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: 811-21934

RiverNorth Funds

(Exact name of registrant as specified in charter)

360 S. Rosemary Avenue, Suite 1420 

West Palm Beach, FL 33401

(Address of principal executive offices) (Zip code)

Marcus L. Collins 

360 S. Rosemary Avenue, Suite 1420 

West Palm Beach, FL 33401

(Name and address of agent for service)

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

Date of fiscal year end: 09/30

Date of reporting period: 09/30/2022

Item 1. Reports to Stockholders.

(a)

RiverNorth Funds Table of Contents

Shareholder Letter	2
Opportunistic Closed-End Fund Strategies
Portfolio Update	4
RiverNorth Core Opportunity Fund	4
RiverNorth/DoubleLine Strategic Income Fund	9
RiverNorth/Oaktree High Income Fund	15
RiverNorth Funds Schedule of Investments and Financial Statements
Disclosure of Fund Expenses	23
Schedule of Investments
RiverNorth Core Opportunity Fund	25
RiverNorth/DoubleLine Strategic Income Fund	28
RiverNorth/Oaktree High Income Fund	81
Statement of Assets and Liabilities
RiverNorth Core Opportunity Fund	99
RiverNorth/DoubleLine Strategic Income Fund	100
RiverNorth/Oaktree High Income Fund	101
Statement of Operations
RiverNorth Core Opportunity Fund	102
RiverNorth/DoubleLine Strategic Income Fund	103
RiverNorth/Oaktree High Income Fund	104
Statements of Changes in Net Assets
RiverNorth Core Opportunity Fund	105
RiverNorth/DoubleLine Strategic Income Fund	107
RiverNorth/Oaktree High Income Fund	109
Financial Highlights
RiverNorth Core Opportunity Fund	112
RiverNorth/DoubleLine Strategic Income Fund	120
RiverNorth/Oaktree High Income Fund	128
Notes to Financial Statements	135
Report of Independent Registered Public Accounting Firm	158
Additional Information	159
Liquidity Risk Management Program	160
Trustees & Officers	161

RiverNorth Funds Shareholder Letter

September 30, 2022 (Unaudited)

Dear Fellow Shareholders,

Last year, we started off one of our shareholder letters with the following sentence: “The economic environment in the U.S. has changed meaningfully relative to a year ago.” Those words were written as the global economy was sharply rebounding from the depths of the COVID-19 pandemic (the "Pandemic"). For different reasons, those words ring true again as we pen this year’s annual letter.

Inflation is running at levels we haven’t seen in decades. Interest rates are ratcheting up accordingly. The Federal Reserve (“Fed”) is aggressively hiking short term rates to slow the pace of rising prices while implementing its plan to reduce the size of its balance sheet which had grown by several trillion dollars while fighting the economic effects of the Pandemic.

While financial pundits debate the probability of aggressive Fed monetary policy throwing the U.S. economy into a recession, higher long-term rates have thrown some cold water on the red-hot U.S. residential real estate market.

Add geopolitical uncertainty to the mix, mainly from the Russian invasion of Ukraine, and it’s no surprise that broad based equity and fixed income asset classes have experienced steep losses over the past several months. Many fixed income indices have experienced the worst start to a calendar year EVER. A common theme surrounding recent market performance has been, “no place to hide,” as assets across the risk spectrum have experienced significant volatility.

RiverNorth Capital Management, LLC's ("RiverNorth") investment strategies have historically benefitted from volatility (although past performance is no guarantee of future results). We believe the asset classes we specialize in including closed-end funds (“CEFs”), business development companies (“BDCs”) and special purpose acquisition companies (“SPACs”) tend to be under-followed, less-liquid, and misunderstood by the general investing public. Our view is that those characteristics, combined with volatility, may create opportunities to add value through our trading strategies. After reaching fully valued levels last summer, we are seeing attractive discounts again in both CEFs and BDCs. After record issuance in 2020 and Q1 2021, the SPAC market has cooled considerably. While these developments sound negative on the surface, we believe that they may create opportunity for RiverNorth.

RiverNorth co-manages two of our Funds with fixed-income managers, DoubleLine Capital and Oaktree Capital. We believe their focus on risk-adjusted returns is paramount during periods of economic weakness. Together, we remain optimistic about the prospects of our fixed-income funds.

We are pleased to provide you with the following 2022 Annual Report. The report reviews our three opportunistic closed-end strategies: the RiverNorth Core Opportunity Fund (RNCIX/RNCOX), the RiverNorth/DoubleLine Strategic Income Fund (RNSIX/RNDLX), and the RiverNorth/Oaktree High Income Fund (RNHIX/RNOTX).

Please visit www.rivernorth.com for additional information.

We thank you for your investment and trust in managing your assets.

Respectfully,

RiverNorth Capital Management, LLC

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

RiverNorth Funds Shareholder Letter

September 30, 2022 (Unaudited)

Opinions and estimates offered constitute our judgement and are subject to change.

Definitions:

Closed-End Fund – A closed-end fund is a portfolio of pooled assets that raises a fixed amount of capital through an initial public offering (IPO) and then lists shares for trade on a stock exchange.

Market Price – The market price at which a closed-end fund trades often varies from its net asset value ("NAV"). Some funds have market prices below their NAVs, referred to as a discount. Conversely, some funds have market prices above their NAVs, referred to as a premium.

Annual Report | September 30, 2022 3

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

RiverNorth Core Opportunity Fund

What is the Fund's investment strategy?

The RiverNorth Core Opportunity Fund (the “Fund”) opportunistically allocates its assets to four niche asset classes: closed-end funds (“CEFs”), special purpose acquisition companies (“SPACs”), business development companies (“BDCs”), and investment company debt (“ICD”). The Fund also allocates to exchange-traded funds (“ETFs”) and cash/equivalents to preserve fund level liquidity, while providing a source of dry powder to take advantage of tactical allocation opportunities.

How did the Fund perform relative to its benchmark during the period?

For the twelve-month period ended September 30, 2022, the Class I share (symbol: RNCIX) returned -16.70% and the Class R share (symbol: RNCOX) returned -16.88%. These returns compare to the S&P 500 Total Return Index return of -15.47%, the Bloomberg U.S. Aggregate Bond Index return of -14.61%, and the Morningstar U.S. Fund Allocation Category average return of -14.69%.

Comparison of a $10,000 Investment in the RiverNorth Core Opportunity Fund Class R, the Blend Index, and the S&P 500^® Index.

 

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

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

Comparison of a $100,000 Investment in the RiverNorth Core Opportunity Fund Class I, the Blend Index, and the S&P 500^® Index.

 

Average Annual Total Returns for Periods Ended September 30, 2022

	1-Year	3-Year	5-Year	10 Year	Since Inception(1)(2)
RiverNorth Core Opportunity Fund – Class I (RNCIX)(3)	-16.70%	2.42%	3.33%	5.86%	6.68%
RiverNorth Core Opportunity Fund – Class R (RNCOX)	-16.88%	2.17%	3.08%	5.61%	6.42%
Blend Index(4)	-14.85%	3.85%	5.70%	7.50%	6.34%
S&P 500® Index(4)	-15.47%	8.16%	9.24%	11.70%	8.19%

⁽¹⁾ Inception date of Class R is December 27, 2006.

⁽²⁾ Inception date of Class I is August 11, 2014.

⁽³⁾ In presenting performance information for the newer Institutional share class of the Fund, the Fund includes, for periods prior to the offering of the Institutional share class, the operating expense ratio and performance of the Fund’s Retail share class, adjusted to reflect the class-related operating expenses of the Institutional share class. Actual expense differentials across classes will vary over time. The performance of the Fund’s newer Institutional share class would have been substantially similar to the performance of the Fund’s Retail share class because both share classes of the Fund are invested in the same portfolio of securities and would have differed only to the extent that the classes do not have the same expenses (although differences in expenses between share classes may change over time).

Annual Report | September 30, 2022 5

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

⁽⁴⁾ Blend Index consists of 60% S&P 500^® Index and 40% Bloomberg Capital U.S. Aggregate Bond Index. S&P 500^® Index is a capitalization-weighted index of 500 stocks. The Bloomberg Capital U.S. Aggregate Bond Index is an unmanaged index of investment-grade fixed-rate debt issues with maturities of at least one year. This unmanaged index does not reflect fees and expenses. The S&P 500^® and Blend Indices are indices only and cannot be invested in directly.

Performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling (888) 848-7569 or visiting www.rivernorth.com. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Total Annual Fund Operating Expense for the Fund as disclosed in the prospectus dated January 28, 2022: 3.06% (RNCIX); 3.31% (RNCOX). In presenting expense information for the newer Institutional share class of the Fund, the Fund includes, for periods prior to the offering of the Institutional share class, the operating expense ratio of the Fund’s Retail share class, adjusted to reflect the class-related operating expenses of the Institutional share class. Actual expense differentials across share classes will vary over time. The annualized net expense ratio in this annual report dated September 30, 2022 is 1.39% (RNCIX); 1.64% (RNCOX). The expense ratio as disclosed in the Fund’s annual report dated September 30, 2022 only includes the direct expenses paid by shareholders from their investment. The expense ratio as disclosed in the Fund’s prospectus dated January 28, 2022 is required to include the indirect expenses of investing in underlying funds.

What contributing factors were responsible for the Fund’s relative performance during the period?

The fiscal year September 30, 2022 was a period of significant weakness for CEFs with the All CEF peer group index down 17.03% and 20.91% on NAV and market price, respectively. Over that period we endured 3 of the worst 10 quarters for CEF performance since 1997 and the 2^nd worst month (September 2022) in the past 10 years.

The volatility in CEFs has pushed discounts out to very wide levels. At September 30, 2022, the All CEF Peer Group average discount was in the 85th percentile of wideness. Said differently, only 15% of the time has the average discount been wider than where they sat at year-end.

If you look across those 15% of observations that were wider, you’ll notice that most of them are clustered close to where discounts are today. It’s very rare to see significantly wider discounts.

Exposure to CEFs (both NAVs and discounts) was the largest detractor from performance over the fiscal year. The Fund’s exposure to ICD, SPACs and BDCs had a flat to small negative contribution to performance over the period.

How was the Fund positioned at the end of the period?

Year-over-year, the Fund has had a significant increase in CEF, ICD and ETF exposure with a commensurate decrease in cash, SPACs and BDCs.

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

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

The average discount of the Fund’s CEF portfolio widened about 5.7% and ended the fiscal year at -15.0%. We view this level of discounts as an attractive margin of safety and potential source of alpha if discounts narrow from here.

What is the outlook?

We expect that investors will continue to harvest CEF tax losses into the 4th quarter of 2022. It’s hard to say when the selling will peak, but it’s typically around Thanksgiving. In the CEF market, discounts tend to bottom around that time.

It’s our opinion that CEFs are truly providing a double discount on most asset classes. With market prices for the major peer groups, both equity and fixed income, down 15-25% over the reporting period, we believe current discounts on top of cheaper asset classes make CEFs uniquely attractive.

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

 

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

 

Annual Report | September 30, 2022 7

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

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

 

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

⁽¹⁾ Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Exchange Traded Note Risk – exchange traded notes represent unsecured debt of the issuer and may be influenced by interest rates, credit ratings of the issuer or changes in value of the reference index. Fixed Income Risk – the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default. Foreign/Emerging Market Risk – foreign securities may be subject to inefficient or volatile markets, different regulatory regimes or different tax policies. These risks may be enhanced in emerging markets. Management Risk – there is no guarantee that the adviser’s investment decisions will produce the desired results. Large Shareholder Purchase and Redemption Risk – The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Market Risk – economic conditions, interest rates and political events may affect the securities markets. REIT Risk – the value of REITs changes with the value of the underlying properties and changes in interest rates and are subject to additional fees. Security Risk – The value of the Fund may decrease in response to the activities and financial prospects of individual securities in the Fund’s portfolio. Short Sale Risk – short positions are speculative, are subject to transaction costs and are riskier than long positions in securities. Small-Cap Risk – small cap companies are more susceptible to failure, are often thinly traded and have more volatile stock prices. Structured Notes Risk – because of the imbedded derivative feature, structured notes are subject to more risk than investing in a simple note or bond. Swap Risk – swap agreements are subject to counterparty default risk and may not perform as intended. Underlying Fund Risk – underlying funds have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values.

⁽²⁾ Credit quality allocation reflects a fixed-income portfolio weighted average of the credit breakdown of each CEF as provided by the adviser of said CEF. If a credit breakdown is not provided by the adviser, Bloomberg is used. Investment grade refers to a bond rated BBB- or higher by Standard & Poor’s or Baa3 or higher by Moody’s. High yield refers to a bond rate lower than investment grade. For more information about securities ratings, please see the Fund’s Statement of Additional information at www.rivernorth.com.

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

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

RiverNorth/DoubleLine Strategic Income Fund

What is the Fund's investment strategy?

The RiverNorth/DoubleLine Strategic Income ("the Fund") invests in a broad range of fixed income securities of U.S. and foreign issuers, including closed-end funds ("CEFs").

Assets of the Fund are tactically managed across three strategies (or sleeves). RiverNorth Capital Management, LLC (“RiverNorth”) oversees the strategy weights and manages the Tactical Closed-End Fund Income Strategy. The RiverNorth strategy provides diversified exposure to the fixed income market through opportunistic investments in closed-end bond funds, and business development companies (“BDC”). Sector allocations are based on RiverNorth's assessment of relative value among asset classes and CEFs. Jeffrey Gundlach, CEO and CIO of DoubleLine Capital, LP (“DoubleLine”), and his team oversee the Opportunistic Income and Core Fixed Income Strategies. The Opportunistic Income Strategy seeks to achieve positive absolute returns and is managed without duration constraints. The Core Fixed Income Strategy incorporates an active asset allocation approach in an effort to mitigate risk and achieve the highest possible risk-adjusted returns.

How did the Fund perform relative to its benchmark during the period?

For the twelve-month period ended September 30, 2022, the Class I share (symbol: RNSIX) returned -14.04% and the Class R share (symbol: RNDLX) returned -14.23%. The Bloomberg Capital U.S. Aggregate Bond Index returned -14.60%, during the same period.

Comparison of a $10,000 Investment in the RiverNorth/DoubleLine Strategic Income Fund Class R and the Capital U.S. Aggregate Bond Index

 

Annual Report | September 30, 2022 9

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

Comparison of a $100,000 Investment in the RiverNorth/DoubleLine Strategic Income Fund Class I and the Capital U.S. Aggregate Bond Index

 

Average Annual Total Returns for Periods Ended September 30, 2022

	1-Year	3-Year	5-Year	10 Year	Since Inception(1)
RiverNorth/DoubleLine Strategic Income Fund – Class I (RNSIX)	-14.04%	-1.46%	0.78%	2.63%	4.10%
RiverNorth/DoubleLine Strategic Income Fund – Class R (RNDLX)	-14.23%	-1.71%	0.53%	2.38%	3.86%
Bloomberg Capital U.S. Aggregate Bond Index(2)	-14.60%	-3.26%	-0.27%	0.89%	1.77%

⁽¹⁾ Inception date is December 30, 2010.

⁽²⁾ The Bloomberg Capital U.S. Aggregate Bond Index is an unmanaged index of investment-grade fixed-rate debt issues with maturities of at least one year. The index cannot be invested in directly and does not reflect fees and expenses.

Performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling (888) 848-7569 or visiting www.rivernorth.com. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

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

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

The Total Annual Fund Operating Expense for the Fund as disclosed in the prospectus dated January 28, 2022: 1.16% (RNSIX); 1.41% (RNDLX). The annualized net expense ratio in this annual report dated September 30, 2022 is 0.87% (RNSIX) and 1.12% (RNDLX). The expense ratio as disclosed in the Fund’s annual report dated September 30, 2022 only includes the direct expenses paid by shareholders from their investment. The expense ratio as disclosed in the Fund’s prospectus dated January 28, 2022 is required to include the indirect expenses of investing in underlying funds.

What contributing factors were responsible for the Fund’s relative performance during the period?

RiverNorth Tactical Closed-End Fund Income Sleeve

The fiscal year ended September 30, 2022 was a period of significant weakness for fixed income CEFs with the All Taxable Fixed Income CEF peer group index down 15.78% and 21.66% on NAV and market price, respectively. Over that period we endured 3 of the worst 10 quarters for CEF performance since 1997 and the 2nd worst month (September 2022) in the past 10 years.

The volatility in CEFs has pushed discounts out to very wide levels. As of September 30, 2022, the All Taxable Fixed Income CEF Peer Group average discount was in the 91st percentile of wideness. Said differently, only 9% of the time has the average discount been wider than where they sat at year-end.

If you look across those 9% of observations that were wider, you’ll notice that most of them are clustered close to where discounts are today. It’s very rare to see significantly wider discounts.

We had relatively low CEF exposure during the reporting period. Given the poor performance of the CEF space, we believe that this saved the Fund from steeper losses. Conversely, we had the highest special purpose acquisition company (“SPAC”) exposure since inception of the Fund. The SPAC exposure likely contributed flat-to-positive performance over the reporting period which was a large, relative winner.

All three sleeves within the Fund contributed negatively to performance over the fiscal year. Further, all asset classes within the RiverNorth sleeve contributed negatively to performance over the year, although the Fund’s exposure to BDCs, investment company debt (“ICD”) and SPACs contributed small, negative returns.

DoubleLine Opportunistic Income Sleeve

For the 12-month period ended September 30, 2022, the portfolio outperformed the Bloomberg US Aggregate Bond Index return of -14.60%. This was a tumultuous period for the global economy as headline inflation rates in the US spiked to as high as 9% and central bankers subsequently scrambled to tighten monetary policy. The 2-year US Treasury yield rose by 400 basis points (“bps”) during this period and the 10-year US Treasury yield jumped 234bps. The US Federal Reserve hiked its policy rate by 300bps from March to September of 2022 and commenced its official balance sheet runoff program, known as quantitative tightening, in June. The response from financial assets was uniformly negative. The Fund’s benchmark, the Bloomberg US Aggregate Bond Index, fell 14.60% and its US Treasury, Agency Mortgage Backed-Securities (“MBS”), and Investment-grade corporate subcategories fell 12.94%, 13.98%, and 18.53% respectively. Despite its negative total rate of return, the Fund was able to outperform on a relative basis due to its active duration management and asset allocation. In terms of duration management, the Fund consistently maintained a lower duration than the benchmark which naturally bolstered relative performance as rates rose. As for asset allocation, nearly all of the credit sleeves in the Fund outperformed the credit and government-backed securities held in the Index. The top-performing sectors in the Fund were non-agency commercial mortgage-backed securities (“CMBS”) and non-agency residential mortgage-backed securities (“RMBS”). Both of these asset categories benefitted from having high levels of monthly interest income and a relatively lower sensitivity to interest rate changes. Non-agency CMBS enjoyed the added benefit of continued loan-level resolutions for properties that were adversely impacted by the Pandemic. Non-agency RMBS fared much better through the Pandemic and bond valuations enjoyed a steady tailwind from the strong US housing economy. The worst-performing sectors in the Fund were emerging market (“EM”) debt and US government/agency MBS debt. The EM market as a whole struggled throughout this period as the US dollar surged and credit spreads widened. US government and agency MBS holdings were negatively impacted by duration, spread widening on the mortgages, and generally negative sentiment in the market as the Federal Reserve embarked on quantitative tightening.

Annual Report | September 30, 2022 11

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

DoubleLine Core Fixed Income Sleeve

For the 12-month period ended September 30, 2022, the portfolio outperformed the Bloomberg U.S. Aggregate Bond Index return of -14.60%. Relative outperformance was driven by asset allocation and duration positioning. Rates increased across all tenors of the US Treasury curve during the period with 2-year yields rising by 400bps and 10-yr yields increasing by 234bps. The sleeve’s short duration relative to the benchmark positively contributed to outperformance given the increase in treasury yields. The sleeve’s allocation to structured credit sectors such as collateralized loan obligations (“CLOs”), asset backed securities (“ABS”), non-agency RMBS, and non-agency CMBS also positively contributed to outperformance driven in part by their shorter duration profiles. Exposure to fixed rate corporate credit sectors such as emerging market debt, investment grade corporate credit, and high yield detracted from performance as these sectors suffered price declines due to credit spread widening and rising interest rates.

How was the Fund positioned at the end of the period?

The Fund's sleeve allocation at fiscal year-end is as follows: 24% RiverNorth Tactical CEF Income, 35% DoubleLine Core Fixed Income, and 41% DoubleLine Opportunistic Income. Over the year, there was a modest increase in the assets allocated to the DoubleLine Opportunistic Income and Core sleeves and a corresponding decrease in the RiverNorth sleeve. Some of this change can be attributed to relative performance differences across the sleeves.

The average discount of the Fund’s CEF portfolio widened about 6.9% to a 12.5% discount at fiscal year end, which we view as very attractive.

Year over year, the Fund’s credit quality, duration and broad asset class exposure remained relatively stable.

What is the outlook?

We expect that investors will continue to harvest CEF tax losses into the 4th quarter of 2022. It’s hard to say when the selling will peak, but it’s typically around Thanksgiving. In the CEF market, discounts tend to bottom around that time.

It’s our opinion that CEFs are truly providing a double discount on most asset classes. With market prices for the fixed income CEF peer groups down 20-25% over the reporting period, we believe current discounts on top of cheaper asset classes make CEFs uniquely attractive.

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

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

Strategy (“Sleeve”) Allocation

 

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

 

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

 

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

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

Annual Report | September 30, 2022 13

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

⁽¹⁾ Asset-Backed Security Risk – the risk that the value of the underlying assets will impair the value of the security. Borrowing Risk – borrowings increase fund expenses and are subject to repayment, possibly at inopportune times. Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Defaulted Securities Risk – defaulted securities carry the risk of uncertainty of repayment. Derivatives Risk – derivatives are subject to counterparty risk. Exchange Traded Note Risk – exchange traded notes represent unsecured debt of the issuer and may be influenced by interest rates, credit ratings of the issuer or changes in value of the reference index. Fixed Income Risk – the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default. Foreign/Emerging Market Risk – foreign securities may be subject to inefficient or volatile markets, different regulatory regimes or different tax policies. These risks may be enhanced in emerging markets. Liquidity Risk – illiquid investments may be difficult or impossible to sell. Large Shareholder Purchase and Redemption Risk – The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Management Risk – there is no guarantee that the adviser’s or sub-adviser’s investment decisions will produce the desired results. Market Risk – economic conditions, interest rates and political events may affect the securities markets. Mortgage-Backed Security Risk – mortgage backed securities are subject to credit risk, pre-payment risk and devaluation of the underlying collateral. Portfolio Turnover Risk – increased portfolio turnover results in higher brokerage expenses and may impact the tax status of distributions. Rating Agency Risk – rating agencies may change their ratings or ratings may not accurately reflect a debt issuer’s creditworthiness. REIT Risk – the value of REITs changes with the value of the underlying properties and changes in interest rates and are subject to additional fees. Security Risk –The value of the Fund may decrease in response to the activities and financial prospects of individual securities in the Fund’s portfolio. Structured Notes Risk – because of the imbedded derivative feature, structured notes are subject to more risk than investing in a simple note or bond. Swap Risk – swap agreements are subject to counterparty default risk and may not perform as intended. Underlying Fund Risk – underlying funds have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values.

⁽²⁾ For the sleeve managed by RiverNorth, credit quality allocation reflects a fixed-income portfolio weighted average of the credit breakdown of each CEF as provided by the advisor of said CEF. If a credit breakdown is not provided by the advisor, Bloomberg is used. For the sleeves managed by DoubleLine, credit quality allocation is determined from the highest available credit rating from any Nationally Recognized Statistical Rating Organization (S&P, Moody’s and Fitch). Investment grade refers to a bond rated BBB- or higher by Standard & Poor’s or Baa3 or higher by Moody’s. High yield refers to a bond rated lower than investment grade. For more information about securities ratings, please see the Fund’s Statement of Additional Information at www.rivernorth.com.

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

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

RiverNorth/Oaktree High Income Fund

What is the Fund's investment strategy?

The RiverNorth/Oaktree High Income Fund ("the Fund") invests in a broad range of income producing securities including both fixed income and equity securities. Assets of the Fund are tactically managed across three income strategies (or sleeves). RiverNorth Capital Management, LLC (“RiverNorth”) manages the Tactical Closed-End Fund Strategy. This strategy is designed to provide diversified fixed income and equity income exposure through opportunistic investments in closed-end funds ("CEFs"). Oaktree Fund Advisors, LLC ("Oaktree") manages the High Yield Bond and Senior Loan Strategies on a global basis. Oaktree will tactically manage the allocation between the High Yield Bond and Senior Loan Strategies based both on market opportunities and the risk and reward trade-offs between the two asset classes.

How did the Fund perform relative to its benchmark during the period?

For the 12-month period ended September 30, 2022, the Class I share (symbol: RNHIX) returned -10.03% and the Class R share (symbol: RNOTX) returned -10.27%. The ICE Bank of America Merrill Lynch Non-Financial Developed High Yield Constrained Index (the "BofA Non-Financial Developed HY Constrained Index") and CSFB Leveraged Loan Index returned -17.72% and -2.62%, respectively, during the same period.

Comparison of a $10,000 Investment in the RiverNorth/Oaktree High Income Fund Class R, BofA ML Non-Financial Developed HY Constrained Index and the CSFB Leveraged Loan Index

 

Annual Report | September 30, 2022 15

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

Comparison of a $100,000 Investment in the RiverNorth/Oaktree High Income Fund Class I, BofA ML Non-Financial Developed HY Constrained Index and the CSFB Leveraged Loan Index

 

Average Annual Total Returns for the Period Ended September 30, 2022

	1-Year	3-Year	5-Year	10-Year	Since Inception(1)
RiverNorth/Oaktree High Income Fund – Class I (RNHIX)	-10.03%	-0.79%	0.91%	x.xx%	2.79%
RiverNorth/Oaktree High Income Fund – Class R (RNOTX)	-10.27%	-1.04%	0.66%	x.xx%	2.52%
BofA ML Non-Financial Developed HY Constrained Index(2)	-17.72%	-2.12%	-0.01%	x.xx%	2.63%
CSFB Leveraged Loan Index(2)	-2.62%	2.05%	2.89%	x.xx%	3.58%

⁽¹⁾ Inception date is December 28, 2012.

⁽²⁾ The BofA ML Non-Financial Developed Markets HY Constrained Index contains all securities in the BofA Merrill Lynch Global High Yield Index from developed markets countries but caps issuer exposure at 2%. Developed markets is defined as an FX-G10 member, a Western European nation, or a territory of the U.S. or a Western European nation. The BofA ML Non-Financial Developed Markets HY Constrained Index tracks the performance of USD, CAD, GBP and EUR denominated below investment grade corporate debt publicly issued in the major domestic or Eurobond markets. Qualifying securities must have a below investment grade rating (based on an average of Moody’s, S&P and Fitch). The CSFB Leveraged Loan Index tracks the investable market of the U.S. dollar denominated leveraged loan market. It consists of issues rated “5B” or lower, meaning that the highest rated issues included in this index are Moody’s/S&P ratings of Baa1/BB+ or Ba1/BBB+. All loans are funded term loans with a tenor of at least one year and are made by issuers domiciled in developed countries. The BofA ML Non-Financial Developed Markets HY Constrained and the CSFB Leveraged Loan Indices are indices only and cannot be invested in directly.

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

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

Performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares, when redeemed, may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling (888) 848-7569 or visiting www.rivernorth.com. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions and does not reflect the deduction of taxes that a shareholder would pay on fund distributions or the redemption of fund shares.

The Total Annual Operating Expense for the Fund as disclosed in the prospectus dated January 28, 2022: 1.41% (RNHIX); 1.66% (RNOTX). The adviser has contractually agreed to defer the collection of fees and/or reimburse expenses, but only to the extent necessary to limit Total Annual Fund Operating 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) to 1.35% (RNHIX) and 1.60% (RNOTX) of the average daily net assets of the Fund through January 31, 2022. The annualized net expense ratio in this annual report dated September 30, 2022 is 1.35% (RNHIX) and 1.60% (RNOTX). The expense ratio as disclosed in the Fund’s annual report dated September 30, 2022 only includes the direct expenses paid by shareholders from their investment. The expense ratio as disclosed in the Fund’s prospectus dated January 28, 2022 is required to include the indirect expenses of investing in underlying funds.

What contributing factors were responsible for the Fund’s relative performance during the period?

RiverNorth Tactical Closed-End Fund Sleeve

The fiscal year ended September 30, 2022 was a period of significant weakness for fixed income CEFs with the All Taxable Fixed Income CEF peer group index down 15.78% and 21.66% on NAV and market price, respectively. Over that period we endured 3 of the worst 10 quarters for CEF performance since 1997 and the 2nd worst month (September 2022) in the past 10 years.

The volatility in CEFs has pushed discounts out to very wide levels. At September 30, 2022, the All Taxable Fixed Income CEF Peer Group average discount was in the 91st percentile of wideness. Said differently, only 9% of the time has the average discount been wider than where they sat at year end.

If you look across those 9% of observations that were wider, you’ll notice that most of them are clustered close to where discounts are today. It’s very rare to see significantly wider discounts.

The Oaktree sleeve was the most significant negative contributor to performance over the year, while the CEF sleeve had a relatively small negative contribution to performance.

The RiverNorth sleeve’s exposure to the underlying net asset values of CEFs was the largest detractor from performance for the period.

Annual Report | September 30, 2022 17

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

Oaktree High Yield Bond & Senior Loan Sleeve

Recession fears and rising interest rates pummeled financial assets over the past twelve months. High yield bonds were not immune to the declines. Most notably, we’ve seen a significant increase in Treasury yields, which has pushed down bond prices across all fixed income, including high yield bonds. Importantly, however, the duration of high yield bonds is moderate, particularly compared to investment grade bonds. In addition to rising interest rates, the yield spread of the high yield bond market has also widened over the twelve-month period.

Although the default environment remains relatively benign, there has been an increase in the number of issues trading at or below 70% of par (an indicator of creditor weakness). The rising amount of stressed and distressed debt suggests that defaults should increase from their current low levels; however, two factors may help issuers survive an economic downturn.

First, the vast majority of bank loans are “covenant lite,” meaning most credit agreements don’t require companies to satisfy financial covenants, such as leverage ratios. Companies with credit agreements lacking these financial (aka maintenance) covenants obviously don’t have to worry about defaulting by breaching such covenants, so borrowers with covenant lite loans should default less frequently than those with traditional credit agreements.

Second, strong demand for high yield bonds from retail and institutional investors enabled many companies to extend their debt maturities and lower their interest burden by refinancing their debt. At today’s yield spreads, we believe investors are being well compensated for credit risk. Moreover, with high yield bonds trading at deep discounts, investors have ample opportunity to earn capital appreciation.

How was the Fund positioned at the end of the period?

The Fund's sleeve allocation at fiscal year end is as follows: 24% RiverNorth Tactical CEF Income and 76% Oaktree Global High Yield/Bank Loan.

The average discount of the Fund’s CEF portfolio widened about 1.5% to a 6.3% discount at year-end.

Oaktree High Yield Bond & Senior Loan Sleeve

At the end of September 2022, the portfolio remained broadly diversified. Roughly 81% of the global portfolio was allocated to North America, with the balance invested in Europe. In terms of Industry exposure, Hotels, Restaurants & Leisure and Software represented the two largest sectors in the portfolio.

We are monitoring our duration and yield curve positioning closely. Our objective is to ensure that the portfolio will not be disproportionately impacted if interest rates move up sharply.

What is the outlook?

We expect that investors will continue to harvest CEF tax losses into the 4th quarter of 2022. It’s hard to say when the selling will peak, but it’s typically around Thanksgiving. In the CEF market, discounts tend to bottom around that time.

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

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

It’s our opinion that CEFs are truly providing a double discount on most asset classes. With market prices for the fixed income CEF peer groups down 20-25% over the reporting period, we believe current discounts on top of cheaper asset classes make CEFs uniquely attractive.

Strategy Allocation

 

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

 

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

 

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

⁽¹⁾ Borrowing Risk – borrowings increase fund expenses and are subject to repayment, possibly at inopportune times. Closed- End Fund Risk – closed-end funds are exchange traded, may trade at a discount to their net asset values and may deploy leverage. Convertible Security Risk – the market value of convertible securities adjusts with interest rates and the value of the underlying stock. Credit Derivatives Risk – the use of credit derivatives is highly specialized, involves default, counterparty and liquidity risks and may not perfectly correlate to the underlying asset or liability being hedged. Currency Risk – foreign currencies will rise or decline relative to the U.S. dollar. Distressed and Defaulted Securities Risk – defaulted securities carry the risk of uncertainty of repayment. Equity Risk – equity securities may experience volatility and the value of equity securities may move in opposite directions from each other and from other equity markets generally. Fixed Income Risk – the market value of fixed income securities adjusts with interest rates and the securities are subject to issuer default. Foreign/Emerging Market Risk – foreign securities may be subject to inefficient or volatile markets, different regulatory regimes or different tax policies. These risks may be enhanced in emerging markets. Floating Interest Rate Risk – loans pay interest based on the London Interbank Offered Rate (LIBOR) and a decline in LIBOR could negatively impact the Fund’s return. Investment Style Risk – investment strategies may come in and out of favor with investors and may underperform or outperform at times. Large Shareholder Purchase and Redemption Risk – The Fund may experience adverse effects when certain large shareholders purchase or redeem large amounts of shares of the Fund. Loans Risk – loans may be unrated or rated below investment grade and the pledged collateral may lose value. Secondary trading in loans is not fully-developed and may result in illiquidity. Management Risk – there is no guarantee that the adviser’s or sub-adviser’s investment decisions will produce the desired results. Market Risk – economic conditions, interest rates and political events may affect the securities markets. Portfolio Turnover Risk – increased portfolio turnover results in higher brokerage expenses and may impact the tax status of distributions. Preferred Stock Risk – preferred stocks generally pay dividends, but may be less liquid than common stocks, have less priority than debt instruments and may be subject to redemption by the issuer. Security Risk – the value of the Fund may increase or decrease in response to the prospects of the issuers of securities and loans held in the Fund. Swap Risk – swap agreements are subject to counterparty default risk and may not perform as intended. Underlying Fund Risk – underlying funds have additional fees, may utilize leverage, may not correlate to an intended index and may trade at a discount to their net asset values. Valuation Risk – Loans and fixed-income securities are traded “over the counter” and because there is no centralized information regarding trading, the valuation of loans and fixed-income securities may vary.

Annual Report | September 30, 2022 19

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

⁽²⁾ For the sleeve managed by RiverNorth, credit quality allocation reflects a fixed-income portfolio weighted average of the credit breakdown of each CEF as provided by the advisor of said CEF. If a credit breakdown is not provided by the advisor, Bloomberg is used. For the sleeves managed by Oaktree, the sub-adviser uses a proprietary credit scoring matrix to rank potential investments. This process offers a systematic way of reviewing the key quantitative and qualitative variables impacting credit quality for each investment. Investment grade refers to a bond rated BBB- or higher by Standard & Poor’s or Baa3 or higher by Moody’s. High yield refers to a bond rated lower than investment grade. For more information about securities ratings, please see the Fund’s Statement of Additional Information at www.rivernorth.com.

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

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

Definitions:

Agency Mortgage-Backed Securities (Agency MBS) – Agency MBS are mortgage-backed securities issued by government-sponsored enterprises such as Government National Mortgage Association (GNMA or Ginnie Mae), Federal National Mortgage Association (FNMA or Fannie Mae) or Federal Home Loan Mortgage Corporation (Freddie Mac).

Alpha – Alpha is a measure of performance on a risk-adjusted basis. The excess return of a fund relative to the return of the benchmark index is a fund's alpha.

Basis Point (bps) – A common unit of measure for interest rates and other percentages in finance. One basis point is equal to 1/100th of 1%, or 0.01% (0.0001), and is used to denote the percentage change in a financial instrument.

Bloomberg U.S. Aggregate Bond Index – The Bloomberg U.S. Aggregate Bond Index is an unmanaged index of investment-grade fixed-rate debt issues with maturities of at least one year. The index cannot be invested in directly and does not reflect fees and expenses.

BofA Merrill Lynch Developed Markets High Yield Constrained Index – The BofA Merrill Lynch Developed Markets High Yield Constrained Index contains all securities in the BofA Merrill Lynch Global High Yield index from developed markets countries but cap issuer exposure at 2%. Developed markets is defined as an FX-G10 member, a Western European nation, or a territory of the U.S. or a Western European nation. The index tracks the performance of USD, CAD, GBP and EUR denominated below investment grade corporate debt publicly issued in the major domestic or Eurobond markets. Qualifying securities must have a below investment grade rating (based on an average of Moody's, S&P and Fitch). The index cannot be invested in directly and does not reflect fees and expenses.

Business Development Company (BDC) – A BDC is an organization that invests in small- and medium-sized companies as well as distressed companies. A BDC helps the small- and medium-sized firms grow in the initial stages of their development.

Collateralized Loan Obligation (CLO) – A CLO is a security backed by a pool of debt, often low- rated corporate loans. The investor receives scheduled debt payments from the underlying loans but assumes most of the risk in the event that borrowers default.

Commercial Mortgage-Backed Securities (CMBS) – CMBS are fixed-income investment products that are backed by mortgages on commercial properties rather than residential real estate.

Coupon – A coupon is the annual interest rate paid on a bond, expressed as a percentage of the face value.

Dry Powder – Dry Powder is an informal term that refers to highly liquid securities, cash reserves and any other security that can be converted to cash right away to meet debt obligations, cover operational expenses or invest in opportunities.

Investment Company Debt (ICD) – ICD are non-equity securities. Notes typically obligate issuers to repay creditor the principal loan, in addition to any interest payments, at a predetermined date.

Annual Report | September 30, 2022 21

RiverNorth Funds Portfolio Update

September 30, 2022 (Unaudited)

Morningstar All CEF Peer Group – The Morningstar All CEF Peer Group Index is an equally-weighted index of all U.S.-listed Closed-End Funds that invest substantially all of their assets in taxable, nonmunicipal securities.

Morningstar All Taxable Fixed Income CEF Peer Group – The Morningstar All Taxable Fixed Income CEF Peer Group is an equally-weighted index of all U.S.-listed Closed-End Funds that invest substantially all of their assets in taxable fixed income securities.

Morningstar U.S. Fund Allocation Category – The Morningstar U.S. Fund Allocation Category -50% to 70% Equity. Funds in allocation categories seek to provide both income and capital appreciation by investing in multiple asset classes, including stocks, bonds, and cash. These portfolios are dominated by domestic holdings and have equity exposures between 50% and 70%.

Mortgage-Backed Securities (MBS) – MBS are asset-backed securities that are secured by a mortgage or collection of mortgages.

Non-Agency Residential Mortgage-Backed Securities (Non-Agency RMBS) – Non-Agency RMBS are mortgage-backed securities sponsored by private companies other than the government sponsored enterprises such as Fannie Mae, Ginnie Mae, or Freddie Mac.

Par – Par value, also known as nominal value, is the face value of a bond or the stock value stated in the corporate charter.

Residential Mortgage-Backed securities (RMBS) – RMBS are a type of mortgage-backed debt obligation whose cash flows come from residential debt, such as mortgages, home-equity loans and subprime mortgages.

Special Purpose Acquisition Company (SPAC) – A SPAC is a company with no commercial operations that is formed strictly to raise capital through an initial public offering (IPO) for the purpose of acquiring an existing company.

Tax Loss Harvesting – Tax loss selling is the selling of securities at a loss to offset a capital gains tax liability.

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

RiverNorth Funds Disclosure of Fund Expenses

September 30, 2022 (Unaudited)

Expense Example

As a shareholder of the RiverNorth Funds (the "Trust" or "Funds"), you incur two types of costs: (1) transaction costs; and (2) ongoing costs, including management fees, distribution and service (12b-1) fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in the Funds and to compare these costs with the ongoing costs of investing in other mutual funds. The Example is based on an investment of $1,000 invested at the beginning of the period, April 1, 2022, and held for the six months ended September 30, 2022.

Actual Expenses

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

Hypothetical Example for Comparison Purposes

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

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

Annual Report | September 30, 2022 23

RiverNorth Funds Disclosure of Fund Expenses

September 30, 2022 (Unaudited)

	Beginning Account Value 04/01/2022	Ending Account Value 09/30/2022	Expense Ratio(a)	Expenses Paid During Period(b)
RiverNorth Core Opportunity Fund
Class I Shares
Actual	$1,000.00	$849.00	1.46%	$6.77
Hypothetical (5% return before expenses)	$1,000.00	$1,017.75	1.46%	$7.39
Class R Shares
Actual	$1,000.00	$848.20	1.72%	$7.97
Hypothetical (5% return before expenses)	$1,000.00	$1,016.44	1.72%	$8.69
RiverNorth/DoubleLine Strategic Income Fund
Class I Shares
Actual	$1,000.00	$898.90	0.89%	$4.24
Hypothetical (5% return before expenses)	$1,000.00	$1,020.61	0.89%	$4.51
Class R Shares
Actual	$1,000.00	$897.90	1.14%	$5.42
Hypothetical (5% return before expenses)	$1,000.00	$1,019.35	1.14%	$5.77
RiverNorth/Oaktree High Income Fund
Class I Shares
Actual	$1,000.00	$918.70	1.35%	$6.49
Hypothetical (5% return before expenses)	$1,000.00	$1,018.30	1.35%	$6.83
Class R Shares
Actual	$1,000.00	$917.50	1.60%	$7.69
Hypothetical (5% return before expenses)	$1,000.00	$1,017.05	1.60%	$8.09

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

^(b) Expenses are equal to the Fund's annualized expense ratio multiplied by the average account value over the period, multiplied by the number of days in the most recent fiscal half year (183), then divided by 365. Note this expense example is typically based on a six-month period.

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

RiverNorth Core Opportunity Fund Schedule of Investments

September 30, 2022

Shares/Description			Value
CLOSED-END FUNDS - 78.49%
	157,974	Aberdeen Emerging Markets Equity Income Fund, Inc.	$	723,521
	32,400	AllianzGI Convertible & Income 2024 Target Term Fund		274,104
	22,841	Barings Global Short Duration High Yield Fund		279,117
	124,211	BlackRock 2022 Global Income Opportunity Trust		5,242
	289,260	Blackrock Capital Allocation Trust		3,936,829
	100,359	BlackRock Debt Strategies Fund, Inc.		895,202
	224,353	Blackrock ESG Capital Allocation Trust		2,873,962
	73,949	Blackstone/GSO Senior Floating Rate Term Fund		928,799
	264,832	BrandywineGLOBAL - Global Income Opportunities Fund, Inc.		2,018,020
	57,348	Calamos Long/Short Equity & Dynamic Income Trust		857,353
	21,886	First Trust Dynamic Europe Equity Income Fund		208,792
	108,521	First Trust Energy Infrastructure Fund		1,446,585
	127,622	First Trust High Yield Opportunities 2027 Term Fund		1,719,068
	317,804	First Trust New Opportunities MLP & Energy Fund		1,741,566
	148,846	GDL Fund		1,178,860
	76,828	Nuveen Core Plus Impact Fund		786,719
	101,401	Nuveen Corporate Income 2023 Target Term Fund		912,487
	191,685	Nuveen Credit Strategies Income Fund		979,510
	18,145	Nuveen Preferred & Income Term Fund		334,231
	14,600	Nuveen Short Duration Credit Opportunities Fund		172,718
	20,639	Nuveen Variable Rate Preferred & Income Fund		360,357
	124,365	Pershing Square Holdings Ltd.		3,730,950
	29,575	PGIM Global High Yield Fund, Inc.		312,903
	45,153	PGIM Short Duration High Yield Opportunities Fund		648,849
	62,323	PIMCO Access Income Fund		987,819
	172,203	PIMCO Dynamic Income Opportunities Fund		2,271,358
	85,475	Special Opportunities Fund, Inc.		947,918
	91,679	Sprott Physical Gold and Silver Trust(a)		1,427,442
	10,000	Templeton Emerging Markets Income Fund		44,300
	273,355	Virtus Total Return Fund, Inc.		1,703,002
	18,270	Western Asset Investment Grade Defined Opportunity Trust, Inc.		279,531
TOTAL CLOSED-END FUNDS
(Cost $41,648,605)				34,987,114
BUSINESS DEVELOPMENT COMPANIES - 2.14%
	77,091	Golub Capital BDC, Inc.		955,157
TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $1,004,662)				955,157
EXCHANGE TRADED FUNDS - 4.87%
	37,953	Invesco FTSE RAFI Emerging Markets Portfolio		614,080
	12,897	iShares® Core MSCI EAFE ETF		679,285

See Notes to Financial Statements.

Annual Report | September 30, 2022 25

RiverNorth Core Opportunity Fund Schedule of Investments

September 30, 2022

	3,277	PowerShares QQQ Trust, Series 1	$	875,811
TOTAL EXCHANGE TRADED FUNDS
(Cost $2,385,995)				2,169,176
PREFERRED STOCKS - 0.86%
	15,162	XAI Octagon Floating Rate Alternative Income Term Trust, Series 2026, 6.500%, 03/31/2026		381,926
TOTAL PREFERRED STOCKS
(Cost $378,879)				381,926
SPECIAL PURPOSE ACQUISITION COMPANIES - 1.96%
	192,929	First Eagle Alternative Capital BDC, Inc.		551,777
	32,700	Tishman Speyer Innovation Corp. II(a)		322,098
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES
(Cost $1,134,923)				873,875

Shares/Principal Amount/Description			Rate	Maturity	Value
BUSINESS DEVELOPMENT COMPANY NOTES - 7.53%
United States - 7.53%
$	72,619	First Eagle Alternative Capital BDC, Inc.	5.00%	05/25/2026		1,645,547
	852,978	New Mountain Finance Corp.	5.75%	08/15/2023		844,448
	977,764	PennantPark Floating Rate Capital, Ltd.	4.25%	04/01/2026		864,764
TOTAL BUSINESS DEVELOPMENT COMPANY NOTES
(Cost $3,633,598)						3,354,759
Principal Amount/Description			Rate	Maturity		Value
U.S. CORPORATE BONDS - 0.80%
Private Equity - 0.80%
	437,712	Hercules Capital, Inc.	2.63%	09/16/2026		358,666
TOTAL U.S. CORPORATE BONDS
(Cost $367,927)						358,666

See Notes to Financial Statements.

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

RiverNorth Core Opportunity Fund Schedule of Investments

September 30, 2022

Shares/Description			Value
Rights - 0.00%(a)(b)
	13,110	Agba Acquisition, Ltd., Strike Price 11.50, Expires 12/31/2049	$	1,820
TOTAL RIGHTS
(Cost $2,960)				1,820
Warrants - 0.02%(a)
	13,110	Agba Acquisition, Ltd., Strike Price 11.50, Expires 05/10/2024		577
	7,024	Ares Acquisition Corp., Strike Price 11.50, Expires 12/31/2027		808
	5,039	Austerlitz Acquisition Corp. I, Strike Price 11.50, Expires 02/19/2026		504
	5,032	Austerlitz Acquisition Corp. II, Strike Price 11.50, Expires 12/31/2027		503
	8,081	Churchill Capital Corp. VI, Strike Price 11.50, Expires 12/31/2027		1,131
	8,168	Churchill Capital Corp. VII, Strike Price 11.50, Expires 02/29/2028		1,103
	5,250	Fortress Value Acquisition Corp. IV, Strike Price 11.50, Expires 03/18/2028		917
	4,425	Gores Holdings VII, Inc., Strike Price 11.50, Expires 12/31/2027		531
	10,113	Jaws Mustang Acquisition Corp., Strike Price 11.50, Expires 01/30/2026		1,011
	5,064	KKR Acquisition Holdings I Corp., Strike Price 11.50, Expires 12/31/2027		608
	5,303	Landcadia Holdings IV, Inc., Strike Price 11.50, Expires 12/31/2028		795
	4,429	Longview Acquisition Corp. II, Strike Price 11.50, Expires 05/10/2026		310
	6,540	Tishman Speyer Innovation Corp, Strike Price 11.50, Expires 12/31/2027		291
TOTAL WARRANTS
(Cost $96,224)				9,089
Short-Term Investments - 2.97%
Money Market Fund - 2.97%
	1,324,337	State Street Institutional Trust (7 Day Yield 1.03%)	$	1,324,337
TOTAL SHORT-TERM INVESTMENTS
(Cost $1,324,337)				1,324,337
TOTAL INVESTMENTS - 99.64%
(Cost $51,978,110)			$	44,415,919
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.36%			$	159,819
NET ASSETS - 100.00%			$	44,575,738

^(a) Non-income producing security.

^(b) Less than 0.005%.

See Notes to Financial Statements.

Annual Report | September 30, 2022 27

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Shares/Description			Value
CLOSED-END FUNDS - 16.17%
	421,479	AllianceBernstein Global High Income Fund, Inc.	$	3,742,734
	231,874	Apollo Tactical Income Fund, Inc.		2,731,476
	383,908	Barings Global Short Duration High Yield Fund		4,691,356
	1,000	BlackRock Corporate High Yield Fund, Inc.		8,550
	764,940	BlackRock Credit Allocation Income Trust		7,297,528
	130,970	BlackRock Debt Strategies Fund, Inc.		1,168,252
	293,653	Blackstone Long-Short Credit Income Fund		3,200,818
	924,929	Blackstone Strategic Credit Fund		9,831,995
	166,245	Blackstone/GSO Senior Floating Rate Term Fund		2,088,037
	1,266,209	BrandywineGLOBAL - Global Income Opportunities Fund, Inc.		9,648,513
	283,826	Cohen & Steers Tax-Advantaged Preferred Securities & Income Fund		5,137,251
	181,724	First Trust High Income Long/Short Fund		1,969,888
	732,792	First Trust High Yield Opportunities 2027 Term Fund		9,870,708
	340,444	Franklin Limited Duration Income Trust		2,103,944
	330,751	Invesco Dynamic Credit Opportunity Fund		3,757,327
	2,531,700	Invesco Senior Income Trust		9,417,924
	311,581	Morgan Stanley Emerging Markets Debt Fund, Inc.		1,919,339
	1,449,660	Morgan Stanley Emerging Markets Domestic Debt Fund, Inc.		5,827,633
	1,260,606	Nuveen Core Plus Impact Fund		12,908,605
	3,928,520	Nuveen Credit Strategies Income Fund		20,074,737
	500,931	Nuveen Preferred & Income Securities Fund		3,291,117
	323,588	Nuveen Senior Income Fund		1,511,156
	30,094	Nuveen Variable Rate Preferred & Income Fund		525,441
	894,097	PGIM Global High Yield Fund, Inc.		9,459,546
	740,171	PGIM High Yield Bond Fund, Inc.		8,541,573
	580,398	PGIM Short Duration High Yield Opportunities Fund		8,340,319
	262,655	PIMCO Access Income Fund		4,163,082
	172,720	PIMCO Dynamic Income Fund		3,347,314
	1,001,858	PIMCO Dynamic Income Opportunities Fund		13,214,507
	633,708	Templeton Emerging Markets Income Fund		2,807,326
	331,750	Virtus AllianzGI Diversified Income & Convertible Fund		7,475,986
	790,992	Western Asset Diversified Income Fund		9,950,679
	1,812,439	Western Asset Emerging Markets Debt Fund, Inc.		14,463,263
	3,250,944	Western Asset High Income Opportunity Fund, Inc.		11,963,474
TOTAL CLOSED-END FUNDS
(Cost $277,197,231)				216,451,398
BUSINESS DEVELOPMENT COMPANIES - 0.76%
	821,097	Golub Capital BDC, Inc.		10,173,392
TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $10,940,541)				10,173,392

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Shares/Description			Value
BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES - 1.33%
	246,313	First Eagle Alternative Capital BDC, Inc., 5.000%, 05/25/2026	$	5,581,453
	6,000,000	New Mountain Finance Corp., 5.750%, 08/15/2023(a)		5,940,000
	49,593	Oxford Square Capital Corp., 6.250%, 04/30/2026		1,194,695
	5,770,000	PennantPark Floating Rate Capital, Ltd., 4.250%, 04/01/2026(a)		5,103,164
TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES
(Cost $19,107,668)				17,819,312
OPEN-END FUNDS - 2.20%
	3,566,438	RiverNorth/Oaktree High Income Fund, Class I(b)		29,458,779
TOTAL OPEN-END FUNDS
(Cost $33,813,657)				29,458,779
PREFERRED STOCKS - 0.06%
	32,069	Oxford Square Capital Corp., 6.500%, 03/30/2024		790,501
	8,906	Riverbed Tech Pref A, 1.500%, 11/17/2028(a)		8,906
TOTAL PREFERRED STOCKS
(Cost $990,340)				799,407
SPECIAL PURPOSE ACQUISITION COMPANIES - 1.38%
	1,693,856	Barings BDC, Inc.		14,008,189
	6,676	CW TRAVEL(a)		66,760
	350,000	Far Peak Acquisition Corp., Class A(a)		3,461,500
	9,442	Frontera Energy Corp.(a)		68,927
	52,500	Gores Technology Partners II, Inc.(a)		515,550
	1,113	Intelsat Jackson Holdings SA, Series A(a)		6,678
	1,113	Intelsat Jackson Holdings SA, Series B(a)		6,121
	10,628	Intelsat New Common(a)		297,584
	31,580	McDermott International, Ltd.(a)		15,790
TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES
(Cost $23,150,143)				18,447,099

Principal Amount/Description			Rate	Maturity	Value
FOREIGN CORPORATE BONDS - 4.52%
Argentina - 0.07%
$	150,000	AES Argentina Generacion SA(c)	7.75%	02/02/2024	$	115,790
	150,000	Pampa Energia SA(d)	9.13%	04/15/2029		126,202
	150,000	Pampa Energia SA(c)	9.13%	04/15/2029		126,203
	300,000	YPF SA	8.50%	06/27/2029		180,907

See Notes to Financial Statements.

Annual Report | September 30, 2022 29

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	850,000	YPF SA	7.00%	12/15/2047	$	424,611
						973,713
Australia - 0.38%
	1,000,000	APA Infrastructure, Ltd.(d)	4.25%	07/15/2027		927,720
	965,000	Australia & New Zealand Banking Group, Ltd.(d)(e)	5Y US TI + 1.70%	11/25/2035		701,881
	675,000	Commonwealth Bank of Australia(d)	4.32%	01/10/2048		499,498
	1,105,000	Macquarie Group, Ltd.(d)(e)	1D US SOFR + 1.532%	01/14/2033		832,105
	725,000	National Australia Bank, Ltd.(d)	2.99%	05/21/2031		558,910
	340,000	NBN Co., Ltd.(d)	1.45%	05/05/2026		296,988
	500,000	Sydney Airport Finance Co. Pty, Ltd.(d)	3.38%	04/30/2025		469,512
	500,000	Sydney Airport Finance Co. Pty, Ltd.(d)	3.63%	04/28/2026		461,508
	480,000	Westpac Banking Corp.(e)	5Y US TI + 1.53%	11/18/2036		352,184
						5,100,306
Brazil - 0.10%
	650,000	Banco do Brasil SA(e)(f)	6.25%	Perpetual Maturity		560,599
	800,000	BRF SA(c)	5.75%	09/21/2050		553,110
	950,000	Oi SA(g)	10.00% (4.00%)	07/27/2025		281,314
						1,395,023
British Virgin Islands - 0.04%
	550,000	TSMC Global, Ltd.(d)	1.25%	04/23/2026		483,163
Canada - 0.56%
	200,000	Aris Mining Corp.(c)	6.88%	08/09/2026		145,587
	630,000	Bank of Montreal(e)	3.80%	12/15/2032		547,098
	805,000	Bank of Nova Scotia(e)	5Y US TI + 2.05%	05/04/2037		676,317
	110,000	Bell Telephone Co. of Canada or Bell Canada	3.65%	08/15/2052		77,828
	385,000	CCL Industries, Inc.(d)	3.05%	06/01/2030		309,773
	245,000	CI Financial Corp.	4.10%	06/15/2051		146,261
	425,000	Enbridge, Inc.	3.40%	08/01/2051		286,059
	600,000	Frontera Energy Corp.(d)	7.88%	06/21/2028		431,607
	220,000	Garda World Security Corp.(d)	6.00%	06/01/2029		161,731
	600,000	Gran Tierra Energy, Inc.(d)	7.75%	05/23/2027		469,242
	400,000	Gran Tierra Energy, Inc.(c)	7.75%	05/23/2027		312,828
	110,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.(d)	5.00%	12/31/2026		96,665
	1,430,000	Kronos Acquisition Holdings, Inc. / KIK Custom Products, Inc.(d)	7.00%	12/31/2027		1,096,832
	205,000	Mattamy Group Corp.(d)	4.63%	03/01/2030		156,887
	25,000	MEG Energy Corp.(d)	5.88%	02/01/2029		22,475

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	155,000	Parkland Corp.(d)	4.50%	10/01/2029	$	125,496
	205,000	Superior Plus LP / Superior General Partner, Inc.(d)	4.50%	03/15/2029		169,660
	540,000	Telesat Canada / Telesat LLC(d)	5.63%	12/06/2026		259,119
	1,275,000	Toronto-Dominion Bank	4.69%	09/15/2027		1,233,913
	750,000	TransCanada PipeLines, Ltd.	4.25%	05/15/2028		695,616
						7,420,994
Cayman Islands - 0.17%
	200,000	Banco Mercantil del Norte SA/Grand Cayman(d)(e)(f)	7.50%	Perpetual Maturity		170,915
	200,000	Banco Mercantil del Norte SA/Grand Cayman(d)(e)(f)	10Y US TI + 5.034%	Perpetual Maturity		157,333
	200,000	Banco Mercantil del Norte SA/Grand Cayman(c)(e)(f)	7.63%	Perpetual Maturity		177,853
	300,000	Banco Mercantil del Norte SA/Grand Cayman(e)(f)	10Y US TI + 5.47%	Perpetual Maturity		256,372
	500,000	Banco Mercantil del Norte SA/Grand Cayman(c)(e)(f)	10Y US TI + 5.034%	Perpetual Maturity		393,331
	140,418	Bioceanico Sovereign Certificate, Ltd.(c)(h)	0.00%	06/05/2034		89,309
	172,473	Global Aircraft Leasing Co., Ltd.(d)(g)	6.50% (7.25%)	09/15/2024		130,076
	224,000	Gran Tierra Energy International Holdings, Ltd.(c)	6.25%	02/15/2025		184,979
	397,996	Interoceanica IV Finance, Ltd.(h)	0.00%	11/30/2025		348,247
	144,018	Lima Metro Line 2 Finance, Ltd.(d)	5.88%	07/05/2034		136,840
	186,667	Rutas 2 and 7 Finance, Ltd.(c)(h)	0.00%	09/30/2036		113,126
	179,375	Transocean Poseidon, Ltd.(d)	6.88%	02/01/2027		164,475
						2,322,856
Chile - 0.38%
	400,000	AES Andes SA(d)(e)	6.35%	10/07/2079		345,000
	300,000	AES Andes SA(e)	7.13%	03/26/2079		263,760
	400,000	AES Andes SA(c)(e)	6.35%	10/07/2079		345,000
	200,000	CAP SA(d)	3.90%	04/27/2031		141,628
	700,000	CAP SA(c)	3.90%	04/27/2031		495,700
	900,000	Empresa de Transporte de Pasajeros Metro SA(d)	5.00%	01/25/2047		688,162
	804,650	Empresa Electrica Cochrane SpA(c)	5.50%	05/14/2027		734,098
	370,620	GNL Quintero SA(c)	4.63%	07/31/2029		341,523
	800,000	Guacolda Energia SA(c)	4.56%	04/30/2025		276,720
	200,000	Inversiones La Construccion SA(c)	4.75%	02/07/2032		148,468
	750,000	Transelec SA(c)	3.88%	01/12/2029		672,844
	1,050,000	VTR Finance NV(c)	6.38%	07/15/2028		590,625
						5,043,528

See Notes to Financial Statements.

Annual Report | September 30, 2022 31

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
China - 0.03%
$	300,000	Agile Group Holdings, Ltd.(f)	7.88%	Perpetual Maturity	$	60,582
	495,000	Agile Group Holdings, Ltd.(e)(f)	7.75%	Perpetual Maturity		99,223
	700,000	Central China Real Estate, Ltd.	7.25%	07/16/2024		163,275
	400,000	Ronshine China Holdings, Ltd.(i)	7.35%	12/15/2023		26,295
	600,000	Ronshine China Holdings, Ltd.	6.75%	08/05/2024		39,807
	350,000	Yuzhou Group Holdings Co., Ltd.(i)	8.30%	05/27/2025		24,950
	600,000	Yuzhou Group Holdings Co., Ltd.(i)	7.38%	01/13/2026		41,970
						456,102
Colombia - 0.28%
	450,000	Banco Davivienda SA(d)(e)(f)	10Y US TI + 5.10%	Perpetual Maturity		330,665
	350,000	Banco Davivienda SA(c)(e)(f)	10Y US TI + 5.097%	Perpetual Maturity		257,184
	650,000	Banco GNB Sudameris SA(d)(e)	5Y US TI + 6.66%	04/16/2031		475,699
	200,000	Banco GNB Sudameris SA(c)(e)	5Y US TI + 6.66%	04/16/2031		146,369
	350,000	Credivalores-Crediservicios SAS(d)	8.88%	02/07/2025		145,425
	400,000	Credivalores-Crediservicios SAS(c)	8.88%	02/07/2025		166,200
	100,000	Ecopetrol SA	4.63%	11/02/2031		70,147
	950,000	Ecopetrol SA	5.88%	05/28/2045		576,726
	1,020,000	Ecopetrol SA	5.88%	11/02/2051		606,467
	400,000	Empresas Publicas de Medellin ESP(c)	4.25%	07/18/2029		291,064
	700,000	Empresas Publicas de Medellin ESP(c)	4.38%	02/15/2031		493,196
	200,000	Oleoducto Central SA(c)	4.00%	07/14/2027		154,668
						3,713,810
Cyprus - 0.01%
	200,000	Interpipe Holdings PLC(d)	8.38%	05/13/2026		81,800
France - 0.09%
	930,000	BNP Paribas SA(d)(e)	1D SOFR + 1.51%	01/13/2031		740,828
	590,000	BPCE SA(d)	1.00%	01/20/2026		510,349
						1,251,177
Great Britain - 0.31%
	200,000	AngloGold Ashanti Holdings PLC	3.75%	10/01/2030		155,421
	765,000	Barclays PLC(e)	3M US L + 1.38%	05/16/2024		764,652
	930,000	HSBC Holdings PLC(e)	3M US L + 1.38%	09/12/2026		907,807
	730,000	Lloyds Banking Group PLC(e)	3M US L + 1.21%	11/07/2028		641,141
	335,000	NatWest Markets PLC(d)	0.80%	08/12/2024		307,946
	297,077	SCC Power PLC(d)(g)	8.00% (8.00%)	12/31/2028		115,117
	160,917	SCC Power PLC(d)(g)	4.00% (4.00%)	05/17/2032		14,161
	472,000	Tullow Oil PLC(d)	10.25%	05/15/2026		399,584
	450,000	Vedanta Resources Finance II PLC(d)	9.25%	04/23/2026		253,812

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	200,000	Vedanta Resources Finance II PLC(c)	9.25%	04/23/2026	$	112,806
	480,000	Weir Group PLC(d)	2.20%	05/13/2026		403,804
						4,076,251
Hong Kong - 0.04%
	200,000	Kasikornbank PCL(e)(f)	5Y US TI + 3.337%	Perpetual Maturity		160,814
	400,000	RKP Overseas Finance, Ltd.(f)	7.75%	Perpetual Maturity		122,120
	600,000	RKP Overseas Finance, Ltd.(f)	7.95%	Perpetual Maturity		184,650
						467,584
India - 0.13%
	375,000	Adani International Container Terminal Pvt, Ltd.(c)	3.00%	02/16/2031		288,626
	200,000	Adani Ports & Special Economic Zone, Ltd.(c)	4.38%	07/03/2029		166,671
	500,000	Adani Ports & Special Economic Zone, Ltd.	3.10%	02/02/2031		360,133
	400,000	JSW Steel, Ltd.(c)	5.05%	04/05/2032		285,289
	200,000	Network i2i, Ltd.(c)(e)(f)	5Y US TI + 3.39%	Perpetual Maturity		163,280
	900,000	Vedanta Resources, Ltd.	6.13%	08/09/2024		533,551
						1,797,550
Indonesia - 0.09%
	500,000	ABM Investama Tbk PT(d)	9.50%	08/05/2026		430,847
	200,000	Freeport Indonesia PT(d)	5.32%	04/14/2032		166,500
	400,000	Gajah Tunggal Tbk PT	8.95%	06/23/2026		315,600
	200,000	Indonesia Asahan Aluminium Persero PT	5.80%	05/15/2050		151,056
	300,000	Pertamina Persero PT(c)	4.15%	02/25/2060		194,590
						1,258,593
Ireland - 0.12%
	1,050,000	AerCap Ireland Capital DAC / AerCap Global Aviation Trust	3.40%	10/29/2033		763,341
	665,000	Avolon Holdings Funding, Ltd.(d)	3.25%	02/15/2027		557,750
	400,000	C&W Senior Financing DAC(c)	6.88%	09/15/2027		327,358
						1,648,449
Israel - 0.08%
	200,000	Bank Hapoalim BM(d)(e)	5Y US TI + 2.155%	01/21/2032		167,174
	900,000	Israel Electric Corp., Ltd.(d)	5.00%	11/12/2024		879,290
						1,046,464
Jamaica - 0.00%(j)
	67,289	Digicel Group Holdings, Ltd.(d)(g)	8.00% (8.00%)	04/01/2025		26,647

See Notes to Financial Statements.

Annual Report | September 30, 2022 33

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
Japan - 0.06%
$	910,000	Renesas Electronics Corp.(d)	2.17%	11/25/2026	$	783,394
Luxembourg - 0.24%
	150,000	Atento Luxco 1 SA(d)	8.00%	02/10/2026		65,650
	600,000	Endo Luxembourg Finance Co. I SARL / Endo US, Inc.(d)	6.13%	04/01/2029		474,568
	305,000	EverArc Escrow Sarl(d)	5.00%	10/30/2029		246,836
	565,133	FEL Energy VI Sarl(c)	5.75%	12/01/2040		387,975
	1,100,000	Intelsat Escrow Shares(k)	0.00%	Perpetual Maturity		0
	135,000	Intelsat Jackson Holdings SA(d)	6.50%	03/15/2030		115,115
	1,000,000	MC Brazil Downstream Trading SARL(c)	7.25%	06/30/2031		754,130
	270,000	Millicom International Cellular SA(c)	6.25%	03/25/2029		229,603
	700,000	Movida Europe SA(c)	5.25%	02/08/2031		498,098
	600,000	Simpar Europe SA(c)	5.20%	01/26/2031		423,951
						3,195,926
Mauritius - 0.07%
	200,000	UPL Corp., Ltd.	4.50%	03/08/2028		165,685
	200,000	UPL Corp., Ltd.	4.63%	06/16/2030		161,141
	800,000	UPL Corp., Ltd.(e)(f)	5Y US TI + 3.865%	Perpetual Maturity		586,200
						913,026
Mexico - 0.26%
	666,096	Alpha Holding SA de CV(d)(i)	9.00%	02/10/2025		0
	188,465	Alpha Holding SA de CV(i)	9.00%	02/10/2025		0
	200,000	BBVA Bancomer SA(c)(e)	5.13%	01/18/2033		165,802
	800,000	Braskem Idesa SAPI(d)	6.99%	02/20/2032		536,000
	200,000	Braskem Idesa SAPI(c)	6.99%	02/20/2032		134,500
	400,000	Cemex SAB de CV(c)(e)(f)	5Y US TI + 4.534%	Perpetual Maturity		321,000
	500,000	Credito Real SAB de CV SOFOM ER(c)(i)	9.50%	02/07/2026		8,125
	600,000	Mexarrend SAPI de CV(d)	10.25%	07/24/2024		177,531
	200,000	Mexarrend SAPI de CV(c)	10.25%	07/24/2024		59,177
	1,100,000	Mexico City Airport Trust(c)	5.50%	07/31/2047		688,859
	141,539	Mexico Generadora de Energia S de rl	5.50%	12/06/2032		125,296
	700,000	Operadora de Servicios Mega SA de CV Sofom ER(d)	8.25%	02/11/2025		407,835
	750,000	Petroleos Mexicanos	6.38%	01/23/2045		415,954
	500,000	Petroleos Mexicanos	6.75%	09/21/2047		279,557
	200,000	TV Azteca SAB de CV(i)	8.25%	08/09/2024		98,102

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	1,000,000	Unifin Financiera SAB de CV(c)(e)(f)	8.88%	Perpetual Maturity	$	35,000
						3,452,738
Morocco - 0.06%
	1,200,000	OCP SA(c)	5.13%	06/23/2051		768,498
Netherlands - 0.26%
	600,000	Coruripe Netherlands BV(c)	10.00%	02/10/2027		514,500
	850,000	Jababeka International BV(c)	6.50%	10/05/2023		480,250
	200,000	Metinvest BV(c)	7.75%	10/17/2029		89,380
	200,000	Minejesa Capital BV	4.63%	08/10/2030		166,000
	1,600,000	Minejesa Capital BV	5.63%	08/10/2037		1,146,200
	177,780	MV24 Capital BV(c)	6.75%	06/01/2034		150,585
	300,000	NGD Holdings BV	6.75%	12/31/2026		124,500
	415,000	NXP BV / NXP Funding LLC / NXP USA, Inc.	3.88%	06/18/2026		387,822
	200,000	Petrobras Global Finance BV	6.75%	06/03/2050		163,276
	410,000	Petrobras Global Finance BV	5.50%	06/10/2051		291,772
						3,514,285
Panama - 0.07%
	200,000	Empresa de Transmision Electrica SA(c)	5.13%	05/02/2049		150,232
	664,036	UEP Penonome II SA(d)	6.50%	10/01/2038		574,391
	189,725	UEP Penonome II SA(c)	6.50%	10/01/2038		164,112
						888,735
Paraguay - 0.06%
	1,000,000	Frigorifico Concepcion SA(d)	7.70%	07/21/2028		794,255
Peru - 0.19%
	200,000	Banco Internacional del Peru SAA Interbank(e)	1Y US TI + 3.71%	07/08/2030		178,508
	300,000	Camposol SA(d)	6.00%	02/03/2027		238,329
	400,000	Camposol SA(c)	6.00%	02/03/2027		317,772
	824,400	Hunt Oil Co. of Peru LLC Sucursal Del Peru(c)	6.38%	06/01/2028		736,807
	200,000	Peru LNG Srl(c)	5.38%	03/22/2030		158,087
	200,000	Petroleos del Peru SA(c)	4.75%	06/19/2032		141,632
	1,350,000	Petroleos del Peru SA(c)	5.63%	06/19/2047		813,577
						2,584,712
Singapore - 0.15%
	715,000	BOC Aviation, Ltd.(d)(e)	3M US L + 1.13%	09/26/2023		713,867
	200,000	Oversea-Chinese Banking Corp., Ltd.(d)(e)	5Y US TI + 1.58%	09/10/2030		179,197
	400,000	PSA Treasury Pte, Ltd.	2.25%	04/30/2030		335,446
	350,000	Temasek Financial I, Ltd.(d)	1.00%	10/06/2030		270,188
	250,000	Temasek Financial I, Ltd.(c)	1.00%	10/06/2030		192,991

See Notes to Financial Statements.

Annual Report | September 30, 2022 35

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	500,000	Theta Capital Pte, Ltd.	6.75%	10/31/2026	$	321,250
						2,012,939
South Korea - 0.03%
	200,000	LG Chem, Ltd.(d)	2.38%	07/07/2031		156,717
	200,000	Shinhan Financial Group Co., Ltd.(d)(e)(f)	5Y US TI + 2.06%	Perpetual Maturity		171,710
						328,427
Spain - 0.12%
	500,000	AES Andres BV(d)	5.70%	05/04/2028		411,388
	250,000	AI Candelaria Spain SA(d)	5.75%	06/15/2033		170,550
	1,050,000	AI Candelaria Spain SA(c)	5.75%	06/15/2033		716,310
	600,000	EnfraGen Energia Sur SA / EnfraGen Spain SA / Prime Energia SpA(c)	5.38%	12/30/2030		358,032
						1,656,280
Trinidad and Tobago - 0.01%
	200,000	Telecommunications Services of Trinidad & Tobago, Ltd.(c)	8.88%	10/18/2029		176,793
United Arab Emirates - 0.03%
	277,398	Galaxy Pipeline Assets Bidco, Ltd.(d)	2.16%	03/31/2034		228,649
	289,959	Galaxy Pipeline Assets Bidco, Ltd.(c)	2.94%	09/30/2040		221,271
						449,920
Vietnam - 0.03%
	500,000	Mong Duong Finance Holdings BV(c)	5.13%	05/07/2029		393,528
TOTAL FOREIGN CORPORATE BONDS
(Cost $81,808,518)						60,477,466
U.S. CORPORATE BONDS - 8.15%
Advertising - 0.03%
	140,000	Clear Channel Outdoor Holdings, Inc.(d)	7.50%	06/01/2029		101,722
	300,000	Interpublic Group of Cos., Inc.	5.40%	10/01/2048		262,866
						364,588
Aerospace/Defense - 0.21%
	455,000	Boeing Co.	2.95%	02/01/2030		366,352
	290,000	Boeing Co.	3.75%	02/01/2050		189,589
	600,000	Northrop Grumman Corp.	5.15%	05/01/2040		563,274
	590,000	Raytheon Technologies Corp.	3.03%	03/15/2052		386,629
	220,000	TransDigm, Inc.(d)	6.25%	03/15/2026		213,772
	380,000	TransDigm, Inc.	5.50%	11/15/2027		331,347

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	585,000	Triumph Group, Inc.(d)	6.25%	09/15/2024	$	533,959
	280,000	Triumph Group, Inc.	7.75%	08/15/2025		214,293
						2,799,215
Agriculture - 0.08%
	935,000	BAT Capital Corp.	3.46%	09/06/2029		762,430
	321,693	Pyxus Holdings, Inc.	10.00%	08/24/2024		263,161
						1,025,591
Airlines - 0.04%
	475,000	American Airlines, Inc./AAdvantage Loyalty IP, Ltd.(d)	5.75%	04/20/2029		415,280
	184,375	United Airlines 2016-1 Class B Pass Through Trust	3.65%	01/07/2026		159,919
						575,199
Auto Manufacturers - 0.16%
	315,000	Ford Motor Co.	3.25%	02/12/2032		227,447
	475,000	General Motors Financial Co., Inc.	2.40%	10/15/2028		375,838
	485,000	General Motors Financial Co., Inc.	3.10%	01/12/2032		366,449
	850,000	Hyundai Capital America(d)	2.65%	02/10/2025		792,937
	25,000	Hyundai Capital America(d)	1.80%	10/15/2025		22,259
	355,000	Volkswagen Group of America Finance LLC(d)	4.25%	11/13/2023		351,483
						2,136,413
Auto Parts & Equipment - 0.13%
	115,000	American Axle & Manufacturing, Inc.	5.00%	10/01/2029		87,254
	1,115,000	Dealer Tire LLC / DT Issuer LLC(d)	8.00%	02/01/2028		984,524
	225,000	Goodyear Tire & Rubber Co.	5.25%	07/15/2031		180,275
	1,179,000	Wheel Pros, Inc.(d)	6.50%	05/15/2029		541,680
						1,793,733
Banks - 0.62%
	225,000	Bank of America Corp.(e)	1D US SOFR + 1.11%	04/25/2025		219,042
	280,000	Bank of America Corp.(e)	1D US SOFR + 1.75%	07/22/2026		273,936
	345,000	Bank of America Corp.(e)	1D US SOFR + 1.21%	10/20/2032		264,242
	930,000	Bank of America Corp.(e)	5Y US TI + 2.48%	09/21/2036		673,129
	885,000	Citigroup, Inc.(e)	3M US L + 1.10%	05/17/2024		885,286
	170,000	Citigroup, Inc.(e)	1D US SOFR + 0.694%	01/25/2026		156,355
	195,000	Citigroup, Inc.(e)	1D US SOFR + 1.28%	02/24/2028		174,020
	935,000	Goldman Sachs Group, Inc.(e)	3M US L + 1.17%	05/15/2026		928,426
	265,000	Goldman Sachs Group, Inc.(e)	1D US SOFR + 0.82%	09/10/2027		252,854

See Notes to Financial Statements.

Annual Report | September 30, 2022 37

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	260,000	JPMorgan Chase & Co.(e)	1D US SOFR + 0.915%	02/24/2026	$	242,007
	135,000	JPMorgan Chase & Co.(e)	1D US SOFR + 1.99%	07/25/2028		129,764
	370,000	JPMorgan Chase & Co.(e)	1D SOFR + 1.02%	06/01/2029		300,385
	565,000	JPMorgan Chase & Co.(e)	1D US SOFR + 2.04%	04/22/2031		447,366
	485,000	JPMorgan Chase & Co.(e)	1D US SOFR + 1.25%	04/22/2032		376,458
	470,000	JPMorgan Chase & Co.(e)	1D US SOFR + 1.26%	01/25/2033		370,020
	340,000	Morgan Stanley(e)	1D US SOFR + 1.669%	07/17/2026		331,247
	310,000	Morgan Stanley(e)	1D US SOFR + 1.61%	04/20/2028		290,335
	145,000	Morgan Stanley(e)	1D US SOFR + 1.29%	01/21/2033		114,808
	940,000	Morgan Stanley(e)	1D SOFR + 2.48%	09/16/2036		674,957
	185,000	Santander Holdings USA, Inc.(e)	1D US SOFR + 1.249%	01/06/2028		154,512
	370,000	Wells Fargo & Co.(e)	3M US L + 1.17%	06/17/2027		337,281
	425,000	Wells Fargo & Co.(e)	1D US SOFR + 1.98%	07/25/2028		405,772
	390,000	Wells Fargo & Co.(e)	1D US SOFR + 1.43%	10/30/2030		320,942
						8,323,144
Beverages - 0.12%
	900,000	Anheuser-Busch InBev Worldwide, Inc.	4.60%	04/15/2048		747,963
	50,000	Constellation Brands, Inc.	3.15%	08/01/2029		43,022
	290,000	Constellation Brands, Inc.	2.88%	05/01/2030		240,924
	270,000	PepsiCo, Inc.	3.60%	02/18/2028		255,471
	490,000	Triton Water Holdings, Inc.(d)	6.25%	04/01/2029		375,499
						1,662,879
Biotechnology - 0.08%
	330,000	Amgen, Inc.	4.05%	08/18/2029		304,005
	360,000	Illumina, Inc.	0.55%	03/23/2023		352,624
	545,000	Royalty Pharma PLC	3.30%	09/02/2040		366,832
						1,023,461
Building Materials - 0.09%
	130,000	Builders FirstSource, Inc.(d)	6.38%	06/15/2032		115,783
	850,000	Carrier Global Corp.	3.38%	04/05/2040		615,949
	130,000	Griffon Corp.	5.75%	03/01/2028		111,972
	465,000	Owens Corning	4.40%	01/30/2048		346,730
						1,190,434

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
Chemicals - 0.15%
$	455,000	ASP Unifrax Holdings, Inc.(d)	7.50%	09/30/2029	$	301,194
	460,000	CF Industries, Inc.	5.38%	03/15/2044		392,030
	140,000	CVR Partners LP / CVR Nitrogen Finance Corp.(d)	6.13%	06/15/2028		122,101
	780,000	Illuminate Buyer LLC / Illuminate Holdings IV, Inc.(d)	9.00%	07/01/2028		648,909
	200,000	Sasol Financing USA LLC	5.50%	03/18/2031		151,324
	500,000	Vibrantz Technologies, Inc.(d)	9.00%	02/15/2030		326,439
	125,000	WR Grace Holdings LLC(d)	5.63%	08/15/2029		94,062
						2,036,059
Coal - 0.01%
	180,000	SunCoke Energy, Inc.(d)	4.88%	06/30/2029		139,195
Commercial Services - 0.13%
	90,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.(d)	6.63%	07/15/2026		80,376
	175,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.(d)	9.75%	07/15/2027		144,082
	400,000	Global Payments, Inc.	4.95%	08/15/2027		381,713
	200,000	Metis Merger Sub LLC(d)	6.50%	05/15/2029		156,283
	120,000	NESCO Holdings II, Inc.(d)	5.50%	04/15/2029		100,172
	410,000	PECF USS Intermediate Holding III Corp.(d)	8.00%	11/15/2029		300,640
	175,000	Triton Container International, Ltd.(d)	1.15%	06/07/2024		159,511
	330,000	Triton Container International, Ltd. / TAL International Container Corp.	3.25%	03/15/2032		244,670
	170,000	WASH Multifamily Acquisition, Inc.(d)	5.75%	04/15/2026		156,930
						1,724,377
Computers - 0.10%
	455,000	Fortinet, Inc.	1.00%	03/15/2026		392,023
	430,000	NetApp, Inc.	1.88%	06/22/2025		393,151
	700,000	Virtusa Corp.(d)	7.13%	12/15/2028		522,655
						1,307,829
Containers and Packaging - 0.03%
	400,000	Packaging Corp. of America	3.40%	12/15/2027		363,664
Cosmetics/Personal Care - 0.02%
	125,000	Coty, Inc.(d)	6.50%	04/15/2026		115,333
	130,000	Coty, Inc.(d)	5.00%	04/15/2026		118,516
						233,849

See Notes to Financial Statements.

Annual Report | September 30, 2022 39

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
Distribution/Wholesale - 0.01%
$	180,000	BCPE Empire Holdings, Inc.(d)	7.63%	05/01/2027	$	156,303
Diversified Financial Services - 0.42%
	300,000	Air Lease Corp.	1.88%	08/15/2026		254,603
	835,000	Air Methods Corp.(d)	8.00%	05/15/2025		420,640
	465,000	Aircastle, Ltd.(d)	2.85%	01/26/2028		361,649
	800,000	American Express Co.	3.95%	08/01/2025		775,317
	635,000	Aviation Capital Group LLC(d)	1.95%	09/20/2026		515,021
	200,000	Capital One Financial Corp.(e)	1D US SOFR + 2.16%	07/24/2026		195,638
	960,000	Discover Financial Services	4.10%	02/09/2027		883,969
	95,000	Nasdaq, Inc.	3.95%	03/07/2052		70,845
	385,000	Nationstar Mortgage Holdings, Inc.(d)	5.75%	11/15/2031		283,050
	95,000	Navient Corp.	5.00%	03/15/2027		77,830
	110,000	NFP Corp.(d)	6.88%	08/15/2028		85,982
	170,000	OneMain Finance Corp.	6.63%	01/15/2028		146,254
	305,000	PennyMac Financial Services, Inc.(d)	4.25%	02/15/2029		217,919
	710,000	Synchrony Financial	3.95%	12/01/2027		616,959
	925,000	Western Union Co.	2.75%	03/15/2031		697,698
						5,603,374
Electric - 0.70%
	465,000	Berkshire Hathaway Energy Co.(d)	4.60%	05/01/2053		393,152
	155,000	Calpine Corp.(d)	5.13%	03/15/2028		133,446
	35,000	Calpine Corp.(d)	4.63%	02/01/2029		28,588
	415,000	DTE Energy Co.(l)	4.22%	11/01/2024		407,397
	80,000	Duke Energy Carolinas LLC	2.85%	03/15/2032		66,372
	265,000	Duke Energy Corp.	4.30%	03/15/2028		249,795
	675,000	Duke Energy Corp.	3.95%	08/15/2047		493,342
	255,000	Entergy Corp.	2.80%	06/15/2030		206,891
	1,000,000	Exelon Corp.	4.05%	04/15/2030		907,487
	130,000	Exelon Corp.(d)	4.10%	03/15/2052		100,666
	480,000	Georgia Power Co.	2.20%	09/15/2024		454,756
	980,000	Georgia Power Co.	3.25%	03/15/2051		648,783
	1,100,000	ITC Holdings Corp.	3.25%	06/30/2026		1,018,888
	550,000	Mercury Chile Holdco LLC(d)	6.50%	01/24/2027		481,283
	275,000	Monongahela Power Co.(d)	5.40%	12/15/2043		251,569
	375,000	NextEra Energy Capital Holdings, Inc.	4.26%	09/01/2024		369,870
	750,000	NextEra Energy Capital Holdings, Inc.	2.25%	06/01/2030		599,463
	265,000	NRG Energy, Inc.(d)	2.00%	12/02/2025		234,278
	215,000	NRG Energy, Inc.(d)	3.63%	02/15/2031		168,162
	525,000	Pacific Gas and Electric Co.	2.50%	02/01/2031		382,660

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	320,000	Pike Corp.(d)	5.50%	09/01/2028	$	259,610
	325,000	Southern Co.(e)	5Y US TI + 2.915%	09/15/2051		264,352
	300,000	Southwestern Electric Power Co.	3.25%	11/01/2051		191,350
	1,000,000	Virginia Electric and Power Co.	3.50%	03/15/2027		938,215
	160,000	Virginia Electric and Power Co.	3.75%	05/15/2027		151,239
						9,401,614
Electrical Components & Equipment - 0.01%
	115,000	Energizer Holdings, Inc.(d)	4.75%	06/15/2028		91,269
Electronics - 0.02%
	335,000	Arrow Electronics, Inc.	3.88%	01/12/2028		303,241
Engineering & Construction - 0.02%
	265,000	Artera Services LLC(d)	9.03%	12/04/2025		213,688
Entertainment - 0.17%
	260,000	Boyne USA, Inc.(d)	4.75%	05/15/2029		218,181
	265,000	Cedar Fair LP	5.25%	07/15/2029		227,895
	135,000	Lions Gate Capital Holdings LLC(d)	5.50%	04/15/2029		100,840
	235,000	Live Nation Entertainment, Inc.(d)	4.75%	10/15/2027		204,504
	270,000	Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.(d)	4.88%	05/01/2029		222,831
	575,000	Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.(d)	5.63%	09/01/2029		398,831
	350,000	Premier Entertainment Sub LLC / Premier Entertainment Finance Corp.(d)	5.88%	09/01/2031		236,710
	265,000	Scientific Games Holdings LP/Scientific Games US FinCo, Inc.(d)	6.63%	03/01/2030		212,852
	135,000	Scientific Games International, Inc.(d)	7.25%	11/15/2029		125,820
	415,000	Warnermedia Holdings, Inc.(d)	3.76%	03/15/2027		371,819
						2,320,283
Environmental Control - 0.01%
	180,000	Madison IAQ LLC(d)	4.13%	06/30/2028		144,842
Food - 0.14%
	160,000	Performance Food Group, Inc.(d)	5.50%	10/15/2027		145,792
	140,000	Performance Food Group, Inc.(d)	4.25%	08/01/2029		116,840
	31,000	Post Holdings, Inc.(d)	4.63%	04/15/2030		25,528
	769,000	Smithfield Foods, Inc.(d)	4.25%	02/01/2027		713,490
	65,000	Smithfield Foods, Inc.(d)	3.00%	10/15/2030		50,272
	810,000	Sysco Corp.	3.30%	02/15/2050		533,632

See Notes to Financial Statements.

Annual Report | September 30, 2022 41

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	10,000	Sysco Corp.	3.15%	12/14/2051	$	6,349
	270,000	United Natural Foods, Inc.(d)	6.75%	10/15/2028		247,502
						1,839,405
Food Service - 0.03%
	585,000	TKC Holdings, Inc.(d)	10.50%	05/15/2029		448,589
Healthcare-Products - 0.01%
	255,000	Medline Borrower LP(d)	5.25%	10/01/2029		193,017
Healthcare-Services - 0.26%
	690,000	Centene Corp.	2.50%	03/01/2031		521,579
	155,000	CHS/Community Health Systems, Inc.(d)	6.00%	01/15/2029		114,273
	570,000	CHS/Community Health Systems, Inc.(d)	6.88%	04/15/2029		276,588
	355,000	Elevance Health, Inc.	2.38%	01/15/2025		335,384
	135,000	Elevance Health, Inc.	4.55%	05/15/2052		114,303
	395,000	HCA, Inc.	4.13%	06/15/2029		346,937
	320,000	Health Care Service Corp. A Mutual Legal Reserve Co.(d)	3.20%	06/01/2050		214,546
	85,000	Legacy LifePoint Health LLC(d)	6.75%	04/15/2025		80,527
	205,000	Legacy LifePoint Health LLC(d)	4.38%	02/15/2027		169,664
	75,000	ModivCare Escrow Issuer, Inc.(d)	5.00%	10/01/2029		61,086
	915,000	Radiology Partners, Inc.(d)	9.25%	02/01/2028		598,342
	195,000	RP Escrow Issuer LLC(d)	5.25%	12/15/2025		161,409
	115,000	Tenet Healthcare Corp.(d)	6.13%	10/01/2028		100,936
	220,000	Tenet Healthcare Corp.(d)	6.13%	06/15/2030		202,098
	155,000	UnitedHealth Group, Inc.	4.95%	05/15/2062		138,595
						3,436,267
Housewares - 0.04%
	910,000	SWF Escrow Issuer Corp.(d)	6.50%	10/01/2029		540,963
Insurance - 0.24%
	130,000	Alliant Holdings Intermediate LLC(d)	6.75%	10/15/2027		112,313
	185,000	AmWINS Group, Inc.(d)	4.88%	06/30/2029		153,976
	855,000	Athene Global Funding(d)(e)	SOFRINDX + 0.56%	08/19/2024		832,151
	330,000	Berkshire Hathaway Finance Corp.	2.85%	10/15/2050		212,668
	180,000	Berkshire Hathaway Finance Corp.	3.85%	03/15/2052		138,185
	150,000	Brighthouse Financial Global Funding(d)	1.00%	04/12/2024		140,116
	260,000	Brighthouse Financial Global Funding(d)	2.00%	06/28/2028		212,048

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	160,000	GTCR AP Finance, Inc.(d)	8.00%	05/15/2027	$	147,505
	435,000	Massachusetts Mutual Life Insurance Co.(d)	3.20%	12/01/2061		264,505
	415,000	Prudential Financial, Inc.	3.91%	12/07/2047		316,634
	745,000	Willis North America, Inc.	4.50%	09/15/2028		691,828
						3,221,929
Internet - 0.13%
	1,490,000	Endurance International Group Holdings, Inc.(d)	6.00%	02/15/2029		992,129
	200,000	Expedia Group, Inc.	5.00%	02/15/2026		196,892
	390,000	Expedia Group, Inc.	3.80%	02/15/2028		346,909
	135,000	Expedia Group, Inc.	3.25%	02/15/2030		109,664
	58,000	Expedia Group, Inc.	2.95%	03/15/2031		45,076
	135,000	Uber Technologies, Inc.(d)	4.50%	08/15/2029		113,738
						1,804,408
Investment Companies - 0.84%
	430,000	Ares Capital Corp.	2.15%	07/15/2026		360,866
	5,000,000	Franklin BSP Lending Corp.(d)	5.38%	05/30/2023		4,936,514
	180,000	Icahn Enterprises LP / Icahn Enterprises Finance Corp.	5.25%	05/15/2027		157,996
	435,000	Owl Rock Capital Corp.	2.63%	01/15/2027		352,052
	844	OWL Rock Core Income Corp.(d)	5.50%	03/21/2025		795
	3,961,000	OWL Rock Core Income Corp.	5.50%	03/21/2025		3,730,637
	2,000,000	OWL Rock Core Income Corp.	4.70%	02/08/2027		1,754,294
						11,293,154
Leisure Time - 0.06%
	135,000	Carnival Corp.(d)	7.63%	03/01/2026		102,804
	430,000	Carnival Corp.(d)	5.75%	03/01/2027		302,193
	140,000	NCL Corp., Ltd.(d)	5.88%	02/15/2027		116,843
	340,000	Viking Cruises, Ltd.(d)	5.88%	09/15/2027		259,969
						781,809
Lodging - 0.06%
	420,000	Marriott International, Inc.	3.13%	06/15/2026		387,930
	585,000	Marriott International, Inc.	2.75%	10/15/2033		425,574
						813,504
Machinery-Diversified - 0.03%
	520,000	Flowserve Corp.	2.80%	01/15/2032		372,932
Media - 0.27%
	140,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)	4.75%	02/01/2032		109,260
	135,000	CCO Holdings LLC / CCO Holdings Capital Corp.(d)	4.25%	01/15/2034		96,947
	970,000	Cengage Learning, Inc.(d)	9.50%	06/15/2024		910,476

See Notes to Financial Statements.

Annual Report | September 30, 2022 43

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	395,000	Charter Communications Operating LLC / Charter Communications Operating Capital	4.91%	07/23/2025	$	385,535
	495,000	Charter Communications Operating LLC / Charter Communications Operating Capital	3.50%	03/01/2042		315,208
	260,000	Comcast Corp.	3.95%	10/15/2025		252,809
	410,000	Comcast Corp.	3.40%	04/01/2030		361,075
	120,000	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.(d)	5.88%	08/15/2027		103,725
	145,000	DISH DBS Corp.(d)	5.75%	12/01/2028		109,854
	130,000	GCI LLC(d)	4.75%	10/15/2028		108,195
	700,000	McGraw-Hill Education, Inc.(d)	5.75%	08/01/2028		585,995
	85,000	News Corp.(d)	5.13%	02/15/2032		74,758
	190,000	Scripps Escrow, Inc.(d)	5.88%	07/15/2027		165,664
						3,579,501
Mining - 0.08%
	220,000	Arconic Corp.(d)	6.13%	02/15/2028		194,824
	50,000	Freeport-McMoRan, Inc.	4.38%	08/01/2028		45,097
	300,000	Freeport-McMoRan, Inc.	4.63%	08/01/2030		263,490
	400,000	Glencore Funding LLC(d)	1.63%	04/27/2026		346,313
	365,000	Glencore Funding LLC(d)	3.38%	09/23/2051		222,988
						1,072,712
Miscellaneous Manufactur - 0.01%
	205,000	Parker-Hannifin Corp.	4.25%	09/15/2027		195,581
Oil & Gas - 0.44%
	360,000	BP Capital Markets America, Inc.	2.94%	06/04/2051		229,377
	475,000	BP Capital Markets America, Inc.	3.00%	03/17/2052		305,451
	905,000	Brooklyn Union Gas Co.(d)	4.49%	03/04/2049		682,973
	165,000	Callon Petroleum Co.(d)	7.50%	06/15/2030		144,779
	165,000	Chesapeake Energy Corp.(d)	5.88%	02/01/2029		153,243
	170,000	CNX Resources Corp.(d)	6.00%	01/15/2029		155,512
	100,000	CNX Resources Corp.(d)	7.38%	01/15/2031		98,026
	320,000	Continental Resources, Inc.(d)	2.27%	11/15/2026		273,461
	95,000	East Ohio Gas Co.(d)	3.00%	06/15/2050		60,109
	450,000	Exxon Mobil Corp.	4.23%	03/19/2040		391,992
	260,000	Halliburton Co.	2.92%	03/01/2030		216,781
	140,000	Hilcorp Energy I LP / Hilcorp Finance Co.(d)	6.25%	11/01/2028		129,475
	155,000	Hilcorp Energy I LP / Hilcorp Finance Co.(d)	5.75%	02/01/2029		135,827
	250,000	Kosmos Energy, Ltd.(c)	7.50%	03/01/2028		196,709
	285,000	Marathon Petroleum Corp.	5.13%	12/15/2026		280,595

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	750,000	NiSource, Inc.	3.60%	05/01/2030	$	655,301
	65,000	Occidental Petroleum Corp.	6.63%	09/01/2030		66,131
	95,000	Occidental Petroleum Corp.	6.13%	01/01/2031		93,806
	95,000	Occidental Petroleum Corp.	6.45%	09/15/2036		95,234
	170,000	Pioneer Natural Resources Co.	1.90%	08/15/2030		130,224
	700,000	SierraCol Energy Andina LLC(d)	6.00%	06/15/2028		455,555
	300,000	SierraCol Energy Andina LLC(c)	6.00%	06/15/2028		195,238
	140,000	Southwestern Energy Co.	5.38%	02/01/2029		127,247
	160,000	Southwestern Energy Co.	4.75%	02/01/2032		134,448
	110,000	Sunoco LP / Sunoco Finance Corp.	6.00%	04/15/2027		105,052
	215,000	Sunoco LP / Sunoco Finance Corp.	4.50%	05/15/2029		178,738
	160,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	09/01/2027		145,672
						5,836,956
Oil & Gas Services - 0.01%
	150,000	Weatherford International, Ltd.(d)	6.50%	09/15/2028		135,210
Packaging & Containers - 0.08%
	280,000	Berry Global, Inc.	1.65%	01/15/2027		232,541
	195,000	Clydesdale Acquisition Holdings, Inc.(d)	6.63%	04/15/2029		177,842
	736,000	WRKCo, Inc.	3.75%	03/15/2025		709,725
						1,120,108
Pharmaceuticals - 0.14%
	870,000	AbbVie, Inc.	4.70%	05/14/2045		738,486
	260,000	AdaptHealth LLC(d)	5.13%	03/01/2030		214,786
	100,000	Bausch Health Cos., Inc.(d)	6.13%	02/01/2027		69,480
	90,000	Bausch Health Cos., Inc.(d)	6.25%	02/15/2029		33,768
	430,000	CVS Health Corp.	5.05%	03/25/2048		379,692
	200,000	Owens & Minor, Inc.(d)	6.63%	04/01/2030		176,500
	265,000	Viatris, Inc.	1.65%	06/22/2025		235,880
						1,848,592
Pipelines - 0.41%
	73,000	Antero Midstream Partners LP / Antero Midstream Finance Corp.(d)	5.75%	03/01/2027		67,665
	395,000	Energy Transfer LP	4.75%	01/15/2026		381,021
	1,000,000	Energy Transfer LP	3.90%	07/15/2026		933,200
	250,000	Energy Transfer LP	4.40%	03/15/2027		233,360
	525,000	Energy Transfer LP	5.00%	05/15/2044		406,537
	220,000	EQM Midstream Partners LP(d)	4.75%	01/15/2031		175,142
	320,000	Hess Midstream Operations LP(d)	5.13%	06/15/2028		280,624
	275,000	Hess Midstream Operations LP(d)	4.25%	02/15/2030		222,650
	678,000	Kinder Morgan Energy Partners LP	6.95%	01/15/2038		675,857

See Notes to Financial Statements.

Annual Report | September 30, 2022 45

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	1,260,000	NGL Energy Operating LLC / NGL Energy Finance Corp.(d)	7.50%	02/01/2026	$	1,122,729
	205,000	NGPL PipeCo LLC(d)	3.25%	07/15/2031		160,806
	270,000	NuStar Logistics LP	6.38%	10/01/2030		231,625
	255,000	ONEOK, Inc.	3.40%	09/01/2029		214,217
	345,000	Sabine Pass Liquefaction LLC	5.00%	03/15/2027		331,425
						5,436,858
Real Estate - 0.01%
	130,000	Realogy Group LLC / Realogy Co.-Issuer Corp.(d)	5.25%	04/15/2030		88,503
REITS - 0.33%
	165,000	Agree LP	2.60%	06/15/2033		120,573
	370,000	Alexandria Real Estate Equities, Inc.	3.00%	05/18/2051		225,513
	280,000	Corporate Office Properties LP	2.90%	12/01/2033		194,409
	800,000	Crown Castle, Inc.	3.70%	06/15/2026		752,118
	515,000	Crown Castle, Inc.	3.65%	09/01/2027		466,832
	465,000	Equinix, Inc.	1.80%	07/15/2027		389,303
	1,000,000	Equinix, Inc.	2.15%	07/15/2030		768,112
	515,000	Host Hotels & Resorts LP	2.90%	12/15/2031		378,667
	390,000	Invitation Homes Operating Partnership LP	2.70%	01/15/2034		275,735
	250,000	Iron Mountain, Inc.(d)	4.50%	02/15/2031		193,727
	80,000	Office Properties Income Trust	2.65%	06/15/2026		60,062
	335,000	Office Properties Income Trust	2.40%	02/01/2027		241,668
	140,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(d)	4.88%	05/15/2029		113,618
	90,000	Sabra Health Care LP	3.20%	12/01/2031		66,250
	180,000	Vornado Realty LP	2.15%	06/01/2026		150,839
						4,397,426
Retail - 0.39%
	480,000	AutoNation, Inc.	3.85%	03/01/2032		379,960
	810,000	Dick's Sporting Goods, Inc.	3.15%	01/15/2032		618,100
	240,000	Dick's Sporting Goods, Inc.	4.10%	01/15/2052		148,788
	190,000	Dollar General Corp.	4.25%	09/20/2024		187,851
	735,000	Dollar Tree, Inc.	4.00%	05/15/2025		712,959
	90,000	Dollar Tree, Inc.	3.38%	12/01/2051		58,486
	120,000	Ferrellgas LP / Ferrellgas Finance Corp.(d)	5.38%	04/01/2026		105,739
	240,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.(d)	6.75%	01/15/2030		182,851
	220,000	Lowe's Cos., Inc.	4.40%	09/08/2025		216,804
	230,000	Lowe's Cos., Inc.	5.63%	04/15/2053		213,249

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	480,000	McDonald's Corp.	4.45%	03/01/2047	$	403,617
	150,000	Michaels Cos., Inc.(d)	5.25%	05/01/2028		105,617
	190,000	Park River Holdings, Inc.(d)	5.63%	02/01/2029		123,665
	945,000	PetSmart, Inc. / PetSmart Finance Corp.(d)	7.75%	02/15/2029		846,285
	290,000	Sonic Automotive, Inc.(d)	4.63%	11/15/2029		227,994
	190,000	SRS Distribution, Inc.(d)	4.63%	07/01/2028		163,436
	185,000	Staples, Inc.(d)	7.50%	04/15/2026		155,595
	255,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.(d)	5.00%	06/01/2031		209,616
	145,000	Victoria's Secret & Co.(d)	4.63%	07/15/2029		109,784
						5,170,396
Semiconductors - 0.10%
	729,000	Broadcom, Inc.(d)	3.42%	04/15/2033		557,753
	770,000	Marvell Technology, Inc.	4.20%	06/22/2023		767,963
						1,325,716
Software - 0.19%
	200,000	AthenaHealth Group, Inc.(d)	6.50%	02/15/2030		158,490
	1,550,000	Castle US Holding Corp.(d)	9.50%	02/15/2028		1,150,457
	140,000	Clarivate Science Holdings Corp.(d)	4.88%	07/01/2029		109,845
	225,217	CWT Travel Group, Inc.(d)	8.50%	11/19/2026		194,813
	635,000	Oracle Corp.	3.85%	04/01/2060		385,404
	465,000	VMware, Inc.	2.20%	08/15/2031		339,169
	195,000	Workday, Inc.	3.70%	04/01/2029		175,123
						2,513,301
Telecommunications - 0.38%
	500,000	AT&T, Inc.	4.30%	02/15/2030		457,402
	235,000	AT&T, Inc.	2.75%	06/01/2031		188,493
	1,045,000	AT&T, Inc.	3.50%	09/15/2053		698,028
	500,000	AT&T, Inc.	3.55%	09/15/2055		329,475
	175,000	CommScope, Inc.(d)	4.75%	09/01/2029		143,071
	1,675,000	Embarq Corp Eq	8.00%	06/01/2036		841,252
	45,000	Frontier Communications Holdings LLC(d)	5.88%	10/15/2027		40,433
	85,000	Frontier Communications Holdings LLC(d)	5.00%	05/01/2028		73,089
	150,000	Frontier Communications Holdings LLC(d)	6.00%	01/15/2030		118,155
	160,000	Lumen Technologies, Inc.(d)	5.13%	12/15/2026		137,906
	440,000	T-Mobile USA, Inc.	2.25%	02/15/2026		394,319
	1,000,000	T-Mobile USA, Inc.	3.88%	04/15/2030		887,627
	445,000	T-Mobile USA, Inc.	3.40%	10/15/2052		294,553
	500,000	Verizon Communications, Inc.	3.15%	03/22/2030		426,037
	145,000	Verizon Communications, Inc.	3.88%	03/01/2052		108,267
						5,138,107

See Notes to Financial Statements.

Annual Report | September 30, 2022 47

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
Transportation - 0.09%
$	970,000	CSX Corp.	3.80%	11/01/2046	$	742,870
	500,000	Union Pacific Corp.	3.70%	03/01/2029		463,418
						1,206,288
Trucking & Leasing - 0.02%
	350,000	Penske Truck Leasing Co. LP / PTL Finance Corp.(d)	4.20%	04/01/2027		326,071
TOTAL U.S. CORPORATE BONDS
(Cost $133,446,168)						109,071,547
CONVERTIBLE CORPORATE BONDS - 0.00%
	95,548	Digicel Group Holdings, Ltd.(d)(g)	5.09% (7.00%)	12/31/2049		16,721
TOTAL CONVERTIBLE CORPORATE BONDS
(Cost $20,041)						16,721
FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.76%
	400,000	Brazilian Government International Bond	5.63%	02/21/2047		309,540
	1,150,000	Brazilian Government International Bond	4.75%	01/14/2050		786,451
	200,000	Chile Government International Bond	2.55%	01/27/2032		157,376
	300,000	Chile Government International Bond	3.50%	01/25/2050		204,902
	500,000	Chile Government International Bond	3.10%	01/22/2061		290,957
	600,000	Colombia Government International Bond	3.25%	04/22/2032		407,019
	200,000	Colombia Government International Bond	4.13%	02/22/2042		114,212
	1,100,000	Colombia Government International Bond	5.00%	06/15/2045		669,953
	300,000	Colombia Government International Bond	5.20%	05/15/2049		186,087
	600,000	Colombia Government International Bond	4.13%	05/15/2051		323,651
	300,000	Dominican Republic International Bond(d)	6.00%	02/22/2033		244,922
	600,000	Dominican Republic International Bond(d)	6.40%	06/05/2049		433,961

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	250,000	Dominican Republic International Bond(c)	5.88%	01/30/2060	$	165,940
	200,000	Indonesia Government International Bond	2.15%	07/28/2031		157,020
	500,000	Indonesia Government International Bond	3.70%	10/30/2049		355,214
	400,000	Instituto Costarricense de Electricidad(c)	6.38%	05/15/2043		281,302
	250,000	Korea Development Bank	2.00%	10/25/2031		200,645
	1,160,000	Mexico Government International Bond	3.75%	01/11/2028		1,066,551
	500,000	Mexico Government International Bond	2.66%	05/24/2031		384,592
	750,000	Mexico Government International Bond	4.28%	08/14/2041		547,378
	500,000	Mexico Government International Bond	4.40%	02/12/2052		346,183
	600,000	Panama Government International Bond	2.25%	09/29/2032		423,951
	500,000	Panama Government International Bond	3.87%	07/23/2060		298,644
	200,000	Philippine Government International Bond	3.70%	03/01/2041		153,200
	200,000	Philippine Government International Bond	3.70%	02/02/2042		152,955
	200,000	Republic of South Africa Government International Bond	4.30%	10/12/2028		166,929
	900,000	Republic of South Africa Government International Bond	5.65%	09/27/2047		581,088
	300,000	Saudi Government International Bond(c)	2.25%	02/02/2033		236,188
	800,000	Ukraine Government International Bond(c)(i)	7.25%	03/15/2035		150,812
TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES
(Cost $14,102,531)						9,797,623
BANK LOANS - 2.07%(e)
Cayman Islands - 0.07%
	1,019,475	Grab Holdings, Inc., First Lien - Initial Term Loan	1M US L + 4.50%, 1.00% Floor	01/29/2026		960,223

See Notes to Financial Statements.

Annual Report | September 30, 2022 49

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
Luxembourg - 0.08%
$	1,144,806	Travelport Finance Luxembourg SARL 1L, 2021, First Lien - Initial (Priority) Term Loan	3M US L + 8.75%, 1.00% Floor	02/28/2025	$	1,135,270
	409	Travelport Finance S.a r.l., First Lien - 2021 Consented Term Loan	3M US L + 6.75%	05/29/2026		290
						1,135,560
Netherlands - 0.04%
	50,880	Bright Bidco B.V., First Lien	N/A	02/28/2023		50,880
	1,232,331	Bright Bidco B.V., First Lien - 2018 Refinancing B Term Loan	3M US L + 3.50%, 1.00% Floor	06/30/2024		306,543
	89,040	Bright Bidco B.V., First Lien - Term Loan	SOFR + 8.00%	02/28/2023		89,040
	5,736	Lealand Finance Company B.V., First Lien - Make-Whole Term Loan	1M US L + 3.00%	06/28/2024		3,657
	75,894	Lealand Finance Company B.V., First Lien - Take-Back Term Loan	3M US L + 1.00%	06/30/2025		38,611
						488,731
United Arab Emirates - 0.05%
	784,130	Gulf Finance, LLC TL 1L	1M US L + 6.75%	08/25/2026		624,924
United States - 1.83%
	1,237,811	Air Methods Corp., First Lien - Initial Term Loan	3M US L + 3.50%, 1.00% Floor	04/22/2024		995,924
	917,700	American Tire Distributors, Inc., First Lien - Initial Term Loan	3M US L + 6.25%	10/08/2028		861,821
	1,625,000	Applied Systems, Inc., Second Lien - 2021 Term Loan	3M US L + 5.50%, 0.75% Floor	09/19/2025		1,606,313
	686,950	Astra Acquisition Corp., First Lien - Initial Term Loan	1M US L + 5.25%	10/22/2028		587,342
	1,755,042	Astra Acquisition Corp., Second Lien - Initial Term Loan	1M US L + 8.875%	10/22/2029		1,614,639
	295,000	Asurion LLC, Second Lien - New B-3 Term Loan	1M US L + 5.25%	01/31/2028		223,831
	1,534,500	Atlas Purchaser, Inc., First Lien - Initial Term Loan	3M US L + 3.00%, 0.75% Floor	05/08/2028		1,210,337
	1,565,000	Aveanna Healthcare LLC, Second Lien - Initial Term Loan	1M US L + 7.00%, 0.50% Floor	12/10/2029		1,158,100
	200,000	Blackhawk Network Holdings, Inc., Second Lien	3M US L + 7.00%	06/15/2026		189,500
	729,488	Cengage Learning, Inc., First Lien - B Term Loan	3M US L + 5.00%	06/29/2026		662,353

See Notes to Financial Statements. 

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	1,630,000	Constant Contact, Inc., Second Lien - Initial Term Loan	3M US L + 7.50%, 0.75% Floor	02/12/2029	$	1,287,700
	905,000	DCert Buyer, Inc., Second Lien - First Amendment Refinancing Term Loan	3M US L + 7.00%	02/19/2029		848,438
	760,000	DG Investment Intermediate Holdings 2, Inc., Second Lien - Initial Term Loan	1M US L + 6.75%, 0.75% Floor	03/30/2029		713,450
	443,367	Edgewater Generation LLC, First Lien	1M US L + 3.75%	12/13/2025		391,298
	3,125,188	Envision Healthcare Corp., First Lien	3M US L + 0.00%	03/31/2027		1,050,198
	661,548	Intelsat Jackson Holdings S.A.TLB 1L	3M US L + 4.25%	01/26/2029		622,516
	400,000	Kenan Advantage Group, Inc, Second Lien - Initial Term Loan	3M US L + 7.25%, 0.75% Floor	08/18/2027		370,000
	435,000	LSF9 ATLANTIS HOLDINGS, LLC, First Lien - B Term Loan	3M US L + 7.25%	03/29/2029		414,338
	823,879	Minotaur Acquisition, Inc., First Lien - B Term Loan	3M US L + 4.75%	03/27/2026		784,818
	483,567	Misys, Ltd., First Lien - Dollar Term Loan	3M US L + 3.50%, 1.00% Floor	06/13/2024		422,154
	705,000	Misys, Ltd., Second Lien - Dollar Term Loan	6M US L + 7.25%, 1.00% Floor	06/13/2025		580,307
	1,023,597	Riverbed Technology, Inc., First Lien - Initial Term Loan	6M US L + 8.00%	12/06/2026		398,778
	332,037	Sweetwater Borrower, LLC, First Lien - Initial Term Loan	1M US L + 4.25%	08/03/2028		303,813
	966,936	Team Health Holdings, Inc., First Lien - Initial Term Loan	1M US L + 2.75%, 1.00% Floor	02/06/2024		888,372
	592,025	Think & Learn Private, Ltd., First Lien - B Term Loan	3M US L + 6.00%	11/05/2026		433,868
	680,000	TIBCO Software, Inc., Second Lien	1M US L + 7.25%	03/04/2028		678,725
	1,748,941	Travel Leaders Group LLC, First Lien - 2018 Refinancing Term Loan	1M US L + 4.00%	01/25/2024		1,614,185
	1,410,000	UKG, Inc. TL 2L	3M US L + 5.25%	05/03/2027		1,340,677
	806,643	Vantage Specialty Chemicals, Inc., First Lien - Closing Date Term Loan	3M US L + 3.50%, 1.00% Floor	10/28/2024		778,160
	683,100	Viad Corp, First Lien - Initial Term Loan	3M US L + 5.00%, 0.50% Floor	07/30/2028		651,220

See Notes to Financial Statements.

Annual Report | September 30, 2022 51

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	880,420	WaterBridge Midstream Operating LLC, First Lien - Initial Term Loan	3M US L + 5.75%, 1.00% Floor	06/22/2026	$	851,987
						24,535,162
TOTAL BANK LOANS
(Cost $30,817,227)						27,744,600
COLLATERALIZED LOAN OBLIGATIONS - 4.57%
		AIMCO CLO
	500,000	Series 2018-AA(d)(e)	3M US L + 2.55%	04/17/2031	$	445,884
		AIMCO CLO 10, Ltd.
	1,000,000	Series 2021-10A(d)(e)	3M US L + 2.90%	07/22/2032		909,276
		Apidos CLO XII
	500,000	Series 2018-12A(d)(e)	3M US L + 2.60%	04/15/2031		436,335
		Apidos CLO XX
	500,000	Series 2018-20A(d)(e)	3M US L + 2.95%	07/16/2031		441,770
		Apidos CLO XXIV
	1,000,000	Series 2018-24A(d)(e)	3M US L + 5.80%	10/20/2030		819,559
		Babson CLO, Ltd.
	500,000	Series 2018-IA(d)(e)	3M US L + 2.60%	01/20/2031		435,963
		Bain Capital Credit CLO 2017-2, Ltd.
	500,000	Series 2021-2A(d)(e)	3M US L + 6.50%	07/25/2034		417,447
	1,000,000	Series 2021-2A(d)(e)	3M US L + 3.10%	07/25/2034		887,453
		Bain Capital Credit CLO 2021-2, Ltd.
	500,000	Series 2021-2A(d)(e)	3M US L + 3.15%	07/16/2034		445,356
		Bain Capital Credit CLO 2022-3, Ltd.
	1,000,000	Series 2022-3A(d)(e)	3M US SOFR + 7.35%	07/17/2035		841,644
		Barings CLO, Ltd.
	500,000	Series 2017-1A(d)(e)	3M US L + 3.60%	07/18/2029		465,054
	500,000	Series 2018-4A(d)(e)	3M US L + 5.82%	10/15/2030		421,344
		Barings CLO, Ltd. 2018-III
	1,295,000	Series 2018-3A(d)(e)	3M US L + 5.75%	07/20/2029		1,088,764
		Barings CLO, Ltd. 2019-I
	1,500,000	Series 2021-1A(d)(e)	3M US L + 6.86%	04/15/2036		1,272,748
		Barings CLO, Ltd. 2019-II
	500,000	Series 2021-2A(d)(e)	3M US L + 3.41%	04/15/2036		448,319
		Barings CLO, Ltd. 2021-II
	500,000	Series 2021-2A(d)(e)	3M US L + 3.15%	07/15/2034		434,163
		Beechwood Park CLO, Ltd.
	500,000	Series 2022-1A(d)(e)	3M US SOFR + 6.50%	01/17/2035		433,984

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
		BlueMountain CLO, Ltd.
$	500,000	Series 2018-3A(d)(e)	3M US L + 2.60%	04/20/2031	$	431,166
		BlueMountain Fuji US CLO II, Ltd.
	1,000,000	Series 2017-2A(d)(e)	3M US L + 3.00%	10/20/2030		882,579
		Buttermilk Park CLO, Ltd.
	1,000,000	Series 2018-1A(d)(e)	3M US L + 5.75%	10/15/2031		838,347
		Canyon Capital CLO 2016-2, Ltd.
	500,000	Series 2018-2A(d)(e)	3M US L + 3.15%	10/15/2031		425,785
		Canyon Capital CLO 2017-1, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 3.00%	07/15/2030		452,855
		Canyon Capital CLO 2019-1, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 7.09%	04/15/2032		411,905
		Canyon Capital CLO 2021-2, Ltd.
	1,250,000	Series 2021-2A(d)(e)	3M US L + 3.35%	04/15/2034		1,073,622
		Canyon Capital CLO, Ltd.
	1,000,000	Series 2018-1A(d)(e)	3M US L + 2.75%	01/30/2031		857,028
	1,500,000	Series 2018-1A(d)(e)	3M US L + 5.50%	01/30/2031		1,191,863
	1,000,000	Series 2018-1A(d)(e)	3M US L + 5.75%	07/15/2031		816,455
	500,000	Series 2018-1A(d)(e)	3M US L + 2.80%	07/15/2031		435,489
	500,000	Series 2018-1RA(d)(e)	3M US L + 3.00%	07/15/2030		454,597
		Canyon CLO 2021-3, Ltd.
	1,000,000	Series 2021-3A(d)(e)	3M US L + 3.05%	07/15/2034		883,811
		Canyon CLO 2021-4, Ltd.
	1,000,000	Series 2021-4A(d)(e)	3M US L + 6.30%	10/15/2034		820,531
		Canyon CLO, Ltd.
	500,000	Series 2018-1A(d)(e)	3M US L + 2.90%	07/15/2031		451,152
		Carlyle Global Market Strategies CLO 2016-3, Ltd.
	1,000,000	Series 2021-3A(d)(e)	3M US L + 3.30%	07/20/2034		861,594
		Carlyle Global Market Strategies CLO, Ltd.
	1,000,000	Series 2018-2RA(d)(e)	3M US L + 5.35%	05/15/2031		784,038
		Carlyle US CLO 2020-2, Ltd.
	2,000,000	Series 2021-2A(d)(e)	3M US L + 6.70%	01/25/2035		1,710,266
		Carlyle US CLO 2021-1, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 6.00%	04/15/2034		412,751
		Chenango Park CLO, Ltd.
	500,000	Series 2018-1A(d)(e)	3M US L + 3.00%	04/15/2030		440,372
	1,000,000	Series 2018-1A(d)(e)	3M US L + 5.80%	04/15/2030		825,930
		Cook Park CLO, Ltd.
	500,000	Series 2018-1A(d)(e)	3M US L + 2.60%	04/17/2030		434,188
		Crown Point CLO IV, Ltd.
	500,000	Series 2018-4A(d)(e)	3M US L + 1.90%	04/20/2031		455,352
		Dryden 57 CLO, Ltd.
	500,000	Series 2018-57A(d)(e)	3M US L + 2.55%	05/15/2031		436,819
		Dryden 60 CLO, Ltd.
	1,000,000	Series 2018-60A(d)(e)	3M US L + 3.00%	07/15/2031		895,414

See Notes to Financial Statements.

Annual Report | September 30, 2022 53

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
		Elevation CLO 2021-14, Ltd.
$	500,000	Series 2021-14A(d)(e)	3M US L + 2.30%	10/20/2034	$	451,946
		Elmwood CLO IX, Ltd.
	500,000	Series 2021-2A(d)(e)	3M US L + 2.94%	07/20/2034		441,496
	500,000	Series 2021-2A(d)(e)	3M US L + 5.94%	07/20/2034		422,898
		Fillmore Park CLO, Ltd.
	500,000	Series 2018-1A(d)(e)	3M US L + 2.90%	07/15/2030		447,565
	1,000,000	Series 2018-1A(d)(e)	3M US L + 5.40%	07/15/2030		836,458
		Galaxy XIX CLO, Ltd.
	1,300,000	Series 2017-19A(d)(e)	3M US L + 6.53%	07/24/2030		1,013,755
		Gilbert Park CLO, Ltd.
	1,000,000	Series 2017-1A(d)(e)	3M US L + 6.40%	10/15/2030		873,565
		Goldentree Loan Management US CLO, Ltd.
	1,000,000	Series 2018-3A(d)(e)	3M US L + 2.85%	04/20/2030		896,050
		Milos CLO, Ltd.
	500,000	Series 2020-1A(d)(e)	3M US L + 6.15%	10/20/2030		431,376
		Myers Park CLO, Ltd.
	500,000	Series 2018-1A(d)(e)	3M US L + 3.05%	10/20/2030		445,293
	1,000,000	Series 2018-1A(d)(e)	3M US L + 5.50%	10/20/2030		820,840
		Neuberger Berman Loan Advisers CLO 37, Ltd.
	500,000	Series 2021-37A(d)(e)	3M US L + 5.75%	07/20/2031		436,136
		Neuberger Berman Loan Advisers CLO 42, Ltd.
	500,000	Series 2021-42A(d)(e)	3M US L + 5.95%	07/16/2035		416,058
		Neuberger Berman Loan Advisers Clo 44, Ltd.
	1,000,000	Series 2021-44A(d)(e)	3M US L + 6.00%	10/16/2034		853,531
		Point Au Roche Park CLO, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 6.13%	07/20/2034		417,309
		PPM CLO 3, Ltd.
	1,000,000	Series 2021-3A(d)(e)	3M US L + 3.20%	04/17/2034		872,479
		Rockland Park CLO, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 6.25%	04/20/2034		418,728
		Sound Point CLO XXIII
	500,000	Series 2021-2A(d)(e)	3M US L + 3.30%	07/15/2034		423,424
		Sound Point CLO XXIV
	1,375,000	Series 2021-3A(d)(e)	3M US L + 6.72%	10/25/2034		1,107,208
		Sound Point CLO XXVI, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 3.35%	07/20/2034		427,413
		Sound Point CLO XXVIII, Ltd.
	1,000,000	Series 2020-3A(d)(e)	3M US L + 6.90%	01/25/2032		839,400
		Sound Point CLO XXXII, Ltd.
	500,000	Series 2021-4A(d)(e)	3M US L + 3.40%	10/25/2034		428,544
	500,000	Series 2021-4A(d)(e)	3M US L + 6.70%	10/25/2034		395,340

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
		Stewart Park CLO, Ltd.
$	500,000	Series 2018-1A(d)(e)	3M US L + 2.60%	01/15/2030	$	430,874
		Symphony CLO XVII, Ltd.
	1,500,000	Series 2018-17A(d)(e)	3M US L + 2.65%	04/15/2028		1,416,750
		Thayer Park CLO, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 6.25%	04/20/2034		430,542
		THL Credit Wind River 2017-1 CLO, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 3.91%	04/18/2036		432,927
		THL Credit Wind River 2017-3 CLO, Ltd.
	750,000	Series 2021-3A(d)(e)	3M US L + 3.88%	04/15/2035		660,872
	500,000	Series 2021-3A(d)(e)	3M US L + 7.08%	04/15/2035		425,072
		THL Credit Wind River 2018-3 CLO, Ltd.
	2,000,000	Series 2018-3A(d)(e)	3M US L + 2.95%	01/20/2031		1,755,000
		THL Credit Wind River CLO, Ltd.
	500,000	Series 2018-1A(d)(e)	2.90% - 3M US L	07/15/2030		440,107
	2,000,000	Series 2018-1A(d)(e)	5.50% - 3M US L	07/15/2030		1,663,248
	1,000,000	Series 2018-1A(d)(e)	3M US L + 3.00%	07/18/2031		883,506
	1,000,000	Series 2018-2A(d)(e)	3M US L + 5.75%	07/15/2030		826,693
	1,000,000	Series 2018-3A(d)(e)	3M US L + 6.22%	10/22/2031		832,702
		Unity-Peace Park CLO, Ltd.
	500,000	Series 2022-1A(d)(e)	3M US SOFR + 7.175%	04/20/2035		429,298
		Upland CLO, Ltd.
	500,000	Series 2018-1A(d)(e)	3M US L + 2.90%	04/20/2031		436,591
		VERDE CLO, Ltd.
	1,000,000	Series 2021-1A(d)(e)	3M US L + 3.25%	04/15/2032		888,824
		VOYA CLO 2017-2
	1,000,000	Series 2017-2A(d)(e)	3M US L + 6.02%	06/07/2030		831,818
		Voya CLO, Ltd.
	500,000	Series 2018-1A(d)(e)	3M US SOFR + 3.06161%	04/18/2031		436,500
	1,000,000	Series 2018-2A(d)(e)	3M US L + 2.75%	07/15/2031		873,986
	1,000,000	Series 2018-2A(d)(e)	3M US L + 5.25%	07/15/2031		811,254
	500,000	Series 2018-3A(d)(e)	3M US L + 6.20%	10/20/2031		410,467
	500,000	Series 2018-4A(d)(e)	3M US L + 5.95%	07/14/2031		401,651
		Webster Park CLO, Ltd.
	1,000,000	Series 2018-1A(d)(e)	5.50% - 3M US L	07/20/2030		796,638
		Wind River 2013-1 CLO, Ltd.
	500,000	Series 2017-1A(d)(e)	3M US L + 3.65%	07/20/2030		455,741
		Wind River 2014-3 CLO, Ltd.
	1,500,000	Series 2018-3A(d)(e)	3M US L + 3.40%	10/22/2031		1,309,656

See Notes to Financial Statements.

Annual Report | September 30, 2022 55

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
		Wind River 2021-2 CLO, Ltd.
$	500,000	Series 2021-2A(d)(e)	3M US L + 6.43%	07/20/2034	$	406,046
TOTAL COLLATERALIZED LOAN OBLIGATIONS
(Cost $70,679,937)						61,132,547
COLLATERALIZED MORTGAGE OBLIGATIONS - 0.01%
		Bellemeade Real Estate, Ltd.
	84,333	Series 2019-2A(d)(e)	1M US L + 1.45%	04/25/2029		84,312
TOTAL COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $84,333)						84,312
EQUITY - LINKED NOTES - 0.00%(j)
	263,093	Inverpamplona SA(h)(k)	0.00%	12/30/2028		–
TOTAL EQUITY - LINKED NOTES
(Cost $11,250)						–
NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 20.75%
		Aaset 2021-2 Trust
	478,067	Series 2021-2A(d)	3.54%	12/15/2028		381,033
		AASET, Ltd.
	427,473	Series 2018-1A(d)	3.84%	09/16/2023		324,572
		ABFC Trust
	2,720,724	Series 2007-WMC1(e)	1M US L + 1.25%	06/25/2037		2,002,350
		Alen Mortgage Trust
	1,107,000	Series 2021-ACEN(d)(e)	1M US L + 4.00%	04/15/2026		1,004,100
		AMSR
	5,100,000	Series 2020-SFR3(d)	4.99%	09/17/2025		4,764,896
	5,000,000	Series 2021-SFR1(d)(e)	4.61%	06/17/2028		4,076,606
		AREIT Trust
	1,265,000	Series 2019-CRE3(d)(e)	30D SOFR + 2.76%	09/16/2036		1,201,072
		Atlas Senior Loan Fund X, Ltd.
	491,101	Series 2018-10A(d)(e)	3M US L + 1.09%	01/15/2031		482,020
		Atrium Hotel Portfolio Trust
	1,309,000	Series 2018-ATRM(d)(e)	1M US L + 3.40%	06/15/2035		1,221,911
		Atrium IX
	500,000	Series 2017-9A(d)(e)	3M US L + 3.60%	05/28/2030		454,665
		Atrium XIII
	1,000,000	Series 2017-13A(d)(e)	3M US L + 6.05%	11/21/2030		856,942
		Atrium XIV LLC
	1,000,000	Series 2018-14A(d)(e)	3M US L + 5.65%	08/23/2030		868,535

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
		Atrium XV
$	1,000,000	Series 2018-15A(d)(e)	3M US L + 3.00%	01/23/2031	$	903,826
		BAMLL Commercial Mortgage Securities Trust
	683,000	Series 2019-AHT(d)(e)	2.57%	03/15/2034		657,051
		Banc of America Commercial Mortgage Trust
	600,000	Series 2015-UBS7(e)	4.48%	09/15/2025		558,059
		BANK
	200,000	Series 2017-BNK5(e)	4.33%	06/15/2027		174,544
	10,291,000	Series 2018-BN12(d)(e)(m)	1.50%	05/15/2061		650,009
	660,000	Series 2022-BNK39	3.18%	01/15/2032		530,839
	165,000	Series 2022-BNK39(d)	2.50%	01/15/2032		94,441
		BANK 2020-BNK27
	16,875,000	Series 2020-BN27(d)(e)(m)	0.83%	04/15/2030		749,098
		BANK 2021-BNK37
	381,000	Series 2021-BN37(e)	3.21%	11/15/2031		277,057
		Bank of America Merrill Lynch Commercial Mortgage Trust 2016-UBS10
	1,045,000	Series 2016-UB10(e)	5.00%	05/15/2026		958,332
		BBCMS Mortgage Trust
	519,000	Series 2022-C17	4.44%	08/15/2032		490,328
		BBCMS Trust
	3,000,000	Series 2018-CBM(d)(e)	1M US L + 3.55%	07/15/2037		2,847,129
		Benchmark Mortgage Trust
	11,415,171	Series 2018-B2(e)(m)	0.57%	01/15/2028		166,933
	600,000	Series 2018-B2(e)	4.38%	01/15/2028		524,381
	21,872,883	Series 2018-B4(e)(m)	0.66%	06/15/2028		393,463
	1,589,000	Series 2018-B4(d)(e)	2.95%	07/17/2051		1,158,815
	954,000	Series 2020-B17(e)	3.37%	03/15/2030		738,751
	522,000	Series 2020-B18(d)	4.14%	08/15/2025		436,399
	1,510,000	Series 2021-B31(d)	2.25%	11/15/2031		826,164
	592,000	Series 2022-B32(e)	3.53%	01/15/2032		485,534
		BF Mortgage Trust
	705,000	Series 2019-NYT(d)(e)	1M US L + 3.00%	12/15/2035		610,094
		Blackbird Capital Aircraft
	1,407,873	Series 2021-1A(d)	3.45%	07/15/2028		1,071,852
		BMO Mortgage Trust
	7,951,000	Series 2022-C1(d)(e)(m)	1.89%	02/15/2032		1,008,624
		BX Trust
	636,000	Series 2019-OC11(d)(e)	4.08%	12/09/2029		521,678
	2,964,000	Series 2019-OC11(d)(e)	4.08%	12/06/2041		2,269,107
	900,000	Series 2021-VIEW(d)(e)	1M US L + 3.93%	06/15/2023		831,788
		Cantor Commercial Real Estate Lending
	1,113,000	Series 2019-CF1(d)(e)	4.12%	04/15/2024		1,022,567

See Notes to Financial Statements.

Annual Report | September 30, 2022 57

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
		Carbon Capital VI Commercial Mortgage Trust
$	359,976	Series 2019-FL2(d)(e)	1M US L + 2.85%	11/15/2021	$	353,272
		Carvana Auto Receivables Trust
	5,300	Series 2021-N1(d)	0.00%	01/10/2028		1,463,429
	5,250	Series 2021-N2(d)	0.00%	03/10/2028		1,658,908
		Cascade MH Asset Trust
	4,601,000	Series 2019-MH1(d)(e)	5.99%	10/25/2024		4,255,432
		Castlelake Aircraft Securitization Trust
	3,384,324	Series 2018-1(d)	6.63%	06/15/2043		2,109,283
		Castlelake Aircraft Structured Trust
	460,890	Series 2019-1A(d)	3.97%	04/15/2026		406,064
	2,750,000	Series 2019-1A(d)	0.00%	04/15/2039		426,250
		Cathedral Lake VIII, Ltd.
	1,000,000	Series 2021-8A(d)(e)	3M US L + 2.62%	01/20/2035		916,382
	1,000,000	Series 2021-8A(d)(e)	3M US L + 3.42%	01/20/2035		885,036
		CD Mortgage Trust
	750,000	Series 2017-CD4(e)	4.35%	04/10/2027		637,801
		CIFC Funding 2019-III, Ltd.
	650,000	Series 2021-3A(d)(e)	3M US L + 6.80%	10/16/2034		551,577
		CIFC Funding 2022-III, Ltd.
	500,000	Series 2022-3A(d)(e)	3M US SOFR + 3.75%	04/21/2035		450,503
		CIFC Funding, Ltd.
	850,000	Series 2021-1A(d)(e)	3M US L + 6.00%	04/25/2033		755,133
	500,000	Series 2021-4A(d)(e)	3M US L + 2.85%	07/15/2033		444,790
	500,000	Series 2021-4A(d)(e)	3M US L + 5.95%	07/15/2033		429,406
	2,500,000	Series 2021-5A(d)(e)	3M US L + 6.50%	07/15/2034		2,122,665
		Citigroup Commercial Mortgage Trust
	3,302,213	Series 2014-GC25(e)(m)	0.96%	10/10/2047		48,302
	866,000	Series 2015-GC27(d)(e)	4.42%	02/12/2048		773,984
	400,000	Series 2015-GC31(e)	4.05%	06/10/2025		353,287
	344,000	Series 2016-GC36(d)	2.85%	02/12/2049		200,682
	464,000	Series 2017-C4(e)	4.10%	10/12/2027		412,720
	225,000	Series 2019-GC41	3.20%	08/10/2029		185,933
	1,000,000	Series 2019-SMRT(d)(e)	4.75%	01/10/2036		951,499
	1,433,000	Series 2020-555(d)(e)	3.62%	12/12/2041		931,509
	546,000	Series 2022-GC48(e)	4.74%	05/15/2032		525,355
		Citigroup Mortgage Loan Trust
	640,646	Series 2006-WF1(l)	4.67%	03/25/2036		316,219
	964,522	Series 2007-OPX1(l)	6.33%	01/25/2037		394,085
		Cologix Data Centers US Issuer LLC
	2,800,000	Series 2021-1A(d)	5.99%	12/28/2026		2,456,563

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
		COMM 2014-CCRE16 Mortgage Trust
$	1,100,000	Series 2014-CR16(e)	5.08%	04/10/2024	$	1,044,052
		Commercial Mortgage Pass-Through Certificates
	242,400	Series 2014-CR19(e)	4.70%	08/10/2024		230,465
	8,396,129	Series 2014-UBS4(d)	3.75%	08/10/2024		856,676
	11,000	Series 2014-UBS4(d)(e)	0.00%	08/10/2047		1
	2,670,472	Series 2015-CR22(e)(m)	0.89%	03/10/2025		43,610
	4,244,041	Series 2015-CR26(e)(m)	0.93%	09/10/2025		87,691
		CORE Mortgage Trust
	432,000	Series 2019-CORE(d)(e)	1M US L + 1.90%	12/15/2031		404,426
	432,000	Series 2019-CORE(d)(e)	1M US L + 2.35%	12/15/2031		400,068
		CSAB Mortgage-Backed Trust
	8,781,274	Series 2006-2(l)	6.20%	09/25/2036		832,708
	125,208	Series 2007-1(e)	5.90%	05/25/2037		32,464
		CSAIL Commercial Mortgage Trust
	5,037,452	Series 2015-C1(e)(m)	0.96%	01/15/2025		68,605
	490,000	Series 2016-C6(e)	5.08%	04/15/2026		438,184
	1,362,000	Series 2016-C6(d)(e)	5.08%	01/15/2049		1,072,086
		CSMC
	832,000	Series 2021-B33(d)(e)	3.77%	10/10/2031		637,487
		CSMC Mortgage-Backed Trust
	223,000	Series 2017-CHOP(d)(e)	1M US L + 3.30%	07/15/2032		202,777
		DBJPM 16-C1 Mortgage Trust
	1,309,000	Series 2016-C1(e)	3.33%	05/12/2049		1,112,393
		Diamond Infrastructure Funding LLC
	2,000,000	Series 2021-1A(d)	3.48%	12/20/2026		1,646,612
		DOLP Trust
	1,000,000	Series 2021-NYC(d)(e)	3.70%	05/10/2031		725,613
		Dryden 38 Senior Loan Fund
	1,000,000	Series 2018-38A(d)(e)	3M US L + 5.60%	07/15/2030		790,182
		Dryden 40 Senior Loan Fund
	1,000,000	Series 2018-40A(d)(e)	3M US L + 5.75%	08/15/2031		795,098
	500,000	Series 2018-40A(d)(e)	3M US L + 3.10%	08/15/2031		450,712
		Dryden 42 Senior Loan Fund
	500,000	Series 2018-42A(d)(e)	3M US L + 2.93%	07/15/2030		434,421
		Fannie Mae-Aces
	24,699,473	Series 2019-M12(e)(m)	0.70%	06/25/2029		542,687
	14,653,966	Series 2019-M24(e)(m)	1.15%	03/25/2031		622,974
	39,291,169	Series 2019-M7(e)(m)	0.35%	04/25/2029		584,610
	44,952,044	Series 2020-M10(e)(m)	0.82%	12/25/2027		1,296,655
	47,830,308	Series 2020-M10(e)(m)	0.87%	07/25/2032		2,951,154
	13,935,569	Series 2020-M13(e)(m)	1.30%	09/25/2030		508,156
	43,260,551	Series 2021-M23(e)(m)	0.67%	11/01/2031		989,373

See Notes to Financial Statements.

Annual Report | September 30, 2022 59

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
		FirstKey Homes
$	1,100,000	Series 2020-SFR1(d)	4.28%	08/19/2037	$	984,940
		FMC GMSR Issuer Trust
	6,000,000	Series 2021-GT1(d)(e)	4.36%	07/25/2026		4,645,666
	5,000,000	Series 2021-GT2(d)(e)	4.44%	10/25/2026		3,907,599
		Fontainebleau Miami Beach Trust
	1,656,000	Series 2019-FBLU(d)(e)	3.96%	12/12/2036		1,442,625
		FREMF Mortgage Trust
	890,367	Series 2015-KF07(d)(e)	1M US L + 4.95%	02/25/2025		889,175
	1,000,094	Series 2016-KF19(d)(e)	1M US L + 5.50%	06/25/2023		989,109
	887,222	Series 2016-KF25(d)(e)	1M US L + 5.00%	10/25/2023		886,134
	2,014,680	Series 2018-KF56(d)(e)	1M US L + 5.80%	11/25/2028		1,868,160
	1,658,320	Series 2019-KF71(d)(e)	1M US L + 6.00%	10/25/2029		1,637,682
		FRTKL
	4,050,000	Series 2021-SFR1(d)	4.11%	09/17/2026		3,357,960
		GAIA Aviation, Ltd.
	450,176	Series 2019-1(d)(l)	3.97%	12/15/2026		362,071
	429,908	Series 2019-1(d)(l)	7.00%	12/15/2026		282,930
		Ginnie Mae Strip
	7,370,805	Series 2020-3(m)	1.40%	09/16/2045		595,554
		Great Wolf Trust
	3,084,000	Series 2019-WOLF(d)(e)	1M US L + 3.13%	12/15/2036		2,921,834
		GS Mortgage Securities Corp. II
	1,111,000	Series 2021-ARDN(d)(e)	1M US L + 5.00%	11/15/2023		995,117
	1,111,000	Series 2021-ARDN(d)(e)	1M US L + 5.9332%	11/15/2023		984,806
		GS Mortgage Securities Corp. Trust
	1,000,000	Series 2018-RIVR(d)(e)	1M US L + 1.55%	07/15/2035		867,812
		GS Mortgage Securities Corportation Trust
	691,000	Series 2021-IP(d)(e)	1M US L + 2.10%	10/15/2023		645,243
	691,000	Series 2021-IP(d)(e)	1M US L + 3.55%	10/15/2023		642,196
		GS Mortgage Securities Trust
	9,902	Series 2011-GC3(d)(e)(m)	0.29%	03/10/2044		0
	340,569	Series 2011-GC5(d)(e)(m)	1.95%	08/10/2044		3
	2,417,000	Series 2014-GC26(d)(e)	4.51%	11/10/2047		1,775,524
	1,110,000	Series 2015-GC28(d)(e)	4.45%	02/10/2048		989,669
	6,974,716	Series 2015-GS1(e)(m)	0.77%	11/10/2025		138,886
	1,954,000	Series 2018-TWR(d)(e)	1M US L + 3.92%	07/15/2031		1,619,866
	636,000	Series 2020-GC45(e)	3.41%	12/13/2029		524,438
		GSAA Home Equity Trust
	1,922,705	Series 2006-13(e)	6.04%	07/25/2036		646,367
	458,049	Series 2006-18(l)	6.18%	11/25/2036		122,333
	143,181	Series 2006-6(e)	5.69%	03/25/2036		44,272
	826,235	Series 2007-2(l)	6.60%	03/25/2037		212,914

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
		GSCG Trust
$	675,000	Series 2019-600C(d)(e)	3.99%	09/06/2024	$	568,344
		Hardee's Funding LLC
	960,000	Series 2018-1A(d)	5.71%	06/20/2028		882,008
		Hawaii Hotel Trust
	1,391,000	Series 2019-MAUI(d)(e)	1M US L + 2.75%	05/15/2038		1,305,175
		Hayfin Kingsland X, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 1.85%	04/28/2031		472,798
		Highbridge Loan Management 3-2014
	500,000	Series 2017-2014(d)(e)	3M US L + 3.60%	07/18/2029		449,472
		Highbridge Loan Management 4-2014, Ltd.
	500,000	Series 2018-2014(d)(e)	3M US L + 5.55%	01/28/2030		401,441
		Highbridge Loan Management, Ltd.
	500,000	Series 2017-2A(d)(e)	3M US L + 6.60%	10/20/2029		416,150
	2,000,000	Series 2018-2015(d)(e)	3M US L + 5.10%	02/05/2031		1,499,820
	500,000	Series 2018-2016(d)(e)	3M US L + 2.90%	07/20/2030		429,363
		Horizon Aircraft Finance III, Ltd.
	894,032	Series 2019-2(d)	3.43%	11/15/2026		739,821
		HPLY Trust
	1,065,065	Series 2019-HIT(d)(e)	1M US L + 3.90%	11/17/2036		1,007,814
		HSI Asset Securitization Corp. Trust
	5,651,521	Series 2006-HE1(e)	1M US L + 0.28%	10/25/2036		1,927,712
	1,310,486	Series 2007-NC1(e)	1M US L + 0.18%	04/25/2037		932,532
		Invitation Homes
	994,857	Series 2018-SFR1(d)(e)	1M US L + 1.25%	03/17/2037		980,607
		ITE Rail Fund Levered LP
	924,562	Series 2021-1A(d)	2.25%	02/28/2051		806,819
	706,806	Series 2021-3A(d)	2.21%	06/28/2027		606,864
		J.P. Morgan Chase Commercial Mortgage Securities Trust
	2,092,000	Series 2018-AON(d)(e)	4.61%	07/05/2023		1,711,808
		JP Morgan BB Commercial Mortgage Securities Trust
	2,086,000	Series 2014-C23(d)(e)	3.36%	11/18/2048		1,710,587
	4,110,987	Series 2015-C28(e)(m)	1.09%	03/15/2025		65,352
	7,521,228	Series 2015-C30(e)(m)	0.58%	07/15/2025		76,642
	2,914,583	Series 2015-C31(e)(m)	0.97%	08/15/2025		56,761
		JP Morgan Chase Commercial Mortgage Securities Trust
	1,157,000	Series 2011-C3(d)(e)	5.71%	02/15/2046		552,836
	1,010,000	Series 2018-WPT(d)(e)	5.54%	07/05/2023		962,998
	704,000	Series 2019-MFP(d)(e)	1M US L + 3.00%	07/15/2036		649,818
	235,000	Series 2019-UES(d)	4.34%	05/05/2032		222,101

See Notes to Financial Statements.

Annual Report | September 30, 2022 61

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	1,135,000	Series 2019-UES(d)(e)	4.45%	05/05/2032	$	1,051,296
	915,000	Series 2021-MHC(d)(e)	1M US L + 2.45%	04/15/2026		862,831
		JP Morgan Mortgage Acquisition Corp.
	3,900,000	Series 2005-WMC1(e)	1M US L + 0.90%	09/25/2035		3,421,231
	188,092	Series 2006-CH2(l)	5.46%	09/25/2029		123,928
		JP Morgan Mortgage Acquisition Trust
	3,525,337	Series 2006-RM1(e)	1M US L + 0.48%	08/25/2036		1,644,667
		JPMBB Commercial Mortgage Securities Trust
	17,557,787	Series 2014-C24(e)(m)	1.01%	09/17/2047		207,403
	1,110,000	Series 2014-C26(d)(e)	4.02%	12/15/2024		971,775
	519,000	Series 2015-C27(e)	4.44%	02/15/2025		476,243
		JPMCC Commercial Mortgage Securities Trust
	486,000	Series 2017-JP7(e)	3.78%	07/15/2027		403,813
		Kestrel Aircraft Funding, Ltd.
	474,982	Series 2018-1A(d)	4.25%	10/15/2025		423,829
		Laurel Road Prime Student Loan Trust
	19,529,035	Series 2020-A(d)	0.00%	11/25/2050		1,712,364
		LCM 28, Ltd.
	1,000,000	Series 2018-28A(d)(e)	3M US L + 5.75%	10/20/2030		788,445
		LCM Loan Income Fund I Income Note Issuer, Ltd.
	500,000	Series 2018-27A(d)(e)	3M US L + 5.60%	07/16/2031		389,850
		LCM XIV LP
	1,000,000	Series 2018-14A(d)(e)	3M US L + 2.75%	07/20/2031		861,635
	750,000	Series 2018-14A(d)(e)	3M US L + 5.50%	07/20/2031		586,423
		LCM XVII LP
	1,000,000	Series 2018-17A(d)(e)	3M US L + 6.00%	10/15/2031		795,906
		LCM XX LP
	1,000,000	Series 2018-20A(d)(e)	3M US L + 5.45%	10/20/2027		884,395
		LLPL Capital Pte, Ltd.
	1,194,480	Series REGS(c)	6.88%	02/04/2039		963,085
		LSTAR Commercial Mortgage Trust
	1,150,000	Series 2017-5(d)(e)	4.83%	03/10/2027		928,061
		MACH 1 Cayman, Ltd.
	1,035,569	Series 2019-1(d)	3.47%	08/15/2026		898,237
		Madison Park Funding LII, Ltd.
	500,000	Series 2021-52A(d)(e)	3M US L + 3.15%	01/22/2035		434,226
		Madison Park Funding XIV, Ltd.
	1,000,000	Series 2018-14A(d)(e)	3M US L + 2.95%	10/22/2030		895,731
	1,000,000	Series 2018-14A(d)(e)	3M US L + 5.80%	10/22/2030		828,003

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
		Madison Park Funding XLV, Ltd.
$	1,000,000	Series 2021-45A(d)(e)	3M US L + 3.15%	07/15/2034	$	889,550
	600,000	Series 2021-45A(d)(e)	3M US L + 6.35%	07/15/2034		513,250
		Madison Park Funding XXVI, Ltd.
	500,000	Series 2017-26A(d)(e)	3M US L + 6.50%	07/29/2030		437,924
		Madison Park Funding XXXVIII, Ltd.
	1,000,000	Series 2021-38A(d)(e)	3M US L + 6.00%	07/17/2034		815,207
		Master Asset Backed Securities Trust
	4,160,426	Series 2006-NC3(e)	1M US L + 0.21%	10/25/2036		2,284,116
		MBRT
	1,406,000	Series 2019-MBR(d)(e)	1M US L + 3.15%	11/25/2021		1,322,662
		Med Trust
	258,000	Series 2021-MDLN(d)(e)	1M US L + 2.00%	11/15/2023		244,845
	1,100,000	Series 2021-MDLN(d)(e)	1M US L + 5.25%	11/15/2023		1,018,373
		Merrill Lynch Mortgage Investors Trust
	10,118,084	Series 2006-RM3(e)	1M US L + 0.48%	06/25/2037		2,318,594
		MFT Trust
	2,010,000	Series 2020-ABC(d)(e)	3.48%	02/10/2030		1,354,948
		MHC Commercial Mortgage Trust
	675,000	Series 2021-MHC(d)(e)	1M US L + 2.60%	04/15/2026		624,443
		MKT Mortgage Trust
	250,000	Series 2020-525M(d)(e)	2.94%	02/12/2030		154,812
		Morgan Stanley Bank of America Merrill Lynch Trust
	822,000	Series 2015-C21(e)	4.27%	02/15/2025		692,980
	1,292,000	Series 2016-C31(d)(e)	3.00%	10/15/2026		876,960
	1,100,000	Series 2017-C34(d)	2.70%	10/15/2027		765,782
		Morgan Stanley Capital I
	858,000	Series 2017-HR2(e)	4.48%	12/15/2027		751,335
		Morgan Stanley Capital I Trust
	1,112,425	Series 2016-UB11 XA(e)(m)	1.58%	08/15/2026		48,574
	576,000	Series 2017-CLS(d)(e)	1M US L + 2.60%	11/15/2034		565,090
	765,000	Series 2018-H4(d)	3.00%	12/15/2028		528,679
	1,000,000	Series 2018-SUN(d)(e)	1M US L + 3.05%	07/15/2035		961,055
	750,000	Series 2019-H7	4.13%	07/15/2029		624,784
	826,000	Series 2021-L6(e)	3.58%	07/15/2031		625,185
	10,249,000	Series 2021-L7(d)(e)(m)	1.04%	10/15/2031		704,690
		Morgan Stanley Mortgage Loan Trust
	342,257	Series 2007-3XS(l)	6.20%	01/25/2047		134,777
		Mosaic Solar Loan Trust
	66,595	Series 2017-1A(d)	4.45%	06/20/2042		63,589
	278,723	Series 2018-1A(d)	4.01%	08/20/2030		259,402
	1,684,040	Series 2020-1A(d)	0.00%	04/20/2046		1,281,816

See Notes to Financial Statements.

Annual Report | September 30, 2022 63

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	505,207	Series 2020-2A(d)	3.00%	06/20/2025	$	461,216
		MSCG Trust
	1,631,000	Series 2018-SELF(d)(e)	1M US L + 3.05%	10/15/2037		1,517,599
		MVW 2021-1W LLC
	791,364	Series 2021-1WA(d)	1.94%	01/22/2041		701,977
	917,982	Series 2021-1WA(d)	3.17%	01/22/2041		802,682
		Navient Private Education Refi Loan Trust
	500,000	Series 2018-A(d)	3.68%	11/17/2025		498,517
		Octagon Investment Partners 20-R, Ltd.
	1,500,000	Series 2019-4A(d)(e)	3M US L + 6.80%	05/12/2031		1,269,622
		Octagon Investment Partners 26, Ltd.
	1,000,000	Series 2018-1A(d)(e)	3M US L + 8.09%	07/15/2030		783,404
		Octagon Investment Partners 29, Ltd.
	500,000	Series 2020-1A(d)(e)	3M US L + 3.10%	01/24/2033		437,066
	2,000,000	Series 2020-1A(d)(e)	3M US L + 7.25%	01/24/2033		1,650,000
		Octagon Investment Partners 37, Ltd.
	500,000	Series 2018-2A(d)(e)	3M US L + 2.85%	07/25/2030		439,174
		Octagon Investment Partners 40, Ltd.
	500,000	Series 2021-1A(d)(e)	3M US L + 7.00%	01/20/2035		413,804
		Octagon Investment Partners 42, Ltd.
	1,000,000	Series 2021-3A(d)(e)	3M US L + 6.75%	07/15/2034		830,095
		Octagon Investment Partners 46, Ltd.
	1,000,000	Series 2021-2A(d)(e)	3M US L + 6.60%	07/15/2036		830,328
		Octagon Investment Partners 49, Ltd.
	625,000	Series 2021-5A(d)(e)	3M US L + 6.75%	01/15/2033		551,808
		Octagon Investment Partners XVI, Ltd.
	500,000	Series 2018-1A(d)(e)	3M US L + 3.00%	07/17/2030		432,618
	1,000,000	Series 2018-1A(d)(e)	3M US L + 5.75%	07/17/2030		812,607
		Octagon Investment Partners XXI, Ltd.
	1,000,000	Series 2019-1A(d)(e)	3M US L + 7.00%	02/14/2031		859,294
		Octagon Investment Partners XXII, Ltd.
	970,000	Series 2018-1A(d)(e)	3M US L + 1.90%	01/22/2030		903,749
	500,000	Series 2018-1A(d)(e)	3M US L + 5.45%	01/22/2030		406,042
		OHA Credit Funding 1, Ltd.
	500,000	Series 2018-1A(d)(e)	3M US L + 3.05%	10/20/2030		450,010

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
		OHA Credit Funding 3, Ltd.
$	1,000,000	Series 2021-3A(d)(e)	3M US L + 2.90%	07/02/2035	$	893,006
	2,000,000	Series 2021-3A(d)(e)	3M US L + 6.25%	07/02/2035		1,725,625
		OHA Credit Funding 5, Ltd.
	2,000,000	Series 2020-5A(d)(e)	3M US L + 6.25%	04/18/2033		1,749,579
		OHA Credit Funding 9, Ltd.
	500,000	Series 2021-9A(d)(e)	3M US L + 2.94%	07/19/2035		447,622
		One Market Plaza Trust
	688,000	Series 2017-1MKT(d)	4.14%	02/10/2032		634,037
		Pagaya AI Debt Selection Trust
	2,500,000	Series 2020-3(d)	6.43%	05/17/2027		2,464,036
	766,524	Series 2021-2(d)	3.00%	01/25/2029		716,388
	2,000,000	Series 2021-5(d)	0.00%	08/15/2029		2,400,268
		Park Place Securities, Inc. Asset-Backed Pass-Through Certificates Series 2005-WCW
	5,000,000	Series 2005-WCW2(e)	1M US L + 0.98%	07/25/2035		4,072,675
		People's Choice Home Loan Securities Trust
	5,000,000	Series 2005-4(e)	1M US L + 0.65%	12/25/2035		2,995,018
		Primrose Funding LLC
	972,500	Series 2019-1A(d)	4.48%	07/30/2026		888,307
		Progress Residential
	2,500,000	Series 2021-SFR3(d)	4.75%	05/17/2026		2,152,777
		Progress Residential
	6,900,000	Series 2021-SFR8(d)	4.01%	10/17/2026		5,738,567
		RR 2, Ltd.
	1,000,000	Series 2021-2A(d)(e)	3M US L + 5.80%	04/15/2036		842,461
		RR 6, Ltd.
	1,000,000	Series 2021-6A(d)(e)	3M US L + 5.85%	04/15/2036		795,661
		Sapphire Aviation Finance I, Ltd.
	2,144,720	Series 2018-1A(d)	5.93%	03/15/2025		1,431,334
		Sapphire Aviation Finance II, Ltd.
	381,455	Series 2020-1A(d)	3.23%	03/15/2027		302,309
		SG Commercial Mortgage Securities Trust
	1,854,000	Series 2016-C5	3.93%	06/10/2026		1,649,867
		Signal Rail I LLC
	480,016	Series 2021-1(d)	2.23%	08/17/2028		399,803
		S-Jets, Ltd.
	887,035	Series 2017-1(d)	3.97%	08/15/2025		724,889
		SLG Office Trust
	1,100,000	Series 2021-OVA(d)	2.85%	07/15/2031		757,376
		SMB Private Education Loan Trust
	250,720	Series 2018-B(d)(e)	1M US L + 0.72%	08/15/2027		247,208
	968	Series 2021-A(d)	0.00%	01/15/2053		2,367,034

See Notes to Financial Statements.

Annual Report | September 30, 2022 65

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
		SMR Mortgage Trust
$	964,590	Series 2022-IND(d)(e)	1M US SOFR + 7.50%	02/15/2024	$	911,008
		Sofi Alternative Consumer Loan Program
	50,000	Series 2021-2(d)	0.00%	08/15/2030		1,453,098
		Sofi Professional Loan Program Trust
	80,000	Series 2018-C(d)	0.00%	01/25/2048		1,219,581
		SoFi Professional Loan Program Trust
	50,000	Series 2020-A(d)	0.00%	05/15/2046		1,603,901
		Sofi Professional Loan Program, LLC
	32,412	Series 2018-A(d)	0.00%	02/25/2042		623,021
		SoFi Professional Loan Program, LLC
	300,000	Series 2017-D(d)	3.61%	09/25/2040		287,626
		Sprite, Ltd.
	462,120	Series 2021-1(d)	3.75%	10/15/2028		391,185
		SREIT Trust
	1,150,000	Series 2021-MFP2(d)(e)	1M US L +3.9155%	11/15/2023		1,064,754
		Stack Infrastructure Issuer LLC
	964,167	Series 2019-1A(d)	4.54%	02/26/2024		952,579
		Start, Ltd.
	600,594	Series 2018-1(d)	4.09%	05/15/2025		486,152
	623,406	Series 2019-1(d)	4.09%	03/15/2026		503,849
		Sunnova Helios VII Issuer LLC
	1,166,363	Series 2021-C(d)	2.63%	10/20/2028		973,937
		Sunnova Sol III Issuer LLC
	1,399,652	Series 2021-1(d)	2.58%	04/30/2031		1,144,616
		Sunnova Sol Issuer LLC
	927,814	Series 2020-1A(d)	3.35%	01/30/2030		779,431
		Thunderbolt Aircraft Lease, Ltd.
	1,609,442	Series 2017-A(d)(l)	4.21%	04/15/2024		1,396,159
		Thunderbolt II Aircraft Lease, Ltd.
	4,464,286	Series 2018-A(d)(l)	5.07%	09/15/2038		2,600,728
		TIF Funding II LLC
	348,333	Series 2021-1A(d)	1.65%	02/20/2046		288,900
		TPGI Trust
	800,000	Series 2021-DGWD(d)(e)	1M US L + 3.85%	06/15/2026		744,559
		Tricon Residential
	3,700,000	Series 2021-SFR1(d)	4.13%	07/17/2026		3,157,600
		Trimaran Cavu 2019-1, Ltd.
	1,700,000	Series 2019-1A(d)(e)	3M US L + 4.15%	07/20/2032		1,552,209

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
		TTAN
$	740,642	Series 2021-MHC(d)(e)	1M US L + 2.90%	03/15/2026	$	681,892
		UBS Commercial Mortgage Trust
	31,908,500	Series 2017-C3(e)(m)	0.55%	08/15/2050		632,088
	650,000	Series 2017-C4(e)	4.24%	09/15/2027		579,586
	520,000	Series 2018-C10(e)	5.22%	05/15/2028		465,157
	928,000	Series 2018-C9(e)	5.12%	03/15/2028		809,841
		UBS-Barclays Commercial Mortgage Trust
	1,993,000	Series 2013-C5(d)(e)	4.08%	03/12/2046		1,517,901
		Upstart Pass-Through Trust
	210,605	Series 2021-ST1(d)	2.75%	02/20/2027		201,033
	461,555	Series 2021-ST2(d)	2.50%	04/20/2027		441,185
		Upstart Securitization Trust
	250,000	Series 2020-3(d)	3.01%	11/20/2030		247,714
	2,000	Series 2021-2	0.00%	06/20/2031		539,388
		US Auto Funding 2021-1
	1,125,000	Series 2021-1A(d)	2.20%	05/15/2026		1,053,836
		Vault DI Issuer LLC
	750,000	Series 2021-1A(d)	2.80%	07/15/2026		643,285
		Velocity Commercial Capital Loan Trust
	285,010	Series 2018-2(d)(e)	4.05%	09/25/2024		276,275
	611,714	Series 2019-1(d)(e)	3.94%	01/25/2027		568,274
	275,293	Series 2019-1(d)(e)	4.01%	07/25/2027		257,175
	223,334	Series 2019-1(d)(e)	4.12%	11/25/2027		201,580
	1,406,099	Series 2021-2(d)(e)	4.92%	12/25/2030		1,049,414
		VOLT XCVI LLC
	4,000,000	Series 2021-NPL5(d)(l)	4.83%	03/27/2051		3,381,708
		Wachovia Bank Commercial Mortgage Trust
	19,229	Series 2006-C29(e)(m)	0.36%	11/15/2048		8
		WAVE LLC
	832,599	Series 2019-1(d)	3.60%	09/15/2027		637,973
	1,099,950	Series 2019-1(d)	7.00%	09/15/2044		662,001
		Wells Fargo Commercial Mortgage Trust
	1,539,000	Series 2015-C28(e)	4.22%	05/15/2025		1,334,217
	1,245,000	Series 2015-NXS4(e)	3.84%	11/15/2025		1,063,437
	1,000,000	Series 2016-C33(d)	3.12%	03/15/2059		803,573
	5,628,945	Series 2016-C37(d)(e)(m)	1.60%	12/15/2049		270,719
	356,000	Series 2016-NXS6	3.81%	11/15/2049		318,474
	523,000	Series 2018-C47(e)	5.10%	10/15/2028		454,123
	134,000	Series 2020-C55	3.14%	02/15/2030		108,200
	830,000	Series 2021-C61	3.31%	07/15/2031		615,910

See Notes to Financial Statements.

Annual Report | September 30, 2022 67

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
		WF-RBS Commercial Mortgage Trust
$	3,035,622	Series 2014-C21(e)(m)	1.17%	08/15/2047	$	45,294
	3,738,663	Series 2014-C22(e)(m)	0.94%	09/15/2057		42,297
	636,000	Series 2014-C23(d)(e)	4.15%	10/15/2057		563,853
		Willis Engine Structured Trust V
	855,084	Series 2020-A(d)	3.23%	03/15/2028		653,024
		Willis Engine Structured Trust VI
	2,456,660	Series 2021-A(d)	7.39%	05/15/2046		1,970,361
	1,592,134	Zephyrus Capital Aviation Tl(e)	1M US L + 4.61%	10/15/2038		1,365,543
TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS
(Cost $337,372,148)						277,685,592
U.S. GOVERNMENT BONDS AND NOTES - 9.23%
	8,900,000	U.S. Treasury Bonds	2.88%	05/15/2032		8,230,414
	4,180,000	U.S. Treasury Bonds	2.75%	08/15/2032		3,822,740
	4,060,000	U.S. Treasury Bonds	2.25%	05/15/2041		3,071,564
	6,220,000	U.S. Treasury Bonds	3.25%	05/15/2042		5,522,194
	56,100,000	U.S. Treasury Bonds	1.25%	05/15/2050		31,425,861
	32,000,000	U.S. Treasury Bonds	1.63%	11/15/2050		19,882,500
	3,480,000	U.S. Treasury Bonds	2.88%	05/15/2052		2,919,394
	3,715,000	U.S. Treasury Bonds	3.00%	08/15/2052		3,207,090
	575,000	U.S. Treasury Notes	3.00%	06/30/2024		562,546
	4,130,000	U.S. Treasury Notes	3.25%	08/31/2024		4,055,789
	480,000	U.S. Treasury Notes	3.00%	07/15/2025		464,006
	360,000	U.S. Treasury Notes	3.13%	08/15/2025		348,989
	12,070,000	U.S. Treasury Notes	3.50%	09/15/2025		11,824,828
	5,330,000	U.S. Treasury Notes	0.38%	11/30/2025		4,726,523
	240,000	U.S. Treasury Notes	2.63%	05/31/2027		225,347
	425,000	U.S. Treasury Notes	3.25%	06/30/2027		409,677
	10,875,000	U.S. Treasury Notes	2.75%	07/31/2027		10,242,041
	4,170,000	U.S. Treasury Notes	1.25%	03/31/2028		3,596,462
	330,000	U.S. Treasury Notes	3.25%	06/30/2029		315,479
	9,510,000	U.S. Treasury Notes	2.63%	07/31/2029		8,741,027
	340,000	United States Treasury Bill(h)	0.00%	04/20/2023		333,287
TOTAL U.S. GOVERNMENT BONDS AND NOTES
(Cost $144,126,971)						123,927,758

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
MUNICIPAL BONDS - 0.01%
$	165,000	State of California, General Obligation Bonds	7.55%	04/01/2039	$	205,892
TOTAL MUNICIPAL BONDS
(Cost $233,896)						205,892
U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 20.56%
		Adjustable Rate Mortgage Trust
	2,119,664	Series 2005-10(e)	3.78%	01/25/2036		1,705,516
		Alternative Loan Trust
	143,625	Series 2005-20CB	5.50%	07/25/2035		112,700
	64,669	Series 2005-54CB	5.50%	11/25/2035		38,927
	686,940	Series 2005-85CB(e)	1M US L + 1.10%	02/25/2036		568,631
	145,071	Series 2005-85CB(e)	21.63% - 3.67 x - 1M US L	02/25/2036		116,643
	192,683	Series 2005-86CB	5.50%	02/25/2036		126,212
	161,413	Series 2005-9CB(e)	1M US L + 0.50%	05/25/2035		145,582
	292,072	Series 2005-9CB(e)(m)	5.05% - 1M US L	05/25/2035		7,070
	1,036,150	Series 2006-15CB	6.50%	06/25/2036		540,140
	112,384	Series 2006-30T1	6.25%	11/25/2036		85,338
	100,707	Series 2006-32CB	5.50%	11/25/2036		59,920
	222,995	Series 2006-36T2(e)	28.06% - 4.6 x 1M US L	12/25/2036		168,813
	808,995	Series 2007-19	6.00%	08/25/2037		436,377
	2,728,955	Series 2007-20	6.25%	08/25/2047		1,591,284
	783,124	Series 2007-23CB(e)	1M US L + 0.50%	09/25/2037		358,493
	753,122	Series 2007-23CB(e)(m)	6.50% - 1M US L	09/25/2037		136,659
		American Home Mortgage Investment Trust
	157,985	Series 2007-A(d)(l)	6.60%	01/25/2037		31,709
		Banc of America Funding
	1,733,941	Series 2014-R8(d)(e)	1M US L + 0.24%	12/26/2024		1,449,586
		Banc of America Funding Trust
	60,172	Series 2006-2	5.50%	03/25/2036		55,678
		BCAP, LLC Trust
	100,781	Series 2007-AA2(e)	7.50%	04/25/2037		64,625
	65,388	Series 2007-AA2	6.00%	04/25/2037		35,754
	4,861,648	Series 2010-RR6(d)(e)	3.38%	07/26/2036		2,678,066
		Bear Stearns ALT-A Trust
	6,381,431	Series 2006-3(e)	2.88%	05/25/2036		5,037,508
	800,427	Series 2006-6(e)	3.53%	11/25/2036		414,661
		Bear Stearns Asset-Backed Securities Trust
	1,574,383	Series 2006-AC1(l)	6.25%	02/25/2036		858,413

See Notes to Financial Statements.

Annual Report | September 30, 2022 69

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
		Bear Stearns Structured Products, Inc.
$	7,121,807	Series 2008-R2(d)(e)	2.47%	06/25/2047	$	5,241,669
		Chase Mortgage Finance Trust
	3,265,942	Series 2007-S2	6.00%	03/25/2037		1,795,618
	341,249	Series 2007-S3	5.50%	05/25/2037		79,419
	4,305,512	Series 2007-S4	6.00%	06/25/2037		2,245,400
		ChaseFlex Trust Series
	3,560,506	Series 2007-M1(e)	1M US L + 0.23%	08/25/2037		3,024,271
		Citicorp Mortgage Securities Trust
	345,064	Series 2007-1	6.00%	01/25/2037		288,794
		Citigroup Mortgage Loan Trust
	81,420	Series 2009-12(d)	5.50%	11/25/2035		65,560
	241,115	Series 2009-4(d)(e)	5.48%	05/25/2035		213,555
		CitiMortgage Alternative Loan Trust
	344,735	Series 2007-A1	6.00%	01/25/2037		301,716
	68,594	Series 2007-A1(e)(m)	5.40% - 1M US L	01/25/2037		3,510
	48,254	Series 2007-A3(e)	6.00%	03/25/2037		42,243
	114,503	Series 2007-A3(e)(m)	5.40% - 1M US L	03/25/2037		6,251
	350,446	Series 2007-A6	5.50%	06/25/2037		304,172
		Connecticut Avenue Securities Trust
	4,394,380	Series 2019-R05(d)(e)	1M US L + 4.10%	07/25/2039		4,358,770
	4,250,000	Series 2022-R02(d)(e)	30D US SOFR + 7.65%	01/25/2027		3,852,407
	3,685,000	Series 2022-R03(d)(e)	30D US SOFR + 9.85%	03/25/2042		3,556,773
	4,000,000	Series 2022-R04(d)(e)	30D US SOFR + 3.10%	03/25/2042		3,726,480
		Countrywide Home Loan
		Mortgage Pass-Through Trust
	1,249,474	Series 2005-HYB7(e)	3.04%	11/20/2035		1,125,217
	25,007	Series 2005-J4	5.50%	11/25/2035		20,123
	1,230,658	Series 2006-18	6.00%	12/25/2036		750,932
	146,520	Series 2007-17	6.00%	10/25/2037		108,820
	208,793	Series 2007-3	6.00%	04/25/2037		114,546
	233,566	Series 2007-7	5.75%	06/25/2037		129,446
		Credit Suisse First Boston Mortgage Securities Corp.
	47,679	Series 2005-10	5.50%	11/25/2035		36,801
	29,745	Series 2005-8	5.50%	08/25/2025		24,562
	4,002,699	Series 2005-9	6.00%	10/25/2035		1,357,036
		Credit Suisse Mortgage Capital Certificates
	1,729,237	Series 2006-2	5.75%	03/25/2036		958,977

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
		CSMC
$	900,000	Series 2021-NQM6(d)(e)	2.58%	07/25/2066	$	592,708
		CSMC Mortgage-Backed Trust
	144,552	Series 2006-1	6.00%	02/25/2036		52,067
	20,824	Series 2006-4	5.50%	05/25/2021		13,987
	786,695	Series 2006-5	6.25%	06/25/2036		186,784
	65,689	Series 2006-9	6.00%	11/25/2036		44,514
	4,599	Series 2007-2	5.00%	03/25/2037		3,728
	462,119	Series 2007-3(e)	5.84%	04/25/2037		124,699
		Deutsche Alt-A Securities, Inc. Mortgage Loan Trust
	193,857	Series 2005-6(e)(m)	5.08% - 1M US L	12/25/2035		10,184
	82,283	Series 2005-6(e)	1M US L + 1.40%	12/25/2035		63,475
		Deutsche Mortgage Securities, Inc. Mortgage Loan Trust
	115,731	Series 2006-PR1(d)(e)	12.12% - 1M US L	04/15/2036		101,948
		Fannie Mae Interest Strip
	6,737,555	Series 2014-419(m)	3.50%	04/25/2044		1,046,771
		Fannie Mae Pool
	4,388,616	Series 2021-	3.00%	10/01/2046		3,906,154
	2,161,248	Series 2021-	3.00%	12/01/2048		1,916,193
	1,814,755	Series 2021-	4.00%	05/01/2049		1,715,424
	2,328,669	Series 2021-	4.00%	06/01/2049		2,201,556
	5,581,190	Series 2021-	2.00%	02/01/2051		4,562,241
	3,463,873	Series 2021-	2.50%	02/01/2051		2,932,011
	1,468,415	Series 2021-	2.50%	05/01/2051		1,239,304
	3,415,824	Series 2021-	3.50%	07/01/2051		3,113,170
	2,546,550	Series 2021-	2.50%	12/01/2051		2,147,106
	2,085,240	Series 2022-	2.46%	04/01/2032		1,752,656
	3,776,322	Series 2022-	3.50%	11/01/2050		3,438,510
	1,718,813	Series 2022-	4.00%	07/01/2052		1,598,358
	1,703,505	Series 2022-	5.00%	07/01/2052		1,662,852
	3,000,000	Series Pool #BL4424	2.14%	10/01/2029		2,596,950
	3,000,000	Series Pool #BL5156	2.37%	12/01/2029		2,621,457
		Fannie Mae REMICS
	5,923,371	Series 2014-1(e)(m)	5.90% - 1M US L	02/25/2044		589,699
	6,413,476	Series 2015-54(e)(m)	6.15% - 1M US L	07/25/2045		696,403
	9,403,856	Series 2020-74(e)(m)	4.10% - 30D US SOFR	10/25/2050		452,204
	19,571,756	Series 2020-77(e)(m)	4.10% - 30D SOFR	11/25/2050		1,115,011
	2,267,596	Series 2021-48(e)(m)	3.65% - 30D US SOFR	08/25/2051		103,997
	15,896,328	Series 2021-56(m)	2.50%	09/25/2051		2,057,749
		Federal Home Loan Mortgage
		Corp. Pool
	129,175	Series Pool #G01840	5.00%	07/01/2035		130,456
	46,627	Series Pool #G04817	5.00%	09/01/2038		47,087

See Notes to Financial Statements.

Annual Report | September 30, 2022 71

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
		Federal Home Loan Mortgage Corp. REMICS
$	657,931	Series 2003-2722(e)	9.89% - 1M US L	12/15/2033	$	656,996
	120,537	Series 2005-R003	5.50%	10/15/2035		123,394
	977,543	Series 2006-3244(e)(m)	6.66% - 1M US L	11/15/2036		92,525
	47,863	Series 2007-3261(e)(m)	6.43% - 1M US L	01/15/2037		3,838
	96,221	Series 2007-3262(e)(m)	6.40% - 1M US L	01/15/2037		5,468
	365,581	Series 2007-3301(e)(m)	6.10% - 1M US L	04/15/2037		29,398
	275,927	Series 2007-3303(e)(m)	6.10% - 1M US L	04/15/2037		16,435
	63,810	Series 2007-3382(e)(m)	6.00% - 1M US L	11/15/2037		4,301
	243,551	Series 2007-3384(e)(m)	6.31% - 1M US L	08/15/2036		21,306
	74,596	Series 2007-3384(e)(m)	6.39% - 1M US L	11/15/2037		4,703
	47,628	Series 2008-3417(e)(m)	6.18% - 1M US L	02/15/2038		3,246
	1,823,968	Series 2008-3423(e)(m)	6.00% - 1M US L	03/15/2038		8,774
	109,740	Series 2008-3423(e)(m)	5.65% - 1M US L	03/15/2038		6,119
	926,603	Series 2009-3510(e)(m)	6.75% - 1M US L	02/15/2037		63,330
	245,895	Series 2009-3523(e)(m)	6.00% - 1M US L	04/15/2039		16,839
	44,463	Series 2009-3524(e)(m)	3.41%	06/15/2038		42,037
	4,921	Series 2009-3549(e)(m)	5.80% - 1M US L	07/15/2039		301
	509,920	Series 2009-3560(e)(m)	6.40% - 1M US L	11/15/2036		23,577
	154,048	Series 2010-3641	4.50%	03/15/2040		151,849
	241,887	Series 2010-3726(e)(m)	6.05% - 1M US L	09/15/2040		21,466
	735,003	Series 2010-3728(e)(m)	4.45% - 1M US L	09/15/2040		25,438
	68,117	Series 2010-3779	4.00%	12/15/2030		66,979
	342,903	Series 2010-3779	3.50%	12/15/2030		332,322
	251,547	Series 2010-3779	4.50%	12/15/2040		244,524
	27,133	Series 2011-3786(e)	9.50% - 1M US L	01/15/2041		19,747
	217,229	Series 2011-3808	3.50%	02/15/2031		210,430
	17,462	Series 2011-3809(e)	9.50% - 1M US L	02/15/2041		12,008
	515,696	Series 2011-3815(e)(m)	5.85% - 1M US L	02/15/2041		42,505
	184,548	Series 2011-3824	3.50%	03/15/2031		178,758
	261,637	Series 2011-3824(e)(m)	7.10% - 1M US L	08/15/2036		32,687
	299,922	Series 2011-3863	5.50%	08/15/2034		305,797
	302,749	Series 2011-3864(e)	9.20% - 1M US L	05/15/2041		219,245
	317,438	Series 2011-3871	5.50%	06/15/2041		324,957
	294,578	Series 2011-3872(e)(m)	5.95% - 1M US L	06/15/2041		16,942
	1,986,468	Series 2011-3910	5.00%	08/15/2041		2,005,696
	1,327,779	Series 2011-3924(e)(m)	6.00% - 1M US L	09/15/2041		78,212
	1,671,528	Series 2012-3(e)(m)	5.95% - 1M US L	02/25/2042		150,398
	991,100	Series 2013-4170(e)	4.05% - 1M US L	01/15/2033		846,836
	2,097,207	Series 2013-4239	0.00%	07/15/2043		1,218,181
	2,848,555	Series 2014-4413	3.50%	11/15/2044		2,664,031
	3,765,303	Series 2015-4434	3.00%	02/15/2045		3,204,055
	3,625,523	Series 2015-4440	2.50%	02/15/2045		3,095,845
		Federal National Mortgage Association Pool
	35,576	Series Pool #555743	5.00%	09/01/2033		35,772

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	41,534	Series Pool #735382	5.00%	04/01/2035	$	41,897
	116,211	Series Pool #735383	5.00%	04/01/2035		117,227
	74,006	Series Pool #735484	5.00%	05/01/2035		74,652
	19,500	Series Pool #AH4437	4.00%	01/01/2041		17,862
		Federal National Mortgage Association REMICS
	32,140	Series 2004-46(e)(m)	6.00% - 1M US L	03/25/2034		660
	154,919	Series 2006-101(e)(m)	6.58% - 1M US L	10/25/2036		14,699
	434,543	Series 2006-123(e)(m)	6.32% - 1M US L	01/25/2037		41,022
	2,039,757	Series 2006-92(e)(m)	6.58% - 1M US L	10/25/2036		165,801
	55,344	Series 2007-102(e)(m)	6.40% - 1M US L	11/25/2037		3,822
	39,533	Series 2007-108(e)(m)	6.36% - 1M US L	12/25/2037		2,785
	8,456	Series 2007-30(e)(m)	6.11% - 1M US L	04/25/2037		512
	234,981	Series 2007-38(e)(m)	6.08% - 1M US L	05/25/2037		13,309
	9,832	Series 2007-51(e)(m)	6.10% - 1M US L	06/25/2037		563
	31,309	Series 2007-53(e)(m)	6.10% - 1M US L	06/25/2037		1,884
	298,003	Series 2007-57(e)(m)	6.62% - 1M US L	10/25/2036		26,992
	60,977	Series 2007-68(e)(m)	6.65% - 1M US L	07/25/2037		4,880
	391,343	Series 2008-3(e)(m)	6.46% - 1M US L	02/25/2038		31,853
	37,167	Series 2008-56(e)(m)	6.06% - 1M US L	07/25/2038		1,692
	10,611	Series 2008-81	5.50%	09/25/2038		10,582
	130,652	Series 2009-111	5.00%	01/25/2040		129,731
	66,092	Series 2009-111(e)(m)	6.25% - 1M US L	01/25/2040		6,299
	607,833	Series 2009-12(e)(m)	6.60% - 1M US L	03/25/2036		43,814
	15,825	Series 2009-28(e)(m)	6.00% - 1M US L	04/25/2037		871
	139,457	Series 2009-41	4.50%	06/25/2039		132,978
	48,401	Series 2009-42(e)(m)	6.00% - 1M US L	06/25/2039		1,533
	91,873	Series 2009-47(e)(m)	6.10% - 1M US L	07/25/2039		5,095
	41,981	Series 2009-62(e)(m)	6.10% - 1M US L	08/25/2039		1,827
	39,922	Series 2009-66(e)	5.80% - 1M US L	02/25/2038		1,689
	30,274	Series 2009-68(e)(m)	5.25% - 1M US L	09/25/2039		1,254
	100,105	Series 2010-11(e)(m)	4.80% - 1M US L	02/25/2040		2,275
	18,928	Series 2010-111(e)(m)	6.00% - 1M US L	10/25/2040		1,149
	55,761	Series 2010-112	4.00%	10/25/2040		52,825
	77,041	Series 2010-115(e)(m)	6.60% - 1M US L	11/25/2039		7,267
	1,046,350	Series 2010-115(e)(m)	6.00% - 1M US L	10/25/2040		98,885
	2,402,079	Series 2010-123(e)(m)	6.05% - 1M US L	11/25/2040		221,350
	409,115	Series 2010-15(e)(m)	4.95% - 1M US L	03/25/2040		20,813
	23,993	Series 2010-34(e)(m)	4.93% - 1M US L	04/25/2040		1,291
	35,402	Series 2010-4(e)(m)	6.23% - 1M US L	02/25/2040		2,352
	36,320	Series 2010-58(e)	12.47% - 1M US L	06/25/2040		30,457
	1,399,211	Series 2010-75	4.50%	07/25/2040		1,377,356
	104,594	Series 2010-9(e)(m)	4.75% - 1M US L	02/25/2040		3,078
	19,457	Series 2010-9(e)(m)	5.30% - 1M US L	02/25/2040		1,041
	6,055	Series 2010-90(e)(m)	6.00% - 1M US L	08/25/2040		281
	175,701	Series 2011-16	3.50%	03/25/2031		170,017
	208,572	Series 2011-25	3.00%	04/25/2026		204,391

See Notes to Financial Statements.

Annual Report | September 30, 2022 73

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	195,310	Series 2011-29	3.50%	04/25/2031	$	188,970
	30,256	Series 2011-5(e)(m)	6.40% - 1M US L	11/25/2040		286
	2,004,087	Series 2012-106(e)(m)	6.16% - 1M US L	10/25/2042		171,055
	262,964	Series 2012-124(e)	7.79% - 1M US L	11/25/2042		187,808
	117,660	Series 2012-29(e)(m)	6.00% - 1M US L	04/25/2042		6,485
	345,956	Series 2012-32(m)	5.00%	04/25/2042		55,921
	1,753,847	Series 2012-65(e)(m)	5.98% - 1M US L	06/25/2042		168,413
	698,525	Series 2018-21	0.00%	04/25/2048		531,517
		First Horizon Alternative Mortgage Securities Trust
	494,658	Series 2005-FA6	5.50%	09/25/2035		305,981
		First Horizon Mortgage Pass-Through Trust
	553,767	Series 2007-AR3(e)	3.73%	11/25/2037		311,817
		Freddie Mac Pool
	4,184,706	Series 2021-	2.00%	11/01/2050		3,441,158
	4,230,114	Series 2021-	3.00%	10/01/2051		3,707,578
	1,679,033	Series 2022-	3.00%	03/01/2052		1,474,500
	3,912,467	Series 2022-	3.50%	06/01/2052		3,530,548
	2,648,449	Series 2022-	4.00%	06/01/2052		2,464,215
	2,489,870	Series 2022-	4.50%	09/01/2052		2,381,010
	1,400,000	Series 2022-	4.50%	10/01/2052		1,338,790
		Freddie Mac REMICS
	2,371,409	Series 2011-3972(e)(m)	5.90% - 1M US L	12/15/2041		167,963
	2,347,476	Series 2020-5007(e)(m)	6.10% - 1M US L	08/25/2050		288,034
	4,220,950	Series 2020-5041(m)	2.00%	11/25/2050		507,432
	12,556,981	Series 2020-5057(m)	3.00%	11/25/2050		2,027,694
	9,980,540	Series 2021-5070(m)	3.50%	02/25/2051		1,595,471
		Freddie Mac STACR REMIC Trust
	4,300,000	Series 2020-DNA6(d)(e)	30D US SOFR + 5.65%	12/25/2050		3,577,144
	2,500,000	Series 2021-DNA1(d)(e)	30D US SOFR + 4.75%	01/25/2051		1,902,250
	2,750,000	Series 2021-HQA2(d)(e)	30D US SOFR + 3.15%	12/25/2033		2,248,407
		GCAT
	1,500,000	Series 2021-NQM4(d)(e)	2.47%	08/25/2025		939,736
		Ginnie Mae II Pool
	5,549,651	Series 2021-	2.50%	10/20/2051		4,764,513
	1,640,980	Series 2021-	2.50%	11/20/2051		1,408,905
		Government National Mortgage Association
	31,081	Series 2004-83(e)(m)	6.08% - 1M US L	10/20/2034		1,856
	27,897	Series 2008-6(e)(m)	6.46% - 1M US L	02/20/2038		405
	26,134	Series 2008-67(e)(m)	6.00% - 1M US L	08/20/2038		331
	413,402	Series 2008-69(e)(m)	7.63% - 1M US L	08/20/2038		35,878
	41,046	Series 2009-10(e)(m)	6.65% - 1M US L	02/16/2039		3,662

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	423,309	Series 2009-35	4.50%	05/20/2039	$	415,243
	1,773,440	Series 2009-58(e)(m)	6.25% - 1M US L	06/20/2039		129,805
	29,741	Series 2009-6(e)(m)	5.95% - 1M US L	02/20/2038		298
	817,090	Series 2009-75	5.00%	09/20/2039		825,060
	1,947,233	Series 2010-121(e)(m)	6.00% - 1M US L	09/20/2040		196,461
	32,955	Series 2010-61(e)(m)	6.55% - 1M US L	09/20/2039		2,019
	53,958	Series 2010-98(e)(m)	5.54%	03/20/2039		3,865
	40,261,782	Series 2010-H20(e)(m)	1.27%	10/20/2060		1,193,528
	259,551	Series 2011-69	0.00%	05/20/2041		214,139
	826,301	Series 2011-71	4.50%	02/20/2041		810,626
	591,922	Series 2011-71(e)(m)	5.40% - 1M US L	05/20/2041		42,704
	185,419	Series 2011-72(e)(m)	6.15% - 1M US L	05/20/2041		17,000
	892,185	Series 2011-89(e)(m)	5.45% - 1M US L	06/20/2041		65,013
	1,835,490	Series 2013-113(e)(m)	6.25% - 1M US L	03/20/2043		88,604
	3,133,708	Series 2013-122(e)(m)	6.10% - 1M US L	08/16/2043		294,178
	2,486,798	Series 2013-148(e)(m)	5.68% - 1M US L	10/16/2043		187,499
	2,719,228	Series 2013-186(e)(m)	6.25% - 1M US L	02/16/2043		146,356
	1,954,983	Series 2014-156(e)(m)	6.25% - 1M US L	10/20/2044		186,036
	3,896,455	Series 2014-4(e)(m)	6.10% - 1M US L	01/16/2044		381,369
	4,903,912	Series 2014-41(e)(m)	6.10% - 1M US L	03/20/2044		478,976
	2,083,989	Series 2014-5(e)(m)	6.15% - 1M US L	07/20/2043		126,932
	3,333,739	Series 2014-95(e)(m)	6.25% - 1M US L	06/16/2044		258,136
	15,689,489	Series 2016-162(e)(m)	0.69%	09/16/2058		542,204
	15,688,216	Series 2016-H21(e)(m)	1.95%	09/20/2066		835,429
	5,496,710	Series 2018-97(e)(m)	6.20% - 1M US L	07/20/2048		459,745
	11,385,334	Series 2019-22(e)(m)	5.60% - 1M US L	02/20/2045		990,634
	5,185,265	Series 2019-92(e)(m)	6.10% - 1M US L	07/20/2049		424,377
	19,070,707	Series 2019-H10(e)(m)	0.48%	06/20/2069		757,870
	4,992,116	Series 2019-H18(e)(m)	0.02%	11/20/2069		227,903
	10,097,586	Series 2020-112(e)(m)	6.25% - 1M US L	08/20/2050		1,040,770
	18,386,835	Series 2020-146(e)(m)	3.75% - 1M US L	10/20/2050		603,833
	13,871,271	Series 2020-146(e)(m)	6.30% - 1M US L	10/20/2050		1,527,718
	13,431,394	Series 2020-167(e)(m)	3.75% - 1M US L	11/20/2050		315,169
	18,530,205	Series 2020-168(e)(m)	0.97%	12/16/2062		1,297,272
	5,099,499	Series 2020-188(e)(m)	6.30% - 1M US L	11/20/2050		682,951
	19,424,372	Series 2020-H18(e)(m)	1.52%	09/20/2070		988,743
	11,497,780	Series 2021-1(e)(m)	6.30% - 1M US L	01/20/2051		1,271,798
	16,107,064	Series 2021-1(m)	2.50%	01/20/2051		2,060,008
	10,788,501	Series 2021-107(e)(m)	3.75% - 1M US L	06/20/2051		193,269
	1,752,377	Series 2021-117(m)	3.50%	06/20/2051		199,109
	14,897,372	Series 2021-160(m)	2.50%	06/20/2051		1,694,238
	17,568,860	Series 2021-52(e)(m)	0.72%	04/16/2063		1,088,222
	26,222,034	Series 2021-59(e)(m)	2.60% - 30D US SOFR	04/20/2051		285,731
	13,271,846	Series 2021-77(e)(m)	3.75% - 1M US L	05/20/2051		337,972
	16,977,448	Series 2021-77(m)	2.50%	05/20/2051		1,989,613
	6,697,820	Series 2021-89(e)(m)	3.75% - 1M US L	05/20/2051		212,887

See Notes to Financial Statements.

Annual Report | September 30, 2022 75

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	10,696,544	Series 2021-97(e)(m)	3.75% - 1M US L	06/20/2051	$	386,590
	32,160,603	Series 2021-97(e)(m)	3M US L + 2.44%	06/20/2051		306,211
	31,185,044	Series 2021-H06(e)(m)	1.24%	04/20/2071		808,906
	12,981,276	Series 2021-H08(e)(m)	1.14%	05/20/2071		296,234
	59,889,329	Series 2021-H12(e)(m)	0.95%	08/20/2071		1,056,939
	41,131,547	Series 2022-1(e)(m)	2.65% - 30D US SOFR	01/20/2052		478,257
	27,639,000	Series 2022-48(e)(m)	0.71%	01/16/2064		1,906,450
		GSR Mortgage Loan Trust
	928,248	Series 2006-2F	5.25%	02/25/2036		429,166
	1,624,685	Series 2007-2F	6.00%	03/25/2037		948,691
	694,000	Series 2007-AR2(e)	2.98%	05/25/2037		408,067
		Homeward Opportunities Fund Trust
	625,400	Series 2020-BPL1(d)(l)	5.44%	08/25/2025		626,201
		Impac CMB Trust
	100,650	Series 2004-10(e)	1M US L + 0.70%	03/25/2035		83,805
		Imperial Fund Mortgage Trust
	1,000,000	Series 2021-NQM4(d)(e)	3.45%	01/25/2057		735,280
		IndyMac IMJA Mortgage Loan Trust
	979,502	Series 2007-A1	6.00%	08/25/2037		431,031
		IndyMac IMSC Mortgage Loan Trust
	4,650,123	Series 2007-F2	6.50%	07/25/2037		1,576,120
		JP Morgan Alternative Loan Trust
	160,700	Series 2005-S1	6.00%	12/25/2035		119,668
	31,336	Series 2006-S3(l)	6.62%	08/25/2036		29,585
		JP Morgan Mortgage Trust
	797,159	Series 2007-S3	6.00%	07/25/2037		458,034
		JP Morgan Resecuritization Trust
	551,435	Series 2011-1(d)(e)	6.00%	06/26/2037		456,942
	2,182,358	Series 2014-6(d)(e)	1M US L + 0.21%	07/27/2046		2,031,075
		Legacy Mortgage Asset Trust
	13,310,000	Series 2019-GS7(d)(l)	4.50%	11/25/2059		13,308,744
		Lehman Mortgage Trust
	408,273	Series 2006-6	5.50%	10/25/2036		290,848
	3,846,723	Series 2006-7(e)	1M US L + 0.25%	11/25/2036		255,356
	3,846,723	Series 2006-7(e)(m)	7.75% - 1M US L	11/25/2036		432,446
	1,164,739	Series 2006-8(e)	1M US L + 0.42%	12/25/2036		243,553
	1,164,739	Series 2006-8(e)(m)	6.58% - 1M US L	12/25/2036		139,004
	261,120	Series 2007-10	6.50%	01/25/2038		91,579
		LHOME Mortgage Trust
	4,250,000	Series 2020-RTL1(d)(l)	3.72%	10/25/2022		4,104,668
	3,750,000	Series 2020-RTL1(d)(l)	4.95%	10/25/2022		3,567,364
	1,300,000	Series 2021-RTL1(d)(e)	2.09%	09/25/2026		1,254,218
	4,400,000	Series 2021-RTL1(d)(e)	4.46%	09/25/2026		3,904,589

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	1,500,000	Series 2021-RTL2(d)(l)	4.61%	01/25/2024	$	1,235,054
		Merrill Lynch Alternative Note Asset Trust
	687,842	Series 2007-F1	6.00%	03/25/2037		81,170
		Morgan Stanley Mortgage Loan Trust
	1,211,648	Series 2005-3AR(e)	2.92%	07/25/2035		1,032,644
	2,360,434	Series 2006-11	6.00%	08/25/2036		1,639,476
	2,660,336	Series 2006-1AR(e)	1M US L + 0.28%	02/25/2036		1,716,704
	650,819	Series 2006-7(e)	5.14%	06/25/2036		438,088
	691,553	Series 2006-7	6.00%	06/25/2036		396,935
		Morgan Stanley Re-REMIC Trust
	31,912	Series 2011-R1(d)(e)	5.94%	02/26/2037		31,921
		Morgan Stanley Residential Mortgage Loan Trust
	332,105	Series 2020-RPL1(d)(e)	2.69%	10/25/2023		317,907
		NewRez Warehouse Securitization Trust
	4,550,000	Series 2021-1(d)(e)	1M US L + 5.25%	05/25/2055		4,513,123
		Nomura Asset Acceptance Corp. Alternative Loan Trust
	1,004,593	Series 2005-AP3(e)	5.32%	08/25/2035		523,881
		PR Mortgage Loan Trust
	7,216,869	Series 2014-1(d)(e)	5.87%	10/25/2049		6,544,447
		Prime Mortgage Trust
	53,939	Series 2006-DR1(d)	5.50%	05/25/2035		45,883
		PRPM LLC
	10,000,000	Series 2022-5(d)	6.90%	09/27/2027		9,920,340
		RBSGC Structured Trust
	116,841	Series 2008-B(d)	6.00%	06/25/2037		97,344
		Residential Accredit Loans, Inc.
	3,236,852	Series 2006-QA5(e)	1M US L + 0.22%	07/25/2036		1,494,434
	1,350,684	Series 2006-QS10	6.50%	08/25/2036		1,154,105
	335,184	Series 2006-QS6	6.00%	06/25/2036		273,120
	824,248	Series 2006-QS7	6.00%	06/25/2036		658,355
	43,145	Series 2006-QS7(e)	1M US L + 0.40%	06/25/2036		31,561
	129,997	Series 2006-QS7(e)(m)	5.60% - 1M US L	06/25/2036		7,131
	55,362	Series 2006-QS8(e)	1M US L + 0.45%	08/25/2036		40,443
	166,086	Series 2006-QS8(e)(m)	5.55% - 1M US L	08/25/2036		12,211
	5,184	Series 2007-QS6(e)	55.00% 8.33 x 1M US L	04/25/2037		5,175
	491,875	Series 2007-QS9	6.50%	07/25/2037		396,904
	255,373	Series 2008-QR1	6.00%	08/25/2036		202,448
		Residential Asset Securitization Trust
	387,522	Series 2006-A1	6.00%	04/25/2036		198,104
	860,676	Series 2006-A2	6.00%	05/25/2036		385,439

See Notes to Financial Statements.

Annual Report | September 30, 2022 77

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	897,478	Series 2006-A6	6.50%	07/25/2036	$	291,016
	250,137	Series 2006-A8	6.00%	08/25/2036		169,488
	149,757	Series 2006-A8	6.50%	08/25/2036		49,650
	317,071	Series 2006-A8(e)(m)	5.90% - 1M US L	08/25/2036		36,992
	1,330,777	Series 2007-A1	6.00%	03/25/2037		478,948
	57,796	Series 2007-A6	6.00%	06/25/2037		35,699
	2,529,578	Series 2007-A7	6.00%	07/25/2037		1,046,322
		Residential Funding Mortgage Securities I Trust
	423,693	Series 2006-S3	5.50%	03/25/2036		342,225
	84,081	Series 2006-S6	6.00%	07/25/2036		68,757
	223,904	Series 2007-S3	6.00%	03/25/2037		161,573
	122,712	Series 2007-S6	6.00%	06/25/2037		102,989
		Residential Mortgage Loan Trust
	3,250,000	Series 2020-1(d)(e)	4.67%	01/26/2060		2,619,438
		Sequoia Mortgage Trust
	990,246	Series 2007-3(e)	3.20%	07/20/2037		817,874
		Structured Adjustable Rate Mortgage Loan Trust
	534,322	Series 2005-15(e)	3.60%	07/25/2035		343,028
		Structured Asset Securities Corp.
	147,581	Series 2005-RF1(d)(e)	1M US L + 0.35%	03/25/2035		140,358
	147,581	Series 2005-RF1(d)(e)(m)	1.95%	03/25/2035		2,317
		TBW Mortgage-Backed Trust
	1,394,744	Series 2006-2	7.00%	07/25/2036		264,750
		Verus Securitization Trust
	2,300,000	Series 2019-INV3(d)(e)	3.28%	11/25/2059		2,151,649
	1,500,000	Series 2021-4(d)(e)	2.20%	07/25/2066		978,382
	1,400,000	Series 2021-6(d)(e)	4.05%	10/25/2066		960,010
	2,000,000	Series 2021-7(d)(e)	4.19%	10/25/2066		1,268,092
	7,706,000	Series 2022-4(d)(e)	4.74%	04/25/2067		5,892,358
		Wachovia Mortgage Loan Trust, LLC Series Trust
	98,646	Series 2005-B(e)	3.43%	10/20/2035		93,032
		Washington Mutual Alternative Mortgage Pass-Through Certificates
	39,381	Series 2005-9	5.50%	11/25/2035		29,583
	329,420	Series 2006-5	6.00%	07/25/2036		235,674
		Washington Mutual Mortgage Pass-Through Certificates Trust
	574,004	Series 2006-2	6.00%	03/25/2036		529,596
		Wells Fargo Alternative Loan Trust
	236,919	Series 2007-PA2(e)	1M US L + 0.43%	06/25/2037		191,703
	237,614	Series 2007-PA2(e)(m)	6.07% - 1M US L	06/25/2037		10,470
	121,645	Series 2007-PA3	5.75%	07/25/2037		97,193

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	274,567	Series 2007-PA3	6.25%	07/25/2037	$	234,105
TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES
(Cost $392,447,767)						275,144,950

Shares/Description		Value
Rights - 0.00%(a)(j)
1,000	BlackRock Corporate High Yield Fund, Inc., Strike Price 0.01, Expires 10/14/2022	$	2
TOTAL RIGHTS
(Cost $0)			2
Warrants - 0.00%(a)(j)
219,520	Oas SA, Strike Price 1.00, Expires 05/16/2039		0
TOTAL WARRANTS
(Cost $0)			0
Short-Term Investments - 7.06%
Money Market Fund - 7.06%
94,501,468	State Street Institutional Trust (7 Day Yield 1.03%)	$	94,501,468
TOTAL SHORT-TERM INVESTMENTS
(Cost $94,501,468)			94,501,468
TOTAL INVESTMENTS - 99.59%
(Cost $1,664,851,835)			1,332,939,865
OTHER ASSETS IN EXCESS OF LIABILITIES - 0.41%			5,428,033
NET ASSETS - 100.00%		$	1,338,367,898

Investment Abbreviations:

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

SOFR - Secured Overnight Financing Rate Data

TI - Treasury Index

Libor Rates:

1M US L - 1 Month LIBOR as of September 30, 2022 was 3.14%

3M US L - 3 Month LIBOR as of September 30, 2022 was 3.75%

6M US L - 6 Month LIBOR as of September 30, 2022 was 4.23%

See Notes to Financial Statements.

Annual Report | September 30, 2022 79

RiverNorth/DoubleLine Strategic Income Fund Schedule of Investments

September 30, 2022

1D SOFR - 1 Day SOFR as of September 30, 2022 was 1.10%

30D SOFR - 30 Day SOFR as of September 30, 2022 was 2.46%

1Y US TI - 1 Year TI as of September 30, 2022 was 4.05%

5Y US TI - 5 Year TI as of September 30, 2022 was 4.06%

10Y US TI - 10 Year TI as of September 30, 2022 was 3.83%

^(a) Non-income producing security.

^(b) Affiliated company. See Note 10 to Notes to Financial Statements.

^(c) Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees (The "Board"). As of September 30, 2022, the aggregate fair value of those securities was $21,304,246, representing 1.59% of net assets.

^(d) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Board and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $446,951,379, which represents approximately 33.40% of net assets as of September 30, 2022.

^(e) Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

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

^(g) Pay-in-kind securities. Rate paid in-kind is shown in parenthesis.

^(h) Issued with a zero coupon. Income is recognized through the accretion of discount.

⁽ⁱ⁾ Security is currently in default.

^(j) Less than 0.005%.

^(k) Security does not have a market value or rate. Security will not be entitled to distributions in respect of principal or interest other than excess interest paid with respect to the mortgage loans.

^(l) Step up bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at September 30, 2022.

^(m) Interest only securities.

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

Shares/Description			Value
BUSINESS DEVELOPMENT COMPANIES - 1.19%
	10,837	Barings BDC, Inc.	$	89,623
	38,995	Golub Capital BDC, Inc.		483,148
TOTAL BUSINESS DEVELOPMENT COMPANIES
(Cost $591,934)				572,771
CLOSED-END FUNDS - 9.15%
	82,471	BNY Mellon High Yield Strategies Fund		174,014
	56,446	First Trust High Yield Opportunities 2027 Term Fund		760,328
	17,278	PGIM Global High Yield Fund, Inc.		182,801
	31,746	PIMCO Access Income Fund		503,174
	77,171	PIMCO Dynamic Income Fund		1,495,574
	58,048	PIMCO Dynamic Income Opportunities Fund		765,653
	40,938	Western Asset Diversified Income Fund		515,000
TOTAL CLOSED-END FUNDS
(Cost $4,748,012)				4,396,544
COMMON STOCKS - 0.16%
	947	DBI Investors, Inc.(a)(b)		19
	3,304	PHI Group, Inc.(a)		76,620
	6	Toys R Us Propco Equity(b)		33
TOTAL COMMON STOCKS
(Cost $213,399)				76,672
EXCHANGE TRADED FUNDS - 8.40%
	25,000	iShares® iBoxx High Yield Corporate Bond ETF		1,784,750
	22,000	iShares® iBoxx Investment Grade Corporate Bond ETF		2,253,900
TOTAL EXCHANGE TRADED FUNDS
(Cost $4,062,511)				4,038,650
PREFERRED STOCKS - 0.28%
	116	DBI Investors Inc., 10.000%(b)(c)		3
	135	Sequa Corp., 7.000%(b)(c)		135,000
TOTAL PREFERRED STOCKS
(Cost $146,039)				135,003

See Notes to Financial Statements.

Annual Report | September 30, 2022 81

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
BANK LOANS - 25.79%(d)
Germany - 0.46%
$	228,834	Springer Nature Deutschland GmbH, First Lien - Initial B18 Term Loan	1M US L + 3.00%, 0.75% Floor	08/14/2026	$	222,712
Great Britain - 1.43%
	248,125	City Football Group Limited, TL	3M US L + 3.50%	07/09/2028		237,166
	143,254	EG Group, Ltd., First Lien - Additional Facility Term Loan	3M US L + 4.00%	02/07/2025		134,032
	300,000	Genesis Care Finance Pty, Ltd., First Lien - Facility B2 Term Loan	3M EUR L + 3.50%	10/30/2025		119,811
	181,182	Lernen Bidco, Ltd., First Lien - Facility B1 (EUR) Term Loan	6M EUR L + 4.25%	10/24/2025		164,360
	32,918	Osmosis Buyer, Ltd., First Lien - Initial B Term Loan	3M US L + 2.75%, 0.50% Floor	06/17/2028		30,665
						686,034
Luxembourg - 0.50%
	246,233	Surf Holdings S.a r.l., First Lien - Dollar Tranche Term Loan	3M US L + 3.50%	03/05/2027		238,694
Netherlands - 1.00%
	283,418	Peer Holding III B.V., First Lien - Facility B Term Loan	3M EUR L + 3.00%	03/07/2025		261,271
	250,000	Sigma Holdco B.V., First Lien - Facility B4 (GBP) Term Loan	6M US L + 4.00%	07/02/2025		221,514
						482,785
United States - 22.40%
	231,948	Access CIG LLC, First Lien - B Term Loan	3M US L + 3.75%	02/27/2025		222,728
	49,496	Adavantage Sales & Marketing Inc., First Lien	1M US L + 4.50%	10/28/2027		44,459
	50,368	Adtalem Global Education, Inc., First Lien - B Term Loan	3M US L + 3.00%, 0.75% Floor	08/12/2028		49,959
	123,750	Allied Universal Holdco LLC, First Lien - Initial U.S. Dollar Term Loan	1M US L + 3.75%, 0.50% Floor	05/12/2028		109,132
	55,860	Amentum Government Services Holdings, LLC, First Lien	3M US L + 4.00%	02/07/2029		53,486
	97,265	American Auto Auction Group, LLC, First Lien	3M US L + 5.00%	12/30/2027		90,456
	52,338	American Rock Salt Company LLC, First Lien - Initial Term Loan	3M US L + 3.25%, 0.75% Floor	06/09/2028		48,608
	43,465	Ankura Consulting Group LLC, First Lien - Closing Date Term Loan	3M US L + 4.00%, 0.75% Floor	03/17/2028		39,771
	54,450	Artera Services, LLC, TL	L + 3.50%, 1.00% Floor	03/06/2025		44,622
	27,802	ASP Blade Holdings, Inc. TLB 1L	3M US L + 4.00%	10/07/2028		24,494

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	240,176	Astoria Energy LLC, First Lien - B Advance (2020) Term Loan	3M US L + 4.25%, 1.00% Floor	12/10/2027	$	233,331
	59,369	Astra Acquisition Corp., First Lien - Initial Term Loan	1M US L + 5.25%	10/22/2028		50,760
	139,925	Asurion LLC, First Lien - New B-8 Term Loan	1M US L + 3.25%	12/23/2026		119,025
	98,750	Azalea TopCo, Inc., First Lien	3M US L + 4.00%, 0.75% Floor	07/24/2026		90,418
	158,356	BCP Renaissance Parent LLC, First - Lien Initial Term Loan	3M US L + 3.50%, 1.00% Floor	10/31/2024		157,168
	7,105	BCPE North Star US Holdco 2, Inc., First Lien	3M US L + 0.00%, 0.75% Floor	06/10/2028		6,573
	63,480	BCPE North Star US Holdco 2, Inc., First Lien - Initial Term Loan	3M US L + 3.75%, 0.75% Floor	06/09/2028		58,719
	99,750	Bengal Debt Merger Sub, LLC, First  Lien	3M US L + 3.35%	01/19/2029		91,880
	25,000	Bengal Debt Merger Sub, LLC, Second Lien	3M US L + 6.00%	01/18/2030		22,969
	240,000	Bracket Intermediate Holding Corp., First Lien - Initial Term Loan	3M US L + 4.25%	09/05/2025		228,780
	223,756	Brookfield WEC Holdings, Inc., First Lien - Initial (2021) Term Loan	0.50% Floor	08/01/2025		214,500
	7,302	BW Holding, Inc., First Lien	3M US L + 4.15%, 0.50% Floor	12/14/2028		6,754
	24,622	Carnival Corp., First Lien - Initial Advance Term Loan	3M US L + 7.50%, 0.75% Floor	06/30/2025		22,529
	25,805	Carnival Corporation TLB 1L	3M US L + 3.25%	10/06/2028		22,773
	175,234	Charter Next Generation, Inc., First Lien - Initial (2021) Term Loan	3M US L + 4.82%, 0.75% Floor	12/01/2027		166,733
	244,304	CITGO Petroleum Corp., First Lien - 2019 Incremental B Term Loan	3M US L + 6.25%, 1.00% Floor	03/28/2024		244,976
	124,688	Clydesdale Acquisition Holdings, Inc., First Lien	3M US L + 4.175%, 0.50% Floor	04/13/2029		117,969
	123,750	Consilio/Skopima 5/21 Cov-Lite TLB	1M US L + 4.00%	05/12/2028		115,087
	25,367	CPV Maryland LLC, First Lien - B Advance Term Loan	3M US L + 5.25%, 1.00% Floor	05/11/2028		24,891
	148,125	CQP Holdco LP TLB	3M US L + 4.00%	06/05/2028		143,198
	70,070	DIRECTV Financing LLC, First Lien - Closing Date Term Loan	1M US L + 5.00%, 0.75% Floor	08/02/2027		65,450
	25,892	Diversitech Holdings, Inc.	3M US L + 3.75%	12/15/2028		24,339
	247,500	DRW Holdings LLC, First Lien - Initial  Term Loan	1M US L + 3.75%	03/01/2028		239,456
	33,830	Echo Global Logistics, Inc. TL 1L	3M US L + 3.50%	11/03/2028		31,885
	77,610	Electron BidCo, Inc. TL 1L	1M US L + 3.00%	10/07/2028		73,736
	149,250	Fertitta Entertainment, LLC, First Lien	1M US L + 4.004%	01/13/2029		138,880

See Notes to Financial Statements.

Annual Report | September 30, 2022 83

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	240,061	Flynn Restaurant Group LP, First Lien - Initial Term Loan	1M US L + 3.50%	06/27/2025	$	231,059
	245,644	Great Outdoors Group LLC, First Lien	1M US L + 3.75%, 0.75% Floor	03/05/2028		227,835
	246,250	Greeneden U.S. Holdings I LLC, First  Lien - Initial Dollar (2020) Term  Loan	1M US L + 4.00%, 0.75% Floor	12/01/2027		235,147
	243,876	Harbor Freight Tools USA, Inc., First  Lien - Initial (2021) Term Loan	L + 2.75%, 0.50% Floor	10/19/2027		221,592
	184,990	Helix Gen Funding LLC, First Lien	1M US L + 3.75%, 1.00% Floor	06/03/2024		173,967
	150,000	Houghton Mifflin Harcrt Co Tl 1L	1M US L + 5.25%	04/04/2029		137,063
	62,055	Hudson River Trading LLC, First Lien	1M US L + 3.00%	03/20/2028		56,385
	63,000	Hunter Douglas, Inc., First Lien	3M US L + 3.50%	02/09/2029		52,164
	68,215	Intelsat Jackson Holdings S.A.TLB 1L	3M US L + 4.25%	01/26/2029		64,190
	245,625	IRB Holding Corp., First Lien	1M US L + 3.15%, 0.75% Floor	12/15/2027		230,734
	247,506	Ivanti Software, Inc., First Lien	3M US L + 4.25%, 0.75% Floor	12/01/2027		194,009
	108,937	KUEHG Corp, First Lien - B-3 Term  Loan	3M US L + 3.75%, 1.00% Floor	02/21/2025		103,218
	205,241	LMBE-MC Holdco II LLC, First Lien	3M US L + 4.00%, 1.00% Floor	12/03/2025		203,188
	207,875	LogMeIn, Inc., First Lien - Initial Term  Loan	1M US L + 4.75%	08/31/2027		145,292
	99,120	LTI Holdings, Inc., First Lien	1M US L + 4.50%	07/24/2026		93,999
	45,425	Majordrive Holdings IV LLC, First  Lien - Initial Term Loan	3M US L + 3.75%, 0.50% Floor	06/01/2028		42,094
	58,853	McAfee Corp., First Lien	1M US L + 3.85%	02/02/2029		53,839
	27,452	Merion Rose Merger Sub, Inc., First  Lien	3M US L + 4.00%	12/08/2028		25,393
	237,500	Mileage Plus Holdings LLC, First Lien - Initial Term Loan	3M US L + 5.25%, 1.00% Floor	06/21/2027		239,154
	70,645	Mitchell International, Inc. TLB	3M US L + 3.75%	10/01/2028		64,216
	237,579	Natgasoline LLC, First Lien - Initial Term Loan	3M US L + 0.00%	11/14/2025		228,670
	92,605	Olaplex, Inc. TL 1L	3M US L + 3.75%	02/17/2029		89,595
	149,250	Olympus Water US Holding Corp., First  Lien	3M US L + 4.50%, 0.50% Floor	11/09/2028		138,476
	49,750	Oryx Midstream Services Permian  Basin LLC, TLB, First Lien	L + 3.25%, 0.50% Floor	09/30/2028		48,366
	100,000	Osmosis Buyer Limited TLB 1L	6M US L + 4.00%	07/31/2028		93,281
	245,625	Pactiv Evergreen, Inc., First Lien - Tranche B-2 U.S. Term Loan	1M US L + 3.25%	02/05/2026		235,712
	58,741	Parkway Generation, LLC, First Lien	3M US L + 0.00%	11/05/2028		57,566
	98,228	PetVet Care Centers LLC, First Lien - 2021 Replacement Term Loan	3M US L + 3.50%, 0.75% Floor	02/14/2025		91,229

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	95,000	PMHC II, INC.TLB 1L	3M US L + 4.25%	02/02/2029	$	77,099
	32,670	Polaris Newco LLC, First Lien - Dollar Term Loan	L + 4.00%, 0.50% Floor	06/04/2028		30,233
	245,625	ProAmpac PG Borrower LLC, First Lien - 2020-1 Term Loan	3M US L + 3.75%, 0.75% Floor	11/03/2025		231,317
	243,125	Pug LLC, First Lien - USD B Term Loan	1M US L + 3.50%	02/12/2027		212,734
	235,231	Recorded Books, Inc., First Lien - 2021 Replacement Term Loan	3M US L + 2.75%	08/29/2025		226,925
	125,000	Redwood Star Merger Sub, Inc.	1M US L + 4.50%	03/16/2029		116,094
	34,000	Renaissance Holdings Corp., First Lien	1M US L + 4.50%, 0.50% Floor	04/01/2027		32,697
	54,725	Restaurant Technologies, Inc. TLB 1L	3M US L + 4.25%	03/17/2029		53,380
	40,595	SCIH Salt Holdings, Inc., First Lien - Incremental B-1 Term Loan	3M US L + 3.50%, 0.75% Floor	03/16/2027		37,804
	148,500	SeaWorld Parks & Entertainment, Inc., First Lien - B Term Loan	L + 3.00%, 0.50% Floor	08/25/2028		142,854
	39,851	Secure Acquisition, Inc.	3M US L + 5.00%	12/15/2028		37,460
	5,948	Secure Acquisition, Inc., First Lien	3M US L + 5.00%, 0.50% Floor	12/23/2028		5,592
	217,570	Shearer's Foods LLC, First Lien	3M US L + 3.50%, 0.75% Floor	09/23/2027		202,709
	3,385	SM Wellness Holdings, Inc., First Lien	3M US L + 4.75%, 1.00% Floor	04/15/2028		3,215
	40,209	SM Wellness Holdings, Inc., First Lien - Initial Term Loan	3M US L + 3.75%, 0.75% Floor	04/17/2028		38,199
	250,000	Sotera Health Holdings LLC, First Lien - Refinancing Term Loan	3M US L + 3.25%, 0.50% Floor	12/11/2026		221,250
	147,375	Spin Holdco, Inc., First Lien - Initial Term Loan	1M US L + 3.50%, 0.75% Floor	03/04/2028		129,874
	175,120	SRS Distribution, Inc., First Lien	3M US L + 3.50%, 0.50% Floor	06/04/2028		161,417
	99,000	Tiger Acquisition LLC, First Lien - Initial Term Loan	L + 3.25%, 0.50% Floor	06/01/2028		92,047
	72,162	Triton Water Holdings, Inc., First Lien - Initial Term Loan	3M US L + 3.50%, 0.50% Floor	03/31/2028		65,116
	270,064	Uber Technologies, Inc., First Lien - 2021 Incremental Term Loan	1M US L + 3.50%	04/04/2025		264,973
	102,090	UFC Holdings LLC, First Lien	3M US L + 2.75%, 0.75% Floor	04/29/2026		98,390
	245,648	UKG, Inc., First Lien	3M US L + 3.25%, 0.50% Floor	05/03/2026		234,390
	49,375	United AirLines, Inc., First Lien - Class B Term Loan	3M US L + 3.75%, 0.75% Floor	04/21/2028		47,335
	26,798	United Site 11/21 Cov-Lite	1M US L + 4.25%	11/04/2028		22,956
	208,399	University Support Services LLC, First Lien	1M US L + 3.25%, 0.50% Floor	02/10/2029		197,979

See Notes to Financial Statements.

Annual Report | September 30, 2022 85

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	44,775	Univision Communications, Inc., First Lien - B Term Loan	3M US L + 4.00%, 0.75% Floor	05/05/2028	$	42,942
	44,775	Vertex Aerospace Services Corp TL	3M US L + 3.75%	11/10/2028		43,656
	64,513	W. R. Grace Holdings LLC, First Lien - Initial Term Loan	L + 3.75%, 0.50% Floor	09/22/2028		60,561
	82,378	Whatabrands LLC, First Lien - Initial B Term Loan	1M US L + 3.25%, 0.50% Floor	08/03/2028		76,457
	222,531	William Morris Endeavor Entertainment LLC, First Lien - B-1 Term Loan	1M US L + 2.75%	05/18/2025		212,934
	128,613	YI LLC, First Lien - Initial Term Loan	1M US L + 4.00%, 1.00% Floor	11/07/2024		126,040
						10,764,556
TOTAL BANK LOANS
(Cost $13,589,831)						12,394,781
HIGH YIELD DEBT - 47.85%
Australia - 0.38%
	40,000	Mineral Resources, Ltd.(e)	8.13%	05/01/2027	$	38,819
	60,000	Mineral Resources, Ltd.(e)	8.50%	05/01/2030		58,115
	100,000	Nufarm Australia, Ltd. / Nufarm Americas, Inc.(e)	5.00%	01/27/2030		83,364
						180,298
Canada - 1.87%
	99,000	Bombardier, Inc.(e)	7.50%	03/15/2025		96,404
	80,000	Bombardier, Inc.(e)	7.13%	06/15/2026		73,487
	45,000	Bombardier, Inc.(e)	6.00%	02/15/2028		37,717
	110,000	Cascades, Inc./Cascades USA, Inc.(e)	5.38%	01/15/2028		93,281
	75,000	Eldorado Gold Corp.(e)	6.25%	09/01/2029		57,307
	25,000	First Quantum Minerals, Ltd.(e)	6.50%	03/01/2024		24,531
	85,000	GFL Environmental, Inc.(e)	5.13%	12/15/2026		79,262
	125,000	goeasy, Ltd.(e)	5.38%	12/01/2024		117,447
	105,000	Intelligent Packaging, Ltd. Finco, Inc. / Intelligent Packaging Ltd Co.-Issuer LLC(e)	6.00%	09/15/2028		83,768
	110,000	Mercer International, Inc.	5.13%	02/01/2029		87,827
	60,000	Precision Drilling Corp.(e)	7.13%	01/15/2026		56,363
	25,000	Precision Drilling Corp.(e)	6.88%	01/15/2029		22,120
	80,000	Strathcona Resources, Ltd.(e)	6.88%	08/01/2026		67,980
						897,494
France - 1.95%
	100,000	Afflelou SAS(f)	4.25%	05/19/2026		86,244
	120,000	Altice France SA(e)	5.50%	01/15/2028		95,213
	55,000	Altice France SA(e)	5.13%	07/15/2029		41,221
	100,000	Altice France SA(e)	4.25%	10/15/2029		74,529

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	100,000	Banijay Entertainment SASU(e)	3.50%	03/01/2025	$	91,150
	100,000	CAB SELAS(f)	3.38%	02/01/2028		75,245
	100,000	Chrome Bidco SASU(e)	3.50%	05/31/2028		78,085
	100,000	Elis SA	4.13%	05/24/2027		90,668
	155,000	Iliad Holding SASU(e)	5.63%	10/15/2028		130,738
	100,000	Loxam SAS	5.75%	07/15/2027		76,137
	100,000	Parts Europe SA(f)	6.50%	07/16/2025		98,054
						937,284
Germany - 1.07%
	100,000	Cheplapharm Arzneimittel GmbH(f)	4.38%	01/15/2028		80,846
	100,000	Gruenenthal GmbH(e)	4.13%	05/15/2028		81,744
	100,000	IHO Verwaltungs GmbH(f)(g)	3.75% (4.50%)	09/15/2026		81,077
	100,000	Nidda BondCo GmbH(f)	7.25%	09/30/2025		86,668
	100,000	Renk AG/Frankfurt am Main(f)	5.75%	07/15/2025		90,023
	100,000	Schenck Process Holding GmbH/Darmstadt(f)	5.38%	06/15/2023		95,767
						516,125
Great Britain - 1.04%
	100,000	eG Global Finance PLC(f)	6.25%	10/30/2025		85,369
	100,000	INEOS Finance PLC(f)	2.88%	05/01/2026		82,353
	85,000	Rolls-Royce PLC(e)	5.75%	10/15/2027		74,023
	100,000	Thames Water Kemble Finance PLC(f)	4.63%	05/19/2026		93,214
	120,000	Vmed O2 UK Financing I PLC(e)	4.75%	07/15/2031		92,873
	100,000	Vodafone Group PLC(d)	3.00% - 5Y EUR SWAP	08/27/2080		72,854
						500,686
Hong Kong - 0.24%
	150,000	Seaspan Corp.(e)	5.50%	08/01/2029		115,869
Ireland - 0.35%
	100,000	eircom Finance DAC	3.50%	05/15/2026		86,803
	100,000	Virgin Media Vendor Financing Notes III DAC(e)	4.88%	07/15/2028		83,691
						170,494
Italy - 1.09%
			3M EUR L +
	100,000	Cedacri Mergeco SPA(d)(e)	4.625%	05/15/2028		91,402
	100,000	Centurion Bidco SpA(f)	5.88%	09/30/2026		86,302
	100,000	Guala Closures SpA(f)	3.25%	06/15/2028		77,980
	100,000	Mooney Group SpA(d)(f)	3M EUR L + 3.875%	12/17/2026		92,882
	100,000	TeamSystem SpA(e)	3.50%	02/15/2028		81,318
	100,000	Telecom Italia SpA	4.00%	04/11/2024		94,963
						524,847

See Notes to Financial Statements.

Annual Report | September 30, 2022 87

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
Jersey - 0.20%
$	100,000	AA Bond Co., Ltd.(f)	6.50%	01/31/2026	$	94,348
Luxembourg - 1.78%
	55,000	Altice Financing SA(e)	5.75%	08/15/2029		42,218
	100,000	Altice Financing SA(e)	4.25%	08/15/2029		76,215
	100,000	Altice France Holding SA(e)	4.00%	02/15/2028		60,885
	100,000	Dana Financing Luxembourg Sarl(e)	3.00%	07/15/2029		71,094
	110,000	EverArc Escrow Sarl(e)	5.00%	10/30/2029		89,023
	100,000	Hanesbrands Finance Luxembourg SCA(f)	3.50%	06/15/2024		91,139
	70,000	Intelsat Jackson Holdings SA(e)	6.50%	03/15/2030		59,689
	55,000	ION Trading Technologies Sarl(e)	5.75%	05/15/2028		44,925
	100,000	Matterhorn Telecom SA(f)	4.00%	11/15/2027		86,146
	100,000	Summer BC Holdco B SARL(f)	5.75%	10/31/2026		83,804
	85,000	Telecom Italia Capital SA	6.38%	11/15/2033		66,279
	100,000	Telenet Finance Luxembourg Notes SARL(f)	3.50%	03/01/2028		82,319
						853,736
Netherlands - 1.52%
	115,000	Energizer Gamma Acquisition BV(e)	3.50%	06/30/2029		81,064
	100,000	Intertrust Group BV(f)	3.38%	11/15/2025		95,919
	125,000	TMNL Holding BV(e)	3.75%	01/15/2029		98,307
	100,000	Trivium Packaging Finance BV(e)	3.75%	08/15/2026		88,572
	200,000	UPC Holding BV(e)	5.50%	01/15/2028		168,244
	45,000	Ziggo Bond Co. BV(e)	5.13%	02/28/2030		32,260
	100,000	Ziggo Bond Co. BV(f)	3.38%	02/28/2030		68,274
	145,000	Ziggo Bond Co. BV(e)	3.38%	02/28/2030		98,998
						731,638
Spain - 0.50%
	100,000	Grifols Escrow Issuer SA(e)	3.88%	10/15/2028		72,772
	100,000	Kaixo Bondco Telecom SA(e)	5.13%	09/30/2029		77,218
	105,000	Lorca Telecom Bondco SA(e)	4.00%	09/18/2027		89,827
						239,817
Sweden - 0.41%
	100,000	Samhallsbyggnadsbolaget i Norden AB(c)(d)	3.223% - 5Y EUR SWAP	12/31/2049		41,338
	100,000	Verisure Holding AB(f)	3.88%	07/15/2026		84,567
	100,000	Verisure Midholding AB(f)	5.25%	02/15/2029		72,523
						198,428
United States - 35.45%
	40,000	Academy, Ltd.(e)	6.00%	11/15/2027		36,358
	135,000	Acadia Healthcare Co., Inc.(e)	5.50%	07/01/2028		123,363
	10,000	Acadia Healthcare Co., Inc.(e)	5.00%	04/15/2029		8,875
	95,000	ACCO Brands Corp.(e)	4.25%	03/15/2029		71,613

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	70,000	Acuris Finance US, Inc. / Acuris Finance SARL(e)	5.00%	05/01/2028	$	58,741
	55,000	ADT Security Corp.(e)	4.13%	08/01/2029		45,767
	65,000	Affinity Gaming(e)	6.88%	12/15/2027		53,114
	70,000	Ahead DB Holdings LLC(e)	6.63%	05/01/2028		59,804
	170,000	Albertsons Cos. Inc / Safeway, Inc. / New Albertsons LP / Albertsons LLC(e)	5.88%	02/15/2028		157,179
	150,000	Allied Universal Holdco LLC / Allied Universal Finance Corp.(e)	6.63%	07/15/2026		133,960
	60,000	Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl(e)	4.63%	06/01/2028		46,324
	125,000	AMC Networks, Inc.	4.25%	02/15/2029		92,708
	60,000	American Airlines, Inc.(e)	11.75%	07/15/2025		62,755
	95,000	American Axle & Manufacturing, Inc.	5.00%	10/01/2029		72,079
	95,000	APX Group, Inc.(e)	6.75%	02/15/2027		88,865
	65,000	APX Group, Inc.(e)	5.75%	07/15/2029		51,528
	10,000	Aramark Services, Inc.(e)	6.38%	05/01/2025		9,815
	115,000	Aramark Services, Inc.(e)	5.00%	02/01/2028		102,672
	45,000	Archrock Partners LP / Archrock Partners Finance Corp.(e)	6.88%	04/01/2027		40,383
	125,000	Archrock Partners LP / Archrock Partners Finance Corp.(e)	6.25%	04/01/2028		110,130
	105,000	Arconic Corp.(e)	6.13%	02/15/2028		92,984
	75,000	Ascent Resources Utica Holdings LLC / ARU Finance Corp.(e)	7.00%	11/01/2026		72,388
	110,000	ASP Unifrax Holdings, Inc.(e)	5.25%	09/30/2028		84,727
	150,000	AssuredPartners, Inc.(e)	5.63%	01/15/2029		116,773
	75,000	AthenaHealth Group, Inc.(e)	6.50%	02/15/2030		59,434
	100,000	Avantor Funding, Inc.(f)	3.88%	07/15/2028		84,998
	85,000	Avient Corp.(e)	7.13%	08/01/2030		78,643
	200,000	Bausch Health Cos., Inc.(e)	6.13%	02/01/2027		138,960
	65,000	Bausch Health Cos., Inc.(e)	4.88%	06/01/2028		42,015
	145,000	BellRing Brands, Inc.(e)	7.00%	03/15/2030		132,943
	60,000	Big River Steel LLC / BRS Finance Corp.(e)	6.63%	01/31/2029		55,361
	45,000	Buckeye Partners LP(e)	4.50%	03/01/2028		38,355
	85,000	Cablevision Lightpath LLC(e)	5.63%	09/15/2028		68,107
	125,000	Caesars Entertainment, Inc.(e)	6.25%	07/01/2025		120,677
	70,000	Callon Petroleum Co.(e)	7.50%	06/15/2030		61,421
	160,000	Calpine Corp.(e)	5.13%	03/15/2028		137,751
	100,000	Carnival Corp.(f)	10.13%	02/01/2026		97,196
	175,000	Carnival Corp.(e)	5.75%	03/01/2027		122,986
	30,000	Carnival Corp.(e)	10.50%	06/01/2030		24,052
	50,000	CCO Holdings LLC / CCO Holdings Capital Corp.(e)	5.50%	05/01/2026		47,448

See Notes to Financial Statements.

Annual Report | September 30, 2022 89

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	25,000	CCO Holdings LLC / CCO Holdings Capital Corp.(e)	5.00%	02/01/2028	$	21,599
	15,000	CCO Holdings LLC / CCO Holdings Capital Corp.(e)	5.38%	06/01/2029		13,162
	175,000	CCO Holdings LLC / CCO Holdings Capital Corp.(e)	6.38%	09/01/2029		160,990
	120,000	CCO Holdings LLC / CCO Holdings Capital Corp.(e)	4.75%	03/01/2030		97,645
	55,000	CDI Escrow Issuer, Inc.(e)	5.75%	04/01/2030		48,120
	130,000	Cedar Fair LP	5.25%	07/15/2029		111,797
	65,000	Central Garden & Pet Co.	5.13%	02/01/2028		59,010
	50,000	Cheever Escrow Issuer LLC(e)	7.13%	10/01/2027		44,814
	5,000	Cheniere Energy Partners LP	3.25%	01/31/2032		3,849
	90,000	Cheniere Energy, Inc.	4.63%	10/15/2028		82,772
	15,000	CHS/Community Health Systems, Inc.(e)	8.00%	03/15/2026		13,012
	60,000	CHS/Community Health Systems, Inc.(e)	5.63%	03/15/2027		46,273
	160,000	CHS/Community Health Systems, Inc.(e)	6.00%	01/15/2029		117,959
	15,000	CHS/Community Health Systems, Inc.(e)	4.75%	02/15/2031		10,108
	65,000	Churchill Downs, Inc.(e)	5.50%	04/01/2027		60,217
	10,000	Churchill Downs, Inc.(e)	4.75%	01/15/2028		8,667
	205,000	CITGO Petroleum Corp.(e)	7.00%	06/15/2025		196,214
	35,000	CITGO Petroleum Corp.(e)	6.38%	06/15/2026		32,753
	65,000	Cleveland-Cliffs, Inc.(e)	6.75%	03/15/2026		64,017
	100,000	Clydesdale Acquisition Holdings, Inc.(e)	6.63%	04/15/2029		91,201
	70,000	Cogent Communications Group, Inc.(e)	7.00%	06/15/2027		65,919
	75,000	Colgate Energy Partners III LLC(e)	7.75%	02/15/2026		73,786
	35,000	Colgate Energy Partners III LLC(e)	5.88%	07/01/2029		31,322
	30,000	CommScope, Inc.(e)	6.00%	03/01/2026		27,669
	155,000	CommScope, Inc.(e)	8.25%	03/01/2027		128,298
	25,000	CommScope, Inc.(e)	7.13%	07/01/2028		19,353
	30,000	CommScope, Inc.(e)	4.75%	09/01/2029		24,526
	145,000	Compass Group Diversified Holdings LLC(e)	5.25%	04/16/2029		113,987
	85,000	Comstock Resources, Inc.(e)	6.75%	03/01/2029		78,599
	25,000	Comstock Resources, Inc.(e)	5.88%	01/15/2030		21,833
	55,000	Consensus Cloud Solutions, Inc.(e)	6.50%	10/15/2028		46,791
	70,000	Consolidated Communications, Inc.(e)	5.00%	10/01/2028		48,815
	60,000	Coty, Inc.(e)	6.50%	04/15/2026		55,360
	130,000	Coty, Inc.(e)	5.00%	04/15/2026		118,516
	115,000	Crocs, Inc.(e)	4.25%	03/15/2029		91,653
	87,000	CrownRock LP / CrownRock Finance, Inc.(e)	5.63%	10/15/2025		83,427
	35,000	CrownRock LP / CrownRock Finance, Inc.(e)	5.00%	05/01/2029		30,970
	115,000	CSC Holdings LLC(e)	5.75%	01/15/2030		81,949
	85,000	CSC Holdings LLC(e)	4.13%	12/01/2030		63,646
	10,000	CSC Holdings LLC(e)	4.50%	11/15/2031		7,528

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	25,000	CSC Holdings LLC(e)	5.00%	11/15/2031	$	16,560
	100,000	CVR Energy, Inc.(e)	5.25%	02/15/2025		90,199
	30,000	CVR Energy, Inc.(e)	5.75%	02/15/2028		25,694
	20,000	Dana, Inc.	5.38%	11/15/2027		16,992
	30,000	Dana, Inc.	5.63%	06/15/2028		24,816
	130,000	DaVita, Inc.(e)	4.63%	06/01/2030		100,907
	30,000	DCP Midstream Operating LP(e)	6.45%	11/03/2036		27,473
	20,000	DCP Midstream Operating LP	5.60%	04/01/2044		18,032
	145,000	Directv Financing LLC / Directv Financing Co.-Obligor, Inc.(e)	5.88%	08/15/2027		125,334
	35,000	DISH DBS Corp.	7.75%	07/01/2026		26,899
	85,000	DISH DBS Corp.(e)	5.25%	12/01/2026		69,795
	30,000	DISH DBS Corp.(e)	5.75%	12/01/2028		22,728
	55,000	DISH DBS Corp.	5.13%	06/01/2029		32,401
	150,000	Edgewell Personal Care Co.(e)	5.50%	06/01/2028		134,322
	65,000	Elastic NV(e)	4.13%	07/15/2029		51,426
	75,000	EnLink Midstream LLC(e)	5.63%	01/15/2028		70,242
	60,000	EnLink Midstream Partners LP	5.05%	04/01/2045		42,175
	40,000	EQM Midstream Partners LP(e)	7.50%	06/01/2027		38,191
	15,000	EQM Midstream Partners LP(e)	4.50%	01/15/2029		12,110
	40,000	EQM Midstream Partners LP(e)	4.75%	01/15/2031		31,844
	90,000	Everi Holdings, Inc.(e)	5.00%	07/15/2029		73,963
	50,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.(e)	4.63%	01/15/2029		41,455
	50,000	Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.(e)	6.75%	01/15/2030		38,094
	10,000	FirstCash, Inc.(e)	4.63%	09/01/2028		8,394
	90,000	FirstCash, Inc.(e)	5.63%	01/01/2030		77,091
	25,000	Ford Motor Credit Co. LLC	2.30%	02/10/2025		22,185
	15,000	Ford Motor Credit Co. LLC	2.90%	02/16/2028		11,811
	5,000	Ford Motor Credit Co. LLC	5.11%	05/03/2029		4,350
	285,000	Ford Motor Credit Co. LLC	4.00%	11/13/2030		222,936
	30,000	Frontier Communications Holdings LLC(e)	5.88%	10/15/2027		26,955
	195,000	Frontier Communications Holdings LLC(e)	5.00%	05/01/2028		167,675
	35,000	Frontier Communications Holdings LLC(e)	6.75%	05/01/2029		28,955
	45,000	Garden Spinco Corp.(e)	8.63%	07/20/2030		46,589
	35,000	Go Daddy Operating Co. LLC / GD Finance Co, Inc.(e)	5.25%	12/01/2027		32,287
	55,000	Goodyear Tire & Rubber Co.	9.50%	05/31/2025		57,153
	160,000	Gray Television, Inc.(e)	4.75%	10/15/2030		120,147
	150,000	Greystar Real Estate Partners LLC(e)	5.75%	12/01/2025		140,970
	170,000	HAT Holdings I LLC / HAT Holdings II LLC(e)	3.38%	06/15/2026		136,635

See Notes to Financial Statements.

Annual Report | September 30, 2022 91

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	130,000	Hawaiian Brand Intellectual Property, Ltd. / HawaiianMiles Loyalty, Ltd.(e)	5.75%	01/20/2026	$	114,854
	100,000	Herc Holdings, Inc.(e)	5.50%	07/15/2027		90,201
	105,000	Hertz Corp.(e)	4.63%	12/01/2026		85,416
	75,000	Hess Midstream Operations LP(e)	5.63%	02/15/2026		71,294
	5,000	Hess Midstream Operations LP(e)	5.13%	06/15/2028		4,385
	50,000	Hess Midstream Operations LP(e)	4.25%	02/15/2030		40,482
	155,000	Hilton Grand Vacations Borrower Escrow LLC / Hilton Grand Vacations Borrower Esc(e)	5.00%	06/01/2029		125,329
	40,000	Holly Energy Partners LP / Holly Energy Finance Corp.(e)	6.38%	04/15/2027		38,257
	55,000	HUB International, Ltd.(e)	7.00%	05/01/2026		52,250
	45,000	HUB International, Ltd.(e)	5.63%	12/01/2029		37,664
	165,000	Hunt Companies, Inc.(e)	5.25%	04/15/2029		126,548
	40,000	IAA, Inc.(e)	5.50%	06/15/2027		36,551
	10,000	iHeartCommunications, Inc.	8.38%	05/01/2027		8,431
	110,000	iHeartCommunications, Inc.(e)	5.25%	08/15/2027		94,190
	30,000	Imola Merger Corp.(e)	4.75%	05/15/2029		25,381
	100,000	International Game Technology PLC	3.50%	06/15/2026		87,586
	180,000	Iron Mountain, Inc.(e)	5.25%	03/15/2028		158,142
	15,000	Iron Mountain, Inc.(e)	5.00%	07/15/2028		12,931
	55,000	Iron Mountain, Inc.(e)	5.25%	07/15/2030		45,631
	95,000	JB Poindexter & Co., Inc.(e)	7.13%	04/15/2026		87,975
	155,000	Kennedy-Wilson, Inc.	4.75%	03/01/2029		118,653
	55,000	Kinetik Holdings LP(e)	5.88%	06/15/2030		50,477
	2,000	Kraft Heinz Foods Co.	6.88%	01/26/2039		2,065
	90,000	LABL, Inc.(e)	5.88%	11/01/2028		73,060
	45,000	Laredo Petroleum, Inc.	9.50%	01/15/2025		44,672
	70,000	LD Holdings Group LLC(e)	6.50%	11/01/2025		42,096
	120,000	Legends Hospitality Holding Co. LLC / Legends Hospitality Co-Issuer, Inc.(e)	5.00%	02/01/2026		103,380
	20,000	Level 3 Financing, Inc.(e)	4.63%	09/15/2027		16,601
	75,000	LFS Topco LLC(e)	5.88%	10/15/2026		59,768
	130,000	Live Nation Entertainment, Inc.(e)	4.75%	10/15/2027		113,130
	165,000	Lumen Technologies, Inc.(e)	5.13%	12/15/2026		142,216
	5,000	Lumen Technologies, Inc.(e)	4.50%	01/15/2029		3,520
	28,000	Marriott Ownership Resorts, Inc.(e)	6.13%	09/15/2025		27,416
	145,000	Marriott Ownership Resorts, Inc.(e)	4.50%	06/15/2029		114,786
	100,000	Mauser Packaging Solutions Holding Co.(f)	4.75%	04/15/2024		91,902
	95,000	Maxar Technologies, Inc.(e)	7.75%	06/15/2027		89,465
	110,000	Medline Borrower LP(e)	5.25%	10/01/2029		83,262
	60,000	Mercer International, Inc.	5.50%	01/15/2026		55,581
	34,000	MGIC Investment Corp.	5.25%	08/15/2028		30,445
	80,000	Midwest Gaming Borrower LLC / Midwest Gaming Finance Corp.(e)	4.88%	05/01/2029		66,024

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	60,000	ModivCare Escrow Issuer, Inc.(e)	5.00%	10/01/2029	$	48,869
	100,000	MPH Acquisition Holdings LLC(e)	5.50%	09/01/2028		82,688
	105,000	Nabors Industries, Ltd.(e)	7.25%	01/15/2026		91,566
	30,000	Nabors Industries, Ltd.(e)	7.50%	01/15/2028		24,547
	65,000	Nationstar Mortgage Holdings, Inc.(e)	6.00%	01/15/2027		55,565
	25,000	Nationstar Mortgage Holdings, Inc.(e)	5.50%	08/15/2028		19,664
	35,000	Nationstar Mortgage Holdings, Inc.(e)	5.75%	11/15/2031		25,732
	35,000	NCR Corp.(e)	5.75%	09/01/2027		31,797
	115,000	NCR Corp.(e)	5.13%	04/15/2029		86,485
	70,000	NCR Corp.(e)	6.13%	09/01/2029		60,389
	100,000	Necessity Retail REIT, Inc. / American Finance Operating Partner LP(e)	4.50%	09/30/2028		74,745
	35,000	New Enterprise Stone & Lime Co., Inc.(e)	9.75%	07/15/2028		29,589
	115,000	New Enterprise Stone & Lime Co., Inc.(e)	5.25%	07/15/2028		95,282
	55,000	Newell Brands, Inc.	6.38%	09/15/2027		54,596
	50,000	Newell Brands, Inc.	6.63%	09/15/2029		49,006
	130,000	NFP Corp.(e)	6.88%	08/15/2028		101,615
	65,000	NFP Corp.(e)	4.88%	08/15/2028		55,552
	80,000	NortonLifeLock, Inc.(e)	6.75%	09/30/2027		76,953
	5,000	NuStar Logistics LP	6.00%	06/01/2026		4,587
	55,000	NuStar Logistics LP	6.38%	10/01/2030		47,183
	40,000	Oceaneering International, Inc.	4.65%	11/15/2024		36,532
	20,000	Oceaneering International, Inc.	6.00%	02/01/2028		15,892
	75,000	Olympus Water US Holding Corp.(e)	4.25%	10/01/2028		57,773
	55,000	Olympus Water US Holding Corp.(e)	6.25%	10/01/2029		37,783
	160,000	OneMain Finance Corp.	7.13%	03/15/2026		144,473
	10,000	Open Text Holdings, Inc.(e)	4.13%	02/15/2030		8,003
	150,000	Organon & Co. / Organon Foreign Debt Co-Issuer BV(e)	5.13%	04/30/2031		123,125
	70,000	Outfront Media Capital LLC / Outfront Media Capital Corp.(e)	6.25%	06/15/2025		68,473
	20,000	Outfront Media Capital LLC / Outfront Media Capital Corp.(e)	5.00%	08/15/2027		17,496
	25,000	Owens & Minor, Inc.(e)	4.50%	03/31/2029		19,658
	75,000	Owens & Minor, Inc.(e)	6.63%	04/01/2030		66,188
	105,000	Pactiv Evergreen Group Issuer LLC / Pactiv Evergreen Group Issuer, Inc.(e)	4.38%	10/15/2028		87,026
	80,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(e)	5.88%	10/01/2028		68,641
	150,000	Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(e)	4.88%	05/15/2029		121,734
	65,000	PDC Energy, Inc.	5.75%	05/15/2026		60,221
	170,000	Pediatrix Medical Group, Inc.(e)	5.38%	02/15/2030		141,117
	50,000	PennyMac Financial Services, Inc.(e)	5.38%	10/15/2025		42,812
	75,000	Performance Food Group, Inc.(e)	5.50%	10/15/2027		68,340

See Notes to Financial Statements.

Annual Report | September 30, 2022 93

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	190,000	Picard Midco, Inc.(e)	6.50%	03/31/2029	$	160,780
	135,000	Pike Corp.(e)	5.50%	09/01/2028		109,523
	225,000	Post Holdings, Inc.(e)	5.50%	12/15/2029		194,855
	180,000	Prime Security Services Borrower LLC / Prime Finance, Inc.(e)	6.25%	01/15/2028		153,898
	110,000	Primo Water Holdings, Inc.(f)	3.88%	10/31/2028		87,529
	45,000	QVC, Inc.	4.75%	02/15/2027		33,835
	50,000	QVC, Inc.	4.38%	09/01/2028		34,003
	80,000	Railworks Holdings LP / Railworks Rally, Inc.(e)	8.25%	11/15/2028		74,753
	110,000	Realogy Group LLC / Realogy Co.-Issuer Corp.(e)	5.25%	04/15/2030		74,887
	40,000	RLJ Lodging Trust LP(e)	4.00%	09/15/2029		31,423
	70,000	Rockcliff Energy II LLC(e)	5.50%	10/15/2029		61,450
	20,000	Royal Caribbean Cruises, Ltd.(e)	5.38%	07/15/2027		14,740
	95,000	Royal Caribbean Cruises, Ltd.(e)	5.50%	04/01/2028		66,768
	40,000	Royal Caribbean Cruises, Ltd.(e)	9.25%	01/15/2029		39,475
	40,000	Royal Caribbean Cruises, Ltd.(e)	8.25%	01/15/2029		39,001
	50,000	Sabre GLBL, Inc.(e)	7.38%	09/01/2025		44,849
	100,000	SCIL IV LLC / SCIL USA Holdings LLC(e)	5.38%	11/01/2026		77,376
	85,000	Scotts Miracle-Gro Co.	4.00%	04/01/2031		60,027
	100,000	SeaWorld Parks & Entertainment, Inc.(e)	5.25%	08/15/2029		83,270
	35,000	SEG Holding LLC / SEG Finance Corp.(e)	5.63%	10/15/2028		32,295
	80,000	Six Flags Entertainment Corp.(e)	5.50%	04/15/2027		70,400
	15,000	Six Flags Theme Parks, Inc.(e)	7.00%	07/01/2025		15,016
	110,000	Spirit AeroSystems, Inc.(e)	7.50%	04/15/2025		103,798
	30,000	Spirit AeroSystems, Inc.	3.85%	06/15/2026		26,452
	40,000	Standard Industries, Inc.(e)	5.00%	02/15/2027		35,491
	85,000	Standard Industries, Inc.(e)	4.75%	01/15/2028		72,016
	40,000	Suburban Propane Partners LP/Suburban Energy Finance Corp.	5.88%	03/01/2027		37,952
	180,000	Tenet Healthcare Corp.(e)	6.25%	02/01/2027		168,387
	15,000	Tenet Healthcare Corp.(e)	5.13%	11/01/2027		13,491
	20,000	Tenet Healthcare Corp.(e)	6.13%	10/01/2028		17,554
	90,000	Tenet Healthcare Corp.(e)	6.13%	06/15/2030		82,676
	135,000	TMS International Corp.(e)	6.25%	04/15/2029		96,093
	105,000	TransDigm, Inc.(e)	8.00%	12/15/2025		106,653
	70,000	TransDigm, Inc.(e)	6.25%	03/15/2026		68,018
	80,000	TransDigm, Inc.	6.38%	06/15/2026		75,677
	55,000	TransDigm, Inc.	5.50%	11/15/2027		47,958
	70,000	TransDigm, Inc.	4.63%	01/15/2029		56,526
	60,000	Twitter, Inc.(e)	5.00%	03/01/2030		57,624
	80,000	Uber Technologies, Inc.(e)	7.50%	05/15/2025		79,917
	70,000	Uber Technologies, Inc.(e)	7.50%	09/15/2027		68,707
	20,000	Uber Technologies, Inc.(e)	6.25%	01/15/2028		18,627
	55,000	Univar Solutions USA, Inc./Washington(e)	5.13%	12/01/2027		49,064

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

Principal Amount/Description			Rate	Maturity	Value
$	115,000	Univision Communications, Inc.(e)	6.63%	06/01/2027	$	108,784
	45,000	Univision Communications, Inc.(e)	7.38%	06/30/2030		43,045
	40,000	US Foods, Inc.(e)	6.25%	04/15/2025		39,357
	65,000	US Foods, Inc.(e)	4.63%	06/01/2030		53,936
	60,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	04/01/2026		55,294
	30,000	USA Compression Partners LP / USA Compression Finance Corp.	6.88%	09/01/2027		27,314
	65,000	Vistra Operations Co. LLC(e)	5.00%	07/31/2027		58,857
	115,000	VM Consolidated, Inc.(e)	5.50%	04/15/2029		99,094
	175,000	WASH Multifamily Acquisition, Inc.(e)	5.75%	04/15/2026		161,545
	70,000	Weekley Homes LLC / Weekley Finance Corp.(e)	4.88%	09/15/2028		56,671
	180,000	Western Midstream Operating LP	5.50%	08/15/2048		145,945
	130,000	Williams Scotsman International, Inc.(e)	4.63%	08/15/2028		113,987
	95,000	WR Grace Holdings LLC(e)	4.88%	06/15/2027		81,784
	60,000	WR Grace Holdings LLC(e)	5.63%	08/15/2029		45,150
	155,000	Xerox Holdings Corp.(e)	5.00%	08/15/2025		139,656
	55,000	Xerox Holdings Corp.(e)	5.50%	08/15/2028		44,000
	140,000	Zayo Group Holdings, Inc.(e)	4.00%	03/01/2027		112,680
						17,040,810
TOTAL HIGH YIELD DEBT
(Cost $27,447,711)						23,001,874

Shares/Description			Value
RIGHTS - 0.00%(b)
	198	DBI Investors, Inc., Strike Price 0.01, Expires 12/31/2049(a)		–
TOTAL RIGHTS
(Cost $11,231)				–
WARRANTS - 0.01%(b)
	4	David's Bridal, Strike Price 219.47, Expires 01/18/2024(a)		–
	11	Toys R Us Propco Warrant, Strike Price 0.01, Expires 12/31/2049(a)		–
	237	Windstream Holdings Inc - Pvt Warrant, Strike Price 0.01, Expires 12/31/2049		3,614
TOTAL WARRANTS
(Cost $106,180)				3,614

See Notes to Financial Statements.

Annual Report | September 30, 2022 95

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

Shares/Description			Value
SHORT-TERM INVESTMENTS - 5.60%
	2,694,551	State Street Institutional Trust (7 Day Yield 1.03%)	$	2,694,551
TOTAL SHORT-TERM INVESTMENTS
(Cost $2,694,551)				2,694,551
TOTAL INVESTMENTS - 98.43%
(Cost $53,611,399)				47,314,460
CASH SEGREGATED AT CUSTODIAN FOR FORWARD FOREIGN CURRENCY CONTRACTS - 0.10%				50,000
OTHER ASSETS IN EXCESS OF LIABILITIES - 1.47%				703,486
NET ASSETS - 100.00%			$	48,067,946

Investment Abbreviations: 

EURIBOR - Euro Interbank Offered Rate

LIBOR - London Interbank Offered Rate

LLC - Limited Liability Company

LP - Limited Partnership

PLC - Public Limited Company

Libor Rates: 

1M US L - 1 Month LIBOR as of September 30, 2022 was 3.14%

3M US L - 3 Month LIBOR as of September 30, 2022 was 3.75%

6M US L - 6 Month LIBOR as of September 30, 2022 was 4.23%

3M EUR L - 3 Month EURIBOR as of September 30, 2022 was 1.17%

6M EUR L - 6 Month EURIBOR as of September 30, 2022 was 1.80%

5Y EUR SWAP - 5 Year Euro ICE Swap Rate as of September 30, 2022 was 2.96%

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

^(b) Non-income producing security.

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

^(d) Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at September 30, 2022. For securities based on a published reference rate and spread, the reference rate and spread are indicated in the description above. Certain variable rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above.

^(e) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $17,789,446, which represents approximately 37.01% of net assets as of September 30, 2022.

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

^(f) Securities were purchased pursuant to Regulation S under the Securities Act of 1933, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees (The "Board"). As of September 30, 2022, the aggregate fair value of those securities was $2,332,691, representing 4.85% of net assets.

^(g) Pay-in-kind securities. Rate paid in-kind is shown in parenthesis.

OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS

Counterparty	Settlement Date	Fund Receiving	U.S. $ Value at September 30, 2022	Fund Delivering	U.S. $ Value at September 30, 2022	Unrealized Appreciation
State Street Corporation	10/6/2022	EUR	30,856	USD	30,760	$	96
State Street Corporation	10/6/2022	EUR	60,419	USD	59,498		921
State Street Corporation	10/6/2022	EUR	7,045	USD	6,990		55
State Street Corporation	10/6/2022	EUR	38,011	USD	37,718		293
State Street Corporation	10/6/2022	EUR	17,232	USD	17,154		78
State Street Corporation	10/6/2022	GBP	2,022	USD	2,007		15
State Street Corporation	10/6/2022	GBP	4,186	USD	4,058		128
State Street Corporation	10/6/2022	GBP	1,508	USD	1,459		49
State Street Corporation	10/6/2022	GBP	3,521	USD	3,408		113
State Street Corporation	10/6/2022	GBP	2,850	USD	2,791		59
State Street Corporation	10/6/2022	GBP	3,051	USD	3,024		27
State Street Corporation	10/6/2022	USD	4,231,876	EUR	4,179,723		52,153
State Street Corporation	10/6/2022	USD	594,218	EUR	586,895		7,323
State Street Corporation	10/6/2022	USD	36,291	EUR	35,105		1,186
State Street Corporation	10/6/2022	USD	98,227	EUR	98,018		209
State Street Corporation	10/6/2022	USD	248,021	GBP	240,142		7,879

See Notes to Financial Statements.

Annual Report | September 30, 2022 97

RiverNorth/Oaktree High Income Fund Schedule of Investments

September 30, 2022

Counterparty (continued)	Settlement Date (continued)	Fund Receiving (continued)	U.S. $ Value at September 30, 2022 (continued)	Fund Delivering (continued)	U.S. $ Value at September 30, 2022 (continued)	Unrealized Appreciation (continued)
State Street Corporation	10/6/2022	USD	434,527	GBP	420,724	$	13,803
State Street Corporation	10/6/2022	USD	8,569	GBP	8,331		238
						$	84,625
State Street Corporation	10/6/2022	EUR	7,674	USD	7,816	$	(142	)
State Street Corporation	10/6/2022	EUR	3,281	USD	3,392		(111	)
State Street Corporation	10/6/2022	EUR	21,695	USD	22,159		(464	)
State Street Corporation	10/6/2022	EUR	32,347	USD	32,984		(637	)
State Street Corporation	10/6/2022	GBP	6,395	USD	6,583		(188	)
State Street Corporation	10/6/2022	GBP	2,425	USD	2,537		(112	)
State Street Corporation	10/6/2022	GBP	4,666	USD	4,900		(234	)
State Street Corporation	10/6/2022	GBP	2,319	USD	2,374		(55	)
State Street Corporation	10/6/2022	GBP	2,197	USD	2,246		(49	)
State Street Corporation	10/6/2022	USD	96,665	EUR	98,018		(1,353	)
						$	(3,345	)

See Notes to Financial Statements.

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

RiverNorth Core Opportunity Fund 

Statement of Assets and Liabilities September 30, 2022

ASSETS:
Investment in securities:
At cost	$	51,978,110
At value	$	44,415,919
Foreign currency, at value (Cost $278)		262
Receivable for fund shares sold		112,018
Dividends receivable		87,882
Receivable for fund investments sold		60,219
Interest receivable		33,334
Prepaid expenses and other assets		8,834
Total Assets		44,718,468
LIABILITIES:
Payable for fund shares redeemed		5,672
Payable to Adviser		39,228
Payable for fund accounting and administration fees		13,881
Accrued 12b-1 fees - Class R Shares		3,790
Payable for custodian fees		19,989
Payable for audit fees		26,705
Payable to transfer agent		7,628
Loan facility fee payable		10,316
Payable for Compliance fees		1,582
Other accrued expenses		13,939
Total Liabilities		142,730
Net Assets	$	44,575,738
NET ASSETS CONSIST OF:
Paid-in capital	$	54,823,003
Total distributable earnings/(accumulated deficit)		(10,247,265	)
Net Assets	$	44,575,738
PRICING OF SHARES:
Class I Shares
Net Assets	$	27,195,526
Shares of common stock outstanding
(unlimited number of shares, no par value)		4,443,244
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	6.12
Class R Shares
Net Assets	$	17,380,212
Shares of common stock outstanding
(unlimited number of shares, no par value)		2,835,149
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	6.13

See Notes to Financial Statements. 

Annual Report | September 30, 2022 99

RiverNorth/DoubleLine Strategic Income Fund

Statement of Assets and Liabilities September 30, 2022

ASSETS:
Investment in securities:
At cost	$	1,630,279,543
At value	$	1,303,481,086
Investment in affiliates:
At cost		34,572,292
At value		29,458,779
Cash		5,752
Interest receivable		8,357,780
Receivable for fund investments sold		4,817,907
Receivable for fund shares sold		2,918,360
Dividends receivable		1,173,743
Prepaid expenses and other assets		53,880
Total Assets		1,350,267,287
LIABILITIES:
Payable for fund investments purchased		1,734,751
Payable for fund shares redeemed		8,181,154
Payable to Adviser		882,140
Payable for fund accounting and administration fees		703,184
Accrued 12b-1 fees - Class R Shares		15,542
Payable for custodian fees		93,234
Payable for audit fees		42,705
Payable to transfer agent		39,865
Loan facility fee payable		68,059
Payable for Compliance fees		1,582
Other accrued expenses		137,173
Total Liabilities		11,899,389
Net Assets	$	1,338,367,898
NET ASSETS CONSIST OF:
Paid-in capital	$	1,787,325,284
Total distributable earnings/(accumulated deficit)		(448,957,386	)
Net Assets	$	1,338,367,898
PRICING OF SHARES:
Class I Shares
Net Assets	$	1,267,977,533
Shares of common stock outstanding
(unlimited number of shares, no par value)		148,925,264
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.51
Class R Shares
Net Assets	$	70,390,365
Shares of common stock outstanding
(unlimited number of shares, no par value)		8,250,013
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.53

See Notes to Financial Statements. 

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

RiverNorth/Oaktree High Income Fund

Statement of Assets and Liabilities September 30, 2022

ASSETS:
Investment in securities:
At cost	$	53,611,399
At value	$	47,314,460
Foreign currency, at value (Cost $138,878)		138,914
Receivable for fund investments sold		651,714
Interest receivable		499,758
Unrealized appreciation on forward foreign currency contracts		84,625
Cash segregated at custodian for forward foreign currency contracts		50,000
Dividends receivable		15,809
Receivable for fund shares sold		516
Prepaid expenses and other assets		5,381
Total Assets		48,761,177
LIABILITIES:
Payable for fund investments purchased		340,419
Payable for fund shares redeemed		95,698
Unrealized depreciation on forward foreign currency contracts		3,345
Payable to Adviser		34,251
Payable for fund accounting and administration fees		123,736
Accrued 12b-1 fees - Class R Shares		814
Payable for custodian fees		20,337
Payable for audit fees		32,705
Payable to transfer agent		6,449
Loan facility fee payable		9,469
Payable for Compliance fees		1,582
Other accrued expenses		24,426
Total Liabilities		693,231
Net Assets	$	48,067,946
NET ASSETS CONSIST OF:
Paid-in capital	$	59,194,931
Total distributable earnings/(accumulated deficit)		(11,126,985	)
Net Assets	$	48,067,946
PRICING OF SHARES:
Class I Shares
Net Assets	$	44,223,311
Shares of common stock outstanding
(unlimited number of shares, no par value)		5,353,643
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.26
Class R Shares
Net Assets	$	3,844,635
Shares of common stock outstanding
(unlimited number of shares, no par value)		465,854
Net Asset Value Per Share, Offering and Redemption Price Per Share	$	8.25

See Notes to Financial Statements.

Annual Report | September 30, 2022 101

RiverNorth Core Opportunity Fund

Statement of Operations For the Year Ended September 30, 2022

INVESTMENT INCOME:
Dividend income	$	2,044,751
Interest income		255,428
Other income		278
Total Investment Income		2,300,457
EXPENSES:
Investment Adviser fee		649,837
12b-1 fees - Class R Shares		54,612
Transfer agent expenses		42,251
Registration expenses		41,680
Accounting and administration fee		39,760
Facility loan fees		26,686
Audit expenses		26,381
Compliance expense		25,148
Printing expenses		22,332
Legal expenses		7,348
Trustee expenses		5,641
Custodian expenses		5,210
Insurance expenses		679
Miscellaneous expenses		10,576
Total Expenses		958,141
Net Investment Income		1,342,316
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(804,362	)
Net realized loss		(804,362	)
Long-term capital gain distributions from other investment companies		291,003
Net change in unrealized appreciation/depreciation on:
Investments		(11,632,352	)
Translation of assets and liabilities denominated in foreign currencies		(16	)
Net change in unrealized appreciation/depreciation		(11,632,368	)
Net Realized and Unrealized Loss on Investments		(12,145,727	)
Net Decrease in Net Assets Resulting from Operations	$	(10,803,411	)

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Statement of Operations For the Year Ended September 30, 2022

INVESTMENT INCOME:
Dividend income	$	19,917,934
Dividend income from affiliated securities		1,168,266
Interest income		33,297,492
Other income		130,646
Foreign taxes withheld		(3,308	)
Total Investment Income		54,511,030
EXPENSES:
Investment Adviser fee		13,826,136
Accounting and administration fee		1,022,342
Facility loan fees		302,749
12b-1 fees - Class R Shares		275,701
Printing expenses		192,095
Compliance expense		175,573
Transfer agent expenses		170,776
Legal expenses		169,926
Trustee expenses		159,707
Registration expenses		55,739
Audit expenses		42,381
Custodian expenses		24,826
Insurance expenses		13,476
Miscellaneous expenses		111,813
Total expenses		16,543,240
Less fees waived/reimbursed by Investment Adviser		(182,951	)
Net Expenses		16,360,289
Net Investment Income		38,150,741
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(36,112,860	)
Net realized loss		(36,112,860	)
Net change in unrealized appreciation/depreciation on:
Investments		(263,645,879	)
Affiliated Investments		(4,443,647	)
Net change in unrealized appreciation/depreciation		(268,089,526	)
Net Realized and Unrealized Loss on Investments		(304,202,386	)
Net Decrease in Net Assets Resulting from Operations	$	(266,051,645	)

See Notes to Financial Statements.

Annual Report | September 30, 2022 103

RiverNorth/Oaktree High Income Fund

Statement of Operations For the Year Ended September 30, 2022

INVESTMENT INCOME:
Dividend income	$	169,387
Interest income		2,081,652
Other income		16,943
Foreign taxes withheld		(556	)
Total Investment Income		2,267,426
EXPENSES:
Investment Adviser fee		453,362
Accounting and administration fee		101,876
Registration expenses		37,787
Transfer agent expenses		36,350
Audit expenses		32,381
Facility loan fees		22,993
Compliance expense		22,937
Printing expenses		10,784
12b-1 fees - Class R Shares		10,759
Legal expenses		4,917
Trustee expenses		3,902
Insurance expenses		357
Miscellaneous expenses		7,847
Total expenses		746,252
Less fees waived/reimbursed by Investment Adviser:		(123,351	)
Class I Shares		(111,424	)
Class R Shares		(11,927	)
Net Expenses		622,901
Net Investment Income		1,644,525
REALIZED AND UNREALIZED GAIN/(LOSS):
Net realized gain/(loss) on:
Investments		(939,443	)
Forward foreign currency contracts		1,432,006
Translation of assets and liabilities denominated in foreign currencies		(96,623	)
Net realized gain		395,940
Net change in unrealized appreciation/depreciation on:
Investments		(6,747,067	)
Forward foreign currency contracts		(101,229	)
Translation of assets and liabilities denominated in foreign currencies		(2,768	)
Net change in unrealized appreciation/depreciation		(6,851,064	)
Net Realized and Unrealized Loss on Investments, translation of assets and liabilities denominated in foreign currencies and forward foreign currency contracts		(6,455,124	)
Net Decrease in Net Assets Resulting from Operations	$	(4,810,599	)

See Notes to Financial Statements.

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

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the Year Ended September 30, 2022			For the Year Ended September 30, 2021
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,342,316		$	2,503,081
Net realized gain/(loss)		(804,362	)		13,125,576
Long-term capital gains from other investment companies		291,003			565,724
Net change in unrealized appreciation/depreciation on investments		(11,632,368	)		6,389,430
Net increase/(decrease) in net assets resulting from operations		(10,803,411	)		22,583,811
DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		(10,905,311	)		(3,148,616	)
Class R shares		(4,873,208	)		(1,632,358	)
From tax return of capital
Class I shares		(334,685	)		–
Class R shares		(159,426	)		–
Net decrease in net assets from distributions to shareholders		(16,272,630	)		(4,780,974	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		5,570,298			8,348,674
Reinvestment of distributions		10,469,118			2,779,849
Cost of shares redeemed		(25,363,792	)		(17,705,774	)
Net decrease in net assets from capital share transactions		(9,324,376	)		(6,577,251	)
Class R Shares
Proceeds from shares sold		2,046,114			1,900,425
Reinvestment of distributions		4,960,311			1,550,292
Cost of shares redeemed		(6,602,800	)		(11,311,038	)
Net increase/(decrease) in net assets from capital share transactions		403,625			(7,860,321	)
Net Increase/(Decrease) in Net Assets		(35,996,792	)		3,365,265
NET ASSETS:
Beginning of year	$	80,572,530		$	77,207,265
End of year	$	44,575,738		$	80,572,530

See Notes to Financial Statements.

Annual Report | September 30, 2022 105

RiverNorth Core Opportunity Fund

Statements of Changes in Net Assets

	For the  Year Ended  September 30, 2022			For the  Year Ended  September 30, 2021
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		727,518			943,399
Shares issued in reinvestment of distributions		1,372,817			322,701
Shares redeemed		(3,558,173	)		(2,093,907	)
Net decrease from share transactions		(1,457,838	)		(827,807	)
Class R Shares
Shares sold		275,380			217,473
Shares issued in reinvestment of distributions		651,373			180,777
Shares redeemed		(852,716	)		(1,295,488	)
Net increase/(decrease) from share transactions		74,037			(897,238	)

See Notes to Financial Statements.

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

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the  Year Ended  September 30, 2022			For the  Year Ended  September 30, 2021
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	38,150,741		$	69,413,483
Net realized gain/(loss)		(36,112,860	)		46,151,888
Long-term capital gains from other investment companies		–			31,770
Net change in unrealized appreciation/depreciation on investments		(268,089,526	)		18,782,349
Net increase/(decrease) in net assets resulting from operations		(266,051,645	)		134,379,490
DISTRIBUTIONS TO SHAREHOLDERS:
Class I shares		100,104,267			(73,505,027	)
Class R shares		5,837,920			(5,148,979	)
Net decrease in net assets from distributions to shareholders		(105,942,187	)		(78,654,006	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		505,691,407			535,909,799
Reinvestment of distributions		85,723,130			63,682,135
Cost of shares redeemed		(867,165,290	)		(443,840,174	)
Net increase/(decrease) in net assets from capital share transactions		(275,750,753	)		155,751,760
Class R Shares
Proceeds from shares sold		25,390,199			44,563,657
Reinvestment of distributions		5,713,065			5,057,864
Cost of shares redeemed		(80,251,524	)		(42,065,796	)
Net increase/(decrease) in net assets from capital share transactions		(49,148,260	)		7,555,725
Net Increase/(Decrease) in Net Assets		(696,892,845	)		219,032,969
NET ASSETS:
Beginning of year	$	2,035,260,743		$	1,816,227,774
End of year	$	1,338,367,898		$	2,035,260,743

See Notes to Financial Statements.

Annual Report | September 30, 2022 107

RiverNorth/DoubleLine Strategic Income Fund

Statements of Changes in Net Assets

	For the  Year Ended  September 30, 2022			For the  Year Ended  September 30, 2021
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		51,690,843			51,080,769
Shares issued in reinvestment of distributions		8,978,624			6,089,656
Shares redeemed		(91,833,449	)		(42,478,497	)
Net increase/(decrease) from share transactions		(31,163,982	)		14,691,928
Class R Shares
Shares sold		2,541,303			4,233,570
Shares issued in reinvestment of distributions		593,582			482,815
Shares redeemed		(8,249,470	)		(4,010,903	)
Net increase/(decrease) from share transactions		(5,114,585	)		705,482

See Notes to Financial Statements.

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

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

	For the  Year Ended  September 30, 2022			For the  Year Ended  September 30, 2021
NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:
Net investment income	$	1,644,525		$	1,580,918
Net realized gain		395,940			743,942
Net change in unrealized appreciation/depreciation		(6,851,064	)		1,437,705
Net increase/(decrease) in net assets resulting from operations		(4,810,599	)		3,762,565
DISTRIBUTIONS TO SHAREHOLDERS:
Class I Shares		(1,537,361	)		(1,425,508	)
Class R Shares		(147,933	)		(157,316	)
Net decrease in net assets from distributions to shareholders		(1,685,294	)		(1,582,824	)
CAPITAL SHARE TRANSACTIONS:
Class I Shares
Proceeds from shares sold		12,950,571			898,392
Reinvestment of distributions		1,536,119			1,422,378
Cost of shares redeemed		(5,753,258	)		(3,254,457	)
Net increase/(decrease) in net assets from capital share transactions		8,733,432			(933,687	)
Class R Shares
Proceeds from shares sold		121,704			425,555
Reinvestment of distributions		146,970			155,684
Cost of shares redeemed		(372,417	)		(1,256,467	)
Net decrease in net assets from capital share transactions		(103,743	)		(675,228	)
Net Increase in Net Assets		2,133,796			570,826
NET ASSETS:
Beginning of year	$	45,934,150		$	45,363,324
End of year		48,067,946			45,934,150

See Notes to Financial Statements.

Annual Report | September 30, 2022 109

RiverNorth/Oaktree High Income Fund

Statements of Changes in Net Assets

	For the  Year Ended  September 30, 2022			For the  Year Ended  September 30, 2021
OTHER INFORMATION:
Share Transactions:
Class I Shares
Shares sold		1,494,225			94,482
Shares issued in reinvestment of distributions		172,056			150,730
Shares redeemed		(656,681	)		(344,168	)
Net increase/(decrease) from share transactions		1,009,600			(98,956	)
Class R Shares
Shares sold		12,983			44,895
Shares issued in reinvestment of distributions		16,421			16,518
Shares redeemed		(41,497	)		(133,029	)
Net decrease from share transactions		(12,093	)		(71,616	)

See Notes to Financial Statements.

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

Intentionally Left Blank

RiverNorth Core Opportunity Fund Class I

Financial Highlights

Net asset value - beginning of period

Income/(Loss) from investment operations:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a)

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(d)

Ratios/Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense):

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

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

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

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

Ratios to Average Net Assets (excluding interest expense):

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements.

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

For a share outstanding throughout the periods presented

For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018
$	9.30		$	7.43		$	8.05		$	10.88		$	12.37
	0.17			0.28			0.16			0.24			0.27
	(1.40	)		2.11			(0.41	)		(0.25	)(b)		0.42
	(1.23	)		2.39			(0.25	)		(0.01	)		0.69
	(0.28	)		(0.39	)		(0.19	)		(0.18	)		(0.40	)
	(1.61	)		(0.13	)		(0.18	)		(2.64	)		(1.78	)
	(0.06	)		–			–			–			–
	(1.95	)		(0.52	)		(0.37	)		(2.82	)		(2.18	)
	–			–			–			0.00	(c)		0.00	(c)
	(3.18	)		1.87			(0.62	)		(2.83	)		(1.49	)
$	6.12		$	9.30		$	7.43		$	8.05		$	10.88
	(16.70	%)		32.96	%		(3.00	%)		3.51	%		5.92	%
$	27,196		$	54,868		$	49,994		$	66,662		$	65,592
	N/A			N/A			N/A			1.22	%		N/A
	N/A			N/A			N/A			1.22	%		N/A
	N/A			N/A			N/A			2.88	%		N/A
	N/A			N/A			N/A			2.88	%		N/A
	1.39	%		1.33	%		1.29	%		1.22	%		1.17	%
	1.39	%		1.33	%		1.29	%		1.22	%		1.17	%
	2.17	%		3.19	%		2.10	%		2.88	%		2.37	%
	2.17	%		3.19	%		2.10	%		2.88	%		2.37	%
	106	%		182	%		110	%		36	%		58	%(f)

Annual Report | September 30, 2022 113

RiverNorth Core Opportunity Fund Class I

Financial Highlights For a share outstanding throughout the periods presented

^(a) Based on average shares outstanding during the period.

^(b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

^(c) Less than $0.005 per share.

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

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

^(f) Portfolio turnover does not include redemptions in-kind.

See Notes to Financial Statements.

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

Intentionally Left Blank

RiverNorth Core Opportunity Fund Class R

Financial Highlights

Net asset value - beginning of period

Income/(Loss) from investment operations:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a)

Net increase/ (decrease) in net asset value

Net asset value - end of period

Total Return^(d)

Ratios/Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense):

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

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

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

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

Ratios to Average Net Assets (excluding interest expense):

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements.

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

For a share outstanding throughout the periods presented

For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018
$	9.31		$	7.44		$	8.06		$	10.89		$	12.37
	0.14			0.25			0.15			0.22			0.23
	(1.39	)		2.12			(0.42	)		(0.26	)(b)		0.44
	(1.25	)		2.37			(0.27	)		(0.04	)		0.67
	(0.26	)		(0.37	)		(0.18	)		(0.17	)		(0.37	)
	(1.61	)		(0.13	)		(0.17	)		(2.62	)		(1.78	)
	(0.06	)		–			–			–			–
	(1.93	)		(0.50	)		(0.35	)		(2.79	)		(2.15	)
	–			–			–			0.00	(c)		0.00	(c)
	(3.18	)		1.87			(0.62	)		(2.83	)		(1.48	)
$	6.13		$	9.31		$	7.44		$	8.06		$	10.89
	(16.88	%)		32.58	%		(3.24	%)		3.23	%		5.70	%
$	17,380		$	25,705		$	27,213		$	40,344		$	67,199
	N/A			N/A			N/A			1.48	%		N/A
	N/A			N/A			N/A			1.48	%		N/A
	N/A			N/A			N/A			2.62	%		N/A
	N/A			N/A			N/A			2.62	%		N/A
	1.64	%		1.58	%		1.54	%		1.48	%		1.41	%
	1.64	%		1.58	%		1.54	%		1.48	%		1.41	%
	1.86	%		2.88	%		1.93	%		2.62	%		2.02	%
	1.86	%		2.88	%		1.93	%		2.62	%		2.02	%
	106	%		182	%		110	%		36	%		58	%(f)

Annual Report | September 30, 2022 117

RiverNorth Core Opportunity Fund Class R

Financial Highlights For a share outstanding throughout the periods presented

^(a) Based on average shares outstanding during the period.

^(b) Realized and unrealized gains and losses per share in this caption are balancing amounts necessary to reconcile the change in net asset value per share for the period, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the period.

^(c) Less than $0.005 per share.

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

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

^(f) Portfolio turnover does not include redemptions in-kind.

See Notes to Financial Statements.

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

Intentionally Left Blank

RiverNorth/DoubleLine Strategic Income Fund Class I

Financial Highlights

Net asset value - beginning of period

Income/(loss) from investment operations:

Net investment income^(a)

Net realized and unrealized gain/(loss) on investments

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a)

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(c)

Ratios/Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense):

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

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

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

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

Ratios to Average Net Assets (excluding interest expense):

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements.

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

For a share outstanding throughout the periods presented

For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018
$	10.52		$	10.20		$	10.33		$	10.08		$	10.61
	0.21			0.38			0.45			0.52			0.47
	(1.64	)		0.38			(0.10	)		0.28			(0.44	)
	(1.43	)		0.76			0.35			0.80			0.03
	(0.58	)		(0.44	)		(0.46	)		(0.55	)		(0.51	)
	–			–			–			–			(0.04	)
	–			–			(0.02	)		–			(0.01	)
	(0.58	)		(0.44	)		(0.48	)		(0.55	)		(0.56	)
	–			–			–			0.00	(b)		0.00	(b)
	(2.01	)		0.32			(0.13	)		0.25			(0.53	)
$	8.51		$	10.52		$	10.20		$	10.33		$	10.08
	(14.04	%)		7.52	%		3.51	%		8.21	%		0.33	%
$	1,267,978		$	1,894,398		$	1,686,872		$	1,858,103		$	1,715,495
	N/A			N/A			N/A			0.86	%		N/A
	N/A			N/A			N/A			0.86	%		N/A
	N/A			N/A			N/A			5.13	%		N/A
	N/A			N/A			N/A			5.13	%		N/A
	0.88	%		0.87	%		0.87	%		0.86	%		0.86	%
	0.87	%		0.86	%		0.87	%		0.86	%		0.86	%
	2.10	%		3.66	%		4.42	%		5.13	%		4.60	%
	2.10	%		3.66	%		4.42	%		5.13	%		4.60	%
	104	%		100	%		81	%		60	%		37	%

Annual Report | September 30, 2022 121

RiverNorth/DoubleLine Strategic Income Fund Class I

Financial Highlights For a share outstanding throughout the periods presented

^(a) Based on average shares outstanding during the period.

^(b) Less than $0.005 per share.

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

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

See Notes to Financial Statements.

122 (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^(a)

Net realized and unrealized gain/(loss) on investments

Total income/(loss) from investment operations

Less distributions:

From net investment income

From net realized gain on investments

From tax return of capital

Total distributions

Paid-in capital from redemption fees^(a)

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(c)

Ratios/Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense):

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

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

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

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

Ratios to Average Net Assets (excluding interest expense):

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements.

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

For a share outstanding throughout the periods presented

For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018
$	10.54		$	10.22		$	10.35		$	10.09		$	10.62
	0.17			0.36			0.43			0.50			0.45
	(1.63	)		0.37			(0.10	)		0.28			(0.45	)
	(1.46	)		0.73			0.33			0.78			–
	(0.55	)		(0.41	)		(0.44	)		(0.52	)		(0.48	)
	–			–			–			–			(0.04	)
	–			–			(0.02	)		–			(0.01	)
	(0.55	)		(0.41	)		(0.46	)		(0.52	)		(0.53	)
	–			–			–			0.00	(b)		0.00	(b)
	(2.01	)		0.32			(0.13	)		0.26			(0.53	)
$	8.53		$	10.54		$	10.22		$	10.35		$	10.09
	(14.23	%)		7.23	%		3.24	%		8.03	%		0.07	%
$	70,390		$	140,863		$	129,355		$	167,141		$	165,472
	N/A			N/A			N/A			1.11	%		N/A
	N/A			N/A			N/A			1.11	%		N/A
	N/A			N/A			N/A			4.90	%		N/A
	N/A			N/A			N/A			4.90	%		N/A
	1.13	%		1.12	%		1.12	%		1.11	%		1.11	%
	1.12	%		1.11	%		1.12	%		1.11	%		1.11	%
	1.67	%		3.41	%		4.18	%		4.90	%		4.34	%
	1.67	%		3.42	%		4.18	%		4.90	%		4.34	%
	104	%		100	%		81	%		60	%		37	%

Annual Report | September 30, 2022 125

RiverNorth/DoubleLine Strategic Income Fund Class R

Financial Highlights For a share outstanding throughout the periods presented

^(a) Based on average shares outstanding during the period.

^(b) Less than $0.005 per share.

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

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

See Notes to Financial Statements.

126 (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^(a)

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^(a)

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(c)

Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense)

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

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

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

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

Ratios to Average Net Assets (excluding interest expense)

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements.

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

For a share outstanding throughout the periods presented

For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018
$	9.53		$	9.09		$	9.55		$	9.58		$	9.73
	0.33			0.33			0.34			0.38			0.39
	(1.27	)		0.44			(0.35	)		0.07			(0.18	)
	(0.94	)		0.77			(0.01	)		0.45			0.21
	(0.33	)		(0.33	)		(0.37	)		(0.48	)		(0.24	)
	–			–			(0.08	)		–			(0.12	)
	(0.33	)		(0.33	)		(0.45	)		(0.48	)		(0.36	)
	–			–			–			0.00	(b)		0.00	(b)
	(1.27	)		0.44			(0.46	)		(0.03	)		(0.15	)
$	8.26		$	9.53		$	9.09		$	9.55		$	9.58
	(10.03	%)		8.55	%		(0.02	%)		4.85	%		2.22	%
$	44,223		$	41,386		$	40,375		$	45,306		$	49,856
	1.62	%		1.75	%		N/A			1.58	%		1.54	%
	1.35	%		1.35	%		N/A			1.36	%		1.36	%
	3.38	%		3.07	%		N/A			3.83	%		3.84	%
	3.65	%		3.47	%		N/A			4.05	%		4.02	%
	1.62	%		1.75	%		1.69	%		1.57	%		1.53	%
	1.35	%		1.35	%		1.35	%		1.35	%		1.35	%
	3.38	%		3.07	%		3.43	%		3.84	%		3.83	%
	3.65	%		3.47	%		3.78	%		4.06	%		4.01	%
	57	%		72	%		80	%		52	%		76	%

Annual Report | September 30, 2022 129

RiverNorth/Oaktree High Income Fund Class I

Financial Highlights For a share outstanding throughout the periods presented

^(a) Based on average shares outstanding during the period.

^(b) Less than $0.005 per share.

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

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

See Notes to Financial Statements.

130 (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^(a)

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^(a)

Net increase/(decrease) in net asset value

Net asset value - end of period

Total Return^(c)

Supplemental Data:

Net assets, end of period (in thousands)

Ratios to Average Net Assets (including interest expense)

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

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

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

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

Ratios to Average Net Assets (excluding interest expense)

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

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

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

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

Portfolio turnover rate

See Notes to Financial Statements.

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

For a share outstanding throughout the periods presented

For the Year Ended September 30, 2022			For the Year Ended September 30, 2021			For the Year Ended September 30, 2020			For the Year Ended September 30, 2019			For the Year Ended September 30, 2018
$	9.52		$	9.08		$	9.54		$	9.58		$	9.72
	0.31			0.30			0.32			0.36			0.36
	(1.27	)		0.45			(0.36	)		0.05			(0.16	)
	(0.96	)		0.75			(0.04	)		0.41			0.20
	(0.31	)		(0.31	)		(0.35	)		(0.45	)		(0.23	)
	–			–			(0.07	)		–			(0.11	)
	(0.31	)		(0.31	)		(0.42	)		(0.45	)		(0.34	)
	–			–			–			0.00	(b)		0.00	(b)
	(1.27	)		0.44			(0.46	)		(0.04	)		(0.14	)
$	8.25		$	9.52		$	9.08		$	9.54		$	9.58
	(10.27	%)		8.31	%		(0.27	%)		4.48	%		2.07	%
$	3,845		$	4,548		$	4,989		$	5,937		$	6,758
	1.88	%		2.00	%		N/A			1.83	%		1.79	%
	1.60	%		1.60	%		N/A			1.61	%		1.61	%
	3.10	%		2.83	%		N/A			3.58	%		3.60	%
	3.37	%		3.22	%		N/A			3.80	%		3.78	%
	1.88	%		2.00	%		1.95	%		1.82	%		1.78	%
	1.60	%		1.60	%		1.60	%		1.60	%		1.60	%
	3.10	%		2.83	%		3.19	%		3.59	%		3.59	%
	3.37	%		3.22	%		3.53	%		3.81	%		3.77	%
	57	%		72	%		80	%		52	%		76	%

Annual Report | September 30, 2022 133

RiverNorth/Oaktree High Income Fund Class R

Financial Highlights For a share outstanding throughout the periods presented

^(a) Based on average shares outstanding during the period.

^(b) Less than $0.005 per share.

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

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

See Notes to Financial Statements.

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

RiverNorth Funds Notes to Financial Statements

September 30, 2022

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 (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 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 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 may differ from the value the Funds ultimately realize upon sale of the securities. The financial statements have been prepared as of the close of the New York Stock Exchange (“NYSE” or the "Exchange") on the fiscal year end of the Funds.

Annual Report  | September 30, 2022 135

RiverNorth Funds Notes to Financial Statements

September 30, 2022

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 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 year ended September 30, 2022, no foreign capital gains tax was accrued or paid by the Fund.

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.

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RiverNorth Funds Notes to Financial Statements

September 30, 2022

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’ 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 series 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 year ended September 30, 2022, 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 year ended September 30, 2022, 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.

Annual Report  | September 30, 2022 137

RiverNorth Funds Notes to Financial Statements

September 30, 2022

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;

● 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.

Equity securities, including common stocks, rights, warrants, closed-end funds, exchange-traded funds, preferred stocks, business development companies and special purpose acquisition 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 or a Sub-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 or a Sub-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, Sub-Adviser, or valuation committee in conformity with guidelines adopted by and subject to review by the Board. These securities will be categorized as Level 3 securities.

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RiverNorth Funds Notes to Financial Statements

September 30, 2022

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, convertible 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, collaterlized mortgage obligations, equity-linked notes, municipal bonds, 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.

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, Sub-Adviser, or valuation committee 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, Sub-Adviser, or valuation committee 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, a Sub-Adviser’s, or the valuation committee’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 or a Sub-Adviser is aware of any other data that calls into question the reliability of market quotations.

Annual Report  | September 30, 2022 139

RiverNorth Funds Notes to Financial Statements

September 30, 2022

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.

The following is a summary of the inputs used at September 30, 2022 in valuing the Funds’ assets and liabilities:

Core Opportunity Fund

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	34,981,872	$	5,242	$	–	$	34,987,114
Business Development Companies		955,157		–		–		955,157
Exchange Traded Funds		2,169,176		–		–		2,169,176
Preferred Stocks		381,926		–		–		381,926
Business Development Company Notes		1,645,547		1,709,212		–		3,354,759
U.S. Corporate Bonds		–		358,666		–		358,666
Special Purpose Acquisition Companies		873,875		–		–		873,875
Rights		1,820		–		–		1,820
Warrants		9,089		–		–		9,089
Short-Term Investments		1,324,337		–		–		1,324,337
Total	$	42,342,799	$	2,073,120	$	–	$	44,415,919

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

RiverNorth Funds Notes to Financial Statements

September 30, 2022

Strategic Income Fund
	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Closed-End Funds	$	216,451,398	$	–	$	–	$	216,451,398
Business Development Companies		10,173,392		–		–		10,173,392
Business Development Companies - Preferred Shares		6,776,148		11,043,164		–		17,819,312
Open-End Funds		29,458,779		–		–		29,458,779
Preferred Stocks		790,501		8,906		–		799,407
Foreign Corporate Bonds		–		60,477,466		–		60,477,466
U.S. Corporate Bonds		–		109,071,547		–		109,071,547
Convertible Corporate Bonds		–		16,721		–		16,721
Foreign Government Bonds and Notes, Supranationals  and Foreign Agencies		–		9,797,623		–		9,797,623
Bank Loans		–		27,744,600		–		27,744,600
Collateralized Loan Obligations		–		61,132,547		–		61,132,547
Collateralized Mortgage Obligations		–		84,312		–		84,312
Equity - Linked Notes		–		–		–		–
Non-Agency Collateralized Mortgage Obligations		–		277,685,592		–		277,685,592
Special Purpose Acquisition Companies		18,054,166		392,933		–		18,447,099
U.S. Government Bonds and Notes		–		123,927,758		–		123,927,758
Rights		2		–		–		2
Municipal Bonds		–		205,892		–		205,892
U.S. Government / Agency  Mortgage Backed Securities		–		275,144,950		–		275,144,950
Warrants		–		–		0		0
Short-Term Investments		94,501,468		–		–		94,501,468
Total	$	376,205,854	$	956,734,011	$	–	$	1,332,939,865

Annual Report  | September 30, 2022 141

RiverNorth Funds Notes to Financial Statements

September 30, 2022

High Income Fund

	Valuation Inputs
Investments in Securities at Value*	Level 1		Level 2		Level 3		Total
Business Development Companies	$	572,771	$	–	$	–	$	572,771
Closed-End Funds		4,396,544		–		–		4,396,544
Common Stocks		–		33		76,639		76,672
Preferred Stocks		–		–		135,003		135,003
Bank Loans		–		12,394,781		–		12,394,781
Exchange Traded Funds		4,038,650		–		–		4,038,650
High Yield Debt		–		23,001,874		–		23,001,874
Rights		–		–		0		0
Warrants		–		3,614		–		3,614
Short-Term Investments		2,694,551		–		–		2,694,551
Total	$	11,702,516	$	35,400,302	$	211,642	$	47,314,460

	Valuation Inputs
Other Financial Instruments**	Level 1		Level 2			Level 3		Total
Assets
Forward Foreign Currency Contracts	$	–	$	84,625		$	–	$	84,625
Liabilities
Forward Foreign Currency Contracts	$	–	$	(3,345	)	$	–	$	(3,345	)
Total	$	–	$	81,280		$	–	$	81,280

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

** Other financial instruments are derivative instruments reflected in the Schedule of Investments.

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RiverNorth Funds Notes to Financial Statements

September 30, 2022

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 as of September 30, 2021		Accrued Discount/ premium		Return of Capital		Realized Gain/ (Loss)		Change in Unrealized Appreciation/ Depreciation			Purchases		Sales Proceeds		Transfer into Level 3		Transfer Out of Level 3		Balance as of September 30, 2022		Net change in unrealized appreciation/ (depreciation) included in the Statements of Operations attributable to Level 3 investments held at September 30, 2022
High Income Fund
Common Stocks	$	75,753	$	–	$	–	$	–	$	886		$	–	$	–	$	–	$	–	$	76,639	$	886
Preferred Stocks		117,022		–		–		–		(19	)		18,000		–		–		–		135,003		(19	)
Rights		28		–		–		–		(28	)		–		–		–		–		–		(28	)
	$	192,803	$	–	$	–	$	–	$	839		$	18,000	$	–	$	–	$	–	$	211,642	$	839

The table below provides additional information about the Level 3 Fair Value Measurements as of September 30, 2022:

Quantitative Information about Level 3 Fair Value Measurements

High Income Fund

Asset Class	Fair Value (USD)	Valuation Technique	Unobservable Inputs(a)	Value/Range (Weighted Average)
Common Stocks	$76,639	Market Comparable Companies	EBITDA Multiple	5.75x-6.75x (6.25x)
			Revenue Multiple	0.25x-0.30x (0.275x)
Preferred Stocks	135,003	Market Comparable Companies	EBITDA Multiple	11.0x-11.5x (11.25x)
			Revenue Multiple	0.25x-0.30x (0.275x)

^(a) 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
Revenue Multiple EBITDA Multiple	Increase	Decrease

On August 10, 2022 the Board approved the Adviser as each Fund's valuation designee, effective September 8, 2022, to make all fair valuation determinations with respect to each Fund's portfolio investments, subject to the Board's oversight and adopted all other updates pursuant to Rule 2a-5 under the 1940 Act.

Annual Report  | September 30, 2022 143

RiverNorth Funds Notes to Financial Statements

September 30, 2022

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 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.

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.

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.

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 year ended September 30, 2022, 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.

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RiverNorth Funds Notes to Financial Statements

September 30, 2022

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.

If required by the forward foreign currency contracts, the High Income Fund has segregated sufficient assets as collateral to satisfy the current obligations with respect to forward foreign currency contracts, and this is reflected as Cash segregated at custodian for forward foreign currency contracts on the High Income Fund’s Statement of Assets and Liabilities.

The effect of derivatives instruments on each Fund's Statement of Assets and Liabilities as of September 30, 2022:

		Asset Derivatives
Fund	Risk Exposure	Statement of Assets and Liabilities Location	Fair Value
High Income Fund	Foreign exchange rate risk (Forward foreign currency contracts)	Unrealized appreciation on forward foreign currency contracts	$	84,625

		Liabilities Derivatives
Fund	Risk Exposure	Statement of Assets and Liabilities Location	Fair Value
High Income Fund	Foreign exchange rate risk (Forward foreign currency contracts)	Unrealized depreciation on forward foreign currency contracts	$	(3,345	)

Annual Report | September 30, 2022 145

RiverNorth Funds Notes to Financial Statements

September 30, 2022

The effect of derivatives instruments on each Fund's Statement of Operations for the year ended September 30, 2022:

Fund	Risk Exposure	Statement of Operations Location	Realized Gain/(Loss) on Derivatives Recognized in Income		Change in Unrealized Appreciation/ Depreciation on Derivatives Recognized 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	$	1,432,006	$	(101,229	)

The forward currency contracts average notional amount during the year ended September 30, 2022, is noted below.

Fund	Average Notional Amount of Forward Foreign Currency Contracts
High Income Fund	$	5,313,805

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.

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RiverNorth Funds Notes to Financial Statements

September 30, 2022

The following table presents derivative financial instruments that are subject to enforceable netting arrangements, collateral arrangements or other similar agreements as of September 30, 2022.

Offsetting of Derivatives Asset 

							Gross Amounts Not Offset in the Statements of Assets and Liabilities
	Gross Amounts of Recognized Assets		Gross Amounts Offset in the Statements of Assets and Liabilities		Net Amounts Presented in the Statements of Assets and Liabilities		Financial Instruments Available for Offset(a)			Cash Collateral Received(a)		Net Amount
High Income Fund
Forward Foreign Currency Contracts	$	84,625	$	–	$	84,625	$	(3,345	)	$	–	$	81,280
Total	$	84,625	$	–	$	84,625	$	(3,345	)	$	–	$	81,280

Annual Report | September 30, 2022 147

RiverNorth Funds Notes to Financial Statements

September 30, 2022

Offsetting of Derivatives Liability
							Gross Amounts Not Offset in the Statement of Assets and Liabilities
	Gross Amounts of Recognized Liabilities		Gross Amounts Offset in the Statement of Assets and Liabilities		Net Amounts Presented in the Statement of Assets and Liabilities		Financial Instruments Available for Offset(a)			Cash Collateral Pledged(a)		Net Amount
High Income Fund
Forward Foreign Currency Contracts	$	3,345			$	3,345	$	(3,345	)	$	–	$	–
Total	$	3,345	$	–	$	3,345	$	(3,345	)	$	–	$	–

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

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. At September 30, 2022, the Strategic Income Fund and High Income Fund had $139,921 and $121,986 in unsettled loan commitments, respectively.

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RiverNorth Funds Notes to Financial Statements

September 30, 2022

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%

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, 2023 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.

Annual Report | September 30, 2022 149

RiverNorth Funds Notes to Financial Statements

September 30, 2022

For the year ended September 30, 2022, reimbursed expenses for the High Income Fund subject to potential recovery by year of expiration are as follows:

	Expiring September 30,
	2023		2024		2025
High Income Fund
Class I	$	145,507	$	163,274	$	111,424
Class R	$	19,074	$	19,154	$	11,927
Total	$	164,581	$	182,428	$	123,351

Effective January 28, 2022 and through at least January 31, 2023, the Adviser has contractually agreed to defer management 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's investment in acquired funds managed by the Adviser or an investment adviser controlling, controlled by or under common control with RiverNorth. The agreement may be terminated by the Board on 60 days' written notice to the Adviser. The Adviser may recoup any waived or reimbursed amounts from the Strategic Income Fund provided that 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 applicable expense limitation in effect at the time of the waiver, and (ii) the applicable expense limitation in effect at the time of recapture. Prior to January 28, 2022, the Adviser had voluntarily agreed to waive these fees for the Strategic Income Fund.

For the year ended September 30, 2022, the Adviser waived $182,951 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.

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.

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RiverNorth Funds Notes to Financial Statements

September 30, 2022

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 $36,000 per year, plus $1,500 per meeting attended from the Trust. In addition, the chair of the audit committee receives $1,000 annually and the lead independent Trustee receives $250 annually. The Trust reimburses each Trustee and Officer for his or her travel and other expenses relating to attendance at such meetings. 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. NEW ACCOUNTING PRONOUNCEMENTS AND RULE ISSUANCES

In December 2020, the SEC voted to adopt a new rule providing a framework for fund valuation practices (“Rule 2a-5”). Rule 2a-5 establishes requirements for determining fair value in good faith for purposes of the 1940 Act. Rule 2a-5 permits fund boards to designate certain parties to perform fair value determinations, subject to board oversight and certain other conditions. Rule 2a-5 also defines when market quotations are “readily available” for purposes of Section 2(a)(41) of the 1940 Act, which requires a fund to fair value a security when market quotations are not readily available, and the threshold for determining whether a fund must fair value a security. The SEC also adopted new Rule 31a-4 under the 1940 Act, which sets forth the recordkeeping requirements associated with fair value determinations. Finally, the SEC rescinded previously issued guidance on related issues, including the role of a board in determining fair value and the accounting and auditing of fund investments. Rule 2a-5 and Rule 31a-4 became effective on March 8, 2021, with a compliance date of September 8, 2022. Management has implemented and the new rule does not have a material impact on the Funds' financial statements.

8. 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.

Annual Report | September 30, 2022 151

RiverNorth Funds Notes to Financial Statements

September 30, 2022

The tax character of distributions paid by the Funds during the fiscal year ended September 30, 2022, was as follows 

	Ordinary Income		Tax-Exempt Income		Distributions paid from Long-Term Capital Gain		Return of Capital		Total
Core Opportunity Fund	$	12,245,663	$	10,045	$	3,522,811	$	494,111	$	16,272,630
Strategic Income Fund		105,942,187		–		–		–		105,942,187
High Income Fund		1,685,294		–		–		–		1,685,294

The tax character of distributions paid by the Funds during the fiscal year ended September 30, 2021, was as follows:

	Ordinary Income		Tax-Exempt Income		Distributions paid from Long-Term Capital Gain		Return of Capital		Total
Core Opportunity Fund	$	3,460,956	$	45,613	$	1,274,405	$	–	$	4,780,974
Strategic Income Fund		78,654,006		–		–		–		78,654,006
High Income Fund		1,582,824		–		–		–		1,582,824

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, 2022, certain differences were reclassified. The amounts reclassified did not affect net assets. The reclassifications were as follows:

	Paid-in Capital			Total Distributable Earnings
Core Opportunity Fund	$	–		$	–
Strategic Income Fund		(139,530	)		139,530
High Income Fund		–			–

At September 30, 2022, the components of distributable earnings on a tax basis for the Funds were as follows:

	Undistributed Ordinary Income		Accumulated Capital and Other Losses			Net Unrealized Appreciation/ (Depreciation)			Other Cumulative Effect of Timing Differences			Total
Core Opportunity Fund	$	–	$	(1,964,619	)	$	(8,282,646	)	$	–		$	(10,247,265	)
Strategic Income Fund		4,208,880		(52,642,724	)		(400,523,542	)		–			(448,957,386	)
High Income Fund		998,816		(5,790,015	)		(6,254,506	)		(81,280	)		(11,126,985	)

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RiverNorth Funds Notes to Financial Statements

September 30, 2022

Capital Losses: As of September 30, 2022, 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 Short-Term		Non-Expiring Long-Term
Strategic Income Fund	$	30,356,568	$	22,286,156
High Income Fund		1,556,621		4,233,394

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 September 30, 2022, were as follows:

Fund	Gross Appreciation (excess of value over tax)		Gross Depreciation (excess of tax cost over value)			Net Appreciation on Foreign Currency and Derivatives			Net Unrealized Appreciation/ (Depreciation)			Cost of Investments for Income Tax Purposes
Core Opportunity Fund*	$	1,717,222	$	(9,999,852	)	$	(16	)	$	(8,282,646	)	$	52,698,550
Strategic Income Fund*		3,888,231		(404,411,773	)		–			(400,523,542	)		1,733,463,407
High Income Fund*		48,814		(6,381,915	)		78,595			(6,254,506	)		53,647,561

* 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 Fund elects to defer to the period ending September 30, 2023, capital losses recognized during the period November 1, 2021 - September 30, 2022 in the amount of:

Fund	Amount
RiverNorth Core Opportunity Fund	$	1,153,487

The RiverNorth Core Opportunity Fund elects to defer to the period ending September 30, 2023, late year ordinary losses in the amount of $811,132.

Annual Report | September 30, 2022 153

RiverNorth Funds Notes to Financial Statements

September 30, 2022

9. INVESTMENT TRANSACTIONS

Investment transactions for the year ended September 30, 2022, excluding U.S. government obligations and short-term investments, were as follows:

Fund	Purchases of Securities		Proceeds from Sales of Securities
Core Opportunity Fund	$	61,662,576	$	70,619,271
Strategic Income Fund		809,109,304		894,912,212
High Income Fund		31,245,144		23,728,582

Investment Transactions in long term U.S. Government Obligations for the year ended September 30, 2022 were as follows:

	Purchases of Securities		Proceeds from Sales of Securities
Strategic Income Fund		876,584,898		937,780,901

10. 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 year ended September 30, 2022 were as follows:

Strategic Income Fund

Security Name	Market Value as of September 30, 2021		Purchases		Sales		Realized Gain/Loss		Change in Unrealized Gain (Loss)			Market Value as of September 30, 2022		Share Balance as of September 30, 2022		Dividends
Controlled Investments:
RiverNorth/Oaktree High Income Fund	$	32,734,160	$	1,168,266	$	–	$	–	$	(4,443,647	)	$	29,458,779		3,566,438	$	1,168,266
	$	32,734,160	$	1,168,266	$	–	$	–	$	(4,443,647	)	$	29,458,779		3,566,438	$	1,168,266

11. 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 amended on April 17, 2015, April 5, 2016, April 4, 2017, April 3, 2018, April 2, 2019, March 31, 2020, March 30, 2021 and on March 29, 2022. The Revolving Credit Agreement expires on March 28, 2023. 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 4.32% at September 30, 2022. For the year ended September 30, 2022, 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%. 

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RiverNorth Funds Notes to Financial Statements

September 30, 2022

For the year ended September 30, 2022, Core Opportunity Fund, Strategic Income Fund and High Income Fund had no borrowings under the Revolving Credit Agreement.

12. BENEFICIAL OWNERSHIP

On September 30, 2022, 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 September 30, 2022, are listed below:

Fund	Shareholder Name	Percentage Interest
Core Opportunity Fund – Class I	Pershing	44.63%
Core Opportunity Fund – Class R	Charles Schwab & Company, Inc.	35.61%
Core Opportunity Fund – Class R	National Financial Services, LLC	28.09%
Strategic Income Fund – Class I	Charles Schwab & Company, Inc.	40.05%
Strategic Income Fund – Class R	Charles Schwab & Company, Inc.	31.74%
Strategic Income Fund – Class R	TD Ameritrade, Inc.	34.05%
High Income Fund – Class I	RiverNorth/DoubleLine Strategic Income Fund	66.62%
High Income Fund – Class R	Charles Schwab & Company, Inc.	63.53%

13. 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.

14. LIBOR TRANSITION

Certain of the Funds’ investments, payment obligations and financing terms may be based on floating rates, such as LIBOR, Euro Interbank Offered Rate and other similar types of reference rates (each, a “Reference Rate”). In July of 2017, the head of the UK Financial Conduct Authority (“FCA”) announced a desire to phase out the use of LIBOR by the end of 2021. Most LIBOR settings are no longer published as of December 31, 2021 and a majority of U.S. dollar LIBOR settings will cease publication after June 30, 2023. It is possible that a subset of LIBOR settings will be published after these dates on a “synthetic” basis, but any such publications would be considered non-representative of the underlying market. The U.S. Federal Reserve, based on the recommendations of the New York Federal Reserve’s Alternative Reference Rate Committee (comprised of major derivative market participants and their regulators), has begun publishing Secured Overnight Financing Rate Data (“SOFR”) that is intended to replace U.S. dollar LIBOR. Proposals for alternative reference rates for other currencies have also been announced or have already begun publication. Markets are slowly developing in response to these new reference rates. Uncertainty related to the liquidity impact of the change in rates, and how to appropriately adjust these rates at the time of transition, poses risks for the Underlying Funds and Funds. The effect of any changes to, or discontinuation of, LIBOR on the Underlying Funds and Funds will depend on, among other things, (1) existing fallback or termination provisions in individual contracts, and (2) whether, how, and when industry participants develop and adopt new reference rates and fallbacks for both legacy and new instruments and contracts. The expected discontinuation of LIBOR could have a significant impact on the financial markets in general and may also present heightened risk to market participants, including public companies, investment advisers, investment companies, and broker-dealers. The risks associated with this discontinuation and transition will be exacerbated if the work necessary to effect an orderly transition to an alternative reference rate is not completed in a timely manner. For example, current information technology systems may be unable to accommodate new instruments and rates with features that differ from LIBOR. Accordingly, it is difficult to predict the full impact of the transition away from LIBOR on the Underlying Funds and Funds until new reference rates and fallbacks for both legacy and new instruments and contracts are commercially accepted and market practices become settled. 

Annual Report | September 30, 2022 155

RiverNorth Funds Notes to Financial Statements

September 30, 2022

The transition process might lead to increased volatility and illiquidity in markets for instruments whose terms currently include LIBOR. It could also lead to a reduction in the value of some LIBOR-based investments. Since the usefulness of LIBOR as a benchmark could deteriorate during the transition period, these effects could occur prior to the completion of the transition. All of the aforementioned may adversely affect the Funds' performance or NAV.

15. CORONAVIRUS (COVID-19) PANDEMIC

Beginning in the first quarter of 2020, financial markets in the United States and around the world experienced extreme and in many cases unprecedented volatility and severe losses due to the global pandemic caused by COVID-19, a novel coronavirus. The outbreak was first detected in December 2019 and subsequently spread globally, and since then, the number of cases has fluctuated and new "variants" have been confirmed around the world. The pandemic has resulted in a wide range of social and economic disruptions, including closed borders, voluntary or compelled quarantines of large populations, stressed healthcare systems, reduced or prohibited domestic or international travel, supply chain disruptions, and so-called “stay-at-home” orders throughout much of the United States and many other countries. The fall-out from these disruptions has included the rapid closure of businesses deemed “non-essential” by federal, state, or local governments and rapidly increasing unemployment, as well as greatly reduced liquidity for certain instruments at times. Some sectors of the economy and individual issuers have experienced particularly large losses. Such disruptions may continue for an extended period of time or reoccur in the future to a similar or greater extent. In response, the U.S. government and the Federal Reserve have taken extraordinary actions to support the domestic economy and financial markets, resulting in very low interest rates and in some cases negative yields. Although vaccines for COVID-19 have become more widely available, it is unknown how long circumstances related to the pandemic will persist, whether they will reoccur in the future, whether efforts to support the economy and financial markets will be successful, and what additional implications may follow from the pandemic. The impact of these events and other epidemics or pandemics in the future could adversely affect Fund performance.

156 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Notes to Financial Statements

September 30, 2022

16. SUBSEQUENT EVENTS

The Trust has performed an evaluation of subsequent events through the date the financial statements were issued and has determined that no additional items require recognition or disclosure.

Annual Report | September 30, 2022 157

	Report of Independent Registered
RiverNorth Funds	Public Accounting Firm

September 30, 2022

To the Shareholders and Board of Trustees of RiverNorth Funds

Opinion on the Financial Statements

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of RiverNorth Funds, comprising RiverNorth Core Opportunity Fund, RiverNorth/DoubleLine Strategic Income Fund, and RiverNorth/Oaktree High Income Fund (the “Funds”) as of September 30, 2022, the related statements of operations for the year then ended, the statements of changes in net assets for each of the two years in the period then ended, the related notes, and the financial highlights for each of the five years in the period then ended (collectively referred to as the “financial statements”). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of September 30, 2022, the results of their operations for the year then ended, the changes in net assets for each of the two years in the period then ended, and the financial highlights for each of the five years in the period then ended, in conformity with accounting principles generally accepted in the United States of America.

Basis for Opinion

These financial statements are the responsibility of the Funds’ management. Our responsibility is to express an opinion on the Funds’ financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (“PCAOB”) and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of September 30, 2022, by correspondence with the custodian, agent banks, and brokers; when replies were not received from agent banks or brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more of RiverNorth Capital Management, LLC’s investment companies since 2006.

COHEN & COMPANY, LTD. 

Cleveland, Ohio 

December 7, 2022

158 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Additional Information

September 30, 2022 (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.

UNAUDITED TAX INFORMATION

The RiverNorth Core Opportunity Fund designated the following for federal income tax purposes for the year ended September 30, 2022:

	Foreign Taxes Paid	Foreign Source Income	Tax-Exempt Percentage
RiverNorth Core Opportunity Fund	$22,504	$74,685	0.42%

Of the distributions paid by the Funds from ordinary income for the calendar year ended December 31, 2021, the following percentages met the requirements to be treated as qualifying for the corporate dividends received deduction and qualified dividend income:

	Dividend Received Deduction	Qualified Dividend Income
RiverNorth Core Opportunity Fund	1.74%	4.94%
RiverNorth DoubleLine Strategic Income Fund	0.00%	0.00%
RiverNorth Oaktree High Income Fund	0.00%	0.00%

In early 2022, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2021 via Form 1099. The Funds will notify shareholders in early 2023 of amounts paid to them by the Funds, if any, during the calendar year 2022.

Pursuant to Section 852(b)(3) of the Internal Revenue Code, RiverNorth Core Opportunity Fund designated $3,522,811 as long-term capital gain dividends.

Annual Report | September 30, 2022 159

RiverNorth Funds Liquidity Risk Management Program

September 30, 2022 (Unaudited)

The Funds have implemented a liquidity risk management program (the “LRM Program”) as required by Rule 22e-4 under the Investment Company Act of 1940, as amended. The LRM Program’s principal objectives include assessing, managing, and periodically reviewing each Fund’s liquidity risk. Liquidity risk is defined as the risk that a Fund could not meet shareholder redemption requests without significant dilution of remaining shareholders’ interests in the Fund.

In accordance with the requirements of Rule 22e-4, the program administrator conducted an annual review of the LRM Program and, in August 2022, provided the Board of Trustees (the “Board”) with a report addressing the operation of the LRM Program and assessing its adequacy and effectiveness. Among other things, the program administrator reported to the Board as to the following:

● each Fund had sufficient liquidity to both meet redemptions and operate effectively on behalf of their respective shareholders;

● there were no material changes to the LRM Program during the period;

● each Fund’s strategy continued to be effective for an open-end mutual fund;

● the implementation of the LRM Program was effective to manage each Fund’s liquidity risk and remains reasonably designed to manage each Fund’s liquidity risk;

● the LRM Program includes provisions reasonably designed to comply with the 15% limit on illiquid investments and for determining, periodically reviewing and complying with the highly liquid investment minimum requirements; and

● the LRM Program operated adequately during the period and was effective in assessing, monitoring and managing the liquidity risk of each Fund’s portfolio.

There can be no assurance that the LRM Program will achieve its objectives in the future. Please refer to the Funds’ prospectuses for more information regarding the Funds’ exposure to liquidity risk and other principal risks to which an investment in the Funds may be subject.

160 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Trustees and Officers

September 30, 2022 (Unaudited)

The following table provides information regarding each Trustee who is not an “interested person” of the Trust, as defined in the 1940 Act.

INDEPENDENT TRUSTEES

Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Director2	Other Directorships Held by the Director During the Past 5 Years
John K. Carter (1961)	Trustee	Indefinite/ January 2013 to present	Founder, Special Counsel, Law Office of John K. Carter, P.A. (a general practice and corporate law firm) (2015 to present); Managing Partner, Global Recruiters of St. Petersburg (a financial services consulting and recruiting firm) (2012 to present).	11	Carillon Mutual Funds (14 funds) (2016 to present); RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (1 fund) (2016 to present); RiverNorth Specialty Finance Corporation (1 fund) (2016 to present); RiverNorth Opportunities Fund, Inc. (1 fund)(2013 to present); RiverNorth Opportunistic Municipal Income Fund, Inc. (1 fund) (2018 to present); RiverNorth Managed Duration Municipal Income Fund, Inc. (2019 to present)(1 fund); RiverNorth Flexible Municipal Income Fund, Inc. (2020 to present)(1 Fund); RiverNorth Flexible Municipal Income Fund II, Inc. (1 fund)(2021 to present); RiverNorth Managed Duration Municipal Income Fund II, Inc. (1 fund)(2022 to present).

Annual Report | September 30, 2022 161

RiverNorth Funds Trustees and Officers

September 30, 2022 (Unaudited)

INDEPENDENT TRUSTEES

Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Director2	Other Directorships Held by the Director During the Past 5 Years
J. Wayne Hutchens (1944)	Trustee	Indefinite/ September 2021 to present	Currently retired; Trustee of the Denver Museum of Nature and Science (2000 to 2020); Director of AMG National Trust Bank (June 2012 to present); Trustee of Children’s Hospital Colorado (May 2012 to 2020).	11	ALPS Series Trust (11 funds) (2012 to present); RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (1 fund) (2018 to present); RiverNorth Specialty Finance Corporation (1 fund) (2016 to present); RiverNorth Opportunities Fund, Inc. (1 fund)(2013 to present); RiverNorth Opportunistic Municipal Income Fund, Inc. (1 fund) (2018 to present); RiverNorth Managed Duration Municipal Income Fund, Inc. (2019 to present)(1 fund); RiverNorth Flexible Municipal Income Fund, Inc. (2020 to present)(1 Fund); RiverNorth Flexible Municipal Income Fund II, Inc. (1 fund)(2021 to present); RiverNorth Managed Duration Municipal Income Fund II, Inc. (1 fund) (2022 to present).

162 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Trustees and Officers

September 30, 2022 (Unaudited)

INDEPENDENT TRUSTEES

Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Director2	Other Directorships Held by the Director During the Past 5 Years
John S. Oakes (1943)	Trustee	Indefinite/ December 2010 to present	Currently retired; Principal, Financial Search and Consulting (a recruiting and consulting firm) 2013 to 2017).	11	RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (1 fund) (2016 to present); RiverNorth Specialty Finance Corporation (1 fund)(2016 to present); RiverNorth Opportunities Fund, Inc. (1 fund)(2013 to present); RiverNorth Opportunistic Municipal Income Fund, Inc.  (1 fund) (2018 to present); RiverNorth Managed  Duration Municipal Income Fund, Inc. (2019 to present)(1 fund); RiverNorth Flexible Municipal Income Fund, Inc.  (2020 to present)(1 Fund); RiverNorth Flexible Municipal Income Fund II, Inc. (1 fund)(2021 to present); RiverNorth Managed Duration Municipal Income Fund II, Inc. (1 fund)(2022 to present).

Annual Report | September 30, 2022 163

RiverNorth Funds Trustees and Officers

September 30, 2022 (Unaudited)

INDEPENDENT TRUSTEES

Name, Address1 and Year of Birth	Position(s) Held with the Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Director2	Other Directorships Held by the Director During the Past 5 Years
David M. Swanson (1957)	Trustee	Indefinite/ November 2018 to present	Founder & Managing Partner, SwanDog Strategic Marketing (2006 to present).	11	RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (1 fund) (2018 to present); RiverNorth Specialty Finance Corporation (1 fund) (2016 to present); RiverNorth Opportunities Fund, Inc. (1 fund)(2013 to present); RiverNorth Opportunistic Municipal Income Fund, Inc.  (1 fund) (2018 to present); RiverNorth Managed  Duration Municipal Income Fund, Inc. (2019 to present)(1 fund); RiverNorth Flexible Municipal Income Fund, Inc.  (2020 to present)(1 Fund); RiverNorth Flexible Municipal Income Fund II, Inc. (1 fund)(2021 to present); RiverNorth Managed Duration Municipal Income Fund II, Inc. (1 fund)(2022 to present); ALPS Variable  Investment Trust (7 funds) (2006 to present).

¹ The mailing address of each Trustee is 360 South Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401.

² The Fund Complex consists of the RiverNorth Core Opportunity Fund, the RiverNorth/DoubleLine Strategic Income Fund, and the RiverNorth/Oaktree High Income Fund, each a series of the RiverNorth Funds, RiverNorth Opportunities Fund, Inc., RiverNorth DoubleLine Strategic Opportunity Fund, Inc., RiverNorth Opportunistic Municipal Income Fund, Inc., RiverNorth Flexible Municipal Income Fund, Inc., RiverNorth Flexible Municipal Income Fund II, Inc., RiverNorth Managed Duration Municipal Income Fund, Inc., RiverNorth Managed Duration Municipal Income Fund II, Inc. and RiverNorth Specialty Finance Corporation.

164 (888) 848-7569 | www.rivernorth.com

RiverNorth Funds Trustees and Officers

September 30, 2022 (Unaudited)

The following table provides information regarding each Trustee who is an “interested person” of the Trust, as defined in the 1940 Act, and each officer of the Trust.

INTERESTED TRUSTEES AND OFFICERS

Name, Address1 and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Director2	Other Directorships Held by the Director During the Past 5 Years
Patrick W. Galley3 (1975)	President, Principal Executive Officer and Trustee	Indefinite/ July 2006 to present	Chief Investment Officer, RiverNorth Capital Management, LLC (2004 to present); Board of Managers of RiverNorth Capital Management, LLC and RiverNorth Securities, LLC (since 2010) and Board of Directors RiverNorth Holdings, Co. (since 2010).	11	RiverNorth/DoubleLine Strategic Opportunity Fund, Inc. (1 fund) (2016 to present); RiverNorth Specialty Finance Corporation (1 fund) (2016 to present); RiverNorth Opportunities Fund, Inc. (1 fund)(2013 to present); RiverNorth Opportunistic Municipal Income Fund, Inc. (1 fund) (2018 to present); RiverNorth Managed Duration Municipal Income Fund, Inc. (2019 to present)(1 fund); RiverNorth Flexible Municipal Income Fund, Inc. (2020 to present)(1 Fund); RiverNorth Flexible Municipal Income Fund II, Inc. (1 fund)(2021 to present); RiverNorth Managed Duration Municipal Income Fund II, Inc. (1 fund)(2022 to present).

Annual Report | September 30, 2022 165

RiverNorth Funds Trustees and Officers

September 30, 2022 (Unaudited)

INTERESTED TRUSTEES AND OFFICERS

Name, Address1 and Year of Birth	Position(s) Held with Trust	Term of Office and Length of Time Served	Principal Occupation(s) During Past 5 Years	Number of Funds in Fund Complex Overseen by Director2	Other Directorships Held by the Director During the Past 5 Years
Jonathan M. Mohrhardt (1974)	Treasurer and Chief Financial Officer	Indefinite/ February 2009 to present	President, RiverNorth Capital Management, LLC (since 2020); Chief Operating Officer, RiverNorth Capital Management, LLC (2011 to present).	N/A	N/A
Marcus L. Collins (1968)	Chief Compliance Officer; Secretary	Indefinite/ May 2012 to present; Indefinite/ January 2017 to present	General Counsel, RiverNorth Capital Management, LLC (2012 to present); Chief Compliance Officer, RiverNorth Capital Management, LLC (2012 to present).	N/A	N/A

¹ The mailing address of each Trustee and officer, unless otherwise noted, is 360 South Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401.

^2. The Fund Complex consists of the RiverNorth Core Opportunity Fund, the RiverNorth/DoubleLine Strategic Income Fund, and the RiverNorth/Oaktree High Income Fund, each a series of the RiverNorth Funds, RiverNorth Opportunities Fund, Inc., RiverNorth DoubleLine Strategic Opportunity Fund, Inc., RiverNorth Opportunistic Municipal Income Fund, Inc., RiverNorth Flexible Municipal Income Fund, Inc., RiverNorth Flexible Municipal Income Fund II, Inc., RiverNorth Managed Duration Municipal Income Fund, Inc., RiverNorth Managed Duration Municipal Income Fund II, Inc. and RiverNorth Specialty Finance Corporation.

^3. Patrick W. Galley is considered an “Interested” Trustee as defined in the Investment Company Act of 1940, as amended, because he is an officer of the Trust and Chief Executive Officer and Chief Investment Officer of the Funds' investment adviser.

The Statement of Additional Information includes additional information about the Trust's Trustees and is available, without charge, upon request by calling (toll-free) 1-888-848-7569.

166 (888) 848-7569 | www.rivernorth.com

Intentionally Left Blank

RiverNorth Funds
RiverNorth Core Opportunity Fund
RiverNorth/DoubleLine Strategic Income Fund
RiverNorth/Oaktree High Income Fund

Board of Trustees
Patrick W. Galley, CFA, Chairman
John S. Oakes
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.

(b) NOT APPLICABLE.

Item 2. Code of Ethics.

(a) The registrant, as of the end of the period covered by this report, has adopted a code of ethics that applies to the registrant's principal executive officer, principal financial officer, principal accounting officer or controller or any persons performing similar functions (“Officers”) on behalf of the registrant.

(b) For purposes of this item, “code of ethics” means written standards that are reasonably designed to deter wrongdoing and to promote:

(1) Honest and ethical conduct, including the ethical handling of actual or apparent conflicts of interest between personal and professional relationships;

(2) Full, fair, accurate, timely, and understandable disclosure in reports and documents that a registrant files with, or submits to, the Commission and in other public communications made by the registrant;

(3) Compliance with applicable governmental laws, rules, and regulations;

(4) The prompt internal reporting of violations of the code of ethics to an appropriate person or persons identified in the code of ethics; and

(5) Accountability for adherence to the code of ethics.

(c) Amendments: During the period covered by this report, no amendments were made to the provisions of the code of ethics adopted in 2(a) above.

(d) Waivers: During the period covered by this report, no implicit or explicit waivers to the provisions of the code of ethics adopted in 2(a) above were granted.

(e) Posting: We do not intend to post the code of ethics for the Officers or any amendments or waivers on a website.

(f) Availability: The code of ethics for the Officers can be obtained, free of charge by calling the toll-free number for the appropriate Fund listed in that Fund’s prospectus.

Item 3. Audit Committee Financial Expert.

The registrant’s board of trustees has determined that the registrant does not have an audit committee financial expert. The committee members and the full Board considered a possibility of adding a member that would qualify as an expert. The audit committee determined that, although none of its members meet the technical definition of an audit committee expert, the committee has sufficient financial expertise to adequately perform its duties under the Audit Committee Charter without the addition of a qualified expert.

Item 4. Principal Accountant Fees and Services.

(a)	Audit Fees
Fiscal Year		Audit Fees
FY 2022		$87,200
FY 2021		$82,901

(b)	Audit-Related Fees
Fiscal Year		Registrant
FY 2022		$0
FY 2021		$0

(c)	Tax Fees
Fiscal Year		Registrant
FY 2022		$15,900
FY 2021		$15,000
Nature of the Tax Fees:  prepare tax returns

(d)	All Other Fees
Fiscal Year		Registrant
FY 2022		$0
FY 2021		$0

(e)

(1) Audit Committee’s Pre-Approval Policies 

The Audit Committee Charter requires the Audit Committee to be responsible for the selection, retention or termination of auditors and, in connection therewith, to (i) evaluate the proposed fees and other compensation, if any, to be paid to the auditors, (ii) evaluate the independence of the auditors, (iii) pre-approve all audit services and, when appropriate, any non-audit services provided by the independent auditors to the Trust, (iv) pre-approve, when appropriate, any non-audit services provided by the independent auditors to the Trust's investment adviser, or any entity controlling, controlled by, or under common control with the investment adviser and that provides ongoing services to the Trust if the engagement relates directly to the operations and financial reporting of the Trust, and (v) receive the auditors’ specific representations as to their independence.

(2) Percentages of Services Approved by the Audit Committee pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

Registrant
Audit-Related Fees:	0%
Tax Fees:	0%
All Other Fees:	0%

(f) During audit of registrant's financial statements for the most recent fiscal year, less than 50 percent of the hours expended on the principal accountant's engagement were attributed to work performed by persons other than the principal accountant's full-time, permanent employees.

(g) The aggregate non-audit fees billed by the registrant's accountant for services rendered to the registrant, and rendered to the registrant's investment adviser (not including any sub-adviser whose role is primarily portfolio management and is subcontracted with or overseen by another investment adviser), and any entity controlling, controlled by, or under common control with the adviser that provides ongoing services to the registrant:

Fiscal Year	Registrant	Adviser
FY 2022	$15,000	$0
FY 2021	$15,000	$0

Item 5. Audit Committee of Listed Registrants.

NOT APPLICABLE – applies to listed companies only

Item 6. Schedule of Investments.

(a) The schedule of investments is included as part of the Report to Stockholders filed under Item 1(a) of this report.

(b) NOT APPLICABLE.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

NOT APPLICABLE – applies to closed-end funds only

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

NOT APPLICABLE – applies to closed-end funds only

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

NOT APPLICABLE – applies to closed-end funds only

Item 10. Submission of Matters to Vote of Security Holders.

The registrant has not adopted procedures by which shareholders may recommend nominees to the registrant’s board of trustees.

Item 11. Controls and Procedures.

(a) Based on an evaluation of the registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended) as of a date within 90 days of the filing date of this Form N-CSR, the disclosure controls and procedures are reasonably designed to ensure that the information required in filings on Forms N-CSR is recorded, processed, summarized, and reported on a timely basis.

(b) There were no significant changes in the registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940, as amended) during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

NOT APPLICABLE – applies to closed-end funds only

Item 13. Exhibits.

(a)(1) Not Applicable.

(a)(2) Certifications pursuant to Rule 30a-2(a) under the Act (17 CFR 30a-2(a)) are attached hereto.

(a)(3) None.

(a)(4) None.

(b) The certifications by the registrant’s principal executive officer and principal financial officer, as required by Rule 30a-2(b) of the Investment Company Act of 1940, as amended, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.

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: RiverNorth Funds

By:	/s/ Patrick W. Galley
Name:	Patrick W. Galley
Title:	President
Date:	December 9, 2022

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 & Chief Executive Officer
Date:	December 9, 2022

By:	/s/ Jonathan M. Mohrhardt
Name:	Jonathan M. Mohrhardt
Title:	Treasurer & Chief Financial Officer
Date:	December 9, 2022