RIV - RiverNorth Opportunities Fund

What this means for you

Sit Investment is known for pushing closed-end funds to narrow the gap between price and value. For now it has told the regulator it is not seeking changes. One other large investor owns more than 5% of this fund and has said the same; that is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Oct 9, 2026

   AllianceBernstein L.P. now owns 22% of the fund's preferred shares, not the common shares most holders own.

   Original document →

2. Oct 9, 2026

   Equitable Holdings now owns 47% of the fund's preferred shares, not the common shares most holders own.

   Original document →

3. Sept 21, 2026

   Thrivent Financial for Lutherans now owns 24.7% of the fund's preferred shares, not the common shares most holders own.

   Original document →

4. Aug 28, 2026

   The fund offered holders the right to buy more shares, until Sept 23, 2026.

   Original document →

5. Aug 14, 2026

   The fund said it may sell new shares.

   Original document →

About this fund

• Run by RiverNorth Capital Management, LLC. As of June 30, 2026, from the fund's yearly report. Original document →
• Size: about $330 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 27% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 81% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -15.4%; at +10%, about +11.4%. As of June 30, 2026, from the fund's annual report. Original document →
• Costs: 1.7% a year in management fees; 1.9% a year in total, including interest on borrowed money. Fiscal year ended June 30, 2026. As of June 30, 2026, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 77 charge a lower management fee and 20 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $56 in the first year and about $542 over 10 years, assuming the holdings return 5% a year. As of June 30, 2026, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended June 30, 2026) the fund paid $1.55 a share. $0.54 of that was income; $0.71 came from gains; $0.30 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of June 30, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (June 30, 2026): $12.06. The shares traded at $11.66, about 3.3% below that. As of June 30, 2026, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 9.9% below to 1.4% above. As of June 30, 2026, from the fund's annual report. Original document →
• How the holdings did: up 8.6% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2010.

How this has changed

• Payouts per share: $1.55 in the fiscal year ended June 30, 2026; $1.54 in the year ended June 30, 2025; $1.41 in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.30 in the year ended June 30, 2026; $0.77 in the year ended June 30, 2025; $0.71 in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 1.91% a year in the fiscal year ended June 30, 2026; 2.07% a year in the year ended June 30, 2025; 2.12% a year in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $330 million at June 30, 2026; $269 million at June 30, 2025; $272 million at June 30, 2024. From the fund's quarterly holdings reports. Original documents: June 30, 2026 →, June 30, 2025 →, June 30, 2024 →.
• Borrowing: about 27% on top of its own money at June 30, 2026; 30% at June 30, 2025; 34% at June 30, 2024. From the fund's quarterly holdings reports. Original documents: June 30, 2026 →, June 30, 2025 →, June 30, 2024 →.
• The fund had about 27.4 million shares at June 30, 2026, up 27.6% from June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
  In between, the fund said it may sell new shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended June 30, 2026: the shares returned +8.3%, counting payouts; the holdings +9.8%. The holdings figure is what the fund's investments earned, before the share price is taken into account. As of June 30, 2026, from the fund's annual report. Original document →
• The year ended June 30, 2025: the shares returned +13.4%, counting payouts; the holdings +11.9%. As of June 30, 2025, from the fund's annual report. Original document →
• The year ended June 30, 2024: the shares returned +20.6%, counting payouts; the holdings +16.4%. As of June 30, 2024, from the fund's annual report. Original document →
• The year ended July 31, 2023: the shares returned -9.2%, counting payouts; the holdings +4.4%. As of July 31, 2023, from the fund's annual report. Original document →
• Those four years together: the shares returned +34.4%. $10,000 of shares bought at the start (Aug 1, 2022) would have become about $13,400 by June 30, 2026, with every payout counted, before tax. As of June 30, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +8.3%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 51 funds that invest in bonds with a fiscal year ending within six months of this one, 18 reported a higher share return for that year and 32 a lower one. As of June 30, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly shares (86%), the rest bonds and cash and short-term holdings. About 63% issued in the U.S.

1. Pershing Square USA, Ltd. - 7.9%
2. Pershing Square Holdings Ltd/fund - 6.9%
3. Cash and short-term - 5.4%
4. Blackrock Science And Technology Term Trust - 4.5%
5. Blackrock Health Sciences Term Trust - 3.7%
6. Royce Micro-Cap Trust, Inc. - 3.1%
7. BlackRock Corporate High Yield Fund, Inc. - 3.1%
8. Royce Small-cap Trust, Royce Value Trust, Inc. - 3%
9. Fs Specialty Lending Fund - 2.7%
10. Kayne Anderson Energy Infrastructure Fund - 2.6%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →