ThZeal - The Zeal

N-CSRS 1 fp0033767_ncsrs.htm

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENTINVESTMENT COMPANIES

Investment Company Act file number: 811-21934

RiverNorth Funds

(Exact name of registrant as specified in charter)

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

(Address of principal executive offices) (Zip code)

Marc L. Collins

325 North LaSalle Street, Suite 645

Chicago, IL 60654

(Name and address of agent for service)

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

Date of fiscal year end: 09/30

Date of reporting period: 03/31/2018

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget ("OMB") control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1.

Reports to Stockholders.

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RiverNorth Funds

Table of Contents

Opportunistic Closed-End Fund Strategies
Portfolio Update	2
RiverNorth Core Opportunity Fund	2
RiverNorth/DoubleLine Strategic Income Fund	5
RiverNorth/Oaktree High Income Fund	8
RiverNorth Funds Schedule of Investments and Financial Statements
Disclosure of Fund Expenses	11
Schedule of Investments
RiverNorth Core Opportunity Fund	13
RiverNorth/DoubleLine Strategic Income Fund	17
RiverNorth/Oaktree High Income Fund	53
Statement of Assets and Liabilities
RiverNorth Core Opportunity Fund	72
RiverNorth/DoubleLine Strategic Income Fund	74
RiverNorth/Oaktree High Income Fund	76
Statement of Operations
RiverNorth Core Opportunity Fund	78
RiverNorth/DoubleLine Strategic Income Fund	79
RiverNorth/Oaktree High Income Fund	80
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
RiverNorth Core Opportunity Fund	88
RiverNorth/DoubleLine Strategic Income Fund	96
RiverNorth/Oaktree High Income Fund	100
Notes to Financial Statements	107
Additional Information	127
Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements	128

RiverNorth Funds

Portfolio Update

March 31, 2018 (Unaudited)

RiverNorth Core Opportunity Fund

The classifications and breakouts of the Fund’s portfolio shown below are made by the Adviser as of March 31, 2018.

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

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

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

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

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

RiverNorth Funds

Portfolio Update

March 31, 2018 (Unaudited)

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

⁽¹⁾

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

Semi-Annual Report | March 31, 2018

RiverNorth Funds

Portfolio Update

March 31, 2018 (Unaudited)

⁽²⁾

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

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

RiverNorth Funds

Portfolio Update

March 31, 2018 (Unaudited)

RiverNorth/DoubleLine Strategic Income Fund

The classifications and breakouts of the Fund’s portfolio shown below are made by the Adviser as of March 31, 2018.

Strategy (“Sleeve”) Allocation

Totals may not add up to 100% due to rounding.

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

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Semi-Annual Report | March 31, 2018

RiverNorth Funds

Portfolio Update

March 31, 2018 (Unaudited)

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

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

⁽¹⁾

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

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

RiverNorth Funds

Portfolio Update

March 31, 2018 (Unaudited)

⁽²⁾

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

Semi-Annual Report | March 31, 2018

RiverNorth Funds

Portfolio Update

March 31, 2018 (Unaudited)

RiverNorth/Oaktree High Income Fund

The classifications and breakouts of the Fund’s portfolio shown below are made by the Adviser as of March 31, 2018.

Strategy Allocation

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

{grapics}

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

{grapics}

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

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

RiverNorth Funds

Portfolio Update

March 31, 2018 (Unaudited)

High Yield & Bank Loan Geographic Breakdown

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Totals may not add up to 100% due to rounding.

Credit Exposure By Type

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⁽¹⁾

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

Semi-Annual Report | March 31, 2018

RiverNorth Funds

Portfolio Update

March 31, 2018 (Unaudited)

⁽²⁾

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

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

RiverNorth Funds

Disclosure of Fund Expenses

March 31, 2018 (Unaudited)

Expense Example

As a shareholder of the RiverNorth Funds (the “Trust” or “Funds”), you incur two types of costs: (1) transaction costs (such as the 2% fee on redemptions of Fund shares made within 90 days of purchase); and (2) ongoing costs, including management fees, distribution and service (12b-1) fees and other Fund expenses This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period, October 1, 2017, and held for the six months ended March 31, 2018.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Semi-Annual Report | March 31, 2018

RiverNorth Funds

Disclosure of Fund Expenses

March 31, 2018 (Unaudited)

	Beginning Account Value 10/01/2017	Ending Account Value 03/31/2018	Expense Ratio^(a)	Expenses Paid During Period^(b)
RiverNorth Core Opportunity Fund
Class I Shares
Actual	$1,000.00	$1,024.30	1.14%	$5.75
Hypothetical (5% return before expenses)	$1,000.00	$1,019.25	1.14%	$5.74

Class R Shares
Actual	$1,000.00	$1,022.70	1.39%	$7.01
Hypothetical (5% return before expenses)	$1,000.00	$1,018.00	1.39%	$6.99

RiverNorth/DoubleLine Strategic Income Fund
Class I Shares
Actual	$1,000.00	$994.60	0.85%	$4.23
Hypothetical (5% return before expenses)	$1,000.00	$1,020.69	0.85%	$4.28

Class R Shares
Actual	$1,000.00	$994.30	1.10%	$5.47
Hypothetical (5% return before expenses)	$1,000.00	$1,019.45	1.10%	$5.54

RiverNorth/Oaktree High Income Fund
Class I Shares
Actual	$1,000.00	$1,003.50	1.35%	$6.74
Hypothetical (5% return before expenses)	$1,000.00	$1,018.20	1.35%	$6.79

Class R Shares
Actual	$1,000.00	$1,002.20	1.60%	$7.99
Hypothetical (5% return before expenses)	$1,000.00	$1,016.95	1.60%	$8.05

^(a)

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

^(b)

Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (182), then divided by 365. Note this expense example is typically based on a six-month period.

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

RiverNorth Core Opportunity Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 63.92%
85,549	Adams Diversified Equity Fund, Inc.	$	1,263,559
121,316	AllianzGI Equity & Convertible Income Fund		2,510,028
809,165	AllianzGI NFJ Dividend Interest & Premium Strategy Fund		10,276,395
1,074,255	Alpine Total Dynamic Dividend Fund		9,603,840
480,995	BlackRock Credit Allocation Income Trust		6,094,207
74,024	BlackRock Multi-Sector Income Trust		1,242,863
17,116	BlackRock Resources & Commodities Strategy Trust		151,990
93,500	CBRE Clarion Global Real Estate Income Fund		683,485
191,588	Clough Global Equity Fund		2,519,382
690,082	Clough Global Opportunities Fund		7,383,877
10,266	Cohen & Steers REIT and Preferred Income Fund, Inc.		191,871
118,905	Eaton Vance Limited Duration Income Fund		1,548,143
110,023	General American Investors Co., Inc.		3,682,470
141,520	Highland Floating Rate Opportunities Fund		2,262,905
236,953	Kayne Anderson MLP Investment Co.		3,902,616
308,475	Legg Mason BW Global Income Opportunities Fund, Inc.		3,976,243
3,572,364	Liberty All Star^® Equity Fund		21,898,591
64,910	LMP Capital and Income Fund, Inc.		819,164
46,475	Morgan Stanley Emerging Markets Debt Fund, Inc.		436,400
94,788	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		741,242
93,566	Neuberger Berman High Yield Strategies Fund, Inc.		1,042,325
26,180	Neuberger Berman Real Estate Securities Income Fund, Inc.		124,879
157,157	NexPoint Credit Strategies Fund		3,611,468
319,541	Nuveen AMT-Free Municipal Income Fund		4,154,033
315,637	Nuveen Credit Strategies Income Fund		2,506,158
250,164	Nuveen Dividend Advantage Municipal Fund		3,287,155
263,474	Nuveen Intermediate Duration Quality Municipal Term Fund		3,309,233
242,124	Nuveen Mortgage Opportunity Term Fund		5,750,445
89,136	Nuveen Mortgage Opportunity Term Fund 2		2,015,365
68,295	Prudential Global Short Duration High Yield Fund, Inc.		947,935
401,471	Royce Micro-Cap Trust, Inc.		3,757,769
79,861	Royce Value Trust, Inc.		1,242,637
805,627	Sprott Focus Trust, Inc.		6,275,834
477,267	Sprott Physical Gold and Silver Trust		6,309,470
1,050,184	Templeton Global Income Fund		6,710,676
297,938	Tri-Continental Corp.		7,838,749
68,888	Virtus Total Return Fund, Inc.		772,923
628,141	Western Asset Emerging Markets Income Fund, Inc.		9,126,889
1,193,311	Western Asset High Income Opportunity Fund, Inc.		5,739,826

TOTAL CLOSED-END FUNDS
(Cost $143,595,274)			155,713,040

BUSINESS DEVELOPMENT COMPANIES - 0.52%
27,201	Corporate Capital Trust, Inc.		459,697

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth Core Opportunity Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Shares/Description			Value
109,863	FS Investment Corp.	$	796,507

TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $1,291,132)			1,256,204

COMMON STOCKS - 3.58%
28,425	Atlantic Acquisition Corp.^(a)		281,976
43,058	Big Rock Partners Acquisition Corp.^(a)		445,650
36,479	Black Ridge Acquisition Corp.^(a)		353,481
54,640	CM Seven Star Acquisition Corp.^(a)		532,194
22,174	Draper Oakwood Technology Acquisition, Inc., Class A^(a)		218,636
92,573	Gordon Pointe Acquisition Corp.^(a)		956,233
50,015	Haymaker Acquisition Corp.^(a)		497,649
29,517	Industrea Acquisition Corp., Class A^(a)		289,562
35,905	Legacy Acquisition Corp.^(a)		357,255
51,077	Leisure Acquisition Corp.^(a)		505,529
76,417	Mtech Acquisition Corp.^(a)		775,633
66,662	One Madison Corp.^(a)		666,620
100,890	Opes Acquisition Corp.^(a)		1,014,439
34,474	Osprey Energy Acquisition Corp.^(a)		331,640
68,872	Pensare Acquisition Corp.^(a)		669,436
45,935	Tiberius Acquisition Corp.^(a)		459,809
36,078	Union Acquisition Corp.^(a)		369,078

TOTAL COMMON STOCKS
(Cost $8,580,475)			8,724,820

EXCHANGE-TRADED FUNDS - 21.98%
135,594	Market Vectors^® Gold Miners ETF		2,980,356
307,565	PowerShares^® FTSE RAFI Emerging Markets Portfolio		7,230,853
100,632	PowerShares^® FTSE RAFI US 1000 Portfolio		11,087,634
49,168	SPDR^® S&P 500^® ETF Trust		12,938,559
126,277	Vanguard^® FTSE Developed Markets ETF		5,587,757
291,859	Vanguard^® FTSE Emerging Markets ETF		13,711,536

TOTAL EXCHANGE-TRADED FUNDS
(Cost $47,338,749)			53,536,695

PREFERRED STOCKS - 0.42%
39,580	General American Investors Co., Inc., Series B, 5.950%^(b)		1,025,518

TOTAL PREFERRED STOCKS
(Cost $936,421)			1,025,518

See Notes to Financial Statements.

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

RiverNorth Core Opportunity Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Shares/Description		Rate	Maturity		Value
BUSINESS DEVELOPMENT COMPANY NOTES- 1.37%
*United States - 1.37%*
53,649	KCAP Financial, Inc.	6.13%	09/30/2022	$	1,350,345
11,005	MVC Capital, Inc.	6.25%	11/30/2022		277,546
68,081	TriplePoint Venture Growth Corp.	5.75%	07/15/2022		1,711,829
					3,339,720

TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $3,318,375)					3,339,720

U.S. GOVERNMENT BONDS AND NOTES -5.76%
14,151,100	U.S. Treasury Notes	1.13%	01/31/2019		14,039,487

TOTAL U.S. GOVERNMENT BONDS AND NOTES
(Cost $14,071,324)					14,039,487

RIGHTS - 0.03%
28,425	Atlantic Acquisition Corp., Strike Price11.50, Expires 12/31/2049^(a)				14,045
18,240	Black Ridge Acquisition Corp., Strike Price 11.50, Expires 10/25/2022^(a)				5,472
54,640	CM Seven Star Acquisition Corp., Strike Price 11.50, Expires 11/06/2018^(a)				17,485
22,174	Draper Oakwood Technology Acquisition, Inc., Strike Price 11.50, Expires 09/30/2024^(a)				12,639
68,872	Pensare Acquisition Corp., Strike Price 11.50, Expires 08/08/2022^(a)				34,436

TOTAL RIGHTS
(Cost $74,986)					84,077

WARRANTS - 0.04%
54,718	Black Ridge Acquisition Corp., Strike Price 11.50, Expires 10/25/2022^(a)				19,151
27,320	CM Seven Star Acquisition Corp., Strike Price 11.50, Expires 11/06/2018^(a)				9,562
11,087	Draper Oakwood Technology Acquisition, Inc., Strike Price 11.50, Expires 09/30/2024^(a)				9,368
28,115	I-AM Capital Acquisition Co., Strike Price 11.50, Expires 10/09/2022^(a)				11,246
29,517	Industrea Acquisition Corp., Strike Price 11.50, Expires 08/01/2024^(a)				16,161
17,237	Osprey Energy Acquisition Corp., Strike Price 11.50, Expires 08/15/2022^(a)				13,100

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth Core Opportunity Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Shares/Description		Rate	Maturity		Value
34,436	Pensare Acquisition Corp., Strike Price 11.50, Expires		08/08/2022^(a)	$	17,218

TOTAL WARRANTS
(Cost $83,693)					95,806

SHORT-TERM INVESTMENTS - 1.72%
Money Market Fund
4,184,153	State Street Institutional Trust (7 Day Yield 1.49%)				4,184,153

TOTAL SHORT-TERM INVESTMENTS
(Cost $4,184,153)					4,184,153

TOTAL INVESTMENTS - 99.34%
(Cost $223,474,582)					241,999,520
CASH SEGREGATED AT CUSTODIAN FOR TOTAL RETURN SWAP CONTRACTS - 0.16%					400,000
OTHER ASSETS IN EXCESS OF LIABILITIES-0.50%					1,217,389
NET ASSETS - 100.00%				$	243,616,909

^(a)

Non-income producing security.

^(b)

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

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 27.78%
	530,910	Aberdeen Asia-Pacific Income Fund, Inc.	$	2,516,513
	211,550	Advent Claymore Convertible Securities and Income Fund		3,190,174
	810,003	Advent Claymore Convertible Securities and Income Fund II		4,536,017
	171,560	Advent/Claymore Enhanced Growth & Income Fund		1,358,755
	183,825	AllianceBernstein Global High Income Fund, Inc.		2,185,679
	345,284	AllianceBernstein National Municipal Income Fund, Inc.		4,319,503
	589,760	Ares Dynamic Credit Allocation Fund, Inc.		9,577,702
	2,862,571	BlackRock Corporate High Yield Fund, Inc.		30,314,627
	1,910,155	BlackRock Credit Allocation Income Trust		24,201,664
	1,135,754	BlackRock Debt Strategies Fund, Inc.		13,197,462
	225,861	BlackRock Limited Duration Income Trust		3,405,984
	762,470	BlackRock Multi-Sector Income Trust		12,801,871
	459,578	BlackRock Muni Intermediate Duration Fund, Inc.		6,025,068
	383,818	Blackstone / GSO Strategic Credit Fund		6,095,030
	919,483	Brookfield Real Assets Income Fund, Inc.		20,017,145
	623,179	Deutsche Multi-Market Income Trust		5,471,512
	17,460	Deutsche Strategic Income Trust		214,112
	2,923,321	Eaton Vance Limited Duration Income Fund		38,061,639
	966,567	Eaton Vance Senior Income Trust		6,582,321
	1,725,921	Invesco Dynamic Credit Opportunities Fund		20,245,053
	219,867	Invesco High Income Trust II		3,049,555
	2,610,566	Invesco Senior Income Trust		11,486,490
	489,739	Legg Mason BW Global Income Opportunities Fund, Inc.		6,312,736
	743,051	MFS Charter Income Trust		6,033,574
	252,833	MFS Multimarket Income Trust		1,458,846
	483,942	Morgan Stanley Emerging Markets Debt Fund, Inc.		4,544,215
	1,606,484	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		12,562,705
	230,385	Morgan Stanley Income Securities, Inc.		4,338,150
	447,751	Neuberger Berman High Yield Strategies Fund, Inc.		4,987,946
	10,574	NexPoint Credit Strategies Fund		242,991
	2,672,451	Nuveen AMT-Free Municipal Income Fund		34,741,863
	2,347,987	Nuveen Credit Strategies Income Fund		18,643,017
	1,373,572	Nuveen Dividend Advantage Municipal Fund		18,048,736
	471,457	Nuveen Global High Income Fund		7,599,887
	94,481	Nuveen Preferred Income Opportunities Fund		945,755
	81,175	PIMCO Dynamic Credit Income Fund		1,857,284
	922,310	Prudential Global Short Duration High Yield Fund, Inc.		12,801,663
	953,633	Prudential Short Duration High Yield Fund, Inc.		13,474,834
	1,258,342	Templeton Emerging Markets Income Fund		14,219,265
	2,914,143	Templeton Global Income Fund		18,621,374
	2,630,151	Voya Prime Rate Trust		13,703,087
	646,836	Wells Fargo Advantage Income Opportunities Fund		5,200,561
	2,487,920	Western Asset Emerging Markets Income Fund, Inc.		36,149,478
	61,413	Western Asset Global Corporate Defined Opportunity Fund, Inc.		1,027,440
	1,534,505	Western Asset Global High Income Fund, Inc.		14,439,692
	1,002,125	Western Asset High Income Fund II, Inc.		6,573,940

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Shares/Description			Value
	5,865,583	Western Asset High Income Opportunity Fund, Inc.	$	28,213,454
	935,650	Western Asset High Yield Defined Opportunity Fund, Inc.		13,660,490
	1,788,932	Western Asset/Claymore Inflation-Linked Opportunities & Income Fund		20,250,710
	830,178	Western Asset/Claymore Inflation-Linked Securities & Income Fund		9,571,952

TOTAL CLOSED-END FUNDS
(Cost $578,063,787)				559,079,521

BUSINESS DEVELOPMENT COMPANIES -0.85%
	475,494	Ares Capital Corp.		7,546,090
	222,539	Corporate Capital Trust, Inc.		3,760,909
	799,225	FS Investment Corp.		5,794,381

TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $17,299,651)				17,101,380

COMMON STOCKS - 0.05%
	6,082	Frontera Energy Corp.^(a)		169,995
	52,330	SandRidge Energy, Inc.^(a)		759,308

TOTAL COMMON STOCKS
(Cost $2,720,381)				929,303

OPEN-END FUNDS - 1.40%
	2,945,547	RiverNorth/Oaktree High Income Fund, Class I^(b)		28,237,782

TOTAL OPEN-END FUNDS
(Cost $28,827,068)				28,237,782

PREFERRED STOCKS - 0.86%
	120,000	Annaly Capital, Series F, 6.950%^(c)		3,042,000
	103,000	Annaly Capital, Series G, 6.500%^(c)		2,518,350
	62,871	GDL Fund, Series B, 3.000%		3,143,550
	81,800	Gladstone Investment Corp., 6.250%, 09/30/2023		2,072,812
	128,627	Gladstone Investment Corp., Series C, 6.500%		3,264,553
	125,774	Kayne Anderson MLP Investment Co., Series F, 3.500%		3,172,021

TOTAL PREFERRED STOCKS
(Cost $17,087,461)				17,213,286

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Shares/Description			Rate	Maturity	Value
BUSINESS DEVELOPMENT COMPANY NOTES - 1.42%
*United States - 1.42%*
	11,239	Hercules Capital, Inc.	6.25%	07/30/2024	$	284,122
	220,021	KCAP Financial, Inc.	6.13%	09/30/2022		5,537,928
	147,545	Main Street Capital Corp.	6.13%	04/01/2023		3,722,708
	278,721	MVC Capital, Inc.	6.25%	11/30/2022		7,029,344
	37,669	Oaktree Specialty Lending Corp.	6.13%	04/30/2028		940,218
	64,333	THL Credit, Inc.	6.75%	11/15/2021		1,622,478
	123,596	THL Credit, Inc.	6.75%	12/30/2022		3,170,238
	247,369	TriplePoint Venture Growth Corp.	5.75%	07/15/2022		6,219,846
						28,526,882

TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $28,174,916)						28,526,882

Principal Amount/Description			Rate	Maturity	Value
FOREIGN CORPORATE BONDS -2.28%
*Australia - 0.19%*
$	1,000,000	APT Pipelines, Ltd.^(d)	4.25%	07/15/2027		1,000,991
	585,000	Australia & New Zealand Banking Group, Ltd.^(d)	4.88%	01/12/2021		612,292
	750,000	Commonwealth Bank of Australia^(d)	2.75%	03/10/2022		737,486
	265,000	Macquarie Group, Ltd.^(d)(e)	3M US L + 1.023%	11/28/2023		255,812
	245,000	Macquarie Group, Ltd.^(d)(e)	3M US L + 1.33%	03/27/2024		246,157
	500,000	Sydney Airport Finance Co. Pty, Ltd.^(d)	3.38%	04/30/2025		486,952
	500,000	Sydney Airport Finance Co. Pty, Ltd.^(d)	3.63%	04/28/2026		487,893
						3,827,583
*Bermuda - 0.02%*
	200,000	Digicel Group, Ltd.^(d)	7.13%	04/01/2022		156,750
	400,000	Digicel Group, Ltd.^(f)	7.13%	04/01/2022		313,500
						470,250
*Brazil - 0.01%*
				Perpetual
	1,500,000	OAS Finance, Ltd.^(c)(d)(g)	8.88%	Maturity		157,500
*British Virgin* *Islands - 0.01%*
	300,000	CNOOC Finance 2011, Ltd.^(f)	4.25%	01/26/2021		307,467
*Canada - 0.17%*
	395,000	Bank of Montreal^(e)	3.80%	12/15/2032		374,705
	315,000	BC ULC / New Red Finance, Inc.^(d)	5.00%	10/15/2025		301,518
	765,000	Canadian Natural Resources, Ltd.	2.95%	01/15/2023		743,387
	500,000	Fortis, Inc.	2.10%	10/04/2021		478,275

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
	160,000	GFL Environmental, Inc.^(d)	5.38%	03/01/2023	$	157,600
	295,000	GW Honos Security Corp.^(d)	8.75%	05/15/2025		309,750
	330,000	Kronos Acquisition Holdings, Inc.^(d)	9.00%	08/15/2023		314,325
	195,000	MEG Energy Corp.^(d)	7.00%	03/31/2024		161,850
	260,000	Telesat Canada / Telesat LLC^(d)	8.88%	11/15/2024		286,000
	320,000	Valeant Pharmaceuticals International, Inc.^(d)	5.50%	11/01/2025		312,720
						3,440,130
*Cayman Islands - 0.20%*
	200,000	CK Hutchison International 17 II, Ltd.^(d)	2.25%	09/29/2020		195,759
	200,000	CK Hutchison International 17, Ltd.^(d)	3.50%	04/05/2027		193,866
	200,000	CK Hutchison International 17, Ltd.^(f)	2.88%	04/05/2022		196,242
	440,116	Guanay Finance, Ltd.^(f)	6.00%	12/15/2020		451,271
	200,000	Hutchison Whampoa International 12 II, Ltd.^(f)	3.25%	11/08/2022		198,470
	1,125,178	Interoceanica IV Finance, Ltd.^(f)(h)	0.00%	11/30/2025		960,621
	1,000,000	Lima Metro Line 2 Finance, Ltd.^(d)	5.88%	07/05/2034		1,036,250
	400,000	SPARC EM SPC Panama Metro Line 2 SP^(d)(h)	0.00%	12/05/2022		361,800
	500,000	SPARC EM SPC Panama Metro Line 2 SP^(f)(h)	0.00%	12/05/2022		452,250
						4,046,529
*Chile - 0.17%*
	200,000	Banco de Credito e Inversiones SA^(f)	4.00%	02/11/2023		202,415
	300,000	Banco del Estado de Chile^(f)	4.13%	10/07/2020		306,215
	150,000	Banco del Estado de Chile^(f)	3.88%	02/08/2022		151,722
	700,000	Embotelladora Andina SA^(f)	5.00%	10/01/2023		738,371
	900,000	Empresa de Transporte de Pasajeros Metro SA^(d)	5.00%	01/25/2047		931,500
	300,000	Engie Energia Chile SA^(f)	5.63%	01/15/2021		316,536
	800,000	Itau CorpBanca^(f)	3.88%	09/22/2019		807,266
						3,454,025
*China - 0.11%*
	200,000	Alibaba Group Holding, Ltd.	2.80%	06/06/2023		193,459
	800,000	CNPC HK Overseas Capital, Ltd.^(f)	4.50%	04/28/2021		828,610
	600,000	Sinopec Group Overseas Development 2016, Ltd.^(f)	2.75%	09/29/2026		545,313
	300,000	Tencent Holdings, Ltd.^(d)(e)	3M US L + 0.605%	01/19/2023		300,531
	400,000	Tencent Holdings, Ltd.^(f)	3.38%	05/02/2019		402,285
						2,270,198
*Colombia - 0.01%*
	100,000	Bancolombia SA	6.13%	07/26/2020		106,125

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	100,000	Ecopetrol SA	7.63%	07/23/2019	$	105,900
						212,025
*Costa Rica - 0.01%*
	200,000	Banco de Costa Rica^(f)	5.25%	08/12/2018		201,740
*Dominican Republic - 0.02%*
	300,000	Banco de Reservas de la Republica Dominicana^(d)	7.00%	02/01/2023		315,000
*France - 0.06%*
	525,000	BNP Paribas SA^(d)	3.38%	01/09/2025		508,311
	631,000	Orange SA	2.75%	02/06/2019		630,898
						1,139,209
*Great Britain - 0.14%*
	510,000	Anglo American Capital PLC^(d)	4.50%	03/15/2028		509,788
	530,000	AstraZeneca PLC	2.38%	06/12/2022		512,212
	465,000	Barclays Bank PLC^(e)	3M US L + 0.46%	01/11/2021		464,822
	530,000	Lloyds Banking Group PLC^(e)	3M US L + 1.205%	11/07/2028		500,888
	765,000	Royal Bank of Scotland Group PLC^(e)	3M US L + 1.48%	05/15/2023		752,230
	120,000	Travelport Corp. Finance PLC^(d)	6.00%	03/15/2026		120,750
						2,860,690
*Guatemala - 0.01%*
	200,000	Energuate Trust^(d)	5.88%	05/03/2027		202,250
*India - 0.07%*
	200,000	Adani Ports & Special Economic Zone, Ltd.^(f)	3.95%	01/19/2022		199,472
	300,000	Bharti Airtel, Ltd.^(f)	4.38%	06/10/2025		291,434
	200,000	Export-Import Bank of India	3.13%	07/20/2021		197,789
	300,000	Export-Import Bank of India	4.00%	01/14/2023		300,419
	200,000	Indian Oil Corp., Ltd.	5.63%	08/02/2021		212,787
	200,000	Indian Oil Corp., Ltd.	5.75%	08/01/2023		216,903
						1,418,804
*Ireland - 0.05%*
	535,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	3.50%	01/15/2025		516,330
	415,000	Shire Acquisitions Investments Ireland DAC	2.88%	09/23/2023		396,535
						912,865
*Isle Of Man - 0.03%*
	600,000	Gohl Capital, Ltd.	4.25%	01/24/2027		590,964
*Israel - 0.05%*
	900,000	Israel Electric Corp., Ltd.^(d)	5.00%	11/12/2024		938,781

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity		Value
*Japan - 0.09%*
	735,000	Mitsubishi UFJ Financial Group, Inc.(e)	3M US L + 0.74%	03/02/2023	$	734,393
	355,000	Mizuho Financial Group, Inc.(e)	3M US L + 0.88%	09/11/2022		357,200
	785,000	Sumitomo Mitsui Financial Group, Inc.(e)	3M US L + 0.74%	01/17/2023		786,961
						1,878,554
Luxembourg - 0.01%
	245,000	Intelsat Jackson Holdings SA	7.25%	10/15/2020		227,850
*Malaysia - 0.11%*
	600,000	Axiata SPV2 Bhd	3.47%	11/19/2020		602,240
	800,000	Malayan Banking Bhd(e)	3.91%	10/29/2026		802,456
	300,000	Petronas Capital, Ltd.(f)	3.50%	03/18/2025		296,688
	500,000	Petronas Global Sukuk, Ltd.(f)	2.71%	03/18/2020		496,700
						2,198,084
*Mauritius - 0.01%*
	200,000	UPL Corp., Ltd.(f)	3.25%	10/13/2021		196,215
*Mexico - 0.11%*
	100,000	America Movil SAB de CV	5.00%	03/30/2020		103,438
	600,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santander(e)(f)	5.95%	01/30/2024		613,200
	200,000	Fomento Economico Mexicano SAB de CV	2.88%	05/10/2023		195,034
	200,000	Grupo Idesa SA de CV(d)	7.88%	12/18/2020		195,162
	200,000	Grupo Idesa SA de CV(f)	7.88%	12/18/2020		195,163
	450,000	Mexico City Airport Trust(d)	4.25%	10/31/2026		434,588
	310,000	Petroleos Mexicanos	6.75%	09/21/2047		314,458
	185,000	Petroleos Mexicanos(d)	6.35%	02/12/2048		179,681
						2,230,724
*Netherlands - 0.08%*
	400,000	AES Andres BV / Dominican Power Partners / Empresa Generadora de Electricidad It(d)	7.95%	05/11/2026		429,064
	500,000	Bharti Airtel International Netherlands BV(f)	5.13%	03/11/2023		509,640
	725,000	Teva Pharmaceutical Finance Netherlands III BV	2.80%	07/21/2023		614,788
						1,553,492
Panama - 0.14%
	388,308	Aeropuerto Internacional de Tocumen SA	5.75%	10/09/2023		412,092
	500,000	Banco de Credito del Peru/Panama(f)	2.25%	10/25/2019		494,225
	100,000	Banco de Credito del Peru/Panama(f)	5.38%	09/16/2020		105,093

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity		Value
$	700,000	Banco Internacional del Peru SAA/Panama(f)	5.75%	10/07/2020	$	735,000
		Banco Latinoamericano de Comercio
	150,000	Exterior SA(f)	3.25%	05/07/2020		149,437
	252,205	ENA Norte Trust(f)	4.95%	04/25/2023		259,204
	600,000	Global Bank Corp.(f)	5.13%	10/30/2019		612,720
						2,767,771
*Peru - 0.02%*
	100,000	BBVA Banco Continental SA(f)	5.00%	08/26/2022		105,020
	200,000	Fondo MIVIVIENDA SA(d)	3.50%	01/31/2023		196,500
	200,000	Pesquera Exalmar SAA(f)	7.38%	01/31/2020		194,799
						496,319
*Philippines - 0.06%*
	300,000	BDO Unibank, Inc.	2.63%	10/24/2021		292,008
	600,000	BDO Unibank, Inc.	2.95%	03/06/2023		577,282
	400,000	Union Bank of the Philippines	3.37%	11/29/2022		389,647
						1,258,937
*Singapore - 0.23%*
	600,000	BPRL International Singapore Pte., Ltd.	4.38%	01/18/2027		592,186
	700,000	DBS Group Holdings, Ltd.(d)(e)	3M US L + 0.62%	07/25/2022		703,808
	200,000	DBS Group Holdings, Ltd.(e)(f)	3M US L + 0.49%	06/08/2020		200,233
	200,000	ONGC Videsh Vankorneft Pte, Ltd.	2.88%	01/27/2022		193,448
	600,000	ONGC Videsh Vankorneft Pte, Ltd.	3.75%	07/27/2026		574,359
	482,000	Oversea-Chinese Banking Corp., Ltd.(e)(f)	4.00%	10/15/2024		485,693
	100,000	PSA International Pte, Ltd.	3.88%	02/11/2021		102,883
	200,000	SingTel Group Treasury Pte, Ltd.	4.50%	09/08/2021		209,328
	750,000	Temasek Financial I, Ltd.(f)	2.38%	01/23/2023		727,212
	400,000	United Overseas Bank, Ltd.(e)	3.75%	09/19/2024		402,988
	400,000	United Overseas Bank, Ltd.(e)	3.50%	09/16/2026		396,736
						4,588,874
South Korea - 0.03%
	550,000	Korea Expressway Corp.(d)(e)	3M US L + 0.70%	04/20/2020		550,364
Spain - 0.03%
	600,000	Banco Santander SA(e)	3M US L + 1.09%	02/23/2023		605,286

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2017

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity		Value
*Switzerland - 0.03%*
$	530,000	Credit Suisse Group AG(d)(e)	3M US L+ 1.20%	12/14/2023	$	537,633

TOTAL FOREIGN CORPORATE BONDS
(Cost $48,087,825)						45,856,113

U.S. CORPORATE BONDS - 2.94%
*Advertising - 0.03%*
	635,000	Omnicom Group, Inc.	3.60%	04/15/2026		616,247
*Aerospace/Defense - 0.05%*
	365,000	Lockheed Martin Corp.	4.70%	05/15/2046		396,976
	336,000	The Boeing Co.	6.88%	03/15/2039		473,915
	170,000	TransDigm, Inc.	6.38%	06/15/2026		171,700
						1,042,591
*Agriculture - 0.02%*
	95,000	BAT Capital Corp.(d)(e)	3M US L + 0.88%	08/15/2022		95,628
	390,000	Reynolds American, Inc.	4.00%	06/12/2022		397,014
						492,642
*Airlines - 0.01%*
	255,000	Delta Air Lines, Inc.	3.63%	03/15/2022		254,847
Auto Manufacturers - 0.07%
	420,000	Ford Motor Co.	7.45%	07/16/2031		509,179
	185,000	General Motors Co.(e)	3M US L + 0.80%	08/07/2020		185,239
	450,000	General Motors Financial Co., Inc.(e)	3M US L + 0.99%	01/05/2023		452,478
	305,000	General Motors Financial Co., Inc.	3.95%	04/13/2024		302,688
						1,449,584
*Banks - 0.17%*
	285,000	Bank of America Corp.	2.50%	10/21/2022		273,898
	330,000	Bank of America Corp.(e)	3M US L + 1.02%	04/24/2023		323,343
	340,000	Capital One Financial Corp.(e)	3M US L + 0.72%	01/30/2023		337,764

	755,000	Citigroup, Inc.(e)	3M US L + 1.10%	05/17/2024		762,319
	505,000	Morgan Stanley	2.75%	05/19/2022		492,625
	520,000	Morgan Stanley(e)	3M US L + 1.34%	07/22/2028		503,221
	110,000	MUFG Americas Holdings Corp.	2.25%	02/10/2020		108,330
	660,000	The Goldman Sachs Group, Inc.(e)	3M US L + 0.78%	10/31/2022		659,210
						3,460,710

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity		Value
*Beverages - 0.03%*
$	300,000	Anheuser-Busch InBev Finance, Inc.	4.90%	02/01/2046	$	324,250
	250,000	Anheuser-Busch InBev Worldwide,Inc.	4.60%	04/15/2048		258,770
						583,020
*Biotechnology- 0.02%*
	520,000	Celgene Corp.	4.35%	11/15/2047		493,812
*Building Materials - 0.03%*
	310,000	Builders FirstSource, Inc.(d)	5.63%	09/01/2024		312,713
	260,000	Owens Corning	4.40%	01/30/2048		240,627
						553,340
*Chemicals - 0.05%*
	325,000	Hexion, Inc.(d)	10.38%	02/01/2022		316,062
	265,000	Platform Specialty Products Corp.(d)	5.88%	12/01/2025		259,369
	515,000	The Mosaic Co.	4.05%	11/15/2027		502,929
						1,078,360
*Coal - 0.02%*
	305,000	Peabody Securities Finance Corp.(d)	6.00%	03/31/2022		312,244
*Commercial Services - 0.01%*
	239,000	Prime Security Services Borrower, LLC / Prime Finance, Inc.(d)	9.25%	05/15/2023		259,614
Containers and Packaging - 0.05%
	255,000	Packaging Corp. of America	3.40%	12/15/2027		244,261
	170,000	Plastipak Holdings, Inc.(d)	6.25%	10/15/2025		170,425
	500,000	WestRock Co.(d)	3.75%	03/15/2025		499,326
						914,012
*Cosmetics/Personal Care - 0.02%*
	310,000	Coty, Inc.(d)	6.50%	04/15/2026		312,325
*Distribution/Wholesale - 0.03%*
	165,000	Avantor, Inc.(d)	6.00%	10/01/2024		164,587
	165,000	Avantor, Inc.(d)	9.00%	10/01/2025		162,009
	325,000	Beacon Escrow Corp.(d)	4.88%	11/01/2025		311,188
						637,784
*Diversified Financial Services - 0.20%*
	568,000	Air Lease Corp.	3.75%	02/01/2022		573,396
	645,000	Ally Financial, Inc.	4.13%	03/30/2020		649,031
	40,000	Ally Financial, Inc.	4.25%	04/15/2021		40,350
	1,045,000	American Express Co.	2.50%	08/01/2022		1,008,705
	640,000	Discover Financial Services	4.10%	02/09/2027		635,615
	390,000	National Rural Utilities Cooperative Finance Corp.	2.00%	01/27/2020		384,555
	305,000	NFP Corp.(d)	6.88%	07/15/2025		304,238
	499,000	Synchrony Financial	3.00%	08/15/2019		497,621

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2017

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
$	15,000	Synchrony Financial	3.95	%	12/01/2027	$	14,203
							4,107,714
*Electric - 0.23%*
	85,000	American Electric Power Co., Inc.	3.20	%	11/13/2027		81,110
	230,000	Duke Energy Corp.	3.75	%	09/01/2046		209,011
	215,000	Duke Energy Corp.	3.95	%	08/15/2047		202,257
	450,000	Duke Energy Progress, LLC	4.15	%	12/01/2044		462,299
	500,000	Edison International	4.13	%	03/15/2028		503,854
	1,100,000	ITC Holdings Corp.	3.25	%	06/30/2026		1,057,354
	250,000	NextEra Energy Capital Holdings, Inc.	3.55	%	05/01/2027		243,248
	330,000	NextEra Energy Operating Partners LP^(d)	4.50	%	09/15/2027		312,263
	655,000	The Southern Co.	2.45	%	09/01/2018		654,334
	1,000,000	Virginia Electric & Power Co.	3.50	%	03/15/2027		988,798
							4,714,528
*Electronics - 0.04%*
	265,000	Arrow Electronics, Inc.	3.88	%	01/12/2028		256,788
	525,000	Corning, Inc.	4.38	%	11/15/2057		484,664
	80,000	Jabil, Inc.	3.95	%	01/12/2028		77,662
							819,114
*Engineering &* Construction - 0.02%
	400,000	SBA Tower Trust^(d)	3.17	%	04/15/2022		396,320
*Entertainment - 0.02%*
	320,000	Eldorado Resorts, Inc.	6.00	%	04/01/2025		326,400
*Food - 0.15%*
	310,000	B&G Foods, Inc.	5.25	%	04/01/2025		289,462
	130,000	USA LUX / JBS USA Finance, JBS Inc.(d)	6.75	%	02/15/2028		124,963
	500,000	Kraft Heinz Foods Co.	2.00	%	07/02/2018		499,531
	15,000	Kraft Heinz Foods Co.	2.80	%	07/02/2020		14,902
	320,000	Pilgrim's Pride Corp.^(d)	5.75	%	03/15/2025		311,600
	320,000	Post Holdings, Inc.^(d)	5.50	%	03/01/2025		316,000
	490,000	Smithfield Foods, Inc.^(d)	4.25	%	02/01/2027		485,590
	515,000	Sysco Corp.	3.25	%	07/15/2027		493,025
	515,000	The Kroger Co.	3.40	%	04/15/2022		512,624
							3,047,697
*Forest Products & Paper - 0.03%*
	550,000	Georgia-Pacific, LLC^(d)	3.60	%	03/01/2025		553,508
*Gas - 0.01%*
	235,000	NGL Energy Partners LP / NGL Energy Finance Corp.	7.50	%	11/01/2023		236,763
*Healthcare-Products - 0.07%*
	760,000	Becton Dickinson & Co.	2.89	%	06/06/2022		737,895
	260,000	Boston Scientific Corp.	4.00	%	03/01/2028		260,286

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
$	315,000	Universal Hospital Services, Inc.	7.63	%	08/15/2020	$	318,937
	180,000	Zimmer Biomet Holdings, Inc.	2.70	%	04/01/2020		178,111
							1,495,229
*Healthcare-Services - 0.06%*
	520,000	Anthem, Inc.	2.30	%	07/15/2018		519,590
	320,000	Centene Corp.	4.75	%	01/15/2025		312,800
	75,000	Polaris Intermediate Corp.^(d)(i)	8.50% (9.25% PIK)		12/01/2022		76,688
	250,000	Tenet Healthcare Corp.	8.13	%	04/01/2022		261,563
							1,170,641
*Holding Companies-Diversified - 0.01%*
	210,000	Petsmart, Inc.^(d)	7.13	%	03/15/2023		120,225
*Home Furnishings - 0.02%*
	320,000	Tempur Sealy International, Inc.	5.50	%	06/15/2026		308,800
*Housewares -* 0.02%
	420,000	Newell Brands, Inc.	5.50	%	04/01/2046		444,120
*Insurance - 0.16%*
	300,000	Alliant Holdings Intermediate, LLC / Alliant Holdings Co.- Issuer^(d)	8.25	%	08/01/2023		309,750
	485,000	Athene Global Funding^(d)	3.00	%	07/01/2022		472,531
	515,000	Brighthouse Financial, Inc.^(d)	3.70	%	06/22/2027		478,407
	855,000	Liberty Mutual Group, Inc.^(d)	6.50	%	05/01/2042		1,078,210
	475,000	New York Life Global Funding^(d)	2.30	%	06/10/2022		459,161
	515,000	Nuveen Finance, LLC^(d)	2.95	%	11/01/2019		513,878
							3,311,937
*Internet - 0.05%*
	510,000	eBay, Inc.	2.75	%	01/30/2023		492,817
	530,000	Expedia Group, Inc.	3.80	%	02/15/2028		493,226
							986,043
*Investment Companies - 0.13%*
	2,500,000	FS Investment Corp.	4.25	%	01/15/2020		2,523,638
*Leisure Time -* 0.04%
	170,000	Constellation Merger Sub, Inc.^(d)	8.50	%	09/15/2025		165,325
	260,000	Royal Caribbean Cruises, Ltd.	3.70	%	03/15/2028		249,566
	330,000	Viking Cruises, Ltd.^(d)	5.88	%	09/15/2027		313,500
							728,391
*Machinery-Construction & Mining -0.02%*
	295,000	Blueline Rental Finance Corp. / Blueline Rental, LLC^(d)	9.25	%	03/15/2024		317,031
*Media - 0.04%*
	280,000	Cengage Learning, Inc.^(d)	9.50	%	06/15/2024		216,300

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
$	605,000	Charter Communications Operating, LLC / Charter Communications Operating Capital	4.91%		07/23/2025	$	618,849
							835,149
*Oil & Gas - 0.20%*
	515,000	Baker Hughes, a GE Co., LLC / Baker Hughes Co. - Obligor, Inc.	4.08	%	12/15/2047		487,282
	400,000	CNOOC Finance 2015 USA, LLC	3.50	%	05/05/2025		387,065
	510,000	EQT Corp.	3.90	%	10/01/2027		489,406
	155,000	Extraction Oil & Gas, Inc.^(d)	5.63	%	02/01/2026		146,669
	310,000	Gulfport Energy Corp.	6.38	%	05/15/2025		299,537
	315,000	Hess Infrastructure Partners LP / Hess Infrastructure Partners Finance Corp.^(d)	5.63	%	02/15/2026		311,062
	185,000	Indigo Natural Resources, LLC^(d)	6.88	%	02/15/2026		175,288
	190,000	Nabors Industries, Inc.^(d)	5.75	%	02/01/2025		179,550
	263,000	Phillips 66	5.88	%	05/01/2042		316,674
	170,000	QEP Resources, Inc.	5.63	%	03/01/2026		161,075
	500,000	Reliance Holding USA, Inc.^(f)	5.40	%	02/14/2022		528,781
	210,000	Sanchez Energy Corp.	6.13	%	01/15/2023		154,219
	160,000	Sunoco LP / Sunoco Finance Corp.^(d)	5.50	%	02/15/2026		154,800
	150,000	USA Compression Partners LP / USA Compression Finance Corp.(d)	6.88	%	04/01/2026		152,625
							3,944,033
*Packaging & Containers - 0.02%*
	315,000	Flex Acquisition Co., Inc.^(d)	6.88	%	01/15/2025		312,441
*Pharmaceuticals - 0.06%*
	405,000	AbbVie, Inc.	4.70	%	05/14/2045		418,533
	500,000	CVS Health Corp.	5.05	%	03/25/2048		526,882
	275,000	NVA Holdings, Inc.^(d)	6.88	%	04/01/2026		277,750
							1,223,165
*Pipelines - 0.13%*
	320,000	Cheniere Energy Partners LP^(d)	5.25	%	10/01/2025		316,400
	505,000	Enable Midstream Partners LP	4.40	%	03/15/2027		494,830
	480,000	Energy Transfer LP	4.75	%	01/15/2026		485,823
	428,000	Kinder Morgan Energy Partners LP	6.95	%	01/15/2038		518,745
	585,000	Sabine Pass Liquefaction, LLC	5.00	%	03/15/2027		607,815
	250,000	Partners LP/ ACMP Finance Williams Corp.	3.75	%	06/15/2027		239,307
							2,662,920
*REITS - 0.20%*
	800,000	American Tower Corp.	3.38	%	10/15/2026		753,398
	515,000	American Tower Corp.	3.60	%	01/15/2028		489,617
	500,000	Boston Properties LP	4.13	%	05/15/2021		513,112
	800,000	Crown Castle International Corp.	3.70	%	06/15/2026		770,759

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
$	515,000	Crown Castle International Corp.	3.65	%	09/01/2027	$	491,332
	400,000	Digital Realty Trust LP	3.70	%	08/15/2027		385,943
	323,000	ESH Hospitality, Inc.^(d)	5.25	%	05/01/2025		315,022
	255,000	Kennedy-Wilson, Inc.^(d)	5.88	%	04/01/2024		254,044
							3,973,227
*Retail - 0.01%*
	200,000	McDonald's Corp.	4.45	%	03/01/2047		207,328
	120,000	PetSmart, Inc.^(d)	5.88	%	06/01/2025		87,300
							294,628
*Semiconductors - 0.01%*
	250,000	Applied Materials, Inc.	4.35	%	04/01/2047		266,057
*Software - 0.09%*
	148,000	Fidelity National Information Services, Inc.	3.63	%	10/15/2020		149,925
	285,000	Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 S.a.r.l/Greeneden US Holdings II, LLC^(d)	10.00	%	11/30/2024		317,062
	480,000	Oracle Corp.	4.13	%	05/15/2045		484,218
	175,000	Riverbed Technology, Inc.^(d)	8.88	%	03/01/2023		166,906
	330,000	S&P Global, Inc.	4.40	%	02/15/2026		346,849
	115,000	Solera, LLC / Solera Finance, Inc.^(d)	10.50	%	03/01/2024		128,513
	220,000	Sophia LP / Sophia Finance, Inc.^(d)	9.00	%	09/30/2023		232,100
							1,825,573
*Special Purpose Banks - 0.02%*
	325,000	CRC Escrow Issuer, LLC / CRC Finco, Inc.^(d)	5.25	%	10/15/2025		312,384
*Telecommunications - 0.13%*
	720,000	AT&T, Inc.	5.25	%	03/01/2037		762,935
	80,000	CB Escrow Corp.^(d)	8.00	%	10/15/2025		74,900
	250,000	Cincinnati Bell, Inc.^(d)	7.00	%	07/15/2024		225,000
	80,000	Frontier Communications Corp.	8.50	%	04/15/2020		80,700
	300,000	GTT Communications, Inc.^(d)	7.88	%	12/31/2024		302,250
	315,000	Level 3 Financing, Inc.	5.38	%	01/15/2024		307,717
	80,000	Sprint Capital Corp.	6.88	%	11/15/2028		74,900
	160,000	Sprint Corp.	7.13	%	06/15/2024		156,400
	200,000	Sprint Spectrum Co., LLC / Sprint Spectrum Co. II, LLC / Sprint Spectrum Co. III, LLC^(d)	4.74	%	03/20/2025		201,500
	515,000	Verizon Communications, Inc.	4.40	%	11/01/2034		509,440
							2,695,742
*Toys/Games/Hobbies - 0.01%*
	150,000	Hasbro, Inc.	3.50	%	09/15/2027		140,680
*Transportation - 0.10%*
	465,000	Burlington Northern Santa Fe, LLC	4.55	%	09/01/2044		501,259

See Notes to Financial Statements

Semi-Annual Report | March 31, 2018

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
$	420,000	CSX Corp.	3.80	%	11/01/2046	$	387,056
	550,000	FedEx Corp.	4.75	%	11/15/2045		575,756
	500,000	Union Pacific Corp.	3.00	%	04/15/2027		482,365
							1,946,436
*Trucking & Leasing - 0.01%*
	245,000	Penske Truck Leasing Co. LP / PTL Finance Corp.^(d)	4.20	%	04/01/2027		247,273
*Waste & Environmental Services & Equipment - 0.02%*
	515,000	Republic Services, Inc.	3.38	%	11/15/2027		497,928

TOTAL U.S. CORPORATE BONDS
(Cost $60,149,467)							59,246,867

FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.33%
	500,000	Chile Government International Bond	3.13	%	03/27/2025		491,250
	600,000	Chile Government International Bond	3.13	%	01/21/2026		588,600
	400,000	Costa Rica Government International Bond^(f)	10.00	%	08/01/2020		448,300
	400,000	Indonesia Government International Bond^(f)	4.88	%	05/05/2021		417,873
	400,000	Israel Government International Bond	4.00	%	06/30/2022		414,410
	600,000	Israel Government International Bond	2.88	%	03/16/2026		578,382
	400,000	Malaysia Sovereign Sukuk Bhd International Bond^(f)	3.04	%	04/22/2025		392,852
	250,000	Sukuk Global Bhd Malaysia International Bond(f)	3.18	%	04/27/2026		244,941
	200,000	Mexico Government International Bond	4.00	%	10/02/2023		205,175
	285,000	Mexico Government International Bond	4.15	%	03/28/2027		288,491
	675,000	Mexico Government International Bond	3.75	%	01/11/2028		653,569
	400,000	Panama Government International Bond	4.00	%	09/22/2024		411,600
	600,000	Perusahaan Penerbit SBSN Indonesia III International Bond^(d)	4.15	%	03/29/2027		594,750
	200,000	Philippine Government International Bond	4.00	%	01/15/2021		205,121

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
$	700,000	Philippine Government International Bond	4.20	%	01/21/2024	$	729,883

TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES
(Cost $6,849,302)							6,665,197

COLLATERALIZED LOAN OBLIGATIONS - 0.46%
		Adams Mill CLO, Ltd.
	500,000	Series 2014-1A^(d)(e)	3M US L + 3.50%		07/15/2026		500,746
		AIMCO CLO
	500,000	Series 2018-AA^(d)(e)	2.55% - 3M US L		04/17/2031		500,000
		Apidos CLO XII
	500,000	Series 2018-12A^(d)(e)	3M US L + 2.60%		04/15/2031		499,956
		Apidos CLO XVIII
	250,000	Series 2014-18A^(d)(e)	3M US L + 5.20%		07/22/2026		251,035
		Babson CLO, Ltd., 2015-I
	500,000	Series 2018-IA^(d)(e)	3M US L + 2.60%		01/20/2031		497,650
		Barings CLO, Ltd.
	500,000	Series 2017-1A^(d)(e)	3M US L + 3.60%		07/18/2029		506,339
		Barings CLO, Ltd. 2016-III
	500,000	Series 2016-3A^(d)(e)	3M US L + 3.95%		01/15/2028		507,647
		Betony CLO, Ltd.
	500,000	Series 2015-1A^(d)(e)	3M US L + 3.60%		04/15/2027		500,709
		Birchwood Park CLO, Ltd.
	250,000	Series 2014-1A^(d)(e)	3M US L + 6.40%		07/15/2026		250,329
		BlueMountain CLO, Ltd.
	500,000	Series 2015-3A^(d)(e)	3M US L + 3.10%		10/20/2027		500,000
	500,000	Series 2015-3A^(d)(e)	3M US L + 3.55%		10/20/2027		500,000
	500,000	Series 2018-3A^(d)(e)	2.60% - 3M US L		04/20/2031		500,000
		Canyon Capital CLO, Ltd.
	500,000	Series 2017-1A^(d)(e)	3M US L + 3.60%		07/15/2030		506,641
		Cook Parl CLO, Ltd.
	500,000	Series 2018-1A^(d)(e)	2.60% -3M US L		04/17/2030		500,000

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Dorchester Park CLO, Ltd.
$	250,000	Series 2015-1A^(d)(e)	3M US L + 3.20%	01/20/2027	$	250,282
	250,000	Series 2015-1A^(d)(e)	3M US L + 3.55%	01/20/2027		250,281
		Dryden CLO, Ltd.
	500,000	Series 2018-57A^(d)(e)	3M US L + 2.55%	05/15/2031		500,103
		Madison Park Funding XIV CLO, Ltd.
	250,000	Series 2014-14A^(d)(e)	3M US L + 4.75%	07/20/2026		250,616
		Stewart Park CLO, Ltd.
	500,000	Series 2018-1A^(d)(e)	3M US L + 2.60%	01/15/2030		497,994
		THL Credit Wind River CLO, Ltd.
	500,000	Series 2017-1A^(d)(e)	3M US L + 3.75%	04/18/2029		508,958
		Voya CLO 2014-1, Ltd.
	500,000	Series 2018-1A^(d)(e)	2.80% -3M US L	04/18/2031		500,000

TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $9,154,326)						9,279,286

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 25.98%
		AASET, Ltd.
	984,800	Series 2018-1^(d)	3.84%	01/16/2038		981,144
		Adjustable Rate Mortgage Trust
	652,586	Series 2005-1^(e)	3.84%	05/25/2035		665,814
	4,281,435	Series 2005-10^(e)	3.81%	01/25/2036		3,808,221
	590,305	Series 2005-7^(e)	3.67%	10/25/2035		528,159
		ALM XII, Ltd.

	500,000	Series 2017-12A^(d)(e)	3M US L + 3.20%	04/16/2027		501,014
		Alternative Loan Trust
	379,341	Series 2005-20CB	5.50%	07/25/2035		364,395
	141,999	Series 2005-54CB	5.50%	11/25/2035		126,005
	7,309,138	Series 2005-69^(e)	4.33%	12/25/2035		7,048,131
	681,608	Series 2005-6CB	5.50%	04/25/2035		689,159
	320,831	Series 2005-85CB^(e)	21.63% - 1M US L	02/25/2036		373,534
	1,519,198	Series 2005-85CB^(e)	1M US L + 1.10%	02/25/2036		1,287,928
	370,444	Series 2005-86CB	5.50%	02/25/2036		331,341
	391,057	Series 2005-9CB^(e)	1M US L + 0.50%	05/25/2035		354,710

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	694,517	Series 2005-9CB^(e)	5.05% - 1M US L	05/25/2035	$	53,500
	342,879	Series 2006-12CB^(e)	1M US L + 5.75%	05/25/2036		280,978
	1,660,533	Series 2006-15CB	6.50%	06/25/2036		1,307,421
	215,549	Series 2006-30T1	6.25%	11/25/2036		193,608
	170,603	Series 2006-32CB	5.50%	11/25/2036		145,667
	354,067	Series 2006-36T2^(e)	28.06% - 1M US L	12/25/2036		471,993
	15,609,728	Series 2006-J7	6.25%	11/25/2036		12,804,317
	1,338,170	Series 2007-19	6.00%	08/25/2037		1,099,635
	4,806,681	Series 2007-20	6.25%	08/25/2047		4,083,423
			1M US L +
	1,343,294	Series 2007-23CB^(e)	0.50%	09/25/2037		895,229
	1,282,622	Series 2007-23CB^(e)	6.50% - 1M US L	09/25/2037		248,211
	7,781,109	Series 2007-HY2^(e)	3.47%	03/25/2047		7,214,467
		American Home Mortgage Investment Trust
	11,486,018	Series 2006-1^(e)	6M US L + 1.75%	12/25/2035		5,871,471
	174,043	Series 2007-A^(d)(j)	6.60%	01/25/2037		83,320
		Atrium Hotel Portfolio Trust
	515,000	Series 2017-ATRM^(d)(e)	1M US L + 3.05%	11/15/2019		511,218
		Atrium IX
	500,000	Series 2017-9A^(d)(e)	3M US L + 3.60%	05/28/2030		507,758
		BAMLL Commercial Mortgage
		Securities Trust
	400,000	Series 2014-IP^(d)(e)	2.72%	06/15/2028		398,026
	17,000,000	Series 2015-200P^(d)(e)	0.38%	04/14/2033		421,493
		Banc of America Alternative Loan Trust
	54,057	Series 2005-6	6.00%	07/25/2035		54,062
	110,427	Series 2005-6	5.50%	07/25/2035		101,523
		Banc of America Funding Corp.
	413,964	Series 2008-R2^(d)	6.00%	09/25/2037		428,376
		Banc of America Funding Trust
	3,000,000	Series 2005-B^(e)	1M US L + 0.45%	04/20/2035		2,849,236
	292,630	Series 2006-2	5.50%	03/25/2036		288,928
	919,692	Series 2006-A^(e)	3.63%	02/20/2036		890,239
	6,960,395	Series 2007-4^(e)	5.77%	05/25/2037		6,988,445
	5,606,005	Series 2010-R5^(d)(e)	6.00%	10/26/2037		5,247,419
		BBCMS Mortgage Trust
	4,101,493	Series 2017-C1^(e)	1.52%	02/15/2050		413,484

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	512,000	Series 2018-TALL^(d)(e)	1M US L + 0.722%	03/15/2037	$	510,196
		BCAP, LLC Trust
	161,293	Series 2007-AA2^(e)	7.50%	04/25/2037		154,224
	104,650	Series 2007-AA2	6.00%	04/25/2037		90,515
	2,636,350	Series 2009-RR1^(d)(e)	6.00%	10/26/2036		2,642,846
	6,931,052	Series 2010-RR6^(d)(e)	6.00%	07/26/2036		5,438,934
		Bear Stearns ALT-A Trust
	1,480,086	Series 2004-11^(e)	3.39%	11/25/2034		1,365,500
	1,537,220	Series 2005-3^(e)	3.45%	04/25/2035		1,447,862
	11,170,909	Series 2006-3^(e)	3.42%	05/25/2036		9,158,132
	6,713,933	Series 2006-4^(e)	3.54%	07/25/2036		6,250,794
	1,403,552	Series 2006-6^(e)	3.47%	11/25/2036		1,281,804
		Bear Stearns Asset Backed Securities I Trust
	11,649,698	Series 2007-HE2^(e)	1M US L + 0.23%	02/25/2037		10,141,353
		Bear Stearns Asset-Backed Securities Trust
	208,155	Series 2005-HE3^(e)	1M US L + 1.02%	03/25/2035		209,072
	2,463,266	Series 2006-AC1^(j)	6.25%	02/25/2036		1,961,112
		BX Trust
	192,000	Series 2017-SLCT^(d)(e)	1M US L + 2.05%	07/15/2034		192,664
	315,000	Series 2017-SLCT^(d)(e)	1M US L + 3.15%	07/15/2034		316,975
		CAL Funding III, Ltd.
	991,667	Series 2018-1A^(d)	3.96%	02/25/2043		1,001,295
		Carrington Mortgage Loan Trust
	2,563,228	Series 2006-NC4^(e)	1M US L + 0.16%	10/25/2036		2,364,417
		CFCRE Commercial Mortgage Trust
	5,154,435	Series 2016-C3^(e)	1.07%	12/10/2025		342,827
	501,000	Series 2016-C3^(d)(e)	3.05%	01/10/2048		379,768
	486,000	Series 2016-C7	3.84%	12/10/2054		494,094
		Chase Mortgage Finance Trust
	5,383,449	Series 2007-S2	6.00%	03/25/2037		4,590,607
	10,922,723	Series 2007-S2	6.00%	03/25/2037		9,358,053
	593,041	Series 2007-S3	5.50%	05/25/2037		480,299
		CHT 2017- COSMO Mortgage Trust
	335,000	Series 2017-CSMO^(d)(e)	1M US L + 3.00%	11/15/2019		337,719
	178,000	Series 2017-CSMO^(d)(e)	1M US L + 3.7412%	11/15/2019		179,508

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		CIM Trust
$	12,000,000	Series 2016-1RR^(e)	12.35%	07/26/2055	$	11,823,967
	12,000,000	Series 2016-2RR B2^(e)	24.65%	02/27/2056		11,653,584
	11,430,000	Series 2016-3RR B2^(e)	12.29%	02/27/2056		12,414,415
	12,000,000	Series 2016-3RR B2^(d)(e)	8.33%	02/27/2056		11,585,395
	4,556,421	Series 2017-6 A1^(d)(e)	3.02%	06/25/2057		4,488,044
		Citicorp Mortgage Securities Trust
	909,355	Series 2007-1	6.00%	01/25/2037		912,601
	10,771	Series 2007-2	5.50%	02/25/2037		10,785
		Citigroup Commercial Mortgage Trust
	3,935,814	Series 2014-GC25^(e)	1.03%	10/10/2047		212,566
	355,500	Series 2015-GC27^(d)(e)	4.43%	01/10/2025		302,937
	400,000	Series 2015-GC31^(e)	4.06%	06/10/2025		383,526
	420,000	Series 2015-GC35^(e)	4.50%	11/10/2025		414,610
	5,468,781	Series 2015-GC35^(e)	0.89%	11/10/2048		247,425
	488,000	Series 2016-P4	2.90%	07/10/2026		469,623
	3,333,417	Series 2016-P4^(e)	2.01%	07/10/2049		391,922
	388,000	Series 2016-P6^(e)	3.72%	12/10/2049		395,069
	494,000	Series 2016-SMPLC D^(d)	3.52%	09/10/2021		488,224
		Citigroup Mortgage Loan Trust
	982,347	Series 2006-WF1^(j)	4.98%	03/25/2036		718,293
	1,427,993	Series 2007-OPX1^(j)	6.33%	01/25/2037		1,015,142
	1,233,497	Series 2008-AR4^(d)(e)	3.76%	11/25/2038		1,241,602
	1,361,135	Series 2008-AR4^(d)(e)	3.86%	11/25/2038		1,397,067
	880,992	Series 2010-8^(d)(e)	6.00%	11/25/2036		879,011
	2,654,823	Series 2010-8^(d)(e)	6.00%	12/25/2036		2,631,309
		CitiMortgage Alternative Loan Trust
	772,973	Series 2007-A1	6.00%	01/25/2037		727,711
	152,255	Series 2007-A1^(e)	5.40% - 1M US	L01/25/2037		14,924
	252,715	Series 2007-A3^(e)	5.40% - 1M US	L03/25/2037		24,481
	109,813	Series 2007-A3^(e)	6.00%	03/25/2037		104,986
	916,426	Series 2007-A4	5.75%	04/25/2037		870,990
	798,739	Series 2007-A6	5.50%	06/25/2037		762,473
		CLNS Trust
			1M US L +
	168,000	Series 2017-IKPR^(d)(e)	3.15%	06/11/2032		168,622
			1M US L +
	168,000	Series 2017-IKPR^(d)(e)	3.50%	06/11/2032		169,305
			1M US L +
	168,000	Series 2017-IKPR^(d)(e)	4.50%	06/11/2032		169,638
		COBALT CMBS Commercial Mortgage Trust
	283,573	Series 2007-C2^(e)	5.57%	04/15/2047		286,390

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Coinstar Funding LLC
$	4,962,500	Series 2017-1A^(d)	5.22%	04/25/2047	$	5,102,745
		Cold Storage Trust
			1M US L +
	301,000	Series 2017-ICE3^(d)(e)	1.00%	04/15/2024		302,526
			1M US L +
	367,000	Series 2017-ICE3^(d)(e)	1.35%	04/15/2024		369,019
		Commercial Mortgage Pass-Through
		Certificates
	312,400	Series 2014-CR19^(e)	4.72%	08/10/2047		314,224
	400,000	Series 2014-CR20^(e)	4.50%	11/10/2047		401,493
	3,091,920	Series 2014-UBS4^(d)	3.75%	08/10/2047		1,916,613
	5,797,416	Series 2014-UBS4^(d)	3.75%	08/10/2047		1,855,434
	2,705,400	Series 2014-UBS4^(d)	3.75%	08/10/2047		1,860,725
	11,000	Series 2014-UBS4^(d)(e)(k)	0.00%	08/10/2047		0
	3,883,058	Series 2015-CR22^(e)	0.99%	03/10/2025		173,173
	475,000	Series 2015-CR25^(e)	4.55%	08/10/2025		476,401
	5,009,289	Series 2015-CR26^(e)	1.04%	09/10/2025		276,905
	419,000	Series 2015-LC23^(e)	4.65%	10/10/2025		412,942
	3,677,623	Series 2016-DC2^(e)	1.06%	10/10/2025		221,355
	249,000	Series 2016-DC2^(e)	4.64%	02/10/2026		240,936
		Commercial Mortgage Trust
	659,000	Series 2012-CR4^(d)(e)	4.58%	10/15/2045		389,553
		Countrywide Home Loan Mortgage
		Pass-Through Trust
	3,321,967	Series 2005-HYB7^(e)	3.30%	11/20/2035		3,046,561
	75,871	Series 2005-J4	5.50%	11/25/2035		74,549
	2,497,227	Series 2006-18	6.00%	12/25/2036		2,255,556
	406,730	Series 2007-17	6.00%	10/25/2037		388,946
	432,548	Series 2007-3	6.00%	04/25/2037		368,657
	472,272	Series 2007-7	5.75%	06/25/2037		418,206
		Credit Suisse First Boston Mortgage
		Securities Corp.
	91,665	Series 2005-10	5.50%	11/25/2035		89,922
	2,746,148	Series 2005-11	6.00%	12/25/2035		2,637,250
	73,554	Series 2005-8	5.50%	08/25/2025		74,165
	5,465,952	Series 2005-9	6.00%	10/25/2035		3,161,502
		Credit Suisse Mortgage Capital
		Certificates
	4,650,636	Series 2006-2	5.75%	03/25/2036		4,195,466
		Credit-Based Asset Servicing &
		Securitization LLC
			1M US L +
	13,920,037	Series 2007-CB6^(d)(e)	0.22%	07/25/2037		9,381,900

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		CSAB Mortgage-Backed Trust
$	8,781,274	Series 2006-2^(j)	5.70%	09/25/2036	$	1,619,745
	159,649	Series 2007-1^(e)	5.90%	05/25/2037		77,574
		CSAIL Commercial Mortgage Trust
	5,856,419	Series 2015-C1^(e)	0.94%	01/15/2025		270,074
	419,000	Series 2015-C4^(e)	4.58%	11/15/2025		419,137
	5,932,902	Series 2017-C8^(e)	1.26%	06/15/2050		454,739
		CSMC 2018-RPL2 Trust
	1,000,000	Series 2018-RPL2^(d)(j)	4.03%	08/25/2062		1,007,500
		CSMC Mortgage-Backed Trust
	230,196	Series 2006-1	6.00%	02/25/2036		174,597
	50,326	Series 2006-4	5.50%	05/25/2021		47,353
	891,984	Series 2006-5	6.25%	06/25/2036		458,146
	120,457	Series 2006-9	6.00%	11/25/2036		94,278
	2,549,951	Series 2007-1	6.00%	02/25/2037		2,322,156
	14,177	Series 2007-2	5.00%	03/25/2037		14,087
	597,345	Series 2007-3^(e)	5.84%	04/25/2037		296,471
	41,138	Series 2007-4	6.00%	06/25/2037		38,197
	3,964,198	Series 2009-16R^(d)(e)	6.00%	07/26/2037		3,947,430
	1,078,135	Series 2010-7R^(d)(e)	6.00%	04/26/2037		1,071,468
	5,355,415	Series 2016-PR1^(d)(j)	5.50%	07/25/2056		5,267,670
		CSMC Trust
			1M US L +
	253,000	Series 2017-CHOP^(d)(e)	1.90%	07/15/2032		253,704
			1M US L +
	253,000	Series 2017-CHOP^(d)(e)	3.30%	07/15/2032		254,035
			1M US L +
	180,000	Series 2017-PFHP^(d)(e)	6.15%	12/15/2020		176,403
		CWABS Asset-Backed Certificates
		Trust
			1M US L +
	2,600,000	Series 2005-14^(e)	0.73%	04/25/2036		2,310,156
		Deutsche Alt-A Securities, Inc.
		Mortgage Loan Trust
	402,737	Series 2005-6^(e)	5.08% - 1M US L	12/25/2035		46,341
			1M US L +
	176,497	Series 2005-6^(e)	1.40%	12/25/2035		141,542
			1M US L +
	151,925	Series 2007-1^(e)	0.14%	08/25/2037		151,781
		Deutsche Mortgage Securities, Inc.
		Mortgage Loan Trust
			12.12% - 1M US
	198,194	Series 2006-PR1^(d)(e)	L	04/15/2036		182,739
		Earnest Student Loan Program
	35,000	Series 2016-D^(d)	0.00%	01/25/2041		2,816,188

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
		First Horizon Alternative Mortgage Securities Trust
$	85,085	Series 2005-FA6	5.50	%	09/25/2035	$	75,030
	1,100,155	Series 2005-FA6	5.50	%	09/25/2035		970,149
	93,474	Series 2006-FA7	6.25	%	12/25/2036		80,362
	175,943	Series 2007-FA2	6.00	%	04/25/2037		139,780
		First Horizon Mortgage Pass-Through
		Trust
	2,587,574	Series 2007-AR3^(e)	3.47	%	11/25/2037		2,442,171
		Freddie Mac Multifamily Structured
		Pass Through Certificates
	3,606,404	Series 2016-K722^(e)	1.31	%	03/25/2023		190,230
		GE Commercial Mortgage Corp.
		Trust
	489,000	Series 2007-C1^(e)	5.61	%	12/10/2049		493,584
		GRACE Mortgage Trust
	400,000	Series 2014-GRCE^(d)	3.37	%	06/10/2028		404,514
		Great Wolf Trust
			1M US L +
	152,000	Series 2017-WOLF^(d)(e)	2.10	%	09/15/2034		152,911
			1M US L +
	235,000	Series 2017-WOLF^(d)(e)	3.10	%	09/15/2034		237,119
			1M US L +
	125,000	Series 2017-WOLF^(d)(e)	4.07	%	09/15/2034		126,267
		GS Mortgage Securities Trust
	305,488	Series 2011-GC3^(d)(e)	0.67	%	03/10/2021		4,955
	2,342,845	Series 2011-GC5^(d)(e)	1.35	%	08/10/2044		83,809
	1,331,000	Series 2014-GC26^(d)(e)	4.51	%	11/10/2047		1,159,865
	7,379,564	Series 2015-GS1^(e)	0.82	%	11/10/2048		363,332
	5,933,499	Series 2017-GS7^(e)	1.14	%	08/10/2050		481,393
		GSAA Home Equity Trust
	2,710,041	Series 2006-13^(e)	6.04	%	07/25/2036		1,565,442
	616,390	Series 2006-18^(j)	5.68	%	11/25/2036		322,547
	190,549	Series 2006-6^(e)	5.69	%	03/25/2036		98,500
	1,026,376	Series 2007-2^(j)	6.10	%	03/25/2037		457,604
		GSR Mortgage Loan Trust
	547,187	Series 2005-AR4^(e)	3.52	%	07/25/2035		552,157
	1,896,844	Series 2006-2F	5.25	%	02/25/2036		1,531,539
	1,076,111	Series 2007-2F	5.75	%	02/25/2037		1,440,250
	3,964,955	Series 2007-2F	6.00	%	03/25/2037		3,582,630
	1,718,635	Series 2007-AR2^(e)	3.68	%	05/25/2037		1,506,367
		Halcyon Loan Advisors Funding, Ltd.
			3M US L +
	250,000	Series 2013-2A^(d)(e)	2.70	%	08/01/2025		250,310

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
		Helios Issuer, LLC Series
$	1,426,189	Series 2017-1A^(d)	4.94	%	09/20/2049	$	1,453,791
		HSI Asset Loan Obligation Trust
	68,006	Series 2007-2	5.50	%	09/25/2037		65,498
		IndyMac IMJA Mortgage Loan Trust
	1,512,036	Series 2007-A1	6.00	%	08/25/2037		1,271,259
		IndyMac IMSC Mortgage Loan Trust
	4,751,985	Series 2007-F2	6.50	%	07/25/2037		3,110,428
		IndyMac Index Mortgage Loan Trust
	3,096,442	Series 2005-AR31^(e)	3.44	%	01/25/2036		2,957,307
	1,470,381	Series 2005-AR35^(e)	3.38	%	02/25/2036		1,262,125
	3,938,327	Series 2006-AR25^(e)	3.37	%	09/25/2036		3,779,448
		Invitation Homes
			1M US L +
	995,000	Series 2018-SFR1^(d)(e)	1.25	%	03/17/2037		1,003,193
			1M US L +
	650,000	Series 2018-SFR1^(d)(e)	1.45	%	03/17/2037		655,392
		JP Morgan Alternative Loan Trust
	362,259	Series 2005-S1	6.00	%	12/25/2035		351,172
	20,199	Series 2006-S1	5.00	%	02/25/2021		20,095
	377,498	Series 2006-S3^(j)	6.12	%	08/25/2036		385,733
		JP Morgan BB Commercial Mortgage Securities Trust
	400,000	Series 2014-C21^(e)	4.66	%	08/15/2047		401,191
	388,000	Series 2014-C26^(e)	4.42	%	12/15/2024		382,583
	627,390	Series 2015-C27^(d)(e)	3.84	%	02/15/2025		503,950
	5,811,820	Series 2015-C28^(e)	1.16	%	03/15/2025		281,050
	10,203,240	Series 2015-C30^(e)	0.67	%	07/15/2025		306,913
	3,914,552	Series 2015-C31^(e)	0.98	%	08/15/2025		195,421
	200,000	Series 2015-C32^(e)	4.67	%	10/15/2025		199,724
	489,000	Series 2015-C33^(e)	4.62	%	11/15/2025		497,231
	414,000	Series 2016-C1^(e)	4.75	%	02/15/2026		426,023
		JP Morgan Chase Commercial
		Mortgage Securities Corp.
	155,100	Series 2006-LDP8^(e)	0.53	%	05/15/2045		2
	154,554	Series 2006-LDP9	5.37	%	05/15/2047		155,632
	4,000,000	Series 2007-CH1^(j)	4.96	%	11/25/2036		3,940,844
	154,699	Series 2007-LD11^(e)	5.95	%	06/15/2049		157,429
	99,409	Series 2007-LDPX^(e)	5.46	%	01/15/2049		99,306
	3,031,001	Series 2012-C8^(e)	1.80	%	10/15/2045		192,472
	400,000	Series 2014-DSTY^(d)	3.43	%	06/10/2027		399,022
	262,000	Series 2015-JP1^(d)(e)	4.74	%	01/15/2049		184,571
	119,000	Series 2016-JP2^(e)	3.79	%	07/15/2026		114,398
	155,000	Series 2016-JP2	3.46	%	07/15/2026		149,946

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
			1M US L +
$	129,000	Series 2017-MAUI^(d)(e)	1.25	%	07/15/2034	$	129,474
			1M US L +
	121,000	Series 2017-MAUI^(d)(e)	1.95	%	07/15/2034		121,715
			1M US L +
	107,000	Series 2017-MAUI^(d)(e)	2.95	%	07/15/2034		107,848
			1M US L +
	151,000	Series 2017-MAUI^(d)(e)	3.75	%	07/15/2034		152,489
		JP Morgan Mortgage Acquisition
		Corp.
	343,089	Series 2006-CH2^(j)	5.46	%	09/25/2029		284,714
		JP Morgan Mortgage Trust
	8,621,565	Series 2005-S3	6.50	%	01/25/2036		7,432,512
	219,278	Series 2007-S3	6.00	%	08/25/2037		192,037
	1,219,500	Series 2007-S3	6.00	%	08/25/2037		1,073,615
	3,514,385	Series 2015-3^(d)(e)	3.50	%	05/25/2045		3,497,361
		JP Morgan Resecuritization Trust
	1,824,313	Series 2011-1^(d)(e)	6.00	%	06/26/2037		1,738,801
		Labrador Aviation Finance, Ltd.
	11,588,542	Series 2016-1A^(d)	5.68	%	01/15/2042		11,584,590
		LB-UBS Commercial Mortgage Trust
	306,326	Series 2006-C7^(d)(e)	0.49	%	11/15/2038		347
	229,745	Series 2006-C7^(d)(e)	0.49	%	11/15/2038		260
		LCM XIV LP
			3M US L +
	500,000	Series 2013-14A^(d)(e)	3.50	%	07/15/2025		500,709
		Lehman Mortgage Trust
	6,844,023	Series 2006-1^(e)	5.49	%	02/25/2036		6,871,245
	735,941	Series 2006-6	5.50	%	10/25/2036		663,772
			1M US L +
	3,911,425	Series 2006-7^(e)	0.25	%	11/25/2036		385,882
	3,911,425	Series 2006-7^(e)	7.75% - 1M US		L11/25/2036		746,931
			1M US L +
	1,613,923	Series 2006-8^(e)	0.42	%	12/25/2036		850,874
	1,613,923	Series 2006-8^(e)	6.58% - 1M US		L12/25/2036		356,831
	914,436	Series 2007-10	6.00	%	01/25/2038		970,234
	380,579	Series 2007-10	6.50	%	01/25/2038		287,505
		Lehman XS Trust
	169,969	Series 2006-5^(j)	5.89	%	04/25/2036		199,767
		Master Asset Backed Securities Trust
			1M US L +
	18,178,696	Series 2006-NC3^(e)	0.21	%	10/25/2036		11,862,699
		Merrill Lynch Alternative Note Asset
		Trust
	822,969	Series 2007-F1	6.00	%	03/25/2037		372,085

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
		Morgan Stanley Bank of America
		Merrill Lynch Trust
$	3,475,584	Series 2012-C5^(d)(e)	1.48	%	08/15/2045	$	174,120
	450,000	Series 2014-C19	4.00	%	12/15/2024		432,525
	380,000	Series 2015-C25^(e)	4.53	%	09/15/2025		386,579
	600,000	Series 2015-C26^(d)	3.06	%	10/15/2025		483,700
	350,000	Series 2015-C27^(e)	4.53	%	11/15/2025		334,592
	502,000	Series 2015-C27^(d)(e)	3.24	%	11/15/2025		376,499
	404,000	Series 2016-C32	3.72	%	12/15/2049		410,559
		Morgan Stanley Capital I Trust
	116,498	Series 2007-HQ11^(e)	5.51	%	02/12/2044		116,386
	3,387,543	Series 2011-C1^(d)(e)	0.40	%	09/15/2047		27,464
	400,000	Series 2014-MP^(d)(e)	3.69	%	08/11/2021		397,781
	6,854,625	Series 2015-UBS8^(e)	0.95	%	12/15/2025		380,443
			1M US L +
	426,000	Series 2015-XLF2^(d)(e)	3.00	%	08/15/2026		424,645
	1,421,843	Series 2016-UB11 XA^(e)	1.66	%	08/15/2026		132,142
			1M US L +
	379,000	Series 2017-PRME^(d)(e)	3.40	%	02/15/2034		380,581
		Morgan Stanley Mortgage Loan Trust
	3,332,635	Series 2005-3AR^(e)	3.36	%	07/25/2035		3,123,625
	230,633	Series 2006-11	6.00	%	08/25/2036		193,035
	1,225,259	Series 2006-7^(e)	5.05	%	06/25/2036		1,081,845
	1,238,585	Series 2006-7	6.00	%	06/25/2036		1,096,224
	482,734	Series 2007-3XS^(j)	5.70	%	01/25/2047		286,777
		Morgan Stanley Re-REMIC Trust
	394,150	Series 2011-R1^(d)(e)	5.94	%	02/26/2037		415,169
		Mosaic Solar Loans
	204,812	Series 2017-1A^(d)	4.45	%	06/20/2042		209,192
		MSCG Trust
	300,000	Series 2016-SNR^(d)	5.21	%	11/15/2034		300,963
		Nationstar HECM Loan Trust
	12,000,000	Series 2017-2A^(d)(e)	3.97	%	09/25/2027		11,963,568
		Navient Private Education Refi Loan
		Trust
	500,000	Series 2018-A^(d)	3.68	%	11/17/2025		501,634
		New Century Home Equity Loan
		Trust
			1M US L +
	15,015,000	Series 2005-3^(e)	0.70	%	07/25/2035		13,951,914
		Nomura Asset Acceptance Corp.
		Alternative Loan Trust
	1,478,485	Series 2005-AP3^(e)	5.32	%	08/25/2035		1,017,741

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
		Octagon Investment Partners XIV,
		Ltd.
			3M US L +
$	500,000	Series 2017-1A^(d)(e)	4.00	%	07/15/2029	$	508,006
		Octagon Investment Partners XVI,
		Ltd.
			3M US L +
	500,000	Series 2013-1A^(d)(e)	3.35	%	07/17/2025		500,630
			3M US L +
	500,000	Series 2013-1A^(d)(e)	4.50	%	07/17/2025		492,836
		Octagon Investment Partners XXII,
		Ltd.
			3M US L +
	500,000	Series 2018-1A^(d)(e)	5.45	%	01/22/2030		497,867
		OneMain Financial Issuance Trust
	1,605,121	Series 2015-1A^(d)	3.19	%	03/18/2026		1,610,595
		PFP, Ltd.
			1M US L +
	162,344	Series 2017-3^(d)(e)	1.05	%	01/14/2035		162,849
			1M US L +
	146,000	Series 2017-3^(d)(e)	1.30	%	01/14/2035		147,126
			1M US L +
	84,000	Series 2017-3^(d)(e)	1.75	%	01/14/2035		84,547
			1M US L +
	88,000	Series 2017-3^(d)(e)	2.50	%	01/14/2035		88,659
		PHH Alternative Mortgage Trust
	1,667,883	Series 2007-2	6.00	%	05/25/2037		1,512,642
		PR Mortgage Loan Trust
	12,874,207	Series 2014-1^(d)(e)	5.92	%	10/25/2049		11,449,046
		Prime Mortgage Trust
	63,585	Series 2006-1	5.50	%	06/25/2036		69,663
	105,786	Series 2006-DR1^(d)	5.50	%	05/25/2035		77,318
		RAIT Trust
			1M US L +
	391,659	Series 2017-FL7^(d)(e)	0.95	%	06/15/2025		392,121
			1M US L +
	111,000	Series 2017-FL7^(d)(e)	1.30	%	06/15/2025		111,051
		RBSGC Structured Trust
	266,305	Series 2008-B^(d)	6.00	%	06/25/2037		246,172
		Residential Accredit Loans, Inc.
	2,160,476	Series 2005-QS17	6.00	%	12/25/2035		2,114,141
			1M US L +
	5,213,075	Series 2006-QA5^(e)	0.22	%	07/25/2036		3,583,767
	3,286,485	Series 2006-QS10	6.50	%	08/25/2036		3,091,917
	1,219,282	Series 2006-QS4	6.00	%	04/25/2036		1,125,721
	1,077,456	Series 2006-QS6	6.00	%	06/25/2036		993,372

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
$	767,697	Series 2006-QS6	6.00	%	06/25/2036	$	707,786
	339,575	Series 2006-QS7^(e)	5.60% - 1M US L06/25/2036				42,439
			1M US L +
	113,192	Series 2006-QS7^(e)	0.40	%	06/25/2036		88,522
	2,153,080	Series 2006-QS7	6.00	%	06/25/2036		1,985,827
			1M US L +
	140,573	Series 2006-QS8^(e)	0.45	%	08/25/2036		107,054
	421,719	Series 2006-QS8^(e)	5.55% - 1M US L08/25/2036				49,548
	2,893,368	Series 2007-QS3	6.50	%	02/25/2037		2,633,608
	87,727	Series 2007-QS6	6.25	%	04/25/2037		84,609
			55.00% - 1M US
	12,360	Series 2007-QS6^(e)	L		04/25/2037		22,010
	4,298,543	Series 2007-QS9	6.50	%	07/25/2037		3,953,037
	367,504	Series 2008-QR1	6.00	%	08/25/2036		276,580
		Residential Asset Securitization Trust
	565,449	Series 2006-A1	6.00	%	04/25/2036		484,169
	1,177,942	Series 2006-A2	6.00	%	01/25/2046		896,710
	1,007,239	Series 2006-A6	6.50	%	07/25/2036		577,634
	5,248,164	Series 2006-A7CB	6.25	%	07/25/2036		5,131,073
	162,904	Series 2006-A8	6.50	%	08/25/2036		98,514
	468,187	Series 2006-A8	6.00	%	08/25/2036		419,683
	344,914	Series 2006-A8^(e)	5.90% - 1M US L		08/25/2036		76,707
	1,775,494	Series 2007-A1	6.00	%	03/25/2037		1,267,028
	2,689,446	Series 2007-A2	6.00	%	04/25/2037		2,433,119
	96,835	Series 2007-A6	6.00	%	06/25/2037		88,487
	2,982,754	Series 2007-A7	6.00	%	07/25/2037		2,177,265
	10,941,596	Series 2007-A8	6.00	%	08/25/2037		8,993,089
		Residential Funding Mortgage
		Securities I Trust
	1,295,398	Series 2006-S3	5.50	%	03/25/2036		1,201,822
	277,753	Series 2006-S6	6.00	%	07/25/2036		272,772
	1,968,209	Series 2006-S6	6.00	%	07/25/2036		1,932,912
	520,188	Series 2007-S3	6.00	%	03/25/2037		497,479
	405,969	Series 2007-S6	6.00	%	06/25/2037		386,137
		Sapphire Aviation Finance I, Ltd.
	1,000,000	Series 2018-1A^(d)	5.93	%	03/15/2025		1,007,458
		Sequoia Mortgage Trust
	2,815,097	Series 2007-3^(e)	3.53	%	07/20/2037		2,717,886
		SoFi Consumer Loan Program, LLC
	147,718	Series 2017-2^(d)	3.28	%	02/25/2026		148,113
		SoFi Professional Loan Program, LLC
	300,000	Series 2017-D^(d)	3.61	%	09/25/2040		296,244
		Springleaf Funding Trust
	2,206,971	Series 2015-AA^(d)	3.16	%	05/15/2019		2,209,226

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)


Principal Amount/Description			Rate			Maturity		Value
		Sprite, Ltd.
$	490,400	Series 2017-1^(d)		4.25	%		12/15/2037	$	481,394
		Structured Adjustable Rate
		Mortgage Loan Trust
	1,134,414	Series 2005-15^(e)		3.53	%		07/25/2035		971,724
		Structured Asset Securities Corp.
				1M US L +
	261,745	Series 2005-RF1^(d)(e)		0.35	%		03/25/2035		234,628
	262,965	Series 2005-RF1^(d)(e)		5.29	%		03/25/2035		30,119
		Suntrust Alternative Loan Trust
	7,754,216	Series 2005-1F		6.50	%		12/25/2035		7,471,563
		Sutherland Commercial Mortgage
		Loans, LLC
	94,324	Series 2015-SBC4^(d)		4.00	%		06/25/2039		93,799
		TAL Advantage, LLC
	912,808	Series 17-1A		4.50	%		04/20/2042		939,464
		TBW Mortgage-Backed Trust
	1,512,039	Series 2006-2		7.00	%		07/25/2036		656,925
		Textainer Marine Containers V, Ltd.
	917,300	Series 2017-1A^(d)		3.72	%		05/20/2042		917,650
		TRIP Rail Master Funding, LLC
	447,054	Series 2017-1A^(d)		2.71	%		08/15/2047		442,320
		UBS Commercial Mortgage Trust
	513,000	Series 2017-C6^(e)		4.45	%		12/15/2050		512,165
	511,000	Series 2018-C8^(e)		4.71	%		02/15/2051		509,720
	6,204,000	Series 2018-C9^(e)		1.07	%		03/15/2051		445,602
		Vantage Data Centers Issuer, LLC
	749,375	Series 2018-1A^(d)		4.07	%		02/15/2023		757,122
		VB-S1 Issuer, LLC
	3,000,000	Series 2018-1A^(d)		5.25	%		02/15/2048		3,032,118
		Velocity Commercial Capital Loan
		Trust
	5,764,977	Series 2017-2^(d)(e)		3.07	%		11/25/2047		5,730,393
		Wachovia Bank Commercial
		Mortgage Trust
	104,767	Series 2006-C28^(e)		5.63	%		10/15/2048		105,987
	74,134	Series 2006-C29^(e)		0.16	%		11/15/2048		1
	214,230	Series 2007-C33^(e)		6.01	%		02/15/2051		219,961
		Wachovia Mortgage Loan Trust, LLC
		Series Trust
	1,039,916	Series 2005-B^(e)		3.75	%		10/20/2035		1,020,288
		Washington Mutual Alternative
		Mortgage Pass-Through
		Certificates
	1,873,413	Series 2005-1		6.00	%		03/25/2035		1,897,866

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate			Maturity		Value
$	78,368	Series 2005-9		5.50	%		11/25/2035	$	69,320
	607,808	Series 2006-5		6.00	%		07/25/2036		503,042
		Washington Mutual Asset-Backed
		Certificates WMABS Trust
				1M US L +
	13,319,948	Series 2007-HE1^(e)		0.17	%		11/25/2036		6,282,094
				1M US L +
	12,974,751	Series 2007-HE2^(e)		0.22	%		02/25/2037		5,748,641
		Washington Mutual Mortgage Pass-
		Through Certificates Trust
	1,190,919	Series 2006-2		6.00	%		03/25/2036		1,160,557
		Wells Fargo Alternative Loan Trust
				1M US L +
	747,002	Series 2007-PA2^(e)		0.43	%		06/25/2037		628,953
	747,002	Series 2007-PA2^(e)		6.07% - 1M US L			06/25/2037		79,778
	283,687	Series 2007-PA3		5.75	%		07/25/2037		266,522
	987,915	Series 2007-PA3		6.25	%		07/25/2037		936,802
	5,499,044	Series 2007-PA5		6.25	%		11/25/2037		5,356,943
		Wells Fargo Commercial Mortgage
		Trust
	525,000	Series 2014-LC16^(d)		3.94	%		06/15/2024		433,312
	6,026,376	Series 2015-C31^(e)		1.09	%		07/15/2025		365,706
	420,000	Series 2015-C31^(e)		4.61	%		11/15/2025		426,889
	340,000	Series 2015-LC22^(e)		4.54	%		09/15/2058		342,018
	380,000	Series 2015-NXS3^(e)		4.64	%		09/15/2057		372,768
	420,000	Series 2015-NXS4^(e)		4.60	%		12/15/2048		428,495
		Wells Fargo Mortgage-Backed
		Securities Trust
	1,739,794	Series 2005-12		5.50	%		11/25/2035		1,774,116
	494,194	Series 2006-11		6.00	%		09/25/2036		477,285
	71,027	Series 2006-2		5.75	%		03/25/2036		70,031
	193,861	Series 2006-2		5.50	%		03/25/2036		196,167
	610,623	Series 2007-13		6.00	%		09/25/2037		615,589
	680,672	Series 2007-14		6.00	%		10/25/2037		675,107
	587,619	Series 2007-2		6.00	%		03/25/2037		587,147
		WF-RBS Commercial Mortgage Trust
	2,381,049	Series 2012-C9^(d)(e)		1.91	%		11/15/2045		167,703
	4,333,647	Series 2014-C21^(e)		1.11	%		08/15/2047		211,273
	4,821,351	Series 2014-C22^(e)		0.90	%		09/15/2057		198,094

	TOTAL NON- AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS
	(Cost $507,943,614)								522,870,164

	U.S. GOVERNMENT BONDS AND NOTES - 14.84%
	6,246,654	U.S. Treasury Bonds		0.13	%		04/15/2022		6,157,191

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate			Maturity		Value
$	2,076,855	U.S. Treasury Bonds		0.38	%		07/15/2027	$	2,024,812
	4,265,000	U.S. Treasury Bonds		2.75	%		11/15/2042		4,109,439
	3,650,000	U.S. Treasury Bonds		3.63	%		08/15/2043		4,078,987
	1,990,000	U.S. Treasury Bonds		3.38	%		05/15/2044		2,136,250
	6,080,000	U.S. Treasury Bonds		2.88	%		08/15/2045		5,959,473
	3,650,000	U.S. Treasury Bonds		2.88	%		11/15/2046		3,572,611
	7,500,000	U.S. Treasury Notes		0.75	%		04/30/2018		7,495,162
	7,500,000	U.S. Treasury Notes		1.00	%		05/31/2018		7,491,444
	8,000,000	U.S. Treasury Notes		1.38	%		06/30/2018		7,991,555
	7,500,000	U.S. Treasury Notes		1.38	%		07/31/2018		7,489,408
	345,000	U.S. Treasury Notes		0.75	%		08/31/2018		343,396
	7,500,000	U.S. Treasury Notes		1.50	%		08/31/2018		7,488,207
	8,000,000	U.S. Treasury Notes		0.75	%		09/30/2018		7,953,827
	7,500,000	U.S. Treasury Notes		0.75	%		10/31/2018		7,447,691
	7,500,000	U.S. Treasury Notes		1.38	%		11/30/2018		7,468,263
	8,000,000	U.S. Treasury Notes		1.25	%		12/31/2018		7,952,149
	6,130,000	U.S. Treasury Notes		1.13	%		01/15/2019		6,084,264
	116,879,000	U.S. Treasury Notes		1.13	%		01/31/2019		115,957,148
	6,330,000	U.S. Treasury Notes		0.75	%		02/15/2019		6,256,360
	7,500,000	U.S. Treasury Notes		1.50	%		02/28/2019		7,459,069
	7,500,000	U.S. Treasury Notes		1.50	%		03/31/2019		7,454,145
	5,070,000	U.S. Treasury Notes		2.00	%		05/31/2021		5,003,593
	5,780,000	U.S. Treasury Notes		1.13	%		06/30/2021		5,544,430
	5,250,000	U.S. Treasury Notes		1.25	%		10/31/2021		5,031,216
	5,130,000	U.S. Treasury Notes		1.75	%		11/30/2021		4,999,043
	5,080,000	U.S. Treasury Notes		2.00	%		12/31/2021		4,989,680
	920,000	U.S. Treasury Notes		1.88	%		01/31/2022		899,075
	6,180,000	U.S. Treasury Notes		1.88	%		08/31/2024		5,893,578
	5,170,000	U.S. Treasury Notes		2.13	%		09/30/2024		5,000,610
	5,655,000	U.S. Treasury Notes		2.25	%		10/31/2024		5,508,102
	5,525,000	U.S. Treasury Notes		2.25	%		08/15/2027		5,294,478
	10,490,000	U.S. Treasury Notes		2.25	%		11/15/2027		10,042,353

	TOTAL U.S. GOVERNMENT BONDS AND NOTES
	(Cost $300,252,892)								298,577,009

	MUNICIPAL BONDS - 0.73%
		Commonwealth of Puerto Rico,
	33,700,000	Series A Revenue Bonds^(g)		8.00	%		07/01/2035		14,406,750

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate			Maturity		Value
		North Texas State Municipal Water
		District Water System, Revenue
$	200,000	Bonds		5.00	%		09/01/2035	$	230,338

	TOTAL MUNICIPAL BONDS
	(Cost $26,244,448)								14,637,088

U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 10.96%
		Federal Home Loan Mortgage Corp.
		Multifamily Structured Pass
		Through Certificates
	311,000	Series 2015-K050^(e)		3.33	%		08/25/2025		316,254
	412,000	Series 2016-K053		3.00	%		12/25/2025		407,738
		Federal Home Loan Mortgage Corp.
		Pool
	352,599	Series Pool #G01840		5.00	%		07/01/2035		380,287
	133,528	Series Pool #G04817		5.00	%		09/01/2038		143,937
	5,354,483	Series Pool #GO8721		3.00	%		09/01/2046		5,226,726
		Federal Home Loan Mortgage Corp.
		REMICS
	1,675,739	Series 2003-2722^(e)		9.89% - 1M US L			12/15/2033		1,816,203
	321,635	Series 2005-R003		5.50	%		10/15/2035		349,223
	2,239,007	Series 2006-3244^(e)		6.66% - 1M US L			11/15/2036		359,148
	106,339	Series 2007-3261^(e)		6.43% - 1M US L			01/15/2037		15,522
	272,323	Series 2007-3262^(e)		6.40% - 1M US L			01/15/2037		26,653
	1,013,539	Series 2007-3301^(e)		6.10% - 1M US L			04/15/2037		126,539
	779,484	Series 2007-3303^(e)		6.10% - 1M US L			04/15/2037		109,265
	1,469,884	Series 2007-3303^(e)		6.08% - 1M US L			04/15/2037		188,220
	350,126	Series 2007-3382^(e)		6.00% - 1M US L			11/15/2037		32,177
	668,664	Series 2007-3384^(e)		6.31% - 1M US L			08/15/2036		81,726
	331,097	Series 2007-3384^(e)		6.39% - 1M US L			11/15/2037		32,327
	406,559	Series 2008-3417^(e)		6.18% - 1M US L			02/15/2038		37,140
	3,965,867	Series 2008-3419^(e)		6.43% - 1M US L			02/15/2038		546,014
	393,158	Series 2008-3423^(e)		5.65% - 1M US L			03/15/2038		35,910
	8,078,585	Series 2008-3423^(e)		6.00% - 1M US L			03/15/2038		75,069
	7,669,610	Series 2008-3435^(e)		5.98% - 1M US L			04/15/2038		903,879
	2,236,028	Series 2009-3510^(e)		6.75% - 1M US L			02/15/2037		342,975
	593,367	Series 2009-3523^(e)		6.00% - 1M US L			04/15/2039		70,393
	110,906	Series 2009-3524		3.86	%		06/15/2038		111,696
	27,867	Series 2009-3549^(e)		5.80% - 1M US L			07/15/2039		2,845
	1,449,909	Series 2009-3560^(e)		6.40% - 1M US L			11/15/2036		189,571
	524,518	Series 2010-3641		4.50	%		03/15/2040		552,935
	664,905	Series 2010-3726^(e)		6.05% - 1M US L			09/15/2040		84,051
	3,870,586	Series 2010-3728^(e)		4.45% - 1M US L			09/15/2040		241,268
	750,000	Series 2010-3779		3.50	%		12/15/2030		765,421

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate			Maturity		Value
$	211,776	Series 2010-3779		4.00	%		12/15/2030	$	220,728
	503,594	Series 2010-3779		4.50	%		12/15/2040		510,572
	78,997	Series 2011-3786^(e)		9.50% - 1M US L			01/15/2041		79,091
	1,331,345	Series 2011-3795		4.00	%		01/15/2041		1,372,827
	69,882	Series 2011-3798^(e)		9.50% - 1M US L			11/15/2040		71,185
	600,000	Series 2011-3808		3.50	%		02/15/2031		602,352
	39,198	Series 2011-3809^(e)		9.50% - 1M US L			02/15/2041		35,933
	1,221,715	Series 2011-3815^(e)		5.85% - 1M US L			02/15/2041		141,180
	500,000	Series 2011-3824		3.50	%		03/15/2031		514,174
	654,996	Series 2011-3824^(e)		7.10% - 1M US L			08/15/2036		114,029
	798,480	Series 2011-3863		5.50	%		08/15/2034		848,333
	646,115	Series 2011-3864^(e)		9.20% - 1M US L			05/15/2041		648,180
	847,248	Series 2011-3871		5.50	%		06/15/2041		940,788
	872,264	Series 2011-3872^(e)		5.95% - 1M US L			06/15/2041		110,535
	1,952,537	Series 2011-3888		4.00	%		07/15/2041		2,030,050
	3,104,798	Series 2011-3894		4.50	%		07/15/2041		3,213,327
	2,777,719	Series 2011-3910		5.00	%		08/15/2041		3,079,307
	1,811,799	Series 2011-3924^(e)		6.00% - 1M US L			09/15/2041		235,243
	3,856,433	Series 2011-3924^(e)		6.00% - 1M US L			09/15/2041		434,183
	986,452	Series 2011-3925		3.00	%		09/15/2021		34,595
	5,441,947	Series 2012-3^(e)		5.95% - 1M US L			02/25/2042		709,873
	3,774,356	Series 2012-4057		4.00	%		06/15/2042		3,955,220
	9,718,102	Series 2013-4196^(e)		5.40% - 1M US L			03/15/2043		8,230,455
	10,133,543	Series 2013-4218		2.50	%		02/15/2043		8,473,838
	7,519,829	Series 2013-4239		0.00	%		07/15/2043		5,175,701
	4,513,726	Series 2014-4302^(e)		6.15% - 1M US L			02/15/2044		652,961
	4,494,216	Series 2014-4413		3.50	%		11/15/2044		4,391,518
	9,259,083	Series 2015-4427^(e)		5.60% - 1M US L			07/15/2044		1,239,149
	3,290,360	Series 2015-4434		3.00	%		02/15/2045		2,993,622
	3,240,136	Series 2015-4440		2.50	%		02/15/2045		2,795,241
	11,889,135	Series 2017-4686		4.00	%		03/15/2047		12,551,356
		Federal Home Loan Mortgage Corp.
		Strips
	3,328,709	Series 2017-358		3.00	%		10/15/2047		3,266,179
		Federal National Mortgage
		Association ACES
	413,000	Series 2016-M3		2.70	%		02/25/2026		400,902
		Federal National Mortgage
		Association Pool
	98,070	Series Pool #555743		5.00	%		09/01/2033		105,932
	120,547	Series Pool #735382		5.00	%		04/01/2035		130,176
	313,780	Series Pool #735383		5.00	%		04/01/2035		338,887
	217,483	Series Pool #735484		5.00	%		05/01/2035		234,880
	95,145	Series Pool #AH4437		4.00	%		01/01/2041		97,298
	3,456,841	Series Pool #AL9238		3.00	%		10/01/2041		3,400,465

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity		Value
$	3,716,387	Series Pool #AS4645	3.00%		03/01/2045	$	3,638,456
	4,328,803	Series Pool #AS7661	3.00%		08/01/2046		4,195,332
	399,572	Series Pool #MA0264	4.50%		12/01/2029		419,801
	6,536,760	Series Pool #MA2737	3.00%		09/01/2046		6,377,839
	976,914	Series Pool #MA3894	4.00%		09/01/2031		1,017,253
		Federal National Mortgage
		Association REMICS
	122,456	Series 2004-46^(e)	6.00% - 1M US L		03/25/2034		10,910
	374,224	Series 2006-101^(e)	6.58% - 1M US L		10/25/2036		63,776
	1,125,314	Series 2006-123^(e)	6.32% - 1M US L		01/25/2037		171,863
	5,282,146	Series 2006-92^(e)	6.58% - 1M US L		10/25/2036		809,421
	149,393	Series 2007-102^(e)	6.40% - 1M US L		11/25/2037		20,435
	102,779	Series 2007-108^(e)	6.36% - 1M US L		12/25/2037		9,297
	32,472	Series 2007-30^(e)	6.11% - 1M US L		04/25/2037		3,930
	487,045	Series 2007-38^(e)	6.08% - 1M US L		05/25/2037		52,579
	20,756	Series 2007-51^(e)	6.10% - 1M US L		06/25/2037		2,091
	75,832	Series 2007-53^(e)	6.10% - 1M US L		06/25/2037		7,657
	762,638	Series 2007-57^(e)	6.62% - 1M US L		10/25/2036		108,480
	229,578	Series 2007-68^(e)	6.65% - 1M US L		07/25/2037		25,712
	830,392	Series 2008-3^(e)	6.46% - 1M US L		02/25/2038		109,825
	379,471	Series 2008-56^(e)	6.06% - 1M US L		07/25/2038		39,688
	158,682	Series 2008-81	5.50%		09/25/2038		167,401
	514,573	Series 2009-111	5.00%		01/25/2040		528,525
	341,739	Series 2009-111^(e)	6.25% - 1M US L		01/25/2040		36,233
	1,651,334	Series 2009-12^(e)	6.60% - 1M US L		03/25/2036		245,903
	49,109	Series 2009-28^(e)	6.00% - 1M US L		04/25/2037		4,834
	505,785	Series 2009-41	4.50%		06/25/2039		523,516
	182,646	Series 2009-42^(e)	6.00% - 1M US L		06/25/2039		21,823
	372,550	Series 2009-47^(e)	6.10% - 1M US L		07/25/2039		35,945
	247,267	Series 2009-62^(e)	6.10% - 1M US L		08/25/2039		19,836
	99,224	Series 2009-66^(e)	5.80% - 1M US L		02/25/2038		11,317
	103,680	Series 2009-68^(e)	5.25% - 1M US L		09/25/2039		7,024
			55.00% - 1M US
	18,497	Series 2010-109^(e)	L		10/25/2040		59,550
	648,255	Series 2010-11^(e)	4.80% - 1M US L		02/25/2040		46,316
	102,461	Series 2010-111^(e)	6.00% - 1M US L		10/25/2040		9,660
	167,700	Series 2010-112	4.00%		10/25/2040		168,995
	379,941	Series 2010-115^(e)	6.60% - 1M US L		11/25/2039		44,291
	2,730,956	Series 2010-115^(e)	6.00% - 1M US L		10/25/2040		404,552
	6,323,750	Series 2010-123^(e)	6.05% - 1M US L		11/25/2040		998,619
	1,047,783	Series 2010-15^(e)	4.95% - 1M US L		03/25/2040		101,701
	179,211	Series 2010-34^(e)	4.93% - 1M US L		04/25/2040		16,155
	101,063	Series 2010-4^(e)	6.23% - 1M US L		02/25/2040		12,116
			12.47% -1M US
	137,015	Series 2010-58^(e)	L		06/25/2040		142,808

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity		Value
$	3,198,165	Series 2010-75	4.50%		07/25/2040	$	3,377,419
	547,430	Series 2010-9^(e)	4.75% - 1M US L		02/25/2040		37,659
	101,847	Series 2010-9^(e)	5.30% - 1M US L		02/25/2040		9,512
	31,907	Series 2010-90^(e)	6.00% - 1M US L		08/25/2040		3,674
	500,000	Series 2011-16	3.50%		03/25/2031		509,283
	2,428,698	Series 2011-2	4.00%		02/25/2041		2,514,213
	1,000,000	Series 2011-25	3.00%		04/25/2026		1,006,373
	500,000	Series 2011-29	3.50%		04/25/2031		499,186
	332,644	Series 2011-48^(e)	9.20% - 1M US L		06/25/2041		320,446
	762,962	Series 2011-5^(e)	6.40% - 1M US L		11/25/2040		63,632
	12,851,223	Series 2011-51^(e)	6.00% - 1M US L		06/25/2041		1,549,536
	1,595,630	Series 2011-58^(e)	6.55% - 1M US L		07/25/2041		263,108
	5,174,815	Series 2012-106^(e)	6.16% - 1M US L		10/25/2042		772,043
	1,194,654	Series 2012-124^(e)	7.79% - 1M US L		11/25/2042		1,107,471
	9,795,601	Series 2012-128^(e)	6.00% - 1M US L		11/25/2042		7,965,171
	9,895,185	Series 2012-20	3.50%		03/25/2042		9,839,555
	454,016	Series 2012-29^(e)	6.00% - 1M US L		04/25/2042		46,539
	1,208,238	Series 2012-32	5.00%		04/25/2042		264,420
	5,129,676	Series 2012-65^(e)	5.98% - 1M US L		06/25/2042		730,385
	5,337,724	Series 2012-92	3.50%		08/25/2042		5,303,219
	3,458,558	Series 2013-19^(e)	5.40% - 1M US L		03/25/2043		2,896,671
	9,646,208	Series 2013-51^(e)	5.40% - 1M US L		04/25/2043		8,317,218
	10,857,485	Series 2014-50^(e)	6.20% - 1M US L		08/25/2044		1,566,902
	5,889,421	Series 2014-73^(e)	6.20% - 1M US L		11/25/2044		957,283
	2,967,727	Series 2015-59	3.00%		06/25/2041		2,948,116
	9,765,742	Series 2015-79	3.00%		11/25/2045		8,897,333
	2,534,298	Series 2015-9	3.00%		01/25/2045		2,522,456
	7,316,850	Series 2016-72	3.00%		10/25/2046		6,635,415
	12,818,593	Series 2016-72	3.00%		10/25/2046		11,425,134
	4,000,000	Series 2018-21	0.00%		04/25/2048		3,177,500
		Government National Mortgage
		Association
	81,089	Series 2004-83^(e)	6.08% - 1M US L		10/20/2034		9,883
	70,142	Series 2008-6^(e)	6.46% - 1M US L		02/20/2038		9,468
	66,011	Series 2008-67^(e)	6.00% - 1M US L		08/20/2038		9,024
	1,038,046	Series 2008-69^(e)	7.63% - 1M US L		08/20/2038		176,217
	85,977	Series 2009-10^(e)	6.65% - 1M US L		02/16/2039		14,199
	1,359,310	Series 2009-35	4.50%		05/20/2039		1,434,530
	5,240,568	Series 2009-58^(e)	6.25% - 1M US L		06/20/2039		553,435
	74,778	Series 2009-6^(e)	5.95% - 1M US L		02/20/2038		8,749
	2,643,835	Series 2009-75	5.00%		09/20/2039		2,793,373
	6,381,175	Series 2010-121^(e)	6.00% - 1M US L		09/20/2040		831,516
	4,035,494	Series 2010-26^(e)	6.25% - 1M US L		02/20/2040		614,160
	9,320,187	Series 2010-35^(e)	5.68% - 1M US L		03/20/2040		1,124,468
	108,992	Series 2010-61^(e)	6.55% -1M US L		09/20/2039		13,102

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity		Value
$	258,267	Series 2010-98^(e)	5.77%		03/20/2039	$	26,126
	1,946,619	Series 2011-45	4.50%		03/20/2041		2,010,590
	920,412	Series 2011-69	0.00%		05/20/2041		739,064
	2,603,405	Series 2011-71	4.50%		02/20/2041		2,711,236
	1,733,817	Series 2011-71^(e)	5.40% - 1M US L		05/20/2041		194,026
	544,214	Series 2011-72^(e)	6.15% - 1M US L		05/20/2041		69,146
	2,780,806	Series 2011-89^(e)	5.45% - 1M US L		06/20/2041		306,282
	640,674	Series 2012-105^(e)	6.20% - 1M US L		01/20/2041		40,064
	7,294,735	Series 2013-102^(e)	6.15% - 1M US L		03/20/2043		949,510
	8,154,815	Series 2013-113^(e)	6.25% - 1M US L		03/20/2043		933,765
	10,115,232	Series 2013-122^(e)	6.10% - 1M US L		08/16/2043		1,500,843
	6,000,908	Series 2013-148^(e)	5.68% - 1M US L		10/16/2043		770,955
	11,060,213	Series 2013-186^(e)	6.25% - 1M US L		02/16/2043		1,274,637
	7,029,551	Series 2014-156^(e)	6.25% - 1M US L		10/20/2044		1,009,324
	13,474,668	Series 2014-3^(e)	6.10% - 1M US L		01/20/2044		2,061,684
	14,179,030	Series 2014-4^(e)	6.10% - 1M US L		01/16/2044		1,974,414
	9,836,024	Series 2014-5^(e)	6.15% - 1M US L		07/20/2043		1,133,978
	8,267,588	Series 2014-95^(e)	6.25% -1M US L		06/16/2044		1,154,892

	TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES
	(Cost $293,676,864)						220,622,374

Shares/Description				Value
SHORT-TERM INVESTMENTS - 8.60%
Money Market Fund
169,538,155 State Street Institutional Trust (7 Day Yield 1.49%)					169,538,155
U.S. Treasury
1,430,000 United States Treasury Bills^(h)(l)	0.67	%	06/07/2018		1,425,657
2,020,000 United States Treasury Bills^(h)(l)	1.60	%	09/06/2018		2,003,723
					3,429,380
TOTAL SHORT-TERM INVESTMENTS
(Cost $172,968,042)					172,967,535
TOTAL INVESTMENTS - 99.48%
(Cost $2,097,500,044)					2,001,809,787
CASH SEGREGATED AT CUSTODIAN FOR TOTAL RETURN SWAP
CONTRACTS - 0.02%					400,000
OTHER ASSETS IN EXCESS OF LIABILITIES	-0.50	%			10,070,461
NET ASSETS - 100.00%				$	2,012,280,248

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Libor Rates:

1M US L - 1 Month LIBOR as of March 31, 2018 was 1.88%

3M US L - 3 Month LIBOR as of March 31, 2018 was 2.31%

6M US L - 6 Month LIBOR as of March 31, 2018 was 2.45%

(a)

Non-income producing security.

(b)

Affiliated company. See Note 9 to Notes to Financial Statements.

(c)

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

(d)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $192,308,315, which represents approximately 9.56% of net assets as ofMarch 31, 2018.

(e)

Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2018. For securities based on a published reference rate and spread, the reference rate and spread are indicated the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

(f)

Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees. As of March 31, 2018, the aggregate fair value of those securities was $16,280,188, representing 0.81% of net assets.

(g)

Security is currently in default.

(h)

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

(i)

Pay-in-kind securities - Rate paid in-kind is shown in parenthesis.

(j)

Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at March 31, 2018.

(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)

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

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

Shares/Description				Value
CLOSED-END FUNDS - 11.46%
	74,539	BlackRock Corporate High Yield Fund, Inc.	$	789,368
	32,560	Eaton Vance Limited Duration Income Fund		423,931
	18,412	Invesco High Income Trust II		255,374
	71,585	Invesco Senior Income Trust		314,974
	1,946	Legg Mason BW Global Income Opportunities Fund, Inc.		25,084
	18,041	NexPoint Credit Strategies Fund		414,582
	188,676	Nuveen Credit Strategies Income Fund		1,498,087
	27,384	Prudential Global Short Duration High Yield Fund, Inc.		380,090
	45,558	Western Asset Emerging Markets Income Fund, Inc.		661,958
	74,121	Western Asset Global High Income Fund, Inc.		697,479
	294,108	Western Asset High Income Opportunity Fund, Inc.		1,414,660

TOTAL CLOSED-END FUNDS
(Cost $7,224,956)				6,875,587

COMMON STOCKS - 0.02%
	3,002	Ultra Petroleum Corp.^(a)		12,518

TOTAL COMMON STOCKS
(Cost $51,695)				12,518

PREFERRED STOCKS - 0.15%
	11	Ditech Holding Corp., 0.000%^(a)(b)(c)		12,100
	75	Sequa Corp., 7.000%^(a)(d)(e)		75,000

TOTAL PREFERRED STOCKS
(Cost $94,004)				87,100

Principal Amount/Description			Rate	Maturity	Value
BANK LOANS - 61.01%^(f)
Canada - 0.72%
$	78,800	GFL Environmental, Inc., Initial Term Loan	3M US L + 2.75%, 1.00% Floor	09/29/2023		79,259

	144,931	Hudson's Bay Company, Initial Term Loan	1M US L + 3.25%, 1.00% Floor	09/30/2022		140,161

	98,792	New Red Finance, Inc. (aka Burger King/Tim Hortons), Term B-3 Loan	3M US L + 2.25%, 2.00% Floor	02/16/2024		98,977

	114,319	Valeant Pharmaceuticals International, Inc., Series F Tranche B Term Loan	1M US L + 3.50%, 0.75% Floor	04/01/2022		115,654
						434,051
*Denmark -* 1.33%

	364,560	Faerch Plast Group A/S, Second Lien Term Loan	3M EUR L + 4.50%, 0.50% Floor	08/23/2024		514,036

See Notes to Financial Statements.
Semi-Annual Report \| March 31, 2018	53

RiverNorth/Oaktree High Income Fund		Schedule of Investments
		March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Nets A/S (Evergood 4 APS), First Lien
$	229,305	Term B1E Loan	1M EUR L + 3.25%	02/06/2025	$	282,026
						796,062
*France - 3.03%*
		Cerba Healthcare (Newco SAB Bidco
	300,000	SASU), First Lien Term Loan	3M EUR L + 3.00%	04/22/2024		365,446
		Ceva Sante Animale S.A. (Financiere
	235,000	Top Mendel), First Lien Term B Loan	3M EUR L + 3.00%	06/30/2021		289,834
		Financiere Labeyrie Fine Foods, Facility
	130,000	B1 Loan	3M EUR L + 4.25%	05/23/2023		160,992
		Generale de Sante, Facility B1A Term	3M EUR L +
	144,380	Loan	3.125%	10/03/2022		179,207
		Oberthur Technologies Holding S.A.S.
		(fka OT Frencho 1 SAS), Facility B
	245,000	Term Loan	3M EUR L + 3.75%	01/10/2024		297,540
		SFR Group S.A. (Ypso France SAS), Term
	198,500	B11 Loan	3M US L + 2.75%	07/31/2025		192,700
		Verallia Packaging S.A.S. (fka Horizon
	273,545	Holdings III), Facility B Loan	6M EUR L + 2.75%	10/31/2022		334,989
						1,820,708
*Germany -* 1.83%
		A&O Hotels and Hostels Holding AG
	190,000	Term B Loan	3M EUR L + 3.75%	01/31/2025		235,539
	120,000	Befesa SA, First Lien Term B Loan	6M EUR L + 2.75%	11/21/2022		148,727
			3M EUR L +
		Coherent Holding GmbH, Euro Term	2.25%, 0.75%
	110,785	Loan	Floor	11/07/2023		137,349
	170,000	CTC AcquiCo GmbH, Term Loan	3M US L + 3.25%	11/30/2024		170,160
		Orion Engineered Carbons GmbH,
	101,078	Initial Euro Term Loan	3M EUR L + 2.50%	07/25/2024		125,211
	230,000	Tele Columbus AG, Facility A Loan	6M EUR L + 3.00%	10/15/2024		283,023
						1,100,009
*Great Britain - 4.45%*
		Belmond Interfin, Ltd. (fka Orient-
		Express Hotels Interfin, Ltd.), Euro
	99,500	Term Loan	1M EUR L + 3.00%	07/03/2024		123,272
	400,000	EG Group, Ltd., Facility B Term Loan^(g)	L + 4.75%	02/07/2025		559,492
	410,000	Financiere Verdi II S.A.S., Term Loan	3M US L + 4.75%	07/21/2023		577,460
		Froneri International PLC, Facility B3
	130,000	Term Loan	1M US L + 3.25%	01/31/2025		183,188
			1M EUR L +
		Ineos Finance PLC, First Lien Term B	2.00%, 0.50%
	310,000	Loan	Floor	04/01/2024		380,837
		LGC Science Holdings, Ltd. (fka Figaro
	250,000	Bidco, Ltd.), Facility Term B-3 Loan	1M US L + 3.50%	03/08/2023		250,782

See Notes to Financial Statements.
54		(888) 848-7569 \| www.rivernorth.com

RiverNorth/Oaktree High Income Fund	Schedule of Investments
	March 31, 2018 (Unaudited)


Principal Amount/Description			Rate	Maturity	Value
		Onex Eagle Acquisition Company, Ltd.,
$	155,000	Facility B Tranche 2 Term Loan	6M EUR L + 4.25%	03/12/2022	$	187,621
		Richmond UK Holdco, Ltd., Facility B
	155,402	Term Loan	1M US L + 4.25%	03/03/2024		216,304
		Shilton Bidco, Ltd., Facility B1 Term
	155,000	Loan	3M EUR L + 3.25%	07/12/2024		190,323
						2,669,279
*Ireland - 0.44%*
		Fintrax Group Holdings, Ltd., Term Loan
	210,000	B	3M EUR L + 4.00%	12/18/2024		260,656

*Luxembourg - 3.67%*
	149,625	Altice Financing S.A., Term Loan	3M US L + 2.75%	01/31/2026		147,382
		Auris Luxembourg III S.a.r.l. (aka
		Siemens Audiology), Facility B7 Term	3M US L + 3.00%,
	281,320	Loan	1.00% Floor	01/17/2022		283,649
	190,000	CCP Lux Holding S.a.r.l., Term Loan^(g)	E + 3.75%	02/07/2025		234,114
		Formula One Management, Ltd.,
	351,544	Facility B3 Term Loan	1M US L + 2.50%	02/01/2024		351,324
	300,000	Invent Farma, First Lien Term B Loan	1M EUR L + 3.75%	08/24/2023		364,292
		SIG Combibloc Holdings S.C.A. (fka
		Onex Wizard Acquisition Company II
	199,487	S.C.A.), Repriced Euro Term Loan	1M EUR L + 3.25%	03/11/2022		246,415
		Signode Industrial Group Lux S.A.	1M EUR L +
		(Signode Industrial Group U.S., Inc.),	2.75%, 1.00%
	106,150	Initial Euro Term Loan	Floor	05/01/2021		130,940
		Telenet International Finance S.a.r.l.,
	360,000	Term Loan	6M EUR L + 2.75%	12/15/2027		445,831
						2,203,947
*Netherlands - 5.04%*
		Diamond (BC) BV, Initial Euro Term
	220,000	Loan	2M EUR L + 3.25%	09/06/2024		269,621
	44,888	Diamond (BC) BV, Initial Term Loan	2M US L + 3.00%	09/06/2024		44,878
	360,000	Fugue Finance BV, Initial Term Loan	3M EUR L + 3.25%	09/02/2024		442,471
		Jacobs Douwe Egberts International BV	3M EUR L +
		(fka Charger OpCo BV), Term B-5	2.00%, 0.75%
	35,017	EUR Loan	Floor	07/04/2022		43,364
		Jacobs Douwe Egberts International BV
		(fka Charger OpCo BV), Term B-5
	75,000	USD Loan	3M US L + 2.25%	07/04/2022		75,390
		MacDermid Agricultural Solutions	1M EUR L +
		Holdings BV, Euro Tranche C-5 Term	2.75%, 0.75%
	385,685	Loan	Floor	06/07/2023		477,303
		Mediq BV (fka Media NV), Facility B3
	226,565	Loan	3M EUR L + 4.50%	02/28/2022		273,800

See Notes to Financial Statements.
Semi-Annual Report \| March 31, 2018	55

RiverNorth/Oaktree High Income Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
			3M EUR L +
		NEP Europe Finco BV, First Lien Euro	3.00%, 0.75%
$	218,900	Term Loan	Floor	01/03/2024	$	270,694
		Peer Holdings III BV, Facility B Term
	283,418	Loan	3M EUR L + 3.50%	03/08/2025		347,518
	350,000	Refresco Group NV, Term B Loan^(g)	3M US L + 3.25%	12/13/2024		430,568
		Sigma Holdco BV (aka Flora Foods),
	250,000	Term B Loan^(g)	L + 4.00%	03/07/2025		347,988
						3,023,595
*Spain - 0.37%*
		Ufinet Telecom Holdings S.L.U. (fka
		Livister Investments S.L.U.), Facility B
	180,000	Term Loan Retired	3M EUR L + 3.50%	06/30/2023		222,473


*Sweden - 2.07%*
		Diaverum Holding S.a.r.l. (fka Velox
	220,000	Bidco S.a.r.l.), Facility B Term Loan	6M EUR L + 3.25%	07/04/2024		267,893
	370,000	Unilabs Diagnostics AB, Term B Loan	6M EUR L + 3.00%	04/19/2024		451,236
	430,000	Verisure Holding AB, Facility B1E Loan	3M EUR L + 3.00%	10/21/2022		525,353
						1,244,482
*United States - 38.06%*
	250,000	Access CIG, LLC, First Lien Term B Loan	3M US L + 3.75%	02/27/2025		253,125
		Acuity Specialty Products, Inc. (aka Zep,	3M US L + 4.00%,
	341,385	Inc.), First Lien Term Loan	1.00% Floor	08/12/2024		343,801
		ADMI Corp. (aka Aspen Dental), Initial	1M US L + 3.75%,
	98,731	Term Loan	1.00% Floor	04/29/2022		99,225
		Air Medical Group Holdings, Inc., Term
	198,986	Loan	1M US L + 3.25%	04/28/2022		200,077
		A-L Parent, LLC (aka Learfield
		Communications), First Lien Term	1M US L + 3.25%,
	79,000	Loan	1.00% Floor	12/01/2023		79,889
		Allnex (Luxembourg) & Cy S.C.A. (fka Al
		Chem & Cy S.C.A.), Tranche B-2 Term3M US L + 3.25%,
	98,747	Loan	0.75% Floor	09/13/2023		99,549
		Alphabet Holding Company, Inc. (aka
		Nature's Bounty), First Lien Initial
	99,500	Term Loan	1M US L + 3.50%	09/26/2024		92,983
		Altice U.S. Finance I Corp., Refinancing
	99,500	Term Loan	1M US L + 2.25%	07/28/2025		99,488
		American Builders & Contractors	1M US L + 2.50%,
	103,950	Supply Co., Inc., Term B-1 Loan	0.75% Floor	10/31/2023		104,325
		American Renal Holdings, Inc., Term B
	247,424	Loan	1M US L + 3.25%	06/21/2024		247,965
		American Rock Salt Co., LLC, First Lien
	250,000	Term Loan^(g)	L + 3.75%	03/21/2025		251,719

See Notes to Financial Statements.
56	(888) 848-7569 \| www.rivernorth.com

RiverNorth/Oaktree High Income Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Applied Systems, Inc., First Lien Term B	3M US L + 3.25%,
$	149,250	Loan	1.00% Floor	09/19/2024	$	150,516
		Aramark Services, Inc., First Lien Term
	249,375	B2 Loan	1M US L + 2.00%	03/11/2025		251,401
			1M US L + 3.00%,
	99,750	Ascend Learning, LLC, Term B Loan	1.00% Floor	07/12/2024		100,171
		Asurion, LLC (fka Asurion Corp.),
	176,105	Amendment No. 14 Term Loan	1M US L + 2.75%	08/04/2022		177,357
		Atlantic Broadband Finance, LLC, Term
	150,000	Loan	1M US L + 2.375%	01/03/2025		150,302
		Avantor Performance Materials
		Holdings, Inc., Covenant Lite Term	1M US L + 4.00%,
	249,375	Loan	1.00% Floor	11/21/2024		252,310
			3M US L + 4.00%,
	149,625	Badger Finance, LLC, Initial Term Loan	1.00% Floor	09/30/2024		150,560
			1M US L + 5.00%,
	363,175	Bass Pro Group, LLC, Initial Term Loan	0.75% Floor	09/25/2024		360,224
		BCP Renaissance Parent, LLC, Term B	3M US L + 4.00%,
	200,000	Loan	1.00% Floor	10/31/2024		201,250
		BCPE Eagle Buyer, LLC, Initial First Lien	1M US L + 4.25%,
	170,545	Term Loan	1.00% Floor	03/18/2024		168,663
		Beacon Roofing Supply, Inc., Initial
	200,000	Term Loan	1M US L + 2.25%	01/02/2025		201,304
		Belron Finance U.S., LLC, Initial Term B
	149,625	Loan	3M US L + 2.50%	11/07/2024		150,622
		Berry Global, Inc., (fka Berry Plastics
	100,000	Corp.), Term O Loan	1M US L + 2.00%	02/08/2020		100,526
		Berry Global, Inc., (fka Berry Plastics
	100,000	Corp.), Term P Loan	1M US L + 2.00%	01/06/2021		100,539
		Big River Steel, LLC, Closing Date Term	3M US L + 5.00%,
	99,500	Loan	1.00% Floor	08/23/2023		101,117
		Boyd Gaming Corp., Refinancing Term
	91,906	B Loan	1W US L + 2.50%	09/15/2023		92,486
		Caesars Entertainment Operating Co.,
		Inc. (fka Harrah's Operating Co.,
	128,678	Inc.), Term Loan	1M US L + 2.50%	10/07/2024		129,602
		Caesars Resort Collection, LLC (fka
		Caesars Growth Properties Holdings,
	250,000	LLC), Term B Loan	1M US L + 2.75%	12/23/2024		251,945
		Camelot U.S. Acquisition 1 Co. (aka
		Thomson Reuters Intellectual	1M US L + 3.25%,
	78,806	Property & Science), New Term Loan	1.00% Floor	10/03/2023		79,390
		Canyon Valor Companies, Inc. (fka
		GTCR Valor Companies, Inc.), First
	149,250	Lien Initial Dollar Term Loan	1M US L + 3.25%	06/16/2023		150,836

See Notes to Financial Statements.
Semi-Annual Report \| March 31, 2018	57

RiverNorth/Oaktree High Income Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Canyon Valor Companies, Inc. (fka
		GTCR Valor Companies, Inc.), Initial
$	129,675	Euro Term Loan	1M EUR L + 3.50%	06/16/2023	$	160,606
		Caraustar Industries, Inc., Refinancing	3M US L + 5.50%,
	99,000	Term Loan	1.00% Floor	03/14/2022		99,645
		Catalent Pharma Solutions, Inc. (fka	1M EUR L +
		Cardinal Health 409, Inc.), Euro Term	1.75%, 1.00%
	193,004	Loan	Floor	05/20/2024		239,361
		Cengage Learning, Inc., Refinancing	1M US L + 4.25%,
	221,608	Term Loan	1.00% Floor	06/07/2023		202,544
	300,000	CenturyLink, Inc., Initial Term B Loan	1M US L + 2.75%	01/31/2025		295,594
		Charter Communications Operating
	250,000	LLC, First Lien Term B Loan	1M US L + 2.00%	04/13/2025		251,210
		CHG Healthcare Services, Inc. (fka CHG
		Buyer Corp.), First Lien New Term
	149,625	Loan	3M US L + 3.00%	06/07/2023		150,935
		Cincinnati Bell, Inc., Tranche B Term	1M US L + 3.75%,
	200,000	Loan	1.00% Floor	10/02/2024		201,833
			1M US L + 2.50%,
	76,423	CityCenter Holdings LLC, Term B Loan	0.75% Floor	04/18/2024		76,843
		Communications Sales & Leasing, Inc.,	1M US L + 3.00%,
	297,229	Shortfall Term Loan	1.00% Floor	10/24/2022		287,444
		CSC Holdings, LLC (fka CSC Holdings,
		Inc. (Cablevision)), Incremental Term
	250,000	Loan	1M US L + 2.50%	01/25/2026		250,353
		Culligan NewCo, Ltd., Tranche B-1 First	1M US L + 3.25%,
	39,600	Lien Term Loan	1.00% Floor	12/13/2023		39,810
		CWGS Group LLC (aka Camping World,
	250,000	Inc.), Term Loan^(g)	L + 2.75%	11/23/2023		250,990
		Cypress Intermediate Holdings III, Inc.
		(fka Jaguar Holding, Inc.), First Lien	1M US L + 3.00%,
	198,500	Initial Term Loan	1.00% Floor	04/29/2024		199,440
		Digicert Holdings, Inc., First Lien Term	3M US L + 4.75%,
	236,000	Loan	1.00% Floor	10/31/2024		238,975
	150,000	EG America LLC, Term B Loan^(g)	L + 4.00%	02/07/2025		149,850
		Element Materials Technology Group	3M US L + 3.50%,
	99,750	U.S. Holdings, Inc., Term B2 Loan	1.00% Floor	06/28/2024		100,560
			1M US L + 7.00%,
	71,329	Emmis Operating Co., Term Loan	1.00% Floor	04/18/2019		69,545
		Encompass Digital Media, Inc., First	3M US L + 4.50%,
	434,250	Lien Tranche B Term Loan	1.00% Floor	06/06/2021		426,651
		Encompass Digital Media, Inc., Second	3M US L + 7.75%,
	150,000	Lien Tranche B Term Loan	1.00% Floor	06/06/2022		126,000
		Envision Healthcare Corp. (fka
		Emergency Medical Corp.), Initial	1M US L + 3.00%,
	290,770	Term Loan	0.75% Floor	12/01/2023		292,333

See Notes to Financial Statements.
58	(888) 848-7569 \| www.rivernorth.com

RiverNorth/Oaktree High Income Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		ESH Hospitality, Inc., Repriced Term
$	141,208	Loan	1M US L + 2.25%	08/30/2023	$	142,236
		Examworks Group, Inc. (fka Gold	1M US L + 3.25%,
	98,750	Merger Co., Inc.), Term B-1 Loan	1.00% Floor	07/27/2023		99,602
		Explorer Holdings, Inc., Initial Term	3M US L + 3.75%,
	99,495	Loan	1.00% Floor	05/02/2023		100,428
		Freedom Mortgage Corp., Initial Term	1M US L + 4.75%,
	97,500	Loan	1.00% Floor	02/23/2022		98,719
			1M US L + 2.25%,
	163,150	GCI Holdings, Inc., New Term B Loan	0.75% Floor	02/02/2022		163,864
		Genoa, a QoL Healthcare Company,
		LLC, Amendment No.1 First Lien	1M US L + 3.25%,
	54,315	Term Loan	1.00% Floor	10/30/2023		54,730
		Go Daddy Operating Company, LLC (GD
		Finance Co., Inc.), Tranche B-1 Term
	99,143	Loan	1M US L + 2.25%	02/15/2024		99,521
		GOBP Holdings, Inc., First Lien	3M US L + 3.50%,
	158,670	Incremental Term Loan	1.00% Floor	10/21/2021		159,694
		Golden Nugget, Inc. (aka Landry's, Inc.),
	237,464	Initial Term B Loan	2M US L + 3.25%	10/04/2023		239,854
		Greeneden U.S. Holdings I, LLC (aka
		Genesys Telecommunications
		Laboratories, Tranche B-3 Dollar
	164,322	Term Loan	3M US L + 3.50%	12/01/2023		165,465
		Hanjin International (aka Wilshire
	150,000	Grand Center), Term B Loan	3M US L + 2.50%	10/19/2020		150,845
	217,228	HD Supply, Inc., Term B-3 Loan	3M US L + 2.25%	08/13/2021		218,857
		Henry Holdings, Inc. (fka HNC Holdings,
	199,495	Inc.), Initial Term Loan	1M US L + 4.00%	10/05/2023		202,550
		HUB International, Ltd., Initial Term	3M US L + 3.00%,
	498,711	Loan	1.00% Floor	10/02/2020		501,898
		Ineos U.S. Finance, LLC, First Lien Term
	99,750	B Loan	1M US L + 2.00%	04/01/2024		100,161
	190,000	Infor (U.S.), Inc., (fka Lawson Software)	3M EUR L + 2.25%	02/01/2022		234,260
			3M US L + 4.50%,
	74,250	Innoviva, Inc., Initial Term Loan	1.00% Floor	08/18/2022		74,993
		International Car Wash Group, Ltd.,	3M US L + 3.50%,
	250,000	Term Loan	1.00% Floor	10/03/2024		251,016
		Intrawest Resort Holdings, Inc., Term	1M US L + 3.25%,
	149,625	B1 Loan	1.00% Floor	07/31/2024		150,654
		Jaguar Holding Co. I, LLC (fka Jaguar	3M US L + 2.75%,
	669,541	Holding Co. I), Term Loan	1.00% Floor	08/18/2022		672,644
		JBS USA Lux S.A. (fka JBS USA, LLC),	3M US L + 2.50%,
	247,500	Initial Term Loan	0.75% Floor	10/30/2022		247,114
		Lifetime Fitness, Inc., Refinancing Term	3M US L + 2.75%,
	271,809	Loan	1.00% Floor	06/10/2022		272,658

See Notes to Financial Statements.
Semi-Annual Report \| March 31, 2018	59

RiverNorth/Oaktree High Income Fund	Schedule of Investments
	March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Mayfield Agency Borrower, Inc.
		(Mayfield WarrantyCo Borrower,
$	150,000	Inc.), First Lien Term B Loan	1M US L + 4.50%	02/28/2025	$	151,313
	298,500	Mcafee, LLC, Term B Loan	1M US L + 4.50%	09/30/2024		301,951
		MH Sub I, LLC (Micro Holding Corp.),
		Amendment No.2 First Lien Initial
	136,625	Term Loan	1M US L + 3.75%	09/13/2024		136,857
		Michaels Stores, Inc., New	1M US L + 2.75%,
	161,956	Replacement Term B-1 Loan	3.00% Floor	01/30/2023		162,908
		Mitchell International, Inc., First Lien
	150,000	Initial Term Loan	1M US L + 3.25%	11/29/2024		150,225
		Monitronics International, Inc., Term B-	3M US L + 5.50%,
	64,188	2 Loan	1.00% Floor	09/30/2022		62,663
			1M US L + 3.50%,
	100,000	MRC Global (U.S.), Inc., Term B Loan	1.00% Floor	09/20/2024		101,032
	96,214	MTL Publishing, LLC, Term B-6 Loan	3M US L + 2.25%	08/20/2023		96,627
	200,000	Multi-Color Corp., Term B Loan	1M US L + 2.25%	10/31/2024		201,167
		Neiman Marcus Group, Inc., Other	1M US L + 3.25%,
	333,836	Term Loan	1.00% Floor	10/25/2020		289,366
		NVA Holdings, Inc., First Lien Term B-3
	250,000	Loan	3M US L + 2.75%	02/02/2025		250,729
		Odyssey Logistics & Technology Corp.,	1M US L + 4.25%,
	100,000	First Lien Initial Term Loan	1.00% Floor	10/12/2024		101,250
			3M US L + 4.50%,
	99,000	Onvoy, LLC, First Lien Initial Term Loan	1.00% Floor	02/10/2024		95,782
			1M US L + 3.25%,
	99,224	Optiv, Inc., First Lien Initial Term Loan	1.00% Floor	02/01/2024		95,999
			US L + 4.25%,
	46,907	OSG Bulk Ships, Inc. Initial Term Loan	1.00% ^3M Floor	08/05/2019		45,265
		Playa Resorts Holding BV, Initial Term	3M US L + 3.25%,
	99,250	Loan	1.00% Floor	04/29/2024		99,945
			3M US L + 3.75%,
	249,449	Playcore, Inc., First Lien Term Loan	1.00% Floor	09/30/2024		251,008
		Post Holdings, Inc., Series A
	198,500	Incremental Term Loan	1M US L + 2.00%	05/24/2024		199,071
		ProAmpac PG Borrower, LLC, First Lien	1M US L + 3.50%,
	64,188	Initial Term Loan	1.00% Floor	11/20/2023		64,813
		Quikrete Holdings, Inc., First Lien Initial
	173,077	Term Loan	1M US L + 2.75%	11/15/2023		174,021
		Red Ventures, LLC (New Imagitias, Inc.),
	119,325	First Lien Term Loan	1M US L + 4.00%	11/08/2024		120,531
		Ring Container Technologies Group,
	199,500	LLC, First Lien Term Loan	1M US L + 2.75%	10/31/2024		200,280
	97,591	RPI Finance Trust, Initial Term B-6 Loan	3M US L + 2.00%	03/27/2023		98,165
		Scientific Games International, Inc.,
	150,000	Initial Term B-5 Loan	2M US L + 2.75%	08/14/2024		150,716

See Notes to Financial Statements.
60	(888) 848-7569 \| www.rivernorth.com

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Securus Technologies Holdings, Inc.,	1M US L + 4.50%,
$	149,625	Term Loan	1.00% Floor	11/01/2024	$	151,636
		Sedgwick Claims Management Services,	3M US L + 5.75%,
	250,000	Inc., Second Lien Term Loan	1.00% Floor	02/28/2022		251,687
		ServiceMaster Company, LLC, Tranche
	172,813	C Term Loan	1M US L + 2.50%	11/08/2023		173,739
	100,000	Shutterfly, Inc., Delay Draw Term Loan	3M US L + 2.50%	08/19/2024		100,579
		SIG Combibloc Holdings S.C.A. (fka
		Onex Wizard Acquisition Company II	1M US L + 2.75%,
	109,311	S.C.A.), Initial Euro Term Loan	1.00% Floor	03/11/2022		110,071
		SolarWinds Holdings, Inc., 2018
	250,000	Refinancing Term Loan	L + 3.00%	02/05/2024		251,406
			3M EUR L +
		Solenis International LP, Tranche C	4.00%, 1.00%
	197,000	Term Loan	Floor	07/31/2021		243,459
	265,000	Solera, LLC, First Lien Term B Loan^(g)	E + 3.25%	03/03/2023		327,336
		SS&C Technologies Holdings, Inc., Term
	500,000	B-3 Loan^(g)	L + 2.50%	02/28/2025		502,995
			3M US L + 4.00%,
	149,625	Staples, Inc., Closing Date Term Loan	1.00% Floor	09/12/2024		148,484
		Strategic Materials Holdings Corp., First
	150,000	Lien Initial Term Loan	3M US L + 3.75%	11/01/2024		151,125
		Team Health Holdings, Inc., Initial Term	1M US L + 2.75%,
	99,250	Loan	1.00% Floor	02/06/2024		95,156
		TerraForm Power Operating, LLC, Term
	149,625	Loan	1M US L + 2.75%	11/08/2022		150,678
		Toys "R" U.S. Property Co. I, LLC, Initial	1M US L + 5.00%,
	40,538	Term Loan	1.00% Floor	08/21/2019		33,733
		Trans Union, LLC, Replacement Term B-
	107,246	3 Loan	1M US L + 2.00%	04/10/2023		107,699
		Transdigm, Inc. New Tranche E Term
	446,808	Loan	1M US L + 2.75%	05/14/2022		448,483
		Traverse Midstream Partners, LLC,	3M US L + 4.00%,
	180,000	Advance Term Loan	1.00% Floor	09/27/2024		181,265
		Tronox Finance, LLC (Tronox Blocked
		Borrower, LLC), Initial Dollar Term
	200,000	Loan	3M US L + 3.00%	09/23/2024		202,000
		U.S. Renal Care, Inc., First Lien Initial	3M US L + 4.25%,
	171,063	Term Loan	1.00% Floor	12/30/2022		172,060
		Univision Communications, 2017	1M US L + 2.75%,
	98,659	Replacement Term Loan	1.00% Floor	03/15/2024		97,231
		UPC Financing Partnership, Facility AR
	215,000	Term Loan	1M US L + 2.50%	01/15/2026		215,845
		Utex Industries, Inc., First Lien Initial	1M US L + 4.00%,
	149,575	Term Loan	1.00% Floor	05/21/2021		147,082
		Vantiv, LLC (fka Fifth Third Processing
	250,000	Solutions, LLC), Term B Loan	1M US L + 2.00%	08/09/2024		251,608

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
			3M EUR L +
			4.50%, 1.00%
$	129,025	Veritas U.S., Inc. Euro Term B Loan	Floor	01/27/2023	$	159,419
		Vestcom Parent Holdings, Inc., L/C	1M US L + 4.00%,
	36,722	Collateralized Loan	1.00% Floor	12/19/2023		36,997
		Welbilt, Inc. (fka Manitowoc	1M US L + 2.75%,
	167,180	Foodservice, Inc.), Term B Loan	1.00% Floor	03/03/2023		168,642
		Windstream Services, LLC (fka
		Windstream Corp.), Tranche B-6	1M US L + 4.00%,
	230,010	Term Loan	0.75% Floor	03/29/2021		221,864
		Wrangler Buyer Corp. (aka Waste
		Industries USA, Inc.), Initial Term
	149,625	Loan	1M US L + 3.00%	09/27/2024		150,640
	149,700	YI, LLC, First Lien Initial Term Loan	3M US L + 4.00%	11/07/2024		150,449
		York Risk Services Holding Corp., Term	1M US L + 3.75%,
	134,271	Loan	1.00% Floor	10/01/2021		131,821
						22,842,425

TOTAL BANK LOANS
(Cost $35,699,149)						36,617,687

Principal Amount/Description			Rate		Maturity	Value
HIGH YIELD DEBT- 29.83%
Canada - 1.14%
$	40,000	Baytex Energy Corp.^(h)	5.13	%	06/01/2021		37,600
	60,000	Cascades, Inc.^(h)	5.50	%	07/15/2022		60,675
	6,000	Cascades, Inc.^(h)	5.75	%	07/15/2023		6,120
	25,000	First Quantum Minerals, Ltd.^(h)	7.25	%	05/15/2022		25,125
	20,000	First Quantum Minerals, Ltd.^(h)	7.25	%	04/01/2023		19,750
	50,000	goeasy, Ltd.^(h)	7.88	%	11/01/2022		53,735
	80,000	Open Text Corp.^(h)	5.63	%	01/15/2023		83,300
	15,000	Open Text Corp.^(h)	5.88	%	06/01/2026		15,464
	35,000	Precision Drilling Corp.	7.75	%	12/15/2023		36,531
	10,000	Precision Drilling Corp.^(h)	7.13	%	01/15/2026		9,925
		Valeant Pharmaceuticals International,
	210,000	Inc.^(h)	5.63	%	12/01/2021		201,338
		Valeant Pharmaceuticals International,
	20,000	Inc.^(h)	6.50	%	03/15/2022		20,725
		Valeant Pharmaceuticals International,
	50,000	Inc.^(h)	5.88	%	05/15/2023		44,562
		Valeant Pharmaceuticals International,
	70,000	Inc.^(h)	5.50	%	11/01/2025		68,408
							683,258
*Cayman Islands - 0.26%*
	125,000	UPCB Finance IV, Ltd.⁽ⁱ⁾	4.00	%	01/15/2027		158,890

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
France - 1.04%
$	110,000	Crown European Holdings SA	2.63	%	09/30/2024	$	136,106
	290,000	SFR Group SA⁽ⁱ⁾	5.63	%	05/15/2024		362,876
	100,000	SPCM SA⁽ⁱ⁾	2.88	%	06/15/2023		125,307
							624,289
*Germany -* 0.70%
	120,000	IHO Verwaltungs GmbH^(i)(j)	3.25% (4.00%)		09/15/2023		152,180
		Unitymedia Hessen GmbH & Co. KG /
	205,000	Unitymedia NRW GmbH⁽ⁱ⁾	4.00	%	01/15/2025		266,481
							418,661
*Great Britain - 1.10%*
	150,000	Arqiva Broadcast Finance PLC⁽ⁱ⁾	9.50	%	03/31/2020		222,162
	5,000	Ensco PLC	4.50	%	10/01/2024		4,037
	50,000	Ensco PLC	7.75	%	02/01/2026		46,000
	5,000	Ensco PLC	5.75	%	10/01/2044		3,438
	200,000	Inmarsat Finance PLC^(h)	6.50	%	10/01/2024		203,500
	110,000	TA MFG., Ltd.⁽ⁱ⁾	3.63	%	04/15/2023		137,929
	45,000	Tronox Finance PLC^(h)	5.75	%	10/01/2025		43,875
							660,941
*Ireland - 0.84%*
		James Hardie International Finance
	50,000	DAC^(h)	4.75	%	01/15/2025		49,250
	25,000	Park Aerospace Holdings, Ltd.^(h)	5.25	%	08/15/2022		24,586
	30,000	Park Aerospace Holdings, Ltd.^(h)	4.50	%	03/15/2023		28,500
	55,000	Park Aerospace Holdings, Ltd.^(h)	5.50	%	02/15/2024		53,488
		Virgin Media Receivables Financing
	250,000	Notes I DAC⁽ⁱ⁾	5.50	%	09/15/2024		345,294
							501,118
*Italy - 1.13%*
	110,000	LKQ Italia Bondco SpA^(h)	3.88	%	04/01/2024		143,034
	280,000	Telecom Italia SpA^(h)	5.30	%	05/30/2024		285,950
	230,000	Wind Tre SpA^(h)	3.13	%	01/20/2025		250,127
							679,111
*Jersey - 0.76%*
	150,000	AA Bond Co., Ltd.^(h)	5.50	%	07/31/2022		193,036
	100,000	CPUK Finance, Ltd.⁽ⁱ⁾	4.25	%	08/28/2022		141,634
	100,000	LHC3 PLC^(h)(j)	4.13% (9.00%)		08/15/2024		124,122
							458,792
*Luxembourg - 1.78%*
	105,000	Altice Luxembourg SA⁽ⁱ⁾	6.25	%	02/15/2025		120,218
	90,000	ArcelorMittal	6.13	%	06/01/2025		98,325
	150,000	Ard Finance SA Argid^(j)	6.63% (7.375%)		09/15/2023		195,180
	90,000	Dana Financing Luxembourg S.a.r.l^(h)	5.75	%	04/15/2025		91,912
		Hanesbrands Finance Luxembourg
	125,000	S.C.A.^(h)	3.50	%	06/15/2024		161,933

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
$	110,000	Intelsat Jackson Holdings SA^(h)	8.00	%	02/15/2024	$	115,913
	100,000	SES SA^(b)(f)	4.63	%	12/31/2049		128,198
	35,000	Telecom Italia Capital SA	6.38	%	11/15/2033		38,150
	90,000	Telenet Finance VI Luxembourg S.C.A.⁽ⁱ⁾	4.88	%	07/15/2027		119,904
							1,069,733

*Netherlands - 0.56%*
	100,000	Diamond BC BV^(h)	5.63	%	08/15/2025		118,437
	175,000	Ziggo Bond Finance BV⁽ⁱ⁾	4.63	%	01/15/2025		217,205
							335,642

*Spain - 0.49%*
	135,000	Grifols SA^(h)	3.20	%	05/01/2025		167,795
	100,000	Grifols SA⁽ⁱ⁾	3.20	%	05/01/2025		124,293
							292,088
*Sweden - 0.61%*
	205,000	Intrum Justitia AB⁽ⁱ⁾	3.13	%	07/15/2024		244,638
	100,000	Verisure Midholding AB^(h)	5.75	%	12/01/2023		121,927
							366,565

*United States - 19.42%*
	65,000	Acadia Healthcare Co., Inc.	5.13	%	07/01/2022		65,325
	70,000	Acadia Healthcare Co., Inc.	5.63	%	02/15/2023		71,225
	10,000	Acadia Healthcare Co., Inc.	6.50	%	03/01/2024		10,450
	45,000	ACCO Brands Corp.^(h)	5.25	%	12/15/2024		45,337
	50,000	AES Corp.	4.50	%	03/15/2023		50,972
	70,000	AES Corp.	6.00	%	05/15/2026		74,025
		Albertsons Cos., LLC / Safeway, Inc. /
		New Albertson's, Inc. / Albertson's,
	45,000	LLC	6.63	%	06/15/2024		40,556
		Albertsons Cos., LLC / Safeway, Inc. /
		New Albertson's, Inc. / Albertson's,
	65,000	LLC	5.75	%	03/15/2025		55,757
		AmeriGas Partners LP / AmeriGas
	80,000	Finance Corp.	5.63	%	05/20/2024		79,900
		AmeriGas Partners LP / AmeriGas
	30,000	Finance Corp.	5.50	%	05/20/2025		29,100
	135,000	Amsurg Corp.	5.63	%	07/15/2022		136,282
	20,000	Antero Resources Corp.	5.38	%	11/01/2021		20,425
	10,000	Antero Resources Corp.	5.13	%	12/01/2022		10,125
	20,000	Antero Resources Corp.	5.63	%	06/01/2023		20,500
		Ascent Resources Utica Holdings, LLC /
	65,000	ARU Finance Corp.^(h)	10.00	%	04/01/2022		70,525
	10,000	Ashtead Capital, Inc.^(h)	5.63	%	10/01/2024		10,450
	20,000	Ashtead Capital, Inc.^(h)	4.13	%	08/15/2025		19,225
	115,000	Axalta Coating Systems⁽ⁱ⁾	4.25	%	08/15/2024		149,773
	5,000	B&G Foods, Inc.	4.63	%	06/01/2021		4,975
	100,000	B&G Foods, Inc.	5.25	%	04/01/2025		93,375

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
$	45,000	BMC East, LLC^(h)	5.50	%	10/01/2024	$	45,112
	30,000	Booz Allen Hamilton, Inc.^(h)	5.13	%	05/01/2025		29,325
	85,000	Boyd Gaming Corp.	6.38	%	04/01/2026		89,205
	25,000	Building Materials Corp. of America^(h)	5.38	%	11/15/2024		25,437
		Cardtronics, Inc. / Cardtronics USA,
	30,000	Inc.^(h)	5.50	%	05/01/2025		28,425
	55,000	Carrizo Oil & Gas, Inc.	6.25	%	04/15/2023		55,275
		CCO Holdings, LLC / CCO Holdings
	45,000	Capital Corp.^(h)	5.13	%	05/01/2023		45,169
		CCO Holdings, LLC / CCO Holdings
	25,000	Capital Corp.^(h)	5.88	%	04/01/2024		25,500
		CCO Holdings, LLC / CCO Holdings
	75,000	Capital Corp.^(h)	5.00	%	02/01/2028		70,687
	25,000	Centene Corp.	6.13	%	02/15/2024		26,080
	65,000	CenturyLink, Inc.	5.63	%	04/01/2025		58,987
		Change Healthcare Holdings, LLC /
	80,000	Change Healthcare Finance, Inc.^(h)	5.75	%	03/01/2025		79,624
	40,000	Chemours Co.	5.38	%	05/15/2027		40,200
	60,000	Cheniere Corpus Christi Holdings, LLC	7.00	%	06/30/2024		66,600
	10,000	Cheniere Corpus Christi Holdings, LLC	5.13	%	06/30/2027		9,962
	50,000	Chesapeake Energy Corp.	5.38	%	06/15/2021		48,875
	65,000	Chesapeake Energy Corp.^(h)	8.00	%	01/15/2025		63,050
	20,000	CHS/Community Health Systems, Inc.	5.13	%	08/01/2021		18,700
	75,000	CHS/Community Health Systems, Inc.	6.88	%	02/01/2022		43,781
	65,000	CHS/Community Health Systems, Inc.	6.25	%	03/31/2023		60,206
	65,000	Churchill Downs, Inc.^(h)	4.75	%	01/15/2028		61,587
	35,000	CIT Group, Inc.	4.13	%	03/09/2021		35,262
	190,000	CITGO Petroleum Corp.^(h)	6.25	%	08/15/2022		189,287
	65,000	CommScope Technologies LLC^(h)	5.00	%	03/15/2027		61,912
	45,000	CommScope, Inc.^(h)	5.50	%	06/15/2024		46,125
	10,000	CoreCivic, Inc.	5.00	%	10/15/2022		10,175
	60,000	CoreCivic, Inc.	4.63	%	05/01/2023		59,850
	100,000	Cott Corp.⁽ⁱ⁾	5.50	%	07/01/2024		131,187
	95,000	Covanta Holding Corp.	6.38	%	10/01/2022		96,900
	10,000	Covanta Holding Corp.	5.88	%	07/01/2025		9,725
		CrownRock LP / CrownRock Finance,
	40,000	Inc.^(h)	5.63	%	10/15/2025		39,700
	115,000	CSC Holdings, LLC^(h)	5.50	%	04/15/2027		110,400
	75,000	DaVita HealthCare Partners, Inc.	5.13	%	07/15/2024		73,360
	5,000	DaVita HealthCare Partners, Inc.	5.00	%	05/01/2025		4,845
	85,000	DBP Holding Corp.^(h)	7.75	%	10/15/2020		44,625
	35,000	DISH DBS Corp.	5.88	%	07/15/2022		33,556
	5,000	DISH DBS Corp.	5.88	%	11/15/2024		4,475
	35,000	DISH DBS Corp.	7.75	%	07/01/2026		33,075
	45,000	DISH DBS Corp.	5.00	%	03/15/2023		40,781

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
$	27,846	Ditech Holding Corp.^(j)	7.20% (9.00%)		12/31/2024	$	23,217
	55,000	Dynegy, Inc.	6.75	%	11/01/2019		56,100
	85,000	Eldorado Resorts, Inc.	6.00	%	04/01/2025		86,700
		Endeavor Energy Resources LP / EER
	45,000	Finance, Inc.^(h)	5.50	%	01/30/2026		44,887
		Endo Dac / Endo Finance, LLC / Endo
	5,000	Finco, Inc.^(h)	6.00	%	07/15/2023		3,800
	50,000	Endo Finance, LLC^(h)	5.75	%	01/15/2022		41,250
	80,000	Energy Transfer Equity LP	7.50	%	10/15/2020		86,350
	5,000	Energy Transfer Equity LP	5.88	%	01/15/2024		5,175
	70,000	EnerSys^(h)	5.00	%	04/30/2023		71,400
	125,000	Equinix, Inc.	2.88	%	02/01/2026		146,727
	90,000	ESH Hospitality, Inc.^(h)	5.25	%	05/01/2025		87,777
	50,000	Extraction Oil & Gas, Inc.^(h)	7.38	%	05/15/2024		52,500
	20,000	FBM Finance, Inc.^(h)	8.25	%	08/15/2021		21,000
	45,000	First Data Corp.^(h)	7.00	%	12/01/2023		47,419
	175,000	First Data Corp.^(h)	5.75	%	01/15/2024		176,750
	80,000	First Quality Finance Co., Inc.^(h)	4.63	%	05/15/2021		80,000
	10,000	First Quality Finance Co., Inc.^(h)	5.00	%	07/01/2025		9,600
	25,000	Flex Acquisition Co., Inc.^(h)	6.88	%	01/15/2025		24,797
	50,000	Forum Energy Technologies, Inc.	6.25	%	10/01/2021		49,750
	65,000	Frontier Communications Corp.^(h)	8.50	%	04/01/2026		63,212
	19,000	Gates Global, LLC / Gates Global Co.^(h)	6.00	%	07/15/2022		19,311
	70,000	GEO Group, Inc.	5.13	%	04/01/2023		69,475
	110,000	Golden Nugget, Inc.^(h)	6.75	%	10/15/2024		111,100
	50,000	Greystar Real Estate Partners, LLC^(h)	5.75	%	12/01/2025		50,000
		Grinding Media, Inc. / MC Grinding
	50,000	Media Canada, Inc.^(h)	7.38	%	12/15/2023		52,625
	70,000	Gulfport Energy Corp.	6.63	%	05/01/2023		71,050
	80,000	H&E Equipment Services, Inc.	5.63	%	09/01/2025		80,900
	135,000	HCA Healthcare, Inc.	6.25	%	02/15/2021		142,087
	10,000	HCA, Inc.	5.25	%	06/15/2026		10,155
	110,000	HCA, Inc.	5.88	%	05/01/2023		114,125
	5,000	HealthSouth Corp.	5.13	%	03/15/2023		5,088
	80,000	HealthSouth Corp.	5.75	%	11/01/2024		81,600
	95,000	Hunt Cos., Inc.^(h)	6.25	%	02/15/2026		91,948
	125,000	Ingles Markets, Inc.	5.75	%	06/15/2023		125,588
	65,000	Iron Mountain Inc.^(h)	4.88	%	09/15/2027		60,613
	100,000	Iron Mountain, Inc.^(h)	3.00	%	01/15/2025		122,301
	100,000	Iron Mountain, Inc.⁽ⁱ⁾	3.00	%	01/15/2025		122,300
		Jaguar Holding Co. II / Pharmaceutical
	60,000	Product Development, LLC^(h)	6.38	%	08/01/2023		60,825
		JBS USA LUX SA / JBS USA Finance,
	70,000	Inc.^(h)	7.25	%	06/01/2021		70,963
	100,000	Kennedy-Wilson, Inc.	5.88	%	04/01/2024		99,625

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
$	50,000	Kennedy-Wilson, Inc.^(h)	5.88	%	04/01/2024	$	49,813
		KFC Holding Co./Pizza Hut Holdings,
	55,000	LLC/Taco Bell of America, LLC^(h)	5.00	%	06/01/2024		54,794
		Kraton Polymers, LLC / Kraton Polymers
	80,000	Capital Corp.^(h)	7.00	%	04/15/2025		83,200
	55,000	Lamar Media Corp.	5.75	%	02/01/2026		57,200
	25,000	Laredo Petroleum, Inc.	5.63	%	01/15/2022		24,937
	45,000	Laredo Petroleum, Inc.	6.25	%	03/15/2023		45,338
	80,000	Level 3 Financing, Inc.	5.13	%	05/01/2023		78,700
	20,000	Level 3 Financing, Inc.	5.38	%	01/15/2024		19,538
	100,000	Levi Strauss & Co.	3.38	%	03/15/2027		125,802
	30,000	LifePoint Health, Inc.	5.88	%	12/01/2023		30,403
	55,000	LifePoint Health, Inc.	5.38	%	05/01/2024		53,969
	55,000	Masonite International Corp.^(h)	5.63	%	03/15/2023		56,856
	20,000	Matthews International Corp.^(h)	5.25	%	12/01/2025		19,750
		MPT Operating Partnership LP / MPT
	70,000	Finance Corp.	6.38	%	03/01/2024		73,851
	55,000	Nabors Industries, Inc.	5.50	%	01/15/2023		54,044
	15,000	Nabors Industries, Inc.^(h)	5.75	%	02/01/2025		14,175
	10,000	Navient Corp.	6.50	%	06/15/2022		10,350
	70,000	NCR Corp.	6.38	%	12/15/2023		72,800
	99,512	Neiman Marcus Group, Ltd., LLC^(h)(j)	8.75% (9.50%)		10/15/2021		63,936
		Nielsen Finance, LLC / Nielsen Finance
	65,000	Co.^(h)	5.00	%	04/15/2022		65,112
	35,000	Novelis Corp.^(h)	6.25	%	08/15/2024		35,963
	40,000	Novelis Corp.^(h)	5.88	%	09/30/2026		39,500
	20,000	NRG Yield Operating, LLC	5.38	%	08/15/2024		20,175
	85,000	NRG Yield Operating, LLC	5.00	%	09/15/2026		83,938
	70,000	Oasis Petroleum, Inc.	6.88	%	03/15/2022		71,172
	20,000	Oasis Petroleum, Inc.	6.88	%	01/15/2023		20,325
	60,000	Olin Corp.	5.13	%	09/15/2027		59,325
	10,000	Olin Corp.	5.00	%	02/01/2030		9,588
	45,000	Party City Holdings, Inc.^(h)	6.13	%	08/15/2023		46,069
	60,000	PDC Energy^(h)	5.75	%	05/15/2026		59,025
	60,000	Performance Food Group, Inc.^(h)	5.50	%	06/01/2024		60,450
	35,000	Petsmart, Inc.^(h)	7.13	%	03/15/2023		20,037
	30,000	PetSmart, Inc.^(h)	5.88	%	06/01/2025		21,825
	65,000	PHI, Inc.	5.25	%	03/15/2019		64,030
	40,000	Pilgrim's Pride Corp.^(h)	5.75	%	03/15/2025		38,950
	105,000	Plantronics, Inc.^(h)	5.50	%	05/31/2023		104,349
	20,000	Post Holdings, Inc.^(h)	5.50	%	03/01/2025		19,750
	40,000	Post Holdings, Inc.^(h)	5.00	%	08/15/2026		38,100
	35,000	Post Holdings, Inc.^(h)	5.63	%	01/15/2028		33,556
	100,000	PSPC Escrow Corp.⁽ⁱ⁾	6.00	%	02/01/2023		128,355
	60,000	Quicken Loans, Inc.^(h)	5.75	%	05/01/2025		60,150

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
$	60,000	Quicken Loans, Inc.^(h)	5.25	%	01/15/2028	$	56,250
	20,000	Range Resources Corp.	5.00	%	08/15/2022		19,450
	20,000	Range Resources Corp.	5.00	%	03/15/2023		19,276
	65,000	RBS Global, Inc. / Rexnord, LLC^(h)	4.88	%	12/15/2025		63,213
	25,000	Rent-A-Center, Inc.	6.63	%	11/15/2020		22,906
	45,000	Rent-A-Center, Inc.	4.75	%	05/01/2021		40,050
		Reynolds Group Issuer, Inc. / Reynolds
	40,000	Group Issuer, LLC^(h)	5.13	%	07/15/2023		40,438
		Reynolds Group Issuer, Inc. / Reynolds
	55,000	Group Issuer, LLC^(h)	7.00	%	07/15/2024		57,681
		Reynolds Group Issuer, Inc. / Reynolds
	82,374	Group Issuer, LLC	5.75	%	10/15/2020		83,507
		RHP Hotel Properties LP / RHP Finance
	50,000	Corp.	5.00	%	04/15/2023		50,375
	55,000	Rite Aid Corp.^(h)	6.13	%	04/01/2023		55,688
	100,000	SBA Communications Corp.	4.88	%	09/01/2024		98,375
	15,000	SESI, LLC	7.13	%	12/15/2021		15,300
	50,000	SESI, LLC^(h)	7.75	%	09/15/2024		51,875
	150,000	Silgan Holdings, Inc.	3.25	%	03/15/2025		188,183
	5,000	Sirius XM Radio, Inc.^(h)	5.38	%	04/15/2025		4,975
	65,000	Sirius XM Radio, Inc.^(h)	5.00	%	08/01/2027		61,425
	85,000	Six Flags Entertainment Corp.^(h)	4.88	%	07/31/2024		82,981
	20,000	SM Energy Co.	6.13	%	11/15/2022		20,100
	10,000	SM Energy Co.	5.00	%	01/15/2024		9,325
	10,000	SM Energy Co.	5.63	%	06/01/2025		9,525
	10,000	SM Energy Co.	6.75	%	09/15/2026		9,950
	35,000	Sonic Automotive, Inc.	6.13	%	03/15/2027		33,950
	55,000	Sotheby's^(h)	4.88	%	12/15/2025		52,520
	55,000	Southwestern Energy Co.	7.50	%	04/01/2026		55,825
	80,000	Sprint Capital Corp.	6.88	%	11/15/2028		74,900
	260,000	Sprint Communications, Inc.	6.00	%	11/15/2022		255,775
	5,000	Sprint Corp.	7.63	%	02/15/2025		4,931
	35,000	Standard Industries, Inc.^(h)	5.50	%	02/15/2023		36,312
	90,000	Standard Industries, Inc.^(h)	6.00	%	10/15/2025		92,700
		Suburban Propane Partners LP /
	35,000	Suburban Energy Finance Corp.	5.75	%	03/01/2025		33,775
		Suburban Propane Partners
	70,000	LP/Suburban Energy Finance Corp.	5.88	%	03/01/2027		66,675
		Summit Materials, LLC / Summit
	115,000	Materials Finance Corp.	6.13	%	07/15/2023		117,875
		SunCoke Energy Partners LP / SunCoke
	85,000	Energy Partners Finance Corp.^(h)	7.50	%	06/15/2025		87,975
	20,000	Sunoco LP / Sunoco Finance Corp.^(h)	5.50	%	02/15/2026		19,350
		Targa Resources Partners LP / Targa
	65,000	Resources Partners Finance Corp.	6.75	%	03/15/2024		68,980

See Notes to Financial Statements.

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RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Principal Amount/Description			Rate		Maturity	Value
		Targa Resources Partners LP / Targa
$	25,000	Resources Partners Finance Corp.	5.13	%	02/01/2025	$	24,969
	10,000	Tempur Sealy International, Inc.	5.63	%	10/15/2023		10,083
	95,000	Tempur Sealy International, Inc.	5.50	%	06/15/2026		91,675
	65,000	Tenet Healthcare Corp.^(h)	7.50	%	01/01/2022		68,738
	115,000	Tenet Healthcare Corp.^(h)	5.13	%	05/01/2025		110,975
	50,000	Tenneco, Inc.	5.38	%	12/15/2024		50,875
	25,000	Terraform Power Operating, LLC^(h)	4.25	%	01/31/2023		24,094
	30,000	Terraform Power Operating, LLC^(h)	5.00	%	01/31/2028		28,575
	75,000	T-Mobile USA, Inc.	6.00	%	04/15/2024		78,307
	30,000	T-Mobile USA, Inc.	4.50	%	02/01/2026		28,838
	55,000	TMS International Corp.^(h)	7.25	%	08/15/2025		57,475
	55,000	TransDigm, Inc.	6.50	%	05/15/2025		55,688
	90,000	TreeHouse Foods, Inc.^(h)	6.00	%	02/15/2024		90,900
	55,000	TriMas Corp.^(h)	4.88	%	10/15/2025		53,316
	80,000	Tronox Finance, LLC^(h)	7.50	%	03/15/2022		83,049
	10,000	Tronox Finance, LLC^(h)	6.50	%	04/15/2026		10,025
	15,000	Ultra Resources, Inc.^(h)	6.88	%	04/15/2022		13,106
	80,000	United Rentals North America, Inc.	5.50	%	07/15/2025		82,200
	40,000	United Rentals North America, Inc.	5.88	%	09/15/2026		41,750
	110,000	Univision Communications, Inc.^(h)	5.13	%	05/15/2023		105,061
		Compression Partners LP / USA
	45,000	USA Compression Finance Corp.(h)	6.88	%	04/01/2026		45,788
	100,000	ViaSat, Inc.^(h)	5.63	%	09/15/2025		96,780
		Watco Cos. LLC / Watco Finance
	100,000	Corp.(h)	6.38	%	04/01/2023		102,875
	40,000	Weatherford International, Ltd.	7.75	%	06/15/2021		37,450
	20,000	Weatherford International, Ltd.	4.50	%	04/15/2022		16,700
	10,000	Weatherford International, Ltd.	6.50	%	08/01/2036		7,175
	45,000	Whiting Petroleum Corp.^(h)	6.63	%	01/15/2026		45,394
	120,000	WMG Acquisition Corp.^(h)	4.13	%	11/01/2024		155,092
		Wynn Las Vegas, LLC / Wynn Las Vegas
	70,000	Capital Corp.(h)	5.25	%	05/15/2027		68,775
							11,652,738
TOTAL HIGH YIELD DEBT
(Cost $17,828,121)							17,901,826

Shares/Description			Value
SHORT-TERM INVESTMENTS -1.94%
	1,166,126	State Street Institutional Trust (7 Day Yield 1.49%)	1,166,126
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,166,126)			1,166,126

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

Shares/Description	Value
TOTAL INVESTMENTS - 104.41%
(Cost $62,064,051)	$	62,660,844
CASH SEGREGATED AT CUSTODIAN FOR FORWARD FOREIGN CURRENCY CONTRACTS - 0.08%		50,000
LIABILITIES IN EXCESS OF OTHER ASSETS - (4.49)%		(2,695,735	)
NET ASSETS - 100.00%	$	60,015,109

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

Libor Rates:

1W US L - 1 Week LIBOR as of March 31, 2018 was 1.75%

1M US L - 1 Month LIBOR as of March 31, 2018 was 1.88%

2M US L - 2 Month LIBOR as of March 31, 2018 was 2.00%

3M US L - 3 Month LIBOR as of March 31, 2018 was 2.31%

1M EUR L - 1 Month EURIBOR as of March 31, 2018 was -0.41%

2M EUR L - 2 Month EURIBOR as of March 31, 2018 was -0.38%

3M EUR L - 3 Month EURIBOR as of March 31, 2018 was -0.37%

6M EUR L - 6 Month EURIBOR as of March 31, 2018 was -0.33%

^(a)

Non-income producing security.

^(b)

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

^(c)

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

^(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)

Security determined to be illiquid under the procedures approved by the Fund’s Board of Trustees. Total fair value of the security is $75,000, which represents approximately 0.13% of net assets as of March 31, 2018.

^(f)

^(g)

All or a portion of this position has not settled as of March 31, 2018. The interest rate shown represents the stated spread over the London Interbank Offered Rate ("LIBOR" or "L") or the Euro Interbank Offered Rate ("EURIBOR" or "E") or the applicable LIBOR/EURIBOR floor; the Fund will not accrue interest until the settlement date, at which point LIBOR/EURIBOR will be established.

^(h)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $8,208,453, which represents approximately 13.68% of net assets as of March 31, 2018.

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2018 (Unaudited)

⁽ⁱ⁾

^(j)

Pay-in-kind securities - Rate paid in-kind is shown in parenthesis.

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty

Foreign Currency

Contracted Amount*

Contract Type

Settlement Date

Notional Value

Unrealized Appreciation/ (Depreciation)

State Street

Boston

EUR

12,238,433

Sale

04/06/2018

15,062,026

35,335

State Street

Boston

GBP

1,811,184

Sale

04/06/2018

2,541,419

(34,781

)

(34,781

)

The contracted amount is stated in the currency in which the security is denominated.

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2018

RiverNorth Core Opportunity Fund
Statement of Assets and Liabilities	March 31, 2018 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	223,474,582
At value	$	241,999,520
Cash		33,635
Receivable for fund investments sold		1,820,375
Cash segregated at custodian for total return swap contracts		400,000
Dividends receivable		382,013
Receivable for fund shares sold		31,736
Interest receivable		26,559
Prepaid expenses and other assets		13,861
Total Assets		244,707,699

LIABILITIES:
Facility loan fee payable		6,982
Payable for fund investments purchased		464,755
Payable for fund shares redeemed		291,492
Payable to Adviser		211,659
Payable for Fund Accounting and Administration fees		14,703
Accrued 12b-1 fees - Class R Shares		37,736
Payable for Custodian fees		2,736
Payable for Audit fees		12,801
Payable to Transfer agency		13,198
Payable to Trustees and Officers		12,953
Other accrued expenses		21,775
Total Liabilities		1,090,790
Net Assets	$	243,616,909

NET ASSETS CONSIST OF:
Paid-in capital	$	214,560,216
Accumulated net investment income/(loss)		1,781,788
Accumulated undistributed net realized gain/(loss)		8,749,967
Net unrealized appreciation/(depreciation)		18,524,938
Net Assets	$	243,616,909

See Notes to Financial Statements.
72	(888) 848-7569 \| www.rivernorth.com

RiverNorth Core Opportunity Fund
Statement of Assets and Liabilities	March 31, 2018 (Unaudited)

PRICING OF SHARES:
Class I Shares
Net Assets	$	70,224,561
Shares of beneficial interest outstanding
(unlimited number of shares, no par value)		6,599,911
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	10.64
Minimum Redemption Price Per Share^(a)	$	10.43
Class R Shares
Net Assets	$	173,392,348
Shares of beneficial interest outstanding
(unlimited number of shares, no par value)		16,289,640
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	10.64
Minimum Redemption Price Per Share^(a)	$	10.43

(a) The Fund will impose a 2.00% redemption fee on shares redeemed within 90 days of purchase.

See Notes to Financial Statements.
Semi-Annual Report \| March 31, 2018	73

RiverNorth/DoubleLine Strategic Income Fund
Statement of Assets and Liabilities	March 31, 2018 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	2,068,672,976
At value	$	1,973,572,005

Investment in affiliates:
At cost		28,827,068
At value		28,237,782
Receivable for fund investments sold		10,662,653
Interest receivable		5,432,823
Dividends receivable		2,482,475
Receivable for fund shares sold		966,618
Cash segregated at custodian for total return swap contracts		400,000
Prepaid expenses and other assets		41,271
Total Assets		2,021,795,627
LIABILITIES:
Facility loan fee payable		51,559
Payable for fund investments purchased		2,381,120
Payable for fund shares redeemed		5,195,200
Payable to Adviser		1,270,030
Payable for Fund Accounting and Administration fees		300,715
Accrued 12b-1 fees - Class R Shares		40,070
Payable for Custodian fees		17,145
Payable for Audit fees		18,278
Payable to Transfer agency		67,205
Payable to Trustees and Officers		81,094
Other accrued expenses		92,963
Total Liabilities		9,515,379
Net Assets	$	2,012,280,248
NET ASSETS CONSIST OF:
Paid-in capital	$	2,119,747,058
Accumulated net investment income/(loss)		(5,226,408	)
Accumulated undistributed net realized gain/(loss)		(6,550,145	)
Net unrealized appreciation/(depreciation)		(95,690,257	)
Net Assets	$	2,012,280,248

See Notes to Financial Statements.
74	(888) 848-7569 \| www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund
Statement of Assets and Liabilities	March 31, 2018 (Unaudited)

PRICING OF SHARES:
Class I Shares
Net Assets	$	1,824,106,785
Shares of beneficial interest outstanding
(unlimited number of shares, no par value)		177,718,670
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	10.26
Minimum Redemption Price Per Share^(a)	$	10.05
Class R Shares
Net Assets	$	188,173,463
Shares of beneficial interest outstanding
(unlimited number of shares, no par value)		18,305,990
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	10.28
Minimum Redemption Price Per Share^(a)	$	10.07

(a) The Fund will impose a 2.00% redemption fee on shares redeemed within 90 days of purchase.

See Notes to Financial Statements.
Semi-Annual Report \| March 31, 2018	75

RiverNorth/Oaktree High Income Fund
Statement of Assets and Liabilities	March 31, 2018 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	62,064,051
At value	$	62,660,844
Cash		16,503
Foreign currency, at value (Cost 407,663)		408,606
Interest receivable		340,443
Receivable for fund investments sold		65,256
Cash segregated at custodian for forward foreign currency contracts		50,000
Unrealized appreciation on forward foreign currency contracts		35,335
Dividends receivable		25,161
Prepaid expenses and other assets		19,916
Total Assets		63,622,064

LIABILITIES:
Facility loan fee payable		1,989
Payable for fund investments purchased		3,281,796
Payable for fund shares redeemed		136,595
Unrealized depreciation on forward foreign currency contracts		34,781
Payable to Adviser		42,680
Payable for Fund Accounting and Administration fees		70,892
Accrued 12b-1 fees - Class R Shares		1,478
Payable for Custodian fees		3,826
Payable for Audit fees		17,134
Payable to Transfer agency		7,746
Payable to Trustees and Officers		4,712
Other accrued expenses		3,326
Total Liabilities		3,606,955
Net Assets	$	60,015,109

NET ASSETS CONSIST OF:
Paid-in capital	$	64,983,067
Accumulated net investment income/(loss)		(1,770,426	)
Accumulated undistributed net realized gain/(loss)		(3,774,405	)
Net unrealized appreciation/(depreciation)		576,873
Net Assets	$	60,015,109

See Notes to Financial Statements.
76	(888) 848-7569 \| www.rivernorth.com

RiverNorth/Oaktree High Income Fund
Statement of Assets and Liabilities	March 31, 2018 (Unaudited)

PRICING OF SHARES:
Class I Shares
Net Assets	$	53,016,013
Shares of beneficial interest outstanding
(unlimited number of shares, no par value)		5,530,162
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	9.59
Minimum Redemption Price Per Share^(a)	$	9.40
Class R Shares
Net Assets	$	6,999,096
Shares of beneficial interest outstanding
(unlimited number of shares, no par value)		730,800
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	9.58
Minimum Redemption Price Per Share^(a)	$	9.39

(a) The Fund will impose a 2.00% redemption fee on shares redeemed within 90 days of purchase.

See Notes to Financial Statements.
Semi-Annual Report \| March 31, 2018	77

RiverNorth Core Opportunity Fund
Statement of Operations	For the Six Months Ended March 31, 2018 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	10,062,285
Interest income		68,527
Foreign taxes withheld		(716	)
Total Investment Income		10,130,096

EXPENSES:
Investment Adviser fee		1,454,551
12b-1 fees - Class R Shares		245,427
Accounting and administration fee		44,157
Transfer agent expenses		24,779
Registration expenses		24,176
Compliance expenses		23,336
Printing expenses		15,866
Facility loan fee		15,182
Audit expenses		11,839
Legal expenses		10,721
Trustee expenses		10,683
Custodian expenses		8,976
Insurance expenses		3,278
24f-2 expenses		4
Miscellaneous expenses		10,291
Total Expenses		1,903,266
Net Investment Income		8,226,830

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		14,408,811
Net realized gain		14,408,811
Net change in unrealized appreciation/depreciation on:
Investments		(14,088,522	)
Net change in unrealized appreciation/depreciation		(14,088,522	)
Net Realized and Unrealized Gain on Investments		320,289
Net Increase in Net Assets Resulting from Operations	$	8,547,119

See Notes to Financial Statements.
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RiverNorth/DoubleLine Strategic Income Fund
Statement of Operations	For the Six Months Ended March 31, 2018 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	23,423,390
Dividend income from affiliated securities		507,054
Interest income		32,146,534
Other income		4,017
Foreign taxes withheld		(2,636	)
Total Investment Income		56,078,359

EXPENSES:
Investment Adviser fee		7,901,834
Accounting and administration fee		456,312
12b-1 fees - Class R Shares		257,512
Transfer agent expenses		119,023
Facility loan fee		107,021
Compliance expenses		91,769
Trustee expenses		74,017
Legal expenses		72,467
Printing expenses		65,252
Registration expenses		36,781
Custodian expenses		36,026
Insurance expenses		22,557
Audit expenses		17,315
24f-2 expenses		100
Miscellaneous expenses		53,688
Total Expenses		9,311,674
Net Investment Income		46,766,685

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain on:
Investments		251,820
Net realized gain		251,820
Net change in unrealized appreciation/depreciation on:
Investments		(57,117,554	)
Affiliated Investments		(505,976	)
Net change in unrealized appreciation/depreciation		(57,623,530	)
Net Realized and Unrealized Loss on Investments		(57,371,710	)
Net Decrease in Net Assets Resulting from Operations	$	(10,605,025	)

See Notes to Financial Statements.
Semi-Annual Report \| March 31, 2018	79

RiverNorth/Oaktree High Income Fund
Statement of Operations	For the Six Months Ended March 31, 2018 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	360,618
Interest income		1,218,530
Other income		764
Foreign taxes withheld		(4,958	)
Total Investment Income		1,574,954

EXPENSES:
Investment Adviser fee		316,997
Accounting and administration fee		61,350
Registration expenses		19,621
Audit expenses		16,172
Transfer agent expenses		15,472
Compliance expenses		15,205
Custodian expenses		9,256
12b-1 fees - Class R Shares		9,124
Facility loan fee		3,605
Trustee expenses		2,521
Legal expenses		2,442
Printing expenses		1,998
Insurance expenses		890
Miscellaneous expenses		4,184
Less fees waived/reimbursed by Investment Adviser:
Class I Shares		(37,306	)
Class R Shares		(4,871	)
Net Expenses		436,660
Net Investment Income		1,138,294

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(131,424	)
Forward Foreign Currency Contracts		(189,466	)
Translation of assets and liabilities denominated in foreign currencies		(118,020	)
Net realized loss		(438,910	)
Net change in unrealized appreciation/depreciation on:
Investments		(516,205	)
Forward Foreign Currency Contracts		1,812
Translation of assets and liabilities denominated in foreign currencies		22,348
Net change in unrealized appreciation/depreciation		(492,045	)
Net Realized and Unrealized Loss on Investments, translation of assets and liabilities denominated in foreign currencies and forward foreign currency contracts		(930,955	)
Net Increase in Net Assets Resulting from Operations	$	207,339

See Notes to Financial Statements.
80	(888) 848-7569 \| www.rivernorth.com

RiverNorth Core Opportunity Fund
Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2018 (Unaudited)			For the Year Ended September 30, 2017
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	8,226,830		$	7,096,392
Net realized gain/(loss)		14,408,811			43,331,497
Long-term capital gain distributions from other investment companies		—			8,411,842
Net change in unrealized appreciation/depreciation		(14,088,522	)		2,720,395
Net increase in net assets resulting from operations		8,547,119			61,560,126

DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income:
Class I shares		(2,202,779	)		(3,872,978	)
Class R shares		(4,000,149	)		(9,630,040	)
From net realized gains on investments:
Class I shares		(14,458,597	)		(2,919,148	)
Class R shares		(27,131,387	)		(7,258,372	)
Net decrease in net assets from distributions to shareholders		(47,792,912	)		(23,680,538	)

CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		24,860,850			46,546,239
Reinvestment of distributions		9,706,426			4,512,884
Cost of shares redeemed		(60,685,860	)		(154,520,350	)
Redemption fees^(a)		5,768			38,263
Net decrease in net assets from capital share transactions		(26,112,816	)		(103,422,964	)

Class R Shares
Proceeds from shares sold		7,905,544			41,626,713
Reinvestment of distributions		30,788,043			16,755,567
Cost of shares redeemed		(53,082,419	)		(439,389,198	)
Redemption fees^(a)		337			4,262
Net decrease in net assets from capital share transactions		(14,388,495	)		(381,002,656	)

Net Decrease in Net Assets		(79,747,104	)		(446,546,032	)

NET ASSETS:
Beginning of period	$	323,364,013		$	769,910,045
End of period (including accumulated net investment income/(loss) of $1,781,788 and $(242,114))		243,616,909			323,364,013

See Notes to Financial Statements.
Semi-Annual Report \| March 31, 2018	81

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2018 (Unaudited)			For the Year Ended September 30, 2017
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		2,035,051			3,996,698
Shares issued in reinvestment of distributions		899,810			387,331
Shares redeemed		(5,198,892	)		(13,330,076	)
Net decrease from share transactions		(2,264,031	)		(8,946,047	)

Class R Shares
Shares sold		685,444			3,608,158
Shares issued in reinvestment of distributions		2,851,463			1,446,579
Shares redeemed		(4,525,393	)		(37,956,954	)
Net decrease from share transactions		(988,486	)		(32,902,217	)

^(a)

The Fund will impose a 2.00% redemption fee on shares redeemed within 90 days of purchase.

See Notes to Financial Statements.
82	(888) 848-7569 \| www.rivernorth.com

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2018 (Unaudited)			For the Year Ended September 30, 2017
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	46,766,685		$	80,946,905
Net realized gain/(loss)		251,820			22,609,514
Long-term capital gain distributions from other investment companies		—			439,705
Net change in unrealized appreciation/depreciation		(57,623,530	)		(7,033,038	)
Net increase/(decrease) in net assets resulting from operations		(10,605,025	)		96,963,086
DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income:
Class I shares		(44,158,983	)		(82,645,047	)
Class R shares		(4,454,671	)		(8,704,470	)
From net realized gains on investments:
Class I shares		(9,600,684	)		(5,580,341	)
Class R shares		(1,056,148	)		(587,741	)
Net decrease in net assets from distributions to shareholders		(59,270,486	)		(97,517,599	)

CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		263,055,074			663,829,940
Reinvestment of distributions		40,891,678			64,580,225
Cost of shares redeemed		(440,921,992	)		(526,765,934	)
Redemption fees^(a)		30,412			69,874
Net increase/(decrease) in net assets from capital share transactions		(136,944,828	)		201,714,105

Class R Shares
Proceeds from shares sold		43,214,361			63,167,525
Reinvestment of distributions		5,322,546			8,954,389
Cost of shares redeemed		(61,727,864	)		(94,841,502	)
Redemption fees^(a)		6,517			18,119
Net decrease in net assets from capital share transactions		(13,184,440	)		(22,701,469	)

Net Increase/(Decrease) in Net Assets		(220,004,779	)		178,458,123

NET ASSETS:
Beginning of period	$	2,232,285,027		$	2,053,826,904
End of period (including accumulated net investment loss of $(5,226,408) and $(3,379,439))		2,012,280,248			2,232,285,027

See Notes to Financial Statements.
Semi-Annual Report \| March 31, 2018	83

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2018 (Unaudited)			For the Year Ended September 30, 2017
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		25,270,233			62,769,675
Shares issued in reinvestment of distributions		3,944,157			6,112,222
Shares redeemed		(42,359,985	)		(49,854,167	)
Net increase/(decrease) from share transactions		(13,145,595	)		19,027,730

Class R Shares
Shares sold		4,122,362			5,966,271
Shares issued in reinvestment of distributions		512,429			846,326
Shares redeemed		(5,927,076	)		(8,955,376	)
Net decrease from share transactions		(1,292,285	)		(2,142,779	)

^(a) The Fund will impose a 2.00% redemption fee on shares redeemed within 90 days of purchase.

See Notes to Financial Statements.
84	(888) 848-7569 \| www.rivernorth.com

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2018 (Unaudited)			For the Year Ended September 30, 2017
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,138,294		$	2,950,991
Net realized gain/(loss)		(438,910	)		(703,192	)
Long-term capital gain distributions from other investment companies		—			3,320
Net change in unrealized appreciation/depreciation		(492,045	)		3,461,101
Net increase in net assets resulting from operations		207,339			5,712,220

DISTRIBUTIONS TO SHAREHOLDERS:
From net investment income:
Class I Shares		(995,693	)		(2,921,176	)
Class R Shares		(121,452	)		(302,770	)
From tax return of capital
Class I Shares		—			(259,165	)
Class R Shares		—			(26,861	)
Net decrease in net assets from distributions to shareholders		(1,117,145	)		(3,509,972	)

CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		2,510,635			14,250,482
Reinvestment of distributions		959,746			2,709,105
Cost of shares redeemed		(13,491,822	)		(28,702,824	)
Redemption fees^(a)		250			6,279
Net decrease in net assets from capital share transactions		(10,021,191	)		(11,736,958	)

Class R Shares
Proceeds from shares sold		514,816			3,096,004
Reinvestment of distributions		118,826			325,388
Cost of shares redeemed		(1,163,965	)		(3,194,299	)
Redemption fees^(a)		9			536
Net increase/(decrease) in net assets from capital share transactions		(530,314	)		227,629

Net Decrease in Net Assets		(11,461,311	)		(9,307,081	)

NET ASSETS:
Beginning of period	$	71,476,420		$	80,783,501
End of period (including accumulated net investment income/(loss) of $(1,770,426) and $(1,791,575))		60,015,109			71,476,420

See Notes to Financial Statements.
Semi-Annual Report \| March 31, 2018	85

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2018 (Unaudited)			For the Year Ended September 30, 2017
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		258,700			1,480,726
Shares issued in reinvestment of distributions		99,198			281,131
Shares redeemed		(1,387,958	)		(2,962,599	)
Net decrease from share transactions		(1,030,060	)		(1,200,742	)

Class R Shares
Shares sold		53,324			320,980
Shares issued in reinvestment of distributions		12,291			33,780
Shares redeemed		(120,068	)		(330,097	)
Net increase/(decrease) from share transactions		(54,453	)		24,663

^(a)

The Fund will impose a 2.00% redemption fee on shares redeemed within 90 days of purchase.

See Notes to Financial Statements.
86	(888) 848-7569 \| www.rivernorth.com

Intentionally Left Blank

RiverNorth Core Opportunity Fund

Class I

Financial Highlights

Net asset value - beginning of period

Income/(Loss) from investment operations:

Net investment income^(b)

Net realized and unrealized gain/(loss) on investments^(b)

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^(b)

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(e)

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^(g)

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

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

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

Ratios to Average Net Assets (excluding interest expense):

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements.

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

For a share outstanding throughout the periods presented


For the Six Months Ended March 31, 2018 (Unaudited)			For the Year Ended September 30, 2017			For the Year Ended September 30, 2016			For the Year Ended September 30, 2015			For the Period ended September 30, 2014^(a)
$	12.37		$	11.33		$	10.74		$	13.06		$	13.16
	0.35			0.17			0.23			0.44			0.08
	(0.02	)^(c)		1.45			1.33			(1.30	)		(0.18	)^(c)
	0.33			1.62			1.56			(0.86	)		(0.10	)

	(0.28	)		(0.30	)		(0.42	)		(0.60	)		—
	(1.78	)		(0.28	)		(0.45	)		(0.86	)		—
	—			—			(0.10	)		—			—
	(2.06	)		(0.58	)		(0.97	)		(1.46	)		—
	0.00	^(d)		0.00	^(d)		0.00	^(d)		0.00	^(d)		—
	(1.73	)		1.04			0.59			(2.32	)		(0.10	)
$	10.64		$	12.37		$	11.33		$	10.74		$	13.06
	2.43	%^(f)		14.71	%		15.35	%		(7.50	%)		(0.76	%)^(f)

$	70,225		$	109,627		$	201,712		$	166,905		$	39,623

	N/A			1.12	%		N/A			N/A			N/A

	N/A			1.12	%		N/A			N/A			N/A

	N/A			1.45	%		N/A			N/A			N/A

	N/A			1.45	%		N/A			N/A			N/A

	1.14	%^(h)		1.12	%		1.11	%		1.11	%		1.20	%^(h)

	1.14	%^(h)		1.12	%		1.11	%		1.11	%		1.20	%^(h)

	6.00	%^(h)		1.45	%		2.11	%		3.62	%		2.93	%^(h)

	6.00	%^(h)		1.45	%		2.11	%		3.62	%		2.93	%^(h)
	31	%^(f)		39	%⁽ⁱ⁾		19	%		23	%		46	%^(f)

Semi-Annual Report | March 31, 2018

RiverNorth Core Opportunity Fund

Class I

Financial Highlights

For a share outstanding throughout the periods presented

^(a)

Commenced operations on August 11, 2014.

^(b)

Based on average shares outstanding during the period.

^(c)

The amount shown for a share outstanding throughout the period may not correlate with the Statement of Operations for the period due to the timing of sales and redemptions of Fund shares in relation to realized and unrealized gains and losses on investments of the Fund.

^(d)

Less than $0.005 per share.

^(e)

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.

^(f)

Not annualized.

^(g)

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

^(h)

Annualized.

⁽ⁱ⁾

Portfolio turnover does not include redemptions in-kind.

See Notes to Financial Statements.

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^(a)

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a)

Net increase/ (decrease) in net asset value

Net asset value - end of period

Total Return^(d)

Ratios/Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense):

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

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

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

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

Ratios to Average Net Assets (excluding interest expense):

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements.

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

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2018 (Unaudited)			For the Year Ended September 30, 2017			For the Year Ended September 30, 2016			For the Year Ended September 30, 2015			For the Year Ended September 30, 2014			For the Year Ended September 30, 2013
$	12.37		$	11.32		$	10.74		$	13.05		$	12.65		$	12.37

	0.32			0.16			0.20			0.39			0.32			0.20
	(0.01	)^(b)		1.44			1.32			(1.27	)		1.00			0.96
	0.31			1.60			1.52			(0.88	)		1.32			1.16

	(0.26	)		(0.27	)		(0.40	)		(0.57	)		(0.24	)		(0.35	)
	(1.78	)		(0.28	)		(0.45	)		(0.86	)		(0.68	)		(0.53	)
	—			—			(0.09	)		—			—			—
	(2.04	)		(0.55	)		(0.94	)		(1.43	)		(0.92	)		(0.88	)
	0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)
	(1.73	)		1.05			0.58			(2.31	)		0.40			0.28
$	10.64		$	12.37		$	11.32		$	10.74		$	13.05		$	12.65
	2.27	%^(e)		14.51	%		14.98	%		(7.67	%)		10.81	%		10.08	%

$	173,392		$	213,737		$	568,198		$	538,689		$	705,299		$	647,365

	N/A			1.37	%		N/A			N/A			N/A			N/A

	N/A			1.37	%		N/A			N/A			N/A			N/A

	N/A			1.38	%		N/A			N/A			N/A			N/A

	N/A			1.38	%		N/A			N/A			N/A			N/A

	1.39	%^(g)		1.37	%		1.36	%		1.35	%		1.37	%		1.35	%
	1.39	%^(g)		1.37	%		1.36	%		1.35	%		1.37	%		1.35	%

	5.50	%^(g)		1.38	%		1.90	%		3.16	%		2.60	%		1.66	%

	5.50	%^(g)		1.38	%		1.90	%		3.16	%		2.60	%		1.66	%
	31	%^(e)		39	%^(h)		19	%		23	%		46	%		46	%

Semi-Annual Report | March 31, 2018

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)

^(c)

Less than $0.005 per share.

^(d)

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

^(e)

Not annualized.

^(f)

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

^(g)

Annualized.

^(h)

Portfolio turnover does not include redemptions in-kind.

See Notes to Financial Statements.

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

Intentionally Left Blank

RiverNorth/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^(a)

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a)

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(c)

Ratios/Supplemental Data:

Net assets, end of period (in thousands)

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

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

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

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

Portfolio turnover rate

^(a)

Based on average shares outstanding during the period.

^(b)

Less than $0.005 per share.

^(c)

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

^(d)

Not annualized.

^(e)

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

^(f)

Annualized.

See Notes to Financial Statements.

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

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2018 (Unaudited)			For the Year Ended September 30, 2017			For the Year Ended September 30, 2016			For the Year Ended September 30, 2015			For the Year Ended September 30, 2014			For the Year Ended September 30, 2013

$	10.61		$	10.61		$	10.37		$	10.88		$	10.62		$	11.33

	0.23			0.40			0.51			0.56			0.59			0.52
	(0.29	)		0.08			0.39			(0.55	)		0.38			(0.51	)
	(0.06	)		0.48			0.90			0.01			0.97			0.01

	(0.24	)		(0.45	)		(0.64	)		(0.52	)		(0.66	)		(0.63	)
	(0.05	)		(0.03	)		—			—			(0.05	)		(0.09	)
	—			—			(0.02	)		—			—			—
	(0.29	)		(0.48	)		(0.66	)		(0.52	)		(0.71	)		(0.72	)
	0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
	(0.35	)		—			0.24			(0.51	)		0.26			(0.71	)
$	10.26		$	10.61		$	10.61		$	10.37		$	10.88		$	10.62

	(0.54	%)^(d)		4.67	%		9.00	%		0.04	%		9.38	%		(0.03	%)

$	1,824,107		$	2,024,142		$	1,822,874		$	1,735,108		$	1,148,744		$	785,974
	0.85	%^(f)		0.85	%		0.86	%		0.86	%		0.91	%		0.89	%
	0.85	%^(f)		0.85	%		0.86	%		0.86	%		0.91	%		0.89	%

	4.42	%^(f)		3.80	%		4.92	%		5.24	%		5.47	%		4.68	%

	4.42	%^(f)		3.80	%		4.92	%		5.24	%		5.47	%		4.68	%
	17	%^(d)		50	%		36	%		29	%		56	%		80	%

Semi-Annual Report | March 31, 2018

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^(a)

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a)

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(c)

Ratios/Supplemental Data:

Net assets, end of period (in thousands)

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

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

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

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

Portfolio turnover rate

^(a)

Based on average shares outstanding during the period.

^(b)

Less than $0.005 per share.

^(c)

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

^(d)

Not annualized.

^(e)

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

^(f)

Annualized.

See Notes to Financial Statements.

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For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2018 (Unaudited)			For the Year Ended September 30, 2017			For the Year Ended September 30, 2016			For the Year Ended September 30, 2015			For the Year Ended September 30, 2014			For the Year Ended September 30, 2013

$	10.62		$	10.62		$	10.39		$	10.89		$	10.63		$	11.34

	0.22			0.38			0.49			0.54			0.57			0.49
	(0.28	)		0.08			0.37			(0.55	)		0.38			(0.51	)
	(0.06	)		0.46			0.86			(0.01	)		0.95			(0.02	)

	(0.23	)		(0.43	)		(0.61	)		(0.49	)		(0.64	)		(0.60	)
	(0.05	)		(0.03	)		—			—			(0.05	)		(0.09	)
	—			—			(0.02	)		—			—			—
	(0.28	)		(0.46	)		(0.63	)		(0.49	)		(0.69	)		(0.69	)
	0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
	(0.34	)		—			0.23			(0.50	)		0.26			(0.71	)
$	10.28		$	10.62		$	10.62		$	10.39		$	10.89		$	10.63

	(0.57	%)^(d)		4.40	%		8.62	%		(0.12	%)		9.09	%		(0.29	%)

$	188,173		$	208,143		$	230,953		$	233,319		$	232,191		$	270,560
	1.10	%^(f)		1.10	%		1.11	%		1.11	%		1.16	%		1.14	%
	1.10	%^(f)		1.10	%		1.11	%		1.11	%		1.16	%		1.14	%

	4.17	%^(f)		3.56	%		4.67	%		4.97	%		5.26	%		4.40	%

	4.17	%^(f)		3.56	%		4.67	%		4.97	%		5.26	%		4.40	%
	17	%^(d)		50	%		36	%		29	%		56	%		80	%

Semi-Annual Report | March 31, 2018

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^(a)

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a)

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(c)

Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense)

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

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

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

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

Ratios to Average Net Assets (excluding interest expense)

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements.

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

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2018 (Unaudited)			For the Year Ended September 30, 2017			For the Year Ended September 30, 2016			For the Year Ended September 30, 2015			For the Year Ended September 30, 2014			For the Period December 28, 2012 (Inception) to September 30, 2013

$	9.73		$	9.48		$	9.18		$	10.25		$	9.95		$	10.00

	0.18			0.35			0.44			0.43			0.47			0.22
	(0.15	)		0.31			0.44			(0.77	)		0.33			(0.07	)
	0.03			0.66			0.88			(0.34	)		0.80			0.15

	(0.17	)		(0.38	)		(0.55	)		(0.53	)		(0.50	)		(0.20	)
	—			—			—			(0.20	)		—			—
	—			(0.03	)		(0.03	)		—			—			—
	(0.17	)		(0.41	)		(0.58	)		(0.73	)		(0.50	)		(0.20	)
	0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
	(0.14	)		0.25			0.30			(1.07	)		0.30			(0.05	)
$	9.59		$	9.73		$	9.48		$	9.18		$	10.25		$	9.95

	0.35	%^(d)		7.11	%		10.09	%		(3.50	%)		8.16	%		1.52	%^(d)

$	53,016		$	63,842		$	73,580		$	88,360		$	69,473		$	25,472

	1.48	%^(f)(g)		1.35	%^(g)		1.34	%^(g)		1.36	%^(g)		1.39	%		1.58	%^(f)
	1.35	%^(f)(g)		1.35	%^(g)		1.34	%^(g)		1.36	%^(g)		1.35	%		1.35	%^(f)

	3.49	%^(f)(g)		3.59	%^(g)		4.86	%^(g)		4.40	%^(g)		4.45	%		2.65	%^(f)

	3.62	%^(f)(g)		3.59	%^(g)		4.86	%^(g)		4.40	%^(g)		4.49	%		2.88	%^(f)

	1.48	%^(f)(g)		1.35	%^(g)		1.34	%^(g)		1.35	%^(g)		N/A			N/A
	1.35	%^(f)(g)		1.35	%^(g)		1.34	%^(g)		1.35	%^(g)		N/A			N/A

	3.49	%^(f)(g)		3.59	%^(g)		4.86	%^(g)		4.41	%^(g)		N/A			N/A

	3.62	%^(f)(g)		3.59	%^(g)		4.86	%^(g)		4.41	%^(g)		N/A			N/A
	28	%^(d)		121	%		40	%		70	%		91	%		117	%^(d)

Semi-Annual Report | March 31, 2018

101

RiverNorth/Oaktree High Income Fund

Class I

Financial Highlights

For a share outstanding throughout the periods presented

(a)

Based on average shares outstanding during the period.

(b)

Less than $0.005 per share.

(c)

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

(d)

Not annualized.

(e)

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

(f)

Annualized.

(g)

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

See Notes to Financial Statements.

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