# EDGAR Filing Document

**Accession Number:** 0001370177
**File Stem:** 0001398344-25-011450
**Filing Date:** 2025-6
**Character Count:** 422106
**Document Hash:** 497072647fa11909f78ee328396efaea
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-011450.hdr.sgml**: 20250606

**ACCESSION NUMBER**: 0001398344-25-011450

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 47

**CONFORMED PERIOD OF REPORT**: 20250331

**FILED AS OF DATE**: 20250606

**DATE AS OF CHANGE**: 20250606

**EFFECTIVENESS DATE**: 20250606

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RiverNorth Funds
- **CENTRAL INDEX KEY:** 0001370177

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-21934
- **FILM NUMBER:** 251029542

**BUSINESS ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVE
- **STREET 2:** SUITE 1420
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401
- **BUSINESS PHONE:** 312-832-1440

**MAIL ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVE
- **STREET 2:** SUITE 1420
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401

## Series and Classes Contracts Data

### RiverNorth Core Opportunity Fund (Series ID: S000013779)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000037794 | Class R      | RNCOX           |
| C000145024 | Class I      | RNCIX           |

### RiverNorth/DoubleLine Strategic Income Fund (Series ID: S000030798)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000095454 | Class R      | RNDLX           |
| C000095455 | Class I      | RNSIX           |

### RiverNorth/Oaktree High Income Fund (Series ID: S000039038)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000119955 | Class R      | RNOTX           |
| C000119956 | Class I      | RNHIX           |

?xml version='1.0' encoding='ASCII'? Consolidated ssr-output-EDGAR XBRL File

**UNITED STATES**

**SECURITIES AND EXCHANGE COMMISSION**

Washington, D.C. 20549

**FORM N-CSR**

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

Investment Company Act file number: <u>811-21934</u>

<u>RiverNorth Funds</u>

(Exact name of registrant as specified in charter)

360 S. Rosemary Avenue, Suite 1420

<u>West Palm Beach, FL 33401</u>

(Address of principal executive offices) (Zip code)

Marcus L. Collins, Esq.

RiverNorth Capital Management, LLC

360 South Rosemary Avenue, Suite 1420

<u>West Palm Beach, FL 33401</u>

(Name and address of agent for service)

Registrant's telephone number, including area code: <u>561-484-7185</u>

Date of fiscal year end: <u>09/30</u>

Date of reporting period: <u>03/31/2025</u>

**Item 1.** **Reports to Stockholders.**

(a) **# RIVERNORTH CORE OPPORTUNITY FUND
![Image](i13f2aaf67045ae29ed39ceb8.jpg)

CLASS I : RNCIX

Semi-Annual Shareholder Report - March 31, 2025

## FUND OVERVIEW
This semi-annual shareholder report contains important information about RiverNorth Core Opportunity Fund - Class I for the period of October 1, 2024 to March 31, 2025.

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

## WHAT WERE THE FUND'S COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| CLASS NAME | COST OF A $10,000 INVESTMENT | COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| RiverNorth Core Opportunity Fund - Class I | $77 | 1.54% |

---

## HOW DID THE FUND PERFORM THE LAST 10 YEARS?

### TOTAL RETURN BASED ON $100,000 INVESTMENT
![Growth of 10K Chart](icc82f2fa6d05cf071d039b09.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Class I - $196,044 | S&P 500 Total Return Index - $324,818 | Bloomberg US Aggregate Bond Index - $115,639 | 60% S&P 500 and 40% Bloomberg US Aggregate - $220,356 |
| 3/31/2015 | $100000 | $100000 | $100000 | $100000 |
| 9/30/2015 | $89603 | $93822 | $99527 | $96126 |
| 3/31/2016 | $94133 | $101783 | $101960 | $102093 |
| 9/30/2016 | $103270 | $108299 | $104695 | $107112 |
| 3/31/2017 | $110361 | $119261 | $102410 | $112566 |
| 9/30/2017 | $118563 | $128453 | $104771 | $118787 |
| 3/31/2018 | $121438 | $135948 | $103641 | $122482 |
| 9/30/2018 | $125579 | $151459 | $103497 | $130653 |
| 3/31/2019 | $125219 | $148858 | $108285 | $132017 |
| 9/30/2019 | $129989 | $157902 | $114153 | $139926 |
| 3/31/2020 | $103174 | $138471 | $117959 | $131501 |
| 9/30/2020 | $126094 | $181823 | $122127 | $157418 |
| 3/31/2021 | $157857 | $216502 | $118797 | $173199 |
| 9/30/2021 | $167653 | $236378 | $121033 | $184047 |
| 3/31/2022 | $164481 | $250375 | $113864 | $186190 |
| 9/30/2022 | $139648 | $199806 | $103363 | $156721 |
| 3/31/2023 | $155002 | $231025 | $108418 | $174546 |
| 9/30/2023 | $155526 | $242998 | $104029 | $177108 |
| 3/31/2024 | $181876 | $300058 | $110259 | $205910 |
| 9/30/2024 | $194433 | $331332 | $116064 | $223120 |
| 3/31/2025 | $196044 | $324818 | $115639 | $220356 |

---

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

### LEVEL DISTRIBUTION INFORMATION
The Fund currently targets a level distribution set at 6.75% of NAV. For the period ended March 31, 2025, 0% of the total distributions paid were characterized as a return of capital.

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | | |
|:---|:---|:---|:---|:---|
| RiverNorth Core Opportunity Fund | 6 Month | 1 Year | 5 Year | 10 Year |
| Class I | 0.83% | 7.79% | 13.70% | 6.96% |
| S&P 500 Total Return Index | -1.97% | 8.25% | 18.59% | 12.50% |
| Bloomberg US Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| 60% S&P 500 and 40% Bloomberg US Aggregate | -1.24% | 7.02% | 10.88% | 8.22% |

---

### FUND STATISTICS
* Total Net Assets$42,350,707

* # of Portfolio Holdings40

* Portfolio Turnover Rate (Class I)19%

* Advisory Fees Paid$222,675

As of March 31, 2025. Past performance does not guarantee future results. Call 888.848.7569 for current month-end performance.

## WHAT DID THE FUND INVEST IN?

### INVESTMENT VEHICLE ALLOCATION
As of March 31, 2025

(percentages are based on total investments)

![Strategy/Vehicle Investment Chart](i18145d2c96b1843ebdcacace.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Closed-End Funds | 75.01% |
| Short-Term Investments | 13.57% |
| Exchange-Traded Funds | 8.42% |
| U.S. Corporate Bonds | 1.66% |
| Closed-End Funds - Preferred Shares | 0.90% |
| Business Development Companies | 0.66% |
| Warrants | 0.01% |
| Rights | 0.00% |

---

### ASSET CLASS ALLOCATION
As of March 31, 2025

(percentages are based on net assets)

![Sector/Asset Allocation Chart](i639593a01db314a59dbaab71.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Fixed Income | 48.78% |
| Domestic Equity | 23.99% |
| International Equity | 20.86% |
| Cash | 15.15% |
| Investment Co. Bonds | 1.66% |
| Alternatives | 0.76% |
| BDCs | 0.72% |
| SPACs | 0.17% |

---

## MATERIAL FUND CHANGES
There have been no material Fund changes during the reporting period.

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

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

![Image](i13f2aaf67045ae29ed39ceb8.jpg)

RIVERNORTH CORE OPPORTUNITY FUND

CLASS I : RNCIX

*Distributor, ALPS Distributors, Inc.*

#### Phone: 888.848.7569
Semi-Annual Shareholder Report - March 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.rivernorth.com/literature](ib14302d9038be0ab43b44759.jpg)

76881N889–SA–03312025

# RIVERNORTH CORE OPPORTUNITY FUND
![Image](id5369c7a26ed10bfce2aaa92.jpg)

CLASS R : RNCOX

Semi-Annual Shareholder Report - March 31, 2025

## FUND OVERVIEW
This semi-annual shareholder report contains important information about RiverNorth Core Opportunity Fund - Class R for the period of October 1, 2024 to March 31, 2025.

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

## WHAT WERE THE FUND'S COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| CLASS NAME | COST OF A $10,000 INVESTMENT | COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| RiverNorth Core Opportunity Fund - Class R | $90 | 1.79% |

---

## HOW DID THE FUND PERFORM THE LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](i23f9f30855dc8825b7aa7408.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Class R - $19,121 | S&P 500 Total Return Index - $32,482 | Bloomberg US Aggregate Bond Index - $11,564 | 60% S&P 500 and 40% Bloomberg US Aggregate - $22,036 |
| 3/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 9/30/2015 | $8950 | $9382 | $9953 | $9613 |
| 3/31/2016 | $9391 | $10178 | $10196 | $10209 |
| 9/30/2016 | $10290 | $10830 | $10470 | $10711 |
| 3/31/2017 | $10982 | $11926 | $10241 | $11257 |
| 9/30/2017 | $11783 | $12845 | $10477 | $11879 |
| 3/31/2018 | $12062 | $13595 | $10364 | $12248 |
| 9/30/2018 | $12455 | $15146 | $10350 | $13065 |
| 3/31/2019 | $12402 | $14886 | $10829 | $13202 |
| 9/30/2019 | $12857 | $15790 | $11415 | $13993 |
| 3/31/2020 | $10195 | $13847 | $11796 | $13150 |
| 9/30/2020 | $12441 | $18182 | $12213 | $15742 |
| 3/31/2021 | $15552 | $21650 | $11880 | $17320 |
| 9/30/2021 | $16495 | $23638 | $12103 | $18405 |
| 3/31/2022 | $16166 | $25038 | $11386 | $18619 |
| 9/30/2022 | $13711 | $19981 | $10336 | $15672 |
| 3/31/2023 | $15197 | $23103 | $10842 | $17455 |
| 9/30/2023 | $15229 | $24300 | $10403 | $17711 |
| 3/31/2024 | $17783 | $30006 | $11026 | $20591 |
| 9/30/2024 | $19011 | $33133 | $11606 | $22312 |
| 3/31/2025 | $19121 | $32482 | $11564 | $22036 |

---

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

### LEVEL DISTRIBUTION INFORMATION
The Fund currently targets a level distribution set at 6.50% of NAV. For the period ended March 31, 2025, 0% of the total distributions paid were characterized as a return of capital.

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | | |
|:---|:---|:---|:---|:---|
| RiverNorth Core Opportunity Fund | 6 Month | 1 Year | 5 Year | 10 Year |
| Class R | 0.58% | 7.52% | 13.40% | 6.70% |
| S&P 500 Total Return Index | -1.97% | 8.25% | 18.59% | 12.50% |
| Bloomberg US Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| 60% S&P 500 and 40% Bloomberg US Aggregate | -1.24% | 7.02% | 10.88% | 8.22% |

---

### FUND STATISTICS
* Total Net Assets$42,350,707

* # of Portfolio Holdings40

* Portfolio Turnover Rate (Class R)19%

* Advisory Fees Paid$222,675

As of March 31, 2025. Past performance does not guarantee future results. Call 888.848.7569 for current month-end performance.

## WHAT DID THE FUND INVEST IN?

### INVESTMENT VEHICLE ALLOCATION
As of March 31, 2025

(percentages are based on total investments)

![Strategy/Vehicle Investment Chart](iaffd58a1156bf59c482ab0b9.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Closed-End Funds | 75.01% |
| Short-Term Investments | 13.57% |
| Exchange-Traded Funds | 8.42% |
| U.S. Corporate Bonds | 1.66% |
| Closed-End Funds - Preferred Shares | 0.90% |
| Business Development Companies | 0.66% |
| Warrants | 0.01% |
| Rights | 0.00% |

---

### ASSET CLASS ALLOCATION
As of March 31, 2025

(percentages are based on net assets)

![Sector/Asset Allocation Chart](iae106a53c8fabd17f11a9b31.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Fixed Income | 48.78% |
| Domestic Equity | 23.99% |
| International Equity | 20.86% |
| Cash | 15.15% |
| Investment Co. Bonds | 1.66% |
| Alternatives | 0.76% |
| BDCs | 0.72% |
| SPACs | 0.17% |

---

## MATERIAL FUND CHANGES
There have been no material Fund changes during the reporting period.

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

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

![Image](id5369c7a26ed10bfce2aaa92.jpg)

RIVERNORTH CORE OPPORTUNITY FUND

CLASS R : RNCOX

*Distributor, ALPS Distributors, Inc.*

#### Phone: 888.848.7569
Semi-Annual Shareholder Report - March 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.rivernorth.com/literature](i53cbacf126e1e12cc3f4d7b1.jpg)

76881N103–SA–03312025

# RIVERNORTH/DOUBLELINE STRATEGIC INCOME FUND
![Image](i3d21d92c780dd61178d03942.jpg)

CLASS I : RNSIX

Semi-Annual Shareholder Report - March 31, 2025

## FUND OVERVIEW
This semi-annual shareholder report contains important information about RiverNorth/DoubleLine Strategic Income Fund - Class I for the period of October 1, 2024 to March 31, 2025.

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

## WHAT WERE THE FUND'S COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| CLASS NAME | COST OF A $10,000 INVESTMENT | COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| RiverNorth/DoubleLine Strategic Income Fund - Class I | $46 | 0.92% |

---

## HOW DID THE FUND PERFORM THE LAST 10 YEARS?

### TOTAL RETURN BASED ON $100,000 INVESTMENT
![Growth of 10K Chart](ibd2674eaf000f7422520c486.jpg)

---

| | | |
|:---|:---|:---|
| | Class I - $141,564 | Bloomberg US Aggregate Bond Index - $115,639 |
| 3/31/2015 | $100000 | $100000 |
| 9/30/2015 | $97688 | $99527 |
| 3/31/2016 | $100653 | $101960 |
| 9/30/2016 | $106384 | $104695 |
| 3/31/2017 | $108189 | $102410 |
| 9/30/2017 | $111354 | $104771 |
| 3/31/2018 | $110860 | $103641 |
| 9/30/2018 | $111936 | $103497 |
| 3/31/2019 | $115680 | $108285 |
| 9/30/2019 | $121002 | $114153 |
| 3/31/2020 | $113459 | $117959 |
| 9/30/2020 | $125251 | $122127 |
| 3/31/2021 | $130866 | $118797 |
| 9/30/2021 | $134664 | $121033 |
| 3/31/2022 | $128784 | $113864 |
| 9/30/2022 | $115761 | $103363 |
| 3/31/2023 | $121224 | $108418 |
| 9/30/2023 | $119814 | $104029 |
| 3/31/2024 | $131449 | $110259 |
| 9/30/2024 | $139972 | $116064 |
| 3/31/2025 | $141564 | $115639 |

---

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

### LEVEL DISTRIBUTION INFORMATION
The Fund currently targets a level distribution set at 6.50% of NAV. For the period ended March 31, 2025, 0% of the total distributions paid were characterized as a return of capital.

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | | |
|:---|:---|:---|:---|:---|
| RiverNorth/DoubleLine Strategic Income Fund | 6 Month | 1 Year | 5 Year | 10 Year |
| Class I | 1.14% | 7.69% | 4.53% | 3.54% |
| Bloomberg US Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |

---

### FUND STATISTICS
* Total Net Assets$1,253,586,694

* # of Portfolio Holdings1,359

* Portfolio Turnover Rate (Class I)24%

* Advisory Fees Paid$4,670,391

As of March 31, 2025. Past performance does not guarantee future results. Call 888.848.7569 for current month-end performance.

## WHAT DID THE FUND INVEST IN?

### STRATEGY ALLOCATION
As of March 31, 2025

(percentages are based on total investments)

![Strategy/Vehicle Investment Chart](i29bf85977ceae8cc57d756b0.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| DoubleLine Opportunistic Fixed Income | 39.62% |
| Tactical Closed-End Fund Income Strategy (RiverNorth) | 31.21% |
| DoubleLine Core Fixed Income | 29.17% |

---

### SECTOR ALLOCATION
As of March 31, 2025

(percentages are based on net assets)

![Sector/Asset Allocation Chart](iea0505d157c42e345c16f470.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Non-Agency MBS | 19.26% |
| Agency MBS | 18.56% |
| Muni/BAB | 10.53% |
| US Government | 9.83% |
| Investment Co. Bonds | 8.78% |
| CMBS | 7.27% |
| High Yield | 6.58% |
| Cash | 6.34% |
| Investment Grade | 4.72% |
| Bank Loans | 4.18% |
| Other | 3.57% |
| EM Debt | 2.31% |
| Developed Foreign | 1.47% |
| Infrastructure | 1.10% |
| Preferreds | 0.61% |
| BDCs | 0.25% |
| Equity | 0.05% |
| Convertibles | 0.01% |

---

## MATERIAL FUND CHANGES
There have been no material Fund changes during the reporting period.

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

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

![Image](i3d21d92c780dd61178d03942.jpg)

RIVERNORTH/DOUBLELINE STRATEGIC INCOME FUND

CLASS I : RNSIX

*Distributor, ALPS Distributors, Inc.*

#### Phone: 888.848.7569
Semi-Annual Shareholder Report - March 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.rivernorth.com/literature](ia2b38f18ee5b7e810b0f8e7d.jpg)

76881N202–SA–03312025

# RIVERNORTH/DOUBLELINE STRATEGIC INCOME FUND
![Image](ic52af52c765bee47637fc4dc.jpg)

CLASS R : RNDLX

Semi-Annual Shareholder Report - March 31, 2025

## FUND OVERVIEW
This semi-annual shareholder report contains important information about RiverNorth/DoubleLine Strategic Income Fund - Class R for the period of October 1, 2024 to March 31, 2025.

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

## WHAT WERE THE FUND'S COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| CLASS NAME | COST OF A $10,000 INVESTMENT | COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| RiverNorth/DoubleLine Strategic Income Fund - Class R | $58 | 1.16% |

---

## HOW DID THE FUND PERFORM THE LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](ib677a064582e977cd956c25c.jpg)

---

| | | |
|:---|:---|:---|
| | Class R - $13,799 | Bloomberg US Aggregate Bond Index - $11,564 |
| 3/31/2015 | $10000 | $10000 |
| 9/30/2015 | $9757 | $9953 |
| 3/31/2016 | $10030 | $10196 |
| 9/30/2016 | $10598 | $10470 |
| 3/31/2017 | $10764 | $10241 |
| 9/30/2017 | $11064 | $10477 |
| 3/31/2018 | $11001 | $10364 |
| 9/30/2018 | $11083 | $10350 |
| 3/31/2019 | $11450 | $10829 |
| 9/30/2019 | $11961 | $11415 |
| 3/31/2020 | $11203 | $11796 |
| 9/30/2020 | $12349 | $12213 |
| 3/31/2021 | $12886 | $11880 |
| 9/30/2021 | $13242 | $12103 |
| 3/31/2022 | $12649 | $11386 |
| 9/30/2022 | $11358 | $10336 |
| 3/31/2023 | $11864 | $10842 |
| 9/30/2023 | $11725 | $10403 |
| 3/31/2024 | $12845 | $11026 |
| 9/30/2024 | $13660 | $11606 |
| 3/31/2025 | $13799 | $11564 |

---

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

### LEVEL DISTRIBUTION INFORMATION
The Fund currently targets a level distribution set at 6.25% of NAV. For the period ended March 31, 2025, 0% of the total distributions paid were characterized as a return of capital.

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | | |
|:---|:---|:---|:---|:---|
| RiverNorth/DoubleLine Strategic Income Fund | 6 Month | 1 Year | 5 Year | 10 Year |
| Class R | 1.02% | 7.42% | 4.26% | 3.27% |
| Bloomberg US Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |

---

### FUND STATISTICS
* Total Net Assets$1,253,586,694

* # of Portfolio Holdings1,359

* Portfolio Turnover Rate (Class R)24%

* Advisory Fees Paid$4,670,391

As of March 31, 2025. Past performance does not guarantee future results. Call 888.848.7569 for current month-end performance.

## WHAT DID THE FUND INVEST IN?

### STRATEGY ALLOCATION
As of March 31, 2025

(percentages are based on total investments)

![Strategy/Vehicle Investment Chart](i43cae2c1eef9d5af40088da7.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| DoubleLine Opportunistic Fixed Income | 39.62% |
| Tactical Closed-End Fund Income Strategy (RiverNorth) | 31.21% |
| DoubleLine Core Fixed Income | 29.17% |

---

### SECTOR ALLOCATION
As of March 31, 2025

(percentages are based on net assets)

![Sector/Asset Allocation Chart](i55e187359d2ed20b03c1e414.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Non-Agency MBS | 19.26% |
| Agency MBS | 18.56% |
| Muni/BAB | 10.53% |
| US Government | 9.83% |
| Investment Co. Bonds | 8.78% |
| CMBS | 7.27% |
| High Yield | 6.58% |
| Cash | 6.34% |
| Investment Grade | 4.72% |
| Bank Loans | 4.18% |
| Other | 3.57% |
| EM Debt | 2.31% |
| Developed Foreign | 1.47% |
| Infrastructure | 1.10% |
| Preferreds | 0.61% |
| BDCs | 0.25% |
| Equity | 0.05% |
| Convertibles | 0.01% |

---

## MATERIAL FUND CHANGES
There have been no material Fund changes during the reporting period.

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

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

![Image](ic52af52c765bee47637fc4dc.jpg)

RIVERNORTH/DOUBLELINE STRATEGIC INCOME FUND

CLASS R : RNDLX

*Distributor, ALPS Distributors, Inc.*

#### Phone: 888.848.7569
Semi-Annual Shareholder Report - March 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.rivernorth.com/literature](ie3e6b9fd4b8c2805eedc3cd1.jpg)

76881N301–SA–03312025

# RIVERNORTH/OAKTREE HIGH INCOME FUND
![Image](i2b104ffdfb554579084501b0.jpg)

CLASS I : RNHIX

Semi-Annual Shareholder Report - March 31, 2025

## FUND OVERVIEW
This semi-annual shareholder report contains important information about RiverNorth/Oaktree High Income Fund - Class I for the period of October 1, 2024 to March 31, 2025.

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

## WHAT WERE THE FUND'S COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| CLASS NAME | COST OF A $10,000 INVESTMENT | COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| RiverNorth/Oaktree High Income Fund - Class I | $68 | 1.35% |

---

## HOW DID THE FUND PERFORM THE LAST 10 YEARS?

### TOTAL RETURN BASED ON $100,000 INVESTMENT
![Growth of 10K Chart](iad3c9f5eb8e803a848895623.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Class I - $148,697 | Bloomberg US Aggregate Bond Index - $115,639 | ICE BofAML Non-Financial Developed HY Constrained Index - $154,726 | S&P UBS Leveraged Loan Index - $160,541 |
| 3/31/2015 | $100000 | $100000 | $100000 | $100000 |
| 9/30/2015 | $95320 | $99527 | $95685 | $99550 |
| 3/31/2016 | $97118 | $101960 | $97360 | $98893 |
| 9/30/2016 | $104934 | $104695 | $107331 | $104849 |
| 3/31/2017 | $109307 | $102410 | $111186 | $108498 |
| 9/30/2017 | $112392 | $104771 | $117878 | $110471 |
| 3/31/2018 | $112664 | $103641 | $118304 | $113532 |
| 9/30/2018 | $114887 | $103497 | $120345 | $116262 |
| 3/31/2019 | $116540 | $108285 | $122109 | $116937 |
| 9/30/2019 | $120456 | $114153 | $125615 | $119882 |
| 3/31/2020 | $106401 | $117959 | $111286 | $105818 |
| 9/30/2020 | $120433 | $122127 | $129244 | $120883 |
| 3/31/2021 | $127608 | $118797 | $139052 | $127794 |
| 9/30/2021 | $130735 | $121033 | $143160 | $131107 |
| 3/31/2022 | $128021 | $113864 | $136239 | $131910 |
| 9/30/2022 | $117616 | $103363 | $117791 | $127670 |
| 3/31/2023 | $126612 | $108418 | $130103 | $134711 |
| 9/30/2023 | $130075 | $104029 | $132393 | $143596 |
| 3/31/2024 | $140023 | $110259 | $144042 | $151418 |
| 9/30/2024 | $147187 | $116064 | $153980 | $155994 |
| 3/31/2025 | $148697 | $115639 | $154726 | $160541 |

---

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

### LEVEL DISTRIBUTION INFORMATION
The Fund currently targets a level distribution set at 7.25% of NAV. For the period ended March 31, 2025, 0% of the total distributions paid were characterized as a return of capital.

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | | |
|:---|:---|:---|:---|:---|
| RiverNorth/Oaktree High Income Fund | 6 Month | 1 Year | 5 Year | 10 Year |
| Class I | 1.03% | 6.19% | 6.92% | 4.05% |
| Bloomberg US Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| ICE BofAML Non-Financial Developed HY Constrained Index | 0.48% | 7.42% | 6.81% | 4.46% |
| S&P UBS Leveraged Loan Index | 2.91% | 6.02% | 8.69% | 4.85% |

---

### FUND STATISTICS
* Total Net Assets$55,614,229

* # of Portfolio Holdings396

* Portfolio Turnover Rate (Class I)23%

* Advisory Fees Paid$279,019

As of March 31, 2025. Past performance does not guarantee future results. Call 888.848.7569 for current month-end performance.

## WHAT DID THE FUND INVEST IN?

### STRATEGY ALLOCATION
As of March 31, 2025

(percentages are based on total investments)

![Strategy/Vehicle Investment Chart](i99649dce2621d94c9457d623.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Global Bank Loan/High Yield Strategy (Oaktree) | 86.64% |
| Tactical Closed-End Fund Income Strategy (RiverNorth) | 13.36% |

---

### SECTOR ALLOCATION
As of March 31, 2025

(percentages are based on net assets)

![Sector/Asset Allocation Chart](i7e86acef629bfc83086bee40.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| High Yield | 58.87% |
| Developed Foreign | 20.89% |
| Cash | 7.98% |
| Investment Co. Bonds | 6.06% |
| Convertibles | 1.73% |
| Bank Loans | 1.16% |
| US Government | 1.16% |
| Investment Grade | 0.90% |
| EM Debt | 0.19% |
| Equity | 0.17% |
| Non-Agency MBS | 0.04% |
| CMBS | 0.04% |

---

## MATERIAL FUND CHANGES
There have been no material Fund changes during the reporting period.

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

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

![Image](i2b104ffdfb554579084501b0.jpg)

RIVERNORTH/OAKTREE HIGH INCOME FUND

CLASS I : RNHIX

*Distributor, ALPS Distributors, Inc.*

#### Phone: 888.848.7569
Semi-Annual Shareholder Report - March 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.rivernorth.com/literature](ibb8a4b209a0c2972941198ad.jpg)

76881N806–SA–03312025

# RIVERNORTH/OAKTREE HIGH INCOME FUND
![Image](i519493cff37b5f05d5a77be2.jpg)

CLASS R : RNOTX

Semi-Annual Shareholder Report - March 31, 2025

## FUND OVERVIEW
This semi-annual shareholder report contains important information about RiverNorth/Oaktree High Income Fund - Class R for the period of October 1, 2024 to March 31, 2025.

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

## WHAT WERE THE FUND'S COSTS FOR THE LAST SIX MONTHS?
(based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| CLASS NAME | COST OF A $10,000 INVESTMENT | COSTS PAID AS A PERCENTAGE OF A $10,000 INVESTMENT |
| RiverNorth/Oaktree High Income Fund - Class R | $80 | 1.60% |

---

## HOW DID THE FUND PERFORM THE LAST 10 YEARS?

### TOTAL RETURN BASED ON $10,000 INVESTMENT
![Growth of 10K Chart](i5c4b39d1bc12a1efa9236258.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| | Class R - $14,523 | Bloomberg US Aggregate Bond Index - $11,564 | ICE BofAML Non-Financial Developed HY Constrained Index - $15,473 | S&P UBS Leveraged Loan Index - $16,054 |
| 3/31/2015 | $10000 | $10000 | $10000 | $10000 |
| 9/30/2015 | $9518 | $9953 | $9569 | $9955 |
| 3/31/2016 | $9686 | $10196 | $9736 | $9889 |
| 9/30/2016 | $10454 | $10470 | $10733 | $10485 |
| 3/31/2017 | $10874 | $10241 | $11119 | $10850 |
| 9/30/2017 | $11168 | $10477 | $11788 | $11047 |
| 3/31/2018 | $11193 | $10364 | $11830 | $11353 |
| 9/30/2018 | $11387 | $10350 | $12034 | $11626 |
| 3/31/2019 | $11537 | $10829 | $12211 | $11694 |
| 9/30/2019 | $11910 | $11415 | $12562 | $11988 |
| 3/31/2020 | $10506 | $11796 | $11129 | $10582 |
| 9/30/2020 | $11878 | $12213 | $12924 | $12088 |
| 3/31/2021 | $12571 | $11880 | $13905 | $12779 |
| 9/30/2021 | $12865 | $12103 | $14316 | $13111 |
| 3/31/2022 | $12582 | $11386 | $13624 | $13191 |
| 9/30/2022 | $11544 | $10336 | $11779 | $12767 |
| 3/31/2023 | $12412 | $10842 | $13010 | $13471 |
| 9/30/2023 | $12736 | $10403 | $13239 | $14360 |
| 3/31/2024 | $13710 | $11026 | $14404 | $15142 |
| 9/30/2024 | $14377 | $11606 | $15398 | $15599 |
| 3/31/2025 | $14523 | $11564 | $15473 | $16054 |

---

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

### LEVEL DISTRIBUTION INFORMATION
The Fund currently targets a level distribution set at 7.00% of NAV. For the period ended March 31, 2025, 0% of the total distributions paid were characterized as a return of capital.

### AVERAGE ANNUAL TOTAL RETURNS

---

| | | | | |
|:---|:---|:---|:---|:---|
| RiverNorth/Oaktree High Income Fund | 6 Month | 1 Year | 5 Year | 10 Year |
| Class R | 1.01% | 5.93% | 6.69% | 3.80% |
| Bloomberg US Aggregate Bond Index | -0.37% | 4.88% | -0.40% | 1.46% |
| ICE BofAML Non-Financial Developed HY Constrained Index | 0.48% | 7.42% | 6.81% | 4.46% |
| S&P UBS Leveraged Loan Index | 2.91% | 6.02% | 8.69% | 4.85% |

---

### FUND STATISTICS
* Total Net Assets$55,614,229

* # of Portfolio Holdings396

* Portfolio Turnover Rate (Class R)23%

* Advisory Fees Paid$279,019

As of March 31, 2025. Past performance does not guarantee future results. Call 888.848.7569 for current month-end performance.

## WHAT DID THE FUND INVEST IN?

### STRATEGY ALLOCATION
As of March 31, 2025

(percentages are based on total investments)

![Strategy/Vehicle Investment Chart](icc208353c85706c8d869ec0d.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| Global Bank Loan/High Yield Strategy (Oaktree) | 86.64% |
| Tactical Closed-End Fund Income Strategy (RiverNorth) | 13.36% |

---

### SECTOR ALLOCATION
As of March 31, 2025

(percentages are based on net assets)

![Sector/Asset Allocation Chart](icb8817474b84301280ae46f6.jpg)

---

| | |
|:---|:---|
| Value | Value.1 |
| High Yield | 58.87% |
| Developed Foreign | 20.89% |
| Cash | 7.98% |
| Investment Co. Bonds | 6.06% |
| Convertibles | 1.73% |
| Bank Loans | 1.16% |
| US Government | 1.16% |
| Investment Grade | 0.90% |
| EM Debt | 0.19% |
| Equity | 0.17% |
| Non-Agency MBS | 0.04% |
| CMBS | 0.04% |

---

## MATERIAL FUND CHANGES
There have been no material Fund changes during the reporting period.

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

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

![Image](i519493cff37b5f05d5a77be2.jpg)

RIVERNORTH/OAKTREE HIGH INCOME FUND

CLASS R : RNOTX

*Distributor, ALPS Distributors, Inc.*

#### Phone: 888.848.7569
Semi-Annual Shareholder Report - March 31, 2025

![An image of a QR code that, when scanned, navigates the user to the following URL: https://www.rivernorth.com/literature](i8011538ddac99a6007bc6a68.jpg)

76881N707–SA–03312025**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2.** **Code of Ethics.**

Not applicable to semi-annual report.

**Item 3.** **Audit Committee Financial Expert.**

Not applicable to semi-annual report.

**Item 4.** **Principal Accountant Fees and Services.**

Not applicable to semi-annual report.

**Item 5.** **Audit Committee of Listed Registrants.**

Not applicable to the Registrant.

**Item 6.** **Investments.**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

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

(a) ![](fp0093144-1_01.jpg)

<u>RiverNorth Funds</u> <u>**Table of Contents**</u>

---

| | |
|:---|:---|
| Schedule of Investments |  |
| &nbsp;&nbsp;&nbsp;RiverNorth Core Opportunity Fund | 1 |
| &nbsp;&nbsp;&nbsp;RiverNorth/DoubleLine Strategic Income Fund | 4 |
| &nbsp;&nbsp;&nbsp;RiverNorth/Oaktree High Income Fund | 65 |
| Statement of Assets and Liabilities | 80 |
| Statement of Operations | 84 |
| Statements of Changes in Net Assets |  |
| &nbsp;&nbsp;&nbsp;RiverNorth Core Opportunity Fund | 87 |
| &nbsp;&nbsp;&nbsp;RiverNorth/DoubleLine Strategic Income Fund | 89 |
| &nbsp;&nbsp;&nbsp;RiverNorth/Oaktree High Income Fund | 91 |
| Financial Highlights | 94 |
| Notes to Financial Statements and Financial Highlights | 117 |
| Additional Information | 139 |
| Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements | 140 |

---

<u>RiverNorth Core Opportunity Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares/Description** | **Shares/Description** | **Value** |
| **CLOSED-END FUNDS - 75.01%** | **CLOSED-END FUNDS - 75.01%** | |
| ***Great Britain - 11.06%*** | ***Great Britain - 11.06%*** |  |
| 97758 | Pershing Square Holdings, Ltd. | $4682608 |
| ***United States - 63.95%*** | ***United States - 63.95%*** |  |
| 97049 | Aberdeen Emerging Markets Equity Income Fund, Inc. | 481363 |
| 50642 | abrdn Total Dynamic Dividend Fund | 424886 |
| 192668 | Avenue Income Credit Strategies Fund | 1134815 |
| 212623 | BlackRock Capital Allocation Term Trust | 3061771 |
| 191566 | BlackRock ESG Capital Allocation Term Trust | 3020996 |
| 62688 | BlackRock Health Sciences Term Trust | 934051 |
| 38289 | BlackRock MuniHoldings New York Quality Fund, Inc. | 388633 |
| 43593 | BlackRock MuniYield New York Quality Fund, Inc. | 432879 |
| 17943 | BlackRock MuniYield Quality Fund III, Inc. | 197194 |
| 146071 | BlackRock Resources & Commodities Strategy Trust | 1362842 |
| 57833 | BlackRock Science and Technology Term Trust | 1025957 |
| 73949 | Blackstone/GSO Senior Floating Rate Term Fund | 1044899 |
| 82233 | Calamos Long/Short Equity & Dynamic Income Trust | 1279545 |
| 18056 | Clough Global Dividend and Income Fund | 98676 |
| 200790 | Clough Global Equity Fund | 1262969 |
| 212565 | Clough Global Opportunities Fund | 1039443 |
| 32206 | First Trust High Yield Opportunities 2027 Term Fund | 465377 |
| 70439 | Flaherty & Crumrine Preferred and Income Opportunity Fund, Inc. | 649448 |
| 42606 | Nuveen AMT-Free Municipal Credit Income Fund | 527462 |
| 100 | Nuveen Credit Strategies Income Fund | 538 |
| 27121 | Nuveen Municipal Credit Income Fund | 331690 |
| 256986 | Nuveen Municipal Value Fund, Inc. | 2253767 |
| 41929 | Nuveen Quality Municipal Income Fund | 483022 |
| 80000 | PIMCO High Income Fund | 391200 |
| 45292 | PIMCO Income Strategy Fund II | 341502 |
| 213261 | Saba Capital Income & Opportunities Fund II | 1855371 |
| 14915 | Special Opportunities Fund, Inc. | 224046 |
| 13620 | Thornburg Income Builder Opportunities Trust | 244343 |
| 100000 | Voya Emerging Markets High Income Dividend Equity Fund | 534000 |
| 180960 | Western Asset Inflation-Linked Opportunities & Income Fund | 1590638 |
| TOTAL CLOSED-END FUNDS | TOTAL CLOSED-END FUNDS |  |
| (Cost $28,419,730) | (Cost $28,419,730) | 31765931 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 1

<u>RiverNorth Core Opportunity Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares/Description** | **Shares/Description** | **Value** |
| **CLOSED-END FUNDS - PREFERRED SHARES - 0.90%** | **CLOSED-END FUNDS - PREFERRED SHARES - 0.90%** | |
| ***United States - 0.90%*** | ***United States - 0.90%*** |  |
| 15162 | XAI Octagon Floating Rate Alternative Income Trust, Series 2026, 6.500%, 03/31/2026 | $382841 |
| TOTAL CLOSED-END FUNDS - PREFERRED SHARES | TOTAL CLOSED-END FUNDS - PREFERRED SHARES |  |
| (Cost $378,879) | (Cost $378,879) | 382841 |
| **BUSINESS DEVELOPMENT COMPANIES - 0.66%** | **BUSINESS DEVELOPMENT COMPANIES - 0.66%** |  |
| ***United States - 0.66%*** | ***United States - 0.66%*** |  |
| 18231 | Oaktree Specialty Lending Corp. | 280028 |
| TOTAL BUSINESS DEVELOPMENT COMPANIES | TOTAL BUSINESS DEVELOPMENT COMPANIES |  |
| (Cost $281,251) | (Cost $281,251) | 280028 |
| **EXCHANGE TRADED FUNDS - 8.42%** | **EXCHANGE TRADED FUNDS - 8.42%** |  |
| ***United States - 8.42%*** | ***United States - 8.42%*** |  |
| 55600 | Invesco RAFI Emerging Markets ETF | 1208744 |
| 44975 | iShares Flexible Income Active ETF | 2355791 |
| TOTAL EXCHANGE TRADED FUNDS | TOTAL EXCHANGE TRADED FUNDS |  |
| (Cost $3,298,321) | (Cost $3,298,321) | 3564535 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **U.S. CORPORATE BONDS - 1.66%** | **U.S. CORPORATE BONDS - 1.66%** |  |  | |
| ***Investment Companies - 1.66%*** | ***Investment Companies - 1.66%*** |  |  |  |
| 500000 | Blue Owl Technology Finance Corp.<sup>(a)</sup> | 6.75% | 06/30/2025 | 500678 |
| 200000 | Blue Owl Technology Finance Corp. | 6.75% | 04/04/2029 | 202799 |
|  |  |  |  | 703477 |
| TOTAL U.S. CORPORATE BONDS | TOTAL U.S. CORPORATE BONDS |  |  |  |
| (Cost $698,808) | (Cost $698,808) |  |  | 703477 |

---

---

| | | |
|:---|:---|:---|
| **Shares/Description** | **Shares/Description** | **Value** |
| **Rights - 0.00%<sup>(b)</sup>** | **Rights - 0.00%<sup>(b)</sup>** | |
| ***United States - 0.00%<sup>(b)</sup>*** | ***United States - 0.00%<sup>(b)</sup>*** |  |
| 100 | Nuveen Credit Strategies Income Fund, Strike Price 0.01, Expires 04/30/2025 | 3 |
| TOTAL RIGHTS | TOTAL RIGHTS |  |
| (Cost $0) | (Cost $0) | 3 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

<u>RiverNorth Core Opportunity Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares/Description** | **Shares/Description** | **Value** |
| **Warrants - 0.01%** | **Warrants - 0.01%** | |
| ***Hong Kong - 0.01%*** | ***Hong Kong - 0.01%*** |  |
| 12299 | Triller Group, Inc., Strike Price 11.50, Expires 03/15/2027 | $1353 |
| ***United States - 0.00%<sup>(b)</sup>*** | ***United States - 0.00%<sup>(b)</sup>*** |  |
| 10113 | Jaws Mustang Acquisition Corp., Strike Price 11.50, Expires 01/30/2026 | 354 |
| TOTAL WARRANTS | TOTAL WARRANTS |  |
| (Cost $15,126) | (Cost $15,126) | 1707 |
| **Short-Term Investments - 13.57%** | **Short-Term Investments - 13.57%** |  |
| **Money Market Fund - 13.57%** | **Money Market Fund - 13.57%** |  |
| 5748361 | State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 4.29%) | 5748361 |
| TOTAL SHORT-TERM INVESTMENTS | TOTAL SHORT-TERM INVESTMENTS |  |
| (Cost $5,748,361) | (Cost $5,748,361) | 5748361 |
| **TOTAL INVESTMENTS - 100.23%** | **TOTAL INVESTMENTS - 100.23%** |  |
| **(Cost $38,840,476)** | **(Cost $38,840,476)** | $42446883 |
| **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.23)%** | **LIABILITIES IN EXCESS OF OTHER ASSETS - (0.23)%** | (96176) |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $42350707 |

---

*<sup>(a)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $500,678, which represents approximately 1.18% of net assets as of March 31, 2025.*

*<sup>(b)</sup>* *Less than 0.005%.*

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 3

<u>RiverNorth/DoubleLine Strategic Income Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares/Description** | **Shares/Description** | **Value** |
| **CLOSED-END FUNDS - 15.14%** | **CLOSED-END FUNDS - 15.14%** | |
| ***United States - 15.14%*** | ***United States - 15.14%*** | ***United States - 15.14%*** |
| 784775 | Allspring Income Opportunities Fund | $5367861 |
| 182026 | BlackRock MuniHoldings California Quality Fund, Inc. | 1949498 |
| 184238 | BlackRock MuniYield New York Quality Fund, Inc. | 1829483 |
| 154506 | Blackstone/GSO Senior Floating Rate Term Fund | 2183170 |
| 581087 | BNY Mellon Strategic Municipals, Inc. | 3556252 |
| 862890 | First Trust High Yield Opportunities 2027 Term Fund | 12468761 |
| 973130 | Invesco Municipal Trust | 9390705 |
| 718277 | Invesco Trust for Investment Grade Municipals | 7154039 |
| 155575 | John Hancock Investors Trust | 2111153 |
| 1179842 | Nuveen AMT-Free Municipal Credit Income Fund | 14606444 |
| 900000 | Nuveen AMT-Free Quality Municipal Income Fund | 10080000 |
| 675930 | Nuveen California Quality Municipal Income Fund | 7597453 |
| 100 | Nuveen Credit Strategies Income Fund | 538 |
| 500000 | Nuveen Municipal Credit Income Fund | 6115000 |
| 958976 | Nuveen Municipal Value Fund, Inc. | 8410220 |
| 1047485 | Nuveen Quality Municipal Income Fund | 12067027 |
| 641078 | PGIM Short Duration High Yield Opportunities Fund | 10564965 |
| 3386841 | PIMCO High Income Fund | 16561652 |
| 1275940 | PIMCO Income Strategy Fund | 10973084 |
| 2654148 | PIMCO Income Strategy Fund II | 20012276 |
| 736833 | T Rowe Price High Yield Fund, Inc. | 4325207 |
| 617883 | Western Asset Emerging Markets Debt Fund, Inc. | 6110863 |
| 98577 | Western Asset High Yield Defined Opportunity Fund, Inc. | 1167152 |
| 1722494 | Western Asset Inflation-Linked Opportunities & Income Fund | 15140722 |
| TOTAL CLOSED-END FUNDS | TOTAL CLOSED-END FUNDS |  |
| (Cost $185,183,468) | (Cost $185,183,468) | 189743525 |
| **CLOSED-END FUNDS - PREFERRED SHARES - 0.61%** | **CLOSED-END FUNDS - PREFERRED SHARES - 0.61%** |  |
| ***United States - 0.61%*** | ***United States - 0.61%*** |  |
| 309028 | Virtus Convertible & Income Fund, 5.625%<sup>(a)</sup> | 6798616 |
| 34748 | XAI Octagon Floating Rate Alternative Income Trust, Series 2026, 6.500%, 03/31/2026 | 877387 |
| TOTAL CLOSED-END FUNDS - PREFERRED SHARES | TOTAL CLOSED-END FUNDS - PREFERRED SHARES |  |
| (Cost $8,471,415) | (Cost $8,471,415) | 7676003 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

<u>RiverNorth/DoubleLine Strategic Income Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares/Description** | **Shares/Description** | **Value** |
| **BUSINESS DEVELOPMENT COMPANIES - 0.25%** | **BUSINESS DEVELOPMENT COMPANIES - 0.25%** | |
| ***United States - 0.25%*** | ***United States - 0.25%*** | ***United States - 0.25%*** |
| 201950 | Oaktree Specialty Lending Corp. | $3101952 |
| TOTAL BUSINESS DEVELOPMENT COMPANIES | TOTAL BUSINESS DEVELOPMENT COMPANIES |  |
| (Cost $3,197,696) | (Cost $3,197,696) | 3101952 |
| **BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES - 1.00%** | **BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES - 1.00%** |  |
| ***United States - 1.00%*** | ***United States - 1.00%*** |  |
| 306313 | Crescent Capital BDC, Inc., 5.000%, 05/25/2026 | 7565931 |
| 131000 | Entergy Corp., 5Y US TI + 2.67, 12/01/2054<sup>(b)(c)</sup> | 132931 |
| 46046 | Oxford Square Capital Corp., 6.250%, 04/30/2026 | 1149769 |
| 3750000 | PennantPark Floating Rate Capital, Ltd., 4.250%, 04/01/2026 | 3643177 |
| TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES | TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES |  |
| (Cost $12,616,193) | (Cost $12,616,193) | 12491808 |
| **COMMON STOCKS - 0.00%<sup>(d)</sup>** | **COMMON STOCKS - 0.00%<sup>(d)</sup>** |  |
| ***Brazil - 0.00%<sup>(d)</sup>*** | ***Brazil - 0.00%<sup>(d)</sup>*** |  |
| 21161 | Oi SA | 10580 |
| ***United States - 0.00%<sup>(d)</sup>*** | ***United States - 0.00%<sup>(d)</sup>*** |  |
| 259482 | Pershing Square Tontine Holdings<sup>(c)(e)</sup> | 3 |
| 11202 | Riverbed Tech Class B-1 Partnership Units<sup>(c)</sup> | 1456 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  |
| (Cost $111,767) | (Cost $111,767) | 12039 |
| **OPEN-END FUNDS - 2.97%** | **OPEN-END FUNDS - 2.97%** |  |
| ***United States - 2.97%*** | ***United States - 2.97%*** |  |
| 4290641 | RiverNorth/Oaktree High Income Fund, Class I<sup>(f)</sup> | 37260356 |
| TOTAL OPEN-END FUNDS | TOTAL OPEN-END FUNDS |  |
| (Cost $40,804,237) | (Cost $40,804,237) | 37260356 |
| **PREFERRED STOCKS - 0.04%** | **PREFERRED STOCKS - 0.04%** |  |
| ***United States - 0.04%*** | ***United States - 0.04%*** |  |
| 21224 | CION Investment Corp., 7.500%, 12/30/2029 | 529327 |
| TOTAL PREFERRED STOCKS | TOTAL PREFERRED STOCKS |  |
| (Cost $530,600) | (Cost $530,600) | 529327 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 5

<u>RiverNorth/DoubleLine Strategic Income Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares/Principal Amount/Description** | **Shares/Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **BUSINESS DEVELOPMENT COMPANY NOTES - 0.18%** | **BUSINESS DEVELOPMENT COMPANY NOTES - 0.18%** | **BUSINESS DEVELOPMENT COMPANY NOTES - 0.18%** |  | |
| ***United States - 0.18%*** | ***United States - 0.18%*** |  |  |  |
| $&nbsp;&nbsp;2445000 | Golub Capital BDC, Inc. | 2.05% | 02/15/2027 | $2304454 |
| TOTAL BUSINESS DEVELOPMENT COMPANY NOTES | TOTAL BUSINESS DEVELOPMENT COMPANY NOTES |  |  |  |
| (Cost $2,219,310) | (Cost $2,219,310) |  |  | 2304454 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **FOREIGN CORPORATE BONDS - 2.30%** | **FOREIGN CORPORATE BONDS - 2.30%** |  |  | |
| ***Australia - 0.18%*** | ***Australia - 0.18%*** |  |  | |
| 1000000 | APA Infrastructure, Ltd.<sup>(g)</sup> | 4.25% | 07/15/2027 | 992219 |
| 216000 | Atlassian Corp. | 5.25% | 05/15/2029 | 219981 |
| 313000 | Commonwealth Bank of Australia<sup>(b)(g)</sup> | 1Y US TI + 1.32% | 03/14/2046 | 310055 |
| 500000 | Sydney Airport Finance Co. Pty, Ltd.<sup>(g)</sup> | 3.38% | 04/30/2025 | 499456 |
| 275000 | Westpac Banking Corp.<sup>(b)</sup> | 1Y US TI + 1.20% | 11/20/2035 | 273328 |
|  |  |  |  | 2295039 |
| ***Brazil - 0.11%*** |  |  |  |  |
| 200000 | Banco do Brasil SA<sup>(a)(b)(h)</sup> | 10Y US TI + 4.40% | Perpetual Maturity | 203878 |
| 200000 | CSN Resources SA<sup>(h)</sup> | 5.88% | 04/08/2032 | 162416 |
| 159730 | Guara Norte Sarl<sup>(h)</sup> | 5.20% | 06/15/2034 | 149808 |
|  |  | 13.50 |  |  |
| 249410 | Oi SA<sup>(g)(i)</sup> | (6.00) (13.50%) | 06/30/2027 | 208571 |
|  |  | 8.50 |  |  |
| 551011 | Oi SA<sup>(g)(i)</sup> | (8.50) (8.50%) | 12/31/2028 | 57856 |
| 200801 | Prumo Participacoes e Investimentos S/A<sup>(h)</sup> | 7.50% | 12/31/2031 | 203104 |
|  |  | 13.50 |  |  |
| 72754 | Unigel Luxembourg SA<sup>(g)(i)</sup> | (15) (15.00%) | 12/31/2027 | 67865 |
| 83560 | Unigel Luxembourg SA<sup>(g)(i)</sup> | 11.00% (12.00%) | 12/31/2028 | 34677 |
| 102178 | Unigel Luxembourg SA<sup>(h)(i)</sup> | 13.50% (15.00%) | 12/31/2027 | 95311 |
| 359314 | Unigel Luxembourg SA<sup>(h)(i)</sup> | 11.00% (12.00%) | 12/31/2028 | 149115 |
| 103000 | Vale Overseas, Ltd. | 6.40% | 06/28/2054 | 101750 |
|  |  |  |  | 1434351 |
| ***Canada - 0.35%*** |  |  |  |  |
| 13000 | 1375209 BC, Ltd.<sup>(g)</sup> | 9.00% | 01/30/2028 | 12998 |
| 200000 | Aris Mining Corp.<sup>(g)</sup> | 8.00% | 10/31/2029 | 203305 |
| 397000 | Bank of Montreal<sup>(b)</sup> | 5Y US S + 1.43% | 12/15/2032 | 383603 |
| 170000 | Bausch + Lomb Corp.<sup>(g)</sup> | 8.38% | 10/01/2028 | 176588 |
| 50000 | Bausch Health Cos., Inc.<sup>(g)</sup> | 6.13% | 02/01/2027 | 50731 |
| 4000 | Bausch Health Cos., Inc.<sup>(g)</sup> | 14.00% | 10/15/2030 | 3782 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

<u>RiverNorth/DoubleLine Strategic Income Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 159000 | Bell Telephone Co. of Canada or Bell Canada<sup>(b)</sup> | 5Y US TI + 2.39% | 09/15/2055 | $159712 |
|  | 276000 | Brookfield Finance, Inc. | 5.81% | 03/03/2055 | 269503 |
|  | 1000000 | Canacol Energy, Ltd.<sup>(h)</sup> | 5.75% | 11/24/2028 | 526050 |
|  | 269000 | Canadian Imperial Bank of Commerce<sup>(b)</sup> | 1D US SOFR + 1.11% | 01/13/2031 | 272554 |
|  | 214000 | CCL Industries, Inc.<sup>(g)</sup> | 3.05% | 06/01/2030 | 194871 |
|  | 253000 | Element Fleet Management Corp.<sup>(g)</sup> | 6.32% | 12/04/2028 | 266205 |
|  | 229000 | Element Fleet Management Corp.<sup>(g)</sup> | 5.04% | 03/25/2030 | 229152 |
|  | 150000 | Garda World Security Corp.<sup>(g)</sup> | 6.00% | 06/01/2029 | 140826 |
|  | 190000 | Husky Injection Molding Systems, Ltd. / Titan Co.-Borrower LLC<sup>(g)</sup> | 9.00% | 02/15/2029 | 190590 |
|  | 60000 | Kronos Acquisition Holdings, Inc.<sup>(g)</sup> | 8.25% | 06/30/2031 | 53297 |
|  | 70000 | Mattamy Group Corp.<sup>(g)</sup> | 4.63% | 03/01/2030 | 64509 |
|  | 250000 | National Bank of Canada | 4.50% | 10/10/2029 | 247394 |
|  | 750000 | TransCanada PipeLines, Ltd. | 4.63% | 03/01/2034 | 707836 |
|  | 271000 | Videotron, Ltd.<sup>(g)</sup> | 5.70% | 01/15/2035 | 270834 |
|  |  |  |  |  | 4424340 |
| ***Cayman Islands - 0.14%*** | ***Cayman Islands - 0.14%*** | ***Cayman Islands - 0.14%*** |  |  |  |
|  | 65000 | Azorra Finance, Ltd.<sup>(g)</sup> | 7.75% | 04/15/2030 | 64860 |
|  | 237536 | Bioceanico Sovereign Certificate, Ltd.<sup>(h)(j)</sup> | 0.00% | 06/05/2034 | 185278 |
|  | 200000 | Cosan Overseas, Ltd.<sup>(a)</sup> | 8.25% | Perpetual Maturity | 200474 |
|  | 320000 | Global Aircraft Leasing Co., Ltd.<sup>(g)</sup> | 8.75% | 09/01/2027 | 325657 |
|  | 62159 | Interoceanica IV Finance, Ltd.<sup>(h)(j)</sup> | 0.00% | 11/30/2025 | 60216 |
|  | 121713 | Lima Metro Line 2 Finance, Ltd.<sup>(g)</sup> | 5.88% | 07/05/2034 | 123015 |
|  | 324567 | Lima Metro Line 2 Finance, Ltd.<sup>(h)</sup> | 5.88% | 07/05/2034 | 328038 |
|  | 480000 | Rutas 2 & 7 Finance, Ltd.<sup>(h)(j)</sup> | 0.00% | 09/30/2036 | 341676 |
|  | 89250 | Transocean Poseidon, Ltd.<sup>(g)</sup> | 6.88% | 02/01/2027 | 88769 |
|  |  |  |  |  | 1717983 |
| ***Chile - 0.19%*** | ***Chile - 0.19%*** | ***Chile - 0.19%*** |  |  |  |
|  | 200000 | CAP SA<sup>(h)</sup> | 3.90% | 04/27/2031 | 164400 |
|  | 195081 | Chile Electricity PEC SpA<sup>(h)(j)</sup> | 0.00% | 01/25/2028 | 170596 |
|  | 200000 | Corp Nacional del Cobre de Chile<sup>(h)</sup> | 5.13% | 02/02/2033 | 193629 |
|  | 900000 | Empresa de Transporte de Pasajeros Metro SA<sup>(g)</sup> | 5.00% | 01/25/2047 | 794135 |
|  | 397200 | GNL Quintero SA<sup>(h)</sup> | 4.63% | 07/31/2029 | 392860 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 7

<u>RiverNorth/DoubleLine Strategic Income Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 750000 | Transelec SA<sup>(h)</sup> | 3.88% | 01/12/2029 | $724594 |
|  |  |  |  |  | 2440214 |
| ***Colombia - 0.08%*** | ***Colombia - 0.08%*** | ***Colombia - 0.08%*** | ***Colombia - 0.08%*** |  |  |
|  | 200000 | Banco Davivienda SA<sup>(a)(b)(g)</sup> | 10Y US TI + 5.10% | Perpetual Maturity | 174741 |
|  | 300000 | Bancolombia SA<sup>(b)</sup> | 5Y US TI + 4.32% | 12/24/2034 | 317371 |
|  | 500000 | Ecopetrol SA | 5.88% | 11/02/2051 | 338226 |
|  | 160900 | Fideicomiso PA Pacifico Tres<sup>(h)</sup> | 8.25% | 01/15/2035 | 163314 |
|  |  |  |  |  | 993652 |
| ***France - 0.07%*** | ***France - 0.07%*** | ***France - 0.07%*** | ***France - 0.07%*** |  |  |
|  | 253000 | BNP Paribas SA<sup>(a)(b)(g)</sup> | 5Y US TI + 4.899% | Perpetual Maturity | 261224 |
|  | 309000 | BPCE SA<sup>(b)(g)</sup> | 1D US SOFR + 2.04% | 01/14/2036 | 319710 |
|  | 279000 | Credit Agricole SA<sup>(b)(g)</sup> | 1D US SOFR + 1.74% | 01/09/2036 | 285570 |
|  |  |  |  |  | 866504 |
| ***Great Britain - 0.11%*** | ***Great Britain - 0.11%*** | ***Great Britain - 0.11%*** | ***Great Britain - 0.11%*** |  |  |
|  | 200000 | AngloGold Ashanti Holdings PLC | 3.38% | 11/01/2028 | 188806 |
|  | 278000 | Barclays PLC<sup>(b)</sup> | 1D US SOFR + 1.91% | 09/10/2035 | 271298 |
|  | 138000 | Macquarie Airfinance Holdings, Ltd.<sup>(g)</sup> | 5.20% | 03/27/2028 | 138214 |
|  | 128000 | Macquarie Airfinance Holdings, Ltd.<sup>(g)</sup> | 6.40% | 03/26/2029 | 132450 |
|  | 34000 | Macquarie Airfinance Holdings, Ltd.<sup>(g)</sup> | 5.15% | 03/17/2030 | 33553 |
|  | 27000 | Macquarie Airfinance Holdings, Ltd<sup>.<sup>(g)</sup></sup> | 6.50% | 03/26/2031 | 28140 |
|  | 200000 | NatWest Group PLC<sup>(a)(b)</sup> | 5Y US TI + 2.94% | Perpetual Maturity | 197739 |
|  | 260000 | NatWest Markets PLC<sup>(g)</sup> | 5.41% | 05/17/2029 | 266272 |
|  | 158000 | Rio Tinto Finance USA PLC | 5.75% | 03/14/2055 | 158374 |
|  |  |  |  |  | 1414846 |
| ***Guatemala - 0.02%*** | ***Guatemala - 0.02%*** | ***Guatemala - 0.02%*** | ***Guatemala - 0.02%*** |  |  |
|  | 300000 | Banco Industrial SA/Guatemala<sup>(b)(h)</sup> | 5Y US TI + 4.44% | 01/29/2031 | 297450 |
| ***India - 0.09%*** | ***India - 0.09%*** | ***India - 0.09%*** | ***India - 0.09%*** |  |  |
|  | 200000 | Adani Electricity Mumbai, Ltd.<sup>(h)</sup> | 3.95% | 02/12/2030 | 171212 |
|  | 332000 | Adani International Container Terminal Pvt, Ltd.<sup>(h)</sup> | 3.00% | 02/16/2031 | 284411 |
|  | 200000 | Adani Ports & Special Economic Zone, Ltd.<sup>(h)</sup> | 4.38% | 07/03/2029 | 179935 |
|  | 145000 | Adani Transmission Step-One, Ltd.<sup>(h)</sup> | 4.25% | 05/21/2036 | 120127 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

<u>RiverNorth/DoubleLine Strategic Income Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 147500 | JSW Hydro Energy, Ltd.<sup>(h)</sup> | 4.13% | 05/18/2031 | $132486 |
|  | 200000 | JSW Infrastructure, Ltd.<sup>(h)</sup> | 4.95% | 01/21/2029 | 192714 |
|  |  |  |  |  | 1080885 |
| ***Indonesia - 0.05%*** | ***Indonesia - 0.05%*** | ***Indonesia - 0.05%*** |  |  |  |
|  | 200000 | Freeport Indonesia PT<sup>(h)</sup> | 4.76% | 04/14/2027 | 199361 |
|  | 200000 | Indonesia Asahan Aluminium PT / Mineral Industri Indonesia Persero PT<sup>(h)</sup> | 4.75% | 05/15/2025 | 199864 |
|  | 200000 | Pertamina Persero PT<sup>(h)</sup> | 1.40% | 02/09/2026 | 194246 |
|  |  |  |  |  | 593471 |
| ***Ireland - 0.20%*** | ***Ireland - 0.20%*** | ***Ireland - 0.20%*** |  |  |  |
|  | 190000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 5.10% | 01/19/2029 | 191742 |
|  | 300000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust<sup>(b)</sup> | 5Y US TI + 2.72% | 03/10/2055 | 307173 |
|  | 340000 | AIB Group PLC<sup>(b)(g)</sup> | 1D US SOFR + 1.91% | 03/28/2035 | 346378 |
|  | 239000 | Avolon Holdings Funding, Ltd.<sup>(g)</sup> | 5.75% | 03/01/2029 | 243511 |
|  | 296000 | Avolon Holdings Funding, Ltd.<sup>(g)</sup> | 5.75% | 11/15/2029 | 301887 |
|  | 325000 | CRH SMW Finance DAC | 5.13% | 01/09/2030 | 328963 |
|  | 120000 | GGAM Finance, Ltd.<sup>(g)</sup> | 6.88% | 04/15/2029 | 121727 |
|  | 200000 | Icon Investments Six DAC | 5.85% | 05/08/2029 | 206377 |
|  | 200000 | Icon Investments Six DAC | 6.00% | 05/08/2034 | 204390 |
|  | 280000 | Smurfit Kappa Treasury ULC<sup>(g)</sup> | 5.20% | 01/15/2030 | 284632 |
|  |  |  |  |  | 2536780 |
| ***Isle Of Man - 0.02%*** | ***Isle Of Man - 0.02%*** | ***Isle Of Man - 0.02%*** |  |  |  |
|  | 200000 | Gold Fields Orogen Holdings BVI, Ltd.<sup>(h)</sup> | 6.13% | 05/15/2029 | 207657 |
| ***Jamaica - 0.00%<sup>(d)</sup>*** | ***Jamaica - 0.00%<sup>(d)</sup>*** | ***Jamaica - 0.00%<sup>(d)</sup>*** |  |  |  |
|  | 33726 | Digicel Group Holdings, Ltd.<sup>(g)(j)</sup> | 0.00% | 12/31/2030 | 3381 |
|  | 97403 | Digicel Group Holdings, Ltd.<sup>(g)(j)</sup> | 0.00% | 12/31/2030 | 1915 |
|  |  |  |  |  | 5296 |
| ***Japan - 0.06%*** | ***Japan - 0.06%*** | ***Japan - 0.06%*** |  |  |  |
|  | 308000 | Mitsubishi UFJ Financial Group, Inc.<sup>(b)</sup> | 1Y US TI + 0.95% | 01/16/2036 | 315002 |
|  | 510000 | Renesas Electronics Corp.<sup>(g)</sup> | 2.17% | 11/25/2026 | 488963 |
|  |  |  |  |  | 803965 |
| ***Jersey - 0.02%*** | ***Jersey - 0.02%*** | ***Jersey - 0.02%*** |  |  |  |
|  | 269922 | Galaxy Pipeline Assets Bidco, Ltd.<sup>(h)</sup> | 2.94% | 09/30/2040 | 221031 |
| ***Kuwait - 0.02%*** | ***Kuwait - 0.02%*** | ***Kuwait - 0.02%*** |  |  |  |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 9

<u>RiverNorth/DoubleLine Strategic Income Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
| $| 200000 | EQUATE Petrochemical Co. KSC<sup>(h)</sup> | 4.25% | 11/03/2026 | $| 198018 |
| ***Luxembourg - 0.12%*** | ***Luxembourg - 0.12%*** | ***Luxembourg - 0.12%*** | ***Luxembourg - 0.12%*** | ***Luxembourg - 0.12%*** | ***Luxembourg - 0.12%*** | ***Luxembourg - 0.12%*** |
|  | 230661 | Acu Petroleo Luxembourg Sarl<sup>(h)</sup> | 7.50% | 01/13/2032 |  | 230881 |
|  | 142000 | ArcelorMittal SA | 6.00% | 06/17/2034 |  | 145417 |
|  | 200000 | Chile Electricity Lux Mpc II Sarl<sup>(g)</sup> | 5.67% | 10/20/2035 |  | 200127 |
|  | 210000 | JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co Sarl | 3.75% | 12/01/2031 |  | 192256 |
|  | 200000 | Saavi Energia Sarl<sup>(g)</sup> | 8.88% | 02/10/2035 |  | 202590 |
|  | 400000 | Simpar Europe SA<sup>(h)</sup> | 5.20% | 01/26/2031 |  | 316000 |
|  | 173454 | Tierra Mojada Luxembourg II Sarl<sup>(h)</sup> | 5.75% | 12/01/2040 |  | 161518 |
|  |  |  |  |  |  | 1448789 |
| ***Mexico - 0.12%*** | ***Mexico - 0.12%*** | ***Mexico - 0.12%*** | ***Mexico - 0.12%*** |  |  |  |
|  | 659912 | Alpha Holding SA de CV<sup>(g)(k)</sup> | 9.00% | 02/10/2025 |  | 4949 |
|  | 188546 | Alpha Holding SA de CV<sup>(h)(k)</sup> | 9.00% | 02/10/2025 |  | 1414 |
|  | 200000 | Buffalo Energy Mexico Holdings / Buffalo Energy Infrastructure / Buffalo Energy<sup>(g)</sup> | 7.88% | 02/15/2039 |  | 203919 |
|  | 230400 | Cometa Energia SA de CV<sup>(h)</sup> | 6.38% | 04/24/2035 |  | 230584 |
|  | 200000 | Comision Federal de Electricidad<sup>(g)</sup> | 6.45% | 01/24/2035 |  | 192552 |
|  | 500000 | Credito Real SAB de CV SOFOM ER<sup>(h)(k)</sup> | 9.50% | 02/07/2026 |  | 63680 |
|  | 198850 | FIEMEX Energia - Banco Actinver SA Institucion de Banca Multiple<sup>(g)</sup> | 7.25% | 01/31/2041 |  | 197011 |
|  | 600000 | Mexarrend SAPI de CV<sup>(g)(k)</sup> | 10.25% | 07/24/2024 |  | 11700 |
|  | 200000 | Mexarrend SAPI de CV<sup>(h)(k)</sup> | 10.25% | 07/24/2024 |  | 3900 |
|  | 115512 | Mexico Generadora de Energia S de rl<sup>(h)</sup> | 5.50% | 12/06/2032 |  | 114055 |
|  | 700000 | Operadora de Servicios Mega SA de CV Sofom ER<sup>(g)(k)</sup> | 8.25% | 02/11/2025 |  | 325500 |
|  | 150000 | Petroleos Mexicanos | 6.75% | 09/21/2047 |  | 102716 |
|  |  |  |  |  |  | 1451980 |
| ***Morocco - 0.02%*** | ***Morocco - 0.02%*** | ***Morocco - 0.02%*** | ***Morocco - 0.02%*** |  |  |  |
|  | 200000 | OCP SA<sup>(h)</sup> | 6.75% | 05/02/2034 |  | 205806 |
| ***Netherlands - 0.06%*** | ***Netherlands - 0.06%*** | ***Netherlands - 0.06%*** | ***Netherlands - 0.06%*** |  |  |  |
|  | 200000 | Braskem Netherlands Finance BV<sup>(h)</sup> | 4.50% | 01/31/2030 |  | 171658 |
|  | 200000 | Enel Finance International NV<sup>(g)</sup> | 5.13% | 06/26/2029 |  | 202218 |
|  | 200000 | ING Groep NV<sup>(b)</sup> | SOFRINDX + 1.23% | 03/25/2031 |  | 200798 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

<u>RiverNorth/DoubleLine Strategic Income Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 150420 | MV24 Capital BV<sup>(h)</sup> | 6.75% | 06/01/2034 | $145602 |
|  | 459909 | Unigel Netherlands Holding Corp. BV<sup>(h)(i)</sup> | 15.00% (15.00%) | 12/31/2044 | 20696 |
|  |  |  |  |  | 740972 |
| ***Panama - 0.01%*** | ***Panama - 0.01%*** | ***Panama - 0.01%*** | ***Panama - 0.01%*** |  |  |
|  | 200000 | Empresa de Transmision Electrica SA<sup>(h)</sup> | 5.13% | 05/02/2049 | 146790 |
| ***Paraguay - 0.02%*** | ***Paraguay - 0.02%*** | ***Paraguay - 0.02%*** | ***Paraguay - 0.02%*** |  |  |
|  | 300000 | Banco Continental SAECA<sup>(h)</sup> | 2.75% | 12/10/2025 | 294887 |
| ***Peru - 0.11%*** | ***Peru - 0.11%*** | ***Peru - 0.11%*** | ***Peru - 0.11%*** |  |  |
|  | 90000 | Banco de Credito del Peru S.A.<sup>(b)(h)</sup> | 5Y US TI + 3.00% | 07/01/2030 | 89413 |
|  | 150000 | Banco de Credito del Peru S.A.<sup>(b)(h)</sup> | 5Y US TI + 2.45% | 09/30/2031 | 144915 |
|  | 150000 | Banco Internacional del Peru SAA Interbank<sup>(b)(g)</sup> | 5Y US TI + 2.07% | 04/30/2035 | 152982 |
|  | 200000 | Banco Internacional del Peru SAA Interbank<sup>(b)(h)</sup> | 5Y US TI + 3.71% | 07/08/2030 | 199221 |
|  | 200000 | InRetail Consumer<sup>(h)</sup> | 3.25% | 03/22/2028 | 189311 |
|  | 260000 | InRetail Shopping Malls<sup>(h)</sup> | 5.75% | 04/03/2028 | 258784 |
|  | 200000 | Minsur SA<sup>(h)</sup> | 4.50% | 10/28/2031 | 184345 |
|  | 200000 | Orazul Energy Peru SA<sup>(h)</sup> | 5.63% | 04/28/2027 | 196840 |
|  |  |  |  |  | 1415811 |
| ***Singapore - 0.06%*** | ***Singapore - 0.06%*** | ***Singapore - 0.06%*** | ***Singapore - 0.06%*** |  |  |
|  | 200000 | DBS Group Holdings, Ltd.<sup>(b)</sup> | 5Y US TI + 1.10% | 03/10/2031 | 194849 |
|  | 200000 | Medco Laurel Tree Pte, Ltd.<sup>(h)</sup> | 6.95% | 11/12/2028 | 197066 |
|  | 200000 | Oversea-Chinese Banking Corp., Ltd.<sup>(b)(h)</sup> | 5Y US TI + 1.58% | 09/10/2030 | 197633 |
|  | 200000 | United Overseas Bank, Ltd.<sup>(b)</sup> | 5Y US TI + 1.52% | 03/16/2031 | 194389 |
|  |  |  |  |  | 783937 |
| ***Spain - 0.04%*** | ***Spain - 0.04%*** | ***Spain - 0.04%*** | ***Spain - 0.04%*** |  |  |
|  | 250000 | AL Candelaria - spain- SA<sup>(h)</sup> | 5.75% | 06/15/2033 | 215154 |
|  | 261000 | CaixaBank SA<sup>(b)(g)</sup> | 1D US SOFR + 2.26% | 06/15/2035 | 269838 |
|  |  |  |  |  | 484992 |
| ***Switzerland - 0.02%*** | ***Switzerland - 0.02%*** | ***Switzerland - 0.02%*** | ***Switzerland - 0.02%*** | ***Switzerland - 0.02%*** |  |
|  | 200000 | UBS Group AG<sup>(b)(g)</sup> | 5.38% | 09/06/2045 | 191166 |
| ***Vietnam - 0.01%*** | ***Vietnam - 0.01%*** | ***Vietnam - 0.01%*** | ***Vietnam - 0.01%*** | ***Vietnam - 0.01%*** |  |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 11

<u>RiverNorth/DoubleLine Strategic Income Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 190613 | Mong Duong Finance Holdings BV<sup>(h)</sup> | 5.13% | 05/07/2029 | $184862 |
| TOTAL FOREIGN CORPORATE BONDS | TOTAL FOREIGN CORPORATE BONDS | TOTAL FOREIGN CORPORATE BONDS |  |  |  |
| (Cost $32,125,327) | (Cost $32,125,327) | (Cost $32,125,327) |  |  | 28881474 |
| **U.S. CORPORATE BONDS - 12.14%** | **U.S. CORPORATE BONDS - 12.14%** | **U.S. CORPORATE BONDS - 12.14%** |  |  |  |
| ***Advertising - 0.00%<sup>(d)</sup>*** | ***Advertising - 0.00%<sup>(d)</sup>*** | ***Advertising - 0.00%<sup>(d)</sup>*** |  |  |  |
|  | 55000 | Clear Channel Outdoor Holdings, Inc.<sup>(g)</sup> | 7.50% | 06/01/2029 | 45490 |
| ***Aerospace/Defense - 0.05%*** | ***Aerospace/Defense - 0.05%*** | ***Aerospace/Defense - 0.05%*** |  |  |  |
|  | 70000 | AAR Escrow Issuer LLC<sup>(g)</sup> | 6.75% | 03/15/2029 | 71198 |
|  | 70000 | Goat Holdco LLC<sup>(g)</sup> | 6.75% | 02/01/2032 | 68575 |
|  | 155000 | Hexcel Corp. | 5.88% | 02/26/2035 | 158008 |
|  | 285000 | Northrop Grumman Corp. | 5.20% | 06/01/2054 | 267127 |
|  |  |  |  |  | 564908 |
| ***Agriculture - 0.06%*** | ***Agriculture - 0.06%*** | ***Agriculture - 0.06%*** |  |  |  |
|  | 238000 | BAT Capital Corp. | 4.54% | 08/15/2047 | 190286 |
|  | 334000 | Bunge, Ltd. Finance Corp. | 4.65% | 09/17/2034 | 323025 |
|  | 236000 | Philip Morris International, Inc. | 5.25% | 02/13/2034 | 238296 |
|  |  |  |  |  | 751607 |
| ***Airlines - 0.01%*** | ***Airlines - 0.01%*** | ***Airlines - 0.01%*** |  |  |  |
|  | 120000 | American Airlines, Inc.<sup>(g)</sup> | 8.50% | 05/15/2029 | 121899 |
|  | 50000 | JetBlue Airways Corp. / JetBlue Loyalty LP<sup>(g)</sup> | 9.88% | 09/20/2031 | 49397 |
|  |  |  |  |  | 171296 |
| ***Auto Manufacturers - 0.07%*** | ***Auto Manufacturers - 0.07%*** | ***Auto Manufacturers - 0.07%*** |  |  |  |
|  | 129000 | Cummins, Inc. | 5.45% | 02/20/2054 | 126449 |
|  | 160000 | General Motors Financial Co., Inc. | 5.63% | 04/04/2032 | 158318 |
|  | 536000 | Hyundai Capital America<sup>(g)</sup> | 5.30% | 01/08/2029 | 541285 |
|  |  |  |  |  | 826052 |
| ***Auto Parts & Equipment - 0.01%*** | ***Auto Parts & Equipment - 0.01%*** | ***Auto Parts & Equipment - 0.01%*** |  |  |  |
|  | 125000 | Clarios Global LP / Clarios US Finance Co.<sup>(g)</sup> | 6.75% | 02/15/2030 | 126300 |
|  | 60000 | Dornoch Debt Merger Sub, Inc.<sup>(g)</sup> | 6.63% | 10/15/2029 | 45700 |
|  |  |  |  |  | 172000 |
| ***Banks - 0.49%*** | ***Banks - 0.49%*** | ***Banks - 0.49%*** |  |  |  |
|  | 230000 | Bank of America Corp.<sup>(b)</sup> | 1D US SOFR + 1.21% | 10/20/2032 | 198513 |
|  | 210000 | Bank of America Corp.<sup>(b)</sup> | 1D US SOFR + 1.65% | 01/23/2035 | 213145 |
|  | 230000 | Bank of America Corp.<sup>(b)</sup> | 1D US SOFR + 1.70% | 02/12/2036 | 229646 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

<u>RiverNorth/DoubleLine Strategic Income Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $605000 | Bank of America Corp.<sup>(b)</sup> | 5Y US TI + 1.20% | 09/21/2036 | $504729 |
| 235000 | Bank of New York Mellon Corp.<sup>(b)</sup> | 1D US SOFR + 1.23% | 07/22/2032 | 237542 |
| 229000 | Bank of New York Mellon Corp.<sup>(a)(b)</sup> | 5Y US TI + 2.30% | Perpetual Maturity | 235280 |
| 200000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico<sup>(b)(h)</sup> | 5Y US TI + 4.214% | 01/08/2039 | 203950 |
| 109000 | Citigroup, Inc.<sup>(b)</sup> | 1D US SOFR + 1.28% | 02/24/2028 | 105956 |
| 130000 | Citigroup, Inc.<sup>(b)</sup> | 1D US SOFR + 2.66% | 05/25/2034 | 133300 |
| 275000 | Citigroup, Inc.<sup>(b)</sup> | 5Y US TI + 1.73% | 09/19/2039 | 263175 |
| 132000 | Citizens Financial Group, Inc.<sup>(b)</sup> | 1D US SOFR + 2.01% | 01/23/2030 | 135622 |
| 133000 | Comerica, Inc.<sup>(b)</sup> | 1D US SOFR + 2.16% | 01/30/2030 | 135193 |
| 254000 | Goldman Sachs Group, Inc.<sup>(b)</sup> | 1D US SOFR + 1.55% | 07/23/2035 | 252856 |
| 145000 | Goldman Sachs Group, Inc.<sup>(a)(b)</sup> | 5Y US TI + 2.46% | Perpetual Maturity | 147175 |
| 157000 | Huntington Bancshares, Inc.<sup>(b)</sup> | 1D US SOFR + 1.28% | 01/15/2031 | 158707 |
| 131000 | Huntington Bancshares, Inc.<sup>(b)</sup> | SOFRINDX + 1.87% | 02/02/2035 | 132451 |
| 229000 | JPMorgan Chase & Co.<sup>(b)</sup> | 1D US SOFR + 0.90% | 01/24/2031 | 232621 |
| 526000 | JPMorgan Chase & Co.<sup>(b)</sup> | 1D US SOFR + 1.46% | 07/22/2035 | 528339 |
| 141000 | KeyCorp<sup>(b)</sup> | SOFRINDX + 2.06% | 06/01/2033 | 135267 |
| 128000 | M&T Bank Corp.<sup>(b)</sup> | 1D US SOFR + 2.26% | 03/13/2032 | 132616 |
| 133000 | Morgan Stanley<sup>(b)</sup> | 5Y US TI + 2.43% | 01/19/2038 | 134494 |
| 265000 | Morgan Stanley<sup>(b)</sup> | 5Y US TI + 1.80% | 02/07/2039 | 267629 |
| 173000 | Santander Holdings USA, Inc.<sup>(b)</sup> | 1D US SOFR + 1.61% | 03/20/2029 | 174036 |
| 114000 | Truist Financial Corp.<sup>(b)</sup> | 1D US SOFR + 2.45% | 10/30/2029 | 122781 |
| 267000 | Truist Financial Corp.<sup>(b)</sup> | 1D US SOFR + 1.57% | 08/05/2032 | 267541 |
| 234000 | Wells Fargo & Co.<sup>(b)</sup> | 1D US SOFR + 1.98% | 07/25/2028 | 234787 |
| 267000 | Wells Fargo & Co.<sup>(b)</sup> | 3M CME TERM SOFR + 1.43% | 10/30/2030 | 246181 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 13

<u>RiverNorth/DoubleLine Strategic Income Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 400000 | Wells Fargo & Co.<sup>(b)</sup> | 1D US SOFR + 2.06% | 10/23/2034 | $431657 |
|  |  |  |  |  | 6195189 |
| ***Beverages - 0.02%*** | ***Beverages - 0.02%*** | ***Beverages - 0.02%*** |  |  |  |
|  | 266000 | Keurig Dr Pepper, Inc. | 5.20% | 03/15/2031 | 271270 |
| ***Biotechnology - 0.06%*** | ***Biotechnology - 0.06%*** | ***Biotechnology - 0.06%*** |  |  |  |
|  | 390000 | Amgen, Inc. | 5.75% | 03/02/2063 | 380366 |
|  | 160000 | Gilead Sciences, Inc. | 5.55% | 10/15/2053 | 159355 |
|  | 264000 | Royalty Pharma PLC | 5.40% | 09/02/2034 | 261070 |
|  |  |  |  |  | 800791 |
| ***Building Materials - 0.07%*** | ***Building Materials - 0.07%*** | ***Building Materials - 0.07%*** |  |  |  |
|  | 150000 | Builders FirstSource, Inc.<sup>(g)</sup> | 6.38% | 03/01/2034 | 149034 |
|  | 75000 | Cornerstone Building Brands, Inc.<sup>(g)</sup> | 9.50% | 08/15/2029 | 62476 |
|  | 120000 | EMRLD Borrower LP / Emerald Co.-Issuer, Inc.<sup>(g)</sup> | 6.63% | 12/15/2030 | 120203 |
|  | 130000 | Griffon Corp. | 5.75% | 03/01/2028 | 127359 |
|  | 120000 | Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC<sup>(g)</sup> | 6.75% | 04/01/2032 | 119010 |
|  | 125000 | Owens Corning | 5.70% | 06/15/2034 | 128541 |
|  | 105000 | Quikrete Holdings, Inc.<sup>(g)</sup> | 6.75% | 03/01/2033 | 104618 |
|  | 60000 | Standard Building Solutions, Inc.<sup>(g)</sup> | 6.50% | 08/15/2032 | 60052 |
|  |  |  |  |  | 871293 |
| ***Chemicals - 0.05%*** | ***Chemicals - 0.05%*** | ***Chemicals - 0.05%*** |  |  |  |
|  | 25000 | Avient Corp.<sup>(g)</sup> | 6.25% | 11/01/2031 | 24786 |
|  | 30000 | Celanese US Holdings LLC | 6.50% | 04/15/2030 | 29808 |
|  | 30000 | Celanese US Holdings LLC | 6.75% | 04/15/2033 | 29151 |
|  | 285000 | CF Industries, Inc. | 5.38% | 03/15/2044 | 261095 |
|  | 125000 | Illuminate Buyer LLC / Illuminate Holdings IV, Inc.<sup>(g)</sup> | 9.00% | 07/01/2028 | 124386 |
|  | 45000 | Olin Corp.<sup>(g)</sup> | 6.63% | 04/01/2033 | 43779 |
|  | 75000 | WR Grace Holdings LLC<sup>(g)</sup> | 5.63% | 08/15/2029 | 64652 |
|  |  |  |  |  | 577657 |
| ***Commercial Services - 0.15%*** | ***Commercial Services - 0.15%*** | ***Commercial Services - 0.15%*** |  |  |  |
|  | 155000 | Allied Universal Holdco LLC<sup>(g)</sup> | 7.88% | 02/15/2031 | 157103 |
|  | 216000 | Ashtead Capital, Inc.<sup>(g)</sup> | 5.55% | 05/30/2033 | 214391 |
|  | 65000 | Dcli Bidco LLC<sup>(g)</sup> | 7.75% | 11/15/2029 | 66969 |
|  | 268000 | Global Payments, Inc. | 4.95% | 08/15/2027 | 270315 |
|  | 105000 | Mavis Tire Express Services Topco Corp.<sup>(g)</sup> | 6.50% | 05/15/2029 | 99504 |
|  | 267000 | Quanta Services, Inc. | 5.25% | 08/09/2034 | 263997 |
|  | 114000 | Rollins, Inc.<sup>(g)</sup> | 5.25% | 02/24/2035 | 113493 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

<u>RiverNorth/DoubleLine Strategic Income Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 198000 | Triton Container International, Ltd. / TAL International Container Corp. | 3.25% | 03/15/2032 | $170043 |
|  | 267000 | Verisk Analytics, Inc. | 5.25% | 06/05/2034 | 269359 |
|  | 60000 | Veritiv Operating Co.<sup>(g)</sup> | 10.50% | 11/30/2030 | 63605 |
|  | 65000 | VT Topco, Inc.<sup>(g)</sup> | 8.50% | 08/15/2030 | 68214 |
|  | 75000 | Wand NewCo 3, Inc.<sup>(g)</sup> | 7.63% | 01/30/2032 | 76821 |
|  |  |  |  |  | 1833814 |
| ***Computers - 0.13%*** | ***Computers - 0.13%*** | ***Computers - 0.13%*** |  |  |  |
|  | 75000 | Amentum Escrow Corp.<sup>(g)</sup> | 7.25% | 08/01/2032 | 73857 |
|  | 252000 | Dell, Inc. | 6.50% | 04/15/2038 | 266175 |
|  | 669000 | Hewlett Packard Enterprise Co. | 5.00% | 10/15/2034 | 652014 |
|  | 510000 | Kyndryl Holdings, Inc. | 4.10% | 10/15/2041 | 395698 |
|  | 245000 | NetApp, Inc. | 1.88% | 06/22/2025 | 243412 |
|  |  |  |  |  | 1631156 |
| ***Distribution/Wholesale - 0.02%*** | ***Distribution/Wholesale - 0.02%*** | ***Distribution/Wholesale - 0.02%*** |  |  |  |
|  | 195000 | BCPE Empire Holdings, Inc.<sup>(g)</sup> | 7.63% | 05/01/2027 | 192014 |
|  | 75000 | Dealer Tire LLC / DT Issuer LLC<sup>(g)</sup> | 8.00% | 02/01/2028 | 73177 |
|  |  |  |  |  | 265191 |
| ***Diversified Financial Services - 0.08%*** | ***Diversified Financial Services - 0.08%*** | ***Diversified Financial Services - 0.08%*** |  |  |  |
|  | 256000 | Aircastle, Ltd. / Aircastle Ireland DAC<sup>(g)</sup> | 5.25% | 03/15/2030 | 255244 |
|  | 135000 | Ally Financial, Inc.<sup>(b)</sup> | SOFRINDX + 1.73% | 01/17/2031 | 134367 |
|  | 196000 | Aviation Capital Group LLC<sup>(g)</sup> | 5.38% | 07/15/2029 | 197643 |
|  | 140000 | Nationstar Mortgage Holdings, Inc.<sup>(g)</sup> | 5.75% | 11/15/2031 | 140080 |
|  | 150000 | OneMain Finance Corp. | 7.50% | 05/15/2031 | 152753 |
|  | 70000 | PennyMac Financial Services, Inc.<sup>(g)</sup> | 7.88% | 12/15/2029 | 72882 |
|  |  |  |  |  | 952969 |
| ***Electric - 0.40%*** | ***Electric - 0.40%*** | ***Electric - 0.40%*** |  |  |  |
|  | 155000 | AEP Texas, Inc. | 5.45% | 05/15/2029 | 158702 |
|  | 263000 | Arizona Public Service Co. | 5.70% | 08/15/2034 | 268290 |
|  | 257000 | Black Hills Corp. | 6.00% | 01/15/2035 | 266183 |
|  | 160000 | Dominion Energy, Inc.<sup>(b)</sup> | 5Y US TI + 2.21% | 05/15/2055 | 159276 |
|  | 417000 | DTE Energy Co. | 5.85% | 06/01/2034 | 431345 |
|  | 355000 | Duke Energy Corp. | 3.95% | 08/15/2047 | 266974 |
|  | 91000 | Duke Energy Corp. | 5.00% | 08/15/2052 | 79463 |
|  | 193000 | Duke Energy Corp. | 5.80% | 06/15/2054 | 189037 |
|  | 134000 | Entergy Arkansas LLC | 5.75% | 06/01/2054 | 133590 |
|  | 136000 | Eversource Energy | 5.50% | 01/01/2034 | 136704 |
|  | 1000000 | Exelon Corp. | 4.05% | 04/15/2030 | 969175 |
|  | 75000 | Lightning Power LLC<sup>(g)</sup> | 7.25% | 08/15/2032 | 77281 |
|  | 750000 | NextEra Energy Capital Holdings, Inc. | 2.44% | 01/15/2032 | 641133 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 15

<u>RiverNorth/DoubleLine Strategic Income Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 125000 | NextEra Energy Capital Holdings, Inc.<sup>(b)</sup> | 5Y US TI + 2.46% | 06/15/2054 | $127906 |
|  | 75000 | NRG Energy, Inc.<sup>(g)</sup> | 6.00% | 02/01/2033 | 73041 |
|  | 275000 | Oklahoma Gas and Electric Co. | 5.80% | 04/01/2055 | 274388 |
|  | 60000 | Pike Corp.<sup>(g)</sup> | 8.63% | 01/31/2031 | 63303 |
|  | 75000 | San Diego Gas & Electric Co. | 5.35% | 04/01/2053 | 70367 |
|  | 183000 | Southern Co.<sup>(b)</sup> | 5Y US TI + 2.07% | 03/15/2055 | 187843 |
|  | 199000 | Southwestern Electric Power Co. | 3.25% | 11/01/2051 | 129496 |
|  | 95000 | Virginia Electric and Power Co. | 5.55% | 08/15/2054 | 92260 |
|  | 85000 | Vistra Operations Co. LLC<sup>(g)</sup> | 7.75% | 10/15/2031 | 89091 |
|  | 65000 | Vistra Operations Co. LLC<sup>(g)</sup> | 6.88% | 04/15/2032 | 66306 |
|  |  |  |  |  | 4951154 |
| ***Electrical Components & Equipment - 0.00%<sup>(d)</sup>*** | ***Electrical Components & Equipment - 0.00%<sup>(d)</sup>*** | ***Electrical Components & Equipment - 0.00%<sup>(d)</sup>*** |  |  |  |
|  | 45000 | WESCO Distribution, Inc.<sup>(g)</sup> | 6.38% | 03/15/2033 | 45265 |
| ***Electronics - 0.03%*** | ***Electronics - 0.03%*** | ***Electronics - 0.03%*** |  |  |  |
|  | 134000 | Amphenol Corp. | 5.38% | 11/15/2054 | 132143 |
|  | 262000 | Arrow Electronics, Inc. | 5.15% | 08/21/2029 | 263408 |
|  |  |  |  |  | 395551 |
| ***Engineering & Construction - 0.04%*** | ***Engineering & Construction - 0.04%*** | ***Engineering & Construction - 0.04%*** |  |  |  |
|  | 55000 | Brand Industrial Services, Inc.<sup>(g)</sup> | 10.38% | 08/01/2030 | 52539 |
|  | 185000 | Jacobs Engineering Group, Inc. | 5.90% | 03/01/2033 | 190263 |
|  | 264000 | MasTec, Inc. | 5.90% | 06/15/2029 | 270595 |
|  |  |  |  |  | 513397 |
| ***Entertainment - 0.05%*** | ***Entertainment - 0.05%*** | ***Entertainment - 0.05%*** |  |  |  |
|  | 140000 | Caesars Entertainment, Inc.<sup>(g)</sup> | 6.00% | 10/15/2032 | 130861 |
|  | 135000 | Light & Wonder International, Inc.<sup>(g)</sup> | 7.25% | 11/15/2029 | 136957 |
|  | 190000 | Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp.<sup>(g)</sup> | 6.63% | 02/01/2033 | 186988 |
|  | 55000 | Scientific Games Holdings LP/Scientific Games US FinCo, Inc.<sup>(g)</sup> | 6.63% | 03/01/2030 | 51927 |
|  | 120000 | Six Flags Entertainment Corp.<sup>(g)</sup> | 7.25% | 05/15/2031 | 120538 |
|  |  |  |  |  | 627271 |
| ***Environmental Control - 0.05%*** | ***Environmental Control - 0.05%*** | ***Environmental Control - 0.05%*** |  |  |  |
|  | 70000 | Madison IAQ LLC<sup>(g)</sup> | 5.88% | 06/30/2029 | 66196 |
|  | 328000 | Republic Services, Inc. | 5.15% | 03/15/2035 | 330142 |
|  | 266000 | Veralto Corp. | 5.35% | 09/18/2028 | 272488 |
|  |  |  |  |  | 668826 |
| ***Food - 0.11%*** | ***Food - 0.11%*** | ***Food - 0.11%*** |  |  |  |
|  | 268000 | Flowers Foods, Inc. | 5.75% | 03/15/2035 | 270442 |
|  | 277000 | Mars, Inc.<sup>(g)</sup> | 5.70% | 05/01/2055 | 276964 |
|  | 110000 | Performance Food Group, Inc.<sup>(g)</sup> | 6.13% | 09/15/2032 | 109473 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

<u>RiverNorth/DoubleLine Strategic Income Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 100000 | Post Holdings, Inc.<sup>(g)</sup> | 6.38% | 03/01/2033 | $98582 |
|  | 133000 | The Campbell's Company | 5.40% | 03/21/2034 | 134074 |
|  | 280000 | United Natural Foods, Inc.<sup>(g)</sup> | 6.75% | 10/15/2028 | 276923 |
|  | 175000 | US Foods, Inc.<sup>(g)</sup> | 5.75% | 04/15/2033 | 170680 |
|  |  |  |  |  | 1337138 |
| ***Gas - 0.06%*** | ***Gas - 0.06%*** | ***Gas - 0.06%*** |  |  |  |
|  | 111000 | National Fuel Gas Co. | 5.95% | 03/15/2035 | 113179 |
|  | 272000 | NiSource, Inc. | 5.35% | 04/01/2034 | 272989 |
|  | 131000 | NiSource, Inc.<sup>(b)</sup> | 5Y US TI + 2.45% | 11/30/2054 | 133146 |
|  | 228000 | NiSource, Inc. | 5.85% | 04/01/2055 | 226845 |
|  |  |  |  |  | 746159 |
| ***Hand/Machine Tools - 0.02%*** | ***Hand/Machine Tools - 0.02%*** | ***Hand/Machine Tools - 0.02%*** |  |  |  |
|  | 105000 | Regal Rexnord Corp. | 6.05% | 02/15/2026 | 105814 |
|  | 154000 | Regal Rexnord Corp. | 6.05% | 04/15/2028 | 158031 |
|  |  |  |  |  | 263845 |
| ***Healthcare-Products - 0.03%*** | ***Healthcare-Products - 0.03%*** | ***Healthcare-Products - 0.03%*** |  |  |  |
|  | 100000 | Medline Borrower LP<sup>(g)</sup> | 5.25% | 10/01/2029 | 96026 |
|  | 70000 | Sotera Health Holdings LLC<sup>(g)</sup> | 7.38% | 06/01/2031 | 71252 |
|  | 269000 | Zimmer Biomet Holdings, Inc. | 5.20% | 09/15/2034 | 268196 |
|  |  |  |  |  | 435474 |
| ***Healthcare-Services - 0.16%*** | ***Healthcare-Services - 0.16%*** | ***Healthcare-Services - 0.16%*** |  |  |  |
|  | 455000 | Centene Corp. | 2.50% | 03/01/2031 | 384036 |
|  | 90000 | CHS/Community Health Systems, Inc.<sup>(g)</sup> | 6.00% | 01/15/2029 | 80077 |
|  | 75000 | Elevance Health, Inc. | 4.55% | 05/15/2052 | 61715 |
|  | 181000 | IQVIA, Inc. | 6.25% | 02/01/2029 | 188622 |
|  | 669000 | Laboratory Corp. of America Holdings | 4.80% | 10/01/2034 | 644440 |
|  | 110000 | LifePoint Health, Inc.<sup>(g)</sup> | 10.00% | 06/01/2032 | 105067 |
|  | 271000 | Quest Diagnostics, Inc. | 5.00% | 12/15/2034 | 266901 |
|  | 91574 | Radiology Partners, Inc.<sup>(g)(i)</sup> | 7.78% (3.50%) | 01/31/2029 | 90773 |
|  | 125000 | Tenet Healthcare Corp. | 6.13% | 06/15/2030 | 124578 |
|  |  |  |  |  | 1946209 |
| ***Home Builders - 0.04%*** | ***Home Builders - 0.04%*** | ***Home Builders - 0.04%*** |  |  |  |
|  | 292000 | DR Horton, Inc. | 5.00% | 10/15/2034 | 284714 |
|  | 156000 | Meritage Homes Corp. | 5.65% | 03/15/2035 | 153684 |
|  |  |  |  |  | 438398 |
| ***Insurance - 0.26%*** | ***Insurance - 0.26%*** | ***Insurance - 0.26%*** |  |  |  |
|  | 311000 | 200 Park Funding Trust<sup>(g)</sup> | 5.74% | 02/15/2055 | 308859 |
|  | 95000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<sup>(g)</sup> | 6.75% | 10/15/2027 | 94728 |
|  | 75000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<sup>(g)</sup> | 6.50% | 10/01/2031 | 73720 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 17

<u>RiverNorth/DoubleLine Strategic Income Fund</u> <u>Schedule of Investments</u> <br> *March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 110000 | American National Group, Inc. | 5.75% | 10/01/2029 | $110962 |
|  | 70000 | AmWINS Group, Inc.<sup>(g)</sup> | 4.88% | 06/30/2029 | 66047 |
|  | 40000 | APH Somerset Investor 2 LLC / APH2 Somerset Investor 2 LLC / APH3 Somerset Inves<sup>(g)</sup> | 7.88% | 11/01/2029 | 39461 |
|  | 156000 | Arthur J Gallagher & Co. | 4.85% | 12/15/2029 | 157151 |
|  | 335000 | Arthur J Gallagher & Co. | 5.15% | 02/15/2035 | 332271 |
|  | 216000 | Athene Global Funding<sup>(g)</sup> | 5.35% | 07/09/2027 | 218981 |
|  | 315000 | Athene Global Funding<sup>(g)</sup> | 4.72% | 10/08/2029 | 310946 |
|  | 273000 | Athene Holding, Ltd.<sup>(b)</sup> | 5Y US TI + 2.61% | 10/15/2054 | 271018 |
|  | 155000 | Brighthouse Financial Global Funding<sup>(g)</sup> | 2.00% | 06/28/2028 | 141525 |
|  | 265000 | Brown & Brown, Inc. | 5.65% | 06/11/2034 | 269854 |
|  | 60000 | HUB International, Ltd.<sup>(g)</sup> | 7.25% | 06/15/2030 | 61840 |
|  | 100000 | Markel Group, Inc. | 6.00% | 05/16/2054 | 100955 |
|  | 300000 | Massachusetts Mutual Life Insurance Co.<sup>(g)</sup> | 3.20% | 12/01/2061 | 181357 |
|  | 229000 | MetLife, Inc.<sup>(b)</sup> | 5Y US TI + 2.08% | 03/15/2055 | 229779 |
|  | 100000 | Panther Escrow Issuer LLC<sup>(g)</sup> | 7.13% | 06/01/2031 | 101958 |
|  | 170000 | Prudential Financial, Inc. | 5.20% | 03/14/2035 | 170296 |
|  |  |  |  |  | 3241708 |
| ***Internet - 0.16%*** | ***Internet - 0.16%*** | ***Internet - 0.16%*** |  |  |  |
|  | 281000 | Expedia Group, Inc. | 3.80% | 02/15/2028 | 274103 |
|  | 334000 | Expedia Group, Inc. | 5.40% | 02/15/2035 | 332880 |
|  | 306000 | Meta Platforms, Inc. | 4.45% | 08/15/2052 | 260715 |
|  | 195000 | Netflix, Inc. | 5.40% | 08/15/2054 | 191454 |
|  | 307000 | Uber Technologies, Inc.<sup>(g)</sup> | 4.50% | 08/15/2029 | 302155 |
|  | 267000 | Uber Technologies, Inc. | 4.80% | 09/15/2034 | 259593 |
|  | 334000 | VeriSign, Inc. | 5.25% | 06/01/2032 | 337082 |
|  | 60000 | Wayfair LLC<sup>(g)</sup> | 7.25% | 10/31/2029 | 57606 |
|  |  |  |  |  | 2015588 |
| ***Investment Companies - 7.38%*** | ***Investment Companies - 7.38%*** | ***Investment Companies - 7.38%*** |  |  |  |
|  | 68000 | Ares Capital Corp. | 5.95% | 07/15/2029 | 69137 |
|  | 115000 | Ares Strategic Income Fund<sup>(g)</sup> | 6.35% | 08/15/2029 | 116809 |
|  | 115000 | Ares Strategic Income Fund<sup>(g)</sup> | 5.60% | 02/15/2030 | 113400 |
|  | 11300000 | BlackRock TCP Capital Corp. | 6.95% | 05/30/2029 | 11314932 |
|  | 6800000 | Blue Owl Capital Corp. | 3.75% | 07/22/2025 | 6770120 |
|  | 5247000 | Blue Owl Capital Corp. | 3.13% | 04/13/2027 | 4998995 |
|  | 4000000 | Blue Owl Capital Corp. | 2.88% | 06/11/2028 | 3672511 |
|  | 2000000 | Blue Owl Credit Income Corp. | 4.70% | 02/08/2027 | 1976004 |
|  | 3400000 | Blue Owl Credit Income Corp. | 7.75% | 09/16/2027 | 3549391 |
|  | 2000000 | Blue Owl Credit Income Corp. | 7.95% | 06/13/2028 | 2118849 |
|  | 7015000 | Blue Owl Technology Finance Corp.<sup>(g)</sup> | 6.75% | 06/30/2025 | 7024515 |
|  | 9550000 | Blue Owl Technology Finance Corp.<sup>(g)</sup> | 4.75% | 12/15/2025 | 9503279 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 5000000 | Blue Owl Technology Finance Corp.<sup>(g)</sup> | 6.10% | 03/15/2028 | $4988432 |
|  | 4800000 | Blue Owl Technology Finance Corp. | 6.75% | 04/04/2029 | 4867178 |
|  | 3000000 | Carlyle Secured Lending, Inc. | 6.75% | 02/18/2030 | 3054699 |
|  | 10000000 | Franklin BSP Capital Corp.<sup>(g)</sup> | 7.20% | 06/15/2029 | 10294495 |
|  | 8312000 | New Mountain Finance Corp. | 6.88% | 02/01/2029 | 8430267 |
|  | 8300000 | Oaktree Specialty Lending Corp. 7.10% |  | 02/15/2029 | 8555057 |
|  | 1000000 | Oaktree Strategic Credit Fund | 8.40% | 11/14/2028 | 1083345 |
|  |  |  |  |  | 92501415 |
| ***Leisure Time - 0.05%*** | ***Leisure Time - 0.05%*** | ***Leisure Time - 0.05%*** |  |  |  |
|  | 91000 | Carnival Corp.<sup>(g)</sup> | 6.13% | 02/15/2033 | 89743 |
|  | 135000 | Life Time, Inc.<sup>(g)</sup> | 6.00% | 11/15/2031 | 133935 |
|  | 50000 | NCL Corp., Ltd.<sup>(g)</sup> | 6.75% | 02/01/2032 | 49425 |
|  | 262000 | Royal Caribbean Cruises, Ltd.<sup>(g)</sup> | 5.38% | 07/15/2027 | 261144 |
|  | 35000 | Sabre GLBL, Inc.<sup>(g)</sup> | 8.63% | 06/01/2027 | 34662 |
|  | 75000 | Sabre GLBL, Inc.<sup>(g)</sup> | 10.75% | 11/15/2029 | 75827 |
|  |  |  |  |  | 644736 |
| ***Lodging - 0.05%*** | ***Lodging - 0.05%*** | ***Lodging - 0.05%*** |  |  |  |
|  | 55000 | Full House Resorts, Inc.<sup>(g)</sup> | 8.25% | 02/15/2028 | 54405 |
|  | 267000 | Hyatt Hotels Corp. | 5.25% | 06/30/2029 | 269689 |
|  | 271000 | Marriott International, Inc. | 5.30% | 05/15/2034 | 270584 |
|  |  |  |  |  | 594678 |
| ***Machinery-Diversified - 0.02%*** | ***Machinery-Diversified - 0.02%*** | ***Machinery-Diversified - 0.02%*** |  |  |  |
|  | 264000 | AGCO Corp. | 5.80% | 03/21/2034 | 267862 |
| ***Media - 0.06%*** | ***Media - 0.06%*** | ***Media - 0.06%*** |  |  |  |
|  | 65000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(g)</sup> | 5.13% | 05/01/2027 | 64072 |
|  | 85000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(g)</sup> | 4.75% | 03/01/2030 | 78912 |
|  | 10000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(g)</sup> | 4.75% | 02/01/2032 | 8891 |
|  | 80000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(g)</sup> | 4.25% | 01/15/2034 | 65860 |
|  | 102000 | Charter Communications Operating LLC / Charter Communications Operating Capital | 6.10% | 06/01/2029 | 105357 |
|  | 135000 | Directv Financing LLC / Directv Financing Co.-Obligor, Inc.<sup>(g)</sup> | 5.88% | 08/15/2027 | 130947 |
|  | 75000 | DISH DBS Corp.<sup>(g)</sup> | 5.75% | 12/01/2028 | 63392 |
|  | 25000 | DISH DBS Corp. | 5.13% | 06/01/2029 | 16343 |
|  | 60000 | Gray Media, Inc.<sup>(g)</sup> | 10.50% | 07/15/2029 | 62567 |
|  | 70000 | McGraw-Hill Education, Inc.<sup>(g)</sup> | 5.75% | 08/01/2028 | 68418 |
|  | 25000 | McGraw-Hill Education, Inc.<sup>(g)</sup> | 7.38% | 09/01/2031 | 25163 |

---

 

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 19

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 65000 | Univision Communications, Inc.<sup>(g)</sup> | 7.38% | 06/30/2030 | $62167 |
|  |  |  |  |  | 752089 |
| ***Metal Fabricate/Hardware - 0.01%*** | ***Metal Fabricate/Hardware - 0.01%*** | ***Metal Fabricate/Hardware - 0.01%*** |  |  |  |
|  | 100000 | Advanced Drainage Systems, Inc.<sup>(g)</sup> | 6.38% | 06/15/2030 | 100524 |
| ***Mining - 0.05%*** | ***Mining - 0.05%*** | ***Mining - 0.05%*** |  |  |  |
|  | 50000 | Freeport-McMoRan, Inc. | 4.38% | 08/01/2028 | 49431 |
|  | 470000 | Glencore Funding LLC<sup>(g)</sup> | 5.37% | 04/04/2029 | 477820 |
|  | 50000 | Novelis, Inc.<sup>(g)</sup> | 6.88% | 01/30/2030 | 50748 |
|  |  |  |  |  | 577999 |
| ***Oil & Gas - 0.15%*** | ***Oil & Gas - 0.15%*** | ***Oil & Gas - 0.15%*** |  |  |  |
|  | 125000 | Aethon United BR LP / Aethon United Finance Corp.<sup>(g)</sup> | 7.50% | 10/01/2029 | 127223 |
|  | 143000 | APA Corp.<sup>(g)</sup> | 6.10% | 02/15/2035 | 142469 |
|  | 120000 | Chord Energy Corp.<sup>(g)</sup> | 6.75% | 03/15/2033 | 119480 |
|  | 55000 | Civitas Resources, Inc.<sup>(g)</sup> | 8.38% | 07/01/2028 | 56828 |
|  | 65000 | CNX Resources Corp.<sup>(g)</sup> | 6.00% | 01/15/2029 | 64230 |
|  | 143000 | Devon Energy Corp. | 5.75% | 09/15/2054 | 131023 |
|  | 136000 | Expand Energy Corp. | 5.70% | 01/15/2035 | 136621 |
|  | 125000 | Gulfport Energy Operating Corp.<sup>(g)</sup> | 6.75% | 09/01/2029 | 126819 |
|  | 86000 | HF Sinclair Corp. | 5.75% | 01/15/2031 | 87131 |
|  | 75000 | Hilcorp Energy I LP / Hilcorp Finance Co.<sup>(g)</sup> | 7.25% | 02/15/2035 | 71721 |
|  | 100000 | Matador Resources Co.<sup>(g)</sup> | 6.50% | 04/15/2032 | 99185 |
|  | 50000 | Nabors Industries, Inc.<sup>(g)</sup> | 9.13% | 01/31/2030 | 50065 |
|  | 60000 | Occidental Petroleum Corp. | 5.38% | 01/01/2032 | 59160 |
|  | 65000 | Permian Resources Operating LLC<sup>(g)</sup> | 7.00% | 01/15/2032 | 66524 |
|  | 133000 | Permian Resources Operating LLC<sup>(g)</sup> | 6.25% | 02/01/2033 | 132578 |
|  | 65000 | Sitio Royalties Operating Partnership LP / Sitio Finance Corp.<sup>(g)</sup> | 7.88% | 11/01/2028 | 66947 |
|  | 125000 | SM Energy Co.<sup>(g)</sup> | 7.00% | 08/01/2032 | 122799 |
|  | 55000 | Transocean, Inc.<sup>(g)</sup> | 8.00% | 02/01/2027 | 54828 |
|  | 79000 | Vine Engergy Holdings LLC<sup>(g)</sup> | 6.75% | 04/15/2029 | 80045 |
|  | 90000 | Vital Energy, Inc.<sup>(g)</sup> | 7.88% | 04/15/2032 | 83870 |
|  |  |  |  |  | 1879546 |
| ***Oil & Gas Services - 0.02%*** | ***Oil & Gas Services - 0.02%*** | ***Oil & Gas Services - 0.02%*** |  |  |  |
|  | 120000 | Archrock Partners LP / Archrock Partners Finance Corp.<sup>(g)</sup> | 6.63% | 09/01/2032 | 120581 |
|  | 120000 | Kodiak Gas Services LLC<sup>(g)</sup> | 7.25% | 02/15/2029 | 122418 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 50000 | Weatherford International, Ltd.<sup>(g)</sup> | 8.63% | 04/30/2030 | $50803 |
|  |  |  |  |  | 293802 |
| ***Packaging & Containers - 0.07%*** | ***Packaging & Containers - 0.07%*** | ***Packaging & Containers - 0.07%*** |  |  |  |
|  | 69000 | Amcor Flexibles North America, Inc.<sup>(g)</sup> | 5.10% | 03/17/2030 | 69588 |
|  | 99000 | Berry Global, Inc.<sup>(g)</sup> | 4.88% | 07/15/2026 | 98997 |
|  | 157000 | Berry Global, Inc. | 5.65% | 01/15/2034 | 159369 |
|  | 25000 | Clydesdale Acquisition Holdings, Inc.<sup>(g)</sup> | 6.75% | 04/15/2032 | 25193 |
|  | 70000 | Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc.<sup>(g)</sup> | 4.38% | 10/15/2028 | 71532 |
|  | 90000 | Sealed Air Corp./Sealed Air Corp US<sup>(g)</sup> | 7.25% | 02/15/2031 | 93276 |
|  | 138000 | Sonoco Products Co. | 4.60% | 09/01/2029 | 136070 |
|  | 180000 | Trident TPI Holdings, Inc.<sup>(g)</sup> | 12.75% | 12/31/2028 | 193280 |
|  |  |  |  |  | 847305 |
| ***Pharmaceuticals - 0.06%*** | ***Pharmaceuticals - 0.06%*** | ***Pharmaceuticals - 0.06%*** |  |  |  |
|  | 289000 | AbbVie, Inc. | 4.70% | 05/14/2045 | 261180 |
|  | 155000 | AbbVie, Inc. | 5.50% | 03/15/2064 | 152620 |
|  | 65000 | AdaptHealth LLC<sup>(g)</sup> | 5.13% | 03/01/2030 | 59320 |
|  | 45000 | Bausch Health Cos., Inc.<sup>(g)</sup> | 5.25% | 01/30/2030 | 26720 |
|  | 272000 | Cardinal Health, Inc. | 4.60% | 03/15/2043 | 234870 |
|  | 37000 | Cardinal Health, Inc. | 4.50% | 11/15/2044 | 31216 |
|  |  |  |  |  | 765926 |
| ***Pipelines - 0.45%*** | ***Pipelines - 0.45%*** | ***Pipelines - 0.45%*** |  |  |  |
|  | 60000 | Blue Racer Midstream LLC / Blue Racer Finance Corp.<sup>(g)</sup> | 7.25% | 07/15/2032 | 62114 |
|  | 130000 | Buckeye Partners LP<sup>(g)</sup> | 6.88% | 07/01/2029 | 132255 |
|  | 290000 | Cheniere Energy Partners LP | 4.00% | 03/01/2031 | 272101 |
|  | 275000 | Cheniere Energy, Inc. | 4.63% | 10/15/2028 | 272157 |
|  | 141000 | DT Midstream, Inc.<sup>(g)</sup> | 4.13% | 06/15/2029 | 132828 |
|  | 279000 | Eastern Energy Gas Holdings LLC 5.65% |  | 10/15/2054 | 269589 |
|  | 1000000 | Energy Transfer LP | 3.90% | 07/15/2026 | 991608 |
|  | 308000 | Energy Transfer LP | 5.00% | 05/15/2044 | 265991 |
|  | 273000 | Energy Transfer LP | 5.95% | 05/15/2054 | 260892 |
|  | 133000 | Energy Transfer LP<sup>(b)</sup> | 5Y US TI + 2.83% | 10/01/2054 | 135148 |
|  | 265000 | Enterprise Products Operating LLC | 5.55% | 02/16/2055 | 257576 |
|  | 115000 | Harvest Midstream I LP<sup>(g)</sup> | 7.50% | 05/15/2032 | 118259 |
|  | 137000 | Hess Midstream Operations LP<sup>(g)</sup> | 5.88% | 03/01/2028 | 137726 |
|  | 141000 | Hess Midstream Operations LP<sup>(g)</sup> | 5.50% | 10/15/2030 | 138194 |
|  | 444000 | Kinder Morgan Energy Partners LP | 6.95% | 01/15/2038 | 489647 |
|  | 133000 | Kinetik Holdings LP<sup>(g)</sup> | 5.88% | 06/15/2030 | 131711 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 21

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 267000 | MPLX LP | 5.50% | 06/01/2034 | $266141 |
|  | 95000 | NGL Energy Operating LLC / NGL Energy Finance Corp.<sup>(g)</sup> | 8.13% | 02/15/2029 | 95741 |
|  | 308000 | NGPL PipeCo LLC<sup>(g)</sup> | 3.25% | 07/15/2031 | 270176 |
|  | 131000 | ONEOK, Inc. | 5.38% | 06/01/2029 | 133071 |
|  | 406000 | ONEOK, Inc. | 5.65% | 09/01/2034 | 409475 |
|  | 118000 | ONEOK, Inc. | 6.63% | 09/01/2053 | 123561 |
|  | 60000 | Tallgrass Energy Partners LP /Tallgrass Energy Finance Corp.<sup>(g)</sup> | 7.38% | 02/15/2029 | 60345 |
|  | 59000 | Targa Resources Corp. | 5.50% | 02/15/2035 | 58682 |
|  | 40000 | Venture Global LNG, Inc.<sup>(g)</sup> | 8.13% | 06/01/2028 | 40898 |
|  | 40000 | Venture Global LNG, Inc.<sup>(g)</sup> | 8.38% | 06/01/2031 | 40596 |
|  | 35000 | Venture Global LNG, Inc.<sup>(g)</sup> | 9.88% | 02/01/2032 | 37195 |
|  |  |  |  |  | 5603677 |
| ***Real Estate - 0.01%*** | ***Real Estate - 0.01%*** | ***Real Estate - 0.01%*** |  |  |  |
|  | 70000 | Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.<sup>(g)</sup> | 7.00% | 04/15/2030 | 62325 |
| ***REITS - 0.23%*** | ***REITS - 0.23%*** | ***REITS - 0.23%*** |  |  |  |
|  | 135000 | Agree LP | 2.60% | 06/15/2033 | 110306 |
|  | 393000 | American Homes 4 Rent LP | 5.50% | 02/01/2034 | 393642 |
|  | 130000 | American Tower Corp. | 5.55% | 07/15/2033 | 132928 |
|  | 113000 | Americold Realty Operating Partnership LP | 5.60% | 05/15/2032 | 113495 |
|  | 200000 | Crown Castle, Inc. | 3.65% | 09/01/2027 | 194900 |
|  | 271000 | Extra Space Storage LP | 5.40% | 02/01/2034 | 271452 |
|  | 270000 | Host Hotels & Resorts LP | 5.70% | 07/01/2034 | 270285 |
|  | 100000 | Iron Mountain, Inc.<sup>(g)</sup> | 7.00% | 02/15/2029 | 102352 |
|  | 25000 | Iron Mountain, Inc.<sup>(g)</sup> | 6.25% | 01/15/2033 | 24777 |
|  | 138000 | Omega Healthcare Investors, Inc. | 4.75% | 01/15/2028 | 137720 |
|  | 158000 | Omega Healthcare Investors, Inc. | 3.25% | 04/15/2033 | 134003 |
|  | 175000 | Park Intermediate Holdings LLC /PK Domestic Property LLC /PK Finance Co.-Issuer<sup>(g)</sup> | 7.00% | 02/01/2030 | 176443 |
|  | 203000 | Phillips Edison Grocery Center Operating Partnership I LP | 5.75% | 07/15/2034 | 204761 |
|  | 130000 | Sabra Health Care LP | 3.20% | 12/01/2031 | 112985 |
|  | 323000 | Sun Communities Operating LP | 2.70% | 07/15/2031 | 281264 |
|  | 282000 | VICI Properties LP / VICI Note Co., Inc.<sup>(g)</sup> | 4.63% | 12/01/2029 | 273839 |
|  |  |  |  |  | 2935152 |
| ***Retail - 0.11%*** | ***Retail - 0.11%*** | ***Retail - 0.11%*** |  |  |  |
|  | 222000 | AutoNation, Inc. | 5.89% | 03/15/2035 | 221703 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 42971 | Carvana Co.<sup>(g)(i)</sup> | 9.00% (12.00%) | 12/01/2028 | $44300 |
|  | 20000 | Carvana Co<sup>.(g)(i)</sup> | 9.00% (13.00%) | 06/01/2030 | 21192 |
|  | 65000 | Cougar JV Subsidiary LLC<sup>(g)</sup> | 8.00% | 05/15/2032 | 67090 |
|  | 75000 | Fertitta Entertainment LLC /Fertitta Entertainment Finance Co., Inc.<sup>(g)</sup> | 6.75% | 01/15/2030 | 64923 |
|  | 264000 | Genuine Parts Co. | 4.95% | 08/15/2029 | 264965 |
|  | 156000 | Lowe's Cos., Inc. | 5.63% | 04/15/2053 | 150692 |
|  | 315000 | McDonald's Corp. | 4.45% | 03/01/2047 | 267342 |
|  | 30000 | Michaels Cos., Inc.<sup>(g)</sup> | 5.25% | 05/01/2028 | 20745 |
|  | 25000 | Michaels Cos., Inc.<sup>(g)</sup> | 7.88% | 05/01/2029 | 13387 |
|  | 136000 | O'Reilly Automotive, Inc. | 5.00% | 08/19/2034 | 133711 |
|  | 65000 | Staples, Inc.<sup>(g)</sup> | 10.75% | 09/01/2029 | 58805 |
|  | 95000 | Victra Holdings LLC / Victra Finance Corp.<sup>(g)</sup> | 8.75% | 09/15/2029 | 98109 |
|  |  |  |  |  | 1426964 |
| ***Semiconductors - 0.15%*** | ***Semiconductors - 0.15%*** | ***Semiconductors - 0.15%*** |  |  |  |
|  | 423000 | Broadcom, Inc.<sup>(g)</sup> | 3.42% | 04/15/2033 | 376764 |
|  | 342000 | Broadcom, Inc.<sup>(g)</sup> | 3.19% | 11/15/2036 | 280862 |
|  | 200000 | Foundry JV Holdco LLC<sup>(g)</sup> | 6.40% | 01/25/2038 | 209657 |
|  | 514000 | Marvell Technology, Inc. | 5.95% | 09/15/2033 | 536392 |
|  | 392000 | Micron Technology, Inc. | 5.80% | 01/15/2035 | 401587 |
|  | 156000 | Qorvo, Inc.<sup>(g)</sup> | 3.38% | 04/01/2031 | 136924 |
|  |  |  |  |  | 1942186 |
| **Software - 0.18%** | **Software - 0.18%** | **Software - 0.18%** |  |  |  |
|  | 132000 | AppLovin Corp. | 5.38% | 12/01/2031 | 132723 |
|  | 70000 | AthenaHealth Group, Inc.<sup>(g)</sup> | 6.50% | 02/15/2030 | 65722 |
|  | 131000 | Cadence Design Systems, Inc. | 4.70% | 09/10/2034 | 127962 |
|  | 30000 | Central Parent LLC / CDK Global II LLC / CDK Financing Co., Inc.<sup>(g)</sup> | 8.00% | 06/15/2029 | 26360 |
|  | 125000 | Ellucian Holdings, Inc.<sup>(g)</sup> | 6.50% | 12/01/2029 | 123241 |
|  | 250000 | Fiserv, Inc. | 5.45% | 03/15/2034 | 253567 |
|  | 227000 | Intuit, Inc. | 5.50% | 09/15/2053 | 225922 |
|  | 97000 | Oracle Corp. | 3.80% | 11/15/2037 | 81776 |
|  | 173000 | Oracle Corp. | 5.38% | 09/27/2054 | 157877 |
|  | 223000 | Synopsys, Inc. | 5.15% | 04/01/2035 | 224260 |
|  | 458000 | Take-Two Interactive Software, Inc. | 4.95% | 03/28/2028 | 462524 |
|  | 60000 | UKG, Inc.<sup>(g)</sup> | 6.88% | 02/01/2031 | 60910 |
|  | 250000 | Workday, Inc. | 3.70% | 04/01/2029 | 241044 |
|  | 145000 | Workday, Inc. | 3.80% | 04/01/2032 | 134264 |
|  |  |  |  |  | 2318152 |
| **Telecommunications - 0.16%** | **Telecommunications - 0.16%** | **Telecommunications - 0.16%** |  |  |  |
|  | 500000 | AT&T, Inc. | 4.30% | 02/15/2030 | 492418 |
|  | 790000 | AT&T, Inc. | 3.50% | 09/15/2053 | 539109 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 23

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
| $65000 | CommScope LLC<sup>(g)</sup> | 9.50% | 12/15/2031 | $| 67010 |
| 90000 | Consolidated Communications, Inc.<sup>(g)</sup> | 5.00% | 10/01/2028 |  | 84479 |
| 50000 | EchoStar Corp. | 10.75% | 11/30/2029 |  | 52583 |
| 90000 | Level 3 Financing, Inc.<sup>(g)</sup> | 10.50% | 04/15/2029 |  | 99450 |
| 50000 | Level 3 Financing, Inc.<sup>(g)</sup> | 4.50% | 04/01/2030 |  | 40250 |
| 310000 | T-Mobile USA, Inc. | 3.40% | 10/15/2052 |  | 209676 |
| 171000 | T-Mobile USA, Inc. | 5.25% | 06/15/2055 |  | 157160 |
| 165000 | T-Mobile USA, Inc. | 5.88% | 11/15/2055 |  | 166226 |
| 35000 | Windstream Services LLC /Windstream Escrow Finance Corp.<sup>(g)</sup> | 8.25% | 10/01/2031 |  | 35667 |
|  |  |  |  |  | 1944028 |
| **Transportation - 0.21%** | **Transportation - 0.21%** |  |  |  |  |
| 1188000 | Burlington Northern Santa Fe LLC | 5.20% | 04/15/2054 |  | 1131946 |
| 688000 | CSX Corp. | 3.80% | 11/01/2046 |  | 538139 |
| 130000 | Genesee & Wyoming, Inc.<sup>(g)</sup> | 6.25% | 04/15/2032 |  | 130060 |
| 100000 | Star Leasing Co. LLC<sup>(g)</sup> | 7.63% | 02/15/2030 |  | 96214 |
| 500000 | Union Pacific Corp. | 3.70% | 03/01/2029 |  | 488102 |
| 125000 | Watco Cos. LLC / Watco Finance Corp.<sup>(g)</sup> | 7.13% | 08/01/2032 |  | 125813 |
| 135000 | XPO, Inc.<sup>(g)</sup> | 7.13% | 06/01/2031 |  | 138381 |
|  |  |  |  |  | 2648655 |
| **Trucking & Leasing - 0.04%** | **Trucking & Leasing - 0.04%** |  |  |  |  |
| 105000 | Fortress Transportation and Infrastructure Investors LLC<sup>(g)</sup> | 5.88% | 04/15/2033 |  | 100446 |
| 156000 | GATX Corp. | 5.50% | 06/15/2035 |  | 156086 |
| 269000 | Penske Truck Leasing Co. Lp /PTL Finance Corp.<sup>(g)</sup> | 5.25% | 02/01/2030 |  | 272349 |
|  |  |  |  |  | 528881 |
| TOTAL U.S. CORPORATE BONDS | TOTAL U.S. CORPORATE BONDS |  |  |  |  |
| (Cost $151,741,599) | (Cost $151,741,599) |  |  |  | 152192568 |
| **FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.08%** | **FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.08%** | **FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.08%** | **FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.08%** | **FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.08%** | **FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.08%** |
| ***Colombia - 0.03%*** | ***Colombia - 0.03%*** | ***Colombia - 0.03%*** | ***Colombia - 0.03%*** |  |  |
| $600000 | Colombia Government International Bond | 4.13% | 05/15/2051 |  | 341775 |
| ***Guatemala - 0.02%*** | ***Guatemala - 0.02%*** | ***Guatemala - 0.02%*** | ***Guatemala - 0.02%*** | ***Guatemala - 0.02%*** | ***Guatemala - 0.02%*** |
| 300000 | Guatemala Government Bond<sup>(h)</sup> | 4.38% | 06/05/2027 |  | 293547 |
| ***Mexico - 0.02%*** | ***Mexico - 0.02%*** | ***Mexico - 0.02%*** | ***Mexico - 0.02%*** | ***Mexico - 0.02%*** | ***Mexico - 0.02%*** |
| 200000 | Mexico Government International Bond | 6.34% | 05/04/2053 |  | 182292 |

---

 

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| ***Morocco - 0.01%*** |  |  |  | |
| $200000 | Morocco Government International Bond<sup>(h)</sup> | 3.00% | 12/15/2032 | $166053 |
| ******Peru - 0.00****%<sup>(d)</sup>*** | ******Peru - 0.00****%<sup>(d)</sup>*** | ******Peru - 0.00****%<sup>(d)</sup>*** |  |  |
| 50000 | Peruvian Government International Bond | 3.00% | 01/15/2034 | 41599 |
| TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES | TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES | TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES | TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES | TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES |
| (Cost $1,274,309) | (Cost $1,274,309) | (Cost $1,274,309) |  | 1025266 |
| <br>**BANK LOANS - 1.58%<sup>(b)</sup>** | <br>**BANK LOANS - 1.58%<sup>(b)</sup>** |  |  |  |
| **Canada - 0.08%** | **Canada - 0.08%** |  |  |  |
| 389003 | Bausch + Lomb Corp., First Lien | 1M SOFR + 3.25%, 0.50% Floor | 05/10/2027 | 388123 |
| 389023 | Garda World Security Corp., First Lien | 3M SOFR + 4.50% | 02/01/2029 | 387848 |
| 204488 | Kronos Acquisition Holdings, Inc., First Lien | 3M SOFR + 4.00% | 07/08/2031 | 176371 |
|  |  |  |  | 952342 |
| ***Great Britain - 0.00%<sup>(d)</sup>*** | ***Great Britain - 0.00%<sup>(d)</sup>*** |  |  |  |
| 16154 | Inmarsat PLC, First Lien - B Term Loan | 3M SOFR + 5.25% | 09/23/2026 | 16093 |
| ***Luxembourg - 0.02%*** | ***Luxembourg - 0.02%*** |  |  |  |
| 209702 | Travelport Finance Luxembourg SARL 1L, 2021, First Lien - Initial (Priority) Term Loan | 3M SOFR + 7.625%, 1.00% Floor | 09/29/2028 | 190005 |
| ***United States - 1.48%*** | ***United States - 1.48%*** |  |  |  |
| 393982 | ADMI Corp., First Lien | 1M SOFR + 3.75%, 0.50% Floor | 12/23/2027 | 391522 |
| 385000 | AI Aqua Merger Sub, Inc., First Lien | 1M SOFR + 3.00%, 0.50% Floor | 07/31/2028 | 381949 |
| 389025 | Alliant Holdings Intermediate LLC, First Lien | 1M SOFR + 2.75% | 09/19/2031 | 387080 |
| 239275 | Allied Universal Holdco LLC, First Lien - Initial U.S. Dollar Term Loan | 1M SOFR + 3.75%, 0.50% Floor | 05/15/2028 | 239294 |
| 390000 | Allspring Buyer LLC, First Lien | 3M SOFR + 3.00%, 0.50% Floor | 11/01/2030 | 390099 |
| 388997 | Ascend Learning LLC, First Lien | 3M SOFR + 3.50%, 0.50% Floor | 12/11/2028 | 384829 |
| 19950 | Aspire Bakeries 12/23 TL | 1M SOFR + 4.25% | 12/30/2030 | 20025 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 25

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $1559522 | Astra Acquisition Corp., Second Lien - Initial Term Loan | 3M SOFR + 8.88% | 10/22/2029 | $35089 |
| 393982 | Aveanna Healthcare LLC, First Lien | 3M SOFR + 3.75%, 0.50% Floor | 07/17/2028 | 387336 |
| 195000 | BMC Software, Inc., First Lien | 3M SOFR + 3.00% | 07/30/2031 | 191882 |
| 195000 | Boxer Parent Co., Inc., Second Lien | 3M SOFR + 5.75% | 07/30/2032 | 188662 |
| 389023 | BroadStreet Partners, Inc., First Lien | 1M SOFR + 3.00% | 06/16/2031 | 386140 |
| 206045 | Central Parent LLC, First Lien | 3M SOFR + 3.25% | 07/06/2029 | 177457 |
| 384010 | Chariot Buyer LLC, First Lien | 1M SOFR + 3.25%, 0.50% Floor | 11/03/2028 | 380900 |
| 388987 | CHG PPC Parent LLC, First Lien | 1M SOFR + 3.00%, 0.50% Floor | 12/08/2028 | 388987 |
| 25000 | CLEARWATER ANALYTICS LLC | 6M SOFR + 2.25% | 02/07/2032 | 24938 |
| 40000 | COGENTRIX FIN HOLDCO I LLC | 3M SOFR + 2.75% | 02/13/2032 | 39900 |
| 190000 | CommScope, Inc. | 1M SOFR + 5.25% | 12/17/2029 | 189485 |
| 1630000 | Constant Contact, Inc., Second Lien - Initial Term Loan | 3M SOFR + 7.50%, 0.75% Floor | 02/12/2029 | 1361050 |
| 100000 | Crown Finance US, Inc., First Lien | 1M CME TERM + 9.57% | 12/02/2031 | 99598 |
| 390000 | Cube Industrials 10/24 | 3M SOFR + 3.50% | 10/09/2031 | 387888 |
| 99744 | Dexko Global, Inc., First Lien | 3M SOFR + 3.75%, 0.50% Floor | 10/04/2028 | 93183 |
| 388995 | DG Investment Intermediate Holdings 2, Inc., First Lien | 1M SOFR + 3.75%, 0.75% Floor | 03/31/2028 | 387698 |
| 195174 | Directv Financing LLC, First Lien | 3M SOFR + 5.25%, 0.75% Floor | 08/02/2029 | 192686 |
| 195000 | Edelman Financial Engines Center LLC, First Lien | 1M SOFR + 3.00% | 04/07/2028 | 194675 |
| 195000 | Edelman Financial Engines Center LLC, Second Lien | 1M SOFR + 5.25% | 10/06/2028 | 195634 |
| 171150 | EG America LLC, First Lien | 3M SOFR + 4.25% | 02/07/2028 | 171441 |
| 389000 | Fertitta Entertainment, LLC, First Lien | 1M SOFR + 3.50% | 01/13/2029 | 383573 |
| 430000 | Focus Financial Partners LLC, First Lien | 1M SOFR + 2.75% | 09/15/2031 | 426362 |
| 15000 | Focus Financial Partners, LLC | 6M CME TERM + 2.75% | 09/15/2031 | 14873 |
| 403948 | Gainwell Acquisition Corp., First Lien - B Term Loan | 3M SOFR + 4.00%, 0.75% Floor | 10/01/2027 | 379970 |
| 194030 | Golden State Foods 10/24 | 1M SOFR + 4.25% | 10/07/2031 | 194899 |
| 388995 | Great Outdoors Group LLC, First Lien | 1M SOFR + 3.25%, 0.75% Floor | 01/23/2032 | 388654 |
| 95000 | Hanesbrands, Inc., First Lien | 3M SOFR + 0.00% | 03/08/2032 | 95000 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $389025 | Hexion Holdings Corp., First Lien | 1M SOFR + 4.00%, 0.50% Floor | 03/15/2029 | $379091 |
| 384045 | INEOS US Petrochem LLC, First Lien | 1M SOFR + 4.25% | 03/29/2029 | 369644 |
| 389023 | Kenan Advantage Group, Inc., First Lien | 1M SOFR + 3.25% | 01/25/2029 | 387968 |
| 394011 | LBM Acquisition LLC, First Lien | 1M SOFR + 3.75%, 0.75% Floor | 06/06/2031 | 364854 |
| 110000 | LC Ahab US Bidco LLC, First Lien | 1M SOFR + 3.00% | 05/01/2031 | 109313 |
| 85000 | LSF9 ATLANTIS HLDGS LLC | 6M CME TERM + 4.25% | 03/31/2029 | 84947 |
| 195000 | Madison IAQ LLC, First Lien | 1M CME TERM SOFR + 7.57%, 0.50% Floor | 03/29/2032 | 193416 |
| 372118 | Mister Car Wash Holdings, Inc., First Lien | 3M SOFR + 2.50% | 03/27/2031 | 371188 |
| 194513 | Mitchell International, Inc., First Lien | 1M SOFR + 3.25%, 0.50% Floor | 06/17/2031 | 192474 |
| 195000 | Mitchell International, Inc., Second Lien | 1M SOFR + 5.25%, 0.50% Floor | 06/17/2032 | 190369 |
| 94741 | Natgasoline LLC, First Lien - Initial Term Loan | 3M SOFR + 3.50% | 11/14/2025 | 94504 |
| 215367 | NEP Group, Inc., First Lien | 3M SOFR + 3.25% | 08/19/2026 | 200937 |
| 389023 | OneDigital Borrower LLC, First Lien | 1M SOFR + 3.00%, 0.50% Floor | 07/02/2031 | 387004 |
| 445000 | OPAL US LLC | 1M SOFR + 3.00% | 03/01/2032 | 442775 |
| 388992 | Primo Brands Corp., First Lien | 3M SOFR + 2.25%, 0.50% Floor | 03/31/2028 | 387870 |
| 402105 | Radiology Partners 2/24 | 3M SOFR + 3.50% | 01/31/2029 | 388597 |
| 398974 | Restaurant Technologies, Inc. TLB 1L | 3M SOFR + 4.25% | 03/17/2029 | 380594 |
| 105086 | SAVOR ACQUISITION INC | 3M CME TERM + 3.25% | 02/04/2032 | 105113 |
| 9914 | SAVOR ACQUISITION INC | 3M SOFR + 3.75% | 02/04/2032 | 9916 |
| 389025 | Sedgwick Claims Management Services, Inc., First Lien | 3M SOFR + 3.00% | 07/31/2031 | 388204 |
| 193846 | Signia Aerospace 11/24 TL | 3M CME TERM + 3.00% | 11/21/2031 | 193119 |
| 104475 | Staples, Inc., First Lien | 3M SOFR + 5.75%, 0.50% Floor | 09/10/2029 | 93087 |
| 389008 | STUBHUB HLDGS INC, TL | 1M SOFR + 4.75% | 03/12/2030 | 388035 |
| 199425 | Team Health Holdings, Inc., First Lien | 3M SOFR + 5.25%, 1.00% Floor | 03/02/2027 | 194644 |
| 135000 | TECTA AMERICA CORP | 1M SOFR + 3.00% | 02/12/2032 | 134173 |
| 387056 | Tiger Acquisition LLC, First Lien | 3M SOFR + 3.00% | 06/01/2028 | 386330 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 27

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 220000 | TK Elevator Midco GmbH | 1M CME Term + 3.00% | 04/30/2030 | $219684 |
|  | 194501 | Univision Communications, Inc., First Lien | 3M SOFR + 4.25%, 0.50% Floor | 06/25/2029 | 189314 |
|  | 194504 | Vantage Specialty Chemicals, Inc., First Lien | 1M SOFR + 4.75%, 0.50% Floor | 10/26/2026 | 188222 |
|  | 59850 | Veritiv Operating Co., First Lien | 3M SOFR + 4.50% | 11/29/2030 | 59604 |
|  | 381849 | Wand NewCo 3, Inc., First Lien | 1M SOFR + 2.75% | 01/30/2031 | 376743 |
|  | 334513 | WaterBridge Midstream Operating LLC, First Lien | 3M SOFR + 4.75% | 06/27/2029 | 332403 |
|  | 389025 | WaterBridge NDB Operating LLC, First Lien | 3M SOFR + 4.00% | 05/10/2029 | 390789 |
|  | 408975 | White Cap Supply Holdings LLC, First Lien | 1M SOFR + 3.25% | 10/31/2029 | 397509 |
|  | 95000 | Zayo Group Holdings, Inc., First Lien | 1M SOFR + 4.25%, 0.50% Floor | 03/09/2027 | 89425 |
|  |  |  |  |  | 18614617 |
| TOTAL BANK LOANS | TOTAL BANK LOANS | TOTAL BANK LOANS | TOTAL BANK LOANS |  |  |
| (Cost $21,778,511) | (Cost $21,778,511) | (Cost $21,778,511) | (Cost $21,778,511) |  | 19773057 |
| **COLLATERALIZED LOAN OBLIGATIONS - 4.96%** | **COLLATERALIZED LOAN OBLIGATIONS - 4.96%** | **COLLATERALIZED LOAN OBLIGATIONS - 4.96%** |  |  |  |
| ***Cayman Islands - 4.60%*** | ***Cayman Islands - 4.60%*** | ***Cayman Islands - 4.60%*** |  |  |  |
|  |  | AIMCO CLO Series 2018-A |  |  |  |
|  | 500000 | Series 2024-AA<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.85% | 10/17/2037 | 497550 |
|  |  | Apidos CLO XXIV |  |  |  |
|  | 1000000 | Series 2018-24A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.06% | 10/20/2030 | 1001251 |
|  |  | Barings CLO, Ltd. |  |  |  |
|  | 500000 | Series 2018-4A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.08% | 10/15/2030 | 491340 |
|  |  | Barings CLO, Ltd. 2019-I |  |  |  |
|  | 1500000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 7.12% | 04/15/2035 | 1510562 |
|  |  | Beechwood Park CLO, Ltd. |  | 01/17/2035 | 501222 |
|  | 500000 | Series 2022-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.50% |  |  |
|  |  | Benefit Street Partners CLO IX, Ltd. |  |  |  |
|  | 1000000 | Series 2024-9A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.10% | 10/20/2037 | 997670 |
|  |  | Benefit Street Partners Clo XXXVII, Ltd. |  |  |  |
|  | 1000000 | Series 2024-37A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.85% | 01/25/2038 | 993055 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | BlueMountain Fuji US CLO II, Ltd. |  |  |  |
| $1000000 | Series 2017-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.26% | 10/20/2030 | $996852 |
|  | Buttermilk Park CLO, Ltd. |  |  |  |
| 1000000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.01% | 10/15/2031 | 977760 |
|  | Canyon Capital CLO 2016-2, Ltd. |  |  |  |
| 500000 | Series 2018-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.41% | 10/15/2031 | 501238 |
|  | Canyon Capital CLO 2017-1, Ltd. |  |  |  |
| 500000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.26% | 07/15/2030 | 501016 |
|  | Canyon Capital CLO, Ltd. |  |  |  |
| 1500000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.76% | 01/30/2031 | 1420931 |
| 1000000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.01% | 07/15/2031 | 982978 |
| 500000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.06% | 07/15/2031 | 500613 |
|  | Canyon CLO 2020-1, Ltd. |  |  |  |
| 500000 | Series 2024-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.10% | 07/15/2034 | 498727 |
|  | Canyon CLO 2021-3, Ltd. |  |  |  |
| 1000000 | Series 2021-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.31% | 07/15/2034 | 1001850 |
|  | Canyon CLO 2021-4, Ltd. |  |  |  |
| 1000000 | Series 2021-4A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.56% | 10/15/2034 | 989068 |
|  | Carlyle Global Market Strategies CLO, Ltd. |  |  |  |
| 1000000 | Series 2018-2RA<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.61% | 05/15/2031 | 989123 |
|  | Carlyle US CLO 2020-2, Ltd. |  |  |  |
| 2000000 | Series 2021-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.96% | 01/25/2035 | 2005065 |
|  | Carlyle US CLO 2022-5, Ltd. |  |  |  |
| 500000 | Series 2024-5A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.15% | 10/15/2037 | 500711 |
|  | Chenango Park CLO, Ltd. |  |  |  |
| 500000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.26% | 04/15/2030 | 501079 |
| 1000000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.06% | 04/15/2030 | 983266 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 29

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | Crown Point CLO IV, Ltd. |  |  |  |
| $500000 | Series 2018-4A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.16% | 04/20/2031 | $500047 |
|  | Empower CLO 2022-1, Ltd. |  |  |  |
| 500000 | Series 2024-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.00% | 10/20/2037 | 498289 |
|  | Jamestown CLO XVIII, Ltd. |  |  |  |
| 1000000 | Series 2024-18A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.75% | 07/25/2035 | 1005466 |
|  | Lakeside Park CLO, Ltd. |  |  |  |
| 1000000 | Series 2025-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 4.60% | 04/15/2038 | 996800 |
|  | Lewey Park CLO, Ltd. |  |  |  |
| 500000 | Series 2024-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.95% | 10/21/2037 | 498859 |
|  | Marble Point CLO XII, Ltd. |  |  |  |
| 500000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.26% | 07/16/2031 | 499991 |
|  | Milos CLO, Ltd. |  |  |  |
| 500000 | Series 2020-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.41% | 10/20/2030 | 495782 |
|  | Myers Park CLO, Ltd. |  |  |  |
| 1000000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.76% | 10/20/2030 | 999778 |
|  | Neuberger Berman Loan Advisers Clo 44, Ltd. |  |  |  |
| 500000 | Series 2025-44A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.65% | 10/16/2035 | 498188 |
| 1000000 | Series 2025-44A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.15% | 10/16/2035 | 982744 |
|  | Neuberger Berman Loan Advisers CLO 46, Ltd. |  |  |  |
| 500000 | Series 2025-46A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.65% | 01/20/2037 | 498105 |
|  | Point Au Roche Park CLO, Ltd. |  |  |  |
| 500000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.36% | 07/20/2034 | 488116 |
|  | Rockland Park CLO, Ltd. |  |  |  |
| 500000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.51% | 04/20/2034 | 501225 |
|  | Sound Point CLO XVIII, Ltd. |  |  |  |
| 2000000 | Series 2018-4A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.76% | 01/21/2031 | 1995082 |
|  | Sound Point CLO XXIII |  |  |  |
| 500000 | Series 2021-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.56% | 07/15/2034 | 499878 |

---

 

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | Sound Point CLO XXIV |  |  |  |
| $1375000 | Series 2021-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.98% | 10/25/2034 | $1171764 |
| 500000 | Series 2021-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.76% | 10/25/2034 | 472539 |
|  | Sound Point CLO XXVI, Ltd. |  |  |  |
| 500000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.61% | 07/20/2034 | 499981 |
|  | Sound Point CLO XXVIII, Ltd. |  |  |  |
| 1000000 | Series 2020-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 7.16% | 01/25/2032 | 970704 |
|  | Sound Point CLO XXXII, Ltd. |  |  |  |
| 500000 | Series 2021-4A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.66% | 10/25/2034 | 481691 |
| 500000 | Series 2021-4A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.96% | 10/25/2034 | 454743 |
|  | THL Credit Wind River 2017-1 CLO, Ltd. |  |  |  |
| 1400000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.98% | 04/18/2036 | 1404409 |
|  | THL Credit Wind River 2017-3 CLO, Ltd. |  |  |  |
| 500000 | Series 2021-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 7.31% | 04/15/2035 | 473335 |
|  | THL Credit Wind River 2019-1 CLO, Ltd. |  |  |  |
| 1150000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.71% | 07/20/2034 | 1142401 |
|  | THL Credit Wind River CLO, Ltd. |  |  |  |
| 500000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.16% | 07/15/2030 | 500638 |
| 2000000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.76% | 07/15/2030 | 1990972 |
| 1000000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.26% | 07/18/2031 | 1002047 |
| 1000000 | Series 2018-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.01% | 07/15/2030 | 948405 |
| 2000000 | Series 2018-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.21% | 01/20/2031 | 2005548 |
| 1000000 | Series 2018-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.48% | 10/22/2031 | 933882 |
| 1000000 | Series 2018-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.66% | 10/22/2031 | 1004088 |
|  | Trestles CLO VI, Ltd. |  |  |  |
| 500000 | Series 2025-6A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 1.18% | 04/25/2038 | 498651 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 31

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | Upland CLO, Ltd. |  |  |  |
| $500000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.16% | 04/20/2031 | $500299 |
|  | Vibrant Clo III, Ltd. |  |  |  |
| 1050000 | Series 2018-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.76% | 10/20/2031 | 1052539 |
|  | Vibrant CLO IV-R, Ltd. |  |  |  |
| 1000000 | Series 2024-4RA<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.75% | 10/20/2037 | 1009292 |
|  | Voya CLO 2017-2 |  |  |  |
| 1000000 | Series 2017-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.28% | 06/07/2030 | 965833 |
|  | Voya CLO 2020-1, Ltd. |  |  |  |
| 1000000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.61% | 07/16/2034 | 995929 |
|  | Voya CLO 2021-1, Ltd. |  |  |  |
| 500000 | Series 2025-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.80% | 07/15/2034 | 497477 |
|  | Voya CLO, Ltd. |  |  |  |
| 500000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.06% | 04/18/2031 | 500749 |
| 1000000 | Series 2018-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.51% | 07/15/2031 | 933563 |
| 500000 | Series 2018-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.46% | 10/20/2031 | 476642 |
| 500000 | Series 2018-4A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.21% | 07/14/2031 | 481980 |
|  | Wellfleet CLO 2021-1, Ltd. |  |  |  |
| 1000000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.87% | 04/20/2034 | 986962 |
|  | Wind River 2013-1 CLO, Ltd. |  |  |  |
| 500000 | Series 2017-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.91% | 07/20/2030 | 500687 |
|  | Wind River 2021-1 CLO, Ltd. |  |  |  |
| 1000000 | Series 2024-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.95% | 07/20/2037 | 1015909 |
|  | Wind River 2021-2 CLO, Ltd. |  |  |  |
| 500000 | Series 2021-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.69% | 07/20/2034 | 472783 |
|  | Wind River 2021-3 CLO, Ltd. |  |  |  |
| 1000000 | Series 2025-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.00% | 04/20/2038 | 978746 |
|  |  |  |  | 57626465 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
| ***Jersey - 0.36%*** |  |  | | | |
|  | Bain Capital Credit Clo 2019-4, Ltd. |  |  |  |  |
| $500000 | Series 2025-4A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.90% | 04/23/2035 | $| 495516 |
|  | Bain Capital Credit CLO 2022-3, Ltd. |  |  |  |  |
| 1000000 | Series 2022-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 7.35% | 07/17/2035 |  | 973607 |
|  | Bain Capital Credit CLO 2023-3, Ltd. |  |  |  |  |
| 500000 | Series 2023-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.25% | 07/24/2036 |  | 506496 |
|  | Katayma CLO I, Ltd. |  |  |  |  |
| 500000 | Series 2023-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.25% | 10/20/2036 |  | 506514 |
|  | Storm King Park CLO, Ltd. |  |  |  |  |
| 1000000 | Series 2024-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 1.36% | 10/15/2037 |  | 1002054 |
|  | Voya CLO 2022-3, Ltd. |  |  |  |  |
| 1000000 | Series 2023-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 4.50% | 10/20/2036 |  | 1008114 |
|  |  |  |  |  | 4492301 |
| TOTAL COLLATERALIZED LOAN OBLIGATIONS | TOTAL COLLATERALIZED LOAN OBLIGATIONS |  |  |  |  |
| (Cost $62,217,052) | (Cost $62,217,052) |  |  |  | 62118766 |
| **EQUITY - LINKED NOTES - 0.00%<sup>(d)</sup>** | **EQUITY - LINKED NOTES - 0.00%<sup>(d)</sup>** |  |  |  |  |
| ***Spain - 0.00%*** | ***Spain - 0.00%*** |  |  |  |  |
| 263093 | Inverpamplona SA<sup>(e)(l)</sup> | 0.00% | 12/30/2028 |  | – |
| TOTAL EQUITY - LINKED NOTES | TOTAL EQUITY - LINKED NOTES |  |  |  |  |
| (Cost $11,250) | (Cost $11,250) |  |  |  | – |
| **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 17.95%** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 17.95%** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 17.95%** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 17.95%** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 17.95%** | **NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 17.95%** |
| ***Bermuda - 0.11%*** | ***Bermuda - 0.11%*** | ***Bermuda - 0.11%*** |  |  |  |
|  | MAPS 2018-1, Ltd. |  |  |  |  |
| 444950 | Series 2018-1A<sup>(g)</sup> | 6.41% | 08/15/2024 |  | 442502 |
|  | Start II, Ltd. |  |  |  |  |
| 380590 | Series 2019-1<sup>(g)</sup> | 6.41% | 03/15/2026 |  | 376870 |
|  | Start, Ltd. |  |  |  |  |
| 316393 | Series 2018-1<sup>(g)</sup> | 4.09% | 05/15/2025 |  | 316007 |

---

 

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 33

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  |  | Textainer Marine Containers VII, Ltd. |  |  |  |
| $| 236000 | Series 2024-1A<sup>(g)</sup> | 5.25% | 01/20/2036 | $237032 |
|  |  |  |  |  | 1372411 |
| ***Cayman Islands - 2.95%*** | ***Cayman Islands - 2.95%*** | ***Cayman Islands - 2.95%*** |  |  |  |
|  |  | Arbor Realty Commercial Real Estate Notes, Ltd. |  |  |  |
|  | 1100000 | Series 2022-FL1<sup>(b)(g)</sup> | 30D US SOFR + 2.30% | 01/15/2027 | 1099672 |
|  |  | AREIT |  |  |  |
|  | 1050000 | Series 2021-CRE5<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.76% | 08/17/2026 | 1017951 |
|  | 1150000 | Series 2022-CRE6<sup>(b)(g)</sup> | 30D US SOFR + 3.40% | 01/17/2025 | 1145016 |
|  |  | AREIT, Ltd. |  |  |  |
|  | 220000 | Series 2024-CRE9<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.54% | 02/17/2029 | 220445 |
|  | 700000 | Series 2024-CRE9<sup>(b)(g)</sup> | 1M CME TERM SOFR + 4.29% | 02/17/2029 | 701402 |
|  |  | BRSP, Ltd. |  |  |  |
|  | 138119 | Series 2021-FL1<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.26% | 08/19/2038 | 137856 |
|  |  | BSPRT Issuer, Ltd. |  |  |  |
|  | 1200000 | Series 2021-FL7<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.51% | 12/15/2038 | 1146367 |
|  |  | Cathedral Lake VIII, Ltd. |  |  |  |
|  | 1000000 | Series 2021-8A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 2.88% | 01/20/2035 | 1000160 |
|  | 1000000 | Series 2021-8A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.68% | 01/20/2035 | 1001753 |
|  |  | Dryden 40 Senior Loan Fund |  |  |  |
|  | 1000000 | Series 2018-40A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.01% | 08/15/2031 | 942752 |
|  | 500000 | Series 2018-40A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.36% | 08/15/2031 | 500799 |
|  |  | Dryden 45 Senior Loan Fund |  |  |  |
|  | 1250000 | Series 2018-45A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.11% | 10/15/2030 | 1172744 |
|  |  | Greystone CRE Notes, Ltd. |  |  |  |
|  | 950000 | Series 2021-FL3<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.31% | 07/15/2039 | 929847 |
|  |  | HGI CRE CLO, Ltd. |  |  |  |
|  | 1000000 | Series 2021-FL1<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.46% | 06/16/2036 | 994308 |
|  |  | Horizon Aircraft Finance IV, Ltd. |  |  |  |
|  | 487500 | Series 2024-1<sup>(g)</sup> | 5.38% | 09/15/2031 | 482003 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | Kestrel Aircraft Funding, Ltd. |  |  |  |
| $212925 | Series 2018-1A<sup>(g)</sup> | 4.25% | 10/15/2025 | $211628 |
|  | LCM 28, Ltd. |  |  |  |
| 1000000 | Series 2018-28A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.01% | 10/20/2030 | 854607 |
|  | LCM Loan Income Fund I Income Note Issuer, Ltd. |  |  |  |
| 500000 | Series 2018-27A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.86% | 07/16/2031 | 436529 |
|  | LCM XIV LP |  |  |  |
| 750000 | Series 2018-14A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.76% | 07/20/2031 | 583178 |
|  | LCM XVII LP |  |  |  |
| 1000000 | Series 2018-17A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.26% | 10/15/2031 | 844791 |
|  | LFT CRE, Ltd. |  |  |  |
| 150545 | Series 2021-FL1<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.28% | 06/15/2039 | 150342 |
|  | LoanCore Issuer, Ltd. |  |  |  |
| 625000 | Series 2021-CRE5<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.46% | 07/15/2036 | 623438 |
|  | MACH 1 Cayman, Ltd. |  |  |  |
| 527868 | Series 2019-1<sup>(g)</sup> | 3.47% | 08/15/2026 | 513140 |
|  | Madison Park Funding XXXVIII, Ltd. |  |  |  |
| 1000000 | Series 2021-38A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.26% | 07/17/2034 | 1004357 |
|  | Magnetite XXIX, Ltd. |  |  |  |
| 500000 | Series 2024-29A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.00% | 07/15/2037 | 499956 |
|  | Magnetite Xxxiii, Ltd. |  |  |  |
| 500000 | Series 2024-33A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.00% | 10/20/2037 | 500307 |
| 1000000 | Series 2024-33A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.55% | 10/20/2037 | 1003018 |
|  | MF1, Ltd. |  |  |  |
| 300000 | Series 2021-FL7<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.86% | 10/16/2036 | 291776 |
| 937050 | Series 2021-FL7<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.16% | 10/16/2036 | 920442 |
|  | Octagon 59, Ltd. |  |  |  |
| 500000 | Series 2022-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 7.60% | 05/15/2035 | 503551 |

---

*See Notes to Financial Statements and Financial Highlights.* 

Semi-Annual Report \| March 31, 2025 35

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | Octagon Investment Partners 26, Ltd. |  |  |  |
| $1000000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 8.35% | 07/15/2030 | $684120 |
|  | Octagon Investment Partners 37, Ltd. |  |  |  |
| 500000 | Series 2018-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.11% | 07/25/2030 | 499768 |
|  | Octagon Investment Partners 40, Ltd. |  |  |  |
| 500000 | Series 2021-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 7.26% | 01/20/2035 | 484046 |
|  | Octagon Investment Partners 42, Ltd. |  |  |  |
| 1000000 | Series 2024-3A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 7.53% | 07/15/2037 | 1003315 |
|  | Octagon Investment Partners 46, Ltd. |  |  |  |
| 1000000 | Series 2021-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.86% | 07/15/2036 | 940788 |
|  | Octagon Investment Partners XVI, Ltd. |  |  |  |
| 500000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 3.26% | 07/17/2030 | 500282 |
| 1000000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.01% | 07/17/2030 | 955575 |
|  | Octagon Investment Partners XXII, Ltd. |  |  |  |
| 500000 | Series 2018-1A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 5.71% | 01/22/2030 | 494173 |
|  | PFP, Ltd. |  |  |  |
| 298659 | Series 2024-11<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.49% | 08/17/2029 | 299238 |
| 585375 | Series 2024-11<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.99% | 08/17/2029 | 586499 |
|  | RR 2, Ltd. |  |  |  |
| 1000000 | Series 2021-2A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.06% | 04/15/2036 | 950826 |
|  | RR 6, Ltd. |  |  |  |
| 1000000 | Series 2021-6A<sup>(b)(g)</sup> | 3M CME TERM SOFR + 6.11% | 04/15/2036 | 955459 |
|  | Sapphire Aviation Finance I, Ltd. |  |  |  |
| 147985 | Series 2018-1A<sup>(g)</sup> | 5.93% | 03/15/2025 | 147010 |
|  | STWD, Ltd. |  |  |  |
| 1250000 | Series 2019-FL1<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.46% | 02/15/2025 | 1250923 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
| $| 550000 | Series 2021-FL2<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.21% | 01/18/2026 | $| 544225 |
|  |  | Thunderbolt II Aircraft Lease, Ltd. |  |  |  |  |
|  | 4265355 | Series 2018-A<sup>(g)(m)</sup> | 5.07% | 09/15/2038 |  | 3865891 |
|  |  | TRTX Issuer, Ltd. |  |  |  |  |
|  | 204028 | Series 2021-FL4<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.31% | 03/15/2038 |  | 204112 |
|  | 1160000 | Series 2021-FL4<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.51% | 03/15/2038 |  | 1163463 |
|  |  |  |  |  |  | 36963848 |
| ***United States - 14.89%*** | ***United States - 14.89%*** | ***United States - 14.89%*** | ***United States - 14.89%*** | ***United States - 14.89%*** | ***United States - 14.89%*** | ***United States - 14.89%*** |
|  |  | Aaset 2021-2 Trust |  |  |  |  |
|  | 346469 | Series 2021-2A<sup>(g)</sup> | 3.54% | 12/15/2028 |  | 320048 |
|  |  | AASET 2024-1 |  |  |  |  |
|  | 1204222 | Series 2024-1A<sup>(g)</sup> | 6.90% | 05/16/2031 |  | 1256892 |
|  |  | AASET 2024-2, Ltd. |  |  |  |  |
|  | 965479 | Series 2024-2A<sup>(g)</sup> | 6.61% | 09/16/2031 |  | 991547 |
|  |  | AASET 2025-1 |  |  |  |  |
|  | 745349 | Series 2025-1A<sup>(g)</sup> | 6.58% | 02/16/2032 |  | 752395 |
|  |  | ABFC Trust |  |  |  |  |
|  | 2341037 | Series 2007-WMC1<sup>(b)</sup> | 1M CME TERM SOFR + 1.36% | 06/25/2037 |  | 1694830 |
|  |  | Affirm Master Trust |  |  |  |  |
|  | 300000 | Series 2025-1A<sup>(g)</sup> | 5.62% | 02/15/2033 |  | 302547 |
|  |  | AMSR |  |  |  |  |
|  | 5100000 | Series 2020-SFR3<sup>(g)</sup> | 4.99% | 09/17/2025 |  | 5065781 |
|  | 5000000 | Series 2021-SFR1<sup>(g)</sup> | 4.61% | 06/17/2028 |  | 4594628 |
|  |  | AREIT, Ltd. |  |  |  |  |
|  | 300000 | Series 2025-CRE10<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.39% | 12/17/2029 |  | 300437 |
|  | 910000 | Series 2025-CRE10<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.79% | 01/17/2030 |  | 911012 |
|  |  | BANK |  |  |  |  |
|  | 10291000 | Series 2018-BN12<sup>(b)(g)(n)</sup> | 1.50% | 05/15/2061 |  | 381246 |
|  | 165000 | Series 2022-BNK39<sup>(g)</sup> | 2.50% | 01/15/2032 |  | 108806 |
|  | 660000 | Series 2022-BNK39 | 3.18% | 01/15/2032 |  | 573745 |
|  |  | BANK 2019-BNK23 |  |  |  |  |
|  | 330000 | Series 2019-BN23 | 2.92% | 12/15/2052 |  | 302620 |
|  |  | BANK 2020-BNK27 |  |  |  |  |
|  | 16875000 | Series 2020-BN27<sup>(b)(g)(n)</sup> | 0.72% | 04/15/2030 |  | 522450 |
|  |  | BANK 2021-BNK35 |  |  |  |  |
|  | 316000 | Series 2021-BN35 | 2.29% | 07/15/2031 |  | 270878 |
|  |  | BANK 2021-BNK37 |  |  |  |  |
|  | 381000 | Series 2021-BN37<sup>(b)</sup> | 3.11% | 11/15/2031 |  | 301617 |

---

*See Notes to Financial Statements and Financial Highlights.* 

Semi-Annual Report \| March 31, 2025 37

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | Bank of America Merrill Lynch Commercial Mortgage Trust 2016-UBS10 |  |  |  |
| $1090000 | Series 2016-UB10<sup>(b)</sup> | 4.82% | 05/15/2026 | $1056424 |
|  | BANK5 |  |  |  |
| 311000 | Series 2024-5YR10 | 5.64% | 10/15/2029 | 318777 |
| 306000 | Series 2024-5YR9 | 5.61% | 08/15/2029 | 314944 |
|  | BBCMS Mortgage Trust |  |  |  |
| 500000 | Series 2018-C2<sup>(b)</sup> | 4.97% | 12/15/2028 | 451590 |
| 519000 | Series 2022-C17 | 4.44% | 08/15/2032 | 503277 |
| 5542000 | Series 2024-5C27<sup>(b)(g)(n)</sup> | 2.74% | 06/15/2029 | 566263 |
| 310000 | Series 2024-5C29 | 5.21% | 09/15/2029 | 316669 |
| 233000 | Series 2024-5C29 | 5.51% | 09/15/2029 | 232003 |
| 450000 | Series 2024-5C29<sup>(g)</sup> | 4.00% | 09/15/2029 | 391353 |
|  | BBCMS Trust |  |  |  |
| 3000000 | Series 2018-CBM<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.85% | 07/15/2037 | 2525582 |
|  | BDS LLC |  |  |  |
| 300000 | Series 2022-FL11<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.35% | 03/19/2039 | 301294 |
|  | Benchmark Mortgage Trust |  |  |  |
| 8533097 | Series 2018-B2<sup>(b)(n)</sup> | 0.45% | 01/15/2028 | 83604 |
| 19266584 | Series 2018-B4<sup>(b)(n)</sup> | 0.47% | 06/15/2028 | 224359 |
| 1589000 | Series 2018-B4<sup>(b)(g)</sup> | 2.77% | 07/15/2028 | 1303405 |
| 300000 | Series 2019-B13 | 2.70% | 08/15/2029 | 275538 |
| 1130000 | Series 2019-B9<sup>(b)</sup> | 4.97% | 01/15/2029 | 970636 |
| 522000 | Series 2020-B18<sup>(g)</sup> | 4.14% | 08/15/2025 | 505793 |
| 1510000 | Series 2021-B31<sup>(g)</sup> | 2.25% | 11/15/2031 | 850325 |
| 592000 | Series 2022-B32<sup>(b)</sup> | 3.41% | 01/15/2032 | 506496 |
| 320000 | Series 2024-V10 | 5.28% | 09/15/2029 | 325355 |
| 1200000 | Series 2024-V10<sup>(g)</sup> | 4.50% | 09/15/2029 | 1080168 |
| 300000 | Series 2024-V8 | 5.71% | 05/15/2029 | 310578 |
| 250000 | Series 2024-V8<sup>(g)</sup> | 4.00% | 07/15/2029 | 221061 |
| 305000 | Series 2024-V9 | 5.60% | 08/15/2029 | 313836 |
|  | BF Mortgage Trust |  |  |  |
| 705000 | Series 2019-NYT<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.30% | 12/15/2035 | 616660 |
|  | BHMS |  |  |  |
| 240000 | Series 2018-ATLS<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.19% | 07/15/2020 | 239338 |
|  | Blackbird Capital II Aircraft |  |  |  |
|  | Lease, Ltd. |  |  |  |
| 1029968 | Series 2021-1A<sup>(g)</sup> | 3.45% | 07/15/2028 | 952413 |
|  | BMO Mortgage Trust |  |  |  |
| 7951000 | Series 2022-C1<sup>(b)(g)(n)</sup> | 1.76% | 02/15/2032 | 796452 |
| 196990 | Series 2023-C5 | 5.74% | 02/15/2028 | 199809 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $309000 | Series 2024-5C6 | 5.32% | 09/15/2029 | $314243 |
| 207000 | Series 2024-5C7<sup>(b)</sup> | 5.89% | 11/15/2029 | 212261 |
| 6394000 | Series 2024-C9<sup>(b)(g)(n)</sup> | 1.88% | 07/15/2034 | 865337 |
| 3440000 | Series 2025-C11<sup>(b)(g)(n)</sup> | 2.21% | 02/15/2035 | 574305 |
|  | BPR Trust |  |  |  |
| 191000 | Series 2021-TY<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.46% | 09/15/2038 | 189767 |
|  | BSPRT Issuer, Ltd. |  |  |  |
| 300000 | Series 2023-FL10<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.27% | 08/15/2028 | 299816 |
|  | Business Jet Securities 2024-2 LLC |  |  |  |
| 1129695 | Series 2024-2A<sup>(g)</sup> | 7.97% | 09/15/2030 | 1140951 |
|  | BX |  |  |  |
| 413000 | Series 2021-MFM1<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.61% | 01/15/2023 | 410380 |
|  | BX Commercial Mortgage Trust |  |  |  |
| 1000000 | Series 2019-IMC<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.95% | 04/15/2034 | 987722 |
| 629558 | Series 2024-MF<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.69% | 02/15/2026 | 630585 |
|  | BX Trust |  |  |  |
| 2606000 | Series 2019-OC11<sup>(b)(g)</sup> | 3.94% | 12/09/2029 | 2363496 |
| 370000 | Series 2021-VIEW<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.91% | 06/15/2036 | 368529 |
| 780000 | Series 2021-VIEW<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.01% | 06/15/2036 | 775433 |
| 338113 | Series 2024-CNYN<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.69% | 04/15/2041 | 338071 |
| 1030000 | Series 2025-ROIC<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.94% | 03/15/2030 | 1030026 |
|  | Cantor Commercial Real Estate Lending |  |  |  |
| 1113000 | Series 2019-CF1<sup>(b)(g)</sup> | 4.12% | 05/15/2052 | 204578 |
|  | Carvana Auto Receivables Trust |  |  |  |
| 5300 | Series 2021-N1<sup>(g)</sup> | 0.00% | 01/10/2028 | 519830 |
|  | Cascade MH Asset Trust |  |  |  |
| 4601000 | Series 2019-MH1<sup>(b)(g)</sup> | 5.99% | 11/25/2044 | 4376491 |
|  | Castlelake Aircraft Securitization Trust |  |  |  |
| 3493109 | Series 2018-1<sup>(g)</sup> | 6.63% | 06/15/2043 | 1768614 |
|  | Castlelake Aircraft Structured Trust |  |  |  |
| 2750000 | Series 2019-1A<sup>(b)(g)</sup> | 0.00% | 04/15/2039 | 171875 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 39

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | Castlelake Aircraft Structured Trust 2021-1 |  |  |  |
| $551710 | Series 2021-1A<sup>(g)</sup> | 7.00% | 10/15/2026 | $540849 |
|  | CFCRE Commercial Mortgage Trust |  |  |  |
| 428405 | Series 2016-C6 | 2.95% | 08/10/2026 | 419913 |
|  | Citigroup Commercial Mortgage Trust |  |  |  |
| 225000 | Series 2019-GC41 | 3.20% | 08/10/2029 | 198366 |
| 1433000 | Series 2020-555<sup>(b)(g)</sup> | 3.50% | 12/10/2029 | 1116133 |
| 546000 | Series 2022-GC48<sup>(b)</sup> | 4.58% | 05/15/2032 | 537957 |
| 562287 | Citigroup Mortgage Loan Trust Series 2006-WF1<sup>(m)</sup> | 4.51% | 03/25/2036 | 263360 |
|  | Cologix Data Centers US Issuer LLC |  |  |  |
| 2800000 | Series 2021-1A<sup>(g)</sup> | 5.99% | 12/28/2026 | 2656289 |
| 530865 | COMM 2015-CR22 XA | 0.71% | 03/10/2048 | 5 |
|  | Commercial Mortgage Pass-Through Certificates |  |  |  |
| 5495875 | Series 2014-UBS4<sup>(g)</sup> | 3.75% | 08/10/2047 | 2253 |
| 11000 | Series 2014-UBS4<sup>(b)(g)</sup> | 0.00% | 08/10/2047 | 2 |
| 3542804 | Series 2015-CR26<sup>(b)(n)</sup> | 0.88% | 09/10/2025 | 646 |
|  | Compass Datacenters Issuer II LLC |  |  |  |
| 500000 | Series 2024-2A<sup>(g)</sup> | 6.00% | 08/27/2029 | 499758 |
|  | CSAB Mortgage-Backed Trust |  |  |  |
| 8781274 | Series 2006-2<sup>(m)</sup> | 6.20% | 09/25/2036 | 533007 |
| 115125 | Series 2007-1<sup>(b)</sup> | 5.90% | 05/25/2037 | 26131 |
| 330952 | CSAIL 2015-C1 XA | 0.45% | 04/15/2050 | 3 |
|  | CSAIL Commercial Mortgage Trust |  |  |  |
| 1000000 | Series 2019-C16<sup>(b)</sup> | 4.24% | 06/15/2029 | 917800 |
|  | CSMC |  |  |  |
| 350000 | Series 2021-B33<sup>(b)(g)</sup> | 3.65% | 10/10/2031 | 303357 |
|  | CSMC Trust |  |  |  |
| 370000 | Series 2017-PFHP<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.00% | 12/15/2030 | 367676 |
|  | Del Amo Fashion Center Trust |  |  |  |
| 150000 | Series 2017-AMO<sup>(b)(g)</sup> | 3.64% | 06/05/2027 | 143021 |
|  | Diamond Infrastructure Funding LLC |  |  |  |
| 2000000 | Series 2021-1A<sup>(g)</sup> | 3.48% | 12/20/2026 | 1883458 |
|  | DOLP Trust |  |  |  |
| 220000 | Series 2021-NYC<sup>(b)(g)</sup> | 3.70% | 05/10/2031 | 185751 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | Extended Stay America Trust |  |  |  |
| $701582 | Series 2021-ESH<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.96% | 07/15/2026 | $701357 |
|  | Fannie Mae-Aces |  |  |  |
| 22405713 | Series 2019-M12<sup>(b)(n)</sup> | 0.56% | 06/25/2029 | 307713 |
| 12985899 | Series 2019-M24<sup>(b)(n)</sup> | 1.15% | 03/25/2031 | 619922 |
| 35439655 | Series 2019-M7<sup>(b)(n)</sup> | 0.33% | 04/25/2029 | 396896 |
| 27201748 | Series 2020-M10<sup>(b)(n)</sup> | 0.76% | 12/25/2027 | 235700 |
| 47053775 | Series 2020-M10<sup>(b)(n)</sup> | 0.89% | 07/25/2032 | 1816568 |
| 13047560 | Series 2020-M13<sup>(b)(n)</sup> | 1.23% | 09/25/2030 | 506885 |
| 337319756 | Series 2021-M17<sup>(b)(n)</sup> | 0.08% | 07/25/2031 | 1195023 |
|  | FirstKey Homes |  |  |  |
| 1100000 | Series 2020-SFR1<sup>(g)</sup> | 4.28% | 09/17/2025 | 1090518 |
| 2666822 | Series 2022-SFR1<sup>(g)</sup> | 4.15% | 05/17/2027 | 2633010 |
|  | FMC GMSR Issuer Trust |  |  |  |
| 6000000 | Series 2021-GT1<sup>(b)(g)</sup> | 4.36% | 07/25/2026 | 5608960 |
| 5000000 | Series 2021-GT2<sup>(b)(g)</sup> | 4.44% | 10/25/2026 | 4670560 |
| 40884576 | FNA 2021-M23 X1 | 0.57% | 11/01/2031 | 602164 |
|  | FREMF Mortgage Trust |  |  |  |
| 887222 | Series 2016-KF25<sup>(b)(g)</sup> | 30D US SOFR + 5.11% | 05/25/2024 | 863362 |
| 709905 | Series 2018-KF56<sup>(b)(g)</sup> | 30D US SOFR + 5.91% | 11/25/2028 | 631345 |
| 1489131 | Series 2019-KF71<sup>(b)(g)</sup> | 30D US SOFR + 6.11% | 10/25/2029 | 1439311 |
|  | FRTKL |  |  |  |
| 4050000 | Series 2021-SFR1<sup>(g)</sup> | 4.11% | 09/17/2026 | 3838625 |
|  | FS Rialto Issuer LLC |  |  |  |
| 1200000 | Series 2024-FL9<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.94% | 04/19/2030 | 1201468 |
| 1110000 | Series 2025-FL10<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.70% | 08/19/2042 | 1110687 |
|  | Ginnie Mae Strip |  |  |  |
| 6871943 | Series 2020-3<sup>(n)</sup> | 1.40% | 09/16/2045 | 408262 |
|  | Great Wolf Trust |  |  |  |
| 820000 | Series 2024-WOLF<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.64% | 03/15/2029 | 823451 |
|  | GreenSky Home Improvement Issuer Trust |  |  |  |
| 250000 | Series 2024-2<sup>(g)</sup> | 5.55% | 10/27/2059 | 250564 |
| 500000 | Series 2024-2<sup>(g)</sup> | 8.75% | 10/27/2059 | 511537 |
|  | GS Mortgage Securities Corp. Trust |  |  |  |
| 1000000 | Series 2018-RIVR<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.85% | 07/15/2035 | 4500 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 41

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $1111000 | Series 2021-ARDN<sup>(b)(g)</sup> | 1M CME TERM SOFR + 6.05% | 11/15/2026 | $1100472 |
|  | GS Mortgage Securities Corportation Trust |  |  |  |
| 820000 | Series 2021-IP<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.21% | 10/15/2023 | 810685 |
|  | GS Mortgage Securities Trust |  |  |  |
| 830000 | Series 2010-C1<sup>(b)(g)</sup> | 5.64% | 07/10/2020 | 820961 |
| 208859 | Series 2011-GC5<sup>(b)(g)(n)</sup> | 0.00% | 08/10/2044 | 123 |
| 1300000 | Series 2014-GC26<sup>(b)(g)</sup> | 4.44% | 11/10/2047 | 773513 |
| 1000953 | Series 2015-GC28<sup>(b)(g)</sup> | 4.57% | 02/10/2048 | 954669 |
| 6647230 | Series 2015-GS1<sup>(b)(n)</sup> | 0.75% | 11/10/2025 | 12942 |
| 828000 | Series 2018-GS10<sup>(b)</sup> | 4.36% | 07/10/2028 | 760812 |
| 1954000 | Series 2018-TWR<sup>(b)(g)</sup> | 1M CME TERM SOFR + 4.22% | 07/15/2031 | 164465 |
| 636000 | Series 2020-GC45<sup>(b)</sup> | 3.41% | 12/13/2029 | 561859 |
|  | GSAA Home Equity Trust |  |  |  |
| 1758767 | Series 2006-13<sup>(b)</sup> | 6.04% | 07/25/2036 | 499567 |
| 433287 | Series 2006-18<sup>(m)</sup> | 6.18% | 11/25/2036 | 103572 |
| 132761 | Series 2006-6<sup>(b)</sup> | 5.69% | 03/25/2036 | 36818 |
| 782557 | Series 2007-2<sup>(m)</sup> | 6.60% | 03/25/2037 | 177597 |
|  | GSCG Trust |  |  |  |
| 675000 | Series 2019-600C<sup>(b)(g)</sup> | 3.99% | 09/06/2034 | 3409 |
|  | Hardee's Funding LLC |  |  |  |
| 935000 | Series 2018-1A<sup>(g)</sup> | 5.71% | 06/20/2028 | 923610 |
|  | HIG RCP LLC |  |  |  |
| 1400000 | Series 2023-FL1<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.62% | 04/19/2028 | 1406883 |
|  | Hilton USA Trust |  |  |  |
| 900000 | Series 2016-SFP<sup>(g)</sup> | 2.83% | 11/05/2035 | 746332 |
|  | HSI Asset Securitization Corp. Trust |  |  |  |
| 5322079 | Series 2006-HE1<sup>(b)</sup> | 1M CME TERM SOFR + 0.39% | 10/25/2036 | 1475869 |
| 1119208 | Series 2007-NC1<sup>(b)</sup> | 1M CME TERM SOFR + 0.47% | 04/25/2037 | 729621 |
|  | J.P. Morgan Chase Commercial Mortgage Securities Trust |  |  |  |
| 2092000 | Series 2018-AON<sup>(b)(g)</sup> | 4.61% | 07/05/2031 | 431109 |
| 763684 | Series 2019-MFP<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.71% | 07/15/2036 | 756653 |
|  | JP Morgan BB Commercial Mortgage Securities Trust |  |  |  |
| 171416 | Series 2015-C28<sup>(b)(n)</sup> | 1.03% | 03/15/2025 | 11 |
| 6044570 | Series 2015-C30<sup>(b)(n)</sup> | 0.40% | 07/15/2025 | 89 |
| 2383002 | Series 2015-C31<sup>(b)(n)</sup> | 0.77% | 08/15/2025 | 6141 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | JP Morgan Chase Commercial Mortgage Securities Trust |  |  |  |
| $235000 | Series 2019-UES<sup>(g)</sup> | 4.34% | 05/05/2032 | $222490 |
| 1135000 | Series 2019-UES<sup>(b)(g)</sup> | 4.46% | 05/05/2032 | 1026043 |
|  | JP Morgan Mortgage Acquisition Corp. |  |  |  |
| 159652 | Series 2006-CH2<sup>(m)</sup> | 5.46% | 09/25/2029 | 96389 |
|  | JP Morgan Mortgage Acquisition Trust |  |  |  |
| 3257990 | Series 2006-RM1<sup>(b)</sup> | 1M CME TERM SOFR + 0.59% | 08/25/2036 | 1440203 |
|  | JPMBB Commercial Mortgage Securities Trust |  |  |  |
| 2478392 | Series 2014-C24<sup>(b)(n)</sup> | 0.56% | 11/15/2047 | 25 |
|  | JPMCC Commercial Mortgage Securities Trust |  |  |  |
| 330000 | Series 2017-JP7<sup>(b)</sup> | 3.68% | 07/15/2027 | 269726 |
| 781000 | Series 2019-COR5 | 3.87% | 05/13/2029 | 685782 |
|  | Laurel Road Prime Student Loan Trust |  |  |  |
| 10930372 | Series 2020-A<sup>(g)</sup> | 0.00% | 11/25/2050 | 1046845 |
|  | LoanCore 2025 Issuer LLC |  |  |  |
| 300000 | Series 2025-CRE8<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.39% | 11/01/2029 | 300450 |
| 640000 | Series 2025-CRE8<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.74% | 02/01/2030 | 640682 |
|  | Mariner Finance issuance Trust 2024-B |  |  |  |
| 850000 | Series 2024-BA<sup>(g)</sup> | 4.91% | 10/20/2030 | 851218 |
|  | Master Asset Backed Securities Trust |  |  |  |
| 3675472 | Series 2006-NC3<sup>(b)</sup> | 1M CME TERM SOFR + 0.53% | 10/25/2036 | 1795120 |
|  | Merrill Lynch Mortgage Investors Trust |  |  |  |
| 9663681 | Series 2006-RM3<sup>(b)</sup> | 1M CME TERM SOFR + 0.59% | 06/25/2037 | 2068109 |
|  | MetroNet Infrastructure Issuer LLC |  |  |  |
| 1000000 | Series 2023-1A<sup>(g)</sup> | 8.01% | 02/20/2028 | 1023843 |
|  | MF1 |  |  |  |
| 1000000 | Series 2024-FL15<sup>(b)(g)</sup> | 1M CME TERM SOFR + 4.04% | 08/18/2041 | 1003148 |
|  | MF1 LLC |  |  |  |
| 300000 | Series 2023-FL12<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.18% | 09/19/2028 | 301438 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 43

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $1000000 | Series 2023-FL12<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.78% | 10/19/2028 | $1001331 |
| 1200000 | Series 2023-FL12<sup>(b)(g)</sup> | 1M CME TERM SOFR + 5.27% | 10/19/2028 | 1215779 |
| 300000 | Series 2024-FL14<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.24% | 03/19/2039 | 301434 |
| 1350000 | Series 2024-FL14<sup>(b)(g)</sup> | 1M CME TERM SOFR + 4.84% | 03/19/2039 | 1370022 |
| 900000 | Series 2024-FL14<sup>(b)(g)</sup> | 1M CME TERM SOFR + 6.29% | 03/19/2039 | 902631 |
| 300000 | Series 2025-FL17<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.32% | 02/18/2040 | 300555 |
| 680000 | Series 2025-FL17<sup>(b)(g)</sup> | 1M CME TERM SOFR + 2.74% | 02/18/2040 | 681007 |
|  | MFT Trust |  |  |  |
| 2010000 | Series 2020-ABC<sup>(b)(g)</sup> | 3.48% | 02/10/2030 | 987237 |
|  | Morgan Stanley Capital I Trust |  |  |  |
| 1025083 | Series 2016-UB11 XA<sup>(b)(n)</sup> | 1.43% | 08/15/2026 | 13716 |
| 1117000 | Series 2018-L1<sup>(b)</sup> | 4.78% | 10/15/2028 | 1051404 |
| 330000 | Series 2021-L6<sup>(b)</sup> | 3.46% | 07/15/2031 | 266822 |
| 10249000 | Series 2021-L7<sup>(b)(g)(n)</sup> | 0.92% | 10/15/2031 | 523263 |
|  | Morgan Stanley Mortgage Loan Trust |  |  |  |
| 314646 | Series 2007-3XS<sup>(m)</sup> | 6.20% | 01/25/2047 | 113341 |
|  | Mosaic Solar Loan Trust |  |  |  |
| 40980 | Series 2017-1A<sup>(g)</sup> | 4.45% | 06/20/2042 | 39441 |
| 189964 | Series 2018-1A<sup>(g)</sup> | 4.01% | 08/20/2030 | 177621 |
| 266346 | Series 2020-2A<sup>(g)</sup> | 3.00% | 06/20/2025 | 247417 |
|  | MVW 2021-1W LLC |  |  |  |
| 279772 | Series 2021-1WA<sup>(g)</sup> | 1.94% | 01/22/2041 | 264149 |
| 324536 | Series 2021-1WA<sup>(g)</sup> | 3.17% | 01/22/2041 | 307699 |
|  | NJ Trust |  |  |  |
| 275000 | Series 2023-GSP<sup>(b)(g)</sup> | 6.48% | 01/06/2029 | 288532 |
|  | NYC Commercial Mortgage Trust |  |  |  |
| 820000 | Series 2025-3BP<sup>(b)(g)</sup> | 1M CME TERM SOFR + 3.54% | 02/15/2027 | 821024 |
|  | Pagaya AI Debt Selection Trust |  |  |  |
| 54759 | Series 2021-2<sup>(g)</sup> | 3.00% | 01/25/2029 | 54157 |
| 2000000 | Series 2021-5<sup>(g)</sup> | 0.00% | 08/15/2029 | 70756 |
|  | Pagaya AI Debt Trust |  |  |  |
| 1249989 | Series 2023-5<sup>(g)</sup> | 9.10% | 04/15/2031 | 1267326 |
|  | PAGAYA AI Debt Trust |  |  |  |
| 41809 | Series 2022-2<sup>(b)(g)</sup> | 6.63% | 01/15/2030 | 41847 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | People's Choice Home Loan Securities Trust |  |  |  |
| $5000000 | Series 2005-4<sup>(b)</sup> | 1M CME TERM SOFR + 0.76% | 12/25/2035 | $3514632 |
|  | Progress Residential |  |  |  |
| 2500000 | Series 2021-SFR3<sup>(g)</sup> | 4.75% | 05/17/2026 | 2472209 |
|  | Progress Residential |  |  |  |
| 6900000 | Series 2021-SFR8<sup>(g)</sup> | 4.01% | 10/17/2026 | 6706091 |
| 5000000 | Series 2024-SFR2<sup>(b)(g)</sup> | 3.65% | 04/17/2029 | 4503190 |
|  | Ready Capital Mortgage Financing LLC |  |  |  |
| 1000000 | Series 2022-FL10<sup>(b)(g)</sup> | 1M CME TERM SOFR + 4.27% | 07/25/2027 | 1007024 |
| 900000 | Series 2023-FL12<sup>(b)(g)</sup> | 1M CME TERM SOFR + 4.55% | 04/25/2027 | 899172 |
|  | Retained Vantage Data Centers Issuer LLC |  |  |  |
| 2500000 | Series 2023-1A<sup>(g)</sup> | 5.75% | 09/15/2028 | 2485877 |
|  | Sapphire Aviation Finance II, Ltd. |  |  |  |
| 270168 | Series 2020-1A<sup>(g)</sup> | 3.23% | 03/15/2027 | 258077 |
|  | Signal Rail I LLC |  |  |  |
| 429134 | Series 2021-1<sup>(g)</sup> | 2.23% | 08/17/2028 | 396630 |
|  | SLG Office Trust |  |  |  |
| 220000 | Series 2021-OVA<sup>(g)</sup> | 2.85% | 07/15/2031 | 182446 |
|  | SMB Private Education Loan Trust |  |  |  |
| 87127 | Series 2018-B<sup>(b)(g)</sup> | 1M CME TERM SOFR + 0.83% | 08/15/2027 | 86984 |
| 968 | Series 2021-A<sup>(g)</sup> | 0.00% | 01/15/2053 | 1611027 |
|  | Sofi Alternative Consumer Loan Program |  |  |  |
| 50000 | Series 2021-2<sup>(g)</sup> | 0.00% | 08/15/2030 | 214981 |
|  | Sofi Professional Loan Program Trust |  |  |  |
| 80000 | Series 2018-C<sup>(g)</sup> | 0.00% | 01/25/2048 | 574726 |
|  | SoFi Professional Loan Program, LLC |  |  |  |
| 300000 | Series 2017-D<sup>(g)</sup> | 3.61% | 09/25/2040 | 287017 |
|  | Sprite, Ltd. |  |  |  |
| 270286 | Series 2021-1<sup>(g)</sup> | 3.75% | 10/15/2028 | 261226 |
|  | STWD Mortgage Trust |  |  |  |
| 325396 | Series 2021-HTS<sup>(b)(g)</sup> | 1M CME TERM SOFR + 1.51% | 04/15/2034 | 321499 |
|  | Subway Funding LLC |  |  |  |
| 249375 | Series 2024-1A<sup>(g)</sup> | 6.51% | 07/30/2034 | 253290 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 45

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | Sunnova Helios VII Issuer LLC |  |  |  |
| $999912 | Series 2021-C<sup>(g)</sup> | 2.63% | 10/20/2028 | $644147 |
|  | Switch ABS Issuer LLC |  |  |  |
| 500000 | Series 2024-2A<sup>(g)</sup> | 5.44% | 06/25/2029 | 493865 |
| 1000000 | Series 2024-2A<sup>(g)</sup> | 10.03% | 06/25/2029 | 1040349 |
|  | TIF Funding II LLC |  |  |  |
| 266333 | Series 2021-1A<sup>(g)</sup> | 1.65% | 02/20/2031 | 238517 |
|  | Tricon Residential |  |  |  |
| 3700000 | Series 2021-SFR1<sup>(g)</sup> | 4.13% | 07/17/2026 | 3585970 |
|  | UBS Commercial Mortgage Trust |  |  |  |
| 31908500 | Series 2017-C3<sup>(b)(n)</sup> | 0.42% | 08/15/2050 | 320528 |
| 350000 | Series 2017-C4<sup>(b)</sup> | 4.24% | 09/15/2027 | 324248 |
| 530000 | Series 2018-C11<sup>(b)</sup> | 4.71% | 06/15/2028 | 490634 |
| 1023000 | Series 2018-C13<sup>(b)</sup> | 4.98% | 10/15/2028 | 929993 |
| 1099000 | Series 2018-C8<sup>(b)</sup> | 4.68% | 02/15/2028 | 988365 |
|  | UBS-Barclays Commercial Mortgage Trust |  |  |  |
| 1558000 | Series 2013-C5<sup>(b)(g)</sup> | 3.65% | 03/10/2046 | 1254389 |
|  | Upstart Pass-Through Trust |  |  |  |
| 11213 | Series 2021-ST1<sup>(g)</sup> | 2.75% | 02/20/2027 | 11166 |
| 30822 | Series 2021-ST2<sup>(g)</sup> | 2.50% | 04/20/2027 | 30646 |
|  | Upstart Securitization Trust |  |  |  |
| 2000 | Series 2021-2 | 0.00% | 06/20/2031 | 179056 |
| 819041 | Series 2021-4<sup>(g)</sup> | 3.19% | 03/20/2026 | 804750 |
|  | US Auto Funding 2021-1 |  |  |  |
| 440465 | Series 2021-1A<sup>(g)</sup> | 2.20% | 05/15/2026 | 414919 |
|  | USQ Rail III LLC |  |  |  |
| 643204 | Series 2021-3A<sup>(g)</sup> | 2.21% | 06/28/2027 | 606927 |
|  | Vault DI Issuer LLC |  |  |  |
| 750000 | Series 2021-1A<sup>(g)</sup> | 2.80% | 07/15/2026 | 721384 |
|  | VEGAS Trust |  |  |  |
| 154000 | Series 2024-TI<sup>(g)</sup> | 5.52% | 11/10/2027 | 155162 |
|  | Velocity Commercial Capital Loan Trust |  |  |  |
| 155483 | Series 2018-2<sup>(b)(g)</sup> | 4.05% | 10/26/2048 | 151532 |
| 358802 | Series 2019-1<sup>(b)(g)</sup> | 3.94% | 01/25/2027 | 332385 |
| 193109 | Series 2019-1<sup>(b)(g)</sup> | 4.01% | 07/25/2027 | 174401 |
| 147979 | Series 2019-1<sup>(b)(g)</sup> | 4.12% | 11/25/2027 | 131548 |
| 1294075 | Series 2021-2<sup>(b)(g)</sup> | 4.92% | 12/25/2030 | 944478 |
|  | VOLT XCVI LLC |  |  |  |
| 4245254 | Series 2021-NPL5<sup>(g)(m)</sup> | 8.83% | 03/27/2051 | 4255422 |
|  | Wachovia Bank Commercial Mortgage Trust |  |  |  |
| 588 | Series 2006-C29<sup>(b)(n)</sup> | 0.32% | 11/15/2048 | 1 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  |  | Wells Fargo Commercial Mortgage Trust |  |  |  |
| $| 1245000 | Series 2015-NXS4<sup>(b)</sup> | 3.66% | 11/15/2025 | $1188100 |
|  | 1000000 | Series 2016-C33<sup>(g)</sup> | 3.12% | 03/15/2059 | 880211 |
|  | 5628945 | Series 2016-C37<sup>(b)(g)(n)</sup> | 1.60% | 12/15/2049 | 130376 |
|  | 1100000 | Series 2018-C45 | 4.73% | 06/15/2028 | 1039108 |
|  | 710000 | Series 2019-JWDR<sup>(b)(g)</sup> | 4.56% | 09/15/2026 | 692625 |
|  | 134000 | Series 2020-C55 | 3.14% | 02/15/2030 | 118255 |
|  | 830000 | Series 2021-C61 | 3.31% | 07/15/2031 | 688542 |
|  |  | WFRBS Commercial Mortgage Trust |  |  |  |
|  | 131717 | Series 2013-C14 | 3.49% | 06/15/2046 | 127739 |
|  |  | WF-RBS Commercial Mortgage Trust |  |  |  |
|  | 429151 | Series 2014-C22<sup>(b)(n)</sup> | 0.25% | 09/15/2057 | 67 |
|  |  | Willis Engine Structured Trust V |  |  |  |
|  | 739042 | Series 2020-A<sup>(g)</sup> | 3.23% | 03/15/2028 | 706645 |
|  |  | Willis Engine Structured Trust VI |  |  |  |
|  | 1499829 | Series 2021-A<sup>(g)</sup> | 7.39% | 05/15/2029 | 1499056 |
|  |  | Zayo Issuer LLC |  |  |  |
|  | 1000000 | Series 2025-1A<sup>(g)</sup> | 8.66% | 03/20/2030 | 1015781 |
|  |  |  |  |  | 186697103 |
| TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS | TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS |  |  |  |
| (Cost $260,899,345) | (Cost $260,899,345) | (Cost $260,899,345) |  |  | 225033362 |
| **U.S. GOVERNMENT BONDS AND NOTES - 7.88%** | **U.S. GOVERNMENT BONDS AND NOTES - 7.88%** | **U.S. GOVERNMENT BONDS AND NOTES - 7.88%** |  |  |  |
| ***United States - 7.88%*** | ***United States - 7.88%*** | ***United States - 7.88%*** |  |  |  |
|  | 3800000 | U.S. Treasury Bonds | 0.63% | 05/15/2030 | 3215601 |
|  | 8150000 | U.S. Treasury Bonds | 0.88% | 11/15/2030 | 6879587 |
|  | 9000000 | U.S. Treasury Bonds | 3.88% | 08/15/2034 | 8774297 |
|  | 5100000 | U.S. Treasury Bonds | 1.13% | 08/15/2040 | 3198059 |
|  | 11400000 | U.S. Treasury Bonds | 1.88% | 02/15/2041 | 8002711 |
|  | 6550000 | U.S. Treasury Bonds | 1.75% | 08/15/2041 | 4441719 |
|  | 16400000 | U.S. Treasury Bonds | 1.25% | 05/15/2050 | 8148109 |
|  | 29200000 | U.S. Treasury Bonds | 1.38% | 08/15/2050 | 14888578 |
|  | 16400000 | U.S. Treasury Bonds | 1.88% | 02/15/2051 | 9513602 |
|  | 4900000 | U.S. Treasury Bonds | 4.25% | 08/15/2054 | 4626672 |
|  | 4000000 | U.S. Treasury Notes | 0.75% | 03/31/2026 | 3872346 |
|  | 5000000 | U.S. Treasury Notes | 4.38% | 07/31/2026 | 5025684 |
|  | 15800000 | U.S. Treasury Notes | 0.75% | 01/31/2028 | 14484465 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 47

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $| 4350000 | U.S. Treasury Notes | 0.63% | 08/15/2030 | $3649582 |
|  |  |  |  |  | 98721012 |
| TOTAL U.S. GOVERNMENT BONDS AND NOTES | TOTAL U.S. GOVERNMENT BONDS AND NOTES | TOTAL U.S. GOVERNMENT BONDS AND NOTES |  |  |  |
| (Cost $97,779,183) | (Cost $97,779,183) | (Cost $97,779,183) |  |  | 98721012 |
| **MORTGAGE-BACKED SECURITIES - 4.03%** | **MORTGAGE-BACKED SECURITIES - 4.03%** | **MORTGAGE-BACKED SECURITIES - 4.03%** |  |  |  |
| ***United States - 4.03%*** | ***United States - 4.03%*** | ***United States - 4.03%*** |  |  |  |
|  |  | Fannie Mae Pool |  |  |  |
|  | 1567787 | Series 2021- | 2.00% | 05/01/2051 | 1269910 |
|  | 2699224 | Series 2021- | 2.50% | 08/01/2051 | 2278988 |
|  | 2344756 | Series 2023- | 2.50% | 03/01/2052 | 1973502 |
|  | 2274650 | Series 2023- | 2.50% | 04/01/2052 | 1914636 |
|  | 1257752 | Series 2023- | 6.00% | 05/01/2053 | 1289494 |
|  | 1924767 | Series 2023- | 6.00% | 10/01/2053 | 1976673 |
|  | 2758000 | Series 2024- | 4.97% | 07/01/2031 | 2795084 |
|  | 1781774 | Series 2024- | 5.50% | 03/01/2054 | 1799832 |
|  | 1766265 | Series 2024- | 5.50% | 06/01/2054 | 1787464 |
|  | 1355553 | Series 2024- | 6.00% | 06/01/2054 | 1389997 |
|  | 1006257 | Series 2024- | 6.00% | 08/01/2054 | 1036063 |
|  |  | Freddie Mac Pool |  |  |  |
|  | 1503223 | Series 2021- | 2.00% | 05/01/2051 | 1199298 |
|  | 2417590 | Series 2022- | 3.00% | 03/01/2052 | 2132180 |
|  | 2117020 | Series 2022- | 4.50% | 09/01/2052 | 2029361 |
|  | 875247 | Series 2023- | 2.00% | 02/01/2052 | 708947 |
|  | 1337654 | Series 2023- | 5.50% | 04/01/2053 | 1355511 |
|  | 1442912 | Series 2023- | 5.00% | 05/01/2053 | 1426348 |
|  | 1931620 | Series 2023- | 5.00% | 06/01/2053 | 1922944 |
|  | 1811664 | Series 2023- | 5.00% | 07/01/2053 | 1790301 |
|  | 3309845 | Series 2023- | 5.50% | 08/01/2053 | 3337059 |
|  | 1317025 | Series 2023- | 6.00% | 11/01/2053 | 1364254 |
|  | 835626 | Series 2024- | 6.00% | 02/01/2054 | 865593 |
|  | 1998801 | Series 2024- | 5.50% | 02/01/2054 | 2024377 |
|  | 899138 | Series 2024- | 6.00% | 04/01/2054 | 922716 |
|  | 2037934 | Series 2024- | 6.00% | 08/01/2054 | 2106611 |
|  | 1469805 | Series 2024- | 5.50% | 12/01/2054 | 1470454 |
|  |  | Ginnie Mae I Pool |  |  |  |
|  | 2628962 | Series 2012- | 3.50% | 09/15/2042 | 2453125 |
|  |  | Ginnie Mae II Pool |  |  |  |
|  | 2470309 | Series 2021- | 3.00% | 11/20/2051 | 2175488 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
| $| 2013735 | Series 2022- | 3.00% | 04/20/2052 | $| 1777754 |
|  |  |  |  |  |  | 50573964 |
| TOTAL MORTGAGE-BACKED SECURITIES | TOTAL MORTGAGE-BACKED SECURITIES | TOTAL MORTGAGE-BACKED SECURITIES |  |  |  |  |
| (Cost $50,367,894) | (Cost $50,367,894) | (Cost $50,367,894) |  |  |  | 50573964 |
| **U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 22.42%** | **U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 22.42%** | **U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 22.42%** | **U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 22.42%** | **U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 22.42%** | **U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 22.42%** | **U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 22.42%** |
| ***United States - 22.42%*** | ***United States - 22.42%*** | ***United States - 22.42%*** |  |  |  |  |
|  |  | Alternative Loan Trust |  |  |  |  |
|  | 114416 | Series 2005-20CB | 5.50% | 07/25/2035 |  | 91380 |
|  | 55632 | Series 2005-54CB | 5.50% | 11/25/2035 |  | 30205 |
|  | 539382 | Series 2005-85CB<sup>(b)</sup> | 1M CME TERM SOFR + 1.21% | 02/25/2036 |  | 421704 |
|  | 113909 | Series 2005-85CB<sup>(b)</sup> | 21.21% - 1M CME TERM SOFR | 02/25/2036 |  | 86206 |
|  | 170415 | Series 2005-86CB | 5.50% | 02/25/2036 |  | 98651 |
|  | 119713 | Series 2005-9CB<sup>(b)</sup> | 1M CME TERM SOFR + 0.61% | 05/25/2035 |  | 105334 |
|  | 212610 | Series 2005-9CB<sup>(b)(n)</sup> | 4.94% - 1M CME TERM SOFR | 05/25/2035 |  | 9859 |
|  | 1008882 | Series 2006-15CB | 6.50% | 06/25/2036 |  | 463026 |
|  | 93132 | Series 2006-30T1 | 6.25% | 11/25/2036 |  | 68903 |
|  | 91777 | Series 2006-32CB | 5.50% | 11/25/2036 |  | 49614 |
|  | 220630 | Series 2006-36T2<sup>(b)</sup> | 27.53% - 1M CME TERM SOFR | 12/25/2036 |  | 131849 |
|  | 790371 | Series 2007-19 | 6.00% | 08/25/2037 |  | 377238 |
|  | 2631042 | Series 2007-20 | 6.25% | 08/25/2047 |  | 1443829 |
|  | 731852 | Series 2007-23CB<sup>(b)</sup> | 1M CME TERM SOFR + 0.61% | 09/25/2037 |  | 267883 |
|  | 700318 | Series 2007-23CB<sup>(b)(n)</sup> | 6.39% - 1M CME TERM SOFR | 09/25/2037 |  | 105438 |
|  |  | American Home Mortgage Investment Trust |  |  |  |  |
|  | 157985 | Series 2007-A<sup>(g)(m)</sup> | 6.60% | 01/25/2037 |  | 20864 |
|  |  | Banc of America Funding |  |  |  |  |
|  | 1384371 | Series 2014-R8<sup>(b)(g)</sup> | 1M CME TERM SOFR + 0.35% | 12/26/2024 |  | 1086133 |
|  |  | Banc of America Funding Trust |  |  |  |  |
|  | 25225 | Series 2006-2 | 5.50% | 03/25/2036 |  | 24918 |
|  |  | BCAP, LLC Trust |  |  |  |  |
|  | 93554 | Series 2007-AA2<sup>(b)</sup> | 7.50% | 04/25/2037 |  | 46355 |
|  | 60699 | Series 2007-AA2 | 6.00% | 04/25/2037 |  | 27373 |
|  | 4594086 | Series 2010-RR6<sup>(b)(g)</sup> | 3.33% | 07/26/2036 |  | 2173616 |
|  |  | Bear Stearns ALT-A Trust |  |  |  |  |
|  | 644913 | Series 2006-6<sup>(b)</sup> | 4.35% | 11/25/2036 |  | 297305 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 49

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | Bear Stearns Asset-Backed Securities Trust |  |  |  |
| $1075201 | Series 2006-AC1<sup>(m)</sup> | 6.25% | 02/25/2036 | $495880 |
|  | Bear Stearns Structured Products, Inc. |  |  |  |
| 6683791 | Series 2008-R2<sup>(b)(g)</sup> | 4.27% | 06/25/2047 | 5659834 |
|  | Chase Mortgage Finance Trust |  |  |  |
| 3092814 | Series 2007-S2 | 6.00% | 03/25/2037 | 1674170 |
| 327723 | Series 2007-S3 | 5.50% | 05/25/2037 | 3 |
| 4307794 | Series 2007-S4 | 6.00% | 06/25/2037 | 1755114 |
|  | ChaseFlex Trust Series |  |  |  |
| 3043533 | Series 2007-M1<sup>(b)</sup> | 1M CME TERM SOFR + 0.57% | 08/25/2037 | 2508886 |
|  | Citicorp Mortgage Securities Trust |  |  |  |
| 249282 | Series 2007-1 | 6.00% | 01/25/2037 | 229476 |
|  | Citigroup Mortgage Loan Trust |  |  |  |
| 64292 | Series 2009-12<sup>(g)</sup> | 5.50% | 11/25/2035 | 53472 |
| 141424 | Series 2009-4<sup>(b)(g)</sup> | 5.48% | 05/25/2035 | 136848 |
|  | CitiMortgage Alternative Loan Trust |  |  |  |
| 272117 | Series 2007-A1 | 6.00% | 01/25/2037 | 243165 |
| 53602 | Series 2007-A1<sup>(b)(n)</sup> | 5.29% - 1M CME TERM SOFR | 01/25/2037 | 3737 |
| 38245 | Series 2007-A3<sup>(b)</sup> | 6.00% | 03/25/2037 | 33330 |
| 88013 | Series 2007-A3<sup>(b)(n)</sup> | 5.29% - 1M CME TERM SOFR | 03/25/2037 | 6128 |
| 275504 | Series 2007-A6 | 5.50% | 06/25/2037 | 232764 |
|  | Connecticut Avenue Securities Trust |  |  |  |
| 3147856 | Series 2019-R05<sup>(b)(g)</sup> | 30D US SOFR + 4.21% | 07/25/2039 | 3247341 |
| 4250000 | Series 2022-R02<sup>(b)(g)</sup> | 30D US SOFR + 7.65% | 01/25/2027 | 4574360 |
| 3685000 | Series 2022-R03<sup>(b)(g)</sup> | 30D US SOFR + 9.85% | 03/25/2042 | 4144910 |
| 4125000 | Series 2023-R06<sup>(b)(g)</sup> | 30D US SOFR + 3.90% | 07/25/2043 | 4375709 |
| 5000000 | Series 2024-R03<sup>(b)(g)</sup> | 30D US SOFR + 2.80% | 03/25/2044 | 5149085 |
| 921010 | Series 2024-R05<sup>(b)(g)</sup> | 30D US SOFR + 1.00% | 07/25/2044 | 920720 |
|  | Countrywide Home Loan Mortgage Pass-Through Trust |  |  |  |
| 934742 | Series 2005-HYB7<sup>(b)</sup> | 4.61% | 11/20/2035 | 861231 |
| 18238 | Series 2005-J4 | 5.50% | 11/25/2035 | 15122 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $1135683 | Series 2006-18 | 6.00% | 12/25/2036 | $615685 |
| 125784 | Series 2007-17 | 6.00% | 10/25/2037 | 86772 |
| 199333 | Series 2007-3 | 6.00% | 04/25/2037 | 95290 |
| 216737 | Series 2007-7 | 5.75% | 06/25/2037 | 101986 |
|  | Credit Suisse First Boston Mortgage Securities Corp. |  |  |  |
| 37804 | Series 2005-10 | 5.50% | 11/25/2035 | 27683 |
| 19476 | Series 2005-8 | 5.50% | 08/25/2025 | 13672 |
| 4005056 | Series 2005-9 | 6.00% | 10/25/2035 | 1192167 |
|  | Credit Suisse Mortgage Capital Certificates |  |  |  |
| 1714533 | Series 2006-2 | 5.75% | 03/25/2036 | 894116 |
|  | Csmc 2021-Nqm6 Trust |  |  |  |
| 900000 | Series 2021-NQM6<sup>(b)(g)</sup> | 2.58% | 07/25/2066 | 623477 |
|  | CSMC Mortgage-Backed Trust |  |  |  |
| 144557 | Series 2006-1 | 6.00% | 02/25/2036 | 39831 |
| 13043 | Series 2006-4 | 5.50% | 03/25/2038 | 7692 |
| 778648 | Series 2006-5 | 6.25% | 06/25/2036 | 122732 |
| 53179 | Series 2006-9 | 6.00% | 11/25/2036 | 30245 |
| 3547 | Series 2007-2 | 5.00% | 03/25/2037 | 2619 |
|  | Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |  |  |  |
| 159872 | Series 2005-6<sup>(b)(n)</sup> | 4.97% - 1M CME TERM SOFR | 12/25/2035 | 8912 |
| 70144 | Series 2005-6<sup>(b)</sup> | 1M CME TERM SOFR + 1.51% | 12/25/2035 | 56124 |
|  | Deutsche Mortgage Securities, Inc. Mortgage Loan Trust |  |  |  |
| 81297 | Series 2006-PR1<sup>(b)(g)</sup> | 11.96% - 1M CME TERM SOFR | 04/15/2036 | 71690 |
|  | Fannie Mae Interest Strip |  |  |  |
| 5123779 | Series 2014-419<sup>(n)</sup> | 3.50% | 04/25/2044 | 740986 |
| 17184107 | Series 2023-437<sup>(n)</sup> | 1.50% | 05/25/2037 | 989345 |
|  | Fannie Mae Pool |  |  |  |
| 3578286 | Series 2021- | 3.00% | 10/01/2046 | 3174840 |
| 1737758 | Series 2021- | 3.00% | 12/01/2048 | 1532769 |
| 2919947 | Series 2022- | 3.50% | 11/01/2050 | 2662294 |
| 1389581 | Series 2022- | 5.00% | 07/01/2052 | 1367534 |
|  | Fannie Mae REMICS |  |  |  |
| 4302659 | Series 2014-1<sup>(b)(n)</sup> | 5.79% - 30D US SOFR | 02/25/2044 | 447205 |
| 4872924 | Series 2015-54<sup>(b)(n)</sup> | 6.04% - 30D US SOFR | 07/25/2045 | 567411 |
| 8254290 | Series 2020-74<sup>(b)(n)</sup> | 4.10% - 30D US SOFR | 10/25/2050 | 378532 |
| 17028674 | Series 2020-77<sup>(b)(n)</sup> | 4.10% - 30D SOFR | 11/25/2050 | 707158 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 51

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $9282221 | Series 2020-96<sup>(n)</sup> | 3.00% | 01/25/2051 | $1618784 |
| 2029394 | Series 2021-48<sup>(b)(n)</sup> | 3.65% - 30D US SOFR | 08/25/2051 | 50758 |
| 13251978 | Series 2021-56<sup>(n)</sup> | 2.50% | 09/25/2051 | 1703022 |
| 9844594 | Series 2022-22 | 2.50% | 05/25/2052 | 6789436 |
| 15311738 | Series 2024-61 | 1.75% | 12/25/2051 | 7987995 |
| 1629019 | Series 2024-96<sup>(b)</sup> | 30D US SOFR + 1.20% | 12/25/2054 | 1627319 |
| 2750000 | Series 2025-28<sup>(b)</sup> | 30D US SOFR + 1.25% | 04/25/2055 | 2754440 |
|  | Federal Home Loan Mortgage Corp. Pool |  |  |  |
| 85870 | Series Pool #G01840 | 5.00% | 07/01/2035 | 86573 |
| 34474 | Series Pool #G04817 | 5.00% | 09/01/2038 | 34833 |
|  | Federal Home Loan Mortgage Corp. REMICS |  |  |  |
| 408545 | Series 2003-2722<sup>(b)</sup> | 9.76% - 30D US SOFR | 12/15/2033 | 421987 |
| 668961 | Series 2006-3244<sup>(b)(n)</sup> | 6.55% - 30D US SOFR | 11/15/2036 | 65703 |
| 31656 | Series 2007-3261<sup>(b)</sup> | 6.32% - 30D US SOFR | 01/15/2037 | 2998 |
| 55103 | Series 2007-3262<sup>(b)(n)</sup> | 6.29% - 30D US SOFR | 01/15/2037 | 3467 |
| 282397 | Series 2007-3301<sup>(b)(n)</sup> | 5.99% - 30D US SOFR | 04/15/2037 | 23175 |
| 200250 | Series 2007-3303<sup>(b)(n)</sup> | 5.99% - 30D US SOFR | 04/15/2037 | 18323 |
| 51936 | Series 2007-3382<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 11/15/2037 | 3556 |
| 176070 | Series 2007-3384<sup>(b)(n)</sup> | 6.20% - 30D US SOFR | 08/15/2036 | 15255 |
| 56892 | Series 2007-3384<sup>(b)(n)</sup> | 6.28% - 30D US SOFR | 11/15/2037 | 3837 |
| 17129 | Series 2008-3417<sup>(b)(n)</sup> | 6.07% - 30D US SOFR | 02/15/2038 | 1297 |
| 805763 | Series 2008-3423<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 03/15/2038 | 1944 |
| 63601 | Series 2008-3423<sup>(b)(n)</sup> | 5.54% - 30D US SOFR | 03/15/2038 | 4270 |
| 561917 | Series 2009-3510<sup>(b)(n)</sup> | 6.64% - 30D US SOFR | 02/15/2037 | 47515 |
| 170373 | Series 2009-3523<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 04/15/2039 | 13235 |
| 31296 | Series 2009-3524<sup>(b)(n)</sup> | 3.19% | 06/15/2038 | 29571 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $2717 | Series 2009-3549<sup>(b)(n)</sup> | 5.69% - 30D US SOFR | 07/15/2039 | $218 |
| 269085 | Series 2009-3560<sup>(b)</sup> | 6.29% - 30D US SOFR | 11/15/2036 | 14653 |
| 118635 | Series 2010-3641 | 4.50% | 03/15/2040 | 118518 |
| 176451 | Series 2010-3726<sup>(b)(n)</sup> | 5.94% - 30D US SOFR | 09/15/2040 | 16292 |
| 520242 | Series 2010-3728<sup>(b)(n)</sup> | 4.34% - 30D US SOFR | 09/15/2040 | 15348 |
| 180580 | Series 2010-3779 | 3.50% | 12/15/2030 | 177611 |
| 37609 | Series 2010-3779 | 4.00% | 12/15/2030 | 37502 |
| 27133 | Series 2011-3786<sup>(b)</sup> | 9.27% - 30D US SOFR | 01/15/2041 | 20554 |
| 367883 | Series 2011-3815<sup>(b)(n)</sup> | 5.74% - 30D US SOFR | 02/15/2041 | 29632 |
| 178053 | Series 2011-3824<sup>(b)(n)</sup> | 6.99% - 30D US SOFR | 08/15/2036 | 21545 |
| 302749 | Series 2011-3864<sup>(b)</sup> | 8.97% - 30D US SOFR | 05/15/2041 | 243086 |
| 197890 | Series 2011-3872<sup>(b)(n)</sup> | 5.84% - 30D US SOFR | 06/15/2041 | 15710 |
| 838827 | Series 2011-3924<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 09/15/2041 | 52664 |
| 1272342 | Series 2012-3<sup>(b)(n)</sup> | 5.84% - 30D US SOFR | 02/25/2042 | 129211 |
| 540551 | Series 2013-4170<sup>(b)</sup> | 3.94 - 30D US SOFR | 01/15/2033 | 486743 |
| 2097207 | Series 2013-4239<sup>(j)</sup> | 0.00% | 07/15/2043 | 1231136 |
|  | Federal National Mortgage Association Pool |  |  |  |
| 22387 | Series Pool #555743 | 5.00% | 09/01/2033 | 22509 |
| 27656 | Series Pool #735382 | 5.00% | 04/01/2035 | 27844 |
| 77127 | Series Pool #735383 | 5.00% | 04/01/2035 | 77652 |
| 48789 | Series Pool #735484 | 5.00% | 05/01/2035 | 49118 |
| 16264 | Series Pool #AH4437 | 4.00% | 01/01/2041 | 15382 |
|  | Federal National Mortgage Association REMICS |  |  |  |
| 6141 | Series 2004-46<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 03/25/2034 | 44 |
| 97710 | Series 2006-101<sup>(b)(n)</sup> | 6.47% - 30D US SOFR | 10/25/2036 | 11088 |
| 285791 | Series 2006-123<sup>(b)(n)</sup> | 6.21% - 30D US SOFR | 01/25/2037 | 31904 |
| 1172521 | Series 2006-92<sup>(b)(n)</sup> | 6.47% - 30D US SOFR | 10/25/2036 | 101432 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 53

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $38402 | Series 2007-102<sup>(b)(n)</sup> | 6.29% - 30D US SOFR | 11/25/2037 | $2946 |
| 35172 | Series 2007-108<sup>(b)(n)</sup> | 6.25% - 30D US SOFR | 12/25/2037 | 2403 |
| 4861 | Series 2007-30<sup>(b)(n)</sup> | 6.00% - 30D US SOFR | 04/25/2037 | 373 |
| 205112 | Series 2007-38<sup>(b)(n)</sup> | 5.97% - 30D US SOFR | 05/25/2037 | 11077 |
| 6268 | Series 2007-51<sup>(b)(n)</sup> | 5.99% - 30D US SOFR | 06/25/2037 | 399 |
| 23977 | Series 2007-53<sup>(b)(n)</sup> | 5.99% - 30D US SOFR | 06/25/2037 | 1492 |
| 191428 | Series 2007-57<sup>(b)(n)</sup> | 6.51% - 30D US SOFR | 10/25/2036 | 19752 |
| 38568 | Series 2007-68<sup>(b)(n)</sup> | 6.54% - 30D US SOFR | 07/25/2037 | 3457 |
| 333726 | Series 2008-3<sup>(b)(n)</sup> | 6.35% - 30D US SOFR | 02/25/2038 | 25004 |
| 32651 | Series 2008-56<sup>(b)(n)</sup> | 5.95% - 30D US SOFR | 07/25/2038 | 1597 |
| 9346 | Series 2008-81 | 5.50% | 09/25/2038 | 9494 |
| 94877 | Series 2009-111 | 5.00% | 01/25/2040 | 95011 |
| 46715 | Series 2009-111<sup>(b)(n)</sup> | 6.14% - 30D US SOFR | 01/25/2040 | 4941 |
| 362265 | Series 2009-12<sup>(b)(n)</sup> | 6.49% - 30D US SOFR | 03/25/2036 | 26844 |
| 11602 | Series 2009-28<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 04/25/2037 | 691 |
| 61630 | Series 2009-41 | 4.50% | 06/25/2039 | 60886 |
| 27423 | Series 2009-42<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 06/25/2039 | 2007 |
| 63187 | Series 2009-47<sup>(b)(n)</sup> | 5.99% - 30D US SOFR | 07/25/2039 | 3584 |
| 25124 | Series 2009-62<sup>(b)(n)</sup> | 5.99% - 30D US SOFR | 08/25/2039 | 746 |
| 27599 | Series 2009-66<sup>(b)(n)</sup> | 5.69% - 30D US SOFR | 02/25/2038 | 2029 |
| 22246 | Series 2009-68<sup>(b)(n)</sup> | 5.14% - 30D US SOFR | 09/25/2039 | 1280 |
| 55924 | Series 2010-11<sup>(b)(n)</sup> | 4.69% - 30D US SOFR | 02/25/2040 | 3749 |
| 13936 | Series 2010-111<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 10/25/2040 | 822 |
| 56141 | Series 2010-115<sup>(b)(n)</sup> | 6.49% - 30D US SOFR | 11/25/2039 | 5429 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $723758 | Series 2010-115<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 10/25/2040 | $64191 |
| 1720051 | Series 2010-123<sup>(b)(n)</sup> | 5.94% - 30D US SOFR | 11/25/2040 | 162210 |
| 265499 | Series 2010-15<sup>(b)(n)</sup> | 4.84% - 30D US SOFR | 03/25/2040 | 11173 |
| 17521 | Series 2010-34<sup>(b)(n)</sup> | 4.82% - 30D US SOFR | 04/25/2040 | 769 |
| 20235 | Series 2010-4<sup>(b)(n)</sup> | 6.12% - 30D US SOFR | 02/25/2040 | 1603 |
| 32483 | Series 2010-58<sup>(b)</sup> | 12.18% - 30D US SOFR | 06/25/2040 | 31006 |
| 1007330 | Series 2010-75 | 4.50% | 07/25/2040 | 987189 |
| 15138 | Series 2010-9<sup>(b)(n)</sup> | 5.19% - 30D US SOFR | 02/25/2040 | 828 |
| 79828 | Series 2010-9<sup>(b)(n)</sup> | 4.64% - 30D US SOFR | 02/25/2040 | 3248 |
| 4258 | Series 2010-90<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 08/25/2040 | 372 |
| 28845 | Series 2011-25 | 3.00% | 04/25/2026 | 28600 |
| 1349044 | Series 2012-106<sup>(b)(n)</sup> | 6.05% - 30D US SOFR | 10/25/2042 | 143434 |
| 262964 | Series 2012-124<sup>(b)</sup> | 7.59% - 30D US SOFR | 11/25/2042 | 185582 |
| 91502 | Series 2012-29<sup>(b)(n)</sup> | 5.89% - 30D US SOFR | 04/25/2042 | 7618 |
| 266481 | Series 2012-32<sup>(n)</sup> | 5.00% | 04/25/2042 | 57485 |
| 1321717 | Series 2012-65<sup>(b)(n)</sup> | 5.87% - 30D US SOFR | 06/25/2042 | 151287 |
| 550541 | Series 2018-21<sup>(j)</sup> | 0.00% | 04/25/2048 | 404342 |
|  | First Horizon Alternative Mortgage Securities Trust |  |  |  |
| 440945 | Series 2005-FA6 | 5.50% | 09/25/2035 | 229095 |
|  | First Horizon Mortgage Pass-Through Trust |  |  |  |
| 434520 | Series 2007-AR3<sup>(b)</sup> | 5.14% | 11/25/2037 | 183351 |
|  | Freddie Mac Pool |  |  |  |
| 3320820 | Series 2021- | 2.00% | 11/01/2050 | 2718788 |
| 1350263 | Series 2022- | 3.00% | 03/01/2052 | 1182833 |
|  | Freddie Mac REMICS |  |  |  |
| 1713520 | Series 2011-3972<sup>(b)(n)</sup> | 5.79% - 30D US SOFR | 12/15/2041 | 160473 |
| 1880951 | Series 2020-5007<sup>(b)(n)</sup> | 5.99% - 30D US SOFR | 08/25/2050 | 247525 |
| 9459805 | Series 2020-5023<sup>(n)</sup> | 3.00% | 10/25/2050 | 1577977 |
| 3690471 | Series 2020-5041<sup>(n)</sup> | 2.00% | 11/25/2050 | 432733 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 55

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $10097153 | Series 2020-5057<sup>(n)</sup> | 3.00% | 11/25/2050 | $1522362 |
| 7492857 | Series 2021-5070<sup>(n)</sup> | 3.50% | 02/25/2051 | 1255350 |
| 6329482 | Series 2021-5083 | 2.50% | 03/25/2051 | 3571587 |
| 10797920 | Series 2022-5195 | 2.50% | 02/25/2052 | 6747239 |
| 2953689 | Series 2023-5293<sup>(n)</sup> | 2.50% | 04/25/2051 | 475449 |
| 7113655 | Series 2024-5427 | 4.00% | 05/25/2052 | 5827647 |
| 691265 | Series 2024-5481<sup>(b)</sup> | 30D US SOFR + 1.50% | 12/25/2054 | 698083 |
| 2108000 | Series 2025-5524<sup>(b)</sup> | 30D US SOFR + 1.20% | 04/25/2055 | 2110188 |
| 4209000 | Series 2025-5527<sup>(b)</sup> | 30D US SOFR + 1.20% | 09/25/2054 | 4215257 |
| 17689396 | Series 2025-5531<sup>(n)</sup> | 3.50% | 06/25/2041 | 2285263 |
|  | Freddie Mac STACR REMIC Trust |  |  |  |
| 4300000 | Series 2020-DNA6<sup>(b)(g)</sup> | 30D US SOFR + 5.65% | 12/25/2050 | 4905746 |
| 2500000 | Series 2021-DNA1<sup>(b)(g)</sup> | 30D US SOFR + 4.75% | 01/25/2051 | 2732802 |
| 2750000 | Series 2021-HQA2<sup>(b)(g)</sup> | 30D US SOFR + 3.15% | 12/25/2033 | 3037256 |
|  | Freddie Mac STACR REMIC Trust 2020-DNA2 |  |  |  |
| 3000000 | Series 2021-DNA2<sup>(b)(g)</sup> | 30D US SOFR + 6.00% | 08/25/2033 | 3595338 |
|  | GCAT |  |  |  |
| 1500000 | Series 2021-NQM4<sup>(b)(g)</sup> | 2.47% | 08/25/2025 | 1009579 |
|  | Ginnie Mae II Pool |  |  |  |
| 4375307 | Series 2021- | 2.50% | 10/20/2051 | 3711896 |
| 1304105 | Series 2021- | 2.50% | 11/20/2051 | 1105848 |
|  | Government National Mortgage Association |  |  |  |
| 20258 | Series 2004-83<sup>(b)(n)</sup> | 5.97% - 1M CME TERM SOFR | 10/20/2034 | 1051 |
| 20042 | Series 2008-6<sup>(b)(n)</sup> | 6.35% - 1M CME TERM SOFR | 02/20/2038 | 22 |
| 19250 | Series 2008-67<sup>(b)(n)</sup> | 5.89% - 1M CME TERM SOFR | 08/20/2038 | 17 |
| 299430 | Series 2008-69<sup>(b)(n)</sup> | 7.52% - 1M CME TERM SOFR | 08/20/2038 | 17016 |
| 29938 | Series 2009-10<sup>(b)(n)</sup> | 6.54% - 1M CME TERM SOFR | 02/16/2039 | 2729 |
| 1183401 | Series 2009-58<sup>(b)(n)</sup> | 6.14% - 1M CME TERM SOFR | 06/20/2039 | 74614 |
| 21366 | Series 2009-6<sup>(b)(n)</sup> | 5.84% - 1M CME TERM SOFR | 02/20/2038 | 18 |
| 615391 | Series 2009-75 | 5.00% | 09/20/2039 | 617250 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $1466006 | Series 2010-121<sup>(b)(n)</sup> | 5.89% - 1M CME TERM SOFR | 09/20/2040 | $144368 |
| 20910 | Series 2010-61<sup>(b)(n)</sup> | 6.44% - 1M CME TERM SOFR | 09/20/2039 | 1196 |
| 25843 | Series 2010-98<sup>(b)(n)</sup> | 5.29% | 03/20/2039 | 641 |
| 10166813 | Series 2010-H20<sup>(b)(n)</sup> | 1.47% | 10/20/2060 | 246988 |
| 201633 | Series 2011-69<sup>(j)</sup> | 0.00% | 05/20/2041 | 159599 |
| 437733 | Series 2011-71<sup>(b)(n)</sup> | 5.29% - 1M CME TERM SOFR | 05/20/2041 | 38896 |
| 125897 | Series 2011-72<sup>(b)(n)</sup> | 6.04% - 1M CME TERM SOFR | 05/20/2041 | 10922 |
| 674953 | Series 2011-89<sup>(b)(n)</sup> | 5.34% - 1M CME TERM SOFR | 06/20/2041 | 59170 |
| 1124889 | Series 2013-113<sup>(b)(n)</sup> | 6.14% - 1M CME TERM SOFR | 03/20/2043 | 31365 |
| 2420990 | Series 2013-122<sup>(b)(n)</sup> | 5.99% - 1M CME TERM SOFR | 08/16/2043 | 266422 |
| 1743089 | Series 2013-148<sup>(b)(n)</sup> | 5.57% - 1M CME TERM SOFR | 10/16/2043 | 161977 |
| 1694565 | Series 2013-186<sup>(b)(n)</sup> | 6.14% - 1M CME TERM SOFR | 02/16/2043 | 101556 |
| 1489771 | Series 2014-156<sup>(b)(n)</sup> | 6.14% - 1M CME TERM SOFR | 10/20/2044 | 165790 |
| 2946875 | Series 2014-4<sup>(b)(n)</sup> | 5.99% - 1M CME TERM SOFR | 01/16/2044 | 319256 |
| 3731564 | Series 2014-41<sup>(b)(n)</sup> | 5.99% - 1M CME TERM SOFR | 03/20/2044 | 443778 |
| 1279608 | Series 2014-5<sup>(b)(n)</sup> | 6.04% - 1M CME TERM SOFR | 07/20/2043 | 79189 |
| 2271537 | Series 2014-95<sup>(b)(n)</sup> | 6.14% - 1M CME TERM SOFR | 06/16/2044 | 165377 |
| 28366 | Series 2016-162<sup>(b)(n)</sup> | 0.79% | 09/16/2058 | 1116 |
| 1332106 | Series 2016-89<sup>(b)</sup> | 1M CME TERM SOFR + 0.56% | 07/20/2046 | 1310217 |
| 7953277 | Series 2016-H21<sup>(b)(n)</sup> | 3.16% | 09/20/2066 | 303550 |
| 7314000 | Series 2018-19 | 3.00% | 02/20/2048 | 6127676 |
| 4006306 | Series 2018-97<sup>(b)(n)</sup> | 6.09% - 1M CME TERM SOFR | 07/20/2048 | 451036 |
| 432748 | Series 2019-112<sup>(b)</sup> | 1M CME TERM SOFR + 0.51% | 09/20/2049 | 421459 |
| 8629897 | Series 2019-22<sup>(b)(n)</sup> | 5.49% - 1M CME TERM SOFR | 02/20/2045 | 837950 |
| 15596177 | Series 2019-90<sup>(n)</sup> | 3.00% | 05/20/2048 | 2080140 |
| 1210798 | Series 2019-90<sup>(b)</sup> | 1M CME TERM SOFR + 0.46% | 07/20/2049 | 1176755 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 57

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $3844653 Series 2019-92<sup>(b)(n)</sup> | 5.99% - 1M CME TERM SOFR | 07/20/2049 | $461091 |
| 17491183 Series 2019-H10<sup>(b)(n)</sup> | 1.76% | 06/20/2069 | 962083 |
| 4489186 Series 2019-H18<sup>(b)(n)</sup> | 1.49% | 11/20/2069 | 283906 |
| 7924688 Series 2020-112<sup>(b)(n)</sup> | 6.14% - 1M CME TERM SOFR | 08/20/2050 | 978317 |
| 14502857 Series 2020-146<sup>(b)(n)</sup> | 3.64 - 1M CME TERM SOFR | 10/20/2050 | 382291 |
| 11272252 Series 2020-146<sup>(b)(n)</sup> | 6.19% - 1M CME TERM SOFR | 10/20/2050 | 1625585 |
| 10619669 Series 2020-167<sup>(b)(n)</sup> | 3.64 - 1M CME TERM SOFR | 11/20/2050 | 258826 |
| 28351 Series 2020-168<sup>(b)(n)</sup> | 0.98% | 12/16/2062 | 2116 |
| 3921399 Series 2020-188<sup>(b)(n)</sup> | 6.19% - 1M CME TERM SOFR | 11/20/2050 | 537992 |
| 15318018 Series 2020-188<sup>(n)</sup> | 2.50% | 12/20/2050 | 2201982 |
| 17010421 Series 2020-191<sup>(n)</sup> | 3.50% | 12/20/2050 | 3286456 |
| 17918056 Series 2020-H18<sup>(b)(n)</sup> | 2.51% | 09/20/2070 | 1199727 |
| 13643958 Series 2021-1<sup>(n)</sup> | 2.50% | 01/20/2051 | 1805055 |
| 8875197 Series 2021-1<sup>(b)(n)</sup> | 6.19% - 1M CME TERM SOFR | 01/20/2051 | 1316486 |
| 8852379 Series 2021-107<sup>(b)(n)</sup> | 3.64% - 1M CME TERM SOFR | 06/20/2051 | 291240 |
| 11028607 Series 2021-116<sup>(n)</sup> | 3.50% | 03/20/2051 | 2093591 |
| 1382468 Series 2021-117<sup>(n)</sup> | 3.50% | 06/20/2051 | 238884 |
| 11493246 Series 2021-160<sup>(n)</sup> | 2.50% | 06/20/2051 | 1271898 |
| 17206263 Series 2021-161<sup>(n)</sup> | 3.00% | 09/20/2051 | 2244201 |
| 1582247 Series 2021-197<sup>(n)</sup> | 3.50% | 11/20/2051 | 299213 |
| 16689791 Series 2021-52<sup>(b)(n)</sup> | 0.72% | 04/16/2063 | 875448 |
| 20678168 Series 2021-59<sup>(b)(n)</sup> | 2.60% - 30D US SOFR | 04/20/2051 | 204201 |
| 11417727 Series 2021-7<sup>(n)</sup> | 2.50% | 01/20/2051 | 1741890 |
| 11545338 Series 2021-76<sup>(n)</sup> | 3.00% | 08/20/2050 | 1987883 |
| 13729446 Series 2021-77<sup>(n)</sup> | 2.50% | 05/20/2051 | 1489821 |
| 10573199 Series 2021-77<sup>(b)(n)</sup> | 3.64% - 1M CME TERM SOFR | 05/20/2051 | 302959 |
| 5283891 Series 2021-89<sup>(b)(n)</sup> | 3.64% - 1M CME TERM SOFR | 05/20/2051 | 137302 |
| 8244118 Series 2021-97<sup>(b)(n)</sup> | 3.64% - 1M CME TERM SOFR | 06/20/2051 | 199010 |
| 25571174 Series 2021-97<sup>(b)(n)</sup> | 2.60% - 30D US SOFR | 06/20/2051 | 279278 |
| 12788581 Series 2021-H08<sup>(b)(n)</sup> | 0.26% | 05/20/2071 | 364536 |
| 32975678 Series 2022-1<sup>(b)(n)</sup> | 2.65% - 30D US SOFR | 01/20/2052 | 194860 |
| 16123025 Series 2022-137<sup>(n)</sup> | 3.00% | 01/20/2052 | 2164539 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $17682105 | Series 2022-174 | 3.50% | 05/20/2051 | $14793626 |
| 15642640 | Series 2022-174 | 3.00% | 12/20/2051 | 12270996 |
| 21208315 | Series 2022-207<sup>(n)</sup> | 3.00% | 08/20/2051 | 3581058 |
| 26140893 | Series 2022-48<sup>(b)(n)</sup> | 0.71% | 01/16/2064 | 1534423 |
| 12962838 | Series 2022-83<sup>(n)</sup> | 2.50% | 11/20/2051 | 1919884 |
| 13096244 | Series 2024-48<sup>(n)</sup> | 2.50% | 10/20/2051 | 2006698 |
| 13612199 | Series 2024-61 | 3.50% | 04/20/2054 | 10980799 |
|  | GSR Mortgage Loan Trust |  |  |  |
| 882110 | Series 2006-2F | 5.25% | 02/25/2036 | 341696 |
| 1469161 | Series 2007-2F | 6.00% | 03/25/2037 | 740725 |
| 665386 | Series 2007-AR2<sup>(b)</sup> | 4.36% | 05/25/2037 | 366878 |
|  | Impac CMB Trust |  |  |  |
| 67709 | Series 2004-10<sup>(b)</sup> | 1M CME TERM SOFR + 0.81% | 03/25/2035 | 58158 |
|  | Imperial Fund Mortgage Trust |  |  |  |
| 1000000 | Series 2021-NQM4<sup>(b)(g)</sup> | 3.45% | 01/25/2057 | 750865 |
|  | IndyMac IMJA Mortgage Loan Trust |  |  |  |
| 947480 | Series 2007-A1 | 6.00% | 08/25/2037 | 348889 |
|  | IndyMac IMSC Mortgage Loan Trust |  |  |  |
| 4681194 | Series 2007-F2 | 6.50% | 07/25/2037 | 1667463 |
|  | JP Morgan Alternative Loan Trust |  |  |  |
| 138712 | Series 2005-S1 | 6.00% | 12/25/2035 | 92596 |
| 15170 | Series 2006-S3<sup>(m)</sup> | 6.62% | 08/25/2036 | 14926 |
|  | JP Morgan Mortgage Trust |  |  |  |
| 753749 | Series 2007-S3 | 6.00% | 07/25/2037 | 333328 |
|  | JP Morgan Resecuritization Trust |  |  |  |
| 440786 | Series 2011-1<sup>(b)(g)</sup> | 6.00% | 06/26/2037 | 358175 |
| 1664260 | Series 2014-6<sup>(b)(g)</sup> | 1M CME TERM SOFR + 0.32% | 07/27/2046 | 1634517 |
|  | Lehman Mortgage Trust |  |  |  |
| 364446 | Series 2006-6 | 5.50% | 10/25/2036 | 240851 |
| 3842287 | Series 2006-7<sup>(b)</sup> | 1M CME TERM SOFR + 0.36% | 11/25/2036 | 226429 |
| 3835698 | Series 2006-7<sup>(b)(n)</sup> | 7.64% - 1M CME TERM SOFR | 11/25/2036 | 228998 |
| 1169735 | Series 2006-8<sup>(b)</sup> | 1M CME TERM SOFR + 0.53% | 12/25/2036 | 240065 |
| 1169735 | Series 2006-8<sup>(b)(n)</sup> | 6.47% - 1M CME TERM SOFR | 12/25/2036 | 107290 |
|  | Merrill Lynch Alternative Note Asset Trust |  |  |  |
| 687842 | Series 2007-F1 | 6.00% | 03/25/2037 | 59199 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 59

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
|  | Morgan Stanley Mortgage Loan Trust |  |  |  |
| $822405 | Series 2005-3AR<sup>(b)</sup> | 5.55% | 07/25/2035 | $680126 |
| 2034120 | Series 2006-11 | 6.00% | 08/25/2036 | 1205049 |
| 2297038 | Series 2006-1AR<sup>(b)</sup> | 1M CME TERM SOFR + 0.39% | 02/25/2036 | 1373999 |
| 507195 | Series 2006-7<sup>(b)</sup> | 5.06% | 06/25/2036 | 271682 |
| 599664 | Series 2006-7 | 6.00% | 06/25/2036 | 269060 |
|  | Nomura Asset Acceptance Corp. Alternative Loan Trust |  |  |  |
| 906764 | Series 2005-AP3<sup>(b)</sup> | 5.32% | 08/25/2035 | 395487 |
|  | PR Mortgage Loan Trust |  |  |  |
| 5207416 | Series 2014-1<sup>(b)(g)</sup> | 5.86% | 09/25/2047 | 4916875 |
|  | Prime Mortgage Trust |  |  |  |
| 36152 | Series 2006-DR1<sup>(g)</sup> | 5.50% | 05/25/2035 | 33563 |
|  | RBSGC Structured Trust |  |  |  |
| 91855 | Series 2008-B<sup>(g)</sup> | 6.00% | 06/25/2037 | 78768 |
|  | Residential Accredit Loans, Inc. |  |  |  |
| 3056996 | Series 2006-QA5<sup>(b)</sup> | 1M CME TERM SOFR + 0.55% | 07/25/2036 | 1026147 |
| 993062 | Series 2006-QS10 | 6.50% | 08/25/2036 | 871075 |
| 260651 | Series 2006-QS6 | 6.00% | 06/25/2036 | 211309 |
| 618639 | Series 2006-QS7 | 6.00% | 06/25/2036 | 488749 |
| 32523 | Series 2006-QS7<sup>(b)</sup> | 1M CME TERM SOFR + 0.51% | 06/25/2036 | 23548 |
| 97569 | Series 2006-QS7<sup>(b)(n)</sup> | 5.49% - 1M CME TERM SOFR | 06/25/2036 | 6590 |
| 43138 | Series 2006-QS8<sup>(b)</sup> | 1M CME TERM SOFR + 0.56% | 08/25/2036 | 32011 |
| 129414 | Series 2006-QS8<sup>(b)(n)</sup> | 5.44% - 1M CME TERM SOFR | 08/25/2036 | 8968 |
| 4232 | Series 2007-QS6<sup>(b)</sup> | 54.05% - 1M CME TERM SOFR | 04/25/2037 | 5292 |
| 374058 | Series 2007-QS9 | 6.50% | 07/25/2037 | 306012 |
| 188832 | Series 2008-QR1 | 6.00% | 08/25/2036 | 153641 |
|  | Residential Asset Securitization Trust |  |  |  |
| 382738 | Series 2006-A1 | 6.00% | 04/25/2036 | 171998 |
| 863279 | Series 2006-A2 | 6.00% | 05/25/2036 | 319335 |
| 895456 | Series 2006-A6 | 6.50% | 07/25/2036 | 246080 |
| 243132 | Series 2006-A8 | 6.00% | 08/25/2036 | 153331 |
| 148450 | Series 2006-A8 | 6.50% | 08/25/2036 | 43016 |
| 314303 | Series 2006-A8<sup>(b)(n)</sup> | 5.79% - 1M CME TERM SOFR | 08/25/2036 | 24050 |
| 1335909 | Series 2007-A1 | 6.00% | 03/25/2037 | 403329 |
| 55505 | Series 2007-A6 | 6.00% | 06/25/2037 | 28869 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $2535047 | Series 2007-A7 | 6.00% | 07/25/2037 | $944791 |
|  | Residential Funding Mortgage Securities I Trust |  |  |  |
| 315756 | Series 2006-S3 | 5.50% | 03/25/2036 | 255989 |
| 63074 | Series 2006-S6 | 6.00% | 07/25/2036 | 55082 |
| 179313 | Series 2007-S3 | 6.00% | 03/25/2037 | 129627 |
| 98089 | Series 2007-S6 | 6.00% | 06/25/2037 | 75567 |
|  | Residential Mortgage Loan Trust |  |  |  |
| 3250000 | Series 2020-1<sup>(b)(g)</sup> | 4.67% | 01/26/2060 | 2982602 |
|  | Sequoia Mortgage Trust |  |  |  |
| 796474 | Series 2007-3<sup>(b)</sup> | 4.79% | 07/20/2037 | 635398 |
|  | Structured Asset Securities Corp. |  |  |  |
| 115760 | Series 2005-RF1<sup>(b)(g)</sup> | 1M CME TERM SOFR + 0.46% | 03/25/2035 | 103795 |
| 115760 | Series 2005-RF1<sup>(b)(g)(n)</sup> | 0.00% | 03/25/2035 | 1 |
|  | TBW Mortgage-Backed Trust |  |  |  |
| 1391148 | Series 2006-2 | 7.00% | 07/25/2036 | 216771 |
|  | Verus Securitization Trust |  |  |  |
| 2300000 | Series 2019-INV3<sup>(b)(g)</sup> | 3.28% | 11/25/2059 | 2249649 |
| 1500000 | Series 2021-4<sup>(b)(g)</sup> | 2.20% | 07/25/2066 | 1057714 |
| 1400000 | Series 2021-6<sup>(b)(g)</sup> | 4.05% | 10/25/2066 | 1106572 |
| 2000000 | Series 2021-7<sup>(b)(g)</sup> | 4.19% | 10/25/2066 | 1486162 |
| 7706000 | Series 2022-4<sup>(b)(g)</sup> | 4.77% | 04/25/2067 | 6659347 |
| 1230309 | Series 2023-3<sup>(g)(m)</sup> | 6.44% | 03/25/2068 | 1236830 |
| 8286 | Series 2024-9<sup>(b)(g)</sup> | 5.44% | 11/25/2069 | 8368 |
|  | Wachovia Mortgage Loan Trust, LLC Series Trust |  |  |  |
| 42113 | Series 2005-B<sup>(b)</sup> | 7.49% | 10/20/2035 | 40687 |
|  | Washington Mutual Alternative Mortgage Pass-Through Certificates |  |  |  |
| 32088 | Series 2005-9 | 5.50% | 11/25/2035 | 25748 |
| 282194 | Series 2006-5 | 6.00% | 07/25/2036 | 202499 |
|  | Washington Mutual Mortgage Pass-Through Certificates Trust |  |  |  |
| 430809 | Series 2006-2 | 6.00% | 03/25/2036 | 420999 |
|  | Wells Fargo Alternative Loan Trust |  |  |  |
| 176376 | Series 2007-PA2<sup>(b)</sup> | 1M CME TERM SOFR + 0.54% | 06/25/2037 | 152072 |
| 176376 | Series 2007-PA2<sup>(b)(n)</sup> | 5.96% - 1M CME TERM SOFR | 06/25/2037 | 17601 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 61

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $213481 | Series 2007-PA3 | 6.25% | 07/25/2037 | $184611 |
|  |  |  |  | 281027785 |
| TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES | TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES | TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES | TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES |  |
| (Cost $353,273,330) | (Cost $353,273,330) | (Cost $353,273,330) | (Cost $353,273,330) | 281027785 |

---

---

| | | |
|:---|:---|:---|
| **Shares/Description** | **Shares/Description** | **Value** |
| **Rights - 0.00%<sup>(d)</sup>** | **Rights - 0.00%<sup>(d)</sup>** | |
| ***United States - 0.00%<sup>(d)</sup>*** | ***United States - 0.00%<sup>(d)</sup>*** | ***United States - 0.00%<sup>(d)</sup>*** |
| 100 | Nuveen Credit Strategies Income Fund, Strike Price 0.01, Expires 04/30/2025 | 3 |
| TOTAL RIGHTS | TOTAL RIGHTS |  |
| (Cost $0) | (Cost $0) | 3 |
| **Warrants - 0.00%<sup>(d)</sup>** | **Warrants - 0.00%<sup>(d)</sup>** | **Warrants - 0.00%<sup>(d)</sup>** |
| ***United States - 0.00%<sup>(d)</sup>*** | ***United States - 0.00%<sup>(d)</sup>*** | ***United States - 0.00%<sup>(d)</sup>*** |
| 64870 | PERSHING SQUARE SPARC HOLDINGS, Strike Price 0.01, Expires 12/31/2049 | 1 |
| TOTAL WARRANTS | TOTAL WARRANTS |  |
| (Cost $0) | (Cost $0) | 1 |
| **Short-Term Investments - 6.17%** | **Short-Term Investments - 6.17%** | **Short-Term Investments - 6.17%** |
| **Money Market Fund - 6.17%** | **Money Market Fund - 6.17%** | **Money Market Fund - 6.17%** |
| 77349152 | State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 4.25%) | 77349152 |
| TOTAL SHORT-TERM INVESTMENTS | TOTAL SHORT-TERM INVESTMENTS |  |
| (Cost $77,349,152) | (Cost $77,349,152) | 77349152 |
| **TOTAL INVESTMENTS - 99.70%** | **TOTAL INVESTMENTS - 99.70%** |  |
| **(Cost $1,361,951,638)** | **(Cost $1,361,951,638)** | $1249815874 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.30%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.30%** | 3770820 |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $1253586694 |

---

**Investment Abbreviations:**

CME- Chicago Mercantile Exchange

LLC - Limited Liability Company

LP - Limited Partnership

SOFR - Secured Overnight Financing Rate Data

TI - Treasury Index

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

**Rates:**

1M CME SOFR - 1 Month CME SOFR as of March 31, 2025 was 4.32%

3M CME SOFR - 3 Month CME SOFR as of March 31, 2025 was 4.29%

1D SOFR - 1 Day SOFR as of March 31, 2025 was 4.41%

30D SOFR - 30 Day SOFR as of March 31, 2025 was 4.33%

1M SOFR - 1 Month SOFR as of March 31, 2025 was 4.32%

3M SOFR - 3 Month SOFR as of March 31, 2025 was 4.29%

1Y US TI - 1 Year TI as of March 31, 2025 was 4.03%

5Y US TI - 5 Year TI as of March 31, 2025 was 3.96%

10Y US TI - 10 Year TI as of March 31, 2025 was 4.23%

*<sup>(a)</sup>* *Security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.*

*<sup>(b)</sup>* *Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2025. 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.*

*<sup>(c)</sup>* *Non-income producing security.*

*<sup>(d)</sup>* *Less than 0.005%.*

*<sup>(e)</sup>* *The Level 3 assets were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.*

*<sup>(f)</sup>* *Affiliated company. See Notes to Financial Statements.*

*<sup>(g)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $378,808,026, which represents approximately 30.22% of net assets as of March 31, 2025.*

*<sup>(h)</sup>* *Securities were purchased pursuant to Regulation S under the Securities Act of 1933, as amended, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, as amended, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees. As of March 31, 2025, the aggregate fair value of those securities was $7,559,397, representing 0.60% of net assets.*

*<sup>(i)</sup>* *Pay-in-kind securities. Rate paid in-kind is shown in parenthesis.*

*<sup>(j)</sup>* *Issued with a zero coupon. Income is recognized through the accretion of discount.*

*<sup>(k)</sup>* *Security is currently in default.*

*<sup>(l)</sup>* *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.*

*<sup>(m)</sup>* *Step up bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at March 31, 2025.*

*<sup>(n)</sup>* *Interest only securities.*

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 63

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

**<u>Futures Contracts:</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts** | **Expiration<br> Date** | **Notional<br> Value** | **Value and**<br> **Unrealized<br> Appreciation/**<br> **(Depreciation)** |
| US 2Yr Note Future | 100 | June 2025 | $20717187 | $119314 |
| US Long Bond Future | 28 | June 2025 | 3283875 | 49595 |
|  |  |  | $24001062 | $168909 |

---

**<u>Futures Contracts Sold:</u>**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Contracts<br> (Short)** | **Expiration<br> Date** | **Notional<br> Value** | **Value and**<br> **Unrealized<br> Appreciation/**<br> **(Depreciation)** |
| 10-Yr U.S. Treasury Note Futures | (30) | June 2025 | $3423750 | $(58652) |
| US Ultra T-Bond | (45) | June 2025 | 5501250 | (72873) |
|  |  |  | $8925000 | $(131525) |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares/Description** | **Shares/Description** | **Value** |
| **CLOSED-END FUNDS - 1.63%** | **CLOSED-END FUNDS - 1.63%** | **CLOSED-END FUNDS - 1.63%** |
| ***United States - 1.63%*** | ***United States - 1.63%*** | ***United States - 1.63%*** |
| 58172 | Avenue Income Credit Strategies Fund | $342633 |
| 100 | Nuveen Credit Strategies Income Fund | 538 |
| 64315 | Western Asset Inflation-Linked Opportunities & Income Fund | 565329 |
| TOTAL CLOSED-END FUNDS | TOTAL CLOSED-END FUNDS |  |
| (Cost $981,195) | (Cost $981,195) | 908500 |
| **COMMON STOCKS - 0.16%** | **COMMON STOCKS - 0.16%** | **COMMON STOCKS - 0.16%** |
| ***United States - 0.16%*** | ***United States - 0.16%*** | ***United States - 0.16%*** |
| 3304 | PHI Group, Inc.<sup>(a)(b)</sup> | 89538 |
| TOTAL COMMON STOCKS | TOTAL COMMON STOCKS |  |
| (Cost $65,834) | (Cost $65,834) | 89538 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **BANK LOANS - 1.35%<sup>(c)</sup>** | **BANK LOANS - 1.35%<sup>(c)</sup>** | **BANK LOANS - 1.35%<sup>(c)</sup>** | **BANK LOANS - 1.35%<sup>(c)</sup>** | **BANK LOANS - 1.35%<sup>(c)</sup>** |
| ***United States - 1.35%*** | ***United States - 1.35%*** | ***United States - 1.35%*** | ***United States - 1.35%*** | ***United States - 1.35%*** |
| $130278 | AI Aqua Merger Sub, Inc., First Lien | 1M SOFR + 3.00%, 0.50% Floor | 07/31/2028 | 129246 |
| 116110 | ASP Unifrax 9/24 Delayed | 6M CME TERM + 3.75% | 09/30/2029 | 105950 |
| 25000 | Bengal Debt Merger Sub, LLC, Second Lien | 3M SOFR + 6.00% | 01/18/2030 | 6073 |
| 73728 | EG America LLC, First Lien | 3M SOFR + 4.25% | 02/07/2028 | 73854 |
| 76050 | Electron BidCo, Inc. TL 1L | 1M SOFR + 2.75% | 10/07/2028 | 75989 |
| 241934 | IRB Holding Corp., First Lien | 1M SOFR + 2.50%, 0.75% Floor | 12/15/2027 | 240694 |
| 121250 | Skopima Consilio Parent LLC, First Lien | 1M SOFR + 3.75%, 0.50% Floor | 05/17/2028 | 120530 |
|  |  |  |  | 752336 |
| TOTAL BANK LOANS | TOTAL BANK LOANS | TOTAL BANK LOANS | TOTAL BANK LOANS |  |
| (Cost $779,528) | (Cost $779,528) | (Cost $779,528) | (Cost $779,528) | 752336 |
| **HIGH YIELD DEBT- 88.38%** | **HIGH YIELD DEBT- 88.38%** | **HIGH YIELD DEBT- 88.38%** | **HIGH YIELD DEBT- 88.38%** | **HIGH YIELD DEBT- 88.38%** |
| ***Australia - 0.80%*** | ***Australia - 0.80%*** | ***Australia - 0.80%*** | ***Australia - 0.80%*** | ***Australia - 0.80%*** |
| 20000 | Mineral Resources, Ltd.<sup>(d)</sup> | 9.25% | 10/01/2028 | 20023 |
| 330000 | Mineral Resources, Ltd.<sup>(d)</sup> | 8.50% | 05/01/2030 | 319618 |
| 115000 | Nufarm Australia, Ltd. / Nufarm Americas, Inc.<sup>(d)</sup> | 5.00% | 01/27/2030 | 107166 |
|  |  |  |  | 446807 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 65

RiverNorth/Oaktree High Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
| **Canada - 4.36%** |  |  |  | | |
| $210000 | 1261229 BC, Ltd.<sup>(d)</sup> | 10.00% | 04/15/2032 | $| 208940 |
| 115000 | Bausch Health Cos., Inc.<sup>(d)</sup> | 5.50% | 11/01/2025 |  | 114957 |
| 370000 | Bausch Health Cos., Inc.<sup>(d)</sup> | 6.13% | 02/01/2027 |  | 375411 |
| 65000 | Bausch Health Cos., Inc.<sup>(d)</sup> | 4.88% | 06/01/2028 |  | 52563 |
| 100000 | Bombardier, Inc.<sup>(d)</sup> | 6.00% | 02/15/2028 |  | 98783 |
| 90000 | Bombardier, Inc.<sup>(d)</sup> | 8.75% | 11/15/2030 |  | 94999 |
| 30000 | Bombardier, Inc.<sup>(d)</sup> | 7.25% | 07/01/2031 |  | 30140 |
| 90000 | Bombardier, Inc.<sup>(d)</sup> | 7.00% | 06/01/2032 |  | 89723 |
| 90000 | Capstone Copper Corp.<sup>(d)</sup> | 6.75% | 03/31/2033 |  | 89725 |
| 110000 | Cascades, Inc./Cascades USA, Inc.<sup>(d)</sup> | 5.38% | 01/15/2028 |  | 106707 |
| 325000 | Dye & Durham, Ltd.<sup>(d)</sup> | 8.63% | 04/15/2029 |  | 335297 |
| 110000 | Garda World Security Corp.<sup>(d)</sup> | 8.38% | 11/15/2032 |  | 108274 |
| 180000 | goeasy, Ltd.<sup>(d)</sup> | 9.25% | 12/01/2028 |  | 189172 |
| 15000 | goeasy, Ltd.<sup>(d)</sup> | 7.63% | 07/01/2029 |  | 15022 |
| 90000 | goeasy, Ltd.<sup>(d)</sup> | 7.38% | 10/01/2030 |  | 88393 |
| 170000 | Intelligent Packaging, Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC<sup>(d)</sup> | 6.00% | 09/15/2028 |  | 165557 |
| 135000 | Mercer International, Inc. | 5.13% | 02/01/2029 |  | 115876 |
| 70000 | Northriver Midstream Finance LP<sup>(d)</sup> | 5.63% | 02/15/2026 |  | 69731 |
| 20000 | Open Text Corp.<sup>(d)</sup> | 6.90% | 12/01/2027 |  | 20717 |
| 33000 | Precision Drilling Corp.<sup>(d)</sup> | 7.13% | 01/15/2026 |  | 33052 |
| 25000 | Precision Drilling Corp.<sup>(d)</sup> | 6.88% | 01/15/2029 |  | 24448 |
|  |  |  |  |  | 2427487 |
| ***France - 3.61%*** | ***France - 3.61%*** | ***France - 3.61%*** | ***France - 3.61%*** | ***France - 3.61%*** | ***France - 3.61%*** |
| 130000 | Afflelou SAS<sup>(e)</sup> | 6.00% | 07/25/2029 |  | 145285 |
| 270000 | Altice France SA | 11.50% | 02/01/2027 |  | 281916 |
| 55000 | Altice France SA<sup>(d)</sup> | 5.13% | 07/15/2029 |  | 43161 |
| 100000 | Banijay Entertainment SAS<sup>(d)</sup> | 7.00% | 05/01/2029 |  | 113031 |
| 170000 | Bertrand Franchise Finance SAS<sup>(e)</sup> | 6.50% | 07/18/2030 |  | 188804 |
| 65000 | Constellium SE<sup>(d)</sup> | 6.38% | 08/15/2032 |  | 63535 |
| 200000 | Electricite de France SA<sup>(c)(f)</sup> |  | Perpetual Maturity |  | 219320 |
| 215000 | Forvia SE<sup>(d)</sup> | 5.63% | 06/15/2030 |  | 227543 |
| 140000 | Iliad Holding SASU<sup>(d)</sup> | 5.38% | 04/15/2030 |  | 152387 |
| 115000 | Kapla Holding SAS<sup>(d)</sup> | 5.00% | 04/30/2031 |  | 124296 |
| 100000 | Nova Alexandre III SAS<sup>(c)(e)</sup> | 3M EUR L + 5.25% | 07/15/2029 |  | 110096 |
| 220000 | Opal Bidco SAS | 5.50% | 03/31/2032 |  | 237887 |
| 95000 | Vallourec SACA<sup>(d)</sup> | 7.50% | 04/15/2032 |  | 99379 |
|  |  |  |  |  | 2006640 |
| ***Germany - 1.05%*** | ***Germany - 1.05%*** | ***Germany - 1.05%*** | ***Germany - 1.05%*** | ***Germany - 1.05%*** | ***Germany - 1.05%*** |
| 100000 | Cheplapharm Arzneimittel GmbH<sup>(e)</sup> | 7.50% | 05/15/2030 |  | 100032 |
| 45000 | IHO Verwaltungs GmbH<sup>(d)(g)</sup> | 7.75% (8.50%) | 11/15/2030 |  | 44384 |
| 100000 | IHO Verwaltungs GmbH<sup>(e)(g)</sup> | 7.00% (7.75%) | 11/15/2031 |  | 111041 |
| 45000 | IHO Verwaltungs GmbH<sup>(d)(g)</sup> | 8.00% (8.75%) | 11/15/2032 |  | 43911 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
| $| 140000 | Nidda Healthcare Holding GmbH<sup>(d)</sup> | 5.63% | 02/21/2030 | $| 153946 |
|  | 115000 | TUI Cruises GmbH<sup>(d)</sup> | 6.25% | 04/15/2029 |  | 128956 |
|  |  |  |  |  |  | 582270 |
| ***Great Britain - 4.00%*** | ***Great Britain - 4.00%*** | ***Great Britain - 4.00%*** | ***Great Britain - 4.00%*** | ***Great Britain - 4.00%*** | ***Great Britain - 4.00%*** | ***Great Britain - 4.00%*** |
|  | 125000 | Ardonagh Finco, Ltd.<sup>(e)</sup> | 6.88% | 02/15/2031 |  | 138204 |
|  | 115000 | Aston Martin Capital Holdings, Ltd.<sup>(d)</sup> | 10.00% | 03/31/2029 |  | 104091 |
|  | 145000 | B&M European Value Retail SA | 6.50% | 11/27/2031 |  | 182919 |
|  | 130000 | California Buyer, Ltd. / Atlantica Sustainable Infrastructure PLC<sup>(d)</sup> | 5.63% | 02/15/2032 |  | 142255 |
|  | 100000 | CD&R Firefly Bidco PLC<sup>(d)</sup> | 8.63% | 04/30/2029 |  | 132244 |
|  | 140000 | eG Global Finance PLC<sup>(e)</sup> | 11.00% | 11/30/2028 |  | 167440 |
|  | 105000 | Galaxy Bidco, Ltd.<sup>(d)</sup> | 8.13% | 12/19/2029 |  | 139764 |
|  | 105000 | Heathrow Finance PLC | 6.63% | 03/01/2031 |  | 134505 |
|  | 220000 | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC<sup>(d)</sup> | 8.13% | 02/15/2032 |  | 222532 |
|  | 105000 | INEOS Quattro Finance 2 PLC<sup>(d)</sup> | 6.75% | 04/15/2030 |  | 113651 |
|  | 145000 | Pinnacle Bidco PLC<sup>(e)</sup> | 8.25% | 10/11/2028 |  | 164587 |
|  | 110000 | RAC Bond Co. PLC<sup>(e)</sup> | 5.25% | 11/04/2027 |  | 137072 |
|  | 225000 | Vmed O2 UK Financing I PLC<sup>(d)</sup> | 4.75% | 07/15/2031 |  | 195827 |
|  | 90000 | Vmed O2 UK Financing I PLC<sup>(d)</sup> | 7.75% | 04/15/2032 |  | 90329 |
|  | 140000 | Zegona Finance PLC<sup>(e)</sup> | 6.75% | 07/15/2029 |  | 159992 |
|  |  |  |  |  |  | 2225412 |
| ***Ireland - 1.00%*** | ***Ireland - 1.00%*** | ***Ireland - 1.00%*** | ***Ireland - 1.00%*** | ***Ireland - 1.00%*** | ***Ireland - 1.00%*** | ***Ireland - 1.00%*** |
|  | 215000 | Adient Global Holdings, Ltd.<sup>(d)</sup> | 7.50% | 02/15/2033 |  | 201506 |
|  | 100000 | Ardagh Packaging Finance PLC / Ardagh Holdings USA, Inc.<sup>(e)</sup> | 2.13% | 08/15/2026 |  | 99963 |
|  | 200000 | Virgin Media O2 Vendor Financing Notes V DAC<sup>(d)</sup> | 7.88% | 03/15/2032 |  | 252038 |
|  |  |  |  |  |  | 553507 |
| ***Italy - 2.85%*** | ***Italy - 2.85%*** | ***Italy - 2.85%*** | ***Italy - 2.85%*** | ***Italy - 2.85%*** | ***Italy - 2.85%*** | ***Italy - 2.85%*** |
|  | 130000 | Castello BC Bidco SpA<sup>(c)(d)</sup> | 3M EUR L + 4.50% | 11/14/2031 |  | 141964 |
|  | 100000 | Cedacri SpA<sup>(c)(d)</sup> | 3M EUR L + 4.63% | 05/15/2028 |  | 108493 |
|  | 110000 | Cerved Group SpA<sup>(c)(e)</sup> | 3M EUR L + 5.25% | 02/15/2029 |  | 114929 |
|  | 115000 | Fedrigoni SpA<sup>(c)(e)</sup> | 3M EUR L + 4.00% | 01/15/2030 |  | 124233 |
|  | 94000 | Fibercop SpA<sup>(d)</sup> | 6.38% | 11/15/2033 |  | 89837 |
|  | 100000 | Guala Closures SpA<sup>(e)</sup> | 3.25% | 06/15/2028 |  | 103278 |
|  | 100000 | IMA Industria Macchine Automatiche <sub>SpA</sub>(c)(d) | 3M EUR L + 3.75% | 04/15/2029 |  | 108340 |
|  | 117859 | Inter Media and Communication SpA<sup>(e)</sup> | 6.75% | 02/09/2027 |  | 129185 |
|  | 125000 | Irca SpA<sup>(c)(d)</sup> | 3M EUR L + 3.75% | 12/15/2029 |  | 135340 |
|  | 220000 | Mooney Group SpA<sup>(c)(e)</sup> | 3M EUR L + 3.88% | 12/17/2026 |  | 238036 |
|  | 115000 | Neopharmed Gentili SPA<sup>(d)</sup> | 7.13% | 04/08/2030 |  | 129995 |
|  | 150000 | Sammontana Italia SpA<sup>(c)(e)</sup> | 3M EUR L + 3.75% | 10/15/2031 |  | 162905 |
|  |  |  |  |  |  | 1586535 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 67

RiverNorth/Oaktree High Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| **Luxembourg - 3.29%** | **Luxembourg - 3.29%** | **Luxembourg - 3.29%** | **Luxembourg - 3.29%** | **Luxembourg - 3.29%** |
| $200000 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl<sup>(d)</sup> | 4.63% | 06/01/2028 | $188981 |
| 100000 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl<sup>(e)</sup> | 3.63% | 06/01/2028 | 102620 |
| 155000 | Aramark International Finance Sarl<sup>(d)</sup> | 4.38% | 04/15/2033 | 164173 |
| 100000 | Cirsa Finance International Sarl<sup>(d)</sup> | 6.50% | 03/15/2029 | 112505 |
| 115000 | Dana Financing Luxembourg Sarl<sup>(e)</sup> | 8.50% | 07/15/2031 | 134402 |
| 100000 | Eurofins Scientific SE<sup>(c)(f)</sup> | 3M EUR L + 2.67% | Perpetual Maturity | 107834 |
| 100000 | Eurofins Scientific SE<sup>(c)(f)</sup> | 3M EUR L + 4.24% | Perpetual Maturity | 114195 |
| 150000 | Grand City Properties Finance Sarl<sup>(c)(f)</sup> | 5Y EUR SWAP + 3.51% | Perpetual Maturity | 160335 |
| 220000 | Intelsat Jackson Holdings SA<sup>(d)</sup> | 6.50% | 03/15/2030 | 209559 |
| 120000 | Loarre Investments Sarl<sup>(e)</sup> | 6.50% | 05/15/2029 | 133370 |
| 120000 | Rossini Sarl<sup>(e)</sup> | 6.75% | 12/31/2029 | 135685 |
| 100000 | Sani/Ikos Financial Holdings 1 Sarl<sup>(d)</sup> | 7.25% | 07/31/2030 | 111329 |
| 16000 | Telecom Italia Capital SA | 6.38% | 11/15/2033 | 15944 |
| 135000 | Telecom Italia Capital SA | 7.20% | 07/18/2036 | 135972 |
|  |  |  |  | 1826904 |
| ***Netherlands - 1.67%*** | ***Netherlands - 1.67%*** | ***Netherlands - 1.67%*** | ***Netherlands - 1.67%*** | ***Netherlands - 1.67%*** |
| 125000 | Boels Topholding BV<sup>(e)</sup> | 5.75% | 05/15/2030 | 138896 |
| 130000 | Energizer Gamma Acquisition BV<sup>(e)</sup> | 3.50% | 06/30/2029 | 131158 |
| 110000 | Flora Food Management BV<sup>(d)</sup> | 6.88% | 07/02/2029 | 121024 |
| 100000 | Odido Group Holding BV<sup>(e)</sup> | 5.50% | 01/15/2030 | 107471 |
| 115000 | OI European Group BV<sup>(d)</sup> | 5.25% | 06/01/2029 | 125279 |
| 100000 | Telefonica Europe BV<sup>(c)(f)</sup> | 8Y EUR SWAP + 3.62% | Perpetual Maturity | 118826 |
| 200000 | Ziggo BV<sup>(d)</sup> | 4.88% | 01/15/2030 | 183475 |
|  |  |  |  | 926129 |
| ***Spain - 0.35%*** | ***Spain - 0.35%*** | ***Spain - 0.35%*** | ***Spain - 0.35%*** | ***Spain - 0.35%*** |
| 180000 | Kaixo Bondco Telecom SA<sup>(e)</sup> | 5.13% | 09/30/2029 | 195967 |
| ***Sweden - 0.99%*** | ***Sweden - 0.99%*** | ***Sweden - 0.99%*** | ***Sweden - 0.99%*** | ***Sweden - 0.99%*** |
| 77333 | Asmodee Group AB<sup>(e)</sup> | 5.75% | 12/15/2029 | 86951 |
| 69333 | Asmodee Group AB<sup>(d)</sup> | 5.75% | 12/15/2029 | 77957 |
| 151000 | Assemblin Caverion Group AB<sup>(e)</sup> | 6.25% | 07/01/2030 | 167665 |
| 200000 | Verisure Midholding AB<sup>(e)</sup> | 5.25% | 02/15/2029 | 216980 |
|  |  |  |  | 549553 |
| ***United States - 64.41%*** | ***United States - 64.41%*** | ***United States - 64.41%*** | ***United States - 64.41%*** | ***United States - 64.41%*** |
| 40000 | Academy, Ltd.<sup>(d)</sup> | 6.00% | 11/15/2027 | 39989 |
| 165000 | Acadia Healthcare Co., Inc.<sup>(d)</sup> | 7.38% | 03/15/2033 | 165044 |
| 95000 | ACCO Brands Corp.<sup>(d)</sup> | 4.25% | 03/15/2029 | 85920 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $105000 | Acuris Finance US, Inc. / Acuris Finance SARL<sup>(d)</sup> | 5.00% | 05/01/2028 | $96536 |
| 80000 | Aethon United BR LP / Aethon United Finance Corp.<sup>(d)</sup> | 7.50% | 10/01/2029 | 81423 |
| 160000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<sup>(d)</sup> | 6.75% | 04/15/2028 | 160726 |
| 25000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer<sup>(d)</sup> | 7.00% | 01/15/2031 | 25096 |
| 315000 | Allied Universal Holdco LLC<sup>(d)</sup> | 7.88% | 02/15/2031 | 319275 |
| 70000 | Alpha Generation LLC<sup>(d)</sup> | 6.75% | 10/15/2032 | 70099 |
| 150000 | AMC Networks, Inc.<sup>(d)</sup> | 10.25% | 01/15/2029 | 155596 |
| 145000 | AMC Networks, Inc. | 4.25% | 02/15/2029 | 108989 |
| 50000 | American Airlines, Inc.<sup>(d)</sup> | 7.25% | 02/15/2028 | 49780 |
| 90000 | American Axle & Manufacturing, Inc. | 5.00% | 10/01/2029 | 77595 |
| 185000 | AmeriGas Partners LP / AmeriGas Finance Corp.<sup>(d)</sup> | 9.38% | 06/01/2028 | 183255 |
| 145000 | Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.<sup>(d)</sup> | 7.00% | 04/15/2030 | 129102 |
| 235000 | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp. | 0.25% | 06/15/2026 | 218961 |
| 65000 | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.<sup>(d)</sup> | 5.75% | 01/15/2029 | 53213 |
| 235000 | Arches Buyer, Inc.<sup>(d)</sup> | 4.25% | 06/01/2028 | 214239 |
| 65000 | Arsenal AIC Parent LLC<sup>(d)</sup> | 8.00% | 10/01/2030 | 66356 |
| 75000 | AthenaHealth Group, Inc.<sup>(d)</sup> | 6.50% | 02/15/2030 | 70417 |
| 85000 | Avient Corp.<sup>(d)</sup> | 7.13% | 08/01/2030 | 86769 |
| 70000 | B&G Foods, Inc. | 5.25% | 09/15/2027 | 65723 |
| 140000 | B&G Foods, Inc.<sup>(d)</sup> | 8.00% | 09/15/2028 | 140840 |
| 145000 | BellRing Brands, Inc.<sup>(d)</sup> | 7.00% | 03/15/2030 | 149948 |
| 60000 | Big River Steel LLC / BRS Finance Corp.<sup>(d)</sup> 6.63% |  | 01/31/2029 | 60132 |
| 387000 | BlackRock TCP Capital Corp. | 6.95% | 05/30/2029 | 387511 |
| 240000 | Block Communications, Inc.<sup>(d)</sup> | 4.88% | 03/01/2028 | 227179 |
| 165000 | Bloomin' Brands, Inc. / OSI Restaurant Partners LLC<sup>(d)</sup> | 5.13% | 04/15/2029 | 142610 |
| 500000 | Blue Owl Capital Corp. | 3.75% | 07/22/2025 | 497803 |
| 1242000 | Blue Owl Capital Corp. | 3.13% | 04/13/2027 | 1183296 |
| 105000 | Blue Racer Midstream LLC / Blue Racer Finance Corp.<sup>(d)</sup> | 7.00% | 07/15/2029 | 107388 |
| 60000 | Blue Racer Midstream LLC / Blue Racer Finance Corp.<sup>(d)</sup> | 7.25% | 07/15/2032 | 62114 |
| 215000 | BlueLinx Holdings, Inc.<sup>(d)</sup> | 6.00% | 11/15/2029 | 202691 |
| 55000 | Boost Newco Borrower LLC<sup>(d)</sup> | 7.50% | 01/15/2031 | 57293 |
| 190000 | Borr IHC, Ltd. / Borr Finance LLC<sup>(d)</sup> | 10.00% | 11/15/2028 | 181099 |
| 105000 | Brinker International, Inc.<sup>(d)</sup> | 8.25% | 07/15/2030 | 110353 |
| 45000 | Buckeye Partners LP<sup>(d)</sup> | 4.50% | 03/01/2028 | 43213 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 69

RiverNorth/Oaktree High Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $105000 | Buckeye Partners LP<sup>(d)</sup> | 6.88% | 07/01/2029 | $106821 |
| 175000 | Cable One, Inc.<sup>(h)</sup> | 0.00% | 03/15/2026 | 166250 |
| 70000 | Cablevision Lightpath LLC<sup>(d)</sup> | 3.88% | 09/15/2027 | 66543 |
| 202000 | Cablevision Lightpath LLC<sup>(d)</sup> | 5.63% | 09/15/2028 | 185958 |
| 50000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(d)</sup> | 5.50% | 05/01/2026 | 49952 |
| 175000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(d)</sup> | 6.38% | 09/01/2029 | 174615 |
| 120000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(d)</sup> | 4.75% | 03/01/2030 | 111406 |
| 145000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(d)</sup> | 7.38% | 03/01/2031 | 147407 |
| 250000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(d)</sup> | 4.50% | 06/01/2033 | 213409 |
| 135000 | CCO Holdings LLC / CCO Holdings Capital Corp.<sup>(d)</sup> | 4.25% | 01/15/2034 | 111138 |
| 110000 | Celanese US Holdings LLC | 5.00% | 04/15/2031 | 118107 |
| 535000 | Celanese US Holdings LLC | 6.75% | 04/15/2033 | 519860 |
| 75000 | Chart Industries, Inc.<sup>(d)</sup> | 7.50% | 01/01/2030 | 77880 |
| 35000 | Chart Industries, Inc.<sup>(d)</sup> | 9.50% | 01/01/2031 | 37390 |
| 215000 | Chord Energy Corp.<sup>(d)</sup> | 6.75% | 03/15/2033 | 214069 |
| 40000 | CHS/Community Health Systems, Inc.<sup>(d)</sup> | 6.00% | 01/15/2029 | 35590 |
| 165000 | CHS/Community Health Systems, Inc.<sup>(d)</sup> | 5.25% | 05/15/2030 | 136328 |
| 230000 | CHS/Community Health Systems, Inc.<sup>(d)</sup> | 10.88% | 01/15/2032 | 226877 |
| 10000 | Churchill Downs, Inc.<sup>(d)</sup> | 4.75% | 01/15/2028 | 9722 |
| 55000 | Churchill Downs, Inc.<sup>(d)</sup> | 5.75% | 04/01/2030 | 53843 |
| 100000 | Churchill Downs, Inc.<sup>(d)</sup> | 6.75% | 05/01/2031 | 100913 |
| 35000 | CITGO Petroleum Corp.<sup>(d)</sup> | 6.38% | 06/15/2026 | 34956 |
| 95000 | Clear Channel Outdoor Holdings, Inc.<sup>(d)</sup> | 5.13% | 08/15/2027 | 91907 |
| 60000 | Clear Channel Outdoor Holdings, Inc.<sup>(d)</sup> | 9.00% | 09/15/2028 | 61683 |
| 65000 | Clear Channel Outdoor Holdings, Inc.<sup>(d)</sup> | 7.88% | 04/01/2030 | 63791 |
| 70000 | Cleveland-Cliffs, Inc.<sup>(d)</sup> | 7.50% | 09/15/2031 | 68407 |
| 280000 | Cleveland-Cliffs, Inc.<sup>(d)</sup> | 7.00% | 03/15/2032 | 269029 |
| 20000 | Cleveland-Cliffs, Inc.<sup>(d)</sup> | 7.38% | 05/01/2033 | 19212 |
| 275000 | Cloud Software Group, Inc.<sup>(d)</sup> | 6.50% | 03/31/2029 | 267521 |
| 210000 | Cloud Software Group, Inc.<sup>(d)</sup> | 8.25% | 06/30/2032 | 213750 |
| 85000 | Clydesdale Acquisition Holdings, Inc.<sup>(d)</sup> | 6.63% | 04/15/2029 | 85543 |
| 35000 | Clydesdale Acquisition Holdings, Inc.<sup>(d)</sup> | 6.88% | 01/15/2030 | 35309 |
| 105000 | CNX Resources Corp.<sup>(d)</sup> | 7.25% | 03/01/2032 | 106860 |
| 70000 | Cogent Communications Group LLC<sup>(d)</sup> | 7.00% | 06/15/2027 | 70585 |
| 150000 | Cogent Communications Group, Inc. / Cogent Communications Finance, Inc.<sup>(d)</sup> | 7.00% | 06/15/2027 | 151150 |
| 25000 | CommScope LLC<sup>(d)</sup> | 7.13% | 07/01/2028 | 22146 |
| 273000 | CommScope LLC<sup>(d)</sup> | 4.75% | 09/01/2029 | 243052 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $145000 | Compass Group Diversified Holdings LLC<sup>(d)</sup> | 5.25% | 04/15/2029 | $136904 |
| 80000 | Comstock Resources, Inc.<sup>(d)</sup> | 6.75% | 03/01/2029 | 78329 |
| 90000 | Comstock Resources, Inc.<sup>(d)</sup> | 6.75% | 03/01/2029 | 87548 |
| 70000 | Comstock Resources, Inc.<sup>(d)</sup> | 5.88% | 01/15/2030 | 66198 |
| 105000 | Consolidated Communications, Inc.<sup>(d)</sup> | 5.00% | 10/01/2028 | 98559 |
| 155000 | Cornerstone Building Brands, Inc.<sup>(d)</sup> | 9.50% | 08/15/2029 | 129117 |
| 65000 | Coty, Inc./HFC Prestige Products Inc/HFC Prestige International US LLC<sup>(d)</sup> | 6.63% | 07/15/2030 | 66623 |
| 225000 | Cougar JV Subsidiary LLC<sup>(d)</sup> | 8.00% | 05/15/2032 | 232235 |
| 250000 | CQP Holdco LP / BIP-V Chinook Holdco LLC<sup>(d)</sup> | 7.50% | 12/15/2033 | 263596 |
| 115000 | Crocs, Inc.<sup>(d)</sup> | 4.25% | 03/15/2029 | 107022 |
| 315000 | CSC Holdings LLC<sup>(d)</sup> | 5.50% | 04/15/2027 | 291922 |
| 115000 | CSC Holdings LLC<sup>(d)</sup> | 5.75% | 01/15/2030 | 61102 |
| 25000 | CSC Holdings LLC<sup>(d)</sup> | 5.00% | 11/15/2031 | 11846 |
| 110000 | Cushman & Wakefield US Borrower LLC<sup>(d)</sup> | 8.88% | 09/01/2031 | 116894 |
| 145000 | CVR Energy, Inc.<sup>(d)</sup> | 5.75% | 02/15/2028 | 135308 |
| 125000 | DaVita, Inc.<sup>(d)</sup> | 6.88% | 09/01/2032 | 125801 |
| 80000 | Dcli Bidco LLC<sup>(d)</sup> | 7.75% | 11/15/2029 | 82424 |
| 180000 | Diebold Nixdorf, Inc.<sup>(d)</sup> | 7.75% | 03/31/2030 | 187032 |
| 195000 | Directv Financing LLC / Directv Financing Co.-Obligor, Inc.<sup>(d)</sup> | 5.88% | 08/15/2027 | 189146 |
| 55000 | Directv Financing LLC / Directv Financing Co.-Obligor, Inc.<sup>(d)</sup> | 10.00% | 02/15/2031 | 52858 |
| 65000 | Elastic NV<sup>(d)</sup> | 4.13% | 07/15/2029 | 60675 |
| 100000 | EMRLD Borrower LP / Emerald Co.-Issuer, Inc.<sup>(d)</sup> | 6.38% | 12/15/2030 | 111455 |
| 85000 | Endo Finance Holdings, Inc.<sup>(d)</sup> | 8.50% | 04/15/2031 | 88721 |
| 45000 | EnerSys<sup>(d)</sup> | 6.63% | 01/15/2032 | 45753 |
| 180000 | EQM Midstream Partners LP<sup>(d)</sup> | 4.75% | 01/15/2031 | 173204 |
| 275000 | EquipmentShare.com, Inc.<sup>(d)</sup> | 9.00% | 05/15/2028 | 285251 |
| 65000 | EquipmentShare.com, Inc.<sup>(d)</sup> | 8.00% | 03/15/2033 | 65515 |
| 95000 | EZCORP, Inc.<sup>(d)</sup> | 7.38% | 04/01/2032 | 96621 |
| 50000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.<sup>(d)</sup> | 4.63% | 01/15/2029 | 46090 |
| 50000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.<sup>(d)</sup> | 6.75% | 01/15/2030 | 43282 |
| 90000 | Fiesta Purchaser, Inc.<sup>(d)</sup> | 7.88% | 03/01/2031 | 93008 |
| 130000 | Fiesta Purchaser, Inc.<sup>(d)</sup> | 9.63% | 09/15/2032 | 133917 |
| 10000 | FirstCash, Inc.<sup>(d)</sup> | 4.63% | 09/01/2028 | 9557 |
| 170000 | FirstCash, Inc.<sup>(d)</sup> | 5.63% | 01/01/2030 | 164972 |
| 50000 | FirstCash, Inc.<sup>(d)</sup> | 6.88% | 03/01/2032 | 50685 |
| 160000 | Fortress Intermediate 3, Inc.<sup>(d)</sup> | 7.50% | 06/01/2031 | 161495 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 71

RiverNorth/Oaktree High Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $200000 | Fortress Transportation and Infrastructure Investors LLC<sup>(d)</sup> | 5.50% | 05/01/2028 | $196204 |
| 23000 | Fortress Transportation and Infrastructure Investors LLC<sup>(d)</sup> | 7.88% | 12/01/2030 | 24086 |
| 650000 | Franklin BSP Capital Corp. | 3.25% | 03/30/2026 | 635048 |
| 600000 | Franklin BSP Capital Corp.<sup>(d)</sup> | 7.20% | 06/15/2029 | 617670 |
| 35000 | Freedom Mortgage Corp.<sup>(d)</sup> | 12.25% | 10/01/2030 | 38594 |
| 20000 | Freedom Mortgage Holdings LLC<sup>(d)</sup> | 9.13% | 05/15/2031 | 20151 |
| 105000 | Freedom Mortgage Holdings LLC<sup>(d)</sup> | 8.38% | 04/01/2032 | 102684 |
| 10000 | Frontier Communications Holdings LLC<sup>(d)</sup> | 5.00% | 05/01/2028 | 9875 |
| 20000 | Frontier Communications Holdings LLC<sup>(d)</sup> | 8.75% | 05/15/2030 | 21084 |
| 35000 | Go Daddy Operating Co. LLC / GD Finance Co, Inc.<sup>(d)</sup> | 5.25% | 12/01/2027 | 34734 |
| 130000 | Graham Packaging Co., Inc.<sup>(d)</sup> | 7.13% | 08/15/2028 | 127071 |
| 115000 | Great Lakes Dredge & Dock Corp.<sup>(d)</sup> | 5.25% | 06/01/2029 | 104289 |
| 120000 | Greystar Real Estate Partners LLC<sup>(d)</sup> | 7.75% | 09/01/2030 | 125549 |
| 90000 | Gulfport Energy Operating Corp.<sup>(d)</sup> | 6.75% | 09/01/2029 | 91310 |
| 140000 | Hanesbrands, Inc.<sup>(d)</sup> | 9.00% | 02/15/2031 | 147674 |
| 130000 | Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl<sup>(d)</sup> | 8.75% | 05/01/2029 | 129511 |
| 115000 | Helios Software Holdings, Inc. / ION Corporate Solutions Finance Sarl<sup>(d)</sup> | 7.88% | 05/01/2029 | 126416 |
| 170000 | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.<sup>(d)</sup> | 5.00% | 06/01/2029 | 159445 |
| 130000 | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.<sup>(d)</sup> | 4.88% | 07/01/2031 | 114274 |
| 30000 | HLF Financing Sarl LLC / Herbalife International, Inc.<sup>(d)</sup> | 12.25% | 04/15/2029 | 32405 |
| 135000 | HLF Financing Sarl LLC / Herbalife International, Inc.<sup>(d)</sup> | 4.88% | 06/01/2029 | 104788 |
| 80000 | Howard Midstream Energy Partners <sub>LLC</sub>(d) | 8.88% | 07/15/2028 | 83483 |
| 45000 | HUB International, Ltd.<sup>(d)</sup> | 5.63% | 12/01/2029 | 43573 |
| 80000 | HUB International, Ltd.<sup>(d)</sup> | 7.25% | 06/15/2030 | 82454 |
| 255000 | Hunt Companies, Inc.<sup>(d)</sup> | 5.25% | 04/15/2029 | 243928 |
| 145000 | Imola Merger Corp.<sup>(d)</sup> | 4.75% | 05/15/2029 | 137821 |
| 90000 | Insulet Corp.<sup>(d)</sup> | 6.50% | 04/01/2033 | 91544 |
| 15000 | Iron Mountain, Inc.<sup>(d)</sup> | 5.00% | 07/15/2028 | 14554 |
| 55000 | Iron Mountain, Inc.<sup>(d)</sup> | 7.00% | 02/15/2029 | 56294 |
| 55000 | Iron Mountain, Inc.<sup>(d)</sup> | 5.25% | 07/15/2030 | 52786 |
| 135000 | JB Poindexter & Co., Inc.<sup>(d)</sup> | 8.75% | 12/15/2031 | 138905 |
| 210000 | JELD-WEN, Inc.<sup>(d)</sup> | 7.00% | 09/01/2032 | 186550 |
| 155000 | JetBlue Airways Corp. | 0.50% | 04/01/2026 | 146552 |
| 310000 | Kennedy-Wilson, Inc. | 4.75% | 02/01/2030 | 277639 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $130000 | Kennedy-Wilson, Inc. | 5.00% | 03/01/2031 | $114580 |
| 230000 | Kinetik Holdings LP<sup>(d)</sup> | 6.63% | 12/15/2028 | 233828 |
| 55000 | Kinetik Holdings LP<sup>(d)</sup> | 5.88% | 06/15/2030 | 54467 |
| 115000 | Kraken Oil & Gas Partners LLC<sup>(d)</sup> | 7.63% | 08/15/2029 | 112394 |
| 50000 | LABL, Inc.<sup>(d)</sup> | 5.88% | 11/01/2028 | 39442 |
| 295000 | LCM Investments Holdings II LLC<sup>(d)</sup> | 8.25% | 08/01/2031 | 306492 |
| 140000 | Level 3 Financing, Inc.<sup>(d)</sup> | 3.75% | 07/15/2029 | 102547 |
| 210000 | Level 3 Financing, Inc.<sup>(d)</sup> | 4.00% | 04/15/2031 | 158550 |
| 14700 | Level 3 Financing, Inc.<sup>(d)</sup> | 10.00% | 10/15/2032 | 14669 |
| 185000 | LFS Topco LLC<sup>(d)</sup> | 5.88% | 10/15/2026 | 181110 |
| 160000 | LifePoint Health, Inc.<sup>(d)</sup> | 8.38% | 02/15/2032 | 161251 |
| 130000 | Lightning Power LLC<sup>(d)</sup> | 7.25% | 08/15/2032 | 133953 |
| 90000 | Magnolia Oil & Gas Operating LLC / Magnolia Oil & Gas Finance Corp.<sup>(d)</sup> | 6.88% | 12/01/2032 | 89897 |
| 50000 | Marriott Ownership Resorts, Inc. | 4.75% | 01/15/2028 | 47649 |
| 215000 | Marriott Ownership Resorts, Inc.<sup>(d)</sup> | 4.50% | 06/15/2029 | 197410 |
| 110000 | Masterbrand, Inc.<sup>(d)</sup> | 7.00% | 07/15/2032 | 109923 |
| 110000 | Matador Resources Co.<sup>(d)</sup> | 6.88% | 04/15/2028 | 111475 |
| 25000 | Matador Resources Co.<sup>(d)</sup> | 6.50% | 04/15/2032 | 24796 |
| 155000 | Match Group Financeco 2, Inc.<sup>(d)</sup> | 0.88% | 06/15/2026 | 148911 |
| 110000 | Mativ Holdings, Inc.<sup>(d)</sup> | 8.00% | 10/01/2029 | 94944 |
| 110000 | Medline Borrower LP<sup>(d)</sup> | 5.25% | 10/01/2029 | 105629 |
| 135000 | Nabors Industries, Inc.<sup>(d)</sup> | 9.13% | 01/31/2030 | 135175 |
| 100000 | Nabors Industries, Inc.<sup>(d)</sup> | 8.88% | 08/15/2031 | 86928 |
| 30000 | Nabors Industries, Ltd.<sup>(d)</sup> | 7.50% | 01/15/2028 | 27642 |
| 20000 | Nationstar Mortgage Holdings, Inc.<sup>(d)</sup> | 7.13% | 02/01/2032 | 20793 |
| 150000 | NCL Corp., Ltd.<sup>(d)</sup> | 8.13% | 01/15/2029 | 157883 |
| 80000 | NCL Corp., Ltd.<sup>(d)</sup> | 7.75% | 02/15/2029 | 83427 |
| 115000 | NCR Atleos Corp.<sup>(d)</sup> | 9.50% | 04/01/2029 | 124797 |
| 34000 | NCR Voyix Corp.<sup>(d)</sup> | 5.13% | 04/15/2029 | 32421 |
| 245000 | Necessity Retail REIT, Inc. / American Finance Operating Partner LP<sup>(d)</sup> | 4.50% | 09/30/2028 | 231160 |
| 35000 | New Enterprise Stone & Lime Co., Inc.<sup>(d)</sup> | 9.75% | 07/15/2028 | 35213 |
| 135000 | New Enterprise Stone & Lime Co., Inc.<sup>(d)</sup> | 5.25% | 07/15/2028 | 130598 |
| 150000 | NGL Energy Operating LLC / NGL Energy Finance Corp.<sup>(d)</sup> | 8.13% | 02/15/2029 | 151170 |
| 45000 | NGL Energy Operating LLC / NGL Energy Finance Corp.<sup>(d)</sup> | 8.38% | 02/15/2032 | 45151 |
| 25000 | Northern Oil & Gas, Inc.<sup>(d)</sup> | 8.13% | 03/01/2028 | 25087 |
| 105000 | Northern Oil & Gas, Inc.<sup>(d)</sup> | 8.75% | 06/15/2031 | 107227 |
| 135000 | Novelis, Inc.<sup>(d)</sup> | 6.88% | 01/30/2030 | 137020 |
| 65000 | NRG Energy, Inc.<sup>(d)</sup> | 5.75% | 07/15/2029 | 64104 |
| 260000 | NRG Energy, Inc.<sup>(d)</sup> | 3.63% | 02/15/2031 | 230466 |
| 5000 | NuStar Logistics LP | 6.00% | 06/01/2026 | 5026 |
| 28000 | NuStar Logistics LP | 6.38% | 10/01/2030 | 28329 |
| 5000 | Oceaneering International, Inc. | 6.00% | 02/01/2028 | 4951 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 73

RiverNorth/Oaktree High Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $155000 | Oceaneering International, Inc. | 6.00% | 02/01/2028 | $153469 |
| 115000 | Olympus Water US Holding Corp.<sup>(d)</sup> | 4.25% | 10/01/2028 | 106378 |
| 25000 | Olympus Water US Holding Corp.<sup>(d)</sup> | 9.75% | 11/15/2028 | 25987 |
| 115000 | Olympus Water US Holding Corp.<sup>(e)</sup> | 9.63% | 11/15/2028 | 129892 |
| 65000 | Olympus Water US Holding Corp.<sup>(d)</sup> | 6.25% | 10/01/2029 | 57113 |
| 120000 | Olympus Water US Holding Corp.<sup>(d)</sup> | 7.25% | 06/15/2031 | 117911 |
| 40000 | OneMain Finance Corp. | 7.88% | 03/15/2030 | 41494 |
| 20000 | OneMain Finance Corp. | 7.13% | 11/15/2031 | 20136 |
| 265000 | ONEOK, Inc. | 5.05% | 04/01/2045 | 229705 |
| 210000 | Open Text Holdings, Inc.<sup>(d)</sup> | 4.13% | 02/15/2030 | 191763 |
| 225000 | Organon & Co. / Organon Foreign Debt Co-Issuer BV<sup>(d)</sup> | 5.13% | 04/30/2031 | 196352 |
| 220000 | Organon & Co. / Organon Foreign Debt Co-Issuer BV<sup>(d)</sup> | 7.88% | 05/15/2034 | 213824 |
| 20000 | Outfront Media Capital LLC / Outfront Media Capital Corp.<sup>(d)</sup> | 5.00% | 08/15/2027 | 19671 |
| 25000 | Owens-Brockway Glass Container, Inc.<sup>(d)</sup> | 7.25% | 05/15/2031 | 24438 |
| 200000 | Owens-Brockway Glass Container, Inc.<sup>(d)</sup> | 7.38% | 06/01/2032 | 191131 |
| 140000 | Panther Escrow Issuer LLC<sup>(d)</sup> | 7.13% | 06/01/2031 | 142741 |
| 70000 | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer<sup>(d)</sup> | 5.88% | 10/01/2028 | 68369 |
| 45000 | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer<sup>(d)</sup> | 7.00% | 02/01/2030 | 45371 |
| 175000 | Pebblebrook Hotel Trust | 1.75% | 12/15/2026 | 163975 |
| 145000 | Pediatrix Medical Group, Inc.<sup>(d)</sup> | 5.38% | 02/15/2030 | 139278 |
| 235000 | PennyMac Financial Services, Inc.<sup>(d)</sup> | 6.88% | 02/15/2033 | 233825 |
| 75000 | Phinia, Inc.<sup>(d)</sup> | 6.75% | 04/15/2029 | 76036 |
| 165000 | Pike Corp.<sup>(d)</sup> | 8.63% | 01/31/2031 | 174084 |
| 245000 | Prime Security Services Borrower LLC / Prime Finance, Inc.<sup>(d)</sup> | 6.25% | 01/15/2028 | 245372 |
| 165000 | Quikrete Holdings, Inc.<sup>(d)</sup> | 6.75% | 03/01/2033 | 164399 |
| 366000 | QVC, Inc.<sup>(d)</sup> | 6.88% | 04/15/2029 | 251125 |
| 100000 | Railworks Holdings LP / Railworks Rally, Inc.<sup>(d)</sup> | 8.25% | 11/15/2028 | 98085 |
| 100000 | RAY Financing LLC<sup>(d)</sup> | 6.50% | 07/15/2031 | 111007 |
| 145000 | RHP HOTEL PPTY RHP 6 1/2 04/01/32 |  | 04/01/2032 | 144855 |
| 120000 | RHP Hotel Properties LP / RHP Finance Corp.<sup>(d)</sup> | 7.25% | 07/15/2028 | 122964 |
| 40000 | RLJ Lodging Trust LP<sup>(d)</sup> | 4.00% | 09/15/2029 | 35919 |
| 75000 | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.<sup>(d)</sup> | 4.00% | 10/15/2033 | 64394 |
| 115000 | Rocket Software, Inc.<sup>(d)</sup> | 9.00% | 11/28/2028 | 118696 |
| 135000 | Royal Caribbean Cruises, Ltd.<sup>(d)</sup> | 6.25% | 03/15/2032 | 136316 |
| 170000 | Sally Holdings LLC / Sally Capital, Inc. | 6.75% | 03/01/2032 | 170529 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** |
| $100000 | SCIL IV LLC / SCIL USA Holdings LLC<sup>(d)</sup> | 5.38% | 11/01/2026 | $98463 |
| 98000 | Sealed Air Corp./Sealed Air Corp US<sup>(d)</sup> | 7.25% | 02/15/2031 | 101567 |
| 141000 | Service Properties Trust<sup>(d)</sup> | 8.63% | 11/15/2031 | 148845 |
| 330000 | Service Properties Trust | 8.88% | 06/15/2032 | 326967 |
| 85000 | Sirius XM Radio LLC<sup>(d)</sup> | 5.50% | 07/01/2029 | 82153 |
| 245000 | Sirius XM Radio LLC<sup>(d)</sup> | 4.13% | 07/01/2030 | 217851 |
| 125000 | Sirius XM Radio LLC<sup>(d)</sup> | 3.88% | 09/01/2031 | 107249 |
| 80000 | Six Flags Entertainment Corp.<sup>(d)</sup> | 5.50% | 04/15/2027 | 79224 |
| 95000 | Six Flags Entertainment Corp.<sup>(d)</sup> | 7.25% | 05/15/2031 | 95426 |
| 130000 | Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp | 5.25% | 07/15/2029 | 123140 |
| 235000 | SM Energy Co.<sup>(d)</sup> | 7.00% | 08/01/2032 | 230862 |
| 255000 | Sotera Health Holdings LLC<sup>(d)</sup> | 7.38% | 06/01/2031 | 259560 |
| 145000 | Specialty Building Products Holdings LLC / SBP Finance Corp.<sup>(d)</sup> | 7.75% | 10/15/2029 | 134087 |
| 22000 | Spectrum Brands, Inc.<sup>(d)</sup> | 3.88% | 03/15/2031 | 18849 |
| 40000 | Standard Industries, Inc.<sup>(d)</sup> | 5.00% | 02/15/2027 | 39407 |
| 85000 | Standard Industries, Inc.<sup>(d)</sup> | 4.75% | 01/15/2028 | 82355 |
| 255000 | Suburban Propane Partners LP/Suburban Energy Finance Corp.<sup>(d)</sup> | 5.00% | 06/01/2031 | 230472 |
| 140000 | Sunoco LP<sup>(d)</sup> | 7.25% | 05/01/2032 | 144706 |
| 105000 | Sunoco LP<sup>(d)</sup> | 6.25% | 07/01/2033 | 105182 |
| 115000 | Talen Energy Supply LLC<sup>(d)</sup> | 8.63% | 06/01/2030 | 122064 |
| 135000 | TMS International Corp.<sup>(d)</sup> | 6.25% | 04/15/2029 | 125834 |
| 70000 | TransDigm, Inc. | 4.63% | 01/15/2029 | 66515 |
| 95000 | UKG, Inc.<sup>(d)</sup> | 6.88% | 02/01/2031 | 96442 |
| 115000 | Univision Communications, Inc.<sup>(d)</sup> | 6.63% | 06/01/2027 | 114143 |
| 10000 | Univision Communications, Inc.<sup>(d)</sup> | 7.38% | 06/30/2030 | 9564 |
| 95000 | US Foods, Inc.<sup>(d)</sup> | 7.25% | 01/15/2032 | 98871 |
| 30000 | USA Compression Partners LP / USA Compression Finance Corp. | 6.88% | 09/01/2027 | 30047 |
| 195000 | USA Compression Partners LP / USA Compression Finance Corp.<sup>(d)</sup> | 7.13% | 03/15/2029 | 198466 |
| 135000 | Velocity Vehicle Group LLC<sup>(d)</sup> | 8.00% | 06/01/2029 | 138650 |
| 240000 | Venture Global LNG, Inc.<sup>(d)</sup> | 8.13% | 06/01/2028 | 245390 |
| 110000 | Venture Global LNG, Inc.<sup>(d)</sup> | 9.50% | 02/01/2029 | 118023 |
| 50000 | Venture Global LNG, Inc.<sup>(d)</sup> | 7.00% | 01/15/2030 | 49295 |
| 250000 | Venture Global LNG, Inc.<sup>(d)</sup> | 8.38% | 06/01/2031 | 253726 |
| 50000 | Venture Global LNG, Inc.<sup>(d)</sup> | 9.88% | 02/01/2032 | 53136 |
| 65000 | Vistra Operations Co. LLC<sup>(d)</sup> | 5.00% | 07/31/2027 | 64051 |
| 40000 | Vistra Operations Co. LLC<sup>(d)</sup> | 7.75% | 10/15/2031 | 41925 |
| 140000 | Vistra Operations Co. LLC<sup>(d)</sup> | 6.88% | 04/15/2032 | 142813 |
| 275000 | Vital Energy, Inc.<sup>(d)</sup> | 7.88% | 04/15/2032 | 256269 |
| 40000 | Walgreens Boots Alliance, Inc. | 8.13% | 08/15/2029 | 40875 |
| 65000 | Walgreens Boots Alliance, Inc. | 4.10% | 04/15/2050 | 56047 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 75

RiverNorth/Oaktree High Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Principal Amount/Description** | **Principal Amount/Description** | **Principal Amount/Description** | **Rate** | **Maturity** | **Value** | **Value** |
| $| 180000 | Walker & Dunlop, Inc.<sup>(d)</sup> | 6.63% | 04/01/2033 | $| 179715 |
|  | 255000 | Wand NewCo 3, Inc.<sup>(d)</sup> | 7.63% | 01/30/2032 |  | 261191 |
|  | 245000 | WASH Multifamily Acquisition, Inc.<sup>(d)</sup> | 5.75% | 04/15/2026 |  | 243122 |
|  | 125000 | Waste Pro USA, Inc.<sup>(d)</sup> | 7.00% | 02/01/2033 |  | 125734 |
|  | 50000 | Weatherford International, Ltd.<sup>(d)</sup> | 8.63% | 04/30/2030 |  | 50804 |
|  | 120000 | Weekley Homes LLC / Weekley Finance Corp.<sup>(d)</sup> | 4.88% | 09/15/2028 |  | 113992 |
|  | 110000 | WESCO Distribution, Inc.<sup>(d)</sup> | 6.63% | 03/15/2032 |  | 111724 |
|  | 180000 | Western Midstream Operating LP | 5.50% | 08/15/2048 |  | 157507 |
|  | 70000 | Williams Scotsman, Inc.<sup>(d)</sup> | 7.38% | 10/01/2031 |  | 72131 |
|  | 225000 | Windsor Holdings III LLC<sup>(d)</sup> | 8.50% | 06/15/2030 |  | 232455 |
|  | 95000 | WR Grace Holdings LLC<sup>(d)</sup> | 4.88% | 06/15/2027 |  | 91871 |
|  | 155000 | WR Grace Holdings LLC<sup>(d)</sup> | 5.63% | 08/15/2029 |  | 133615 |
|  | 70000 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.<sup>(d)</sup> | 5.13% | 10/01/2029 |  | 67223 |
|  | 55000 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.<sup>(d)</sup> | 7.13% | 02/15/2031 |  | 56952 |
|  | 130000 | XPLR Infrastructure LP<sup>(d)(h)</sup> | 0.00% | 11/15/2025 |  | 125937 |
|  | 105000 | XPLR Infrastructure Operating Partners <sub>LP</sub>(d) | 7.25% | 01/15/2029 |  | 103399 |
|  | 20000 | XPLR Infrastructure Operating Partners <sub>LP</sub>(d) | 8.38% | 01/15/2031 |  | 19685 |
|  | 40000 | XPLR Infrastructure Operating Partners <sub>LP</sub>(d) | 8.63% | 03/15/2033 |  | 38950 |
|  | 245000 | Zayo Group Holdings, Inc.<sup>(d)</sup> | 4.00% | 03/01/2027 |  | 223400 |
|  | 35000 | ZF North America Capital, Inc.<sup>(d)</sup> | 6.88% | 04/14/2028 |  | 34421 |
|  | 35000 | ZF North America Capital, Inc.<sup>(d)</sup> | 7.13% | 04/14/2030 |  | 33726 |
|  | 165000 | ZipRecruiter, Inc.<sup>(d)</sup> | 5.00% | 01/15/2030 |  | 145277 |
|  |  |  |  |  |  | 35822593 |
| TOTAL HIGH YIELD DEBT | TOTAL HIGH YIELD DEBT | TOTAL HIGH YIELD DEBT | TOTAL HIGH YIELD DEBT | TOTAL HIGH YIELD DEBT | TOTAL HIGH YIELD DEBT | TOTAL HIGH YIELD DEBT |
| (Cost $49,152,317) | (Cost $49,152,317) | (Cost $49,152,317) | (Cost $49,152,317) | (Cost $49,152,317) |  | 49149804 |
| **BUSINESS DEVELOPMENT COMPANY NOTES - 0.14%** | **BUSINESS DEVELOPMENT COMPANY NOTES - 0.14%** | **BUSINESS DEVELOPMENT COMPANY NOTES - 0.14%** | **BUSINESS DEVELOPMENT COMPANY NOTES - 0.14%** | **BUSINESS DEVELOPMENT COMPANY NOTES - 0.14%** | **BUSINESS DEVELOPMENT COMPANY NOTES - 0.14%** | **BUSINESS DEVELOPMENT COMPANY NOTES - 0.14%** |
| ***United States - 0.14%*** | ***United States - 0.14%*** | ***United States - 0.14%*** | ***United States - 0.14%*** | ***United States - 0.14%*** | ***United States - 0.14%*** | ***United States - 0.14%*** |
|  | 3018 | MidCap Financial Investment Corp. | 8.00% | 12/15/2028 |  | 77050 |
| TOTAL BUSINESS DEVELOPMENT COMPANY NOTES | TOTAL BUSINESS DEVELOPMENT COMPANY NOTES | TOTAL BUSINESS DEVELOPMENT COMPANY NOTES | TOTAL BUSINESS DEVELOPMENT COMPANY NOTES | TOTAL BUSINESS DEVELOPMENT COMPANY NOTES | TOTAL BUSINESS DEVELOPMENT COMPANY NOTES | TOTAL BUSINESS DEVELOPMENT COMPANY NOTES |
| (Cost $76,341) | (Cost $76,341) | (Cost $76,341) | (Cost $76,341) | (Cost $76,341) |  | 77050 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | |
|:---|:---|:---|
| **Shares/Description** | **Shares/Description** | **Value** |
| **WARRANTS - 0.01%** | **WARRANTS - 0.01%** | |
| ***United States - 0.01%*** | ***United States - 0.01%*** |  |
| 100 | Nuveen Credit Strategies Income Fund, Strike Price 0.01, Expires 04/30/2025 | $3 |
| 237 | Windstream Holdings Inc - Pvt Warrant, Strike Price 0.01, Expires 12/31/2049 | 4473 |
| TOTAL WARRANTS | TOTAL WARRANTS | TOTAL WARRANTS |
| (Cost $105,685) | (Cost $105,685) | 4476 |
| **SHORT-TERM INVESTMENTS - 8.16%** | **SHORT-TERM INVESTMENTS - 8.16%** | **SHORT-TERM INVESTMENTS - 8.16%** |
| **Money Market Fund - 8.16%** | **Money Market Fund - 8.16%** | **Money Market Fund - 8.16%** |
| 4537992 | State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 4.29%) | 4537992 |
| TOTAL SHORT-TERM INVESTMENTS | TOTAL SHORT-TERM INVESTMENTS | TOTAL SHORT-TERM INVESTMENTS |
| (Cost $4,537,992) | (Cost $4,537,992) | 4537992 |
| **TOTAL INVESTMENTS - 99.83%** | **TOTAL INVESTMENTS - 99.83%** | **TOTAL INVESTMENTS - 99.83%** |
| **(Cost $55,698,892)** | **(Cost $55,698,892)** | $55519696 |
| **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.17%** | **OTHER ASSETS IN EXCESS OF LIABILITIES - 0.17%** | 94533 |
| **NET ASSETS - 100.00%** | **NET ASSETS - 100.00%** | $55614229 |

---

**Investment Abbreviations:**

CME - Chicago Mercantile Exchange

EURIBOR - Euro Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

SOFR - Secured Overnight Financing Rate Data

**Rates:**

6M CME TERM - 6 Month CME TERM as of March 31, 2025 was 4.19%

1M SOFR - 1 Month SOFR as of March 31, 2025 was 4.33%

3M SOFR - 3 Month SOFR as of March 31, 2025 was 4.35%

3M EUR L - 3 Month EURIBOR as of March 31, 2025 was 2.34%

5Y EUR SWAP - 5 Year Euro ICE Swap Rate as of March 31, 2025 was 2.41%

8Y EUR SWAP - 8 year Euro ICE Swap Rate as of March 31, 2025 was 2.53%

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 77

RiverNorth/Oaktree High Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

*<sup>(a)</sup>* *The Level 3 assets were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs.*

*<sup>(b)</sup>* *Non-income producing security.*

*<sup>(c)</sup>* *Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2025. 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.*

*<sup>(d)</sup>* *Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $36,919,006, which represents approximately 66.38% of net assets as of March 31, 2025.*

*<sup>(e)</sup>* *Securities were purchased pursuant to Regulation S under the Securities Act of 1933, as amended, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, as amended, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees (the "Board"). As of March 31, 2025, the aggregate fair value of those securities was $4,076,139, representing 7.33% of net assets.*

*<sup>(f)</sup>* *Security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest.*

*<sup>(g)</sup>* *Pay-in-kind securities. Rate paid in-kind is shown in parenthesis.*

*<sup>(h)</sup>* *Issued with a zero coupon. Income is recognized through the accretion of discount.*

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

*March 31, 2025 (Unaudited)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS** | **OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS** | **OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS** | **OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS** | **OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS** | | |
| **Counterparty** | **Settlement<br> Date** | **Fund<br> Receiving** | **U.S. $ Value<br> at March 31,<br> 2025** | **Fund<br> Delivering** |<br>**U.S. $ Value<br> at March 31,<br> 2025** |<br>**Unrealized<br> Appreciation/<br> (Depreciation)** |
| Bank Of America | 4/7/2025 | USD | $152682 | EUR | $151421 | $1261 |
| Bank Of Montreal | 4/7/2025 | USD | 400817 | EUR | 400184 | 633 |
| Canadian Imperial Bank Of Commerce | 4/7/2025 | USD | 26097 | EUR | 25958 | 139 |
| State Street Corporation | 4/7/2025 | USD | 32768 | EUR | 32447 | 321 |
| State Street Corporation | 4/7/2025 | USD | 21663 | EUR | 21632 | 31 |
|  |  |  |  |  |  | $2385 |
| Canadian Imperial Bank Of Commerce | 4/7/2025 | EUR | 129789 | USD | 130014 | $(225) |
| Wells Fargo | 4/7/2025 | EUR | 56837 | USD | 57389 | (552) |
| Wells Fargo | 4/7/2025 | GBP | 21701 | USD | 21733 | (32) |
| State Street Corporation | 4/7/2025 | GBP | 167925 | USD | 168413 | (488) |
| Canadian Imperial Bank Of Commerce | 4/7/2025 | USD | 7603165 | EUR | 7799160 | (195995) |
| Canadian Imperial Bank Of Commerce | 4/7/2025 | USD | 1177548 | GBP | 1196703 | (19155) |
|  |  |  |  |  |  | $(216447) |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 79

RiverNorth Core Opportunity Fund

Statement of Assets and Liabilities *March 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| ASSETS: |  |
| Investment in securities: |  |
| &nbsp;&nbsp;&nbsp;At cost | $38840476 |
| &nbsp;&nbsp;&nbsp;At value | $42446883 |
| Foreign currency, at value (Cost $278) | 289 |
| Receivable for fund investments sold | 64003 |
| Interest receivable | 41097 |
| Dividends receivable | 29521 |
| Receivable for fund shares sold | 9868 |
| Prepaid expenses and other assets | 2318 |
| **Total Assets** | 42593979 |
| LIABILITIES: |  |
| Payable for fund investments purchased | 157122 |
| Payable for fund shares redeemed | 12999 |
| Payable to Adviser | 36751 |
| Payable for fund accounting and administration fees | 5327 |
| Accrued 12b-1 fees - Class R Shares | 3314 |
| Payable for custodian fees | 87 |
| Payable for audit fees | 14649 |
| Payable to transfer agent | 5378 |
| Other accrued expenses | 7645 |
| **Total Liabilities** | 243272 |
| **Net Assets** | $42350707 |
| NET ASSETS CONSIST OF: |  |
| Paid-in capital | $42644723 |
| Total distributable earnings/(accumulated deficit) | (294016) |
| **Net Assets** | $42350707 |
| PRICING OF SHARES: |  |
| **Class I Shares** |  |
| Net Assets | $27091074 |
| Shares of common stock outstanding |  |
| &nbsp;&nbsp;&nbsp;(unlimited number of shares, no par value) | 3604355 |
| **Net Asset Value Per Share, Offering and Redemption Price Per Share** | $7.52 |
| **Class R Shares** |  |
| Net Assets | $15259633 |
| Shares of common stock outstanding |  |
| &nbsp;&nbsp;&nbsp;(unlimited number of shares, no par value) | 2026833 |
| **Net Asset Value Per Share, Offering and Redemption Price Per Share** | $7.53 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund

Statement of Assets and Liabilities *March 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| ASSETS: |  |
| Investment in securities: |  |
| &nbsp;&nbsp;&nbsp;At cost | $1321147401 |
| &nbsp;&nbsp;&nbsp;At value | $1212555518 |
| Investment in affiliates: |  |
| &nbsp;&nbsp;&nbsp;At cost | 40804237 |
| &nbsp;&nbsp;&nbsp;At value | 37260356 |
| Foreign currency, at value (Cost $519) | 517 |
| Interest receivable | 7498917 |
| Receivable for fund shares sold | 1836698 |
| Receivable for fund investments sold | 1277554 |
| Dividends receivable | 1005412 |
| Deposit with broker for futures contracts | 253616 |
| Prepaid expenses and other assets | 73506 |
| **Total Assets** | 1261762094 |
| LIABILITIES: |  |
| Payable for fund investments purchased | 5357035 |
| Payable for fund shares redeemed | 1721176 |
| Payable to Adviser | 784481 |
| Payable for fund accounting and administration fees | 155358 |
| Variation margin payable | 18031 |
| Accrued 12b-1 fees - Class R Shares | 10580 |
| Payable for custodian fees | 11340 |
| Payable for audit fees | 46663 |
| Payable to transfer agent | 22297 |
| Other accrued expenses | 48439 |
| **Total Liabilities** | 8175400 |
| Commitments and Contingencies (Note 5) |  |
| **Net Assets** | $1253586694 |
| NET ASSETS CONSIST OF: |  |
| Paid-in capital | $1550621256 |
| Total distributable earnings/(accumulated deficit) | (297034562) |
| **Net Assets** | $1253586694 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 81

RiverNorth/DoubleLine Strategic Income Fund

Statement of Assets and Liabilities *March 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| PRICING OF SHARES: |  |
| **Class I Shares** |  |
| Net Assets | $1204448366 |
| Shares of common stock outstanding |  |
| &nbsp;&nbsp;&nbsp;(unlimited number of shares, no par value) | 135892301 |
| **Net Asset Value Per Share, Offering and Redemption Price Per Share** | $8.86 |
| **Class R Shares** |  |
| Net Assets | $49138328 |
| Shares of common stock outstanding |  |
| &nbsp;&nbsp;&nbsp;(unlimited number of shares, no par value) | 5531479 |
| **Net Asset Value Per Share, Offering and Redemption Price Per Share** | $8.88 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/Oaktree High Income Fund

Statement of Assets and Liabilities *March 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| ASSETS: |  |
| Investment in securities: |  |
| &nbsp;&nbsp;&nbsp;At cost | $55698892 |
| &nbsp;&nbsp;&nbsp;At value | $55519696 |
| Foreign currency, at value (Cost $167,870) | 167908 |
| Interest receivable | 819930 |
| Receivable for fund investments sold | 50537 |
| Unrealized appreciation on forward foreign currency contracts | 2385 |
| Receivable for fund shares sold | 783 |
| Prepaid expenses and other assets | 18779 |
| **Total Assets** | 56580018 |
| LIABILITIES: |  |
| Payable for fund investments purchased | 653997 |
| Unrealized depreciation on forward foreign currency contracts | 216446 |
| Payable to Adviser | 38092 |
| Payable for fund accounting and administration fees | 33096 |
| Accrued 12b-1 fees - Class R Shares | 875 |
| Payable for custodian fees | 3966 |
| Payable for audit fees | 14700 |
| Payable to transfer agent | 3538 |
| Other accrued expenses | 1079 |
| **Total Liabilities** | 965789 |
| **Net Assets** | $55614229 |
| NET ASSETS CONSIST OF: |  |
| Paid-in capital | $63170223 |
| Total distributable earnings/(accumulated deficit) | (7555994) |
| **Net Assets** | $55614229 |
| PRICING OF SHARES: |  |
| **Class I Shares** |  |
| Net Assets | $51498440 |
| Shares of common stock outstanding |  |
| &nbsp;&nbsp;&nbsp;(unlimited number of shares, no par value) | 5930173 |
| **Net Asset Value Per Share, Offering and Redemption Price Per Share** | $8.68 |
| **Class R Shares** |  |
| Net Assets | $4115789 |
| Shares of common stock outstanding |  |
| &nbsp;&nbsp;&nbsp;(unlimited number of shares, no par value) | 474392 |
| **Net Asset Value Per Share, Offering and Redemption Price Per Share** | $8.68 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 83

RiverNorth Core Opportunity Fund

Statement of Operations *For the Six Months Ended March 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| INVESTMENT INCOME: |  |
| Dividend income | $2097476 |
| Interest income | 51866 |
| **Total Investment Income** | 2149342 |
| EXPENSES: |  |
| Investment Adviser fee | 222675 |
| Transfer agent expenses | 28124 |
| Accounting and administration fee | 22721 |
| Registration expenses | 22208 |
| 12b-1 fees - Class R Shares | 19760 |
| Audit expenses | 14449 |
| Compliance expense | 10380 |
| Printing expenses | 5642 |
| Facility loan fees | 3953 |
| Legal expenses | 3766 |
| Trustee expenses | 2423 |
| Custodian expenses | 1793 |
| Insurance expenses | 937 |
| Miscellaneous expenses | 3084 |
| **Total Expenses** | 361915 |
| **Net Investment Income** | 1787427 |
| REALIZED AND UNREALIZED GAIN/(LOSS): |  |
| Net realized gain/(loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 128934 |
| Net realized gain | 128934 |
| Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (1565668) |
| &nbsp;&nbsp;&nbsp;Translation of assets and liabilities denominated in foreign currencies | (9) |
| Net change in unrealized appreciation/depreciation | (1565677) |
| Net Realized and Unrealized Loss on Investments | (1436743) |
| **Net Increase in Net Assets Resulting from Operations** | $350684 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund

Statement of Operations *For the Six Months Ended March 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| INVESTMENT INCOME: |  |
| Dividend income | $10973283 |
| Dividend income from affiliated securities | 1349364 |
| Interest income | 26610511 |
| Foreign taxes withheld | (601) |
| **Total Investment Income** | 38932557 |
| EXPENSES: |  |
| Investment Adviser fee | 4670391 |
| Accounting and administration fee | 546296 |
| Facility loan fees | 111410 |
| Legal expenses | 100171 |
| Transfer agent expenses | 72135 |
| Trustee expenses | 67584 |
| 12b-1 fees - Class R Shares | 64918 |
| Compliance expense | 55832 |
| Printing expenses | 48322 |
| Audit expenses | 31859 |
| Registration expenses | 30873 |
| Custodian expenses | 23584 |
| Insurance expenses | 10909 |
| Miscellaneous expenses | 36736 |
| Total expenses | 5871020 |
| &nbsp;&nbsp;&nbsp;Less fees waived/reimbursed by Investment Adviser: | (106586) |
| **Net Expenses** | 5764434 |
| **Net Investment Income** | 33168123 |
| REALIZED AND UNREALIZED GAIN/(LOSS): |  |
| Net realized gain/(loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (4287675) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 707471 |
| Net realized loss | (3580204) |
| Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (13634033) |
| &nbsp;&nbsp;&nbsp;Affiliated Investments | (1908188) |
| &nbsp;&nbsp;&nbsp;Futures Contracts | 44838 |
| &nbsp;&nbsp;&nbsp;Translation of assets and liabilities denominated in foreign currencies | (15) |
| Net change in unrealized appreciation/depreciation | (15497398) |
| Net Realized and Unrealized Loss on Investments | (19077602) |
| **Net Increase in Net Assets Resulting from Operations** | $14090521 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 85

RiverNorth/Oaktree High Income Fund

Statement of Operations *For the Six Months Ended March 31, 2025 (Unaudited)*

---

| | |
|:---|:---|
| INVESTMENT INCOME: |  |
| Dividend income | $142534 |
| Interest income | 1804809 |
| Other income | 16233 |
| **Total Investment Income** | 1963576 |
| EXPENSES: |  |
| Investment Adviser fee | 279019 |
| Accounting and administration fee | 71109 |
| Transfer agent expenses | 20753 |
| Registration expenses | 19827 |
| Audit expenses | 14513 |
| Compliance expense | 10812 |
| Custodian expenses | 6035 |
| 12b-1 fees - Class R Shares | 5054 |
| Facility loan fees | 5003 |
| Legal expenses | 4707 |
| Printing expenses | 4076 |
| Trustee expenses | 2978 |
| Insurance expenses | 497 |
| Miscellaneous expenses | 5303 |
| Total expenses | 449686 |
| Less fees waived/reimbursed by Investment Adviser: |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | (62997) |
| &nbsp;&nbsp;&nbsp;Class R Shares | (4915) |
| **Net Expenses** | 381774 |
| **Net Investment Income** | 1581802 |
| REALIZED AND UNREALIZED GAIN/(LOSS): |  |
| Net realized gain/(loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (159821) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts | 427364 |
| &nbsp;&nbsp;&nbsp;Translation of assets and liabilities denominated in foreign currencies | 7625 |
| Net realized gain | 275168 |
| Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (1126106) |
| &nbsp;&nbsp;&nbsp;Forward foreign currency contracts | (153471) |
| &nbsp;&nbsp;&nbsp;Translation of assets and liabilities denominated in foreign currencies | 509 |
| Net change in unrealized appreciation/depreciation | (1279068) |
| Net Realized and Unrealized Loss on Investments, translation of assets and liabilities denominated in foreign currencies and forward foreign currency contracts | (1003900) |
| **Net Increase in Net Assets Resulting from Operations** | $577902 |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six<br> Months Ended<br> March 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September 30, 2024** |
| NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS: |  |  |
| Net investment income | $1787427 | $1191185 |
| Net realized gain | 128934 | 1118215 |
| Long-term capital gains from other investment companies |  | 7043 |
| Net change in unrealized appreciation/depreciation on investments | (1565677) | 7775920 |
| Net increase in net assets resulting from operations | 350684 | 10092363 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |
| &nbsp;&nbsp;&nbsp;Class I shares | (945979) | (1512964) |
| &nbsp;&nbsp;&nbsp;Class R shares | (502154) | (838913) |
| Net decrease in net assets from distributions to shareholders | (1448133) | (2351877) |
| CAPITAL SHARE TRANSACTIONS: |  |  |
| **Class I Shares** |  |  |
| Proceeds from shares sold | 480893 | 2025510 |
| Reinvestment of distributions | 879656 | 1385727 |
| Cost of shares redeemed | (3093956) | (5391971) |
| Net decrease in net assets from capital share transactions | (1733407) | (1980734) |
| **Class R Shares** |  |  |
| Proceeds from shares sold | 33293 | 260679 |
| Reinvestment of distributions | 497425 | 830330 |
| Cost of shares redeemed | (1006979) | (4411797) |
| Net decrease in net assets from capital share transactions | (476261) | (3320788) |
| **Net Increase/(Decrease) in Net Assets** | (3307117) | 2438964 |
| NET ASSETS: |  |  |
| Beginning of period/year | $45657824 | $43218860 |
| End of period/year | $42350707 | $45657824 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 87

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six<br> Months Ended<br> March 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September 30, 2024** |
| OTHER INFORMATION: |  |  |
| **Share Transactions:** |  |  |
| **Class I Shares** |  |  |
| Shares sold | 62440 | 285587 |
| Shares issued in reinvestment of distributions | 115153 | 190089 |
| Shares redeemed | (401324) | (747875) |
| Net decrease from share transactions | (223731) | (272199) |
| **Class R Shares** |  |  |
| Shares sold | 4328 | 36705 |
| Shares issued in reinvestment of distributions | 65002 | 113920 |
| Shares redeemed | (131136) | (604103) |
| Net decrease from share transactions | (61806) | (453478) |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six**<br> **Months Ended**<br> **March 31, 2025**<br> **(Unaudited)** | **For the**<br> **Year Ended**<br> **September 30, 2024** |
| NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS: |  |  |
| Net investment income | $33168123 | $54631993 |
| Net realized loss | (3580204) | (46370084) |
| Net change in unrealized appreciation/depreciation on investments | (15497398) | 181772327 |
| Net increase in net assets resulting from operations | 14090521 | 190034236 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |
| &nbsp;&nbsp;&nbsp;Class I shares | (38818358) | (50340006) |
| &nbsp;&nbsp;&nbsp;Class R shares | (1606272) | (2244260) |
| From tax return of capital |  |  |
| &nbsp;&nbsp;&nbsp;Class I shares |  | (20751276) |
| &nbsp;&nbsp;&nbsp;Class R shares | – | (925134) |
| Net decrease in net assets from distributions to shareholders | (40424630) | (74260676) |
| CAPITAL SHARE TRANSACTIONS: |  |  |
| **Class I Shares** |  |  |
| Proceeds from shares sold | 135730802 | 409004876 |
| Reinvestment of distributions | 31896640 | 58872004 |
| Cost of shares redeemed | (161120555) | (521923520) |
| Net increase/(decrease) in net assets from capital share transactions | 6506887 | (54046640) |
| **Class R Shares** |  |  |
| Proceeds from shares sold | 2582013 | 17638577 |
| Reinvestment of distributions | 1532411 | 3027646 |
| Cost of shares redeemed | (10695200) | (28045803) |
| Net decrease in net assets from capital share transactions | (6580776) | (7379580) |
| **Net Increase/(Decrease) in Net Assets** | (26407998) | 54347340 |
| NET ASSETS: |  |  |
| Beginning of period/year | $1279994692 | $1225647352 |
| End of period/year | $1253586694 | $1279994692 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 89

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six<br> Months Ended<br> March 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September 30, 2024** |
| OTHER INFORMATION: |  |  |
| **Share Transactions:** |  |  |
| **Class I Shares** |  |  |
| Shares sold | 15280785 | 47481336 |
| Shares issued in reinvestment of distributions | 3602029 | 6776917 |
| Shares redeemed | (18124786) | (60912349) |
| Net increase/(decrease) from share transactions | 758028 | (6654096) |
| **Class R Shares** |  |  |
| Shares sold | 289146 | 2012138 |
| Shares issued in reinvestment of distributions | 172664 | 347941 |
| Shares redeemed | (1200429) | (3239310) |
| Net decrease from share transactions | (738619) | (879231) |

---

*See Notes to Financial Statements and Financial Highlights.*

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

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six<br> Months Ended<br> March 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September 30, 2024** |
| NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS: |  |  |
| Net investment income | $1581802 | $3212304 |
| Net realized gain/(loss) | 275168 | (496627) |
| Net change in unrealized appreciation/depreciation | (1279068) | 3997197 |
| Net increase in net assets resulting from operations | 577902 | 6712874 |
| DISTRIBUTIONS TO SHAREHOLDERS: |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares | (1882079) | (2698026) |
| &nbsp;&nbsp;&nbsp;Class R Shares | (142519) | (195771) |
| From tax return of capital |  |  |
| &nbsp;&nbsp;&nbsp;Class I Shares |  | (734921) |
| &nbsp;&nbsp;&nbsp;Class R Shares | – | (54197) |
| Net decrease in net assets from distributions to shareholders | (2024598) | (3682915) |
| CAPITAL SHARE TRANSACTIONS: |  |  |
| **Class I Shares** |  |  |
| Proceeds from shares sold | 37877 | 1231613 |
| Reinvestment of distributions | 1882012 | 3432207 |
| Cost of shares redeemed | (874000) | (5170779) |
| Net increase/(decrease) in net assets from capital share transactions | 1045889 | (506959) |
| **Class R Shares** |  |  |
| Proceeds from shares sold | 298687 | 653125 |
| Reinvestment of distributions | 141750 | 249143 |
| Cost of shares redeemed | (234604) | (705799) |
| Net increase in net assets from capital share transactions | 205833 | 196469 |
| **Net Increase/(Decrease) in Net Assets** | (194974) | 2719469 |
| NET ASSETS: |  |  |
| Beginning of period/year | $55809203 | $53089734 |
| End of period/year | $55614229 | $55809203 |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 91

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the Six<br> Months Ended<br> March 31, 2025<br> (Unaudited)** | **For the<br> Year Ended<br> September 30, 2024** |
| OTHER INFORMATION: |  |  |
| **Share Transactions:** |  |  |
| **Class I Shares** |  |  |
| Shares sold | 4282 | 141620 |
| Shares issued in reinvestment of distributions | 213669 | 393377 |
| Shares redeemed | (98879) | (592493) |
| Net increase/(decrease) from share transactions | 119072 | (57496) |
| **Class R Shares** |  |  |
| Shares sold | 33845 | 74812 |
| Shares issued in reinvestment of distributions | 16110 | 28575 |
| Shares redeemed | (26553) | (81561) |
| Net increase from share transactions | 23402 | 21826 |

---

*See Notes to Financial Statements and Financial Highlights.*

92 (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<sup>(a)</sup> |
| 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<sup>(a)</sup> |
| Net increase/(decrease) in net asset value |
| Net asset value - end of period |
| **Total Return<sup>(b)</sup>** |
| **Ratios/Supplemental Data:** |
| Net assets, end of period (in thousands) |
| **Ratios to Average Net Assets (including interest expense):** |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| **Ratios to Average Net Assets (excluding interest expense):** |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| Portfolio turnover rate |

---

*See Notes to Financial Statements and Financial Highlights.*

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

*For a share outstanding throughout the periods presented* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six Months Ended March 31, 2025 (Unaudited)** | **For the Year Ended September 30, 2024** | **For the Year Ended September 30, 2023** | **For the Year Ended September 30, 2022** | **For the Year Ended September 30, 2021** | **For the Year Ended September 30, 2020** |
| $7.71 | $6.50 | $6.12 | $9.30 | $7.43 | $8.05 |
| 0.31 | 0.20 | 0.31 | 0.17 | 0.28 | 0.16 |
| (0.25) | 1.39 | 0.38 | (1.40) | 2.11 | (0.41) |
| 0.06 | 1.59 | 0.69 | (1.23) | 2.39 | (0.25) |
| (0.25) | (0.38) | (0.29) | (0.28) | (0.39) | (0.19) |
|  |  |  | (1.61) | (0.13) | (0.18) |
| – | – | (0.02) | (0.06) | – | – |
| (0.25) | (0.38) | (0.31) | (1.95) | (0.52) | (0.37) |
| – | – | – | – | – | – |
| (0.19) | 1.21 | 0.38 | (3.18) | 1.87 | (0.62) |
| $7.52 | $7.71 | $6.50 | $6.12 | $9.30 | $7.43 |
| 0.83 %<sup>(c)</sup> | 25.02% | 11.37% | (16.70%) | 32.96% | (3.00%) |
| $27091 | $29523 | $26662 | $27196 | $54868 | $49994 |
| N/A <sup>(e)</sup> | N/A | N/A | N/A | N/A | N/A |
| N/A <sup>(e)</sup> | N/A | N/A | N/A | N/A | N/A |
| N/A <sup>(e)</sup> | N/A | N/A | N/A | N/A | N/A |
| N/A <sup>(e)</sup> | N/A | N/A | N/A | N/A | N/A |
| 1.54 %<sup>(e)</sup> | 1.58% | 1.49% | 1.39% | 1.33% | 1.29% |
| 1.54 %<sup>(e)</sup> | 1.58% | 1.49% | 1.39% | 1.33% | 1.29% |
| 8.11 %<sup>(e)</sup> | 2.72% | 4.75% | 2.17% | 3.19% | 2.10% |
| 8.11 %<sup>(e)</sup> | 2.72% | 4.75% | 2.17% | 3.19% | 2.10% |
| 19 %<sup>(c)</sup> | 41% | 60% | 106% | 182% | 110% |

---

*See Notes to Financial Statements and Financial Highlights*

Semi-Annual Report \| March 31, 2025 95

RiverNorth Core Opportunity Fund Class I

Financial Highlights *For a share outstanding throughout the periods presented*

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *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.*

*<sup>(c)</sup>* *Not annualized.*

*<sup>(d)</sup>* *The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments.*

*<sup>(e)</sup>* *Annualized.*

*See Notes to Financial Statements and Financial Highlights.*

96 (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<sup>(a)</sup> |
| 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<sup>(a)</sup> |
| Net increase/ (decrease) in net asset value |
| Net asset value - end of period |
| **Total Return<sup>(b)</sup>** |
| **Ratios/Supplemental Data:** |
| Net assets, end of period (in thousands) |
| **Ratios to Average Net Assets (including interest expense):** |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| **Ratios to Average Net Assets (excluding interest expense):** |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| &nbsp;&nbsp;&nbsp;Ratio of net investment income to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| Portfolio turnover rate |

---

*See Notes to Financial Statements and Financial Highlights.*

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

*For a share outstanding throughout the periods presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six Months Ended March 31, 2025 (Unaudited)** | **For the Year Ended September 30, 2024** | **For the Year Ended September 30, 2023** | **For the Year Ended September 30, 2022** | **For the Year Ended September 30, 2021** | **For the Year Ended September 30, 2020** |
| $7.73 | $6.51 | $6.13 | $9.31 | $7.44 | $8.06 |
| 0.30 | 0.18 | 0.30 | 0.14 | 0.25 | 0.15 |
| (0.25) | 1.41 | 0.38 | (1.39) | 2.12 | (0.42) |
| 0.05 | 1.59 | 0.68 | (1.25) | 2.37 | (0.27) |
| (0.25) | (0.37) | (0.28) | (0.26) | (0.37) | (0.18) |
|  |  |  | (1.61) | (0.13) | (0.17) |
| – | – | (0.02) | (0.06) | – | – |
| (0.25) | (0.37) | (0.30) | (1.93) | (0.50) | (0.35) |
| – | – | – | – | – | – |
| (0.20) | 1.22 | 0.38 | (3.18) | 1.87 | (0.62) |
| $7.53 | $7.73 | $6.51 | $6.13 | $9.31 | $7.44 |
| 0.58 %<sup>(c)</sup> | 24.83% | 11.07% | (16.88%) | 32.58% | (3.24%) |
| $15260 | $16135 | $16557 | $17380 | $25705 | $27213 |
| N/A <sup>(e)</sup> | N/A | N/A | N/A | N/A | N/A |
| N/A <sup>(e)</sup> | N/A | N/A | N/A | N/A | N/A |
| N/A <sup>(e)</sup> | N/A | N/A | N/A | N/A | N/A |
| N/A <sup>(e)</sup> | N/A | N/A | N/A | N/A | N/A |
| 1.79 %<sup>(e)</sup> | 1.84% | 1.74% | 1.64% | 1.58% | 1.54% |
| 1.79 %<sup>(e)</sup> | 1.84% | 1.74% | 1.64% | 1.58% | 1.54% |
| 7.87 %<sup>(e)</sup> | 2.45% | 4.51% | 1.86% | 2.88% | 1.93% |
| 7.87 %<sup>(e)</sup> | 2.45% | 4.51% | 1.86% | 2.88% | 1.93% |
| 19 %<sup>(c)</sup> | 41% | 60% | 106% | 182% | 110% |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 99

RiverNorth Core Opportunity Fund Class R

Financial Highlights *For a share outstanding throughout the periods presented*

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *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.*

*<sup>(c)</sup>* *Not annualized.*

*<sup>(d)</sup>* *The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments.*

*<sup>(e)</sup>* *Annualized.*

*See Notes to Financial Statements and Financial Highlights.*

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

*Intentionally Left Blank* 

RiverNorth/DoubleLine Strategic Income Fund Class I

Financial Highlights

---

| |
|:---|
| Net asset value - beginning of period |
| **Income/(loss) from investment operations:** |
| Net investment income<sup>(a)</sup> |
| Net realized and unrealized gain/(loss) on investments |
| Total income/(loss) from investment operations |
| **Less distributions:** |
| From net investment income |
| From tax return of capital |
| Total distributions |
| Paid-in capital from redemption fees<sup>(a)</sup> |
| Net increase/(decrease) in net asset value |
| Net asset value - end of period |
| **Total Return<sup>(b)</sup>** |
| **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<sup>(d)</sup> |
| Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of net investment income to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of net investment income to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| **Ratios to Average Net Assets (excluding interest expense):** |
| Ratio of expenses to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of net investment income to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of net investment income to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| Portfolio turnover rate |

---

*See Notes to Financial Statements and Financial Highlights.*

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

*For a share outstanding throughout the periods presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six Months Ended March 31, 2025 (Unaudited)** | **For the Year Ended September 30, 2024** | **For the Year Ended September 30, 2023** | **For the Year Ended September 30, 2022** | **For the Year Ended September 30, 2021** | **For the Year Ended September 30, 2020** |
| $9.05 | $8.23 | $8.51 | $10.52 | $10.20 | $10.33 |
| 0.24 | 0.39 | 0.44 | 0.21 | 0.38 | 0.45 |
| (0.14) | 0.96 | (0.14) | (1.64) | 0.38 | (0.10) |
| 0.10 | 1.35 | 0.30 | (1.43) | 0.76 | 0.35 |
| (0.29) | (0.37) | (0.06) | (0.58) | (0.44) | (0.46) |
| – | (0.16) | (0.52) | – | – | (0.02) |
| (0.29) | (0.53) | (0.58) | (0.58) | (0.44) | (0.48) |
| – | – | – | – | – | – |
| (0.19) | 0.82 | (0.28) | (2.01) | 0.32 | (0.13) |
| $8.86 | $9.05 | $8.23 | $8.51 | $10.52 | $10.20 |
| 1.14 %<sup>(c)</sup> | 16.82% | 3.50% | (14.04%) | 7.52% | 3.51% |
| $1204448 | $1223115 | $1166687 | $1267978 | $1894398 | $1686872 |
| N/A <sup>(e)</sup> | N/A | N/A | N/A | N/A | N/A |
| N/A <sup>(e)</sup> | N/A | N/A | N/A | N/A | N/A |
| N/A <sup>(e)</sup> | N/A | N/A | N/A | N/A | N/A |
| N/A <sup>(e)</sup> | N/A | N/A | N/A | N/A | N/A |
| 0.93 %<sup>(e)</sup> | 0.95% | 0.91% | 0.88% | 0.87% | 0.87% |
| 0.92 %<sup>(e)</sup> | 0.94% | 0.90% | 0.87% | 0.86% | 0.87% |
| 5.32 %<sup>(e)</sup> | 4.44% | 5.18% | 2.10% | 3.66% | 4.42% |
| 5.34 %<sup>(e)</sup> | 4.45% | 5.18% | 2.10% | 3.66% | 4.42% |
| 24 %<sup>(c)</sup> | 84% | 68% | 104% | 100% | 81% |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 103

RiverNorth/DoubleLine Strategic Income Fund Class I

Financial Highlights *For a share outstanding throughout the periods presented*

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *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.*

*<sup>(c)</sup>* *Not annualized.*

*<sup>(d)</sup>* *The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments.*

*<sup>(e)</sup>* *Annualized.*

*See Notes to Financial Statements and Financial Highlights.*

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

*Intentionally Left Blank* 

RiverNorth/DoubleLine Strategic Income Fund Class R

Financial Highlights

---

| |
|:---|
| Net asset value - beginning of period |
| **Income/(loss) from investment operations:** |
| Net investment income<sup>(a)</sup> |
| Net realized and unrealized gain/(loss) on investments |
| Total income/(loss) from investment operations |
| **Less distributions:** |
| From net investment income |
| From tax return of capital |
| Total distributions |
| Paid-in capital from redemption fees<sup>(a)</sup> |
| Net increase/(decrease) in net asset value |
| Net asset value - end of period |
| **Total Return<sup>(b)</sup>** |
| **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<sup>(d)</sup> |
| Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of net investment income to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of net investment income to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| **Ratios to Average Net Assets (excluding interest expense):** |
| Ratio of expenses to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of net investment income to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of net investment income to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| Portfolio turnover rate |

---

*See Notes to Financial Statements and Financial Highlights.*

106 (888) 848-7569 \| www.rivernorth.com

*For a share outstanding throughout the periods presented* 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six Months Ended March 31, 2025 (Unaudited)** | **For the Year Ended September 30, 2024** | **For the Year Ended September 30, 2023** | **For the Year Ended September 30, 2022** | **For the Year Ended September 30, 2021** | **For the Year Ended September 30, 2020** |
| $9.07 | $8.25 | $8.53 | $10.54 | $10.22 | $10.35 |
| 0.22 | 0.36 | 0.38 | 0.17 | 0.36 | 0.43 |
| (0.13) | 0.97 | (0.10) | (1.63) | 0.37 | (0.10) |
| 0.09 | 1.33 | 0.28 | (1.46) | 0.73 | 0.33 |
| (0.28) | (0.36) | (0.06) | (0.55) | (0.41) | (0.44) |
| – | (0.15) | (0.50) | – | – | (0.02) |
| (0.28) | (0.51) | (0.56) | (0.55) | (0.41) | (0.46) |
| – | – | – | – | – | – |
| (0.19) | 0.82 | (0.28) | (2.01) | 0.32 | (0.13) |
| $8.88 | $9.07 | $8.25 | $8.53 | $10.54 | $10.22 |
| 1.02 %<sup>(c)</sup> | 16.50% | 3.24% | (14.23%) | 7.23% | 3.24% |
| $49138 | $56879 | $58961 | $70390 | $140863 | $129355 |
| N/A <sup>(e)</sup> | N/A | N/A | N/A | N/A | N/A |
| N/A <sup>(e)</sup> | N/A | N/A | N/A | N/A | N/A |
| N/A <sup>(e)</sup> | N/A | N/A | N/A | N/A | N/A |
| N/A <sup>(e)</sup> | N/A | N/A | N/A | N/A | N/A |
| 1.18 %<sup>(e)</sup> | 1.20% | 1.17% | 1.13% | 1.12% | 1.12% |
| 1.16 %<sup>(e)</sup> | 1.19% | 1.15% | 1.12% | 1.11% | 1.12% |
| 5.03 %<sup>(e)</sup> | 4.14% | 4.47% | 1.67% | 3.41% | 4.18% |
| 5.05 %<sup>(e)</sup> | 4.16% | 4.47% | 1.67% | 3.42% | 4.18% |
| 24 %<sup>(c)</sup> | 84% | 68% | 104% | 100% | 81% |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 107

RiverNorth/DoubleLine Strategic Income Fund Class R

Financial Highlights *For a share outstanding throughout the periods presented*

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *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.*

*<sup>(c)</sup>* *Not annualized.*

*<sup>(d)</sup>* *The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments.*

*<sup>(e)</sup>* *Annualized.*

*See Notes to Financial Statements and Financial Highlights.*

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

*Intentionally Left Blank* 

RiverNorth/Oaktree High Income Fund Class I

Financial Highlights

---

| |
|:---|
| Net asset value - beginning of period |
| **Income/(loss) from investment operations:** |
| Net investment income<sup>(a)</sup> |
| Net realized and unrealized gain/(loss) on investments |
| Total income/(loss) from investment operations |
| **Less distributions:** |
| From net investment income |
| From tax return of capital |
| Total distributions |
| Paid-in capital from redemption fees<sup>(a)</sup> |
| Net increase/(decrease) in net asset value |
| Net asset value - end of period |
| **Total Return<sup>(b)</sup>** |
| **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<sup>(d)</sup> |
| Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of net investment income to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of net investment income to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| **Ratios to Average Net Assets (excluding interest expense)** |
| Ratio of expenses to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of net investment income to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of net investment income to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| Portfolio turnover rate |

---

*See Notes to Financial Statements and Financial Highlights.*

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

*For a share outstanding throughout the periods presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the Six Months Ended March 31, 2025 (Unaudited)** | **For the Year Ended September 30, 2024** | **For the Year Ended September 30, 2023** | **For the Year Ended September 30, 2022** | **For the Year Ended September 30, 2021** | **For the Year Ended September 30, 2020** |
| $8.91 | $8.43 | $8.26 | $9.53 | $9.09 | $9.55 |
| 0.25 | 0.52 | 0.50 | 0.33 | 0.33 | 0.34 |
| (0.16) | 0.56 | 0.35 | (1.27) | 0.44 | (0.35) |
| 0.09 | 1.08 | 0.85 | (0.94) | 0.77 | (0.01) |
| (0.32) | (0.47) | (0.66) | (0.33) | (0.33) | (0.37) |
| – | (0.13) | (0.02) | – | – | (0.08) |
| (0.32) | (0.60) | (0.68) | (0.33) | (0.33) | (0.45) |
| – | – | – | – | – | – |
| (0.23) | 0.48 | 0.17 | (1.27) | 0.44 | (0.46) |
| $8.68 | $8.91 | $8.43 | $8.26 | $9.53 | $9.09 |
| 1.03 %<sup>(c)</sup> | 13.16% | 10.59% | (10.03%) | 8.55% | (0.02%) |
| $51498 | $51793 | $49475 | $44223 | $41386 | $40375 |
| 1.59 %<sup>(e)</sup> | 1.64% | 1.57% | 1.62% | 1.75% | N/A |
| 1.35 %<sup>(e)</sup> | 1.35% | 1.35% | 1.35% | 1.35% | N/A |
| 5.44 %<sup>(e)</sup> | 5.66% | 5.72% | 3.38% | 3.07% | N/A |
| 5.69 %<sup>(e)</sup> | 5.95% | 5.94% | 3.65% | 3.47% | N/A |
| 1.59 %<sup>(e)</sup> | 1.64% | 1.57% | 1.62% | 1.75% | 1.69% |
| 1.35 %<sup>(e)</sup> | 1.35% | 1.35% | 1.35% | 1.35% | 1.35% |
| 5.44 %<sup>(e)</sup> | 5.66% | 5.72% | 3.38% | 3.07% | 3.43% |
| 5.69 %<sup>(e)</sup> | 5.95% | 5.94% | 3.65% | 3.47% | 3.78% |
| 23 %<sup>(c)</sup> | 57% | 75% | 57% | 72% | 80% |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 111

RiverNorth/Oaktree High Income Fund Class I

Financial Highlights *For a share outstanding throughout the periods presented*

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *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.*

*<sup>(c)</sup>* *Not annualized.*

*<sup>(d)</sup>* *The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments.*

*<sup>(e)</sup>* *Annualized.*

*See Notes to Financial Statements and Financial Highlights.*

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

*Intentionally Left Blank* 

RiverNorth/Oaktree High Income Fund Class R

Financial Highlights

---

| |
|:---|
| Net asset value - beginning of period |
| **Income/(loss) from investment operations:** |
| Net investment income<sup>(a)</sup> |
| Net realized and unrealized gain/(loss) on investments |
| Total income/(loss) from investment operations |
| **Less distributions:** |
| From net investment income |
| From tax return of capital |
| Total distributions |
| Paid-in capital from redemption fees<sup>(a)</sup> |
| Net increase/(decrease) in net asset value |
| Net asset value - end of period |
| **Total Return<sup>(b)</sup>** |
| **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<sup>(d)</sup> |
| Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of net investment income to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of net investment income to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| **Ratios to Average Net Assets (excluding interest expense)** |
| Ratio of expenses to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of expenses to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of net investment income to average net assets excluding fee waivers and reimbursements<sup>(d)</sup> |
| Ratio of net investment income to average net assets including fee waivers and reimbursements<sup>(d)</sup> |
| Portfolio turnover rate |

---

 

*See Notes to Financial Statements and Financial Highlights.*

114 (888) 848-7569 \| www.rivernorth.com

*For a share outstanding throughout the periods presented*

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **For the**<br> **Six Months**<br> **Ended**<br> **March 31, 2025**<br> **(Unaudited)** | **For the**<br> **Year Ended**<br> **September 30,**<br> **2024** | **For the**<br> **Year Ended**<br> **September 30,**<br> **2023** | **For the**<br> **Year Ended**<br> **September 30,**<br> **2022** | **For the**<br> **Year Ended**<br> **September 30,**<br> **2021** | **For the**<br> **Year Ended**<br> **September 30,**<br> **2020** |
| $8.90 | $8.42 | $8.25 | $9.52 | $9.08 | $9.54 |
| 0.24 | 0.50 | 0.48 | 0.31 | 0.30 | 0.32 |
| (0.15) | 0.55 | 0.35 | (1.27) | 0.45 | (0.36) |
| 0.09 | 1.05 | 0.83 | (0.96) | 0.75 | (0.04) |
| (0.31) | (0.45) | (0.64) | (0.31) | (0.31) | (0.35) |
| – | (0.12) | (0.02) | – | – | (0.07) |
| (0.31) | (0.57) | (0.66) | (0.31) | (0.31) | (0.42) |
| – | – | – | – | – | – |
| (0.22) | 0.48 | 0.17 | (1.27) | 0.44 | (0.46) |
| $8.68 | $8.90 | $8.42 | $8.25 | $9.52 | $9.08 |
| 1.01 %<sup>(c)</sup> | 12.88% | 10.33% | (10.27%) | 8.31% | (0.27%) |
| $4116 | $4016 | $3615 | $3845 | $4548 | $4989 |
| 1.84 %<sup>(e)</sup> | 1.90% | 1.82% | 1.88% | 2.00% | N/A |
| 1.60 %<sup>(e)</sup> | 1.60% | 1.60% | 1.60% | 1.60% | N/A |
| 5.19 %<sup>(e)</sup> | 5.41% | 5.46% | 3.10% | 2.83% | N/A |
| 5.44 %<sup>(e)</sup> | 5.71% | 5.69% | 3.37% | 3.22% | N/A |
| 1.84 %<sup>(e)</sup> | 1.90% | 1.82% | 1.88% | 2.00% | 1.95% |
| 1.60 %<sup>(e)</sup> | 1.60% | 1.60% | 1.60% | 1.60% | 1.60% |
| 5.19 %<sup>(e)</sup> | 5.41% | 5.46% | 3.10% | 2.83% | 3.19% |
| 5.44 %<sup>(e)</sup> | 5.71% | 5.69% | 3.37% | 3.22% | 3.53% |
| 23 %<sup>(c)</sup> | 57% | 75% | 57% | 72% | 80% |

---

*See Notes to Financial Statements and Financial Highlights.*

Semi-Annual Report \| March 31, 2025 115

RiverNorth/Oaktree High Income Fund Class R

Financial Highlights *For a share outstanding throughout the periods presented*

*<sup>(a)</sup>* *Based on average shares outstanding during the period.* 

*<sup>(b)</sup>* *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.* 

*<sup>(c)</sup>* *Not annualized.* 

*<sup>(d)</sup>* *The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments.* 

*<sup>(e)</sup>* *Annualized.* 

*See Notes to Financial Statements and Financial Highlights.*

116 (888) 848-7569 \| www.rivernorth.com

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

**1. ORGANIZATION**

The RiverNorth Funds (the "Trust" or "Funds") was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006 (the "Trust Agreement"). The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust Agreement permits the Board of Trustees of the Trust (the "Board" or "Trustees") to authorize and issue an unlimited number of shares of beneficial interest of a separate series without par value. All classes of shares for each of the Funds have identical rights to earnings, assets and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only individual classes. The Funds are considered investment companies and therefore follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946 Financial Services Investment Companies.

The RiverNorth Core Opportunity Fund (the "Core Opportunity Fund") was organized as a diversified series of the Trust on July 18, 2006 and commenced investment operations on December 27, 2006. The Core Opportunity Fund offers two classes of shares, Class I Shares (inception date of August 11, 2014) and Class R Shares (inception date of December 27, 2006). The investment adviser to the Core Opportunity Fund is RiverNorth Capital Management, LLC ("RiverNorth" or the "Adviser"). The investment objective of the Core Opportunity Fund is to seek long-term capital appreciation and income.

The RiverNorth/DoubleLine Strategic Income Fund (the "Strategic Income Fund") is a diversified series of the Trust and commenced investment operations on December 30, 2010. The Strategic Income Fund offers two classes of shares, Class I Shares and Class R Shares. The investment adviser to the Strategic Income Fund is RiverNorth. The Strategic Income Fund's sub-adviser is DoubleLine Capital, LP ("DoubleLine"). The investment objective of the Strategic Income Fund is current income and overall total return.

The RiverNorth/Oaktree High Income Fund (the "High Income Fund") is a diversified series of the Trust and commenced investment operations on December 28, 2012. The High Income Fund offers two classes of shares, Class I Shares and Class R Shares. The investment adviser to the High Income Fund is RiverNorth. The High Income Fund's sub-adviser is Oaktree Fund Advisors, LLC ("Oaktree Capital," and with DoubleLine, each a "Sub-Adviser" or collectively, the "Sub-Advisers"). Effective August 10, 2021, as part of an internal corporate reorganization, Oaktree Capital Management, L.P., the Fund's previous sub-adviser, transferred its sub-advisory agreement with the High Income Fund to Oaktree Capital. The investment objective of the High Income Fund is overall total return consisting of long-term capital appreciation and income.

**2. SIGNIFICANT ACCOUNTING POLICIES**

The following is a summary of significant accounting policies followed by the Funds. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The financial statements and financial highlights are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts and disclosures, including the disclosure of contingent assets and liabilities, in the financial statements and financial highlights during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements and financial highlights may differ from the value the Funds ultimately realize upon sale of the securities. The financial statements and financial highlights have been prepared as of the close of the New York Stock Exchange ("NYSE" or the "Exchange") on March 31, 2025.

Semi-Annual Report \| March 31, 2025 117

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

**Security Valuation:** The Funds' assets and other financial instruments are recorded at their estimated fair value as described in Note 3.

**Security Transactions and Related Income:** The Funds follow industry practice and record security transactions on the trade date basis. The specific identification method is used for determining gains or losses for financial statements and financial highlights, and income tax purposes. Dividend income is recorded on the ex-dividend date or for certain foreign securities, when the information becomes available to the Funds, and interest income and expenses are recorded on an accrual basis. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds' understanding of the applicable country's tax rules and rates. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region. Settlement on bank loans transactions may be in excess of seven business days. Interest only stripped mortgage backed securities ("IO Strips") are securities that receive only interest payments from a pool of mortgage loans. Little to no principal will be received by the Funds upon maturity of an IO Strip. Periodic adjustments are recorded to reduce the cost of the security until maturity, which are included in interest income.

**Foreign Currency Translation:** The books and records of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Prevailing foreign exchange rates may generally be obtained at the close of the NYSE (normally, 4:00 p.m. Eastern Time). The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.

**Foreign Securities:** The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the ability to repatriate funds, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.

Certain foreign countries impose a capital gains tax which is accrued by the Funds based on the unrealized appreciation, if any, on affected securities. Any accrual would reduce a Fund's net asset value ("NAV"). The tax is paid when the gain is realized and is included in capital gains tax in the Statements of Operations. During the six months ended March 31, 2025, no foreign capital gains tax was accrued or paid by the Funds.

118 (888) 848-7569 \| www.rivernorth.com

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

**Other:** The Funds hold certain investments which pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed the underlying investments' taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

**Principal Investment Risks:** All mutual funds carry a certain amount of risk. For more information on the related risks of investing in the Funds, please refer to the prospectus of each Fund.

**Share Valuation:** The NAV is generally calculated as of the close of trading on the NYSE (normally 4:00 p.m. Eastern Time) every day the Exchange is open. The NAV is calculated by taking the total value of each Fund's or class's assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share is equal to the NAV per share.

**Expenses:** Some expenses of the Trust can be directly attributed to a Fund or a Fund specific share class. Expenses which cannot be directly attributed are apportioned among all Funds and Fund classes in the Trust based on average net assets or another method approved by the Board.

**Federal Income Taxes:** The Funds make no provision for federal income tax. Each Fund intends to qualify each year as a "regulated investment company" under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), by distributing substantially all of its taxable income. If the required amount of net investment income is not distributed, the Funds could incur a tax expense.

As of and during the six months ended March 31, 2025, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds' tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.

The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses in the Statements of Operations. During the six months ended March 31, 2025, the Funds did not incur any interest or penalties.

**Distributions to Shareholders:** Distributions to shareholders, which are determined in accordance with income tax regulations, are recorded on the ex-dividend date. The treatment for financial reporting purposes of distributions made to shareholders during the year from net investment income or net realized capital gains may differ from their ultimate treatment for federal income tax purposes. These differences are caused primarily by differences in the timing of recognition of certain components of income, expense, or realized capital gain for federal income tax purposes. Where such differences are permanent in nature, they are reclassified in the components of the net assets based on their ultimate characterization for federal income tax purposes. Any such reclassification will have no effect on net assets, results of operations or net asset values per share of the Funds.

Semi-Annual Report \| March 31, 2025 119

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

**Segment Reporting:** In this reporting period, the Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures ("ASU 2023-07"). Adoption of the new standard impacted disclosures only and did not affect the Funds' financial position nor the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by a public entity's chief operating decision maker (the "CODM") to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds' Principal Financial Officer, acting as the Funds' CODM, has determined that the Funds have each operated as a single segment since inception. The CODM monitors the operating results of each Fund, as a whole, and each Fund's long-term strategic asset allocation is pre-determined in accordance with the terms of the related Prospectus, based on the defined investment objectives and strategies that are executed by each Fund's portfolio management team. The financial information, in the form of each Fund's holdings, total returns, expense ratios, and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) are used by the CODM to assess each Fund's performance versus its benchmark and to make resource allocation decisions for each Fund's segment, which is consistent with that presented within the Funds' financial statements. Segment assets are reflected on each Fund's Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the Statement of Operations.

**3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS**

The Funds value their investments at fair value. Fair value is defined as the price that a Fund might reasonably expect to receive upon selling an investment in a timely transaction to an independent buyer in the principal or most advantageous market of the investment. GAAP establishes a three-tier hierarchy to maximize the use of observable market data and minimize the use of unobservable inputs and to establish classification of fair value measurements for disclosure purposes.

Inputs refer broadly to the assumptions that market participants would use in pricing the asset or liability, including assumptions about risk. For example, the risk inherent in a particular valuation technique used to measure fair value including using such a pricing model and/or the risk inherent in the inputs to the valuation technique. Inputs may be observable or unobservable. Observable inputs are inputs that reflect the assumptions market participants would use in pricing the asset or liability developed based on market data obtained from sources independent of the reporting entity. Unobservable inputs are inputs that reflect the reporting entity's own assumptions about the assumptions market participants would use in pricing the asset or liability developed based on the best information available in the circumstances.

Various inputs are used in determining the value of the Funds' investments. These inputs are summarized in the three broad levels listed below.

● Level 1 – Unadjusted quoted prices in active markets for identical, unrestricted assets or liabilities that a Fund has the ability to access at the measurement date;

120 (888) 848-7569 \| www.rivernorth.com

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

● Level 2 – Quoted prices which are not active, quoted prices for similar assets or liabilities in active markets or inputs other than quoted prices that are observable (either directly or indirectly) for substantially the full term of the asset or liability; and

● Level 3 – Significant unobservable prices or inputs (including the Funds' own assumptions in determining the fair value of investments) where there is little or no market activity for the asset or liability at the measurement date.

The inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for disclosure purposes, the level in the fair value hierarchy within which the fair value measurement falls in its entirety is determined based on the lowest level input that is significant to the fair value measurement in its entirety.

Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5 under the 1940 Act, the Board approved updated valuation procedures for the Funds and designated the Adviser as the Funds' valuation designee to make all fair valuation determinations with respect to the Funds' portfolio investments, subject to the Board's oversight.

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

Futures contracts are normally valued at the final settlement price or official closing price provided by independent pricing services. These securities will be categorized as Level 1 securities.

Investments in mutual funds, including short-term investments and open-end funds, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as Level 1 securities.

Domestic and foreign fixed income securities, including foreign and U.S. corporate bonds, U.S. government bonds and notes, foreign government bonds and notes, supranationals and foreign agencies, non-agency collateralized mortgage obligations, U.S. government/agency mortgage backed securities, business development companies-preferred shares and notes, bank loans, collateralized loan obligations, equity-linked notes, mortgage-backed securities, and high yield debt, as well as non-exchange traded derivatives, including forward foreign currency contracts, are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services. Foreign currency positions, including forward foreign currency contracts, are priced at the mean between the closing bid and asked prices at 4:00 p.m. Eastern Time. Prices obtained from independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Data used to establish quotes includes analysis of cash flows, pre-payment speeds, default rates, delinquency assumptions and assumptions regarding collateral and loss assumptions. These securities will be classified as Level 2 securities.

Semi-Annual Report \| March 31, 2025 121

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

Short-term investments in fixed income securities, with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.

In accordance with the Funds' good faith pricing guidelines, the Adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Adviser would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) discounted cash flow models; (iii) weighted average cost or weighted average price; (iv) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (v) yield to maturity with respect to debt issues, or a combination of these and other methods. Good faith pricing is permitted if, in the Adviser's opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before a Fund's NAV calculation that may affect a security's value, or the Adviser is aware of any other data that calls into question the reliability of market quotations.

Good faith pricing may also be used in instances when the bonds in which the Funds invest default or otherwise cease to have market quotations readily available. Investments in foreign securities, junk bonds, or other thinly traded securities are more likely to trigger good faith pricing than other securities.

122 (888) 848-7569 \| www.rivernorth.com

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

The following is a summary of the inputs used at March 31, 2025 in valuing the Funds' assets and liabilities:

**Core Opportunity Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Investments in Securities at Value\*** | **Level 1** | **Level 2** | **Level 3** | <br>**Total** |
| Closed-End Funds | $31765931 | $– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $31765931 |
| Closed-End Funds - Preferred Shares | 382841 |  |  | 382841 |
| Business Development Companies | 280028 |  |  | 280028 |
| Exchange Traded Funds | 3564535 |  |  | 3564535 |
| U.S. Corporate Bonds |  | 703477 |  | 703477 |
| Rights | 3 |  |  | 3 |
| Warrants | 1353 | 354 |  | 1707 |
| Short-Term Investments | 5748361 | – | – | 5748361 |
| Total | $41743052 | $703831 | $– | $42446883 |

---

Semi-Annual Report \| March 31, 2025 123

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

**Strategic Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Investments in Securities at Value\*** | **Level 1** | **Level 2** | **Level 3** | <br>**Total** |
| Closed-End Funds | $185418319 | $4325207 | $– | $189743526 |
| Closed-End Funds - Preferred Shares | 7676003 |  |  | 7676003 |
| Business Development Companies | 3101952 |  |  | 3101952 |
| Business Development Companies - Preferred Shares | 8715699 | 3643177 |  | 12358876 |
| Common Stocks |  | 12036 | 3 | 12039 |
| Open-End Funds | 37260356 |  |  | 37260356 |
| Preferred Stocks | 529327 |  |  | 529327 |
| Business Development Company Notes |  | 2304454 |  | 2304454 |
| Foreign Corporate Bonds |  | 28881474 |  | 28881474 |
| U.S. Corporate Bonds |  | 152325499 |  | 152325499 |
| Foreign Government Bonds and Notes, Supranationals and Foreign Agencies |  | 1025266 |  | 1025266 |
| Bank Loans |  | 19773057 |  | 19773057 |
| Collateralized Loan Obligations |  | 62118766 |  | 62118766 |
| Equity - Linked Notes |  |  | –\*\*\* |  |
| Non-Agency Collateralized Mortgage Obligations |  | 225033362 |  | 225033362 |
| U.S. Government Bonds and Notes |  | 98721012 |  | 98721012 |
| Rights | 3 |  |  | 3 |
| Mortgage-Backed Securities |  | 50573964 |  | 50573964 |
| U.S. Government / Agency Mortgage Backed Securities |  | 281027785 |  | 281027785 |
| Warrants |  | 1 |  | 1 |
| Short-Term Investments | 77349152 | – | – | 77349152 |
| Total | $320050811 | $929765060 | $3 | $1249815874 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Other Financial Instruments\*\*** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **Assets** |  |  |  |  |
| Future Contracts | $168909 | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp; – | $168909 |
| **Liabilities** |  |  |  |  |
| Future Contract | $(131525) | $– | $– | $(131525) |
| Total | $37384 | $– | $– | $37384 |

---

124 (888) 848-7569 \| www.rivernorth.com

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

**High Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Investments in Securities at Value\*** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| Business Development Company Notes | $77050 | $– | $– | $77050 |
| Closed-End Funds | 908500 |  |  | 908500 |
| Common Stocks |  |  | 89538 | 89538 |
| Bank Loans |  | 752336 |  | 752336 |
| High Yield Debt |  | 49149804 |  | 49149804 |
| Warrants | 3 | 4473 |  | 4476 |
| Short-Term Investments | 4537992 | – | – | 4537992 |
| Total | $5523545 | $49906613 | $89538 | $55519696 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Valuation Inputs** | **Valuation Inputs** | **Valuation Inputs** | |
| <br>**Other Financial Instruments\*\*** | **Level 1** | **Level 2** | **Level 3** |<br>**Total** |
| **Assets** |  |  |  |  |
| Forward Foreign Currency Contracts | $– | $2385 | $– | $2385 |
| **Liabilities** |  |  |  |  |
| Forward Foreign Currency Contracts | $– | $(216447) | $– | $(216447) |
| Total | $– | $(214062) | $– | $(214062) |

---

\* *Refer to each Fund's Schedule of Investments for a listing of securities by type.* 

\*\* *Other financial instruments are derivative instruments reflected in the Summary of Investments. Futures contracts are reported at their unrealized appreciation/depreciation.* 

\*\*\* *Level 3 security has no value.* 

The changes of the fair value of investments for which the Funds have used Level 3 inputs to determine the fair value are as follows:

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Balance <br> as of<br> September 30, <br> 2024** | **Accrued<br> Discount/<br> premium** | **Return<br> of<br> Capital** | **Realized<br> Gain/<br> (Loss)** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation** | **Purchases** | **Sales<br> Proceeds** | **Transfer<br> into<br> Level 3** | **Transfer<br> Out of<br> Level 3** | **Balance<br> as of<br> March 31,<br> 2025** | **Net change in<br> unrealized<br> appreciation/<br> (depreciation)<br> included in the<br> Statements of<br> Operations<br> attributable to Level 3<br> investments<br> held at<br> March 31, 2025** |
| **High Income Fund** | **High Income Fund** | **High Income Fund** | **High Income Fund** |  |  |  |  |  |  |  |  |
| Common Stocks | $88812 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $726 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $&nbsp;&nbsp;&nbsp;&nbsp;– | $89538 | $726 |
|  | $88812 | $– | $– | $– | $726 | $– | $– | $– | $– | $89538 | $726 |

---

Semi-Annual Report \| March 31, 2025 125

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

The table below provides additional information about the Level 3 Fair Value Measurements as of March 31, 2025:

**Quantitative Information about Level 3 Fair Value Measurements**

**High Income Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value (USD)** | **Valuation<br> Technique** | **Unobservable Inputs<sup>(a)</sup>** | **Value/Range<br> (Weighted Average)** |
| Common Stocks | $89538 | Market Comparable Companies | EBITDA Multiple | 4.0x-4.8x (4.4x) |

---

*<sup>(a)</sup>* *A change to the unobservable input may result in a significant change to the value of the investment as follows:* 

---

| | | |
|:---|:---|:---|
| **Unobservable Inputs** | **Impact to Value if Input Increases** | **Impact to Value if Input Decreases** |
| EBITDA Multiple | Increase | Decrease |

---

**4. DERIVATIVE FINANCIAL INSTRUMENTS**

The following discloses the Funds' use of derivative instruments. The Funds' investment objectives not only permit the Funds to purchase investment securities; they also allow the Funds to enter into various types of derivative contracts such as futures and forward foreign currency contracts. In doing so, the Funds will employ strategies in differing combinations to permit them to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity or debt securities; they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Funds to pursue their objectives more quickly and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market factors.

**Market Risk Factors:** In pursuit of their investment objectives, the Funds may seek to use derivatives to increase or decrease their exposure to the following market risk factors:

*Foreign Exchange Rate Risk:* Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the value of the foreign currency denominated security will increase as the dollar depreciates against the currency.

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

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

**Risk of Investing in Derivatives**

The Funds' use of derivatives can result in losses due to unanticipated changes in the market risk factors and the overall market. Derivatives may have little or no initial cash investment relative to their market value exposure and therefore can produce significant gains or losses in excess of their cost. This use of embedded leverage allows the Funds to increase their market value exposure relative to their net assets and can substantially increase the volatility of the Funds' performance.

Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Typically, the associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives.

In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements ("netting agreements"). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements.

Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds.

**Futures**

The Funds may invest in futures contracts in accordance with their investment objectives. The Funds may do so for a variety of reasons including for cash management, hedging or non-hedging purposes in an attempt to achieve the Funds' investment objective. A futures contract provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Futures transactions may result in losses in excess of the amount invested in the futures contract. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in the portfolio securities being hedged. An incorrect correlation could result in a loss on both the hedged securities in a fund and the hedging vehicle so that the portfolio return might have been greater had hedging not been attempted. There can be no assurance that a liquid market will exist at a time when a fund seeks to close out a futures contract or a futures option position. Lack of a liquid market for any reason may prevent a fund from liquidating an unfavorable position, and the fund would remain obligated to meet margin requirements until the position is closed. In addition, a fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of their contracts. With exchange-traded futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange's clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. The Funds are party to certain enforceable master netting arrangements, which provide for the right of offset under certain circumstances, such as the event of default.

Semi-Annual Report \| March 31, 2025 127

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

When a purchase or sale of a futures contract is made by a fund, the fund is required to deposit with its custodian (or broker, if legally permitted) a specified amount of liquid assets ("initial margin"). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract that is returned to the Funds upon termination of the contract, assuming all contractual obligations have been satisfied. These amounts are included in Deposits with broker for futures contracts on the Statement of Assets and Liabilities. Each day the Funds may pay or receive cash, called "variation margin," equal to the daily change in value of the futures contract. Such payments or receipts are recorded for financial statement purposes as unrealized gains or losses by the Funds. Variation margin does not represent a borrowing or loan by the Funds but instead is a settlement between the Funds and the broker of the amount one would owe the other if the futures contract expired. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.

**Forward Foreign Currency Contracts**

The Funds may engage in currency transactions with counterparties to hedge the value of portfolio securities denominated in particular currencies against fluctuations in relative value, to gain or reduce exposure to certain currencies, or to generate income or gains. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. During the six months ended March 31, 2025, the High Income Fund engaged in forward foreign currency contracts. The contracts are marked-to-market daily and the change in value is recorded by the High Income Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the High Income Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.

Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. The High Income Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.

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

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

The effect of derivatives instruments on each Fund's Statement of Assets and Liabilities as of March 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
| | | **Asset Derivatives** | **Asset Derivatives** |
| <br>**Fund** | <br>**Risk Exposure** | **Statement of Assets<br> and Liabilities Location** | **Fair Value** |
| High Income Fund | Foreign exchange rate risk (Forward foreign currency contracts) | Unrealized appreciation on forward foreign currency contracts | $2385 |
| Strategic Income Fund | Interest rate risk (Future contracts)\* | Variation margin receivable | $168909 |

---

---

| | | | |
|:---|:---|:---|:---|
| | | **Liabilities Derivatives** | **Liabilities Derivatives** |
| <br>**Fund** | <br>**Risk Exposure** | **Statement of Assets<br> and Liabilities Location** | **Fair Value** |
| High Income Fund | Foreign exchange rate risk (Forward foreign currency contracts) | Unrealized depreciation on forward foreign currency contracts | $(216447) |
| Strategic Income Fund | Interest rate risk (Future contracts)\* | Variation margin receivable | $(131525) |

---

\* *Fair Value represents the cumulative unrealized appreciation (depreciation) on open futures contracts as reported in the Fund's Schedule of Investments. Only the variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as variation margin receivable.* 

Semi-Annual Report \| March 31, 2025 129

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

The effect of derivatives instruments on each Fund's Statement of Operations for the six months ended March 31, 2025:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Risk Exposure** | **Statement of<br> Operations Location** | **Realized<br> Gain/(Loss)<br> on<br> Derivatives<br> Recognized<br> in Income** | **Change in<br> Unrealized<br> Appreciation/<br> Depreciation<br> on Derivatives<br> Recognized<br> in Income** |
| High Income Fund | Foreign exchange rate risk (Forward foreign currency contracts) | Net realized gain/(loss) on Forward Foreign Currency Contracts/ Net change in unrealized appreciation/depreciation on Forward Foreign Currency Contracts | $(143277) | $(179185) |
| Strategic Income Fund | Interest rate risk (Future contracts) | Net realized gain/(loss) on Futures Contracts / Net change in unrealized appreciation/depreciation on Futures Contracts | $748717 | $1083209 |

---

The derivative financial instruments' average monthly notional amount during the six months ended March 31, 2025, is noted below.

---

| | | | |
|:---|:---|:---|:---|
| **Fund** | **Average Monthly<br> Notional Amount of<br> Futures Contracts** | **Average Monthly<br> Notional of Futures<br> Contracts Sold** | **Average Monthly<br> Notional Amount of<br> Forward Foreign<br> Currency Contracts** |
| High Income Fund | $– | $– | $7825686 |
| Strategic Income Fund | $23893266 | $8922266 | $– |

---

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

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

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

The following table presents derivative financial instruments that are subject to enforceable netting arrangements, collateral arrangements or other similar agreements as of March 31, 2025.

**Offsetting of Derivatives Asset**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross<br> Amounts Not<br> Offset in the<br> Statements<br> of Assets<br> and<br> Liabilities** | **Gross<br> Amounts Not<br> Offset in the<br> Statements<br> of Assets<br> and<br> Liabilities** | **Gross<br> Amounts Not<br> Offset in the<br> Statements<br> of Assets<br> and<br> Liabilities** |
| |<br>**Gross<br> Amounts of<br> Recognized<br> Assets** |<br>**Gross <br> Amounts<br> Offset in the<br> Statements<br> of Assets<br> and<br> Liabilities** |<br>**Net Amounts<br> Presented in<br> the<br> Statements<br> of Assets<br> and<br> Liabilities** | **Financial**<br> **Instruments**<br> **Available for**<br> **Offset<sup>(a)</sup>** | **Cash**<br> **Collateral**<br> **Received<sup>(a)</sup>** | **Net Amount** |
| **High Income Fund** |  |  |  |  |  |  |
| Forward Foreign Currency Contracts | $2385 | $– | $2385 | $(2385) | $– | $– |
| Total | $2385 | $– | $2385 | $(2385) | $– | $– |

---

**Offsetting of Derivatives Liability**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | | | | **Gross<br> Amounts Not<br> Offset in the<br> Statement of<br> Assets and<br> Liabilities** | **Gross<br> Amounts Not<br> Offset in the<br> Statement of<br> Assets and<br> Liabilities** | **Gross<br> Amounts Not<br> Offset in the<br> Statement of<br> Assets and<br> Liabilities** |
| |<br>**Gross<br> Amounts of<br> Recognized<br> Liabilities** |<br>**Gross<br> Amounts<br> Offset in the<br> Statement<br> of Assets<br> and<br> Liabilities** |<br>**Net Amounts<br> Presented in<br> the<br> Statement of <br> Assets and<br> Liabilities** | **Financial** <br> Instruments **Available for**<br> **Offset<sup>(a)</sup>** | **Cash**<br> **Collateral**<br> **Pledged<sup>(a)</sup>** | **Net Amount** |
| **High Income Fund** |  |  |  |  |  |  |
| Forward Foreign Currency Contracts | $216447 | $&nbsp;&nbsp;&nbsp;&nbsp;– | $216447 | $(2385) | $&nbsp;&nbsp;&nbsp;&nbsp;– | $214062 |
| Total | $216447 | $– | $216447 | $(2385) | $– | $214062 |

---

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

Semi-Annual Report \| March 31, 2025 131

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

**5. LOAN PARTICIPATIONS AND ASSIGNMENTS**

The Strategic Income Fund and High Income Fund may each invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Strategic Income Fund and High Income Fund will normally invest in corporate debt issuers in North America and Europe. The Strategic Income Fund's and High Income Fund's investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the "lender") that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Strategic Income Fund and High Income Fund may each invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. The Strategic Income Fund and High Income Fund will generally purchase assignments of these loans, in which case they will typically become lenders for purposes of the relevant loan agreement with direct contractual rights against the borrower, including the right to receive payments of principal and interest. When purchasing participation interests in a loan, the Strategic Income Fund and High Income Fund generally have no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Strategic Income Fund and High Income Fund may each be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. The Strategic Income Fund and High Income Fund may each enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent a future obligation in full, even though a percentage of the notional loan amounts may not be utilized by the borrower. When investing in a loan participation, the Strategic Income Fund and High Income Fund have the right to receive payments of principal, interest and any fees to which they are entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. The Strategic Income Fund and High Income Fund may each receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a floating rate loan. In certain circumstances, the Strategic Income Fund and High Income Fund may each receive a penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations.

As of March 31, 2025, the Funds had the following unfunded loan commitments outstanding, as detailed below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Borrower** | **Amount** |
| RiverNorth/Oaktree High Income Fund | ASP Unifrax | $116110 |
|  |  | $116110 |

---

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

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

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

**6. ADVISORY FEES, TRUSTEE FEES AND OTHER AGREEMENTS**

The Adviser serves as the investment adviser to the Funds. Under the terms of the management agreement (the "Agreement"), the Adviser, subject to the supervision of the Board, provides or arranges to be provided to the Funds such investment advice as it deems advisable and will furnish or arrange to be furnished a continuous investment program for the Funds consistent with the Funds' investment objectives and policies. As compensation for its management services, the Funds are obligated to pay the Adviser a fee computed and accrued daily and paid monthly in arrears at an annual rate of the average daily net assets of the Funds.

The following table reflects the Funds' contractual management fee rates (expressed as an annual rate).

---

| | |
|:---|:---|
| **Fund** | **Contractual Management Fee** |
| Core Opportunity Fund | 1.00% |
| Strategic Income Fund | 0.75% |
| High Income Fund | 1.00% |

---

For the six months ended March 31, 2025, the Adviser earned fees of $222,675, $4,670,391, and $279,019, for the Core Opportunity Fund, the Strategic Income Fund, and the High Income Fund, respectively. Of those advisor fees, $36,751, $784,481, and $38,092 remained payable for the Core Opportunity Fund, the Strategic Income Fund, and the High Income Fund, respectively, as of March 31, 2025. The Adviser has contractually agreed to waive the High Income Fund's management fees and/or reimburse expenses (excluding brokerage fees and commissions; borrowing costs such as (a) interest and (b) dividends on securities sold short; taxes; indirect expenses incurred by the underlying funds in which the Fund invests; and extraordinary expenses) of the High Income Fund until at least January 31, 2026 in order to maintain the Total Annual Fund Operating Expenses After Fee Deferral and/or Reimbursement at 1.60% and 1.35% for the Class R shares and Class I shares, respectively. This agreement may be terminated by the Board on 60 days' written notice to the Adviser. Any waiver or reimbursement is subject to repayment by the High Income Fund within three years following the fiscal year in which the expenses occurred if the Fund is able to make the repayment without exceeding its current expense limitation and the repayment is approved by the Board. The recoupment period is limited to three years from the time the expenses were waived or incurred, and such recoupment is limited to the lesser of (i) the expense cap in effect at the time of the waiver, and (ii) the expense cap in effect at the time of recapture.

For the six months ended March 31, 2025, reimbursed expenses for the High Income Fund subject to potential recovery by year of expiration are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expiring September 30,** | **Expiring September 30,** | **Expiring September 30,** | **Expiring September 30,** |
| | **2025** | **2026** | **2027** | **2028** |
| **High Income Fund** |  |  |  |  |
| Class I | $32317 | $109573 | $147345 | $62997 |
| Class R | $3181 | $8271 | $11201 | $4915 |
| Total | $35498 | $117844 | $158546 | $67912 |

---

Semi-Annual Report \| March 31, 2025 133

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

The Adviser has contractually agreed to waive fees and/or reimburse certain expenses in an amount equal to the sum of any acquired fund fees and expenses, if any, incurred by the Strategic Income Fund that are attributable to the Strategic Income Fund's investment in acquired funds managed by the Adviser or an investment adviser controlling, controlled by, or under common control with the Adviser until at least January 31, 2026. This contractual agreement will continue automatically for successive annual periods unless terminated by the Fund's Board of Trustees on 60 days' written notice to the Adviser.

For the six months ended March 31, 2025, the Adviser waived $106,586 in affiliated management fees attributable to the Strategic Income Fund related to the Fund's investment in an affiliated fund, the High Income Fund. The Investment Adviser Fee disclosed on the Strategic Income Fund's Statement of Operations is reflective of this waiver of affiliated management fees. The waived fees are not subject to recoupment by the Adviser.

DoubleLine is the investment sub-adviser to the Strategic Income Fund. Oaktree Capital is the investment sub-adviser to the High Income Fund. Under the terms of the sub-advisory agreements, the Sub-Advisers, subject to the supervision of the Adviser and the Board of Trustees, provide to the Strategic Income Fund and the High Income Fund such investment advice as deemed advisable and will furnish a continuous investment program for the portion of assets managed in the respective Fund consistent with the respective Fund's investment objective and policies. As compensation for its sub-advisory services, the Adviser, out of its own fee, is obligated to pay each Sub-Adviser a fee computed and accrued daily and paid monthly in arrears based on an annual rate of the average daily net assets of the Strategic Income Fund and the High Income Fund.

ALPS Fund Services, Inc. ("ALPS") provides the Funds with fund administration and fund accounting services. ALPS also serves as transfer agent, dividend paying and shareholder servicing agent for the Funds ("Transfer Agent"). ALPS receives an annual fee based on the Funds' average daily net assets, subject to certain minimums.

State Street Bank & Trust, Co. serves as the Funds' custodian.

The Funds have adopted a plan pursuant to Rule 12b-1 under the 1940 Act (the "Plan"). The Plan permits the Funds to pay the Adviser for distribution and promotion expenses related to marketing shares of the Funds. The amount payable annually by the Class R shares of the Core Opportunity Fund, the Class R Shares of the Strategic Income Fund, and the Class R Shares of the High Income Fund is 0.25% of the average daily net assets. The expenses of the Funds' Plan are reflected as 12b-1 fees in the Statements of Operations.

The Funds have entered into a Distribution Agreement with ALPS Distributors, Inc., an affiliate of ALPS, to provide distribution services to the Funds. The Distributor serves as underwriter/distributor of shares of the Funds.

Trustees who are "interested persons" of the Trust receive no salary or fees from the Trust. Each Trustee who is not an "interested person" receives a fee of $28,000 per year, plus $2,000 per meeting and $1,500 per special meeting attended from the Trust. In addition, the lead Independent Director receives $1,333 annually, the Chair of the Audit Committee receives $1,111 annually and the Chair of the Nominating and Corporate Governance Committee receives $667 annually. The Trust reimburses each Trustee and Officer for his or her travel and other expenses relating to attendance at such meetings.

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

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

A Trustee and certain Officers of the Trust are also employees of the Adviser, the Distributor or ALPS.

The Trust's officers receive no compensation directly from the Trust for performing the duties of their offices. The Trust's Chief Compliance Officer ("CCO") provides compliance services to the Trust and is also an employee and CCO of the Adviser. The CCO receives compensation directly from the Adviser for his compliance services. The Trust reimburses the Adviser for certain compliance costs related to the Funds, inclusive of a portion of the CCO's compensation. The expenses of the CCO are reflected as Compliance expenses in the Statements of Operations.

**7. TAX BASIS INFORMATION**

**Tax Basis of Distributions to Shareholders:** The character of distributions made during the year from net investment income or net realized gains may differ from its ultimate characterization for federal income tax purposes. Also, due to the timing of dividend distributions, the fiscal year in which amounts are distributed may differ from the fiscal year in which the income or realized gain were recorded by a Fund.

The tax character of distributions paid by the Funds during the fiscal year ended September 30, 2024, was as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Ordinary<br> Income** | **Tax-Exempt<br> Income** | **Distributions<br> paid from<br> Long-Term<br> Capital Gain** | **Return of<br> Capital** | **Total** |
| Core Opportunity Fund | $2254209 | $97668 | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; – | $– | $2351877 |
| Strategic Income Fund | 52584266 |  |  | 21676410 | 74260676 |
| High Income Fund | 2893797 |  |  | 789118 | 3682915 |

---

**Components of Distributable Earnings on a Tax Basis:** The tax components of distributable earnings are determined in accordance with income tax regulations which may differ from the composition of net assets reported under GAAP. Accordingly, for the year ended September 30, 2024, certain differences were reclassified. The amounts reclassified did not affect net assets. The reclassifications were as follows:

---

| | | |
|:---|:---|:---|
| | **Paid-in Capital** | **Total Distributable <br> Earnings** |
| Core Opportunity Fund | $(289113) | $289113 |
| Strategic Income Fund | (8831531) | 8831531 |
| High Income Fund | (30809) | 30809 |

---

Semi-Annual Report \| March 31, 2025 135

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

At September 30, 2024, the components of distributable earnings on a tax basis for the Funds were as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **Undistributed<br> Ordinary<br> Income** | **Accumulated<br> Capital and<br> Other Losses** | **Net Unrealized<br> Appreciation/<br> (Depreciation)** | **Other<br> Cumulative<br> Effect of Timing<br> Differences** | **Total** |
| Core Opportunity Fund | $294371 | $(2872252) | $3381314 | $– | $803433 |
| Strategic Income Fund |  | (185507111) | (85193342) |  | (270700453) |
| High Income Fund |  | (6640626) | 921657 | (390329) | (6109298) |

---

**Capital Losses:** As of September 30, 2024, the following Funds had capital loss carryforwards which may reduce the applicable Fund's taxable income arising from future net realized gains on investments, if any, to the extent permitted by the Code and thus may reduce the amount of the distributions to shareholders which would otherwise be necessary to relieve the Funds of any liability for federal tax pursuant to the Code. The capital loss carryforwards may be carried forward indefinitely.

Capital losses carried forward were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Non-Expiring <br> Short-Term** | **Non-Expiring <br> Long-Term** |
| Core Opportunity Fund | $1610695 | $1261557 |
| Strategic Income Fund | 54423518 | 131083593 |
| High Income Fund | 940123 | 5700503 |

---

**Unrealized Appreciation and Depreciation on Investments:** The amount of net unrealized appreciation/(depreciation) and the cost of investment securities for tax purposes, including short-term securities at March 31, 2025, were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Gross<br> Appreciation<br> (excess of<br> value over tax)** | **Gross<br> Depreciation<br> (excess of tax <br> cost over<br> value)** | **Net Unrealized <br> Appreciation/<br> (Depreciation)** | **Cost of<br> Investments<br> for Income<br> Tax Purposes** |
| Core Opportunity Fund\* | $5137985 | $(1531580) | $3606405 | $38840478 |
| Strategic Income Fund\* | 30629819 | (142885175) | (112255356) | 1362108613 |
| High Income Fund\* | 918720 | (1099068) | (180348) | 55700044 |

---

*<sup>\*</sup>* *The difference between book and tax basis unrealized appreciation/(depreciation) for the Funds is attributable primarily to passive foreign investment companies, wash sales, forward contract mark to market, tax treatment of premium amortization and tax treatment of certain other investments.* 

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

136 (888) 848-7569 \| www.rivernorth.com

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

**8. INVESTMENT TRANSACTIONS**

Investment transactions for the six months ended March 31, 2025, excluding U.S. government obligations and short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of <br> Securities** | **Proceeds from <br> Sales of Securities** |
| Core Opportunity Fund | $7487878 | $7767200 |
| Strategic Income Fund | 285835184 | 296527063 |
| High Income Fund | 17711794 | 11501401 |

---

Investment Transactions in long term U.S. government obligations for the six months ended March 31, 2025 were as follows:

---

| | | |
|:---|:---|:---|
| | **Purchases of<br> Securities** | **Proceeds from<br> Sales of<br> Securities** |
| Core Opportunity Fund | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $1000000 |

---

**9. INVESTMENTS IN AFFILIATED COMPANIES**

The Funds may invest in certain securities that are considered securities issued by affiliated companies. As defined by the 1940 Act, an affiliated person, including an affiliated company, is one in which a Fund owns 5% or more of the outstanding voting securities, or a company which is under common ownership or control with the Fund. The purchases, sales, dividend income, capital gains, shares and value of investment in affiliated companies for the six months ended March 31, 2025 were as follows:

**Strategic Income Fund**

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Security Name** | **Market Value<br> as of <br> October 1, 2024** | **Purchases** | **Sales** | **Change in<br> Unrealized<br> Gain (Loss)** | **Return of<br> Capital** | **Realized<br> Gain/Loss** | **Market Value<br> as of March <br> 31, 2025** | **Share<br> Balance<br> as of <br> March 31, 2025** | **Dividends** |
| RiverNorth/Oaktree High Income Fund – Class I | $36877835 | $1349364 | $– | $(966843) | $&nbsp;&nbsp;&nbsp;&nbsp; – | $&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;– | $37260356 | 4290641 | $1349364 |
|  | $36877835 | $1349364 | $– | $(966843) | $– | $– | $37260356 | 4290641 | $1349364 |

---

**10. REVOLVING LINE OF CREDIT**

On April 8, 2014, the Funds entered into a $100,000,000 committed, unsecured Revolving Credit Agreement with State Street Bank & Trust, Co. The Revolving Credit Agreement was most recently amended on March 25, 2025. The Revolving Credit Agreement expires on March 24, 2026. Borrowings under this arrangement bear interest at the higher of the Federal Funds Rate and the Overnight Bank Funding Rate in effect on the day the loan is made plus 1.25%, which was 6.08% at March 31, 2025. For the six months ended March 31, 2025, the Funds paid a facility fee on unloaned balances equal to the product of $100,000,000 less the principal amount of loans outstanding and 0.25%.

Semi-Annual Report \| March 31, 2025 137

RiverNorth Funds Notes to Financial Statements and Financial Highlights

*March 31, 2025 (Unaudited)*

For the six months ended March 31, 2025, the Funds had no borrowings under the Revolving Credit Agreement.

**11. BENEFICIAL OWNERSHIP**

On March 31, 2025, there were an unlimited number of no par value shares of beneficial interest authorized for each Fund. Transactions in shares of beneficial interest are shown in the Statements of Changes in Net Assets.

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. Beneficial owners owning more than 25% of the voting securities for the benefit of their customers of each class of each Fund, as of March 31, 2025, are listed below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Shareholder Name** | **Percentage Interest** |
| Core Opportunity Fund – Class I | Pershing | 46.23% |
| Core Opportunity Fund – Class R | Charles Schwab & Company, Inc. | 52.84% |
| Core Opportunity Fund – Class R | National Financial Services, LLC | 26.77% |
| Strategic Income Fund – Class I | Charles Schwab & Company, Inc. | 46.10% |
| Strategic Income Fund – Class R | Charles Schwab & Company, Inc. | 69.86% |
| High Income Fund – Class I | RiverNorth/DoubleLine Strategic Income Fund | 72.36% |
| High Income Fund – Class R | Charles Schwab & Company, Inc. | 89.14% |

---

**12. INDEMNIFICATIONS**

Under the Trust's organizational documents, its officers and Trustees are indemnified against certain liability arising out of the performance of their duties to the Trust. Additionally, in the normal course of business, the Trust enters into contracts with service providers that may contain general indemnification clauses. The Trust's maximum exposure under these arrangements is unknown, as this would involve future claims that may be made against the Trust that have not yet occurred.

**13. SUBSEQUENT EVENTS**

The Trust has performed an evaluation of subsequent events through the date the financial statements and financial highlights were issued and has determined that no additional items require recognition or disclosure, other than the item noted below.

At a meeting of the Board of Trustees held on April 23, 2025, the Board unanimously voted to approve, subject to shareholder approval, an Agreement and Plan of Reorganization and Termination to reorganize the Core Opportunity Fund into the RiverNorth Active Income ETF, an exchange-traded fund, a newly created series of Elevation Series Trust (the "Reorganization"). The Reorganization is subject to shareholder approval. If approved by shareholders, the Reorganization is expected to occur early in the third quarter of 2025.

138 (888) 848-7569 \| www.rivernorth.com

RiverNorth Funds Additional Information

*March 31, 2025 (Unaudited)*

**PROXY VOTING GUIDELINES**

A description of the policies and procedures that the Funds used to determine how to vote proxies relating to portfolio securities and information regarding how the Funds voted proxies during the most recent 12-month period ended June 30, are available without charge upon request by (1) calling the Funds at (888) 848-7569 and (2) from Form N-PX filed by the Funds with the Securities and Exchange Commission ("SEC") on the SEC's website at www.sec.gov.

**PORTFOLIO HOLDINGS DISCLOSURE POLICY**

The Funds file a complete schedule of investments with the SEC for the first and third quarter of each fiscal year on Part F of N-PORT. The Funds' first and third fiscal quarters end on December 31 and June 30. The Form N-PORT must be made within 60 days of the end of the quarter. The Funds' Form N-PORT is available on the SEC's website at www.sec.gov. You may also obtain copies by calling the Funds at 1-888-848-7569 or on the Funds' website, www.rivernorth.com.

Semi-Annual Report \| March 31, 2025 139

RiverNorth Funds Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements

*March 31, 2025 (Unaudited)*

**Consideration and Renewal of Investment Advisory Agreements with RiverNorth Capital Management, LLC**

At an in-person meeting (the "Meeting") of the Board of Trustees (the "Board" or the "Trustees") of RiverNorth Funds (the "Trust"), held on November 12-13, 2024 and called expressly for that purpose, the Board, including a majority of the Trustees who are not "interested persons" (as defined in the Investment Company Act of 1940, as amended) (the "Independent Trustees"), considered the renewal of the management agreement (the "Management Agreement") between RiverNorth Capital Management, LLC ("RiverNorth" or the "Adviser") and the Trust on behalf of the RiverNorth Core Opportunity Fund (the "Core Opportunity Fund"), RiverNorth/DoubleLine Strategic Income Fund (the "Strategic Income Fund") and the RiverNorth/Oaktree High Income Fund (the "High Income Fund" and together with the Core Opportunity Fund and the Strategic Income Fund, the "Funds").

The Board received materials compiled by the Adviser and the Funds' administrator, including, among other items, a copy of the Management Agreement, the Adviser's response to a questionnaire regarding the Adviser's profitability, organization, management and operations, the Adviser's Form ADV, the Adviser's audited financial statements, information regarding the Adviser's assets under management, an overview of the Funds' cumulative and annualized returns as compared to the Funds' benchmarks, the Funds' fact sheets for the quarter ended September 30, 2024, a performance comparison of the Funds compared to other funds managed by RiverNorth, information regarding the Adviser's compliance programs and a third-party comparison report regarding the Funds' performance and fees compared to benchmark indices and peer funds. The Trustees reviewed a memorandum from their independent legal counsel regarding the Trustees' duties in considering the approval of advisory agreements. The Board considered the following factors, among others, in reaching its determination to renew the Management Agreement: (i) the investment performance of the Funds and the investment performance of the Adviser, (ii) the nature, extent and quality of the services provided by the Adviser to the Funds, (iii) the experience and qualifications of the personnel providing such services, (iv) the costs of the services provided and the profits to be realized by the Adviser and any of its affiliates from the relationship with each Fund, (v) the extent to which economies of scale will be realized by each Fund as it grows, and (vi) whether each Fund's fee levels reflected the economies of scale to the benefit of the Fund's shareholders.

The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Management Agreement and the weight to be given to each such factor. The Trustees' conclusions were based on an evaluation of all the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weights to the various factors in reaching conclusions with respect to the Management Agreement. Although not meant to be all-inclusive, the following discussion summarizes the factors considered and conclusions reached by the Trustees in determining to renew the Management Agreement at the Meeting, and at the November 4, 2024 special meeting of the Board that was held to review and discuss the materials and information the Board requested from the Adviser related to the Management Agreement, including during executive sessions with their independent legal counsel.

140 (888) 848-7569 \| www.rivernorth.com

RiverNorth Funds Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements

*March 31, 2025 (Unaudited)*

**Performance, Fees and Expenses**

*Core Opportunity Fund*

Regarding the Core Opportunity Fund, the Board reviewed the performance of the Fund's Retail Class shares for the three month, one-year, three-year, five-year, ten-year and since inception periods ended September 30, 2024. These returns were compared to the returns of mutual funds in FUSE Research Network, LLC's ("FUSE") Moderate Allocation peer group (the "Moderate Allocation Peer Group") and a peer universe consisting of all funds in the Moderate Allocation Peer Group and all other Moderate Allocation funds (the "Moderate Allocation Universe"). The Moderate Allocation Peer Group and the Moderate Allocation Universe included funds with similar pricing features as the Core Opportunity Fund, excluding outliers. The Board observed that the Fund had outperformed the Moderate Allocation Peer Group median for the one-year, five-year, ten-year and since inception periods ended September 30, 2024, performed in line with the Moderate Allocation Peer Group median for the three-year period ended September 30, 2024 and underperformed the Moderate Allocation Peer Group median for the three-month period ended September 30, 2024. The Board further noted that the Fund had outperformed the Moderate Allocation Universe for the one-year, three-year, five-year, ten-year and since inception periods ended September 30, 2024 and underperformed the Moderate Allocation Universe for the three-month period ended September 30, 2024. The Board also reviewed the Fund's performance relative to other funds managed by the Adviser and versus summary statistics for a Multi-alternative universe of funds prepared by FUSE. It was noted that the Fund's Retail Class shares had outperformed the Multi-alternative universe median for the one-year, three-year and five-year periods ended September 30, 2024.

As to the comparative fees and expenses, the Trustees considered the management and the other fees paid by the Fund and compared those to the management and other fees paid by funds in the Moderate Allocation Peer Group and Moderate Allocation Universe. The Board noted that the Core Opportunity Fund's Retail Class shares' annual net expense ratio was higher than the Moderate Allocation Peer Group median. The Board also noted that the annual net expense ratio placed the Core Opportunity Fund in the lowest quartile for the Moderate Allocation Universe. Differences in strategies as compared to both the funds in the Moderate Allocation Peer Group and the Moderate Allocation Universe were recalled, as well as the fact that certain peer funds did not have a similar share class as the Fund's Retail Class shares.

The Board also noted that the annual management fee for the Fund was above the median paid by the Moderate Allocation Peer Group funds, but within the range of the peers. The Board noted the differences in strategies between the Fund and the funds included in the Moderate Allocation Peer Group, highlighting the active management of the Fund's portfolio. The Trustees also reviewed the Fund's fees relative to other funds managed by the Adviser and versus summary statistics for a Multi-alternative universe of funds prepared by FUSE. It was noted that the Fund's management fee for the Fund's Retail Class shares was below the Multi-alternative universe median and the Fund's total net expenses were above the Multi-alternative universe median. The Board, including the Independent Trustees, determined that the Fund's fees were reasonable given the unique investment characteristics of the Fund and the nature of the services provided by the Adviser.

Semi-Annual Report \| March 31, 2025 141

RiverNorth Funds Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements

*March 31, 2025 (Unaudited)*

*Strategic Income Fund*

Regarding the Strategic Income Fund, the Board reviewed the performance of the Fund's Class I shares for the three-month, one-year, three-year, five-year, ten-year and since inception periods ended September 30, 2024. These returns were compared to the returns of mutual funds in FUSE's Multisector Bond fund peer group (the "Multisector Peer Group") and a peer universe consisting of all funds in the Multisector Peer Group and all other Multisector Bond funds (the "Multisector Universe"). The Multisector Peer Group and the Multisector Universe included funds with similar pricing features as the Strategic Income Fund, excluding outliers. The Board noted that the Strategic Income Fund outperformed the median of the Multisector Peer Group for the three-month, one-year, three-year, five-year, ten-year and since inception periods ended September 30, 2024. It was also noted that the Strategic Income Fund outperformed the median of the Multisector Universe for the three-month, one-year, ten-year and since inception periods ended September 30, 2024, performed in line with the median of the Multisector Universe for the five-year period ended September 30, 2024 and underperformed the median of the Multisector Universe for the three-year period ended September 30, 2024. The Board also reviewed the Fund's performance relative to other funds managed by the Adviser and versus summary statistics for a Multi-alternative universe of funds prepared by FUSE. It was noted that the Fund's Class I shares had outperformed the Multi-alternative universe median for the one-year period ended September 30, 2024 and underperformed the Multi-alternative universe median for the three-year and five-year periods ended September 30, 2024.

As to the comparative fees and expenses, the Trustees considered the management and the other fees paid by the Fund and compared those to the management and other fees paid by funds in the Multisector Peer Group and Multisector Universe. The Board noted that the Strategic Income Fund's Class I shares' annual net expense ratio and annual management fee was higher than the medians of the Multisector Peer Group and Multisector Universe, but within the range of the peers. The Trustees noted that the Adviser actively manages a portion of the Fund in addition to delegating the management of a portion of the Fund's portfolio to DoubleLine Capital LP ("DoubleLine"). The Board also reviewed the Fund's fees relative to other funds managed by the Adviser and versus summary statistics for a Multi-alternative universe of funds prepared by FUSE. It was noted that the Fund's management fee and total net expenses for Class I shares were below the Multi-alternative universe medians. The Board, including the Independent Trustees, determined that the fees were reasonable given the nature of the Fund's investment strategy, the capabilities of the Adviser and DoubleLine, and the nature of the services provided to the Fund.

*High Income Fund*

Regarding the High Income Fund, the Board reviewed the performance of the Fund's Class I shares for the three-month, one-year, three-year, five year, ten-year and since inception periods ended September 30, 2024. These returns were compared to the returns of mutual funds in FUSE's High Yield Bond fund peer group (the "High Yield Peer Group") and a peer universe consisting of all funds in the High Yield Peer Group and all other High Yield Bond funds (the "High Yield Universe"). The High Yield Peer Group and the High Yield Universe included funds with similar pricing features as the High Income Fund, excluding outliers. The Board noted that the High Income Fund had underperformed the median of the High Yield Peer Group for the three-month, one-year, five-year, ten-year and since inception periods ended September 30, 2024, and had outperformed the median of the High Yield Peer Group for the three-year period ended September 30, 2024. It was also noted that the High Income Fund had outperformed the median of the High Yield Universe for the three-year period ended September 30, 2024 and had underperformed the median of the High Yield Universe for the three-month, one-year, five-year, ten-year and since inception periods ended September 30, 2024. The Board also reviewed the Fund's performance relative to other funds managed by the Adviser and versus summary statistics for a Multi-alternative universe of funds prepared by FUSE. It was noted that the Fund's Class I shares had outperformed the Multi-alternative universe median for the one-year period ended September 30, 2024 and had underperformed the Multi-alternative universe median for the three-year and five-year periods ended September 30, 2024. The Trustees acknowledged the fact that the Fund's split strategy between closed-end funds ("CEFs") and high-yield/senior loans differed from the funds in each group.

142 (888) 848-7569 \| www.rivernorth.com

RiverNorth Funds Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements

*March 31, 2025 (Unaudited)*

As to the comparative fees and expenses, the Trustees considered the management and the other fees paid by the Fund and compared those to the management and other fees paid by funds High Yield Peer Group and High Yield Universe. The Board noted that the High Income Fund's Class I shares' annual gross management fee and annual net expense ratio was higher than the median of the High Yield Peer Group and High Yield Universe. The Board recalled that most of the funds in FUSE's High Yield Peer Group and High Yield Universe utilized a less complex strategy than that of the High Income Fund and would lead to relatively lower fees. The Trustees also reviewed the Fund's fees relative to other funds managed by the Adviser and versus summary statistics for a Multi-alternative universe of funds prepared by FUSE. It was noted that the Fund's management fee and total net expenses for Class I shares were below the Multi-alternative universe median. After discussion, the Board, including the Independent Trustees, determined that the fees were adequate in comparison to the Fund's peers, and the fees were reasonable given the nature of the Fund's investment strategy, and the nature of the services to be provided to the Fund by the Adviser and Oaktree Fund Advisors, LLC ("Oaktree"), the Fund's sub-adviser.

**Nature, Extent and Quality of Services**

As to the nature, extent and quality of the services provided by the Adviser to the Funds, the Board considered that under the terms of the Management Agreement, the Adviser, subject to the supervision of the Board, provides or arranges to be provided to the Funds such investment advice as the Adviser, in its discretion, deems advisable and furnishes or arranges to be furnished a continuous investment program for the Funds consistent with each Fund's investment objective and policies. The Board reviewed the Adviser's Form ADV, which was previously provided to the Board and that provided details regarding the experience of each of the Adviser's personnel. The Adviser also provided additional information regarding its experience managing other investment accounts and extensive experience with CEFs, noting the fact that RiverNorth was an industry leader in the area. Based on the foregoing information, the Board, including the Independent Trustees, concluded that the Adviser had provided quality services and could be expected to do so in the future for the Funds.

**Profitability and Other Benefits**

As to the cost of the services provided and the profits to be realized by the Adviser, the Board reviewed the Adviser's estimates of its profitability and its financial condition. The Board reviewed the Adviser's financial statements and noted the Adviser's financial condition was stable. The Board acknowledged that the Adviser's management fees were comparable to those charged to other mutual funds to which the Adviser provides advisory or sub-advisory services. The Board, including the Independent Trustees, determined that the Management Agreement, with respect to the Core Opportunity Fund, Strategic Income Fund and High Income Fund was not overly profitable to the Adviser and the financial condition of the Adviser was adequate.

Semi-Annual Report \| March 31, 2025 143

RiverNorth Funds Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements

*March 31, 2025 (Unaudited)*

The Board noted that the Adviser has no affiliations with the Funds' transfer agent, fund accountant, administrator, custodian, or distributor and therefore does not derive any benefits from the relationships these parties may have with the Trust. The Board also noted each Fund's liquidity status and its ability to meet redemptions.

**Conclusion**

Based upon such information as they considered necessary to the exercise of their reasonable business judgment, the Trustees, including all of the Independent Trustees, concluded that it was in the best interests of each of the Funds to continue the Management Agreement with the Adviser for an additional one-year period.

**Consideration of the Sub-Advisory Agreement with DoubleLine with respect to the Strategic Income Fund**

At the Meeting, the Board, including the Independent Trustees, also considered the renewal of the sub-advisory agreement (the "DoubleLine Sub-Advisory Agreement") between the Adviser and DoubleLine related to the Strategic Income Fund.

The Board received materials compiled by DoubleLine and the Adviser, provided in support of the proposed renewal of the DoubleLine Sub-Advisory Agreement ("DoubleLine Renewal Materials"). The Board considered the renewal of the DoubleLine Sub-Advisory Agreement, noting that the DoubleLine Renewal Materials contained information compiled by DoubleLine and the Adviser, including a copy of the DoubleLine Sub-Advisory Agreement, DoubleLine's response to a questionnaire regarding its profitability, management and operations, a copy of DoubleLine's Form ADV and information regarding the performance of the Fund's benchmark indices and peer funds. The Board considered the following factors, among others, in reaching its determination to renew the DoubleLine Sub-Advisory Agreement: (i) the investment performance of the Strategic Income Fund and the investment performance of DoubleLine, (ii) the nature, extent and quality of the services provided by DoubleLine to the Strategic Income Fund, (iii) the experience and qualifications of the personnel providing such services, (iv) the costs of the services provided and the profits to be realized by DoubleLine and any of its affiliates from the relationship with the Strategic Income Fund, (v) the extent to which economies of scale will be realized by the Strategic Income Fund as it grows, and (vi) whether the fee levels of the Strategic Income Fund reflected the economies of scale to the benefit of the Fund's shareholders.

The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the DoubleLine Sub-Advisory Agreement and the weight to be given to each such factor. The Trustees' conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the DoubleLine Sub-Advisory Agreement. Although not meant to be all-inclusive, the following discussion summarizes the material factors considered and conclusions reached by the Trustees in determining to renew the DoubleLine Sub-Advisory Agreement at the Meeting, and at the November 4, 2024 special meeting of the Board that was held to review and discuss the materials and information the Board requested from DoubleLine related to the DoubleLine Sub-Advisory Agreement.

144 (888) 848-7569 \| www.rivernorth.com

RiverNorth Funds Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements

*March 31, 2025 (Unaudited)*

The Board reviewed the performance of the Strategic Income Fund for the three month, one-year, three-year, five-year, ten-year and since inception periods. The Trustees recalled their deliberations regarding the Strategic Income Fund's performance while considering the renewal of the Management Agreement, acknowledging their satisfaction with the Fund's performance. The Board also reviewed the performance of the portion of the Strategic Income Fund managed by DoubleLine relative to relevant securities indices, and to other accounts managed by DoubleLine. The Board, including the Independent Trustees, concluded that the performance was in line with expectations for the DoubleLine strategy.

As to the comparative fees and expenses, the Board considered the management fee paid by the Strategic Income Fund to the Adviser, and noted that the Adviser pays DoubleLine from its fee, which the Board had previously determined was reasonable. The Board also compared the sub-advisory fee paid by the Adviser to DoubleLine against the fees that DoubleLine charges other clients to manage similar strategies.

As to the nature, extent and quality of the services provided by DoubleLine, the Board considered that under the terms of the DoubleLine Sub-Advisory Agreement, DoubleLine, subject to the supervision of the Board, provides to the Strategic Income Fund such investment advice as DoubleLine, in its discretion, deemed advisable and furnishes or arranges to be furnished a continuous investment program for the Fund consistent with the Fund's investment objective and policies. The Board reviewed the Form ADV of DoubleLine, which provided details regarding the experience of DoubleLine's investment personnel. DoubleLine also provided additional information regarding its operations and experience managing other investment accounts. The Board noted that RiverNorth was satisfied with DoubleLine's work with the Strategic Income Fund. Based on the foregoing information, the Board, including the Independent Trustees, concluded that DoubleLine had provided quality services and could be expected to continue to do so for the Strategic Income Fund.

As to the cost of the services provided and the profits to be realized by DoubleLine, the Board reviewed DoubleLine's financial condition. The Board, including the Independent Trustees, determined that the DoubleLine Sub-Advisory Agreement and the compensation to DoubleLine was reasonable and the financial condition of DoubleLine was adequate. The Board noted that DoubleLine has no affiliations with the Fund's transfer agent, administrator, fund accountant, custodian, or distributor and therefore does not derive any benefits from the relationships these parties may have with the Trust.

Based upon such information as they considered necessary to the exercise of their reasonable business judgment, the Trustees, including all of the Independent Trustees, concluded that it was in the best interests of the Strategic Income Fund to continue the DoubleLine Sub-Advisory Agreement between the Adviser and DoubleLine for an additional one-year period.

Semi-Annual Report \| March 31, 2025 145

RiverNorth Funds Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements

*March 31, 2025 (Unaudited)*

**Consideration of the Sub-Advisory Agreement with Oaktree with respect to the High Income Fund**

At the Meeting, the Board, including the Independent Trustees, also considered the renewal of the sub-advisory agreement (the "Oaktree Sub-Advisory Agreement") between the Adviser and Oaktree related to the High Income Fund.

The Board received materials compiled by Oaktree and the Adviser, provided in support of the proposed renewal of the Oaktree Sub-Advisory Agreement ("Oaktree Renewal Materials"). The Board considered the renewal of the Oaktree Sub-Advisory Agreement, noting that the Oaktree Renewal Materials contained information compiled by Oaktree and the Adviser, including a copy of the Oaktree Sub-Advisory Agreement, Oaktree's response to a questionnaire regarding its profitability, management and operations, a copy of Oaktree's Form ADV and information regarding the performance of the Fund. The Board considered the following factors, among others, in reaching its determination to renew the Oaktree Sub-Advisory Agreement: (i) the investment performance of the High Income Fund and the investment performance of Oaktree, (ii) the nature, extent and quality of the services provided by Oaktree to the High Income Fund, (iii) the experience and qualifications of the personnel providing such services, (iv) the costs of the services provided and the profits to be realized by Oaktree and any of its affiliates from the relationship with the High Income Fund, (v) the extent to which economies of scale will be realized by the High Income Fund as it grows, and (vi) whether the fee levels of the High Income Fund reflected the economies of scale to the benefit of the Fund's shareholders.

The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Oaktree Sub-Advisory Agreement and the weight to be given to each such factor. The Trustees' conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Oaktree Sub-Advisory Agreement. Although not meant to be all-inclusive, the following discussion summarizes the material factors considered and conclusions reached by the Trustees in determining to renew the Oaktree Sub-Advisory Agreement at the Meeting, and at the November 4, 2024 special meeting of the Board that was held to review and discuss the materials and information the Board requested from Oaktree related to the Oaktree Sub-Advisory Agreement.

The Board reviewed the performance of the High Income Fund for the three months, one-year, three-year, five-year, ten-year and since inception periods. The Trustees recalled their deliberations regarding the High Income Fund's performance while considering the renewal of the Management Agreement, acknowledging their satisfaction with the Fund's performance. The Board also reviewed the performance of the portion of the High Income Fund managed by Oaktree relative to other accounts managed by Oaktree. The Board, including the Independent Trustees, concluded that the performance was in line with expectations for the Oaktree strategy.

As to the comparative fees and expenses, the Board considered the management fee paid by the High Income Fund to the Adviser, and noted that the Adviser pays Oaktree from its fee, which the Board had previously determined was reasonable. The Board also compared the sub-advisory fee paid by the Adviser to Oaktree against the fees that Oaktree charges other clients to manage similar strategies.

146 (888) 848-7569 \| www.rivernorth.com

RiverNorth Funds Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements

*March 31, 2025 (Unaudited)*

As to the nature, extent and quality of the services provided by Oaktree, the Board considered that under the terms of the Oaktree Sub-Advisory Agreement, Oaktree, subject to the supervision of the Board, provides to the High Income Fund such investment advice as Oaktree, in its discretion, deemed advisable and furnishes or arranges to be furnished a continuous investment program for the Fund consistent with the Fund's investment objective and policies. The Board reviewed the Form ADV of Oaktree, which provided details regarding the experience of Oaktree's investment personnel. Oaktree also provided additional information regarding its operations and experience managing other investment accounts. The Board noted that RiverNorth was satisfied with Oaktree's work with the High Income Fund. Based on the foregoing information, the Board, including the Independent Trustees, concluded that Oaktree had provided quality services and could be expected to continue to do so for the High Income Fund.

As to the cost of the services provided and the profits to be realized by Oaktree, the Board reviewed Oaktree's financial condition. The Board, including the Independent Trustees determined that the Oaktree Sub-Advisory Agreement and the compensation to Oaktree was reasonable and the financial condition of Oaktree was adequate. The Board noted that Oaktree has no affiliations with the Fund's transfer agent, administrator, fund accountant, custodian, or distributor and therefore does not derive any benefits from the relationships these parties may have with the Trust.

Based upon such information as they considered necessary to the exercise of their reasonable business judgment, the Trustees, including all of the Independent Trustees, concluded that it was in the best interests of the High Income Fund to continue the Oaktree Sub-Advisory Agreement between the Adviser and Oaktree for an additional one-year period.

Semi-Annual Report \| March 31, 2025 147

**RiverNorth Funds**

RiverNorth Core Opportunity Fund

RiverNorth/DoubleLine Strategic Income Fund

RiverNorth/Oaktree High Income Fund

**Board of Trustees**

Patrick W. Galley, CFA, Chairman

Jerry R. Raio

David M. Swanson

John K. Carter

J. Wayne Hutchens

**Investment Adviser**

RiverNorth Capital Management, LLC

**Sub Advisers**

DoubleLine Capital LP

Oaktree Fund Advisors, LLC

**Transfer Agent, Administrator and**

**Dividend Disbursing Agent**

ALPS Fund Services, Inc.

**Distributor**

ALPS Distributors, Inc.

**Custodian**

State Street Bank & Trust, Co.

**Independent Registered**

**Public Accounting Firm**

Cohen & Company, Ltd.

*This report is provided for the general information of the shareholders of the RiverNorth Funds. This report is not intended for distribution to prospective investors in the Funds, unless preceded or accompanied by an effective prospectus.*

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

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

Not applicable during the period covered by this report.

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

Not applicable during the period covered by this report.

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

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

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

The Statement Regarding the Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

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

Not applicable to the Registrant.

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

The Registrant has not adopted procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees.

**Item 16.** **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's principal executive officer and principal financial officer have concluded that the Registrant's disclosure
 controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act"))
 are effective based on their evaluation of these controls and procedures, required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b)
 under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no significant changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the
 1940 Act) during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's
 internal control over financial reporting.

**Item 17.** **Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.** 

Not applicable to the Registrant.

**Item 18.** **Recovery of Erroneously Awarded Compensation.** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 19.** **Exhibits.**

(a)(1) Not applicable to semi-annual report.

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

---

| | |
|:---|:---|
| (a)(3) | [The certifications of the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(a) of the 1940 Act and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.CERT.](fp0093144-1_ex99cert.htm) |

---

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [The certifications of the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) of the 1940 Act and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](fp0093144-1_ex99906cert.htm)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Registrant: <u>RiverNorth Funds</u>

---

| | |
|:---|:---|
| By: | /s/ Patrick W. Galley |
| Name: | Patrick W. Galley |
| Title: | President and Principal Executive Officer |
| Date: | June 6, 2025 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Patrick W. Galley |
| Name: | Patrick W. Galley |
| Title: | President and Principal Executive Officer |
| Date: | June 6, 2025 |

---

---

| | |
|:---|:---|
| By: | /s/ Jonathan M. Mohrhardt |
| Name: | Jonathan M. Mohrhardt |
| Title: | Treasurer and Chief Financial Officer |
| Date: | June 6, 2025 |

---

## Ex-99.Cert

Exhibit 99.CERT

**CERTIFICATIONS PURSUANT TO SECTION 302**

**OF THE SARBANES-OXLEY ACT OF 2002**

I, Patrick W. Galley, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the RiverNorth Funds
(the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) and I have disclosed to the Registrant's auditors and the
audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the Registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Patrick W. Galley |
| Name: | Patrick W. Galley |
| Title: | President and Principal Executive Officer |
| Date: | June 6, 2025 |

---

I, Jonathan M. Mohrhardt, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of the RiverNorth Funds
(the "Registrant");

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to
state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not
misleading with respect to the period covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report,
fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the
financial statements are required to include a statement of cash flows) of the Registrant as of, and for, the periods presented in this
report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The Registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure
controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting
(as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the Registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to
be designed under our supervision, to ensure that material information relating to the Registrant, including its consolidated subsidiaries,
is made known to us by others within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Designed such internal control over financial reporting, or caused such internal control over financial
reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the
preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;c) Evaluated the effectiveness of the Registrant's disclosure controls and procedures and presented in this
report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing
date of this report based on such evaluation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;d) Disclosed in this report any change in the Registrant's internal control over financial reporting
that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the
Registrant's internal control over financial reporting; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The Registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the
audit committee of the Registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;a) All significant deficiencies and material weaknesses in the design or operation of internal control over
financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report
financial information; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;b) Any fraud, whether or not material, that involves management or other employees who have a significant
role in the Registrant's internal control over financial reporting.

---

| | |
|:---|:---|
| By: | /s/ Jonathan M. Mohrhardt |
| Name: | Jonathan M. Mohrhardt |
| Title: | Treasurer and Chief Financial Officer |
| Date: | June 6, 2025 |

---

## Exhibit 99.906

**EX-99.906CERT**

**CERTIFICATIONS PURSUANT TO SECTION 906 OF THE** 

**SARBANES-OXLEY ACT OF 2002**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2025 of RiverNorth Funds (the "Registrant").

I, Patrick W. Galley, the President and Principal Executive Officer of the Registrant, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the report on Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d), as applicable,
of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | June 6, 2025 | /s/ Patrick W. Galley |
|  |  | Patrick W. Galley |
|  |  | President and Principal Executive Officer |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended March 31, 2025 of RiverNorth Funds (the "Registrant").

I, Jonathan M. Mohrhardt, the Treasurer and Chief Financial Officer of the Registrant, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the report on Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d), as applicable,
of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Registrant.

---

| | | |
|:---|:---|:---|
| Date: | June 6, 2025 | /s/ Jonathan M. Mohrhardt |
|  |  | Jonathan M. Mohrhardt |
|  |  | Treasurer and Chief Financial Officer |

---

This certification is being furnished to the Securities and Exchange Commission pursuant to Rule 30a-2(b) under the Investment Company Act of 1940, as amended, and 18 U.S.C. Section 1350 and is not being filed as part of the Form N-CSR with the Securities and Exchange Commission.