RiverNorth/DoubleLine Strategic Income Fd Cl R (RNDLX) N-CSR Certified 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 South Rosemary Avenue, Suite 1420

West Palm Beach, FL 33401

(Address of principal executive offices) (Zip code)

Marcus L. Collins, Esq.

RiverNorth Capital Management, LLC

360 South 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: 09/30/2024

Item 1. Reports to Stockholders.

(a)

RIVERNORTH CORE OPPORTUNITY FUND 

CLASS I : RNCIX

Annual Shareholder Report - September 30, 2024

FUND OVERVIEW

This annual shareholder report contains important information about RiverNorth Core Opportunity Fund - Class I for the period of October 1, 2023 to September 30, 2024.

You can find additional information about the Fund at https://www.rivernorth.com/investments/rncix-rncox/. You can also request this information by contacting us at 888.848.7569.

WHAT WERE THE FUND'S COST FOR THE LAST YEAR? 

(based on a hypothetical $10,000 investment) 

CLASS NAME	COST OF A $10,000 INVESTMENT	COST PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
RiverNorth Core Opportunity Fund - Class I	$163	1.58%

HOW DID THE FUND PERFORM LAST YEAR?

For the fiscal year ended September 30, 2024, the Fund’s exposure to closed-end funds (CEFs) was the primary driver of returns. Deconstructing the Fund’s CEF portfolio further, exposure to the underlying net asset values (NAV) contributed the most to performance over the period, with CEF discount narrowing also contributing significant positive returns. 

The Fund also experienced positive absolute contribution from its exposure to exchange traded funds , investment company debt and business development companies. However, these asset classes contributed negatively to performance on a relative basis when compared against the Fund’s primary benchmark. 

CEF investor sentiment continues to improve, bolstered to some extent by the Federal Reserve's September interest rate cut, which was the first since the pandemic. While CEF discounts have moved towards longer-term averages, we believe there are still opportunities for further discount narrowing from here. To that end, we believe the Fund is positioned well to take advantage of CEF trading opportunities as they present themselves. Additionally, our view is that owning CEFs trading at a discount is an excellent source of incremental yield and potential capital appreciation, relative to owning the underlying assets directly.

HOW DID THE FUND PERFORM THE LAST 10 YEARS? 

TOTAL RETURN BASED ON $100,000 INVESTMENT

	Class I - $200,717	S&P 500 Total Return Index - $350,980	Bloomberg US Aggregate Bond Index - $120,045	60% S&P 500 and 40% Bloomberg US Aggregate - $234,326
9/30/2014	$100,000	$100,000	$100,000	$100,000
3/31/2015	$103,232	$105,930	$103,430	$105,022
9/30/2015	$92,499	$99,385	$102,941	$100,953
3/31/2016	$97,175	$107,818	$105,457	$107,220
9/30/2016	$106,608	$114,721	$108,286	$112,491
3/31/2017	$113,928	$126,333	$105,922	$118,220
9/30/2017	$122,395	$136,070	$108,365	$124,753
3/31/2018	$125,363	$144,010	$107,196	$128,634
9/30/2018	$129,638	$160,440	$107,047	$137,214
3/31/2019	$129,266	$157,686	$111,999	$138,648
9/30/2019	$134,190	$167,265	$118,069	$146,954
3/31/2020	$106,509	$146,682	$122,005	$138,106
9/30/2020	$130,169	$192,605	$126,315	$165,324
3/31/2021	$162,959	$229,340	$122,872	$181,898
9/30/2021	$173,072	$250,395	$125,185	$193,290
3/31/2022	$169,797	$265,223	$117,770	$195,541
9/30/2022	$144,162	$211,654	$106,908	$164,592
3/31/2023	$160,011	$244,725	$112,136	$183,312
9/30/2023	$160,553	$257,408	$107,597	$186,003
3/31/2024	$187,755	$317,852	$114,041	$216,251
9/30/2024	$200,717	$350,980	$120,045	$234,326

The chart above represents historical performance of a hypothetical investment of $100,000 in the Fund over the past ten years. Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

LEVEL DISTRIBUTION INFORMATION

The Fund currently targets a level distribution set at 7.00% of NAV. For the fiscal year ending September 30, 2024, 0% of the total distributions paid was characterized as a return of capital.

AVERAGE ANNUAL TOTAL RETURNS

RiverNorth Core Opportunity Fund	1 Year	5 Year	10 Year
Class I	25.02%	8.39%	7.22%
S&P 500 Total Return Index	36.35%	15.98%	13.38%
Bloomberg US Aggregate Bond Index	11.57%	0.33%	1.84%
60% S&P 500 and 40% Bloomberg US Aggregate	25.98%	9.78%	8.89%

FUND STATISTICS

• Total Net Assets$45,657,824
• # of Portfolio Holdings44
• Portfolio Turnover Rate (Class I)41%
• Advisory Fees Paid$455,333

As of September 30, 2024. Past performance does not guarantee future results. Call 888.848.7569 for current month-end performance.

WHAT DID THE FUND INVEST IN?

INVESTMENT VEHICLE ALLOCATION

As of September 30, 2024

(percentages are based on total investments)

Value	Value
Closed-End Funds	71.51%
Short-Term Investments	13.63%
Exchange Traded Funds	7.95%
U.S. Corporate Bonds	2.57%
U.S. Government Bonds and Notes	2.19%
Closed-End Funds - Preferred Shares	0.84%
Business Development Companies	0.80%
Business Development Company Notes	0.43%
Warrants	0.01%
Rights	0.00%

ASSET CLASS ALLOCATION

As of September 30, 2024

(percentages are based on net assets)

Value	Value
Fixed Income	51.24%
Domestic Equity	23.29%
Cash Equivalents	16.70%
International Equity	14.03%
Investment Co. Bonds	3.01%
BDCs	1.16%
SPACs	0.51%
Alternatives	0.44%

MATERIAL FUND CHANGES

There have been no material Fund changes during the reporting period.

ADDITIONAL INFORMATION

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.rivernorth.com/investments/rncix-rncox/.

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 888.848.7569.

RIVERNORTH CORE OPPORTUNITY FUND

 CLASS I : RNCIX

Distributor, ALPS Distributors, Inc.

Phone: 888.848.7569

Annual Shareholder Report - September 30, 2024

76881N889–A–09302024

RIVERNORTH CORE OPPORTUNITY FUND 

CLASS R : RNCOX

Annual Shareholder Report - September 30, 2024

FUND OVERVIEW

This annual shareholder report contains important information about RiverNorth Core Opportunity Fund - Class R for the period of October 1, 2023 to September 30, 2024.

You can find additional information about the Fund at https://www.rivernorth.com/investments/rncix-rncox/. You can also request this information by contacting us at 888.848.7569.

WHAT WERE THE FUND'S COST FOR THE LAST YEAR? 

(based on a hypothetical $10,000 investment) 

CLASS NAME	COST OF A $10,000 INVESTMENT	COST PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
RiverNorth Core Opportunity Fund - Class R	$190	1.84%

HOW DID THE FUND PERFORM LAST YEAR?

For the fiscal year ended September 30, 2024, the Fund’s exposure to closed-end funds (CEFs) was the primary driver of returns. Deconstructing the Fund’s CEF portfolio further, exposure to the underlying net asset values (NAV) contributed the most to performance over the period, with CEF discount narrowing also contributing significant positive returns. 

The Fund also experienced positive absolute contribution from its exposure to exchange traded funds , investment company debt and business development companies. However, these asset classes contributed negatively to performance on a relative basis when compared against the Fund’s primary benchmark. 

CEF investor sentiment continues to improve, bolstered to some extent by the Federal Reserve's September interest rate cut, which was the first since the pandemic. While CEF discounts have moved towards longer-term averages, we believe there are still opportunities for further discount narrowing from here. To that end, we believe the Fund is positioned well to take advantage of CEF trading opportunities as they present themselves. Additionally, our view is that owning CEFs trading at a discount is an excellent source of incremental yield and potential capital appreciation, relative to owning the underlying assets directly.

HOW DID THE FUND PERFORM THE LAST 10 YEARS? 

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Class R - $19,612	S&P 500 Total Return Index - $35,098	Bloomberg US Aggregate Bond Index - $12,004	60% S&P 500 and 40% Bloomberg US Aggregate - $23,433
9/30/2014	$10,000	$10,000	$10,000	$10,000
3/31/2015	$10,316	$10,593	$10,343	$10,502
9/30/2015	$9,233	$9,939	$10,294	$10,095
3/31/2016	$9,688	$10,782	$10,546	$10,722
9/30/2016	$10,615	$11,472	$10,829	$11,249
3/31/2017	$11,329	$12,633	$10,592	$11,822
9/30/2017	$12,155	$13,607	$10,836	$12,475
3/31/2018	$12,443	$14,401	$10,720	$12,863
9/30/2018	$12,849	$16,044	$10,705	$13,721
3/31/2019	$12,794	$15,769	$11,200	$13,865
9/30/2019	$13,264	$16,727	$11,807	$14,695
3/31/2020	$10,518	$14,668	$12,201	$13,811
9/30/2020	$12,835	$19,260	$12,632	$16,532
3/31/2021	$16,043	$22,934	$12,287	$18,190
9/30/2021	$17,016	$25,040	$12,518	$19,329
3/31/2022	$16,677	$26,522	$11,777	$19,554
9/30/2022	$14,145	$21,165	$10,691	$16,459
3/31/2023	$15,678	$24,472	$11,214	$18,331
9/30/2023	$15,711	$25,741	$10,760	$18,600
3/31/2024	$18,346	$31,785	$11,404	$21,625
9/30/2024	$19,612	$35,098	$12,004	$23,433

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

LEVEL DISTRIBUTION INFORMATION

The Fund currently targets a level distribution set at 6.25% of NAV. For the fiscal year ending September 30, 2024, 0% of the total distributions paid was characterized as a return of capital.

AVERAGE ANNUAL TOTAL RETURNS

RiverNorth Core Opportunity Fund	1 Year	5 Year	10 Year
Class R	24.83%	8.14%	6.97%
S&P 500 Total Return Index	36.35%	15.98%	13.38%
Bloomberg US Aggregate Bond Index	11.57%	0.33%	1.84%
60% S&P 500 and 40% Bloomberg US Aggregate	25.98%	9.78%	8.89%

FUND STATISTICS

• Total Net Assets$45,657,824
• # of Portfolio Holdings44
• Portfolio Turnover Rate (Class R)41%
• Advisory Fees Paid$455,333

As of September 30, 2024. Past performance does not guarantee future results. Call 888.848.7569 for current month-end performance.

WHAT DID THE FUND INVEST IN?

INVESTMENT VEHICLE ALLOCATION

As of September 30, 2024

(percentages are based on total investments)

Value	Value
Closed-End Funds	71.51%
Short-Term Investments	13.63%
Exchange Traded Funds	7.95%
U.S. Corporate Bonds	2.57%
U.S. Government Bonds and Notes	2.19%
Closed-End Funds - Preferred Shares	0.84%
Business Development Companies	0.80%
Business Development Company Notes	0.43%
Warrants	0.01%
Rights	0.00%

ASSET CLASS ALLOCATION

As of September 30, 2024

(percentages are based on net assets)

Value	Value
Fixed Income	51.24%
Domestic Equity	23.29%
Cash Equivalents	16.70%
International Equity	14.03%
Investment Co. Bonds	3.01%
BDCs	1.16%
SPACs	0.51%
Alternatives	0.44%

MATERIAL FUND CHANGES

There have been no material Fund changes during the reporting period.

ADDITIONAL INFORMATION

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.rivernorth.com/investments/rncix-rncox/.

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 888.848.7569.

RIVERNORTH CORE OPPORTUNITY FUND

 CLASS R : RNCOX

Distributor, ALPS Distributors, Inc.

Phone: 888.848.7569

Annual Shareholder Report - September 30, 2024

76881N103–A–09302024

RIVERNORTH/DOUBLELINE STRATEGIC INCOME FUND 

CLASS I : RNSIX

Annual Shareholder Report - September 30, 2024

FUND OVERVIEW

This annual shareholder report contains important information about RiverNorth/DoubleLine Strategic Income Fund - Class I for the period of October 1, 2023 to September 30, 2024.

You can find additional information about the Fund at https://www.rivernorth.com/investments/rnsix-rndlx/. You can also request this information by contacting us at 888.848.7569.

WHAT WERE THE FUND'S COST FOR THE LAST YEAR? 

(based on a hypothetical $10,000 investment) 

CLASS NAME	COST OF A $10,000 INVESTMENT	COST PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
RiverNorth/DoubleLine Strategic Income Fund - Class I	$97	0.94%

HOW DID THE FUND PERFORM LAST YEAR?

For the fiscal year ended September 30, 2024, the Fund’s exposure to the Tactical Closed-End Fund Income strategy, managed by RiverNorth Capital Management, LLC was the primary driver of returns. Looking within the strategy, exposure to closed-end fund ("CEF") net asset values combined with discount narrowing were the largest drivers of returns. The strategy’s exposure to investment company debt contributed positively to absolute returns, however it detracted on a relative basis as compared to the Fund’s primary benchmark. 

The Core Fixed Income Strategy and the Opportunistic Income Strategy, both managed by DoubleLine Capital, LP, also contributed positively to returns relative to the Fund’s benchmark. 

We believe each of these strategies has a compelling investment thesis. The Opportunistic Fixed Income strategy provides exposure to a diversified portfolio of traditional and bespoke credit assets overseen by what we believe to be is one of the top fixed income managers in the world. As CEF investor sentiment continues to improve, the Tactical Closed-End Fund Income strategy may be poised to benefit from further discount narrowing. The Core Fixed Income strategy provides exposure to a diversified portfolio of fixed income assets while also providing capital that can be rapidly deployed in the event of further capital market or interest rate volatility.

HOW DID THE FUND PERFORM THE LAST 10 YEARS? 

TOTAL RETURN BASED ON $100,000 INVESTMENT

	Class I - $143,338	Bloomberg US Aggregate Bond Index - $120,045
9/30/2014	$100,000	$100,000
3/31/2015	$102,404	$103,430
9/30/2015	$100,036	$102,941
3/31/2016	$103,073	$105,457
9/30/2016	$108,941	$108,286
3/31/2017	$110,790	$105,922
9/30/2017	$114,031	$108,365
3/31/2018	$113,525	$107,196
9/30/2018	$114,627	$107,047
3/31/2019	$118,461	$111,999
9/30/2019	$123,911	$118,069
3/31/2020	$116,187	$122,005
9/30/2020	$128,262	$126,315
3/31/2021	$134,012	$122,872
9/30/2021	$137,901	$125,185
3/31/2022	$131,880	$117,770
9/30/2022	$118,544	$106,908
3/31/2023	$124,139	$112,136
9/30/2023	$122,694	$107,597
3/31/2024	$134,610	$114,041
9/30/2024	$143,338	$120,045

The chart above represents historical performance of a hypothetical investment of $100,000 in the Fund over the past ten years. Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

LEVEL DISTRIBUTION INFORMATION

The Fund currently targets a level distribution set at 6.50% of NAV. For the fiscal year ending September 30, 2024, 29% of the total distributions paid was characterized as a return of capital.

AVERAGE ANNUAL TOTAL RETURNS

RiverNorth/DoubleLine Strategic Income Fund	1 Year	5 Year	10 Year
Class I	16.82%	2.96%	3.67%
Bloomberg US Aggregate Bond Index	11.57%	0.33%	1.84%

FUND STATISTICS

• Total Net Assets$1,279,994,692
• # of Portfolio Holdings1,266
• Portfolio Turnover Rate (Class I)84%
• Advisory Fees Paid$9,225,218

As of September 30, 2024. Past performance does not guarantee future results. Call 888.848.7569 for current month-end performance.

WHAT DID THE FUND INVEST IN?

STRATEGY ALLOCATION

As of September 30, 2024

(percentages are based on total investments)

Value	Value
DoubleLine Core Fixed Income	28.96%
Tactical Closed-End Fund Income Strategy (RiverNorth)	32.84%
DoubleLine Opportunistic Fixed Income	38.20%

SECTOR ALLOCATION

As of September 30, 2024

(percentages are based on net assets)

Value	Value
Non-Agency MBS	20.02%
US Government	17.18%
Agency MBS	11.74%
High Yield	6.93%
Muni/BAB	9.80%
Investment Co. Bonds	7.70%
CMBS	7.06%
Cash Equivalents	5.70%
Bank Loans	5.23%
Investment Grade	4.71%
EM Debt	3.18%
Other	3.36%
Developed Foreign	1.45%
Infrastructure	1.26%
Convertibles	0.05%
Preferreds	0.76%
BDCs	0.31%
Equity	0.21%

MATERIAL FUND CHANGES

There have been no material Fund changes during the reporting period.

ADDITIONAL INFORMATION

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.rivernorth.com/investments/rnsix-rndlx/.

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 888.848.7569.

RIVERNORTH/DOUBLELINE STRATEGIC INCOME FUND

 CLASS I : RNSIX

Distributor, ALPS Distributors, Inc.

Phone: 888.848.7569

Annual Shareholder Report - September 30, 2024

76881N202–A–09302024

RIVERNORTH/DOUBLELINE STRATEGIC INCOME FUND 

CLASS R : RNDLX

Annual Shareholder Report - September 30, 2024

FUND OVERVIEW

This annual shareholder report contains important information about RiverNorth/DoubleLine Strategic Income Fund - Class R for the period of October 1, 2023 to September 30, 2024.

You can find additional information about the Fund at https://www.rivernorth.com/investments/rnsix-rndlx/. You can also request this information by contacting us at 888.848.7569.

WHAT WERE THE FUND'S COST FOR THE LAST YEAR? 

(based on a hypothetical $10,000 investment) 

CLASS NAME	COST OF A $10,000 INVESTMENT	COST PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
RiverNorth/DoubleLine Strategic Income Fund - Class R	$123	1.19%

HOW DID THE FUND PERFORM LAST YEAR?

For the fiscal year ended September 30, 2024, the Fund’s exposure to the Tactical Closed-End Fund Income strategy, managed by RiverNorth Capital Management, LLC was the primary driver of returns. Looking within the strategy, exposure to closed-end fund ("CEF") net asset values combined with discount narrowing were the largest drivers of returns. The strategy’s exposure to investment company debt contributed positively to absolute returns, however it detracted on a relative basis as compared to the Fund’s primary benchmark. 

The Core Fixed Income Strategy and the Opportunistic Income Strategy, both managed by DoubleLine Capital, LP, also contributed positively to returns relative to the Fund’s benchmark. 

We believe each of these strategies has a compelling investment thesis. The Opportunistic Fixed Income strategy provides exposure to a diversified portfolio of traditional and bespoke credit assets overseen by what we believe to be is one of the top fixed income managers in the world. As CEF investor sentiment continues to improve, the Tactical Closed-End Fund Income strategy may be poised to benefit from further discount narrowing. The Core Fixed Income strategy provides exposure to a diversified portfolio of fixed income assets while also providing capital that can be rapidly deployed in the event of further capital market or interest rate volatility.

HOW DID THE FUND PERFORM THE LAST 10 YEARS? 

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Class R - $13,984	Bloomberg US Aggregate Bond Index - $12,004
9/30/2014	$10,000	$10,000
3/31/2015	$10,237	$10,343
9/30/2015	$9,988	$10,294
3/31/2016	$10,268	$10,546
9/30/2016	$10,849	$10,829
3/31/2017	$11,019	$10,592
9/30/2017	$11,326	$10,836
3/31/2018	$11,262	$10,720
9/30/2018	$11,346	$10,705
3/31/2019	$11,721	$11,200
9/30/2019	$12,244	$11,807
3/31/2020	$11,468	$12,201
9/30/2020	$12,642	$12,632
3/31/2021	$13,191	$12,287
9/30/2021	$13,556	$12,518
3/31/2022	$12,949	$11,777
9/30/2022	$11,627	$10,691
3/31/2023	$12,145	$11,214
9/30/2023	$12,003	$10,760
3/31/2024	$13,149	$11,404
9/30/2024	$13,984	$12,004

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

LEVEL DISTRIBUTION INFORMATION

The Fund currently targets a level distribution set at 6.25% of NAV. For the fiscal year ending September 30, 2024, 29% of the total distributions paid was characterized as a return of capital.

AVERAGE ANNUAL TOTAL RETURNS

RiverNorth/DoubleLine Strategic Income Fund	1 Year	5 Year	10 Year
Class R	16.50%	2.69%	3.41%
Bloomberg US Aggregate Bond Index	11.57%	0.33%	1.84%

FUND STATISTICS

• Total Net Assets$1,279,994,692
• # of Portfolio Holdings1,266
• Portfolio Turnover Rate (Class R)84%
• Advisory Fees Paid$9,225,218

As of September 30, 2024. Past performance does not guarantee future results. Call 888.848.7569 for current month-end performance.

WHAT DID THE FUND INVEST IN?

STRATEGY ALLOCATION

As of September 30, 2024

(percentages are based on total investments)

Value	Value
DoubleLine Core Fixed Income	28.96%
Tactical Closed-End Fund Income Strategy (RiverNorth)	32.84%
DoubleLine Opportunistic Fixed Income	38.20%

SECTOR ALLOCATION

As of September 30, 2024

(percentages are based on net assets)

Value	Value
Non-Agency MBS	20.02%
US Government	17.18%
Agency MBS	11.74%
High Yield	6.93%
Muni/BAB	9.80%
Investment Co. Bonds	7.70%
CMBS	7.06%
Cash Equivalents	5.70%
Bank Loans	5.23%
Investment Grade	4.71%
EM Debt	3.18%
Other	3.36%
Developed Foreign	1.45%
Infrastructure	1.26%
Convertibles	0.05%
Preferreds	0.76%
BDCs	0.31%
Equity	0.21%

MATERIAL FUND CHANGES

There have been no material Fund changes during the reporting period.

ADDITIONAL INFORMATION

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.rivernorth.com/investments/rnsix-rndlx/.

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 888.848.7569.

RIVERNORTH/DOUBLELINE STRATEGIC INCOME FUND

 CLASS R : RNDLX

Distributor, ALPS Distributors, Inc.

Phone: 888.848.7569

Annual Shareholder Report - September 30, 2024

76881N301–A–09302024

RIVERNORTH/OAKTREE HIGH INCOME FUND 

CLASS I : RNHIX

Annual Shareholder Report - September 30, 2024

FUND OVERVIEW

This annual shareholder report contains important information about RiverNorth/Oaktree High Income Fund - Class I for the period of October 1, 2023 to September 30, 2024.

You can find additional information about the Fund at https://www.rivernorth.com/investments/rnhix-rnotx/. You can also request this information by contacting us at 888.848.7569.

WHAT WERE THE FUND'S COST FOR THE LAST YEAR? 

(based on a hypothetical $10,000 investment) 

CLASS NAME	COST OF A $10,000 INVESTMENT	COST PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
RiverNorth/Oaktree High Income Fund - Class I	$138	1.35%

HOW DID THE FUND PERFORM LAST YEAR?

For the fiscal year ended September 30, 2024, the Fund’s exposure to high yield bonds was the primary driver of returns. The Fund’s exposure to investment company debt also contributed positively to returns over the fiscal year. Trading activities within the RiverNorth Capital Management, LLC sleeve detracted from returns relative to the Fund’s primary benchmark for the fiscal year.  

The Fund continues to offer investors access to Oaktree Fund Advisers, LLC, in our opinion one of the world’s top credit managers, while also providing a unique source of income and potential capital appreciation by overlaying opportunistic exposure to closed end funds, business development companies, and investment company debt.

HOW DID THE FUND PERFORM THE LAST 10 YEARS? 

TOTAL RETURN BASED ON $100,000 INVESTMENT

	Class I - $149,005	Bloomberg US Aggregate Bond Index - $120,045	ICE BofAML Non-Financial Developed HY Constrained Index - $152,106	CS Leveraged Loan Index - $158,632
9/30/2014	$100,000	$100,000	$100,000	$100,000
3/31/2015	$101,235	$103,430	$98,783	$101,691
9/30/2015	$96,497	$102,941	$94,521	$101,233
3/31/2016	$98,317	$105,457	$96,175	$100,566
9/30/2016	$106,230	$108,286	$106,025	$106,622
3/31/2017	$110,657	$105,922	$109,833	$110,333
9/30/2017	$113,780	$108,365	$116,444	$112,339
3/31/2018	$114,056	$107,196	$116,865	$115,452
9/30/2018	$116,306	$107,047	$118,881	$118,228
3/31/2019	$117,980	$111,999	$120,624	$118,915
9/30/2019	$121,944	$118,069	$124,087	$121,909
3/31/2020	$107,715	$122,005	$109,932	$107,607
9/30/2020	$121,921	$126,315	$127,671	$122,927
3/31/2021	$129,184	$122,872	$137,360	$129,956
9/30/2021	$132,349	$125,185	$141,418	$133,324
3/31/2022	$129,602	$117,770	$134,581	$134,140
9/30/2022	$119,069	$106,908	$116,358	$129,829
3/31/2023	$128,176	$112,136	$128,520	$136,989
9/30/2023	$131,681	$107,597	$130,782	$146,024
3/31/2024	$141,753	$114,041	$142,290	$153,979
9/30/2024	$149,005	$120,045	$152,106	$158,632

The chart above represents historical performance of a hypothetical investment of $100,000 in the Fund over the past ten years. Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. As of September 2024, pursuant to the new regulatory requirements, the Bloomberg US Aggregate Bond Index replaced the prior index as the Fund's primary benchmark to represent a broad-based securities market index. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

LEVEL DISTRIBUTION INFORMATION

The Fund currently targets a level distribution set at 7.25% of NAV. For the fiscal year ending September 30, 2024, 21% of the total distributions paid was characterized as a return of capital.

AVERAGE ANNUAL TOTAL RETURNS

RiverNorth/Oaktree High Income Fund	1 Year	5 Year	10 Year
Class I	13.16%	4.09%	4.07%
Bloomberg US Aggregate Bond Index	11.57%	0.33%	1.84%
ICE BofAML Non-Financial Developed HY Constrained Index	16.30%	4.16%	4.28%
CS Leveraged Loan Index	8.63%	5.41%	4.72%

FUND STATISTICS

• Total Net Assets$55,809,203
• # of Portfolio Holdings438
• Portfolio Turnover Rate (Class I)57%
• Advisory Fees Paid$541,416

As of September 30, 2024. Past performance does not guarantee future results. Call 888.848.7569 for current month-end performance.

WHAT DID THE FUND INVEST IN?

STRATEGY ALLOCATION

As of September 30, 2024

(percentages are based on total investments)

Value	Value
Global Bank Loan/High Yield Strategy (Oaktree)	84.94%
Tactical Closed-End Fund Income Strategy (RiverNorth)	15.06%

SECTOR ALLOCATION

As of September 30, 2024

(percentages are based on net assets)

Value	Value
High Yield	49.57%
Developed Foreign	20.06%
Bank Loans	11.35%
Cash Equivalents	7.42%
Investment Co. Bonds	7.65%
US Government	1.28%
Convertibles	1.02%
Investment Grade	0.53%
EM Debt	0.18%
Equity	0.16%
CMBS	0.05%
Non-Agency MBS	0.05%

MATERIAL FUND CHANGES

There have been no material Fund changes during the reporting period.

ADDITIONAL INFORMATION

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.rivernorth.com/investments/rnhix-rnotx/.

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 888.848.7569.

RIVERNORTH/OAKTREE HIGH INCOME FUND

 CLASS I : RNHIX

Distributor, ALPS Distributors, Inc.

Phone: 888.848.7569

Annual Shareholder Report - September 30, 2024

76881N806–A–09302024

RIVERNORTH/OAKTREE HIGH INCOME FUND 

CLASS R : RNOTX

Annual Shareholder Report - September 30, 2024

FUND OVERVIEW

This annual shareholder report contains important information about RiverNorth/Oaktree High Income Fund - Class R for the period of October 1, 2023 to September 30, 2024.

You can find additional information about the Fund at https://www.rivernorth.com/investments/rnhix-rnotx/. You can also request this information by contacting us at 888.848.7569.

WHAT WERE THE FUND'S COST FOR THE LAST YEAR? 

(based on a hypothetical $10,000 investment) 

CLASS NAME	COST OF A $10,000 INVESTMENT	COST PAID AS A PERCENTAGE OF A $10,000 INVESTMENT
RiverNorth/Oaktree High Income Fund - Class R	$164	1.60%

HOW DID THE FUND PERFORM LAST YEAR?

For the fiscal year ended September 30, 2024, the Fund’s exposure to high yield bonds was the primary driver of returns. The Fund’s exposure to investment company debt also contributed positively to returns over the fiscal year. Trading activities within the RiverNorth Capital Management, LLC sleeve detracted from returns relative to the Fund’s primary benchmark for the fiscal year.  

The Fund continues to offer investors access to Oaktree Fund Advisers, LLC, in our opinion one of the world’s top credit managers, while also providing a unique source of income and potential capital appreciation by overlaying opportunistic exposure to closed end funds, business development companies, and investment company debt.

HOW DID THE FUND PERFORM THE LAST 10 YEARS? 

TOTAL RETURN BASED ON $10,000 INVESTMENT

	Class R - $14,537	Bloomberg US Aggregate Bond Index - $12,004	ICE BofAML Non-Financial Developed HY Constrained Index - $15,211	CS Leveraged Loan Index - $15,863
9/30/2014	$10,000	$10,000	$10,000	$10,000
3/31/2015	$10,111	$10,343	$9,878	$10,169
9/30/2015	$9,624	$10,294	$9,452	$10,123
3/31/2016	$9,793	$10,546	$9,618	$10,057
9/30/2016	$10,570	$10,829	$10,602	$10,662
3/31/2017	$10,995	$10,592	$10,983	$11,033
9/30/2017	$11,292	$10,836	$11,644	$11,234
3/31/2018	$11,317	$10,720	$11,686	$11,545
9/30/2018	$11,514	$10,705	$11,888	$11,823
3/31/2019	$11,665	$11,200	$12,062	$11,891
9/30/2019	$12,042	$11,807	$12,409	$12,191
3/31/2020	$10,622	$12,201	$10,993	$10,761
9/30/2020	$12,010	$12,632	$12,767	$12,293
3/31/2021	$12,710	$12,287	$13,736	$12,996
9/30/2021	$13,008	$12,518	$14,142	$13,332
3/31/2022	$12,722	$11,777	$13,458	$13,414
9/30/2022	$11,672	$10,691	$11,636	$12,983
3/31/2023	$12,550	$11,214	$12,852	$13,699
9/30/2023	$12,878	$10,760	$13,078	$14,602
3/31/2024	$13,862	$11,404	$14,229	$15,398
9/30/2024	$14,537	$12,004	$15,211	$15,863

The chart above represents historical performance of a hypothetical investment of $10,000 in the Fund over the past ten years. Performance data quoted represents past performance and does not guarantee future results. Returns shown are total returns, which assume the reinvestment of dividends and capital gains. As of September 2024, pursuant to the new regulatory requirements, the Bloomberg US Aggregate Bond Index replaced the prior index as the Fund's primary benchmark to represent a broad-based securities market index. The table and graph presented above do not reflect the deduction of taxes a shareholder would pay on Fund distributions or the redemption of Fund shares.

LEVEL DISTRIBUTION INFORMATION

The Fund currently targets a level distribution set at 6.50% of NAV. For the fiscal year ending September 30, 2024, 21% of the total distributions paid was characterized as a return of capital.

AVERAGE ANNUAL TOTAL RETURNS

RiverNorth/Oaktree High Income Fund	1 Year	5 Year	10 Year
Class R	12.88%	3.84%	3.81%
Bloomberg US Aggregate Bond Index	11.57%	0.33%	1.84%
ICE BofAML Non-Financial Developed HY Constrained Index	16.30%	4.16%	4.28%
CS Leveraged Loan Index	8.63%	5.41%	4.72%

FUND STATISTICS

• Total Net Assets$55,809,203
• # of Portfolio Holdings438
• Portfolio Turnover Rate (Class R)57%
• Advisory Fees Paid$541,416

As of September 30, 2024. Past performance does not guarantee future results. Call 888.848.7569 for current month-end performance.

WHAT DID THE FUND INVEST IN?

STRATEGY ALLOCATION

As of September 30, 2024

(percentages are based on total investments)

Value	Value
Global Bank Loan/High Yield Strategy (Oaktree)	84.94%
Tactical Closed-End Fund Income Strategy (RiverNorth)	15.06%

SECTOR ALLOCATION

As of September 30, 2024

(percentages are based on net assets)

Value	Value
High Yield	49.57%
Developed Foreign	20.06%
Bank Loans	11.35%
Cash Equivalents	7.42%
Investment Co. Bonds	7.65%
US Government	1.28%
Convertibles	1.02%
Investment Grade	0.53%
EM Debt	0.18%
Equity	0.16%
CMBS	0.05%
Non-Agency MBS	0.05%

MATERIAL FUND CHANGES

There have been no material Fund changes during the reporting period.

ADDITIONAL INFORMATION

Additional information about the Fund, including its prospectus, financial information, holdings, and proxy voting information, can be found by visiting https://www.rivernorth.com/investments/rnhix-rnotx/.

HOUSEHOLDING

If you have consented to receive a single annual or semi-annual shareholder report at a shared address you may revoke this consent by calling the Transfer Agent 888.848.7569.

RIVERNORTH/OAKTREE HIGH INCOME FUND

 CLASS R : RNOTX

Distributor, ALPS Distributors, Inc.

Phone: 888.848.7569

Annual Shareholder Report - September 30, 2024

76881N707–A–09302024

(b) Not applicable.

Item 2. Code of Ethics.

(a) RiverNorth Funds (the “Registrant”), as of the end of the period covered by this report, has adopted a code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller or any persons performing similar functions (“Officers”) on behalf of the Registrant.

(b) Not applicable.

(c) During the period covered by this report, no amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(d) During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

(e) Not applicable.

(f) The Registrant has included with this filing, pursuant to Item 19(a)(1), a copy of its code of ethics that applies to the Registrant’s principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions, as an exhibit to its annual report on this Form N-CSR.

Item 3. Audit Committee Financial Expert.

The Registrant’s Board of Trustees has determined that the Registrant has as least one audit committee financial expert serving on its Audit Committee. The Board of Trustees has determined that J. Wayne Hutchens qualifies as the Registrant’s “audit committee financial expert.” Mr. Hutchens is “independent” as defined in paragraph (a)(2) of Item 3 to Form N-CSR.

Item 4. Principal Accountant Fees and Services.

(a) Audit Fees. For the Registrant’s fiscal years ended September 30, 2024 and September 30, 2023, the aggregate fees billed for professional services rendered by Cohen & Company, Ltd. (“Cohen”) for the audit of the Registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements were $111,200 and $133,700, respectively.

(b) Audit-Related Fees. For the Registrant’s fiscal years ended September 30, 2024 and September 30, 2023, the aggregate fees billed for assurance and related services by Cohen that are reasonably related to the performance of the audit of the Registrant's financial statements and are not reported under paragraph (a) of this Item were $2,500 and $1,665, respectively. These fees are related to auditor consents in connection with the Registrant’s annual registration statement update filing with the U.S. Securities and Exchange Commission.

(c) Tax Fees. For the Registrant’s fiscal years ended September 30, 2024 and September 30, 2023, the aggregate fees billed for professional services rendered by Cohen for tax compliance, tax advice, and tax planning were $15,900 and $15,900, respectively. These fees are related to the preparation of tax returns.

(d) All Other Fees. For the Registrant’s fiscal years ended September 30, 2024 and September 30, 2023, the aggregate fees billed for products and services provided by Cohen, other than the services reported in paragraphs (a) through (c) of this Item were $20,000 and $13,000, respectively. These fees are related to research regarding recognition and treatment of income.

(e)

(1) Audit Committee’s Pre-Approval Policies. The Audit Committee Charter requires the Audit Committee to be responsible for the selection, retention or termination of auditors and, in connection therewith, to (i) evaluate the proposed fees and other compensation, if any, to be paid to the auditors, (ii) evaluate the independence of the auditors, (iii) pre-approve all audit services and, when appropriate, any non-audit services provided by the independent auditors to the Registrant, (iv) pre-approve, when appropriate, any non-audit services provided by the independent auditors to the Registrant’s investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser and that provides ongoing services to the Registrant if the engagement relates directly to the operations and financial reporting of the Registrant, and (v) receive the auditors’ specific representations as to their independence.

(2) Percentages of Services Approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

Registrant
Audit-Related Fees:	0%
Tax Fees:	0%
All Other Fees:	0%

(f) Not applicable.

(g) The aggregate non-audit fees billed by the Registrant’s accountant for services rendered to the Registrant, and rendered to the Registrant’s investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the Registrant:

Fiscal Year	Registrant		Adviser
FY 2024	$	0	$	0
FY 2023	$	0	$	0

(h) Not applicable to the Registrant.

(i) Not applicable to the Registrant.

(j) Not applicable to the Registrant.

Item 5. Audit Committee of Listed Registrants.

Not applicable to the Registrant.

Item 6. Investments.

(a) Schedule of Investments is included in the Financial Statements filed under Item 7(a) of this Form N-CSR.

(b) Not applicable to the Registrant.

Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.

(a)

RiverNorth Funds Table of Contents

Schedule of Investments
RiverNorth Core Opportunity Fund	1
RiverNorth/DoubleLine Strategic Income Fund	5
RiverNorth/Oaktree High Income Fund	57
Statement of Assets and Liabilities	74
Statement of Operations	78
Statements of Changes in Net Assets
RiverNorth Core Opportunity Fund	81
RiverNorth/DoubleLine Strategic Income Fund	83
RiverNorth/Oaktree High Income Fund	85
Financial Highlights	88
Notes to Financial Statements and Financial Highlights	111
Report of Independent Registered Public Accounting Firm	133
Additional Information	134

RiverNorth Core Opportunity Fund Schedule of Investments

September 30, 2024

Shares/Description			Value
CLOSED-END FUNDS - 71.51%
Great Britain - 9.94%
	95,547	Pershing Square Holdings Ltd.	$	4,538,482
United States - 61.57%
	100	Advent Convertible and Income Fund		1,174
	11,192	Alpine Global Dynamic Dividend Fund		118,859
	172,668	Avenue Income Credit Strategies Fund		1,143,064
	212,623	BlackRock Capital Allocation Term Trust		3,497,648
	240,856	BlackRock ESG Capital Allocation Term Trust		4,272,786
	31,287	BlackRock Health Sciences Term Trust		495,586
	53,617	BlackRock Innovation and Growth Term Trust		404,808
	38,289	BlackRock MuniHoldings New York Quality Fund, Inc.		427,305
	46,272	BlackRock MuniYield New York Quality Fund, Inc.		498,812
	48,140	BlackRock Resources & Commodities Strategy Trust		462,144
	61,198	BlackRock Science and Technology Term Trust		1,175,002
	73,949	Blackstone/GSO Senior Floating Rate Term Fund		1,044,160
	76,951	Calamos Long/Short Equity & Dynamic Income Trust		1,207,207
	186,260	Clough Global Equity Fund		1,292,496
	142,496	Clough Global Opportunities Fund		776,603
	42,279	First Trust High Yield Opportunities 2027 Term Fund		639,259
	70,439	Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc.		662,831
	52,716	Nuveen AMT-Free Municipal Credit Income Fund		705,867
	86,410	Nuveen AMT-Free Quality Municipal Income Fund		1,034,328
	60,333	Nuveen Municipal Credit Income Fund		790,362
	182,948	Nuveen Municipal Value Fund, Inc.		1,650,191
	42,806	Nuveen Quality Municipal Income Fund		529,938
	80,000	PIMCO High Income Fund		400,000
	1,676	PIMCO Income Strategy Fund II		12,771
	213,261	Saba Capital Income & Opportunities Fund II		1,814,851
	84,113	Special Opportunities Fund, Inc.		1,170,012
	50,000	Voya Emerging Markets High Income Dividend Equity Fund		285,250
	100	Western Asset Global High Income Fund, Inc.		694
	180,960	Western Asset Inflation-Linked Opportunities & Income Fund		1,599,687
TOTAL CLOSED-END FUNDS
(Cost $27,828,428)				32,652,177
CLOSED-END FUNDS - PREFERRED SHARES - 0.84%
United States - 0.84%
	15,162	XAI Octagon Floating Rate Alternative Income Trust, Series 2026, 6.500%, 03/31/2026		381,931
TOTAL CLOSED-END FUNDS - PREFERRED SHARES
(Cost $378,878)				381,931

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 1

RiverNorth Core Opportunity Fund Schedule of Investments

September 30, 2024

Shares/Description		Value
BUSINESS DEVELOPMENT COMPANIES - 0.80%
United States - 0.80%
22,546	Oaktree Specialty Lending Corp.	$	367,725
TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $369,929)			367,725
EXCHANGE TRADED FUNDS - 7.95%
United States - 7.95%
44,975	Blackrock Flexible Income ETF		2,407,512
55,600	Invesco FTSE RAFI Emerging Markets ETF		1,220,420
TOTAL EXCHANGE TRADED FUNDS
(Cost $3,298,321)			3,627,932

Principal Amount/Description			Rate			Maturity		Value
BUSINESS DEVELOPMENT COMPANY NOTES - 0.43%
United States - 0.43%
$	200,000	MidCap Financial Investment Corp.		5.25	%		03/03/2025		198,720
TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $198,393)									198,720
U.S. CORPORATE BONDS - 2.57%
Investment Companies - 2.08%
249,936		Blue Owl Credit Income Corp.		4.70	%		02/08/2027		245,307
500,000		Blue Owl Technology Finance Corp.(a)		6.75	%		06/30/2025		502,818
200,000		Blue Owl Technology Finance Corp. II(a)		6.75	%		04/04/2029		201,020
									949,145
Private Equity - 0.49%
237,712		Hercules Capital, Inc.		2.63	%		09/16/2026		224,770
TOTAL U.S. CORPORATE BONDS
(Cost $1,143,639)									1,173,915

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth Core Opportunity Fund Schedule of Investments

September 30, 2024

Principal Amount/Description		Rate			Maturity		Value
U.S. GOVERNMENT BONDS AND NOTES - 2.19%
United States - 2.19%
$1,000,000	U.S. Treasury Notes		4.25	%		12/31/2024	$	998,921
TOTAL U.S. GOVERNMENT BONDS AND NOTES
(Cost $999,474)								998,921

Shares/Description		Value
Rights - 0.00%(b)
United States - 0.00%(b)
100	Advent Convertible and Income Fund, Strike Price 0.01, Expires 10/17/2024		2
102	Western Asset Global High Income Fund, Inc., Strike Price 0.01, Expires 10/10/2024		1
TOTAL RIGHTS
(Cost $0)			3
Warrants - 0.01%
Hong Kong - 0.01%
12,299	AGBA Group Holding, Ltd., Strike Price 11.50, Expires 03/15/2027		2,706
United States - 0.00%(b)
10,113	Jaws Mustang Acquisition Corp., Strike Price 11.50, Expires 01/30/2026		233
TOTAL WARRANTS
(Cost $15,126)			2,939
Short-Term Investments - 13.63%
Money Market Fund - 13.63%
6,222,951	State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 4.97%)		6,222,951
TOTAL SHORT-TERM INVESTMENTS
(Cost $6,222,951)			6,222,951
TOTAL INVESTMENTS - 99.93%
(Cost $40,455,139)		$	45,627,214
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.07%			30,610
NET ASSETS - 100.00%		$	45,657,824

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 3

RiverNorth Core Opportunity Fund Schedule of Investments

September 30, 2024

^(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 $703,838, which represents approximately 1.54% of net assets as of September 30, 2024.

^(b)  Less than 0.005%.

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Shares/Description			Value
CLOSED-END FUNDS - 17.09%
United States - 17.09%
	100	Advent Convertible and Income Fund	$	1,174
	1,082,896	Allspring Income Opportunities Fund		7,721,048
	167,483	Barings Global Short Duration High Yield Fund		2,542,392
	182,026	BlackRock MuniHoldings California Quality Fund, Inc.		2,096,940
	161,620	BlackRock MuniHoldings New York Quality Fund, Inc.		1,803,679
	195,559	BlackRock MuniYield New York Quality Fund, Inc.		2,108,126
	268,805	Blackstone Long-Short Credit Income Fund		3,438,016
	781,248	Blackstone Strategic Credit 2027 Term Fund		9,624,975
	159,606	Blackstone/GSO Senior Floating Rate Term Fund		2,253,637
	581,087	BNY Mellon Strategic Municipals, Inc.		3,782,876
	344,613	BrandywineGLOBAL - Global Income Opportunities Fund, Inc.		3,046,379
	695,542	First Trust High Yield Opportunities 2027 Term Fund		10,516,595
	31,569	Invesco Dynamic Credit Opportunity Fund		346,311
	200,000	John Hancock Investors Trust		2,812,000
	98,077	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		494,308
	1,173,103	Nuveen AMT-Free Municipal Credit Income Fund		15,707,849
	1,575,017	Nuveen AMT-Free Quality Municipal Income Fund		18,852,954
	725,930	Nuveen California Quality Municipal Income Fund		8,631,308
	367,502	Nuveen Municipal Credit Income Fund		4,814,276
	958,976	Nuveen Municipal Value Fund, Inc.		8,649,964
	1,047,485	Nuveen Quality Municipal Income Fund		12,967,864
	6,862	PGIM Global High Yield Fund, Inc.		87,696
	641,078	PGIM Short Duration High Yield Opportunities Fund		10,718,824
	3,386,841	PIMCO High Income Fund		16,934,205
	1,248,835	PIMCO Income Strategy Fund		10,702,516
	2,621,631	PIMCO Income Strategy Fund II		19,976,828
	25,832	Sound Point Meridian Capital, Inc.		510,699
	171,339	The New America High Income Fund, Inc.		1,427,254
	1,350,440	Western Asset Emerging Markets Debt Fund, Inc.		13,747,479
	1,625,993	Western Asset High Income Opportunity Fund, Inc.		6,585,272
	1,800,000	Western Asset Inflation-Linked Opportunities & Income Fund		15,912,000
TOTAL CLOSED-END FUNDS
(Cost $209,266,533)				218,815,444
CLOSED-END FUNDS - PREFERRED SHARES - 0.57%
United States - 0.57%
	310,867	Virtus Convertible & Income Fund, 5.625% (a)		7,259,522
TOTAL CLOSED-END FUNDS - PREFERRED SHARES
(Cost $7,645,140)				7,259,522

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 5

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Shares/Description			Value
BUSINESS DEVELOPMENT COMPANIES - 0.31%
United States - 0.31%
	245,862	Oaktree Specialty Lending Corp.	$	4,010,009
TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $3,934,767)				4,010,009
BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES - 0.84%
United States - 0.84%
	246,313	Crescent Capital BDC, Inc., 5.000%, 05/25/2026		5,997,721
	46,046	Oxford Square Capital Corp., 6.250%, 04/30/2026		1,138,718
	3,750,000	PennantPark Floating Rate Capital, Ltd., 4.250%, 04/01/2026		3,572,730
TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES
(Cost $11,016,005)				10,709,169
COMMON STOCKS - 0.00%(b)
Brazil - 0.00%(b)
	1,051	Oi SA(c)		273
United States - 0.00%(b)
	259,482	Pershing Square Tontine Holdings(c)(d)		–
	11,202	Riverbed Tech Class B-1 Partnership Units(c)		1,459
TOTAL COMMON STOCKS
(Cost $111,767)				1,732
OPEN-END FUNDS - 2.88%
United States - 2.88%
	4,137,441	RiverNorth/Oaktree High Income Fund, Class I(e)		36,877,835
TOTAL OPEN-END FUNDS
(Cost $38,513,528)				36,877,835
PREFERRED STOCKS - 0.19%
United States - 0.19%
	100,000	CION Investment Corp., 7.500%, 12/30/2029		2,500,000
TOTAL PREFERRED STOCKS
(Cost $2,500,000)				2,500,000

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
BUSINESS DEVELOPMENT COMPANY NOTES - 0.16%
United States - 0.16%
$	2,300,000	Golub Capital BDC, Inc.	2.05%	02/15/2027	$	2,124,526
TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $2,030,403)						2,124,526
FOREIGN CORPORATE BONDS - 2.20%
Australia - 0.25%
	1,000,000	APA Infrastructure, Ltd.(f)	4.25%	07/15/2027		1,000,268
	220,000	Atlassian Corp.	5.25%	05/15/2029		227,566
	265,000	Commonwealth Bank of Australia(f)	4.32%	01/10/2048		233,071
	475,000	National Australia Bank, Ltd.(f)	2.99%	05/21/2031		422,737
	340,000	NBN Co., Ltd.(f)	1.45%	05/05/2026		325,471
	500,000	Sydney Airport Finance Co. Pty, Ltd.(f)	3.38%	04/30/2025		495,556
	500,000	Sydney Airport Finance Co. Pty, Ltd.(f)	3.63%	04/28/2026		493,723
						3,198,392
Brazil - 0.10%
	200,000	Banco do Brasil SA(a)(g)	6.25%	Perpetual Maturity		203,259
	200,000	CSN Resources SA(g)	5.88%	04/08/2032		170,561
	165,630	Guara Norte Sarl(g)	5.20%	06/15/2034		157,884
	236,654	Oi SA(f)(h)	10.00% (13.50%)	06/30/2027		205,889
	524,745	Oi SA(f)(h)	8.50% (8.50%)	12/31/2028		52,474
	207,737	Prumo Participacoes e Investimentos S/A(g)	7.50%	12/31/2031		208,761
	700,000	Unigel Luxembourg SA(g)(i)	8.75%	10/01/2026		175,980
	103,000	Vale Overseas, Ltd.	6.40%	06/28/2054		108,606
						1,283,414
Canada - 0.24%
	13,000	1375209 BC, Ltd.(f)	9.00%	01/30/2028		12,896
	420,000	Bank of Montreal(j)	3.80%	12/15/2032		408,227
	170,000	Bausch + Lomb Corp.(f)	8.38%	10/01/2028		179,987
	50,000	Bausch Health Cos., Inc.(f)	6.13%	02/01/2027		45,204
	4,000	Bausch Health Cos., Inc.(f)	14.00%	10/15/2030		3,657
	95,000	Bombardier, Inc.(f)	8.75%	11/15/2030		104,436
	25,000	Bombardier, Inc.(f)	7.00%	06/01/2032		26,179
	1,000,000	Canacol Energy, Ltd.(g)	5.75%	11/24/2028		529,786
	210,000	CCL Industries, Inc.(f)	3.05%	06/01/2030		192,792

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 7

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	255,000	Element Fleet Management Corp.(f)	6.32%	12/04/2028	$	271,870
	150,000	Garda World Security Corp.(f)	6.00%	06/01/2029		144,093
	140,000	Husky Injection Molding Systems, Ltd. / Titan Co.- Borrower LLC(f)	9.00%	02/15/2029		146,267
	60,000	Kronos Acquisition Holdings, Inc.(f)	8.25%	06/30/2031		60,302
	70,000	Mattamy Group Corp.(f)	4.63%	03/01/2030		67,076
	105,000	Royal Bank of Canada	5.15%	02/01/2034		109,238
	750,000	TransCanada PipeLines, Ltd.	4.63%	03/01/2034		740,328
						3,042,338
Cayman Islands - 0.14%
	900,000	Alpha Holding Escrow Shares(a)(d)(k)		Perpetual Maturity		0
	200,000	Banco Mercantil del Norte SA/Grand Cayman(a)(g)(j)	7.63%	Perpetual Maturity		201,626
	126,736	Bioceanico Sovereign Certificate, Ltd.(g)(l)	0.00%	06/05/2034		99,813
	200,000	Cosan Overseas, Ltd.(a)	8.25%	Perpetual Maturity		205,312
	255,000	Global Aircraft Leasing Co., Ltd.(f)	8.75%	09/01/2027		259,081
	93,324	Interoceanica IV Finance, Ltd.(g)(l)	0.00%	11/30/2025		89,124
	200,000	Itau Unibanco Holding SA Island(a)(g)(j)	5Y US TI + 3.22%	Perpetual Maturity		195,261
	126,438	Lima Metro Line 2 Finance, Ltd.(f)	5.88%	07/05/2034		128,540
	252,875	Lima Metro Line 2 Finance, Ltd.(g)	5.88%	07/05/2034		257,080
	320,014	Rutas 2 & 7 Finance, Ltd.(g)(l)	0.00%	09/30/2036		231,962
	102,000	Transocean Poseidon, Ltd.(f)	6.88%	02/01/2027		102,112
						1,769,911
Chile - 0.18%
	200,000	CAP SA(g)	3.90%	04/27/2031		164,500
	197,619	Chile Electricity PEC SpA(l)(g)	0.00%	01/25/2028		163,036
	900,000	Empresa de Transporte de Pasajeros Metro SA(f)	5.00%	01/25/2047		831,013
	441,300	GNL Quintero SA(g)	4.63%	07/31/2029		439,429
	750,000	Transelec SA(g)	3.88%	01/12/2029		722,727
						2,320,705
Colombia - 0.09%
	200,000	Banco Davivienda SA(a)(f)(j)	10Y US TI + 5.10%	Perpetual Maturity		171,659
	300,000	Bancolombia SA(j)	5Y US TI + 4.32%	12/24/2034		322,282
	500,000	Ecopetrol SA	5.88%	11/02/2051		363,786
	200,000	Empresas Publicas de Medellin ESP(g)	4.25%	07/18/2029		183,110

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	171,860	Fideicomiso PA Pacifico Tres(g)	8.25%	01/15/2035	$	172,289
						1,213,126
France - 0.02%
	265,000	Credit Agricole SA(f)(j)	1D US SOFR + 1.69%	01/10/2030		272,785
Great Britain - 0.16%
	313,000	Barclays PLC(j)	1D US SOFR + 1.56%	09/10/2030		315,669
	655,000	HSBC Holdings PLC(j)	3M SOFR + 1.64%	09/12/2026		660,885
	128,000	Macquarie Airfinance Holdings, Ltd.(f)	6.40%	03/26/2029		133,315
	34,000	Macquarie Airfinance Holdings, Ltd.(f)	5.15%	03/17/2030		34,103
	50,000	Macquarie Airfinance Holdings, Ltd.(f)	6.50%	03/26/2031		52,811
	260,000	NatWest Markets PLC(f)	5.41%	05/17/2029		270,504
	575,000	Weir Group PLC(f)	2.20%	05/13/2026		553,453
						2,020,740
Guatemala - 0.02%
	300,000	Banco Industrial SA/Guatemala(g)(j)	5Y US TI + 4.44%	01/29/2031		296,064
India - 0.13%
	332,000	Adani International Container Terminal Pvt, Ltd.(g)	3.00%	02/16/2031		294,534
	200,000	Adani Ports & Special Economic Zone, Ltd.(g)	4.38%	07/03/2029		189,230
	200,000	Adani Transmission Step-One, Ltd.(g)	4.00%	08/03/2026		194,126
	152,000	JSW Hydro Energy, Ltd.(g)	4.13%	05/18/2031		138,929
	200,000	JSW Infrastructure, Ltd.(g)	4.95%	01/21/2029		194,774
	200,000	Network i2i, Ltd.(a)(g)(j)	5Y US TI + 4.27%	Perpetual Maturity		200,551
	250,000	Reliance Industries, Ltd.(g)	4.13%	01/28/2025		249,247
	188,000	Vedanta Resources, Ltd.(g)	13.88%	12/09/2028		192,926
						1,654,317
Indonesia - 0.05%
	200,000	Freeport Indonesia PT(g)	4.76%	04/14/2027		201,651
	200,000	Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT(g)	4.75%	05/15/2025		199,643
	200,000	Pertamina Persero PT(g)	1.40%	02/09/2026		191,681
						592,975

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 9

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
Ireland - 0.18%
$	190,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	5.10%	01/19/2029	$	194,271
	300,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust(j)	5Y US TI + 2.72%	03/10/2055		311,142
	340,000	AIB Group PLC(f)(j)	1D US SOFR + 1.91%	03/28/2035		358,595
	239,000	Avolon Holdings Funding, Ltd.(f)	5.75%	03/01/2029		246,459
	295,000	Avolon Holdings Funding, Ltd.(f)	5.75%	11/15/2029		304,580
	120,000	GGAM Finance, Ltd.(f)	6.88%	04/15/2029		125,134
	200,000	Icon Investments Six DAC	5.85%	05/08/2029		210,277
	200,000	Icon Investments Six DAC	6.00%	05/08/2034		212,861
	280,000	Smurfit Kappa Treasury ULC(f)	5.20%	01/15/2030		289,574
						2,252,893
Isle Of Man - 0.02%
	200,000	Gold Fields Orogen Holdings BVI, Ltd.(g)	6.13%	05/15/2029		209,997
Jamaica - 0.00%(b)
	36,968	Digicel Group Holdings, Ltd.(f)(l)	0.00%	12/31/2030		4,735
	802	Digicel Group Holdings, Ltd.(f)(l)	0.00%	12/31/2030		793
	97,752	Digicel Group Holdings, Ltd.(f)(l)	0.00%	12/31/2030		1,357
						6,885
Japan - 0.06%
	265,000	Mitsubishi UFJ Financial Group, Inc.(j)	1Y US TI + 1.00%	04/17/2035		278,709
	510,000	Renesas Electronics Corp.(f)	2.17%	11/25/2026		485,947
						764,656
Luxembourg - 0.06%
	142,000	ArcelorMittal SA	6.00%	06/17/2034		150,776
	180,000	Millicom International Cellular SA(g)	6.63%	10/15/2026		180,167
	400,000	Simpar Europe SA(g)	5.20%	01/26/2031		332,246
	175,336	Tierra Mojada Luxembourg II Sarl(g)	5.75%	12/01/2040		166,654
						829,843
Mexico - 0.12%
	659,912	Alpha Holding SA de CV(f)(i)	9.00%	02/10/2025		3,610
	188,546	Alpha Holding SA de CV(i)(g)	9.00%	02/10/2025		1,031
	200,000	Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy(f)	7.88%	02/15/2039		213,317
	200,000	Cemex SAB de CV(a)(g)(j)	5Y US TI + 4.53%	Perpetual Maturity		197,126
	200,000	Comision Federal de Electricidad(f)	6.45%	01/24/2035		199,450

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	500,000	Credito Real SAB de CV SOFOM ER(g)(i)	9.50%	02/07/2026	$	51,550
	200,000	Electricidad Firme de Mexico Holdings SA de CV(g)	4.90%	11/20/2026		194,854
	200,000	FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple(f)	7.25%	01/31/2041		208,890
	600,000	Mexarrend SAPI de CV(f)(i)	10.25%	07/24/2024		30,600
	200,000	Mexarrend SAPI de CV(g)(i)	10.25%	07/24/2024		10,200
	120,969	Mexico Generadora de Energia S de rl(g)	5.50%	12/06/2032		120,899
	700,000	Operadora de Servicios Mega SA de CV Sofom ER(f)	8.25%	02/11/2025		245,000
	150,000	Petroleos Mexicanos	6.75%	09/21/2047		107,575
						1,584,102
Netherlands - 0.05%
	300,000	Braskem Netherlands Finance BV(g)	5Y US TI + 8.22%	01/23/2081		300,515
	200,000	MEGlobal BV(g)	4.25%	11/03/2026		197,811
	157,660	MV24 Capital BV(g)	6.75%	06/01/2034		154,276
						652,602
Panama - 0.01%
	200,000	Empresa de Transmision Electrica SA(g)	5.13%	05/02/2049		158,066
Paraguay - 0.01%
	150,000	Banco Continental SAECA(g)	2.75%	12/10/2025		145,472
Peru - 0.12%
	90,000	Banco de Credito del Peru S.A.(g)(j)	5Y US TI + 3.13%	07/01/2030		87,976
	150,000	Banco de Credito del Peru S.A.(g)(j)	5Y US TI + 2.45%	09/30/2031		142,358
	200,000	Banco Internacional del Peru SAA Interbank(g)	1Y US TI + 3.71%	07/08/2030		196,876
	200,000	Cia de Minas Buenaventura SAA(g)	5.50%	07/23/2026		197,503
	200,000	InRetail Consumer(g)	3.25%	03/22/2028		187,744
	200,000	InRetail Shopping Malls(g)	5.75%	04/03/2028		201,560
	200,000	Intercorp Financial Services, Inc.(g)	4.13%	10/19/2027		193,414
	200,000	Orazul Energy Peru SA(g)	5.63%	04/28/2027		196,955
	200,000	Petroleos del Peru SA(g)	4.75%	06/19/2032		158,233
						1,562,619
Singapore - 0.08%
	200,000	DBS Group Holdings, Ltd.(j)	5Y US TI + 1.10%	03/10/2031		192,324

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 11

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	200,000	Medco Laurel Tree Pte, Ltd.(g)	6.95%	11/12/2028	$	200,211
	200,000	Oversea-Chinese Banking Corp., Ltd.(g)(j)	5Y US TI + 1.58%	09/10/2030		194,305
	193,000	Pfizer Investment Enterprises Pte, Ltd.	4.75%	05/19/2033		196,792
	200,000	United Overseas Bank, Ltd.(j)	5Y US TI + 1.75%	03/16/2031		191,736
						975,368
Spain - 0.07%
	250,000	AL Candelaria -spain- SA(g)	5.75%	06/15/2033		204,787
	400,000	Banco Santander SA(j)	1Y US TI + 0.95%	07/15/2028		409,527
	261,000	CaixaBank SA(f)(j)	1D US SOFR + 2.26%	06/15/2035		277,489
						891,803
Switzerland - 0.02%
	200,000	UBS Group AG(f)(j)		09/06/2045		204,730
Vietnam - 0.02%
	210,820	Mong Duong Finance Holdings BV(g)	5.13%	05/07/2029		204,739
TOTAL FOREIGN CORPORATE BONDS
(Cost $31,222,076)						28,108,542
U.S. CORPORATE BONDS - 11.29%
Advertising - 0.00%(b)
	50,000	Clear Channel Outdoor Holdings, Inc.(f)	7.50%	06/01/2029		43,106
Aerospace/Defense - 0.03%
	70,000	AAR Escrow Issuer LLC(f)	6.75%	03/15/2029		72,862
	99,000	Howmet Aerospace, Inc.	4.85%	10/15/2031		101,117
	265,000	Northrop Grumman Corp.	5.20%	06/01/2054		270,087
						444,066
Agriculture - 0.06%
	237,000	BAT Capital Corp.	4.54%	08/15/2047		200,318
	340,000	Bunge, Ltd. Finance Corp.	4.65%	09/17/2034		339,398
	265,000	Philip Morris International, Inc.	5.25%	02/13/2034		275,306
						815,022
Airlines - 0.02%
	70,000	American Airlines, Inc.(f)	7.25%	02/15/2028		71,716
	120,000	American Airlines, Inc.(f)	8.50%	05/15/2029		127,397
	80,000	JetBlue Airways Corp. / JetBlue Loyalty LP(f)	9.88%	09/20/2031		84,343
						283,456

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
Auto Manufacturers - 0.10%
$	120,000	Cummins, Inc.	5.45%	02/20/2054	$	127,039
	320,000	Ford Motor Co.	3.25%	02/12/2032		272,624
	315,000	General Motors Financial Co., Inc.	3.10%	01/12/2032		275,665
	530,000	Hyundai Capital America(f)	5.30%	01/08/2029		544,802
						1,220,130
Auto Parts & Equipment - 0.02%
	300,000	ZF North America Capital, Inc.(f)	6.88%	04/23/2032		301,246
Banks - 0.45%
	205,000	Bank of America Corp.(j)	1D US SOFR + 1.21%	10/20/2032		179,808
	210,000	Bank of America Corp.(j)	1D US SOFR + 1.65%	01/23/2035		220,917
	590,000	Bank of America Corp.(j)	5Y US TI + 2.48%	09/21/2036		498,035
	239,000	Bank of New York Mellon Corp.(j)	1D US SOFR + 1.23%	07/22/2032		247,377
	120,000	Citigroup, Inc.(j)	1D US SOFR + 1.28%	02/24/2028		116,647
	280,000	Citigroup, Inc.(j)	5Y US TI + 1.73%	09/19/2039		279,317
	90,000	Citizens Financial Group, Inc.(j)	1D US SOFR + 2.33%	04/25/2035		98,846
	590,000	Goldman Sachs Group, Inc.(j)	3M SOFR + 1.43%	05/15/2026		593,408
	175,000	Goldman Sachs Group, Inc.(j)	1D US SOFR + 0.82%	09/10/2027		174,875
	259,000	Goldman Sachs Group, Inc.(j)	1D US SOFR + 1.55%	07/23/2035		268,396
	165,000	JPMorgan Chase & Co.(j)	1D US SOFR + 0.92%	02/24/2026		163,393
	85,000	JPMorgan Chase & Co.(j)	1D US SOFR + 1.99%	07/25/2028		86,499
	240,000	JPMorgan Chase & Co.(j)	1D SOFR + 1.02%	06/01/2029		222,110
	345,000	JPMorgan Chase & Co.(j)	1D US SOFR + 2.04%	04/22/2031		313,511
	290,000	JPMorgan Chase & Co.(j)	3M SOFR + 1.25%	04/22/2032		258,760
	290,000	JPMorgan Chase & Co.(j)	1D US SOFR + 1.26%	01/25/2033		261,075
	205,000	Morgan Stanley(j)	1D US SOFR + 1.67%	07/17/2026		204,761
	215,000	Morgan Stanley(j)	1D US SOFR + 1.61%	04/20/2028		214,609
	95,000	Morgan Stanley(j)	1D US SOFR + 1.29%	01/21/2033		84,886
	272,000	Truist Financial Corp.(j)	1D US SOFR + 1.57%	08/05/2032		278,671

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 13

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	275,000	Wells Fargo & Co.(j)	1D US SOFR + 1.98%	07/25/2028	$	278,274
	270,000	Wells Fargo & Co.(j)	1D US SOFR + 1.43%	10/30/2030		250,536
	370,000	Wells Fargo & Co.(j)	1D US SOFR + 2.06%	10/23/2034		413,608
						5,708,319
Beverages - 0.02%
	260,000	Keurig Dr Pepper, Inc.	5.20%	03/15/2031		271,556
Biotechnology - 0.07%
	397,000	Amgen, Inc.	5.75%	03/02/2063		419,378
	150,000	Gilead Sciences, Inc.	5.55%	10/15/2053		161,162
	270,000	Royalty Pharma PLC	5.40%	09/02/2034		277,094
						857,634
Building Materials - 0.07%
	150,000	Builders FirstSource, Inc.(f)	6.38%	03/01/2034		155,940
	120,000	Cornerstone Building Brands, Inc.(f)	9.50%	08/15/2029		123,369
	120,000	EMRLD Borrower LP / Emerald  Co.-Issuer, Inc.(f)	6.63%	12/15/2030		123,881
	65,000	EMRLD Borrower LP / Emerald  Co.-Issuer, Inc.(f)	6.75%	07/15/2031		67,840
	130,000	Griffon Corp.	5.75%	03/01/2028		128,480
	120,000	Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC(f)	6.75%	04/01/2032		124,470
	125,000	Owens Corning	5.70%	06/15/2034		132,780
	60,000	Standard Building Solutions, Inc.(f)	6.50%	08/15/2032		62,178
						918,938
Chemicals - 0.08%
	25,000	Avient Corp.(f)	6.25%	11/01/2031		25,648
	285,000	CF Industries, Inc.	5.38%	03/15/2044		280,790
	125,000	Illuminate Buyer LLC / Illuminate Holdings IV, Inc.(f)	9.00%	07/01/2028		126,496
	264,000	LYB International Finance III LLC	5.50%	03/01/2034		274,790
	250,000	Mosaic Co.	5.38%	11/15/2028		259,134
	75,000	WR Grace Holdings LLC(f)	5.63%	08/15/2029		70,529
						1,037,387
Commercial Services - 0.12%
	155,000	Allied Universal Holdco LLC(f)	7.88%	02/15/2031		158,464
	70,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.(f)	9.75%	07/15/2027		70,217

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	260,000	Global Payments, Inc.	4.95%	08/15/2027	$	264,373
	105,000	Mavis Tire Express Services Topco Corp.(f)	6.50%	05/15/2029		100,982
	273,000	Quanta Services, Inc.	5.25%	08/09/2034		279,252
	200,000	Triton Container International, Ltd. / TAL International Container Corp.	3.25%	03/15/2032		173,008
	267,000	Verisk Analytics, Inc.	5.25%	06/05/2034		275,918
	65,000	VT Topco, Inc.(f)	8.50%	08/15/2030		69,416
	75,000	Wand NewCo 3, Inc.(f)	7.63%	01/30/2032		79,064
	50,000	WASH Multifamily Acquisition, Inc.(f)	5.75%	04/15/2026		49,774
						1,520,468
Computers - 0.10%
	75,000	Amentum Escrow Corp.(f)	7.25%	08/01/2032		78,341
	679,000	Hewlett Packard Enterprise Co.	5.00%	10/15/2034		672,500
	350,000	Kyndryl Holdings, Inc.	4.10%	10/15/2041		282,352
	249,000	NetApp, Inc.	1.88%	06/22/2025		243,875
						1,277,068
Distribution/Wholesale - 0.02%
	180,000	BCPE Empire Holdings, Inc.(f)	7.63%	05/01/2027		180,755
	75,000	Dealer Tire LLC / DT Issuer LLC(f)	8.00%	02/01/2028		74,727
						255,482
Diversified Financial Services - 0.12%
	415,000	Aviation Capital Group LLC(f)	1.95%	09/20/2026		393,296
	196,000	Aviation Capital Group LLC(f)	5.38%	07/15/2029		200,314
	160,000	BlackRock Funding, Inc.	5.25%	03/14/2054		165,925
	352,000	BlackRock Funding, Inc.	5.35%	01/08/2055		370,832
	140,000	Nationstar Mortgage Holdings, Inc.(f)	5.75%	11/15/2031		137,296
	150,000	OneMain Finance Corp.	7.50%	05/15/2031		154,538
	70,000	PennyMac Financial Services, Inc.(f)	7.88%	12/15/2029		74,704
						1,496,905
Electric - 0.52%
	155,000	AEP Texas, Inc.	5.45%	05/15/2029		161,741
	55,000	AEP Transmission Co. LLC	5.40%	03/15/2053		57,068
	263,000	Arizona Public Service Co.	5.70%	08/15/2034		277,796
	261,000	Black Hills Corp.	6.00%	01/15/2035		278,083
	417,000	DTE Energy Co.	5.85%	06/01/2034		447,816
	254,000	Duke Energy Corp.	5.45%	06/15/2034		265,239
	325,000	Duke Energy Corp.	3.95%	08/15/2047		264,323
	85,000	Duke Energy Corp.	5.00%	08/15/2052		80,556
	130,000	Entergy Arkansas LLC	5.75%	06/01/2054		140,240
	133,000	Entergy Corp.(j)	5Y US TI + 2.67%	12/01/2054		138,232
	138,000	Entergy Louisiana LLC	5.15%	09/15/2034		142,251

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 15

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	134,000	Eversource Energy	5.50%	01/01/2034	$	139,182
	1,000,000	Exelon Corp.	4.05%	04/15/2030		985,039
	75,000	Lightning Power LLC(f)	7.25%	08/15/2032		78,930
	750,000	NextEra Energy Capital Holdings, Inc.	2.44%	01/15/2032		651,005
	160,000	NextEra Energy Capital Holdings, Inc.	5.55%	03/15/2054		167,316
	59,000	NextEra Energy Capital Holdings, Inc.(j)	5Y US TI + 2.46%	06/15/2054		63,814
	160,000	NRG Energy, Inc.(f)	2.00%	12/02/2025		154,428
	242,000	Pacific Gas and Electric Co.	6.95%	03/15/2034		275,223
	625,000	Pacific Gas and Electric Co.	6.75%	01/15/2053		713,128
	60,000	Pike Corp.(f)	8.63%	01/31/2031		64,228
	85,000	San Diego Gas & Electric Co.	5.35%	04/01/2053		87,383
	265,000	Southern California Edison Co.	5.45%	06/01/2031		280,515
	280,000	Southern Co.(j)	5Y US TI + 2.92%	09/15/2051		271,501
	225,000	Southwestern Electric Power Co.	3.25%	11/01/2051		155,981
	99,000	Virginia Electric and Power Co.	5.55%	08/15/2054		104,164
	85,000	Vistra Operations Co. LLC(f)	7.75%	10/15/2031		91,576
	70,000	Vistra Operations Co. LLC(f)	6.88%	04/15/2032		73,692
						6,610,450
Electronics - 0.02%
	220,000	Arrow Electronics, Inc.	3.88%	01/12/2028		214,943
Engineering & Construction - 0.03%
	80,000	Brand Industrial Services, Inc.(f)	10.38%	08/01/2030		85,768
	185,000	Jacobs Engineering Group, Inc.	5.90%	03/01/2033		194,219
	90,000	MasTec, Inc.	5.90%	06/15/2029		94,010
						373,997
Entertainment - 0.05%
	125,000	Caesars Entertainment, Inc.(f)	6.50%	02/15/2032		129,380
	135,000	Light & Wonder International, Inc.(f)	7.25%	11/15/2029		139,774
	105,000	Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.(f)	4.88%	05/01/2029		100,788
	100,000	Scientific Games Holdings LP/Scientific Games US FinCo, Inc.(f)	6.63%	03/01/2030		99,309
	145,000	Six Flags Entertainment Corp. /Six Flags Theme Parks, Inc.(f)	6.63%	05/01/2032		150,266
						619,517
Environmental Control - 0.02%
	70,000	Madison IAQ LLC(f)	4.13%	06/30/2028		67,608
	70,000	Madison IAQ LLC(f)	5.88%	06/30/2029		68,215

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	175,000	Veralto Corp.	5.35%	09/18/2028	$	182,317
						318,140
Food - 0.07%
	140,000	Campbell Soup Co.	5.40%	03/21/2034		146,865
	274,000	Kroger Co.	4.90%	09/15/2031		275,864
	110,000	Performance Food Group, Inc.(f)	6.13%	09/15/2032		112,542
	100,000	Post Holdings, Inc.(f)	6.38%	03/01/2033		101,882
	105,000	United Natural Foods, Inc.(f)	6.75%	10/15/2028		100,247
	175,000	US Foods, Inc.(f)	5.75%	04/15/2033		175,625
						913,025
Gas - 0.02%
	265,000	NiSource, Inc.	5.35%	04/01/2034		275,284
Hand/Machine Tools - 0.01%
	105,000	Regal Rexnord Corp.	6.05%	02/15/2026		106,665
Healthcare-Products - 0.04%
	100,000	Medline Borrower LP(f)	5.25%	10/01/2029		98,192
	70,000	Sotera Health Holdings LLC(f)	7.38%	06/01/2031		72,783
	274,000	Zimmer Biomet Holdings, Inc.	5.20%	09/15/2034		279,145
						450,120
Healthcare-Services - 0.27%
	425,000	Centene Corp.	2.50%	03/01/2031		365,660
	90,000	CHS/Community Health Systems, Inc.(f)	6.00%	01/15/2029		87,455
	85,000	Elevance Health, Inc.	4.55%	05/15/2052		75,915
	65,000	Fortrea Holdings, Inc.(f)	7.50%	07/01/2030		65,508
	585,000	HCA, Inc.	5.25%	06/15/2049		555,835
	175,000	IQVIA, Inc.	6.25%	02/01/2029		186,149
	680,000	Laboratory Corp. of America Holdings	4.80%	10/01/2034		672,389
	130,000	Legacy LifePoint Health LLC(f)	4.38%	02/15/2027		127,598
	155,000	LifePoint Health, Inc.(f)	10.00%	06/01/2032		170,596
	276,000	Quest Diagnostics, Inc.	5.00%	12/15/2034		279,643
	100,000	Tenet Healthcare Corp.	6.25%	02/01/2027		100,218
	125,000	Tenet Healthcare Corp.	6.13%	06/15/2030		127,199
	305,000	UnitedHealth Group, Inc.	5.05%	04/15/2053		303,140
	90,000	UnitedHealth Group, Inc.	4.95%	05/15/2062		87,125
	300,000	Universal Health Services, Inc.	4.63%	10/15/2029		298,248
						3,502,678
Home Builders - 0.02%
	297,000	DR Horton, Inc.	5.00%	10/15/2034		301,278

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 17

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
Insurance - 0.20%
$	95,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer(f)	6.75%	10/15/2027	$	94,719
	75,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer(f)	6.50%	10/01/2031		75,880
	112,000	American National Group, Inc.	5.75%	10/01/2029		112,724
	70,000	AmWINS Group, Inc.(f)	4.88%	06/30/2029		67,179
	219,000	Athene Global Funding(f)	5.35%	07/09/2027		223,720
	290,000	Athene Holding, Ltd.	6.25%	04/01/2054		309,422
	215,000	Berkshire Hathaway Finance Corp.	2.85%	10/15/2050		151,265
	110,000	Berkshire Hathaway Finance Corp.	3.85%	03/15/2052		92,964
	130,000	Brighthouse Financial Global Funding(f)	2.00%	06/28/2028		117,774
	268,000	Brown & Brown, Inc.	5.65%	06/11/2034		281,320
	90,000	GTCR AP Finance, Inc.(f)	8.00%	05/15/2027		90,060
	60,000	HUB International, Ltd.(f)	7.25%	06/15/2030		62,562
	100,000	Markel Group, Inc.	6.00%	05/16/2054		106,466
	285,000	Massachusetts Mutual Life Insurance Co.(f)	3.20%	12/01/2061		189,378
	100,000	Panther Escrow Issuer LLC(f)	7.13%	06/01/2031		104,969
	460,000	Willis North America, Inc.	4.50%	09/15/2028		460,053
						2,540,455
Internet - 0.12%
	286,000	Expedia Group, Inc.	3.80%	02/15/2028		280,703
	300,000	Meta Platforms, Inc.	4.45%	08/15/2052		276,869
	107,000	Netflix, Inc.	4.88%	04/15/2028		109,652
	199,000	Netflix, Inc.	5.40%	08/15/2054		210,837
	314,000	Uber Technologies, Inc.(f)	4.50%	08/15/2029		311,891
	273,000	Uber Technologies, Inc.	4.80%	09/15/2034		272,792
	60,000	Wayfair LLC(f)	7.25%	10/31/2029		61,618
						1,524,362
Investment Companies - 6.32%
	68,000	Ares Capital Corp.	5.95%	07/15/2029		69,834
	4,500,000	BlackRock TCP Capital Corp.	6.95%	05/30/2029		4,589,426
	1,000,000	Blackstone Private Credit Fund	2.35%	11/22/2024		995,153
	8,000,000	Blackstone Private Credit Fund	2.63%	12/15/2026		7,567,398
	6,800,000	Blue Owl Capital Corp.	3.75%	07/22/2025		6,721,037
	4,092,439	Blue Owl Capital Corp.	2.88%	06/11/2028		3,751,074
	667,000	Blue Owl Capital Corp. II(f)	4.63%	11/26/2024		665,863
	5,247,000	Blue Owl Capital Corp. III	3.13%	04/13/2027		4,965,236
	844	Blue Owl Credit Income Corp.(f)	5.50%	03/21/2025		843
	6,661,000	Blue Owl Credit Income Corp.	5.50%	03/21/2025		6,656,456

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	2,000,000	Blue Owl Credit Income Corp.	4.70%	02/08/2027	$	1,962,955
	3,482,180	Blue Owl Credit Income Corp.	7.75%	09/16/2027		3,669,808
	2,000,000	Blue Owl Credit Income Corp.	7.95%	06/13/2028		2,137,857
	7,015,000	Blue Owl Technology Finance  Corp.(f)	6.75%	06/30/2025		7,054,540
	9,550,000	Blue Owl Technology Finance  Corp.(f)	4.75%	12/15/2025		9,425,679
	1,500,000	Franklin BSP Capital Corp.(f)	4.85%	12/15/2024		1,495,667
	8,312,000	New Mountain Finance Corp.	6.88%	02/01/2029		8,418,351
	8,300,000	Oaktree Specialty Lending Corp.	7.10%	02/15/2029		8,634,961
	1,000,000	Oaktree Strategic Credit Fund(f)	8.40%	11/14/2028		1,082,288
	1,000,000	Sixth Street Specialty Lending, Inc.	3.88%	11/01/2024		998,408
						80,862,834
Leisure Time - 0.05%
	140,000	NCL Corp., Ltd.(f)	5.88%	02/15/2027		140,590
	266,000	Royal Caribbean Cruises, Ltd.(f)	5.38%	07/15/2027		268,561
	50,000	Royal Caribbean Cruises, Ltd.(f)	5.63%	09/30/2031		50,688
	75,000	Royal Caribbean Cruises, Ltd.(f)	6.25%	03/15/2032		77,847
	90,000	Viking Cruises, Ltd.(f)	9.13%	07/15/2031		98,481
						636,167
Lodging - 0.07%
	65,000	Full House Resorts, Inc.(f)	8.25%	02/15/2028		65,144
	269,000	Hyatt Hotels Corp.	5.25%	06/30/2029		275,574
	325,000	Marriott International, Inc.	2.75%	10/15/2033		277,790
	265,000	Marriott International, Inc.	5.30%	05/15/2034		273,171
						891,679
Machinery-Diversified - 0.02%
	95,000	AGCO Corp.	5.80%	03/21/2034		99,384
	135,000	CNH Industrial Capital LLC	5.10%	04/20/2029		139,019
						238,403
Media - 0.07%
	65,000	CCO Holdings LLC / CCO  Holdings Capital Corp.(f)	5.13%	05/01/2027		64,022
	85,000	CCO Holdings LLC / CCO  Holdings Capital Corp.(f)	4.75%	03/01/2030		78,250
	10,000	CCO Holdings LLC / CCO  Holdings Capital Corp.(f)	4.75%	02/01/2032		8,821
	80,000	CCO Holdings LLC / CCO  Holdings Capital Corp.(f)	4.25%	01/15/2034		65,691
	100,000	Charter Communications Operating LLC / Charter Communications Operating  Capital	6.10%	06/01/2029		103,540
	135,000	Directv Financing LLC / Directv  Financing Co.-Obligor, Inc.(f)	5.88%	08/15/2027		132,642

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 19

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	75,000	DISH DBS Corp.(f)	5.75%	12/01/2028	$	65,670
	60,000	Gray Television, Inc.(f)	10.50%	07/15/2029		62,727
	70,000	McGraw-Hill Education, Inc.(f)	5.75%	08/01/2028		69,233
	25,000	McGraw-Hill Education, Inc.(f)	7.38%	09/01/2031		25,959
	85,000	News Corp.(f)	5.13%	02/15/2032		83,585
	70,000	Townsquare Media, Inc.(f)	6.88%	02/01/2026		69,910
	55,000	Univision Communications, Inc.(f)	7.38%	06/30/2030		53,275
						883,325
Metal Fabricate/Hardware - 0.01%
	100,000	Advanced Drainage Systems, Inc.(f)	6.38%	06/15/2030		102,244
Mining - 0.07%
	50,000	Freeport-McMoRan, Inc.	4.38%	08/01/2028		49,655
	230,000	Glencore Funding LLC(f)	1.63%	04/27/2026		220,805
	504,000	Glencore Funding LLC(f)	5.37%	04/04/2029		521,266
	50,000	Southern Copper Corp.	3.88%	04/23/2025		49,653
						841,379
Oil & Gas - 0.23%
	125,000	Aethon United BR LP / Aethon  United Finance Corp.(f)	7.50%	10/01/2029		126,745
	260,000	BP Capital Markets America, Inc.	4.89%	09/11/2033		264,648
	267,000	BP Capital Markets America, Inc.	5.23%	11/17/2034		278,091
	85,000	Civitas Resources, Inc.(f)	8.38%	07/01/2028		88,461
	65,000	CNX Resources Corp.(f)	6.00%	01/15/2029		65,404
	277,000	Devon Energy Corp.	5.75%	09/15/2054		269,809
	240,000	Exxon Mobil Corp.	4.23%	03/19/2040		224,811
	125,000	Gulfport Energy Corp.(f)	6.75%	09/01/2029		126,618
	70,000	Hilcorp Energy I LP / Hilcorp  Finance Co.(f)	5.75%	02/01/2029		68,156
	25,000	Hilcorp Energy I LP / Hilcorp  Finance Co.(f)	8.38%	11/01/2033		26,972
	205,000	Marathon Petroleum Corp.	5.13%	12/15/2026		208,332
	100,000	Matador Resources Co.(f)	6.50%	04/15/2032		99,926
	750,000	NiSource, Inc.	3.60%	05/01/2030		720,406
	60,000	Occidental Petroleum Corp.	5.38%	01/01/2032		60,873
	65,000	Permian Resources Operating  LLC(f)	7.00%	01/15/2032		67,675
	65,000	Sitio Royalties Operating  Partnership LP / Sitio Finance  Corp.(f)	7.88%	11/01/2028		68,051
	125,000	SM Energy Co.(f)	7.00%	08/01/2032		125,569
	55,000	Transocean, Inc.(f)	8.00%	02/01/2027		55,010
	50,000	Vital Energy, Inc.(f)	7.88%	04/15/2032		48,473
						2,994,030

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
Oil & Gas Services - 0.05%
$	120,000	Archrock Partners LP / Archrock  Partners Finance Corp.(f)	6.63%	09/01/2032	$	123,144
	110,000	Halliburton Co.	4.85%	11/15/2035		109,883
	120,000	Kodiak Gas Services LLC(f)	7.25%	02/15/2029		124,282
	215,000	Schlumberger Holdings Corp.(f)	5.00%	11/15/2029		222,038
	50,000	Weatherford International, Ltd.(f)	8.63%	04/30/2030		52,137
						631,484
Packaging & Containers - 0.07%
	101,000	Berry Global, Inc.(f)	4.88%	07/15/2026		100,931
	150,000	Berry Global, Inc.(f)	5.65%	01/15/2034		154,128
	125,000	Clydesdale Acquisition Holdings, Inc.(f)	6.88%	01/15/2030		127,810
	48,000	Packaging Corp. of America	3.00%	12/15/2029		45,303
	70,000	Pactiv Evergreen Group Issuer  LLC / Pactiv Evergreen Group  Issuer, Inc.(f)	4.38%	10/15/2028		67,115
	90,000	Sealed Air Corp./Sealed Air Corp  US(f)	7.25%	02/15/2031		95,367
	98,000	Sonoco Products Co.	4.60%	09/01/2029		97,554
	170,000	Trident TPI Holdings, Inc.(f)	12.75%	12/31/2028		188,934
						877,142
Pharmaceuticals - 0.10%
	283,000	AbbVie, Inc.	4.70%	05/14/2045		274,031
	140,000	AbbVie, Inc.	5.50%	03/15/2064		149,609
	65,000	AdaptHealth LLC(f)	5.13%	03/01/2030		60,894
	260,000	CVS Health Corp.	5.30%	06/01/2033		265,790
	395,000	CVS Health Corp.	5.88%	06/01/2053		402,246
	70,000	Owens & Minor, Inc.(f)	6.63%	04/01/2030		68,015
						1,220,585
Pipelines - 0.42%
	60,000	Blue Racer Midstream LLC / Blue  Racer Finance Corp.(f)	7.25%	07/15/2032		63,014
	130,000	Buckeye Partners LP(f)	6.88%	07/01/2029		133,305
	265,000	Cheniere Energy, Inc.	4.63%	10/15/2028		263,449
	1,000,000	Energy Transfer LP	3.90%	07/15/2026		991,064
	310,000	Energy Transfer LP	5.00%	05/15/2044		284,168
	273,000	Energy Transfer LP	5.95%	05/15/2054		279,622
	135,000	Energy Transfer LP(j)	5Y US TI + 2.83%	10/01/2054		138,152
	415,000	EnLink Midstream LLC	5.65%	09/01/2034		429,153
	274,000	Enterprise Products Operating  LLC	5.55%	02/16/2055		283,254
	115,000	Harvest Midstream I LP(f)	7.50%	05/15/2032		121,057
	433,000	Kinder Morgan Energy Partners  LP	6.95%	01/15/2038		492,332

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 21

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	267,000	MPLX LP	5.50%	06/01/2034	$	274,432
	95,000	NGL Energy Operating LLC / NGL Energy Finance Corp.(f)	8.13%	02/15/2029		97,483
	315,000	NGPL PipeCo LLC(f)	3.25%	07/15/2031		280,336
	140,000	ONEOK, Inc.	3.40%	09/01/2029		133,194
	125,000	ONEOK, Inc.	6.63%	09/01/2053		138,798
	205,000	Sabine Pass Liquefaction LLC	5.00%	03/15/2027		207,725
	51,000	South Bow USA Infrastructure  Holdings LLC(f)	4.91%	09/01/2027		51,403
	60,000	Tallgrass Energy Partners LP / Tallgrass Energy Finance  Corp.(f)	7.38%	02/15/2029		60,724
	59,000	Targa Resources Corp.	5.50%	02/15/2035		60,787
	100,000	Venture Global LNG, Inc.(f)	8.13%	06/01/2028		104,319
	65,000	Venture Global LNG, Inc.(f)	8.38%	06/01/2031		68,679
	65,000	Venture Global LNG, Inc.(f)	9.88%	02/01/2032		72,268
	355,000	Williams Cos., Inc.	5.15%	03/15/2034		359,049
						5,387,767
Real Estate - 0.00%(b)
	70,000	Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.(f)	7.00%	04/15/2030		65,094
REITS - 0.32%
	115,000	Agree LP	2.60%	06/15/2033		95,923
	245,000	Alexandria Real Estate Equities, Inc.	3.00%	05/18/2051		163,751
	60,000	Alexandria Real Estate Equities, Inc.	5.15%	04/15/2053		57,470
	420,000	American Homes 4 Rent LP	5.50%	02/01/2034		433,985
	110,000	American Tower Corp.	5.55%	07/15/2033		115,336
	220,000	COPT Defense Properties LP	2.90%	12/01/2033		184,381
	770,000	Crown Castle, Inc.	3.65%	09/01/2027		754,931
	264,000	Equinix, Inc.	1.80%	07/15/2027		247,638
	265,000	Extra Space Storage LP	5.40%	02/01/2034		273,870
	300,000	Host Hotels & Resorts LP	2.90%	12/15/2031		264,140
	270,000	Host Hotels & Resorts LP	5.70%	07/01/2034		278,908
	170,000	Iron Mountain, Inc.(f)	7.00%	02/15/2029		177,331
	175,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(f)	7.00%	02/01/2030		182,065
	205,000	Phillips Edison Grocery Center  Operating Partnership I LP	5.75%	07/15/2034		214,233
	130,000	Sabra Health Care LP	3.20%	12/01/2031		114,485
	320,000	Sun Communities Operating LP	2.70%	07/15/2031		280,007

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	280,000	VICI Properties LP / VICI Note  Co., Inc.(f)	4.63%	12/01/2029	$	274,915
						4,113,369
Retail - 0.11%
	50,000	Carvana Co.(f)(h)	12.00% (12.00%)	12/01/2028		52,555
	65,000	Cougar JV Subsidiary LLC(f)	8.00%	05/15/2032		68,784
	75,000	Fertitta Entertainment LLC / Fertitta Entertainment  Finance Co., Inc.(f)	6.75%	01/15/2030		69,923
	275,000	Genuine Parts Co.	4.95%	08/15/2029		279,837
	70,000	LBM Acquisition LLC(f)	6.25%	01/15/2029		66,256
	160,000	Lowe's Cos., Inc.	5.63%	04/15/2053		166,680
	37,000	Macy's Retail Holdings LLC(f)	5.88%	04/01/2029		36,564
	300,000	McDonald's Corp.	4.45%	03/01/2047		273,908
	30,000	Michaels Cos., Inc.(f)	5.25%	05/01/2028		22,173
	25,000	Michaels Cos., Inc.(f)	7.88%	05/01/2029		14,669
	125,000	O'Reilly Automotive, Inc.	5.75%	11/20/2026		128,905
	138,000	O'Reilly Automotive, Inc.	5.00%	08/19/2034		139,719
	25,000	Staples, Inc.(f)	10.75%	09/01/2029		24,289
	95,000	Victra Holdings LLC / Victra  Finance Corp.(f)	8.75%	09/15/2029		99,830
						1,444,092
Semiconductors - 0.13%
	459,000	Broadcom, Inc.(f)	3.42%	04/15/2033		417,199
	335,000	Broadcom, Inc.(f)	3.19%	11/15/2036		284,063
	200,000	Foundry JV Holdco LLC(f)	6.40%	01/25/2038		210,880
	610,000	Marvell Technology, Inc.	2.95%	04/15/2031		551,278
	155,000	Qorvo, Inc.(f)	3.38%	04/01/2031		138,939
						1,602,359
Software - 0.15%
	70,000	AthenaHealth Group, Inc.(f)	6.50%	02/15/2030		67,297
	131,000	Cadence Design Systems, Inc.	4.70%	09/10/2034		131,868
	90,000	Central Parent LLC / CDK Global  II LLC / CDK Financing Co., Inc.(f)	8.00%	06/15/2029		93,688
	265,000	Fiserv, Inc.	5.45%	03/15/2034		277,116
	250,000	Intuit, Inc.	5.50%	09/15/2053		268,903
	145,000	Oracle Corp.	6.25%	11/09/2032		160,494
	95,000	Oracle Corp.	3.80%	11/15/2037		84,097
	525,000	Take-Two Interactive Software, Inc.	4.95%	03/28/2028		535,783
	60,000	UKG, Inc.(f)	6.88%	02/01/2031		62,041
	254,000	Workday, Inc.	3.70%	04/01/2029		248,154
						1,929,441
Telecommunications - 0.17%
	500,000	AT&T, Inc.	4.30%	02/15/2030		499,540

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 23

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	745,000	AT&T, Inc.	3.50%	09/15/2053	$	547,773
	90,000	Consolidated Communications, Inc.(f)	5.00%	10/01/2028		82,921
	30,000	Frontier Communications  Holdings LLC(f)	5.88%	10/15/2027		30,147
	85,000	Frontier Communications  Holdings LLC(f)	5.00%	05/01/2028		84,298
	65,000	Frontier Communications  Holdings LLC(f)	6.75%	05/01/2029		65,505
	90,000	Level 3 Financing, Inc.(f)	10.50%	04/15/2029		98,554
	265,000	Motorola Solutions, Inc.	5.40%	04/15/2034		276,700
	265,000	T-Mobile USA, Inc.	5.15%	04/15/2034		273,100
	285,000	T-Mobile USA, Inc.	3.40%	10/15/2052		208,783
	35,000	Windstream Escrow LLC / Windstream Escrow Finance  Corp.(f)	8.25%	10/01/2031		35,628
						2,202,949
Transportation - 0.21%
	1,185,000	Burlington Northern Santa Fe  LLC	5.20%	04/15/2054		1,226,683
	670,000	CSX Corp.	3.80%	11/01/2046		561,472
	130,000	Genesee & Wyoming, Inc.(f)	6.25%	04/15/2032		133,848
	500,000	Union Pacific Corp.	3.70%	03/01/2029		494,727
	125,000	Watco Cos. LLC / Watco Finance  Corp.(f)	7.13%	08/01/2032		130,391
	135,000	XPO, Inc.(f)	7.13%	06/01/2031		141,469
						2,688,590
Trucking & Leasing - 0.05%
	95,000	Fortress Transportation and  Infrastructure Investors LLC(f)	7.88%	12/01/2030		102,438
	175,000	Fortress Transportation and  Infrastructure Investors LLC(f)	5.88%	04/15/2033		175,000
	160,000	Penske Truck Leasing Co. Lp / PTL Finance Corp.(f)	5.75%	05/24/2026		162,978
	240,000	Penske Truck Leasing Co. LP / PTL Finance Corp.(f)	4.20%	04/01/2027		238,869
						679,285
TOTAL U.S. CORPORATE BONDS
(Cost $142,052,727)						144,493,915

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.10%
Colombia - 0.03%
$	600,000	Colombia Government  International Bond	4.13%	05/15/2051	$	380,203
Guatemala - 0.02%
	300,000	Guatemala Government Bond(g)	4.38%	06/05/2027		293,482
Mexico - 0.02%
	200,000	Mexico Government International Bond	6.34%	05/04/2053		199,346
Panama - 0.03%
	200,000	Panama Government  International Bond	3.88%	03/17/2028		193,327
	300,000	Panama Government  International Bond	3.87%	07/23/2060		189,735
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES
(Cost $1,550,669)						1,256,093
BANK LOANS - 0.28%(j)
Luxembourg - 0.08%
	1,094,935	Travelport Finance Luxembourg SARL 1L, 2021, First Lien -  Initial (Priority) Term Loan	3M SOFR + 8.26%, 1.00% Floor	09/29/2028		951,772
Netherlands - 0.00%(b)
	5,736	Lealand Finance Company B.V., First Lien - Make-Whole  Term Loan	1M SOFR + 3.00%	06/30/2027		3,083
	84,216	Lealand Finance Company B.V.,First Lien - Take-Back Term  Loan	3M US L + 1.00%	06/30/2025		32,255
						35,338
United States -0.20%
	1,559,522	Astra Acquisition Corp., Second Lien - Initial Term Loan	3M SOFR + 8.88%	10/22/2029		181,786
	538,805	Aveanna Healthcare LLC, Second Lien - Initial Term  Loan(j)	3M SOFR + 7.00%, 0.50% Floor	12/10/2029		510,014
	1,630,000	Constant Contact, Inc., Second Lien - Initial Term Loan(j)	3M SOFR + 7.50%, 0.75% Floor	02/12/2029		1,507,750

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 25

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	425,469	Zephyrus Capital Aviation Tl	1M US L + 4.61%	10/15/2038	$	404,128
						2,603,678
TOTAL BANK LOANS
(Cost $5,237,632)						3,590,788
COLLATERALIZED LOAN OBLIGATIONS - 5.34%
Cayman Islands - 4.98%
		AIMCO CLO
	500,000	Series 2018-AA(f)(j)	3M SOFR + 2.81%	04/17/2031		500,511
		Apidos CLO XXIV
	1,000,000	Series 2018-24A(f)(j)	3M SOFR + 6.06%	10/20/2030		992,005
		Bain Capital Credit CLO 2021-2, Ltd.
	500,000	Series 2021-2A(f)(j)	3M SOFR + 3.41%	07/16/2034		501,878
		Bain Capital Credit CLO 2024-4, Ltd.
	500,000	Series 2024-4A(f)(j)	3M CME TERM SOFR + 3.10%	10/23/2037		505,763
		Barings CLO, Ltd.
	500,000	Series 2018-4A(f)(j)	3M SOFR + 6.08%	10/15/2030		499,658
		Barings CLO, Ltd. 2018-III
	1,295,000	Series 2018-3A(f)(j)	3M SOFR + 6.01%	07/20/2029		1,296,815
		Barings CLO, Ltd. 2019-I
	1,500,000	Series 2021-1A(f)(j)	3M SOFR + 7.12%	04/15/2035		1,510,986
		Barings CLO, Ltd. 2019-II
	500,000	Series 2021-2A(f)(j)	3M US L + 3.41%	04/15/2036		504,885
		Beechwood Park CLO, Ltd.
	500,000	Series 2022-1A(f)(j)	3M SOFR + 6.50%	01/17/2035		499,529
		BlueMountain CLO, Ltd.
	500,000	Series 2018-3A(f)(j)	3M SOFR + 2.86%	04/20/2031		492,181
		BlueMountain Fuji US CLO II, Ltd.
	1,000,000	Series 2017-2A(f)(j)	3M SOFR + 3.26%	10/20/2030		988,443
		Buttermilk Park CLO, Ltd.
	1,000,000	Series 2018-1A(f)(j)	3M SOFR + 6.01%	10/15/2031		996,133
		Canyon Capital CLO 2016-2, Ltd.
	500,000	Series 2018-2A(f)(j)	3M SOFR + 3.41%	10/15/2031		504,021
		Canyon Capital CLO 2017-1, Ltd.
	500,000	Series 2021-1A(f)(j)	3M SOFR + 3.26%	07/15/2030		499,273
		Canyon Capital CLO, Ltd.
	1,000,000	Series 2018-1A(f)(j)	3M SOFR + 3.01%	01/30/2031		985,272
	1,500,000	Series 2018-1A(f)(j)	3M SOFR + 5.76%	01/30/2031		1,392,701
	1,000,000	Series 2018-1A(f)(j)	3M US L + 5.75%	07/15/2031		982,722
	500,000	Series 2018-1A(f)(j)	3M US L + 2.80%	07/15/2031		498,987

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
		Canyon CLO 2021-3, Ltd.
$	1,000,000	Series 2021-3A(f)(j)	3M SOFR + 3.31%	07/15/2034	$	1,002,458
		Canyon CLO 2021-4, Ltd.
	1,000,000	Series 2021-4A(f)(j)	3M SOFR + 6.56%	10/15/2034		1,003,484
		Carlyle Global Market Strategies CLO 2016-3, Ltd.
	1,000,000	Series 2021-3A(f)(j)	3M US L + 3.30%	07/20/2034		1,005,591
		Carlyle Global Market Strategies CLO, Ltd.
	1,000,000	Series 2018-2RA(f)(j)	3M SOFR + 5.61%	05/15/2031		965,360
		Carlyle US CLO 2020-2, Ltd.
	2,000,000	Series 2021-2A(f)(j)	3M SOFR + 6.96%	01/25/2035		2,015,745
		Carlyle US CLO 2021-1, Ltd.
	500,000	Series 2021-1A(f)(j)	3M SOFR + 6.26%	04/15/2034		501,488
		Carlyle US CLO 2022-5, Ltd.
	500,000	Series 2024-5A(f)(j)	3M CME TERM SOFR + 3.15%	10/15/2037		500,000
		Chenango Park CLO, Ltd.
	500,000	Series 2018-1A(f)(j)	3M SOFR + 3.26%	04/15/2030		503,489
	1,000,000	Series 2018-1A(f)(j)	3M SOFR + 6.06%	04/15/2030		979,738
		Cook Park CLO, Ltd.
	500,000	Series 2018-1A(f)(j)	3M SOFR + 2.86%	04/17/2030		501,537
		Crown Point CLO IV, Ltd.
	500,000	Series 2018-4A(f)(j)	3M SOFR + 2.16%	04/20/2031		500,869
		Dryden 57 CLO, Ltd.
	500,000	Series 2018-57A(f)(j)	3M SOFR + 2.81%	05/15/2031		500,827
		Elevation CLO 2021-14, Ltd.
	500,000	Series 2021-14A(f)(j)	3M SOFR + 2.56%	10/20/2034		500,538
		Elmwood CLO IX, Ltd.
	500,000	Series 2021-2A(f)(j)	3M US L + 5.94%	07/20/2034		503,889
		Galaxy XIX CLO, Ltd.
	1,300,000	Series 2017-19A(f)(j)	3M SOFR + 6.79%	07/24/2030		1,294,878
		Goldentree Loan Management US CLO 3, Ltd.
	500,000	Series 2018-3A(f)(j)	3M SOFR + 3.11%	04/20/2030		501,820
		Jamestown CLO XVIII, Ltd.
	1,000,000	Series 2024-18A(f)(j)		07/25/2035		1,000,000
		Lewey Park CLO, Ltd.
	500,000	Series 2024-1A(f)(j)		10/20/2037		500,000
		Marble Point CLO XII, Ltd.
	500,000	Series 2018-1A(f)(j)	3M SOFR + 3.26%	07/16/2031		499,800
		Milos CLO, Ltd.
	500,000	Series 2020-1A(f)(j)	3M SOFR + 6.41%	10/20/2030		497,158
		Myers Park CLO, Ltd.
	1,000,000	Series 2018-1A(f)(j)	3M SOFR + 5.76%	10/20/2030		1,001,279

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 27

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
		Neuberger Berman Loan Advisers CLO 37, Ltd.
$	500,000	Series 2021-37A(f)(j)	3M SOFR + 6.01%	07/20/2031	$	502,551
		Neuberger Berman Loan Advisers CLO 42, Ltd.
	500,000	Series 2021-42A(f)(j)	3M SOFR + 6.21%	07/16/2035		503,389
		Neuberger Berman Loan Advisers Clo 44, Ltd.
	1,000,000	Series 2021-44A(f)(j)	3M SOFR + 6.26%	10/16/2034		1,008,697
		Point Au Roche Park CLO, Ltd.
	500,000	Series 2021-1A(f)(j)	3M US L + 6.13%	07/20/2034		503,415
		Rockland Park CLO, Ltd.
	500,000	Series 2021-1A(f)(j)	3M US L + 6.25%	04/20/2034		502,070
		Sound Point CLO XVIII, Ltd.
	2,000,000	Series 2018-4A(f)(j)	3M CME TERM SOFR + 2.76%	01/21/2031		1,964,528
		Sound Point CLO XXIII
	500,000	Series 2021-2A(f)(j)	3M SOFR + 3.56%	07/15/2034		496,742
		Sound Point CLO XXIV
	1,375,000	Series 2021-3A(f)(j)	3M SOFR + 6.98%	10/25/2034		1,149,602
	500,000	Series 2021-3A(f)(j)	3M CME TERM SOFR + 3.76%	10/25/2034		490,730
		Sound Point CLO XXVI, Ltd.
	500,000	Series 2021-1A(f)(j)	3M US L + 3.35%	07/20/2034		497,098
		Sound Point CLO XXVIII, Ltd.
	1,000,000	Series 2020-3A(f)(j)	3M US L + 6.90%	01/25/2032		1,004,031
		Sound Point CLO XXXII, Ltd.
	500,000	Series 2021-4A(f)(j)	3M SOFR + 3.66%	10/25/2034		490,560
	500,000	Series 2021-4A(f)(j)	3M SOFR + 6.96%	10/25/2034		455,960
		Stewart Park CLO, Ltd.
	500,000	Series 2018-1A(f)(j)	3M SOFR + 2.86%	01/15/2030		502,332
		THL Credit Wind River 2017-1 CLO, Ltd.
	1,400,000	Series 2021-1A(f)(j)	3M US L + 3.91%	04/18/2036		1,389,058
		THL Credit Wind River 2017-3 CLO, Ltd.
	500,000	Series 2021-3A(f)(j)	3M US L + 7.08%	04/15/2035		475,189
		THL Credit Wind River 2019-1 CLO, Ltd.
	1,150,000	Series 2021-1A(f)(j)	3M SOFR + 3.71%	07/20/2034		1,120,795
		THL Credit Wind River CLO, Ltd.
	500,000	Series 2018-1A(f)(j)	2.90% - 3M US L	07/15/2030		499,747
	2,000,000	Series 2018-1A(f)(j)	5.50% - 3M US L	07/15/2030		1,939,084
	1,000,000	Series 2018-1A(f)(j)	3M US L + 3.00%	07/18/2031		989,197
	1,000,000	Series 2018-2A(f)(j)	3M SOFR + 6.01%	07/15/2030		967,762
	2,000,000	Series 2018-3A(f)(j)	3M SOFR + 3.21%	01/20/2031		2,000,258

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	1,000,000	Series 2018-3A(f)(j)	3M SOFR + 6.48%	10/22/2031	$	839,041
	1,500,000	Series 2018-3A(f)(j)	3M SOFR + 3.66%	10/22/2031		1,489,084
		Upland CLO, Ltd.
	500,000	Series 2018-1A(f)(j)	3M SOFR + 3.16%	04/20/2031		503,002
		Vibrant Clo III, Ltd.
	1,050,000	Series 2018-3A(f)(j)	3M SOFR + 3.76%	10/20/2031		1,055,516
		Vibrant CLO IV-R, Ltd.
	1,000,000	Series 2024-4RA(f)(j)		10/20/2037		1,000,000
		Voya CLO 2017-2
	1,000,000	Series 2017-2A(f)(j)	3M SOFR + 6.28%	06/07/2030		982,506
		Voya CLO 2020-1, Ltd.
	1,000,000	Series 2021-1A(f)(j)	3M CME TERM SOFR + 6.61%	07/16/2034		1,001,498
		Voya CLO, Ltd.
	500,000	Series 2018-1A(f)(j)	3M SOFR + 3.06%	04/18/2031		502,429
	1,000,000	Series 2018-2A(f)(j)	3M SOFR + 3.01%	07/15/2031		1,004,134
	1,000,000	Series 2018-2A(f)(j)	3M SOFR + 5.51%	07/15/2031		938,204
	500,000	Series 2018-3A(f)(j)	3M SOFR + 6.46%	10/20/2031		483,260
	500,000	Series 2018-4A(f)(j)	3M SOFR + 6.21%	07/14/2031		483,350
		Wellfleet CLO 2021-1, Ltd.
	1,000,000	Series 2021-1A(f)(j)	3M CME TERM SOFR + 6.87%	04/20/2034		959,488
		Wind River 2013-1 CLO, Ltd.
	500,000	Series 2017-1A(f)(j)	3M SOFR + 3.91%	07/20/2030		500,818
		Wind River 2021-1 CLO, Ltd.
	1,000,000	Series 2024-1A(f)(j)	3M CME TERM SOFR + 3.95%	07/20/2037		999,949
		Wind River 2021-2 CLO, Ltd.
	500,000	Series 2021-2A(f)(j)	3M SOFR + 6.69%	07/20/2034		459,828
		Wind River 2021-3 CLO, Ltd.
	750,000	Series 2021-3A(f)(j)	3M CME TERM SOFR + 6.86%	07/20/2033		704,930
Jersey - 0.36%
		Bain Capital Credit Clo 2019-4, Ltd.
	500,000	Series 2022-4A(f)(j)	3M SOFR + 3.63%	04/23/2035		500,502
		Bain Capital Credit CLO 2022-3, Ltd.
	1,000,000	Series 2022-3A(f)(j)	3M SOFR + 7.35%	07/17/2035		992,769
		Bain Capital Credit CLO 2023-3, Ltd.
	500,000	Series 2023-3A(f)(j)	3M SOFR + 5.25%	07/24/2036		514,947
		Katayma CLO I, Ltd.
	500,000	Series 2023-1A(f)(j)	3M CME TERM SOFR + 5.25%	10/20/2036		513,034

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 29

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
		Storm King Park CLO, Ltd.
$	1,000,000	Series 2024-1A(f)(j)	3M CME TERM SOFR + 1.36%	10/15/2037	$	1,000,000
		Voya CLO 2022-3, Ltd.
	1,000,000	Series 2023-3A(f)(j)	3M CME TERM SOFR + 4.50%	10/20/2036		1,019,341
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $68,183,125)						68,332,136
EQUITY - LINKED NOTES - 0.00%(b)
Spain – 0.00%
	263,093	Inverpamplona SA(d)(k)	0.00%	12/30/2028		–
TOTAL EQUITY - LINKED NOTES
(Cost $11,250)						–
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 18.42%
Bermuda - 0.13%
		Shelter Growth CRE Issuer, Ltd.
	1,050,000	Series 2022-FL4(f)(j)	1M CME TERM SOFR + 4.01%	01/19/2027		1,053,772
		Start, Ltd.
	412,483	Series 2018-1(f)	4.09%	05/15/2025		400,578
		Textainer Marine Containers VII, Ltd.
	248,000	Series 2024-1A(f)	5.25%	01/20/2036		250,586
Cayman Islands - 3.49%
		Arbor Realty Commercial Real Estate Notes, Ltd.
	155,783	Series 2021-FL3(f)(j)	1M CME TERM SOFR + 1.18%	07/15/2026		155,549
	1,100,000	Series 2022-FL1(f)(j)	30D US SOFR +2.30%	01/15/2027		1,082,065
		AREIT
	1,150,000	Series 2022-CRE6(f)(j)	30D US SOFR +3.40%	01/17/2025		1,101,488
		AREIT, Ltd.
	220,000	Series 2024-CRE9(f)(j)	1M CME TERM SOFR + 2.54%	02/17/2029		220,406
	700,000	Series 2024-CRE9(f)(j)	1M CME TERM SOFR + 4.29%	02/17/2029		698,941
		BRSP, Ltd.
	225,838	Series 2021-FL1(f)(j)	1M CME TERM SOFR + 1.26%	08/19/2038		225,599

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
		BSPRT Issuer, Ltd.
$	1,200,000	Series 2021-FL7(f)(j)	1M CME TERM SOFR + 3.51%	12/15/2038	$	1,175,174
		Cathedral Lake VIII, Ltd.
	1,000,000	Series 2021-8A(f)(j)	3M SOFR + 2.88%	01/20/2035		1,005,072
	1,000,000	Series 2021-8A(f)(j)	3M SOFR + 3.68%	01/20/2035		1,006,787
		CIFC Funding 2019-III, Ltd.
	650,000	Series 2021-3A(f)(j)	3M SOFR + 7.06%	10/16/2034		655,089
		Dryden 38 Senior Loan Fund
	1,000,000	Series 2018-38A(f)(j)	3M SOFR + 5.86%	07/15/2030		934,728
		Dryden 40 Senior Loan Fund
	1,000,000	Series 2018-40A(f)(j)	3M SOFR + 6.01%	08/15/2031		921,119
	500,000	Series 2018-40A(f)(j)	3M SOFR + 3.36%	08/15/2031		500,621
		Dryden 45 Senior Loan Fund
	1,250,000	Series 2018-45A(f)(j)	3M CME TERM SOFR + 6.11%	10/15/2030		1,174,238
		Greystone CRE Notes, Ltd.
	284,237	Series 2021-FL3(f)(j)	1M CME TERM SOFR + 1.13%	07/15/2039		283,074
	950,000	Series 2021-FL3(f)(j)	1M CME TERM SOFR + 2.31%	07/15/2039		933,117
		HGI CRE CLO, Ltd.
	1,000,000	Series 2021-FL1(f)(j)	1M CME TERM SOFR + 2.46%	06/16/2036		951,283
		Highbridge Loan Management 4-2014, Ltd.
	500,000	Series 2018-2014(f)(j)	3M SOFR + 5.81%	01/28/2030		502,577
		Horizon Aircraft Finance IV, Ltd.
	500,000	Series 2024-1(f)	5.38%	09/15/2031		501,824
		Kestrel Aircraft Funding, Ltd.
	269,248	Series 2018-1A(f)	4.25%	10/15/2025		259,328
		LCM 28, Ltd.
	1,000,000	Series 2018-28A(f)(j)	3M SOFR + 6.01%	10/20/2030		805,455
		LCM Loan Income Fund I Income Note Issuer, Ltd.
	500,000	Series 2018-27A(f)(j)	3M SOFR + 5.86%	07/16/2031		402,811
		LCM XIV LP
	1,000,000	Series 2018-14A(f)(j)	3M SOFR + 3.01%	07/20/2031		999,948
	750,000	Series 2018-14A(f)(j)	3M SOFR + 5.76%	07/20/2031		571,660
		LCM XVII LP
	1,000,000	Series 2018-17A(f)(j)	3M SOFR + 6.26%	10/15/2031		781,663
		LoanCore Issuer, Ltd.
	625,000	Series 2021-CRE5(f)(j)	1M CME TERM SOFR + 2.46%	07/15/2036		615,608
		MACH 1 Cayman, Ltd.
	700,608	Series 2019-1(f)	3.47%	08/15/2026		658,844

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 31

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
		Madison Park Funding XLV, Ltd.
$	600,000	Series 2021-45A(f)(j)	3M SOFR + 6.61%	07/15/2034	$	603,239
		Madison Park Funding XXXVIII, Ltd.
	1,000,000	Series 2021-38A(f)(j)	3M SOFR + 6.26%	07/17/2034		1,001,474
		Magnetite XXIX, Ltd.
	500,000	Series 2024-29A(f)(j)	3M CME TERM SOFR + 6.00%	07/15/2037		502,234
		Magnetite Xxxiii, Ltd.
	500,000	Series 2024-33A(f)(j)	3M CME TERM SOFR + 3.00%	10/20/2037		500,000
	1,000,000	Series 2024-33A(f)(j)	TSFR3M + 5.55%	10/20/2037		1,000,000
		MF1, Ltd.
	300,000	Series 2021-FL7(f)(j)	1M CME TERM SOFR + 1.86%	10/16/2036		293,354
		Octagon 59, Ltd.
	500,000	Series 2022-1A(f)(j)	3M CME TERM SOFR + 7.60%	05/15/2035		498,438
		Octagon Investment Partners 26, Ltd.
	1,000,000	Series 2018-1A(f)(j)	3M SOFR + 8.35%	07/15/2030		662,901
		Octagon Investment Partners 37, Ltd.
	500,000	Series 2018-2A(f)(j)	3M US L + 2.85%	07/25/2030		502,195
		Octagon Investment Partners 40, Ltd.
	500,000	Series 2021-1A(f)(j)	3M SOFR + 7.26%	01/20/2035		469,813
		Octagon Investment Partners 42, Ltd.
	1,000,000	Series 2024-3A(f)(j)	3M CME TERM SOFR + 7.53%	07/15/2037		999,552
		Octagon Investment Partners 46, Ltd.
	1,000,000	Series 2021-2A(f)(j)	3M SOFR + 6.86%	07/15/2036		880,707
		Octagon Investment Partners XVI, Ltd.
	500,000	Series 2018-1A(f)(j)	3M US L + 3.00%	07/17/2030		502,892
	1,000,000	Series 2018-1A(f)(j)	3M US L + 5.75%	07/17/2030		934,603
		Octagon Investment Partners XXI, Ltd.
	1,000,000	Series 2019-1A(f)(j)	3M SOFR + 7.26%	02/14/2031		998,242
		Octagon Investment Partners XXII, Ltd.
	500,000	Series 2018-1A(f)(j)	3M SOFR + 5.71%	01/22/2030		474,770
		OHA Credit Funding 3, Ltd.
	2,000,000	Series 2021-3A(f)(j)	3M SOFR + 6.51%	07/02/2035		2,019,700

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
		OHA Credit Funding 5, Ltd.
$	2,000,000	Series 2020-5A(f)(j)	3M SOFR + 6.51%	04/18/2033	$	2,014,960
		RR 2, Ltd.
	1,000,000	Series 2021-2A(f)(j)	3M SOFR + 6.06%	04/15/2036		1,004,654
		RR 6, Ltd.
	1,000,000	Series 2021-6A(f)(j)	3M SOFR + 6.11%	04/15/2036		991,117
		Sapphire Aviation Finance I, Ltd.
	533,397	Series 2018-1A(f)	5.93%	03/15/2025		455,234
		STWD, Ltd.
	1,250,000	Series 2019-FL1(f)(j)	1M CME TERM SOFR + 2.46%	02/15/2025		1,219,685
	550,000	Series 2021-FL2(f)(j)	1M CME TERM SOFR + 2.21%	01/18/2026		530,087
		Thunderbolt II Aircraft Lease, Ltd.
	4,464,286	Series 2018-A(f)(m)	5.07%	09/15/2038		3,388,134
		Trimaran Cavu 2019-1, Ltd.
	1,700,000	Series 2019-1A(f)(j)	3M SOFR + 4.41%	07/20/2032		1,687,177
		TRTX Issuer, Ltd.
	233,485	Series 2021-FL4(f)(j)	1M SOFR + 1.31%	03/15/2038		232,856
	1,160,000	Series 2021-FL4(f)(j)	1M CME TERM SOFR + 2.51%	03/15/2038		1,140,263
United States - 14.80%
		Aaset 2021-2 Trust
	360,310	Series 2021-2A(f)	3.54%	12/15/2028		326,770
		AASET 2024-1
	491,713	Series 2024-1A(f)	6.26%	05/16/2031		512,550
	1,244,748	Series 2024-1A(f)	6.90%	05/16/2031		1,275,278
		ABFC Trust
	2,396,269	Series 2007-WMC1(j)	1M SOFR + 1.36%	06/25/2037		1,735,766
		Alen Mortgage Trust
	1,107,000	Series 2021-ACEN(f)(j)	1M SOFR + 4.11%	04/15/2026		473,796
		AMSR
	5,100,000	Series 2020-SFR3(f)	4.99%	09/17/2025		5,030,554
	5,000,000	Series 2021-SFR1(f)	4.61%	06/17/2028		4,612,268
		BAMLL Commercial Mortgage Securities Trust
	1,164,000	Series 2013-WBRK(f)(j)	3.65%	03/10/2025		1,126,643
		BANK
	10,291,000	Series 2018-BN12(f)(j)(n)	1.50%	05/15/2061		441,428
	165,000	Series 2022-BNK39(f)	2.50%	01/15/2032		106,415
	660,000	Series 2022-BNK39	3.18%	01/15/2032		585,931
		BANK 2019-BNK23
	330,000	Series 2019-BN23	2.92%	12/15/2052		305,117
		BANK 2020-BNK27
	16,875,000	Series 2020-BN27(f)(j)(n)	0.83%	04/15/2030		573,007

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 33

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
		BANK 2021-BNK35
$	316,000	Series 2021-BN35	2.29%	07/15/2031	$	275,141
		BANK 2021-BNK37
	381,000	Series 2021-BN37(j)	3.21%	11/15/2031		287,330
		Bank of America Merrill Lynch Commercial Mortgage Trust 2016-UBS10
	1,090,000	Series 2016-UB10(j)	4.99%	05/15/2026		1,045,407
		BANK5
	306,000	Series 2024-5YR9	5.61%	08/15/2029		319,542
		BBCMS Mortgage Trust
	500,000	Series 2018-C2(j)	5.13%	12/15/2028		458,299
	519,000	Series 2022-C17	4.44%	08/15/2032		513,020
	5,542,000	Series 2024-5C27(f)(j)(n)	2.97%	06/15/2029		626,723
	310,000	Series 2024-5C29	5.21%	09/15/2029		319,448
	233,000	Series 2024-5C29	5.51%	09/15/2029		233,104
	450,000	Series 2024-5C29(f)	4.00%	09/15/2029		383,629
		BBCMS Trust
	3,000,000	Series 2018-CBM(f)(j)	1M SOFR + 3.85%	07/15/2037		2,718,148
		BDS LLC
	300,000	Series 2022-FL11(f)(j)	1M CME TERM SOFR + 2.35%	03/19/2039		301,035
		Benchmark Mortgage Trust
	8,655,786	Series 2018-B2(j)(n)	0.59%	01/15/2028		99,254
	600,000	Series 2018-B2(j)	4.43%	01/15/2028		519,091
	19,373,402	Series 2018-B4(j)(n)	0.60%	06/15/2028		262,281
	1,589,000	Series 2018-B4(f)(j)	2.90%	07/15/2028		1,265,959
	300,000	Series 2019-B13	2.70%	08/15/2029		276,808
	1,130,000	Series 2019-B9(j)	4.97%	01/15/2029		972,152
	522,000	Series 2020-B18(f)	4.14%	08/15/2025		495,032
	1,510,000	Series 2021-B31(f)	2.25%	11/15/2031		820,172
	592,000	Series 2022-B32(j)	3.53%	01/15/2032		514,300
	1,200,000	Series 2024-V10(f)	4.50%	09/15/2029		1,072,152
	300,000	Series 2024-V8	5.71%	05/15/2029		314,171
	250,000	Series 2024-V8(f)	4.00%	07/15/2029		217,160
	305,000	Series 2024-V9	5.60%	08/15/2029		317,605
		BF Mortgage Trust
	705,000	Series 2019-NYT(f)(j)	1M SOFR + 3.05%	12/15/2035		489,073
		Blackbird Capital II Aircraft Lease, Ltd.
	1,079,787	Series 2021-1A(f)	3.45%	07/15/2028		992,365
	320,000	BMARK 2024-V10 A3		10/15/2029		329,844
		BMO Mortgage Trust
	7,951,000	Series 2022-C1(f)(j)(n)	1.89%	02/15/2032		854,526
	228,466	Series 2023-C5	5.74%	02/15/2028		231,345
	309,000	Series 2024-5C6	5.32%	09/15/2029		318,479

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	1,150,000	Series 2024-5C6(f)	4.50%	09/15/2029	$	1,016,153
	6,394,000	Series 2024-C9(f)(j)(n)	2.10%	07/15/2034		893,441
		BSPRT Issuer, Ltd.
	300,000	Series 2023-FL10(f)(j)	1M CME TERM SOFR + 3.27%	08/15/2028		299,107
		Business Jet Securities 2024-2 LLC
	1,250,000	Series 2024-2A(f)	7.97%	09/15/2030		1,267,287
		BX Commercial Mortgage Trust
	1,000,000	Series 2019-IMC(f)(j)	1M SOFR + 2.01%	04/15/2034		984,274
		BX Trust
	3,042,000	Series 2019-OC11(f)(j)	4.08%	12/09/2029		2,749,276
	370,000	Series 2021-VIEW(f)(j)	1M CME TERM SOFR + 1.91%	06/15/2023		361,251
	780,000	Series 2021-VIEW(f)(j)	1M CME TERM SOFR + 3.01%	06/15/2023		751,219
		Cantor Commercial Real Estate Lending
	1,113,000	Series 2019-CF1(f)(j)	4.12%	04/15/2024		444,431
		Carbon Capital VI Commercial Mortgage Trust
	995,228	Series 2019-FL2(f)(j)	1M SOFR + 2.96%	10/15/2035		515,783
		Carvana Auto Receivables Trust
	5,300	Series 2021-N1(f)	0.00%	01/10/2028		569,056
		Cascade MH Asset Trust
	4,601,000	Series 2019-MH1(f)(j)	5.99%	10/25/2024		4,421,274
		Castlelake Aircraft Securitization Trust
	3,379,603	Series 2018-1(f)	6.63%	06/15/2043		1,093,609
		Castlelake Aircraft Structured Trust
	2,750,000	Series 2019-1A(f)(j)	0.00%	04/15/2039		114,125
		Castlelake Aircraft Structured Trust 2021-1
	1,127,792	Series 2021-1A(f)	7.00%	10/15/2026		1,045,337
		CFCRE Commercial Mortgage Trust
	432,966	Series 2016-C6	2.95%	08/10/2026		422,654
	512,350	CGCMT 2014-GC25 XA(n)		10/10/2047		8
		Citigroup Commercial Mortgage Trust
	866,000	Series 2015-GC27(f)(j)	4.57%	01/10/2025		798,603
	400,000	Series 2015-GC31(j)	4.05%	06/10/2025		243,694
	225,000	Series 2019-GC41	3.20%	08/10/2029		195,749
	1,433,000	Series 2020-555(f)(j)	3.62%	12/10/2029		1,102,853
	546,000	Series 2022-GC48(j)	4.74%	05/15/2032		545,834

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 35

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
		Citigroup Mortgage Loan Trust
$	574,685	Series 2006-WF1(m)	4.56%	03/25/2036	$	278,634
		Cologix Data Centers US Issuer LLC
	2,800,000	Series 2021-1A(f)	5.99%	12/28/2026		2,629,046
	2,142,532	COMM 2015-CR22 XA(n)		03/10/2048		731
		Commercial Mortgage Pass-Through Certificates
	6,903,559	Series 2014-UBS4(f)	3.75%	08/10/2024		222,927
	11,000	Series 2014-UBS4(f)(j)	0.00%	08/10/2047		1
	3,983,859	Series 2015-CR26(j)(n)	0.93%	09/10/2025		16,725
		Compass Datacenters Issuer II LLC
	500,000	Series 2024-2A(f)	6.00%	08/27/2029		502,903
		CSAB Mortgage-Backed Trust
	8,781,274	Series 2006-2(m)	6.20%	09/25/2036		595,030
	116,697	Series 2007-1(j)	5.90%	05/25/2037		26,651
	3,252,620	CSAIL 2015-C1 XA(n)		04/15/2050		1,715
		CSAIL Commercial Mortgage Trust
	490,000	Series 2016-C6(j)	5.08%	04/15/2026		452,238
	1,000,000	Series 2019-C16(j)	4.24%	06/15/2029		886,976
		CSMC
	350,000	Series 2021-B33(f)(j)	3.77%	10/10/2031		307,633
		CSMC Trust
	370,000	Series 2017-PFHP(f)(j)	1M CME TERM SOFR + 1.00%	12/15/2019		357,072
		DBJPM 16-C1 Mortgage Trust
	1,309,000	Series 2016-C1(j)	3.47%	03/10/2026		1,153,219
		Del Amo Fashion Center Trust
	150,000	Series 2017-AMO(f)(j)	3.76%	06/05/2027		142,403
		Diamond Infrastructure Funding LLC
	2,000,000	Series 2021-1A(f)	3.48%	12/20/2026		1,859,166
		DOLP Trust
	500,000	Series 2021-NYC(f)(j)	3.70%	05/10/2031		398,211
		Fannie Mae-Aces
	22,667,940	Series 2019-M12(j)(n)	0.68%	06/25/2029		347,141
	14,031,656	Series 2019-M24(j)(n)	1.27%	03/25/2031		729,744
	35,600,848	Series 2019-M7(j)(n)	0.44%	04/25/2029		448,403
	27,398,337	Series 2020-M10(j)(n)	0.82%	12/25/2027		319,109
	47,281,262	Series 2020-M10(j)(n)	0.99%	07/25/2032		1,951,057
	13,134,734	Series 2020-M13(j)(n)	1.30%	09/25/2030		544,116
	344,237,669	Series 2021-M17(j)(n)	0.16%	07/25/2031		1,342,286
		FirstKey Homes
	1,100,000	Series 2020-SFR1(f)	4.28%	09/17/2025		1,080,104

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	2,673,354	Series 2022-SFR1(f)	4.15%	05/17/2027	$	2,650,464
		FMC GMSR Issuer Trust
	6,000,000	Series 2021-GT1(f)(j)	4.36%	07/25/2026		5,517,381
	5,000,000	Series 2021-GT2(f)(j)	4.44%	10/25/2026		4,580,421
	42,878,055	FNA 2021-M23 X1(n)		11/01/2031		766,557
		FREMF Mortgage Trust
	890,367	Series 2015-KF07(f)(j)	30D US SOFR +5.06%	02/25/2025		887,835
	887,222	Series 2016-KF25(f)(j)	30D US SOFR + 5.11%	05/25/2024		885,645
	709,905	Series 2018-KF56(f)(j)	30D US SOFR + 5.91%	11/25/2028		624,770
	1,496,871	Series 2019-KF71(f)(j)	30D US SOFR + 6.11%	10/25/2029		1,441,243
		FRTKL
	4,050,000	Series 2021-SFR1(f)	4.11%	09/17/2026		3,747,230
		Ginnie Mae Strip
	6,975,993	Series 2020-3(n)	1.40%	09/16/2045		448,187
		Great Wolf Trust
	820,000	Series 2024-WOLF(f)(j)	1M CME TERM SOFR + 3.639%	03/15/2029		823,993
		GS Mortgage Securities Corp. Trust
	1,000,000	Series 2018-RIVR(f)(j)	1M SOFR + 1.85%	07/15/2035		17,493
	1,111,000	Series 2021-ARDN(f)(j)	1M SOFR + 6.05%	11/15/2026		1,099,623
		GS Mortgage Securities Trust
	220,030	Series 2011-GC5(f)(j)(n)	1.95%	08/10/2044		2
	2,417,000	Series 2014-GC26(f)(j)	4.65%	11/10/2047		1,488,147
	1,110,000	Series 2015-GC28(f)(j)	4.53%	02/10/2048		1,032,977
	6,706,549	Series 2015-GS1(j)(n)	0.77%	11/10/2025		38,633
	828,000	Series 2018-GS10(j)	4.51%	07/10/2028		752,675
	1,954,000	Series 2018-TWR(f)(j)	1M US L + 3.92%	07/15/2031		40,624
	636,000	Series 2020-GC45(j)	3.41%	12/13/2029		566,358
		GSAA Home Equity Trust
	1,798,721	Series 2006-13(j)	6.04%	07/25/2036		539,420
	437,374	Series 2006-18(m)	6.18%	11/25/2036		108,424
	134,941	Series 2006-6(j)	5.69%	03/25/2036		38,462
	788,116	Series 2007-2(m)	6.60%	03/25/2037		183,066
		GSCG Trust
	675,000	Series 2019-600C(f)(j)	3.99%	09/06/2024		3,354
		Hardee's Funding LLC
	940,000	Series 2018-1A(f)	5.71%	06/20/2028		926,603
		HIG RCP LLC
	1,400,000	Series 2023-FL1(f)(j)	1M CME TERM SOFR + 3.61%	04/19/2028		1,402,789

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 37

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
		Hilton USA Trust
$	900,000	Series 2016-SFP(f)	2.83%	11/05/2035	$	774,522
		Houston Galleria Mall Trust
	100,000	Series 2015-HGLR(f)	3.98%	03/05/2025		97,154
		HSI Asset Securitization Corp. Trust
	5,400,211	Series 2006-HE1(j)	1M SOFR + 0.39%	10/25/2036		1,544,936
	1,162,428	Series 2007-NC1(j)	1M SOFR + 0.29%	04/25/2037		792,282
		HTL Commercial Mortgage Trust
	300,000	Series 2024-T53(f)(j)	6.07%	05/10/2027		306,871
		ITE Rail Fund Levered LP
	654,863	Series 2021-3A(f)	2.21%	06/28/2027		612,626
		J.P. Morgan Chase Commercial Mortgage Securities Trust
	2,092,000	Series 2018-AON(f)(j)	4.61%	07/05/2031		575,850
	763,684	Series 2019-MFP(f)(j)	1M CME TERM SOFR + 1.71%	07/15/2021		757,340
		JP Morgan BB Commercial Mortgage Securities Trust
	2,086,000	Series 2014-C23(f)(j)	3.36%	10/15/2024		1,747,550
	3,438,972	Series 2015-C28(j)(n)	1.00%	03/15/2025		8,235
	6,972,625	Series 2015-C30(j)(n)	0.55%	07/15/2025		13,103
	2,626,826	Series 2015-C31(j)(n)	0.95%	08/15/2025		11,953
		JP Morgan Chase Commercial Mortgage Securities Trust
	235,000	Series 2019-UES(f)	4.34%	05/05/2032		197,548
	1,135,000	Series 2019-UES(f)(j)	4.60%	05/05/2032		966,405
		JP Morgan Mortgage Acquisition Corp.
	162,885	Series 2006-CH2(m)	5.46%	09/25/2029		99,264
		JP Morgan Mortgage Acquisition Trust
	3,287,589	Series 2006-RM1(j)	1M SOFR + 0.59%	08/25/2036		1,474,574
		JPMBB Commercial Mortgage Securities Trust
	6,084,672	Series 2014-C24(j)(n)	0.93%	10/15/2024		160
		JPMCC Commercial Mortgage Securities Trust
	486,000	Series 2017-JP7(j)	3.74%	07/15/2027		392,575
	781,000	Series 2019-COR5	3.87%	05/13/2029		682,885
		Laurel Road Prime Student Loan Trust
	12,485,627	Series 2020-A(f)	0.00%	11/25/2050		1,126,803
		Master Asset Backed Securities Trust
	3,776,423	Series 2006-NC3(j)	1M US L + 0.21%	10/25/2036		1,903,586

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
		Merrill Lynch Mortgage Investors Trust
$	9,757,220	Series 2006-RM3(j)	1M SOFR + 0.59%		06/25/2037	$	2,136,208
		MetroNet Infrastructure Issuer LLC
	1,000,000	Series 2023-1A(f)	8.01%		02/20/2028		1,031,856
		MF1
	1,000,000	Series 2024-FL15(f)(j)	1M CME TERM SOFR + 4.04%		08/18/2041		1,001,428
		MF1 LLC
	300,000	Series 2023-FL12(f)(j)	1M CME TERM SOFR + 3.18%		09/19/2028		301,591
	1,000,000	Series 2023-FL12(f)(j)	1M CME TERM SOFR + 3.78%		10/19/2028		1,001,915
	1,200,000	Series 2023-FL12(f)(j)	1M CME TERM SOFR + 5.27%		10/19/2028		1,216,490
	300,000	Series 2024-FL14(f)(j)	1M CME TERM SOFR + 2.24%		03/19/2039		301,047
	1,350,000	Series 2024-FL14(f)(j)	1M CME TERM SOFR + 4.84%		03/19/2039		1,362,934
	900,000	Series 2024-FL14(f)(j)	1M CME TERM SOFR + 6.29%		03/19/2039		908,695
		MFT Trust
	2,010,000	Series 2020-ABC(f)(j)	3.59%		02/10/2030		794,422
		Morgan Stanley Bank of America Merrill Lynch Trust
	822,000	Series 2015-C21(j)	4.26%		02/15/2025		736,651
		Morgan Stanley Capital I Trust
	1,043,456	Series 2016-UB11 XA(j)(n)	1.57%		08/15/2026		20,869
	1,117,000	Series 2018-L1(j)	4.94%		10/15/2028		1,046,936
	750,000	Series 2019-H7	4.13%		07/15/2029		681,280
	400,000	Series 2021-L6(j)	3.57%		07/15/2031		324,342
	10,249,000	Series 2021-L7(f)(j)(n)	1.04%		10/15/2031		562,670
		Morgan Stanley Mortgage Loan Trust
	319,706	Series 2007-3XS(m)	6.20%		01/25/2047		117,037
		Mosaic Solar Loan Trust
	45,571	Series 2017-1A(f)	4.45%		06/20/2042		44,662
	205,451	Series 2018-1A(f)	4.01%		08/20/2030		195,459
	311,356	Series 2020-2A(f)	3.00%		06/20/2025		288,111
		MVW 2021-1W LLC
	344,682	Series 2021-1WA(f)	1.94%		01/22/2041		327,199
	399,832	Series 2021-1WA(f)	3.17%		01/22/2041		376,805
		Navient Private Education Refi Loan Trust
	344,653	Series 2018-A(f)	3.68%		11/17/2025		338,099

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 39

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
		NJ Trust
$	275,000	Series 2023-GSP(f)(j)	6.70%		01/06/2029	$	292,039
		Pagaya AI Debt Selection Trust
	111,706	Series 2021-2(f)	3.00%		01/25/2029		110,061
	2,000,000	Series 2021-5(f)	0.00%		08/15/2029		95,056
		Pagaya AI Debt Trust
	1,249,989	Series 2023-5(f)	9.10%		04/15/2031		1,284,478
		PAGAYA AI Debt Trust
	245,086	Series 2022-2(f)(j)	6.10%		01/15/2030		245,700
		People's Choice Home Loan Securities Trust
	5,000,000	Series 2005-4(j)	1M US L + 0.65%		12/25/2035		3,431,813
		PFP, Ltd.
	300,000	Series 2024-11(f)(j)	1M CME TERM SOFR + 2.49%		08/17/2029		300,524
	600,000	Series 2024-11(f)(j)	1M CME TERM SOFR + 2.99%		08/17/2029		601,029
		Progress Residential
	2,500,000	Series 2021-SFR3(f)	4.75%		05/17/2026		2,381,775
		Progress Residential
	6,900,000	Series 2021-SFR8(f)	4.01%		10/17/2026		6,426,392
	5,000,000	Series 2024-SFR2(f)(j)	3.65%		04/17/2029		4,523,035
		Ready Capital Mortgage Financing LLC
	1,000,000	Series 2021-FL6(f)(j)	1M CME TERM SOFR + 2.51%		07/25/2026		993,066
	1,000,000	Series 2022-FL10(f)(j)	1M CME TERM SOFR + 4.27%		07/25/2027		1,007,424
	900,000	Series 2023-FL12(f)(j)	1M CME TERM SOFR + 4.55%		04/25/2027		897,672
		Retained Vantage Data Centers Issuer LLC
	2,500,000	Series 2023-1A(f)	5.75%		09/15/2028		2,442,573
		Sapphire Aviation Finance II, Ltd.
	301,560	Series 2020-1A(f)	3.23%		03/15/2027		286,438
		Signal Rail I LLC
	441,486	Series 2021-1(f)	2.23%		08/17/2028		403,396
		SLG Office Trust
	550,000	Series 2021-OVA(f)	2.85%		07/15/2031		446,223
		SMB Private Education Loan Trust
	114,333	Series 2018-B(f)(j)	1M SOFR + 0.83%		08/15/2027		113,991
	968	Series 2021-A(f)	0.00%		01/15/2053		1,833,150
		Sofi Alternative Consumer Loan Program
	50,000	Series 2021-2(f)	0.00%		08/15/2030		216,586

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
		Sofi Professional Loan Program Trust
$	80,000	Series 2018-C(f)	0.00%		01/25/2048	$	670,838
		Sofi Professional Loan Program, LLC
	32,412	Series 2018-A(f)	0.00%		02/25/2042		256,428
		SoFi Professional Loan Program, LLC
	300,000	Series 2017-D(f)	3.61%		09/25/2040		283,020
		Sprite, Ltd.
	305,235	Series 2021-1(f)	3.75%		10/15/2028		295,602
		STWD Mortgage Trust
	380,000	Series 2021-HTS(f)(j)	1M CME TERM SOFR + 1.52%		04/15/2024		375,032
		Subway Funding LLC
	250,000	Series 2024-1A(f)	6.51%		07/30/2034		260,705
		Sunnova Helios VII Issuer LLC
	1,031,716	Series 2021-C(f)	2.63%		10/20/2028		589,924
		Sunnova Sol III Issuer LLC
	1,219,001	Series 2021-1(f)	2.58%		04/30/2031		992,619
		Sunnova Sol Issuer LLC
	860,385	Series 2020-1A(f)	3.35%		01/30/2030		742,905
		Switch ABS Issuer LLC
	1,000,000	Series 2024-2A(f)	5.44%		06/25/2029		1,014,656
	1,000,000	Series 2024-2A(f)	10.03%		06/25/2029		1,050,285
		TIF Funding II LLC
	283,000	Series 2021-1A(f)	1.65%		02/20/2046		254,327
		Tricon Residential
	3,700,000	Series 2021-SFR1(f)	4.13%		07/17/2026		3,467,350
		UBS Commercial Mortgage Trust
	31,908,500	Series 2017-C3(j)(n)	0.54%		08/15/2050		393,799
	350,000	Series 2017-C4(j)	4.24%		09/15/2027		330,290
	530,000	Series 2018-C11(j)	4.71%		06/15/2028		480,020
	1,023,000	Series 2018-C13(j)	5.13%		10/15/2028		937,689
	1,099,000	Series 2018-C8(j)	4.84%		02/15/2028		974,448
		UBS-Barclays Commercial Mortgage Trust
	1,618,000	Series 2013-C5(f)(j)	3.84%		03/10/2046		1,229,280
		Upstart Pass-Through Trust
	36,651	Series 2021-ST1(f)	2.75%		02/20/2027		36,250
	88,308	Series 2021-ST2(f)	2.50%		04/20/2027		86,923
		Upstart Securitization Trust
	2,000	Series 2021-2	0.00%		06/20/2031		168,653
	1,000,000	Series 2021-4(f)	3.19%		03/20/2026		956,060
		US Auto Funding 2021-1
	596,627	Series 2021-1A(f)	2.20%		05/15/2026		562,639

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 41

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
		Vault DI Issuer LLC
$	750,000	Series 2021-1A(f)	2.80%		07/15/2026	$	689,072
		Velocity Commercial Capital Loan Trust
	175,999	Series 2018-2(f)(j)	4.05%		09/25/2024		171,167
	398,183	Series 2019-1(f)(j)	3.94%		01/25/2027		369,848
	213,848	Series 2019-1(f)(j)	4.01%		07/25/2027		193,426
	163,975	Series 2019-1(f)(j)	4.12%		11/25/2027		145,251
	1,315,113	Series 2021-2(f)(j)	4.92%		12/25/2030		940,807
		VOLT XCVI LLC
	4,130,525	Series 2021-NPL5(f)(m)	4.83%		03/27/2051		4,026,907
		Wachovia Bank Commercial Mortgage Trust
	745	Series 2006-C29(j)(n)	0.49%		11/15/2048		2
		WAVE LLC
	1,250,085	Series 2019-1(f)	6.41%		09/15/2044		442,751
		Wells Fargo Commercial Mortgage Trust
	1,245,000	Series 2015-NXS4(j)	3.83%		11/15/2025		1,151,958
	1,000,000	Series 2016-C33(f)	3.12%		03/15/2059		840,950
	5,628,945	Series 2016-C37(f)(j)(n)	1.60%		12/15/2049		164,139
	1,100,000	Series 2018-C45	4.73%		06/15/2028		1,036,345
	134,000	Series 2020-C55	3.14%		02/15/2030		119,261
	830,000	Series 2021-C61	3.31%		07/15/2031		682,019
		WFRBS Commercial Mortgage Trust
	163,036	Series 2013-C14	3.49%		06/15/2046		157,880
		WF-RBS Commercial Mortgage Trust
	121,246	Series 2014-C21(j)(n)	0.70%		08/15/2047		2
	600,534	Series 2014-C22(j)(n)	0.63%		09/15/2057		8
		Willis Engine Structured Trust V
	760,445	Series 2020-A(f)	3.23%		03/15/2028		714,963
		Willis Engine Structured Trust VI
	1,682,936	Series 2021-A(f)	7.39%		05/15/2029		1,655,210
TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $275,555,124)							235,773,095
U.S. GOVERNMENT BONDS AND NOTES -15.30%
United States - 15.30%
	5,000,000	U.S. Treasury Bill(l)	0.00%		10/01/2024		5,000,000
	6,350,000	U.S. Treasury Bonds	0.63%		05/15/2030		5,393,655
	11,850,000	U.S. Treasury Bonds	0.88%		11/15/2030		10,087,544
	32,900,000	U.S. Treasury Bonds	1.13%		05/15/2040		21,748,057
	9,100,000	U.S. Treasury Bonds	1.13%		08/15/2040		5,964,410

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
$	11,400,000	U.S. Treasury Bonds	1.88%		02/15/2041	$	8,364,527
	42,350,000	U.S. Treasury Bonds	1.75%		08/15/2041		30,044,513
	27,400,000	U.S. Treasury Bonds	1.25%		05/15/2050		14,669,703
	29,200,000	U.S. Treasury Bonds	1.38%		08/15/2050		16,094,219
	16,400,000	U.S. Treasury Bonds	1.88%		02/15/2051		10,280,430
	48,000,000	U.S. Treasury Notes	0.75%		03/31/2026		45,913,125
	5,000,000	U.S. Treasury Notes	4.38%		07/31/2026		5,060,742
	7,800,000	U.S. Treasury Notes	0.75%		01/31/2028		7,113,692
	11,950,000	U.S. Treasury Notes	0.63%		08/15/2030		10,073,243
TOTAL U.S. GOVERNMENT BONDS AND NOTES
(Cost $186,241,159)							195,807,860
MORTGAGE-BACKED SECURITIES - 3.61%
United States - 3.61%
		Fannie Mae Pool
	1,621,046	Series 2021-	2.00%		05/01/2051		1,367,510
	2,798,147	Series 2021-	2.50%		08/01/2051		2,457,700
	2,472,574	Series 2023-	2.50%		03/01/2052		2,165,130
	2,378,745	Series 2023-	2.50%		04/01/2052		2,076,862
	1,333,536	Series 2023-	6.00%		05/01/2053		1,376,596
	2,029,315	Series 2023-	6.00%		10/01/2053		2,098,240
	1,844,581	Series 2024-	5.50%		03/01/2054		1,889,357
	1,807,717	Series 2024-	5.50%		06/01/2054		1,857,679
	1,419,313	Series 2024-	6.00%		06/01/2054		1,464,846
		Freddie Mac Pool
	1,550,334	Series 2021-	2.00%		05/01/2051		1,289,635
	2,526,319	Series 2022-	3.00%		03/01/2052		2,301,171
	2,197,459	Series 2022-	4.50%		09/01/2052		2,162,197
	911,160	Series 2023-	2.00%		02/01/2052		768,190
	1,411,935	Series 2023-	5.50%		04/01/2053		1,455,344
	1,500,098	Series 2023-	5.00%		05/01/2053		1,510,851
	2,024,285	Series 2023-	5.00%		06/01/2053		2,054,663
	1,867,932	Series 2023-	5.00%		07/01/2053		1,884,232
	3,478,209	Series 2023-	5.50%		08/01/2053		3,549,361
	1,371,981	Series 2023-	6.00%		11/01/2053		1,440,225
	852,450	Series 2024-	6.00%		02/01/2054		894,854
	2,097,636	Series 2024-	5.50%		02/01/2054		2,158,207
	975,110	Series 2024-	6.00%		04/01/2054		1,007,666
		Ginnie Mae I Pool
	2,843,035	Series 2012-	3.50%		09/15/2042		2,720,206
		Ginnie Mae II Pool
	2,592,837	Series 2021-	3.00%		11/20/2051		2,350,832

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 43

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
$	2,124,153	Series 2022-	3.00%		04/20/2052	$	1,927,036
TOTAL MORTGAGE-BACKED SECURITIES
(Cost $44,959,619)							46,228,590
U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 16.19%
United States - 16.19%
		Alternative Loan Trust
	118,634	Series 2005-20CB	5.50%		07/25/2035		96,314
	57,052	Series 2005-54CB	5.50%		11/25/2035		32,209
	559,949	Series 2005-85CB(j)	1M US L + 1.10%		02/25/2036		434,670
	118,252	Series 2005-85CB(j)	21.63% - 3.67 x 1M US L		02/25/2036		101,442
	173,266	Series 2005-86CB	5.50%		02/25/2036		103,344
	125,102	Series 2005-9CB(j)	1M US L + 0.50%		05/25/2035		108,321
	222,181	Series 2005-9CB(j)(n)	5.05% - 1M US L		05/25/2035		9,254
	1,008,886	Series 2006-15CB	6.50%		06/25/2036		474,523
	97,003	Series 2006-30T1	6.25%		11/25/2036		73,568
	92,299	Series 2006-32CB	5.50%		11/25/2036		51,396
	220,312	Series 2006-36T2(j)	28.06% - 4.60 x 1M US L		12/25/2036		173,324
	799,829	Series 2007-19	6.00%		08/25/2037		392,355
	2,648,513	Series 2007-20	6.25%		08/25/2047		1,402,099
	744,415	Series 2007-23CB(j)	1M US L + 0.50%		09/25/2037		273,211
	710,792	Series 2007-23CB(j)(n)	6.39% - 1M SOFR		09/25/2037		114,297
		American Home Mortgage Investment Trust
	157,985	Series 2007-A(f)(m)	6.60%		01/25/2037		23,944
		Banc of America Funding
	1,467,605	Series 2014-R8(f)(j)	1M SOFR + 0.35%		12/26/2024		1,203,365
		Banc of America Funding Trust
	26,100	Series 2006-2	5.50%		03/25/2036		25,787
		BCAP, LLC Trust
	94,231	Series 2007-AA2(j)	7.50%		04/25/2037		49,956
	61,137	Series 2007-AA2	6.00%		04/25/2037		27,260
	4,604,043	Series 2010-RR6(f)(j)	7.04%		07/26/2036		2,248,934
		Bear Stearns ALT-A Trust
	676,609	Series 2006-6(j)	4.58%		11/25/2036		302,552
		Bear Stearns Asset-Backed Securities Trust
	1,093,047	Series 2006-AC1(m)	6.25%		02/25/2036		514,933
		Bear Stearns Structured Products, Inc.
	6,759,714	Series 2008-R2(f)(j)	4.32%		06/25/2047		5,803,535
		Chase Mortgage Finance Trust
	3,088,952	Series 2007-S2	6.00%		03/25/2037		1,713,679

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
$	330,561	Series 2007-S3	5.50%		05/25/2037	$	3
	4,292,389	Series 2007-S4	6.00%		06/25/2037		1,822,245
		ChaseFlex Trust Series
	3,080,473	Series 2007-M1(j)	1M SOFR + 0.34%		08/25/2037		2,549,366
		Citicorp Mortgage Securities Trust
	273,236	Series 2007-1	6.00%		01/25/2037		250,812
		Citigroup Mortgage Loan Trust
	65,737	Series 2009-12(f)	5.50%		11/25/2035		56,433
	145,990	Series 2009-4(f)(j)	5.48%		05/25/2035		143,523
		CitiMortgage Alternative Loan Trust
	283,648	Series 2007-A1	6.00%		01/25/2037		254,118
	55,874	Series 2007-A1(j)(n)	5.40% - 1M US L		01/25/2037		4,256
	41,276	Series 2007-A3(j)	6.00%		03/25/2037		36,039
	94,990	Series 2007-A3(j)(n)	5.40% - 1M US L		03/25/2037		7,164
	288,996	Series 2007-A6	5.50%		06/25/2037		243,360
		Connecticut Avenue Securities Trust
	3,368,965	Series 2019-R05(f)(j)	30D US SOFR + 4.21%		07/25/2039		3,514,143
	4,250,000	Series 2022-R02(f)(j)	30D US SOFR + 7.65%		01/25/2027		4,618,824
	3,685,000	Series 2022-R03(f)(j)	30D US SOFR + 9.85%		03/25/2042		4,187,926
	4,125,000	Series 2023-R06(f)(j)	30D US SOFR + 3.90%		07/25/2043		4,394,268
	1,318,469	Series 2024-R03(f)(j)	30D US SOFR + 1.15%		03/25/2044		1,321,355
	5,000,000	Series 2024-R03(f)(j)	30D US SOFR + 2.80%		03/25/2044		5,112,500
	1,432,063	Series 2024-R05(f)(j)	30D US SOFR + 1.00%		07/25/2044		1,433,853
		Countrywide Home Loan Mortgage Pass-Through Trust
	1,016,483	Series 2005-HYB7(j)	4.48%		11/20/2035		928,743
	19,963	Series 2005-J4	5.50%		11/25/2035		16,596
	1,151,683	Series 2006-18	6.00%		12/25/2036		649,052
	128,881	Series 2007-17	6.00%		10/25/2037		90,983
	199,333	Series 2007-3	6.00%		04/25/2037		98,127
	219,846	Series 2007-7	5.75%		06/25/2037		108,185
		Credit Suisse First Boston Mortgage Securities Corp.
	38,628	Series 2005-10	5.50%		11/25/2035		28,767
	21,255	Series 2005-8	5.50%		08/25/2025		15,642
	4,004,551	Series 2005-9	6.00%		10/25/2035		1,218,355

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 45

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
		Credit Suisse Mortgage Capital Certificates
$	1,717,596	Series 2006-2	5.75%		03/25/2036	$	917,245
		CSMC
	900,000	Series 2021-NQM6(f)(j)	2.58%		07/25/2066		670,513
		CSMC Mortgage-Backed Trust
	143,575	Series 2006-1	6.00%		02/25/2036		44,470
	13,043	Series 2006-4	5.50%		03/25/2038		7,742
	787,357	Series 2006-5	6.25%		06/25/2036		128,799
	55,362	Series 2006-9	6.00%		11/25/2036		32,169
	3,643	Series 2007-2	5.00%		03/25/2037		2,752
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	167,122	Series 2005-6(j)(n)	5.08% - 1M US L		12/25/2035		10,970
	73,325	Series 2005-6(j)	1M US L + 1.40%		12/25/2035		56,611
		Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
	87,131	Series 2006-PR1(f)(j)	12.12% - 1M US L		04/15/2036		79,285
		Fannie Mae Interest Strip
	5,423,322	Series 2014-419(n)	3.50%		04/25/2044		800,005
		Fannie Mae Pool
	3,734,171	Series 2021-	3.00%		10/01/2046		3,429,394
	1,824,244	Series 2021-	3.00%		12/01/2048		1,666,294
	3,065,091	Series 2022-	3.50%		11/01/2050		2,893,511
	1,452,422	Series 2022-	5.00%		07/01/2052		1,454,029
	3,000,000	Series Pool #BL4424	2.14%		10/01/2029		2,759,415
	3,000,000	Series Pool #BL5156	2.37%		12/01/2029		2,771,046
		Fannie Mae REMICS
	4,585,519	Series 2014-1(j)(n)	5.79% - 30D US SOFR		02/25/2044		596,677
	5,183,671	Series 2015-54(j)(n)	6.04% - 30D US SOFR		07/25/2045		637,468
	8,475,180	Series 2020-74(j)(n)	4.10% - 30D US SOFR		10/25/2050		524,601
	17,551,635	Series 2020-77(j)(n)	4.10% - 30D SOFR		11/25/2050		1,002,828
	2,069,643	Series 2021-48(j)(n)	3.65% - 30D US SOFR		08/25/2051		81,810
	13,757,680	Series 2021-56(n)	2.50%		09/25/2051		1,685,501
		Federal Home Loan Mortgage Corp. Pool
	93,502	Series Pool #G01840	5.00%		07/01/2035		96,020
	36,433	Series Pool #G04817	5.00%		09/01/2038		37,587
		Federal Home Loan Mortgage Corp. REMICS
	467,042	Series 2003-2722(j)	9.89% - 1M US L		12/15/2033		488,573
	712,064	Series 2006-3244(j)(n)	6.66% - 1M US L		11/15/2036		79,226

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
$	33,634	Series 2007-3261(j)(n)	6.43% - 1M US L		01/15/2037	$	3,531
	72,984	Series 2007-3262(j)(n)	6.40% - 1M US L		01/15/2037		5,100
	302,836	Series 2007-3301(j)(n)	6.10% - 1M US L		04/15/2037		28,099
	215,850	Series 2007-3303(j)(n)	6.10% - 1M US L		04/15/2037		21,938
	53,784	Series 2007-3382(j)(n)	6.00% - 1M US L		11/15/2037		4,221
	189,987	Series 2007-3384(j)(n)	6.31% - 1M US L		08/15/2036		18,462
	63,482	Series 2007-3384(j)(n)	6.39% - 1M US L		11/15/2037		4,492
	21,725	Series 2008-3417(j)(n)	6.18% - 1M US L		02/15/2038		1,887
	969,504	Series 2008-3423(j)(n)	6.00% - 1M US L		03/15/2038		2,612
	71,021	Series 2008-3423(j)(n)	5.65% - 1M US L		03/15/2038		5,376
	615,389	Series 2009-3510(j)(n)	6.75% - 1M US L		02/15/2037		58,382
	187,837	Series 2009-3523(j)(n)	6.00% - 1M US L		04/15/2039		16,645
	33,772	Series 2009-3524(j)(n)	3.41%		06/15/2038		32,216
	3,073	Series 2009-3549(j)(n)	5.80% - 1M US L		07/15/2039		269
	310,903	Series 2009-3560(j)(n)	6.40% - 1M US L		11/15/2036		18,620
	126,562	Series 2010-3641	4.50%		03/15/2040		128,286
	186,143	Series 2010-3726(j)(n)	6.05% - 1M US L		09/15/2040		20,386
	561,759	Series 2010-3728(j)(n)	4.45% - 1M US L		09/15/2040		19,230
	208,548	Series 2010-3779	3.50%		12/15/2030		206,099
	42,966	Series 2010-3779	4.00%		12/15/2030		43,069
	27,133	Series 2011-3786(j)	9.50% - 1M US L		01/15/2041		22,609
	392,962	Series 2011-3815(j)(n)	5.85% - 1M US L		02/15/2041		36,348
	196,750	Series 2011-3824(j)(n)	7.10% - 1M US L		08/15/2036		25,025
	302,749	Series 2011-3864(j)	9.20% - 1M US L		05/15/2041		256,707
	214,176	Series 2011-3872(j)(n)	5.95% - 1M US L		06/15/2041		19,023
	927,598	Series 2011-3924(j)(n)	6.00% - 1M US L		09/15/2041		67,164
	1,325,271	Series 2012-3(j)(n)	5.95% - 1M US L		02/25/2042		154,186
	647,440	Series 2013-4170(j)	4.05% - 1M US L		01/15/2033		585,789
	2,097,207	Series 2013-4239(l)	0.00%		07/15/2043		1,274,166
		Federal National Mortgage Association Pool
	24,657	Series Pool #555743	5.00%		09/01/2033		25,020
	29,911	Series Pool #735382	5.00%		04/01/2035		30,680
	83,797	Series Pool #735383	5.00%		04/01/2035		85,953
	52,976	Series Pool #735484	5.00%		05/01/2035		54,337
	16,717	Series Pool #AH4437	4.00%		01/01/2041		16,246
		Federal National Mortgage Association REMICS
	10,236	Series 2004-46(j)(n)	6.00% - 1M US L		03/25/2034		176
	108,759	Series 2006-101(j)(n)	6.47% - 30D US SOFR		10/25/2036		12,936
	314,516	Series 2006-123(j)(n)	6.32% - 1M US L		01/25/2037		37,379
	1,338,143	Series 2006-92(j)(n)	6.47% - 30D US SOFR		10/25/2036		126,872
	41,422	Series 2007-102(j)(n)	6.40% - 1M US L		11/25/2037		3,443
	36,041	Series 2007-108(j)(n)	6.36% - 1M US L		12/25/2037		2,791

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 47

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
$	5,607	Series 2007-30(j)(n)	6.11% - 1M US L		04/25/2037	$	445
	211,198	Series 2007-38(j)(n)	6.08% - 1M US L		05/25/2037		12,745
	8,721	Series 2007-51(j)(n)	6.10% - 1M US L		06/25/2037		572
	24,589	Series 2007-53(j)(n)	6.10% - 1M US L		06/25/2037		1,759
	210,764	Series 2007-57(j)(n)	6.62% - 1M US L		10/25/2036		23,439
	42,662	Series 2007-68(j)(n)	6.65% - 1M US L		07/25/2037		4,118
	345,995	Series 2008-3(j)(n)	6.46% - 1M US L		02/25/2038		29,130
	33,622	Series 2008-56(j)(n)	6.06% - 1M US L		07/25/2038		1,806
	9,607	Series 2008-81	5.50%		09/25/2038		9,925
	99,455	Series 2009-111	5.00%		01/25/2040		101,463
	49,281	Series 2009-111(j)(n)	6.25% - 1M US L		01/25/2040		5,846
	411,247	Series 2009-12(j)(n)	6.60% - 1M US L		03/25/2036		32,414
	12,058	Series 2009-28(j)(n)	6.00% - 1M US L		04/25/2037		814
	83,388	Series 2009-41	4.50%		06/25/2039		83,376
	34,269	Series 2009-42(j)(n)	6.00% - 1M US L		06/25/2039		2,638
	67,960	Series 2009-47(j)(n)	6.10% - 1M US L		07/25/2039		4,615
	27,068	Series 2009-62(j)(n)	6.10% - 1M US L		08/25/2039		985
	29,685	Series 2009-66(j)(n)	5.80% - 1M US L		02/25/2038		2,482
	22,873	Series 2009-68(j)(n)	5.25% - 1M US L		09/25/2039		1,576
	65,297	Series 2010-11(j)(n)	4.80% - 1M US L		02/25/2040		4,899
	14,350	Series 2010-111(j)(n)	6.00% - 1M US L		10/25/2040		986
	62,279	Series 2010-115(j)(n)	6.60% - 1M US L		11/25/2039		6,408
	783,389	Series 2010-115(j)(n)	6.00% - 1M US L		10/25/2040		80,429
	1,847,444	Series 2010-123(j)(n)	6.05% - 1M US L		11/25/2040		195,078
	313,690	Series 2010-15(j)(n)	4.95% - 1M US L		03/25/2040		15,091
	20,265	Series 2010-34(j)(n)	4.93% - 1M US L		04/25/2040		933
	22,392	Series 2010-4(j)(n)	6.23% - 1M US L		02/25/2040		1,930
	33,243	Series 2010-58(j)	12.47% - 1M US L		06/25/2040		32,421
	1,081,287	Series 2010-75	4.50%		07/25/2040		1,075,303
	15,812	Series 2010-9(j)(n)	5.30% - 1M US L		02/25/2040		1,013
	83,699	Series 2010-9(j)(n)	4.75% - 1M US L		02/25/2040		4,345
	4,645	Series 2010-90(j)(n)	6.00% - 1M US L		08/25/2040		442
	53,280	Series 2011-25	3.00%		04/25/2026		52,645
	1,465,528	Series 2012-106(j)(n)	6.16% - 1M US L		10/25/2042		171,054
	262,964	Series 2012-124(j)	7.79% - 1M US L		11/25/2042		202,708
	95,753	Series 2012-29(j)(n)	6.00% - 1M US L		04/25/2042		9,055
	273,920	Series 2012-32(n)	5.00%		04/25/2042		39,844
	1,410,962	Series 2012-65(j)(n)	5.98% - 1M US L		06/25/2042		179,645
	566,534	Series 2018-21(l)	0.00%		04/25/2048		444,527
		First Horizon Alternative Mortgage Securities Trust
	453,005	Series 2005-FA6	5.50%		09/25/2035		242,717
		First Horizon Mortgage Pass-Through Trust
	434,522	Series 2007-AR3(j)	5.06%		11/25/2037		186,166

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
		Freddie Mac Pool
$	3,479,937	Series 2021-	2.00%		11/01/2050	$	2,949,241
	1,418,903	Series 2022-	3.00%		03/01/2052		1,287,558
		Freddie Mac REMICS
	1,811,793	Series 2011-3972(j)(n)	5.79% - 30D US SOFR		12/15/2041		217,483
	1,963,895	Series 2020-5007(j)(n)	5.99% - 30D US SOFR		08/25/2050		287,352
	3,793,429	Series 2020-5041(n)	2.00%		11/25/2050		462,075
	10,595,793	Series 2020-5057(n)	3.00%		11/25/2050		1,628,678
	7,917,010	Series 2021-5070(n)	3.50%		02/25/2051		1,362,190
	6,250,937	Series 2021-5083	2.50%		03/25/2051		3,750,823
		Freddie Mac STACR REMIC Trust
	4,300,000	Series 2020-DNA6(f)(j)	30D US SOFR + 5.65%		12/25/2050		4,891,987
	2,500,000	Series 2021-DNA1(f)(j)	30D US SOFR + 4.75%		01/25/2051		2,690,482
	2,750,000	Series 2021-HQA2(f)(j)	30D US SOFR + 3.15%		12/25/2033		3,044,794
		Freddie Mac STACR REMIC Trust 2020-DNA2
	3,000,000	Series 2021-DNA2(f)(j)	30D US SOFR + 6.00%		08/25/2033		3,563,231
		GCAT
	1,500,000	Series 2021-NQM4(f)(j)	2.47%		08/25/2025		1,045,395
		Ginnie Mae II Pool
	4,537,256	Series 2021-	2.50%		10/20/2051		3,977,116
	1,366,377	Series 2021-	2.50%		11/20/2051		1,193,908
		Government National Mortgage Association
	21,887	Series 2004-83(j)(n)	6.08% - 1M US L		10/20/2034		1,314
	21,210	Series 2008-6(j)(n)	6.46% - 1M US L		02/20/2038		18
	20,459	Series 2008-67(j)(n)	6.00% - 1M US L		08/20/2038		12
	318,631	Series 2008-69(j)(n)	7.63% - 1M US L		08/20/2038		20,479
	32,195	Series 2009-10(j)(n)	6.65% - 1M US L		02/16/2039		3,173
	1,285,129	Series 2009-58(j)(n)	6.25% - 1M US L		06/20/2039		93,024
	22,612	Series 2009-6(j)(n)	5.95% - 1M US L		02/20/2038		12
	651,224	Series 2009-75	5.00%		09/20/2039		658,293
	1,548,953	Series 2010-121(j)(n)	6.00% - 1M US L		09/20/2040		161,469
	23,137	Series 2010-61(j)(n)	6.44% - 1M SOFR		09/20/2039		1,407
	668,395	Series 2010-85(j)	1M SOFR + 0.67%		07/20/2040		667,999
	30,855	Series 2010-98(j)(n)	5.38%		03/20/2039		950
	13,418,075	Series 2010-H20(j)(n)	1.44%		10/20/2060		346,613
	215,574	Series 2011-69(l)	0.00%		05/20/2041		172,455
	471,798	Series 2011-71(j)(n)	5.40% - 1M US L		05/20/2041		44,244
	135,152	Series 2011-72(j)(n)	6.15% - 1M US L		05/20/2041		12,365

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 49

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
$	710,047	Series 2011-89(j)(n)	5.45% - 1M US L		06/20/2041	$	67,289
	1,244,026	Series 2013-113(j)(n)	6.25% - 1M US L		03/20/2043		41,400
	2,542,660	Series 2013-122(j)(n)	6.10% - 1M US L		08/16/2043		343,646
	1,873,896	Series 2013-148(j)(n)	5.68% - 1M US L		10/16/2043		194,652
	1,863,533	Series 2013-186(j)(n)	6.25% - 1M US L		02/16/2043		115,160
	1,569,071	Series 2014-156(j)(n)	6.25% - 1M US L		10/20/2044		200,208
	3,095,753	Series 2014-4(j)(n)	6.10% - 1M US L		01/16/2044		403,225
	3,923,655	Series 2014-41(j)(n)	5.99% - 1M SOFR		03/20/2044		505,638
	1,415,324	Series 2014-5(j)(n)	6.15% - 1M US L		07/20/2043		92,263
	2,470,589	Series 2014-95(j)(n)	6.25% - 1M US L		06/16/2044		244,691
	9,748,128	Series 2016-162(j)(n)	0.79%		09/16/2058		368,252
	1,411,166	Series 2016-89(j)	1M SOFR + 0.56%		07/20/2046		1,399,733
	10,869,361	Series 2016-H21(j)(n)	1.90%		09/20/2066		460,008
	7,314,000	Series 2018-19	3.00%		02/20/2048		6,235,632
	4,112,471	Series 2018-97(j)(n)	6.09% - 1M SOFR		07/20/2048		561,548
	446,993	Series 2019-112(j)	1M SOFR + 0.51%		09/20/2049		439,139
	9,090,583	Series 2019-22(j)(n)	5.49% - 1M SOFR		02/20/2045		980,243
	1,284,339	Series 2019-90(j)	1M SOFR + 0.46%		07/20/2049		1,258,989
	4,081,391	Series 2019-92(j)(n)	5.99% - 1M SOFR		07/20/2049		524,833
	17,611,222	Series 2019-H10(j)(n)	0.68%		06/20/2069		978,673
	4,415,717	Series 2019-H18(j)(n)	0.06%		11/20/2069		281,488
	8,405,641	Series 2020-112(j)(n)	6.14% - 1M SOFR		08/20/2050		1,105,330
	11,810,332	Series 2020-146(j)(n)	6.19% - 1M SOFR		10/20/2050		1,871,354
	15,314,463	Series 2020-146(j)(n)	3.75% - 1M US L		10/20/2050		658,790
	11,123,763	Series 2020-167(j)(n)	3.75% - 1M US L		11/20/2050		396,257
	17,194,152	Series 2020-168(j)(n)	0.98%		12/16/2062		1,253,502
	4,125,217	Series 2020-188(j)(n)	6.19% - 1M SOFR		11/20/2050		618,033
	15,833,861	Series 2020-188(n)	2.50%		12/20/2050		2,336,837
	17,816,651	Series 2020-191(n)	3.50%		12/20/2050		3,363,728
	18,189,449	Series 2020-H18(j)(n)	1.36%		09/20/2070		1,216,163
	9,277,928	Series 2021-1(j)(n)	6.19% - 1M SOFR		01/20/2051		1,519,090
	14,114,847	Series 2021-1(n)	2.50%		01/20/2051		1,910,620
	9,250,852	Series 2021-107(j)(n)	3.75% - 1M US L		06/20/2051		479,932
	1,431,168	Series 2021-117(n)	3.50%		06/20/2051		248,432
	12,083,532	Series 2021-160(n)	2.50%		06/20/2051		1,358,475
	1,668,063	Series 2021-197(n)	3.50%		11/20/2051		306,302
	16,871,900	Series 2021-52(j)(n)	0.72%		04/16/2063		918,545
	21,632,496	Series 2021-59(j)(n)	2.60% - 30D US SOFR		04/20/2051		291,632
	12,114,155	Series 2021-7(n)	2.50%		01/20/2051		1,897,714
	12,095,398	Series 2021-76(n)	3.00%		08/20/2050		2,020,674
	14,302,703	Series 2021-77(n)	2.50%		05/20/2051		1,598,170
	11,028,334	Series 2021-77(j)(n)	3.75% - 1M US L		05/20/2051		519,727
	5,527,488	Series 2021-89(j)(n)	3.75% - 1M US L		05/20/2051		249,792
	8,606,099	Series 2021-97(j)(n)	3.75% - 1M US L		06/20/2051		304,484
	26,692,720	Series 2021-97(j)(n)	3M US L + 2.44%		06/20/2051		256,474

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
$	12,816,327	Series 2021-H08(j)(n)	0.13%		05/20/2071	$	395,048
	35,049,938	Series 2022-1(j)(n)	2.65% - 30D US SOFR		01/20/2052		478,800
	22,154,858	Series 2022-207(n)	3.00%		08/20/2051		3,563,186
	26,389,436	Series 2022-48(j)(n)	0.71%		01/16/2064		1,608,544
	13,502,036	Series 2022-83(n)	2.50%		11/20/2051		1,910,165
		GSR Mortgage Loan Trust
	885,959	Series 2006-2F	5.25%		02/25/2036		353,163
	1,529,194	Series 2007-2F	6.00%		03/25/2037		818,981
	665,952	Series 2007-AR2(j)	4.35%		05/25/2037		373,904
		Impac CMB Trust
	73,573	Series 2004-10(j)	1M SOFR + 0.81%		03/25/2035		62,486
		Imperial Fund Mortgage Trust
	1,000,000	Series 2021-NQM4(f)(j)	3.45%		01/25/2057		762,613
		IndyMac IMJA Mortgage Loan Trust
	947,480	Series 2007-A1	6.00%		08/25/2037		381,819
		IndyMac IMSC Mortgage Loan Trust
	4,681,194	Series 2007-F2	6.50%		07/25/2037		1,459,833
		JP Morgan Alternative Loan Trust
	145,120	Series 2005-S1	6.00%		12/25/2035		99,110
	17,447	Series 2006-S3(m)	6.62%		08/25/2036		17,156
		JP Morgan Mortgage Trust
	766,838	Series 2007-S3	6.00%		07/25/2037		360,612
		JP Morgan Resecuritization Trust
	470,476	Series 2011-1(f)(j)	6.00%		06/26/2037		391,194
	1,795,236	Series 2014-6(f)(j)	1M SOFR + 0.32%		07/27/2046		1,759,822
		Lehman Mortgage Trust
	369,731	Series 2006-6	5.50%		10/25/2036		249,177
	3,839,765	Series 2006-7(j)	1M US L + 0.25%		11/25/2036		215,702
	3,839,765	Series 2006-7(j)(n)	7.75% - 1M US L		11/25/2036		265,759
	1,169,712	Series 2006-8(j)	1M US L + 0.42%		12/25/2036		237,133
	1,169,712	Series 2006-8(j)(n)	6.47% - 1M SOFR		12/25/2036		129,891
		Merrill Lynch Alternative Note Asset Trust
	687,842	Series 2007-F1	6.00%		03/25/2037		62,216
		Morgan Stanley Mortgage Loan Trust
	906,912	Series 2005-3AR(j)	5.56%		07/25/2035		753,349
	2,141,836	Series 2006-11	6.00%		08/25/2036		1,312,898
	2,406,276	Series 2006-1AR(j)	1M SOFR + 0.39%		02/25/2036		1,484,080
	525,563	Series 2006-7(j)	5.10%		06/25/2036		289,313
	601,343	Series 2006-7	6.00%		06/25/2036		282,982

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 51

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
		Nomura Asset Acceptance Corp. Alternative Loan Trust
$	918,617	Series 2005-AP3(j)	5.32%	08/25/2035	$	409,841
		PR Mortgage Loan Trust
	5,531,910	Series 2014-1(f)(j)	5.86%	09/25/2047		5,325,515
		Prime Mortgage Trust
	38,938	Series 2006-DR1(f)	5.50%	05/25/2035		35,014
		RBSGC Structured Trust
	96,353	Series 2008-B(f)	6.00%	06/25/2037		83,740
		Residential Accredit Loans, Inc.
	3,134,113	Series 2006-QA5(j)	1M US L + 0.22%	07/25/2036		1,126,810
	1,060,527	Series 2006-QS10	6.50%	08/25/2036		913,952
	272,868	Series 2006-QS6	6.00%	06/25/2036		215,452
	654,073	Series 2006-QS7	6.00%	06/25/2036		515,420
	34,386	Series 2006-QS7(j)	1M US L + 0.40%	06/25/2036		24,238
	103,158	Series 2006-QS7(j)(n)	5.60% - 1M US L	06/25/2036		8,014
	45,060	Series 2006-QS8(j)	1M US L + 0.45%	08/25/2036		32,856
	135,180	Series 2006-QS8(j)(n)	5.55% - 1M US L	08/25/2036		11,994
	4,373	Series 2007-QS6(j)	55.00% - 8.33 x 1M US L	04/25/2037		6,272
	401,731	Series 2007-QS9	6.50%	07/25/2037		331,447
	200,586	Series 2008-QR1	6.00%	08/25/2036		165,944
		Residential Asset Securitization Trust
	383,405	Series 2006-A1	6.00%	04/25/2036		177,943
	861,241	Series 2006-A2	6.00%	05/25/2036		340,664
	896,952	Series 2006-A6	6.50%	07/25/2036		259,095
	243,132	Series 2006-A8	6.00%	08/25/2036		149,337
	148,396	Series 2006-A8	6.50%	08/25/2036		44,812
	314,081	Series 2006-A8(j)(n)	5.90% - 1M US L	08/25/2036		30,956
	1,331,051	Series 2007-A1	6.00%	03/25/2037		414,680
	55,696	Series 2007-A6	6.00%	06/25/2037		29,765
	2,534,789	Series 2007-A7	6.00%	07/25/2037		964,232
		Residential Funding Mortgage Securities I Trust
	336,038	Series 2006-S3	5.50%	03/25/2036		272,983
	67,941	Series 2006-S6	6.00%	07/25/2036		59,234
	186,823	Series 2007-S3	6.00%	03/25/2037		137,428
	104,480	Series 2007-S6	6.00%	06/25/2037		81,882
		Residential Mortgage Loan Trust
	3,250,000	Series 2020-1(f)(j)	4.67%	01/26/2060		3,052,585
		Sequoia Mortgage Trust
	853,726	Series 2007-3(j)	4.66%	07/20/2037		652,135
		Structured Asset Securities Corp.
	120,614	Series 2005-RF1(f)(j)	1M US L + 0.35%	03/25/2035		104,899
	120,614	Series 2005-RF1(f)(j)(n)	0.00%	03/25/2035		151

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
		TBW Mortgage-Backed Trust
$	1,391,146	Series 2006-2	7.00%	07/25/2036	$	222,338
		Verus Securitization Trust
	2,300,000	Series 2019-INV3(f)(j)	3.28%	11/25/2059		2,210,239
	1,500,000	Series 2021-4(f)(j)	2.20%	07/25/2066		1,099,520
	1,400,000	Series 2021-6(f)(j)	4.05%	10/25/2066		1,176,747
	2,000,000	Series 2021-7(f)(j)	4.19%	10/25/2066		1,535,691
	7,706,000	Series 2022-4(f)(j)	4.78%	04/25/2067		6,862,809
	1,369,315	Series 2023-3(f)(m)	6.44%	03/25/2068		1,385,971
		Wachovia Mortgage Loan Trust, LLC Series Trust
	43,389	Series 2005-B(j)	6.24%	10/20/2035		41,901
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	34,349	Series 2005-9	5.50%	11/25/2035		27,431
	292,860	Series 2006-5	6.00%	07/25/2036		212,690
		Washington Mutual Mortgage Pass-Through Certificates Trust
	455,506	Series 2006-2	6.00%	03/25/2036		445,440
		Wells Fargo Alternative Loan Trust
	182,334	Series 2007-PA2(j)	1M US L + 0.43%	06/25/2037		148,973
	182,333	Series 2007-PA2(j)(n)	6.07% - 1M US L	06/25/2037		22,480
	100,381	Series 2007-PA3	5.75%	07/25/2037		86,490
	213,005	Series 2007-PA3	6.25%	07/25/2037		187,592
TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES
(Cost $279,665,731)						207,214,453

Shares/Description			Value
Rights - 0.00%(b)
United States - 0.00%(b)
	100	Advent Convertible and Income Fund, Strike Price 0.01, Expires 10/17/2024		3
TOTAL RIGHTS
(Cost $0)				3

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 53

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Shares/Description			Value
Warrants - 0.00%(b)
United States - 0.00%(b)
	64,870	PERSHING SQUARE SPARC HOLDINGS, Strike Price 0.01, Expires 12/31/2049(d)	$	–
TOTAL WARRANTS
(Cost $0)				–
Short-Term Investments - 5.30%
Money Market Fund - 5.30%
	67,793,779	State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 4.97%)		67,793,779
TOTAL SHORT-TERM INVESTMENTS
(Cost $67,793,779)				67,793,779
TOTAL INVESTMENTS - 100.07%
(Cost $1,377,491,034)			$	1,280,897,491
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.07)%				(902,799	)
NET ASSETS - 100.00%			$	1,279,994,692

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 September 30, 2024 was 4.96%

3M US L - 3 Month LIBOR as of September 30, 2024 was 4.85%

1D SOFR - 1 Day SOFR as of September 30, 2024 was 4.96%

30D SOFR - 30 Day SOFR as of September 30, 2024 was 5.16%

1M SOFR - 1 Month SOFR as of September 30, 2024 was 4.85%

3M SOFR - 3 Month SOFR as of September 30, 2024 was 4.59%

1Y US TI - 1 Year TI as of September 30, 2024 was 3.98% 

5Y US TI - 5 Year TI as of September 30, 2024 was 3.58%

10Y US TI - 10 Year TI as of September 30, 2024 was 3.81%

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

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

^(b)  Less than 0.005%.

^(c)  Non-income producing security.

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

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

^(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 (the “Board”) and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $381,380,269, which represents approximately 29.80% of net assets as of September 30, 2024.

^(g)  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. As of September 30, 2024, the aggregate fair value of those securities was $11,990,551, representing 0.94% of net assets.

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

⁽ⁱ⁾  Security is currently in default.

^(j)  Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at September 30, 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.

^(k)  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.

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

^(m)  Step up bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at September 30, 2024.

⁽ⁿ⁾  Interest only securities.

Futures Contracts:

Description	Contracts		Expiration Date	Notional Value		Value and Unrealized Appreciation/ (Depreciation)
US 2Yr Note Future		30	December 2024	$	6,247,266	$	12,308
US T-Bond Future		8	December 2024		993,500		420
				$	7,240,766	$	12,728

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 55

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2024

Futures Contracts Sold:

Description	Contracts (Short)	Expiration Date		Notional Value		Value and  Unrealized Appreciation/ (Depreciation)
Ultra 10-Yr U.S. Treasury Note Futures	(110)	December 2024	$	13,012,657	$	(24,302	)
US Ultra T-Bond	(45)	December 2024		5,989,219		4,119
			$	19,001,876	$	(20,183	)

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2024

Shares/Description		Value
CLOSED-END FUNDS - 1.71%
United States - 1.71%
58,172	Avenue Income Credit Strategies Fund	$	385,099
64,315	Western Asset Inflation-Linked Opportunities & Income Fund		568,544
TOTAL CLOSED-END FUNDS
(Cost $980,663)			953,643
COMMON STOCKS - 0.16%
United States - 0.16%
3,304	PHI Group, Inc.(a)(b)		88,812
6	Toys R Us Propco Equity(b)		33
TOTAL COMMON STOCKS
(Cost $65,834)			88,845

Principal Amount/Description			Rate	Maturity		Value
BANK LOANS - 11.18%(c)
Great Britain - 0.67%
$	244,375	City Football Group, Ltd., First Lien	1M SOFR + 3.00%, 0.50% Floor		07/22/2030		243,764
	130,604	Osmosis Buyer, Ltd., First Lien - Initial B Term Loan	3M US L + 2.75%, 0.50% Floor		06/16/2028		130,598
							374,362
Luxembourg - 0.44%
	240,584	Wave Distribution Holdings LLC, First Lien - Dollar Tranche Term Loan	1M SOFR + 3.50%		03/05/2027		241,438
United States - 10.07%
	36,396	Adtalem Global Education, Inc., First Lien	6M CME TERM + 2.75%, 0.75% Floor		08/14/2028		36,470
	48,564	Advantage Sales & Marketing, Inc., First Lien	3M SOFR + 4.25%, 0.75% Floor		10/28/2027		47,267
	121,250	Allied Universal Holdco LLC, First Lien - Initial U.S. Dollar Term Loan	1M US L + 3.75%, 0.50% Floor		05/15/2028		120,204
	78,435	American Auto Auction Group, LLC, First Lien	3M SOFR + 5.00%		12/30/2027		78,877
	8,672	American Rock Salt 9/24	6M CME TERM + 7.00%		09/06/2028		8,672
	51,278	American Rock Salt Company LLC, First Lien - Initial Term Loan	3M US L + 3.25%, 0.75% Floor		06/09/2028		42,381
	42,808	Ankura Consulting Group LLC, First Lien	3M SOFR + 4.25%, 0.75% Floor		03/17/2028		42,996
	134,121	ARAGORN PARENT CORPORATION, TL	1M SOFR + 4.25%		06/15/2028		134,791

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 57

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
$	27,275	ASP Blade Holdings, Inc. TLB 1L	3M SOFR + 4.00%		10/07/2028	$	20,286
	219,563	Astoria Energy LLC, First Lien - B Advance (2020) Term Loan	3M US L + 4.25%, 1.00% Floor		12/10/2027		220,488
	137,433	Asurion LLC, First Lien - New B-8 Term Loan	3M SOFR + 3.25%		12/23/2026		137,478
	155,057	BCP Renaissance Parent LLC, First Lien	3M SOFR + 3.25%, 1.00% Floor		10/31/2028		155,250
	69,004	BCPE North Star US Holdco 2, Inc., First Lien - Initial Term Loan	3M US L + 3.75%, 0.75% Floor		06/09/2028		65,489
	97,750	Bengal Debt Merger Sub, LLC, First Lien	3M SOFR + 3.25%		01/19/2029		80,339
	25,000	Bengal Debt Merger Sub, LLC, Second Lien	3M SOFR + 6.00%		01/18/2030		15,548
	19,763	Carnival Corp., First Lien	1M SOFR + 2.75%, 0.75% Floor		10/18/2028		19,827
	172,113	Charter Next Generation, Inc., First Lien	1M SOFR + 3.25%, 0.75% Floor		12/01/2027		172,346
	121,250	Consilio/Skopima 5/21 Cov-Lite TLB	3M SOFR + 4.00%		05/12/2028		121,212
	22,297	CPV Maryland LLC, First Lien - B Advance Term Loan	3M US L + 5.25%, 1.00% Floor		05/11/2028		22,436
	132,647	CQP Holdco LP, First Lien	3M SOFR + 2.25%, 0.50% Floor		12/31/2030		132,678
	27,617	Directv Financing LLC, First Lien	1M SOFR + 5.25%, 0.75% Floor		08/02/2027		27,237
	242,500	DRW Holdings LLC, First Lien	3M SOFR + 3.50%		06/26/2031		242,689
	84,214	EG America LLC, First Lien	3M SOFR + 5.50%, 0.50% Floor		02/07/2028		84,284
	76,050	Electron BidCo, Inc. TL 1L	1M SOFR + 3.00%		10/07/2028		76,240
	146,250	Fertitta Entertainment, LLC, First Lien	1M SOFR + 3.75%		01/13/2029		146,012
	235,223	Flynn Restaurant Group LP, First Lien	1M SOFR + 4.25%, 0.50% Floor		12/04/2028		236,291
	240,681	Great Outdoors Group LLC, First Lien	1M SOFR + 3.75%, 0.75% Floor		03/06/2028		240,957
	147,000	Houghton Mifflin Harcrt Co Tl 1L	1M SOFR + 5.25%		04/04/2029		143,365
	60,795	Hudson River Trading LLC, First Lien	1M US L + 3.00%		03/20/2028		60,800
	61,583	Hunter Douglas, Inc., First Lien	3M SOFR + 3.50%		02/09/2029		61,236
	241,934	IRB Holding Corp., First Lien	1M SOFR + 2.75%, 0.75% Floor		12/15/2027		241,900
	44,505	Majordrive Holdings IV LLC, First Lien - Initial Term Loan	3M US L + 3.75%, 0.50% Floor		06/01/2028		44,672
	57,968	McAfee Corp., First Lien	1M SOFR + 3.25%, 0.50% Floor		03/01/2029		57,836
	34,054	Merion Rose Merger Sub, Inc., First Lien	3M SOFR + 4.00%		12/08/2028		31,397
	196,706	Natgasoline LLC, First Lien - Initial Term Loan	1M SOFR + 3.625%		11/14/2025		195,723
	48,158	Oryx Midstream Services Permian Basin LLC, First Lien	1M SOFR + 3.00%, 0.50% Floor		10/05/2028		48,232

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
$	93,100	PMHC II, INC.TLB 1L	3M SOFR + 4.25%		04/21/2029	$	91,014
	53,625	Restaurant Technologies, Inc. TLB 1L	3M SOFR + 4.25%		03/17/2029		50,991
	39,595	SCIH Salt Holdings, Inc., First Lien - Incremental B-1 Term Loan	3M US L + 3.50%, 0.75% Floor		03/16/2027		39,638
	145,525	SeaWorld Parks & Entertainment, Inc., First Lien	1M SOFR + 2.50%, 0.50% Floor		08/25/2028		145,404
	40,361	Secure Acquisition, Inc.	1M SOFR + 4.25%		12/15/2028		40,488
	42,686	SM Wellness Holdings, Inc., First Lien - Initial Term Loan	3M US L + 3.75%, 0.75% Floor		04/17/2028		42,339
	134,928	Spin Holdco, Inc., First Lien - Initial Term Loan	1M US L + 3.50%, 0.75% Floor		03/04/2028		118,709
	87,188	SPX FLOW, Inc., First Lien	1M SOFR + 3.50%, 0.50% Floor		04/05/2029		87,397
	235,847	STUBHUB HLDGS INC, TL	1M SOFR + 4.75%		03/12/2030		236,043
	94,534	Tiger Acquisition LLC, First Lien - Initial Term Loan	L + 3.25%, 0.50% Floor		06/01/2028		94,203
	70,700	Triton Water Holdings, Inc., First Lien - Initial Term Loan	3M SOFR + 3.25%, 0.50% Floor		03/31/2028		70,658
	186,021	UKG, Inc., First Lien	3M SOFR + 3.25%		02/10/2031		186,254
	199,200	University Support Services LLC, First Lien	1M SOFR + 2.75%, 0.50% Floor		02/12/2029		198,857
	43,875	Univision Communications, Inc., First Lien - B Term Loan	3M US L + 4.00%, 0.75% Floor		01/31/2029		42,888
	63,213	W. R. Grace Holdings LLC, First Lien - Initial Term Loan	L + 3.75%, 0.50% Floor		09/22/2028		63,450
	220,357	Wec US Holdings, Ltd., First Lien	1M SOFR + 2.75%		01/27/2031		220,557
	80,930	Whatabrands LLC, First Lien	1M SOFR + 2.75%, 0.50% Floor		08/03/2028		80,903
	196,655	William Morris Endeavor Entertainment LLC, First Lien - B-1 Term Loan	1M SOFR + 2.75%		05/19/2025		197,023
							5,620,722
TOTAL BANK LOANS
(Cost $6,277,338)							6,236,522
HIGH YIELD DEBT- 78.08%
Australia - 0.34%
	20,000	Mineral Resources, Ltd.(d)	9.25%		10/01/2028		21,321
	60,000	Mineral Resources, Ltd.(d)	8.50%		05/01/2030		62,572
	115,000	Nufarm Australia, Ltd. / Nufarm Americas, Inc.(d)	5.00%		01/27/2030		106,809
							190,702

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 59

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
Belgium - 0.23%
$	115,000	Ontex Group NV	3.50%		07/15/2026	$	127,140
Canada - 2.79%
	90,000	Bausch Health Cos., Inc.(d)	6.13%		02/01/2027		81,368
	65,000	Bausch Health Cos., Inc.(d)	4.88%		06/01/2028		50,927
	100,000	Bombardier, Inc.(d)	6.00%		02/15/2028		100,744
	90,000	Bombardier, Inc.(d)	8.75%		11/15/2030		98,939
	30,000	Bombardier, Inc.(d)	7.25%		07/01/2031		31,753
	90,000	Bombardier, Inc.(d)	7.00%		06/01/2032		94,247
	110,000	Cascades, Inc./Cascades USA, Inc.(d)	5.38%		01/15/2028		107,647
	115,000	Dye & Durham, Ltd.(d)	8.63%		04/15/2029		121,757
	80,000	Empire Communities Corp.(d)	9.75%		05/01/2029		85,516
	180,000	goeasy, Ltd.(d)	9.25%		12/01/2028		193,953
	15,000	goeasy, Ltd.(d)	7.63%		07/01/2029		15,555
	95,000	Husky Injection Molding Systems, Ltd. / Titan Co.-Borrower LLC(d)	9.00%		02/15/2029		99,252
	105,000	Intelligent Packaging, Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC(d)	6.00%		09/15/2028		104,372
	110,000	Mercer International, Inc.	5.13%		02/01/2029		93,960
	70,000	Northriver Midstream Finance LP(d)	5.63%		02/15/2026		69,854
	20,000	Open Text Corp.(d)	6.90%		12/01/2027		21,111
	38,000	Precision Drilling Corp.(d)	7.13%		01/15/2026		38,105
	25,000	Precision Drilling Corp.(d)	6.88%		01/15/2029		24,969
	127,000	Saturn Oil & Gas, Inc.(d)	9.63%		06/15/2029		125,584
							1,559,613
France - 1.78%
	100,000	Altice France SA(e)	4.13%		01/15/2029		78,278
	55,000	Altice France SA(d)	5.13%		07/15/2029		38,728
	100,000	Altice France SA(d)	4.25%		10/15/2029		78,262
	100,000	Banijay Entertainment SAS(d)	7.00%		05/01/2029		117,297
	65,000	Constellium SE(d)	6.38%		08/15/2032		66,770
	255,000	Iliad Holding SASU(d)	5.63%		10/15/2028		289,353
	100,000	Loxam SAS(e)	6.38%		05/31/2029		116,506
	100,000	Nova Alexandre III SAS(c)(e)	3M EUR L + 5.25%		07/15/2029		109,298
	95,000	Vallourec SACA(d)	7.50%		04/15/2032		100,892
							995,384
Germany - 1.52%
	200,000	Cheplapharm Arzneimittel GmbH(e)	7.50%		05/15/2030		235,150
	100,000	IHO Verwaltungs GmbH(d)(f)	8.75% (9.50%)		05/15/2028		117,105
	100,000	Nidda Healthcare Holding GmbH(e)	7.50%		08/21/2026		115,287
	96,712	Techem Verwaltungsgesellschaft 674 mbH(e)	6.00%		07/30/2026		107,987
	120,000	TUI AG(e)	5.88%		03/15/2029		139,464

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
$	115,000	TUI Cruises GmbH(d)	6.25%		04/15/2029	$	134,971
							849,964
Great Britain - 2.59%
	125,000	Ardonagh Finco, Ltd.(e)	6.88%		02/15/2031		141,622
	160,000	Aston Martin Capital Holdings, Ltd.(d)	10.00%		03/31/2029		157,152
	100,000	B&M European Value Retail SA	8.13%		11/15/2030		143,682
	100,000	CD&R Firefly Bidco PLC(d)	8.63%		04/30/2029		138,746
	105,000	Heathrow Finance PLC	6.63%		03/01/2031		140,725
	95,000	Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC(d)	8.13%		02/15/2032		97,739
	100,000	Pinnacle Bidco PLC(e)	10.00%		10/11/2028		142,803
	110,000	RAC Bond Co. PLC(e)	5.25%		11/04/2027		144,446
	225,000	Vmed O2 UK Financing I PLC(d)	4.75%		07/15/2031		200,505
	150,000	Vodafone Group PLC(c)	5Y US TI + 2.767%		06/04/2081		136,146
							1,443,566
Hong Kong - 0.43%
	250,000	Seaspan Corp.(d)	5.50%		08/01/2029		238,335
Ireland - 1.03%
	55,000	Adient Global Holdings, Ltd.(d)	7.00%		04/15/2028		56,699
	75,000	Adient Global Holdings, Ltd.(d)	8.25%		04/15/2031		79,659
	200,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.(e)	2.13%		08/15/2026		193,037
	100,000	Virgin Media Vendor Financing Notes III DAC(e)	4.88%		07/15/2028		123,842
	100,000	Virgin Media Vendor Financing Notes III DAC(d)	4.88%		07/15/2028		123,842
							577,079
Italy - 2.47%
	100,000	Cedacri Mergeco SPA(c)(d)	3M EUR L + 4.625%		05/15/2028		111,312
	110,000	Cerved Group SpA(c)(e)	3M EUR L + 5.25%		02/15/2029		119,523
	100,000	Engineering - Ingegneria Informatica - SpA(e)	5.88%		09/30/2026		109,562
	115,000	Fiber Bidco Spa(c)(e)	3M EUR L + 4.00%		01/15/2030		129,014
	100,000	Guala Closures SpA(e)	3.25%		06/15/2028		105,346
	100,000	IMA Industria Macchine Automatiche SpA(c)(d)	3M EUR L + 3.75%		04/15/2029		112,726
	118,967	Inter Media and Communication SpA(e)	6.75%		02/09/2027		134,587
	100,000	Mooney Group SpA(c)(e)	3M EUR L + 3.875%		12/17/2026		111,184
	115,000	Neopharmed Gentili SPA(d)	7.13%		04/08/2030		133,375
	167,000	Optics Bidco SpA(d)	6.38%		11/15/2033		174,061
	125,000	Shiba Bidco SpA	4.50%		10/31/2028		134,895
							1,375,585

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 61

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
Luxembourg - 3.60%
$	200,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl(d)	4.63%	06/01/2028	$	188,213
	100,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl(e)	3.63%	06/01/2028		105,123
	100,000	Altice Financing SA(e)	4.25%	08/15/2029		89,695
	100,000	Altice Financing SA(d)	4.25%	08/15/2029		89,696
	100,000	Cirsa Finance International Sarl(d)	6.50%	03/15/2029		116,720
	120,000	Connect Finco SARL / Connect US Finco LLC(d)	9.00%	09/15/2029		116,278
	115,000	Dana Financing Luxembourg Sarl(e)	8.50%	07/15/2031		136,588
	100,000	Eurofins Scientific SE(c)(g)	3M EUR L + 2.667%	Perpetual Maturity		109,311
	100,000	Eurofins Scientific SE(c)(g)	3M EUR L + 4.241%	Perpetual Maturity		118,146
	105,000	Intelsat Jackson Holdings SA(d)	6.50%	03/15/2030		100,724
	200,000	ION Trading Technologies Sarl(d)	5.75%	05/15/2028		187,085
	120,000	Loarre Investments Sarl(e)	6.50%	05/15/2029		139,379
	120,000	Rossini Sarl(e)	6.75%	12/31/2029		140,691
	100,000	Sani/Ikos Financial Holdings 1 Sarl(d)	7.25%	07/31/2030		114,502
	205,000	Summer BC Holdco B SARL(e)	5.75%	10/31/2026		228,453
	28,000	Telecom Italia Capital SA	6.38%	11/15/2033		28,886
						2,009,490
Netherlands - 2.65%
	125,000	Boels Topholding BV(e)	5.75%	05/15/2030		143,694
	125,000	Boost Newco Borrower LLC/GTCR W Dutch Finance Sub BV(d)	8.50%	01/15/2031		181,259
	130,000	Energizer Gamma Acquisition BV(e)	3.50%	06/30/2029		136,843
	100,000	Odido Group Holding BV(e)	5.50%	01/15/2030		109,090
	125,000	Odido Holding BV(d)	3.75%	01/15/2029		136,796
	115,000	OI European Group BV(d)	5.25%	06/01/2029		130,970
	120,000	Q-Park Holding I BV(d)	5.13%	02/15/2030		136,478
	200,000	Sunrise FinCo I BV(d)	4.88%	07/15/2031		189,406
	100,000	Telefonica Europe BV(c)(g)	8Y EUR SWAP + 3.615%	Perpetual Maturity		122,933
	200,000	Ziggo BV(d)	4.88%	01/15/2030		190,262
						1,477,731
Spain - 0.36%
	180,000	Kaixo Bondco Telecom SA(e)	5.13%	09/30/2029		200,799
Sweden - 0.90%
	135,000	Castellum AB(c)(g)	3.454% - 5Y EUR SWAP	Perpetual Maturity		144,130

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	140,000	Heimstaden Bostad AB(c)(g)	3.904% - 5Y EUR SWAP	Perpetual Maturity	$	137,646
	200,000	Verisure Midholding AB(e)	5.25%	02/15/2029		221,372
						503,148
United States - 57.39%
	40,000	Academy, Ltd.(d)	6.00%	11/15/2027		40,138
	95,000	ACCO Brands Corp.(d)	4.25%	03/15/2029		89,026
	105,000	Acuris Finance US, Inc. / Acuris Finance SARL(d)	5.00%	05/01/2028		96,259
	80,000	Aethon United BR LP / Aethon United Finance Corp.(d)	7.50%	10/01/2029		81,117
	160,000	Alliant Holdings Intermediate LLC /Alliant Holdings Co.-Issuer(d)	6.75%	04/15/2028		162,710
	25,000	Alliant Holdings Intermediate LLC /Alliant Holdings Co.-Issuer(d)	7.00%	01/15/2031		25,709
	75,000	Allied Universal Holdco LLC(d)	7.88%	02/15/2031		76,676
	70,000	Alpha Generation LLC(d)	6.75%	10/15/2032		71,031
	95,000	AMC Networks, Inc.(d)	10.25%	01/15/2029		97,710
	125,000	AMC Networks, Inc.	4.25%	02/15/2029		90,520
	130,000	Amer Sports Co.(d)	6.75%	02/16/2031		133,383
	50,000	American Airlines, Inc.(d)	7.25%	02/15/2028		51,226
	90,000	American Axle & Manufacturing, Inc.	5.00%	10/01/2029		82,717
	185,000	AmeriGas Partners LP / AmeriGas Finance Corp.(d)	9.38%	06/01/2028		194,432
	65,000	Anywhere Real Estate Group LLC /Anywhere Co.-Issuer Corp.(d)	7.00%	04/15/2030		60,444
	235,000	Anywhere Real Estate Group LLC /Realogy Co.-Issuer Corp.	0.25%	06/15/2026		206,154
	15,000	Anywhere Real Estate Group LLC /Realogy Co.-Issuer Corp.(d)	5.75%	01/15/2029		12,528
	65,000	APX Group, Inc.(d)	5.75%	07/15/2029		64,420
	235,000	Arches Buyer, Inc.(d)	4.25%	06/01/2028		216,459
	17,000	Archrock Partners LP / Archrock Partners Finance Corp.(d)	6.88%	04/01/2027		17,067
	75,000	Archrock Partners LP / Archrock Partners Finance Corp.(d)	6.25%	04/01/2028		75,432
	65,000	Arsenal AIC Parent LLC(d)	8.00%	10/01/2030		69,832
	55,000	Artera Services LLC(d)	8.50%	02/15/2031		54,500
	75,000	Ascent Resources Utica Holdings LLC /ARU Finance Corp.(d)	7.00%	11/01/2026		75,127
	175,000	ASP Unifrax Holdings, Inc.(d)	5.25%	09/30/2028		87,477
	135,000	AssuredPartners, Inc.(d)	7.50%	02/15/2032		138,863
	100,000	AT&T, Inc.(c)(g)		Perpetual Maturity		110,395
	75,000	AthenaHealth Group, Inc.(d)	6.50%	02/15/2030		72,104
	85,000	Avient Corp.(d)	7.13%	08/01/2030		88,707

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 63

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity		Value
$	70,000	B&G Foods, Inc.	5.25%		09/15/2027	$	67,335
	140,000	B&G Foods, Inc.(d)	8.00%		09/15/2028		146,622
	145,000	BellRing Brands, Inc.(d)	7.00%		03/15/2030		151,897
	60,000	Big River Steel LLC / BRS Finance Corp.(d)	6.63%		01/31/2029		60,841
	240,000	Block Communications, Inc.(d)	4.88%		03/01/2028		226,714
	165,000	Bloomin' Brands, Inc. / OSI Restaurant Partners LLC(d)	5.13%		04/15/2029		154,647
	500,000	Blue Owl Capital Corp.	3.75%		07/22/2025		494,194
	1,242,000	Blue Owl Capital Corp. III	3.13%		04/13/2027		1,175,305
	200,000	Blue Owl Credit Income Corp.	5.50%		03/21/2025		199,864
	105,000	Blue Racer Midstream LLC / Blue Racer Finance Corp.(d)	7.00%		07/15/2029		109,244
	60,000	Blue Racer Midstream LLC / Blue Racer Finance Corp.(d)	7.25%		07/15/2032		63,014
	220,000	BlueLinx Holdings, Inc.(d)	6.00%		11/15/2029		212,069
	55,000	Boost Newco Borrower LLC(d)	7.50%		01/15/2031		59,063
	279,390	Borr IHC, Ltd. / Borr Finance LLC(d)	10.00%		11/15/2028		290,504
	105,000	Brinker International, Inc.(d)	8.25%		07/15/2030		112,911
	45,000	Buckeye Partners LP(d)	4.50%		03/01/2028		43,678
	105,000	Buckeye Partners LP(d)	6.88%		07/01/2029		107,669
	175,000	Cable One, Inc.(h)	0.00%		03/15/2026		161,000
	70,000	Cablevision Lightpath LLC(d)	3.88%		09/15/2027		66,899
	172,000	Cablevision Lightpath LLC(d)	5.63%		09/15/2028		161,691
	125,000	Calpine Corp.(d)	5.00%		02/01/2031		121,137
	205,000	Carnival Corp.(d)	6.00%		05/01/2029		207,834
	330,000	Carnival Corp.(d)	10.50%		06/01/2030		358,507
	50,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)	5.50%		05/01/2026		49,940
	175,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)	6.38%		09/01/2029		175,330
	120,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)	4.75%		03/01/2030		110,470
	250,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)	4.50%		06/01/2033		212,507
	135,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)	4.25%		01/15/2034		110,855
	130,000	Cedar Fair LP / Canada's Wonderland Co./ Magnum Management Corp. /Millennium Op	5.25%		07/15/2029		127,824
	75,000	Chart Industries, Inc.(d)	7.50%		01/01/2030		79,138
	35,000	Chart Industries, Inc.(d)	9.50%		01/01/2031		38,181
	40,000	CHS/Community Health Systems, Inc.(d)	6.00%		01/15/2029		38,869
	165,000	CHS/Community Health Systems, Inc.(d)	5.25%		05/15/2030		151,986
	170,000	CHS/Community Health Systems, Inc.(d)	10.88%		01/15/2032		187,550
	10,000	Churchill Downs, Inc.(d)	4.75%		01/15/2028		9,812

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	55,000	Churchill Downs, Inc.(d)	5.75%	04/01/2030	$	55,100
	100,000	Churchill Downs, Inc.(d)	6.75%	05/01/2031		103,391
	35,000	CITGO Petroleum Corp.(d)	6.38%	06/15/2026		35,084
	95,000	Clear Channel Outdoor Holdings, Inc.(d)	5.13%	08/15/2027		93,463
	60,000	Clear Channel Outdoor Holdings, Inc.(d)	9.00%	09/15/2028		63,834
	65,000	Clear Channel Outdoor Holdings, Inc.(d)	7.88%	04/01/2030		68,025
	280,000	Cleveland-Cliffs, Inc.(d)	7.00%	03/15/2032		283,427
	275,000	Cloud Software Group, Inc.(d)	6.50%	03/31/2029		273,848
	160,000	Cloud Software Group, Inc.(d)	8.25%	06/30/2032		167,377
	85,000	Clydesdale Acquisition Holdings, Inc.(d)	6.63%	04/15/2029		85,886
	35,000	Clydesdale Acquisition Holdings, Inc.(d)	6.88%	01/15/2030		35,787
	70,000	Cogent Communications Group LLC(d)	7.00%	06/15/2027		71,291
	150,000	Cogent Communications Group, Inc. / Cogent Communications Finance, Inc.(d)	7.00%	06/15/2027		152,577
	25,000	CommScope LLC(d)	7.13%	07/01/2028		20,755
	108,000	CommScope LLC(d)	4.75%	09/01/2029		90,855
	145,000	Compass Group Diversified Holdings LLC(d)	5.25%	04/15/2029		140,992
	90,000	Comstock Resources, Inc.(d)	6.75%	03/01/2029		87,665
	70,000	Comstock Resources, Inc.(d)	5.88%	01/15/2030		65,503
	105,000	Consolidated Communications, Inc.(d)	5.00%	10/01/2028		96,742
	65,000	Coty, Inc./HFC Prestige Products Inc/HFC Prestige International US LLC(d)	6.63%	07/15/2030		67,598
	150,000	Cougar JV Subsidiary LLC(d)	8.00%	05/15/2032		158,734
	250,000	CQP Holdco LP / BIP-V Chinook Holdco LLC(d)	7.50%	12/15/2033		271,446
	115,000	Crocs, Inc.(d)	4.25%	03/15/2029		108,835
	75,000	CSC Holdings LLC(d)	5.50%	04/15/2027		66,025
	115,000	CSC Holdings LLC(d)	5.75%	01/15/2030		59,629
	25,000	CSC Holdings LLC(d)	5.00%	11/15/2031		12,373
	110,000	Cushman & Wakefield US Borrower LLC(d)	8.88%	09/01/2031		120,195
	145,000	CVR Energy, Inc.(d)	5.75%	02/15/2028		136,289
	20,000	Dana, Inc.	5.38%	11/15/2027		19,876
	30,000	Dana, Inc.	4.25%	09/01/2030		26,960
	195,000	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.(d)	5.88%	08/15/2027		191,595
	65,000	Elastic NV(d)	4.13%	07/15/2029		60,793
	100,000	EMRLD Borrower LP / Emerald Co.- Issuer, Inc.(d)	6.38%	12/15/2030		117,100
	85,000	Endo Finance Holdings, Inc.(d)	8.50%	04/15/2031		91,187
	45,000	EnerSys(d)	6.63%	01/15/2032		46,600
	265,000	EnLink Midstream Partners LP	5.05%	04/01/2045		238,571
	180,000	EQM Midstream Partners LP(d)	4.75%	01/15/2031		174,414
	275,000	EquipmentShare.com, Inc.(d)	9.00%	05/15/2028		287,519

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 65

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	65,000	EquipmentShare.com, Inc.(d)	8.00%	03/15/2033	$	66,593
	50,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.(d)	4.63%	01/15/2029		47,779
	50,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.(d)	6.75%	01/15/2030		46,616
	90,000	Fiesta Purchaser, Inc.(d)	7.88%	03/01/2031		95,569
	70,000	Fiesta Purchaser, Inc.(d)	9.63%	09/15/2032		72,635
	10,000	FirstCash, Inc.(d)	4.63%	09/01/2028		9,663
	170,000	FirstCash, Inc.(d)	5.63%	01/01/2030		168,588
	100,000	Fortress Intermediate 3, Inc.(d)	7.50%	06/01/2031		105,628
	200,000	Fortress Transportation and Infrastructure Investors LLC(d)	5.50%	05/01/2028		199,345
	23,000	Fortress Transportation and Infrastructure Investors LLC(d)	7.88%	12/01/2030		24,801
	500,000	Franklin BSP Capital Corp.(d)	4.85%	12/15/2024		498,556
	672,860	Franklin BSP Capital Corp.	3.25%	03/30/2026		651,261
	15,000	Freedom Mortgage Corp.(d)	12.00%	10/01/2028		16,399
	35,000	Freedom Mortgage Corp.(d)	12.25%	10/01/2030		39,230
	70,000	Freedom Mortgage Holdings LLC(d)	9.13%	05/15/2031		72,055
	10,000	Frontier Communications Holdings LLC(d)	5.00%	05/01/2028		9,918
	20,000	Frontier Communications Holdings LLC(d)	8.75%	05/15/2030		21,330
	1,000,000	FS KKR Capital Corp.	4.13%	02/01/2025		994,191
	35,000	Go Daddy Operating Co. LLC / GD Finance Co, Inc.(d)	5.25%	12/01/2027		34,900
	34,000	Goodyear Tire & Rubber Co.	9.50%	05/31/2025		34,158
	130,000	Graham Packaging Co., Inc.(d)	7.13%	08/15/2028		128,850
	115,000	Great Lakes Dredge & Dock Corp.(d)	5.25%	06/01/2029		107,009
	120,000	Greystar Real Estate Partners LLC(d)	7.75%	09/01/2030		127,545
	90,000	Gulfport Energy Corp.(d)	6.75%	09/01/2029		91,165
	30,000	Hanesbrands, Inc.(d)	4.88%	05/15/2026		29,765
	140,000	Hanesbrands, Inc.(d)	9.00%	02/15/2031		151,248
	5,000	HAT Holdings I LLC / HAT Holdings II LLC(d)	3.75%	09/15/2030		4,519
	1,782	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.(d)	5.75%	01/20/2026		1,679
	130,000	Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl(d)	8.75%	05/01/2029		132,999
	115,000	Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl(d)	7.88%	05/01/2029		130,417
	170,000	Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc(d)	5.00%	06/01/2029		161,634
	30,000	HLF Financing Sarl LLC / Herbalife International, Inc.(d)	12.25%	04/15/2029		29,935
	135,000	HLF Financing Sarl LLC / Herbalife International, Inc.(d)	4.88%	06/01/2029		85,614

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	80,000	Howard Midstream Energy Partners LLC(d)	8.88%	07/15/2028	$	84,914
	45,000	HUB International, Ltd.(d)	5.63%	12/01/2029		44,174
	80,000	HUB International, Ltd.(d)	7.25%	06/15/2030		83,417
	255,000	Hunt Companies, Inc.(d)	5.25%	04/15/2029		246,938
	145,000	Imola Merger Corp.(d)	4.75%	05/15/2029		141,615
	15,000	Iron Mountain, Inc.(d)	5.00%	07/15/2028		14,816
	55,000	Iron Mountain, Inc.(d)	7.00%	02/15/2029		57,372
	55,000	Iron Mountain, Inc.(d)	5.25%	07/15/2030		54,351
	135,000	JB Poindexter & Co., Inc.(d)	8.75%	12/15/2031		142,899
	105,000	JELD-WEN, Inc.(d)	7.00%	09/01/2032		106,204
	20,000	JetBlue Airways Corp.	0.50%	04/01/2026		18,450
	310,000	Kennedy-Wilson, Inc.	4.75%	02/01/2030		281,397
	90,000	Kennedy-Wilson, Inc.	5.00%	03/01/2031		80,869
	145,000	Kinetik Holdings LP(d)	6.63%	12/15/2028		150,607
	55,000	Kinetik Holdings LP(d)	5.88%	06/15/2030		55,419
	130,000	Kodiak Gas Services LLC(d)	7.25%	02/15/2029		134,639
	115,000	Kraken Oil & Gas Partners LLC(d)	7.63%	08/15/2029		114,949
	50,000	LABL, Inc.(d)	5.88%	11/01/2028		46,921
	155,000	LCM Investments Holdings II LLC(d)	8.25%	08/01/2031		164,708
	20,000	Level 3 Financing, Inc.(d)	4.63%	09/15/2027		17,715
	15,000	Level 3 Financing, Inc.(d)	4.25%	07/01/2028		12,000
	60,000	Level 3 Financing, Inc.(d)	3.63%	01/15/2029		42,150
	140,000	Level 3 Financing, Inc.(d)	3.75%	07/15/2029		95,900
	185,000	LFS Topco LLC(d)	5.88%	10/15/2026		174,185
	130,000	Lightning Power LLC(d)	7.25%	08/15/2032		136,812
	135,000	Madison IAQ LLC(d)	5.88%	06/30/2029		131,559
	50,000	Marriott Ownership Resorts, Inc.	4.75%	01/15/2028		48,080
	215,000	Marriott Ownership Resorts, Inc.(d)	4.50%	06/15/2029		202,401
	110,000	Masterbrand, Inc.(d)	7.00%	07/15/2032		115,370
	110,000	Matador Resources Co.(d)	6.88%	04/15/2028		111,971
	25,000	Matador Resources Co.(d)	6.50%	04/15/2032		24,981
	75,000	Mativ Holdings, Inc.(d)	8.00%	10/01/2029		76,644
	110,000	Medline Borrower LP(d)	5.25%	10/01/2029		108,011
	60,000	Mercer International, Inc.	5.50%	01/15/2026		58,950
	55,000	MPH Acquisition Holdings LLC(d)	5.50%	09/01/2028		39,710
	135,000	Nabors Industries, Inc.(d)	9.13%	01/31/2030		139,345
	100,000	Nabors Industries, Inc.(d)	8.88%	08/15/2031		95,216
	30,000	Nabors Industries, Ltd.(d)	7.50%	01/15/2028		28,154
	20,000	Nationstar Mortgage Holdings, Inc.(d)	7.13%	02/01/2032		20,904
	150,000	NCL Corp., Ltd.(d)	8.13%	01/15/2029		160,533
	80,000	NCL Corp., Ltd.(d)	7.75%	02/15/2029		85,786
	115,000	NCR Atleos Corp.(d)	9.50%	04/01/2029		126,692
	34,000	NCR Voyix Corp.(d)	5.13%	04/15/2029		33,300
	245,000	Necessity Retail REIT, Inc. / American Finance Operating Partner LP(d)	4.50%	09/30/2028		230,136

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 67

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	35,000	New Enterprise Stone & Lime Co., Inc.(d)	9.75%	07/15/2028	$	35,786
	135,000	New Enterprise Stone & Lime Co., Inc.(d)	5.25%	07/15/2028		131,953
	105,000	NextEra Energy Operating Partners LP(d)	7.25%	01/15/2029		110,794
	130,000	NextEra Energy Partners LP(d)(h)	0.00%	11/15/2025		121,907
	150,000	NGL Energy Operating LLC / NGL Energy Finance Corp.(d)	8.13%	02/15/2029		153,921
	45,000	NGL Energy Operating LLC / NGL Energy Finance Corp.(d)	8.38%	02/15/2032		46,409
	25,000	Northern Oil & Gas, Inc.(d)	8.13%	03/01/2028		25,202
	105,000	Northern Oil & Gas, Inc.(d)	8.75%	06/15/2031		109,543
	260,000	NRG Energy, Inc.(d)	3.63%	02/15/2031		235,841
	5,000	NuStar Logistics LP	6.00%	06/01/2026		5,034
	28,000	NuStar Logistics LP	6.38%	10/01/2030		29,073
	20,000	Oceaneering International, Inc.	6.00%	02/01/2028		20,054
	155,000	Oceaneering International, Inc.	6.00%	02/01/2028		155,421
	115,000	Olympus Water US Holding Corp.(d)	4.25%	10/01/2028		109,918
	25,000	Olympus Water US Holding Corp.(d)	9.75%	11/15/2028		26,713
	115,000	Olympus Water US Holding Corp.(e)	9.63%	11/15/2028		137,674
	40,000	Olympus Water US Holding Corp.(d)	6.25%	10/01/2029		38,753
	120,000	Olympus Water US Holding Corp.(d)	7.25%	06/15/2031		124,985
	40,000	OneMain Finance Corp.	7.88%	03/15/2030		41,852
	20,000	OneMain Finance Corp.	7.13%	11/15/2031		20,255
	210,000	Open Text Holdings, Inc.(d)	4.13%	02/15/2030		197,332
	225,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV(d)	5.13%	04/30/2031		212,126
	60,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV(d)	7.88%	05/15/2034		63,642
	20,000	Outfront Media Capital LLC / Outfront Media Capital Corp.(d)	5.00%	08/15/2027		19,902
	25,000	Owens & Minor, Inc.(d)	4.50%	03/31/2029		22,632
	76,000	Owens & Minor, Inc.(d)	6.63%	04/01/2030		73,845
	25,000	Owens-Brockway Glass Container, Inc.(d)	7.25%	05/15/2031		25,715
	200,000	Owens-Brockway Glass Container, Inc.(d)	7.38%	06/01/2032		204,505
	140,000	Panther Escrow Issuer LLC(d)	7.13%	06/01/2031		146,957
	55,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(d)	5.88%	10/01/2028		54,958
	170,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(d)	4.88%	05/15/2029		165,104
	45,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(d)	7.00%	02/01/2030		46,817
	70,000	Pebblebrook Hotel Trust	1.75%	12/15/2026		64,540
	145,000	Pediatrix Medical Group, Inc.(d)	5.38%	02/15/2030		140,556
	35,000	Permian Resources Operating LLC(d)	5.88%	07/01/2029		34,997

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	75,000	Phinia, Inc.(d)	6.75%	04/15/2029	$	77,494
	165,000	Pike Corp.(d)	8.63%	01/31/2031		176,627
	245,000	Prime Security Services Borrower LLC / Prime Finance, Inc.(d)	6.25%	01/15/2028		245,251
	176,000	QVC, Inc.(d)	6.88%	04/15/2029		146,401
	100,000	Railworks Holdings LP / Railworks Rally, Inc.(d)	8.25%	11/15/2028		103,530
	100,000	RAY Financing LLC(d)	6.50%	07/15/2031		114,529
	145,000	RHP HOTEL PPTY RHP 6 1/2 04/01/32		04/01/2032		149,957
	120,000	RHP Hotel Properties LP / RHP Finance Corp.(d)	7.25%	07/15/2028		125,672
	40,000	RLJ Lodging Trust LP(d)	4.00%	09/15/2029		36,855
	75,000	Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.(d)	4.00%	10/15/2033		67,060
	115,000	Rocket Software, Inc.(d)	9.00%	11/28/2028		120,108
	135,000	Royal Caribbean Cruises, Ltd.(d)	6.25%	03/15/2032		140,125
	170,000	Sally Holdings LLC / Sally Capital, Inc.	6.75%	03/01/2032		174,756
	100,000	SCIL IV LLC / SCIL USA Holdings LLC(d)	5.38%	11/01/2026		98,850
	98,000	Sealed Air Corp./Sealed Air Corp US(d)	7.25%	02/15/2031		103,845
	141,000	Service Properties Trust(d)	8.63%	11/15/2031		153,450
	165,000	Service Properties Trust	8.88%	06/15/2032		157,751
	85,000	Sirius XM Radio, Inc.(d)	5.50%	07/01/2029		83,106
	245,000	Sirius XM Radio, Inc.(d)	4.13%	07/01/2030		222,355
	40,000	Sirius XM Radio, Inc.(d)	3.88%	09/01/2031		34,883
	80,000	Six Flags Entertainment Corp.(d)	5.50%	04/15/2027		79,557
	95,000	Six Flags Entertainment Corp.(d)	7.25%	05/15/2031		98,462
	70,000	Sotera Health Holdings LLC(d)	7.38%	06/01/2031		72,783
	22,000	Spectrum Brands, Inc.(d)	3.88%	03/15/2031		19,371
	40,000	Standard Industries, Inc.(d)	5.00%	02/15/2027		39,695
	85,000	Standard Industries, Inc.(d)	4.75%	01/15/2028		83,330
	115,000	Summit Materials LLC / Summit Materials Finance Corp.(d)	7.25%	01/15/2031		121,932
	140,000	Sunoco LP(d)	7.25%	05/01/2032		148,517
	115,000	Talen Energy Supply LLC(d)	8.63%	06/01/2030		125,426
	135,000	TMS International Corp.(d)	6.25%	04/15/2029		128,690
	70,000	TransDigm, Inc.	4.63%	01/15/2029		67,658
	95,000	UKG, Inc.(d)	6.88%	02/01/2031		98,232
	115,000	Univision Communications, Inc.(d)	6.63%	06/01/2027		115,452
	10,000	Univision Communications, Inc.(d)	7.38%	06/30/2030		9,686
	95,000	US Foods, Inc.(d)	7.25%	01/15/2032		100,662
	30,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	09/01/2027		30,277
	195,000	USA Compression Partners LP / USA Compression Finance Corp.(d)	7.13%	03/15/2029		200,995
	135,000	Velocity Vehicle Group LLC(d)	8.00%	06/01/2029		140,688
	90,000	Venture Global LNG, Inc.(d)	8.13%	06/01/2028		93,887

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 69

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2024

Principal Amount/Description			Rate	Maturity	Value
$	110,000	Venture Global LNG, Inc.(d)	9.50%	02/01/2029	$	123,984
	100,000	Venture Global LNG, Inc.(d)	7.00%	01/15/2030		102,236
	325,000	Venture Global LNG, Inc.(d)	8.38%	06/01/2031		343,397
	65,000	Vistra Operations Co. LLC(d)	5.00%	07/31/2027		64,734
	40,000	Vistra Operations Co. LLC(d)	7.75%	10/15/2031		43,094
	140,000	Vistra Operations Co. LLC(d)	6.88%	04/15/2032		147,385
	175,000	Vital Energy, Inc.(d)	7.88%	04/15/2032		169,654
	40,000	Walgreens Boots Alliance, Inc.	8.13%	08/15/2029		39,964
	65,000	Walgreens Boots Alliance, Inc.	4.10%	04/15/2050		42,789
	65,000	Wand NewCo 3, Inc.(d)	7.63%	01/30/2032		68,522
	245,000	WASH Multifamily Acquisition, Inc.(d)	5.75%	04/15/2026		243,892
	50,000	Weatherford International, Ltd.(d)	8.63%	04/30/2030		52,137
	120,000	Weekley Homes LLC / Weekley Finance Corp.(d)	4.88%	09/15/2028		116,949
	110,000	WESCO Distribution, Inc.(d)	6.63%	03/15/2032		114,714
	180,000	Western Midstream Operating LP	5.50%	08/15/2048		167,155
	70,000	Williams Scotsman, Inc.(d)	7.38%	10/01/2031		74,031
	110,000	Windsor Holdings III LLC(d)	8.50%	06/15/2030		117,802
	95,000	WR Grace Holdings LLC(d)	4.88%	06/15/2027		93,731
	175,000	WR Grace Holdings LLC(d)	5.63%	08/15/2029		164,568
	70,000	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(d)	5.13%	10/01/2029		69,203
	55,000	Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(d)	7.13%	02/15/2031		59,374
	340,000	Zayo Group Holdings, Inc.(d)	4.00%	03/01/2027		304,423
	35,000	ZF North America Capital, Inc.(d)	6.88%	04/14/2028		35,359
	35,000	ZF North America Capital, Inc.(d)	7.13%	04/14/2030		36,308
	115,000	ZipRecruiter, Inc.(d)	5.00%	01/15/2030		104,167
						32,029,556
TOTAL HIGH YIELD DEBT
(Cost $42,486,461)						43,578,092
BUSINESS DEVELOPMENT COMPANY NOTES - 0.51%
United States - 0.51%
	3,018	MidCap Financial Investment Corp.	8.00%	12/15/2028		77,321
	210,000	MidCap Financial Investment Corp.	5.25%	03/03/2025		208,656
TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $284,988)						285,977

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2024

Shares/Description			Value
WARRANTS - 0.01%(b)
United States - 0.01%
	11	Toys R Us Propco Warrant, Strike Price 0.01, Expires 12/31/2049(a)	$	–
	237	Windstream Holdings Inc - Pvt Warrant, Strike Price 0.01, Expires 12/31/2049		4,799
TOTAL WARRANTS
(Cost $105,685)				4,799
SHORT-TERM INVESTMENTS - 6.51%
Money Market Fund - 6.51%
	3,634,120	State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 4.97%)		3,634,120
TOTAL SHORT-TERM INVESTMENTS
(Cost $3,634,120)				3,634,120
TOTAL INVESTMENTS - 98.16%
(Cost $53,835,088)			$	54,781,998
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.84%				1,027,205
NET ASSETS - 100.00%			$	55,809,203

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 September 30, 2024 was 4.96%

3M US L - 3 Month LIBOR as of September 30, 2024 was 4.85%

6M US L - 6 Month LIBOR as of September 30, 2024 was 4.68%

3M EUR L - 3 Month EURIBOR as of September 30, 2024 was 3.28%

6M EUR L - 6 Month EURIBOR as of September 30, 2024 was 3.11%

5Y EUR SWAP - 5 Year Euro ICE Swap Rate as of September 30, 2024 was 2.87%

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 71

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2024

^(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 September 30, 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 (the “Board”) and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $31,659,548, which represents approximately 56.73% of net assets as of September 30, 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. As of September 30, 2024, the aggregate fair value of those securities was $4,146,338, representing 7.43% of net assets.

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

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

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

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2024

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS 

Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at September 30, 2024		Fund Delivering	U.S. $ Value at September 30, 2024		Unrealized Appreciation/ (Depreciation)
State Street Corporation	10/4/2024	EUR		100,191	USD		99,971	$	220
State Street Corporation	10/4/2024	USD		12,628	GBP		12,614		14
								$	234
State Street Corporation	10/4/2024	USD		6,975,650	EUR		7,015,718	$	(40,068	)
State Street Corporation	10/4/2024	USD		1,139,645	GBP		1,160,374		(20,729	)
State Street Corporation	10/4/2024	USD		53,259	EUR		53,286		(27	)
								$	(60,824	)

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 73

RiverNorth Core Opportunity Fund

Statement of Assets and Liabilities September 30, 2024

ASSETS:
Investment in securities:
At cost	$	40,455,139
At value	$	45,627,214
Cash		2,494
Foreign currency, at value (Cost $278)		298
Interest receivable		71,276
Dividends receivable		32,459
Receivable for fund investments sold		15,008
Receivable for fund shares sold		9,729
Prepaid expenses and other assets		5,725
Total Assets		45,764,203
LIABILITIES:
Payable for fund shares redeemed		10,665
Payable to Adviser		37,177
Payable for fund accounting and administration fees		5,083
Accrued 12b-1 fees - Class R Shares		3,306
Payable for custodian fees		873
Payable for audit fees		27,634
Payable to transfer agent		5,323
Loan facility fee payable		2,213
Other accrued expenses		14,105
Total Liabilities		106,379
Net Assets	$	45,657,824
NET ASSETS CONSIST OF:
Paid-in capital	$	44,854,391
Total distributable earnings		803,433
Net Assets	$	45,657,824
PRICING OF SHARES:
Class I Shares
Net Assets	$	29,522,992
Shares of common stock outstanding
(unlimited number of shares, no par value)		3,828,086
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	7.71
Class R Shares
Net Assets	$	16,134,832
Shares of common stock outstanding
(unlimited number of shares, no par value)		2,088,639
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	7.73

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund

Statement of Assets and Liabilities September 30, 2024

ASSETS:
Investment in securities:
At cost	$	1,338,977,506
At value	$	1,244,019,656
Investment in affiliates:
At cost		38,513,528
At value		36,877,835
Cash		8,986
Foreign currency, at value (Cost $519)		532
Interest receivable		7,671,721
Receivable for fund shares sold		1,680,336
Receivable for fund investments sold		1,677,939
Dividends receivable		1,193,143
Deposits with broker for futures contracts		517,933
Variation margin receivable		75,125
Prepaid expenses and other assets		19,773
Total Assets		1,293,742,979
LIABILITIES:
Payable for fund investments purchased		6,334,718
Payable for fund shares redeemed		6,185,427
Payable to Adviser		767,287
Payable for fund accounting and administration fees		147,445
Accrued 12b-1 fees - Class R Shares		11,592
Payable for custodian fees		13,572
Payable for audit fees		63,349
Payable to transfer agent		23,051
Loan facility fee payable		58,414
Other accrued expenses		143,432
Total Liabilities		13,748,287
Commitments and Contingencies (Note 5)
Net Assets	$	1,279,994,692
NET ASSETS CONSIST OF:
Paid-in capital	$	1,550,695,145
Total distributable earnings/(accumulated deficit)		(270,700,453	)
Net Assets	$	1,279,994,692

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 75

RiverNorth/DoubleLine Strategic Income Fund

Statement of Assets and Liabilities September 30, 2024

PRICING OF SHARES:
Class I Shares
Net Assets	$	1,223,115,400
Shares of common stock outstanding
(unlimited number of shares, no par value)		135,134,273
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	9.05
Class R Shares
Net Assets	$	56,879,292
Shares of common stock outstanding
(unlimited number of shares, no par value)		6,270,098
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	9.07

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/Oaktree High Income Fund

Statement of Assets and Liabilities September 30, 2024

ASSETS:
Investment in securities:
At cost	$	53,835,088
At value	$	54,781,998
Cash		259,982
Foreign currency, at value (Cost $95,609)		95,835
Interest receivable		786,600
Receivable for fund investments sold		362,241
Receivable for fund shares sold		780
Unrealized appreciation on forward foreign currency contracts		234
Prepaid expenses and other assets		2,423
Total Assets		56,290,093
LIABILITIES:
Payable for fund investments purchased		314,946
Payable for fund shares redeemed		3,750
Unrealized depreciation on forward foreign currency contracts		60,824
Payable to Adviser		22,028
Payable for fund accounting and administration fees		29,816
Accrued 12b-1 fees - Class R Shares		806
Payable for custodian fees		3,389
Payable for audit fees		27,773
Payable to transfer agent		3,516
Loan facility fee payable		2,567
Other accrued expenses		11,475
Total Liabilities		480,890
Commitments and Contingencies (Note 5)
Net Assets	$	55,809,203
NET ASSETS CONSIST OF:
Paid-in capital	$	61,918,501
Total distributable earnings/(accumulated deficit)		(6,109,298	)
Net Assets	$	55,809,203
PRICING OF SHARES:
Class I Shares
Net Assets	$	51,793,445
Shares of common stock outstanding
(unlimited number of shares, no par value)		5,811,101
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.91
Class R Shares
Net Assets	$	4,015,758
Shares of common stock outstanding
(unlimited number of shares, no par value)		450,990
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.90

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 77

RiverNorth Core Opportunity Fund

Statement of Operations For the Year Ended September 30, 2024

INVESTMENT INCOME:
Dividend income	$	1,794,965
Interest income		160,053
Total Investment Income		1,955,018
EXPENSES:
Investment Adviser fee		455,333
Transfer agent expenses		55,172
Registration expenses		54,735
Accounting and administration fee		49,079
12b-1 fees - Class R Shares		42,212
Audit expenses		31,517
Compliance expense		22,822
Printing expenses		15,271
Legal expenses		9,362
Facility loan fees		7,210
Trustee expenses		5,340
Custodian expenses		2,939
Insurance expenses		681
Miscellaneous expenses		12,160
Total Expenses		763,833
Net Investment Income		1,191,185
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		1,118,215
Net realized gain		1,118,215
Long-term capital gain distributions from other investment companies		7,043
Net change in unrealized appreciation/depreciation on:
Investments		7,775,905
Translation of assets and liabilities denominated in foreign currencies		15
Net change in unrealized appreciation/depreciation		7,775,920
Net Realized and Unrealized Gain on Investments		8,901,178
Net Increase in Net Assets Resulting from Operations	$	10,092,363

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund

Statement of Operations For the Year Ended September 30, 2024

INVESTMENT INCOME:
Dividend income	$	22,925,529
Dividend income from affiliated securities		2,381,149
Interest income		40,909,636
Other income		95,699
Foreign taxes withheld		(1,694	)
Total Investment Income		66,310,319
EXPENSES:
Investment Adviser fee		9,225,218
Accounting and administration fee		1,194,239
Facility loan fees		234,894
Legal expenses		208,055
Transfer agent expenses		150,367
Trustee expenses		144,348
Registration expenses		141,099
Compliance expense		136,895
12b-1 fees - Class R Shares		136,738
Printing expenses		113,125
Custodian expenses		58,463
Audit expenses		29,175
Insurance expenses		22,673
Miscellaneous expenses		84,944
Total expenses		11,880,233
Less fees waived/reimbursed by Investment Adviser:		(201,907	)
Net Expenses		11,678,326
Net Investment Income		54,631,993
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(47,118,801	)
Futures Contracts		748,717
Net realized loss		(46,370,084	)
Net change in unrealized appreciation/depreciation on:
Investments		177,825,821
Affiliated Investments		2,863,278
Futures Contracts		1,083,209
Translation of assets and liabilities denominated in foreign currencies		19
Net change in unrealized appreciation/depreciation		181,772,327
Net Realized and Unrealized Gain on Investments		135,402,243
Net Increase in Net Assets Resulting from Operations	$	190,034,236

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 79

RiverNorth/Oaktree High Income Fund

Statement of Operations For the Year Ended September 30, 2024

INVESTMENT INCOME:
Dividend income	$	330,616
Interest income		3,607,769
Other income		14,418
Foreign taxes withheld		18
Total Investment Income		3,952,821
EXPENSES:
Investment Adviser fee		541,416
Accounting and administration fee		149,919
Transfer agent expenses		40,868
Registration expenses		40,322
Audit expenses		31,562
Compliance expense		23,584
Custodian expenses		12,909
Printing expenses		11,992
Legal expenses		9,907
12b-1 fees - Class R Shares		9,472
Facility loan fees		9,351
Trustee expenses		6,334
Insurance expenses		580
Miscellaneous expenses		10,847
Total expenses		899,063
Less fees waived/reimbursed by Investment Adviser:		–
Class I Shares		(147,345	)
Class R Shares		(11,201	)
Net Expenses		740,517
Net Investment Income		3,212,304
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(359,513	)
Forward foreign currency contracts		(143,277	)
Translation of assets and liabilities denominated in foreign currencies		6,163
Net realized loss		(496,627	)
Net change in unrealized appreciation/depreciation on:
Investments		4,172,986
Forward foreign currency contracts		(179,185	)
Translation of assets and liabilities denominated in foreign currencies		3,396
Net change in unrealized appreciation/depreciation		3,997,197
Net Realized and Unrealized Gain on Investments, translation of assets and liabilities denominated in foreign currencies and forward foreign currency contracts		3,500,570
Net Increase in Net Assets Resulting from Operations	$	6,712,874

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the Year Ended September 30, 2024			For the Year Ended September 30, 2023
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,191,185		$	2,129,229
Net realized gain/(loss)		1,118,215			(2,392,542	)
Long-term capital gains from other investment companies		7,043			270,808
Net change in unrealized appreciation/depreciation on investments		7,775,920			4,958,382
Net increase in net assets resulting from operations		10,092,363			4,965,877
DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		(1,512,964	)		(1,233,587	)
Class R shares		(838,913	)		(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		(2,351,877	)		(2,112,829	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		2,025,510			2,173,544
Reinvestment of distributions		1,385,727			1,200,482
Cost of shares redeemed		(5,391,971	)		(5,643,870	)
Net decrease in net assets from capital share transactions		(1,980,734	)		(2,269,844	)
Class R Shares
Proceeds from shares sold		260,679			214,048
Reinvestment of distributions		830,330			777,524
Cost of shares redeemed		(4,411,797	)		(2,931,654	)
Net decrease in net assets from capital share transactions		(3,320,788	)		(1,940,082	)
Net Increase/(Decrease) in Net Assets		2,438,964			(1,356,878	)
NET ASSETS:
Beginning of year	$	43,218,860		$	44,575,738
End of year	$	45,657,824		$	43,218,860

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 81

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the Year Ended September 30, 2024			For the Year Ended September 30, 2023
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		285,587			328,036
Shares issued in reinvestment of distributions		190,089			182,130
Shares redeemed		(747,875	)		(853,125	)
Net decrease from share transactions		(272,199	)		(342,959	)
Class R Shares
Shares sold		36,705			32,067
Shares issued in reinvestment of distributions		113,920			117,778
Shares redeemed		(604,103	)		(442,877	)
Net decrease from share transactions		(453,478	)		(293,032	)

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the Year Ended September 30, 2024			For the Year Ended September 30, 2023
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	54,631,993		$	66,387,213
Net realized loss		(46,370,084	)		(79,834,846	)
Long-term capital gains from other investment companies		–			132,834
Net change in unrealized appreciation/depreciation on investments		181,772,327			53,538,659
Net increase in net assets resulting from operations		190,034,236			40,223,860
DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		(50,340,006	)		(7,850,065	)
Class R shares		(2,244,260	)		(398,363	)
From tax return of capital
Class I shares		(20,751,276	)		(74,152,295	)
Class R shares		(925,134	)		(3,762,969	)
Net decrease in net assets from distributions to shareholders		(74,260,676	)		(86,163,692	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		409,004,876			490,566,723
Reinvestment of distributions		58,872,004			67,534,846
Cost of shares redeemed		(521,923,520	)		(615,512,582	)
Net decrease in net assets from capital share transactions		(54,046,640	)		(57,411,013	)
Class R Shares
Proceeds from shares sold		17,638,577			11,801,009
Reinvestment of distributions		3,027,646			4,040,154
Cost of shares redeemed		(28,045,803	)		(25,210,864	)
Net decrease in net assets from capital share transactions		(7,379,580	)		(9,369,701	)
Net Increase/(Decrease) in Net Assets		54,347,340			(112,720,546	)
NET ASSETS:
Beginning of year	$	1,225,647,352		$	1,338,367,898
End of year	$	1,279,994,692		$	1,225,647,352

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 83

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the Year Ended September 30, 2024			For the Year Ended September 30, 2023
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		47,481,336			57,165,416
Shares issued in reinvestment of distributions		6,776,917			7,972,440
Shares redeemed		(60,912,349	)		(72,274,751	)
Net decrease from share transactions		(6,654,096	)		(7,136,895	)
Class R Shares
Shares sold		2,012,138			1,375,355
Shares issued in reinvestment of distributions		347,941			476,071
Shares redeemed		(3,239,310	)		(2,952,110	)
Net decrease from share transactions		(879,231	)		(1,100,684	)

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets 

	For the Year Ended September 30, 2024			For the Year Ended September 30, 2023
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,212,304		$	3,197,007
Net realized loss		(496,627	)		(1,063,761	)
Net change in unrealized appreciation/depreciation		3,997,197			3,110,230
Net increase in net assets resulting from operations		6,712,874			5,243,476
DISTRIBUTIONS TO SHAREHOLDERS:
Class I Shares		(2,698,026	)		(3,796,566	)
Class R Shares		(195,771	)		(279,109	)
From tax return of capital
Class I Shares		(734,921	)		(101,347	)
Class R Shares		(54,197	)		(7,451	)
Net decrease in net assets from distributions to shareholders		(3,682,915	)		(4,184,473	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		1,231,613			16,237,099
Reinvestment of distributions		3,432,207			3,897,073
Cost of shares redeemed		(5,170,779	)		(15,868,053	)
Net increase/(decrease) in net assets from capital share transactions		(506,959	)		4,266,119
Class R Shares
Proceeds from shares sold		653,125			1,130,279
Reinvestment of distributions		249,143			285,386
Cost of shares redeemed		(705,799	)		(1,718,999	)
Net increase/(decrease) in net assets from capital share transactions		196,469			(303,334	)
Net Increase in Net Assets		2,719,469			5,021,788
NET ASSETS:
Beginning of year	$	53,089,734		$	48,067,946
End of year	$	55,809,203		$	53,089,734

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 85

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets 

	For the Year Ended September 30, 2024			For the Year Ended September 30, 2023
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		141,620			1,938,095
Shares issued in reinvestment of distributions		393,377			464,347
Shares redeemed		(592,493	)		(1,887,488	)
Net increase/(decrease) from share transactions		(57,496	)		514,954
Class R Shares
Shares sold		74,812			133,097
Shares issued in reinvestment of distributions		28,575			34,069
Shares redeemed		(81,561	)		(203,856	)
Net increase/(decrease) from share transactions		21,826			(36,690	)

See Notes to Financial Statements and Financial Highlights.

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

Intentionally Left Blank

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 87

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^(b)

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^(c)

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

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

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

Ratios to Average Net Assets (excluding interest expense):

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements and Financial Highlights.

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

For a share outstanding throughout the periods presented

For the Year Ended September 30, 2024			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
$	6.50		$	6.12		$	9.30		$	7.43		$	8.05
	0.20			0.31			0.17			0.28			0.16
	1.39			0.38			(1.40	)		2.11			(0.41	)
	1.59			0.69			(1.23	)		2.39			(0.25	)
	(0.38	)		(0.29	)		(0.28	)		(0.39	)		(0.19	)
	–			–			(1.61	)		(0.13	)		(0.18	)
	–			(0.02	)		(0.06	)		–			–
	(0.38	)		(0.31	)		(1.95	)		(0.52	)		(0.37	)
	–			–			–			–			–
	1.21			0.38			(3.18	)		1.87			(0.62	)
$	7.71		$	6.50		$	6.12		$	9.30		$	7.43
	25.02	%		11.37	%		(16.70	%)		32.96	%		(3.00	%)
$	29,523		$	26,662		$	27,196		$	54,868		$	49,994
	N/A			N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A			N/A
	1.58	%		1.49	%		1.39	%		1.33	%		1.29	%
	1.58	%		1.49	%		1.39	%		1.33	%		1.29	%
	2.72	%		4.75	%		2.17	%		3.19	%		2.10	%
	2.72	%		4.75	%		2.17	%		3.19	%		2.10	%
	41	%		60	%		106	%		182	%		110	%

See Notes to Financial Statements and Financial Highlights

Annual Report | September 30, 2024 89

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

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

See Notes to Financial Statements and Financial Highlights.

90 (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^(b)

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^(c)

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

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

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

Ratios to Average Net Assets (excluding interest expense):

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements and Financial Highlights.

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

For a share outstanding throughout the periods presented

For the Year Ended September 30, 2024			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
$	6.51		$	6.13		$	9.31		$	7.44		$	8.06
	0.18			0.30			0.14			0.25			0.15
	1.41			0.38			(1.39	)		2.12			(0.42	)
	1.59			0.68			(1.25	)		2.37			(0.27	)
	(0.37	)		(0.28	)		(0.26	)		(0.37	)		(0.18	)
	–			–			(1.61	)		(0.13	)		(0.17	)
	–			(0.02	)		(0.06	)		–			–
	(0.37	)		(0.30	)		(1.93	)		(0.50	)		(0.35	)
	–			–			–			–			–
	1.22			0.38			(3.18	)		1.87			(0.62	)
$	7.73		$	6.51		$	6.13		$	9.31		$	7.44
	24.83	%		11.07	%		(16.88	%)		32.58	%		(3.24	%)
$	16,135		$	16,557		$	17,380		$	25,705		$	27,213
	N/A			N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A			N/A
	1.84	%		1.74	%		1.64	%		1.58	%		1.54	%
	1.84	%		1.74	%		1.64	%		1.58	%		1.54	%
	2.45	%		4.51	%		1.86	%		2.88	%		1.93	%
	2.45	%		4.51	%		1.86	%		2.88	%		1.93	%
	41	%		60	%		106	%		182	%		110	%

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 93

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

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

See Notes to Financial Statements and Financial Highlights.

94 (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^(b)

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^(c)

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

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

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

Ratios to Average Net Assets (excluding interest expense):

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements and Financial Highlights.

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

For a share outstanding throughout the periods presented

For the Year Ended September 30, 2024			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
$	8.23		$	8.51		$	10.52		$	10.20		$	10.33
	0.39			0.44			0.21			0.38			0.45
	0.96			(0.14	)		(1.64	)		0.38			(0.10	)
	1.35			0.30			(1.43	)		0.76			0.35
	(0.37	)		(0.06	)		(0.58	)		(0.44	)		(0.46	)
	(0.16	)		(0.52	)		–			–			(0.02	)
	(0.53	)		(0.58	)		(0.58	)		(0.44	)		(0.48	)
	–			–			–			–			–
	0.82			(0.28	)		(2.01	)		0.32			(0.13	)
$	9.05		$	8.23		$	8.51		$	10.52		$	10.20
	16.82	%		3.50	%		(14.04	%)		7.52	%		3.51	%
$	1,223,115		$	1,166,687		$	1,267,978		$	1,894,398		$	1,686,872
	N/A			N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A			N/A
	0.95	%		0.91	%		0.88	%		0.87	%		0.87	%
	0.94	%		0.90	%		0.87	%		0.86	%		0.87	%
	4.44	%		5.18	%		2.10	%		3.66	%		4.42	%
	4.45	%		5.18	%		2.10	%		3.66	%		4.42	%
	84	%		68	%		104	%		100	%		81	%

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 97

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

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

See Notes to Financial Statements and Financial Highlights.

98 (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^(b)

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^(c)

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

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

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

Ratios to Average Net Assets (excluding interest expense):

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements and Financial Highlights.

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

For a share outstanding throughout the periods presented

For the			For the			For the			For the			For the
Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
September 30,			September 30,			September 30,			September 30,			September 30,
2024			2023			2022			2021			2020
$	8.25		$	8.53		$	10.54		$	10.22		$	10.35
	0.36			0.38			0.17			0.36			0.43
	0.97			(0.10	)		(1.63	)		0.37			(0.10	)
	1.33			0.28			(1.46	)		0.73			0.33
	(0.36	)		(0.06	)		(0.55	)		(0.41	)		(0.44	)
	(0.15	)		(0.50	)		–			–			(0.02	)
	(0.51	)		(0.56	)		(0.55	)		(0.41	)		(0.46	)
	–			–			–			–			–
	0.82			(0.28	)		(2.01	)		0.32			(0.13	)
$	9.07		$	8.25		$	8.53		$	10.54		$	10.22
	16.50	%		3.24	%		(14.23	%)		7.23	%		3.24	%
$	56,879		$	58,961		$	70,390		$	140,863		$	129,355
	N/A			N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A			N/A
	N/A			N/A			N/A			N/A			N/A
	1.20	%		1.17	%		1.13	%		1.12	%		1.12	%
	1.19	%		1.15	%		1.12	%		1.11	%		1.12	%
	4.14	%		4.47	%		1.67	%		3.41	%		4.18	%
	4.16	%		4.47	%		1.67	%		3.42	%		4.18	%
	84	%		68	%		104	%		100	%		81	%

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 101

RiverNorth/DoubleLine Strategic Income Fund Class R

Financial Highlights For a share outstanding throughout the periods presented

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

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

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

See Notes to Financial Statements and Financial Highlights.

102 (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^(b)

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^(c)

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

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

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

Ratios to Average Net Assets (excluding interest expense)

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements and Financial Highlights.

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

For a share outstanding throughout the periods presented

For the			For the			For the			For the			For the
Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
September 30, 2024			September 30, 2023			September 30, 2022			September 30, 2021			September 30, 2020
$	8.43		$	8.26		$	9.53		$	9.09		$	9.55
	0.52			0.50			0.33			0.33			0.34
	0.56			0.35			(1.27	)		0.44			(0.35	)
	1.08			0.85			(0.94	)		0.77			(0.01	)
	(0.47	)		(0.66	)		(0.33	)		(0.33	)		(0.37	)
	(0.13	)		(0.02	)		–			–			(0.08	)
	(0.60	)		(0.68	)		(0.33	)		(0.33	)		(0.45	)
	–			–			–			–			–
	0.48			0.17			(1.27	)		0.44			(0.46	)
$	8.91		$	8.43		$	8.26		$	9.53		$	9.09
	13.16	%		10.59	%		(10.03	%)		8.55	%		(0.02	%)
$	51,793		$	49,475		$	44,223		$	41,386		$	40,375
	1.64	%		1.57	%		1.62	%		1.75	%		N/A
	1.35	%		1.35	%		1.35	%		1.35	%		N/A
	5.66	%		5.72	%		3.38	%		3.07	%		N/A
	5.95	%		5.94	%		3.65	%		3.47	%		N/A
	1.64	%		1.57	%		1.62	%		1.75	%		1.69	%
	1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
	5.66	%		5.72	%		3.38	%		3.07	%		3.43	%
	5.95	%		5.94	%		3.65	%		3.47	%		3.78	%
	57	%		75	%		57	%		72	%		80	%

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 105

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

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

See Notes to Financial Statements and Financial Highlights.

106 (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^(b)

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^(c)

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

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

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

Ratios to Average Net Assets (excluding interest expense)

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements and Financial Highlights.

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

For a share outstanding throughout the periods presented

For the			For the			For the			For the			For the
Year Ended			Year Ended			Year Ended			Year Ended			Year Ended
September 30, 2024			September 30, 2023			September 30, 2022			September 30, 2021			September 30, 2020
$	8.42		$	8.25		$	9.52		$	9.08		$	9.54
	0.50			0.48			0.31			0.30			0.32
	0.55			0.35			(1.27	)		0.45			(0.36	)
	1.05			0.83			(0.96	)		0.75			(0.04	)
	(0.45	)		(0.64	)		(0.31	)		(0.31	)		(0.35	)
	(0.12	)		(0.02	)		–			–			(0.07	)
	(0.57	)		(0.66	)		(0.31	)		(0.31	)		(0.42	)
	–			–			–			–			–
	0.48			0.17			(1.27	)		0.44			(0.46	)
$	8.90		$	8.42		$	8.25		$	9.52		$	9.08
	12.88	%		10.33	%		(10.27	%)		8.31	%		(0.27	%)
$	4,016		$	3,615		$	3,845		$	4,548		$	4,989
	1.90	%		1.82	%		1.88	%		2.00	%		N/A
	1.60	%		1.60	%		1.60	%		1.60	%		N/A
	5.41	%		5.46	%		3.10	%		2.83	%		N/A
	5.71	%		5.69	%		3.37	%		3.22	%		N/A
	1.90	%		1.82	%		1.88	%		2.00	%		1.95	%
	1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
	5.41	%		5.46	%		3.10	%		2.83	%		3.19	%
	5.71	%		5.69	%		3.37	%		3.22	%		3.53	%
	57	%		75	%		57	%		72	%		80	%

See Notes to Financial Statements and Financial Highlights.

Annual Report | September 30, 2024 109

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

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

See Notes to Financial Statements and Financial Highlights.

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

RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

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 and financial highlights 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 and financial highlights 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 and financial highlights may differ from the value the Funds ultimately realize upon sale of the securities. The financial statements and financial highlights have been prepared as of the close of the New York Stock Exchange (“NYSE” or the "Exchange") on September 30, 2024. 

Annual Report | September 30, 2024 111

RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

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 financial highlights, 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 year ended September 30, 2024, no foreign capital gains tax was accrued or paid by the Funds.

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

RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

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.

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 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 year ended September 30, 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 year ended September 30, 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.

Annual Report | September 30, 2024 113

RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

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 the Funds’ portfolio investments, subject to the Board's oversight.

Equity securities, including common stocks, warrants, closed-end funds, exchange traded funds, preferred stocks, and business development companies, are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices more accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the Funds will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security will be classified as a Level 2 security. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Adviser in conformity with guidelines adopted by and subject to review by the Board. These securities will be categorized as Level 3 securities. 

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RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

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, 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, 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.

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RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

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 September 30, 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	$	32,652,177	$	–	$	–	$	32,652,177
Closed-End Funds - Preferred Shares		381,931		–		–		381,931
Business Development Companies		367,725		–		–		367,725
Exchange Traded Funds		3,627,932		–		–		3,627,932
Business Development Company Notes		–		198,720		–		198,720
U.S. Corporate Bonds		–		1,173,915		–		1,173,915
U.S. Government Bonds and Notes		–		998,921		–		998,921
Rights		3		–		–		3
Warrants		2,939		–		–		2,939
Short-Term Investments		6,222,951		–		–		6,222,951
Total	$	43,255,658	$	2,371,556	$	–	$	45,627,214

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RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

Strategic Income Fund 

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3			Total
Closed-End Funds	$	218,815,444	$	–	$	–		$	218,815,444
Closed-End Funds - Preferred Shares		7,259,522	$	–		–			7,259,522
Business Development Companies		4,010,009		–		–			4,010,009
Business Development Companies - Preferred Shares		7,136,439		3,572,730		–			10,709,169
Common Stocks		–		1,732		–	***		1,732
Open-End Funds		36,877,835		–		–			36,877,835
Preferred Stocks		–		2,500,000		–			2,500,000
Business Development Company Notes		–		2,124,526		–			2,124,526
Foreign Corporate Bonds		–		28,108,542		–			28,108,542
U.S. Corporate Bonds		–		144,493,915		–			144,493,915
Foreign Government Bonds and Notes, Supranationals and Foreign Agencies		–		1,256,093		–			1,256,093
Bank Loans		–		3,590,788		–			3,590,788
Collateralized Loan Obligations		–		68,332,136		–			68,332,136
Equity - Linked Notes		–		–		–	***		–
Non-Agency Collateralized Mortgage Obligations		–		235,773,095		–			235,773,095
U.S. Government Bonds and Notes		–		195,807,860		–			195,807,860
Rights		3		–		–			3
Mortgage-Backed Securities		–		46,228,590		–			46,228,590
U.S. Government / Agency Mortgage Backed Securities		–		207,214,453		–			207,214,453
Warrants		–		–		–	***		–
Short-Term Investments		67,793,779		–		–			67,793,779
Total	$	341,893,031	$	939,004,460	$	–		$	1,280,897,491

	Valuation Inputs
Other Financial Instruments**	Level 1			Level 2		Level 3		Total
Assets
Future Contracts	$	12,728		$	–	$	–	$	12,728
Liabilities
Future Contracts	$	(20,183	)	$	–	$	–	$	(20,183	)
Total	$	(7,455	)	$	–	$	–	$	(7,455	)

Annual Report | September 30, 2024 117

RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

High Income Fund 

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3			Total
Business Development Company Notes	$	77,321	$	208,656	$	–		$	285,977
Closed-End Funds		953,643		–		–			953,643
Common Stocks		–		33		88,812			88,845
Bank Loans		–		6,236,522		–			6,236,522
High Yield Debt		–		43,578,092		–			43,578,092
Warrants		–		4,799		–	***		4,799
Short-Term Investments		3,634,120		–		–			3,634,120
Total	$	4,665,084	$	50,028,102	$	88,812		$	54,781,998

	Valuation Inputs
Other Financial Instruments**	Level 1		Level 2			Level 3		Total
Assets
Forward Foreign Currency Contracts	$	–	$	234		$	–	$	234
Liabilities
Forward Foreign Currency Contracts	$	–	$	(60,824	)	$	–	$	(60,824	)
Total	$	–	$	(60,590	)	$	–	$	(60,590	)

* 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 September 30, 2024		Net change in unrealized appreciation/ (depreciation) included in the Statements of Operations attributable to Level 3 investments held at September 30, 2024
High Income Fund
Common Stocks	$	85,342	$	–	$	–	$	–	$	3,470	$	–	$	–	$	–	$	–	$	88,812	$	3,470
	$	85,342	$	–	$	–	$	–	$	3,470	$	–	$	–	$	–	$	–	$	88,812	$	3,470

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RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

The table below provides additional information about the Level 3 Fair Value Measurements as of September 30, 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	$	88,812	Market Comparable Companies	EBITDA Multiple		5.5x-6.5x (6.0x)

^(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

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. 

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RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

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.

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RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

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 year ended September 30, 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.

Annual Report | September 30, 2024 121

RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

The effect of derivatives instruments on each Fund's Statement of Assets and Liabilities as of September 30, 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	$	234
Strategic Income Fund	Interest rate risk (Future contracts)*	Variation margin receivable	$	12,728

		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	$	(60,824	)
Strategic Income Fund	Interest rate risk (Future contracts)*	Variation margin receivable	$	(20,183	)

* 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.

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RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

The effect of derivatives instruments on each Fund's Statement of Operations for the year ended September 30, 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	$	(143,277	)	$	(179,185	)
Strategic Income Fund	Interest rate risk (Future contracts)	Net realized gain/(loss) on Futures Contracts / Net change in unrealized appreciation/depreciation on Futures Contracts	$	748,717		$	1,083,209

The derivative financial instruments’ average monthly notional amount during the year ended September 30, 2024, is noted below.

Fund	Average Monthly Notional Amount of Futures Contracts		Average Monthly Notional of Futures Contracts Sold		Average Monthly Notional Amount of Forward Foreign Currency Contracts
High Income Fund	$	–	$	–	$	7,164,260
Strategic Income Fund	$	29,493,457	$	9,421,607	$	–

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

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RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

The following table presents derivative financial instruments that are subject to enforceable netting arrangements, collateral arrangements or other similar agreements as of September 30, 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	$	234	$	–	$	234	$	(234	)	$	–	$	–
Total	$	234	$	–	$	234	$	(234	)	$	–	$	–

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	$	60,824	$	–	$	60,824	$	(234	)	$	–	$	60,590
Total	$	60,824	$	–	$	60,824	$	(234	)	$	–	$	60,590

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

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RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

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.

As of September 30, 2024, the Funds had the following unfunded loan commitments outstanding, as detailed below:

Fund	Borrower	Amount
RiverNorth/Oaktree High Income Fund	American Rock Salt Company LLC, First Lien - Initial Term Loan	$	9,375
RiverNorth/Oaktree High Income Fund	ASP Unifrax		116,000
		$	125,375

The Funds may commit to an investment that has yet to fund because the applicable deal has not closed. Additionally, the Adviser or its affiliates may commit to an investment that it intends to allocate to the Funds for which certain terms are not yet finalized at the time of the commitment and as such the Fund’s allocation may change prior to the date of funding. In this regard, a Fund may have to fund additional commitments in the future that it is currently not obligated to fund. Such investments are not included in the unfunded commitments outstanding table above.

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RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

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%

For the year ended September 30, 2024, the Adviser earned fees of $455,333, $9,225,218, and $541,416, for the Core Opportunity Fund, the Strategic Income Fund, and the High Income Fund, respectively. Of those advisor fees, $37,177, $767,287, and $22,028 remained payable for the Core Opportunity Fund, the Strategic Income Fund, and the High Income Fund, respectively, as of September 30, 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 year ended September 30, 2024, reimbursed expenses for the High Income Fund subject to potential recovery by year of expiration are as follows:

	Expiring September 30,
	2025		2026		2027
High Income Fund
Class I	$	111,424	$	109,573	$	147,345
Class R	$	11,927	$	8,271	$	11,201
Total	$	123,351	$	117,844	$	158,546

126 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

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 year ended September 30, 2024, the Adviser waived $201,907 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.

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 lead Independent Director receives $1,333 annually, the Chair of the Audit Committee receives $1,111 annually and the Chair of the Nominating and Corporate Governance Committee receives $667 annually. The Trust reimburses each Trustee and Officer for his or her travel and other expenses relating to attendance at such meetings. 

Annual Report | September 30, 2024 127

RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

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.

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, 2024, was as follows:

	Ordinary Income		Tax-Exempt Income		Distributions paid from Long-Term Capital Gain		Return of Capital		Total
Core Opportunity Fund	$	2,254,209	$	97,668	$	–	$	–	$	2,351,877
Strategic Income Fund		52,584,266		–		–		21,676,410		74,260,676
High Income Fund		2,893,797		–		–		789,118		3,682,915

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

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

RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

Components of Distributable Earnings / (Accumulated Deficit) on a Tax Basis: The tax components of distributable earnings / (accumulated deficit) 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, 2024, certain differences were reclassified. The amounts reclassified did not affect net assets. The reclassifications were as follows:

	Paid-in Capital			Total Distributable Earnings / (Accumulated Deficit)
Core Opportunity Fund	$	(289,113	)	$	289,113
Strategic Income Fund		(8,831,531	)		8,831,531
High Income Fund		(30,809	)		30,809

At September 30, 2024, the components of distributable earnings / (accumulated deficit) 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	$	294,371	$	(2,872,252	)	$	3,381,314		$	–		$	803,433
Strategic Income Fund		–		(185,507,111	)		(85,193,342	)		–			(270,700,453	)
High Income Fund		–		(6,640,626	)		921,657			(390,329	)		(6,109,298	)

Capital Losses: As of September 30, 2024, 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	$	1,610,695	$	1,261,557
Strategic Income Fund		54,423,518		131,083,593
High Income Fund		940,123		5,700,503

The Core Opportunity Fund used capital loss carryovers during year ended September 30, 2024 in the amount of $1,005,479.

Annual Report | September 30, 2024 129

RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

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 September 30, 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*	$	4,256,381	$	(875,088	)	$	21	$	3,381,314		$	42,245,921
Strategic Income Fund*		66,376,408		(151,569,763	)		13		(85,193,342	)		1,366,090,847
High Income Fund*		1,817,295		(898,401	)		2,763		921,657			53,863,105

* 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, the tax treatment of interest only securities, and tax treatment of certain other investments.

The High Income Fund elects to defer to the period ending September 30, 2025, late year ordinary losses in the amount of $390,329.

8. INVESTMENT TRANSACTIONS

Investment transactions for the year ended September 30, 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	$	17,563,007	$	24,553,968
Strategic Income Fund		364,801,533		453,155,672
High Income Fund		29,561,954		33,588,784

Investment Transactions in long term U.S. Government Obligations for the year ended September 30, 2024 were as follows:

	Purchases of Securities		Proceeds from Sales of Securities
Core Opportunity Fund	$	–	$	1,162,597
Strategic Income Fund		629,824,580		630,904,244

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 year ended September 30, 2024 were as follows:

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

RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

Strategic Income Fund

Security Name	Market Value as of October 1, 2023		Purchases		Sales		Change in Unrealized Gain (Loss)		Return of Capital			Realized Gain/Loss		Market Value as of September 30, 2024		Share Balance as of September 30, 2024		Dividends
RiverNorth/Oaktree High Income Fund – Class I	$	32,574,784	$	2,381,117	$	–	$	2,863,278	$	(941,344	)	$	–	$	36,877,835		4,137,441	$	2,381,149
	$	32,574,784	$	2,381,117	$	–	$	2,863,278	$	(941,344	)	$	–	$	36,877,835		4,137,441	$	2,381,149

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 26, 2024. 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 6.08% at September 30, 2024. For the year ended September 30, 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 year ended September 30, 2024, Core Opportunity Fund, Strategic Income Fund and High Income Fund had no borrowings under the Revolving Credit Agreement.

11. BENEFICIAL OWNERSHIP

On September 30, 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.

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 September 30, 2024, are listed below:

Fund	Shareholder Name	Percentage Interest
Core Opportunity Fund – Class I	Pershing	46.57%
Core Opportunity Fund – Class R	Charles Schwab & Company, Inc.	51.79%
Core Opportunity Fund – Class R	National Financial Services, LLC	27.49%
Strategic Income Fund – Class I	Charles Schwab & Company, Inc.	69.65%
Strategic Income Fund – Class R	Charles Schwab & Company, Inc.	45.41%
High Income Fund – Class I	RiverNorth/DoubleLine Strategic Income Fund	71.20%
High Income Fund – Class R	Charles Schwab & Company, Inc.	89.47%

Annual Report | September 30, 2024 131

RiverNorth Funds Notes to Financial Statements and Financial Highlights

September 30, 2024

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 and financial highlights were issued and has determined that no additional items require recognition or disclosure.

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

RiverNorth Funds Report of Independent Registered Public Accounting Firm

September 30, 2024

To the Shareholders and Board of Trustees of 

RiverNorth Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of RiverNorth Funds, comprising RiverNorth Core Opportunity Fund, RiverNorth/DoubleLine Strategic Income Fund, and RiverNorth/Oaktree High Income Fund (the “Funds”) as of September 30, 2024, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the financial highlights for each of the five years in the period then ended, and the related notes (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2024, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2024, by correspondence with the custodian, agent banks, and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of RiverNorth Capital Management, LLC’s investment companies since 2006.

COHEN & COMPANY, LTD. 

Cleveland, Ohio 

November 27, 2024

Annual Report | September 30, 2024 133

RiverNorth Funds Additional Information

September 30, 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.

UNAUDITED TAX INFORMATION

The RiverNorth Core Opportunity Fund designated the following for federal income tax purposes for the year ended September 30, 2024:

	Foreign Taxes Paid		Foreign Source Income
RiverNorth Core Opportunity Fund	$	6,132	$	92,510

	Tax-Exempt Percentage
RiverNorth Core Opportunity Fund	4.15%

Of the distributions paid by the Funds from ordinary income for the calendar year ended December 31, 2023, the following percentages met the requirements to be treated as qualifying for the corporate dividends received deduction and qualified dividend income:

	Dividend Received Deduction	Qualified Dividend Income
RiverNorth Core Opportunity Fund	27.95%	28.20%
RiverNorth/DoubleLine Strategic Income Fund	0.00%	0.00%
RiverNorth/Oaktree High Income Fund	1.46%	1.67%

The percentage of the total ordinary distributions paid during the calendar year ended December 31, 2023, that qualify as 163(j) interest dividends:

	163(j) Percentage
RiverNorth Core Opportunity Fund	19.43%
RiverNorth/DoubleLine Strategic Income Fund	0.00%
RiverNorth/Oaktree High Income Fund	82.86%

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

RiverNorth Funds Additional Information

September 30, 2024 (Unaudited)

In early 2024, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2023 via Form 1099. The Funds will notify shareholders in early 2025 of amounts paid to them by the Funds, if any, during the calendar year 2024.

Pursuant to Section 852(b)(3) of the Internal Revenue Code, RiverNorth Core Opportunity Fund designated $0 as long-term capital gain dividends.

Annual Report | September 30, 2024 135

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) The Registrant’s Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.

Not applicable during the period covered by this report.

Item 9. Proxy Disclosures for Open-End Management Investment Companies.

Not applicable during the period covered by this report.

Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.

Remuneration Paid to Directors, Officers, and Others is included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.

Not applicable during the period covered by this report.

Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 13. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable to the Registrant.

Item 15. 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 16. 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 (the “1940 Act”)) are effective based on their evaluation of these controls and procedures, required by Rule 30a-3(b) under the 1940 Act and Rule 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 1940 Act) 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 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable to the Registrant.

Item 18. Recovery of Erroneously Awarded Compensation.

(a) Not applicable.

(b) Not applicable.

Item 19. Exhibits.

(a)(1) Code of Ethics that is subject to Item 2 is attached hereto.

(a)(2) Not applicable to the Registrant.

(a)(3) The certifications of the Registrant’s Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(a) of the 1940 Act, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.CERT.

(a)(4) Not applicable.

(a)(5) 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 1940 Act 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:	December 6, 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:	December 6, 2024

By:	/s/ Jonathan M. Mohrhardt
Name:	Jonathan M. Mohrhardt
Title:	Treasurer and Chief Financial Officer
Date:	December 6, 2024