ThZeal - The Zeal

N-CSRS 1 fp0065874_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: 03/31/2021

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	68
Statement of Assets and Liabilities
RiverNorth Core Opportunity Fund	85
RiverNorth/DoubleLine Strategic Income Fund	86
RiverNorth/Oaktree High Income Fund	87
Statement of Operations
RiverNorth Core Opportunity Fund	89
RiverNorth/DoubleLine Strategic Income Fund	90
RiverNorth/Oaktree High Income Fund	91
Statements of Changes in Net Assets
RiverNorth Core Opportunity Fund	92
RiverNorth/DoubleLine Strategic Income Fund	94
RiverNorth/Oaktree High Income Fund	96
Financial Highlights
RiverNorth Core Opportunity Fund	98
RiverNorth/DoubleLine Strategic Income Fund	106
RiverNorth/Oaktree High Income Fund	114
Notes to Financial Statements	121
Additional Information	144
Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements	145

RiverNorth Funds

Portfolio Update

March 31, 2021 (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, 2021.

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

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

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

RiverNorth Funds

Portfolio Update

March 31, 2021 (Unaudited)

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

Portfolio detail statistics are estimates made by the adviser and are subject to change.

(1)

Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. 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. Management Risk – there is no guarantee that the adviser’s investment decisions will produce the desired results. Large Shareholder Purchase and Redemption Risk – The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. LIBOR Risk – The discontinuation of the London Interbank Offered Rate ("LIBOR") may lead to increased volatility and illiquidity in markets that are tied to LIBOR, reduced values of LIBOR-related investments, and reduced effectiveness of hedging strategies, adversely affecting the Fund's performance or net asset value. Market Risk – economic conditions, interest rates and political events may affect the securities markets. Real Estate Investment Trust ("REIT") Risk – the value of REITs changes with the value of the underlying properties and changes in interest rates and are subject to additional fees. Security Risk – The value of the Fund may decrease in response to the activities and financial prospects of individual securities in the Fund’s portfolio. Short Sale Risk – short positions are speculative, are subject to transaction costs and are riskier than long positions in securities. Special Purpose Acquisition Companies ("SPAC") Risk – The value of SPAC securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact the Fund’s ability to meet its investment objective. Small-Cap Risk – small cap companies are more susceptible to failure, are often thinly traded and have more volatile stock prices. Structured Notes Risk – because of the imbedded derivative feature, structured notes are subject to more risk than investing in a simple note or bond. Swap Risk – swap agreements are subject to counterparty default risk and may not perform as intended. Underlying Fund Risk – underlying funds have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values.

Semi-Annual Report | March 31, 2021

RiverNorth Funds

Portfolio Update

March 31, 2021 (Unaudited)

(2)

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

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

RiverNorth Funds

Portfolio Update

March 31, 2021 (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, 2021.

Strategy (“Sleeve”) Allocation

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

Semi-Annual Report | March 31, 2021

RiverNorth Funds

Portfolio Update

March 31, 2021 (Unaudited)

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

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

Portfolio detail statistics are estimates made by the adviser and are subject to change.

(1)

Asset-Backed Security Risk – the risk that the value of the underlying assets will impair the value of the security. Borrowing Risk – borrowings increase fund expenses and are subject to repayment, possibly at inopportune times. Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Defaulted Securities Risk – defaulted securities carry the risk of uncertainty of repayment. Derivatives Risk – derivatives are subject to counterparty risk. Exchange Traded Note Risk –exchange traded notes represent unsecured debt of the issuer and may be influenced by interest rates, credit ratings of the issuer or changes in value of the reference index. Fixed Income Risk – the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default. Foreign/Emerging Market Risk – foreign securities may be subject to inefficient or volatile markets, different regulatory regimes or different tax policies. These risks may be enhanced in emerging markets. Large Shareholder Purchase and Redemption Risk – The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. LIBOR Risk – The discontinuation of the London Interbank Offered Rate ("LIBOR") may lead to increased volatility and illiquidity in markets that are tied to LIBOR, reduced values of LIBOR-related investments, and reduced effectiveness of hedging strategies, adversely affecting the Fund's performance or net asset value. 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. Portfolio Turnover Risk – increased portfolio turnover results in higher brokerage expenses and may impact the tax status of distributions. Rating Agency Risk – rating agencies may change their ratings or ratings may not accurately reflect a debt issuer’s creditworthiness. REIT Risk – the value of REITs changes with the value of the underlying properties and changes in interest rates and are subject to additional fees. Security Risk – The value of the Fund may decrease in response to the activities and financial prospects of individual securities in the Fund’s portfolio. Special Purpose Acquisition Companies ("SPAC") Risk – The value of SPAC securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact the Fund’s ability to meet its investment objective. Structured Notes Risk – because of the imbedded derivative feature, structured notes are subject to more risk than investing in a simple note or bond. Swap Risk – swap agreements are subject to counterparty default risk and may not perform as intended. Underlying Fund Risk – underlying funds have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values. Unrated Security Risk – Unrated securities determined by the sub-adviser to be of comparable quality to rated securities which the Fund may purchase may pay a higher interest rate than such rated securities and be subject to a greater risk of illiquidity or price changes. U.S. Government Securities Risk – There is a risk that the U.S. government will not provide financial support to its agencies, instrumentalities or sponsored enterprises if it is not obligated to do so by law.

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RiverNorth Funds

Portfolio Update

March 31, 2021 (Unaudited)

(2)

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

Semi-Annual Report | March 31, 2021

RiverNorth Funds

Portfolio Update

March 31, 2021 (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, 2021.

Strategy Allocation

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

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

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RiverNorth Funds

Portfolio Update

March 31, 2021 (Unaudited)

(1)

Borrowing Risk – borrowings increase fund expenses and are subject to repayment, possibly at inopportune times. Closed- End Fund Risk – closed-end funds are exchange traded, may trade at a discount to their net asset values and may deploy leverage. Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Credit Derivatives Risk – the use of credit derivatives is highly specialized, involves default, counterparty and liquidity risks and may not perfectly correlate to the underlying asset or liability being hedged. Currency Risk – foreign currencies will rise or decline relative to the U.S. dollar. Distressed and Defaulted Securities Risk – defaulted securities carry the risk of uncertainty of repayment. Equity Risk – equity securities may experience volatility and the value of equity securities may move in opposite directions from each other and from other equity markets generally. Fixed Income Risk – the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default. Foreign/Emerging Market Risk – foreign securities may be subject to inefficient or volatile markets, different regulatory regimes or different tax policies. These risks may be enhanced in emerging markets. Floating Interest Rate Risk – loans pay interest based on the London Interbank Offered Rate (LIBOR) and a decline in LIBOR could negatively impact the Fund’s return. Investment Style Risk – investment strategies may come in and out of favor with investors and may underperform or outperform at times. Large Shareholder Purchase and Redemption Risk – The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. LIBOR Risk – The discontinuation of LIBOR may lead to increased volatility and illiquidity in markets that are tied to LIBOR, reduced values of LIBOR-related investments, and reduced effectiveness of hedging strategies, adversely affecting the Fund's performance or net asset value. Loans Risk – loans may be unrated or rated below investment grade and the pledged collateral may lose value. Secondary trading in loans is not fully-developed and may result in illiquidity. Management Risk – there is no guarantee that the adviser’s or sub-adviser’s investment decisions will produce the desired results. Market Risk – economic conditions, interest rates and political events may affect the securities markets. Portfolio Turnover Risk – increased portfolio turnover results in higher brokerage expenses and may impact the tax status of distributions. Preferred Stock Risk – preferred stocks generally pay dividends, but may be less liquid than common stocks, have less priority than debt instruments and may be subject to redemption by the issuer. Security Risk – the value of the Fund may increase or decrease in response to the prospects of the issuers of securities and loans held in the Fund. Special Purpose Acquisition Companies ("SPAC") Risk – The value of SPAC securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact the Fund’s ability to meet its investment objective. Swap Risk – swap agreements are subject to counterparty default risk and may not perform as intended. Underlying Fund Risk – underlying funds have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values. Valuation Risk – Loans and fixed-income securities are traded “over the counter” and because there is no centralized information regarding trading, the valuation of loans and fixed-income securities may vary.

Semi-Annual Report | March 31, 2021

RiverNorth Funds

Portfolio Update

March 31, 2021 (Unaudited)

(2)

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

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RiverNorth Funds

Disclosure of Fund Expenses

March 31, 2021 (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, 2020, and held for the six months ended March 31, 2021.

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, 2021

RiverNorth Funds

Disclosure of Fund Expenses

March 31, 2021 (Unaudited)

	Beginning Account Value 10/01/2020	Ending Account Value 03/31/2021	Expense Ratio^(a)	Expenses Paid During Period^(b)
RiverNorth Core Opportunity Fund
Class I Shares
Actual	$1,000.00	$1,251.90	1.33%	$7.47
Hypothetical (5% return before expenses)	$1,000.00	$1,018.30	1.33%	$6.69
Class R Shares
Actual	$1,000.00	$1,250.00	1.58%	$8.86
Hypothetical (5% return before expenses)	$1,000.00	$1,017.05	1.58%	$7.95
RiverNorth/DoubleLine Strategic Income Fund
Class I Shares
Actual	$1,000.00	$1,044.80	0.87%	$4.44
Hypothetical (5% return before expenses)	$1,000.00	$1,020.59	0.87%	$4.38
Class R Shares
Actual	$1,000.00	$1,043.40	1.12%	$5.71
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	$1,059.60	1.35%	$6.93
Hypothetical (5% return before expenses)	$1,000.00	$1,018.20	1.35%	$6.79
Class R Shares
Actual	$1,000.00	$1,058.30	1.60%	$8.21
Hypothetical (5% return before expenses)	$1,000.00	$1,016.95	1.60%	$8.05

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

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RiverNorth Core Opportunity Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 58.05%
	383,467	Aberdeen Emerging Markets Equity Income Fund, Inc.	$	3,316,990
	80,632	AllianzGI Convertible & Income 2024 Target Term Fund		835,348
	54,953	Apollo Tactical Income Fund, Inc.		817,701
	161,498	Barings Global Short Duration High Yield Fund		2,596,888
	45,380	BlackRock Global Opportunities Equity Trust		521,416
	15,887	Blackrock Health Sciences Trust II		417,828
	29,678	BlackRock Science & Technology Trust II		1,059,208
	17,698	Blackstone Long-Short Credit Income Fund		250,250
	60,674	Blackstone Strategic Credit Fund		808,784
	6,905	Blackstone/GSO Senior Floating Rate Term Fund		107,442
	115,938	BrandywineGLOBAL - Global Income Opportunities Fund, Inc.		1,398,212
	158,528	Calamos Long/Short Equity & Dynamic Income Trust		3,199,095
	1	Cornerstone Strategic Value Fund, Inc.		13
	1	Cornerstone Total Return Fund, Inc.		13
	60,342	Eaton Vance Senior Floating-Rate Trust		832,116
	63,689	Eaton Vance, Ltd. Duration Income Fund		804,392
	28,600	First Eagle Senior Loan Fund		410,124
	14,036	First Trust Energy Infrastructure Fund		173,766
	38,948	First Trust High Yield Opportunities 2027 Term Fund		773,118
	228,237	First Trust New Opportunities MLP & Energy Fund		1,216,503
	26,500	First Trust Senior Floating Rate 2022 Target Term Fund		249,365
	639,773	Invesco Senior Income Trust		2,687,047
	14,880	Ivy High Income Opportunities Fund		202,963
	5	Liberty All Star Growth Fund, Inc.		43
	42,944	LMP Capital and Income Fund, Inc.		545,389
	42,855	Macquarie Global Infrastructure Total Return Fund, Inc.		936,810
	108,978	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		656,048
	54,978	NexPoint Credit Strategies Fund		626,199
	108,603	Nuveen AMT-Free Quality Municipal Income Fund		1,609,496
	123,035	Nuveen Credit Strategies Income Fund		799,727
	58,108	Nuveen Diversified Dividend and Income Fund		550,864
	53,075	Nuveen Floating Rate Income Opportunity Fund		506,335
	19,072	Nuveen Global High Income Fund		295,044
	92,456	Nuveen High Income November 2021 Target Term Fund		866,313
	22,586	Nuveen Mortgage Opportunity Term Fund		468,659
	39,917	Nuveen Quality Municipal Income Fund		604,343
	115,107	Pershing Square Holdings Ltd.		4,086,298
	61,779	PGIM Global High Yield Fund, Inc.		921,743
	26,318	PGIM High Yield Bond Fund, Inc.		412,140
	68,908	Source Capital, Inc.		3,014,725
	315,064	Sprott Focus Trust, Inc.		2,457,499
	20,513	Templeton Emerging Markets Income Fund		151,181
	70,072	Voya Emerging Markets High Income Dividend Equity Fund		560,576
	34,084	Voya Global Advantage and Premium Opportunity Fund		326,184
	458,667	Voya Global Equity Dividend and Premium Opportunity Fund		2,614,402

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth Core Opportunity Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Shares/Description			Value
	100,444	Voya International High Dividend Equity Income Fund	$	560,478
	10,667	Wells Fargo Income Opportunities Fund		90,029
	2,447	Western Asset Global Corporate Defined Opportunity Fund, Inc.		43,092
	81,696	Western Asset High Income Opportunity Fund, Inc.		415,016
	13,914	Western Asset Managed Municipals Fund, Inc.		180,743

TOTAL CLOSED-END FUNDS
(Cost $40,976,329)				46,977,958

BUSINESS DEVELOPMENT COMPANIES - 5.65%
	161,330	Barings BDC, Inc.		1,610,073
	477,973	Oaktree Specialty Lending Corp.		2,963,433

TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $4,137,405)				4,573,506

COMMON STOCKS - 4.22%
	13,110	Agba Acquisition, Ltd.^(a)		138,573
	6,580	Amplitude Healthcare Acquisition Corp.^(a)		65,142
	20,159	Austerlitz Acquisition Corp. I^(a)		202,396
	20,128	Austerlitz Acquisition Corp. II^(a)		201,884
	29,943	Churchill Capital Corp. II^(a)		299,430
	40,405	Churchill Capital Corp. VI^(a)		406,474
	40,843	Churchill Capital Corp. VII^(a)		407,205
	9,077	Greenvision Acquisition Corp.^(a)		92,222
	40,455	Jaws Mustang Acquisition Corp.^(a)		410,618
	20,514	Khosla Ventures Acquisition Co. III^(a)		204,319
	20,258	KKR Acquisition Holdings I Corp.^(a)		202,783
	10,614	LIV Capital Acquisition Corp.^(a)		105,503
	20,149	Longview Acquisition Corp. II^(a)		202,296
	10,753	Merida Merger Corp. I^(a)		106,240
	36,571	Soaring Eagle Acquisition Corp.^(a)		370,099

TOTAL COMMON STOCKS
(Cost $3,353,924)				3,415,184

EXCHANGE TRADED FUNDS - 4.17%
	37,953	Invesco FTSE RAFI Emerging Markets Portfolio		854,702
	16,009	iShares^® iBoxx $ Investment Grade Corporate Bond ETF		2,081,970
	4,000	iShares^® JP Morgan USD Emerging Markets Bond ETF		435,520

TOTAL EXCHANGE TRADED FUNDS
(Cost $3,190,615)				3,372,192

See Notes to Financial Statements.

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RiverNorth Core Opportunity Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Shares/Description					Value
PREFERRED STOCKS - 0.47%
	15,162	XAI Octagon Floating Rate Alternative Income Term Trust, 6.500%, 03/31/2026			$	378,898

TOTAL PREFERRED STOCKS
(Cost $378,879)						378,898

Shares/Description			Rate	Maturity	Value
BUSINESS DEVELOPMENT COMPANY NOTES - 4.61%
*United States - 4.61%*
	28,881	First Eagle Alternative Capital BDC, Inc.	6.75%	12/30/2022		734,155
	1,220,000	PennantPark Floating Rate Capital, Ltd.	4.25%	04/01/2026		1,224,241
	21,578	PennantPark Investment Corp.	5.50%	10/15/2024		554,339
	32,100	Portman Ridge Finance Corp.	6.13%	09/30/2022		810,525
	16,232	TriplePoint Venture Growth BDC Corp.	5.75%	07/15/2022		410,678

TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $3,580,324)						3,733,938

Principal Amount/Description			Rate	Maturity	Value
CONVERTIBLE CORPORATE BONDS - 2.40%
$	848,323	BlackRock Capital Investment Corp.	5.00%	06/15/2022	$	851,698
	190,456	BlackRock TCP Capital Corp.	4.63%	03/01/2022		195,941
	852,978	New Mountain Finance Corp.	5.75%	08/15/2023		893,537

TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $1,683,267)						1,941,176

U.S. GOVERNMENT BONDS AND NOTES - 1.46%
	1,570,765	U.S. Treasury Bonds	1.25%	05/15/2050		1,185,866

TOTAL U.S. GOVERNMENT BONDS AND NOTES
(Cost $1,196,727)						1,185,866

Shares/Description					Value
Rights - 0.02%^(a)
	13,110	Agba Acquisition, Ltd., Strike Price 11.50, Expires 05/10/2024				7,866
	9,077	Greenvision Acquisition Corp., Strike Price 11.50, Expires 10/28/2024				5,265

TOTAL RIGHTS
(Cost $4,847)						13,131

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth Core Opportunity Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Shares/Description Value
Warrants - 0.05%^(a)
	Shares	Agba Acquisition, Ltd., Strike Price 11.50, Expires 05/10/2024	$	3,806
	13,110	Agba Acquisition, Ltd., Strike Price 11.50, Expires 05/10/2024		3,806
	3,290	Amplitude Healthcare Acquisition Corp., Strike Price 11.50, Expires 12/01/2026		2,698
	3,237	Greenvision Acquisition Corp., Strike Price 11.50, Expires 10/28/2024		3,141
	19,378	Leisure Acquisition Corp., Strike Price 11.50, Expires 12/28/2022		16,082
	10,614	LIV Capital Acquisition Corp., Strike Price 11.50, Expires 01/10/2025		6,051
	5,376	Merida Merger Corp. I, Strike Price 11.50, Expires 11/07/2026		6,236

TOTAL WARRANTS
(Cost $25,783)				38,014

SHORT-TERM INVESTMENTS - 16.82%
Money Market Fund - 16.82%
	13,613,528	State Street Institutional Trust (7 Day Yield 0.01%)		13,613,528

TOTAL SHORT-TERM INVESTMENTS
(Cost $13,613,528)				13,613,528

TOTAL INVESTMENTS - 97.92%
(Cost $72,141,628)			$	79,243,391
OTHER ASSETS IN EXCESS OF LIABILITIES - 2.08%				1,683,615
NET ASSETS - 100.00%			$	80,927,006

(a)

Non-income producing security.

See Notes to Financial Statements.

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RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 15.29%
	1,248,821	AllianceBernstein Global High Income Fund, Inc.	$	14,798,529
	288,445	Ares Dynamic Credit Allocation Fund, Inc.		4,335,328
	507,856	BlackRock Debt Strategies Fund, Inc.		5,586,416
	608,393	BlackRock Floating Rate Income Strategies Fund, Inc.		7,909,109
	1,015,686	Blackstone Strategic Credit Fund		13,539,094
	1,181,762	BNY Mellon High Yield Strategies Fund		3,651,645
	1,208,947	BrandywineGLOBAL - Global Income Opportunities Fund, Inc.		14,579,901
	1,482,696	Eaton Vance, Ltd. Duration Income Fund		18,726,451
	706,694	First Trust High Income Long/Short Fund		10,685,213
	143,015	First Trust High Yield Opportunities 2027 Term Fund		2,838,848
	1,048,094	First Trust Senior Floating Rate 2022 Target Term Fund		9,862,565
	1,306,231	Invesco Dynamic Credit Opportunities Fund		14,851,846
	2,656,480	Invesco Senior Income Trust		11,157,216
	1,449,660	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		8,726,953
	2,861,899	Nuveen Credit Strategies Income Fund		18,602,344
	217,262	Nuveen Floating Rate Income Opportunity Fund		2,072,680
	432,593	Nuveen Global High Income Fund		6,692,214
	197,028	Nuveen High Income November 2021 Target Term Fund		1,846,152
	309,507	Nuveen Quality Municipal Income Fund		4,685,936
	892,908	PGIM Global High Yield Fund, Inc.		13,322,187
	706,918	PGIM High Yield Bond Fund, Inc.		11,070,336
	744,466	Templeton Emerging Markets Income Fund		5,486,714
	761,055	Western Asset Emerging Markets Debt Fund, Inc.		10,061,147
	5,073,929	Western Asset High Income Opportunity Fund, Inc.		25,775,559
	53,327	Western Asset High Yield Defined Opportunity Fund, Inc.		822,836
	3,805,251	Western Asset Inflation-Linked Opportunities & Income Fund		46,271,852

TOTAL CLOSED-END FUNDS
(Cost $265,730,016)				287,959,071

BUSINESS DEVELOPMENT COMPANIES - 0.24%
	450,860	Barings BDC, Inc.		4,499,583

TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $4,517,076)				4,499,583

COMMON STOCKS - 0.00%^(a)
	12,164	Frontera Energy Corp.		62,037
	31,580	McDermott International, Ltd.^(b)		25,264

TOTAL COMMON STOCKS
(Cost $1,193,381)				87,301

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Shares/Description					Value
OPEN-END FUNDS - 1.70%
	3,378,600	RiverNorth/Oaktree High Income Fund, Class I^(c)			$	31,954,120

TOTAL OPEN-END FUNDS
(Cost $32,858,218)						31,954,120

PREFERRED STOCKS - 0.46%
	331,750	Virtus AllianzGI Convertible & Income Fund, 5.625%^(d)				8,758,200

TOTAL PREFERRED STOCKS
(Cost $8,193,671)						8,758,200

Shares/Description			Rate	Maturity	Value
BUSINESS DEVELOPMENT COMPANY NOTES - 2.27%
*United States - 2.27%*
	243,698	First Eagle Alternative Capital, Inc.	6.75%	12/30/2022		6,194,803
	241,858	First Eagle Alternative Capital, Inc.	6.13%	10/30/2023		6,249,611
	305,377	Hercules Capital, Inc.	5.25%	04/30/2025		7,738,253
	32,069	Oxford Square Capital Corp.	6.50%	03/30/2024		802,366
	49,593	Oxford Square Capital Corp.	6.25%	04/30/2026		1,253,215
	233,620	PennantPark Investment Corp.	5.50%	10/15/2024		6,001,698
	340,018	Portman Ridge Finance Corp.	6.13%	09/30/2022		8,585,455
	232,060	TriplePoint Venture Growth BDC Corp.	5.75%	07/15/2022		5,871,234

TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $40,973,578)						42,696,635

Principal Amount/Description			Rate	Maturity	Value
FOREIGN CORPORATE BONDS - 4.63%
Argentina - 0.08%
$	150,000	AES Argentina Generacion SA^(e)	7.75%	02/02/2024	$	120,751
	600,000	Banco Macro SA^(e)(f)	6.75%	11/04/2026		483,006
	150,000	Capex SA^(e)	6.88%	05/15/2024		133,502
	150,000	Pampa Energia SA^(g)	9.13%	04/15/2029		126,000
	450,000	Pampa Energia SA^(e)	9.13%	04/15/2029		378,000
	575,629	Stoneway Capital Corp.^(e)(h)	10.00%	03/01/2027		218,739
						1,459,998
*Australia - 0.18%*
	1,000,000	APT Pipelines, Ltd.^(g)	4.25%	07/15/2027		1,108,374
	475,000	Commonwealth Bank of Australia^(g)	4.32%	01/10/2048		527,110
	680,000	Macquarie Group, Ltd.^(f)(g)	3M US L + 1.33%	03/27/2024		725,027
	500,000	Sydney Airport Finance Co. Pty, Ltd.^(g)	3.38%	04/30/2025		532,731

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	500,000	Sydney Airport Finance Co. Pty, Ltd.^(g)	3.63%	04/28/2026	$	539,561
						3,432,803
*Brazil - 0.26%*
	400,000	Banco do Brasil SA^(d)(e)(f)	6.25%	Perpetual Maturity		394,120
	1,300,000	Banco do Estado do Rio Grande do Sul SA^(f)(g)	5Y US TI + 4.928%	01/28/2031		1,277,309
	1,050,000	CSN Islands XII Corp.^(d)(e)	7.00%	Perpetual Maturity		1,054,704
	200,000	Guara Norte SARL^(g)	5.20%	06/15/2034		196,455
	950,000	Oi SA⁽ⁱ⁾	10.00% (4.00%)	07/27/2025		1,004,625
	300,000	Simpar Europe SA^(g)	5.20%	01/26/2031		294,462
	550,000	Unigel Luxembourg SA^(e)	8.75%	10/01/2026		594,723
						4,816,398
*British Virgin Islands - 0.05%*
	400,000	C10 Capital SPV, Ltd.^(d)(e)(f)	3M US L + 4.71%	Perpetual Maturity		404,200
	200,000	C5 Capital SPV, Ltd.^(d)(e)(f)	3M US L + 4.28%	Perpetual Maturity		193,000
	200,000	State Grid Overseas Investment 2013, Ltd.^(e)	3.13%	05/22/2023		209,228
	200,000	State Grid Overseas Investment 2016, Ltd.	1.00%	08/05/2025		194,883
						1,001,311
*Canada - 0.41%*
	405,000	Bank of Montreal^(f)	3.80%	12/15/2032		445,407
	355,000	Bank of Nova Scotia	1.63%	05/01/2023		364,072
	150,000	Bank of Nova Scotia	3.40%	02/11/2024		161,532
	335,000	Bell Canada	0.75%	03/17/2024		334,703
	140,000	Bombardier, Inc.^(g)	6.00%	10/15/2022		140,262
	270,000	CCL Industries, Inc.^(g)	3.05%	06/01/2030		274,006
	670,000	Garda World Security Corp.^(g)	8.75%	05/15/2025		703,074
	200,000	GFL Environmental, Inc.^(g)	4.00%	08/01/2028		193,875
	220,000	GFL Environmental, Inc.^(g)	3.50%	09/01/2028		213,675
	600,000	Gran Tierra Energy, Inc.^(g)	7.75%	05/23/2027		487,800
	160,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.^(g)	5.00%	12/31/2026		160,200
	800,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.^(g)	7.00%	12/31/2027		767,696
	205,000	Mattamy Group Corp.^(g)	4.63%	03/01/2030		203,975
	160,000	MEG Energy Corp.^(g)	7.13%	02/01/2027		167,900
	25,000	MEG Energy Corp.^(g)	5.88%	02/01/2029		25,125
	545,000	Nutrien, Ltd.	4.20%	04/01/2029		613,721
	185,000	Parkland Corp.^(g)	5.88%	07/15/2027		197,603
	155,000	Parkland Corp.^(g)	4.50%	10/01/2029		155,581

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	420,000	Superior Plus LP / Superior General Partner, Inc.^(g)	4.50%	03/15/2029	$	425,334
	55,000	Telesat Canada / Telesat LLC^(g)	6.50%	10/15/2027		55,172
	620,000	Tervita Corp.^(g)	11.00%	12/01/2025		705,250
	750,000	TransCanada PipeLines, Ltd.	4.25%	05/15/2028		843,796
						7,639,759
*Cayman Islands - 0.34%*
	600,000	Banco BTG Pactual SA^(e)(f)	7.75%	02/15/2029		636,600
	200,000	Banco Mercantil del Norte SA/Grand Cayman^(d)(f)(g)	7.50%	Perpetual Maturity		219,235
	750,000	Banco Mercantil del Norte SA/Grand Cayman^(d)(e)(f)	7.63%	Perpetual Maturity		823,286
	300,000	Banco Mercantil del Norte SA/Grand Cayman^(d)(e)(f)	10Y US TI + 5.47%	Perpetual Maturity		328,853
	1,000,000	CK Hutchison Capital Securities 17, Ltd.^(d)(e)(f)	4.00%	Perpetual Maturity		1,020,240
	166,440	Global Aircraft Leasing Co., Ltd.^(g)(i)	6.50% (7.25%)	09/15/2024		159,824
	624,000	Gran Tierra Energy International Holdings, Ltd.^(e)	6.25%	02/15/2025		518,410
	687,045	Interoceanica IV Finance, Ltd.^(e)(j)	0.00%	11/30/2025		657,845
	700,000	Itau Unibanco Holding SA Island^(d)(f)(g)	4.63%	Perpetual Maturity		656,740
	950,000	Itau Unibanco Holding SA Island^(d)(e)(f)	5Y US TI + 3.222%	Perpetual Maturity		891,290
	200,000	Itau Unibanco Holding SA Island^(d)(e)(f)	5Y US TI + 3.981%	Perpetual Maturity		200,500
	155,922	Lima Metro Line 2 Finance, Ltd.^(g)	5.88%	07/05/2034		183,402
	210,000	Transocean Poseidon, Ltd.^(g)	6.88%	02/01/2027		194,499
						6,490,724
*Chile - 0.27%*
	600,000	AES Gener SA^(f)(g)	6.35%	10/07/2079		644,061
	400,000	AES Gener SA^(e)(f)	6.35%	10/07/2079		429,374
	900,000	Empresa de Transporte de Pasajeros Metro SA^(g)	5.00%	01/25/2047		1,052,626
	180,560	Empresa Electrica Cochrane SpA^(e)	5.50%	05/14/2027		189,008
	1,000,000	Empresa Electrica Guacolda SA^(e)	4.56%	04/30/2025		841,990
	500,000	Geopark, Ltd.^(e)	6.50%	09/21/2024		518,423
	450,000	GNL Quintero SA^(e)	4.63%	07/31/2029		495,641
	750,000	Transelec SA^(e)	3.88%	01/12/2029		820,163
						4,991,286
*China - 0.28%*
	200,000	Agile Group Holdings, Ltd.^(d)(f)	6.88%	Perpetual Maturity		202,743
	300,000	Agile Group Holdings, Ltd.^(d)(f)	7.88%	Perpetual Maturity		310,081

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	495,000	Agile Group Holdings, Ltd.^(d)(f)	7.75%	Perpetual Maturity	$	509,195
	200,000	Baidu, Inc.	3.43%	04/07/2030		210,013
	200,000	Central China Real Estate, Ltd.	7.25%	04/24/2023		191,493
	700,000	Central China Real Estate, Ltd.	7.25%	07/16/2024		609,000
	300,000	CIFI Holdings Group Co., Ltd.^(d)(f)	5.38%	Perpetual Maturity		306,000
	200,000	ENN Energy Holdings, Ltd.	3.25%	07/24/2022		204,994
	400,000	JD.com, Inc.	3.38%	01/14/2030		413,016
	400,000	Ronshine China Holdings, Ltd.	7.35%	12/15/2023		380,000
	600,000	Ronshine China Holdings, Ltd.	6.75%	08/05/2024		554,961
	500,000	Tencent Holdings, Ltd.^(g)	2.39%	06/03/2030		483,484
	350,000	Yuzhou Group Holdings Co., Ltd.	8.30%	05/27/2025		301,845
	600,000	Yuzhou Group Holdings Co., Ltd.	7.38%	01/13/2026		518,966
						5,195,791
*Colombia - 0.12%*
	391,000	Banco GNB Sudameris SA^(e)(f)	5Y US TI + 4.561%	04/03/2027		398,566
	350,000	Credivalores-Crediservicios SAS^(g)	8.88%	02/07/2025		302,682
	200,000	Credivalores-Crediservicios SAS^(e)	9.75%	07/27/2022		191,362
	400,000	Credivalores-Crediservicios SAS^(e)	8.88%	02/07/2025		345,922
	150,000	Gilex Holding SARL^(g)	8.50%	05/02/2023		155,895
	750,000	Gilex Holding SARL^(e)	8.50%	05/02/2023		779,475
						2,173,902
*Dominican Republic - 0.05%*
	600,000	Aeropuertos Dominicanos Siglo XXI SA^(e)	6.75%	03/30/2029		627,621
	300,000	Banco de Reservas de la Republica Dominicana^(g)	7.00%	02/01/2023		313,387
						941,008
*France - 0.05%*
	525,000	BNP Paribas SA^(f)(g)	1D US SOFR + 1.507%	01/13/2031		538,583
	340,000	BPCE SA^(g)	1.00%	01/20/2026		332,005
						870,588
*Great Britain - 0.21%*
	510,000	Anglo American Capital PLC^(g)	4.50%	03/15/2028		573,081
	565,000	Barclays PLC^(f)	3M US L + 1.38%	05/16/2024		573,251
	510,000	Credit Agricole SA/London^(g)	3.75%	04/24/2023		542,437
	730,000	HSBC Holdings PLC^(f)	3M US L + 1.38%	09/12/2026		751,971
	350,000	Imperial Brands Finance PLC^(g)	3.50%	07/26/2026		374,518
	530,000	Lloyds Banking Group PLC^(f)	3M US L + 1.21%	11/07/2028		572,646
	450,000	Vedanta Resources Finance II PLC^(g)	9.25%	04/23/2026		380,799
	200,000	Vedanta Resources Finance II PLC^(e)	9.25%	04/23/2026		169,244
						3,937,947
*Guatemala - 0.03%*
	300,000	Banco Industrial SA/Guatemala^(f)(g)	5Y US TI + 4.442%	01/29/2031		309,523

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	300,000	Energuate Trust^(e)	5.88%	05/03/2027	$	318,285
						627,808
*Hong Kong - 0.13%*
	1,000,000	Bangkok Bank PCL^(d)(f)(g)	5Y US TI + 4.729%	Perpetual Maturity		1,054,680
	200,000	Bangkok Bank PCL^(d)(e)(f)	5Y US TI + 4.729%	Perpetual Maturity		210,936
	200,000	Kasikornbank PCL^(d)(f)	5Y US TI + 4.94%	Perpetual Maturity		210,750
	400,000	RKP Overseas Finance, Ltd.^(d)(f)	7.75%	Perpetual Maturity		392,200
	600,000	RKP Overseas Finance, Ltd.^(d)	7.95%	Perpetual Maturity		589,500
						2,458,066
*India - 0.06%*
	400,000	Reliance Industries, Ltd.^(e)	5.40%	02/14/2022		415,704
	800,000	Vedanta Resources, Ltd.^(e)	6.13%	08/09/2024		645,084
						1,060,788
*Indonesia - 0.15%*
	200,000	ABM Investama Tbk PT^(e)	7.13%	08/01/2022		178,600
	1,000,000	Bayan Resources Tbk PT^(e)	6.13%	01/24/2023		1,018,885
	1,000,000	Perusahaan Perseroan Persero PT Perusahaan Listrik Negara^(e)	5.50%	11/22/2021		1,032,375
	589,550	Star Energy Geothermal Wayang Windu, Ltd.^(e)	6.75%	04/24/2033		665,561
						2,895,421
*Ireland - 0.04%*
	285,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	3.50%	01/15/2025		299,064
	475,000	Avolon Holdings Funding, Ltd.^(g)	3.25%	02/15/2027		471,982
						771,046
*Israel - 0.07%*
	100,000	Delek & Avner Tamar Bond, Ltd.^(g)	5.08%	12/30/2023		103,547
	100,000	Delek & Avner Tamar Bond, Ltd.^(g)	5.41%	12/30/2025		104,940
	900,000	Israel Electric Corp., Ltd.^(g)	5.00%	11/12/2024		1,012,883
						1,221,370
*Jamaica - 0.00%^(a)*
	62,804	Digicel Group 0.5, Ltd.^(g)(i)	8.00% (8.00%)	04/01/2025		51,918

*Japan - 0.08%*
	570,000	Mitsubishi UFJ Financial Group, Inc.	1.41%	07/17/2025		569,963
	975,000	Sumitomo Mitsui Financial Group, Inc.^(f)	3M US L + 0.74%	01/17/2023		982,068
						1,552,031

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Luxembourg - 0.16%
$	400,000	Amaggi Luxembourg International SARL^(g)	5.25%	01/28/2028	$	410,602
	300,000	Atento Luxco 1 SA^(g)	8.00%	02/10/2026		315,303
	95,000	Endo Luxembourg Finance Co. I SARL / Endo US, Inc.^(g)	6.13%	04/01/2029		95,950
	700,000	FS Luxembourg SARL^(g)	10.00%	12/15/2025		772,047
	495,000	Millicom International Cellular SA^(e)	6.25%	03/25/2029		551,487
	600,000	Minerva Luxembourg SA^(g)	4.38%	03/18/2031		587,325
	140,000	Schlumberger Investment SA	2.65%	06/26/2030		141,126
	200,000	Tupy Overseas SA^(g)	4.50%	02/16/2031		194,398
						3,068,238
*Malaysia - 0.04%*
	200,000	CIMB Bank Bhd^(f)	3M US L + 0.78%	10/09/2024		200,697
	400,000	Malayan Banking Bhd^(f)	3.91%	10/29/2026		406,824
	200,000	TNB Global Ventures Capital Bhd	3.24%	10/19/2026		212,896
						820,417
*Mauritius - 0.05%*
	900,000	UPL Corp., Ltd.^(d)(f)	5.25%	Perpetual Maturity		892,035

*Mexico - 0.41%*
	700,000	Alpha Holding SA de CV^(g)	9.00%	02/10/2025		511,000
	200,000	Alpha Holding SA de CV^(e)	9.00%	02/10/2025		146,000
	500,000	Banco Santander Mexico SA Institucion de Banca Multiple Grupo Financiero Santand^(d)(f)	8.50%	Perpetual Maturity		527,500
	400,000	BBVA Bancomer SA^(e)(f)	5.13%	01/18/2033		412,518
	350,000	Braskem Idesa SAPI^(g)	7.45%	11/15/2029		348,250
	300,000	Braskem Idesa SAPI^(e)	7.45%	11/15/2029		298,500
	500,000	Credito Real SAB de CV SOFOM ER^(e)	9.50%	02/07/2026		532,375
	1,200,000	Credito Real SAB de CV SOFOM ER^(d)(e)(f)	9.13%	Perpetual Maturity		1,078,290
	291,752	Fermaca Enterprises S RL	6.38%	03/30/2038		329,679
	800,000	Mexarrend SAPI de CV^(g)	10.25%	07/24/2024		793,600
	200,000	Mexarrend SAPI de CV^(e)	10.25%	07/24/2024		198,400
	700,000	Operadora de Servicios Mega SA de CV Sofom ER^(g)	8.25%	02/11/2025		707,581
	600,000	TV Azteca SAB de CV^(h)	8.25%	08/09/2024		300,000
	200,000	Unifin Financiera SAB de CV^(e)	7.38%	02/12/2026		194,000
	200,000	Unifin Financiera SAB de CV^(e)	8.38%	01/27/2028		194,498
	1,400,000	Unifin Financiera SAB de CV^(d)(e)(f)	8.88%	Perpetual Maturity		1,154,104
						7,726,295

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Netherlands - 0.27%
$	400,000	AES Andres BV / Dominican Power Partners / Empresa Generadora de Electricidad It^(g)	7.95%	05/11/2026	$	416,632
	945,000	AES Andres BV / Dominican Power Partners / Empresa Generadora de Electricidad It^(e)	7.95%	05/11/2026		984,293
	950,000	Braskem Netherlands Finance BV^(e)	5.88%	01/31/2050		956,080
	800,000	Metinvest BV^(e)	7.75%	10/17/2029		851,448
	200,000	Minejesa Capital BV^(e)	4.63%	08/10/2030		208,962
	200,000	Minejesa Capital BV^(e)	5.63%	08/10/2037		210,000
	310,000	NXP BV / NXP Funding LLC / NXP USA, Inc.^(g)	3.88%	06/18/2026		341,683
	600,000	Petrobras Global Finance BV	6.90%	03/19/2049		658,056
	450,000	Petrobras Global Finance BV	6.75%	06/03/2050		481,174
						5,108,328
*New Zealand - 0.03%*
	520,000	Bank of New Zealand^(g)	3.50%	02/20/2024		560,072

*Panama - 0.08%*
	200,000	AES Panama Generation Holdings SRL^(g)	4.38%	05/31/2030		207,310
	200,000	Multibank, Inc.^(e)	4.38%	11/09/2022		205,616
	900,000	UEP Penonome II SA^(g)	6.50%	10/01/2038		910,701
	200,000	UEP Penonome II SA^(e)	6.50%	10/01/2038		202,378
						1,526,005
*Peru - 0.15%*
	200,000	Banco de Credito del Peru^(f)(g)	3.13%	07/01/2030		200,778
	750,000	Banco Internacional del Peru SAA Interbank^(e)(f)	1Y US TI + 3.711%	07/08/2030		767,700
	300,000	Camposol SA^(g)	6.00%	02/03/2027		320,398
	1,450,000	Peru LNG Srl^(e)	5.38%	03/22/2030		1,303,818
	300,000	Volcan Cia Minera SAA^(g)	4.38%	02/11/2026		307,865
						2,900,559
*Philippines - 0.01%*
	200,000	Union Bank of the Philippines	3.37%	11/29/2022		207,654

*Singapore - 0.36%*
	715,000	BOC Aviation, Ltd.^(f)(g)	3M US L + 1.13%	09/26/2023		714,734
	600,000	DBS Group Holdings, Ltd.^(d)(f)	3.60%	Perpetual Maturity		603,891
	800,000	Indika Energy Capital III Pte, Ltd.^(e)	5.88%	11/09/2024		804,200
	250,000	LMIRT Capital Pte, Ltd.	7.25%	06/19/2024		256,783
	400,000	Medco Bell Pte, Ltd.^(g)	6.38%	01/30/2027		402,760
	250,000	Medco Bell Pte, Ltd.^(e)	6.38%	01/30/2027		251,725
	600,000	Medco Oak Tree Pte, Ltd.^(e)	7.38%	05/14/2026		641,340

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	200,000	ONGC Videsh Vankorneft Pte, Ltd.	3.75%	07/27/2026	$	212,267
	700,000	Oversea-Chinese Banking Corp., Ltd.^(f)(g)	5Y US TI + 1.58%	09/10/2030		694,337
	200,000	PSA Treasury Pte, Ltd.	2.13%	09/05/2029		198,628
	800,000	TBLA International Pte, Ltd.	7.00%	01/24/2023		686,000
	350,000	Temasek Financial I, Ltd.^(g)	1.00%	10/06/2030		321,894
	250,000	Temasek Financial I, Ltd.^(e)	1.00%	10/06/2030		229,925
	200,000	Theta Capital Pte, Ltd.	8.13%	01/22/2025		204,981
	200,000	Theta Capital Pte, Ltd.	6.75%	10/31/2026		193,218
	400,000	United Overseas Bank, Ltd.^(f)	2.88%	03/08/2027		407,732
						6,824,415
*South Korea - 0.05%*
	200,000	Korea East-West Power Co., Ltd.^(g)	1.75%	05/06/2025		202,979
	400,000	Korea East-West Power Co., Ltd.^(e)	1.75%	05/06/2025		405,959
	200,000	NongHyup Bank^(g)	1.25%	07/20/2025		199,234
	200,000	POSCO^(e)	2.38%	01/17/2023		205,364
						1,013,536
*Spain - 0.03%*
	600,000	Banco Santander SA^(f)	3M US L + 1.09%	02/23/2023		607,101

*Switzerland - 0.07%*
	615,000	Credit Suisse Group AG^(f)(g)	1D US SOFR + 0.98%	02/02/2027		596,082
	650,000	Walnut Bidco PLC^(e)	9.13%	08/01/2024		694,037
						1,290,119
*Thailand - 0.03%*
	200,000	PTTEP Treasury Center Co., Ltd.^(g)	2.59%	06/10/2027		205,962
	400,000	TMB Bank PCL^(d)(f)	5Y US TI + 3.256%	Perpetual Maturity		401,225
						607,187
*Trinidad and Tobago - 0.01%*
	200,000	Telecommunications Services of Trinidad & Tobago, Ltd.^(e)	8.88%	10/18/2029		209,880

*United Arab Emirates - 0.02%*
	300,000	Galaxy Pipeline Assets Bidco, Ltd.^(g)	2.16%	03/31/2034		291,375

TOTAL FOREIGN CORPORATE BONDS
(Cost $84,864,008)						87,243,179

U.S. CORPORATE BONDS - 6.47%
*Advertising - 0.03%*
	460,000	Interpublic Group of Cos., Inc.	5.40%	10/01/2048		567,919

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Aerospace/Defense - 0.17%
$	350,000	Boeing Co.	2.95%	02/01/2030	$	349,295
	425,000	Northrop Grumman Corp.	5.15%	05/01/2040		534,839
	320,000	Teledyne Technologies, Inc.	2.25%	04/01/2028		318,662
	30,000	TransDigm, Inc.^(g)	8.00%	12/15/2025		32,700
	220,000	TransDigm, Inc.^(g)	6.25%	03/15/2026		233,520
	75,000	TransDigm, Inc.	6.38%	06/15/2026		77,672
	135,000	TransDigm, Inc.	5.50%	11/15/2027		139,945
	1,115,000	Triumph Group, Inc.^(g)	6.25%	09/15/2024		1,135,572
	370,000	Triumph Group, Inc.	7.75%	08/15/2025		372,775
						3,194,980
*Agriculture - 0.07%*
	105,000	Altria Group, Inc.	4.80%	02/14/2029		120,724
	940,000	BAT Capital Corp.	3.46%	09/06/2029		982,296
	321,693	Pyxus Holdings, Inc.	10.00%	08/24/2024		298,370
						1,401,390
*Airlines - 0.35%*
	925,000	American Airlines, Inc./AAdvantage Loyalty IP, Ltd.^(g)	5.75%	04/20/2029		985,032
	2,833,016	JetBlue 2019-1 Class B Pass Through Trust	8.00%	11/15/2027		3,243,713
	150,000	Mileage Plus Holdings LLC / Mileage Plus Intellectual Property Assets, Ltd.^(g)	6.50%	06/20/2027		164,625
	305,000	Southwest Airlines Co.	4.75%	05/04/2023		329,406
	222,917	United Airlines 2016-1 Class B Pass Through Trust	3.65%	01/07/2026		220,614
	1,620,981	US Airways 2012-2 Class B Pass Through Trust	6.75%	06/03/2021		1,623,030
						6,566,420
*Apparel - 0.02%*
	310,000	William Carter Co.^(g)	5.50%	05/15/2025		331,210

*Auto Manufacturers - 0.14%*
	110,000	Ford Motor Co.	9.00%	04/22/2025		133,364
	350,000	Ford Motor Credit Co. LLC^(f)	3M US L + 1.235%	02/15/2023		346,647
	200,000	Ford Motor Credit Co. LLC	4.39%	01/08/2026		210,496
	865,000	General Motors Financial Co., Inc.^(f)	3M US L + 0.99%	01/05/2023		872,657
	25,000	General Motors Financial Co., Inc.	3.95%	04/13/2024		26,917
	560,000	Hyundai Capital America^(g)	2.65%	02/10/2025		579,517
	55,000	Hyundai Capital America^(g)	1.80%	10/15/2025		55,004
	355,000	Volkswagen Group of America Finance LLC^(g)	4.25%	11/13/2023		386,147
						2,610,749

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
*Auto Parts & Equipment - 0.06%*
$	105,000	Clarios Global LP / Clarios US Finance Co.^(g)	6.25%	05/15/2026	$	111,645
	1,005,000	Dealer Tire LLC / DT Issuer LLC^(g)	8.00%	02/01/2028		1,062,788
						1,174,433
*Banks - 0.24%*
	675,000	Bank of America Corp.^(f)	3M US L + 1.21%	02/07/2030		749,937
	300,000	BBVA Bancomer SA^(e)(f)	5.40%	11/12/2029		309,663
	955,000	Citigroup, Inc.^(f)	3M US L + 1.10%	05/17/2024		969,056
	795,000	Goldman Sachs Group, Inc.^(f)	3M US L + 1.17%	05/15/2026		805,864
	500,000	JPMorgan Chase & Co.^(f)	1D US SOFR + 2.04%	04/22/2031		499,349
	575,000	Morgan Stanley^(f)	3M US L + 1.34%	07/22/2028		627,390
	245,000	Wells Fargo & Co.^(f)	3M US L + 1.17%	06/17/2027		262,785
	265,000	Wells Fargo & Co.^(f)	1D US SOFR + 1.43161%	10/30/2030		273,187
						4,497,231
*Beverages - 0.11%*
	635,000	Anheuser-Busch InBev Worldwide, Inc.	4.60%	04/15/2048		728,687
	250,000	Constellation Brands, Inc.	3.15%	08/01/2029		262,137
	35,000	Constellation Brands, Inc.	2.88%	05/01/2030		35,804
	300,000	Keurig Dr Pepper, Inc.	3.80%	05/01/2050		319,989
	720,000	Triton Water Holdings, Inc.^(g)	6.25%	04/01/2029		734,850
						2,081,467
*Biotechnology - 0.03%*
	240,000	Illumina, Inc.	0.55%	03/23/2023		239,915
	325,000	Royalty Pharma PLC^(g)	3.30%	09/02/2040		314,187
						554,102
*Building Materials - 0.05%*
	161,000	Builders FirstSource, Inc.^(g)	6.75%	06/01/2027		173,478
	360,000	Carrier Global Corp.	3.38%	04/05/2040		360,043
	130,000	Griffon Corp.	5.75%	03/01/2028		138,450
	275,000	Owens Corning	4.40%	01/30/2048		300,700
						972,671
*Chemicals - 0.06%*
	215,000	DuPont de Nemours, Inc.	5.42%	11/15/2048		277,803
	780,000	Illuminate Buyer LLC / Illuminate Holdings IV, Inc.^(g)	9.00%	07/01/2028		878,709
	65,000	Ingevity Corp.^(g)	3.88%	11/01/2028		63,172
						1,219,684
*Coal - 0.01%*
	47,000	Peabody Energy Corp.^(g)(i)	8.50% (8.50%)	12/31/2024		19,740

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	160,000	SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp.^(g)	7.50%	06/15/2025	$	166,500
						186,240
*Commercial Services - 0.09%*
	90,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.^(g)	6.63%	07/15/2026		95,612
	175,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.^(g)	9.75%	07/15/2027		192,314
	80,000	Jaguar Holding Co. II / PPD Development LP^(g)	5.00%	06/15/2028		83,420
	180,000	MPH Acquisition Holdings LLC^(g)	5.75%	11/01/2028		175,725
	235,000	NESCO Holdings II, Inc.^(g)	5.50%	04/15/2029		241,357
	150,000	Prime Security Services Borrower LLC / Prime Finance, Inc.^(g)	3.38%	08/31/2027		145,687
	135,000	Rent-A-Center, Inc.^(g)	6.38%	02/15/2029		143,438
	335,000	Sabre GLBL, Inc.^(g)	7.38%	09/01/2025		366,088
	197,000	Verscend Escrow Corp.^(g)	9.75%	08/15/2026		211,597
						1,655,238
*Computers - 0.16%*
	700,000	Austin BidCo, Inc.^(g)	7.13%	12/15/2028		713,563
	620,000	Dell International LLC / EMC Corp.^(g)	5.30%	10/01/2029		725,746
	780,000	Flexential Intermediate Corp.^(g)	11.25%	08/01/2024		838,987
	360,000	Fortinet, Inc.	1.00%	03/15/2026		352,396
	305,000	NetApp, Inc.	1.88%	06/22/2025		311,579
						2,942,271
*Containers and Packaging - 0.02%*
	300,000	Packaging Corp. of America	3.40%	12/15/2027		327,628

*Distribution/Wholesale - 0.02%*
	160,000	Performance Food Group, Inc.^(g)	5.50%	10/15/2027		167,614
	193,000	Wolverine Escrow LLC^(g)	9.00%	11/15/2026		193,179
						360,793
*Diversified Financial Services - 0.29%*
	198,000	Air Lease Corp.	3.75%	02/01/2022		202,176
	425,000	Air Methods Corp.^(g)	8.00%	05/15/2025		400,562
	340,000	Aircastle, Ltd.^(g)	2.85%	01/26/2028		325,485
	420,000	Aviation Capital Group LLC^(g)	5.50%	12/15/2024		470,007
	220,000	Capital One Financial Corp.^(f)	3M US L + 0.72%	01/30/2023		221,649
	515,000	Charles Schwab Corp.	3.55%	02/01/2024		556,834
	135,000	Charles Schwab Corp.	0.75%	03/18/2024		135,785
	1,055,000	Discover Financial Services	4.10%	02/09/2027		1,171,733
	105,000	Nationstar Mortgage Holdings, Inc.^(g)	5.50%	08/15/2028		105,622
	95,000	Navient Corp.	5.00%	03/15/2027		95,369
	95,000	NFP Corp.^(g)	6.88%	08/15/2028		98,681
	165,000	OneMain Finance Corp.	6.63%	01/15/2028		187,275

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	200,000	PennyMac Financial Services, Inc.^(g)	4.25%	02/15/2029	$	191,750
	595,000	Synchrony Financial	3.95%	12/01/2027		641,450
	670,000	Western Union Co.	2.75%	03/15/2031		640,178
						5,444,556
*Electric - 0.48%*
	210,000	Arizona Public Service Co.	3.35%	05/15/2050		208,679
	155,000	Calpine Corp.^(g)	5.13%	03/15/2028		155,940
	35,000	Calpine Corp.^(g)	4.63%	02/01/2029		34,153
	480,000	Duke Energy Corp.	3.95%	08/15/2047		496,815
	435,000	Duke Energy Progress LLC	4.15%	12/01/2044		493,528
	175,000	Entergy Corp.	2.80%	06/15/2030		176,494
	475,000	Eversource Energy	1.65%	08/15/2030		441,099
	285,000	General Electric Co.	5.88%	01/14/2038		369,444
	715,000	Georgia Power Co.	2.20%	09/15/2024		746,304
	660,000	Georgia Power Co.	3.25%	03/15/2051		633,008
	1,100,000	ITC Holdings Corp.	3.25%	06/30/2026		1,187,779
	275,000	Monongahela Power Co.^(g)	5.40%	12/15/2043		339,601
	300,000	NextEra Energy Capital Holdings, Inc.3.55%		05/01/2027		329,693
	500,000	NextEra Energy Capital Holdings, Inc.2.25%		06/01/2030		489,604
	215,000	NRG Energy, Inc.^(g)	2.00%	12/02/2025		215,059
	215,000	NRG Energy, Inc.^(g)	3.63%	02/15/2031		210,028
	375,000	Pacific Gas and Electric Co.	1.37%	03/10/2023		375,149
	340,000	Pacific Gas and Electric Co.	2.50%	02/01/2031		321,066
	65,000	PG&E Corp.	5.00%	07/01/2028		68,757
	115,000	Pike Corp.^(g)	5.50%	09/01/2028		117,300
	445,000	PSEG Power LLC	3.85%	06/01/2023		474,702
	1,000,000	Virginia Electric and Power Co.	3.50%	03/15/2027		1,097,681
						8,981,883
*Electrical Components & Equipment - 0.01%*
	175,000	Energizer Holdings, Inc.^(g)	4.75%	06/15/2028		180,696

*Electronics - 0.02%*
	265,000	Arrow Electronics, Inc.	3.88%	01/12/2028		287,739
	185,000	Vontier Corp.^(g)	2.40%	04/01/2028		182,223
						469,962
*Engineering & Construction - 0.06%*
	605,000	PowerTeam Services LLC^(g)	9.03%	12/04/2025		668,525
	400,000	SBA Tower Trust^(g)	3.17%	04/11/2022		401,071
						1,069,596
*Entertainment - 0.09%*
	200,000	Bally's Corp.^(g)	6.75%	06/01/2027		214,876
	160,000	Caesars Entertainment, Inc.^(g)	6.25%	07/01/2025		170,763
	150,000	Cedar Fair LP	5.25%	07/15/2029		154,437
	210,000	Lions Gate Capital Holdings LLC^(g)	6.38%	02/01/2024		216,695
	135,000	Lions Gate Capital Holdings LLC^(g)	5.50%	04/15/2029		135,353
	150,000	Live Nation Entertainment, Inc.^(g)	6.50%	05/15/2027		166,692

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	220,000	Live Nation Entertainment, Inc.^(g)	4.75%	10/15/2027	$	221,994
	135,000	Scientific Games International, Inc.^(g)	7.25%	11/15/2029		146,703
	305,000	Six Flags Theme Parks, Inc.^(g)	7.00%	07/01/2025		330,353
						1,757,866
*Food - 0.14%*
	100,000	Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC^(g)	3.50%	03/15/2029		95,289
	80,000	B&G Foods, Inc.	5.25%	09/15/2027		83,325
	185,000	Campbell Soup Co.	2.38%	04/24/2030		181,234
	155,000	Flowers Foods, Inc.	2.40%	03/15/2031		151,397
	75,000	Kraft Heinz Foods Co.	5.00%	07/15/2035		86,454
	205,000	Kraft Heinz Foods Co.	5.20%	07/15/2045		237,605
	220,000	Mondelez International, Inc.	1.88%	10/15/2032		205,522
	130,000	Pilgrim's Pride Corp.^(g)	5.88%	09/30/2027		139,483
	180,000	Post Holdings, Inc.^(g)	4.63%	04/15/2030		180,675
	554,000	Smithfield Foods, Inc.^(g)	4.25%	02/01/2027		611,633
	565,000	Sysco Corp.	3.30%	02/15/2050		530,133
	130,000	United Natural Foods, Inc.^(g)	6.75%	10/15/2028		139,100
	25,000	US Foods, Inc.^(g)	6.25%	04/15/2025		26,833
						2,668,683
*Healthcare-Products - 0.02%*
	87,000	Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA^(g)	7.38%	06/01/2025		93,697
	345,000	Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA^(g)	7.25%	02/01/2028		378,649
						472,346
*Healthcare-Services - 0.21%*
	265,000	Anthem, Inc.	2.38%	01/15/2025		277,105
	85,000	Centene Corp.	3.00%	10/15/2030		84,965
	500,000	Centene Corp.	2.50%	03/01/2031		478,135
	155,000	CHS/Community Health Systems, Inc.^(g)	6.00%	01/15/2029		164,106
	600,000	CHS/Community Health Systems, Inc.^(g)	6.88%	04/15/2029		628,872
	270,000	HCA, Inc.	4.13%	06/15/2029		299,517
	85,000	Health Care Service Corp. A Mutual Legal Reserve Co.^(g)	3.20%	06/01/2050		80,640
	85,000	Legacy LifePoint Health LLC^(g)	6.75%	04/15/2025		90,525
	145,000	Legacy LifePoint Health LLC^(g)	4.38%	02/15/2027		142,462
	935,000	Radiology Partners, Inc.^(g)	9.25%	02/01/2028		1,020,319
	375,000	RP Escrow Issuer LLC^(g)	5.25%	12/15/2025		389,063
	155,000	Select Medical Corp.^(g)	6.25%	08/15/2026		164,967
	190,000	Tenet Healthcare Corp.^(g)	6.13%	10/01/2028		198,550
						4,019,226

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
*Home Furnishings - 0.00%^(a)*
$	95,000	Tempur Sealy International, Inc.^(g)	4.00%	04/15/2029	$	94,763

*Household Products/Wares - 0.01%*
	165,000	Spectrum Brands, Inc.^(g)	3.88%	03/15/2031		161,906

*Insurance - 0.12%*
	200,000	Acrisure LLC / Acrisure Finance, Inc.^(g)	4.25%	02/15/2029		196,940
	130,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer^(g)	6.75%	10/15/2027		138,588
	620,000	Athene Global Funding^(g)	3.00%	07/01/2022		639,290
	200,000	Berkshire Hathaway Finance Corp.	2.85%	10/15/2050		184,696
	160,000	GTCR AP Finance, Inc.^(g)	8.00%	05/15/2027		172,200
	340,000	Prudential Financial, Inc.	3.91%	12/07/2047		368,784
	565,000	Willis North America, Inc.	4.50%	09/15/2028		643,322
						2,343,820
*Internet - 0.13%*
	1,255,000	Endure Digital, Inc.^(g)	6.00%	02/15/2029		1,228,206
	300,000	Expedia Group, Inc.	3.80%	02/15/2028		317,938
	140,000	Expedia Group, Inc.^(g)	2.95%	03/15/2031		138,200
	125,000	Uber Technologies, Inc.^(g)	7.50%	09/15/2027		138,229
	500,000	Uber Technologies, Inc.^(g)	6.25%	01/15/2028		545,225
						2,367,798
*Investment Companies - 0.73%*
	330,000	Ares Capital Corp.	2.15%	07/15/2026		321,600
	5,000,000	Business Development Corp. of America^(g)	5.38%	05/30/2023		5,036,542
	5,000,000	FS KKR Capital Corp.	4.75%	05/15/2022		5,177,659
	180,000	Icahn Enterprises LP / Icahn Enterprises Finance Corp.	5.25%	05/15/2027		186,300
	3,000,000	PennantPark Floating Rate Capital, Ltd.	4.25%	04/01/2026		3,010,427
						13,732,528
*Leisure Time* - 0.04%
	50,000	Carnival Corp.^(g)	11.50%	04/01/2023		57,385
	135,000	Carnival Corp.^(g)	7.63%	03/01/2026		145,199
	160,000	Carnival Corp.^(g)	5.75%	03/01/2027		164,400
	55,000	Viking Cruises, Ltd.^(g)	13.00%	05/15/2025		64,763
	290,000	Viking Cruises, Ltd.^(g)	5.88%	09/15/2027		284,019
						715,766
*Lodging - 0.05%*
	205,000	Boyd Gaming Corp.	4.75%	12/01/2027		209,327
	30,000	Hilton Domestic Operating Co., Inc.^(g)	5.38%	05/01/2025		31,650

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	30,000	Hilton Domestic Operating Co., Inc.^(g)	5.75%	05/01/2028	$	32,344
	315,000	Marriott International, Inc.	3.13%	06/15/2026		330,761
	185,000	MGM Resorts International	6.75%	05/01/2025		199,615
	100,000	Wyndham Hotels & Resorts, Inc.^(g)	4.38%	08/15/2028		101,337
						905,034
*Media - 0.15%*
	970,000	Cengage Learning, Inc.^(g)	9.50%	06/15/2024		990,006
	560,000	Charter Communications Operating LLC / Charter Communications Operating Capital	4.91%	07/23/2025		635,196
	200,000	Comcast Corp.	3.95%	10/15/2025		223,518
	320,000	Comcast Corp.	3.40%	04/01/2030		346,735
	70,000	Diamond Sports Group LLC / Diamond Sports Finance Co.^(g)	5.38%	08/15/2026		50,488
	130,000	GCI LLC^(g)	4.75%	10/15/2028		133,331
	35,000	iHeartCommunications, Inc.	8.38%	05/01/2027		37,581
	90,000	Nexstar Broadcasting, Inc.^(g)	5.63%	07/15/2027		94,472
	110,000	Radiate Holdco LLC / Radiate Finance, Inc.^(g)	4.50%	09/15/2026		111,513
	60,000	Scripps Escrow II, Inc.^(g)	3.88%	01/15/2029		59,063
	130,000	Scripps Escrow, Inc.^(g)	5.88%	07/15/2027		134,713
						2,816,616
*Mining - 0.02%*
	220,000	Arconic Corp.^(g)	6.13%	02/15/2028		234,713
	80,000	Novelis Corp.^(g)	4.75%	01/30/2030		82,606
						317,319
*Miscellaneous Manufactur - 0.01%*
	195,000	General Electric Co.	6.88%	01/10/2039		274,713

*Oil & Gas - 0.36%*
	50,000	Apache Corp.	4.63%	11/15/2025		51,578
	95,000	Apache Corp.	4.38%	10/15/2028		94,858
	220,000	BP Capital Markets America, Inc.	2.94%	06/04/2051		196,592
	555,000	Brooklyn Union Gas Co.^(g)	4.49%	03/04/2049		636,909
	165,000	Chesapeake Energy Corp.^(g)	5.88%	02/01/2029		175,209
	105,000	CNX Resources Corp.^(g)	6.00%	01/15/2029		109,311
	205,000	Diamondback Energy, Inc.	0.90%	03/24/2023		205,155
	195,000	Diamondback Energy, Inc.	2.88%	12/01/2024		205,810
	390,000	East Ohio Gas Co.^(g)	3.00%	06/15/2050		361,211
	85,000	EQT Corp.	8.50%	02/01/2030		108,507
	265,000	Exxon Mobil Corp.	2.61%	10/15/2030		270,380
	325,000	Exxon Mobil Corp.	4.23%	03/19/2040		366,106
	160,000	Halliburton Co.	2.92%	03/01/2030		159,934
	140,000	Hilcorp Energy I LP / Hilcorp Finance Co.^(g)	6.25%	11/01/2028		144,463

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	80,000	Hilcorp Energy I LP / Hilcorp Finance Co.^(g)	5.75%	02/01/2029	$	80,850
	110,000	Indigo Natural Resources LLC^(g)	5.38%	02/01/2029		108,579
	800,000	Kosmos Energy, Ltd.^(e)	7.13%	04/04/2026		777,632
	490,000	Marathon Petroleum Corp.	5.13%	12/15/2026		572,214
	175,000	NiSource, Inc.	3.60%	05/01/2030		189,964
	75,000	Occidental Petroleum Corp.	8.00%	07/15/2025		86,235
	110,000	Occidental Petroleum Corp.	3.50%	08/15/2029		103,351
	80,000	Occidental Petroleum Corp.	6.63%	09/01/2030		90,024
	130,000	Occidental Petroleum Corp.	6.13%	01/01/2031		143,790
	160,000	Ovintiv Exploration, Inc.	5.63%	07/01/2024		176,023
	85,000	Ovintiv Exploration, Inc.	7.38%	11/01/2031		108,245
	265,000	PBF Holding Co. LLC / PBF Finance Corp.^(g)	9.25%	05/15/2025		270,929
	445,000	Pioneer Natural Resources Co.	1.90%	08/15/2030		413,338
	110,000	Sunoco LP / Sunoco Finance Corp.	6.00%	04/15/2027		115,225
	50,000	Sunoco LP / Sunoco Finance Corp.^(g)	4.50%	05/15/2029		49,906
	61,000	Transocean, Inc.^(g)	11.50%	01/30/2027		52,412
	220,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	09/01/2027		226,972
	62,000	WPX Energy, Inc.	5.88%	06/15/2028		68,421
						6,720,133
*Oil&Gas Services - 0.00%^(a)*
	20,000	Halliburton Co.	5.00%	11/15/2045		22,346

*Packaging & Containers - 0.05%*
	135,000	Flex Acquisition Co., Inc.^(g)	6.88%	01/15/2025		137,389
	185,000	Silgan Holdings, Inc.	4.13%	02/01/2028		190,517
	626,000	WRKCo, Inc.	3.75%	03/15/2025		683,475
						1,011,381
*Pharmaceuticals - 0.25%*
	610,000	AbbVie, Inc.	4.70%	05/14/2045		724,099
	285,000	Bausch Health Cos., Inc.^(g)	6.25%	02/15/2029		303,354
	716,000	Becton Dickinson and Co.	2.89%	06/06/2022		734,675
	590,000	Bristol-Myers Squibb Co.	4.35%	11/15/2047		703,649
	355,000	Cigna Corp.^(f)	3M US L + 0.89%	07/15/2023		359,441
	445,000	Cigna Corp.	4.90%	12/15/2048		546,388
	290,000	CVS Health Corp.	5.05%	03/25/2048		356,577
	620,000	Merck & Co., Inc.	3.40%	03/07/2029		685,264
	215,000	Viatris, Inc.^(g)	1.65%	06/22/2025		215,974
						4,629,421
*Pipelines - 0.23%*
	73,000	Antero Midstream Partners LP / Antero Midstream Finance Corp.^(g)	5.75%	03/01/2027		73,153
	130,000	Cheniere Energy Partners LP	5.63%	10/01/2026		136,162

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	200,000	Enable Midstream Partners LP	4.40%	03/15/2027	$	216,452
	575,000	Energy Transfer Operating LP	4.75%	01/15/2026		638,843
	220,000	EQM Midstream Partners LP^(g)	4.75%	01/15/2031		213,675
	145,000	Hess Midstream Operations LP^(g)	5.13%	06/15/2028		146,957
	448,000	Kinder Morgan Energy Partners LP	6.95%	01/15/2038		602,364
	1,325,000	NGL Energy Operating LLC / NGL Energy Finance Corp.^(g)	7.50%	02/01/2026		1,363,922
	120,000	NuStar Logistics LP	6.38%	10/01/2030		129,975
	180,000	ONEOK, Inc.	3.40%	09/01/2029		185,667
	75,000	Rattler Midstream LP^(g)	5.63%	07/15/2025		78,450
	235,000	Sabine Pass Liquefaction LLC	5.00%	03/15/2027		267,682
	170,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	5.50%	03/01/2030		178,660
	120,000	Western Midstream Operating LP	4.35%	02/01/2025		124,391
						4,356,353
*Real Estate* - 0.02%
	355,000	Realogy Group LLC / Realogy Co.- Issuer Corp.^(g)	5.75%	01/15/2029		350,563

*REITS - 0.30%*
	205,000	Alexandria Real Estate Equities, Inc.	3.00%	05/18/2051		186,994
	640,000	American Tower Corp.	3.60%	01/15/2028		691,845
	610,000	Boston Properties LP	3.40%	06/21/2029		641,720
	75,000	Corporate Office Properties LP	2.75%	04/15/2031		72,681
	800,000	Crown Castle International Corp.	3.70%	06/15/2026		875,743
	405,000	Crown Castle International Corp.	3.65%	09/01/2027		441,955
	560,000	Crown Castle International Corp.	3.30%	07/01/2030		587,090
	330,000	Equinix, Inc.	1.80%	07/15/2027		324,311
	98,000	ESH Hospitality, Inc.^(g)	5.25%	05/01/2025		100,105
	80,000	Iron Mountain, Inc.^(g)	4.50%	02/15/2031		79,188
	190,000	National Retail Properties, Inc.	2.50%	04/15/2030		186,757
	75,000	Omega Healthcare Investors, Inc.	3.25%	04/15/2033		72,026
	80,000	Realogy Group LLC / Realogy Co.- Issuer Corp.^(g)	7.63%	06/15/2025		87,465
	295,000	Simon Property Group LP	2.45%	09/13/2029		292,367
	595,000	Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC^(g)	6.50%	02/15/2029		588,306
	355,000	Welltower, Inc.	2.80%	06/01/2031		353,620
						5,582,173
*Retail - 0.21%*
	27,000	Asbury Automotive Group, Inc.	4.50%	03/01/2028		27,686
	27,000	Asbury Automotive Group, Inc.	4.75%	03/01/2030		27,925
	235,000	Beacon Roofing Supply, Inc.^(g)	4.88%	11/01/2025		240,714
	570,000	Dollar Tree, Inc.	4.00%	05/15/2025		629,572
	95,000	Ferrellgas Escrow LLC / FG Operating Finance Escrow Corp.^(g)	5.38%	04/01/2026		94,601

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	235,000	Golden Nugget, Inc.^(g)	6.75%	10/15/2024	$	237,919
	235,000	Home Depot, Inc.	3.90%	06/15/2047		264,780
	195,000	IRB Holding Corp.^(g)	6.75%	02/15/2026		202,069
	270,000	McDonald's Corp.	3.60%	07/01/2030		294,846
	270,000	McDonald's Corp.	4.45%	03/01/2047		314,299
	190,000	Park River Holdings, Inc.^(g)	5.63%	02/01/2029		184,419
	945,000	PetSmart, Inc. / PetSmart Finance Corp.^(g)	7.75%	02/15/2029		1,024,096
	185,000	Staples, Inc.^(g)	7.50%	04/15/2026		195,406
	195,000	Yum! Brands, Inc.	3.63%	03/15/2031		187,688
						3,926,020
*Semiconductors - 0.09%*
	106,000	Broadcom, Inc.	3.15%	11/15/2025		113,050
	349,000	Broadcom, Inc.^(g)	3.42%	04/15/2033		354,572
	645,000	Marvell Technology Group, Ltd.	4.20%	06/22/2023		690,425
	305,000	Micron Technology, Inc.	2.50%	04/24/2023		316,823
	170,000	Texas Instruments, Inc.	1.75%	05/04/2030		163,792
						1,638,662
*Software - 0.16%*
	340,000	Activision Blizzard, Inc.	1.35%	09/15/2030		307,690
	1,550,000	Castle US Holding Corp.^(g)	9.50%	02/15/2028		1,583,906
	93,000	Dun & Bradstreet Corp.^(g)	6.88%	08/15/2026		99,471
	435,000	Oracle Corp.	3.85%	04/01/2060		427,685
	740,000	Roper Technologies, Inc.	1.75%	02/15/2031		687,774
						3,106,526
*Special Purpose Banks - 0.01%*
	160,000	Caesars Resort Collection LLC / CRC Finco, Inc.^(g)	5.25%	10/15/2025		160,800

*Telecommunications - 0.46%*
	500,000	AT&T, Inc.	4.30%	02/15/2030		563,296
	1,165,000	AT&T, Inc.^(g)	3.50%	09/15/2053		1,078,637
	110,000	Avaya, Inc.^(g)	6.13%	09/15/2028		116,978
	1,675,000	Embarq Corp Eq 7.995 06/01/36	8.00%	06/01/2036		1,932,045
	45,000	Frontier Communications Corp.^(g)	5.88%	10/15/2027		47,784
	85,000	Frontier Communications Corp.^(g)	5.00%	05/01/2028		86,722
	315,000	Frontier Communications Corp.^(g)	6.75%	05/01/2029		332,821
	1,380,000	Gogo Intermediate Holdings LLC / Gogo Finance Co., Inc.^(g)	9.88%	05/01/2024		1,455,037
	80,000	GTT Communications, Inc.^(g)(k)	7.88%	12/31/2024		13,500
	1,100,000	Intelsat Jackson Holdings SA^(g)(h)	8.50%	10/15/2024		692,313
	160,000	Lumen Technologies, Inc.^(g)	5.13%	12/15/2026		168,741
	145,000	Lumen Technologies, Inc.^(g)	4.00%	02/15/2027		148,306
	175,000	T-Mobile USA, Inc.^(g)	3.50%	04/15/2025		188,979
	240,000	T-Mobile USA, Inc.	2.25%	02/15/2026		242,026
	125,000	T-Mobile USA, Inc.	3.38%	04/15/2029		126,172

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	50,000	T-Mobile USA, Inc.	2.88%	02/15/2031	$	48,388
	500,000	Verizon Communications, Inc.	3.15%	03/22/2030		527,765
	570,000	Verizon Communications, Inc.	4.40%	11/01/2034		652,554
	45,000	Verizon Communications, Inc.	2.65%	11/20/2040		41,185
	155,000	Zayo Group Holdings, Inc.^(g)	4.00%	03/01/2027		152,490
	85,000	Zayo Group Holdings, Inc.^(g)	6.13%	03/01/2028		87,377
						8,703,116
*Transportation - 0.08%*
	650,000	CSX Corp.	3.80%	11/01/2046		690,009
	270,000	FedEx Corp.	4.75%	11/15/2045		316,604
	30,000	Kenan Advantage Group, Inc.^(g)	7.88%	07/31/2023		30,000
	500,000	Union Pacific Corp.	3.70%	03/01/2029		551,001
						1,587,614
*Trucking & Leasing - 0.02%*
	280,000	Penske Truck Leasing Co. LP / PTL Finance Corp.^(g)	4.20%	04/01/2027		313,787

*Water - 0.02%*
	355,000	Essential Utilities, Inc.	2.70%	04/15/2030		358,522

TOTAL U.S. CORPORATE BONDS
(Cost $118,613,392)						121,906,920

CONVERTIBLE CORPORATE BONDS - 0.90%
	2,036,407	BlackRock Capital Investment Corp.	5.00%	06/15/2022		2,044,509
	6,854,823	BlackRock TCP Capital Corp.	4.63%	03/01/2022		7,052,242
	93,648	Digicel Group 0.5, Ltd.^(d)(g)(i)	5.09% (7.00%)	Perpetual Maturity		68,803
	1,422,000	Goldman Sachs BDC, Inc.	4.50%	04/01/2022		1,470,063
	6,000,000	New Mountain Finance Corp.	5.75%	08/15/2023		6,285,300

TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $15,831,849)						16,920,917

FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.69%
	200,000	Abu Dhabi Government International Bond^(g)	3.13%	04/16/2030		214,768
	550,000	Abu Dhabi Government International Bond^(e)	3.13%	09/30/2049		525,575
	200,000	Brazilian Government International Bond	5.00%	01/27/2045		190,871
	400,000	Brazilian Government International Bond	5.63%	02/21/2047		409,066

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	300,000	Chile Government International Bond	3.50%	01/25/2050	$	306,210
	950,000	Chile Government International Bond	3.10%	01/22/2061		884,726
	200,000	Colombia Government International Bond	5.00%	06/15/2045		213,832
	600,000	Colombia Government International Bond	4.13%	05/15/2051		572,304
	600,000	Dominican Republic International Bond^(g)	6.40%	06/05/2049		630,150
	200,000	Dominican Republic International Bond^(e)	5.88%	01/30/2060		192,300
	600,000	Export Import Bank of Thailand^(f)	3M US L + 0.90%	11/20/2023		606,906
	200,000	Indonesia Government International Bond	3.38%	04/15/2023		210,294
	200,000	Indonesia Government International Bond	4.35%	01/11/2048		217,875
	300,000	Indonesia Government International Bond	3.70%	10/30/2049		305,909
	875,000	Mexico Government International Bond	3.75%	01/11/2028		937,532
	750,000	Mexico Government International Bond	4.60%	02/10/2048		770,966
	400,000	Mexico Government International Bond	3.77%	05/24/2061		354,950
	900,000	Panama Government International Bond	3.87%	07/23/2060		892,863
	200,000	Perusahaan Penerbit SBSN Indonesia III^(e)	3.80%	06/23/2050		203,232
	800,000	Peruvian Government International Bond	3.30%	03/11/2041		781,624
	100,000	Peruvian Government International Bond	3.55%	03/10/2051		97,747
	100,000	Peruvian Government International Bond	2.78%	12/01/2060		82,802
	200,000	Philippine Government International Bond	2.46%	05/05/2030		202,650
	350,000	Philippine Government International Bond	1.65%	06/10/2031		331,480
	550,000	Philippine Government International Bond	3.70%	03/01/2041		576,246
	200,000	Philippine Government International Bond	3.70%	02/02/2042		209,504
	400,000	Saudi Government International Bond^(g)	2.90%	10/22/2025		424,720
	400,000	Saudi Government International Bond^(e)	2.88%	03/04/2023		416,304

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	350,000	Saudi Government International Bond^(e)	3.75%	01/21/2055	$	343,896
	400,000	Saudi Government International Bond^(e)	3.45%	02/02/2061		368,962
	350,000	State of Israel	3.38%	01/15/2050		354,375
	200,000	Ukraine Government International Bond^(e)	7.25%	03/15/2033		199,491

TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES
(Cost $12,922,917)						13,030,130

BANK LOANS - 2.09%^(f)
*Cayman Islands - 0.06%*
	1,035,000	Grab Holdings, Inc., First Lien - Initial Term Loan	3M US L + 4.50%, 1.00% Floor	01/29/2026		1,056,994

*Ireland - 0.06%*
	680,000	ION Trading Finance, Ltd., First Lien - Initial Dollar (2021) Term Loan	3M US L + 4.75%	04/01/2028		680,850
	516,862	ION Trading Technologies SARL, First Lien - 2018 Initial Dollar Retired 04/01/2021 Term Loan	3M US L + 4.00%, 1.00% Floor	11/21/2024		517,805
						1,198,655
*Luxembourg* - 0.13%
	705,000	Curium BidCo SARL, Second Lien - Term Loan	3M US L + 7.75%	10/27/2028		720,863
	1,494,548	Travelport Finance SARL, First Lien - Initial (Priority) Term Loan	3M US L + 8.00%, 1.00% Floor	02/28/2025		1,525,059
	337,776	Travelport Finance SARL, First Lien - Initial Term Loan	3M US L + 5.00%	05/29/2026		275,868
						2,521,790
*Netherlands - 0.05%*
	1,250,742	Bright Bidco B.V., First Lien - 2018 Refinancing B Term Loan	3M US L + 3.50%, 1.00% Floor	06/30/2024		959,945
	5,736	Lealand Finance Company B.V., First Lien - Make-Whole Term Loan	1M US L + 3.00%	06/28/2024		4,675
	72,311	Lealand Finance Company B.V., First Lien - Take-Back Term Loan	1M US L + 4.00%	06/30/2025		40,976
						1,005,596
*United States - 1.79%*
	405,000	AAdvantage Loyality IP, Ltd., First Lien - Initial Term Loan	3M US L + 4.75%, 0.75% Floor	04/20/2028		415,443

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description

Rate

Maturity

Value

1,257,407

Air Methods Corp., First Lien - Initial Term Loan

3M US L + 3.50%, 1.00% Floor

04/22/2024

1,220,080

1,198,637

American Tire Distributors, Inc., First Lien - Initial Term Loan

1M US L + 7.50%, 1.00% Floor

09/02/2024

1,174,664

590,000

American Trailer World Corp., First Lien - Initial Term Loan

1M US L + 3.75%, 0.75% Floor

03/03/2028

587,053

1,975,000

Applied Systems, Inc., Second Lien - 2021 Term Loan

3M US L + 5.50%, 0.75% Floor

09/19/2025

1,994,750

295,000

Asurion LLC, Second Lien - New B-3 Term Loan

1M US L + 5.25%

01/31/2028

300,863

200,000

Blackhawk Network Holdings, Inc., Second Lien

1M US L + 7.00%

06/15/2026

199,333

743,750

Castle US Holding Corp., First Lien - Initial Dollar Term Loan

3M US L + 3.75%

01/29/2027

735,848

1,011,418

Cengage Learning, Inc., First Lien - 2016 Refinancing Term Loan

3M US L + 4.25%, 1.00% Floor

06/07/2023

1,002,780

768,010

ClubCorp Holdings, Inc., First Lien - B Term Loan

3M US L + 2.75%

09/18/2024

723,969

2,350,000

Constant Contact, Inc., Second Lien - Initial Term Loan

3M US L + 7.50%, 0.75% Floor

02/12/2029

2,326,500

760,000

Convergint Technologies LLC, Second Lien - Initial Term Loan

3M US L + 6.75%, 0.75% Floor

03/30/2029

763,800

2,203,094

Cvent, Inc., First Lien Term Loan

2M US L + 3.75%

11/29/2024

2,149,856

905,000

DCert Buyer, Inc., Second Lien - First Amendment Refinancing Term Loan

1M US L + 7.00%

02/19/2029

913,489

112,191

Dhanani Group, Inc., First Lien Term Loan

1M US L + 3.75%

07/20/2025

111,139

1,105,354

Envision Healthcare Corp., First Lien - Initial Term Loan

1M US L + 3.75%

10/10/2025

957,286

1,475,000

Envision Healthcare Corp., First Lien - Series 2020 New Term Loan

1M US L + 3.75%, 1.00% Floor

10/10/2025

1,199,912

457,753

Forterra Finance LLC, First Lien - Replacement Term Loan

1M US L + 3.00%, 1.00% Floor

10/25/2023

459,127

454,148

Global Medical Response, Inc., First Lien - 2018 New Term Loan

3M US L + 4.25%, 1.00% Floor

03/14/2025

452,040

993,505

Gulf Finance LLC, First Lien - Tranche B Term Loan

1M US L + 5.25%, 1.00% Floor

08/25/2023

826,914

455,000

Ivanti Software, Inc., First Lien - Initial Term Loan

1M US L + 4.75%, 1.00% Floor

12/01/2027

457,418

1,374,175

Milano Acquisition Corp., First Lien - B Term Loan

3M US L + 4.00%, 0.75% Floor

10/01/2027

1,370,740

1,129,825

Minotaur Acquisition, Inc., First Lien - B Term Loan

1M US L + 5.00%

03/27/2026

1,130,299

491,617

Misys, Ltd., First Lien - Dollar Term Loan

3M US L + 3.50%, 1.00% Floor

06/13/2024

482,517

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description

Rate

Maturity

Value

705,000

Misys, Ltd., Second Lien - Dollar Term Loan

3M US L + 7.25%, 1.00% Floor

06/13/2025

710,376

1,135,000

Mitchell International, Inc., Second Lien - Initial Term Loan

1M US L + 7.25%

12/01/2025

1,135,709

470,411

MLN US HoldCo LLC, First Lien - B Term Loan

1M US L + 4.50%

11/30/2025

417,031

126,230

Onedigital Borrower LLC Delayed Tl^(l)

L + 4.50%

11/16/2027

126,441

1,278,770

OneDigital Borrower LLC, First Lien - Initial Term Loan

3M US L + 4.50%, 0.75% Floor

11/16/2027

1,280,905

1,024,082

Peak 10 Holding Corp., First Lien - Initial Term Loan

3M US L + 3.50%

08/01/2024

959,436

1,285,000

Riverbed Technology, Inc., First Lien - 2020 Extension Term Loan

3M US L + 6.00%, 1.00% Floor

12/31/2025

1,237,500

230,000

Solenis Holdings LLC, Second Lien - Initial Term Loan

3M US L + 8.50%

06/26/2026

230,881

979,692

Team Health Holdings, Inc., First Lien - Initial Term Loan

1M US L + 2.75%, 1.00% Floor

02/06/2024

913,901

680,000

TIBCO Software, Inc., Second Lien

1M US L + 7.25%

03/03/2028

688,969

1,185,000

Triton Water Holdings, Inc., First Lien - Initial Term Loan

3M US L + 3.50%, 0.50% Floor

03/31/2028

1,181,943

1,745,745

Vantage Specialty Chemicals, Inc., First Lien - Closing Date Term Loan

3M US L + 3.50%, 1.00% Floor

10/28/2024

1,652,645

1,261,797

WaterBridge Midstream Operating LLC, First Lien - Initial Term Loan

3M US L + 5.75%, 1.00% Floor

06/22/2026

1,200,285

33,691,842

TOTAL BANK LOANS

(Cost $38,501,624)

39,474,877

COLLATERALIZED LOAN OBLIGATIONS - 2.75%

Adams Mill CLO, Ltd.

500,000

Series 2014-1A^(f)(g)

3M US L + 3.50%

07/15/2026

496,263

AIMCO CLO

500,000

Series 2018-AA^(f)(g)

3M US L + 2.55%

04/17/2031

491,762

AIMCO CLO 10, Ltd.

1,000,000

Series 2019-10A^(f)(g)

3.55% - 3M US

L 07/22/2032

1,001,534

Apidos CLO XII

500,000

Series 2018-12A^(f)(g)

3M US L + 2.60%

04/15/2031

480,284

Apidos CLO XX

500,000

Series 2018-20A^(f)(g)

3M US L + 2.95%

07/16/2031

494,753

Apidos CLO XXI

500,000

Series 2018-21A^(f)(g)

3M US L + 2.45%

07/18/2027

489,305

1,000,000

Series 2018-21A^(f)(g)

3M US L + 8.25%

07/18/2027

885,551

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description

Rate

Maturity

Value

Apidos CLO XXIV

1,000,000

Series 2018-24A^(f)(g)

3M US L + 5.80%

10/20/2030

932,968

Apres Static CLO 2, Ltd.

500,000

Series 2020-1A^(f)(g)

3M US L + 4.85%

04/15/2028

500,557

Babson CLO, Ltd.

500,000

Series 2018-IA^(f)(g)

3M US L + 2.60%

01/20/2031

482,084

Barings CLO, Ltd.

500,000

Series 2017-1A^(f)(g)

3M US L + 3.60%

07/18/2029

499,780

500,000

Series 2018-4A^(f)(g)

3M US L + 5.82%

10/15/2030

475,226

1,000,000

Series 2019-1A^(f)(g)

3M US L + 6.68%

04/15/2031

997,654

500,000

Series 2019-2A^(f)(g)

3.85% - 3M US L

04/15/2031

500,324

Beechwood Park CLO, Ltd.

500,000

Series 2019-1A^(f)(g)

3M US L + 7.50%

01/17/2033

505,174

BlueMountain CLO, Ltd.

500,000

Series 2018-3A^(f)(g)

3M US L + 2.60%

04/20/2031

469,875

Buttermilk Park CLO, Ltd.

1,000,000

Series 2018-1A^(f)(g)

3M US L + 5.75%

10/15/2031

945,882

Canyon Capital CLO, Ltd.

500,000

Series 2017-1A^(f)(g)

3M US L + 3.60%

07/15/2030

499,508

1,000,000

Series 2018-1A^(f)(g)

3M US L + 2.75%

01/30/2031

955,051

1,500,000

Series 2018-1A^(f)(g)

3M US L + 5.50%

01/30/2031

1,338,109

1,000,000

Series 2018-1A^(f)(g)

3M US L + 5.75%

07/15/2031

943,368

500,000

Series 2018-1A^(f)(g)

3M US L + 2.80%

07/15/2031

490,631

500,000

Series 2018-1RA^(f)(g)

3M US L + 3.00%

07/15/2030

492,783

Canyon CLO, Ltd.

500,000

Series 2018-1A^(f)(g)

3M US L + 2.90%

07/15/2031

487,342

Carlyle Global Market Strategies CLO, Ltd.

1,000,000

Series 2018-2RA^(f)(g)

3M US L + 5.35%

05/15/2031

888,691

500,000

Series 2018-3A^(f)(g)

3M US L + 2.85%

07/28/2028

493,994

Chenango Park CLO, Ltd.

500,000

Series 2018-1A^(f)(g)

3M US L + 3.00%

04/15/2030

483,772

1,000,000

Series 2018-1A^(f)(g)

3M US L + 5.80%

04/15/2030

953,932

Cook Park CLO, Ltd.

500,000

Series 2018-1A^(f)(g)

3M US L + 2.60%

04/17/2030

491,459

Crown Point CLO IV, Ltd.

500,000

Series 2018-4A^(f)(g)

3M US L + 1.90%

04/20/2031

492,748

Dorchester Park CLO DAC

500,000

Series 2018-1A^(f)(g)

3M US L + 2.40%

04/20/2028

493,490

875,000

Series 2018-1A^(f)(g)

3M US L + 5.00%

04/20/2028

856,234

Dryden 57 CLO, Ltd.

500,000

Series 2018-57A^(f)(g)

3M US L + 2.55%

05/15/2031

486,909

Dryden 60 CLO, Ltd.

1,000,000

Series 2018-60A^(f)(g)

3M US L + 3.00%

07/15/2031

989,362

Dryden 77 CLO, Ltd.

800,000

Series 2020-77A^(f)(g)

3M US L + 5.14%

05/20/2031

802,940

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description

Rate

Maturity

Value

Elmwood CLO II, Ltd.

1,000,000

Series 2019-2A^(f)(g)

3M US L + 2.10%

04/20/2031

1,001,070

Fillmore Park CLO, Ltd.

500,000

Series 2018-1A^(f)(g)

3M US L + 2.90%

07/15/2030

490,341

1,000,000

Series 2018-1A^(f)(g)

3M US L + 5.40%

07/15/2030

939,302

Gilbert Park CLO, Ltd.

1,000,000

Series 2017-1A^(f)(g)

3M US L + 6.40%

10/15/2030

994,553

Goldentree Loan Management US CLO, Ltd.

1,000,000

Series 2018-3A^(f)(g)

3M US L + 2.85%

04/20/2030

990,855

Longfellow Place CLO, Ltd.

491,179

Series 2017-1A^(f)(g)

3M US L + 1.34%

04/15/2029

491,803

Myers Park CLO, Ltd.

500,000

Series 2018-1A^(f)(g)

3M US L + 3.05%

10/20/2030

500,256

1,000,000

Series 2018-1A^(f)(g)

3M US L + 5.50%

10/20/2030

942,896

Neuberger Berman CLO XXIII, Ltd.

1,000,000

Series 2018-23A^(f)(g)

3M US L + 5.75%

10/17/2027

979,890

PPM CLO 3, Ltd.

1,000,000

Series 2021-3A^(f)(g)

3M US L + 3.20%

04/17/2034

1,000,000

Sound Point CLO XXIV

1,375,000

Series 2019-3A^(f)(g)

3M US L + 7.31%

10/25/2032

1,391,028

Sound Point CLO XXVIII, Ltd.

1,000,000

Series 2020-3A^(f)(g)

3M US L + 6.90%

01/25/2032

1,002,880

Stewart Park CLO, Ltd.

500,000

Series 2018-1A^(f)(g)

3M US L + 2.60%

01/15/2030

488,956

Symphony CLO XVII, Ltd.

1,500,000

Series 2018-17A^(f)(g)

3M US L + 2.65%

04/15/2028

1,487,213

Thayer Park CLO, Ltd.

500,000

Series 2021-1A^(f)(g)

3M US L + 6.25%

04/20/2034

485,000

THL Credit Wind River 2017-1 CLO, Ltd.

500,000

Series 2021-1A^(f)(g)

3M US L + 3.91%

04/18/2036

495,000

THL Credit Wind River CLO, Ltd.

500,000

Series 2017-1A^(f)(g)

3M US L + 3.75%

04/18/2029

500,740

500,000

Series 2018-1A^(f)(g)

2.90% - 3M US L

07/15/2030

483,937

2,000,000

Series 2018-1A^(f)(g)

5.50% - 3M US L

07/15/2030

1,862,738

1,000,000

Series 2018-1A^(f)(g)

3M US L + 3.00%

07/18/2031

943,639

1,000,000

Series 2018-2A^(f)(g)

3M US L + 5.75%

07/15/2030

944,592

1,000,000

Series 2018-3A^(f)(g)

3M US L + 6.22%

10/22/2031

870,864

Tryon Park CLO, Ltd.

1,000,000

Series 2018-1A^(f)(g)

3M US L + 5.95%

04/15/2029

984,623

Venture XX CLO, Ltd.

1,000,000

Series 2017-20A^(f)(g)

3M US L + 1.90%

04/15/2027

999,787

VERDE CLO, Ltd.

1,000,000

Series 2019-1A^(f)(g)

3.80% - 3M US L

04/15/2032

1,001,238

VOYA CLO 2017-2

1,000,000

Series 2017-2A^(f)(g)

3M US L + 6.02%

06/07/2030

952,939

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Voya CLO, Ltd.
$	500,000	Series 2018-1A^(f)(g)	3M US L + 2.80%	04/18/2031	$	473,824
	1,000,000	Series 2018-2A^(f)(g)	3M US L + 2.75%	07/15/2031		967,310
	1,000,000	Series 2018-2A^(f)(g)	3M US L + 5.25%	07/15/2031		923,554
	500,000	Series 2018-3A^(f)(g)	3M US L + 6.20%	10/20/2031		474,864
	500,000	Series 2018-4A^(f)(g)	3M US L + 5.95%	07/14/2031		468,523
		Webster Park CLO, Ltd.
	1,000,000	Series 2018-1A^(f)(g)	5.50% - 3M US L	07/20/2030		933,242
		Westcott Park CLO, Ltd.
	1,000,000	Series 2019-1A^(f)(g)	3M US L + 3.25%	07/20/2028		1,001,164

TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $52,997,681)						51,757,920

EQUITY - LINKED NOTES - 0.00%^(a)
	263,093	Inverpamplona SA^(j)(m)	0.00%	12/30/2028		11,250

TOTAL EQUITY - LINKED NOTES
(Cost $11,250)						11,250

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 21.57%
		Aaset Trust
	438,420	Series 2019-2^(g)	3.38%	10/16/2026		439,615
		AASET, Ltd.
	513,749	Series 2018-1A^(g)	3.84%	09/16/2023		489,945
		ABFC Trust
	3,230,879	Series 2007-WMC1^(f)	1M US L + 1.25%	06/25/2037		2,874,369
		Adjustable Rate Mortgage Trust
	2,675,844	Series 2005-10^(f)	2.82%	01/25/2036		2,414,851
		Affirm Asset Securitization Trust 2020-A
	1,750,000	Series 2020-A^(g)	6.23%	10/17/2022		1,807,981
		Alternative Loan Trust
	211,804	Series 2005-20CB	5.50%	07/25/2035		201,860
	78,729	Series 2005-54CB	5.50%	11/25/2035		61,080
	900,924	Series 2005-85CB^(f)	1M US L + 1.10%	02/25/2036		740,397
	190,261	Series 2005-85CB^(f)	21.63% - 3.67 x 1M US L	02/25/2036		237,676
	241,230	Series 2005-86CB	5.50%	02/25/2036		195,858
	231,005	Series 2005-9CB^(f)	1M US L + 0.50%	05/25/2035		212,016
	410,265	Series 2005-9CB^(f)(n)	5.05% - 1M US L	05/25/2035		40,724
	1,229,551	Series 2006-15CB	6.50%	06/25/2036		917,114
	143,164	Series 2006-30T1	6.25%	11/25/2036		126,252
	117,889	Series 2006-32CB	5.50%	11/25/2036		92,713
	282,781	Series 2006-36T2^(f)	28.06% - 4.6 x 1M US L	12/25/2036		417,218

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	950,229	Series 2007-19	6.00%	08/25/2037	$	686,177
	3,328,818	Series 2007-20	6.25%	08/25/2047		2,638,136
	904,869	Series 2007-23CB^(f)	1M US L + 0.50%	09/25/2037		402,405
	863,999	Series 2007-23CB^(f)(n)	6.50% - 1M US L	09/25/2037		237,756
		American Home Mortgage Investment Trust
	166,897	Series 2007-A^(g)(o)	6.60%	01/25/2037		56,469
		AmeriHome GMSR Issuer Trust
	3,100,000	Series 2019-GT1^(g)	4.68%	11/25/2026		3,072,894
		AMSR 2020-SFR3 Trust
	5,100,000	Series 2020-SFR3^(g)	4.99%	09/17/2025		5,131,287
		AREIT Trust
	1,265,000	Series 2019-CRE3^(f)(g)	1M US L + 2.65%	07/14/2022		1,250,960
		Atlas Senior Loan Fund X, Ltd.
	491,101	Series 2018-10A^(f)(g)	3M US L + 1.09%	01/15/2031		490,136
		Atrium Hotel Portfolio Trust
	1,309,000	Series 2018-ATRM^(f)(g)	1M US L + 3.40%	06/15/2021		1,269,365
		Atrium IX
	500,000	Series 2017-9A^(f)(g)	3M US L + 3.60%	05/28/2030		497,129
		Atrium XIII
	1,000,000	Series 2017-13A^(f)(g)	3M US L + 6.05%	11/21/2030		970,898
		Atrium XIV LLC
	1,000,000	Series 2018-14A^(f)(g)	3M US L + 5.65%	08/23/2030		983,979
		Atrium XV
	1,000,000	Series 2018-15A^(f)(g)	3M US L + 3.00%	01/23/2031		985,084
		BAMLL Commercial Mortgage Securities Trust
	683,000	Series 2019-AHT^(f)(g)	2.68%	03/15/2021		676,640
		Banc of America Commercial
		Mortgage Trust 2015-UBS7
	600,000	Series 2015-UBS7^(f)	4.36%	09/15/2025		631,088
		Banc of America Funding Trust
	130,919	Series 2006-2	5.50%	03/25/2036		129,754
	3,276,390	Series 2010-R5^(f)(g)	6.00%	10/26/2037		3,078,064
		Bancorp Commercial Mortgage Trust
	605,000	Series 2019-CRE5^(f)(g)	1M US L + 1.50%	01/15/2022		605,746
	1,312,000	Series 2019-CRE5^(f)(g)	1M US L + 2.35%	02/15/2022		1,300,518
		BANK
	463,000	Series 2018-BN10^(f)	4.08%	01/15/2028		509,340
	10,291,000	Series 2018-BN12^(f)(g)(n)	1.50%	05/15/2061		826,558
	463,000	Series 2018-BN13^(f)	4.56%	07/15/2028		520,554
		BANK 2017-BNK5
	200,000	Series 2017-BNK5^(f)	4.26%	06/15/2027		209,315
		BANK 2020-BNK27
	16,875,000	Series 2020-BN27^(f)(g)(n)	0.72%	04/15/2030		915,789

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		BANK 2020-BNK28
$	523,000	Series 2020-BN28	2.34%	10/15/2030	$	507,783
		BANK 2021-BNK32
	10,650,000	Series 2021-BN32^(f)(n)	0.89%	04/15/2054		652,714
		BBCMS Trust
	3,000,000	Series 2018-CBM^(f)(g)	1M US L + 3.55%	07/15/2037		2,924,468
		BCAP, LLC Trust
	119,463	Series 2007-AA2^(f)	7.50%	04/25/2037		90,359
	77,509	Series 2007-AA2	6.00%	04/25/2037		55,391
	5,707,815	Series 2010-RR6^(f)(g)	4.61%	07/26/2036		4,248,881
		Bear Stearns ALT-A Trust
	7,782,847	Series 2006-3^(f)	2.78%	05/25/2036		6,670,783
	940,263	Series 2006-6^(f)	3.39%	11/25/2036		648,236
		Bear Stearns Asset-Backed Securities Trust
	1,905,640	Series 2006-AC1^(o)	6.25%	02/25/2036		1,288,138
		Bellemeade Real Estate, Ltd.
	1,469,148	Series 2019-2A^(f)(g)	1M US L + 1.45%	04/25/2029		1,470,974
		Benchmark 2018-B2 Mortgage Trust
	600,000	Series 2018-B2^(f)	4.20%	01/15/2028		631,754
		Benchmark 2018-B4 Mortgage Trust
	22,335,828	Series 2018-B4^(f)(n)	0.51%	06/15/2028		596,083
	1,589,000	Series 2018-B4^(f)(g)	2.81%	07/15/2028		1,443,303
		Benchmark 2019-B12 Mortgage Trust
	528,000	Series 2019-B12^(f)(g)	3.44%	07/15/2024		520,391
		Benchmark 2020-B17 Mortgage Trust
	954,000	Series 2020-B17^(f)	3.37%	03/15/2030		961,045
		Benchmark 2020-B18 Mortgage Trust
	522,000	Series 2020-B18^(g)	4.14%	08/15/2025		528,074
	488,000	Series 2020-B18^(f)	3.65%	07/15/2030		501,502
		Benchmark 2020-B19 Mortgage Trust
	523,000	Series 2020-B19	2.35%	09/15/2030		504,114
		BF Mortgage Trust
	705,000	Series 2019-NYT^(f)(g)	1M US L + 3.00%	12/15/2035		684,189
		BHP Trust
	532,700	Series 2019-BXHP^(f)(g)	1M US L + 2.57%	08/15/2021		533,313
		BSPRT 2021-FL6 Issuer, Ltd.
	650,000	Series 2021-FL6^(f)(g)	1M US L + 1.10%	03/15/2036		650,162
		BX Trust
	3,626,000	Series 2019-OC11^(f)(g)	4.08%	12/09/2029		3,641,189
		Cantor Commercial Real Estate Lending
	1,113,000	Series 2019-CF1^(f)(g)	4.12%	04/15/2024		1,072,295

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Cantor Commercial Real Estate Lending 2019-CF1
$	266,000	Series 2019-CF1^(f)(g)	4.14%	04/15/2024	$	263,651
		Carbon Capital VI Commercial Mortgage Trust
	680,000	Series 2019-FL2^(f)(g)	1M US L + 2.85%	11/15/2021		650,223
		Carvana Auto Receivables Trust
	5,300	Series 2021-N1^(g)(j)	0.00%	12/31/2049		2,650,000
		Cascade MH Asset Trust
	4,601,000	Series 2019-MH1^(f)(g)	5.99%	10/25/2024		4,757,505
		Castlelake Aircraft Securitization Trust
	3,048,186	Series 2018-1^(g)	6.63%	06/15/2025		2,391,811
		Castlelake Aircraft Structured Trust
	594,615	Series 2019-1A^(g)	3.97%	04/15/2026		598,526
	2,750,000	Series 2019-1A^(g)(j)	0.00%	04/15/2039		852,500
		CF Trust
	1,518,000	Series 2019-MF1^(f)(g)	1M US L + 2.95%	08/21/2021		1,523,598
		Chase Mortgage Finance Trust
	11,605,920	Series 2007-S2	6.00%	03/25/2037		8,343,261
	392,546	Series 2007-S3	5.50%	05/25/2037		128,750
		CIFC Funding 2021-I, Ltd.
	850,000	Series 2021-1A^(f)(g)	3M US L + 6.00%	04/25/2033		849,918
		Citicorp Mortgage Securities Trust
	404,784	Series 2007-1	6.00%	01/25/2037		403,094
		Citigroup Commercial Mortgage Trust
	3,705,112	Series 2014-GC25^(f)(n)	0.99%	10/10/2047		106,878
	866,000	Series 2015-GC27^(f)(g)	4.42%	01/10/2025		843,993
	400,000	Series 2015-GC31^(f)	4.06%	06/10/2025		416,762
	344,000	Series 2016-GC36^(g)	2.85%	01/10/2026		255,385
	464,000	Series 2017-C4^(f)	4.10%	10/12/2027		492,020
	463,000	Series 2018-B2^(f)	4.28%	03/10/2028		508,762
	515,000	Series 2018-C5^(f)	4.72%	06/10/2028		563,399
	901,000	Series 2019-SST2^(f)(g)	1M US L + 1.60%	02/15/2022		902,469
	901,000	Series 2019-SST2^(f)(g)	1M US L + 2.00%	02/15/2022		902,664
	1,433,000	Series 2020-555^(f)(g)	3.50%	12/10/2029		1,102,595
		Citigroup Commercial Mortgage Trust 2019-GC41
	520,000	Series 2019-GC41	3.20%	08/10/2029		532,922
		Citigroup COmmercial Mortgage Trust 2019-SMRT
	1,000,000	Series 2019-SMRT^(f)(g)	4.75%	01/10/2024		1,034,855
		Citigroup Commercial Mortgage Trust 2020-GC46
	1,000,000	Series 2020-GC46^(g)	2.60%	02/15/2030		778,018

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Citigroup Mortgage Loan Trust
$	729,137	Series 2006-WF1^(o)	4.82%	03/25/2036	$	463,631
	1,134,247	Series 2007-OPX1^(o)	6.33%	01/25/2037		598,283
		CitiMortgage Alternative Loan Trust
	456,977	Series 2007-A1	6.00%	01/25/2037		458,921
	90,013	Series 2007-A1^(f)(n)	5.40% - 1M US L	01/25/2037		14,712
	69,321	Series 2007-A3^(f)	6.00%	03/25/2037		70,851
	159,530	Series 2007-A3^(f)(n)	5.40% - 1M US L	03/25/2037		26,407
	483,454	Series 2007-A6	5.50%	06/25/2037		452,189
		CLI Funding VI LLC
	816,689	Series 2019-1A^(g)	3.71%	05/18/2029		821,389
		CLNC 2019-FL1, Ltd.
	1,037,000	Series 2019-FL1^(f)(g)	1M US L + 1.55%	12/19/2025		1,030,286
		COMM 2020-CX Mortgage Trust
	400,000	Series 2020-CX^(f)(g)	2.68%	11/10/2030		384,884
		COMM Mortgage Trust
	887,000	Series 2013-CR11^(f)	5.11%	09/10/2023		958,391
		Commercial Mortgage Pass-Through Certificates
	242,400	Series 2014-CR19^(f)	4.71%	08/10/2024		255,771
	604,000	Series 2014-CR20^(f)	4.51%	10/10/2024		634,564
	8,643,268	Series 2014-UBS4^(g)	3.75%	08/10/2024		1,030,081
	11,000	Series 2014-UBS4^(f)(g)(j)	0.00%	08/10/2047		1
	3,230,485	Series 2015-CR22^(f)(n)	0.89%	03/10/2025		84,447
	916,000	Series 2015-CR25^(f)	4.53%	08/10/2025		968,492
	4,539,773	Series 2015-CR26^(f)(n)	0.93%	09/10/2025		155,905
	419,000	Series 2015-LC23^(f)	4.62%	10/10/2025		451,101
		CORE Mortgage Trust
	520,992	Series 2019-CORE^(f)(g)	1M US L + 1.90%	12/15/2031		518,552
	520,992	Series 2019-CORE^(f)(g)	1M US L + 2.35%	12/15/2031		515,892
		Countrywide Home Loan Mortgage Pass-Through Trust
	1,867,817	Series 2005-HYB7^(f)	2.74%	11/20/2035		1,651,631
	28,575	Series 2005-J4	5.50%	11/25/2035		27,409
	1,516,120	Series 2006-18	6.00%	12/25/2036		1,196,078
	247,559	Series 2007-17	6.00%	10/25/2037		226,358
	264,542	Series 2007-3	6.00%	04/25/2037		198,300
	274,731	Series 2007-7	5.75%	06/25/2037		202,581
		Credit Suisse First Boston Mortgage Securities Corp.
	63,438	Series 2005-10	5.50%	11/25/2035		56,545
	55,421	Series 2005-8	5.50%	08/25/2025		53,924
	4,277,263	Series 2005-9	6.00%	10/25/2035		2,011,389
		Credit Suisse Mortgage Capital Certificates
	2,362,973	Series 2006-2	5.75%	03/25/2036		1,750,069

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		CSAB Mortgage-Backed Trust
$	8,781,274	Series 2006-2^(o)	6.20%	09/25/2036	$	913,759
	138,549	Series 2007-1^(f)	5.90%	05/25/2037		51,518
		CSAIL 2016-C6 Commercial Mortgage Trust
	490,000	Series 2016-C6^(f)	4.95%	04/15/2026		512,787
	1,362,000	Series 2016-C6^(f)(g)	4.95%	05/15/2026		1,191,306
		CSAIL Commercial Mortgage Trust
	5,184,614	Series 2015-C1^(f)(n)	0.83%	01/15/2025		135,366
	419,000	Series 2015-C4^(f)	4.56%	11/15/2025		449,971
	214,000	Series 2018-C14^(f)	4.89%	10/15/2028		236,036
		CSMC Mortgage-Backed Trust
	165,480	Series 2006-1	6.00%	02/25/2036		89,008
	22,438	Series 2006-4	5.50%	05/25/2021		19,212
	789,335	Series 2006-5	6.25%	06/25/2036		284,757
	81,734	Series 2006-9	6.00%	11/25/2036		67,198
	6,245	Series 2007-2	5.00%	03/25/2037		5,944
	505,914	Series 2007-3^(f)	5.84%	04/25/2037		190,699
	604,000	Series 2017-CALI^(f)(g)	3.78%	11/10/2024		624,192
	253,000	Series 2017-CHOP^(f)(g)	1M US L + 1.90%	07/15/2032		243,514
	223,000	Series 2017-CHOP^(f)(g)	1M US L + 3.30%	07/15/2032		204,834
		DB Master Finance LLC
	985,000	Series 2019-1A^(g)	3.79%	02/20/2024		1,009,764
		DBGS 2018-BIOD Mortgage Trust
	861,313	Series 2018-BIOD^(f)(g)	1M US L + 2.00%	05/15/2035		860,719
		DBJPM 16-C1 Mortgage Trust
	1,309,000	Series 2016-C1^(f)	3.35%	03/10/2026		1,258,441
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	260,840	Series 2005-6^(f)(n)	5.08% - 1M US L	12/25/2035		40,806
	114,361	Series 2005-6^(f)	1M US L + 1.40%	12/25/2035		87,737
		Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
	146,615	Series 2006-PR1^(f)(g)	12.12% - 1M US L	04/15/2036		137,707
		Dryden 38 Senior Loan Fund
	1,000,000	Series 2018-38A^(f)(g)	3M US L + 5.60%	07/15/2030		938,620
		Dryden 40 Senior Loan Fund
	1,000,000	Series 2018-40A^(f)(g)	3M US L + 5.75%	08/15/2031		949,700
	500,000	Series 2018-40A^(f)(g)	3M US L + 3.10%	08/15/2031		499,516
		Earnest Student Loan Program
	35,000	Series 2016-D^(g)(j)	0.00%	05/25/2025		457,592
		Fannie Mae-Aces
	16,984,047	Series 2019-M24^(f)(n)	1.15%	03/25/2031		1,579,812
	58,262,694	Series 2020-M10^(f)(n)	0.85%	12/25/2027		2,450,838
	56,876,180	Series 2020-M10^(f)(n)	0.87%	07/25/2032		4,272,038
	17,807,613	Series 2020-M13^(f)(n)	1.30%	09/25/2030		1,555,133

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		First Horizon Alternative Mortgage Securities Trust
$	700,987	Series 2005-FA6	5.50%	09/25/2035	$	583,105
	122,104	Series 2007-FA2	6.00%	04/25/2037		71,551
		First Horizon Mortgage Pass- Through Trust
	840,835	Series 2007-AR3^(f)	2.94%	11/25/2037		615,793
		FirstKey Homes 2020-SFR1 Trust
	1,100,000	Series 2020-SFR1^(g)	4.28%	09/17/2025		1,151,409
		Fontainebleau Miami Beach Trust
	2,277,000	Series 2019-FBLU^(f)(g)	3.96%	12/10/2024		2,218,718
		FREMF 2015-KF07 Mortgage Trust
	896,198	Series 2015-KF07^(f)(g)	1M US L + 4.95%	02/25/2025		902,134
		FREMF 2015-KF09 Mortgage Trust
	753,922	Series 2015-KF09^(f)(g)	1M US L + 5.35%	05/25/2022		754,673
		FREMF 2016-KF19 Mortgage Trust
	1,000,094	Series 2016-KF19^(f)(g)	1M US L + 5.50%	06/25/2023		1,003,789
		FREMF 2016-KF25 Mortgage Trust
	887,222	Series 2016-KF25^(f)(g)	1M US L + 5.00%	10/25/2023		890,286
		FREMF Mortgage Trust
	999,779	Series 2016-KF22^(f)(g)	1M US L + 5.05%	07/25/2023		1,014,612
		GAIA Aviation, Ltd.
	527,007	Series 2019-1^(g)(o)	3.97%	12/15/2026		525,826
	387,175	Series 2019-1^(g)(o)	7.00%	12/15/2026		293,136
		Ginnie Mae Strip
	7,645,691	Series 2020-3⁽ⁿ⁾	1.40%	09/16/2045		707,723
		Government National Mortgage Association
	28,713,677	Series 2016-162^(f)(n)	0.85%	09/16/2058		1,630,377
	19,312,664	Series 2020-168^(f)(n)	0.99%	12/16/2062		1,675,312
	21,206,000	Series 2021-52^(f)(n)	0.85%	04/16/2063		1,738,319
		Great Wolf Trust
	3,084,000	Series 2019-WOLF^(f)(g)	1M US L + 3.13%	12/15/2024		2,957,968
		GS Mortgage Securities Corp. Trust 2018-RIVR
	1,000,000	Series 2018-RIVR^(f)(g)	1M US L + 1.55%	07/15/2035		940,844
		GS Mortgage Securities Trust
	83,923	Series 2011-GC3^(f)(g)(n)	0.17%	03/10/2044		1
	1,207,892	Series 2011-GC5^(f)(g)(n)	1.20%	08/10/2044		305
	3,538,000	Series 2014-GC26^(f)(g)	4.51%	11/10/2047		2,461,174
	7,113,067	Series 2015-GS1^(f)(n)	0.76%	11/10/2025		227,583
	1,954,000	Series 2018-TWR^(f)(g)	1M US L + 3.92%	07/15/2021		1,707,127
	636,000	Series 2020-GC45^(f)	3.41%	12/13/2029		666,202
		GS Mortgage Securities Trust 2016- GS2
	260,000	Series 2016-GS2^(f)	3.76%	04/10/2026		278,944

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		GSAA Home Equity Trust
$	2,172,337	Series 2006-13^(f)	6.04%	07/25/2036	$	988,022
	504,574	Series 2006-18^(o)	5.68%	11/25/2036		195,600
	159,302	Series 2006-6^(f)	5.69%	03/25/2036		70,475
	893,750	Series 2007-2^(o)	6.10%	03/25/2037		300,067
		GSCG Trust
	628,000	Series 2019-600C^(g)	3.76%	09/06/2024		627,413
	1,303,000	Series 2019-600C^(f)(g)	3.99%	09/06/2024		1,235,206
		GSR Mortgage Loan Trust
	1,210,509	Series 2006-2F	5.25%	02/25/2036		789,869
	136,360	Series 2007-2F	5.75%	02/25/2037		548,855
	2,308,605	Series 2007-2F	6.00%	03/25/2037		1,801,504
	954,371	Series 2007-AR2^(f)	3.32%	05/25/2037		732,929
		Halcyon Loan Advisors Funding, Ltd.
	250,000	Series 2013-2A^(f)(g)	3M US L + 2.70%	08/01/2025		250,033
		Hardee's Funding LLC
	975,000	Series 2018-1A^(g)	5.71%	06/20/2028		1,086,574
		Hawaii Hotel Trust
	1,391,000	Series 2019-MAUI^(f)(g)	1M US L + 2.75%	05/15/2021		1,379,363
		Hayfin Kingsland X, Ltd.
	500,000	Series 2019-1A^(f)(g)	3M US L + 2.25%	04/28/2031		501,088
		Helios Issuer, LLC Series
	1,245,815	Series 2017-1A^(g)	4.94%	09/20/2023		1,323,169
		Highbridge Loan Management 4- 2014, Ltd.
	500,000	Series 2018-2014^(f)(g)	3M US L + 5.55%	01/28/2030		468,563
		Highbridge Loan Management, Ltd.
	500,000	Series 2017-2A^(f)(g)	3M US L + 6.60%	10/20/2029		468,619
	2,000,000	Series 2018-2015^(f)(g)	3M US L + 5.10%	02/05/2031		1,828,670
	500,000	Series 2018-2016^(f)(g)	3M US L + 2.90%	07/20/2030		497,505
		Horizon Aircraft Finance III, Ltd.
	953,481	Series 2019-2^(g)	3.43%	11/15/2026		927,939
		HPLY Trust
	567,847	Series 2019-HIT^(f)(g)	1M US L + 3.15%	11/15/2021		545,023
	1,131,627	Series 2019-HIT^(f)(g)	1M US L + 3.90%	11/15/2021		1,031,045
		HSI Asset Securitization Corp. Trust
	9,110,092	Series 2006-HE1^(f)	1M US L + 0.14%	10/25/2036		4,022,677
		IMT Trust
	325,349	Series 2017-APTS^(f)(g)	1M US L + 1.10%	06/15/2034		325,456
		IndyMac IMJA Mortgage Loan Trust
	1,063,088	Series 2007-A1	6.00%	08/25/2037		636,515
		IndyMac IMSC Mortgage Loan Trust
	4,644,020	Series 2007-F2	6.50%	07/25/2037		2,400,176
		IndyMac Index Mortgage Loan Trust
	2,035,356	Series 2006-AR25^(f)	3.12%	09/25/2036		1,915,168
		Invitation Homes
	995,000	Series 2018-SFR1^(f)(g)	1M US L + 1.25%	03/17/2037		998,579

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	649,764	Series 2018-SFR1^(f)(g)	1M US L + 1.45%	03/17/2037	$	652,218
		ITE Rail Fund Levered LP
	995,683	Series 2021-1A^(g)	2.25%	02/28/2051		996,419
		JOL Air, Ltd.
	868,524	Series 2019-1^(g)	3.97%	04/15/2026		875,883
		JP Morgan Alternative Loan Trust
	225,368	Series 2005-S1	6.00%	12/25/2035		204,644
	86,312	Series 2006-S3^(o)	6.12%	08/25/2036		85,885
		JP Morgan BB Commercial Mortgage Securities Trust

	400,000	Series 2014-C21^(f)	4.66%	07/15/2024		399,998
	2,086,000	Series 2014-C23^(f)(g)	3.36%	10/15/2024		1,586,311
	388,000	Series 2014-C26^(f)	4.38%	12/15/2024		404,226
	4,445,679	Series 2015-C28^(f)(n)	0.97%	03/15/2025		136,007
	1,470,000	Series 2015-C28	3.99%	03/15/2025		1,524,706
	8,675,386	Series 2015-C30^(f)(n)	0.51%	07/15/2025		162,866
	3,415,330	Series 2015-C31^(f)(n)	0.83%	08/15/2025		109,068
		JP Morgan Chase Commercial Mortgage Securities Corp.
	2,092,000	Series 2018-AON^(f)(g)	4.61%	07/05/2023		2,108,908
		JP Morgan Chase Commercial Mortgage Securities Trust
	57,407	Series 2006-LDP8^(f)(n)(p)	0.29%	05/15/2045		0
	1,157,000	Series 2011-C3^(f)(g)	5.79%	02/15/2046		357,290
	2,231,735	Series 2012-C8^(f)(n)	1.74%	09/15/2022		44,028
	1,010,000	Series 2018-WPT^(f)(g)	5.54%	07/05/2023		1,019,588
	887,000	Series 2019-COR4	4.44%	12/10/2028		975,794
	704,000	Series 2019-MFP^(f)(g)	1M US L + 3.00%	07/15/2021		693,332
	235,000	Series 2019-UES^(g)	4.34%	05/05/2024		238,798
	1,135,000	Series 2019-UES^(f)(g)	4.45%	05/05/2024		1,095,761
		JP Morgan Chase Commercial Mortgage Securities Trust 2011- C5
	1,475,000	Series 2011-C5^(f)(g)	5.43%	09/15/2021		1,486,091
		JP Morgan Mortgage Acquisition Corp.
	246,439	Series 2006-CH2^(o)	5.46%	09/25/2029		198,600
		JP Morgan Mortgage Acquisition Trust 2006-RM1
	4,011,020	Series 2006-RM1^(f)	1M US L + 0.24%	08/25/2036		2,334,130
		JP Morgan Mortgage Trust
	966,432	Series 2007-S3	6.00%	07/25/2037		724,797
		JP Morgan Resecuritization Trust
	899,514	Series 2011-1^(f)(g)	6.00%	06/26/2037		825,438
		JPMBB Commercial Mortgage Securities Trust 2015-C27
	519,000	Series 2015-C27^(f)	4.35%	02/15/2025		527,978

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		JPMCC Commercial Mortgage Securities Trust 2017-JP7
$	486,000	Series 2017-JP7^(f)	3.65%	07/15/2027	$	496,839
		JPMDB Commercial Mortgage Securities Trust 2020-COR7
	421,000	Series 2020-COR7^(f)	3.73%	03/13/2030		432,187
		Laurel Road Prime Student Loan Trust 2020-A
	41,198,377	Series 2020-A^(g)(j)	0.00%	11/25/2050		2,764,040
		LB-UBS Commercial Mortgage Trust
	270,294	Series 2006-C7^(f)(g)(n)	0.41%	11/15/2038		50
		LCM 28, Ltd.
	1,000,000	Series 2018-28A^(f)(g)	3M US L + 5.75%	10/20/2030		926,086
		LCM Loan Income Fund I Income Note Issuer, Ltd.
	500,000	Series 2018-27A^(f)(g)	3M US L + 5.60%	07/16/2031		457,349
		LCM XIV LP
	1,000,000	Series 2018-14A^(f)(g)	3M US L + 2.75%	07/20/2031		960,118
	750,000	Series 2018-14A^(f)(g)	3M US L + 5.50%	07/20/2031		667,656
		LCM XVII LP
	1,000,000	Series 2018-17A^(f)(g)	3M US L + 6.00%	10/15/2031		913,477
		LCM XX LP
	1,000,000	Series 2018-20A^(f)(g)	3M US L + 5.45%	10/20/2027		937,652
		Legacy Mortgage Asset Trust
	13,400,000	Series 2019-GS3^(g)(o)	4.25%	04/25/2059		13,347,552
		Legacy Mortgage Asset Trust 2019- GS2
	4,000,000	Series 2019-GS2^(g)	4.25%	04/25/2021		4,003,146
		Legacy Mortgage Asset Trust 2019- GS4
	4,300,000	Series 2019-GS4^(g)	4.25%	05/25/2059		4,304,733
		Lehman Mortgage Trust
	482,485	Series 2006-6	5.50%	10/25/2036		417,524
	3,849,898	Series 2006-7^(f)	1M US L + 0.25%	11/25/2036		138,301
	3,849,898	Series 2006-7^(f)(n)	7.75% - 1M US L	11/25/2036		583,762
	1,347,374	Series 2006-8^(f)	1M US L + 0.42%	12/25/2036		269,169
	1,347,374	Series 2006-8^(f)(n)	6.58% - 1M US L	12/25/2036		398,137
	289,961	Series 2007-10	6.50%	01/25/2038		151,493
		Lendingpoint Asset Securitization Trust
	1,000,000	Series 2019-1^(g)	4.50%	12/15/2021		1,007,734
		MACH 1 Cayman, Ltd.
	1,255,194	Series 2019-1^(g)	3.47%	08/15/2026		1,268,309
		Madison Park Funding XIV, Ltd.
	1,000,000	Series 2018-14A^(f)(g)	3M US L + 2.95%	10/22/2030		988,800
	1,000,000	Series 2018-14A^(f)(g)	3M US L + 5.80%	10/22/2030		942,085

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Master Asset Backed Securities Trust
$	4,856,886	Series 2006-NC3^(f)	1M US L + 0.21%	10/25/2036	$	3,253,561
		MBRT 2019-MBR
	584,000	Series 2019-MBR^(f)(g)	1M US L + 2.55%	11/25/2021		577,801
	1,406,000	Series 2019-MBR^(f)(g)	1M US L + 2.90%	11/25/2021		1,311,100
		Mello Warehouse Securitization Trust
	2,500,000	Series 2019-1^(f)(g)	1M US L + 5.50%	05/14/2021		2,502,714
		Merrill Lynch Alternative Note Asset Trust
	691,334	Series 2007-F1	6.00%	03/25/2037		126,360
		Merrill Lynch Mortgage Investors Trust Series 2006-RM3
	7,189,393	Series 2006-RM3^(f)	1M US L + 0.48%	06/25/2037		2,355,099
		MFT Trust 2020-ABC
	2,010,000	Series 2020-ABC^(f)(g)	3.48%	02/10/2030		1,770,676
		MKT Mortgage Trust
	250,000	Series 2020-525M^(f)(g)	2.94%	02/12/2030		222,175
		Morgan Stanley Bank of America Merrill Lynch Trust
	2,976,212	Series 2012-C5^(f)(g)(n)	1.41%	07/15/2022		36,421
	350,000	Series 2015-C27^(f)	4.52%	11/15/2025		362,441
		Morgan Stanley Bank of America Merrill Lynch Trust 2015-C20
	602,000	Series 2015-C20^(f)	4.46%	01/15/2025		642,612
		Morgan Stanley Bank of America Merrill Lynch Trust 2015-C21
	822,000	Series 2015-C21^(f)	4.14%	02/15/2025		825,209
		Morgan Stanley Capital Barclays Bank Trust 2016-MART
	1,250,000	Series 2016-MART^(g)	3.31%	09/13/2021		1,236,808
		Morgan Stanley Capital I Trust
	1,177,000	Series 2007-IQ15^(f)(g)	6.16%	06/11/2049		1,123,883
	1,281,242	Series 2016-UB11 XA^(f)(n)	1.51%	08/15/2026		73,461
	1,000,000	Series 2018-SUN^(f)(g)	1M US L + 3.05%	07/15/2035		976,073
		Morgan Stanley Capital I Trust 2017- CLS
	576,000	Series 2017-CLS^(f)(g)	1M US L + 2.60%	11/15/2034		575,998
		Morgan Stanley Mortgage Loan Trust
	1,630,783	Series 2005-3AR^(f)	2.68%	07/25/2035		1,531,636
	3,150,861	Series 2006-11	6.00%	08/25/2036		2,741,462
	722,234	Series 2006-7^(f)	5.11%	06/25/2036		577,194
	849,235	Series 2006-7	6.00%	06/25/2036		649,561
	388,608	Series 2007-3XS^(o)	5.70%	01/25/2047		210,732
		Morgan Stanley Re-REMIC Trust
	172,045	Series 2011-R1^(f)(g)	5.94%	02/26/2037		181,763

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description

Rate

Maturity

Value

Mosaic Solar Loan Trust

103,815

Series 2017-1A^(g)

4.45%

06/20/2042

113,384

405,126

Series 2018-1A^(g)

4.01%

08/20/2030

437,835

8,900,000

Series 2020-1A^(g)(j)

0.00%

04/20/2046

3,769,283

750,000

Series 2020-2A^(g)

3.00%

06/20/2025

763,359

Motel 6 Trust 2017-MTL6

968,555

Series 2017-MTL6^(f)(g)

1M US L + 4.25%

08/15/2034

974,106

MSCG Trust

2,154,000

Series 2018-SELF^(f)(g)

1M US L + 3.05%

10/15/2037

2,178,474

Natixis Commercial Mortgage Securities Trust 2018-FL1

426,222

Series 2018-FL1^(f)(g)

1M US L + 2.35%

06/15/2035

420,478

Navient Private Education Refi Loan Trust

500,000

Series 2018-A^(g)

3.68%

11/17/2025

509,756

Nomura Asset Acceptance Corp. Alternative Loan Trust

1,086,007

Series 2005-AP3^(f)

5.32%

08/25/2035

703,079

Octagon Investment Partners 20-R, Ltd.

1,500,000

Series 2019-4A^(f)(g)

3M US L + 6.80%

05/12/2031

1,497,239

Octagon Investment Partners 26, Ltd.

1,000,000

Series 2018-1A^(f)(g)

3M US L + 8.09%

07/15/2030

898,897

Octagon Investment Partners 29, Ltd.

2,000,000

Series 2020-1A^(f)(g)

3M US L + 7.25%

01/24/2033

2,013,486

Octagon Investment Partners 37, Ltd.

500,000

Series 2018-2A^(f)(g)

3M US L + 2.85%

07/25/2030

488,700

Octagon Investment Partners 44, Ltd.

1,000,000

Series 2019-1A^(f)(g)

3M US L + 3.65%

07/20/2032

1,002,136

Octagon Investment Partners 47, Ltd.

500,000

Series 2020-1A^(f)(g)

3M US L + 3.35%

04/20/2031

502,230

Octagon Investment Partners 49, Ltd.

625,000

Series 2021-5A^(f)(g)

3M US L + 6.75%

01/15/2033

620,986

Octagon Investment Partners XVI, Ltd.

500,000

Series 2018-1A^(f)(g)

3M US L + 3.00%

07/17/2030

489,262

1,000,000

Series 2018-1A^(f)(g)

3M US L + 5.75%

07/17/2030

949,675

Octagon Investment Partners XXI, Ltd.

1,000,000

Series 2019-1A^(f)(g)

3M US L + 7.00%

02/14/2031

1,002,425

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Octagon Investment Partners XXII, Ltd.
$	970,000	Series 2018-1A^(f)(g)	3M US L + 1.90%	01/22/2030	$	967,575
	500,000	Series 2018-1A^(f)(g)	3M US L + 5.45%	01/22/2030		461,485
		OHA Credit Funding 1, Ltd.
	500,000	Series 2018-1A^(f)(g)	3M US L + 3.05%	10/20/2030		497,754
		OHA Credit Funding 3, Ltd.
	1,000,000	Series 2019-3A^(f)(g)	3.55% - 3M US L	07/20/2032		1,001,686
		OHA Credit Funding 5, Ltd.
	2,000,000	Series 2020-5A^(f)(g)	3M US L + 6.25%	04/18/2033		1,985,666
		One Market Plaza Trust
	688,000	Series 2017-1MKT^(g)	4.14%	02/10/2024		699,299
		Pagaya AI Debt Selection Trust 2020-3
	2,500,000	Series 2020-3^(g)	6.43%	05/17/2027		2,613,563
		PFP 2019-5, Ltd.
	624,000	Series 2019-5^(f)(g)	1M US L + 2.00%	03/14/2022		623,762
		PR Mortgage Loan Trust
	9,152,069	Series 2014-1^(f)(g)	5.91%	09/25/2047		9,083,904
		Pretium Mortgage Credit Partners I 2020-NPL3 LLC
	627,572	Series 2020-NPL3^(g)	3.11%	10/27/2023		634,325
		Prime Mortgage Trust
	9,596	Series 2006-1	5.50%	06/25/2036		9,586
	72,248	Series 2006-DR1^(g)	5.50%	05/25/2035		66,104
		Primose Funding LLC
	987,500	Series 2019-1A^(g)	4.48%	07/30/2026		1,010,985
		PRPM LLC
	14,400,000	Series 2020-1A^(g)(o)	3.97%	02/25/2023		14,362,240
		RBSGC Structured Trust
	161,187	Series 2008-B^(g)	6.00%	06/25/2037		160,295
		Residential Accredit Loans, Inc.
	3,932,016	Series 2006-QA5^(f)	1M US L + 0.22%	07/25/2036		2,222,368
	1,912,112	Series 2006-QS10	6.50%	08/25/2036		1,906,489
	461,052	Series 2006-QS6	6.00%	06/25/2036		440,974
	1,185,517	Series 2006-QS7	6.00%	06/25/2036		1,117,856
	62,325	Series 2006-QS7^(f)	1M US L + 0.40%	06/25/2036		44,636
	186,975	Series 2006-QS7^(f)(n)	5.60% - 1M US L	06/25/2036		25,017
	78,394	Series 2006-QS8^(f)	1M US L + 0.45%	08/25/2036		56,782
	235,181	Series 2006-QS8^(f)(n)	5.55% - 1M US L	08/25/2036		33,140
	7,012	Series 2007-QS6^(f)	55.00% - 8.33 x 1M US L	04/25/2037		12,223
	644,716	Series 2007-QS9	6.50%	07/25/2037		628,917
	307,535	Series 2008-QR1	6.00%	08/25/2036		258,195
		Residential Asset Securitization Trust
	448,520	Series 2006-A1	6.00%	04/25/2036		314,578

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	952,284	Series 2006-A2	6.00%	05/25/2036	$	593,127
	884,987	Series 2006-A6	6.50%	07/25/2036		444,434
	290,767	Series 2006-A8	6.00%	08/25/2036		238,603
	151,070	Series 2006-A8	6.50%	08/25/2036		73,873
	319,855	Series 2006-A8^(f)(n)	5.90% - 1M US L	08/25/2036		84,421
	1,425,594	Series 2007-A1	6.00%	03/25/2037		828,158
	70,434	Series 2007-A6	6.00%	06/25/2037		55,980
	2,646,959	Series 2007-A7	6.00%	07/25/2037		1,472,374
		Residential Funding Mortgage Securities I Trust
	684,500	Series 2006-S3	5.50%	03/25/2036		655,678
	131,889	Series 2006-S6	6.00%	07/25/2036		131,062
	281,538	Series 2007-S3	6.00%	03/25/2037		252,265
	200,171	Series 2007-S6	6.00%	06/25/2037		201,350
		Sapphire Aviation Finance I, Ltd.
	2,514,902	Series 2018-1A^(g)	5.93%	03/15/2025		2,396,186
		Sapphire Aviation Finance II, Ltd.
	443,955	Series 2020-1A^(g)	3.23%	03/15/2027		442,298
		Sequoia Mortgage Trust
	1,557,321	Series 2007-3^(f)	3.21%	07/20/2037		1,446,094
		SG Commercial Mortgage Securities Trust 2016-C5
	604,000	Series 2016-C5	3.93%	06/10/2026		631,447
		SMB Private Education Loan Trust
	389,847	Series 2018-B^(f)(g)	1M US L + 0.72%	08/15/2027		389,849
	968	Series 2021-A^(g)(j)	0.00%	01/15/2053		2,987,338
		Sofi Professional Loan Program 2018-C Trust
	80,000	Series 2018-C^(g)(j)	0.00%	01/25/2048		2,254,674
		SoFi Professional Loan Program Trust
	50,000	Series 2020-A^(g)(j)	0.00%	05/15/2046		3,046,438
		Sofi Professional Loan Program, LLC
	32,412	Series 2018-A^(g)(j)	0.00%	02/25/2042		1,304,877
		SoFi Professional Loan Program, LLC
	300,000	Series 2017-D^(g)	3.61%	09/25/2040		311,778
	56,034	Series 2019-B^(g)(j)	0.00%	08/17/2048		1,328,776
		Sprite, Ltd.
	321,052	Series 2017-1^(g)	4.25%	12/15/2024		326,059
		Stack Infrastructure Issuer LLC
	979,167	Series 2019-1A^(g)	4.54%	02/26/2024		1,044,796
	750,000	Series 2019-2A^(g)	3.08%	10/25/2024		774,068
		Start, Ltd.
	698,679	Series 2018-1^(g)	4.09%	05/15/2025		701,921
	771,195	Series 2019-1^(g)	4.09%	03/15/2026		767,861

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Structured Adjustable Rate Mortgage Loan Trust
$	680,761	Series 2005-15^(f)	2.99%	07/25/2035	$	518,916
		Structured Asset Securities Corp.
	184,807	Series 2005-RF1^(f)(g)	1M US L + 0.35%	03/25/2035		167,643
	184,807	Series 2005-RF1^(f)(g)(n)	4.68%	03/25/2035		25,384
		Sunnova Sol Issuer LLC
	976,950	Series 2020-1A^(g)	3.35%	01/30/2030		1,005,279
		Sunrun Atlas Issuer LLC
	1,210,496	Series 2019-2^(g)	3.61%	10/30/2027		1,281,596
		TBW Mortgage-Backed Trust
	1,390,429	Series 2006-2	7.00%	07/25/2036		416,341
		Textainer Marine Containers VII, Ltd.
	423,333	Series 2019-1A^(g)	3.96%	10/20/2026		424,154
		Thunderbolt II Aircraft Lease, Ltd.
	4,464,286	Series 2018-A^(g)(o)	5.07%	09/15/2038		4,346,594
		TIF Funding II LLC
	394,833	Series 2021-1A^(g)	1.65%	02/20/2046		381,461
		Towd Point Mortgage Trust 2019- SJ2
	3,310,000	Series 2019-SJ2^(f)(g)	4.25%	11/25/2058		3,364,156
		Trimaran Cavu 2019-1, Ltd.
	1,700,000	Series 2019-1A^(f)(g)	3M US L + 4.15%	07/20/2032		1,709,617
		TRIP Rail Master Funding, LLC
	59,189	Series 2017-1A^(g)	2.71%	07/15/2021		59,301
		UBS Commercial Mortgage Trust
	464,000	Series 2017-C6^(f)	4.15%	12/15/2027		495,245
		UBS Commercial Mortgage Trust 2017-C4
	650,000	Series 2017-C4^(f)	4.24%	09/15/2027		690,242
		UBS Commercial Mortgage Trust 2018-C10
	520,000	Series 2018-C10^(f)	5.09%	05/15/2028		562,566
		UBS Commercial Mortgage Trust 2018-C9
	928,000	Series 2018-C9^(f)	4.88%	03/15/2028		1,004,092
		UBS-Barclays Commercial Mortgage Trust
	989,000	Series 2013-C5^(f)(g)	4.08%	02/10/2023		824,577
		Upstart Pass-Through Trust Series 2021-ST1
	480,869	Series 2021-ST1^(g)	2.75%	02/20/2027		485,485
		Upstart Pass-Through Trust Series 2021-ST2
	1,000,000	Series 2021-ST2^(g)	2.50%	04/20/2027		1,011,552
		Upstart Securitization Trust 2020-3
	250,000	Series 2020-3^(g)	3.01%	11/20/2030		256,408

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		VB-S1 Issuer LLC
$	500,000	Series 2020-1A^(g)	3.03%	06/15/2025	$	524,105
		VCC 2020-MC1 Trust
	6,480,454	Series 2020-MC1^(f)(g)	4.50%	06/25/2045		6,503,813
		Velocity Commercial Capital Loan Trust
	554,659	Series 2018-2^(f)(g)	4.05%	09/25/2024		580,942
	1,089,794	Series 2019-1^(f)(g)	3.94%	01/25/2027		1,131,768
	397,711	Series 2019-1^(f)(g)	4.01%	07/25/2027		406,626
	394,913	Series 2019-1^(f)(g)	4.12%	11/25/2027		402,094
		Wachovia Bank Commercial Mortgage Trust
	37,425	Series 2006-C29^(f)(j)(n)(p)	0.00%	11/15/2048		0
		Wachovia Mortgage Loan Trust, LLC Series Trust
	285,909	Series 2005-B^(f)	2.56%	10/20/2035		277,150
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	49,135	Series 2005-9	5.50%	11/25/2035		45,508
	402,550	Series 2006-5	6.00%	07/25/2036		347,625
		Washington Mutual Mortgage Pass- Through Certificates Trust
	790,624	Series 2006-2	6.00%	03/25/2036		807,943
		WAVE LLC
	922,586	Series 2019-1^(g)	3.60%	09/15/2027		927,234
	999,355	Series 2019-1^(g)	6.41%	09/15/2027		835,213
		Wells Fargo Alternative Loan Trust
	341,601	Series 2007-PA2^(f)	1M US L + 0.43%	06/25/2037		271,454
	341,601	Series 2007-PA2^(f)(n)	6.07% - 1M US L	06/25/2037		40,690
	159,776	Series 2007-PA3	5.75%	07/25/2037		159,722
	497,183	Series 2007-PA3	6.25%	07/25/2037		496,212
		Wells Fargo Commercial Mortgage Trust
	158,000	Series 2014-LC16^(g)	3.94%	06/15/2024		41,476
	520,000	Series 2015-NXS4^(f)	4.70%	11/15/2025		561,354
	1,000,000	Series 2016-C33^(g)	3.12%	03/15/2059		944,262
	5,628,945	Series 2016-C37^(f)(g)(n)	1.60%	12/15/2049		363,459
	695,000	Series 2016-LC25^(f)	4.42%	11/15/2026		763,009
	518,000	Series 2018-C45	4.73%	06/15/2028		546,462
	523,000	Series 2018-C47^(f)	4.94%	10/15/2028		556,608
	436,000	Series 2018-C48^(f)	5.12%	12/15/2028		481,078
	901,000	Series 2019-C49	4.55%	02/15/2029		1,010,613
	356,000	Series 2019-C49^(f)	4.87%	02/15/2029		390,394
		Wells Fargo Commercial Mortgage Trust 2015-C28
	1,895,000	Series 2015-C28^(f)	4.09%	05/15/2025		1,852,947

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Wells Fargo Commercial Mortgage Trust 2015-NXS4
$	1,245,000	Series 2015-NXS4^(f)	3.70%	11/15/2025	$	1,231,779
		Wells Fargo Commercial Mortgage Trust 2016-LC24
	550,000	Series 2016-LC24	3.62%	09/15/2026		576,176
		Wells Fargo Commercial Mortgage Trust 2016-NXS6
	356,000	Series 2016-NXS6	3.81%	11/15/2049		374,906
		Wells Fargo Commercial Mortgage Trust 2020-C55
	613,000	Series 2020-C55	3.14%	02/15/2030		633,835
		WF-RBS Commercial Mortgage Trust
	1,942,867	Series 2012-C9^(f)(g)(n)	1.87%	11/15/2045		40,506
	3,466,916	Series 2014-C21^(f)(n)	1.03%	08/15/2047		92,931
	4,225,403	Series 2014-C22^(f)(n)	0.81%	09/15/2057		91,294
	636,000	Series 2014-C23^(f)(g)	4.00%	10/15/2057		636,968
		Willis Engine Structured Trust V
	935,754	Series 2020-A^(g)	3.23%	03/15/2028		900,733
	2,176,247	Zephyrus Capital Aviation Tl	1M US L + 4.61%	10/15/2038		2,158,813

TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $429,302,826)						406,332,974

U.S. GOVERNMENT BONDS AND NOTES - 9.48%
	650,000	U.S. Treasury Bonds	0.88%	11/15/2030		601,250
	3,370,000	U.S. Treasury Bonds	1.13%	02/15/2031		3,184,387
	3,400,000	U.S. Treasury Bonds	4.75%	02/15/2037		4,651,492
	7,670,000	U.S. Treasury Bonds	1.88%	02/15/2041		7,143,886
	390,000	U.S. Treasury Bonds	2.75%	11/15/2042		418,123
	3,750,000	U.S. Treasury Bonds	2.75%	11/15/2047		4,010,962
	18,600,000	U.S. Treasury Bonds	1.25%	05/15/2050		14,042,273
	58,500,000	U.S. Treasury Bonds	1.63%	11/15/2050		48,765,234
	7,140,000	U.S. Treasury Bonds	1.88%	02/15/2051		6,337,866
	12,130,000	U.S. Treasury Notes	0.13%	06/30/2022		12,134,264
	630,000	U.S. Treasury Notes	0.25%	11/15/2023		629,754
	23,930,000	U.S. Treasury Notes	0.25%	03/15/2024		23,867,371
	4,370,000	U.S. Treasury Notes	2.13%	09/30/2024		4,617,093
	5,420,000	U.S. Treasury Notes	2.25%	10/31/2024		5,751,975
	3,250,000	U.S. Treasury Notes	2.75%	02/28/2025		3,518,315
	5,290,000	U.S. Treasury Notes	3.00%	09/30/2025		5,808,771
	670,000	U.S. Treasury Notes	0.38%	11/30/2025		655,475
	780,000	U.S. Treasury Notes	2.63%	01/31/2026		844,578
	10,670,000	U.S. Treasury Notes	0.75%	03/31/2026		10,577,888
	3,290,000	U.S. Treasury Notes	1.63%	10/31/2026		3,386,194
	5,950,000	U.S. Treasury Notes	0.50%	06/30/2027		5,679,577

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	750,000	U.S. Treasury Notes	0.50%	10/31/2027	$	710,479
	11,280,000	U.S. Treasury Notes	1.25%	03/31/2028		11,164,556

TOTAL U.S. GOVERNMENT BONDS AND NOTES
(Cost $189,523,663)						178,501,763

MUNICIPAL BONDS - 0.02%
	120,000	Missouri Highway & Transportation Commission, Revenue Bonds	5.06%	05/01/2024		136,232
	165,000	State of California, General Obligation Bonds	7.55%	04/01/2039		266,860

TOTAL MUNICIPAL BONDS
(Cost $363,295)						403,092

U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 13.96%
		Banc of America Funding
	2,809,522	Series 2007-A^(f)	1M US L + 0.42%	02/20/2047		2,658,413
		Banc of America Funding 2014-R8 Trust
	2,215,039	Series 2014-R8^(f)(g)	1M US L + 0.24%	12/26/2024		2,022,295
		Chase Mortgage Finance Trust
	5,080,630	Series 2007-S4	6.00%	06/25/2037		3,357,798
		ChaseFlex Trust Series
	4,783,961	Series 2007-M1^(f)	1M US L + 0.23%	08/25/2037		3,886,204
		Citigroup Mortgage Loan Trust
	9,590,900	Series 2018-A^(f)(g)	4.25%	01/25/2068		9,591,224
		Connecticut Avenue Securities Trust
	5,000,000	Series 2019-R05^(f)(g)	1M US L + 4.10%	07/25/2039		5,032,310
		Credit Suisse Mortgage Capital Certificates 19-RPL4
	2,800,000	Series 2019-RPL4^(f)(g)	3.48%	08/26/2058		2,801,644
		Deephaven Residential Mortgage Trust
	6,613,000	Series 2020-1^(f)(g)	3.66%	03/25/2024		6,792,072
	4,000,000	Series 2020-1^(f)(g)	4.54%	03/25/2024		4,079,981
		Fannie Mae Interest Strip
	9,973,977	Series 2014-419⁽ⁿ⁾	3.50%	04/25/2044		1,384,687
		Fannie Mae Pool
	3,000,000	Series 2018	3.50%	04/01/2030		3,345,144
	2,842,678	Series 2020	2.00%	10/01/2050		2,818,248
	4,948,133	Series 2020-	2.00%	01/01/2051		4,943,818
	6,685,201	Series 2021-	2.00%	02/01/2051		6,689,967
	4,489,077	Series 2021-	2.00%	03/01/2051		4,485,128
	3,000,000	Series Pool #BL4424	2.14%	10/01/2029		3,087,285
	3,000,000	Series Pool #BL5156	2.37%	12/01/2029		3,136,589

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Fannie Mae REMICS
$	9,530,204	Series 2014-1^(f)(n)	5.90% - 1M US L	02/25/2044	$	1,823,905
	11,252,144	Series 2015-54^(f)(n)	6.15% - 1M US L	07/25/2045		2,208,525
	3,673,487	Series 2020-45	3.00%	07/25/2040		3,855,809
	12,128,760	Series 2020-74^(f)(n)	4.10% - 30D US SOFR	10/25/2050		1,768,594
	24,080,424	Series 2020-77^(f)(n)	4.10% - 30D US SOFR	11/25/2050		3,635,932
		Federal Home Loan Mortgage Corp. Pool
	190,247	Series Pool #G01840	5.00%	07/01/2035		221,590
	70,554	Series Pool #G04817	5.00%	09/01/2038		82,136
		Federal Home Loan Mortgage Corp. REMICS
	915,984	Series 2003-2722^(f)	9.89% - 1M US L	12/15/2033		1,127,698
	177,648	Series 2005-R003	5.50%	10/15/2035		205,383
	1,302,324	Series 2006-3244^(f)(n)	6.66% - 1M US L	11/15/2036		301,443
	65,439	Series 2007-3261^(f)(n)	6.43% - 1M US L	01/15/2037		13,145
	157,236	Series 2007-3262^(f)(n)	6.40% - 1M US L	01/15/2037		19,548
	622,310	Series 2007-3301^(f)(n)	6.10% - 1M US L	04/15/2037		105,300
	447,846	Series 2007-3303^(f)(n)	6.10% - 1M US L	04/15/2037		88,449
	117,254	Series 2007-3382^(f)(n)	6.00% - 1M US L	11/15/2037		16,285
	358,620	Series 2007-3384^(f)(n)	6.31% - 1M US L	08/15/2036		78,491
	107,641	Series 2007-3384^(f)(n)	6.39% - 1M US L	11/15/2037		13,670
	128,866	Series 2008-3417^(f)(n)	6.18% - 1M US L	02/15/2038		17,104
	3,362,882	Series 2008-3423^(f)(n)	6.00% - 1M US L	03/15/2038		31,492
	179,473	Series 2008-3423^(f)(n)	5.65% - 1M US L	03/15/2038		23,180
	1,373,797	Series 2009-3510^(f)(n)	6.75% - 1M US L	02/15/2037		243,084
	347,558	Series 2009-3523^(f)(n)	6.00% - 1M US L	04/15/2039		53,258
	64,500	Series 2009-3524⁽ⁿ⁾	3.54%	06/15/2038		69,148
	9,971	Series 2009-3549^(f)(n)	5.80% - 1M US L	07/15/2039		1,398
	727,384	Series 2009-3560^(f)(n)	6.40% - 1M US L	11/15/2036		110,201
	253,737	Series 2010-3641	4.50%	03/15/2040		287,684
	367,179	Series 2010-3726^(f)(n)	6.05% - 1M US L	09/15/2040		64,162
	1,452,437	Series 2010-3728^(f)(n)	4.45% - 1M US L	09/15/2040		182,335
	558,706	Series 2010-3779	3.50%	12/15/2030		605,390
	107,653	Series 2010-3779	4.00%	12/15/2030		118,211
	385,921	Series 2010-3779	4.50%	12/15/2040		419,284
	55,419	Series 2011-3786^(f)	9.50% - 1M US L	01/15/2041		55,893
	38,361	Series 2011-3798^(f)	9.50% - 1M US L	11/15/2040		38,949
	355,476	Series 2011-3808	3.50%	02/15/2031		382,777
	32,825	Series 2011-3809^(f)	9.50% - 1M US L	02/15/2041		37,415
	712,452	Series 2011-3815^(f)(n)	5.85% - 1M US L	02/15/2041		134,109
	294,953	Series 2011-3824	3.50%	03/15/2031		319,460
	370,620	Series 2011-3824^(f)(n)	7.10% - 1M US L	08/15/2036		88,676
	404,251	Series 2011-3863	5.50%	08/15/2034		459,924
	477,421	Series 2011-3864^(f)	9.20% - 1M US L	05/15/2041		508,485

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	469,665	Series 2011-3871	5.50%	06/15/2041	$	544,938
	461,923	Series 2011-3872^(f)(n)	5.95% - 1M US L	06/15/2041		75,643
	2,804,079	Series 2011-3910	5.00%	08/15/2041		3,208,873
	2,080,256	Series 2011-3924^(f)(n)	6.00% - 1M US L	09/15/2041		313,386
	41,087	Series 2011-3925⁽ⁿ⁾	3.00%	09/15/2021		74
	2,813,300	Series 2012-3^(f)(n)	5.95% - 1M US L	02/25/2042		540,170
	2,221,130	Series 2013-4170^(f)	4.05% - 1M US L	01/15/2033		2,277,949
	10,921,934	Series 2013-4218	2.50%	02/15/2043		10,560,617
	3,811,499	Series 2013-4239^(j)	0.00%	07/15/2043		2,821,477
	4,821,796	Series 2014-4413	3.50%	11/15/2044		5,030,910
	3,599,823	Series 2015-4434	3.00%	02/15/2045		3,793,493
	3,492,219	Series 2015-4440	2.50%	02/15/2045		3,543,754
		Federal Home Loan Mortgage Corp. Strips
	1,905,061	Series 2017-358	3.00%	10/15/2047		1,995,395
		Federal National Mortgage Association Pool
	53,296	Series Pool #555743	5.00%	09/01/2033		61,470
	64,387	Series Pool #735382	5.00%	04/01/2035		74,830
	174,176	Series Pool #735383	5.00%	04/01/2035		202,251
	112,931	Series Pool #735484	5.00%	05/01/2035		131,187
	36,538	Series Pool #AH4437	4.00%	01/01/2041		38,570
		Federal National Mortgage Association REMICS
	56,435	Series 2004-46^(f)(n)	6.00% - 1M US L	03/25/2034		5,398
	218,962	Series 2006-101^(f)(n)	6.58% - 1M US L	10/25/2036		42,347
	628,527	Series 2006-123^(f)(n)	6.32% - 1M US L	01/25/2037		125,965
	3,018,095	Series 2006-92^(f)(n)	6.58% - 1M US L	10/25/2036		562,480
	82,193	Series 2007-102^(f)(n)	6.40% - 1M US L	11/25/2037		14,443
	67,719	Series 2007-108^(f)(n)	6.36% - 1M US L	12/25/2037		9,526
	14,636	Series 2007-30^(f)(n)	6.11% - 1M US L	04/25/2037		2,086
	347,039	Series 2007-38^(f)(n)	6.08% - 1M US L	05/25/2037		34,356
	10,966	Series 2007-51^(f)(n)	6.10% - 1M US L	06/25/2037		1,514
	36,312	Series 2007-53^(f)(n)	6.10% - 1M US L	06/25/2037		3,702
	428,504	Series 2007-57^(f)(n)	6.62% - 1M US L	10/25/2036		76,185
	89,788	Series 2007-68^(f)(n)	6.65% - 1M US L	07/25/2037		14,700
	511,415	Series 2008-3^(f)(n)	6.46% - 1M US L	02/25/2038		107,409
	150,716	Series 2008-56^(f)(n)	6.06% - 1M US L	07/25/2038		17,128
	26,312	Series 2008-81	5.50%	09/25/2038		29,703
	234,855	Series 2009-111	5.00%	01/25/2040		267,301
	113,718	Series 2009-111^(f)(n)	6.25% - 1M US L	01/25/2040		20,738
	832,027	Series 2009-12^(f)(n)	6.60% - 1M US L	03/25/2036		141,231
	25,876	Series 2009-28^(f)(n)	6.00% - 1M US L	04/25/2037		3,755
	337,780	Series 2009-41	4.50%	06/25/2039		366,772
	72,599	Series 2009-42^(f)(n)	6.00% - 1M US L	06/25/2039		10,122
	155,147	Series 2009-47^(f)(n)	6.10% - 1M US L	07/25/2039		19,008
	87,915	Series 2009-62^(f)(n)	6.10% - 1M US L	08/25/2039		10,402

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	54,568	Series 2009-66^(f)(n)	5.80% - 1M US L	02/25/2038	$	7,927
	40,315	Series 2009-68^(f)(n)	5.25% - 1M US L	09/25/2039		4,562
	162,620	Series 2010-11^(f)(n)	4.80% - 1M US L	02/25/2040		15,602
	33,429	Series 2010-111^(f)(n)	6.00% - 1M US L	10/25/2040		4,622
	67,531	Series 2010-112	4.00%	10/25/2040		70,828
	110,496	Series 2010-115^(f)(n)	6.60% - 1M US L	11/25/2039		20,343
	1,571,114	Series 2010-115^(f)(n)	6.00% - 1M US L	10/25/2040		301,913
	3,587,820	Series 2010-123^(f)(n)	6.05% - 1M US L	11/25/2040		743,560
	609,824	Series 2010-15^(f)(n)	4.95% - 1M US L	03/25/2040		85,220
	51,477	Series 2010-34^(f)(n)	4.93% - 1M US L	04/25/2040		6,137
	50,517	Series 2010-4^(f)(n)	6.23% - 1M US L	02/25/2040		8,020
	74,488	Series 2010-58^(f)	12.47% - 1M US L	06/25/2040		90,810
	2,125,249	Series 2010-75	4.50%	07/25/2040		2,363,286
	44,578	Series 2010-9^(f)(n)	5.30% - 1M US L	02/25/2040		5,480
	180,749	Series 2010-9^(f)(n)	4.75% - 1M US L	02/25/2040		17,387
	9,695	Series 2010-90^(f)(n)	6.00% - 1M US L	08/25/2040		1,191
	278,573	Series 2011-16	3.50%	03/25/2031		301,419
	408,892	Series 2011-25	3.00%	04/25/2026		427,108
	309,645	Series 2011-29	3.50%	04/25/2031		332,262
	151,347	Series 2011-5^(f)(n)	6.40% - 1M US L	11/25/2040		9,055
	2,963,146	Series 2012-106^(f)(n)	6.16% - 1M US L	10/25/2042		540,144
	723,537	Series 2012-124^(f)	7.79% - 1M US L	11/25/2042		740,432
	179,335	Series 2012-29^(f)(n)	6.00% - 1M US L	04/25/2042		28,964
	609,751	Series 2012-32⁽ⁿ⁾	5.00%	04/25/2042		95,927
	2,762,249	Series 2012-65^(f)(n)	5.98% - 1M US L	06/25/2042		480,034
	1,044,442	Series 2013-19^(f)	5.40% - 1M US L	03/25/2043		1,078,682
	324,029	Series 2015-59	3.00%	06/25/2041		325,419
	1,326,356	Series 2015-9	3.00%	01/25/2045		1,421,359
	888,204	Series 2016-72	3.00%	10/25/2046		848,674
	1,393,474	Series 2018-21^(j)	0.00%	04/25/2048		1,229,081
	1,215,948	Series 2018-27	3.00%	12/25/2047		1,263,280
	1,544,592	Series 2018-36	3.00%	06/25/2048		1,608,323
	2,720,930	Series 2019-12	3.00%	04/25/2049		2,865,821
		FMC GMSR Issuer Trust
	5,000,000	Series 2019-GT2^(f)(g)	4.72%	09/25/2024		4,943,782
		Freddie Mac Pool
	1,852,398	Series 2020-	2.00%	10/01/2050		1,836,396
	4,226,404	Series 2021-	1.50%	03/01/2036		4,248,648
		Freddie Mac REMICS
	4,080,955	Series 2011-3972^(f)(n)	5.90% - 1M US L	12/15/2041		681,651
	3,125,713	Series 2020-5007^(f)(n)	6.10% - 1M US L	08/25/2050		730,928
	5,417,666	Series 2020-5041⁽ⁿ⁾	2.00%	11/25/2050		473,247
		Government National Mortgage Association
	45,015	Series 2004-83^(f)(n)	6.08% - 1M US L	10/20/2034		7,458
	38,495	Series 2008-6^(f)(n)	6.46% - 1M US L	02/20/2038		6,182
	36,868	Series 2008-67^(f)(n)	6.00% - 1M US L	08/20/2038		5,547

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	577,461	Series 2008-69^(f)(n)	7.63% - 1M US L	08/20/2038	$	128,622
	55,086	Series 2009-10^(f)(n)	6.65% - 1M US L	02/16/2039		10,610
	679,288	Series 2009-35	4.50%	05/20/2039		740,609
	2,715,994	Series 2009-58^(f)(n)	6.25% - 1M US L	06/20/2039		382,230
	41,040	Series 2009-6^(f)(n)	5.95% - 1M US L	02/20/2038		4,672
	1,279,928	Series 2009-75	5.00%	09/20/2039		1,458,358
	3,003,042	Series 2010-121^(f)(n)	6.00% - 1M US L	09/20/2040		571,039
	53,152	Series 2010-61^(f)(n)	6.55% - 1M US L	09/20/2039		8,985
	94,396	Series 2010-98^(f)(n)	5.64%	03/20/2039		9,753
	2,185,848	Series 2011-148	3.50%	11/16/2041		2,362,111
	420,337	Series 2011-69^(j)	0.00%	05/20/2041		387,878
	1,277,877	Series 2011-71	4.50%	02/20/2041		1,424,076
	864,582	Series 2011-71^(f)(n)	5.40% - 1M US L	05/20/2041		125,464
	277,805	Series 2011-72^(f)(n)	6.15% - 1M US L	05/20/2041		56,925
	1,362,197	Series 2011-89^(f)(n)	5.45% - 1M US L	06/20/2041		266,621
	3,366,666	Series 2013-113^(f)(n)	6.25% - 1M US L	03/20/2043		460,224
	4,991,062	Series 2013-122^(f)(n)	6.10% - 1M US L	08/16/2043		822,414
	3,384,449	Series 2013-148^(f)(n)	5.68% - 1M US L	10/16/2043		766,934
	5,072,432	Series 2013-186^(f)(n)	6.25% - 1M US L	02/16/2043		718,997
	3,241,076	Series 2014-156^(f)(n)	6.25% - 1M US L	10/20/2044		701,612
	6,316,421	Series 2014-4^(f)(n)	6.10% - 1M US L	01/16/2044		1,170,391
	7,684,082	Series 2014-41^(f)(n)	6.10% - 1M US L	03/20/2044		1,656,835
	3,998,253	Series 2014-5^(f)(n)	6.15% - 1M US L	07/20/2043		501,000
	4,674,639	Series 2014-95^(f)(n)	6.25% - 1M US L	06/16/2044		887,879
	12,331,305	Series 2015-80^(f)(n)	6.25% - 1M US L	06/20/2045		2,804,865
	11,824,524	Series 2018-97^(f)(n)	6.20% - 1M US L	07/20/2048		1,887,564
	17,273,921	Series 2019-22^(f)(n)	5.60% - 1M US L	02/20/2045		3,604,534
	12,004,733	Series 2019-92^(f)(n)	6.10% - 1M US L	07/20/2049		1,826,968
	15,491,062	Series 2020-112^(f)(n)	6.25% - 1M US L	08/20/2050		2,815,225
	9,746,926	Series 2020-133^(f)(n)	6.25% - 30D US SOFR	09/20/2050		2,500,513
	19,708,386	Series 2020-146^(f)(n)	6.30% - 1M US L	10/20/2050		4,726,169
	21,384,217	Series 2020-167^(f)(n)	3.75% - 1M US L	11/20/2050		2,360,029
	18,054,144	Series 2020-47^(f)(n)	6.00% - 1M US L	05/20/2044		3,239,749
	14,940,110	Series 2021-1^(f)(n)	6.30% - 1M US L	01/20/2051		3,607,983
		Homeward Opportunities Fund Trust 2020-BPL1
	1,000,000	Series 2020-BPL1^(g)(o)	5.44%	08/25/2025		1,008,892
		JP Morgan Resecuritization Trust
	3,084,760	Series 2014-6^(f)(g)	1M US L + 0.21%	07/27/2046		2,894,775
		Legacy Mortgage Asset Trust
	13,310,000	Series 2019-GS7^(g)(o)	4.50%	11/25/2059		13,336,595
		LHOME Mortgage Trust
	4,250,000	Series 2020-RTL1^(g)(o)	3.72%	10/25/2022		4,182,472
	3,750,000	Series 2020-RTL1^(g)(o)	4.95%	10/25/2022		3,781,500
	1,300,000	Series 2021-RTL1^(f)(g)	2.09%	09/25/2026		1,309,872
	4,400,000	Series 2021-RTL1^(f)(g)	4.46%	09/25/2026		4,433,621

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Mello Warehouse Securitization Trust
$	3,500,000	Series 2019-1^(f)(g)	1M US L + 3.50%	05/14/2021	$	3,504,603
	5,680,000	Series 2019-2^(f)(g)	1M US L + 3.25%	10/25/2021		5,686,872
		Morgan Stanley Residential Mortgage Loan Trust 2020-RPL1
	531,634	Series 2020-RPL1^(f)(g)	2.69%	10/25/2023		535,396
		New Residential Mortgage Loan Trust 2019-NQM3
	3,700,000	Series 2019-NQM3^(f)(g)	4.65%	08/25/2024		3,842,171
		PRPM 2020-3 LLC
	3,400,000	Series 2020-3^(g)	5.07%	09/25/2025		3,417,083
		PRPM 2021-2 LLC
	2,227,000	Series 2021-2^(f)(g)	2.12%	12/31/2049		2,244,774
		Residential Mortgage Loan Trust
	3,250,000	Series 2020-1^(f)(g)	4.67%	02/25/2024		3,299,027
		Toorak Mortgage Corp., Ltd.
	3,500,000	Series 2019-2^(o)	4.21%	09/25/2022		3,498,027
		Verus Securitization Trust 2019-INV3
	2,300,000	Series 2019-INV3^(f)(g)	3.28%	11/25/2059		2,354,620
		VOLT XCIV LLC
	1,278,391	Series 2021-NPL3^(g)	2.24%	01/25/2024		1,278,681

TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES
(Cost $318,989,450)						262,915,117

Shares/Description					Value
Warrants - 0.00%^(b)
	219,520	Oas SA, Strike Price 1.00, Expires 05/16/2039^(m)				0

TOTAL WARRANTS
(Cost $0)						0

SHORT-TERM INVESTMENTS - 17.31%
Money Market Fund - 16.92%
	318,846,926	State Street Institutional Trust (7 Day Yield 0.01%)				318,846,926

Principal Amount/Description			Rate	Maturity	Value
U.S. Treasury - 0.39%
	7,335,000	United States Treasury Bill^(j)(q)	0.00%	05/06/2021		7,334,947

TOTAL SHORT-TERM INVESTMENTS
(Cost $326,181,713)						326,181,873

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description (continued)	Value (continued)
TOTAL INVESTMENTS - 99.83%
(Cost $1,941,569,608)	$	1,880,634,922
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.17%		3,146,665
NET ASSETS - 100.00%	$	1,883,781,587

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

SOFR - Secured Overnight Financing Rate Data

TI - Treasury Index

Libor Rates:

1M US L - 1 Month LIBOR as of March 31, 2021 was 0.11%

2M US L - 2 Month LIBOR as of March 31, 2021 was 0.13%

3M US L - 3 Month LIBOR as of March 31, 2021 was 0.19%

1D SOFR - 1 Day SOFR as of March 31, 2021 was 0.01%

30D SOFR - 30 Day SOFR as of March 31, 2021 was 0.01%

1Y US TI - 1 Year TI as of March 31, 2021 was 0.07%

5Y US TI - 5 Year TI as of March 31, 2021 was 0.92%

10Y US TI - 10 Year TI as of March 31, 2021 was 1.74%

^(a)	Less than 0.005%.
^(b)	Non-income producing security.
^(c)	Affiliated company. See Note 9 to Notes to Financial Statements.
^(d)	Security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.
^(e)	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 (The "Board"). As of March 31, 2021, the aggregate fair value of those securities was $36,783,168, representing 1.95% of net assets.
^(f)	Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

^(g)	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 $486,830,015, which represents approximately 25.84% of net assets as of March 31, 2021.
^(h)	Security is currently in default.
⁽ⁱ⁾	Pay-in-kind securities. Rate paid in-kind is shown in parenthesis.
^(j)	Issued with a zero coupon. Income is recognized through the accretion of discount.
^(k)	Security determined to be illiquid under the procedures approved by the Fund’s Board of Trustees. Total fair value of the security is $13,500, which represents approximately 0.00% of net assets as of March 31, 2021.
^(l)	A portion of this position was not funded as of March 31, 2021. The Portfolio of Investments records only the unfunded portion of each position. As of March 31, 2021, the fund has unfunded delayed draw loans in the amount of $126,230. Fair value of these unfunded delayed draw loans was $126,441.
^(m)	The Level 3 assets were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.
⁽ⁿ⁾	Interest only securities.
^(o)	Step up bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at March 31, 2021.
^(p)	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.
^(q)	Rate shown represents the bond equivalent yield to maturity at date of purchase.

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Shares/Description					Value
CLOSED-END FUNDS - 1.13%
	17,798	Eaton Vance, Ltd. Duration Income Fund			$	224,789
	56,016	Western Asset High Income Opportunity Fund, Inc.				284,561

TOTAL CLOSED-END FUNDS
(Cost $482,301)						509,350

COMMON STOCKS - 0.12%
	947	DBI Investors, Inc.^(a)(b)				237
	2,509	PHI Group, Inc.^(a)(b)				41,323
	795	Phi, Inc.^(a)(b)				13,094
	6	Toys R Us Propco Equity, Perpetual Maturity^(b)				150
	16	Ultra Sonus AB, Perpetual Maturity^(b)				434

TOTAL COMMON STOCKS
(Cost $228,298)						55,238

PREFERRED STOCKS - 0.24%
	116	DBI Investors Inc., 10.000%^(a)(b)(c)(d)				11
	110	Sequa Corp., 7.000%^(a)(b)(d)				110,000

TOTAL PREFERRED STOCKS
(Cost $121,039)						110,011

Principal Amount/Description			Rate	Maturity	Value
BANK LOANS - 38.41%^(e)
France - 0.42%
$	192,500	Numericable U.S. LLC, First Lien - USD TLB-11 Term Loan	1M US L + 2.75%	07/31/2025		189,199

*Germany - 0.89%*
	157,130	CTC AcquiCo GmbH, First Lien - Facility B2 Term Loan	3M US L + 2.75%	03/07/2025		153,634
	250,000	Springer Nature Deutschland GmbH, First Lien - Initial B18 Term Loan	L + 3.75%, 0.75% Floor	08/14/2026		250,245
						403,879
*Great Britain - 2.10%*
	145,502	EG Group, Ltd., First Lien - Additional Facility Term Loan	3M US L + 4.00%	02/07/2025		143,424
	248,125	Froneri International, Ltd., First Lien - Facility B2 Term Loan	1M US L + 2.25%	01/29/2027		245,094
	300,000	Genesis Care Finance Pty, Ltd., First Lien - Facility B2 Term Loan	3M US L + 3.50%	10/30/2025		349,085

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	181,182	Lernen Bidco, Ltd., First Lien - Facility B1 (EUR) Term Loan	6M US L + 4.25%	10/24/2025	$	208,157
						945,760
*Luxembourg - 1.72%*
	247,500	AI Convoy S.a r.l., First Lien - Facility B Term Loan	6M US L + 3.50%, 1.00% Floor	01/18/2027		247,624
	145,125	Altice Financing S.A., First Lien - October 2017 USD Term Loan	3M US L + 2.75%	01/31/2026		142,494
	137,105	Intelsat Jackson Holdings S.A., First Lien - DIP Facility Term Loan	3M US L + 5.50%, 1.00% Floor	07/13/2022		139,093
	250,000	Surf Holdings S.a r.l., First Lien - Dollar Tranche Term Loan	3M US L + 3.50%	03/05/2027		247,897
						777,108
*Netherlands - 1.49%*
	283,418	Peer Holdings III B.V., First Lien - Facility B Term Loan	6M EUR L + 3.25%	03/07/2025		332,271
	250,000	Sigma Holdco B.V., First Lien - Facility B4 (GBP) Term Loan	1M US L + 4.00%	07/02/2025		338,653
						670,924
*United States - 31.79%*
	63,000	AAdvantage Loyality IP, Ltd., First Lien - Initial Term Loan	3M US L + 4.75%, 0.75% Floor	04/20/2028		64,624
	242,707	Access CIG LLC, First Lien - B Term Loan	3M US L + 3.75%	02/27/2025		241,103
	146,250	Adtalem Global Education, Inc., First Lien - B Term Loan	1M US L + 3.00%	04/11/2025		144,909
	125,000	Adtalem Global Education, Inc., First Lien - B Term Loan	L + 4.50%, 0.75% Floor	02/12/2028		124,037
	248,125	AI Aqua Merger Sub, Inc., First Lien - 2020 Incremental Term Loan	1M US L + 5.25%, 1.00% Floor	12/13/2023		249,418
	234,650	American Rock Salt Company LLC, First Lien - Initial Term Loan	1M US L + 3.50%, 1.00% Floor	03/21/2025		236,028
	44,000	Ankura Consulting Group LLC, First Lien - Closing Date Term Loan	L + 3.00%, 0.75% Floor	03/17/2028		43,725
	247,500	AssuredPartners, Inc., First Lien - 2020 June Incremental Term Loan	1M US L + 4.50%, 1.00% Floor	02/12/2027		248,397
	250,000	Astoria Energy LLC, First Lien - B Advance (2020) Term Loan	3M US L + 3.50%, 1.00% Floor	12/10/2027		250,580
	142,418	Asurion LLC, First Lien - New B-8 Term Loan	1M US L + 3.25%	12/23/2026		141,693
	245,000	Atlantic Aviation FBO, Inc., First Lien - B Term Loan	1M US L + 3.75%	12/06/2025		245,306
	177,874	BCP Renaissance Parent LLC, First Lien - Initial Term Loan	3M US L + 3.50%, 1.00% Floor	10/31/2024		174,390
	243,750	Bracket Intermediate Holding Corp., First Lien - Initial Term Loan	3M US L + 4.25%	09/05/2025		242,531

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description

Rate

Maturity

Value

244,388

Brookfield WEC Holdings, Inc., First Lien - Initial (2021) Term Loan

L + 3.00%, 0.50% Floor

08/01/2025

242,632

249,375

Calpine Corp., First Lien - 2020 Term Loan

1M US L + 2.50%

12/16/2027

248,162

246,875

Camelot U.S. Acquisition 1 Co., First Lien - Initial Term Loan

1M US L + 3.00%

10/30/2026

245,216

201,973

Cengage Learning, Inc., First Lien - 2016 Refinancing Term Loan

3M US L + 4.25%, 1.00% Floor

06/07/2023

200,248

245,000

CentralSquare Technologies LLC, First Lien - Initial Term Loan

3M US L + 3.75%

08/29/2025

235,375

178,355

Charter NEX US, Inc., First Lien - Initial Term Loan

1M US L + 4.25%, 0.75% Floor

12/01/2027

178,945

248,734

CITGO Petroleum Corp., First Lien - 2019 Incremental B Term Loan

3M US L + 6.25%, 1.00% Floor

03/28/2024

249,562

250,000

DRW Holdings LLC, First Lien - Initial Term Loan

3M US L + 3.75%

03/01/2028

249,844

125,000

E.W. Scripps Company, First Lien - Tranche B-3 Term Loan

1M US L + 3.00%, 0.75% Floor

01/07/2028

124,756

243,125

Flynn Restaurant Group LP, First Lien - Initial Term Loan

1M US L + 3.50%

06/27/2025

241,181

125,000

Flynn Restaurant Group LP, Second Lien - Initial Term Loan

1M US L + 7.00%

06/29/2026

123,750

34,000

Foundation Building Materials, Inc., First Lien - Initial Term Loan

L + 3.25%, 0.50% Floor

01/31/2028

33,732

250,000

Frontier Communications Corp., First Lien - Initial Term Loan

1M US L + 4.75%, 1.00% Floor

10/08/2021

249,688

214,414

Globallogic Holdings, Inc., First Lien - Initial Term Loan

1M US L + 2.75%

08/01/2025

214,146

250,000

Great Outdoors Group LLC, First Lien - B-1 Term Loan

3M US L + 4.25%, 0.75% Floor

03/06/2028

250,719

250,000

Greeneden U.S. Holdings I LLC, First Lien - Initial Dollar (2020) Term Loan

1M US L + 4.00%, 0.75% Floor

12/01/2027

250,250

247,599

Harbor Freight Tools USA, Inc., First Lien - Initial (2020) Term Loan

1M US L + 3.00%, 0.75% Floor

10/19/2027

247,655

63,000

Hudson River Trading LLC, First Lien

L + 3.00%

03/20/2028

62,528

250,000

IRB Holding Corp., First Lien - Fourth Amendment Incremental Term Loan

3M US L + 3.25%, 1.00% Floor

12/15/2027

249,414

250,000

Ivanti Software, Inc., First Lien - Initial Term Loan

1M US L + 4.75%, 1.00% Floor

12/01/2027

251,329

250,000

Kronos Acquisition Holdings, Inc., First Lien - Tranche B-1 Term Loan

3M US L + 3.75%, 0.50% Floor

12/22/2026

246,763

125,000

KUEHG Corp, First Lien - B-3 Term Loan

3M US L + 3.25%, 1.00% Floor

02/21/2025

122,535

131,238

Life Time, Inc., First Lien - 2021 Refinancing Term Loan

3M US L + 4.75%, 1.00% Floor

12/16/2024

131,320

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description

Rate

Maturity

Value

241,723

LMBE-MC Holdco II LLC, First Lien

3M EUR L + 4.00%, 1.00% Floor

12/03/2025

241,421

249,375

LogMeIn, Inc., First Lien - Initial Term Loan

1M US L + 4.75%

08/31/2027

249,025

246,256

Lumen Technologies, Inc., First Lien - B Term Loan

1M US L + 2.25%

03/15/2027

244,058

250,000

Marcel LUX IV S.a.r.l., First Lien - Original Facility Term Loan

2M US L + 4.00%, 0.75% Floor

09/22/2027

251,251

250,000

Mileage Plus Holdings LLC, First Lien - Initial Term Loan

3M US L + 5.25%, 1.00% Floor

06/21/2027

266,036

241,899

Natgasoline LLC, First Lien - Initial Term Loan

1M US L + 3.50%

11/14/2025

240,387

250,000

NewCo I B.V., First Lien - Facility AV1 Term Loan

1M US L + 3.50%

01/31/2029

249,644

248,418

Olaplex, Inc., First Lien - Initial Term Loan

1M US L + 6.50%, 1.00% Floor

01/08/2026

248,418

96,000

Onvoy LLC, First Lien - Initial Term Loan

1M US L + 4.50%, 1.00% Floor

02/10/2024

96,060

250,000

Pactiv Evergreen, Inc., First Lien - Tranche B-2 U.S. Term Loan

L + 3.25%

02/05/2026

247,563

100,000

PetVet Care Centers LLC, First Lien - 2021 Replacement Term Loan

L + 2.75%, 0.75% Floor

02/14/2025

99,913

248,125

PG&E Corp., First Lien

3M US L + 3.00%, 0.50% Floor

06/23/2025

248,202

249,352

ProAmpac PG Borrower LLC, First Lien - 2020-1 Term Loan

3M US L + 4.00%, 1.00% Floor

11/03/2025

249,559

250,000

ProQuest LLC, First Lien - Initial Term Loan

1M US L + 3.25%

10/23/2026

248,719

246,875

Pug LLC, First Lien - USD B Term Loan

1M US L + 3.50%

02/12/2027

239,160

49,000

Rackspace Technology Global, Inc., First Lien - 2021 B Term Loan

L + 2.75%, 0.75% Floor

02/15/2028

48,630

125,000

RealPage, Inc., First Lien

L + 3.25%, 0.50% Floor

02/18/2028

124,583

232,889

Recess Holdings, Inc., First Lien - Initial Term Loan

3M US L + 3.75%, 1.00% Floor

09/30/2024

231,265

235,231

Recorded Books, Inc., First Lien - 2021 Replacement Term Loan

1M US L + 4.00%

08/29/2025

234,953

221,445

Shearer's Foods LLC, First Lien

L + 4.00%, 0.75% Floor

09/30/2025

221,375

250,000

Sotera Health Holdings LLC, First Lien - Refinancing Term Loan

L + 3.25%, 0.50% Floor

12/13/2026

249,688

150,000

Spin Holdco, Inc., First Lien - Initial Term Loan

L + 4.00%, 0.75% Floor

03/04/2028

148,915

216,233

St. George's University Scholastic Services LLC, First Lien

1M US L + 3.25%

07/17/2025

214,477

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	43,000	Triton Water Holdings, Inc., First Lien - Initial Term Loan	3M US L + 3.50%, 0.50% Floor	03/31/2028	$	42,889
	250,000	U.S. Anesthesia Partners, Inc., First Lien - Initial Term Loan	3M US L + 3.00%, 1.00% Floor	06/23/2024		247,170
	275,000	Uber Technologies, Inc., First Lien - 2021 Incremental Term Loan	L + 3.50%	04/04/2025		274,112
	248,057	UFC Holdings LLC, First Lien	L + 3.25%, 0.75% Floor	04/29/2026		247,455
	249,375	UKG, Inc., First Lien - 2021 Incremental Term Loan	L + 4.00%, 0.75% Floor	05/04/2026		249,745
	250,000	Verscend Holding Corp., First Lien - B-1 Term Loan	L + 4.00%	08/27/2025		250,348
	35,573	Vestcom Parent Holdings, Inc., First Lien - L/C Collaterilized Term Loan	1M US L + 3.75%, 1.00% Floor	12/19/2023		35,484
	300,000	Virgin Media Bristol LLC, First Lien - Q Term Loan	L + 3.25%	01/31/2029		299,857
	249,333	William Morris Endeavor Entertainment LLC, First Lien - B-1 Term Loan	1M US L + 2.75%	05/18/2025		236,278
	373,122	Windstream Services II LLC, First Lien - Initial Term Loan	1M US L + 6.25%, 1.00% Floor	09/21/2027		373,822
	130,648	YI LLC, First Lien - Initial Term Loan	1M US L + 4.00%, 1.00% Floor	11/07/2024		125,422
						14,332,375

TOTAL BANK LOANS
(Cost $17,277,130)						17,319,245

HIGH YIELD DEBT - 59.02%
*Australia - 0.37%*
	40,000	Mineral Resources, Ltd.^(f)	8.13%	05/01/2027		44,320
	120,000	Nufarm Australia, Ltd. / Nufarm Americas, Inc.^(f)	5.75%	04/30/2026		123,173
						167,493
*Canada - 2.48%*
	70,000	1011778 BC ULC / New Red Finance, Inc.^(f)	4.38%	01/15/2028		70,449
	30,000	Baytex Energy Corp.^(f)	8.75%	04/01/2027		27,281
	10,000	Bombardier, Inc.^(f)	8.75%	12/01/2021		10,508
	110,000	Bombardier, Inc.^(f)	6.13%	01/15/2023		114,648
	35,000	Cascades, Inc./Cascades USA, Inc.^(f)	5.13%	01/15/2026		37,253
	110,000	Cascades, Inc./Cascades USA, Inc.^(f)	5.38%	01/15/2028		115,706
	35,000	Eldorado Gold Corp.^(f)	9.50%	06/01/2024		38,197
	70,000	Empire Communities Corp.^(f)	7.00%	12/15/2025		73,937
	20,000	First Quantum Minerals, Ltd.^(f)	7.25%	04/01/2023		20,380
	25,000	First Quantum Minerals, Ltd.^(f)	6.50%	03/01/2024		25,422

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	85,000	GFL Environmental, Inc.^(f)	5.13%	12/15/2026	$	89,684
	105,000	Intelligent Packaging, Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC^(f)	6.00%	09/15/2028		108,609
	50,000	Mattamy Group Corp.^(f)	4.63%	03/01/2030		49,750
	55,000	MEG Energy Corp.^(f)	7.13%	02/01/2027		57,716
	110,000	Mercer International, Inc.^(f)	5.13%	02/01/2029		114,098
	35,000	Precision Drilling Corp.	7.75%	12/15/2023		35,197
	60,000	Precision Drilling Corp.^(f)	7.13%	01/15/2026		58,370
	70,000	Telesat Canada / Telesat LLC^(f)	4.88%	06/01/2027		70,175
						1,117,380
*Cayman Islands - 0.31%*
	58,865	Global Aircraft Leasing Co., Ltd.^(c)(f)	6.50% (7.25%)	09/15/2024		56,525
	90,000	Transocean Poseidon, Ltd.^(f)	6.88%	02/01/2027		83,357
						139,882
*France - 1.34%*
	100,000	Altice France SA^(g)	5.88%	02/01/2027		125,192
	120,000	Altice France SA^(f)	5.50%	01/15/2028		123,119
	100,000	Banijay Entertainment SASU^(f)	3.50%	03/01/2025		118,261
	100,000	Constantin Investissement 3 SASU^(g)	5.38%	04/15/2025		118,899
	100,000	Laboratoire Eimer Selas^(f)	5.00%	02/01/2029		119,209
						604,680
*Germany* - 1.38%
	100,000	Cheplapharm Arzneimittel GmbH^(g)	4.38%	01/15/2028		122,833
	100,000	IHO Verwaltungs GmbH^(c)(g)	3.75% (4.50%)	09/15/2026		120,056
	120,000	Nidda Healthcare Holding GmbH^(g)	3.50%	09/30/2024		141,764
	100,000	Tele Columbus AG^(g)	3.88%	05/02/2025		119,705
	100,000	WEPA Hygieneprodukte GmbH^(g)	2.88%	12/15/2027		117,515
						621,873
*Great Britain - 2.22%*
	100,000	Arqiva Broadcast Finance PLC	6.75%	09/30/2023		142,686
	100,000	Bellis Acquisition Co. PLC^(f)	3.25%	02/16/2026		138,639
	55,000	Connect Finco SARL / Connect US Finco LLC^(f)	6.75%	10/01/2026		58,646
	100,000	eG Global Finance PLC^(g)	6.25%	10/30/2025		119,786
	60,000	Rolls-Royce PLC^(f)	5.75%	10/15/2027		63,918
	100,000	Synlab Bondco PLC^(e)(f)	3M EUR L + 4.75%	07/01/2025		119,045
	35,000	TechnipFMC PLC^(f)	6.50%	02/01/2026		36,647
	100,000	Thames Water Kemble Finance PLC^(g)	4.63%	05/19/2026		140,198
	60,000	Virgin Media Finance PLC^(f)	5.00%	07/15/2030		60,000
	100,000	Vodafone Group PLC^(e)	3.00% - 5Y EUR SWAP%	08/27/2080		121,282
						1,000,847
*Ireland -* 0.77%
	200,000	Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.^(f)	5.25%	08/15/2027		204,216

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	100,000	Virgin Media Vendor Financing Notes III DAC^(f)	4.88%	07/15/2028	$	142,600
						346,816
*Isle Of Man - 0.27%*
	100,000	Playtech PLC	3.75%	10/12/2023		119,323

*Italy - 1.30%*
	100,000	Bormioli Pharma SpA^(e)(g)	3M EUR L + 3.50%	11/15/2024		116,831
	100,000	Brunello Bidco SpA^(f)	3.50%	02/15/2028		116,977
	100,000	Gamma Bidco SpA^(e)(g)	3M EUR L + 6.00%	07/15/2025		118,250
	100,000	Guala Closures SpA^(e)(f)	3M EUR L + 3.50%	04/15/2024		117,405
	100,000	Sofima Holding SpA^(g)	3.75%	01/15/2028		118,211
						587,674
*Jersey - 0.42%*
	52,083	CPUK Finance, Ltd.^(g)	4.25%	08/28/2022		71,988
	100,000	LHC3 PLC^(c)(f)	4.13% (9.00%)	08/15/2024		119,264
						191,252
*Luxembourg - 3.14%*
	100,000	Altice Financing SA^(f)	3.00%	01/15/2028		112,484
	100,000	Altice France Holding SA^(f)	4.00%	02/15/2028		110,638
	45,000	ArcelorMittal SA	3.60%	07/16/2024		47,428
	55,000	ArcelorMittal SA	4.55%	03/11/2026		61,193
	15,000	ArcelorMittal SA	7.25%	10/15/2039		20,558
	100,000	ARD Finance SA^(c)(f)	5.00% (5.75%)	06/30/2027		120,178
	100,000	Cirsa Finance International SARL^(g)	6.25%	12/20/2023		119,260
	85,000	Dana Financing Luxembourg SARL^(f)	5.75%	04/15/2025		87,709
	100,000	Lincoln Financing SARL^(g)	3.63%	04/01/2024		118,722
	100,000	Matterhorn Telecom SA^(g)	4.00%	11/15/2027		119,590
	100,000	Monitchem HoldCo 2 SA^(g)	9.50%	09/15/2026		128,932
	100,000	Motion Finco SARL^(g)	7.00%	05/15/2025		124,014
	100,000	Summer BC Holdco B SARL^(g)	5.75%	10/31/2026		123,808
	100,000	Telenet Finance Luxembourg Notes SARL^(g)	3.50%	03/01/2028		121,697
						1,416,211
*Netherlands - 2.81%*
	100,000	Intertrust Group BV^(g)	3.38%	11/15/2025		120,525
	120,000	OCI NV^(f)	4.63%	10/15/2025		124,275
	100,000	Sigma Holdco BV^(g)	5.75%	05/15/2026		113,376
	100,000	Sunshine Mid BV^(g)	6.50%	05/15/2026		121,655
	100,000	Telefonica Europe BV^(d)(e)	4.38%	Perpetual Maturity		127,713
	100,000	Trivium Packaging Finance BV^(f)	3.75%	08/15/2026		120,474
	200,000	UPC Holding BV^(f)	5.50%	01/15/2028		207,065
	45,000	Ziggo Bond Co. BV^(f)	5.13%	02/28/2030		46,069
	100,000	Ziggo Bond Co. BV^(g)	3.38%	02/28/2030		115,881

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	145,000	Ziggo Bond Co. BV^(f)	3.38%	02/28/2030	$	168,027
						1,265,060
*Spain - 0.28%*
	105,000	Lorca Telecom Bondco SA^(f)	4.00%	09/18/2027		126,668

*Sweden - 0.25%*
	100,000	Intrum AB^(g)	3.00%	09/15/2027		114,139

*United States - 41.68%*
	40,000	Academy, Ltd.^(f)	6.00%	11/15/2027		42,200
	135,000	Acadia Healthcare Co., Inc.^(f)	5.50%	07/01/2028		142,375
	10,000	Acadia Healthcare Co., Inc.^(f)	5.00%	04/15/2029		10,402
	95,000	ACCO Brands Corp.^(f)	4.25%	03/15/2029		92,594
	30,000	Acrisure LLC / Acrisure Finance, Inc.^(f)	10.13%	08/01/2026		34,637
	45,000	Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC^(f)	5.88%	02/15/2028		48,057
	105,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.^(f)	6.63%	07/15/2026		111,547
	60,000	American Airlines, Inc.^(f)	11.75%	07/15/2025		74,294
	50,000	American Airlines, Inc./AAdvantage Loyalty IP, Ltd.^(f)	5.50%	04/20/2026		52,097
	30,000	American Airlines, Inc./AAdvantage Loyalty IP, Ltd.^(f)	5.75%	04/20/2029		31,947
	60,000	Apache Corp.	4.75%	04/15/2043		55,740
	75,000	APX Group, Inc.^(f)	6.75%	02/15/2027		80,548
	10,000	Aramark Services, Inc.^(f)	6.38%	05/01/2025		10,612
	115,000	Aramark Services, Inc.^(f)	5.00%	02/01/2028		119,485
	40,000	Archrock Partners LP / Archrock Partners Finance Corp.^(f)	6.88%	04/01/2027		41,800
	85,000	Archrock Partners LP / Archrock Partners Finance Corp.^(f)	6.25%	04/01/2028		86,502
	105,000	Arconic Corp.^(f)	6.13%	02/15/2028		112,022
	31,000	Asbury Automotive Group, Inc.	4.50%	03/01/2028		31,788
	33,000	Asbury Automotive Group, Inc.	4.75%	03/01/2030		34,130
	30,000	Ascent Resources Utica Holdings LLC / ARU Finance Corp.^(f)	7.00%	11/01/2026		30,037
	50,000	AssuredPartners, Inc.^(f)	5.63%	01/15/2029		51,012
	100,000	Avantor Funding, Inc.^(f)	2.63%	11/01/2025		120,298
	87,000	Bausch Health Cos., Inc.^(f)	6.13%	04/15/2025		89,280
	195,000	Bausch Health Cos., Inc.^(f)	5.00%	01/30/2028		197,681
	90,000	Bausch Health Cos., Inc.^(f)	5.00%	02/15/2029		89,550
	75,000	Bausch Health Cos., Inc.^(f)	5.25%	02/15/2031		74,782
	75,000	Big River Steel LLC / BRS Finance Corp.^(f)	6.63%	01/31/2029		81,830
	35,000	Block Communications, Inc.^(f)	4.88%	03/01/2028		35,730
	65,000	Boyd Gaming Corp.	6.38%	04/01/2026		67,203
	10,000	Boyd Gaming Corp.	6.00%	08/15/2026		10,436

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	65,000	Boyd Gaming Corp.	4.75%	12/01/2027	$	66,372
	120,000	Boyne USA, Inc.^(f)	7.25%	05/01/2025		125,115
	65,000	Brink's Co.^(f)	5.50%	07/15/2025		68,778
	45,000	Buckeye Partners LP^(f)	4.50%	03/01/2028		45,225
	55,000	Cablevision Lightpath LLC^(f)	5.63%	09/15/2028		55,912
	125,000	Caesars Entertainment, Inc.^(f)	6.25%	07/01/2025		133,409
	45,000	Callon Petroleum Co.	6.38%	07/01/2026		35,662
	160,000	Calpine Corp.^(f)	5.13%	03/15/2028		160,970
	75,000	Cardtronics, Inc. / Cardtronics USA, Inc.^(f)	5.50%	05/01/2025		77,250
	120,000	Carnival Corp.^(f)	5.75%	03/01/2027		123,300
	35,000	Carpenter Technology Corp.	6.38%	07/15/2028		37,641
	55,000	Carriage Services, Inc.^(f)	6.63%	06/01/2026		57,946
	100,000	CCO Holdings LLC / CCO Holdings Capital Corp.^(f)	5.50%	05/01/2026		103,270
	25,000	CCO Holdings LLC / CCO Holdings Capital Corp.^(f)	5.00%	02/01/2028		26,466
	15,000	CCO Holdings LLC / CCO Holdings Capital Corp.^(f)	5.38%	06/01/2029		16,105
	120,000	CCO Holdings LLC / CCO Holdings Capital Corp.^(f)	4.75%	03/01/2030		124,500
	130,000	Cedar Fair LP	5.25%	07/15/2029		133,845
	65,000	Central Garden & Pet Co.	5.13%	02/01/2028		68,806
	30,000	ChampionX Corp.	6.38%	05/01/2026		31,532
	80,000	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.^(f)	5.75%	03/01/2025		81,648
	90,000	Cheniere Energy, Inc.^(f)	4.63%	10/15/2028		93,581
	25,000	Chesapeake Energy Corp.^(f)	5.50%	02/01/2026		26,069
	40,000	Chesapeake Energy Corp.^(f)	5.88%	02/01/2029		42,475
	60,000	CHS/Community Health Systems, Inc.^(f)	5.63%	03/15/2027		62,925
	30,000	CHS/Community Health Systems, Inc.^(f)	6.00%	01/15/2029		31,763
	15,000	CHS/Community Health Systems, Inc.^(f)	4.75%	02/15/2031		14,672
	65,000	Churchill Downs, Inc.^(f)	5.50%	04/01/2027		68,088
	10,000	Churchill Downs, Inc.^(f)	4.75%	01/15/2028		10,366
	145,000	CITGO Petroleum Corp.^(f)	7.00%	06/15/2025		149,440
	35,000	CITGO Petroleum Corp.^(f)	6.38%	06/15/2026		35,360
	30,000	Clean Harbors, Inc.^(f)	5.13%	07/15/2029		31,937
	95,000	Clear Channel Outdoor Holdings, Inc.^(f)	7.75%	04/15/2028		94,133
	65,000	Cleveland-Cliffs, Inc.^(f)	6.75%	03/15/2026		70,769
	70,000	Cleveland-Cliffs, Inc.^(f)	4.63%	03/01/2029		69,968
	20,000	Cleveland-Cliffs, Inc.^(f)	4.88%	03/01/2031		19,975
	75,000	Colgate Energy Partners III LLC^(f)	7.75%	02/15/2026		73,703
	34,000	CommScope Technologies LLC^(f)	6.00%	06/15/2025		34,728
	135,000	CommScope Technologies LLC^(f)	5.00%	03/15/2027		133,988
	5,000	CommScope, Inc.^(f)	5.50%	03/01/2024		5,163
	30,000	CommScope, Inc.^(f)	6.00%	03/01/2026		31,650

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	100,000	Compass Group Diversified Holdings LLC^(f)	5.25%	04/16/2029	$	104,968
	85,000	Comstock Resources, Inc.^(f)	6.75%	03/01/2029		87,284
	70,000	Consolidated Communications, Inc.^(f)	5.00%	10/02/2028		70,721
	130,000	Covanta Holding Corp.	6.00%	01/01/2027		136,150
	25,000	Crocs, Inc.^(f)	4.25%	03/15/2029		24,438
	62,000	CrownRock LP / CrownRock Finance, Inc.^(f)	5.63%	10/15/2025		63,370
	115,000	CSC Holdings LLC^(f)	5.75%	01/15/2030		121,267
	85,000	CSC Holdings LLC^(f)	4.63%	12/01/2030		83,725
	20,000	Cushman & Wakefield US Borrower LLC^(f)	6.75%	05/15/2028		21,688
	35,000	CVR Energy, Inc.^(f)	5.75%	02/15/2028		34,191
	20,000	Dana, Inc.	5.38%	11/15/2027		21,038
	30,000	Dana, Inc.	5.63%	06/15/2028		32,149
	140,000	DaVita, Inc.^(f)	4.63%	06/01/2030		142,815
	155,000	Delta Air Lines, Inc.^(f)	7.00%	05/01/2025		178,682
	35,000	DISH DBS Corp.	7.75%	07/01/2026		38,675
	35,000	DISH DBS Corp.	7.38%	07/01/2028		36,761
	50,000	Dycom Industries, Inc.^(f)	4.50%	04/15/2029		50,250
	45,000	Edgewell Personal Care Co.^(f)	5.50%	06/01/2028		47,582
	80,000	Encompass Health Corp.	4.50%	02/01/2028		82,065
	70,000	Endo Dac / Endo Finance LLC / Endo Finco, Inc.^(f)	9.50%	07/31/2027		76,169
	100,000	Energizer Gamma Acquisition BV^(g)	4.63%	07/15/2026		120,840
	85,000	EnerSys^(f)	4.38%	12/15/2027		87,125
	50,000	EnLink Midstream LLC^(f)	5.63%	01/15/2028		48,443
	15,000	EQM Midstream Partners LP^(f)	4.50%	01/15/2029		14,645
	70,000	EQM Midstream Partners LP^(f)	4.75%	01/15/2031		67,988
	100,000	ESH Hospitality, Inc.^(f)	5.25%	05/01/2025		102,147
	55,000	ESH Hospitality, Inc.^(f)	4.63%	10/01/2027		58,239
	10,000	FirstCash, Inc.^(f)	4.63%	09/01/2028		10,219
	35,000	FirstEnergy Corp.	5.35%	07/15/2047		39,367
	30,000	FirstEnergy Transmission LLC^(f)	4.55%	04/01/2049		31,687
	5,000	Ford Motor Credit Co. LLC	5.60%	01/07/2022		5,149
	30,000	Ford Motor Credit Co. LLC	5.13%	06/16/2025		32,437
	45,000	Ford Motor Credit Co. LLC	4.13%	08/17/2027		46,519
	100,000	Ford Motor Credit Co. LLC	5.11%	05/03/2029		107,470
	30,000	Frontier Communications Corp.^(f)	5.88%	10/15/2027		31,856
	195,000	Frontier Communications Corp.^(f)	5.00%	05/01/2028		198,950
	35,000	Frontier Communications Corp.^(f)	6.75%	05/01/2029		36,980
	35,000	Go Daddy Operating Co. LLC / GD Finance Co, Inc.^(f)	5.25%	12/01/2027		37,078
	100,000	Golden Nugget, Inc.^(f)	6.75%	10/15/2024		101,242
	55,000	Goodyear Tire & Rubber Co.	9.50%	05/31/2025		61,768
	35,000	Goodyear Tire & Rubber Co.	5.25%	04/30/2031		35,000
	75,000	Greystar Real Estate Partners LLC^(f)	5.75%	12/01/2025		77,438

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	55,000	Grinding Media, Inc. / Moly-Cop AltaSteel, Ltd.^(f)	7.38%	12/15/2023	$	56,345
	40,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.^(f)	5.75%	01/20/2026		42,554
	100,000	Herc Holdings, Inc.^(f)	5.50%	07/15/2027		106,608
	75,000	Hess Midstream Operations LP^(f)	5.63%	02/15/2026		77,391
	5,000	Hess Midstream Operations LP^(f)	5.13%	06/15/2028		5,067
	85,000	Home Point Capital, Inc.^(f)	5.00%	02/01/2026		84,256
	55,000	Howard Hughes Corp.^(f)	4.13%	02/01/2029		53,843
	45,000	HUB International, Ltd.^(f)	7.00%	05/01/2026		46,774
	15,000	Hunt Companies, Inc.^(f)	5.25%	04/15/2029		15,000
	40,000	IAA, Inc.^(f)	5.50%	06/15/2027		42,025
	10,000	iHeartCommunications, Inc.	8.38%	05/01/2027		10,738
	110,000	iHeartCommunications, Inc.^(f)	5.25%	08/15/2027		113,333
	80,000	Illuminate Buyer LLC / Illuminate Holdings IV, Inc.^(f)	9.00%	07/01/2028		90,124
	19,000	Ingles Markets, Inc.	5.75%	06/15/2023		19,202
	115,000	Intelsat Jackson Holdings SA^(f)(h)	8.00%	02/15/2024		119,216
	100,000	International Game Technology PLC^(g)	3.50%	06/15/2026		119,932
	55,000	Iron Mountain, Inc.^(f)	5.25%	03/15/2028		57,234
	15,000	Iron Mountain, Inc.^(f)	5.00%	07/15/2028		15,357
	105,000	Iron Mountain, Inc.^(f)	4.88%	09/15/2029		106,412
	55,000	Iron Mountain, Inc.^(f)	5.25%	07/15/2030		56,818
	30,000	Itron, Inc.^(f)	5.00%	01/15/2026		30,791
	95,000	J2 Global, Inc.^(f)	4.63%	10/15/2030		96,128
	90,000	KAR Auction Services, Inc.^(f)	5.13%	06/01/2025		91,737
	115,000	Kennedy-Wilson, Inc.	4.75%	03/01/2029		116,581
	20,000	Kennedy-Wilson, Inc.	5.00%	03/01/2031		20,280
	90,000	Kraft Heinz Foods Co.	6.88%	01/26/2039		124,266
	125,000	Kraft Heinz Foods Co.	6.50%	02/09/2040		163,627
	190,000	Kraft Heinz Foods Co.	4.38%	06/01/2046		199,075
	30,000	Kraft Heinz Foods Co.	4.88%	10/01/2049		33,729
	10,000	L Brands, Inc.^(f)	9.38%	07/01/2025		12,462
	105,000	L Brands, Inc.	7.50%	06/15/2029		119,472
	15,000	L Brands, Inc.^(f)	6.63%	10/01/2030		17,155
	25,000	L Brands, Inc.	6.95%	03/01/2033		27,938
	20,000	Lamar Media Corp.	4.00%	02/15/2030		19,982
	85,000	Laredo Petroleum, Inc.	9.50%	01/15/2025		81,899
	75,000	LD Holdings Group LLC^(f)	6.50%	11/01/2025		78,750
	80,000	LD Holdings Group LLC^(f)	6.13%	04/01/2028		81,192
	75,000	Level 3 Financing, Inc.	5.25%	03/15/2026		77,344
	20,000	Level 3 Financing, Inc.^(f)	4.63%	09/15/2027		20,619
	15,000	Live Nation Entertainment, Inc.^(f)	6.50%	05/15/2027		16,669
	35,000	Logan Merger Sub, Inc.^(f)	5.50%	09/01/2027		36,685
	165,000	Lumen Technologies, Inc.^(f)	5.13%	12/15/2026		174,014
	125,000	Marriott Ownership Resorts, Inc.^(f)	6.13%	09/15/2025		133,079

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	25,000	Marriott Ownership Resorts, Inc. / ILG LLC	6.50%	09/15/2026	$	26,152
	45,000	Masonite International Corp.^(f)	5.38%	02/01/2028		47,832
	145,000	MEDNAX, Inc.^(f)	6.25%	01/15/2027		155,233
	60,000	Mercer International, Inc.	5.50%	01/15/2026		61,613
	113,000	Meredith Corp.	6.88%	02/01/2026		116,424
	34,000	MGIC Investment Corp.	5.25%	08/15/2028		35,381
	85,000	MPH Acquisition Holdings LLC^(f)	5.75%	11/01/2028		82,981
	45,000	Murphy Oil Corp.	5.88%	12/01/2027		44,142
	50,000	NCR Corp.^(f)	5.75%	09/01/2027		53,000
	105,000	NCR Corp.^(f)	5.13%	04/15/2029		105,985
	80,000	NCR Corp.^(f)	6.13%	09/01/2029		84,835
	40,000	NCR Corp.^(f)	5.25%	10/01/2030		40,580
	55,000	New Enterprise Stone & Lime Co., Inc.^(f)	6.25%	03/15/2026		56,478
	65,000	New Residential Investment Corp.^(f)	6.25%	10/15/2025		65,366
	95,000	Nexstar Broadcasting, Inc.^(f)	5.63%	07/15/2027		99,720
	80,000	Nexstar Broadcasting, Inc.^(f)	4.75%	11/01/2028		80,993
	80,000	NFP Corp.^(f)	6.88%	08/15/2028		83,100
	40,000	Novelis Corp.^(f)	5.88%	09/30/2026		41,800
	60,000	NuStar Logistics LP	6.38%	10/01/2030		64,988
	98,000	Occidental Petroleum Corp.^(e)	3M US L + 1.45%	08/15/2022		96,999
	185,000	Occidental Petroleum Corp.	3.20%	08/15/2026		177,856
	55,000	Occidental Petroleum Corp.	4.40%	04/15/2046		47,198
	25,000	Occidental Petroleum Corp.	4.40%	08/15/2049		20,954
	50,000	Oceaneering International, Inc.	6.00%	02/01/2028		47,927
	20,000	Olin Corp.	5.63%	08/01/2029		21,597
	105,000	Olin Corp.	5.00%	02/01/2030		110,229
	30,000	Ortho-Clinical Diagnostics, Inc. / Ortho- Clinical Diagnostics SA^(f)	7.25%	02/01/2028		32,926
	35,000	Outfront Media Capital LLC / Outfront Media Capital Corp.^(f)	6.25%	06/15/2025		37,078
	20,000	Outfront Media Capital LLC / Outfront Media Capital Corp.^(f)	5.00%	08/15/2027		20,234
	35,000	Outfront Media Capital LLC / Outfront Media Capital Corp.^(f)	4.25%	01/15/2029		33,739
	20,000	Outfront Media Capital LLC / Outfront Media Capital Corp.^(f)	4.63%	03/15/2030		19,275
	10,000	Ovintiv, Inc.	6.50%	08/15/2034		12,124
	60,000	Ovintiv, Inc.	6.63%	08/15/2037		72,306
	15,000	Ovintiv, Inc.	6.50%	02/01/2038		18,151
	50,000	Owens & Minor, Inc.^(f)	4.50%	03/31/2029		50,313
	105,000	Par Pharmaceutical, Inc.^(f)	7.50%	04/01/2027		111,506
	30,000	PDC Energy, Inc.	6.13%	09/15/2024		30,840
	65,000	PDC Energy, Inc.	5.75%	05/15/2026		67,503
	75,000	PennyMac Financial Services, Inc.^(f)	4.25%	02/15/2029		71,906
	40,000	Performance Food Group, Inc.^(f)	5.50%	06/01/2024		40,225
	25,000	Performance Food Group, Inc.^(f)	5.50%	10/15/2027		26,190

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	25,000	PG&E Corp.	5.00%	07/01/2028	$	26,445
	95,000	PG&E Corp.	5.25%	07/01/2030		100,819
	130,000	Pike Corp.^(f)	5.50%	09/01/2028		132,600
	55,000	Pilgrim's Pride Corp.^(f)	5.75%	03/15/2025		56,202
	55,000	Powdr Corp.^(f)	6.00%	08/01/2025		58,168
	90,000	PowerTeam Services LLC^(f)	9.03%	12/04/2025		99,450
	40,000	PQ Corp.^(f)	5.75%	12/15/2025		41,075
	10,000	Prestige Brands, Inc.^(f)	5.13%	01/15/2028		10,505
	100,000	Prime Security Services Borrower LLC / Prime Finance, Inc.^(f)	5.75%	04/15/2026		108,330
	120,000	Prime Security Services Borrower LLC / Prime Finance, Inc.^(f)	6.25%	01/15/2028		125,088
	85,000	Quicken Loans LLC^(f)	5.25%	01/15/2028		89,409
	45,000	QVC, Inc.	4.75%	02/15/2027		46,659
	85,000	QVC, Inc.	4.38%	09/01/2028		85,833
	85,000	Realogy Group LLC / Realogy Co.-Issuer Corp.^(f)	7.63%	06/15/2025		92,932
	75,000	Realogy Group LLC / Realogy Co.-Issuer Corp.^(f)	5.75%	01/15/2029		74,062
	115,000	Reynolds Group Issuer, Inc. / Reynolds Group Issuer LLC / Reynolds Group Issuer Lu^(f)	4.00%	10/15/2027		112,844
	95,000	RHP Hotel Properties LP / RHP Finance Corp.	4.75%	10/15/2027		97,404
	89,000	Rite Aid Corp.^(f)	8.00%	11/15/2026		93,561
	90,000	Rocket Software, Inc.^(f)	6.50%	02/15/2029		90,979
	95,000	Royal Caribbean Cruises, Ltd.^(f)	5.50%	04/01/2028		95,594
	20,000	Sabre GLBL, Inc.^(f)	9.25%	04/15/2025		23,875
	55,000	Sabre GLBL, Inc.^(f)	7.38%	09/01/2025		60,104
	100,000	Scientific Games International, Inc.^(g)	5.50%	02/15/2026		117,769
	25,000	Scotts Miracle-Gro Co.	4.50%	10/15/2029		25,853
	85,000	Scripps Escrow II, Inc.^(f)	5.38%	01/15/2031		84,522
	60,000	SeaWorld Parks & Entertainment, Inc.^(f)	9.50%	08/01/2025		65,322
	10,000	SEG Holding LLC / SEG Finance Corp.^(f)	5.63%	10/15/2028		10,488
	35,000	Shea Homes LP / Shea Homes Funding Corp.^(f)	4.75%	02/15/2028		35,696
	35,000	Shea Homes LP / Shea Homes Funding Corp.^(f)	4.75%	04/01/2029		35,490
	55,000	Signal Parent, Inc.^(f)	6.13%	04/01/2029		54,588
	35,000	Signature Aviation US Holdings, Inc.^(f)	5.38%	05/01/2026		35,787
	100,000	Silgan Holdings, Inc.	3.25%	03/15/2025		118,279
	30,000	Sirius XM Radio, Inc.^(f)	4.63%	07/15/2024		30,940
	5,000	Sirius XM Radio, Inc.^(f)	5.50%	07/01/2029		5,416
	100,000	Six Flags Entertainment Corp.^(f)	5.50%	04/15/2027		103,750
	30,000	Six Flags Theme Parks, Inc.^(f)	7.00%	07/01/2025		32,494
	30,000	SM Energy Co.	5.63%	06/01/2025		27,813
	20,000	Southwestern Energy Co.	7.75%	10/01/2027		21,413

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	40,000	Southwestern Energy Co.	8.38%	09/15/2028	$	43,975
	100,000	Spectrum Brands, Inc.^(f)	5.00%	10/01/2029		105,750
	70,000	SS&C Technologies, Inc.^(f)	5.50%	09/30/2027		74,641
	110,000	Station Casinos LLC^(f)	4.50%	02/15/2028		109,794
	40,000	Stevens Holding Co., Inc.^(f)	6.13%	10/01/2026		43,042
	110,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.	5.75%	03/01/2025		112,188
	40,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.	5.88%	03/01/2027		41,725
	30,000	Summit Materials LLC / Summit Materials Finance Corp.^(f)	5.13%	06/01/2025		30,559
	95,000	SunCoke Energy Partners LP / SunCoke Energy Partners Finance Corp.^(f)	7.50%	06/15/2025		98,859
	50,000	Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.^(f)	6.00%	03/01/2027		50,625
	15,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	5.88%	04/15/2026		15,731
	20,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	5.38%	02/01/2027		20,788
	20,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	5.00%	01/15/2028		20,862
	100,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	5.50%	03/01/2030		105,094
	10,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.^(f)	4.00%	01/15/2032		9,418
	120,000	TEGNA, Inc.^(f)	4.75%	03/15/2026		127,500
	135,000	Tenet Healthcare Corp.	5.13%	05/01/2025		137,066
	135,000	Tenet Healthcare Corp.^(f)	6.25%	02/01/2027		142,730
	15,000	Tenet Healthcare Corp.^(f)	5.13%	11/01/2027		15,723
	75,000	Tenet Healthcare Corp.^(f)	4.63%	06/15/2028		76,967
	20,000	Tenet Healthcare Corp.^(f)	6.13%	10/01/2028		20,900
	75,000	Tennant Co.	5.63%	05/01/2025		77,438
	55,000	Tms International Holding Corp.^(f)	7.25%	08/15/2025		56,238
	40,000	TPC Group, Inc.^(f)	10.50%	08/01/2024		36,220
	105,000	TransDigm, Inc.^(f)	8.00%	12/15/2025		114,450
	70,000	TransDigm, Inc.^(f)	6.25%	03/15/2026		74,302
	30,000	TransDigm, Inc.	5.50%	11/15/2027		31,099
	105,000	TransDigm, Inc.^(f)	4.63%	01/15/2029		103,666
	10,000	Tronox, Inc.^(f)	6.50%	05/01/2025		10,738
	80,000	Uber Technologies, Inc.^(f)	7.50%	05/15/2025		86,437
	20,000	Uber Technologies, Inc.^(f)	6.25%	01/15/2028		21,809
	100,000	UGI International LLC^(f)	3.25%	11/01/2025		120,134
	55,000	Univar Solutions USA, Inc./Washington^(f)	5.13%	12/01/2027		57,327
	15,000	Univision Communications, Inc.^(f)	9.50%	05/01/2025		16,500
	20,000	Univision Communications, Inc.^(f)	6.63%	06/01/2027		21,396
	40,000	US Foods, Inc.^(f)	6.25%	04/15/2025		42,933

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	30,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	09/01/2027	$	30,951
	85,000	Viasat, Inc.^(f)	5.63%	09/15/2025		86,505
	20,000	VICI Properties LP / VICI Note Co., Inc.^(f)	4.25%	12/01/2026		20,493
	20,000	VICI Properties LP / VICI Note Co., Inc.^(f)	4.63%	12/01/2029		20,781
	35,000	VICI Properties LP / VICI Note Co., Inc.^(f)	4.13%	08/15/2030		35,348
	65,000	Vine Engergy Holdings LLC^(f)	6.75%	04/15/2029		65,000
	115,000	Vista Outdoor, Inc.^(f)	4.50%	03/15/2029		114,003
	115,000	VM Consolidated, Inc.^(f)	5.50%	04/15/2029		117,982
	140,000	Western Midstream Operating LP	5.50%	08/15/2048		138,477
	40,000	Wolverine World Wide, Inc.^(f)	6.38%	05/15/2025		42,700
	180,000	Xerox Holdings Corp.^(f)	5.00%	08/15/2025		188,082
	55,000	XPO Logistics, Inc.^(f)	6.25%	05/01/2025		59,254
						18,788,836

TOTAL HIGH YIELD DEBT
(Cost $25,747,933)						26,608,134

Shares/Description						Value
RIGHTS - 0.00%^(b)(i)
	198	DBI Investors, Inc., Strike Price 11.50, Expires 12/31/2049^(a)				10

TOTAL RIGHTS
(Cost $11,231)						10

WARRANTS - 0.01%^(b)
	4	David's Bridal, Strike Price 219.47, Expires 01/18/2024^(a)				–
	11	Toys R Us Propco Warrant, Strike Price 11.50, Expires 12/31/2049^(a)				–
	237	Windstream Holdings Inc - Pvt Warrant, Strike Price 0.00, Expires 12/31/2049				2,923

TOTAL WARRANTS
(Cost $106,180)						2,923

SHORT-TERM INVESTMENTS - 6.51%
	2,933,437	State Street Institutional Trust (7 Day Yield 0.01%)				2,933,437

TOTAL SHORT-TERM INVESTMENTS
(Cost $2,933,437)						2,933,437

TOTAL INVESTMENTS - 105.44%
(Cost $46,907,549)						47,538,348
CASH SEGREGATED AT CUSTODIAN FOR FORWARD FOREIGN CURRENCY CONTRACTS - 0.11%						50,000

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

Shares/Description	Value
LIABILITIES IN EXCESS OF OTHER ASSETS - (5.55)%		(2,504,174	)
NET ASSETS - 100.00%	$	45,084,174

Investment Abbreviations:

EURIBOR - Euro Interbank Offered Rate

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

Libor Rates:

1M US L - 1 Month LIBOR as of March 31, 2021 was 0.11%

2M US L - 2 Month LIBOR as of March 31, 2021 was 0.13%

3M US L - 3 Month LIBOR as of March 31, 2021 was 0.19%

6M US L - 6 Month LIBOR as of March 31, 2021 was 0.21%

1M EUR L - 1 Month EURIBOR as of December 31, 2020 was -0.56%

3M EUR L - 3 Month EURIBOR as of March 31, 2021 was -0.54%

6M EUR L - 6 Month EURIBOR as of March 31, 2021 was -0.52%

5Y EUR SWAP - 5 Year Euro ICE Swap Rate as of March 31, 2021 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.
^(c)	Pay-in-kind securities. Rate paid in-kind is shown in parenthesis.
^(d)	Security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.
^(e)	Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2021. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.
^(f)	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 $17,921,254, which represents approximately 39.75% of net assets as of March 31, 2021.
^(g)	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 (The "Board"). As of March 31, 2021, the aggregate fair value of those securities was $3,351,368, representing 7.43% of net assets.
^(h)	Security is currently in default.
⁽ⁱ⁾	Less than 0.005%.

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2021 (Unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at March 31, 2021		Fund Delivering	U.S. $ Value at March 31, 2021		Unrealized Appreciation/ (Depreciation)
State Street Corporation	4/8/2021	USD		5,680,228	EUR		5,535,904	$	144,324
State Street Corporation	4/8/2021	USD		1,651,649	EUR		1,609,683		41,966
State Street Corporation	4/8/2021	USD		348,558	GBP		345,914		2,644
State Street Corporation	4/8/2021	USD		508,479	GBP		504,622		3,857
								$	192,791

State Street Corporation	4/8/2021	EUR		101,548	USD		102,138	$	(590	)
State Street Corporation	4/8/2021	USD		139,114	GBP		139,806		(692	)
								$	(1,282	)

See Notes to Financial Statements.

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

RiverNorth Core Opportunity Fund

Statement of Assets and Liabilities

March 31, 2021 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	72,141,628
At value	$	79,243,391
Cash		74,733
Receivable for fund investments sold		3,268,778
Dividends receivable		113,659
Receivable for fund shares sold		48,003
Interest receivable		20,462
Prepaid expenses and other assets		18,933
Total Assets		82,787,959
LIABILITIES:
Payable for fund investments purchased		1,721,785
Facility loan fee payable		2,420
Payable for fund shares redeemed		291
Payable to Adviser		68,943
Payable for fund accounting and administration fees		13,875
Accrued 12b-1 fees - Class R Shares		6,097
Payable for custodian fees		21,068
Payable for audit fees		13,636
Payable to transfer agent		7,505
Other accrued expenses		5,333
Total Liabilities		1,860,953
Net Assets	$	80,927,006
NET ASSETS CONSIST OF:
Paid-in capital	$	67,862,655
Total distributable earnings		13,064,351
Net Assets	$	80,927,006
PRICING OF SHARES:
Class I Shares
Net Assets	$	52,237,504
Shares of common stock outstanding (unlimited number of shares, no par value)		5,843,530
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.94
Class R Shares
Net Assets	$	28,689,502
Shares of common stock outstanding (unlimited number of shares, no par value)		3,205,465
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.95

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Statement of Assets and Liabilities

March 31, 2021 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	1,908,711,390
At value	$	1,848,680,802
Investment in affiliates:
At cost		32,858,218
At value		31,954,120
Cash		58,681
Receivable for fund investments sold		39,278,687
Interest receivable		6,711,595
Receivable for fund shares sold		6,248,536
Dividends receivable		797,048
Prepaid expenses and other assets		199,587
Total Assets		1,933,929,056
LIABILITIES:
Payable for fund investments purchased		47,005,605
Facility loan fee payable		58,496
Payable for fund shares redeemed		1,289,914
Payable to Adviser		1,163,052
Payable for fund accounting and administration fees		405,315
Accrued 12b-1 fees - Class R Shares		28,305
Payable for custodian fees		89,312
Payable for audit fees		21,618
Payable to transfer agent		35,008
Payable to Trustees		209
Other accrued expenses		50,635
Total Liabilities		50,147,469
Net Assets	$	1,883,781,587
NET ASSETS CONSIST OF:
Paid-in capital	$	1,983,356,662
Total distributable earnings/(accumulated deficit)		(99,575,075	)
Net Assets	$	1,883,781,587
PRICING OF SHARES:
Class I Shares
Net Assets	$	1,750,303,847
Shares of common stock outstanding (unlimited number of shares, no par value)		168,160,629
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	10.41
Class R Shares
Net Assets	$	133,477,740
Shares of common stock outstanding (unlimited number of shares, no par value)		12,799,155
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	10.43

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Statement of Assets and Liabilities

March 31, 2021 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	46,907,549
At value	$	47,538,348
Cash		30,749
Foreign currency, at value (Cost $187,758)		186,800
Receivable for fund investments sold		689,896
Interest receivable		385,095
Unrealized appreciation on forward foreign currency contracts		192,791
Cash segregated at custodian for forward foreign currency contracts		50,000
Dividends receivable		1,962
Prepaid expenses and other assets		20,388
Total Assets		49,096,029
LIABILITIES:
Payable for fund investments purchased		2,873,585
Facility loan payable		1,000,000
Interest payable on facility loan		9
Facility loan fee payable		1,507
Payable for fund shares redeemed		3,865
Unrealized depreciation on forward foreign currency contracts		1,282
Payable to Adviser		27,018
Payable for fund accounting and administration fees		57,901
Accrued 12b-1 fees - Class R Shares		1,046
Payable for custodian fees		19,789
Payable for audit fees		16,624
Payable to transfer agent		5,726
Payable to Trustees		23
Other accrued expenses		3,480
Total Liabilities		4,011,855
Net Assets	$	45,084,174
NET ASSETS CONSIST OF:
Paid-in capital	$	50,090,441
Total distributable earnings/(accumulated deficit)		(5,006,267	)
Net Assets	$	45,084,174

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/Oaktree High Income Fund

Statement of Assets and Liabilities

March 31, 2021 (Unaudited)

PRICING OF SHARES:
Class I Shares
Net Assets	$	40,232,349
Shares of common stock outstanding (unlimited number of shares, no par value)		4,253,895
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	9.46
Class R Shares
Net Assets	$	4,851,825
Shares of common stock outstanding (unlimited number of shares, no par value)		513,540
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	9.45

See Notes to Financial Statements.

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

RiverNorth Core Opportunity Fund

Statement of Operations

For the Six Months Ended March 31, 2021 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	2,523,893
Interest income		124,088
Other income		25,642
Total Investment Income		2,673,623

EXPENSES:
Investment Adviser fee		396,841
12b-1 fees - Class R Shares		35,242
Accounting and administration fee		22,584
Registration expenses		22,243
Transfer agent expenses		21,315
Compliance expense		15,456
Audit expenses		13,222
Custodian expenses		11,601
Printing expenses		5,976
Facility loan fees		5,016
Legal expenses		4,142
Trustee expenses		3,431
Insurance expenses		789
Miscellaneous expenses		5,679
Total Expenses		563,537
Net Investment Income		2,110,086

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		6,109,611
Net realized gain		6,109,611
Net change in unrealized appreciation/depreciation on:
Investments		9,421,032
Net change in unrealized appreciation/depreciation		9,421,032
Net Realized and Unrealized Gain on Investments		15,530,643
Net Increase in Net Assets Resulting from Operations	$	17,640,729

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Statement of Operations

For the Six Months Ended March 31, 2021 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	13,958,307
Dividend income from affiliated securities		563,478
Interest income		34,934,235
Other income		90,535
Foreign taxes withheld		(4,970	)
Total Investment Income		49,541,585

EXPENSES:
Investment Adviser fee, net of voluntary waiver		6,739,443
Accounting and administration fee		500,344
12b-1 fees - Class R Shares		161,418
Facility loan fees		118,940
Transfer agent expenses		84,432
Trustee expenses		81,041
Compliance expense		79,548
Printing expenses		60,516
Legal expenses		58,956
Registration expenses		52,219
Custodian expenses		40,972
Audit expenses		21,204
Insurance expenses		18,396
Miscellaneous expenses		55,497
Total Expenses		8,072,926
Net Investment Income		41,468,659

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		15,748,763
Net realized gain		15,748,763
Net change in unrealized appreciation/depreciation on:
Investments		20,910,007
Affiliated Investments		760,100
Net change in unrealized appreciation/depreciation		21,670,107
Net Realized and Unrealized Gain on Investments		37,418,870
Net Increase in Net Assets Resulting from Operations	$	78,887,529

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Statement of Operations

For the Six Months Ended March 31, 2021 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	102,874
Interest income		1,061,403
Other income		19,592
Foreign taxes withheld		(2,392	)
Total Investment Income		1,181,477

EXPENSES:
Investment Adviser fee		230,202
Accounting and administration fee		57,161
Registration expenses		19,881
Transfer agent expenses		17,202
Audit expenses		16,210
Compliance expense		14,322
Custodian expenses		10,965
12b-1 fees - Class R Shares		6,213
Printing expenses		3,707
Facility loan fees		3,051
Trustee expenses		2,072
Legal expenses		1,395
Insurance expenses		482
Interest expense on facility loan		9
Miscellaneous expenses		3,979
Total expenses		386,851
Less fees waived/reimbursed by Investment Adviser:		(69,866	)
Class I Shares		(62,321	)
Class R Shares		(7,545	)
Net Expenses		316,985
Net Investment Income		864,492

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		288,145
Forward Foreign Currency Contracts		(99,582	)
Translation of assets and liabilities denominated in foreign currencies		(3,960	)
Net realized gain		184,603
Net change in unrealized appreciation/depreciation on:
Investments		1,544,432
Forward Foreign Currency Contracts		81,137
Translation of assets and liabilities denominated in foreign currencies		(6,724	)
Net change in unrealized appreciation/depreciation		1,618,845
Net Realized and Unrealized Gain on Investments, translation of assets and liabilities denominated in foreign currencies and forward foreign currency contracts		1,803,448
Net Increase in Net Assets Resulting from Operations	$	2,667,940

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,110,086		$	1,796,728
Net realized gain		6,109,611			2,957,569
Long-term capital gains from other investment companies		–			1,011,327
Net change in unrealized appreciation/depreciation on investments		9,421,032			(7,771,480	)
Net increase/(decrease) in net assets resulting from operations		17,640,729			(2,005,856	)

DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		(2,016,545	)		(2,659,147	)
Class R shares		(1,091,660	)		(1,527,249	)
Net decrease in net assets from distributions to shareholders		(3,108,205	)		(4,186,396	)

CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		3,512,476			22,357,753
Reinvestment of distributions		1,747,116			2,231,392
Cost of shares redeemed		(12,371,945	)		(36,906,930	)
Net decrease in net assets from capital share transactions		(7,112,353	)		(12,317,785	)
Class R Shares
Proceeds from shares sold		1,029,428			5,640,144
Reinvestment of distributions		1,041,143			1,460,842
Cost of shares redeemed		(5,771,001	)		(18,389,204	)
Net decrease in net assets from capital share transactions		(3,700,430	)		(11,288,218	)
Net Increase/(Decrease) in Net Assets		3,719,741			(29,798,255	)

NET ASSETS:
Beginning of period/year	$	77,207,265		$	107,005,520
End of period/year		80,927,006			77,207,265

See Notes to Financial Statements.

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RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		421,487			3,161,984
Shares issued in reinvestment of distributions		211,793			294,928
Shares redeemed		(1,518,639	)		(5,005,286	)
Net decrease from share transactions		(885,359	)		(1,548,374	)

Class R Shares
Shares sold		123,482			874,710
Shares issued in reinvestment of distributions		126,155			194,516
Shares redeemed		(702,522	)		(2,414,622	)
Net decrease from share transactions		(452,885	)		(1,345,396	)

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	41,468,659		$	83,771,662
Net realized gain		15,748,763			19,390,925
Long-term capital gains from other investment companies		–			36,569
Net change in unrealized appreciation/depreciation on investments		21,670,107			(54,425,827	)
Net increase in net assets resulting from operations		78,887,529			48,773,329

DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		(40,013,057	)		(79,390,062	)
Class R shares		(2,871,281	)		(6,188,907	)
From tax return of capital
Class I shares		–			(2,716,414	)
Class R shares		–			(204,602	)
Net decrease in net assets from distributions to shareholders		(42,884,338	)		(88,499,985	)

CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		284,724,140			611,196,220
Reinvestment of distributions		35,074,688			68,779,135
Cost of shares redeemed		(289,785,180	)		(814,875,369	)
Net increase/(decrease) in net assets from capital share transactions		30,013,648			(134,900,014	)
Class R Shares
Proceeds from shares sold		24,238,342			40,377,316
Reinvestment of distributions		2,820,544			6,146,105
Cost of shares redeemed		(25,521,912	)		(80,913,738	)
Net increase/(decrease) in net assets from capital share transactions		1,536,974			(34,390,317	)
Net Increase/(Decrease) in Net Assets		67,553,813			(209,016,987	)

NET ASSETS:
Beginning of period/year	$	1,816,227,774		$	2,025,244,761
End of period/year		1,883,781,587			1,816,227,774

See Notes to Financial Statements.

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RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		27,257,954			60,904,804
Shares issued in reinvestment of distributions		3,374,712			6,809,776
Shares redeemed		(27,869,355	)		(82,235,772	)
Net increase/(decrease) from share transactions		2,763,311			(14,521,192	)

Class R Shares
Shares sold		2,311,843			3,986,283
Shares issued in reinvestment of distributions		270,883			606,703
Shares redeemed		(2,442,687	)		(8,089,175	)
Net increase/(decrease) from share transactions		140,039			(3,496,189	)

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	864,492		$	1,790,458
Net realized gain/(loss)		184,603			(1,982,955	)
Net change in unrealized appreciation/depreciation		1,618,845			(221,560	)
Net increase/(decrease) in net assets resulting from operations		2,667,940			(414,057	)

DISTRIBUTIONS TO SHAREHOLDERS:
Class I Shares		(736,467	)		(1,711,826	)
Class R Shares		(82,997	)		(212,395	)
From tax return of capital
Class I Shares		–			(362,852	)
Class R Shares		–			(44,662	)
Net decrease in net assets from distributions to shareholders		(819,464	)		(2,331,735	)

CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		193,994			1,466,082
Reinvestment of distributions		734,616			2,064,745
Cost of shares redeemed		(2,720,332	)		(6,011,805	)
Net decrease in net assets from capital share transactions		(1,791,722	)		(2,480,978	)

Class R Shares
Proceeds from shares sold		211,426			602,945
Reinvestment of distributions		81,964			249,412
Cost of shares redeemed		(629,294	)		(1,505,591	)
Net decrease in net assets from capital share transactions		(335,904	)		(653,234	)

Net Decrease in Net Assets		(279,150	)		(5,880,004	)

NET ASSETS:
Beginning of period/year	$	45,363,324		$	51,243,328
End of period/year		45,084,174			45,363,324

See Notes to Financial Statements.

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RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		20,492			174,046
Shares issued in reinvestment of distributions		78,453			226,317
Shares redeemed		(288,049	)		(703,397	)
Net decrease from share transactions		(189,104	)		(303,034	)

Class R Shares
Shares sold		22,397			65,278
Shares issued in reinvestment of distributions		8,762			27,369
Shares redeemed		(67,182	)		(165,647	)
Net decrease from share transactions		(36,023	)		(73,000	)

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2021

RiverNorth Core Opportunity Fund

Class I

Financial Highlights

Net asset value - beginning of period

Income/(Loss) from investment operations:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a)

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(d)

Ratios/Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense):

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

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

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

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

Ratios to Average Net Assets (excluding interest expense):

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements.

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For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2021 (Unaudited)			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018			For the Year Ended September 30, 2017			For the Year Ended September 30, 2016
$	7.43		$	8.05		$	10.88		$	12.37		$	11.33		$	10.74

	0.22			0.16			0.24			0.27			0.17			0.23
	1.62			(0.41	)		(0.25	)^(b)		0.42			1.45			1.33
	1.84			(0.25	)		(0.01	)		0.69			1.62			1.56

	(0.20	)		(0.19	)		(0.18	)		(0.40	)		(0.30	)		(0.42	)
	(0.13	)		(0.18	)		(2.64	)		(1.78	)		(0.28	)		(0.45	)
	–			–			–			–			–			(0.10	)
	(0.33	)		(0.37	)		(2.82	)		(2.18	)		(0.58	)		(0.97	)
	–			–			0.00	^(c)		0.00	^(c)		0.00	^(c)		0.00	^(c)
	1.51			(0.62	)		(2.83	)		(1.49	)		1.04			0.59
$	8.94		$	7.43		$	8.05		$	10.88		$	12.37		$	11.33
	25.19	%^(e)		(3.00	%)		3.51	%		5.92	%		14.71	%		15.35	%

$	52,238		$	49,994		$	66,662		$	65,592		$	109,627		$	201,712

	N/A	^(g)		N/A			1.22	%		N/A			1.12	%		N/A

	N/A	^(g)		N/A			1.22	%		N/A			1.12	%		N/A

	N/A	^(g)		N/A			2.88	%		N/A			1.45	%		N/A

	N/A	^(g)		N/A			2.88	%		N/A			1.45	%		N/A

	1.33	%^(g)		1.29	%		1.22	%		1.17	%		1.12	%		1.11	%

	1.33	%^(g)		1.29	%		1.22	%		1.17	%		1.12	%		1.11	%

	5.39	%^(g)		2.10	%		2.88	%		2.37	%		1.45	%		2.11	%

	5.39	%^(g)		2.10	%		2.88	%		2.37	%		1.45	%		2.11	%
	83	%^(e)		110	%		36	%		58	%^(h)		39	%^(h)		19	%

Semi-Annual Report | March 31, 2021

RiverNorth Core Opportunity Fund

Class I

Financial Highlights

For a share outstanding throughout the periods presented

^(a)	Based on average shares outstanding during the period.
^(b)	Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.
^(c)	Less than $0.005 per share.
^(d)	Total return in the above table represents the rate that the investor would have earned or lost on an investment in the Fund, assuming reinvestment of dividends.
^(e)	Not annualized.
^(f)	The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments.
^(g)	Annualized.
^(h)	Portfolio turnover does not include redemptions in-kind.

See Notes to Financial Statements.

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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