ThZeal - The Zeal

N-CSRS 1 fp0042988_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: 03/31/2019

Item 1.

Reports to Stockholders.

RiverNorth Funds

Table of Contents

Opportunistic Closed-End Fund Strategies
Portfolio Update	2
RiverNorth Core Opportunity Fund	2
RiverNorth/DoubleLine Strategic Income Fund	5
RiverNorth/Oaktree High Income Fund	8
RiverNorth Funds Schedule of Investments and Financial Statements
Disclosure of Fund Expenses	11
Schedule of Investments
RiverNorth Core Opportunity Fund	13
RiverNorth/DoubleLine Strategic Income Fund	17
RiverNorth/Oaktree High Income Fund	59
Statement of Assets and Liabilities
RiverNorth Core Opportunity Fund	75
RiverNorth/DoubleLine Strategic Income Fund	76
RiverNorth/Oaktree High Income Fund	77
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	104
Notes to Financial Statements	111
Additional Information	130
Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements	131

RiverNorth Funds

Portfolio Update

March 31, 2019 (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, 2019.

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

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

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

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

RiverNorth Funds

Portfolio Update

March 31, 2019 (Unaudited)

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

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

⁽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 and 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. Correlation Risk – the fund allocates its investments among different asset classes. Cyber Security Risk – operational and information security risks resulting from breaches in cyber security. Derivatives Risk – derivatives are subject to counterparty risk. Economic and Market Events Risk – events in certain sectors may result in an unusually high degree of volatility in the financial markets. 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 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. 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 – when there is little or no active trading market for specific types of securities, it can become more difficult to sell the securities in a timely manner at or near their perceived value. Management Risk – there is no guarantee that the 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. 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, 2019

RiverNorth Funds

Portfolio Update

March 31, 2019 (Unaudited)

⁽²⁾

Credit quality allocation reflects a fixed-income portfolio weighted average of the credit breakdown of each closed-end fund as provided by the adviser of said closed-end fund. If a credit breakdown is not provided by the adviser, Bloomberg is used. Investment grade refers to a bond rated BBB- or higher by 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, 2019 (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, 2019.

Strategy (“Sleeve”) Allocation

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

Semi-Annual Report | March 31, 2019

RiverNorth Funds

Portfolio Update

March 31, 2019 (Unaudited)

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

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

⁽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 and 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. Economic and Market Events Risk – events in certain sectors may result in an unusually high degree of volatility in the financial markets. 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. 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. 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, 2019 (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, 2019

RiverNorth Funds

Portfolio Update

March 31, 2019 (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, 2019.

Strategy Allocation

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

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

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, 2019 (Unaudited)

⁽¹⁾

Borrowing Risk – borrowings increase fund expenses and are subject to repayment, possibly at inopportune times. Closed-End Fund Risk – closed-end funds are exchange traded, may trade at a discount to their net asset values and may deploy leverage. Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Credit Derivatives Risk – the use of credit derivatives is highly specialized, involves default, counterparty and liquidity risks and may not perfectly correlate to the underlying asset or liability being hedged. Currency Risk – foreign currencies will rise or decline relative to the U.S. dollar. Derivatives Risk – derivatives are subject to counterparty risk. Distressed and Defaulted Securities Risk – defaulted securities carry the risk of uncertainty of repayment. Economic and Market Events Risk – events in certain sectors may result in an unusually high degree of volatility in the financial markets. 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. 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. 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. 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. 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 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, 2019

RiverNorth Funds

Portfolio Update

March 31, 2019 (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, 2019 (Unaudited)

Expense Example

As a shareholder of the RiverNorth Funds (the “Trust” or “Funds”), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period, October 1, 2018, and held for the six months ended March 31, 2019.

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, 2019

RiverNorth Funds

Disclosure of Fund Expenses

March 31, 2019 (Unaudited)

	Beginning Account Value 10/01/2018	Ending Account Value 03/31/2019	Expense Ratio^(a)	Expenses Paid During Period^(b)
RiverNorth Core Opportunity Fund
Class I Shares
Actual	$1,000.00	$997.10	1.25%	$6.22
Hypothetical (5% return before expenses)	$1,000.00	$1,018.70	1.25%	$6.29
Class R Shares
Actual	$1,000.00	$995.80	1.51%	$7.51
Hypothetical (5% return before expenses)	$1,000.00	$1,017.40	1.51%	$7.59
RiverNorth/DoubleLine Strategic Income Fund
Class I Shares
Actual	$1,000.00	$1,034.50	0.87%	$4.41
Hypothetical (5% return before expenses)	$1,000.00	$1,020.59	0.87%	$4.38
Class R Shares
Actual	$1,000.00	$1,034.20	1.12%	$5.68
Hypothetical (5% return before expenses)	$1,000.00	$1,019.35	1.12%	$5.64
RiverNorth/Oaktree High Income Fund
Class I Shares
Actual	$1,000.00	$1,014.40	1.36%	$6.83
Hypothetical (5% return before expenses)	$1,000.00	$1,018.15	1.36%	$6.84
Class R Shares
Actual	$1,000.00	$1,012.10	1.61%	$8.08
Hypothetical (5% return before expenses)	$1,000.00	$1,016.90	1.61%	$8.10

^(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, 2019 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 65.14%
	454,170	Aberdeen Emerging Markets Equity Income Fund, Inc.	$	3,301,816
	765,745	Aberdeen Total Dynamic Dividend Fund		6,317,396
	24,611	Advent Claymore Convertible Securities and Income Fund		363,258
	557,967	AllianzGI NFJ Dividend Interest & Premium Strategy Fund		6,729,082
	291,636	BlackRock Credit Allocation Income Trust		3,619,203
	49,603	BlackRock Debt Strategies Fund, Inc.		531,744
	14,182	BlackRock Floating Rate Income Strategies Fund, Inc.		177,275
	104,252	BlackRock Floating Rate Income Trust		1,272,917
	193,151	BrandywineGLOBAL - Global Income Opportunities Fund, Inc.		2,151,702
	364,597	Clough Global Opportunities Fund		3,522,007
	218,729	Cornerstone Strategic Value Fund, Inc.		2,664,119
	128,385	Cornerstone Total Return Fund, Inc.		1,539,336
	155,119	Eaton Vance Limited Duration Income Fund		1,962,255
	72,000	Eaton Vance Short Duration Diversified Income Fund		933,840
	41,399	Franklin Limited Duration Income Trust		398,672
	101,779	Highland Floating Rate Opportunities Fund		1,413,710
	151,061	Invesco Dynamic Credit Opportunities Fund		1,639,012
	54,969	Invesco Municipal Opportunity Trust		655,780
	40,215	Invesco Senior Income Trust		168,903
	181,737	Kayne Anderson MLP/Midstream Investment Co.		2,913,244
	340,864	Liberty All Star^® Equity Fund		2,082,679
	95,074	Neuberger Berman High Yield Strategies Fund, Inc.		1,073,386
	20,780	NexPoint Credit Strategies Fund		452,381
	165,790	Nuveen AMT-Free Quality Municipal Income Fund		2,214,954
	497,323	Nuveen Credit Strategies Income Fund		3,844,307
	99,062	Nuveen Floating Rate Income Fund		953,967
	107,900	Nuveen Intermediate Duration Quality Municipal Term Fund		1,411,332
	174,124	Nuveen Mortgage Opportunity Term Fund		4,053,607
	45,806	Nuveen Mortgage Opportunity Term Fund 2		1,030,635
	156,224	Nuveen Quality Municipal Income Fund		2,119,960
	60,315	PGIM Global High Yield Fund, Inc.		840,791
	107,099	Putnam Municipal Opportunities Trust		1,313,034
	167,669	Royce Value Trust, Inc.		2,307,125
	532,854	Sprott Focus Trust, Inc.		3,650,050
	608,203	Templeton Global Income Fund		3,831,679
	173,297	Tortoise MLP Fund, Inc.		2,429,624
	34,261	Voya Emerging Markets High Income Dividend Equity Fund		272,375
	283,182	Western Asset Emerging Markets Debt Fund, Inc.		3,862,603
	279,424	Western Asset Global High Income Fund, Inc.		2,623,791
	206,451	Western Asset High Income Fund II, Inc.		1,337,803
	825,078	Western Asset High Income Opportunity Fund, Inc.		3,985,127

TOTAL CLOSED-END FUNDS (Cost $87,311,611)				87,966,481

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth Core Opportunity Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Shares/Description			Value
BUSINESS DEVELOPMENT COMPANIES - 0.70%
	96,514	Barings BDC, Inc.	$	946,802

TOTAL BUSINESS DEVELOPMENT COMPANIES (Cost $927,682)				946,802

COMMON STOCKS - 5.14%
	35,274	Big Rock Partners Acquisition Corp.^(a)		364,028
	1,951	Bioceres Crop Solutions Corp.^(a)		10,184
	29,885	Black Ridge Acquisition Corp.^(a)		304,985
	44,762	CM Seven Star Acquisition Corp.^(a)		321,503
	9,711	Far Point Acquisition Corp., Class A^(a)		96,624
	75,837	Gordon Pointe Acquisition Corp.^(a)		765,954
	29,414	Legacy Acquisition Corp., Class A^(a)		295,317
	41,844	Leisure Acquisition Corp.^(a)		418,440
	12,752	LF Capital Acquisition Corp., Class A^(a)		128,158
	62,602	MTech Acquisition Corp.^(a)		632,061
	54,611	One Madison Corp., Class A^(a)		559,763
	82,651	Opes Acquisition Corp.^(a)		838,908
	56,421	Pensare Acquisition Corp.^(a)		578,315
	32,603	Pure Acquisition Corp.^(a)		326,683
	19,187	Thunder Bridge Acquisition, Ltd., Class A^(a)		195,707
	37,631	Tiberius Acquisition Corp.^(a)		379,320
	19,178	Trident Acquisitions Corp.^(a)		195,424
	15,528	Trinity Merger Corp., Class A^(a)		158,696
	19,229	Twelve Seas Investment Co.^(a)		192,290
	18,162	VectoIQ Acquisition Corp.^(a)		181,438

TOTAL COMMON STOCKS (Cost $6,617,613)				6,943,798

EXCHANGE-TRADED FUNDS - 19.05%
	187,653	PowerShares^® FTSE RAFI Emerging Markets Portfolio		4,017,651
	61,419	PowerShares^® FTSE RAFI US 1000 Portfolio		6,963,072
	34,521	SPDR^® S&P 500^®ETF Trust		9,751,492
	55,877	Vanguard^® FTSE Developed Markets ETF		2,283,693
	63,796	Vanguard^® FTSE Emerging Markets ETF		2,711,330

TOTAL EXCHANGE-TRADED FUNDS (Cost $21,890,306)				25,727,238

See Notes to Financial Statements.

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

RiverNorth Core Opportunity Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Shares/Description

Rate

Maturity

Value

BUSINESS DEVELOPMENT COMPANY NOTES - 0.61%

United States - 0.61%

32,391

TriplePoint Venture Growth BDC Corp.

5.75%

07/15/2022

828,617

TOTAL BUSINESS DEVELOPMENT COMPANY NOTES (Cost $809,775)

828,617

Shares/Description			Value
RIGHTS - 0.05%^(a)
	35,274	Big Rock Partners Acquisition Corp., Strike Price 11.50, Expires 12/31/2049		10,230
	14,943	Black Ridge Acquisition Corp., Strike Price 11.50, Expires 10/25/2022		5,230
	44,762	CM Seven Star Acquisition Corp., Strike Price 11.50, Expires 11/06/2019		14,771
	3,918	OneSpaWorld Holdings, Ltd., Strike Price 11.50, Expires 03/19/2024		9,442
	56,421	Pensare Acquisition Corp., Strike Price 11.50, Expires 08/08/2022		16,362
	19,229	Twelve Seas Investment Co., Strike Price 11.50, Expires 07/14/2023		5,192

TOTAL RIGHTS (Cost $66,631)				61,227

WARRANTS - 0.20%^(a)
	17,637	Big Rock Partners Acquisition Corp., Strike Price 11.50, Expires 12/01/2022		3,175
	29,556	Bioceres Crop Solutions Corp., Strike Price 11.50, Expires 07/01/2025		7,980
	44,826	Black Ridge Acquisition Corp., Strike Price 11.50, Expires 10/25/2022		13,448
	22,381	CM Seven Star Acquisition Corp., Strike Price 11.50, Expires 08/21/2022		3,805
	14,120	Falcon Minerals Corp., Strike Price 11.50, Expires 08/15/2022		11,720
	3,237	Far Point Acquisition Corp., Strike Price 11.50, Expires 06/03/2025		4,338
	75,837	Gordon Pointe Acquisition Corp., Strike Price 11.50, Expires 07/30/2024		28,818
	29,414	Legacy Acquisition Corp., Strike Price 5.75, Expires 12/01/2022		8,824
	20,922	Leisure Acquisition Corp., Strike Price 11.50, Expires 12/28/2022		9,038
	12,752	LF Capital Acquisition Corp., Strike Price 11.50, Expires 06/28/2023		4,463
	62,602	MTech Acquisition Corp., Strike Price 11.50, Expires 08/02/2024		40,065
	27,306	One Madison Corp., Strike Price 11.50, Expires 02/23/2023		30,856
	82,651	Opes Acquisition Corp., Strike Price 11.50, Expires 01/16/2023		19,836
	28,211	Pensare Acquisition Corp., Strike Price 11.50, Expires 08/08/2022		5,642
	16,301	Pure Acquisition Corp., Strike Price 11.50, Expires 04/17/2023		18,094
	19,187	Thunder Bridge Acquisition, Ltd., Strike Price 11.50, Expires 07/18/2022		13,815
	37,631	Tiberius Acquisition Corp., Strike Price 11.50, Expires 04/10/2023		16,558
	19,178	Trident Acquisitions Corp., Strike Price 11.50, Expires 06/14/2021		3,068
	15,528	Trinity Merger Corp., Strike Price 11.50, Expires 06/01/2023		5,590
	19,229	Twelve Seas Investment Co., Strike Price 11.50, Expires 07/14/2023		4,999

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth Core Opportunity Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Shares/Description		Value
18,162	VectoIQ Acquisition Corp., Strike Price 11.50, Expires 06/12/2023	$	7,810

TOTAL WARRANTS (Cost $317,595)			261,942

SHORT-TERM INVESTMENTS - 9.55%
Money Market Fund - 9.55%
12,889,908	State Street Institutional Trust (7 Day Yield 2.35%)		12,889,908

TOTAL SHORT-TERM INVESTMENTS (Cost $12,889,908)			12,889,908

TOTAL INVESTMENTS - 100.44% (Cost $130,831,121)			135,626,013
LIABILITIES IN EXCESS OF OTHER ASSETS - (0.44)%			(591,594	)
NET ASSETS - 100.00%		$	135,034,419

^(a)

Non-income producing security.

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 31.05%
	699,087	Advent Claymore Convertible Securities and Income Fund	$	10,318,524
	929,157	AllianceBernstein Global High Income Fund, Inc.		10,768,930
	217,697	AllianceBernstein National Municipal Income Fund, Inc.		2,819,176
	582,107	Ares Dynamic Credit Allocation Fund, Inc.		8,638,468
	1,020,785	BlackRock Corporate High Yield Fund, Inc.		10,473,254
	2,043,378	BlackRock Credit Allocation Income Trust		25,358,321
	1,323,236	BlackRock Debt Strategies Fund, Inc.		14,185,090
	214,390	BlackRock Floating Rate Income Trust		2,617,702
	475,181	BlackRock Limited Duration Income Trust		6,985,161
	888,373	BlackRock Multi-Sector Income Trust		14,738,108
	83,987	BlackRock Municipal Income Quality Trust		1,126,266
	96,793	BlackRock MuniHoldings California Quality Fund, Inc.		1,282,507
	202,699	BlackRock MuniYield California Quality Fund, Inc.		2,730,355
	74,969	BlackRock MuniYield New York Quality Fund, Inc.		922,868
	257,487	BlackRock MuniYield Quality Fund III, Inc.		3,329,307
	891,092	BrandywineGLOBAL - Global Income Opportunities Fund, Inc.		9,926,765
	839,924	Eaton Vance Floating-Rate Income Trust		11,078,597
	2,908,459	Eaton Vance Limited Duration Income Fund		36,792,006
	806,787	Eaton Vance Senior Floating-Rate Trust		10,504,367
	1,095,165	Eaton Vance Senior Income Trust		6,735,265
	590,540	First Trust High Income Long/Short Fund		8,627,789
	1,047,277	Highland Floating Rate Opportunities Fund		14,546,677
	2,030,535	Invesco Dynamic Credit Opportunities Fund		22,031,305
	2,610,566	Invesco Senior Income Trust		10,964,377
	479,530	Morgan Stanley Emerging Markets Debt Fund, Inc.		4,310,975
	484,488	Neuberger Berman High Yield Strategies Fund, Inc.		5,469,869
	2,196,771	Nuveen AMT-Free Quality Municipal Income Fund		29,348,861
	1,942,714	Nuveen Credit Strategies Income Fund		15,017,179
	956,645	Nuveen Floating Rate Income Fund		9,212,491
	241,634	Nuveen Floating Rate Income Opportunity Fund		2,317,270
	600,198	Nuveen Global High Income Fund		9,099,002
	242,667	Nuveen Mortgage Opportunity Term Fund		5,649,288
	3,057,459	Nuveen Quality Municipal Income Fund		41,489,719
	922,310	PGIM Global High Yield Fund, Inc.		12,857,001
	953,633	PGIM High Yield Bond Fund, Inc.		13,522,516
	394,464	Putnam Municipal Opportunities Trust		4,836,129
	427,905	Templeton Emerging Markets Income Fund		4,381,747
	3,389,519	Templeton Global Income Fund		21,353,970
	2,865,792	Voya Prime Rate Trust		13,698,486
	1,626,942	Wells Fargo Income Opportunities Fund		12,820,303
	2,936,812	Western Asset Emerging Markets Debt Fund, Inc.		40,058,116
	211,119	Western Asset Global Corporate Defined Opportunity Fund, Inc.		3,475,019
	1,677,258	Western Asset Global High Income Fund, Inc.		15,749,453
	1,349,030	Western Asset High Income Fund II, Inc.		8,741,714
	7,533,976	Western Asset High Income Opportunity Fund, Inc.		36,389,104

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Shares/Description			Value
	936,260	Western Asset High Yield Defined Opportunity Fund, Inc.	$	13,828,560
	2,013,529	Western Asset Inflation-Linked Opportunities & Income Fund		21,605,166

TOTAL CLOSED-END FUNDS (Cost $602,527,310)				592,733,123

BUSINESS DEVELOPMENT COMPANIES - 0.23%
	450,876	Barings BDC, Inc.		4,423,093

TOTAL BUSINESS DEVELOPMENT COMPANIES (Cost $4,517,237)				4,423,093

COMMON STOCKS - 0.57%
	12,164	Frontera Energy Corp.		104,132
	1,777,647	FS KKR Capital Corp.		10,754,765

TOTAL COMMON STOCKS (Cost $11,476,551)				10,858,897

OPEN-END FUNDS - 1.53%
	3,088,805	RiverNorth/Oaktree High Income Fund, Class I^(a)		29,184,883

TOTAL OPEN-END FUNDS (Cost $30,173,021)				29,184,883

PREFERRED STOCKS - 1.81%
	361,394	Allianzgi Convertible & Income Fund, Series A, 5.625%^(b)		8,767,418
	103,000	Annaly Capital, Series G, 6.500%, Perpetual Maturity^(b)		2,465,820
	150,000	GDL Fund, Series C, 4.000%, 03/26/2025		7,540,500
	67,400	Gladstone Investment Corp., 6.250%, 09/30/2023		1,715,330
	334,746	Hercules Capital, Inc., 5.250%, 04/30/2025		8,327,309
	96,329	Kayne Anderson MLP/Midstream Investment Co., Series F, 3.500%, 04/15/2020		2,425,911
	134,691	New Mountain Finance Corp., 5.750%, 10/01/2023		3,382,091

TOTAL PREFERRED STOCKS (Cost $34,733,897)				34,624,379

Shares/Description			Rate	Maturity	Value
BUSINESS DEVELOPMENT COMPANY NOTES - 1.31%
United States - 1.31%
	195,082	KCAP Financial, Inc.	6.13%	09/30/2022		4,955,083
	230,758	MVC Capital, Inc.	6.25%	11/30/2022		5,900,482
	120,856	THL Credit, Inc.	6.75%	12/30/2022		3,046,780
	189,913	THL Credit, Inc.	6.13%	10/30/2023		4,827,588

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Shares/Description			Rate	Maturity	Value
	244,476	TriplePoint Venture Growth BDC Corp.	5.75%	07/15/2022	$	6,254,112
						24,984,045
TOTAL BUSINESS DEVELOPMENT COMPANY NOTES (Cost $24,472,346)						24,984,045


Principal Amount/Description			Rate	Maturity	Value
FOREIGN CORPORATE BONDS - 2.97%
Argentina - 0.10%
$	150,000	Adecoagro SA^(c)	6.00%	09/21/2027		141,750
	500,000	Banco Macro SA^(c)(d)	6.75%	11/04/2026		425,625
	450,000	Pampa Energia SA^(c)	7.50%	01/24/2027		398,835
	462,753	Stoneway Capital Corp.^(c)	10.00%	03/01/2027		450,027
	400,000	YPF SA^(c)	8.50%	07/28/2025		394,000
	200,000	YPF SA^(c)	6.95%	07/21/2027		178,350
						1,988,587
*Australia - 0.21%*
	1,000,000	APT Pipelines, Ltd.^(e)	4.25%	07/15/2027		1,015,120
	605,000	Commonwealth Bank of Australia^(d)(e)	3M US L + 0.82%	06/04/2024		605,491
	110,000	Macquarie Group, Ltd.^(d)(e)	3M US L + 1.02%	11/28/2023		109,345
	395,000	Macquarie Group, Ltd.^(d)(e)	3M US L + 1.33%	03/27/2024		402,332
	500,000	Sydney Airport Finance Co. Pty, Ltd.^(e)	3.38%	04/30/2025		492,445
	500,000	Sydney Airport Finance Co. Pty, Ltd.^(e)	3.63%	04/28/2026		499,901
	945,000	Westpac Banking Corp.^(d)	3M US L + 0.72%	05/15/2023		947,854
						4,072,488
*Austria - 0.03%*
	500,000	JBS Investments GmbH^(c)	6.25%	02/05/2023		508,825
*Brazil - 0.06%*
	600,000	Banco do Brasil SA^(b)(c)(d)	6.25%	Perpetual Maturity		541,800
	200,000	CSN Islands XII Corp.^(b)(c)	7.00%	Perpetual Maturity		172,800
	200,000	CSN Resources SA^(c)	7.63%	02/13/2023		201,000
	200,000	Nexa Resources SA^(c)	5.38%	05/04/2027		206,002
	1,500,000	OAS Finance, Ltd.^(b)(e)(f)	8.88%	Perpetual Maturity		11,250
						1,132,852
*Canada - 0.22%*
	380,000	1011778 BC ULC / New Red Finance, Inc.^(e)	5.00%	10/15/2025		376,314

See Notes to Financial Statements.

Semi-Annual Report \| March 31, 2019	19

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	525,000	Bank of Montreal^(d)	3.80%	12/15/2032	$	508,166
	490,000	Bank of Nova Scotia	3.40%	02/11/2024		497,826
	140,000	Bombardier, Inc.^(e)	6.00%	10/15/2022		141,925
	600,000	Canacol Energy, Ltd.^(c)	7.25%	05/03/2025		601,500
	590,000	Fortis, Inc.	2.10%	10/04/2021		577,501
	215,000	Garda World Security Corp.^(e)	8.75%	05/15/2025		205,863
	550,000	Nutrien, Ltd.	4.20%	04/01/2029		566,688
	400,000	Ontario Teachers' Cadillac Fairview Properties Trust^(e)	4.13%	02/01/2029		420,211
	90,000	Telesat Canada / Telesat LLC^(e)	8.88%	11/15/2024		97,200
	280,000	Tervita Escrow Corp.^(e)	7.63%	12/01/2021		279,300
						4,272,494
*Cayman Islands - 0.25%*
	710,000	Banco BTG Pactual SA^(e)	7.75%	02/15/2029		706,450
	900,000	Banco Mercantil del Norte SA/Grand Cayman^(b)(c)(d)	7.63%	Perpetual Maturity		904,500
	200,000	Comunicaciones Celulares SA Via Comcel Trust^(c)	6.88%	02/06/2024		208,375
	400,000	Gran Tierra Energy International Holdings, Ltd.^(c)	6.25%	02/15/2025		383,500
	200,000	Grupo Aval, Ltd.^(c)	4.75%	09/26/2022		202,600
	1,072,696	Interoceanica IV Finance, Ltd.^(c)(g)	0.00%	11/30/2025		946,654
	500,000	Itau Unibanco Holding SA Island^(b)(c)(d)	6.50%	Perpetual Maturity		496,255
	200,000	Latam Finance, Ltd.^(e)	7.00%	03/01/2026		203,700
	200,000	Latam Finance, Ltd.^(c)	6.88%	04/11/2024		205,750
	300,000	Lima Metro Line 2 Finance, Ltd.^(e)	5.88%	07/05/2034		309,428
	75,600	Transocean Guardian, Ltd.^(e)	5.88%	01/15/2024		77,112
	210,000	Transocean Poseidon, Ltd.^(e)	6.88%	02/01/2027		218,925
						4,863,249
*Chile - 0.23%*
	400,000	AES Gener SA^(e)	7.13%	03/26/2079		409,500
	200,000	Colbun SA^(c)	3.95%	10/11/2027		196,627
	900,000	Empresa de Transporte de Pasajeros Metro SA^(e)	5.00%	01/25/2047		952,659
	365,200	Empresa Electrica Angamos SA^(c)	4.88%	05/25/2029		369,364
	400,000	Empresa Electrica Guacolda SA^(c)	4.56%	04/30/2025		378,672
	300,000	Empresa Nacional de Telecomunicaciones SA^(c)	4.75%	08/01/2026		302,604
	200,000	Engie Energia Chile SA^(c)	4.50%	01/29/2025		207,821
	800,000	Geopark, Ltd.^(c)	6.50%	09/21/2024		806,000
	200,000	GNL Quintero SA^(c)	4.63%	07/31/2029		207,450
	200,000	Inversiones CMPC SA^(c)	4.75%	09/15/2024		207,444
	200,000	Sociedad Quimica y Minera de Chile SA^(c)	4.38%	01/28/2025		201,750

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	200,000	VTR Finance BV^(c)	6.88%	01/15/2024	$	205,750
						4,445,641
*China - 0.02%*
	300,000	Sinopec Group Overseas Development 2016, Ltd.^(c)	2.75%	09/29/2026		285,422
*Colombia - 0.07%*
	200,000	Banco Bilbao Vizcaya Argentaria Colombia SA^(c)	4.88%	04/21/2025		207,900
	100,000	Ecopetrol SA	5.88%	09/18/2023		109,475
	200,000	Fideicomiso PA Pacifico Tres^(c)	8.25%	01/15/2035		216,500
	150,000	Gilex Holding Sarl^(e)	8.50%	05/02/2023		159,562
	150,000	Gilex Holding Sarl^(c)	8.50%	05/02/2023		159,563
	200,000	SURA Asset Management SA^(c)	4.88%	04/17/2024		208,750
	200,000	Tecnoglass, Inc.^(c)	8.20%	01/31/2022		211,000
						1,272,750
*Dominican Republic - 0.02%*
	300,000	Banco de Reservas de la Republica Dominicana^(e)	7.00%	02/01/2023		309,000
*France - 0.03%*
	525,000	BNP Paribas SA^(e)	3.38%	01/09/2025		514,380
*Great Britain* - 0.23%
	510,000	Anglo American Capital PLC^(e)	4.50%	03/15/2028		510,384
	539,000	AstraZeneca PLC	2.38%	06/12/2022		531,412
	590,000	Barclays PLC^(d)	3M US L + 1.38%	05/16/2024		572,986
	510,000	Credit Agricole SA/London^(e)	3.75%	04/24/2023		516,128
	815,000	HSBC Holdings PLC^(d)	3M US L + 1.38%	09/12/2026		816,793
	530,000	Lloyds Banking Group PLC^(d)	3M US L + 1.205%	11/07/2028		509,860
	200,000	MARB BondCo PLC^(c)	7.00%	03/15/2024		198,502
	500,000	MARB BondCo PLC^(c)	6.88%	01/19/2025		487,812
	255,000	Royal Bank of Scotland Group PLC^(d)	3M US L + 1.48%	05/15/2023		253,391
						4,397,268
*Guatemala - 0.01%*
	200,000	Energuate Trust^(e)	5.88%	05/03/2027		197,052
*India - 0.07%*
	300,000	Bharti Airtel, Ltd.^(c)	4.38%	06/10/2025		295,900
	200,000	Indian Oil Corp., Ltd.	5.75%	08/01/2023		216,264
	800,000	Vedanta Resources PLC^(c)	6.13%	08/09/2024		732,756
						1,244,920

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Indonesia - 0.02%
$	393,200	Star Energy Geothermal Wayang Windu, Ltd.^(c)	6.75%	04/24/2033	$	395,123
*Ireland - 0.12%*
	610,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	3.50%	01/15/2025		589,009
	121,000	Avolon Holdings Funding, Ltd.^(e)	5.13%	10/01/2023		123,420
	245,000	Avolon Holdings Funding, Ltd.^(e)	5.25%	05/15/2024		252,962
	200,000	C&W Senior Financing DAC^(e)	7.50%	10/15/2026		206,500
	600,000	C&W Senior Financing DAC^(c)	6.88%	09/15/2027		604,500
	615,000	Shire Acquisitions Investments Ireland DAC	2.88%	09/23/2023		608,073
						2,384,464
*Isle Of Man - 0.04%*
	800,000	Gohl Capital, Ltd.	4.25%	01/24/2027		795,958
*Israel - 0.07%*
	100,000	Delek & Avner Tamar Bond, Ltd.^(e)	5.08%	12/30/2023		102,008
	100,000	Delek & Avner Tamar Bond, Ltd.^(e)	5.41%	12/30/2025		102,252
	1,100,000	Israel Electric Corp., Ltd.^(e)	5.00%	11/12/2024		1,163,250
						1,367,510
*Jamaica - 0.01%*
	600,000	Digicel Group Two, Ltd.^(e)(h)	7.125%% (2.00)	04/01/2024		165,000
*Japan - 0.08%*
	565,000	Mitsubishi UFJ Financial Group, Inc.^(d)	3M US L + 0.74%	03/02/2023		565,040
	950,000	Sumitomo Mitsui Financial Group, Inc.^(d)	3M US L + 0.74%	01/17/2023		950,661
						1,515,701
*Luxembourg - 0.11%*
	600,000	JSL Europe SA^(c)	7.75%	07/26/2024		594,120
	200,000	Millicom International Cellular SA^(e)	6.63%	10/15/2026		210,250
	450,000	Millicom International Cellular SA^(e)	6.25%	03/25/2029		458,915
	200,000	Millicom International Cellular SA^(c)	5.13%	01/15/2028		193,000
	400,000	Minerva Luxembourg SA^(c)	6.50%	09/20/2026		398,460
	200,000	Minerva Luxembourg SA^(c)	5.88%	01/19/2028		186,750
						2,041,495
*Malaysia - 0.03%*
	600,000	Malayan Banking Bhd^(d)	3.91%	10/29/2026		601,848
*Mauritius - 0.02%*
	400,000	UPL Corp., Ltd.^(c)	3.25%	10/13/2021		395,315

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Mexico - 0.28%
$	200,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand^(d)(e)	5.95%	10/01/2028	$	205,250
	800,000	BBVA Bancomer SA^(c)(d)	5.13%	01/18/2033		738,600
	200,000	Cemex SAB de CV^(c)	7.75%	04/16/2026		217,962
	1,085,700	Cometa Energia SA de CV^(c)	6.38%	04/24/2035		1,065,343
	200,000	Controladora Mabe SA de CV^(c)	5.60%	10/23/2028		203,500
	200,000	Credito Real SAB de CV SOFOM ER^(e)	9.50%	02/07/2026		211,310
	600,000	Credito Real SAB de CV SOFOM ER^(b)(c)(d)	9.13%	Perpetual Maturity		584,250
	200,000	El Puerto de Liverpool SAB de CV^(c)	3.88%	10/06/2026		191,500
	200,000	Grupo Bimbo SAB de CV^(b)(c)	5.95%	Perpetual Maturity		206,600
	200,000	Grupo Idesa SA de CV^(e)	7.88%	12/18/2020		142,000
	200,000	Grupo Idesa SA de CV^(c)	7.88%	12/18/2020		142,000
	200,000	Mexichem SAB de CV^(c)	5.88%	09/17/2044		198,336
	344,280	Mexico Generadora de Energia S de rl^(c)	5.50%	12/06/2032		347,726
	200,000	Petroleos Mexicanos	6.50%	06/02/2041		181,538
	800,000	Unifin Financiera SAB de CV SOFOM ENR^(b)(c)(d)	8.88%	Perpetual Maturity		698,008
						5,333,923
*Netherlands - 0.22%*
	400,000	AES Andres BV / Dominican Power Partners / Empresa Generadora de Electricidad It^(e)	7.95%	05/11/2026		426,500
	500,000	Bharti Airtel International Netherlands BV^(c)	5.13%	03/11/2023		516,833
	400,000	Cimpor Financial Operations^(c)	5.75%	07/17/2024		354,504
	520,000	Enel Finance International NV^(e)	4.25%	09/14/2023		531,962
	200,000	Minejesa Capital BV^(c)	4.63%	08/10/2030		194,571
	400,000	Minejesa Capital BV^(c)	5.63%	08/10/2037		398,424
	600,000	Petrobras Global Finance BV	5.75%	02/01/2029		595,800
	350,000	Petrobras Global Finance BV	6.90%	03/19/2049		346,990
	600,000	Syngenta Finance NV^(c)	5.68%	04/24/2048		570,374
	200,000	VTR Finance BV^(e)	6.88%	01/15/2024		205,750
						4,141,708
*New Zealand - 0.03%*
	645,000	Bank of New Zealand^(e)	3.50%	02/20/2024		654,103
*Panama - 0.04%*
	200,000	Aeropuerto Internacional de Tocumen SA^(c)	5.63%	05/18/2036		212,000

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	300,000	Banco General SA^(c)	4.13%	08/07/2027	$	295,875
	200,000	Global Bank Corp.^(c)	4.50%	10/20/2021		202,300
						710,175
*Paraguay - 0.01%*
	200,000	Telefonica Celular del Paraguay SA^(e)	5.88%	04/15/2027		203,750
*Peru - 0.04%*
	100,000	BBVA Banco Continental SA^(c)	5.00%	08/26/2022		105,126
	400,000	Inkia Energy, Ltd.^(c)	5.88%	11/09/2027		392,004
	200,000	Orazul Energy Egenor S en C por A^(c)	5.63%	04/28/2027		196,750
						693,880
*Philippines - 0.05%*
	600,000	BDO Unibank, Inc.	2.95%	03/06/2023		590,873
	400,000	Union Bank of the Philippines	3.37%	11/29/2022		397,128
						988,001
*Singapore - 0.15%*
	515,000	BOC Aviation, Ltd.^(d)(e)	3M US L + 1.125%	09/26/2023		517,370
	600,000	BPRL International Singapore Pte, Ltd.	4.38%	01/18/2027		605,269
	200,000	DBS Group Holdings, Ltd.^(b)(d)	3.60%	Perpetual Maturity		195,658
	400,000	LLPL Capital Pte, Ltd.^(e)	6.88%	02/04/2039		433,624
	600,000	ONGC Videsh Vankorneft Pte, Ltd.	3.75%	07/27/2026		587,553
	500,000	United Overseas Bank, Ltd.^(b)(d)	3.88%	Perpetual Maturity		479,744
						2,819,218
*South Korea - 0.03%*
	550,000	Korea Expressway Corp.^(d)(e)	3M US L + 0.70%	04/20/2020		551,216
*Spain - 0.04%*
	250,000	AI Candelaria Spain SLU^(c)	7.50%	12/15/2028		261,250
	600,000	Banco Santander SA^(d)	3M US L + 1.09%	02/23/2023		592,406
						853,656
*Switzerland - 0.02%*
	390,000	Credit Suisse Group AG^(d)(e)	3M US L + 1.24%	06/12/2024		388,021
*Thailand - 0.01%*
	200,000	Pttep Treasury Center Co., Ltd.^(b)(c)	4.60%	Perpetual Maturity		198,996

TOTAL FOREIGN CORPORATE BONDS (Cost $57,693,661)						56,703,989

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
U.S. CORPORATE BONDS - 4.09%
*Advertising - 0.03%*
$	535,000	Interpublic Group of Cos., Inc.	5.40%	10/01/2048	$	544,811
*Aerospace/Defense - 0.03%*
	445,000	Lockheed Martin Corp.	4.70%	05/15/2046		499,768
	65,000	TransDigm, Inc.^(e)	6.25%	03/15/2026		67,600
	75,000	TransDigm, Inc.	6.38%	06/15/2026		74,520
						641,888
*Agriculture - 0.06%*
	545,000	Altria Group, Inc.	4.80%	02/14/2029		562,896
	345,000	BAT Capital Corp.^(d)	3M US L + 0.88%	08/15/2022		343,970
	280,000	Reynolds American, Inc.	4.00%	06/12/2022		286,195
						1,193,061
*Airlines - 0.02%*
	340,000	Delta Air Lines, Inc.	3.80%	04/19/2023		344,035
*Asset Management - 0.01%*
	225,000	Icahn Enterprises Holdings LP	6.38%	12/15/2025		230,906
*Auto Manufacturers - 0.10%*
	290,000	Ford Motor Co.	7.45%	07/16/2031		309,681
	185,000	General Motors Co.^(d)	3M US L + 0.80%	08/07/2020		184,800
	740,000	General Motors Financial Co., Inc.^(d)	3M US L + 0.99%	01/05/2023		718,487
	755,000	Volkswagen Group of America Finance LLC^(e)	4.25%	11/13/2023		778,683
						1,991,651
*Auto Parts & Equipment - 0.01%*
	205,000	Panther BF Aggregator 2 LP / Panther Finance Co., Inc.^(e)	6.25%	05/15/2026		209,613
*Banks - 0.15%*
	565,000	Bank of America Corp.^(d)	3M US L + 1.21%	02/07/2030		576,939
	940,000	Citigroup, Inc.^(d)	3M US L + 1.10%	05/17/2024		944,489
	140,000	Goldman Sachs Group, Inc.^(d)	3M US L + 0.78%	10/31/2022		139,470
	675,000	Goldman Sachs Group, Inc.^(d)	3M US L + 1.17%	05/15/2026		662,786
	600,000	Morgan Stanley^(d)	3M US L + 1.34%	07/22/2028		596,499
						2,920,183
*Beverages - 0.04%*
	140,000	Anheuser-Busch Cos. LLC / Anheuser-Busch InBev Worldwide, Inc.^(e)	4.90%	02/01/2046		140,906
	450,000	Anheuser-Busch InBev Worldwide, Inc.	4.60%	04/15/2048		434,416
	210,000	Cott Holdings, Inc.^(e)	5.50%	04/01/2025		212,625
						787,947
*Biotechnology - 0.03%*
	520,000	Celgene Corp.	4.35%	11/15/2047		508,439

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
*Building Materials - 0.04%*
$	190,000	Builders FirstSource, Inc.^(e)	5.63%	09/01/2024	$	187,862
	215,000	Masonite International Corp.^(e)	5.63%	03/15/2023		220,644
	375,000	Owens Corning	4.40%	01/30/2048		309,672
						718,178
*Chemicals - 0.08%*
	455,000	Ashland, Inc.	4.75%	08/15/2022		469,787
	435,000	DowDuPont, Inc.	5.42%	11/15/2048		494,622
	110,000	Hexion, Inc.^(f)	6.63%	04/15/2020		92,125
	565,000	Mosaic Co.	4.05%	11/15/2027		565,021
						1,621,555
*Coal - 0.02%*
	365,000	Peabody Energy Corp.^(e)	6.00%	03/31/2022		369,106
	80,000	SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp.^(e)	7.50%	06/15/2025		81,200
						450,306
*Commercial Services - 0.05%*
	230,000	Refinitiv US Holdings, Inc.^(e)	6.25%	05/15/2026		233,738
	140,000	Star Merger Sub, Inc.^(e)	6.88%	08/15/2026		143,412
	165,000	United Rentals North America, Inc.	6.50%	12/15/2026		174,075
	307,000	Verscend Escrow Corp.^(e)	9.75%	08/15/2026		307,384
						858,609
*Containers and Packaging - 0.01%*
	205,000	Packaging Corp. of America	3.40%	12/15/2027		199,845
*Distribution/Wholesale - 0.02%*
	160,000	Avantor, Inc.^(e)	9.00%	10/01/2025		173,800
	295,000	Beacon Roofing Supply, Inc.^(e)	4.88%	11/01/2025		281,356
						455,156
*Diversified Financial Services - 0.23%*
	343,000	Air Lease Corp.	3.75%	02/01/2022		346,207
	310,000	Ally Financial, Inc.	4.13%	03/30/2020		312,818
	40,000	Ally Financial, Inc.	4.25%	04/15/2021		40,650
	665,000	American Express Co.	2.50%	08/01/2022		657,759
	125,000	Capital One Financial Corp.^(d)	3M US L + 0.72%	01/30/2023		123,458
	570,000	Charles Schwab Corp.	3.55%	02/01/2024		593,233
	730,000	Discover Financial Services	4.10%	02/09/2027		731,043
	290,000	Lions Gate Capital Holdings LLC^(e)	6.38%	02/01/2024		304,500
	140,000	Nationstar Mortgage Holdings, Inc.^(e)	8.13%	07/15/2023		144,550
	275,000	NFP Corp.^(e)	6.88%	07/15/2025		264,000
	625,000	Synchrony Financial	3.95%	12/01/2027		591,543

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	250,000	Tempo Acquisition LLC / Tempo Acquisition Finance Corp.^(e)	6.75%	06/01/2025	$	253,125
						4,362,886
*Electric - 0.25%*
	55,000	Duke Energy Corp.	3.75%	09/01/2046		51,631
	485,000	Duke Energy Corp.	3.95%	08/15/2047		469,142
	305,000	Duke Energy Progress LLC	4.15%	12/01/2044		318,685
	580,000	General Electric Co.	5.88%	01/14/2038		618,679
	1,100,000	ITC Holdings Corp.	3.25%	06/30/2026		1,078,545
	375,000	NextEra Energy Capital Holdings, Inc.	3.55%	05/01/2027		377,857
	465,000	PSEG Power LLC	3.85%	06/01/2023		476,875
	1,000,000	Virginia Electric & Power Co.	3.50%	03/15/2027		1,020,010
	120,000	Vistra Operations Co. LLC^(e)	5.50%	09/01/2026		125,100
	265,000	Vistra Operations Co. LLC^(e)	5.63%	02/15/2027		276,262
						4,812,786
*Electronics - 0.01%*
	290,000	Arrow Electronics, Inc.	3.88%	01/12/2028		279,709
*Engineering & Construction - 0.04%*
	325,000	AECOM	5.13%	03/15/2027		315,656
	400,000	SBA Tower Trust^(e)	3.17%	04/11/2022		399,857
						715,513
*Entertainment - 0.01%*
	180,000	Eldorado Resorts, Inc.	6.00%	04/01/2025		183,150
*Food - 0.15%*
	80,000	Albertsons Cos. LLC / Safeway, Inc. / New Albertsons LP / Albertson's LLC	5.75%	03/15/2025		76,300
	180,000	Albertsons Cos. LLC / Safeway, Inc. / New Albertsons LP /Albertson's LLC^(e)	7.50%	03/15/2026		186,075
	245,000	Aramark Services, Inc.^(e)	5.00%	04/01/2025		251,492
	120,000	Aramark Services, Inc.^(e)	5.00%	02/01/2028		119,806
	190,000	B&G Foods, Inc.	5.25%	04/01/2025		182,875
	270,000	JBS USA LUX SA / JBS USA Finance, Inc.^(e)	6.75%	02/15/2028		280,462
	565,000	Kroger Co.	3.40%	04/15/2022		572,646
	210,000	Pilgrim's Pride Corp.^(e)	5.75%	03/15/2025		213,150
	315,000	Post Holdings, Inc.^(e)	5.50%	03/01/2025		319,725
	665,000	Smithfield Foods, Inc.^(e)	4.25%	02/01/2027		632,796
						2,835,327
*Hand/Machine Tools - 0.02%*
	90,000	Colfax Corp.^(e)	6.00%	02/15/2024		94,050

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	200,000	Colfax Corp.^(e)	6.38%	02/15/2026	$	213,124
						307,174
*Healthcare-Products - 0.08%*
	910,000	Becton Dickinson and Co.	2.89%	06/06/2022		905,626
	570,000	Zimmer Biomet Holdings, Inc.	2.70%	04/01/2020		568,712
						1,474,338
*Healthcare-Services - 0.07%*
	227,000	Centene Corp.	4.75%	01/15/2025		232,107
	140,000	Centene Corp.^(e)	5.38%	06/01/2026		146,300
	345,000	HCA, Inc.	5.38%	09/01/2026		363,975
	15,000	HCA, Inc.	5.88%	02/01/2029		16,181
	185,000	MPH Acquisition Holdings, LLC^(e)	7.13%	06/01/2024		185,000
	305,000	WellCare Health Plans, Inc.^(e)	5.38%	08/15/2026		319,869
						1,263,432
*Home Furnishings - 0.02%*
	312,000	Tempur Sealy International, Inc.	5.50%	06/15/2026		313,363
*Insurance - 0.18%*
	180,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer^(e)	8.25%	08/01/2023		185,400
	585,000	Athene Global Funding^(e)	3.00%	07/01/2022		584,089
	635,000	AXA Equitable Holdings, Inc.	3.90%	04/20/2023		651,131
	415,000	Brighthouse Financial, Inc.	3.70%	06/22/2027		374,710
	800,000	Liberty Mutual Group, Inc.^(e)	6.50%	05/01/2042		991,258
	575,000	Willis North America, Inc.	4.50%	09/15/2028		598,900
						3,385,488
*Internet - 0.04%*
	580,000	Expedia Group, Inc.	3.80%	02/15/2028		560,511
	240,000	Match Group, Inc.^(e)	5.00%	12/15/2027		243,000
						803,511
*Investment Companies - 0.65%*
	5,000,000	Business Development Corp. of America^(e)(i)	5.38%	05/30/2023		4,950,000
	2,500,000	FS KKR Capital Corp.	4.25%	01/15/2020		2,503,856
	5,000,000	FS KKR Capital Corp.	4.75%	05/15/2022		4,988,002
						12,441,858
*Leisure Time - 0.05%*
	270,000	LTF Merger Sub, Inc.^(e)	8.50%	06/15/2023		278,437
	300,000	Royal Caribbean Cruises, Ltd.	3.70%	03/15/2028		289,679
	325,000	Viking Cruises, Ltd.^(e)	5.88%	09/15/2027		316,875
						884,991
*Lodging - 0.02%*
	375,000	Hilton Domestic Operating Co., Inc.	4.25%	09/01/2024		375,232
*Machinery-Diversified - 0.02%*
	290,000	John Deere Capital Corp.	3.45%	01/10/2024		298,232

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
*Media - 0.12%*
$	300,000	CCO Holdings LLC / CCO Holdings Capital Corp.^(e)	5.75%	02/15/2026	$	315,000
	170,000	CCO Holdings LLC / CCO Holdings Capital Corp.^(e)	5.00%	02/01/2028		168,512
	190,000	Cengage Learning, Inc.^(e)	9.50%	06/15/2024		158,175
	350,000	Charter Communications Operating LLC / Charter Communications Operating Capital	4.91%	07/23/2025		369,395
	470,000	Comcast Corp.	3.95%	10/15/2025		492,186
	335,000	CSC Holdings LLC	5.25%	06/01/2024		340,862
	265,000	Gray Television, Inc.^(e)	7.00%	05/15/2027		282,225
	230,000	Sirius XM Radio, Inc.^(e)	5.38%	07/15/2026		234,888
						2,361,243
*Mining - 0.05%*
	450,000	Freeport-McMoRan, Inc.	5.40%	11/14/2034		411,750
	550,000	Freeport-McMoRan, Inc.	5.45%	03/15/2043		484,005
						895,755
*Oil & Gas - 0.24%*
	625,000	Brooklyn Union Gas Co.^(e)	4.49%	03/04/2049		675,426
	515,000	CNOOC Finance 2015 USA LLC	3.75%	05/02/2023		524,924
	320,000	Continental Resources, Inc.	4.38%	01/15/2028		329,657
	665,000	EQT Corp.	3.90%	10/01/2027		622,845
	205,000	Gulfport Energy Corp.	6.38%	05/15/2025		186,294
	300,000	Hess Infrastructure Partners LP /Hess Infrastructure Partners Finance Corp.^(e)	5.63%	02/15/2026		306,750
	210,000	Hilcorp Energy I LP / Hilcorp Finance Co.^(e)	6.25%	11/01/2028		211,575
	145,000	Indigo Natural Resources LLC^(e)	6.88%	02/15/2026		129,050
	530,000	Marathon Petroleum Corp.^(e)	5.13%	12/15/2026		570,177
	120,000	Oasis Petroleum, Inc.	6.88%	03/15/2022		121,500
	105,000	Parsley Energy LLC / Parsley Finance Corp.^(e)	5.63%	10/15/2027		105,262
	140,000	QEP Resources, Inc.	5.63%	03/01/2026		127,400
	130,000	Sunoco LP / Sunoco Finance Corp.	5.50%	02/15/2026		129,025
	110,000	Sunoco LP / Sunoco Finance Corp.^(e)	6.00%	04/15/2027		110,550
	110,000	Transocean, Inc.^(e)	7.25%	11/01/2025		109,037
	135,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	04/01/2026		138,713
	140,000	USA Compression Partners LP / USA Compression Finance Corp.^(e)	6.88%	09/01/2027		142,975
						4,541,160

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
*Packaging & Containers - 0.05%*
$	369,000	Crown Americas LLC / Crown Americas Capital Corp. VI	4.75%	02/01/2026	$	371,694
	160,000	Flex Acquisition Co., Inc.^(e)	6.88%	01/15/2025		153,600
	466,000	WRKCo, Inc.	3.75%	03/15/2025		470,892
						996,186
*Pharmaceuticals - 0.08%*
	600,000	AbbVie, Inc.	4.70%	05/14/2045		579,537
	135,000	Bausch Health Americas, Inc.^(e)	9.25%	04/01/2026		148,068
	50,000	Bausch Health Americas, Inc.^(e)	8.50%	01/31/2027		53,125
	50,000	Bausch Health Cos., Inc.^(e)	5.75%	08/15/2027		51,375
	565,000	Cigna Corp.^(d)(e)	3M US L + 0.89%	07/15/2023		562,576
	125,000	Valeant Pharmaceuticals International, Inc.^(e)	7.00%	03/15/2024		132,562
						1,527,243
*Pipelines - 0.18%*
	420,000	Antero Midstream Partners LP / Antero Midstream Finance Corp.^(e)	5.75%	03/01/2027		427,350
	285,000	Cheniere Energy Partners LP	5.25%	10/01/2025		292,481
	80,000	Cheniere Energy Partners LP^(e)	5.63%	10/01/2026		82,200
	285,000	Enable Midstream Partners LP	4.40%	03/15/2027		278,681
	575,000	Energy Transfer Operating LP	4.75%	01/15/2026		601,407
	600,000	EQM Midstream Partners LP	4.75%	07/15/2023		612,551
	498,000	Kinder Morgan Energy Partners LP	6.95%	01/15/2038		607,025
	510,000	Sabine Pass Liquefaction LLC	5.00%	03/15/2027		541,105
						3,442,800
*REITS - 0.34%*
	430,000	Alexandria Real Estate Equities, Inc.	4.00%	01/15/2024		445,196
	1,000,000	American Tower Corp.	3.38%	10/15/2026		976,347
	505,000	American Tower Corp.	3.60%	01/15/2028		498,651
	565,000	Boston Properties LP	4.13%	05/15/2021		578,932
	800,000	Crown Castle International Corp.	3.70%	06/15/2026		798,881
	795,000	Crown Castle International Corp.	3.65%	09/01/2027		783,192
	1,000,000	Digital Realty Trust LP	3.70%	08/15/2027		991,957
	313,000	ESH Hospitality, Inc.^(e)	5.25%	05/01/2025		311,826
	275,000	MGM Growth Properties Operating Partnership LP / MGP Finance Co.-Issuer, Inc.^(e)	5.75%	02/01/2027		284,969
	305,000	MPT Operating Partnership LP / MPT Finance Corp.	5.25%	08/01/2026		315,294
	570,000	Welltower, Inc.	3.95%	09/01/2023		591,779
						6,577,024
*Retail - 0.06%*
	570,000	Dollar Tree, Inc.	4.00%	05/15/2025		577,074

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	175,000	Golden Nugget, Inc.^(e)	6.75%	10/15/2024	$	176,312
	200,000	McDonald's Corp.	4.45%	03/01/2047		205,951
	125,000	PetSmart, Inc.^(e)	7.13%	03/15/2023		93,750
	85,000	PetSmart, Inc.^(e)	5.88%	06/01/2025		71,613
						1,124,700
*Semiconductors - 0.03%*
	545,000	Marvell Technology Group, Ltd.	4.20%	06/22/2023		556,243
*Software - 0.05%*
	348,000	Fidelity National Information Services, Inc.	3.63%	10/15/2020		351,820
	170,000	Genesys Telecommunications Laboratories, Inc./Greeneden Lux 3 Sarl/Greeneden US Ho^(e)	10.00%	11/30/2024		185,725
	230,000	Informatica LLC^(e)	7.13%	07/15/2023		235,463
	60,000	Solera LLC / Solera Finance, Inc.^(e)	10.50%	03/01/2024		65,335
	149,000	Sophia LP / Sophia Finance, Inc.^(e)	9.00%	09/30/2023		155,333
						993,676
*Special Purpose Banks - 0.01%*
	245,000	Caesars Resort Collection LLC / CRC Finco, Inc.^(e)	5.25%	10/15/2025		237,037
*Telecommunications - 0.23%*
	940,000	AT&T, Inc.	5.25%	03/01/2037		992,202
	200,000	CommScope Finance LLC^(e)	5.50%	03/01/2024		205,058
	75,000	CommScope Finance LLC^(e)	6.00%	03/01/2026		77,765
	675,000	Corning, Inc.	4.38%	11/15/2057		630,091
	130,000	Frontier Communications Corp.^(e)	8.00%	04/01/2027		134,550
	265,000	GTT Communications, Inc.^(e)	7.88%	12/31/2024		233,200
	275,000	Level 3 Financing, Inc.	5.38%	01/15/2024		280,803
	185,000	Sprint Capital Corp.	6.88%	11/15/2028		178,294
	180,000	Sprint Corp.	7.13%	06/15/2024		183,150
	515,000	Sprint Spectrum Co. LLC / Sprint Spectrum Co II LLC / Sprint Spectrum Co III LLC^(e)	4.74%	03/20/2025		522,081
	570,000	Verizon Communications, Inc.	4.40%	11/01/2034		594,602
	305,000	Verizon Communications, Inc.	4.27%	01/15/2036		309,394
						4,341,190
*Toys/Games/Hobbies - 0.03%*
	588,000	Hasbro, Inc.	3.50%	09/15/2027		566,992
*Transportation - 0.06%*
	615,000	CSX Corp.	3.80%	11/01/2046		582,665
	615,000	FedEx Corp.	4.75%	11/15/2045		613,412
						1,196,077

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
*Trucking & Leasing - 0.02%*
$	305,000	Penske Truck Leasing Co. LP / PTL Finance Corp.^(e)	4.20%	04/01/2027	$	303,899

TOTAL U.S. CORPORATE BONDS (Cost $77,430,050)						78,074,398

CONVERTIBLE CORPORATE BONDS - 0.17%
	2,500,000	BlackRock TCP Capital Corp.	5.25%	12/15/2019		2,527,985
	626,000	New Mountain Finance Corp.	5.00%	06/15/2019		627,597

TOTAL CONVERTIBLE CORPORATE BONDS (Cost $3,160,584)						3,155,582

FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.23%
	700,000	Argentine Republic Government International Bond	6.88%	01/26/2027		568,487
	200,000	Colombia Government International Bond	5.20%	05/15/2049		215,460
	400,000	Costa Rica Government International Bond^(c)	10.00%	08/01/2020		421,004
	600,000	Israel Government International Bond	2.88%	03/16/2026		600,423
	285,000	Mexico Government International Bond	4.15%	03/28/2027		290,187
	475,000	Mexico Government International Bond	3.75%	01/11/2028		469,989
	600,000	Perusahaan Penerbit SBSN Indonesia III^(e)	4.15%	03/29/2027		607,200
	700,000	Philippine Government International Bond	4.20%	01/21/2024		739,129
	600,000	Provincia de Buenos Aires International Bond^(c)	7.88%	06/15/2027		439,500

TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES (Cost $4,592,490)						4,351,379

BANK LOANS - 1.28%^(d)
*Canada - 0.03%*
	645,076	GW Honos Security Corp., First Lien B Term Loan	3M US L + 2.50%, 1.00% Floor	05/24/2024		638,141

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
*Germany - 0.01%*
$	200,000	Messer Industries GmbH, First Lien Initial B-1 Term Loan	3M US L + 2.50%	03/01/2026	$	196,251
*Jersey - 0.03%*
	483,029	Capri Acquisitions BidCo, Ltd., First Lien Initial Dollar Term Loan	3M US L + 3.25%	11/01/2024		476,689
*Luxembourg - 0.01%*
	250,000	Auris Luxembourg III S.a r.l., First Lien Facility B2 Term Loan	1M US L + 3.75%	02/27/2026		250,313
*United States - 1.20%*
	478,114	Acrisure LLC, First Lien 2017-2 Refinancing Term Loan	3M US L + 4.25%, 1.00% Floor	11/22/2023		475,922
	277,571	AlixPartners, LLP, First Lien 2017 Refinancing Term Loan	1M US L + 2.75%, 1.00% Floor	04/04/2024		276,114
	485,670	AssuredPartners, Inc., First Lien 2017 September Refinancing Term Loan	1M US L + 3.25%	10/22/2024		471,343
	290,000	Athenahealth, Inc., First Lien B Term Loan^(j)	L + 2.70%	02/07/2026		286,738
	245,000	Axalta Coating Systems Dutch Holding B B.V., First Lien B-3 Dollar Term Loan	3M US L + 4.50%	06/01/2024		240,177
	194,750	Bausch Health Companies, Inc., First Lien First Incremental Term Loan	1M US L + 2.75%	11/27/2025		192,758
	139,649	BJ's Wholesale Club, Inc., First Lien Tranche B Term Loan	1M US L + 3.00%	02/03/2024		139,491
	154,611	Blackhawk Network Holdings, Inc., First Lien Term Loan	1M US L + 3.00%	06/15/2025		152,214
	553,246	Boxer Parent Company, Inc., First Lien Initial Dollar Term Loan	3M US L + 4.25%	10/02/2025		542,897
	314,213	Brookfield WEC Holdings, Inc., First Lien Initial Term Loan	1M US L + 3.75%, 0.75% Floor	08/01/2025		314,060
	602,800	Canyon Valor Cos., Inc., First Lien Initial Dollar Term Loan	3M US L + 2.75%	06/16/2023		599,222
	487,628	Change Healthcare Holdings, Inc., First Lien Closing Date Term Loan	1M US L + 2.75%, 1.00% Floor	03/01/2024		481,916
	599,993	CHG Healthcare Services, Inc., First Lien 2017 New Term Loan	3M US L + 3.00%, 1.00% Floor	06/07/2023		597,743
	200,000	Commscope, Inc., First Lien B Term Loan^(j)	L + 3.25%	02/06/2026		200,166
	486,014	Concentra, Inc., First Lien Tranche B-1 Term Loan	1M US L + 2.75%	06/01/2022		483,788

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	200,000	CSC Holdings LLC, First Lien February 2019 Incremental Term Loan	3M US L + 3.00%	04/15/2027	$	199,438
	561,576	Cvent, Inc., First Lien Term Loan	1M US L + 3.75%, 1.00% Floor	11/29/2024		551,047
	484,596	Dell International LLC, First Lien Refinancing B Term Loan	3M US L + 2.00%, 0.75% Floor	09/07/2023		479,711
	64,838	Edelman Financial Center LLC, First Lien Initial Term Loan	3M US L + 3.25%	07/21/2025		64,412
	218,888	Edgewater Generation LLC, First Lien Term Loan	1M US L + 3.75%	12/13/2025		218,751
	598,082	Equian Buyer Corp., First Lien 2018 Incremental Term Loan	1M US L + 3.25%, 1.00% Floor	05/20/2024		588,363
	428,911	Equinox Holdings, Inc., First Lien Incremental B-1 Term Loan	1M US L + 3.00%, 1.00% Floor	03/08/2024		426,874
	669,925	Filtration Group Corp., First Lien Initial Dollar Term Loan	1M US L + 3.00%	03/29/2025		667,135
	190,000	Forest City Enterprises LP, First Lien Initial Term Loan	1M US L + 4.00%	12/08/2025		191,069
	645,088	Gates Global LLC, First Lien Initial B-2 Dollar Term Loan	1M US L + 2.75%, 1.00% Floor	04/01/2024		637,773
	475,685	Gentiva Health Services, Inc., First Lien Closing Date Initial Term Loan	1M US L + 3.75%	07/02/2025		477,469
	269,325	GOBP Holdings, Inc., First Lien Initial Term Loan	3M US L + 3.75%	10/22/2025		267,372
	488,511	Greeneden U.S. Holdings I LLC, First Lien Tranche B-3 Dollar Term Loan	1M US L + 3.25%	12/01/2023		483,198
	481,185	Hayward Industries, Inc., First Lien Initial Term Loan	1M US L + 3.50%	08/05/2024		472,916
	475,728	Hyland Software, Inc., First Lien 2018 Refinancing Term Loan	1 M US L + 3.50%, 0.75% Floor	07/01/2024		475,678
	485,000	Intrawest Resort Holdings, Inc., Term B1 Loan, First Lien Initial Bluebird Term Loan	1M US L + 3.25%, 1.00% Floor	07/31/2024		483,259
	343,266	IRB Holding Corp., First Lien B Term Loan	1M US L + 3.25%, 1.00% Floor	02/05/2025		335,359
	484,482	Life Time Fitness, Inc., First Lien 2017 Refinancing Term Loan	3M US L + 2.75%, 1.00% Floor	06/10/2022		479,722
	481,295	Milacron LLC, First Lien B Term Loan	1M US L + 2.50%	09/28/2023		471,669
	517,391	Misys, Ltd., First Lien Dollar Term Loan	3M US L + 3.50%, 1.00% Floor	06/13/2024		500,118
	218,894	Mitchell International, Inc., First Lien Initial Term Loan, First Lien Initial Term Loan	1M US L + 3.25%	11/29/2024		210,995

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	480,035	MLN US HoldCo LLC, First Lien B Term Loan	1M US L + 4.50%	11/30/2025	$	472,715
	375,000	Panther BF Aggregator 2 L P, First Lien B Term Loan	L + 3.50%	03/18/2026		371,246
	622,313	Pike Corp., First Lien 2018 Initial Term Loan	1M US L + 3.50%, 1.00% Floor	03/23/2025		622,702
	277,064	Plantronics, Inc., First Lien Initial B Term Loan	1M US L + 2.50%	07/02/2025		272,562
	398,997	Ply Gem Midco, Inc., First Lien Initial Term Loan	3M US L + 3.75%	04/12/2025		383,536
	480,254	PODS LLC, First Lien Tranche B-4 Term Loan	1M US L + 2.75%, 1.00% Floor	12/06/2024		472,102
	647,705	Prime Security Services Borrower LLC, First Lien December 2018 Incremental B-1 Term Loan	1M US L + 2.75%, 1.00% Floor	05/02/2022		642,041
	480,558	Project Alpha Intermediate Holding, Inc., First Lien Term Loan	3M US L + 3.50%, 1.00% Floor	04/26/2024		469,745
	189,524	Radiology Partners, Inc., First Lien B Term Loan	2M US L + 4.75%	07/09/2025		190,235
	418,950	Refinitiv US Holdings, Inc., First Lien Initial Dollar Term Loan	1M US L + 3.75%	10/01/2025		407,504
	402,202	SCS Holdings I, Inc., First Lien New Tranche B Term Loan	1M US L + 4.25%, 1.00% Floor	10/30/2022		404,046
	551,491	Securus Technologies Holdings, Inc., First Lien Initial Term Loan	1M US L + 4.50%, 1.00% Floor	11/01/2024		548,849
	443,363	Select Medical Corp., First Lien Tranche B Term Loan	1M US L + 2.50%	03/06/2025		442,255
	480,636	Solera LLC, First Lien Dollar Term Loan	1M US L + 2.75%	03/03/2023		477,536
	465,108	Sophia LP, First Lien B Term Loan	3M US L + 3.25%, 1.00% Floor	09/30/2022		462,881
	485,000	Starfruit Finco B.V., First Lien Initial Dollar Term Loan	1 M US L + 3.25%	10/01/2025		479,243
	210,360	Transdigm, Inc., First Lien 2018 New Tranche F Term Loan	1M US L + 2.50%	06/09/2023		205,890
	168,725	Travel Leaders Group LLC, First Lien 2018 Refinancing Term Loan	1M US L + 4.00%	01/25/2024		169,287
	143,068	VeriFone Systems, Inc., First Lien Initial Term Loan	3M US L + 4.00%	08/20/2025		141,191
	368,150	Verscend Holding Corp., First Lien B Term Loan	1M US L + 4.50%	08/27/2025		366,309
	489,307	Vertafore, Inc., First Lien Initial Term Loan	1M US L + 3.25%	07/02/2025		481,441

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	227,169	Web.com Group, Inc., First Lien Initial Term Loan	1M US L + 3.75%	10/10/2025	$	224,472
						22,844,665

TOTAL BANK LOANS (Cost $24,671,799)						24,406,059

COLLATERALIZED LOAN OBLIGATIONS - 2.04%
		Adams Mill CLO, Ltd.
	500,000	Series 2014-1A^(d)(e)	3M US L + 3.50%	07/15/2026		492,474
		AIMCO CLO
	500,000	Series 2018-AA^(d)(e)	3M US L + 2.55%	04/17/2031		473,692
		Apidos CLO XII
	500,000	Series 2018-12A^(d)(e)	3M US L + 2.60%	04/15/2031		472,888
		Apidos CLO XX
	500,000	Series 2018-20A^(d)(e)	3M US L + 2.95%	07/16/2031		479,979
		Apidos CLO XXI
	500,000	Series 2018-21A^(d)(e)	3M US L + 2.45%	07/18/2027		478,928
	1,000,000	Series 2018-21A^(d)(e)	3M US L + 8.25%	07/18/2027		939,974
		Apidos CLO XXIV
	1,000,000	Series 2018-24A^(d)(e)	3M US L + 5.80%	10/20/2030		961,215
		Avery Point VI CLO, Ltd.
	500,000	Series 2018-6A^(d)(e)	3M US L + 1.05%	08/05/2027		498,217
		Babson CLO, Ltd.
	500,000	Series 2018-IA^(d)(e)	3M US L + 2.60%	01/20/2031		479,975
		Barings CLO, Ltd.
	500,000	Series 2016-3A^(d)(e)	3M US L + 3.95%	01/15/2028		494,305
	500,000	Series 2017-1A^(d)(e)	3M US L + 3.60%	07/18/2029		500,339
	1,000,000	Series 2018-3A^(d)(e)	3M US L + 2.90%	07/20/2029		973,470
	500,000	Series 2018-4A^(d)(e)	3M US L + 5.82%	10/15/2030		474,363
	500,000	Series 2019-2A^(d)(e)	3.85% - 3M US L	04/15/2031		500,000
		BlueMountain CLO, Ltd.
	500,000	Series 2018-3A^(d)(e)	3M US L + 2.60%	04/20/2031		472,927
		Buttermilk Park CLO, Ltd.
	1,000,000	Series 2018-1A^(d)(e)	3M US L + 5.75%	10/15/2031		942,401
		Canyon Capital CLO, Ltd.
	500,000	Series 2017-1A^(d)(e)	3M US L + 3.60%	07/15/2030		497,856
	1,000,000	Series 2018-1A^(d)(e)	3M US L + 2.75%	01/30/2031		942,320
	1,500,000	Series 2018-1A^(d)(e)	3M US L + 5.50%	01/30/2031		1,347,717
	1,000,000	Series 2018-1A^(d)(e)	3M US L + 5.75%	07/15/2031		912,554
	500,000	Series 2018-1A^(d)(e)	3M US L + 2.80%	07/15/2031		473,837
	500,000	Series 2018-1RA^(d)(e)	3M US L + 3.00%	07/15/2030		464,309
		Canyon CLO, Ltd.
	500,000	Series 2018-1A^(d)(e)	3M US L + 2.90%	07/15/2031		473,330

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity		Value
		Carlyle Global Market Strategies CLO, Ltd.
$	1,000,000	Series 2018-2RA^(d)(e)	3M US L + 5.35%		05/15/2031	$	922,546
	500,000	Series 2018-3A^(d)(e)	3M US L + 2.85%		07/28/2028		494,620
		Chenango Park CLO, Ltd.
	500,000	Series 2018-1A^(d)(e)	3M US L + 3.00%		04/15/2030		485,892
	1,000,000	Series 2018-1A^(d)(e)	3M US L + 5.80%		04/15/2030		956,673
		Cook Park CLO, Ltd.
	500,000	Series 2018-1A^(d)(e)	3M US L + 2.60%		04/17/2030		473,012
		Dorchester Park CLO DAC
	500,000	Series 2018-1A^(d)(e)	3M US L + 2.40%		04/20/2028		483,231
	875,000	Series 2018-1A^(d)(e)	3M US L + 5.00%		04/20/2028		851,510
		Dryden 57 Clo, Ltd.
	500,000	Series 2018-57A^(d)(e)	3M US L + 2.55%		05/15/2031		471,527
		Dryden 60 CLO, Ltd.
	1,000,000	Series 2018-60A^(d)(e)	3M US L + 3.00%		07/15/2031		972,383
		Fillmore Park CLO, Ltd.
	500,000	Series 2018-1A^(d)(e)	3M US L + 2.90%		07/15/2030		485,740
	1,000,000	Series 2018-1A^(d)(e)	3M US L + 5.40%		07/15/2030		927,646
		Gilbert Park CLO, Ltd.
	1,000,000	Series 2017-1A^(d)(e)	3M US L + 6.40%		10/15/2030		990,636
		Goldentree Loan Management US CLO, Ltd.
	500,000	Series 2018-3A^(d)(e)	3M US L + 2.85%		04/20/2030		485,766
		Myers Park CLO, Ltd.
	500,000	Series 2018-1A^(d)(e)	3M US L + 3.05%		10/20/2030		488,108
	1,000,000	Series 2018-1A^(d)(e)	3M US L + 5.50%		10/20/2030		932,398
		Neuberger Berman CLO XXIII, Ltd.
	1,000,000	Series 2018-23A^(d)(e)	3M US L + 5.75%		10/17/2027		962,291
		Stewart Park CLO, Ltd.
	500,000	Series 2018-1A^(d)(e)	3M US L + 2.60%		01/15/2030		476,147
		Symphony CLO XVII, Ltd.
	1,500,000	Series 2018-17A^(d)(e)	3M US L + 2.65%		04/15/2028		1,466,759
		THL Credit Wind River 2018-1 CLO, Ltd.
	500,000	Series 2018-1A^(d)(e)	2.90% - 3M US L		07/15/2030		457,672
	2,000,000	Series 2018-1A^(d)(e)	5.50% - 3M US L		07/15/2030		1,838,563
		THL Credit Wind River CLO, Ltd.
	1,000,000	Series 2014-1A^(d)(e)	3M US L + 3.00%		07/18/2031		935,324
	1,000,000	Series 2014-3A^(d)(e)	3M US L + 6.22%		10/22/2031		940,694
	500,000	Series 2017-1A^(d)(e)	3M US L + 3.75%		04/18/2029		495,002
	1,000,000	Series 2018-2A^(d)(e)	3M US L + 5.75%		07/15/2030		926,311
		VERDE CLO
	1,000,000	Series 2019-1A^(d)(e)	3.80% - 3M US L		04/15/2032		1,000,000

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Voya CLO, Ltd.
$	500,000	Series 2018-1A^(d)(e)	3M US L + 2.80%	04/18/2031	$	479,514
	1,000,000	Series 2018-2A^(d)(e)	3M US L + 2.75%	07/15/2031		953,930
	1,000,000	Series 2018-2A^(d)(e)	3M US L + 5.25%	07/15/2031		922,158
		Webster Park CLO, Ltd.
	1,000,000	Series 2018-1A^(d)(e)	5.50% - 3M US L	07/20/2030		936,538
		Wellfleet CLO, Ltd.
	1,000,000	Series 2018-3A^(d)(e)	3M US L + 1.25%	01/20/2032		993,212

TOTAL COLLATERALIZED LOAN OBLIGATIONS (Cost $40,824,316)						38,952,873

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 22.16%
		AASET, Ltd.
	887,941	Series 2018-1A^(e)	3.84%	09/16/2023		888,787
		Adjustable Rate Mortgage Trust
	473,821	Series 2005-1^(d)	4.63%	05/25/2035		483,308
	3,587,654	Series 2005-10^(d)	4.62%	01/25/2036		3,114,425
	265,539	Series 2005-7^(d)	4.31%	10/25/2035		234,904
		ALM XII, Ltd.
	500,000	Series 2018-12A^(d)(e)	3M US L + 2.65%	04/16/2027		483,247
		Alternative Loan Trust
	317,303	Series 2005-20CB	5.50%	07/25/2035		298,010
	112,672	Series 2005-54CB	5.50%	11/25/2035		96,222
	587,796	Series 2005-6CB	5.50%	04/25/2035		592,003
	270,061	Series 2005-85CB^(d)	21.63% -3.67 x 1M US L	02/25/2036		329,756
	1,278,791	Series 2005-85CB^(d)	1M US L + 1.10%	02/25/2036		1,110,081
	327,581	Series 2005-86CB	5.50%	02/25/2036		283,855
	599,232	Series 2005-9CB^(d)	5.05% - 1M US L	05/25/2035		56,884
	337,405	Series 2005-9CB^(d)	1M US L + 0.50%	05/25/2035		315,186
	311,032	Series 2006-12CB^(d)	1M US L + 5.75%	05/25/2036		253,206
	1,480,934	Series 2006-15CB	6.50%	06/25/2036		1,124,099
	188,312	Series 2006-30T1	6.25%	11/25/2036		164,044
	153,624	Series 2006-32CB	5.50%	11/25/2036		124,074
	321,268	Series 2006-36T2^(d)	28.06% -4.6 x 1M US L	12/25/2036		462,157
	1,198,466	Series 2007-19	6.00%	08/25/2037		938,504
	4,221,633	Series 2007-20	6.25%	08/25/2047		3,576,553
	1,127,163	Series 2007-23CB^(d)	6.50% - 1M US L	09/25/2037		221,511
	1,180,482	Series 2007-23CB^(d)	1M US L + 0.50%	09/25/2037		736,835
		American Home Mortgage Investment Trust
	170,373	Series 2007-A^(e)(k)	6.60%	01/25/2037		70,131

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Applebee's Funding LLC / IHOP Funding LLC
$	740,625	Series 2014-1^(e)	4.28%	09/05/2021	$	744,316
		Atlas Senior Loan Fund X, Ltd.
	500,000	Series 2018-10A^(d)(e)	3M US L + 1.09%	01/15/2031		493,493
		Atrium Hotel Portfolio Trust
	1,309,000	Series 2018-ATRM^(d)(e)	1M US L + 3.40%	06/15/2021		1,319,540
		Atrium IX
	500,000	Series 2017-9A^(d)(e)	3M US L + 3.60%	05/28/2030		500,205
		Atrium XIII
	1,000,000	Series 2017-13A^(d)(e)	3M US L + 6.05%	11/21/2030		976,429
		Atrium XIV LLC
	1,000,000	Series 2018-14A^(d)(e)	3M US L + 5.65%	08/23/2030		943,829
		BAMLL Commercial Mortgage Securities Trust
	683,000	Series 2019-AHT^(d)(e)	5.00%	03/15/2021		683,000
		Banc of America Alternative Loan Trust
	45,340	Series 2005-6	6.00%	07/25/2035		45,255
	92,193	Series 2005-6	5.50%	07/25/2035		84,606
		Banc of America Funding Corp.
	268,183	Series 2008-R2^(e)	6.00%	09/25/2037		275,103
		Banc of America Funding Trust
	184,121	Series 2006-2	5.50%	03/25/2036		178,557
	4,829,170	Series 2010-R5^(d)(e)	6.00%	10/26/2037		4,497,709
		Bancorp Commercial Mortgage Trust
	605,000	Series 2019-CRE5^(d)(e)	1M US L + 1.00%	01/15/2022		606,354
	605,000	Series 2019-CRE5^(d)(e)	1M US L + 1.50%	01/15/2022		607,321
	1,312,000	Series 2019-CRE5^(d)(e)	1M US L + 2.35%	02/15/2022		1,320,340
		BANK 2017-BNK4
	203,000	Series 2019-BN17^(d)	4.52%	04/15/2029		210,001
		BBCMS 2018-TALL Mortgage Trust
	607,000	Series 2018-TALL^(d)(e)	1M US L + 0.971%	03/15/2020		604,197
		BBCMS Trust
	3,000,000	Series 2018-CBM^(d)(e)	1M US L + 3.15%	07/15/2020		3,035,912
		BCAP, LLC Trust
	145,948	Series 2007-AA2^(d)	7.50%	04/25/2037		128,967
	94,693	Series 2007-AA2	6.00%	04/25/2037		75,217
	1,903,729	Series 2009-RR1^(d)(e)	6.00%	10/26/2036		1,893,923
	6,429,136	Series 2010-RR6^(d)(e)	6.00%	10/26/2013		5,001,097
		Bear Stearns ALT-A Trust
	1,309,822	Series 2004-11^(d)	3.62%	11/25/2034		1,159,975
	1,293,956	Series 2005-3^(d)	4.17%	04/25/2035		1,215,280

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	9,964,285	Series 2006-3^(d)	4.07%	05/25/2036	$	8,021,269
	1,246,135	Series 2006-6^(d)	3.98%	11/25/2036		1,116,750
		Bear Stearns Asset-Backed Securities Trust
	2,261,596	Series 2006-AC1^(k)	6.25%	02/25/2036		1,697,935
		BENCHMARK Mortgage Trust
	6,478,000	Series 2019-B10^(d)	1.23%	12/15/2028		609,068
	203,000	Series 2019-B10	3.75%	03/15/2029		197,903
		BF Mortgage Trust
	705,000	Series 2019-NYT^(d)(e)	1M US L + 3.00%	12/15/2020		711,743
		BHMS
	518,000	Series 2018-ATLS^(d)(e)	1M US L + 1.90%	07/15/2020		517,988
		CAL Funding III, Ltd.
	891,667	Series 2018-1A^(e)	3.96%	02/25/2028		899,503
		Carbon Capital VI Commercial Mortgage Trust
	680,000	Series 2019-FL2^(d)(e)	1M US L + 2.85%	11/15/2021		681,707
		Carrington Mortgage Loan Trust
	2,208,813	Series 2006-NC4^(d)	1M US L + 0.16%	10/25/2036		2,081,722
		Castlelake Aircraft Securitization Trust
	3,497,438	Series 2018-1^(e)	6.63%	06/15/2025		3,520,532
		CFCRE Commercial Mortgage Trust
	5,098,367	Series 2016-C3^(d)	1.05%	12/10/2025		296,654
		Chase Mortgage Finance Trust
	14,558,333	Series 2007-S2	6.00%	03/25/2037		11,241,677
	518,737	Series 2007-S3	5.50%	05/25/2037		157,954
		CIM Trust
	12,000,000	Series 2016-1RR^(d)(e)	12.35%	07/26/2055		12,187,669
	12,000,000	Series 2016-2RR B2^(d)(e)	6.86%	02/25/2056		12,361,466
	12,000,000	Series 2016-3RR B2^(d)(e)	6.44%	02/27/2056		12,323,183
	11,430,000	Series 2016-3RR B2^(d)(e)	12.29%	01/27/2057		13,089,862
	3,830,531	Series 2017-6 A1^(d)(e)	3.02%	06/25/2057		3,762,251
		Citicorp Mortgage Securities Trust
	775,011	Series 2007-1	6.00%	01/25/2037		760,033
	6,516	Series 2007-2	5.50%	02/25/2037		6,506
		Citigroup Commercial Mortgage Trust
	3,879,908	Series 2014-GC25^(d)	1.00%	10/10/2047		179,853
	1,550,500	Series 2015-GC27^(d)(e)	4.43%	01/10/2025		1,482,104
	400,000	Series 2015-GC31^(d)	4.06%	06/10/2025		390,364
	420,000	Series 2015-GC35^(d)	4.50%	11/10/2025		425,831
	5,420,788	Series 2015-GC35^(d)	0.87%	11/10/2048		209,057
	975,000	Series 2016-GC36^(e)	2.85%	01/10/2026		795,772

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	2,556,946	Series 2016-P4^(d)	1.99%	07/10/2049	$	267,653
	515,000	Series 2018-C5^(d)	4.72%	06/10/2028		532,935
	901,000	Series 2019-SST2^(d)(e)	1M US L + 1.60%	01/10/2025		903,580
	901,000	Series 2019-SST2^(d)(e)	1M US L + 2.00%	01/10/2025		903,465
		Citigroup Mortgage Loan Trust
	882,456	Series 2006-WF1^(k)	4.92%	03/25/2036		592,085
	1,329,046	Series 2007-OPX1^(k)	6.33%	01/25/2037		886,909
	334,045	Series 2008-AR4^(d)(e)	4.61%	11/25/2038		334,810
	717,545	Series 2008-AR4^(d)(e)	4.60%	11/25/2038		727,327
	686,474	Series 2010-8^(d)(e)	6.00%	11/25/2036		676,720
	2,080,410	Series 2010-8^(d)(e)	6.00%	12/25/2036		2,034,898
		CitiMortgage Alternative Loan Trust
	669,674	Series 2007-A1	6.00%	01/25/2037		643,648
	131,908	Series 2007-A1^(d)	5.40% - 1M US L	01/25/2037		16,169
	95,041	Series 2007-A3^(d)	6.00%	03/25/2037		93,446
	218,720	Series 2007-A3^(d)	5.40% - 1M US L	03/25/2037		22,492
	789,396	Series 2007-A4	5.75%	04/25/2037		757,338
	680,618	Series 2007-A6	5.50%	06/25/2037		646,577
		CLNS Trust
	168,000	Series 2017-IKPR^(d)(e)	1M US L + 3.15%	06/11/2022		168,372
	168,000	Series 2017-IKPR^(d)(e)	1M US L + 3.50%	06/11/2022		168,999
	168,000	Series 2017-IKPR^(d)(e)	1M US L + 4.50%	06/11/2022		169,097
		Cloverleaf Cold Storage Trust
	405,000	Series 2019-CHL2^(d)(e)	1M US L + 2.30%	03/15/2021		406,016
	405,000	Series 2019-CHL2^(d)(e)	1M US L + 2.75%	03/15/2021		406,015
	1,135,000	Series 2019-CHL2^(d)(e)	1M US L + 3.80%	03/15/2021		1,137,844
		COBALT CMBS Commercial Mortgage Trust
	998	Series 2007-C2^(d)	5.57%	04/15/2047		1,002
		Coinstar Funding LLC
	2,456,250	Series 2017-1A^(e)	5.22%	04/25/2023		2,505,849
		Cold Storage Trust
	906,000	Series 2017-ICE3^(d)(e)	1M US L + 1.00%	04/15/2024		907,189
		COMM Mortgage Trust
	887,000	Series 2013-CR11^(d)	5.13%	09/10/2023		946,257
	500,000	Series 2016-GCT^(d)(e)	3.46%	08/10/2021		489,355
	523,000	Series 2018-HCLV^(d)(e)	1M US L + 1.70%	09/15/2020		525,970
	2,614,000	Series 2018-HCLV^(d)(e)	1M US L + 2.18%	09/15/2020		2,627,696
		Commercial Mortgage Pass-Through Certificates
	242,400	Series 2014-CR19^(d)	4.71%	08/10/2024		251,531
	400,000	Series 2014-CR20^(d)	4.50%	10/10/2024		413,908
	2,705,400	Series 2014-UBS4^(e)	3.75%	07/10/2024		1,788,735
	8,889,336	Series 2014-UBS4^(e)	3.75%	08/10/2024		1,697,426

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	11,000	Series 2014-UBS4^(d)(e)(g)	0.00%	08/10/2047	$	1
	3,808,457	Series 2015-CR22^(d)	0.95%	03/10/2025		142,400
	4,790,137	Series 2015-CR26^(d)	0.96%	09/10/2025		231,691
	419,000	Series 2015-LC23^(d)	4.65%	10/10/2025		438,589
	3,628,340	Series 2016-DC2^(d)	1.03%	10/10/2025		194,815
	249,000	Series 2016-DC2^(d)	4.64%	02/10/2026		252,156
		Commercial Mortgage Trust
	659,000	Series 2012-CR4^(d)(e)	4.57%	11/15/2022		278,854
		CORE Mortgage Trust
	540,000	Series 2019-CORE^(d)(e)	1M US L + 1.90%	12/15/2020		540,693
	540,000	Series 2019-CORE^(d)(e)	1M US L + 2.35%	12/15/2020		540,950
		Countrywide Home Loan Mortgage Pass-Through Trust
	2,755,993	Series 2005-HYB7^(d)	3.85%	11/20/2035		2,531,612
	55,313	Series 2005-J4	5.50%	11/25/2035		52,815
	2,186,424	Series 2006-18	6.00%	12/25/2036		1,851,453
	373,134	Series 2007-17	6.00%	10/25/2037		333,919
	375,773	Series 2007-3	6.00%	04/25/2037		308,209
	397,797	Series 2007-7	5.75%	06/25/2037		335,152
		Credit Suisse First Boston Mortgage Securities Corp.
	80,224	Series 2005-10	5.50%	11/25/2035		75,930
	2,370,364	Series 2005-11	6.00%	12/25/2035		2,209,719
	68,901	Series 2005-8	5.50%	08/25/2025		68,678
	5,034,054	Series 2005-9	6.00%	10/25/2035		2,824,166
		Credit Suisse Mortgage Capital Certificates
	4,067,496	Series 2006-2	5.75%	03/25/2036		3,529,089
		CSAB Mortgage-Backed Trust
	8,781,274	Series 2006-2^(k)	5.70%	09/25/2036		1,429,608
	150,920	Series 2007-1^(d)	5.90%	05/25/2037		64,904
		CSAIL Commercial Mortgage Trust
	5,758,915	Series 2015-C1^(d)	0.91%	01/15/2025		224,867
	419,000	Series 2015-C4^(d)	4.58%	11/15/2025		431,632
	5,912,327	Series 2017-C8^(d)	1.25%	06/15/2027		388,301
	214,000	Series 2018-C14^(d)	4.89%	11/15/2051		222,757
		CSMC Mortgage-Backed Trust
	199,563	Series 2006-1	6.00%	02/25/2036		138,582
	26,456	Series 2006-4	5.50%	05/25/2021		23,855
	823,186	Series 2006-5	6.25%	06/25/2036		350,529
	109,453	Series 2006-9	6.00%	11/25/2036		70,572
	2,231,416	Series 2007-1	6.00%	02/25/2037		1,951,691
	12,285	Series 2007-2	5.00%	03/25/2037		11,882
	564,261	Series 2007-3^(d)	5.84%	04/25/2037		250,996

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	35,627	Series 2007-4	6.00%	06/25/2037	$	32,022
	3,156,122	Series 2009-16R^(d)(e)	6.00%	07/26/2037		3,147,412
	853,960	Series 2010-7R^(d)(e)	6.00%	04/26/2037		847,371
	4,357,908	Series 2016-PR1^(e)(k)	5.50%	05/25/2019		4,422,851
		CSMC Trust
	604,000	Series 2017-CALI^(d)(e)	3.78%	11/10/2024		605,200
	253,000	Series 2017-CHOP^(d)(e)	1M US L + 1.90%	06/15/2019		253,381
	253,000	Series 2017-CHOP^(d)(e)	1M US L + 3.30%	06/15/2019		254,155
	180,000	Series 2017-PFHP^(d)(e)	1M US L + 6.15%	12/15/2019		178,045
	915,167	Series 2018-RPL2^(e)(k)	4.03%	08/25/2062		915,897
	1,900,915	Series 2018-RPL8^(d)(e)	4.13%	07/25/2058		1,911,582
		DB Master Finance LLC
	1,440,000	Series 2015-1A^(e)	3.98%	02/20/2022		1,441,619
	1,000,000	Series 2019-1A^(e)	3.79%	02/20/2024		1,011,217
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	360,028	Series 2005-6^(d)	5.08% - 1M US L	12/25/2035		46,153
	157,787	Series 2005-6^(d)	1M US L + 1.40%	12/25/2035		133,735
		Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
	184,072	Series 2006-PR1^(d)(e)	12.12% - 1M US L	04/15/2036		168,767
		Dryden 40 Senior Loan Fund
	1,000,000	Series 2018-40A^(d)(e)	3M US L + 5.75%	08/15/2031		953,016
	500,000	Series 2018-40A^(d)(e)	3M US L + 3.10%	08/15/2031		489,139
		Earnest Student Loan Program
	35,000	Series 2016-D^(e)(g)	0.00%	05/27/2025		1,447,915
		Ellington Financial Mortgage Trust 2018-1
	1,374,134	Series 2018-1^(d)(e)	4.39%	10/25/2058		1,375,422
		First Horizon Alternative Mortgage Securities Trust
	1,032,249	Series 2005-FA6	5.50%	09/25/2035		888,930
	82,632	Series 2006-FA7	6.25%	12/25/2036		67,175
	150,423	Series 2007-FA2	6.00%	04/25/2037		104,606
		First Horizon Mortgage Pass-Through Trust
	1,840,836	Series 2007-AR3^(d)	4.36%	11/25/2037		1,679,137
		Freddie Mac Multifamily Structured Pass Through Certificates
	3,455,871	Series 2016-K722^(d)	1.31%	03/25/2023		143,869
		FREMF Mortgage Trust
	16,100,000	Series 2013-K713^(e)	0.10%	05/20/2020		13,830
	7,400,000	Series 2013-K713^(e)(g)	0.00%	05/25/2020		6,938,329

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		GE Commercial Mortgage Corp. Trust
$	80,763	Series 2007-C1^(d)	5.44%	12/10/2049	$	73,084
		Global SC Finance IV, Ltd.
	453,750	Series 2018-1A^(e)	4.29%	05/17/2028		463,321
		GPMT, Ltd.
	474,000	Series 2019-FL2^(d)(e)	1M US L + 2.95%	11/15/2023		477,288
		GRACE Mortgage Trust
	400,000	Series 2014-GRCE^(e)	3.37%	06/10/2021		404,473
		Great Wolf Trust
	152,000	Series 2017-WOLF^(d)(e)	1M US L + 2.10%	09/15/2019		152,268
	235,000	Series 2017-WOLF^(d)(e)	1M US L + 3.10%	09/15/2019		235,785
	125,000	Series 2017-WOLF^(d)(e)	1M US L + 4.07%	09/15/2019		125,645
		GS Mortgage Securities Corp. Trust
	525,000	Series 2018-3PCK^(d)(e)	1M US L + 1.45%	09/15/2021		526,450
	796,000	Series 2018-FBLU^(d)(e)	1M US L + 3.25%	11/15/2020		797,931
	1,954,000	Series 2018-TWR^(d)(e)	1M US L + 3.92466%	07/15/2021		1,928,942
		GS Mortgage Securities Trust
	299,488	Series 2011-GC3^(d)(e)	0.66%	03/10/2021		3,330
	2,267,408	Series 2011-GC5^(d)(e)	1.34%	08/10/2044		54,694
	3,986,000	Series 2014-GC26^(d)(e)	4.52%	11/10/2047		3,406,204
	7,300,153	Series 2015-GS1^(d)	0.80%	11/10/2025		321,296
	5,916,423	Series 2017-GS7^(d)	1.14%	07/10/2027		427,736
	407,000	Series 2017-GS8^(d)	4.34%	11/10/2027		417,769
		GSAA Home Equity Trust
	2,579,590	Series 2006-13^(d)	6.04%	07/25/2036		1,415,264
	574,005	Series 2006-18^(k)	5.68%	11/25/2036		265,240
	182,954	Series 2006-6^(d)	5.69%	03/25/2036		90,326
	970,377	Series 2007-2^(k)	6.10%	03/25/2037		371,862
		GSR Mortgage Loan Trust
	369,702	Series 2005-AR4^(d)	4.33%	07/25/2035		373,476
	1,605,258	Series 2006-2F	5.25%	02/25/2036		1,218,810
	807,143	Series 2007-2F	5.75%	02/25/2037		1,129,002
	3,343,814	Series 2007-2F	6.00%	03/25/2037		2,906,152
	1,357,945	Series 2007-AR2^(d)	4.03%	05/25/2037		1,187,896
		Halcyon Loan Advisors Funding, Ltd.
	138,002	Series 2013-1A^(d)(e)	3M US L + 1.15%	04/15/2025		138,114
	250,000	Series 2013-2A^(d)(e)	3M US L + 2.70%	08/01/2025		250,408
		Harley Marine Financing LLC
	975,000	Series 2018-1A^(e)	5.68%	05/15/2022		853,878
		Helios Issuer, LLC Series
	1,351,891	Series 2017-1A^(e)	4.94%	09/20/2023		1,391,661

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Highbridge Loan Management, Ltd.
$	500,000	Series 2018-2016^(d)(e)	3M US L + 2.90%	07/20/2030	$	476,039
		HPS Loan Management, Ltd.
	500,000	Series 2017-17^(d)(e)	3M US L + 1.26%	05/06/2030		499,245
		HSI Asset Loan Obligation Trust
	34,526	Series 2007-2	5.50%	09/25/2037		32,831
		IMT Trust
	360,000	Series 2017-APTS^(d)(e)	1M US L + 0.95%	06/15/2019		359,055
	360,000	Series 2017-APTS^(d)(e)	1M US L + 1.10%	06/15/2019		358,735
		IndyMac IMJA Mortgage Loan Trust
	1,310,980	Series 2007-A1	6.00%	08/25/2037		935,360
		IndyMac IMSC Mortgage Loan Trust
	4,751,995	Series 2007-F2	6.50%	07/25/2037		2,827,312
		IndyMac Index Mortgage Loan Trust
	2,331,687	Series 2005-AR31^(d)	4.12%	01/25/2036		2,198,537
	1,237,904	Series 2005-AR35^(d)	3.80%	02/25/2036		1,036,143
	3,311,059	Series 2006-AR25^(d)	3.59%	09/25/2036		3,139,466
		Invitation Homes
	995,000	Series 2018-SFR1^(d)(e)	1M US L + 1.25%	03/17/2020		993,933
	650,000	Series 2018-SFR1^(d)(e)	1M US L + 1.45%	03/17/2020		648,986
		J.P. Morgan Chase Commercial Mortgage Securities Trust
	129,000	Series 2017-MAUI^(d)(e)	1M US L + 1.25%	07/15/2019		129,019
	1,010,000	Series 2018-WPT^(e)	5.54%	07/05/2023		1,019,925
		JP Morgan Alternative Loan Trust
	322,937	Series 2005-S1	6.00%	12/25/2035		301,212
	7,995	Series 2006-S1	5.00%	02/25/2021		7,942
	230,851	Series 2006-S3^(k)	6.12%	08/25/2036		220,135
		JP Morgan BB Commercial Mortgage Securities Trust
	400,000	Series 2014-C21^(d)	4.65%	07/15/2024		405,331
	388,000	Series 2014-C26^(d)	4.42%	12/15/2024		399,215
	627,390	Series 2015-C27^(d)(e)	3.84%	02/15/2025		592,241
	5,594,118	Series 2015-C28^(d)	1.12%	03/15/2025		228,782
	9,267,002	Series 2015-C30^(d)	0.55%	07/15/2025		259,472
	3,842,912	Series 2015-C31^(d)	0.94%	08/15/2025		164,622
	174,000	Series 2015-C32^(d)	4.67%	10/15/2025		179,916
	489,000	Series 2015-C33^(d)	4.62%	11/15/2025		506,670
	414,000	Series 2016-C1^(d)	4.74%	02/15/2026		431,941
		JP Morgan Chase Commercial Mortgage Securities Corp.
	152,655	Series 2006-LDP8^(d)	0.29%	05/15/2045		181
	4,000,000	Series 2007-CH1^(k)	4.91%	11/25/2036		4,045,239

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	2,651,421	Series 2012-C8^(d)	1.78%	09/15/2022	$	128,132
	119,000	Series 2016-JP2^(d)	3.79%	07/15/2026		117,671
		JP Morgan Chase Commercial Mortgage Securities Trust
	1,157,000	Series 2011-C3^(d)(e)	5.66%	03/15/2021		1,136,329
		JP Morgan Mortgage Acquisition Corp.
	309,272	Series 2006-CH2^(k)	5.46%	09/25/2029		243,873
		JP Morgan Mortgage Trust
	1,267,761	Series 2007-S3	6.00%	07/25/2037		1,008,122
		JP Morgan Resecuritization Trust
	1,538,608	Series 2011-1^(d)(e)	6.00%	06/26/2037		1,458,204
		JPMBB Commercial Mortgage Securities Trust
	542,000	Series 2015-C28	3.99%	03/15/2025		552,210
		JPMCC Commercial Mortgage Securities Trust
	887,000	Series 2019-COR4	4.44%	12/10/2028		940,530
		KREF, Ltd.
	522,000	Series 2018-FL1^(d)(e)	1M US L + 1.10%	04/15/2023		523,908
		Labrador Aviation Finance, Ltd.
	3,026,042	Series 2016-1A^(e)	5.68%	01/15/2024		3,128,461
		LB-UBS Commercial Mortgage Trust
	484,152	Series 2006-C7^(d)(e)	0.49%	11/15/2038		145
		LCM 28, Ltd.
	1,000,000	Series 2018-28A^(d)(e)	3M US L + 5.75%	10/20/2030		942,683
		LCM Loan Income Fund I Income Note Issuer, Ltd.
	500,000	Series 2018-27A^(d)(e)	3M US L + 5.60%	07/16/2031		467,014
		LCM XIV LP
	1,000,000	Series 2018-14A^(d)(e)	3M US L + 2.75%	07/20/2031		955,722
	750,000	Series 2018-14A^(d)(e)	3M US L + 5.50%	07/20/2031		695,389
		LCM XVII LP
	1,000,000	Series 2018-17A^(d)(e)	3M US L + 6.00%	10/15/2031		957,325
		LCM XX LP
	1,000,000	Series 2018-20A^(d)(e)	3M US L + 5.45%	10/20/2027		965,161
		Lehman Mortgage Trust
	5,882,969	Series 2006-1^(d)	5.37%	02/25/2036		5,860,312
	656,372	Series 2006-6	5.50%	10/25/2036		575,048
	3,901,306	Series 2006-7^(d)	1M US L + 0.25%	11/25/2036		364,418
	3,901,306	Series 2006-7^(d)	7.75% - 1M US L	11/25/2036		770,254
	1,505,832	Series 2006-8^(d)	1M US L + 0.42%	12/25/2036		687,730
	1,505,832	Series 2006-8^(d)	6.58% - 1M US L	12/25/2036		379,805
	795,851	Series 2007-10	6.00%	01/25/2038		822,740
	346,420	Series 2007-10	6.50%	01/25/2038		228,138

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Lehman XS Trust
$	108,010	Series 2006-5^(k)	5.89%	04/25/2036	$	105,412
		Madison Park Funding XIV, Ltd.
	1,000,000	Series 2018-14A^(d)(e)	3M US L + 2.95%	10/22/2030		973,015
	1,000,000	Series 2018-14A^(d)(e)	3M US L + 5.80%	10/22/2030		955,299
		Merrill Lynch Alternative Note Asset Trust
	772,210	Series 2007-F1	6.00%	03/25/2037		277,519
		Monarch Beach Resort Trust
	5,000,000	Series 2018-MBMZ^(d)(e)	1M US L + 4.96%	07/15/2025		5,028,515
		Morgan Stanley Bank of America Merrill Lynch Trust
	3,373,520	Series 2012-C5^(d)(e)	1.46%	07/15/2022		129,470
	450,000	Series 2014-C19	4.00%	12/15/2024		448,070
	380,000	Series 2015-C25^(d)	4.53%	09/15/2025		395,666
	350,000	Series 2015-C27^(d)	4.53%	11/15/2025		352,797
	502,000	Series 2015-C27^(d)(e)	3.24%	11/15/2025		444,251
		Morgan Stanley Capital I Trust
	3,053,040	Series 2011-C1^(d)(e)	0.34%	09/15/2020		14,476
	1,395,967	Series 2016-UB11 XA^(d)	1.64%	08/15/2026		115,447
	1,000,000	Series 2018-SUN^(d)(e)	1M US L + 3.05%	07/15/2020		997,209
		Morgan Stanley Mortgage Loan Trust
	2,400,315	Series 2005-3AR^(d)	4.09%	07/25/2035		2,221,000
	208,955	Series 2006-11	6.00%	08/25/2036		165,523
	1,065,220	Series 2006-7^(d)	5.02%	06/25/2036		911,959
	1,092,848	Series 2006-7	6.00%	06/25/2036		921,092
	445,841	Series 2007-3XS^(k)	5.70%	01/25/2047		244,142
		Morgan Stanley Re-REMIC Trust
	325,933	Series 2011-R1^(d)(e)	5.94%	02/26/2037		348,251
		Mosaic Solar Loan Trust
	163,620	Series 2017-1A^(e)	4.45%	06/20/2042		166,758
	622,639	Series 2018-1A^(e)	4.01%	08/20/2030		626,108
	880,516	Series 2018-2GS^(e)	4.20%	10/21/2030		893,486
		MSCG Trust
	255,000	Series 2016-SNR^(e)	5.21%	11/13/2021		255,609
	2,154,000	Series 2018-SELF^(d)(e)	1M US L + 3.05%	10/15/2020		2,154,872
		Nationstar HECM Loan Trust
	12,000,000	Series 2017-2A^(d)(e)	3.97%	09/25/2020		12,230,808
		Natixis Commercial Mortgage Securities Trust
	345,000	Series 2018-FL1^(d)(e)	1M US L + 0.95%	01/15/2022		341,773
	345,000	Series 2018-FL1^(d)(e)	1M US L + 2.20%	06/15/2022		339,783

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Navient Private Education Refi Loan Trust
$	500,000	Series 2018-A^(e)	3.68%	11/17/2025	$	509,981
		New Residential Mortgage Loan Trust
	4,284,202	Series 2019-RPL1^(e)(k)	4.34%	02/26/2024		4,330,175
		Nomura Asset Acceptance Corp. Alternative Loan Trust
	1,352,334	Series 2005-AP3^(d)	5.32%	08/25/2035		859,965
		Octagon Investment Partners 26, Ltd.
	1,000,000	Series 2018-1A^(d)(e)	3M US L + 8.09%	07/15/2030		919,670
		Octagon Investment Partners 37, Ltd.
	500,000	Series 2018-2A^(d)(e)	3M US L + 2.85%	07/25/2030		480,905
		Octagon Investment Partners XIV, Ltd.
	500,000	Series 2017-1A^(d)(e)	3M US L + 4.00%	07/15/2029		500,528
		Octagon Investment Partners XVI, Ltd.
	500,000	Series 2018-1A^(d)(e)	3M US L + 3.00%	07/17/2030		486,020
	1,000,000	Series 2018-1A^(d)(e)	3M US L + 5.75%	07/17/2030		938,014
		Octagon Investment Partners XXII, Ltd.
	500,000	Series 2018-1A^(d)(e)	3M US L + 5.45%	01/22/2030		457,053
		OHA Credit Funding 1, Ltd.
	500,000	Series 2018-1A^(d)(e)	3M US L + 3.05%	10/20/2030		479,647
		OneMain Financial Issuance Trust
	126,749	Series 2015-1A^(e)	3.19%	03/18/2026		126,931
		PFP, Ltd.
	59,395	Series 2017-3^(d)(e)	1M US L + 2.50%	11/14/2019		59,368
		PHH Alternative Mortgage Trust
	1,140,922	Series 2007-2	6.00%	05/25/2037		1,044,802
		PR Mortgage Loan Trust
	11,475,239	Series 2014-1^(d)(e)	5.91%	09/25/2047		10,745,489
		Pretium Mortgage Credit Partners LLC
	1,098,056	Series 2018-NPL2^(e)(k)	3.70%	03/27/2033		1,096,924
		Prime Mortgage Trust
	51,438	Series 2006-1	5.50%	06/25/2036		51,011
	94,366	Series 2006-DR1^(e)	5.50%	05/25/2035		76,892
		RAIT Trust
	111,000	Series 2017-FL7^(d)(e)	1M US L + 1.30%	06/15/2025		110,401
		RBSGC Structured Trust
	226,922	Series 2008-B^(e)	6.00%	06/25/2037		220,020

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Residential Accredit Loans, Inc.
$	1,844,592	Series 2005-QS17	6.00%	12/25/2035	$	1,785,748
	4,691,990	Series 2006-QA5^(d)	1M US L + 0.22%	07/25/2036		3,012,201
	2,798,905	Series 2006-QS10	6.50%	08/25/2036		2,632,117
	1,008,827	Series 2006-QS4	6.00%	04/25/2036		939,110
	1,565,354	Series 2006-QS6	6.00%	06/25/2036		1,427,465
	1,813,450	Series 2006-QS7	6.00%	06/25/2036		1,661,949
	95,337	Series 2006-QS7^(d)	1M US L + 0.40%	06/25/2036		72,972
	295,036	Series 2006-QS7^(d)	5.60% - 1M US L	06/25/2036		37,831
	114,226	Series 2006-QS8^(d)	1M US L + 0.45%	08/25/2036		84,787
	342,677	Series 2006-QS8^(d)	5.55% - 1M US L	08/25/2036		41,531
	2,531,386	Series 2007-QS3	6.50%	02/25/2037		2,350,987
	74,830	Series 2007-QS6	6.25%	04/25/2037		71,025
	10,543	Series 2007-QS6^(d)	55.00% - 8.33 x 1M US L	04/25/2037		19,861
	3,553,777	Series 2007-QS9	6.50%	07/25/2037		3,276,672
	344,151	Series 2008-QR1	6.00%	08/25/2036		283,136
		Residential Asset Securitization Trust
	524,694	Series 2006-A1	6.00%	04/25/2036		422,252
	1,096,130	Series 2006-A2	6.00%	05/25/2036		782,466
	949,100	Series 2006-A6	6.50%	07/25/2036		486,462
	428,142	Series 2006-A8	6.00%	08/25/2036		373,407
	154,345	Series 2006-A8	6.50%	08/25/2036		81,296
	326,792	Series 2006-A8^(d)	5.90% - 1M US L	08/25/2036		74,448
	1,609,681	Series 2007-A1	6.00%	03/25/2037		961,203
	86,122	Series 2007-A6	6.00%	06/25/2037		75,085
	2,843,159	Series 2007-A7	6.00%	07/25/2037		1,846,451
		Residential Funding Mortgage Securities I Trust
	1,042,123	Series 2006-S3	5.50%	03/25/2036		997,770
	1,911,015	Series 2006-S6	6.00%	07/25/2036		1,900,210
	425,231	Series 2007-S3	6.00%	03/25/2037		383,001
	342,390	Series 2007-S6	6.00%	06/25/2037		316,208
		Sapphire Aviation Finance I, Ltd.
	680,119	Series 2018-1A^(e)	5.93%	03/15/2025		703,610
		Sequoia Mortgage Trust
	2,336,392	Series 2007-3^(d)	4.28%	07/20/2037		2,244,224
		SLIDE
	3,213,282	Series 2018-FUN^(d)(e)	1M US L + 3.00%	06/15/2021		3,228,426
		SMB Private Education Loan Trust
	500,000	Series 2018-B^(d)(e)	1M US L + 0.72%	08/15/2027		500,243
		SoFi Consumer Loan Program, LLC
	82,402	Series 2017-2^(e)	3.28%	02/25/2026		82,643

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		SoFi Professional Loan Program, LLC
$	300,000	Series 2017-D^(e)	3.61%	09/25/2040	$	301,624
	56,760	Series 2019-B^(e)	0.00%	08/17/2048		1,999,655
		Springleaf Funding Trust
	313,699	Series 2015-AA^(e)	3.16%	05/15/2019		313,731
		Sprite, Ltd.
	451,471	Series 2017-1^(e)	4.25%	12/15/2024		454,179
		Stack Infrastructure Issuer LLC
	999,167	Series 2019-1A^(e)	4.54%	02/26/2024		1,023,639
		Start, Ltd.
	792,337	Series 2018-1^(e)	4.09%	05/15/2025		797,505
		Structured Adjustable Rate Mortgage Loan Trust
	886,804	Series 2005-15^(d)	4.22%	07/25/2035		720,088
		Structured Asset Securities Corp.
	236,563	Series 2005-RF1^(d)(e)	1M US L + 0.35%	03/25/2035		220,491
	237,783	Series 2005-RF1^(d)(e)	2.45%	03/25/2035		30,695
		STWD Mortgage Trust
	1,634,000	Series 2018-URB^(d)(e)	1M US L + 3.15%	05/15/2021		1,618,513
		TAL Advantage, LLC
	808,011	Series 17-1A^(e)	4.50%	04/20/2042		831,490
		TBW Mortgage-Backed Trust
	1,372,576	Series 2006-2	7.00%	07/25/2036		476,329
		Textainer Marine Containers V, Ltd.
	826,481	Series 2017-1A^(e)	3.72%	01/20/2026		826,220
		Thunderbolt II Aircraft Lease, Ltd.
	4,821,429	Series 2018-A^(e)(k)	5.07%	09/15/2038		4,863,206
		TRIP Rail Master Funding, LLC
	346,447	Series 2017-1A^(e)	2.71%	07/15/2021		344,280
		UBS Commercial Mortgage Trust
	513,000	Series 2017-C6^(d)	4.45%	12/15/2027		520,228
	511,000	Series 2018-C8^(d)	4.70%	02/15/2028		522,846
	6,175,250	Series 2018-C9^(d)	0.90%	03/15/2051		412,386
	610,000	Series 2019-C16	4.32%	03/15/2029		625,474
		Vantage Data Centers Issuer, LLC
	741,875	Series 2018-1A^(e)	4.07%	02/15/2023		753,776
		VB-S1 Issuer, LLC
	3,000,000	Series 2018-1A^(e)	5.25%	02/15/2023		2,959,605
		VCATT, LLC
	5,000,000	Series 2019-NPL1^(e)(k)	4.36%	02/25/2022		5,026,888
		Velocity Commercial Capital Loan Trust
	4,519,628	Series 2017-2^(d)(e)	3.07%	07/25/2026		4,543,184
	916,194	Series 2018-2^(d)(e)	4.05%	09/25/2024		931,698

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	1,496,521	Series 2019-1^(d)(e)	3.94%	11/25/2025	$	1,507,276
	399,072	Series 2019-1^(d)(e)	4.01%	04/25/2026		401,869
	399,072	Series 2019-1^(d)(e)	4.12%	09/25/2026		401,988
		Venture VII CDO, Ltd.
	178,935	Series 2006-7A^(d)(e)	3M US L + 0.23%	01/20/2022		179,056
		Vericrest Opportunity Loan Trust
	1,000,000	Series 2019-NPL3^(e)(k)	3.97%	03/25/2022		1,003,591
		VOLT LXIX LLC
	964,071	Series 2018-NPL5^(e)(k)	4.21%	08/25/2048		969,099
		Wachovia Bank Commercial Mortgage Trust
	45,138	Series 2006-C29^(d)	0.05%	11/15/2048		1
		Wachovia Mortgage Loan Trust, LLC Series Trust
	788,215	Series 2005-B^(d)	4.53%	10/20/2035		777,137
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	1,659,693	Series 2005-1	6.00%	03/25/2035		1,668,548
	68,171	Series 2005-9	5.50%	11/25/2035		59,753
	524,736	Series 2006-5	6.00%	07/25/2036		429,758
		Washington Mutual Mortgage Pass-Through Certificates Trust
	976,410	Series 2006-2	6.00%	03/25/2036		941,188
		Wells Fargo Alternative Loan Trust
	631,878	Series 2007-PA2^(d)	1M US L + 0.43%	06/25/2037		521,715
	631,878	Series 2007-PA2^(d)	6.07% - 1M US L	06/25/2037		70,659
	218,891	Series 2007-PA3	5.75%	07/25/2037		203,921
	808,959	Series 2007-PA3	6.25%	07/25/2037		758,626
	4,250,655	Series 2007-PA5	6.25%	11/25/2037		4,185,801
		Wells Fargo Commercial Mortgage Trust
	525,000	Series 2014-LC16^(e)	3.94%	06/15/2024		405,249
	420,000	Series 2015-C31^(d)	4.61%	11/15/2025		429,618
	340,000	Series 2015-LC22^(d)	4.54%	09/15/2058		348,205
	380,000	Series 2015-NXS3^(d)	4.64%	09/15/2025		383,672
	420,000	Series 2015-NXS4^(d)	4.60%	11/15/2025		437,200
	1,000,000	Series 2016-C33^(e)	3.12%	03/15/2059		859,209
	518,000	Series 2018-C45	4.73%	06/15/2051		531,536
	165,000	Series 2018-C46	5.15%	08/15/2051		171,514
	523,000	Series 2018-C47^(d)	4.94%	09/15/2061		544,360
	901,000	Series 2019-C49	4.55%	03/15/2052		947,975
	901,000	Series 2019-C49^(d)	4.87%	03/15/2052		939,186

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Wells Fargo Mortgage-Backed Securities Trust
$	1,483,558	Series 2005-12	5.50%	11/25/2035	$	1,497,987
	379,808	Series 2006-11	6.00%	09/25/2036		368,375
	148,408	Series 2006-2	5.50%	03/25/2036		144,907
	49,694	Series 2006-2	5.75%	03/25/2036		48,889
	443,135	Series 2007-13	6.00%	09/25/2037		441,799
	539,282	Series 2007-14	6.00%	10/25/2037		532,734
	445,503	Series 2007-2	6.00%	03/25/2037		433,690
		WF-RBS Commercial Mortgage Trust
	2,307,090	Series 2012-C9^(d)(e)	1.88%	11/15/2045		127,693
	4,200,181	Series 2014-C21^(d)	1.07%	08/15/2047		170,792
	4,663,675	Series 2014-C22^(d)	0.85%	09/15/2057		158,760
	2,850,000	Zephyrus Capital Aviation Tl	4.61%	10/15/2038		2,849,396

TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS (Cost $421,838,845)						423,102,398

U.S. GOVERNMENT BONDS AND NOTES - 15.12%
	4,865,000	U.S. Treasury Bonds	2.25%	08/15/2027		4,823,666
	3,880,000	U.S. Treasury Bonds	2.25%	11/15/2027		3,843,094
	18,000,000	U.S. Treasury Bonds	2.88%	05/15/2028		18,718,242
	2,372,408	U.S. Treasury Bonds	0.88%	01/15/2029		2,451,018
	445,000	U.S. Treasury Bonds	2.75%	11/15/2042		443,879
	3,130,000	U.S. Treasury Bonds	3.13%	02/15/2043		3,324,097
	3,080,000	U.S. Treasury Bonds	3.63%	08/15/2043		3,547,234
	2,470,000	U.S. Treasury Bonds	3.75%	11/15/2043		2,902,395
	4,642,076	U.S. Treasury Bonds	1.00%	02/15/2046		4,742,777
	960,000	U.S. Treasury Bonds	2.75%	11/15/2047		948,675
	25,000,000	U.S. Treasury Notes	1.00%	08/31/2019		24,850,586
	25,000,000	U.S. Treasury Notes	1.63%	08/31/2019		24,910,156
	50,000,000	U.S. Treasury Notes	1.50%	10/31/2019		49,728,515
	50,000,000	U.S. Treasury Notes	1.50%	11/30/2019		49,693,360
	25,000,000	U.S. Treasury Notes	1.00%	11/30/2019		24,768,555
	4,340,000	U.S. Treasury Notes	1.38%	02/15/2020		4,301,262
	875,000	U.S. Treasury Notes	1.63%	11/30/2020		865,122
	670,000	U.S. Treasury Notes	1.88%	01/31/2022		663,536
	3,780,000	U.S. Treasury Notes	1.88%	03/31/2022		3,744,120
	5,280,000	U.S. Treasury Notes	1.88%	04/30/2022		5,225,653
	5,280,000	U.S. Treasury Notes	1.75%	05/31/2022		5,204,719
	3,980,000	U.S. Treasury Notes	2.63%	02/28/2023		4,039,855
	4,750,000	U.S. Treasury Notes	2.50%	03/31/2023		4,800,654
	4,650,000	U.S. Treasury Notes	2.75%	04/30/2023		4,744,271

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	3,840,000	U.S. Treasury Notes	1.63%	05/31/2023	$	3,748,275
	12,000,000	U.S. Treasury Notes	1.25%	07/31/2023		11,517,891
	4,890,000	U.S. Treasury Notes	1.88%	08/31/2024		4,795,543
	4,900,000	U.S. Treasury Notes	2.13%	09/30/2024		4,865,068
	5,675,000	U.S. Treasury Notes	2.25%	10/31/2024		5,669,791
	4,510,000	U.S. Treasury Notes	3.00%	09/30/2025		4,699,561

TOTAL U.S. GOVERNMENT BONDS AND NOTES (Cost $286,279,162)						288,581,570

MUNICIPAL BONDS - 0.94%
	33,700,000	Commonwealth of Puerto Rico, Series A, Revenue Bonds^(f)	8.00%	07/01/2035		17,566,125
	120,000	Missouri Highway & Transportation Commission, Revenue Bonds	5.06%	05/01/2024		132,722
	165,000	State of California, General Obligation Bonds	7.55%	04/01/2039		250,894

TOTAL MUNICIPAL BONDS (Cost $26,389,386)						17,949,741

U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 8.78%
		Federal Home Loan Mortgage Corp. Pool
	293,323	Series Pool #G01840	5.00%	07/01/2035		316,317
	111,313	Series Pool #G04817	5.00%	09/01/2038		119,967
		Federal Home Loan Mortgage Corp. REMICS
	1,391,725	Series 2003-2722^(d)	9.89% - 1M US L	12/15/2033		1,522,079
	272,037	Series 2005-R003	5.50%	10/15/2035		299,371
	1,927,802	Series 2006-3244^(d)	6.66% - 1M US L	11/15/2036		330,534
	93,066	Series 2007-3261^(d)	6.43% - 1M US L	01/15/2037		14,546
	239,542	Series 2007-3262^(d)	6.40% - 1M US L	01/15/2037		28,215
	838,443	Series 2007-3301^(d)	6.10% - 1M US L	04/15/2037		94,047
	651,553	Series 2007-3303^(d)	6.10% - 1M US L	04/15/2037		88,162
	250,424	Series 2007-3382^(d)	6.00% - 1M US L	11/15/2037		21,663
	551,258	Series 2007-3384^(d)	6.31% - 1M US L	08/15/2036		80,819
	237,959	Series 2007-3384^(d)	6.39% - 1M US L	11/15/2037		25,545
	292,129	Series 2008-3417^(d)	6.18% - 1M US L	02/15/2038		32,681
	5,549,479	Series 2008-3423^(d)	6.00% - 1M US L	03/15/2038		49,469
	278,555	Series 2008-3423^(d)	5.65% - 1M US L	03/15/2038		27,580
	1,912,575	Series 2009-3510^(d)	6.75% - 1M US L	02/15/2037		326,157
	472,673	Series 2009-3523^(d)	6.00% - 1M US L	04/15/2039		66,522
	93,679	Series 2009-3524	3.60%	06/15/2038		94,688

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	18,783	Series 2009-3549^(d)	5.80% - 1M US L	07/15/2039	$	1,866
	1,153,405	Series 2009-3560^(d)	6.40% - 1M US L	11/15/2036		141,962
	445,408	Series 2010-3641	4.50%	03/15/2040		477,566
	557,150	Series 2010-3726^(d)	6.05% - 1M US L	09/15/2040		84,779
	3,066,778	Series 2010-3728^(d)	4.45% - 1M US L	09/15/2040		228,211
	750,000	Series 2010-3779	3.50%	12/15/2030		777,083
	179,399	Series 2010-3779	4.00%	12/15/2030		188,441
	501,865	Series 2010-3779	4.50%	12/15/2040		532,787
	78,997	Series 2011-3786^(d)	9.50% - 1M US L	01/15/2041		83,673
	1,385,586	Series 2011-3795	4.00%	01/15/2041		1,427,194
	69,792	Series 2011-3798^(d)	9.50% - 1M US L	11/15/2040		74,822
	594,897	Series 2011-3808	3.50%	02/15/2031		607,575
	39,198	Series 2011-3809^(d)	9.50% - 1M US L	02/15/2041		38,926
	989,508	Series 2011-3815^(d)	5.85% - 1M US L	02/15/2041		129,637
	496,098	Series 2011-3824	3.50%	03/15/2031		516,814
	558,084	Series 2011-3824^(d)	7.10% - 1M US L	08/15/2036		90,941
	656,853	Series 2011-3863	5.50%	08/15/2034		706,867
	646,115	Series 2011-3864^(d)	9.20% - 1M US L	05/15/2041		681,554
	705,727	Series 2011-3871	5.50%	06/15/2041		794,810
	676,188	Series 2011-3872^(d)	5.95% - 1M US L	06/15/2041		89,479
	2,919,832	Series 2011-3910	5.00%	08/15/2041		3,340,543
	3,152,409	Series 2011-3924^(d)	6.00% - 1M US L	09/15/2041		433,464
	587,287	Series 2011-3925	3.00%	09/15/2021		14,981
	4,388,731	Series 2012-3^(d)	5.95% - 1M US L	02/25/2042		567,706
	3,928,129	Series 2012-4057	4.00%	06/15/2042		4,120,557
	10,389,805	Series 2013-4218	2.50%	02/15/2043		9,323,860
	7,300,176	Series 2013-4239^(g)	0.00%	07/15/2043		5,222,023
	4,654,061	Series 2014-4413	3.50%	11/15/2044		4,751,279
	3,390,439	Series 2015-4434	3.00%	02/15/2045		3,210,782
	3,322,074	Series 2015-4440	2.50%	02/15/2045		2,985,704
		Federal Home Loan Mortgage Corp. Strips
	2,894,972	Series 2017-358	3.00%	10/15/2047		2,910,271
		Federal National Mortgage Association Pool
	81,644	Series Pool #555743	5.00%	09/01/2033		87,887
	99,048	Series Pool #735382	5.00%	04/01/2035		106,608
	266,483	Series Pool #735383	5.00%	04/01/2035		286,846
	182,625	Series Pool #735484	5.00%	05/01/2035		196,577
	84,271	Series Pool #AH4437	4.00%	01/01/2041		86,401
	9,098,554	Series Pool #BM5299	3.00%	12/01/2046		9,074,850
	4,506,691	Series Pool #CA1875	3.50%	06/01/2048		4,578,932

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Federal National Mortgage Association REMICS
$	95,924	Series 2004-46^(d)	6.00% - 1M US L	03/25/2034	$	9,029
	315,952	Series 2006-101^(d)	6.58% - 1M US L	10/25/2036		53,649
	927,892	Series 2006-123^(d)	6.32% - 1M US L	01/25/2037		154,072
	4,354,772	Series 2006-92^(d)	6.58% - 1M US L	10/25/2036		668,111
	113,491	Series 2007-102^(d)	6.40% - 1M US L	11/25/2037		17,920
	87,659	Series 2007-108^(d)	6.36% - 1M US L	12/25/2037		10,271
	21,027	Series 2007-30^(d)	6.11% - 1M US L	04/25/2037		2,286
	403,904	Series 2007-38^(d)	6.08% - 1M US L	05/25/2037		48,472
	16,648	Series 2007-51^(d)	6.10% - 1M US L	06/25/2037		1,606
	51,478	Series 2007-53^(d)	6.10% - 1M US L	06/25/2037		5,886
	625,555	Series 2007-57^(d)	6.62% - 1M US L	10/25/2036		86,267
	188,436	Series 2007-68^(d)	6.65% - 1M US L	07/25/2037		23,794
	701,926	Series 2008-3^(d)	6.46% - 1M US L	02/25/2038		113,746
	279,371	Series 2008-56^(d)	6.06% - 1M US L	07/25/2038		32,215
	91,238	Series 2008-81	5.50%	09/25/2038		97,629
	428,674	Series 2009-111	5.00%	01/25/2040		459,241
	217,303	Series 2009-111^(d)	6.25% - 1M US L	01/25/2040		26,190
	1,078,700	Series 2009-12^(d)	6.60% - 1M US L	03/25/2036		150,420
	41,711	Series 2009-28^(d)	6.00% - 1M US L	04/25/2037		4,389
	477,945	Series 2009-41	4.50%	06/25/2039		494,089
	113,879	Series 2009-42^(d)	6.00% - 1M US L	06/25/2039		12,288
	262,311	Series 2009-47^(d)	6.10% - 1M US L	07/25/2039		33,897
	148,555	Series 2009-62^(d)	6.10% - 1M US L	08/25/2039		14,517
	76,576	Series 2009-66^(d)	5.80% - 1M US L	02/25/2038		9,205
	84,746	Series 2009-68^(d)	5.25% - 1M US L	09/25/2039		7,761
	379,393	Series 2010-11^(d)	4.80% - 1M US L	02/25/2040		28,775
	63,096	Series 2010-111^(d)	6.00% - 1M US L	10/25/2040		6,835
	140,458	Series 2010-112	4.00%	10/25/2040		142,741
	202,957	Series 2010-115^(d)	6.60% - 1M US L	11/25/2039		27,210
	2,333,352	Series 2010-115^(d)	6.00% - 1M US L	10/25/2040		369,342
	5,378,183	Series 2010-123^(d)	6.05% - 1M US L	11/25/2040		864,685
	871,182	Series 2010-15^(d)	4.95% - 1M US L	03/25/2040		87,240
	135,650	Series 2010-34^(d)	4.93% - 1M US L	04/25/2040		10,511
	83,549	Series 2010-4^(d)	6.23% - 1M US L	02/25/2040		11,180
	117,008	Series 2010-58^(d)	12.47% - 1M US L	06/25/2040		129,299
	3,345,088	Series 2010-75	4.50%	07/25/2040		3,565,018
	283,886	Series 2010-9^(d)	4.75% - 1M US L	02/25/2040		17,745
	66,519	Series 2010-9^(d)	5.30% - 1M US L	02/25/2040		6,929
	16,016	Series 2010-90^(d)	6.00% - 1M US L	08/25/2040		1,920
	498,497	Series 2011-16	3.50%	03/25/2031		515,638
	841,024	Series 2011-25	3.00%	04/25/2026		848,653
	500,000	Series 2011-29	3.50%	04/25/2031		508,775

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	306,666	Series 2011-48^(d)	9.20% - 1M US L	06/25/2041	$	317,204
	655,312	Series 2011-5^(d)	6.40% - 1M US L	11/25/2040		61,829
	1,342,561	Series 2011-58^(d)	6.55% - 1M US L	07/25/2041		240,290
	4,303,904	Series 2012-106^(d)	6.16% - 1M US L	10/25/2042		713,579
	1,194,654	Series 2012-124^(d)	7.79% - 1M US L	11/25/2042		1,139,838
	9,795,601	Series 2012-128^(d)	6.00% - 1M US L	11/25/2042		8,526,583
	254,505	Series 2012-29^(d)	6.00% - 1M US L	04/25/2042		29,134
	998,678	Series 2012-32	5.00%	04/25/2042		202,969
	4,410,755	Series 2012-65^(d)	5.98% - 1M US L	06/25/2042		652,106
	3,290,061	Series 2013-19^(d)	5.40% - 1M US L	03/25/2043		2,744,052
	9,646,208	Series 2013-51^(d)	5.40% - 1M US L	04/25/2043		8,429,721
	2,556,617	Series 2015-59	3.00%	06/25/2041		2,561,349
	10,062,776	Series 2015-79	3.00%	11/25/2045		9,425,420
	2,067,009	Series 2015-9	3.00%	01/25/2045		2,090,296
	19,786,418	Series 2016-72	3.00%	10/25/2046		18,150,516
	3,750,723	Series 2018-21^(g)	0.00%	04/25/2048		2,982,833
	3,153,559	Series 2018-27	3.00%	12/25/2047		3,130,538
	3,669,732	Series 2018-36	3.00%	06/25/2048		3,664,792
	5,000,000	Series 2019-12	3.00%	04/25/2049		4,967,729
		Freddie Mac REMICS
	3,627,508	Series 2013-4170^(d)	4.05 - 1M US L	01/15/2033		3,449,764
		Government National Mortgage Association
	68,424	Series 2004-83^(d)	6.08% - 1M US L	10/20/2034		9,276
	58,112	Series 2008-6^(d)	6.46% - 1M US L	02/20/2038		8,074
	55,754	Series 2008-67^(d)	6.00% - 1M US L	08/20/2038		6,250
	875,189	Series 2008-69^(d)	7.63% - 1M US L	08/20/2038		160,661
	74,303	Series 2009-10^(d)	6.65% - 1M US L	02/16/2039		13,021
	1,147,767	Series 2009-35	4.50%	05/20/2039		1,230,797
	4,426,564	Series 2009-58^(d)	6.25% - 1M US L	06/20/2039		491,929
	61,952	Series 2009-6^(d)	5.95% - 1M US L	02/20/2038		7,593
	2,187,251	Series 2009-75	5.00%	09/20/2039		2,345,428
	5,269,299	Series 2010-121^(d)	6.00% - 1M US L	09/20/2040		671,260
	89,534	Series 2010-61^(d)	6.55% - 1M US L	09/20/2039		11,852
	188,530	Series 2010-98^(d)	5.73%	03/20/2039		23,402
	768,135	Series 2011-69^(g)	0.00%	05/20/2041		672,308
	2,197,976	Series 2011-71	4.50%	02/20/2041		2,323,055
	1,433,313	Series 2011-71^(d)	5.40% - 1M US L	05/20/2041		159,767
	423,663	Series 2011-72^(d)	6.15% - 1M US L	05/20/2041		49,264
	2,321,265	Series 2011-89^(d)	5.45% - 1M US L	06/20/2041		254,451
	531,328	Series 2012-105^(d)	6.20% - 1M US L	01/20/2041		31,127
	6,616,795	Series 2013-113^(d)	6.25% - 1M US L	03/20/2043		706,698
	8,638,387	Series 2013-122^(d)	6.10% - 1M US L	08/16/2043		1,297,589
	4,996,690	Series 2013-148^(d)	5.68% - 1M US L	10/16/2043		690,385

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	9,355,688	Series 2013-186^(d)	6.25% - 1M US L	02/16/2043	$	1,256,410
	5,864,753	Series 2014-156^(d)	6.25% - 1M US L	10/20/2044		851,177
	11,745,775	Series 2014-4^(d)	6.10% - 1M US L	01/16/2044		1,709,351
	8,100,379	Series 2014-5^(d)	6.15% - 1M US L	07/20/2043		1,033,448
	7,019,372	Series 2014-95^(d)	6.25% - 1M US L	06/16/2044		1,002,810
	9,836,719	Series 2018-153^(d)	6.15 - 1M US L	11/20/2048		1,307,684
	27,249,325	Series 2018-164^(d)	6.10 - 1M US L	12/20/2048		3,650,279

TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES (Cost $221,120,225)						167,647,954

Shares/Description					Value
SHORT-TERM INVESTMENTS -4.48%
Money Market Fund - 3.67%
	70,085,169	State Street Institutional Trust (7 Day Yield 2.35%)				70,085,169
U.S. Treasury - 0.81%
	6,740,000	United States Treasury Bill^(l)	2.50%	11/07/2019		6,644,263
	6,350,000	United States Treasury Bill^(l)	2.41%	07/11/2019		6,307,845
	2,500,000	United States Treasury Bill^(l)	2.45%	09/05/2019		2,474,231
						15,426,339

TOTAL SHORT-TERM INVESTMENTS (Cost $85,504,433)						85,511,508

TOTAL INVESTMENTS - 98.76% (Cost $1,957,405,313)						1,885,245,871
OTHER ASSETS IN EXCESS OF LIABILITIES -1.24%						23,695,416
NET ASSETS - 100.00%					$	1,908,941,287

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

Libor Rates:

1M US L - 1 Month LIBOR as of March 31, 2019 was 2.49%

2M US L - 2 Month LIBOR as of March 31, 2019 was 2.56%

3M US L - 3 Month LIBOR as of March 31, 2019 was 2.60%

^(a)

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

^(b)

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

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

^(c)

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, 2019, the aggregate fair value of those securities was $25,776,339, representing 1.35% of net assets.

^(d)

Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2019. 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.

^(e)

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 $326,896,680, which represents approximately 17.12% of net assets as of March 31, 2019.

^(f)

Security is currently in default.

^(g)

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

^(h)

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

⁽ⁱ⁾

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

^(j)

All or a portion of this position has not settled as of March 31, 2019. 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.

^(k)

Step bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at March 31, 2019.

^(l)

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

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Shares/Description					Value
CLOSED-END FUNDS - 24.22%
	26,228	BlackRock Corporate High Yield Fund, Inc.			$	269,099
	25,649	BlackRock Debt Strategies Fund, Inc.				274,957
	52,696	BlackRock Floating Rate Income Strategies Fund, Inc.				658,700
	21,974	BlackRock Floating Rate Income Trust				268,302
	39,389	BrandywineGLOBAL -Global Income Opportunities Fund, Inc.				438,793
	39,383	Eaton Vance Floating-Rate Income Trust				519,462
	54,440	Eaton Vance Limited Duration Income Fund				688,666
	229,147	First Trust Senior Floating Rate 2022 Target Term Fund				2,002,745
	27,666	Franklin Limited Duration Income Trust				266,424
	271,815	Invesco Senior Income Trust				1,141,623
	230,973	Nuveen Credit Strategies Income Fund				1,785,421
	34,168	Nuveen Mortgage Opportunity Term Fund				795,431
	49,877	PGIM Global High Yield Fund, Inc.				695,285
	42,554	PGIM High Yield Bond Fund, Inc.				603,416
	19,489	Western Asset Emerging Markets Debt Fund, Inc.				265,830
	59,317	Western Asset Global High Income Fund, Inc.				556,987
	316,708	Western Asset High Income Opportunity Fund, Inc.				1,529,700

TOTAL CLOSED-END FUNDS (Cost $12,893,771)						12,760,841

COMMON STOCKS - 0.04%
	999	David's Bridal^(a)(b)				20,580
	3,002	Ultra Petroleum Corp.^(b)				1,831

TOTAL COMMON STOCKS (Cost $154,645)						22,411

PREFERRED STOCKS - 0.14%
	11	Ditech Holding Corp., 0.000%^(a)(b)(c)(d)				–
	75	Sequa Corp., 7.000%^(a)(b)(e)				75,000

TOTAL PREFERRED STOCKS (Cost $94,004)						75,000

Principal Amount/Description			Rate	Maturity	Value
BANK LOANS - 40.85%^(f)
*Canada - 0.72%*
$	298,164	GFL Environmental, Inc., First Lien Effective Date Incremental Term Loan	1M US L + 3.00%, 1.00% Floor	05/30/2025		288,939
	94,205	Hudson's Bay Co., First Lien Initial Term Loan	1M US L + 3.25%, 1.00% Floor	09/30/2022		92,115
						381,054

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Denmark - 0.66%
$	229,305	Nets Holdco 4 ApS, First Lien Facility B1E Term Loan	3M EUR L + 3.00%	02/06/2025	$	253,882
	81,941	TDC A/S, First Lien Facility B3 Term Loan	1M EUR L + 2.75%	06/04/2025		91,901
						345,783
*Finland - 0.21%*
	100,000	Mascot Bidco Oy, First Lien Term Loan^(g)	E + 4.50%	02/26/2026		111,241

*France - 1.65%*
	99,750	Altice France S.A., First Lien USD TLB-13 Incremental Term Loan	1M US L + 4.00%	08/14/2026		95,885
	100,000	CAB, First Lien Additional Facility 4 Term Loan^(g)	E + 4.00%	06/14/2024		112,596
	300,000	Constantin Investissement 4 S.A.S., First Lien Facility B Term Loan	3M EUR L + 3.00%	04/22/2024		331,782
	130,000	Financière Labeyrie Fine Foods, First Lien Facility B Term Loan	3M EUR L + 4.25%	05/23/2023		145,964
	196,500	Numericable U.S. LLC, First Lien USD TLB-11 Term Loan	1M US L + 2.75%	07/31/2025		183,236
						869,463
*Germany - 1.30%*
	190,000	Alpha Group, SARL, First Lien Facility B Term Loan	3M EUR L + 3.75%	01/31/2025		211,800
	120,000	Befesa SA, First Lien Facility B Term Loan	6M EUR L + 2.50%	12/07/2022		134,795
	60,000	Blitz F18-675 GmbH, First Lien Facility B2 Term Loan	3M EUR L + 3.75%	07/31/2025		67,568
	162,354	CTC AcquiCo GmbH, First Lien Facility B2 Term Loan	3M US L + 3.00%	03/07/2025		160,207
	100,000	Marcel Lux IV SARL, First Lien Facility B2 (EUR) Term Loan^(g)	E + 3.50%	03/16/2026		111,852
						686,222
*Great Britain - 3.43%*
	99,498	EG Group, Ltd., First Lien Facility B (EUR) Term Loan	3M US L + 4.00%	02/07/2025		109,527
	175,772	Formula One Management, Ltd., First Lien Facility B3 Term Loan	1M US L + 2.50%, 1.00% Floor	02/01/2024		169,796
	210,000	Franklin UK Midco, Ltd., First Lien Facility B1 Term Loan	3M EUR L + 4.00%	12/18/2024		234,390
	130,000	Froneri International PLC, First Lien Facility B3 Term Loan	1M US L + 2.75%	01/31/2025		168,208
	300,000	Genesis Specialist Care Finance UK, Ltd., First Lien Facility B2 Term Loan^(g)	E + 3.50%	10/30/2025		337,366

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	190,640	Lernen Bidco, Ltd., First Lien Facility B1 (EUR) Term Loan^(g)	E + 4.00%	11/28/2025	$	215,421
	250,000	LGC Science Holdings, Ltd., First Lien Facility B3 Term Loan	1M US L + 3.50%	03/08/2023		245,417
	149,837	Richmond UK Holdco, Ltd., First Lien Facility B Term Loan	1M US L + 4.25%	03/03/2024		186,008
	155,000	Survitec Acqusition Company, Ltd., First Lien Facility B Tranche 2 Term Loan	6M EUR L + 4.75%	03/12/2022		141,488
						1,807,621
*Luxembourg - 1.47%*
	148,125	Altice Financing SA, First Lien October 2017 USD Term Loan	1M US L + 2.75%	01/31/2026		141,645
	80,000	Auris Luxembourg III S.a r.l., First Lien Facility B1A Term Loan	3M US L + 4.00%	02/27/2026		90,293
	190,000	CCP Lux Holdings S.a. r.l., First Lien Senior EUR Facility B Term Loan	3M EUR L + 3.25%	01/10/2025		212,933
	300,000	Neuraxpharm Holdco S.A.R.L., First Lien Facility B2 Term Loan	3M EUR L + 3.75%	08/24/2023		330,005
						774,876
*Netherlands - 1.65%*
	217,250	Diamond B.V., First Lien Initial Euro Term Loan	3M EUR L + 3.25%	09/06/2024		239,044
	283,418	Peer Holdings III B.V., First Lien Facility B Term Loan	3M EUR L + 3.25%	03/07/2025		312,670
	250,000	Sigma Holdco B.V., First Lien Facility B4 (GBP) Term Loan	3M US L + 4.00%	07/02/2025		316,999
						868,713
*Sweden - 0.42%*
	200,000	Verisure Holding Tlb^(g)	E + 3.50%	10/21/2022		223,685

*United States - 29.34%*
	247,708	Access CIG LLC, First Lien B Term Loan	1M US L + 3.75%	02/27/2025		245,231
	337,954	Acuity Specialty Products, Inc., First Lien Initial Term Loan	3M US L + 4.00%, 1.00% Floor	08/12/2024		299,651
	148,875	Adtalem Global Education, Inc., First Lien B Term Loan	1M US L + 3.00%	04/11/2025		148,192
	39,200	AI Aqua Merger Sub, Inc., First Lien Tranche B-1 Term Loan	1M US L + 3.25%, 1.00% Floor	12/13/2023		37,583
	196,498	Air Medical Group Holdings, Inc., First Lien 2018 Term Loan	1M US L + 3.25%, 1.00% Floor	04/28/2022		185,528
	96,838	Allnex & Cy S.C.A., First Lien Tranche B-2 Term Loan	3M US L + 3.25%, 0.75% Floor	09/13/2023		96,474
	244,316	American Renal Holdings, Inc., First Lien B Term Loan	1M US L + 3.25%	06/21/2024		233,016

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	247,500	American Rock Salt Co. LLC, First Lien Initial Term Loan	1M US L + 3.75%, 1.00% Floor	03/21/2025	$	247,500
	147,750	Applied Systems, Inc., First Lien Closing Date Term Loan	1M US L + 3.00%, 1.00% Floor	09/19/2024		146,595
	159,216	Asurion LLC, First Lien Amendment No. 14 Replacement B-4 Term Loan	1M US L + 3.00%	08/04/2022		158,676
	249,375	Atlantic Aviation FBO, Inc., First Lien B Term Loan	1M US L + 3.75%	12/06/2025		251,869
	237,154	Avantor, Inc., First Lien Initial B-1 Euro Term Loan^(g)	E + 3.75%	11/21/2024		266,630
	168,397	Aveanna Healthcare LLC, First Lien Initial Term Loan	1M US L + 4.25%, 1.00% Floor	03/18/2024		162,082
	147,750	Badger Finance LLC, First Lien 2018 Refinancing Term Loan	1M US L + 3.50%, 1.00% Floor	09/30/2024		143,872
	181,628	BCP Renaissance Parent LLC, First Lien Initial Term Loan	3M US L + 3.50%, 1.00% Floor	10/31/2024		181,222
	198,000	Beacon Roofing Supply, Inc., First Lien Initial Term Loan	1M US L + 2.25%	01/02/2025		193,256
	148,125	Belron Finance US LLC, First Lien Initial B Term Loan	3M US L + 2.25%	11/07/2024		146,644
	98,500	Big River Steel LLC, First Lien Closing Date Term Loan	3M US L + 5.00%, 1.00% Floor	08/23/2023		99,116
	247,505	Boing US Holdco, Inc., First Lien B Term Loan	3M US L + 3.25%, 1.00% Floor	10/03/2024		247,350
	90,906	Boyd Gaming Corp., First Lien Refinancing B Term Loan	1W US L + 2.25%	09/15/2023		90,275
	248,750	Bracket Intermediate Holding Corp., First Lien Initial Term Loan	1M US L + 4.25%	09/05/2025		247,973
	250,000	Brookfield WEC Holdings, Inc., First Lien Initial Term Loan	1M US L + 3.75%, 0.75% Floor	08/01/2025		249,879
	100,000	Brookfield WEC Holdings, Inc., Second Lien Initial Term Loan	1M US L + 6.75%, 0.75% Floor	08/03/2026		100,475
	246,875	Caesars Resort Collection LLC, First Lien B Term Loan	1M US L + 2.75%	12/23/2024		244,009
	76,395	Camelot U.S. Acquisition 1 Co., First Lien New Term Loan	1M US L + 3.25%, 1.00% Floor	10/03/2023		76,101
	140,504	Canyon Valor Cos., Inc., First Lien Initial Dollar Term Loan	3M US L + 2.75%	06/16/2023		139,670
	128,050	Canyon Valor Cos., Inc., First Lien Initial Euro Term Loan	3M EUR L + 3.00%	06/16/2023		142,443
	220,751	Cengage Learning, Inc., First Lien 2016 Refinancing Term Loan	1M US L + 4.25%, 1.00% Floor	06/07/2023		199,262
	249,375	CentralSquare Technologies LLC, First Lien Initial Term Loan	1M US L + 3.75%	08/29/2025		246,258
	296,250	CenturyLink, Inc., First Lien Initial B Term Loan	1M US L + 2.75%	01/31/2025		291,067
	127,388	CEOC LLC, First Lien B Term Loan	1M US L + 2.00%	10/07/2024		124,744

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	246,875	Charter Communications Operating LLC, First Lien B Term Loan	1M US L + 2.00%	04/30/2025	$	245,533
	98,992	Charter NEX US, Inc., First Lien Initial Term Loan	1M US L + 2.75%, 1.00% Floor	05/16/2024		96,415
	149,248	CHG Healthcare Services, Inc., First Lien 2017 New Term Loan	3M US L + 3.00%, 1.00% Floor	06/07/2023		148,689
	148,875	Cogeco Communications II LP, First Lien B Term Loan	1M US L + 2.375%	01/03/2025		146,987
	248,125	Covia Holdings Corp., First Lien Initial Term Loan	1W US L + 3.75%, 1.00% Floor	06/01/2025		212,729
	174,318	Cypress Intermediate Holdings III, Inc., First Lien Initial Term Loan	1M US L + 3.00%, 1.00% Floor	04/29/2024		171,576
	44,884	David's Bridal, Inc. Takeback Tl^(g)	L + 8.00%	01/18/2024		44,884
	11,812	David's Bridal, Inc. Tl^(g)	L + 7.50%	07/18/2023		11,812
	148,216	EG Group, Ltd., First Lien Additional Facility Term Loan	3M US L + 4.00%	02/07/2025		145,103
	25,676	Emmis Operating Co., First Lien Term Loan	1W US L + 8.00%, 1.00% Floor	04/18/2019		25,451
	97,753	ExamWorks Group, Inc., First Lien B-1 Term Loan	1M US L + 3.25%, 1.00% Floor	07/27/2023		97,509
	98,232	Explorer Holdings, Inc., First Lien Initial Term Loan	3M US L + 3.75%, 1.00% Floor	05/02/2023		97,557
	248,125	Flynn Restaurant Group LP, First Lien Initial Term Loan	1M US L + 3.50%	06/27/2025		240,993
	125,000	Flynn Restaurant Group LP, Second Lien Initial Term Loan	1M US L + 7.00%	06/29/2026		120,833
	248,750	Franklin Square Holdings LP, First Lien Initial Term Loan	1M US L + 2.50%	08/01/2025		248,285
	138,028	Gentiva Health Services, Inc., First Lien Closing Date Initial Term Loan	1M US L + 3.75%	07/02/2025		138,546
	248,906	GlobalLogic Holdings, Inc., First Lien Initial Term Loan^(g)	1M US L + 3.25%	08/01/2025		248,284
	207,696	Golden Nugget, Inc., First Lien Initial B Term Loan	1M US L + 2.75%, 0.75% Floor	10/04/2023		205,928
	229,861	Graftech International, Ltd., First Lien Initial Term Loan	1M US L + 3.50%, 1.00% Floor	02/12/2025		229,574
	162,268	Greeneden U.S. Holdings I LLC, First Lien Tranche B-3 Dollar Term Loan	1M US L + 3.25%	12/01/2023		160,503
	98,750	Greenrock Finance, Inc., First Lien Initial USD B Term Loan	3M US L + 3.50%, 1.00% Floor	06/28/2024		98,318
	185,131	HD Supply, Inc., First Lien B-5 Term Loan	1M US L + 1.75%	10/17/2023		183,233
	148,875	Hub International, Ltd., First Lien Initial Term Loan	3M US L + 2.75%	04/25/2025		144,238
	8,250	Innoviva, Inc., First Lien Initial Term Loan	3M US L + 4.50%, 1.00% Floor	08/18/2022		8,168

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	660,957	Jaguar Holding Company I LLC, First Lien 2018 Term Loan	1M US L + 2.50%, 1.00% Floor	08/18/2022	$	655,366
	229,162	JBS USA LUX SA, First Lien Initial Term Loan	1M US L + 2.50%, 0.75% Floor	10/30/2022		227,945
	78,200	Learfield Communications LLC, First Lien Initial Term Loan	1M US L + 3.25%, 1.00% Floor	12/01/2023		78,029
	242,348	Life Time Fitness, Inc., First Lien 2017 Refinancing Term Loan	3M US L + 2.75%, 1.00% Floor	06/10/2022		239,967
	149,250	Mayfield Agency Borrower, Inc., First Lien B Term Loan	1M US L + 4.50%	02/28/2025		145,892
	292,205	McAfee LLC, First Lien B USD Term Loan	1M US L + 3.75%	09/30/2024		292,389
	37,834	Monitronics International, Inc., First Lien B-2 Term Loan	3M US L + 5.50%, 1.00% Floor	09/30/2022		31,821
	98,750	MRC Global, Inc., First Lien 2018 Refinancing Term Loan	1M US L + 3.00%	09/20/2024		98,750
	498,750	Natgasoline LLC, First Lien Initial Term Loan	3M US L + 3.50%	11/14/2025		499,997
	39,900	NEP Group, Inc., First Lien Initial Euro Term Loan	3M EUR L + 3.50%	10/20/2025		44,912
	247,506	NVA Holdings, Inc., First Lien B-3 Term Loan	1M US L + 2.75%, 1.00% Floor	02/02/2025		239,850
	98,752	Odyssey Logistics & Technology Corp., First Lien New Term Loan	1M US L + 4.00%, 1.00% Floor	10/12/2024		98,259
	98,000	Onvoy LLC, First Lien Initial Term Loan	3M US L + 4.50%, 1.00% Floor	02/10/2024		88,047
	147,750	OpenLink International Holdings, Inc., First Lien Replacement Euro Term Loan^(g)	E + 4.00%, 1.00% Floor	03/21/2025		164,806
	148,687	Pearl Intermediate Parent LLC, First Lien Initial Term Loan^(g)	1M US L + 2.75%	02/14/2025		141,438
	98,252	Playa Resorts Holding B.V., First Lien Initial Term Loan	1M US L + 2.75%, 1.00% Floor	04/29/2024		94,691
	246,102	Recess Holdings, Inc., First Lien Initial Term Loan	1M US L + 3.75%, 1.00% Floor	09/30/2024		241,385
	99,750	Refinitiv US Holdings, Inc., First Lien Initial Euro Term Loan	6M EUR L + 4.00%	10/01/2025		111,545
	197,500	Ring Container Technologies Group LLC, First Lien Initial Term Loan	1M US L + 2.75%	10/31/2024		194,208
	94,379	RPI Finance Trust, First Lien Initial B -6 Term Loan	1M US L + 2.00%	03/27/2023		93,966
	148,500	Scientific Games International, Inc., First Lien Initial B-5 Term Loan	2M US L + 2.75%	08/14/2024		144,880
	249,375	Sedgwick Claims Management Services, Inc., First Lien Initial Term Loan	1M US L + 3.25%	12/31/2025		244,673

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	22,193	Servicemaster Co., LLC, First Lien Tranche C Term Loan	1M US L + 2.50%	11/08/2023	$	22,172
	245,549	St. George's University Scholastic Services LLC, First Lien Term Loan	1M US L + 3.50%	07/17/2025		245,548
	148,125	Strategic Materials Holding Corp., First Lien Initial Term Loan	3M US L + 3.75%, 1.00% Floor	11/01/2024		131,461
	40,538	Toys 'R' US Property Company I LLC	1M US L + 5.00%, 1.00% Floor	08/21/2019		37,700
	102,913	Trans Union LLC, First Lien 2017 Replacement B-3 Term Loan	1M US L + 2.00%	04/10/2023		102,132
	442,340	Transdigm, Inc., First Lien 2018 New Tranche E Term Loan	1M US L + 2.50%	05/30/2025		431,582
	250,000	Tunnel Hill Partners LP, First Lien Initial Term Loan	1M US L + 3.50%	02/06/2026		248,906
	294,219	Uniti Group, Inc., First Lien Shortfall Term Loan	1M US L + 5.00%, 1.00% Floor	10/24/2022		288,089
	147,638	UTEX Industries, Inc., First Lien Initial Term Loan	1M US L + 4.00%, 1.00% Floor	05/21/2021		142,240
	36,262	Vestcom Parent Holdings, Inc., First Lien L/C Collaterilized Term Loan	1M US L + 4.00%, 1.00% Floor	12/19/2023		34,812
	227,681	Windstream Services LLC, First Lien 2016 Tranche B-6 Term Loan	3M US L + 5.00%, 0.75% Floor	03/29/2021		228,855
	133,362	YI LLC, First Lien Initial Term Loan	3M US L + 4.00%, 1.00% Floor	11/07/2024		132,529
	132,880	York Risk Services Holding Corp., First Lien Term Loan	1M US L + 3.75%, 1.00% Floor	10/01/2021		125,073
						15,457,706

TOTAL BANK LOANS (Cost $22,062,468)						21,526,364

HIGH YIELD DEBT- 29.49%
*Australia* - 0.18%
	100,000	Nufarm Australia, Ltd. / Nufarm Americas, Inc.^(h)	5.75%	04/30/2026		93,000
*Canada -* 1.34%
	130,000	Bausch Health Cos., Inc.^(h)	5.88%	05/15/2023		131,787
	40,000	Baytex Energy Corp.^(h)	5.13%	06/01/2021		39,700
	5,000	Baytex Energy Corp.^(h)	5.63%	06/01/2024		4,669
	65,000	Cascades, Inc.^(h)	5.50%	07/15/2022		65,650
	36,000	Cascades, Inc.^(h)	5.75%	07/15/2023		36,090
	45,000	Eldorado Gold Corp.^(h)	6.13%	12/15/2020		44,154
	25,000	First Quantum Minerals, Ltd.^(h)	7.25%	05/15/2022		25,250
	20,000	First Quantum Minerals, Ltd.^(h)	7.25%	04/01/2023		19,600

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	70,000	goeasy, Ltd.^(h)	7.88%	11/01/2022	$	73,675
	50,000	Mercer International, Inc.^(h)	7.38%	01/15/2025		52,625
	35,000	Mercer International, Inc.	5.50%	01/15/2026		34,475
	45,000	New Gold, Inc.^(h)	6.25%	11/15/2022		39,825
	6,764	Precision Drilling Corp.	6.50%	12/15/2021		6,848
	35,000	Precision Drilling Corp.	7.75%	12/15/2023		36,138
	30,000	Precision Drilling Corp.^(h)	7.13%	01/15/2026		29,897
	65,000	Vermilion Energy, Inc.^(h)	5.63%	03/15/2025		63,375
						703,758
*Denmark* - 0.23%
	100,000	DKT Finance ApS⁽ⁱ⁾	7.00%	06/17/2023		121,934
*France - 0.43%*
	100,000	Altice France SA⁽ⁱ⁾	5.63%	05/15/2024		115,990
	100,000	Constantin Investissement 3 SASU⁽ⁱ⁾	5.38%	04/15/2025		111,336
						227,326
*Germany* - 0.88%
	120,000	Nidda Healthcare Holding GmbH⁽ⁱ⁾	3.50%	09/30/2024		133,882
	100,000	Techem Verwaltungsgesellschaft 674 mbH⁽ⁱ⁾	6.00%	07/30/2026		116,547
	100,000	Tele Columbus AG⁽ⁱ⁾	3.88%	05/02/2025		100,828
	100,000	WEPA Hygieneprodukte GmbH⁽ⁱ⁾	3.75%	05/15/2024		113,857
						465,114
*Great Britain - 0.54%*
	100,000	Arqiva Broadcast Finance PLC	6.75%	09/30/2023		138,857
	100,000	Nomad Foods Bondco PLC⁽ⁱ⁾	3.25%	05/15/2024		114,894
	35,000	Tronox Finance PLC^(h)	5.75%	10/01/2025		32,594
						286,345
*Ireland -* 0.64%
	100,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.⁽ⁱ⁾	2.75%	03/15/2024		115,048
	10,000	Avolon Holdings Funding, Ltd.^(h)	5.50%	01/15/2023		10,300
	35,000	Park Aerospace Holdings, Ltd.^(h)	5.25%	08/15/2022		35,959
	45,000	Park Aerospace Holdings, Ltd.^(h)	5.50%	02/15/2024		46,800
	100,000	Virgin Media Receivables Financing Notes I DAC⁽ⁱ⁾	5.50%	09/15/2024		131,369
						339,476
*Italy - 1.13%*
	100,000	Bormioli Pharma Bidco SpA^(f)(i)	3M EUR L + 3.50%	11/15/2024		104,772
	100,000	Guala Closures SPA^(h)	3.50%	04/15/2024		113,297
	100,000	LKQ Italia Bondco SpA⁽ⁱ⁾	3.88%	04/01/2024		119,971
	120,000	Nexi Capital SPA^(h)	4.13%	11/01/2023		140,210
	100,000	Telecom Italia SpA	3.25%	01/16/2023		117,511
						595,761

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Jersey - 0.68%
$	100,000	CPUK Finance, Ltd.⁽ⁱ⁾	4.25%	08/28/2022	$	130,168
	100,000	LHC3 PLC^(h)(j)	4.13% (9.00%)	08/15/2024		113,998
	100,000	Lincoln Finance, Ltd.⁽ⁱ⁾	6.88%	04/15/2021		114,490
						358,656
*Luxembourg - 0.81%*
	105,000	Altice Luxembourg SA⁽ⁱ⁾	6.25%	02/15/2025		108,962
	85,000	Dana Financing Luxembourg Sarl^(h)	5.75%	04/15/2025		85,425
	100,000	Samsonite Finco Sarl⁽ⁱ⁾	3.50%	05/15/2026		112,455
	100,000	SES SA^(c)(f)	4.63%	Perpetual Maturity		117,634
						424,476
*Netherlands - 1.15%*
	100,000	Diamond BC BV^(h)	5.63%	08/15/2025		105,669
	100,000	Intertrust Group BV⁽ⁱ⁾	3.38%	11/15/2025		115,073
	100,000	InterXion Holding NV^(h)	4.75%	06/15/2025		119,242
	100,000	Sigma Holdco BV⁽ⁱ⁾	5.75%	05/15/2026		105,729
	45,000	Stars Group Holdings BV / Stars Group US Co.-Borrower LLC^(h)	7.00%	07/15/2026		47,025
	100,000	Ziggo Bond Co. BV⁽ⁱ⁾	4.63%	01/15/2025		115,563
						608,301
*Spain - 0.22%*
	100,000	Grifols SA⁽ⁱ⁾	3.20%	05/01/2025		114,320
*Sweden - 0.22%*
	100,000	Verisure Midholding AB⁽ⁱ⁾	5.75%	12/01/2023		114,003
*Switzerland - 0.20%*
	90,000	UPCB Finance IV, Ltd.⁽ⁱ⁾	4.00%	01/15/2027		105,942
*United Arab Emirates - 0.22%*
	115,000	DAE Funding LLC^(h)	5.25%	11/15/2021		117,587
*United States - 20.62%*
	65,000	Acadia Healthcare Co., Inc.	5.13%	07/01/2022		65,487
	10,000	Acadia Healthcare Co., Inc.	5.63%	02/15/2023		10,113
	55,000	Acadia Healthcare Co., Inc.	6.50%	03/01/2024		56,650
	50,000	ACCO Brands Corp.^(h)	5.25%	12/15/2024		49,125
	80,000	AES Corp.	6.00%	05/15/2026		85,198
	20,000	Albertsons Cos. LLC / Safeway, Inc. / New Albertsons LP / Albertson's LLC	6.63%	06/15/2024		20,300
	40,000	Albertsons Cos. LLC / Safeway, Inc. / New Albertsons LP / Albertson's LLC	5.75%	03/15/2025		38,150

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	60,000	Albertsons Cos. LLC / Safeway, Inc. / New Albertsons LP / Albertson's LLC^(h)	7.50%	03/15/2026	$	62,025
	85,000	AmeriGas Partners LP / AmeriGas Finance Corp.	5.63%	05/20/2024		86,806
	35,000	Aramark Services, Inc.	5.13%	01/15/2024		36,094
	40,000	Archrock Partners LP / Archrock Partners Finance Corp.^(h)	6.88%	04/01/2027		40,888
	45,000	Ascent Resources Utica Holdings LLC /ARU Finance Corp.^(h)	7.00%	11/01/2026		43,481
	100,000	Avis Budget Car Rental LLC / Avis Budget Finance, Inc.	5.50%	04/01/2023		101,125
	100,000	Axalta Coating Systems LLC⁽ⁱ⁾	4.25%	08/15/2024		116,905
	35,000	B&G Foods, Inc.	5.25%	04/01/2025		33,687
	5,000	Bausch Health Americas, Inc.^(h)	8.50%	01/31/2027		5,313
	32,000	Bausch Health Cos., Inc.^(h)	5.50%	03/01/2023		32,275
	10,000	Bausch Health Cos., Inc.^(h)	6.13%	04/15/2025		9,925
	35,000	BBA US Holdings, Inc.^(h)	5.38%	05/01/2026		36,137
	30,000	Berry Petroleum Co. LLC^(h)	7.00%	02/15/2026		29,850
	25,000	BMC East LLC^(h)	5.50%	10/01/2024		24,656
	95,000	Boyd Gaming Corp.	6.38%	04/01/2026		98,681
	10,000	Boyd Gaming Corp.	6.00%	08/15/2026		10,288
	105,000	BWAY Holding Co.^(h)	5.50%	04/15/2024		104,638
	30,000	Cablevision Systems Corp.	8.00%	04/15/2020		31,425
	20,000	Callon Petroleum Co.	6.13%	10/01/2024		20,200
	60,000	Callon Petroleum Co.	6.38%	07/01/2026		60,450
	90,000	Cardtronics, Inc. / Cardtronics USA, Inc.^(h)	5.50%	05/01/2025		88,425
	55,000	Carriage Services, Inc.^(h)	6.63%	06/01/2026		56,512
	70,000	Carrizo Oil & Gas, Inc.	6.25%	04/15/2023		69,126
	100,000	Catalent Pharma Solutions, Inc.⁽ⁱ⁾	4.75%	12/15/2024		117,326
	45,000	CCO Holdings LLC / CCO Holdings Capital Corp.^(h)	5.13%	05/01/2023		46,169
	30,000	CCO Holdings LLC / CCO Holdings Capital Corp.	5.75%	09/01/2023		30,675
	60,000	CCO Holdings LLC / CCO Holdings Capital Corp.^(h)	5.88%	04/01/2024		62,857
	45,000	CCO Holdings LLC / CCO Holdings Capital Corp.^(h)	5.00%	02/01/2028		44,606
	70,000	Cedar Fair LP / Canada's Wonderland Co. / Magnum Management Corp.	5.38%	06/01/2024		71,833
	25,000	Centene Corp.	6.13%	02/15/2024		26,226
	50,000	Central Garden & Pet Co.	6.13%	11/15/2023		52,437
	45,000	CenturyLink, Inc.	7.50%	04/01/2024		47,700
	75,000	CenturyLink, Inc.	5.63%	04/01/2025		72,750

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	55,000	Chaparral Energy, Inc.^(h)	8.75%	07/15/2023	$	37,950
	120,000	Chemours Co.	4.00%	05/15/2026		136,656
	60,000	Cheniere Corpus Christi Holdings LLC	7.00%	06/30/2024		67,878
	35,000	Cheniere Corpus Christi Holdings LLC	5.13%	06/30/2027		36,794
	30,000	Cheniere Energy Partners LP	5.25%	10/01/2025		30,787
	60,000	Chesapeake Energy Corp.	7.00%	10/01/2024		60,075
	70,000	Chesapeake Energy Corp.	8.00%	01/15/2025		71,750
	60,000	CHS/Community Health Systems, Inc.	5.13%	08/01/2021		59,286
	35,000	Churchill Downs, Inc.^(h)	5.50%	04/01/2027		35,525
	130,000	CITGO Petroleum Corp.^(h)	6.25%	08/15/2022		129,675
	40,000	Clear Channel Worldwide Holdings, Inc.	6.50%	11/15/2022		41,050
	95,000	Clearway Energy Operating LLC	5.38%	08/15/2024		95,237
	15,000	Clearway Energy Operating LLC	5.00%	09/15/2026		14,363
	70,000	CommScope Finance LLC^(h)	5.50%	03/01/2024		71,770
	5,000	CommScope Technologies LLC^(h)	6.00%	06/15/2025		4,880
	30,000	CommScope Technologies LLC^(h)	5.00%	03/15/2027		26,675
	75,000	CommScope, Inc.^(h)	5.50%	06/15/2024		73,714
	50,000	Comstock Resources, Inc.^(h)	9.75%	08/15/2026		46,250
	100,000	Cott Corp.⁽ⁱ⁾	5.50%	07/01/2024		118,336
	55,000	Covanta Holding Corp.	5.88%	03/01/2024		56,512
	80,000	Covanta Holding Corp.	6.00%	01/01/2027		80,200
	65,000	CrownRock LP / CrownRock Finance, Inc.^(h)	5.63%	10/15/2025		62,644
	55,000	DaVita, Inc.	5.13%	07/15/2024		54,450
	38,371	Ditech Holding Corp.^(j)(k)(l)	9.00% (1.80%)	12/31/2024		–
	105,000	Eldorado Resorts, Inc.	6.00%	04/01/2025		106,837
	25,000	Encompass Health Corp.	5.75%	11/01/2024		25,406
	5,000	Endo Dac / Endo Finance LLC / Endo Finco, Inc.^(h)	6.00%	07/15/2023		3,875
	100,000	Endo Finance LLC^(h)	5.75%	01/15/2022		95,375
	100,000	Equinix, Inc.	2.88%	02/01/2026		115,851
	125,000	ESH Hospitality, Inc.^(h)	5.25%	05/01/2025		124,531
	50,000	Extraction Oil & Gas, Inc.^(h)	7.38%	05/15/2024		42,000
	30,000	First Data Corp.^(h)	5.75%	01/15/2024		30,960
	45,000	FirstCash, Inc.^(h)	5.38%	06/01/2024		46,238
	50,000	Flex Acquisition Co., Inc.^(h)	6.88%	01/15/2025		48,000
	10,000	Flex Acquisition Co., Inc.^(h)	7.88%	07/15/2026		9,675
	60,000	Forum Energy Technologies, Inc.	6.25%	10/01/2021		53,400
	70,000	Frontier Communications Corp.^(h)	8.50%	04/01/2026		65,187
	35,000	Frontier Communications Corp.^(h)	8.00%	04/01/2027		36,225
	70,000	GEO Group, Inc.	5.13%	04/01/2023		62,475
	10,000	GEO Group, Inc.	6.00%	04/15/2026		8,450
	110,000	Golden Nugget, Inc.^(h)	6.75%	10/15/2024		110,825
	40,000	Greystar Real Estate Partners LLC^(h)	5.75%	12/01/2025		40,200

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	105,000	Grinding Media, Inc. / Moly-Cop AltaSteel, Ltd.^(h)	7.38%	12/15/2023	$	101,325
	70,000	Gulfport Energy Corp.	6.63%	05/01/2023		68,250
	60,000	H&E Equipment Services, Inc.	5.63%	09/01/2025		60,075
	10,000	HCA, Inc.	5.88%	03/15/2022		10,750
	115,000	HCA, Inc.	5.38%	02/01/2025		122,188
	20,000	HCA, Inc.	5.88%	02/15/2026		21,650
	15,000	Herc Rentals, Inc.^(h)	7.75%	06/01/2024		15,956
	40,000	HUB International, Ltd.^(h)	7.00%	05/01/2026		39,700
	100,000	Hunt Cos., Inc.^(h)	6.25%	02/15/2026		93,500
	45,000	Ingles Markets, Inc.	5.75%	06/15/2023		46,069
	50,000	Intelsat Jackson Holdings SA^(h)	8.00%	02/15/2024		52,250
	30,000	Intelsat Jackson Holdings SA^(h)	8.50%	10/15/2024		29,325
	100,000	IQVIA, Inc.⁽ⁱ⁾	2.88%	09/15/2025		113,680
	80,000	Iron Mountain, Inc.	5.75%	08/15/2024		81,000
	30,000	Itron, Inc.^(h)	5.00%	01/15/2026		29,587
	105,000	Jaguar Holding Co. II / Pharmaceutical Product Development LLC^(h)	6.38%	08/01/2023		107,231
	90,000	KAR Auction Services, Inc.^(h)	5.13%	06/01/2025		89,437
	135,000	Kennedy-Wilson, Inc.	5.88%	04/01/2024		134,831
	75,000	Lamar Media Corp.^(h)	5.75%	02/01/2026		78,656
	40,000	Laredo Petroleum, Inc.	5.63%	01/15/2022		36,750
	35,000	Laredo Petroleum, Inc.	6.25%	03/15/2023		31,412
	30,000	Level 3 Financing, Inc.	5.13%	05/01/2023		30,375
	55,000	Level 3 Financing, Inc.	5.38%	01/15/2024		56,161
	60,000	Matador Resources Co.	5.88%	09/15/2026		60,150
	60,000	MEDNAX, Inc.^(h)	6.25%	01/15/2027		60,825
	95,000	MGM Resorts International	5.50%	04/15/2027		96,663
	120,000	MPH Acquisition Holdings, LLC^(h)	7.13%	06/01/2024		120,000
	30,000	MPT Operating Partnership LP / MPT Finance Corp.	5.50%	05/01/2024		30,900
	30,000	Multi-Color Corp.^(h)	4.88%	11/01/2025		31,050
	60,000	Nabors Industries, Inc.	5.50%	01/15/2023		57,570
	10,000	Nabors Industries, Inc.	5.75%	02/01/2025		9,012
	85,000	Nationstar Mortgage Holdings, Inc.^(h)	8.13%	07/15/2023		87,763
	50,000	Natural Resource Partners LP / NRP Finance Corp.	10.50%	03/15/2022		52,813
	15,000	NCR Corp.	5.88%	12/15/2021		15,308
	130,000	NCR Corp.	6.38%	12/15/2023		133,989
	40,000	New Enterprise Stone & Lime Co., Inc.^(h)	6.25%	03/15/2026		39,004
	30,000	Northern Oil and Gas, Inc.^(j)	9.50% (1.00%)	05/15/2023		31,200
	25,000	Northwest Acquisitions ULC / Dominion Finco, Inc.^(h)	7.13%	11/01/2022		22,063
	85,000	Novelis Corp.^(h)	6.25%	08/15/2024		87,125

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	40,000	Novelis Corp.^(h)	5.88%	09/30/2026	$	39,900
	52,000	Oasis Petroleum, Inc.	6.88%	03/15/2022		52,650
	30,000	Oasis Petroleum, Inc.	6.88%	01/15/2023		30,075
	60,000	Outfront Media Capital LLC / Outfront Media Capital Corp.	5.63%	02/15/2024		61,800
	85,000	Par Pharmaceutical, Inc.^(h)	7.50%	04/01/2027		86,381
	15,000	PDC Energy, Inc.	6.13%	09/15/2024		15,038
	60,000	PDC Energy, Inc.	5.75%	05/15/2026		58,800
	85,000	Performance Food Group, Inc.^(h)	5.50%	06/01/2024		86,063
	80,000	PHI, Inc.^(l)	5.25%	03/15/2019		51,600
	40,000	Pilgrim's Pride Corp.^(h)	5.75%	03/15/2025		40,600
	125,000	Plantronics, Inc.^(h)	5.50%	05/31/2023		125,625
	60,000	Platform Specialty Products Corp.^(h)	5.88%	12/01/2025		60,441
	60,000	Post Holdings, Inc.^(h)	5.50%	03/01/2025		60,900
	10,000	Post Holdings, Inc.^(h)	5.00%	08/15/2026		9,763
	85,000	Prestige Brands, Inc.^(h)	6.38%	03/01/2024		86,913
	39,000	Prime Security Services Borrower LLC / Prime Finance, Inc.^(h)	9.25%	05/15/2023		41,047
	55,000	Prime Security Services Borrower LLC / Prime Finance, Inc.^(h)	5.75%	04/15/2026		55,138
	35,000	PTC, Inc.	6.00%	05/15/2024		36,706
	35,000	Quicken Loans, Inc.^(h)	5.75%	05/01/2025		35,263
	100,000	Refinitiv US Holdings, Inc.^(h)	4.50%	05/15/2026		113,246
	58,146	Reynolds Group Issuer, Inc. / Reynolds Group Issuer, LLC	5.75%	10/15/2020		58,292
	25,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer, LLC^(h)	5.13%	07/15/2023		25,437
	70,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer, LLC^(h)	7.00%	07/15/2024		72,240
	25,000	Rite Aid Corp.^(h)	6.13%	04/01/2023		20,813
	25,000	Sabra Health Care LP / Sabra Capital Corp.	5.50%	02/01/2021		25,297
	50,000	Service Corp. International	5.38%	05/15/2024		51,438
	45,000	SESI LLC	7.75%	09/15/2024		37,463
	100,000	Silgan Holdings, Inc.	3.25%	03/15/2025		116,157
	35,000	Sirius XM Radio, Inc.^(h)	5.38%	04/15/2025		36,050
	15,000	SM Energy Co.	6.13%	11/15/2022		15,075
	20,000	SM Energy Co.	5.00%	01/15/2024		18,600
	30,000	SM Energy Co.	5.63%	06/01/2025		27,889
	75,000	Sprint Communications, Inc.	11.50%	11/15/2021		87,188
	100,000	Sprint Communications, Inc.	6.00%	11/15/2022		101,030
	25,000	Sprint Corp.	7.25%	09/15/2021		26,312
	85,000	Sprint Corp.	7.88%	09/15/2023		89,462
	25,000	Sprint Corp.	7.13%	06/15/2024		25,438
	5,000	Sprint Corp.	7.63%	02/15/2025		5,113

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	70,000	SS&C Technologies, Inc.^(h)	5.50%	09/30/2027	$	70,831
	45,000	Standard Industries, Inc.^(h)	5.50%	02/15/2023		45,900
	40,000	Stevens Holding Co., Inc.^(h)	6.13%	10/01/2026		41,400
	30,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.	5.50%	06/01/2024		29,373
	65,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.	5.75%	03/01/2025		63,213
	65,000	Summit Materials LLC / Summit Materials Finance Corp.	6.13%	07/15/2023		66,680
	30,000	Summit Materials LLC / Summit Materials Finance Corp.^(h)	5.13%	06/01/2025		29,025
	85,000	SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp.^(h)	7.50%	06/15/2025		86,275
	65,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	6.75%	03/15/2024		68,331
	45,000	Tenet Healthcare Corp.	6.75%	06/15/2023		46,519
	85,000	Tenet Healthcare Corp.	5.13%	05/01/2025		85,642
	35,000	Tennant Co.	5.63%	05/01/2025		35,438
	50,000	Tenneco, Inc.	5.38%	12/15/2024		45,250
	35,000	T-Mobile USA, Inc.	6.00%	04/15/2024		36,575
	20,000	T-Mobile USA, Inc.	6.38%	03/01/2025		20,876
	55,000	TMS International Corp.^(h)	7.25%	08/15/2025		53,406
	20,000	TransDigm, Inc.	6.50%	07/15/2024		20,625
	35,000	TransDigm, Inc.	6.50%	05/15/2025		35,660
	70,000	TransDigm, Inc.^(h)	6.25%	03/15/2026		72,800
	45,000	TreeHouse Foods, Inc.^(h)	6.00%	02/15/2024		46,856
	50,000	Tronox, Inc.^(h)	6.50%	04/15/2026		47,908
	100,000	UGI International LLC^(h)	3.25%	11/01/2025		116,634
	10,000	Ultra Resources, Inc.	11.00%	07/12/2024		5,950
	80,000	United Rentals North America, Inc.	6.50%	12/15/2026		84,400
	75,000	US Foods, Inc.^(h)	5.88%	06/15/2024		77,063
	60,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	04/01/2026		61,650
	5,000	USA Compression Partners LP / USA Compression Finance Corp.^(h)	6.88%	09/01/2027		5,106
	100,000	Vantiv LLC / Vantiv Issuer Corp.⁽ⁱ⁾	3.88%	11/15/2025		135,849
	70,000	ViaSat, Inc.^(h)	5.63%	09/15/2025		67,375
	105,000	Watco Cos. LLC / Watco Finance Corp.^(h)	6.38%	04/01/2023		106,050
	5,000	Whiting Petroleum Corp.	6.25%	04/01/2023		5,050
	45,000	Whiting Petroleum Corp.	6.63%	01/15/2026		44,325
	35,000	William Carter Co.^(h)	5.63%	03/15/2027		36,313
	35,000	WMG Acquisition Corp.^(h)	5.00%	08/01/2023		35,744

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	108,000	WMG Acquisition Corp.^(h)	4.13%	11/01/2024	$	127,320
						10,864,729

TOTAL HIGH YIELD DEBT (Cost $15,646,851)						15,540,728

Shares/Description			Value
WARRANTS - 0.00%
	394	David's Bridal, Strike Price 219.47, Expires 01/18/2024^(a)		41
	210	Ultra Petroleum Corp, Strike Price 0.01, Expires 07/14/2025		11

TOTAL WARRANTS (Cost $650)				52

Shares/Description		Value
SHORT-TERM INVESTMENTS - 5.08%
2,673,189	State Street Institutional Trust (7 Day Yield 2.35%)		2,673,189

TOTAL SHORT-TERM INVESTMENTS (Cost $2,673,189)			2,673,189

TOTAL INVESTMENTS - 99.82% (Cost $53,525,578)			52,598,585
CASH SEGREGATED AT CUSTODIAN FOR FORWARD FOREIGN CURRENCY CONTRACTS - 0.09%			50,000
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.09%			45,822
NET ASSETS - 100.00%		$	52,694,407

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

Libor Rates:

1W US L - 1 Week LIBOR as of March 31, 2019 was 2.42%

1M US L - 1 Month LIBOR as of March 31, 2019 was 2.49%

2M US L - 2 Month LIBOR as of March 31, 2019 was 2.56%

3M US L - 3 Month LIBOR as of March 31, 2019 was 2.60%

1M EUR L - 1 Month EURIBOR as of March 31, 2019 was -0.42%

3M EUR L - 3 Month EURIBOR as of March 31, 2019 was -0.35%

6M EUR L - 6 Month EURIBOR as of March 31, 2019 was -0.31%

^(a)

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

^(b)

Non-income producing security.

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2019 (Unaudited)

^(c)

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

^(d)

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

^(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 0.14% of net assets as of March 31, 2019.

^(f)

^(g)

^(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 $6,713,082, which represents approximately 12.74% of net assets as of March 31, 2019.

⁽ⁱ⁾

^(j)

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

^(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)

Security is currently in default.

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty

Settlement

Date

Fund

Receiving

U.S. $ Value at

March 31, 2019

Fund

Delivering

U.S. $ Value at

March 31, 2019

Unrealized

Appreciation

State Street Boston

4/5/2019

USD

4,104,559

EUR

4,051,607

52,952

State Street Boston

4/5/2019

USD

4,369,722

EUR

4,328,200

41,522

State Street Boston

4/5/2019

USD

210,379

EUR

209,069

1,310

State Street Boston

4/5/2019

USD

706,239

GBP

695,440

10,799

State Street Boston

4/5/2019

USD

549,715

GBP

544,221

5,494

112,077

See Notes to Financial Statements.

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

RiverNorth Core Opportunity Fund

Statement of Assets and Liabilities

March 31, 2019 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	130,831,121
At value	$	135,626,013
Cash		22,325
Receivable for fund shares sold		268,263
Dividends receivable		261,531
Receivable for fund investments sold		116,069
Interest receivable		836
Prepaid expenses and other assets		25,515
Total Assets		136,320,552

LIABILITIES:
Facility loan fee payable		2,187
Payable for fund investments purchased		1,017,045
Payable for fund shares redeemed		95,003
Payable to Adviser		113,339
Payable for Fund Accounting and Administration fees		6,241
Accrued 12b-1 fees - Class R Shares		11,497
Payable for Custodian fees		16,619
Payable for Audit fees		11,504
Payable to Transfer Agency		4,844
Payable to Trustees and Officers		242
Other accrued expenses		7,612
Total Liabilities		1,286,133
Net Assets	$	135,034,419

NET ASSETS CONSIST OF:
Paid-in capital	$	131,986,952
Total distributable earnings		3,047,467
Net Assets	$	135,034,419

PRICING OF SHARES:
Class I Shares
Net Assets	$	81,327,711
Shares of beneficial interest outstanding (unlimited number of shares, no par value)		10,210,746
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	7.96
Class R Shares
Net Assets	$	53,706,708
Shares of beneficial interest outstanding (unlimited number of shares, no par value)		6,736,168
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	7.97

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Statement of Assets and Liabilities

March 31, 2019 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	1,927,232,292
At value	$	1,856,060,988
Investment in affiliates:
At cost		30,173,021
At value		29,184,883
Cash		669,313
Receivable for fund shares sold		25,750,056
Interest receivable		6,301,301
Receivable for fund investments sold		3,916,103
Dividends receivable		2,354,925
Prepaid expenses and other assets		116,652
Total Assets		1,924,354,221

LIABILITIES:
Facility loan fee payable		56,424
Payable for fund investments purchased		12,684,456
Payable for fund shares redeemed		1,196,036
Payable to Adviser		1,172,120
Payable for Fund Accounting and Administration fees		166,413
Accrued 12b-1 fees - Class R Shares		34,488
Payable for Custodian fees		31,370
Payable for Audit fees		16,990
Payable to Transfer Agency		21,770
Payable to Trustees and Officers		1,236
Other accrued expenses		31,631
Total Liabilities		15,412,934
Net Assets	$	1,908,941,287

NET ASSETS CONSIST OF:
Paid-in capital	$	2,046,077,797
Total distributable earnings/(accumulated deficit)		(137,136,510	)
Net Assets	$	1,908,941,287

PRICING OF SHARES:
Class I Shares
Net Assets	$	1,743,735,749
Shares of beneficial interest outstanding (unlimited number of shares, no par value)		172,115,618
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	10.13
Class R Shares
Net Assets	$	165,205,538
Shares of beneficial interest outstanding (unlimited number of shares, no par value)		16,280,673
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	10.15

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Statement of Assets and Liabilities

March 31, 2019 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	53,525,578
At value	$	52,598,585
Cash		44,342
Foreign currency, at value (Cost 69,826)		69,600
Receivable for fund investments sold		583,790
Interest receivable		304,178
Unrealized appreciation on forward foreign currency contracts		112,077
Cash segregated at custodian for forward foreign currency contracts		50,000
Dividends receivable		47,427
Receivable for fund shares sold		9,000
Prepaid expenses and other assets		29,844
Total Assets		53,848,843

LIABILITIES:
Facility loan fee payable		1,646
Payable for fund investments purchased		1,009,016
Payable for fund shares redeemed		32,716
Payable to Adviser		36,040
Payable for Fund Accounting and Administration fees		41,859
Accrued 12b-1 fees - Class R Shares		1,283
Payable for Custodian fees		11,297
Payable for Audit fees		16,004
Payable to Transfer Agency		3,053
Payable to Trustees and Officers		181
Other accrued expenses		1,341
Total Liabilities		1,154,436
Net Assets	$	52,694,407

NET ASSETS CONSIST OF:
Paid-in capital	$	57,781,651
Total distributable earnings/(accumulated deficit)		(5,087,244	)
Net Assets	$	52,694,407

PRICING OF SHARES:
Class I Shares
Net Assets	$	46,743,724
Shares of beneficial interest outstanding (unlimited number of shares, no par value)		4,947,146
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	9.45
Class R Shares
Net Assets	$	5,950,683
Shares of beneficial interest outstanding (unlimited number of shares, no par value)		630,401
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	9.44

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth Core Opportunity Fund

Statement of Operations

For the Six Months Ended March 31, 2019 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	4,085,362
Interest income		8,564
Total Investment Income		4,093,926

EXPENSES:
Investment Adviser fee		619,562
12b-1 fees - Class R Shares		72,002
Accounting and administration fee		27,410
Transfer agent expenses		22,053
Compliance expenses		19,058
Registration expenses		18,084
Custodian expenses		13,516
Printing expenses		12,097
Audit expenses		11,656
Facility loan fee		8,605
Trustee expenses		5,989
Legal expenses		5,229
Interest expense		3,613
Insurance expenses		2,575
Miscellaneous expenses		6,828
Total Expenses		848,277
Net Investment Income		3,245,649

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(721,710	)
Net realized loss		(721,710	)
Net change in unrealized appreciation/depreciation on:
Investments		(3,285,323	)
Net change in unrealized appreciation/depreciation		(3,285,323	)
Net Realized and Unrealized Loss on Investments		(4,007,033	)
Net Decrease in Net Assets Resulting from Operations	$	(761,384	)

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Statement of Operations

For the Six Months Ended March 31, 2019 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	25,226,749
Dividend income from affiliated securities		789,922
Interest income		27,519,580
Other income		15,150
Foreign taxes withheld		(443	)
Total Investment Income		53,550,958

EXPENSES:
Investment Adviser fee		6,492,265
Accounting and administration fee		456,375
12b-1 fees - Class R Shares		197,131
Facility loan fee		114,487
Compliance expenses		95,752
Transfer agent expenses		88,504
Trustee expenses		80,129
Legal expenses		65,964
Printing expenses		64,371
Custodian expenses		31,012
Registration expenses		30,240
Insurance expenses		21,413
Audit expenses		17,141
Interest expense		4,631
Miscellaneous expenses		59,138
Total Expenses		7,818,553
Net Investment Income		45,732,405

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(44,575,999	)
Net realized loss		(44,575,999	)
Net change in unrealized appreciation/depreciation on:
Investments		53,068,813
Affiliated Investments		(592,129	)
Net change in unrealized appreciation/depreciation		52,476,684
Net Realized and Unrealized Gain on Investments		7,900,685
Net Increase in Net Assets Resulting from Operations	$	53,633,090

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/Oaktree High Income Fund

Statement of Operations

For the Six Months Ended March 31, 2019 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	476,067
Interest income		1,038,233
Other income		32,848
Foreign taxes withheld		(909	)
Total Investment Income		1,546,239

EXPENSES:
Investment Adviser fee		269,760
Accounting and administration fee		64,175
Registration expenses		17,778
Transfer agent expenses		16,423
Audit expenses		16,155
Compliance expenses		15,277
Custodian expenses		10,164
12b-1 fees - Class R Shares		7,933
Printing expenses		4,530
Facility loan fee		3,453
Interest expense		2,866
Trustee expenses		2,469
Legal expenses		1,981
Insurance expenses		626
Miscellaneous expenses		4,286
Total expenses		437,876
Less fees waived/reimbursed by Investment Adviser:
Class I Shares		(55,619	)
Class R Shares		(7,431	)
Net Expenses		374,826
Net Investment Income		1,171,413

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(661,282	)
Forward Foreign Currency Contracts		376,342
Translation of assets and liabilities denominated in foreign currencies		(20,474	)
Net realized loss		(305,414	)
Net change in unrealized appreciation/depreciation on:
Investments		(348,922	)
Forward Foreign Currency Contracts		77,887
Translation of assets and liabilities denominated in foreign currencies		24,441
Net change in unrealized appreciation/depreciation		(246,594	)
Net Realized and Unrealized Loss on Investments, translation of assets and liabilities denominated in foreign currencies and forward foreign currency contracts		(552,008	)
Net Increase in Net Assets Resulting from Operations	$	619,405

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, 2019 (Unaudited)			For the Year Ended September 30, 2018
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	3,245,649		$	5,214,167
Net realized gain/(loss)		(721,710	)		29,617,643
Long-term capital gain distributions from other investment companies		–			4,619,375
Net change in unrealized appreciation/depreciation		(3,285,323	)		(24,533,245	)
Net increase/(decrease) in net assets resulting from operations		(761,384	)		14,917,940

DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		(15,480,770	)		(17,414,020	)
Class R shares		(14,597,851	)		(31,988,487	)
Net decrease in net assets from distributions to shareholders		(30,078,621	)		(49,402,507	)

CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		33,161,950			37,578,872
Reinvestment of distributions		10,220,464			10,189,389
Cost of shares redeemed		(12,261,040	)		(80,063,488	)
Redemption fees^(a)		1,167			13,320
Net increase/(decrease) in net assets from capital share transactions		31,122,541			(32,281,907	)

Class R Shares
Proceeds from shares sold		8,206,258			11,398,807
Reinvestment of distributions		14,187,007			31,627,486
Cost of shares redeemed		(20,432,329	)		(166,833,549	)
Redemption fees^(a)		184			480
Net increase/(decrease) in net assets from capital share transactions		1,961,120			(123,806,776	)

Net Increase/(Decrease) in Net Assets		2,243,656			(190,573,250	)

NET ASSETS:
Beginning of period	$	132,790,763		$	323,364,013
End of period		135,034,419			132,790,763

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2019 (Unaudited)			For the Year Ended September 30, 2018
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		4,155,223			3,214,606
Shares issued in reinvestment of distributions		1,402,926			944,429
Shares redeemed		(1,373,639	)		(6,996,741	)
Net increase/(decrease) from share transactions		4,184,510			(2,837,706	)

Class R Shares
Shares sold		1,047,475			1,008,872
Shares issued in reinvestment of distributions		1,949,903			2,929,289
Shares redeemed		(2,431,732	)		(15,045,765	)
Net increase/(decrease) from share transactions		565,646			(11,107,604	)

^(a)

The Fund imposed a 2.00% redemption fee on shares redeemed within 90 days of purchase. The redemption fee was eliminated on March 4, 2019.

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, 2019 (Unaudited)			For the Year Ended September 30, 2018
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	45,732,405		$	92,634,178
Net realized loss		(44,575,999	)		(1,825,140	)
Long-term capital gain distributions from other investment companies		–			73,380
Net change in unrealized appreciation/depreciation		52,476,684			(86,569,399	)
Net increase in net assets resulting from operations		53,633,090			4,313,019

DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		(45,770,150	)		(97,793,631	)
Class R shares		(4,355,641	)		(9,571,898	)
From tax return of capital
Class I shares		–			(1,730,567	)
Class R shares		–			(169,385	)
Net decrease in net assets from distributions to shareholders		(50,125,791	)		(109,265,481	)

CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		563,043,502			445,909,981
Reinvestment of distributions		36,477,108			76,135,927
Cost of shares redeemed		(574,192,178	)		(735,657,272	)
Redemption fees^(a)		65,364			60,895
Net increase/(decrease) in net assets from capital share transactions		25,393,796			(213,550,469	)

Class R Shares
Proceeds from shares sold		29,975,712			58,318,144
Reinvestment of distributions		4,190,036			9,393,059
Cost of shares redeemed		(35,104,245	)		(100,541,570	)
Redemption fees^(a)		11,917			15,043
Net decrease in net assets from capital share transactions		(926,580	)		(32,815,324	)

Net Increase/(Decrease) in Net Assets		27,974,515			(351,318,255	)

NET ASSETS:
Beginning of period	$	1,880,966,772		$	2,232,285,027
End of period		1,908,941,287			1,880,966,772

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2019 (Unaudited)			For the Year Ended September 30, 2018
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		56,275,130			43,253,978
Shares issued in reinvestment of distributions		3,670,044			7,419,361
Shares redeemed		(58,033,287	)		(71,333,873	)
Net increase/(decrease) from share transactions		1,911,887			(20,660,534	)

Class R Shares
Shares sold		2,998,768			5,605,491
Shares issued in reinvestment of distributions		420,929			913,262
Shares redeemed		(3,530,997	)		(9,725,055	)
Net decrease from share transactions		(111,300	)		(3,206,302	)

^(a)

The Fund imposed a 2.00% redemption fee on shares redeemed within 90 days of purchase. The redemption fee was eliminated on March 4, 2019.

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, 2019 (Unaudited)			For the Year Ended September 30, 2018
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,171,413		$	2,428,802
Net realized gain/(loss)		(305,414	)		521,914
Net change in unrealized appreciation/depreciation		(246,594	)		(1,629,307	)
Net increase in net assets resulting from operations		619,405			1,321,409

DISTRIBUTIONS TO SHAREHOLDERS:
Class I Shares		(1,312,673	)		(1,337,107	)
Class R Shares		(168,447	)		(166,196	)
From tax return of capital
Class I Shares		–			(650,715	)
Class R Shares		–			(80,881	)
Net decrease in net assets from distributions to shareholders		(1,481,120	)		(2,234,899	)

CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		1,329,159			3,307,159
Reinvestment of distributions		1,284,006			1,930,632
Cost of shares redeemed		(4,982,382	)		(18,416,586	)
Redemption fees^(a)		16,396			257
Net decrease in net assets from capital share transactions		(2,352,821	)		(13,178,538	)

Class R Shares
Proceeds from shares sold		232,564			859,168
Reinvestment of distributions		164,477			241,660
Cost of shares redeemed		(1,102,179	)		(1,871,291	)
Redemption fees^(a)		129			23
Net decrease in net assets from capital share transactions		(705,009	)		(770,440	)

Net Decrease in Net Assets		(3,919,545	)		(14,862,468	)

NET ASSETS:
Beginning of period	$	56,613,952		$	71,476,420
End of period		52,694,407			56,613,952

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2019

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2019 (Unaudited)			For the Year Ended September 30, 2018
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		140,892			341,685
Shares issued in reinvestment of distributions		138,404			200,668
Shares redeemed		(533,656	)		(1,901,069	)
Net decrease from share transactions		(254,360	)		(1,358,716	)

Class R Shares
Shares sold		25,277			89,276
Shares issued in reinvestment of distributions		17,763			25,140
Shares redeemed		(118,353	)		(193,955	)
Net decrease from share transactions		(75,313	)		(79,539	)

^(a)

The Fund imposed a 2.00% redemption fee on shares redeemed within 90 days of purchase. The redemption fee was eliminated on March 4, 2019.

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

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, 2019 (Unaudited)			For the Year Ended September 30, 2018			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)
$	10.88		$	12.37		$	11.33		$	10.74		$	13.06		$	13.16

	0.24			0.27			0.17			0.23			0.44			0.08
	(0.55	)		0.42			1.45			1.33			(1.30	)		(0.18	)^(c)
	(0.31	)		0.69			1.62			1.56			(0.86	)		(0.10	)

	(0.21	)		(0.40	)		(0.30	)		(0.42	)		(0.60	)		–
	(2.40	)		(1.78	)		(0.28	)		(0.45	)		(0.86	)		–
	–			–			–			(0.10	)		–			–
	(2.61	)		(2.18	)		(0.58	)		(0.97	)		(1.46	)		–
	0.00	^(d)		0.00	^(d)		0.00	^(d)		0.00	^(d)		0.00	^(d)		–
	(2.92	)		(1.49	)		1.04			0.59			(2.32	)		(0.10	)
$	7.96		$	10.88		$	12.37		$	11.33		$	10.74		$	13.06
	(0.29	%)^(f)		5.92	%		14.71	%		15.35	%		(7.50	%)		(0.76	%)^(f)

$	81,328		$	65,592		$	109,627		$	201,712		$	166,905		$	39,623


	1.25	%^(h)		N/A			1.12	%		N/A			N/A			N/A	^(h)

	1.25	%^(h)		N/A			1.12	%		N/A			N/A			N/A	^(h)
	5.36	%^(h)		N/A			1.45	%		N/A			N/A			N/A	^(h)
	5.36	%^(h)		N/A			1.45	%		N/A			N/A			N/A	^(h)


	1.24	%^(h)		1.17	%		1.12	%		1.11	%		1.11	%		1.20	%^(h)

	1.24	%^(h)		1.17	%		1.12	%		1.11	%		1.11	%		1.20	%^(h)
	5.37	%^(h)		2.37	%		1.45	%		2.11	%		3.62	%		2.93	%^(h)
	5.37	%^(h)		2.37	%		1.45	%		2.11	%		3.62	%		2.93	%^(h)
	28	%^(f)		58	%⁽ⁱ⁾		39	%⁽ⁱ⁾		19	%		23	%		46	%^(f)

Semi-Annual Report | March 31, 2019

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

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a)

Net increase/ (decrease) in net asset value

Net asset value - end of period

Total Return^(c)

Ratios/Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense):

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

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

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

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

Ratios to Average Net Assets (excluding interest expense):

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements.

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

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2019 (Unaudited)			For the Year Ended September 30, 2018			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
$	10.89		$	12.37		$	11.32		$	10.74		$	13.05		$	12.65

	0.23			0.23			0.16			0.20			0.39			0.32
	(0.55	)		0.44			1.44			1.32			(1.27	)		1.00
	(0.32	)		0.67			1.60			1.52			(0.88	)		1.32

	(0.20	)		(0.37	)		(0.27	)		(0.40	)		(0.57	)		(0.24	)
	(2.40	)		(1.78	)		(0.28	)		(0.45	)		(0.86	)		(0.68	)
	–			–			–			(0.09	)		–			–
	(2.60	)		(2.15	)		(0.55	)		(0.94	)		(1.43	)		(0.92	)
	0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
	(2.92	)		(1.48	)		1.05			0.58			(2.31	)		0.40
$	7.97		$	10.89		$	12.37		$	11.32		$	10.74		$	13.05
	(0.42	%)^(d)		5.70	%		14.51	%		14.98	%		(7.67	%)		10.81	%

$	53,707		$	67,199		$	213,737		$	568,198		$	538,689		$	705,299

	1.51	%^(f)		N/A			1.37	%		N/A			N/A			N/A
	1.51	%^(f)		N/A			1.37	%		N/A			N/A			N/A
	5.08	%^(f)		N/A			1.38	%		N/A			N/A			N/A

	5.08	%^(f)		N/A			1.38	%		N/A			N/A			N/A

	1.50	%^(f)		1.41	%		1.37	%		1.36	%		1.35	%		1.37	%
	1.50	%^(f)		1.41	%		1.37	%		1.36	%		1.35	%		1.37	%
	5.09	%^(f)		2.02	%		1.38	%		1.90	%		3.16	%		2.60	%
	5.09	%^(f)		2.02	%		1.38	%		1.90	%		3.16	%		2.60	%

	28	%^(d)		58	%^(g)		39	%^(g)		19	%		23	%		46	%

Semi-Annual Report | March 31, 2019

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)

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)

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 from investment operations:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total income from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a)

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(c)

Ratios/Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense):

Ratio of expenses to average net assets excluding fee waivers and reimbursements

Ratio of expenses to average net assets including fee waivers and reimbursements

Ratio of net investment income to average net assets excluding fee waivers and reimbursements

Ratio of net investment income to average net assets including fee waivers and reimbursements

Ratios to Average Net Assets (excluding interest expense):

Ratio of expenses to average net assets excluding fee waivers and reimbursements

Ratio of expenses to average net assets including fee waivers and reimbursements

Ratio of net investment income to average net assets excluding fee waivers and reimbursements

Ratio of net investment income to average net assets including fee waivers and reimbursements

Portfolio turnover rate

See Notes to Financial Statements.

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

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2019 (Unaudited)			For the Year Ended September 30, 2018			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
$	10.08		$	10.61		$	10.61		$	10.37		$	10.88		$	10.62

	0.26			0.47			0.40			0.51			0.56			0.59
	0.08			(0.44	)		0.08			0.39			(0.55	)		0.38
	0.34			0.03			0.48			0.90			0.01			0.97


	(0.29	)		(0.51	)		(0.45	)		(0.64	)		(0.52	)		(0.66	)
	–			(0.04	)		(0.03	)		–			–			(0.05	)
	–			(0.01	)		–			(0.02	)		–			–
	(0.29	)		(0.56	)		(0.48	)		(0.66	)		(0.52	)		(0.71	)
	0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)		0.00	^(b)
	0.05			(0.53	)		–			0.24			(0.51	)		0.26
$	10.13		$	10.08		$	10.61		$	10.61		$	10.37		$	10.88

	3.45	%^(d)		0.33	%		4.67	%		9.00	%		0.04	%		9.38	%


$	1,743,736		$	1,715,495		$	2,024,142		$	1,822,874		$	1,735,108		$	1,148,744

	0.87	%^(e)		N/A			N/A			N/A			N/A			N/A
	0.87	%^(e)		N/A			N/A			N/A			N/A			N/A

	5.24	%^(e)		N/A			N/A			N/A			N/A			N/A

	5.24	%^(e)		N/A			N/A			N/A			N/A			N/A

	0.87	%^(e)		0.86	%		0.85	%		0.86	%		0.86	%		0.91	%
	0.87	%^(e)		0.86	%		0.85	%		0.86	%		0.86	%		0.91	%

	5.24	%^(e)		4.60	%		3.80	%		4.92	%		5.24	%		5.47	%

	5.24	%^(e)		4.60	%		3.80	%		4.92	%		5.24	%		5.47	%
	44	%^(d)		37	%		50	%		36	%		29	%		56	%

Semi-Annual Report | March 31, 2019

RiverNorth/DoubleLine Strategic Income Fund

Class I

Financial Highlights

^(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)

Annualized.

See Notes to Financial Statements.

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

Intentionally Left Blank

RiverNorth/DoubleLine Strategic Income Fund

Class R

Financial Highlights

Net asset value - beginning of period

Income/(loss) from investment operations: