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: 03/31/2021

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	68
Statement of Assets and Liabilities
RiverNorth Core Opportunity Fund	85
RiverNorth/DoubleLine Strategic Income Fund	86
RiverNorth/Oaktree High Income Fund	87
Statement of Operations
RiverNorth Core Opportunity Fund	89
RiverNorth/DoubleLine Strategic Income Fund	90
RiverNorth/Oaktree High Income Fund	91
Statements of Changes in Net Assets
RiverNorth Core Opportunity Fund	92
RiverNorth/DoubleLine Strategic Income Fund	94
RiverNorth/Oaktree High Income Fund	96
Financial Highlights
RiverNorth Core Opportunity Fund	98
RiverNorth/DoubleLine Strategic Income Fund	106
RiverNorth/Oaktree High Income Fund	114
Notes to Financial Statements	121
Additional Information	144
Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements	145

RiverNorth Funds Portfolio Update

March 31, 2021 (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, 2021.

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

 

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

 

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RiverNorth Funds Portfolio Update

March 31, 2021 (Unaudited)

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

 

Portfolio detail statistics are estimates made by the adviser and are subject to change.

(1) Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. 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. Management Risk – there is no guarantee that the adviser’s investment decisions will produce the desired results. 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 – The discontinuation of 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. Market Risk – economic conditions, interest rates and political events may affect the securities markets. 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. Special Purpose Acquisition Companies ("SPAC") Risk – The value of SPAC securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact the Fund’s ability to meet its investment objective. Small-Cap Risk – small cap companies are more susceptible to failure, are often thinly traded and have more volatile stock prices. 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. 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, 2021 3

RiverNorth Funds Portfolio Update

March 31, 2021 (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 Standard & Poor’s or Baa3 or higher by Moody’s. High yield refers to a bond rate 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, 2021 (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, 2021.

Strategy (“Sleeve”) Allocation

 

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

 

Semi-Annual Report | March 31, 2021 5

RiverNorth Funds Portfolio Update

March 31, 2021 (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.

Portfolio detail statistics are estimates made by the adviser and are subject to change.

(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. Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Defaulted Securities Risk – defaulted securities carry the risk of uncertainty of repayment. Derivatives Risk – derivatives are subject to counterparty risk. 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. 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 – The discontinuation of 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. 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. Portfolio Turnover Risk – increased portfolio turnover results in higher brokerage expenses and may impact the tax status of distributions. 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 ("SPAC") Risk – The value of SPAC securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact the Fund’s ability to meet its investment objective. 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. 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.

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RiverNorth Funds Portfolio Update

March 31, 2021 (Unaudited)

(2) For the sleeve managed by RiverNorth Capital Management, LLC, 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, credit quality allocation is determined from the highest available credit rating from any Nationally Recognized Statistical Rating Organization (Standard & Poor's, Moody’s and Fitch). Investment grade refers to a bond rated BBB- or higher by Standard & Poor’s 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, 2021 7 

RiverNorth Funds Portfolio Update

March 31, 2021 (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, 2021.

Strategy Allocation

 

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

 

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

 

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RiverNorth Funds Portfolio Update

March 31, 2021 (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. Distressed and Defaulted Securities Risk – defaulted securities carry the risk of uncertainty of repayment. 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. 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. 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. 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 – The discontinuation of 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. 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. Portfolio Turnover Risk – increased portfolio turnover results in higher brokerage expenses and may impact the tax status of distributions. 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. 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. Special Purpose Acquisition Companies ("SPAC") Risk – The value of SPAC securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact the Fund’s ability to meet its investment objective. Swap Risk – swap agreements are subject to counterparty default risk and may not perform as intended. 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, 2021 9

RiverNorth Funds Portfolio Update

March 31, 2021 (Unaudited)

(2) For the sleeve managed by RiverNorth Capital Management, LLC, 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., 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 Standard & Poor’s 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.

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RiverNorth Funds Disclosure of Fund Expenses

March 31, 2021 (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, 2020, and held for the six months ended March 31, 2021.

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, 2021 11

RiverNorth Funds Disclosure of Fund Expenses

March 31, 2021 (Unaudited)

	Beginning Account Value 10/01/2020	Ending Account Value 03/31/2021	Expense Ratio(a)	Expenses Paid During Period(b)
RiverNorth Core Opportunity Fund
Class I Shares
Actual	$1,000.00	$1,251.90	1.33%	$7.47
Hypothetical (5% return before expenses)	$1,000.00	$1,018.30	1.33%	$6.69
Class R Shares
Actual	$1,000.00	$1,250.00	1.58%	$8.86
Hypothetical (5% return before expenses)	$1,000.00	$1,017.05	1.58%	$7.95
RiverNorth/DoubleLine Strategic Income Fund
Class I Shares
Actual	$1,000.00	$1,044.80	0.87%	$4.44
Hypothetical (5% return before expenses)	$1,000.00	$1,020.59	0.87%	$4.38
Class R Shares
Actual	$1,000.00	$1,043.40	1.12%	$5.71
Hypothetical (5% return before expenses)	$1,000.00	$1,019.35	1.12%	$5.64
RiverNorth/Oaktree High Income Fund
Class I Shares
Actual	$1,000.00	$1,059.60	1.35%	$6.93
Hypothetical (5% return before expenses)	$1,000.00	$1,018.20	1.35%	$6.79
Class R Shares
Actual	$1,000.00	$1,058.30	1.60%	$8.21
Hypothetical (5% return before expenses)	$1,000.00	$1,016.95	1.60%	$8.05

(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 (182), then divided by 365. Note this expense example is typically based on a six-month period.

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RiverNorth Core Opportunity Fund Schedule of Investments

March 31, 2021 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 58.05%
	383,467	Aberdeen Emerging Markets Equity Income Fund, Inc.	$	3,316,990
	80,632	AllianzGI Convertible & Income 2024 Target Term Fund		835,348
	54,953	Apollo Tactical Income Fund, Inc.		817,701
	161,498	Barings Global Short Duration High Yield Fund		2,596,888
	45,380	BlackRock Global Opportunities Equity Trust		521,416
	15,887	Blackrock Health Sciences Trust II		417,828
	29,678	BlackRock Science & Technology Trust II		1,059,208
	17,698	Blackstone Long-Short Credit Income Fund		250,250
	60,674	Blackstone Strategic Credit Fund		808,784
	6,905	Blackstone/GSO Senior Floating Rate Term Fund		107,442
	115,938	BrandywineGLOBAL - Global Income Opportunities Fund, Inc.		1,398,212
	158,528	Calamos Long/Short Equity & Dynamic Income Trust		3,199,095
	1	Cornerstone Strategic Value Fund, Inc.		13
	1	Cornerstone Total Return Fund, Inc.		13
	60,342	Eaton Vance Senior Floating-Rate Trust		832,116
	63,689	Eaton Vance, Ltd. Duration Income Fund		804,392
	28,600	First Eagle Senior Loan Fund		410,124
	14,036	First Trust Energy Infrastructure Fund		173,766
	38,948	First Trust High Yield Opportunities 2027 Term Fund		773,118
	228,237	First Trust New Opportunities MLP & Energy Fund		1,216,503
	26,500	First Trust Senior Floating Rate 2022 Target Term Fund		249,365
	639,773	Invesco Senior Income Trust		2,687,047
	14,880	Ivy High Income Opportunities Fund		202,963
	5	Liberty All Star Growth Fund, Inc.		43
	42,944	LMP Capital and Income Fund, Inc.		545,389
	42,855	Macquarie Global Infrastructure Total Return Fund, Inc.		936,810
	108,978	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		656,048
	54,978	NexPoint Credit Strategies Fund		626,199
	108,603	Nuveen AMT-Free Quality Municipal Income Fund		1,609,496
	123,035	Nuveen Credit Strategies Income Fund		799,727
	58,108	Nuveen Diversified Dividend and Income Fund		550,864
	53,075	Nuveen Floating Rate Income Opportunity Fund		506,335
	19,072	Nuveen Global High Income Fund		295,044
	92,456	Nuveen High Income November 2021 Target Term Fund		866,313
	22,586	Nuveen Mortgage Opportunity Term Fund		468,659
	39,917	Nuveen Quality Municipal Income Fund		604,343
	115,107	Pershing Square Holdings Ltd.		4,086,298
	61,779	PGIM Global High Yield Fund, Inc.		921,743
	26,318	PGIM High Yield Bond Fund, Inc.		412,140
	68,908	Source Capital, Inc.		3,014,725
	315,064	Sprott Focus Trust, Inc.		2,457,499
	20,513	Templeton Emerging Markets Income Fund		151,181
	70,072	Voya Emerging Markets High Income Dividend Equity Fund		560,576
	34,084	Voya Global Advantage and Premium Opportunity Fund		326,184
	458,667	Voya Global Equity Dividend and Premium Opportunity Fund		2,614,402

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 13

RiverNorth Core Opportunity Fund Schedule of Investments

March 31, 2021 (Unaudited)

Shares/Description			Value
	100,444	Voya International High Dividend Equity Income Fund	$	560,478
	10,667	Wells Fargo Income Opportunities Fund		90,029
	2,447	Western Asset Global Corporate Defined Opportunity Fund, Inc.		43,092
	81,696	Western Asset High Income Opportunity Fund, Inc.		415,016
	13,914	Western Asset Managed Municipals Fund, Inc.		180,743
TOTAL CLOSED-END FUNDS
(Cost $40,976,329)				46,977,958
BUSINESS DEVELOPMENT COMPANIES - 5.65%
	161,330	Barings BDC, Inc.		1,610,073
	477,973	Oaktree Specialty Lending Corp.		2,963,433
TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $4,137,405)				4,573,506
COMMON STOCKS - 4.22%
	13,110	Agba Acquisition, Ltd.(a)		138,573
	6,580	Amplitude Healthcare Acquisition Corp.(a)		65,142
	20,159	Austerlitz Acquisition Corp. I(a)		202,396
	20,128	Austerlitz Acquisition Corp. II(a)		201,884
	29,943	Churchill Capital Corp. II(a)		299,430
	40,405	Churchill Capital Corp. VI(a)		406,474
	40,843	Churchill Capital Corp. VII(a)		407,205
	9,077	Greenvision Acquisition Corp.(a)		92,222
	40,455	Jaws Mustang Acquisition Corp.(a)		410,618
	20,514	Khosla Ventures Acquisition Co. III(a)		204,319
	20,258	KKR Acquisition Holdings I Corp.(a)		202,783
	10,614	LIV Capital Acquisition Corp.(a)		105,503
	20,149	Longview Acquisition Corp. II(a)		202,296
	10,753	Merida Merger Corp. I(a)		106,240
	36,571	Soaring Eagle Acquisition Corp.(a)		370,099
TOTAL COMMON STOCKS
(Cost $3,353,924)				3,415,184
EXCHANGE TRADED FUNDS - 4.17%
	37,953	Invesco FTSE RAFI Emerging Markets Portfolio		854,702
	16,009	iShares® iBoxx $ Investment Grade Corporate Bond ETF		2,081,970
	4,000	iShares® JP Morgan USD Emerging Markets Bond ETF		435,520
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,190,615)				3,372,192

See Notes to Financial Statements.

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RiverNorth Core Opportunity Fund Schedule of Investments

March 31, 2021 (Unaudited)

Shares/Description					Value
PREFERRED STOCKS - 0.47%
	15,162	XAI Octagon Floating Rate Alternative Income Term Trust, 6.500%, 03/31/2026			$	378,898
TOTAL PREFERRED STOCKS
(Cost $378,879)						378,898
Shares/Description			Rate	Maturity	Value
BUSINESS DEVELOPMENT COMPANY NOTES - 4.61%
United States - 4.61%
	28,881	First Eagle Alternative Capital BDC, Inc.	6.75%	12/30/2022		734,155
	1,220,000	PennantPark Floating Rate Capital, Ltd.	4.25%	04/01/2026		1,224,241
	21,578	PennantPark Investment Corp.	5.50%	10/15/2024		554,339
	32,100	Portman Ridge Finance Corp.	6.13%	09/30/2022		810,525
	16,232	TriplePoint Venture Growth BDC Corp.	5.75%	07/15/2022		410,678
TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $3,580,324)						3,733,938
Principal Amount/Description			Rate	Maturity	Value
CONVERTIBLE CORPORATE BONDS - 2.40%
$	848,323	BlackRock Capital Investment Corp.	5.00%	06/15/2022	$	851,698
	190,456	BlackRock TCP Capital Corp.	4.63%	03/01/2022		195,941
	852,978	New Mountain Finance Corp.	5.75%	08/15/2023		893,537
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $1,683,267)						1,941,176
U.S. GOVERNMENT BONDS AND NOTES - 1.46%
	1,570,765	U.S. Treasury Bonds	1.25%	05/15/2050		1,185,866
TOTAL U.S. GOVERNMENT BONDS AND NOTES
(Cost $1,196,727)						1,185,866
Shares/Description					Value
Rights - 0.02%(a)
	13,110	Agba Acquisition, Ltd., Strike Price 11.50, Expires 05/10/2024				7,866
	9,077	Greenvision Acquisition Corp., Strike Price 11.50, Expires 10/28/2024				5,265
TOTAL RIGHTS
(Cost $4,847)						13,131

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 15

RiverNorth Core Opportunity Fund Schedule of Investments

March 31, 2021 (Unaudited)

Shares/Description Value
Warrants - 0.05%(a)
	Shares	Agba Acquisition, Ltd., Strike Price 11.50, Expires 05/10/2024	$	3,806
	13,110	Agba Acquisition, Ltd., Strike Price 11.50, Expires 05/10/2024		3,806
	3,290	Amplitude Healthcare Acquisition Corp., Strike Price 11.50, Expires 12/01/2026		2,698
	3,237	Greenvision Acquisition Corp., Strike Price 11.50, Expires 10/28/2024		3,141
	19,378	Leisure Acquisition Corp., Strike Price 11.50, Expires 12/28/2022		16,082
	10,614	LIV Capital Acquisition Corp., Strike Price 11.50, Expires 01/10/2025		6,051
	5,376	Merida Merger Corp. I, Strike Price 11.50, Expires 11/07/2026		6,236
TOTAL WARRANTS
(Cost $25,783)				38,014
SHORT-TERM INVESTMENTS - 16.82%
Money Market Fund - 16.82%
	13,613,528	State Street Institutional Trust (7 Day Yield 0.01%)		13,613,528
TOTAL SHORT-TERM INVESTMENTS
(Cost $13,613,528)				13,613,528
TOTAL INVESTMENTS - 97.92%
(Cost $72,141,628)			$	79,243,391
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.08%				1,683,615
NET ASSETS - 100.00%			$	80,927,006

(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, 2021 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 15.29%
	1,248,821	AllianceBernstein Global High Income Fund, Inc.	$	14,798,529
	288,445	Ares Dynamic Credit Allocation Fund, Inc.		4,335,328
	507,856	BlackRock Debt Strategies Fund, Inc.		5,586,416
	608,393	BlackRock Floating Rate Income Strategies Fund, Inc.		7,909,109
	1,015,686	Blackstone Strategic Credit Fund		13,539,094
	1,181,762	BNY Mellon High Yield Strategies Fund		3,651,645
	1,208,947	BrandywineGLOBAL - Global Income Opportunities Fund, Inc.		14,579,901
	1,482,696	Eaton Vance, Ltd. Duration Income Fund		18,726,451
	706,694	First Trust High Income Long/Short Fund		10,685,213
	143,015	First Trust High Yield Opportunities 2027 Term Fund		2,838,848
	1,048,094	First Trust Senior Floating Rate 2022 Target Term Fund		9,862,565
	1,306,231	Invesco Dynamic Credit Opportunities Fund		14,851,846
	2,656,480	Invesco Senior Income Trust		11,157,216
	1,449,660	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		8,726,953
	2,861,899	Nuveen Credit Strategies Income Fund		18,602,344
	217,262	Nuveen Floating Rate Income Opportunity Fund		2,072,680
	432,593	Nuveen Global High Income Fund		6,692,214
	197,028	Nuveen High Income November 2021 Target Term Fund		1,846,152
	309,507	Nuveen Quality Municipal Income Fund		4,685,936
	892,908	PGIM Global High Yield Fund, Inc.		13,322,187
	706,918	PGIM High Yield Bond Fund, Inc.		11,070,336
	744,466	Templeton Emerging Markets Income Fund		5,486,714
	761,055	Western Asset Emerging Markets Debt Fund, Inc.		10,061,147
	5,073,929	Western Asset High Income Opportunity Fund, Inc.		25,775,559
	53,327	Western Asset High Yield Defined Opportunity Fund, Inc.		822,836
	3,805,251	Western Asset Inflation-Linked Opportunities & Income Fund		46,271,852
TOTAL CLOSED-END FUNDS
(Cost $265,730,016)				287,959,071
BUSINESS DEVELOPMENT COMPANIES - 0.24%
	450,860	Barings BDC, Inc.		4,499,583
TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $4,517,076)				4,499,583
COMMON STOCKS - 0.00%(a)
	12,164	Frontera Energy Corp.		62,037
	31,580	McDermott International, Ltd.(b)		25,264
TOTAL COMMON STOCKS
(Cost $1,193,381)				87,301

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 17

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Shares/Description					Value
OPEN-END FUNDS - 1.70%
	3,378,600	RiverNorth/Oaktree High Income Fund, Class I(c)			$	31,954,120
TOTAL OPEN-END FUNDS
(Cost $32,858,218)						31,954,120
PREFERRED STOCKS - 0.46%
	331,750	Virtus AllianzGI Convertible & Income Fund, 5.625%(d)				8,758,200
TOTAL PREFERRED STOCKS
(Cost $8,193,671)						8,758,200
Shares/Description			Rate	Maturity	Value
BUSINESS DEVELOPMENT COMPANY NOTES - 2.27%
United States - 2.27%
	243,698	First Eagle Alternative Capital, Inc.	6.75%	12/30/2022		6,194,803
	241,858	First Eagle Alternative Capital, Inc.	6.13%	10/30/2023		6,249,611
	305,377	Hercules Capital, Inc.	5.25%	04/30/2025		7,738,253
	32,069	Oxford Square Capital Corp.	6.50%	03/30/2024		802,366
	49,593	Oxford Square Capital Corp.	6.25%	04/30/2026		1,253,215
	233,620	PennantPark Investment Corp.	5.50%	10/15/2024		6,001,698
	340,018	Portman Ridge Finance Corp.	6.13%	09/30/2022		8,585,455
	232,060	TriplePoint Venture Growth BDC Corp.	5.75%	07/15/2022		5,871,234
TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $40,973,578)						42,696,635
Principal Amount/Description			Rate	Maturity	Value
FOREIGN CORPORATE BONDS - 4.63%
Argentina - 0.08%
$	150,000	AES Argentina Generacion SA(e)	7.75%	02/02/2024	$	120,751
	600,000	Banco Macro SA(e)(f)	6.75%	11/04/2026		483,006
	150,000	Capex SA(e)	6.88%	05/15/2024		133,502
	150,000	Pampa Energia SA(g)	9.13%	04/15/2029		126,000
	450,000	Pampa Energia SA(e)	9.13%	04/15/2029		378,000
	575,629	Stoneway Capital Corp.(e)(h)	10.00%	03/01/2027		218,739
						1,459,998
Australia - 0.18%
	1,000,000	APT Pipelines, Ltd.(g)	4.25%	07/15/2027		1,108,374
	475,000	Commonwealth Bank of Australia(g)	4.32%	01/10/2048		527,110
	680,000	Macquarie Group, Ltd.(f)(g)	3M US L + 1.33%	03/27/2024		725,027
	500,000	Sydney Airport Finance Co. Pty, Ltd.(g)	3.38%	04/30/2025		532,731

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	500,000	Sydney Airport Finance Co. Pty, Ltd.(g)	3.63%	04/28/2026	$	539,561
						3,432,803
Brazil - 0.26%
	400,000	Banco do Brasil SA(d)(e)(f)	6.25%	Perpetual Maturity		394,120
	1,300,000	Banco do Estado do Rio Grande do Sul SA(f)(g)	5Y US TI + 4.928%	01/28/2031		1,277,309
	1,050,000	CSN Islands XII Corp.(d)(e)	7.00%	Perpetual Maturity		1,054,704
	200,000	Guara Norte SARL(g)	5.20%	06/15/2034		196,455
	950,000	Oi SA(i)	10.00% (4.00%)	07/27/2025		1,004,625
	300,000	Simpar Europe SA(g)	5.20%	01/26/2031		294,462
	550,000	Unigel Luxembourg SA(e)	8.75%	10/01/2026		594,723
						4,816,398
British Virgin Islands - 0.05%
	400,000	C10 Capital SPV, Ltd.(d)(e)(f)	3M US L + 4.71%	Perpetual Maturity		404,200
	200,000	C5 Capital SPV, Ltd.(d)(e)(f)	3M US L + 4.28%	Perpetual Maturity		193,000
	200,000	State Grid Overseas Investment 2013, Ltd.(e)	3.13%	05/22/2023		209,228
	200,000	State Grid Overseas Investment 2016, Ltd.	1.00%	08/05/2025		194,883
						1,001,311
Canada - 0.41%
	405,000	Bank of Montreal(f)	3.80%	12/15/2032		445,407
	355,000	Bank of Nova Scotia	1.63%	05/01/2023		364,072
	150,000	Bank of Nova Scotia	3.40%	02/11/2024		161,532
	335,000	Bell Canada	0.75%	03/17/2024		334,703
	140,000	Bombardier, Inc.(g)	6.00%	10/15/2022		140,262
	270,000	CCL Industries, Inc.(g)	3.05%	06/01/2030		274,006
	670,000	Garda World Security Corp.(g)	8.75%	05/15/2025		703,074
	200,000	GFL Environmental, Inc.(g)	4.00%	08/01/2028		193,875
	220,000	GFL Environmental, Inc.(g)	3.50%	09/01/2028		213,675
	600,000	Gran Tierra Energy, Inc.(g)	7.75%	05/23/2027		487,800
	160,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.(g)	5.00%	12/31/2026		160,200
	800,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.(g)	7.00%	12/31/2027		767,696
	205,000	Mattamy Group Corp.(g)	4.63%	03/01/2030		203,975
	160,000	MEG Energy Corp.(g)	7.13%	02/01/2027		167,900
	25,000	MEG Energy Corp.(g)	5.88%	02/01/2029		25,125
	545,000	Nutrien, Ltd.	4.20%	04/01/2029		613,721
	185,000	Parkland Corp.(g)	5.88%	07/15/2027		197,603
	155,000	Parkland Corp.(g)	4.50%	10/01/2029		155,581

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 19

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	420,000	Superior Plus LP / Superior General Partner, Inc.(g)	4.50%	03/15/2029	$	425,334
	55,000	Telesat Canada / Telesat LLC(g)	6.50%	10/15/2027		55,172
	620,000	Tervita Corp.(g)	11.00%	12/01/2025		705,250
	750,000	TransCanada PipeLines, Ltd.	4.25%	05/15/2028		843,796
						7,639,759
Cayman Islands - 0.34%
	600,000	Banco BTG Pactual SA(e)(f)	7.75%	02/15/2029		636,600
	200,000	Banco Mercantil del Norte SA/Grand Cayman(d)(f)(g)	7.50%	Perpetual Maturity		219,235
	750,000	Banco Mercantil del Norte SA/Grand Cayman(d)(e)(f)	7.63%	Perpetual Maturity		823,286
	300,000	Banco Mercantil del Norte SA/Grand Cayman(d)(e)(f)	10Y US TI + 5.47%	Perpetual Maturity		328,853
	1,000,000	CK Hutchison Capital Securities 17, Ltd.(d)(e)(f)	4.00%	Perpetual Maturity		1,020,240
	166,440	Global Aircraft Leasing Co., Ltd.(g)(i)	6.50% (7.25%)	09/15/2024		159,824
	624,000	Gran Tierra Energy International Holdings, Ltd.(e)	6.25%	02/15/2025		518,410
	687,045	Interoceanica IV Finance, Ltd.(e)(j)	0.00%	11/30/2025		657,845
	700,000	Itau Unibanco Holding SA Island(d)(f)(g)	4.63%	Perpetual Maturity		656,740
	950,000	Itau Unibanco Holding SA Island(d)(e)(f)	5Y US TI + 3.222%	Perpetual Maturity		891,290
	200,000	Itau Unibanco Holding SA Island(d)(e)(f)	5Y US TI + 3.981%	Perpetual Maturity		200,500
	155,922	Lima Metro Line 2 Finance, Ltd.(g)	5.88%	07/05/2034		183,402
	210,000	Transocean Poseidon, Ltd.(g)	6.88%	02/01/2027		194,499
						6,490,724
Chile - 0.27%
	600,000	AES Gener SA(f)(g)	6.35%	10/07/2079		644,061
	400,000	AES Gener SA(e)(f)	6.35%	10/07/2079		429,374
	900,000	Empresa de Transporte de Pasajeros Metro SA(g)	5.00%	01/25/2047		1,052,626
	180,560	Empresa Electrica Cochrane SpA(e)	5.50%	05/14/2027		189,008
	1,000,000	Empresa Electrica Guacolda SA(e)	4.56%	04/30/2025		841,990
	500,000	Geopark, Ltd.(e)	6.50%	09/21/2024		518,423
	450,000	GNL Quintero SA(e)	4.63%	07/31/2029		495,641
	750,000	Transelec SA(e)	3.88%	01/12/2029		820,163
						4,991,286
China - 0.28%
	200,000	Agile Group Holdings, Ltd.(d)(f)	6.88%	Perpetual Maturity		202,743
	300,000	Agile Group Holdings, Ltd.(d)(f)	7.88%	Perpetual Maturity		310,081

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	495,000	Agile Group Holdings, Ltd.(d)(f)	7.75%	Perpetual Maturity	$	509,195
	200,000	Baidu, Inc.	3.43%	04/07/2030		210,013
	200,000	Central China Real Estate, Ltd.	7.25%	04/24/2023		191,493
	700,000	Central China Real Estate, Ltd.	7.25%	07/16/2024		609,000
	300,000	CIFI Holdings Group Co., Ltd.(d)(f)	5.38%	Perpetual Maturity		306,000
	200,000	ENN Energy Holdings, Ltd.	3.25%	07/24/2022		204,994
	400,000	JD.com, Inc.	3.38%	01/14/2030		413,016
	400,000	Ronshine China Holdings, Ltd.	7.35%	12/15/2023		380,000
	600,000	Ronshine China Holdings, Ltd.	6.75%	08/05/2024		554,961
	500,000	Tencent Holdings, Ltd.(g)	2.39%	06/03/2030		483,484
	350,000	Yuzhou Group Holdings Co., Ltd.	8.30%	05/27/2025		301,845
	600,000	Yuzhou Group Holdings Co., Ltd.	7.38%	01/13/2026		518,966
						5,195,791
Colombia - 0.12%
	391,000	Banco GNB Sudameris SA(e)(f)	5Y US TI + 4.561%	04/03/2027		398,566
	350,000	Credivalores-Crediservicios SAS(g)	8.88%	02/07/2025		302,682
	200,000	Credivalores-Crediservicios SAS(e)	9.75%	07/27/2022		191,362
	400,000	Credivalores-Crediservicios SAS(e)	8.88%	02/07/2025		345,922
	150,000	Gilex Holding SARL(g)	8.50%	05/02/2023		155,895
	750,000	Gilex Holding SARL(e)	8.50%	05/02/2023		779,475
						2,173,902
Dominican Republic - 0.05%
	600,000	Aeropuertos Dominicanos Siglo XXI SA(e)	6.75%	03/30/2029		627,621
	300,000	Banco de Reservas de la Republica Dominicana(g)	7.00%	02/01/2023		313,387
						941,008
France - 0.05%
	525,000	BNP Paribas SA(f)(g)	1D US SOFR + 1.507%	01/13/2031		538,583
	340,000	BPCE SA(g)	1.00%	01/20/2026		332,005
						870,588
Great Britain - 0.21%
	510,000	Anglo American Capital PLC(g)	4.50%	03/15/2028		573,081
	565,000	Barclays PLC(f)	3M US L + 1.38%	05/16/2024		573,251
	510,000	Credit Agricole SA/London(g)	3.75%	04/24/2023		542,437
	730,000	HSBC Holdings PLC(f)	3M US L + 1.38%	09/12/2026		751,971
	350,000	Imperial Brands Finance PLC(g)	3.50%	07/26/2026		374,518
	530,000	Lloyds Banking Group PLC(f)	3M US L + 1.21%	11/07/2028		572,646
	450,000	Vedanta Resources Finance II PLC(g)	9.25%	04/23/2026		380,799
	200,000	Vedanta Resources Finance II PLC(e)	9.25%	04/23/2026		169,244
						3,937,947
Guatemala - 0.03%
	300,000	Banco Industrial SA/Guatemala(f)(g)	5Y US TI + 4.442%	01/29/2031		309,523

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 21

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	300,000	Energuate Trust(e)	5.88%	05/03/2027	$	318,285
						627,808
Hong Kong - 0.13%
	1,000,000	Bangkok Bank PCL(d)(f)(g)	5Y US TI + 4.729%	Perpetual Maturity		1,054,680
	200,000	Bangkok Bank PCL(d)(e)(f)	5Y US TI + 4.729%	Perpetual Maturity		210,936
	200,000	Kasikornbank PCL(d)(f)	5Y US TI + 4.94%	Perpetual Maturity		210,750
	400,000	RKP Overseas Finance, Ltd.(d)(f)	7.75%	Perpetual Maturity		392,200
	600,000	RKP Overseas Finance, Ltd.(d)	7.95%	Perpetual Maturity		589,500
						2,458,066
India - 0.06%
	400,000	Reliance Industries, Ltd.(e)	5.40%	02/14/2022		415,704
	800,000	Vedanta Resources, Ltd.(e)	6.13%	08/09/2024		645,084
						1,060,788
Indonesia - 0.15%
	200,000	ABM Investama Tbk PT(e)	7.13%	08/01/2022		178,600
	1,000,000	Bayan Resources Tbk PT(e)	6.13%	01/24/2023		1,018,885
	1,000,000	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara(e)	5.50%	11/22/2021		1,032,375
	589,550	Star Energy Geothermal Wayang Windu, Ltd.(e)	6.75%	04/24/2033		665,561
						2,895,421
Ireland - 0.04%
	285,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	3.50%	01/15/2025		299,064
	475,000	Avolon Holdings Funding, Ltd.(g)	3.25%	02/15/2027		471,982
						771,046
Israel - 0.07%
	100,000	Delek & Avner Tamar Bond, Ltd.(g)	5.08%	12/30/2023		103,547
	100,000	Delek & Avner Tamar Bond, Ltd.(g)	5.41%	12/30/2025		104,940
	900,000	Israel Electric Corp., Ltd.(g)	5.00%	11/12/2024		1,012,883
						1,221,370
Jamaica - 0.00%(a)
	62,804	Digicel Group 0.5, Ltd.(g)(i)	8.00% (8.00%)	04/01/2025		51,918
Japan - 0.08%
	570,000	Mitsubishi UFJ Financial Group, Inc.	1.41%	07/17/2025		569,963
	975,000	Sumitomo Mitsui Financial Group, Inc.(f)	3M US L + 0.74%	01/17/2023		982,068
						1,552,031

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Luxembourg - 0.16%
$	400,000	Amaggi Luxembourg International SARL(g)	5.25%	01/28/2028	$	410,602
	300,000	Atento Luxco 1 SA(g)	8.00%	02/10/2026		315,303
	95,000	Endo Luxembourg Finance Co. I SARL / Endo US, Inc.(g)	6.13%	04/01/2029		95,950
	700,000	FS Luxembourg SARL(g)	10.00%	12/15/2025		772,047
	495,000	Millicom International Cellular SA(e)	6.25%	03/25/2029		551,487
	600,000	Minerva Luxembourg SA(g)	4.38%	03/18/2031		587,325
	140,000	Schlumberger Investment SA	2.65%	06/26/2030		141,126
	200,000	Tupy Overseas SA(g)	4.50%	02/16/2031		194,398
						3,068,238
Malaysia - 0.04%
	200,000	CIMB Bank Bhd(f)	3M US L + 0.78%	10/09/2024		200,697
	400,000	Malayan Banking Bhd(f)	3.91%	10/29/2026		406,824
	200,000	TNB Global Ventures Capital Bhd	3.24%	10/19/2026		212,896
						820,417
Mauritius - 0.05%
	900,000	UPL Corp., Ltd.(d)(f)	5.25%	Perpetual Maturity		892,035
Mexico - 0.41%
	700,000	Alpha Holding SA de CV(g)	9.00%	02/10/2025		511,000
	200,000	Alpha Holding SA de CV(e)	9.00%	02/10/2025		146,000
	500,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand(d)(f)	8.50%	Perpetual Maturity		527,500
	400,000	BBVA Bancomer SA(e)(f)	5.13%	01/18/2033		412,518
	350,000	Braskem Idesa SAPI(g)	7.45%	11/15/2029		348,250
	300,000	Braskem Idesa SAPI(e)	7.45%	11/15/2029		298,500
	500,000	Credito Real SAB de CV SOFOM ER(e)	9.50%	02/07/2026		532,375
	1,200,000	Credito Real SAB de CV SOFOM ER(d)(e)(f)	9.13%	Perpetual Maturity		1,078,290
	291,752	Fermaca Enterprises S RL	6.38%	03/30/2038		329,679
	800,000	Mexarrend SAPI de CV(g)	10.25%	07/24/2024		793,600
	200,000	Mexarrend SAPI de CV(e)	10.25%	07/24/2024		198,400
	700,000	Operadora de Servicios Mega SA de CV Sofom ER(g)	8.25%	02/11/2025		707,581
	600,000	TV Azteca SAB de CV(h)	8.25%	08/09/2024		300,000
	200,000	Unifin Financiera SAB de CV(e)	7.38%	02/12/2026		194,000
	200,000	Unifin Financiera SAB de CV(e)	8.38%	01/27/2028		194,498
	1,400,000	Unifin Financiera SAB de CV(d)(e)(f)	8.88%	Perpetual Maturity		1,154,104
						7,726,295

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 23

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Netherlands - 0.27%
$	400,000	AES Andres BV / Dominican Power Partners / Empresa Generadora de Electricidad It(g)	7.95%	05/11/2026	$	416,632
	945,000	AES Andres BV / Dominican Power Partners / Empresa Generadora de Electricidad It(e)	7.95%	05/11/2026		984,293
	950,000	Braskem Netherlands Finance BV(e)	5.88%	01/31/2050		956,080
	800,000	Metinvest BV(e)	7.75%	10/17/2029		851,448
	200,000	Minejesa Capital BV(e)	4.63%	08/10/2030		208,962
	200,000	Minejesa Capital BV(e)	5.63%	08/10/2037		210,000
	310,000	NXP BV / NXP Funding LLC / NXP USA, Inc.(g)	3.88%	06/18/2026		341,683
	600,000	Petrobras Global Finance BV	6.90%	03/19/2049		658,056
	450,000	Petrobras Global Finance BV	6.75%	06/03/2050		481,174
						5,108,328
New Zealand - 0.03%
	520,000	Bank of New Zealand(g)	3.50%	02/20/2024		560,072
Panama - 0.08%
	200,000	AES Panama Generation Holdings SRL(g)	4.38%	05/31/2030		207,310
	200,000	Multibank, Inc.(e)	4.38%	11/09/2022		205,616
	900,000	UEP Penonome II SA(g)	6.50%	10/01/2038		910,701
	200,000	UEP Penonome II SA(e)	6.50%	10/01/2038		202,378
						1,526,005
Peru - 0.15%
	200,000	Banco de Credito del Peru(f)(g)	3.13%	07/01/2030		200,778
	750,000	Banco Internacional del Peru SAA Interbank(e)(f)	1Y US TI + 3.711%	07/08/2030		767,700
	300,000	Camposol SA(g)	6.00%	02/03/2027		320,398
	1,450,000	Peru LNG Srl(e)	5.38%	03/22/2030		1,303,818
	300,000	Volcan Cia Minera SAA(g)	4.38%	02/11/2026		307,865
						2,900,559
Philippines - 0.01%
	200,000	Union Bank of the Philippines	3.37%	11/29/2022		207,654
Singapore - 0.36%
	715,000	BOC Aviation, Ltd.(f)(g)	3M US L + 1.13%	09/26/2023		714,734
	600,000	DBS Group Holdings, Ltd.(d)(f)	3.60%	Perpetual Maturity		603,891
	800,000	Indika Energy Capital III Pte, Ltd.(e)	5.88%	11/09/2024		804,200
	250,000	LMIRT Capital Pte, Ltd.	7.25%	06/19/2024		256,783
	400,000	Medco Bell Pte, Ltd.(g)	6.38%	01/30/2027		402,760
	250,000	Medco Bell Pte, Ltd.(e)	6.38%	01/30/2027		251,725
	600,000	Medco Oak Tree Pte, Ltd.(e)	7.38%	05/14/2026		641,340

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	200,000	ONGC Videsh Vankorneft Pte, Ltd.	3.75%	07/27/2026	$	212,267
	700,000	Oversea-Chinese Banking Corp., Ltd.(f)(g)	5Y US TI + 1.58%	09/10/2030		694,337
	200,000	PSA Treasury Pte, Ltd.	2.13%	09/05/2029		198,628
	800,000	TBLA International Pte, Ltd.	7.00%	01/24/2023		686,000
	350,000	Temasek Financial I, Ltd.(g)	1.00%	10/06/2030		321,894
	250,000	Temasek Financial I, Ltd.(e)	1.00%	10/06/2030		229,925
	200,000	Theta Capital Pte, Ltd.	8.13%	01/22/2025		204,981
	200,000	Theta Capital Pte, Ltd.	6.75%	10/31/2026		193,218
	400,000	United Overseas Bank, Ltd.(f)	2.88%	03/08/2027		407,732
						6,824,415
South Korea - 0.05%
	200,000	Korea East-West Power Co., Ltd.(g)	1.75%	05/06/2025		202,979
	400,000	Korea East-West Power Co., Ltd.(e)	1.75%	05/06/2025		405,959
	200,000	NongHyup Bank(g)	1.25%	07/20/2025		199,234
	200,000	POSCO(e)	2.38%	01/17/2023		205,364
						1,013,536
Spain - 0.03%
	600,000	Banco Santander SA(f)	3M US L + 1.09%	02/23/2023		607,101
Switzerland - 0.07%
	615,000	Credit Suisse Group AG(f)(g)	1D US SOFR + 0.98%	02/02/2027		596,082
	650,000	Walnut Bidco PLC(e)	9.13%	08/01/2024		694,037
						1,290,119
Thailand - 0.03%
	200,000	PTTEP Treasury Center Co., Ltd.(g)	2.59%	06/10/2027		205,962
	400,000	TMB Bank PCL(d)(f)	5Y US TI + 3.256%	Perpetual Maturity		401,225
						607,187
Trinidad and Tobago - 0.01%
	200,000	Telecommunications Services of Trinidad & Tobago, Ltd.(e)	8.88%	10/18/2029		209,880
United Arab Emirates - 0.02%
	300,000	Galaxy Pipeline Assets Bidco, Ltd.(g)	2.16%	03/31/2034		291,375
TOTAL FOREIGN CORPORATE BONDS
(Cost $84,864,008)						87,243,179
U.S. CORPORATE BONDS - 6.47%
Advertising - 0.03%
	460,000	Interpublic Group of Cos., Inc.	5.40%	10/01/2048		567,919

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 25

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Aerospace/Defense - 0.17%
$	350,000	Boeing Co.	2.95%	02/01/2030	$	349,295
	425,000	Northrop Grumman Corp.	5.15%	05/01/2040		534,839
	320,000	Teledyne Technologies, Inc.	2.25%	04/01/2028		318,662
	30,000	TransDigm, Inc.(g)	8.00%	12/15/2025		32,700
	220,000	TransDigm, Inc.(g)	6.25%	03/15/2026		233,520
	75,000	TransDigm, Inc.	6.38%	06/15/2026		77,672
	135,000	TransDigm, Inc.	5.50%	11/15/2027		139,945
	1,115,000	Triumph Group, Inc.(g)	6.25%	09/15/2024		1,135,572
	370,000	Triumph Group, Inc.	7.75%	08/15/2025		372,775
						3,194,980
Agriculture - 0.07%
	105,000	Altria Group, Inc.	4.80%	02/14/2029		120,724
	940,000	BAT Capital Corp.	3.46%	09/06/2029		982,296
	321,693	Pyxus Holdings, Inc.	10.00%	08/24/2024		298,370
						1,401,390
Airlines - 0.35%
	925,000	American Airlines, Inc./AAdvantage Loyalty IP, Ltd.(g)	5.75%	04/20/2029		985,032
	2,833,016	JetBlue 2019-1 Class B Pass Through Trust	8.00%	11/15/2027		3,243,713
	150,000	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets, Ltd.(g)	6.50%	06/20/2027		164,625
	305,000	Southwest Airlines Co.	4.75%	05/04/2023		329,406
	222,917	United Airlines 2016-1 Class B Pass Through Trust	3.65%	01/07/2026		220,614
	1,620,981	US Airways 2012-2 Class B Pass Through Trust	6.75%	06/03/2021		1,623,030
						6,566,420
Apparel - 0.02%
	310,000	William Carter Co.(g)	5.50%	05/15/2025		331,210
Auto Manufacturers - 0.14%
	110,000	Ford Motor Co.	9.00%	04/22/2025		133,364
	350,000	Ford Motor Credit Co. LLC(f)	3M US L + 1.235%	02/15/2023		346,647
	200,000	Ford Motor Credit Co. LLC	4.39%	01/08/2026		210,496
	865,000	General Motors Financial Co., Inc.(f)	3M US L + 0.99%	01/05/2023		872,657
	25,000	General Motors Financial Co., Inc.	3.95%	04/13/2024		26,917
	560,000	Hyundai Capital America(g)	2.65%	02/10/2025		579,517
	55,000	Hyundai Capital America(g)	1.80%	10/15/2025		55,004
	355,000	Volkswagen Group of America Finance LLC(g)	4.25%	11/13/2023		386,147
						2,610,749

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Auto Parts & Equipment - 0.06%
$	105,000	Clarios Global LP / Clarios US Finance Co.(g)	6.25%	05/15/2026	$	111,645
	1,005,000	Dealer Tire LLC / DT Issuer LLC(g)	8.00%	02/01/2028		1,062,788
						1,174,433
Banks - 0.24%
	675,000	Bank of America Corp.(f)	3M US L + 1.21%	02/07/2030		749,937
	300,000	BBVA Bancomer SA(e)(f)	5.40%	11/12/2029		309,663
	955,000	Citigroup, Inc.(f)	3M US L + 1.10%	05/17/2024		969,056
	795,000	Goldman Sachs Group, Inc.(f)	3M US L + 1.17%	05/15/2026		805,864
	500,000	JPMorgan Chase & Co.(f)	1D US SOFR + 2.04%	04/22/2031		499,349
	575,000	Morgan Stanley(f)	3M US L + 1.34%	07/22/2028		627,390
	245,000	Wells Fargo & Co.(f)	3M US L + 1.17%	06/17/2027		262,785
	265,000	Wells Fargo & Co.(f)	1D US SOFR + 1.43161%	10/30/2030		273,187
						4,497,231
Beverages - 0.11%
	635,000	Anheuser-Busch InBev Worldwide, Inc.	4.60%	04/15/2048		728,687
	250,000	Constellation Brands, Inc.	3.15%	08/01/2029		262,137
	35,000	Constellation Brands, Inc.	2.88%	05/01/2030		35,804
	300,000	Keurig Dr Pepper, Inc.	3.80%	05/01/2050		319,989
	720,000	Triton Water Holdings, Inc.(g)	6.25%	04/01/2029		734,850
						2,081,467
Biotechnology - 0.03%
	240,000	Illumina, Inc.	0.55%	03/23/2023		239,915
	325,000	Royalty Pharma PLC(g)	3.30%	09/02/2040		314,187
						554,102
Building Materials - 0.05%
	161,000	Builders FirstSource, Inc.(g)	6.75%	06/01/2027		173,478
	360,000	Carrier Global Corp.	3.38%	04/05/2040		360,043
	130,000	Griffon Corp.	5.75%	03/01/2028		138,450
	275,000	Owens Corning	4.40%	01/30/2048		300,700
						972,671
Chemicals - 0.06%
	215,000	DuPont de Nemours, Inc.	5.42%	11/15/2048		277,803
	780,000	Illuminate Buyer LLC / Illuminate Holdings IV, Inc.(g)	9.00%	07/01/2028		878,709
	65,000	Ingevity Corp.(g)	3.88%	11/01/2028		63,172
						1,219,684
Coal - 0.01%
	47,000	Peabody Energy Corp.(g)(i)	8.50% (8.50%)	12/31/2024		19,740

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 27

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	160,000	SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp.(g)	7.50%	06/15/2025	$	166,500
						186,240
Commercial Services - 0.09%
	90,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.(g)	6.63%	07/15/2026		95,612
	175,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.(g)	9.75%	07/15/2027		192,314
	80,000	Jaguar Holding Co. II / PPD Development LP(g)	5.00%	06/15/2028		83,420
	180,000	MPH Acquisition Holdings LLC(g)	5.75%	11/01/2028		175,725
	235,000	NESCO Holdings II, Inc.(g)	5.50%	04/15/2029		241,357
	150,000	Prime Security Services Borrower LLC / Prime Finance, Inc.(g)	3.38%	08/31/2027		145,687
	135,000	Rent-A-Center, Inc.(g)	6.38%	02/15/2029		143,438
	335,000	Sabre GLBL, Inc.(g)	7.38%	09/01/2025		366,088
	197,000	Verscend Escrow Corp.(g)	9.75%	08/15/2026		211,597
						1,655,238
Computers - 0.16%
	700,000	Austin BidCo, Inc.(g)	7.13%	12/15/2028		713,563
	620,000	Dell International LLC / EMC Corp.(g)	5.30%	10/01/2029		725,746
	780,000	Flexential Intermediate Corp.(g)	11.25%	08/01/2024		838,987
	360,000	Fortinet, Inc.	1.00%	03/15/2026		352,396
	305,000	NetApp, Inc.	1.88%	06/22/2025		311,579
						2,942,271
Containers and Packaging - 0.02%
	300,000	Packaging Corp. of America	3.40%	12/15/2027		327,628
Distribution/Wholesale - 0.02%
	160,000	Performance Food Group, Inc.(g)	5.50%	10/15/2027		167,614
	193,000	Wolverine Escrow LLC(g)	9.00%	11/15/2026		193,179
						360,793
Diversified Financial Services - 0.29%
	198,000	Air Lease Corp.	3.75%	02/01/2022		202,176
	425,000	Air Methods Corp.(g)	8.00%	05/15/2025		400,562
	340,000	Aircastle, Ltd.(g)	2.85%	01/26/2028		325,485
	420,000	Aviation Capital Group LLC(g)	5.50%	12/15/2024		470,007
	220,000	Capital One Financial Corp.(f)	3M US L + 0.72%	01/30/2023		221,649
	515,000	Charles Schwab Corp.	3.55%	02/01/2024		556,834
	135,000	Charles Schwab Corp.	0.75%	03/18/2024		135,785
	1,055,000	Discover Financial Services	4.10%	02/09/2027		1,171,733
	105,000	Nationstar Mortgage Holdings, Inc.(g)	5.50%	08/15/2028		105,622
	95,000	Navient Corp.	5.00%	03/15/2027		95,369
	95,000	NFP Corp.(g)	6.88%	08/15/2028		98,681
	165,000	OneMain Finance Corp.	6.63%	01/15/2028		187,275

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	200,000	PennyMac Financial Services, Inc.(g)	4.25%	02/15/2029	$	191,750
	595,000	Synchrony Financial	3.95%	12/01/2027		641,450
	670,000	Western Union Co.	2.75%	03/15/2031		640,178
						5,444,556
Electric - 0.48%
	210,000	Arizona Public Service Co.	3.35%	05/15/2050		208,679
	155,000	Calpine Corp.(g)	5.13%	03/15/2028		155,940
	35,000	Calpine Corp.(g)	4.63%	02/01/2029		34,153
	480,000	Duke Energy Corp.	3.95%	08/15/2047		496,815
	435,000	Duke Energy Progress LLC	4.15%	12/01/2044		493,528
	175,000	Entergy Corp.	2.80%	06/15/2030		176,494
	475,000	Eversource Energy	1.65%	08/15/2030		441,099
	285,000	General Electric Co.	5.88%	01/14/2038		369,444
	715,000	Georgia Power Co.	2.20%	09/15/2024		746,304
	660,000	Georgia Power Co.	3.25%	03/15/2051		633,008
	1,100,000	ITC Holdings Corp.	3.25%	06/30/2026		1,187,779
	275,000	Monongahela Power Co.(g)	5.40%	12/15/2043		339,601
	300,000	NextEra Energy Capital Holdings, Inc.3.55%		05/01/2027		329,693
	500,000	NextEra Energy Capital Holdings, Inc.2.25%		06/01/2030		489,604
	215,000	NRG Energy, Inc.(g)	2.00%	12/02/2025		215,059
	215,000	NRG Energy, Inc.(g)	3.63%	02/15/2031		210,028
	375,000	Pacific Gas and Electric Co.	1.37%	03/10/2023		375,149
	340,000	Pacific Gas and Electric Co.	2.50%	02/01/2031		321,066
	65,000	PG&E Corp.	5.00%	07/01/2028		68,757
	115,000	Pike Corp.(g)	5.50%	09/01/2028		117,300
	445,000	PSEG Power LLC	3.85%	06/01/2023		474,702
	1,000,000	Virginia Electric and Power Co.	3.50%	03/15/2027		1,097,681
						8,981,883
Electrical Components & Equipment - 0.01%
	175,000	Energizer Holdings, Inc.(g)	4.75%	06/15/2028		180,696
Electronics - 0.02%
	265,000	Arrow Electronics, Inc.	3.88%	01/12/2028		287,739
	185,000	Vontier Corp.(g)	2.40%	04/01/2028		182,223
						469,962
Engineering & Construction - 0.06%
	605,000	PowerTeam Services LLC(g)	9.03%	12/04/2025		668,525
	400,000	SBA Tower Trust(g)	3.17%	04/11/2022		401,071
						1,069,596
Entertainment - 0.09%
	200,000	Bally's Corp.(g)	6.75%	06/01/2027		214,876
	160,000	Caesars Entertainment, Inc.(g)	6.25%	07/01/2025		170,763
	150,000	Cedar Fair LP	5.25%	07/15/2029		154,437
	210,000	Lions Gate Capital Holdings LLC(g)	6.38%	02/01/2024		216,695
	135,000	Lions Gate Capital Holdings LLC(g)	5.50%	04/15/2029		135,353
	150,000	Live Nation Entertainment, Inc.(g)	6.50%	05/15/2027		166,692

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 29

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	220,000	Live Nation Entertainment, Inc.(g)	4.75%	10/15/2027	$	221,994
	135,000	Scientific Games International, Inc.(g)	7.25%	11/15/2029		146,703
	305,000	Six Flags Theme Parks, Inc.(g)	7.00%	07/01/2025		330,353
						1,757,866
Food - 0.14%
	100,000	Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC(g)	3.50%	03/15/2029		95,289
	80,000	B&G Foods, Inc.	5.25%	09/15/2027		83,325
	185,000	Campbell Soup Co.	2.38%	04/24/2030		181,234
	155,000	Flowers Foods, Inc.	2.40%	03/15/2031		151,397
	75,000	Kraft Heinz Foods Co.	5.00%	07/15/2035		86,454
	205,000	Kraft Heinz Foods Co.	5.20%	07/15/2045		237,605
	220,000	Mondelez International, Inc.	1.88%	10/15/2032		205,522
	130,000	Pilgrim's Pride Corp.(g)	5.88%	09/30/2027		139,483
	180,000	Post Holdings, Inc.(g)	4.63%	04/15/2030		180,675
	554,000	Smithfield Foods, Inc.(g)	4.25%	02/01/2027		611,633
	565,000	Sysco Corp.	3.30%	02/15/2050		530,133
	130,000	United Natural Foods, Inc.(g)	6.75%	10/15/2028		139,100
	25,000	US Foods, Inc.(g)	6.25%	04/15/2025		26,833
						2,668,683
Healthcare-Products - 0.02%
	87,000	Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA(g)	7.38%	06/01/2025		93,697
	345,000	Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA(g)	7.25%	02/01/2028		378,649
						472,346
Healthcare-Services - 0.21%
	265,000	Anthem, Inc.	2.38%	01/15/2025		277,105
	85,000	Centene Corp.	3.00%	10/15/2030		84,965
	500,000	Centene Corp.	2.50%	03/01/2031		478,135
	155,000	CHS/Community Health Systems, Inc.(g)	6.00%	01/15/2029		164,106
	600,000	CHS/Community Health Systems, Inc.(g)	6.88%	04/15/2029		628,872
	270,000	HCA, Inc.	4.13%	06/15/2029		299,517
	85,000	Health Care Service Corp. A Mutual Legal Reserve Co.(g)	3.20%	06/01/2050		80,640
	85,000	Legacy LifePoint Health LLC(g)	6.75%	04/15/2025		90,525
	145,000	Legacy LifePoint Health LLC(g)	4.38%	02/15/2027		142,462
	935,000	Radiology Partners, Inc.(g)	9.25%	02/01/2028		1,020,319
	375,000	RP Escrow Issuer LLC(g)	5.25%	12/15/2025		389,063
	155,000	Select Medical Corp.(g)	6.25%	08/15/2026		164,967
	190,000	Tenet Healthcare Corp.(g)	6.13%	10/01/2028		198,550
						4,019,226

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Home Furnishings - 0.00%(a)
$	95,000	Tempur Sealy International, Inc.(g)	4.00%	04/15/2029	$	94,763
Household Products/Wares - 0.01%
	165,000	Spectrum Brands, Inc.(g)	3.88%	03/15/2031		161,906
Insurance - 0.12%
	200,000	Acrisure LLC / Acrisure Finance, Inc.(g)	4.25%	02/15/2029		196,940
	130,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer(g)	6.75%	10/15/2027		138,588
	620,000	Athene Global Funding(g)	3.00%	07/01/2022		639,290
	200,000	Berkshire Hathaway Finance Corp.	2.85%	10/15/2050		184,696
	160,000	GTCR AP Finance, Inc.(g)	8.00%	05/15/2027		172,200
	340,000	Prudential Financial, Inc.	3.91%	12/07/2047		368,784
	565,000	Willis North America, Inc.	4.50%	09/15/2028		643,322
						2,343,820
Internet - 0.13%
	1,255,000	Endure Digital, Inc.(g)	6.00%	02/15/2029		1,228,206
	300,000	Expedia Group, Inc.	3.80%	02/15/2028		317,938
	140,000	Expedia Group, Inc.(g)	2.95%	03/15/2031		138,200
	125,000	Uber Technologies, Inc.(g)	7.50%	09/15/2027		138,229
	500,000	Uber Technologies, Inc.(g)	6.25%	01/15/2028		545,225
						2,367,798
Investment Companies - 0.73%
	330,000	Ares Capital Corp.	2.15%	07/15/2026		321,600
	5,000,000	Business Development Corp. of America(g)	5.38%	05/30/2023		5,036,542
	5,000,000	FS KKR Capital Corp.	4.75%	05/15/2022		5,177,659
	180,000	Icahn Enterprises LP / Icahn Enterprises Finance Corp.	5.25%	05/15/2027		186,300
	3,000,000	PennantPark Floating Rate Capital, Ltd.	4.25%	04/01/2026		3,010,427
						13,732,528
Leisure Time - 0.04%
	50,000	Carnival Corp.(g)	11.50%	04/01/2023		57,385
	135,000	Carnival Corp.(g)	7.63%	03/01/2026		145,199
	160,000	Carnival Corp.(g)	5.75%	03/01/2027		164,400
	55,000	Viking Cruises, Ltd.(g)	13.00%	05/15/2025		64,763
	290,000	Viking Cruises, Ltd.(g)	5.88%	09/15/2027		284,019
						715,766
Lodging - 0.05%
	205,000	Boyd Gaming Corp.	4.75%	12/01/2027		209,327
	30,000	Hilton Domestic Operating Co., Inc.(g)	5.38%	05/01/2025		31,650

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 31

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	30,000	Hilton Domestic Operating Co., Inc.(g)	5.75%	05/01/2028	$	32,344
	315,000	Marriott International, Inc.	3.13%	06/15/2026		330,761
	185,000	MGM Resorts International	6.75%	05/01/2025		199,615
	100,000	Wyndham Hotels & Resorts, Inc.(g)	4.38%	08/15/2028		101,337
						905,034
Media - 0.15%
	970,000	Cengage Learning, Inc.(g)	9.50%	06/15/2024		990,006
	560,000	Charter Communications Operating LLC / Charter Communications Operating Capital	4.91%	07/23/2025		635,196
	200,000	Comcast Corp.	3.95%	10/15/2025		223,518
	320,000	Comcast Corp.	3.40%	04/01/2030		346,735
	70,000	Diamond Sports Group LLC / Diamond Sports Finance Co.(g)	5.38%	08/15/2026		50,488
	130,000	GCI LLC(g)	4.75%	10/15/2028		133,331
	35,000	iHeartCommunications, Inc.	8.38%	05/01/2027		37,581
	90,000	Nexstar Broadcasting, Inc.(g)	5.63%	07/15/2027		94,472
	110,000	Radiate Holdco LLC / Radiate Finance, Inc.(g)	4.50%	09/15/2026		111,513
	60,000	Scripps Escrow II, Inc.(g)	3.88%	01/15/2029		59,063
	130,000	Scripps Escrow, Inc.(g)	5.88%	07/15/2027		134,713
						2,816,616
Mining - 0.02%
	220,000	Arconic Corp.(g)	6.13%	02/15/2028		234,713
	80,000	Novelis Corp.(g)	4.75%	01/30/2030		82,606
						317,319
Miscellaneous Manufactur - 0.01%
	195,000	General Electric Co.	6.88%	01/10/2039		274,713
Oil & Gas - 0.36%
	50,000	Apache Corp.	4.63%	11/15/2025		51,578
	95,000	Apache Corp.	4.38%	10/15/2028		94,858
	220,000	BP Capital Markets America, Inc.	2.94%	06/04/2051		196,592
	555,000	Brooklyn Union Gas Co.(g)	4.49%	03/04/2049		636,909
	165,000	Chesapeake Energy Corp.(g)	5.88%	02/01/2029		175,209
	105,000	CNX Resources Corp.(g)	6.00%	01/15/2029		109,311
	205,000	Diamondback Energy, Inc.	0.90%	03/24/2023		205,155
	195,000	Diamondback Energy, Inc.	2.88%	12/01/2024		205,810
	390,000	East Ohio Gas Co.(g)	3.00%	06/15/2050		361,211
	85,000	EQT Corp.	8.50%	02/01/2030		108,507
	265,000	Exxon Mobil Corp.	2.61%	10/15/2030		270,380
	325,000	Exxon Mobil Corp.	4.23%	03/19/2040		366,106
	160,000	Halliburton Co.	2.92%	03/01/2030		159,934
	140,000	Hilcorp Energy I LP / Hilcorp Finance Co.(g)	6.25%	11/01/2028		144,463

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited) 

Principal Amount/Description			Rate	Maturity	Value
$	80,000	Hilcorp Energy I LP / Hilcorp Finance Co.(g)	5.75%	02/01/2029	$	80,850
	110,000	Indigo Natural Resources LLC(g)	5.38%	02/01/2029		108,579
	800,000	Kosmos Energy, Ltd.(e)	7.13%	04/04/2026		777,632
	490,000	Marathon Petroleum Corp.	5.13%	12/15/2026		572,214
	175,000	NiSource, Inc.	3.60%	05/01/2030		189,964
	75,000	Occidental Petroleum Corp.	8.00%	07/15/2025		86,235
	110,000	Occidental Petroleum Corp.	3.50%	08/15/2029		103,351
	80,000	Occidental Petroleum Corp.	6.63%	09/01/2030		90,024
	130,000	Occidental Petroleum Corp.	6.13%	01/01/2031		143,790
	160,000	Ovintiv Exploration, Inc.	5.63%	07/01/2024		176,023
	85,000	Ovintiv Exploration, Inc.	7.38%	11/01/2031		108,245
	265,000	PBF Holding Co. LLC / PBF Finance Corp.(g)	9.25%	05/15/2025		270,929
	445,000	Pioneer Natural Resources Co.	1.90%	08/15/2030		413,338
	110,000	Sunoco LP / Sunoco Finance Corp.	6.00%	04/15/2027		115,225
	50,000	Sunoco LP / Sunoco Finance Corp.(g)	4.50%	05/15/2029		49,906
	61,000	Transocean, Inc.(g)	11.50%	01/30/2027		52,412
	220,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	09/01/2027		226,972
	62,000	WPX Energy, Inc.	5.88%	06/15/2028		68,421
						6,720,133
Oil&Gas Services - 0.00%(a)
	20,000	Halliburton Co.	5.00%	11/15/2045		22,346
Packaging & Containers - 0.05%
	135,000	Flex Acquisition Co., Inc.(g)	6.88%	01/15/2025		137,389
	185,000	Silgan Holdings, Inc.	4.13%	02/01/2028		190,517
	626,000	WRKCo, Inc.	3.75%	03/15/2025		683,475
						1,011,381
Pharmaceuticals - 0.25%
	610,000	AbbVie, Inc.	4.70%	05/14/2045		724,099
	285,000	Bausch Health Cos., Inc.(g)	6.25%	02/15/2029		303,354
	716,000	Becton Dickinson and Co.	2.89%	06/06/2022		734,675
	590,000	Bristol-Myers Squibb Co.	4.35%	11/15/2047		703,649
	355,000	Cigna Corp.(f)	3M US L + 0.89%	07/15/2023		359,441
	445,000	Cigna Corp.	4.90%	12/15/2048		546,388
	290,000	CVS Health Corp.	5.05%	03/25/2048		356,577
	620,000	Merck & Co., Inc.	3.40%	03/07/2029		685,264
	215,000	Viatris, Inc.(g)	1.65%	06/22/2025		215,974
						4,629,421
Pipelines - 0.23%
	73,000	Antero Midstream Partners LP / Antero Midstream Finance Corp.(g)	5.75%	03/01/2027		73,153
	130,000	Cheniere Energy Partners LP	5.63%	10/01/2026		136,162

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 33

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	200,000	Enable Midstream Partners LP	4.40%	03/15/2027	$	216,452
	575,000	Energy Transfer Operating LP	4.75%	01/15/2026		638,843
	220,000	EQM Midstream Partners LP(g)	4.75%	01/15/2031		213,675
	145,000	Hess Midstream Operations LP(g)	5.13%	06/15/2028		146,957
	448,000	Kinder Morgan Energy Partners LP	6.95%	01/15/2038		602,364
	1,325,000	NGL Energy Operating LLC / NGL Energy Finance Corp.(g)	7.50%	02/01/2026		1,363,922
	120,000	NuStar Logistics LP	6.38%	10/01/2030		129,975
	180,000	ONEOK, Inc.	3.40%	09/01/2029		185,667
	75,000	Rattler Midstream LP(g)	5.63%	07/15/2025		78,450
	235,000	Sabine Pass Liquefaction LLC	5.00%	03/15/2027		267,682
	170,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	5.50%	03/01/2030		178,660
	120,000	Western Midstream Operating LP	4.35%	02/01/2025		124,391
						4,356,353
Real Estate - 0.02%
	355,000	Realogy Group LLC / Realogy Co.- Issuer Corp.(g)	5.75%	01/15/2029		350,563
REITS - 0.30%
	205,000	Alexandria Real Estate Equities, Inc.	3.00%	05/18/2051		186,994
	640,000	American Tower Corp.	3.60%	01/15/2028		691,845
	610,000	Boston Properties LP	3.40%	06/21/2029		641,720
	75,000	Corporate Office Properties LP	2.75%	04/15/2031		72,681
	800,000	Crown Castle International Corp.	3.70%	06/15/2026		875,743
	405,000	Crown Castle International Corp.	3.65%	09/01/2027		441,955
	560,000	Crown Castle International Corp.	3.30%	07/01/2030		587,090
	330,000	Equinix, Inc.	1.80%	07/15/2027		324,311
	98,000	ESH Hospitality, Inc.(g)	5.25%	05/01/2025		100,105
	80,000	Iron Mountain, Inc.(g)	4.50%	02/15/2031		79,188
	190,000	National Retail Properties, Inc.	2.50%	04/15/2030		186,757
	75,000	Omega Healthcare Investors, Inc.	3.25%	04/15/2033		72,026
	80,000	Realogy Group LLC / Realogy Co.- Issuer Corp.(g)	7.63%	06/15/2025		87,465
	295,000	Simon Property Group LP	2.45%	09/13/2029		292,367
	595,000	Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC(g)	6.50%	02/15/2029		588,306
	355,000	Welltower, Inc.	2.80%	06/01/2031		353,620
						5,582,173
Retail - 0.21%
	27,000	Asbury Automotive Group, Inc.	4.50%	03/01/2028		27,686
	27,000	Asbury Automotive Group, Inc.	4.75%	03/01/2030		27,925
	235,000	Beacon Roofing Supply, Inc.(g)	4.88%	11/01/2025		240,714
	570,000	Dollar Tree, Inc.	4.00%	05/15/2025		629,572
	95,000	Ferrellgas Escrow LLC / FG Operating Finance Escrow Corp.(g)	5.38%	04/01/2026		94,601

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	235,000	Golden Nugget, Inc.(g)	6.75%	10/15/2024	$	237,919
	235,000	Home Depot, Inc.	3.90%	06/15/2047		264,780
	195,000	IRB Holding Corp.(g)	6.75%	02/15/2026		202,069
	270,000	McDonald's Corp.	3.60%	07/01/2030		294,846
	270,000	McDonald's Corp.	4.45%	03/01/2047		314,299
	190,000	Park River Holdings, Inc.(g)	5.63%	02/01/2029		184,419
	945,000	PetSmart, Inc. / PetSmart Finance Corp.(g)	7.75%	02/15/2029		1,024,096
	185,000	Staples, Inc.(g)	7.50%	04/15/2026		195,406
	195,000	Yum! Brands, Inc.	3.63%	03/15/2031		187,688
						3,926,020
Semiconductors - 0.09%
	106,000	Broadcom, Inc.	3.15%	11/15/2025		113,050
	349,000	Broadcom, Inc.(g)	3.42%	04/15/2033		354,572
	645,000	Marvell Technology Group, Ltd.	4.20%	06/22/2023		690,425
	305,000	Micron Technology, Inc.	2.50%	04/24/2023		316,823
	170,000	Texas Instruments, Inc.	1.75%	05/04/2030		163,792
						1,638,662
Software - 0.16%
	340,000	Activision Blizzard, Inc.	1.35%	09/15/2030		307,690
	1,550,000	Castle US Holding Corp.(g)	9.50%	02/15/2028		1,583,906
	93,000	Dun & Bradstreet Corp.(g)	6.88%	08/15/2026		99,471
	435,000	Oracle Corp.	3.85%	04/01/2060		427,685
	740,000	Roper Technologies, Inc.	1.75%	02/15/2031		687,774
						3,106,526
Special Purpose Banks - 0.01%
	160,000	Caesars Resort Collection LLC / CRC Finco, Inc.(g)	5.25%	10/15/2025		160,800
Telecommunications - 0.46%
	500,000	AT&T, Inc.	4.30%	02/15/2030		563,296
	1,165,000	AT&T, Inc.(g)	3.50%	09/15/2053		1,078,637
	110,000	Avaya, Inc.(g)	6.13%	09/15/2028		116,978
	1,675,000	Embarq Corp Eq 7.995 06/01/36	8.00%	06/01/2036		1,932,045
	45,000	Frontier Communications Corp.(g)	5.88%	10/15/2027		47,784
	85,000	Frontier Communications Corp.(g)	5.00%	05/01/2028		86,722
	315,000	Frontier Communications Corp.(g)	6.75%	05/01/2029		332,821
	1,380,000	Gogo Intermediate Holdings LLC / Gogo Finance Co., Inc.(g)	9.88%	05/01/2024		1,455,037
	80,000	GTT Communications, Inc.(g)(k)	7.88%	12/31/2024		13,500
	1,100,000	Intelsat Jackson Holdings SA(g)(h)	8.50%	10/15/2024		692,313
	160,000	Lumen Technologies, Inc.(g)	5.13%	12/15/2026		168,741
	145,000	Lumen Technologies, Inc.(g)	4.00%	02/15/2027		148,306
	175,000	T-Mobile USA, Inc.(g)	3.50%	04/15/2025		188,979
	240,000	T-Mobile USA, Inc.	2.25%	02/15/2026		242,026
	125,000	T-Mobile USA, Inc.	3.38%	04/15/2029		126,172

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 35

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	50,000	T-Mobile USA, Inc.	2.88%	02/15/2031	$	48,388
	500,000	Verizon Communications, Inc.	3.15%	03/22/2030		527,765
	570,000	Verizon Communications, Inc.	4.40%	11/01/2034		652,554
	45,000	Verizon Communications, Inc.	2.65%	11/20/2040		41,185
	155,000	Zayo Group Holdings, Inc.(g)	4.00%	03/01/2027		152,490
	85,000	Zayo Group Holdings, Inc.(g)	6.13%	03/01/2028		87,377
						8,703,116
Transportation - 0.08%
	650,000	CSX Corp.	3.80%	11/01/2046		690,009
	270,000	FedEx Corp.	4.75%	11/15/2045		316,604
	30,000	Kenan Advantage Group, Inc.(g)	7.88%	07/31/2023		30,000
	500,000	Union Pacific Corp.	3.70%	03/01/2029		551,001
						1,587,614
Trucking & Leasing - 0.02%
	280,000	Penske Truck Leasing Co. LP / PTL Finance Corp.(g)	4.20%	04/01/2027		313,787
Water - 0.02%
	355,000	Essential Utilities, Inc.	2.70%	04/15/2030		358,522
TOTAL U.S. CORPORATE BONDS
(Cost $118,613,392)						121,906,920
CONVERTIBLE CORPORATE BONDS - 0.90%
	2,036,407	BlackRock Capital Investment Corp.	5.00%	06/15/2022		2,044,509
	6,854,823	BlackRock TCP Capital Corp.	4.63%	03/01/2022		7,052,242
	93,648	Digicel Group 0.5, Ltd.(d)(g)(i)	5.09% (7.00%)	Perpetual Maturity		68,803
	1,422,000	Goldman Sachs BDC, Inc.	4.50%	04/01/2022		1,470,063
	6,000,000	New Mountain Finance Corp.	5.75%	08/15/2023		6,285,300
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $15,831,849)						16,920,917
FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.69%
	200,000	Abu Dhabi Government International Bond(g)	3.13%	04/16/2030		214,768
	550,000	Abu Dhabi Government International Bond(e)	3.13%	09/30/2049		525,575
	200,000	Brazilian Government International Bond	5.00%	01/27/2045		190,871
	400,000	Brazilian Government International Bond	5.63%	02/21/2047		409,066

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	300,000	Chile Government International Bond	3.50%	01/25/2050	$	306,210
	950,000	Chile Government International Bond	3.10%	01/22/2061		884,726
	200,000	Colombia Government International Bond	5.00%	06/15/2045		213,832
	600,000	Colombia Government International Bond	4.13%	05/15/2051		572,304
	600,000	Dominican Republic International Bond(g)	6.40%	06/05/2049		630,150
	200,000	Dominican Republic International Bond(e)	5.88%	01/30/2060		192,300
	600,000	Export Import Bank of Thailand(f)	3M US L + 0.90%	11/20/2023		606,906
	200,000	Indonesia Government International Bond	3.38%	04/15/2023		210,294
	200,000	Indonesia Government International Bond	4.35%	01/11/2048		217,875
	300,000	Indonesia Government International Bond	3.70%	10/30/2049		305,909
	875,000	Mexico Government International Bond	3.75%	01/11/2028		937,532
	750,000	Mexico Government International Bond	4.60%	02/10/2048		770,966
	400,000	Mexico Government International Bond	3.77%	05/24/2061		354,950
	900,000	Panama Government International Bond	3.87%	07/23/2060		892,863
	200,000	Perusahaan Penerbit SBSN Indonesia III(e)	3.80%	06/23/2050		203,232
	800,000	Peruvian Government International Bond	3.30%	03/11/2041		781,624
	100,000	Peruvian Government International Bond	3.55%	03/10/2051		97,747
	100,000	Peruvian Government International Bond	2.78%	12/01/2060		82,802
	200,000	Philippine Government International Bond	2.46%	05/05/2030		202,650
	350,000	Philippine Government International Bond	1.65%	06/10/2031		331,480
	550,000	Philippine Government International Bond	3.70%	03/01/2041		576,246
	200,000	Philippine Government International Bond	3.70%	02/02/2042		209,504
	400,000	Saudi Government International Bond(g)	2.90%	10/22/2025		424,720
	400,000	Saudi Government International Bond(e)	2.88%	03/04/2023		416,304

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 37

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	350,000	Saudi Government International Bond(e)	3.75%	01/21/2055	$	343,896
	400,000	Saudi Government International Bond(e)	3.45%	02/02/2061		368,962
	350,000	State of Israel	3.38%	01/15/2050		354,375
	200,000	Ukraine Government International Bond(e)	7.25%	03/15/2033		199,491
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES
(Cost $12,922,917)						13,030,130
BANK LOANS - 2.09%(f)
Cayman Islands - 0.06%
	1,035,000	Grab Holdings, Inc., First Lien - Initial Term Loan	3M US L + 4.50%, 1.00% Floor	01/29/2026		1,056,994
Ireland - 0.06%
	680,000	ION Trading Finance, Ltd., First Lien - Initial Dollar (2021) Term Loan	3M US L + 4.75%	04/01/2028		680,850
	516,862	ION Trading Technologies SARL, First Lien - 2018 Initial Dollar Retired 04/01/2021 Term Loan	3M US L + 4.00%, 1.00% Floor	11/21/2024		517,805
						1,198,655
Luxembourg - 0.13%
	705,000	Curium BidCo SARL, Second Lien - Term Loan	3M US L + 7.75%	10/27/2028		720,863
	1,494,548	Travelport Finance SARL, First Lien - Initial (Priority) Term Loan	3M US L + 8.00%, 1.00% Floor	02/28/2025		1,525,059
	337,776	Travelport Finance SARL, First Lien - Initial Term Loan	3M US L + 5.00%	05/29/2026		275,868
						2,521,790
Netherlands - 0.05%
	1,250,742	Bright Bidco B.V., First Lien - 2018 Refinancing B Term Loan	3M US L + 3.50%, 1.00% Floor	06/30/2024		959,945
	5,736	Lealand Finance Company B.V., First Lien - Make-Whole Term Loan	1M US L + 3.00%	06/28/2024		4,675
	72,311	Lealand Finance Company B.V., First Lien - Take-Back Term Loan	1M US L + 4.00%	06/30/2025		40,976
						1,005,596
United States - 1.79%
	405,000	AAdvantage Loyality IP, Ltd., First Lien - Initial Term Loan	3M US L + 4.75%, 0.75% Floor	04/20/2028		415,443

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	1,257,407	Air Methods Corp., First Lien - Initial Term Loan	3M US L + 3.50%, 1.00% Floor	04/22/2024	$	1,220,080
	1,198,637	American Tire Distributors, Inc., First Lien - Initial Term Loan	1M US L + 7.50%, 1.00% Floor	09/02/2024		1,174,664
	590,000	American Trailer World Corp., First Lien - Initial Term Loan	1M US L + 3.75%, 0.75% Floor	03/03/2028		587,053
	1,975,000	Applied Systems, Inc., Second Lien - 2021 Term Loan	3M US L + 5.50%, 0.75% Floor	09/19/2025		1,994,750
	295,000	Asurion LLC, Second Lien - New B-3 Term Loan	1M US L + 5.25%	01/31/2028		300,863
	200,000	Blackhawk Network Holdings, Inc., Second Lien	1M US L + 7.00%	06/15/2026		199,333
	743,750	Castle US Holding Corp., First Lien - Initial Dollar Term Loan	3M US L + 3.75%	01/29/2027		735,848
	1,011,418	Cengage Learning, Inc., First Lien - 2016 Refinancing Term Loan	3M US L + 4.25%, 1.00% Floor	06/07/2023		1,002,780
	768,010	ClubCorp Holdings, Inc., First Lien - B Term Loan	3M US L + 2.75%	09/18/2024		723,969
	2,350,000	Constant Contact, Inc., Second Lien - Initial Term Loan	3M US L + 7.50%, 0.75% Floor	02/12/2029		2,326,500
	760,000	Convergint Technologies LLC, Second Lien - Initial Term Loan	3M US L + 6.75%, 0.75% Floor	03/30/2029		763,800
	2,203,094	Cvent, Inc., First Lien Term Loan	2M US L + 3.75%	11/29/2024		2,149,856
	905,000	DCert Buyer, Inc., Second Lien - First Amendment Refinancing Term Loan	1M US L + 7.00%	02/19/2029		913,489
	112,191	Dhanani Group, Inc., First Lien Term Loan	1M US L + 3.75%	07/20/2025		111,139
	1,105,354	Envision Healthcare Corp., First Lien - Initial Term Loan	1M US L + 3.75%	10/10/2025		957,286
	1,475,000	Envision Healthcare Corp., First Lien - Series 2020 New Term Loan	1M US L + 3.75%, 1.00% Floor	10/10/2025		1,199,912
	457,753	Forterra Finance LLC, First Lien - Replacement Term Loan	1M US L + 3.00%, 1.00% Floor	10/25/2023		459,127
	454,148	Global Medical Response, Inc., First Lien - 2018 New Term Loan	3M US L + 4.25%, 1.00% Floor	03/14/2025		452,040
	993,505	Gulf Finance LLC, First Lien - Tranche B Term Loan	1M US L + 5.25%, 1.00% Floor	08/25/2023		826,914
	455,000	Ivanti Software, Inc., First Lien - Initial Term Loan	1M US L + 4.75%, 1.00% Floor	12/01/2027		457,418
	1,374,175	Milano Acquisition Corp., First Lien - B Term Loan	3M US L + 4.00%, 0.75% Floor	10/01/2027		1,370,740
	1,129,825	Minotaur Acquisition, Inc., First Lien - B Term Loan	1M US L + 5.00%	03/27/2026		1,130,299
	491,617	Misys, Ltd., First Lien - Dollar Term Loan	3M US L + 3.50%, 1.00% Floor	06/13/2024		482,517

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 39

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	705,000	Misys, Ltd., Second Lien - Dollar Term Loan	3M US L + 7.25%, 1.00% Floor	06/13/2025	$	710,376
	1,135,000	Mitchell International, Inc., Second Lien - Initial Term Loan	1M US L + 7.25%	12/01/2025		1,135,709
	470,411	MLN US HoldCo LLC, First Lien - B Term Loan	1M US L + 4.50%	11/30/2025		417,031
	126,230	Onedigital Borrower LLC Delayed Tl(l)	L + 4.50%	11/16/2027		126,441
	1,278,770	OneDigital Borrower LLC, First Lien - Initial Term Loan	3M US L + 4.50%, 0.75% Floor	11/16/2027		1,280,905
	1,024,082	Peak 10 Holding Corp., First Lien - Initial Term Loan	3M US L + 3.50%	08/01/2024		959,436
	1,285,000	Riverbed Technology, Inc., First Lien - 2020 Extension Term Loan	3M US L + 6.00%, 1.00% Floor	12/31/2025		1,237,500
	230,000	Solenis Holdings LLC, Second Lien - Initial Term Loan	3M US L + 8.50%	06/26/2026		230,881
	979,692	Team Health Holdings, Inc., First Lien - Initial Term Loan	1M US L + 2.75%, 1.00% Floor	02/06/2024		913,901
	680,000	TIBCO Software, Inc., Second Lien	1M US L + 7.25%	03/03/2028		688,969
	1,185,000	Triton Water Holdings, Inc., First Lien - Initial Term Loan	3M US L + 3.50%, 0.50% Floor	03/31/2028		1,181,943
	1,745,745	Vantage Specialty Chemicals, Inc., First Lien - Closing Date Term Loan	3M US L + 3.50%, 1.00% Floor	10/28/2024		1,652,645
	1,261,797	WaterBridge Midstream Operating LLC, First Lien - Initial Term Loan	3M US L + 5.75%, 1.00% Floor	06/22/2026		1,200,285
						33,691,842
TOTAL BANK LOANS
(Cost $38,501,624)						39,474,877
COLLATERALIZED LOAN OBLIGATIONS - 2.75%
		Adams Mill CLO, Ltd.
	500,000	Series 2014-1A(f)(g)	3M US L + 3.50%	07/15/2026		496,263
		AIMCO CLO
	500,000	Series 2018-AA(f)(g)	3M US L + 2.55%	04/17/2031		491,762
		AIMCO CLO 10, Ltd.
	1,000,000	Series 2019-10A(f)(g)	3.55% - 3M US	L 07/22/2032		1,001,534
		Apidos CLO XII
	500,000	Series 2018-12A(f)(g)	3M US L + 2.60%	04/15/2031		480,284
		Apidos CLO XX
	500,000	Series 2018-20A(f)(g)	3M US L + 2.95%	07/16/2031		494,753
		Apidos CLO XXI
	500,000	Series 2018-21A(f)(g)	3M US L + 2.45%	07/18/2027		489,305
	1,000,000	Series 2018-21A(f)(g)	3M US L + 8.25%	07/18/2027		885,551

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Apidos CLO XXIV
$	1,000,000	Series 2018-24A(f)(g)	3M US L + 5.80%	10/20/2030	$	932,968
		Apres Static CLO 2, Ltd.
	500,000	Series 2020-1A(f)(g)	3M US L + 4.85%	04/15/2028		500,557
		Babson CLO, Ltd.
	500,000	Series 2018-IA(f)(g)	3M US L + 2.60%	01/20/2031		482,084
		Barings CLO, Ltd.
	500,000	Series 2017-1A(f)(g)	3M US L + 3.60%	07/18/2029		499,780
	500,000	Series 2018-4A(f)(g)	3M US L + 5.82%	10/15/2030		475,226
	1,000,000	Series 2019-1A(f)(g)	3M US L + 6.68%	04/15/2031		997,654
	500,000	Series 2019-2A(f)(g)	3.85% - 3M US L	04/15/2031		500,324
		Beechwood Park CLO, Ltd.
	500,000	Series 2019-1A(f)(g)	3M US L + 7.50%	01/17/2033		505,174
		BlueMountain CLO, Ltd.
	500,000	Series 2018-3A(f)(g)	3M US L + 2.60%	04/20/2031		469,875
		Buttermilk Park CLO, Ltd.
	1,000,000	Series 2018-1A(f)(g)	3M US L + 5.75%	10/15/2031		945,882
		Canyon Capital CLO, Ltd.
	500,000	Series 2017-1A(f)(g)	3M US L + 3.60%	07/15/2030		499,508
	1,000,000	Series 2018-1A(f)(g)	3M US L + 2.75%	01/30/2031		955,051
	1,500,000	Series 2018-1A(f)(g)	3M US L + 5.50%	01/30/2031		1,338,109
	1,000,000	Series 2018-1A(f)(g)	3M US L + 5.75%	07/15/2031		943,368
	500,000	Series 2018-1A(f)(g)	3M US L + 2.80%	07/15/2031		490,631
	500,000	Series 2018-1RA(f)(g)	3M US L + 3.00%	07/15/2030		492,783
		Canyon CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 2.90%	07/15/2031		487,342
		Carlyle Global Market Strategies CLO, Ltd.
	1,000,000	Series 2018-2RA(f)(g)	3M US L + 5.35%	05/15/2031		888,691
	500,000	Series 2018-3A(f)(g)	3M US L + 2.85%	07/28/2028		493,994
		Chenango Park CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 3.00%	04/15/2030		483,772
	1,000,000	Series 2018-1A(f)(g)	3M US L + 5.80%	04/15/2030		953,932
		Cook Park CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 2.60%	04/17/2030		491,459
		Crown Point CLO IV, Ltd.
	500,000	Series 2018-4A(f)(g)	3M US L + 1.90%	04/20/2031		492,748
		Dorchester Park CLO DAC
	500,000	Series 2018-1A(f)(g)	3M US L + 2.40%	04/20/2028		493,490
	875,000	Series 2018-1A(f)(g)	3M US L + 5.00%	04/20/2028		856,234
		Dryden 57 CLO, Ltd.
	500,000	Series 2018-57A(f)(g)	3M US L + 2.55%	05/15/2031		486,909
		Dryden 60 CLO, Ltd.
	1,000,000	Series 2018-60A(f)(g)	3M US L + 3.00%	07/15/2031		989,362
		Dryden 77 CLO, Ltd.
	800,000	Series 2020-77A(f)(g)	3M US L + 5.14%	05/20/2031		802,940

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 41

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Elmwood CLO II, Ltd.
$	1,000,000	Series 2019-2A(f)(g)	3M US L + 2.10%	04/20/2031	$	1,001,070
��		Fillmore Park CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 2.90%	07/15/2030		490,341
	1,000,000	Series 2018-1A(f)(g)	3M US L + 5.40%	07/15/2030		939,302
		Gilbert Park CLO, Ltd.
	1,000,000	Series 2017-1A(f)(g)	3M US L + 6.40%	10/15/2030		994,553
		Goldentree Loan Management US CLO, Ltd.
	1,000,000	Series 2018-3A(f)(g)	3M US L + 2.85%	04/20/2030		990,855
		Longfellow Place CLO, Ltd.
	491,179	Series 2017-1A(f)(g)	3M US L + 1.34%	04/15/2029		491,803
		Myers Park CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 3.05%	10/20/2030		500,256
	1,000,000	Series 2018-1A(f)(g)	3M US L + 5.50%	10/20/2030		942,896
		Neuberger Berman CLO XXIII, Ltd.
	1,000,000	Series 2018-23A(f)(g)	3M US L + 5.75%	10/17/2027		979,890
		PPM CLO 3, Ltd.
	1,000,000	Series 2021-3A(f)(g)	3M US L + 3.20%	04/17/2034		1,000,000
		Sound Point CLO XXIV
	1,375,000	Series 2019-3A(f)(g)	3M US L + 7.31%	10/25/2032		1,391,028
		Sound Point CLO XXVIII, Ltd.
	1,000,000	Series 2020-3A(f)(g)	3M US L + 6.90%	01/25/2032		1,002,880
		Stewart Park CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 2.60%	01/15/2030		488,956
		Symphony CLO XVII, Ltd.
	1,500,000	Series 2018-17A(f)(g)	3M US L + 2.65%	04/15/2028		1,487,213
		Thayer Park CLO, Ltd.
	500,000	Series 2021-1A(f)(g)	3M US L + 6.25%	04/20/2034		485,000
		THL Credit Wind River 2017-1 CLO, Ltd.
	500,000	Series 2021-1A(f)(g)	3M US L + 3.91%	04/18/2036		495,000
		THL Credit Wind River CLO, Ltd.
	500,000	Series 2017-1A(f)(g)	3M US L + 3.75%	04/18/2029		500,740
	500,000	Series 2018-1A(f)(g)	2.90% - 3M US L	07/15/2030		483,937
	2,000,000	Series 2018-1A(f)(g)	5.50% - 3M US L	07/15/2030		1,862,738
	1,000,000	Series 2018-1A(f)(g)	3M US L + 3.00%	07/18/2031		943,639
	1,000,000	Series 2018-2A(f)(g)	3M US L + 5.75%	07/15/2030		944,592
	1,000,000	Series 2018-3A(f)(g)	3M US L + 6.22%	10/22/2031		870,864
		Tryon Park CLO, Ltd.
	1,000,000	Series 2018-1A(f)(g)	3M US L + 5.95%	04/15/2029		984,623
		Venture XX CLO, Ltd.
	1,000,000	Series 2017-20A(f)(g)	3M US L + 1.90%	04/15/2027		999,787
		VERDE CLO, Ltd.
	1,000,000	Series 2019-1A(f)(g)	3.80% - 3M US L	04/15/2032		1,001,238
		VOYA CLO 2017-2
	1,000,000	Series 2017-2A(f)(g)	3M US L + 6.02%	06/07/2030		952,939

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Voya CLO, Ltd.
$	500,000	Series 2018-1A(f)(g)	3M US L + 2.80%	04/18/2031	$	473,824
	1,000,000	Series 2018-2A(f)(g)	3M US L + 2.75%	07/15/2031		967,310
	1,000,000	Series 2018-2A(f)(g)	3M US L + 5.25%	07/15/2031		923,554
	500,000	Series 2018-3A(f)(g)	3M US L + 6.20%	10/20/2031		474,864
	500,000	Series 2018-4A(f)(g)	3M US L + 5.95%	07/14/2031		468,523
		Webster Park CLO, Ltd.
	1,000,000	Series 2018-1A(f)(g)	5.50% - 3M US L	07/20/2030		933,242
		Westcott Park CLO, Ltd.
	1,000,000	Series 2019-1A(f)(g)	3M US L + 3.25%	07/20/2028		1,001,164
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $52,997,681)						51,757,920
EQUITY - LINKED NOTES - 0.00%(a)
	263,093	Inverpamplona SA(j)(m)	0.00%	12/30/2028		11,250
TOTAL EQUITY - LINKED NOTES
(Cost $11,250)						11,250
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 21.57%
		Aaset Trust
	438,420	Series 2019-2(g)	3.38%	10/16/2026		439,615
		AASET, Ltd.
	513,749	Series 2018-1A(g)	3.84%	09/16/2023		489,945
		ABFC Trust
	3,230,879	Series 2007-WMC1(f)	1M US L + 1.25%	06/25/2037		2,874,369
		Adjustable Rate Mortgage Trust
	2,675,844	Series 2005-10(f)	2.82%	01/25/2036		2,414,851
		Affirm Asset Securitization Trust 2020-A
	1,750,000	Series 2020-A(g)	6.23%	10/17/2022		1,807,981
		Alternative Loan Trust
	211,804	Series 2005-20CB	5.50%	07/25/2035		201,860
	78,729	Series 2005-54CB	5.50%	11/25/2035		61,080
	900,924	Series 2005-85CB(f)	1M US L + 1.10%	02/25/2036		740,397
	190,261	Series 2005-85CB(f)	21.63% - 3.67 x 1M US L	02/25/2036		237,676
	241,230	Series 2005-86CB	5.50%	02/25/2036		195,858
	231,005	Series 2005-9CB(f)	1M US L + 0.50%	05/25/2035		212,016
	410,265	Series 2005-9CB(f)(n)	5.05% - 1M US L	05/25/2035		40,724
	1,229,551	Series 2006-15CB	6.50%	06/25/2036		917,114
	143,164	Series 2006-30T1	6.25%	11/25/2036		126,252
	117,889	Series 2006-32CB	5.50%	11/25/2036		92,713
	282,781	Series 2006-36T2(f)	28.06% - 4.6 x 1M US L	12/25/2036		417,218

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021   43

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	950,229	Series 2007-19	6.00%	08/25/2037	$	686,177
	3,328,818	Series 2007-20	6.25%	08/25/2047		2,638,136
	904,869	Series 2007-23CB(f)	1M US L + 0.50%	09/25/2037		402,405
	863,999	Series 2007-23CB(f)(n)	6.50% - 1M US L	09/25/2037		237,756
		American Home Mortgage Investment Trust
	166,897	Series 2007-A(g)(o)	6.60%	01/25/2037		56,469
		AmeriHome GMSR Issuer Trust
	3,100,000	Series 2019-GT1(g)	4.68%	11/25/2026		3,072,894
		AMSR 2020-SFR3 Trust
	5,100,000	Series 2020-SFR3(g)	4.99%	09/17/2025		5,131,287
		AREIT Trust
	1,265,000	Series 2019-CRE3(f)(g)	1M US L + 2.65%	07/14/2022		1,250,960
		Atlas Senior Loan Fund X, Ltd.
	491,101	Series 2018-10A(f)(g)	3M US L + 1.09%	01/15/2031		490,136
		Atrium Hotel Portfolio Trust
	1,309,000	Series 2018-ATRM(f)(g)	1M US L + 3.40%	06/15/2021		1,269,365
		Atrium IX
	500,000	Series 2017-9A(f)(g)	3M US L + 3.60%	05/28/2030		497,129
		Atrium XIII
	1,000,000	Series 2017-13A(f)(g)	3M US L + 6.05%	11/21/2030		970,898
		Atrium XIV LLC
	1,000,000	Series 2018-14A(f)(g)	3M US L + 5.65%	08/23/2030		983,979
		Atrium XV
	1,000,000	Series 2018-15A(f)(g)	3M US L + 3.00%	01/23/2031		985,084
		BAMLL Commercial Mortgage Securities Trust
	683,000	Series 2019-AHT(f)(g)	2.68%	03/15/2021		676,640
		Banc of America Commercial
		Mortgage Trust 2015-UBS7
	600,000	Series 2015-UBS7(f)	4.36%	09/15/2025		631,088
		Banc of America Funding Trust
	130,919	Series 2006-2	5.50%	03/25/2036		129,754
	3,276,390	Series 2010-R5(f)(g)	6.00%	10/26/2037		3,078,064
		Bancorp Commercial Mortgage Trust
	605,000	Series 2019-CRE5(f)(g)	1M US L + 1.50%	01/15/2022		605,746
	1,312,000	Series 2019-CRE5(f)(g)	1M US L + 2.35%	02/15/2022		1,300,518
		BANK
	463,000	Series 2018-BN10(f)	4.08%	01/15/2028		509,340
	10,291,000	Series 2018-BN12(f)(g)(n)	1.50%	05/15/2061		826,558
	463,000	Series 2018-BN13(f)	4.56%	07/15/2028		520,554
		BANK 2017-BNK5
	200,000	Series 2017-BNK5(f)	4.26%	06/15/2027		209,315
		BANK 2020-BNK27
	16,875,000	Series 2020-BN27(f)(g)(n)	0.72%	04/15/2030		915,789

See Notes to Financial Statements. 

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		BANK 2020-BNK28
$	523,000	Series 2020-BN28	2.34%	10/15/2030	$	507,783
		BANK 2021-BNK32
	10,650,000	Series 2021-BN32(f)(n)	0.89%	04/15/2054		652,714
		BBCMS Trust
	3,000,000	Series 2018-CBM(f)(g)	1M US L + 3.55%	07/15/2037		2,924,468
		BCAP, LLC Trust
	119,463	Series 2007-AA2(f)	7.50%	04/25/2037		90,359
	77,509	Series 2007-AA2	6.00%	04/25/2037		55,391
	5,707,815	Series 2010-RR6(f)(g)	4.61%	07/26/2036		4,248,881
		Bear Stearns ALT-A Trust
	7,782,847	Series 2006-3(f)	2.78%	05/25/2036		6,670,783
	940,263	Series 2006-6(f)	3.39%	11/25/2036		648,236
		Bear Stearns Asset-Backed Securities Trust
	1,905,640	Series 2006-AC1(o)	6.25%	02/25/2036		1,288,138
		Bellemeade Real Estate, Ltd.
	1,469,148	Series 2019-2A(f)(g)	1M US L + 1.45%	04/25/2029		1,470,974
		Benchmark 2018-B2 Mortgage Trust
	600,000	Series 2018-B2(f)	4.20%	01/15/2028		631,754
		Benchmark 2018-B4 Mortgage Trust
	22,335,828	Series 2018-B4(f)(n)	0.51%	06/15/2028		596,083
	1,589,000	Series 2018-B4(f)(g)	2.81%	07/15/2028		1,443,303
		Benchmark 2019-B12 Mortgage Trust
	528,000	Series 2019-B12(f)(g)	3.44%	07/15/2024		520,391
		Benchmark 2020-B17 Mortgage Trust
	954,000	Series 2020-B17(f)	3.37%	03/15/2030		961,045
		Benchmark 2020-B18 Mortgage Trust
	522,000	Series 2020-B18(g)	4.14%	08/15/2025		528,074
	488,000	Series 2020-B18(f)	3.65%	07/15/2030		501,502
		Benchmark 2020-B19 Mortgage Trust
	523,000	Series 2020-B19	2.35%	09/15/2030		504,114
		BF Mortgage Trust
	705,000	Series 2019-NYT(f)(g)	1M US L + 3.00%	12/15/2035		684,189
		BHP Trust
	532,700	Series 2019-BXHP(f)(g)	1M US L + 2.57%	08/15/2021		533,313
		BSPRT 2021-FL6 Issuer, Ltd.
	650,000	Series 2021-FL6(f)(g)	1M US L + 1.10%	03/15/2036		650,162
		BX Trust
	3,626,000	Series 2019-OC11(f)(g)	4.08%	12/09/2029		3,641,189
		Cantor Commercial Real Estate Lending
	1,113,000	Series 2019-CF1(f)(g)	4.12%	04/15/2024		1,072,295

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021   45

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Cantor Commercial Real Estate Lending 2019-CF1
$	266,000	Series 2019-CF1(f)(g)	4.14%	04/15/2024	$	263,651
		Carbon Capital VI Commercial Mortgage Trust
	680,000	Series 2019-FL2(f)(g)	1M US L + 2.85%	11/15/2021		650,223
		Carvana Auto Receivables Trust
	5,300	Series 2021-N1(g)(j)	0.00%	12/31/2049		2,650,000
		Cascade MH Asset Trust
	4,601,000	Series 2019-MH1(f)(g)	5.99%	10/25/2024		4,757,505
		Castlelake Aircraft Securitization Trust
	3,048,186	Series 2018-1(g)	6.63%	06/15/2025		2,391,811
		Castlelake Aircraft Structured Trust
	594,615	Series 2019-1A(g)	3.97%	04/15/2026		598,526
	2,750,000	Series 2019-1A(g)(j)	0.00%	04/15/2039		852,500
		CF Trust
	1,518,000	Series 2019-MF1(f)(g)	1M US L + 2.95%	08/21/2021		1,523,598
		Chase Mortgage Finance Trust
	11,605,920	Series 2007-S2	6.00%	03/25/2037		8,343,261
	392,546	Series 2007-S3	5.50%	05/25/2037		128,750
		CIFC Funding 2021-I, Ltd.
	850,000	Series 2021-1A(f)(g)	3M US L + 6.00%	04/25/2033		849,918
		Citicorp Mortgage Securities Trust
	404,784	Series 2007-1	6.00%	01/25/2037		403,094
		Citigroup Commercial Mortgage Trust
	3,705,112	Series 2014-GC25(f)(n)	0.99%	10/10/2047		106,878
	866,000	Series 2015-GC27(f)(g)	4.42%	01/10/2025		843,993
	400,000	Series 2015-GC31(f)	4.06%	06/10/2025		416,762
	344,000	Series 2016-GC36(g)	2.85%	01/10/2026		255,385
	464,000	Series 2017-C4(f)	4.10%	10/12/2027		492,020
	463,000	Series 2018-B2(f)	4.28%	03/10/2028		508,762
	515,000	Series 2018-C5(f)	4.72%	06/10/2028		563,399
	901,000	Series 2019-SST2(f)(g)	1M US L + 1.60%	02/15/2022		902,469
	901,000	Series 2019-SST2(f)(g)	1M US L + 2.00%	02/15/2022		902,664
	1,433,000	Series 2020-555(f)(g)	3.50%	12/10/2029		1,102,595
		Citigroup Commercial Mortgage Trust 2019-GC41
	520,000	Series 2019-GC41	3.20%	08/10/2029		532,922
		Citigroup COmmercial Mortgage Trust 2019-SMRT
	1,000,000	Series 2019-SMRT(f)(g)	4.75%	01/10/2024		1,034,855
		Citigroup Commercial Mortgage Trust 2020-GC46
	1,000,000	Series 2020-GC46(g)	2.60%	02/15/2030		778,018

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Citigroup Mortgage Loan Trust
$	729,137	Series 2006-WF1(o)	4.82%	03/25/2036	$	463,631
	1,134,247	Series 2007-OPX1(o)	6.33%	01/25/2037		598,283
		CitiMortgage Alternative Loan Trust
	456,977	Series 2007-A1	6.00%	01/25/2037		458,921
	90,013	Series 2007-A1(f)(n)	5.40% - 1M US L	01/25/2037		14,712
	69,321	Series 2007-A3(f)	6.00%	03/25/2037		70,851
	159,530	Series 2007-A3(f)(n)	5.40% - 1M US L	03/25/2037		26,407
	483,454	Series 2007-A6	5.50%	06/25/2037		452,189
		CLI Funding VI LLC
	816,689	Series 2019-1A(g)	3.71%	05/18/2029		821,389
		CLNC 2019-FL1, Ltd.
	1,037,000	Series 2019-FL1(f)(g)	1M US L + 1.55%	12/19/2025		1,030,286
		COMM 2020-CX Mortgage Trust
	400,000	Series 2020-CX(f)(g)	2.68%	11/10/2030		384,884
		COMM Mortgage Trust
	887,000	Series 2013-CR11(f)	5.11%	09/10/2023		958,391
		Commercial Mortgage Pass-Through Certificates
	242,400	Series 2014-CR19(f)	4.71%	08/10/2024		255,771
	604,000	Series 2014-CR20(f)	4.51%	10/10/2024		634,564
	8,643,268	Series 2014-UBS4(g)	3.75%	08/10/2024		1,030,081
	11,000	Series 2014-UBS4(f)(g)(j)	0.00%	08/10/2047		1
	3,230,485	Series 2015-CR22(f)(n)	0.89%	03/10/2025		84,447
	916,000	Series 2015-CR25(f)	4.53%	08/10/2025		968,492
	4,539,773	Series 2015-CR26(f)(n)	0.93%	09/10/2025		155,905
	419,000	Series 2015-LC23(f)	4.62%	10/10/2025		451,101
		CORE Mortgage Trust
	520,992	Series 2019-CORE(f)(g)	1M US L + 1.90%	12/15/2031		518,552
	520,992	Series 2019-CORE(f)(g)	1M US L + 2.35%	12/15/2031		515,892
		Countrywide Home Loan Mortgage Pass-Through Trust
	1,867,817	Series 2005-HYB7(f)	2.74%	11/20/2035		1,651,631
	28,575	Series 2005-J4	5.50%	11/25/2035		27,409
	1,516,120	Series 2006-18	6.00%	12/25/2036		1,196,078
	247,559	Series 2007-17	6.00%	10/25/2037		226,358
	264,542	Series 2007-3	6.00%	04/25/2037		198,300
	274,731	Series 2007-7	5.75%	06/25/2037		202,581
		Credit Suisse First Boston Mortgage Securities Corp.
	63,438	Series 2005-10	5.50%	11/25/2035		56,545
	55,421	Series 2005-8	5.50%	08/25/2025		53,924
	4,277,263	Series 2005-9	6.00%	10/25/2035		2,011,389
		Credit Suisse Mortgage Capital Certificates
	2,362,973	Series 2006-2	5.75%	03/25/2036		1,750,069

See Notes to Financial Statements. 

Semi-Annual Report | March 31, 2021   47

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		CSAB Mortgage-Backed Trust
$	8,781,274	Series 2006-2(o)	6.20%	09/25/2036	$	913,759
	138,549	Series 2007-1(f)	5.90%	05/25/2037		51,518
		CSAIL 2016-C6 Commercial Mortgage Trust
	490,000	Series 2016-C6(f)	4.95%	04/15/2026		512,787
	1,362,000	Series 2016-C6(f)(g)	4.95%	05/15/2026		1,191,306
		CSAIL Commercial Mortgage Trust
	5,184,614	Series 2015-C1(f)(n)	0.83%	01/15/2025		135,366
	419,000	Series 2015-C4(f)	4.56%	11/15/2025		449,971
	214,000	Series 2018-C14(f)	4.89%	10/15/2028		236,036
		CSMC Mortgage-Backed Trust
	165,480	Series 2006-1	6.00%	02/25/2036		89,008
	22,438	Series 2006-4	5.50%	05/25/2021		19,212
	789,335	Series 2006-5	6.25%	06/25/2036		284,757
	81,734	Series 2006-9	6.00%	11/25/2036		67,198
	6,245	Series 2007-2	5.00%	03/25/2037		5,944
	505,914	Series 2007-3(f)	5.84%	04/25/2037		190,699
	604,000	Series 2017-CALI(f)(g)	3.78%	11/10/2024		624,192
	253,000	Series 2017-CHOP(f)(g)	1M US L + 1.90%	07/15/2032		243,514
	223,000	Series 2017-CHOP(f)(g)	1M US L + 3.30%	07/15/2032		204,834
		DB Master Finance LLC
	985,000	Series 2019-1A(g)	3.79%	02/20/2024		1,009,764
		DBGS 2018-BIOD Mortgage Trust
	861,313	Series 2018-BIOD(f)(g)	1M US L + 2.00%	05/15/2035		860,719
		DBJPM 16-C1 Mortgage Trust
	1,309,000	Series 2016-C1(f)	3.35%	03/10/2026		1,258,441
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	260,840	Series 2005-6(f)(n)	5.08% - 1M US L	12/25/2035		40,806
	114,361	Series 2005-6(f)	1M US L + 1.40%	12/25/2035		87,737
		Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
	146,615	Series 2006-PR1(f)(g)	12.12% - 1M US L	04/15/2036		137,707
		Dryden 38 Senior Loan Fund
	1,000,000	Series 2018-38A(f)(g)	3M US L + 5.60%	07/15/2030		938,620
		Dryden 40 Senior Loan Fund
	1,000,000	Series 2018-40A(f)(g)	3M US L + 5.75%	08/15/2031		949,700
	500,000	Series 2018-40A(f)(g)	3M US L + 3.10%	08/15/2031		499,516
		Earnest Student Loan Program
	35,000	Series 2016-D(g)(j)	0.00%	05/25/2025		457,592
		Fannie Mae-Aces
	16,984,047	Series 2019-M24(f)(n)	1.15%	03/25/2031		1,579,812
	58,262,694	Series 2020-M10(f)(n)	0.85%	12/25/2027		2,450,838
	56,876,180	Series 2020-M10(f)(n)	0.87%	07/25/2032		4,272,038
	17,807,613	Series 2020-M13(f)(n)	1.30%	09/25/2030		1,555,133

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		First Horizon Alternative Mortgage Securities Trust
$	700,987	Series 2005-FA6	5.50%	09/25/2035	$	583,105
	122,104	Series 2007-FA2	6.00%	04/25/2037		71,551
		First Horizon Mortgage Pass- Through Trust
	840,835	Series 2007-AR3(f)	2.94%	11/25/2037		615,793
		FirstKey Homes 2020-SFR1 Trust
	1,100,000	Series 2020-SFR1(g)	4.28%	09/17/2025		1,151,409
		Fontainebleau Miami Beach Trust
	2,277,000	Series 2019-FBLU(f)(g)	3.96%	12/10/2024		2,218,718
		FREMF 2015-KF07 Mortgage Trust
	896,198	Series 2015-KF07(f)(g)	1M US L + 4.95%	02/25/2025		902,134
		FREMF 2015-KF09 Mortgage Trust
	753,922	Series 2015-KF09(f)(g)	1M US L + 5.35%	05/25/2022		754,673
		FREMF 2016-KF19 Mortgage Trust
	1,000,094	Series 2016-KF19(f)(g)	1M US L + 5.50%	06/25/2023		1,003,789
		FREMF 2016-KF25 Mortgage Trust
	887,222	Series 2016-KF25(f)(g)	1M US L + 5.00%	10/25/2023		890,286
		FREMF Mortgage Trust
	999,779	Series 2016-KF22(f)(g)	1M US L + 5.05%	07/25/2023		1,014,612
		GAIA Aviation, Ltd.
	527,007	Series 2019-1(g)(o)	3.97%	12/15/2026		525,826
	387,175	Series 2019-1(g)(o)	7.00%	12/15/2026		293,136
		Ginnie Mae Strip
	7,645,691	Series 2020-3(n)	1.40%	09/16/2045		707,723
		Government National Mortgage Association
	28,713,677	Series 2016-162(f)(n)	0.85%	09/16/2058		1,630,377
	19,312,664	Series 2020-168(f)(n)	0.99%	12/16/2062		1,675,312
	21,206,000	Series 2021-52(f)(n)	0.85%	04/16/2063		1,738,319
		Great Wolf Trust
	3,084,000	Series 2019-WOLF(f)(g)	1M US L + 3.13%	12/15/2024		2,957,968
		GS Mortgage Securities Corp. Trust 2018-RIVR
	1,000,000	Series 2018-RIVR(f)(g)	1M US L + 1.55%	07/15/2035		940,844
		GS Mortgage Securities Trust
	83,923	Series 2011-GC3(f)(g)(n)	0.17%	03/10/2044		1
	1,207,892	Series 2011-GC5(f)(g)(n)	1.20%	08/10/2044		305
	3,538,000	Series 2014-GC26(f)(g)	4.51%	11/10/2047		2,461,174
	7,113,067	Series 2015-GS1(f)(n)	0.76%	11/10/2025		227,583
	1,954,000	Series 2018-TWR(f)(g)	1M US L + 3.92%	07/15/2021		1,707,127
	636,000	Series 2020-GC45(f)	3.41%	12/13/2029		666,202
		GS Mortgage Securities Trust 2016- GS2
	260,000	Series 2016-GS2(f)	3.76%	04/10/2026		278,944

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 49

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		GSAA Home Equity Trust
$	2,172,337	Series 2006-13(f)	6.04%	07/25/2036	$	988,022
	504,574	Series 2006-18(o)	5.68%	11/25/2036		195,600
	159,302	Series 2006-6(f)	5.69%	03/25/2036		70,475
	893,750	Series 2007-2(o)	6.10%	03/25/2037		300,067
		GSCG Trust
	628,000	Series 2019-600C(g)	3.76%	09/06/2024		627,413
	1,303,000	Series 2019-600C(f)(g)	3.99%	09/06/2024		1,235,206
		GSR Mortgage Loan Trust
	1,210,509	Series 2006-2F	5.25%	02/25/2036		789,869
	136,360	Series 2007-2F	5.75%	02/25/2037		548,855
	2,308,605	Series 2007-2F	6.00%	03/25/2037		1,801,504
	954,371	Series 2007-AR2(f)	3.32%	05/25/2037		732,929
		Halcyon Loan Advisors Funding, Ltd.
	250,000	Series 2013-2A(f)(g)	3M US L + 2.70%	08/01/2025		250,033
		Hardee's Funding LLC
	975,000	Series 2018-1A(g)	5.71%	06/20/2028		1,086,574
		Hawaii Hotel Trust
	1,391,000	Series 2019-MAUI(f)(g)	1M US L + 2.75%	05/15/2021		1,379,363
		Hayfin Kingsland X, Ltd.
	500,000	Series 2019-1A(f)(g)	3M US L + 2.25%	04/28/2031		501,088
		Helios Issuer, LLC Series
	1,245,815	Series 2017-1A(g)	4.94%	09/20/2023		1,323,169
		Highbridge Loan Management 4- 2014, Ltd.
	500,000	Series 2018-2014(f)(g)	3M US L + 5.55%	01/28/2030		468,563
		Highbridge Loan Management, Ltd.
	500,000	Series 2017-2A(f)(g)	3M US L + 6.60%	10/20/2029		468,619
	2,000,000	Series 2018-2015(f)(g)	3M US L + 5.10%	02/05/2031		1,828,670
	500,000	Series 2018-2016(f)(g)	3M US L + 2.90%	07/20/2030		497,505
		Horizon Aircraft Finance III, Ltd.
	953,481	Series 2019-2(g)	3.43%	11/15/2026		927,939
		HPLY Trust
	567,847	Series 2019-HIT(f)(g)	1M US L + 3.15%	11/15/2021		545,023
	1,131,627	Series 2019-HIT(f)(g)	1M US L + 3.90%	11/15/2021		1,031,045
		HSI Asset Securitization Corp. Trust
	9,110,092	Series 2006-HE1(f)	1M US L + 0.14%	10/25/2036		4,022,677
		IMT Trust
	325,349	Series 2017-APTS(f)(g)	1M US L + 1.10%	06/15/2034		325,456
		IndyMac IMJA Mortgage Loan Trust
	1,063,088	Series 2007-A1	6.00%	08/25/2037		636,515
		IndyMac IMSC Mortgage Loan Trust
	4,644,020	Series 2007-F2	6.50%	07/25/2037		2,400,176
		IndyMac Index Mortgage Loan Trust
	2,035,356	Series 2006-AR25(f)	3.12%	09/25/2036		1,915,168
		Invitation Homes
	995,000	Series 2018-SFR1(f)(g)	1M US L + 1.25%	03/17/2037		998,579

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	649,764	Series 2018-SFR1(f)(g)	1M US L + 1.45%	03/17/2037	$	652,218
		ITE Rail Fund Levered LP
	995,683	Series 2021-1A(g)	2.25%	02/28/2051		996,419
		JOL Air, Ltd.
	868,524	Series 2019-1(g)	3.97%	04/15/2026		875,883
		JP Morgan Alternative Loan Trust
	225,368	Series 2005-S1	6.00%	12/25/2035		204,644
	86,312	Series 2006-S3(o)	6.12%	08/25/2036		85,885
		JP Morgan BB Commercial Mortgage Securities Trust
	400,000	Series 2014-C21(f)	4.66%	07/15/2024		399,998
	2,086,000	Series 2014-C23(f)(g)	3.36%	10/15/2024		1,586,311
	388,000	Series 2014-C26(f)	4.38%	12/15/2024		404,226
	4,445,679	Series 2015-C28(f)(n)	0.97%	03/15/2025		136,007
	1,470,000	Series 2015-C28	3.99%	03/15/2025		1,524,706
	8,675,386	Series 2015-C30(f)(n)	0.51%	07/15/2025		162,866
	3,415,330	Series 2015-C31(f)(n)	0.83%	08/15/2025		109,068
		JP Morgan Chase Commercial Mortgage Securities Corp.
	2,092,000	Series 2018-AON(f)(g)	4.61%	07/05/2023		2,108,908
		JP Morgan Chase Commercial Mortgage Securities Trust
	57,407	Series 2006-LDP8(f)(n)(p)	0.29%	05/15/2045		0
	1,157,000	Series 2011-C3(f)(g)	5.79%	02/15/2046		357,290
	2,231,735	Series 2012-C8(f)(n)	1.74%	09/15/2022		44,028
	1,010,000	Series 2018-WPT(f)(g)	5.54%	07/05/2023		1,019,588
	887,000	Series 2019-COR4	4.44%	12/10/2028		975,794
	704,000	Series 2019-MFP(f)(g)	1M US L + 3.00%	07/15/2021		693,332
	235,000	Series 2019-UES(g)	4.34%	05/05/2024		238,798
	1,135,000	Series 2019-UES(f)(g)	4.45%	05/05/2024		1,095,761
		JP Morgan Chase Commercial Mortgage Securities Trust 2011- C5
	1,475,000	Series 2011-C5(f)(g)	5.43%	09/15/2021		1,486,091
		JP Morgan Mortgage Acquisition Corp.
	246,439	Series 2006-CH2(o)	5.46%	09/25/2029		198,600
		JP Morgan Mortgage Acquisition Trust 2006-RM1
	4,011,020	Series 2006-RM1(f)	1M US L + 0.24%	08/25/2036		2,334,130
		JP Morgan Mortgage Trust
	966,432	Series 2007-S3	6.00%	07/25/2037		724,797
		JP Morgan Resecuritization Trust
	899,514	Series 2011-1(f)(g)	6.00%	06/26/2037		825,438
		JPMBB Commercial Mortgage Securities Trust 2015-C27
	519,000	Series 2015-C27(f)	4.35%	02/15/2025		527,978

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 51

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		JPMCC Commercial Mortgage Securities Trust 2017-JP7
$	486,000	Series 2017-JP7(f)	3.65%	07/15/2027	$	496,839
		JPMDB Commercial Mortgage Securities Trust 2020-COR7
	421,000	Series 2020-COR7(f)	3.73%	03/13/2030		432,187
		Laurel Road Prime Student Loan Trust 2020-A
	41,198,377	Series 2020-A(g)(j)	0.00%	11/25/2050		2,764,040
		LB-UBS Commercial Mortgage Trust
	270,294	Series 2006-C7(f)(g)(n)	0.41%	11/15/2038		50
		LCM 28, Ltd.
	1,000,000	Series 2018-28A(f)(g)	3M US L + 5.75%	10/20/2030		926,086
		LCM Loan Income Fund I Income Note Issuer, Ltd.
	500,000	Series 2018-27A(f)(g)	3M US L + 5.60%	07/16/2031		457,349
		LCM XIV LP
	1,000,000	Series 2018-14A(f)(g)	3M US L + 2.75%	07/20/2031		960,118
	750,000	Series 2018-14A(f)(g)	3M US L + 5.50%	07/20/2031		667,656
		LCM XVII LP
	1,000,000	Series 2018-17A(f)(g)	3M US L + 6.00%	10/15/2031		913,477
		LCM XX LP
	1,000,000	Series 2018-20A(f)(g)	3M US L + 5.45%	10/20/2027		937,652
		Legacy Mortgage Asset Trust
	13,400,000	Series 2019-GS3(g)(o)	4.25%	04/25/2059		13,347,552
		Legacy Mortgage Asset Trust 2019- GS2
	4,000,000	Series 2019-GS2(g)	4.25%	04/25/2021		4,003,146
		Legacy Mortgage Asset Trust 2019- GS4
	4,300,000	Series 2019-GS4(g)	4.25%	05/25/2059		4,304,733
		Lehman Mortgage Trust
	482,485	Series 2006-6	5.50%	10/25/2036		417,524
	3,849,898	Series 2006-7(f)	1M US L + 0.25%	11/25/2036		138,301
	3,849,898	Series 2006-7(f)(n)	7.75% - 1M US L	11/25/2036		583,762
	1,347,374	Series 2006-8(f)	1M US L + 0.42%	12/25/2036		269,169
	1,347,374	Series 2006-8(f)(n)	6.58% - 1M US L	12/25/2036		398,137
	289,961	Series 2007-10	6.50%	01/25/2038		151,493
		Lendingpoint Asset Securitization Trust
	1,000,000	Series 2019-1(g)	4.50%	12/15/2021		1,007,734
		MACH 1 Cayman, Ltd.
	1,255,194	Series 2019-1(g)	3.47%	08/15/2026		1,268,309
		Madison Park Funding XIV, Ltd.
	1,000,000	Series 2018-14A(f)(g)	3M US L + 2.95%	10/22/2030		988,800
	1,000,000	Series 2018-14A(f)(g)	3M US L + 5.80%	10/22/2030		942,085

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Master Asset Backed Securities Trust
$	4,856,886	Series 2006-NC3(f)	1M US L + 0.21%	10/25/2036	$	3,253,561
		MBRT 2019-MBR
	584,000	Series 2019-MBR(f)(g)	1M US L + 2.55%	11/25/2021		577,801
	1,406,000	Series 2019-MBR(f)(g)	1M US L + 2.90%	11/25/2021		1,311,100
		Mello Warehouse Securitization Trust
	2,500,000	Series 2019-1(f)(g)	1M US L + 5.50%	05/14/2021		2,502,714
		Merrill Lynch Alternative Note Asset Trust
	691,334	Series 2007-F1	6.00%	03/25/2037		126,360
		Merrill Lynch Mortgage Investors Trust Series 2006-RM3
	7,189,393	Series 2006-RM3(f)	1M US L + 0.48%	06/25/2037		2,355,099
		MFT Trust 2020-ABC
	2,010,000	Series 2020-ABC(f)(g)	3.48%	02/10/2030		1,770,676
		MKT Mortgage Trust
	250,000	Series 2020-525M(f)(g)	2.94%	02/12/2030		222,175
		Morgan Stanley Bank of America Merrill Lynch Trust
	2,976,212	Series 2012-C5(f)(g)(n)	1.41%	07/15/2022		36,421
	350,000	Series 2015-C27(f)	4.52%	11/15/2025		362,441
		Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20
	602,000	Series 2015-C20(f)	4.46%	01/15/2025		642,612
		Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21
	822,000	Series 2015-C21(f)	4.14%	02/15/2025		825,209
		Morgan Stanley Capital Barclays Bank Trust 2016-MART
	1,250,000	Series 2016-MART(g)	3.31%	09/13/2021		1,236,808
		Morgan Stanley Capital I Trust
	1,177,000	Series 2007-IQ15(f)(g)	6.16%	06/11/2049		1,123,883
	1,281,242	Series 2016-UB11 XA(f)(n)	1.51%	08/15/2026		73,461
	1,000,000	Series 2018-SUN(f)(g)	1M US L + 3.05%	07/15/2035		976,073
		Morgan Stanley Capital I Trust 2017- CLS
	576,000	Series 2017-CLS(f)(g)	1M US L + 2.60%	11/15/2034		575,998
		Morgan Stanley Mortgage Loan Trust
	1,630,783	Series 2005-3AR(f)	2.68%	07/25/2035		1,531,636
	3,150,861	Series 2006-11	6.00%	08/25/2036		2,741,462
	722,234	Series 2006-7(f)	5.11%	06/25/2036		577,194
	849,235	Series 2006-7	6.00%	06/25/2036		649,561
	388,608	Series 2007-3XS(o)	5.70%	01/25/2047		210,732
		Morgan Stanley Re-REMIC Trust
	172,045	Series 2011-R1(f)(g)	5.94%	02/26/2037		181,763

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 53

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Mosaic Solar Loan Trust
$	103,815	Series 2017-1A(g)	4.45%	06/20/2042	$	113,384
	405,126	Series 2018-1A(g)	4.01%	08/20/2030		437,835
	8,900,000	Series 2020-1A(g)(j)	0.00%	04/20/2046		3,769,283
	750,000	Series 2020-2A(g)	3.00%	06/20/2025		763,359
		Motel 6 Trust 2017-MTL6
	968,555	Series 2017-MTL6(f)(g)	1M US L + 4.25%	08/15/2034		974,106
		MSCG Trust
	2,154,000	Series 2018-SELF(f)(g)	1M US L + 3.05%	10/15/2037		2,178,474
		Natixis Commercial Mortgage Securities Trust 2018-FL1
	426,222	Series 2018-FL1(f)(g)	1M US L + 2.35%	06/15/2035		420,478
		Navient Private Education Refi Loan Trust
	500,000	Series 2018-A(g)	3.68%	11/17/2025		509,756
		Nomura Asset Acceptance Corp. Alternative Loan Trust
	1,086,007	Series 2005-AP3(f)	5.32%	08/25/2035		703,079
		Octagon Investment Partners 20-R, Ltd.
	1,500,000	Series 2019-4A(f)(g)	3M US L + 6.80%	05/12/2031		1,497,239
		Octagon Investment Partners 26, Ltd.
	1,000,000	Series 2018-1A(f)(g)	3M US L + 8.09%	07/15/2030		898,897
		Octagon Investment Partners 29, Ltd.
	2,000,000	Series 2020-1A(f)(g)	3M US L + 7.25%	01/24/2033		2,013,486
		Octagon Investment Partners 37, Ltd.
	500,000	Series 2018-2A(f)(g)	3M US L + 2.85%	07/25/2030		488,700
		Octagon Investment Partners 44, Ltd.
	1,000,000	Series 2019-1A(f)(g)	3M US L + 3.65%	07/20/2032		1,002,136
		Octagon Investment Partners 47, Ltd.
	500,000	Series 2020-1A(f)(g)	3M US L + 3.35%	04/20/2031		502,230
		Octagon Investment Partners 49, Ltd.
	625,000	Series 2021-5A(f)(g)	3M US L + 6.75%	01/15/2033		620,986
		Octagon Investment Partners XVI, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 3.00%	07/17/2030		489,262
	1,000,000	Series 2018-1A(f)(g)	3M US L + 5.75%	07/17/2030		949,675
		Octagon Investment Partners XXI, Ltd.
	1,000,000	Series 2019-1A(f)(g)	3M US L + 7.00%	02/14/2031		1,002,425

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Octagon Investment Partners XXII, Ltd.
$	970,000	Series 2018-1A(f)(g)	3M US L + 1.90%	01/22/2030	$	967,575
	500,000	Series 2018-1A(f)(g)	3M US L + 5.45%	01/22/2030		461,485
		OHA Credit Funding 1, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 3.05%	10/20/2030		497,754
		OHA Credit Funding 3, Ltd.
	1,000,000	Series 2019-3A(f)(g)	3.55% - 3M US L	07/20/2032		1,001,686
		OHA Credit Funding 5, Ltd.
	2,000,000	Series 2020-5A(f)(g)	3M US L + 6.25%	04/18/2033		1,985,666
		One Market Plaza Trust
	688,000	Series 2017-1MKT(g)	4.14%	02/10/2024		699,299
		Pagaya AI Debt Selection Trust 2020-3
	2,500,000	Series 2020-3(g)	6.43%	05/17/2027		2,613,563
		PFP 2019-5, Ltd.
	624,000	Series 2019-5(f)(g)	1M US L + 2.00%	03/14/2022		623,762
		PR Mortgage Loan Trust
	9,152,069	Series 2014-1(f)(g)	5.91%	09/25/2047		9,083,904
		Pretium Mortgage Credit Partners I 2020-NPL3 LLC
	627,572	Series 2020-NPL3(g)	3.11%	10/27/2023		634,325
		Prime Mortgage Trust
	9,596	Series 2006-1	5.50%	06/25/2036		9,586
	72,248	Series 2006-DR1(g)	5.50%	05/25/2035		66,104
		Primose Funding LLC
	987,500	Series 2019-1A(g)	4.48%	07/30/2026		1,010,985
		PRPM LLC
	14,400,000	Series 2020-1A(g)(o)	3.97%	02/25/2023		14,362,240
		RBSGC Structured Trust
	161,187	Series 2008-B(g)	6.00%	06/25/2037		160,295
		Residential Accredit Loans, Inc.
	3,932,016	Series 2006-QA5(f)	1M US L + 0.22%	07/25/2036		2,222,368
	1,912,112	Series 2006-QS10	6.50%	08/25/2036		1,906,489
	461,052	Series 2006-QS6	6.00%	06/25/2036		440,974
	1,185,517	Series 2006-QS7	6.00%	06/25/2036		1,117,856
	62,325	Series 2006-QS7(f)	1M US L + 0.40%	06/25/2036		44,636
	186,975	Series 2006-QS7(f)(n)	5.60% - 1M US L	06/25/2036		25,017
	78,394	Series 2006-QS8(f)	1M US L + 0.45%	08/25/2036		56,782
	235,181	Series 2006-QS8(f)(n)	5.55% - 1M US L	08/25/2036		33,140
	7,012	Series 2007-QS6(f)	55.00% - 8.33 x 1M US L	04/25/2037		12,223
	644,716	Series 2007-QS9	6.50%	07/25/2037		628,917
	307,535	Series 2008-QR1	6.00%	08/25/2036		258,195
		Residential Asset Securitization Trust
	448,520	Series 2006-A1	6.00%	04/25/2036		314,578

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 55

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	952,284	Series 2006-A2	6.00%	05/25/2036	$	593,127
	884,987	Series 2006-A6	6.50%	07/25/2036		444,434
	290,767	Series 2006-A8	6.00%	08/25/2036		238,603
	151,070	Series 2006-A8	6.50%	08/25/2036		73,873
	319,855	Series 2006-A8(f)(n)	5.90% - 1M US L	08/25/2036		84,421
	1,425,594	Series 2007-A1	6.00%	03/25/2037		828,158
	70,434	Series 2007-A6	6.00%	06/25/2037		55,980
	2,646,959	Series 2007-A7	6.00%	07/25/2037		1,472,374
		Residential Funding Mortgage Securities I Trust
	684,500	Series 2006-S3	5.50%	03/25/2036		655,678
	131,889	Series 2006-S6	6.00%	07/25/2036		131,062
	281,538	Series 2007-S3	6.00%	03/25/2037		252,265
	200,171	Series 2007-S6	6.00%	06/25/2037		201,350
		Sapphire Aviation Finance I, Ltd.
	2,514,902	Series 2018-1A(g)	5.93%	03/15/2025		2,396,186
		Sapphire Aviation Finance II, Ltd.
	443,955	Series 2020-1A(g)	3.23%	03/15/2027		442,298
		Sequoia Mortgage Trust
	1,557,321	Series 2007-3(f)	3.21%	07/20/2037		1,446,094
		SG Commercial Mortgage Securities Trust 2016-C5
	604,000	Series 2016-C5	3.93%	06/10/2026		631,447
		SMB Private Education Loan Trust
	389,847	Series 2018-B(f)(g)	1M US L + 0.72%	08/15/2027		389,849
	968	Series 2021-A(g)(j)	0.00%	01/15/2053		2,987,338
		Sofi Professional Loan Program 2018-C Trust
	80,000	Series 2018-C(g)(j)	0.00%	01/25/2048		2,254,674
		SoFi Professional Loan Program Trust
	50,000	Series 2020-A(g)(j)	0.00%	05/15/2046		3,046,438
		Sofi Professional Loan Program, LLC
	32,412	Series 2018-A(g)(j)	0.00%	02/25/2042		1,304,877
		SoFi Professional Loan Program, LLC
	300,000	Series 2017-D(g)	3.61%	09/25/2040		311,778
	56,034	Series 2019-B(g)(j)	0.00%	08/17/2048		1,328,776
		Sprite, Ltd.
	321,052	Series 2017-1(g)	4.25%	12/15/2024		326,059
		Stack Infrastructure Issuer LLC
	979,167	Series 2019-1A(g)	4.54%	02/26/2024		1,044,796
	750,000	Series 2019-2A(g)	3.08%	10/25/2024		774,068
		Start, Ltd.
	698,679	Series 2018-1(g)	4.09%	05/15/2025		701,921
	771,195	Series 2019-1(g)	4.09%	03/15/2026		767,861

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Structured Adjustable Rate Mortgage Loan Trust
$	680,761	Series 2005-15(f)	2.99%	07/25/2035	$	518,916
		Structured Asset Securities Corp.
	184,807	Series 2005-RF1(f)(g)	1M US L + 0.35%	03/25/2035		167,643
	184,807	Series 2005-RF1(f)(g)(n)	4.68%	03/25/2035		25,384
		Sunnova Sol Issuer LLC
	976,950	Series 2020-1A(g)	3.35%	01/30/2030		1,005,279
		Sunrun Atlas Issuer LLC
	1,210,496	Series 2019-2(g)	3.61%	10/30/2027		1,281,596
		TBW Mortgage-Backed Trust
	1,390,429	Series 2006-2	7.00%	07/25/2036		416,341
		Textainer Marine Containers VII, Ltd.
	423,333	Series 2019-1A(g)	3.96%	10/20/2026		424,154
		Thunderbolt II Aircraft Lease, Ltd.
	4,464,286	Series 2018-A(g)(o)	5.07%	09/15/2038		4,346,594
		TIF Funding II LLC
	394,833	Series 2021-1A(g)	1.65%	02/20/2046		381,461
		Towd Point Mortgage Trust 2019- SJ2
	3,310,000	Series 2019-SJ2(f)(g)	4.25%	11/25/2058		3,364,156
		Trimaran Cavu 2019-1, Ltd.
	1,700,000	Series 2019-1A(f)(g)	3M US L + 4.15%	07/20/2032		1,709,617
		TRIP Rail Master Funding, LLC
	59,189	Series 2017-1A(g)	2.71%	07/15/2021		59,301
		UBS Commercial Mortgage Trust
	464,000	Series 2017-C6(f)	4.15%	12/15/2027		495,245
		UBS Commercial Mortgage Trust 2017-C4
	650,000	Series 2017-C4(f)	4.24%	09/15/2027		690,242
		UBS Commercial Mortgage Trust 2018-C10
	520,000	Series 2018-C10(f)	5.09%	05/15/2028		562,566
		UBS Commercial Mortgage Trust 2018-C9
	928,000	Series 2018-C9(f)	4.88%	03/15/2028		1,004,092
		UBS-Barclays Commercial Mortgage Trust
	989,000	Series 2013-C5(f)(g)	4.08%	02/10/2023		824,577
		Upstart Pass-Through Trust Series 2021-ST1
	480,869	Series 2021-ST1(g)	2.75%	02/20/2027		485,485
		Upstart Pass-Through Trust Series 2021-ST2
	1,000,000	Series 2021-ST2(g)	2.50%	04/20/2027		1,011,552
		Upstart Securitization Trust 2020-3
	250,000	Series 2020-3(g)	3.01%	11/20/2030		256,408

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 57

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		VB-S1 Issuer LLC
$	500,000	Series 2020-1A(g)	3.03%	06/15/2025	$	524,105
		VCC 2020-MC1 Trust
	6,480,454	Series 2020-MC1(f)(g)	4.50%	06/25/2045		6,503,813
		Velocity Commercial Capital Loan Trust
	554,659	Series 2018-2(f)(g)	4.05%	09/25/2024		580,942
	1,089,794	Series 2019-1(f)(g)	3.94%	01/25/2027		1,131,768
	397,711	Series 2019-1(f)(g)	4.01%	07/25/2027		406,626
	394,913	Series 2019-1(f)(g)	4.12%	11/25/2027		402,094
		Wachovia Bank Commercial Mortgage Trust
	37,425	Series 2006-C29(f)(j)(n)(p)	0.00%	11/15/2048		0
		Wachovia Mortgage Loan Trust, LLC Series Trust
	285,909	Series 2005-B(f)	2.56%	10/20/2035		277,150
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	49,135	Series 2005-9	5.50%	11/25/2035		45,508
	402,550	Series 2006-5	6.00%	07/25/2036		347,625
		Washington Mutual Mortgage Pass- Through Certificates Trust
	790,624	Series 2006-2	6.00%	03/25/2036		807,943
		WAVE LLC
	922,586	Series 2019-1(g)	3.60%	09/15/2027		927,234
	999,355	Series 2019-1(g)	6.41%	09/15/2027		835,213
		Wells Fargo Alternative Loan Trust
	341,601	Series 2007-PA2(f)	1M US L + 0.43%	06/25/2037		271,454
	341,601	Series 2007-PA2(f)(n)	6.07% - 1M US L	06/25/2037		40,690
	159,776	Series 2007-PA3	5.75%	07/25/2037		159,722
	497,183	Series 2007-PA3	6.25%	07/25/2037		496,212
		Wells Fargo Commercial Mortgage Trust
	158,000	Series 2014-LC16(g)	3.94%	06/15/2024		41,476
	520,000	Series 2015-NXS4(f)	4.70%	11/15/2025		561,354
	1,000,000	Series 2016-C33(g)	3.12%	03/15/2059		944,262
	5,628,945	Series 2016-C37(f)(g)(n)	1.60%	12/15/2049		363,459
	695,000	Series 2016-LC25(f)	4.42%	11/15/2026		763,009
	518,000	Series 2018-C45	4.73%	06/15/2028		546,462
	523,000	Series 2018-C47(f)	4.94%	10/15/2028		556,608
	436,000	Series 2018-C48(f)	5.12%	12/15/2028		481,078
	901,000	Series 2019-C49	4.55%	02/15/2029		1,010,613
	356,000	Series 2019-C49(f)	4.87%	02/15/2029		390,394
		Wells Fargo Commercial Mortgage Trust 2015-C28
	1,895,000	Series 2015-C28(f)	4.09%	05/15/2025		1,852,947

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Wells Fargo Commercial Mortgage Trust 2015-NXS4
$	1,245,000	Series 2015-NXS4(f)	3.70%	11/15/2025	$	1,231,779
		Wells Fargo Commercial Mortgage Trust 2016-LC24
	550,000	Series 2016-LC24	3.62%	09/15/2026		576,176
		Wells Fargo Commercial Mortgage Trust 2016-NXS6
	356,000	Series 2016-NXS6	3.81%	11/15/2049		374,906
		Wells Fargo Commercial Mortgage Trust 2020-C55
	613,000	Series 2020-C55	3.14%	02/15/2030		633,835
		WF-RBS Commercial Mortgage Trust
	1,942,867	Series 2012-C9(f)(g)(n)	1.87%	11/15/2045		40,506
	3,466,916	Series 2014-C21(f)(n)	1.03%	08/15/2047		92,931
	4,225,403	Series 2014-C22(f)(n)	0.81%	09/15/2057		91,294
	636,000	Series 2014-C23(f)(g)	4.00%	10/15/2057		636,968
		Willis Engine Structured Trust V
	935,754	Series 2020-A(g)	3.23%	03/15/2028		900,733
	2,176,247	Zephyrus Capital Aviation Tl	1M US L + 4.61%	10/15/2038		2,158,813
TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $429,302,826)						406,332,974
U.S. GOVERNMENT BONDS AND NOTES - 9.48%
	650,000	U.S. Treasury Bonds	0.88%	11/15/2030		601,250
	3,370,000	U.S. Treasury Bonds	1.13%	02/15/2031		3,184,387
	3,400,000	U.S. Treasury Bonds	4.75%	02/15/2037		4,651,492
	7,670,000	U.S. Treasury Bonds	1.88%	02/15/2041		7,143,886
	390,000	U.S. Treasury Bonds	2.75%	11/15/2042		418,123
	3,750,000	U.S. Treasury Bonds	2.75%	11/15/2047		4,010,962
	18,600,000	U.S. Treasury Bonds	1.25%	05/15/2050		14,042,273
	58,500,000	U.S. Treasury Bonds	1.63%	11/15/2050		48,765,234
	7,140,000	U.S. Treasury Bonds	1.88%	02/15/2051		6,337,866
	12,130,000	U.S. Treasury Notes	0.13%	06/30/2022		12,134,264
	630,000	U.S. Treasury Notes	0.25%	11/15/2023		629,754
	23,930,000	U.S. Treasury Notes	0.25%	03/15/2024		23,867,371
	4,370,000	U.S. Treasury Notes	2.13%	09/30/2024		4,617,093
	5,420,000	U.S. Treasury Notes	2.25%	10/31/2024		5,751,975
	3,250,000	U.S. Treasury Notes	2.75%	02/28/2025		3,518,315
	5,290,000	U.S. Treasury Notes	3.00%	09/30/2025		5,808,771
	670,000	U.S. Treasury Notes	0.38%	11/30/2025		655,475
	780,000	U.S. Treasury Notes	2.63%	01/31/2026		844,578
	10,670,000	U.S. Treasury Notes	0.75%	03/31/2026		10,577,888
	3,290,000	U.S. Treasury Notes	1.63%	10/31/2026		3,386,194
	5,950,000	U.S. Treasury Notes	0.50%	06/30/2027		5,679,577

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 59

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	750,000	U.S. Treasury Notes	0.50%	10/31/2027	$	710,479
	11,280,000	U.S. Treasury Notes	1.25%	03/31/2028		11,164,556
TOTAL U.S. GOVERNMENT BONDS AND NOTES
(Cost $189,523,663)						178,501,763
MUNICIPAL BONDS - 0.02%
	120,000	Missouri Highway & Transportation Commission, Revenue Bonds	5.06%	05/01/2024		136,232
	165,000	State of California, General Obligation Bonds	7.55%	04/01/2039		266,860
TOTAL MUNICIPAL BONDS
(Cost $363,295)						403,092
U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 13.96%
		Banc of America Funding
	2,809,522	Series 2007-A(f)	1M US L + 0.42%	02/20/2047		2,658,413
		Banc of America Funding 2014-R8 Trust
	2,215,039	Series 2014-R8(f)(g)	1M US L + 0.24%	12/26/2024		2,022,295
		Chase Mortgage Finance Trust
	5,080,630	Series 2007-S4	6.00%	06/25/2037		3,357,798
		ChaseFlex Trust Series
	4,783,961	Series 2007-M1(f)	1M US L + 0.23%	08/25/2037		3,886,204
		Citigroup Mortgage Loan Trust
	9,590,900	Series 2018-A(f)(g)	4.25%	01/25/2068		9,591,224
		Connecticut Avenue Securities Trust
	5,000,000	Series 2019-R05(f)(g)	1M US L + 4.10%	07/25/2039		5,032,310
		Credit Suisse Mortgage Capital Certificates 19-RPL4
	2,800,000	Series 2019-RPL4(f)(g)	3.48%	08/26/2058		2,801,644
		Deephaven Residential Mortgage Trust
	6,613,000	Series 2020-1(f)(g)	3.66%	03/25/2024		6,792,072
	4,000,000	Series 2020-1(f)(g)	4.54%	03/25/2024		4,079,981
		Fannie Mae Interest Strip
	9,973,977	Series 2014-419(n)	3.50%	04/25/2044		1,384,687
		Fannie Mae Pool
	3,000,000	Series 2018	3.50%	04/01/2030		3,345,144
	2,842,678	Series 2020	2.00%	10/01/2050		2,818,248
	4,948,133	Series 2020-	2.00%	01/01/2051		4,943,818
	6,685,201	Series 2021-	2.00%	02/01/2051		6,689,967
	4,489,077	Series 2021-	2.00%	03/01/2051		4,485,128
	3,000,000	Series Pool #BL4424	2.14%	10/01/2029		3,087,285
	3,000,000	Series Pool #BL5156	2.37%	12/01/2029		3,136,589

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Fannie Mae REMICS
$	9,530,204	Series 2014-1(f)(n)	5.90% - 1M US L	02/25/2044	$	1,823,905
	11,252,144	Series 2015-54(f)(n)	6.15% - 1M US L	07/25/2045		2,208,525
	3,673,487	Series 2020-45	3.00%	07/25/2040		3,855,809
	12,128,760	Series 2020-74(f)(n)	4.10% - 30D US SOFR	10/25/2050		1,768,594
	24,080,424	Series 2020-77(f)(n)	4.10% - 30D US SOFR	11/25/2050		3,635,932
		Federal Home Loan Mortgage Corp. Pool
	190,247	Series Pool #G01840	5.00%	07/01/2035		221,590
	70,554	Series Pool #G04817	5.00%	09/01/2038		82,136
		Federal Home Loan Mortgage Corp. REMICS
	915,984	Series 2003-2722(f)	9.89% - 1M US L	12/15/2033		1,127,698
	177,648	Series 2005-R003	5.50%	10/15/2035		205,383
	1,302,324	Series 2006-3244(f)(n)	6.66% - 1M US L	11/15/2036		301,443
	65,439	Series 2007-3261(f)(n)	6.43% - 1M US L	01/15/2037		13,145
	157,236	Series 2007-3262(f)(n)	6.40% - 1M US L	01/15/2037		19,548
	622,310	Series 2007-3301(f)(n)	6.10% - 1M US L	04/15/2037		105,300
	447,846	Series 2007-3303(f)(n)	6.10% - 1M US L	04/15/2037		88,449
	117,254	Series 2007-3382(f)(n)	6.00% - 1M US L	11/15/2037		16,285
	358,620	Series 2007-3384(f)(n)	6.31% - 1M US L	08/15/2036		78,491
	107,641	Series 2007-3384(f)(n)	6.39% - 1M US L	11/15/2037		13,670
	128,866	Series 2008-3417(f)(n)	6.18% - 1M US L	02/15/2038		17,104
	3,362,882	Series 2008-3423(f)(n)	6.00% - 1M US L	03/15/2038		31,492
	179,473	Series 2008-3423(f)(n)	5.65% - 1M US L	03/15/2038		23,180
	1,373,797	Series 2009-3510(f)(n)	6.75% - 1M US L	02/15/2037		243,084
	347,558	Series 2009-3523(f)(n)	6.00% - 1M US L	04/15/2039		53,258
	64,500	Series 2009-3524(n)	3.54%	06/15/2038		69,148
	9,971	Series 2009-3549(f)(n)	5.80% - 1M US L	07/15/2039		1,398
	727,384	Series 2009-3560(f)(n)	6.40% - 1M US L	11/15/2036		110,201
	253,737	Series 2010-3641	4.50%	03/15/2040		287,684
	367,179	Series 2010-3726(f)(n)	6.05% - 1M US L	09/15/2040		64,162
	1,452,437	Series 2010-3728(f)(n)	4.45% - 1M US L	09/15/2040		182,335
	558,706	Series 2010-3779	3.50%	12/15/2030		605,390
	107,653	Series 2010-3779	4.00%	12/15/2030		118,211
	385,921	Series 2010-3779	4.50%	12/15/2040		419,284
	55,419	Series 2011-3786(f)	9.50% - 1M US L	01/15/2041		55,893
	38,361	Series 2011-3798(f)	9.50% - 1M US L	11/15/2040		38,949
	355,476	Series 2011-3808	3.50%	02/15/2031		382,777
	32,825	Series 2011-3809(f)	9.50% - 1M US L	02/15/2041		37,415
	712,452	Series 2011-3815(f)(n)	5.85% - 1M US L	02/15/2041		134,109
	294,953	Series 2011-3824	3.50%	03/15/2031		319,460
	370,620	Series 2011-3824(f)(n)	7.10% - 1M US L	08/15/2036		88,676
	404,251	Series 2011-3863	5.50%	08/15/2034		459,924
	477,421	Series 2011-3864(f)	9.20% - 1M US L	05/15/2041		508,485

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 61

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	469,665	Series 2011-3871	5.50%	06/15/2041	$	544,938
	461,923	Series 2011-3872(f)(n)	5.95% - 1M US L	06/15/2041		75,643
	2,804,079	Series 2011-3910	5.00%	08/15/2041		3,208,873
	2,080,256	Series 2011-3924(f)(n)	6.00% - 1M US L	09/15/2041		313,386
	41,087	Series 2011-3925(n)	3.00%	09/15/2021		74
	2,813,300	Series 2012-3(f)(n)	5.95% - 1M US L	02/25/2042		540,170
	2,221,130	Series 2013-4170(f)	4.05% - 1M US L	01/15/2033		2,277,949
	10,921,934	Series 2013-4218	2.50%	02/15/2043		10,560,617
	3,811,499	Series 2013-4239(j)	0.00%	07/15/2043		2,821,477
	4,821,796	Series 2014-4413	3.50%	11/15/2044		5,030,910
	3,599,823	Series 2015-4434	3.00%	02/15/2045		3,793,493
	3,492,219	Series 2015-4440	2.50%	02/15/2045		3,543,754
		Federal Home Loan Mortgage Corp. Strips
	1,905,061	Series 2017-358	3.00%	10/15/2047		1,995,395
		Federal National Mortgage Association Pool
	53,296	Series Pool #555743	5.00%	09/01/2033		61,470
	64,387	Series Pool #735382	5.00%	04/01/2035		74,830
	174,176	Series Pool #735383	5.00%	04/01/2035		202,251
	112,931	Series Pool #735484	5.00%	05/01/2035		131,187
	36,538	Series Pool #AH4437	4.00%	01/01/2041		38,570
		Federal National Mortgage Association REMICS
	56,435	Series 2004-46(f)(n)	6.00% - 1M US L	03/25/2034		5,398
	218,962	Series 2006-101(f)(n)	6.58% - 1M US L	10/25/2036		42,347
	628,527	Series 2006-123(f)(n)	6.32% - 1M US L	01/25/2037		125,965
	3,018,095	Series 2006-92(f)(n)	6.58% - 1M US L	10/25/2036		562,480
	82,193	Series 2007-102(f)(n)	6.40% - 1M US L	11/25/2037		14,443
	67,719	Series 2007-108(f)(n)	6.36% - 1M US L	12/25/2037		9,526
	14,636	Series 2007-30(f)(n)	6.11% - 1M US L	04/25/2037		2,086
	347,039	Series 2007-38(f)(n)	6.08% - 1M US L	05/25/2037		34,356
	10,966	Series 2007-51(f)(n)	6.10% - 1M US L	06/25/2037		1,514
	36,312	Series 2007-53(f)(n)	6.10% - 1M US L	06/25/2037		3,702
	428,504	Series 2007-57(f)(n)	6.62% - 1M US L	10/25/2036		76,185
	89,788	Series 2007-68(f)(n)	6.65% - 1M US L	07/25/2037		14,700
	511,415	Series 2008-3(f)(n)	6.46% - 1M US L	02/25/2038		107,409
	150,716	Series 2008-56(f)(n)	6.06% - 1M US L	07/25/2038		17,128
	26,312	Series 2008-81	5.50%	09/25/2038		29,703
	234,855	Series 2009-111	5.00%	01/25/2040		267,301
	113,718	Series 2009-111(f)(n)	6.25% - 1M US L	01/25/2040		20,738
	832,027	Series 2009-12(f)(n)	6.60% - 1M US L	03/25/2036		141,231
	25,876	Series 2009-28(f)(n)	6.00% - 1M US L	04/25/2037		3,755
	337,780	Series 2009-41	4.50%	06/25/2039		366,772
	72,599	Series 2009-42(f)(n)	6.00% - 1M US L	06/25/2039		10,122
	155,147	Series 2009-47(f)(n)	6.10% - 1M US L	07/25/2039		19,008
	87,915	Series 2009-62(f)(n)	6.10% - 1M US L	08/25/2039		10,402

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	54,568	Series 2009-66(f)(n)	5.80% - 1M US L	02/25/2038	$	7,927
	40,315	Series 2009-68(f)(n)	5.25% - 1M US L	09/25/2039		4,562
	162,620	Series 2010-11(f)(n)	4.80% - 1M US L	02/25/2040		15,602
	33,429	Series 2010-111(f)(n)	6.00% - 1M US L	10/25/2040		4,622
	67,531	Series 2010-112	4.00%	10/25/2040		70,828
	110,496	Series 2010-115(f)(n)	6.60% - 1M US L	11/25/2039		20,343
	1,571,114	Series 2010-115(f)(n)	6.00% - 1M US L	10/25/2040		301,913
	3,587,820	Series 2010-123(f)(n)	6.05% - 1M US L	11/25/2040		743,560
	609,824	Series 2010-15(f)(n)	4.95% - 1M US L	03/25/2040		85,220
	51,477	Series 2010-34(f)(n)	4.93% - 1M US L	04/25/2040		6,137
	50,517	Series 2010-4(f)(n)	6.23% - 1M US L	02/25/2040		8,020
	74,488	Series 2010-58(f)	12.47% - 1M US L	06/25/2040		90,810
	2,125,249	Series 2010-75	4.50%	07/25/2040		2,363,286
	44,578	Series 2010-9(f)(n)	5.30% - 1M US L	02/25/2040		5,480
	180,749	Series 2010-9(f)(n)	4.75% - 1M US L	02/25/2040		17,387
	9,695	Series 2010-90(f)(n)	6.00% - 1M US L	08/25/2040		1,191
	278,573	Series 2011-16	3.50%	03/25/2031		301,419
	408,892	Series 2011-25	3.00%	04/25/2026		427,108
	309,645	Series 2011-29	3.50%	04/25/2031		332,262
	151,347	Series 2011-5(f)(n)	6.40% - 1M US L	11/25/2040		9,055
	2,963,146	Series 2012-106(f)(n)	6.16% - 1M US L	10/25/2042		540,144
	723,537	Series 2012-124(f)	7.79% - 1M US L	11/25/2042		740,432
	179,335	Series 2012-29(f)(n)	6.00% - 1M US L	04/25/2042		28,964
	609,751	Series 2012-32(n)	5.00%	04/25/2042		95,927
	2,762,249	Series 2012-65(f)(n)	5.98% - 1M US L	06/25/2042		480,034
	1,044,442	Series 2013-19(f)	5.40% - 1M US L	03/25/2043		1,078,682
	324,029	Series 2015-59	3.00%	06/25/2041		325,419
	1,326,356	Series 2015-9	3.00%	01/25/2045		1,421,359
	888,204	Series 2016-72	3.00%	10/25/2046		848,674
	1,393,474	Series 2018-21(j)	0.00%	04/25/2048		1,229,081
	1,215,948	Series 2018-27	3.00%	12/25/2047		1,263,280
	1,544,592	Series 2018-36	3.00%	06/25/2048		1,608,323
	2,720,930	Series 2019-12	3.00%	04/25/2049		2,865,821
		FMC GMSR Issuer Trust
	5,000,000	Series 2019-GT2(f)(g)	4.72%	09/25/2024		4,943,782
		Freddie Mac Pool
	1,852,398	Series 2020-	2.00%	10/01/2050		1,836,396
	4,226,404	Series 2021-	1.50%	03/01/2036		4,248,648
		Freddie Mac REMICS
	4,080,955	Series 2011-3972(f)(n)	5.90% - 1M US L	12/15/2041		681,651
	3,125,713	Series 2020-5007(f)(n)	6.10% - 1M US L	08/25/2050		730,928
	5,417,666	Series 2020-5041(n)	2.00%	11/25/2050		473,247
		Government National Mortgage Association
	45,015	Series 2004-83(f)(n)	6.08% - 1M US L	10/20/2034		7,458
	38,495	Series 2008-6(f)(n)	6.46% - 1M US L	02/20/2038		6,182
	36,868	Series 2008-67(f)(n)	6.00% - 1M US L	08/20/2038		5,547

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 63

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	577,461	Series 2008-69(f)(n)	7.63% - 1M US L	08/20/2038	$	128,622
	55,086	Series 2009-10(f)(n)	6.65% - 1M US L	02/16/2039		10,610
	679,288	Series 2009-35	4.50%	05/20/2039		740,609
	2,715,994	Series 2009-58(f)(n)	6.25% - 1M US L	06/20/2039		382,230
	41,040	Series 2009-6(f)(n)	5.95% - 1M US L	02/20/2038		4,672
	1,279,928	Series 2009-75	5.00%	09/20/2039		1,458,358
	3,003,042	Series 2010-121(f)(n)	6.00% - 1M US L	09/20/2040		571,039
	53,152	Series 2010-61(f)(n)	6.55% - 1M US L	09/20/2039		8,985
	94,396	Series 2010-98(f)(n)	5.64%	03/20/2039		9,753
	2,185,848	Series 2011-148	3.50%	11/16/2041		2,362,111
	420,337	Series 2011-69(j)	0.00%	05/20/2041		387,878
	1,277,877	Series 2011-71	4.50%	02/20/2041		1,424,076
	864,582	Series 2011-71(f)(n)	5.40% - 1M US L	05/20/2041		125,464
	277,805	Series 2011-72(f)(n)	6.15% - 1M US L	05/20/2041		56,925
	1,362,197	Series 2011-89(f)(n)	5.45% - 1M US L	06/20/2041		266,621
	3,366,666	Series 2013-113(f)(n)	6.25% - 1M US L	03/20/2043		460,224
	4,991,062	Series 2013-122(f)(n)	6.10% - 1M US L	08/16/2043		822,414
	3,384,449	Series 2013-148(f)(n)	5.68% - 1M US L	10/16/2043		766,934
	5,072,432	Series 2013-186(f)(n)	6.25% - 1M US L	02/16/2043		718,997
	3,241,076	Series 2014-156(f)(n)	6.25% - 1M US L	10/20/2044		701,612
	6,316,421	Series 2014-4(f)(n)	6.10% - 1M US L	01/16/2044		1,170,391
	7,684,082	Series 2014-41(f)(n)	6.10% - 1M US L	03/20/2044		1,656,835
	3,998,253	Series 2014-5(f)(n)	6.15% - 1M US L	07/20/2043		501,000
	4,674,639	Series 2014-95(f)(n)	6.25% - 1M US L	06/16/2044		887,879
	12,331,305	Series 2015-80(f)(n)	6.25% - 1M US L	06/20/2045		2,804,865
	11,824,524	Series 2018-97(f)(n)	6.20% - 1M US L	07/20/2048		1,887,564
	17,273,921	Series 2019-22(f)(n)	5.60% - 1M US L	02/20/2045		3,604,534
	12,004,733	Series 2019-92(f)(n)	6.10% - 1M US L	07/20/2049		1,826,968
	15,491,062	Series 2020-112(f)(n)	6.25% - 1M US L	08/20/2050		2,815,225
	9,746,926	Series 2020-133(f)(n)	6.25% - 30D US SOFR	09/20/2050		2,500,513
	19,708,386	Series 2020-146(f)(n)	6.30% - 1M US L	10/20/2050		4,726,169
	21,384,217	Series 2020-167(f)(n)	3.75% - 1M US L	11/20/2050		2,360,029
	18,054,144	Series 2020-47(f)(n)	6.00% - 1M US L	05/20/2044		3,239,749
	14,940,110	Series 2021-1(f)(n)	6.30% - 1M US L	01/20/2051		3,607,983
		Homeward Opportunities Fund Trust 2020-BPL1
	1,000,000	Series 2020-BPL1(g)(o)	5.44%	08/25/2025		1,008,892
		JP Morgan Resecuritization Trust
	3,084,760	Series 2014-6(f)(g)	1M US L + 0.21%	07/27/2046		2,894,775
		Legacy Mortgage Asset Trust
	13,310,000	Series 2019-GS7(g)(o)	4.50%	11/25/2059		13,336,595
		LHOME Mortgage Trust
	4,250,000	Series 2020-RTL1(g)(o)	3.72%	10/25/2022		4,182,472
	3,750,000	Series 2020-RTL1(g)(o)	4.95%	10/25/2022		3,781,500
	1,300,000	Series 2021-RTL1(f)(g)	2.09%	09/25/2026		1,309,872
	4,400,000	Series 2021-RTL1(f)(g)	4.46%	09/25/2026		4,433,621

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Mello Warehouse Securitization Trust
$	3,500,000	Series 2019-1(f)(g)	1M US L + 3.50%	05/14/2021	$	3,504,603
	5,680,000	Series 2019-2(f)(g)	1M US L + 3.25%	10/25/2021		5,686,872
		Morgan Stanley Residential Mortgage Loan Trust 2020-RPL1
	531,634	Series 2020-RPL1(f)(g)	2.69%	10/25/2023		535,396
		New Residential Mortgage Loan Trust 2019-NQM3
	3,700,000	Series 2019-NQM3(f)(g)	4.65%	08/25/2024		3,842,171
		PRPM 2020-3 LLC
	3,400,000	Series 2020-3(g)	5.07%	09/25/2025		3,417,083
		PRPM 2021-2 LLC
	2,227,000	Series 2021-2(f)(g)	2.12%	12/31/2049		2,244,774
		Residential Mortgage Loan Trust
	3,250,000	Series 2020-1(f)(g)	4.67%	02/25/2024		3,299,027
		Toorak Mortgage Corp., Ltd.
	3,500,000	Series 2019-2(o)	4.21%	09/25/2022		3,498,027
		Verus Securitization Trust 2019-INV3
	2,300,000	Series 2019-INV3(f)(g)	3.28%	11/25/2059		2,354,620
		VOLT XCIV LLC
	1,278,391	Series 2021-NPL3(g)	2.24%	01/25/2024		1,278,681
TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES
(Cost $318,989,450)						262,915,117
Shares/Description					Value
Warrants - 0.00%(b)
	219,520	Oas SA, Strike Price 1.00, Expires 05/16/2039(m)				0
TOTAL WARRANTS
(Cost $0)						0
SHORT-TERM INVESTMENTS - 17.31%
Money Market Fund - 16.92%
	318,846,926	State Street Institutional Trust (7 Day Yield 0.01%)				318,846,926
Principal Amount/Description			Rate	Maturity	Value
U.S. Treasury - 0.39%
	7,335,000	United States Treasury Bill(j)(q)	0.00%	05/06/2021		7,334,947
TOTAL SHORT-TERM INVESTMENTS
(Cost $326,181,713)						326,181,873

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 65

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description (continued)	Value (continued)
TOTAL INVESTMENTS - 99.83%
(Cost $1,941,569,608)	$	1,880,634,922
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.17%		3,146,665
NET ASSETS - 100.00%	$	1,883,781,587

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

SOFR - Secured Overnight Financing Rate Data

TI - Treasury Index

Libor Rates:

1M US L - 1 Month LIBOR as of March 31, 2021 was 0.11%

2M US L - 2 Month LIBOR as of March 31, 2021 was 0.13%

3M US L - 3 Month LIBOR as of March 31, 2021 was 0.19%

1D SOFR - 1 Day SOFR as of March 31, 2021 was 0.01%

30D SOFR - 30 Day SOFR as of March 31, 2021 was 0.01%

1Y US TI - 1 Year TI as of March 31, 2021 was 0.07%

5Y US TI - 5 Year TI as of March 31, 2021 was 0.92%

10Y US TI - 10 Year TI as of March 31, 2021 was 1.74%

(a)	Less than 0.005%.
(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, 2021, the aggregate fair value of those securities was $36,783,168, representing 1.95% of net assets.
(f)	Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2021. 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.

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

(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 $486,830,015, which represents approximately 25.84% of net assets as of March 31, 2021.
(h)	Security is currently in default.
(i)	Pay-in-kind securities. Rate paid in-kind is shown in parenthesis.
(j)	Issued with a zero coupon. Income is recognized through the accretion of discount.
(k)	Security determined to be illiquid under the procedures approved by the Fund’s Board of Trustees. Total fair value of the security is $13,500, which represents approximately 0.00% of net assets as of March 31, 2021.
(l)	A portion of this position was not funded as of March 31, 2021. The Portfolio of Investments records only the unfunded portion of each position. As of March 31, 2021, the fund has unfunded delayed draw loans in the amount of $126,230. Fair value of these unfunded delayed draw loans was $126,441.
(m)	The Level 3 assets were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.
(n)	Interest only securities.
(o)	Step up bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at March 31, 2021.
(p)	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.
(q)	Rate shown represents the bond equivalent yield to maturity at date of purchase.

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 67

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Shares/Description					Value
CLOSED-END FUNDS - 1.13%
	17,798	Eaton Vance, Ltd. Duration Income Fund			$	224,789
	56,016	Western Asset High Income Opportunity Fund, Inc.				284,561
TOTAL CLOSED-END FUNDS
(Cost $482,301)						509,350
COMMON STOCKS - 0.12%
	947	DBI Investors, Inc.(a)(b)				237
	2,509	PHI Group, Inc.(a)(b)				41,323
	795	Phi, Inc.(a)(b)				13,094
	6	Toys R Us Propco Equity, Perpetual Maturity(b)				150
	16	Ultra Sonus AB, Perpetual Maturity(b)				434
TOTAL COMMON STOCKS
(Cost $228,298)						55,238
PREFERRED STOCKS - 0.24%
	116	DBI Investors Inc., 10.000%(a)(b)(c)(d)				11
	110	Sequa Corp., 7.000%(a)(b)(d)				110,000
TOTAL PREFERRED STOCKS
(Cost $121,039)						110,011
Principal Amount/Description			Rate	Maturity	Value
BANK LOANS - 38.41%(e)
France - 0.42%
$	192,500	Numericable U.S. LLC, First Lien - USD TLB-11 Term Loan	1M US L + 2.75%	07/31/2025		189,199
Germany - 0.89%
	157,130	CTC AcquiCo GmbH, First Lien - Facility B2 Term Loan	3M US L + 2.75%	03/07/2025		153,634
	250,000	Springer Nature Deutschland GmbH, First Lien - Initial B18 Term Loan	L + 3.75%, 0.75% Floor	08/14/2026		250,245
						403,879
Great Britain - 2.10%
	145,502	EG Group, Ltd., First Lien - Additional Facility Term Loan	3M US L + 4.00%	02/07/2025		143,424
	248,125	Froneri International, Ltd., First Lien - Facility B2 Term Loan	1M US L + 2.25%	01/29/2027		245,094
	300,000	Genesis Care Finance Pty, Ltd., First Lien - Facility B2 Term Loan	3M US L + 3.50%	10/30/2025		349,085

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	181,182	Lernen Bidco, Ltd., First Lien - Facility B1 (EUR) Term Loan	6M US L + 4.25%	10/24/2025	$	208,157
						945,760
Luxembourg - 1.72%
	247,500	AI Convoy S.a r.l., First Lien - Facility B Term Loan	6M US L + 3.50%, 1.00% Floor	01/18/2027		247,624
	145,125	Altice Financing S.A., First Lien - October 2017 USD Term Loan	3M US L + 2.75%	01/31/2026		142,494
	137,105	Intelsat Jackson Holdings S.A., First Lien - DIP Facility Term Loan	3M US L + 5.50%, 1.00% Floor	07/13/2022		139,093
	250,000	Surf Holdings S.a r.l., First Lien - Dollar Tranche Term Loan	3M US L + 3.50%	03/05/2027		247,897
						777,108
Netherlands - 1.49%
	283,418	Peer Holdings III B.V., First Lien - Facility B Term Loan	6M EUR L + 3.25%	03/07/2025		332,271
	250,000	Sigma Holdco B.V., First Lien - Facility B4 (GBP) Term Loan	1M US L + 4.00%	07/02/2025		338,653
						670,924
United States - 31.79%
	63,000	AAdvantage Loyality IP, Ltd., First Lien - Initial Term Loan	3M US L + 4.75%, 0.75% Floor	04/20/2028		64,624
	242,707	Access CIG LLC, First Lien - B Term Loan	3M US L + 3.75%	02/27/2025		241,103
	146,250	Adtalem Global Education, Inc., First Lien - B Term Loan	1M US L + 3.00%	04/11/2025		144,909
	125,000	Adtalem Global Education, Inc., First Lien - B Term Loan	L + 4.50%, 0.75% Floor	02/12/2028		124,037
	248,125	AI Aqua Merger Sub, Inc., First Lien - 2020 Incremental Term Loan	1M US L + 5.25%, 1.00% Floor	12/13/2023		249,418
	234,650	American Rock Salt Company LLC, First Lien - Initial Term Loan	1M US L + 3.50%, 1.00% Floor	03/21/2025		236,028
	44,000	Ankura Consulting Group LLC, First Lien - Closing Date Term Loan	L + 3.00%, 0.75% Floor	03/17/2028		43,725
	247,500	AssuredPartners, Inc., First Lien - 2020 June Incremental Term Loan	1M US L + 4.50%, 1.00% Floor	02/12/2027		248,397
	250,000	Astoria Energy LLC, First Lien - B Advance (2020) Term Loan	3M US L + 3.50%, 1.00% Floor	12/10/2027		250,580
	142,418	Asurion LLC, First Lien - New B-8 Term Loan	1M US L + 3.25%	12/23/2026		141,693
	245,000	Atlantic Aviation FBO, Inc., First Lien - B Term Loan	1M US L + 3.75%	12/06/2025		245,306
	177,874	BCP Renaissance Parent LLC, First Lien - Initial Term Loan	3M US L + 3.50%, 1.00% Floor	10/31/2024		174,390
	243,750	Bracket Intermediate Holding Corp., First Lien - Initial Term Loan	3M US L + 4.25%	09/05/2025		242,531

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 69

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	244,388	Brookfield WEC Holdings, Inc., First Lien - Initial (2021) Term Loan	L + 3.00%, 0.50% Floor	08/01/2025	$	242,632
	249,375	Calpine Corp., First Lien - 2020 Term Loan	1M US L + 2.50%	12/16/2027		248,162
	246,875	Camelot U.S. Acquisition 1 Co., First Lien - Initial Term Loan	1M US L + 3.00%	10/30/2026		245,216
	201,973	Cengage Learning, Inc., First Lien - 2016 Refinancing Term Loan	3M US L + 4.25%, 1.00% Floor	06/07/2023		200,248
	245,000	CentralSquare Technologies LLC, First Lien - Initial Term Loan	3M US L + 3.75%	08/29/2025		235,375
	178,355	Charter NEX US, Inc., First Lien - Initial Term Loan	1M US L + 4.25%, 0.75% Floor	12/01/2027		178,945
	248,734	CITGO Petroleum Corp., First Lien - 2019 Incremental B Term Loan	3M US L + 6.25%, 1.00% Floor	03/28/2024		249,562
	250,000	DRW Holdings LLC, First Lien - Initial Term Loan	3M US L + 3.75%	03/01/2028		249,844
	125,000	E.W. Scripps Company, First Lien - Tranche B-3 Term Loan	1M US L + 3.00%, 0.75% Floor	01/07/2028		124,756
	243,125	Flynn Restaurant Group LP, First Lien - Initial Term Loan	1M US L + 3.50%	06/27/2025		241,181
	125,000	Flynn Restaurant Group LP, Second Lien - Initial Term Loan	1M US L + 7.00%	06/29/2026		123,750
	34,000	Foundation Building Materials, Inc., First Lien - Initial Term Loan	L + 3.25%, 0.50% Floor	01/31/2028		33,732
	250,000	Frontier Communications Corp., First Lien - Initial Term Loan	1M US L + 4.75%, 1.00% Floor	10/08/2021		249,688
	214,414	Globallogic Holdings, Inc., First Lien - Initial Term Loan	1M US L + 2.75%	08/01/2025		214,146
	250,000	Great Outdoors Group LLC, First Lien - B-1 Term Loan	3M US L + 4.25%, 0.75% Floor	03/06/2028		250,719
	250,000	Greeneden U.S. Holdings I LLC, First Lien - Initial Dollar (2020) Term Loan	1M US L + 4.00%, 0.75% Floor	12/01/2027		250,250
	247,599	Harbor Freight Tools USA, Inc., First Lien - Initial (2020) Term Loan	1M US L + 3.00%, 0.75% Floor	10/19/2027		247,655
	63,000	Hudson River Trading LLC, First Lien	L + 3.00%	03/20/2028		62,528
	250,000	IRB Holding Corp., First Lien - Fourth Amendment Incremental Term Loan	3M US L + 3.25%, 1.00% Floor	12/15/2027		249,414
	250,000	Ivanti Software, Inc., First Lien - Initial Term Loan	1M US L + 4.75%, 1.00% Floor	12/01/2027		251,329
	250,000	Kronos Acquisition Holdings, Inc., First Lien - Tranche B-1 Term Loan	3M US L + 3.75%, 0.50% Floor	12/22/2026		246,763
	125,000	KUEHG Corp, First Lien - B-3 Term Loan	3M US L + 3.25%, 1.00% Floor	02/21/2025		122,535
	131,238	Life Time, Inc., First Lien - 2021 Refinancing Term Loan	3M US L + 4.75%, 1.00% Floor	12/16/2024		131,320

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	241,723	LMBE-MC Holdco II LLC, First Lien	3M EUR L + 4.00%, 1.00% Floor	12/03/2025	$	241,421
	249,375	LogMeIn, Inc., First Lien - Initial Term Loan	1M US L + 4.75%	08/31/2027		249,025
	246,256	Lumen Technologies, Inc., First Lien - B Term Loan	1M US L + 2.25%	03/15/2027		244,058
	250,000	Marcel LUX IV S.a.r.l., First Lien - Original Facility Term Loan	2M US L + 4.00%, 0.75% Floor	09/22/2027		251,251
	250,000	Mileage Plus Holdings LLC, First Lien - Initial Term Loan	3M US L + 5.25%, 1.00% Floor	06/21/2027		266,036
	241,899	Natgasoline LLC, First Lien - Initial Term Loan	1M US L + 3.50%	11/14/2025		240,387
	250,000	NewCo I B.V., First Lien - Facility AV1 Term Loan	1M US L + 3.50%	01/31/2029		249,644
	248,418	Olaplex, Inc., First Lien - Initial Term Loan	1M US L + 6.50%, 1.00% Floor	01/08/2026		248,418
	96,000	Onvoy LLC, First Lien - Initial Term Loan	1M US L + 4.50%, 1.00% Floor	02/10/2024		96,060
	250,000	Pactiv Evergreen, Inc., First Lien - Tranche B-2 U.S. Term Loan	L + 3.25%	02/05/2026		247,563
	100,000	PetVet Care Centers LLC, First Lien - 2021 Replacement Term Loan	L + 2.75%, 0.75% Floor	02/14/2025		99,913
	248,125	PG&E Corp., First Lien	3M US L + 3.00%, 0.50% Floor	06/23/2025		248,202
	249,352	ProAmpac PG Borrower LLC, First Lien - 2020-1 Term Loan	3M US L + 4.00%, 1.00% Floor	11/03/2025		249,559
	250,000	ProQuest LLC, First Lien - Initial Term Loan	1M US L + 3.25%	10/23/2026		248,719
	246,875	Pug LLC, First Lien - USD B Term Loan	1M US L + 3.50%	02/12/2027		239,160
	49,000	Rackspace Technology Global, Inc., First Lien - 2021 B Term Loan	L + 2.75%, 0.75% Floor	02/15/2028		48,630
	125,000	RealPage, Inc., First Lien	L + 3.25%, 0.50% Floor	02/18/2028		124,583
	232,889	Recess Holdings, Inc., First Lien - Initial Term Loan	3M US L + 3.75%, 1.00% Floor	09/30/2024		231,265
	235,231	Recorded Books, Inc., First Lien - 2021 Replacement Term Loan	1M US L + 4.00%	08/29/2025		234,953
	221,445	Shearer's Foods LLC, First Lien	L + 4.00%, 0.75% Floor	09/30/2025		221,375
	250,000	Sotera Health Holdings LLC, First Lien - Refinancing Term Loan	L + 3.25%, 0.50% Floor	12/13/2026		249,688
	150,000	Spin Holdco, Inc., First Lien - Initial Term Loan	L + 4.00%, 0.75% Floor	03/04/2028		148,915
	216,233	St. George's University Scholastic Services LLC, First Lien	1M US L + 3.25%	07/17/2025		214,477

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 71

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	43,000	Triton Water Holdings, Inc., First Lien - Initial Term Loan	3M US L + 3.50%, 0.50% Floor	03/31/2028	$	42,889
	250,000	U.S. Anesthesia Partners, Inc., First Lien - Initial Term Loan	3M US L + 3.00%, 1.00% Floor	06/23/2024		247,170
	275,000	Uber Technologies, Inc., First Lien - 2021 Incremental Term Loan	L + 3.50%	04/04/2025		274,112
	248,057	UFC Holdings LLC, First Lien	L + 3.25%, 0.75% Floor	04/29/2026		247,455
	249,375	UKG, Inc., First Lien - 2021 Incremental Term Loan	L + 4.00%, 0.75% Floor	05/04/2026		249,745
	250,000	Verscend Holding Corp., First Lien - B-1 Term Loan	L + 4.00%	08/27/2025		250,348
	35,573	Vestcom Parent Holdings, Inc., First Lien - L/C Collaterilized Term Loan	1M US L + 3.75%, 1.00% Floor	12/19/2023		35,484
	300,000	Virgin Media Bristol LLC, First Lien - Q Term Loan	L + 3.25%	01/31/2029		299,857
	249,333	William Morris Endeavor Entertainment LLC, First Lien - B-1 Term Loan	1M US L + 2.75%	05/18/2025		236,278
	373,122	Windstream Services II LLC, First Lien - Initial Term Loan	1M US L + 6.25%, 1.00% Floor	09/21/2027		373,822
	130,648	YI LLC, First Lien - Initial Term Loan	1M US L + 4.00%, 1.00% Floor	11/07/2024		125,422
						14,332,375
TOTAL BANK LOANS
(Cost $17,277,130)						17,319,245
HIGH YIELD DEBT - 59.02%
Australia - 0.37%
	40,000	Mineral Resources, Ltd.(f)	8.13%	05/01/2027		44,320
	120,000	Nufarm Australia, Ltd. / Nufarm Americas, Inc.(f)	5.75%	04/30/2026		123,173
						167,493
Canada - 2.48%
	70,000	1011778 BC ULC / New Red Finance, Inc.(f)	4.38%	01/15/2028		70,449
	30,000	Baytex Energy Corp.(f)	8.75%	04/01/2027		27,281
	10,000	Bombardier, Inc.(f)	8.75%	12/01/2021		10,508
	110,000	Bombardier, Inc.(f)	6.13%	01/15/2023		114,648
	35,000	Cascades, Inc./Cascades USA, Inc.(f)	5.13%	01/15/2026		37,253
	110,000	Cascades, Inc./Cascades USA, Inc.(f)	5.38%	01/15/2028		115,706
	35,000	Eldorado Gold Corp.(f)	9.50%	06/01/2024		38,197
	70,000	Empire Communities Corp.(f)	7.00%	12/15/2025		73,937
	20,000	First Quantum Minerals, Ltd.(f)	7.25%	04/01/2023		20,380
	25,000	First Quantum Minerals, Ltd.(f)	6.50%	03/01/2024		25,422

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	85,000	GFL Environmental, Inc.(f)	5.13%	12/15/2026	$	89,684
	105,000	Intelligent Packaging, Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC(f)	6.00%	09/15/2028		108,609
	50,000	Mattamy Group Corp.(f)	4.63%	03/01/2030		49,750
	55,000	MEG Energy Corp.(f)	7.13%	02/01/2027		57,716
	110,000	Mercer International, Inc.(f)	5.13%	02/01/2029		114,098
	35,000	Precision Drilling Corp.	7.75%	12/15/2023		35,197
	60,000	Precision Drilling Corp.(f)	7.13%	01/15/2026		58,370
	70,000	Telesat Canada / Telesat LLC(f)	4.88%	06/01/2027		70,175
						1,117,380
Cayman Islands - 0.31%
	58,865	Global Aircraft Leasing Co., Ltd.(c)(f)	6.50% (7.25%)	09/15/2024		56,525
	90,000	Transocean Poseidon, Ltd.(f)	6.88%	02/01/2027		83,357
						139,882
France - 1.34%
	100,000	Altice France SA(g)	5.88%	02/01/2027		125,192
	120,000	Altice France SA(f)	5.50%	01/15/2028		123,119
	100,000	Banijay Entertainment SASU(f)	3.50%	03/01/2025		118,261
	100,000	Constantin Investissement 3 SASU(g)	5.38%	04/15/2025		118,899
	100,000	Laboratoire Eimer Selas(f)	5.00%	02/01/2029		119,209
						604,680
Germany - 1.38%
	100,000	Cheplapharm Arzneimittel GmbH(g)	4.38%	01/15/2028		122,833
	100,000	IHO Verwaltungs GmbH(c)(g)	3.75% (4.50%)	09/15/2026		120,056
	120,000	Nidda Healthcare Holding GmbH(g)	3.50%	09/30/2024		141,764
	100,000	Tele Columbus AG(g)	3.88%	05/02/2025		119,705
	100,000	WEPA Hygieneprodukte GmbH(g)	2.88%	12/15/2027		117,515
						621,873
Great Britain - 2.22%
	100,000	Arqiva Broadcast Finance PLC	6.75%	09/30/2023		142,686
	100,000	Bellis Acquisition Co. PLC(f)	3.25%	02/16/2026		138,639
	55,000	Connect Finco SARL / Connect US Finco LLC(f)	6.75%	10/01/2026		58,646
	100,000	eG Global Finance PLC(g)	6.25%	10/30/2025		119,786
	60,000	Rolls-Royce PLC(f)	5.75%	10/15/2027		63,918
	100,000	Synlab Bondco PLC(e)(f)	3M EUR L + 4.75%	07/01/2025		119,045
	35,000	TechnipFMC PLC(f)	6.50%	02/01/2026		36,647
	100,000	Thames Water Kemble Finance PLC(g)	4.63%	05/19/2026		140,198
	60,000	Virgin Media Finance PLC(f)	5.00%	07/15/2030		60,000
	100,000	Vodafone Group PLC(e)	3.00% - 5Y EUR SWAP%	08/27/2080		121,282
						1,000,847
Ireland - 0.77%
	200,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.(f)	5.25%	08/15/2027		204,216

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 73

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	100,000	Virgin Media Vendor Financing Notes III DAC(f)	4.88%	07/15/2028	$	142,600
						346,816
Isle Of Man - 0.27%
	100,000	Playtech PLC	3.75%	10/12/2023		119,323
Italy - 1.30%
	100,000	Bormioli Pharma SpA(e)(g)	3M EUR L + 3.50%	11/15/2024		116,831
	100,000	Brunello Bidco SpA(f)	3.50%	02/15/2028		116,977
	100,000	Gamma Bidco SpA(e)(g)	3M EUR L + 6.00%	07/15/2025		118,250
	100,000	Guala Closures SpA(e)(f)	3M EUR L + 3.50%	04/15/2024		117,405
	100,000	Sofima Holding SpA(g)	3.75%	01/15/2028		118,211
						587,674
Jersey - 0.42%
	52,083	CPUK Finance, Ltd.(g)	4.25%	08/28/2022		71,988
	100,000	LHC3 PLC(c)(f)	4.13% (9.00%)	08/15/2024		119,264
						191,252
Luxembourg - 3.14%
	100,000	Altice Financing SA(f)	3.00%	01/15/2028		112,484
	100,000	Altice France Holding SA(f)	4.00%	02/15/2028		110,638
	45,000	ArcelorMittal SA	3.60%	07/16/2024		47,428
	55,000	ArcelorMittal SA	4.55%	03/11/2026		61,193
	15,000	ArcelorMittal SA	7.25%	10/15/2039		20,558
	100,000	ARD Finance SA(c)(f)	5.00% (5.75%)	06/30/2027		120,178
	100,000	Cirsa Finance International SARL(g)	6.25%	12/20/2023		119,260
	85,000	Dana Financing Luxembourg SARL(f)	5.75%	04/15/2025		87,709
	100,000	Lincoln Financing SARL(g)	3.63%	04/01/2024		118,722
	100,000	Matterhorn Telecom SA(g)	4.00%	11/15/2027		119,590
	100,000	Monitchem HoldCo 2 SA(g)	9.50%	09/15/2026		128,932
	100,000	Motion Finco SARL(g)	7.00%	05/15/2025		124,014
	100,000	Summer BC Holdco B SARL(g)	5.75%	10/31/2026		123,808
	100,000	Telenet Finance Luxembourg Notes SARL(g)	3.50%	03/01/2028		121,697
						1,416,211
Netherlands - 2.81%
	100,000	Intertrust Group BV(g)	3.38%	11/15/2025		120,525
	120,000	OCI NV(f)	4.63%	10/15/2025		124,275
	100,000	Sigma Holdco BV(g)	5.75%	05/15/2026		113,376
	100,000	Sunshine Mid BV(g)	6.50%	05/15/2026		121,655
	100,000	Telefonica Europe BV(d)(e)	4.38%	Perpetual Maturity		127,713
	100,000	Trivium Packaging Finance BV(f)	3.75%	08/15/2026		120,474
	200,000	UPC Holding BV(f)	5.50%	01/15/2028		207,065
	45,000	Ziggo Bond Co. BV(f)	5.13%	02/28/2030		46,069
	100,000	Ziggo Bond Co. BV(g)	3.38%	02/28/2030		115,881

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	145,000	Ziggo Bond Co. BV(f)	3.38%	02/28/2030	$	168,027
						1,265,060
Spain - 0.28%
	105,000	Lorca Telecom Bondco SA(f)	4.00%	09/18/2027		126,668
Sweden - 0.25%
	100,000	Intrum AB(g)	3.00%	09/15/2027		114,139
United States - 41.68%
	40,000	Academy, Ltd.(f)	6.00%	11/15/2027		42,200
	135,000	Acadia Healthcare Co., Inc.(f)	5.50%	07/01/2028		142,375
	10,000	Acadia Healthcare Co., Inc.(f)	5.00%	04/15/2029		10,402
	95,000	ACCO Brands Corp.(f)	4.25%	03/15/2029		92,594
	30,000	Acrisure LLC / Acrisure Finance, Inc.(f)	10.13%	08/01/2026		34,637
	45,000	Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC(f)	5.88%	02/15/2028		48,057
	105,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.(f)	6.63%	07/15/2026		111,547
	60,000	American Airlines, Inc.(f)	11.75%	07/15/2025		74,294
	50,000	American Airlines, Inc./AAdvantage Loyalty IP, Ltd.(f)	5.50%	04/20/2026		52,097
	30,000	American Airlines, Inc./AAdvantage Loyalty IP, Ltd.(f)	5.75%	04/20/2029		31,947
	60,000	Apache Corp.	4.75%	04/15/2043		55,740
	75,000	APX Group, Inc.(f)	6.75%	02/15/2027		80,548
	10,000	Aramark Services, Inc.(f)	6.38%	05/01/2025		10,612
	115,000	Aramark Services, Inc.(f)	5.00%	02/01/2028		119,485
	40,000	Archrock Partners LP / Archrock Partners Finance Corp.(f)	6.88%	04/01/2027		41,800
	85,000	Archrock Partners LP / Archrock Partners Finance Corp.(f)	6.25%	04/01/2028		86,502
	105,000	Arconic Corp.(f)	6.13%	02/15/2028		112,022
	31,000	Asbury Automotive Group, Inc.	4.50%	03/01/2028		31,788
	33,000	Asbury Automotive Group, Inc.	4.75%	03/01/2030		34,130
	30,000	Ascent Resources Utica Holdings LLC / ARU Finance Corp.(f)	7.00%	11/01/2026		30,037
	50,000	AssuredPartners, Inc.(f)	5.63%	01/15/2029		51,012
	100,000	Avantor Funding, Inc.(f)	2.63%	11/01/2025		120,298
	87,000	Bausch Health Cos., Inc.(f)	6.13%	04/15/2025		89,280
	195,000	Bausch Health Cos., Inc.(f)	5.00%	01/30/2028		197,681
	90,000	Bausch Health Cos., Inc.(f)	5.00%	02/15/2029		89,550
	75,000	Bausch Health Cos., Inc.(f)	5.25%	02/15/2031		74,782
	75,000	Big River Steel LLC / BRS Finance Corp.(f)	6.63%	01/31/2029		81,830
	35,000	Block Communications, Inc.(f)	4.88%	03/01/2028		35,730
	65,000	Boyd Gaming Corp.	6.38%	04/01/2026		67,203
	10,000	Boyd Gaming Corp.	6.00%	08/15/2026		10,436

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 75

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	65,000	Boyd Gaming Corp.	4.75%	12/01/2027	$	66,372
	120,000	Boyne USA, Inc.(f)	7.25%	05/01/2025		125,115
	65,000	Brink's Co.(f)	5.50%	07/15/2025		68,778
	45,000	Buckeye Partners LP(f)	4.50%	03/01/2028		45,225
	55,000	Cablevision Lightpath LLC(f)	5.63%	09/15/2028		55,912
	125,000	Caesars Entertainment, Inc.(f)	6.25%	07/01/2025		133,409
	45,000	Callon Petroleum Co.	6.38%	07/01/2026		35,662
	160,000	Calpine Corp.(f)	5.13%	03/15/2028		160,970
	75,000	Cardtronics, Inc. / Cardtronics USA, Inc.(f)	5.50%	05/01/2025		77,250
	120,000	Carnival Corp.(f)	5.75%	03/01/2027		123,300
	35,000	Carpenter Technology Corp.	6.38%	07/15/2028		37,641
	55,000	Carriage Services, Inc.(f)	6.63%	06/01/2026		57,946
	100,000	CCO Holdings LLC / CCO Holdings Capital Corp.(f)	5.50%	05/01/2026		103,270
	25,000	CCO Holdings LLC / CCO Holdings Capital Corp.(f)	5.00%	02/01/2028		26,466
	15,000	CCO Holdings LLC / CCO Holdings Capital Corp.(f)	5.38%	06/01/2029		16,105
	120,000	CCO Holdings LLC / CCO Holdings Capital Corp.(f)	4.75%	03/01/2030		124,500
	130,000	Cedar Fair LP	5.25%	07/15/2029		133,845
	65,000	Central Garden & Pet Co.	5.13%	02/01/2028		68,806
	30,000	ChampionX Corp.	6.38%	05/01/2026		31,532
	80,000	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.(f)	5.75%	03/01/2025		81,648
	90,000	Cheniere Energy, Inc.(f)	4.63%	10/15/2028		93,581
	25,000	Chesapeake Energy Corp.(f)	5.50%	02/01/2026		26,069
	40,000	Chesapeake Energy Corp.(f)	5.88%	02/01/2029		42,475
	60,000	CHS/Community Health Systems, Inc.(f)	5.63%	03/15/2027		62,925
	30,000	CHS/Community Health Systems, Inc.(f)	6.00%	01/15/2029		31,763
	15,000	CHS/Community Health Systems, Inc.(f)	4.75%	02/15/2031		14,672
	65,000	Churchill Downs, Inc.(f)	5.50%	04/01/2027		68,088
	10,000	Churchill Downs, Inc.(f)	4.75%	01/15/2028		10,366
	145,000	CITGO Petroleum Corp.(f)	7.00%	06/15/2025		149,440
	35,000	CITGO Petroleum Corp.(f)	6.38%	06/15/2026		35,360
	30,000	Clean Harbors, Inc.(f)	5.13%	07/15/2029		31,937
	95,000	Clear Channel Outdoor Holdings, Inc.(f)	7.75%	04/15/2028		94,133
	65,000	Cleveland-Cliffs, Inc.(f)	6.75%	03/15/2026		70,769
	70,000	Cleveland-Cliffs, Inc.(f)	4.63%	03/01/2029		69,968
	20,000	Cleveland-Cliffs, Inc.(f)	4.88%	03/01/2031		19,975
	75,000	Colgate Energy Partners III LLC(f)	7.75%	02/15/2026		73,703
	34,000	CommScope Technologies LLC(f)	6.00%	06/15/2025		34,728
	135,000	CommScope Technologies LLC(f)	5.00%	03/15/2027		133,988
	5,000	CommScope, Inc.(f)	5.50%	03/01/2024		5,163
	30,000	CommScope, Inc.(f)	6.00%	03/01/2026		31,650

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	100,000	Compass Group Diversified Holdings LLC(f)	5.25%	04/16/2029	$	104,968
	85,000	Comstock Resources, Inc.(f)	6.75%	03/01/2029		87,284
	70,000	Consolidated Communications, Inc.(f)	5.00%	10/02/2028		70,721
	130,000	Covanta Holding Corp.	6.00%	01/01/2027		136,150
	25,000	Crocs, Inc.(f)	4.25%	03/15/2029		24,438
	62,000	CrownRock LP / CrownRock Finance, Inc.(f)	5.63%	10/15/2025		63,370
	115,000	CSC Holdings LLC(f)	5.75%	01/15/2030		121,267
	85,000	CSC Holdings LLC(f)	4.63%	12/01/2030		83,725
	20,000	Cushman & Wakefield US Borrower LLC(f)	6.75%	05/15/2028		21,688
	35,000	CVR Energy, Inc.(f)	5.75%	02/15/2028		34,191
	20,000	Dana, Inc.	5.38%	11/15/2027		21,038
	30,000	Dana, Inc.	5.63%	06/15/2028		32,149
	140,000	DaVita, Inc.(f)	4.63%	06/01/2030		142,815
	155,000	Delta Air Lines, Inc.(f)	7.00%	05/01/2025		178,682
	35,000	DISH DBS Corp.	7.75%	07/01/2026		38,675
	35,000	DISH DBS Corp.	7.38%	07/01/2028		36,761
	50,000	Dycom Industries, Inc.(f)	4.50%	04/15/2029		50,250
	45,000	Edgewell Personal Care Co.(f)	5.50%	06/01/2028		47,582
	80,000	Encompass Health Corp.	4.50%	02/01/2028		82,065
	70,000	Endo Dac / Endo Finance LLC / Endo Finco, Inc.(f)	9.50%	07/31/2027		76,169
	100,000	Energizer Gamma Acquisition BV(g)	4.63%	07/15/2026		120,840
	85,000	EnerSys(f)	4.38%	12/15/2027		87,125
	50,000	EnLink Midstream LLC(f)	5.63%	01/15/2028		48,443
	15,000	EQM Midstream Partners LP(f)	4.50%	01/15/2029		14,645
	70,000	EQM Midstream Partners LP(f)	4.75%	01/15/2031		67,988
	100,000	ESH Hospitality, Inc.(f)	5.25%	05/01/2025		102,147
	55,000	ESH Hospitality, Inc.(f)	4.63%	10/01/2027		58,239
	10,000	FirstCash, Inc.(f)	4.63%	09/01/2028		10,219
	35,000	FirstEnergy Corp.	5.35%	07/15/2047		39,367
	30,000	FirstEnergy Transmission LLC(f)	4.55%	04/01/2049		31,687
	5,000	Ford Motor Credit Co. LLC	5.60%	01/07/2022		5,149
	30,000	Ford Motor Credit Co. LLC	5.13%	06/16/2025		32,437
	45,000	Ford Motor Credit Co. LLC	4.13%	08/17/2027		46,519
	100,000	Ford Motor Credit Co. LLC	5.11%	05/03/2029		107,470
	30,000	Frontier Communications Corp.(f)	5.88%	10/15/2027		31,856
	195,000	Frontier Communications Corp.(f)	5.00%	05/01/2028		198,950
	35,000	Frontier Communications Corp.(f)	6.75%	05/01/2029		36,980
	35,000	Go Daddy Operating Co. LLC / GD Finance Co, Inc.(f)	5.25%	12/01/2027		37,078
	100,000	Golden Nugget, Inc.(f)	6.75%	10/15/2024		101,242
	55,000	Goodyear Tire & Rubber Co.	9.50%	05/31/2025		61,768
	35,000	Goodyear Tire & Rubber Co.	5.25%	04/30/2031		35,000
	75,000	Greystar Real Estate Partners LLC(f)	5.75%	12/01/2025		77,438

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 77

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	55,000	Grinding Media, Inc. / Moly-Cop AltaSteel, Ltd.(f)	7.38%	12/15/2023	$	56,345
	40,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.(f)	5.75%	01/20/2026		42,554
	100,000	Herc Holdings, Inc.(f)	5.50%	07/15/2027		106,608
	75,000	Hess Midstream Operations LP(f)	5.63%	02/15/2026		77,391
	5,000	Hess Midstream Operations LP(f)	5.13%	06/15/2028		5,067
	85,000	Home Point Capital, Inc.(f)	5.00%	02/01/2026		84,256
	55,000	Howard Hughes Corp.(f)	4.13%	02/01/2029		53,843
	45,000	HUB International, Ltd.(f)	7.00%	05/01/2026		46,774
	15,000	Hunt Companies, Inc.(f)	5.25%	04/15/2029		15,000
	40,000	IAA, Inc.(f)	5.50%	06/15/2027		42,025
	10,000	iHeartCommunications, Inc.	8.38%	05/01/2027		10,738
	110,000	iHeartCommunications, Inc.(f)	5.25%	08/15/2027		113,333
	80,000	Illuminate Buyer LLC / Illuminate Holdings IV, Inc.(f)	9.00%	07/01/2028		90,124
	19,000	Ingles Markets, Inc.	5.75%	06/15/2023		19,202
	115,000	Intelsat Jackson Holdings SA(f)(h)	8.00%	02/15/2024		119,216
	100,000	International Game Technology PLC(g)	3.50%	06/15/2026		119,932
	55,000	Iron Mountain, Inc.(f)	5.25%	03/15/2028		57,234
	15,000	Iron Mountain, Inc.(f)	5.00%	07/15/2028		15,357
	105,000	Iron Mountain, Inc.(f)	4.88%	09/15/2029		106,412
	55,000	Iron Mountain, Inc.(f)	5.25%	07/15/2030		56,818
	30,000	Itron, Inc.(f)	5.00%	01/15/2026		30,791
	95,000	J2 Global, Inc.(f)	4.63%	10/15/2030		96,128
	90,000	KAR Auction Services, Inc.(f)	5.13%	06/01/2025		91,737
	115,000	Kennedy-Wilson, Inc.	4.75%	03/01/2029		116,581
	20,000	Kennedy-Wilson, Inc.	5.00%	03/01/2031		20,280
	90,000	Kraft Heinz Foods Co.	6.88%	01/26/2039		124,266
	125,000	Kraft Heinz Foods Co.	6.50%	02/09/2040		163,627
	190,000	Kraft Heinz Foods Co.	4.38%	06/01/2046		199,075
	30,000	Kraft Heinz Foods Co.	4.88%	10/01/2049		33,729
	10,000	L Brands, Inc.(f)	9.38%	07/01/2025		12,462
	105,000	L Brands, Inc.	7.50%	06/15/2029		119,472
	15,000	L Brands, Inc.(f)	6.63%	10/01/2030		17,155
	25,000	L Brands, Inc.	6.95%	03/01/2033		27,938
	20,000	Lamar Media Corp.	4.00%	02/15/2030		19,982
	85,000	Laredo Petroleum, Inc.	9.50%	01/15/2025		81,899
	75,000	LD Holdings Group LLC(f)	6.50%	11/01/2025		78,750
	80,000	LD Holdings Group LLC(f)	6.13%	04/01/2028		81,192
	75,000	Level 3 Financing, Inc.	5.25%	03/15/2026		77,344
	20,000	Level 3 Financing, Inc.(f)	4.63%	09/15/2027		20,619
	15,000	Live Nation Entertainment, Inc.(f)	6.50%	05/15/2027		16,669
	35,000	Logan Merger Sub, Inc.(f)	5.50%	09/01/2027		36,685
	165,000	Lumen Technologies, Inc.(f)	5.13%	12/15/2026		174,014
	125,000	Marriott Ownership Resorts, Inc.(f)	6.13%	09/15/2025		133,079

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	25,000	Marriott Ownership Resorts, Inc. / ILG LLC	6.50%	09/15/2026	$	26,152
	45,000	Masonite International Corp.(f)	5.38%	02/01/2028		47,832
	145,000	MEDNAX, Inc.(f)	6.25%	01/15/2027		155,233
	60,000	Mercer International, Inc.	5.50%	01/15/2026		61,613
	113,000	Meredith Corp.	6.88%	02/01/2026		116,424
	34,000	MGIC Investment Corp.	5.25%	08/15/2028		35,381
	85,000	MPH Acquisition Holdings LLC(f)	5.75%	11/01/2028		82,981
	45,000	Murphy Oil Corp.	5.88%	12/01/2027		44,142
	50,000	NCR Corp.(f)	5.75%	09/01/2027		53,000
	105,000	NCR Corp.(f)	5.13%	04/15/2029		105,985
	80,000	NCR Corp.(f)	6.13%	09/01/2029		84,835
	40,000	NCR Corp.(f)	5.25%	10/01/2030		40,580
	55,000	New Enterprise Stone & Lime Co., Inc.(f)	6.25%	03/15/2026		56,478
	65,000	New Residential Investment Corp.(f)	6.25%	10/15/2025		65,366
	95,000	Nexstar Broadcasting, Inc.(f)	5.63%	07/15/2027		99,720
	80,000	Nexstar Broadcasting, Inc.(f)	4.75%	11/01/2028		80,993
	80,000	NFP Corp.(f)	6.88%	08/15/2028		83,100
	40,000	Novelis Corp.(f)	5.88%	09/30/2026		41,800
	60,000	NuStar Logistics LP	6.38%	10/01/2030		64,988
	98,000	Occidental Petroleum Corp.(e)	3M US L + 1.45%	08/15/2022		96,999
	185,000	Occidental Petroleum Corp.	3.20%	08/15/2026		177,856
	55,000	Occidental Petroleum Corp.	4.40%	04/15/2046		47,198
	25,000	Occidental Petroleum Corp.	4.40%	08/15/2049		20,954
	50,000	Oceaneering International, Inc.	6.00%	02/01/2028		47,927
	20,000	Olin Corp.	5.63%	08/01/2029		21,597
	105,000	Olin Corp.	5.00%	02/01/2030		110,229
	30,000	Ortho-Clinical Diagnostics, Inc. / Ortho- Clinical Diagnostics SA(f)	7.25%	02/01/2028		32,926
	35,000	Outfront Media Capital LLC / Outfront Media Capital Corp.(f)	6.25%	06/15/2025		37,078
	20,000	Outfront Media Capital LLC / Outfront Media Capital Corp.(f)	5.00%	08/15/2027		20,234
	35,000	Outfront Media Capital LLC / Outfront Media Capital Corp.(f)	4.25%	01/15/2029		33,739
	20,000	Outfront Media Capital LLC / Outfront Media Capital Corp.(f)	4.63%	03/15/2030		19,275
	10,000	Ovintiv, Inc.	6.50%	08/15/2034		12,124
	60,000	Ovintiv, Inc.	6.63%	08/15/2037		72,306
	15,000	Ovintiv, Inc.	6.50%	02/01/2038		18,151
	50,000	Owens & Minor, Inc.(f)	4.50%	03/31/2029		50,313
	105,000	Par Pharmaceutical, Inc.(f)	7.50%	04/01/2027		111,506
	30,000	PDC Energy, Inc.	6.13%	09/15/2024		30,840
	65,000	PDC Energy, Inc.	5.75%	05/15/2026		67,503
	75,000	PennyMac Financial Services, Inc.(f)	4.25%	02/15/2029		71,906
	40,000	Performance Food Group, Inc.(f)	5.50%	06/01/2024		40,225
	25,000	Performance Food Group, Inc.(f)	5.50%	10/15/2027		26,190

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 79

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	25,000	PG&E Corp.	5.00%	07/01/2028	$	26,445
	95,000	PG&E Corp.	5.25%	07/01/2030		100,819
	130,000	Pike Corp.(f)	5.50%	09/01/2028		132,600
	55,000	Pilgrim's Pride Corp.(f)	5.75%	03/15/2025		56,202
	55,000	Powdr Corp.(f)	6.00%	08/01/2025		58,168
	90,000	PowerTeam Services LLC(f)	9.03%	12/04/2025		99,450
	40,000	PQ Corp.(f)	5.75%	12/15/2025		41,075
	10,000	Prestige Brands, Inc.(f)	5.13%	01/15/2028		10,505
	100,000	Prime Security Services Borrower LLC / Prime Finance, Inc.(f)	5.75%	04/15/2026		108,330
	120,000	Prime Security Services Borrower LLC / Prime Finance, Inc.(f)	6.25%	01/15/2028		125,088
	85,000	Quicken Loans LLC(f)	5.25%	01/15/2028		89,409
	45,000	QVC, Inc.	4.75%	02/15/2027		46,659
	85,000	QVC, Inc.	4.38%	09/01/2028		85,833
	85,000	Realogy Group LLC / Realogy Co.-Issuer Corp.(f)	7.63%	06/15/2025		92,932
	75,000	Realogy Group LLC / Realogy Co.-Issuer Corp.(f)	5.75%	01/15/2029		74,062
	115,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu(f)	4.00%	10/15/2027		112,844
	95,000	RHP Hotel Properties LP / RHP Finance Corp.	4.75%	10/15/2027		97,404
	89,000	Rite Aid Corp.(f)	8.00%	11/15/2026		93,561
	90,000	Rocket Software, Inc.(f)	6.50%	02/15/2029		90,979
	95,000	Royal Caribbean Cruises, Ltd.(f)	5.50%	04/01/2028		95,594
	20,000	Sabre GLBL, Inc.(f)	9.25%	04/15/2025		23,875
	55,000	Sabre GLBL, Inc.(f)	7.38%	09/01/2025		60,104
	100,000	Scientific Games International, Inc.(g)	5.50%	02/15/2026		117,769
	25,000	Scotts Miracle-Gro Co.	4.50%	10/15/2029		25,853
	85,000	Scripps Escrow II, Inc.(f)	5.38%	01/15/2031		84,522
	60,000	SeaWorld Parks & Entertainment, Inc.(f)	9.50%	08/01/2025		65,322
	10,000	SEG Holding LLC / SEG Finance Corp.(f)	5.63%	10/15/2028		10,488
	35,000	Shea Homes LP / Shea Homes Funding Corp.(f)	4.75%	02/15/2028		35,696
	35,000	Shea Homes LP / Shea Homes Funding Corp.(f)	4.75%	04/01/2029		35,490
	55,000	Signal Parent, Inc.(f)	6.13%	04/01/2029		54,588
	35,000	Signature Aviation US Holdings, Inc.(f)	5.38%	05/01/2026		35,787
	100,000	Silgan Holdings, Inc.	3.25%	03/15/2025		118,279
	30,000	Sirius XM Radio, Inc.(f)	4.63%	07/15/2024		30,940
	5,000	Sirius XM Radio, Inc.(f)	5.50%	07/01/2029		5,416
	100,000	Six Flags Entertainment Corp.(f)	5.50%	04/15/2027		103,750
	30,000	Six Flags Theme Parks, Inc.(f)	7.00%	07/01/2025		32,494
	30,000	SM Energy Co.	5.63%	06/01/2025		27,813
	20,000	Southwestern Energy Co.	7.75%	10/01/2027		21,413

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	40,000	Southwestern Energy Co.	8.38%	09/15/2028	$	43,975
	100,000	Spectrum Brands, Inc.(f)	5.00%	10/01/2029		105,750
	70,000	SS&C Technologies, Inc.(f)	5.50%	09/30/2027		74,641
	110,000	Station Casinos LLC(f)	4.50%	02/15/2028		109,794
	40,000	Stevens Holding Co., Inc.(f)	6.13%	10/01/2026		43,042
	110,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.	5.75%	03/01/2025		112,188
	40,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.	5.88%	03/01/2027		41,725
	30,000	Summit Materials LLC / Summit Materials Finance Corp.(f)	5.13%	06/01/2025		30,559
	95,000	SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp.(f)	7.50%	06/15/2025		98,859
	50,000	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.(f)	6.00%	03/01/2027		50,625
	15,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	5.88%	04/15/2026		15,731
	20,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	5.38%	02/01/2027		20,788
	20,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	5.00%	01/15/2028		20,862
	100,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	5.50%	03/01/2030		105,094
	10,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.(f)	4.00%	01/15/2032		9,418
	120,000	TEGNA, Inc.(f)	4.75%	03/15/2026		127,500
	135,000	Tenet Healthcare Corp.	5.13%	05/01/2025		137,066
	135,000	Tenet Healthcare Corp.(f)	6.25%	02/01/2027		142,730
	15,000	Tenet Healthcare Corp.(f)	5.13%	11/01/2027		15,723
	75,000	Tenet Healthcare Corp.(f)	4.63%	06/15/2028		76,967
	20,000	Tenet Healthcare Corp.(f)	6.13%	10/01/2028		20,900
	75,000	Tennant Co.	5.63%	05/01/2025		77,438
	55,000	Tms International Holding Corp.(f)	7.25%	08/15/2025		56,238
	40,000	TPC Group, Inc.(f)	10.50%	08/01/2024		36,220
	105,000	TransDigm, Inc.(f)	8.00%	12/15/2025		114,450
	70,000	TransDigm, Inc.(f)	6.25%	03/15/2026		74,302
	30,000	TransDigm, Inc.	5.50%	11/15/2027		31,099
	105,000	TransDigm, Inc.(f)	4.63%	01/15/2029		103,666
	10,000	Tronox, Inc.(f)	6.50%	05/01/2025		10,738
	80,000	Uber Technologies, Inc.(f)	7.50%	05/15/2025		86,437
	20,000	Uber Technologies, Inc.(f)	6.25%	01/15/2028		21,809
	100,000	UGI International LLC(f)	3.25%	11/01/2025		120,134
	55,000	Univar Solutions USA, Inc./Washington(f)	5.13%	12/01/2027		57,327
	15,000	Univision Communications, Inc.(f)	9.50%	05/01/2025		16,500
	20,000	Univision Communications, Inc.(f)	6.63%	06/01/2027		21,396
	40,000	US Foods, Inc.(f)	6.25%	04/15/2025		42,933

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 81

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	30,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	09/01/2027	$	30,951
	85,000	Viasat, Inc.(f)	5.63%	09/15/2025		86,505
	20,000	VICI Properties LP / VICI Note Co., Inc.(f)	4.25%	12/01/2026		20,493
	20,000	VICI Properties LP / VICI Note Co., Inc.(f)	4.63%	12/01/2029		20,781
	35,000	VICI Properties LP / VICI Note Co., Inc.(f)	4.13%	08/15/2030		35,348
	65,000	Vine Engergy Holdings LLC(f)	6.75%	04/15/2029		65,000
	115,000	Vista Outdoor, Inc.(f)	4.50%	03/15/2029		114,003
	115,000	VM Consolidated, Inc.(f)	5.50%	04/15/2029		117,982
	140,000	Western Midstream Operating LP	5.50%	08/15/2048		138,477
	40,000	Wolverine World Wide, Inc.(f)	6.38%	05/15/2025		42,700
	180,000	Xerox Holdings Corp.(f)	5.00%	08/15/2025		188,082
	55,000	XPO Logistics, Inc.(f)	6.25%	05/01/2025		59,254
						18,788,836
TOTAL HIGH YIELD DEBT
(Cost $25,747,933)						26,608,134
Shares/Description						Value
RIGHTS - 0.00%(b)(i)
	198	DBI Investors, Inc., Strike Price 11.50, Expires 12/31/2049(a)				10
TOTAL RIGHTS
(Cost $11,231)						10
WARRANTS - 0.01%(b)
	4	David's Bridal, Strike Price 219.47, Expires 01/18/2024(a)				–
	11	Toys R Us Propco Warrant, Strike Price 11.50, Expires 12/31/2049(a)				–
	237	Windstream Holdings Inc - Pvt Warrant, Strike Price 0.00, Expires 12/31/2049				2,923
TOTAL WARRANTS
(Cost $106,180)						2,923
SHORT-TERM INVESTMENTS - 6.51%
	2,933,437	State Street Institutional Trust (7 Day Yield 0.01%)				2,933,437
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,933,437)						2,933,437
TOTAL INVESTMENTS - 105.44%
(Cost $46,907,549)						47,538,348
CASH SEGREGATED AT CUSTODIAN FOR FORWARD FOREIGN CURRENCY CONTRACTS - 0.11%						50,000

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

Shares/Description	Value
LIABILITIES IN EXCESS OF OTHER ASSETS - (5.55)%		(2,504,174	)
NET ASSETS - 100.00%	$	45,084,174

Investment Abbreviations:

EURIBOR - Euro Interbank Offered Rate

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

Libor Rates:

1M US L - 1 Month LIBOR as of March 31, 2021 was 0.11%

2M US L - 2 Month LIBOR as of March 31, 2021 was 0.13%

3M US L - 3 Month LIBOR as of March 31, 2021 was 0.19%

6M US L - 6 Month LIBOR as of March 31, 2021 was 0.21%

1M EUR L - 1 Month EURIBOR as of December 31, 2020 was -0.56%

3M EUR L - 3 Month EURIBOR as of March 31, 2021 was -0.54%

6M EUR L - 6 Month EURIBOR as of March 31, 2021 was -0.52%

5Y EUR SWAP - 5 Year Euro ICE Swap Rate as of March 31, 2021 was -0.31%

(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)	Pay-in-kind securities. Rate paid in-kind is shown in parenthesis.
(d)	Security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.
(e)	Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2021. 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)	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 $17,921,254, which represents approximately 39.75% of net assets as of March 31, 2021.
(g)	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, 2021, the aggregate fair value of those securities was $3,351,368, representing 7.43% of net assets.
(h)	Security is currently in default.
(i)	Less than 0.005%.

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 83

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2021 (Unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at March 31, 2021		Fund Delivering	U.S. $ Value at March 31, 2021		Unrealized Appreciation/ (Depreciation)
State Street Corporation	4/8/2021	USD		5,680,228	EUR		5,535,904	$	144,324
State Street Corporation	4/8/2021	USD		1,651,649	EUR		1,609,683		41,966
State Street Corporation	4/8/2021	USD		348,558	GBP		345,914		2,644
State Street Corporation	4/8/2021	USD		508,479	GBP		504,622		3,857
								$	192,791
State Street Corporation	4/8/2021	EUR		101,548	USD		102,138	$	(590	)
State Street Corporation	4/8/2021	USD		139,114	GBP		139,806		(692	)
								$	(1,282	)

See Notes to Financial Statements.

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

RiverNorth Core Opportunity Fund

Statement of Assets and Liabilities March 31, 2021 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	72,141,628
At value	$	79,243,391
Cash		74,733
Receivable for fund investments sold		3,268,778
Dividends receivable		113,659
Receivable for fund shares sold		48,003
Interest receivable		20,462
Prepaid expenses and other assets		18,933
Total Assets		82,787,959
LIABILITIES:
Payable for fund investments purchased		1,721,785
Facility loan fee payable		2,420
Payable for fund shares redeemed		291
Payable to Adviser		68,943
Payable for fund accounting and administration fees		13,875
Accrued 12b-1 fees - Class R Shares		6,097
Payable for custodian fees		21,068
Payable for audit fees		13,636
Payable to transfer agent		7,505
Other accrued expenses		5,333
Total Liabilities		1,860,953
Net Assets	$	80,927,006
NET ASSETS CONSIST OF:
Paid-in capital	$	67,862,655
Total distributable earnings		13,064,351
Net Assets	$	80,927,006
PRICING OF SHARES:
Class I Shares
Net Assets	$	52,237,504
Shares of common stock outstanding (unlimited number of shares, no par value)		5,843,530
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.94
Class R Shares
Net Assets	$	28,689,502
Shares of common stock outstanding (unlimited number of shares, no par value)		3,205,465
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.95

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 85

RiverNorth/DoubleLine Strategic Income Fund

Statement of Assets and Liabilities March 31, 2021 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	1,908,711,390
At value	$	1,848,680,802
Investment in affiliates:
At cost		32,858,218
At value		31,954,120
Cash		58,681
Receivable for fund investments sold		39,278,687
Interest receivable		6,711,595
Receivable for fund shares sold		6,248,536
Dividends receivable		797,048
Prepaid expenses and other assets		199,587
Total Assets		1,933,929,056
LIABILITIES:
Payable for fund investments purchased		47,005,605
Facility loan fee payable		58,496
Payable for fund shares redeemed		1,289,914
Payable to Adviser		1,163,052
Payable for fund accounting and administration fees		405,315
Accrued 12b-1 fees - Class R Shares		28,305
Payable for custodian fees		89,312
Payable for audit fees		21,618
Payable to transfer agent		35,008
Payable to Trustees		209
Other accrued expenses		50,635
Total Liabilities		50,147,469
Net Assets	$	1,883,781,587
NET ASSETS CONSIST OF:
Paid-in capital	$	1,983,356,662
Total distributable earnings/(accumulated deficit)		(99,575,075	)
Net Assets	$	1,883,781,587
PRICING OF SHARES:
Class I Shares
Net Assets	$	1,750,303,847
Shares of common stock outstanding   (unlimited number of shares, no par value)		168,160,629
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	10.41
Class R Shares
Net Assets	$	133,477,740
Shares of common stock outstanding   (unlimited number of shares, no par value)		12,799,155
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	10.43

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Statement of Assets and Liabilities March 31, 2021 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	46,907,549
At value	$	47,538,348
Cash		30,749
Foreign currency, at value (Cost $187,758)		186,800
Receivable for fund investments sold		689,896
Interest receivable		385,095
Unrealized appreciation on forward foreign currency contracts		192,791
Cash segregated at custodian for forward foreign currency contracts		50,000
Dividends receivable		1,962
Prepaid expenses and other assets		20,388
Total Assets		49,096,029
LIABILITIES:
Payable for fund investments purchased		2,873,585
Facility loan payable		1,000,000
Interest payable on facility loan		9
Facility loan fee payable		1,507
Payable for fund shares redeemed		3,865
Unrealized depreciation on forward foreign currency contracts		1,282
Payable to Adviser		27,018
Payable for fund accounting and administration fees		57,901
Accrued 12b-1 fees - Class R Shares		1,046
Payable for custodian fees		19,789
Payable for audit fees		16,624
Payable to transfer agent		5,726
Payable to Trustees		23
Other accrued expenses		3,480
Total Liabilities		4,011,855
Net Assets	$	45,084,174
NET ASSETS CONSIST OF:
Paid-in capital	$	50,090,441
Total distributable earnings/(accumulated deficit)		(5,006,267	)
Net Assets	$	45,084,174

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 87

RiverNorth/Oaktree High Income Fund

Statement of Assets and Liabilities March 31, 2021 (Unaudited)

PRICING OF SHARES:
Class I Shares
Net Assets	$	40,232,349
Shares of common stock outstanding (unlimited number of shares, no par value)		4,253,895
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	9.46
Class R Shares
Net Assets	$	4,851,825
Shares of common stock outstanding (unlimited number of shares, no par value)		513,540
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	9.45

See Notes to Financial Statements.

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

RiverNorth Core Opportunity Fund

Statement of Operations For the Six Months Ended March 31, 2021 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	2,523,893
Interest income		124,088
Other income		25,642
Total Investment Income		2,673,623
EXPENSES:
Investment Adviser fee		396,841
12b-1 fees - Class R Shares		35,242
Accounting and administration fee		22,584
Registration expenses		22,243
Transfer agent expenses		21,315
Compliance expense		15,456
Audit expenses		13,222
Custodian expenses		11,601
Printing expenses		5,976
Facility loan fees		5,016
Legal expenses		4,142
Trustee expenses		3,431
Insurance expenses		789
Miscellaneous expenses		5,679
Total Expenses		563,537
Net Investment Income		2,110,086
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		6,109,611
Net realized gain		6,109,611
Net change in unrealized appreciation/depreciation on:
Investments		9,421,032
Net change in unrealized appreciation/depreciation		9,421,032
Net Realized and Unrealized Gain on Investments		15,530,643
Net Increase in Net Assets Resulting from Operations	$	17,640,729

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 89

RiverNorth/DoubleLine Strategic Income Fund

Statement of Operations For the Six Months Ended March 31, 2021 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	13,958,307
Dividend income from affiliated securities		563,478
Interest income		34,934,235
Other income		90,535
Foreign taxes withheld		(4,970	)
Total Investment Income		49,541,585
EXPENSES:
Investment Adviser fee, net of voluntary waiver		6,739,443
Accounting and administration fee		500,344
12b-1 fees - Class R Shares		161,418
Facility loan fees		118,940
Transfer agent expenses		84,432
Trustee expenses		81,041
Compliance expense		79,548
Printing expenses		60,516
Legal expenses		58,956
Registration expenses		52,219
Custodian expenses		40,972
Audit expenses		21,204
Insurance expenses		18,396
Miscellaneous expenses		55,497
Total Expenses		8,072,926
Net Investment Income		41,468,659
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		15,748,763
Net realized gain		15,748,763
Net change in unrealized appreciation/depreciation on:
Investments		20,910,007
Affiliated Investments		760,100
Net change in unrealized appreciation/depreciation		21,670,107
Net Realized and Unrealized Gain on Investments		37,418,870
Net Increase in Net Assets Resulting from Operations	$	78,887,529

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Statement of Operations For the Six Months Ended March 31, 2021 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	102,874
Interest income		1,061,403
Other income		19,592
Foreign taxes withheld		(2,392	)
Total Investment Income		1,181,477
EXPENSES:
Investment Adviser fee		230,202
Accounting and administration fee		57,161
Registration expenses		19,881
Transfer agent expenses		17,202
Audit expenses		16,210
Compliance expense		14,322
Custodian expenses		10,965
12b-1 fees - Class R Shares		6,213
Printing expenses		3,707
Facility loan fees		3,051
Trustee expenses		2,072
Legal expenses		1,395
Insurance expenses		482
Interest expense on facility loan		9
Miscellaneous expenses		3,979
Total expenses		386,851
Less fees waived/reimbursed by Investment Adviser:		(69,866	)
Class I Shares		(62,321	)
Class R Shares		(7,545	)
Net Expenses		316,985
Net Investment Income		864,492
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		288,145
Forward Foreign Currency Contracts		(99,582	)
Translation of assets and liabilities denominated in foreign currencies		(3,960	)
Net realized gain		184,603
Net change in unrealized appreciation/depreciation on:
Investments		1,544,432
Forward Foreign Currency Contracts		81,137
Translation of assets and liabilities denominated in foreign currencies		(6,724	)
Net change in unrealized appreciation/depreciation		1,618,845
Net Realized and Unrealized Gain on Investments, translation of assets and liabilities denominated in foreign currencies and forward foreign   currency contracts		1,803,448
Net Increase in Net Assets Resulting from Operations	$	2,667,940

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 91

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,110,086		$	1,796,728
Net realized gain		6,109,611			2,957,569
Long-term capital gains from other investment companies		–			1,011,327
Net change in unrealized appreciation/depreciation on investments		9,421,032			(7,771,480	)
Net increase/(decrease) in net assets resulting from operations		17,640,729			(2,005,856	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		(2,016,545	)		(2,659,147	)
Class R shares		(1,091,660	)		(1,527,249	)
Net decrease in net assets from distributions to shareholders		(3,108,205	)		(4,186,396	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		3,512,476			22,357,753
Reinvestment of distributions		1,747,116			2,231,392
Cost of shares redeemed		(12,371,945	)		(36,906,930	)
Net decrease in net assets from capital share transactions		(7,112,353	)		(12,317,785	)
Class R Shares
Proceeds from shares sold		1,029,428			5,640,144
Reinvestment of distributions		1,041,143			1,460,842
Cost of shares redeemed		(5,771,001	)		(18,389,204	)
Net decrease in net assets from capital share transactions		(3,700,430	)		(11,288,218	)
Net Increase/(Decrease) in Net Assets		3,719,741			(29,798,255	)
NET ASSETS:
Beginning of period/year	$	77,207,265		$	107,005,520
End of period/year		80,927,006			77,207,265

See Notes to Financial Statements.

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

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		421,487			3,161,984
Shares issued in reinvestment of distributions		211,793			294,928
Shares redeemed		(1,518,639	)		(5,005,286	)
Net decrease from share transactions		(885,359	)		(1,548,374	)
Class R Shares
Shares sold		123,482			874,710
Shares issued in reinvestment of distributions		126,155			194,516
Shares redeemed		(702,522	)		(2,414,622	)
Net decrease from share transactions		(452,885	)		(1,345,396	)

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 93

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	41,468,659		$	83,771,662
Net realized gain		15,748,763			19,390,925
Long-term capital gains from other investment companies		–			36,569
Net change in unrealized appreciation/depreciation on investments		21,670,107			(54,425,827	)
Net increase in net assets resulting from operations		78,887,529			48,773,329
DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		(40,013,057	)		(79,390,062	)
Class R shares		(2,871,281	)		(6,188,907	)
From tax return of capital
Class I shares		–			(2,716,414	)
Class R shares		–			(204,602	)
Net decrease in net assets from distributions to shareholders		(42,884,338	)		(88,499,985	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		284,724,140			611,196,220
Reinvestment of distributions		35,074,688			68,779,135
Cost of shares redeemed		(289,785,180	)		(814,875,369	)
Net increase/(decrease) in net assets from capital share transactions		30,013,648			(134,900,014	)
Class R Shares
Proceeds from shares sold		24,238,342			40,377,316
Reinvestment of distributions		2,820,544			6,146,105
Cost of shares redeemed		(25,521,912	)		(80,913,738	)
Net increase/(decrease) in net assets from capital share transactions		1,536,974			(34,390,317	)
Net Increase/(Decrease) in Net Assets		67,553,813			(209,016,987	)
NET ASSETS:
Beginning of period/year	$	1,816,227,774		$	2,025,244,761
End of period/year		1,883,781,587			1,816,227,774

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		27,257,954			60,904,804
Shares issued in reinvestment of distributions		3,374,712			6,809,776
Shares redeemed		(27,869,355	)		(82,235,772	)
Net increase/(decrease) from share transactions		2,763,311			(14,521,192	)
Class R Shares
Shares sold		2,311,843			3,986,283
Shares issued in reinvestment of distributions		270,883			606,703
Shares redeemed		(2,442,687	)		(8,089,175	)
Net increase/(decrease) from share transactions		140,039			(3,496,189	)

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 95

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	864,492		$	1,790,458
Net realized gain/(loss)		184,603			(1,982,955	)
Net change in unrealized appreciation/depreciation		1,618,845			(221,560	)
Net increase/(decrease) in net assets resulting from operations		2,667,940			(414,057	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class I Shares		(736,467	)		(1,711,826	)
Class R Shares		(82,997	)		(212,395	)
From tax return of capital
Class I Shares		–			(362,852	)
Class R Shares		–			(44,662	)
Net decrease in net assets from distributions to shareholders		(819,464	)		(2,331,735	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		193,994			1,466,082
Reinvestment of distributions		734,616			2,064,745
Cost of shares redeemed		(2,720,332	)		(6,011,805	)
Net decrease in net assets from capital share transactions		(1,791,722	)		(2,480,978	)
Class R Shares
Proceeds from shares sold		211,426			602,945
Reinvestment of distributions		81,964			249,412
Cost of shares redeemed		(629,294	)		(1,505,591	)
Net decrease in net assets from capital share transactions		(335,904	)		(653,234	)
Net Decrease in Net Assets		(279,150	)		(5,880,004	)
NET ASSETS:
Beginning of period/year	$	45,363,324		$	51,243,328
End of period/year		45,084,174			45,363,324

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		20,492			174,046
Shares issued in reinvestment of distributions		78,453			226,317
Shares redeemed		(288,049	)		(703,397	)
Net decrease from share transactions		(189,104	)		(303,034	)
Class R Shares
Shares sold		22,397			65,278
Shares issued in reinvestment of distributions		8,762			27,369
Shares redeemed		(67,182	)		(165,647	)
Net decrease from share transactions		(36,023	)		(73,000	)

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021 97

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.

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

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020			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
$	7.43		$	8.05		$	10.88		$	12.37		$	11.33		$	10.74
	0.22			0.16			0.24			0.27			0.17			0.23
	1.62			(0.41	)		(0.25	)(b)		0.42			1.45			1.33
	1.84			(0.25	)		(0.01	)		0.69			1.62			1.56
	(0.20	)		(0.19	)		(0.18	)		(0.40	)		(0.30	)		(0.42	)
	(0.13	)		(0.18	)		(2.64	)		(1.78	)		(0.28	)		(0.45	)
	–			–			–			–			–			(0.10	)
	(0.33	)		(0.37	)		(2.82	)		(2.18	)		(0.58	)		(0.97	)
	–			–			0.00	(c)		0.00	(c)		0.00	(c)		0.00	(c)
	1.51			(0.62	)		(2.83	)		(1.49	)		1.04			0.59
$	8.94		$	7.43		$	8.05		$	10.88		$	12.37		$	11.33
	25.19	%(e)		(3.00	%)		3.51	%		5.92	%		14.71	%		15.35	%
$	52,238		$	49,994		$	66,662		$	65,592		$	109,627		$	201,712
	N/A	(g)		N/A			1.22	%		N/A			1.12	%		N/A
	N/A	(g)		N/A			1.22	%		N/A			1.12	%		N/A
	N/A	(g)		N/A			2.88	%		N/A			1.45	%		N/A
	N/A	(g)		N/A			2.88	%		N/A			1.45	%		N/A
	1.33	%(g)		1.29	%		1.22	%		1.17	%		1.12	%		1.11	%
	1.33	%(g)		1.29	%		1.22	%		1.17	%		1.12	%		1.11	%
	5.39	%(g)		2.10	%		2.88	%		2.37	%		1.45	%		2.11	%
	5.39	%(g)		2.10	%		2.88	%		2.37	%		1.45	%		2.11	%
	83	%(e)		110	%		36	%		58	%(h)		39	%(h)		19	%

Semi-Annual Report | March 31, 2021 99

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.

100 (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.

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

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020			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
$	7.44		$	8.06		$	10.89		$	12.37		$	11.32		$	10.74
	0.21			0.15			0.22			0.23			0.16			0.20
	1.62			(0.42	)		(0.26	)(b)		0.44			1.44			1.32
	1.83			(0.27	)		(0.04	)		0.67			1.60			1.52
	(0.19	)		(0.18	)		(0.17	)		(0.37	)		(0.27	)		(0.40	)
	(0.13	)		(0.17	)		(2.62	)		(1.78	)		(0.28	)		(0.45	)
	–			–			–			–			–			(0.09	)
	(0.32	)		(0.35	)		(2.79	)		(2.15	)		(0.55	)		(0.94	)
	–			–			0.00	(c)		0.00	(c)		0.00	(c)		0.00	(c)
	1.51			(0.62	)		(2.83	)		(1.48	)		1.05			0.58
$	8.95		$	7.44		$	8.06		$	10.89		$	12.37		$	11.32
	25.00	%(e)		(3.24	%)		3.23	%		5.70	%		14.51	%		14.98	%
$	28,690		$	27,213		$	40,344		$	67,199		$	213,737		$	568,198
	N/A	(g)		N/A			1.48	%		N/A			1.37	%		N/A
	N/A	(g)		N/A			1.48	%		N/A			1.37	%		N/A
	N/A	(g)		N/A			2.62	%		N/A			1.38	%		N/A
	N/A	(g)		N/A			2.62	%		N/A			1.38	%		N/A
	1.58	%(g)		1.54	%		1.48	%		1.41	%		1.37	%		1.36	%
	1.58	%(g)		1.54	%		1.48	%		1.41	%		1.37	%		1.36	%
	5.17	%(g)		1.93	%		2.62	%		2.02	%		1.38	%		1.90	%
	5.17	%(g)		1.93	%		2.62	%		2.02	%		1.38	%		1.90	%
	83	%(e)		110	%		36	%		58	%(h)		39	%(h)		19	%

Semi-Annual Report | March 31, 2021 103

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.

104 (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 from investment operations:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total income 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.

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

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020			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
$	10.20		$	10.33		$	10.08		$	10.61		$	10.61		$	10.37
	0.24			0.45			0.52			0.47			0.40			0.51
	0.21			(0.10	)		0.28			(0.44	)		0.08			0.39
	0.45			0.35			0.80			0.03			0.48			0.90
	(0.24	)		(0.46	)		(0.55	)		(0.51	)		(0.45	)		(0.64	)
	–			–			–			(0.04	)		(0.03	)		–
	–			(0.02	)		–			(0.01	)		–			(0.02	)
	(0.24	)		(0.48	)		(0.55	)		(0.56	)		(0.48	)		(0.66	)
	–			–			0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
	0.21			(0.13	)		0.25			(0.53	)		–			0.24
$	10.41		$	10.20		$	10.33		$	10.08		$	10.61		$	10.61
	4.48	%(d)		3.51	%		8.21	%		0.33	%		4.67	%		9.00	%
$	1,750,304		$	1,686,872		$	1,858,103		$	1,715,495		$	2,024,142		$	1,822,874
	N/A	(f)		N/A			0.86	%		N/A			N/A			N/A
	N/A	(f)		N/A			0.86	%		N/A			N/A			N/A
	N/A	(f)		N/A			5.13	%		N/A			N/A			N/A
	N/A	(f)		N/A			5.13	%		N/A			N/A			N/A
	0.87	%(f)		0.87	%		0.86	%		0.86	%		0.85	%		0.86	%
	0.87	%(f)		0.87	%		0.86	%		0.86	%		0.85	%		0.86	%
	4.57	%(f)		4.42	%		5.13	%		4.60	%		3.80	%		4.92	%
	4.57	%(f)		4.42	%		5.13	%		4.60	%		3.80	%		4.92	%
	43	%(d)		81	%		60	%		37	%		50	%		36	%

Semi-Annual Report | March 31, 2021 107

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.

108 (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 from investment operations:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total income 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.

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

For a share outstanding throughout the periods presented

For the Six Months Ended  March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020			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
$	10.22		$	10.35		$	10.09		$	10.62		$	10.62		$	10.39
	0.22			0.43			0.50			0.45			0.38			0.49
	0.22			(0.10	)		0.28			(0.45	)		0.08			0.37
	0.44			0.33			0.78			–			0.46			0.86
	(0.23	)		(0.44	)		(0.52	)		(0.48	)		(0.43	)		(0.61	)
	–			–			–			(0.04	)		(0.03	)		–
	–			(0.02	)		–			(0.01	)		–			(0.02	)
	(0.23	)		(0.46	)		(0.52	)		(0.53	)		(0.46	)		(0.63	)
	–			–			0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
	0.21			(0.13	)		0.26			(0.53	)		–			0.23
$	10.43		$	10.22		$	10.35		$	10.09		$	10.62		$	10.62
	4.34	%(d)		3.24	%		8.03	%		0.07	%		4.40	%		8.62	%
$	133,478		$	129,355		$	167,141		$	165,472		$	208,143		$	230,953
	N/A	(f)		N/A			1.11	%		N/A			N/A			N/A
	N/A	(f)		N/A			1.11	%		N/A			N/A			N/A
	N/A	(f)		N/A			4.90	%		N/A			N/A			N/A
	N/A	(f)		N/A			4.90	%		N/A			N/A			N/A
	1.12	%(f)		1.12	%		1.11	%		1.11	%		1.10	%		1.11	%
	1.12	%(f)		1.12	%		1.11	%		1.11	%		1.10	%		1.11	%
	4.32	%(f)		4.18	%		4.90	%		4.34	%		3.56	%		4.67	%
	4.32	%(f)		4.18	%		4.90	%		4.34	%		3.56	%		4.67	%
	43	%(d)		81	%		60	%		37	%		50	%		36	%

Semi-Annual Report | March 31, 2021 111

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.

112 (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 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. 

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For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020			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
$	9.09		$	9.55		$	9.58		$	9.73		$	9.48		$	9.18
	0.18			0.34			0.38			0.39			0.35			0.44
	0.36			(0.35	)		0.07			(0.18	)		0.31			0.44
	0.54			(0.01	)		0.45			0.21			0.66			0.88
	(0.17	)		(0.37	)		(0.48	)		(0.24	)		(0.38	)		(0.55	)
	–			(0.08	)		–			(0.12	)		(0.03	)		(0.03	)
	(0.17	)		(0.45	)		(0.48	)		(0.36	)		(0.41	)		(0.58	)
	–			–			0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
	0.37			(0.46	)		(0.03	)		(0.15	)		0.25			0.30
$	9.46		$	9.09		$	9.55		$	9.58		$	9.73		$	9.48
	5.96	%(d)		(0.02	%)		4.85	%		2.22	%		7.11	%		10.09	%
$	40,232		$	40,375		$	45,306		$	49,856		$	63,842		$	73,580
	1.65	%(f)		N/A			1.58	%		1.54	%		1.35	%		1.34	%
	1.35	%(f)		N/A			1.36	%		1.36	%		1.35	%		1.34	%
	3.48	%(f)		N/A			3.83	%		3.84	%		3.59	%		4.86	%
	3.78	%(f)		N/A			4.05	%		4.02	%		3.59	%		4.86	%
	1.65	%(f)		1.69	%		1.57	%		1.53	%		1.35	%		1.34	%
	1.35	%(f)		1.35	%		1.35	%		1.35	%		1.35	%		1.34	%
	3.48	%(f)		3.43	%		3.84	%		3.83	%		3.59	%		4.86	%
	3.78	%(f)		3.78	%		4.06	%		4.01	%		3.59	%		4.86	%
	38	%(d)		80	%		52	%		76	%		121	%		40	%

Semi-Annual Report | March 31, 2021 115

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.

See Notes to Financial Statements.

116 (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 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.

118 (888) 848-7569 | www.rivernorth.com

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020			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
$	9.08		$	9.54		$	9.58		$	9.72		$	9.47		$	9.17
	0.17			0.32			0.36			0.36			0.32			0.43
	0.36			(0.36	)		0.05			(0.16	)		0.32			0.43
	0.53			(0.04	)		0.41			0.20			0.64			0.86
	(0.16	)		(0.35	)		(0.45	)		(0.23	)		(0.36	)		(0.54	)
	–			(0.07	)		–			(0.11	)		(0.03	)		(0.02	)
	(0.16	)		(0.42	)		(0.45	)		(0.34	)		(0.39	)		(0.56	)
	–			–			0.00	(b)		0.00	(b)		0.00	(b)		0.00	(b)
	0.37			(0.46	)		(0.04	)		(0.14	)		0.25			0.30
$	9.45		$	9.08		$	9.54		$	9.58		$	9.72		$	9.47
	5.83	%(d)		(0.27	%)		4.48	%		2.07	%		6.83	%		9.83	%
$	4,852		$	4,989		$	5,937		$	6,758		$	7,635		$	7,203
	1.90	%(f)		N/A			1.83	%		1.79	%		1.63	%		1.62	%
	1.60	%(f)		N/A			1.61	%		1.61	%		1.60	%		1.60	%
	3.23	%(f)		N/A			3.58	%		3.60	%		3.29	%		4.69	%
	3.53	%(f)		N/A			3.80	%		3.78	%		3.33	%		4.71	%
	1.90	%(f)		1.95	%		1.82	%		1.78	%		1.63	%		1.62	%
	1.60	%(f)		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
	3.23	%(f)		3.19	%		3.59	%		3.59	%		3.29	%		4.69	%
	3.53	%(f)		3.53	%		3.81	%		3.77	%		3.33	%		4.71	%
	38	%(d)		80	%		52	%		76	%		121	%		40	%

Semi-Annual Report | March 31, 2021 119

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.

See Notes to Financial Statements.

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

RiverNorth Funds Notes to Financial Statements

March 31, 2021 (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 upon sale of the securities. The financial statements have been prepared as of the close of the New York Stock Exchange (“NYSE” or the "Exchange") on the fiscal period end of the Funds.

Semi-Annual Report | March 31, 2021 121

RiverNorth Funds Notes to Financial Statements

March 31, 2021 (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.

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RiverNorth Funds Notes to Financial Statements

March 31, 2021 (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.

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, 2021, 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, 2021, 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.

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.

Semi-Annual Report | March 31, 2021 123

RiverNorth Funds Notes to Financial Statements

March 31, 2021 (Unaudited)

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, 2021 (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.

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.

Semi-Annual Report | March 31, 2021 125

RiverNorth Funds Notes to Financial Statements

March 31, 2021 (Unaudited)

The following is a summary of the inputs used at March 31, 2021 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	$	46,977,958	$	–	$	–	$	46,977,958
Business Development Companies		4,573,506		–		–		4,573,506
Common Stocks		3,415,184		–		–		3,415,184
Exchange Traded Funds		3,372,192		–		–		3,372,192
Preferred Stocks		378,898		–		–		378,898
Business Development Company Notes		2,509,697		1,224,241		–		3,733,938
Convertible Corporate Bonds		–		1,941,176		–		1,941,176
U.S. Government Bonds and Notes		–		1,185,866		–		1,185,866
Rights		13,131		–		–		13,131
Warrants		38,014		–		–		38,014
Short-Term Investments		13,613,528		–		–		13,613,528
Total	$	74,892,108	$	4,351,283	$	–	$	79,243,391

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RiverNorth Funds Notes to Financial Statements

March 31, 2021 (Unaudited)

Strategic Income Fund 

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	287,959,071	$	–	$	–	$	287,959,071
Business Development Companies		4,499,583		–		–		4,499,583
Common Stocks		87,301		–		–		87,301
Open-End Funds		31,954,120		–		–		31,954,120
Preferred Stocks		8,758,200		–		–		8,758,200
Business Development Company Notes		42,696,635		–		–		42,696,635
Foreign Corporate Bonds		–		87,243,179		–		87,243,179
U.S. Corporate Bonds		–		121,906,920		–		121,906,920
Convertible Corporate Bonds		–		16,920,917		–		16,920,917
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies		–		13,030,130		–		13,030,130
Bank Loans		–		39,474,877		–		39,474,877
Collateralized Loan Obligations		–		51,757,920		–		51,757,920
Equity - Linked Notes		–		–		11,250		11,250
Non-Agency Collateralized Mortgage Obligations		–		406,332,974		–		406,332,974
U.S. Government Bonds and Notes		–		178,501,763		–		178,501,763
Municipal Bonds		–		403,092		–		403,092
U.S. Government / Agency Mortgage Backed Securities		–		262,915,117		–		262,915,117
Short-Term Investments		318,846,926		7,334,947		–		326,181,873
Total	$	694,801,836	$	1,185,821,836	$	11,250	$	1,880,634,922

Semi-Annual Report | March 31, 2021 127

RiverNorth Funds Notes to Financial Statements

March 31, 2021 (Unaudited)

High Income Fund 

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2			Level 3		Total
Closed-End Funds	$	509,350	$	–		$	–	$	509,350
Common Stocks		–		584			54,654		55,238
Preferred Stocks		–		–			110,011		110,011
Bank Loans		–		17,319,245			–		17,319,245
High Yield Debt		–		26,608,134			–		26,608,134
Rights		–		–			10		10
Warrants		–		2,923			–		2,923
Short-Term Investments		2,933,437		–			–		2,933,437
Total	$	3,442,787	$	43,930,886		$	164,675	$	47,538,348
	Valuation Inputs
Other Financial Instruments**	Level 1		Level 2			Level 3		Total
Assets
Forward Foreign Currency Contracts	$	–	$	192,792		$	–	$	192,792
Liabilities
Forward Foreign Currency Contracts	$	–	$	(1,281	)	$	–	$	(1,281	)
Total	$	–	$	191,511		$	–	$	191,511

*	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, 2021 (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, 2020		Accrued Discount/ premium		Realized Gain/ (Loss)			Change in Unrealized Appreciation/ Depreciation			Purchases		Sales Proceeds			Transfer into Level 3		Transfer Out of Level 3			Balance as of March 31, 2021		Net change in unrealized  appreciation/ (depreciation) included in the Statements of Operations attributable to Level 3 investments held at March 31, 2021
Strategic Income Fund
Equity-Linked Note	$	11,250	$	–	$	–		$	–		$	–	$	–		$	–	$	–		$	11,250	$	–
	$	11,250	$	–	$	–		$	–		$	–	$	–		$	–	$	–		$	11,250	$	–
High Income Fund
Common Stocks	$	38,113	$	–	$	–		$	16,975		$	–	$	–		$	–	$	(434	)	$	54,654	$	16,896
Preferred Stocks		96,490		–		–			6,521			7,000		–			–		–			110,011		6,520
Bank Loans		68,060		–		(4,311	)		41,936			–		(105,685	)		–		–			–		–
Rights		32		–		–			(22	)		–		–			–		–			10		(22	)
	$	202,695	$	–	$	(4,311	)	$	65,410		$	7,000	$	(105,685	)	$	–	$	(434	)	$	164,675	$	23,394

The table below provides additional information about the Level 3 Fair Value Measurements as of March 31, 2021:

Quantitative Information about Level 3 Fair Value Measurements

Strategic Income Fund

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

Semi-Annual Report | March 31, 2021 129

RiverNorth Funds Notes to Financial Statements

March 31, 2021 (Unaudited)

High Income Fund

Asset Class	Fair Value (USD)	Valuation Technique	Unobservable Inputs(a)	Value/Range (Weighted Average)
Common Stocks	$ 54,654	Vendor Price	Indicative Broker Quotes	$20.50-$24.00
		Market Comparable Companies	EBITDA Multiple	4.75x
			Revenue Multiple	0.21x-0.29x
			Liquidity Discount	80.57%
			Company Provided
			Financial Information	N/A
Preferred Stocks	110,011	Market Comparable Companies	EBITDA Multiple	9.25x-9.75x
			Company Provided
			Financial Information	N/A
Rights	10	Market Comparable Companies	Revenue Multiple	0.21x-0.29x
			Liquidity Discount	80.57%
			Company Provided
			Financial Information	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
Indicative Broker Quotes	Increase	Decrease
EBITDA Multiple	Increase	Decrease
Revenue Multiple	Increase	Decrease
Liquidity Discount	Decrease	Increase

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.

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RiverNorth Funds Notes to Financial Statements

March 31, 2021 (Unaudited)

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, 2021, 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.

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.

Semi-Annual Report | March 31, 2021 131

RiverNorth Funds Notes to Financial Statements

March 31, 2021 (Unaudited)

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, 2021:

		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	$	192,791
		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	$	(1,282	)

The effect of derivatives instruments on each Fund's Statement of Operations for the six months ended March 31, 2021:

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	$	(99,582	)	$	81,137

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RiverNorth Funds Notes to Financial Statements

March 31, 2021 (Unaudited)

The forward currency contracts average notional amount during the six months ended March 31, 2021, is noted below.

Fund	Average Notional Amount of Forward Foreign Currency Contracts
High Income Fund	$	6,652,137

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.

The following table presents derivative financial instruments that are subject to enforceable netting arrangements, collateral arrangements or other similar agreements as of March 31, 2021. 

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	$	192,791	$	–	$	192,791	$	(1,282	)	$	–	$	191,509
Total	$	192,791	$	–	$	192,791	$	(1,282	)	$	–	$	191,509

Semi-Annual Report | March 31, 2021 133

RiverNorth Funds Notes to Financial Statements

March 31, 2021 (Unaudited)

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	$	1,282			$	1,282	$	(1,282	)	$	–	$	–
Total	$	1,282	$	–	$	1,282	$	(1,282	)	$	–	$	–

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

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, 2021, the Strategic Income Fund and High Income Fund had $6,808,552 and $2,548,585 respectively, in unsettled domestic and foreign loan commitments.

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RiverNorth Funds Notes to Financial Statements

March 31, 2021 (Unaudited)

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 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, 2022 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.

Semi-Annual Report | March 31, 2021 135

RiverNorth Funds Notes to Financial Statements

March 31, 2021 (Unaudited)

For the year ended September 30, 2020, reimbursed expenses for the High Income Fund subject to potential recovery by year of expiration are as follows:

	Expiring September 30,
	2022		2023		2024
High Income Fund
Class I	$	104,992	$	145,507	$	62,321
Class R	$	13,864	$	19,074	$	7,545
Total	$	111,856	$	164,581	$	69,866

For the six months ended March 31, 2021, the Adviser voluntarily waived $90,652 in affiliated 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.

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”). ALPS receives an annual fee based on the Funds' average daily net assets, subject to certain minimums.

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. 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., an affiliate of ALPS, to provide distribution services to the Funds. The Distributor serves as underwriter/distributor of shares of the Funds.

Trustees who are “interested persons” of the Trust receive 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 $1,000 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.

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RiverNorth Funds Notes to Financial Statements

March 31, 2021 (Unaudited)

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

The Trust's officers receive no compensation directly from the Trust for performing the duties of their offices. The Trust's Chief Compliance Officer ("CCO") provides compliance services to the Trust and is also an employee and CCO of the Adviser. The CCO receives compensation directly from the Adviser for his compliance services. The Trust reimburses the Adviser for certain compliance costs related to the Funds, inclusive of a portion of the CCO's compensation.

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.

The tax character of distributions paid by the Funds during the fiscal year ended September 30, 2020, was as follows:

	Ordinary Income		Tax-Exempt  Income		Distributions paid from Long-Term Capital Gain		Return of Capital		Total
Core Opportunity Fund	$	2,155,943	$	77,500	$	1,952,953	$	–	$	4,186,396
Strategic Income Fund		85,578,969		–		–		2,921,016		88,499,985
High Income Fund		1,924,221		–		–		407,514		2,331,735

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, 2020, 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	$	–		$	–
Strategic Income Fund		(59,431	)		59,431
High Income Fund		–			–

Semi-Annual Report | March 31, 2021 137

RiverNorth Funds Notes to Financial Statements

March 31, 2021 (Unaudited)

At September 30, 2020, 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	$	–	$	1,274,363		$	(2,732,164	)	$	(10,372	)	$	(1,468,173	)
Strategic Income Fund		–		(47,357,781	)		(88,220,485	)		–			(135,578,266	)
High Income Fund		–		(5,588,456	)		(837,357	)		(428,930	)		(6,854,743	)

Capital Losses: As of March 31, 2021, 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.

Capital losses carried forward were as follows:

Fund	Non-Expiring Short- Term		Non-Expiring Long- Term
Strategic Income Fund	$	–	$	47,357,781
High Income Fund		694,327		3,505,932

The Rivernorth Core Opportunity Fund and Rivernorth Oaktree High Income Fund elects to defer to the period ending September 30, 2021, late year ordinary losses in the amount of $10,372 and $318,558, respectively.

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RiverNorth Funds Notes to Financial Statements

March 31, 2021 (Unaudited)

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, 2021, 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*	$	7,068,226	$	(259,336	)	$	6,808,890		$	72,509,329
Strategic Income Fund*		62,506,363		(128,468,004	)		(65,961,641	)		1,946,596,563
High Income Fund*		1,320,256		(504,562	)		815,694			46,877,068

* 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, 2021, excluding U.S. government obligations and short-term investments, were as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
Core Opportunity Fund	$	55,354,423	$	71,938,306
Strategic Income Fund		328,591,229		453,529,006
High Income Fund		17,555,769		20,396,450

Investment Transactions in long term U.S. Government Obligations for the six months ended March 31, 2021 were as follows:

Fund	Purchases of Securities		Proceeds from Sales of  Securities
Core Opportunity Fund	$	1,196,727	$	–
Strategic Income Fund		353,828,388		294,169,742

Semi-Annual Report | March 31, 2021 139

RiverNorth Funds Notes to Financial Statements

March 31, 2021 (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, 2021 were as follows:

Strategic Income Fund

Security Name	Value as of September 30, 2020		Purchases		Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)		Value as of March 31, 2021		Share Balance as of March 31, 2021		Distributions
RiverNorth/Oaktree High Income Fund	$	30,155,295	$	563,478	$	–	$	–	$	1,235,347	$	31,954,120		3,378,600	$	563,478
							$	–	$	1,235,347	$	31,954,120		3,378,600	$	563,478

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, March 31, 2020 and on March 30, 2021. The Revolving Credit Agreement expires on March 29, 2022. 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 was 1.417% at March 31, 2021. From October 1, 2020 through March 31, 2021, 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, 2021, Core Opportunity Fund and Strategic Income Fund had no borrowings under the Revolving Credit Agreement. High Income Fund's borrowings were as follows:

	Dates of Borrowing	Maximum Borrowing Amount	Average Loan Balance Outstanding	Average Interest Rate
High Income Fund	March 29, 2021- March 31, 2021	$1,000,000	$1,000,000	1.417%

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RiverNorth Funds Notes to Financial Statements

March 31, 2021 (Unaudited)

11. BENEFICIAL OWNERSHIP

On March 31, 2021, 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, 2021, are listed below:

Fund	Shareholder Name	Percentage Interest
Core Opportunity Fund – Class I	Pershing	30.66%
Core Opportunity Fund – Class R	Charles Schwab & Company, Inc.	32.32%
Strategic Income Fund – Class I	Charles Schwab & Company, Inc.	43.90%
Strategic Income Fund – Class R	Charles Schwab & Company, Inc.	45.02%
Strategic Income Fund – Class R	TD Ameritrade, Inc.	27.09%
High Income Fund – Class I	RiverNorth/DoubleLine Strategic Income Fund	79.42%

12. RELATED PARTY TRANSACTIONS

The Strategic Income Fund engaged in cross trades with other affiliated funds during the six month period ended March 31, 2021 pursuant to Rule 17a-7 under the 1940 Act. Generally, cross trading is the buying or selling of portfolio securities between funds to which the Adviser or Sub-Adviser serves as the investment adviser or sub-adviser. The Board previously adopted procedures that apply to transactions between the Fund and its affiliates pursuant to Rule 17a-7. At its regularly scheduled meetings, the Board reviews such transactions as of the most current calendar quarter for compliance with the requirements set forth by Rule 17a-7 and each Fund’s procedures. The procedures require that the transactions be a purchase or sale for no consideration other than cash payment against prompt delivery of a security for which market quotations are readily available, and be consistent with the investment policies of a Fund. During the six month period ended March 31, 2021, the Strategic Income Fund purchased securities of affiliated funds in the amount of $11,084,244.

13. 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.

Semi-Annual Report | March 31, 2021 141

RiverNorth Funds Notes to Financial Statements

March 31, 2021 (Unaudited)

14. 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. The FCA and ICE Benchmark Administrator have since announced that most LIBOR settings will no longer be published after December 31, 2021 and a majority of U.S. dollar LIBOR settings will cease publication after June 30, 2023. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve's Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing SOFR that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new reference rates. Uncertainty related to the liquidity impact of the change in rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Funds. The effect of any changes to, or discontinuation of, LIBOR on the Funds will depend on, among other things, (1) existing fallback or termination provisions in individual contracts and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new instruments and contracts. The expected discontinuation of LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, investment companies, and broker-dealers. The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. For example, current information technology systems may be unable to accommodate new instruments and rates with features that differ from LIBOR. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Funds until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled.

15. CORONAVIRUS (COVID-19) PANDEMIC

An 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, cancellations, 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 the Funds’ inability to achieve their 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 the Funds invest, negatively impact the Funds’ performance, and cause losses on your investment in the Funds. 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.

142 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Notes to Financial Statements

March 31, 2021 (Unaudited)

16. SUBSEQUENT EVENTS

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

Semi-Annual Report | March 31, 2021 143

RiverNorth Funds Additional Information

March 31, 2021 (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 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 or on the Funds' website, www.rivernorth.com.

144 (888) 848-7569 | www.rivernorth.com

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

March 31, 2021 (Unaudited)

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

At a meeting of the Board of Trustees (the “Board”), held on November 11, 2020 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 RiverNorth Capital Management, LLC (“RiverNorth” or the “Adviser”) and the Trust.¹ The Board received materials compiled by the Adviser and the Funds’ administrator, including, among other items, 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. The Trustees reviewed a memorandum from their independent legal 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.

The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Management Agreement and the weight to be given to each such factor. The Trustees’ conclusions were based on an evaluation of all the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weights to the various factors in reaching conclusions with respect to the Management Agreement. Although not meant to be all-inclusive, the following discussion summarizes the factors considered and conclusions reached by the Trustees at the Meeting, including during an executive session with their independent legal counsel, in determining to renew the Management Agreement.

Performance, Fees and Expenses

Core Opportunity Fund

Regarding the RiverNorth Core Opportunity Fund (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 three-month, one-year, three-year and ten-year periods, but comparing favorably for the since inception period. It was noted that the Fund’s performance was the same as the peer group median for the five-year period. The Board further observed that the Fund lagged the universe medians for all periods other than the since inception period, during which the Fund outperformed the peer group median. It was noted that for the since inception period, the performance of the Fund’s Retail Class shares was ranked first out of the nine funds included in its peer group. 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.

¹ Pursuant to relief granted by the U.S. Securities and Exchange Commission (the “SEC”) in light of the COVID-19 pandemic (the “Relief”) and a determination by the Board that reliance on the Relief was appropriate due to circumstances related to the current and potential effects of COVID-19, the Meeting was held telephonically.

Semi-Annual Report | March 31, 2021 145

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

March 31, 2021 (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 1.48% was higher than the peer group median and slightly higher than the peer group average. 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 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 RiverNorth/DoubleLine Strategic Income Fund (the “Strategic 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 Strategic Income Fund outperformed the median of FUSE’s Multisector Bond fund universe for the one-year, three-year, five-year and since inception periods, but underperformed the universe for three-month period. In comparison to the peer funds, the Fund outperformed the median for the since inception period and performed in line with the median for the one-, three- and five-year 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 was higher than the median of the peer group and universe, but in line with the peer group. The Board also noted that the annual management fee 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.

146 (888) 848-7569 | www.rivernorth.com

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

March 31, 2021 (Unaudited)

High Income Fund

Regarding the RiverNorth/Oaktree High Income Fund (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 and the median of the peer group funds in all periods. 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 closed-end funds (“CEFs”), 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 and annual net expense ratio was higher than the median of the peer funds in both categories and was in the top 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 Funds 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 that provided details regarding the experience of each of the Adviser’s personnel. The Adviser also provided additional information regarding its experience managing other investment accounts and extensive experience with CEFs, noting the fact that RiverNorth was an industry leader in the area. Based on the foregoing information, the Board, including the Independent Trustees, concluded that the Adviser had provided quality services and could be expected to do so in the future 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 was stable and that increased debt from recent business endeavors had been offset by increases in 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, 2021 147

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

March 31, 2021 (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 of the Sub-Advisory Agreement with DoubleLine Capital, LP with respect to the Strategic Income Fund

At a meeting of the Board, held on November 11, 2020 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 the “Sub-Adviser”) related to the Strategic Income Fund.¹

The Board received materials compiled by the Sub-Adviser and the Adviser, provided in support of the proposed renewal of the DoubleLine Agreement (“Renewal Materials”). The Board considered the renewal of the DoubleLine Agreement, noting that the Renewal Materials contained information compiled by DoubleLine 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 the Sub-Adviser’s Form ADV and information regarding the performance of the Fund’s benchmark indices and peer funds. The Board considered the following factors, among others, in reaching its determination to renew the DoubleLine Agreement: (i) the investment performance of the Strategic Income Fund and the investment performance of the Sub-Adviser, (ii) the nature, extent and quality of the services provided by the Sub-Adviser to the Strategic Income Fund, (iii) the experience and qualifications of the personnel providing such services, (iv) the costs of the services provided and the profits to be realized by the Sub-Adviser and any of its affiliates from the relationship with the Strategic Income Fund, (v) the extent to which economies of scale will be realized by the Strategic Income Fund as it grows, and (vi) whether the fee levels of the Strategic Income Fund reflected the economies of scale to the benefit of the Fund’s shareholders.

The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the DoubleLine Agreement and the weight to be given to each such factor. The Trustees’ conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the DoubleLine Agreement. Although not meant to be all-inclusive, the following discussion summarizes the material factors considered and conclusions reached by the Trustees in the executive session and at the Meeting in determining to renew the DoubleLine Agreement. The Board reviewed the performance of the Strategic Income Fund for the three months, one-year, three-year, five-year and since inception periods. The Board recalled its deliberations regarding the Strategic Income Fund’s performance while considering the renewal of the Management Agreement, acknowledging their satisfaction with the Fund’s performance. The Board also reviewed the performance of the portion of the Strategic Income Fund managed by DoubleLine relative to relevant securities indices, and to other accounts managed by DoubleLine. The Board, including the Independent Trustees, concluded that the performance was in line with expectations for the DoubleLine strategy.

148 (888) 848-7569 | www.rivernorth.com

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

March 31, 2021 (Unaudited)

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.

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 Agreement between the Adviser and DoubleLine for an additional one-year period.

Semi-Annual Report | March 31, 2021 149

RiverNorth Funds

RiverNorth Core Opportunity Fund

RiverNorth/DoubleLine Strategic Income Fund

RiverNorth/Oaktree High Income Fund

Board of Trustees

Patrick W. Galley, CFA, Chairman

John S. Oakes

David M. Swanson

John K. Carter

J. Wayne Hutchens (Advisory Board Member)

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, Co.

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.

None

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 period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of SecuritiesLending Activities for Closed-End Management Investment Companies.

Not Applicable.

Item 13. 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.

(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 7, 2021

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 7, 2021

By:	/s/ Jonathan M. Mohrhardt
Name:	Jonathan M. Mohrhardt
Title:	Treasurer & Chief Financial Officer
Date:	June 7, 2021