| 65,000 | Willow Lane Acquisition Corp., Strike Price $11.50, Expires 12/28/2029 | 291,200 | ||||||
| 52,742 | WinVest Acquisition Corp., Strike Price $11.50, Expires 08/09/2026 | 1,060 | ||||||
| 60,341 | Yotta Acquisition Corp., Strike Price $11.50, Expires 03/15/2027 | 72 | ||||||
| 48,471 | ZyVersa Therapeutics, Inc., Strike Price $11.50, Expires 12/20/2026 | 3,393 | ||||||
| 1,528,161 | ||||||||
| TOTAL WARRANTS | ||||||||
| (Cost $1,285,972) | 1,589,846 | |||||||
| EXCHANGE TRADED FUNDS - COMMON SHARES (3.85%) | ||||||||
| United States - 3.85% | ||||||||
| 250,000 | iShares Flexible Income Active ETF | 13,192,500 | ||||||
| TOTAL EXCHANGE TRADED FUNDS - COMMON SHARES | ||||||||
| (Cost $2,657,328) | 13,192,500 | |||||||
See Notes to Financial Statements.
| Semi-Annual Report | December 31, 2025 | 21 |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| Value | ||||||||
| Shares | Description | (Note 2) | ||||||
| SHORT-TERM INVESTMENTS (2.58%) | ||||||||
| United States - 2.58% | ||||||||
| 8,828,379 | State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 3.712%) | $ | 8,828,379 | |||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost $8,828,379) | 8,828,379 | |||||||
| TOTAL INVESTMENTS (131.95%) | ||||||||
| (Cost $405,070,619) | $ | 452,815,328 | ||||||
| Series A Cumulative Perpetual Preferred Shares (-28.49%) | (97,750,000 | ) | ||||||
| Liabilities in Excess of Other Assets (-3.46%)(h) | (11,850,687 | ) | ||||||
| NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS (100.00%) | $ | 343,214,641 | ||||||
SCHEDULE OF SECURITIES SOLD SHORT
| Value | ||||||||
| Description | Shares | (Note 2) | ||||||
| SPECIAL PURPOSE ACQUISITION COMPANIES - COMMON SHARES/UNITS (-2.02%) | ||||||||
| Alphabet, Inc. | (10,800 | ) | $ | (3,380,400 | ) | |||
| Brookfield Corp. | (45,000 | ) | (2,065,050 | ) | ||||
| Hilton Worldwide Holdings, Inc. | (3,000 | ) | (861,750 | ) | ||||
| Uber Technologies, Inc. | (7,500 | ) | (612,825 | ) | ||||
| TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES - COMMON SHARES/UNITS | (6,920,025 | ) | ||||||
| TOTAL SECURITIES SOLD SHORT | ||||||||
| (Proceeds $6,846,086) | $ | (6,920,025 | ) | |||||
| (a) | All or a portion of the security is pledged as collateral for any loan payable. As of December 31, 2025, the aggregate value of those securities was $37,375,085 representing 10.89% of net assets. |
| (b) | All or a portion of the security is pledged as collateral for securities sold short. As of December 31, 2025, the aggregate value of those securities was $9,828,000 representing 2.86% of net assets. |
| (c) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. This security may be resold in transactions exempt from registration, normally to qualified institutional buyers. As of December 31, 2025, the market value of those Rule 144A securities held by the Fund was $999,201 representing 0.29% of the Fund’s net assets. |
See Notes to Financial Statements.
| 22 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Schedule of Investments | December 31, 2025 (Unaudited) |
| (d) | Securities were purchased pursuant to Regulation S under the Securities Act of 1933, as amended, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, as amended, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund’s Board of Directors (the "Board"). As of December 31, 2025, the aggregate fair value of those securities was $282,280 representing 0.08% of net assets. |
| (e) | Non-income producing security. |
| (f) | Less than 0.005%. |
| (g) | The Level 3 assets were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs. |
| (h) | Includes cash in the amount of $6,317,638 which is being held as collateral for securities sold short. |
See Notes to Financial Statements.
| Semi-Annual Report | December 31, 2025 | 23 |
RiverNorth Opportunities Fund, Inc.
| Statement of Assets and Liabilities | December 31, 2025 (Unaudited) |
| ASSETS: | ||||
| Investments in securities: | ||||
| At cost | $ | 405,070,619 | ||
| At value | $ | 452,815,328 | ||
| Cash | 167,922 | |||
| Deposit with broker for securities sold short | 6,317,638 | |||
| Foreign currency, at value (Cost $1,304) | 1,399 | |||
| Receivable for investments sold | 293,644 | |||
| Interest receivable | 859,247 | |||
| Dividends receivable | 2,395,271 | |||
| Deferred offering costs (Note 8) | 233,841 | |||
| Prepaid and other assets | 117,980 | |||
| Total Assets | 463,202,270 | |||
| LIABILITIES: | ||||
| Securities sold short (Proceeds $6,846,086) | 6,920,025 | |||
| Dividend payable - Series A Cumulative Perpetual Preferred Shares | 733,125 | |||
| Loan payable (Note 6) | 10,000,000 | |||
| Payable for credit agreement fees | 18,033 | |||
| Payable for investments purchased | 564,478 | |||
| Payable for distributions to shareholders | 3,495,310 | |||
| Payable to adviser | 491,320 | |||
| Payable for professional fees | 15,338 | |||
| Total Liabilities | 22,237,629 | |||
| 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 | $ | 343,214,641 | ||
| NET ASSETS CONSIST OF: | ||||
| Paid-in capital | $ | 318,666,023 | ||
| Total distributable earnings/(accumulated deficit) | 24,548,618 | |||
| Net Assets Attributable to Common Shareholders | $ | 343,214,641 | ||
| PRICING OF SHARES: | ||||
| Net Assets Attributable to Common Shareholders | $ | 343,214,641 | ||
| Shares of common stock outstanding (37,500,000 of shares authorized, at $0.0001 par value per share) | 27,371,263 | |||
| Net Asset Value Per Share Attributable to Common Shareholders | $ | 12.54 | ||
See Notes to Financial Statements.
| 24 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Statement of Operations | For the Six Months Ended December 31, 2025 (Unaudited) |
| INVESTMENT INCOME: | ||||
| Dividends | $ | 10,497,041 | ||
| Interest | 1,852,291 | |||
| Total Investment Income | 12,349,332 | |||
| EXPENSES: | ||||
| Investment advisory fees | 2,641,705 | |||
| Commitment fee on loan | 69,059 | |||
| Legal fees | 66,084 | |||
| Dividend and interest expense - short sales | 45,163 | |||
| Total Expenses | 2,822,011 | |||
| Net Investment Income | 9,527,321 | |||
| REALIZED AND UNREALIZED GAIN/(LOSS) ON INVESTMENTS: | ||||
| Net realized gain/(loss) on: | ||||
| Investments | 6,874,675 | |||
| Securities sold short | (1,149,151 | ) | ||
| Written options | (76,269 | ) | ||
| Net realized gain | 5,649,255 | |||
| Net change in unrealized appreciation/depreciation on: | ||||
| Investments | 10,127,541 | |||
| Securities sold short | 505,429 | |||
| Translation of assets and liabilities denominated in foreign currencies | (3 | ) | ||
| Net change in unrealized appreciation/depreciation | 10,632,967 | |||
| Net Realized and Unrealized Gain on Investments | 16,282,222 | |||
| Dividends to Series A Cumulative Perpetual Preferred Shares | $ | (2,932,500 | ) | |
| Net Increase in Net Assets Attributable to Common Shareholders Resulting from Operations | $ | 22,877,043 | ||
See Notes to Financial Statements.
| Semi-Annual Report | December 31, 2025 | 25 |
RiverNorth Opportunities Fund, Inc.
Statements of Changes in Net Assets Attributable to Common Shareholders
| For the Six Months Ended December 31, 2025 (Unaudited) | For the Year Ended June 30, 2025 | |||||||
| NET INCREASE/(DECREASE) IN NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS FROM | ||||||||
| Net investment income | $ | 9,527,321 | $ | 11,302,168 | ||||
| Net realized gain | 5,649,255 | 24,937,015 | ||||||
| Long-term capital gains from other investment companies | – | 1,106,584 | ||||||
| Net change in unrealized appreciation/depreciation | 10,632,967 | (1,819,037 | ) | |||||
| Net increase in net assets resulting from operations | 25,809,543 | 35,526,730 | ||||||
| Distributions to Series A Cumulative Perpetual Preferred Shareholders | (2,932,500 | ) | (5,865,000 | ) | ||||
| Net increase in net assets attributable to common shareholders resulting from operations | 22,877,043 | 29,661,730 | ||||||
| TOTAL DISTRIBUTIONS TO COMMON SHAREHOLDERS: | ||||||||
| From distributable earnings | (18,711,949 | ) | (16,641,715 | ) | ||||
| From return of capital | – | (16,407,101 | ) | |||||
| Net decrease in net assets from distributions to common shareholders | (18,711,949 | ) | (33,048,816 | ) | ||||
| COMMON SHARE TRANSACTIONS: | ||||||||
| Proceeds from sales of shares, net of offering costs | 70,611,209 | – | ||||||
| Dividend Reinvestment | – | 242,804 | ||||||
| Cost of shares redeemed | (236,069 | ) | – | |||||
| Net increase in net assets attributable to common shareholders from capital share transactions | 70,375,140 | 242,804 | ||||||
| Net Increase/(Decrease) in Net Assets attributable to common shareholders | 74,540,234 | (3,144,282 | ) | |||||
| NET ASSETS ATTRIBUTABLE TO COMMON SHAREHOLDERS: | ||||||||
| Beginning of period | 268,674,407 | 271,818,689 | ||||||
| End of period | $ | 343,214,641 | $ | 268,674,407 | ||||
| OTHER INFORMATION: | ||||||||
| Common Share Transactions: | ||||||||
| Common Shares outstanding - beginning of period | 21,472,248 | 21,453,174 | ||||||
| Common Shares issued in connection with public offering | 5,899,015 | – | ||||||
| Common Shares issued as reinvestment of dividends | – | 19,074 | ||||||
| Common Shares outstanding - end of period | 27,371,263 | 21,472,248 | ||||||
See Notes to Financial Statements.
| 26 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Statement of Cash Flows | For the Six Months Ended December 31, 2025 (Unaudited) |
| CASH FLOWS FROM OPERATING ACTIVITIES: | ||||
| Net increase in net assets resulting from operations | $ | 25,809,543 | ||
| Adjustments to reconcile net decrease in net assets from operations to net cash used in operating activities: | ||||
| Purchases of investment securities | (193,503,467 | ) | ||
| Proceeds from disposition of investment securities | 106,846,800 | |||
| Proceeds from securities sold short transactions | 44,796,153 | |||
| Purchases to cover securities sold short transactions | (51,704,703 | ) | ||
| Premiums received from written options transactions | 328,813 | |||
| Premiums paid on closing written options transactions | (348,762 | ) | ||
| Purchased options transactions | (300,710 | ) | ||
| Proceeds from purchased options transactions | 6,976 | |||
| Net proceeds from short-term investment securities | 17,253,862 | |||
| Amortization of premium and accretion of discount on investments | (240,735 | ) | ||
| Net realized (gain)/loss on: | ||||
| Investments | (6,874,675 | ) | ||
| Securities sold short | 1,149,151 | |||
| Written options | 76,269 | |||
| Net change in unrealized (appreciation)/depreciation on: | ||||
| Investments | (10,127,541 | ) | ||
| Securities sold short | (505,429 | ) | ||
| (Increase)/Decrease in assets: | ||||
| Interest receivable | (179,280 | ) | ||
| Deferred offering costs | 27,887 | |||
| Dividends receivable | (2,136,532 | ) | ||
| Prepaid and other assets | (117,980 | ) | ||
| Increase/(Decrease) in liabilities: | ||||
| Payable for interest on loan | 18,033 | |||
| Payable for professional fees | (2,285 | ) | ||
| Payable to adviser | 101,369 | |||
| Net cash used in operating activities | $ | (69,627,243 | ) | |
| CASH FLOWS USED IN FINANCING ACTIVITIES: | ||||
| Proceeds from bank borrowing | $ | 10,000,000 | ||
| Proceeds from sale of shares, net of offering costs | 70,611,209 | |||
| Cost of shares redeemed | (236,069 | ) | ||
| Cash distributions paid on Preferred Shares | (2,949,817 | ) | ||
| Cash distributions paid, net of reinvestments | (15,216,639 | ) | ||
| Net cash provided by financing activities | $ | 62,208,684 | ||
| Net decrease in cash and restricted cash | $ | (7,418,559 | ) | |
| Cash and restricted cash, beginning of period | $ | 13,905,518 | ||
| Cash and restricted cash, end of period | $ | 6,486,959 | ||
See Notes to Financial Statements.
| Semi-Annual Report | December 31, 2025 | 27 |
RiverNorth Opportunities Fund, Inc.
| Statement of Cash Flows | For the Six Months Ended December 31, 2025 (Unaudited |
| SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||
| Cash paid during the period for interest from loans | $ | 51,026 | ||
| Noncash financing activities not included herein consist of | ||||
| Reconciliation of restricted and unrestricted cash at the beginning of period to the statement of assets and liabilities | ||||
| Cash | $ | 535,375 | ||
| Foreign Cash | $ | 1,402 | ||
| Deposit with broker for securities sold short | $ | 13,368,741 | ||
| Reconciliation of restricted and unrestricted cash at the end of the period to the statement of assets and liabilities | ||||
| Cash | $ | 167,922 | ||
| Foreign Cash | $ | 1,399 | ||
| Deposit with broker for securities sold short | $ | 6,317,638 | ||
See Notes to Financial Statements.
| 28 | www.rivernorth.com |
Intentionally Left Blank
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 |
| 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.
| 30 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Financial Highlights | For a common share outstanding throughout the periods presented. |
For the Period Ended December 31, 2025 | For the Year Ended June 30, 2025 | 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 | ||||||||||||||||||||
| $ | 12.51 | $ | 12.67 | $ | 12.31 | $ | 13.60 | $ | 17.02 | $ | 14.89 | $ | 17.39 | |||||||||||||
| 0.39 | 0.53 | 0.51 | 0.62 | 0.18 | 0.31 | 0.41 | ||||||||||||||||||||
| 0.75 | 1.12 | 1.51 | 0.22 | (0.85 | ) | 4.03 | (0.56 | ) | ||||||||||||||||||
| 1.14 | 1.65 | 2.02 | 0.84 | (0.67 | ) | 4.34 | (0.15 | ) | ||||||||||||||||||
| (0.77 | ) | (0.55 | ) | (0.70 | ) | (0.52 | ) | (0.70 | ) | (0.72 | ) | (0.51 | ) | |||||||||||||
| – | (0.22 | ) | – | – | (0.24 | ) | (1.37 | ) | (0.00 | )(c) | ||||||||||||||||
| – | (0.77 | ) | (0.71 | ) | (1.22 | ) | (1.34 | ) | – | (1.60 | ) | |||||||||||||||
| (0.77 | ) | (1.54 | ) | (1.41 | ) | (1.74 | ) | (2.28 | ) | (2.09 | ) | (2.11 | ) | |||||||||||||
| (0.12 | ) | (0.27 | ) | (0.25 | ) | (0.28 | ) | (0.10 | ) | – | – | |||||||||||||||
| (0.12 | ) | (0.27 | ) | (0.25 | ) | (0.28 | ) | (0.10 | ) | – | – | |||||||||||||||
| (0.22 | )(d) | – | – | (0.10 | )(e) | (0.13 | )(f) | (0.08 | )(g) | (0.21 | )(h) | |||||||||||||||
| – | – | – | (0.01 | ) | (0.02 | ) | (0.04 | ) | (0.03 | ) | ||||||||||||||||
| (0.22 | ) | – | – | (0.11 | ) | (0.15 | ) | (0.12 | ) | 0.24 | ||||||||||||||||
| – | – | – | – | (0.22 | ) | – | – | |||||||||||||||||||
| – | – | – | – | (0.22 | ) | – | – | |||||||||||||||||||
| 0.03 | (0.16 | ) | 0.36 | (1.29 | ) | (3.42 | ) | 2.13 | (2.50 | ) | ||||||||||||||||
| $ | 12.54 | $ | 12.51 | $ | 12.67 | $ | 12.31 | $ | 13.60 | $ | 17.02 | $ | 14.89 | |||||||||||||
| $ | 11.74 | $ | 12.26 | $ | 12.25 | $ | 11.49 | $ | 14.60 | $ | 18.21 | $ | 14.81 | |||||||||||||
| 6.82 | %(j) | 11.88 | % | 16.39 | %(j) | 4.41 | % | (7.41 | %) | 30.09 | % | (1.75 | %) | |||||||||||||
| 2.05 | %(j) | 13.40 | % | 20.56 | %(j) | (9.22 | %) | (7.10 | %) | 39.94 | % | (2.22 | %) | |||||||||||||
| $ | 343,215 | $ | 268,674 | $ | 271,819 | $ | 264,150 | $ | 248,690 | $ | 211,711 | $ | 139,166 | |||||||||||||
| 1.84 | %(l) | 2.07 | % | 2.12 | %(l) | 2.29 | % | 1.91 | % | 1.91 | % | 2.06 | % | |||||||||||||
| 6.20 | %(l) | 4.23 | % | 4.57 | %(l) | 4.93 | % | 1.18 | % | 1.87 | % | 2.59 | % | |||||||||||||
| 1.77 | %(l) | 1.87 | % | 1.86 | %(l) | 1.91 | % | 1.58 | % | 1.45 | % | 1.54 | % | |||||||||||||
| 6.27 | %(l) | 4.43 | % | 4.83 | %(l) | 5.31 | % | 1.51 | % | 2.33 | % | 3.11 | % | |||||||||||||
| 29 | %(j) | 58 | % | 49 | %(j) | 73 | % | 119 | % | 190 | % | 133 | % | |||||||||||||
| $ | 10,000 | – | – | – | – | – | $ | 7,500 | ||||||||||||||||||
| 35,123 | – | – | – | – | – | 19,556 | ||||||||||||||||||||
| $ | 97,750 | $ | 97,750 | $ | 97,750 | $ | 97,750 | $ | 97,750 | – | – | |||||||||||||||
| 113 | 94 | 95 | 93 | 89 | – | – | ||||||||||||||||||||
| $ | 25.00 | $ | 25.00 | $ | 25.00 | $ | 25.00 | $ | 25.00 | – | – | |||||||||||||||
| $ | 23.23 | $ | 23.45 | $ | 23.04 | $ | 23.40 | $ | 24.41 | – | – | |||||||||||||||
See Notes to Financial Statements.
| Semi-Annual Report | December 31, 2025 | 31 |
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 right offering of 5,899,015 common shares in October 2025 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 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. |
| (f) | 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. |
| (g) | 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. |
| (h) | 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. |
| (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.
| 32 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Notes to Financial Statements | December 31, 2025 (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” and the members thereof, “Directors”) 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 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 Cumulative Perpetual Preferred Stock (“Series A 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, 2025.
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, 2025 | 33 |
RiverNorth Opportunities Fund, Inc.
| Notes to Financial Statements | December 31, 2025 (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, 2025, 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 $0.1277 per common share for the period from July 1, 2025 to December 31, 2025.
| 34 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Notes to Financial Statements | December 31, 2025 (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 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 for 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, 2025 | 35 |
RiverNorth Opportunities Fund, Inc.
| Notes to Financial Statements | December 31, 2025 (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.
Pursuant to the requirements of Rule 2a-5 under the 1940 Act, the Board has 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.
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.
| 36 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Notes to Financial Statements | December 31, 2025 (Unaudited) |
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, 2025 | 37 |
RiverNorth Opportunities Fund, Inc.
| Notes to Financial Statements | December 31, 2025 (Unaudited) |
The following is a summary of the inputs used to value the Fund’s investments as of December 31, 2025:
| 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 | $ | 193,383,331 | $ | – | $ | – | $ | 193,383,331 | ||||||||
| Business Development Companies - Common Shares | 528,850 | – | – | 528,850 | ||||||||||||
| Business Development Companies - Preferred Shares | 5,307,585 | 897,268 | – | 6,204,853 | ||||||||||||
| Business Development Company Notes | 2,707,632 | 987,404 | – | 3,695,036 | ||||||||||||
| Common Stocks | 1,493,934 | – | – | 1,493,934 | ||||||||||||
| Corporate Bonds | – | 44,945,348 | – | 44,945,348 | ||||||||||||
| Special Purpose Acquisition Companies - Common Shares/Units | 159,663,088 | 17,969,171 | – | (1) | 177,632,259 | |||||||||||
| Rights | 1,052,610 | 268,382 | – | 1,320,992 | ||||||||||||
| Warrants | 1,408,769 | 181,077 | – | 1,589,846 | ||||||||||||
| Exchange Traded Funds - Common Shares | 13,192,500 | – | – | 13,192,500 | ||||||||||||
| Short-Term Investments | 8,828,379 | – | – | 8,828,379 | ||||||||||||
| Total | $ | 387,566,678 | $ | 65,248,650 | $ | – | $ | 452,815,328 | ||||||||
| Other Financial Instruments | ||||||||||||||||
| Liabilities: | ||||||||||||||||
| Securities Sold Short Special Purpose Acquisition Companies – Common Shares/Units | $ | (6,920,025 | ) | $ | – | $ | – | $ | (6,920,025 | ) | ||||||
| Total | $ | (6,920,025 | ) | $ | – | $ | – | $ | (6,920,025 | ) | ||||||
| (1) | Includes a security valued at zero. |
For the six months ended December 31, 2025, 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 other 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.
| 38 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Notes to Financial Statements | December 31, 2025 (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, 2025 | 39 |
RiverNorth Opportunities Fund, Inc.
| Notes to Financial Statements | December 31, 2025 (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, 2025, 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, 2025:
| Asset Derivatives | ||||||
| Risk Exposure | Statement of Assets and Liabilities Location | Value | ||||
| Equity Contracts (Rights) | Investments in securities, at value | $ | 1,320,992 | |||
| Equity Contracts (Warrants) | Investments in securities, at value | 1,589,846 | ||||
| $ | 2,910,838 | |||||
| 40 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Notes to Financial Statements | December 31, 2025 (Unaudited) |
The effect of derivative instruments on the Statements of Operations for the six months ended December 31, 2025:
| 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 | $ | 109,134 | $ | 155,081 | |||||
| Equity Contracts (Purchased Options) | Net realized gain/(loss) on investments/ Net change in unrealized appreciation/depreciation on investments | $ | (180,727 | ) | $ | – | ||||
| Equity Contracts (Written Options) | Net realized gain/(loss) on investments/ Net change in unrealized appreciation/depreciation on investments | $ | (76,269 | ) | $ | – | ||||
| Equity Contracts (Warrants) | Net realized gain/(loss) on investments/ Net change in unrealized appreciation/depreciation on investments | 131,749 | 445,654 | |||||||
| Total | $ | (16,113 | ) | $ | 600,735 | |||||
The Fund’s average fair value of rights and warrants held for the six months ended December 31, 2025 were $788,413 and $576,131, respectively. The Fund’s average fair value of written options and purchased options held for the six months ended December 31, 2025 was (200,676) and 102,642, 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, 2025, the Adviser accrued fees of $2,641,705, of which $491,320 remained payable at December 31, 2025.
| Semi-Annual Report | December 31, 2025 | 41 |
RiverNorth Opportunities Fund, Inc.
| Notes to Financial Statements | December 31, 2025 (Unaudited) |
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.
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.
| 42 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Notes to Financial Statements | December 31, 2025 (Unaudited) |
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
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.
In December 2023, the FASB issued Accounting Standards update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund’s financial statements.
6. CREDIT AGREEMENT
On November 25, 2020, the Fund entered into a $65,000,000 credit agreement for margin financing with Pershing LLC, which was amended and restated as of March 20, 2022 (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 borrow under the Pershing Credit Agreement for the six months ended December 31, 2025 and had no borrowings outstanding under the Pershing Credit Agreement as of December 31, 2025.
| Semi-Annual Report | December 31, 2025 | 43 |
RiverNorth Opportunities Fund, Inc.
| Notes to Financial Statements | December 31, 2025 (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.
During the Fund’s utilization period during the six months ended December 31, 2025, the Fund’s average borrowings and interest rate under the BNP Credit Agreement were $10,000,000 an 4.70%, respectively. The maximum amount borrowed for the period was $10,000,000 and the Fund had borrowings outstanding for eight days during the period. At December 31, 2025, there was $10,000,000 outstanding under the BNP Credit Agreement.
7. CUMULATIVE PERPETUAL PREFERRED STOCK
At December 31, 2025, the Fund had issued and outstanding 3,910,000 shares of Series A 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 Preferred Stock on April 20, 2022. The Series A 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 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 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 | $ | 89,460,800 | ||||||||||
8. CAPITAL SHARE TRANSACTIONS
The Fund’s authorized capital stock consists of 37,500,000 shares of capital stock, 33,590,000 of which are currently designated as Common Stock and 3,910,000 of which are currently designated as 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.
| 44 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Notes to Financial Statements | December 31, 2025 (Unaudited) |
During the six months ended December 31, 2025 and 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 92.5% of the NAV per share on October 6, 2025, 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 | ||||||||||||
| September 11, 2025 | October 6, 2025 | 5,899,015 | $ | 11.95 | $ | 70,493,299 | $ | 236,069 | $ | 70,257,160 | ||||||||||||
On August 31, 2018, the Fund entered into a sales agreement with Jones Trading Institutional Services LLC (“Jones”), under which the Fund was permitted to offer and sell up to 3,300,000 of the Fund’s common stock from time to time 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 new distribution agreement with ADI, pursuant to which the Fund was permitted to offer and sell up to 15,000,000 shares of the Fund’s common stock from time to time through ADI. On May 20, 2025, the Fund entered into a new 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 six months ended December 31, 2025.
Additional shares of the Fund may be issued under certain circumstances, including pursuant to the Fund’s automatic dividend reinvestment plan (the “Plan”). Additional information concerning the Plan is included within this report.
| Semi-Annual Report | December 31, 2025 | 45 |
RiverNorth Opportunities Fund, Inc.
| Notes to Financial Statements | December 31, 2025 (Unaudited) |
9. INVESTMENT TRANSACTIONS
Investment transactions for the six months ended December 31, 2025, excluding short-term investments, were as follows:
| Fund | Purchases of Securities | Proceeds from Sale of Securities | ||||||
| RiverNorth Opportunities Fund | $ | 193,141,115 | $ | 107,440,631 | ||||
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 by the Fund during the fiscal year ended June 30, 2025 was as follows:
| For the Period Ended June 30, 2025 | ||||
| Ordinary Income (Common) | $ | 11,908,717 | ||
| Ordinary Income (Preferred) | 5,131,875 | |||
| Tax-Exempt Income (Common) | – | |||
| Tax-Exempt Income (Preferred) | – | |||
| Long-Term Capital Gain | 4,715,681 | |||
| Return of Capital | 16,407,101 | |||
| Total | $ | 38,163,374 | ||
Tax Basis of Investments: Net unrealized appreciation/(depreciation) of investments based on federal tax cost as of December 31, 2025, was as follows:
| Cost of investments for income tax purposes | $ | 402,734,716 | ||
| Gross appreciation on investments (excess of value over tax cost)(a) | 49,876,709 | |||
| Gross depreciation on investments (excess of tax cost over value)(a) | (3,020,845 | ) | ||
| Net unrealized appreciation on investments | $ | 46,855,864 |
| (a) | Includes appreciation/(depreciation) on securities sold short. |
| 46 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Notes to Financial Statements | December 31, 2025 (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, 2025, the Fund paid the following distributions:
| Ex-Date | Record Date | Payable Date | Rate (per share) |
| January 15, 2026 | January 15, 2026 | January 30, 2026 | $0.1306 |
| February 13, 2026 | February 13, 2026 | February 27, 2026 | $0.1306 |
Additionally, on February 6, 2026, the Fund terminated the Pershing Credit Agreement.
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.
| Semi-Annual Report | December 31, 2025 | 47 |
RiverNorth Opportunities Fund, Inc.
| Dividend Reinvestment Plan | December 31, 2025 (Unaudited) |
RiverNorth Opportunities Fund, Inc. (the “Fund”) has a dividend reinvestment plan (the “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 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.
| 48 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Dividend Reinvestment Plan | December 31, 2025 (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 (844) 569-4750.
| Semi-Annual Report | December 31, 2025 | 49 |
RiverNorth Opportunities Fund, Inc.
| Additional Information | December 31, 2025 (Unaudited) |
PROXY VOTING GUIDELINES
A description of the policies and procedures that the Fund used to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies during the most recent 12-month period ended June 30, is available without charge upon request by (1) calling the Fund at (844) 569-4750 and (2) from Form N-PX filed by the Fund with the SEC on the SEC’s website at www.sec.gov.
PORTFOLIO HOLDINGS DISCLOSURE POLICY
The Fund files a complete schedule of investments with the SEC for the first and third quarter of the fiscal year on Part F of Form N-PORT. The Fund’ first and third fiscal quarters end on September 30 and March 31. The Form N-PORT filing must be filed within 60 days of the end of the quarter. The Fund’s Form N-PORT are available on the SEC’s website at www.sec.gov. You may also obtain copies by calling the Fund at (844) 569-4750.
STOCKHOLDER MEETING RESULTS
On September 22, 2025, the Fund held a Meeting of Stockholder to consider the proposals set forth below. The following votes were recorded:
Election of J. Wayne Hutchens as a Class II Director of the Fund.
| Shares Voted | % of Shares Voted | |||||||
| For | 14,743,735 | 96.46 | % | |||||
| Withheld | 541,799 | 3.54 | % | |||||
| Total | 15,285,534 | 100.00 | % | |||||
Election of Jerry R. Raio as a Class II Director of the Fund.
| Shares Voted | % of Shares Voted | |||||||
| For | 14,828,276 | 97.01 | % | |||||
| Withheld | 457,258 | 2.99 | % | |||||
| Total | 15,285,534 | 100.00 | % | |||||
Election of David M. Swanson as a Class III Director of the Fund.
| Shares Voted | % of Shares Voted | |||||||
| For | 1,472,168 | 92.77 | % | |||||
| Withheld | 114,685 | 7.23 | % | |||||
| Total | 1,586,853 | 100.00 | % | |||||
| 50 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Consideration and Approval of Advisory Agreement |
December 31, 2025 (Unaudited) |
Consideration of the Advisory Agreement
At an in-person meeting (the “Meeting”) of the Board of Directors (the “Board” or the “Directors”) of the RiverNorth Opportunities Fund, Inc. (the “Fund”) held on November 11-12, 2025 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 investment management 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, 2025, 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, including during executive sessions with their independent legal counsel.
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, 2025. These returns were compared to the returns of arbitrage and opportunity 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 and one-year periods ended September 30, 2025 and performed in line with the median of its Performance Group for the three-year, five-year and since inception periods ended September 30, 2025. Using market price returns, the Board observed that the Fund had underperformed the median of its Performance Group for the three-month, one-year, three-year and five-year periods ended September 30, 2025, and performed in line with the median of its Performance Group for the since inception period ended September 30, 2025. 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, 2025. 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, 2025 | 51 |
RiverNorth Opportunities Fund, Inc.
| Consideration and Approval of Advisory Agreement |
December 31, 2025 (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 Arbitrage and Opportunity fund peer group (the “Expense Group”). The Board noted that the Fund’s annual net expense ratio was in line with 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 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.
| 52 | www.rivernorth.com |
RiverNorth Opportunities Fund, Inc.
| Consideration and Approval of Advisory Agreement |
December 31, 2025 (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, 2025 | 53 |
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)(4) | Not applicable. |
| (a)(5) | Not applicable. |
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 6, 2026 |
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 6, 2026 |
| By: | /s/ Jonathan M. Mohrhardt | |
| Name: | Jonathan M. Mohrhardt | |
| Title: | Treasurer and Chief Financial Officer | |
| Date: | March 6, 2026 |