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

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number: 811-21934

RiverNorth Funds

(Exact name of registrant as specified in charter)

360 S. Rosemary Avenue, Suite 1420

West Palm Beach, FL 33401

(Address of principal executive offices) (Zip code)

Marcus L. Collins

360 S. Rosemary Avenue, Suite 1420

West Palm Beach, FL 33401

(Name and address of agent for service)

Registrant's telephone number, including area code: 561-484-7185

Date of fiscal year end: 09/30

Date of reporting period: 03/31/2023

Item 1. Reports to Stockholders.

(a)

RiverNorth Funds Table of Contents

Opportunistic Closed-End Fund Strategies
Portfolio Update
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	16
RiverNorth/Oaktree High Income Fund	66
Statement of Assets and Liabilities
RiverNorth Core Opportunity Fund	84
RiverNorth/DoubleLine Strategic Income Fund	85
RiverNorth/Oaktree High Income Fund	86
Statement of Operations
RiverNorth Core Opportunity Fund	87
RiverNorth/DoubleLine Strategic Income Fund	88
RiverNorth/Oaktree High Income Fund	89
Statements of Changes in Net Assets
RiverNorth Core Opportunity Fund	90
RiverNorth/DoubleLine Strategic Income Fund	92
RiverNorth/Oaktree High Income Fund	94
Financial Highlights
RiverNorth Core Opportunity Fund	96
RiverNorth/DoubleLine Strategic Income Fund	104
RiverNorth/Oaktree High Income Fund	112
Notes to Financial Statements	119
Additional Information	141
Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements	142

RiverNorth Funds Portfolio Update

March 31, 2023 (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, 2023.

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, 2023 (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⁾ 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. Equity Risk – equity securities may experience volatility and the value of equity securities may move in opposite directions from each other and from other equity markets generally. Exchange Traded Note Risk – exchange traded notes represent unsecured debt of the issuer and may be influenced by interest rates, credit ratings of the issuer or changes in value of the reference index. Fixed Income Risk – the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default. High yield securities may provide greater income and opportunity for gain, but entail greater risk of loss of principal. 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. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. 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, 2023 3

RiverNorth Funds Portfolio Update

March 31, 2023 (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.

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RiverNorth Funds Portfolio Update

March 31, 2023 (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, 2023.

Strategy (“Sleeve”) Allocation

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

Semi-Annual Report | March 31, 2023 5

RiverNorth Funds Portfolio Update

March 31, 2023 (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. 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. 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. Liquidity Risk – illiquid investments may be difficult or impossible to sell. Management Risk –there is no guarantee that the adviser’s or sub-adviser’s investment decisions will produce the desired results. Market Risk – economic conditions, interest rates and political events may affect the securities markets. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. 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. Preferred Stock Risk – preferred stocks generally pay dividends, but may be less liquid than common stocks, have less priority than debt instruments and may be subject to redemption by the issuer. Rating Agency Risk – rating agencies may change their ratings or ratings may not accurately reflect a debt issuer’s creditworthiness. REIT Risk – the value of REITs changes with the value of the underlying properties and changes in interest rates and are subject to additional fees. Security Risk – The value of the Fund may decrease in response to the activities and financial prospects of individual securities in the Fund’s portfolio. Special Purpose Acquisition Companies ("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.

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

RiverNorth Funds Portfolio Update

March 31, 2023 (Unaudited)

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⁽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, 2023 7

RiverNorth Funds Portfolio Update

March 31, 2023 (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, 2023.

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, 2023 (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. High yield securities may provide greater income and opportunity for gain, but entail greater risk of loss of principal. 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. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. 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, 2023 9

RiverNorth Funds Portfolio Update

March 31, 2023 (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, 2023 (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, 2022, and held for the six months ended March 31, 2023.

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, 2023 11

RiverNorth Funds Disclosure of Fund Expenses

March 31, 2023 (Unaudited)

	Beginning Account Value 10/01/2022	Ending  Account Value 03/31/2023	Expense Ratio(a)	Expenses Paid During Period(b)
RiverNorth Core Opportunity Fund
Class I Shares
Actual	$1,000.00	$1,109.90	1.65%	$8.68
Hypothetical (5% return before expenses)	$1,000.00	$1,016.70	1.65%	$8.30
Class R Shares
Actual	$1,000.00	$1,108.40	1.90%	$9.99
Hypothetical (5% return before expenses)	$1,000.00	$1,015.46	1.90%	$9.55
RiverNorth/DoubleLine Strategic Opportunity Fund, Inc.
Class I Shares
Actual	$1,000.00	$1,047.20	0.93%	$4.75
Hypothetical (5% return before expenses)	$1,000.00	$1,020.29	0.93%	$4.68
Class R Shares
Actual	$1,000.00	$1,044.60	1.18%	$6.02
Hypothetical (5% return before expenses)	$1,000.00	$1,019.05	1.18%	$5.94
RiverNorth/Oaktree High Income Fund
Class I Shares
Actual	$1,000.00	$1,076.50	1.35%	$6.99
Hypothetical (5% return before expenses)	$1,000.00	$1,018.20	1.35%	$6.79
Class R Shares
Actual	$1,000.00	$1,076.50	1.60%	$8.28
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, 2023 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 80.59%
	152,317	AllianzGI Convertible & Income 2024 Target Term Fund	$	1,312,973
	22,841	Barings Global Short Duration High Yield Fund		294,649
	289,260	Blackrock Capital Allocation Trust		4,379,397
	74,247	BlackRock Debt Strategies Fund, Inc.		706,089
	298,094	Blackrock ESG Capital Allocation Trust		4,653,247
	29,722	Blackrock Health Sciences Trust II		496,655
	73,949	Blackstone/GSO Senior Floating Rate Term Fund		937,304
	57,348	Calamos Long/Short Equity & Dynamic Income Trust		886,027
	120,371	Clough Global Equity Fund		729,448
	142,496	Clough Global Opportunities Fund		696,805
	110,321	First Trust Energy Infrastructure Fund		1,582,003
	127,622	First Trust High Yield Opportunities 2027 Term Fund		1,781,603
	317,804	First Trust New Opportunities MLP & Energy Fund		1,900,468
	73,208	Franklin Limited Duration Income Trust		452,425
	61,607	KKR Income Opportunities Fund		676,445
	50,164	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		226,741
	103,165	Nuveen Corporate Income 2023 Target Term Fund		948,086
	88,646	Nuveen Credit Strategies Income Fund		452,981
	70,636	Nuveen Preferred & Income Securities Fund		456,309
	72,199	Nuveen Variable Rate Preferred & Income Fund		1,143,632
	97,571	Pershing Square Holdings Ltd.		3,400,349
	26,353	PGIM Global High Yield Fund, Inc.		289,092
	19,349	PGIM Short Duration High Yield Opportunities Fund		286,752
	62,323	PIMCO Access Income Fund		925,497
	62,398	PIMCO Dynamic Income Fund		1,124,412
	154,989	PIMCO Dynamic Income Opportunities Fund		1,921,864
	85,475	Special Opportunities Fund, Inc.		935,097
	273,355	Virtus Total Return Fund, Inc.		1,769,974
	169,861	Western Asset Inflation-Linked Opportunities & Income Fund		1,554,228
TOTAL CLOSED-END FUNDS
(Cost $37,975,560)				36,920,552
BUSINESS DEVELOPMENT COMPANIES - 0.89%
	22,012	FS KKR Capital Corp.		407,222
TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $396,453)				407,222

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 13

RiverNorth Core Opportunity Fund Schedule of Investments

March 31, 2023 (Unaudited)

EXCHANGE TRADED FUNDS - 2.74%
	68,427	Invesco FTSE RAFI Emerging Markets Portfolio	1,256,320
TOTAL EXCHANGE TRADED FUNDS
(Cost $1,265,701)			1,256,320
PREFERRED STOCKS - 0.83%
	15,162	XAI Octagon Floating Rate Alternative Income Term Trust, Series 2026, 6.500%, 03/31/2026	380,263
TOTAL PREFERRED STOCKS
(Cost $378,878)			380,263

Shares/Principal Amount/Description			Rate	Maturity	Value
BUSINESS DEVELOPMENT COMPANY NOTES - 1.90%
United States - 1.90%
$	1,978	New Mountain Finance Corp.	5.75%	08/15/2023		1,975
977,764		PennantPark Floating Rate Capital, Ltd.	4.25%	04/01/2026		867,495
TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $981,046)						869,470

Principal Amount/Description			Rate	Maturity	Value
U.S. CORPORATE BONDS - 2.57%
Investment Companies - 1.76%
	164,009	Blackstone Private Credit Fund	3.25%	03/15/2027		139,524
	495,561	Owl Rock Capital Corp.	3.40%	07/15/2026		438,271
	249,936	OWL Rock Core Income Corp.	4.70%	02/08/2027		226,140
						803,935
Private Equity - 0.81%
	437,712	Hercules Capital, Inc.	2.63%	09/16/2026		370,940
TOTAL U.S. CORPORATE BONDS
(Cost $1,164,046)						1,174,875
U.S. GOVERNMENT BONDS AND NOTES - 4.37%
1,000,000		U.S. Treasury Notes	4.25%	12/31/2024	$	1,001,035
1,000,000		U.S. Treasury Notes	4.13%	01/31/2025		999,844
TOTAL U.S. GOVERNMENT BONDS AND NOTES
(Cost $1,988,696)						2,000,879

See Notes to Financial Statements.

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RiverNorth Core Opportunity Fund Schedule of Investments

March 31, 2023 (Unaudited)

Shares/Description					Value
Warrants - 0.02%
	13,110	AGBA Group Holding, Ltd., Strike Price 11.50, Expires 05/10/2024				372
	7,024	Ares Acquisition Corp., Strike Price 11.50, Expires 12/31/2027				6,181
	8,081	Churchill Capital Corp. VI, Strike Price 11.50, Expires 12/31/2027				889
	8,168	Churchill Capital Corp. VII, Strike Price 11.50, Expires 02/29/2028				1,001
	10,113	Jaws Mustang Acquisition Corp., Strike Price 11.50, Expires 01/30/2026				1,099
	5,303	Landcadia Holdings IV, Inc., Strike Price 11.50, Expires 12/31/2028				873
TOTAL WARRANTS
(Cost $51,465)						10,415
Short-Term Investments - 9.01%
Money Market Fund - 6.87%
	3,144,791	State Street Institutional Trust (7 Day Yield 4.53%)			$	3,144,791
U.S. Treasury - 2.14%
	1,000,00
	0	United States Treasury Bills(a)	0.00%	08/17/2023	$	982,291
TOTAL SHORT-TERM INVESTMENTS
(Cost $4,126,391)						4,127,082
TOTAL INVESTMENTS - 102.92%
(Cost $48,328,236)					$	47,147,078
LIABILITIES IN EXCESS OF OTHER ASSETS - (2.92)%						(1,336,809	)
NET ASSETS - 100.00%					$	45,810,269

^(a) Non-income producing security.

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

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 15

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 15.92%
	96,479	Apollo Tactical Income Fund, Inc.	$	1,169,326
	383,908	Barings Global Short Duration High Yield Fund		4,952,413
	1,207,587	BlackRock Corporate High Yield Fund, Inc.		10,530,159
	338,476	BlackRock Credit Allocation Income Trust		3,482,918
	293,653	Blackstone Long-Short Credit Income Fund		3,203,754
	894,698	Blackstone Strategic Credit 2027 Term Fund		9,528,534
	166,245	Blackstone/GSO Senior Floating Rate Term Fund		2,107,155
	764,339	BrandywineGLOBAL - Global Income Opportunities Fund, Inc.		6,084,138
	695,542	First Trust High Yield Opportunities 2027 Term Fund		9,709,766
	352,954	Franklin Limited Duration Income Trust		2,181,256
	265,292	Invesco Dynamic Credit Opportunity Fund		2,936,781
	71,425	Morgan Stanley Emerging Markets Debt Fund, Inc.		459,977
	651,337	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		2,944,043
	689,205	Nuveen Core Plus Impact Fund		7,043,675
	1,938,852	Nuveen Credit Strategies Income Fund		9,907,534
	2,846,487	Nuveen Preferred & Income Securities Fund		18,388,306
	879,730	Nuveen Preferred Income Opportunities Fund		5,788,623
	724,829	PGIM Global High Yield Fund, Inc.		7,951,374
	624,024	PGIM High Yield Bond Fund, Inc.		7,613,093
	502,079	PGIM Short Duration High Yield Opportunities Fund		7,440,811
	233,127	PIMCO Access Income Fund		3,461,936
	744,807	PIMCO Dynamic Income Fund		13,421,422
	2,132,640	PIMCO High Income Fund		10,172,693
	32,880	PIMCO Income Strategy Fund		267,314
	1,077,061	PIMCO Income Strategy Fund II		7,722,527
	331,750	Virtus AllianzGI Diversified Income & Convertible Fund(a)		7,159,165
	682,253	Western Asset Diversified Income Fund		9,073,965
	1,672,235	Western Asset Emerging Markets Debt Fund, Inc.		14,364,499
	3,200,944	Western Asset High Income Opportunity Fund, Inc.		12,195,597
	1,274,618	Western Asset Inflation-Linked Opportunities & Income Fund		11,662,755
TOTAL CLOSED-END FUNDS
(Cost $242,936,367)				212,925,509
BUSINESS DEVELOPMENT COMPANIES - 0.39%
	215,433	FS KKR Capital Corp.		3,985,511
	1,292,347	Golub Capital BDC, Inc., 3.375%, 04/15/2024(b)		1,242,776
TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $5,453,601)				5,228,287
BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES - 0.47%
	49,593	Oxford Square Capital Corp., 6.250%, 04/30/2026		1,163,948

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Shares/Description			Value
	5,770,000	PennantPark Floating Rate Capital, Ltd., 4.250%, 04/01/2026(b)	$	5,119,277
TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES
(Cost $6,982,092)				6,283,225
OPEN-END FUNDS - 2.37%
	3,748,448	RiverNorth/Oaktree High Income Fund, Class I(c)		31,717,870
TOTAL OPEN-END FUNDS
(Cost $36,089,582)				31,717,870
PREFERRED STOCKS - 0.48%
	246,313	Crescent Capital BDC, Inc., 5.000%, 05/25/2026(b)		5,657,810
	32,069	Oxford Square Capital Corp., 6.500%, 03/30/2024		782,483
	8,906	Riverbed Tech Pref A, 1.500%, 11/17/2028(b)		2,271
TOTAL PREFERRED STOCKS
(Cost $7,148,165)				6,442,564
SPECIAL PURPOSE ACQUISITION COMPANIES - 1.04%
	1,693,856	Barings BDC, Inc.		13,449,217
	5,476	Bright Bidco Equity (Dr)(b)		95,830
	1,113	Intelsat Jackson Holdings SA, Series A(b)		8,904
	1,113	Intelsat Jackson Holdings SA, Series B(b)		9,460
	10,628	Intelsat SA/Luxembourg(b)		297,584
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES
(Cost $18,252,087)				13,860,995

Principal Amount/Description			Rate	Maturity	Value
FOREIGN CORPORATE BONDS - 3.82%
Argentina - 0.07%
$	150,000	Pampa Energia SA(d)	9.13%	04/15/2029	$	136,327
	300,000	YPF SA	8.50%	06/27/2029		227,241
	850,000	YPF SA	7.00%	12/15/2047		534,748
						898,316
Australia - 0.31%
	1,000,000	APA Infrastructure, Ltd.(d)	4.25%	07/15/2027		970,234
	395,000	Australia & New Zealand Banking Group, Ltd.(d)(e)	5Y US TI + 1.70%	11/25/2035		305,143
	265,000	Commonwealth Bank of Australia(d)	4.32%	01/10/2048		203,527

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 17

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	845,000	Macquarie Group, Ltd.(d)(e)	1D US SOFR + 1.532%	01/14/2033	$	685,164
	475,000	National Australia Bank, Ltd.(d)	2.99%	05/21/2031		382,201
	340,000	NBN Co., Ltd.(d)	1.45%	05/05/2026		307,529
	500,000	Sydney Airport Finance Co. Pty, Ltd.(d)	3.38%	04/30/2025		483,249
	500,000	Sydney Airport Finance Co. Pty, Ltd.(d)	3.63%	04/28/2026		481,939
	380,000	Westpac Banking Corp.(e)	5Y US TI + 1.53%	11/18/2036		298,035
						4,117,021
Brazil - 0.06%
	800,000	BRF SA(f)	5.75%	09/21/2050		533,809
	182,114	Guara Norte Sarl(f)	5.20%	06/15/2034		156,972
	950,000	Oi SA(g)(h)	10.00% (4.00%)	07/27/2025		74,524
						765,305
British Virgin Islands - 0.02%
	350,000	TSMC Global, Ltd.(d)	1.25%	04/23/2026		316,604
Canada - 0.38%
	13,000	1375209 BC, Ltd.(d)	9.00%	01/30/2028		12,902
	200,000	Aris Mining Corp.(f)	6.88%	08/09/2026		163,717
	455,000	Bank of Montreal(e)	3.80%	12/15/2032		411,155
	585,000	Bank of Nova Scotia(e)	5Y US TI + 2.05%	05/04/2037		516,156
	110,000	Bell Telephone Co. of Canada or Bell Canada	3.65%	08/15/2052		85,182
	265,000	CCL Industries, Inc.(d)	3.05%	06/01/2030		225,465
	245,000	CI Financial Corp.	4.10%	06/15/2051		148,679
	275,000	Enbridge, Inc.	3.40%	08/01/2051		194,251
	165,000	Garda World Security Corp.(d)	6.00%	06/01/2029		131,387
	600,000	Gran Tierra Energy, Inc.(d)	7.75%	05/23/2027		470,550
	400,000	Gran Tierra Energy, Inc.(f)	7.75%	05/23/2027		313,700
	50,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.(d)	5.00%	12/31/2026		45,782
	245,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.(d)	7.00%	12/31/2027		213,983
	140,000	Mattamy Group Corp.(d)	4.63%	03/01/2030		121,985
	155,000	Parkland Corp.(d)	4.50%	10/01/2029		137,914
	205,000	Superior Plus LP / Superior General Partner, Inc.(d)	4.50%	03/15/2029		183,291
	540,000	Telesat Canada / Telesat LLC(d)	5.63%	12/06/2026		279,153
	780,000	Toronto-Dominion Bank	4.69%	09/15/2027		772,610
	750,000	TransCanada PipeLines, Ltd.	4.25%	05/15/2028		728,308
						5,156,170
Cayman Islands - 0.15%
	900,000	Alpha Holding Escrow Shares(i)		Perpetual Maturity		0

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	900,000	Alpha Holding Escrow Shares(i)		Perpetual Maturity	$	0
	200,000	Banco Mercantil del Norte SA/Grand Cayman(a)(d)(e)	7.50%	Perpetual Maturity		173,083
	200,000	Banco Mercantil del Norte SA/Grand Cayman(a)(d)(e)	10Y US TI + 5.034%	Perpetual Maturity		161,500
	500,000	Banco Mercantil del Norte SA/Grand Cayman(a)(e)(f)	10Y US TI + 5.034%	Perpetual Maturity		403,750
	200,000	Banco Mercantil del Norte SA/Grand Cayman(a)(e)(f)	7.63%	Perpetual Maturity		177,150
	136,993	Bioceanico Sovereign Certificate, Ltd.(f)(j)	0.00%	06/05/2034		92,092
	200,000	Cosan Overseas, Ltd.(a)	8.25%	Perpetual Maturity		199,209
	172,473	Global Aircraft Leasing Co., Ltd.(d)(g)	6.50% (7.25%)	09/15/2024		155,814
	301,285	Interoceanica IV Finance, Ltd.(j)	0.00%	11/30/2025		280,948
	139,814	Lima Metro Line 2 Finance, Ltd.(d)	5.88%	07/05/2034		134,694
	180,000	Rutas 2 and 7 Finance, Ltd.(f)(j)	0.00%	09/30/2036		113,918
	166,563	Transocean Poseidon, Ltd.(d)	6.88%	02/01/2027		163,431
						2,055,589
Chile - 0.34%					��
	400,000	AES Andes SA(d)(e)	6.35%	10/07/2079		373,108
	300,000	AES Andes SA(e)	7.13%	03/26/2079		286,957
	400,000	AES Andes SA(e)(f)	6.35%	10/07/2079		373,109
	700,000	CAP SA(f)	3.90%	04/27/2031		540,481
	900,000	Empresa de Transporte de Pasajeros Metro SA(d)	5.00%	01/25/2047		822,621
	331,800	Empresa Electrica Cochrane SpA(f)	5.50%	05/14/2027		306,104
	344,160	GNL Quintero SA(f)	4.63%	07/31/2029		329,908
	600,000	Guacolda Energia SA(f)	4.56%	04/30/2025		243,306
	200,000	Inversiones La Construccion SA(f)	4.75%	02/07/2032		159,235
	750,000	Transelec SA(f)	3.88%	01/12/2029		693,229
	1,050,000	VTR Finance NV(f)	6.38%	07/15/2028		425,250
						4,553,308
China - 0.03%
	295,000	Agile Group Holdings, Ltd.(a)(e)	7.75%	Perpetual Maturity		98,161
	200,000	Alibaba Group Holding, Ltd.	3.25%	02/09/2061		125,931
	400,000	Ronshine China Holdings, Ltd.(h)	7.35%	12/15/2023		26,263
	600,000	Ronshine China Holdings, Ltd.	6.75%	08/05/2024		43,173
	200,000	Tencent Holdings, Ltd.(f)	3.24%	06/03/2050		131,579
						425,107

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 19

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Colombia - 0.27%
$	450,000	Banco Davivienda SA(a)(d)(e)	10Y US TI + 5.10%	Perpetual Maturity	$	311,400
	350,000	Banco Davivienda SA(a)(e)(f)	10Y US TI + 5.097%	Perpetual Maturity		242,200
	650,000	Banco GNB Sudameris SA(d)(e)	5Y US TI + 6.66%	04/16/2031		486,713
	200,000	Banco GNB Sudameris SA(e)(f)	5Y US TI + 6.66%	04/16/2031		149,758
	200,000	Bancolombia SA(e)	4.63%	12/18/2029		168,199
	350,000	Credivalores-Crediservicios SAS(d)	8.88%	02/07/2025		84,258
	400,000	Credivalores-Crediservicios SAS(f)	8.88%	02/07/2025		96,295
	950,000	Ecopetrol SA	5.88%	05/28/2045		660,250
	1,020,000	Ecopetrol SA	5.88%	11/02/2051		690,540
	400,000	Empresas Publicas de Medellin ESP(f)	4.25%	07/18/2029		306,577
	500,000	Empresas Publicas de Medellin ESP(f)	4.38%	02/15/2031		360,904
						3,557,094
Cyprus - 0.01%
	200,000	Interpipe Holdings PLC(d)	8.38%	05/13/2026		94,346
France - 0.07%
	730,000	BNP Paribas SA(d)(e)	1D SOFR + 1.51%	01/13/2031		626,514
	340,000	BPCE SA(d)	1.00%	01/20/2026		303,259
						929,773
Great Britain - 0.26%
	515,000	Barclays PLC(e)	3M US L + 1.38%	05/16/2024		513,250
	655,000	HSBC Holdings PLC(e)	3M US L + 1.38%	09/12/2026		649,710
	730,000	Lloyds Banking Group PLC(e)	3M US L + 1.21%	11/07/2028		668,146
	335,000	NatWest Markets PLC(d)	0.80%	08/12/2024		313,650
	303,047	SCC Power PLC(d)(g)	8.00% (8.00%)	12/31/2028		108,794
	164,151	SCC Power PLC(d)(g)	4.00% (4.00%)	05/17/2032		11,965
	472,000	Tullow Oil PLC(d)	10.25%	05/15/2026		364,351
	450,000	Vedanta Resources Finance II PLC(d)	9.25%	04/23/2026		270,286
	200,000	Vedanta Resources Finance II PLC(f)	9.25%	04/23/2026		120,127
	480,000	Weir Group PLC(d)	2.20%	05/13/2026		432,745
						3,453,024
Guatemala - 0.03%
	150,000	Banco Industrial SA/Guatemala(e)	5Y US TI + 4.442%	01/29/2031		138,689
	400,000	CT Trust(f)	5.13%	02/03/2032		335,000
						473,689
Hong Kong - 0.03%
	200,000	RKP Overseas Finance, Ltd.(a)	7.75%	Perpetual Maturity		124,921

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	400,000	RKP Overseas Finance, Ltd.(a)	7.95%	Perpetual Maturity	$	251,780
						376,701
India - 0.15%
	200,000	Adani Electricity Mumbai, Ltd.(f)	3.95%	02/12/2030		142,870
	549,000	Adani International Container Terminal Pvt, Ltd.(f)	3.00%	02/16/2031		418,855
	200,000	Adani Ports & Special Economic Zone, Ltd.(f)	4.38%	07/03/2029		151,311
	500,000	Adani Ports & Special Economic Zone, Ltd.	3.10%	02/02/2031		322,532
	700,000	Adani Ports & Special Economic Zone, Ltd.(f)	5.00%	08/02/2041		445,231
	900,000	Vedanta Resources, Ltd.	6.13%	08/09/2024		534,339
						2,015,138
Indonesia - 0.11%
	500,000	ABM Investama Tbk PT(d)	9.50%	08/05/2026		453,365
	400,000	Gajah Tunggal Tbk PT	8.95%	06/23/2026		320,000
	595,000	Kawasan Industri Jababeka Tbk PT(d)(k)	7.00%	12/15/2027		419,475
	300,000	Pertamina Persero PT(f)	4.15%	02/25/2060		222,702
						1,415,542
Ireland - 0.03%
	465,000	Avolon Holdings Funding, Ltd.(d)	3.25%	02/15/2027		413,112
Israel - 0.09%
	200,000	Bank Hapoalim BM(d)(e)	5Y US TI + 2.155%	01/21/2032		167,100
	200,000	Bank Leumi Le-Israel BM(d)(e)	5Y US TI + 1.631%	01/29/2031		174,578
	900,000	Israel Electric Corp., Ltd.(d)	5.00%	11/12/2024		889,210
						1,230,888
Jamaica - 0.00%(l)
	68,298	Digicel Group Holdings, Ltd.(d)(g)	8.00% (8.00%)	04/01/2025		27,380
Japan - 0.05%
	710,000	Renesas Electronics Corp.(d)	2.17%	11/25/2026		630,000
Luxembourg - 0.22%
	470,000	Endo Luxembourg Finance Co. I SARL / Endo US, Inc.(d)(h)	6.13%	04/01/2029		348,097
	1,100,000	Intelsat Escrow Shares(i)	0.00%	Perpetual Maturity		0
	966,252	MC Brazil Downstream Trading SARL(f)	7.25%	06/30/2031		760,198
	270,000	Millicom International Cellular SA(f)	6.25%	03/25/2029		249,669
	700,000	Movida Europe SA(f)	5.25%	02/08/2031		509,775

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 21

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	1,300,000	Simpar Europe SA(f)	5.20%	01/26/2031	$	951,223
	155,000	SK Invictus Intermediate II Sarl(d)	5.00%	10/30/2029		128,855
						2,947,817
Mauritius - 0.06%
	200,000	UPL Corp., Ltd.	4.50%	03/08/2028		177,163
	800,000	UPL Corp., Ltd.(a)(e)	5Y US TI + 3.865%	Perpetual Maturity		598,868
						776,031
Mexico - 0.22%
	659,912	Alpha Holding SA de CV(d)(h)	9.00%	02/10/2025		9,074
	188,546	Alpha Holding SA de CV(h)	9.00%	02/10/2025		2,592
	200,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand(e)(f)	5Y US TI + 2.995%	10/01/2028		195,796
	800,000	Braskem Idesa SAPI(d)	6.99%	02/20/2032		604,477
	200,000	Braskem Idesa SAPI(f)	6.99%	02/20/2032		151,119
	200,000	Cemex SAB de CV(a)(d)(e)	5Y US TI + 4.907%	Perpetual Maturity		200,541
	500,000	Credito Real SAB de CV SOFOM ER(f)(h)	9.50%	02/07/2026		35,662
	600,000	Mexarrend SAPI de CV(d)	10.25%	07/24/2024		128,451
	200,000	Mexarrend SAPI de CV(f)	10.25%	07/24/2024		42,817
	600,000	Mexico City Airport Trust(f)	5.50%	07/31/2047		462,600
	700,000	Operadora de Servicios Mega SA de CV Sofom ER(d)	8.25%	02/11/2025		337,847
	750,000	Petroleos Mexicanos	6.38%	01/23/2045		474,357
	500,000	Petroleos Mexicanos	6.75%	09/21/2047		325,406
	1,000,000	Unifin Financiera SAB de CV(a)(e)(f)(h)	8.88%	Perpetual Maturity		14,220
						2,984,959
Morocco - 0.07%
	1,200,000	OCP SA(f)	5.13%	06/23/2051		877,298
Netherlands -0.23%
	300,000	Braskem Netherlands Finance BV(e)(f)	5Y US TI + 8.22%	01/23/2081		299,025
	600,000	Coruripe Netherlands BV(f)	10.00%	02/10/2027		423,000
	200,000	Metinvest BV(f)	7.75%	10/17/2029		111,000
	1,400,000	Minejesa Capital BV	5.63%	08/10/2037		1,098,766
	171,300	MV24 Capital BV(f)	6.75%	06/01/2034		157,973
	300,000	NGD Holdings BV	6.75%	12/31/2026		183,000
	290,000	NXP BV / NXP Funding LLC / NXP USA, Inc.	3.88%	06/18/2026		280,226
	200,000	Petrobras Global Finance BV	6.75%	06/03/2050		176,795

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	410,000	Petrobras Global Finance BV	5.50%	06/10/2051	$	318,635
						3,048,420
Panama - 0.09%
	200,000	Banistmo SA	4.25%	07/31/2027		183,240
	200,000	Empresa de Transmision Electrica SA(f)	5.13%	05/02/2049		160,672
	200,000	Multibank, Inc.(d)	7.75%	02/03/2028		200,380
	646,295	UEP Penonome II SA(d)	6.50%	10/01/2038		486,522
	184,656	UEP Penonome II SA(f)	6.50%	10/01/2038		139,006
						1,169,820
Paraguay - 0.05%
	150,000	Banco Continental SAECA(f)	2.75%	12/10/2025		133,294
	800,000	Frigorifico Concepcion SA(d)	7.70%	07/21/2028		576,738
						710,032
Peru - 0.14%
	100,000	Banco de Credito del Peru S.A.(e)(f)	5Y US TI + 3.13%	07/01/2030		90,101
	200,000	Banco Internacional del Peru SAA Interbank(e)	1Y US TI + 3.71%	07/08/2030		183,628
	300,000	Camposol SA(d)	6.00%	02/03/2027		165,276
	400,000	Camposol SA(f)	6.00%	02/03/2027		220,368
	174,800	Hunt Oil Co. of Peru LLC Sucursal Del Peru(f)	6.38%	06/01/2028		164,935
	200,000	Petroleos del Peru SA(f)	4.75%	06/19/2032		148,882
	1,350,000	Petroleos del Peru SA(f)	5.63%	06/19/2047		875,475
						1,848,665
Singapore - 0.09%
	515,000	BOC Aviation, Ltd.(d)(e)	3M US L + 1.13%	09/26/2023		514,927
	200,000	DBS Group Holdings, Ltd.(e)	5Y US TI + 1.10%	03/10/2031		180,505
	200,000	Oversea-Chinese Banking Corp., Ltd.(e)(f)	5Y US TI + 1.58%	09/10/2030		183,571
	200,000	United Overseas Bank, Ltd.(e)	5Y US TI + 1.75%	03/16/2031		179,465
	200,000	United Overseas Bank, Ltd.(e)(f)	5Y US TI + 1.23%	10/14/2031		177,340
						1,235,808
South Korea - 0.01%
	200,000	LG Chem, Ltd.(d)	2.38%	07/07/2031		164,708
Spain - 0.10%
	250,000	AI Candelaria Spain SA(d)	5.75%	06/15/2033		177,500
	1,050,000	AI Candelaria Spain SA(f)	5.75%	06/15/2033		745,500
	600,000	EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA(f)	5.38%	12/30/2030		360,800
						1,283,800

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 23

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
United Arab Emirates - 0.03%
$	266,130	Galaxy Pipeline Assets Bidco, Ltd.(d)	2.16%	03/31/2034	$	229,516
	284,955	Galaxy Pipeline Assets Bidco, Ltd.(f)	2.94%	09/30/2040		231,522
						461,038
Vietnam - 0.05%
	750,000	Mong Duong Finance Holdings BV(f)	5.13%	05/07/2029		637,302
TOTAL FOREIGN CORPORATE BONDS
(Cost $65,808,235)						51,049,805
U.S. CORPORATE BONDS - 7.25%
Advertising - 0.02%
	50,000	Clear Channel Outdoor Holdings, Inc.(d)	7.50%	06/01/2029		35,580
	225,000	Interpublic Group of Cos., Inc.	5.40%	10/01/2048		216,980
						252,560
Aerospace/Defense - 0.10%
	330,000	Boeing Co.	2.95%	02/01/2030		291,530
	215,000	Boeing Co.	3.75%	02/01/2050		163,133
	425,000	Northrop Grumman Corp.	5.15%	05/01/2040		430,561
	350,000	Raytheon Technologies Corp.	3.03%	03/15/2052		253,821
	280,000	Triumph Group, Inc.	7.75%	08/15/2025		257,278
						1,396,323
Agriculture - 0.06%
	705,000	BAT Capital Corp.	3.46%	09/06/2029		623,846
	321,693	Pyxus Holdings, Inc.(d)	8.50%	12/31/2027		205,884
						829,730
Airlines - 0.04%
	330,000	American Airlines, Inc./AAdvantage Loyalty IP, Ltd.(d)	5.75%	04/20/2029		316,899
	171,528	United Airlines 2016-1 Class B Pass Through Trust	3.65%	01/07/2026		160,650
						477,549
Auto Manufacturers - 0.14%
	315,000	Ford Motor Co.	3.25%	02/12/2032		248,021
	375,000	General Motors Financial Co., Inc.	2.40%	10/15/2028		321,059
	360,000	General Motors Financial Co., Inc.	3.10%	01/12/2032		293,633
	635,000	Hyundai Capital America(d)	2.65%	02/10/2025		605,942
	25,000	Hyundai Capital America(d)	1.80%	10/15/2025		22,945

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	355,000	Volkswagen Group of America Finance LLC(d)	4.25%	11/13/2023	$	352,491
						1,844,091
Auto Parts & Equipment - 0.07%
	315,000	Dealer Tire LLC / DT Issuer LLC(d)	8.00%	02/01/2028		283,100
	150,000	Goodyear Tire & Rubber Co.	5.25%	07/15/2031		129,729
	1,179,000	Wheel Pros, Inc.(d)	6.50%	05/15/2029		536,445
						949,274
Banks - 0.52%
	175,000	Bank of America Corp.(e)	1D US SOFR + 1.11%	04/25/2025		171,875
	230,000	Bank of America Corp.(e)	1D US SOFR + 1.75%	07/22/2026		227,533
	270,000	Bank of America Corp.(e)	1D US SOFR + 1.21%	10/20/2032		220,862
	680,000	Bank of America Corp.(e)	5Y US TI + 2.48%	09/21/2036		516,894
	635,000	Citigroup, Inc.(e)	3M US L + 1.10%	05/17/2024		635,024
	120,000	Citigroup, Inc.(e)	1D US SOFR + 0.694%	01/25/2026		113,077
	120,000	Citigroup, Inc.(e)	1D US SOFR + 1.28%	02/24/2028		111,684
	685,000	Goldman Sachs Group, Inc.(e)	3M US L + 1.17%	05/15/2026		679,727
	230,000	Goldman Sachs Group, Inc.(e)	1D US SOFR + 0.82%	09/10/2027		224,308
	210,000	JPMorgan Chase & Co.(e)	1D US SOFR + 0.915%	02/24/2026		199,149
	85,000	JPMorgan Chase & Co.(e)	1D US SOFR + 1.99%	07/25/2028		84,919
	295,000	JPMorgan Chase & Co.(e)	1D SOFR + 1.02%	06/01/2029		256,180
	415,000	JPMorgan Chase & Co.(e)	1D US SOFR + 2.04%	04/22/2031		355,021
	360,000	JPMorgan Chase & Co.(e)	1D US SOFR + 1.25%	04/22/2032		303,176
	345,000	JPMorgan Chase & Co.(e)	1D US SOFR + 1.26%	01/25/2033		295,277
	240,000	Morgan Stanley(e)	1D US SOFR + 1.669%	07/17/2026		237,055
	260,000	Morgan Stanley(e)	1D US SOFR + 1.61%	04/20/2028		252,608
	95,000	Morgan Stanley(e)	1D US SOFR + 1.29%	01/21/2033		80,555
	705,000	Morgan Stanley(e)	1D SOFR + 2.48%	09/16/2036		536,046
	65,000	PNC Financial Services Group, Inc.(e)	1D US SOFR + 1.085%	01/26/2027		64,244
	135,000	Santander Holdings USA, Inc.(e)	1D US SOFR + 1.249%	01/06/2028		116,876

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 25

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	155,000	Santander Holdings USA, Inc.(e)	1D US SOFR + 2.356%	03/09/2029	$	154,995
	265,000	Truist Financial Corp.(e)	1D US SOFR + 1.435%	01/26/2029		258,631
	295,000	Wells Fargo & Co.(e)	3M US L + 1.17%	06/17/2027		277,618
	275,000	Wells Fargo & Co.(e)	1D US SOFR + 1.98%	07/25/2028		271,776
	290,000	Wells Fargo & Co.(e)	1D US SOFR + 1.43%	10/30/2030		252,208
						6,897,318
Beverages - 0.11%
	675,000	Anheuser-Busch InBev Worldwide, Inc.	4.60%	04/15/2048		637,693
	50,000	Constellation Brands, Inc.	3.15%	08/01/2029		45,740
	290,000	Constellation Brands, Inc.	2.88%	05/01/2030		254,534
	170,000	PepsiCo, Inc.	3.60%	02/18/2028		166,890
	490,000	Triton Water Holdings, Inc.(d)	6.25%	04/01/2029		389,555
						1,494,412
Biotechnology - 0.09%
	295,000	Amgen, Inc.	5.25%	03/02/2030		301,823
	255,000	Amgen, Inc.	5.65%	03/02/2053		265,638
	390,000	Royalty Pharma PLC	2.15%	09/02/2031		308,458
	395,000	Royalty Pharma PLC	3.30%	09/02/2040		286,669
						1,162,588
Building Materials - 0.07%
	130,000	Builders FirstSource, Inc.(d)	6.38%	06/15/2032		130,588
	595,000	Carrier Global Corp.	3.38%	04/05/2040		473,786
	130,000	Griffon Corp.	5.75%	03/01/2028		120,708
	315,000	Owens Corning	4.40%	01/30/2048		263,319
						988,401
Chemicals - 0.07%
	455,000	ASP Unifrax Holdings, Inc.(d)	7.50%	09/30/2029		309,646
	310,000	CF Industries, Inc.	5.38%	03/15/2044		280,445
	240,000	Illuminate Buyer LLC / Illuminate Holdings IV, Inc.(d)	9.00%	07/01/2028		212,980
	125,000	WR Grace Holdings LLC(d)	5.63%	08/15/2029		106,250
						909,321
Coal - 0.01%
	180,000	SunCoke Energy, Inc.(d)	4.88%	06/30/2029		156,929
Commercial Services - 0.11%
	90,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.(d)	6.63%	07/15/2026		86,580

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	175,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.(d)	9.75%	07/15/2027	$	156,144
	300,000	Global Payments, Inc.	4.95%	08/15/2027		296,637
	200,000	Metis Merger Sub LLC(d)	6.50%	05/15/2029		166,764
	410,000	PECF USS Intermediate Holding III Corp.(d)	8.00%	11/15/2029		272,771
	125,000	Triton Container International, Ltd.(d)	1.15%	06/07/2024		117,613
	235,000	Triton Container International, Ltd. / TAL International Container Corp.	3.25%	03/15/2032		185,763
	170,000	WASH Multifamily Acquisition, Inc.(d)	5.75%	04/15/2026		161,051
						1,443,323
Computers - 0.10%
	330,000	Fortinet, Inc.	1.00%	03/15/2026		296,372
	230,000	Hewlett Packard Enterprise Co.	5.90%	10/01/2024		232,971
	340,000	NetApp, Inc.	1.88%	06/22/2025		317,194
	700,000	Virtusa Corp.(d)	7.13%	12/15/2028		550,787
						1,397,324
Containers and Packaging - 0.02%
	300,000	Packaging Corp. of America	3.40%	12/15/2027		285,309
Distribution/Wholesale - 0.01%
	180,000	BCPE Empire Holdings, Inc.(d)	7.63%	05/01/2027		164,637
Diversified Financial Services - 0.21%
	195,000	Air Lease Corp.	1.88%	08/15/2026		172,965
	835,000	Air Methods Corp.(d)	8.00%	05/15/2025		54,480
	600,000	American Express Co.	3.95%	08/01/2025		588,728
	500,000	Aviation Capital Group LLC(d)	1.95%	09/20/2026		433,302
	150,000	Capital One Financial Corp.(e)	1D US SOFR + 2.16%	07/24/2026		144,715
	415,000	Discover Financial Services	4.10%	02/09/2027		393,092
	95,000	Nasdaq, Inc.	3.95%	03/07/2052		73,948
	170,000	Nationstar Mortgage Holdings, Inc.(d)	5.75%	11/15/2031		132,052
	95,000	Navient Corp.	5.00%	03/15/2027		83,799
	170,000	OneMain Finance Corp.	6.63%	01/15/2028		156,026
	215,000	PennyMac Financial Services, Inc.(d)	4.25%	02/15/2029		171,413
	510,000	Synchrony Financial	3.95%	12/01/2027		432,616
						2,837,136
Electric - 0.48%
	55,000	AEP Transmission Co. LLC	5.40%	03/15/2053		57,377

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 27

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	340,000	Berkshire Hathaway Energy Co.	4.60%	05/01/2053	$	310,553
	290,000	DTE Energy Co.(k)	4.22%	11/01/2024		286,919
	80,000	Duke Energy Carolinas LLC	2.85%	03/15/2032		69,632
	205,000	Duke Energy Corp.	4.30%	03/15/2028		201,192
	540,000	Duke Energy Corp.	3.95%	08/15/2047		430,056
	180,000	Entergy Corp.	2.80%	06/15/2030		155,913
	185,000	Exelon Corp.	5.15%	03/15/2028		188,384
	1,000,000	Exelon Corp.	4.05%	04/15/2030		955,230
	130,000	Exelon Corp.	4.10%	03/15/2052		107,077
	355,000	Georgia Power Co.	2.20%	09/15/2024		340,984
	760,000	Georgia Power Co.	3.25%	03/15/2051		545,053
	225,000	Monongahela Power Co.(d)	5.40%	12/15/2043		228,640
	110,000	National Rural Utilities Cooperative Finance Corp.	5.45%	10/30/2025		112,120
	275,000	NextEra Energy Capital Holdings, Inc.	4.26%	09/01/2024		272,577
	750,000	NextEra Energy Capital Holdings, Inc.	2.25%	06/01/2030		634,481
	215,000	NRG Energy, Inc.(d)	2.00%	12/02/2025		193,816
	130,000	NRG Energy, Inc.(d)	3.63%	02/15/2031		104,385
	400,000	Pacific Gas and Electric Co.	2.50%	02/01/2031		324,397
	320,000	Pike Corp.(d)	5.50%	09/01/2028		280,339
	85,000	San Diego Gas & Electric Co.	5.35%	04/01/2053		87,682
	275,000	Southern Co.(e)	5Y US TI + 2.915%	09/15/2051		231,369
	225,000	Southwestern Electric Power Co.	3.25%	11/01/2051		156,999
	110,000	Virginia Electric and Power Co.	3.75%	05/15/2027		106,812
						6,381,987
Electronics - 0.02%
	260,000	Arrow Electronics, Inc.	3.88%	01/12/2028		246,946
Engineering & Construction - 0.03%
	265,000	Artera Services LLC(d)	9.03%	12/04/2025		228,260
	215,000	Jacobs Engineering Group, Inc.	5.90%	03/01/2033		215,471
						443,731
Entertainment - 0.14%
	80,000	Lions Gate Capital Holdings LLC(d)	5.50%	04/15/2029		52,686
	270,000	Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.(d)	4.88%	05/01/2029		235,029
	535,000	Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.(d)	5.63%	09/01/2029		395,566
	350,000	Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.(d)	5.88%	09/01/2031		251,913

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	265,000	Scientific Games Holdings LP/Scientific Games US FinCo, Inc.(d)	6.63%	03/01/2030	$	234,428
	135,000	Scientific Games International, Inc.(d)	7.25%	11/15/2029		135,383
	335,000	Warnermedia Holdings, Inc.(d)	3.76%	03/15/2027		315,762
	320,000	Warnermedia Holdings, Inc.(d)	4.05%	03/15/2029		297,895
						1,918,662
Environmental Control - 0.01%
	120,000	Madison IAQ LLC(d)	4.13%	06/30/2028		103,934
Food - 0.08%
	355,000	Kraft Heinz Foods Co.	4.38%	06/01/2046		309,590
	31,000	Post Holdings, Inc.(d)	4.63%	04/15/2030		27,812
	569,000	Smithfield Foods, Inc.(d)	4.25%	02/01/2027		530,044
	160,000	United Natural Foods, Inc.(d)	6.75%	10/15/2028		148,850
						1,016,296
Food Service - 0.03%
	585,000	TKC Holdings, Inc.(d)	10.50%	05/15/2029		365,842
Hand/Machine Tools - 0.01%
	145,000	Regal Rexnord Corp.(d)	6.05%	02/15/2026		145,786
Healthcare-Products - 0.01%
	200,000	Medline Borrower LP(d)	5.25%	10/01/2029		173,714
Healthcare-Services - 0.25%
	530,000	Centene Corp.	2.50%	03/01/2031		429,671
	150,000	CHS/Community Health Systems, Inc.(d)	6.00%	01/15/2029		127,034
	275,000	Elevance Health, Inc.	2.38%	01/15/2025		263,386
	85,000	Elevance Health, Inc.	4.55%	05/15/2052		76,860
	450,000	HCA, Inc.	5.38%	02/01/2025		450,478
	310,000	HCA, Inc.	4.13%	06/15/2029		290,699
	220,000	Health Care Service Corp. A Mutual Legal Reserve Co.(d)	3.20%	06/01/2050		160,131
	120,000	Legacy LifePoint Health LLC(d)	4.38%	02/15/2027		98,260
	155,000	ModivCare Escrow Issuer, Inc.(d)	5.00%	10/01/2029		131,766
	780,000	Radiology Partners, Inc.(d)	9.25%	02/01/2028		432,038
	90,000	RP Escrow Issuer LLC(d)	5.25%	12/15/2025		68,281
	100,000	Tenet Healthcare Corp.	6.25%	02/01/2027		98,450
	220,000	Tenet Healthcare Corp.(d)	6.13%	06/15/2030		217,228
	370,000	UnitedHealth Group, Inc.	5.05%	04/15/2053		374,490
	105,000	UnitedHealth Group, Inc.	4.95%	05/15/2062		102,355
						3,321,127

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 29

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Housewares - 0.04%
$	830,000	SWF Escrow Issuer Corp.(d)	6.50%	10/01/2029	$	511,654
Insurance - 0.19%
	130,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer(d)	6.75%	10/15/2027		120,698
	185,000	AmWINS Group, Inc.(d)	4.88%	06/30/2029		163,968
	605,000	Athene Global Funding(d)(e)	SOFRINDX + 0.56%	08/19/2024		593,618
	230,000	Berkshire Hathaway Finance Corp.	2.85%	10/15/2050		162,592
	130,000	Berkshire Hathaway Finance Corp.	3.85%	03/15/2052		109,099
	150,000	Brighthouse Financial Global Funding(d)	1.00%	04/12/2024		143,347
	185,000	Brighthouse Financial Global Funding(d)	2.00%	06/28/2028		156,742
	120,000	GTCR AP Finance, Inc.(d)	8.00%	05/15/2027		114,663
	310,000	Massachusetts Mutual Life Insurance Co.(d)	3.20%	12/01/2061		200,969
	290,000	MetLife, Inc.	5.25%	01/15/2054		282,941
	540,000	Willis North America, Inc.	4.50%	09/15/2028		523,131
						2,571,768
Internet - 0.11%
	290,000	Endurance International Group Holdings, Inc.(d)	6.00%	02/15/2029		196,241
	150,000	Expedia Group, Inc.	5.00%	02/15/2026		149,441
	275,000	Expedia Group, Inc.	3.80%	02/15/2028		260,740
	55,000	Expedia Group, Inc.	3.25%	02/15/2030		47,727
	58,000	Expedia Group, Inc.	2.95%	03/15/2031		48,450
	325,000	Meta Platforms, Inc.	3.85%	08/15/2032		304,411
	355,000	Meta Platforms, Inc.	4.45%	08/15/2052		312,714
	140,000	Netflix, Inc.	4.88%	04/15/2028		139,426
						1,459,150
Investment Companies - 1.70%
	5,000,000	Franklin BSP Lending Corp.(d)	5.38%	05/30/2023		4,983,662
	4,092,439	Owl Rock Capital Corp.	2.88%	06/11/2028		3,322,465
	5,247,730	Owl Rock Capital Corp. III	3.13%	04/13/2027		4,414,907
	844	OWL Rock Core Income Corp.(d)	5.50%	03/21/2025		823
	3,961,000	OWL Rock Core Income Corp.	5.50%	03/21/2025		3,860,919
	2,000,000	OWL Rock Core Income Corp.	4.70%	02/08/2027		1,809,586
	3,482,180	OWL Rock Core Income Corp.(d)	7.75%	09/16/2027		3,437,128
	1,000,000	Sixth Street Specialty Lending, Inc.	3.88%	11/01/2024		954,391
						22,783,881

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Leisure Time - 0.08%
$	405,000	Carnival Corp.(d)	7.63%	03/01/2026	$	369,960
	340,000	Carnival Corp.(d)	5.75%	03/01/2027		279,281
	140,000	NCL Corp., Ltd.(d)	5.88%	02/15/2027		130,710
	340,000	Viking Cruises, Ltd.(d)	5.88%	09/15/2027		293,114
						1,073,065
Lodging - 0.05%
	345,000	Marriott International, Inc.	3.13%	06/15/2026		326,156
	360,000	Marriott International, Inc.	2.75%	10/15/2033		291,713
						617,869
Media - 0.20%
	140,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)	4.75%	02/01/2032		117,755
	80,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)	4.25%	01/15/2034		62,655
	590,000	Cengage Learning, Inc.(d)	9.50%	06/15/2024		571,002
	315,000	Charter Communications Operating LLC / Charter Communications Operating Capital	4.91%	07/23/2025		311,983
	320,000	Charter Communications Operating LLC / Charter Communications Operating Capital	3.50%	03/01/2042		216,478
	185,000	Comcast Corp.	3.95%	10/15/2025		182,998
	335,000	Comcast Corp.	3.40%	04/01/2030		313,381
	75,000	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.(d)	5.88%	08/15/2027		67,999
	95,000	DISH DBS Corp.(d)	5.75%	12/01/2028		71,072
	700,000	McGraw-Hill Education, Inc.(d)	5.75%	08/01/2028		609,823
	85,000	News Corp.(d)	5.13%	02/15/2032		79,814
	130,000	Scripps Escrow II, Inc.(d)	3.88%	01/15/2029		102,172
						2,707,132
Mining - 0.07%
	160,000	Arconic Corp.(d)	6.13%	02/15/2028		157,545
	50,000	Freeport-McMoRan, Inc.	4.38%	08/01/2028		46,920
	300,000	Freeport-McMoRan, Inc.	4.63%	08/01/2030		283,718
	310,000	Glencore Funding LLC(d)	1.63%	04/27/2026		280,769
	240,000	Glencore Funding LLC(d)	3.38%	09/23/2051		167,323
						936,275
Miscellaneous Manufactur - 0.01%
	155,000	Parker-Hannifin Corp.	4.25%	09/15/2027		152,199
Oil & Gas - 0.39%
	285,000	BP Capital Markets America, Inc.	2.94%	06/04/2051		198,025
	325,000	BP Capital Markets America, Inc.	3.00%	03/17/2052		229,576

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 31

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	630,000	Brooklyn Union Gas Co.(d)	4.49%	03/04/2049	$	512,006
	165,000	Callon Petroleum Co.(d)	7.50%	06/15/2030		155,259
	165,000	Chesapeake Energy Corp.(d)	5.88%	02/01/2029		157,257
	170,000	CNX Resources Corp.(d)	6.00%	01/15/2029		159,154
	100,000	CNX Resources Corp.(d)	7.38%	01/15/2031		98,614
	340,000	Continental Resources, Inc.(d)	2.27%	11/15/2026		302,267
	300,000	Exxon Mobil Corp.	4.23%	03/19/2040		281,277
	160,000	Halliburton Co.	2.92%	03/01/2030		142,667
	140,000	Hilcorp Energy I LP / Hilcorp Finance Co.(d)	6.25%	11/01/2028		133,039
	155,000	Hilcorp Energy I LP / Hilcorp Finance Co.(d)	5.75%	02/01/2029		142,877
	235,000	Marathon Petroleum Corp.	5.13%	12/15/2026		237,343
	750,000	NiSource, Inc.	3.60%	05/01/2030		692,659
	65,000	Occidental Petroleum Corp.	6.63%	09/01/2030		68,516
	95,000	Occidental Petroleum Corp.	6.13%	01/01/2031		98,659
	95,000	Occidental Petroleum Corp.	6.45%	09/15/2036		99,988
	75,000	Phillips 66	4.95%	12/01/2027		75,369
	95,000	Pioneer Natural Resources Co.	1.90%	08/15/2030		77,397
	700,000	SierraCol Energy Andina LLC(d)	6.00%	06/15/2028		540,120
	300,000	SierraCol Energy Andina LLC(f)	6.00%	06/15/2028		231,480
	140,000	Southwestern Energy Co.	5.38%	02/01/2029		132,112
	160,000	Southwestern Energy Co.	4.75%	02/01/2032		141,512
	215,000	Sunoco LP / Sunoco Finance Corp.	4.50%	05/15/2029		197,620
	100,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	09/01/2027		95,656
						5,200,449
Oil & Gas Services - 0.01%
	150,000	Weatherford International, Ltd.(d)	6.50%	09/15/2028		150,398
Packaging & Containers - 0.06%
	230,000	Berry Global, Inc.	1.65%	01/15/2027		201,579
	576,000	WRKCo, Inc.	3.75%	03/15/2025		559,079
						760,658
Pharmaceuticals - 0.12%
	650,000	AbbVie, Inc.	4.70%	05/14/2045		609,563
	165,000	AdaptHealth LLC(d)	5.13%	03/01/2030		140,138
	80,000	Bausch Health Cos., Inc.(d)	6.13%	02/01/2027		51,858
	24,000	Bausch Health Cos., Inc.(d)	11.00%	09/30/2028		17,780
	4,000	Bausch Health Cos., Inc.(d)	14.00%	10/15/2030		2,272
	270,000	Becton Dickinson & Co.	4.69%	02/13/2028		271,271
	160,000	CVS Health Corp.	5.13%	02/21/2030		162,240
	200,000	Owens & Minor, Inc.(d)	6.63%	04/01/2030		171,930

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	190,000	Viatris, Inc.	1.65%	06/22/2025	$	174,347
						1,601,399
Pipelines - 0.27%
	73,000	Antero Midstream Partners LP / Antero Midstream Finance Corp.(d)	5.75%	03/01/2027		71,416
	315,000	Energy Transfer LP	4.75%	01/15/2026		311,296
	1,000,000	Energy Transfer LP	3.90%	07/15/2026		962,440
	200,000	Energy Transfer LP	4.40%	03/15/2027		194,473
	350,000	Energy Transfer LP	5.00%	05/15/2044		299,302
	105,000	EQM Midstream Partners LP(d)	4.75%	01/15/2031		87,296
	180,000	Hess Midstream Operations LP(d)	4.25%	02/15/2030		160,973
	503,000	Kinder Morgan Energy Partners LP	6.95%	01/15/2038		562,670
	405,000	NGL Energy Operating LLC / NGL Energy Finance Corp.(d)	7.50%	02/01/2026		391,142
	160,000	NGPL PipeCo LLC(d)	3.25%	07/15/2031		135,937
	180,000	ONEOK, Inc.	3.40%	09/01/2029		160,603
	235,000	Sabine Pass Liquefaction LLC	5.00%	03/15/2027		234,342
						3,571,890
Real Estate - 0.01%
	100,000	Realogy Group LLC / Realogy Co.-Issuer Corp.(d)	5.25%	04/15/2030		72,978
REITS - 0.26%
	165,000	Agree LP	2.60%	06/15/2033		130,369
	245,000	Alexandria Real Estate Equities, Inc.	3.00%	05/18/2051		152,518
	60,000	Alexandria Real Estate Equities, Inc.	5.15%	04/15/2053		55,073
	280,000	Corporate Office Properties LP	2.90%	12/01/2033		195,594
	850,000	Crown Castle, Inc.	3.65%	09/01/2027		806,708
	330,000	Equinix, Inc.	1.80%	07/15/2027		287,384
	1,000,000	Equinix, Inc.	2.15%	07/15/2030		818,273
	365,000	Host Hotels & Resorts LP	2.90%	12/15/2031		285,278
	265,000	Invitation Homes Operating Partnership LP	2.70%	01/15/2034		203,151
	250,000	Iron Mountain, Inc.(d)	4.50%	02/15/2031		215,075
	140,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(d)	4.88%	05/15/2029		120,605
	90,000	Sabra Health Care LP	3.20%	12/01/2031		66,109
	130,000	Vornado Realty LP	2.15%	06/01/2026		104,293
						3,440,430
Retail - 0.23%
	585,000	Dick's Sporting Goods, Inc.	3.15%	01/15/2032		481,156

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 33

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	190,000	Dick's Sporting Goods, Inc.	4.10%	01/15/2052	$	135,350
	140,000	Dollar General Corp.	4.25%	09/20/2024		138,386
	575,000	Dollar Tree, Inc.	4.00%	05/15/2025		564,607
	90,000	Dollar Tree, Inc.	3.38%	12/01/2051		63,624
	75,000	Ferrellgas LP / Ferrellgas Finance Corp.(d)	5.38%	04/01/2026		70,308
	160,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.(d)	6.75%	01/15/2030		131,781
	170,000	Lowe's Cos., Inc.	4.40%	09/08/2025		169,262
	155,000	Lowe's Cos., Inc.	5.63%	04/15/2053		155,744
	305,000	McDonald's Corp.	4.45%	03/01/2047		279,725
	95,000	Michaels Cos., Inc.(d)	5.25%	05/01/2028		79,275
	190,000	Park River Holdings, Inc.(d)	5.63%	02/01/2029		129,761
	190,000	SRS Distribution, Inc.(d)	4.63%	07/01/2028		168,999
	185,000	Staples, Inc.(d)	7.50%	04/15/2026		162,263
	225,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.(d)	5.00%	06/01/2031		196,869
	145,000	Victoria's Secret & Co.(d)	4.63%	07/15/2029		117,649
						3,044,759
Semiconductors - 0.08%
	529,000	Broadcom, Inc.(d)	3.42%	04/15/2033		442,994
	565,000	Marvell Technology, Inc.	4.20%	06/22/2023		562,631
	90,000	Texas Instruments, Inc.	5.00%	03/14/2053		95,057
						1,100,682
Software - 0.14%
	200,000	AthenaHealth Group, Inc.(d)	6.50%	02/15/2030		162,352
	1,550,000	Castle US Holding Corp.(d)	9.50%	02/15/2028		637,221
	120,000	Clarivate Science Holdings Corp.(d)	4.88%	07/01/2029		108,641
	180,000	Oracle Corp.	6.25%	11/09/2032		193,698
	130,000	Oracle Corp.	3.80%	11/15/2037		108,088
	450,000	Oracle Corp.	3.85%	04/01/2060		314,582
	365,000	VMware, Inc.	2.20%	08/15/2031		289,193
	120,000	Workday, Inc.	3.70%	04/01/2029		112,598
						1,926,373
Telecommunications - 0.30%
	500,000	AT&T, Inc.	4.30%	02/15/2030		486,028
	185,000	AT&T, Inc.	2.75%	06/01/2031		159,509
	840,000	AT&T, Inc.	3.50%	09/15/2053		610,931
	400,000	AT&T, Inc.	3.55%	09/15/2055		287,630
	90,000	CommScope, Inc.(d)	4.75%	09/01/2029		75,105
	500,000	Embarq Corp Eq	8.00%	06/01/2036		210,717
	30,000	Frontier Communications Holdings LLC(d)	5.88%	10/15/2027		27,300

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	85,000	Frontier Communications Holdings LLC(d)	5.00%	05/01/2028	$	73,855
	55,000	Lumen Technologies, Inc.(d)	5.13%	12/15/2026		36,349
	315,000	T-Mobile USA, Inc.	2.25%	02/15/2026		293,253
	1,000,000	T-Mobile USA, Inc.	3.88%	04/15/2030		939,102
	320,000	T-Mobile USA, Inc.	3.40%	10/15/2052		230,712
	500,000	Verizon Communications, Inc.	3.15%	03/22/2030		455,725
	95,000	Verizon Communications, Inc.	3.88%	03/01/2052		76,973
						3,963,189
Transportation - 0.10%
	735,000	CSX Corp.	3.80%	11/01/2046		604,730
	310,000	Ryder System, Inc.	5.65%	03/01/2028		314,370
	500,000	Union Pacific Corp.	3.70%	03/01/2029		485,978
						1,405,078
Trucking & Leasing - 0.02%
	275,000	Penske Truck Leasing Co. LP / PTL Finance Corp.(d)	4.20%	04/01/2027		263,519
TOTAL U.S. CORPORATE BONDS
(Cost $110,044,366)						96,919,045
CONVERTIBLE CORPORATE BONDS - 0.00%(l)
	98,892	Digicel Group Holdings, Ltd.(a)(d)(g)	5.09% (7.00%)	12/31/2049		11,505
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $23,385)						11,505
FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.58%
	200,000	Banco Nacional de Comercio Exterior SNC(e)(f)	5Y US TI + 2.00%	08/11/2031		168,967
	400,000	Brazilian Government International Bond	5.63%	02/21/2047		337,851
	1,150,000	Brazilian Government International Bond	4.75%	01/14/2050		853,532
	500,000	Chile Government International Bond	3.10%	01/22/2061		326,904
	200,000	Colombia Government International Bond	4.13%	02/22/2042		130,134
	1,100,000	Colombia Government International Bond	5.00%	06/15/2045		771,614
	300,000	Colombia Government International Bond	5.20%	05/15/2049		210,109

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 35

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	600,000	Colombia Government International Bond	4.13%	05/15/2051	$	371,209
	600,000	Dominican Republic International Bond(d)	6.40%	06/05/2049		502,786
	250,000	Dominican Republic International Bond(f)	5.88%	01/30/2060		192,075
	250,000	Korea Development Bank	2.00%	10/25/2031		206,573
	1,160,000	Mexico Government International Bond	3.75%	01/11/2028		1,114,083
	750,000	Mexico Government International Bond	4.28%	08/14/2041		614,730
	500,000	Mexico Government International Bond	4.40%	02/12/2052		391,924
	500,000	Panama Government International Bond	3.87%	07/23/2060		328,950
	200,000	Republic of South Africa Government International Bond	4.30%	10/12/2028		179,885
	900,000	Republic of South Africa Government International Bond	5.65%	09/27/2047		667,215
	800,000	Ukraine Government International Bond(f)	7.25%	03/15/2035		139,988
	215,000	US TREASURY N/B T 3 5/8 03/31/30				216,041
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES
(Cost $10,240,363)						7,724,570
BANK LOANS - 1.44%(e)
Luxembourg - 0.09%
	1,164,864	Travelport Finance Luxembourg SARL 1L, 2021, First Lien - Initial (Priority) Term Loan	1M US L + 8.75%, 1.00% Floor	02/28/2025	$	1,197,485
Netherlands - 0.01%
	183,576	Bright Bidco BV, First Lien	3M SOFR + 8.00%, 1.00% Floor	10/31/2027		156,499
	5,736	Lealand Finance Company B.V., First Lien - Make-Whole Term Loan	1M US L + 3.00%	06/28/2024		4,230

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
	77,052	Lealand Finance Company B.V., First Lien - Take-Back Term Loan	3M US L + 1.00%	06/30/2025	$	51,978
						212,707
United Arab Emirates - 0.06%
	780,180	Gulf Finance, LLC TL 1L	1M SOFR + 6.75%	08/25/2026		759,263
United States - 1.28%
	564,545	Air Methods Corp., First Lien - Initial Term Loan	3M US L + 3.50%, 1.00% Floor	04/22/2024		355,897
	910,800	American Tire Distributors, Inc., First Lien - Initial Term Loan	3M US L + 6.25%	10/08/2028		803,025
	965,000	Applied Systems, Inc., Second Lien - 2021 Term Loan	3M SOFR + 6.75%, 0.75% Floor	09/19/2025		966,809
	452,470	Astra Acquisition Corp., First Lien - Initial Term Loan	1M US L + 5.25%	10/22/2028		392,803
	1,989,522	Astra Acquisition Corp., Second Lien - Initial Term Loan	1M US L + 8.875%	10/22/2029		1,482,194
	295,000	Asurion LLC, Second Lien - New B-3 Term Loan	1M US L + 5.25%	01/31/2028		246,841
	690,146	Atlas Purchaser, Inc., First Lien - Initial Term Loan	3M US L + 3.00%, 0.75% Floor	05/18/2028		480,155
	538,805	Aveanna Healthcare LLC, Second Lien - Initial Term Loan	3M US L + 7.00%, 0.50% Floor	12/10/2029		336,753
	200,000	Blackhawk Network Holdings, Inc., Second Lien	3M US L + 7.00%	06/15/2026		172,857
	723,975	Cengage Learning, Inc., First Lien - B Term Loan	3M US L + 5.00%	06/29/2026		673,753
	1,630,000	Constant Contact, Inc., Second Lien - Initial Term Loan	3M US L + 7.50%, 0.75% Floor	02/12/2029		1,339,314
	905,000	DCert Buyer, Inc., Second Lien - First Amendment Refinancing Term Loan	3M US L + 7.00%	02/19/2029		841,397
	760,000	DG Investment Intermediate Holdings 2, Inc., Second Lien - Initial Term Loan	1M US L + 6.75%, 0.75% Floor	03/30/2029		672,444
	898,402	Envision Healthcare Corp., First Lien	3M SOFR + 4.25%	03/31/2027		229,092
	2,199,688	Envision Healthcare Corp., First Lien	3M SOFR + 3.75%	03/31/2027		376,147
	623,063	Intelsat Jackson Holdings S.A.TLB 1L	3M SOFR + 4.25%	01/26/2029		617,870

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 37

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
	400,000	Kenan Advantage Group, Inc, Second Lien - Initial Term Loan	1M US L + 7.25%, 0.75% Floor	08/18/2027	$	373,834
	429,563	LSF9 ATLANTIS HOLDINGS, LLC, First Lien - B Term Loan	3M SOFR + 7.25%	03/29/2029		419,541
	819,621	Minotaur Acquisition, Inc., First  Lien - B Term Loan	1M SOFR + 4.75%	03/27/2026		798,839
	480,884	Misys, Ltd., First Lien - Dollar  Term Loan	3M US L + 3.50%, 1.00% Floor	06/13/2024		451,386
	705,000	Misys, Ltd., Second Lien - Dollar Term Loan	3M US L + 7.25%, 1.00% Floor	06/13/2025		572,333
	1,032,318	Riverbed Technology, Inc., First Lien - Initial Term Loan	3M US L + 10.00%	12/06/2026		327,245
	961,833	Team Health Holdings, Inc., First Lien - Initial Term Loan	1M US L + 2.75%, 1.00% Floor	02/06/2024		827,177
	589,050	Think & Learn Private, Ltd., First Lien - B Term Loan	3M US L + 8.00%	11/05/2026		484,125
	1,410,000	UKG, Inc. TL 2L	3M US L + 5.25%	05/03/2027		1,358,535
	681,375	Viad Corp, First Lien - Initial Term Loan	3M US L + 5.00%, 0.50% Floor	07/30/2028		652,417
	875,893	WaterBridge Midstream Operating LLC, First Lien - Initial Term Loan	3M US L + 5.75%, 1.00% Floor	06/22/2026		862,821
						17,115,604
TOTAL BANK LOANS
(Cost $22,493,516)						19,285,059
COLLATERALIZED LOAN OBLIGATIONS - 3.98%
		AIMCO CLO
	500,000	Series 2018-AA(d)(e)	3M US L + 2.55%	04/17/2031	$	459,663
		Apidos CLO XII
	500,000	Series 2018-12A(d)(e)	3M US L + 2.60%	04/15/2031		458,373
		Apidos CLO XXIV
	1,000,000	Series 2018-24A(d)(e)	3M US L + 5.80%	10/20/2030		832,009
		Babson CLO, Ltd.
	500,000	Series 2018-IA(d)(e)	3M US L + 2.60%	01/20/2031		459,996
		Bain Capital Credit CLO 2017-2, Ltd.
	500,000	Series 2021-2A(d)(e)	3M US L + 6.50%	07/25/2034		435,181
	1,000,000	Series 2021-2A(d)(e)	3M US L + 3.10%	07/25/2034		888,303
		Bain Capital Credit CLO 2021-2, Ltd.
	500,000	Series 2021-2A(d)(e)	3M US L + 3.15%	07/16/2034		439,976

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Bain Capital Credit CLO 2022-3, Ltd.
$	1,000,000	Series 2022-3A(d)(e)	3M US SOFR + 7.35%	07/17/2035	$	878,733
		Barings CLO, Ltd.
	500,000	Series 2018-4A(d)(e)	3M US L + 5.82%	10/15/2030		423,562
		Barings CLO, Ltd. 2018-III
	1,295,000	Series 2018-3A(d)(e)	3M US L + 5.75%	07/20/2029		1,135,119
		Barings CLO, Ltd. 2019-I
	1,500,000	Series 2021-1A(d)(e)	3M US L + 6.86%	04/15/2036		1,422,015
		Barings CLO, Ltd. 2019-II
	500,000	Series 2021-2A(d)(e)	3M US L + 3.41%	04/15/2036		458,632
		Barings CLO, Ltd. 2021-II
	500,000	Series 2021-2A(d)(e)	3M US L + 3.15%	07/15/2034		465,162
		Beechwood Park CLO, Ltd.
	500,000	Series 2022-1A(d)(e)	3M US SOFR + 6.50%	01/17/2035		463,463
		BlueMountain CLO, Ltd.
	500,000	Series 2018-3A(d)(e)	3M US L + 2.60%	04/20/2031		434,458
		BlueMountain Fuji US CLO II, Ltd.
	1,000,000	Series 2017-2A(d)(e)	3M US L + 3.00%	10/20/2030		849,800
		Buttermilk Park CLO, Ltd.
	1,000,000	Series 2018-1A(d)(e)	3M US L + 5.75%	10/15/2031		864,843
		Canyon Capital CLO 2016-2, Ltd.
	500,000	Series 2018-2A(d)(e)	3M US L + 3.15%	10/15/2031		438,654
		Canyon Capital CLO 2017-1, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 3.00%	07/15/2030		443,482
		Canyon Capital CLO 2019-1, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 7.09%	04/15/2032		427,537
		Canyon Capital CLO 2021-2, Ltd.
	1,250,000	Series 2021-2A(d)(e)	3M US L + 3.35%	04/15/2034		1,090,136
		Canyon Capital CLO, Ltd.
	1,000,000	Series 2018-1A(d)(e)	3M US L + 2.75%	01/30/2031		874,522
	1,500,000	Series 2018-1A(d)(e)	3M US L + 5.50%	01/30/2031		1,159,405
	1,000,000	Series 2018-1A(d)(e)	3M US L + 5.75%	07/15/2031		788,684
	500,000	Series 2018-1A(d)(e)	3M US L + 2.80%	07/15/2031		432,288
		Canyon CLO 2021-3, Ltd.
	1,000,000	Series 2021-3A(d)(e)	3M US L + 3.05%	07/15/2034		869,824
		Canyon CLO 2021-4, Ltd.
	1,000,000	Series 2021-4A(d)(e)	3M US L + 6.30%	10/15/2034		858,246
		Carlyle Global Market Strategies  CLO 2016-3, Ltd.
	1,000,000	Series 2021-3A(d)(e)	3M US L + 3.30%	07/20/2034		922,812
		Carlyle Global Market Strategies CLO, Ltd.
	1,000,000	Series 2018-2RA(d)(e)	3M US L + 5.35%	05/15/2031		814,382

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 39

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Carlyle US CLO 2020-2, Ltd.
$	2,000,000	Series 2021-2A(d)(e)	3M US L + 6.70%	01/25/2035	$	1,864,425
		Carlyle US CLO 2021-1, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 6.00%	04/15/2034		453,676
		Chenango Park CLO, Ltd.
	500,000	Series 2018-1A(d)(e)	3M US L + 3.00%	04/15/2030		442,182
	1,000,000	Series 2018-1A(d)(e)	3M US L + 5.80%	04/15/2030		805,102
		Cook Park CLO, Ltd.
	500,000	Series 2018-1A(d)(e)	3M US L + 2.60%	04/17/2030		440,696
		Crown Point CLO IV, Ltd.
	500,000	Series 2018-4A(d)(e)	3M US L + 1.90%	04/20/2031		472,905
		Dryden 57 CLO, Ltd.
	500,000	Series 2018-57A(d)(e)	3M US L + 2.55%	05/15/2031		446,205
		Elevation CLO 2021-14, Ltd.
	500,000	Series 2021-14A(d)(e)	3M US L + 2.30%	10/20/2034		473,405
		Elmwood CLO IX, Ltd.
	500,000	Series 2021-2A(d)(e)	3M US L + 5.94%	07/20/2034		467,957
		Fillmore Park CLO, Ltd.
	500,000	Series 2018-1A(d)(e)	3M US L + 2.90%	07/15/2030		461,515
	1,000,000	Series 2018-1A(d)(e)	3M US L + 5.40%	07/15/2030		852,238
		Galaxy XIX CLO, Ltd.
	1,300,000	Series 2017-19A(d)(e)	3M US L + 6.53%	07/24/2030		1,039,325
		Gilbert Park CLO, Ltd.
	1,000,000	Series 2017-1A(d)(e)	3M US L + 6.40%	10/15/2030		818,916
		Goldentree Loan Management  US CLO, Ltd.
	500,000	Series 2018-3A(d)(e)	3M US L + 2.85%	04/20/2030		471,780
		Marble Point CLO XII, Ltd.
	500,000	Series 2018-1A(d)(e)	3M US L + 3.00%	07/16/2031		418,099
		Milos CLO, Ltd.
	500,000	Series 2020-1A(d)(e)	3M US L + 6.15%	10/20/2030		426,940
		Myers Park CLO, Ltd.
	1,000,000	Series 2018-1A(d)(e)	3M US L + 5.50%	10/20/2030		833,395
		Neuberger Berman Loan Advisers CLO 37, Ltd.
	500,000	Series 2021-37A(d)(e)	3M US L + 5.75%	07/20/2031		453,184
		Neuberger Berman Loan Advisers CLO 42, Ltd.
	500,000	Series 2021-42A(d)(e)	3M US L + 5.95%	07/16/2035		468,078
		Neuberger Berman Loan Advisers Clo 44, Ltd.
	1,000,000	Series 2021-44A(d)(e)	3M US L + 6.00%	10/16/2034		938,757
		Point Au Roche Park CLO, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 6.13%	07/20/2034		451,854
		Rockland Park CLO, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 6.25%	04/20/2034		460,550

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Sound Point CLO XXIII
$	500,000	Series 2021-2A(d)(e)	3M US L + 3.30%	07/15/2034	$	428,856
		Sound Point CLO XXIV
	1,375,000	Series 2021-3A(d)(e)	3M US L + 6.72%	10/25/2034		1,087,866
		Sound Point CLO XXVI, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 3.35%	07/20/2034		434,295
		Sound Point CLO XXVIII, Ltd.
	1,000,000	Series 2020-3A(d)(e)	3M US L + 6.90%	01/25/2032		848,569
		Sound Point CLO XXXII, Ltd.
	500,000	Series 2021-4A(d)(e)	3M US L + 3.40%	10/25/2034		436,328
	500,000	Series 2021-4A(d)(e)	3M US L + 6.70%	10/25/2034		398,202
		Stewart Park CLO, Ltd.
	500,000	Series 2018-1A(d)(e)	3M US L + 2.60%	01/15/2030		443,032
		Thayer Park CLO, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 6.25%	04/20/2034		449,588
		THL Credit Wind River 2017-1 CLO, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 3.91%	04/18/2036		425,920
		THL Credit Wind River 2017-3 CLO, Ltd.
	500,000	Series 2021-3A(d)(e)	3M US L + 7.08%	04/15/2035		439,937
		THL Credit Wind River 2018-3 CLO, Ltd.
	2,000,000	Series 2018-3A(d)(e)	3M US L + 2.95%	01/20/2031		1,780,555
		THL Credit Wind River CLO, Ltd.
	500,000	Series 2018-1A(d)(e)	2.90% - 3M US L	07/15/2030		438,025
	2,000,000	Series 2018-1A(d)(e)	5.50% - 3M US L	07/15/2030		1,624,846
	1,000,000	Series 2018-1A(d)(e)	3M US L + 3.00%	07/18/2031		836,998
	1,000,000	Series 2018-2A(d)(e)	3M US L + 5.75%	07/15/2030		799,605
	1,000,000	Series 2018-3A(d)(e)	3M US L + 6.22%	10/22/2031		766,281
		Upland CLO, Ltd.
	500,000	Series 2018-1A(d)(e)	3M US L + 2.90%	04/20/2031		448,656
		VOYA CLO 2017-2
	1,000,000	Series 2017-2A(d)(e)	3M US L + 6.02%	06/07/2030		832,410
		Voya CLO, Ltd.
	500,000	Series 2018-1A(d)(e)	3M US SOFR + 3.06161%	04/18/2031		434,328
	1,000,000	Series 2018-2A(d)(e)	3M US L + 2.75%	07/15/2031		884,605
	1,000,000	Series 2018-2A(d)(e)	3M US L + 5.25%	07/15/2031		792,705
	500,000	Series 2018-3A(d)(e)	3M US L + 6.20%	10/20/2031		377,223
	500,000	Series 2018-4A(d)(e)	3M US L + 5.95%	07/14/2031		384,903
		Webster Park CLO, Ltd.
	1,000,000	Series 2018-1A(d)(e)	5.50% - 3M US L	07/20/2030		815,446
		Wind River 2013-1 CLO, Ltd.
	500,000	Series 2017-1A(d)(e)	3M US L + 3.65%	07/20/2030		443,617
		Wind River 2014-3 CLO, Ltd.
	1,500,000	Series 2018-3A(d)(e)	3M US L + 3.40%	10/22/2031		1,262,325

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 41

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Wind River 2021-2 CLO, Ltd.
$	500,000	Series 2021-2A(d)(e)	3M US L + 6.43%	07/20/2034	$	424,783
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $60,885,830)						53,190,348
EQUITY - LINKED NOTES - 0.00%(l)
	263,093	Inverpamplona SA(i)(j)(m)	0.00%	12/30/2028	$	–
TOTAL EQUITY - LINKED NOTES
(Cost $11,250)						–
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 17.32%
		Aaset 2021-2 Trust
	428,901	Series 2021-2A(d)	3.54%	12/15/2028		327,655
		ABFC Trust
	2,635,200	Series 2007-WMC1(e)	1M US L + 1.25%	06/25/2037		1,829,872
		Alen Mortgage Trust
	1,107,000	Series 2021-ACEN(d)(e)	1M US L + 4.00%	04/15/2026		802,174
		AMSR
	5,100,000	Series 2020-SFR3(d)	4.99%	09/17/2025		4,817,457
	5,000,000	Series 2021-SFR1(d)(e)	4.61%	06/17/2028		4,189,241
		AREIT Trust
	1,265,000	Series 2019-CRE3(d)(e)	30D SOFR + 2.76%	09/16/2036		1,125,416
		Atrium Hotel Portfolio Trust
	1,309,000	Series 2018-ATRM(d)(e)	1M US L + 3.40%	06/15/2035		1,210,099
		Atrium IX
	500,000	Series 2017-9A(d)(e)	3M US L + 3.60%	05/28/2030		471,090
		Atrium XIII
	1,000,000	Series 2017-13A(d)(e)	3M US L + 6.05%	11/21/2030		910,780
		Atrium XIV LLC
	1,000,000	Series 2018-14A(d)(e)	3M US L + 5.65%	08/23/2030		905,729
		Atrium XV
	1,000,000	Series 2018-15A(d)(e)	3M US L + 3.00%	01/23/2031		950,423
		BAMLL Commercial Mortgage  Securities Trust
	683,000	Series 2019-AHT(d)(e)	2.57%	03/15/2034		654,432
		BANK
	200,000	Series 2017-BNK5(e)	4.19%	06/15/2027		171,587
	10,291,000	Series 2018-BN12(d)(e)(n)	1.50%	05/15/2061		599,067
	660,000	Series 2022-BNK39	3.18%	01/15/2032		532,356
	165,000	Series 2022-BNK39(d)	2.50%	01/15/2032		75,593
		BANK 2020-BNK27
	16,875,000	Series 2020-BN27(d)(e)(n)	0.72%	04/15/2030		704,818

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		BANK 2021-BNK35
$	316,000	Series 2021-BN35	2.29%	07/15/2031	$	256,146
		BANK 2021-BNK37
	381,000	Series 2021-BN37(e)	3.11%	11/15/2031		264,867
		BBCMS Mortgage Trust
	519,000	Series 2022-C17	4.44%	08/15/2032		493,520
		BBCMS Trust
	3,000,000	Series 2018-CBM(d)(e)	1M US L + 3.55%	07/15/2037		2,793,262
		Benchmark Mortgage Trust
	9,617,333	Series 2018-B2(e)(n)	0.45%	01/15/2028		151,951
	600,000	Series 2018-B2(e)	4.27%	01/15/2028		497,655
	21,677,955	Series 2018-B4(e)(n)	0.51%	06/15/2028		356,923
	1,589,000	Series 2018-B4(d)(e)	2.80%	07/17/2051		1,049,380
	522,000	Series 2020-B18(d)	4.14%	08/15/2025		448,813
	1,510,000	Series 2021-B31(d)	2.25%	11/15/2031		642,207
	592,000	Series 2022-B32(e)	3.41%	01/15/2032		493,710
		BF Mortgage Trust
	705,000	Series 2019-NYT(d)(e)	1M US L + 3.00%	12/15/2035		576,481
		Blackbird Capital Aircraft
	1,407,873	Series 2021-1A(d)	3.45%	07/15/2028		1,096,488
		BMO Mortgage Trust
	7,951,000	Series 2022-C1(d)(e)(n)	1.77%	02/15/2032		931,857
		BX Commercial Mortgage Trust
	1,000,000	Series 2019-IMC(d)(e)	1M US L + 1.90%	04/15/2034		947,095
		BX Trust
	636,000	Series 2019-OC11(d)(e)	3.94%	12/09/2029		527,577
	2,964,000	Series 2019-OC11(d)(e)	3.94%	12/06/2041		2,360,575
	900,000	Series 2021-VIEW(d)(e)	1M US L + 3.93%	06/15/2023		804,071
		Cantor Commercial Real Estate Lending
	1,113,000	Series 2019-CF1(d)(e)	4.12%	04/15/2024		1,013,400
		Carbon Capital VI Commercial Mortgage Trust
	359,976	Series 2019-FL2(d)(e)	1M US L + 2.85%	11/15/2021		298,898
		Carvana Auto Receivables Trust
	5,300	Series 2021-N1(d)	0.00%	01/10/2028		1,010,242
	5,250	Series 2021-N2(d)	0.00%	03/10/2028		1,199,472
		Cascade MH Asset Trust
	4,601,000	Series 2019-MH1(d)(e)	5.99%	10/25/2024		4,304,160
		Castlelake Aircraft Securitization Trust
	2,621,480	Series 2018-1(d)	6.63%	06/15/2043		984,248
		Castlelake Aircraft Structured Trust
	2,750,000	Series 2019-1A(d)	0.00%	04/15/2039		220,000
		Cathedral Lake VIII, Ltd.
	1,000,000	Series 2021-8A(d)(e)	3M US L + 2.62%	01/20/2035		976,309

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 43

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	1,000,000	Series 2021-8A(d)(e)	3M US L + 3.42%	01/20/2035	$	874,688
		CD Mortgage Trust
	750,000	Series 2017-CD4(e)	4.35%	04/10/2027		591,471
		CFCRE Commercial Mortgage Trust
	440,739	Series 2016-C6	2.95%	08/10/2026		408,074
		CIFC Funding 2019-III, Ltd.
	650,000	Series 2021-3A(d)(e)	3M US L + 6.80%	10/16/2034		617,503
		CIFC Funding, Ltd.
	850,000	Series 2021-1A(d)(e)	3M US L + 6.00%	04/25/2033		762,004
	500,000	Series 2021-4A(d)(e)	3M US L + 5.95%	07/15/2033		449,637
	2,500,000	Series 2021-5A(d)(e)	3M US L + 6.50%	07/15/2034		2,330,116
		Citigroup Commercial Mortgage Trust
	3,251,516	Series 2014-GC25(e)(n)	0.96%	10/10/2047		33,255
	866,000	Series 2015-GC27(d)(e)	4.42%	02/12/2048		730,167
	400,000	Series 2015-GC31(e)	4.05%	06/10/2025		335,785
	344,000	Series 2016-GC36(d)	2.85%	02/12/2049		179,637
	464,000	Series 2017-C4(e)	4.10%	10/12/2027		415,810
	225,000	Series 2019-GC41	3.20%	08/10/2029		181,287
	1,000,000	Series 2019-SMRT(d)(e)	4.75%	01/10/2036		960,956
	1,433,000	Series 2020-555(d)(e)	3.50%	12/12/2041		973,044
	546,000	Series 2022-GC48(e)	4.58%	05/15/2032		530,768
		Citigroup Mortgage Loan Trust
	620,813	Series 2006-WF1(k)	4.61%	03/25/2036		301,949
	951,646	Series 2007-OPX1(k)	6.33%	01/25/2037		385,412
		Cologix Data Centers US Issuer LLC
	2,800,000	Series 2021-1A(d)	5.99%	12/28/2026		2,386,523
		Commercial Mortgage Pass-Through Certificates
	8,396,129	Series 2014-UBS4(d)	3.75%	08/10/2024		905,684
	11,000	Series 2014-UBS4(d)(e)	0.00%	08/10/2047		1
	2,628,596	Series 2015-CR22(e)(n)	0.89%	03/10/2025		32,648
	4,144,842	Series 2015-CR26(e)(n)	0.93%	09/10/2025		71,773
		CSAB Mortgage-Backed Trust
	8,781,274	Series 2006-2(k)	6.20%	09/25/2036		762,497
	123,912	Series 2007-1(e)	5.90%	05/25/2037		32,317
		CSAIL Commercial Mortgage  Trust
	4,268,618	Series 2015-C1(e)(n)	0.81%	01/15/2025		44,029
	490,000	Series 2016-C6(e)	4.92%	04/15/2026		434,684
	1,362,000	Series 2016-C6(d)(e)	4.92%	01/15/2049		990,542
		CSMC
	832,000	Series 2021-B33(d)(e)	3.65%	10/10/2031		626,419
		DBJPM 16-C1 Mortgage Trust
	1,309,000	Series 2016-C1(e)	3.33%	05/12/2049		1,082,818

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Diamond Infrastructure Funding LLC
$	2,000,000	Series 2021-1A(d)	3.48%	12/20/2026	$	1,603,116
		DOLP Trust
	1,000,000	Series 2021-NYC(d)(e)	3.70%	05/10/2031		631,175
		Dryden 38 Senior Loan Fund
	1,000,000	Series 2018-38A(d)(e)	3M US L + 5.60%	07/15/2030		807,214
		Dryden 40 Senior Loan Fund
	1,000,000	Series 2018-40A(d)(e)	3M US L + 5.75%	08/15/2031		818,037
	500,000	Series 2018-40A(d)(e)	3M US L + 3.10%	08/15/2031		466,464
		Dryden 42 Senior Loan Fund
	500,000	Series 2018-42A(d)(e)	3M US L + 2.93%	07/15/2030		446,725
		Fannie Mae-Aces
	23,829,585	Series 2019-M12(e)(n)	0.57%	06/25/2029		603,279
	14,085,446	Series 2019-M24(e)	1.15%	03/25/2031		877,370
	37,838,412	Series 2019-M7(e)(n)	0.35%	04/25/2029		607,435
	29,386,476	Series 2020-M10(e)(n)	0.82%	12/25/2027		670,652
	47,705,003	Series 2020-M10(e)(n)	0.87%	07/25/2032		2,307,983
	13,866,843	Series 2020-M13(e)(n)	1.30%	09/25/2030		494,887
	350,932,517	Series 2021-M17(e)(n)	0.10%	07/25/2031		1,746,100
	43,166,415	Series 2021-M23(e)(n)	0.60%	11/01/2031		948,612
		FirstKey Homes
	1,100,000	Series 2020-SFR1(d)	4.28%	08/19/2037		1,022,179
		FMC GMSR Issuer Trust
	6,000,000	Series 2021-GT1(d)(e)	4.36%	07/25/2026		4,728,994
	5,000,000	Series 2021-GT2(d)(e)	4.44%	10/25/2026		3,854,197
		Fontainebleau Miami Beach Trust
	1,656,000	Series 2019-FBLU(d)(e)	3.96%	12/12/2036		1,475,850
		FREMF Mortgage Trust
	890,367	Series 2015-KF07(d)(e)	1M US L + 4.95%	02/25/2025		893,077
	1,000,094	Series 2016-KF19(d)(e)	1M US L + 5.50%	06/25/2023		998,139
	887,222	Series 2016-KF25(d)(e)	1M US L + 5.00%	10/25/2023		887,705
	1,086,227	Series 2018-KF56(d)(e)	1M US L + 5.80%	11/25/2028		915,601
	1,626,348	Series 2019-KF71(d)(e)	1M US L + 6.00%	10/25/2029		1,545,094
		FRTKL
	4,050,000	Series 2021-SFR1(d)	4.11%	09/17/2026		3,427,453
		Ginnie Mae Strip
	7,275,220	Series 2020-3	1.40%	09/16/2045		575,441
		Great Wolf Trust
	2,500,000	Series 2019-WOLF(d)(e)	1M US L + 3.13%	12/15/2036		2,381,322
		GS Mortgage Securities Corp. Trust
	1,000,000	Series 2018-RIVR(d)(e)	1M US L + 1.55%	07/15/2035		657,138
	1,111,000	Series 2021-ARDN(d)(e)	1M US L + 5.00%	11/15/2023		1,013,110
	1,111,000	Series 2021-ARDN(d)(e)	1M US L + 5.9332%	11/15/2023		1,002,076

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 45

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		GS Mortgage Securities  Corportation Trust
$	691,000	Series 2021-IP(d)(e)	1M US L + 2.10%	10/15/2023	$	634,066
	691,000	Series 2021-IP(d)(e)	1M US L + 3.55%	10/15/2023		637,138
		GS Mortgage Securities Trust
	9,767	Series 2011-GC3(d)(e)(n)	0.29%	03/10/2044		0
	304,656	Series 2011-GC5(d)(e)(n)	1.95%	08/10/2044		3
	2,417,000	Series 2014-GC26(d)(e)	4.51%	11/10/2047		1,467,160
	1,110,000	Series 2015-GC28(d)(e)	4.31%	02/10/2048		928,770
	6,914,403	Series 2015-GS1(e)(n)	0.77%	11/10/2025		114,993
	1,954,000	Series 2018-TWR(d)(e)	1M US L + 3.92%	07/15/2031		1,172,400
	636,000	Series 2020-GC45(e)	3.41%	12/13/2029		524,376
		GSAA Home Equity Trust
	1,892,364	Series 2006-13(e)	6.04%	07/25/2036		609,798
	450,012	Series 2006-18(k)	6.18%	11/25/2036		113,684
	141,019	Series 2006-6(e)	5.69%	03/25/2036		42,505
	813,809	Series 2007-2(k)	6.60%	03/25/2037		201,100
		GSCG Trust
	675,000	Series 2019-600C(d)(e)	3.99%	09/06/2024		543,569
		Hardee's Funding LLC
	955,000	Series 2018-1A(d)	5.71%	06/20/2028		890,757
		Hayfin Kingsland X, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 1.85%	04/28/2031		485,036
		Highbridge Loan Management 3-2014
	500,000	Series 2017-2014(d)(e)	3M US L + 3.60%	07/18/2029		454,574
		Highbridge Loan Management 4-2014, Ltd.
	500,000	Series 2018-2014(d)(e)	3M US L + 5.55%	01/28/2030		419,780
		Highbridge Loan Management, Ltd.
	500,000	Series 2017-2A(d)(e)	3M US L + 6.60%	10/20/2029		423,461
	2,000,000	Series 2018-2015(d)(e)	3M US L + 5.10%	02/05/2031		1,637,984
	500,000	Series 2018-2016(d)(e)	3M US L + 2.90%	07/20/2030		447,990
		HPLY Trust
	1,065,065	Series 2019-HIT(d)(e)	1M US L + 3.90%	11/17/2036		958,428
		HSI Asset Securitization Corp. Trust
	5,592,949	Series 2006-HE1(e)	1M US L + 0.28%	10/25/2036		1,860,465
	1,268,649	Series 2007-NC1(e)	1M US L + 0.18%	04/25/2037		871,789
		ITE Rail Fund Levered LP
	902,249	Series 2021-1A(d)	2.25%	02/28/2051		776,643
	691,562	Series 2021-3A(d)	2.21%	06/28/2027		602,907
		J.P. Morgan Chase Commercial  Mortgage Securities Trust
	2,092,000	Series 2018-AON(d)(e)	4.61%	07/05/2023		511,530

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		JP Morgan BB Commercial Mortgage Securities Trust
$	2,086,000	Series 2014-C23(d)(e)	3.36%	11/18/2048	$	1,724,734
	3,931,526	Series 2015-C28(e)(n)	0.95%	03/15/2025		53,093
	7,424,830	Series 2015-C30(e)(n)	0.43%	07/15/2025		61,745
	2,867,324	Series 2015-C31(e)(n)	0.81%	08/15/2025		45,993
		JP Morgan Chase Commercial Mortgage Securities Trust
	1,157,000	Series 2011-C3(d)(e)	5.53%	02/15/2046		476,889
	1,010,000	Series 2018-WPT(d)(e)	5.36%	07/05/2023		760,530
	704,000	Series 2019-MFP(d)(e)	1M US L + 3.00%	07/15/2036		660,687
	235,000	Series 2019-UES(d)	4.34%	05/05/2032		220,604
	1,135,000	Series 2019-UES(d)(e)	4.45%	05/05/2032		1,048,507
		JP Morgan Mortgage Acquisition Corp.
	182,940	Series 2006-CH2(k)	5.46%	09/25/2029		113,744
		JP Morgan Mortgage Acquisition Trust
	3,449,509	Series 2006-RM1(e)	1M US L + 0.48%	08/25/2036		1,568,748
		JPMBB Commercial Mortgage Securities Trust
	17,386,669	Series 2014-C24(e)(n)	0.86%	09/17/2047		140,716
	1,110,000	Series 2014-C26(d)(e)	3.88%	12/15/2024		831,590
	519,000	Series 2015-C27(e)	4.30%	02/15/2025		471,365
		JPMCC Commercial Mortgage Securities Trust
	486,000	Series 2017-JP7(e)	3.63%	07/15/2027		401,626
		Kestrel Aircraft Funding, Ltd.
	469,971	Series 2018-1A(d)	4.25%	10/15/2025		396,230
		Laurel Road Prime Student Loan Trust
	17,418,609	Series 2020-A(d)	0.00%	11/25/2050		1,364,748
		LCM 28, Ltd.
	1,000,000	Series 2018-28A(d)(e)	3M US L + 5.75%	10/20/2030		768,980
		LCM Loan Income Fund I Income Note Issuer, Ltd.
	500,000	Series 2018-27A(d)(e)	3M US L + 5.60%	07/16/2031		383,813
		LCM XIV LP
	1,000,000	Series 2018-14A(d)(e)	3M US L + 2.75%	07/20/2031		839,824
	750,000	Series 2018-14A(d)(e)	3M US L + 5.50%	07/20/2031		538,133
		LCM XVII LP
	1,000,000	Series 2018-17A(d)(e)	3M US L + 6.00%	10/15/2031		759,449
		LCM XX LP
	1,000,000	Series 2018-20A(d)(e)	3M US L + 5.45%	10/20/2027		915,392
		LLPL Capital Pte, Ltd.
	1,157,940	Series REGS(f)	6.88%	02/04/2039		1,027,689

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 47

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		LSTAR Commercial Mortgage Trust
$	1,150,000	Series 2017-5(d)(e)	4.68%	03/10/2027	$	833,435
		MACH 1 Cayman, Ltd.
	1,014,346	Series 2019-1(d)	3.47%	08/15/2026		852,819
		Madison Park Funding LII, Ltd.
	500,000	Series 2021-52A(d)(e)	3M US L + 3.15%	01/22/2035		451,537
		Madison Park Funding XIV, Ltd.
	1,000,000	Series 2018-14A(d)(e)	3M US L + 5.80%	10/22/2030		854,343
		Madison Park Funding XLV, Ltd.
	600,000	Series 2021-45A(d)(e)	3M US L + 6.35%	07/15/2034		575,373
		Madison Park Funding XXXVIII, Ltd.
	1,000,000	Series 2021-38A(d)(e)	3M US L + 6.00%	07/17/2034		940,060
		Master Asset Backed Securities Trust
	4,052,440	Series 2006-NC3(e)	1M US L + 0.21%	10/25/2036		2,083,780
		Med Trust
	1,096,742	Series 2021-MDLN(d)(e)	1M US L + 5.25%	11/15/2023		1,005,727
		Merrill Lynch Mortgage Investors Trust
	10,039,281	Series 2006-RM3(e)	1M US L + 0.48%	06/25/2037		2,149,636
		MetroNet Infrastructure Issuer LLC
	1,000,000	Series 2023-1A(d)	8.01%	02/20/2028		1,000,909
		MFT Trust
	2,010,000	Series 2020-ABC(d)(e)	3.48%	02/10/2030		1,187,588
		MKT Mortgage Trust
	250,000	Series 2020-525M(d)(e)	2.94%	02/12/2030		134,299
		Morgan Stanley Bank of America Merrill Lynch Trust
	822,000	Series 2015-C21(e)	4.13%	02/15/2025		619,219
	1,292,000	Series 2016-C31(d)(e)	3.00%	10/15/2026		709,797
	1,100,000	Series 2017-C34(d)	2.70%	10/15/2027		658,702
		Morgan Stanley Capital I Trust
	1,095,515	Series 2016-UB11 XA(e)(n)	1.44%	08/15/2026		41,911
	765,000	Series 2018-H4(d)	3.00%	12/15/2028		440,785
	750,000	Series 2019-H7	4.13%	07/15/2029		603,492
	826,000	Series 2021-L6(e)	3.46%	07/15/2031		598,774
	10,249,000	Series 2021-L7(d)(e)(n)	0.92%	10/15/2031		670,961
		Morgan Stanley Mortgage Loan Trust
	338,442	Series 2007-3XS(k)	6.20%	01/25/2047		131,664
		Mosaic Solar Loan Trust
	60,847	Series 2017-1A(d)	4.45%	06/20/2042		58,550
	259,216	Series 2018-1A(d)	4.01%	08/20/2030		242,913
	1,588,581	Series 2020-1A(d)	0.00%	04/20/2046		1,061,441

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	458,791	Series 2020-2A(d)	3.00%	06/20/2025	$	423,163
		MSCG Trust
	1,490,525	Series 2018-SELF(d)(e)	1M US L + 3.05%	10/15/2037		1,386,941
		MVW 2021-1W LLC
	632,644	Series 2021-1WA(d)	1.94%	01/22/2041		577,530
	733,867	Series 2021-1WA(d)	3.17%	01/22/2041		660,357
		Navient Private Education Refi Loan Trust
	500,000	Series 2018-A(d)	3.68%	11/17/2025		473,342
		Octagon Investment Partners 20-R, Ltd.
	1,500,000	Series 2019-4A(d)(e)	3M US L + 6.80%	05/12/2031		1,260,845
		Octagon Investment Partners 26, Ltd.
	1,000,000	Series 2018-1A(d)(e)	3M US L + 8.09%	07/15/2030		768,014
		Octagon Investment Partners 29, Ltd.
	500,000	Series 2020-1A(d)(e)	3M US L + 3.10%	01/24/2033		442,242
	2,000,000	Series 2020-1A(d)(e)	3M US L + 7.25%	01/24/2033		1,696,857
		Octagon Investment Partners 37, Ltd.
	500,000	Series 2018-2A(d)(e)	3M US L + 2.85%	07/25/2030		447,666
		Octagon Investment Partners 40, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 7.00%	01/20/2035		426,399
		Octagon Investment Partners 42, Ltd.
	1,000,000	Series 2021-3A(d)(e)	3M US L + 6.75%	07/15/2034		907,530
		Octagon Investment Partners 46, Ltd.
	1,000,000	Series 2021-2A(d)(e)	3M US L + 6.60%	07/15/2036		872,035
		Octagon Investment Partners 49, Ltd.
	625,000	Series 2021-5A(d)(e)	3M US L + 6.75%	01/15/2033		578,560
		Octagon Investment Partners  XVI, Ltd.
	500,000	Series 2018-1A(d)(e)	3M US L + 3.00%	07/17/2030		443,820
	1,000,000	Series 2018-1A(d)(e)	3M US L + 5.75%	07/17/2030		812,863
		Octagon Investment Partners  XXI, Ltd.
	1,000,000	Series 2019-1A(d)(e)	3M US L + 7.00%	02/14/2031		855,484
		Octagon Investment Partners  XXII, Ltd.
	970,000	Series 2018-1A(d)(e)	3M US L + 1.90%	01/22/2030		927,707
	500,000	Series 2018-1A(d)(e)	3M US L + 5.45%	01/22/2030		409,710
		OHA Credit Funding 3, Ltd.
	1,000,000	Series 2021-3A(d)(e)	3M US L + 2.90%	07/02/2035		936,835

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 49

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	2,000,000	Series 2021-3A(d)(e)	3M US L + 6.25%	07/02/2035	$	1,870,904
		OHA Credit Funding 5, Ltd.
	2,000,000	Series 2020-5A(d)(e)	3M US L + 6.25%	04/18/2033		1,824,635
		Pagaya AI Debt Selection Trust
	2,298,337	Series 2020-3(d)	6.43%	05/17/2027		2,270,365
	526,375	Series 2021-2(d)	3.00%	01/25/2029		502,613
	2,000,000	Series 2021-5(d)	0.00%	08/15/2029		1,382,562
		PAGAYA AI Debt Trust
	1,040,843	Series 2022-2(d)(e)	4.99%	01/15/2030		1,012,952
		People's Choice Home Loan Securities Trust
	5,000,000	Series 2005-4(e)	1M US L + 0.65%	12/25/2035		3,053,336
		Progress Residential
	2,500,000	Series 2021-SFR3(d)	4.75%	05/17/2026		2,213,754
		Progress Residential
	6,900,000	Series 2021-SFR8(d)	4.01%	10/17/2026		5,679,815
		RR 2, Ltd.
	1,000,000	Series 2021-2A(d)(e)	3M US L + 5.80%	04/15/2036		831,316
		RR 6, Ltd.
	1,000,000	Series 2021-6A(d)(e)	3M US L + 5.85%	04/15/2036		870,607
		Sapphire Aviation Finance I, Ltd.
	2,144,720	Series 2018-1A(d)	5.93%	03/15/2025		1,531,437
		Sapphire Aviation Finance II, Ltd.
	361,544	Series 2020-1A(d)	3.23%	03/15/2027		299,413
		Signal Rail I LLC
	468,982	Series 2021-1(d)	2.23%	08/17/2028		402,331
		SLG Office Trust
	1,100,000	Series 2021-OVA(d)	2.85%	07/15/2031		767,462
		SMB Private Education Loan Trust
	216,780	Series 2018-B(d)(e)	1M US L + 0.72%	08/15/2027		213,111
	968	Series 2021-A(d)	0.00%	01/15/2053		2,146,792
		SMR Mortgage Trust
	953,090	Series 2022-IND(d)(e)	1M US SOFR + 7.50%	02/15/2024		806,647
		Sofi Alternative Consumer Loan Program
	50,000	Series 2021-2(d)	0.00%	08/15/2030		1,010,256
		Sofi Professional Loan Program Trust
	80,000	Series 2018-C(d)	0.00%	01/25/2048		965,467
		Sofi Professional Loan Program, LLC
	32,412	Series 2018-A(d)	0.00%	02/25/2042		543,716
		SoFi Professional Loan Program, LLC
	300,000	Series 2017-D(d)	3.61%	09/25/2040		268,752

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Sprite, Ltd.
$	423,364	Series 2021-1(d)	3.75%	10/15/2028	$	382,904
		Start, Ltd.
	524,905	Series 2018-1(d)	4.09%	05/15/2025		456,740
		Sunnova Helios VII Issuer LLC
	1,126,098	Series 2021-C(d)	2.63%	10/20/2028		891,089
		Sunnova Sol III Issuer LLC
	1,350,615	Series 2021-1(d)	2.58%	04/30/2031		1,059,127
		Sunnova Sol Issuer LLC
	909,268	Series 2020-1A(d)	3.35%	01/30/2030		780,618
		Thunderbolt Aircraft Lease, Ltd.
	1,466,693	Series 2017-A(d)(k)	4.21%	04/15/2024		1,327,670
		Thunderbolt II Aircraft Lease, Ltd.
	4,464,286	Series 2018-A(d)(k)	5.07%	09/15/2038		2,661,094
		TIF Funding II LLC
	332,500	Series 2021-1A(d)	1.65%	02/20/2046		280,938
		Tricon Residential
	3,700,000	Series 2021-SFR1(d)	4.13%	07/17/2026		3,239,306
		Trimaran Cavu 2019-1, Ltd.
	1,700,000	Series 2019-1A(d)(e)	3M US L + 4.15%	07/20/2032		1,579,700
		UBS Commercial Mortgage Trust
	31,908,500	Series 2017-C3(e)(n)	0.43%	08/15/2050		574,962
	650,000	Series 2017-C4(e)	4.24%	09/15/2027		585,714
	520,000	Series 2018-C10(e)	5.05%	05/15/2028		445,842
	928,000	Series 2018-C9(e)	4.95%	03/15/2028		808,321
		UBS-Barclays Commercial Mortgage Trust
	1,993,000	Series 2013-C5(d)(e)	4.08%	03/12/2046		1,329,521
		Upstart Pass-Through Trust
	150,024	Series 2021-ST1(d)	2.75%	02/20/2027		143,345
	333,534	Series 2021-ST2(d)	2.50%	04/20/2027		317,425
		Upstart Securitization Trust
	69,111	Series 2020-3(d)	3.01%	11/20/2030		68,862
	2,000	Series 2021-2	0.00%	06/20/2031		306,467
		US Auto Funding 2021-1
	1,125,000	Series 2021-1A(d)	2.20%	05/15/2026		1,076,791
		Vault DI Issuer LLC
	750,000	Series 2021-1A(d)	2.80%	07/15/2026		645,497
		Velocity Commercial Capital  Loan Trust
	260,208	Series 2018-2(d)(e)	4.05%	09/25/2024		250,172
	550,427	Series 2019-1(d)(e)	3.94%	01/25/2027		492,659
	247,173	Series 2019-1(d)(e)	4.01%	07/25/2027		212,468
	200,669	Series 2019-1(d)(e)	4.12%	11/25/2027		160,487
	1,406,099	Series 2021-2(d)(e)	4.92%	12/25/2030		996,197

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 51

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		VOLT XCVI LLC
$	4,000,000	Series 2021-NPL5(d)(k)	4.83%	03/27/2051	$	3,505,053
		Wachovia Bank Commercial Mortgage Trust
	8,696	Series 2006-C29(e)(n)	0.00%	11/15/2048		4
		WAVE LLC
	1,135,727	Series 2019-1(d)	7.00%	09/15/2044		515,986
		Wells Fargo Commercial Mortgage Trust
	1,539,000	Series 2015-C28(e)	4.08%	05/15/2025		1,265,805
	1,245,000	Series 2015-NXS4(e)	3.69%	11/15/2025		1,044,579
	1,000,000	Series 2016-C33(d)	3.12%	03/15/2059		778,328
	5,628,945	Series 2016-C37(d)(e)(n)	1.60%	12/15/2049		248,425
	356,000	Series 2016-NXS6	3.81%	11/15/2049		317,980
	134,000	Series 2020-C55	3.14%	02/15/2030		107,965
	830,000	Series 2021-C61	3.31%	07/15/2031		588,470
		WF-RBS Commercial Mortgage Trust
	2,852,390	Series 2014-C21(e)(n)	1.00%	08/15/2047		31,611
	3,599,882	Series 2014-C22(e)(n)	0.78%	09/15/2057		27,753
		Willis Engine Structured Trust V
	832,689	Series 2020-A(d)	3.23%	03/15/2028		611,285
		Willis Engine Structured Trust VI
	2,261,989	Series 2021-A(d)	7.39%	05/15/2046		1,873,296
	1,506,677	Zephyrus Capital Aviation Tl(e)	1M US L + 4.61%	10/15/2038		1,279,101
TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $297,516,067)						231,674,169
U.S. GOVERNMENT BONDS AND NOTES - 13.94%
	19,940,000	U.S. Treasury Bonds	2.88%	05/15/2032		18,980,387
	10,000,000	U.S. Treasury Bonds	4.13%	11/15/2032		10,509,375
	1,200,000	U.S. Treasury Bonds	3.50%	02/15/2033		1,201,969
	1,200,000	U.S. Treasury Bonds	2.25%	05/15/2041		954,023
	1,770,000	U.S. Treasury Bonds	3.25%	05/15/2042		1,634,070
	345,000	U.S. Treasury Bonds	3.88%	02/15/2043		348,153
	32,000,000	U.S. Treasury Bonds	1.63%	11/15/2050		20,540,000
	1,000,000	U.S. Treasury Bonds	2.88%	05/15/2052		855,879
	18,000,000	U.S. Treasury Bonds	3.00%	08/15/2052		15,817,500
	11,130,000	U.S. Treasury Bonds	4.00%	11/15/2052		11,815,191
	46,925,000	U.S. Treasury Bonds	3.63%	02/15/2053		46,598,725
	4,310,000	U.S. Treasury Notes	4.50%	11/30/2024		4,327,678
	180,000	U.S. Treasury Notes	4.25%	12/31/2024		180,186
	29,070,000	U.S. Treasury Notes	4.13%	01/31/2025		29,065,458
	10,320,000	U.S. Treasury Notes	4.63%	02/28/2025		10,421,184
	270,000	U.S. Treasury Notes	3.88%	01/15/2026		270,116

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	4,205,000	U.S. Treasury Notes	4.00%	02/15/2026	$	4,222,904
	205,000	U.S. Treasury Notes	2.75%	07/31/2027		197,473
	260,000	U.S. Treasury Notes	4.13%	09/30/2027		264,956
	4,840,000	U.S. Treasury Notes	3.88%	12/31/2027		4,891,898
	365,000	U.S. Treasury Notes	3.50%	01/31/2028		363,147
	250,000	U.S. Treasury Notes	3.50%	01/31/2030		249,023
	2,660,000	U.S. Treasury Notes	4.00%	02/28/2030		2,730,656
TOTAL U.S. GOVERNMENT BONDS AND NOTES
(Cost $192,374,543)						186,439,951
MORTGAGE-BACKED SECURITIES - 0.69%
		Freddie Mac Pool
	1,389,553	Series 2022-	4.50%	07/01/2052		1,364,037
	2,412,283	Series 2022-	4.50%	09/01/2052		2,365,686
	1,356,132	Series 2022-	4.50%	10/01/2052		1,329,936
	1,983,654	Series 2023-	4.00%	12/01/2052		1,899,713
		Ginnie Mae II Pool
	2,465,947	Series 2022-	3.00%	04/20/2052		2,236,200
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $9,204,236)						9,195,572
MUNICIPAL BONDS - 0.02%
	165,000	State of California, General Obligation Bonds	7.55%	04/01/2039		214,041
TOTAL MUNICIPAL BONDS
(Cost $232,409)						214,041
U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 18.26%
		Adjustable Rate Mortgage Trust
	2,079,558	Series 2005-10(e)	4.22%	01/25/2036		1,599,119
		Alternative Loan Trust
	133,993	Series 2005-20CB	5.50%	07/25/2035		107,146
	60,904	Series 2005-54CB	5.50%	11/25/2035		35,566
	653,541	Series 2005-85CB(e)	1M US L + 1.10%	02/25/2036		525,955
	138,018	Series 2005-85CB(e)	21.63% - 3.67 x  1M US L	02/25/2036		115,520
	188,991	Series 2005-86CB	5.50%	02/25/2036		115,217
	151,792	Series 2005-9CB(e)	1M US L + 0.50%	05/25/2035		131,998
	269,583	Series 2005-9CB(e)(n)	5.05% - 1M US L	05/25/2035		8,564
	1,029,400	Series 2006-15CB	6.50%	06/25/2036		522,231
	104,513	Series 2006-30T1	6.25%	11/25/2036		81,338
	97,700	Series 2006-32CB	5.50%	11/25/2036		58,735

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 53

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	222,531	Series 2006-36T2(e)	28.06% - 4.6 x 1M  US L	12/25/2036	$	182,961
	808,897	Series 2007-19	6.00%	08/25/2037		422,884
	2,728,435	Series 2007-20	6.25%	08/25/2047		1,571,725
	767,339	Series 2007-23CB(e)	1M US L + 0.50%	09/25/2037		342,525
	732,681	Series 2007-23CB(e)(n)	6.50% - 1M US L	09/25/2037		130,956
		American Home Mortgage Investment Trust
	157,985	Series 2007-A(d)(k)	6.60%	01/25/2037		31,008
		Banc of America Funding
	1,664,403	Series 2014-R8(d)(e)	1M US L + 0.24%	12/26/2024		1,389,330
		Banc of America Funding Trust
	58,571	Series 2006-2	5.50%	03/25/2036		56,729
		BCAP, LLC Trust
	99,449	Series 2007-AA2(e)	7.50%	04/25/2037		58,334
	64,524	Series 2007-AA2	6.00%	04/25/2037		33,397
	4,866,418	Series 2010-RR6(d)(e)	5.34%	07/26/2036		2,381,515
		Bear Stearns ALT-A Trust
	6,243,758	Series 2006-3(e)	3.67%	05/25/2036		4,738,394
	785,597	Series 2006-6(e)	3.69%	11/25/2036		364,607
		Bear Stearns Asset-Backed Securities Trust
	1,451,771	Series 2006-AC1(k)	6.25%	02/25/2036		769,894
		Bear Stearns Structured Products, Inc.
	7,018,215	Series 2008-R2(d)(e)	3.24%	06/25/2047		5,077,182
		Chase Mortgage Finance Trust
	3,172,883	Series 2007-S2	6.00%	03/25/2037		1,731,510
	338,569	Series 2007-S3	5.50%	05/25/2037		3
	4,304,338	Series 2007-S4	6.00%	06/25/2037		2,090,327
		ChaseFlex Trust Series
	3,484,496	Series 2007-M1(e)	1M US L + 0.23%	08/25/2037		2,918,294
		Citicorp Mortgage Securities Trust
	317,139	Series 2007-1	6.00%	01/25/2037		271,727
		Citigroup Mortgage Loan Trust
	78,655	Series 2009-12(d)	5.50%	11/25/2035		61,947
	218,580	Series 2009-4(d)(e)	5.48%	05/25/2035		195,452
		CitiMortgage Alternative Loan Trust
	327,753	Series 2007-A1	6.00%	01/25/2037		293,914
	64,559	Series 2007-A1(e)(n)	5.40% - 1M US L	01/25/2037		2,897
	46,293	Series 2007-A3(e)	6.00%	03/25/2037		42,187
	106,534	Series 2007-A3(e)(n)	5.40% - 1M US L	03/25/2037		6,226
	329,762	Series 2007-A6	5.50%	06/25/2037		272,318

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Connecticut Avenue Securities Trust
$	4,122,443	Series 2019-R05(d)(e)	1M US L + 4.10%	07/25/2039	$	4,169,940
	4,250,000	Series 2022-R02(d)(e)	30D US SOFR + 7.65%	01/25/2027		3,961,844
	3,685,000	Series 2022-R03(d)(e)	30D US SOFR + 9.85%	03/25/2042		3,693,839
		Countrywide Home Loan Mortgage Pass-Through Trust
	1,219,320	Series 2005-HYB7(e)	3.66%	11/20/2035		1,059,846
	21,310	Series 2005-J4	5.50%	11/25/2035		17,331
	1,205,868	Series 2006-18	6.00%	12/25/2036		686,666
	143,579	Series 2007-17	6.00%	10/25/2037		110,530
	201,536	Series 2007-3	6.00%	04/25/2037		107,263
	227,113	Series 2007-7	5.75%	06/25/2037		122,023
		Credit Suisse First Boston Mortgage Securities Corp.
	46,668	Series 2005-10	5.50%	11/25/2035		35,878
	28,085	Series 2005-8	5.50%	08/25/2025		23,065
	4,004,198	Series 2005-9	6.00%	10/25/2035		1,290,312
		Credit Suisse Mortgage Capital Certificates
	1,725,787	Series 2006-2	5.75%	03/25/2036		938,232
		CSMC
	900,000	Series 2021-NQM6(d)(e)	2.58%	07/25/2066		504,560
		CSMC Mortgage-Backed Trust
	143,580	Series 2006-1	6.00%	02/25/2036		48,728
	13,043	Series 2006-4	5.50%	05/25/2021		7,212
	788,000	Series 2006-5	6.25%	06/25/2036		176,990
	63,472	Series 2006-9	6.00%	11/25/2036		41,080
	4,467	Series 2007-2	5.00%	03/25/2037		3,561
	455,935	Series 2007-3(e)	5.84%	04/25/2037		108,566
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	182,815	Series 2005-6(e)(n)	5.08% - 1M US L	12/25/2035		11,281
	80,182	Series 2005-6(e)	1M US L + 1.40%	12/25/2035		62,526
		Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
	109,019	Series 2006-PR1(d)(e)	12.12% - 1M US L	04/15/2036		96,620
		Fannie Mae Interest Strip
	6,357,020	Series 2014-419(n)	3.50%	04/25/2044		969,734
		Fannie Mae Pool
	4,178,008	Series 2021-	3.00%	10/01/2046		3,837,056
	2,079,794	Series 2021-	3.00%	12/01/2048		1,898,349
	1,708,966	Series 2021-	4.00%	05/01/2049		1,659,803
	2,179,697	Series 2021-	4.00%	06/01/2049		2,123,642
	1,422,927	Series 2021-	2.50%	05/01/2051		1,230,040

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 55

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	3,238,498	Series 2021-	3.50%	07/01/2051	$	3,041,360
	2,471,567	Series 2021-	2.50%	12/01/2051		2,134,339
	3,565,240	Series 2022-	3.50%	11/01/2050		3,346,444
	1,645,346	Series 2022-	5.00%	07/01/2052		1,642,858
	3,000,000	Series Pool #BL4424	2.14%	10/01/2029		2,664,078
	3,000,000	Series Pool #BL5156	2.37%	12/01/2029		2,686,013
		Fannie Mae REMICS
	5,564,040	Series 2014-1(e)(n)	5.90% - 1M US L	02/25/2044		662,944
	5,981,228	Series 2015-54(e)(n)	6.15% - 1M US L	07/25/2045		726,927
	9,200,549	Series 2020-74(e)(n)	4.10% - 30D US  SOFR	10/25/2050		438,896
	19,101,200	Series 2020-77(e)(n)	4.10% - 30D SOFR	11/25/2050		878,447
	2,230,317	Series 2021-48(e)	3.65% - 30D US  SOFR	08/25/2051		91,052
	15,493,795	Series 2021-56(n)	2.50%	09/25/2051		1,853,196
		Federal Home Loan Mortgage Corp. Pool
	119,435	Series Pool #G01840	5.00%	07/01/2035		122,216
	43,851	Series Pool #G04817	5.00%	09/01/2038		44,875
		Federal Home Loan Mortgage  Corp. REMICS
	624,979	Series 2003-2722(e)	9.89% - 1M US L	12/15/2033		633,156
	112,128	Series 2005-R003	5.50%	10/15/2035		115,549
	891,201	Series 2006-3244(e)(n)	6.66% - 1M US L	11/15/2036		88,169
	44,165	Series 2007-3261(e)(n)	6.43% - 1M US L	01/15/2037		3,688
	94,004	Series 2007-3262(e)(n)	6.40% - 1M US L	01/15/2037		5,006
	349,176	Series 2007-3301(e)(n)	6.10% - 1M US L	04/15/2037		27,908
	251,605	Series 2007-3303(e)(n)	6.10% - 1M US L	04/15/2037		22,260
	62,103	Series 2007-3382(e)(n)	6.00% - 1M US L	11/15/2037		4,057
	227,440	Series 2007-3384(e)(n)	6.31% - 1M US L	08/15/2036		20,270
	73,027	Series 2007-3384(e)(n)	6.39% - 1M US L	11/15/2037		4,348
	32,699	Series 2008-3417(e)(n)	6.18% - 1M US L	02/15/2038		2,288
	1,509,859	Series 2008-3423(e)(n)	6.00% - 1M US L	03/15/2038		6,911
	95,506	Series 2008-3423(e)(n)	5.65% - 1M US L	03/15/2038		5,560
	849,907	Series 2009-3510(e)	6.75% - 1M US L	02/15/2037		67,406
	226,117	Series 2009-3523(e)(n)	6.00% - 1M US L	04/15/2039		15,716
	41,560	Series 2009-3524(e)	3.41%	06/15/2038		39,750
	3,341	Series 2009-3549(e)(n)	5.80% - 1M US L	07/15/2039		263
	456,859	Series 2009-3560(e)	6.40% - 1M US L	11/15/2036		20,325
	147,740	Series 2010-3641	4.50%	03/15/2040		146,853
	224,300	Series 2010-3726(e)(n)	6.05% - 1M US L	09/15/2040		21,065
	719,275	Series 2010-3728(e)(n)	4.45% - 1M US L	09/15/2040		25,564
	307,273	Series 2010-3779	3.50%	12/15/2030		299,077
	61,280	Series 2010-3779	4.00%	12/15/2030		60,451
	248,320	Series 2010-3779	4.50%	12/15/2040		249,844
	27,133	Series 2011-3786(e)	9.50% - 1M US L	01/15/2041		19,992
	189,523	Series 2011-3808	3.50%	02/15/2031		184,375

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	482,589	Series 2011-3815(e)(n)	5.85% - 1M US L	02/15/2041	$	42,263
	167,642	Series 2011-3824	3.50%	03/15/2031		163,087
	244,825	Series 2011-3824(e)	7.10% - 1M US L	08/15/2036		31,019
	274,574	Series 2011-3863	5.50%	08/15/2034		281,525
	302,749	Series 2011-3864(e)	9.20% - 1M US L	05/15/2041		241,325
	294,368	Series 2011-3871	5.50%	06/15/2041		303,930
	272,377	Series 2011-3872(e)(n)	5.95% - 1M US L	06/15/2041		20,529
	1,863,783	Series 2011-3910	5.00%	08/15/2041		1,917,278
	1,206,104	Series 2011-3924(e)(n)	6.00% - 1M US L	09/15/2041		70,501
	1,565,893	Series 2012-3(e)(n)	5.95% - 1M US L	02/25/2042		150,591
	918,592	Series 2013-4170(e)	4.05% - 1M US L	01/15/2033		803,176
	2,097,207	Series 2013-4239	0.00%	07/15/2043		1,319,802
	2,732,125	Series 2014-4413	3.50%	11/15/2044		2,583,975
	3,822,137	Series 2015-4434	3.00%	02/15/2045		3,330,752
	3,671,078	Series 2015-4440	2.50%	02/15/2045		3,241,515
		Federal National Mortgage Association Pool
	32,774	Series Pool #555743	5.00%	09/01/2033		33,500
	38,304	Series Pool #735382	5.00%	04/01/2035		39,153
	107,118	Series Pool #735383	5.00%	04/01/2035		109,494
	67,949	Series Pool #735484	5.00%	05/01/2035		69,456
	19,097	Series Pool #AH4437	4.00%	01/01/2041		18,006
		Federal National Mortgage Association REMICS
	24,035	Series 2004-46(e)	6.00% - 1M US L	03/25/2034		413
	137,168	Series 2006-101(e)(n)	6.58% - 1M US L	10/25/2036		13,785
	389,516	Series 2006-123(e)(n)	6.32% - 1M US L	01/25/2037		38,814
	1,836,137	Series 2006-92(e)(n)	6.58% - 1M US L	10/25/2036		185,077
	53,915	Series 2007-102(e)(n)	6.40% - 1M US L	11/25/2037		3,541
	38,650	Series 2007-108(e)(n)	6.36% - 1M US L	12/25/2037		2,628
	8,065	Series 2007-30(e)(n)	6.11% - 1M US L	04/25/2037		464
	229,553	Series 2007-38(e)(n)	6.08% - 1M US L	05/25/2037		11,996
	9,588	Series 2007-51(e)(n)	6.10% - 1M US L	06/25/2037		517
	27,957	Series 2007-53(e)(n)	6.10% - 1M US L	06/25/2037		1,615
	275,973	Series 2007-57(e)(n)	6.62% - 1M US L	10/25/2036		24,903
	58,813	Series 2007-68(e)(n)	6.65% - 1M US L	07/25/2037		4,465
	379,078	Series 2008-3(e)(n)	6.46% - 1M US L	02/25/2038		29,929
	36,329	Series 2008-56(e)(n)	6.06% - 1M US L	07/25/2038		1,520
	10,354	Series 2008-81	5.50%	09/25/2038		10,620
	122,131	Series 2009-111	5.00%	01/25/2040		122,586
	57,452	Series 2009-111(e)(n)	6.25% - 1M US L	01/25/2040		5,982
	546,888	Series 2009-12(e)(n)	6.60% - 1M US L	03/25/2036		37,231
	15,320	Series 2009-28(e)	6.00% - 1M US L	04/25/2037		783
	94,821	Series 2009-41	4.50%	06/25/2039		91,001
	41,648	Series 2009-42(e)(n)	6.00% - 1M US L	06/25/2039		2,964
	82,727	Series 2009-47(e)(n)	6.10% - 1M US L	07/25/2039		6,367
	32,996	Series 2009-62(e)(n)	6.10% - 1M US L	08/25/2039		1,283

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 57

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	37,380	Series 2009-66(e)	5.80% - 1M US L	02/25/2038	$	2,430
	27,373	Series 2009-68(e)(n)	5.25% - 1M US L	09/25/2039		1,163
	97,478	Series 2010-11(e)(n)	4.80% - 1M US L	02/25/2040		4,425
	18,039	Series 2010-111(e)(n)	6.00% - 1M US L	10/25/2040		1,017
	49,771	Series 2010-112	4.00%	10/25/2040		47,613
	74,897	Series 2010-115(e)	6.60% - 1M US L	11/25/2039		6,803
	965,165	Series 2010-115(e)(n)	6.00% - 1M US L	10/25/2040		101,301
	2,250,660	Series 2010-123(e)(n)	6.05% - 1M US L	11/25/2040		226,803
	396,637	Series 2010-15(e)(n)	4.95% - 1M US L	03/25/2040		21,325
	22,598	Series 2010-34(e)(n)	4.93% - 1M US L	04/25/2040		1,286
	32,129	Series 2010-4(e)(n)	6.23% - 1M US L	02/25/2040		2,068
	35,621	Series 2010-58(e)	12.47% - 1M US L	06/25/2040		31,241
	1,319,546	Series 2010-75	4.50%	07/25/2040		1,319,347
	100,877	Series 2010-9(e)(n)	4.75% - 1M US L	02/25/2040		3,148
	18,700	Series 2010-9(e)(n)	5.30% - 1M US L	02/25/2040		947
	5,844	Series 2010-90(e)(n)	6.00% - 1M US L	08/25/2040		432
	155,493	Series 2011-16	3.50%	03/25/2031		151,113
	160,095	Series 2011-25	3.00%	04/25/2026		155,889
	176,369	Series 2011-29	3.50%	04/25/2031		171,388
	1,090	Series 2011-5(e)	6.40% - 1M US L	11/25/2040		1
	1,835,842	Series 2012-106(e)(n)	6.16% - 1M US L	10/25/2042		168,432
	262,964	Series 2012-124(e)	7.79% - 1M US L	11/25/2042		194,019
	109,305	Series 2012-29(e)(n)	6.00% - 1M US L	04/25/2042		9,255
	326,714	Series 2012-32(n)	5.00%	04/25/2042		51,049
	1,694,345	Series 2012-65(e)(n)	5.98% - 1M US L	06/25/2042		170,321
	664,014	Series 2018-21	0.00%	04/25/2048		517,400
		First Horizon Alternative Mortgage Securities Trust
	475,482	Series 2005-FA6	5.50%	09/25/2035		268,300
		First Horizon Mortgage Pass-Through Trust
	503,383	Series 2007-AR3(e)	3.84%	11/25/2037		259,806
		Freddie Mac Pool
	4,010,495	Series 2021-	2.00%	11/01/2050		3,388,704
	4,065,229	Series 2021-	3.00%	10/01/2051		3,660,138
	1,622,481	Series 2022-	3.00%	03/01/2052		1,465,206
	3,820,800	Series 2022-	3.50%	06/01/2052		3,554,103
	2,566,751	Series 2022-	4.00%	06/01/2052		2,458,303
		Freddie Mac REMICS
	2,243,487	Series 2011-3972(e)(n)	5.90% - 1M US L	12/15/2041		204,979
	2,251,851	Series 2020-5007(e)(n)	6.10% - 1M US L	08/25/2050		297,625
	4,120,461	Series 2020-5041	2.00%	11/25/2050		478,067
	12,029,471	Series 2020-5057(n)	3.00%	11/25/2050		1,932,270
	9,452,810	Series 2021-5070(n)	3.50%	02/25/2051		1,459,405
		Freddie Mac STACR REMIC Trust
	4,300,000	Series 2020-DNA6(d)(e)	30D US SOFR + 5.65%	12/25/2050		3,897,242

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	2,500,000	Series 2021-DNA1(d)(e)	30D US SOFR + 4.75%	01/25/2051	$	2,085,348
	2,750,000	Series 2021-HQA2(d)(e)	30D US SOFR + 3.15%	12/25/2033		2,446,280
		GCAT
	1,500,000	Series 2021-NQM4(d)(e)	2.47%	08/25/2025		859,709
		Ginnie Mae II Pool
	5,309,032	Series 2021-	2.50%	10/20/2051		4,660,194
	1,576,220	Series 2021-	2.50%	11/20/2051		1,383,396
		Government National Mortgage Association
	28,472	Series 2004-83(e)(n)	6.08% - 1M US L	10/20/2034		1,504
	25,983	Series 2008-6(e)(n)	6.46% - 1M US L	02/20/2038		102
	24,487	Series 2008-67(e)(n)	6.00% - 1M US L	08/20/2038		134
	386,940	Series 2008-69(e)(n)	7.63% - 1M US L	08/20/2038		27,459
	37,893	Series 2009-10(e)(n)	6.65% - 1M US L	02/16/2039		3,420
	396,793	Series 2009-35	4.50%	05/20/2039		392,122
	1,701,464	Series 2009-58(e)(n)	6.25% - 1M US L	06/20/2039		113,999
	27,700	Series 2009-6(e)	5.95% - 1M US L	02/20/2038		53
	772,576	Series 2009-75	5.00%	09/20/2039		777,986
	1,839,986	Series 2010-121(e)(n)	6.00% - 1M US L	09/20/2040		186,349
	30,360	Series 2010-61(e)(n)	6.55% - 1M US L	09/20/2039		1,573
	47,310	Series 2010-98(e)	5.51%	03/20/2039		2,659
	33,197,914	Series 2010-H20(e)(n)	1.42%	10/20/2060		953,952
	240,728	Series 2011-69	0.00%	05/20/2041		203,364
	782,935	Series 2011-71	4.50%	02/20/2041		773,790
	551,543	Series 2011-71(e)(n)	5.40% - 1M US L	05/20/2041		40,556
	165,748	Series 2011-72(e)(n)	6.15% - 1M US L	05/20/2041		12,057
	838,081	Series 2011-89(e)(n)	5.45% - 1M US L	06/20/2041		61,646
	1,668,659	Series 2013-113(e)(n)	6.25% - 1M US L	03/20/2043		44,476
	2,980,611	Series 2013-122(e)(n)	6.10% - 1M US L	08/16/2043		304,881
	2,349,885	Series 2013-148(e)(n)	5.68% - 1M US L	10/16/2043		184,907
	2,449,916	Series 2013-186(e)(n)	6.25% - 1M US L	02/16/2043		136,680
	1,844,743	Series 2014-156(e)(n)	6.25% - 1M US L	10/20/2044		184,442
	3,679,262	Series 2014-4(e)(n)	6.10% - 1M US L	01/16/2044		383,794
	4,591,886	Series 2014-41(e)(n)	6.10% - 1M US L	03/20/2044		457,797
	1,893,299	Series 2014-5(e)(n)	6.15% - 1M US L	07/20/2043		87,677
	3,081,522	Series 2014-95(e)(n)	6.25% - 1M US L	06/16/2044		244,690
	14,761,650	Series 2016-162(e)(n)	0.68%	09/16/2058		463,308
	14,870,549	Series 2016-H21(e)(n)	0.05%	09/20/2066		636,314
	5,138,491	Series 2018-97(e)(n)	6.20% - 1M US L	07/20/2048		503,689
	10,753,777	Series 2019-22(e)	5.60% - 1M US L	02/20/2045		955,665
	4,778,560	Series 2019-92(e)(n)	6.10% - 1M US L	07/20/2049		507,896
	18,411,027	Series 2019-H10(e)(n)	0.01%	06/20/2069		602,799
	4,724,995	Series 2019-H18(e)(n)	0.04%	11/20/2069		209,058
	9,617,765	Series 2020-112(e)(n)	6.25% - 1M US L	08/20/2050		1,036,813
	17,238,714	Series 2020-146(e)(n)	3.75% - 1M US L	10/20/2050		758,548

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 59

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	13,323,549	Series 2020-146(e)(n)	6.30% - 1M US L	10/20/2050	$	1,527,104
	12,856,622	Series 2020-167(e)(n)	3.75% - 1M US L	11/20/2050		374,285
	17,686,085	Series 2020-168(e)(n)	0.98%	12/16/2062		1,244,329
	4,853,981	Series 2020-188(e)	6.30% - 1M US L	11/20/2050		705,812
	18,867,493	Series 2020-H18(e)(n)	0.00%	09/20/2070		930,826
	10,830,934	Series 2021-1(e)(n)	6.30% - 1M US L	01/20/2051		1,288,824
	15,619,170	Series 2021-1	2.50%	01/20/2051		2,167,791
	10,466,949	Series 2021-107(e)(n)	3.75% - 1M US L	06/20/2051		503,632
	1,654,163	Series 2021-117	3.50%	06/20/2051		275,167
	14,211,499	Series 2021-160	2.50%	06/20/2051		1,720,291
	17,399,983	Series 2021-52(e)	0.72%	04/16/2063		952,245
	25,045,310	Series 2021-59(e)(n)	2.60% - 30D US SOFR	04/20/2051		501,845
	12,709,707	Series 2021-77(e)	3.75% - 1M US L	05/20/2051		488,004
	16,420,071	Series 2021-77	2.50%	05/20/2051		1,960,018
	6,410,284	Series 2021-89(e)(n)	3.75% - 1M US L	05/20/2051		228,813
	10,095,812	Series 2021-97(e)(n)	3.75% - 1M US L	06/20/2051		328,535
	30,776,134	Series 2021-97(e)(n)	3M US L + 2.44%	06/20/2051		545,289
	30,996,974	Series 2021-H06(e)	0.70%	04/20/2071		779,574
	12,820,731	Series 2021-H08(e)	0.60%	05/20/2071		283,681
	58,537,798	Series 2021-H12(e)	0.38%	08/20/2071		1,001,722
	39,255,512	Series 2022-1(e)(n)	2.65% - 30D US SOFR	01/20/2052		450,355
	27,444,301	Series 2022-48(e)(n)	0.71%	01/16/2064		1,765,470
		GSR Mortgage Loan Trust
	916,646	Series 2006-2F	5.25%	02/25/2036		413,646
	1,570,403	Series 2007-2F	6.00%	03/25/2037		888,251
	690,208	Series 2007-AR2(e)	3.16%	05/25/2037		385,054
		Homeward Opportunities Fund Trust
	364,685	Series 2020-BPL1(d)(k)	5.44%	08/25/2025		359,197
		Impac CMB Trust
	89,493	Series 2004-10(e)	1M US L + 0.70%	03/25/2035		72,185
		Imperial Fund Mortgage Trust
	1,000,000	Series 2021-NQM4(d)(e)	3.45%	01/25/2057		701,429
		IndyMac IMJA Mortgage Loan Trust
	979,512	Series 2007-A1	6.00%	08/25/2037		418,355
		IndyMac IMSC Mortgage Loan Trust
	4,666,723	Series 2007-F2	6.50%	07/25/2037		1,554,724
		JP Morgan Alternative Loan Trust
	158,516	Series 2005-S1	6.00%	12/25/2035		110,236
	27,796	Series 2006-S3(k)	6.62%	08/25/2036		26,554
		JP Morgan Mortgage Trust
	790,796	Series 2007-S3	6.00%	07/25/2037		435,712

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		JP Morgan Resecuritization Trust
$	546,835	Series 2011-1(d)(e)	6.00%	06/26/2037	$	414,079
	2,086,920	Series 2014-6(d)(e)	1M US L + 0.21%	07/27/2046		1,952,992
		Legacy Mortgage Asset Trust
	13,736,853	Series 2019-GS7(d)(k)	7.50%	11/25/2059		12,894,539
		Lehman Mortgage Trust
	401,452	Series 2006-6	5.50%	10/25/2036		282,395
	3,846,995	Series 2006-7(e)	1M US L + 0.25%	11/25/2036		311,812
	3,846,995	Series 2006-7(e)(n)	7.75% - 1M US L	11/25/2036		405,394
	1,163,962	Series 2006-8(e)	1M US L + 0.42%	12/25/2036		254,234
	1,163,962	Series 2006-8(e)(n)	6.58% - 1M US L	12/25/2036		147,143
	253,143	Series 2007-10	6.50%	01/25/2038		77,813
		LHOME Mortgage Trust
	1,300,000	Series 2021-RTL1(d)(e)	2.09%	02/25/2026		1,271,021
	4,400,000	Series 2021-RTL1(d)(e)	4.46%	02/25/2026		3,851,234
	1,500,000	Series 2021-RTL2(d)(k)	4.61%	01/25/2024		1,286,394
		Merrill Lynch Alternative Note Asset Trust
	687,842	Series 2007-F1	6.00%	03/25/2037		77,617
		Morgan Stanley Mortgage Loan Trust
	1,162,975	Series 2005-3AR(e)	3.70%	07/25/2035		952,062
	2,359,274	Series 2006-11	6.00%	08/25/2036		1,593,646
	2,528,152	Series 2006-1AR(e)	1M US L + 0.28%	02/25/2036		1,555,053
	625,531	Series 2006-7(e)	5.15%	06/25/2036		419,227
	675,353	Series 2006-7	6.00%	06/25/2036		372,675
		Morgan Stanley Re-REMIC Trust
	17,310	Series 2011-R1(d)(e)	5.94%	02/26/2037		17,276
		Morgan Stanley Residential
		Mortgage Loan Trust
	310,170	Series 2020-RPL1(d)(e)	2.69%	10/25/2023		302,896
		NewRez Warehouse Securitization Trust
	3,943,333	Series 2021-1(d)(e)	1M US L + 5.25%	05/25/2055		3,869,537
		Nomura Asset Acceptance Corp. Alternative Loan Trust
	991,028	Series 2005-AP3(e)	5.32%	08/25/2035		516,939
		PR Mortgage Loan Trust
	6,776,517	Series 2014-1(d)(e)	5.89%	10/25/2049		6,223,490
		Prime Mortgage Trust
	49,733	Series 2006-DR1(d)	5.50%	05/25/2035		43,694
		PRPM LLC
	9,806,199	Series 2022-5(d)	6.90%	09/27/2027		9,771,611
		RBSGC Structured Trust
	110,128	Series 2008-B(d)	6.00%	06/25/2037		96,873
		Residential Accredit Loans, Inc.
	3,154,991	Series 2006-QA5(e)	1M US L + 0.22%	07/25/2036		1,321,555

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 61

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	1,268,217	Series 2006-QS10	6.50%	08/25/2036	$	1,069,991
	314,946	Series 2006-QS6	6.00%	06/25/2036		258,266
	794,394	Series 2006-QS7	6.00%	06/25/2036		639,611
	41,763	Series 2006-QS7(e)	1M US L + 0.40%	06/25/2036		30,110
	125,288	Series 2006-QS7(e)(n)	5.60% - 1M US L	06/25/2036		7,750
	53,139	Series 2006-QS8(e)	1M US L + 0.45%	08/25/2036		38,217
	159,416	Series 2006-QS8(e)(n)	5.55% - 1M US L	08/25/2036		14,197
	4,971	Series 2007-QS6(e)	55.00% - 8.33 x 1M US L	04/25/2037		5,567
	466,449	Series 2007-QS9	6.50%	07/25/2037		379,028
	248,485	Series 2008-QR1	6.00%	08/25/2036		195,816
		Residential Asset Securitization Trust
	384,696	Series 2006-A1	6.00%	04/25/2036		190,421
	860,907	Series 2006-A2	6.00%	05/25/2036		377,729
	899,236	Series 2006-A6	6.50%	07/25/2036		278,469
	245,189	Series 2006-A8	6.00%	08/25/2036		164,623
	149,757	Series 2006-A8	6.50%	08/25/2036		45,814
	317,071	Series 2006-A8(e)(n)	5.90% - 1M US L	08/25/2036		37,249
	1,329,926	Series 2007-A1	6.00%	03/25/2037		417,824
	57,796	Series 2007-A6	6.00%	06/25/2037		35,033
	2,530,824	Series 2007-A7	6.00%	07/25/2037		974,276
		Residential Funding Mortgage Securities I Trust
	411,938	Series 2006-S3	5.50%	03/25/2036		335,321
	80,970	Series 2006-S6	6.00%	07/25/2036		67,189
	217,067	Series 2007-S3	6.00%	03/25/2037		156,889
	121,689	Series 2007-S6	6.00%	06/25/2037		92,392
		Residential Mortgage Loan Trust
	3,250,000	Series 2020-1(d)(e)	4.67%	01/26/2060		2,319,882
		Sequoia Mortgage Trust
	976,059	Series 2007-3(e)	3.23%	07/20/2037		767,918
		Structured Adjustable Rate Mortgage Loan Trust
	500,035	Series 2005-15(e)	4.19%	07/25/2035		295,043
		Structured Asset Securities Corp.
	142,022	Series 2005-RF1(d)(e)	1M US L + 0.35%	03/25/2035		131,426
	142,022	Series 2005-RF1(d)(e)(n)	0.00%	03/25/2035		2,374
		TBW Mortgage-Backed Trust
	1,395,044	Series 2006-2	7.00%	07/25/2036		255,811
		Verus Securitization Trust
	2,300,000	Series 2019-INV3(d)(e)	3.28%	11/25/2059		1,953,234
	1,500,000	Series 2021-4(d)(e)	2.20%	07/25/2066		893,137
	1,400,000	Series 2021-6(d)(e)	4.05%	10/25/2066		919,804
	2,000,000	Series 2021-7(d)(e)	4.19%	10/25/2066		1,213,559
	7,706,000	Series 2022-4(d)(e)	4.72%	04/25/2067		5,722,032
	1,987,814	Series 2023-INV1(d)(e)	6.00%	02/25/2068		1,988,509

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Wachovia Mortgage Loan Trust, LLC Series Trust
$	95,773	Series 2005-B(e)	4.17%	10/20/2035	$	87,942
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	38,427	Series 2005-9	5.50%	11/25/2035		29,487
	316,635	Series 2006-5	6.00%	07/25/2036		221,629
		Washington Mutual Mortgage Pass-Through Certificates Trust
	529,137	Series 2006-2	6.00%	03/25/2036		502,157
		Wells Fargo Alternative Loan Trust
	207,532	Series 2007-PA2(e)	1M US L + 0.43%	06/25/2037		166,473
	207,527	Series 2007-PA2(e)(n)	6.07% - 1M US L	06/25/2037		11,437
	117,101	Series 2007-PA3	5.75%	07/25/2037		95,706
	256,748	Series 2007-PA3	6.25%	07/25/2037		218,873
TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES
(Cost $355,846,200)						244,184,827

Shares/Description			Value
Warrants - 0.00%(b)(l)
	219,520	Oas SA, Strike Price 1.00, Expires 05/16/2039(m)		–
TOTAL WARRANTS
(Cost $0)				–
Short-Term Investments - 11.66%
Money Market Fund - 4.32%
	57,815,901	State Street Institutional Trust (7 Day Yield 4.53%)	$	57,815,901

Principal Amount/Description			Rate	Maturity	Value
U.S. Treasury - 7.34%
	20,000,000	United States Treasury Bill(j)	0.00%	04/20/2023	$	19,956,154
	3,900,000	United States Treasury Bill(j)	0.00%	05/18/2023	$	3,877,209
	20,000,000	United States Treasury Bill(j)	0.00%	07/27/2023	$	19,702,358
	20,000,000	United States Treasury Bill(j)	0.00%	04/13/2023	$	19,974,369
	25,000,000	United States Treasury Bill(j)	0.00%	04/27/2023	$	24,923,417
	10,000,000	United States Treasury Bill(j)	0.00%	12/28/2023	$	9,681,964
	75,000	United States Treasury Bill(j)	0.00%	07/11/2023	$	74,036

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 63

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description (continued)	Rate (continued)	Maturity (continued)	Value (continued)
				98,189,507
TOTAL SHORT-TERM INVESTMENTS
(Cost $155,973,479)			$	156,005,408
TOTAL INVESTMENTS - 99.63%
(Cost $1,597,515,773)			$	1,332,352,750
CASH SEGREGATED AT CUSTODIAN FOR FORWARD FOREIGN CURRENCY CONTRACTS - 0.09%				1,185,263
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.28%				3,747,665
NET ASSETS - 100.00%			$	1,337,285,678

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, 2023 was 4.85% 

3M US L - 3 Month LIBOR as of March 31, 2023 was 5.18% 

6M US L - 6 Month LIBOR as of March 31, 2023 was 5.27% 

1D SOFR - 1 Day SOFR as of March 31, 2023 was 4.87%

30D SOFR - 30 Day SOFR as of March 31, 2023 was 4.76% 

1Y US TI - 1 Year TI as of March 31, 2023 was 4.64% 

5Y US TI - 5 Year TI as of March 31, 2023 was 3.60%

10Y US TI - 10 Year TI as of March 31, 2023 was 3.48%

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

^(b) Non-income producing security.

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

^(d) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended.

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 $381,626,885, which represents approximately 28.54% of net assets as of March 31, 2023.

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

^(e) Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2023. 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) Securities were purchased pursuant to Regulation S under the Securities Act of 1933, as amended, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, as amended, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees (the "Board"). As of March 31, 2023, the aggregate fair value of those securities was $19,419,481, representing 1.45% of net assets.

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

^(h) Security is currently in default.

⁽ⁱ⁾ 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.

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

^(k) Step up bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at March 31, 2023.

^(l) Less than 0.005%.

^(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.

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 65

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Shares/Description			Value
BUSINESS DEVELOPMENT COMPANIES - 1.91%
	1,100,000	Golub Capital BDC, Inc., 3.375%, 04/15/2024	$	1,057,807
TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $1,072,155)				1,057,807
CLOSED-END FUNDS - 13.62%
	46,048	BlackRock Floating Rate Income Strategies Fund, Inc.		538,762
	82,471	BNY Mellon High Yield Strategies Fund		178,962
	76,598	Eaton Vance Floating-Rate Income Trust		881,643
	56,446	First Trust High Yield Opportunities 2027 Term Fund		787,986
	62,117	KKR Income Opportunities Fund		682,045
	3,268	Nuveen Preferred & Income Securities Fund		21,111
	27,759	Nuveen Variable Rate Preferred & Income Fund		439,703
	30,229	PIMCO Dynamic Income Fund		544,727
	119,400	PIMCO High Income Fund		569,538
	7,965	Western Asset Diversified Income Fund		105,934
	553,008	Western Asset High Income Opportunity Fund, Inc.		2,106,960
	73,617	Western Asset Inflation-Linked Opportunities & Income Fund		673,596
TOTAL CLOSED-END FUNDS
(Cost $7,828,655)				7,530,967
COMMON STOCKS - 0.14%
	947	DBI Investors, Inc.(a)(b)		–
	3,304	PHI Group, Inc.(a)(b)		79,065
	6	Toys R Us Propco Equity(b)		33
TOTAL COMMON STOCKS
(Cost $213,399)				79,098
EXCHANGE TRADED FUNDS - 5.02%
	15,000	iShares iBoxx $Investment Grade Corporate Bond ETF		1,644,150
	15,000	iShares® iBoxx High Yield Corporate Bond ETF		1,133,250
TOTAL EXCHANGE TRADED FUNDS
(Cost $2,627,671)				2,777,400
SPECIAL PURPOSE ACQUISITION COMPANIES - 0.16%
	10,837	Barings BDC, Inc.		86,046
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES
(Cost $108,466)				86,046

See Notes to Financial Statements. 

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Shares/Description			Value
PREFERRED STOCKS - –%
	116	DBI Investors Inc., 10.000%(a)(b)(c)	$	–
TOTAL PREFERRED STOCKS
(Cost $10,981)				–

Principal Amount/Description			Rate	Maturity	Value
BANK LOANS - 20.28%(d)
Germany - 0.41%
$	228,834	Springer Nature Deutschland GmbH, First Lien - Initial B18 Term Loan	1M US L + 3.00%, 0.75% Floor	08/14/2026	$	228,692
Great Britain - 0.91%
	246,875	City Football Group Limited, TL	1M US L + 3.00%	07/09/2028		237,309
	142,523	EG Group, Ltd., First Lien - Additional Facility Term Loan	1M US L + 4.00%	02/07/2025		136,766
	132,604	Osmosis Buyer, Ltd., First Lien - Initial B Term Loan	3M US L + 2.75%, 0.50% Floor	06/17/2028		128,377
						502,452
Luxembourg - 0.44%
	244,350	Surf Holdings S.a r.l., First Lien - Dollar Tranche Term Loan	3M US L + 3.50%	03/05/2027		242,517
Netherlands - 1.07%
	283,418	Peer Holding III B.V., First Lien - Facility B Term Loan	1M EUR L + 3.00%	03/07/2025		303,492
	250,000	Sigma Holdco B.V., First Lien - Facility B4 (GBP) Term Loan	6M US L + 4.00%	07/02/2025		288,996
						592,488
United States - 17.45%
	230,748	Access CIG LLC, First Lien - B Term Loan	3M US L + 3.75%	02/27/2025		228,825
	49,245	Adavantage Sales & Marketing Inc., First Lien	3M US L + 0.00%	10/28/2027		42,514
	43,240	Adtalem Global Education, Inc., First Lien - B Term Loan	3M US L + 3.00%, 0.75% Floor	08/12/2028		43,291
	123,125	Allied Universal Holdco LLC, First Lien - Initial U.S. Dollar Term Loan	1M US L + 3.75%, 0.50% Floor	05/12/2028		117,112
	55,583	Amentum Government Services Holdings, LLC, First Lien	3M SOFR + 4.00%	02/07/2029		54,471
	96,783	American Auto Auction Group, LLC, First Lien	3M SOFR + 5.00%	12/30/2027		84,298
	50,888	American Rock Salt Company LLC, First Lien - Initial Term Loan	3M US L + 3.25%, 0.75% Floor	06/09/2028		49,171
	43,255	Ankura Consulting Group LLC, First Lien - Closing Date Term Loan	3M US L + 4.00%, 0.75% Floor	03/17/2028		41,273

See Notes to Financial Statements.

Semi-Annual Report  |  March 31, 2023 67

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	54,043	Artera Services, LLC, TL	L + 3.50%, 1.00% Floor	03/06/2025	$	46,052
	27,671	ASP Blade Holdings, Inc. TLB 1L	3M US L + 4.00%	10/07/2028		23,197
	239,940	Astoria Energy LLC, First Lien - B Advance (2020) Term Loan	3M US L + 4.25%, 1.00% Floor	12/10/2027		238,561
	139,220	Asurion LLC, First Lien - New B-8 Term Loan	1M US L + 3.25%	12/23/2026		129,524
	98,255	Azalea TopCo, Inc., First Lien	3M US L + 4.00%, 0.75% Floor	07/24/2026		92,114
	157,568	BCP Renaissance Parent LLC, First Lien	3M SOFR + 3.50%, 1.00% Floor	10/31/2026		156,584
	70,248	BCPE North Star US Holdco 2, Inc., First Lien - Initial Term Loan	3M US L + 3.75%, 0.75% Floor	06/09/2028		64,672
	99,250	Bengal Debt Merger Sub, LLC, First Lien	3M SOFR + 3.25%	01/19/2029		87,960
	25,000	Bengal Debt Merger Sub, LLC, Second Lien	3M SOFR + 6.00%	01/18/2030		19,167
	238,750	Bracket Intermediate Holding Corp., First Lien - Initial Term Loan	3M US L + 4.25%	09/05/2025		235,885
	222,617	Brookfield WEC Holdings, Inc., First Lien - Initial (2021) Term Loan	3M US L + 2.75%, 0.50% Floor	08/01/2025		221,807
	24,496	Carnival Corp., First Lien - Initial Advance Term Loan	3M US L + 7.50%, 0.75% Floor	06/30/2025		24,239
	25,675	Carnival Corporation TLB 1L	1M US L + 3.25%	10/06/2028		25,145
	174,788	Charter Next Generation, Inc., First Lien - Initial (2021) Term Loan	1M SOFR + 3.75%, 0.75% Floor	12/01/2027		172,918
	124,091	Clydesdale Acquisition Holdings, Inc., First Lien	1M SOFR + 4.175%, 0.50% Floor	04/13/2029		121,469
	123,125	Consilio/Skopima 5/21 Cov-Lite TLB	1M US L + 4.00%	05/12/2028		115,342
	24,361	CPV Maryland LLC, First Lien - B Advance Term Loan	3M US L + 5.25%, 1.00% Floor	05/11/2028		24,219
	147,750	CQP Holdco LP TLB	3M US L + 4.00%	06/05/2028		146,846
	68,175	DIRECTV Financing LLC, First Lien - Closing Date Term Loan	3M US L + 4.63486%, 0.75% Floor	08/02/2027		65,766
	25,762	Diversitech Holdings, Inc.	3M US L + 3.50%	12/15/2028		24,406
	245,000	DRW Holdings LLC, First Lien - Initial Term Loan	1M US L + 3.75%	03/01/2028		240,100
	33,660	Echo Global Logistics, Inc. TL 1L	3M US L + 3.50%	11/03/2028		32,728
	77,225	Electron BidCo, Inc. TL 1L	1M US L + 3.00%	10/07/2028		76,231
	148,500	Fertitta Entertainment, LLC, First Lien	1M SOFR + 4.00%	01/13/2029		146,543
	238,852	Flynn Restaurant Group LP, First Lien	1M US L + 4.25%, 0.50% Floor	12/03/2028		232,641

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	244,403	Great Outdoors Group LLC, First Lien	1M US L + 3.75%, 0.75% Floor	03/05/2028	$	241,655
	245,000	Greeneden U.S. Holdings I LLC, First Lien - Initial Dollar (2020) Term Loan	1M US L + 4.00%, 0.75% Floor	12/01/2027		241,880
	242,635	Harbor Freight Tools USA, Inc., First Lien - Initial (2021) Term Loan	L + 2.75%, 0.50% Floor	10/19/2027		235,710
	184,864	Helix Gen Funding LLC, First Lien	1M US L + 3.75%, 1.00% Floor	06/03/2024		183,567
	149,250	Houghton Mifflin Harcrt Co Tl 1L	3M SOFR + 5.25%	04/04/2029		134,213
	61,750	Hudson River Trading LLC, First Lien	1M US L + 3.00%	03/20/2028		57,891
	62,685	Hunter Douglas, Inc., First Lien	3M SOFR + 3.50%	02/09/2029		56,596
	64,433	Intelsat Jackson Holdings S.A.TLB 1L	3M SOFR + 4.25%	01/26/2029		63,896
	245,625	IRB Holding Corp., First Lien	3M SOFR + 3.00%, 0.75% Floor	12/15/2027		241,923
	108,372	KUEHG Corp, First Lien - B-3 Term Loan	3M US L + 3.75%, 1.00% Floor	02/21/2025		106,642
	187,907	LMBE-MC Holdco II LLC, First Lien	3M US L + 4.00%, 1.00% Floor	12/03/2025		186,341
	206,817	LogMeIn, Inc., First Lien - Initial Term Loan	1M US L + 4.75%	08/31/2027		119,206
	98,611	LTI Holdings, Inc., First Lien	1M US L + 4.75%	07/24/2026		95,981
	45,198	Majordrive Holdings IV LLC, First Lien - Initial Term Loan	3M US L + 3.75%, 0.50% Floor	06/01/2028		42,994
	58,565	McAfee Corp., First Lien	1M SOFR + 3.75%	02/02/2029		55,241
	34,579	Merion Rose Merger Sub, Inc., First Lien	3M SOFR + 4.00%	12/08/2028		31,755
	212,500	Mileage Plus Holdings LLC, First Lien - Initial Term Loan	3M US L + 5.25%, 1.00% Floor	06/21/2027		220,881
	68,735	Mitchell International, Inc. TLB	1M US L + 3.75%	10/01/2028		65,161
	236,345	Natgasoline LLC, First Lien - Initial Term Loan	1M US L + 3.625%	11/14/2025		233,981
	148,500	Olympus Water US Holding Corp., First Lien	3M SOFR + 4.50%, 0.50% Floor	11/09/2028		142,672
	48,900	Oryx Midstream Services Permian Basin LLC, First Lien	1M SOFR + 3.25%, 0.50% Floor	10/05/2028		48,148
	223,182	Pactiv Evergreen, Inc., First Lien - Tranche B-2 U.S. Term Loan	1M US L + 3.25%	02/05/2026		222,641
	58,611	Parkway Generation, LLC, First Lien	3M US L + 0.00%	11/05/2028		56,779
	97,725	PetVet Care Centers LLC, First Lien - 2021 Replacement Term Loan	3M US L + 3.50%, 0.75% Floor	02/14/2025		94,598
	94,555	PMHC II, INC.TLB 1L	3M SOFR + 4.25%	02/02/2029		83,597
	32,505	Polaris Newco LLC, First Lien - Dollar Term Loan	L + 4.00%, 0.50% Floor	06/04/2028		29,733

See Notes to Financial Statements.

Semi-Annual Report  |  March 31, 2023 69

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	244,384	ProAmpac PG Borrower LLC, First Lien - 2020-1 Term Loan	3M US L + 3.75%, 0.75% Floor	11/03/2025	$	239,618
	241,875	Pug LLC, First Lien - USD B Term Loan	1M US L + 3.50%	02/12/2027		176,570
	235,231	Recorded Books, Inc., First Lien - 2021 Replacement Term Loan	3M US L + 2.75%	08/29/2025		234,466
	108,927	Redwood Star Merger Sub, Inc.	1M SOFR + 4.50%	03/16/2029		104,230
	54,450	Restaurant Technologies, Inc. TLB 1L	3M SOFR + 4.25%	03/17/2029		53,925
	40,345	SCIH Salt Holdings, Inc., First Lien - Incremental B-1 Term Loan	3M US L + 3.50%, 0.75% Floor	03/16/2027		39,452
	147,750	SeaWorld Parks & Entertainment, Inc., First Lien - B Term Loan	L + 3.00%, 0.50% Floor	08/25/2028		147,381
	39,651	Secure Acquisition, Inc.	3M US L + 5.00%	12/15/2028		36,479
	5,948	Secure Acquisition, Inc., First Lien	3M US L + 5.00%, 0.50% Floor	12/23/2028		5,473
	43,346	SM Wellness Holdings, Inc., First Lien - Initial Term Loan	3M US L + 3.75%, 0.75% Floor	04/17/2028		38,578
	250,000	Sotera Health Holdings LLC, First Lien - Refinancing Term Loan	3M US L + 3.25%, 0.50% Floor	12/11/2026		241,719
	137,036	Spin Holdco, Inc., First Lien - Initial Term Loan	1M US L + 3.50%, 0.75% Floor	03/04/2028		115,599
	174,240	SRS Distribution, Inc., First Lien	1M SOFR + 3.25%, 0.50% Floor	06/04/2028		168,447
	98,500	Tiger Acquisition LLC, First Lien - Initial Term Loan	L + 3.25%, 0.50% Floor	06/01/2028		96,037
	71,802	Triton Water Holdings, Inc., First Lien - Initial Term Loan	3M US L + 3.50%, 0.50% Floor	03/31/2028		64,734
	99,468	UFC Holdings LLC, First Lien	3M US L + 2.75%, 0.75% Floor	04/29/2026		99,056
	244,411	UKG, Inc., First Lien	3M US L + 3.25%, 0.50% Floor	05/03/2026		238,568
	49,010	United AirLines, Inc., First Lien - Class B Term Loan	3M US L + 3.75%, 0.75% Floor	04/21/2028		48,771
	26,663	United Site 11/21 Cov-Lite	1M US L + 4.25%	11/04/2028		22,590
	207,349	University Support Services LLC, First Lien	1M SOFR + 3.25%, 0.50% Floor	02/10/2029		204,602
	44,552	Univision Communications, Inc., First Lien - B Term Loan	3M US L + 4.00%, 0.75% Floor	05/05/2028		43,847
	44,550	Vertex Aerospace Services Corp TL	1M US L + 3.50%	11/10/2028		44,395
	64,193	W. R. Grace Holdings LLC, First Lien - Initial Term Loan	L + 3.75%, 0.50% Floor	09/22/2028		63,858
	81,975	Whatabrands LLC, First Lien - Initial B Term Loan	1M US L + 3.25%, 0.50% Floor	08/03/2028		81,235
	203,489	William Morris Endeavor Entertainment LLC, First Lien - B-1 Term Loan	1M US L + 2.75%	05/18/2025		202,133

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	127,961	YI LLC, First Lien - Initial Term Loan	1M US L + 4.00%, 1.00% Floor	11/07/2024	$	123,695
						9,654,211
TOTAL BANK LOANS
(Cost $11,719,692)						11,220,360
HIGH YIELD DEBT- 54.37%
Australia - 0.34%
	40,000	Mineral Resources, Ltd.(e)	8.13%	05/01/2027	$	40,639
	60,000	Mineral Resources, Ltd.(e)	8.50%	05/01/2030		61,638
	100,000	Nufarm Australia, Ltd. / Nufarm Americas, Inc.(e)	5.00%	01/27/2030		88,215
						190,492
Belgium - 0.20%
	100,000	Azelis Finance NV(e)	5.75%	03/15/2028		110,137
Canada - 1.82%
	200,000	Bausch Health Cos., Inc.(e)	6.13%	02/01/2027		129,644
	65,000	Bausch Health Cos., Inc.(e)	4.88%	06/01/2028		38,408
	28,000	Bombardier, Inc.(e)	7.50%	03/15/2025		28,026
	80,000	Bombardier, Inc.(e)	7.13%	06/15/2026		80,360
	45,000	Bombardier, Inc.(e)	6.00%	02/15/2028		43,875
	110,000	Cascades, Inc./Cascades USA, Inc.(e)	5.38%	01/15/2028		104,590
	75,000	Eldorado Gold Corp.(e)	6.25%	09/01/2029		69,804
	155,000	goeasy, Ltd.(e)	5.38%	12/01/2024		146,367
	15,000	goeasy, Ltd.(e)	4.38%	05/01/2026		13,140
	105,000	Intelligent Packaging, Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC(e)	6.00%	09/15/2028		90,563
	110,000	Mercer International, Inc.	5.13%	02/01/2029		94,325
	20,000	Open Text Corp.(e)	6.90%	12/01/2027		20,650
	60,000	Precision Drilling Corp.(e)	7.13%	01/15/2026		58,654
	25,000	Precision Drilling Corp.(e)	6.88%	01/15/2029		22,710
	80,000	Strathcona Resources, Ltd./Alberta(e)	6.88%	08/01/2026		63,698
						1,004,814
France - 2.28%
	100,000	Accor SA(c)(d)	4.561% - 5Y EUR SWAP	Perpetual Maturity		105,588
	100,000	Afflelou SAS(f)	4.25%	05/19/2026		100,483
	120,000	Altice France SA(e)	5.50%	01/15/2028		98,694
	55,000	Altice France SA(e)	5.13%	07/15/2029		41,439
	100,000	Altice France SA(e)	4.25%	10/15/2029		81,754
	100,000	Banijay Entertainment SASU(e)	3.50%	03/01/2025		105,868
	100,000	CAB SELAS(f)	3.38%	02/01/2028		89,302

See Notes to Financial Statements.

Semi-Annual Report  |  March 31, 2023 71

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	200,000	Electricite de France SA(c)(d)	2.86% - 5Y EUR SWAP	Perpetual Maturity	$	172,794
	100,000	Elis SA	4.13%	05/24/2027		108,507
	155,000	Iliad Holding SASU(e)	5.63%	10/15/2028		156,903
	100,000	Loxam SAS	5.75%	07/15/2027		93,936
	100,000	Parts Europe SA(f)	3M EUR L + 4.00%	07/20/2027		107,263
						1,262,531
Germany - 1.31%
	100,000	Cheplapharm Arzneimittel GmbH(f)	4.38%	01/15/2028		101,223
	100,000	Gruenenthal GmbH(e)	4.13%	05/15/2028		98,702
	100,000	IHO Verwaltungs GmbH(f)(g)	3.75% (4.50%)	09/15/2026		97,763
	100,000	IHO Verwaltungs GmbH(e)(g)	8.75% (9.50%)	05/15/2028		111,028
	100,000	Nidda BondCo GmbH(f)	7.25%	09/30/2025		106,886
	100,000	Renk AG/Frankfurt am Main(f)	5.75%	07/15/2025		106,469
	100,000	Techem Verwaltungsgesellschaft 675 mbH(f)	2.00%	07/15/2025		101,418
						723,489
Great Britain - 1.43%
	100,000	eG Global Finance PLC(f)	6.25%	10/30/2025		100,593
	100,000	INEOS Finance PLC(f)	2.88%	05/01/2026		101,427
	100,000	INEOS Quattro Finance 2 PLC(f)	2.50%	01/15/2026		97,509
	100,000	Pinewood Finance Co., Ltd.(f)	3.63%	11/15/2027		109,876
	85,000	Rolls-Royce PLC(e)	5.75%	10/15/2027		84,755
	100,000	Thames Water Kemble Finance PLC(f)	4.63%	05/19/2026		109,230
	120,000	Vmed O2 UK Financing I PLC(e)	4.75%	07/15/2031		103,008
	100,000	Vodafone Group PLC(d)	3.00% - 5Y EUR SWAP	08/27/2080		87,942
						794,340
Hong Kong - 0.21%
	150,000	Seaspan Corp.(e)	5.50%	08/01/2029		117,145
Ireland - 0.55%
	100,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.(f)	2.13%	08/15/2026		95,259
	100,000	eircom Finance DAC	3.50%	05/15/2026		103,170
	100,000	Virgin Media Vendor Financing Notes III DAC(e)	4.88%	07/15/2028		105,300
						303,729
Isle Of Man - 0.19%
	100,000	Playtech PLC	4.25%	03/07/2026		104,865
Italy - 1.11%
	100,000	Cedacri Mergeco SPA(d)(e)	3M EUR L + 4.625%	05/15/2028		106,661
	100,000	Centurion Bidco SpA(f)	5.88%	09/30/2026		97,646
	100,000	Guala Closures SpA(f)	3.25%	06/15/2028		93,359

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	100,000	Mooney Group SpA(d)(f)	3M EUR L + 3.875%	12/17/2026	$	106,363
	105,000	TeamSystem SpA(e)	3.50%	02/15/2028		100,772
	100,000	Telecom Italia SpA	6.88%	02/15/2028		111,100
						615,901
Jersey - 0.19%
	100,000	AA Bond Co., Ltd.(f)	6.50%	01/31/2026		104,853
Luxembourg - 2.02%
	60,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl(e)	4.63%	06/01/2028		50,832
	55,000	Altice Financing SA(e)	5.75%	08/15/2029		43,775
	100,000	Altice Financing SA(e)	4.25%	08/15/2029		87,546
	100,000	Altice France Holding SA(e)	4.00%	02/15/2028		71,642
	100,000	Dana Financing Luxembourg Sarl(e)	3.00%	07/15/2029		84,183
	70,000	Intelsat Jackson Holdings SA(e)	6.50%	03/15/2030		64,346
	55,000	ION Trading Technologies Sarl(e)	5.75%	05/15/2028		44,016
	100,000	Matterhorn Telecom SA(f)	4.00%	11/15/2027		100,514
	100,000	SES SA(c)(d)	5.63%	Perpetual Maturity		106,639
	110,000	SK Invictus Intermediate II Sarl(e)	5.00%	10/30/2029		91,445
	100,000	Summer BC Holdco B SARL(f)	5.75%	10/31/2026		94,897
	195,000	Telecom Italia Capital SA	6.38%	11/15/2033		176,760
	100,000	Telenet Finance Luxembourg Notes SARL(f)	3.50%	03/01/2028		99,283
						1,115,878
Netherlands - 1.70%
	115,000	Energizer Gamma Acquisition BV(e)	3.50%	06/30/2029		100,632
	100,000	Q-Park Holding I BV(f)	2.00%	03/01/2027		90,738
	100,000	Telefonica Europe BV(c)(d)	4.38%	Perpetual Maturity		106,038
	125,000	TMNL Holding BV(e)	3.75%	01/15/2029		118,886
	100,000	Trivium Packaging Finance BV(e)	3.75%	08/15/2026		100,317
	200,000	UPC Holding BV(e)	5.50%	01/15/2028		179,317
	45,000	Ziggo Bond Co. BV(e)	5.13%	02/28/2030		36,237
	100,000	Ziggo Bond Co. BV(f)	3.38%	02/28/2030		84,289
	145,000	Ziggo Bond Co. BV(e)	3.38%	02/28/2030		122,218
						938,672
Spain - 0.71%
	100,000	Grifols Escrow Issuer SA(e)	3.88%	10/15/2028		84,700
	100,000	Kaixo Bondco Telecom SA(e)	5.13%	09/30/2029		95,445
	105,000	Lorca Telecom Bondco SA(e)	4.00%	09/18/2027		104,903
	100,000	Tendam Brands SAU(d)(f)	3M EUR L + 7.50%	03/31/2028		106,742
						391,790

See Notes to Financial Statements.

Semi-Annual Report  |  March 31, 2023 73

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Sweden - 0.42%
$	100,000	Samhallsbyggnadsbolaget i Norden AB(c)(d)	3.223% - 5Y EUR SWAP	12/31/2049	$	40,242
	100,000	Verisure Holding AB(f)	3.88%	07/15/2026		100,881
	100,000	Verisure Midholding AB(f)	5.25%	02/15/2029		90,466
						231,589
United States - 39.89%
	40,000	Academy, Ltd.(e)	6.00%	11/15/2027		39,065
	95,000	ACCO Brands Corp.(e)	4.25%	03/15/2029		82,125
	105,000	Acuris Finance US, Inc. / Acuris Finance SARL(e)	5.00%	05/01/2028		82,563
	55,000	Adient Global Holdings, Ltd.(e)	7.00%	04/15/2028		56,588
	20,000	Adient Global Holdings, Ltd.(e)	8.25%	04/15/2031		20,612
	55,000	ADT Security Corp.(e)	4.13%	08/01/2029		49,116
	65,000	Affinity Interactive(e)	6.88%	12/15/2027		58,040
	70,000	Ahead DB Holdings LLC(e)	6.63%	05/01/2028		58,187
	170,000	Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC(e)	5.88%	02/15/2028		169,133
	35,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer(e)	6.75%	04/15/2028		34,642
	150,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.(e)	6.63%	07/15/2026		144,300
	125,000	AMC Networks, Inc.	4.25%	02/15/2029		76,987
	115,000	American Airlines, Inc.(e)	11.75%	07/15/2025		125,931
	50,000	American Airlines, Inc.(e)	7.25%	02/15/2028		48,673
	95,000	American Axle & Manufacturing, Inc.	5.00%	10/01/2029		80,342
	95,000	APX Group, Inc.(e)	6.75%	02/15/2027		94,630
	65,000	APX Group, Inc.(e)	5.75%	07/15/2029		58,257
	10,000	Aramark Services, Inc.(e)	6.38%	05/01/2025		10,083
	115,000	Aramark Services, Inc.(e)	5.00%	02/01/2028		108,951
	45,000	Archrock Partners LP / Archrock Partners Finance Corp.(e)	6.88%	04/01/2027		44,200
	75,000	Archrock Partners LP / Archrock Partners Finance Corp.(e)	6.25%	04/01/2028		72,072
	75,000	Ascent Resources Utica Holdings LLC / ARU Finance Corp.(e)	7.00%	11/01/2026		72,568
	175,000	ASP Unifrax Holdings, Inc.(e)	5.25%	09/30/2028		140,052
	150,000	AssuredPartners, Inc.(e)	5.63%	01/15/2029		129,800
	75,000	AthenaHealth Group, Inc.(e)	6.50%	02/15/2030		60,882
	85,000	Avient Corp.(e)	7.13%	08/01/2030		87,741
	145,000	BellRing Brands, Inc.(e)	7.00%	03/15/2030		147,011
	60,000	Big River Steel LLC / BRS Finance Corp.(e)	6.63%	01/31/2029		59,605
	1,304,780	Blackstone Private Credit Fund	2.63%	12/15/2026		1,097,528
	45,000	Buckeye Partners LP(e)	4.50%	03/01/2028		40,673

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	100,000	Cable One, Inc.(h)	0.00%	03/15/2026	$	79,400
	85,000	Cablevision Lightpath LLC(e)	5.63%	09/15/2028		58,749
	140,000	Caesars Entertainment, Inc.(e)	6.25%	07/01/2025		140,138
	75,000	Caesars Entertainment, Inc.(e)	7.00%	02/15/2030		76,381
	130,000	Callon Petroleum Co.(e)	7.50%	06/15/2030		122,325
	160,000	Calpine Corp.(e)	5.13%	03/15/2028		146,706
	100,000	Carnival Corp.(f)	10.13%	02/01/2026		114,415
	175,000	Carnival Corp.(e)	5.75%	03/01/2027		143,748
	170,000	Carnival Corp.(e)	10.50%	06/01/2030		163,353
	50,000	CCO Holdings LLC / CCO Holdings Capital Corp.(e)	5.50%	05/01/2026		48,688
	25,000	CCO Holdings LLC / CCO Holdings Capital Corp.(e)	5.00%	02/01/2028		23,093
	15,000	CCO Holdings LLC / CCO Holdings Capital Corp.(e)	5.38%	06/01/2029		13,790
	175,000	CCO Holdings LLC / CCO Holdings Capital Corp.(e)	6.38%	09/01/2029		167,283
	120,000	CCO Holdings LLC / CCO Holdings Capital Corp.(e)	4.75%	03/01/2030		104,100
	205,000	CCO Holdings LLC / CCO Holdings Capital Corp.(e)	7.38%	03/01/2031		201,925
	55,000	CDI Escrow Issuer, Inc.(e)	5.75%	04/01/2030		53,171
��	130,000	Cedar Fair LP	5.25%	07/15/2029		121,341
	65,000	Central Garden & Pet Co.	5.13%	02/01/2028		62,647
	75,000	Chart Industries, Inc.(e)	7.50%	01/01/2030		77,585
	35,000	Chart Industries, Inc.(e)	9.50%	01/01/2031		36,959
	90,000	Cheniere Energy, Inc.	4.63%	10/15/2028		85,630
	60,000	CHS/Community Health Systems, Inc.(e)	5.63%	03/15/2027		52,736
	160,000	CHS/Community Health Systems, Inc.(e)	6.00%	01/15/2029		135,502
	15,000	CHS/Community Health Systems, Inc.(e)	4.75%	02/15/2031		11,090
	65,000	Churchill Downs, Inc.(e)	5.50%	04/01/2027		63,700
	10,000	Churchill Downs, Inc.(e)	4.75%	01/15/2028		9,374
	205,000	CITGO Petroleum Corp.(e)	7.00%	06/15/2025		202,453
	35,000	CITGO Petroleum Corp.(e)	6.38%	06/15/2026		34,157
	95,000	Clear Channel Outdoor Holdings, Inc.(e)	5.13%	08/15/2027		85,361
	65,000	Cleveland-Cliffs, Inc.(e)	6.75%	03/15/2026		66,235
	190,000	Cloud Software Group Holdings, Inc.(e)	6.50%	03/31/2029		168,249
	100,000	Clydesdale Acquisition Holdings, Inc.(e)	6.63%	04/15/2029		96,340
	70,000	Cogent Communications Group, Inc.(e)	7.00%	06/15/2027		69,468
	30,000	CommScope, Inc.(e)	6.00%	03/01/2026		28,986
	155,000	CommScope, Inc.(e)	8.25%	03/01/2027		127,100
	25,000	CommScope, Inc.(e)	7.13%	07/01/2028		18,469
	60,000	CommScope, Inc.(e)	4.75%	09/01/2029		50,070
	145,000	Compass Group Diversified Holdings LLC(e)	5.25%	04/15/2029		127,849
	25,000	Comstock Resources, Inc.(e)	5.88%	01/15/2030		21,502
	90,000	Consensus Cloud Solutions, Inc.(e)	6.50%	10/15/2028		74,718

See Notes to Financial Statements.

Semi-Annual Report  |  March 31, 2023 75

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	105,000	Consolidated Communications, Inc.(e)	5.00%	10/01/2028	$	71,430
	60,000	Coty, Inc.(e)	6.50%	04/15/2026		59,761
	130,000	Coty, Inc.(e)	5.00%	04/15/2026		125,547
	60,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.(e)	6.00%	02/01/2029		57,195
	50,000	Crestwood Midstream Partners LP / Crestwood Midstream Finance Corp.(e)	7.38%	02/01/2031		50,048
	115,000	Crocs, Inc.(e)	4.25%	03/15/2029		101,001
	87,000	CrownRock LP / CrownRock Finance, Inc.(e)	5.63%	10/15/2025		85,373
	35,000	CrownRock LP / CrownRock Finance, Inc.(e)	5.00%	05/01/2029		32,648
	115,000	CSC Holdings LLC(e)	5.75%	01/15/2030		60,662
	85,000	CSC Holdings LLC(e)	4.13%	12/01/2030		61,123
	10,000	CSC Holdings LLC(e)	4.50%	11/15/2031		7,220
	25,000	CSC Holdings LLC(e)	5.00%	11/15/2031		12,690
	100,000	CVR Energy, Inc.(e)	5.25%	02/15/2025		96,113
	30,000	CVR Energy, Inc.(e)	5.75%	02/15/2028		27,563
	20,000	Dana, Inc.	5.38%	11/15/2027		18,684
	30,000	Dana, Inc.	5.63%	06/15/2028		28,209
	130,000	DaVita, Inc.(e)	4.63%	06/01/2030		111,085
	145,000	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.(e)	5.88%	08/15/2027		131,466
	35,000	DISH DBS Corp.	7.75%	07/01/2026		23,136
	85,000	DISH DBS Corp.(e)	5.25%	12/01/2026		67,980
	30,000	DISH DBS Corp.(e)	5.75%	12/01/2028		22,444
	55,000	DISH DBS Corp.	5.13%	06/01/2029		29,347
	110,000	DISH Network Corp.(h)	0.00%	12/15/2025		58,630
	65,000	Elastic NV(e)	4.13%	07/15/2029		55,563
	75,000	EnLink Midstream LLC(e)	5.63%	01/15/2028		73,570
	35,000	EnLink Midstream LLC(e)	6.50%	09/01/2030		35,431
	120,000	EnLink Midstream Partners LP	5.05%	04/01/2045		92,275
	110,000	EQM Midstream Partners LP(e)	4.75%	01/15/2031		91,453
	90,000	Everi Holdings, Inc.(e)	5.00%	07/15/2029		80,205
	50,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.(e)	4.63%	01/15/2029		43,942
	50,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.(e)	6.75%	01/15/2030		41,182
	10,000	FirstCash, Inc.(e)	4.63%	09/01/2028		8,882
	90,000	FirstCash, Inc.(e)	5.63%	01/01/2030		83,148
	25,000	Ford Motor Credit Co. LLC	2.30%	02/10/2025		23,206
	95,000	Ford Motor Credit Co. LLC	7.35%	11/04/2027		98,088
	15,000	Ford Motor Credit Co. LLC	2.90%	02/16/2028		12,915
	75,000	Ford Motor Credit Co. LLC	2.90%	02/10/2029		62,190
	265,000	Ford Motor Credit Co. LLC	4.00%	11/13/2030		225,543

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	200,000	Fortress Transportation and Infrastructure Investors LLC(e)	6.50%	10/01/2025	$	200,358
	5,000	Fortress Transportation and Infrastructure Investors LLC(e)	9.75%	08/01/2027		5,280
	5,000	Fortress Transportation and Infrastructure Investors LLC(e)	5.50%	05/01/2028		4,568
	672,860	Franklin BSP Lending Corp.	3.25%	03/30/2026		605,483
	30,000	Frontier Communications Holdings LLC(e)	5.88%	10/15/2027		27,300
	195,000	Frontier Communications Holdings LLC(e)	5.00%	05/01/2028		169,432
	35,000	Frontier Communications Holdings LLC(e)	6.75%	05/01/2029		27,771
	100,000	Frontier Communications Holdings LLC(e)	8.63%	03/15/2031		98,028
	80,000	Gen Digital, Inc.(e)	6.75%	09/30/2027		80,500
	35,000	Go Daddy Operating Co. LLC / GD Finance Co, Inc.(e)	5.25%	12/01/2027		34,092
	55,000	Goodyear Tire & Rubber Co.	9.50%	05/31/2025		56,579
	160,000	Gray Television, Inc.(e)	4.75%	10/15/2030		106,400
	150,000	Greystar Real Estate Partners LLC(e)	5.75%	12/01/2025		146,291
	30,000	Hanesbrands, Inc.(e)	4.88%	05/15/2026		28,461
	55,000	Hanesbrands, Inc.(e)	9.00%	02/15/2031		56,359
	185,000	HAT Holdings I LLC / HAT Holdings II LLC(e)	3.38%	06/15/2026		160,706
	5,000	HAT Holdings I LLC / HAT Holdings II LLC(e)	3.75%	09/15/2030		3,782
	130,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.(e)	5.75%	01/20/2026		123,581
	75,000	Hess Midstream Operations LP(e)	5.63%	02/15/2026		74,316
	5,000	Hess Midstream Operations LP(e)	5.13%	06/15/2028		4,752
	50,000	Hess Midstream Operations LP(e)	4.25%	02/15/2030		44,715
	155,000	Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc(e)	5.00%	06/01/2029		137,836
	40,000	Holly Energy Partners LP / Holly Energy Finance Corp.(e)	6.38%	04/15/2027		39,598
	55,000	HUB International, Ltd.(e)	7.00%	05/01/2026		54,108
	45,000	HUB International, Ltd.(e)	5.63%	12/01/2029		39,262
	165,000	Hunt Companies, Inc.(e)	5.25%	04/15/2029		129,163
	10,000	iHeartCommunications, Inc.	8.38%	05/01/2027		7,284
	110,000	iHeartCommunications, Inc.(e)	5.25%	08/15/2027		90,031
	145,000	Imola Merger Corp.(e)	4.75%	05/15/2029		129,879
	100,000	IQVIA, Inc.(f)	2.88%	06/15/2028		97,671
	180,000	Iron Mountain, Inc.(e)	5.25%	03/15/2028		171,710
	15,000	Iron Mountain, Inc.(e)	5.00%	07/15/2028		13,974
	55,000	Iron Mountain, Inc.(e)	5.25%	07/15/2030		49,645

See Notes to Financial Statements.

Semi-Annual Report  |  March 31, 2023 77

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	155,000	Kennedy-Wilson, Inc.	4.75%	03/01/2029	$	123,409
	55,000	Kinetik Holdings LP(e)	5.88%	06/15/2030		53,020
	90,000	LABL, Inc.(e)	5.88%	11/01/2028		80,140
	25,000	LABL, Inc.(e)	9.50%	11/01/2028		25,250
	70,000	LD Holdings Group LLC(e)	6.50%	11/01/2025		44,188
	120,000	Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc.(e)	5.00%	02/01/2026		107,506
	20,000	Level 3 Financing, Inc.(e)	4.63%	09/15/2027		12,043
	15,000	Level 3 Financing, Inc.(e)	4.25%	07/01/2028		8,478
	55,000	Level 3 Financing, Inc.(e)	3.63%	01/15/2029		30,468
	140,000	Level 3 Financing, Inc.(e)	3.75%	07/15/2029		74,826
	75,000	LFS Topco LLC(e)	5.88%	10/15/2026		65,444
	130,000	Live Nation Entertainment, Inc.(e)	4.75%	10/15/2027		120,398
	165,000	Lumen Technologies, Inc.(e)	4.00%	02/15/2027		109,051
	145,000	Marriott Ownership Resorts, Inc.(e)	4.50%	06/15/2029		123,588
	100,000	Medline Borrower LP(e)	3.88%	04/01/2029		86,866
	110,000	Medline Borrower LP(e)	5.25%	10/01/2029		95,542
	60,000	Mercer International, Inc.	5.50%	01/15/2026		58,517
	34,000	MGIC Investment Corp.	5.25%	08/15/2028		32,352
	40,000	MGM Resorts International	6.75%	05/01/2025		40,352
	80,000	Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.(e)	4.88%	05/01/2029		69,638
	75,000	ModivCare Escrow Issuer, Inc.(e)	5.00%	10/01/2029		63,758
	30,000	ModivCare, Inc.(e)	5.88%	11/15/2025		28,801
	100,000	MPH Acquisition Holdings LLC(e)	5.50%	09/01/2028		79,595
	165,000	MPT Operating Partnership LP / MPT Finance Corp.	5.00%	10/15/2027		135,895
	105,000	Nabors Industries, Ltd.(e)	7.25%	01/15/2026		100,247
	30,000	Nabors Industries, Ltd.(e)	7.50%	01/15/2028		27,714
	65,000	Nationstar Mortgage Holdings, Inc.(e)	6.00%	01/15/2027		59,049
	25,000	Nationstar Mortgage Holdings, Inc.(e)	5.50%	08/15/2028		21,463
	105,000	Nationstar Mortgage Holdings, Inc.(e)	5.75%	11/15/2031		81,562
	35,000	NCR Corp.(e)	5.75%	09/01/2027		34,433
	115,000	NCR Corp.(e)	5.13%	04/15/2029		99,618
	70,000	NCR Corp.(e)	6.13%	09/01/2029		69,109
	100,000	Necessity Retail REIT, Inc. / American Finance Operating Partner LP(e)	4.50%	09/30/2028		74,913
	35,000	New Enterprise Stone & Lime Co., Inc.(e)	9.75%	07/15/2028		33,457
	115,000	New Enterprise Stone & Lime Co., Inc.(e)	5.25%	07/15/2028		101,800
	130,000	NFP Corp.(e)	6.88%	08/15/2028		111,679
	65,000	NFP Corp.(e)	4.88%	08/15/2028		58,713
	175,000	NRG Energy, Inc.(e)	3.63%	02/15/2031		140,518
	5,000	NuStar Logistics LP	6.00%	06/01/2026		4,907
	55,000	NuStar Logistics LP	6.38%	10/01/2030		52,834
	210,000	Occidental Petroleum Corp.	6.45%	09/15/2036		221,025

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	40,000	Oceaneering International, Inc.	4.65%	11/15/2024	$	39,200
	20,000	Oceaneering International, Inc.	6.00%	02/01/2028		18,816
	50,000	Olympus Water US Holding Corp.(e)	7.13%	10/01/2027		46,995
	75,000	Olympus Water US Holding Corp.(e)	4.25%	10/01/2028		62,136
	40,000	Olympus Water US Holding Corp.(e)	6.25%	10/01/2029		29,645
	160,000	OneMain Finance Corp.	7.13%	03/15/2026		153,968
	210,000	Open Text Holdings, Inc.(e)	4.13%	02/15/2030		180,369
	165,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV(e)	5.13%	04/30/2031		146,615
	70,000	Outfront Media Capital LLC / Outfront Media Capital Corp.(e)	6.25%	06/15/2025		69,714
	20,000	Outfront Media Capital LLC / Outfront Media Capital Corp.(e)	5.00%	08/15/2027		18,039
	25,000	Owens & Minor, Inc.(e)	4.50%	03/31/2029		19,534
	1,042,748	Owl Rock Capital Corp. III	3.13%	04/13/2027		877,262
	55,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(e)	5.88%	10/01/2028		50,704
	80,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(e)	4.88%	05/15/2029		68,917
	65,000	PDC Energy, Inc.	5.75%	05/15/2026		63,364
	170,000	Pediatrix Medical Group, Inc.(e)	5.38%	02/15/2030		154,078
	75,000	Performance Food Group, Inc.(e)	5.50%	10/15/2027		73,389
	75,000	Permian Resources Operating LLC(e)	7.75%	02/15/2026		75,281
	35,000	Permian Resources Operating LLC(e)	5.88%	07/01/2029		33,180
	225,000	Post Holdings, Inc.(e)	5.50%	12/15/2029		212,280
	180,000	Prime Security Services Borrower LLC / Prime Finance, Inc.(e)	6.25%	01/15/2028		168,469
	110,000	Primo Water Holdings, Inc.(f)	3.88%	10/31/2028		104,387
	45,000	QVC, Inc.	4.75%	02/15/2027		18,960
	50,000	QVC, Inc.	4.38%	09/01/2028		20,319
	90,000	Railworks Holdings LP / Railworks Rally, Inc.(e)	8.25%	11/15/2028		83,821
	65,000	Rand Parent LLC(e)	8.50%	02/15/2030		61,170
	40,000	RLJ Lodging Trust LP(e)	4.00%	09/15/2029		33,447
	70,000	Rockcliff Energy II LLC(e)	5.50%	10/15/2029		62,109
	20,000	Royal Caribbean Cruises, Ltd.(e)	5.38%	07/15/2027		17,838
	95,000	Royal Caribbean Cruises, Ltd.(e)	5.50%	04/01/2028		83,980
	95,000	Royal Caribbean Cruises, Ltd.(e)	7.25%	01/15/2030		95,679
	50,000	Sabre GLBL, Inc.(e)	7.38%	09/01/2025		44,725
	100,000	SCIL IV LLC / SCIL USA Holdings LLC(e)	5.38%	11/01/2026		91,464
	85,000	Scotts Miracle-Gro Co.	4.00%	04/01/2031		67,884
	35,000	SEG Holding LLC / SEG Finance Corp.(e)	5.63%	10/15/2028		33,267
	40,000	Sirius XM Radio, Inc.(e)	5.50%	07/01/2029		36,448
	245,000	Sirius XM Radio, Inc.(e)	4.13%	07/01/2030		200,564
	80,000	Six Flags Entertainment Corp.(e)	5.50%	04/15/2027		77,628

See Notes to Financial Statements.

Semi-Annual Report  |  March 31, 2023 79

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	15,000	Six Flags Theme Parks, Inc.(e)	7.00%	07/01/2025	$	15,169
	95,000	Spectrum Brands, Inc.(e)	5.00%	10/01/2029		82,569
	20,000	Spectrum Brands, Inc.(e)	5.50%	07/15/2030		17,617
	90,000	Spectrum Brands, Inc.(e)	3.88%	03/15/2031		73,690
	110,000	Spirit AeroSystems, Inc.(e)	7.50%	04/15/2025		110,108
	30,000	Spirit AeroSystems, Inc.	3.85%	06/15/2026		28,596
	10,000	Spirit AeroSystems, Inc.(e)	9.38%	11/30/2029		10,925
	100,000	Standard Industries, Inc.(f)	2.25%	11/21/2026		94,384
	40,000	Standard Industries, Inc.(e)	5.00%	02/15/2027		38,044
	85,000	Standard Industries, Inc.(e)	4.75%	01/15/2028		79,526
	180,000	Tenet Healthcare Corp.	6.25%	02/01/2027		177,210
	15,000	Tenet Healthcare Corp.	5.13%	11/01/2027		14,415
	55,000	Tenet Healthcare Corp.	6.13%	10/01/2028		52,764
	90,000	Tenet Healthcare Corp.(e)	6.13%	06/15/2030		88,866
	135,000	TMS International Corp.(e)	6.25%	04/15/2029		104,238
	105,000	TransDigm, Inc.(e)	8.00%	12/15/2025		107,034
	70,000	TransDigm, Inc.(e)	6.25%	03/15/2026		70,135
	80,000	TransDigm, Inc.	6.38%	06/15/2026		78,284
	55,000	TransDigm, Inc.	5.50%	11/15/2027		51,920
	70,000	TransDigm, Inc.	4.63%	01/15/2029		62,303
	80,000	Uber Technologies, Inc.(e)	7.50%	05/15/2025		81,104
	70,000	Uber Technologies, Inc.(e)	7.50%	09/15/2027		72,253
	20,000	Uber Technologies, Inc.(e)	6.25%	01/15/2028		19,970
	55,000	Univar Solutions USA, Inc./Washington(e)	5.13%	12/01/2027		55,088
	115,000	Univision Communications, Inc.(e)	6.63%	06/01/2027		109,147
	45,000	Univision Communications, Inc.(e)	7.38%	06/30/2030		42,585
	40,000	US Foods, Inc.(e)	6.25%	04/15/2025		40,402
	65,000	US Foods, Inc.(e)	4.63%	06/01/2030		58,697
	60,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	04/01/2026		58,376
	30,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	09/01/2027		28,697
	65,000	Vistra Operations Co. LLC(e)	5.00%	07/31/2027		61,549
	90,000	Vital Energy, Inc.	9.50%	01/15/2025		90,716
	115,000	VM Consolidated, Inc.(e)	5.50%	04/15/2029		101,971
	175,000	WASH Multifamily Acquisition, Inc.(e)	5.75%	04/15/2026		165,788
	100,000	Weekley Homes LLC / Weekley Finance Corp.(e)	4.88%	09/15/2028		84,434
	180,000	Western Midstream Operating LP	5.50%	08/15/2048		155,271
	95,000	WR Grace Holdings LLC(e)	4.88%	06/15/2027		91,690
	60,000	WR Grace Holdings LLC(e)	5.63%	08/15/2029		51,000
	35,000	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(e)	7.75%	04/15/2025		35,705
	125,000	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(e)	7.13%	02/15/2031		126,909
	155,000	Xerox Holdings Corp.(e)	5.00%	08/15/2025		146,413

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	55,000	Xerox Holdings Corp.(e)	5.50%	08/15/2028	$	47,659
140,000		Zayo Group Holdings, Inc.(e)	4.00%	03/01/2027		106,526
						22,068,564
TOTAL HIGH YIELD DEBT
(Cost $32,465,251)						30,078,789
Shares/Description					Value
RIGHTS - 0.00%(i)
198		DBI Investors, Inc., Strike Price 0.01, Expires 12/31/2049(a)			$	–
TOTAL RIGHTS
(Cost $11,231)						–
WARRANTS - 0.00%(b)(i)
4		David's Bridal, Strike Price 219.47, Expires 01/18/2024(a)				–
11		Toys R Us Propco Warrant, Strike Price 0.01, Expires 12/31/2049(a)				–
237		Windstream Holdings Inc - Pvt Warrant, Strike Price 0.01, Expires 12/31/2049				2,054
TOTAL WARRANTS
(Cost $106,180)						2,054
SHORT-TERM INVESTMENTS - 1.85%
1,022,205		State Street Institutional Trust (7 Day Yield 4.53%)			$	1,022,205
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,022,205)						1,022,205
TOTAL INVESTMENTS - 97.35%
(Cost $57,185,886)					$	53,854,726
CASH SEGREGATED AT CUSTODIAN FOR FORWARD FOREIGN CURRENCY CONTRACTS - –%						–
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.65%					$	1,466,867
NET ASSETS - 100.00%					$	55,321,593

Investment Abbreviations:  

EURIBOR - Euro Interbank Offered Rate

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

See Notes to Financial Statements.

Semi-Annual Report  |  March 31, 2023 81

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

Libor Rates:  

1M  US L - 1 Month LIBOR as of March 31, 2023 was 4.85% 

3M  US L - 3 Month LIBOR as of March 31, 2023 was 5.19% 

6M  US L - 6 Month LIBOR as of March 31, 2023 was 5.31% 

3M  EUR L - 3 Month EURIBOR as of March 31, 2023 was 3.04% 

6M  EUR L - 6 Month EURIBOR as of March 31, 2023 was 3.34% 

5Y  EUR SWAP - 5 Year Euro ICE Swap Rate as of March 31, 2023 was 3.04%

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

^(b) Non-income producing security.

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

^(d) Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2023. 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.

^(e) Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. 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 $19,988,234, which represents approximately 36.13% of net assets as of March 31, 2023.

^(f) Securities were purchased pursuant to Regulation S under the Securities Act of 1933, as amended, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, as amended, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees (the "Board"). As of March 31, 2023, the aggregate fair value of those securities was $3,005,589, representing 5.43% of net assets.

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

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

⁽ⁱ⁾ Less than 0.005%.

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS 

			U.S. $ Value			U.S. $ Value		Unrealized
	Settlement	Fund	at March 31,		Fund	at March 31,		Appreciation/
Counterparty	Date	Receiving	2023		Delivering	2023		Depreciation
State Street Corporation	4/5/2023	EUR		59,195	USD		57,908	$	1,287
State Street Corporation	4/5/2023	GBP		2,987	USD		2,929		58
State Street Corporation	4/5/2023	USD		47,967	EUR		47,741		226

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2023 (Unaudited)

			U.S. $ Value			U.S. $ Value		Unrealized
	Settlement	Fund	at March 31,		Fund	at March 31,		Appreciation/
Counterparty	Date	Receiving	2023		Delivering	2023		Depreciation
(continued)	(continued)	(continued)	(continued)		(continued)	(continued)		(continued)
State Street Corporation	4/5/2023	USD		3,371	GBP		3,369	$	2
State Street Corporation	4/5/2023	USD		2,580	GBP		2,578		2
								$	1,575
State Street Corporation	4/5/2023	EUR		1,542	USD		1,549	$	(7	)
State Street Corporation	4/5/2023	USD		304,679	EUR		308,992		(4,313	)
State Street Corporation	4/5/2023	USD		282,382	GBP		289,604		(7,222	)
State Street Corporation	4/5/2023	USD		424,925	GBP		435,792		(10,867	)
State Street Corporation	4/5/2023	USD		5,469,619	EUR		5,547,034		(77,415	)
State Street Corporation	4/5/2023	USD		193,658	EUR		195,221		(1,563	)
								$	(101,387	)

See Notes to Financial Statements.

Semi-Annual Report  |  March 31, 2023 83

RiverNorth Core Opportunity Fund 

Statement of Assets and Liabilities March 31, 2023 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	48,328,236
At value	$	47,147,078
Foreign currency, at value (Cost $278)		290
Receivable for fund investments sold		631,961
Dividends receivable		78,322
Interest receivable		44,673
Receivable for fund shares sold		23,795
Prepaid expenses and other assets		1,243
Total Assets		47,927,362
LIABILITIES:
Payable for fund investments purchased		1,961,488
Payable for fund shares redeemed		11,466
Payable to Adviser		38,477
Payable for fund accounting and administration fees		15,211
Accrued 12b-1 fees - Class R Shares		3,706
Payable for custodian fees		9,102
Payable for audit fees		14,016
Payable to transfer agent		7,242
Loan facility fee payable		16,602
Other accrued expenses		39,783
Total Liabilities		2,117,093
Net Assets	$	45,810,269
NET ASSETS CONSIST OF:
Paid-in capital	$	52,371,901
Total distributable earnings/(accumulated deficit)		(6,561,632	)
Net Assets	$	45,810,269
PRICING OF SHARES:
Class I Shares
Net Assets	$	28,141,703
Shares of common stock outstanding
(unlimited number of shares, no par value)		4,245,811
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	6.63
Class R Shares
Net Assets	$	17,668,566
Shares of common stock outstanding
(unlimited number of shares, no par value)		2,661,353
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	6.64

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Statement of Assets and Liabilities March 31, 2023 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	1,565,056,101
At value	$	1,300,634,880
Investment in affiliates:
At cost		32,459,672
At value		31,717,870
Cash		166,487
Receivable for fund investments sold		25,652,422
Interest receivable		8,196,680
Receivable for fund shares sold		1,938,176
Cash segregated at custodian for forward foreign currency contracts		1,185,263
Dividends receivable		1,084,843
Prepaid expenses and other assets		49,798
Total Assets		1,370,626,419
LIABILITIES:
Payable for fund investments purchased		12,988,860
Payable for fund shares redeemed		18,336,641
Payable to Adviser		842,125
Payable for fund accounting and administration fees		870,043
Accrued 12b-1 fees - Class R Shares		13,886
Payable for custodian fees		28,631
Payable to transfer agent		47,119
Loan facility fee payable		88,448
Other accrued expenses		124,988
Total Liabilities		33,340,741
Net Assets	$	1,337,285,678
NET ASSETS CONSIST OF:
Paid-in capital	$	1,784,339,688
Total distributable earnings/(accumulated deficit)		(447,054,010	)
Net Assets	$	1,337,285,678
PRICING OF SHARES:
Class I Shares
Net Assets	$	1,271,894,239
Shares of common stock outstanding
(unlimited number of shares, no par value)		148,832,319
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.55
Class R Shares
Net Assets	$	65,391,439
Shares of common stock outstanding
(unlimited number of shares, no par value)		7,635,026
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.56

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 85

RiverNorth/Oaktree High Income Fund  

Statement of Assets and Liabilities March 31, 2023 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	57,185,886
At value	$	53,854,726
Cash		122,732
Foreign currency, at value (Cost $164,457)		164,705
Receivable for fund investments sold		2,401,554
Interest receivable		515,963
Dividends receivable		54,025
Receivable for fund shares sold		21,025
Unrealized appreciation on forward foreign currency contracts		1,575
Prepaid expenses and other assets		19,244
Total Assets		57,155,549
LIABILITIES:
Payable for fund investments purchased		1,304,351
Payable for fund shares redeemed		171,280
Unrealized depreciation on forward foreign currency contracts		101,388
Payable to Adviser		42,531
Payable for fund accounting and administration fees		162,828
Accrued 12b-1 fees - Class R Shares		763
Payable for custodian fees		8,325
Payable for audit fees		16,808
Payable to transfer agent		6,918
Loan facility fee payable		14,523
Other accrued expenses		4,241
Total Liabilities		1,833,956
Net Assets	$	55,321,593
NET ASSETS CONSIST OF:
Paid-in capital	$	65,205,864
Total distributable earnings/(accumulated deficit)		(9,884,271	)
Net Assets	$	55,321,593
PRICING OF SHARES:
Class I Shares
Net Assets	$	51,668,868
Shares of common stock outstanding
(unlimited number of shares, no par value)		6,105,613
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.46
Class R Shares
Net Assets	$	3,652,725
Shares of common stock outstanding
(unlimited number of shares, no par value)		432,018
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.46

See Notes to Financial Statements.

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

RiverNorth Core Opportunity Fund

Statement of Operations For the Six Months Ended March 31, 2023 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	1,903,135
Interest income		98,533
Total Investment Income		2,001,668
EXPENSES:
Investment Adviser fee		231,265
Registration expenses		50,356
Transfer agent expenses		22,571
12b-1 fees - Class R Shares		22,397
Accounting and administration fee		19,880
Audit expenses		13,166
Compliance expense		12,169
Facility loan fees		10,407
Printing expenses		6,210
Custodian expenses		4,965
Trustee expenses		2,874
Legal expenses		2,238
Miscellaneous expenses		4,602
Total Expenses		403,100
Net Investment Income		1,598,568
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(3,195,784	)
Net realized loss		(3,195,784	)
Net change in unrealized appreciation/depreciation on:
Investments		6,381,033
Translation of assets and liabilities denominated in foreign currencies		28
Net change in unrealized appreciation/depreciation		6,381,061
Net Realized and Unrealized Gain on Investments		3,185,277
Net Increase in Net Assets Resulting from Operations	$	4,783,845

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 87

RiverNorth/DoubleLine Strategic Income Fund 

Statement of Operations For the Six Months Ended March 31, 2023 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	14,330,104
Dividend income from affiliated securities		1,517,289
Interest income		36,643,201
Other income		97,897
Foreign taxes withheld		3,708
Total Investment Income		52,592,199
EXPENSES:
Investment Adviser fee		4,820,912
Accounting and administration fee		551,285
Facility loan fees		139,913
Transfer agent expenses		89,296
Compliance expense		84,455
Trustee expenses		84,242
12b-1 fees - Class R Shares		82,777
Printing expenses		67,481
Legal expenses		61,870
Registration expenses		55,199
Custodian expenses		39,441
Insurance expenses		25,121
Audit expenses		21,143
Miscellaneous expenses		54,830
Total expenses		6,177,965
Less fees waived/reimbursed by Investment Adviser:		(89,486	)
Net Expenses		6,088,479
Net Investment Income		46,503,720
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(59,552,003	)
Futures Contracts		(558,608	)
Translation of assets and liabilities denominated in foreign currencies		(7	)
Net realized loss		(59,552,010	)
Net change in unrealized appreciation/depreciation on:
Investments		62,377,236
Affiliated Investments		4,371,711
Futures		1,174,088
Net change in unrealized appreciation/depreciation		67,923,035
Net Realized and Unrealized Gain on Investments		8,371,025
Net Increase in Net Assets Resulting from Operations	$	54,874,745

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund  

Statement of Operations For the Six Months Ended March 31, 2023 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	540,297
Interest income		1,369,168
Other income		6,760
Total Investment Income		1,916,225
EXPENSES:
Investment Adviser fee		267,082
Accounting and administration fee		62,052
Transfer agent expenses		18,732
Registration expenses		18,528
Audit expenses		16,158
Compliance expense		11,342
Facility loan fees		9,187
Custodian expenses		5,839
12b-1 fees - Class R Shares		4,572
Printing expenses		2,855
Trustee expenses		2,460
Legal expenses		2,125
Insurance expenses		558
Miscellaneous expenses		3,993
Total expenses		425,483
Less fees waived/reimbursed by Investment Adviser:		(60,078	)
Class I Shares		(55,752	)
Class R Shares		(4,326	)
Net Expenses		365,405
Net Investment Income		1,550,820
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(234,298	)
Forward foreign currency contracts		(364,149	)
Translation of assets and liabilities denominated in foreign currencies		29,870
Net realized loss		(568,577	)
Net change in unrealized appreciation/depreciation on:
Investments		2,965,779
Forward foreign currency contracts		(181,091	)
Translation of assets and liabilities denominated in foreign currencies		4,053
Net change in unrealized appreciation/depreciation		2,788,741
Net Realized and Unrealized Gain on Investments, translation of assets and liabilities denominated in foreign currencies and forward foreign currency contracts		2,220,164
Net Increase in Net Assets Resulting from Operations	$	3,770,984

See Notes to Financial Statements. 

Semi-Annual Report | March 31, 2023 89

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,598,568		$	1,342,316
Net realized loss		(3,195,784	)		(804,362	)
Long-term capital gains from other investment companies		–			291,003
Net change in unrealized appreciation/depreciation on investments		6,381,061			(11,632,368	)
Net increase/(decrease) in net assets resulting from operations		4,783,845			(10,803,411	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		(686,852	)		(10,905,311	)
Class R shares		(411,360	)		(4,873,208	)
From tax return of capital
Class I shares		–			(334,685	)
Class R shares		–			(159,426	)
Net decrease in net assets from distributions to shareholders		(1,098,212	)		(16,272,630	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		1,062,765			5,570,298
Reinvestment of distributions		625,519			10,469,118
Cost of shares redeemed		(2,992,230	)		(25,363,792	)
Net decrease in net assets from capital share transactions		(1,303,946	)		(9,324,376	)
Class R Shares
Proceeds from shares sold		45,524			2,046,114
Reinvestment of distributions		405,487			4,960,311
Cost of shares redeemed		(1,598,167	)		(6,602,800	)
Net increase/(decrease) in net assets from capital share transactions		(1,147,156	)		403,625
Net Increase/(Decrease) in Net Assets		1,234,531			(35,996,792	)
NET ASSETS:
Beginning of period/year	$	44,575,738		$	80,572,530
End of period/year	$	45,810,269		$	44,575,738

See Notes to Financial Statements. 

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

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2023  (Unaudited)			For the Year Ended September 30, 2022
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		161,371			727,518
Shares issued in reinvestment of distributions		95,515			1,372,817
Shares redeemed		(454,319	)		(3,558,173	)
Net decrease from share transactions		(197,433	)		(1,457,838	)
Class R Shares
Shares sold		6,952			275,380
Shares issued in reinvestment of distributions		61,817			651,373
Shares redeemed		(242,565	)		(852,716	)
Net increase/(decrease) from share transactions		(173,796	)		74,037

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 91

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	46,503,720		$	38,150,741
Net realized loss		(60,110,618	)		(36,112,860	)
Net change in unrealized appreciation/depreciation on investments		67,923,035			(268,089,526	)
Net increase/(decrease) in net assets resulting from operations		54,316,137			(266,051,645	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		(49,770,689	)		(100,104,267	)
Class R shares		(2,642,072	)		(5,837,920	)
Net decrease in net assets from distributions to shareholders		(52,412,761	)		(105,942,187	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		363,059,997			505,691,407
Reinvestment of distributions		41,539,097			85,723,130
Cost of shares redeemed		(402,380,660	)		(867,165,290	)
Net increase/(decrease) in net assets from capital share transactions		2,218,434			(275,750,753	)
Class R Shares
Proceeds from shares sold		6,599,113			25,390,199
Reinvestment of distributions		2,570,673			5,713,065
Cost of shares redeemed		(14,373,816	)		(80,251,524	)
Net decrease in net assets from capital share transactions		(5,204,030	)		(49,148,260	)
Net Decrease in Net Assets		(1,082,220	)		(696,892,845	)
NET ASSETS:
Beginning of period/year	$	1,338,367,898		$	2,035,260,743
End of period/year	$	1,337,285,678		$	1,338,367,898

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		42,163,315			51,690,843
Shares issued in reinvestment of distributions		4,896,167			8,978,624
Shares redeemed		(47,152,427	)		(91,833,449	)
Net decrease from share transactions		(92,945	)		(31,163,982	)
Class R Shares
Shares sold		764,423			2,541,303
Shares issued in reinvestment of distributions		302,533			593,582
Shares redeemed		(1,681,943	)		(8,249,470	)
Net decrease from share transactions		(614,987	)		(5,114,585	)

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 93

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2023  (Unaudited)			For the Year Ended September 30, 2022
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,550,820		$	1,644,525
Net realized gain/(loss)		(568,577	)		395,940
Net change in unrealized appreciation/depreciation		2,788,741			(6,851,064	)
Net increase/(decrease) in net assets resulting from operations		3,770,984			(4,810,599	)
DISTRIBUTIONS TO SHAREHOLDERS:
Class I Shares		(2,350,938	)		(1,537,361	)
Class R Shares		(177,332	)		(147,933	)
Net decrease in net assets from distributions to shareholders		(2,528,270	)		(1,685,294	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		16,148,614			12,950,571
Reinvestment of distributions		2,350,420			1,536,119
Cost of shares redeemed		(12,209,566	)		(5,753,258	)
Net increase in net assets from capital share transactions		6,289,468			8,733,432
Class R Shares
Proceeds from shares sold		849,856			121,704
Reinvestment of distributions		176,274			146,970
Cost of shares redeemed		(1,304,665	)		(372,417	)
Net decrease in net assets from capital share transactions		(278,535	)		(103,743	)
Net Increase in Net Assets		7,253,647			2,133,796
NET ASSETS:
Beginning of period/year	$	48,067,946		$	45,934,150
End of period/year		55,321,593			48,067,946

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		1,927,692			1,494,225
Shares issued in reinvestment of distributions		281,695			172,056
Shares redeemed		(1,457,417	)		(656,681	)
Net increase from share transactions		751,970			1,009,600
Class R Shares
Shares sold		100,063			12,983
Shares issued in reinvestment of distributions		21,172			16,421
Shares redeemed		(155,071	)		(41,497	)
Net decrease from share transactions		(33,836	)		(12,093	)

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2023 95

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. 

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

 For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018
$	6.12		$	9.30		$	7.43		$	8.05		$	10.88		$	12.37
	0.23			0.17			0.28			0.16			0.24			0.27
	0.44			(1.40	)		2.11			(0.41	)		(0.25	)(b)		0.42
	0.67			(1.23	)		2.39			(0.25	)		(0.01	)		0.69
	(0.16	)		(0.28	)		(0.39	)		(0.19	)		(0.18	)		(0.40	)
	–			(1.61	)		(0.13	)		(0.18	)		(2.64	)		(1.78	)
	–			(0.06	)		–			–			–			–
	(0.16	)		(1.95	)		(0.52	)		(0.37	)		(2.82	)		(2.18	)
	–			–			–			–			0.00	(c)		0.00	(c)
	0.51			(3.18	)		1.87			(0.62	)		(2.83	)		(1.49	)
$	6.63		$	6.12		$	9.30		$	7.43		$	8.05		$	10.88
	10.99	%(e)		(16.70	%)		32.96	%		(3.00	%)		3.51	%		5.92	%
$	28,142		$	27,196		$	54,868		$	49,994		$	66,662		$	65,592
	N/A	(g)		N/A			N/A			N/A			1.22	%		N/A
	N/A	(g)		N/A			N/A			N/A			1.22	%		N/A
	N/A	(g)		N/A			N/A			N/A			2.88	%		N/A
	N/A	(g)		N/A			N/A			N/A			2.88	%		N/A
	1.65	%(g)		1.39	%		1.33	%		1.29	%		1.22	%		1.17	%
	1.65	%(g)		1.39	%		1.33	%		1.29	%		1.22	%		1.17	%
	7.01	%(g)		2.17	%		3.19	%		2.10	%		2.88	%		2.37	%
	7.01	%(g)		2.17	%		3.19	%		2.10	%		2.88	%		2.37	%
	42	%(e)		106	%		182	%		110	%		36	%		58	%(h)

Semi-Annual Report | March 31, 2023 97

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.

98 (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.

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

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018
$	6.13		$	9.31		$	7.44		$	8.06		$	10.89		$	12.37
	0.22			0.14			0.25			0.15			0.22			0.23
	0.44			(1.39	)		2.12			(0.42	)		(0.26	)(b)		0.44
	0.66			(1.25	)		2.37			(0.27	)		(0.04	)		0.67
	(0.15	)		(0.26	)		(0.37	)		(0.18	)		(0.17	)		(0.37	)
	–			(1.61	)		(0.13	)		(0.17	)		(2.62	)		(1.78	)
	–			(0.06	)		–			–			–			–
	(0.15	)		(1.93	)		(0.50	)		(0.35	)		(2.79	)		(2.15	)
	–			–			–			–			0.00	(c)		0.00	(c)
	0.51			(3.18	)		1.87			(0.62	)		(2.83	)		(1.48	)
$	6.64		$	6.13		$	9.31		$	7.44		$	8.06		$	10.89
	10.84	%(e)		(16.88	%)		32.58	%		(3.24	%)		3.23	%		5.70	%
$	17,669		$	17,380		$	25,705		$	27,213		$	40,344		$	67,199
	N/A	(g)		N/A			N/A			N/A			1.48	%		N/A
	N/A	(g)		N/A			N/A			N/A			1.48	%		N/A
	N/A	(g)		N/A			N/A			N/A			2.62	%		N/A
	N/A	(g)		N/A			N/A			N/A			2.62	%		N/A
	1.90	%(g)		1.64	%		1.58	%		1.54	%		1.48	%		1.41	%
	1.90	%(g)		1.64	%		1.58	%		1.54	%		1.48	%		1.41	%
	6.76	%(g)		1.86	%		2.88	%		1.93	%		2.62	%		2.02	%
	6.76	%(g)		1.86	%		2.88	%		1.93	%		2.62	%		2.02	%
	42	%(e)		106	%		182	%		110	%		36	%		58	%(h)

Semi-Annual Report | March 31, 2023 101

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.

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

Intentionally Left Blank

RiverNorth/DoubleLine Strategic Income Fund Class I

Financial Highlights

Net asset value - beginning of period

Income/(loss) from investment operations:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a)

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(c)

Ratios/Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense):

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

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

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

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

Ratios to Average Net Assets (excluding interest expense):

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements.

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

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018
$	8.51		$	10.52		$	10.20		$	10.33		$	10.08		$	10.61
	0.31			0.21			0.38			0.45			0.52			0.47
	0.08			(1.64	)		0.38			(0.10	)		0.28			(0.44	)
	0.39			(1.43	)		0.76			0.35			0.80			0.03
	(0.35	)		(0.58	)		(0.44	)		(0.46	)		(0.55	)		(0.51	)
	–			–			–			–			–			(0.04	)
	–			–			–			(0.02	)		–			(0.01	)
	(0.35	)		(0.58	)		(0.44	)		(0.48	)		(0.55	)		(0.56	)
	–			–			–			–			0.00	(b)		0.00	(b)
	0.04			(2.01	)		0.32			(0.13	)		0.25			(0.53	)
$	8.55		$	8.51		$	10.52		$	10.20		$	10.33		$	10.08
	4.72	%(d)		(14.04	%)		7.52	%		3.51	%		8.21	%		0.33	%
$	1,271,894		$	1,267,978		$	1,894,398		$	1,686,872		$	1,858,103		$	1,715,495
	N/A	(f)		N/A			N/A			N/A			0.86	%		N/A
	N/A	(f)		N/A			N/A			N/A			0.86	%		N/A
	N/A	(f)		N/A			N/A			N/A			5.13	%		N/A
	N/A	(f)		N/A			N/A			N/A			5.13	%		N/A
	0.92	%(f)		0.88	%		0.87	%		0.87	%		0.86	%		0.86	%
	0.93	%(f)		0.87	%		0.86	%		0.87	%		0.86	%		0.86	%
	7.28	%(f)		2.10	%		3.66	%		4.42	%		5.13	%		4.60	%
	7.28	%(f)		2.10	%		3.66	%		4.42	%		5.13	%		4.60	%
	33	%(d)		104	%		100	%		81	%		60	%		37	%

Semi-Annual Report | March 31, 2023 105

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.

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

Intentionally Left Blank

RiverNorth/DoubleLine Strategic Income Fund Class R

Financial Highlights

Net asset value - beginning of period

Income/(loss) from investment operations:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a)

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(c)

Ratios/Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense):

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

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

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

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

Ratios to Average Net Assets (excluding interest expense):

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements.

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

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018
$	8.53		$	10.54		$	10.22		$	10.35		$	10.09		$	10.62
	0.28			0.17			0.36			0.43			0.50			0.45
	0.09			(1.63	)		0.37			(0.10	)		0.28			(0.45	)
	0.37			(1.46	)		0.73			0.33			0.78			–
	(0.34	)		(0.55	)		(0.41	)		(0.44	)		(0.52	)		(0.48	)
	–			–			–			–			–			(0.04	)
	–			–			–			(0.02	)		–			(0.01	)
	(0.34	)		(0.55	)		(0.41	)		(0.46	)		(0.52	)		(0.53	)
	–			–			–			–			0.00	(b)		0.00	(b)
	0.03			(2.01	)		0.32			(0.13	)		0.26			(0.53	)
$	8.56		$	8.53		$	10.54		$	10.22		$	10.35		$	10.09
	4.46	%(d)		(14.23	%)		7.23	%		3.24	%		8.03	%		0.07	%
$	65,391		$	70,390		$	140,863		$	129,355		$	167,141		$	165,472
	N/A	(f)		N/A			N/A			N/A			1.11	%		N/A
	N/A	(f)		N/A			N/A			N/A			1.11	%		N/A
	N/A	(f)		N/A			N/A			N/A			4.90	%		N/A
	N/A	(f)		N/A			N/A			N/A			4.90	%		N/A
	1.17	%(f)		1.13	%		1.12	%		1.12	%		1.11	%		1.11	%
	1.18	%(f)		1.12	%		1.11	%		1.12	%		1.11	%		1.11	%
	6.44	%(f)		1.67	%		3.41	%		4.18	%		4.90	%		4.34	%
	6.44	%(f)		1.67	%		3.42	%		4.18	%		4.90	%		4.34	%
	33	%(d)		104	%		100	%		81	%		60	%		37	%

Semi-Annual Report | March 31, 2023 109

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) 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.

^(c) Not annualized.

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

^(e) Annualized.

See Notes to Financial Statements.

110 (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.

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

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018
$	8.26		$	9.53		$	9.09		$	9.55		$	9.58		$	9.73
	0.24			0.33			0.33			0.34			0.38			0.39
	0.38			(1.27	)		0.44			(0.35	)		0.07			(0.18	)
	0.62			(0.94	)		0.77			(0.01	)		0.45			0.21
	(0.42	)		(0.33	)		(0.33	)		(0.37	)		(0.48	)		(0.24	)
	–			–			–			(0.08	)		–			(0.12	)
	(0.42	)		(0.33	)		(0.33	)		(0.45	)		(0.48	)		(0.36	)
	–			–			–			–			0.00	(b)		0.00	(b)
	0.20			(1.27	)		0.44			(0.46	)		(0.03	)		(0.15	)
$	8.46		$	8.26		$	9.53		$	9.09		$	9.55		$	9.58
	7.65	%(d)		(10.03	%)		8.55	%		(0.02	%)		4.85	%		2.22	%
$	51,669		$	44,223		$	41,386		$	40,375		$	45,306		$	49,856
	1.13	%(f)		1.62	%		1.75	%		N/A			1.58	%		1.54	%
	1.35	%(f)		1.35	%		1.35	%		N/A			1.36	%		1.36	%
	5.60	%(f)		3.38	%		3.07	%		N/A			3.83	%		3.84	%
	5.82	%(f)		3.65	%		3.47	%		N/A			4.05	%		4.02	%
	1.13	%(f)		1.62	%		1.75	%		1.69	%		1.57	%		1.53	%
	1.35	%(f)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
	5.60	%(f)		3.38	%		3.07	%		3.43	%		3.84	%		3.83	%
	5.82	%(f)		3.65	%		3.47	%		3.78	%		4.06	%		4.01	%
	56	%(d)		57	%		72	%		80	%		52	%		76	%

Semi-Annual Report | March 31, 2023 113

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.

114 (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.

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

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2023 (Unaudited)			For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018
$	8.25		$	9.52		$	9.08		$	9.54		$	9.58		$	9.72
	0.23			0.31			0.30			0.32			0.36			0.36
	0.39			(1.27	)		0.45			(0.36	)		0.05			(0.16	)
	0.62			(0.96	)		0.75			(0.04	)		0.41			0.20
	(0.41	)		(0.31	)		(0.31	)		(0.35	)		(0.45	)		(0.23	)
	–			–			–			(0.07	)		–			(0.11	)
	(0.41	)		(0.31	)		(0.31	)		(0.42	)		(0.45	)		(0.34	)
	–			–			–			–			0.00	(b)		0.00	(b)
	0.21			(1.27	)		0.44			(0.46	)		(0.04	)		(0.14	)
$	8.46		$	8.25		$	9.52		$	9.08		$	9.54		$	9.58
	7.65	%(d)		(10.27	%)		8.31	%		(0.27	%)		4.48	%		2.07	%
$	3,653		$	3,845		$	4,548		$	4,989		$	5,937		$	6,758
	1.36	%(f)		1.88	%		2.00	%		N/A			1.83	%		1.79	%
	1.60	%(f)		1.60	%		1.60	%		N/A			1.61	%		1.61	%
	5.34	%(f)		3.10	%		2.83	%		N/A			3.58	%		3.60	%
	5.57	%(f)		3.37	%		3.22	%		N/A			3.80	%		3.78	%
	1.36	%(f)		1.88	%		2.00	%		1.95	%		1.82	%		1.78	%
	1.60	%(f)		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
	5.34	%(f)		3.10	%		2.83	%		3.19	%		3.59	%		3.59	%
	5.57	%(f)		3.37	%		3.22	%		3.53	%		3.81	%		3.77	%
	56	%(d)		57	%		72	%		80	%		52	%		76	%

Semi-Annual Report | March 31, 2023 117

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.

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RiverNorth Funds Notes to Financial Statements

March 31, 2023 (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 Fund Advisors, LLC (“Oaktree Capital,” and with DoubleLine, each a “Sub-Adviser” or collectively, the “Sub-Advisers”). Effective August 10, 2021, as part of an internal corporate reorganization, Oaktree Capital Management, L.P., the Fund’s previous sub-adviser, transferred its sub-advisory agreement with the High Income Fund to Oaktree Capital. 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 year end of the Funds.

Semi-Annual Report | March 31, 2023 119

RiverNorth Funds Notes to Financial Statements

March 31, 2023 (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. During the six months ended March 31, 2023, no foreign capital gains tax was accrued or paid by the Fund.

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, 2023 (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 (the "Code"), 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, 2023, 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, 2023, the Funds did not incur any interest or penalties.

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

Semi-Annual Report | March 31, 2023 121

RiverNorth Funds Notes to Financial Statements

March 31, 2023 (Unaudited)

3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS

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

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

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

● Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

● Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

● Level 3 – Significant unobservable prices or inputs (including the Funds’ own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

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

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5 under the 1940 Act, the Board approved updated valuation procedures for the Funds and designated the Adviser as the Funds’ valuation designee to make all fair valuation determinations with respect to each of the Fund's portfolio investments, subject to the Board's oversight.

Equity securities, including common stocks, rights, warrants, closed-end funds, exchange-traded funds, preferred stocks, business development companies and special purpose acquisition companies, are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices more accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the 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 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 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, 2023 (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 companies-preferred shares and notes, bank loans, collateralized loan obligations, collaterlized mortgage obligations, equity-linked notes, 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 is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Adviser would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) discounted cash flow models; (iii) weighted average cost or weighted average price; (iv) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (v) yield to maturity with respect to debt issues, or a combination of these and other methods. Good faith pricing is permitted if, in the Adviser’s opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before a Fund’s NAV calculation that may affect a security’s value, or the Adviser is aware of any other data that calls into question the reliability of market quotations.

Semi-Annual Report | March 31, 2023 123

RiverNorth Funds Notes to Financial Statements

March 31, 2023 (Unaudited)

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

The following is a summary of the inputs used at March 31, 2023 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	$	36,920,552	$	–	$	–	$	36,920,552
Business Development Companies		407,222		–		–		407,222
Exchange Traded Funds		1,256,320		–		–		1,256,320
Preferred Stocks		380,263		–		–		380,263
Business Development Company Notes		–		869,470		–		869,470
U.S. Corporate Bonds		–		1,174,875		–		1,174,875
U.S. Government Bonds and Notes		–		2,000,879		–		2,000,879
Warrants		10,415		–		–		10,415
Short-Term Investments		3,144,791		982,291		–		4,127,082
Total	$	42,119,563	$	5,027,515	$	–	$	47,147,078

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RiverNorth Funds Notes to Financial Statements

March 31, 2023 (Unaudited)

Strategic Income Fund

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	212,925,509	$	–	$	–	$	212,925,509
Business Development Companies		3,985,511		1,242,776		–		5,228,287
Business Development Companies - Preferred Shares		1,163,948		5,119,277		–		6,283,225
Open-End Funds		31,717,870		–		–		31,717,870
Preferred Stocks		6,440,293		2,271		–		6,442,564
Foreign Corporate Bonds		–		51,049,805		–		51,049,805
U.S. Corporate Bonds		–		96,919,045		–		96,919,045
Convertible Corporate Bonds		–		11,505		–		11,505
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies		–		7,724,570		–		7,724,570
Bank Loans		–		19,285,059		–		19,285,059
Collateralized Loan Obligations		–		53,190,348		–		53,190,348
Equity - Linked Notes		–		–		–		–
Non-Agency Collateralized  Mortgage Obligations		–		231,674,169		–		231,674,169
Special Purpose Acquisition Companies		13,449,217		411,778		–		13,860,995
U.S. Government Bonds and Notes		–		186,439,951		–		186,439,951
Mortgage-Backed Securities		–		9,195,572		–		9,195,572
Municipal Bonds		–		214,041		–		214,041
U.S. Government / Agency Mortgage Backed Securities		–		244,184,827		–		244,184,827
Warrants(a)		–		–		–		–
Short-Term Investments		57,815,901		98,189,507		–		156,005,408
Total	$	327,498,249	$	1,004,854,501	$	–	$	1,332,352,750

	Valuation Inputs
Other Financial Instruments**	Level 1		Level 2		Level 3		Total
Assets
Future Contract	$	39,370,703	$	–	$	–	$	39,370,703
Total	$	39,370, 703	$	–	$	–	$	39,370, 703

Semi-Annual Report | March 31, 2023 125

RiverNorth Funds Notes to Financial Statements

March 31, 2023 (Unaudited)

High Income Fund

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Business Development Companies	$	–	$	1,057,807	$	–	$	1,057,807
Closed-End Funds		7,530,967		–		–		7,530,967
Common Stocks		86,046		33		79,065		165,144
Convertible Corporate Bond		–		138,030		–		138,030
Preferred Stocks		–		–		–		0
Bank Loans		–		11,220,360		–		11,220,360
Exchange Traded Funds		2,777,400		–		–		2,777,400
High Yield Debt		–		29,811,115		–		29,811,115
Rights		–		–		–		0
U.S. Government Bonds and  Notes		–		129,644		–		129,644
Warrants		–		2,054		–		2,054
Short-Term Investments		1,022,205		–		–		1,022,205
Total	$	11,416,618	$	42,359,043	$	79,065	$	53,854,726

	Valuation Inputs
Other Financial Instruments**	Level 1		Level 2			Level 3		Total
Assets
Forward Foreign Currency Contracts	$	–	$	1,575		$	–	$	1,575
Liabilities
Forward Foreign Currency Contracts	$	–	$	(101,387	)	$	–	$	(101,387	)
Total	$	–	$	(99,812	)	$	–	$	(99,812	)

* 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, 2023 (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, 2022		Accrued Discount/ premium		Return of Capital		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, 2023		Net change in unrealized appreciation/ (depreciation) included in the Statements of Operations attributable to Level 3 investments held at March 31, 2023
High Income Fund
Common Stocks	$	76,639	$	–	$	–	$	–	$	2,426	$	–	$	–		$	–	$	–	$	79,065	$	2,445
Preferred Stocks		135,003		–		–		–		55		5,000		(140,058	)		–		–		–		–
	$	211,642	$	–	$	–	$	–	$	2,481	$	5,000	$	(140,058	)	$	–	$	–	$	79,065	$	2,445

The table below provides additional information about the Level 3 Fair Value Measurements as of March 31, 2023:

Quantitative Information about Level 3 Fair Value Measurements

High Income Fund

Asset Class	Fair Value (USD)		Valuation Technique	Unobservable Inputs(a)	Value/Range (Weighted Average)
Common Stocks	$	79,065	Market Comparable Companies	EBITDA Multiple		5.75x-6.75x (6.25x)

^(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
EBITDA Multiple	Increase	Decrease

On August 10, 2022 the Board approved the Adviser as each Fund's valuation designee, effective September 8, 2022, to make all fair valuation determinations with respect to each Fund's portfolio investments, subject to the Board's oversight and adopted all other updates pursuant to Rule 2a-5 under the 1940 Act.

Semi-Annual Report | March 31, 2023 127

RiverNorth Funds Notes to Financial Statements

March 31, 2023 (Unaudited)

4. DERIVATIVE FINANCIAL INSTRUMENTS

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

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

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

Risk of Investing in Derivatives

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

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

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

Forward Foreign Currency Contracts

The Funds may engage in currency transactions with counterparties to hedge the value of portfolio securities denominated in particular currencies against fluctuations in relative value, to gain or reduce exposure to certain currencies, or to generate income or gains. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. During the six months ended March 31, 2023, the High Income Fund engaged in forward foreign currency contracts. The contracts are marked-to-market daily and the change in value is recorded by the High Income Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the High Income Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.

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RiverNorth Funds Notes to Financial Statements

March 31, 2023 (Unaudited)

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

The effect of derivatives instruments on each Fund's Statement of Assets and Liabilities as of March 31, 2023:

		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	$	1,575

		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	$	101,387

Semi-Annual Report | March 31, 2023 129

RiverNorth Funds Notes to Financial Statements

March 31, 2023 (Unaudited)

The effect of derivatives instruments on each Fund's Statement of Operations for the six months ended March 31, 2023:

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	$	(364,149	)	$	(181,091	)

The forward currency contracts average notional amount during the six months ended March 31, 2023, is noted below.

Fund	Average Notional Amount of Forward Foreign Currency Contracts
High Income Fund	$	8,205,978

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

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RiverNorth Funds Notes to Financial Statements

March 31, 2023 (Unaudited)

The following table presents derivative financial instruments that are subject to enforceable netting arrangements, collateral arrangements or other similar agreements as of March 31, 2023.

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	$	1,575	$	–	$	1,575	$	(101,388	)	$	–	$	(99,813	)
Total	$	1,575	$	–	$	1,575	$	(101,388	)	$	–	$	(99,813	)

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	$	101,388			$	101,388	$	(101,388	)	$	–	$	–
Total	$	101,388	$	–	$	101,388	$	(101,388	)	$	–	$	–

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

Semi-Annual Report | March 31, 2023 131

RiverNorth Funds Notes to Financial Statements

March 31, 2023 (Unaudited)

5. LOAN PARTICIPATIONS AND ASSIGNMENTS

The Strategic Income Fund and High Income Fund may each invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Strategic Income Fund and High Income Fund will normally invest in corporate debt issuers in North America and Europe. The Strategic Income Fund’s and High Income Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Strategic Income Fund and High Income Fund may each invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. The Strategic Income Fund and High Income Fund will generally purchase assignments of these loans, in which case they will typically become lenders for purposes of the relevant loan agreement with direct contractual rights against the borrower, including the right to receive payments of principal and interest. When purchasing participation interests in a loan, the Strategic Income Fund and High Income Fund generally have no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Strategic Income Fund and High Income Fund may each be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. The Strategic Income Fund and High Income Fund may each enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent a future obligation in full, even though a percentage of the notional loan amounts may not be utilized by the borrower. When investing in a loan participation, the Strategic Income Fund and High Income Fund have the right to receive payments of principal, interest and any fees to which they are entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. The Strategic Income Fund and High Income Fund may each receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a floating rate loan. In certain circumstances, the Strategic Income Fund and High Income Fund may each receive a penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. At March 31, 2023, the Strategic Income Fund and High Income Fund had $5,207,938 and $836,087 in unsettled loan commitments, respectively.

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.

132 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Notes to Financial Statements

March 31, 2023 (Unaudited)

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

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

The Adviser has contractually agreed to waive the High Income Fund’s management fees and/or reimburse expenses (excluding brokerage fees and commissions; borrowing costs such as (a) interest and (b) dividends on securities sold short; taxes; indirect expenses incurred by the underlying funds in which the Fund invests; and extraordinary expenses) of the High Income Fund until at least January 31, 2024 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. The recoupment period is limited to three years from the time the expenses were waived or incurred, and such recoupment is limited to the lesser of (i) the expense cap in effect at the time of the waiver, and (ii) the expense cap in effect at the time of recapture.

For the six months ended March 31, 2023, reimbursed expenses for the High Income Fund subject to potential recovery by year of expiration are as follows:

	Expiring September 30,
	2023		2024		2025		2026
High Income Fund
Class I	$	145,507	$	163,274	$	111,424	$	55,752
Class R	$	19,074	$	19,154	$	11,927	$	4,325
Total	$	164,581	$	182,428	$	123,351	$	60,077

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses in an amount equal to the sum of any acquired fund fees and expenses, if any, incurred by the Strategic Income Fund that are attributable to the Strategic Income Fund’s investment in acquired funds managed by the Adviser or an investment adviser controlling, controlled by, or under common control with the Adviser until at least January 31, 2024. This contractual agreement will continue automatically for successive annual periods unless terminated by the Fund's Board of Trustees on 60 days' written notice to the Adviser.

Semi-Annual Report | March 31, 2023 133

RiverNorth Funds Notes to Financial Statements

March 31, 2023 (Unaudited)

For the six months ended March 31, 2023, the Adviser waived $89,486 in affiliated management fees attributable to the Strategic Income Fund related to the Fund's investment in an affiliated 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. 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. The expenses of the CCO are reflected as Compliance expenses in the Statements of Operations.

134 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Notes to Financial Statements

March 31, 2023 (Unaudited)

7. NEW ACCOUNTING PRONOUNCEMENTS AND RULE ISSUANCES

In December 2020, the SEC voted to adopt a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 established requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available, and the threshold for determining whether a fund must fair value a security. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. Management has assessed the impact of the new rules on the Funds' financial statements and the implementation does not have a material impact on the Funds' financial statements.

8. 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, 2022, was as follows:

	Ordinary Income		Tax-Exempt Income		Distributions paid from Long-Term Capital Gain		Return of Capital		Total
Core Opportunity Fund	$	12,245,663	$	10,045	$	3,522,811	$	494,111	$	16,272,630
Strategic Income Fund		105,942,187		–		–		–		105,942,187
High Income Fund		1,685,294		–		–		–		1,685,294

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, 2022, 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		(139,530	)		139,530
High Income Fund		–			–

Semi-Annual Report | March 31, 2023 135

RiverNorth Funds Notes to Financial Statements

March 31, 2023 (Unaudited)

At September 30, 2022, the components of distributable earnings on a tax basis for the Funds were as follows:

	Undistributed Ordinary Income		Accumulated Capital and Other Losses			Net Unrealized Appreciation/ (Depreciation)			Other Cumulative Effect of Timing Differences			Total
Core Opportunity Fund	$	–	$	(1,964,619	)	$	(8,282,646	)	$	–		$	(10,247,265	)
Strategic Income Fund		4,208,880		(52,642,724	)		(400,523,542	)		–			(448,957,386	)
High Income Fund		998,816		(5,790,015	)		(6,254,506	)		(81,280	)		(11,126,985	)

Capital Losses: As of September 30, 2022, 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	$	30,356,568	$	22,286,156
High Income Fund		1,556,621		4,233,394

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, 2023, 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*	$	2,898,376	$	(4,119,815	)	$	(1,221,439	)	$	48,368,517
Strategic Income Fund*		17,824,573		(283,784,080	)		(265,959,507	)		1,599,486,345
High Income Fund*		538,667		(3,906,230	)		(3,367,563	)		57,223,569

* 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, tax treatment of premium amortization and tax treatment of certain other investments.

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

RiverNorth Funds Notes to Financial Statements

March 31, 2023 (Unaudited)

9. INVESTMENT TRANSACTIONS

Investment transactions for the six months ended March 31, 2023, excluding U.S. government obligations and short-term investments, were as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
Core Opportunity Fund	$	16,626,803	$	21,896,202
Strategic Income Fund		409,043,209		479,787,445
High Income Fund		29,822,559		24,420,593

Investment Transactions in long term U.S. Government Obligations for the six months ended March 31, 2023 were as follows:

	Purchases of Securities		Proceeds from Sales of Securities
Core Opportunity Fund	$	1,987,734	$	–

10. 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, 2023 were as follows:

Strategic Income Fund

Security Name	Market Value as of October 1, 2022		Purchases		Sales		Change in Unrealized Gain (Loss)		Realized Gain/Loss		Market Value as of March 31, 2023		Share Balance as of March 31, 2023		Dividends
RiverNorth/Oaktree High Income Fund	$	29,458,779	$	1,517,289	$	–	$	741,802	$	–	$	31,717,870		3,748,448	$	1,517,289
							$	741,802	$	–	$	31,717,870		3,748,448	$	1,517,289

11. 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, March 30, 2021 and on March 29, 2022. The Revolving Credit Agreement expires on March 28, 2023. Borrowings under this arrangement bear interest at the higher of the Federal Funds Rate and the Overnight Bank Funding Rate in effect on the day the loan is made plus 1.25%, which was 6.07% at March 31, 2023. For the six months ended March 31, 2023, 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%.

Semi-Annual Report | March 31, 2023 137

RiverNorth Funds Notes to Financial Statements

March 31, 2023 (Unaudited)

For the six months ended March 31, 2023, Core Opportunity Fund, Strategic Income Fund and High Income Fund had no borrowings under the Revolving Credit Agreement.

12. BENEFICIAL OWNERSHIP

On March 31, 2023, 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 1940 Act. 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, 2023, are listed below:

Fund	Shareholder Name	Percentage Interest
Core Opportunity Fund – Class I	Pershing	45.80%
Core Opportunity Fund – Class R	Charles Schwab & Company, Inc.	36.65%
Core Opportunity Fund – Class R	National Financial Services, LLC	26.73%
Strategic Income Fund – Class I	Charles Schwab & Company, Inc.	38.92%
Strategic Income Fund – Class R	Charles Schwab & Company, Inc.	33.87%
Strategic Income Fund – Class R	TD Ameritrade, Inc.	33.42%
High Income Fund – Class I	Charles Schwab & Company, Inc.	30.62%
High Income Fund – Class I	RiverNorth/DoubleLine Strategic Income Fund	61.39%
High Income Fund – Class R	Charles Schwab & Company, Inc.	79.66%

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.

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”). In July of 2017, the head of the UK Financial Conduct Authority (“FCA”) announced a desire to phase out the use of LIBOR at the end of 2021. Although non-U.S. dollar LIBOR rates were phased out at the end of 2021 as originally intended, a selection of widely used U.S. dollar LIBOR rates will continue to be published until June 2023 in order to assist with the transition. The U.S. Federal Reserve has begun publishing Secured Overnight Financing Rate (“SOFR”) data 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 underlying funds in which the Funds invest and Funds. 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. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the underlying funds in which the Funds invest and Funds until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled.

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

RiverNorth Funds Notes to Financial Statements

March 31, 2023 (Unaudited)

The transition process might lead to increased volatility and illiquidity in markets for instruments whose terms currently include LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the completion of the transition. All of the aforementioned may adversely affect the Funds' performance or NAV.

15. RECENT MARKET DEVELOPMENTS

Beginning in the first quarter of 2020, financial markets in the United States and around the world experienced extreme and in many cases unprecedented volatility and severe losses due to the global pandemic caused by COVID-19, a novel coronavirus. The outbreak was first detected in December 2019 and subsequently spread globally, and since then, the number of cases has fluctuated and new "variants" have been confirmed around the world. The pandemic has resulted in a wide range of social and economic disruptions, including closed borders, voluntary or compelled quarantines of large populations, stressed healthcare systems, reduced or prohibited domestic or international travel, supply chain disruptions, and so-called “stay-at-home” orders throughout much of the United States and many other countries. The fall-out from these disruptions has included the rapid closure of businesses deemed “non-essential” by federal, state, or local governments and rapidly increasing unemployment, as well as greatly reduced liquidity for certain instruments at times. Some sectors of the economy and individual issuers have experienced particularly large losses. Such disruptions may continue for an extended period of time or reoccur in the future to a similar or greater extent. In response, the U.S. government and the Federal Reserve have taken extraordinary actions to support the domestic economy and financial markets, resulting in very low interest rates and in some cases negative yields. Although vaccines for COVID-19 have become more widely available, it is unknown how long circumstances related to the pandemic will persist, whether they will reoccur in the future, whether efforts to support the economy and financial markets will be successful, and what additional implications may follow from the pandemic. The impact of these events and other epidemics or pandemics in the future could adversely affect Fund performance.

Semi-Annual Report | March 31, 2023 139

RiverNorth Funds Notes to Financial Statements

March 31, 2023 (Unaudited)

The impairment or failure of one or more banks with whom the Funds transact may inhibit a Fund's ability to access depository accounts. In such cases, the Funds may be forced to delay or forgo investments, resulting in lower performance. In the event of such a failure of a banking institution where the Funds hold depository accounts, access to such accounts could be restricted and U.S. Federal Deposit Insurance Corporation (“FDIC”) protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, the Funds may not recover such excess, uninsured amounts.

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.

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

RiverNorth Funds Additional Information

March 31, 2023 (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.

Semi-Annual Report | March 31, 2023 141

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

March 31, 2023 (Unaudited)

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

At an in-person meeting (the “Meeting”) of the Board of Trustees (the “Board”), held on November 8, 2022 and called expressly for that purpose, the Board, including a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended (the “1940 Act”) (the “Independent Trustees”)), considered the renewal of the management agreement (the “Management Agreement”) between RiverNorth Capital Management, LLC (“RiverNorth” or the “Adviser”) and the Trust.

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, organization, management and operations, the Adviser’s Form ADV, the Adviser’s audited financial statements, information regarding the Adviser’s assets under management, an overview of the Funds’ cumulative and annualized returns as compared to the Funds’ benchmarks, the Funds’ fact sheets for the quarter ended September 30, 2022, a performance comparison of the Funds compared to other funds managed by RiverNorth, information regarding the Adviser’s compliance programs 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 ended September 30, 2022. These returns were compared to the returns of mutual funds in FUSE Research Network, LLC’s (“FUSE”) Allocation -30% to 70% Equity fund universe and to a peer group of similar funds within the Allocation -30% to 70% Equity fund universe selected by FUSE. The Board observed that the Fund had outperformed the peer group median for the three-year, five-year, ten-year and since inception periods and underperformed the peer group median for the three-month and one-year periods ended September 30, 2022. The Board further noted that the Fund had outperformed the peer universe for each period other than the one-year period ended September 30, 2022. The Board also reviewed the Fund’s performance relative to other funds managed by the Adviser and versus summary statistics for a Multi-alternative universe of funds prepared by FUSE. It was noted that the Fund had outperformed the Multi-alternative universe median for the three- and five-year periods ended September 30, 2022 and underperformed the Multi-alternative universe median for the one-year period ended September 30, 2022.

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

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

March 31, 2023 (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 and fund universe determined by FUSE. The Board noted that the Core Opportunity Fund’s Class Retail shares’ annual net expense ratio was higher than the peer group median but lower 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 and versus summary statistics for a Multi-alternative universe of funds prepared by FUSE. It was noted that the Fund’s management fee and total net expenses were below the Multi-alternative universe medians. The Board, including the Independent Trustees, determined that although fees were generally 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 for the three month, one-year, three-year, five-year, ten-year and since inception periods ended September 30, 2022. The Board noted that the Strategic Income Fund outperformed the median of FUSE’s Multisector Bond fund universe for the ten-year and since inception periods and underperformed the median for three-month, one-year, three-year and five-year periods ended September 30, 2022. In comparison to the peer funds, the Fund outperformed the median for the ten-year and since inception periods and underperformed the median for the three-month, one-year, three-year and five-year periods ended September 30, 2022. The Board also reviewed the Fund’s performance relative to other funds managed by the Adviser and versus summary statistics for a Multi-alternative universe of funds prepared by FUSE. It was noted that the Fund had underperformed the Multi-alternative universe median for the one-, three- and five-year periods ended September 30, 2022.

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 and fund universe determined by FUSE. 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 within the range of 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, but within the range of the peer group. The Trustees noted that the Adviser actively manages a portion of the Fund in addition to delegating the management of a portion of the Fund’s portfolio to DoubleLine Capital LP (the “Sub-Adviser”). The Board also reviewed the Fund’s fees relative to other funds managed by the Adviser and versus summary statistics for a Multi-alternative universe of funds prepared by FUSE. It was noted that the Fund’s management fee and total net expenses were below the Multi-alternative universe medians. 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.

Semi-Annual Report | March 31, 2023 143

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

March 31, 2023 (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 month, one-year, three-year, five year and since inception periods ended September 30, 2022. The Board noted that the High Income Fund outperformed the median of the peer group and universe for the three-month and one-year periods ended September 30, 2022 and underperformed the median of the peer group and universe for the three-year, five-year and since inception periods ended September 30, 2022. The Board also reviewed the Fund’s performance relative to other funds managed by the Adviser and versus summary statistics for a Multi-alternative universe of funds prepared by FUSE. It was noted that the Fund had underperformed the Multi-alternative universe median for the one-, three- and five-year periods ended September 30, 2022. 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 and fund universe determined by FUSE a. 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 group and universe. The Board recalled that most of the funds in FUSE’s fund universe and peer group utilized a less complex 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 and versus summary statistics for the universe of funds prepared by FUSE. It was noted that the Fund’s management fee was below the universe median, and the Fund’s total net expenses were above the universe median. 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 Fund Advisors, LLC (“Oaktree”), the Fund’s sub-adviser.

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.

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

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

March 31, 2023 (Unaudited)

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. 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.

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.

Conclusion

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 the Meeting, the Board, including the Independent Trustees, also considered the renewal of the sub-advisory agreement (the “DoubleLine Sub-Advisory Agreement”) between the Adviser and DoubleLine related to the Strategic Income Fund.

The Board received materials compiled by DoubleLine and the Adviser, provided in support of the proposed renewal of the DoubleLine Sub-Advisory Agreement (“Renewal Materials”). The Board considered the renewal of the DoubleLine Sub-Advisory Agreement, noting that the Renewal Materials contained information compiled by DoubleLine and the Adviser, including a copy of the DoubleLine Sub-Advisory Agreement, DoubleLine’s response to a questionnaire regarding its profitability, management and operations, a copy of DoubleLine’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 Sub-Advisory Agreement: (i) the investment performance of the Strategic Income Fund and the investment performance of DoubleLine, (ii) the nature, extent and quality of the services provided by DoubleLine 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 DoubleLine 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.

Semi-Annual Report | March 31, 2023 145

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

March 31, 2023 (Unaudited)

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 Sub-Advisory 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 Sub-Advisory 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 Sub-Advisory Agreement.

The Board reviewed the performance of the Strategic Income Fund for the three months, one-year, three-year, five-year, ten-year and since inception periods. The Trustees recalled their 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.

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 also compared the sub-advisory fee paid by the Adviser to DoubleLine against the fees that DoubleLine 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 Sub-Advisory Agreement, DoubleLine would, subject to the supervision of the Board, provide to the Strategic Income Fund such investment advice as DoubleLine, 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 DoubleLine’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 DoubleLine, the Board reviewed DoubleLine’s financial condition. The Board, including the Independent Trustees, determined that the DoubleLine Sub-Advisory 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.

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

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

March 31, 2023 (Unaudited)

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

Consideration of the Sub-Advisory Agreement with Oaktree Capital Management, L.P. with respect to the High Income Fund

At the Meeting, the Board, including the Independent Trustees, also considered the renewal of the sub-advisory agreement (the “Oaktree Sub-Advisory Agreement”) between the Adviser and Oaktree related to the High Income Fund.

The Board received materials compiled by Oaktree and the Adviser, provided in support of the proposed renewal of the Oaktree Sub-Advisory Agreement (“Renewal Materials”). The Board considered the renewal of the Oaktree Sub-Advisory Agreement, noting that the Renewal Materials contained information compiled by Oaktree and the Adviser, including a copy of the Oaktree Sub-Advisory Agreement, Oaktree’s response to a questionnaire regarding its profitability, management and operations, a copy of Oaktree’s Form ADV and information regarding the performance of the Fund. The Board considered the following factors, among others, in reaching its determination to renew the Oaktree Sub-Advisory Agreement: (i) the investment performance of the High Income Fund and the investment performance of Oaktree, (ii) the nature, extent and quality of the services provided by Oaktree to the High 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 Oaktree and any of its affiliates from the relationship with the High Income Fund, (v) the extent to which economies of scale will be realized by the High Income Fund as it grows, and (vi) whether the fee levels of the High 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 Oaktree Sub-Advisory 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 Oaktree Sub-Advisory 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 Oaktree Sub-Advisory Agreement.

The Board reviewed the performance of the High Income Fund for the three months, one-year, three-year, five-year and since inception periods. The Trustees recalled their deliberations regarding the High 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 High Income Fund managed by Oaktree relative to other accounts managed by Oaktree. The Board, including the Independent Trustees, concluded that the performance was in line with expectations for the Oaktree strategy.

Semi-Annual Report | March 31, 2023 147

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

March 31, 2023 (Unaudited)

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

As to the nature, extent and quality of the services to be provided by Oaktree, the Board considered that under the terms of the Oaktree Sub-Advisory Agreement, Oaktree would, subject to the supervision of the Board, provide to the High Income Fund such investment advice as Oaktree, 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 Oaktree, which provided details regarding the experience of Oaktree’s investment personnel. Oaktree also provided additional information regarding its operations and experience managing other investment accounts. The Board noted that RiverNorth was satisfied with Oaktree’s work with the High Income Fund. Based on the foregoing information, the Board, including the Independent Trustees, concluded that Oaktree had provided quality services and could be expected to continue to do so for the High Income Fund.

As to the cost of the services to be provided and to the profits to be realized by Oaktree, the Board reviewed Oaktree’s financial condition. The Board, including the Independent Trustees determined that the Oaktree Sub-Advisory Agreement and the compensation to Oaktree was reasonable and the financial condition of Oaktree was adequate. The Board noted that Oaktree 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 High Income Fund to continue the Oaktree Sub-Advisory Agreement between the Adviser and Oaktree for an additional one-year period.

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

RiverNorth Funds 

RiverNorth Core Opportunity Fund

RiverNorth/DoubleLine Strategic Income Fund

RiverNorth/Oaktree High Income Fund

Board of Trustees

Patrick W. Galley, CFA, Chairman

Jerry R. Raio

David M. Swanson

John K. Carter

J. Wayne Hutchens

Investment Adviser

RiverNorth Capital Management, LLC

Sub Advisers

DoubleLine Capital LP

Oaktree Fund Advisors, LLC

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.

(b) Not applicable.

Item 2. Code of Ethics.

Not applicable to semi-annual report.

Item 3. Audit Committee Financial Expert.

Not applicable to semi-annual report.

Item 4. Principal Accountant Fees and Services.

Not applicable to semi-annual report.

Item 5. Audit Committee of Listed Registrants.

Not applicable – applies to listed companies only

Item 6. Investments.

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

(b) Not applicable to the Registrant.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not Applicable – applies to closed-end funds only.

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

Not Applicable – applies to closed-end funds only.

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

Not Applicable – applies to closed-end funds only.

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

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

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

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

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

Not applicable – applies to closed-end funds only.

Item 13. Exhibits.

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

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

(a)(3) Not applicable.

(a)(4) Not applicable.

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

SIGNATURES

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

Registrant: RiverNorth Funds

By:	/s/ Patrick W. Galley
Name:	Patrick W. Galley
Title:	President
Date:	June 8, 2023

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
Date:	June 8, 2023

By:	/s/ Jonathan M. Mohrhardt
Name:	Jonathan M. Mohrhardt
Title:	Treasurer and Chief Financial Officer
Date:	June 8, 2023