ThZeal - The Zeal

N-CSRS 1 fp0076565_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)

360 S. Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401

(Address of principal executive offices) (Zip code)

Marc L. Collins

360 S. Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401

(Name and address of agent for service)

Registrant's telephone number, including area code: 561-484-7185

Date of fiscal year end: 09/30

Date of reporting period: 03/31/2022

Item 1.

Reports to Stockholders.

(a)

RiverNorth Funds

Table of Contents

Opportunistic Closed-End Fund Strategies
Portfolio Update
RiverNorth Core Opportunity Fund	2
RiverNorth/DoubleLine Strategic Income Fund	5
RiverNorth/Oaktree High Income Fund	8
RiverNorth Funds Schedule of Investments and Financial Statements
Disclosure of Fund Expenses	11
Schedule of Investments
RiverNorth Core Opportunity Fund	13
RiverNorth/DoubleLine Strategic Income Fund	17
RiverNorth/Oaktree High Income Fund	72
Statement of Assets and Liabilities
RiverNorth Core Opportunity Fund	89
RiverNorth/DoubleLine Strategic Income Fund	90
RiverNorth/Oaktree High Income Fund	91
Statement of Operations
RiverNorth Core Opportunity Fund	92
RiverNorth/DoubleLine Strategic Income Fund	93
RiverNorth/Oaktree High Income Fund	94
Statements of Changes in Net Assets
RiverNorth Core Opportunity Fund	95
RiverNorth/DoubleLine Strategic Income Fund	97
RiverNorth/Oaktree High Income Fund	99
Financial Highlights
RiverNorth Core Opportunity Fund	102
RiverNorth/DoubleLine Strategic Income Fund	110
RiverNorth/Oaktree High Income Fund	118
Notes to Financial Statements	125
Additional Information	147
Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements	148

RiverNorth Funds

Portfolio Update

March 31, 2022 (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)

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RiverNorth Funds

Portfolio Update

March 31, 2022 (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. Equity Risk – equity securities may experience volatility and the value of equity securities may move in opposite directions from each other and from other equity markets generally. Exchange Traded Note Risk – exchange traded notes represent unsecured debt of the issuer and may be influenced by interest rates, credit ratings of the issuer or changes in value of the reference index. Fixed Income Risk – the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default. High yield securities may provide greater income and opportunity for gain, but entail greater risk of loss of principal. Foreign/Emerging Market Risk – foreign securities may be subject to inefficient or volatile markets, different regulatory regimes or different tax policies. These risks may be enhanced in emerging markets. Management Risk – there is no guarantee that the adviser’s investment decisions will produce the desired results. Large Shareholder Purchase and Redemption Risk – The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. LIBOR 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. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. Real Estate Investment Trust ("REIT") Risk – the value of REITs changes with the value of the underlying properties and changes in interest rates and are subject to additional fees. Security Risk – The value of the Fund may decrease in response to the activities and financial prospects of individual securities in the Fund’s portfolio. Short Sale Risk – short positions are speculative, are subject to transaction costs and are riskier than long positions in securities. Special Purpose Acquisition Companies ("SPAC") Risk – The value of SPAC securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact the Fund’s ability to meet its investment objective. Small-Cap Risk – small cap companies are more susceptible to failure, are often thinly traded and have more volatile stock prices. Structured Notes Risk – because of the imbedded derivative feature, structured notes are subject to more risk than investing in a simple note or bond. Swap Risk – swap agreements are subject to counterparty default risk and may not perform as intended. Underlying Fund Risk – underlying funds have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values.

Semi-Annual Report | March 31, 2022

RiverNorth Funds

Portfolio Update

March 31, 2022 (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, 2022 (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, 2022

RiverNorth Funds

Portfolio Update

March 31, 2022 (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. Liquidity Risk – illiquid investments may be difficult or impossible to sell. Management Risk –there is no guarantee that the adviser’s or sub-adviser’s investment decisions will produce the desired results. Market Risk – economic conditions, interest rates and political events may affect the securities markets. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. Mortgage-Backed Security Risk – mortgage backed securities are subject to credit risk, pre-payment risk and devaluation of the underlying collateral. Portfolio Turnover Risk – increased portfolio turnover results in higher brokerage expenses and may impact the tax status of distributions. 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, 2022 (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, 2022

RiverNorth Funds

Portfolio Update

March 31, 2022 (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)

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

RiverNorth Funds

Portfolio Update

March 31, 2022 (Unaudited)

⁽¹⁾

Borrowing Risk – borrowings increase fund expenses and are subject to repayment, possibly at inopportune times. Closed- End Fund Risk – closed-end funds are exchange traded, may trade at a discount to their net asset values and may deploy leverage. Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Credit Derivatives Risk – the use of credit derivatives is highly specialized, involves default, counterparty and liquidity risks and may not perfectly correlate to the underlying asset or liability being hedged. Currency Risk – foreign currencies will rise or decline relative to the U.S. dollar. Distressed and Defaulted Securities Risk – defaulted securities carry the risk of uncertainty of repayment. Equity Risk – equity securities may experience volatility and the value of equity securities may move in opposite directions from each other and from other equity markets generally. Fixed Income Risk – the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default. High yield securities may provide greater income and opportunity for gain, but entail greater risk of loss of principal. Foreign/Emerging Market Risk – foreign securities may be subject to inefficient or volatile markets, different regulatory regimes or different tax policies. These risks may be enhanced in emerging markets. Floating Interest Rate Risk – loans pay interest based on the London Interbank Offered Rate (LIBOR) and a decline in LIBOR could negatively impact the Fund’s return. Investment Style Risk – investment strategies may come in and out of favor with investors and may underperform or outperform at times. Large Shareholder Purchase and Redemption Risk – The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. LIBOR 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. Geopolitical and other risks, including war, terrorism, trade disputes, political or economic dysfunction within some nations, public health crises and related geopolitical events, as well as environmental disasters such as earthquakes, fires, and floods, may add to instability in world economies and markets generally. Preferred Stock Risk – preferred stocks generally pay dividends, but may be less liquid than common stocks, have less priority than debt instruments and may be subject to redemption by the issuer. Security Risk – the value of the Fund may increase or decrease in response to the prospects of the issuers of securities and loans held in the Fund. Special Purpose Acquisition Companies ("SPAC") Risk – The value of SPAC securities is particularly dependent on the ability of the entity’s management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact the Fund’s ability to meet its investment objective. Swap Risk – swap agreements are subject to counterparty default risk and may not perform as intended. Underlying Fund Risk – underlying funds have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values. Valuation Risk – Loans and fixed-income securities are traded “over the counter” and because there is no centralized information regarding trading, the valuation of loans and fixed-income securities may vary.

Semi-Annual Report | March 31, 2022

RiverNorth Funds

Portfolio Update

March 31, 2022 (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, 2022 (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, 2021, and held for the six months ended March 31, 2022.

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, 2022

RiverNorth Funds

Disclosure of Fund Expenses

March 31, 2022 (Unaudited)

	Beginning Account Value 10/01/2021	Ending Account Value 03/31/2022	Expense Ratio^(a)	Expenses Paid During Period^(b)
RiverNorth Core Opportunity Fund
Class I Shares
Actual	$1,000.00	$981.10	1.34%	$6.62
Hypothetical (5% return before expenses)	$1,000.00	$1,018.25	1.34%	$6.74

Class R Shares
Actual	$1,000.00	$980.10	1.59%	$7.85
Hypothetical (5% return before expenses)	$1,000.00	$1,017.00	1.59%	$8.00

RiverNorth/DoubleLine Strategic Income Fund
Class I Shares
Actual	$1,000.00	$956.30	0.86%	$4.19
Hypothetical (5% return before expenses)	$1,000.00	$1,020.64	0.86%	$4.33

Class R Shares
Actual	$1,000.00	$955.20	1.11%	$5.41
Hypothetical (5% return before expenses)	$1,000.00	$1,019.40	1.11%	$5.59

RiverNorth/Oaktree High Income Fund
Class I Shares
Actual	$1,000.00	$979.20	1.35%	$6.66
Hypothetical (5% return before expenses)	$1,000.00	$1,018.20	1.35%	$6.79

Class R Shares
Actual	$1,000.00	$978.00	1.60%	$7.89
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, 2022 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 71.65%
	383,467	Aberdeen Emerging Markets Equity Income Fund, Inc.	$	2,596,072
	22,841	Barings Global Short Duration High Yield Fund		354,035
	124,211	BlackRock 2022 Global Income Opportunity Trust		5,242
	252,652	Blackrock Capital Allocation Trust		4,183,917
	67,436	BlackRock Debt Strategies Fund, Inc.		702,683
	213,353	Blackrock ESG Capital Allocation Trust		3,554,461
	152,725	BlackRock Innovation & Growth Trust		1,739,538
	33,557	Blackrock Science & Technology Trust		1,452,011
	270,650	BrandywineGLOBAL - Global Income Opportunities Fund, Inc.		2,738,978
	103,401	Calamos Long/Short Equity & Dynamic Income Trust		2,106,278
	8,386	Cohen & Steers Select Preferred and Income Fund, Inc.		193,549
	36,205	Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund		795,424
	123,500	First Trust Dynamic Europe Equity Income Fund		1,559,805
	108,521	First Trust Energy Infrastructure Fund		1,652,775
	77,352	First Trust High Income Long/Short Fund		1,041,158
	310,655	First Trust New Opportunities MLP & Energy Fund		1,960,233
	13,008	Franklin Limited Duration Income Trust		98,601
	208,731	GDL Fund		1,795,087
	137,854	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		687,891
	47,930	NexPoint Diversified Real Esta Trust		758,253
	46,103	Nuveen AMT-Free Quality Municipal Income Fund		605,793
	66,644	Nuveen Core Plus Impact Fund		1,001,659
	89,791	Nuveen Corporate Income 2023 Target Term Fund		847,627
	400,984	Nuveen Credit Strategies Income Fund		2,478,081
	10,431	Nuveen Mortgage Opportunity Term Fund		190,470
	128,716	Nuveen Municipal Value Fund, Inc.		1,233,099
	19,254	Nuveen Preferred & Income Term Fund		423,395
	107,079	Pershing Square Holdings Ltd.		4,229,621
	24,743	PGIM Global High Yield Fund, Inc.		330,814
	30,153	PGIM Short Duration High Yield Opportunities Fund		504,460
	30,302	PIMCO Dynamic Income Fund		738,460
	124,656	PIMCO Dynamic Income Opportunities Fund		2,117,905
	100	Source Capital, Inc.		4,200
	102,435	Special Opportunities Fund, Inc.		1,537,549
	51,316	Sprott Focus Trust, Inc.		465,436
	58,466	Sprott Physical Gold and Silver Trust^(a)		1,133,071
	11,398	Templeton Dragon Fund, Inc.		152,619
	14,716	The New America High Income Fund, Inc.		119,347
	63,348	Western Asset Diversified Income Fund		1,026,871
	12,023	Western Asset Global Corporate Defined Opportunity Fund, Inc.		178,662

TOTAL CLOSED-END FUNDS
(Cost $50,188,172)				49,295,130

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth Core Opportunity Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Shares/Description			Value
BUSINESS DEVELOPMENT COMPANIES - 1.30%
	203,777	First Eagle Alternative Capital BDC, Inc.	$	896,619

TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $857,759)				896,619

EXCHANGE TRADED FUNDS - 1.15%
	37,953	Invesco FTSE RAFI Emerging Markets Portfolio		790,181

TOTAL EXCHANGE TRADED FUNDS
(Cost $682,207)				790,181

PREFERRED STOCKS - 0.57%
	15,162	XAI Octagon Floating Rate Alternative Income Term Trust, Series 2026, 6.500%, 03/31/2026		392,544

TOTAL PREFERRED STOCKS
(Cost $378,878)				392,544

SPECIAL PURPOSE ACQUISITION COMPANIES - 10.37%
	13,110	Agba Acquisition, Ltd.^(a)		146,308
	3,099	Apollo Strategic Growth Capital II^(a)		30,680
	35,120	Ares Acquisition Corp.^(a)		344,527
	20,156	Austerlitz Acquisition Corp. I^(a)		197,932
	70,128	Austerlitz Acquisition Corp. II^(a)		685,852
	50,000	CC Neuberger Principal Holdings II, Class A^(a)		496,000
	40,000	CC Neuberger Principal Holdings III^(a)		394,400
	40,405	Churchill Capital Corp. VI^(a)		396,777
	40,840	Churchill Capital Corp. VII^(a)		399,824
	900	Compute Health Acquisition Corp.^(a)		8,910
	56,000	Conx Corp., Class A^(a)		551,600
	42,000	Fortress Value Acquisition Corp. IV^(a)		411,600
	35,400	Gores Holdings VII, Inc.^(a)		346,566
	65,452	Jaws Mustang Acquisition Corp.^(a)		642,084
	20,514	Khosla Ventures Acquisition Co. III^(a)		200,422
	45,256	KKR Acquisition Holdings I Corp.^(a)		444,866
	21,212	Landcadia Holdings IV, Inc.^(a)		208,302
	12,447	Lazard Growth Acquisition Corp. I^(a)		123,587
	22,145	Longview Acquisition Corp. II^(a)		216,135
	40,010	Solar Senior Capital, Ltd.		566,542
	32,700	Tishman Speyer Innovation Corp. II^(a)		320,460

TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES
(Cost $7,054,937)				7,133,374

See Notes to Financial Statements.

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RiverNorth Core Opportunity Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Shares/Description					Value

Shares/Principal Amount/Description			Rate	Maturity	Value
BUSINESS DEVELOPMENT COMPANY NOTES - 7.62%
*United States - 7.62%*
$	848,323	BlackRock Capital Investment Corp.	5.00%	06/15/2022	$	856,276
	78,041	First Eagle Alternative Capital BDC, Inc.	5.00%	05/25/2026		1,922,930
	852,978	New Mountain Finance Corp.	5.75%	08/15/2023		903,624
	1,580,000	PennantPark Floating Rate Capital, Ltd.	4.25%	04/01/2026		1,558,289

TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $5,177,425)						5,241,119

Shares/Description			Value
Rights - 0.00%^(a)(b)
	13,110	Agba Acquisition, Ltd., Strike Price 11.50, Expires 12/31/2049		2,499

TOTAL RIGHTS
(Cost $2,960)				2,499

Warrants - 0.06%^(a)
	13,110	Agba Acquisition, Ltd., Strike Price 11.50, Expires 05/10/2024		2,119
	7,024	Ares Acquisition Corp., Strike Price 11.50, Expires 12/31/2027		2,894
	5,039	Austerlitz Acquisition Corp. I, Strike Price 11.50, Expires 02/19/2026		2,771
	5,032	Austerlitz Acquisition Corp. II, Strike Price 11.50, Expires 12/31/2027		2,818
	8,081	Churchill Capital Corp. VI, Strike Price 11.50, Expires 12/31/2027		4,403
	8,168	Churchill Capital Corp. VII, Strike Price 11.50, Expires 02/29/2028		4,901
	5,250	Fortress Value Acquisition Corp. IV, Strike Price 11.50, Expires 03/18/2028		2,783
	4,425	Gores Holdings VII, Inc., Strike Price 11.50, Expires 12/31/2027		3,541
	10,113	Jaws Mustang Acquisition Corp., Strike Price 11.50, Expires 01/30/2026		4,956
	5,064	KKR Acquisition Holdings I Corp., Strike Price 11.50, Expires 12/31/2027		3,342
	5,303	Landcadia Holdings IV, Inc., Strike Price 11.50, Expires 12/31/2028		2,674
	4,429	Longview Acquisition Corp. II, Strike Price 11.50, Expires 05/10/2026		1,859
	6,540	Tishman Speyer Innovation Corp. II, Strike Price 11.50, Expires 12/31/2027		2,485

TOTAL WARRANTS
(Cost $96,224)				41,546

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth Core Opportunity Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Shares/Description			Value
Short-Term Investments - 7.08%
Money Market Fund - 7.08%
	4,868,132	State Street Institutional Trust (7 Day Yield 0.16%)	$	4,868,132

TOTAL SHORT-TERM INVESTMENTS
(Cost $4,868,132)				4,868,132

TOTAL INVESTMENTS - 99.80%
(Cost $69,306,694)			$	68,661,144
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.20%				138,188
NET ASSETS - 100.00%			$	68,799,332

^(a)

Non-income producing security.

^(b)

Less than 0.005%.

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Shares/Description			Value
CLOSED-END FUNDS - 17.63%
	885,482	AllianceBernstein Global High Income Fund, Inc.	$	9,899,689
	51,139	Allspring Income Opportunities		403,998
	229,774	Apollo Tactical Income Fund, Inc.		3,299,555
	383,908	Barings Global Short Duration High Yield Fund		5,950,574
	193,986	BlackRock Core Bond Trust		2,521,818
	228,298	BlackRock Credit Allocation Income Trust		2,867,423
	31,331	BlackRock Debt Strategies Fund, Inc.		326,469
	671,500	BlackRock Income Trust, Inc.		3,444,795
	70,474	BlackRock MuniHoldings Fund, Inc.		1,002,845
	220,090	Blackstone Long-Short Credit Income Fund		2,958,010
	911,082	Blackstone Strategic Credit Fund		11,889,620
	133,802	Blackstone/GSO Senior Floating Rate Term Fund		2,044,495
	238,830	BNY Mellon Strategic Municipals, Inc.		1,717,188
	1,320,021	BrandywineGLOBAL - Global Income Opportunities Fund, Inc.		13,358,612
	956,865	Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund		21,022,324
	264,994	First Trust High Income Long/Short Fund		3,566,819
	551,482	First Trust High Yield Opportunities 2027 Term Fund		9,601,302
	456,070	Invesco Dynamic Credit Opportunity Fund		5,577,740
	36,368	Invesco Municipal Trust		418,596
	2,260,043	Invesco Senior Income Trust		9,627,783
	96,582	Invesco Trust for Investment Grade Municipals		1,122,283
	48,010	Ivy High Income Opportunities Fund		608,287
	297,660	Morgan Stanley Emerging Markets Debt Fund, Inc.		2,315,795
	1,449,660	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		7,233,803
	995,696	Nuveen AMT-Free Quality Municipal Income Fund		13,083,445
	800,009	Nuveen Core Plus Impact Fund		12,024,135
	4,135,799	Nuveen Credit Strategies Income Fund		25,559,238
	281,868	Nuveen Dividend Advantage Municipal Income Fund		4,168,828
	21,868	Nuveen Global High Income Fund		311,400
	75,716	Nuveen Municipal Credit Opportunities Fund		1,022,166
	311,621	Nuveen Preferred Income Opportunities Fund		2,673,708
	1,057,363	Nuveen Quality Municipal Income Fund		14,126,370
	264,268	Nuveen Senior Income Fund		1,498,400
	4,074	Nuveen Short Duration Credit Opportunities Fund		57,973
	882,138	PGIM Global High Yield Fund, Inc.		11,794,185
	764,300	PGIM High Yield Bond Fund, Inc.		10,967,705
	580,398	PGIM Short Duration High Yield Opportunities Fund		9,710,058
	195,456	PIMCO Access Income Fund		3,570,981
	672,751	PIMCO Dynamic Income Fund		16,394,942
	1,175,241	PIMCO Dynamic Income Opportunities Fund		19,967,345
	593,520	Templeton Emerging Markets Income Fund		4,065,612
	1,554,715	Virtus AllianzGI Convertible & Income Fund		7,820,216
	331,750	Virtus AllianzGI Diversified Income & Convertible Fund^(a)		8,346,830
	912,810	Western Asset Diversified Income Fund		14,796,650

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Shares/Description			Value
	1,812,439	Western Asset Emerging Markets Debt Fund, Inc.	$	19,447,470
	3,276,405	Western Asset High Income Opportunity Fund, Inc.		14,645,530

TOTAL CLOSED-END FUNDS
(Cost $360,001,328)				338,833,010

COMMON STOCKS - 10.29%
	1,147,300	Apollo Strategic Growth Capital^(b)		11,415,635
	1,042,638	Apollo Strategic Growth Capital II^(b)		10,217,852
	1,302,644	Ares Acquisition Corp.^(b)		12,778,938
	252,626	Austerlitz Acquisition Corp. I^(b)		2,480,787
	1,404,956	Austerlitz Acquisition Corp. II^(b)		13,740,470
	1,401,903	Barings BDC, Inc.		14,495,677
	193,117	Bridgetown Holdings, Ltd.^(b)		1,904,134
	1,160,000	CC Neuberger Principal Holdings II, Class A^(b)		11,507,200
	536,759	CC Neuberger Principal Holdings III^(b)		5,292,444
	467,400	Churchill Capital Corp. V^(b)		4,594,542
	900,000	Churchill Capital Corp. VI^(b)		8,838,000
	1,281,454	Churchill Capital Corp. VII^(b)		12,545,435
	1,167,528	Compute Health Acquisition Corp.^(b)		11,418,424
	791,243	Conx Corp., Class A^(b)		7,793,743
	6,676	CW TRAVEL^(b)		198,611
	350,000	Far Peak Acquisition Corp., Class A^(b)		3,479,000
	987,815	Fortress Value Acquisition Corp. IV^(b)		9,680,587
	12,164	Frontera Energy Corp.^(b)		140,524
	220,000	FTAC Hera Acquisition Corp.^(b)		2,153,800
	267,297	Gores Holdings VII, Inc.^(b)		2,616,838
	52,500	Gores Technology Partners II, Inc.^(b)		513,450
	1,113	Intelsat Jackson Holdings SA, Series A^(b)(c)(d)		–
	1,113	Intelsat Jackson Holdings SA, Series B^(b)(c)(d)		–
	10,628	Intelsat New Common^(b)		318,840
	1,476,684	Jaws Mustang Acquisition Corp.^(b)		14,486,270
	484,160	KKR Acquisition Holdings I Corp.^(b)		4,759,293
	500,000	Landcadia Holdings IV, Inc.^(b)		4,910,000
	607,451	Lazard Growth Acquisition Corp. I^(b)		5,953,020
	31,580	McDermott International, Ltd.^(b)		20,843
	155,757	MSD Acquisition Corp.^(b)		1,526,434
	259,482	Pershing Square Tontine Holdings, Ltd.^(b)		5,161,097
	275,000	RedBall Acquisition Corp.^(b)		2,730,750
	625,000	Social Capital Hedosophia Holdings Corp. VI^(b)		6,312,500
	29,413	Solar Senior Capital, Ltd.		416,488
	343,463	SVF Investment Corp.^(b)		3,365,937

TOTAL COMMON STOCKS
(Cost $195,254,735)				197,767,563

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Shares/Description			Value
OPEN-END FUNDS - 1.67%
	3,496,696	RiverNorth/Oaktree High Income Fund, Class I^(e)	$	32,080,788

TOTAL OPEN-END FUNDS
(Cost $33,972,583)				32,080,788

PREFERRED STOCKS - 0.00%
	8,906	Riverbed Tech Pref A, 1.500%, 11/17/2028^(b)		89,060

TOTAL PREFERRED STOCKS
(Cost $188,615)				89,060

Shares/Principal Amount/Description			Rate	Maturity	Value
BUSINESS DEVELOPMENT COMPANY NOTES - 1.23%
United States - 1.23%
$	2,036,407	BlackRock Capital Investment Corp.	5.00%	06/15/2022		2,055,498
	246,313	First Eagle Alternative Capital BDC, Inc.	5.00%	05/25/2026		6,069,152
	1,422,000	Goldman Sachs BDC, Inc.	4.50%	04/01/2022		1,425,555
	6,000,000	New Mountain Finance Corp.	5.75%	08/15/2023		6,356,250
	32,069	Oxford Square Capital Corp.	6.50%	03/30/2024		808,139
	49,593	Oxford Square Capital Corp.	6.25%	04/30/2026		1,257,183
	5,770,000	PennantPark Floating Rate Capital, Ltd.	4.25%	04/01/2026		5,690,714

TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $23,350,816)						23,662,491

Principal Amount/Description			Rate	Maturity	Value
FOREIGN CORPORATE BONDS - 3.68%
Argentina - 0.08%
$	150,000	AES Argentina Generacion SA^(f)	7.75%	02/02/2024	$	126,182
	600,000	Banco Macro SA^(f)(g)	6.75%	11/04/2026		497,220
	150,000	Pampa Energia SA^(h)	9.13%	04/15/2029		133,807
	450,000	Pampa Energia SA^(f)	9.13%	04/15/2029		401,423
	575,629	Stoneway Capital Corp.^(f)(i)	10.00%	03/01/2027		166,213
	150,000	Telecom Argentina SA^(f)	8.00%	07/18/2026		143,100
						1,467,945
*Australia - 0.31%*
	1,000,000	APT Pipelines, Ltd.^(h)	4.25%	07/15/2027		1,027,631
	965,000	Australia & New Zealand Banking Group, Ltd.^(g)(h)	5Y US TI + 1.70%	11/25/2035		843,357

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	675,000	Commonwealth Bank of Australia^(h)	4.32%	01/10/2048	$	674,880
	1,015,000	Macquarie Group, Ltd.^(g)(h)	1D US SOFR + 1.532%	01/14/2033		902,938
	725,000	National Australia Bank, Ltd.^(h)	2.99%	05/21/2031		659,084
	340,000	NBN Co., Ltd.^(h)	1.45%	05/05/2026		315,013
	500,000	Sydney Airport Finance Co. Pty, Ltd.^(h)	3.38%	04/30/2025		497,606
	500,000	Sydney Airport Finance Co. Pty, Ltd.^(h)	3.63%	04/28/2026		502,413
	535,000	Westpac Banking Corp.^(g)	5Y US TI + 1.53%	11/18/2036		476,257
						5,899,179
*Brazil - 0.08%*

	600,000	Banco do Brasil SA^(a)(g)	6.25%	Perpetual Maturity		572,010
	200,000	Banco do Estado do Rio Grande do Sul SA^(g)(h)	5Y US TI + 4.93%	01/28/2031		190,132
	950,000	Oi SA^(j)	10.00% (4.00%)	07/27/2025		720,680
						1,482,822
*British Virgin Islands - 0.03%*
	550,000	TSMC Global, Ltd.^(h)	1.25%	04/23/2026		509,190

*Canada - 0.39%*
	585,000	Bank of Montreal^(g)	3.80%	12/15/2032		578,920
	110,000	Bell Telephone Co. of Canada or Bell Canada	3.65%	08/15/2052		105,463
	355,000	CCL Industries, Inc.^(h)	3.05%	06/01/2030		333,814
	245,000	CI Financial Corp.	4.10%	06/15/2051		216,914
	425,000	Enbridge, Inc.	3.40%	08/01/2051		378,232
	850,000	Frontera Energy Corp.^(h)	7.88%	06/21/2028		796,535
	225,000	Garda World Security Corp.^(h)	6.00%	06/01/2029		202,550
	600,000	Gran Tierra Energy, Inc.^(h)	7.75%	05/23/2027		555,651
	400,000	Gran Tierra Energy, Inc.^(f)	7.75%	05/23/2027		370,434
	160,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.^(h)	5.00%	12/31/2026		147,928
	1,430,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.^(h)	7.00%	12/31/2027		1,211,274
	205,000	Mattamy Group Corp.^(h)	4.63%	03/01/2030		192,937
	160,000	MEG Energy Corp.^(h)	7.13%	02/01/2027		167,734
	25,000	MEG Energy Corp.^(h)	5.88%	02/01/2029		25,391
	155,000	Parkland Corp.^(h)	4.50%	10/01/2029		143,902
	420,000	Superior Plus LP / Superior General Partner, Inc.^(h)	4.50%	03/15/2029		395,142
	540,000	Telesat Canada / Telesat LLC^(h)	5.63%	12/06/2026		412,938
	372,000	Tervita Corp.^(h)	11.00%	12/01/2025		421,822

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	750,000	TransCanada PipeLines, Ltd.	4.25%	05/15/2028	$	780,338
						7,437,919
*Cayman Islands - 0.16%*
	200,000	Banco Mercantil del Norte SA/Grand Cayman^(a)(g)(h)	7.50%	Perpetual Maturity		196,484
	200,000	Banco Mercantil del Norte SA/Grand Cayman^(a)(g)(h)	10Y US TI + 5.034%	Perpetual Maturity		184,800
	200,000	Banco Mercantil del Norte SA/Grand Cayman^(a)(f)(g)	7.63%	Perpetual Maturity		201,321
	300,000	Banco Mercantil del Norte SA/Grand Cayman^(a)(g)	10Y US TI + 5.47%	Perpetual Maturity		294,726
	166,440	Global Aircraft Leasing Co., Ltd.^(h)(j)	6.50% (7.25%)	09/15/2024		151,427
	424,000	Gran Tierra Energy International Holdings, Ltd.^(f)	6.25%	02/15/2025		393,182
	494,217	Interoceanica IV Finance, Ltd.^(k)	0.00%	11/30/2025		467,035
	200,000	Itau Unibanco Holding SA Island^(f)(g)	5Y US TI + 3.88%	04/15/2031		189,826
	600,000	Itau Unibanco Holding SA Island^(a)(f)(g)	5Y US TI + 4.63%	Perpetual Maturity		549,000
	148,102	Lima Metro Line 2 Finance, Ltd.^(h)	5.88%	07/05/2034		159,127
	243,750	Transocean Poseidon, Ltd.^(h)	6.88%	02/01/2027		241,701
						3,028,629
*Chile - 0.29%*
	400,000	AES Andes SA^(g)(h)	6.35%	10/07/2079		395,772
	500,000	AES Andes SA^(g)	7.13%	03/26/2079		502,657
	400,000	AES Andes SA^(f)(g)	6.35%	10/07/2079		395,772
	200,000	CAP SA^(h)	3.90%	04/27/2031		181,601
	700,000	CAP SA^(f)	3.90%	04/27/2031		635,604
	900,000	Empresa de Transporte de Pasajeros Metro SA^(h)	5.00%	01/25/2047		907,560
	316,960	Empresa Electrica Cochrane SpA^(f)	5.50%	05/14/2027		305,164
	600,000	Geopark, Ltd.^(f)	6.50%	09/21/2024		615,969
	397,080	GNL Quintero SA^(f)	4.63%	07/31/2029		402,059
	1,000,000	Guacolda Energia SA^(f)	4.56%	04/30/2025		340,000
	750,000	Transelec SA^(f)	3.88%	01/12/2029		764,333
	200,000	VTR Finance NV^(f)	6.38%	07/15/2028		194,151
						5,640,642
*China - 0.05%*

	300,000	Agile Group Holdings, Ltd.^(a)	7.88%	Perpetual Maturity		60,750
	495,000	Agile Group Holdings, Ltd.^(a)(g)	7.75%	Perpetual Maturity		99,124
	200,000	Agile Group Holdings, Ltd.^(a)(g)	6.88%	Perpetual Maturity		39,500
	200,000	Central China Real Estate, Ltd.	7.25%	04/24/2023		112,100

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	700,000	Central China Real Estate, Ltd.	7.25%	07/16/2024	$	306,600
	400,000	Ronshine China Holdings, Ltd.	7.35%	12/15/2023		68,000
	600,000	Ronshine China Holdings, Ltd.	6.75%	08/05/2024		102,300
	350,000	Yuzhou Group Holdings Co., Ltd.	8.30%	05/27/2025		49,175
	600,000	Yuzhou Group Holdings Co., Ltd.	7.38%	01/13/2026		84,300
						921,849
*Colombia - 0.29%*
	450,000	Banco Davivienda SA^(a)(g)(h)	10Y US TI + 5.10%	Perpetual Maturity		415,642
	650,000	Banco GNB Sudameris SA^(g)(h)	5Y US TI + 6.66%	04/16/2031		606,216
	391,000	Banco GNB Sudameris SA^(f)(g)	5Y US TI + 4.56%	04/03/2027		378,697
	350,000	Credivalores-Crediservicios SAS^(h)	8.88%	02/07/2025		153,561
	200,000	Credivalores-Crediservicios SAS^(f)	9.75%	07/27/2022		166,747
	400,000	Credivalores-Crediservicios SAS^(f)	8.88%	02/07/2025		175,498
	100,000	Ecopetrol SA	4.63%	11/02/2031		90,641
	950,000	Ecopetrol SA	5.88%	05/28/2045		834,071
	870,000	Ecopetrol SA	5.88%	11/02/2051		741,645
	400,000	Empresas Publicas de Medellin ESP^(f)	4.25%	07/18/2029		356,860
	700,000	Empresas Publicas de Medellin ESP^(f)	4.38%	02/15/2031		604,132
	150,000	Gilex Holding SARL^(h)	8.50%	05/02/2023		148,822
	750,000	Gilex Holding SARL	8.50%	05/02/2023		744,113
	200,000	Oleoducto Central SA^(f)	4.00%	07/14/2027		188,746
						5,605,391
*Cyprus - 0.01%*
	600,000	Interpipe Holdings PLC^(h)	8.38%	05/13/2026		180,000

*France - 0.07%*
	930,000	BNP Paribas SA^(g)(h)	1D SOFR + 1.51%	01/13/2031		871,598
	590,000	BPCE SA^(h)	1.00%	01/20/2026		541,738
						1,413,336
*Great Britain* - 0.25%
	765,000	Barclays PLC^(g)	3M US L + 1.38%	05/16/2024		768,835
	930,000	HSBC Holdings PLC^(g)	3M US L + 1.38%	09/12/2026		941,733
	930,000	Lloyds Banking Group PLC^(g)	3M US L + 1.21%	11/07/2028		909,544
	535,000	NatWest Markets PLC^(h)	0.80%	08/12/2024		504,062
	500,000	Tullow Oil PLC^(h)	10.25%	05/15/2026		510,082
	450,000	Vedanta Resources Finance II PLC^(h)	9.25%	04/23/2026		389,165
	200,000	Vedanta Resources Finance II PLC^(f)	9.25%	04/23/2026		172,962
	680,000	Weir Group PLC^(h)	2.20%	05/13/2026		636,025
						4,832,408

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Hong Kong - 0.05%
$	200,000	Bangkok Bank PCL^(a)(g)	5Y US TI + 4.73%	Perpetual Maturity	$	197,530
	200,000	Kasikornbank PCL^(a)(g)	5Y US TI + 4.94%	Perpetual Maturity		199,004
	400,000	RKP Overseas Finance, Ltd.^(a)	7.75%	Perpetual Maturity		264,000
	600,000	RKP Overseas Finance, Ltd.^(a)	7.95%	Perpetual Maturity		396,000
						1,056,534
*India - 0.07%*
	392,000	Adani International Container Terminal Pvt, Ltd.^(f)	3.00%	02/16/2031		350,866
	200,000	Adani Ports & Special Economic Zone, Ltd.^(f)	4.38%	07/03/2029		192,428
	500,000	Adani Ports & Special Economic Zone, Ltd.	3.10%	02/02/2031		430,964
	400,000	Vedanta Resources, Ltd.	6.13%	08/09/2024		350,500
						1,324,758
*Indonesia - 0.04%*
	500,000	ABM Investama Tbk PT^(h)	9.50%	08/05/2026		457,563
	300,000	Pertamina Persero PT^(f)	4.15%	02/25/2060		265,125
						722,688
*Ireland - 0.12%*
	1,050,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	3.40%	10/29/2033		943,223
	570,000	Aptiv PLC	3.10%	12/01/2051		454,426
	720,000	Avolon Holdings Funding, Ltd.^(h)	3.25%	02/15/2027		678,361
	200,000	C&W Senior Financing DAC^(f)	6.88%	09/15/2027		198,852
						2,274,862
*Israel - 0.05%*
	900,000	Israel Electric Corp., Ltd.^(h)	5.00%	11/12/2024		935,316

*Jamaica - 0.00%^(l)*
	66,295	Digicel Group Holdings, Ltd.^(h)(j)	8.00% (8.00%)	04/01/2025		58,287

*Japan - 0.08%*
	770,000	Mitsubishi UFJ Financial Group, Inc.	1.41%	07/17/2025		722,209
	880,000	Renesas Electronics Corp.^(h)	2.17%	11/25/2026		820,394
						1,542,603
*Luxembourg -* 0.18%
	150,000	Atento Luxco 1 SA^(h)	8.00%	02/10/2026		152,256
	735,000	Endo Luxembourg Finance Co. I SARL / Endo US, Inc.^(h)	6.13%	04/01/2029		671,573
	305,000	EverArc Escrow Sarl^(h)	5.00%	10/30/2029		279,266

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	400,000	FS Luxembourg SARL^(h)	10.00%	12/15/2025	$	420,662
	1,100,000	Intelsat Escrow Shares^(c)	0.00%	Perpetual Maturity		0
	135,000	Intelsat Jackson Holdings SA^(h)	6.50%	03/15/2030		135,000
	800,000	MC Brazil Downstream Trading SARL^(f)	7.25%	06/30/2031		737,124
	270,000	Millicom International Cellular SA^(f)	6.25%	03/25/2029		286,967
	500,000	Movida Europe SA^(f)	5.25%	02/08/2031		448,822
	400,000	Simpar Europe SA	5.20%	01/26/2031		359,140
						3,490,810
*Mexico - 0.19%*
	700,000	Alpha Holding SA de CV^(h)	9.00%	02/10/2025		43,750
	200,000	Alpha Holding SA de CV	9.00%	02/10/2025		12,500
	800,000	Braskem Idesa SAPI^(h)	6.99%	02/20/2032		785,024
	500,000	Credito Real SAB de CV SOFOM ER^(f)	9.50%	02/07/2026		57,465
	800,000	Mexarrend SAPI de CV^(h)	10.25%	07/24/2024		527,324
	200,000	Mexarrend SAPI de CV^(f)	10.25%	07/24/2024		131,831
	700,000	Operadora de Servicios Mega SA de CV Sofom ER^(h)	8.25%	02/11/2025		536,413
	750,000	Petroleos Mexicanos	6.38%	01/23/2045		601,403
	500,000	Petroleos Mexicanos	6.75%	09/21/2047		407,360
	200,000	TV Azteca SAB de CV⁽ⁱ⁾	8.25%	08/09/2024		128,252
	1,200,000	Unifin Financiera SAB de CV^(a)(f)(g)	8.88%	Perpetual Maturity		438,120
						3,669,442
*Netherlands - 0.25%*
	400,000	Equate Petrochemical BV^(f)	2.63%	04/28/2028		371,500
	650,000	Jababeka International BV^(f)	6.50%	10/05/2023		557,375
	800,000	Metinvest BV^(f)	7.75%	10/17/2029		356,000
	200,000	Minejesa Capital BV	4.63%	08/10/2030		190,500
	1,200,000	Minejesa Capital BV	5.63%	08/10/2037		1,095,222
	500,000	NGD Holdings BV	6.75%	12/31/2026		172,500
	480,000	NXP BV / NXP Funding LLC / NXP USA, Inc.^(h)	3.88%	06/18/2026		482,178
	600,000	Petrobras Global Finance BV	6.90%	03/19/2049		597,105
	200,000	Petrobras Global Finance BV	6.75%	06/03/2050		196,771
	810,000	Petrobras Global Finance BV	5.50%	06/10/2051		696,211
						4,715,362
*Panama - 0.04%*
	673,342	UEP Penonome II SA^(h)	6.50%	10/01/2038		640,897
	192,383	UEP Penonome II SA^(f)	6.50%	10/01/2038		183,113
						824,010

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Paraguay - 0.03%
$	700,000	Frigorifico Concepcion SA^(h)	7.70%	07/21/2028	$	624,379

*Peru - 0.16%*
	200,000	Banco Internacional del Peru SAA Interbank^(g)	1Y US TI + 3.71%	07/08/2030		192,485
	300,000	Camposol SA^(h)	6.00%	02/03/2027		282,997
	400,000	Camposol SA^(f)	6.00%	02/03/2027		377,330
	479,000	Hunt Oil Co. of Peru LLC Sucursal Del Peru^(f)	6.38%	06/01/2028		480,700
	300,000	Inkia Energy, Ltd.^(f)	5.88%	11/09/2027		290,102
	800,000	Peru LNG Srl^(f)	5.38%	03/22/2030		709,508
	200,000	Petroleos del Peru SA^(f)	4.75%	06/19/2032		179,475
	573,000	Petroleos del Peru SA^(f)	5.63%	06/19/2047		482,409
						2,995,006
*Qatar - 0.03%*
	700,000	Qatar Energy^(f)	2.25%	07/12/2031		645,732

*Singapore - 0.19%*
	715,000	BOC Aviation, Ltd.^(g)(h)	3M US L + 1.13%	09/26/2023		715,841
	200,000	DBS Group Holdings, Ltd.^(g)	5Y US TI + 1.82%	03/10/2031		186,966
	200,000	DBS Group Holdings, Ltd.^(a)(g)	5Y US TI + 1.92%	Perpetual Maturity		194,925
	500,000	Medco Laurel Tree Pte, Ltd.^(h)	6.95%	11/12/2028		488,916
	400,000	Oversea-Chinese Banking Corp., Ltd.^(g)(h)	5Y US TI + 1.58%	09/10/2030		377,304
	700,000	PSA Treasury Pte, Ltd.	2.25%	04/30/2030		660,831
	350,000	Temasek Financial I, Ltd.^(h)	1.00%	10/06/2030		300,435
	250,000	Temasek Financial I, Ltd.^(f)	1.00%	10/06/2030		214,596
	400,000	Theta Capital Pte, Ltd.	8.13%	01/22/2025		404,180
	200,000	Theta Capital Pte, Ltd.	6.75%	10/31/2026		190,460
						3,734,454
*South Korea - 0.07%*
	200,000	Korea Electric Power Corp.^(f)	1.13%	06/15/2025		187,855
	400,000	Korea Hydro & Nuclear Power Co., Ltd.^(h)	1.25%	04/27/2026		373,170
	200,000	KT Corp.	1.38%	01/21/2027		184,178
	200,000	KT Corp.^(f)	2.50%	07/18/2026		195,004
	200,000	LG Chem, Ltd.^(h)	2.38%	07/07/2031		180,523
	200,000	Shinhan Financial Group Co., Ltd.^(a)(g)(h)	5Y US TI + 2.06%	Perpetual Maturity		182,810
						1,303,540
*Spain - 0.07%*
	500,000	AES Andres BV^(h)	5.70%	05/04/2028		473,867
	250,000	AI Candelaria Spain SA^(h)	5.75%	06/15/2033		215,154

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	800,000	AI Candelaria Spain SA^(f)	5.75%	06/15/2033	$	688,492
						1,377,513
*Trinidad and Tobago - 0.01%*
	200,000	Telecommunications Services of Trinidad & Tobago, Ltd.^(f)	8.88%	10/18/2029		201,031

*United Arab Emirates - 0.04%*
	300,000	Galaxy Pipeline Assets Bidco, Ltd.^(h)	2.16%	03/31/2034		276,987
	300,000	Galaxy Pipeline Assets Bidco, Ltd.^(f)	2.63%	03/31/2036		269,724
	300,000	Galaxy Pipeline Assets Bidco, Ltd.^(f)	2.94%	09/30/2040		271,708
						818,419
TOTAL FOREIGN CORPORATE BONDS
(Cost $82,283,937)						70,734,056

U.S. CORPORATE BONDS - 7.42%
*Advertising - 0.03%*
	195,000	Clear Channel Outdoor Holdings, Inc.^(h)	7.50%	06/01/2029		194,811
	275,000	Interpublic Group of Cos., Inc.	5.40%	10/01/2048		328,666
						523,477
*Aerospace/Defense - 0.19%*
	515,000	Boeing Co.	2.95%	02/01/2030		477,853
	260,000	Boeing Co.	3.75%	02/01/2050		232,326
	620,000	Northrop Grumman Corp.	5.15%	05/01/2040		723,822
	530,000	Raytheon Technologies Corp.	3.03%	03/15/2052		465,732
	220,000	TransDigm, Inc.^(h)	6.25%	03/15/2026		226,131
	145,000	TransDigm, Inc.	5.50%	11/15/2027		144,093
	1,115,000	Triumph Group, Inc.^(h)	6.25%	09/15/2024		1,111,220
	280,000	Triumph Group, Inc.	7.75%	08/15/2025		282,372
						3,663,549
*Agriculture - 0.06%*
	905,000	BAT Capital Corp.	3.46%	09/06/2029		853,071
	321,693	Pyxus Holdings, Inc.	10.00%	08/24/2024		259,492
						1,112,563
*Airlines - 0.13%*
	1,000,000	American Airlines 2021-1 Class B Pass Through Trust	3.95%	07/11/2030		905,162
	660,000	American Airlines, Inc./AAdvantage Loyalty IP, Ltd.^(h)	5.75%	04/20/2029		658,432
	470,000	Southwest Airlines Co.	4.75%	05/04/2023		480,071
	197,222	United Airlines 2016-1 Class B Pass Through Trust	3.65%	01/07/2026		185,395

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	355,000	United Airlines, Inc.^(h)	4.63%	04/15/2029	$	338,040
						2,567,100
*Auto Manufacturers - 0.16%*
	240,000	Ford Motor Co.	3.25%	02/12/2032		214,754
	650,000	Ford Motor Credit Co. LLC^(g)	3M US L + 1.24%	02/15/2023		645,172
	530,000	General Motors Financial Co., Inc.2.40%	10/15/2028	475,404
	510,000	General Motors Financial Co., Inc.3.10%	01/12/2032	459,020
	850,000	Hyundai Capital America^(h)	2.65%	02/10/2025		824,395
	65,000	Hyundai Capital America^(h)	1.80%	10/15/2025		60,787
	355,000	Volkswagen Group of America Finance LLC^(h)	4.25%	11/13/2023		361,774
						3,041,306
*Auto Parts & Equipment - 0.13%*
	115,000	American Axle & Manufacturing, Inc.	5.00%	10/01/2029		108,028
	1,115,000	Dealer Tire LLC / DT Issuer LLC^(h)	8.00%	02/01/2028		1,119,114
	225,000	Goodyear Tire & Rubber Co.^(h)	5.25%	07/15/2031		208,343
	1,179,000	Wheel Pros, Inc.^(h)	6.50%	05/15/2029		1,035,374
						2,470,859
*Banks - 0.39%*
	270,000	Bank of America Corp.^(g)	1D US SOFR + 1.21%	10/20/2032		245,762
	890,000	Bank of America Corp.^(g)	5Y US TI + 2.48%	09/21/2036		766,592
	965,000	Citigroup, Inc.^(g)	3M US L + 1.10%	05/17/2024		970,603
	205,000	Citigroup, Inc.^(g)	1D US SOFR + 0.694%	01/25/2026		197,502
	195,000	Citigroup, Inc.^(g)	1D US SOFR + 1.28%	02/24/2028		190,138
	430,000	Deutsche Bank AG^(g)	1D US SOFR + 1.219%	11/16/2027		394,699
	1,005,000	Goldman Sachs Group, Inc.^(g)	3M US L + 1.17%	05/15/2026		1,010,923
	260,000	Goldman Sachs Group, Inc.^(g)	1D US SOFR + 0.82%	09/10/2027		253,583
	260,000	JPMorgan Chase & Co.^(g)	1D US SOFR + 0.915%	02/24/2026		255,169
	325,000	JPMorgan Chase & Co.^(g)	1D SOFR + 1.02%	06/01/2029		299,808
	530,000	JPMorgan Chase & Co.^(g)	1D US SOFR + 2.04%	04/22/2031		491,941
	425,000	JPMorgan Chase & Co.^(g)	1D US SOFR + 1.25%	04/22/2032		389,954
	410,000	JPMorgan Chase & Co.^(g)	1D US SOFR + 1.26%	01/25/2033		386,954
	145,000	Morgan Stanley^(g)	1D US SOFR + 1.29%	01/21/2033		136,145
	865,000	Morgan Stanley^(g)	1D SOFR + 2.48%	09/16/2036		743,052

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	180,000	Santander Holdings USA, Inc.^(g)	1D US SOFR + 1.249%	01/06/2028	$	168,210
	345,000	Wells Fargo & Co.^(g)	3M US L + 1.17%	06/17/2027		340,783
	360,000	Wells Fargo & Co.^(g)	1D US SOFR + 1.43%	10/30/2030		342,552
						7,584,370
*Beverages - 0.17%*
	795,000	Anheuser-Busch InBev Worldwide, Inc.	4.60%	04/15/2048		860,857
	250,000	Constellation Brands, Inc.	3.15%	08/01/2029		241,733
	255,000	Constellation Brands, Inc.	2.88%	05/01/2030		239,561
	490,000	Keurig Dr Pepper, Inc.	3.80%	05/01/2050		467,124
	150,000	Primo Water Holdings, Inc.^(h)	4.38%	04/30/2029		135,959
	1,555,000	Triton Water Holdings, Inc.^(h)	6.25%	04/01/2029		1,328,996
						3,274,230
*Biotechnology - 0.04%*
	360,000	Illumina, Inc.	0.55%	03/23/2023		353,319
	540,000	Royalty Pharma PLC	3.30%	09/02/2040		461,119
						814,438
*Building Materials - 0.06%*
	780,000	Carrier Global Corp.	3.38%	04/05/2040		711,017
	130,000	Griffon Corp.	5.75%	03/01/2028		125,211
	415,000	Owens Corning	4.40%	01/30/2048		414,259
						1,250,487
*Chemicals - 0.15%*
	230,000	ASP Unifrax Holdings, Inc.	5.25%	09/30/2028		213,953
	455,000	ASP Unifrax Holdings, Inc.	7.50%	09/30/2029		405,510
	420,000	CF Industries, Inc.	5.38%	03/15/2044		473,050
	140,000	CVR Partners LP / CVR Nitrogen Finance Corp.^(h)	6.13%	06/15/2028		140,189
	780,000	Illuminate Buyer LLC / Illuminate Holdings IV, Inc.^(h)	9.00%	07/01/2028		790,725
	500,000	PMHC II, Inc.^(h)	9.00%	02/15/2030		440,645
	225,000	Sherwin-Williams Co.	2.90%	03/15/2052		184,945
	290,000	WR Grace Holdings LLC^(h)	5.63%	08/15/2029		271,904
						2,920,921
*Coal - 0.01%*
	180,000	SunCoke Energy, Inc.^(h)	4.88%	06/30/2029		169,920

*Commercial Services - 0.10%*
	90,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.^(h)	6.63%	07/15/2026		91,188
	175,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.^(h)	9.75%	07/15/2027		181,090

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	300,000	Metis Merger Sub LLC^(h)	6.50%	05/15/2029	$	282,933
	120,000	NESCO Holdings II, Inc.^(h)	5.50%	04/15/2029		118,049
	410,000	PECF USS Intermediate Holding III Corp.^(h)	8.00%	11/15/2029		396,449
	335,000	Sabre GLBL, Inc.^(h)	7.38%	09/01/2025		350,365
	175,000	Triton Container International , Ltd.^(h)	1.15%	06/07/2024		166,134
	265,000	Triton Container International, Ltd. / TAL International Container Corp.	3.25%	03/15/2032		244,639
	170,000	WASH Multifamily Acquisition, Inc.^(h)	5.75%	04/15/2026		170,703
						2,001,550
*Computers - 0.08%*
	520,000	Fortinet, Inc.	1.00%	03/15/2026		473,855
	485,000	NetApp, Inc.	1.88%	06/22/2025		464,337
	700,000	Virtusa Corp.^(h)	7.13%	12/15/2028		652,403
						1,590,595
*Containers and Packaging - 0.02%*
	420,000	Packaging Corp. of America	3.40%	12/15/2027		418,540

*Cosmetics/Personal Care - 0.01%*
	125,000	Coty, Inc.^(h)	6.50%	04/15/2026		124,475
	130,000	Coty, Inc.^(h)	5.00%	04/15/2026		126,826
						251,301
*Diversified Financial Services - 0.31%*
	375,000	Air Lease Corp.	1.88%	08/15/2026		345,988
	835,000	Air Methods Corp.^(h)	8.00%	05/15/2025		723,294
	525,000	Aircastle, Ltd.^(h)	2.85%	01/26/2028		472,556
	735,000	Aviation Capital Group LLC^(h)	1.95%	09/20/2026		665,893
	960,000	Discover Financial Services	4.10%	02/09/2027		980,396
	95,000	Nasdaq, Inc.	3.95%	03/07/2052		92,448
	385,000	Nationstar Mortgage Holdings, Inc.^(h)	5.75%	11/15/2031		367,862
	95,000	Navient Corp.	5.00%	03/15/2027		90,659
	245,000	OneMain Finance Corp.	6.63%	01/15/2028		257,059
	305,000	PennyMac Financial Services, Inc.^(h)	4.25%	02/15/2029		262,305
	775,000	Synchrony Financial	3.95%	12/01/2027		768,958
	925,000	Western Union Co.	2.75%	03/15/2031		842,835
						5,870,253
*Electric - 0.51%*
	155,000	Calpine Corp.^(h)	5.13%	03/15/2028		147,934
	35,000	Calpine Corp.^(h)	4.63%	02/01/2029		32,263
	80,000	Duke Energy Carolinas LLC	2.85%	03/15/2032		77,417
	685,000	Duke Energy Corp.	3.95%	08/15/2047		671,437

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	255,000	Entergy Corp.	2.80%	06/15/2030	$	239,372
	1,000,000	Exelon Corp.	4.05%	04/15/2030		1,033,637
	130,000	Exelon Corp.^(h)	4.10%	03/15/2052		132,428
	510,000	Georgia Power Co.	2.20%	09/15/2024		500,562
	885,000	Georgia Power Co.	3.25%	03/15/2051		770,345
	1,100,000	ITC Holdings Corp.	3.25%	06/30/2026		1,097,973
	550,000	Mercury Chile Holdco LLC^(h)	6.50%	01/24/2027		527,128
	275,000	Monongahela Power Co.^(h)	5.40%	12/15/2043		316,952
	750,000	NextEra Energy Capital Holdings, Inc.	2.25%	06/01/2030		687,505
	310,000	NRG Energy, Inc.^(h)	2.00%	12/02/2025		291,870
	215,000	NRG Energy, Inc.^(h)	3.63%	02/15/2031		189,425
	640,000	Pacific Gas and Electric Co.	1.37%	03/10/2023		629,053
	560,000	Pacific Gas and Electric Co.	2.50%	02/01/2031		483,833
	450,000	Pike Corp.^(h)	5.50%	09/01/2028		424,904
	365,000	Southern Co.^(g)	5Y US TI + 2.915%	09/15/2051		337,461
	235,000	Southwestern Electric Power Co.	3.25%	11/01/2051		202,882
	1,000,000	Virginia Electric and Power Co.	3.50%	03/15/2027		1,017,788
						9,812,169
*Electrical Components & Equipment - 0.01%*
	175,000	Energizer Holdings, Inc.^(h)	4.75%	06/15/2028		159,290

*Electronics - 0.03%*
	435,000	Arrow Electronics, Inc.	3.88%	01/12/2028		437,239
	185,000	Vontier Corp.	2.40%	04/01/2028		163,062
						600,301
*Engineering & Construction - 0.01%*
	265,000	Artera Services LLC^(h)	9.03%	12/04/2025		265,106

*Entertainment - 0.15%*
	700,000	Boyne USA, Inc.^(h)	4.75%	05/15/2029		672,907
	265,000	Cedar Fair LP	5.25%	07/15/2029		261,450
	135,000	Lions Gate Capital Holdings LLC^(h)	5.50%	04/15/2029		130,279
	235,000	Live Nation Entertainment, Inc.^(h)	4.75%	10/15/2027		229,541
	365,000	Magallanes, Inc.^(h)	3.76%	03/15/2027		364,944
	130,000	Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.^(h)	4.88%	05/01/2029		120,106
	660,000	Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.^(h)	5.63%	09/01/2029		568,577
	570,000	Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.^(h)	5.88%	09/01/2031		487,678

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	135,000	Scientific Games International, Inc.^(h)	7.25%	11/15/2029	$	141,702
						2,977,184
*Environmental Control - 0.02%*
	180,000	Madison IAQ LLC^(h)	4.13%	06/30/2028		166,122
	145,000	Madison IAQ LLC^(h)	5.88%	06/30/2029		130,338
						296,460
*FIRE: Insurance - 0.01%*
	120,000	NFP Corp.^(h)	6.88%	08/15/2028		114,752

*Food - 0.13%*
	160,000	Performance Food Group, Inc.^(h)	5.50%	10/15/2027		159,426
	140,000	Performance Food Group, Inc.^(h)	4.25%	08/01/2029		127,750
	180,000	Post Holdings, Inc.^(h)	4.63%	04/15/2030		162,378
	774,000	Smithfield Foods, Inc.^(h)	4.25%	02/01/2027		783,691
	810,000	Sysco Corp.	3.30%	02/15/2050		710,057
	270,000	United Natural Foods, Inc.^(h)	6.75%	10/15/2028		277,069
	295,000	US Foods, Inc.^(h)	4.63%	06/01/2030		273,453
						2,493,824
*Food Service - 0.03%*
	585,000	TKC Holdings, Inc.^(h)	10.50%	05/15/2029		597,668

*Healthcare-Products - 0.07%*
	300,000	Mozart Debt Merger Sub, Inc.^(h)	5.25%	10/01/2029		279,285

	120,000	Ortho-Clinical Diagnostics, Inc. / Ortho-Clinical Diagnostics SA^(h)	7.25%	02/01/2028		123,753
	930,000	Thermo Fisher Scientific, Inc.	1.22%	10/18/2024		895,102
						1,298,140
*Healthcare-Services - 0.24%*
	355,000	Anthem, Inc.	2.38%	01/15/2025		350,362
	85,000	Centene Corp.	3.00%	10/15/2030		78,201
	775,000	Centene Corp.	2.50%	03/01/2031		685,232
	155,000	CHS/Community Health Systems, Inc.^(h)	6.00%	01/15/2029		156,891
	705,000	CHS/Community Health Systems, Inc.^(h)	6.88%	04/15/2029		693,635
	435,000	HCA, Inc.	4.13%	06/15/2029		444,003
	320,000	Health Care Service Corp. A Mutual Legal Reserve Co.^(h)	3.20%	06/01/2050		281,113
	85,000	Legacy LifePoint Health LLC^(h)	6.75%	04/15/2025		87,984
	205,000	Legacy LifePoint Health LLC^(h)	4.38%	02/15/2027		198,481
	75,000	ModivCare Escrow Issuer, Inc.^(h)	5.00%	10/01/2029		70,058
	975,000	Radiology Partners, Inc.^(h)	9.25%	02/01/2028		976,935
	305,000	RP Escrow Issuer LLC^(h)	5.25%	12/15/2025		298,363
	155,000	Select Medical Corp.^(h)	6.25%	08/15/2026		160,637

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	190,000	Tenet Healthcare Corp.^(h)	6.13%	10/01/2028	$	193,298
						4,675,193
*Hotel, Gaming, & Leisure - 0.01%*
	265,000	Scientific Games Holdings LP/Scientific Games US FinCo, Inc.^(h)	6.63%	03/01/2030		261,555
*Housewares - 0.05%*
	1,060,000	SWF Escrow Issuer Corp.^(h)	6.50%	10/01/2029		918,204

*Insurance - 0.20%*
	90,000	Acrisure LLC / Acrisure Finance, Inc.^(h)	4.25%	02/15/2029		81,873
	130,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer^(h)	6.75%	10/15/2027		128,661
	230,000	AmWINS Group, Inc.^(h)	4.88%	06/30/2029		221,099
	890,000	Athene Global Funding^(g)(h)	1D US SOFR + 0.56%	08/19/2024		875,810
	330,000	Berkshire Hathaway Finance Corp.	2.85%	10/15/2050		287,068
	180,000	Berkshire Hathaway Finance Corp.	3.85%	03/15/2052		184,293
	150,000	Brighthouse Financial Global Funding^(h)	1.00%	04/12/2024		143,767
	260,000	Brighthouse Financial Global Funding^(h)	2.00%	06/28/2028		231,845
	160,000	GTCR AP Finance, Inc.^(h)	8.00%	05/15/2027		162,054

	435,000	Massachusetts Mutual Life Insurance Co.^(h)	3.20%	12/01/2061		357,481
	420,000	Prudential Financial, Inc.	3.91%	12/07/2047		420,407
	720,000	Willis North America, Inc.	4.50%	09/15/2028		741,261
						3,835,619
*Internet - 0.15%*
	1,490,000	Endurance International Group Holdings, Inc.^(h)	6.00%	02/15/2029		1,288,217
	235,000	Expedia Group, Inc.	5.00%	02/15/2026		246,299
	445,000	Expedia Group, Inc.	3.80%	02/15/2028		443,495
	215,000	Expedia Group, Inc.	2.95%	03/15/2031		199,412
	500,000	Uber Technologies, Inc.^(h)	6.25%	01/15/2028		517,623
	135,000	Uber Technologies, Inc.^(h)	4.50%	08/15/2029		126,816
						2,821,862
*Investment Companies - 0.72%*
	530,000	Ares Capital Corp.	2.15%	07/15/2026		479,711
	175,000	Ares Capital Corp.	2.88%	06/15/2028		155,243
	240,000	Blackstone Private Credit Fund^(h)	2.63%	12/15/2026		216,370

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	375,000	Blackstone Secured Lending Fund^(h)	2.85%	09/30/2028	$	325,775
	5,000,000	Business Development Corp. of America^(h)	5.38%	05/30/2023		5,059,817
	5,000,000	FS KKR Capital Corp.	4.75%	05/15/2022		5,003,280
	180,000	Icahn Enterprises LP / Icahn Enterprises Finance Corp.	5.25%	05/15/2027		176,958
	535,000	Owl Rock Capital Corp.	2.63%	01/15/2027		480,337
	2,000,000	OWL Rock Core Income Corp.^(h)	4.70%	02/08/2027		1,926,020
						13,823,511
*Leisure Time - 0.08%*
	135,000	Carnival Corp.^(h)	7.63%	03/01/2026		136,039
	685,000	Carnival Corp.^(h)	5.75%	03/01/2027		654,175
	225,217	CWT Travel Group, Inc.^(h)	8.50%	11/19/2026		222,965
	140,000	NCL Corp., Ltd.^(h)	5.88%	02/15/2027		138,079
	340,000	Viking Cruises, Ltd.^(h)	5.88%	09/15/2027		310,559
						1,461,817
*Lodging - 0.05%*
	495,000	Marriott International, Inc.	3.13%	06/15/2026		489,827
	450,000	Marriott International, Inc.	2.75%	10/15/2033		398,011
						887,838
*Machinery-Diversified - 0.03%*
	545,000	Flowserve Corp.	2.80%	01/15/2032		482,949

*Media - 0.26%*
	140,000	CCO Holdings LLC / CCO Holdings Capital Corp.^(h)	4.75%	02/01/2032		130,581
	135,000	CCO Holdings LLC / CCO Holdings Capital Corp.^(h)	4.25%	01/15/2034		117,450
	970,000	Cengage Learning, Inc.^(h)	9.50%	06/15/2024		969,122
	475,000	Charter Communications Operating LLC / Charter Communications Operating Capital	4.91%	07/23/2025		493,039
	455,000	Charter Communications Operating LLC / Charter Communications Operating Capital	3.50%	03/01/2042		377,458
	335,000	Comcast Corp.	3.95%	10/15/2025		346,251
	485,000	Comcast Corp.	3.40%	04/01/2030		491,971
	70,000	Diamond Sports Group LLC / Diamond Sports Finance Co.^(h)	5.38%	08/15/2026		27,212
	120,000	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.^(h)	5.88%	08/15/2027		118,209
	655,000	DISH DBS Corp.^(h)	5.75%	12/01/2028		621,022
	130,000	DISH DBS Corp.	5.13%	06/01/2029		110,877

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	130,000	GCI LLC^(h)	4.75%	10/15/2028	$	127,161
	740,000	McGraw-Hill Education, Inc.^(h)	5.75%	08/01/2028		707,340
	85,000	News Corp.^(h)	5.13%	02/15/2032		85,567
	190,000	Scripps Escrow, Inc.^(h)	5.88%	07/15/2027		190,418
	130,000	Univision Communications, Inc.^(h)	4.50%	05/01/2029		123,916
						5,037,594
*Mining - 0.07%*
	220,000	Arconic Corp.^(h)	6.13%	02/15/2028		221,144
	415,000	Freeport-McMoRan, Inc.	5.45%	03/15/2043		465,547
	475,000	Glencore Funding LLC^(h)	1.63%	04/27/2026		439,310
	340,000	Glencore Funding LLC^(h)	3.38%	09/23/2051		286,969
						1,412,970
*Oil & Gas - 0.47%*
	340,000	BP Capital Markets America, Inc.	2.94%	06/04/2051		291,615
	450,000	BP Capital Markets America, Inc.	3.00%	03/17/2052		389,732
	830,000	Brooklyn Union Gas Co.^(h)	4.49%	03/04/2049		838,932
	165,000	Chesapeake Energy Corp.^(h)	5.88%	02/01/2029		170,603
	170,000	CNX Resources Corp.^(h)	6.00%	01/15/2029		171,922
	370,000	Continental Resources, Inc.^(h)	2.27%	11/15/2026		345,950
	95,000	East Ohio Gas Co.^(h)	3.00%	06/15/2050		82,446
	450,000	Exxon Mobil Corp.	4.23%	03/19/2040		485,646
	260,000	Halliburton Co.	2.92%	03/01/2030		251,656
	220,000	Halliburton Co.	5.00%	11/15/2045		239,429
	140,000	Hilcorp Energy I LP / Hilcorp Finance Co.^(h)	6.25%	11/01/2028		140,937
	80,000	Hilcorp Energy I LP / Hilcorp Finance Co.^(h)	5.75%	02/01/2029		80,208
	500,000	Kosmos Energy, Ltd.^(f)	7.13%	04/04/2026		489,505
	365,000	Marathon Petroleum Corp.	5.13%	12/15/2026		388,969
	750,000	NiSource, Inc.	3.60%	05/01/2030		744,928
	115,000	Occidental Petroleum Corp.	6.63%	09/01/2030		132,106
	130,000	Occidental Petroleum Corp.	6.13%	01/01/2031		146,452
	95,000	Occidental Petroleum Corp.	6.45%	09/15/2036		111,777
	420,000	Patterson-UTI Energy, Inc.	3.95%	02/01/2028		393,236
	760,000	PBF Holding Co. LLC / PBF Finance Corp.^(h)	9.25%	05/15/2025		783,834
	335,000	Pioneer Natural Resources Co.	1.90%	08/15/2030		297,356
	700,000	SierraCol Energy Andina LLC^(h)	6.00%	06/15/2028		636,664
	300,000	SierraCol Energy Andina LLC^(f)	6.00%	06/15/2028		272,856
	140,000	Southwestern Energy Co.	5.38%	02/01/2029		141,942
	160,000	Southwestern Energy Co.	4.75%	02/01/2032		160,023
	110,000	Sunoco LP / Sunoco Finance Corp.	6.00%	04/15/2027		112,259
	215,000	Sunoco LP / Sunoco Finance Corp.	4.50%	05/15/2029		203,111
	61,000	Transocean, Inc.^(h)	11.50%	01/30/2027		63,077

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	220,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	09/01/2027	$	221,185
	165,000	Valero Energy Corp.	4.00%	06/01/2052		155,510
						8,943,866
*Oil & Gas Services - 0.01%*
	150,000	Weatherford International, Ltd.^(h)	6.50%	09/15/2028		155,250

*Packaging & Containers - 0.06%*
	325,000	Berry Global, Inc.	1.65%	01/15/2027		296,563
	771,000	WRKCo, Inc.	3.75%	03/15/2025		779,681
						1,076,244
*Pharmaceuticals - 0.17%*
	785,000	AbbVie, Inc.	4.70%	05/14/2045		855,603
	100,000	Bausch Health Cos., Inc.^(h)	6.13%	02/01/2027		100,755
	130,000	Bausch Health Cos., Inc.^(h)	6.25%	02/15/2029		106,809
	480,000	Bristol-Myers Squibb Co.	4.35%	11/15/2047		528,587
	545,000	Cigna Corp.	4.90%	12/15/2048		613,340
	415,000	CVS Health Corp.	5.05%	03/25/2048		471,217
	200,000	Owens & Minor, Inc.^(h)	6.63%	04/01/2030		206,088
	315,000	Viatris, Inc.	1.65%	06/22/2025		293,478
						3,175,877
*Pipelines - 0.38%*
	73,000	Antero Midstream Partners LP / Antero Midstream Finance Corp.^(h)	5.75%	03/01/2027		74,461
	475,000	Energy Transfer LP	4.75%	01/15/2026		494,055
	1,000,000	Energy Transfer LP	3.90%	07/15/2026		1,006,766
	290,000	Energy Transfer LP	4.40%	03/15/2027		295,375
	490,000	Energy Transfer LP	5.00%	05/15/2044		481,305
	220,000	EQM Midstream Partners LP^(h)	4.75%	01/15/2031		206,032
	320,000	Hess Midstream Operations LP^(h)	5.13%	06/15/2028		320,416
	275,000	Hess Midstream Operations LP^(h)	4.25%	02/15/2030		259,957
	638,000	Kinder Morgan Energy Partners LP	6.95%	01/15/2038		800,088
	1,925,000	NGL Energy Operating LLC / NGL Energy Finance Corp.^(h)	7.50%	02/01/2026		1,896,019
	205,000	NGPL PipeCo LLC^(h)	3.25%	07/15/2031		191,700
	270,000	NuStar Logistics LP	6.38%	10/01/2030		273,942
	255,000	ONEOK, Inc.	3.40%	09/01/2029		245,501
	420,000	Sabine Pass Liquefaction LLC	5.00%	03/15/2027		444,648
	270,000	Williams Cos., Inc.	3.50%	10/15/2051		237,285
						7,227,550
*Real Estate - 0.02%*
	110,000	Realogy Group LLC / Realogy Co.-Issuer Corp.^(h)	5.75%	01/15/2029		103,889

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	285,000	Realogy Group LLC / Realogy Co.-Issuer Corp.^(h)	5.25%	04/15/2030	$	262,556
						366,445
*REITS - 0.38%*
	165,000	Agree LP	2.60%	06/15/2033		145,673
	325,000	Alexandria Real Estate Equities, Inc.	3.00%	05/18/2051		274,469
	660,000	American Tower Corp.	3.60%	01/15/2028		654,890
	360,000	Boston Properties LP	3.40%	06/21/2029		357,285
	380,000	Corporate Office Properties LP	2.90%	12/01/2033		335,953
	800,000	Crown Castle International Corp.	3.70%	06/15/2026		806,154
	515,000	Crown Castle International Corp.	3.65%	09/01/2027		512,139
	680,000	Crown Castle International Corp.	3.30%	07/01/2030		651,260
	435,000	Equinix, Inc.	1.80%	07/15/2027		396,232
	1,000,000	Equinix, Inc.	2.15%	07/15/2030		876,484
	545,000	Host Hotels & Resorts LP	2.90%	12/15/2031		487,715
	350,000	Invitation Homes Operating Partnership LP	2.70%	01/15/2034		306,821
	250,000	Iron Mountain, Inc.^(h)	4.50%	02/15/2031		231,200
	80,000	Office Properties Income Trust	2.65%	06/15/2026		73,264
	435,000	Office Properties Income Trust	2.40%	02/01/2027		387,590
	140,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer^(h)	4.88%	05/15/2029		131,527
	90,000	Sabra Health Care LP	3.20%	12/01/2031		80,468
	485,000	Uniti Group LP / Uniti Group Finance, Inc. / CSL Capital LLC^(h)	6.50%	02/15/2029		452,825
	210,000	Vornado Realty LP	2.15%	06/01/2026		196,568
						7,358,517
*Retail - 0.28%*
	445,000	AutoNation, Inc.	3.85%	03/01/2032		431,405
	730,000	Dick's Sporting Goods, Inc.	3.15%	01/15/2032		670,096
	215,000	Dick's Sporting Goods, Inc.	4.10%	01/15/2052		184,034
	765,000	Dollar Tree, Inc.	4.00%	05/15/2025		783,400
	90,000	Dollar Tree, Inc.	3.38%	12/01/2051		77,615
	120,000	Ferrellgas LP / Ferrellgas Finance Corp.^(h)	5.38%	04/01/2026		113,506
	240,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.^(h)	6.75%	01/15/2030		221,096
	450,000	McDonald's Corp.	4.45%	03/01/2047		484,727
	150,000	Michaels Cos., Inc.^(h)	5.25%	05/01/2028		137,907
	190,000	Park River Holdings, Inc.^(h)	5.63%	02/01/2029		153,837
	945,000	PetSmart, Inc. / PetSmart Finance Corp.^(h)	7.75%	02/15/2029		976,865
	290,000	Sonic Automotive, Inc.^(h)	4.63%	11/15/2029		261,364

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	190,000	SRS Distribution, Inc.^(h)	4.63%	07/01/2028	$	181,873
	115,000	Staples, Inc.^(h)	7.50%	04/15/2026		111,803
	340,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.^(h)	5.00%	06/01/2031		319,209
	365,000	Victoria's Secret & Co.^(h)	4.63%	07/15/2029		329,184
						5,437,921
*Semiconductors - 0.08%*
	664,000	Broadcom, Inc.^(h)	3.42%	04/15/2033		620,945
	895,000	Marvell Technology, Inc.	4.20%	06/22/2023		909,965
						1,530,910
*Software - 0.21%*
	1,550,000	Castle US Holding Corp.^(h)	9.50%	02/15/2028		1,541,870
	285,000	Clarivate Science Holdings Corp. ^(h)	4.88%	07/01/2029		268,728
	1,055,000	Minerva Merger Sub, Inc.^(h)	6.50%	02/15/2030		1,024,806
	735,000	Oracle Corp.	3.85%	04/01/2060		605,265
	485,000	VMware, Inc.	2.20%	08/15/2031		427,768
	195,000	Workday, Inc.	3.70%	04/01/2029		195,611
						4,064,048
*Telecommunications - 0.37%*
	500,000	AT&T, Inc.	4.30%	02/15/2030		528,860
	205,000	AT&T, Inc.	2.75%	06/01/2031		192,499
	1,245,000	AT&T, Inc.	3.50%	09/15/2053		1,097,174
	215,000	AT&T, Inc.	3.55%	09/15/2055		190,359
	185,000	Avaya, Inc.^(h)	6.13%	09/15/2028		182,657
	175,000	CommScope, Inc.^(h)	4.75%	09/01/2029		161,416
	1,675,000	Embarq Corp Eq	8.00%	06/01/2036		1,616,643
	45,000	Frontier Communications Holdings LLC^(h)	5.88%	10/15/2027		44,754
	85,000	Frontier Communications Holdings LLC^(h)	5.00%	05/01/2028		81,704
	270,000	Frontier Communications Holdings LLC^(h)	6.75%	05/01/2029		259,573
	150,000	Frontier Communications Holdings LLC^(h)	6.00%	01/15/2030		138,950
	160,000	Lumen Technologies, Inc.^(h)	5.13%	12/15/2026		152,685
	365,000	T-Mobile USA, Inc.	2.25%	02/15/2026		344,341
	125,000	T-Mobile USA, Inc.	3.38%	04/15/2029		119,062
	25,000	T-Mobile USA, Inc.^(h)	3.38%	04/15/2029		23,812
	1,000,000	T-Mobile USA, Inc.	3.88%	04/15/2030		1,005,262
	445,000	T-Mobile USA, Inc.^(h)	3.40%	10/15/2052		380,061
	500,000	Verizon Communications, Inc.	3.15%	03/22/2030		492,377
	45,000	Verizon Communications, Inc.	2.65%	11/20/2040		38,396
	145,000	Verizon Communications, Inc.	3.88%	03/01/2052		146,139
						7,196,724

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
Transportation - 0.10%
$	950,000	CSX Corp.	3.80%	11/01/2046	$	949,366
	355,000	FedEx Corp.	4.75%	11/15/2045		379,787
	500,000	Union Pacific Corp.	3.70%	03/01/2029		514,926
						1,844,079
*Trucking & Leasing - 0.02%*
	425,000	Penske Truck Leasing Co. LP / PTL Finance Corp.^(h)	4.20%	04/01/2027		436,261

TOTAL U.S. CORPORATE BONDS
(Cost $150,514,323)						142,573,157

CONVERTIBLE CORPORATE BONDS - 0.00%^(l)
	92,317	Digicel Group Holdings, Ltd.^(a)(h)(j)	5.09% (7.00%)	12/31/2049		74,059

TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $16,810)						74,059

FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.78%
	400,000	Brazilian Government International Bond	3.75%	09/12/2031		361,600
	400,000	Brazilian Government International Bond	5.63%	02/21/2047		379,456
	1,150,000	Brazilian Government International Bond	4.75%	01/14/2050		966,564
	200,000	Chile Government International Bond	2.55%	01/27/2032		188,424
	300,000	Chile Government International Bond	3.50%	01/25/2050		275,382
	500,000	Chile Government International Bond	3.10%	01/22/2061		413,025
	600,000	Colombia Government International Bond	3.25%	04/22/2032		502,422
	200,000	Colombia Government International Bond	4.13%	02/22/2042		156,752
	1,100,000	Colombia Government International Bond	5.00%	06/15/2045		929,896
	300,000	Colombia Government International Bond	5.20%	05/15/2049		256,806
	600,000	Colombia Government International Bond	4.13%	05/15/2051		454,152
	500,000	Dominican Republic International Bond^(h)	6.00%	02/22/2033		489,880

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	600,000	Dominican Republic International Bond^(h)	6.40%	06/05/2049	$	563,256
	200,000	Indonesia Government International Bond	2.15%	07/28/2031		185,000
	500,000	Indonesia Government International Bond	3.70%	10/30/2049		483,095
	400,000	Instituto Costarricense de Electricidad^(f)	6.38%	05/15/2043		333,170
	200,000	Korea Development Bank	1.63%	01/19/2031		177,545
	250,000	Korea Development Bank	2.00%	10/25/2031		225,491
	200,000	Korea International Bond	2.75%	01/19/2027		199,582
	1,360,000	Mexico Government International Bond	3.75%	01/11/2028		1,386,078
	500,000	Mexico Government International Bond	2.66%	05/24/2031		456,600
	750,000	Mexico Government International Bond	4.28%	08/14/2041		701,002
	500,000	Mexico Government International Bond	4.40%	02/12/2052		460,298
	600,000	Panama Government International Bond	2.25%	09/29/2032		531,486
	500,000	Panama Government International Bond	3.87%	07/23/2060		439,255
	200,000	Perusahaan Penerbit SBSN Indonesia III^(f)	3.80%	06/23/2050		195,750
	350,000	Philippine Government International Bond	1.65%	06/10/2031		312,077
	550,000	Philippine Government International Bond	3.70%	03/01/2041		535,343
	200,000	Philippine Government International Bond	3.70%	02/02/2042		193,621
	200,000	Republic of South Africa Government International Bond	4.30%	10/12/2028		193,798
	900,000	Republic of South Africa Government International Bond	5.65%	09/27/2047		788,081
	300,000	Saudi Government International Bond^(f)	2.25%	02/02/2033		276,675
	565,000	U.S Treasury Bill		06/30/2022		564,285

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description

Rate

Maturity

Value

800,000

Ukraine Government International Bond^(f)

7.25%

03/15/2033

351,800

TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES

(Cost $16,616,084)

14,927,647

BANK LOANS - 2.19%^(g)

Canada - 0.03%

530,000

Air Canada, First Lien - B Term Loan

6M US L + 3.50%, 0.75% Floor

08/11/2028

525,583

Cayman Islands - 0.05%

1,027,238

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

3M US L + 4.50%, 1.00% Floor

01/29/2026

1,006,693

India - 0.02%

440,000

Ola Singapore/OLA Netherlands 12/21 TL, First Lien - Initial Term Loan

3M US L + 6.25%

12/03/2026

427,350

Ireland - 0.04%

676,600

ION Trading Finance, Ltd., First Lien - Initial Dollar (2021) Term Loan

1M US L + 4.75%

04/01/2028

672,591

Luxembourg - 0.17%

705,000

Curium BidCo SARL, Second Lien Term Loan

3M US L + 7.75%

10/27/2028

698,831

2,222,156

Travelport Finance Luxembourg SARL 1L, 2021, First Lien - Initial (Priority) Term Loan

3M US L + 8.75%, 1.00% Floor

02/28/2025

2,310,120

337,953

Travelport Finance S.a r.l., First Lien - 2021 Consented Term Loan

3M US L + 6.75%

05/29/2026

301,200

3,310,151

Netherlands - 0.04%

1,235,569

Bright Bidco B.V., First Lien - 2018 Refinancing B Term Loan

6M US L + 3.50%, 1.00% Floor

06/30/2024

748,100

5,736

Lealand Finance Company B.V., First Lien - Make-Whole Term Loan

3M US L + 3.00%

06/28/2024

3,585

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description

Rate

Maturity

Value

73,801

Lealand Finance Company B.V., First Lien - Take-Back Term Loan

1M US L + 4.00%

06/30/2025

37,316

789,001

United Arab Emirates - 0.04%

790,055

Gulf Finance, LLC TL 1L

1M US L + 6.75%

08/25/2026

725,298

United States - 1.80%

324,188

Aegion Corp., First Lien - Initial Term Loan

3M US L + 4.75%, 0.75% Floor

05/17/2028

322,972

1,247,609

Air Methods Corp., First Lien - Initial Term Loan

3M US L + 3.50%, 1.00% Floor

04/22/2024

1,198,746

920,000

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

3M US L + 6.25%

10/08/2028

914,250

1,975,000

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

3M US L + 5.50%, 0.75% Floor

09/19/2025

1,969,450

1,720,000

Astra Acquisition Corp., First Lien - Initial Term Loan

1M US L + 5.25%

10/22/2028

1,673,775

1,990,000

Astra Acquisition Corp., Second Lien - Initial Term Loan

1M US L + 8.875%

10/22/2029

1,960,150

295,000

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

1M US L + 5.25%

01/31/2028

289,690

1,542,250

Atlas Purchaser, Inc., First Lien - Initial Term Loan

3M US L + 3.00%, 0.75% Floor

05/18/2028

1,501,766

1,565,000

Aveanna Healthcare LLC, Second Lien - Initial Term Loan

3M US L + 4.25%, 0.50% Floor

12/10/2029

1,498,487

200,000

Blackhawk Network Holdings, Inc., Second Lien

1M US L + 7.00%

06/15/2026

198,167

733,163

Cengage Learning, Inc., First Lien - B Term Loan

3M US L + 5.00%

06/29/2026

728,217

241,122

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

3M US L + 2.75%

09/18/2024

229,639

2,350,000

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

3M US L + 7.50%, 0.75% Floor

02/12/2029

2,314,750

760,531

Cvent, Inc., First Lien Term Loan

1M US L + 3.75%

11/29/2024

754,196

905,000

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

1M US L + 7.00%

02/19/2029

896,891

760,000

DG Investment Intermediate Holdings 2, Inc., Second Lien - Initial Term Loan

1M US L + 6.75%, 0.75% Floor

03/30/2029

761,900

376,548

DIRECTV Financing LLC, First Lien - Closing Date Term Loan

1M US L + 5.00%, 0.75% Floor

08/02/2027

376,622

1,713,693

Envision Healthcare Corp., First Lien - Initial Term Loan

1M US L + 3.75%

10/10/2025

1,145,321

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	1,586,636	Envision Healthcare Corp., First Lien - Series 2020 New Term Loan	1M US L + 3.75%, 1.00% Floor	10/10/2025	$	1,052,463
	1,361,250	Gainwell Acquisition Corp., First Lien - B Term Loan	3M US L + 4.00%, 0.75% Floor	10/01/2027		1,361,250
	398,000	Gogo Intermediate Holdings LLC, First Lien - Initial Term Loan	3M US L + 3.75%, 0.75% Floor	04/30/2028		395,638
	735,000	Intelsat Jackson Holdings S.A.TLB 1L	4M US L + 4.25%	01/26/2029		724,262
	400,000	Kenan Advantage Group, Inc, Second Lien - Initial Term Loan	3M US L + 7.25%, 0.75% Floor	08/18/2027		388,000
	435,000	LSF9 ATLANTIS HOLDINGS, LLC, First Lien - B Term Loan		03/29/2029		428,747
	1,121,178	Minotaur Acquisition, Inc., First Lien - B Term Loan	1M US L + 4.75%	03/27/2026		1,112,915
	486,250	Misys, Ltd., First Lien -Dollar Term Loan	3M US L + 3.50%, 1.00% Floor	06/13/2024		480,836
	705,000	Misys, Ltd., Second Lien -Dollar Term Loan	3M US L + 7.25%, 1.00% Floor	06/13/2025		695,416
	1,008,172	Riverbed Technology, Inc., First Lien - Initial Term Loan	3M US L + 8.00%	12/06/2026		873,329
	620,000	Sweetwater Borrower, LLC, First Lien - Initial Term Loan	1M US L + 4.75%	08/03/2028		613,800
	972,038	Team Health Holdings, Inc., First Lien - Initial Term Loan	1M US L + 2.75%, 1.00% Floor	02/06/2024		927,427
	595,000	Think & Learn Private, Ltd., First Lien - B Term Loan	3M US L + 5.50%	11/05/2026		589,981
	680,000	TIBCO Software, Inc., Second Lien	1M US L + 7.25%	03/04/2028		679,861
	1,758,050	Travel Leaders Group LLC, First Lien - 2018 Refinancing Term Loan	1M US L + 4.00%	01/25/2024		1,665,208
	1,732,212	Vantage Specialty Chemicals, Inc., First Lien - Closing Date Term Loan	3M US L + 3.50%, 1.00% Floor	10/28/2024		1,671,368
	688,275	Viad Corp, First Lien -Initial Term Loan	3M US L + 5.00%, 0.50% Floor	07/30/2028		682,253
	1,565,587	WaterBridge Midstream Operating LLC, First Lien - Initial Term Loan	3M US L + 5.75%, 1.00% Floor	06/22/2026		1,513,484
						34,591,227

TOTAL BANK LOANS
(Cost $42,673,789)						42,047,894

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description

Rate

Maturity

Value

COLLATERALIZED LOAN OBLIGATIONS -3.14%

AIMCO CLO

500,000

Series 2018-AA^(g)(h)

3M US L + 2.55%

04/17/2031

495,870

AIMCO CLO 10, Ltd.

1,000,000

Series 2021-10A^(g)(h)

3M US L + 2.90%

07/22/2032

992,483

Apidos CLO XII

500,000

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

3M US L + 2.60%

04/15/2031

491,877

Apidos CLO XX

500,000

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

3M US L + 2.95%

07/16/2031

497,359

Apidos CLO XXIV

1,000,000

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

3M US L + 5.80%

10/20/2030

944,235

Babson CLO, Ltd.

500,000

Series 2018-IA^(g)(h)

3M US L + 2.60%

01/20/2031

476,734

Bain Capital Credit CLO 2017-2, Ltd.

500,000

Series 2021-2A^(g)(h)

3M US L + 6.50%

07/25/2034

483,483

1,000,000

Series 2021-2A^(g)(h)

3M US L + 3.10%

07/25/2034

992,496

Barings CLO, Ltd.

500,000

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

3M US L + 3.60%

07/18/2029

501,869

500,000

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

3M US L + 5.82%

10/15/2030

484,803

Barings CLO, Ltd. 2019-I

1,500,000

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

3M US L + 6.86%

04/15/2036

1,462,464

Barings CLO, Ltd. 2019-II

500,000

Series 2021-2A^(g)(h)

3M US L + 3.41%

04/15/2036

493,749

Barings CLO, Ltd. 2021-II

500,000

Series 2021-2A^(g)(h)

3M US L + 3.15%

07/15/2034

485,273

Beechwood Park CLO, Ltd.

500,000

Series 2022-1A^(g)(h)

3M US SOFR + 6.50%

01/17/2035

496,754

BlueMountain CLO, Ltd.

500,000

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

3M US L + 2.60%

04/20/2031

476,398

BlueMountain Fuji US CLO II, Ltd.

1,000,000

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

3M US L + 3.00%

10/20/2030

973,948

Buttermilk Park CLO, Ltd.

1,000,000

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

3M US L + 5.75%

10/15/2031

955,746

Canyon Capital CLO 2016-2, Ltd.

500,000

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

3M US L + 3.15%

10/15/2031

498,934

Canyon Capital CLO 2017-1, Ltd.

500,000

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

3M US L + 3.00%

07/15/2030

495,452

Canyon Capital CLO 2019-1, Ltd.

500,000

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

3M US L + 7.09%

04/15/2032

490,524

Canyon Capital CLO 2021-2, Ltd.

1,250,000

Series 2021-2A^(g)(h)

3M US L + 3.35%

04/15/2034

1,248,345

Canyon Capital CLO, Ltd.

1,000,000

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

3M US L + 2.75%

01/30/2031

964,418

1,500,000

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

3M US L + 5.50%

01/30/2031

1,367,115

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description

Rate

Maturity

Value

1,000,000

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

3M US L + 5.75%

07/15/2031

945,487

500,000

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

3M US L + 2.80%

07/15/2031

499,851

500,000

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

3M US L + 3.00%

07/15/2030

496,775

Canyon CLO 2021-3, Ltd.

1,000,000

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

3M US L + 3.05%

07/15/2034

968,184

Canyon CLO 2021-4, Ltd.

1,000,000

Series 2021-4A^(g)(h)

3M US L + 6.30%

10/15/2034

963,238

Canyon CLO, Ltd.

500,000

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

3M US L + 2.90%

07/15/2031

494,477

Carlyle Global Market Strategies CLO 2016-3, Ltd.

1,000,000

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

3M US L + 3.30%

07/20/2034

996,948

Carlyle Global Market Strategies CLO, Ltd.

1,000,000

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

3M US L + 5.35%

05/15/2031

892,952

Carlyle US CLO 2021-1, Ltd.

500,000

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

3M US L + 6.00%

04/15/2034

466,924

Chenango Park CLO, Ltd.

500,000

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

3M US L + 3.00%

04/15/2030

485,509

1,000,000

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

3M US L + 5.80%

04/15/2030

951,874

Cook Park CLO, Ltd.

500,000

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

3M US L + 2.60%

04/17/2030

483,994

Crown Point CLO IV, Ltd.

500,000

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

3M US L + 1.90%

04/20/2031

495,280

Dryden 57 CLO, Ltd.

500,000

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

3M US L + 2.55%

05/15/2031

485,210

Dryden 60 CLO, Ltd.

1,000,000

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

3M US L + 3.00%

07/15/2031

991,548

Elmwood CLO IX, Ltd.

500,000

Series 2021-2A^(g)(h)

3M US L + 2.94%

07/20/2034

486,637

500,000

Series 2021-2A^(g)(h)

3M US L + 5.94%

07/20/2034

484,423

Fillmore Park CLO, Ltd.

500,000

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

3M US L + 2.90%

07/15/2030

492,222

1,000,000

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

3M US L + 5.40%

07/15/2030

954,854

Gilbert Park CLO, Ltd.

1,000,000

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

3M US L + 6.40%

10/15/2030

981,605

Goldentree Loan Management

US CLO, Ltd.

1,000,000

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

3M US L + 2.85%

04/20/2030

968,674

Milos CLO, Ltd.

500,000

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

3M US L + 6.15%

10/20/2030

491,723

Myers Park CLO, Ltd.

500,000

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

3M US L + 3.05%

10/20/2030

497,053

1,000,000

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

3M US L + 5.50%

10/20/2030

948,126

Neuberger Berman Loan Advisers

CLO 37, Ltd.

500,000

Series 2021-37A^(g)(h)

3M US L + 5.75%

07/20/2031

481,419

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description

Rate

Maturity

Value

Neuberger Berman Loan Advisers CLO 42, Ltd.

500,000

Series 2021-42A^(g)(h)

3M US L + 5.95%

07/16/2035

487,541

Neuberger Berman Loan Advisers Clo 44, Ltd.

1,000,000

Series 2021-44A^(g)(h)

3M US L + 6.00%

10/16/2034

932,441

Point Au Roche Park CLO, Ltd.

500,000

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

3M US L + 6.13%

07/20/2034

478,494

PPM CLO 3, Ltd.

1,000,000

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

3M US L + 3.20%

04/17/2034

995,327

Rockland Park CLO, Ltd.

500,000

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

3M US L + 6.25%

04/20/2034

472,186

Sound Point CLO XXIII

500,000

Series 2021-2A^(g)(h)

3M US L + 3.30%

07/15/2034

493,515

Sound Point CLO XXIV

1,375,000

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

3M US L + 6.72%

10/25/2034

1,328,697

Sound Point CLO XXVI, Ltd.

500,000

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

3M US L + 3.35%

07/20/2034

498,408

Sound Point CLO XXVIII, Ltd.

1,000,000

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

3M US L + 6.90%

01/25/2032

970,306

Sound Point CLO XXXII, Ltd.

500,000

Series 2021-4A^(g)(h)

3M US L + 3.40%

10/25/2034

496,667

500,000

Series 2021-4A^(g)(h)

3M US L + 6.70%

10/25/2034

483,823

Stewart Park CLO, Ltd.

500,000

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

3M US L + 2.60%

01/15/2030

480,349

Symphony CLO XVII, Ltd.

1,500,000

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

3M US L + 2.65%

04/15/2028

1,496,290

Thayer Park CLO, Ltd.

500,000

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

3M US L + 6.25%

04/20/2034

478,199

THL Credit Wind River 2017-1 CLO, Ltd.

500,000

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

3M US L + 3.91%

04/18/2036

496,881

THL Credit Wind River 2017-3 CLO, Ltd.

750,000

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

3M US L + 3.88%

04/15/2035

739,283

500,000

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

3M US L + 7.08%

04/15/2035

482,763

THL Credit Wind River CLO, Ltd.

500,000

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

2.90% -3M US L

07/15/2030

489,464

2,000,000

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

5.50% -3M US L

07/15/2030

1,878,886

1,000,000

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

3M US L + 3.00%

07/18/2031

977,643

1,000,000

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

3M US L + 5.75%

07/15/2030

939,146

1,000,000

Series 2018-3A^(g)

3M US L + 6.22%

10/22/2031

951,931

Upland CLO, Ltd.

500,000

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

3M US L + 2.90%

04/20/2031

494,495

VERDE CLO, Ltd.

1,000,000

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

3M US L + 3.25%

04/15/2032

994,735

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		VOYA CLO 2017-2
$	1,000,000	Series 2017-2A^(g)(h)	3M US L + 6.02%	06/07/2030	$	972,081
		Voya CLO, Ltd.
	500,000	Series 2018-1A^(g)(h)	3M US L + 2.80%	04/18/2031		463,519
	1,000,000	Series 2018-2A^(g)(h)	3M US L + 2.75%	07/15/2031		968,980
	1,000,000	Series 2018-2A^(g)(h)	3M US L + 5.25%	07/15/2031		915,834
	500,000	Series 2018-3A^(g)(h)	3M US L + 6.20%	10/20/2031		438,188
	500,000	Series 2018-4A^(g)(h)	3M US L + 5.95%	07/14/2031		434,798
		Webster Park CLO, Ltd.
	1,000,000	Series 2018-1A^(g)(h)	5.50% -3M US L	07/20/2030		955,784
		Wind River 2013-1 CLO, Ltd.
	500,000	Series 2017-1A^(g)(h)	3M US L + 3.65%	07/20/2030		495,717
		Wind River 2014-3 CLO, Ltd.
	1,500,000	Series 2018-3A^(g)(h)	3M US L + 3.40%	10/22/2031		1,458,849
		Wind River 2021-2 CLO, Ltd.
	500,000	Series 2021-2A^(g)(h)	3M US L + 6.43%	07/20/2034		481,964

TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $61,989,448)						60,298,500

EQUITY - LINKED NOTES - 0.00%^(l)
	263,093	Inverpamplona SA^(c)(d)(k)	0.00%	12/30/2028		0

TOTAL EQUITY - LINKED NOTES
(Cost $11,250)						0

NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS -20.65%
		Aaset 2021-2 Trust
	492,795	Series 2021-2A^(h)	3.54%	12/15/2028		451,985
		Aaset Trust
	415,436	Series 2019-2^(h)	3.38%	10/16/2026		331,348
		AASET, Ltd.
	466,907	Series 2018-1A^(h)	3.84%	09/16/2023		324,647
		ABFC Trust
	2,848,448	Series 2007-WMC1^(g)	1M US L + 1.25%	06/25/2037		2,278,744
		Adjustable Rate Mortgage Trust
	2,381,571	Series 2005-10^(g)	2.69%	01/25/2036		2,104,555
		Affirm Asset Securitization Trust
	1,750,000	Series 2020-A^(h)	6.23%	10/17/2022		1,748,490
		Alen Mortgage Trust
	1,107,000	Series 2021-ACEN^(g)(h)	1M US L + 4.00%	04/15/2026		1,086,805
		Alternative Loan Trust
	158,893	Series 2005-20CB	5.50%	07/25/2035		143,120
	65,932	Series 2005-54CB	5.50%	11/25/2035		47,252
	740,055	Series 2005-85CB^(g)	1M US L + 1.10%	02/25/2036		625,298

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	156,288	Series 2005-85CB^(g)	21.63% -3.67 x 1M US L	02/25/2036	$	160,704
	201,209	Series 2005-86CB	5.50%	02/25/2036		151,633
	178,011	Series 2005-9CB^(g)	1M US L + 0.50%	05/25/2035		167,146
	316,147	Series 2005-9CB^(g)(m)	5.05% -1M US L	05/25/2035		19,680
	1,089,871	Series 2006-15CB	6.50%	06/25/2036		725,989
	118,395	Series 2006-30T1	6.25%	11/25/2036		104,289
	106,242	Series 2006-32CB	5.50%	11/25/2036		76,520
	240,549	Series 2006-36T2^(g)	28.06% -4.6 x 1M US L	12/25/2036		280,189
	833,162	Series 2007-19	6.00%	08/25/2037		561,394
	2,810,154	Series 2007-20	6.25%	08/25/2047		2,058,076
	810,327	Series 2007-23CB^(g)	1M US L + 0.50%	09/25/2037		391,411
	773,727	Series 2007-23CB^(g)(m)	6.50% -1M US L	09/25/2037		203,936
		American Home Mortgage Investment Trust
	157,985	Series 2007-A^(h)(n)	6.60%	01/25/2037		40,165
		AMSR
	5,100,000	Series 2020-SFR3^(h)	4.99%	09/17/2025		4,959,975
	5,000,000	Series 2021-SFR1^(g)(h)	4.61%	06/17/2028		4,611,648
		AREIT Trust
	1,265,000	Series 2019-CRE3^(g)(h)	30D SOFR + 2.76%	09/16/2036		1,242,211
		Atlas Senior Loan Fund X, Ltd.
	491,101	Series 2018-10A^(g)(h)	3M US L + 1.09%	01/15/2031		489,415
		Atrium Hotel Portfolio Trust
	1,309,000	Series 2018-ATRM^(g)(h)	1M US L + 3.40%	06/15/2035		1,248,014
		Atrium IX
	500,000	Series 2017-9A^(g)(h)	3M US L + 3.60%	05/28/2030		495,615
		Atrium XIII
	1,000,000	Series 2017-13A^(g)(h)	3M US L + 6.05%	11/21/2030		981,211
		Atrium XIV LLC
	1,000,000	Series 2018-14A^(g)(h)	3M US L + 5.65%	08/23/2030		985,908
		Atrium XV
	1,000,000	Series 2018-15A^(g)(h)	3M US L + 3.00%	01/23/2031		980,023
		BAMLL Commercial Mortgage Securities Trust
	683,000	Series 2019-AHT^(g)(h)	2.57%	03/15/2034		671,197
		Banc of America Commercial Mortgage Trust
	600,000	Series 2015-UBS7^(g)	4.36%	09/15/2025		583,712
		Banc of America Commercial Mortgage Trust 2016-UBS10
	1,045,000	Series 2016-UB10^(g)	4.85%	05/15/2026		1,036,481
		Banc of America Funding Trust
	61,727	Series 2006-2	5.50%	03/25/2036		61,207

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		BANK
$	200,000	Series 2017-BNK5^(g)	4.24%	06/15/2027	$	196,647
	10,291,000	Series 2018-BN12^(g)(h)(m)	1.50%	05/15/2061		728,291
	660,000	Series 2022-BNK39	3.18%	01/15/2032		636,776
	165,000	Series 2022-BNK39^(h)	2.50%	01/15/2032		120,945
		BANK 2020-BNK27
	16,875,000	Series 2020-BN27^(g)(h)(m)	0.72%	04/15/2030		836,460
		BANK 2021-BNK37
	381,000	Series 2021-BN37^(g)	3.11%	11/15/2031		344,238
		BBCMS Trust
	3,000,000	Series 2018-CBM^(g)(h)	1M US L + 3.55%	07/15/2037		2,919,559
		BCAP, LLC Trust
	102,554	Series 2007-AA2^(g)	7.50%	04/25/2037		69,762
	66,539	Series 2007-AA2	6.00%	04/25/2037		42,639
	5,101,936	Series 2010-RR6^(g)(h)	6.00%	07/26/2036		3,253,935
		Bear Stearns ALT-A Trust
	6,789,132	Series 2006-3^(g)	2.74%	05/25/2036		5,652,169
	806,967	Series 2006-6^(g)	3.22%	11/25/2036		514,518
		Bear Stearns Asset-Backed Securities Trust
	1,640,291	Series 2006-AC1⁽ⁿ⁾	6.25%	02/25/2036		1,057,439
		Bellemeade Real Estate, Ltd.
	1,469,148	Series 2019-2A^(g)(h)	1M US L + 1.45%	04/25/2029		1,468,822
		Benchmark Mortgage Trust
	12,379,711	Series 2018-B2^(g)(m)	0.40%	01/15/2028		203,287
	600,000	Series 2018-B2^(g)	4.20%	01/15/2028		592,827
	21,934,629	Series 2018-B4^(g)(m)	0.51%	06/15/2028		475,687
	1,589,000	Series 2018-B4^(g)(h)	2.80%	07/17/2051		1,331,711
	954,000	Series 2020-B17^(g)	3.37%	03/15/2030		885,006
	522,000	Series 2020-B18^(h)	4.14%	08/15/2025		468,038
	1,510,000	Series 2021-B31^(h)	2.25%	11/15/2031		1,051,020
	592,000	Series 2022-B32^(g)	3.41%	01/15/2032		585,788
		BF Mortgage Trust
	705,000	Series 2019-NYT^(g)(h)	1M US L + 3.00%	12/15/2035		685,583
		Blackbird Capital Aircraft
	1,443,080	Series 2021-1A^(h)	3.45%	07/15/2028		1,218,489
		BMO Mortgage Trust
	7,951,000	Series 2022-C1^(g)(h)(m)	1.77%	02/15/2032		1,118,555
		BX Commercial Mortgage Trust
	829,000	Series 2021-21M^(g)(h)	1M US L + 4.01%	10/15/2026		804,567
	834,000	Series 2021-VOLT^(g)(h)	1M US L + 2.40%	09/15/2023		806,988
		BX Trust
	636,000	Series 2019-OC11^(g)(h)	4.08%	12/09/2029		592,749
	2,964,000	Series 2019-OC11^(g)(h)	4.08%	12/06/2041		2,585,629
		Cantor Commercial Real Estate Lending
	1,113,000	Series 2019-CF1^(g)(h)	4.12%	04/15/2024		1,029,581

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Carbon Capital VI Commercial Mortgage Trust
$	359,976	Series 2019-FL2^(g)(h)	1M US L + 2.85%	11/15/2021	$	350,161
		Carvana Auto Receivables Trust
	5,300	Series 2021-N1^(h)	0.00%	01/10/2028		1,981,693
	5,250	Series 2021-N2^(h)	0.00%	03/10/2028		2,498,067
		Cascade MH Asset Trust
	4,601,000	Series 2019-MH1^(g)(h)	5.99%	10/25/2024		4,557,645
		Castlelake Aircraft Securitization Trust
	3,256,375	Series 2018-1^(h)	6.63%	06/15/2043		2,165,909
		Castlelake Aircraft Structured Trust
	493,611	Series 2019-1A^(h)	3.97%	04/15/2026		451,949
	2,750,000	Series 2019-1A^(h)	0.00%	04/15/2039		550,000
		Cathedral Lake VIII, Ltd.
	1,000,000	Series 2021-8A^(g)(h)	3M US L + 2.62%	01/20/2035		983,342
	1,000,000	Series 2021-8A^(g)(h)	3M US L + 3.42%	01/20/2035		986,882
		CD Mortgage Trust
	750,000	Series 2017-CD4^(g)	4.35%	04/10/2027		729,268
		Chase Mortgage Finance Trust
	3,335,807	Series 2007-S2	6.00%	03/25/2037		2,180,748
	348,388	Series 2007-S3	5.50%	05/25/2037		89,916
		CIFC Funding, Ltd.
	850,000	Series 2021-1A^(g)(h)	3M US L + 6.00%	04/25/2033		818,717
	500,000	Series 2021-4A^(g)(h)	3M US L + 2.85%	07/15/2033		492,345
	500,000	Series 2021-4A^(g)(h)	3M US L + 5.95%	07/15/2033		479,079
	2,500,000	Series 2021-5A^(g)(h)	3M US L + 6.50%	07/15/2034		2,393,406
		Citicorp Mortgage Securities Trust
	354,831	Series 2007-1	6.00%	01/25/2037		343,496
		Citigroup Commercial Mortgage Trust
	3,336,826	Series 2014-GC25^(g)(m)	0.96%	10/10/2047		65,260
	866,000	Series 2015-GC27^(g)(h)	4.42%	02/12/2048		802,315
	400,000	Series 2015-GC31^(g)	4.05%	06/10/2025		387,530
	344,000	Series 2016-GC36^(h)	2.85%	02/12/2049		234,031
	464,000	Series 2017-C4^(g)	4.10%	10/12/2027		459,736
	225,000	Series 2019-GC41	3.20%	08/10/2029		211,506
	1,000,000	Series 2019-SMRT^(g)(h)	4.75%	01/10/2036		990,638
	1,433,000	Series 2020-555^(g)(h)	3.50%	12/12/2041		1,059,688
	1,000,000	Series 2020-GC46^(h)	2.60%	02/15/2030		736,714
		Citigroup Mortgage Loan Trust
	660,519	Series 2006-WF1⁽ⁿ⁾	4.77%	03/25/2036		379,662
	999,178	Series 2007-OPX1⁽ⁿ⁾	6.33%	01/25/2037		543,552

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		CitiMortgage Alternative Loan Trust
$	369,031	Series 2007-A1	6.00%	01/25/2037	$	358,400
	72,598	Series 2007-A1^(g)(m)	5.40% -1M US L	01/25/2037		8,287
	54,089	Series 2007-A3^(g)	6.00%	03/25/2037		52,998
	123,685	Series 2007-A3^(g)(m)	5.40% -1M US L	03/25/2037		14,124
	381,021	Series 2007-A6	5.50%	06/25/2037		345,825
		Cologix Data Centers US Issuer LLC
	2,800,000	Series 2021-1A^(h)	5.99%	12/28/2026		2,675,369
		COMM 2014-CCRE16 Mortgage Trust
	1,100,000	Series 2014-CR16^(g)	4.91%	04/10/2024		1,089,616
		Commercial Mortgage Pass- Through Certificates
	242,400	Series 2014-CR19^(g)	4.70%	08/10/2024		239,100
	8,643,268	Series 2014-UBS4^(h)	3.75%	08/10/2024		1,281,252
	11,000	Series 2014-UBS4^(g)(h)	0.00%	08/10/2047		1
	2,714,825	Series 2015-CR22^(g)(m)	0.89%	03/10/2025		57,318
	4,426,122	Series 2015-CR26^(g)(m)	0.93%	09/10/2025		114,839
		CORE Mortgage Trust
	432,000	Series 2019-CORE^(g)(h)	1M US L + 1.90%	12/15/2031		413,154
	432,000	Series 2019-CORE^(g)(h)	1M US L + 2.35%	12/15/2031		415,168
		Countrywide Home Loan Mortgage Pass-Through Trust
	1,438,668	Series 2005-HYB7^(g)	2.71%	11/20/2035		1,349,591
	25,824	Series 2005-J4	5.50%	11/25/2035		24,050
	1,254,649	Series 2006-18	6.00%	12/25/2036		897,241
	166,149	Series 2007-17	6.00%	10/25/2037		147,581
	217,630	Series 2007-3	6.00%	04/25/2037		141,499
	239,155	Series 2007-7	5.75%	06/25/2037		156,980
		Credit Suisse First Boston Mortgage Securities Corp.
	51,988	Series 2005-10	5.50%	11/25/2035		46,690
	44,251	Series 2005-8	5.50%	08/25/2025		41,117
	4,002,845	Series 2005-9	6.00%	10/25/2035		1,642,094
		Credit Suisse Mortgage Capital Certificates
	1,905,230	Series 2006-2	5.75%	03/25/2036		1,274,197
		CSAB Mortgage-Backed Trust
	8,781,274	Series 2006-2⁽ⁿ⁾	6.20%	09/25/2036		1,145,582
	128,014	Series 2007-1^(g)	5.90%	05/25/2037		42,479
		CSAIL Commercial Mortgage Trust
	5,081,357	Series 2015-C1^(g)(m)	0.82%	01/15/2025		91,337
	419,000	Series 2015-C4^(g)	4.56%	11/15/2025		410,828
	490,000	Series 2016-C6^(g)	4.92%	04/15/2026		480,930

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	1,362,000	Series 2016-C6^(g)(h)	4.92%	01/15/2049	$	1,195,139
		CSMC
	832,000	Series 2021-B33^(g)(h)	3.65%	10/10/2031		766,187
		CSMC Mortgage-Backed Trust
	149,860	Series 2006-1	6.00%	02/25/2036		68,971
	20,824	Series 2006-4	5.50%	05/25/2021		17,842
	792,628	Series 2006-5	6.25%	06/25/2036		245,591
	69,487	Series 2006-9	6.00%	11/25/2036		54,351
	5,543	Series 2007-2	5.00%	03/25/2037		5,036
	478,157	Series 2007-3^(g)	5.84%	04/25/2037		163,186
	223,000	Series 2017-CHOP^(g)(h)	1M US L + 3.30%	07/15/2032		212,701
		DataBank Issuer
	636,000	Series 2021-1A^(h)	2.65%	02/25/2026		599,263
		DBJPM 16-C1 Mortgage Trust
	1,309,000	Series 2016-C1^(g)	3.33%	05/12/2049		1,181,603
		Deutsche Alt-A Securities, Inc.
		Mortgage Loan Trust
	206,743	Series 2005-6^(g)(m)	5.08% -1M US L	12/25/2035		23,209
	90,655	Series 2005-6^(g)	1M US L + 1.40%	12/25/2035		70,617
		Deutsche Mortgage Securities,
		Inc. Mortgage Loan Trust
	125,045	Series 2006-PR1^(g)(h)	12.12% -1M US L	04/15/2036		121,319
		Diamond Infrastructure Funding
		LLC
	1,000,000	Series 2021-1A^(h)	2.36%	12/20/2026		924,990
	2,000,000	Series 2021-1A^(h)	3.48%	12/20/2026		1,869,141
		DOLP Trust
	1,000,000	Series 2021-NYC^(g)(h)	3.70%	05/10/2031		869,825
		Dryden 38 Senior Loan Fund
	1,000,000	Series 2018-38A^(g)(h)	3M US L + 5.60%	07/15/2030		934,407
		Dryden 40 Senior Loan Fund
	1,000,000	Series 2018-40A^(g)(h)	3M US L + 5.75%	08/15/2031		950,546
	500,000	Series 2018-40A^(g)(h)	3M US L + 3.10%	08/15/2031		495,390
		Dryden 42 Senior Loan Fund
	500,000	Series 2018-42A^(g)(h)	3M US L + 2.93%	07/15/2030		490,026
		Fannie Mae-Aces
	24,908,902	Series 2019-M12^(g)(m)	0.59%	06/25/2029		916,150
	16,965,248	Series 2019-M24^(g)(m)	1.15%	03/25/2031		1,373,822
	44,330,487	Series 2019-M7^(g)(m)	0.35%	04/25/2029		1,298,063
	47,321,271	Series 2020-M10^(g)(m)	0.82%	12/25/2027		1,544,571
	47,925,171	Series 2020-M10^(g)(m)	0.87%	07/25/2032		3,303,784
	15,848,632	Series 2020-M13^(g)(m)	1.30%	09/25/2030		1,184,761
	44,234,846	Series 2021-M23^(m)	0.65%	11/01/2031		1,765,404
		First Horizon Alternative
		Mortgage Securities Trust
	559,548	Series 2005-FA6	5.50%	09/25/2035		421,592

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		First Horizon Mortgage Pass- Through Trust
$	633,742	Series 2007-AR3^(g)	2.63%	11/25/2037	$	404,347
		FirstKey Homes
	1,100,000	Series 2020-SFR1^(h)	4.28%	08/19/2037		1,049,558
		FMC GMSR Issuer Trust
	6,000,000	Series 2021-GT1^(g)(h)	4.36%	07/25/2026		5,594,606
	5,000,000	Series 2021-GT2^(g)(h)	4.44%	10/25/2026		4,645,039
		Fontainebleau Miami Beach Trust
	1,656,000	Series 2019-FBLU^(g)(h)	3.96%	12/12/2036		1,484,594
		FREMF Mortgage Trust
	890,367	Series 2015-KF07^(g)(h)	1M US L + 4.95%	02/25/2025		889,711
	1,000,094	Series 2016-KF19^(g)(h)	1M US L + 5.50%	06/25/2023		1,000,075
	887,222	Series 2016-KF25^(g)(h)	1M US L + 5.00%	10/25/2023		886,783
	2,106,790	Series 2018-KF56^(g)(h)	1M US L + 5.80%	11/25/2028		2,074,481
	1,988,212	Series 2019-KF71^(g)(h)	1M US L + 6.00%	10/25/2029		2,003,873
		FRTKL
	4,050,000	Series 2021-SFR1^(h)	4.11%	09/17/2026		3,618,300
		GAIA Aviation, Ltd.
	474,807	Series 2019-1^(h)(n)	3.97%	12/15/2026		450,847
	415,164	Series 2019-1^(h)(n)	7.00%	12/15/2026		316,059
		Ginnie Mae Strip
	7,464,384	Series 2020-3	1.40%	09/16/2045		656,104
		Government National Mortgage Association
	17,401,481	Series 2016-162^(g)(m)	0.73%	09/16/2058		699,231
	18,988,961	Series 2020-168^(g)(m)	0.99%	12/16/2062		1,450,660
	2,626,761	Series 2021-164^(g)(m)	0.97%	10/16/2063		212,393
	2,734,959	Series 2021-218^(g)(m)	0.96%	10/16/2061		232,065
	17,741,204	Series 2021-52^(g)(m)	0.76%	04/16/2063		1,198,904
		Great Wolf Trust
	3,084,000	Series 2019-WOLF^(g)(h)	1M US L + 3.13%	12/15/2036		2,946,472
		GS Mortgage Securities Corp. II
	1,111,000	Series 2021-ARDN^(g)(h)	1M US L + 5.00%	11/15/2023		1,095,350
	1,111,000	Series 2021-ARDN^(g)(h)	1M US L + 5.9332%	11/15/2023		1,094,810
		GS Mortgage Securities Corp. Trust
	1,000,000	Series 2018-RIVR^(g)(h)	1M US L + 1.55%	07/15/2035		931,101
		GS Mortgage Securities
		Corportation Trust
	691,000	Series 2021-IP^(g)(h)	1M US L + 2.10%	10/15/2023		680,828
	691,000	Series 2021-IP^(g)(h)	1M US L + 3.55%	10/15/2023		674,534
		GS Mortgage Securities Trust
	12,302	Series 2011-GC3^(g)(h)(m)	0.29%	03/10/2044		0
	375,661	Series 2011-GC5^(g)(h)(m)	1.95%	08/10/2044		4
	2,417,000	Series 2014-GC26^(g)(h)	4.51%	11/10/2047		1,727,977

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	1,110,000	Series 2015-GC28^(g)(h)	4.32%	02/10/2048	$	1,042,747
	7,032,795	Series 2015-GS1^(g)(m)	0.77%	11/10/2025		170,776
	260,000	Series 2016-GS2^(g)	3.76%	04/10/2026		253,250
	1,954,000	Series 2018-TWR^(g)(h)	1M US L + 3.92%	07/15/2031		1,727,513
	636,000	Series 2020-GC45^(g)	3.41%	12/13/2029		608,904
		GSAA Home Equity Trust
	1,996,337	Series 2006-13^(g)	6.04%	07/25/2036		819,672
	471,763	Series 2006-18⁽ⁿ⁾	6.18%	11/25/2036		161,263
	146,605	Series 2006-6^(g)	5.69%	03/25/2036		56,930
	840,003	Series 2007-2⁽ⁿ⁾	6.60%	03/25/2037		269,658
		GSCG Trust
	675,000	Series 2019-600C^(g)(h)	3.99%	09/06/2024		598,161
		GSR Mortgage Loan Trust
	947,096	Series 2006-2F	5.25%	02/25/2036		522,336
	1,712,116	Series 2007-2F	6.00%	03/25/2037		1,165,015
	726,200	Series 2007-AR2^(g)	2.86%	05/25/2037		506,363
		Hardee's Funding LLC
	965,000	Series 2018-1A^(h)	5.71%	06/20/2028		1,002,196
		Hawaii Hotel Trust
	1,391,000	Series 2019-MAUI^(g)(h)	1M US L + 2.75%	05/15/2038		1,357,686
		Hayfin Kingsland X, Ltd.
	500,000	Series 2021-1A^(g)(h)	3M US L + 1.85%	04/28/2031		500,136
		Highbridge Loan Management 3- 2014
	500,000	Series 2017-2014^(g)(h)	3M US L + 3.60%	07/18/2029		492,133
		Highbridge Loan Management 4- 2014, Ltd.
	500,000	Series 2018-2014^(g)(h)	3M US L + 5.55%	01/28/2030		474,044
		Highbridge Loan Management, Ltd.
	500,000	Series 2017-2A^(g)(h)	3M US L + 6.60%	10/20/2029		472,170
	2,000,000	Series 2018-2015^(g)(h)	3M US L + 5.10%	02/05/2031		1,852,514
	500,000	Series 2018-2016^(g)(h)	3M US L + 2.90%	07/20/2030		482,600
		Horizon Aircraft Finance III, Ltd.
	906,371	Series 2019-2^(h)	3.43%	11/15/2026		840,783
		HPLY Trust
	551,398	Series 2019-HIT^(g)(h)	1M US L + 3.15%	11/15/2021		527,902
	1,098,847	Series 2019-HIT^(g)(h)	1M US L + 3.90%	11/17/2036		1,046,672
		HSI Asset Securitization Corp. Trust
	5,786,915	Series 2006-HE1^(g)	1M US L + 0.28%	10/25/2036		2,336,921
	1,382,977	Series 2007-NC1^(g)	1M US L + 0.18%	04/25/2037		1,056,745
		IndyMac IMJA Mortgage Loan Trust
	978,335	Series 2007-A1	6.00%	08/25/2037		506,854

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		IndyMac IMSC Mortgage Loan Trust
$	4,647,733	Series 2007-F2	6.50%	07/25/2037	$	2,158,141
		Invitation Homes
	994,857	Series 2018-SFR1^(g)(h)	1M US L + 1.25%	03/17/2037		993,484
		ITE Rail Fund Levered LP
	948,407	Series 2021-1A^(h)	2.25%	02/28/2051		875,432
	723,578	Series 2021-3A^(h)	2.21%	06/28/2027		674,138
		J.P. Morgan Chase Commercial
		Mortgage Securities Trust
	2,092,000	Series 2018-AON^(g)(h)	4.61%	07/05/2023		2,046,599
		JOL Air, Ltd.
	815,400	Series 2019-1^(h)	3.97%	04/15/2026		756,267
		JP Morgan Alternative Loan Trust
	175,731	Series 2005-S1	6.00%	12/25/2035		150,577
	39,659	Series 2006-S3⁽ⁿ⁾	6.62%	08/25/2036		38,868
		JP Morgan BB Commercial Mortgage Securities Trust
	400,000	Series 2014-C21^(g)	4.64%	07/15/2024		388,936
	2,086,000	Series 2014-C23^(g)(h)	3.36%	11/18/2048		1,610,160
	388,000	Series 2014-C26^(g)	4.38%	12/15/2024		378,871
	4,338,623	Series 2015-C28^(g)(m)	0.96%	03/15/2025		90,019
	542,000	Series 2015-C28	3.99%	10/19/2048		529,226
	8,207,097	Series 2015-C30^(g)(m)	0.49%	07/15/2025		114,141
	3,257,882	Series 2015-C31^(g)(m)	0.82%	08/15/2025		73,140
		JP Morgan Chase Commercial Mortgage Securities Trust
	1,157,000	Series 2011-C3^(g)(h)	5.53%	02/15/2046		421,810
	1,496,699	Series 2012-C8^(g)(m)	1.71%	09/15/2022		2,458
	1,010,000	Series 2018-WPT^(g)(h)	5.54%	07/05/2023		998,003
	704,000	Series 2019-MFP^(g)(h)	1M US L + 3.00%	07/15/2036		683,608
	235,000	Series 2019-UES^(h)	4.34%	05/05/2032		226,764
	1,135,000	Series 2019-UES^(g)(h)	4.45%	05/05/2032		1,027,928
	915,000	Series 2021-MHC^(g)(h)	1M US L + 2.45%	04/15/2026		890,068
		JP Morgan Mortgage Acquisition Corp.
	3,900,000	Series 2005-WMC1^(g)	1M US L + 0.90%	09/25/2035		3,737,528
	202,961	Series 2006-CH2⁽ⁿ⁾	5.46%	09/25/2029		146,015
		JP Morgan Mortgage Acquisition Trust
	3,590,500	Series 2006-RM1^(g)	1M US L + 0.48%	08/25/2036		1,992,671
		JP Morgan Mortgage Trust
	811,146	Series 2007-S3	6.00%	07/25/2037		542,980
		JP Morgan Resecuritization Trust
	568,816	Series 2011-1^(g)(h)	6.00%	06/26/2037		521,519

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		JPMBB Commercial Mortgage Securities Trust
$	17,719,177	Series 2014-C24^(g)(m)	0.86%	09/17/2047	$	288,785
	1,110,000	Series 2014-C26^(g)(h)	3.88%	12/15/2024		1,023,477
	519,000	Series 2015-C27^(g)	4.30%	02/15/2025		498,241
		JPMCC Commercial Mortgage Securities Trust
	486,000	Series 2017-JP7^(g)	3.64%	07/15/2027		462,310
		Kestrel Aircraft Funding, Ltd.
	489,718	Series 2018-1A^(h)	4.25%	10/15/2025		447,012
		Laurel Road Prime Student Loan Trust
	23,078,614	Series 2020-A^(h)	0.00%	11/25/2050		1,867,844
		LB-UBS Commercial Mortgage Trust
	67,058	Series 2006-C7^(g)(m)	0.05%	11/15/2038		12
		LCM 28, Ltd.
	1,000,000	Series 2018-28A^(g)(h)	3M US L + 5.75%	10/20/2030		956,318
		LCM Loan Income Fund I Income Note Issuer, Ltd.
	500,000	Series 2018-27A^(g)(h)	3M US L + 5.60%	07/16/2031		462,741
		LCM XIV LP
	1,000,000	Series 2018-14A^(g)(h)	3M US L + 2.75%	07/20/2031		977,527
	750,000	Series 2018-14A^(g)(h)	3M US L + 5.50%	07/20/2031		686,259
		LCM XVII LP
	1,000,000	Series 2018-17A^(g)(h)	3M US L + 6.00%	10/15/2031		923,760
		LCM XX LP
	1,000,000	Series 2018-20A^(g)(h)	3M US L + 5.45%	10/20/2027		982,525
		Lehman Mortgage Trust
	428,113	Series 2006-6	5.50%	10/25/2036		359,626
	3,848,575	Series 2006-7^(g)	1M US L + 0.25%	11/25/2036		175,633
	3,848,575	Series 2006-7^(g)(m)	7.75% -1M US L	11/25/2036		640,395
	1,207,022	Series 2006-8^(g)	1M US L + 0.42%	12/25/2036		234,031
	1,207,022	Series 2006-8^(g)(m)	6.58% -1M US L	12/25/2036		224,824
	263,225	Series 2007-10	6.50%	01/25/2038		125,286
		LSTAR Commercial Mortgage Trust
	1,150,000	Series 2017-5^(g)(h)	4.68%	03/10/2027		1,034,680
		MACH 1 Cayman, Ltd.
	1,053,679	Series 2019-1^(h)	3.47%	08/15/2026		973,191
		Madison Park Funding LII, Ltd.
	500,000	Series 2021-52A^(g)(h)	3M US L + 3.15%	01/22/2035		496,543
		Madison Park Funding XIV, Ltd.
	1,000,000	Series 2018-14A^(g)(h)	3M US L + 2.95%	10/22/2030		995,387
	1,000,000	Series 2018-14A^(g)(h)	3M US L + 5.80%	10/22/2030		930,948
		Madison Park Funding XLV, Ltd.
	1,000,000	Series 2021-45A^(g)(h)	3M US L + 3.15%	07/15/2034		974,056

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Madison Park Funding XXVI, Ltd.
$	500,000	Series 2017-26A^(g)(h)	3M US L + 6.50%	07/29/2030	$	494,918
		Madison Park Funding XXXVIII, Ltd.
	500,000	Series 2021-38A^(g)(h)	3M US L + 6.00%	07/17/2034		474,666
		Master Asset Backed Securities Trust
	4,379,520	Series 2006-NC3^(g)	1M US L + 0.21%	10/25/2036		2,721,018
		MBRT
	1,406,000	Series 2019-MBR^(g)(h)	1M US L + 3.15%	11/25/2021		1,369,839
		Med Trust
	830,000	Series 2021-MDLN^(g)(h)	1M US L + 2.00%	11/15/2023		813,864
	1,100,000	Series 2021-MDLN^(g)(h)	1M US L + 5.25%	11/15/2023		1,080,765
		Merrill Lynch Alternative Note Asset Trust
	686,951	Series 2007-F1	6.00%	03/25/2037		102,504
		Merrill Lynch Mortgage Investors Trust
	10,231,992	Series 2006-RM3^(g)	1M US L + 0.48%	06/25/2037		2,814,225
		MFT Trust
	2,010,000	Series 2020-ABC^(g)(h)	3.48%	02/10/2030		1,645,180
		MHC Commercial Mortgage Trust
	675,000	Series 2021-MHC^(g)(h)	1M US L + 2.60%	04/15/2026		659,759
		MKT Mortgage Trust
	250,000	Series 2020-525M^(g)(h)	2.94%	02/12/2030		189,463
		Morgan Stanley Bank of America Merrill Lynch Trust
	1,587,766	Series 2012-C5^(g)(h)(m)	1.31%	07/15/2022		1,042
	602,000	Series 2015-C20^(g)	4.45%	01/15/2025		587,259
	822,000	Series 2015-C21^(g)	4.13%	02/15/2025		732,822
	1,292,000	Series 2016-C31^(g)(h)	3.00%	10/15/2026		1,007,755
	1,100,000	Series 2017-C34^(h)	2.70%	10/15/2027		881,978
		Morgan Stanley Capital I
	858,000	Series 2017-HR2^(g)	4.22%	12/15/2027		826,139
		Morgan Stanley Capital I Trust
	122,710	Series 2012-C4^(g)(h)	5.47%	03/15/2045		122,339
	1,244,264	Series 2016-UB11 XA^(g)(m)	1.50%	08/15/2026		58,798
	576,000	Series 2017-CLS^(g)(h)	1M US L + 2.60%	11/15/2034		569,515
	765,000	Series 2018-H4^(h)	3.00%	12/15/2028		621,416
	1,000,000	Series 2018-SUN^(g)(h)	1M US L + 3.05%	07/15/2035		964,123
	845,000	Series 2019-H7^(h)	3.00%	07/15/2029		696,383
	750,000	Series 2019-H7	4.13%	07/15/2029		730,672
	826,000	Series 2021-L6^(g)	3.46%	07/15/2031		747,780
	10,249,000	Series 2021-L7^(g)(h)(m)	0.92%	10/15/2031		787,779
		Morgan Stanley Mortgage Loan Trust
	1,341,200	Series 2005-3AR^(g)	2.35%	07/25/2035		1,227,148

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	2,669,369	Series 2006-11	6.00%	08/25/2036	$	2,243,999
	671,266	Series 2006-7^(g)	5.15%	06/25/2036		532,433
	740,312	Series 2006-7	6.00%	06/25/2036		519,171
	352,999	Series 2007-3XS⁽ⁿ⁾	5.70%	01/25/2047		174,078
		Morgan Stanley Re-REMIC Trust
	75,990	Series 2011-R1^(g)(h)	5.94%	02/26/2037		77,023
		Mosaic Solar Loan Trust
	76,403	Series 2017-1A^(h)	4.45%	06/20/2042		76,627
	310,121	Series 2018-1A^(h)	4.01%	08/20/2030		310,869
	1,712,695	Series 2020-1A^(h)	0.00%	04/20/2046		1,635,256
	577,504	Series 2020-2A^(h)	3.00%	06/20/2025		566,253
		MSCG Trust
	1,631,000	Series 2018-SELF^(g)(h)	1M US L + 3.05%	10/15/2037		1,600,444
		MVW 2021-1W LLC
	975,629	Series 2021-1WA^(h)	1.94%	01/22/2041		925,467
	1,131,729	Series 2021-1WA^(h)	3.17%	01/22/2041		1,048,857
		Navient Private Education Refi
		Loan Trust
	500,000	Series 2018-A^(h)	3.68%	11/17/2025		503,082
		Nomura Asset Acceptance Corp.
		Alternative Loan Trust
	1,032,328	Series 2005-AP3^(g)	5.32%	08/25/2035		653,473
		Octagon Investment Partners 20- R, Ltd.
	1,500,000	Series 2019-4A^(g)(h)	3M US L + 6.80%	05/12/2031		1,414,322
		Octagon Investment Partners 26, Ltd.
	1,000,000	Series 2018-1A^(g)(h)	3M US L + 8.09%	07/15/2030		921,656
		Octagon Investment Partners 29, Ltd.
	2,000,000	Series 2020-1A^(g)(h)	3M US L + 7.25%	01/24/2033		1,965,240
		Octagon Investment Partners 37, Ltd.
	500,000	Series 2018-2A^(g)(h)	3M US L + 2.85%	07/25/2030		490,089
		Octagon Investment Partners 40, Ltd.
	500,000	Series 2021-1A^(g)(h)	3M US L + 7.00%	01/20/2035		477,676
		Octagon Investment Partners 42, Ltd.
	1,000,000	Series 2021-3A^(g)(h)	3M US L + 6.75%	07/15/2034		966,754
		Octagon Investment Partners 46, Ltd.
	1,000,000	Series 2021-2A^(g)(h)	3M US L + 6.60%	07/15/2036		952,650
		Octagon Investment Partners 49, Ltd.
	625,000	Series 2021-5A^(g)(h)	3M US L + 6.75%	01/15/2033		624,406

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Octagon Investment Partners XVI, Ltd.
$	500,000	Series 2018-1A^(g)(h)	3M US L + 3.00%	07/17/2030	$	490,862
	1,000,000	Series 2018-1A^(g)(h)	3M US L + 5.75%	07/17/2030		948,508
		Octagon Investment Partners XXI, Ltd.
	1,000,000	Series 2019-1A^(g)(h)	3M US L + 7.00%	02/14/2031		989,176
		Octagon Investment Partners XXII, Ltd.
	970,000	Series 2018-1A^(g)(h)	3M US L + 1.90%	01/22/2030		954,240
	500,000	Series 2018-1A^(g)(h)	3M US L + 5.45%	01/22/2030		459,954
		OHA Credit Funding 1, Ltd.
	500,000	Series 2018-1A^(g)(h)	3M US L + 3.05%	10/20/2030		489,840
		OHA Credit Funding 3, Ltd.
	1,000,000	Series 2021-3A^(g)(h)	3M US L + 2.90%	07/02/2035		984,369
	2,000,000	Series 2021-3A^(g)(h)	3M US L + 6.25%	07/02/2035		1,903,163
		OHA Credit Funding 5, Ltd.
	2,000,000	Series 2020-5A^(g)(h)	3M US L + 6.25%	04/18/2033		1,920,048
		OHA Credit Funding 9, Ltd.
	500,000	Series 2021-9A^(g)(h)	3M US L + 2.94%	07/19/2035		484,005
		One Market Plaza Trust
	688,000	Series 2017-1MKT^(h)	4.14%	02/10/2032		675,420
		Pagaya AI Debt Selection Trust
	2,500,000	Series 2020-3^(h)	6.43%	05/17/2027		2,536,091
	1,085,340	Series 2021-2^(h)	3.00%	01/25/2029		1,061,692
	2,000,000	Series 2021-5^(h)	0.00%	08/15/2029		3,353,378
		Park Place Securities, Inc. Asset- Backed Pass-Through Certificates Series 2005-WCW
	5,000,000	Series 2005-WCW2^(g)	1M US L + 0.98%	07/25/2035		4,751,373
		People's Choice Home Loan Securities Trust
	5,000,000	Series 2005-4^(g)	1M US L + 0.65%	12/25/2035		3,294,036
		PR Mortgage Loan Trust
	7,842,692	Series 2014-1^(g)(h)	5.89%	10/25/2049		7,646,542
		Prime Mortgage Trust
	5,106	Series 2006-1	5.50%	06/25/2036		5,048
	59,430	Series 2006-DR1^(h)	5.50%	05/25/2035		55,157
		Primose Funding LLC
	977,500	Series 2019-1A^(h)	4.48%	07/30/2026		956,543
		Progress Residential
	2,500,000	Series 2021-SFR3^(h)	4.75%	05/17/2026		2,228,284
		Progress Residential
	6,900,000	Series 2021-SFR8^(h)	4.01%	10/17/2026		6,266,358
		RBSGC Structured Trust
	126,769	Series 2008-B^(h)	6.00%	06/25/2037		118,726

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Residential Accredit Loans, Inc.
$	3,407,906	Series 2006-QA5^(g)	1M US L + 0.22%	07/25/2036	$	1,720,787
	1,492,949	Series 2006-QS10	6.50%	08/25/2036		1,447,033
	354,787	Series 2006-QS6	6.00%	06/25/2036		336,833
	887,623	Series 2006-QS7	6.00%	06/25/2036		823,889
	46,664	Series 2006-QS7^(g)	1M US L + 0.40%	06/25/2036		34,572
	139,992	Series 2006-QS7^(g)(m)	5.60% -1M US L	06/25/2036		14,337
	61,518	Series 2006-QS8^(g)	1M US L + 0.45%	08/25/2036		45,211
	181,467	Series 2006-QS8^(g)(m)	5.55% -1M US L	08/25/2036		17,546
	5,679	Series 2007-QS6^(g)	55.00% -8.33 x 1M US L	04/25/2037		7,814
	531,444	Series 2007-QS9	6.50%	07/25/2037		503,375
	275,951	Series 2008-QR1	6.00%	08/25/2036		237,056
		Residential Asset Securitization Trust
	400,716	Series 2006-A1	6.00%	04/25/2036		250,814
	859,422	Series 2006-A2	6.00%	05/25/2036		491,313
	891,848	Series 2006-A6	6.50%	07/25/2036		382,520
	247,671	Series 2006-A8	6.00%	08/25/2036		200,720
	150,501	Series 2006-A8	6.50%	08/25/2036		61,688
	318,629	Series 2006-A8^(g)(m)	5.90% -1M US L	08/25/2036		59,214
	1,339,638	Series 2007-A1	6.00%	03/25/2037		648,498
	60,730	Series 2007-A6	6.00%	06/25/2037		45,362
	2,557,787	Series 2007-A7	6.00%	07/25/2037		1,331,695
		Residential Funding Mortgage Securities I Trust
	450,574	Series 2006-S3	5.50%	03/25/2036		412,370
	89,240	Series 2006-S6	6.00%	07/25/2036		84,818
	235,894	Series 2007-S3	6.00%	03/25/2037		201,671
	127,742	Series 2007-S6	6.00%	06/25/2037		124,207
		RR 2, Ltd.
	1,000,000	Series 2021-2A^(g)(h)	3M US L + 5.80%	04/15/2036		941,479
		RR 6, Ltd.
	1,000,000	Series 2021-6A^(g)(h)	3M US L + 5.85%	04/15/2036		952,846
		Sapphire Aviation Finance I, Ltd.
	2,144,720	Series 2018-1A^(h)	5.93%	03/15/2025		1,702,701
		Sapphire Aviation Finance II, Ltd.
	400,403	Series 2020-1A^(h)	3.23%	03/15/2027		362,769
		Sequoia Mortgage Trust
	1,133,221	Series 2007-3^(g)	2.65%	07/20/2037		998,092
		SG Commercial Mortgage
		Securities Trust
	1,854,000	Series 2016-C5	3.93%	06/10/2026		1,775,148
		Signal Rail I LLC
	489,174	Series 2021-1^(h)	2.23%	08/17/2051		454,352
		S-Jets, Ltd.
	979,264	Series 2017-1^(h)	3.97%	08/15/2025		883,863

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		SLG Office Trust
$	1,100,000	Series 2021-OVA^(h)	2.85%	07/15/2031	$	922,357
		SMB Private Education Loan Trust
	294,320	Series 2018-B^(g)(h)	1M US L + 0.72%	08/15/2027		292,899
	968	Series 2021-A^(h)	0.00%	01/15/2053		3,101,470
		SMR Mortgage Trust
	964,590	Series 2022-IND^(g)(h)	1M US SOFR + 7.50%	02/15/2024		949,517
		Sofi Alternative Consumer Loan Program
	50,000	Series 2021-2^(h)	0.00%	08/15/2030		2,197,441
		Sofi Professional Loan Program Trust
	80,000	Series 2018-C^(h)	0.00%	01/25/2048		1,482,046
		SoFi Professional Loan Program Trust
	50,000	Series 2020-A^(h)	0.00%	05/15/2046		1,849,307
		Sofi Professional Loan Program, LLC
	32,412	Series 2018-A^(h)	0.00%	02/25/2042		791,511

		SoFi Professional Loan Program, LLC
	300,000	Series 2017-D^(h)	3.61%	09/25/2040		300,620
		Sprite, Ltd.
	1,960	Series 2017-1^(h)	4.25%	12/15/2024		1,857
	484,850	Series 2021-1^(h)	3.75%	10/15/2028		449,966
		SREIT Trust
	1,150,000	Series 2021-MFP2^(g)(h)	1M US L + 3.9155%	11/15/2023		1,129,569
		Stack Infrastructure Issuer LLC
	969,167	Series 2019-1A^(h)	4.54%	02/26/2024		974,294
	750,000	Series 2019-2A^(h)	3.08%	10/25/2024		738,102
		Start, Ltd.
	647,397	Series 2018-1^(h)	4.09%	05/15/2025		599,521
	714,323	Series 2019-1^(h)	4.09%	03/15/2026		668,986
		Structured Adjustable Rate Mortgage Loan Trust
	590,253	Series 2005-15^(g)	2.96%	07/25/2035		420,342
		Structured Asset Securities Corp.
	156,685	Series 2005-RF1^(g)(h)	1M US L + 0.35%	03/25/2035		150,008
	156,685	Series 2005-RF1^(g)(h)(m)	4.27%	03/25/2035		11,808
		Sunnova Helios VII Issuer LLC
	1,215,313	Series 2021-C^(h)	2.63%	10/20/2028		1,100,046
		Sunnova Sol III Issuer LLC
	1,438,317	Series 2021-1^(h)	2.58%	04/30/2031		1,314,279
		Sunnova Sol Issuer LLC
	943,289	Series 2020-1A^(h)	3.35%	01/30/2030		908,862

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Sunrun Atlas Issuer LLC
$	1,175,488	Series 2019-2^(h)	3.61%	10/30/2027	$	1,155,107
		TBW Mortgage-Backed Trust
	1,394,780	Series 2006-2	7.00%	07/25/2036		322,856
		Thunderbolt Aircraft Lease, Ltd.
	1,700,401	Series 2017-A^(h)(n)	4.21%	04/15/2024		1,512,489
		Thunderbolt II Aircraft Lease, Ltd.
	4,464,286	Series 2018-A^(h)(n)	5.07%	09/15/2038		3,815,803
		TIF Funding II LLC
	363,833	Series 2021-1A^(h)	1.65%	02/20/2046		327,475
		TPGI Trust
	800,000	Series 2021-DGWD^(g)(h)	1M US L + 3.85%	06/15/2026		779,507
		Tricon Residential
	3,700,000	Series 2021-SFR1^(h)	4.13%	07/17/2026		3,371,170
		Trimaran Cavu 2019-1, Ltd.
	1,700,000	Series 2019-1A^(g)(h)	3M US L + 4.15%	07/20/2032		1,688,076
		TRP - TRIP Rail Master Funding LLC
	974,245	Series 2021-2^(h)	2.15%	06/17/2027		902,520
		TTAN
	741,899	Series 2021-MHC^(g)(h)	1M US L + 2.90%	03/15/2026		714,576
		UBS Commercial Mortgage Trust
	31,908,500	Series 2017-C3^(g)(m)	0.36%	08/15/2050		757,725
	650,000	Series 2017-C4^(g)	4.24%	09/15/2027		635,118
	520,000	Series 2018-C10^(g)	5.09%	05/15/2028		517,379
	928,000	Series 2018-C9^(g)	4.88%	03/15/2028		927,529
		UBS-Barclays Commercial Mortgage Trust
	1,993,000	Series 2013-C5^(g)(h)	4.08%	03/12/2046		1,671,164
		Upstart Pass-Through Trust
	295,945	Series 2021-ST1^(h)	2.75%	02/20/2027		290,794
	633,250	Series 2021-ST2^(h)	2.50%	04/20/2027		623,343
		Upstart Securitization Trust
	250,000	Series 2020-3^(h)	3.01%	11/20/2030		245,007
	2,000	Series 2021-2	0.00%	06/20/2031		1,186,211
		US Auto Funding 2021-1
	1,125,000	Series 2021-1A^(h)	2.20%	05/15/2026		1,069,771
		Vault DI Issuer LLC
	750,000	Series 2021-1A^(h)	2.80%	07/15/2026		699,647
		VCC
	715,934	Series 2020-MC1^(g)(h)	4.50%	06/25/2045		715,934
		Velocity Commercial Capital Loan Trust
	347,186	Series 2018-2^(g)(h)	4.05%	09/25/2024		348,578
	722,290	Series 2019-1^(g)(h)	3.94%	01/25/2027		710,618
	327,462	Series 2019-1^(g)(h)	4.01%	07/25/2027		323,698
	264,996	Series 2019-1^(g)(h)	4.12%	11/25/2027		259,363

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	1,406,099	Series 2021-2^(g)(h)	4.92%	12/25/2030	$	1,282,399
		VOLT XCVI LLC
	4,000,000	Series 2021-NPL5^(h)(n)	4.83%	03/27/2051		3,848,386
		Wachovia Bank Commercial Mortgage Trust
	24,703	Series 2006-C29^(g)(m)	0.00%	11/15/2048		7
		Wachovia Mortgage Loan Trust, LLC Series Trust
	260,799	Series 2005-B^(g)	2.18%	10/20/2035		252,486
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	40,820	Series 2005-9	5.50%	11/25/2035		36,521
	350,524	Series 2006-5	6.00%	07/25/2036		300,561
		Washington Mutual Mortgage Pass-Through Certificates Trust
	594,090	Series 2006-2	6.00%	03/25/2036		587,543
		WAVE LLC
	858,586	Series 2019-1^(h)	3.60%	09/15/2027		764,721
	1,065,361	Series 2019-1^(h)	7.00%	09/15/2044		734,422
		Wells Fargo Alternative Loan Trust
	271,978	Series 2007-PA2^(g)	1M US L + 0.43%	06/25/2037		220,902
	271,973	Series 2007-PA2^(g)(m)	6.07% -1M US L	06/25/2037		22,539
	124,905	Series 2007-PA3	5.75%	07/25/2037		121,928
	367,190	Series 2007-PA3	6.25%	07/25/2037		345,911
		Wells Fargo Commercial Mortgage Trust
	1,539,000	Series 2015-C28^(g)	4.08%	05/15/2025		1,427,975
	520,000	Series 2015-NXS4^(g)	4.18%	11/15/2025		519,364
	1,245,000	Series 2015-NXS4^(g)	3.18%	11/15/2025		1,152,849
	1,000,000	Series 2016-C33^(h)	3.12%	03/15/2059		874,472
	5,628,945	Series 2016-C37^(g)(h)(m)	1.60%	12/15/2049		310,102
	550,000	Series 2016-LC24	3.62%	09/15/2026		535,017
	356,000	Series 2016-NXS6	3.81%	11/15/2049		347,241
	523,000	Series 2018-C47^(g)	4.93%	10/15/2028		505,337
	271,000	Series 2020-C55	3.14%	02/15/2030		253,515
	830,000	Series 2021-C61	3.31%	07/15/2031		767,786
		WF-RBS Commercial Mortgage Trust
	1,731,981	Series 2012-C9^(g)(h)(m)	1.85%	11/15/2045		5,325
	3,118,663	Series 2014-C21^(g)(m)	1.02%	08/15/2047		58,502
	3,917,856	Series 2014-C22^(g)(m)	0.79%	09/15/2057		59,477
	636,000	Series 2014-C23^(g)(h)	4.00%	10/15/2057		593,821
		Willis Engine Structured Trust V
	880,476	Series 2020-A^(h)	3.23%	03/15/2028		792,619

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Willis Engine Structured Trust VI
$	2,666,415	Series 2021-A^(h)	7.39%	05/15/2046	$	2,263,029
	1,807,738	Zephyrus Capital Aviation Tl^(g)	1M US L + 4.61%	10/15/2038		1,694,932

TOTAL NON- AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $444,380,496)						396,679,834

U.S. GOVERNMENT BONDS AND NOTES - 10.17%
	7,005,000	U.S. Treasury Bonds	1.88%	02/15/2032		6,728,084
	6,200,000	U.S. Treasury Bonds	2.25%	05/15/2041		5,858,031
	8,585,000	U.S. Treasury Bonds	2.38%	02/15/2042		8,283,183
	29,400,000	U.S. Treasury Bonds	1.25%	05/15/2050		21,965,016
	58,500,000	U.S. Treasury Bonds	1.63%	11/15/2050		48,011,132
	10,975,000	U.S. Treasury Bonds	2.25%	02/15/2052		10,529,141
	285,000	U.S. Treasury Notes	0.13%	01/31/2023		281,638
	9,730,000	U.S. Treasury Notes	0.13%	03/31/2023		9,578,822
	10,710,000	U.S. Treasury Notes	0.13%	04/30/2023		10,521,465
	3,970,000	U.S. Treasury Notes	0.13%	07/31/2023		3,870,827
	13,615,000	U.S. Treasury Notes	2.25%	03/31/2024		13,597,184
	985,000	U.S. Treasury Notes	1.50%	02/15/2025		957,528
	14,440,000	U.S. Treasury Notes	1.75%	03/15/2025		14,135,406
	7,980,000	U.S. Treasury Notes	0.38%	11/30/2025		7,379,162
	16,655,000	U.S. Treasury Notes	2.50%	03/31/2027		16,692,734
	3,760,000	U.S. Treasury Notes	1.25%	03/31/2028		3,507,889
	13,545,000	U.S. Treasury Notes	2.38%	03/31/2029		13,506,905

TOTAL U.S. GOVERNMENT BONDS AND NOTES
(Cost $207,236,397)						195,404,147

MUNICIPAL BONDS - 0.01%
	165,000	State of California, General Obligation Bonds	7.55%	04/01/2039		244,938

TOTAL MUNICIPAL BONDS
(Cost $235,353)						244,938

U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES -11.73%
		Banc of America Funding
	1,856,743	Series 2014-R8^(g)(h)	1M US L + 0.24%	12/26/2024		1,732,843
		Bear Stearns Structured Products, Inc.
	8,302,132	Series 2008-R2^(g)(h)	2.76%	06/25/2047		6,807,315
		Chase Mortgage Finance Trust
	4,433,126	Series 2007-S4	6.00%	06/25/2037		2,658,450

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		ChaseFlex Trust Series
$	3,944,443	Series 2007-M1^(g)	1M US L + 0.23%	08/25/2037	$	3,535,480
		Citigroup Mortgage Loan Trust
	86,654	Series 2009-12^(h)	5.50%	11/25/2035		76,431
	273,894	Series 2009-4^(g)(h)	5.48%	05/25/2035		265,732
		Connecticut Avenue Securities Trust
	5,000,000	Series 2019-R05^(g)(h)	1M US L + 4.10%	07/25/2039		4,997,387
	4,250,000	Series 2022-R02^(g)(h)	30D US SOFR + 7.65%	01/25/2027		4,027,351
	3,685,000	Series 2022-R03^(g)(h)	30D US SOFR + 9.85%	03/25/2042		3,742,972
		CSMC
	900,000	Series 2021-NQM6^(g)(h)	2.58%	07/25/2066		819,056
		Fannie Mae Interest Strip
	7,368,452	Series 2014-419^(m)	3.50%	04/25/2044		1,094,967
		Fannie Mae Pool
	3,000,000	Series Pool #BL4424	2.14%	10/01/2029		2,871,112
	3,000,000	Series Pool #BL5156	2.37%	12/01/2029		2,905,803
	5,943,802	Series Pool #FM6061	2.00%	02/01/2051		5,537,854
	2,044,547	Series Pool #FM8214	4.00%	05/01/2049		2,094,518
	4,810,641	Series Pool #FM8664	3.00%	10/01/2046		4,775,572
	6,326,583	Series Pool #FM8803	2.50%	09/01/2051		6,080,391
	2,702,043	Series Pool #FM8972	4.00%	06/01/2049		2,778,652
	2,652,595	Series Pool #FM9846	2.50%	12/01/2051		2,535,104
	2,366,119	Series Pool #FM9934	3.00%	12/01/2048		2,340,805
	3,724,676	Series Pool #MA4256	2.50%	02/01/2051		3,562,255
	1,559,264	Series Pool #MA4326	2.50%	05/01/2051		1,490,515
		Fannie Mae REMICS
	6,405,128	Series 2014-1^(g)(m)	5.90% -1M US L	02/25/2044		1,064,909
	7,193,316	Series 2015-54^(g)(m)	6.15% -1M US L	07/25/2045		1,211,569
	2,704,911	Series 2020-45	3.00%	07/25/2040		2,644,212
	9,798,408	Series 2020-74^(g)(m)	4.10% -30D US SOFR	10/25/2050		1,240,048
	20,380,727	Series 2020-77^(g)(m)	4.10% -30D SOFR 11/25/2050			2,728,584
	2,311,561	Series 2021-48^(g)(m)	3.65% -30D US SOFR	08/25/2051		195,412
		Federal Home Loan Mortgage Corp. Pool
	145,404	Series Pool #G01840	5.00%	07/01/2035		157,574
	52,336	Series Pool #G04817	5.00%	09/01/2038		56,693
		Federal Home Loan Mortgage Corp. REMICS
	717,302	Series 2003-2722^(g)	9.89% -1M US L	12/15/2033		802,055
	135,186	Series 2005-R003	5.50%	10/15/2035		146,032
	1,110,550	Series 2006-3244^(g)(m)	6.66% -1M US L	11/15/2036		198,253
	52,680	Series 2007-3261^(g)(m)	6.43% -1M US L	01/15/2037		7,404

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	113,279	Series 2007-3262^(g)(m)	6.40% -1M US L	01/15/2037	$	9,109
	425,395	Series 2007-3301^(g)(m)	6.10% -1M US L	04/15/2037		57,353
	320,992	Series 2007-3303^(g)(m)	6.10% -1M US L	04/15/2037		50,505
	68,391	Series 2007-3382^(g)(m)	6.00% -1M US L	11/15/2037		8,675
	276,916	Series 2007-3384^(g)(m)	6.31% -1M US L	08/15/2036		50,808
	98,028	Series 2007-3384^(g)(m)	6.39% -1M US L	11/15/2037		10,431
	73,282	Series 2008-3417^(g)(m)	6.18% -1M US L	02/15/2038		7,766
	127,550	Series 2008-3423^(g)(m)	5.65% -1M US L	03/15/2038		13,218
	2,217,023	Series 2008-3423^(g)(m)	6.00% -1M US L	03/15/2038		11,817
	1,105,692	Series 2009-3510^(g)(m)	6.75% -1M US L	02/15/2037		130,972
	279,946	Series 2009-3523^(g)(m)	6.00% -1M US L	04/15/2039		34,874
	49,573	Series 2009-3524^(g)(m)	3.41%	06/15/2038		48,990
	7,156	Series 2009-3549^(g)(m)	5.80% -1M US L	07/15/2039		837
	574,020	Series 2009-3560^(g)(m)	6.40% -1M US L	11/15/2036		53,083
	179,800	Series 2010-3641	4.50%	03/15/2040		191,477
	271,752	Series 2010-3726^(g)(m)	6.05% -1M US L	09/15/2040		40,398
	853,971	Series 2010-3728^(g)(m)	4.45% -1M US L	09/15/2040		78,659
	77,413	Series 2010-3779	4.00%	12/15/2030		79,376
	395,948	Series 2010-3779	3.50%	12/15/2030		400,668
	271,838	Series 2010-3779	4.50%	12/15/2040		292,794
	31,266	Series 2011-3786^(g)	9.50% -1M US L	01/15/2041		31,728
	248,012	Series 2011-3808	3.50%	02/15/2031		249,385
	18,363	Series 2011-3809^(g)	9.50% -1M US L	02/15/2041		17,853
	567,828	Series 2011-3815^(g)(m)	5.85% -1M US L	02/15/2041		83,437
	210,919	Series 2011-3824	3.50%	03/15/2031		213,308
	292,123	Series 2011-3824^(g)(m)	7.10% -1M US L	08/15/2036		53,663
	332,810	Series 2011-3863	5.50%	08/15/2034		356,807
	322,529	Series 2011-3864^(g)	9.20% -1M US L	05/15/2041		315,967
	353,958	Series 2011-3871	5.50%	06/15/2041		383,605
	346,543	Series 2011-3872^(g)(m)	5.95% -1M US L	06/15/2041		38,065
	2,330,345	Series 2011-3910	5.00%	08/15/2041		2,493,444
	1,580,682	Series 2011-3924^(g)(m)	6.00% -1M US L	09/15/2041		174,046
	1,876,297	Series 2012-3^(g)(m)	5.95% -1M US L	02/25/2042		291,896
	1,183,578	Series 2013-4170^(g)	4.05% -1M US L	01/15/2033		1,133,117
	11,198,133	Series 2013-4218	2.50%	02/15/2043		10,343,982
	2,120,533	Series 2013-4239	0.00%	07/15/2043		1,524,177
	3,175,982	Series 2014-4413	3.50%	11/15/2044		3,093,716
	3,709,315	Series 2015-4434	3.00%	02/15/2045		3,616,229
	3,580,532	Series 2015-4440	2.50%	02/15/2045		3,396,241
		Federal National Mortgage Association Pool
	40,373	Series Pool #555743	5.00%	09/01/2033		43,664
	47,408	Series Pool #735382	5.00%	04/01/2035		51,284
	129,870	Series Pool #735383	5.00%	04/01/2035		140,424
	84,015	Series Pool #735484	5.00%	05/01/2035		90,854
	22,364	Series Pool #AH4437	4.00%	01/01/2041		22,542

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		Federal National Mortgage Association REMICS
$	39,803	Series 2004-46^(g)(m)	6.00% -1M US L	03/25/2034	$	1,935
	173,187	Series 2006-101^(g)(m)	6.58% -1M US L	10/25/2036		26,659
	485,491	Series 2006-123^(g)(m)	6.32% -1M US L	01/25/2037		77,137
	2,305,925	Series 2006-92^(g)(m)	6.58% -1M US L	10/25/2036		314,514
	58,907	Series 2007-102^(g)(m)	6.40% -1M US L	11/25/2037		7,709
	46,640	Series 2007-108^(g)(m)	6.36% -1M US L	12/25/2037		3,827
	10,811	Series 2007-30^(g)(m)	6.11% -1M US L	04/25/2037		1,205
	240,334	Series 2007-38^(g)(m)	6.08% -1M US L	05/25/2037		15,813
	10,044	Series 2007-51^(g)(m)	6.10% -1M US L	06/25/2037		1,060
	32,309	Series 2007-53^(g)(m)	6.10% -1M US L	06/25/2037		1,719
	338,333	Series 2007-57^(g)(m)	6.62% -1M US L	10/25/2036		48,108
	73,568	Series 2007-68^(g)(m)	6.65% -1M US L	07/25/2037		9,650
	408,384	Series 2008-3^(g)(m)	6.46% -1M US L	02/25/2038		66,330
	48,943	Series 2008-56^(g)(m)	6.06% -1M US L	07/25/2038		4,004
	20,619	Series 2008-81	5.50%	09/25/2038		21,940
	151,350	Series 2009-111	5.00%	01/25/2040		161,087
	71,379	Series 2009-111^(g)(m)	6.25% -1M US L	01/25/2040		10,878
	663,055	Series 2009-12^(g)(m)	6.60% -1M US L	03/25/2036		78,550
	19,017	Series 2009-28^(g)(m)	6.00% -1M US L	04/25/2037		1,930
	144,076	Series 2009-41	4.50%	06/25/2039		146,600
	51,852	Series 2009-42^(g)(m)	6.00% -1M US L	06/25/2039		4,180
	101,403	Series 2009-47^(g)(m)	6.10% -1M US L	07/25/2039		10,945
	50,655	Series 2009-62^(g)(m)	6.10% -1M US L	08/25/2039		4,304
	46,432	Series 2009-66^(g)(m)	5.80% -1M US L	02/25/2038		4,005
	31,543	Series 2009-68^(g)(m)	5.25% -1M US L	09/25/2039		2,750
	105,844	Series 2010-11^(g)(m)	4.80% -1M US L	02/25/2040		7,073
	20,289	Series 2010-111^(g)(m)	6.00% -1M US L	10/25/2040		2,275
	56,789	Series 2010-112	4.00%	10/25/2040		55,626
	86,107	Series 2010-115^(g)(m)	6.60% -1M US L	11/25/2039		13,029
	1,164,577	Series 2010-115^(g)(m)	6.00% -1M US L	10/25/2040		182,934
	2,679,493	Series 2010-123^(g)(m)	6.05% -1M US L	11/25/2040		400,274
	453,242	Series 2010-15^(g)(m)	4.95% -1M US L	03/25/2040		48,173
	28,810	Series 2010-34^(g)(m)	4.93% -1M US L	04/25/2040		2,827
	39,510	Series 2010-4^(g)(m)	6.23% -1M US L	02/25/2040		4,690
	37,589	Series 2010-58^(g)	12.47% -1M US	L 06/25/2040		37,667
	1,542,457	Series 2010-75	4.50%	07/25/2040		1,616,258
	127,463	Series 2010-9^(g)(m)	4.75% -1M US L	02/25/2040		7,937
	29,646	Series 2010-9^(g)(m)	5.30% -1M US L	02/25/2040		2,769
	6,471	Series 2010-90^(g)(m)	6.00% -1M US L	08/25/2040		606
	194,618	Series 2011-16	3.50%	03/25/2031		196,592
	267,136	Series 2011-25	3.00%	04/25/2026		268,790
	220,030	Series 2011-29	3.50%	04/25/2031		220,517
	51,746	Series 2011-5^(g)(m)	6.40% -1M US L	11/25/2040		922
	2,238,471	Series 2012-106^(g)(m)	6.16% -1M US L	10/25/2042		316,431
	284,534	Series 2012-124^(g)	7.79% -1M US L	11/25/2042		222,230

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	126,322	Series 2012-29^(g)(m)	6.00% -1M US L	04/25/2042	$	13,414
	373,505	Series 2012-32^(m)	5.00%	04/25/2042		57,890
	1,968,342	Series 2012-65^(g)(m)	5.98% -1M US L	06/25/2042		298,476
	750,993	Series 2018-21	0.00%	04/25/2048		652,014
		Freddie Mac Pool
	4,479,950	Series 2021-	2.00%	11/01/2050		4,180,471
	4,622,195	Series 2021-	3.00%	10/01/2051		4,528,315
		Freddie Mac REMICS
	2,676,322	Series 2011-3972^(g)(m)	5.90% -1M US L	12/15/2041		328,575
	2,505,062	Series 2020-5007^(g)(m)	6.10% -1M US L	08/25/2050		430,342
	4,406,787	Series 2020-5041^(m)	2.00%	11/25/2050		453,472
	10,950,887	Series 2021-5070^(m)	3.50%	02/25/2051		1,696,475
		Freddie Mac Strips
	3,472,937	Series 2021-379^(m)	1.50%	01/25/2051		338,921
		GCAT
	1,500,000	Series 2021-NQM4^(g)(h)	2.47%	08/25/2025		1,338,939
		Ginnie Mae II Pool
	5,838,787	Series 2021-	2.50%	10/20/2051		5,662,319
	1,721,359	Series 2021-	2.50%	11/20/2051		1,669,332
		Government National Mortgage Association
	34,748	Series 2004-83^(g)(m)	6.08% -1M US L	10/20/2034		3,740
	30,447	Series 2008-6^(g)(m)	6.46% -1M US L	02/20/2038		1,736
	29,305	Series 2008-67^(g)(m)	6.00% -1M US L	08/20/2038		1,566
	459,509	Series 2008-69^(g)(m)	7.63% -1M US L	08/20/2038		62,549
	44,808	Series 2009-10^(g)(m)	6.65% -1M US L	02/16/2039		7,014
	477,289	Series 2009-35	4.50%	05/20/2039		490,767
	1,982,368	Series 2009-58^(g)(m)	6.25% -1M US L	06/20/2039		213,566
	32,460	Series 2009-6^(g)(m)	5.95% -1M US L	02/20/2038		1,554
	912,712	Series 2009-75	5.00%	09/20/2039		973,107
	2,173,083	Series 2010-121^(g)(m)	6.00% -1M US L	09/20/2040		326,389
	37,732	Series 2010-61^(g)(m)	6.55% -1M US L	09/20/2039		3,988
	64,207	Series 2010-98^(g)(m)	5.59%	03/20/2039		4,937
	45,702,628	Series 2010-H20^(g)(m)	1.44%	10/20/2060		1,605,707
	278,776	Series 2011-69	0.00%	05/20/2041		249,316
	913,992	Series 2011-71	4.50%	02/20/2041		944,880
	650,241	Series 2011-71^(g)(m)	5.40% -1M US L	05/20/2041		72,582
	207,269	Series 2011-72^(g)(m)	6.15% -1M US L	05/20/2041		30,930
	997,774	Series 2011-89^(g)(m)	5.45% -1M US L	06/20/2041		113,564
	2,162,614	Series 2013-113^(g)(m)	6.25% -1M US L	03/20/2043		116,398
	3,542,489	Series 2013-122^(g)(m)	6.10% -1M US L	08/16/2043		503,225
	2,684,152	Series 2013-148^(g)(m)	5.68% -1M US L	10/16/2043		367,640
	3,283,339	Series 2013-186^(g)(m)	6.25% -1M US L	02/16/2043		369,965
	2,188,719	Series 2014-156^(g)(m)	6.25% -1M US L	10/20/2044		433,096
	4,225,358	Series 2014-4^(g)(m)	6.10% -1M US L	01/16/2044		632,015
	5,483,678	Series 2014-41^(g)(m)	6.10% -1M US L	03/20/2044		858,035
	2,428,122	Series 2014-5^(g)(m)	6.15% -1M US L	07/20/2043		244,334

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	3,720,225	Series 2014-95^(g)(m)	6.25% -1M US L	06/16/2044	$	500,865
	17,284,559	Series 2016-H21^(g)(m)	2.07%	09/20/2066		1,090,732
	6,373,757	Series 2018-97^(g)(m)	6.20% -1M US L	07/20/2048		795,280
	12,501,173	Series 2019-22^(g)(m)	5.60% -1M US L	02/20/2045		1,591,767
	6,006,139	Series 2019-92^(g)(m)	6.10% -1M US L	07/20/2049		655,475
	21,033,929	Series 2019-H10^(g)(m)	1.03%	06/20/2069		439,624
	6,206,478	Series 2019-H18^(g)(m)	1.13%	11/20/2069		335,811
	11,176,163	Series 2020-112^(g)(m)	6.25% -1M US L	08/20/2050		1,698,963
	2,253,525	Series 2020-115^(m)	2.50%	08/20/2050		311,585
	19,480,379	Series 2020-146^(g)(m)	3.75% -1M US L	10/20/2050		1,648,521
	14,823,532	Series 2020-146^(g)(m)	6.30% -1M US L	10/20/2050		2,515,079
	15,033,186	Series 2020-167^(g)(m)	3.75% -1M US L	11/20/2050		1,120,016
	2,185,304	Series 2020-175^(m)	2.00%	11/20/2050		234,547
	5,515,770	Series 2020-188^(g)(m)	6.30% -1M US L	11/20/2050		941,203
	22,416,779	Series 2020-H18^(g)(m)	1.48%	09/20/2070		1,352,203
	12,387,510	Series 2021-1^(g)(m)	6.30% -1M US L	01/20/2051		2,138,623
	3,003,891	Series 2021-103^(g)(m)	3.25% -30D US SOFR	04/20/2051		212,628
	11,200,857	Series 2021-107^(g)(m)	3.75% -1M US L	06/20/2051		979,432
	2,036,076	Series 2021-117^(m)	3.50%	06/20/2051		231,139
	3,104,118	Series 2021-136^(m)	3.00%	08/20/2051		479,024
	2,918,882	Series 2021-137^(m)	3.00%	08/20/2051		425,305
	2,144,669	Series 2021-140^(m)	2.50%	08/20/2051		311,135
	5,205,625	Series 2021-176^(g)(m)	2.70% -30D US SOFR	09/20/2051		175,320
	28,131,105	Series 2021-59^(g)(m)	2.60% -30D US SOFR	04/20/2051		810,792
	14,259,447	Series 2021-77^(g)(m)	3.75% -1M US L	05/20/2051		1,044,313
	7,229,808	Series 2021-89^(g)(m)	3.75% -1M US L	05/20/2051		619,493
	11,573,746	Series 2021-97^(g)(m)	3.75% -1M US L	06/20/2051		1,045,237
	34,654,820	Series 2021-97^(g)(m)	3M US L + 2.44%	06/20/2051		1,096,846
	37,731,296	Series 2021-H06^(g)(m)	0.70%	04/20/2071		1,159,841
	15,026,643	Series 2021-H08^(g)(m)	0.62%	05/20/2071		406,366
	62,246,036	Series 2021-H12^(g)(m)	0.40%	08/20/2071		1,301,297
	42,618,162	Series 2022-1^(g)(m)	2.65% -30D US SOFR	01/20/2052		1,717,772
		Homeward Opportunities Fund Trust
	995,691	Series 2020-BPL1^(h)(n)	5.44%	08/25/2025		981,797
		Impac CMB Trust
	114,951	Series 2004-10^(g)	1M US L + 0.70%	03/25/2035		104,854
		Imperial Fund Mortgage Trust
	1,000,000	Series 2021-NQM4^(g)(h)	3.45%	01/25/2057		913,521
		JP Morgan Resecuritization Trust
	2,287,300	Series 2014-6^(g)(h)	1M US L + 0.21%	07/27/2046		2,259,300
		Legacy Mortgage Asset Trust
	13,310,000	Series 2019-GS7^(h)(n)	4.50%	11/25/2059		13,262,296

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
		LHOME Mortgage Trust
$	4,250,000	Series 2020-RTL1^(h)(n)	3.72%	10/25/2022	$	4,157,867
	3,750,000	Series 2020-RTL1^(h)(n)	4.95%	10/25/2022		3,682,286
	1,300,000	Series 2021-RTL1^(g)(h)	2.09%	09/25/2026		1,253,874
	4,400,000	Series 2021-RTL1^(g)(h)	4.46%	09/25/2026		4,142,426
	1,500,000	Series 2021-RTL2^(h)(n)	4.61%	01/25/2024		1,393,363
		Morgan Stanley Mortgage Loan Trust
	3,014,698	Series 2006-1AR^(g)	1M US L + 0.28%	02/25/2036		2,144,685
		Morgan Stanley Residential Mortgage Loan Trust
	391,480	Series 2020-RPL1^(g)(h)	2.69%	10/25/2023		381,340
		N.A.
	2,104,000	Series 2022-4199^(g)	2.46%	12/31/2049		2,025,100
		NewRez Warehouse Securitization Trust
	4,550,000	Series 2021-1^(g)(h)	1M US L + 5.25%	05/25/2055		4,500,680
		Residential Mortgage Loan Trust
	3,250,000	Series 2020-1^(g)(h)	4.67%	01/26/2060		3,154,271
		Toorak Mortgage Corp., Ltd.
	3,500,000	Series 2019-2⁽ⁿ⁾	4.21%	09/25/2022		3,448,942
		Verus Securitization Trust
	2,300,000	Series 2019-INV3^(g)(h)	3.28%	11/25/2059		2,266,090
	1,500,000	Series 2021-4^(g)(h)	2.20%	07/25/2066		1,333,090
	1,400,000	Series 2021-6^(g)(h)	4.05%	10/25/2066		1,292,794
	1,585,516	Series 2021-7^(g)(h)	4.19%	10/25/2066		1,430,458

TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES
(Cost $326,649,249)						225,345,836

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

TOTAL WARRANTS
(Cost $0)		0

Short-Term Investments - 8.55%
Money Market Fund - 8.55%
164,187,886 State Street Institutional Trust (7 Day Yield 0.16%)		164,187,886

TOTAL SHORT-TERM INVESTMENTS
(Cost $164,187,886)		164,187,886

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Shares/Description	Value
TOTAL INVESTMENTS - 99.14%
(Cost $2,109,563,099)	$	1,904,950,866
OTHER ASSETS IN EXCESS OF LIABILITIES -0.86%		16,471,845
NET ASSETS - 100.00%	$	1,921,422,711

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, 2022 was 0.45%

3M US L - 3 Month LIBOR as of March 31, 2022 was 0.96%

6M US L - 6 Month LIBOR as of March 31, 2022 was 1.47%

1D SOFR - 1 Day SOFR as of March 31, 2022 was 0.29%

30D SOFR - 30 Day SOFR as of March 31, 2022 was 0.29%

1Y US TI - 1 Year TI as of March 31, 2022 was 1.63%

5Y US TI - 5 Year TI as of March 31, 2022 was 2.42%

10Y US TI - 10 Year TI as of March 31, 2022 was 2.32%

^(a)

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

^(b)

Non-income producing security.

^(c)

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.

^(d)

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

^(e)

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

^(f)

Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees (the "Board"). As of March 31, 2022, the aggregate fair value of those securities was $20,782,745, representing 1.08% of net assets.

^(g)

Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2022. 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.

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

RiverNorth/DoubleLine Strategic Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

^(h)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Board and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $490,980,056, which represents approximately 25.55% of net assets as of March 31, 2022.

⁽ⁱ⁾

Security is currently in default.

^(j)

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

^(k)

Issued with a zero coupon. Income is recognized through the accretion of discount. (l) Less than 0.005%.

^(m)

Interest only securities.

⁽ⁿ⁾

Step up bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at March 31, 2022.

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Shares/Description			Value
	CLOSED-END FUNDS - 4.91%
	4,400	AllianzGI Convertible & Income 2024 Target Term Fund	$	41,096
	63,860	BNY Mellon High Yield Strategies Fund		177,531
	66,006	Credit Suisse High Yield Bond Fund		143,893
	9,609	First Trust High Income Long/Short Fund		129,337
	18,940	First Trust High Yield Opportunities 2027 Term Fund		329,745
	6,131	Insight Select Income Fund		109,561
	14,482	Nuveen Core Plus Impact Fund		217,665
	54,800	Nuveen Credit Strategies Income Fund		338,664
	17,278	PGIM Global High Yield Fund, Inc.		231,007
	12,900	PIMCO Dynamic Income Opportunities Fund		219,171
	1,860	Pioneer High Income Trust		15,103
	20,033	Western Asset Emerging Markets Debt Fund, Inc.		214,954

	TOTAL CLOSED-END FUNDS
	(Cost $2,170,166)			2,167,727

	COMMON STOCKS - 0.20%
	947	DBI Investors, Inc.^(a)(b)		426
	3,304	PHI Group, Inc.^(a)		87,919
	6	Toys R Us Propco Equity, Perpetual Maturity^(b)		39

	TOTAL COMMON STOCKS
	(Cost $213,399)			88,384

	PREFERRED STOCKS - 0.28%
	116	DBI Investors Inc., 10.000%^(b)(c)		27
	126	Sequa Corp., 7.000%^(a)(b)(c)		126,000

	TOTAL PREFERRED STOCKS
	(Cost $137,039)			126,027

Principal Amount/Description

Rate

Maturity

Value

BANK LOANS - 33.60%^(d)

France - 0.42%

190,500

Numericable U.S. LLC, First Lien -USD TLB-11 Term Loan

3M US L + 2.75%

07/31/2025

186,373

Germany - 0.52%

228,834

Springer Nature Deutschland GmbH,First Lien - Initial B18 Term Loan

1M US L + 3.00%, 0.75% Floor

08/14/2026

227,881

Great Britain - 2.07%

250,000

City Football Group Limited, TL

3M US L + 3.50%

07/09/2028

246,094

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	144,378	EG Group, Ltd., First Lien -Additional Facility Term Loan	3M US L + 4.00%	02/07/2025	$	142,418
	300,000	Genesis Care Finance Pty, Ltd., First Lien - Facility B2 Term Loan	3M EUR L + 3.50%	10/30/2025		287,828
	181,182	Lernen Bidco, Ltd., First Lien -Facility B1 (EUR) Term Loan	6M EUR L + 4.25%	10/24/2025		199,454
	33,000	Osmosis Buyer, Ltd., First Lien -Initial B Term Loan	3M US L + 2.75%, 0.50% Floor	06/17/2028		32,737
	6,384	Paysafe Group Holdings II, Ltd., First Lien - Facility B1 Term Loan	3M US L + 3.25%, 0.50% Floor	06/10/2028		6,131
						914,662
	*Luxembourg - 0.62%*
	30,113	Intelsat Jackson Holdings SA, First Lien	3M US L + 4.75%, 1.00% Floor	07/13/2022		29,673
	247,489	Surf Holdings S.a r.l., First Lien -Dollar Tranche Term Loan	3M US L + 3.50%	03/05/2027		245,439
						275,112
	*Netherlands - 1.39%*
	283,418	Peer Holding III B.V., First Lien -Facility B Term Loan	3M EUR L + 3.00%	03/07/2025		310,463
	250,000	Sigma Holdco B.V., First Lien -Facility B4 (GBP) Term Loan	6M US L + 4.00%	07/02/2025		300,998
						611,461
	*United States - 28.58%*
	233,849	Access CIG LLC, First Lien -B Term Loan	3M US L + 3.75%	02/27/2025		230,748
	49,874	Adavantage Sales & Marketing Inc., First Lien	3M US L + 4.50%	10/28/2027		49,500
	66,667	Adtalem Global Education, Inc., First Lien - B Term Loan	3M US L + 3.00%, 0.75% Floor	08/12/2028		66,531
	124,688	Allied Universal Holdco LLC, First Lien - Initial U.S. Dollar Term Loan	1M US L + 3.75%, 0.50% Floor	05/12/2028		122,939
	56,000	Amentum Government Services Holdings, LLC, First Lien	3M US L + 4.00%	02/07/2029		55,650
	98,000	American Auto Auction Group, LLC,First Lien		12/30/2027		96,653
	52,735	American Rock Salt Company LLC, First Lien - Initial Term Loan	3M US L + 3.25%, 0.75% Floor	06/09/2028		52,307
	43,780	Ankura Consulting Group LLC, First Lien - Closing Date Term Loan	3M US L + 4.00%, 0.75% Floor	03/17/2028		43,424
	54,725	Artera Services, LLC, TL	L + 3.50%, 1.00% Floor	03/06/2025		51,455
	28,000	ASP Blade Holdings, Inc. TLB 1L	1M US L + 4.00%	10/07/2028		27,689
	49,750	ASP LS Acquisition Corp., First Lien	3M US L + 4.50%, 0.75% Floor	05/07/2028		49,584
	16,000	AssuredPartners Inc TL 1L	1M US L + 3.50%	02/13/2027		15,845

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	245,806	Astoria Energy LLC, First Lien -B Advance (2020) Term Loan	3M US L + 4.25%, 1.00% Floor	12/10/2027	$	243,002
	100,000	Astra Acquisition Corp., First Lien - Initial Term Loan	1M US L + 5.25%	10/22/2028		97,313
	140,993	Asurion LLC, First Lien -New B-8 Term Loan	1M US L + 3.25%	12/23/2026		138,144
	99,500	Azalea TopCo, Inc., First Lien	3M US L + 4.00%, 0.75% Floor	07/24/2026		98,878
	74,812	Baldwin Risk Partners LLC, First Lien	1M US L + 3.50%, 0.50% Floor	10/14/2027		74,251
	159,593	BCP Renaissance Parent LLC, First Lien - Initial Term Loan	3M US L + 3.50%, 1.00% Floor	10/31/2024		157,664
	7,105	BCPE North Star US Holdco 2, Inc., First Lien	3M US L + 3.75%, 0.75% Floor	06/10/2028		6,983
	63,800	BCPE North Star US Holdco 2, Inc., First Lien - Initial Term Loan	3M US L + 3.75%, 0.75% Floor	06/09/2028		62,704
	100,000	Bengal Debt Merger Sub, LLC, First Lien	3M US L + 3.25%	01/19/2029		98,572
	25,000	Bengal Debt Merger Sub, LLC, Second Lien	3M US L + 6.10%	01/18/2030		25,000
	241,875	Bracket Intermediate Holding Corp., First Lien - Initial Term Loan	3M US L + 4.25%	09/05/2025		240,312
	242,550	Brookfield WEC Holdings, Inc., First Lien - Initial (2021) Term Loan	3M US L + 2.75%, 0.50% Floor	08/01/2025		238,647
	7,322	BW Holding, Inc., First Lien	3M US L + 4.00%, 0.50% Floor	12/14/2028		7,222
	233,061	Camelot U.S. Acquisition 1 Co., First Lien - Initial Term Loan	1M US L + 3.00%	10/30/2026		230,974
	24,812	Carnival Corp., First Lien -Initial Advance Term Loan	3M US L + 7.50%, 0.75% Floor	06/30/2025		24,210
	26,000	Carnival Corporation TLB 1L	6M US L + 3.25%	10/06/2028		25,480
	176,572	Charter Next Generation, Inc., First Lien - Initial (2021) Term Loan	1M US L + 3.75%, 0.75% Floor	12/01/2027		175,827
	246,203	CITGO Petroleum Corp., First Lien - 2019 Incremental B Term Loan	3M US L + 6.25%, 1.00% Floor	03/28/2024		246,071
	125,000	Clydesdale Acquisition Holdings, Inc., First Lien		03/30/2029		123,125
	124,688	Consilio/Skopima 5/21 Cov-Lite TLB	1M US L + 4.00%	05/12/2028		123,460
	3,167	CP Iris Holdco I, Inc., First Lien	1M US L + 3.75%, 0.50% Floor	10/05/2028		3,101
	26,867	CPV Maryland LLC, First Lien -B Advance Term Loan	3M US L + 5.25%, 1.00% Floor	05/11/2028		26,598
	149,250	CQP Holdco LP TLB	3M US L + 4.00%	06/05/2028		148,725
	75,268	DIRECTV Financing LLC, First Lien -Closing Date Term Loan	1M US L + 5.00%, 0.75% Floor	08/02/2027		75,282
	26,000	Diversitech Holdings, Inc.	3M US L + 3.75%	12/15/2028		25,695

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description

Rate

Maturity

Value

247,500

DRW Holdings LLC, First Lien -Initial Term Loan

1M US L + 3.75%

03/01/2028

245,644

34,000

Echo Global Logistics, Inc. TL 1L

3M US L + 4.25%

11/03/2028

33,676

78,000

Electron BidCo, Inc. TL 1L

1M US L + 3.25%

10/07/2028

77,257

125

Employbridge Holding Company, TLB

3M US L + 4.75%

07/14/2028

124

150,000

Fertitta Entertainment, LLC, First Lien

1M US L + 4.00%

01/13/2029

149,447

241,875

Flynn Restaurant Group LP, First Lien - Initial Term Loan

1M US L + 3.50%

06/27/2025

240,365

247,505

Great Outdoors Group LLC, First Lien

1M US L + 3.75%, 0.75% Floor

03/05/2028

246,924

247,500

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

1M US L + 4.00%, 0.75% Floor

12/01/2027

247,423

245,167

Harbor Freight Tools USA, Inc., First Lien - Initial (2021) Term Loan

L + 2.75%, 0.50% Floor

10/19/2027

240,494

200,000

Helix Gen Funding LLC

1M US L + 3.75%

06/03/2024

195,422

62,528

Hudson River Trading LLC, First Lien

1M US L + 3.00%

03/20/2028

61,674

63,000

Hunter Douglas, Inc., First Lien

3M US L + 3.50%

02/09/2029

61,839

76,000

Intelsat Jackson Holdings S.A.TLB 1L

4M US L + 4.25%

01/26/2029

74,890

247,500

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

3M US L + 3.25%, 1.00% Floor

12/15/2027

246,417

248,750

Ivanti Software, Inc., First Lien

3M US L + 4.25%, 0.75% Floor

12/01/2027

245,796

109,790

KUEHG Corp, First Lien -B-3 Term Loan

3M US L + 3.75%, 1.00% Floor

02/21/2025

108,332

42,247

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

3M US L + 4.75%, 1.00% Floor

12/16/2024

42,168

222,611

LMBE-MC Holdco II LLC, First Lien

3M US L + 5.00%, 1.00% Floor

12/03/2025

211,758

224,500

LogMeIn, Inc., First Lien -Initial Term Loan

1M US L + 4.75%

08/31/2027

220,957

37,500

LTI Holdings, Inc., First Lien

L + 4.75%

07/24/2026

37,219

62,188

LTI Holdings, Inc., First Lien -Second Amendment Additional Term Loan

3M US L + 4.00%

07/24/2026

61,721

45,770

Majordrive Holdings IV LLC, First Lien - Initial Term Loan

3M US L + 3.75%,0.50% Floor

06/01/2028

45,170

55,827

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

1M US L + 4.00%, 0.75% Floor

12/31/2027

55,722

59,000

McAfee Corp., First Lien

3M US L + 4.00%

02/02/2029

58,668

27,678

Merion Rose Merger Sub, Inc., First Lien

1M US L + 4.00%

12/08/2028

27,297

250,000

Mileage Plus Holdings LLC, First Lien -Initial Term Loan

3M US L + 5.25%, 1.00% Floor

06/21/2027

260,243

71,000

Mitchell International, Inc. TLB

3M US L + 3.75%

10/01/2028

69,963

239,430

Natgasoline LLC, First Lien -Initial Term Loan

3M US L + 3.50%

11/14/2025

237,335

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description

Rate

Maturity

Value

65,000

Olaplex, Inc. TL 1L

1M US L + 3.75%

02/17/2029

64,919

50,000

Oryx Midstream Services Permian Basin LLC, TLB, First Lien

L + 3.25%, 0.50% Floor

09/30/2028

49,660

100,000

Osmosis Buyer Limited TLB 1L

6M US L + 4.00%

07/31/2028

99,094

247,500

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

1M US L + 3.25%

02/05/2026

241,726

59,000

Parkway Generation, LLC, First Lien

1M US L + 4.75%

11/05/2028

57,894

98,987

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

3M US L + 3.50%, 0.75% Floor

02/14/2025

98,647

95,000

PMHC II, INC.TLB 1L

6M US L + 4.50%

02/02/2029

90,883

32,918

Polaris Newco LLC, First Lien -Dollar Term Loan

L + 4.00%, 0.50% Floor

06/04/2028

32,724

37,000

Pre Paid Legal Services, Inc. TL

1M US L + 3.75%

12/07/2028

36,603

246,759

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

3M US L + 3.75%, 0.75% Floor

11/03/2025

241,885

55,000

Proofpoint, Inc., First Lien -Initial Term Loan

L + 3.25%, 0.50% Floor

06/10/2028

54,477

245,000

Pug LLC, First Lien -USD B Term Loan

1M US L + 3.50%

02/12/2027

240,917

235,231

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

3M US L + 2.75%

08/29/2025

233,859

125,000

Redwood Star Merger Sub, Inc.

6M US L + 4.50%

03/16/2029

121,927

34,000

Renaissance Holdings Corp., First Lien

6M US L + 4.25%, 0.50% Floor

03/17/2027

33,915

55,000

Restaurant Technologies, Inc. TLB 1L

6M US L + 4.25%

03/17/2029

54,656

54,000

Scientific Games Holdings LP, First Lien

6M US L + 3.50%

02/04/2029

53,585

40,970

SCIH Salt Holdings, Inc., First Lien -Incremental B-1 Term Loan

3M US L + 3.50%, 0.75% Floor

03/16/2027

40,378

149,625

SeaWorld Parks & Entertainment, Inc., First Lien - B Term Loan

L + 3.00%, 0.50% Floor

08/25/2028

148,260

40,052

Secure Acquisition, Inc.

4M US L + 5.00%

12/15/2028

39,501

5,948

Secure Acquisition, Inc., First Lien

3M US L + 5.00%, 0.50% Floor

12/23/2028

5,867

219,231

Shearer's Foods LLC, First Lien

3M US L + 3.50%, 0.75% Floor

09/23/2027

213,353

3,385

SM Wellness Holdings, Inc., First Lien

3M US L + 4.75%, 1.00% Floor

04/15/2028

3,355

40,514

SM Wellness Holdings, Inc., First Lien -Initial Term Loan

3M US L + 3.75%, 0.75% Floor

04/17/2028

40,159

250,000

Sotera Health Holdings LLC, First Lien - Refinancing Term Loan

3M US L + 3.25%, 0.50% Floor

12/11/2026

247,395

148,875

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

1M US L + 3.50%, 0.75% Floor

03/04/2028

147,996

176,000

SRS Distribution Inc., First Lien

3M US L + 3.85%

06/02/2028

174,130

209,974

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

3M US L + 3.25%

07/17/2025

207,716

31,889

Sylvamo Corporation, TLB

1M US L+ 4.50%

08/18/2028

31,211

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	99,500	Tiger Acquisition LLC, First Lien - Initial Term Loan	L + 3.25%, 0.50% Floor	06/01/2028	$	95,748
	28,565	Tivity Health, Inc., TLB	L + 4.25%	06/24/2028		28,240
	72,719	Triton Water Holdings, Inc., First Lien - Initial Term Loan	3M US L + 3.50%, 0.50% Floor	03/31/2028		71,070
	272,179	Uber Technologies, Inc., First Lien - 2021 Incremental Term Loan	1M US L + 3.50%	04/04/2025		272,033
	102,310	UFC Holdings LLC, First Lien	3M US L + 2.75%, 0.75% Floor	04/29/2026		101,443
	247,505	UKG, Inc., First Lien	3M US L + 3.25%, 0.50% Floor	05/03/2026		245,845
	49,625	United AirLines, Inc., First Lien -Class B Term Loan	3M US L + 3.75%, 0.75% Floor	04/21/2028		49,125
	27,000	United Site 11/21 Cov-Lite	3M US L + 4.25%	11/04/2028		26,795
	45,000	Univision Communications, Inc., First Lien - B Term Loan	3M US L + 4.00%, 0.75% Floor	05/05/2028		44,625
	248,750	Verscend Holding Corp., First Lien -B-1 Term Loan	1M US L + 4.00%	08/27/2025		248,439
	45,000	Vertex Aerospace Services Corp TL	1M US L + 4.00%	11/10/2028		44,916
	65,000	W. R. Grace Holdings LLC, First Lien - Initial Term Loan	L + 3.75%, 0.50% Floor	09/22/2028		64,644
	83,000	Whatabrands LLC, First Lien -Initial B Term Loan	1M US L + 3.25%, 0.50% Floor	08/03/2028		82,110
	246,665	William Morris Endeavor Entertainment LLC, First Lien - B-1 Term Loan	3M US L + 2.75%	05/18/2025		242,915
	369,336	Windstream Services II LLC, First Lien - Initial Term Loan	1M US L + 6.25%, 1.00% Floor	09/21/2027		369,336
	129,630	YI LLC, First Lien - Initial Term Loan	1M US L + 4.00%, 1.00% Floor	11/07/2024		128,091
						12,605,577

	TOTAL BANK LOANS
	(Cost $15,013,364)					14,821,066

	HIGH YIELD DEBT- 53.37%
	*Australia - 0.32%*
	40,000	Mineral Resources, Ltd.^(e)	8.13%	05/01/2027		41,413
	100,000	Nufarm Australia, Ltd. / Nufarm Americas, Inc.^(e)	5.00%	01/27/2030		98,723
						140,136
	*Canada - 2.00%*
	69,000	Bombardier, Inc.^(e)	7.50%	03/15/2025		69,436
	80,000	Bombardier, Inc.^(e)	7.13%	06/15/2026		78,497
	45,000	Bombardier, Inc.^(e)	6.00%	02/15/2028		42,238
	110,000	Cascades, Inc./Cascades USA, Inc.^(e)	5.38%	01/15/2028		110,014

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	75,000	Eldorado Gold Corp.^(e)	6.25%	09/01/2029	$	75,572
	20,000	First Quantum Minerals, Ltd.^(e)	7.25%	04/01/2023		19,990
	25,000	First Quantum Minerals, Ltd.^(e)	6.50%	03/01/2024		25,195
	85,000	GFL Environmental, Inc.^(e)	5.13%	12/15/2026		85,836
	105,000	Intelligent Packaging, Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC^(e)	6.00%	09/15/2028		103,688
	110,000	Mercer International, Inc.	5.13%	02/01/2029		106,280
	60,000	Precision Drilling Corp.^(e)	7.13%	01/15/2026		61,270
	25,000	Precision Drilling Corp.^(e)	6.88%	01/15/2029		25,405
	80,000	Strathcona Resources, Ltd.^(e)	6.88%	08/01/2026		80,713
						884,134
	*France - 2.76%*
	100,000	Afflelou SAS^(f)	4.25%	05/19/2026		108,439
	120,000	Altice France SA^(e)	5.50%	01/15/2028		111,448
	55,000	Altice France SA^(e)	5.13%	07/15/2029		49,368
	100,000	Altice France SA^(e)	4.25%	10/15/2029		100,651
	100,000	Banijay Entertainment SASU^(e)	3.50%	03/01/2025		110,725
	100,000	CAB SELAS^(f)	3.38%	02/01/2028		105,493
	100,000	Chrome Bidco SASU^(e)	3.50%	05/31/2028		106,153
	35,000	Iliad Holding SASU^(e)	6.50%	10/15/2026		35,140
	155,000	Iliad Holding SASU^(e)	5.63%	10/15/2028		171,504
	100,000	Kapla Holding SAS^(f)	3.38%	12/15/2026		106,174
	100,000	Loxam SAS	5.75%	07/15/2027		108,482
	100,000	Paprec Holding SA^(f)	3.50%	07/01/2028		105,670
						1,219,247
	*Germany - 1.47%*
	100,000	Cheplapharm Arzneimittel GmbH^(f)	4.38%	01/15/2028		109,658
	100,000	Gruenenthal GmbH^(e)	4.13%	05/15/2028		107,998
	100,000	IHO Verwaltungs GmbH^(f)(g)	3.75% (4.50%)	09/15/2026		107,572
	100,000	Nidda BondCo GmbH^(f)	7.25%	09/30/2025		105,558
	100,000	Renk AG/Frankfurt am Main^(f)	5.75%	07/15/2025		111,533
	100,000	TUI Cruises GmbH^(f)	6.50%	05/15/2026		105,094
						647,413
	*Great Britain - 2.17%*
	100,000	Arqiva Broadcast Finance PLC	6.75%	09/30/2023		131,771
	55,000	Connect Finco SARL / Connect US Finco LLC^(e)	6.75%	10/01/2026		56,028
	100,000	eG Global Finance PLC^(f)	6.25%	10/30/2025		110,678
	100,000	INEOS Finance PLC^(f)	2.88%	05/01/2026		105,664
	100,000	INEOS Quattro Finance 1 PLC^(f)	3.75%	07/15/2026		104,312
	100,000	Pinnacle Bidco PLC^(f)	5.50%	02/15/2025		111,362
	100,000	Thames Water Kemble Finance PLC^(f)	4.63%	05/19/2026		126,924
	100,000	Victoria PLC	3.63%	08/24/2026		106,737

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	100,000	Vodafone Group PLC^(d)	3.00% -5Y EUR SWAP	08/27/2080	$	101,510
						954,986
	*Hong Kong - 0.18%*
	85,000	Seaspan Corp.^(e)	5.50%	08/01/2029		79,650

	*Ireland - 0.53%*
	100,000	eircom Finance DAC	3.50%	05/15/2026		109,372
	100,000	Virgin Media Vendor Financing Notes III DAC^(e)	4.88%	07/15/2028		124,221
						233,593
	*Italy - 1.93%*
	100,000	Bormioli Pharma SpA^(d)(f)	3M EUR L + 3.50%	11/15/2024		101,610
	100,000	Brunello Bidco SpA^(e)	3.50%	02/15/2028		104,567
	100,000	Cedacri Mergeco SPA^(d)(e)	3M EUR L + 4.625%	05/15/2028		110,114
	100,000	Centurion Bidco SpA^(f)	5.88%	09/30/2026		107,905
	100,000	Gamma Bidco SpA^(d)(f)	3M EUR L + 6.00%	07/15/2025		111,040
	100,000	Guala Closures SpA^(f)	3.25%	06/15/2028		100,032
	100,000	Sofima Holding SpA^(f)	3.75%	01/15/2028		103,976
	100,000	Telecom Italia SpA	4.00%	04/11/2024		113,657
						852,901
	*Jersey - 0.29%*
	100,000	AA Bond Co., Ltd.^(f)	6.50%	01/31/2026		129,038

	*Luxembourg - 2.51%*
	55,000	Altice Financing SA^(e)	5.75%	08/15/2029		50,077
	100,000	Altice Financing SA^(e)	4.25%	08/15/2029		98,942
	100,000	Altice France Holding SA^(e)	4.00%	02/15/2028		95,279
	100,000	ARD Finance SA^(e)(g)	5.00%	06/30/2027		100,853
	100,000	Cirsa Finance International Sarl^(e)	4.50%	03/15/2027		104,975
	100,000	Dana Financing Luxembourg Sarl^(e)	3.00%	07/15/2029		101,065
	110,000	EverArc Escrow Sarl^(e)	5.00%	10/30/2029		100,719
	45,000	Intelsat Jackson Holdings SA^(e)	6.50%	03/15/2030		45,000
	100,000	Matterhorn Telecom SA^(f)	4.00%	11/15/2027		108,313
	100,000	Summer BC Holdco B SARL^(f)	5.75%	10/31/2026		112,580
	85,000	Telecom Italia Capital SA	6.38%	11/15/2033		81,388
	100,000	Telenet Finance Luxembourg Notes SARL^(f)	3.50%	03/01/2028		108,381
						1,107,572
	*Netherlands - 2.56%*
	115,000	Energizer Gamma Acquisition BV^(e)	3.50%	06/30/2029		112,436
	100,000	OCI NV^(e)	4.63%	10/15/2025		100,863
	100,000	Sigma Holdco BV^(f)	5.75%	05/15/2026		90,987
	100,000	Titan Holdings II BV^(f)	5.13%	07/15/2029		102,085
	100,000	Trivium Packaging Finance BV^(e)	3.75%	08/15/2026		108,663

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	200,000	UPC Holding BV^(e)	5.50%	01/15/2028	$	197,941
	125,000	WP/AP Telecom Holdings IV BV^(e)	3.75%	01/15/2029		131,840
	45,000	Ziggo Bond Co. BV^(e)	5.13%	02/28/2030		41,961
	100,000	Ziggo Bond Co. BV^(f)	3.38%	02/28/2030		98,109
	145,000	Ziggo Bond Co. BV^(e)	3.38%	02/28/2030		142,259
						1,127,144
*Spain - 0.95%*
	100,000	Grifols Escrow Issuer SA^(e)	3.88%	10/15/2028		105,533
	100,000	Grupo Antolin-Irausa SA^(f)	3.38%	04/30/2026		97,139
	100,000	Kaixo Bondco Telecom SA^(e)	5.13%	09/30/2029		104,067
	105,000	Lorca Telecom Bondco SA^(e)	4.00%	09/18/2027		112,282
						419,021
*Sweden - 0.92%*
	100,000	Intrum AB^(f)	3.00%	09/15/2027		102,104
	100,000	Samhallsbyggnadsbolaget i Norden AB^(c)(d)	3.223% -5Y EUR SWAP	12/31/2049		91,248
	100,000	Verisure Holding AB^(f)	3.88%	07/15/2026		108,406
	100,000	Verisure Midholding AB^(f)	5.25%	02/15/2029		102,405
						404,163
*United States - 34.78%*
	40,000	Academy, Ltd.^(e)	6.00%	11/15/2027		41,000
	135,000	Acadia Healthcare Co., Inc.^(e)	5.50%	07/01/2028		135,844
	10,000	Acadia Healthcare Co., Inc.^(e)	5.00%	04/15/2029		9,884
	70,000	Acuris Finance US, Inc. / Acuris Finance SARL^(e)	5.00%	05/01/2028		64,462
	65,000	Affinity Gaming^(e)	6.88%	12/15/2027		63,340
	70,000	Ahead DB Holdings LLC^(e)	6.63%	05/01/2028		62,682
	45,000	Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC^(e)	5.88%	02/15/2028		44,930
	45,000	Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer^(e)	5.88%	11/01/2029		43,345
	105,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.^(e)	6.63%	07/15/2026		106,386
	60,000	American Airlines, Inc.^(e)	11.75%	07/15/2025		70,125
	95,000	American Axle & Manufacturing, Inc.	5.00%	10/01/2029		89,240
	80,000	American Finance Trust, Inc. / American Finance Operating Partner LP^(e)	4.50%	09/30/2028		72,164
	175,000	APX Group, Inc.^(e)	6.75%	02/15/2027		179,204
	70,000	APX Group, Inc.^(e)	5.75%	07/15/2029		64,006
	10,000	Aramark Services, Inc.^(e)	6.38%	05/01/2025		10,278
	115,000	Aramark Services, Inc.^(e)	5.00%	02/01/2028		111,756
	45,000	Archrock Partners LP / Archrock Partners Finance Corp.^(e)	6.88%	04/01/2027		45,558
	105,000	Archrock Partners LP / Archrock Partners Finance Corp.^(e)	6.25%	04/01/2028		103,688

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	105,000	Arconic Corp.^(e)	6.13%	02/15/2028	$	105,546
	75,000	Ascent Resources Utica Holdings LLC / ARU Finance Corp.^(e)	7.00%	11/01/2026		77,039
	110,000	ASP Unifrax Holdings, Inc.	5.25%	09/30/2028		102,325
	150,000	AssuredPartners, Inc.^(e)	5.63%	01/15/2029		138,349
	65,000	At Home Group, Inc.^(e)	4.88%	07/15/2028		57,981
	55,000	At Home Group, Inc.^(e)	7.13%	07/15/2029		47,682
	100,000	Avantor Funding, Inc.^(f)	3.88%	07/15/2028		111,314
	71,000	Bausch Health Cos., Inc.^(e)	6.13%	04/15/2025		71,666
	185,000	Bausch Health Cos., Inc.^(e)	6.13%	02/01/2027		186,396
	65,000	Bausch Health Cos., Inc.^(e)	4.88%	06/01/2028		62,325
	45,000	BellRing Brands, Inc.^(e)	7.00%	03/15/2030		46,012
	60,000	Big River Steel LLC / BRS Finance Corp.^(e)	6.63%	01/31/2029		63,052
	65,000	Brink's Co.^(e)	5.50%	07/15/2025		65,593
	45,000	Buckeye Partners LP^(e)	4.50%	03/01/2028		43,200
	85,000	Cablevision Lightpath LLC^(e)	5.63%	09/15/2028		77,720
	125,000	Caesars Entertainment, Inc.^(e)	6.25%	07/01/2025		129,215
	160,000	Calpine Corp.^(e)	5.13%	03/15/2028		152,706
	175,000	Carnival Corp.^(e)	5.75%	03/01/2027		167,125
	50,000	CCO Holdings LLC / CCO Holdings Capital Corp.^(e)	5.50%	05/01/2026		50,789
	25,000	CCO Holdings LLC / CCO Holdings Capital Corp.^(e)	5.00%	02/01/2028		24,785
	15,000	CCO Holdings LLC / CCO Holdings Capital Corp.^(e)	5.38%	06/01/2029		15,026
	120,000	CCO Holdings LLC / CCO Holdings Capital Corp.^(e)	4.75%	03/01/2030		115,439
	55,000	CDI Escrow Issuer, Inc.^(e)	5.75%	04/01/2030		55,619
	130,000	Cedar Fair LP	5.25%	07/15/2029		128,259
	65,000	Central Garden & Pet Co.	5.13%	02/01/2028		64,655
	80,000	Change Healthcare Holdings LLC / Change Healthcare Finance, Inc.^(e)	5.75%	03/01/2025		80,096
	5,000	Cheniere Energy Partners LP^(e)	3.25%	01/31/2032		4,554
	90,000	Cheniere Energy, Inc.	4.63%	10/15/2028		90,416
	25,000	Chesapeake Energy Corp.^(e)	5.50%	02/01/2026		25,638
	40,000	Chesapeake Energy Corp.^(e)	5.88%	02/01/2029		41,358
	30,000	CHS/Community Health Systems, Inc.^(e)	8.00%	03/15/2026		31,277
	60,000	CHS/Community Health Systems, Inc.^(e)	5.63%	03/15/2027		61,183
	160,000	CHS/Community Health Systems, Inc.^(e)	6.00%	01/15/2029		161,952
	15,000	CHS/Community Health Systems, Inc.^(e)	4.75%	02/15/2031		14,196
	65,000	Churchill Downs, Inc.^(e)	5.50%	04/01/2027		65,845
	10,000	Churchill Downs, Inc.^(e)	4.75%	01/15/2028		9,719
	145,000	CITGO Petroleum Corp.^(e)	7.00%	06/15/2025		146,067
	35,000	CITGO Petroleum Corp.^(e)	6.38%	06/15/2026		35,280
	65,000	Cleveland-Cliffs, Inc.^(e)	6.75%	03/15/2026		68,353
	75,000	Colgate Energy Partners III LLC^(e)	7.75%	02/15/2026		80,054

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	35,000	Colgate Energy Partners III LLC^(e)	5.88%	07/01/2029	$	36,145
	34,000	CommScope Technologies LLC^(e)	6.00%	06/15/2025		32,242
	155,000	CommScope Technologies LLC^(e)	5.00%	03/15/2027		134,952
	30,000	CommScope, Inc.^(e)	6.00%	03/01/2026		30,384
	25,000	CommScope, Inc.^(e)	7.13%	07/01/2028		22,613
	30,000	CommScope, Inc.^(e)	4.75%	09/01/2029		27,671
	85,000	Comstock Resources, Inc.^(e)	6.75%	03/01/2029		87,795
	25,000	Comstock Resources, Inc.^(e)	5.88%	01/15/2030		24,662
	55,000	Consensus Cloud Solutions, Inc.^(e)	6.50%	10/15/2028		54,757
	70,000	Consolidated Communications, Inc.^(e)	5.00%	10/01/2028		60,378
	130,000	Coty, Inc.^(e)	5.00%	04/15/2026		126,826
	50,000	Crocs, Inc.^(e)	4.25%	03/15/2029		44,308
	62,000	CrownRock LP / CrownRock Finance, Inc.^(e)	5.63%	10/15/2025		63,259
	35,000	CrownRock LP / CrownRock Finance, Inc.^(e)	5.00%	05/01/2029		35,074
	115,000	CSC Holdings LLC^(e)	5.75%	01/15/2030		102,548
	25,000	CSC Holdings LLC^(e)	5.00%	11/15/2031		20,993
	20,000	Cushman & Wakefield US Borrower LLC^(e)	6.75%	05/15/2028		20,933
	100,000	CVR Energy, Inc.^(e)	5.25%	02/15/2025		97,238
	30,000	CVR Energy, Inc.^(e)	5.75%	02/15/2028		28,511
	20,000	Dana, Inc.	5.38%	11/15/2027		19,902
	30,000	Dana, Inc.	5.63%	06/15/2028		30,352
	30,000	DCP Midstream Operating LP^(e)	6.45%	11/03/2036		34,631
	20,000	DCP Midstream Operating LP	5.60%	04/01/2044		21,058
	145,000	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.^(e)	5.88%	08/15/2027		142,836
	35,000	DISH DBS Corp.	7.75%	07/01/2026		34,816
	85,000	DISH DBS Corp.^(e)	5.25%	12/01/2026		81,122
	30,000	DISH DBS Corp.^(e)	5.75%	12/01/2028		28,444
	55,000	DISH DBS Corp.	5.13%	06/01/2029		46,909
	45,000	Edgewell Personal Care Co.^(e)	5.50%	06/01/2028		44,848
	65,000	Elastic NV^(e)	4.13%	07/15/2029		60,530
	50,000	EnLink Midstream LLC^(e)	5.63%	01/15/2028		51,070
	60,000	EnLink Midstream Partners LP	5.05%	04/01/2045		48,769
	15,000	EQM Midstream Partners LP^(e)	4.50%	01/15/2029		14,056
	40,000	EQM Midstream Partners LP^(e)	4.75%	01/15/2031		37,460
	50,000	Everi Holdings, Inc.^(e)	5.00%	07/15/2029		47,429
	100,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.^(e)	6.75%	01/15/2030		92,123
	10,000	FirstCash, Inc.^(e)	4.63%	09/01/2028		9,317
	100,000	FirstCash, Inc.^(e)	5.63%	01/01/2030		96,199
	30,000	Frontier Communications Holdings LLC^(e)	5.88%	10/15/2027		29,836
	195,000	Frontier Communications Holdings LLC^(e)	5.00%	05/01/2028		187,439

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	35,000	Frontier Communications Holdings LLC^(e)	6.75%	05/01/2029	$	33,648
	35,000	Go Daddy Operating Co. LLC / GD Finance Co, Inc.^(e)	5.25%	12/01/2027		35,220
	55,000	Goodyear Tire & Rubber Co.	9.50%	05/31/2025		58,316
	75,000	Greystar Real Estate Partners LLC^(e)	5.75%	12/01/2025		75,688
	100,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.^(e)	5.75%	01/20/2026		100,189
	100,000	Herc Holdings, Inc.^(e)	5.50%	07/15/2027		101,523
	105,000	Hertz Corp.^(e)	4.63%	12/01/2026		98,198
	75,000	Hess Midstream Operations LP^(e)	5.63%	02/15/2026		77,061
	5,000	Hess Midstream Operations LP^(e)	5.13%	06/15/2028		5,006
	50,000	Hess Midstream Operations LP^(e)	4.25%	02/15/2030		47,265
	45,000	HUB International, Ltd.^(e)	7.00%	05/01/2026		45,577
	55,000	HUB International, Ltd.^(e)	5.63%	12/01/2029		52,629
	100,000	Hunt Companies, Inc.^(e)	5.25%	04/15/2029		95,460
	40,000	IAA, Inc.^(e)	5.50%	06/15/2027		40,149
	10,000	iHeartCommunications, Inc.	8.38%	05/01/2027		10,352
	110,000	iHeartCommunications, Inc.^(e)	5.25%	08/15/2027		108,957
	100,000	International Game Technology PLC	3.50%	06/15/2026		111,625
	145,000	Iron Mountain, Inc.^(e)	5.25%	03/15/2028		143,304
	15,000	Iron Mountain, Inc.^(e)	5.00%	07/15/2028		14,650
	55,000	Iron Mountain, Inc.^(e)	5.25%	07/15/2030		53,975
	2,000	Kraft Heinz Foods Co.	6.88%	01/26/2039		2,465
	125,000	LABL, Inc.^(e)	5.88%	11/01/2028		117,422
	45,000	Laredo Petroleum, Inc.	9.50%	01/15/2025		46,993
	70,000	LD Holdings Group LLC^(e)	6.50%	11/01/2025		65,700
	120,000	Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc.^(e)	5.00%	02/01/2026		115,354
	75,000	Level 3 Financing, Inc.	5.25%	03/15/2026		75,248
	20,000	Level 3 Financing, Inc.^(e)	4.63%	09/15/2027		18,863
	75,000	LFS Topco LLC^(e)	5.88%	10/15/2026		70,401
	165,000	Lumen Technologies, Inc.^(e)	5.13%	12/15/2026		157,456
	5,000	Lumen Technologies, Inc.^(e)	4.50%	01/15/2029		4,310
	63,000	Marriott Ownership Resorts, Inc.^(e)	6.13%	09/15/2025		64,653
	215,000	Mauser Packaging Solutions Holding Co.^(e)	5.50%	04/15/2024		214,439
	200,000	Mauser Packaging Solutions Holding Co.^(f)	4.75%	04/15/2024		220,229
	70,000	MEDNAX, Inc.^(e)	5.38%	02/15/2030		67,680
	60,000	Mercer International, Inc.	5.50%	01/15/2026		60,522
	34,000	MGIC Investment Corp.	5.25%	08/15/2028		33,626
	75,000	Minerva Merger Sub, Inc.^(e)	6.50%	02/15/2030		72,853
	60,000	ModivCare Escrow Issuer, Inc.^(e)	5.00%	10/01/2029		56,046
	110,000	Mozart Debt Merger Sub, Inc.^(e)	5.25%	10/01/2029		102,404
	165,000	MPH Acquisition Holdings LLC^(e)	5.50%	09/01/2028		158,514
	105,000	Nabors Industries, Ltd.^(e)	7.25%	01/15/2026		105,175

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	30,000	Nabors Industries, Ltd.^(e)	7.50%	01/15/2028	$	29,312
	70,000	Nationstar Mortgage Holdings, Inc.^(e)	5.75%	11/15/2031		66,884
	35,000	NCR Corp.^(e)	5.75%	09/01/2027		35,047
	115,000	NCR Corp.^(e)	5.13%	04/15/2029		110,693
	70,000	NCR Corp.^(e)	6.13%	09/01/2029		70,330
	35,000	New Enterprise Stone & Lime Co., Inc.^(e)	9.75%	07/15/2028		35,345
	115,000	New Enterprise Stone & Lime Co., Inc.^(e)	5.25%	07/15/2028		110,802
	130,000	NFP Corp.^(e)	6.88%	08/15/2028		124,315
	5,000	NuStar Logistics LP	6.00%	06/01/2026		5,063
	55,000	NuStar Logistics LP	6.38%	10/01/2030		55,803
	40,000	Oceaneering International, Inc.	4.65%	11/15/2024		39,508
	20,000	Olin Corp.	5.63%	08/01/2029		20,288
	105,000	Olin Corp.	5.00%	02/01/2030		104,171
	75,000	Olympus Water US Holding Corp.^(e)	4.25%	10/01/2028		68,265
	55,000	Olympus Water US Holding Corp.^(e)	6.25%	10/01/2029		48,781
	10,000	OneMain Finance Corp.	7.13%	03/15/2026		10,700
	150,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV^(e)	5.13%	04/30/2031		144,952
	90,000	Ortho-Clinical Diagnostics, Inc. / Ortho- Clinical Diagnostics SA^(e)	7.25%	02/01/2028		92,815
	35,000	Outfront Media Capital LLC / Outfront Media Capital Corp.^(e)	6.25%	06/15/2025		35,962
	20,000	Outfront Media Capital LLC / Outfront Media Capital Corp.^(e)	5.00%	08/15/2027		19,596
	75,000	Owens & Minor, Inc.^(e)	6.63%	04/01/2030		77,283
	105,000	Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc.	4.38%	10/15/2028		96,672
	220,000	Par Pharmaceutical, Inc.^(e)	7.50%	04/01/2027		205,660
	65,000	PDC Energy, Inc.	5.75%	05/15/2026		65,993
	50,000	PennyMac Financial Services, Inc.^(e)	5.38%	10/15/2025		49,580
	75,000	Performance Food Group, Inc.^(e)	5.50%	10/15/2027		74,731
	25,000	PG&E Corp.	5.00%	07/01/2028		24,193
	50,000	PG&E Corp.	5.25%	07/01/2030		48,560
	155,000	Pike Corp.^(e)	5.50%	09/01/2028		146,356
	50,000	Powdr Corp.^(e)	6.00%	08/01/2025		51,333
	220,000	Prime Security Services Borrower LLC / Prime Finance, Inc.^(e)	6.25%	01/15/2028		215,648
	110,000	Primo Water Holdings, Inc.^(f)	3.88%	10/31/2028		113,680
	45,000	QVC, Inc.	4.75%	02/15/2027		43,169
	50,000	QVC, Inc.	4.38%	09/01/2028		45,707
	80,000	Railworks Holdings LP / Railworks Rally, Inc.^(e)	8.25%	11/15/2028		82,303
	10,000	Realogy Group LLC / Realogy Co.-Issuer Corp.^(e)	5.75%	01/15/2029		9,444
	115,000	Realogy Group LLC / Realogy Co.-Issuer Corp.^(e)	5.25%	04/15/2030		105,944
	70,000	Rockcliff Energy II LLC^(e)	5.50%	10/15/2029		70,181

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	20,000	Royal Caribbean Cruises, Ltd.^(e)	5.38%	07/15/2027	$	19,245
	95,000	Royal Caribbean Cruises, Ltd.^(e)	5.50%	04/01/2028		90,693
	20,000	Sabre GLBL, Inc.^(e)	9.25%	04/15/2025		22,206
	50,000	Sabre GLBL, Inc.^(e)	7.38%	09/01/2025		52,293
	135,000	SCIL IV LLC / SCIL USA Holdings LLC^(e)	5.38%	11/01/2026		124,412
	100,000	SeaWorld Parks & Entertainment, Inc.^(e)	5.25%	08/15/2029		95,580
	35,000	SEG Holding LLC / SEG Finance Corp.^(e)	5.63%	10/15/2028		35,039
	80,000	Six Flags Entertainment Corp.^(e)	5.50%	04/15/2027		80,003
	30,000	Six Flags Theme Parks, Inc.^(e)	7.00%	07/01/2025		31,360
	40,000	Southwestern Energy Co.	8.38%	09/15/2028		43,949
	40,000	Standard Industries, Inc.^(e)	5.00%	02/15/2027		39,726
	40,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.	5.88%	03/01/2027		40,604
	15,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	5.88%	04/15/2026		15,479
	30,000	Targa Resources Partners LP / Targa Resources Partners Finance Corp.	5.00%	01/15/2028		30,450
	180,000	Tenet Healthcare Corp.^(e)	6.25%	02/01/2027		184,986
	15,000	Tenet Healthcare Corp.^(e)	5.13%	11/01/2027		15,090
	20,000	Tenet Healthcare Corp.^(e)	6.13%	10/01/2028		20,347
	65,000	TMS International Corp.^(e)	6.25%	04/15/2029		61,874
	105,000	TransDigm, Inc.^(e)	8.00%	12/15/2025		109,926
	70,000	TransDigm, Inc.^(e)	6.25%	03/15/2026		71,951
	30,000	TransDigm, Inc.	5.50%	11/15/2027		29,812
	70,000	TransDigm, Inc.	4.63%	01/15/2029		65,536
	10,000	Tronox, Inc.^(e)	6.50%	05/01/2025		10,350
	60,000	Twitter, Inc.^(e)	5.00%	03/01/2030		59,802
	80,000	Uber Technologies, Inc.^(e)	7.50%	05/15/2025		83,569
	70,000	Uber Technologies, Inc.^(e)	7.50%	09/15/2027		74,725
	20,000	Uber Technologies, Inc.^(e)	6.25%	01/15/2028		20,705
	55,000	Univar Solutions USA, Inc./Washington^(e)	5.13%	12/01/2027		55,052
	35,000	Univision Communications, Inc.^(e)	9.50%	05/01/2025		36,798
	115,000	Univision Communications, Inc.^(e)	6.63%	06/01/2027		120,597
	40,000	US Foods, Inc.^(e)	6.25%	04/15/2025		41,051
	60,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	04/01/2026		60,641
	30,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	09/01/2027		30,161
	20,000	Venture Global Calcasieu Pass LLC^(e)	3.88%	08/15/2029		19,472
	30,000	Venture Global Calcasieu Pass LLC^(e)	4.13%	08/15/2031		29,484
	65,000	Vine Engergy Holdings LLC^(e)	6.75%	04/15/2029		68,940
	65,000	Vistra Operations Co. LLC^(e)	5.00%	07/31/2027		64,057
	115,000	VM Consolidated, Inc.^(e)	5.50%	04/15/2029		108,167
	145,000	WASH Multifamily Acquisition, Inc.^(e)	5.75%	04/15/2026		145,600

	40,000	Weekley Homes LLC / Weekley Finance Corp.^(e)	4.88%	09/15/2028		36,938

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

Principal Amount/Description			Rate	Maturity	Value
$	140,000	Western Midstream Operating LP	5.50%	08/15/2048	$	138,502
	95,000	WR Grace Holdings LLC^(e)	4.88%	06/15/2027		93,072
	60,000	WR Grace Holdings LLC^(e)	5.63%	08/15/2029		56,256
	155,000	Xerox Holdings Corp.^(e)	5.00%	08/15/2025		156,998
	55,000	Xerox Holdings Corp.^(e)	5.50%	08/15/2028		53,695
						15,343,540

TOTAL HIGH YIELD DEBT
(Cost $24,659,242)						23,542,538

Shares/Description			Value
RIGHTS - 0.00%^(b)(h)
	198	DBI Investors, Inc., Strike Price 0.01, Expires 12/31/2049^(a)		18

TOTAL RIGHTS
(Cost $11,231)				18

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 0.01, Expires 12/31/2049^(a)		–
	237	Windstream Holdings Inc -Pvt Warrant, Strike Price 0.00, Expires 12/31/2049		3,688

TOTAL WARRANTS
(Cost $106,180)				3,688

SHORT-TERM INVESTMENTS -8.01%
	3,533,168	State Street Institutional Trust (7 Day Yield 0.16%)		3,533,168

TOTAL SHORT-TERM INVESTMENTS
(Cost $3,533,168)				3,533,168

TOTAL INVESTMENTS - 100.38%
(Cost $45,843,789)				44,282,616
CASH SEGREGATED AT CUSTODIAN FOR FORWARD FOREIGN CURRENCY CONTRACTS - 0.11%				50,000
LIABILITIES IN EXCESS OF OTHER ASSETS -(0.49)%				(219,449	)
NET ASSETS - 100.00%			$	44,113,167

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

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, 2022 was 0.45%

3M US L - 3 Month LIBOR as of March 31, 2022 was 0.96%

6M US L - 6 Month LIBOR as of March 31, 2022 was 1.47%

3M EUR L - 3 Month EURIBOR as of March 31, 2022 was -0.46%

6M EUR L - 6 Month EURIBOR as of March 31, 2022 was -0.37%

5Y EUR SWAP - 5 Year Euro ICE Swap Rate as of March 31, 2022 was -0.25%

^(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)

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

^(d)

^(e)

Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Board and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $16,847,820, which represents approximately 38.19% of net assets as of March 31, 2022.

^(f)

Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Board. As of March 31, 2022, the aggregate fair value of those securities was $3,653,465, representing 8.28% of net assets.

^(g)	Pay-in-kind securities. Rate paid in-kind is shown in parenthesis.
^(h)	Less than 0.005%.

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/Oaktree High Income Fund

Schedule of Investments

March 31, 2022 (Unaudited)

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at March 31, 2022		Fund Delivering	U.S. $ Value at March 31, 2022		Unrealized Appreciation/ Depreciation

State Street Corporation	4/6/2022	EUR	$	103,620	USD	$	103,161	$	459
State Street Corporation	4/6/2022	USD		5,999,142	EUR		5,937,372		61,770
State Street Corporation	4/6/2022	USD		814,475	EUR		806,089		8,386
State Street Corporation	4/6/2022	USD		546,970	GBP		536,070	$	10,900
State Street Corporation	4/6/2022	USD		319,006	GBP		312,649		6,357
								$	87,872

State Street Corporation	4/6/2022	GBP	$	13,058	USD	$	13,188	$	(130	)
State Street Corporation	4/6/2022	GBP		10,576	USD		10,589		(13	)
State Street Corporation	4/6/2022	USD		52,183	EUR		52,715		(532	)
State Street Corporation	4/6/2022	USD		431,224	EUR		434,146		(2,922	)
								$	(3,597	)

See Notes to Financial Statements.

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

RiverNorth Core Opportunity Fund

Statement of Assets and Liabilities

March 31, 2022 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	69,306,694
At value	$	68,661,144
Dividends receivable		103,849
Receivable for fund shares sold		59,147
Interest receivable		52,161
Receivable for fund investments sold		50,793
Prepaid expenses and other assets		15,366
Total Assets		68,942,461

LIABILITIES:
Payable for fund shares redeemed		10,136
Payable to Adviser		57,483
Payable for fund accounting and administration fees		11,343
Accrued 12b-1 fees - Class R Shares		4,790
Payable for custodian fees		34,492
Payable for audit fees		14,102
Payable to transfer agent		7,454
Interest payable on facility loan		2,996
Other accrued expenses		333
Total Liabilities		143,129
Net Assets	$	68,799,332

NET ASSETS CONSIST OF:
Paid-in capital	$	69,038,022
Total distributable earnings/(accumulated deficit)		(238,690	)
Net Assets	$	68,799,332

PRICING OF SHARES:
Class I Shares
Net Assets	$	45,876,828
Shares of common stock outstanding
(unlimited number of shares, no par value)		6,232,528
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	7.36
Class R Shares
Net Assets	$	22,922,504
Shares of common stock outstanding
(unlimited number of shares, no par value)		3,109,857
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	7.37

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Statement of Assets and Liabilities

March 31, 2022 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	2,075,590,516
At value	$	1,872,870,078

Investment in affiliates:
At cost		33,972,583
At value		32,080,788
Receivable for fund investments sold		15,862,347
Interest receivable		7,660,122
Receivable for fund shares sold		3,804,045
Dividends receivable		1,436,569
Prepaid expenses and other assets		100,800
Total Assets		1,933,814,749

LIABILITIES:
Payable for fund investments purchased		8,898,770
Foreign cash due to custodian (Cost 2,594)		2,594
Payable for fund shares redeemed		1,359,988
Payable to Adviser		1,239,991
Payable for fund accounting and administration fees		577,756
Accrued 12b-1 fees - Class R Shares		26,032
Payable for custodian fees		161,991
Payable for audit fees		22,078
Payable to transfer agent		40,955
Interest payable on facility loan		59,693
Other accrued expenses		2,190
Total Liabilities		12,392,038
Net Assets	$	1,921,422,711

NET ASSETS CONSIST OF:
Paid-in capital	$	2,137,918,288
Total distributable earnings/(accumulated deficit)		(216,495,577	)
Net Assets	$	1,921,422,711

PRICING OF SHARES:
Class I Shares
Net Assets	$	1,809,489,085
Shares of common stock outstanding (unlimited number of shares, no par value)		183,993,576
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	9.83
Class R Shares
Net Assets	$	111,933,626
Shares of common stock outstanding (unlimited number of shares, no par value)		11,358,722
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	9.85

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Statement of Assets and Liabilities

March 31, 2022 (Unaudited)

ASSETS:
Investment in securities:
At cost	$	45,843,789
At value	$	44,282,616

Foreign currency, at value (Cost $27,164)		27,187
Receivable for fund investments sold		645,800
Interest receivable		384,168
Unrealized appreciation on forward foreign currency contracts		87,872
Cash segregated at custodian for forward foreign currency contracts		50,000
Receivable for fund shares sold		14,586
Dividends receivable		8,682
Prepaid expenses and other assets		20,706
Total Assets		45,521,617

LIABILITIES:
Payable for fund investments purchased		1,197,907
Payable for fund shares redeemed		1,418
Unrealized depreciation on forward foreign currency contracts		3,597
Payable to Adviser		24,600
Payable for fund accounting and administration fees		121,478
Accrued 12b-1 fees - Class R Shares		931
Payable for custodian fees		32,938
Payable for audit fees		17,095
Payable to transfer agent		5,895
Interest payable on facility loan		1,747
Other accrued expenses		844
Total Liabilities		1,408,450
Net Assets	$	44,113,167

NET ASSETS CONSIST OF:
Paid-in capital	$	50,484,155
Total distributable earnings/(accumulated deficit)		(6,370,988	)
Net Assets	$	44,113,167

PRICING OF SHARES:
Class I Shares
Net Assets	$	39,705,326
Shares of common stock outstanding
(unlimited number of shares, no par value)		4,327,713
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	9.17
Class R Shares
Net Assets	$	4,407,841
Shares of common stock outstanding
(unlimited number of shares, no par value)		481,015
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	9.16

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth Core Opportunity Fund

Statement of Operations

For the Six Months Ended March 31, 2022 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	2,556,954
Interest income		151,973
Total Investment Income		2,708,927

EXPENSES:
Investment Adviser fee		376,541
12b-1 fees - Class R Shares		29,678
Transfer agent expenses		20,944
Registration expenses		19,976
Accounting and administration fee		19,380
Compliance expense		14,465
Facility loan fees		13,641
Audit expenses		12,941
Custodian expenses		10,281
Printing expenses		4,798
Trustee expenses		3,266
Legal expenses		2,234
Insurance expenses		690
Miscellaneous expenses		5,482
Total Expenses		534,317
Net Investment Income		2,174,610

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		467,969
Net realized gain		467,969
Net change in unrealized appreciation/depreciation on:
Investments		(4,715,710	)
Net change in unrealized appreciation/depreciation		(4,715,710	)
Net Realized and Unrealized Loss on Investments		(4,247,741	)
Net Decrease in Net Assets Resulting from Operations	$	(2,073,131	)

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Statement of Operations

For the Six Months Ended March 31, 2022 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	9,825,737
Dividend income from affiliated securities		568,557
Interest income		45,540,452
Other income		90,156
Foreign taxes reclaimed		2,160
Total Investment Income		56,027,062

EXPENSES:
Investment Adviser fee		7,505,159
Accounting and administration fee		518,290
12b-1 fees - Class R Shares		165,566
Facility loan fees		128,259
Compliance expense		93,294
Transfer agent expenses		88,418
Trustee expenses		79,716
Custodian expenses		61,379
Printing expenses		59,058
Legal expenses		43,753
Registration expenses		35,787
Audit expenses		20,917
Insurance expenses		14,123
Miscellaneous expenses		54,894
Total Expenses		8,868,613
Net Investment Income		47,158,449

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(3,036,926	)
Net realized loss		(3,036,926	)
Net change in unrealized appreciation/depreciation on:
Investments		(136,216,804	)
Affiliated Investments		(1,221,929	)
Net change in unrealized appreciation/depreciation		(137,438,733	)
Net Realized and Unrealized Loss on Investments		(140,475,659	)
Net Decrease in Net Assets Resulting from Operations	$	(93,317,210	)

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/Oaktree High Income Fund

Statement of Operations

For the Six Months Ended March 31, 2022 (Unaudited)

INVESTMENT INCOME:
Dividend income	$	39,199
Interest income		1,033,871
Other income		14,518
Foreign taxes withheld		(19,132	)
Total Investment Income		1,068,456

EXPENSES:
Investment Adviser fee		225,944
Accounting and administration fee		68,216
Registration expenses		19,454
Transfer agent expenses		17,533
Audit expenses		15,933
Compliance expense		12,970
Facility loan fees		11,357
12b-1 fees - Class R Shares		5,623
Custodian expenses		5,120
Printing expenses		3,931
Trustee expenses		1,799
Legal expenses		1,700
Insurance expenses		326
Miscellaneous expenses		4,211
Total expenses		394,117
Less fees waived/reimbursed by Investment Adviser:		(83,594	)
Class I Shares		(75,274	)
Class R Shares		(8,320	)
Net Expenses		310,523
Net Investment Income		757,933

REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(18,315	)
Forward Foreign Currency Contracts		460,342
Translation of assets and liabilities denominated in foreign currencies		(6,622	)
Net realized gain		435,405
Net change in unrealized appreciation/depreciation on:
Investments		(2,011,301	)
Forward Foreign Currency Contracts		(98,233	)
Translation of assets and liabilities denominated in foreign currencies		(1,259	)
Net change in unrealized appreciation/depreciation		(2,110,793	)
Net Realized and Unrealized Loss on Investments, translation of assets and liabilities denominated in foreign currencies and forward foreign currency contracts		(1,675,388	)
Net Decrease in Net Assets Resulting from Operations	$	(917,455	)

See Notes to Financial Statements.

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

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	2,174,610		$	2,503,081
Net realized gain		467,969			13,125,576
Long-term capital gains from other investment companies		–			565,724
Net change in unrealized appreciation/depreciation on investments		(4,715,710	)		6,389,430
Net increase/(decrease) in net assets resulting from operations		(2,073,131	)		22,583,811

DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		(10,555,168	)		(3,148,616	)
Class R shares		(4,653,471	)		(1,632,358	)
Net decrease in net assets from distributions to shareholders		(15,208,639	)		(4,780,974	)

CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		2,909,272			8,348,674
Reinvestment of distributions		9,841,938			2,779,849
Cost of shares redeemed		(10,258,027	)		(17,705,774	)
Net increase/(decrease) in net assets from capital share transactions		2,493,183			(6,577,251	)
Class R Shares
Proceeds from shares sold		1,531,212			1,900,425
Reinvestment of distributions		4,587,353			1,550,292
Cost of shares redeemed		(3,811,592	)		(11,311,038	)
Net increase/(decrease) in net assets from capital share transactions		2,306,973			(7,860,321	)
Net Increase/(Decrease) in Net Assets		(12,481,614	)		3,365,265

NET ASSETS:
Beginning of period/year	$	80,572,530		$	77,207,265
End of period/year	$	68,090,916		$	80,572,530

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		350,518			943,399
Shares issued in reinvestment of distributions		1,278,685			322,701
Shares redeemed		(1,297,757	)		(2,093,907	)
Net increase/(decrease) from share transactions		331,446			(827,807	)

Class R Shares
Shares sold		198,882			217,473
Shares issued in reinvestment of distributions		595,247			180,777
Shares redeemed		(445,384	)		(1,295,488	)
Net increase/(decrease) from share transactions		348,745			(897,238	)

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	47,158,449		$	72,764,539
Net realized gain/(loss)		(3,036,926	)		46,151,888
Long-term capital gains from other investment companies		–			31,770
Net change in unrealized appreciation/depreciation on investments		(137,438,733	)		15,431,293
Net increase/(decrease) in net assets resulting from operations		(93,317,210	)		134,379,490

DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		(43,670,664	)		(73,505,027	)
Class R shares		(2,816,755	)		(5,148,979	)
Net decrease in net assets from distributions to shareholders		(46,487,419	)		(78,654,006	)

CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		284,774,816			535,909,799
Reinvestment of distributions		37,496,722			63,682,135
Cost of shares redeemed		(279,281,330	)		(443,840,174	)
Net increase in net assets from capital share transactions		42,990,208			155,751,760
Class R Shares
Proceeds from shares sold		18,224,569			44,563,657
Reinvestment of distributions		2,767,928			5,057,864
Cost of shares redeemed		(41,177,942	)		(42,065,796	)
Net increase/(decrease) in net assets from capital share transactions		(20,185,445	)		7,555,725
Net Increase/(Decrease) in Net Assets		(116,999,866	)		219,032,969

NET ASSETS:
Beginning of period/year	$	2,035,260,743		$	1,816,227,774
End of period/year	$	1,918,260,877		$	2,035,260,743

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		27,765,673			51,080,769
Shares issued in reinvestment of distributions		3,671,829			6,089,656
Shares redeemed		(27,533,172	)		(42,478,497	)
Net increase from share transactions		3,904,330			14,691,928

Class R Shares
Shares sold		1,768,540			4,233,570
Shares issued in reinvestment of distributions		270,113			482,815
Shares redeemed		(4,044,529	)		(4,010,903	)
Net increase/(decrease) from share transactions		(2,005,876	)		705,482

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	757,933		$	1,580,918
Net realized gain		435,405			743,942
Net change in unrealized appreciation/depreciation		(2,110,793	)		1,437,705
Net increase/(decrease) in net assets resulting from operations		(917,455	)		3,762,565

DISTRIBUTIONS TO SHAREHOLDERS:
Class I Shares		(712,625	)		(1,425,508	)
Class R Shares		(73,396	)		(157,316	)
Net decrease in net assets from distributions to shareholders		(786,021	)		(1,582,824	)

CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		603,275			898,392
Reinvestment of distributions		712,014			1,422,378
Cost of shares redeemed		(1,469,432	)		(3,254,457	)
Net decrease in net assets from capital share transactions		(154,143	)		(933,687	)

Class R Shares
Proceeds from shares sold		110,751			425,555
Reinvestment of distributions		72,822			155,684
Cost of shares redeemed		(154,427	)		(1,256,467	)
Net increase/(decrease) in net assets from capital share transactions		29,146			(675,228	)

Net Increase/(Decrease) in Net Assets		(1,828,473	)		570,826

NET ASSETS:
Beginning of period/year	$	45,934,150		$	45,363,324
End of period/year		44,105,677			45,934,150

See Notes to Financial Statements.

Semi-Annual Report | March 31, 2022

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

	For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		64,282			94,482
Shares issued in reinvestment of distributions		76,083			150,730
Shares redeemed		(156,695	)		(344,168	)
Net decrease from share transactions		(16,330	)		(98,956	)

Class R Shares
Shares sold		11,707			44,895
Shares issued in reinvestment of distributions		7,791			16,518
Shares redeemed		(16,430	)		(133,029	)
Net increase/(decrease) from share transactions		3,068			(71,616	)

See Notes to Financial Statements.
100	(888) 848-7569 \| www.rivernorth.com

Intentionally Left Blank

RiverNorth Core Opportunity Fund	Class I
Financial Highlights

Net asset value - beginning of period

Income/(Loss) from investment operations:

Net investment income^(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.
102	(888) 848-7569 \| www.rivernorth.com

For a share outstanding throughout the periods presented

For the Six Months Ended March 31, 2022 (Unaudited)			For the Year Ended September 30, 2021			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
$	9.30		$	7.43		$	8.05		$	10.88		$	12.37		$	11.33
	0.24			0.28			0.16			0.24			0.27			0.17
	(0.37	)		2.11			(0.41	)		(0.25	)^(b)		0.42			1.45
	(0.13	)		2.39			(0.25	)		(0.01	)		0.69			1.62
	(0.20	)		(0.39	)		(0.19	)		(0.18	)		(0.40	)		(0.30	)
	(1.61	)		(0.13	)		(0.18	)		(2.64	)		(1.78	)		(0.28	)
	–			–			–			–			–			–
	(1.81	)		(0.52	)		(0.37	)		(2.82	)		(2.18	)		(0.58	)
	–			–			–			0.00	^(c)		0.00	^(c)		0.00	^(c)
	(1.94	)		1.87			(0.62	)		(2.83	)		(1.49	)		1.04
$	7.36		$	9.30		$	7.43		$	8.05		$	10.88		$	12.37
	(1.89	%)^(e)		32.96	%		(3.00	%)		3.51	%		5.92	%		14.71	%
$	45,877		$	54,868		$	49,994		$	66,662		$	65,592		$	109,627
	N/A	^(g)		N/A			N/A			1.22	%		N/A			1.12	%
	N/A	^(g)		N/A			N/A			1.22	%		N/A			1.12	%
	N/A	^(g)		N/A			N/A			2.88	%		N/A			1.45	%
	N/A	^(g)		N/A			N/A			2.88	%		N/A			1.45	%
	1.34	%^(g)		1.33	%		1.29	%		1.22	%		1.17	%		1.12	%
	1.34	%^(g)		1.33	%		1.29	%		1.22	%		1.17	%		1.12	%
	5.88	%^(g)		3.19	%		2.10	%		2.88	%		2.37	%		1.45	%
	5.88	%^(g)		3.19	%		2.10	%		2.88	%		2.37	%		1.45	%
	61	%^(e)		182	%		110	%		36	%		58	%^(h)		39	%^(h)

Semi-Annual Report | March 31, 2022

103

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

Intentionally Left Blank

RiverNorth Core Opportunity Fund	Class R
Financial Highlights

Net asset value - beginning of period

Income/(Loss) from investment operations:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

Total distributions

Paid-in capital from redemption fees^(a)

Net increase/ (decrease) in net asset value