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: 03/31/2024

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	67
Statement of Assets and Liabilities
RiverNorth Core Opportunity Fund	83
RiverNorth/DoubleLine Strategic Income Fund	84
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	140
Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements	141

RiverNorth Funds Portfolio Update

March 31, 2024 (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, 2024.

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, 2024 (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 Transition 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. The U.S. Federal Reserve publishes Secured Overnight Financing Rate (“SOFR”) data that has replaced U.S. dollar LIBOR in certain financial contracts. SOFR, which has been used increasingly on a voluntary basis in new instruments and transactions, is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s history or otherwise. Levels of SOFR in the future, including following the discontinuation of LIBOR, may bear little or no relation to historical levels of SOFR, LIBOR or other rates. 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, 2024 3

RiverNorth Funds Portfolio Update

March 31, 2024 (Unaudited)

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

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

RiverNorth Funds Portfolio Update

March 31, 2024 (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, 2024.

Strategy (“Sleeve”) Allocation

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

Semi-Annual Report | March 31, 2024 5

RiverNorth Funds Portfolio Update

March 31, 2024 (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 Transition 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. The U.S. Federal Reserve publishes Secured Overnight Financing Rate (“SOFR”) data that has replaced U.S. dollar LIBOR in certain financial contracts. SOFR, which has been used increasingly on a voluntary basis in new instruments and transactions, is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s history or otherwise. Levels of SOFR in the future, including following the discontinuation of LIBOR, may bear little or no relation to historical levels of SOFR, LIBOR or other rates. 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, 2024 (Unaudited)

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

Semi-Annual Report | March 31, 2024 7

RiverNorth Funds Portfolio Update

March 31, 2024 (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, 2024.

Strategy Allocation

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

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

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

RiverNorth Funds Portfolio Update

March 31, 2024 (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 Transition 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. The U.S. Federal Reserve publishes Secured Overnight Financing Rate (“SOFR”) data that has replaced U.S. dollar LIBOR in certain financial contracts. SOFR, which has been used increasingly on a voluntary basis in new instruments and transactions, is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR’s history or otherwise. Levels of SOFR in the future, including following the discontinuation of LIBOR, may bear little or no relation to historical levels of SOFR, LIBOR or other rates. 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, 2024 9

RiverNorth Funds Portfolio Update

March 31, 2024 (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.

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

RiverNorth Funds Disclosure of Fund Expenses

March 31, 2024 (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, 2023, and held for the six months ended March 31, 2024.

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, 2024 11

RiverNorth Funds Disclosure of Fund Expenses

March 31, 2024 (Unaudited)

	Beginning  Account Value  10/01/2023	Ending  Account Value  03/31/2024	Expense  Ratio(a)	Expenses  Paid During  Period(b)
RiverNorth Core Opportunity Fund
Class I Shares
Actual	$1,000.00	$1,169.40	1.62%	$8.79
Hypothetical (5% return before expenses)	$1,000.00	$1,016.90	1.62%	$8.17
Class R Shares
Actual	$1,000.00	$1,167.70	1.87%	$10.13
Hypothetical (5% return before expenses)	$1,000.00	$1,015.65	1.87%	$9.42
RiverNorth/DoubleLine Strategic Income Fund
Class I Shares
Actual	$1,000.00	$1,097.10	0.93%	$4.88
Hypothetical (5% return before expenses)	$1,000.00	$1,020.35	0.93%	$4.70
Class R Shares
Actual	$1,000.00	$1,095.50	1.18%	$6.18
Hypothetical (5% return before expenses)	$1,000.00	$1,019.10	1.18%	$5.96
RiverNorth/Oaktree High Income Fund Class I Shares
Actual	$1,000.00	$1,076.50	1.35%	$7.01
Hypothetical (5% return before expenses)	$1,000.00	$1,018.25	1.35%	$6.81
Class R Shares
Actual	$1,000.00	$1,076.40	1.60%	$8.31
Hypothetical (5% return before expenses)	$1,000.00	$1,017.00	1.60%	$8.07

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

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

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RiverNorth Core Opportunity Fund Schedule of Investments

March 31, 2024 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 82.36%
	179,087	AllianzGI Convertible & Income 2024 Target Term Fund	$	1,576,861
	259,795	BlackRock Capital Allocation Term Trust		4,328,185
	282,861	BlackRock ESG Capital Allocation Term Trust		4,910,467
	29,722	BlackRock Health Sciences Term Trust		487,144
	38,289	BlackRock MuniHoldings New York Quality Fund, Inc.		405,480
	46,272	BlackRock MuniYield New York Quality Fund, Inc.		486,781
	66,656	BlackRock Science and Technology Term Trust		1,293,126
	73,949	Blackstone/GSO Senior Floating Rate Term Fund		1,059,689
	6,934	BrandywineGLOBAL - Global Income Opportunities Fund, Inc.		58,800
	64,751	Calamos Long/Short Equity & Dynamic Income Trust		999,108
	186,260	Clough Global Equity Fund		1,212,553
	142,496	Clough Global Opportunities Fund		723,880
	127,622	First Trust High Yield Opportunities 2027 Term Fund		1,855,624
	242,804	First Trust New Opportunities MLP & Energy Fund		1,859,879
	50,520	Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc.		426,389
	40,806	Nuveen AMT-Free Municipal Credit Income Fund		495,793
	86,410	Nuveen AMT-Free Quality Municipal Income Fund		956,559
	184,424	Nuveen Municipal Value Fund, Inc.		1,606,333
	25,938	Nuveen Preferred & Income Term Fund		499,047
	109,303	Nuveen Variable Rate Preferred & Income Fund		1,957,617
	97,571	Pershing Square Holdings Ltd.		5,034,664
	62,956	PIMCO Access Income Fund		990,298
	24,133	PIMCO Dynamic Income Fund		465,525
	400,000	Saba Capital Income & Opportunities Fund II		1,528,000
	85,475	Special Opportunities Fund, Inc.		1,080,404
	108,862	Western Asset High Income Fund II, Inc.		486,613
	127,767	Western Asset High Income Opportunity Fund, Inc.		498,291
	191,185	Western Asset Inflation-Linked Opportunities & Income Fund		1,649,926
TOTAL CLOSED-END FUNDS
(Cost $35,233,464)				38,933,036
EXCHANGE TRADED FUNDS - 7.32%
	40,562	Blackrock Flexible Income ETF		2,127,883
	68,427	Invesco FTSE RAFI Emerging Markets ETF		1,331,589
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,313,333)				3,459,472

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 13

RiverNorth Core Opportunity Fund Schedule of Investments

March 31, 2024 (Unaudited)

Shares/Description		Value
PREFERRED STOCKS - 0.79%
15,162	XAI Octagon Floating Rate Alternative Income Trust, Series 2026, 6.500%, 03/31/2026	$	376,776
TOTAL PREFERRED STOCKS
(Cost $378,879)			376,776

Principal Amount/Description		Rate			Maturity		Value
U.S. CORPORATE BONDS - 3.29%
Investment Companies - 2.83%
150,000	Blackstone Private Credit Fund		3.25	%		03/15/2027		138,490
495,561	Blue Owl Capital Corp.		3.40	%		07/15/2026		467,055
249,936	Blue Owl Credit Income Corp.		4.70	%		02/08/2027		237,244
500,000	Blue Owl Technology Finance Corp.(a)		6.75	%		06/30/2025		496,440
								1,339,229
Private Equity - 0.46%
237,712	Hercules Capital, Inc.		2.63	%		09/16/2026		216,113
TOTAL U.S. CORPORATE BONDS
(Cost $1,508,619)								1,555,342
U.S. GOVERNMENT BONDS AND NOTES - 2.10%
1,000,000	U.S. Treasury Notes		4.25	%		12/31/2024		993,132
TOTAL U.S. GOVERNMENT BONDS AND NOTES
(Cost $998,428)								993,132

Shares/Description			Value
Warrants - 0.01%
	12,899	AGBA Group Holding, Ltd., Strike Price 11.50, Expires 05/10/2024(b)		201
	8,168	Churchill Capital Corp. VII, Strike Price 11.50, Expires 02/29/2028(b)		2,614
	10,113	Jaws Mustang Acquisition Corp., Strike Price 11.50, Expires 01/30/2026(b)		2,174
TOTAL WARRANTS
(Cost $25,782)				4,989

See Notes to Financial Statements.

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

RiverNorth Core Opportunity Fund Schedule of Investments

March 31, 2024 (Unaudited)

Shares/Description	Value
Short-Term Investments - 3.89%
Money Market Fund - 3.89%
1,838,041 State Street Institutional Trust (7 Day Yield 5.25%)	$	1,838,041
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,838,041)		1,838,041
TOTAL INVESTMENTS - 99.76%
(Cost $43,296,546)	$	47,160,788
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.24%		111,935
NET ASSETS - 100.00%	$	47,272,723

^(a) 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 $496,440, which represents approximately 1.05% of net assets as of March 31, 2024.

^(b) Non-income producing security.

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 15

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 20.15%
	768,007	Allspring Income Opportunities	$	5,099,566
	383,908	Barings Global Short Duration High Yield Fund		5,489,884
	161,620	BlackRock MuniHoldings New York Quality Fund, Inc.		1,711,556
	195,559	BlackRock MuniYield New York Quality Fund, Inc.		2,057,281
	293,653	Blackstone Long-Short Credit Income Fund		3,614,868
	914,876	Blackstone Strategic Credit 2027 Term Fund		10,887,024
	159,006	Blackstone/GSO Senior Floating Rate Term Fund		2,278,556
	581,087	BNY Mellon Strategic Municipals, Inc.		3,544,631
	479,710	BrandywineGLOBAL - Global Income Opportunities Fund, Inc.		4,067,941
	695,542	First Trust High Yield Opportunities 2027 Term Fund		10,113,181
	166,170	Invesco Dynamic Credit Opportunity Fund		1,842,824
	200,000	John Hancock Investors Trust		2,638,000
	130,831	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		621,447
	1,173,103	Nuveen AMT-Free Municipal Credit Income Fund		14,253,201
	1,645,260	Nuveen AMT-Free Quality Municipal Income Fund		18,213,028
	725,930	Nuveen California Quality Municipal Income Fund		7,999,749
	311,508	Nuveen Core Plus Impact Fund		3,224,108
	189,030	Nuveen Floating Rate Income Fund		1,650,232
	121,735	Nuveen Municipal Credit Income Fund		1,490,036
	713,073	Nuveen Municipal Value Fund, Inc.		6,210,866
	4,188,520	Nuveen Preferred Income Opportunities Fund		30,115,460
	897,485	Nuveen Quality Municipal Income Fund		10,285,178
	130,162	Nuveen Variable Rate Preferred & Income Fund		2,331,201
	525,911	PGIM Global High Yield Fund, Inc.		6,289,896
	75,611	PGIM High Yield Bond Fund, Inc.		982,187
	637,678	PGIM Short Duration High Yield Opportunities Fund		9,807,488
	221,347	PIMCO Access Income Fund		3,481,788
	640,907	PIMCO Dynamic Income Fund		12,363,096
	3,132,640	PIMCO High Income Fund		15,475,242
	1,479,932	PIMCO Income Strategy Fund II		11,040,293
	189,789	Saba Capital Income & Opportunities Fund II		724,994
	1,611,246	Western Asset Emerging Markets Debt Fund, Inc.		15,484,074
	3,150,131	Western Asset High Income Opportunity Fund, Inc.		12,285,511
	1,691,916	Western Asset Inflation-Linked Opportunities & Income Fund		14,601,235
TOTAL CLOSED-END FUNDS
(Cost $258,052,667)				252,275,622
BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES - 0.37%
	46,046	Oxford Square Capital Corp., 6.250%, 04/30/2026		1,118,918

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Shares/Description			Value
	3,750,000	PennantPark Floating Rate Capital, Ltd., 4.250%, 04/01/2026	$	3,539,381
TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES
(Cost $4,857,772)				4,658,299
COMMON STOCKS - 0.02%
	10,651	Intelsat SA/Luxembourg(a)		282,252
	259,482	Pershing Square Tontine Holdings(a)(b)(c)		0
	11,202	Riverbed Tech Class B-1 Partnership Units(a)		1,456
TOTAL COMMON STOCKS
(Cost $361,352)				283,708
OPEN-END FUNDS - 2.80%
	3,989,805	RiverNorth/Oaktree High Income Fund, Class I(d)		35,086,342
TOTAL OPEN-END FUNDS
(Cost $38,158,745)				35,086,342
PREFERRED STOCKS - 1.11%
	246,313	Crescent Capital BDC, Inc., 5.000%, 05/25/2026		5,899,196
	341,265	Virtus AllianzGI Diversified Income & Convertible Fund, 5.625%, 03/08/2024(e)		7,944,649
TOTAL PREFERRED STOCKS
(Cost $14,555,923)				13,843,845

Principal Amount/Description			Rate	Maturity	Value
FOREIGN CORPORATE BONDS - 4.34%
Argentina - 0.04%
$	700,000	YPF SA	7.00%	12/15/2047		517,392
Australia - 0.36%
	1,000,000	APA Infrastructure, Ltd.(f)	4.25%	07/15/2027		980,467
	395,000	Australia & New Zealand Banking Group, Ltd.(f)(g)	5Y US TI + 1.70%	11/25/2035		324,162
	505,000	BHP Billiton Finance USA, Ltd.	5.25%	09/08/2030		513,813
	265,000	Commonwealth Bank of Australia(f)	4.32%	01/10/2048		216,088
	700,000	Macquarie Group, Ltd.(f)(g)	1D US SOFR + 1.53%	01/14/2033		583,023
	475,000	National Australia Bank, Ltd.(f)	2.99%	05/21/2031		400,637
	340,000	NBN Co., Ltd.(f)	1.45%	05/05/2026		314,837

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 17

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	500,000	Sydney Airport Finance Co. Pty, Ltd.(f)	3.38%	04/30/2025	$	488,043
	500,000	Sydney Airport Finance Co. Pty, Ltd.(f)	3.63%	04/28/2026		482,226
	310,000	Westpac Banking Corp.(g)	5Y US TI + 1.53%	11/18/2036		254,940
						4,558,236
Brazil - 0.22%
	200,000	Banco do Brasil SA(e)	6.25%	Perpetual Maturity		201,120
	200,000	Banco do Estado do Rio Grande do Sul SA(g)(h)	5Y US TI + 4.928%	01/28/2031		193,428
	1,100,000	BRF SA	5.75%	09/21/2050		875,728
	200,000	CSN Resources SA(h)	5.88%	04/08/2032		175,114
	856,790	Guara Norte Sarl	5.20%	06/15/2034		782,395
	200,000	Nexa Resources SA(h)	5.38%	05/04/2027		195,408
	66,103	Oi SA(f)(i)	12.50% (5.50%)	12/15/2024		65,773
	713	Oi SA(f)(i)	12.50% (5.50%)	12/15/2024		709
	950,000	Oi SA(j)	10.00% (4.00%)	07/27/2025		16,625
	700,000	Unigel Luxembourg SA(h)(j)	8.75%	10/01/2026		218,191
						2,724,491
British Virgin Islands - 0.03%
	350,000	TSMC Global, Ltd.(f)	1.25%	04/23/2026		324,158
Canada - 0.46%
	13,000	1375209 BC, Ltd.(f)	9.00%	01/30/2028		12,754
	400,000	Aris Mining Corp.(h)	6.88%	08/09/2026		360,932
	400,000	Aris Mining Corp.(h)	6.88%	08/09/2026		360,932
	420,000	Bank of Montreal(g)	3.80%	12/15/2032		392,020
	520,000	Bank of Nova Scotia(g)	5Y US TI + 2.05%	05/04/2037		471,789
	170,000	Bausch + Lomb Corp.(f)	8.38%	10/01/2028		176,105
	50,000	Bausch Health Cos., Inc.(f)	6.13%	02/01/2027		31,202
	4,000	Bausch Health Cos., Inc.(f)	14.00%	10/15/2030		2,321
	95,000	Bombardier, Inc.(f)	8.75%	11/15/2030		101,558
	1,000,000	Canacol Energy, Ltd.(h)	5.75%	11/24/2028		443,369
	210,000	CCL Industries, Inc.(f)	3.05%	06/01/2030		182,314
	225,000	CI Financial Corp.	4.10%	06/15/2051		140,727
	255,000	Element Fleet Management Corp.(f)	6.32%	12/04/2028		263,521
	150,000	Garda World Security Corp.(f)	6.00%	06/01/2029		134,437
	55,000	GFL Environmental, Inc.(f)	6.75%	01/15/2031		56,433
	600,000	Gran Tierra Energy, Inc.(f)	9.50%	10/15/2029		561,146
	370,000	Husky Injection Molding Systems, Ltd. / Titan Co.- Borrower LLC(f)	9.00%	02/15/2029		383,086
	300,000	IAMGOLD Corp.(h)	5.75%	10/15/2028		275,620

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	245,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.(f)	7.00%	12/31/2027	$	243,583
	140,000	Mattamy Group Corp.(f)	4.63%	03/01/2030		127,396
	105,000	Parkland Corp.(f)	4.50%	10/01/2029		97,211
	130,000	Royal Bank of Canada	5.15%	02/01/2034		130,185
	100,000	Superior Plus LP / Superior General Partner, Inc.(f)	4.50%	03/15/2029		92,539
	750,000	TransCanada PipeLines, Ltd.	4.63%	03/01/2034		708,507
						5,749,687
Cayman Islands - 0.21%
	900,000	Alpha Holding Escrow Shares(b)(c)(e)		Perpetual Maturity		0
	900,000	Alpha Holding Escrow Shares(b)(c)(e)		Perpetual Maturity		0
	200,000	Banco Mercantil del Norte SA/Grand Cayman(e)(f)(g)	10Y US TI + 5.03%	Perpetual Maturity		182,875
	200,000	Banco Mercantil del Norte SA/Grand Cayman(e)(f)(g)	7.50%	12/31/9999		199,641
	500,000	Banco Mercantil del Norte SA/Grand Cayman(e)(g)(h)	10Y US TI + 5.03%	Perpetual Maturity		457,188
	200,000	Banco Mercantil del Norte SA/Grand Cayman(e)(g)(h)	7.63%	12/31/9999		200,341
	130,161	Bioceanico Sovereign Certificate, Ltd.(h)(k)	0.00%	06/05/2034		95,689
	200,000	Cosan Overseas, Ltd.(e)	8.25%	Perpetual Maturity		204,875
	172,473	Global Aircraft Leasing Co., Ltd.(f)(i)	6.50% (7.25%)	09/15/2024		164,222
	162,610	Interoceanica IV Finance, Ltd.(k)	0.00%	11/30/2025		153,463
	200,000	Itau Unibanco Holding SA Island(e)(g)(h)	5Y US TI + 4.63%	Perpetual Maturity		188,327
	200,000	Itau Unibanco Holding SA Island(e)(g)(h)	5Y US TI + 3.22%	12/31/9999		188,328
	131,027	Lima Metro Line 2 Finance, Ltd.(f)	5.88%	07/05/2034		130,089
	87,351	Lima Metro Line 2 Finance, Ltd.(h)	5.88%	07/05/2034		86,726
	346,667	Rutas 2 & 7 Finance, Ltd.(h)(k)	0.00%	09/30/2036		236,719
	114,750	Transocean Poseidon, Ltd.(f)	6.88%	02/01/2027		114,957
						2,603,440
Chile - 0.23%
	300,000	Agrosuper SA(h)	4.60%	01/20/2032		259,375
	700,000	CAP SA(h)	3.90%	04/27/2031		550,315
	198,056	Chile Electricity PEC SpA(k)	0.00%	01/25/2028		155,771
	900,000	Empresa de Transporte de Pasajeros Metro SA(f)	5.00%	01/25/2047		784,502
	420,680	GNL Quintero SA(h)	4.63%	07/31/2029		411,836

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 19

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	750,000	Transelec SA(h)	3.88%	01/12/2029	$	709,866
						2,871,665
China - 0.00%(l)
	400,000	Ronshine China Holdings, Ltd.(j)	7.35%	12/15/2023		6,080
	600,000	Ronshine China Holdings, Ltd.(j)	6.75%	08/05/2024		11,100
						17,180
Colombia - 0.38%
	450,000	Banco Davivienda SA(e)(f)(g)	10Y US TI + 5.10%	Perpetual Maturity		316,687
	750,000	Banco Davivienda SA(e)(g)(h)	10Y US TI + 5.10%	12/31/9999		527,813
	650,000	Banco GNB Sudameris SA(f)(g)	5Y US TI + 6.66%	04/16/2031		566,852
	100,000	Banco GNB Sudameris SA(g)(h)	5Y US TI + 4.56%	04/03/2027		99,981
	200,000	Banco GNB Sudameris SA(g)(h)	5Y US TI + 6.66%	04/16/2031		174,416
	200,000	Bancolombia SA(g)	4.63%	12/18/2029		195,083
	850,000	Ecopetrol SA	5.88%	05/28/2045		635,296
	1,020,000	Ecopetrol SA	5.88%	11/02/2051		734,912
	200,000	Empresas Publicas de Medellin ESP(h)	4.25%	07/18/2029		173,825
	950,000	Empresas Publicas de Medellin ESP(h)	4.38%	02/15/2031		794,563
	515,580	Fideicomiso PA Pacifico Tres(h)	8.25%	01/15/2035		490,163
						4,709,591
France - 0.05%
	340,000	BPCE SA(f)	1.00%	01/20/2026		315,296
	265,000	Credit Agricole SA(f)(g)	1D US SOFR + 1.69%	01/10/2030		264,326
						579,622
Great Britain - 0.17%
	655,000	HSBC Holdings PLC(g)	3M SOFR + 1.64%	09/12/2026		662,016
	50,000	Macquarie Airfinance Holdings, Ltd.(f)	6.40%	03/26/2029		50,828
	50,000	Macquarie Airfinance Holdings, Ltd.(f)	6.50%	03/26/2031		50,930
	400,000	MARB BondCo PLC(h)	3.95%	01/29/2031		330,114
	335,000	NatWest Markets PLC(f)	0.80%	08/12/2024		329,127
	444,000	Tullow Oil PLC(f)	10.25%	05/15/2026		422,643
	280,000	Weir Group PLC(f)	2.20%	05/13/2026		259,988
						2,105,646
Guatemala - 0.02%
	150,000	Banco Industrial SA/Guatemala(g)(h)	5Y US TI + 4.44%	01/29/2031		143,811
	200,000	CT Trust(h)	5.13%	02/03/2032		177,453
						321,264
India - 0.26%
	400,000	Adani Electricity Mumbai, Ltd.(h)	3.87%	07/22/2031		329,609

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	532,500	Adani International Container Terminal Pvt, Ltd.(h)	3.00%	02/16/2031	$	454,337
	200,000	Adani Ports & Special Economic Zone, Ltd.(h)	4.38%	07/03/2029		178,510
	500,000	Adani Ports & Special Economic Zone, Ltd.	3.10%	02/02/2031		398,628
	1,000,000	Adani Ports & Special Economic Zone, Ltd.(h)	5.00%	08/02/2041		800,397
	200,000	Network i2i, Ltd.(e)(g)(h)	5Y US TI + 4.274%	12/31/9999		198,827
	1,081,000	Vedanta Resources, Ltd.	13.88%	12/09/2028		947,049
						3,307,357
Indonesia - 0.06%
	200,000	Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT(h)	5.45%	05/15/2030		197,777
	595,000	Kawasan Industri Jababeka Tbk PT(f)(m)	7.50%	12/15/2027		550,883
						748,660
Ireland - 0.10%
	190,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	5.10%	01/19/2029		188,976
	340,000	AIB Group PLC(f)(g)	1D US SOFR + 1.91%	03/28/2035		341,089
	370,000	Avolon Holdings Funding, Ltd.(f)	5.75%	03/01/2029		368,466
	100,000	GGAM Finance, Ltd.(f)	6.88%	04/15/2029		100,625
	280,000	Smurfit Kappa Treasury ULC(f)	5.20%	01/15/2030		279,757
						1,278,913
Isle Of Man - 0.02%
	200,000	Gold Fields Orogen Holdings BVI, Ltd.(h)	5.13%	05/15/2024		199,376
Israel - 0.07%
	900,000	Israel Electric Corp., Ltd.(f)	5.00%	11/12/2024		895,925
Jamaica - 0.00%(l)
	7,736	Digicel Group Holdings, Ltd.(f)(k)	0.00%	12/31/2030		7,143
	38,775	Digicel Group Holdings, Ltd.(f)(k)	0.00%	12/31/2030		5,991
	996	Digicel Group Holdings, Ltd.(f)(k)	0.00%	12/31/2030		805
	97,752	Digicel Group Holdings, Ltd.(f)(k)	0.00%	12/31/2030		1,122
						15,061
Japan - 0.04%
	510,000	Renesas Electronics Corp.(f)	2.17%	11/25/2026		466,799
Luxembourg - 0.20%
	484,850	Acu Petroleo Luxembourg Sarl(h)	7.50%	01/13/2032		472,264

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 21

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	760,601	MC Brazil Downstream Trading SARL(h)	7.25%	06/30/2031	$	689,084
	180,000	Millicom International Cellular SA(h)	6.63%	10/15/2026		179,335
	270,000	Millicom International Cellular SA(h)	6.25%	03/25/2029		263,862
	200,000	Millicom International Cellular SA	4.50%	04/27/2031		171,607
	600,000	Simpar Europe SA(h)	5.20%	01/26/2031		524,992
	180,934	Tierra Mojada Luxembourg II Sarl	5.75%	12/01/2040		166,380
						2,467,524
Mauritius - 0.04%
	800,000	UPL Corp., Ltd.(e)(g)	5Y US TI + 3.87%	12/31/9999		547,416
Mexico - 0.25%
	659,912	Alpha Holding SA de CV(f)(j)	9.00%	02/10/2025		9,899
	188,546	Alpha Holding SA de CV	9.00%	02/10/2025		2,828
	250,000	BBVA Bancomer SA(g)(h)	5.13%	01/18/2033		232,497
	800,000	Braskem Idesa SAPI(f)	6.99%	02/20/2032		621,528
	200,000	Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy(f)	7.88%	02/15/2039		216,663
	200,000	Cemex SAB de CV(e)(g)(h)	5Y US TI + 4.53%	12/31/9999		193,417
	500,000	Credito Real SAB de CV SOFOM ER(h)(j)	9.50%	02/07/2026		69,250
	400,000	KUO SAB De CV(h)	5.75%	07/07/2027		377,394
	600,000	Mexarrend SAPI de CV(f)	10.25%	07/24/2024		126,000
	200,000	Mexarrend SAPI de CV(h)	10.25%	07/24/2024		42,000
	126,425	Mexico Generadora de Energia S de rl	5.50%	12/06/2032		124,559
	700,000	Operadora de Servicios Mega SA de CV Sofom ER(f)	8.25%	02/11/2025		291,375
	750,000	Petroleos Mexicanos	6.38%	01/23/2045		484,094
	500,000	Petroleos Mexicanos	6.75%	09/21/2047		332,890
	1,000,000	Unifin Financiera SAB de CV(e)(h)(j)	8.88%	Perpetual Maturity		5,100
						3,129,494
Morocco - 0.07%
	1,200,000	OCP SA(h)	5.13%	06/23/2051		907,578
Netherlands - 0.31%
	300,000	Braskem Netherlands Finance BV	5Y US TI + 8.22%	01/23/2081		301,091
	800,000	Coruripe Netherlands BV(h)	10.00%	02/10/2027		725,761
	200,000	ING Groep NV(g)	1D US SOFR + 1.44%	03/19/2030		199,583
	200,000	Metinvest BV(h)	7.75%	10/17/2029		140,430

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	1,400,000	Minejesa Capital BV	5.63%	08/10/2037	$	1,274,789
	967,632	MV24 Capital BV(h)	6.75%	06/01/2034		911,225
	265,000	NXP BV / NXP Funding LLC / NXP USA, Inc.	3.88%	06/18/2026		257,324
	50,000	Suzano International Finance BV	4.00%	01/14/2025		49,269
						3,859,472
Panama - 0.12%
	400,000	Aeropuerto Internacional de Tocumen SA	5.13%	08/11/2061		293,479
	900,000	Empresa de Transmision Electrica SA(h)	5.13%	05/02/2049		654,781
	616,298	UEP Penonome II SA(f)	6.50%	10/01/2038		482,253
	176,085	UEP Penonome II SA	6.50%	10/01/2038		137,786
						1,568,299
Paraguay - 0.03%
	300,000	Frigorifico Concepcion SA(f)	7.70%	07/21/2028		263,136
	200,000	Frigorifico Concepcion SA(h)	7.70%	07/21/2028		175,424
						438,560
Peru - 0.25%
	90,000	Banco de Credito del Peru S.A.(g)(h)	5Y US TI + 3.13%	07/01/2030		86,252
	100,000	Banco de Credito del Peru S.A.(g)(h)	5Y US TI + 2.45%	09/30/2031		92,426
	200,000	Banco Internacional del Peru SAA Interbank	1Y US TI + 3.71%	07/08/2030		192,221
	300,000	Camposol SA(f)	6.00%	02/03/2027		231,555
	400,000	Camposol SA(h)	6.00%	02/03/2027		308,741
	400,000	Cia de Minas Buenaventura SAA(h)	5.50%	07/23/2026		386,153
	200,000	Corp Financiera de Desarrollo SA(g)(h)	5.61% - 3M US L	07/15/2029		199,834
	205,000	Inkia Energy, Ltd.(h)	5.88%	11/09/2027		200,786
	50,000	InRetail Shopping Malls	5.75%	04/03/2028		48,821
	200,000	Minsur SA	4.50%	10/28/2031		175,419
	200,000	Orazul Energy Peru SA(h)	5.63%	04/28/2027		189,568
	200,000	Petroleos del Peru SA(h)	4.75%	06/19/2032		158,317
	1,350,000	Petroleos del Peru SA(h)	5.63%	06/19/2047		908,091
						3,178,184
Singapore - 0.15%
	200,000	DBS Group Holdings, Ltd.(g)	5Y US TI + 1.10%	03/10/2031		186,205
	1,083,880	LLPL Capital Pte, Ltd.(h)	6.88%	02/04/2039		1,085,245
	200,000	Oversea-Chinese Banking Corp., Ltd.(g)(h)	5Y US TI + 1.58%	09/10/2030		189,110
	210,000	Pfizer Investment Enterprises Pte, Ltd.	4.75%	05/19/2033		206,870

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 23

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	200,000	United Overseas Bank, Ltd.(g)	5Y US TI + 1.75%	03/16/2031	$	185,718
						1,853,148
Spain - 0.15%
	250,000	AI Candelaria Spain SA(f)	5.75%	06/15/2033		203,090
	1,200,000	AI Candelaria Spain SA(h)	5.75%	06/15/2033		974,831
	800,000	EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA	5.38%	12/30/2030		664,068
						1,841,989
Switzerland - 0.03%
	330,000	UBS Group AG(f)(g)	1Y US TI + 1.52%	02/08/2030		330,594
Vietnam - 0.02%
	230,573	Mong Duong Finance Holdings BV(h)	5.13%	05/07/2029		220,606
TOTAL FOREIGN CORPORATE BONDS
(Cost $62,552,945)						54,337,327
U.S. CORPORATE BONDS - 10.55%
Advertising - 0.00%(l)
	50,000	Clear Channel Outdoor Holdings, Inc.(f)	7.50%	06/01/2029		41,396
Aerospace/Defense - 0.06%
	70,000	AAR Escrow Issuer LLC(f)	6.75%	03/15/2029		70,626
	295,000	Lockheed Martin Corp.	5.20%	02/15/2064		291,937
	265,000	Northrop Grumman Corp.	5.20%	06/01/2054		258,295
	75,000	Spirit AeroSystems, Inc.(f)	9.75%	11/15/2030		83,986
						704,844
Agriculture - 0.04%
	355,000	BAT Capital Corp.	4.54%	08/15/2047		274,333
	265,000	Philip Morris International, Inc.	5.25%	02/13/2034		262,772
						537,105
Airlines - 0.04%
	70,000	American Airlines, Inc.(f)	7.25%	02/15/2028		71,143
	120,000	American Airlines, Inc.(f)	8.50%	05/15/2029		126,850
	130,000	American Airlines, Inc./AAdvantage Loyalty IP, Ltd.(f)	5.75%	04/20/2029		127,887
	145,833	United Airlines 2016-1 Class B Pass Through Trust	3.65%	01/07/2026		139,635
						465,515

See Notes to Financial Statements. 

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Apparel - 0.01%
$	125,000	Tapestry, Inc.	7.05%	11/27/2025	$	127,628
Auto Manufacturers - 0.12%
	120,000	Cummins, Inc.	5.45%	02/20/2054		122,774
	320,000	Ford Motor Co.	3.25%	02/12/2032		266,358
	300,000	General Motors Financial Co., Inc.	2.40%	10/15/2028		265,637
	315,000	General Motors Financial Co., Inc.	3.10%	01/12/2032		266,937
	530,000	Hyundai Capital America(f)	5.30%	01/08/2029		530,936
						1,452,642
Banks - 0.44%
	175,000	Bank of America Corp.(g)	1D US SOFR + 1.11%	04/25/2025		174,762
	180,000	Bank of America Corp.(g)	1D US SOFR + 1.75%	07/22/2026		178,442
	205,000	Bank of America Corp.(g)	1D US SOFR + 1.21%	10/20/2032		170,142
	210,000	Bank of America Corp.(g)	1D US SOFR + 1.65%	01/23/2035		211,448
	590,000	Bank of America Corp.(g)	5Y US TI + 2.48%	09/21/2036		472,225
	200,000	BBVA Bancomer SA	5Y US TI + 4.308%	09/13/2034		189,398
	120,000	Citigroup, Inc.(g)	1D US SOFR + 0.69%	01/25/2026		116,372
	120,000	Citigroup, Inc.(g)	1D US SOFR + 1.28%	02/24/2028		112,903
	590,000	Goldman Sachs Group, Inc.(g)	3M SOFR + 1.43%	05/15/2026		595,342
	175,000	Goldman Sachs Group, Inc.(g)	1D US SOFR + 0.82%	09/10/2027		175,164
	165,000	JPMorgan Chase & Co.(g)	1D US SOFR + 0.92%	02/24/2026		160,773
	85,000	JPMorgan Chase & Co.(g)	1D US SOFR + 1.99%	07/25/2028		84,311
	240,000	JPMorgan Chase & Co.(g)	1D SOFR + 1.02%	06/01/2029		212,964
	345,000	JPMorgan Chase & Co.(g)	1D US SOFR + 2.04%	04/22/2031		298,293
	290,000	JPMorgan Chase & Co.(g)	3M SOFR + 1.25%	04/22/2032		245,263
	290,000	JPMorgan Chase & Co.(g)	1D US SOFR + 1.26%	01/25/2033		247,694
	205,000	Morgan Stanley(g)	1D US SOFR + 1.67%	07/17/2026		202,864
	215,000	Morgan Stanley(g)	1D US SOFR + 1.61%	04/20/2028		208,998
	95,000	Morgan Stanley(g)	1D US SOFR + 1.29%	01/21/2033		80,770

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 25

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	585,000	Morgan Stanley(g)	1D SOFR + 2.48%	09/16/2036	$	462,931
	275,000	Wells Fargo & Co.(g)	1D US SOFR + 1.98%	07/25/2028		271,045
	270,000	Wells Fargo & Co.(g)	1D US SOFR + 1.43%	10/30/2030		238,767
	370,000	Wells Fargo & Co.(g)	1D US SOFR + 2.06%	10/23/2034		397,027
						5,507,898
Beverages - 0.02%
	260,000	Triton Water Holdings, Inc.(f)	6.25%	04/01/2029		237,060
Biotechnology - 0.05%
	210,000	Amgen, Inc.	5.75%	03/02/2063		214,357
	150,000	Gilead Sciences, Inc.	5.55%	10/15/2053		155,376
	325,000	Royalty Pharma PLC	2.15%	09/02/2031		262,097
						631,830
Building Materials - 0.06%
	130,000	Builders FirstSource, Inc.(f)	6.38%	06/15/2032		132,037
	150,000	Builders FirstSource, Inc.(f)	6.38%	03/01/2034		150,807
	50,000	Carrier Global Corp.	6.20%	03/15/2054		55,098
	120,000	EMRLD Borrower LP / Emerald Co.-Issuer, Inc.(f)	6.63%	12/15/2030		121,301
	130,000	Griffon Corp.	5.75%	03/01/2028		127,407
	25,000	Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC(f)	6.75%	04/01/2032		25,101
	115,000	Standard Industries, Inc.(f)	4.38%	07/15/2030		103,413
						715,164
Chemicals - 0.10%
	170,000	ASP Unifrax Holdings, Inc.(f)	7.50%	09/30/2029		94,426
	285,000	CF Industries, Inc.	5.38%	03/15/2044		268,417
	240,000	Illuminate Buyer LLC / Illuminate Holdings IV, Inc.(f)	9.00%	07/01/2028		237,051
	250,000	Mosaic Co.	5.38%	11/15/2028		253,194
	400,000	Sasol Financing USA LLC	5.50%	03/18/2031		337,326
	75,000	WR Grace Holdings LLC(f)	5.63%	08/15/2029		67,195
						1,257,609
Coal - 0.01%
	110,000	SunCoke Energy, Inc.(f)	4.88%	06/30/2029		99,709
Commercial Services - 0.10%
	295,000	Allied Universal Holdco LLC(f)	7.88%	02/15/2031		299,144
	50,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.(f)	6.63%	07/15/2026		50,009

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	70,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.(f)	9.75%	07/15/2027	$	70,289
	260,000	Global Payments, Inc.	4.95%	08/15/2027		258,070
	105,000	Mavis Tire Express Services Topco Corp.(f)	6.50%	05/15/2029		99,963
	105,000	Triton Container International, Ltd.(f)	1.15%	06/07/2024		104,067
	200,000	Triton Container International, Ltd. / TAL International Container Corp.	3.25%	03/15/2032		162,638
	65,000	VT Topco, Inc.(f)	8.50%	08/15/2030		68,675
	75,000	Wand NewCo 3, Inc.(f)	7.63%	01/30/2032		77,630
	50,000	WASH Multifamily Acquisition, Inc.(f)	5.75%	04/15/2026		48,912
						1,239,397
Computers - 0.08%
	280,000	Fortinet, Inc.	1.00%	03/15/2026		257,766
	205,000	Hewlett Packard Enterprise Co.	5.90%	10/01/2024		205,340
	255,000	Kyndryl Holdings, Inc.	6.35%	02/20/2034		261,882
	270,000	NetApp, Inc.	1.88%	06/22/2025		258,329
						983,317
Containers and Packaging - 0.02%
	270,000	Packaging Corp. of America	3.40%	12/15/2027		256,829
Cosmetics/Personal Care - 0.01%
	130,000	Coty, Inc./HFC Prestige Products Inc/HFC Prestige International US LLC(f)	6.63%	07/15/2030		132,118
Distribution/Wholesale - 0.04%
	180,000	BCPE Empire Holdings, Inc.(f)	7.63%	05/01/2027		175,919
	315,000	Dealer Tire LLC / DT Issuer LLC(f)	8.00%	02/01/2028		313,819
						489,738
Diversified Financial Services - 0.17%
	150,000	Air Lease Corp.	1.88%	08/15/2026		138,340
	510,000	American Express Co.	3.95%	08/01/2025		501,255
	415,000	Aviation Capital Group LLC(f)	1.95%	09/20/2026		379,354
	160,000	BlackRock Funding, Inc.	5.25%	03/14/2054		160,937
	450,000	BlackRock, Inc.	4.75%	05/25/2033		447,837
	140,000	Nationstar Mortgage Holdings, Inc.(f)	5.75%	11/15/2031		129,263
	95,000	Navient Corp.	5.00%	03/15/2027		91,081
	125,000	OneMain Finance Corp.	6.63%	01/15/2028		125,495
	65,000	PennyMac Financial Services, Inc.(f)	4.25%	02/15/2029		59,481

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 27

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	70,000	PennyMac Financial Services, Inc.(f)	7.88%	12/15/2029	$	71,991
						2,105,034
Electric - 0.44%
	55,000	AEP Transmission Co. LLC	5.40%	03/15/2053		54,804
	420,000	DTE Energy Co.	5.10%	03/01/2029		418,498
	95,000	Duke Energy Corp.	4.30%	03/15/2028		92,853
	325,000	Duke Energy Corp.	3.95%	08/15/2047		252,527
	85,000	Duke Energy Corp.	5.00%	08/15/2052		77,023
	130,000	Entergy Corp.	2.80%	06/15/2030		113,707
	265,000	Eversource Energy	5.50%	01/01/2034		265,209
	1,000,000	Exelon Corp.	4.05%	04/15/2030		943,594
	290,000	Georgia Power Co.	2.20%	09/15/2024		285,413
	573,000	Georgia Power Co.	3.25%	03/15/2051		402,761
	230,000	NextEra Energy Capital Holdings, Inc.	4.26%	09/01/2024		228,493
	750,000	NextEra Energy Capital Holdings, Inc.	2.44%	01/15/2032		620,289
	160,000	NextEra Energy Capital Holdings, Inc.	5.55%	03/15/2054		159,078
	160,000	NRG Energy, Inc.(f)	2.00%	12/02/2025		150,252
	150,000	NRG Energy, Inc.(f)	3.63%	02/15/2031		129,595
	320,000	Pacific Gas and Electric Co.	2.50%	02/01/2031		266,344
	240,000	Pacific Gas and Electric Co.	6.75%	01/15/2053		261,785
	135,000	Pike Corp.(f)	5.50%	09/01/2028		129,358
	60,000	Pike Corp.(f)	8.63%	01/31/2031		63,835
	85,000	San Diego Gas & Electric Co.	5.35%	04/01/2053		83,800
	280,000	Southern Co.(g)	5Y US TI + 2.92%	09/15/2051		262,117
	225,000	Southwestern Electric Power Co.	3.25%	11/01/2051		149,524
	85,000	Vistra Operations Co. LLC(f)	7.75%	10/15/2031		89,081
						5,499,940
Electronics - 0.02%
	220,000	Arrow Electronics, Inc.	3.88%	01/12/2028		208,609
Engineering & Construction - 0.01%
	185,000	Jacobs Engineering Group, Inc.	5.90%	03/01/2033		187,434
Engineering&Construction - 0.04%
	240,000	Artera Services LLC(f)	8.50%	02/15/2031		246,233
	210,000	Brand Industrial Services, Inc.(f)	10.38%	08/01/2030		227,622
						473,855
Entertainment - 0.05%
	60,000	Caesars Entertainment, Inc.(f)	6.50%	02/15/2032		60,566
	135,000	Light & Wonder International, Inc.(f)	7.25%	11/15/2029		138,678

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	135,000	Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.(f)	4.88%	05/01/2029	$	125,114
	265,000	Scientific Games Holdings LP/Scientific Games US FinCo, Inc.(f)	6.63%	03/01/2030		256,386
						580,744
Environmental Control - 0.02%
	120,000	Madison IAQ LLC(f)	4.13%	06/30/2028		111,094
	175,000	Veralto Corp.(f)	5.35%	09/18/2028		177,372
						288,466
Food - 0.09%
	140,000	Campbell Soup Co.	5.40%	03/21/2034		141,117
	489,000	Smithfield Foods, Inc.(f)	4.25%	02/01/2027		469,825
	395,000	Sysco Corp.	6.00%	01/17/2034		420,538
	75,000	United Natural Foods, Inc.(f)	6.75%	10/15/2028		62,386
	90,000	US Foods, Inc.(f)	7.25%	01/15/2032		93,778
						1,187,644
Food Service - 0.01%
	105,000	TKC Holdings, Inc.(f)	10.50%	05/15/2029		100,712
Gas - 0.02%
	265,000	NiSource, Inc.	5.35%	04/01/2034		263,666
Hand/Machine Tools - 0.01%
	130,000	Regal Rexnord Corp.(f)	6.05%	02/15/2026		130,740
Healthcare-Products - 0.02%
	165,000	Medline Borrower LP(f)	5.25%	10/01/2029		156,079
	145,000	Zimmer Biomet Holdings, Inc.	5.35%	12/01/2028		147,162
						303,241
Healthcare-Services - 0.22%
	425,000	Centene Corp.	2.50%	03/01/2031		349,938
	90,000	CHS/Community Health Systems, Inc.(f)	6.00%	01/15/2029		78,731
	210,000	Elevance Health, Inc.	2.38%	01/15/2025		204,894
	85,000	Elevance Health, Inc.	4.55%	05/15/2052		74,794
	70,000	Fortrea Holdings, Inc.(f)	7.50%	07/01/2030		72,347
	395,000	HCA, Inc.	5.38%	02/01/2025		393,951
	585,000	HCA, Inc.	5.25%	06/15/2049		534,366
	175,000	IQVIA, Inc.	6.25%	02/01/2029		181,850
	130,000	Legacy LifePoint Health LLC(f)	4.38%	02/15/2027		123,985
	85,000	ModivCare Escrow Issuer, Inc.(f)	5.00%	10/01/2029		61,712
	105,164	Radiology Partners, Inc.(f)(i)	9.78% (9.781%)	02/15/2030		84,788
	100,000	Tenet Healthcare Corp.	6.25%	02/01/2027		100,038

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 29

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	125,000	Tenet Healthcare Corp.	6.13%	06/15/2030	$	124,870
	305,000	UnitedHealth Group, Inc.	5.05%	04/15/2053		296,443
	90,000	UnitedHealth Group, Inc.	4.95%	05/15/2062		84,133
						2,766,840
Home Furnishings - 0.01%
	80,000	Whirlpool Corp.	5.75%	03/01/2034		80,303
Housewares - 0.01%
	160,000	SWF Escrow Issuer Corp.(f)	6.50%	10/01/2029		118,515
Insurance - 0.18%
	95,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer(f)	6.75%	10/15/2027		93,674
	100,000	AmWINS Group, Inc.(f)	4.88%	06/30/2029		93,435
	260,000	Athene Global Funding(f)(g)	SOFRINDX + 0.56%	08/19/2024		260,174
	290,000	Athene Holding, Ltd.	6.25%	04/01/2054		294,664
	215,000	Berkshire Hathaway Finance Corp.	2.85%	10/15/2050		145,275
	110,000	Berkshire Hathaway Finance Corp.	3.85%	03/15/2052		89,031
	95,000	Brighthouse Financial Global Funding(f)	1.00%	04/12/2024		94,871
	130,000	Brighthouse Financial Global Funding(f)	2.00%	06/28/2028		112,266
	90,000	GTCR AP Finance, Inc.(f)	8.00%	05/15/2027		90,362
	60,000	HUB International, Ltd.(f)	7.25%	06/15/2030		61,705
	285,000	Massachusetts Mutual Life Insurance Co.(f)	3.20%	12/01/2061		178,955
	260,000	MetLife, Inc.	5.25%	01/15/2054		256,318
	100,000	Panther Escrow Issuer LLC(f)	7.13%	06/01/2031		101,751
	460,000	Willis North America, Inc.	4.50%	09/15/2028		448,583
						2,321,064
Internet - 0.10%
	130,000	Expedia Group, Inc.	5.00%	02/15/2026		129,305
	245,000	Expedia Group, Inc.	3.80%	02/15/2028		233,146
	118,000	Expedia Group, Inc.	2.95%	03/15/2031		103,071
	275,000	Meta Platforms, Inc.	3.85%	08/15/2032		257,825
	300,000	Meta Platforms, Inc.	4.45%	08/15/2052		266,919
	130,000	Netflix, Inc.	4.88%	04/15/2028		129,858
	135,000	Newfold Digital Holdings Group, Inc.(f)	6.00%	02/15/2029		105,917
						1,226,041
Investment Companies - 5.48%
	265,000	Ares Capital Corp.	3.25%	07/15/2025		256,069
	1,000,000	Blackstone Private Credit Fund	2.35%	11/22/2024		977,388

See Notes to Financial Statements. 

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	8,000,000	Blackstone Private Credit Fund	2.63%	12/15/2026	$	7,303,076
	6,800,000	Blue Owl Capital Corp.	3.75%	07/22/2025		6,599,164
	4,092,439	Blue Owl Capital Corp.	2.88%	06/11/2028		3,619,673
	667,000	Blue Owl Capital Corp. II(f)	4.63%	11/26/2024		660,411
	5,247,000	Blue Owl Capital Corp. III	3.13%	04/13/2027		4,782,662
	6,661,000	Blue Owl Credit Income Corp.	5.50%	03/21/2025		6,616,605
	844	Blue Owl Credit Income Corp.(f)	5.50%	03/21/2025		838
	2,000,000	Blue Owl Credit Income Corp.	4.70%	02/08/2027		1,898,435
	3,482,180	Blue Owl Credit Income Corp.	7.75%	09/16/2027		3,569,530
	2,000,000	Blue Owl Credit Income Corp.(f)	7.95%	06/13/2028		2,076,487
	3,715,000	Blue Owl Technology Finance Corp.(f)	6.75%	06/30/2025		3,688,552
	9,550,000	Blue Owl Technology Finance Corp.(f)	4.75%	12/15/2025		9,186,837
	1,500,000	Franklin BSP Lending Corp.(f)	4.85%	12/15/2024		1,472,357
	2,300,000	Golub Capital BDC, Inc.	2.05%	02/15/2027		2,049,383
	3,312,000	New Mountain Finance Corp.	6.88%	02/01/2029		3,280,104
	8,300,000	Oaktree Specialty Lending Corp.	7.10%	02/15/2029		8,578,435
	1,000,000	Oaktree Strategic Credit Fund(f)	8.40%	11/14/2028		1,061,593
	1,000,000	Sixth Street Specialty Lending, Inc.	3.88%	11/01/2024		987,603
						68,665,202
Leisure Time - 0.12%
	405,000	Carnival Corp.(f)	7.63%	03/01/2026		410,038
	125,000	Carnival Corp.(f)	5.75%	03/01/2027		123,795
	140,000	NCL Corp., Ltd.(f)	5.88%	02/15/2027		138,413
	75,000	Royal Caribbean Cruises, Ltd.(f)	6.25%	03/15/2032		75,645
	125,000	Viking Cruises, Ltd.(f)	5.88%	09/15/2027		122,727
	615,000	Viking Cruises, Ltd.(f)	9.13%	07/15/2031		673,047
						1,543,665
Lodging - 0.06%
	65,000	Full House Resorts, Inc.(f)	8.25%	02/15/2028		62,172
	325,000	Marriott International, Inc.	2.75%	10/15/2033		264,348
	265,000	Marriott International, Inc.	5.30%	05/15/2034		262,205
	125,000	Station Casinos LLC(f)	6.63%	03/15/2032		126,365
						715,090
Machinery-Diversified - 0.02%
	95,000	AGCO Corp.	5.80%	03/21/2034		96,230
	135,000	CNH Industrial Capital LLC	5.10%	04/20/2029		134,677
						230,907
Media - 0.10%
	140,000	CCO Holdings LLC / CCO Holdings Capital Corp.(f)	4.75%	02/01/2032		114,392
	80,000	CCO Holdings LLC / CCO Holdings Capital Corp.(f)	4.25%	01/15/2034		60,458

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 31

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity		Value
$	260,000	Charter Communications Operating LLC / Charter Communications Operating Capital	4.91%		07/23/2025	$	256,906
	150,000	Comcast Corp.	3.95%		10/15/2025		147,543
	195,000	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.(f)	5.88%		08/15/2027		184,599
	75,000	DISH DBS Corp.(f)	5.75%		12/01/2028		51,685
	220,000	McGraw-Hill Education, Inc.(f)	5.75%		08/01/2028		207,663
	85,000	News Corp.(f)	5.13%		02/15/2032		79,909
	70,000	Townsquare Media, Inc.(f)	6.88%		02/01/2026		68,303
	75,000	Univision Communications, Inc.(f)	7.38%		06/30/2030		74,225
							1,245,683
Metal Fabricate/Hardware - 0.01%
	100,000	Advanced Drainage Systems, Inc.(f)	6.38%		06/15/2030		100,610
Mining - 0.08%
	50,000	Freeport-McMoRan, Inc.	4.38%		08/01/2028		48,097
	100,000	Freeport-McMoRan, Inc.	4.63%		08/01/2030		96,156
	250,000	Glencore Funding LLC(f)	1.63%		04/27/2026		231,893
	570,000	Glencore Funding LLC(f)	5.37%		04/04/2029		571,328
	50,000	Southern Copper Corp.	3.88%		04/23/2025		49,037
							996,511
Oil & Gas - 0.30%
	260,000	BP Capital Markets America, Inc.	4.89%		09/11/2033		258,307
	160,000	BP Capital Markets America, Inc.	2.94%		06/04/2051		106,906
	165,000	Callon Petroleum Co.(f)	7.50%		06/15/2030		175,000
	125,000	Chesapeake Energy Corp.(f)	5.88%		02/01/2029		124,083
	85,000	Civitas Resources, Inc.(f)	8.38%		07/01/2028		89,587
	125,000	CNX Resources Corp.(f)	6.00%		01/15/2029		122,506
	260,000	Exxon Mobil Corp.	4.23%		03/19/2040		237,003
	95,000	Hilcorp Energy I LP / Hilcorp Finance Co.(f)	5.75%		02/01/2029		92,618
	25,000	Hilcorp Energy I LP / Hilcorp Finance Co.(f)	8.38%		11/01/2033		27,125
	205,000	Marathon Petroleum Corp.	5.13%		12/15/2026		205,193
	100,000	Matador Resources Co.(f)	6.50%		04/15/2032		100,246
	750,000	NiSource, Inc.	3.60%		05/01/2030		691,261
	245,000	Occidental Petroleum Corp.	6.63%		09/01/2030		259,837
	65,000	Permian Resources Operating LLC(f)	7.00%		01/15/2032		67,476
	610,000	Phillips 66 Co.	5.65%		06/15/2054		619,459
	300,000	SierraCol Energy Andina LLC(h)	6.00%		06/15/2028		263,834

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate		Maturity		Value
$	65,000	Sitio Royalties Operating Partnership LP / Sitio Finance Corp.(f)		7.88%		11/01/2028	$	67,287
	65,000	Southwestern Energy Co.		5.38%		02/01/2029		63,188
	100,000	Sunoco LP / Sunoco Finance Corp.		4.50%		05/15/2029		93,043
	65,000	Transocean, Inc.(f)		8.00%		02/01/2027		64,562
	50,000	Vital Energy, Inc.(f)		7.88%		04/15/2032		50,833
								3,779,354
Oil & Gas Services - 0.02%
	110,000	Halliburton Co.		4.85%		11/15/2035		107,053
	120,000	Kodiak Gas Services LLC(f)		7.25%		02/15/2029		122,310
	50,000	Weatherford International, Ltd.(f)		8.63%		04/30/2030		52,240
								281,603
Packaging & Containers - 0.11%
	215,000	Berry Global, Inc.(f)		4.88%		07/15/2026		210,858
	150,000	Berry Global, Inc.(f)		5.65%		01/15/2034		149,255
	115,000	Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc.(f)		4.38%		10/15/2028		107,403
	390,000	Trident TPI Holdings, Inc.(f)		12.75%		12/31/2028		416,594
	471,000	WRKCo, Inc.		3.75%		03/15/2025		463,072
								1,347,182
Pharmaceuticals - 0.18%
	283,000	AbbVie, Inc.		4.70%		05/14/2045		264,845
	140,000	AbbVie, Inc.		5.50%		03/15/2064		144,096
	65,000	AdaptHealth LLC(f)		5.13%		03/01/2030		56,745
	105,000	Bristol-Myers Squibb Co.		5.50%		02/22/2044		107,523
	420,000	Bristol-Myers Squibb Co.		5.55%		02/22/2054		432,294
	140,000	Cardinal Health, Inc.		5.13%		02/15/2029		140,334
	260,000	CVS Health Corp.		5.30%		06/01/2033		260,720
	395,000	CVS Health Corp.		5.88%		06/01/2053		402,117
	185,000	Merck & Co., Inc.		4.50%		05/17/2033		181,002
	95,000	Owens & Minor, Inc.(f)		6.63%		04/01/2030		94,369
	165,000	Viatris, Inc.		1.65%		06/22/2025		156,955
								2,241,000
Pipelines - 0.32%
	73,000	Antero Midstream Partners LP / Antero Midstream Finance Corp.(f)		5.75%		03/01/2027		72,134
	265,000	Cheniere Energy, Inc.		4.63%		10/15/2028		257,021
	260,000	Energy Transfer LP		4.75%		01/15/2026		257,411
	1,000,000	Energy Transfer LP		3.90%		07/15/2026		970,124
	155,000	Energy Transfer LP		4.40%		03/15/2027		151,743
	310,000	Energy Transfer LP		5.00%		05/15/2044		274,397
	100,000	EQM Midstream Partners LP(f)		4.75%		01/15/2031		93,088

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 33

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate		Maturity		Value
$	433,000	Kinder Morgan Energy Partners LP		6.95%		01/15/2038	$	474,262
	95,000	NGL Energy Operating LLC / NGL Energy Finance Corp.(f)		8.13%		02/15/2029		97,359
	100,000	NGL Energy Operating LLC / NGL Energy Finance Corp.(f)		8.38%		02/15/2032		102,577
	120,000	NGPL PipeCo LLC(f)		3.25%		07/15/2031		102,594
	140,000	ONEOK, Inc.		3.40%		09/01/2029		129,025
	125,000	ONEOK, Inc.		6.63%		09/01/2053		137,856
	205,000	Sabine Pass Liquefaction LLC		5.00%		03/15/2027		204,473
	60,000	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.(f)		7.38%		02/15/2029		60,400
	100,000	Venture Global LNG, Inc.(f)		8.13%		06/01/2028		102,081
	115,000	Venture Global LNG, Inc.(f)		8.38%		06/01/2031		118,668
	65,000	Venture Global LNG, Inc.(f)		9.88%		02/01/2032		70,094
	355,000	Williams Cos., Inc.		5.15%		03/15/2034		351,962
								4,027,269
Real Estate - 0.00%(l)
	65,000	Realogy Group LLC / Realogy Co.- Issuer Corp.(f)		5.25%		04/15/2030		44,269
REITS - 0.28%
	115,000	Agree LP		2.60%		06/15/2033		90,378
	245,000	Alexandria Real Estate Equities, Inc.		3.00%		05/18/2051		155,692
	60,000	Alexandria Real Estate Equities, Inc.		5.15%		04/15/2053		55,298
	420,000	American Homes 4 Rent LP		5.50%		02/01/2034		418,894
	110,000	American Tower Corp.		5.55%		07/15/2033		110,903
	355,000	Brixmor Operating Partnership LP		5.50%		02/15/2034		350,713
	220,000	COPT Defense Properties LP		2.90%		12/01/2033		172,643
	770,000	Crown Castle, Inc.		3.65%		09/01/2027		730,179
	290,000	Equinix, Inc.		1.80%		07/15/2027		260,166
	265,000	Extra Space Storage LP		5.40%		02/01/2034		263,934
	300,000	Host Hotels & Resorts LP		2.90%		12/15/2031		249,506
	170,000	Iron Mountain, Inc.(f)		7.00%		02/15/2029		173,426
	75,000	Iron Mountain, Inc.(f)		4.50%		02/15/2031		67,744
	100,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(f)		4.88%		05/15/2029		93,070
	130,000	Sabra Health Care LP		3.20%		12/01/2031		108,057
	320,000	Sun Communities Operating LP		2.70%		07/15/2031		263,719
								3,564,322

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Retail - 0.16%
$	130,000	Dollar General Corp.	4.25%	09/20/2024	$	129,079
	470,000	Dollar Tree, Inc.	4.00%	05/15/2025		462,184
	75,000	Ferrellgas LP / Ferrellgas Finance Corp.(f)	5.38%	04/01/2026		73,437
	75,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.(f)	6.75%	01/15/2030		67,405
	115,000	Gap, Inc.(f)	3.88%	10/01/2031		97,396
	155,000	Lowe's Cos., Inc.	4.40%	09/08/2025		153,149
	160,000	Lowe's Cos., Inc.	5.63%	04/15/2053		161,776
	190,000	LSF9 Atlantis Holdings LLC / Victra Finance Corp.(f)	7.75%	02/15/2026		188,456
	75,000	Macy's Retail Holdings LLC(f)	5.88%	04/01/2029		73,651
	300,000	McDonald's Corp.	4.45%	03/01/2047		261,563
	80,000	Michaels Cos., Inc.(f)	5.25%	05/01/2028		68,239
	125,000	O'Reilly Automotive, Inc.	5.75%	11/20/2026		127,090
	35,000	Staples, Inc.(f)	7.50%	04/15/2026		34,193
	105,000	Suburban Propane Partners  LP/Suburban Energy Finance  Corp.(f)	5.00%	06/01/2031		95,805
						1,993,423
Semiconductors - 0.11%
	459,000	Broadcom, Inc.(f)	3.42%	04/15/2033		398,057
	335,000	Broadcom, Inc.(f)	3.19%	11/15/2036		266,742
	610,000	Marvell Technology, Inc.	2.95%	04/15/2031		527,239
	155,000	Qorvo, Inc.(f)	3.38%	04/01/2031		133,442
	80,000	Texas Instruments, Inc.	5.00%	03/14/2053		78,549
						1,404,029
Software - 0.15%
	70,000	AthenaHealth Group, Inc.(f)	6.50%	02/15/2030		64,096
	90,000	Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.(f)	8.00%	06/15/2029		93,375
	70,000	Clarivate Science Holdings Corp.(f)	4.88%	07/01/2029		64,834
	265,000	Fiserv, Inc.	5.45%	03/15/2034		268,497
	250,000	Intuit, Inc.	5.50%	09/15/2053		259,707
	145,000	Oracle Corp.	6.25%	11/09/2032		155,210
	95,000	Oracle Corp.	3.80%	11/15/2037		79,708
	525,000	Take-Two Interactive Software, Inc.	4.95%	03/28/2028		523,189
	60,000	UKG, Inc.(f)	6.88%	02/01/2031		61,167
	275,000	Workday, Inc.	3.70%	04/01/2029		259,427
						1,829,210

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 35

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Telecommunications - 0.24%
$	500,000	AT&T, Inc.	4.30%	02/15/2030	$	480,657
	745,000	AT&T, Inc.	3.50%	09/15/2053		526,033
	500,000	Embarq Corp Eq	8.00%	06/01/2036		272,201
	30,000	Frontier Communications Holdings LLC(f)	5.88%	10/15/2027		29,068
	85,000	Frontier Communications Holdings LLC(f)	5.00%	05/01/2028		78,960
	85,000	Frontier Communications Holdings LLC(f)	8.63%	03/15/2031		86,894
	269,000	Level 3 Financing, Inc.(f)	10.50%	05/15/2030		276,397
	265,000	Motorola Solutions, Inc.	5.40%	04/15/2034		264,578
	265,000	T-Mobile USA, Inc.	5.15%	04/15/2034		264,215
	285,000	T-Mobile USA, Inc.	3.40%	10/15/2052		202,328
	100,000	Verizon Communications, Inc.	3.88%	03/01/2052		78,687
	445,000	Verizon Communications, Inc.	5.50%	02/23/2054		450,130
						3,010,148
Transportation - 0.13%
	185,000	Burlington Northern Santa Fe LLC	5.20%	04/15/2054		183,526
	670,000	CSX Corp.	3.80%	11/01/2046		533,541
	255,000	Ryder System, Inc.	5.65%	03/01/2028		260,010
	500,000	Union Pacific Corp.	3.70%	03/01/2029		478,623
	135,000	XPO, Inc.(f)	7.13%	06/01/2031		138,611
						1,594,311
Trucking & Leasing - 0.04%
	145,000	Fortress Transportation and Infrastructure Investors LLC(f)	7.88%	12/01/2030		152,417
	175,000	Penske Truck Leasing Co. Lp / PTL Finance Corp.(f)	5.75%	05/24/2026		176,322
	240,000	Penske Truck Leasing Co. LP / PTL Finance Corp.(f)	4.20%	04/01/2027		233,231
						561,970
Water - 0.02%
	265,000	Essential Utilities, Inc.	5.38%	01/15/2034		263,781
TOTAL U.S. CORPORATE BONDS
(Cost $133,493,975)						132,162,186
FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.34%
$	200,000	Banco Nacional de Comercio Exterior SNC(g)(h)	5Y US TI + 2.00%	08/11/2031		181,160
	900,000	Brazilian Government International Bond	4.75%	01/14/2050		676,847

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	200,000	Colombia Government International Bond	4.13%	02/22/2042	$	135,703
	900,000	Colombia Government International Bond	5.00%	06/15/2045		655,218
	300,000	Colombia Government International Bond	5.20%	05/15/2049		221,143
	600,000	Colombia Government International Bond	4.13%	05/15/2051		373,858
	600,000	Dominican Republic International Bond(f)	6.40%	06/05/2049		565,098
	300,000	Mexico Government International Bond	4.40%	02/12/2052		229,925
	200,000	Mexico Government International Bond	6.34%	05/04/2053		197,820
	300,000	Panama Government International Bond	3.87%	07/23/2060		174,741
	900,000	Republic of South Africa Government International Bond	5.65%	09/27/2047		655,767
	800,000	Ukraine Government International Bond(h)	7.25%	03/15/2035		232,549
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES
(Cost $5,915,349)						4,299,829
BANK LOANS- 1.31%(g)
Canada - 0.05%
	323,375	Bausch + Lomb Corp., First Lien	1M SOFR + 4.00%	09/29/2028		323,781
	200,000	Garda World Security Corp., First Lien	3M SOFR + 4.25%	02/01/2029		200,626
	160,000	Garda World Security Corp., First Lien	6M CME TERM + 5.25%	02/01/2029		160,617
						685,024
France - 0.01%
	85,000	Altice France SA, First Lien	1M SOFR + 5.50%	08/31/2028		68,027
Luxembourg - 0.08%
	1,065,579	Travelport Finance Luxembourg SARL 1L, 2021, First Lien - Initial (Priority) Term Loan	3M SOFR + 8.26161%, 1.00% Floor	02/28/2025		997,787
Netherlands - 0.00%
	5,736	Lealand Finance Company B.V., First Lien - Make-Whole Term Loan	1M SOFR + 3.00%	06/28/2024		3,155

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 37

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	79,396	Lealand Finance Company B.V., First Lien - Take-Back Term  Loan	3M US L + 1.00%	06/30/2025	$	32,883
						36,038
United Arab Emirates - 0.04%
	538,488	Gulf Finance, LLC TL 1L	1M SOFR + 6.75%	08/25/2026		540,025
United States - 1.13%
	155,000	Access CIG LLC, First Lien (g)	1M SOFR + 5.00%, 0.50% Floor	08/18/2028		155,364
	160,000	Acuris Finance US, Inc., First Lien - Initial Dollar Term Loan	3M SOFR + 4.00%, 0.50% Floor	02/16/2028		160,025
	108,445	Air Methods Corporation TLB 1L	3M SOFR + 9.00%	11/30/2028		110,343
	183,432	American Tire Distributors, Inc., First Lien - Initial Term Loan	3M SOFR + 6.25%	10/08/2028		160,044
	110,000	APPLIED SYSTEMS INC, TL	3M SOFR + 5.25%	02/07/2032		114,091
	165,000	ASPDEN TL B1 1L USD	1M SOFR + 5.75%	12/23/2027		165,361
	452,470	Astra Acquisition Corp., First Lien - Initial Term Loan	3M SOFR + 5.25%	10/22/2028		191,734
	1,989,522	Astra Acquisition Corp., Second Lien - Initial Term Loan	3M SOFR + 8.88%	10/22/2029		615,508
	295,000	Asurion LLC, Second Lien - New B-3 Term Loan(g)	1M SOFR + 5.25%	01/31/2028		267,528
	683,139	Atlas Purchaser, Inc., First Lien -  Initial Term Loan(g)	3M US L + 3.00%, 0.75% Floor	05/18/2028		409,743
	538,805	Aveanna Healthcare LLC, Second Lien - Initial Term Loan(g)	3M SOFR + 7.00%, 0.50% Floor	12/10/2029		464,719
	498,750	Boxer Parent Co., Inc., First Lien (g)	1M SOFR + 4.25%	12/29/2028		502,543
	160,000	BRAND INDUSTRIAL SERVICE, TL	3M SOFR + 5.50%	08/01/2030		160,886
	125,000	Cengage Learning, Inc., First Lien (g)	3M SOFR + 4.50%	03/24/2031		125,019
	158,729	ClubCorp Holdings, Inc., First Lien (g)	3M SOFR + 5.00%	09/18/2026		159,240
	1,630,000	Constant Contact, Inc., Second  Lien - Initial Term Loan(g)	3M SOFR + 7.50%, 0.75% Floor	02/12/2029		1,506,731
	84,788	CROSBY US ACQUISITION CORP. TL 1L	1M SOFR + 4.00%	08/12/2029		85,362
	905,000	DCert Buyer, Inc., Second Lien -  First Amendment Refinancing  Term Loan	1M SOFR + 7.00%	02/19/2029		821,921

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	760,000	DG Investment Intermediate Holdings 2, Inc., Second Lien - Initial Term Loan	1M SOFR + 6.75%, 0.75% Floor	03/30/2029	$	713,450
	159,599	EG America LLC, First Lien	3M SOFR + 5.50%, 0.50% Floor	02/07/2028		159,200
	175,000	Eisner Advisory Group LLC, First  Lien (g)	1M SOFR + 4.00%, 0.50% Floor	02/28/2031		175,930
	325,000	Gainwell Acquisition Corp., First Lien - B Term Loan	3M US L + 4.00%, 0.75% Floor	10/01/2027		311,472
	164,581	Hexion Holdings Corp., First  Lien (g)	3M SOFR + 4.50%, 0.50% Floor	03/15/2029		162,289
	165,000	INEOS US Petrochem LLC, First Lien	3M SOFR + 4.25%	03/29/2029		164,898
	593,513	LifePoint Health, Inc., First Lien (g)	3M SOFR + 5.50%	11/16/2028		595,792
	402,375	LSF9 ATLANTIS HOLDINGS, LLC, First Lien - B Term Loan	3M SOFR + 7.25%	03/29/2029		405,898
	808,976	Minotaur Acquisition, Inc., First Lien - B Term Loan(g)	1M SOFR + 4.75%	03/30/2026		810,796
	165,427	NEP Group, Inc., First Lien (g)	1M SOFR + 3.25%	08/19/2026		158,138
	218,901	Olympus Water US Holding Corp., First Lien (g)	6M CME TERM + 4.25%, 0.50% Floor	11/09/2028		219,860
	119,693	Polaris Newco LLC, First Lien -  Dollar Term Loan	L + 4.00%, 0.50% Floor	06/04/2028		118,674
	320,000	POWERTEAM SERVICES LLC, TL	3M SOFR + 4.50%	02/07/2031		321,600
	315,000	Restaurant Technologies, Inc. TLB 1L	3M SOFR + 4.25%	03/17/2029		312,737
	422,195	Riverbed Technology LLC, TL	6M CME TERM + 2.50%	07/01/2028		276,538
	130,000	SOUTHERN VETERINARY PART, TL	3M SOFR + 4.00%	10/05/2027		130,293
	295,000	STUBHUB HLDGS INC, TL	3M SOFR + 4.75%	03/12/2030		295,798
	697,294	Think & Learn Private, Ltd., First Lien - B Term Loan	3M US L + 7.00%	11/05/2026		150,497
	923,793	UKG, Inc. TL 2L	3M SOFR + 5.25%	05/03/2027		933,608
	552,000	Viad Corp, First Lien - Initial Term Loan	3M US L + 5.00%, 0.50% Floor	07/30/2028		554,244
	319,046	WaterBridge Midstream Operating LLC, First Lien - Initial Term Loan(g)	3M SOFR + 5.75%, 1.00% Floor	06/22/2026		319,794

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 39

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	711,068	Zephyrus Capital Aviation Tl	1M US L + 4.61%	10/15/2038	$	648,149
						14,115,817
TOTAL BANK LOANS
(Cost $19,179,178)						16,442,718
BUSINESS DEVELOPMENT COMPANIES - 0.10%
	1,292,347	Golub Capital BDC, Inc.	3.38%	04/15/2024		1,291,751
TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $1,290,828)						1,291,751
COLLATERALIZED LOAN OBLIGATIONS - 4.95%
		AIMCO CLO
	500,000	Series 2018-AA(f)(g)	3M SOFR + 2.81%	04/17/2031	$	498,269
		Apidos CLO XII
	500,000	Series 2018-12A(f)(g)	3M SOFR + 2.86%	04/15/2031		491,212
		Apidos CLO XXIV
	1,000,000	Series 2018-24A(f)(g)	3M SOFR + 6.06%	10/20/2030		989,486
		Bain Capital Credit CLO 2017-2, Ltd.
	500,000	Series 2021-2A(f)(g)	3M US L + 6.50%	07/25/2034		484,412
	1,000,000	Series 2021-2A(f)(g)	3M US L + 3.10%	07/25/2034		987,180
		Bain Capital Credit Clo 2019-4, Ltd.
	500,000	Series 2022-4A(f)(g)	3M SOFR + 3.63%	04/23/2035		492,643
		Bain Capital Credit CLO 2021-2, Ltd.
	500,000	Series 2021-2A(f)(g)	3M SOFR + 3.41%	07/16/2034		493,474
		Bain Capital Credit CLO 2022-3, Ltd.
	1,000,000	Series 2022-3A(f)(g)	3M SOFR + 7.35%	07/17/2035		975,429
		Bain Capital Credit CLO 2023-3, Ltd.
	500,000	Series 2023-3A(f)(g)	3M SOFR + 5.25%	07/24/2036		508,346
		Barings CLO, Ltd.
	500,000	Series 2018-4A(f)(g)	3M SOFR + 6.08%	10/15/2030		497,116
		Barings CLO, Ltd. 2018-III
	1,295,000	Series 2018-3A(f)(g)	3M SOFR + 6.01%	07/20/2029		1,285,314
		Barings CLO, Ltd. 2019-I
	1,500,000	Series 2021-1A(f)(g)	3M SOFR + 7.12%	04/15/2035		1,479,343
		Barings CLO, Ltd. 2019-II
	500,000	Series 2021-2A(f)(g)	3M US L + 3.41%	04/15/2036		499,903
		Beechwood Park CLO, Ltd.
	500,000	Series 2022-1A(f)(g)	3M SOFR + 6.50%	01/17/2035		500,371

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		BlueMountain CLO, Ltd.
$	500,000	Series 2018-3A(f)(g)	3M SOFR + 2.86%	04/20/2031	$	481,599
		BlueMountain Fuji US CLO II, Ltd.
	1,000,000	Series 2017-2A(f)(g)	3M SOFR + 3.26%	10/20/2030		977,561
		Buttermilk Park CLO, Ltd.
	1,000,000	Series 2018-1A(f)(g)	3M SOFR + 6.01%	10/15/2031		995,040
		Canyon Capital CLO 2016-2, Ltd.
	500,000	Series 2018-2A(f)(g)	3M SOFR + 3.41%	10/15/2031		496,807
		Canyon Capital CLO 2017-1, Ltd.
	500,000	Series 2021-1A(f)(g)	3M SOFR + 3.26%	07/15/2030		496,601
		Canyon Capital CLO 2019-1, Ltd.
	500,000	Series 2021-1A(f)(g)	3M US L + 7.09%	04/15/2032		487,388
		Canyon Capital CLO, Ltd.
	1,000,000	Series 2018-1A(f)(g)	3M SOFR + 3.01%	01/30/2031		955,902
	1,500,000	Series 2018-1A(f)(g)	3M SOFR + 5.76%	01/30/2031		1,402,559
	1,000,000	Series 2018-1A(f)(g)	3M US L + 5.75%	07/15/2031		985,715
	500,000	Series 2018-1A(f)(g)	3M US L + 2.80%	07/15/2031		495,419
		Canyon CLO 2021-3, Ltd.
	1,000,000	Series 2021-3A(f)(g)	3M SOFR + 3.31%	07/15/2034		974,731
		Canyon CLO 2021-4, Ltd.
	1,000,000	Series 2021-4A(f)(g)	3M SOFR + 6.56%	10/15/2034		990,590
		Carlyle Global Market Strategies  CLO 2016-3, Ltd.
	1,000,000	Series 2021-3A(f)(g)	3M US L + 3.30%	07/20/2034		1,001,510
		Carlyle Global Market Strategies  CLO, Ltd.
	1,000,000	Series 2018-2RA(f)(g)	3M SOFR + 5.61%	05/15/2031		965,020
		Carlyle US CLO 2020-2, Ltd.
	2,000,000	Series 2021-2A(f)(g)	3M SOFR + 6.96%	01/25/2035		1,985,446
		Carlyle US CLO 2021-1, Ltd.
	500,000	Series 2021-1A(f)(g)	3M SOFR + 6.26%	04/15/2034		498,828
		Chenango Park CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M SOFR + 3.26%	04/15/2030		490,846
	1,000,000	Series 2018-1A(f)(g)	3M SOFR + 6.06%	04/15/2030		978,187
		Cook Park CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M SOFR + 2.86%	04/17/2030		485,487
		Crown Point CLO IV, Ltd.
	500,000	Series 2018-4A(f)(g)	3M SOFR + 2.16%	04/20/2031		497,302
		Dryden 57 CLO, Ltd.
	500,000	Series 2018-57A(f)(g)	3M SOFR + 2.81%	05/15/2031		481,953
		Elevation CLO 2021-14, Ltd.
	500,000	Series 2021-14A(f)(g)	3M SOFR + 2.56%	10/20/2034		498,682
		Elmwood CLO IX, Ltd.
	500,000	Series 2021-2A(f)(g)	3M US L + 5.94%	07/20/2034		501,576
		Galaxy XIX CLO, Ltd.
	1,300,000	Series 2017-19A(f)(g)	3M SOFR + 6.79%	07/24/2030		1,268,004

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 41

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Gilbert Park CLO, Ltd.
$	1,000,000	Series 2017-1A(f)(g)	3M SOFR + 6.66%	10/15/2030	$	995,717
		Goldentree Loan Management US CLO, Ltd.
	500,000	Series 2018-3A(f)(g)	3M SOFR + 3.11%	04/20/2030		501,447
		Katayma CLO I, Ltd.
	500,000	Series 2023-1A(f)(g)	3M CME TERM  SOFR + 5.25%	10/20/2036		509,702
		Marble Point CLO XII, Ltd.
	500,000	Series 2018-1A(f)(g)	3M SOFR + 3.26%	07/16/2031		460,173
		Milos CLO, Ltd.
	500,000	Series 2020-1A(f)(g)	3M SOFR + 6.41%	10/20/2030		502,727
		Myers Park CLO, Ltd.
	1,000,000	Series 2018-1A(f)(g)	3M SOFR + 5.76%	10/20/2030		1,002,209
		Neuberger Berman Loan  Advisers CLO 37, Ltd.
	500,000	Series 2021-37A(f)(g)	3M SOFR + 6.01%	07/20/2031		496,432
		Neuberger Berman Loan  Advisers CLO 42, Ltd.
	500,000	Series 2021-42A(f)(g)	3M SOFR + 6.21%	07/16/2035		499,311
		Neuberger Berman Loan  Advisers Clo 44, Ltd.
	1,000,000	Series 2021-44A(f)(g)	3M SOFR + 6.26%	10/16/2034		1,002,327
		Point Au Roche Park CLO, Ltd.
	500,000	Series 2021-1A(f)(g)	3M US L + 6.13%	07/20/2034		493,676
		Rockland Park CLO, Ltd.
	500,000	Series 2021-1A(f)(g)	3M US L + 6.25%	04/20/2034		504,011
		Sound Point CLO XXIII
	500,000	Series 2021-2A(f)(g)	3M SOFR + 3.56%	07/15/2034		474,161
		Sound Point CLO XXIV
	1,375,000	Series 2021-3A(f)(g)	3M SOFR + 6.98%	10/25/2034		1,150,419
		Sound Point CLO XXVI, Ltd.
	500,000	Series 2021-1A(f)(g)	3M US L + 3.35%	07/20/2034		475,370
		Sound Point CLO XXVIII, Ltd.
	1,000,000	Series 2020-3A(f)(g)	3M US L + 6.90%	01/25/2032		974,626
		Sound Point CLO XXXII, Ltd.
	500,000	Series 2021-4A(f)(g)	3M SOFR + 3.66%	10/25/2034		489,701
	500,000	Series 2021-4A(f)(g)	3M SOFR + 6.96%	10/25/2034		438,880
		Stewart Park CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M SOFR + 2.86%	01/15/2030		490,789
		THL Credit Wind River 2017-1 CLO, Ltd.
	1,400,000	Series 2021-1A(f)(g)	3M US L + 3.91%	04/18/2036		1,378,434
		THL Credit Wind River 2017-3 CLO, Ltd.
	500,000	Series 2021-3A(f)(g)	3M US L + 7.08%	04/15/2035		476,326

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		THL Credit Wind River 2018-3 CLO, Ltd.
$	2,000,000	Series 2018-3A(f)(g)	3M SOFR + 3.21%	01/20/2031	$	1,949,624
		THL Credit Wind River 2019-1 CLO, Ltd.
	1,150,000	Series 2021-1A(f)(g)	3M SOFR + 3.71%	07/20/2034		1,100,943
		THL Credit Wind River CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	2.90% - 3M US L	07/15/2030		486,757
	2,000,000	Series 2018-1A(f)(g)	5.50% - 3M US L	07/15/2030		1,916,557
	1,000,000	Series 2018-1A(f)(g)	3M US L + 3.00%	07/18/2031		939,467
	1,000,000	Series 2018-2A(f)(g)	3M SOFR + 6.01%	07/15/2030		949,648
	1,000,000	Series 2018-3A(f)(g)	3M SOFR + 6.48%	10/22/2031		844,896
		Upland CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M SOFR + 3.16%	04/20/2031		490,873
		Vibrant Clo III, Ltd.
	1,050,000	Series 2018-3A(f)(g)	3M SOFR + 3.76%	10/20/2031		1,035,582
		Voya CLO 2013-3, Ltd.
	700,000	Series 2018-3A(f)(g)	3M SOFR + 2.51%	10/18/2031		701,040
		Voya CLO 2017-2
	1,000,000	Series 2017-2A(f)(g)	3M SOFR + 6.28%	06/07/2030		981,411
		Voya CLO 2022-3, Ltd.
	1,000,000	Series 2023-3A(f)(g)	3M CME TERM  SOFR + 4.50%	10/20/2036		1,006,583
		Voya CLO, Ltd.
	500,000	Series 2018-1A(f)(g)	3M SOFR + 3.06%	04/18/2031		491,850
	1,000,000	Series 2018-2A(f)(g)	3M SOFR + 3.01%	07/15/2031		974,994
	1,000,000	Series 2018-2A(f)(g)	3M SOFR + 5.51%	07/15/2031		925,042
	500,000	Series 2018-3A(f)(g)	3M SOFR + 6.46%	10/20/2031		442,393
	500,000	Series 2018-4A(f)(g)	3M SOFR + 6.21%	07/14/2031		449,015
		Webster Park CLO, Ltd.
	1,000,000	Series 2018-1A(f)(g)	5.50% - 3M US L	07/20/2030		999,649
		Wind River 2013-1 CLO, Ltd.
	500,000	Series 2017-1A(f)(g)	3M SOFR + 3.91%	07/20/2030		500,618
		Wind River 2014-3 CLO, Ltd.
	1,500,000	Series 2018-3A(f)(g)	3M SOFR + 3.66%	10/22/2031		1,390,893
		Wind River 2021-2 CLO, Ltd.
	500,000	Series 2021-2A(f)(g)	3M SOFR + 6.69%	07/20/2034		461,922
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $62,709,255)						61,931,446

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 43

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
EQUITY - LINKED NOTES - 0.00%(l)
$	263,093	Inverpamplona SA(b)(c)(k)	0.00%	12/30/2028	$	–
TOTAL EQUITY - LINKED NOTES
(Cost $11,250)						–
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 17.00%
		Aaset 2021-2 Trust
	399,761	Series 2021-2A(f)	3.54%	01/15/2047		321,417
		ABFC Trust
	2,476,740	Series 2007-WMC1(g)	1M SOFR + 1.36%	06/25/2037		1,694,431
		Alen Mortgage Trust
	1,107,000	Series 2021-ACEN(f)(g)	1M SOFR + 4.11%	04/15/2034		521,056
		AMSR
	5,100,000	Series 2020-SFR3(f)	4.99%	09/17/2037		4,908,204
	5,000,000	Series 2021-SFR1(f)	4.61%	06/17/2038		4,307,586
		AREIT Trust
	1,265,000	Series 2019-CRE3(f)(g)	30D SOFR + 2.76%	07/14/2022		1,180,349
		BAMLL Commercial Mortgage Securities Trust
	1,000,000	Series 2018-DSNY(f)(g)	1M SOFR + 1.40%	09/15/2034		995,300
	683,000	Series 2019-AHT(f)(g)	2.57%	03/15/2034		673,071
		BANK
	10,291,000	Series 2018-BN12(f)(g)(n)	1.50%	05/15/2061		490,234
	165,000	Series 2022-BNK39(f)	2.50%	01/15/2032		96,154
	660,000	Series 2022-BNK39	3.18%	01/15/2032		565,329
		BANK 2019-BNK23
	330,000	Series 2019-BN23	2.92%	12/15/2052		294,811
		BANK 2020-BNK27
	16,875,000	Series 2020-BN27(f)(g)(n)	0.72%	04/15/2030		607,956
		BANK 2021-BNK35
	316,000	Series 2021-BN35	2.29%	07/15/2031		262,970
		BANK 2021-BNK37
	381,000	Series 2021-BN37(g)	3.11%	11/15/2031		285,733
		Bank of America Merrill Lynch Commercial Mortgage Trust 2016-UBS10
	1,090,000	Series 2016-UB10(g)	4.83%	07/15/2049		1,022,695
		BBCMS Mortgage Trust
	519,000	Series 2022-C17	4.44%	09/15/2055		498,517
		BBCMS Trust
	3,000,000	Series 2018-CBM(f)(g)	1M SOFR + 3.85%	07/15/2037		2,704,643
		Benchmark Mortgage Trust
	9,341,864	Series 2018-B2(g)(n)	0.45%	02/15/2051		115,579
	600,000	Series 2018-B2(g)	4.29%	02/15/2051		496,674

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	20,195,952	Series 2018-B4(g)(n)	0.46%	06/15/2028	$	285,145
	1,589,000	Series 2018-B4(f)(g)	2.75%	07/17/2051		1,179,732
	1,130,000	Series 2019-B9(g)	4.97%	03/15/2052		907,312
	522,000	Series 2020-B18(f)	4.14%	08/15/2025		475,333
	309,016	Series 2020-B19	1.69%	09/15/2025		289,939
	1,510,000	Series 2021-B31(f)	2.25%	11/15/2031		753,517
	592,000	Series 2022-B32(g)	3.41%	01/15/2032		484,152
		BF Mortgage Trust
	705,000	Series 2019-NYT(f)(g)	1M SOFR + 3.05%	12/15/2035		414,958
		Blackbird Capital II Aircraft Lease, Ltd.
	1,129,605	Series 2021-1A(f)	3.45%	07/15/2028		986,770
		BMO Mortgage Trust
	7,951,000	Series 2022-C1(f)(g)(n)	1.76%	02/15/2055		844,340
	261,860	Series 2023-C5	5.74%	06/15/2056		261,245
		BX Commercial Mortgage Trust
	1,000,000	Series 2019-IMC(f)(g)	1M SOFR + 2.01%	04/15/2034		997,872
		BX Trust
	636,000	Series 2019-OC11(f)(g)	3.94%	12/09/2029		562,061
	2,964,000	Series 2019-OC11(f)(g)	3.94%	12/06/2041		2,566,152
	900,000	Series 2021-VIEW(f)(g)	1M SOFR + 4.044%	06/15/2036		800,324
		Cantor Commercial Real Estate Lending
	1,113,000	Series 2019-CF1(f)(g)	4.12%	04/15/2024		710,220
		Carbon Capital VI Commercial Mortgage Trust
	359,976	Series 2019-FL2(f)(g)	1M SOFR + 2.96%	10/15/2035		326,008
		Carvana Auto Receivables Trust
	5,300	Series 2021-N1(f)	0.00%	01/10/2028		610,611
	5,250	Series 2021-N2(f)	0.00%	03/10/2028		481,162
		Cascade MH Asset Trust
	4,601,000	Series 2019-MH1(f)(g)	5.99%	10/25/2024		4,421,098
		Castlelake Aircraft Securitization Trust
	3,269,786	Series 2018-1(f)	6.63%	06/15/2043		1,007,862
		Castlelake Aircraft Structured Trust
	2,750,000	Series 2019-1A(f)	0.00%	04/15/2039		68,750
		Castlelake Aircraft Structured Trust 2021-1
	1,089,112	Series 2021-1A(f)	7.00%	01/15/2046		911,152
		Cathedral Lake VIII, Ltd.
	1,000,000	Series 2021-8A(f)(g)	3M SOFR + 2.88%	01/20/2035		1,012,628
	1,000,000	Series 2021-8A(f)(g)	3M SOFR + 3.68%	01/20/2035		981,179

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 45

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		CFCRE Commercial Mortgage Trust
$	432,966	Series 2016-C6	2.95%	08/10/2026	$	411,469
	3,162,566	CGCMT 2014-GC25 XA		10/10/2047		3,601
		CIFC Funding 2019-III, Ltd.
	650,000	Series 2021-3A(f)(g)	3M SOFR + 7.06%	10/16/2034		654,196
		CIFC Funding, Ltd.
	850,000	Series 2021-1A(f)(g)	3M SOFR + 6.26%	04/25/2033		847,689
	500,000	Series 2021-4A(f)(g)	3M US L + 5.95%	07/15/2033		500,918
		Citigroup Commercial Mortgage Trust
	866,000	Series 2015-GC27(f)(g)	4.42%	01/10/2025		780,997
	400,000	Series 2015-GC31(g)	4.05%	06/10/2025		286,801
	344,000	Series 2016-GC36(f)	2.85%	02/10/2049		143,474
	464,000	Series 2017-C4(g)	4.10%	10/12/2027		422,792
	225,000	Series 2019-GC41	3.20%	08/10/2029		189,469
	1,433,000	Series 2020-555(f)(g)	3.50%	12/10/2041		998,080
	546,000	Series 2022-GC48(g)	4.58%	05/15/2032		530,508
		Citigroup Mortgage Loan Trust
	597,273	Series 2006-WF1(m)	4.57%	03/25/2036		476,201
		Cologix Data Centers US Issuer LLC
	2,800,000	Series 2021-1A(f)	5.99%	12/28/2026		2,499,881
	2,556,949	COMM 2015-CR22 XA		03/10/2048		10,639
		Commercial Mortgage Pass-Through Certificates
	8,410,265	Series 2014-UBS4(f)	3.75%	08/10/2024		414,925
	11,000	Series 2014-UBS4(f)(g)	0.00%	08/10/2047		1
	4,045,360	Series 2015-CR26(g)(n)	0.93%	09/10/2025		35,470
		CSAB Mortgage-Backed Trust
	8,781,274	Series 2006-2(m)	6.20%	09/25/2036		617,268
	119,726	Series 2007-1(g)	5.90%	05/25/2037		28,418
	4,805,639	CSAIL 2015-C1 XA		04/15/2050		12,639
		CSAIL Commercial Mortgage Trust
	490,000	Series 2016-C6(g)	4.92%	04/15/2026		434,842
	1,362,000	Series 2016-C6(f)(g)	4.92%	01/15/2049		951,137
		CSMC
	832,000	Series 2021-B33(f)(g)	3.65%	10/10/2031		690,801
		DBJPM 16-C1 Mortgage Trust
	1,309,000	Series 2016-C1(g)	3.33%	05/12/2049		1,138,347
		Diamond Infrastructure Funding LLC
	2,000,000	Series 2021-1A(f)	3.48%	12/20/2026		1,793,656
		DOLP Trust
	1,000,000	Series 2021-NYC(f)(g)	3.70%	05/10/2031		711,732

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Dryden 38 Senior Loan Fund
$	1,000,000	Series 2018-38A(f)(g)	3M SOFR + 5.86%	07/15/2030	$	948,366
		Dryden 40 Senior Loan Fund
	1,000,000	Series 2018-40A(f)(g)	3M SOFR + 6.01%	08/15/2031		952,361
	500,000	Series 2018-40A(f)(g)	3M SOFR + 3.36%	08/15/2031		493,524
		Dryden 42 Senior Loan Fund
	500,000	Series 2018-42A(f)(g)	3M SOFR + 3.19%	07/15/2030		488,962
		Fannie Mae-Aces
	22,729,215	Series 2019-M12(g)(n)	0.56%	06/25/2029		355,378
	14,053,096	Series 2019-M24(g)(n)	1.15%	03/25/2031		760,818
	37,594,485	Series 2019-M7(g)(n)	0.35%	04/25/2029		519,871
	27,570,466	Series 2020-M10(g)(n)	0.82%	12/25/2027		396,039
	47,438,213	Series 2020-M10(g)(n)	0.87%	07/25/2032		2,027,519
	13,227,646	Series 2020-M13(g)(n)	1.30%	09/25/2030		586,891
	348,708,640	Series 2021-M17(g)(n)	0.10%	07/25/2031		1,517,440
		FirstKey Homes
	1,100,000	Series 2020-SFR1(f)	4.28%	08/19/2037		1,057,357
	2,680,432	Series 2022-SFR1(f)	4.15%	05/17/2027		2,600,774
		FMC GMSR Issuer Trust
	6,000,000	Series 2021-GT1(f)(g)	4.36%	07/25/2026		5,018,328
	5,000,000	Series 2021-GT2(f)(g)	4.44%	10/25/2026		4,172,467
	42,975,672	FNA 2021-M23 X1		11/01/2031		821,458
		Fontainebleau Miami Beach Trust
	1,656,000	Series 2019-FBLU(f)(g)	3.96%	12/12/2036		1,585,040
		FREMF Mortgage Trust
	890,367	Series 2015-KF07(f)(g)	30D US SOFR + 5.06%	02/25/2025		883,671
	887,222	Series 2016-KF25(f)(g)	30D US SOFR + 5.11%	05/25/2024		885,577
	752,864	Series 2018-KF56(f)(g)	30D US SOFR + 5.91%	11/25/2028		657,247
	1,497,249	Series 2019-KF71(f)(g)	30D US SOFR + 6.11%	10/25/2029		1,435,640
		FRTKL
	4,050,000	Series 2021-SFR1(f)	4.11%	09/17/2026		3,602,976
		Ginnie Mae Strip
	7,077,858	Series 2020-3(n)	1.40%	09/16/2045		523,323
		Great Wolf Trust
	1,919,118	Series 2019-WOLF(f)(g)	1M US L + 3.13%	12/15/2036		1,904,375
		1M CME TERM
	820,000	Series 2024-WOLF(f)(g)	SOFR + 3.639%	03/15/2029		824,182
		GS Mortgage Securities Corp. Trust
	1,000,000	Series 2018-RIVR(f)(g)	1M SOFR + 1.85%	07/15/2035		262,500
		1M SOFR +
	1,111,000	Series 2021-ARDN(f)(g)	6.048%	11/15/2026		1,053,701

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 47

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		GS Mortgage Securities Trust
$	241,136	Series 2011-GC5(f)(g)(n)	1.95%	08/10/2044	$	2
	2,417,000	Series 2014-GC26(f)(g)	4.51%	11/10/2047		1,719,028
	1,110,000	Series 2015-GC28(f)(g)	4.31%	02/10/2048		1,013,545
	6,762,903	Series 2015-GS1(g)(n)	0.77%	11/10/2025		64,166
	828,000	Series 2018-GS10(g)	4.37%	07/10/2028		725,667
	1,954,000	Series 2018-TWR(f)(g)	1M US L + 3.92%	07/15/2031		82,068
	636,000	Series 2020-GC45(g)	3.41%	12/13/2029		543,688
		GSAA Home Equity Trust
	1,843,059	Series 2006-13(g)	6.04%	07/25/2036		556,646
	442,021	Series 2006-18(m)	6.18%	11/25/2036		110,966
	136,734	Series 2006-6(g)	5.69%	03/25/2036		38,556
	795,045	Series 2007-2(m)	6.60%	03/25/2037		184,503
		GSCG Trust
	675,000	Series 2019-600C(f)(g)	3.99%	09/06/2024		7,105
		Hardee's Funding LLC
	945,000	Series 2018-1A(f)	5.71%	06/20/2028		900,700
		Highbridge Loan Management 4-2014, Ltd.
	500,000	Series 2018-2014(f)(g)	3M SOFR + 5.81%	01/28/2030		498,104
		Hilton USA Trust
	900,000	Series 2016-SFP(f)	2.83%	11/05/2035		780,668
		HSI Asset Securitization Corp. Trust
	5,487,271	Series 2006-HE1(g)	1M SOFR + 0.39%	10/25/2036		1,782,108
	1,206,832	Series 2007-NC1(g)	1M SOFR + 0.29%	04/25/2037		806,111
		IMT Trust
	700,000	Series 2017-APTS(f)(g)	3.50%	06/15/2024		692,282
		ITE Rail Fund Levered LP
	665,921	Series 2021-3A(f)	2.21%	06/28/2027		600,988
		J.P. Morgan Chase Commercial Mortgage Securities Trust
	2,092,000	Series 2018-AON(f)(g)	4.61%	07/05/2031		574,742
		JP Morgan BB Commercial Mortgage Securities Trust
	2,086,000	Series 2014-C23(f)(g)	3.36%	11/18/2048		1,792,866
	3,766,580	Series 2015-C28(g)(n)	0.91%	03/15/2025		21,293
	7,098,989	Series 2015-C30(g)(n)	0.42%	07/15/2025		29,382
	2,669,712	Series 2015-C31(g)(n)	0.80%	08/15/2025		22,737
		JP Morgan Chase Commercial Mortgage Securities Trust
	1,157,000	Series 2011-C3(f)(g)	5.53%	02/15/2046		491,604
	1,010,000	Series 2018-WPT(f)(g)	5.36%	07/05/2033		678,808
	235,000	Series 2019-UES(f)	4.34%	05/05/2032		233,926
	1,135,000	Series 2019-UES(f)(g)	4.45%	05/05/2032		1,126,973

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		JP Morgan Mortgage Acquisition Corp.
$	169,255	Series 2006-CH2(m)	5.46%	09/25/2029	$	102,767
		JP Morgan Mortgage Acquisition Trust
	3,328,749	Series 2006-RM1(g)	1M SOFR + 0.59%	08/25/2036		1,487,074
		JPMBB Commercial Mortgage Securities Trust
	16,089,901	Series 2014-C24(g)(n)	0.81%	09/17/2047		18,721
	1,110,000	Series 2014-C26(f)(g)	3.86%	12/15/2024		924,069
	519,000	Series 2015-C27(g)	4.30%	02/15/2025		420,096
		JPMCC Commercial Mortgage Securities Trust
	486,000	Series 2017-JP7(g)	3.63%	07/15/2027		409,917
		Kestrel Aircraft Funding, Ltd.
	299,909	Series 2018-1A(f)	4.25%	10/15/2025		280,370
		Laurel Road Prime Student Loan Trust
	13,992,385	Series 2020-A(f)	0.00%	11/25/2050		1,229,987
		LCM 28, Ltd.
	1,000,000	Series 2018-28A(f)(g)	3M SOFR + 6.01%	10/20/2030		892,469
		LCM Loan Income Fund I Income Note Issuer, Ltd.
	500,000	Series 2018-27A(f)(g)	3M SOFR + 5.86%	07/16/2031		425,688
		LCM XIV LP
	1,000,000	Series 2018-14A(f)(g)	3M SOFR + 3.01%	07/20/2031		937,908
	750,000	Series 2018-14A(f)(g)	3M SOFR + 5.76%	07/20/2031		612,707
		LCM XVII LP
	1,000,000	Series 2018-17A(f)(g)	3M SOFR + 6.26%	10/15/2031		814,456
		LoanCore Issuer, Ltd.
	375,000	Series 2021-CRE5(f)(g)	1M CME TERM SOFR + 2.46448%	07/15/2036		357,793
		LSTAR Commercial Mortgage Trust
	1,150,000	Series 2017-5(f)(g)	4.67%	03/10/2027		849,562
		MACH 1 Cayman, Ltd.
	818,446	Series 2019-1(f)	3.47%	08/15/2026		720,720
		Madison Park Funding XLV, Ltd.
	600,000	Series 2021-45A(f)(g)	3M SOFR + 6.61%	07/15/2034		606,527
		Madison Park Funding XXXVIII, Ltd.
	1,000,000	Series 2021-38A(f)(g)	3M SOFR + 6.26%	07/17/2034		1,003,961
		Master Asset Backed Securities Trust
	3,861,333	Series 2006-NC3(g)	1M US L + 0.21%	10/25/2036		1,948,358

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 49

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Merrill Lynch Mortgage Investors Trust
$	9,852,466	Series 2006-RM3(g)	1M SOFR + 0.59%	06/25/2037	$	2,124,488
		MetroNet Infrastructure Issuer LLC
	1,000,000	Series 2023-1A(f)	8.01%	02/20/2028		1,013,902
		MFT Trust
	2,010,000	Series 2020-ABC(f)(g)	3.48%	02/10/2030		824,654
		Morgan Stanley Bank of America Merrill Lynch Trust
	822,000	Series 2015-C21(g)	4.12%	02/15/2025		665,935
	1,100,000	Series 2017-C34(f)	2.70%	10/15/2027		636,688
		Morgan Stanley Capital I Trust
	1,061,222	Series 2016-UB11 XA(g)(n)	1.44%	08/15/2026		27,950
	765,000	Series 2018-H4(f)	3.00%	12/15/2028		582,210
	1,117,000	Series 2018-L1(g)	4.78%	10/15/2028		962,534
	750,000	Series 2019-H7	4.13%	07/15/2029		656,738
	826,000	Series 2021-L6(g)	3.46%	07/15/2031		637,494
	10,249,000	Series 2021-L7(f)(g)(n)	0.92%	10/15/2031		583,691
		Morgan Stanley Mortgage Loan Trust
	325,638	Series 2007-3XS(m)	6.20%	01/25/2047		118,207
		Mosaic Solar Loan Trust
	50,873	Series 2017-1A(f)	4.45%	06/20/2042		48,909
	223,022	Series 2018-1A(f)	4.01%	08/20/2030		208,974
	361,031	Series 2020-2A(f)	3.00%	06/20/2025		331,813
		MVW 2021-1W LLC
	422,134	Series 2021-1WA(f)	1.94%	01/22/2041		390,153
	489,675	Series 2021-1WA(f)	3.17%	01/22/2041		450,829
		Navient Private Education Refi Loan Trust
	412,867	Series 2018-A(f)	3.68%	11/17/2025		393,698
		NJ Trust
	275,000	Series 2023-GSP(f)(g)	6.48%	01/06/2029		287,732
		Octagon Investment Partners 20-R, Ltd.
	1,500,000	Series 2019-4A(f)(g)	3M SOFR + 7.06%	05/12/2031		1,448,165
		Octagon Investment Partners 26, Ltd.
	1,000,000	Series 2018-1A(f)(g)	3M SOFR + 8.35%	07/15/2030		782,006
		Octagon Investment Partners 29, Ltd.
	500,000	Series 2020-1A(f)(g)	3M SOFR + 3.36%	01/24/2033		498,424
	2,000,000	Series 2020-1A(f)(g)	3M SOFR + 7.51%	01/24/2033		1,947,157
		Octagon Investment Partners 37, Ltd.
	500,000	Series 2018-2A(f)(g)	3M US L + 2.85%	07/25/2030		486,051

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Octagon Investment Partners 40, Ltd.
$	500,000	Series 2021-1A(f)(g)	3M SOFR + 7.26%	01/20/2035	$	481,721
		Octagon Investment Partners 42, Ltd.
	1,000,000	Series 2021-3A(f)(g)	3M SOFR + 7.01%	07/15/2034		971,488
		Octagon Investment Partners 46, Ltd.
	1,000,000	Series 2021-2A(f)(g)	3M SOFR + 6.86%	07/15/2036		893,424
		Octagon Investment Partners XVI, Ltd.
	500,000	Series 2018-1A(f)(g)	3M US L + 3.00%	07/17/2030		487,565
	1,000,000	Series 2018-1A(f)(g)	3M US L + 5.75%	07/17/2030		950,057
		Octagon Investment Partners XXI, Ltd.
	1,000,000	Series 2019-1A(f)(g)	3M SOFR + 7.26%	02/14/2031		978,296
		Octagon Investment Partners XXII, Ltd.
	500,000	Series 2018-1A(f)(g)	3M SOFR + 5.71%	01/22/2030		482,880
		OHA Credit Funding 3, Ltd.
	2,000,000	Series 2021-3A(f)(g)	3M SOFR + 6.51%	07/02/2035		2,032,766
		OHA Credit Funding 5, Ltd.
	2,000,000	Series 2020-5A(f)(g)	3M SOFR + 6.51%	04/18/2033		2,020,806
		Pagaya AI Debt Selection Trust
	207,537	Series 2021-2(f)	3.00%	01/25/2029		202,371
	2,000,000	Series 2021-5(f)	0.00%	08/15/2029		94,258
		Pagaya AI Debt Trust
	1,249,989	Series 2023-5(f)	9.10%	04/15/2031		1,281,779
		PAGAYA AI Debt Trust
	461,506	Series 2022-2(f)(g)	5.59%	01/15/2030		460,230
		People's Choice Home Loan Securities Trust
	5,000,000	Series 2005-4(g)	1M US L + 0.65%	12/25/2035		3,225,894
		Progress Residential
	2,500,000	Series 2021-SFR3(f)	4.75%	05/17/2026		2,264,345
		Progress Residential
	6,900,000	Series 2021-SFR8(f)	4.01%	10/17/2026		6,155,861
	5,000,000	Series 2024-SFR2(f)(g)	3.65%	04/17/2029		4,265,283
		Retained Vantage Data Centers Issuer LLC
	2,500,000	Series 2023-1A(f)	5.75%	09/15/2028		2,347,800
		RR 2, Ltd.
	1,000,000	Series 2021-2A(f)(g)	3M SOFR + 6.06%	04/15/2036		981,746
		RR 6, Ltd.
	1,000,000	Series 2021-6A(f)(g)	3M SOFR + 6.11%	04/15/2036		982,173
		Sapphire Aviation Finance I, Ltd.
	1,477,553	Series 2018-1A(f)	5.93%	03/15/2025		951,299

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 51

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Sapphire Aviation Finance II, Ltd.
$	317,350	Series 2020-1A(f)	3.23%	03/15/2027	$	279,582
		Signal Rail I LLC
	450,951	Series 2021-1(f)	2.23%	08/17/2028		400,026
		SLG Office Trust
	1,100,000	Series 2021-OVA(f)	2.85%	07/15/2031		822,690
		SMB Private Education Loan Trust
	143,033	Series 2018-B(f)(g)	1M SOFR + 0.83%	08/15/2027		142,429
	968	Series 2021-A(f)	0.00%	01/15/2053		2,552,505
		Sofi Alternative Consumer Loan Program
	50,000	Series 2021-2(f)	0.00%	08/15/2030		419,465
		Sofi Professional Loan Program Trust
	80,000	Series 2018-C(f)	0.00%	01/25/2048		623,420
		Sofi Professional Loan Program, LLC
	32,412	Series 2018-A(f)	0.00%	02/25/2042		335,848
		SoFi Professional Loan Program, LLC
	300,000	Series 2017-D(f)	3.61%	09/25/2040		271,947
		Sprite, Ltd.
	350,715	Series 2021-1(f)	3.75%	10/15/2028		327,745
		Start, Ltd.
	443,017	Series 2018-1(f)	4.09%	05/15/2025		408,890
		Sunnova Helios VII Issuer LLC
	1,060,600	Series 2021-C(f)	2.63%	10/20/2028		845,607
		Sunnova Sol III Issuer LLC
	1,260,056	Series 2021-1(f)	2.58%	04/30/2031		1,057,641
		Sunnova Sol Issuer LLC
	875,319	Series 2020-1A(f)	3.35%	01/30/2030		761,116
		Thunderbolt Aircraft Lease, Ltd.
	1,000,386	Series 2017-A(f)(m)	6.21%	04/15/2024		987,711
		Thunderbolt II Aircraft Lease, Ltd.
	4,464,286	Series 2018-A(f)(m)	5.07%	09/15/2038		3,156,076
		TIF Funding II LLC
	299,500	Series 2021-1A(f)	1.65%	02/20/2046		260,549
		Tricon Residential
	3,700,000	Series 2021-SFR1(f)	4.13%	07/17/2026		3,327,882
		Trimaran Cavu 2019-1, Ltd.
	1,700,000	Series 2019-1A(f)(g)	3M SOFR + 4.41%	07/20/2032		1,679,219
		TRTX Issuer, Ltd.
	311,656	Series 2021-FL4(f)(g)	1M SOFR + 1.31%	03/15/2038		308,987
		UBS Commercial Mortgage Trust
	31,908,500	Series 2017-C3(g)(n)	0.43%	08/15/2050		455,529

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	650,000	Series 2017-C4(g)	4.24%	09/15/2027	$	597,118
	1,099,000	Series 2018-C8(g)	4.68%	02/15/2028		946,390
	928,000	Series 2018-C9(g)	4.95%	03/15/2028		666,546
		UBS-Barclays Commercial Mortgage Trust
	1,993,000	Series 2013-C5(f)(g)	4.08%	03/12/2046		1,504,695
		Upstart Pass-Through Trust
	64,841	Series 2021-ST1(f)	2.75%	02/20/2027		64,081
	144,721	Series 2021-ST2(f)	2.50%	04/20/2027		141,443
		Upstart Securitization Trust
	2,000	Series 2021-2	0.00%	06/20/2031		100,288
		US Auto Funding 2021-1
	876,386	Series 2021-1A(f)	2.20%	05/15/2026		804,985
		Vault DI Issuer LLC
	750,000	Series 2021-1A(f)	2.80%	07/15/2026		656,496
		Velocity Commercial Capital Loan Trust
	214,841	Series 2018-2(f)(g)	4.05%	09/25/2024		202,605
	424,276	Series 2019-1(f)(g)	3.94%	01/25/2027		379,816
	218,915	Series 2019-1(f)(g)	4.01%	07/25/2027		192,274
	172,465	Series 2019-1(f)(g)	4.12%	11/25/2027		147,014
	1,315,113	Series 2021-2(f)(g)	4.92%	12/25/2030		929,221
		VOLT XCVI LLC
	4,032,239	Series 2021-NPL5(f)(m)	4.83%	03/27/2051		3,645,603
		Wachovia Bank Commercial Mortgage Trust
	898	Series 2006-C29(g)(n)	0.30%	11/15/2048		3
		WAVE LLC
	1,210,740	Series 2019-1(f)	7.00%	09/15/2044		384,099
		WB Commercial Mortgage Trust
	294,000	Series 2024-HQ(f)(g)	6.13%	03/15/2028		296,660
		Wells Fargo Commercial Mortgage Trust
	1,245,000	Series 2015-NXS4(g)	3.69%	11/15/2025		1,098,087
	1,000,000	Series 2016-C33(f)	3.12%	03/15/2059		787,735
	5,628,945	Series 2016-C37(f)(g)(n)	1.60%	12/15/2049		187,989
	356,000	Series 2016-NXS6	3.81%	11/15/2049		333,201
	1,100,000	Series 2018-C45	4.73%	06/15/2028		1,030,910
	134,000	Series 2020-C55	3.14%	02/15/2053		110,905
	830,000	Series 2021-C61	3.31%	11/15/2054		631,481
		WFRBS Commercial Mortgage Trust
	210,260	Series 2013-C14	3.49%	06/15/2046		197,906
		WF-RBS Commercial Mortgage Trust
	2,522,651	Series 2014-C21(g)(n)	0.97%	08/15/2047		1,398
	3,362,759	Series 2014-C22(g)(n)	0.76%	09/15/2057		3,967

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 53

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Willis Engine Structured Trust V
$	783,063	Series 2020-A(f)	3.23%	03/15/2045	$	705,355
		Willis Engine Structured Trust VI
	1,888,854	Series 2021-A(f)	7.39%	05/15/2046		1,727,351
TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $266,931,044)						212,947,279
U.S. GOVERNMENT BONDS AND NOTES - 14.78%
	2,000,000	U.S. Treasury Bonds	4.00%	02/15/2034		1,967,187
	65,400,000	U.S. Treasury Bonds	4.75%	11/15/2043		67,862,719
	47,200,000	U.S. Treasury Bonds	4.25%	02/15/2054		46,429,313
	52,000,000	U.S. Treasury Notes	4.63%	02/28/2026		51,961,406
	17,000,000	U.S. Treasury Notes	4.00%	01/31/2029		16,827,344
TOTAL U.S. GOVERNMENT BONDS AND NOTES
(Cost $183,102,932)						185,047,969
MORTGAGE-BACKED SECURITIES - 2.47%
		Fannie Mae Pool
	2,923,475	Series 2021-	2.50%	08/01/2051		2,457,529
	2,586,123	Series 2023-	2.50%	03/01/2052		2,169,252
	2,503,907	Series 2023-	2.50%	04/01/2052		2,088,361
	1,371,042	Series 2023-	6.00%	05/01/2053		1,392,345
	2,111,350	Series 2023-	6.00%	10/01/2053		2,144,921
		Freddie Mac Pool
	2,284,027	Series 2022-	4.50%	09/01/2052		2,175,810
	954,711	Series 2023-	2.00%	02/01/2052		771,887
	1,573,948	Series 2023-	5.00%	05/01/2053		1,548,130
	2,124,280	Series 2023-	5.00%	06/01/2053		2,104,902
	1,936,967	Series 2023-	5.00%	07/01/2053		1,908,204
	3,596,700	Series 2023-	5.50%	08/01/2053		3,608,319
	1,423,376	Series 2023-	6.00%	11/01/2053		1,459,404
		Ginnie Mae I Pool
	2,958,370	Series 2012-	3.50%	09/15/2042		2,757,808
		Ginnie Mae II Pool
	2,745,066	Series 2021-	3.00%	11/20/2051		2,408,143
	2,232,873	Series 2022-	3.00%	04/20/2052		1,958,633
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $30,904,946)						30,953,648
U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 15.37%
		Adjustable Rate Mortgage Trust
	1,891,828	Series 2005-10(g)	5.69%	01/25/2036		1,377,540

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Alternative Loan Trust
$	122,364	Series 2005-20CB	5.50%	07/25/2035	$	97,180
	57,343	Series 2005-54CB	5.50%	11/25/2035		32,250
	591,599	Series 2005-85CB(g)	1M US L + 1.10%	02/25/2036		449,644
			21.63% - 3.67 x
	124,936	Series 2005-85CB(g)	1M US L	02/25/2036		92,506
	175,969	Series 2005-86CB	5.50%	02/25/2036		101,760
	132,829	Series 2005-9CB(g)	1M US L + 0.50%	05/25/2035		111,576
	235,905	Series 2005-9CB(g)(n)	5.05% - 1M US L	05/25/2035		5,210
	1,013,934	Series 2006-15CB	6.50%	06/25/2036		474,973
	98,091	Series 2006-30T1	6.25%	11/25/2036		73,264
	93,536	Series 2006-32CB	5.50%	11/25/2036		51,889
			28.06% - 4.6 x 1M
	220,312	Series 2006-36T2(g)	US L	12/25/2036		139,573
	803,911	Series 2007-19	6.00%	08/25/2037		393,198
	2,686,675	Series 2007-20	6.25%	08/25/2047		1,407,672
	747,788	Series 2007-23CB(g)	1M US L + 0.50%	09/25/2037		293,541
	714,013	Series 2007-23CB(g)(n)	6.39% - 1M SOFR	09/25/2037		93,289
		American Home Mortgage Investment Trust
	157,985	Series 2007-A(f)(m)	6.60%	01/25/2037		24,126
		Banc of America Funding
	1,526,459	Series 2014-R8(f)(g)	1M SOFR + 0.35%	12/26/2024		1,241,259
		Banc of America Funding Trust
	26,950	Series 2006-2	5.50%	03/25/2036		25,759
		BCAP, LLC Trust
	96,243	Series 2007-AA2(g)	7.50%	04/25/2037		53,067
	62,443	Series 2007-AA2	6.00%	04/25/2037		28,475
	4,614,334	Series 2010-RR6(f)(g)	1.57%	07/26/2036		2,167,214
		Bear Stearns ALT-A Trust
	720,837	Series 2006-6(g)	4.20%	11/25/2036		330,290
		Bear Stearns Asset-Backed Securities Trust
	1,118,608	Series 2006-AC1(m)	6.25%	02/25/2036		529,276
		Bear Stearns Structured Products, Inc.
	7,014,764	Series 2008-R2(f)(g)	3.93%	06/25/2047		5,940,668
		Chase Mortgage Finance Trust
	3,122,876	Series 2007-S2	6.00%	03/25/2037		1,732,683
	333,440	Series 2007-S3	5.50%	05/25/2037		3
	4,309,069	Series 2007-S4	6.00%	06/25/2037		1,816,603
		ChaseFlex Trust Series
	3,287,997	Series 2007-M1(g)	1M SOFR + 0.34%	08/25/2037		2,539,518
		Citicorp Mortgage Securities Trust
	288,739	Series 2007-1	6.00%	01/25/2037		256,017

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 55

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Citigroup Mortgage Loan Trust
$	70,091	Series 2009-12(f)	5.50%	11/25/2035	$	56,467
	173,710	Series 2009-4(f)(g)	5.48%	05/25/2035		161,708
		CitiMortgage Alternative Loan Trust
	298,030	Series 2007-A1	6.00%	01/25/2037		261,239
	58,704	Series 2007-A1(g)(n)	5.40% - 1M US L	01/25/2037		2,956
	43,150	Series 2007-A3(g)	6.00%	03/25/2037		38,574
	99,301	Series 2007-A3(g)(n)	5.40% - 1M US L	03/25/2037		4,956
	302,089	Series 2007-A6	5.50%	06/25/2037		255,629
		Connecticut Avenue Securities Trust
	3,618,632	Series 2019-R05(f)(g)	30D US SOFR + 4.21%	07/25/2039		3,771,530
	4,250,000	Series 2022-R02(f)(g)	30D US SOFR + 7.65%	01/25/2027		4,645,670
	3,685,000	Series 2022-R03(f)(g)	30D US SOFR + 9.85%	03/25/2042		4,257,548
	4,125,000	Series 2023-R06(f)(g)	30D US SOFR + 3.90%	07/25/2043		4,367,344
		Countrywide Home Loan Mortgage Pass-Through Trust
	1,138,692	Series 2005-HYB7(g)	4.33%	11/20/2035		1,015,695
	20,308	Series 2005-J4	5.50%	11/25/2035		16,432
	1,151,740	Series 2006-18	6.00%	12/25/2036		638,301
	134,965	Series 2007-17	6.00%	10/25/2037		94,393
	199,335	Series 2007-3	6.00%	04/25/2037		96,746
	222,805	Series 2007-7	5.75%	06/25/2037		109,483
		Credit Suisse First Boston Mortgage Securities Corp.
	41,552	Series 2005-10	5.50%	11/25/2035		30,665
	25,496	Series 2005-8	5.50%	08/25/2025		19,581
	4,004,198	Series 2005-9	6.00%	10/25/2035		1,238,200
		Credit Suisse Mortgage Capital Certificates
	1,719,974	Series 2006-2	5.75%	03/25/2036		916,855
		CSMC
	900,000	Series 2021-NQM6(f)(g)	2.58%	07/25/2066		602,658
		CSMC Mortgage-Backed Trust
	143,580	Series 2006-1	6.00%	02/25/2036		43,828
	13,043	Series 2006-4	5.50%	03/25/2038		7,137
	792,419	Series 2006-5	6.25%	06/25/2036		144,076
	59,649	Series 2006-9	6.00%	11/25/2036		36,121
	3,841	Series 2007-2	5.00%	03/25/2037		2,883
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	173,119	Series 2005-6(g)(n)	5.08% - 1M US L	12/25/2035		7,084

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	75,608	Series 2005-6(g)	1M US L + 1.40%	12/25/2035	$	59,833
		Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
	93,919	Series 2006-PR1(f)(g)	12.12% - 1M US L	04/15/2036		80,134
		Fannie Mae Interest Strip
	5,716,922	Series 2014-419(n)	3.50%	04/25/2044		843,135
		Fannie Mae Pool
	3,857,685	Series 2021-	3.00%	10/01/2046		3,399,948
	1,912,379	Series 2021-	3.00%	12/01/2048		1,675,178
	1,943,516	Series 2021-	4.00%	06/01/2049		1,836,029
	2,362,932	Series 2021-	2.50%	12/01/2051		1,960,436
	3,216,274	Series 2022-	3.50%	11/01/2050		2,923,846
	1,532,502	Series 2022-	5.00%	07/01/2052		1,497,168
	3,000,000	Series Pool #BL4424	2.14%	10/01/2029		2,645,752
	3,000,000	Series Pool #BL5156	2.37%	12/01/2029		2,655,154
		Fannie Mae REMICS
	4,890,113	Series 2014-1(g)(n)	5.79% - 30D US SOFR	02/25/2044		456,550
	5,409,051	Series 2015-54(g)(n)	6.036% - 30D US SOFR	07/25/2045		623,134
	8,745,412	Series 2020-74(g)(n)	4.10% - 30D US SOFR	10/25/2050		355,320
	18,105,745	Series 2020-77(g)(n)	4.10% - 30D SOFR	11/25/2050		660,239
	2,130,048	Series 2021-48(g)(n)	3.65% - 30D US SOFR	08/25/2051		42,622
	14,476,641	Series 2021-56(n)	2.50%	09/25/2051		1,789,265
		Federal Home Loan Mortgage Corp. Pool
	101,581	Series Pool #G01840	5.00%	07/01/2035		102,281
	39,056	Series Pool #G04817	5.00%	09/01/2038		39,326
		Federal Home Loan Mortgage Corp. REMICS
	534,593	Series 2003-2722(g)	9.89% - 1M US L	12/15/2033		531,303
	96,021	Series 2005-R003	5.50%	10/15/2035		94,513
	770,195	Series 2006-3244(g)(n)	6.66% - 1M US L	11/15/2036		65,976
	36,206	Series 2007-3261(g)(n)	6.43% - 1M US L	01/15/2037		2,865
	79,618	Series 2007-3262(g)(n)	6.40% - 1M US L	01/15/2037		3,961
	313,323	Series 2007-3301(g)(n)	6.10% - 1M US L	04/15/2037		22,010
	229,273	Series 2007-3303(g)(n)	6.10% - 1M US L	04/15/2037		17,289
	55,561	Series 2007-3382(g)(n)	6.00% - 1M US L	11/15/2037		3,074
	200,601	Series 2007-3384(g)(n)	6.31% - 1M US L	08/15/2036		15,036
	65,038	Series 2007-3384(g)(n)	6.39% - 1M US L	11/15/2037		3,437
	28,334	Series 2008-3417(g)(n)	6.18% - 1M US L	02/15/2038		1,824
	79,968	Series 2008-3423(g)(n)	5.65% - 1M US L	03/15/2038		4,056
	1,166,950	Series 2008-3423(g)(n)	6.00% - 1M US L	03/15/2038		3,598
	688,647	Series 2009-3510(g)(n)	6.75% - 1M US L	02/15/2037		49,147
	202,269	Series 2009-3523(g)(n)	6.00% - 1M US L	04/15/2039		13,053

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 57

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	35,911	Series 2009-3524(g)(n)	3.41%	06/15/2038	$	33,522
	3,183	Series 2009-3549(g)(n)	5.80% - 1M US L	07/15/2039		201
	355,701	Series 2009-3560(g)(n)	6.40% - 1M US L	11/15/2036		14,624
	133,053	Series 2010-3641	4.50%	03/15/2040		131,071
	197,497	Series 2010-3726(g)(n)	6.05% - 1M US L	09/15/2040		16,228
	593,762	Series 2010-3728(g)(n)	4.45% - 1M US L	09/15/2040		14,602
	241,734	Series 2010-3779	3.50%	12/15/2030		232,974
	48,922	Series 2010-3779	4.00%	12/15/2030		47,818
	238,702	Series 2010-3779	4.50%	12/15/2040		229,909
	27,133	Series 2011-3786(g)	9.50% - 1M US L	01/15/2041		19,320
	151,994	Series 2011-3808	3.50%	02/15/2031		146,407
	418,133	Series 2011-3815(g)(n)	5.85% - 1M US L	02/15/2041		27,424
	133,473	Series 2011-3824	3.50%	03/15/2031		128,566
	212,267	Series 2011-3824(g)(n)	7.10% - 1M US L	08/15/2036		21,616
	234,638	Series 2011-3863	5.50%	08/15/2034		233,462
	302,749	Series 2011-3864(g)	9.20% - 1M US L	05/15/2041		224,328
	256,021	Series 2011-3871	5.50%	06/15/2041		255,770
	236,213	Series 2011-3872(g)(n)	5.95% - 1M US L	06/15/2041		15,559
	1,604,120	Series 2011-3910	5.00%	08/15/2041		1,587,640
	1,018,507	Series 2011-3924(g)(n)	6.00% - 1M US L	09/15/2041		52,362
	1,388,859	Series 2012-3(g)(n)	5.95% - 1M US L	02/25/2042		119,665
	758,174	Series 2013-4170(g)	4.05% - 1M US L	01/15/2033		661,998
	2,097,207	Series 2013-4239	0.00%	07/15/2043		1,178,376
	3,763,914	Series 2015-4440	2.50%	02/15/2045		3,254,611
		Federal National Mortgage Association Pool
	27,180	Series Pool #555743	5.00%	09/01/2033		27,332
	32,427	Series Pool #735382	5.00%	04/01/2035		32,610
	91,057	Series Pool #735383	5.00%	04/01/2035		91,570
	57,864	Series Pool #735484	5.00%	05/01/2035		58,190
	18,178	Series Pool #AH4437	4.00%	01/01/2041		17,039
		Federal National Mortgage Association REMICS
	15,404	Series 2004-46(g)(n)	6.00% - 1M US L	03/25/2034		175
	117,147	Series 2006-101(g)(n)	6.47% - 30D US SOFR	10/25/2036		10,756
	336,570	Series 2006-123(g)(n)	6.32% - 1M US L	01/25/2037		30,628
	1,540,029	Series 2006-92(g)(n)	6.47% - 30D US SOFR	10/25/2036		142,857
	45,264	Series 2007-102(g)(n)	6.40% - 1M US L	11/25/2037		2,753
	36,879	Series 2007-108(g)(n)	6.36% - 1M US L	12/25/2037		2,143
	5,821	Series 2007-30(g)(n)	6.11% - 1M US L	04/25/2037		347
	218,395	Series 2007-38(g)(n)	6.08% - 1M US L	05/25/2037		9,432
	8,945	Series 2007-51(g)(n)	6.10% - 1M US L	06/25/2037		421
	25,193	Series 2007-53(g)(n)	6.10% - 1M US L	06/25/2037		1,334
	229,902	Series 2007-57(g)(n)	6.62% - 1M US L	10/25/2036		19,756
	47,316	Series 2007-68(g)(n)	6.65% - 1M US L	07/25/2037		3,413

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	357,684	Series 2008-3(g)(n)	6.46% - 1M US L	02/25/2038	$	23,137
	34,557	Series 2008-56(g)(n)	6.06% - 1M US L	07/25/2038		1,272
	9,857	Series 2008-81	5.50%	09/25/2038		9,895
	103,630	Series 2009-111	5.00%	01/25/2040		102,598
	50,886	Series 2009-111(g)(n)	6.25% - 1M US L	01/25/2040		4,796
	446,049	Series 2009-12(g)(n)	6.60% - 1M US L	03/25/2036		27,709
	12,512	Series 2009-28(g)(n)	6.00% - 1M US L	04/25/2037		612
	87,262	Series 2009-41	4.50%	06/25/2039		84,609
	38,985	Series 2009-42(g)(n)	6.00% - 1M US L	06/25/2039		1,923
	71,224	Series 2009-47(g)(n)	6.10% - 1M US L	07/25/2039		4,072
	28,967	Series 2009-62(g)(n)	6.10% - 1M US L	08/25/2039		755
	30,637	Series 2009-66(g)(n)	5.80% - 1M US L	02/25/2038		1,911
	24,873	Series 2009-68(g)(n)	5.25% - 1M US L	09/25/2039		1,026
	67,857	Series 2010-11(g)(n)	4.80% - 1M US L	02/25/2040		3,330
	15,085	Series 2010-111(g)(n)	6.00% - 1M US L	10/25/2040		747
	41,701	Series 2010-112	4.00%	10/25/2040		39,137
	63,875	Series 2010-115(g)(n)	6.60% - 1M US L	11/25/2039		5,228
	840,442	Series 2010-115(g)(n)	6.00% - 1M US L	10/25/2040		82,466
	1,983,163	Series 2010-123(g)(n)	6.05% - 1M US L	11/25/2040		193,928
	341,588	Series 2010-15(g)(n)	4.95% - 1M US L	03/25/2040		16,267
	20,814	Series 2010-34(g)(n)	4.93% - 1M US L	04/25/2040		568
	26,008	Series 2010-4(g)(n)	6.23% - 1M US L	02/25/2040		1,560
	33,990	Series 2010-58(g)	12.47% - 1M US L	06/25/2040		30,045
	1,158,323	Series 2010-75	4.50%	07/25/2040		1,118,692
	91,569	Series 2010-9(g)(n)	4.75% - 1M US L	02/25/2040		2,719
	16,740	Series 2010-9(g)(n)	5.30% - 1M US L	02/25/2040		759
	5,003	Series 2010-90(g)(n)	6.00% - 1M US L	08/25/2040		340
	122,258	Series 2011-16	3.50%	03/25/2031		117,631
	83,031	Series 2011-25	3.00%	04/25/2026		81,143
	142,025	Series 2011-29	3.50%	04/25/2031		136,626
	1,573,245	Series 2012-106(g)(n)	6.16% - 1M US L	10/25/2042		135,610
	262,964	Series 2012-124(g)	7.79% - 1M US L	11/25/2042		175,085
	100,616	Series 2012-29(g)(n)	6.00% - 1M US L	04/25/2042		7,163
	290,395	Series 2012-32(n)	5.00%	04/25/2042		43,010
	1,487,209	Series 2012-65(g)(n)	5.98% - 1M US L	06/25/2042		138,706
	609,319	Series 2018-21	0.00%	04/25/2048		461,364
		First Horizon Alternative Mortgage Securities Trust
	457,491	Series 2005-FA6	5.50%	09/25/2035		240,937
		First Horizon Mortgage Pass-Through Trust
	456,671	Series 2007-AR3(g)	4.82%	11/25/2037		207,598
		Freddie Mac Pool
	3,656,237	Series 2021-	2.00%	11/01/2050		2,968,112
	1,488,348	Series 2022-	3.00%	03/01/2052		1,295,748

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 59

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Freddie Mac REMICS
$	2,000,495	Series 2011-3972(g)(n)	5.79% - 30D US SOFR	12/15/2041	$	167,378
	2,058,972	Series 2020-5007(g)(n)	5.99% - 30D US SOFR	08/25/2050		247,097
	3,916,671	Series 2020-5041(n)	2.00%	11/25/2050		481,020
	11,031,811	Series 2020-5057(n)	3.00%	11/25/2050		1,695,044
	8,416,951	Series 2021-5070(n)	3.50%	02/25/2051		1,397,001
		Freddie Mac STACR REMIC Trust
	4,300,000	Series 2020-DNA6(f)(g)	30D US SOFR + 5.65%	12/25/2050		4,732,553
	2,500,000	Series 2021-DNA1(f)(g)	30D US SOFR + 4.75%	01/25/2051		2,649,047
	2,750,000	Series 2021-HQA2(f)(g)	30D US SOFR + 3.15%	12/25/2033		2,969,064
		Freddie Mac STACR REMIC Trust 2020-DNA2
	3,000,000	Series 2021-DNA2(f)(g)	30D US SOFR + 6.00%	08/25/2033		3,440,792
		GCAT
	1,500,000	Series 2021-NQM4(f)(g)	2.47%	08/25/2025		927,364
		Ginnie Mae II Pool
	4,816,258	Series 2021-	2.50%	10/20/2051		4,087,066
	1,440,742	Series 2021-	2.50%	11/20/2051		1,222,606
		Government National Mortgage Association
	23,867	Series 2004-83(g)(n)	6.08% - 1M US L	10/20/2034		1,103
	22,601	Series 2008-6(g)(n)	6.46% - 1M US L	02/20/2038		14
	21,735	Series 2008-67(g)(n)	6.00% - 1M US L	08/20/2038		7
	340,552	Series 2008-69(g)(n)	7.63% - 1M US L	08/20/2038		20,369
	34,483	Series 2009-10(g)(n)	6.65% - 1M US L	02/16/2039		2,637
	352,278	Series 2009-35	4.50%	05/20/2039		340,587
	1,451,437	Series 2009-58(g)(n)	6.25% - 1M US L	06/20/2039		93,437
	24,095	Series 2009-6(g)(n)	5.95% - 1M US L	02/20/2038		7
	690,223	Series 2009-75	5.00%	09/20/2039		678,904
	1,646,024	Series 2010-121(g)(n)	6.00% - 1M US L	09/20/2040		163,867
	25,357	Series 2010-61(g)(n)	6.44% - 1M SOFR	09/20/2039		1,201
	709,305	Series 2010-85(g)	1M SOFR + 0.67%	07/20/2040		704,806
	36,100	Series 2010-98(g)(n)	5.43%	03/20/2039		1,449
	18,952,747	Series 2010-H20(g)(n)	1.43%	10/20/2060		451,415
	221,065	Series 2011-69	0.00%	05/20/2041		169,588
	705,263	Series 2011-71	4.50%	02/20/2041		689,346
	497,981	Series 2011-71(g)(n)	5.40% - 1M US L	05/20/2041		32,047
	143,858	Series 2011-72(g)(n)	6.15% - 1M US L	05/20/2041		9,822
	751,101	Series 2011-89(g)(n)	5.45% - 1M US L	06/20/2041		49,030
	1,380,332	Series 2013-113(g)(n)	6.25% - 1M US L	03/20/2043		40,280
	2,680,275	Series 2013-122(g)(n)	6.10% - 1M US L	08/16/2043		264,216

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	2,039,062	Series 2013-148(g)(n)	5.68% - 1M US L	10/16/2043	$	143,712
	2,060,523	Series 2013-186(g)(n)	6.25% - 1M US L	02/16/2043		119,023
	1,658,409	Series 2014-156(g)(n)	6.25% - 1M US L	10/20/2044		160,433
	3,293,589	Series 2014-4(g)(n)	6.10% - 1M US L	01/16/2044		312,357
	4,137,692	Series 2014-41(g)(n)	5.99% - 1M SOFR	03/20/2044		400,228
	1,569,479	Series 2014-5(g)(n)	6.15% - 1M US L	07/20/2043		72,668
	2,663,604	Series 2014-95(g)(n)	6.25% - 1M US L	06/16/2044		193,762
	9,949,116	Series 2016-162(g)(n)	0.80%	09/16/2058		347,306
	1,512,355	Series 2016-89(g)	1M SOFR + 0.56%	07/20/2046		1,488,552
	12,619,658	Series 2016-H21(g)(n)	0.73%	09/20/2066		492,370
	4,493,909	Series 2018-97(g)(n)	6.09% - 1M SOFR	07/20/2048		468,897
	473,688	Series 2019-112(g)	1M SOFR + 0.51%	09/20/2049		464,794
	9,613,448	Series 2019-22(g)(n)	5.49% - 1M SOFR	02/20/2045		952,741
	1,342,762	Series 2019-90(g)	1M SOFR + 0.46%	07/20/2049		1,314,162
	4,376,317	Series 2019-92(g)(n)	5.99% - 1M SOFR	07/20/2049		427,951
	17,887,744	Series 2019-H10(g)(n)	0.01%	06/20/2069		965,148
	4,620,600	Series 2019-H18(g)(n)	0.06%	11/20/2069		286,238
	8,813,750	Series 2020-112(g)(n)	6.14% - 1M SOFR	08/20/2050		893,198
	16,152,645	Series 2020-146(g)(n)	3.75% - 1M US L	10/20/2050		524,715
	12,329,100	Series 2020-146(g)(n)	6.19% - 1M SOFR	10/20/2050		1,591,530
	11,395,248	Series 2020-167(g)(n)	3.75% - 1M US L	11/20/2050		239,385
	17,361,351	Series 2020-168(g)(n)	0.98%	12/16/2062		1,204,617
	4,351,019	Series 2020-188(g)(n)	6.19% - 1M SOFR	11/20/2050		590,220
	18,419,068	Series 2020-H18(g)(n)	0.06%	09/20/2070		1,173,311
	14,577,709	Series 2021-1(n)	2.50%	01/20/2051		1,963,476
	9,747,132	Series 2021-1(g)(n)	6.19% - 1M SOFR	01/20/2051		1,239,689
	9,677,979	Series 2021-107(g)(n)	3.75% - 1M US L	06/20/2051		324,218
	1,507,488	Series 2021-117(n)	3.50%	06/20/2051		259,632
	12,742,821	Series 2021-160(n)	2.50%	06/20/2051		1,314,590
	1,746,591	Series 2021-197(n)	3.50%	11/20/2051		304,499
	17,051,601	Series 2021-52(g)(n)	0.72%	04/16/2063		934,731
	22,657,327	Series 2021-59(g)(n)	2.60% - 30D US SOFR	04/20/2051		198,938
	12,723,092	Series 2021-7(n)	2.50%	01/20/2051		1,709,967
	12,744,813	Series 2021-76(n)	3.00%	08/20/2050		2,001,944
	11,574,433	Series 2021-77(g)(n)	3.75% - 1M US L	05/20/2051		337,455
	14,973,313	Series 2021-77(n)	2.50%	05/20/2051		1,570,277
	5,818,241	Series 2021-89(g)(n)	3.75% - 1M US L	05/20/2051		158,139
	9,069,286	Series 2021-97(g)(n)	3.75% - 1M US L	06/20/2051		191,087
	27,975,212	Series 2021-97(g)(n)	3M US L + 2.44%	06/20/2051		263,851
	12,805,991	Series 2021-H08(g)(n)	0.04%	05/20/2071		344,621
	36,430,414	Series 2022-1(g)(n)	2.65% - 30D US SOFR	01/20/2052		210,255
	26,637,357	Series 2022-48(g)(n)	0.71%	01/16/2064		1,600,303
		GSR Mortgage Loan Trust
	890,613	Series 2006-2F	5.25%	02/25/2036		364,089
	1,537,602	Series 2007-2F	6.00%	03/25/2037		813,540

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 61

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	672,738	Series 2007-AR2(g)	3.83%	05/25/2037	$	370,319
		Impac CMB Trust
	78,236	Series 2004-10(g)	1M SOFR + 0.81%	03/25/2035		65,791
		Imperial Fund Mortgage Trust
	1,000,000	Series 2021-NQM4(f)(g)	3.45%	01/25/2057		723,850
		IndyMac IMJA Mortgage Loan Trust
	947,480	Series 2007-A1	6.00%	08/25/2037		368,354
		IndyMac IMSC Mortgage Loan Trust
	4,670,817	Series 2007-F2	6.50%	07/25/2037		1,436,202
		JP Morgan Alternative Loan Trust
	152,492	Series 2005-S1	6.00%	12/25/2035		102,254
	20,084	Series 2006-S3(m)	6.62%	08/25/2036		19,077
		JP Morgan Mortgage Trust
	773,473	Series 2007-S3	6.00%	07/25/2037		369,898
		JP Morgan Resecuritization Trust
	479,361	Series 2011-1(f)(g)	6.00%	06/26/2037		375,226
	1,875,752	Series 2014-6(f)(g)	1M SOFR + 0.32%	07/27/2046		1,786,269
		Lehman Mortgage Trust
	376,860	Series 2006-6	5.50%	10/25/2036		252,942
	3,847,276	Series 2006-7(g)	1M US L + 0.25%	11/25/2036		285,536
	3,847,284	Series 2006-7(g)(n)	7.75% - 1M US L	11/25/2036		299,038
	1,161,970	Series 2006-8(g)	1M US L + 0.42%	12/25/2036		261,684
	1,159,735	Series 2006-8(g)(n)	6.47% - 1M SOFR	12/25/2036		109,815
	253,142	Series 2007-10	6.50%	01/25/2038		70,791
		LHOME Mortgage Trust
	1,500,000	Series 2021-RTL2(f)(m)	5.61%	06/25/2026		1,419,190
		Merrill Lynch Alternative Note Asset Trust
	687,842	Series 2007-F1	6.00%	03/25/2037		75,785
		Morgan Stanley Mortgage Loan Trust
	971,415	Series 2005-3AR(g)	5.02%	07/25/2035		797,829
	2,142,030	Series 2006-11	6.00%	08/25/2036		1,292,475
	2,488,684	Series 2006-1AR(g)	1M SOFR + 0.39%	02/25/2036		1,511,725
	586,215	Series 2006-7(g)	5.21%	06/25/2036		331,593
	602,196	Series 2006-7	6.00%	06/25/2036		283,040
		Morgan Stanley Residential Mortgage Loan Trust
	260,947	Series 2020-RPL1(f)(g)	5.69%	10/25/2060		258,581
		NewRez Warehouse Securitization Trust
	3,943,333	Series 2021-1(f)(g)	1M SOFR + 5.36%	05/25/2055		3,949,526
		Nomura Asset Acceptance Corp. Alternative Loan Trust
	945,571	Series 2005-AP3(g)	5.32%	08/25/2035		420,127

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		PR Mortgage Loan Trust
$	5,914,123	Series 2014-1(f)(g)	5.86%	10/25/2049	$	5,468,045
		Prime Mortgage Trust
	42,239	Series 2006-DR1(f)	5.50%	05/25/2035		38,444
		RBSGC Structured Trust
	100,718	Series 2008-B(f)	6.00%	06/25/2037		86,652
		Residential Accredit Loans, Inc.
	3,151,918	Series 2006-QA5(g)	1M US L + 0.22%	07/25/2036		1,206,976
	1,137,406	Series 2006-QS10	6.50%	08/25/2036		958,287
	285,888	Series 2006-QS6	6.00%	06/25/2036		217,329
	712,186	Series 2006-QS7	6.00%	06/25/2036		541,558
	37,441	Series 2006-QS7(g)	1M US L + 0.40%	06/25/2036		26,473
	112,323	Series 2006-QS7(g)(n)	5.60% - 1M US L	06/25/2036		5,986
	48,151	Series 2006-QS8(g)	1M US L + 0.45%	08/25/2036		35,108
	144,454	Series 2006-QS8(g)(n)	5.55% - 1M US L	08/25/2036		8,922
	4,534	Series 2007-QS6(g)	55.00% - 8.33 x 1M US L	04/25/2037		5,169
	418,183	Series 2007-QS9	6.50%	07/25/2037		324,648
	223,293	Series 2008-QR1	6.00%	08/25/2036		172,845
		Residential Asset Securitization Trust
	383,232	Series 2006-A1	6.00%	04/25/2036		177,322
	862,217	Series 2006-A2	6.00%	05/25/2036		355,172
	893,788	Series 2006-A6	6.50%	07/25/2036		272,217
	243,132	Series 2006-A8	6.00%	08/25/2036		134,235
	148,217	Series 2006-A8	6.50%	08/25/2036		41,573
	313,810	Series 2006-A8(g)(n)	5.90% - 1M US L	08/25/2036		24,124
	1,330,623	Series 2007-A1	6.00%	03/25/2037		435,980
	56,376	Series 2007-A6	6.00%	06/25/2037		29,038
	2,535,081	Series 2007-A7	6.00%	07/25/2037		966,987
		Residential Funding Mortgage Securities I Trust
	352,830	Series 2006-S3	5.50%	03/25/2036		283,124
	71,524	Series 2006-S6	6.00%	07/25/2036		59,618
	194,693	Series 2007-S3	6.00%	03/25/2037		139,063
	106,673	Series 2007-S6	6.00%	06/25/2037		78,450
		Residential Mortgage Loan Trust
	3,250,000	Series 2020-1(f)(g)	4.67%	01/26/2060		2,692,566
		Sequoia Mortgage Trust
	870,232	Series 2007-3(g)	3.96%	07/20/2037		637,271
		Structured Adjustable Rate Mortgage Loan Trust
	492,038	Series 2005-15(g)	4.76%	07/25/2035		260,346
		Structured Asset Securities Corp.
	130,859	Series 2005-RF1(f)(g)	1M US L + 0.35%	03/25/2035		113,148
	130,859	Series 2005-RF1(f)(g)(n)	0.00%	03/25/2035		145

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 63

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		TBW Mortgage-Backed Trust
$	1,391,150	Series 2006-2	7.00%	07/25/2036	$	218,603
		Verus Securitization Trust
	2,300,000	Series 2019-INV3(f)(g)	3.28%	11/25/2059		2,091,847
	1,500,000	Series 2021-4(f)(g)	2.20%	07/25/2066		963,019
	1,400,000	Series 2021-6(f)(g)	4.05%	10/25/2066		1,069,505
	2,000,000	Series 2021-7(f)(g)	4.19%	10/25/2066		1,415,255
	7,706,000	Series 2022-4(f)(g)	4.73%	04/25/2067		6,238,766
	1,593,462	Series 2023-3(f)(m)	6.44%	03/25/2068		1,598,937
		Wachovia Mortgage Loan Trust, LLC Series Trust
	44,719	Series 2005-B(g)	6.24%	10/20/2035		42,311
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	36,327	Series 2005-9	5.50%	11/25/2035		27,783
	300,001	Series 2006-5	6.00%	07/25/2036		214,063
		Washington Mutual Mortgage Pass-Through Certificates Trust
	467,112	Series 2006-2	6.00%	03/25/2036		439,217
		Wells Fargo Alternative Loan Trust
	191,321	Series 2007-PA2(g)	1M US L + 0.43%	06/25/2037		155,791
	191,321	Series 2007-PA2(g)(n)	6.07% - 1M US L	06/25/2037		13,007
	103,585	Series 2007-PA3	5.75%	07/25/2037		87,383
	228,054	Series 2007-PA3	6.25%	07/25/2037		192,514
TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES
(Cost $283,067,574)						192,532,439

Shares/Description			Value
Warrants - 0.00%(l)
	219,520	Oas SA, Strike Price 1.00, Expires 05/16/2039(c)		–
TOTAL WARRANTS
(Cost $0)				–
Short-Term Investments - 3.96%
Money Market Fund - 3.96%
	49,536,777	State Street Institutional Trust (7 Day Yield 5.25%)		49,536,777
TOTAL SHORT-TERM INVESTMENTS
(Cost $49,536,777)				49,536,777

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Shares/Description	Value
TOTAL INVESTMENTS - 99.62%
(Cost $1,414,682,512)	$	1,247,631,185
CASH SEGREGATED AT CUSTODIAN FOR FORWARD FOREIGN CURRENCY CONTRACTS - 0.04%		515,572
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.34%		4,243,063
NET ASSETS - 100.00%	$	1,252,389,820

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

SOFR - Secured Overnight Financing Rate Data

TI - Treasury Index

Rates:

1M US L - 1 Month LIBOR as of March 31, 2024 was 5.44%

3M US L - 3 Month LIBOR as of March 31, 2024 was 5.56%

1D SOFR - 1 Day SOFR as of March 31, 2024 was 5.34%

30D SOFR - 30 Day SOFR as of March 31, 2024 was 5.32%

1Y US TI - 1 Year TI as of March 31, 2024 was 5.03%

5Y US TI - 5 Year TI as of March 31, 2024 was 4.21%

10Y US TI - 10 Year TI as of March 31, 2024 was 4.20%

^(a) Non-income producing security.

^(b) 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.

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

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

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

^(f) 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 $357,942,462, which represents approximately 28.58% of net assets as of March 31, 2024.

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 65

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

^(g) Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2024. 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.

^(h) 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, 2024, the aggregate fair value of those securities was $23,120,573, representing 1.85% of net assets.

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

^(j) Security is currently in default.

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

^(l) Less than 0.005%.

^(m) Step up bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at March 31, 2024.

⁽ⁿ⁾ Interest only securities.

Futures Contracts: 

Description	Contracts	Expiration Date	Notional Value		Value and Unrealized Appreciation/(Depreciation)
10-Yr U.S. Treasury Note Futures	230	June 2024	$	26,360,156	$	157,676
2-Yr U.S. Treasury Note Futures	30	June 2024		6,134,531		(23,048	)
US T-Bond Future	8	June 2024		963,500		(10,556	)
			$	33,458,187	$	124,072

Futures Contracts Sold: 

Description	Contracts (Short)	Expiration Date	Notional Value		Value and Unrealized Appreciation/(Depreciation)
US Ultra T-Bond	(45)	June 2024	$	5,805,000	$	80,211
			$	5,805,000	$	80,211

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Shares/Description			Value
BUSINESS DEVELOPMENT COMPANIES - 2.03%
	1,100,000	Golub Capital BDC, Inc., 3.375%, 04/15/2024	$	1,099,492
TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $1,098,944)				1,099,492
CLOSED-END FUNDS - 5.77%
	56,446	First Trust High Yield Opportunities 2027 Term Fund		820,725
	19,659	Nuveen Variable Rate Preferred & Income Fund		352,092
	337,948	Western Asset High Income Opportunity Fund, Inc.		1,317,998
	73,617	Western Asset Inflation-Linked Opportunities & Income Fund		635,315
TOTAL CLOSED-END FUNDS
(Cost $3,232,842)				3,126,130
COMMON STOCKS - 0.16%
	3,304	PHI Group, Inc.(a)		88,646
	6	Toys R Us Propco Equity(b)		33
TOTAL COMMON STOCKS
(Cost $65,834)				88,679
PREFERRED STOCKS - 0.14%
	3,018	MidCap Financial Investment Corp., 8.000%		76,567
TOTAL PREFERRED STOCKS
(Cost $76,341)				76,567

Principal Amount/Description			Rate	Maturity	Value
BANK LOANS - 14.70%(c)
Great Britain - 0.85%
$	245,000	City Football Group Limited, TL	1M SOFR + 3.00%	07/09/2028		245,231
	84,852	EG Group Limited TL 1L	3M SOFR + 5.50%	02/07/2025		84,215
	131,271	Osmosis Buyer, Ltd., First Lien - Initial B Term Loan	3M US L + 2.75%, 0.50% Floor	06/17/2028		131,654
						461,100
Luxembourg - 0.45%
	241,839	Surf Holdings S.a r.l., First Lien - Dollar Tranche Term Loan	1M SOFR + 3.50%	03/05/2027		242,611

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 67

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
United States - 13.40%
$	36,401	Adtalem Global Education, Inc., First Lien - B Term Loan	3M US L + 3.00%, 0.75% Floor	08/12/2028	$	36,576
	48,846	Advantage Sales & Marketing Inc., First Lien	3M SOFR + 4.50%	10/28/2027		49,002
	122,188	Allied Universal Holdco LLC, First Lien - Initial U.S. Dollar Term Loan	1M US L + 3.75%, 0.50% Floor	05/15/2028		122,176
	55,160	Amentum Government Services Holdings, LLC, First Lien	1M SOFR + 4.00%	02/07/2029		55,355
	79,040	American Auto Auction Group, LLC, First Lien	3M SOFR + 5.00%	12/30/2027		78,719
	51,675	American Rock Salt Company LLC, First Lien - Initial Term Loan	3M US L + 3.25%, 0.75% Floor	06/09/2028		45,323
	42,915	Ankura Consulting Group LLC, First Lien - Closing Date Term Loan	3M US L + 4.00%, 0.75% Floor	03/17/2028		43,049
	135,134	ARAGORN PARENT CORPORATION, TL	1M SOFR + 4.25%	06/15/2028		135,726
	27,473	ASP Blade Holdings, Inc. TLB 1L	3M SOFR + 4.00%	10/07/2028		24,918
	228,026	Astoria Energy LLC, First Lien - B Advance (2020) Term Loan	3M US L + 4.25%, 1.00% Floor	12/10/2027		228,738
	138,145	Asurion LLC, First Lien - New B-8 Term Loan	1M SOFR + 3.25%	12/23/2026		135,678
	155,881	BCP Renaissance Parent LLC, First Lien	3M SOFR + 3.50%, 1.00% Floor	10/31/2026		156,076
	69,537	BCPE North Star US Holdco 2, Inc., First Lien - Initial Term Loan	3M US L + 3.75%, 0.75% Floor	06/09/2028		65,148
	98,250	Bengal Debt Merger Sub, LLC, First Lien	3M SOFR + 3.25%	01/19/2029		92,143
	25,000	Bengal Debt Merger Sub, LLC, Second Lien	3M SOFR + 6.00%	01/18/2030		20,492
	25,415	Carnival Corporation TLB 1L	1M SOFR + 3.25%	10/06/2028		25,481
	173,005	Charter Next Generation, Inc., First Lien	1M SOFR + 3.50%, 0.75% Floor	12/01/2027		173,516
	122,813	Clydesdale Acquisition Holdings, Inc., First Lien	1M SOFR + 3.675%, 0.50% Floor	04/13/2029		123,120
	121,875	Consilio/Skopima 5/21 Cov-Lite TLB	1M SOFR + 4.00%	05/12/2028		121,561
	23,041	CPV Maryland LLC, First Lien - B Advance Term Loan	3M US L + 5.25%, 1.00% Floor	05/11/2028		22,897
	132,979	CQP Holdco LP TLB	3M US L + 4.00%	06/05/2028		133,540
	29,918	Directv Financing LLC, First Lien	1M SOFR + 5.25%, 0.75% Floor	08/02/2029		29,944
	25,502	Diversitech Holdings, Inc.	3M SOFR + 3.75%	12/15/2028		25,542
	242,500	DRW Holdings LLC, First Lien - Initial Term Loan	1M SOFR + 3.75%	03/01/2028		242,803
	76,440	Electron BidCo, Inc. TL 1L	1M SOFR + 3.00%	10/07/2028		76,685
	147,375	Fertitta Entertainment, LLC, First Lien	1M SOFR + 3.75%	01/13/2029		147,897
	237,037	Flynn Restaurant Group LP, First Lien	1M SOFR + 4.25%, 0.50% Floor	12/04/2028		238,075

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	10,000	GIP III Stetson I LP, First Lien - Initial Term Loan	2M US L + 4.25%	07/18/2025	$	10,050
	158,027	GoTo Group, Inc., First Lien	1M SOFR + 4.75%	04/28/2028		134,075
	242,542	Great Outdoors Group LLC, First Lien	1M SOFR + 3.75%, 0.75% Floor	03/05/2028		242,980
	242,500	Greeneden U.S. Holdings I LLC, First Lien - Initial Dollar (2020) Term Loan	3M SOFR + 3.50%, 0.75% Floor	12/01/2027		243,495
	236,017	Harbor Freight Tools USA, Inc., First Lien - Initial (2021) Term Loan	L + 2.75%, 0.50% Floor	10/19/2027		236,138
	148,125	Houghton Mifflin Harcrt Co Tl 1L	1M SOFR + 5.25%	04/04/2029		147,199
	61,110	Hudson River Trading LLC, First Lien	1M US L + 3.00%	03/20/2028		60,785
	62,055	Hunter Douglas, Inc., First Lien	3M SOFR + 3.50%	02/09/2029		61,449
	243,150	IRB Holding Corp., First Lien	1M SOFR + 3.00%, 0.75% Floor	12/15/2027		243,515
	97,587	LTI Holdings, Inc., First Lien	1M SOFR + 4.75%	07/24/2026		96,794
	44,735	Majordrive Holdings IV LLC, First Lien - Initial Term Loan	3M US L + 3.75%, 0.50% Floor	06/01/2028		44,875
	58,115	McAfee Corp., First Lien	1M SOFR + 3.75%	02/02/2029		58,143
	34,229	Merion Rose Merger Sub, Inc., First Lien	3M SOFR + 4.00%	12/08/2028		32,133
	162,500	Mileage Plus Holdings LLC, First Lien - Initial Term Loan	3M SOFR + 5.25%, 1.00% Floor	06/21/2027		167,541
	69,580	Mitchell International, Inc. TLB	1M SOFR + 3.75%	10/01/2028		69,687
	227,323	Natgasoline LLC, First Lien - Initial Term Loan	1M SOFR + 3.625%	11/14/2025		227,323
	48,522	Oryx Midstream Services Permian Basin LLC, First Lien	1M SOFR + 3.00%, 0.50% Floor	10/05/2028		48,760
	138,113	Pactiv Evergreen, Inc., First Lien - Tranche B-2 U.S. Term Loan	1M US L + 3.25%	02/05/2026		138,671
	6,243	Parkway Generation, LLC, First Lien	6M US L + 4.75%	11/05/2028		6,237
	93,575	PMHC II, INC.TLB 1L	3M SOFR + 4.25%	02/02/2029		92,765
	32,258	Polaris Newco LLC, First Lien - Dollar Term Loan	L + 4.00%, 0.50% Floor	06/04/2028		31,983
	108,927	Redwood Star Merger Sub, Inc.	1M SOFR + 4.50%	03/16/2029		109,511
	54,038	Restaurant Technologies, Inc. TLB 1L	3M SOFR + 4.25%	03/17/2029		53,649
	39,970	SCIH Salt Holdings, Inc., First Lien - Incremental B-1 Term Loan	3M US L + 3.50%, 0.75% Floor	03/16/2027		40,088
	146,258	SeaWorld Parks & Entertainment, Inc., First Lien - B Term Loan	L + 3.00%, 0.50% Floor	08/25/2028		146,405
	40,566	Secure Acquisition, Inc.	3M SOFR + 5.00%	12/15/2028		40,743
	43,016	SM Wellness Holdings, Inc., First Lien - Initial Term Loan	3M US L + 3.75%, 0.75% Floor	04/17/2028		41,493
	250,000	Sotera Health Holdings LLC, First Lien - Refinancing Term Loan	3M US L + 3.25%, 0.50% Floor	12/11/2026		249,582
	135,977	Spin Holdco, Inc., First Lien - Initial Term Loan	1M US L + 3.50%, 0.75% Floor	03/04/2028		126,278
	240,000	STUBHUB HLDGS INC, TL	3M SOFR + 4.75%	03/12/2030		240,649

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 69

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	97,500	Tiger Acquisition LLC, First Lien - Initial Term Loan	L + 3.25%, 0.50% Floor	06/01/2028	$	96,803
	71,248	Triton Water Holdings, Inc., First Lien - Initial Term Loan	3M SOFR + 3.25%, 0.50% Floor	03/31/2028		70,590
	187,280	UKG, Inc., First Lien	3M SOFR + 3.50%	02/10/2031		188,480
	205,774	University Support Services LLC, First Lien	1M SOFR + 3.00%, 0.50% Floor	02/10/2029		205,594
	44,213	Univision Communications, Inc., First Lien - B Term Loan	3M US L + 4.00%, 0.75% Floor	05/05/2028		44,190
	63,700	W. R. Grace Holdings LLC, First Lien - Initial Term Loan	L + 3.75%, 0.50% Floor	09/22/2028		63,892
	220,909	Wec US Holdings, Ltd., First Lien - Initial (2021) Term Loan	3M US L + 2.75%, 0.50% Floor	08/01/2025		220,875
	81,340	Whatabrands LLC, First Lien - Initial B Term Loan	1M SOFR + 3.25%, 0.50% Floor	08/03/2028		81,483
	198,655	William Morris Endeavor Entertainment LLC, First Lien - B-1 Term Loan	1M SOFR + 2.75%	05/19/2025		198,762
						7,263,845
TOTAL BANK LOANS
(Cost $7,947,669)						7,967,556
HIGH YIELD DEBT- 74.83%
Australia - 0.32%
$	20,000	Mineral Resources, Ltd.(d)	9.25%	10/01/2028		21,089
	60,000	Mineral Resources, Ltd.(d)	8.50%	05/01/2030		61,866
	100,000	Nufarm Australia, Ltd. / Nufarm Americas, Inc.(d)	5.00%	01/27/2030		91,823
						174,778
Belgium - 0.43%
	100,000	Azelis Finance NV(d)	5.75%	03/15/2028		111,319
	115,000	Ontex Group NV	3.50%	07/15/2026		122,008
						233,327
Canada - 2.17%
	90,000	Bausch Health Cos., Inc.(d)	6.13%	02/01/2027		56,164
	65,000	Bausch Health Cos., Inc.(d)	4.88%	06/01/2028		35,534
	100,000	Bombardier, Inc.(d)	6.00%	02/15/2028		98,477
	90,000	Bombardier, Inc.(d)	8.75%	11/15/2030		96,212
	30,000	Bombardier, Inc.(d)	7.25%	07/01/2031		30,099
	110,000	Cascades, Inc./Cascades USA, Inc.(d)	5.38%	01/15/2028		105,762
	15,000	goeasy, Ltd.(d)	4.38%	05/01/2026		14,439
	180,000	goeasy, Ltd.(d)	9.25%	12/01/2028		192,152
	95,000	Husky Injection Molding Systems, Ltd. / Titan Co.-Borrower LLC(d)	9.00%	02/15/2029		98,360

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	105,000	Intelligent Packaging, Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC(d)	6.00%	09/15/2028	$	99,846
	110,000	Mercer International, Inc.	5.13%	02/01/2029		96,816
	70,000	Northriver Midstream Finance LP(d)	5.63%	02/15/2026		69,553
	20,000	Open Text Corp.(d)	6.90%	12/01/2027		20,696
	55,000	Precision Drilling Corp.(d)	7.13%	01/15/2026		55,093
	25,000	Precision Drilling Corp.(d)	6.88%	01/15/2029		24,977
	80,000	Strathcona Resources, Ltd./Alberta(d)	6.88%	08/01/2026		80,200
						1,174,380
France - 1.96%
	200,000	Afflelou SAS(e)	4.25%	05/19/2026		214,968
	200,000	Altice France SA(e)	4.13%	01/15/2029		151,948
	55,000	Altice France SA(d)	5.13%	07/15/2029		37,240
	100,000	Altice France SA(d)	4.25%	10/15/2029		75,920
	100,000	Banijay Entertainment SASU(d)	7.00%	05/01/2029		113,478
	200,000	Electricite de France SA(c)(f)	2.86% - 5Y EUR SWAP	Perpetual Maturity		195,258
	100,000	Iliad Holding SASU(d)	5.63%	10/15/2028		107,081
	155,000	Iliad Holding SASU(d)	5.63%	10/15/2028		165,975
						1,061,868
Germany - 2.63%
	200,000	Cheplapharm Arzneimittel GmbH	7.50%	05/15/2030		228,468
	130,000	Douglas Service GmbH	6.00%	04/08/2026		142,490
	100,000	Gruenenthal GmbH(d)	4.13%	05/15/2028		104,649
	100,000	IHO Verwaltungs GmbH(e)(g)	3.75% (4.50%)	09/15/2026		106,576
	100,000	IHO Verwaltungs GmbH(d)(g)	8.75% (9.50%)	05/15/2028		117,110
	68,206	Nidda BondCo GmbH(e)	7.25%	09/30/2025		73,432
	100,000	Nidda Healthcare Holding GmbH(e)	7.50%	08/21/2026		111,382
	96,712	Techem Verwaltungsgesellschaft 674 mbH(e)	6.00%	07/30/2026		104,372
	215,000	TUI Cruises GmbH(e)	6.50%	05/15/2026		234,276
	100,000	WEPA Hygieneprodukte GmbH(e)	2.88%	12/15/2027		101,347
	100,000	ZF Finance GmbH	2.75%	05/25/2027		102,952
						1,427,054
Great Britain - 2.33%
	100,000	British Telecommunications PLC(c)	2.13% - 5Y EUR SWAP	08/18/2080		104,298
	100,000	British Telecommunications PLC(c)		12/20/2083		135,103
	95,000	Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC(d)	8.13%	02/15/2032		95,896
	100,000	INEOS Quattro Finance 2 PLC(e)	2.50%	01/15/2026		104,761
	135,000	NGG Finance PLC(c)	2.532% - 5Y EUR SWAP	09/05/2082		134,077
	100,000	Pinewood Finance Co., Ltd.(e)	3.25%	09/30/2025		124,337

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 71

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	70,000	Virgin Media Secured Finance PLC(d)	4.50%	08/15/2030	$	60,420
	225,000	Vmed O2 UK Financing I PLC(d)	4.75%	07/15/2031		194,143
	200,000	Vodafone Group PLC(c)	3.00% - 5Y EUR SWAP	08/27/2080		195,449
	100,000	Vodafone Group PLC(c)	5Y EUR SWAP + 3.489%	08/30/2084		116,318
						1,264,802
Hong Kong - 0.42%
	260,000	Seaspan Corp.(d)	5.50%	08/01/2029		227,086
Ireland - 0.76%
	200,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.(e)	2.13%	08/15/2026		186,516
	100,000	Virgin Media Vendor Financing Notes III DAC(e)	4.88%	07/15/2028		113,594
	100,000	Virgin Media Vendor Financing Notes III DAC(d)	4.88%	07/15/2028		113,595
						413,705
Italy - 1.63%
	100,000	Cedacri Mergeco SPA(c)(d)	3M EUR L + 4.625%	05/15/2028		108,443
	110,000	Cerved Group SpA(c)	3M EUR L + 5.25%	02/15/2029		114,749
	100,000	Engineering - Ingegneria Informatica - SpA(e)	5.88%	09/30/2026		106,471
	100,000	Guala Closures SpA(e)	3.25%	06/15/2028		101,959
	100,000	Lottomatica SpA/Roma(d)	7.13%	06/01/2028		114,070
	100,000	Mooney Group SpA(c)(e)	3M EUR L + 3.875%	12/17/2026		108,155
	200,000	Telecom Italia SpA	6.88%	02/15/2028		228,649
						882,496
Japan - 0.20%
	115,000	Nissan Motor Co., Ltd.(d)	4.81%	09/17/2030		107,462
Jersey - 0.26%
	135,000	Aston Martin Capital Holdings, Ltd.(d)	10.00%	03/31/2029		137,587
Luxembourg - 3.08%
	200,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl(d)	4.63%	06/01/2028		182,012
	100,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl(e)	3.63%	06/01/2028		100,406
	100,000	Altice Financing SA(e)	4.25%	08/15/2029		88,388
	100,000	Altice Financing SA(d)	4.25%	08/15/2029		88,387
	100,000	Altice France Holding SA(d)	4.00%	02/15/2028		26,779

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	100,000	Cirsa Finance International Sarl(d)	6.50%	03/15/2029	$	110,789
	100,000	Eurofins Scientific SE(c)(f)	3M EUR L + 2.667%	12/31/9999		104,654
	100,000	Eurofins Scientific SE(c)(f)	3M EUR L + 4.241%	12/31/9999		113,414
	70,000	Intelsat Jackson Holdings SA(d)	6.50%	03/15/2030		65,210
	200,000	ION Trading Technologies Sarl(d)	5.75%	05/15/2028		183,730
	100,000	Matterhorn Telecom SA(e)	4.00%	11/15/2027		107,165
	110,000	SK Invictus Intermediate II Sarl(d)	5.00%	10/30/2029		98,163
	205,000	Summer BC Holdco B SARL(e)	5.75%	10/31/2026		217,571
	195,000	Telecom Italia Capital SA	6.38%	11/15/2033		184,629
						1,671,297
Netherlands - 2.73%
	100,000	Boels Topholding BV(d)	6.25%	02/15/2029		111,517
	125,000	Boost Newco Borrower LLC / GTCR W Dutch Finance Sub BV(d)	8.50%	01/15/2031		170,559
	100,000	Dufry One BV	3.38%	04/15/2028		104,031
	100,000	Q-Park Holding I BV(e)	2.00%	03/01/2027		101,574
	100,000	Repsol International Finance BV(c)(f)	2.769% - 5Y EUR SWAP	12/31/9999		101,807
	200,000	Sunrise HoldCo IV BV(d)	5.50%	01/15/2028		192,165
	100,000	Telefonica Europe BV(c)(f)	6Y EUR SWAP + 4.322%	12/31/9999		117,776
	100,000	Telefonica Europe BV(c)(f)	12/31/9999	117,123
	125,000	TMNL Holding BV(d)	3.75%	01/15/2029		127,015
	100,000	Trivium Packaging Finance BV(d)	3.75%	08/15/2026		104,910
	100,000	Wp/ap Telecom Holdings III BV	5.50%	01/15/2030		100,131
	45,000	Ziggo Bond Co. BV(d)	5.13%	02/28/2030		38,567
	100,000	Ziggo Bond Co. BV(e)	3.38%	02/28/2030		92,352
						1,479,527
Sweden - 0.44%
	100,000	Samhallsbyggnadsbolaget i Norden AB(c)(f)	3.223% - 5Y EUR SWAP	12/31/9999		26,117
	100,000	Verisure Holding AB(e)	3.88%	07/15/2026		106,449
	100,000	Verisure Midholding AB(e)	5.25%	02/15/2029		104,510
						237,076
United States - 55.47%
	40,000	Academy, Ltd.(d)	6.00%	11/15/2027		39,435
	95,000	ACCO Brands Corp.(d)	4.25%	03/15/2029		85,600
	105,000	Acuris Finance US, Inc. / Acuris Finance SARL(d)	5.00%	05/01/2028		95,507
	55,000	Adient Global Holdings, Ltd.(d)	7.00%	04/15/2028		56,249
	75,000	Adient Global Holdings, Ltd.(d)	8.25%	04/15/2031		79,203
	55,000	ADT Security Corp.(d)	4.13%	08/01/2029		50,441
	30,000	ADT Security Corp.(d)	4.88%	07/15/2032		27,179

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 73

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	170,000	Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC(d)	5.88%	02/15/2028	$	168,425
	160,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer(d)	6.75%	04/15/2028		161,293
	25,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer(d)	7.00%	01/15/2031		25,270
	95,000	AMC Networks, Inc.(d)	10.25%	01/15/2029		95,749
	125,000	AMC Networks, Inc.	4.25%	02/15/2029		88,683
	50,000	American Airlines, Inc.(d)	7.25%	02/15/2028		50,816
	95,000	American Axle & Manufacturing, Inc.	5.00%	10/01/2029		85,651
	65,000	APX Group, Inc.(d)	5.75%	07/15/2029		62,567
	90,000	Aramark Services, Inc.(d)	5.00%	02/01/2028		86,940
	235,000	Arches Buyer, Inc.(d)	4.25%	06/01/2028		207,081
	45,000	Archrock Partners LP / Archrock Partners Finance Corp.(d)	6.88%	04/01/2027		45,166
	75,000	Archrock Partners LP / Archrock Partners Finance Corp.(d)	6.25%	04/01/2028		74,255
	65,000	Arsenal AIC Parent LLC(d)	8.00%	10/01/2030		68,324
	105,000	Artera Services LLC(d)	8.50%	02/15/2031		107,727
	75,000	Ascent Resources Utica Holdings LLC / ARU Finance Corp.(d)	7.00%	11/01/2026		75,239
	175,000	ASP Unifrax Holdings, Inc.(d)	5.25%	09/30/2028		113,042
	135,000	AssuredPartners, Inc.(d)	7.50%	02/15/2032		132,792
	75,000	AthenaHealth Group, Inc.(d)	6.50%	02/15/2030		68,674
	85,000	Avient Corp.(d)	7.13%	08/01/2030		87,232
	70,000	B&G Foods, Inc.	5.25%	09/15/2027		65,475
	135,000	B&G Foods, Inc.(d)	8.00%	09/15/2028		140,745
	145,000	BellRing Brands, Inc.(d)	7.00%	03/15/2030		149,529
	60,000	Big River Steel LLC / BRS Finance Corp.(d)	6.63%	01/31/2029		60,393
	1,000,000	Blackstone Private Credit Fund	2.63%	12/15/2026		912,885
	95,000	Block Communications, Inc.(d)	4.88%	03/01/2028		84,934
	165,000	Bloomin' Brands, Inc. / OSI Restaurant Partners LLC(d)	5.13%	04/15/2029		153,450
	500,000	Blue Owl Capital Corp.	3.75%	07/22/2025		485,233
	1,242,000	Blue Owl Capital Corp. III	3.13%	04/13/2027		1,132,088
	200,000	Blue Owl Credit Income Corp.	5.50%	03/21/2025		198,667
	105,000	BlueLinx Holdings, Inc.(d)	6.00%	11/15/2029		102,489
	55,000	Boost Newco Borrower LLC(d)	7.50%	01/15/2031		57,617
	130,000	Borr IHC, Ltd. / Borr Finance LLC(d)	10.00%	11/15/2028		135,755
	105,000	Brinker International, Inc.(d)	8.25%	07/15/2030		110,732
	45,000	Buckeye Partners LP(d)	4.50%	03/01/2028		42,783
	175,000	Cable One, Inc.(h)	0.00%	03/15/2026		153,300
	50,000	Cablevision Lightpath LLC(d)	3.88%	09/15/2027		44,944
	85,000	Cablevision Lightpath LLC(d)	5.63%	09/15/2028		71,095
	75,000	Caesars Entertainment, Inc.(d)	7.00%	02/15/2030		77,033
	105,000	Caesars Entertainment, Inc.(d)	6.50%	02/15/2032		105,990

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	125,000	Calpine Corp.(d)	5.00%	02/01/2031	$	114,791
	205,000	Carnival Corp.(d)	6.00%	05/01/2029		202,404
	330,000	Carnival Corp.(d)	10.50%	06/01/2030		361,185
	50,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)	5.50%	05/01/2026		49,268
	175,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)	6.38%	09/01/2029		166,144
	120,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)	4.75%	03/01/2030		103,112
	250,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)	4.50%	06/01/2033		195,500
	135,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)	4.25%	01/15/2034		102,023
	130,000	Cedar Fair LP	5.25%	07/15/2029		123,684
	65,000	Central Garden & Pet Co.	5.13%	02/01/2028		63,067
	75,000	Chart Industries, Inc.(d)	7.50%	01/01/2030		77,977
	35,000	Chart Industries, Inc.(d)	9.50%	01/01/2031		38,147
	90,000	Cheniere Energy, Inc.	4.63%	10/15/2028		87,290
	40,000	CHS/Community Health Systems, Inc.(d)	6.00%	01/15/2029		34,992
	85,000	CHS/Community Health Systems, Inc.(d)	10.88%	01/15/2032		87,658
	65,000	Churchill Downs, Inc.(d)	5.50%	04/01/2027		63,845
	10,000	Churchill Downs, Inc.(d)	4.75%	01/15/2028		9,527
	55,000	Churchill Downs, Inc.(d)	5.75%	04/01/2030		53,133
	100,000	Churchill Downs, Inc.(d)	6.75%	05/01/2031		100,684
	105,000	CITGO Petroleum Corp.(d)	7.00%	06/15/2025		104,935
	35,000	CITGO Petroleum Corp.(d)	6.38%	06/15/2026		35,129
	200,000	Civitas Resources, Inc.(d)	8.63%	11/01/2030		214,892
	95,000	Clear Channel Outdoor Holdings, Inc.(d)	5.13%	08/15/2027		89,621
	60,000	Clear Channel Outdoor Holdings, Inc.(d)	9.00%	09/15/2028		62,551
	65,000	Clear Channel Outdoor Holdings, Inc.(d)	7.88%	04/01/2030		64,661
	210,000	Cleveland-Cliffs, Inc.(d)	7.00%	03/15/2032		213,035
	275,000	Cloud Software Group, Inc.(d)	6.50%	03/31/2029		261,193
	85,000	Clydesdale Acquisition Holdings, Inc.(d)	6.63%	04/15/2029		85,019
	70,000	Cogent Communications Group, Inc.(d)	7.00%	06/15/2027		69,752
	30,000	CommScope, Inc.(d)	6.00%	03/01/2026		27,488
	107,000	CommScope, Inc.(d)	8.25%	03/01/2027		50,197
	25,000	CommScope, Inc.(d)	7.13%	07/01/2028		9,912
	108,000	CommScope, Inc.(d)	4.75%	09/01/2029		78,030
	145,000	Compass Group Diversified Holdings LLC(d)	5.25%	04/15/2029		137,923
	70,000	Comstock Resources, Inc.(d)	5.88%	01/15/2030		63,455
	105,000	Consolidated Communications, Inc.(d)	5.00%	10/01/2028		87,615
	23,000	Coty, Inc.(d)	6.50%	04/15/2026		23,053
	100,000	Coty, Inc.(d)	5.75%	09/15/2028		112,098
	65,000	Coty, Inc./HFC Prestige Products Inc/HFC Prestige International US LLC(d)	6.63%	07/15/2030		66,059

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 75

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	250,000	CQP Holdco LP / BIP-V Chinook Holdco LLC(d)	7.50%	12/15/2033	$	257,487
	115,000	Crocs, Inc.(d)	4.25%	03/15/2029		105,240
	115,000	CSC Holdings LLC(d)	5.75%	01/15/2030		60,969
	85,000	CSC Holdings LLC(d)	4.13%	12/01/2030		60,847
	10,000	CSC Holdings LLC(d)	4.50%	11/15/2031		7,089
	25,000	CSC Holdings LLC(d)	5.00%	11/15/2031		12,665
	110,000	Cushman & Wakefield US Borrower LLC(d)	8.88%	09/01/2031		116,341
	120,000	CVR Energy, Inc.(d)	5.75%	02/15/2028		112,614
	20,000	Dana, Inc.	5.38%	11/15/2027		19,581
	30,000	Dana, Inc.	4.25%	09/01/2030		26,535
	195,000	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.(d)	5.88%	08/15/2027		184,599
	65,000	Elastic NV(d)	4.13%	07/15/2029		58,557
	100,000	EMRLD Borrower LP / Emerald Co.-Issuer, Inc.(d)	6.38%	12/15/2030		113,626
	45,000	EnerSys(d)	6.63%	01/15/2032		45,383
	75,000	EnLink Midstream LLC(d)	5.63%	01/15/2028		74,336
	35,000	EnLink Midstream LLC(d)	6.50%	09/01/2030		36,040
	265,000	EnLink Midstream Partners LP	5.05%	04/01/2045		219,025
	180,000	EQM Midstream Partners LP(d)	4.75%	01/15/2031		167,558
	235,000	EquipmentShare.com, Inc.(d)	9.00%	05/15/2028		242,342
	90,000	Everi Holdings, Inc.(d)	5.00%	07/15/2029		89,227
	50,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.(d)	4.63%	01/15/2029		45,897
	50,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.(d)	6.75%	01/15/2030		44,937
	90,000	Fiesta Purchaser, Inc.(d)	7.88%	03/01/2031		93,012
	10,000	FirstCash, Inc.(d)	4.63%	09/01/2028		9,422
	170,000	FirstCash, Inc.(d)	5.63%	01/01/2030		161,702
	5,000	Fortress Transportation and Infrastructure Investors LLC(d)	9.75%	08/01/2027		5,182
	200,000	Fortress Transportation and Infrastructure Investors LLC(d)	5.50%	05/01/2028		194,000
	23,000	Fortress Transportation and Infrastructure Investors LLC(d)	7.88%	12/01/2030		24,176
	500,000	Franklin BSP Lending Corp.(d)	4.85%	12/15/2024		490,786
	672,860	Franklin BSP Lending Corp.	3.25%	03/30/2026		629,314
	15,000	Freedom Mortgage Corp.(d)	12.00%	10/01/2028		16,366
	35,000	Freedom Mortgage Corp.(d)	12.25%	10/01/2030		38,529
	195,000	Frontier Communications Holdings LLC(d)	5.00%	05/01/2028		181,143
	1,000,000	FS KKR Capital Corp.	4.13%	02/01/2025		983,750
	1,000	Gen Digital, Inc.(d)	6.75%	09/30/2027		1,015
	35,000	Go Daddy Operating Co. LLC / GD Finance Co, Inc.(d)	5.25%	12/01/2027		34,257
	55,000	Goodyear Tire & Rubber Co.	9.50%	05/31/2025		55,513

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	105,000	Great Lakes Dredge & Dock Corp.(d)	5.25%	06/01/2029	$	93,564
	120,000	Greystar Real Estate Partners LLC(d)	7.75%	09/01/2030		124,315
	30,000	Hanesbrands, Inc.(d)	4.88%	05/15/2026		29,229
	140,000	Hanesbrands, Inc.(d)	9.00%	02/15/2031		143,954
	210,000	HAT Holdings I LLC / HAT Holdings II LLC(d)	3.38%	06/15/2026		198,010
	20,000	HAT Holdings I LLC / HAT Holdings II LLC(d)	8.00%	06/15/2027		20,879
	5,000	HAT Holdings I LLC / HAT Holdings II LLC(d)	3.75%	09/15/2030		4,205
	165,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.(d)	5.75%	01/20/2026		155,030
	170,000	Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc(d)	5.00%	06/01/2029		158,671
	135,000	HLF Financing Sarl LLC / Herbalife International, Inc.(d)	4.88%	06/01/2029		93,963
	80,000	Howard Midstream Energy Partners LLC(d)	8.88%	07/15/2028		84,478
	45,000	HUB International, Ltd.(d)	5.63%	12/01/2029		42,237
	80,000	HUB International, Ltd.(d)	7.25%	06/15/2030		82,273
	220,000	Hunt Companies, Inc.(d)	5.25%	04/15/2029		201,448
	145,000	Imola Merger Corp.(d)	4.75%	05/15/2029		136,088
	180,000	Iron Mountain, Inc.(d)	5.25%	03/15/2028		174,302
	15,000	Iron Mountain, Inc.(d)	5.00%	07/15/2028		14,366
	55,000	Iron Mountain, Inc.(d)	7.00%	02/15/2029		56,108
	55,000	Iron Mountain, Inc.(d)	5.25%	07/15/2030		52,089
	135,000	JB Poindexter & Co., Inc.(d)	8.75%	12/15/2031		139,709
	20,000	JetBlue Airways Corp.	0.50%	04/01/2026		17,558
	310,000	Kennedy-Wilson, Inc.	4.75%	02/01/2030		247,611
	145,000	Kinetik Holdings LP(d)	6.63%	12/15/2028		147,667
	55,000	Kinetik Holdings LP(d)	5.88%	06/15/2030		53,848
	165,000	Kodiak Gas Services LLC(d)	7.25%	02/15/2029		168,177
	90,000	LABL, Inc.(d)	5.88%	11/01/2028		82,933
	155,000	LCM Investments Holdings II LLC(d)	8.25%	08/01/2031		162,281
	120,000	Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc.(d)	5.00%	02/01/2026		118,959
	20,000	Level 3 Financing, Inc.(d)	4.63%	09/15/2027		13,500
	15,000	Level 3 Financing, Inc.(d)	4.25%	07/01/2028		7,125
	55,000	Level 3 Financing, Inc.(d)	3.63%	01/15/2029		24,880
	140,000	Level 3 Financing, Inc.(d)	3.75%	07/15/2029		63,000
	20,000	Madison IAQ LLC(d)	5.88%	06/30/2029		18,318
	50,000	Marriott Ownership Resorts, Inc.	4.75%	01/15/2028		47,012
	215,000	Marriott Ownership Resorts, Inc.(d)	4.50%	06/15/2029		196,820
	110,000	Matador Resources Co.(d)	6.88%	04/15/2028		112,621
	25,000	Matador Resources Co.(d)	6.50%	04/15/2032		25,061
	110,000	Medline Borrower LP(d)	5.25%	10/01/2029		104,053

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 77

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	60,000	Mercer International, Inc.	5.50%	01/15/2026	$	58,546
	80,000	Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.(d)	4.88%	05/01/2029		74,142
	30,000	ModivCare, Inc.(d)	5.88%	11/15/2025		29,243
	100,000	MPH Acquisition Holdings LLC(d)	5.50%	09/01/2028		85,145
	165,000	MPT Operating Partnership LP / MPT Finance Corp.	5.00%	10/15/2027		138,357
	135,000	Nabors Industries, Inc.(d)	9.13%	01/31/2030		140,467
	25,000	Nabors Industries, Ltd.(d)	7.25%	01/15/2026		24,862
	30,000	Nabors Industries, Ltd.(d)	7.50%	01/15/2028		28,167
	55,000	Nationstar Mortgage Holdings, Inc.(d)	5.75%	11/15/2031		50,782
	20,000	Nationstar Mortgage Holdings, Inc.(d)	7.13%	02/01/2032		19,878
	150,000	NCL Corp., Ltd.(d)	8.13%	01/15/2029		158,826
	80,000	NCL Corp., Ltd.(d)	7.75%	02/15/2029		83,136
	115,000	NCR Atleos Corp.(d)	9.50%	04/01/2029		123,123
	115,000	NCR Voyix Corp.(d)	5.13%	04/15/2029		106,790
	90,000	NCR Voyix Corp.(d)	5.25%	10/01/2030		81,518
	100,000	Necessity Retail REIT, Inc. / American Finance Operating Partner LP(d)	4.50%	09/30/2028		85,681
	35,000	New Enterprise Stone & Lime Co., Inc.(d)	9.75%	07/15/2028		35,900
	135,000	New Enterprise Stone & Lime Co., Inc.(d)	5.25%	07/15/2028		129,610
	105,000	NextEra Energy Operating Partners LP(d)	7.25%	01/15/2029		107,555
	130,000	NFP Corp.(d)	6.88%	08/15/2028		131,760
	150,000	NGL Energy Operating LLC / NGL Energy Finance Corp.(d)	8.13%	02/15/2029		153,725
	45,000	NGL Energy Operating LLC / NGL Energy Finance Corp.(d)	8.38%	02/15/2032		46,160
	25,000	Northern Oil & Gas, Inc.(d)	8.13%	03/01/2028		25,393
	105,000	Northern Oil & Gas, Inc.(d)	8.75%	06/15/2031		111,007
	260,000	NRG Energy, Inc.(d)	3.63%	02/15/2031		224,632
	5,000	NuStar Logistics LP	6.00%	06/01/2026		4,981
	28,000	NuStar Logistics LP	6.38%	10/01/2030		28,207
	20,000	Oceaneering International, Inc.	6.00%	02/01/2028		19,720
	155,000	Oceaneering International, Inc.	6.00%	02/01/2028		152,831
	50,000	Olympus Water US Holding Corp.(d)	7.13%	10/01/2027		50,555
	115,000	Olympus Water US Holding Corp.(d)	4.25%	10/01/2028		104,462
	105,000	Olympus Water US Holding Corp.(d)	9.75%	11/15/2028		111,979
	40,000	Olympus Water US Holding Corp.(d)	6.25%	10/01/2029		36,653
	135,000	OneMain Finance Corp.	7.13%	03/15/2026		137,541
	40,000	OneMain Finance Corp.	7.88%	03/15/2030		41,301
	210,000	Open Text Holdings, Inc.(d)	4.13%	02/15/2030		188,280
	225,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV(d)	5.13%	04/30/2031		200,213
	20,000	Outfront Media Capital LLC / Outfront Media Capital Corp.(d)	5.00%	08/15/2027		19,264
	25,000	Owens & Minor, Inc.(d)	4.50%	03/31/2029		22,916
	76,000	Owens & Minor, Inc.(d)	6.63%	04/01/2030		75,495

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	140,000	Panther Escrow Issuer LLC(d)	7.13%	06/01/2031	$	142,451
	55,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(d)	5.88%	10/01/2028		53,945
	170,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(d)	4.88%	05/15/2029		158,219
	145,000	Pediatrix Medical Group, Inc.(d)	5.38%	02/15/2030		131,864
	75,000	Performance Food Group, Inc.(d)	5.50%	10/15/2027		73,687
	75,000	Permian Resources Operating LLC(d)	7.75%	02/15/2026		76,025
	35,000	Permian Resources Operating LLC(d)	5.88%	07/01/2029		34,445
	130,000	Permian Resources Operating LLC(d)	7.00%	01/15/2032		134,952
	75,000	Phinia, Inc.(d)	6.75%	04/15/2029		75,817
	165,000	Pike Corp.(d)	8.63%	01/31/2031		175,546
	225,000	Post Holdings, Inc.(d)	5.50%	12/15/2029		217,618
	245,000	Prime Security Services Borrower LLC / Prime Finance, Inc.(d)	6.25%	01/15/2028		240,187
	110,000	Primo Water Holdings, Inc.(e)	3.88%	10/31/2028		114,381
	105,000	QVC, Inc.	4.75%	02/15/2027		93,585
	110,000	QVC, Inc.	4.38%	09/01/2028		88,264
	165,000	Railworks Holdings LP / Railworks Rally, Inc.(d)	8.25%	11/15/2028		163,880
	145,000	RHP HOTEL PPTY RHP 6 1/2 04/01/32		04/01/2032		145,580
	120,000	RHP Hotel Properties LP / RHP Finance Corp.(d)	7.25%	07/15/2028		123,734
	40,000	RLJ Lodging Trust LP(d)	4.00%	09/15/2029		35,289
	75,000	Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.(d)	4.00%	10/15/2033		63,605
	5,000	Royal Caribbean Cruises, Ltd.(d)	5.38%	07/15/2027		4,933
	55,000	Royal Caribbean Cruises, Ltd.(d)	5.50%	04/01/2028		54,397
	95,000	Royal Caribbean Cruises, Ltd.(d)	7.25%	01/15/2030		98,770
	135,000	Royal Caribbean Cruises, Ltd.(d)	6.25%	03/15/2032		136,160
	100,000	SCIL IV LLC / SCIL USA Holdings LLC(d)	5.38%	11/01/2026		97,162
	98,000	Sealed Air Corp./Sealed Air Corp US(d)	7.25%	02/15/2031		102,012
	141,000	Service Properties Trust(d)	8.63%	11/15/2031		150,520
	100,000	Silgan Holdings, Inc.	2.25%	06/01/2028		98,508
	85,000	Sirius XM Radio, Inc.(d)	5.50%	07/01/2029		81,019
	245,000	Sirius XM Radio, Inc.(d)	4.13%	07/01/2030		214,324
	40,000	Sirius XM Radio, Inc.(d)	3.88%	09/01/2031		33,380
	80,000	Six Flags Entertainment Corp.(d)	5.50%	04/15/2027		78,201
	95,000	Six Flags Entertainment Corp.(d)	7.25%	05/15/2031		96,336
	15,000	Six Flags Theme Parks, Inc.(d)	7.00%	07/01/2025		15,031
	5,000	Spectrum Brands, Inc.(d)	5.00%	10/01/2029		4,904
	20,000	Spectrum Brands, Inc.(d)	5.50%	07/15/2030		19,606
	90,000	Spectrum Brands, Inc.(d)	3.88%	03/15/2031		86,771
	30,000	Spirit AeroSystems, Inc.	3.85%	06/15/2026		28,851
	110,000	Spirit AeroSystems, Inc.(d)	9.75%	11/15/2030		123,180

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 79

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	110,000	Standard Industries, Inc.	2.25%	11/21/2026	$	111,694
	40,000	Standard Industries, Inc.(d)	5.00%	02/15/2027		38,833
	85,000	Standard Industries, Inc.(d)	4.75%	01/15/2028		81,189
	115,000	Summit Materials LLC / Summit Materials Finance Corp.(d)	7.25%	01/15/2031		119,616
	115,000	Talen Energy Supply LLC(d)	8.63%	06/01/2030		123,062
	90,000	Tenet Healthcare Corp.	6.13%	06/15/2030		89,906
	135,000	TMS International Corp.(d)	6.25%	04/15/2029		123,420
	70,000	TransDigm, Inc.	4.63%	01/15/2029		65,044
	55,000	TransDigm, Inc.(d)	6.38%	03/01/2029		55,240
	35,000	TreeHouse Foods, Inc.	4.00%	09/01/2028		31,435
	20,000	Uber Technologies, Inc.(d)	6.25%	01/15/2028		20,098
	95,000	UKG, Inc.(d)	6.88%	02/01/2031		96,848
	115,000	Univision Communications, Inc.(d)	6.63%	06/01/2027		112,576
	10,000	Univision Communications, Inc.(d)	7.38%	06/30/2030		9,896
	65,000	US Foods, Inc.(d)	4.63%	06/01/2030		60,393
	95,000	US Foods, Inc.(d)	7.25%	01/15/2032		98,988
	30,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	09/01/2027		30,090
	195,000	USA Compression Partners LP / USA Compression Finance Corp.(d)	7.13%	03/15/2029		197,553
	90,000	Venture Global LNG, Inc.(d)	8.13%	06/01/2028		91,873
	110,000	Venture Global LNG, Inc.(d)	9.50%	02/01/2029		118,634
	325,000	Venture Global LNG, Inc.(d)	8.38%	06/01/2031		335,365
	65,000	Vistra Operations Co. LLC(d)	5.00%	07/31/2027		62,994
	40,000	Vistra Operations Co. LLC(d)	7.75%	10/15/2031		41,920
	165,000	Vital Energy, Inc.(d)	7.88%	04/15/2032		167,748
	65,000	Walgreens Boots Alliance, Inc.	4.10%	04/15/2050		47,732
	65,000	Wand NewCo 3, Inc.(d)	7.63%	01/30/2032		67,279
	245,000	WASH Multifamily Acquisition, Inc.(d)	5.75%	04/15/2026		239,668
	50,000	Weatherford International, Ltd.(d)	8.63%	04/30/2030		52,240
	100,000	Weekley Homes LLC / Weekley Finance Corp.(d)	4.88%	09/15/2028		92,555
	110,000	WESCO Distribution, Inc.(d)	6.63%	03/15/2032		111,918
	180,000	Western Midstream Operating LP	5.50%	08/15/2048		159,322
	70,000	Williams Scotsman, Inc.(d)	7.38%	10/01/2031		72,799
	110,000	Windsor Holdings III LLC(d)	8.50%	06/15/2030		115,473
	95,000	WR Grace Holdings LLC(d)	4.88%	06/15/2027		90,405
	60,000	WR Grace Holdings LLC(d)	5.63%	08/15/2029		53,756
	70,000	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(d)	5.13%	10/01/2029		66,383
	55,000	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(d)	7.13%	02/15/2031		56,954
	140,000	Zayo Group Holdings, Inc.(d)	4.00%	03/01/2027		115,364
	35,000	ZF North America Capital, Inc.(d)	6.88%	04/14/2028		36,336

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	35,000	ZF North America Capital, Inc.(d)	7.13%	04/14/2030	$	36,912
						30,065,583
TOTAL HIGH YIELD DEBT
(Cost $40,846,948)						40,558,028

Shares/Description			Value
WARRANTS - 0.01%
	11	Toys R Us Propco Warrant, Strike Price 0.00, Expires 12/31/2049(a)		–
	237	Windstream Holdings Inc - Pvt Warrant, Strike Price 0.00, Expires 12/31/2049		2,251
TOTAL WARRANTS
(Cost $105,685)				2,251
SHORT-TERM INVESTMENTS - 2.29%
	1,242,883	State Street Institutional Trust (7 Day Yield 5.25%)		1,242,883
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,242,883)				1,242,883
TOTAL INVESTMENTS - 99.93%
(Cost $54,617,146)			$	54,161,586
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.07%				39,815
NET ASSETS - 100.00%			$	54,201,401

Investment Abbreviations:

EURIBOR - Euro Interbank Offered Rate

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

Rates:

1M US L - 1 Month LIBOR as of March 31, 2024 was 5.44%

3M US L - 3 Month LIBOR as of March 31, 2024 was 5.56%

6M US L - 6 Month LIBOR as of March 31, 2024 was 5.65%

3M EUR L - 3 Month EURIBOR as of March 31, 2024 was 3.89%

6M EUR L - 6 Month EURIBOR as of March 31, 2024 was 3.85%

5Y EUR SWAP - 5 Year Euro ICE Swap Rate as of March 31, 2024 was 2.70%

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 81

RiverNorth/Oaktree High Income Fund Schedule of Investments

March 31, 2024 (Unaudited)

^(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) Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2024. 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.

^(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 $27,481,404, which represents approximately 50.70% of net assets as of March 31, 2024.

^(e) 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, 2024, the aggregate fair value of those securities was $3,674,423, representing 6.78% of net assets.

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

^(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.

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at March 31, 2024		Fund Delivering	U.S. $ Value at March 31, 2024		Unrealized Appreciation
State Street Corporation	4/5/2024	USD		7,437,963	EUR		7,389,720	$	48,243
State Street Corporation	4/5/2024	USD		62,796	EUR		62,181		615
State Street Corporation	4/5/2024	USD		673,246	GBP		670,165		3,081
								$	51,939
State Street Corporation	4/5/2024	EUR		51,332	USD		51,873	$	(541	)
State Street Corporation	4/5/2024	EUR		38,842	USD		38,981		(139	)
State Street Corporation	4/5/2024	USD		8,255	GBP		8,259		(4	)
								$	(684	)

See Notes to Financial Statements.

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RiverNorth Core Opportunity Fund
Statement of Assets and Liabilities	March 31, 2024 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	43,296,546
At value	$	47,160,788
Cash		9,278
Foreign currency, at value (Cost $279)		289
Receivable for fund investments sold		490,744
Dividends receivable		56,524
Interest receivable		25,353
Receivable for fund shares sold		1,645
Prepaid expenses and other assets		25,028
Total Assets		47,769,649
LIABILITIES:
Payable for fund investments purchased		215,156
Payable for fund shares redeemed		179,424
Payable to Adviser		39,802
Payable for fund accounting and administration fees		6,828
Accrued 12b-1 fees - Class R Shares		3,735
Payable for custodian fees		1,041
Payable for audit fees		10,390
Payable to transfer agent		9,146
Loan facility fee payable		4,045
Other accrued expenses		27,359
Total Liabilities		496,926
Net Assets	$	47,272,723
NET ASSETS CONSIST OF:
Paid-in capital	$	48,338,943
Total distributable earnings/(accumulated deficit)		(1,066,221	)
Net Assets	$	47,272,722
PRICING OF SHARES:
Class I Shares
Net Assets	$	29,740,693
Shares of common stock outstanding
(unlimited number of shares, no par value)		3,991,420
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	7.45
Class R Shares
Net Assets	$	17,532,030
Shares of common stock outstanding
(unlimited number of shares, no par value)		2,348,951
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	7.46

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2024 83

RiverNorth/DoubleLine Strategic Income Fund
Statement of Assets and Liabilities	March 31, 2024 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	1,376,523,767
At value	$	1,212,544,843
Investment in affiliates:
At cost		38,158,745
At value		35,086,342
Cash		459,956
Foreign currency, at value (Cost $269)		268
Interest receivable		8,454,357
Receivable for fund shares sold		3,184,967
Receivable for fund investments sold		1,719,469
Dividends receivable		1,426,646
Cash segregated at custodian for forward foreign currency contracts		465,260
Variation margin receivable		50,312
Prepaid expenses and other assets		89,528
Total Assets		1,263,481,948
LIABILITIES:
Payable for fund investments purchased		7,063,363
Payable for fund shares redeemed		3,013,734
Payable to Adviser		777,709
Payable for fund accounting and administration fees		70,706
Accrued 12b-1 fees - Class R Shares		12,350
Payable for custodian fees		7,922
Payable for audit fees		39,002
Payable to transfer agent		6,531
Loan facility fee payable		82,402
Other accrued expenses		18,409
Total Liabilities		11,092,128
Net Assets	$	1,252,389,820
NET ASSETS CONSIST OF:
Paid-in capital	$	1,591,738,762
Total distributable earnings/(accumulated deficit)		(339,348,942	)
Net Assets	$	1,252,389,820

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund
Statement of Assets and Liabilities	March 31, 2024 (Unaudited)

PRICING OF SHARES:
Class I Shares
Net Assets	$	1,198,022,584
Shares of common stock outstanding
(unlimited number of shares, no par value)		136,492,389
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.78
Class R Shares
Net Assets	$	54,367,236
Shares of common stock outstanding
(unlimited number of shares, no par value)		6,179,969
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.80

Semi-Annual Report | March 31, 2024 85

RiverNorth/Oaktree High Income Fund
Statement of Assets and Liabilities	March 31, 2024 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	54,617,146
At value	$	54,161,586
Cash		60,395
Foreign currency, at value (Cost $25,921)		25,820
Interest receivable		698,762
Receivable for fund investments sold		76,626
Unrealized appreciation on forward foreign currency contracts		51,938
Dividends receivable		15,220
Prepaid expenses and other assets		26,398
Total Assets		55,116,745
LIABILITIES:
Payable for fund investments purchased		357,934
Payable for fund shares redeemed		478,740
Unrealized depreciation on forward foreign currency contracts		684
Payable to Adviser		31,490
Payable for fund accounting and administration fees		15,662
Accrued 12b-1 fees - Class R Shares		808
Payable for custodian fees		2,348
Payable for audit fees		10,599
Payable to transfer agent		6,740
Loan facility fee payable		3,694
Other accrued expenses		6,645
Total Liabilities		915,344
Net Assets	$	54,201,401
NET ASSETS CONSIST OF:
Paid-in capital	$	61,875,454
Total distributable earnings/(accumulated deficit)		(7,674,054	)
Net Assets	$	54,201,400
PRICING OF SHARES:
Class I Shares
Net Assets	$	50,328,063
Shares of common stock outstanding
(unlimited number of shares, no par value)		5,722,576
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.79
Class R Shares
Net Assets	$	3,873,338
Shares of common stock outstanding
(unlimited number of shares, no par value)		440,851
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.79

See Notes to Financial Statements.

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RiverNorth Core Opportunity Fund
Statement of Operations	For the Six Months Ended March 31, 2024 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	1,642,844
Interest income		86,996
Total Investment Income		1,729,840
EXPENSES:
Investment Adviser fee		225,289
Legal expenses		29,503
Transfer agent expenses		26,842
Accounting and administration fee		23,311
12b-1 fees - Class R Shares		21,303
Audit expenses		14,273
Registration expenses		13,093
Compliance expense		11,864
Printing expenses		7,015
Facility loan fees		4,630
Trustee expenses		2,827
Custodian expenses		1,539
Insurance expenses		291
Miscellaneous expenses		4,388
Total Expenses		386,168
Net Investment Income		1,343,672
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(765,857	)
Net realized loss		(765,857	)
Net change in unrealized appreciation/depreciation on:
Investments		6,468,072
Translation of assets and liabilities denominated in foreign currencies		5
Net change in unrealized appreciation/depreciation		6,468,077
Net Realized and Unrealized Gain on Investments		5,702,220
Net Increase in Net Assets Resulting from Operations	$	7,045,892

Semi-Annual Report | March 31, 2024 87

RiverNorth/DoubleLine Strategic Income Fund
Statement of Operations	For the Six Months Ended March 31, 2024 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	12,862,787
Dividend income from affiliated securities		1,085,022
Interest income		24,319,757
Other income		42,291
Foreign taxes withheld		(2,965	)
Total Investment Income		38,306,892
EXPENSES:
Investment Adviser fee		4,570,194
Accounting and administration fee		499,042
Facility loan fees		142,038
Legal expenses		110,999
Transfer agent expenses		82,643
Trustee expenses		80,032
Compliance expense		78,742
12b-1 fees - Class R Shares		71,303
Printing expenses		52,847
Registration expenses		50,833
Audit expenses		29,329
Custodian expenses		28,127
Insurance expenses		15,210
Miscellaneous expenses		45,600
Total expenses		5,856,939
Less fees waived/reimbursed by Investment Adviser:		(98,441	)
Net Expenses		5,758,498
Net Investment Income		32,548,394
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(32,190,122	)
Futures Contracts		(236,629	)
Net realized loss		(32,426,751	)
Net change in unrealized appreciation/depreciation on:
Investments		108,804,747
Affiliated Investments		1,426,568
Futures Contracts		1,294,947
Translation of assets and liabilities denominated in foreign currencies		5
Net change in unrealized appreciation/depreciation		111,526,267
Net Realized and Unrealized Gain on Investments		79,099,516
Net Increase in Net Assets Resulting from Operations	$	111,647,910

See Notes to Financial Statements.

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RiverNorth/Oaktree High Income Fund
Statement of Operations	For the Six Months Ended March 31, 2024 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	220,538
Interest income		1,782,267
Other income		7,787
Foreign taxes withheld		21
Total Investment Income		2,010,613
EXPENSES:
Investment Adviser fee		268,572
Accounting and administration fee		60,532
Transfer agent expenses		20,072
Audit expenses		14,387
Compliance expense		12,287
Registration expenses		11,003
Custodian expenses		5,721
Facility loan fees		5,345
Printing expenses		4,775
Legal expenses		4,620
12b-1 fees - Class R Shares		4,588
Trustee expenses		3,473
Insurance expenses		320
Miscellaneous expenses		5,202
Total expenses		420,897
Less fees waived/reimbursed by Investment Adviser:
Class I Shares		(49,977	)
Class R Shares		(3,688	)
Net Expenses		367,232
Net Investment Income		1,643,381
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(324,588	)
Forward foreign currency contracts		(35,133	)
Translation of assets and liabilities denominated in foreign currencies		5,085
Net realized loss		(354,636	)
Net change in unrealized appreciation/depreciation on:
Investments		2,770,516
Forward foreign currency contracts		(67,340	)
Translation of assets and liabilities denominated in foreign currencies		(43	)
Net change in unrealized appreciation/depreciation		2,703,133
Net Realized and Unrealized Gain on Investments, translation of assets and liabilities denominated in foreign currencies and forward foreign currency contracts		2,348,497
Net Increase in Net Assets Resulting from Operations	$	3,991,878

Semi-Annual Report | March 31, 2024 89

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,343,672		$	2,129,229
Net realized loss		(765,857	)		(2,392,542	)
Long-term capital gains from other investment companies		–			270,808
Net change in unrealized appreciation/depreciation on investments		6,468,077			4,958,382
Net increase in net assets resulting from operations		7,045,892			4,965,877
DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		(564,630	)		(1,233,587	)
Class R shares		(321,316	)		(733,413	)
From tax return of capital
Class I shares		–			(91,455	)
Class R shares		–			(54,374	)
Net decrease in net assets from distributions to shareholders		(885,946	)		(2,112,829	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		1,305,490			2,173,544
Reinvestment of distributions		511,996			1,200,482
Cost of shares redeemed		(2,568,560	)		(5,643,870	)
Net decrease in net assets from capital share transactions		(751,074	)		(2,269,844	)
Class R Shares
Proceeds from shares sold		140,623			214,048
Reinvestment of distributions		318,247			777,524
Cost of shares redeemed		(1,813,879	)		(2,931,654	)
Net decrease in net assets from capital share transactions		(1,355,009	)		(1,940,082	)
Net Increase/(Decrease) in Net Assets		4,053,863			(1,356,878	)
NET ASSETS:
Beginning of period/year	$	43,218,860		$	44,575,738
End of period/year	$	47,272,723		$	43,218,860

See Notes to Financial Statements.

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RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		189,065			328,036
Shares issued in reinvestment of distributions		73,515			182,130
Shares redeemed		(371,445	)		(853,125	)
Net decrease from share transactions		(108,865	)		(342,959	)
Class R Shares
Shares sold		20,415			32,067
Shares issued in reinvestment of distributions		45,660			117,778
Shares redeemed		(259,241	)		(442,877	)
Net decrease from share transactions		(193,166	)		(293,032	)

Semi-Annual Report | March 31, 2024 91

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	32,548,394		$	66,387,213
Net realized loss		(32,426,751	)		(79,834,846	)
Long-term capital gains from other investment companies		–			132,834
Net change in unrealized appreciation/depreciation on investments		111,526,267			53,538,659
Net increase in net assets resulting from operations		111,647,910			40,223,860
DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		(32,485,120	)		(7,850,065	)
Class R shares		(1,529,778	)		(398,363	)
From tax return of capital
Class I shares		–			(74,152,295	)
Class R shares		–			(3,762,969	)
Net decrease in net assets from distributions to shareholders		(34,014,898	)		(86,163,692	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		244,510,871			490,566,723
Reinvestment of distributions		26,894,269			67,534,846
Cost of shares redeemed		(314,047,851	)		(615,512,582	)
Net decrease in net assets from capital share transactions		(42,642,711	)		(57,411,013	)
Class R Shares
Proceeds from shares sold		8,206,903			11,801,009
Reinvestment of distributions		1,462,643			4,040,154
Cost of shares redeemed		(17,917,379	)		(25,210,864	)
Net decrease in net assets from capital share transactions		(8,247,833	)		(9,369,701	)
Net Increase/(Decrease) in Net Assets		26,742,468			(112,720,546	)
NET ASSETS:
Beginning of period/year	$	1,225,647,352		$	1,338,367,898
End of period/year	$	1,252,389,820		$	1,225,647,352

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, 2024 (Unaudited)			For the Year Ended September 30, 2023
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		28,821,728			57,165,416
Shares issued in reinvestment of distributions		3,145,393			7,972,440
Shares redeemed		(37,263,101	)		(72,274,751	)
Net decrease from share transactions		(5,295,980	)		(7,136,895	)
Class R Shares
Shares sold		947,068			1,375,355
Shares issued in reinvestment of distributions		170,748			476,071
Shares redeemed		(2,087,176	)		(2,952,110	)
Net decrease from share transactions		(969,360	)		(1,100,684	)

Semi-Annual Report | March 31, 2024 93

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2024 (Unaudited)			For the Year Ended September 30, 2023
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,643,381		$	3,197,007
Net realized loss		(354,636	)		(1,063,761	)
Net change in unrealized appreciation/depreciation		2,703,133			3,110,230
Net increase in net assets resulting from operations		3,991,878			5,243,476
DISTRIBUTIONS TO SHAREHOLDERS:
Class I Shares		(1,593,774	)		(3,796,566	)
Class R Shares		(112,973	)		(279,109	)
From tax return of capital
Class I Shares		–			(101,347	)
Class R Shares		–			(7,451	)
Net decrease in net assets from distributions to shareholders		(1,706,747	)		(4,184,473	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		1,020,837			16,237,099
Reinvestment of distributions		1,593,431			3,897,073
Cost of shares redeemed		(3,894,536	)		(15,868,053	)
Net increase/(decrease) in net assets from capital share transactions		(1,280,268	)		4,266,119
Class R Shares
Proceeds from shares sold		377,051			1,130,279
Reinvestment of distributions		112,849			285,386
Cost of shares redeemed		(383,096	)		(1,718,999	)
Net increase/(decrease) in net assets from capital share transactions		106,804			(303,334	)
Net Increase in Net Assets		1,111,667			5,021,788
NET ASSETS:
Beginning of period/year	$	53,089,734		$	48,067,946
End of period/year	$	54,201,401		$	53,089,734

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, 2024 (Unaudited)			For the Year Ended September 30, 2023
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		117,703			1,938,095
Shares issued in reinvestment of distributions		183,917			464,347
Shares redeemed		(447,641	)		(1,887,488	)
Net increase/(decrease) from share transactions		(146,021	)		514,954
Class R Shares
Shares sold		43,561			133,097
Shares issued in reinvestment of distributions		13,033			34,069
Shares redeemed		(44,907	)		(203,856	)
Net increase/(decrease) from share transactions		11,687			(36,690	)

Semi-Annual Report | March 31, 2024 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, 2024 (Unaudited)			For the Year Ended September 30, 2023			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
$	6.50		$	6.12		$	9.30		$	7.43		$	8.05		$	10.88
	0.21			0.31			0.17			0.28			0.16			0.24
	0.88			0.38			(1.40	)		2.11			(0.41	)		(0.25	)(b)
	1.09			0.69			(1.23	)		2.39			(0.25	)		(0.01	)
	(0.14	)		(0.29	)		(0.28	)		(0.39	)		(0.19	)		(0.18	)
	–			–			(1.61	)		(0.13	)		(0.18	)		(2.64	)
	–			(0.02	)		(0.06	)		–			–			–
	(0.14	)		(0.31	)		(1.95	)		(0.52	)		(0.37	)		(2.82	)
	–			–			–			–			–			0.00	(c)
	0.95			0.38			(3.18	)		1.87			(0.62	)		(2.83	)
$	7.45		$	6.50		$	6.12		$	9.30		$	7.43		$	8.05
	16.94	%(e)		11.37	%		(16.70	%)		32.96	%		(3.00	%)		3.51	%
$	29,741		$	26,662		$	27,196		$	54,868		$	49,994		$	66,662
	N/A	(g)		N/A			N/A			N/A			N/A			1.22	%
	N/A	(g)		N/A			N/A			N/A			N/A			1.22	%
	N/A	(g)		N/A			N/A			N/A			N/A			2.88	%
	N/A	(g)		N/A			N/A			N/A			N/A			2.88	%
	1.62	%(g)		1.49	%		1.39	%		1.33	%		1.29	%		1.22	%
	1.62	%(g)		1.49	%		1.39	%		1.33	%		1.29	%		1.22	%
	6.05	%(g)		4.75	%		2.17	%		3.19	%		2.10	%		2.88	%
	6.05	%(g)		4.75	%		2.17	%		3.19	%		2.10	%		2.88	%
	17	%(e)		60	%		106	%		182	%		110	%		36	%

Semi-Annual Report | March 31, 2024 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.

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, 2024 (Unaudited)			For the Year Ended September 30, 2023			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
$	6.51		$	6.13		$	9.31		$	7.44		$	8.06		$	10.89
	0.20			0.30			0.14			0.25			0.15			0.22
	0.88			0.38			(1.39	)		2.12			(0.42	)		(0.26	)(b)
	1.08			0.68			(1.25	)		2.37			(0.27	)		(0.04	)
	(0.13	)		(0.28	)		(0.26	)		(0.37	)		(0.18	)		(0.17	)
	–			–			(1.61	)		(0.13	)		(0.17	)		(2.62	)
	–			(0.02	)		(0.06	)		–			–			–
	(0.13	)		(0.30	)		(1.93	)		(0.50	)		(0.35	)		(2.79	)
	–			–			–			–			–			0.00	(c)
	0.95			0.38			(3.18	)		1.87			(0.62	)		(2.83	)
$	7.46		$	6.51		$	6.13		$	9.31		$	7.44		$	8.06
	16.77	%(e)		11.07	%		(16.88	%)		32.58	%		(3.24	%)		3.23	%
$	17,532		$	16,557		$	17,380		$	25,705		$	27,213		$	40,344
	N/A(g)			N/A			N/A			N/A			N/A			1.48	%
	N/A(g)			N/A			N/A			N/A			N/A			1.48	%
	N/A(g)			N/A			N/A			N/A			N/A			2.62	%
	N/A(g)			N/A			N/A			N/A			N/A			2.62	%
	1.87	%(g)		1.74	%		1.64	%		1.58	%		1.54	%		1.48	%
	1.87	%(g)		1.74	%		1.64	%		1.58	%		1.54	%		1.48	%
	5.82	%(g)		4.51	%		1.86	%		2.88	%		1.93	%		2.62	%
	5.82	%(g)		4.51	%		1.86	%		2.88	%		1.93	%		2.62	%
	17	%(e)		60	%		106	%		182	%		110	%		36	%

Semi-Annual Report | March 31, 2024 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.

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 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, 2024 (Unaudited)			For the Year Ended September 30, 2023			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
$	8.23		$	8.51		$	10.52		$	10.20		$	10.33		$	10.08
	0.23			0.44			0.21			0.38			0.45			0.52
	0.56			(0.14	)		(1.64	)		0.38			(0.10	)		0.28
	0.79			0.30			(1.43	)		0.76			0.35			0.80
	(0.24	)		(0.06	)		(0.58	)		(0.44	)		(0.46	)		(0.55	)
	–			(0.52	)		–			–			(0.02	)		–
	(0.24	)		(0.58	)		(0.58	)		(0.44	)		(0.48	)		(0.55	)
	–			–			–			–			–			0.00	(b)
	0.55			(0.28	)		(2.01	)		0.32			(0.13	)		0.25
$	8.78		$	8.23		$	8.51		$	10.52		$	10.20		$	10.33
	9.71	%(d)		3.50	%		(14.04	%)		7.52	%		3.51	%		8.21	%
$	1,198,023		$	1,166,687		$	1,267,978		$	1,894,398		$	1,686,872		$	1,858,103
	N/A(f)			N/A			N/A			N/A			N/A			0.86	%
	N/A(f)			N/A			N/A			N/A			N/A			0.86	%
	N/A(f)			N/A			N/A			N/A			N/A			5.13	%
	N/A(f)			N/A			N/A			N/A			N/A			5.13	%
	0.95	%(f)		0.91	%		0.88	%		0.87	%		0.87	%		0.86	%
	0.93	%(f)		0.90	%		0.87	%		0.86	%		0.87	%		0.86	%
	5.34	%(f)		5.18	%		2.10	%		3.66	%		4.42	%		5.13	%
	5.35	%(f)		5.18	%		2.10	%		3.66	%		4.42	%		5.13	%
	44	%(d)		68	%		104	%		100	%		81	%		60	%

Semi-Annual Report | March 31, 2024 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 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, 2024 (Unaudited)			For the Year Ended September 30, 2023			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
$	8.25		$	8.53		$	10.54		$	10.22		$	10.35		$	10.09
	0.22			0.38			0.17			0.36			0.43			0.50
	0.56			(0.10	)		(1.63	)		0.37			(0.10	)		0.28
	0.78			0.28			(1.46	)		0.73			0.33			0.78
	(0.23	)		(0.06	)		(0.55	)		(0.41	)		(0.44	)		(0.52	)
	–			(0.50	)		–			–			(0.02	)		–
	(0.23	)		(0.56	)		(0.55	)		(0.41	)		(0.46	)		(0.52	)
	–			–			–			–			–			0.00	(b)
	0.55			(0.28	)		(2.01	)		0.32			(0.13	)		0.26
$	8.80		$	8.25		$	8.53		$	10.54		$	10.22		$	10.35
	9.55	%(d)		3.24	%		(14.23	%)		7.23	%		3.24	%		8.03	%
$	54,367		$	58,961		$	70,390		$	140,863		$	129,355		$	167,141
	N/A(f)			N/A			N/A			N/A			N/A			1.11	%
	N/A(f)			N/A			N/A			N/A			N/A			1.11	%
	N/A(f)			N/A			N/A			N/A			N/A			4.90	%
	N/A(f)			N/A			N/A			N/A			N/A			4.90	%
	1.20	%(f)		1.17	%		1.13	%		1.12	%		1.12	%		1.11	%
	1.18	%(f)		1.15	%		1.12	%		1.11	%		1.12	%		1.11	%
	5.06	%(f)		4.47	%		1.67	%		3.41	%		4.18	%		4.90	%
	5.08	%(f)		4.47	%		1.67	%		3.42	%		4.18	%		4.90	%
	44	%(d)		68	%		104	%		100	%		81	%		60	%

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

Semi-Annual Report | March 31, 2024 109

RiverNorth/DoubleLine Strategic Income Fund	Class R
Financial Highlights	For a share outstanding throughout the periods presented

^(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.

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, 2024 (Unaudited)			For the Year Ended September 30, 2023			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
$	8.43		$	8.26		$	9.53		$	9.09		$	9.55		$	9.58
	0.27			0.50			0.33			0.33			0.34			0.38
	0.37			0.35			(1.27	)		0.44			(0.35	)		0.07
	0.64			0.85			(0.94	)		0.77			(0.01	)		0.45
	(0.28	)		(0.66	)		(0.33	)		(0.33	)		(0.37	)		(0.48	)
	–			(0.02	)		–			–			(0.08	)		–
	(0.28	)		(0.68	)		(0.33	)		(0.33	)		(0.45	)		(0.48	)
	–			–			–			–			–			0.00	(b)
	0.36			0.17			(1.27	)		0.44			(0.46	)		(0.03	)
$	8.79		$	8.43		$	8.26		$	9.53		$	9.09		$	9.55
	7.65	%(d)		10.59	%		(10.03	%)		8.55	%		(0.02	%)		4.85	%
$	50,328		$	49,475		$	44,223		$	41,386		$	40,375		$	45,306
	1.55	%(f)		1.57	%		1.62	%		1.75	%		N/A			1.58	%
	1.35	%(f)		1.35	%		1.35	%		1.35	%		N/A			1.36	%
	6.12	%(f)		5.72	%		3.38	%		3.07	%		N/A			3.83	%
	6.32	%(f)		5.94	%		3.65	%		3.47	%		N/A			4.05	%
	1.55	%(f)		1.57	%		1.62	%		1.75	%		1.69	%		1.57	%
	1.35	%(f)		1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
	6.12	%(f)		5.72	%		3.38	%		3.07	%		3.43	%		3.84	%
	6.32	%(f)		5.94	%		3.65	%		3.47	%		3.78	%		4.06	%
	26	%(d)		75	%		57	%		72	%		80	%		52	%

Semi-Annual Report | March 31, 2024 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, 2024 (Unaudited)			For the Year Ended September 30, 2023			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
$	8.42		$	8.25		$	9.52		$	9.08		$	9.54		$	9.58
	0.26			0.48			0.31			0.30			0.32			0.36
	0.38			0.35			(1.27	)		0.45			(0.36	)		0.05
	0.64			0.83			(0.96	)		0.75			(0.04	)		0.41
	(0.27	)		(0.64	)		(0.31	)		(0.31	)		(0.35	)		(0.45	)
	–			(0.02	)		–			–			(0.07	)		–
	(0.27	)		(0.66	)		(0.31	)		(0.31	)		(0.42	)		(0.45	)
	–			–			–			–			–			0.00	(b)
	0.37			0.17			(1.27	)		0.44			(0.46	)		(0.04	)
$	8.79		$	8.42		$	8.25		$	9.52		$	9.08		$	9.54
	7.64	%(d)		10.33	%		(10.27	%)		8.31	%		(0.27	%)		4.48	%
$	3,873		$	3,615		$	3,845		$	4,548		$	4,989		$	5,937
	1.80	%(f)		1.82	%		1.88	%		2.00	%		N/A			1.83	%
	1.60	%(f)		1.60	%		1.60	%		1.60	%		N/A			1.61	%
	5.87	%(f)		5.46	%		3.10	%		2.83	%		N/A			3.58	%
	6.07	%(f)		5.69	%		3.37	%		3.22	%		N/A			3.80	%
	1.80	%(f)		1.82	%		1.88	%		2.00	%		1.95	%		1.82	%
	1.60	%(f)		1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
	5.87	%(f)		5.46	%		3.10	%		2.83	%		3.19	%		3.59	%
	6.07	%(f)		5.69	%		3.37	%		3.22	%		3.53	%		3.81	%
	26	%(d)		75	%		57	%		72	%		80	%		52	%

Semi-Annual Report | March 31, 2024 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.

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

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (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 of the Trust (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 March 31, 2024.

Semi-Annual Report | March 31, 2024 119

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (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, 2024, 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, 2024 (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’s 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, 2024, 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, 2024, 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, 2024 121

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (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 Funds’ portfolio investments, subject to the Board's oversight.

Equity securities, including common stocks, 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.

122 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (Unaudited)

Futures contracts are normally valued at the final settlement price or official closing price provided by independent pricing services. These securities will be categorized as Level 1 securities.

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, equity-linked notes, municipal bonds, mortgage-backed securities, 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, 2024 123

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (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, 2024 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	$	38,933,036	$	–	$	–	$	38,933,036
Exchange Traded Funds		3,459,472		–		–		3,459,472
Preferred Stocks		376,776		–		–		376,776
U.S. Corporate Bonds		–		1,555,342		–		1,555,342
U.S. Government Bonds and Notes		–		993,132		–		993,132
Warrants		4,989		–		–		4,989
Short-Term Investments		1,838,041		–		–		1,838,041
Total	$	44,612,314	$	2,548,474	$	–	$	47,160,788

124 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (Unaudited)

Strategic Income Fund

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3			Total
Closed-End Funds	$	252,275,622	$	–	$	–		$	252,275,622
Business Development Companies		–		1,291,751		–			1,291,751
Business Development Companies - Preferred Shares		1,118,918		3,539,381		–			4,658,299
Common Stocks		–		283,708		–			283,708
Open-End Funds		35,086,342		–		–			35,086,342
Preferred Stocks		13,843,845		–		–			13,843,845
Foreign Corporate Bonds		–		54,337,327		–			54,337,327
U.S. Corporate Bonds		–		132,162,186		–			132,162,186
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies		–		4,299,829		–			4,299,829
Bank Loans		–		16,442,718		–			16,442,718
Collateralized Loan Obligations		–		61,931,446		–			61,931,446
Equity - Linked Notes		–		–		–	***		–
Non-Agency Collateralized Mortgage Obligations		–		212,947,279		–			212,947,279
U.S. Government Bonds and Notes		–		185,047,969		–			185,047,969
Mortgage-Backed Securities		–		30,953,648		–			30,953,648
U.S. Government / Agency Mortgage Backed Securities		–		192,532,439		–			192,532,439
Warrants		–		–		–	***		–
Short-Term Investments		49,536,777		–		–			49,536,777
Total	$	351,861,504	$	895,769,681	$	–		$	1,247,631,185

	Valuation Inputs
Other Financial Instruments**	Level 1		Level 2		Level 3		Total
Liabilities
Future Contracts	$	124,072	$	–	$	–	$	124,072
Future Contract Sold		80,211		–		–		80,211
Total	$	204,283	$	–	$	–	$	204,283

Semi-Annual Report | March 31, 2024 125

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (Unaudited)

High Income Fund

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Business Development Companies	$	–	$	1,099,492	$	–	$	1,099,492
Closed-End Funds		3,126,130		–		–		3,126,130
Common Stocks		–		33		88,646		88,679
Convertible Corporate Bond		–		17,558		–		17,558
Preferred Stocks		76,567		–		–		76,567
Bank Loans		–		7,967,556		–		7,967,556
High Yield Debt		–		40,540,470		–		40,540,470
Warrants		–		2,251		–		2,251
Short-Term Investments		1,242,883		–		–		1,242,883
Total	$	4,445,580	$	49,627,360	$	88,646	$	54,161,586

	Valuation Inputs
Other Financial Instruments**	Level 1		Level 2			Level 3		Total
Assets
Forward Foreign Currency Contracts	$	–	$	51,939		$	–	$	51,939
Liabilities
Forward Foreign Currency Contracts	$	–	$	(684	)	$	–	$	(684	)
Total	$	–	$	51,255		$	–	$	51,255

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

** Other financial instruments are derivative instruments reflected in the Summary of Investments. Futures contracts are reported at their unrealized appreciation/depreciation.

*** Level 3 security has no value.

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, 2023		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, 2024		Net change in unrealized appreciation/ (depreciation) included in the Statements of Operations attributable to Level 3 investments held at March 31, 2024
High Income Fund
Common Stocks	$	85,342	$	–	$	–	$	–	$	3,304	$	–	$	–	$	–	$	–	$	88,646	$	3,304
	$	85,342	$	–	$	–	$	–	$	3,304	$	–	$	–	$	–	$	–	$	88,646	$	3,304

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RiverNorth Funds Notes to Financial Statements

March 31, 2024 (Unaudited)

The table below provides additional information about the Level 3 Fair Value Measurements as of March 31, 2024:

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	$	88,646	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.

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 futures and 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.

Semi-Annual Report | March 31, 2024 127

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (Unaudited)

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.

In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements.

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.

Futures

The Funds may invest in futures contracts in accordance with their investment objectives. The Funds may do so for a variety of reasons including for cash management, hedging or non-hedging purposes in an attempt to achieve the Funds’ investment objective. A futures contract provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Futures transactions may result in losses in excess of the amount invested in the futures contract. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in the portfolio securities being hedged. An incorrect correlation could result in a loss on both the hedged securities in a fund and the hedging vehicle so that the portfolio return might have been greater had hedging not been attempted. There can be no assurance that a liquid market will exist at a time when a fund seeks to close out a futures contract or a futures option position. Lack of a liquid market for any reason may prevent a fund from liquidating an unfavorable position, and the fund would remain obligated to meet margin requirements until the position is closed. In addition, a fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of their contracts. With exchange-traded futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. The Funds are party to certain enforceable master netting arrangements, which provide for the right of offset under certain circumstances, such as the event of default.

128 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (Unaudited)

When a purchase or sale of a futures contract is made by a fund, the fund is required to deposit with its custodian (or broker, if legally permitted) a specified amount of liquid assets (“initial margin”). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract that is returned to the Funds upon termination of the contract, assuming all contractual obligations have been satisfied. These amounts are included in Deposits with broker for futures contracts on the Statement of Assets and Liabilities. Each day the Funds may pay or receive cash, called “variation margin,” equal to the daily change in value of the futures contract. Such payments or receipts are recorded for financial statement purposes as unrealized gains or losses by the Funds. Variation margin does not represent a borrowing or loan by the Funds but instead is a settlement between the Funds and the broker of the amount one would owe the other if the futures contract expired. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

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, 2024, the High Income Fund engaged in forward foreign currency contracts. The contracts are marked-to-market daily and the change in value is recorded by the High Income Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the High Income Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.

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

Semi-Annual Report | March 31, 2024 129

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (Unaudited)

The effect of derivatives instruments on each Fund's Statement of Assets and Liabilities as of March 31, 2024:

		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	$	51,939
Strategic Income Fund	Interest rate risk (Future contracts)*	Variation margin receivable	$	237,887

		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	$	(684	)
Strategic Income Fund	Interest rate risk (Future contracts)*	Variation margin receivable	$	(33,604	)

* Fair Value represents the cumulative unrealized appreciation (depreciation) on open futures contracts as reported in the Fund’s Schedule of Investments. Only the variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as variation margin receivable.

130 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (Unaudited)

The effect of derivatives instruments on each Fund's Statement of Operations for the six months ended March 31, 2024:

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	$	(35,133	)	$	(67,340	)
Strategic Income Fund	Interest rate risk (Future contracts)	Net realized gain/(loss) on Futures Contracts / Net change in unrealized appreciation/depreciation on Futures Contracts	$	(236,629	)	$	1,294,947

The forward currency contracts average notional amount during the six months ended March 31, 2024, is noted below.

Fund	Average Notional Amount of Futures Contracts		Average Notional Amount of Forward Foreign Currency Contracts
High Income Fund	$	–	$	7,165,636
Strategic Income Fund	$	33,603,591	$	–

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.

Semi-Annual Report | March 31, 2024 131

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (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, 2024.

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	$	51,938	$	–	$	51,938	$	(684	)	$	–	$	51,254
Total	$	51,938	$	–	$	51,938	$	(684	)	$	–	$	51,254

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	$	684			$	684	$	(684	)	$	–	$	–
Total	$	684	$	–	$	684	$	(684	)	$	–	$	–

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

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

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (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.

6. ADVISORY FEES, TRUSTEE FEES AND OTHER AGREEMENTS

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

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

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

Semi-Annual Report | March 31, 2024 133

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (Unaudited)

For the six months ended March 31, 2024, the Adviser earned fees of $225,289, $4,570,194, and $268,572, for the Core Opportunity Fund, the Strategic Income Fund, and the High Income Fund, respectively. Of those advisor fees, $39,802, $777,709, and $31,490 remained payable for the Core Opportunity Fund, the Strategic Income Fund, and the High Income Fund, respectively, as of March 31, 2024. 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, 2025 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, 2024, reimbursed expenses for the High Income Fund subject to potential recovery by year of expiration are as follows:

	Expiring September 30,
	2024		2025		2026		2027
High Income Fund
Class I	$	87,997	$	111,424	$	109,573	$	49,977
Class R	$	10,048	$	11,927	$	8,271	$	3,688
Total	$	98,045	$	123,351	$	117,844	$	53,665

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, 2025. 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.

For the six months ended March 31, 2024, the Adviser waived $98,441 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. The waived fees are not subject to recoupment by the Adviser.

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.

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

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (Unaudited)

ALPS Fund Services, Inc. (“ALPS”) provides the Funds with fund administration and fund accounting services. ALPS also serves as transfer agent, dividend paying and shareholder servicing agent for the Funds (“Transfer Agent”). 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 $28,000 per year, plus $2,000 per meeting and $1,500 per special meeting attended from the Trust. In addition, the chair of the audit committee receives $1,111 annually and the lead independent Trustee receives $1,333 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.

Semi-Annual Report | March 31, 2024 135

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (Unaudited)

7. TAX BASIS INFORMATION

Tax Basis of Distributions to Shareholders: The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by a Fund.

The tax character of distributions paid by the Funds during the fiscal year ended September 30, 2023, was as follows:

	Ordinary Income		Tax-Exempt Income		Distributions paid from Long-Term Capital Gain		Return of Capital		Total
Core Opportunity Fund	$	1,963,656	$	3,344	$	–	$	145,829	$	2,112,829
Strategic Income Fund		8,248,428		–		–		77,915,264		86,163,692
High Income Fund		4,075,675		–		–		108,798		4,184,473

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, 2023, 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	$	(22,222	)	$	22,222
Strategic Income Fund		–			–
High Income Fund		–			–

At September 30, 2023, 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	$	–	$	(3,736,981	)	$	(3,489,185	)	$	–		$	(7,226,166	)
Strategic Income Fund		–		(133,341,172	)		(283,640,782	)		–			(416,981,954	)
High Income Fund		–		(6,325,780	)		(3,265,316	)		(368,088	)		(9,959,184	)

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

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (Unaudited)

Capital Losses: As of September 30, 2023, 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
Core Opportunity Fund	$	1,863,589	$	1,873,392
Strategic Income Fund		52,811,516		80,529,656
High Income Fund		1,083,557		5,242,223

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, 2024, were as follows:

Fund	Gross Appreciation (excess of value over tax)		Gross Depreciation (excess of tax cost over value)			Net Appreciation on Foreign Currency and Derivatives			Net Unrealized Appreciation/ (Depreciation)			Cost of Investments for Income Tax Purposes
Core Opportunity Fund*	$	1,542,895	$	(5,032,086	)	$	6		$	(3,489,185	)	$	46,681,187
Strategic Income Fund*		16,277,181		(299,917,957	)		(6	)		(283,640,782	)		1,497,144,560
High Income Fund*		229,112		(3,493,807	)		(621	)		(3,265,316	)		55,657,851

* 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.

The High Income Fund elects to defer to the period ending September 30, 2024, late year ordinary losses in the amount of $368,088.

8. INVESTMENT TRANSACTIONS

Investment transactions for the six months ended March 31, 2024, excluding U.S. government obligations and short-term investments, were as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
Core Opportunity Fund	$	7,070,593	$	7,893,154
Strategic Income Fund		522,828,659		582,653,733
High Income Fund		13,390,245		14,652,200

Semi-Annual Report | March 31, 2024 137

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (Unaudited)

Investment Transactions in long term U.S. Government Obligations for the six months ended March 31, 2024 were as follows:

	Purchases of Securities		Proceeds from Sales of Securities
Core Opportunity Fund	$	–	$	1,162,597
Strategic Income Fund		367,739,153		362,643,069

9. INVESTMENTS IN AFFILIATED COMPANIES

The Funds may invest in certain securities that are considered securities issued by affiliated companies. As defined by the 1940 Act, an affiliated person, including an affiliated company, is one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The purchases, sales, dividend income, capital gains, shares and value of investment in affiliated companies for the six months ended March 31, 2024 were as follows:

Strategic Income Fund

Security Name	Market Value as of October 1, 2023		Purchases		Sales		Change in Unrealized Gain (Loss)		Realized Gain/Loss		Market Value as of March 31, 2024		Share Balance as of March 31, 2024		Dividends
RiverNorth/Oaktree High Income Fund	$	32,574,784	$	1,084,990	$	–	$	1,426,568	$	–	$	35,086,342		3,989,805	$	1,085,022
							$	1,426,568	$	–	$	35,086,342		3,989,805	$	1,085,022

10. REVOLVING LINE OF CREDIT

On April 8, 2014, the Funds entered into a $100,000,000 committed, unsecured Revolving Credit Agreement with State Street Bank & Trust, Co. The Revolving Credit Agreement was most recently amended on March 28, 2023. The Revolving Credit Agreement expires on March 25, 2025. 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 6.58% at March 31, 2024. For the six months ended March 31, 2024, the Funds paid a facility fee on unloaned balances equal to the product of $100,000,000 less the principal amount of loans outstanding and 0.25%.

For the six months ended March 31, 2024, Core Opportunity Fund, Strategic Income Fund and High Income Fund had no borrowings under the Revolving Credit Agreement.

11. BENEFICIAL OWNERSHIP

On March 31, 2024, 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.

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

RiverNorth Funds Notes to Financial Statements

March 31, 2024 (Unaudited)

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, 2024, are listed below:

Fund	Shareholder Name	Percentage Interest
Core Opportunity Fund – Class I	Pershing	46.40%
Core Opportunity Fund – Class R	Charles Schwab & Company, Inc.	52.90%
Core Opportunity Fund – Class R	National Financial Services, LLC	26.87%
Strategic Income Fund – Class I	Charles Schwab & Company, Inc.	47.33%
Strategic Income Fund – Class R	Charles Schwab & Company, Inc.	63.34%
High Income Fund – Class I	RiverNorth/DoubleLine Strategic Income Fund	69.72%
High Income Fund – Class R	Charles Schwab & Company, Inc.	88.98%

12. INDEMNIFICATIONS

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

13. SUBSEQUENT EVENTS

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

Semi-Annual Report | March 31, 2024 139

RiverNorth Funds Additional Information

March 31, 2024 (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.

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

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

March 31, 2024 (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”) of RiverNorth Funds (the “Trust”), held on November 6-7, 2023 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 “Independent Trustees”), considered the renewal of the management agreement (the “Management Agreement”) between RiverNorth Capital Management, LLC (“RiverNorth” or the “Adviser”) and the Trust on behalf of the RiverNorth Core Opportunity Fund (the “Core Opportunity Fund”), RiverNorth/DoubleLine Strategic Income Fund (the “Strategic Income Fund”) and the RiverNorth/Oaktree High Income Fund (the “High Income Fund” and together with the Core Opportunity Fund and the Strategic Income Fund, the “Funds”). 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, 2023, 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 provided by FUSE Research Network, LLC (“FUSE”). 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 economics 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 executive sessions with their independent legal counsel, in determining to renew the Management Agreement.

Performance, Fees and Expenses

Core Opportunity Fund 

Regarding the Core Opportunity Fund, the Board reviewed the performance of the Fund’s Retail Class shares for the three month, one-year, three-year, five-year, ten-year and since inception periods ended September 30, 2023. These returns were compared to the returns of mutual funds in FUSE’s Moderate Allocation peer group (the “Moderate Allocation Peer Group”) and a peer universe consisting of all funds in the Moderate Allocation Peer Group and all other Moderate Allocation funds (the “Moderate Allocation Universe”). The Moderate Allocation Peer Group and the Moderate Allocation Universe included funds with similar pricing features as the Core Opportunity Fund, excluding outliers. The Board observed that the Fund had outperformed the Moderate Allocation Peer Group median for the three-month, one-year, three-year, five-year, ten-year and since inception periods ended September 30, 2023. The Board further noted that the Fund had outperformed the Moderate Allocation Universe for the three-month, one-year, three-year and since inception periods ended September 30, 2023 and underperformed the Moderate Allocation Universe for the five-year and ten-year periods ended September 30, 2023. 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’s Retail Class shares had outperformed the Multi-alternative universe median for the one-year period ended September 30, 2023 and underperformed the Multi-alternative universe median for the three- and five-year periods ended September 30, 2023.

Semi-Annual Report | March 31, 2024 141

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

March 31, 2024 (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 Moderate Allocation Peer Group and Moderate Allocation Universe. The Board noted that the Core Opportunity Fund’s Retail Class shares’ annual net expense ratio was higher than the Moderate Allocation Peer Group median. The Board also noted that the annual net expense ratio placed the Core Opportunity Fund in the lowest quartile for the Moderate Allocation Universe. Differences in strategies as compared to both the funds in the Moderate Allocation Peer Group and the Moderate Allocation 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 Moderate Allocation Peer Group funds, but within the range of the peers. The Board noted the differences in strategies between the Fund and the funds included in the Moderate Allocation Peer Group, 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 for the Fund’s Retail Class shares were below the Multi-alternative universe medians. The Board, including the Independent Trustees, determined that the Fund’s fees were reasonable given the unique investment characteristics of the Fund and the nature of the services provided by the Adviser.

Strategic Income Fund 

Regarding the Strategic Income Fund, the Board reviewed the performance of the Fund’s Class I shares for the three month, one-year, three-year, five-year, ten-year and since inception periods ended September 30, 2023. These returns were compared to the returns of mutual funds in FUSE’s Multisector Bond fund peer group (the “Multisector Peer Group”) and a peer universe consisting of all funds in the Multisector Peer Group and all other Multisector Bond funds (the “Multisector Universe”). The Multisector Peer Group and the Multisector Universe included funds with similar pricing features as the Strategic Income Fund, excluding outliers. The Board noted that the Strategic Income Fund outperformed the medians of the Multisector Peer Group and the Multisector 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, 2023. 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’s Class I shares had underperformed the Multi-alternative universe median for the one-, three- and five-year periods ended September 30, 2023.

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

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

March 31, 2024 (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 Multisector Peer Group and Multisector Universe. The Board noted that the Strategic Income Fund’s Class I shares’ annual net expense ratio and annual management fee was higher than the medians of the Multisector Peer Group and Multisector Universe, but within the range of the peers. 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 (“DoubleLine”). 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 for Class I shares 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 DoubleLine, and the nature of the services provided to the Fund.

High Income Fund 

Regarding 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, ten-year and since inception periods ended September 30, 2023. These returns were compared to the returns of mutual funds in FUSE’s High Yield Bond fund peer group (the “High Yield Peer Group”) and a peer universe consisting of all funds in the High Yield Peer Group and all other High Yield Bond funds (the “High Yield Universe”). The High Yield Peer Group and the High Yield Universe included funds with similar pricing features as the High Income Fund, excluding outliers. The Board noted that the High Income Fund performed in line with the median of the High Yield Peer Group for the three-month and one-year periods ended September 30, 2023 and underperformed the median for the three-year, five-year, ten-year and since inception periods ended September 30, 2023. The Board considered that the High Income Fund had outperformed the median of the High Yield Universe for the three-month, one-year and three-year periods ended September 30, 2023, performed in line with the median for the ten-year period ended September 30, 2023 and underperformed the median for the five-year and since inception periods ended September 30, 2023. 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’s Class I shares had outperformed the Multi-alternative universe median for the one-year period ended September 30, 2023 and had underperformed the Multi-alternative universe median for the three- and five-year periods ended September 30, 2023. The Trustees acknowledged the fact that the Fund’s split strategy between closed-end funds and high-yield/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 High Yield Peer Group and High Yield Universe. The Board noted that the High Income Fund’s Class I shares’ annual gross management fee and annual net expense ratio was higher than the median of the High Yield Peer Group and High Yield Universe. The Board recalled that most of the funds in FUSE’s High Yield Peer Group and High Yield Universe utilized a less complex strategy than that of the High Income 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 a Multi-alternative universe of funds prepared by FUSE. It was noted that the Fund’s management fee and total net expenses for Class I shares were below the Multi-alternative 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.

Semi-Annual Report | March 31, 2024 143

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

March 31, 2024 (Unaudited)

Nature, Extent and Quality of Services

As to the nature, extent and quality of the services provided by the Adviser to the Funds, the Board considered that under the terms of the Management Agreement, the Adviser, subject to the supervision of the Board, provides or arranges to be provided to the Funds such investment advice as the Adviser, in its discretion, deems advisable and furnishes or arranges 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 closed-end funds, noting the fact that RiverNorth was an industry leader in the area. Based on the foregoing information, the Board, including the Independent Trustees, concluded that the Adviser had provided quality services and could be expected to do so in the future for the Funds.

Profitability and Other Benefits 

As to the cost of the services provided and the profits to be realized by the Adviser, the Board reviewed the Adviser’s estimates of its profitability and its financial condition. The Board reviewed the Adviser’s financial statements and noted the Adviser’s financial condition 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.

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

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

March 31, 2024 (Unaudited)

Consideration of the Sub-Advisory Agreement with DoubleLine 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 (“DoubleLine Renewal Materials”). The Board considered the renewal of the DoubleLine Sub-Advisory Agreement, noting that the DoubleLine 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.

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 sessions 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 month, 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. 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.

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.

Semi-Annual Report | March 31, 2024 145

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

March 31, 2024 (Unaudited)

As to the nature, extent and quality of the services provided by DoubleLine, the Board considered that under the terms of the DoubleLine Sub-Advisory Agreement, DoubleLine, subject to the supervision of the Board, provides to the Strategic Income Fund such investment advice as DoubleLine, in its discretion, deemed advisable and furnishes or arranges to be furnished a continuous investment program for the Fund consistent with the Fund’s investment objective and policies. The Board reviewed the 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 provided and 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.

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 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 (“Oaktree Renewal Materials”). The Board considered the renewal of the Oaktree Sub-Advisory Agreement, noting that the Oaktree 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.

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

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

March 31, 2024 (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 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 sessions 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, ten-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. The Board also reviewed the performance of the portion of the High Income Fund managed by Oaktree relative to other accounts managed by Oaktree.

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 provided by Oaktree, the Board considered that under the terms of the Oaktree Sub-Advisory Agreement, Oaktree, subject to the supervision of the Board, provides to the High Income Fund such investment advice as Oaktree, in its discretion, deemed advisable and furnishes or arranges to be furnished a continuous investment program for the Fund consistent with the Fund’s investment objective and policies. The Board reviewed the 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 provided and 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.

Semi-Annual Report | March 31, 2024 147

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 to the Registrant.

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 to the Registrant.

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

Not Applicable to the Registrant.

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

Not Applicable to the Registrant.

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 to the Registrant.

Item 13. Exhibits.

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

(a)(2) Not applicable.

(a)(3) 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)(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 and Principal Executive Officer
Date:	June 7, 2024

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Patrick W. Galley
Name:	Patrick W. Galley
Title:	President and Principal Executive Officer
Date:	June 7, 2024
By:	/s/ Jonathan M. Mohrhardt
Name:	Jonathan M. Mohrhardt
Title:	Treasurer and Chief Financial Officer
Date:	June 7, 2024