RiverNorth/DoubleLine Strategic Income Fd Cl R (RNDLX) N-CSRS Certified semi-annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENTINVESTMENT COMPANIES

Investment Company Act file number:811-21934

RiverNorth Funds

(Exact name of registrant as specified in charter)

325 North LaSalle Street, Suite 645, Chicago, IL 60654

(Address of principal executive offices) (Zip code)

Marc L. Collins

325 North LaSalle Street, Suite 645

Chicago, IL 60654

(Name and address of agent for service)

Registrant's telephone number, including area code:312-832-1440

Date of fiscal year end:09/30

Date of reporting period:03/31/2020

Item 1. Reports to Stockholders.

 

RiverNorth Funds Table of Contents

Opportunistic Closed-End Fund Strategies
Portfolio Update	2
RiverNorth Core Opportunity Fund	2
RiverNorth/DoubleLine Strategic Income Fund	5
RiverNorth/Oaktree High Income Fund	8
RiverNorth Funds Schedule of Investments and Financial Statements
Disclosure of Fund Expenses	11
Schedule of Investments
RiverNorth Core Opportunity Fund	13
RiverNorth/DoubleLine Strategic Income Fund	17
RiverNorth/Oaktree High Income Fund	61
Statement of Assets and Liabilities
RiverNorth Core Opportunity Fund	79
RiverNorth/DoubleLine Strategic Income Fund	80
RiverNorth/Oaktree High Income Fund	81
Statement of Operations
RiverNorth Core Opportunity Fund	82
RiverNorth/DoubleLine Strategic Income Fund	83
RiverNorth/Oaktree High Income Fund	84
Statements of Changes in Net Assets
RiverNorth Core Opportunity Fund	85
RiverNorth/DoubleLine Strategic Income Fund	87
RiverNorth/Oaktree High Income Fund	89
Financial Highlights
RiverNorth Core Opportunity Fund	92
RiverNorth/DoubleLine Strategic Income Fund	100
RiverNorth/Oaktree High Income Fund	108
Notes to Financial Statements	115
Additional Information	136
Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements	137

RiverNorth Funds Portfolio Update

March 31, 2020 (Unaudited)

RiverNorth Core Opportunity Fund

The classifications and breakouts of the Fund’s portfolio shown below are made by the Adviser as of March 31, 2020.

Investment Vehicle Allocation⁽¹⁾(percentages are based on net assets)

Asset Class Allocation⁽¹⁾(percentages are based on net assets)

 

The allocation does not add up to 100% as it reflects the estimated leverage utilized by the underlying funds.

2 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Portfolio Update

March 31, 2020 (Unaudited)

 Fixed Income Allocation⁽¹⁾⁽²⁾ (percentages are based on net assets)

 

The allocation does not add up to 100% due to rounding.

⁽¹⁾  Borrowing Risk – borrowings increase fund expenses and are subject to repayment, possibly at inopportune times. Closed-End Fund Risk – closed-end funds are exchange traded and may trade at a discount to their net asset values and may deploy leverage. Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Correlation Risk – the fund allocates its investments among different asset classes. Cyber Security Risk – operational and information security risks resulting from breaches in cyber security. Derivatives Risk – derivatives are subject to counterparty risk. Economic and Market Events Risk – events in certain sectors may result in an unusually high degree of volatility in the financial markets. Equity Risk – equity securities may experience volatility and the value of equity securities may move in opposite directions from each other and from other equity markets generally. Exchange-Traded Fund (“ETF”) Risk – ETFs do not sell individual shares directly to investors and only issue their shares in large blocks known as “creation units.” The investor purchasing a creation unit may sell the individual shares on a secondary market. Exchange Traded Note Risk – exchange traded notes represent unsecured debt of the issuer and may be influenced by interest rates, credit ratings of the issuer or changes in value of the reference index. Fixed Income Risk – the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default. Foreign/Emerging Market Risk – foreign securities may be subject to inefficient or volatile markets, different regulatory regimes or different tax policies. These risks may be enhanced in emerging markets. Investment Style Risk – investment strategies may come in and out of favor with investors and may underperform or outperform at times. Large Shareholder Purchase and Redemption Risk – The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. LIBOR Risk –A transition away from the London Interbank Offered Rate (“LIBOR”) may lead to increased volatility and illiquidity in markets that are tied to LIBOR, reduced values of LIBOR-related investments, and reduced effectiveness of hedging strategies, adversely affecting the Fund’s performance or net asset value. Liquidity Risk – when there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities in a timely manner at or near their perceived value. Management Risk – there is no guarantee that the adviser’s investment decisions will produce the desired results. Market Risk – economic conditions, interest rates and political events may affect the securities markets. Preferred Stock Risk – preferred stocks generally pay dividends, but may be less liquid than common stocks, have less priority than debt instruments and may be subject to redemption by the issuer. Real Estate Investment Trust (“REIT”) Risk – the value of REITs changes with the value of the underlying properties and changes in interest rates and are subject to additional fees. Security Risk – the value of the Fund may decrease in response to the activities and financial prospects of individual securities in the Fund’s portfolio. Short Sale Risk – short positions are speculative, are subject to transaction costs and are riskier than long positions in securities. Small-Cap Risk – small-cap companies are more susceptible to failure, are often thinly traded and have more volatile stock prices. Special Purpose Acquisition Companies (“SPACs”) Risk – investments in SPACs may be illiquid and/or be subject to restrictions on resale. Structured Notes Risk – because of the imbedded derivative feature, structured notes are subject to more risk than investing in a simple note or bond. Swap Risk – swap agreements are subject to counterparty default risk and may not perform as intended. Tax Risk – new federal or state governmental action could adversely affect the tax-exempt status of securities held by the Fund, resulting in higher tax liability for shareholders and potentially hurting Fund performance as well. Underlying Fund Risk – underlying funds have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values.

Semi-Annual Report | March 31, 2020 3

RiverNorth Funds Portfolio Update

March 31, 2020 (Unaudited)

⁽²⁾  Credit quality allocation reflects a fixed-income portfolio weighted average of the credit breakdown of each closed-end fund as provided by the adviser of said closed-end fund. If a credit breakdown is not provided by the adviser, Bloomberg is used. Investment grade refers to a bond rated BBB- or higher by S&P Global Ratings (“S&P”) or Baa3 or higher by Moody’s Investors Service, Inc. (“Moody’s”). High yield refers to a bond rated lower than investment grade. For more information about securities ratings, please see the Fund’s Statement of Additional information at www.rivernorth.com.

4 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Portfolio Update

March 31, 2020 (Unaudited)

RiverNorth/DoubleLine Strategic Income Fund

The classifications and breakouts of the Fund’s portfolio shown below are made by the Adviser as of March 31, 2020.

Strategy (“Sleeve”) Allocation

 

Credit Quality Distribution⁽¹⁾⁽²⁾ (percentages are based on net assets)

 

Semi-Annual Report | March 31, 2020 5

RiverNorth Funds Portfolio Update

March 31, 2020 (Unaudited)

Sector Breakdown⁽¹⁾ (percentages are based on net assets)

 

The allocation does not add up to 100% as it reflects the estimated leverage utilized by the underlying funds.

⁽¹⁾  Asset-Backed Security Risk – the risk that the value of the underlying assets will impair the value of the security. Borrowing Risk – borrowings increase fund expenses and are subject to repayment, possibly at inopportune times. Closed-End Fund Risk – closed-end funds are exchange traded and may trade at a discount to their net asset values and may deploy leverage. Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Currency Risk – foreign currencies will rise or decline relative to the U.S. dollar. Defaulted Securities Risk – defaulted securities carry the risk of uncertainty of repayment. Derivatives Risk – derivatives are subject to counterparty risk. Economic and Market Events Risk – events in certain sectors may result in an unusually high degree of volatility in the financial markets. Equity Risk – equity securities may experience volatility and the value of equity securities may move in opposite directions from each other and from other equity markets generally. Exchange Traded Note Risk – exchange traded notes represent unsecured debt of the issuer and may be influenced by interest rates, credit ratings of the issuer or changes in value of the reference index. Fixed Income Risk – the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default. Foreign/Emerging Market Risk – foreign securities may be subject to inefficient or volatile markets, different regulatory regimes or different tax policies. These risks may be enhanced in emerging markets. Investment Style Risk – investment strategies may come in and out of favor with investors and may underperform or outperform at times. Large Shareholder Purchase and Redemption Risk – The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. LIBOR Risk – A transition away from the London Interbank Offered Rate (“LIBOR”) may lead to increased volatility and illiquidity in markets that are tied to LIBOR, reduced values of LIBOR-related investments, and reduced effectiveness of hedging strategies, adversely affecting the Fund’s performance or net asset value. Liquidity Risk – illiquid investments may be difficult or impossible to sell. Management Risk – there is no guarantee that the adviser’s or sub-adviser’s investment decisions will produce the desired results. Market Risk –economic conditions, interest rates and political events may affect the securities markets. Mortgage-Backed Security Risk –mortgage backed securities are subject to credit risk, pre-payment risk and devaluation of the underlying collateral. Preferred Stock Risk – preferred stocks generally pay dividends, but may be less liquid than common stocks, have less priority than debt instruments and may be subject to redemption by the issuer. Rating Agency Risk – rating agencies may change their ratings or ratings may not accurately reflect a debt issuer’s creditworthiness. REIT Risk – the value of REITs changes with the value of the underlying properties and changes in interest rates and are subject to additional fees. Security Risk – The value of the Fund may decrease in response to the activities and financial prospects of individual securities in the Fund’s portfolio. Special Purpose Acquisition Companies Risk – Investments in SPACs may be illiquid and/or be subject to restrictions on resale. Structured Notes Risk – because of the imbedded derivative feature, structured notes are subject to more risk than investing in a simple note or bond. Swap Risk – swap agreements are subject to counterparty default risk and may not perform as intended. Tax Risk – new federal or state governmental action could adversely affect the tax-exempt status of securities held by the Fund, resulting in higher tax liability for shareholders and potentially hurting Fund performance as well. Underlying Fund Risk – underlying funds have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values. Unrated Security Risk – Unrated securities determined by the sub-adviser to be of comparable quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated securities and be subject to a greater risk of illiquidity or price changes. U.S. Government Securities Risk – There is a risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law. Valuation Risk – Loans and fixed-income securities are traded “over the counter” and because there is no centralized information regarding trading, the valuation of loans and fixed-income securities may vary.

6 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Portfolio Update

March 31, 2020 (Unaudited)

⁽²⁾  For the sleeve managed by RiverNorth Capital Management, LLC (“RiverNorth”), credit quality allocation reflects a fixed-income portfolio weighted average of the credit breakdown of each closed-end fund as provided by the advisor of said closed-end fund. If a credit breakdown is not provided by the advisor, Bloomberg is used. For the sleeves managed by DoubleLine Capital LP (“DoubleLine”), credit quality allocation is determined from the highest available credit rating from any Nationally Recognized Statistical Rating Organization (S&P, Moody’s and Fitch Ratings (“Fitch”)). Investment grade refers to a bond rated BBB- or higher by S&P or Baa3 or higher by Moody’s. High yield refers to a bond rated lower than investment grade. For more information about securities ratings, please see the Fund’s Statement of Additional Information at www.rivernorth.com.

Semi-Annual Report | March 31, 2020 7

RiverNorth Funds Portfolio Update

March 31, 2020 (Unaudited)

RiverNorth/Oaktree High Income Fund

The classifications and breakouts of the Fund’s portfolio shown below are made by the Adviser as of March 31, 2020.

Strategy Allocation

 

Credit Quality Distribution⁽¹⁾⁽²⁾ (percentages are based on net assets)

 

Sector Breakdown⁽¹⁾ (percentages are based on net assets)

 

The allocation does not add up to 100% as it reflects the leverage utilized by the underlying funds.

8 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Portfolio Update

March 31, 2020 (Unaudited)

⁽¹⁾  Borrowing Risk – borrowings increase fund expenses and are subject to repayment, possibly at inopportune times. Closed-End Fund Risk – closed-end funds are exchange traded, may trade at a discount to their net asset values and may deploy leverage. Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Credit Derivatives Risk – the use of credit derivatives is highly specialized, involves default, counterparty and liquidity risks and may not perfectly correlate to the underlying asset or liability being hedged. Currency Risk – foreign currencies will rise or decline relative to the U.S. dollar. Derivatives Risk – derivatives are subject to counterparty risk. Distressed and Defaulted Securities Risk – defaulted securities carry the risk of uncertainty of repayment. Economic and Market Events Risk – events in certain sectors may result in an unusually high degree of volatility in the financial markets. Equity Risk – equity securities may experience volatility and the value of equity securities may move in opposite directions from each other and from other equity markets generally. Exchange Traded Note Risk – exchange traded notes represent unsecured debt of the issuer and may be influenced by interest rates, credit ratings of the issuer or changes in value of the reference index. Fixed Income Risk – the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default. Floating Interest Rate Risk – loans pay interest based on the London Interbank Offered Rate (LIBOR) and a decline in LIBOR could negatively impact the Fund’s return. Foreign/Emerging Market Risk – foreign securities may be subject to inefficient or volatile markets, different regulatory regimes or different tax policies. These risks may be enhanced in emerging markets. High Portfolio Turnover Risk – May increase the Fund’s brokerage commission costs, which would reduce performance. Investment Style Risk – investment strategies may come in and out of favor with investors and may underperform or outperform at times. Large Shareholder Purchase and Redemption Risk – The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. LIBOR Risk – A transition away from LIBOR may lead to increased volatility and illiquidity in markets that are tied to LIBOR, reduced values of LIBOR-related investments, and reduced effectiveness of hedging strategies, adversely affecting the Fund’s performance or net asset value. Liquidity Risk – illiquid investments may be difficult or impossible to sell. Loans Risk – loans may be unrated or rated below investment grade and the pledged collateral may lose value. Secondary trading in loans is not fully-developed and may result in illiquidity. Management Risk – there is no guarantee that the adviser’s or sub-adviser’s investment decisions will produce the desired results. Market Risk – economic conditions, interest rates and political events may affect the securities markets. Preferred Stock Risk – preferred stocks generally pay dividends, but may be less liquid than common stocks, have less priority than debt instruments and may be subject to redemption by the issuer. REIT Risk – the value of REITs changes with the value of the underlying properties and changes in interest rates and are subject to additional fees. Security Risk – the value of the Fund may increase or decrease in response to the prospects of the issuers of securities and loans held in the Fund. Settlement Risk – Transactions in loans may settle on a delayed basis and the proceeds from the sale of loans may not be readily available to make additional investments or to meet the Fund’s redemption obligations. Special Purpose Acquisition Companies Risk – Investments in SPACs may be illiquid and/or be subject to restrictions on resale. Swap Risk – swap agreements are subject to counterparty default risk and may not perform as intended. Tax Risk – new federal or state governmental action could adversely affect the tax-exempt status of securities held by the Fund, resulting in higher tax liability for shareholders and potentially hurting Fund performance as well. Underlying Fund Risk – underlying funds have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values. Valuation Risk – Loans and fixed-income securities are traded “over the counter” and because there is no centralized information regarding trading, the valuation of loans and fixed-income securities may vary.

Semi-Annual Report | March 31, 2020 9

RiverNorth Funds Portfolio Update

March 31, 2020 (Unaudited)

⁽²⁾  For the sleeve managed by RiverNorth, credit quality allocation reflects a fixed-income portfolio weighted average of the credit breakdown of each closed-end fund as provided by the advisor of said closed-end fund. If a credit breakdown is not provided by the advisor, Bloomberg is used. For the sleeves managed by Oaktree Capital Management, L.P. (“Oaktree”), the sub-adviser uses a proprietary credit scoring matrix to rank potential investments. This process offers a systematic way of reviewing the key quantitative and qualitative variables impacting credit quality for each investment. Investment grade refers to a bond rated BBB- or higher by S&P or Baa3 or higher by Moody’s. High yield refers to a bond rated lower than investment grade. For more information about securities ratings, please see the Fund’s Statement of Additional Information at www.rivernorth.com.

10 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Disclosure of Fund Expenses

March 31, 2020 (Unaudited)

Expense Example

As a shareholder of the RiverNorth Funds (the “Trust” or “Funds”), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period, October 1, 2019, and held for the six months ended March 31, 2020.

Actual Expenses

The first line of the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your variable account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line of the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio and an assumed rate of return of 5% per year before expenses, which is not each Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balance or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare these 5% hypothetical examples with the 5% hypothetical examples that appear in the shareholder reports of other funds.

Please note that the expenses shown in the table below are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line for each share class of each Fund within the table is useful in comparing ongoing costs only, and will not help you determine the relative total costs of owning different funds. If these transactional costs were included, your costs would have been higher.

Semi-Annual Report | March 31, 2020 11

RiverNorth Funds Disclosure of Fund Expenses

March 31, 2020 (Unaudited)

	Beginning Account Value 10/01/2019	Ending Account Value 03/31/2020	Expense Ratio(a)	Expenses Paid During Period(b)
RiverNorth Core Opportunity Fund
Class I Shares
Actual	$1,000.00	$793.70	1.26%	$5.65
Hypothetical (5% return before expenses)	$1,000.00	$1,018.70	1.26%	$6.36
Class R Shares
Actual	$1,000.00	$793.00	1.51%	$6.77
Hypothetical (5% return before expenses)	$1,000.00	$1,017.45	1.51%	$7.62
RiverNorth/DoubleLine Strategic Income Fund
Class I Shares
Actual	$1,000.00	$937.70	0.86%	$4.17
Hypothetical (5% return before expenses)	$1,000.00	$1,020.70	0.86%	$4.34
Class R Shares
Actual	$1,000.00	$936.60	1.11%	$5.37
Hypothetical (5% return before expenses)	$1,000.00	$1,019.45	1.11%	$5.60
RiverNorth/Oaktree High Income Fund
Class I Shares
Actual	$1,000.00	$883.30	1.35%	$6.36
Hypothetical (5% return before expenses)	$1,000.00	$1,018.25	1.35%	$6.81
Class R Shares
Actual	$1,000.00	$882.10	1.60%	$7.53
Hypothetical (5% return before expenses)	$1,000.00	$1,017.00	1.60%	$8.07

^(a)  Annualized, based on the Fund’s most recent fiscal half-year expenses.

^(b)  Expenses are equal to the Fund’s annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (183), then divided by 366. Note this expense example is typically based on a six-month period.

12 (888) 848-7569 | www.rivernorth.com

RiverNorth Core Opportunity Fund Schedule of Investments

March 31, 2020 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 73.12%
378,618	Aberdeen Emerging Markets Equity Income Fund, Inc.	$	1,961,241
836,327	Aberdeen Total Dynamic Dividend Fund		5,503,032
584,521	AllianzGI NFJ Dividend Interest & Premium Strategy Fund		5,617,247
36,137	Alpine Global Dynamic Dividend Fund		265,246
7,670	Barings Global Short Duration High Yield Fund		85,367
1,042	BlackRock 2022 Global Income Opportunity Trust		7,898
64,802	BlackRock Floating Rate Income Trust		635,708
288,832	BlackRock Global Opportunities Equity Trust		2,394,417
284,551	BlackRock International Growth		1,280,479
257,187	BlackRock Resources & Commodities Strategy Trust		1,296,222
107,813	BrandywineGLOBAL -Global Income Opportunities Fund, Inc.		1,136,349
47,862	Clough Global Equity Fund		423,579
312,721	Clough Global Opportunities Fund		2,242,210
150,823	Cohen & Steers Quality Income Realty Fund, Inc.		1,363,440
152,537	Eagle Growth & Income Opportunities Fund		1,616,892
140,647	Eaton Vance Limited Duration Income Fund		1,486,639
53,071	Highland Global Allocation Fund		230,859
145,923	Highland Income Fund		1,244,723
43,659	Invesco Dynamic Credit Opportunities Fund		348,399
169,448	Kayne Anderson MLP/Midstream Investment Co.		615,096
75,332	NexPoint Credit Strategies Fund		622,242
159,825	Nuveen Credit Strategies Income Fund		906,208
15,896	Nuveen Intermediate Duration Quality Municipal Term Fund		211,894
63,888	PGIM Global High Yield Fund, Inc.		706,601
102,192	PIMCO Energy & Tactical Credit Opportunities Fund		548,771
185,750	Royce Micro-Cap Trust, Inc.		1,032,770
161,805	Royce Value Trust, Inc.		1,564,654
86,508	Source Capital, Inc.		2,654,931
630,724	Sprott Focus Trust, Inc.		3,178,849
26,457	Templeton Emerging Markets Fund		294,996
127,596	Templeton Global Income Fund		682,639
107,003	Voya Emerging Markets High Income Dividend Equity Fund		623,827
754,382	Voya Global Equity Dividend and Premium Opportunity Fund		3,439,982
276	Voya International High Dividend Equity Income Fund		1,057
34,680	Western Asset Emerging Markets Debt Fund, Inc.		365,180
110,309	Western Asset Global High Income Fund, Inc.		825,111
197,652	Western Asset High Income Opportunity Fund, Inc.		832,115
2,219	Western Asset Variable Rate Strategic Fund, Inc.		30,644
TOTAL CLOSED-END FUNDS
(Cost $65,465,753)			48,277,514
BUSINESS DEVELOPMENT COMPANIES -2.23%
27,100	Ares Capital Corp.		292,138

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 13

RiverNorth Core Opportunity Fund Schedule of Investments

March 31, 2020 (Unaudited)

Shares/Description			Value
157,820	Barings BDC, Inc.	$	1,180,494
TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $1,820,903)			1,472,632
COMMON STOCKS - 4.83%
13,110	Agba Acquisition, Ltd.(a)		129,789
6,581	Amplitude Healthcare Acquisition Corp.(a)		64,165
29,944	Churchill Capital Corp. II(a)		302,434
2,646	CIIG Merger Corp.(a)		25,931
9,711	Far Point Acquisition Corp., Class A(a)		98,275
75,837	Gordon Pointe Acquisition Corp.(a)		803,872
9,077	Greenvision Acquisition Corp.(a)		86,232
1,323	Healthcare Merger Corp.(a)		13,627
9,409	InterPrivate Acquisition Corp.(a)		93,055
5,163	Landcadia Holdings II, Inc.(a)		50,597
41,843	Leisure Acquisition Corp.(a)		456,507
12,752	LF Capital Acquisition Corp., Class A(a)		130,708
10,614	LIV Capital Acquisition Corp.(a)		104,017
10,753	Merida Merger Corp. I(a)		104,197
32,602	Pure Acquisition Corp.(a)		338,735
19,571	South Mountain Merger Corp.(a)		194,731
18,162	VectoIQ Acquisition Corp.(a)		193,244
TOTAL COMMON STOCKS
(Cost $2,995,578)			3,190,116
EXCHANGE TRADED FUNDS -7.73%
178,753	Invesco FTSE RAFI Emerging Markets Portfolio		2,758,159
70,000	Vanguard® FTSE Emerging Markets ETF		2,348,500
TOTAL EXCHANGE TRADED FUNDS
(Cost $6,435,885)			5,106,659
PREFERRED STOCKS - 1.16%
42,535	PennantPark Investment Corp., 5.500%, 10/15/2024		765,630
TOTAL PREFERRED STOCKS
(Cost $1,062,582)			765,630

Shares/Description		Rate	Maturity	Value
BUSINESS DEVELOPMENT COMPANY NOTES -1.35%
United States - 1.35%
4,420	Monroe Capital Corp.	5.75%	10/31/2023	87,527
8,145	Portman Ridge Finance Corp.	6.13%	09/30/2022	181,634

See Notes to Financial Statements.

14 (888) 848-7569 | www.rivernorth.com

RiverNorth Core Opportunity Fund Schedule of Investments

March 31, 2020 (Unaudited)

Shares/Description		Rate	Maturity		Value
4,687	THL Credit, Inc.	6.75%	12/30/2022	$	98,427
24,155	TriplePoint Venture Growth BDC Corp.	5.75%	07/15/2022		525,371
					892,959
TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $972,160)					892,959

Principal Amount/Description			Rate		Maturity		Value
CONVERTIBLE CORPORATE BONDS -1.33%
$	500,000	New Mountain Finance Corp.		5.75%		08/15/2023		410,052
500,000		TPG Specialty Lending, Inc.		4.50%		08/01/2022		465,035
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $892,546)								875,087

Shares/Description		Value
RIGHTS - 0.02%(a)
35,274	Big Rock Partners Acquisition Corp., Strike Price 11.50, Expires 12/31/2049	3,210
56,421	Pensare Acquisition Corp., Strike Price 11.50, Expires 08/08/2022	7,899
TOTAL RIGHTS
(Cost $35,880)		11,109
WARRANTS - 0.23%(a)
17,637	Big Rock Partners Acquisition Corp., Strike Price 11.50, Expires 12/01/2022	1,145
18,195	Brooge Holdings, Ltd., Strike Price 11.50, Expires 07/14/2023	14,556
3,237	Far Point Acquisition Corp., Strike Price 11.50, Expires 06/03/2025	1,748
75,837	Gordon Pointe Acquisition Corp., Strike Price 11.50, Expires 07/30/2024	10,617
14,758	Immunovant, Inc., Strike Price 11.50, Expires 12/18/2024	35,419
37,631	International General Insurance Holdings, Ltd., Strike Price 11.50, Expires 03/17/2025	15,805
26,164	Legacy Acquisition Corp., Strike Price 11.50, Expires 12/01/2022	6,541
20,922	Leisure Acquisition Corp., Strike Price 11.50, Expires 12/28/2022	1,883
12,752	LF Capital Acquisition Corp., Strike Price 11.50, Expires 06/28/2023	2,321
5,376	Merida Merger Corp. I, Strike Price 11.50, Expires 11/07/2026	2,688
82,651	Opes Acquisition Corp., Strike Price 11.50, Expires 01/16/2023	4,132
28,195	Pensare Acquisition Corp., Strike Price 11.50, Expires 08/08/2022	1,410
16,301	Pure Acquisition Corp., Strike Price 11.50, Expires 04/17/2023	16,138
19,178	Trident Acquisitions Corp., Strike Price 11.50, Expires 06/14/2021	1,822

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 15

RiverNorth Core Opportunity Fund Schedule of Investments

March 31, 2020 (Unaudited)

Shares/Description			Value
18,162	VectoIQ Acquisition Corp., Strike Price 11.50, Expires 06/12/2023	$	35,416
TOTAL WARRANTS
(Cost $215,915)			151,641
SHORT-TERM INVESTMENTS -4.99%
Money Market Fund - 4.99%
3,297,015	State Street Institutional Trust (7 Day Yield 0.61%)		3,297,015
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,297,015)			3,297,015
TOTAL INVESTMENTS - 96.99%
(Cost $83,194,217)			64,040,362
OTHER ASSETS IN EXCESS OF LIABILITIES -3.01%			1,985,032
NET ASSETS - 100.00%		$	66,025,394

^(a) Non-income producing security.

See Notes to Financial Statements.

16 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 20.77%
715,694	Aberdeen Asia-Pacific Income Fund, Inc.	$	2,419,046
359,764	Advent Convertible and Income		3,827,889
1,313,394	AllianceBernstein Global High Income Fund, Inc.		12,162,028
465,207	Ares Dynamic Credit Allocation Fund, Inc.		5,019,584
167,281	BlackRock Corporate High Yield Fund, Inc.		1,472,073
1,299,457	BlackRock Credit Allocation Income Trust		15,151,669
1,444,674	BlackRock Debt Strategies Fund, Inc.		12,207,495
382,671	BlackRock Floating Rate Income Strategies Fund, Inc.		3,830,537
85,914	BlackRock Limited Duration Income Trust		1,084,235
78,154	BlackRock Multi-Sector Income Trust		943,319
179,567	BlackRock Municipal 2020 Term Trust		2,634,248
778,874	BrandywineGLOBAL -Global Income Opportunities Fund, Inc.		8,209,332
457,859	Eaton Vance Floating-Rate Income Trust		4,693,055
2,729,979	Eaton Vance Limited Duration Income Fund		28,855,878
775,258	Eaton Vance Senior Income Trust		3,573,939
687,031	First Trust High Income Long/Short Fund		8,361,167
835,840	Highland Income Fund		7,129,715
1,472,092	Invesco Dynamic Credit Opportunities Fund		11,747,294
2,024,713	Invesco Senior Income Trust		6,519,576
1,013,845	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		5,282,132
125,214	Nuveen AMT-Free Quality Municipal Income Fund		1,695,398
2,499,497	Nuveen Credit Strategies Income Fund		14,172,148
378,750	Nuveen Dividend Advantage Municipal Income Fund		5,560,050
354,427	Nuveen Floating Rate Income Fund		2,675,924
468,233	Nuveen Floating Rate Income Opportunity Fund		3,478,971
610,577	Nuveen Global High Income Fund		6,826,251
1,445,261	Nuveen Quality Municipal Income Fund		19,857,886
892,908	PGIM Global High Yield Fund, Inc.		9,875,562
718,731	PGIM High Yield Bond Fund, Inc.		8,322,905
32,273	PIMCO Dynamic Credit Income Fund		542,832
127,614	Putnam Municipal Opportunities Trust		1,522,435
626,072	Templeton Emerging Markets Income Fund		4,683,019
3,550,669	Templeton Global Income Fund		18,996,079
320,802	Voya Prime Rate Trust		1,190,175
1,290,767	Western Asset Emerging Markets Debt Fund, Inc.		13,591,776
1,580,589	Western Asset Global High Income Fund, Inc.		11,822,806
1,158,997	Western Asset High Income Fund II, Inc.		5,806,575
7,319,433	Western Asset High Income Opportunity Fund, Inc.		30,814,813
158,316	Western Asset High Yield Defined Opportunity Fund, Inc.		1,952,036
4,861,299	Western Asset Inflation-Linked Opportunities & Income Fund		46,474,018
TOTAL CLOSED-END FUNDS
(Cost $413,778,459)			354,985,870

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 17

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Shares/Description		Value
BUSINESS DEVELOPMENT COMPANIES -0.70%
793,073	Ares Capital Corp.	$	8,549,327
450,876	Barings BDC, Inc.		3,372,552
TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $12,173,501)			11,921,879
COMMON STOCKS - 0.35%
12,164	Frontera Energy Corp.		30,045
469,471	Golub Capital BDC, Inc.		5,896,556
1,662	McDermott International, Inc.(a)(b)		–
TOTAL COMMON STOCKS
(Cost $6,363,478)			5,926,601
OPEN-END FUNDS - 1.55%
3,235,981	RiverNorth/Oaktree High Income Fund, Class I(c)		26,520,160
TOTAL OPEN-END FUNDS
(Cost $31,572,406)			26,520,160
PREFERRED STOCKS - 1.42%
333,397	Allianzgi Convertible & Income Fund, Series A, 5.625%(d)		8,264,912
316,636	Hercules Capital, Inc., 5.250%, 04/30/2025		7,757,582
188,696	New Mountain Finance Corp., 5.750%, 10/01/2023		4,055,077
233,620	PennantPark Investment Corp., 5.500%, 10/15/2024		4,205,160
TOTAL PREFERRED STOCKS
(Cost $26,341,718)			24,282,731

Shares/Description		Rate	Maturity	Value
BUSINESS DEVELOPMENT COMPANY NOTES -1.02%
United States - 1.02%
194,239	Portman Ridge Finance Corp.	6.13%	09/30/2022	4,331,530
179,152	THL Credit, Inc.	6.75%	12/30/2022	3,762,192
208,354	THL Credit, Inc.	6.13%	10/30/2023	4,192,103
237,249	TriplePoint Venture Growth BDC Corp.	5.75%	07/15/2022	5,160,166
				17,445,991
TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $19,904,219)				17,445,991

See Notes to Financial Statements.

18 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
FOREIGN CORPORATE BONDS -4.63%
Argentina - 0.12%
$	150,000	AES Argentina Generacion SA(e)	7.75%	02/02/2024	$	85,838
	750,000	Banco Macro SA(e)(f)	6.75%	11/04/2026		457,508
	150,000	Capex SA(e)	6.88%	05/15/2024		100,313
	650,000	Cia General de Combustibles SA(e)	9.50%	11/07/2021		460,655
	150,000	Pampa Energia SA(g)	9.13%	04/15/2029		101,033
	150,000	Pampa Energia SA(e)	7.50%	01/24/2027		101,200
	450,000	Pampa Energia SA(e)	9.13%	04/15/2029		303,098
	575,629	Stoneway Capital Corp.(e)	10.00%	03/01/2027		86,350
	100,000	YPF SA(g)	8.50%	06/27/2029		52,854
	450,000	YPF SA(e)	8.50%	07/28/2025		236,135
	200,000	YPF SA(e)	6.95%	07/21/2027		104,769
						2,089,753
Australia - 0.22%
	1,000,000	APT Pipelines, Ltd.(g)	4.25%	07/15/2027		1,043,472
	850,000	Commonwealth Bank of Australia(g)	4.32%	01/10/2048		837,917
	110,000	Macquarie Group, Ltd.(f)(g)	3M US L + 1.02%	11/28/2023		112,889
	705,000	Macquarie Group, Ltd.(f)(g)	3M US L + 1.33%	03/27/2024		738,613
	500,000	Sydney Airport Finance Co. Pty, Ltd.(g)	3.38%	04/30/2025		496,285
	500,000	Sydney Airport Finance Co. Pty, Ltd.(g)	3.63%	04/28/2026		537,057
						3,766,233
Austria - 0.04%
	200,000	JBS Investments II GmbH(g)	7.00%	01/15/2026		200,408
	600,000	Klabin Austria GmbH(e)	7.00%	04/03/2049		554,400
						754,808
Brazil - 0.17%
	1,450,000	Banco do Brasil SA(d)(e)(f)	6.25%	Perpetual Maturity		1,145,863
	1,050,000	CSN Islands XII Corp.(d)(e)	7.00%	Perpetual Maturity		630,320
	300,000	CSN Resources SA(g)	7.63%	04/17/2026		197,026
	200,000	Globo Comunicacao e Participacoes SA(g)	4.88%	01/22/2030		171,950
	200,000	Globo Comunicacao e Participacoes SA(e)	4.84%	06/08/2025		183,051
	200,000	Nexa Resources SA(e)	5.38%	05/04/2027		155,712
	600,000	Oi SA(h)	10.00% (4.00%)	07/27/2025		414,747
						2,898,669
British Virgin Islands - 0.07%
	300,000	C10 Capital SPV, Ltd.(d)(e)(f)	3M US L + 4.71%	Perpetual Maturity		237,750

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 19

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	100,000	C10 Capital SPV, Ltd.(d)(e)(f)	3M US L + 4.71%	Perpetual Maturity	$	79,250
	200,000	C5 Capital SPV, Ltd.(d)(e)(f)	3M US L + 4.28%	Perpetual Maturity		158,500
	800,000	Radiant Access, Ltd.(d)	4.60%	Perpetual Maturity		751,400
						1,226,900
Canada - 0.29%
	675,000	Bank of Montreal(f)	3.80%	12/15/2032		656,181
	140,000	Bombardier, Inc.(g)	6.00%	10/15/2022		106,050
	1,500,000	Canacol Energy, Ltd.(e)	7.25%	05/03/2025		1,303,133
	165,000	Garda World Security Corp.(g)	8.75%	05/15/2025		153,033
	185,000	GFL Environmental, Inc.(g)	5.13%	12/15/2026		181,762
	72,000	GFL Environmental, Inc.(g)	8.50%	05/01/2027		72,738
	600,000	Gran Tierra Energy, Inc.(g)	7.75%	05/23/2027		156,750
	175,000	Kronos Acquisition Holdings, Inc.(g)	9.00%	08/15/2023		145,030
	205,000	Mattamy Group Corp.(g)	4.63%	03/01/2030		177,453
	51,000	MEG Energy Corp.(g)	7.00%	03/31/2024		23,843
	265,000	MEG Energy Corp.(g)	7.13%	02/01/2027		133,825
	570,000	Nutrien, Ltd.	4.20%	04/01/2029		605,043
	145,000	Parkland Fuel Corp.(g)	5.88%	07/15/2027		136,728
	55,000	Telesat Canada / Telesat LLC(g)	6.50%	10/15/2027		53,105
	280,000	Tervita Corp.(g)	7.63%	12/01/2021		197,890
	750,000	TransCanada PipeLines, Ltd.	4.25%	05/15/2028		767,657
						4,870,221
Cayman Islands - 0.42%
	200,000	Banco Bradesco SA(e)	5.75%	03/01/2022		202,937
	910,000	Banco BTG Pactual SA(f)(g)	7.75%	02/15/2029		782,600
	600,000	Banco BTG Pactual SA(e)(f)	7.75%	02/15/2029		519,000
	200,000	Banco Mercantil del Norte SA/Grand Cayman(d)(f)(g)	7.50%	Perpetual Maturity		152,752
	1,650,000	Banco Mercantil del Norte SA/Grand Cayman(d)(e)(f)	7.63%	Perpetual Maturity		1,266,911
	1,000,000	CK Hutchison Capital Securities 17, Ltd.(d)(e)(f)	4.00%	Perpetual Maturity		952,492
	600,000	CSN Islands XI Corp.(g)	6.75%	01/28/2028		386,994
	200,000	Global Aircraft Leasing Co., Ltd.(g)(h)	6.50% (7.25%)	09/15/2024		130,300
	624,000	Gran Tierra Energy International Holdings, Ltd.(e)	6.25%	02/15/2025		161,460
	200,000	Grupo Aval, Ltd.(g)	4.38%	02/04/2030		161,250
	879,868	Interoceanica IV Finance, Ltd.(e)(i)	0.00%	11/30/2025		798,480
	700,000	Itau Unibanco Holding SA Island(d)(f)(g)	4.63%	Perpetual Maturity		574,350
	200,000	Latam Finance, Ltd.(g)	7.00%	03/01/2026		92,205
	200,000	Latam Finance, Ltd.(e)	6.88%	04/11/2024		90,161

See Notes to Financial Statements.

20 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	900,000	Latam Finance, Ltd.(e)	7.00%	03/01/2026	$	414,923
	163,298	Lima Metro Line 2 Finance, Ltd.(g)	5.88%	07/05/2034		175,717
	66,800	Transocean Guardian, Ltd.(g)	5.88%	01/15/2024		53,939
	210,000	Transocean Poseidon, Ltd.(g)	6.88%	02/01/2027		171,563
						7,088,034
Chile - 0.43%
	600,000	AES Gener SA(f)(g)	6.35%	10/07/2079		458,700
	200,000	AES Gener SA(e)(f)	7.13%	03/26/2079		157,625
	300,000	AES Gener SA(e)(f)	6.35%	10/07/2079		229,350
	200,000	Colbun SA(e)	3.95%	10/11/2027		192,775
	900,000	Empresa de Transporte de Pasajeros Metro SA(g)	5.00%	01/25/2047		909,274
	700,000	Empresa Electrica Guacolda SA(e)	4.56%	04/30/2025		497,410
	300,000	Empresa Nacional de Telecomunicaciones SA(e)	4.88%	10/30/2024		289,379
	200,000	Engie Energia Chile SA(e)	4.50%	01/29/2025		197,955
	1,400,000	Geopark, Ltd.(e)	6.50%	09/21/2024		806,743
	650,000	GNL Quintero SA(e)	4.63%	07/31/2029		623,053
	200,000	Inversiones CMPC SA(e)	4.75%	09/15/2024		194,133
	200,000	Sociedad Quimica y Minera de Chile SA(e)	4.38%	01/28/2025		193,051
	200,000	Transelec SA(e)	4.63%	07/26/2023		203,801
	200,000	Transelec SA(e)	4.25%	01/14/2025		191,749
	750,000	Transelec SA(e)	3.88%	01/12/2029		681,977
	200,000	VTR Finance BV(g)	6.88%	01/15/2024		187,000
	1,400,000	VTR Finance BV(e)	6.88%	01/15/2024	��	1,309,000
						7,322,975
China - 0.04%
	200,000	Agile Group Holdings, Ltd.(d)(f)	6.88%	Perpetual Maturity		166,990
	295,000	Agile Group Holdings, Ltd.(d)(f)	7.75%	Perpetual Maturity		230,846
	350,000	Yuzhou Properties Co., Ltd.	8.30%	05/27/2025		292,139
						689,975
Colombia - 0.18%
	450,000	Banco Bilbao Vizcaya Argentaria Colombia SA(e)	4.88%	04/21/2025		428,402
	200,000	Banco de Bogota SA(e)	5.38%	02/19/2023		195,751
	200,000	Bancolombia SA	3.00%	01/29/2025		179,952
	800,000	Bancolombia SA(f)	4.63%	12/18/2029		706,000
	350,000	Credivalores-Crediservicios SAS(g)	8.88%	02/07/2025		264,075
	100,000	Ecopetrol SA	5.88%	09/18/2023		98,625
	150,000	Gilex Holding Sarl(g)	8.50%	05/02/2023		128,887
	750,000	Gilex Holding Sarl(e)	8.50%	05/02/2023		644,434
	200,000	SURA Asset Management SA(e)	4.88%	04/17/2024		197,249

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 21

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	200,000	Tecnoglass, Inc.(e)	8.20%	01/31/2022	$	169,675
						3,013,050
Dominican Republic - 0.04%
	600,000	Aeropuertos Dominicanos Siglo XXI SA(e)	6.75%	03/30/2029		426,000
	300,000	Banco de Reservas de la Republica Dominicana(g)	7.00%	02/01/2023		287,250
						713,250
Great Britain- 0.36%
	710,000	Anglo American Capital PLC(g)	4.50%	03/15/2028		705,544
	625,000	AstraZeneca PLC	6.45%	09/15/2037		898,416
	790,000	Barclays PLC(f)	3M US L + 1.38%	05/16/2024		696,131
	760,000	Credit Agricole SA/London(g)	3.75%	04/24/2023		775,500
	1,230,000	HSBC Holdings PLC(f)	3M US L + 1.38%	09/12/2026		1,171,905
	350,000	Imperial Brands Finance PLC(g)	3.50%	07/26/2026		323,829
	730,000	Lloyds Banking Group PLC(f)	3M US L + 1.21%	11/07/2028		725,905
	200,000	MARB BondCo PLC(e)	7.00%	03/15/2024		179,749
	455,000	Royal Bank of Scotland Group PLC(f)	3M US L + 1.48%	05/15/2023		449,627
	450,000	Vedanta Resources Finance II PLC(g)	9.25%	04/23/2026		191,250
	200,000	Vedanta Resources Finance II PLC(e)	9.25%	04/23/2026		85,000
						6,202,856
Guatemala - 0.05%
	200,000	Energuate Trust(g)	5.88%	05/03/2027		200,002
	600,000	Energuate Trust(e)	5.88%	05/03/2027		600,006
						800,008
Hong Kong - 0.04%
	200,000	CNOOC Finance 2013, Ltd.	3.00%	05/09/2023		204,240
	200,000	RKP Overseas Finance, Ltd.(d)	7.95%	Perpetual Maturity		173,996
	400,000	RKPF Overseas, Ltd.(d)(f)	7.75%	Perpetual Maturity		374,002
						752,238
India - 0.11%
	400,000	Adani Ports & Special Economic Zone, Ltd.(e)	3.95%	01/19/2022		369,992
	200,000	Adani Ports & Special Economic Zone, Ltd.(e)	3.38%	07/24/2024		172,070
	200,000	Indian Oil Corp., Ltd.	5.75%	08/01/2023		196,693
	950,000	Network i2i, Ltd.(d)(f)(g)	5.65%	Perpetual Maturity		769,025
	800,000	Vedanta Resources, Ltd.(e)	6.13%	08/09/2024		303,410
						1,811,190
Indonesia - 0.13%
	1,000,000	Perusahaan Listrik Negara PT(e)	5.50%	11/22/2021		1,013,700

See Notes to Financial Statements.

22 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	1,334,000	Star Energy Geothermal Wayang Windu, Ltd.(e)	6.75%	04/24/2033	$	1,212,878
						2,226,578
Ireland - 0.13%
	760,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	3.50%	01/15/2025		646,922
	200,000	C&W Senior Financing DAC(g)	7.50%	10/15/2026		184,606
	600,000	C&W Senior Financing DAC(e)	6.88%	09/15/2027		521,681
	865,000	Shire Acquisitions Investments Ireland DAC	2.88%	09/23/2023		884,168
						2,237,377
Isle Of Man - 0.04%
	800,000	Gohl Capital, Ltd.	4.25%	01/24/2027		664,058
Israel - 0.08%
	100,000	Delek & Avner Tamar Bond, Ltd.(g)	5.08%	12/30/2023		98,070
	100,000	Delek & Avner Tamar Bond, Ltd.(g)	5.41%	12/30/2025		95,768
	1,100,000	Israel Electric Corp., Ltd.(g)	5.00%	11/12/2024		1,155,006
						1,348,844
Jamaica - 0.00%(j)
	608,591	Digicel Group Two, Ltd.(g)(h)	7.13% (2.00%)	04/01/2024		65,983
Japan - 0.11%
	805,000	Mitsubishi UFJ Financial Group, Inc.(f)	3M US L + 0.74%	03/02/2023		765,608
	1,325,000	Sumitomo Mitsui Financial Group, Inc.(f)	3M US L + 0.74%	01/17/2023		1,189,529
						1,955,137
Luxembourg- 0.16%
	1,200,000	JSL Europe SA(e)	7.75%	07/26/2024		873,054
	200,000	Millicom International Cellular SA(g)	6.63%	10/15/2026		190,890
	550,000	Millicom International Cellular SA(e)	6.25%	03/25/2029		495,303
	200,000	Minerva Luxembourg SA(e)	6.50%	09/20/2026		183,791
	1,050,000	Minerva Luxembourg SA(e)	5.88%	01/19/2028		928,148
						2,671,186
Malaysia - 0.08%
	200,000	CIMB Bank Bhd(f)	3M US L + 0.78%	10/09/2024		191,595
	400,000	Malayan Banking Bhd(f)	3M US L + 0.80%	08/16/2024		382,156
	600,000	Malayan Banking Bhd(f)	3.91%	10/29/2026		610,200
	200,000	TNB Global Ventures Capital Bhd	3.24%	10/19/2026		205,168
						1,389,119
Mauritius - 0.02%
	400,000	UPL Corp., Ltd.(e)	3.25%	10/13/2021		369,990

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 23

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Mexico - 0.49%
$	700,000	Alpha Holding SA de CV(g)	9.00%	02/10/2025	$	488,250
	200,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand(f)(g)	5.95%	10/01/2028		186,291
	500,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand(d)(f)	8.50%	Perpetual Maturity		517,500
	1,450,000	BBVA Bancomer SA(e)(f)	5.13%	01/18/2033		1,211,584
	650,000	Braskem Idesa SAPI(g)	7.45%	11/15/2029		461,006
	200,000	Cemex SAB de CV(e)	6.13%	05/05/2025		178,749
	400,000	Cemex SAB de CV(e)	7.75%	04/16/2026		360,224
	1,453,500	Cometa Energia SA de CV(e)	6.38%	04/24/2035		1,357,206
	1,200,000	Credito Real SAB de CV SOFOM ER(d)(e)(f)	9.13%	Perpetual Maturity		924,378
	301,619	Fermaca Enterprises S RL(e)	6.38%	03/30/2038		300,019
	600,000	Financiera Independencia SAB de CV SOFOM ENR(e)	8.00%	07/19/2024		366,753
	800,000	Mexarrend SAPI de CV(g)	10.25%	07/24/2024		551,004
	750,000	Operadora de Servicios Mega SA de CV Sofom ER(g)	8.25%	02/11/2025		516,562
	200,000	TV Azteca SAB de CV	8.25%	08/09/2024		141,951
	1,400,000	Unifin Financiera SAB de CV(d)(e)(f)	8.88%	Perpetual Maturity		853,328
						8,414,805
Netherlands - 0.19%
	400,000	AES Andres BV / Dominican Power Partners / Empresa Generadora de Electricidad It(g)	7.95%	05/11/2026		374,600
	345,000	AES Andres BV / Dominican Power Partners / Empresa Generadora de Electricidad It(e)	7.95%	05/11/2026		308,775
	200,000	Metinvest BV(e)	7.75%	10/17/2029		135,000
	600,000	Minejesa Capital BV(e)	4.63%	08/10/2030		540,874
	335,000	NXP BV / NXP Funding LLC / NXP USA, Inc.(g)	3.88%	06/18/2026		326,537
	950,000	Petrobras Global Finance BV	6.90%	03/19/2049		931,214
	200,000	Syngenta Finance NV	4.38%	03/28/2042		150,410
	600,000	Syngenta Finance NV(e)	5.68%	04/24/2048		484,368
						3,251,778
New Zealand - 0.06%
	895,000	Bank of New Zealand(g)	3.50%	02/20/2024		940,652

See Notes to Financial Statements.

24 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Panama - 0.06%
$	200,000	Aeropuerto Internacional de Tocumen SA(e)	5.63%	05/18/2036	$	205,002
	200,000	Cable Onda SA(g)	4.50%	01/30/2030		177,110
	400,000	Empresa de Transmision Electrica SA(g)	5.13%	05/02/2049		408,122
	300,000	Global Bank Corp.(f)(g)	3M US L + 3.30%	04/16/2029		292,500
						1,082,734
Peru - 0.06%
	100,000	Banco BBVA Peru SA(e)	5.00%	08/26/2022		99,845
	300,000	Camposol SA(g)	6.00%	02/03/2027		238,875
	400,000	Inkia Energy, Ltd.(e)	5.88%	11/09/2027		354,000
	200,000	Orazul Energy Egenor SCA(e)	5.63%	04/28/2027		177,708
	130,000	Scotiabank Peru SAA(e)(f)	3M US L + 3.86%	12/13/2027		123,312
						993,740
Philippines - 0.06%
	600,000	BDO Unibank, Inc.	2.95%	03/06/2023		595,500
	400,000	Union Bank of the Philippines	3.37%	11/29/2022		396,899
						992,399
Singapore - 0.24%
	715,000	BOC Aviation, Ltd.(f)(g)	3M US L + 1.13%	09/26/2023		712,909
	1,200,000	DBS Group Holdings, Ltd.(d)(f)	3.60%	Perpetual Maturity		1,113,000
	192,260	LLPL Capital Pte, Ltd.(g)	6.88%	02/04/2039		189,194
	400,000	Medco Bell Pte, Ltd.(g)	6.38%	01/30/2027		236,998
	600,000	Medco Oak Tree Pte, Ltd.(e)	7.38%	05/14/2026		381,650
	400,000	ONGC Videsh Vankorneft Pte, Ltd.	3.75%	07/27/2026		360,799
	400,000	United Overseas Bank, Ltd.(f)	2.88%	03/08/2027		394,436
	750,000	United Overseas Bank, Ltd.(d)(f)	3.88%	Perpetual Maturity		715,274
						4,104,260
South Korea - 0.03%
	550,000	Korea Expressway Corp.(f)(g)	3M US L + 0.70%	04/20/2020		550,306
Spain - 0.06%
	350,000	AI Candelaria Spain SLU(e)	7.50%	12/15/2028		261,990
	800,000	Banco Santander SA(f)	3M US L + 1.09%	02/23/2023		758,190
						1,020,180
Switzerland - 0.05%
	750,000	Credit Suisse Group AG(f)(g)	3M US L + 1.24%	06/12/2024		662,979

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 25

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	250,000	Walnut Bidco PLC(e)	9.13%	08/01/2024	$	198,750
						861,729
TOTAL FOREIGN CORPORATE BONDS
(Cost $92,784,771)						79,141,015
U.S. CORPORATE BONDS - 4.77%
Advertising - 0.03%
	560,000	Interpublic Group of Cos., Inc.	5.40%	10/01/2048		590,793
Aerospace/Defense - 0.03%
	220,000	TransDigm, Inc.(g)	6.25%	03/15/2026		220,137
	75,000	TransDigm, Inc.	6.38%	06/15/2026		72,229
	135,000	TransDigm, Inc.(g)	5.50%	11/15/2027		121,912
	105,000	Triumph Group, Inc.	7.75%	08/15/2025		75,468
						489,746
Agriculture - 0.13%
	795,000	Altria Group, Inc.	4.80%	02/14/2029		833,592
	1,270,000	BAT Capital Corp.	3.46%	09/06/2029		1,183,068
	315,000	Pyxus International, Inc.(g)	8.50%	04/15/2021		283,500
						2,300,160
Airlines - 0.05%
	840,000	Delta Air Lines, Inc.	3.80%	04/19/2023		791,065
Auto Manufacturers - 0.16%
	185,000	General Motors Co.(f)	3M US L + 0.80%	08/07/2020		181,831
	865,000	General Motors Financial Co., Inc.(f)	3M US L + 0.99%	01/05/2023		700,552
	225,000	General Motors Financial Co., Inc.	3.95%	04/13/2024		204,294
	810,000	Hyundai Capital America(g)	2.65%	02/10/2025		774,449
	955,000	Volkswagen Group of America Finance LLC(g)	4.25%	11/13/2023		945,289
						2,806,415
Auto Parts & Equipment - 0.01%
	105,000	Panther BF Aggregator 2 LP / Panther Finance Co., Inc.(g)	6.25%	05/15/2026		99,815
Banks - 0.25%
	300,000	BBVA Bancomer SA(e)(f)	5.40%	11/12/2029		275,563
	1,245,000	Citigroup, Inc.(f)	3M US L + 1.10%	05/17/2024		1,189,929
	1,120,000	Goldman Sachs Group, Inc.(f)	3M US L + 1.17%	05/15/2026		1,030,402
	750,000	Morgan Stanley(f)	3M US L + 1.34%	07/22/2028		787,576
	470,000	Wells Fargo & Co.(f)	3M US L + 1.17%	06/17/2027		484,914
	490,000	Wells Fargo & Co.(f)	3M US L + 1.17%	10/30/2030		486,909
						4,255,293
Beverages - 0.05%
	140,000	Anheuser-Busch InBev Worldwide, Inc.	4.90%	02/01/2046		153,498

See Notes to Financial Statements.

26 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	550,000	Anheuser-Busch InBev Worldwide, Inc.	4.60%	04/15/2048	$	585,416
	115,000	Constellation Brands, Inc.	3.15%	08/01/2029		107,861
						846,775
Building Materials - 0.06%
	140,000	Builders FirstSource, Inc.(g)	5.00%	03/01/2030		126,787
	510,000	Carrier Global Corp.(g)	3.38%	04/05/2040		452,383
	130,000	Griffon Corp.(g)	5.75%	03/01/2028		122,931
	375,000	Owens Corning	4.40%	01/30/2048		321,776
						1,023,877
Chemicals - 0.02%
	340,000	DuPont de Nemours, Inc.	5.42%	11/15/2048		375,959
Coal - 0.01%
	110,000	Peabody Energy Corp.(g)	6.00%	03/31/2022		75,625
	170,000	SunCoke Energy Partners LP /SunCoke Energy Partners Finance Corp.(g)	7.50%	06/15/2025		123,670
						199,295
Commercial Services - 0.06%
	140,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.(g)	6.63%	07/15/2026		137,813
	160,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.(g)	9.75%	07/15/2027		151,899
	195,000	MPH Acquisition Holdings LLC(g)	7.13%	06/01/2024		171,118
	125,000	United Rentals North America, Inc.	6.50%	12/15/2026		127,569
	160,000	United Rentals North America, Inc.	5.25%	01/15/2030		160,840
	197,000	Verscend Escrow Corp.(g)	9.75%	08/15/2026		198,122
						947,361
Computers - 0.04%
	780,000	Flexential Intermediate Corp.(g)	11.25%	08/01/2024		715,650
Distribution/Wholesale - 0.01%
	160,000	Performance Food Group, Inc.(g)	5.50%	10/15/2027		149,612
Diversified Financial Services - 0.30%
	813,000	Air Lease Corp.	3.75%	02/01/2022		752,795
	760,000	American Express Co.	2.50%	08/01/2022		774,147
	220,000	Capital One Financial Corp.(f)	3M US L + 0.72%	01/30/2023		205,709
	690,000	Charles Schwab Corp.	3.55%	02/01/2024		725,967
	1,055,000	Discover Financial Services	4.10%	02/09/2027		1,017,241
	140,000	Nationstar Mortgage Holdings, Inc.(g)	8.13%	07/15/2023		137,768
	95,000	Navient Corp.	5.00%	03/15/2027		82,384
	265,000	NFP Corp.(g)	6.88%	07/15/2025		263,004
	165,000	Springleaf Finance Corp.	6.63%	01/15/2028		155,422
	75,000	Springleaf Finance Corp.	5.38%	11/15/2029		69,080
	745,000	Synchrony Financial	3.95%	12/01/2027		664,075

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 27

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	265,000	Tempo Acquisition LLC / Tempo Acquisition Finance Corp.(g)	6.75%	06/01/2025	$	244,470
						5,092,062
Electric - 0.28%
	155,000	Calpine Corp.(g)	5.13%	03/15/2028		143,763
	55,000	Duke Energy Corp.	3.75%	09/01/2046		52,985
	485,000	Duke Energy Corp.	3.95%	08/15/2047		470,285
	535,000	Duke Energy Progress LLC	4.15%	12/01/2044		606,278
	315,000	General Electric Co.	5.88%	01/14/2038		370,821
	715,000	Georgia Power Co.	2.20%	09/15/2024		672,072
	1,100,000	ITC Holdings Corp.	3.25%	06/30/2026		1,120,416
	275,000	Monongahela Power Co.(g)	5.40%	12/15/2043		308,161
	1,000,000	Virginia Electric & Power Co.	3.50%	03/15/2027		1,049,278
						4,794,059
Electronics - 0.02%
	390,000	Arrow Electronics, Inc.	3.88%	01/12/2028		374,789
Engineering & Construction - 0.03%
	215,000	AECOM	5.13%	03/15/2027		195,337
	400,000	SBA Tower Trust(g)	3.17%	04/11/2022		398,100
						593,437
Entertainment - 0.05%
	150,000	Cedar Fair LP(g)	5.25%	07/15/2029		127,582
	160,000	Eldorado Resorts, Inc.	6.00%	04/01/2025		145,001
	210,000	Lions Gate Capital Holdings LLC(g)	6.38%	02/01/2024		186,369
	220,000	Live Nation Entertainment, Inc.(g)	4.75%	10/15/2027		198,121
	135,000	Scientific Games International, Inc.(g)	7.25%	11/15/2029		84,301
	180,000	Twin River Worldwide Holdings, Inc.(g)	6.75%	06/01/2027		136,537
						877,911
Environmental Control - 0.05%
	130,000	Clean Harbors, Inc.(g)	4.88%	07/15/2027		127,979
	610,000	Waste Management, Inc.	4.00%	07/15/2039		665,797
						793,776
Food - 0.26%
	160,000	Albertsons Cos. Inc / Safeway, Inc. /New Albertsons LP / Albertsons LLC(g)	4.63%	01/15/2027		160,088
	100,000	B&G Foods, Inc.	5.25%	04/01/2025		98,191
	80,000	B&G Foods, Inc.	5.25%	09/15/2027		78,300
	40,000	JBS USA LUX SA / JBS USA Finance, Inc.(g)	5.88%	07/15/2024		40,650
	25,000	JBS USA LUX SA / JBS USA Finance, Inc.(g)	5.75%	06/15/2025		25,468
	230,000	JBS USA LUX SA / JBS USA Finance, Inc.(g)	6.75%	02/15/2028		246,801

See Notes to Financial Statements.

28 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	100,000	Kraft Heinz Foods Co.	3.95%	07/15/2025	$	98,502
	75,000	Kraft Heinz Foods Co.	5.00%	07/15/2035		75,068
	205,000	Kraft Heinz Foods Co.	5.20%	07/15/2045		198,260
	825,000	Kroger Co.	3.40%	04/15/2022		844,975
	850,000	NBM US Holdings, Inc.(g)	7.00%	05/14/2026		777,425
	210,000	Pilgrim's Pride Corp.(g)	5.88%	09/30/2027		210,409
	180,000	Post Holdings, Inc.(g)	4.63%	04/15/2030		173,700
	859,000	Smithfield Foods, Inc.(g)	4.25%	02/01/2027		801,594
	465,000	Sysco Corp.	3.30%	02/15/2050		341,483
	200,000	Sysco Corp.	6.60%	04/01/2050		218,058
						4,388,972
Healthcare-Products - 0.03%
	505,000	Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA(g)	7.25%	02/01/2028		438,037
Healthcare-Services - 0.10%
	70,000	Centene Corp.(g)	4.25%	12/15/2027		70,521
	125,000	Centene Corp.(g)	3.38%	02/15/2030		116,719
	235,000	HCA, Inc.	5.38%	09/01/2026		243,830
	145,000	LifePoint Health, Inc.(g)	4.38%	02/15/2027		137,678
	935,000	Radiology Partners, Inc.(g)	9.25%	02/01/2028		816,488
	155,000	Select Medical Corp.(g)	6.25%	08/15/2026		155,853
	130,000	West Street Merger Sub, Inc.(g)	6.38%	09/01/2025		114,292
						1,655,381
Insurance - 0.25%
	125,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer(g)	6.75%	10/15/2027		117,744
	890,000	Athene Global Funding(g)	3.00%	07/01/2022		876,891
	785,000	Equitable Holdings, Inc.	3.90%	04/20/2023		783,194
	160,000	GTCR AP Finance, Inc.(g)	8.00%	05/15/2027		148,567
	1,190,000	Liberty Mutual Group, Inc.(g)	3.95%	10/15/2050		1,109,441
	340,000	Prudential Financial, Inc.	3.91%	12/07/2047		330,154
	835,000	Willis North America, Inc.	4.50%	09/15/2028		918,619
						4,284,610
Internet - 0.04%
	350,000	Expedia Group, Inc.	3.80%	02/15/2028		303,511
	235,000	Netflix, Inc.(g)	4.88%	06/15/2030		239,864
	125,000	Uber Technologies, Inc.(g)	7.50%	09/15/2027		124,347
						667,722
Investment Companies - 0.58%
	5,000,000	Business Development Corp. of America(g)	5.38%	05/30/2023		5,177,614
	5,000,000	FS KKR Capital Corp.	4.75%	05/15/2022		4,619,799

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 29

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	180,000	Icahn Enterprises LP / Icahn Enterprises Finance Corp.	5.25%	05/15/2027	$	167,625
						9,965,038
Leisure Time - 0.02%
	175,000	Royal Caribbean Cruises, Ltd.	3.70%	03/15/2028		110,460
	370,000	Viking Cruises, Ltd.(g)	5.88%	09/15/2027		218,544
						329,004
Lodging - 0.01%
	200,000	Boyd Gaming Corp.(g)	4.75%	12/01/2027		166,110
Machinery-Diversified - 0.02%
	390,000	John Deere Capital Corp.	3.45%	01/10/2024		412,090
Manufactured Goods - 0.01%
	105,000	Gates Global LLC / Gates Corp.(g)	6.25%	01/15/2026		93,503
Media - 0.15%
	300,000	CCO Holdings LLC / CCO Holdings Capital Corp.(g)	5.75%	02/15/2026		304,785
	105,000	Cengage Learning, Inc.(g)	9.50%	06/15/2024		78,618
	735,000	Charter Communications Operating LLC / Charter Communications Operating Capital	4.91%	07/23/2025		793,225
	165,000	Clear Channel Worldwide Holdings, Inc.(g)	5.13%	08/15/2027		155,422
	390,000	CSC Holdings LLC	5.25%	06/01/2024		393,411
	135,000	Diamond Sports Group LLC / Diamond Sports Finance Co.(g)	5.38%	08/15/2026		110,449
	245,000	Gray Television, Inc.(g)	7.00%	05/15/2027		245,135
	35,000	iHeartCommunications, Inc.	8.38%	05/01/2027		29,993
	90,000	Nexstar Broadcasting, Inc.(g)	5.63%	07/15/2027		88,474
	130,000	Scripps Escrow, Inc.(g)	5.88%	07/15/2027		115,121
	255,000	Sirius XM Radio, Inc.(g)	5.38%	07/15/2026		260,043
						2,574,676
Mining - 0.10%
	195,000	Arconic Corp.(g)	6.13%	02/15/2028		200,850
	450,000	Freeport-McMoRan, Inc.	5.40%	11/14/2034		419,385
	1,200,000	Freeport-McMoRan, Inc.	5.45%	03/15/2043		1,083,360
	80,000	Novelis Corp.(g)	4.75%	01/30/2030		71,650
						1,775,245
Oil & Gas - 0.20%
	715,000	Brooklyn Union Gas Co.(g)	4.49%	03/04/2049		762,249
	715,000	CNOOC Finance 2015 USA, LLC	3.75%	05/02/2023		748,093
	175,000	Gulfport Energy Corp.	6.38%	05/15/2025		43,968
	430,000	Halliburton Co.	2.92%	03/01/2030		337,479
	140,000	Hilcorp Energy I LP / Hilcorp Finance Co.(g)	6.25%	11/01/2028		62,796

See Notes to Financial Statements. 

30 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	65,000	Indigo Natural Resources LLC(g)	6.88%	02/15/2026	$	43,392
	780,000	Marathon Petroleum Corp.	5.13%	12/15/2026		774,127
	170,000	Oasis Petroleum, Inc.	6.88%	03/15/2022		34,850
	145,000	Parsley Energy LLC / Parsley Finance Corp.(g)	5.63%	10/15/2027		103,030
	140,000	QEP Resources, Inc.	5.63%	03/01/2026		52,161
	110,000	Sunoco LP / Sunoco Finance Corp.	6.00%	04/15/2027		95,366
	135,000	Transocean, Inc.(g)	8.00%	02/01/2027		64,631
	295,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	09/01/2027		184,537
	160,000	WPX Energy, Inc.	4.50%	01/15/2030		87,480
						3,394,159
Packaging & Containers - 0.06%
	185,000	Flex Acquisition Co., Inc.(g)	6.88%	01/15/2025		174,357
	80,000	Silgan Holdings, Inc.(g)	4.13%	02/01/2028		74,400
	776,000	WRKCo, Inc.	3.75%	03/15/2025		781,584
						1,030,341
Pharmaceuticals - 0.20%
	125,000	Bausch Health Cos., Inc.(g)	7.00%	03/15/2024		128,907
	155,000	Bausch Health Cos., Inc.(g)	7.00%	01/15/2028		161,595
	155,000	Bausch Health Cos., Inc.(g)	7.25%	05/30/2029		161,719
	125,000	Bausch Health Cos., Inc.(g)	5.25%	01/30/2030		117,813
	1,260,000	Becton Dickinson and Co.	2.89%	06/06/2022		1,262,056
	720,000	Bristol-Myers Squibb Co.(g)	4.35%	11/15/2047		908,273
	355,000	Cigna Corp.(f)	3M US L + 0.89%	07/15/2023		330,289
	340,000	Cigna Corp.	4.90%	12/15/2048		412,990
						3,483,642
Pipelines - 0.17%
	73,000	Antero Midstream Partners LP / Antero Midstream Finance Corp.(g)	5.75%	03/01/2027		47,273
	175,000	Cheniere Energy Partners LP	5.25%	10/01/2025		164,057
	130,000	Cheniere Energy Partners LP	5.63%	10/01/2026		121,631
	435,000	Enable Midstream Partners LP	4.40%	03/15/2027		211,361
	775,000	Energy Transfer Operating LP	4.75%	01/15/2026		686,316
	180,000	Hess Midstream Operations LP(g)	5.13%	06/15/2028		127,179
	598,000	Kinder Morgan Energy Partners LP	6.95%	01/15/2038		624,105
	180,000	ONEOK, Inc.	3.40%	09/01/2029		135,277
	735,000	Sabine Pass Liquefaction LLC	5.00%	03/15/2027		626,421
	265,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.(g)	5.50%	03/01/2030		207,031
						2,950,651
REITS - 0.33%
	555,000	Alexandria Real Estate Equities, Inc.	4.00%	01/15/2024		568,094

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 31

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	705,000	American Tower Corp.	3.60%	01/15/2028	$	706,219
	885,000	Boston Properties LP	3.40%	06/21/2029		920,963
	800,000	Crown Castle International Corp.	3.70%	06/15/2026		811,653
	200,000	Crown Castle International Corp.	3.65%	09/01/2027		199,712
	198,000	ESH Hospitality, Inc.(g)	5.25%	05/01/2025		167,559
	165,000	Iron Mountain, Inc.(g)	4.88%	09/15/2029		156,147
	265,000	MPT Operating Partnership LP / MPT Finance Corp.	5.25%	08/01/2026		265,521
	190,000	National Retail Properties, Inc.	2.50%	04/15/2030		169,905
	785,000	Public Storage	3.39%	05/01/2029		789,524
	75,000	Simon Property Group LP	2.45%	09/13/2029		69,429
	25,000	VICI Properties LP / VICI Note Co., Inc.(g)	3.75%	02/15/2027		23,703
	30,000	VICI Properties LP / VICI Note Co., Inc.(g)	4.13%	08/15/2030		28,594
	795,000	Welltower, Inc.	3.95%	09/01/2023		788,840
						5,665,863
Retail - 0.11%
	27,000	Asbury Automotive Group, Inc.(g)	4.50%	03/01/2028		23,152
	27,000	Asbury Automotive Group, Inc.(g)	4.75%	03/01/2030		23,153
	235,000	Beacon Roofing Supply, Inc.(g)	4.88%	11/01/2025		213,557
	60,000	Carvana Co.(g)	8.88%	10/01/2023		57,148
	235,000	Golden Nugget, Inc.(g)	6.75%	10/15/2024		149,780
	335,000	Home Depot, Inc.	3.90%	06/15/2047		378,371
	195,000	IRB Holding Corp.(g)	6.75%	02/15/2026		155,309
	325,000	McDonald's Corp.	4.45%	03/01/2047		353,382
	190,000	PetSmart, Inc.(g)	7.13%	03/15/2023		180,405
	66,000	PetSmart, Inc.(g)	5.88%	06/01/2025		65,505
	185,000	Staples, Inc.(g)	7.50%	04/15/2026		162,916
	55,000	Yum! Brands, Inc.(g)	7.75%	04/01/2025		57,888
						1,820,566
Semiconductors - 0.05%
	820,000	Marvell Technology Group, Ltd.	4.20%	06/22/2023		839,752
Software - 0.05%
	20,000	CDK Global, Inc.(g)	5.25%	05/15/2029		20,475
	155,000	Dun & Bradstreet Corp.(g)	6.88%	08/15/2026		162,072
	190,000	Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho(g)	10.00%	11/30/2024		195,518
	435,000	Oracle Corp.	3.85%	04/01/2060		439,865
						817,930
Special Purpose Banks - 0.01%
	160,000	Caesars Resort Collection LLC / CRC Finco, Inc.(g)	5.25%	10/15/2025		116,752

See Notes to Financial Statements.

32 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Telecommunications - 0.29%
$	1,140,000	AT&T, Inc.	5.25%	03/01/2037	$	1,331,764
	160,000	CenturyLink, Inc.(g)	5.13%	12/15/2026		160,400
	145,000	CenturyLink, Inc.(g)	4.00%	02/15/2027		139,562
	120,000	CommScope, Inc.(g)	5.50%	03/01/2024		122,190
	30,000	CommScope, Inc.(g)	6.00%	03/01/2026		30,124
	345,000	Corning, Inc.	4.38%	11/15/2057		360,344
	155,000	Front Range BidCo, Inc.(g)	4.00%	03/01/2027		149,187
	85,000	Front Range BidCo, Inc.(g)	6.13%	03/01/2028		81,228
	155,000	Frontier Communications Corp.(g)	8.00%	04/01/2027		153,734
	120,000	Gogo Intermediate Holdings LLC / Gogo Finance Co., Inc.(g)	9.88%	05/01/2024		95,551
	100,000	GTT Communications, Inc.(g)	7.88%	12/31/2024		65,250
	1,245,000	Intelsat Jackson Holdings SA(g)	8.50%	10/15/2024		791,764
	260,000	Level 3 Financing, Inc.	5.38%	01/15/2024		262,274
	180,000	Level 3 Financing, Inc.(g)	4.63%	09/15/2027		179,901
	200,000	Sprint Corp.	7.13%	06/15/2024		220,997
	720,000	Verizon Communications, Inc.	4.40%	11/01/2034		845,670
						4,989,940
Transportation - 0.07%
	815,000	CSX Corp.	3.80%	11/01/2046		823,163
	330,000	FedEx Corp.	4.75%	11/15/2045		318,213
	30,000	Kenan Advantage Group, Inc.(g)	7.88%	07/31/2023		25,444
						1,166,820
Trucking & Leasing - 0.02%
	405,000	Penske Truck Leasing Co. LP / PTL Finance Corp.(g)	4.20%	04/01/2027		417,177
TOTAL U.S. CORPORATE BONDS
(Cost $85,322,842)						81,561,831
CONVERTIBLE CORPORATE BONDS -0.55%
$	5,000,000	BlackRock TCP Capital Corp.	4.63%	03/01/2022		4,487,500
	6,000,000	New Mountain Finance Corp.	5.75%	08/15/2023		4,920,626
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $10,310,341)						9,408,126
FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.17%
	400,000	Dominican Republic International Bond(g)	4.50%	01/30/2030		349,800
	800,000	Dominican Republic International Bond	6.40%	06/05/2049		712,244

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 33

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	600,000	Export Import Bank of Thailand(f)	3M US L + 0.90%	11/20/2023	$	595,707
	285,000	Mexico Government International Bond	4.15%	03/28/2027		292,552
	875,000	Mexico Government International Bond	3.75%	01/11/2028		874,353
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES
(Cost $2,975,724)						2,824,656
BANK LOANS - 1.14%(f)
Canada - 0.02%
	415,000	Kronos Acquisition Intermediate, Inc., First Lien - Initial Term Loan	1M US L + 4.00%, 1.00% Floor	05/15/2023		375,403
Ireland - 0.03%
	523,664	ION Trading Technologies S.A.R.L., First Lien - 2018 Initial Dollar Term Loan	3M US L + 4.00%, 1.00% Floor	11/21/2024		436,388
Luxembourg  - 0.02%
	578,550	Travelport Finance Luxembourg Sarl, First Lien - Initial Term Loan	3M US L + 5.00%	05/29/2026		379,529
United Kingdom - 0.01%
	250,000	Connect Finco SARL, First Lien - Initial Term Loan	1M US L + 4.50%, 1.00% Floor	12/11/2026		201,562
United States - 1.06%
	474,473	Acrisure LLC, First Lien -2020 Term Loan	3M US L + 3.50%	02/15/2027		424,654
	1,273,737	Air Methods Corp., First Lien -Initial Term Loan	3M US L + 3.50%, 1.00% Floor	04/22/2024		910,015
	1,213,896	American Tire Distributors, Inc., First Lien - Initial Term Loan	1M US L + 7.50%, 1.00% Floor	09/02/2024		819,380
	287,825	Athenahealth, Inc., First Lien -B Term Loan	3M US L + 4.50%	02/11/2026		270,555
	560,000	Avaya, Inc., First Lien -Tranche B Term Loan	1M US L + 4.25%	12/15/2024		483,000
	49,201	Aventiv Technologies LLC, First Lien - Initial Term Loan	3M US L + 4.50%, 1.00% Floor	11/01/2024		39,115
	295,000	BellRing Brands LLC, First Lien -B Term Loan	1M US L + 5.00%, 1.00% Floor	10/21/2024		278,037
	892,734	BI-LO LLC, First Lien -Initial Term Loan	3M US L + 8.00%, 1.00% Floor	05/31/2024		733,827

See Notes to Financial Statements.

34 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	1,024,691	Cengage Learning, Inc., First Lien - 2016 Refinancing Term Loan	1M US L + 4.25%, 1.00% Floor	06/07/2023	$	840,246
	489,693	Cvent, Inc., First Lien Term Loan	1M US L + 3.75%, 1.00% Floor	11/29/2024		356,661
	113,633	Dhanani Group, Inc., First Lien Term Loan	1M US L + 3.75%	07/20/2025		96,020
	425,646	Equinox Holdings, Inc., First Lien - Incremental B-1 Term Loan	3M US L + 3.00%, 1.00% Floor	03/08/2024		316,176
	700,000	Flex Acquisition Co., Inc., First Lien - Incremental B-2018 Term Loan	3M US L + 3.25%	06/29/2025		644,000
	1,069,222	Forterra Finance LLC, First Lien - Replacement Term Loan	1M US L + 3.00%, 1.00% Floor	10/25/2023		894,580
	458,830	Global Medical Response, Inc., First Lien - 2018 New Term Loan	3M US L + 4.25%, 1.00% Floor	03/14/2025		414,094
	478,800	Granite US Holdings Corp., First Lien - B Term Loan	3M US L + 5.25%	09/30/2026		347,130
	1,378,055	Gulf Finance LLC, First Lien - Tranche B Term Loan	1M US L + 5.25%, 1.00% Floor	08/25/2023		717,967
	467,280	Hayward Industries, Inc., First Lien - Initial Term Loan	1M US L + 3.50%	08/05/2024		373,824
	472,142	Hyland Software, Inc., First Lien - 2018 Refinancing Term Loan	1M US L + 3.25%, 0.75% Floor	07/01/2024		443,223
	329,158	Klockner Pentaplast of America, Inc., First Lien - Dollar Term Loan	1M US L + 4.25%, 1.00% Floor	06/30/2022		233,064
	303,475	Lower Cadence Holdings LLC, First Lien - Initial Term Loan	1M US L + 4.00%	05/22/2026		185,120
	437,633	McDermott International, Inc., First Lien Term Loan	3M US L + 4.00%, 1.00% Floor	05/09/2025		134,693
	46,341	McDermott Technology , Inc., First Lien - Facility (Superpriority DIP) Term Loan	3M US L + 9.00%, 1.00% Floor	10/21/2020		42,541
	112,090	McDermott Technology Americas, Inc., First Lien - Roll-Up DIP Term Loan	3M US L + 9.00%	10/23/2020		102,899
	1,144,236	Minotaur Acquisition, Inc., First Lien - B Term Loan	1M US L + 5.00%	03/27/2026		970,689
	496,984	Misys, Ltd., First Lien -Dollar Term Loan	3M US L + 3.50%, 1.00% Floor	06/13/2024		429,476
	217,236	Mitchell International, Inc., First Lien - Initial Term Loan	1M US L + 3.25%	11/29/2024		182,478
	1,135,000	Mitchell International, Inc., Second Lien - Initial Term Loan	1M US L + 7.25%	12/01/2025		892,865
	476,426	MLN US HoldCo LLC, First Lien -B Term Loan	1M US L + 4.50%	11/30/2025		340,645
	1,150,000	MPH Acquisition Holdings LLC, First Lien - Initial Term Loan	3M US L + 2.75%, 1.00% Floor	06/07/2023		1,035,000

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 35

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity		Value
$	104,703	Parexel International (West Street Merger), First Lien - Initial Term Loan	1M US L + 2.75%		09/27/2024	$	90,437
	1,037,347	Peak 10 Holding Corp., First Lien - Initial Term Loan	3M US L + 3.50%		08/01/2024		745,593
	532,304	Radiology Partners, Inc., First Lien - B Term Loan	3M US L + 4.25%		07/09/2025		446,071
	455,499	Refinitiv US Holdings, Inc., First Lien - Initial Dollar Term Loan	1M US L + 3.25%		10/01/2025		439,746
	563,570	Solenis Holdings LLC, First Lien - Initial Dollar Term Loan	3M US L + 4.00%		06/26/2025		454,615
	230,000	Solenis Holdings LLC, Second Lien - Initial Term Loan	3M US L + 8.50%		06/26/2026		159,850
	992,449	Team Health Holdings, Inc., First Lien - Initial Term Loan	1M US L + 2.75%, 1.00% Floor		02/06/2024		640,129
	260,000	TIBCO Software, Inc., Second Lien	1M US L + 7.25%		03/03/2028		248,300
	488,302	United Natural Foods, Inc., First Lien - Initial Term Loan	1M US L + 4.25%		10/22/2025		422,992
	365,375	Verscend Holding Corp., First Lien - B Term Loan	1M US L + 4.50%		08/27/2025		347,106
	165,000	Zelis Cost Management Buyer, Inc., First Lien - B Term Loan	1M US L + 4.75%		09/30/2026		153,450
							18,100,263
TOTAL BANK LOANS
(Cost $23,472,033)							19,493,145
COLLATERALIZED LOAN OBLIGATIONS - 1.90%
		Adams Mill CLO, Ltd.
	500,000	Series 2014-1A(f)(g)	3M US L + 3.50%		07/15/2026		450,066
		AIMCO CLO
	500,000	Series 2018-AA(f)(g)	3M US L + 2.55%		04/17/2031		366,010
		AIMCO CLO 10, Ltd.
	1,000,000	Series 2019-10A(f)(g)	3.55% - 3M US L		07/22/2032		732,838
		Apidos CLO XII
	500,000	Series 2018-12A(f)(g)	3M US L + 2.60%		04/15/2031		377,205
		Apidos CLO XX
	500,000	Series 2018-20A(f)(g)	3M US L + 2.95%		07/16/2031		386,647
		Apidos CLO XXI
	500,000	Series 2018-21A(f)(g)	3M US L + 2.45%		07/18/2027		411,298
	1,000,000	Series 2018-21A(f)(g)	3M US L + 8.25%		07/18/2027		606,649
		Apidos CLO XXIV
	1,000,000	Series 2018-24A(f)(g)	3M US L + 5.80%		10/20/2030		631,045
		Avery Point VI CLO, Ltd.
	500,000	Series 2018-6A(f)(g)	3M US L + 1.05%		08/05/2027		489,250

See Notes to Financial Statements.

36 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Babson CLO, Ltd.
$	500,000	Series 2018-IA(f)(g)	3M US L + 2.60%	01/20/2031	$	390,000
		Barings CLO, Ltd.
	500,000	Series 2017-1A(f)(g)	3M US L + 3.60%	07/18/2029		412,013
	500,000	Series 2018-4A(f)(g)	3M US L + 5.82%	10/15/2030		315,176
	1,000,000	Series 2019-1A(f)(g)	3M US L + 6.68%	04/15/2031		662,267
	500,000	Series 2019-2A(f)(g)	3.85% - 3M US L	04/15/2031		390,662
		Beechwood Park CLO, Ltd.
	500,000	Series 2019-1A(f)(g)	3M US L + 7.50%	01/17/2033		350,354
		BlueMountain CLO, Ltd.
	500,000	Series 2018-3A(f)(g)	3M US L + 2.60%	04/20/2031		349,296
		Buttermilk Park CLO, Ltd.
	1,000,000	Series 2018-1A(f)(g)	3M US L + 5.75%	10/15/2031		625,159
		Canyon Capital CLO, Ltd.
	500,000	Series 2017-1A(f)(g)	3M US L + 3.60%	07/15/2030		407,524
	1,000,000	Series 2018-1A(f)(g)	3M US L + 2.75%	01/30/2031		744,683
	1,500,000	Series 2018-1A(f)(g)	3M US L + 5.50%	01/30/2031		858,087
	1,000,000	Series 2018-1A(f)(g)	3M US L + 5.75%	07/15/2031		603,980
	500,000	Series 2018-1A(f)(g)	3M US L + 2.80%	07/15/2031		385,653
	500,000	Series 2018-1RA(f)(g)	3M US L + 3.00%	07/15/2030		386,812
		Canyon CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 2.90%	07/15/2031		385,473
		Carlyle Global Market Strategies CLO, Ltd.
	1,000,000	Series 2018-2RA(f)(g)	3M US L + 5.35%	05/15/2031		588,620
	500,000	Series 2018-3A(f)(g)	3M US L + 2.85%	07/28/2028		385,465
		Chenango Park CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 3.00%	04/15/2030		380,374
	1,000,000	Series 2018-1A(f)(g)	3M US L + 5.80%	04/15/2030		629,853
		Cook Park CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 2.60%	04/17/2030		369,913
		Dorchester Park CLO DAC
	500,000	Series 2018-1A(f)(g)	3M US L + 2.40%	04/20/2028		414,389
	875,000	Series 2018-1A(f)(g)	3M US L + 5.00%	04/20/2028		623,922
		Dryden 57 CLO, Ltd.
	500,000	Series 2018-57A(f)(g)	3M US L + 2.55%	05/15/2031		365,489
		Dryden 60 CLO, Ltd.
	1,000,000	Series 2018-60A(f)(g)	3M US L + 3.00%	07/15/2031		758,808
		Elmwood CLO II, Ltd.
	1,000,000	Series 2019-2A(f)(g)	3M US L + 2.10%	04/20/2031		914,606
		Fillmore Park CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 2.90%	07/15/2030		378,036
	1,000,000	Series 2018-1A(f)(g)	3M US L + 5.40%	07/15/2030		613,142

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 37

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Gilbert Park CLO, Ltd.
$	1,000,000	Series 2017-1A(f)(g)	3M US L + 6.40%	10/15/2030	$	660,613
		Goldentree Loan Management US CLO, Ltd.
	500,000	Series 2018-3A(f)(g)	3M US L + 2.85%	04/20/2030		377,234
		Myers Park CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 3.05%	10/20/2030		379,165
	1,000,000	Series 2018-1A(f)(g)	3M US L + 5.50%	10/20/2030		610,490
		Neuberger Berman CLO XXIII, Ltd.
	1,000,000	Series 2018-23A(f)(g)	3M US L + 5.75%	10/17/2027		638,129
		PPM CLO 3, Ltd.
	1,000,000	Series 2019-3A(f)(g)	3.70% - 3M US L	07/17/2030		835,749
		Stewart Park CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 2.60%	01/15/2030		372,334
		Symphony CLO XVII, Ltd.
	1,500,000	Series 2018-17A(f)(g)	3M US L + 2.65%	04/15/2028		1,286,145
		Thayer Park CLO, Ltd.
	500,000	Series 2017-1A(f)(g)	3M US L + 6.10%	04/20/2029		318,196
		THL Credit Wind River CLO, Ltd.
	500,000	Series 2017-1A(f)(g)	3M US L + 3.75%	04/18/2029		375,809
	500,000	Series 2018-1A(f)(g)	2.90% - 3M US L	07/15/2030		348,730
	2,000,000	Series 2018-1A(f)(g)	5.50% - 3M US L	07/15/2030		1,148,998
	1,000,000	Series 2018-1A(f)(g)	3M US L + 3.00%	07/18/2031		693,686
	1,000,000	Series 2018-2A(f)(g)	3M US L + 5.75%	07/15/2030		579,079
	1,000,000	Series 2018-3A(f)(g)	3M US L + 6.22%	10/22/2031		567,251
		Tryon Park CLO, Ltd.
	1,000,000	Series 2018-1A(f)(g)	3M US L + 5.95%	04/15/2029		651,129
		VERDE CLO, Ltd.
	1,000,000	Series 2019-1A(f)(g)	3.80% - 3M US L	04/15/2032		721,105
		Voya CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 2.80%	04/18/2031		355,716
	1,000,000	Series 2018-2A(f)(g)	3M US L + 2.75%	07/15/2031		737,693
	1,000,000	Series 2018-2A(f)(g)	3M US L + 5.25%	07/15/2031		607,582
	500,000	Series 2018-3A(f)(g)	3M US L + 6.20%	10/20/2031		320,995
	500,000	Series 2018-4A(f)(g)	3M US L + 5.95%	07/14/2031		299,978
		Webster Park CLO, Ltd.
	1,000,000	Series 2018-1A(f)(g)	5.50% - 3M US L	07/20/2030		574,033
		Westcott Park CLO, Ltd.
	1,000,000	Series 2019-1A(f)(g)	3M US L + 3.25%	07/20/2028		851,611
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $46,248,052)						32,452,214

See Notes to Financial Statements.

38 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
EQUITY - LINKED NOTES - 0.00%(j)
$	263,093	Inverpamplona SA(i)(k)	0.00%	12/30/2028	$	11,250
TOTAL EQUITY - LINKED NOTES
(Cost $11,250)						11,250
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 21.07%
		Aaset Trust
	482,175	Series 2019-2(g)	3.38%	10/16/2026		345,446
		AASET, Ltd.
	584,234	Series 2018-1A(g)	3.84%	09/16/2023		477,819
		ABFC Trust
	3,509,880	Series 2007-WMC1(f)	1M US L + 1.25%	06/25/2037		2,552,521
		Adjustable Rate Mortgage Trust
	371,352	Series 2005-1(f)	4.12%	05/25/2035		353,491
	3,192,982	Series 2005-10(f)	4.16%	01/25/2036		2,797,185
	208,693	Series 2005-7(f)	4.15%	10/25/2035		173,024
		Alternative Loan Trust
	270,188	Series 2005-20CB	5.50%	07/25/2035		234,304
	100,773	Series 2005-54CB	5.50%	11/25/2035		78,016
	507,818	Series 2005-6CB	5.50%	04/25/2035		482,347
	224,773	Series 2005-85CB(f)	21.63% -3.67 x 1M US L	02/25/2036		314,412
	1,064,344	Series 2005-85CB(f)	1M US L + 1.10%	02/25/2036		826,458
	281,153	Series 2005-86CB	5.50%	02/25/2036		224,374
	511,957	Series 2005-9CB(f)(l)	5.05% - 1M US L	05/25/2035		70,831
	288,264	Series 2005-9CB(f)	1M US L + 0.50%	05/25/2035		238,350
	275,450	Series 2006-12CB(f)	1M US L + 5.75%	05/25/2036		170,060
	1,380,616	Series 2006-15CB	6.50%	06/25/2036		908,396
	155,200	Series 2006-30T1	6.25%	11/25/2036		125,446
	134,488	Series 2006-32CB	5.50%	11/25/2036		99,523
	296,905	Series 2006-36T2(f)	28.06% -4.6 x 1M US L	12/25/2036		549,346
	1,070,831	Series 2007-19	6.00%	08/25/2037		755,873
	3,744,463	Series 2007-20	6.25%	08/25/2047		2,797,421
	981,301	Series 2007-23CB(f)(l)	6.50% - 1M US L	09/25/2037		319,240
	1,027,720	Series 2007-23CB(f)	1M US L + 0.50%	09/25/2037		406,769
		American Home Mortgage Investment Trust
	168,158	Series 2007-A(g)(m)	6.60%	01/25/2037		66,006
		AmeriHome GMSR Issuer Trust
	3,100,000	Series 2019-GT1(g)	4.68%	11/25/2026		3,268,597

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 39

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Applebee's Funding LLC / IHOP Funding LLC
$	750,000	Series 2019-1A(g)	4.19%	06/05/2024	$	683,063
		AREIT Trust
	1,265,000	Series 2019-CRE3(f)(g)	1M US L + 2.65%	07/14/2022		899,765
		Atlas Senior Loan Fund X, Ltd.
	500,000	Series 2018-10A(f)(g)	3M US L + 1.09%	01/15/2031		458,776
		Atrium Hotel Portfolio Trust
	1,309,000	Series 2018-ATRM(f)(g)	1M US L + 3.40%	06/15/2021		989,031
		Atrium IX
	500,000	Series 2017-9A(f)(g)	3M US L + 3.60%	05/28/2030		399,855
		Atrium XIII
	1,000,000	Series 2017-13A(f)(g)	3M US L + 6.05%	11/21/2030		643,097
		Atrium XIV LLC
	1,000,000	Series 2018-14A(f)(g)	3M US L + 5.65%	08/23/2030		628,569
		BAMLL Commercial Mortgage Securities Trust
	683,000	Series 2019-AHT(f)(g)	3.20%	03/15/2021		622,404
		Banc of America Funding Corp.
	116,217	Series 2008-R2(g)	6.00%	09/25/2037		117,561
		Banc of America Funding Trust
	136,229	Series 2006-2	5.50%	03/25/2036		119,437
	3,986,243	Series 2010-R5(f)(g)	6.00%	10/26/2037		3,593,789
		Bancorp Commercial Mortgage Trust
	605,000	Series 2019-CRE5(f)(g)	1M US L + 1.50%	01/15/2022		596,275
	1,312,000	Series 2019-CRE5(f)(g)	1M US L + 2.35%	02/15/2022		1,154,722
		BANK
	463,000	Series 2018-BN10(f)	4.08%	01/15/2028		448,826
	10,291,000	Series 2018-BN12(f)(g)(l)	1.50%	05/15/2061		895,882
	463,000	Series 2018-BN13(f)	4.55%	07/15/2028		464,402
		Barclays Commercial Mortgage Trust
	697,000	Series 2019-C3	4.10%	05/15/2029		659,965
		BBCMS Trust
	3,000,000	Series 2018-CBM(f)(g)	1M US L + 3.15%	07/15/2020		2,669,045
		BCAP, LLC Trust
	134,285	Series 2007-AA2(f)	7.50%	04/25/2037		105,075
	87,126	Series 2007-AA2	6.00%	04/25/2037		63,733
	6,054,824	Series 2010-RR6(f)(g)	6.00%	07/26/2036		4,489,900
		Bear Stearns ALT-A Trust
	1,086,768	Series 2004-11(f)	3.59%	11/25/2034		917,293
	1,061,493	Series 2005-3(f)	3.55%	04/25/2035		909,052
	8,607,963	Series 2006-3(f)	3.64%	05/25/2036		6,799,891

See Notes to Financial Statements.

40 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	1,096,554	Series 2006-6(f)	3.97%	11/25/2036	$	874,943
		Bear Stearns Asset-Backed Securities Trust
	2,073,850	Series 2006-AC1(m)	6.25%	02/25/2036		1,385,690
		Bellemeade Real Estate, Ltd.
	3,624,569	Series 2019-2A(f)(g)	1M US L + 1.45%	04/25/2029		3,610,823
		BF Mortgage Trust
	705,000	Series 2019-NYT(f)(g)	1M US L + 3.00%	12/15/2020		545,205
		BHP Trust
	761,000	Series 2019-BXHP(f)(g)	1M US L + 2.57%	08/15/2021		618,021
		Braemar Hotels & Resorts Trust
	688,000	Series 2018-PRME(f)(g)	1M US L + 2.90%	06/15/2035		522,439
		BX Trust
	760,000	Series 2019-MMP(f)(g)	1M US L + 2.79%	08/15/2021		549,174
	2,626,000	Series 2019-OC11(f)(g)	4.08%	12/09/2029		1,851,716
		CAL Funding III, Ltd.
	791,667	Series 2018-1A(g)	3.96%	02/25/2028		786,035
		Cantor Commercial Real Estate Lending
	652,000	Series 2019-CF1(f)(g)	4.12%	04/15/2024		525,683
		Carbon Capital VI Commercial Mortgage Trust
	680,000	Series 2019-FL2(f)(g)	1M US L + 2.85%	11/15/2021		589,254
		Carrington Mortgage Loan Trust
	1,871,742	Series 2006-NC4(f)	1M US L + 0.16%	10/25/2036		1,674,118
		Cascade MH Asset Trust
	4,601,000	Series 2019-MH1(f)(g)	5.99%	11/25/2044		4,199,563
		Castlelake Aircraft Securitization Trust
	2,869,061	Series 2018-1(g)	6.63%	06/15/2025		2,073,820
		Castlelake Aircraft Structured Trust
	650,970	Series 2019-1A(g)	3.97%	04/15/2026		461,661
	2,750,000	Series 2019-1A(g)	0.00%	04/15/2039		1,441,641
		CF Trust
	1,518,000	Series 2019-MF1(f)(g)	1M US L + 2.95%	08/21/2021		1,202,228
		Chase Mortgage Finance Trust
	13,055,444	Series 2007-S2	6.00%	03/25/2037		9,554,850
	431,106	Series 2007-S3	5.50%	05/25/2037		102,446
		CIM Trust
	12,000,000	Series 2016-1RR(f)(g)	6.96%	07/26/2055		10,989,876
	12,000,000	Series 2016-2RR B2(f)(g)	7.57%	02/25/2056		11,107,320
	12,000,000	Series 2016-3RR B2(f)(g)	7.97%	02/27/2056		11,038,320
	11,430,000	Series 2016-3RR B2(f)(g)	10.50%	01/27/2057		11,258,550

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 41

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Citicorp Mortgage Securities Trust
$	539,484	Series 2007-1	6.00%	01/25/2037	$	504,437
	1,919	Series 2007-2	5.50%	02/25/2037		1,920
		Citigroup Commercial Mortgage Trust
	3,788,550	Series 2014-GC25(f)(l)	0.99%	10/10/2047		142,024
	866,000	Series 2015-GC27(f)(g)	4.42%	01/10/2025		725,506
	400,000	Series 2015-GC31(f)	4.06%	06/10/2025		345,235
	420,000	Series 2015-GC35(f)	4.50%	11/10/2025		365,529
	5,366,762	Series 2015-GC35(f)(l)	0.85%	11/10/2048		162,017
	480,000	Series 2016-GC36(g)	2.85%	01/10/2026		341,138
	464,000	Series 2017-C4(f)	4.10%	10/12/2027		446,565
	463,000	Series 2018-B2(f)	4.28%	03/10/2028		449,131
	515,000	Series 2018-C5(f)	4.72%	06/10/2028		429,539
	901,000	Series 2019-SST2(f)(g)	1M US L + 1.60%	02/15/2022		872,453
	901,000	Series 2019-SST2(f)(g)	1M US L + 2.00%	02/15/2022		873,575
	1,433,000	Series 2020-555(g)	3.62%	12/10/2029		796,570
		Citigroup Mortgage Loan Trust
	802,594	Series 2006-WF1(m)	4.86%	03/25/2036		486,633
	1,250,234	Series 2007-OPX1(m)	6.33%	01/25/2037		567,498
	346,906	Series 2008-AR4(f)(g)	4.26%	11/25/2038		343,124
		CitiMortgage Alternative Loan Trust
	573,466	Series 2007-A1	6.00%	01/25/2037		529,713
	112,958	Series 2007-A1(f)(l)	5.40% - 1M US L	01/25/2037		19,777
	81,900	Series 2007-A3(f)	6.00%	03/25/2037		78,454
	188,478	Series 2007-A3(f)(l)	5.40% - 1M US L	03/25/2037		39,079
	649,823	Series 2007-A4	5.75%	04/25/2037		583,429
	591,127	Series 2007-A6	5.50%	06/25/2037		511,089
		CLI Funding VI LLC
	918,773	Series 2019-1A(g)	3.71%	05/18/2029		861,757
		COMM Mortgage Trust
	887,000	Series 2013-CR11(f)	5.12%	09/10/2023		914,829
	500,000	Series 2016-GCT(f)(g)	3.46%	08/10/2021		446,018
		Commercial Mortgage Pass-Through Certificates
	242,400	Series 2014-CR19(f)	4.73%	08/10/2024		220,708
	8,629,084	Series 2014-UBS4(g)	3.75%	08/10/2024		1,250,079
	11,000	Series 2014-UBS4(f)(g)	0.00%	08/10/2047		1
	3,295,565	Series 2015-CR22(f)(l)	0.90%	03/10/2025		106,791
	4,670,937	Series 2015-CR26(f)(l)	0.95%	09/10/2025		193,683
	419,000	Series 2015-LC23(f)	4.65%	10/10/2025		367,763
		Commercial Mortgage Trust
	659,000	Series 2012-CR4(f)(g)	4.59%	11/15/2022		246,565

See Notes to Financial Statements.

42 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		CORE Mortgage Trust
$	540,000	Series 2019-CORE(f)(g)	1M US L + 1.90%	12/15/2020	$	422,835
	540,000	Series 2019-CORE(f)(g)	1M US L + 2.35%	12/15/2020		402,345
		Countrywide Home Loan Mortgage Pass-Through Trust
	2,364,478	Series 2005-HYB7(f)	3.42%	11/20/2035		1,821,386
	40,891	Series 2005-J4	5.50%	11/25/2035		37,378
	2,010,946	Series 2006-18	6.00%	12/25/2036		1,573,419
	312,729	Series 2007-17	6.00%	10/25/2037		264,703
	319,888	Series 2007-3	6.00%	04/25/2037		238,947
	344,234	Series 2007-7	5.75%	06/25/2037		257,940
		Credit Suisse First Boston Mortgage Securities Corp.
	74,054	Series 2005-10	5.50%	11/25/2035		62,596
	2,056,132	Series 2005-11	6.00%	12/25/2035		1,813,728
	68,505	Series 2005-8	5.50%	08/25/2025		65,987
	4,565,779	Series 2005-9	6.00%	10/25/2035		2,055,303
		Credit Suisse Mortgage Capital Certificates
	3,414,374	Series 2006-2	5.75%	03/25/2036		2,628,504
		CSAB Mortgage-Backed Trust
	8,781,274	Series 2006-2(m)	5.70%	09/25/2036		997,960
	143,785	Series 2007-1(f)	5.90%	05/25/2037		52,225
		CSAIL Commercial Mortgage Trust
	5,336,921	Series 2015-C1(f)(l)	0.84%	01/15/2025		177,395
	419,000	Series 2015-C4(f)	4.58%	11/15/2025		366,617
	214,000	Series 2018-C14(f)	4.89%	10/15/2028		178,529
		CSMC Mortgage-Backed Trust
	177,611	Series 2006-1	6.00%	02/25/2036		99,754
	24,015	Series 2006-4	5.50%	05/25/2021		20,210
	793,798	Series 2006-5	6.25%	06/25/2036		278,799
	99,694	Series 2006-9	6.00%	11/25/2036		72,660
	2,121,917	Series 2007-1	6.00%	02/25/2037		1,638,748
	10,595	Series 2007-2	5.00%	03/25/2037		9,671
	537,995	Series 2007-3(f)	5.84%	04/25/2037		199,127
	30,537	Series 2007-4	6.00%	06/25/2037		24,070
	604,000	Series 2017-CALI(f)(g)	3.78%	11/10/2024		556,376
	253,000	Series 2017-CHOP(f)(g)	1M US L + 1.90%	07/15/2032		208,605
	253,000	Series 2017-CHOP(f)(g)	1M US L + 3.30%	07/15/2032		216,938
	798,637	Series 2018-RPL2(g)(m)	4.03%	08/25/2062		742,880
		DB Master Finance LLC
	992,500	Series 2019-1A(g)	3.79%	02/20/2024		974,912

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 43

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
$	305,408	Series 2005-6(f)(l)	5.08% - 1M US L	12/25/2035	$	57,179
	133,862	Series 2005-6(f)	1M US L + 1.40%	12/25/2035		90,814
		Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
	164,333	Series 2006-PR1(f)(g)	12.12% - 1M US L	04/15/2036		162,410
		Dryden 38 Senior Loan Fund
	1,000,000	Series 2018-38A(f)(g)	3M US L + 5.60%	07/15/2030		611,355
		Dryden 40 Senior Loan Fund
	1,000,000	Series 2018-40A(f)(g)	3M US L + 5.75%	08/15/2031		575,116
	500,000	Series 2018-40A(f)(g)	3M US L + 3.10%	08/15/2031		381,120
		Earnest Student Loan Program
	35,000	Series 2016-D(g)	0.00%	05/25/2025		610,951
		Ellington Financial Mortgage Trust
	880,025	Series 2018-1(f)(g)	4.39%	10/25/2058		873,031
		First Horizon Alternative Mortgage Securities Trust
	842,328	Series 2005-FA6	5.50%	09/25/2035		646,895
	134,620	Series 2007-FA2	6.00%	04/25/2037		81,917
		First Horizon Mortgage Pass- Through Trust
	1,181,359	Series 2007-AR3(f)	4.13%	11/25/2037		877,384
		Fontainebleau Miami Beach Trust
	2,748,000	Series 2019-FBLU(f)(g)	4.10%	12/10/2024		1,730,127
		GAIA Aviation, Ltd.
	642,393	Series 2019-1(g)(m)	3.97%	12/15/2026		431,945
	426,597	Series 2019-1(g)(m)	7.00%	12/15/2026		276,815
		Global SC Finance IV, Ltd.
	403,850	Series 2018-1A(g)	4.29%	05/17/2028		393,598
		Great Wolf Trust
	3,084,000	Series 2019-WOLF(f)(g)	1M US L + 3.13%	12/15/2024		2,093,815
		GS Mortgage Securities Trust
	293,171	Series 2011-GC3(f)(g)(l)	0.66%	03/10/2021		812
	2,210,213	Series 2011-GC5(f)(g)(l)	1.33%	08/10/2044		26,655
	3,986,000	Series 2014-GC26(f)(g)	4.51%	11/10/2047		3,012,901
	438,000	Series 2015-GC34	2.98%	10/10/2025		305,448
	7,211,675	Series 2015-GS1(f)(l)	0.78%	11/10/2025		265,952
	1,954,000	Series 2018-TWR(f)(g)	1M US L + 3.92%	07/15/2021		1,463,668
	636,000	Series 2020-GC45	3.41%	12/13/2029		569,336
		GSAA Home Equity Trust
	2,389,962	Series 2006-13(f)	6.04%	07/25/2036		1,077,289
	547,699	Series 2006-18(m)	5.68%	11/25/2036		196,816
	170,999	Series 2006-6(f)	5.69%	03/25/2036		69,652

See Notes to Financial Statements.

44 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	932,189	Series 2007-2(m)	6.10%	03/25/2037	$	320,265
		GSCG Trust
	628,000	Series 2019-600C(g)	3.76%	09/06/2024		564,016
	1,303,000	Series 2019-600C(f)(g)	4.12%	09/06/2024		978,825
		GSR Mortgage Loan Trust
	267,604	Series 2005-AR4(f)	4.66%	07/25/2035		231,088
	1,495,075	Series 2006-2F	5.25%	02/25/2036		1,011,904
	413,376	Series 2007-2F	5.75%	02/25/2037		719,078
	2,818,727	Series 2007-2F	6.00%	03/25/2037		2,223,970
	1,149,202	Series 2007-AR2(f)	4.10%	05/25/2037		847,458
		Halcyon Loan Advisors Funding, Ltd.
	250,000	Series 2013-2A(f)(g)	3M US L + 2.70%	08/01/2025		240,743
		Harley Marine Financing LLC
	939,473	Series 2018-1A(g)	5.68%	05/15/2022		847,094
		Hawaii Hotel Trust
	1,391,000	Series 2019-MAUI(f)(g)	1M US L + 2.75%	05/15/2021		995,191
		Hayfin Kingsland X, Ltd.
	500,000	Series 2019-1A(f)(g)	3M US L + 2.25%	04/28/2031		461,134
		Helios Issuer, LLC Series
	1,290,723	Series 2017-1A(g)	4.94%	09/20/2023		1,220,530
		Highbridge Loan Management, Ltd.
	500,000	Series 2017-2A(f)(g)	3M US L + 6.60%	10/20/2029		325,073
	1,000,000	Series 2018-2015(f)(g)	3M US L + 5.10%	02/05/2031		545,094
	500,000	Series 2018-2016(f)(g)	3M US L + 2.90%	07/20/2030		358,356
		Horizon Aircraft Finance III, Ltd.
	976,191	Series 2019-2(g)	3.43%	11/15/2026		645,909
		HPLY Trust
	603,972	Series 2019-HIT(f)(g)	1M US L + 3.15%	11/15/2021		361,818
	1,203,618	Series 2019-HIT(f)(g)	1M US L + 3.90%	11/15/2021		583,209
		HSI Asset Loan Obligation Trust
	5,030	Series 2007-2	5.50%	09/25/2037		4,330
		HSI Asset Securitization Corp. Trust
	9,629,519	Series 2006-HE1(f)	1M US L + 0.14%	10/25/2036		3,828,616
		IMT Trust
	325,349	Series 2017-APTS(f)(g)	1M US L + 1.10%	06/15/2034		284,877
		IndyMac IMJA Mortgage Loan Trust
	1,214,413	Series 2007-A1	6.00%	08/25/2037		736,649
		IndyMac IMSC Mortgage Loan Trust
	4,748,522	Series 2007-F2	6.50%	07/25/2037		2,351,551
		IndyMac Index Mortgage Loan Trust
	1,843,856	Series 2005-AR31(f)	3.61%	01/25/2036		1,595,995
	1,084,106	Series 2005-AR35(f)	3.39%	02/25/2036		904,169
	2,573,537	Series 2006-AR25(f)	3.45%	09/25/2036		2,119,704

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 45

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Invitation Homes
$	995,000	Series 2018-SFR1(f)(g)	1M US L + 1.25%	03/17/2037	$	880,749
	650,000	Series 2018-SFR1(f)(g)	1M US L + 1.45%	03/17/2037		558,595
		JOL Air, Ltd.
	911,072	Series 2019-1(g)	3.97%	04/15/2026		657,000
		JP Morgan Alternative Loan Trust
	275,306	Series 2005-S1	6.00%	12/25/2035		237,055
	2,825	Series 2006-S1	5.00%	02/25/2021		2,746
	150,215	Series 2006-S3(m)	6.12%	08/25/2036		138,063
		JP Morgan BB Commercial Mortgage Securities Trust
	400,000	Series 2014-C21(f)	4.66%	07/15/2024		363,536
	2,086,000	Series 2014-C23(f)(g)	3.36%	10/15/2024		1,494,517
	388,000	Series 2014-C26(f)	4.38%	12/15/2024		344,720
	5,027,448	Series 2015-C28(f)(l)	1.06%	03/15/2025		170,617
	542,000	Series 2015-C28	3.99%	03/15/2025		534,892
	8,910,620	Series 2015-C30(f)(l)	0.52%	07/15/2025		203,524
	3,709,170	Series 2015-C31(f)(l)	0.88%	08/15/2025		129,914
		JP Morgan Chase Commercial Mortgage Securities Trust
	59,370	Series 2006-LDP8(f)(l)	0.29%	05/15/2045		9
	4,000,000	Series 2007-CH1(m)	4.89%	11/25/2036		3,969,103
	1,157,000	Series 2011-C3(f)(g)	5.66%	03/15/2021		1,095,047
	2,363,165	Series 2012-C8(f)(l)	1.78%	09/15/2022		84,430
	1,919,000	Series 2014-C20(f)(g)	4.60%	06/15/2024		1,540,900
	1,010,000	Series 2018-WPT(g)	5.54%	07/05/2023		778,211
	887,000	Series 2019-COR4(f)	4.44%	12/10/2028		871,042
	704,000	Series 2019-MFP(f)(g)	1M US L + 3.00%	07/15/2021		436,279
	235,000	Series 2019-UES(g)	4.34%	05/05/2024		207,783
	1,135,000	Series 2019-UES(f)(g)	4.45%	05/05/2024		893,334
		JP Morgan Mortgage Acquisition Corp.
	280,582	Series 2006-CH2(m)	5.46%	09/25/2029		215,569
		JP Morgan Mortgage Trust
	1,099,349	Series 2007-S3	6.00%	07/25/2037		787,089
		JP Morgan Resecuritization Trust
	1,210,978	Series 2011-1(f)(g)	6.00%	06/26/2037		1,016,831
		LB-UBS Commercial Mortgage Trust
	424,495	Series 2006-C7(f)(g)(l)	0.60%	11/15/2038		103
		LCM 28, Ltd.
	1,000,000	Series 2018-28A(f)(g)	3M US L + 5.75%	10/20/2030		588,949
		LCM Loan Income Fund I Income Note Issuer, Ltd.
	500,000	Series 2018-27A(f)(g)	3M US L + 5.60%	07/16/2031		294,381

See Notes to Financial Statements.

46 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		LCM XIV LP
$	1,000,000	Series 2018-14A(f)(g)	3M US L + 2.75%	07/20/2031	$	676,113
	750,000	Series 2018-14A(f)(g)	3M US L + 5.50%	07/20/2031		412,004
		LCM XVII LP
	1,000,000	Series 2018-17A(f)(g)	3M US L + 6.00%	10/15/2031		586,849
		LCM XX LP
	1,000,000	Series 2018-20A(f)(g)	3M US L + 5.45%	10/20/2027		614,068
		Legacy Mortgage Asset Trust
	13,400,000	Series 2019-GS3(g)(m)	4.25%	04/25/2059		13,206,804
		Lehman Mortgage Trust
	4,921,080	Series 2006-1(f)	5.31%	02/25/2036		4,657,148
	583,927	Series 2006-6	5.50%	10/25/2036		443,501
	3,891,419	Series 2006-7(f)	1M US L + 0.25%	11/25/2036		131,933
	3,891,419	Series 2006-7(f)(l)	7.75% - 1M US L	11/25/2036		749,103
	1,413,147	Series 2006-8(f)	1M US L + 0.42%	12/25/2036		325,455
	1,413,147	Series 2006-8(f)(l)	6.58% - 1M US L	12/25/2036		417,260
	697,132	Series 2007-10	6.00%	01/25/2038		675,502
	322,666	Series 2007-10	6.50%	01/25/2038		179,925
		Lehman XS Trust
	58,685	Series 2006-5(m)	5.89%	04/25/2036		56,220
		LoanCore Issuer, Ltd.
	1,193,000	Series 2019-CRE3(f)(g)	1M US L + 2.50%	04/15/2024		890,924
		MACH 1 Cayman, Ltd.
	1,451,172	Series 2019-1(g)	3.47%	08/15/2026		969,582
		Madison Park Funding XIV, Ltd.
	1,000,000	Series 2018-14A(f)(g)	3M US L + 2.95%	10/22/2030		745,883
	1,000,000	Series 2018-14A(f)(g)	3M US L + 5.80%	10/22/2030		607,507
		MBRT 2019-MBR
	584,000	Series 2019-MBR(f)(g)	1M US L + 2.55%	11/25/2021		472,915
	1,406,000	Series 2019-MBR(f)(g)	1M US L + 2.90%	11/25/2021		893,211
		Mello Warehouse Securitization Trust
	2,500,000	Series 2019-1(f)(g)	1M US L + 5.50%	05/14/2021		2,417,480
		Merrill Lynch Alternative Note Asset Trust
	741,130	Series 2007-F1	6.00%	03/25/2037		197,668
		MFT Trust 2020-ABC
	2,010,000	Series 2020-ABC(f)(g)	3.48%	02/06/2030		886,392
		MKT Mortgage Trust
	250,000	Series 2020-525M(f)(g)	2.94%	02/12/2030		134,020
		Morgan Stanley Bank of America Merrill Lynch Trust
	3,155,681	Series 2012-C5(f)(g)(l)	1.43%	07/15/2022		80,548
	350,000	Series 2015-C27(f)	4.53%	11/15/2025		305,456

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 47

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Morgan Stanley Capital I Trust
$	1,177,000	Series 2007-IQ15(f)(g)	6.13%	06/11/2049	$	1,206,875
	1,090,560	Series 2011-C1(f)(g)(l)	0.34%	09/15/2020		1,754
	1,368,400	Series 2016-UB11 XA(f)(l)	1.61%	08/15/2026		94,332
	1,000,000	Series 2018-SUN(f)(g)	1M US L + 3.05%	07/15/2020		751,883
		Morgan Stanley Mortgage Loan Trust
	2,020,876	Series 2005-3AR(f)	3.88%	07/25/2035		1,680,069
	3,501,607	Series 2006-11	6.00%	08/25/2036		2,928,191
	929,892	Series 2006-7(f)	5.03%	06/25/2036		719,542
	1,022,529	Series 2006-7	6.00%	06/25/2036		784,172
	417,375	Series 2007-3XS(m)	5.70%	01/25/2047		207,095
		Morgan Stanley Re-REMIC Trust
	255,521	Series 2011-R1(f)(g)	5.94%	02/26/2037		262,354
		Mosaic Solar Loan Trust
	132,841	Series 2017-1A(g)	4.45%	06/20/2042		130,920
	493,875	Series 2018-1A(g)	4.01%	08/20/2030		474,816
		MSCG Trust
	2,154,000	Series 2018-SELF(f)(g)	1M US L + 3.05%	10/15/2020		1,621,978
		Navient Private Education Refi Loan Trust
	500,000	Series 2018-A(g)	3.68%	11/17/2025		517,030
		Nomura Asset Acceptance Corp. Alternative Loan Trust
	1,197,400	Series 2005-AP3(f)	5.32%	08/25/2035		697,529
		Ocagon Investment Partners 20-R, Ltd.
	1,500,000	Series 2019-4A(f)(g)	3M US L + 6.80%	05/12/2031		971,913
		Octagon Investment Partners 26, Ltd.
	1,000,000	Series 2018-1A(f)(g)	3M US L + 8.09%	07/15/2030		486,429
		Octagon Investment Partners 29, Ltd.
	2,000,000	Series 2020-1A(f)(g)	3M US L + 7.25%	01/24/2033		1,359,140
		Octagon Investment Partners 37, Ltd.
	500,000	Series 2018-2A(f)(g)	3M US L + 2.85%	07/25/2030		354,515
		Octagon Investment Partners XVI, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 3.00%	07/17/2030		366,965
	1,000,000	Series 2018-1A(f)(g)	3M US L + 5.75%	07/17/2030		609,709
		Octagon Investment Partners XXI, Ltd.
	1,000,000	Series 2019-1A(f)(g)	3M US L + 7.00%	02/14/2031		690,716

See Notes to Financial Statements.

48 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Octagon Investment Partners XXII, Ltd.
$	500,000	Series 2018-1A(f)(g)	3M US L + 5.45%	01/22/2030	$	295,207
		OHA Credit Funding 1, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 3.05%	10/20/2030		379,618
		OHA Credit Funding 3, Ltd.
	1,000,000	Series 2019-3A(f)(g)	3.55% - 3M US L	07/20/2032		773,038
		OHA Credit Funding 5, Ltd.
	2,000,000	Series 2020-5A(f)(g)	3M US L + 6.25%	04/18/2033		1,174,600
		One Market Plaza Trust
	688,000	Series 2017-1MKT(g)	4.14%	02/10/2024		569,733
		PHH Alternative Mortgage Trust
	1,000,824	Series 2007-2	6.00%	05/25/2037		860,250
		PR Mortgage Loan Trust
	10,311,103	Series 2014-1(f)(g)	5.91%	09/25/2047		10,257,547
		Pretium Mortgage Credit Partners I LLC
	608,845	Series 2019-NPL2(g)(m)	3.84%	12/25/2058		528,643
		Prime Mortgage Trust
	42,928	Series 2006-1	5.50%	06/25/2036		43,252
	83,838	Series 2006-DR1(g)	5.50%	05/25/2035		48,540
		Primose Funding LLC
	997,500	Series 2019-1A(g)	4.48%	07/30/2026		921,103
		PRPM LLC
	13,000,000	Series 2020-1A(g)(m)	3.97%	02/25/2023		7,533,305
		RBSGC Structured Trust
	197,086	Series 2008-B(g)	6.00%	06/25/2037		186,412
		Residential Accredit Loans, Inc.
	1,623,143	Series 2005-QS17	6.00%	12/25/2035		1,469,381
	4,340,930	Series 2006-QA5(f)	1M US L + 0.22%	07/25/2036		2,394,929
	2,324,689	Series 2006-QS10	6.50%	08/25/2036		2,133,700
	866,068	Series 2006-QS4	6.00%	04/25/2036		772,415
	1,365,374	Series 2006-QS6	6.00%	06/25/2036		1,200,905
	1,485,862	Series 2006-QS7	6.00%	06/25/2036		1,287,627
	78,115	Series 2006-QS7(f)	1M US L + 0.40%	06/25/2036		54,600
	234,344	Series 2006-QS7(f)(l)	5.60% - 1M US L	06/25/2036		40,077
	98,898	Series 2006-QS8(f)	1M US L + 0.45%	08/25/2036		70,752
	296,695	Series 2006-QS8(f)(l)	5.55% - 1M US L	08/25/2036		48,295
	2,156,318	Series 2007-QS3	6.50%	02/25/2037		1,864,562
	63,733	Series 2007-QS6	6.25%	04/25/2037		56,303
			55.00% -8.33 x
	8,980	Series 2007-QS6(f)	1M US L	04/25/2037		21,419
	3,111,425	Series 2007-QS9	6.50%	07/25/2037		2,799,193
	328,277	Series 2008-QR1	6.00%	08/25/2036		258,784

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 49

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Residential Asset Securitization Trust
$	484,943	Series 2006-A1	6.00%	04/25/2036	$	338,853
	1,026,877	Series 2006-A2	6.00%	05/25/2036		646,352
	893,951	Series 2006-A6	6.50%	07/25/2036		357,412
	357,976	Series 2006-A8	6.00%	08/25/2036		279,881
	153,928	Series 2006-A8	6.50%	08/25/2036		68,340
	325,907	Series 2006-A8(f)(l)	5.90% - 1M US L	08/25/2036		91,893
	1,488,019	Series 2007-A1	6.00%	03/25/2037		787,300
	76,868	Series 2007-A6	6.00%	06/25/2037		58,842
	2,719,351	Series 2007-A7	6.00%	07/25/2037		1,441,063
		Residential Funding Mortgage Securities I Trust
	852,646	Series 2006-S3	5.50%	03/25/2036		759,687
	1,535,214	Series 2006-S6	6.00%	07/25/2036		1,403,305
	345,966	Series 2007-S3	6.00%	03/25/2037		293,939
	269,482	Series 2007-S6	6.00%	06/25/2037		242,771
		Sapphire Aviation Finance II, Ltd.
	500,000	Series 2020-1A(g)	3.23%	03/15/2027		315,057
		Sequoia Mortgage Trust
	1,917,905	Series 2007-3(f)	3.98%	07/20/2037		1,576,419
		SLIDE
	3,125,846	Series 2018-FUN(f)(g)	1M US L + 3.00%	06/15/2021		2,668,198
		SMB Private Education Loan Trust
	489,344	Series 2018-B(f)(g)	1M US L + 0.72%	08/15/2027		439,864
		SoFi Consumer Loan Program, LLC
	29,995	Series 2017-2(g)	3.28%	02/25/2026		29,889
		SoFi Professional Loan Program Trust
	50,000	Series 2020-A(g)	0.00%	05/15/2046		2,764,647
		Sofi Professional Loan Program, LLC
	32,412	Series 2018-A(g)	0.00%	02/25/2042		1,931,578
		SoFi Professional Loan Program, LLC
	300,000	Series 2017-D(g)	3.61%	09/25/2040		306,254
	56,760	Series 2019-B(g)	0.00%	08/17/2048		2,081,471
		Sprite, Ltd.
	334,089	Series 2017-1(g)	4.25%	12/15/2024		234,368
		Stack Infrastructure Issuer LLC
	989,167	Series 2019-1A(g)	4.54%	02/26/2024		993,730
	750,000	Series 2019-2A(g)	3.08%	10/25/2024		713,161
		Start, Ltd.
	732,159	Series 2018-1(g)	4.09%	05/15/2025		528,769
	1,160,714	Series 2019-1(g)	4.09%	03/15/2026		791,397

See Notes to Financial Statements.

50 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Structured Adjustable Rate Mortgage Loan Trust
$	762,594	Series 2005-15(f)	3.76%	07/25/2035	$	524,652
		Structured Asset Securities Corp.
	210,068	Series 2005-RF1(f)(g)	1M US L + 0.35%	03/25/2035		171,837
	211,288	Series 2005-RF1(f)(g)(l)	3.26%	03/25/2035		36,681
		Sunnova Sol Issuer LLC
	1,000,000	Series 2020-1A(g)	3.35%	01/30/2030		741,918
		Sunrun Atlas Issuer LLC
	1,242,228	Series 2019-2(g)	3.61%	10/30/2027		1,093,233
		TAL Advantage, LLC
	703,509	Series 17-1A(g)	4.50%	04/20/2042		683,477
		TBW Mortgage-Backed Trust
	1,368,694	Series 2006-2	7.00%	07/25/2036		355,290
		Textainer Marine Containers V, Ltd.
	738,148	Series 2017-1A(g)	3.72%	01/20/2026		668,383
		Textainer Marine Containers VII, Ltd.
	463,333	Series 2019-1A(g)	3.96%	10/20/2026		436,432
		Thunderbolt II Aircraft Lease, Ltd.
	4,464,286	Series 2018-A(g)(m)	5.07%	09/15/2038		2,793,464
		TRIP Rail Master Funding, LLC
	221,185	Series 2017-1A(g)	2.71%	07/15/2021		219,027
		UBS Commercial Mortgage Trust
	464,000	Series 2017-C6(f)	4.15%	12/15/2027		450,333
		UBS-Barclays Commercial Mortgage Trust
	989,000	Series 2013-C5(f)(g)	4.10%	02/10/2023		854,351
		Vantage Data Centers Issuer, LLC
	734,375	Series 2018-1A(g)	4.07%	02/15/2023		732,531
		VB-S1 Issuer, LLC
	3,000,000	Series 2018-1A(g)	5.25%	02/15/2023		2,995,785
		Velocity Commercial Capital Loan Trust
	702,598	Series 2018-2(f)(g)	4.05%	09/25/2024		710,815
	1,335,650	Series 2019-1(f)(g)	3.94%	01/25/2027		1,268,397
	397,711	Series 2019-1(f)(g)	4.01%	07/25/2027		343,907
	394,913	Series 2019-1(f)(g)	4.12%	11/25/2027		329,223
		Wachovia Bank Commercial Mortgage Trust
	39,378	Series 2006-C29(a)(f)(l)	0.12%	11/15/2048		0
		Wachovia Mortgage Loan Trust, LLC Series Trust
	751,328	Series 2005-B(f)	4.25%	10/20/2035		680,384

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 51

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Washington Mutual Alternative Mortgage Pass-Through Certificates
$	1,401,562	Series 2005-1	6.00%	03/25/2035	$	1,344,775
	60,510	Series 2005-9	5.50%	11/25/2035		50,864
	456,901	Series 2006-5	6.00%	07/25/2036		376,551
		Washington Mutual Mortgage Pass-Through Certificates Trust
	864,583	Series 2006-2	6.00%	03/25/2036		824,639
		WAVE LLC
	964,300	Series 2019-1(g)	3.60%	09/15/2027		619,271
	937,500	Series 2019-1(g)	6.41%	09/15/2027		582,763
		Wells Fargo Alternative Loan Trust
	507,683	Series 2007-PA2(f)	1M US L + 0.43%	06/25/2037		382,428
	507,683	Series 2007-PA2(f)(l)	6.07% - 1M US L	06/25/2037		64,816
	184,436	Series 2007-PA3	5.75%	07/25/2037		160,820
	672,522	Series 2007-PA3	6.25%	07/25/2037		621,945
	3,415,103	Series 2007-PA5	6.25%	11/25/2037		3,205,951
		Wells Fargo Commercial Mortgage Trust
	158,000	Series 2014-LC16(g)	3.94%	06/15/2024		97,947
	420,000	Series 2015-NXS4(f)	4.67%	11/15/2025		369,872
	655,000	Series 2015-SG1	4.05%	08/15/2025		685,988
	1,000,000	Series 2016-C33(g)	3.12%	03/15/2059		739,058
	5,628,945	Series 2016-C37(f)(g)(l)	1.60%	12/15/2049		413,641
	695,000	Series 2016-LC25(f)	4.42%	11/15/2026		698,427
	518,000	Series 2018-C45	4.73%	06/15/2028		427,220
	523,000	Series 2018-C47(f)	4.94%	10/15/2028		436,838
	436,000	Series 2018-C48(f)	5.12%	12/15/2028		368,558
	901,000	Series 2019-C49	4.55%	02/15/2029		883,809
		WF-RBS Commercial Mortgage Trust
	2,027,402	Series 2012-C9(f)(g)(l)	1.89%	11/15/2045		77,138
	3,578,333	Series 2014-C21(f)(l)	1.04%	08/15/2047		126,364
	4,336,311	Series 2014-C22(f)(l)	0.81%	09/15/2057		122,063
	636,000	Series 2014-C23(f)(g)	4.00%	10/15/2057		528,648
		Willis Engine Structured Trust V
	1,000,000	Series 2020-A(g)	3.23%	03/15/2028		565,940
	2,471,346	Zephyrus Capital Aviation Tl	4.61%	10/15/2038		2,024,445
TOTAL NON AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $423,157,168)						360,026,777
U.S. GOVERNMENT BONDS AND NOTES - 5.91%
	6,005,000	U.S. Treasury Bonds	2.25%	08/15/2027		6,742,020

See Notes to Financial Statements.

52 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	8,800,000	U.S. Treasury Bonds	2.25%	11/15/2027	$	9,901,719
	1,695,740	U.S. Treasury Bonds	0.88%	01/15/2029		1,844,531
	630,000	U.S. Treasury Bonds	2.75%	11/15/2042		814,053
	4,600,000	U.S. Treasury Bonds	3.13%	02/15/2043		6,292,656
	3,000,000	U.S. Treasury Bonds	3.75%	11/15/2043		4,511,719
	6,500,000	U.S. Treasury Bonds	2.75%	11/15/2047		8,605,645
	270,000	U.S. Treasury Bonds	2.00%	02/15/2050		313,743
	885,000	U.S. Treasury Notes	1.75%	11/30/2021		907,713
	5,680,000	U.S. Treasury Notes	1.38%	01/31/2022		5,800,145
	5,000,000	U.S. Treasury Notes	0.38%	03/31/2022		5,013,770
	5,960,000	U.S. Treasury Notes	2.63%	02/28/2023		6,366,491
	3,490,000	U.S. Treasury Notes	2.50%	03/31/2023		3,721,212
	5,140,000	U.S. Treasury Notes	2.75%	04/30/2023		5,529,516
	4,420,000	U.S. Treasury Notes	1.63%	05/31/2023		4,604,224
	4,520,000	U.S. Treasury Notes	2.13%	09/30/2024		4,876,656
	845,000	U.S. Treasury Notes	2.25%	10/31/2024		917,353
	1,180,000	U.S. Treasury Notes	2.75%	02/28/2025		1,315,884
	2,850,000	U.S. Treasury Notes	0.50%	03/31/2025		2,868,313
	8,610,000	U.S. Treasury Notes	3.00%	09/30/2025		9,798,584
	1,070,000	U.S. Treasury Notes	2.63%	01/31/2026		1,202,371
	1,600,000	U.S. Treasury Notes	1.50%	02/15/2030		1,725,094
	7,278,734	United States Treasury Inflation Indexed Bonds	0.13%	10/15/2024		7,368,853
TOTAL U.S. GOVERNMENT BONDS AND NOTES
(Cost $93,099,794)						101,042,265
MUNICIPALBONDS - 0.02%
	120,000	Missouri Highway & Transportation Commission, Revenue Bonds	5.06%	05/01/2024		136,167
	165,000	State of California, General Obligation Bonds	7.55%	04/01/2039		268,392
TOTAL MUNICIPAL BONDS
(Cost $367,553)						404,559
U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES -15.01%
		Banc of America Funding
	3,469,553	Series 2007-A(f)	1M US L + 0.21%	02/20/2047		2,828,669
		Chase Mortgage Finance Trust
	5,814,961	Series 2007-S4	6.00%	06/25/2037		3,944,941
		ChaseFlex Trust Series
	5,822,365	Series 2007-M1(f)	1M US L + 0.23%	08/25/2037		4,682,553

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 53

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Citigroup Mortgage Loan Trust
$	9,590,900	Series 2018-A(f)(g)	4.25%	01/25/2068	$	7,551,075
		Connecticut Avenue Securities Trust
	5,000,000	Series 2019-R05(f)(g)	1M US L + 4.10%	07/25/2039		2,456,295
		Deephaven Residential Mortgage Trust
	6,613,000	Series 2020-1(f)(g)	3.66%	03/25/2024		5,826,437
	4,000,000	Series 2020-1(f)(g)	4.54%	03/25/2024		3,518,868
		Fannie Mae Interest Strip
	13,256,572	Series 2014-419(l)	3.50%	04/25/2044		1,915,915
		Fannie Mae Pool
	3,000,000	Series Pool #BL4424	2.14%	10/01/2029		3,169,789
	3,000,000	Series Pool #BL5156	2.37%	12/01/2029		3,235,974
		Fannie Mae REMICS
	12,614,016	Series 2014-1(f)(l)	5.90% - 1M US L	02/25/2044		2,169,128
		Federal Home Loan Mortgage Corp. Multifamily Structured Pass-Through Certificates
	11,050,742	Series 2013-K713(g)(l)	0.10%	05/20/2020		110
	7,400,000	Series 2013-K713(g)(i)	0.00%	05/25/2020		7,290,310
		Federal Home Loan Mortgage Corp. Pool
	245,030	Series Pool #G01840	5.00%	07/01/2035		272,197
	91,463	Series Pool #G04817	5.00%	09/01/2038		101,957
		Federal Home Loan Mortgage Corp. REMICS
	1,208,278	Series 2003-2722(f)	9.89% - 1M US L	12/15/2033		1,565,184
	228,829	Series 2005-R003	5.50%	10/15/2035		272,785
	1,646,948	Series 2006-3244(f)(l)	6.66% - 1M US L	11/15/2036		380,088
	80,704	Series 2007-3261(f)(l)	6.43% - 1M US L	01/15/2037		17,925
	172,689	Series 2007-3262(f)(l)	6.40% - 1M US L	01/15/2037		26,758
	764,310	Series 2007-3301(f)(l)	6.10% - 1M US L	04/15/2037		155,486
	543,860	Series 2007-3303(f)(l)	6.10% - 1M US L	04/15/2037		116,603
	176,455	Series 2007-3382(f)(l)	6.00% - 1M US L	11/15/2037		24,130
	456,013	Series 2007-3384(f)(l)	6.31% - 1M US L	08/15/2036		95,800
	187,278	Series 2007-3384(f)(l)	6.39% - 1M US L	11/15/2037		28,459
	212,083	Series 2008-3417(f)(l)	6.18% - 1M US L	02/15/2038		24,682
	4,266,309	Series 2008-3423(f)(l)	6.00% - 1M US L	03/15/2038		31,861
	220,410	Series 2008-3423(f)(l)	5.65% - 1M US L	03/15/2038		23,957
	1,630,842	Series 2009-3510(f)	6.75% - 1M US L	02/15/2037		344,754
	398,410	Series 2009-3523(f)(l)	6.00% - 1M US L	04/15/2039		72,523
	79,147	Series 2009-3524	3.59%	06/15/2038		84,782
	14,247	Series 2009-3549(f)(l)	5.80% - 1M US L	07/15/2039		1,881
	931,754	Series 2009-3560(f)	6.40% - 1M US L	11/15/2036		138,909

See Notes to Financial Statements.

54 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

 March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	370,745	Series 2010-3641	4.50%	03/15/2040	$	421,064
	466,340	Series 2010-3726(f)(l)	6.05% - 1M US L	09/15/2040		83,132
	2,352,568	Series 2010-3728(f)(l)	4.45% - 1M US L	09/15/2040		271,278
	750,000	Series 2010-3779	3.50%	12/15/2030		814,417
	145,815	Series 2010-3779	4.00%	12/15/2030		159,949
	478,835	Series 2010-3779	4.50%	12/15/2040		512,366
	78,997	Series 2011-3786(f)	9.50% - 1M US L	01/15/2041		103,221
	1,177,166	Series 2011-3795	4.00%	01/15/2041		1,305,321
	69,792	Series 2011-3798(f)	9.50% - 1M US L	11/15/2040		88,928
	487,729	Series 2011-3808	3.50%	02/15/2031		522,817
	39,198	Series 2011-3809(f)	9.50% - 1M US L	02/15/2041		52,305
	850,827	Series 2011-3815(f)(l)	5.85% - 1M US L	02/15/2041		164,959
	405,669	Series 2011-3824	3.50%	03/15/2031		437,773
	467,041	Series 2011-3824(f)	7.10% - 1M US L	08/15/2036		110,499
	527,477	Series 2011-3863	5.50%	08/15/2034		599,782
	646,114	Series 2011-3864(f)	9.20% - 1M US L	05/15/2041		825,524
	591,143	Series 2011-3871	5.50%	06/15/2041		687,816
	566,793	Series 2011-3872(f)(l)	5.95% - 1M US L	06/15/2041		93,152
	3,011,825	Series 2011-3910	5.00%	08/15/2041		3,555,188
	2,639,089	Series 2011-3924(f)(l)	6.00% - 1M US L	09/15/2041		481,377
	235,279	Series 2011-3925(l)	3.00%	09/15/2021		3,417
	3,588,709	Series 2012-3(f)(l)	5.95% - 1M US L	02/25/2042		626,962
	3,533,543	Series 2013-4170(f)	4.05% - 1M US L	01/15/2033		3,709,479
	10,652,547	Series 2013-4218	2.50%	02/15/2043		11,710,549
	6,986,462	Series 2013-4239(i)	0.00%	07/15/2043		6,556,983
	4,819,592	Series 2014-4413	3.50%	11/15/2044		5,174,312
	3,493,562	Series 2015-4434	3.00%	02/15/2045		3,612,316
	3,406,085	Series 2015-4440	2.50%	02/15/2045		3,601,226
		Federal Home Loan Mortgage Corp. Strips
	2,501,936	Series 2017-358	3.00%	10/15/2047		2,695,223
		Federal National Mortgage Association Pool
	67,739	Series Pool #555743	5.00%	09/01/2033		75,230
	81,732	Series Pool #735382	5.00%	04/01/2035		90,942
	221,892	Series Pool #735383	5.00%	04/01/2035		246,785
	149,723	Series Pool #735484	5.00%	05/01/2035		166,700
	72,063	Series Pool #AH4437	4.00%	01/01/2041		76,833
		Federal National Mortgage Association REMICS
	76,310	Series 2004-46(f)(l)	6.00% - 1M US L	03/25/2034		8,410
	263,764	Series 2006-101(f)(l)	6.58% - 1M US L	10/25/2036		57,372
	772,757	Series 2006-123(f)(l)	6.32% - 1M US L	01/25/2037		164,159
	3,751,748	Series 2006-92(f)(l)	6.58% - 1M US L	10/25/2036		766,070

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 55

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	90,104	Series 2007-102(f)(l)	6.40% - 1M US L	11/25/2037	$	17,135
	82,058	Series 2007-108(f)(l)	6.36% - 1M US L	12/25/2037		10,830
	16,912	Series 2007-30(f)(l)	6.11% - 1M US L	04/25/2037		2,490
	376,361	Series 2007-38(f)(l)	6.08% - 1M US L	05/25/2037		48,805
	11,689	Series 2007-51(f)(l)	6.10% - 1M US L	06/25/2037		1,384
	38,781	Series 2007-53(f)(l)	6.10% - 1M US L	06/25/2037		5,267
	521,740	Series 2007-57(f)(l)	6.62% - 1M US L	10/25/2036		98,798
	93,600	Series 2007-68(f)(l)	6.65% - 1M US L	07/25/2037		13,689
	611,278	Series 2008-3(f)(l)	6.46% - 1M US L	02/25/2038		133,280
	225,889	Series 2008-56(f)(l)	6.06% - 1M US L	07/25/2038		33,266
	35,583	Series 2008-81	5.50%	09/25/2038		39,990
	337,743	Series 2009-111	5.00%	01/25/2040		384,529
	161,154	Series 2009-111(f)(l)	6.25% - 1M US L	01/25/2040		23,225
	962,115	Series 2009-12(f)(l)	6.60% - 1M US L	03/25/2036		174,502
	33,444	Series 2009-28(f)	6.00% - 1M US L	04/25/2037		4,551
	416,449	Series 2009-41	4.50%	06/25/2039		457,788
	88,145	Series 2009-42(f)(l)	6.00% - 1M US L	06/25/2039		14,212
	211,615	Series 2009-47(f)(l)	6.10% - 1M US L	07/25/2039		20,320
	114,419	Series 2009-62(f)(l)	6.10% - 1M US L	08/25/2039		13,668
	63,325	Series 2009-66(f)	5.80% - 1M US L	02/25/2038		9,575
	48,320	Series 2009-68(f)(l)	5.25% - 1M US L	09/25/2039		5,066
	265,752	Series 2010-11(f)(l)	4.80% - 1M US L	02/25/2040		29,837
	38,053	Series 2010-111(f)(l)	6.00% - 1M US L	10/25/2040		4,825
	130,383	Series 2010-112	4.00%	10/25/2040		137,317
	138,459	Series 2010-115(f)	6.60% - 1M US L	11/25/2039		16,122
	1,965,043	Series 2010-115(f)(l)	6.00% - 1M US L	10/25/2040		413,310
	4,553,052	Series 2010-123(f)(l)	6.05% - 1M US L	11/25/2040		874,143
	759,678	Series 2010-15(f)(l)	4.95% - 1M US L	03/25/2040		112,109
	113,124	Series 2010-34(f)(l)	4.93% - 1M US L	04/25/2040		12,531
	66,886	Series 2010-4(f)(l)	6.23% - 1M US L	02/25/2040		12,273
	93,303	Series 2010-58(f)	12.47% - 1M US L	06/25/2040		118,216
	3,067,476	Series 2010-75	4.50%	07/25/2040		3,431,547
	239,418	Series 2010-9(f)(l)	4.75% - 1M US L	02/25/2040		24,337
	55,528	Series 2010-9(f)(l)	5.30% - 1M US L	02/25/2040		7,965
	14,537	Series 2010-90(f)(l)	6.00% - 1M US LMarch	08/25/2040		1,955
	411,261	Series 2011-16	3.50%	03/25/2031		443,113
	619,643	Series 2011-25	3.00%	04/25/2026		644,793
	429,217	Series 2011-29	3.50%	04/25/2031		458,657
	228,294	Series 2011-48(f)	9.20% - 1M US L	06/25/2041		283,759
	450,719	Series 2011-5(f)	6.40% - 1M US L	11/25/2040		40,809
	3,604,914	Series 2012-106(f)(l)	6.16% - 1M US L	10/25/2042		729,204
	1,194,654	Series 2012-124(f)	7.79% - 1M US L	11/25/2042		1,474,325
	9,795,601	Series 2012-128(f)	6.00% - 1M US L	11/25/2042		11,433,631
	222,004	Series 2012-29(f)(l)	6.00% - 1M US L	04/25/2042		32,412

See Notes to Financial Statements.

56 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	825,891	Series 2012-32(l)	5.00%	04/25/2042	$	133,110
	3,707,113	Series 2012-65(f)(l)	5.98% - 1M US L	06/25/2042		629,229
	3,290,061	Series 2013-19(f)	5.40% - 1M US L	03/25/2043		3,496,348
	9,646,208	Series 2013-51(f)	5.40% - 1M US L	04/25/2043		10,001,439
	1,914,233	Series 2015-59	3.00%	06/25/2041		1,974,324
	10,368,845	Series 2015-79	3.00%	11/25/2045		10,664,849
	1,710,257	Series 2015-9	3.00%	01/25/2045		1,821,406
	17,199,700	Series 2016-72	3.00%	10/25/2046		17,293,083
	3,128,801	Series 2018-21(i)	0.00%	04/25/2048		2,905,777
	2,374,459	Series 2018-27	3.00%	12/25/2047		2,519,095
	2,719,602	Series 2018-36	3.00%	06/25/2048		2,860,722
	4,213,944	Series 2019-12	3.00%	04/25/2049		4,485,991
		Figure Line of Credit Trust
	95,364	Series 2020-1(f)(g)	4.04%	09/25/2049		90,878
		FMC GMSR Issuer Trust
	500,000	Series 2019-GT1(f)(g)	5.66%	05/25/2024		507,511
	5,000,000	Series 2019-GT2(f)(g)	4.72%	09/25/2024		2,888,021
		Freddie Mac Pool
	2,943,989	Series Pool #RB5022	3.00%	11/01/2039		3,093,900
		Freddie Mac REMICS
	5,358,503	Series 2011-3972(f)(l)	5.90% - 1M US L	12/15/2041		936,614
		Government National Mortgage Association
	58,545	Series 2004-83(f)(l)	6.08% - 1M US L	10/20/2034		11,528
	50,313	Series 2008-6(f)(l)	6.46% - 1M US L	02/20/2038		9,904
	47,288	Series 2008-67(f)(l)	6.00% - 1M US L	08/20/2038		8,461
	744,269	Series 2008-69(f)(l)	7.63% - 1M US L	08/20/2038		174,765
	64,242	Series 2009-10(f)(l)	6.65% - 1M US L	02/16/2039		12,078
	955,030	Series 2009-35	4.50%	05/20/2039		1,073,844
	3,809,290	Series 2009-58(f)(l)	6.25% - 1M US L	06/20/2039		631,302
	53,638	Series 2009-6(f)	5.95% - 1M US L	02/20/2038		6,733
	1,787,617	Series 2009-75	5.00%	09/20/2039		2,056,255
	4,289,239	Series 2010-121(f)(l)	6.00% - 1M US L	09/20/2040		842,365
	73,303	Series 2010-61(f)(l)	6.55% - 1M US L	09/20/2039		13,075
	134,120	Series 2010-98(f)	5.68%	03/20/2039		15,053
	2,695,275	Series 2011-148	3.50%	11/16/2041		2,919,406
	608,240	Series 2011-69(i)	0.00%	05/20/2041		595,156
	1,820,212	Series 2011-71	4.50%	02/20/2041		2,024,706
	1,178,861	Series 2011-71(f)(l)	5.40% - 1M US L	05/20/2041		194,786
	369,124	Series 2011-72(f)(l)	6.15% - 1M US L	05/20/2041		73,797
	1,930,455	Series 2011-89(f)(l)	5.45% - 1M US L	06/20/2041		323,376
	398,142	Series 2012-105(f)(l)	6.20% - 1M US L	01/20/2041		16,671
	5,249,137	Series 2013-113(f)(l)	6.25% - 1M US L	03/20/2043		784,754
	7,098,336	Series 2013-122(f)(l)	6.10% - 1M US L	08/16/2043		1,355,575

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 57

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	4,273,038	Series 2013-148(f)(l)	5.68% - 1M US L	10/16/2043	$	812,766
	7,562,646	Series 2013-186(f)(l)	6.25% - 1M US L	02/16/2043		1,114,782
	4,732,392	Series 2014-156(f)(l)	6.25% - 1M US L	10/20/2044		811,897
	9,492,144	Series 2014-4(f)(l)	6.10% - 1M US L	01/16/2044		1,824,690
	6,447,793	Series 2014-5(f)(l)	6.15% - 1M US L	07/20/2043		941,855
	5,934,985	Series 2014-95(f)(l)	6.25% - 1M US L	06/16/2044		1,257,138
	17,981,809	Series 2018-97(f)(l)	6.20% - 1M US L	07/20/2048		2,965,544
	19,145,655	Series 2019-92(f)(l)	6.10% - 1M US L	07/20/2049		2,892,853
		JP Morgan Resecuritization Trust
	3,128,486	Series 2014-6(f)(g)	1M US L + 0.21%	07/27/2046		2,550,829
		Legacy Mortgage Asset Trust
	13,310,000	Series 2019-GS7(g)(m)	4.50%	11/25/2059		14,290,612
		LHOME Mortgage Trust
	4,250,000	Series 2020-RTL1(g)(m)	3.72%	10/25/2022		4,108,602
	3,750,000	Series 2020-RTL1(g)(m)	4.95%	10/25/2022		3,495,488
		Mello Warehouse Securitization Trust
	3,500,000	Series 2019-1(f)(g)	1M US L + 3.50%	05/14/2021		3,383,061
	5,680,000	Series 2019-2(f)(g)	1M US L + 3.25%	10/25/2021		5,456,948
		Residential Mortgage Loan Trust
	3,250,000	Series 2020-1(f)(g)	4.67%	02/25/2024		2,765,023
		Toorak Mortgage Corp., Ltd.
	3,500,000	Series 2019-2(m)	4.21%	09/25/2022		3,120,621
TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES
(Cost $306,302,690)						256,492,777

Shares/Description			Value
WARRANTS - 0.00%(b)
	219,520	Oas SA, Strike Price 1.00, Expires 05/16/2039(k)	0
TOTAL WARRANTS
(Cost $0)			0
SHORT-TERM INVESTMENTS -17.09%
Money Market Fund - 17.08%
	291,935,795	State Street Institutional Trust (7 Day Yield 0.61%)	291,935,795

See Notes to Financial Statements.

58 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
U.S. Treasury - 0.01%
$	185,000	United States Treasury Bill(n)	1.54%	11/05/2020	$	184,890
TOTAL SHORT-TERM INVESTMENTS
(Cost $292,119,075)						292,120,685
TOTAL INVESTMENTS - 98.07%
(Cost $1,886,305,074)					$	1,676,062,532
OTHER ASSETS IN EXCESS OF LIABILITIES -1.93%						33,061,344
NET ASSETS - 100.00%					$	1,709,123,876

Investment Abbreviations: 

LIBOR - London Interbank Offered Rate

Libor Rates: 

1M US L - 1 Month LIBOR as of March 31, 2020 was 0.99%

3M US L - 3 Month LIBOR as of March 31, 2020 was 1.45%

^(a)  Security does not have a market value or rate. Security will not be entitled to distributions in respect of principal or interest other than excess interest paid with respect to the mortgage loans.

^(b)  Non-income producing security.

^(c)  Affiliated company. See Note 9 to Notes to Financial Statements.

^(d)  Security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

^(e)  Securities were purchased pursuant to Regulation S under the Securities Act of 1933, 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, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees (The “Board”). As of March 31, 2020, the aggregate fair value of those securities was $34,727,552, representing 2.03% of net assets.

^(f)  Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

^(g)  Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $366,650,337, which represents approximately 21.45% of net assets as of March 31, 2020.

^(h)  Pay-in-kind securities - Rate paid in-kind is shown in parenthesis.

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 59

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

⁽ⁱ⁾  Issued with a zero coupon. Income is recognized through the accretion of discount.

^(j)  Less than 0.005%.

^(k)  The Level 3 assets were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.

^(l)  Interest only securities.

^(m)  Step up bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at March 31, 2020.

⁽ⁿ⁾  Rate shown represents the bond equivalent yield to maturity at date of purchase.

See Notes to Financial Statements.

60 (888) 848-7569 | www.rivernorth.com

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 12.56%
	35,617	BlackRock Debt Strategies Fund, Inc.	$	300,964
	38,451	BrandywineGLOBAL -Global Income Opportunities Fund, Inc.		405,274
	50,612	Eaton Vance Limited Duration Income Fund		534,969
	61,831	Highland Income Fund		527,418
	44,738	Invesco Dynamic Credit Opportunities Fund		357,009
	215,950	Invesco Senior Income Trust		695,359
	15,529	NexPoint Credit Strategies Fund		128,270
	54,847	PGIM Global High Yield Fund, Inc.		606,608
	32,911	PGIM High Yield Bond Fund, Inc.		381,109
	18,070	Western Asset Emerging Markets Debt Fund, Inc.		190,277
	61,469	Western Asset Global High Income Fund, Inc.		459,788
	19,628	Western Asset High Income Fund II, Inc.		98,336
	128,787	Western Asset High Income Opportunity Fund, Inc.		542,193
TOTAL CLOSED-END FUNDS
(Cost $6,676,027)				5,227,574
COMMON STOCKS - 0.04%
	947	DBI Investors, Inc.(a)(b)		2,690
	2,675	PHI Group, Inc.(a)(b)		10,700
	629	Phi, Inc.(a)(b)		2,516
	3,002	Ultra Petroleum Corp.(b)		210
TOTAL COMMON STOCKS
(Cost $265,094)				16,116
PREFERRED STOCKS - 0.23%
	116	DBI Investors Inc., 10.000%(a)(b)(c)(d)		60
	98	Sequa Corp., 7.000%(a)(b)(c)		95,146
TOTAL PREFERRED STOCKS
(Cost $109,039)				95,206

Principal Amount/Description			Rate	Maturity	Value
BANK LOANS - 36.71%
Canada - 0.55%
$	235,932	GFL Environmental, Inc., First Lien -Effective Date Incremental Term Loan(e)	1M US L + 3.00%, 1.00% Floor	05/30/2025	229,936
Denmark - 0.76%
	229,305	Nets Holdco 4 ApS, First Lien -Facility B1E Term Loan(e)	3M EUR L + 3.25%	02/06/2025	230,456

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 61

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	81,941	TDC A/S, First Lien -Facility B3 Term Loan(e)	1M EUR L + 3.00%	06/04/2025	$	85,741
						316,197
Finland -  0.19%
	100,000	Mascot Bidco Oy, First Lien -Facility B Term Loan(e)	6M EUR L + 4.50%	03/30/2026		78,471
France - 1.62%
	98,750	Altice France S.A., First Lien -USD TLB- 13 Incremental Term Loan(e)	1M US L + 4.00%	08/14/2026		94,553
	100,000	CAB, First Lien - Facility B Term Loan(e)	3M EUR L + 3.75%	04/25/2026		95,511
	300,000	Constantin Investissement 4 S.A.S., First Lien - Facility B Term Loan(e)	3M EUR L + 2.75%	04/22/2024		304,675
	194,500	Numericable U.S. LLC, First Lien -USD TLB-11 Term Loan(e)	1M US L + 2.75%	07/31/2025		180,399
						675,138
Germany - 0.87%
	190,000	Alpha Group, SARL, First Lien -Facility B Term Loan(e)	3M EUR L + 3.75%	01/31/2025		137,256
	157,130	CTC AcquiCo GmbH, First Lien -Facility B2 Term Loan(e)	3M US L + 2.75%	03/07/2025		125,704
	100,000	Marcel Lux IV SARL, First Lien -Facility B2 (EUR) Term Loan(e)	3M EUR L + 3.50%	03/16/2026		98,710
						361,670
Great Britain - 2.34%
	98,746	EG Group, Ltd., First Lien -Facility B (EUR) Term Loan(e)	3M US L + 4.00%	02/07/2025		86,363
	175,772	Formula One Management, Ltd., First Lien - Facility B3 Term Loan(e)	1M US L + 2.50%, 1.00% Floor	02/01/2024		158,697
	210,000	Franklin UK Midco, Ltd., First Lien - Facility B1 Term Loan(e)	6M EUR L + 3.50%	12/18/2024		193,104
	222,078	Genesis Specialist Care Finance UK, Ltd., First Lien - Facility B2 Term Loan(e)	3M EUR L + 3.00%	10/30/2025		211,457
	181,182	Lernen Bidco, Ltd., First Lien -Facility B1 (EUR) Term Loan(e)	6M EUR L + 4.25%	10/25/2025		166,105
	149,837	Richmond UK Holdco, Ltd., First Lien - Facility B Term Loan(e)	6M US L + 4.25%	03/03/2024		156,800
						972,526
Luxembourg - 1.44%
	250,000	AI Convoy S.a r.l., First Lien -Facility B Term Loan(e)(f)	L + 3.50%, 1.00% Floor	01/18/2027		224,375
	146,625	Altice Financing S.A., First Lien - October 2017 USD Term Loan(e)	1M US L + 2.75%	01/31/2026		134,895

See Notes to Financial Statements.

62 (888) 848-7569 | www.rivernorth.com

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	250,000	Camelot U.S. Acquisition 1 Co., First Lien - Initial Term Loan(e)(f)	L + 3.25%	10/30/2026	$	238,750
						598,020
Netherlands - 1.41%
	39,600	NEP Group, Inc., First Lien -Initial Euro Term Loan(e)	3M EUR L + 3.50%	10/20/2025		28,679
	283,418	Peer Holdings III B.V., First Lien - Facility B Term Loan(e)	6M EUR L + 3.25%	03/07/2025		264,757
	250,000	Sigma Holdco B.V., First Lien -Facility B4 (GBP) Term Loan(e)	1M US L + 4.00%	07/02/2025		276,109
	18,000	Sunshine Investments B.V., First Lien - Facility B3 Term Loan(e)	L + 3.25%	03/28/2025		16,650
						586,195
Sweden - 0.50%
	200,000	Verisure Holding AB, First Lien - Facility B1F Term Loan(e)	3M EUR L + 3.50%	10/21/2022		210,103
United States - 27.03%
	245,832	Access CIG LLC, First Lien -B Term Loan(e)	3M US L + 3.75%	02/27/2025		202,505
	335,380	Acuity Specialty Products, Inc., First Lien - Initial Term Loan(e)	3M US L + 4.00%, 1.00% Floor	08/12/2024		226,382
	147,750	Adtalem Global Education, Inc., First Lien - B Term Loan(e)	1M US L + 3.00%	04/11/2025		133,960
	38,800	AI Aqua Merger Sub, Inc., First Lien - Tranche B-1 Term Loan(e)	3M US L + 3.25%, 1.00% Floor	12/13/2023		33,368
	242,451	American Renal Holdings, Inc., First Lien - B Term Loan(e)	1M US L + 5.00%	06/21/2024		210,326
	237,727	American Rock Salt Co. LLC, First Lien - Initial Term Loan(e)	1M US L + 3.75%, 1.00% Floor	03/21/2025		206,822
	147,750	Amynta Agency Borrower, Inc., First Lien - B Term Loan(e)	1M US L + 4.50%	02/28/2025		120,417
	146,666	Applied Systems, Inc., First Lien - Closing Date Term Loan(e)	3M US L + 3.25%, 1.00% Floor	09/19/2024		136,644
	143,788	Asurion LLC, First Lien -Amendment No. 14 Replacement B-4 Term Loan(e)	1M US L + 3.00%	08/04/2022		137,797
	247,500	Atlantic Aviation FBO, Inc., First Lien - B Term Loan(e)	1M US L + 3.75%	12/06/2025		237,600
	167,109	Aveanna Healthcare LLC, First Lien - Initial Term Loan(e)	3M US L + 4.25%, 1.00% Floor	03/18/2024		129,509
	180,255	BCP Renaissance Parent LLC, First Lien - Initial Term Loan(e)	3M US L + 3.50%, 1.00% Floor	10/31/2024		92,831
	196,500	Beacon Roofing Supply, Inc., First Lien - Initial Term Loan(e)	1M US L + 2.25%	01/02/2025		179,552

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 63

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	147,000	Belron Finance US LLC, First Lien - Initial B Term Loan(e)	3M US L + 2.25%	11/07/2024	$	139,650
	97,750	Big River Steel LLC, First Lien -Closing Date Term Loan(e)	3M US L + 5.00%, 1.00% Floor	08/23/2023		93,840
	245,011	Boing US Holdco, Inc., First Lien -B Term Loan(e)	1M US L + 3.25%, 1.00% Floor	10/03/2024		194,171
	61,041	Boyd Gaming Corp., First Lien - Refinancing B Term Loan(e)	1W US L + 2.25%	09/15/2023		53,506
	246,875	Bracket Intermediate Holding Corp., First Lien - Initial Term Loan(e)	3M US L + 4.25%	09/05/2025		203,672
	247,500	Brookfield WEC Holdings, Inc., First Lien - Initial (2020) Term Loan(e)	1M US L + 3.00%, 0.75% Floor	08/01/2025		236,053
	15,000	Castle US Holding Corp., First Lien - Initial Euro Term Loan(e)(f)	E + 3.75%	01/29/2027		13,698
	204,087	Cengage Learning, Inc., First Lien - 2016 Refinancing Term Loan(e)	1M US L + 4.25%, 1.00% Floor	06/07/2023		167,352
	247,500	CentralSquare Technologies LLC, First Lien - Initial Term Loan(e)	3M US L + 3.75%	08/29/2025		199,485
	500,000	CenturyLink, Inc., First Lien -B Term Loan(e)	L + 2.25%	03/15/2027		469,690
	103,319	CEOC LLC, First Lien - B Term Loan(e)	1M US L + 2.00%	10/07/2024		85,238
	245,011	Charter Communications Operating LLC, First Lien - B-2 Term Loan(e)	1M US L + 1.75%	02/01/2027		236,436
	98,237	Charter NEX US, Inc., First Lien -Initial Term Loan(e)	1M US L + 3.00%, 1.00% Floor	05/16/2024		84,852
	147,367	Cogeco Communications II LP, First Lien - B Term Loan(e)	1M US L + 2.00%	01/03/2025		139,753
	246,250	Covia Holdings Corp., First Lien -Initial Term Loan(e)	3M US L + 4.00%, 1.00% Floor	06/01/2025		116,554
	172,987	Cypress Intermediate Holdings III, Inc., First Lien - Initial Term Loan(e)	1M US L + 2.75%, 1.00% Floor	04/29/2024		159,827
	147,376	EG Group, Ltd., First Lien -Additional Facility Term Loan(e)	6M US L + 4.00%	02/07/2025		109,648
	97,003	ExamWorks Group, Inc., First Lien -B- 1 Term Loan(e)	3M US L + 3.25%, 1.00% Floor	07/27/2023		88,030
	246,250	Flynn Restaurant Group LP, First Lien - Initial Term Loan(e)	1M US L + 3.50%	06/27/2025		195,769
	125,000	Flynn Restaurant Group LP, Second Lien - Initial Term Loan(e)	1M US L + 7.00%	06/29/2026		90,625
	246,875	Franklin Square Holdings LP, First Lien - Initial Term Loan(e)	1M US L + 2.25%	08/01/2025		228,359
	250,000	Froneri International, Ltd., First Lien - Facility B2 Term Loan(e)	L + 2.25%	01/29/2027		240,000
	136,988	Gentiva Health Services, Inc., First Lien - B Term Loan(e)	1M US L + 3.25%	07/02/2025		129,453
	195,006	Global Medical Response, Inc., First Lien - 2018 Term Loan(e)	2M US L + 3.25%, 1.00% Floor	04/28/2022		182,331

See Notes to Financial Statements.

64 (888) 848-7569 | www.rivernorth.com

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	216,055	Globallogic Holdings, Inc., First Lien - Initial Term Loan(e)	1M US L + 2.75%	08/01/2025	$	205,252
	200,165	Golden Nugget, Inc., First Lien -Initial B Term Loan(e)	1M US L + 2.50%, 0.75% Floor	10/04/2023		157,130
	115,737	Graftech International, Ltd., First Lien - Initial Term Loan(e)	1M US L + 3.50%, 1.00% Floor	02/12/2025		101,270
	161,346	Greeneden U.S. Holdings I LLC, First Lien - Tranche B-3 Dollar Term Loan(e)	1M US L + 3.25%	12/01/2023		152,472
	98,000	Greenrock Finance, Inc., First Lien - Initial USD B Term Loan(e)	3M US L + 3.50%, 1.00% Floor	06/28/2024		84,995
	147,750	Hub International, Ltd., First Lien - Initial Term Loan(e)	3M US L + 2.75%	04/25/2025		139,180
	655,807	Jaguar Holding Co. I LLC, First Lien - 2018 Term Loan(e)	1M US L + 2.50%, 1.00% Floor	08/18/2022		631,683
	99,250	JBS USA Lux S.A., First Lien -New Term Loan(e)	3M US L + 2.00%	05/01/2026		93,649
	77,600	Learfield Communications LLC, First Lien - Initial Term Loan(e)	1M US L + 3.25%, 1.00% Floor	12/01/2023		52,897
	229,558	Life Time Fitness, Inc., First Lien -2017 Refinancing Term Loan(e)	3M US L + 2.75%, 1.00% Floor	06/10/2022		172,743
	290,002	McAfee LLC, First Lien -B USD Term Loan(e)	1M US L + 3.75%	09/30/2024		274,052
	250,000	NASCAR Holdings LLC, First Lien - Initial Term Loan(e)	L + 2.75%	10/19/2026		222,500
	495,000	Natgasoline LLC, First Lien -Initial Term Loan(e)	3M US L + 3.50%	11/14/2025		433,125
	10,000	Navicure, Inc., First Lien -Initial Term Loan(e)	L + 4.00%	10/22/2026		9,275
	97,250	Onvoy LLC, First Lien -Initial Term Loan(e)	1M US L + 4.50%, 1.00% Floor	02/10/2024		77,071
	147,601	PetVet Care Centers LLC, First Lien - Initial Term Loan(e)	1M US L + 2.75%	02/14/2025		123,494
	97,503	Playa Resorts Holding B.V., First Lien - Initial Term Loan(e)	1M US L + 2.75%, 1.00% Floor	04/29/2024		67,862
	250,000	Pug LLC, First Lien -USD B Term Loan(e)	L + 3.50%	02/12/2027		217,500
	235,297	Recess Holdings, Inc., First Lien -Initial Term Loan(e)	3M US L + 3.75%, 1.00% Floor	09/30/2024		194,120
	250,000	Recorded Books, Inc., First Lien -Initial Term Loan(e)(f)	L + 4.25%	08/29/2025		221,250
	99,000	Refinitiv US Holdings, Inc., First Lien - Initial Euro Term Loan(e)	3M EUR L + 3.25%	10/01/2025		104,869
	194,150	Ring Container Technologies Group LLC, First Lien - Initial Term Loan(e)	1M US L + 2.75%	10/31/2024		169,881
	222,492	St. George's University Scholastic Services LLC, First Lien (e)	1M US L + 3.25%	07/17/2025		215,818

See Notes to Financial Statements. 

Semi-Annual Report | March 31, 2020 65

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	83	Toys R Us Tl1(d)	7.75% (8.75%)	03/08/2023	$	83
	238	Toys R Us Tl2(d)	9.50% (12.50%)	03/08/2024		220
	85,456	Trans Union LLC, First Lien -2019 Replacement B-5 Term Loan(e)	1M US L + 1.75%	11/16/2026		82,380
	438,989	TransDigm, Inc., First Lien -Tranche E Refinancing Term Loan(e)	1M US L + 2.25%	05/30/2025		404,600
	248,125	Tunnel Hill Partners LP, First Lien - Initial Term Loan(e)	1M US L + 3.50%	02/06/2026		214,628
	35,761	Vestcom Parent Holdings, Inc., First Lien - L/C Collaterilized Term Loan(e)	3M US L + 4.00%, 1.00% Floor	12/19/2023		28,787
	227,681	Windstream Services Tl(e)	L + 4.00%	12/31/2049		143,439
	132,344	YI LLC, First Lien - Initial Term Loan(e)	3M US L + 4.00%, 1.00% Floor	11/07/2024		104,221
	250,000	Zayo Group Holdings, Inc., First Lien - Initial Dollar Term Loan(e)	L + 3.00%	03/09/2027		237,500
						11,243,651
TOTAL BANK LOANS
(Cost $17,741,677)						15,271,907
HIGH YIELD DEBT- 48.75%
Australia -0.35%
	40,000	Mineral Resources, Ltd.(g)	8.13%	05/01/2027		37,754
	120,000	Nufarm Australia, Ltd. / Nufarm Americas, Inc.(g)	5.75%	04/30/2026		105,844
						143,598
Canada - 1.65%
	80,000	1011778 BC ULC / New Red Finance, Inc.(g)	4.38%	01/15/2028		74,356
	5,000	Baytex Energy Corp.(g)	5.63%	06/01/2024		1,894
	25,000	Baytex Energy Corp.(g)	8.75%	04/01/2027		9,725
	55,000	Bombardier, Inc.(g)	6.13%	01/15/2023		39,119
	36,000	Cascades, Inc.(g)	5.75%	07/15/2023		35,145
	35,000	Cascades, Inc./Cascades USA, Inc.(g)	5.13%	01/15/2026		34,125
	65,000	Cascades, Inc./Cascades USA, Inc.(g)	5.38%	01/15/2028		62,562
	45,000	Eldorado Gold Corp.(g)	9.50%	06/01/2024		44,719
	25,000	First Quantum Minerals, Ltd.(g)	7.25%	05/15/2022		22,384
	20,000	First Quantum Minerals, Ltd.(g)	7.25%	04/01/2023		17,250
	85,000	GFL Environmental, Inc.(g)	5.13%	12/15/2026		83,512
	60,000	goeasy, Ltd.(g)	5.38%	12/01/2024		56,307
	50,000	Mattamy Group Corp.(g)	4.63%	03/01/2030		43,281
	45,000	MEG Energy Corp.(g)	7.00%	03/31/2024		21,038
	45,000	MEG Energy Corp.(g)	7.13%	02/01/2027		22,725
	35,000	Precision Drilling Corp.	7.75%	12/15/2023		14,306
	15,000	Precision Drilling Corp.(g)	7.13%	01/15/2026		5,078

See Notes to Financial Statements.

66 (888) 848-7569 | www.rivernorth.com

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	70,000	Telesat Canada / Telesat LLC(g)	4.88%	06/01/2027	$	67,361
	50,000	Vermilion Energy, Inc.(g)	5.63%	03/15/2025		31,437
						686,324
Cayman Islands - 0.26%
	105,000	Global Aircraft Leasing Co., Ltd.(d)(g)	6.50% (7.25%)	09/15/2024		68,408
	20,875	Transocean Guardian, Ltd.(g)	5.88%	01/15/2024		16,856
	30,000	Transocean Poseidon, Ltd.(g)	6.88%	02/01/2027		24,509
					��	109,773
Denmark -0.24%
	100,000	DKT Finance ApS(h)	7.00%	06/17/2023		100,143
Finland - 0.09%
	40,000	Nokia Oyj	4.38%	06/12/2027		39,022
France - 1.03%
	100,000	Altice France SA(h)	5.88%	02/01/2027		112,634
	120,000	Altice France SA(g)	5.50%	01/15/2028		113,022
	100,000	Banijay Entertainment SASU(g)	3.50%	03/01/2025		100,048
	100,000	Constantin Investissement 3 SASU(h)	5.38%	04/15/2025		100,971
						426,675
Germany -0.76%
	120,000	Nidda Healthcare Holding GmbH(h)	3.50%	09/30/2024		123,023
	100,000	Techem Verwaltungsgesellschaft 674 mbH(h)	6.00%	07/30/2026		102,570
	100,000	Tele Columbus AG(h)	3.88%	05/02/2025		92,032
						317,625
Great Britain - 1.05%
	100,000	Arqiva Broadcast Finance PLC	6.75%	09/30/2023		125,117
	100,000	Connect Finco SARL / Connect US Finco LLC(g)	6.75%	10/01/2026		83,000
	100,000	Heathrow Finance PLC	4.13%	09/01/2029		106,883
	100,000	Nomad Foods Bondco PLC(h)	3.25%	05/15/2024		104,913
	20,000	Tronox Finance PLC(g)	5.75%	10/01/2025		18,025
						437,938
Ireland - 0.81%
	200,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.(g)	5.25%	08/15/2027		206,110
	10,000	Avolon Holdings Funding, Ltd.(g)	5.50%	01/15/2023		8,988
	100,000	Virgin Media Receivables Financing Notes I DAC(h)	5.50%	09/15/2024		120,955
						336,053
Isle Of Man - 0.21%
	100,000	Playtech PLC	3.75%	10/12/2023		87,485

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 67

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Italy - 1.21%
$	100,000	Bormioli Pharma Bidco SpA(e)(h)	3M EUR L + 3.50%	11/15/2024	$	90,438
	100,000	Guala Closures SpA(e)(g)	3M EUR L + 3.50%	04/15/2024		98,792
	100,000	LKQ Italia Bondco SpA(h)	3.88%	04/01/2024		109,953
	200,000	Telecom Italia SpA(g)	5.30%	05/30/2024		202,506
						501,689
Jersey - 0.47%
	100,000	CPUK Finance, Ltd.(h)	4.25%	08/28/2022		101,631
	100,000	LHC3 PLC(d)(g)	4.13% (9.00%)	08/15/2024		92,944
						194,575
Luxembourg - 2.30%
	100,000	Altice Financing SA(g)	3.00%	01/15/2028		97,921
	100,000	ARD Finance SA(d)(g)	5.00% (5.75%)	06/30/2027		86,001
	100,000	Cirsa Finance International Sarl(h)	4.75%	05/22/2025		68,279
	85,000	Dana Financing Luxembourg Sarl(g)	5.75%	04/15/2025		74,693
	100,000	Lincoln Financing SARL(h)	3.63%	04/01/2024		92,021
	100,000	Monitchem HoldCo 3 SA	5.25%	03/15/2025		92,412
	100,000	SES SA(c)(e)	5.63%	Perpetual Maturity		103,014
	100,000	Summer BC Holdco B SARL(h)	5.75%	10/31/2026		92,750
	100,000	Swissport Financing Sarl(h)	9.00%	02/15/2025		54,263
	100,000	Telenet Finance Luxembourg Notes  Sarl(h)	3.50%	03/01/2028		104,224
	100,000	Ypso Finance Bis SA(g)	4.00%	02/15/2028		91,816
						957,394
Netherlands - 2.40%
	100,000	Intertrust Group BV(h)	3.38%	11/15/2025		106,192
	100,000	Sigma Holdco BV(h)	5.75%	05/15/2026		101,329
	100,000	Sunshine Mid BV(h)	6.50%	05/15/2026		104,224
	100,000	Telefonica Europe BV(c)(e)	4.38%	Perpetual Maturity		107,929
	100,000	Trivium Packaging Finance BV(g)	3.75%	08/15/2026		101,186
	200,000	UPC Holding BV(g)	5.50%	01/15/2028		189,110
	45,000	Ziggo Bond Co. BV(g)	5.13%	02/28/2030		44,353
	245,000	Ziggo Bond Co. BV(g)	3.38%	02/28/2030		243,450
						997,773
Sweden - 0.42%
	100,000	Intrum AB(h)	3.00%	09/15/2027		79,089
	100,000	Verisure Midholding AB(h)	5.75%	12/01/2023		97,065
						176,154
United States - 35.50%
	65,000	Acadia Healthcare Co., Inc.	5.13%	07/01/2022		62,502
	55,000	Acadia Healthcare Co., Inc.	6.50%	03/01/2024		53,969
	50,000	ACCO Brands Corp.(g)	5.25%	12/15/2024		48,437

See Notes to Financial Statements.

68 (888) 848-7569 | www.rivernorth.com

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	20,000	Acrisure LLC / Acrisure Finance, Inc.(g)	8.13%	02/15/2024	$	19,593
	75,000	Acrisure LLC / Acrisure Finance, Inc.(g)	10.13%	08/01/2026		70,284
	60,000	Adient US LLC(g)	7.00%	05/15/2026		55,837
	80,000	AES Corp.	6.00%	05/15/2026		79,244
	105,000	Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC(g)	4.63%	01/15/2027		105,058
	45,000	Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC(g)	5.88%	02/15/2028		46,051
	55,000	Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC(g)	4.88%	02/15/2030		54,862
	105,000	Allied Universal Holdco LLC / Allied  Universal Finance Corp.(g)	6.63%	07/15/2026		103,360
	15,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.(g)	9.75%	07/15/2027		14,240
	85,000	AmeriGas Partners LP / AmeriGas Finance Corp.	5.63%	05/20/2024		79,791
	65,000	Amsted Industries, Inc.(g)	4.63%	05/15/2030		58,500
	30,000	Apergy Corp.	6.38%	05/01/2026		23,356
	65,000	APX Group, Inc.(g)	6.75%	02/15/2027		54,316
	30,000	Aramark Services, Inc.(g)	5.00%	02/01/2028		28,085
	40,000	Archrock Partners LP / Archrock Partners Finance Corp.(g)	6.88%	04/01/2027		28,683
	20,000	Archrock Partners LP / Archrock Partners Finance Corp.(g)	6.25%	04/01/2028		13,950
	100,000	Arconic Corp.(g)	6.13%	02/15/2028		103,000
	11,000	Asbury Automotive Group, Inc.(g)	4.50%	03/01/2028		9,432
	13,000	Asbury Automotive Group, Inc.(g)	4.75%	03/01/2030		11,148
	30,000	Ascent Resources Utica Holdings LLC / ARU Finance Corp.(g)	7.00%	11/01/2026		8,881
	55,000	ASGN, Inc.(g)	4.63%	05/15/2028		51,868
	30,000	Avis Budget Car Rental LLC / Avis Budget Finance, Inc.	5.50%	04/01/2023		25,762
	100,000	Axalta Coating Systems LLC(h)	4.25%	08/15/2024		100,763
	70,000	B&G Foods, Inc.	5.25%	04/01/2025		68,734
	197,000	Bausch Health Cos., Inc.(g)	6.13%	04/15/2025		195,277
	55,000	Bausch Health Cos., Inc.(g)	7.00%	01/15/2028		57,340
	195,000	Bausch Health Cos., Inc.(g)	5.00%	01/30/2028		186,069
	40,000	Bausch Health Cos., Inc.(g)	5.25%	01/30/2030		37,700
	85,000	Berry Global, Inc.(g)	4.50%	02/15/2026		83,236
	30,000	Berry Petroleum Co. LLC(g)	7.00%	02/15/2026		12,256
	35,000	Block Communications, Inc.(g)	4.88%	03/01/2028		32,747
	20,000	BMC East LLC(g)	5.50%	10/01/2024		19,475

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 69

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	65,000	Boyd Gaming Corp.	6.38%	04/01/2026	$	56,586
	10,000	Boyd Gaming Corp.	6.00%	08/15/2026		8,685
	65,000	Boyd Gaming Corp.(g)	4.75%	12/01/2027		53,986
	35,000	Buckeye Partners LP(g)	4.13%	03/01/2025		29,767
	45,000	Buckeye Partners LP(g)	4.50%	03/01/2028		37,238
	5,000	Callon Petroleum Co.	6.13%	10/01/2024		925
	45,000	Callon Petroleum Co.	6.38%	07/01/2026		7,584
	80,000	Calpine Corp.(g)	4.50%	02/15/2028		77,840
	45,000	Calpine Corp.(g)	5.13%	03/15/2028		41,737
	90,000	Cardtronics, Inc. / Cardtronics USA, Inc.(g)	5.50%	05/01/2025		86,287
	55,000	Carriage Services, Inc.(g)	6.63%	06/01/2026		54,507
	100,000	Catalent Pharma Solutions, Inc.(g)	2.38%	03/01/2028		102,522
	30,000	CCO Holdings LLC / CCO Holdings Capital Corp.(g)	5.88%	04/01/2024		30,863
	100,000	CCO Holdings LLC / CCO Holdings Capital Corp.(g)	5.50%	05/01/2026		101,957
	25,000	CCO Holdings LLC / CCO Holdings Capital Corp.(g)	5.00%	02/01/2028		25,239
	15,000	CCO Holdings LLC / CCO Holdings Capital Corp.(g)	5.38%	06/01/2029		15,497
	125,000	CCO Holdings LLC / CCO Holdings Capital Corp.(g)	4.75%	03/01/2030		125,381
	130,000	Cedar Fair LP(g)	5.25%	07/15/2029		110,571
	25,000	Centene Corp.(g)	5.38%	06/01/2026		25,891
	65,000	Central Garden & Pet Co.	5.13%	02/01/2028		60,680
	165,000	CenturyLink, Inc.(g)	5.13%	12/15/2026		165,413
	25,000	CF Industries, Inc.	5.15%	03/15/2034		25,520
	40,000	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.(g)	5.75%	03/01/2025		37,299
	33,000	Chaparral Energy, Inc.(g)	8.75%	07/15/2023		2,327
	30,000	Cheniere Energy Partners LP	5.25%	10/01/2025		28,124
	35,000	Cheniere Energy Partners LP(g)	4.50%	10/01/2029		31,344
	65,000	Churchill Downs, Inc.(g)	5.50%	04/01/2027		61,623
	10,000	Citgo Holding, Inc.(g)	9.25%	08/01/2024		8,225
	150,000	CITGO Petroleum Corp.(g)	6.25%	08/15/2022		139,878
	30,000	Clean Harbors, Inc.(g)	5.13%	07/15/2029		28,156
	35,000	Clearway Energy Operating LLC	5.00%	09/15/2026		34,161
	100,000	Clearway Energy Operating LLC(g)	4.75%	03/15/2028		93,125
	50,000	Cleveland-Cliffs, Inc.(g)	6.75%	03/15/2026		44,469
	40,000	CommScope Technologies LLC(g)	6.00%	06/15/2025		36,908
	135,000	CommScope Technologies LLC(g)	5.00%	03/15/2027		118,135
	70,000	CommScope, Inc.(g)	5.50%	03/01/2024		71,278
	40,000	CommScope, Inc.(g)	5.50%	06/15/2024		37,239
	30,000	CommScope, Inc.(g)	6.00%	03/01/2026		30,123

See Notes to Financial Statements.

70 (888) 848-7569 | www.rivernorth.com

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	50,000	Comstock Resources, Inc.	9.75%	08/15/2026	$	35,856
	130,000	Covanta Holding Corp.	6.00%	01/01/2027		109,389
	95,000	CrownRock LP / CrownRock Finance, Inc.(g)	5.63%	10/15/2025		50,110
	115,000	CSC Holdings LLC(g)	5.75%	01/15/2030		116,404
	20,000	CVR Energy, Inc.(g)	5.75%	02/15/2028		15,100
	20,000	Dana, Inc.	5.38%	11/15/2027		16,350
	85,000	DaVita, Inc.	5.13%	07/15/2024		85,277
	100,000	Diamond BC BV(h)	5.63%	08/15/2025		67,939
	25,000	Diamond Sports Group LLC / Diamond  Sports Finance Co.(g)	6.63%	08/15/2027		16,858
	35,000	DISH DBS Corp.	7.75%	07/01/2026		36,157
	105,000	Eldorado Resorts, Inc.	6.00%	04/01/2025		95,157
	90,000	Encompass Health Corp.	4.50%	02/01/2028		88,767
	100,000	Energizer Gamma Acquisition BV(h)	4.63%	07/15/2026		100,446
	85,000	EnerSys(g)	4.38%	12/15/2027		80,538
	100,000	ESH Hospitality, Inc.(g)	5.25%	05/01/2025		84,626
	55,000	ESH Hospitality, Inc.(g)	4.63%	10/01/2027		43,205
	50,000	Extraction Oil & Gas, Inc.(g)	7.38%	05/15/2024		9,312
	20,000	Ford Motor Credit Co. LLC	3.34%	03/18/2021		19,200
	25,000	Ford Motor Credit Co. LLC	5.60%	01/07/2022		24,313
	30,000	Ford Motor Credit Co. LLC	3.34%	03/28/2022		28,059
	50,000	Ford Motor Credit Co. LLC	4.25%	09/20/2022		47,110
	135,000	Frontier Communications Corp.(g)	8.00%	04/01/2027		133,897
	35,000	Go Daddy Operating Co. LLC / GD Finance Co, Inc.(g)	5.25%	12/01/2027		35,516
	115,000	Golden Nugget, Inc.(g)	6.75%	10/15/2024		73,296
	100,000	Greystar Real Estate Partners LLC(g)	5.75%	12/01/2025		91,253
	55,000	Grinding Media, Inc. / Moly-Cop AltaSteel, Ltd.(g)	7.38%	12/15/2023		51,715
	45,000	Gulfport Energy Corp.	6.63%	05/01/2023		12,979
	95,000	H&E Equipment Services, Inc.	5.63%	09/01/2025		88,707
	125,000	Herc Holdings, Inc.(g)	5.50%	07/15/2027		117,197
	75,000	Hess Midstream Operations LP(g)	5.63%	02/15/2026		53,478
	55,000	Hess Midstream Operations LP(g)	5.13%	06/15/2028		38,860
	60,000	HUB International, Ltd.(g)	7.00%	05/01/2026		59,855
	105,000	Hunt Cos., Inc.(g)	6.25%	02/15/2026		79,219
	40,000	IAA, Inc.(g)	5.50%	06/15/2027		38,922
	110,000	iHeartCommunications, Inc.	8.38%	05/01/2027		94,264
	110,000	iHeartCommunications, Inc.(g)	5.25%	08/15/2027		96,465
	35,000	Ingles Markets, Inc.	5.75%	06/15/2023		35,086
	185,000	Intelsat Jackson Holdings SA(g)	8.00%	02/15/2024		179,912
	100,000	International Game Technology PLC(h)	2.38%	04/15/2028		82,718
	55,000	Iron Mountain, Inc.(g)	5.25%	03/15/2028		54,634

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 71

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	105,000	Iron Mountain, Inc.(g)	4.88%	09/15/2029	$	99,367
	30,000	Itron, Inc.(g)	5.00%	01/15/2026		28,756
	80,000	Jaguar Holding Co. II / Pharmaceutical Product Development LLC(g)	6.38%	08/01/2023		81,998
	25,000	JBS USA LUX SA / JBS USA Finance, Inc.(g)	6.50%	04/15/2029		26,956
	55,000	JBS USA LUX SA / JBS USA Food Co. / JBS USA Finance, Inc.(g)	5.50%	01/15/2030		57,093
	90,000	KAR Auction Services, Inc.(g)	5.13%	06/01/2025		86,513
	45,000	Kennedy-Wilson, Inc.	5.88%	04/01/2024		40,598
	20,000	Korn Ferry(g)	4.63%	12/15/2027		17,525
	90,000	Kraft Heinz Foods Co.	6.88%	01/26/2039		103,578
	125,000	Kraft Heinz Foods Co.	6.50%	02/09/2040		137,260
	95,000	Kraton Polymers, LLC / Kraton Polymers Capital Corp.(g)	7.00%	04/15/2025		84,876
	105,000	L Brands, Inc.	7.50%	06/15/2029		83,417
	25,000	L Brands, Inc.	6.95%	03/01/2033		15,214
	75,000	Lamar Media Corp.	5.75%	02/01/2026		77,156
	20,000	Lamar Media Corp.(g)	4.00%	02/15/2030		18,750
	125,000	Laredo Petroleum, Inc.	9.50%	01/15/2025		50,469
	4,000	Level 3 Financing, Inc.	5.38%	08/15/2022		4,023
	75,000	Level 3 Financing, Inc.	5.25%	03/15/2026		75,370
	65,000	Level 3 Financing, Inc.(g)	4.63%	09/15/2027		64,964
	65,000	Live Nation Entertainment, Inc.(g)	4.75%	10/15/2027		58,536
	60,000	Masonite International Corp.(g)	5.38%	02/01/2028		59,301
	140,000	Mauser Packaging Solutions Holding Co.(g)	5.50%	04/15/2024		129,846
	5,000	MEDNAX, Inc.(g)	5.25%	12/01/2023		4,106
	80,000	MEDNAX, Inc.(g)	6.25%	01/15/2027		64,806
	75,000	Mercer International, Inc.	7.38%	01/15/2025		63,094
	60,000	Mercer International, Inc.	5.50%	01/15/2026		46,046
	63,000	MGM Resorts International	5.50%	04/15/2027		57,680
	70,000	MPH Acquisition Holdings LLC(g)	7.13%	06/01/2024		61,427
	30,000	MPT Operating Partnership LP / MPT  Finance Corp.	5.50%	05/01/2024		29,288
	80,000	MTS Systems Corp.(g)	5.75%	08/15/2027		74,883
	45,000	Murphy Oil Corp.	5.88%	12/01/2027		23,695
	30,000	Nabors Industries, Ltd.(g)	7.25%	01/15/2026		10,425
	30,000	Nabors Industries, Ltd.(g)	7.50%	01/15/2028		9,825
	135,000	Nationstar Mortgage Holdings, Inc.(g)	6.00%	01/15/2027		115,509
	70,000	NCR Corp.	6.38%	12/15/2023		69,562
	50,000	NCR Corp.(g)	5.75%	09/01/2027		45,849
	80,000	NCR Corp.(g)	6.13%	09/01/2029		75,156
	55,000	New Enterprise Stone & Lime Co., Inc.(g)	6.25%	03/15/2026		51,070

See Notes to Financial Statements.

72 (888) 848-7569 | www.rivernorth.com

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	130,000	Nexstar Broadcasting, Inc.(g)	5.63%	07/15/2027	$	127,797
	165,000	Nielsen Finance LLC / Nielsen Finance  Co.(g)	5.00%	04/15/2022		152,981
	35,000	Northern Oil and Gas, Inc.(d)	8.50% (9.50%)	05/15/2023		24,063
	40,000	Novelis Corp.(g)	5.88%	09/30/2026		39,533
	45,000	Oasis Petroleum, Inc.	6.88%	01/15/2023		9,563
	40,000	Oceaneering International, Inc.	6.00%	02/01/2028		15,658
	20,000	Olin Corp.	5.63%	08/01/2029		18,516
	105,000	Olin Corp.	5.00%	02/01/2030		90,767
	105,000	Open Text Holdings, Inc.(g)	4.13%	02/15/2030		99,317
	50,000	Ortho-Clinical Diagnostics, Inc. / Ortho- Clinical Diagnostics SA(g)	7.25%	02/01/2028		43,370
	40,000	Outfront Media Capital LLC / Outfront Media Capital Corp.	5.63%	02/15/2024		39,850
	20,000	Outfront Media Capital LLC / Outfront Media Capital Corp.(g)	5.00%	08/15/2027		18,511
	20,000	Outfront Media Capital LLC / Outfront  Media Capital Corp.(g)	4.63%	03/15/2030		17,911
	55,000	Par Pharmaceutical, Inc.(g)	7.50%	04/01/2027		55,142
	30,000	PDC Energy, Inc.	6.13%	09/15/2024		16,275
	40,000	PDC Energy, Inc.	5.75%	05/15/2026		22,669
	40,000	Performance Food Group, Inc.(g)	5.50%	06/01/2024		37,550
	55,000	Performance Food Group, Inc.(g)	5.50%	10/15/2027		51,429
	55,000	Pilgrim’s Pride Corp.(g)	5.75%	03/15/2025		55,619
	100,000	Plantronics, Inc.(g)	5.50%	05/31/2023		73,497
	60,000	Platform Specialty Products Corp.(g)	5.88%	12/01/2025		59,248
	10,000	Post Holdings, Inc.(g)	5.00%	08/15/2026		10,347
	15,000	Post Holdings, Inc.(g)	5.75%	03/01/2027		15,475
	180,000	Post Holdings, Inc.(g)	4.63%	04/15/2030		173,700
	85,000	PQ Corp.(g)	6.75%	11/15/2022		86,064
	40,000	PQ Corp.(g)	5.75%	12/15/2025		36,350
	40,000	Prestige Brands, Inc.(g)	6.38%	03/01/2024		41,250
	10,000	Prestige Brands, Inc.(g)	5.13%	01/15/2028		9,978
	150,000	Prime Security Services Borrower LLC / Prime Finance, Inc.(g)	5.75%	04/15/2026		147,843
	90,000	Prime Security Services Borrower LLC / Prime Finance, Inc.(g)	6.25%	01/15/2028		78,300
	100,000	Primo Water Corp.(h)	5.50%	07/01/2024		109,562
	55,000	PTC, Inc.(g)	4.00%	02/15/2028		53,229
	40,000	QEP Resources, Inc.	5.38%	10/01/2022		19,137
	35,000	Quicken Loans, Inc.(g)	5.75%	05/01/2025		35,044
	85,000	Quicken Loans, Inc.(g)	5.25%	01/15/2028		83,705
	45,000	QVC, Inc.	4.75%	02/15/2027		40,005
	100,000	Refinitiv US Holdings, Inc.(g)	4.50%	05/15/2026		110,185

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 73

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	70,000	Reynolds Group Issuer, Inc. / Reynolds  Group Issuer LLC / Reynolds Group Issuer Lu(g)	7.00%	07/15/2024	$	71,531
	25,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer, LLC(g)	5.13%	07/15/2023		24,969
	25,000	Rite Aid Corp.(g)	6.13%	04/01/2023		21,688
	95,000	Ryman Hospitality Properties, Inc.(g)	4.75%	10/15/2027		71,777
	120,000	Scientific Games International, Inc.(h)	3.38%	02/15/2026		103,093
	55,000	Scotts Miracle-Gro Co.(g)	4.50%	10/15/2029		52,804
	35,000	Signature Aviation US Holdings, Inc.(g)	5.38%	05/01/2026		34,106
	100,000	Silgan Holdings, Inc.	3.25%	03/15/2025		108,091
	30,000	Sirius XM Radio, Inc.(g)	4.63%	07/15/2024		30,635
	35,000	Sirius XM Radio, Inc.(g)	5.38%	04/15/2025		35,569
	5,000	Sirius XM Radio, Inc.(g)	5.50%	07/01/2029		5,128
	25,000	Six Flags Entertainment Corp.(g)	5.50%	04/15/2027		21,201
	30,000	SM Energy Co.	5.00%	01/15/2024		9,112
	30,000	SM Energy Co.	5.63%	06/01/2025		8,438
	50,000	Sonic Automotive, Inc.	6.13%	03/15/2027		44,427
	10,000	Southwestern Energy Co.	6.20%	01/23/2025		6,884
	20,000	Southwestern Energy Co.	7.75%	10/01/2027		13,302
	100,000	Spectrum Brands, Inc.(g)	5.00%	10/01/2029		85,854
	75,000	Sprint Communications, Inc.	11.50%	11/15/2021		83,097
	100,000	Sprint Communications, Inc.	6.00%	11/15/2022		104,594
	80,000	Sprint Corp.	7.88%	09/15/2023		88,691
	50,000	Sprint Corp.	7.13%	06/15/2024		55,249
	75,000	Sprint Corp.(g)	7.25%	02/01/2028		75,656
	140,000	SS&C Technologies, Inc.(g)	5.50%	09/30/2027		145,163
	20,000	Standard Industries, Inc.(g)	5.50%	02/15/2023		19,449
	110,000	Station Casinos LLC(g)	4.50%	02/15/2028		89,925
	40,000	Stevens Holding Co., Inc.(g)	6.13%	10/01/2026		39,858
	110,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.	5.75%	03/01/2025		102,712
	40,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.	5.88%	03/01/2027		37,192
	65,000	Summit Materials LLC / Summit Materials Finance Corp.	6.13%	07/15/2023		64,594
	30,000	Summit Materials LLC / Summit Materials Finance Corp.(g)	5.13%	06/01/2025		28,162
	60,000	SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp.(g)	7.50%	06/15/2025		43,648
	50,000	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.(g)	6.00%	03/01/2027		26,875
	35,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	5.88%	04/15/2026		29,334

See Notes to Financial Statements.

74 (888) 848-7569 | www.rivernorth.com

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	100,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	5.38%	02/01/2027	$	82,855
	20,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	5.00%	01/15/2028		16,261
	100,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.(g)	5.50%	03/01/2030		78,125
	70,000	Tenet Healthcare Corp.	6.75%	06/15/2023		65,013
	135,000	Tenet Healthcare Corp.	5.13%	05/01/2025		128,588
	140,000	Tenet Healthcare Corp.(g)	6.25%	02/01/2027		137,025
	15,000	Tenet Healthcare Corp.(g)	5.13%	11/01/2027		14,381
	75,000	Tennant Co.	5.63%	05/01/2025		72,843
	50,000	Tenneco, Inc.	5.38%	12/15/2024		28,437
	35,000	T-Mobile USA, Inc.	6.00%	04/15/2024		35,786
	55,000	Tms International Holding Corp.(g)	7.25%	08/15/2025		49,981
	90,000	TPC Group, Inc.(g)	10.50%	08/01/2024		74,273
	20,000	TransDigm, Inc.	6.50%	07/15/2024		19,168
	35,000	TransDigm, Inc.	6.50%	05/15/2025		33,469
	70,000	TransDigm, Inc.(g)	6.25%	03/15/2026		70,043
	75,000	TransDigm, Inc.(g)	5.50%	11/15/2027		67,729
	1,000	TreeHouse Foods, Inc.(g)	6.00%	02/15/2024		999
	40,000	TriMas Corp.(g)	4.88%	10/15/2025		37,975
	45,000	Tronox, Inc.(g)	6.50%	04/15/2026		40,841
	100,000	UGI International LLC(g)	3.25%	11/01/2025		106,981
	10,214	Ultra Resources, Inc.(d)	11.00% (11.00%)	07/12/2024		664
	15,000	United Rentals North America, Inc.	6.50%	12/15/2026		15,308
	105,000	United Rentals North America, Inc.	4.88%	01/15/2028		102,433
	65,000	Univar Solutions USA, Inc./Washington(g)	5.13%	12/01/2027		59,511
	105,000	Univision Communications, Inc.(g)	5.13%	05/15/2023		93,713
	63,000	USA Compression Partners LP / USA  Compression Finance Corp.	6.88%	04/01/2026		39,729
	30,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	09/01/2027		18,767
	85,000	ViaSat, Inc.(g)	5.63%	09/15/2025		79,998
	20,000	VICI Properties LP / VICI Note Co., Inc.(g)	4.25%	12/01/2026		18,460
	20,000	VICI Properties LP / VICI Note Co., Inc.(g)	4.63%	12/01/2029		18,311
	60,000	VICI Properties LP / VICI Note Co., Inc.(g)	4.13%	08/15/2030		57,188
	105,000	Watco Cos. LLC / Watco Finance  Corp.(g)	6.38%	04/01/2023		103,293
	30,000	Weatherford International, Ltd.(g)	11.00%	12/01/2024		18,315
	35,000	William Carter Co.(g)	5.63%	03/15/2027		33,794
	108,000	WMG Acquisition Corp.(g)	4.13%	11/01/2024		119,979

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 75

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	90,000	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(g)	5.13%	10/01/2029	$	82,406
						14,767,919
TOTAL HIGH YIELD DEBT
(Cost $23,127,902)						20,280,140

Shares/Description		Value
RIGHTS - 0.00%(b)(i)
198	DBI Investors, Inc., Strike Price 0.01, Expires 12/31/2049(a)		198
TOTAL RIGHTS
(Cost $11,231)			198
WARRANTS - 0.00%(b)(i)
394	David's Bridal, Strike Price 219.47, Expires 01/18/2024(a)		–
210	Ultra Petroleum Corp, Strike Price 0.01, Expires 07/14/2025		2
TOTAL WARRANTS
(Cost $650)			2
SHORT-TERM INVESTMENTS -2.69%
1,119,238	State Street Institutional Trust (7 Day Yield 0.61%)		1,119,238
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,119,238)			1,119,238
TOTAL INVESTMENTS - 100.98%			42,010,381
(Cost $49,050,858)
CASH SEGREGATED AT CUSTODIAN FOR FORWARD FOREIGN CURRENCY CONTRACTS - 0.12%			50,000
LIABILITIES IN EXCESS OF OTHER ASSETS - (1.10)%			(457,903	)
NET ASSETS - 100.00%		$	41,602,478

Investment Abbreviations:

EURIBOR - Euro Interbank Offered Rate

LIBOR - London Interbank Offered Rate

Libor Rates:

1W  US L - 1 Week LIBOR as of March 31, 2020 was 0.49%

1M  US L - 1 Month LIBOR as of March 31, 2020 was 0.99%

2M  US L - 2 Month LIBOR as of March 31, 2020 was 1.26%

3M  US L - 3 Month LIBOR as of March 31, 2020 was 1.45%

See Notes to Financial Statements.

76 (888) 848-7569 | www.rivernorth.com

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

6M  US L - 6 Month LIBOR as of March 31, 2020 was 1.18%

1M  EUR L - 1 Month EURIBOR as of March 31, 2020 was -0.39%

3M  EUR L - 3 Month EURIBOR as of March 31, 2020 was -0.25%

6M  EUR L - 6 Month EURIBOR as of March 31, 2020 was -0.20%

^(a) The Level 3 assets were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.

^(b) Non-income producing security.

^(c) Security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.

^(d) Pay-in-kind securities - Rate paid in-kind is shown in parenthesis.

^(e) Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2020. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

^(f) All or a portion of this position has not settled as of March 31, 2020. The interest rate shown represents the stated spread over the London Interbank Offered Rate (“LIBOR” or “L”) or the Euro Interbank Offered Rate (“EURIBOR” or “E”) or the applicable LIBOR/EURIBOR floor; the Fund will not accrue interest until the settlement date, at which point LIBOR/EURIBOR will be established.

^(g) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $12,960,467, which represents approximately 31.15% of net assets as of March 31, 2020.

^(h) Securities were purchased pursuant to Regulation S under the Securities Act of 1933, 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, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees (The “Board”). As of March 31, 2020, the aggregate fair value of those securities was $2,623,220, representing 6.31% of net assets.

⁽ⁱ⁾ Less than 0.005%.

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 77

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2020 (Unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at March 31, 2020		Fund Delivering	U.S. $ Value at March 31, 2020		Unrealized Appreciation/ (Depreciation)
State Street Boston	4/3/2020	EUR		1,445,107	USD		1,416,741	$	28,367
State Street Boston	4/3/2020	USD		2,815,524	EUR		2,781,658		33,866
State Street Boston	4/3/2020	USD		4,702,098	EUR		4,645,539		56,559
State Street Boston	4/3/2020	USD		373,125	EUR		359,446		13,679
State Street Boston	4/3/2020	USD		540,969	GBP		525,109		15,860
State Street Boston	4/3/2020	USD		510,084	GBP		495,129		14,955
								$	163,286
State Street Boston	4/3/2020	EUR		83,376	USD		83,773	$	(397	)
State Street Boston	4/3/2020	EUR		244,089	USD		245,252		(1,163	)
State Street Boston	4/3/2020	GBP		21,750	USD		21,912		(162	)
State Street Boston	4/3/2020	USD		24,832	GBP		26,524		(1,692	)
State Street Boston	4/3/2020	USD		68,668	EUR		70,040		(1,372	)
State Street Boston	4/3/2020	USD		130,817	EUR		130,860		(43	)
State Street Boston	4/3/2020	USD		7,968	GBP		8,155		(187	)
State Street Boston	4/3/2020	USD		77,652	EUR		77,678		(26	)
State Street Boston	4/3/2020	USD		11,072	GBP		11,331		(259	)
State Street Boston	4/3/2020	USD		110,349	EUR		110,447		(98	)
								$	(5,399	)

See Notes to Financial Statements.

78 (888) 848-7569 | www.rivernorth.com

RiverNorth Core Opportunity Fund

Statement of Assets and Liabilities March 31, 2020 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	83,194,217
At value	$	64,040,362
Receivable for fund investments sold		2,060,319
Receivable for fund shares sold		1,280,583
Dividends receivable		89,438
Interest receivable		3,802
Prepaid expenses and other assets		21,151
Total Assets		67,495,655
LIABILITIES:
Payable to custodian due to overdraft		1,000
Facility loan fee payable		2,962
Payable for fund investments purchased		759,435
Payable for fund shares redeemed		604,255
Payable to Adviser		61,569
Payable for fund accounting and administration fees		8,531
Payable for shareholder servicing		5,826
Payable for custodian fees		8,587
Payable for audit fees		12,568
Payable to transfer agent		4,145
Payable to Chief Compliance Officer		299
Other accrued expenses		1,084
Total Liabilities		1,470,261
Net Assets	$	66,025,394
NET ASSETS CONSIST OF:
Paid-in capital	$	80,304,252
Total distributable earnings/(accumulated deficit)		(14,278,858	)
Net Assets	$	66,025,394
PRICING OF SHARES:
Class I Shares
Net Assets	$	38,446,517
Shares of common stock outstanding (unlimited number of shares, no par value)		6,159,110
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	6.24
Class R Shares
Net Assets	$	27,578,877
Shares of common stock outstanding (unlimited number of shares, no par value)		4,412,893
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	6.25

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 79

RiverNorth/DoubleLine Strategic Income Fund

Statement of Assets and Liabilities March 31, 2020 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	1,854,732,668
At value	$	1,649,542,372
Investment in affiliates:
At cost		31,572,406
At value		26,520,160
Cash		399
Receivable for fund investments sold		35,116,856
Receivable for fund shares sold		10,575,470
Interest receivable		6,397,348
Dividends receivable		1,181,180
Prepaid expenses and other assets		47,053
Total Assets		1,729,380,838
LIABILITIES:
Facility loan fee payable		58,133
Payable for fund investments purchased		15,118,578
Payable for fund shares redeemed		3,478,222
Payable to Adviser		1,190,514
Payable for fund accounting and administration fees		291,829
Payable for shareholder servicing		30,530
Payable for custodian fees		41,009
Payable for audit fees		20,477
Payable to transfer agent		20,811
Payable to Chief Compliance Officer		90
Payable to Trustees		414
Other accrued expenses		6,355
Total Liabilities		20,256,962
Net Assets	$	1,709,123,876
NET ASSETS CONSIST OF:
Paid-in capital	$	1,978,259,967
Total distributable earnings/(accumulated deficit)		(269,136,091	)
Net Assets	$	1,709,123,876
PRICING OF SHARES:
Class I Shares
Net Assets	$	1,583,218,316
Shares of common stock outstanding (unlimited number of shares, no par value)		167,386,373
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	9.46
Class R Shares
Net Assets	$	125,905,560
Shares of common stock outstanding (unlimited number of shares, no par value)		13,286,974
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	9.48

See Notes to Financial Statements.

80 (888) 848-7569 | www.rivernorth.com

RiverNorth/Oaktree High Income Fund

Statement of Assets and Liabilities March 31, 2020 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	49,050,858
At value	$	42,010,381
Foreign currency, at value (Cost 57,093)		56,613
Receivable for fund investments sold		373,827
Interest receivable		362,855
Unrealized appreciation on forward foreign currency contracts		163,286
Cash segregated at custodian for forward foreign currency contracts		50,000
Dividends receivable		21,736
Receivable for fund shares sold		742
Prepaid expenses and other assets		20,919
Total Assets		43,060,359
LIABILITIES:
Payable to custodian due to overdraft		498,740
Facility loan fee payable		1,427
Payable for fund investments purchased		855,010
Payable for fund shares redeemed		6,085
Unrealized depreciation on forward foreign currency contracts		5,399
Payable to Adviser		458
Payable for fund accounting and administration fees		62,342
Payable for shareholder servicing		1,098
Payable for custodian fees		8,194
Payable for audit fees		15,622
Payable to transfer agent		2,808
Payable to Chief Compliance Officer		138
Other accrued expenses		560
Total Liabilities		1,457,881
Net Assets	$	41,602,478
NET ASSETS CONSIST OF:
Paid-in capital	$	53,455,344
Total distributable earnings/(accumulated deficit)		(11,852,866	)
Net Assets	$	41,602,478
PRICING OF SHARES:
Class I Shares
Net Assets	$	36,696,646
Shares of common stock outstanding (unlimited number of shares, no par value)		4,477,257
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.20
Class R Shares
Net Assets	$	4,905,832
Shares of common stock outstanding (unlimited number of shares, no par value)		599,149
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.19

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 81

RiverNorth Core Opportunity Fund

Statement of Operations For the Six Months Ended March 31, 2020 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	2,948,240
Interest income		13,883
Other income		24,845
Total Investment Income		2,986,968
EXPENSES:
Investment Adviser fee		500,512
12b-1 fees - Class R Shares		45,638
Accounting and administration fee		23,389
Transfer agent expenses		22,093
Registration expenses		19,906
Chief compliance officer		16,535
Audit expenses		13,070
Printing expenses		8,216
Custodian expenses		7,344
Facility loan fee		6,212
Trustee expenses		4,258
Legal expenses		3,017
Insurance expenses		1,171
Miscellaneous expenses		5,124
Total Expenses		676,485
Net Investment Income		2,310,483
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		5,488,931
Net realized gain		5,488,931
Net change in unrealized appreciation/depreciation on:
Investments		(24,606,066	)
Net change in unrealized appreciation/depreciation		(24,606,066	)
Net Realized and Unrealized Loss on Investments		(19,117,135	)
Net Decrease in Net Assets Resulting from Operations	$	(16,806,652	)

See Notes to Financial Statements.

82 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund

Statement of Operations For the Six Months Ended March 31, 2020 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	20,480,831
Dividend income from affiliated securities		841,907
Interest income		33,522,461
Other income		5,870
Foreign taxes withheld		1,216
Total Investment Income		54,852,285
EXPENSES:
Investment Adviser fee		7,528,230
Accounting and administration fee		470,603
12b-1 fees - Class R Shares		203,098
Chief compliance officer		156,743
Facility loan fee		117,959
Transfer agent expenses		89,937
Trustee expenses		85,064
Printing expenses		68,738
Legal expenses		57,334
Registration expenses		43,365
Custodian expenses		35,467
Audit expenses		20,979
Insurance expenses		20,423
Miscellaneous expenses		56,957
Total Expenses		8,954,897
Net Investment Income		45,897,388
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		12,619,147
Net realized gain		12,619,147
Net change in unrealized appreciation/depreciation on:
Investments		(176,778,619	)
Affiliated Investments		(5,284,957	)
Net change in unrealized appreciation/depreciation		(182,063,576	)
Net Realized and Unrealized Loss on Investments		(169,444,429	)
Net Decrease in Net Assets Resulting from Operations	$	(123,547,041	)

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 83

RiverNorth/Oaktree High Income Fund

Statement of Operations For the Six Months Ended March 31, 2020 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	439,413
Interest income		901,891
Other income		7,328
Foreign taxes withheld		(2,542	)
Total Investment Income		1,346,090
EXPENSES:
Investment Adviser fee		250,532
Accounting and administration fee		54,394
Legal expenses		26,825
Registration expenses		18,924
Transfer agent expenses		16,571
Audit expenses		16,124
Chief compliance officer		12,457
12b-1 fees - Class R Shares		7,256
Custodian expenses		7,057
Printing expenses		4,222
Facility loan fee		2,935
Trustee expenses		2,021
Insurance expenses		518
Miscellaneous expenses		4,782
Total expenses		424,618
Less fees waived/reimbursed by Investment Adviser:
Class I Shares		(70,207	)
Class R Shares		(9,303	)
Net Expenses		345,108
Net Investment Income		1,000,982
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(601,890	)
Forward Foreign Currency Contracts		(41,904	)
Translation of assets and liabilities denominated in foreign currencies		(5,291	)
Net realized loss		(649,085	)
Net change in unrealized appreciation/depreciation on:
Investments		(6,357,439	)
Forward Foreign Currency Contracts		56,170
Translation of assets and liabilities denominated in foreign currencies		3,100
Net change in unrealized appreciation/depreciation		(6,298,169	)
Net Realized and Unrealized Loss on Investments, translation of assets and liabilities denominated in foreign currencies and forward foreign currency contracts		(6,947,254	)
Net Decrease in Net Assets Resulting from Operations	$	(5,946,272	)

See Notes to Financial Statements.

84 (888) 848-7569 | www.rivernorth.com

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,310,483		$	3,409,960
Net realized gain		5,488,931			1,887,614
Long-term capital gains from other investment companies		–			1,209,202
Net change in unrealized appreciation/depreciation on investments		(24,606,066	)		(2,628,004	)
Net increase/(decrease) in net assets resulting from operations		(16,806,652	)		3,878,772
DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		(1,406,915	)		(17,381,143	)
Class R shares		(789,370	)		(15,707,897	)
Net decrease in net assets from distributions to shareholders		(2,196,285	)		(33,089,040	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		8,757,453			42,934,744
Reinvestment of distributions		1,204,822			11,770,344
Cost of shares redeemed		(26,267,036	)		(39,179,988	)
Redemption fees(a)		–			1,733
Net increase/(decrease) in net assets from capital share transactions		(16,304,761	)		15,526,833
Class R Shares
Proceeds from shares sold		3,680,156			9,464,344
Reinvestment of distributions		767,080			15,268,961
Cost of shares redeemed		(10,119,664	)		(36,835,297	)
Redemption fees(a)		–			184
Net decrease in net assets from capital share transactions		(5,672,428	)		(12,101,808	)
Net Decrease in Net Assets		(40,980,126	)		(25,785,243	)
NET ASSETS:
Beginning of period/year	$	107,005,520		$	132,790,763
End of period/year		66,025,394			107,005,520

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 85

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		1,217,447			5,361,367
Shares issued in reinvestment of distributions		153,916			1,595,372
Shares redeemed		(3,489,516	)		(4,705,712	)
Net increase/(decrease) from share transactions		(2,118,153	)		2,251,027
Class R Shares
Shares sold		583,158			1,202,806
Shares issued in reinvestment of distributions		99,029			2,084,044
Shares redeemed		(1,273,040	)		(4,453,626	)
Net decrease from share transactions		(590,853	)		(1,166,776	)

^(a)  The Fund imposed a 2.00% redemption fee on shares redeemed within 90 days of purchase. The redemption fee was eliminated on March 4, 2019.

See Notes to Financial Statements.

86 (888) 848-7569 | www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	45,897,388		$	96,084,073
Net realized gain/(loss)		12,619,147			(50,206,791	)
Long-term capital gains from other investment companies		–			188,448
Net change in unrealized appreciation/depreciation on investments		(182,063,576	)		96,457,160
Net increase/(decrease) in net assets resulting from operations		(123,547,041	)		142,522,890
DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		(43,236,700	)		(92,689,814	)
Class R shares		(3,520,293	)		(8,384,063	)
Net decrease in net assets from distributions to shareholders		(46,756,993	)		(101,073,877	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		280,826,479			860,449,587
Reinvestment of distributions		35,002,017			73,340,573
Cost of shares redeemed		(433,491,181	)		(828,839,766	)
Redemption fees(a)		–			67,075
Net increase/(decrease) in net assets from capital share transactions		(117,662,685	)		105,017,469
Class R Shares
Proceeds from shares sold		23,758,828			53,658,489
Reinvestment of distributions		3,351,484			8,047,792
Cost of shares redeemed		(55,264,478	)		(63,914,017	)
Redemption fees(a)		–			19,243
Net decrease in net assets from capital share transactions		(28,154,166	)		(2,188,493	)
Net Increase/(Decrease) in Net Assets		(316,120,885	)		144,277,989
NET ASSETS:
Beginning of period/year	$	2,025,244,761		$	1,880,966,772
End of period/year		1,709,123,876			2,025,244,761

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 87

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		27,597,535			85,244,983
Shares issued in reinvestment of distributions		3,437,840			7,258,179
Shares redeemed		(43,567,512	)		(82,788,383	)
Net increase/(decrease) from share transactions		(12,532,137	)		9,714,779
Class R Shares
Shares sold		2,319,697			5,301,831
Shares issued in reinvestment of distributions		328,178			795,933
Shares redeemed		(5,516,206	)		(6,334,432	)
Net decrease from share transactions		(2,868,331	)		(236,668	)

^(a)  The Fund imposed a 2.00% redemption fee on shares redeemed within 90 days of purchase. The redemption fee was eliminated on March 4, 2019.

See Notes to Financial Statements.

88 (888) 848-7569 | www.rivernorth.com

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,000,982		$	2,129,809
Net realized gain/(loss)		(649,085	)		210,728
Long-term capital gain distributions from other investment companies		–			2,473
Net change in unrealized appreciation/depreciation		(6,298,169	)		(23,037	)
Net increase/(decrease) in net assets resulting from operations		(5,946,272	)		2,319,973
DISTRIBUTIONS TO SHAREHOLDERS:
Class I Shares		(1,235,570	)		(2,340,774	)
Class R Shares		(154,559	)		(295,137	)
Net decrease in net assets from distributions to shareholders		(1,390,129	)		(2,635,911	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		272,677			1,386,595
Reinvestment of distributions		1,228,700			2,297,811
Cost of shares redeemed		(3,606,938	)		(7,975,638	)
Redemption fees(a)		–			16,396
Net decrease in net assets from capital share transactions		(2,105,561	)		(4,274,836	)
Class R Shares
Proceeds from shares sold		438,416			687,413
Reinvestment of distributions		149,611			287,836
Cost of shares redeemed		(786,915	)		(1,755,228	)
Redemption fees(a)		–			129
Net decrease in net assets from capital share transactions		(198,888	)		(779,850	)
Net Decrease in Net Assets		(9,640,850	)		(5,370,624	)
NET ASSETS:
Beginning of period/year	$	51,243,328		$	56,613,952
End of period/year		41,602,478			51,243,328

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2020 89

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		33,512			146,904
Shares issued in reinvestment of distributions		132,328			244,757
Shares redeemed		(434,616	)		(847,134	)
Net decrease from share transactions		(268,776	)		(455,473	)
Class R Shares
Shares sold		46,248			73,019
Shares issued in reinvestment of distributions		16,134			30,715
Shares redeemed		(85,796	)		(186,885	)
Net decrease from share transactions		(23,414	)		(83,151	)

^(a)  The Fund imposed a 2.00% redemption fee on shares redeemed within 90 days of purchase. The redemption fee was eliminated on March 4, 2019.

See Notes to Financial Statements.

90 (888) 848-7569 | www.rivernorth.com

Intentionally Left Blank

RiverNorth Core Opportunity Fund Class I

Financial Highlights

Net asset value - beginning of period

Income/(Loss) from investment operations:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a)

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(d)

Ratios/Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense):

Ratio of expenses to average net assets excluding fee waivers and reimbursements^(f)

Ratio of expenses to average net assets including fee waivers and reimbursements^(f)

Ratio of net investment income to average net assets excluding fee waivers and reimbursements^(f)

Ratio of net investment income to average net assets including fee waivers and reimbursements^(f)

Ratios to Average Net Assets (excluding interest expense):

Ratio of expenses to average net assets excluding fee waivers and reimbursements^(f)

Ratio of expenses to average net assets including fee waivers and reimbursements^(f)

Ratio of net investment income to average net assets excluding fee waivers and reimbursements^(f)

Ratio of net investment income to average net assets including fee waivers and reimbursements^(f)

Portfolio turnover rate

See Notes to Financial Statements.

92 (888) 848-7569 | www.rivernorth.com

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018			For the Year Ended September 30, 2017			For the Year Ended September 30, 2016			For the Year Ended September 30, 2015
$	8.05		$	10.88		$	12.37		$	11.33		$	10.74		$	13.06
	0.19			0.24			0.27			0.17			0.23			0.44
	(1.82	)		(0.25	)(b)		0.42			1.45			1.33			(1.30	)
	(1.63	)		(0.01	)		0.69			1.62			1.56			(0.86	)
	(0.18	)		(0.18	)		(0.40	)		(0.30	)		(0.42	)		(0.60	)
	–			(2.64	)		(1.78	)		(0.28	)		(0.45	)		(0.86	)
	–			–			–			–			(0.10	)		–
	(0.18	)		(2.82	)		(2.18	)		(0.58	)		(0.97	)		(1.46	)
	–			0.00	(c)		0.00	(c)		0.00	(c)		0.00	(c)		0.00	(c)
	(1.81	)		(2.83	)		(1.49	)		1.04			0.59			(2.32	)
$	6.24		$	8.05		$	10.88		$	12.37		$	11.33		$	10.74
	(20.63	%)(e)		3.51	%		5.92	%		14.71	%		15.35	%		(7.50	%)
$	38,447		$	66,662		$	65,592		$	109,627		$	201,712		$	166,905
	1.26	%(g)		1.22	%		N/A			1.12	%		N/A			N/A
	1.26	%(g)		1.22	%		N/A			1.12	%		N/A			N/A
	4.67	%(g)		2.88	%		N/A			1.45	%		N/A			N/A
	4.67	%(g)		2.88	%		N/A			1.45	%		N/A			N/A
	1.26	%(g)		1.22	%		1.17	%		1.12	%		1.11	%		1.11	%
	1.26	%(g)		1.22	%		1.17	%		1.12	%		1.11	%		1.11	%
	4.67	%(g)		2.88	%		2.37	%		1.45	%		2.11	%		3.62	%
	4.67	%(g)		2.88	%		2.37	%		1.45	%		2.11	%		3.62	%
	55	%(e)		36	%		58	%(h)		39	%(h)		19	%		23	%

Semi-Annual Report | March 31, 2020 93

RiverNorth Core Opportunity Fund Class I

Financial Highlights For a share outstanding throughout the periods presented

^(a)  Based on average shares outstanding during the period.

^(b)  Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

^(c)  Less than $0.005 per share.

^(d)  Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

^(e)  Not annualized.

^(f)  The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments.

^(g)  Annualized.

^(h)  Portfolio turnover does not include redemptions in-kind.

See Notes to Financial Statements.

94 (888) 848-7569 | www.rivernorth.com

Intentionally Left Blank

RiverNorth Core Opportunity Fund Class R

Financial Highlights

Net asset value - beginning of period

Income/(Loss) from investment operations:

Net investment income^(a) 

Net realized and unrealized gain/(loss) on investments

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a) 

Net increase/ (decrease) in net asset value

Net asset value - end of period

Total Return^(d)

Ratios/Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense):

Ratio of expenses to average net assets excluding fee waivers and reimbursements^(f) 

Ratio of expenses to average net assets including fee waivers and reimbursements^(f) 

Ratio of net investment income to average net assets excluding fee waivers and reimbursements^(f) 

Ratio of net investment income to average net assets including fee waivers and reimbursements^(f) 

Ratios to Average Net Assets (excluding interest expense):

Ratio of expenses to average net assets excluding fee waivers and reimbursements^(f) 

Ratio of expenses to average net assets including fee waivers and reimbursements^(f) 

Ratio of net investment income to average net assets excluding fee waivers and reimbursements^(f) 

Ratio of net investment income to average net assets including fee waivers and reimbursements^(f) 

Portfolio turnover rate

See Notes to Financial Statements.

96 (888) 848-7569 | www.rivernorth.com

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019			For the Year Ended September 30, 2018			For the Year Ended September 30, 2017			For the Year Ended September 30, 2016			For the Year Ended September 30, 2015
$	8.06		$	10.89		$	12.37		$	11.32		$	10.74		$	13.05
	0.18			0.22			0.23			0.16			0.20			0.39
	(1.82	)		(0.26	)(b)		0.44			1.44			1.32			(1.27	)
	(1.64	)		(0.04	)		0.67			1.60			1.52			(0.88	)
	(0.17	)		(0.17	)		(0.37	)		(0.27	)		(0.40	)		(0.57	)
	–			(2.62	)		(1.78	)		(0.28	)		(0.45	)		(0.86	)
	–			–			–			–			(0.09	)		–
	(0.17	)		(2.79	)		(2.15	)		(0.55	)		(0.94	)		(1.43	)
	–			0.00	(c)		0.00	(c)		0.00	(c)		0.00	(c)	��	0.00	(c)
	(1.81	)		(2.83	)		(1.48	)		1.05			0.58			(2.31	)
$	6.25		$	8.06		$	10.89		$	12.37		$	11.32		$	10.74
	(20.70	%)(e)		3.23	%		5.70	%		14.51	%		14.98	%		(7.67	%)
$	27,579		$	40,344		$	67,199		$	213,737		$	568,198		$	538,689
	1.51	%(g)		1.48	%		N/A			1.37	%		N/A			N/A
	1.51	%(g)		1.48	%		N/A			1.37	%		N/A			N/A
	4.54	%(g)		2.62	%		N/A			1.38	%		N/A			N/A
	4.54	%(g)		2.62	%		N/A			1.38	%		N/A			N/A
	1.51	%(g)		1.48	%		1.41	%		1.37	%		1.36	%		1.35	%
	1.51	%(g)		1.48	%		1.41	%		1.37	%		1.36	%		1.35	%
	4.54	%(g)		2.62	%		2.02	%		1.38	%		1.90	%		3.16	%
	4.54	%(g)		2.62	%		2.02	%		1.38	%		1.90	%		3.16	%
	55	%(e)		36	%		58	%(h)		39	%(h)		19	%		23	%

Semi-Annual Report | March 31, 2020 97

RiverNorth Core Opportunity Fund Class R

Financial Highlights For a share outstanding throughout the periods presented

^(a)  Based on average shares outstanding during the period.

^(b)  Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

^(c)  Less than $0.005 per share.

^(d)  Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

^(e)  Not annualized.

^(f)  The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments.

^(g)  Annualized.

^(h)  Portfolio turnover does not include redemptions in-kind.

See Notes to Financial Statements.

98 (888) 848-7569 | www.rivernorth.com

Intentionally Left Blank  

RiverNorth/DoubleLine Strategic Income Fund Class I

Financial Highlights

Net asset value - beginning of period

Income/(loss) from investment operations:

Net investment income^(a) 

Net realized and unrealized gain/(loss) on investments

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a) 

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(c)

Ratios/Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense):

Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e) 

Ratio of expenses to average net assets including fee waivers and reimbursements^(e) 

Ratio of net investment income to average net assets excluding fee waivers and reimbursements^(e) 

Ratio of net investment income to average net assets including fee waivers and reimbursements^(e) 

Ratios to Average Net Assets (excluding interest expense):

Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e) 

Ratio of expenses to average net assets including fee waivers and reimbursements^(e) 

Ratio of net investment income to average net assets excluding fee waivers and reimbursements^(e) 

Ratio of net investment income to average net assets including fee waivers and reimbursements^(e) 

Portfolio turnover rate

See Notes to Financial Statements.

100 (888) 848-7569 | www.rivernorth.com

 For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2020 (Unaudited)				For the Year Ended September 30, 2019			For the Year Ended September 30, 2018			For the Year Ended September 30, 2017			For the Year Ended September 30, 2016			For the Year Ended September 30, 2015
$	10.33		$	10.08		$	10.61		$	10.61		$	10.37		$	10.88
	0.23			0.52			0.47			0.40			0.51			0.56
	(0.86	)		0.28			(0.44	)		0.08			0.39			(0.55	)
	(0.63	)		0.80			0.03			0.48			0.90			0.01
	(0.24	)		(0.55	)		(0.51	)		(0.45	)		(0.64	)		(0.52	)
	–			–			(0.04	)		(0.03	)		–			–
	–			–			(0.01	)		–			(0.02	)		–
	(0.24	)		(0.55	)		(0.56	)		(0.48	)		(0.66	)		(0.52	)
	–			0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
	(0.87	)		0.25			(0.53	)		–			0.24			(0.51	)
$	9.46		$	10.33		$	10.08		$	10.61		$	10.61		$	10.37
	(6.23	%)(d)		8.21	%		0.33	%		4.67	%		9.00	%		0.04	%
$	1,583,218		$	1,858,103		$	1,715,495		$	2,024,142		$	1,822,874		$	1,735,108
	0.86	%(f)		0.86	%		N/A			N/A			N/A			N/A
	0.86	%(f)		0.86	%		N/A			N/A			N/A			N/A
	4.54	%(f)		5.13	%		N/A			N/A			N/A			N/A
	4.54	%(f)		5.13	%		N/A			N/A			N/A			N/A
	0.86	%(f)		0.86	%		0.86	%		0.85	%		0.86	%		0.86	%
	0.86	%(f)		0.86	%		0.86	%		0.85	%		0.86	%		0.86	%
	4.54	%(f)		5.13	%		4.60	%		3.80	%		4.92	%		5.24	%
	4.54	%(f)		5.13	%		4.60	%		3.80	%		4.92	%		5.24	%
	36	%(d)		60	%		37	%		50	%		36	%		29	%

Semi-Annual Report | March 31, 2020 101

RiverNorth/DoubleLine Strategic Income Fund Class I

Financial Highlights For a share outstanding throughout the periods presented

^(a)  Based on average shares outstanding during the period.

^(b) Less than $0.005 per share.

^(c)  Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

^(d)  Not annualized.

^(e)  The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments.

^(f)  Annualized.

See Notes to Financial Statements.

102 (888) 848-7569 | www.rivernorth.com

Intentionally Left Blank

RiverNorth/DoubleLine Strategic Income Fund Class R

Financial Highlights

Net asset value - beginning of period

Income/(loss) from investment operations:

Net investment income^(a) 

Net realized and unrealized gain/(loss) on investments

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a) 

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(c) 

Ratios/Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense):

Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e) 

Ratio of expenses to average net assets including fee waivers and reimbursements^(e) 

Ratio of net investment income to average net assets excluding fee waivers and reimbursements^(e) 

Ratio of net investment income to average net assets including fee waivers and reimbursements^(e) 

Ratios to Average Net Assets (excluding interest expense):

Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e) 

Ratio of expenses to average net assets including fee waivers and reimbursements^(e) 

Ratio of net investment income to average net assets excluding fee waivers and reimbursements^(e) 

Ratio of net investment income to average net assets including fee waivers and reimbursements^(e) 

Portfolio turnover rate

See Notes to Financial Statements.

104 (888) 848-7569 | www.rivernorth.com

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018			For the Year Ended September 30, 2017			For the Year Ended September 30, 2016			For the Year Ended September 30, 2015
$	10.35		$	10.09		$	10.62		$	10.62		$	10.39		$	10.89
	0.22			0.50			0.45			0.38			0.49			0.54
	(0.86	)		0.28			(0.45	)		0.08			0.37			(0.55	)
	(0.64	)		0.78			–			0.46			0.86			(0.01	)
	(0.23	)		(0.52	)		(0.48	)		(0.43	)		(0.61	)		(0.49	)
	–			–			(0.04	)		(0.03	)		–			–
	–			–			(0.01	)		–			(0.02	)		–
	(0.23	)		(0.52	)		(0.53	)		(0.46	)		(0.63	)		(0.49	)
	–			0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
	(0.87	)		0.26			(0.53	)		–			0.23			(0.50	)
$	9.48		$	10.35		$	10.09		$	10.62		$	10.62		$	10.39
	(6.34	%)(d)		8.03	%		0.07	%		4.40	%		8.62	%		(0.12	%)
$	125,906		$	167,141		$	165,472		$	208,143		$	230,953		$	233,319
	1.11	%(f)		1.11	%		N/A			N/A			N/A			N/A
	1.11	%(f)		1.11	%		N/A			N/A			N/A			N/A
	4.29	%(f)		4.90	%		N/A			N/A			N/A			N/A
	4.29	%(f)		4.90	%		N/A			N/A			N/A			N/A
	1.11	%(f)		1.11	%		1.11	%		1.10	%		1.11	%		1.11	%
	1.11	%(f)		1.11	%		1.11	%		1.10	%		1.11	%		1.11	%
	4.29	%(f)		4.90	%		4.34	%		3.56	%		4.67	%		4.97	%
	4.29	%(f)		4.90	%		4.34	%		3.56	%		4.67	%		4.97	%
	36	%(d)		60	%		37	%		50	%		36	%		29	%

Semi-Annual Report | March 31, 2020 105

RiverNorth/DoubleLine Strategic Income Fund Class R

Financial Highlights For a share outstanding throughout the periods presented

^(a)  Based on average shares outstanding during the period.

^(b)  Less than $0.005 per share.

^(c)  Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

^(d)  Not annualized.

^(e)  The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments.

^(f)  Annualized.

See Notes to Financial Statements.

106 (888) 848-7569 | www.rivernorth.com

Intentionally Left Blank

RiverNorth/Oaktree High Income Fund Class I

Financial Highlights

Net asset value - beginning of period

Income/(loss) from investment operations:

Net investment income^(a) 

Net realized and unrealized gain/(loss) on investments

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a) 

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(c) 

Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense)

Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e) 

Ratio of expenses to average net assets including fee waivers and reimbursements^(e) 

Ratio of net investment income to average net assets excluding fee waivers and reimbursements^(e) 

Ratio of net investment income to average net assets including fee waivers and reimbursements^(e) 

Ratios to Average Net Assets (excluding interest expense)

Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e) 

Ratio of expenses to average net assets including fee waivers and reimbursements^(e) 

Ratio of net investment income to average net assets excluding fee waivers and reimbursements^(e) 

Ratio of net investment income to average net assets including fee waivers and reimbursements^(e) 

Portfolio turnover rate

See Notes to Financial Statements.

108 (888) 848-7569 | www.rivernorth.com

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018			For the Year Ended September 30, 2017			For the Year Ended September 30, 2016			For the Year Ended September 30, 2015
$	9.55		$	9.58		$	9.73		$	9.48		$	9.18		$	10.25
	0.19			0.38			0.39			0.35			0.44			0.43
	(1.28	)		0.07			(0.18	)		0.31			0.44			(0.77	)
	(1.09	)		0.45			0.21			0.66			0.88			(0.34	)
	(0.26	)		(0.48	)		(0.24	)		(0.38	)		(0.55	)		(0.53	)
	–			–			–			–			–			(0.20	)
	–			–			(0.12	)		(0.03	)		(0.03	)		–
	(0.26	)		(0.48	)		(0.36	)		(0.41	)		(0.58	)		(0.73	)
	–			0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
	(1.35	)		(0.03	)		(0.15	)		0.25			0.30			(1.07	)
$	8.20		$	9.55		$	9.58		$	9.73		$	9.48		$	9.18
	(11.67	%)(d)		4.85	%		2.22	%		7.11	%		10.09	%		(3.50	%)
$	36,697		$	45,306		$	49,856		$	63,842		$	73,580		$	88,360
	1.67	%(f)(g)		1.58	%(g)		1.54	%(g)		1.35	%(g)		1.34	%(g)		1.36	%(g)
	1.35	%(f)(g)		1.36	%(g)		1.36	%(g)		1.35	%(g)		1.34	%(g)		1.36	%(g)
	3.71	%(f)(g)		3.83	%(g)		3.84	%(g)		3.59	%(g)		4.86	%(g)		4.40	%(g)
	4.03	%(f)(g)		4.05	%(g)		4.02	%(g)		3.59	%(g)		4.86	%(g)		4.40	%(g)
	1.67	%(f)(g)		1.57	%(g)		1.53	%(g)		1.35	%(g)		1.34	%(g)		1.35	%(g)
	1.35	%(f)(g)		1.35	%(g)		1.35	%(g)		1.35	%(g)		1.34	%(g)		1.35	%(g)
	3.71	%(f)(g)		3.84	%(g)		3.83	%(g)		3.59	%(g)		4.86	%(g)		4.41	%(g)
	4.03	%(f)(g)		4.06	%(g)		4.01	%(g)		3.59	%(g)		4.86	%(g)		4.41	%(g)
	42	%(d)		52	%		76	%		121	%		40	%		70	%

Semi-Annual Report | March 31, 2020 109

RiverNorth/Oaktree High Income Fund Class I

Financial Highlights For a share outstanding throughout the periods presented

^(a)  Based on average shares outstanding during the period.

^(b)  Less than $0.005 per share.

^(c)  Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

^(d)  Not annualized.

^(e)  The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments.

^(f)  Annualized.

^(g)  The portion of the ratios attributable to recoupments for the periods ended March 31, 2020, September 30, 2019, September 30, 2018, September 30, 2017, September 30, 2016, and September 30, 2015 were 0.00%, 0.00% 0.00%, 0.00%, 0.00% and 0.06%, respectively.

See Notes to Financial Statements.

110 (888) 848-7569 | www.rivernorth.com

Intentionally Left Blank

RiverNorth/Oaktree High Income Fund Class R

Financial Highlights

Net asset value - beginning of period

Income/(loss) from investment operations:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a)

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(c)

Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense)

Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e)

Ratio of expenses to average net assets including fee waivers and reimbursements^(e)

Ratio of net investment income to average net assets excluding fee waivers and reimbursements^(e)

Ratio of net investment income to average net assets including fee waivers and reimbursements^(e)

Ratios to Average Net Assets (excluding interest expense)

Ratio of expenses to average net assets excluding fee waivers and reimbursements^(e)

Ratio of expenses to average net assets including fee waivers and reimbursements^(e)

Ratio of net investment income to average net assets excluding fee waivers and reimbursements^(e)

Ratio of net investment income to average net assets including fee waivers and reimbursements^(e)

Portfolio turnover rate

See Notes to Financial Statements.

112 (888) 848-7569 | www.rivernorth.com

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2020 (Unaudited)			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018			For the Year Ended September 30, 2017			For the Year Ended September 30, 2016			For the Year Ended September 30, 2015
$	9.54		$	9.58		$	9.72		$	9.47		$	9.17		$	10.24
	0.18			0.36			0.36			0.32			0.43			0.41
	(1.28	)		0.05			(0.16	)		0.32			0.43			(0.77	)
	(1.10	)		0.41			0.20			0.64			0.86			(0.36	)
	(0.25	)		(0.45	)		(0.23	)		(0.36	)		(0.54	)		(0.51	)
	–			–			–			–			–			(0.20	)
	–			–			(0.11	)		(0.03	)		(0.02	)		–
	(0.25	)		(0.45	)		(0.34	)		(0.39	)		(0.56	)		(0.71	)
	–			0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
	(1.35	)		(0.04	)		(0.14	)		0.25			0.30			(1.07	)
$	8.19		$	9.54		$	9.58		$	9.72		$	9.47		$	9.17
	(11.79%	)(d)		4.48%			2.07%			6.83%			9.83%			(3.76%	)
$	4,906		$	5,937		$	6,758		$	7,635		$	7,203		$	10,368
	1.92%	(f)(g)		1.83%	(g)		1.79%	(g)		1.63%	(g)		1.62%	(g)		1.61%	(g)
	1.60%	(f)(g)		1.61%	(g)		1.61%	(g)		1.60%	(g)		1.60%	(g)		1.61%	(g)
	3.46%	(f)(g)		3.58%	(g)		3.60%	(g)		3.29%	(g)		4.69%	(g)		4.14%	(g)
	3.78%	(f)(g)		3.80%	(g)		3.78%	(g)		3.33%	(g)		4.71%	(g)		4.14%	(g)
	1.92%	(f)(g)		1.82%	(g)		1.78%	(g)		1.63%	(g)		1.62%	(g)		1.60%	(g)
	1.60%	(f)(g)		1.60%	(g)		1.60%	(g)		1.60%	(g)		1.60%	(g)		1.60%	(g)
	3.46%	(f)(g)		3.59%	(g)		3.59%	(g)		3.29%	(g)		4.69%	(g)		4.15%	(g)
	3.78%	(f)(g)		3.81%	(g)		3.77%	(g)		3.33%	(g)		4.71%	(g)		4.15%	(g)
	42%	(d)		52%			76%			121%			40%			70%

Semi-Annual Report | March 31, 2020 113

RiverNorth/Oaktree High Income Fund Class R

Financial Highlights For a share outstanding throughout the periods presented

(a)	Based on average shares outstanding during the period.
(b)	Less than $0.005 per share.

^(c) Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.

^(d) Not annualized.

^(e) The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments.

^(f) Annualized.

^(g) The portion of the ratios attributable to recoupments for the periods ended March 31, 2020, September 30, 2019, September 30, 2018, September 30, 2017, September 30, 2016, and September 30, 2015 were 0.00%, 0.00% 0.00%, 0.00%, 0.01% and 0.07%, respectively.

See Notes to Financial Statements.

114 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

1. ORGANIZATION

The RiverNorth Funds (the “Trust” or “Funds”) was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006 (the “Trust Agreement”). The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust Agreement permits the Board of Trustees (the “Board” or “Trustees”) to authorize and issue an unlimited number of shares of beneficial interest of a separate series without par value. All classes of shares for each of the Funds have identical rights to earnings, assets and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only individual classes. The Funds are considered investment companies and therefore follow the Investment Company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services Investment Companies.

The RiverNorth Core Opportunity Fund (the “Core Opportunity Fund”) was organized as a diversified series of the Trust on July 18, 2006 and commenced investment operations on December 27, 2006. The Core Opportunity Fund offers two classes of shares, Class I Shares (inception date of August 11, 2014) and Class R Shares (inception date of December 27, 2006). The investment adviser to the Core Opportunity Fund is RiverNorth Capital Management, LLC (“RiverNorth” or the “Adviser”). The investment objective of the Core Opportunity Fund is to seek long-term capital appreciation and income.

The RiverNorth/DoubleLine Strategic Income Fund (the “Strategic Income Fund”) is a diversified series of the Trust and commenced investment operations on December 30, 2010. The Strategic Income Fund offers two classes of shares, Class I Shares and Class R Shares. The investment adviser to the Strategic Income Fund is RiverNorth. The Strategic Income Fund’s sub-adviser is DoubleLine Capital, LP (“DoubleLine”). The investment objective of the Strategic Income Fund is current income and overall total return.

The RiverNorth/Oaktree High Income Fund (the “High Income Fund”) is a diversified series of the Trust and commenced investment operations on December 28, 2012. The High Income Fund offers two classes of shares, Class I Shares and Class R Shares. The investment adviser to the High Income Fund is RiverNorth. The High Income Fund’s sub-adviser is Oaktree Capital Management, L.P. (“Oaktree Capital,” and with DoubleLine, each a “Sub-Adviser” or collectively, the “Sub-Advisers”). The investment objective of the High Income Fund is overall total return consisting of long-term capital appreciation and income.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Funds. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The financial statements are prepared in accordance with 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 Funds ultimately realize uponsale of the securities. The financial statements have been prepared as of the close of the New York Stock Exchange (“NYSE”) on the fiscal period end of the Funds.

Semi-Annual Report | March 31, 2020 115

RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

Security Valuation: The Funds’ assets and other financial instruments are recorded at their estimated fair value as described in Note 3.

Security Transactions and Related Income: The Funds follow industry practice and record security transactions on the trade date basis. The specific identification method is used for determining gains or losses for financial statements and income tax purposes. Dividend income is recorded on the ex-dividend date or for certain foreign securities, when the information becomes available to the Funds, and interest income and expenses are recorded on an accrual basis. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region. Settlement on bank loans transactions may be in excess of seven business days. Interest only stripped mortgage backed securities (“IO Strips”) are securities that receive only interest payments from a pool of mortgage loans. Little to no principal will be received by the Funds upon maturity of an IO Strip. Periodic adjustments are recorded to reduce the cost of the security until maturity, which are included in interest income.

Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Prevailing foreign exchange rates may generally be obtained at the close of the NYSE (normally, 4:00 p.m. Eastern time). The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

Foreign Securities: The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the ability to repatriate funds, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

Certain foreign countries impose a capital gains tax which is accrued by the Funds based on the unrealized appreciation, if any, on affected securities. Any accrual would reduce a Fund’s net asset value (“NAV”). The tax is paid when the gain is realized and is included in capital gains tax in the Statements of Operations.

Other:The Funds hold certain investments which pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed the underlying investments’ taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

116 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

Principal Investment Risks: All mutual funds carry a certain amount of risk. For more information on the related risks of investing in the Funds please refer to the prospectus of each Fund.

Share Valuation: The NAV is generally calculated as of the close of trading on the NYSE (normally 4:00 p.m. Eastern Time) every day the Exchange is open. The NAV is calculated by taking the total value of each Fund’s or class’ assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share is equal to the NAV per share, except that shares of each Fund were subject to a redemption fee of 2% if redeemed within 90 days of purchase until March 4, 2019 when the redemption fee was eliminated.

Expenses:Some expenses of the Trust can be directly attributed to a Fund or a Fund specific share class. Expenses which cannot be directly attributed are apportioned among all Funds and Fund series classes in the Trust based on average net assets or another method approved by the Board.

Federal Income Taxes: The Funds make no provision for federal income tax. Each Fund intends to qualify each year as a “regulated investment company” under subchapter M of the Internal Revenue Code of 1986, as amended, by distributing substantially all of its taxable income. If the required amount of net investment income is not distributed, the Funds could incur a tax expense.

As of and during the six months ended March 31, 2020, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ 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.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses in the Statements of Operations. During the six months ended March 31, 2020, the Funds did not incur any interest or penalties.

Distributions to Shareholders: Distributions to shareholders, which are 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 values per share of the Funds.

Semi-Annual Report | March 31, 2020 117

RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

● Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a 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 Funds’ own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

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

Equity securities, including common stocks, rights and warrants, closed-end funds, exchange-traded funds, preferred stocks 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 or a Sub-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 Funds 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 or a Sub-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, Sub-Adviser, or valuation committee in conformity with guidelines adopted by and subject to review by the Board. These securities will be categorized as Level 3 securities.

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RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

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

Domestic and foreign fixed income securities, including foreign and U.S. corporate bonds, convertible corporate bonds, U.S. Government bonds and notes, foreign government bonds and notes, supranationals and foreign agencies, non-agency collateralized mortgage obligations, U.S. Government/Agency mortgage backed securities, business development company notes, bank loans, collateralized loan obligations, municipal bonds, and high yield debt, as well as non-exchange traded derivatives, including forward foreign currency contracts, 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.

Short-term investments in fixed income securities, with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.

In accordance with the Funds’ good faith pricing guidelines, the Adviser, Sub-Adviser, or valuation committee 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, Sub-Adviser, or valuation committee 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, a Sub-Adviser’s, or the valuation committee’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 a Fund’s NAV calculation that may affect a security’s value, or the Adviser or a Sub-Adviser is aware of any other data that calls into question the reliability of market quotations.

Semi-Annual Report | March 31, 2020 119

RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

Good faith pricing may also be used in instances when the bonds in which the Funds invest default or otherwise cease to have market quotations readily available. Investments in foreign securities, junk bonds, or other thinly traded securities are more likely to trigger good faith pricing than other securities.

The following is a summary of the inputs used at March 31, 2020 in valuing the Funds’ assets and liabilities:

Core Opportunity Fund

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	48,277,514	$	–	$	–	$	48,277,514
Business Development Companies		1,472,632		–		–		1,472,632
Common Stocks		3,190,116		–		–		3,190,116
Exchange Traded Funds		5,106,659		–		–		5,106,659
Preferred Stocks		765,630		–		–		765,630
Business Development Company Notes		892,959		–		–		892,959
Convertible Corporate Bonds		–		875,087		–		875,087
Rights		11,109		–		–		11,109
Warrants		151,641		–		–		151,641
Short-Term Investments		3,297,015		–		–		3,297,015
Total	$	63,165,275	$	875,087	$	–	$	64,040,362

120 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

Strategic Income Fund

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	354,985,870	$	–	$	–	$	354,985,870
Business Development Companies		11,921,879		–		–		11,921,879
Common Stocks		5,926,601		–		–		5,926,601
Open-End Funds		26,520,160		–		–		26,520,160
Preferred Stocks		24,282,731		–		–		24,282,731
Business Development Company Notes		17,445,991		–		–		17,445,991
Foreign Corporate Bonds		–		79,141,015		–		79,141,015
U.S. Corporate Bonds		–		81,561,831		–		81,561,831
Convertible Corporate Bonds		–		9,408,126		–		9,408,126
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies		–		2,824,656		–		2,824,656
Bank Loans		–		19,493,145		–		19,493,145
Collateralized Loan Obligations		–		32,452,214		–		32,452,214
Equity - Linked Notes		–		–		11,250		11,250
Non-Agency Collateralized Mortgage Obligations		–		360,026,777		–		360,026,777
U.S. Government Bonds and Notes		–		101,042,265		–		101,042,265
Municipal Bonds		–		404,559		–		404,559
U.S. Government / Agency Mortgage Backed Securities		–		256,492,777		–		256,492,777
Warrants		–		–		–		–
Short-Term Investments		291,935,795		184,890		–		292,120,685
Total	$	733,019,027	$	943,032,255	$	11,250	$	1,676,062,532

Semi-Annual Report | March 31, 2020 121

RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

High Income Fund

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	5,227,574	$	–	$	–	$	5,227,574
Common Stocks		210		–		15,906		16,116
Preferred Stocks		–		–		95,206		95,206
Bank Loans		–		15,271,907		–		15,271,907
High Yield Debt		–		20,280,140		–		20,280,140
Rights		–		–		198		198
Warrants		2		–		–		2
Short-Term Investments		1,119,238		–		–		1,119,238
Total	$	6,347,024	$	35,552,047	$	111,310	$	42,010,381

	Valuation Inputs
Other Financial Instruments**	Level 1		Level 2			Level 3		Total
Assets
Forward Foreign Currency Contracts	$	–	$	163,286		$	–	$	163,286
Liabilities
Forward Foreign Currency Contracts	$	–	$	(5,399	)	$	–	$	(5,399	)
Total	$	–	$	157,887		$	–	$	157,887

* Refer to each Fund’s Schedule of Investments for a listing of securities by type.

** Other financial instruments are derivative instruments reflected in the Schedule of Investments.

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RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

The changes of the fair value of investments for which the Funds have used Level 3 inputs to determine the fair value are as follows:

Asset Type	Balance as of September 30, 2019		Accrued Discount/ premium			Realized Gain/ (Loss)			Change in Unrealized Appreciation/ Deperciation			Purchases		Sales Proceeds			Transfer into Level 3		Transfer Out of Level 3			Balance as of March 31, 2020		Net change in unrealized appreciation/ (depreciation) included in the Statements of Operations attributable to Level 3 investments held at March 31, 2020
Strategic Income Fund
U.S. Corporate Bonds	$	5,050,000	$	2,583		$	–		$	125,031		$	–	$	–		$	–	$	(5,177,614	)	$	–	$	–
Equity-Linked Notes		11,250		–			–			–			–		–			–		–			11,250		–
	$	5,061,250	$	2,583		$	–		$	125,031		$	–	$	–		$	–	$	(5,177,614	)	$	11,250	$	–
High Income Fund
Preferred Stocks	$	92,000	$	–		$	–		$	(13,775	)	$	16,981	$	–		$	–	$	–		$	95,206	$	(13,775	)
Bank Loans		20,361		(443	)		–			46,908			–		(66,826	)		–		–			–		–
Common Stocks		30,185		–			620			(166,179	)		152,982		(1,702	)		–		–			15,906		(166,179	)
High Yield Debt		–		2,463			(45,531	)		43,295			–		(227	)		–		–			–		–
Warrants		3,714		–			1,352			(1,352	)		–		(3,714	)		–		–			–		(28,912	)
Rights		–		–			–			(11,033	)		11,231		–			–		–			198		(11,033	)
	$	146,260	$	2,020		$	(43,559	)	$	(102,136	)	$	181,194	$	(72,469	)	$	–	$	–		$	111,310	$	(219,899	)

The table below provides additional information about the Level 3 Fair Value Measurements as of March 31, 2020:

Quantitative Information about Level 3 Fair Value Measurements

Strategic Income Fund

Asset Class	Fair Value (USD)	ValuationTechnique	Unobservable Inputs(a)	Value/Range (Weighted Average)
Equity-Linked Note	11,250	Vendor Price	Broker Quote	N/A

High Income Fund

Asset Class	Fair Value (USD)	Valuation Technique	Unobservable Inputs(a)	Value/Range (Weighted Average)
Preferred Stocks	$95,206	Last Transaction Price	Transaction Price	N/A
Common Stocks	15,906	Vendor Price	Broker Quote	N/A
Rights	198	Vendor Price	Broker Quote	N/A

^(a) A change to the unobservable input may result in a significant change to the value of the investment as follows:

Unobservable Inputs	Impact to Value if Input Increases	Impact to Value if Input Decreases
Broker Quote	Increase	Decrease
Transaction Price	Increase	Decrease

Semi-Annual Report | March 31, 2020 123

RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

4. DERIVATIVE FINANCIAL INSTRUMENTS

The following discloses the Funds’ use of derivative instruments. The Funds’ investment objectives not only permit the Funds to purchase investment securities, they also allow the Funds to enter into various types of derivative contracts such as forward foreign currency contracts. In doing so, the Funds will employ strategies in differing combinations to permit them to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity or debt securities; they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Funds to pursue their objectives more quickly and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

Market Risk Factors: In pursuit of their investment objectives, the Funds may seek to use derivatives to increase or decrease their exposure to the following market risk factors:

Foreign Exchange Rate Risk: Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the value of the foreign currency denominated security will increase as the dollar depreciates against the currency.

Risk of Investing in Derivatives

The Funds’ use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Funds to increase their market value exposure relative to their net assets and can substantially increase the volatility of the Funds’ performance.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Typically, the associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives.

Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds.

Forward Foreign Currency Contracts

The Funds may engage in currency transactions with counterparties to hedge the value of portfolio securities denominated in particular currencies against fluctuations in relative value, to gain or reduce exposure to certain currencies, or to generate income or gains. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. During the six months ended March 31, 2020, the High Income Fund engaged in forward foreign currency contracts. The contracts are marked-to-market daily and the change in value is recorded by the High Income Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the High Income Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.

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RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. The High Income Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

If required by the forward foreign currency contracts, the High Income Fund has segregated sufficient assets as collateral to satisfy the current obligations with respect to forward foreign currency contracts, and this is reflected as Cash segregated at custodian for forward foreign currency contracts on the High Income Fund’s Statement of Assets and Liabilities.

The effect of derivatives instruments on each Fund's Statement of Assets and Liabilities as of March 31, 2020:

		Asset Derivatives
Fund	Risk Exposure	Statement of Assets and Liabilities Location		Fair Value
High Income Fund	Foreign exchange rate risk (Forward foreign currency contracts)	Unrealized appreciation on forward foreign currency contracts	$	163,286

		Liabilities Derivatives
Fund	Risk Exposure	Statement of Assets and Liabilities Location		Fair Value
High Income Fund	Foreign exchange rate risk (Forward foreign currency contracts)	Unrealized depreciation on forward foreign currency contracts	$	(5,399	)

Semi-Annual Report | March 31, 2020 125

RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

The effect of derivatives instruments on each Fund's Statement of Operations for the six months ended March 31, 2020:

Fund	Risk Exposure	Statement of Operations Location	Realized Gain/(Loss) on Derivatives Recognized in Income			Change in Unrealized Appreciation/ (Depreciation) on Derivatives Recognized in Income
High Income Fund	Foreign exchange rate risk (Forward foreign currency contracts)	Net realized gain/(loss) on Forward Foreign Currency Contracts/ Net change in unrealized appreciation/ depreciation on Forward Foreign Currency Contracts	$	(41,904	)	$	56,170

The forward currency contracts average notional amount during the six months ended March 31, 2020, is noted below.

Fund	Average Notional Amount of Forward Foreign Currency Contracts
High Income Fund	$	7,523,099

Offsetting Arrangements: Certain derivative contracts are executed under standardized netting agreements. A derivative netting arrangement creates an enforceable right of set-off that becomes effective, and affects the realization of settlement on individual assets, liabilities and collateral amounts, only following a specified event of default or early termination. Default events may include the failure to make payments or deliver securities timely, material adverse changes in financial condition or insolvency, the breach of minimum regulatory capital requirements, or loss of license, charter or other legal authorization necessary to perform under the contract. These agreements mitigate counterparty credit risk by providing for a single net settlement with a counterparty of all financial transactions covered by the agreement in an event of default as defined under such agreement.

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RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

The following table presents derivative financial instruments that are subject to enforceable netting arrangements, collateral arrangements or other similar agreements as of March 31, 2020.

Offsetting of Derivatives Asset

							Gross Amounts Not Offset in the Statements of Assets and Liabilities
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset(a)			Cash Collateral Received(a)		Net Amount
High Income Fund
Forward Foreign Currency Contracts	$	163,286	$	–	$	163,286	$	(5,399	)	$	–	$	157,887
Total	$	163,286	$	–	$	163,286	$	(5,399	)	$	–	$	157,887

Offsetting of Derivatives Liability

							Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments Available for Offset(a)			Cash Collateral Pledged(a)		Net Amount
High Income Fund
Forward Foreign Currency Contracts	$	5,399			$	5,399	$	(5,399	)	$	–	$	–
Total	$	5,399	$	–	$	5,399	$	(5,399	)	$	–	$	–

^(a)  These amounts are limited to the derivatives asset/liability balance and, accordingly, do not include excess collateral received/pledged.

Semi-Annual Report | March 31, 2020 127

RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

5. LOAN PARTICIPATIONS AND ASSIGNMENTS

The Strategic Income Fund and High Income Fund may each invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Strategic Income Fund and High Income Fund will normally invest in corporate debt issuers in North America and Europe. The Strategic Income Fund’s and High Income Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Strategic Income Fund and High Income Fund may each invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. The Strategic Income Fund and High Income Fund will generally purchase assignments of these loans, in which case they will typically become lenders for purposes of the relevant loan agreement with direct contractual rights against the borrower, including the right to receive payments of principal and interest. When purchasing participation interests in a loan, the Strategic Income Fund and High Income Fund generally have no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Strategic Income Fund and High Income Fund may each be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. The Strategic Income Fund and High Income Fund may each enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent a future obligation in full, even though a percentage of the notional loan amounts may not be utilized by the borrower. When investing in a loan participation, the Strategic Income Fund and High Income Fund have the right to receive payments of principal, interest and any fees to which they are entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. The Strategic Income Fund and High Income Fund may each receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a floating rate loan. In certain circumstances, the Strategic Income Fund and High Income Fund may each receive a penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. At March 31, 2020, the High Income Fund had $764,584 in unsettled domestic and foreign loan commitments.

6. ADVISORY FEES, TRUSTEE FEES AND OTHER AGREEMENTS

The Adviser serves as the investment adviser to the Funds. Under the terms of the management agreement (the “Agreement”), the Adviser, subject to the supervision of the Board, provides or arranges to be provided to the Funds such investment advice as it deems advisable and will furnish or arrange to be furnished a continuous investment program for the Funds consistent with the Funds’ investment objectives and policies. As compensation for its management services, the Funds are obligated to pay the Adviser a fee computed and accrued daily and paid monthly in arrears at an annual rate of the average daily net assets of the Funds.

The Chief Compliance Officer (“CCO”) of the Funds is an affiliate of the Funds. For the six months ended March 31, 2020, the total related amounts paid by the Funds for CCO fees are included in Compliance expenses on each Fund’s Statement of Operations.

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RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

The following table reflects the Funds’ contractual management fee rates (expressed as an annual rate).

Fund	Contractual Management Fee
Core Opportunity Fund	1.00%
Strategic Income Fund	0.75%
High Income Fund	1.00%

The Adviser has contractually agreed to waive the High Income Fund’s management fees and/or reimburse expenses (excluding brokerage fees and commissions; borrowing costs such as (a) interest and (b) dividends on securities sold short; taxes; indirect expenses incurred by the underlying funds in which the Fund invests; and extraordinary expenses) of the High Income Fund until at least January 31, 2021 in order to maintain the Total Annual Fund Operating Expenses After Fee Deferral and/or Reimbursement at 1.60% and 1.35% for the Class R shares and Class I shares, respectively. This agreement may be terminated by the Board on 60 days’ written notice to the Adviser. Any waiver or reimbursement is subject to repayment by the High Income Fund within three years following the fiscal year in which the expenses occurred if the Fund is able to make the repayment without exceeding its current expense limitation and the repayment is approved by the Board.

As of the year ended September 30, 2019, reimbursed expenses for the High Income Fund subject to potential recovery by year of expiration are as follows:

	Expiring September 30,
	2021		2022		2023
High Income Fund
Class I	$	98,502	$	104,992	$	70,207
Class R	$	13,126	$	13,864	$	9,303
Total	$	111,628	$	111,856	$	79,510

For the six months ended March 31, 2020, the Adviser waived $87,122 in management fees attributable to the Strategic Income Fund related to the Fund’s investment in an affiliate fund, the High Income Fund. The Investment Adviser Fee disclosed on the Strategic Income Fund’s Statement of Operations is reflective of this waiver of affiliated management fees.

DoubleLine is the investment sub-adviser to the Strategic Income Fund. Oaktree Capital is the investment sub-adviser to the High Income Fund. Under the terms of the sub-advisory agreements, the Sub-Advisers, subject to the supervision of the Adviser and the Board of Trustees, provide to the Strategic Income Fund and the High Income Fund such investment advice as deemed advisable and will furnish a continuous investment program for the portion of assets managed in the respective Fund consistent with the respective Fund’s investment objective and policies. As compensation for its sub-advisory services, the Adviser, out of its own fee, is obligated to pay each Sub-Adviser a fee computed and accrued daily and paid monthly in arrears based on an annual rate of the average daily net assets of the Strategic Income Fund and the High Income Fund.

Semi-Annual Report | March 31, 2020 129

RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

ALPS Fund Services, Inc. (“ALPS”) provides the Funds with fund administration and fund accounting services. ALPS also serves as transfer agent, dividend paying and shareholder servicing agent for the Funds (“Transfer Agent”).

State Street Bank & Trust, Co. serves as the Funds’ custodian.

The Funds have adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the “Plan”). The Plan permits the Funds to pay the Adviser for distribution and promotion expenses related to marketing shares of the Funds. The amount payable annually by the Class R shares of the Core Opportunity Fund, the Class R Shares of the Strategic Income Fund, and the Class R Shares of the High Income Fund is 0.25% of the average daily net assets. Under the Plan the Trust may engage in any activities related to the distribution of Fund shares. The expenses of the Funds’ Plan are reflected as 12b-1 fees in the Statements of Operations.

The Funds have entered into a Distribution Agreement with ALPS Distributors, Inc. (“the Distributor”), an affiliate of ALPS, to provide distribution services to the Funds. The Distributor serves as underwriter/distributor of shares of the Funds.

Officers of the Trust and Trustees who are “interested persons” of the Trust or the Adviser received no salary or fees from the Trust. Each Trustee who is not an “interested person” receives a fee of $36,000 per year, plus $1,500 per meeting attended from the Trust. In addition, the chair of the audit committee receives $500 annually and the lead independent Trustee receives $250 annually. The Trust reimburses each Trustee and Officer for his or her travel and other expenses relating to attendance at such meetings. The Trustees are also compensated for their services as independent directors of other funds within the fund complex.¹

A Trustee and certain Officers of the Trust are also employees of the Adviser, the Distributor or ALPS.

¹ The Fund Complex consists of the RiverNorth Core Opportunity Fund, the RiverNorth/DoubleLine Strategic Income Fund, and the RiverNorth/Oaktree High Income Fund, each a series of RiverNorth Funds, and the RiverNorth Opportunities Fund, Inc., RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., the RiverNorth Specialty Finance Corporation, RiverNorth Opportunistic Municipal Income Fund, Inc., RiverNorth Managed Duration Municipal Income Fund, Inc., and RiverNorth Flexible Municipal Income Fund, Inc.

7. TAX BASIS INFORMATION

Tax Basis of Distributions to Shareholders: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 were recorded by a Fund.

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RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

The tax character of distributions paid by the Funds during the fiscal year ended September 30, 2019, was as follows:

	Ordinary Income		Tax-Exempt Income		Distributions paid from Long-Term Capital Gain		Return of Capital		Total
Core Opportunity Fund	$	5,255,331	$	189,479	$	27,644,230	$	–	$	33,089,040
Strategic Income Fund		101,073,877		–		–		–		101,073,877
High Income Fund		2,635,911		–		–		–		2,635,911

Components of Distributable Earnings on a Tax Basis:The tax components of distributable earnings are determined in accordance with income tax regulations which may differ from the composition of net assets reported under GAAP. Accordingly, for the year ended September 30, 2019, certain differences were reclassified. The amounts reclassified did not affect net assets. The reclassifications were as follows:

	Paid-in Capital			Total Distributable Earnings
Core Opportunity Fund	$	(46,875	)	$	46,875
Strategic Income Fund		(362,739	)		362,739
High Income Fund		(25,002	)		25,002

At September 30, 2019, the components of distributable earnings on a tax basis for the Funds were as follows:

	Undistributed  Ordinary  Income		Accumulated Capital Gains/(Losses)			Net Unrealized Appreciation/ (Depreciation)			Other Cumulative Effect of Timing Differences			Total
Core Opportunity Fund	$	176,274	$	–		$	4,547,805		$	–		$	4,724,079
Strategic Income Fund		229,488		(69,035,490	)		(30,026,055	)		–			(98,832,057	)
High Income Fund		365,328		(4,145,544	)		(634,532	)		(101,717	)		(4,516,465	)

Capital Losses:As of March 31, 2020, the following Funds had capital loss carryforwards which may reduce the applicable Fund’s taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code and thus may reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax pursuant to the Code. The capital loss carryforwards may be carried forward indefinitely.

Semi-Annual Report | March 31, 2020 131

RiverNorth Funds Notes to Financial Statements

 March 31, 2020 (Unaudited)

Capital losses carried forward were as follows:

Fund	Non-Expiring Short-Term		Non-Expiring Long-Term
Strategic Income Fund	$	1,501,663	$	8,076,781
High Income Fund		813,679		2,785,464

The Strategic Income Fund and the High Income Fund have elected to defer to the year ending September 30, 2020, capital losses recognized during the period November 1, 2018 to September 30, 2019, in the amount of $59,457,046 and $546,401.

Unrealized Appreciation and Depreciation on Investments:The amount of net unrealized appreciation/(depreciation) and the cost of investment securities for tax purposes, including short- term securities at March 31, 2020, were as follows:

Fund	Gross Appreciation (excess of value over tax)		Gross Depreciation (excess of tax cost over value)			Net Unrealized Appreciation/ (Depreciation)			Cost of Investments for Income Tax Purposes
Core Opportunity Fund*	$	1,440,521	$	(21,306,917	)	$	(19,866,396	)	$	83,906,758
Strategic Income Fund*		53,394,657		(268,309,473	)		(214,914,816	)		1,890,977,348
High Income Fund*		273,060		(7,173,378	)		(6,900,318	)		49,068,586

* The difference between book and tax basis unrealized appreciation/(depreciation) for the Funds is attributable primarily to passive foreign investment companies, wash sales, forward contract mark to market, and tax treatment of certain other investments.

8. INVESTMENT TRANSACTIONS

Investment transactions for the six months ended March 31, 2020, excluding U.S. Government Obligations and short-term investments, were as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
Core Opportunity Fund	$	49,746,823	$	71,475,956
Strategic Income Fund		515,612,978		632,876,007
High Income Fund		20,763,804		18,874,009

Investment Transactions in long term U.S. Government Obligations for the six months ended March 31, 2020 were as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
Strategic Income Fund		81,426,339		259,150,062

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RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

9. INVESTMENTS IN AFFILIATED COMPANIES

The Funds may invest in certain securities that are considered securities issued by affiliated companies. As defined by the 1940 Act, an affiliated person, including an affiliated company, is one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The purchases, sales, dividend income, capital gains, shares and value of investment in affiliated companies for the six months ended March 31, 2020 were as follows:

Strategic Income Fund

Security Name	Market Value as of September 30, 2019		Purchases		Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Market Value as of March 31, 2020		Share Balance as of March 31, 2020		Dividends
RiverNorth/Oaktree High Income Fund	$	30,156,442	$	728,680	$	–	$	–	$	(4,364,962	)	$	26,520,160		3,235,981	$	841,907
												$	26,520,160		3,235,981	$	841,907

10. REVOLVING LINE OF CREDIT

On April 8, 2014, the Funds entered into a $100,000,000 committed, unsecured Revolving Credit Agreement with State Street Bank & Trust, Co. The Revolving Credit Agreement was amended on April 17, 2015, April 5, 2016, April 4, 2017, April 3, 2018, April 2, 2019 and on March 31, 2020. The Revolving Credit Agreement expires on March 30, 2021. Borrowings under this arrangement bear interest at the higher of the Federal Funds Rate and the One-Month LIBOR Rate in effect on the day the loan is made plus 1.25%, which is 1.42% at March 31, 2020. From October 1, 2019 through March 31, 2020, the Funds paid a facility fee on unloaned balances equal to the product of $100,000,000 less the principal amount of loans outstanding and 0.25%.

For the six months ended March 31, 2020, the Funds had no borrowings under the Revolving Credit Agreement.

Semi-Annual Report | March 31, 2020 133

RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

11. BENEFICIAL OWNERSHIP

On March 31, 2020, there were an unlimited number of no par value shares of beneficial interest authorized for each Fund. Transactions in shares of beneficial interest are shown in the Statements of Changes in Net Assets.

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the Investment Company Act of 1940. Beneficial owners owning more than 25% of the voting securities for the benefit of their customers of each class of each Fund, as of March 31, 2020, are listed below:

Fund	Shareholder Name	Percentage Interest
Core Opportunity Fund – Class I	Pershing	27.88%
Core Opportunity Fund – Class R	Charles Schwab & Company, Inc.	37.31%
Strategic Income Fund – Class I	Charles Schwab & Company, Inc.	38.54%
Strategic Income Fund – Class R	Charles Schwab & Company, Inc.	42.90%
High Income Fund – Class I	RiverNorth/DoubleLine Strategic Income Fund	72.58%
High Income Fund – Class R	Charles Schwab & Company, Inc.	54.39%

12. INDEMNIFICATIONS

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

13. LIBOR TRANSITION

Certain of the Funds’ investments, payment obligations and financing terms may be based on floating rates, such as LIBOR, Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). On July 27, 2017, the Chief Executive of the UK Financial Conduct Authority (“FCA”), which regulates LIBOR, announced that the FCA will no longer persuade nor compel banks to submit rates for the calculation of LIBOR and certain other Reference Rates after 2021. Such announcement indicates that the continuation of LIBOR and other Reference Rates on the current basis cannot and will not be guaranteed after 2021. The transition away from Reference Rates may lead to increased volatility and illiquidity in markets that are tied to such Reference Rates and reduced values of Reference Rate-related instruments. This announcement and any additional regulatory or market changes that occur as a result of the transition away from Reference Rates may have an adverse impact on a Fund’s investments, performance or financial condition.

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RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

14. CORONAVIRUS (COVID-19) PANDEMIC

A recent outbreak of respiratory disease caused by a novel coronavirus was first detected in December 2019 and has spread internationally. The outbreak and efforts to contain its spread have resulted in closing borders and quarantines, restricting international and domestic travel, enhanced health screenings, cancelations, disrupted supply chains and customer activity, responses by businesses (including changes to operations and reducing staff), and have produced general concern and uncertainty. The impact of the coronavirus pandemic, and other epidemics and pandemics that may arise in the future could adversely affect national and global economies, individual companies and the market in general in a manner and for a period of time that cannot be foreseen at the present time and may adversely affect the value, volatility and liquidity of dividend and interest paying securities. In the event of a pandemic or an outbreak, there can be no assurance that the Funds and their service providers will be able to maintain normal business operations for an extended period of time or will not lose the services of key personnel on a temporary or long-term basis due to illness or other reasons, and could otherwise disrupt the ability of the Funds’ service providers to perform essential services. Certain economic and market conditions arising out of a pandemic or outbreak could result in a Fund’s inability to achieve its investment objectives, cause the postponement of reconstitution or rebalance dates for benchmark indices, adversely affect the prices and liquidity of the securities and other instruments in which a Fund invests, negatively impact a Fund’s performance, and cause losses on your investment in a Fund. Management is monitoring the development of the pandemic, which was ongoing as of the date of the financial statements, and is evaluating its impact on the financial position and operating results of the Funds.

15. SUBSEQUENT EVENTS

On April 6, 2020, the Board approved a change to the initial minimum investment amount for the Institutional Share Class for the RiverNorth Core Opportunity Fund. Effective on April 24, 2020, the minimum initial investment amount for the Fund’s Institutional Share Class was reduced from $5,000,000 to $100,000.

The Funds have 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 | March 31, 2020 135

RiverNorth Funds Notes to Financial Statements

March 31, 2020 (Unaudited)

PROXY VOTING GUIDELINES

A description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies during the most recent 12-month period ended June 30, are available without charge upon request by (1) calling the Funds at (888) 848-7569 and (2) from Form N-PX filed by the Funds with the Securities and Exchange Commission (“SEC”) on the SEC’s website at www.sec.gov.

PORTFOLIO HOLDINGS DISCLOSURE POLICY

The Funds file a complete schedule of investments with the SEC for the first and third quarter of each fiscal year on Part F of N-PORT. The Funds’ first and third fiscal quarters end on December 31 and June 30. The Form N-PORT (and its predecessor Form, Form N-Q) must be made within 60 days of the end of the quarter. The Funds’ Form N-PORT is available on the SEC’s website at www.sec.gov. You may also obtain copies by calling the Funds at 1-888-848-7569.

136 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Board Considerations Regarding Approval of
Investment Advisory and Sub-Advisory Agreements

March 31, 2020 (Unaudited)

RENEWAL OF MANAGEMENT AGREEMENT AND SUB-ADVISORY AGREEMENTS

Consideration and Renewal of Investment Advisory Agreements with RiverNorth Capital Management, LLC

At an in-person meeting of the Board, held on November 13, 2019 and called expressly for that purpose, the Board, including a majority of the Trustees who are not “interested persons” (as defined in the 1940 Act (the “Independent Trustees”)), considered the renewal of the Management Agreement between the RiverNorth Capital Management, LLC (“RiverNorth” or the “Adviser”) and the Trust. The Board received materials compiled by the Adviser and the Funds’ administrator, including a copy of the Management Agreement, the Adviser’s response to a questionnaire regarding the Adviser’s profitability, management and operations, a copy of the Adviser’s Form ADV, certifications regarding the Adviser’s compliance programs and information regarding the performance of Funds’ benchmark indices and peer funds. Prior to the in-person Board meeting held on November 13, 2019, the Independent Trustees held a special meeting via teleconference to discuss the materials.

The Renewal Materials included a copy of the Management Agreement, the Adviser’s response to a questionnaire regarding the Adviser’s profitability, management and operations, the Adviser’s Form ADV and a third party comparison report regarding the Funds’ performance and fees compared to benchmark indices and peer funds. Counsel referred the Trustees to the Renewal Materials and reviewed a memorandum from Counsel regarding the Trustees’ duties in considering the approval of advisory agreements. The Board considered the following factors, among others, in reaching its determination to renew the Management Agreement: (i) the investment performance of the Funds and the investment performance of the Adviser, (ii) the nature, extent and quality of the services provided by the Adviser to the Funds, (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 each Fund, (v) the extent to which economies of scale will be realized by each Fund as it grows, and (vi) whether each Fund’s fee levels reflected the economies of scale to the benefit of the Fund’s shareholders.

Performance, Fees and Expenses

Core Opportunity Fund

Regarding the Core Opportunity Fund, the Board reviewed the performance of the Fund’s Retail Class shares for the three months, one-year, three-years, five-years, ten-years and since inception periods. These returns were compared to the returns of mutual funds in FUSE Research Network, LLC’s (“FUSE”) Allocation-50% to 70% Equity fund universe and to a peer group of similar funds selected by FUSE. The Board observed that the performance varied across periods, lagging the peer group medians for the one-year, and five-year periods, but comparing favorably for the three month, three-year, ten-year and since inception periods. The Board further observed that the Fund lagged the universe medians for the one-year and five-year periods, but comparing favorably for the three-moth, three-year, ten-year and since inception periods. It was noted that that for the since inception period, the performance of the Fund’s Retail Class shares was ranked in the top 3 of all 50 funds in the universe. The Board agreed that performance was more appropriately reviewed over a long-term timeline given the Fund’s strategy. The Board also reviewed the Fund’s performance relative to other funds managed by the Adviser. In consideration of each item noted, the Board agreed that it was satisfied with the Fund’s performance.

Semi-Annual Report | March 31, 2020 137

RiverNorth Funds Board Considerations Regarding Approval of
Investment Advisory and Sub-Advisory Agreements

March 31, 2020 (Unaudited)

As to the comparative fees and expenses, the Trustees considered the management and the other fees paid by the Fund and compared those to the management and other fees paid by funds in the relative peer group determined by FUSE and the Allocation-50% to 70% Equity fund universe. The Board noted that the Core Opportunity Fund’s Class Retail shares’ annual net expense ratio of 1.40% was equal to the median of the peer group and higher than the median of the universe. The Board also noted that the annual net expense ratio placed the Core Opportunity Fund in the lowest quartile for the universe. Differences in strategies as compared to both the funds in the peer group and universe were recalled, as well as the fact that certain peer funds did not have a similar share class as the Fund’s Retail Class shares.

The Board also noted that the annual management fee of 1.00% for the Fund was above the median paid by the peer funds, but within the range of the peers. The Board noted the differences in strategies between the Fund and the peer funds, highlighting the active management of the Fund’s portfolio. The Trustees also reviewed the Fund’s fees relative to other funds managed by the Adviser. The Board, including the Independent Trustees, determined that although fees were above the median relative to the Fund’s peers, the fees were reasonable given the unique investment characteristics of the Fund and the nature of the services provided by the Adviser.

Strategic Income Fund

Regarding the Strategic Income Fund, the Board reviewed the performance of the Fund for the three months, one-year, three-year, five-year and since inception periods. The Board noted that the Strategic Income Fund outperformed the median of FUSE’s Multisector Bond fund universe for the three months, one-year, five-year and since inception periods, but underperformed the universe for three-year period. In comparison to the peer funds, the Fund outperformed the median for the three months, one-year, five-years and since inception periods. The Board also reviewed the Fund’s performance relative to other funds managed by the Adviser. The Board concluded that the Fund’s overall performance was satisfactory.

As to the comparative fees and expenses, the Trustees considered the management and the other fees paid by the Fund and compared those to the management and other fees paid by funds in the relative peer group determined by FUSE and the Multisector Bond fund universe. The Board noted that the Strategic Income Fund’s Class I shares annual net expense ratio of 0.85% was slightly higher but in-line with the median of the peer group and higher than the median of the universe. The Board also noted that the annual management fee of 0.75% for the Fund was higher than the median of the peer group and Multisector Bond fund universe. The Trustees noted the fact that the active strategy of the Fund required the Adviser to pay part of the Fund’s management fee to DoubleLine as well as actively manage a portion of the Fund’s portfolio. The Board also reviewed the Fund’s fees relative to other funds managed by the Adviser. The Board, including the Independent Trustees, determined that the fees were reasonable given the nature of the Fund’s investment strategy, the capabilities of the Adviser and the Sub-Adviser, and the nature of the services provided to the Fund.

138 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Board Considerations Regarding Approval of
Investment Advisory and Sub-Advisory Agreements

March 31, 2020 (Unaudited)

High Income Fund

Regarding the High Income Fund, the Board reviewed the performance of the Fund’s Class I shares for the three months, one-year, three-year, five year and since inception periods. The Board noted that the High Income Fund underperformed the median in FUSE’s High Yield Bond fund universe for each period and underperformed the median of the peer group funds in all but the three- month period. The Board also reviewed the Fund’s performance relative to other funds managed by the Adviser. The Trustees acknowledged the fact that the Fund’s split strategy between CEF, and high-yield and senior loans differed from the funds in each group.

As to the comparative fees and expenses, the Trustees considered the management and the other fees paid by the Fund and compared those to the management and other fees paid by funds in the relative peer group determined by FUSE and FUSE’s High Yield Bond fund universe. The Board noted that the High Income Fund’s Class I shares annual gross management fee of 1.00% and annual net expense ratio of 1.34% was higher than the median of the peer funds in both categories. The Board also noted that the annual gross management fee of 1.00% and annual net expense ratio placed the High Income Fund in the highest quartile for the universe of funds as well. The Board recalled that most of the funds in FUSE’s High Yield Bond fund universe and peer group funds follow a simpler high yield strategy than that of the High Yield Fund and would lead to relatively lower fees. The Trustees also reviewed the Fund’s fees relative to other funds managed by the Adviser. After discussion, the Board, including the Independent Trustees, determined that the fees were adequate in comparison to the Fund’s peers, and the fees were reasonable given the nature of the Fund’s investment strategy, and the nature of the services to be provided to the Fund by the Adviser and Oaktree.

Nature, Extent and Quality of Services

As to the nature, extent and quality of the services to be provided by the Adviser to the Funds, the Board considered that under the terms of the Management Agreement, the Adviser would be subject to the supervision of the Board, provide or arrange to be provided to the Fund such investment advice as the Adviser, in its discretion, deems advisable and will furnish or arrange to be furnished a continuous investment program for the Funds consistent with each Fund’s investment objective and policies. The Board reviewed the Adviser’s Form ADV, which was previously provided to the Board and which 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 Trustees concluded that the Adviser had provided quality services and would continue to do so for the Funds.

Profitability and Other Benefits

As to the cost of the services to be provided and to 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 that the Adviser’s management fees were comparable to those charged to other mutual funds to which the Adviser provides advisory or sub-advisory services. The Board, including the Independent Trustees, determined that the Management Agreement, with respect to the Core Opportunity Fund, Strategic Income Fund and High Income Fund was not overly profitable to the Adviser and the financial condition of the Adviser was adequate.

Semi-Annual Report | March 31, 2020 139

RiverNorth Funds Board Considerations Regarding Approval of
Investment Advisory and Sub-Advisory Agreements

March 31, 2020 (Unaudited)

The Board noted that the Adviser has no affiliations with the Funds’ transfer agent, fund accountant, administrator, custodian, or distributor and therefore does not derive any benefits from the relationships these parties may have with the Trust. The Board also noted each Fund’s liquidity status and its ability to meet redemptions.

Based upon such information as they considered necessary to the exercise of their reasonable business judgment, the Trustees, including all of the Independent Trustees, concluded that it was in the best interests of each of the Funds to continue the Management Agreement with the Adviser for an additional one-year period.

Consideration and Renewal of Investment Sub-Advisory Agreement with DoubleLine Capital, LP with respect to the Strategic Income Fund

At an in-person meeting of the Board, held on November 13, 2019 and called expressly for that purpose, the Board, including the Independent Trustees, considered the renewal of the sub- advisory agreement (the “DoubleLine Agreement”) between the Adviser and DoubleLine Capital, LP (“DoubleLine” or “Sub-Adviser”) related to the Strategic Income Fund. Prior to the in-person Board meeting held on November 13, 2019, the Independent Trustees held a special meeting via teleconference to discuss the materials.

The Board received materials compiled by the Sub-Adviser and the Adviser, including a copy of the DoubleLine Agreement, the Sub-Adviser’s response to a questionnaire regarding its profitability, management and operations, a copy of each Sub-Adviser’s Form ADV and information regarding the performance of the Fund’s benchmark indices and peer funds (“Renewal Materials”). The Board had reviewed and discussed the Renewal Materials at the Special Meeting relating to the Sub-Adviser and the DoubleLine Agreement. The Board considered the following factors, among others, in reaching its determination to renew the DoubleLine Agreement: (i) the investment performance of the Fund and the investment performance of DoubleLine, (ii) the nature, extent and quality of the services provided by DoubleLine, (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 DoubleLine 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 and DoubleLine as the Fund grows, and (vi) whether the fee levels of the Fund reflected the economies of scale to the benefit of the Fund’s shareholders.

As to the comparative fees and expenses, the Board considered the management fee paid by the Strategic Income Fund to the Adviser, and noted that the Adviser pays DoubleLine from its fee, which the Board had previously determined was reasonable. The Board noted that the sub- advisory fee paid by the Adviser to the Sub-Adviser was reasonable, given the fees that the Sub- Adviser charges other clients to manage similar strategies.

As to the nature, extent and quality of the services to be provided by DoubleLine, the Board considered that under the terms of the DoubleLine Agreement, the Sub-Adviser would, subject to the supervision of the Board, provide to the Strategic Income Fund such investment advice as the Sub-Adviser, in its discretion, deemed advisable and would furnish or arrange to be furnished a continuous investment program for the Fund consistent with the Fund’s investment objective and policies. The Board reviewed the Form ADV of DoubleLine, which provided details regarding the experience of the Sub-Adviser’s investment personnel. DoubleLine also provided additional information regarding its operations and experience managing other investment accounts. The Board noted that RiverNorth was satisfied with DoubleLine’s work with the Strategic Income Fund. Based on the foregoing information, the Board, including the Independent Trustees, concluded that DoubleLine had provided quality services and could be expected to continue to do so for the Strategic Income Fund.

140 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Board Considerations Regarding Approval of
Investment Advisory and Sub-Advisory Agreements

March 31, 2020 (Unaudited)

As to the cost of the services to be provided and to the profits to be realized by the Sub-Adviser, the Board reviewed DoubleLine’s financial condition. The Board noted that the financial condition of DoubleLine was stable. The Board, including the Independent Trustees determined that the DoubleLine Agreement and the compensation to DoubleLine was reasonable and the financial condition of DoubleLine was adequate. The Board noted that DoubleLine has no affiliations with the Fund’s transfer agent, administrator, fund accountant, custodian, or distributor and therefore does not derive any benefits from the relationships these parties may have with the Trust.

Based upon such information as they considered necessary to the exercise of their reasonable business judgment, the Trustees, including all of the Independent Trustees, concluded that it was in the best interests of the Strategic Income Fund to continue the DoubleLine Agreements between the Adviser and the respective Fund’s Sub-Adviser for an additional one-year period.

Semi-Annual Report | March 31, 2020 141

Intentionally Left Blank

RiverNorth Funds

RiverNorth Core Opportunity Fund

RiverNorth/DoubleLine Strategic Income Fund

RiverNorth/Oaktree High Income Fund

Board of Trustees

Patrick W. Galley, CFA, Chairman

 James G. Kelley

John S. Oakes

David M. Swanson

John K. Carter

Investment Adviser

RiverNorth Capital Management, LLC

Sub Advisers

DoubleLine Capital LP

Oaktree Capital Management, L.P.

Transfer Agent, Administrator and

Dividend Disbursing Agent

ALPS Fund Services, Inc.

Distributor

ALPS Distributors, Inc.

Custodian

State Street Bank & Trust

Independent Registered

Public Accounting Firm

Cohen & Company, Ltd.

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

Item 2. Code of Ethics.

Not Applicable

Item 3. Audit Committee Financial Expert.

Not Applicable

Item 4. Principal Accountant Fees and Services.

Not Applicable

Item 5. Audit Committee of Listed Companies.

Not Applicable

Item 6. Schedule of Investments.

The schedules of investments is included as part of the Reports to Shareholders filed under Item 1 of this report.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Funds.

Not Applicable

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not Applicable

Item 9. Purchases of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers.

Not Applicable

Item 10. Submission of Matters to a Vote of Security Holders.

Not Applicable

Item 11. Controls and Procedures.

(a) Based on an evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) as of a date within 90 days of the filing date of this Form N-CSR, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no significant changes in the registrant’s internal control over financial reporting that occurred during the registrant’s second fiscal quarter that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.

(a)(1) Not Applicable.

(a)(2) Certifications by the registrant's principal executive officer and principal financial officer, pursuant to Section 302 of the Sarbanes- Oxley Act of 2002 and required by Rule 30a-2 under the Investment Company Act of 1940 are filed herewith.

(a)(3) Not Applicable.

(a)(4) Not Applicable.

(b) Certifications pursuant to 18 U.S.C. Section 1350, as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 are filed herewith.

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 Funds

By:	/s/ Patrick W. Galley
Name:	Patrick W. Galley
Title:	President
Date:	June 8, 2020

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 & Chief Executive Officer
Date:	June 8, 2020

By:	/s/ Jonathan M. Mohrhardt
Name:	Jonathan M. Mohrhardt
Title:	Treasurer & Chief Financial Officer
Date:	June 8, 2020