Form N-CSRS RiverNorth Funds For: Mar 31
Tweet
Share
E-mailUNITED 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 South Rosemary Avenue, Suite 1420
West Palm Beach, FL 33401
(Address of principal executive offices) (Zip code)
Marcus L. Collins, Esq.
RiverNorth Capital Management, LLC
360 South Rosemary Avenue, Suite 1420
West Palm Beach, FL 33401
(Name and address of agent for service)
Registrant's telephone number, including area code: 561-484-7185
Date of fiscal year end: 09/30
Date of reporting period: 03/31/2026
| Item 1. | Reports to Stockholders. |
| (a) |
| (b) | Not applicable. |
| Item 2. | Code of Ethics. |
Not applicable to semi-annual report.
| Item 3. | Audit Committee Financial Expert. |
Not applicable to semi-annual report.
| Item 4. | Principal Accountant Fees and Services. |
Not applicable to semi-annual report.
| Item 5. | Audit Committee of Listed Registrants. |
Not applicable to the Registrant.
| Item 6. | Investments. |
| (a) | Schedule of Investments is included in the Financial Statements filed under Item 7(a) of this Form N-CSR. |
| (b) | Not applicable to the Registrant. |
| Item 7. | Financial Statements and Financial Highlights for Open-End Management Investment Companies. |
| (a) |
| RiverNorth Funds | Table of Contents |
| Schedule of Investments | |
| RiverNorth/DoubleLine Strategic Income Fund | 1 |
| RiverNorth/Oaktree High Income Fund | 57 |
| Statement of Assets and Liabilities | 71 |
| Statement of Operations | 74 |
| Statements of Changes in Net Assets | |
| RiverNorth/DoubleLine Strategic Income Fund | 76 |
| RiverNorth/Oaktree High Income Fund | 78 |
| Financial Highlights | 80 |
| Notes to Financial Statements and Financial Highlights | 95 |
| Additional Information | 118 |
| Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements | 119 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Shares/Description | Value | |||||||
| CLOSED-END FUNDS - 6.17% | ||||||||
| United States - 6.17% | ||||||||
| 83,030 | Allspring Income Opportunities Fund | $ | 538,034 | |||||
| 1,978,428 | BlackRock Corporate High Yield Fund, Inc. | 16,856,207 | ||||||
| 154,493 | BlackRock Income Trust, Inc. | 1,632,991 | ||||||
| 366,668 | BlackRock Multi-Sector Income Trust | 4,590,683 | ||||||
| 31,675 | BNY Mellon Strategic Municipals, Inc. | 199,236 | ||||||
| 110,000 | Eagle Point Income Co., Inc. | 1,038,400 | ||||||
| 881,099 | First Trust High Yield Opportunities 2027 Term Fund | 11,921,270 | ||||||
| 263,398 | Invesco Municipal Trust | 2,507,549 | ||||||
| 630,532 | PGIM Short Duration High Yield Opportunities Fund | 10,101,123 | ||||||
| 23 | PIMCO Corporate & Income Opportunity Fund | 277 | ||||||
| 789,812 | PIMCO Income Strategy Fund II | 5,441,805 | ||||||
| 772,783 | Western Asset Inflation-Linked Opportunities & Income Fund | 6,537,744 | ||||||
| TOTAL CLOSED-END FUNDS | ||||||||
| (Cost $61,745,989) | 61,365,319 | |||||||
| CLOSED-END FUNDS - PREFERRED SHARES - 0.56% | ||||||||
| United States - 0.56% | ||||||||
| 225,890 | Virtus Convertible & Income Fund, 5.625%(a) | 4,682,700 | ||||||
| 49,044 | XAI Octagon Floating Rate Alternative Income Trust, 6.500%, 03/31/2026 | 842,576 | ||||||
| TOTAL CLOSED-END FUNDS - PREFERRED SHARES | ||||||||
| (Cost $6,366,044) | 5,525,276 | |||||||
| BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES - 1.27% | ||||||||
| United States - 1.27% | ||||||||
| 350,000 | Crescent Capital BDC, Inc., 5.000%, 05/25/2026 | 8,722,000 | ||||||
| 185,000 | Entergy Corp., 5Y US TI + 2.67, 12/01/2054(b) | 189,670 | ||||||
| 3,750,000 | PennantPark Floating Rate Capital, Ltd., 4.250%, 04/01/2026 | 3,750,000 | ||||||
| TOTAL BUSINESS DEVELOPMENT COMPANIES - PREFERRED SHARES | ||||||||
| (Cost $12,634,981) | 12,661,670 | |||||||
| COMMON STOCKS - 1.43% | ||||||||
| Brazil - 0.00%(c) | ||||||||
| 21,161 | OI S.A.(d) | 15 | ||||||
| United States - 1.43% | ||||||||
| 650,000 | Blue Owl Technology Finance Corp. | 8,053,500 | ||||||
| 203,607 | Morgan Stanley Direct Lending Fund | 2,842,354 | ||||||
| 291,476 | Oaktree Specialty Lending Corp. | 3,293,681 | ||||||
| 259,482 | Pershing Square Tontine Holdings(d)(e)(f) | – | ||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 1 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Shares/Description | Value | |||||||
| 1,702 | Unigel HoldCo Depositary Receipt(d)(e) | $ | – | |||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $16,044,713) | 14,189,550 | |||||||
| OPEN-END FUNDS - 3.94% | ||||||||
| United States - 3.94% | ||||||||
| 4,614,153 | RiverNorth/Oaktree High Income Fund, Class I(g) | 39,250,288 | ||||||
| TOTAL OPEN-END FUNDS | ||||||||
| (Cost $41,649,092) | 39,250,288 | |||||||
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| FOREIGN CORPORATE BONDS - 2.67% | ||||||||||||
| Australia - 0.02% | ||||||||||||
| $ | 152,000 | Atlassian Corp. | 5.25% | 05/15/2029 | 152,949 | |||||||
| Bermuda - 0.02% | ||||||||||||
| 209,000 | Triton Container International, Ltd. / TAL International Container Corp. | 5.15% | 02/15/2033 | 204,777 | ||||||||
| Brazil - 0.05% | ||||||||||||
| 200,000 | CSN Resources SA(h) | 5.88% | 04/08/2032 | 122,751 | ||||||||
| 147,330 | Guara Norte Sarl(h) | 5.20% | 06/15/2034 | 142,928 | ||||||||
| 182,387 | Prumo Participacoes e Investimentos S/A(h) | 7.50% | 12/31/2031 | 183,979 | ||||||||
| 73,000 | Vale Overseas, Ltd. | 6.40% | 06/28/2054 | 74,000 | ||||||||
| 523,658 | ||||||||||||
| Canada - 0.36% | ||||||||||||
| 200,000 | Aris Mining Corp.(i) | 8.00% | 10/31/2029 |
207,312 |
||||||||
| 68,000 | Bank of Nova Scotia(b) | 1D US SOFR + 1.045% | 02/02/2034 | 67,062 | ||||||||
| 170,000 | Bausch + Lomb Corp.(i) | 8.38% | 10/01/2028 | 175,737 | ||||||||
| 4,000 | Bausch Health Cos., Inc.(i) | 14.00% | 10/15/2030 | 3,841 | ||||||||
| 207,000 | Bell Telephone Co. of Canada or Bell Canada(b) | 5Y US TI + 2.363% | 09/15/2055 | 211,950 | ||||||||
| 204,000 | CCL Industries, Inc.(i) | 3.05% | 06/01/2030 | 190,452 | ||||||||
| 107,000 | Cenovus Energy, Inc. | 5.40% | 03/20/2036 | 106,505 | ||||||||
| 182,000 | Element Fleet Management Corp.(i) | 6.32% | 12/04/2028 | 189,842 | ||||||||
| 183,000 | Element Fleet Management Corp.(i) | 5.04% | 03/25/2030 | 184,843 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 2 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 86,000 | Enbridge, Inc. | 5.45% | 03/27/2036 | $ | 86,774 | ||||||
| 50,000 | Garda World Security Corp.(i) | 6.50% | 01/15/2031 | 50,729 | ||||||||
| 175,000 | Garda World Security Corp.(i) | 8.25% | 08/01/2032 | 173,410 | ||||||||
| 297,000 | Royal Bank of Canada(b) | 1D US SOFR + 0.98% | 11/03/2031 | 292,102 | ||||||||
| 202,000 | TELUS Corp.(b) | 5Y US TI + 2.71% | 10/15/2055 | 206,300 | ||||||||
| 105,000 | Toronto-Dominion Bank | 4.93% | 10/15/2035 | 103,343 | ||||||||
| 750,000 | TransCanada PipeLines, Ltd. | 4.63% | 03/01/2034 | 726,213 | ||||||||
| 185,000 | Videotron, Ltd.(i) | 5.70% | 01/15/2035 | 186,827 | ||||||||
| 153,000 | Waste Connections, Inc. | 5.25% | 09/01/2035 | 156,303 | ||||||||
| 258,000 | WSP Global, Inc.(i) | 5.04% | 09/18/2031 | 255,955 | ||||||||
| 3,575,500 | ||||||||||||
| Cayman Islands - 0.16% | ||||||||||||
| 400,000 | Avilease Capital, Ltd.(i) | 4.75% | 11/12/2030 | 389,656 | ||||||||
| 65,000 | Azorra Finance, Ltd.(i) | 7.75% | 04/15/2030 | 67,003 | ||||||||
| 90,000 | Azorra Finance, Ltd.(i) | 7.25% | 01/15/2031 | 90,952 | ||||||||
| 206,729 | Bioceanico Sovereign Certificate, Ltd.(h)(j) | 0.00% | 06/05/2034 | 168,831 | ||||||||
| 120,000 | Global Aircraft Leasing Co., Ltd.(i) | 8.75% | 09/01/2027 | 121,895 | ||||||||
| 111,839 | Lima Metro Line 2 Finance, Ltd.(i) | 5.88% | 07/05/2034 | 114,342 | ||||||||
| 298,237 | Lima Metro Line 2 Finance, Ltd.(h) | 5.88% | 07/05/2034 | 304,911 | ||||||||
| 420,000 | Rutas 2 & 7 Finance, Ltd.(h)(j) | 0.00% | 09/30/2036 | 321,300 | ||||||||
| 1,578,890 | ||||||||||||
| Chile - 0.24% | ||||||||||||
| 150,000 | Agrosuper SA(h) | 4.60% | 01/20/2032 | 142,330 | ||||||||
| 150,000 | Banco Santander Chile(i) | 4.55% | 11/20/2030 | 148,219 | ||||||||
| 148,053 | Chile Electricity PEC SpA(h)(j) | 0.00% | 01/25/2028 | 134,580 | ||||||||
| 900,000 | Empresa de Transporte de Pasajeros Metro SA(i) | 5.00% | 01/25/2047 | 810,047 | ||||||||
| 267,800 | GNL Quintero SA(h) | 4.63% | 07/31/2029 | 267,044 | ||||||||
| 200,000 | Inversiones CMPC SA(b)(i) | 5Y US TI + 2.83% | 12/09/2057 | 195,470 | ||||||||
| 750,000 | Transelec SA(h) | 3.88% | 01/12/2029 | 730,706 | ||||||||
| 2,428,396 | ||||||||||||
| Colombia - 0.06% | ||||||||||||
| 200,000 | Banco Davivienda SA(b)(i) | 5Y US TI + 4.59% | 07/02/2035 | 202,900 | ||||||||
| 300,000 | Ecopetrol SA | 5.88% | 11/02/2051 | 211,512 | ||||||||
| 149,020 | Fideicomiso PA Pacifico Tres(h) | 8.25% | 01/15/2035 | 154,214 | ||||||||
| 568,626 | ||||||||||||
| France - 0.12% | ||||||||||||
| 44,641 | Altice France SA(i) | 6.88% | 07/15/2032 | 42,339 | ||||||||
| 425,000 | BPCE SA(b)(i) | 1D US SOFR + 1.26673% | 01/13/2032 | 419,294 | ||||||||
| 250,000 | Credit Agricole SA(b)(i) | 1D US SOFR + 1.36% | 09/25/2033 | 245,011 | ||||||||
| 224,000 | Electricite de France SA(i) | 4.88% | 09/21/2038 | 207,751 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 3 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 252,000 | Societe Generale SA(b)(i) | 1D US SOFR + 1.73% | 10/03/2036 | $ | 246,698 | ||||||
| 1,161,093 | ||||||||||||
| Great Britain - 0.16% | ||||||||||||
| 200,000 | Anglo American Capital PLC(i) | 5.25% | 03/19/2036 | 195,644 | ||||||||
| 200,000 | AngloGold Ashanti Holdings PLC | 3.38% | 11/01/2028 | 192,306 | ||||||||
| 245,000 | Barclays PLC(b) | 1D US SOFR + 1.83% | 08/11/2046 | 240,746 | ||||||||
| 288,000 | Lloyds Banking Group PLC(b) | 1Y US TI + 1.60% | 06/13/2036 | 292,851 | ||||||||
| 105,000 | Macquarie Airfinance Holdings, Ltd.(i) | 5.20% | 03/27/2028 | 105,424 | ||||||||
| 104,000 | Macquarie Airfinance Holdings, Ltd.(i) | 5.15% | 03/17/2030 | 103,518 | ||||||||
| 279,000 | Nationwide Building Society(b)(i) | 1D US SOFR + 1.65% | 07/14/2036 | 279,914 | ||||||||
| 212,000 | NatWest Group PLC(b) | 1Y US TI + 1.30% | 03/03/2047 | 206,708 | ||||||||
| 1,617,111 | ||||||||||||
| Hong Kong - 0.01% | ||||||||||||
| 90,000 | Seaspan Corp.(i) | 5.50% | 08/01/2029 | 84,412 | ||||||||
| India - 0.12% | ||||||||||||
| 200,000 | Adani Electricity Mumbai, Ltd.(h) | 3.95% | 02/12/2030 | 183,062 | ||||||||
| 292,000 | Adani International Container Terminal Pvt, Ltd.(h) | 3.00% | 02/16/2031 | 266,560 | ||||||||
| 200,000 | Adani Ports & Special Economic Zone, Ltd.(h) | 4.38% | 07/03/2029 | 191,849 | ||||||||
| 266,000 | Adani Transmission Step-One, Ltd.(h) | 4.25% | 05/21/2036 | 232,562 | ||||||||
| 139,000 | JSW Hydro Energy, Ltd.(h) | 4.13% | 05/18/2031 | 127,329 | ||||||||
| 200,000 | JSW Infrastructure, Ltd.(h) | 4.95% | 01/21/2029 | 194,954 | ||||||||
| 1,196,316 | ||||||||||||
| Indonesia - 0.03% | ||||||||||||
| 200,000 | Perusahaan Perseroan Persero PT Perusahaan Listrik Negara(h) | 4.13% | 05/15/2027 | 198,684 | ||||||||
| 127,500 | Star Energy Geothermal Wayang Windu, Ltd.(h) | 6.75% | 04/24/2033 | 128,169 | ||||||||
| 326,853 | ||||||||||||
| Investment Companies - 0.37% | ||||||||||||
| 4,000,000 | Blue Owl Capital Corp. | 2.88% | 06/11/2028 | 3,719,356 | ||||||||
| Ireland - 0.16% | ||||||||||||
| 190,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust | 5.10% | 01/19/2029 | 192,528 | ||||||||
| 300,000 | AerCap Ireland Capital DAC / AerCap Global Aviation Trust(b) | 5Y US TI + 2.72% | 03/10/2055 | 307,211 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 4 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 220,000 | AIB Group PLC(b)(i) | SOFRINDX + 1.91% | 03/28/2035 | $ | 227,427 | ||||||
| 168,000 | Avolon Holdings Funding, Ltd.(i) | 5.75% | 03/01/2029 | 171,838 | ||||||||
| 207,000 | Avolon Holdings Funding, Ltd.(i) | 5.75% | 11/15/2029 | 212,163 | ||||||||
| 325,000 | CRH SMW Finance DAC | 5.13% | 01/09/2030 | 330,716 | ||||||||
| 120,000 | GGAM Finance, Ltd.(i) | 6.88% | 04/15/2029 | 122,969 | ||||||||
| 1,564,852 | ||||||||||||
| Isle Of Man - 0.02% | ||||||||||||
| 200,000 | Gold Fields Orogen Holdings BVI, Ltd.(h) | 6.13% | 05/15/2029 | 203,962 | ||||||||
| Jamaica - 0.00%(c) | ||||||||||||
| 33,726 | Digicel Group Holdings, Ltd.(i)(j) | 0.00% | 12/31/2030 | 1,638 | ||||||||
| 97,403 | Digicel Group Holdings, Ltd.(i)(j) | 0.00% | 12/31/2030 | 674 | ||||||||
| 2,312 | ||||||||||||
| Japan - 0.08% | ||||||||||||
| 255,000 | Mitsubishi UFJ Financial Group, Inc.(b) | 1Y US TI + 0.90% | 01/14/2037 | 250,636 | ||||||||
| 510,000 | Renesas Electronics Corp.(i) | 2.17% | 11/25/2026 | 502,179 | ||||||||
| 752,815 | ||||||||||||
| Luxembourg - 0.12% | ||||||||||||
| 210,909 | Acu Petroleo Luxembourg Sarl(h) | 7.50% | 01/13/2032 | 214,481 | ||||||||
| 108,000 | ArcelorMittal SA | 6.00% | 06/17/2034 | 113,648 | ||||||||
| 194,174 | Chile Electricity Lux Mpc II Sarl(i) | 5.67% | 10/20/2035 | 196,226 | ||||||||
| 172,000 | Chile Electricity Lux MPC Sarl(h) | 6.01% | 01/20/2033 | 177,910 | ||||||||
| 103,000 | nVent Finance Sarl | 5.65% | 05/15/2033 | 105,747 | ||||||||
| 200,000 | Saavi Energia Sarl(i) | 8.88% | 02/10/2035 | 210,130 | ||||||||
| 200,000 | Simpar Europe SA(h) | 5.20% | 01/26/2031 | 169,700 | ||||||||
| 77,400 | Unigel Luxembourg SA(i)(k) | 13.50% (15.00%) | 12/31/2027 | 4,644 | ||||||||
| 90,450 | Unigel Luxembourg SA(i)(k) | 11.00% (12.00%) | 12/31/2028 | 2,714 | ||||||||
| 108,704 | Unigel Luxembourg SA(h)(k) | 13.50% (15.00%) | 12/31/2027 | 6,522 | ||||||||
| 388,946 | Unigel Luxembourg SA(h)(k) | 11.00% (12.00%) | 12/31/2028 | 11,668 | ||||||||
| 1,213,390 | ||||||||||||
| Malaysia - 0.02% | ||||||||||||
| 200,000 | MISC Capital Two Labuan, Ltd.(h) | 3.75% | 04/06/2027 | 198,258 | ||||||||
| Mexico - 0.07% | ||||||||||||
| 659,912 | Alpha Holding SA de CV(i)(l) | 9.00% | 02/10/2025 | 4,950 | ||||||||
| 188,546 | Alpha Holding SA de CV(h)(l) | 9.00% | 02/10/2025 | 1,414 | ||||||||
| 250,000 | Cemex SAB de CV(a)(b)(h) | 5Y US TI + 4.53% | Perpetual Maturity | 249,116 | ||||||||
| 500,000 | Credito Real SAB de CV SOFOM ER(h)(l) | 9.50% | 02/07/2026 | 2,500 | ||||||||
| 600,000 | Mexarrend SAPI de CV(i)(l) | 10.25% | 07/24/2024 | 2,250 | ||||||||
| 200,000 | Mexarrend SAPI de CV(h)(l) | 10.25% | 07/24/2024 | 750 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 5 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 200,000 | Mexico City Airport Trust(h) | 3.88% | 04/30/2028 | $ | 196,274 | ||||||
| 103,924 | Mexico Generadora de Energia S de rl(h) | 5.50% | 12/06/2032 | 104,185 | ||||||||
| 700,000 | Operadora de Servicios Mega SA de CV Sofom ER(i)(l) | 8.25% | 02/11/2025 | 10,500 | ||||||||
| 200,000 | Orbia Advance Corp. SAB de CV(h) | 5.88% | 09/17/2044 | 142,987 | ||||||||
| 714,926 | ||||||||||||
| Netherlands - 0.18% | ||||||||||||
| 200,000 | ENEL Finance International NV(i) | 4.13% | 09/30/2028 | 198,394 | ||||||||
| 200,000 | ENEL Finance International NV(i) | 5.13% | 06/26/2029 | 202,889 | ||||||||
| 239,000 | ING Groep NV(b) | SOFRINDX + 1.61% | 03/23/2037 | 238,398 | ||||||||
| 65,000 | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings(i) | 5.63% | 03/10/2037 | 65,244 | ||||||||
| 214,000 | JBS NV/JBS USA Foods Group Holdings, Inc./JBS USA Food Co. Holdings | 6.25% | 03/01/2056 | 210,052 | ||||||||
| 129,800 | Minejesa Capital BV(h) | 4.63% | 08/10/2030 | 128,505 | ||||||||
| 138,806 | MV24 Capital BV(h) | 6.75% | 06/01/2034 | 138,627 | ||||||||
| 152,000 | NXP BV / NXP Funding LLC / NXP USA, Inc. | 4.85% | 08/19/2032 | 149,995 | ||||||||
| 50,000 | Petrobras Global Finance BV | 5.13% | 09/10/2030 | 49,055 | ||||||||
| 212,000 | Suzano Netherlands BV | 5.50% | 01/15/2036 | 205,243 | ||||||||
| 459,909 | Unigel Netherlands Holding Corp. BV(h)(k) | 15.00% (15.00%) | 12/31/2044 | 9,198 | ||||||||
| 197,340 | Yinson Bergenia Production BV(i) | 8.50% | 01/31/2045 | 208,888 | ||||||||
| 1,804,488 | ||||||||||||
| Peru - 0.10% | ||||||||||||
| 300,000 | Banco de Credito del Peru S.A.(b)(h) | 5Y US TI + 2.45% | 09/30/2031 | 295,307 | ||||||||
| 150,000 | Banco Internacional del Peru SAA Interbank(i) | 4.80% | 07/15/2031 | 147,840 | ||||||||
| 150,000 | Banco Internacional del Peru SAA Interbank(b)(i) | 5Y US TI + 2.07% | 04/30/2035 | 152,092 | ||||||||
| 200,000 | InRetail Consumer(h) | 3.25% | 03/22/2028 | 192,430 | ||||||||
| 133,360 | Peru LNG Srl(h) | 5.38% | 03/22/2030 | 129,544 | ||||||||
| 90,000 | Volcan Cia Minera SAA(i) | 8.50% | 10/28/2032 | 91,409 | ||||||||
| 1,008,622 | ||||||||||||
| Singapore - 0.07% | ||||||||||||
| 200,000 | BPRL International Singapore Pte, Ltd. | 4.38% | 01/18/2027 | 199,556 | ||||||||
| 300,000 | Oversea-Chinese Banking Corp., Ltd.(b) | 5Y US TI + 1.575% | 06/15/2032 | 300,375 | ||||||||
| 200,000 | United Overseas Bank, Ltd.(b)(h) | 5Y US TI + 1.45% | 10/07/2032 | 198,166 | ||||||||
| 698,097 | ||||||||||||
See Notes to Financial Statements and Financial Highlights.
| 6 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income | Fund Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| South Korea - 0.07% | ||||||||||||
| $ | 696,000 | SK hynix, Inc.(i) | 4.25% | 09/11/2028 | $ | 692,298 | ||||||
| Spain - 0.02% | ||||||||||||
| 250,000 | AI Candelaria -spain- SA(h) | 5.75% | 06/15/2033 | 220,644 | ||||||||
| Switzerland - 0.03% | ||||||||||||
| 251,000 | UBS Group AG(b)(i) | 1D US SOFR + 1.34% | 03/23/2037 | 242,828 | ||||||||
| Vietnam - 0.01% | ||||||||||||
| 144,845 | Mong Duong Finance Holdings BV(h) | 5.13% | 05/07/2029 | 142,612 | ||||||||
| TOTAL FOREIGN CORPORATE BONDS | ||||||||||||
| (Cost $29,683,584) | 26,598,041 | |||||||||||
| U.S. CORPORATE BONDS - 12.22% | ||||||||||||
| Advertising - 0.01% | ||||||||||||
| 80,000 | Lamar Media Corp.(i) | 5.38% | 11/01/2033 | 78,369 | ||||||||
| 40,000 | Neptune Bidco US, Inc.(i) | 10.38% | 05/15/2031 | 40,396 | ||||||||
| 118,765 | ||||||||||||
| Aerospace/Defense - 0.12% | ||||||||||||
| 70,000 | AAR Escrow Issuer LLC(i) | 6.75% | 03/15/2029 | 71,295 | ||||||||
| 70,000 | Goat Holdco LLC(i) | 6.75% | 02/01/2032 | 70,489 | ||||||||
| 166,000 | Honeywell Aerospace, Inc.(i) | 4.95% | 03/16/2036 | 164,770 | ||||||||
| 191,000 | Lockheed Martin Corp. | 5.00% | 08/15/2035 | 192,831 | ||||||||
| 116,000 | Northrop Grumman Corp. | 4.03% | 10/15/2047 | 91,395 | ||||||||
| 193,000 | Northrop Grumman Corp. | 5.20% | 06/01/2054 | 177,993 | ||||||||
| 81,000 | Spirit AeroSystems, Inc. | 4.60% | 06/15/2028 | 81,080 | ||||||||
| 183,000 | Textron, Inc. | 5.50% | 05/15/2035 | 186,255 | ||||||||
| 115,000 | TransDigm, Inc.(i) | 6.38% | 05/31/2033 | 114,478 | ||||||||
| 10,000 | TransDigm, Inc.(i) | 6.25% | 01/31/2034 | 10,118 | ||||||||
| 15,000 | TransDigm, Inc.(i) | 6.75% | 01/31/2034 | 15,208 | ||||||||
| 1,175,912 | ||||||||||||
| Agriculture - 0.07% | ||||||||||||
| 185,000 | BAT Capital Corp. | 5.63% | 08/15/2035 | 190,333 | ||||||||
| 168,000 | BAT Capital Corp. | 4.54% | 08/15/2047 | 136,522 | ||||||||
| 204,000 | Bunge, Ltd. Finance Corp. | 4.65% | 09/17/2034 | 197,727 | ||||||||
| 166,000 | Philip Morris International, Inc. | 5.25% | 02/13/2034 | 169,111 | ||||||||
| 693,693 | ||||||||||||
| Airlines - 0.07% | ||||||||||||
| 104,000 | Delta Air Lines, Inc. | 5.25% | 07/10/2030 | 104,729 | ||||||||
| 20,000 | JetBlue Airways Corp. / JetBlue Loyalty LP(i) | 9.88% | 09/20/2031 | 18,928 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 7 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 82,000 | United Airlines Holdings, Inc. | 4.88% | 03/01/2029 | $ | 80,408 | ||||||
| 197,000 | United Airlines Holdings, Inc.(i) | 4.63% | 04/15/2029 | 193,410 | ||||||||
| 285,000 | United Airlines Holdings, Inc. | 5.38% | 03/01/2031 | 279,462 | ||||||||
| 676,937 | ||||||||||||
| Auto Manufacturers - 0.09% | ||||||||||||
| 283,000 | Daimler Truck Finance North America LLC(i) | 4.50% | 04/12/2031 | 277,896 | ||||||||
| 203,000 | General Motors Financial Co., Inc. | 4.60% | 01/08/2031 | 200,156 | ||||||||
| 377,000 | Hyundai Capital America(i) | 5.30% | 01/08/2029 | 382,246 | ||||||||
| 60,000 | Nissan Motor Acceptance Co. LLC(i) | 6.13% | 09/30/2030 | 57,714 | ||||||||
| 918,012 | ||||||||||||
| Auto Parts & Equipment - 0.04% | ||||||||||||
| 50,000 | American Axle & Manufacturing, Inc.(i) | 6.38% | 10/15/2032 | 49,527 | ||||||||
| 35,000 | American Axle & Manufacturing, Inc.(i) | 7.75% | 10/15/2033 | 34,094 | ||||||||
| 120,000 | Clarios Global LP / Clarios US Finance Co.(i) | 6.75% | 02/15/2030 | 122,785 | ||||||||
| 135,000 | Clarios Global LP / Clarios US Finance Co.(i) | 6.75% | 09/15/2032 | 136,165 | ||||||||
| 35,000 | Dornoch Debt Merger Sub, Inc.(i) | 6.63% | 10/15/2029 | 31,281 | ||||||||
| 50,000 | Qnity Electronics, Inc.(i) | 6.25% | 08/15/2033 | 50,619 | ||||||||
| 424,471 | ||||||||||||
| Banks - 0.50% | ||||||||||||
| 154,000 | Bank of America Corp.(b) | 1D US SOFR + 1.21% | 10/20/2032 | 137,068 | ||||||||
| 148,000 | Bank of America Corp.(b) | 1D US SOFR + 1.65% | 01/23/2035 | 151,126 | ||||||||
| 162,000 | Bank of America Corp.(b) | 1D US SOFR + 1.70% | 02/12/2036 | 164,856 | ||||||||
| 97,000 | Bank of America Corp.(a)(b) | 5Y US TI + 2.68% | Perpetual Maturity | 99,513 | ||||||||
| 166,000 | Bank of New York Mellon Corp.(b) | 1D US SOFR + 1.23% | 07/22/2032 | 169,262 | ||||||||
| 163,000 | Bank of New York Mellon Corp.(a)(b) | 5Y US TI + 2.034% | Perpetual Maturity | 159,743 | ||||||||
| 200,000 | BBVA Mexico SA Institucion De Banca Multiple Grupo Financiero BBVA Mexico(b)(h) | 5Y US TI + 4.21% | 01/08/2039 | 210,758 | ||||||||
| 77,000 | Citigroup, Inc.(b) | 1D US SOFR + 1.28% | 02/24/2028 | 76,082 | ||||||||
| 160,000 | Citigroup, Inc.(b) | 1D US SOFR + 1.46% | 05/07/2031 | 161,092 | ||||||||
| 113,000 | Citigroup, Inc.(b) | 1D US SOFR + 1.17% | 09/11/2031 | 111,742 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 8 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 92,000 | Citigroup, Inc.(b) | 1D US SOFR + 2.66% | 05/25/2034 | $ | 95,278 | ||||||
| 97,000 | Citigroup, Inc.(a)(b) | 5Y US TI + 2.89% | Perpetual Maturity | 97,748 | ||||||||
| 201,000 | Goldman Sachs Group, Inc.(b) | 1D US SOFR + 1.06% | 10/21/2031 | 197,126 | ||||||||
| 30,000 | Goldman Sachs Group, Inc.(b) | 1D US SOFR + 0.96% | 01/21/2032 | 29,552 | ||||||||
| 179,000 | Goldman Sachs Group, Inc.(b) | 1D US SOFR + 1.55% | 07/23/2035 | 179,667 | ||||||||
| 89,000 | Goldman Sachs Group, Inc.(a)(b) | 5Y US TI + 2.46% | Perpetual Maturity | 90,774 | ||||||||
| 127,000 | Huntington Bancshares, Inc.(b) | 5Y US TI + 1.17% | 08/15/2036 | 109,090 | ||||||||
| 161,000 | JPMorgan Chase & Co.(b) | 1D US SOFR + 1.01% | 01/24/2031 | 163,982 | ||||||||
| 181,000 | JPMorgan Chase & Co.(b) | 1D US SOFR + 1.44% | 04/22/2031 | 184,320 | ||||||||
| 98,000 | JPMorgan Chase & Co.(b) | 1D US SOFR + 0.93% | 10/22/2031 | 96,495 | ||||||||
| 370,000 | JPMorgan Chase & Co.(b) | 1D US SOFR + 1.46% | 07/22/2035 | 374,707 | ||||||||
| 122,000 | JPMorgan Chase & Co.(b) | 1D US SOFR + 1.64% | 07/23/2036 | 123,595 | ||||||||
| 99,000 | Morgan Stanley(b) | 1D US SOFR + 0.80% | 01/09/2030 | 98,022 | ||||||||
| 97,000 | Morgan Stanley(b) | 1D US SOFR + 1.074% | 10/22/2031 | 95,081 | ||||||||
| 114,000 | Morgan Stanley(b) | 1D US SOFR + 1.184% | 01/30/2037 | 111,731 | ||||||||
| 94,000 | Morgan Stanley(b) | 5Y US TI + 2.43% | 01/19/2038 | 96,342 | ||||||||
| 181,000 | Morgan Stanley(b) | 5Y US TI + 1.80% | 02/07/2039 | 185,107 | ||||||||
| 68,000 | PNC Financial Services Group, Inc.(b) | 1D US SOFR + 1.42% | 07/21/2036 | 68,327 | ||||||||
| 89,000 | PNC Financial Services Group, Inc.(b) | 5Y US TI + 1.17% | 01/25/2041 | 87,228 | ||||||||
| 81,000 | Truist Financial Corp.(b) | 1D US SOFR + 2.45% | 10/30/2029 | 86,121 | ||||||||
| 182,000 | Truist Financial Corp.(b) | 1D US SOFR + 1.57% | 08/05/2032 | 184,460 | ||||||||
| 398,000 | Wells Fargo & Co.(b) | 1D US SOFR + 1.50% | 04/23/2031 | 404,874 | ||||||||
| 283,000 | Wells Fargo & Co.(b) | 1D US SOFR + 2.06% | 10/23/2034 | 306,511 | ||||||||
| 81,000 | Wells Fargo & Co.(b) | 1D US SOFR + 1.34% | 09/15/2036 | 78,839 | ||||||||
| 4,986,219 | ||||||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 9 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| Biotechnology - 0.05% | ||||||||||||
| $ | 271,000 | Amgen, Inc. | 5.75% | 03/02/2063 | $ | 260,870 | ||||||
| 158,000 | Illumina, Inc. | 4.75% | 12/12/2030 | 157,323 | ||||||||
| 125,000 | Royalty Pharma PLC | 5.95% | 09/25/2055 | 121,694 | ||||||||
| 539,887 | ||||||||||||
| Building Materials - 0.08% | ||||||||||||
| 150,000 | Builders FirstSource, Inc.(i) | 6.38% | 03/01/2034 | 148,270 | ||||||||
| 65,000 | Builders FirstSource, Inc.(i) | 6.75% | 05/15/2035 | 65,019 | ||||||||
| 120,000 | EMRLD Borrower LP / Emerald Co.-Issuer, Inc.(i) | 6.63% | 12/15/2030 | 122,197 | ||||||||
| 130,000 | Griffon Corp. | 5.75% | 03/01/2028 | 129,824 | ||||||||
| 120,000 | Miter Brands Acquisition Holdco, Inc. / MIWD Borrower LLC(i) | 6.75% | 04/01/2032 | 115,005 | ||||||||
| 95,000 | Owens Corning | 5.70% | 06/15/2034 | 98,242 | ||||||||
| 60,000 | Quikrete Holdings, Inc.(i) | 6.75% | 03/01/2033 | 60,985 | ||||||||
| 60,000 | Standard Building Solutions, Inc.(i) | 6.50% | 08/15/2032 | 60,084 | ||||||||
| 40,000 | Standard Building Solutions, Inc.(i) | 5.88% | 03/15/2034 | 38,610 | ||||||||
| 838,236 | ||||||||||||
| Chemicals - 0.02% | ||||||||||||
| 25,000 | Celanese US Holdings LLC | 6.50% | 04/15/2030 | 25,529 | ||||||||
| 25,000 | Celanese US Holdings LLC | 6.75% | 04/15/2033 | 25,665 | ||||||||
| 25,000 | Olin Corp.(i) | 6.63% | 04/01/2033 | 24,487 | ||||||||
| 15,000 | Solstice Advanced Materials, Inc.(i) | 5.63% | 09/30/2033 | 14,806 | ||||||||
| 75,000 | WR Grace Holdings LLC(i) | 5.63% | 08/15/2029 | 69,051 | ||||||||
| 159,538 | ||||||||||||
| Commercial Services - 0.17% | ||||||||||||
| 60,000 | Allied Universal Holdco LLC(i) | 7.88% | 02/15/2031 | 61,913 | ||||||||
| 216,000 | Ashtead Capital, Inc.(i) | 5.55% | 05/30/2033 | 218,214 | ||||||||
| 209,000 | Block Financial LLC | 5.38% | 09/15/2032 | 202,934 | ||||||||
| 85,000 | Dcli Bidco LLC(i) | 7.75% | 11/15/2029 | 86,024 | ||||||||
| 95,000 | Global Payments, Inc. | 5.55% | 11/15/2035 | 91,591 | ||||||||
| 90,000 | Graham Holdings Co.(i) | 5.63% | 12/01/2033 | 88,391 | ||||||||
| 65,000 | Herc Holdings, Inc.(i) | 7.00% | 06/15/2030 | 66,695 | ||||||||
| 20,000 | Herc Holdings, Inc.(i) | 5.75% | 03/15/2031 | 19,715 | ||||||||
| 20,000 | Herc Holdings, Inc.(i) | 6.00% | 03/15/2034 | 19,356 | ||||||||
| 200,000 | Rentokil Terminix Funding LLC(i) | 5.00% | 04/28/2030 | 200,874 | ||||||||
| 205,000 | Rollins, Inc. | 5.25% | 02/24/2035 | 204,962 | ||||||||
| 40,000 | United Rentals North America, Inc.(i) | 5.38% | 11/15/2033 | 38,937 | ||||||||
| 182,000 | Verisk Analytics, Inc. | 5.25% | 06/05/2034 | 181,372 | ||||||||
| 60,000 | Veritiv Operating Co.(i) | 10.50% | 11/30/2030 | 62,430 | ||||||||
| 50,000 | VT Topco, Inc.(i) | 8.50% | 08/15/2030 | 50,879 | ||||||||
| 110,000 | Wand NewCo 3, Inc.(i) | 7.63% | 01/30/2032 | 112,534 | ||||||||
| 1,706,821 | ||||||||||||
See Notes to Financial Statements and Financial Highlights.
| 10 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| Computers - 0.03% | ||||||||||||
| $ | 86,000 | Dell, Inc. | 6.50% | 04/15/2038 | $ | 91,448 | ||||||
| 362,000 | Kyndryl Holdings, Inc. | 4.10% | 10/15/2041 | 252,375 | ||||||||
| 343,823 | ||||||||||||
| Distribution/Wholesale - 0.01% | ||||||||||||
| 115,000 | Dealer Tire LLC / DT Issuer LLC(i) | 8.00% | 02/01/2028 | 112,514 | ||||||||
| Diversified Financial Services - 0.12% | ||||||||||||
| 256,000 | Aircastle, Ltd. / Aircastle Ireland DAC(i) | 5.25% | 03/15/2030 | 258,305 | ||||||||
| 248,000 | American Express Co.(b) | 5Y US TI + 1.15% | 02/08/2041 | 246,349 | ||||||||
| 138,000 | Aviation Capital Group LLC(i) | 5.38% | 07/15/2029 | 140,259 | ||||||||
| 109,000 | Charles Schwab Corp.(b) | 1D US SOFR + 1.23% | 11/14/2036 | 105,989 | ||||||||
| 30,000 | Freedom Mortgage Holdings LLC(i) | 8.38% | 04/01/2032 | 29,542 | ||||||||
| 115,000 | Gabx Leasing LLC(i) | 4.63% | 04/15/2031 | 113,402 | ||||||||
| 60,000 | OneMain Finance Corp. | 7.50% | 05/15/2031 | 60,358 | ||||||||
| 85,000 | OneMain Finance Corp. | 6.50% | 03/15/2033 | 81,331 | ||||||||
| 70,000 | PennyMac Financial Services, Inc.(i) | 7.88% | 12/15/2029 | 71,650 | ||||||||
| 45,000 | PennyMac Financial Services, Inc.(i) | 6.88% | 05/15/2032 | 43,471 | ||||||||
| 60,000 | Rocket Cos., Inc.(i) | 6.38% | 08/01/2033 | 60,720 | ||||||||
| 1,211,376 | ||||||||||||
| Electric - 0.48% | ||||||||||||
| 109,000 | AEP Texas, Inc. | 5.45% | 05/15/2029 | 111,808 | ||||||||
| 72,000 | AEP Texas, Inc. | 5.20% | 04/15/2036 | 70,837 | ||||||||
| 105,000 | Alliant Energy Corp.(b) | 5Y US TI + 2.08% | 04/01/2056 | 102,121 | ||||||||
| 401,000 | Arizona Public Service Co. | 5.90% | 08/15/2055 | 394,836 | ||||||||
| 175,000 | Black Hills Corp. | 6.00% | 01/15/2035 | 181,752 | ||||||||
| 101,000 | CMS Energy Corp.(b) | 5Y US TI + 1.96% | 06/01/2055 | 102,870 | ||||||||
| 186,000 | Commonwealth Edison Co. | 5.95% | 06/01/2055 | 188,658 | ||||||||
| 161,000 | Constellation Energy Generation LLC | 4.40% | 01/15/2031 | 158,967 | ||||||||
| 241,000 | Duke Energy Corp. | 3.95% | 08/15/2047 | 178,958 | ||||||||
| 69,000 | Duke Energy Corp. | 5.00% | 08/15/2052 | 59,097 | ||||||||
| 146,000 | Duke Energy Corp. | 5.80% | 06/15/2054 | 139,893 | ||||||||
| 196,000 | Evergy Kansas Central, Inc. | 5.70% | 03/15/2053 | 192,992 | ||||||||
| 1,000,000 | Exelon Corp. | 4.05% | 04/15/2030 | 979,669 | ||||||||
| 84,000 | Kentucky Utilities Co. | 5.85% | 08/15/2055 | 83,585 | ||||||||
| 750,000 | NextEra Energy Capital Holdings, Inc. | 2.44% | 01/15/2032 | 661,295 | ||||||||
| 93,000 | NextEra Energy Capital Holdings, Inc. | 5.90% | 03/15/2055 | 91,358 | ||||||||
| 75,000 | NRG Energy, Inc.(i) | 6.00% | 02/01/2033 | 75,067 | ||||||||
| 68,000 | PSEG Power LLC(i) | 5.20% | 05/15/2030 | 69,083 | ||||||||
| 129,000 | Southern Co.(b) | 5Y US TI + 2.07% | 03/15/2055 | 132,733 | ||||||||
| 50,000 | Talen Energy Supply LLC(i) | 6.25% | 02/01/2034 | 49,478 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 11 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 368,000 | Trans-Allegheny Interstate Line Co.(i) | 5.00% | 01/15/2031 | $ | 373,997 | ||||||
| 72,000 | Virginia Electric and Power Co. | 5.55% | 08/15/2054 | 68,253 | ||||||||
| 96,000 | Virginia Electric and Power Co. | 5.60% | 09/15/2055 | 91,425 | ||||||||
| 105,000 | Vistra Operations Co. LLC(i) | 4.38% | 05/01/2029 | 102,567 | ||||||||
| 137,000 | WEC Energy Group, Inc.(b) | 5Y US TI + 1.91% | 05/15/2056 | 134,398 | ||||||||
| 4,795,697 | ||||||||||||
| Electrical Components & Equipment - 0.05% | ||||||||||||
| 200,000 | Eaton Corp. | 4.80% | 03/06/2036 | 197,536 | ||||||||
| 65,000 | Energizer Holdings, Inc.(i) | 6.00% | 09/15/2033 | 60,956 | ||||||||
| 209,000 | Molex Electronic Technologies LLC(i) | 5.25% | 04/30/2032 | 212,083 | ||||||||
| 20,000 | WESCO Distribution, Inc.(i) | 6.38% | 03/15/2033 | 20,392 | ||||||||
| 30,000 | WESCO Distribution, Inc.(i) | 5.50% | 04/15/2034 | 29,620 | ||||||||
| 520,587 | ||||||||||||
| Electronics - 0.06% | ||||||||||||
| 138,000 | Amphenol Corp. | 5.30% | 11/15/2055 | 129,698 | ||||||||
| 185,000 | Arrow Electronics, Inc. | 5.15% | 08/21/2029 | 187,079 | ||||||||
| 105,000 | Flex, Ltd. | 5.38% | 11/13/2035 | 103,228 | ||||||||
| 118,000 | Hubbell, Inc. | 4.80% | 11/15/2035 | 114,971 | ||||||||
| 88,000 | Jabil, Inc. | 4.75% | 02/01/2033 | 85,725 | ||||||||
| 620,701 | ||||||||||||
| Engineering & Construction - 0.05% | ||||||||||||
| 340,000 | Jacobs Solutions, Inc. | 5.38% | 03/03/2036 | 331,808 | ||||||||
| 190,000 | MasTec, Inc. | 5.90% | 06/15/2029 | 196,380 | ||||||||
| 528,188 | ||||||||||||
| Entertainment - 0.04% | ||||||||||||
| 55,000 | Caesars Entertainment, Inc.(i) | 6.00% | 10/15/2032 | 50,668 | ||||||||
| 50,000 | Discovery Global Holdings, Inc. | 4.05% | 03/15/2029 | 48,406 | ||||||||
| 20,000 | Discovery Global Holdings, Inc. | 4.28% | 03/15/2032 | 17,725 | ||||||||
| 35,000 | Discovery Global Holdings, Inc. | 5.05% | 03/15/2042 | 23,146 | ||||||||
| 60,000 | Light & Wonder International, Inc.(i) | 6.25% | 10/01/2033 | 58,828 | ||||||||
| 30,000 | Rivers Enterprise Borrower LLC(i) | 6.25% | 10/15/2030 | 29,942 | ||||||||
| 120,000 | Rivers Enterprise Borrower LLC / Rivers Enterprise Finance Corp.(i) | 6.63% | 02/01/2033 | 119,214 | ||||||||
| 60,000 | Voyager Parent LLC(i) | 9.25% | 07/01/2032 | 62,330 | ||||||||
| 410,259 | ||||||||||||
| Environmental Control - 0.03% | ||||||||||||
| 80,000 | GFL Environmental Holdings US, Inc.(i) | 5.50% | 02/01/2034 | 78,564 | ||||||||
| 70,000 | Veralto Corp. | 5.35% | 09/18/2028 | 71,552 | ||||||||
| 101,000 | Veralto Corp. | 5.45% | 09/18/2033 | 103,190 | ||||||||
| 253,306 | ||||||||||||
See Notes to Financial Statements and Financial Highlights.
| 12 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| Food - 0.04% | ||||||||||||
| $ | 200,000 | Mars, Inc.(i) | 5.70% | 05/01/2055 | $ | 195,150 | ||||||
| 50,000 | Performance Food Group, Inc.(i) | 5.63% | 03/01/2034 | 48,280 | ||||||||
| 100,000 | Post Holdings, Inc.(i) | 6.38% | 03/01/2033 | 98,605 | ||||||||
| 10,000 | Post Holdings, Inc.(i) | 6.25% | 10/15/2034 | 9,801 | ||||||||
| 60,000 | US Foods, Inc.(i) | 5.75% | 04/15/2033 | 59,792 | ||||||||
| 411,628 | ||||||||||||
| Gas - 0.05% | ||||||||||||
| 84,000 | National Fuel Gas Co. | 5.95% | 03/15/2035 | 86,951 | ||||||||
| 186,000 | NiSource, Inc. | 5.35% | 04/01/2034 | 189,328 | ||||||||
| 93,000 | NiSource, Inc.(b) | 5Y US TI + 2.45% | 11/30/2054 | 95,698 | ||||||||
| 161,000 | NiSource, Inc. | 5.85% | 04/01/2055 | 156,621 | ||||||||
| 528,598 | ||||||||||||
| Healthcare-Products - 0.08% | ||||||||||||
| 200,000 | 180 Medical, Inc.(i) | 5.30% | 10/08/2035 | 196,561 | ||||||||
| 86,000 | Augusta SpinCo Corp. | 5.25% | 03/23/2036 | 86,054 | ||||||||
| 188,000 | GE HealthCare Technologies, Inc. | 4.80% | 01/15/2031 | 189,222 | ||||||||
| 206,000 | Medline Borrower LP(i) | 5.25% | 10/01/2029 | 204,310 | ||||||||
| 76,000 | VSP Optical Group, Inc.(i) | 5.45% | 12/01/2035 | 74,529 | ||||||||
| 750,676 | ||||||||||||
| Healthcare-Services - 0.09% | ||||||||||||
| 70,000 | CHS/Community Health Systems, Inc.(i) | 6.00% | 01/15/2029 | 69,272 | ||||||||
| 57,000 | Elevance Health, Inc. | 4.55% | 05/15/2052 | 45,955 | ||||||||
| 407,000 | Laboratory Corp. of America Holdings | 4.80% | 10/01/2034 | 396,449 | ||||||||
| 60,000 | LifePoint Health, Inc.(i) | 10.00% | 06/01/2032 | 61,349 | ||||||||
| 185,000 | Quest Diagnostics, Inc. | 5.00% | 12/15/2034 | 183,800 | ||||||||
| 90,000 | Radiology Partners, Inc.(i) | 8.50% | 07/15/2032 | 91,361 | ||||||||
| 25,000 | Select Medical Corp.(i) | 6.25% | 12/01/2032 | 23,851 | ||||||||
| 10,000 | Tenet Healthcare Corp.(i) | 5.50% | 11/15/2032 | 9,915 | ||||||||
| 10,000 | Tenet Healthcare Corp.(i) | 6.00% | 11/15/2033 | 10,126 | ||||||||
| 892,078 | ||||||||||||
| Home Builders - 0.01% | ||||||||||||
| 60,000 | Taylor Morrison Communities, Inc.(i) | 5.75% | 11/15/2032 | 60,124 | ||||||||
| Home Furnishings - 0.01% | ||||||||||||
| 60,000 | Whirlpool Corp. | 6.50% | 06/15/2033 | 56,918 | ||||||||
| Housewares - 0.00%(c) | ||||||||||||
| 35,000 | Newell Brands, Inc. | 6.38% | 05/15/2030 | 33,625 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 13 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| Insurance - 0.18% | ||||||||||||
| $ | 100,000 | Acrisure LLC / Acrisure Finance, Inc.(i) | 6.75% | 07/01/2032 | $ | 96,459 | ||||||
| 75,000 | Alliant Holdings Intermediate LLC / Alliant Holdings Co.-Issuer(i) | 6.50% | 10/01/2031 | 73,740 | ||||||||
| 118,000 | Arthur J Gallagher & Co. | 4.85% | 12/15/2029 | 119,332 | ||||||||
| 164,000 | Athene Global Funding(i) | 5.35% | 07/09/2027 | 164,965 | ||||||||
| 104,000 | Athene Global Funding(i) | 4.72% | 10/08/2029 | 102,377 | ||||||||
| 107,000 | Athene Global Funding(i) | 5.03% | 07/17/2030 | 105,938 | ||||||||
| 85,000 | Brown & Brown, Inc. | 6.25% | 06/23/2055 | 84,840 | ||||||||
| 161,000 | Guardian Life Global Funding(i) | 4.80% | 04/28/2030 | 162,026 | ||||||||
| 98,000 | Marsh & McLennan Cos., Inc. | 4.95% | 03/15/2036 | 97,126 | ||||||||
| 161,000 | MetLife, Inc.(b) | 5Y US TI + 2.08% | 03/15/2055 | 163,450 | ||||||||
| 84,000 | New York Life Insurance Co.(i) | 6.75% | 11/15/2039 | 93,907 | ||||||||
| 100,000 | Panther Escrow Issuer LLC(i) | 7.13% | 06/01/2031 | 100,386 | ||||||||
| 207,000 | Progressive Corp. | 5.15% | 03/26/2036 | 207,382 | ||||||||
| 116,000 | Travelers Cos., Inc. | 4.60% | 08/01/2043 | 102,548 | ||||||||
| 118,000 | Willis North America, Inc. | 4.55% | 03/15/2031 | 116,363 | ||||||||
| 1,790,839 | ||||||||||||
| Internet - 0.11% | ||||||||||||
| 194,000 | Airbnb, Inc. | 5.25% | 03/16/2036 | 194,273 | ||||||||
| 100,000 | AppLovin Corp. | 5.38% | 12/01/2031 | 101,017 | ||||||||
| 196,000 | Expedia Group, Inc. | 3.80% | 02/15/2028 | 193,416 | ||||||||
| 55,000 | Getty Images, Inc.(i) | 10.50% | 11/15/2030 | 49,378 | ||||||||
| 188,000 | Uber Technologies, Inc. | 4.80% | 09/15/2034 | 184,156 | ||||||||
| 243,000 | VeriSign, Inc. | 5.25% | 06/01/2032 | 244,855 | ||||||||
| 45,000 | Wayfair LLC(i) | 7.25% | 10/31/2029 | 45,965 | ||||||||
| 40,000 | Wayfair LLC(i) | 6.75% | 11/15/2032 | 40,336 | ||||||||
| 1,053,396 | ||||||||||||
| Investment Companies - 7.41% | ||||||||||||
| 6,000,000 | Barings Private Credit Corp.(i) | 6.15% | 06/11/2030 | 5,812,869 | ||||||||
| 10,000,000 | BlackRock TCP Capital Corp. | 6.95% | 05/30/2029 | 9,821,331 | ||||||||
| 4,889,000 | Blue Owl Capital Corp. | 3.13% | 04/13/2027 | 4,747,592 | ||||||||
| 2,000,000 | Blue Owl Credit Income Corp. | 4.70% | 02/08/2027 | 1,977,988 | ||||||||
| 2,000,000 | Blue Owl Credit Income Corp. | 7.95% | 06/13/2028 | 2,050,082 | ||||||||
| 9,434,000 | Blue Owl Technology Finance Corp. | 6.10% | 03/15/2028 | 9,328,883 | ||||||||
| 4,800,000 | Blue Owl Technology Finance Corp. | 6.75% | 04/04/2029 | 4,725,586 | ||||||||
| 3,000,000 | Carlyle Secured Lending, Inc. | 6.75% | 02/18/2030 | 2,975,255 | ||||||||
| 7,000,000 | Franklin BSP Capital Corp. | 7.20% | 06/15/2029 | 7,043,093 | ||||||||
| 1,000,000 | FS KKR Capital Corp. | 3.25% | 07/15/2027 | 960,988 | ||||||||
| 5,000,000 | FS KKR Capital Corp. | 6.88% | 08/15/2029 | 4,916,666 | ||||||||
| 8,312,000 | New Mountain Finance Corp. | 6.88% | 02/01/2029 | 8,291,884 | ||||||||
| 7,000,000 | Oaktree Specialty Lending Corp. | 7.10% | 02/15/2029 | 7,050,163 | ||||||||
| 1,000,000 | Oaktree Strategic Credit Fund | 8.40% | 11/14/2028 | 1,047,136 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 14 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 3,100,000 | PennantPark Investment Corp. | 4.00% | 11/01/2026 | $ | 3,043,953 | ||||||
| 73,793,469 | ||||||||||||
| Leisure Time - 0.10% | ||||||||||||
| 80,000 | Acushnet Co.(i) | 5.63% | 12/01/2033 | 79,581 | ||||||||
| 70,000 | Carnival Corp.(i) | 5.13% | 05/01/2029 | 69,524 | ||||||||
| 80,000 | Carnival Corp.(i) | 5.75% | 08/01/2032 | 80,074 | ||||||||
| 69,000 | Carnival Corp.(i) | 6.13% | 02/15/2033 | 69,727 | ||||||||
| 135,000 | Life Time, Inc.(i) | 6.00% | 11/15/2031 | 136,142 | ||||||||
| 60,000 | Lindblad Expeditions LLC(i) | 7.00% | 09/15/2030 | 61,296 | ||||||||
| 30,000 | NCL Corp., Ltd.(i) | 5.88% | 01/15/2031 | 29,165 | ||||||||
| 103,000 | Royal Caribbean Cruises, Ltd.(i) | 5.38% | 07/15/2027 | 103,400 | ||||||||
| 89,000 | Royal Caribbean Cruises, Ltd. | 5.38% | 01/15/2036 | 87,474 | ||||||||
| 29,000 | Sabre GLBL, Inc.(i) | 10.75% | 11/15/2029 | 24,795 | ||||||||
| 40,000 | Sabre GLBL, Inc.(i) | 10.75% | 03/15/2030 | 33,832 | ||||||||
| 175,000 | Viking Cruises, Ltd.(i) | 5.88% | 10/15/2033 | 172,905 | ||||||||
| 947,915 | ||||||||||||
| Lodging - 0.05% | ||||||||||||
| 55,000 | Full House Resorts, Inc.(i) | 8.25% | 02/15/2028 | 50,188 | ||||||||
| 50,000 | Hilton Domestic Operating Co., Inc.(i) | 5.75% | 09/15/2033 | 49,814 | ||||||||
| 196,000 | Marriott International, Inc. | 4.50% | 10/15/2031 | 193,794 | ||||||||
| 185,000 | Marriott International, Inc. | 5.30% | 05/15/2034 | 186,797 | ||||||||
| 480,593 | ||||||||||||
| Machinery-Constr&Mining - 0.06% | ||||||||||||
| 68,000 | GE Vernova, Inc. | 5.50% | 02/04/2056 | 65,463 | ||||||||
| 427,000 | Vertiv Group Corp.(i) | 4.13% | 11/15/2028 | 420,792 | ||||||||
| 78,000 | Vertiv Holdings Co. | 5.80% | 03/15/2056 | 75,035 | ||||||||
| 561,290 | ||||||||||||
| Machinery-Diversified - 0.04% | ||||||||||||
| 110,000 | CNH Industrial Capital LLC | 4.38% | 03/07/2031 | 107,551 | ||||||||
| 60,000 | Columbus McKinnon Corp.(i) | 7.13% | 02/01/2033 | 60,029 | ||||||||
| 181,000 | Westinghouse Air Brake Technologies Corp. | 4.90% | 05/29/2030 | 183,039 | ||||||||
| 350,619 | ||||||||||||
| Media - 0.09% | ||||||||||||
| 20,000 | CCO Holdings LLC / CCO Holdings Capital Corp.(i) | 5.13% | 05/01/2027 | 19,991 | ||||||||
| 95,000 | CCO Holdings LLC / CCO Holdings Capital Corp.(i) | 4.75% | 03/01/2030 | 90,203 | ||||||||
| 80,000 | CCO Holdings LLC / CCO Holdings Capital Corp.(i) | 4.75% | 02/01/2032 | 72,397 | ||||||||
| 40,000 | CCO Holdings LLC / CCO Holdings Capital Corp.(i) | 4.25% | 01/15/2034 | 34,257 | ||||||||
| 15,000 | CCO Holdings LLC / CCO Holdings Capital Corp.(i) | 7.38% | 02/01/2036 | 14,951 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 15 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 70,000 | Directv Financing LLC(i) | 8.88% | 02/01/2030 | $ | 69,932 | ||||||
| 56,000 | Directv Financing LLC / Directv Financing Co.-Obligor, Inc.(i) | 5.88% | 08/15/2027 | 55,975 | ||||||||
| 80,000 | DISH DBS Corp.(i) | 5.75% | 12/01/2028 | 77,424 | ||||||||
| 60,000 | DISH DBS Corp. | 5.13% | 06/01/2029 | 53,685 | ||||||||
| 50,000 | EchoStar Corp. | 10.75% | 11/30/2029 | 54,043 | ||||||||
| 55,000 | Gray Media, Inc.(i) | 9.63% | 07/15/2032 | 55,048 | ||||||||
| 55,000 | Gray Media, Inc.(i) | 7.25% | 08/15/2033 | 55,464 | ||||||||
| 70,000 | McGraw-Hill Education, Inc.(i) | 5.75% | 08/01/2028 | 69,266 | ||||||||
| 30,000 | McGraw-Hill Education, Inc.(i) | 7.38% | 09/01/2031 | 30,645 | ||||||||
| 75,000 | Nexstar Media, Inc.(i) | 6.50% | 09/15/2033 | 75,617 | ||||||||
| 15,000 | Nexstar Media, Inc.(i) | 7.25% | 04/15/2034 | 15,060 | ||||||||
| 85,000 | Univision Communications, Inc.(i) | 7.38% | 06/30/2030 | 83,351 | ||||||||
| 927,309 | ||||||||||||
| Metal Fabricate/Hardware - 0.00%(c) | ||||||||||||
| 25,000 | Advanced Drainage Systems, Inc.(i) | 5.38% | 03/01/2034 | 24,390 | ||||||||
| Mining - 0.03% | ||||||||||||
| 50,000 | Freeport-McMoRan, Inc. | 4.38% | 08/01/2028 | 49,668 | ||||||||
| 210,000 | Glencore Funding LLC(i) | 5.20% | 07/01/2033 | 210,346 | ||||||||
| 50,000 | Novelis Corp.(i) | 6.88% | 01/30/2030 | 50,473 | ||||||||
| 310,487 | ||||||||||||
| Oil & Gas - 0.11% | ||||||||||||
| 99,000 | APA Corp. | 6.10% | 02/15/2035 | 101,710 | ||||||||
| 45,000 | Chord Energy Corp.(i) | 6.00% | 10/01/2030 | 45,624 | ||||||||
| 75,000 | Chord Energy Corp.(i) | 6.75% | 03/15/2033 | 77,480 | ||||||||
| 60,000 | CNX Resources Corp.(i) | 5.88% | 03/01/2034 | 58,475 | ||||||||
| 20,000 | Crescent Energy Finance LLC(i) | 7.88% | 04/15/2032 | 20,448 | ||||||||
| 103,000 | Expand Energy Corp. | 4.75% | 02/01/2032 | 100,401 | ||||||||
| 125,000 | Gulfport Energy Operating Corp.(i) | 6.75% | 09/01/2029 | 127,996 | ||||||||
| 50,000 | Hilcorp Energy I LP / Hilcorp Finance Co.(i) | 7.25% | 02/15/2035 | 49,886 | ||||||||
| 60,000 | Matador Resources Co.(i) | 6.50% | 04/15/2032 | 60,697 | ||||||||
| 35,000 | Matador Resources Co.(i) | 6.00% | 04/15/2034 | 34,800 | ||||||||
| 50,000 | Nabors Industries, Inc.(i) | 9.13% | 01/31/2030 | 52,528 | ||||||||
| 40,000 | Nabors Industries, Inc.(i) | 7.63% | 11/15/2032 | 40,972 | ||||||||
| 101,000 | Permian Resources Operating LLC(i) | 6.25% | 02/01/2033 | 102,952 | ||||||||
| 55,000 | SM Energy Co.(i) | 7.00% | 08/01/2032 | 56,202 | ||||||||
| 68,000 | Vine Engergy Holdings LLC(i) | 6.75% | 04/15/2029 | 68,049 | ||||||||
| 73,000 | Viper Energy Partners LLC | 4.90% | 08/01/2030 | 73,088 | ||||||||
| 1,071,308 | ||||||||||||
| Oil & Gas Services - 0.07% | ||||||||||||
| 120,000 | Archrock Partners LP / Archrock Partners Finance Corp.(i) | 6.63% | 09/01/2032 | 122,427 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 16 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 163,000 | Baker Hughes Holdings LLC / Baker Hughes Co.-Obligor, Inc. | 5.00% | 06/15/2036 | $ | 160,097 | ||||||
| 120,000 | Kodiak Gas Services LLC(i) | 7.25% | 02/15/2029 | 124,393 | ||||||||
| 35,000 | Kodiak Gas Services LLC(i) | 6.50% | 10/01/2033 | 35,402 | ||||||||
| 35,000 | Kodiak Gas Services LLC(i) | 6.75% | 10/01/2035 | 35,583 | ||||||||
| 110,000 | WBI Operating LLC(i) | 6.50% | 10/15/2033 | 109,236 | ||||||||
| 120,000 | Weatherford International, Ltd.(i) | 6.75% | 10/15/2033 | 122,690 | ||||||||
| 709,828 | ||||||||||||
| Packaging & Containers - 0.02% | ||||||||||||
| 130,000 | Clydesdale Acquisition Holdings, Inc.(i) | 6.75% | 04/15/2032 | 123,153 | ||||||||
| 52,000 | Sonoco Products Co. | 4.60% | 09/01/2029 | 51,870 | ||||||||
| 52,000 | Sonoco Products Co. | 5.00% | 09/01/2034 | 50,893 | ||||||||
| 225,916 | ||||||||||||
| Pharmaceuticals - 0.15% | ||||||||||||
| 197,000 | AbbVie, Inc. | 4.70% | 05/14/2045 | 175,839 | ||||||||
| 109,000 | AbbVie, Inc. | 5.50% | 03/15/2064 | 104,022 | ||||||||
| 35,000 | Bausch Health Cos., Inc.(i) | 5.25% | 01/30/2030 | 22,651 | ||||||||
| 185,000 | Cardinal Health, Inc. | 4.60% | 03/15/2043 | 160,144 | ||||||||
| 27,000 | Cardinal Health, Inc. | 4.50% | 11/15/2044 | 22,671 | ||||||||
| 240,000 | Merck & Co., Inc. | 5.70% | 09/15/2055 | 238,510 | ||||||||
| 217,000 | Novartis Capital Corp. | 5.70% | 03/18/2056 | 218,704 | ||||||||
| 243,000 | Takeda US Financing, Inc. | 5.90% | 07/07/2055 | 242,251 | ||||||||
| 230,000 | Teva Pharmaceutical Finance Co. LLC | 6.15% | 02/01/2036 | 237,253 | ||||||||
| 76,000 | Zoetis, Inc. | 4.70% | 02/01/2043 | 67,834 | ||||||||
| 1,489,879 | ||||||||||||
| Pipelines - 0.49% | ||||||||||||
| 75,000 | Antero Midstream Partners LP / Antero Midstream Finance Corp.(i) | 5.75% | 07/01/2034 | 73,958 | ||||||||
| 60,000 | Buckeye Partners LP(i) | 6.88% | 07/01/2029 | 61,787 | ||||||||
| 188,000 | Cheniere Energy, Inc. | 4.63% | 10/15/2028 | 187,563 | ||||||||
| 193,000 | Cheniere Energy, Inc. | 5.65% | 04/15/2034 | 198,759 | ||||||||
| 19,000 | Cheniere Energy, Inc.(i) | 6.00% | 07/30/2056 | 18,946 | ||||||||
| 121,000 | Colonial Enterprises, Inc.(i) | 5.63% | 11/15/2035 | 120,978 | ||||||||
| 201,000 | Eastern Energy Gas Holdings LLC | 5.65% | 10/15/2054 | 189,451 | ||||||||
| 1,000,000 | Energy Transfer LP | 3.90% | 07/15/2026 | 998,963 | ||||||||
| 204,000 | Energy Transfer LP(a)(b) | 5Y US TI + 5.306% | Perpetual Maturity | 208,174 | ||||||||
| 187,000 | Enterprise Products Operating LLC 5.55% | 02/16/2055 | 180,015 | |||||||||
| 80,000 | Florida Gas Transmission Co. LLC(i) 5.75% | 07/15/2035 | 82,119 | |||||||||
| 115,000 | Harvest Midstream I LP(i) | 7.50% | 05/15/2032 | 117,450 | ||||||||
| 84,000 | Kinder Morgan Energy Partners LP 6.95% | 01/15/2038 | 93,832 | |||||||||
| 1,000,000 | MPLX LP | 5.40% | 09/15/2035 | 995,964 | ||||||||
| 109,000 | MPLX LP | 5.30% | 04/01/2036 | 107,482 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 17 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 30,000 | NGL Energy Operating LLC / NGL Energy Finance Corp.(i) | 8.13% | 02/15/2029 | $ | 30,924 | ||||||
| 233,000 | NGPL PipeCo LLC(i) | 3.25% | 07/15/2031 | 214,338 | ||||||||
| 105,000 | ONEOK, Inc. | 4.55% | 07/15/2028 | 105,147 | ||||||||
| 104,000 | Southern Natural Gas Co. LLC(i) | 5.45% | 08/01/2035 | 105,945 | ||||||||
| 60,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.(i) | 7.38% | 02/15/2029 | 61,760 | ||||||||
| 35,000 | Tallgrass Energy Partners LP / Tallgrass Energy Finance Corp.(i) | 6.75% | 03/15/2034 | 35,199 | ||||||||
| 106,000 | Targa Resources Corp. | 4.35% | 01/15/2029 | 105,580 | ||||||||
| 30,000 | Venture Global LNG, Inc.(i) | 8.13% | 06/01/2028 | 30,696 | ||||||||
| 60,000 | Venture Global LNG, Inc.(i) | 8.38% | 06/01/2031 | 62,430 | ||||||||
| 25,000 | Venture Global LNG, Inc.(i) | 9.88% | 02/01/2032 | 26,862 | ||||||||
| 30,000 | Venture Global Plaquemines LNG LLC(i) | 6.13% | 12/15/2030 | 30,869 | ||||||||
| 20,000 | Venture Global Plaquemines LNG LLC(i) | 7.50% | 05/01/2033 | 21,996 | ||||||||
| 65,000 | Venture Global Plaquemines LNG LLC(i) | 6.50% | 01/15/2034 | 67,800 | ||||||||
| 112,000 | Western Midstream Operating LP | 5.50% | 12/15/2035 | 110,206 | ||||||||
| 198,000 | Williams Cos., Inc. | 5.95% | 03/15/2056 | 195,013 | ||||||||
| 4,840,206 | ||||||||||||
| Real Estate - 0.01% | ||||||||||||
| 55,000 | Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.(i) | 7.00% | 04/15/2030 | 55,121 | ||||||||
| 50,000 | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.(i) | 5.25% | 04/15/2030 | 47,281 | ||||||||
| 25,000 | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.(i) | 9.75% | 04/15/2030 | 26,560 | ||||||||
| 128,962 | ||||||||||||
| REITS - 0.23% | ||||||||||||
| 99,000 | American Tower Corp. | 5.55% | 07/15/2033 | 101,782 | ||||||||
| 73,000 | American Tower Corp. | 3.70% | 10/15/2049 | 52,521 | ||||||||
| 200,000 | Crown Castle, Inc. | 5.10% | 05/01/2033 | 197,278 | ||||||||
| 98,000 | Equinix Europe 2 Financing Corp. LLC | 4.60% | 11/15/2030 | 97,129 | ||||||||
| 204,000 | Essential Properties LP | 5.40% | 12/01/2035 | 200,922 | ||||||||
| 185,000 | Extra Space Storage LP | 5.40% | 02/01/2034 | 186,595 | ||||||||
| 242,000 | First Industrial LP | 5.25% | 01/15/2031 | 244,652 | ||||||||
| 162,000 | GLP Capital LP / GLP Financing II, Inc. | 5.63% | 03/01/2036 | 157,711 | ||||||||
| 112,000 | Omega Healthcare Investors, Inc. | 3.38% | 02/01/2031 | 103,618 | ||||||||
| 120,000 | Omega Healthcare Investors, Inc. | 3.25% | 04/15/2033 | 105,674 | ||||||||
| 100,000 | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(i) | 7.00% | 02/01/2030 | 101,290 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 18 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 143,000 | Phillips Edison Grocery Center Operating Partnership I LP | 5.75% | 07/15/2034 | $ | 146,976 | ||||||
| 100,000 | RHP Hotel Properties LP / RHP Finance Corp.(i) | 6.50% | 06/15/2033 | 101,899 | ||||||||
| 35,000 | RHP Hotel Properties LP / RHP Finance Corp.(i) | 5.75% | 03/15/2034 | 34,567 | ||||||||
| 116,000 | Sabra Health Care LP | 3.20% | 12/01/2031 | 104,792 | ||||||||
| 105,000 | Starwood Property Trust, Inc.(i) | 5.25% | 10/15/2028 | 103,871 | ||||||||
| 35,000 | Store Capital LLC(i) | 4.95% | 02/11/2031 | 34,712 | ||||||||
| 193,000 | VICI Properties LP / VICI Note Co., Inc.(i) | 4.63% | 12/01/2029 | 189,803 | ||||||||
| 2,265,792 | ||||||||||||
| Retail - 0.10% | ||||||||||||
| 182,000 | AutoZone, Inc. | 5.13% | 06/15/2030 | 185,202 | ||||||||
| 65,000 | Cougar JV Subsidiary LLC(i) | 8.00% | 05/15/2032 | 67,257 | ||||||||
| 35,000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.(i) | 6.75% | 01/15/2030 | 32,719 | ||||||||
| 118,000 | Lowe's Cos., Inc. | 5.63% | 04/15/2053 | 111,652 | ||||||||
| 212,000 | McDonald's Corp. | 4.45% | 03/01/2047 | 176,962 | ||||||||
| 30,000 | Michaels Cos., Inc.(i) | 8.50% | 03/15/2033 | 29,236 | ||||||||
| 103,000 | O'Reilly Automotive, Inc. | 5.00% | 08/19/2034 | 101,907 | ||||||||
| 45,000 | QXO Building Products, Inc.(i) | 6.75% | 04/30/2032 | 45,939 | ||||||||
| 65,000 | Staples, Inc.(i) | 10.75% | 09/01/2029 | 60,163 | ||||||||
| 165,000 | Victra Holdings LLC / Victra Finance Corp.(i) | 8.75% | 09/15/2029 | 171,381 | ||||||||
| 982,418 | ||||||||||||
| Semiconductors - 0.05% | ||||||||||||
| 362,000 | Marvell Technology, Inc. | 5.95% | 09/15/2033 | 383,253 | ||||||||
| 118,000 | Qorvo, Inc.(i) | 3.38% | 04/01/2031 | 106,806 | ||||||||
| 490,059 | ||||||||||||
| Software - 0.09% | ||||||||||||
| 85,000 | AthenaHealth Group, Inc.(i) | 6.50% | 02/15/2030 | 79,874 | ||||||||
| 35,000 | Cloud Software Group, Inc.(i) | 9.00% | 09/30/2029 | 33,797 | ||||||||
| 40,000 | Cloud Software Group, Inc.(i) | 6.63% | 08/15/2033 | 35,599 | ||||||||
| 35,000 | CoreWeave, Inc.(i) | 9.25% | 06/01/2030 | 34,042 | ||||||||
| 60,000 | Ellucian Holdings, Inc.(i) | 6.50% | 12/01/2029 | 58,756 | ||||||||
| 35,000 | OAK-Eagle Acquireco, Inc.(i) | 7.25% | 07/01/2033 | 36,286 | ||||||||
| 20,000 | OAK-Eagle Acquireco, Inc.(i) | 8.75% | 07/01/2034 | 20,951 | ||||||||
| 369,000 | Paychex, Inc. | 5.35% | 04/15/2032 | 371,027 | ||||||||
| 57,000 | Roper Technologies, Inc. | 4.25% | 09/15/2028 | 56,651 | ||||||||
| 80,000 | UKG, Inc.(i) | 6.88% | 02/01/2031 | 78,254 | ||||||||
| 110,000 | Workday, Inc. | 3.80% | 04/01/2032 | 102,154 | ||||||||
| 907,391 | ||||||||||||
| Telecommunications - 0.20% | ||||||||||||
| 500,000 | AT&T, Inc. | 4.30% | 02/15/2030 | 496,919 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 19 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 558,000 | AT&T, Inc. | 3.50% | 09/15/2053 | $ | 366,174 | ||||||
| 50,000 | Cipher Compute LLC(i) | 7.13% | 11/15/2030 | 51,864 | ||||||||
| 65,000 | Flash Compute LLC(i) | 7.25% | 12/31/2030 | 65,523 | ||||||||
| 115,000 | Level 3 Financing, Inc.(i) | 6.88% | 06/30/2033 | 117,198 | ||||||||
| 164,000 | Motorola Solutions, Inc. | 5.20% | 08/15/2032 | 166,404 | ||||||||
| 209,000 | T-Mobile USA, Inc. | 3.40% | 10/15/2052 | 137,019 | ||||||||
| 121,000 | T-Mobile USA, Inc. | 5.25% | 06/15/2055 | 107,710 | ||||||||
| 125,000 | T-Mobile USA, Inc. | 5.88% | 11/15/2055 | 121,978 | ||||||||
| 45,000 | Uniti Group LP / Uniti Group Finance 2019, Inc. / CSL Capital LLC(i) | 8.63% | 06/15/2032 | 45,864 | ||||||||
| 40,000 | Uniti Services LLC(i) | 7.50% | 10/15/2033 | 41,615 | ||||||||
| 241,000 | Verizon Communications, Inc. | 5.75% | 11/30/2045 | 234,873 | ||||||||
| 35,000 | Windstream Services LLC / Windstream Escrow Finance Corp.(i) | 8.25% | 10/01/2031 | 36,604 | ||||||||
| 1,989,745 | ||||||||||||
| Toys/Games/Hobbies - 0.01% | ||||||||||||
| 83,000 | Mattel, Inc. | 5.00% | 11/17/2030 | 82,519 | ||||||||
| Transportation - 0.21% | ||||||||||||
| 1,133,000 | Burlington Northern Santa Fe LLC | 5.20% | 04/15/2054 | 1,043,437 | ||||||||
| 250,000 | CSX Corp. | 3.80% | 11/01/2046 | 192,227 | ||||||||
| 33,000 | Fedex Freight Holding Co., Inc.(i) | 4.95% | 03/15/2033 | 32,197 | ||||||||
| 105,000 | Genesee & Wyoming, Inc.(i) | 6.25% | 04/15/2032 | 106,386 | ||||||||
| 500,000 | Union Pacific Corp. | 3.70% | 03/01/2029 | 493,508 | ||||||||
| 60,000 | Watco Cos. LLC / Watco Finance Corp.(i) | 7.13% | 08/01/2032 | 61,680 | ||||||||
| 135,000 | XPO, Inc.(i) | 7.13% | 06/01/2031 | 139,147 | ||||||||
| 2,068,582 | ||||||||||||
| Trucking & Leasing - 0.03% | ||||||||||||
| 93,000 | GATX Corp. | 5.20% | 03/15/2044 | 85,708 | ||||||||
| 201,000 | Penske Truck Leasing Co. Lp / PTL Finance Corp.(i) | 5.25% | 02/01/2030 | 204,100 | ||||||||
| 289,808 | ||||||||||||
| Water - 0.01% | ||||||||||||
| 87,000 | Essential Utilities, Inc. | 5.13% | 03/15/2036 | 85,820 | ||||||||
| TOTAL U.S. CORPORATE BONDS | ||||||||||||
| (Cost $122,530,898) | 121,637,129 | |||||||||||
See Notes to Financial Statements and Financial Highlights.
| 20 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES - 0.11% | ||||||||||||
| Brazil - 0.02% | ||||||||||||
| $ | 200,000 | Brazilian Government International Bond | 4.75% | 01/14/2050 | $ | 144,880 | ||||||
| Chile - 0.02% | ||||||||||||
| 200,000 | Chile Government International Bond | 2.45% | 01/31/2031 | 182,849 | ||||||||
| Colombia - 0.01% | ||||||||||||
| 200,000 | Colombia Government International Bond | 4.13% | 05/15/2051 | 122,000 | ||||||||
| Dominican Republic - 0.01% | ||||||||||||
| 100,000 | Dominican Republic International Bond(h) | 5.95% | 01/25/2027 | 100,765 | ||||||||
| Mexico - 0.02% | ||||||||||||
| 200,000 | Mexico Government International Bond | 6.34% | 05/04/2053 | 186,500 | ||||||||
| Morocco - 0.01% | ||||||||||||
| 200,000 | Morocco Government International Bond(h) | 4.00% | 12/15/2050 | 137,690 | ||||||||
| Peru - 0.02% | ||||||||||||
| 150,000 | Fondo MIVIVIENDA SA(i) | 5.40% | 03/31/2031 | 150,187 | ||||||||
| 100,000 | Peruvian Government International Bond | 2.84% | 06/20/2030 | 93,135 | ||||||||
| TOTAL FOREIGN GOVERNMENT BONDS AND NOTES, SUPRANATIONALS AND FOREIGN AGENCIES | ||||||||||||
| (Cost $1,222,893) | 1,118,006 | |||||||||||
| BUSINESS DEVELOPMENT COMPANIES - 0.87% | ||||||||||||
| United States - 0.87% | ||||||||||||
| 8,900,000 | Oaktree Specialty Lending Corp. | 6.34% | 02/27/2030 | 8,679,081 | ||||||||
| TOTAL BUSINESS DEVELOPMENT COMPANIES | ||||||||||||
| (Cost $8,737,585) | 8,679,081 | |||||||||||
| COLLATERALIZED LOAN OBLIGATIONS - 4.10% | ||||||||||||
| Cayman Islands - 3.56% | ||||||||||||
| Apidos CLO XXIV | ||||||||||||
| 1,000,000 | Series 2018-24A(b)(i) | 3M CME TERM SOFR + 6.06% | 10/20/2030 | 1,000,906 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 21 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| Bain Capital Credit CLO 2023-3, Ltd. | ||||||||||||
| $ | 500,000 | Series 2025-3A(b)(i) | 3M CME TERM SOFR + 2.85% | 10/24/2038 | $ | 492,977 | ||||||
| Benefit Street Partners CLO IX, Ltd. | ||||||||||||
| 1,000,000 | Series 2024-9A(b)(i) | 3M CME TERM SOFR + 3.10% | 10/20/2037 | 996,899 | ||||||||
| Benefit Street Partners CLO XXXVII, Ltd. | ||||||||||||
| 1,000,000 | Series 2024-37A(b)(i) | 3M CME TERM SOFR + 2.85% | 01/25/2038 | 993,684 | ||||||||
| BlueMountain Fuji US CLO II, Ltd. | ||||||||||||
| 1,000,000 | Series 2017-2A(b)(i) | 3M CME TERM SOFR + 3.26% | 10/20/2030 | 983,445 | ||||||||
| Canyon Capital CLO, Ltd. | ||||||||||||
| 1,500,000 | Series 2018-1A(b)(i) | 3M CME TERM SOFR + 5.76% | 01/30/2031 | 993,136 | ||||||||
| 1,000,000 | Series 2018-1A(b)(i) | 3M CME TERM SOFR + 6.01% | 07/15/2031 | 885,697 | ||||||||
| Canyon CLO 2020-1, Ltd. | ||||||||||||
| 500,000 | Series 2024-1A(b)(i) | 3M CME TERM SOFR + 3.10% | 07/15/2034 | 481,409 | ||||||||
| Canyon CLO 2021-3, Ltd. | ||||||||||||
| 1,000,000 | Series 2025-3A(b)(i) | 3M CME TERM SOFR + 2.85% | 07/15/2034 | 956,460 | ||||||||
| Canyon CLO 2021-4, Ltd. | ||||||||||||
| 1,000,000 | Series 2025-4A(b)(i) | 3M CME TERM SOFR + 6.00% | 10/15/2034 | 881,962 | ||||||||
| Carlyle Global Market Strategies CLO, Ltd. | ||||||||||||
| 1,000,000 | Series 2018-2RA(b)(i) | 3M CME TERM SOFR + 5.61% | 05/15/2031 | 995,319 | ||||||||
| Carlyle US CLO 2022-5, Ltd. | ||||||||||||
| 500,000 | Series 2024-5A(b)(i) | 3M CME TERM SOFR + 3.15% | 10/15/2037 | 499,981 | ||||||||
| Carlyle US CLO 2025-5, Ltd. | ||||||||||||
| 500,000 | Series 2025-5A(b)(i) | 3M CME TERM SOFR + 2.60% | 01/15/2039 | 493,025 | ||||||||
| Carlyle US CLO 2026-1, Ltd. | ||||||||||||
| 500,000 | Series 2026-1A(b)(i) | 3M CME TERM SOFR + 2.60% | 04/25/2039 | 496,752 | ||||||||
| Crown Point CLO IV, Ltd. | ||||||||||||
| 500,000 | Series 2018-4A(b)(i) | 3M CME TERM SOFR + 2.16% | 04/20/2031 | 502,002 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 22 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| Empower CLO 2022-1, Ltd. | ||||||||||||
| $ | 500,000 | Series 2024-1A(b)(i) | 3M CME TERM SOFR + 3.00% | 10/20/2037 | $ | 493,812 | ||||||
| Kennedy Lewis CLO 12, Ltd. | ||||||||||||
| 500,000 | Series 2025-12A(b)(i) | 3M CME TERM SOFR + 1.33% | 07/20/2038 | 499,987 | ||||||||
| Lakeside Park CLO, Ltd. | ||||||||||||
| 1,000,000 | Series 2025-1A(b)(i) | 3M CME TERM SOFR + 4.60% | 04/15/2038 | 942,903 | ||||||||
| Lewey Park CLO, Ltd. | ||||||||||||
| 500,000 | Series 2024-1A(b)(i) | 3M CME TERM SOFR + 2.95% | 10/21/2037 | 490,852 | ||||||||
| Neuberger Berman Loan Advisers Clo 44, Ltd. | ||||||||||||
| 500,000 | Series 2025-44A(b)(i) | 3M CME TERM SOFR + 2.65% | 10/16/2035 | 491,766 | ||||||||
| 1,000,000 | Series 2025-44A(b)(i) | 3M CME TERM SOFR + 5.15% | 10/16/2035 | 932,639 | ||||||||
| Neuberger Berman Loan Advisers CLO 46, Ltd. | ||||||||||||
| 500,000 | Series 2025-46A(b)(i) | 3M CME TERM SOFR + 2.65% | 01/20/2037 | 491,141 | ||||||||
| Sound Point CLO XVIII, Ltd. | ||||||||||||
| 2,000,000 | Series 2018-4A(b)(i) | 3M CME TERM SOFR + 2.76% | 01/21/2031 | 1,969,196 | ||||||||
| Sound Point CLO XXIII | ||||||||||||
| 500,000 | Series 2021-2A(b)(i) | 3M CME TERM SOFR + 3.56% | 07/15/2034 | 479,380 | ||||||||
| Sound Point CLO XXIV | ||||||||||||
| 1,375,000 | Series 2021-3A(b)(i) | 3M CME TERM SOFR + 6.98% | 10/25/2034 | 541,630 | ||||||||
| 500,000 | Series 2021-3A(b)(i) | 3M CME TERM SOFR + 3.76% | 10/25/2034 | 451,477 | ||||||||
| Sound Point CLO XXVI, Ltd. | ||||||||||||
| 500,000 | Series 2021-1A(b)(i) | 3M CME TERM SOFR + 3.61% | 07/20/2034 | 479,466 | ||||||||
| Sound Point CLO XXVIII, Ltd. | ||||||||||||
| 1,000,000 | Series 2020-3A(b)(i) | 3M CME TERM SOFR + 7.16% | 01/25/2032 | 842,969 | ||||||||
| Sound Point CLO XXXII, Ltd. | ||||||||||||
| 500,000 | Series 2021-4A(b)(i) | 3M CME TERM SOFR + 3.66% | 10/25/2034 | 471,320 | ||||||||
| 500,000 | Series 2021-4A(b)(i) | 3M CME TERM SOFR + 6.96% | 10/25/2034 | 310,545 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 23 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| THL Credit Wind River 2017-3 CLO, Ltd. | ||||||||||||
| $ | 500,000 | Series 2021-3A(b)(i) | 3M CME TERM SOFR + 7.31% | 04/15/2035 | $ | 456,695 | ||||||
| THL Credit Wind River CLO, Ltd. | ||||||||||||
| 1,000,000 | Series 2018-3A(b)(i) | 3M CME TERM SOFR + 3.66% | 10/22/2031 | 999,992 | ||||||||
| 1,000,000 | Series 2018-3A(b)(i) | 3M CME TERM SOFR + 6.48% | 10/22/2031 | 858,840 | ||||||||
| Trestles CLO VI, Ltd. | ||||||||||||
| 500,000 | Series 2025-6A(b)(i) | 3M CME TERM SOFR + 1.18% | 04/25/2038 | 498,294 | ||||||||
| Trestles CLO VIII, Ltd. | ||||||||||||
| 1,000,000 | Series 2025-8A(b)(i) | 3M CME TERM SOFR + 1.33% | 06/11/2035 | 1,000,386 | ||||||||
| Upland CLO, Ltd. | ||||||||||||
| 500,000 | Series 2018-1A(b)(i) | 3M CME TERM SOFR + 3.16% | 04/20/2031 | 500,386 | ||||||||
| Vibrant CLO III, Ltd. | ||||||||||||
| 1,050,000 | Series 2018-3A(b)(i) | 3M CME TERM SOFR + 3.76% | 10/20/2031 | 1,056,405 | ||||||||
| Vibrant CLO IV-R, Ltd. | ||||||||||||
| 1,000,000 | Series 2024-4RA(b)(i) | 3M CME TERM SOFR + 3.75% | 10/20/2037 | 992,851 | ||||||||
| Voya CLO 2020-1, Ltd. | ||||||||||||
| 1,000,000 | Series 2021-1A(b)(i) | 3M CME TERM SOFR + 6.61% | 07/16/2034 | 944,140 | ||||||||
| Voya CLO 2021-1, Ltd. | ||||||||||||
| 500,000 | Series 2025-1A(b)(i) | 3M CME TERM SOFR + 2.80% | 07/15/2034 | 491,459 | ||||||||
| Voya CLO 2023-1, Ltd. | ||||||||||||
| 1,000,000 | Series 2025-1A(b)(i) | 3M CME TERM SOFR + 1.21% | 01/20/2039 | 998,388 | ||||||||
| Voya CLO, Ltd. | ||||||||||||
| 1,000,000 | Series 2018-2A(b)(i) | 3M CME TERM SOFR + 5.51% | 07/15/2031 | 897,183 | ||||||||
| 500,000 | Series 2018-3A(b)(i) | 3M CME TERM SOFR + 6.46% | 10/20/2031 | 460,820 | ||||||||
| 500,000 | Series 2018-4A(b)(i) | 3M CME TERM SOFR + 6.21% | 07/14/2031 | 495,184 | ||||||||
| Wellfleet CLO 2021-1, Ltd. | ||||||||||||
| 1,000,000 | Series 2021-1A(b)(i) | 3M CME TERM SOFR + 6.87% | 04/20/2034 | 858,133 | ||||||||
| Wind River 2021-1 CLO, Ltd. | ||||||||||||
| 1,000,000 | Series 2024-1A(b)(i) | 3M CME TERM SOFR + 3.95% | 07/20/2037 | 1,002,348 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 24 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| Wind River 2021-2 CLO, Ltd. | ||||||||||||
| $ | 500,000 | Series 2021-2A(b)(i) | 3M CME TERM SOFR + 6.69% | 07/20/2034 | $ | 421,119 | ||||||
| Wind River 2021-3 CLO, Ltd. | ||||||||||||
| 1,000,000 | Series 2025-3A(b)(i) | 3M CME TERM SOFR + 3.00% | 04/20/2038 | 987,378 | ||||||||
| 35,462,738 | ||||||||||||
| Jersey - 0.54% | ||||||||||||
| Apidos CLO XXXIX, Ltd. | ||||||||||||
| 500,000 | Series 2025-39A(b)(i) | 3M CME TERM SOFR + 1.23% | 10/21/2038 | 499,216 | ||||||||
| Bain Capital Credit Clo 2019-4, Ltd. | ||||||||||||
| 500,000 | Series 2025-4A(b)(i) | 3M CME TERM SOFR + 0.99% | 04/23/2035 | 499,099 | ||||||||
| Bain Capital Credit CLO 2019-4, Ltd. | ||||||||||||
| 500,000 | Series 2025-4A(b)(i) | 3M CME TERM SOFR + 2.90% | 04/23/2035 | 481,114 | ||||||||
| Bain Capital Credit CLO 2022-3, Ltd. | ||||||||||||
| 1,000,000 | Series 2022-3A(b)(i) | 3M CME TERM SOFR + 7.35% | 07/17/2035 | 883,292 | ||||||||
| Benefit Street Partners CLO XXXII, Ltd. | ||||||||||||
| 1,000,000 | Series 2025-32A(b)(i) | 3M CME TERM SOFR + 1.21% | 10/25/2038 | 997,916 | ||||||||
| Storm King Park CLO, Ltd. | ||||||||||||
| 1,000,000 | Series 2024-1A(b)(i) | 3M CME TERM SOFR + 1.36% | 10/15/2037 | 1,000,610 | ||||||||
| Voya CLO 2022-3, Ltd. | ||||||||||||
| 1,000,000 | Series 2025-3A(b)(i) | 3M CME TERM SOFR + 2.60% | 10/20/2036 | 997,127 | ||||||||
| 5,358,374 | ||||||||||||
| TOTAL COLLATERALIZED LOAN OBLIGATIONS | ||||||||||||
| (Cost $43,645,296) | 40,821,112 | |||||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 25 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| EQUITY - LINKED NOTES - 0.00%(c) | ||||||||||||
| Spain - 0.00% | ||||||||||||
| $ | 263,093 | Inverpamplona SA(e)(f) | 0.00% | 12/30/2028 | $ | – | ||||||
| TOTAL EQUITY - LINKED NOTES | ||||||||||||
| (Cost $11,250) | – | |||||||||||
| NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS - 20.25% | ||||||||||||
| Bermuda - 0.03% | ||||||||||||
| Start, Ltd. | ||||||||||||
| 58,377 | Series 2018-1(i) | 4.09% | 05/15/2043 | 60,269 | ||||||||
| Textainer Marine Containers VII, Ltd. | ||||||||||||
| 214,771 | Series 2024-1A(i) | 5.25% | 01/20/2036 | 215,599 | ||||||||
| 275,868 | ||||||||||||
| Cayman Islands - 2.68% | ||||||||||||
| ACREC LLC | ||||||||||||
| 990,000 | Series 2026-FL4(b)(i) | 1M CME TERM SOFR + 2.40% | 08/18/2030 | 988,616 | ||||||||
| Arbor Realty Commercial Real Estate Notes, Ltd. | ||||||||||||
| 1,100,000 | Series 2022-FL1(b)(i) | 30D US SOFR + 2.30% | 01/15/2027 | 1,100,130 | ||||||||
| AREIT | ||||||||||||
| 1,150,000 | Series 2022-CRE6(b)(i) | 30D US SOFR + 3.40% | 01/20/2037 | 1,149,221 | ||||||||
| AREIT, Ltd. | ||||||||||||
| 220,000 | Series 2024-CRE9(b)(i) | 1M CME TERM SOFR + 2.54% | 02/17/2029 | 220,206 | ||||||||
| 700,000 | Series 2024-CRE9(b)(i) | 1M CME TERM SOFR + 4.29% | 02/17/2029 | 690,981 | ||||||||
| 910,000 | Series 2025-CRE10(b)(i) | 1M CME TERM SOFR + 2.79% | 01/17/2030 | 905,393 | ||||||||
| Balboa Bay Loan Funding 2025-2, Ltd. | ||||||||||||
| 1,000,000 | Series 2025-2A(b)(i) | 3M CME TERM SOFR + 1.25% | 01/20/2039 | 999,412 | ||||||||
| BXMT, Ltd. | ||||||||||||
| 350,000 | Series 2026-FL6(b)(i) | 1M CME TERM SOFR + 1.45% | 11/19/2030 | 350,331 | ||||||||
| Cathedral Lake VIII, Ltd. | ||||||||||||
| 1,000,000 | Series 2021-8A(b)(i) | 3M CME TERM SOFR + 3.68% | 01/20/2035 | 986,400 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 26 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| CIFC Funding 2025-VII, Ltd. | ||||||||||||
| $ | 500,000 | Series 2025-7A(b)(i) | 3M CME TERM SOFR + 2.60% | 01/22/2039 | $ | 493,100 | ||||||
| Dryden 40 Senior Loan Fund | ||||||||||||
| 1,000,000 | Series 2018-40A(b)(i) | 3M CME TERM SOFR + 6.01% | 08/15/2031 | 866,639 | ||||||||
| Dryden 45 Senior Loan Fund | ||||||||||||
| 1,250,000 | Series 2018-45A(b)(i) | 3M CME TERM SOFR + 6.11% | 10/15/2030 | 1,138,393 | ||||||||
| FS Rialto Issuer LLC | ||||||||||||
| 1,230,000 | Series 2026-FL11(b)(i) | 1M CME TERM SOFR + 2.65% | 01/19/2044 | 1,233,791 | ||||||||
| LCM 28, Ltd. | ||||||||||||
| 1,000,000 | Series 2018-28A(b)(i) | 3M CME TERM SOFR + 6.01% | 10/20/2030 | 384,081 | ||||||||
| LCM Loan Income Fund I Income Note Issuer, Ltd. | ||||||||||||
| 500,000 | Series 2018-27A(b)(i) | 3M CME TERM SOFR + 5.86% | 07/16/2031 | 259,898 | ||||||||
| LCM XIV LP | ||||||||||||
| 750,000 | Series 2018-14A(b)(i) | 3M CME TERM SOFR + 5.76% | 07/20/2031 | 483,574 | ||||||||
| LCM XVII LP | ||||||||||||
| 1,000,000 | Series 2018-17A(b)(i) | 3M CME TERM SOFR + 6.26% | 10/15/2031 | 495,948 | ||||||||
| LoanCore Issuer, Ltd. | ||||||||||||
| 625,000 | Series 2021-CRE5(b)(i) | 1M CME TERM SOFR + 2.46% | 07/15/2036 | 622,680 | ||||||||
| 1,000,000 | Series 2021-CRE6(b)(i) | 1M CME TERM SOFR + 2.96% | 11/15/2038 | 999,413 | ||||||||
| MACH 1 Cayman, Ltd. | ||||||||||||
| 219,434 | Series 2019-1(i) | 3.47% | 08/15/2026 | 217,804 | ||||||||
| Magnetite XXIX, Ltd. | ||||||||||||
| 500,000 | Series 2024-29A(b)(i) | 3M CME TERM SOFR + 6.00% | 07/15/2037 | 491,680 | ||||||||
| Magnetite Xxxiii, Ltd. | ||||||||||||
| 500,000 | Series 2024-33A(b)(i) | 3M CME TERM SOFR + 3.00% | 10/20/2037 | 495,409 | ||||||||
| 1,000,000 | Series 2024-33A(b)(i) | 3M CME TERM SOFR + 5.55% | 10/20/2037 | 974,262 | ||||||||
| MF1, Ltd. | ||||||||||||
| 300,000 | Series 2021-FL7(b)(i) | 1M CME TERM SOFR + 1.86% | 10/16/2036 | 299,712 | ||||||||
| 937,050 | Series 2021-FL7(b)(i) | 1M CME TERM SOFR + 2.16% | 10/16/2036 | 937,575 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 27 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 1,090,000 | Series 2021-FL7(b)(i) | 1M CME TERM SOFR + 2.66% | 10/16/2036 | $ | 1,091,465 | ||||||
| Octagon 59, Ltd. | ||||||||||||
| 500,000 | Series 2022-1A(b)(i) | 3M CME TERM SOFR + 7.60% | 05/15/2035 | 391,457 | ||||||||
| Octagon Investment Partners 26, Ltd. | ||||||||||||
| 1,000,000 | Series 2018-1A(b)(i) | 3M CME TERM SOFR + 8.35% | 07/15/2030 | 29,661 | ||||||||
| Octagon Investment Partners 40, Ltd. | ||||||||||||
| 500,000 | Series 2021-1A(b)(i) | 3M CME TERM SOFR + 7.26% | 01/20/2035 | 407,998 | ||||||||
| Octagon Investment Partners 42, Ltd. | ||||||||||||
| 1,000,000 | Series 2024-3A(b)(i) | 3M CME TERM SOFR + 7.53% | 07/15/2037 | 962,444 | ||||||||
| Octagon Investment Partners XVI, Ltd. | ||||||||||||
| 500,000 | Series 2018-1A(b)(i) | 3M CME TERM SOFR + 3.26% | 07/17/2030 | 500,456 | ||||||||
| 1,000,000 | Series 2018-1A(b)(i) | 3M CME TERM SOFR + 6.01% | 07/17/2030 | 836,538 | ||||||||
| PFP, Ltd. | ||||||||||||
| 298,659 | Series 2024-11(b)(i) | 1M CME TERM SOFR + 2.49% | 08/17/2029 | 299,317 | ||||||||
| 585,375 | Series 2024-11(b)(i) | 1M CME TERM SOFR + 2.99% | 08/17/2029 | 586,649 | ||||||||
| 1,240,000 | Series 2026-13(b)(i) | 1M CME TERM SOFR + 2.40% | 08/18/2043 | 1,243,944 | ||||||||
| RR 2, Ltd. | ||||||||||||
| 1,000,000 | Series 2021-2A(b)(i) | 3M CME TERM SOFR + 6.06% | 04/15/2036 | 902,202 | ||||||||
| STWD, Ltd. | ||||||||||||
| 1,080,000 | Series 2021-FL2(b)(i) | 1M CME TERM SOFR + 2.21% | 01/18/2026 | 1,080,005 | ||||||||
| Thunderbolt II Aircraft Lease, Ltd. | ||||||||||||
| 278,787 | Series 2018-A(i)(m) | 7.68% | 09/15/2038 | 279,341 | ||||||||
| TRTX Issuer, Ltd. | ||||||||||||
| 300,000 | Series 2022-FL5(b)(i) | 1M CME TERM SOFR + 2.45% | 02/15/2039 | 299,226 | ||||||||
| 26,695,352 | ||||||||||||
| United States - 17.54% | ||||||||||||
| 1345T | ||||||||||||
| 420,000 | Series 2025-AOA(b)(i) | 1M CME TERM SOFR + 3.00% | 06/15/2027 | 419,587 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 28 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| Aaset 2021-2 Trust | ||||||||||||
| $ | 318,786 | Series 2021-2A(i) | 3.54% | 12/15/2028 | $ | 303,194 | ||||||
| AASET 2024-1 | ||||||||||||
| 1,000,745 | Series 2024-1A(i) | 6.90% | 05/16/2031 | 1,007,637 | ||||||||
| AASET 2024-2, Ltd. | ||||||||||||
| 536,479 | Series 2024-2A(i) | 6.61% | 09/16/2031 | 536,714 | ||||||||
| AASET 2025-1 | ||||||||||||
| 689,346 | Series 2025-1A(i) | 6.58% | 02/16/2032 | 690,368 | ||||||||
| Affirm Asset Securitization Trust | ||||||||||||
| 900,000 | Series 2025-X2(i) | 5.23% | 10/15/2030 | 899,640 | ||||||||
| Affirm Master Trust | ||||||||||||
| 300,000 | Series 2025-1A(i) | 5.62% | 02/15/2033 | 300,731 | ||||||||
| AMSR | ||||||||||||
| 5,000,000 | Series 2021-SFR1(i) | 4.61% | 06/17/2028 | 4,865,283 | ||||||||
| ARDN Mortgage Trust | ||||||||||||
| 500,000 | Series 2025-ARCP(b)(i) | 1M CME TERM SOFR + 4.50% | 06/15/2027 | 502,144 | ||||||||
| Avant Credit Card Master Trust 2025-1 | ||||||||||||
| 750,000 | Series 2025-1A(i) | 5.72% | 10/15/2028 | 742,191 | ||||||||
| BANK | ||||||||||||
| 10,291,000 | Series 2018-BN12(b)(i)(n) | 1.50% | 05/15/2061 | 258,455 | ||||||||
| 270,000 | Series 2022-BNK39 | 3.18% | 01/15/2032 | 243,857 | ||||||||
| 165,000 | Series 2022-BNK39(i) | 2.50% | 01/15/2032 | 111,024 | ||||||||
| 7,971,850 | Series 2025-BNK50(b)(n) | 0.34% | 05/15/2068 | 217,927 | ||||||||
| 1,201,000 | Series 2025-BNK51(i) | 4.00% | 01/15/2036 | 858,906 | ||||||||
| 7,320,000 | Series 2025-BNK51(b)(i)(n) | 2.13% | 12/25/2067 | 1,171,727 | ||||||||
| BANK 2020-BNK27 | ||||||||||||
| 16,875,000 | Series 2020-BN27(b)(i)(n) | 0.72% | 04/15/2030 | 427,680 | ||||||||
| Bank of America Merrill Lynch Commercial Mortgage Trust 2016-UBS10 | ||||||||||||
| 1,090,000 | Series 2016-UB10(b) | 4.91% | 05/15/2026 | 1,056,920 | ||||||||
| BANK5 | ||||||||||||
| 311,000 | Series 2024-5YR10 | 5.64% | 10/15/2029 | 316,126 | ||||||||
| 117,000 | Series 2024-5YR8 | 5.88% | 07/15/2029 | 121,384 | ||||||||
| 306,000 | Series 2024-5YR9 | 5.61% | 08/15/2029 | 314,761 | ||||||||
| 160,000 | Series 2025-5YR15(b) | 5.76% | 06/15/2030 | 163,975 | ||||||||
| 244,000 | Series 2025-5YR19(b) | 5.61% | 12/15/2030 | 249,765 | ||||||||
| 14,545,000 | Series 2025-5YR19(b)(i)(n) | 1.80% | 12/15/2058 | 1,132,794 | ||||||||
| 745,000 | Series 2026-5YR20(i) | 4.50% | 02/15/2031 | 637,463 | ||||||||
| BBCMS Mortgage Trust | ||||||||||||
| 500,000 | Series 2018-C2(b) | 4.98% | 12/15/2028 | 453,707 | ||||||||
| 211,000 | Series 2024-5C27(b) | 6.41% | 06/15/2029 | 219,280 | ||||||||
| 5,542,000 | Series 2024-5C27(b)(i)(n) | 2.74% | 06/15/2029 | 435,790 | ||||||||
| 310,000 | Series 2024-5C29 | 5.21% | 09/15/2029 | 313,802 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 29 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 233,000 | Series 2024-5C29 | 5.51% | 09/15/2029 | $ | 227,653 | ||||||
| 450,000 | Series 2024-5C29(i) | 4.00% | 09/15/2029 | 393,956 | ||||||||
| 235,000 | Series 2025-5C34 | 5.66% | 04/15/2030 | 242,990 | ||||||||
| 239,000 | Series 2025-5C36 | 5.52% | 07/15/2030 | 246,413 | ||||||||
| 155,000 | Series 2025-5C37(b) | 5.38% | 09/15/2030 | 157,309 | ||||||||
| 117,000 | Series 2026-5C40(b) | 5.81% | 01/15/2031 | 116,769 | ||||||||
| 7,542,000 | Series 2026-5C40(b)(i)(n) | 2.13% | 02/15/2059 | 707,571 | ||||||||
| BDS LLC | ||||||||||||
| 1,010,000 | Series 2025-FL15(b)(i) | 1M CME TERM SOFR + 2.40% | 09/19/2030 | 1,011,560 | ||||||||
| 1,210,000 | Series 2025-FL16(b)(i) | 1M CME TERM SOFR + 2.50% | 11/19/2030 | 1,210,597 | ||||||||
| Benchmark Mortgage Trust | ||||||||||||
| 8,198,875 | Series 2018-B2(b)(n) | 0.43% | 01/15/2028 | 46,985 | ||||||||
| 18,826,823 | Series 2018-B4(b)(n) | 0.46% | 06/15/2028 | 186,538 | ||||||||
| 1,500,000 | Series 2018-B4(b)(i) | 2.76% | 07/15/2028 | 1,072,498 | ||||||||
| 117,000 | Series 2019-B13(b) | 3.84% | 10/15/2029 | 100,627 | ||||||||
| 1,130,000 | Series 2019-B9(b) | 4.97% | 01/15/2029 | 993,129 | ||||||||
| 1,510,000 | Series 2021-B31(i) | 2.25% | 11/15/2031 | 859,251 | ||||||||
| 280,000 | Series 2022-B32(b) | 3.41% | 01/15/2032 | 245,532 | ||||||||
| 320,000 | Series 2024-V10 | 5.28% | 09/15/2029 | 325,950 | ||||||||
| 1,200,000 | Series 2024-V10(i) | 4.50% | 09/15/2029 | 1,085,509 | ||||||||
| 235,000 | Series 2024-V11(b) | 5.91% | 10/15/2029 | 244,250 | ||||||||
| 300,000 | Series 2024-V8 | 5.71% | 05/15/2029 | 309,088 | ||||||||
| 380,000 | Series 2024-V8(i) | 4.00% | 07/15/2029 | 338,613 | ||||||||
| 351,000 | Series 2024-V9 | 4.50% | 08/15/2029 | 317,107 | ||||||||
| 305,000 | Series 2024-V9 | 5.60% | 08/15/2029 | 313,093 | ||||||||
| 157,000 | Series 2025-V15 | 6.18% | 05/15/2030 | 163,327 | ||||||||
| 20,123,736 | Series 2025-V15(b)(n) | 1.12% | 05/25/2030 | 834,729 | ||||||||
| 160,000 | Series 2025-V16(b) | 5.44% | 07/15/2030 | 164,601 | ||||||||
| 500,000 | Series 2025-V16(i) | 4.50% | 08/15/2058 | 439,573 | ||||||||
| 120,000 | Series 2025-V18 | 5.59% | 10/15/2030 | 122,015 | ||||||||
| 244,000 | Series 2025-V19(b) | 5.90% | 12/15/2030 | 251,468 | ||||||||
| 350,000 | Series 2026-B42 | 4.94% | 09/15/2035 | 352,191 | ||||||||
| 35,000 | Series 2026-V20 | 5.44% | 01/15/2031 | 34,866 | ||||||||
| 222,000 | Series 2026-V21 | 5.13% | 03/15/2031 | 225,177 | ||||||||
| Blackbird Capital II Aircraft Lease, Ltd. | ||||||||||||
| 938,633 | Series 2021-1A(i) | 3.45% | 07/15/2028 | 888,852 | ||||||||
| BMO Mortgage Trust | ||||||||||||
| 7,951,000 | Series 2022-C1(b)(i)(n) | 1.76% | 02/15/2032 | 723,724 | ||||||||
| 309,000 | Series 2024-5C6 | 5.32% | 09/15/2029 | 314,680 | ||||||||
| 207,000 | Series 2024-5C7(b) | 5.89% | 11/15/2029 | 210,633 | ||||||||
| 6,394,000 | Series 2024-C9(b)(i)(n) | 1.88% | 07/15/2034 | 794,536 | ||||||||
| 236,000 | Series 2025-5C11 | 5.94% | 06/15/2030 | 243,687 | ||||||||
| 3,440,000 | Series 2025-C11(b)(i)(n) | 2.21% | 02/15/2035 | 528,759 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 30 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 223,000 | Series 2026-C14(b) | 5.83% | 02/15/2036 | $ | 229,225 | ||||||
| BMO MORTGAGE TRUST | ||||||||||||
| 160,000 | Series 2023-C6 | 6.21% | 01/15/2033 | 169,557 | ||||||||
| Brsp 2026-Fl3, Ltd. | ||||||||||||
| 1,220,000 | Series 2026-FL3(b)(i) | 1M CME TERM SOFR + 2.85% | 08/19/2043 | 1,215,171 | ||||||||
| BSPRT Issuer LLC | ||||||||||||
| 1,000,000 | Series 2025-FL12(b)(i) | 1M CME TERM SOFR + 2.70% | 05/17/2030 | 1,003,532 | ||||||||
| BSPRT Issuer, Ltd. | ||||||||||||
| 300,000 | Series 2023-FL10(b)(i) | 1M CME TERM SOFR + 3.27% | 08/15/2028 | 299,489 | ||||||||
| BSTN Commercial Mortgage Trust | ||||||||||||
| 180,000 | Series 2025-HUB(b)(i) | 5.75% | 04/13/2031 | 178,811 | ||||||||
| Business Jet Securities 2024-2 LLC | ||||||||||||
| 829,864 | Series 2024-2A(i) | 7.97% | 09/15/2030 | 834,717 | ||||||||
| BX Commercial Mortgage Trust | ||||||||||||
| 1,000,000 | Series 2019-IMC(b)(i) | 1M CME TERM SOFR + 1.95% | 04/15/2034 | 990,328 | ||||||||
| 629,558 | Series 2024-MF(b)(i) | 1M CME TERM SOFR + 2.69% | 02/15/2039 | 630,780 | ||||||||
| 479,142 | Series 2025-BCAT(b)(i) | 1M CME TERM SOFR + 2.65% | 08/15/2027 | 481,202 | ||||||||
| 150,000 | Series 2026-ALOHA(b)(i) | 1M CME TERM SOFR + 2.15% | 04/15/2028 | 150,375 | ||||||||
| 180,000 | Series 2026-CSMO(b)(i) | 1M CME TERM SOFR + 2.00% | 02/15/2028 | 180,545 | ||||||||
| 560,000 | Series 2026-CSMO(b)(i) | 1M CME TERM SOFR + 2.45% | 02/15/2028 | 562,273 | ||||||||
| 550,000 | Series 2026-XL6(b)(i) | 1M CME TERM SOFR + 3.00% | 03/15/2028 | 548,320 | ||||||||
| BX Trust | ||||||||||||
| 940,000 | Series 2019-OC11(b)(i) | 4.08% | 12/09/2029 | 874,648 | ||||||||
| 510,000 | Series 2022-LBA6(b)(i) | 1M CME TERM SOFR + 2.70% | 01/15/2027 | 510,544 | ||||||||
| 285,185 | Series 2024-CNYN(b)(i) | 1M CME TERM SOFR + 2.69% | 04/15/2041 | 285,525 | ||||||||
| 107,482 | Series 2025-ARIA(b)(i) | 5.52% | 12/13/2030 | 107,275 | ||||||||
| 1,005,296 | Series 2025-ROIC(b)(i) | 1M CME TERM SOFR + 2.94% | 03/15/2027 | 1,005,725 | ||||||||
| Cantor Commercial Real Estate Lending | ||||||||||||
| 1,113,000 | Series 2019-CF1(b)(i) | 4.12% | 05/15/2052 | 121,880 | ||||||||
| Cascade MH Asset Trust | ||||||||||||
| 4,601,000 | Series 2019-MH1(b)(i) | 5.99% | 11/25/2044 | 4,440,392 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 31 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| Castlelake Aircraft Securitization Trust | ||||||||||||
| $ | 3,731,686 | Series 2018-1(i) | 6.63% | 06/15/2043 | $ | 3,186,393 | ||||||
| Castlelake Aircraft Structured Trust | ||||||||||||
| 2,750,000 | Series 2019-1A(b)(i) | 0.00% | 04/15/2039 | 309,375 | ||||||||
| CENT | ||||||||||||
| 159,000 | Series 2025-CITY(b)(i) | 5.09% | 07/10/2030 | 159,685 | ||||||||
| Citigroup Commercial Mortgage Trust | ||||||||||||
| 225,000 | Series 2019-GC41 | 3.20% | 08/10/2029 | 198,882 | ||||||||
| Citigroup Mortgage Loan Trust | ||||||||||||
| 534,763 | Series 2006-WF1(m) | 6.58% | 03/25/2036 | 240,290 | ||||||||
| COMM Mortgage Trust | ||||||||||||
| 117,000 | Series 2024-277P(b)(i) | 7.23% | 08/10/2029 | 123,985 | ||||||||
| Commercial Mortgage Pass-Through Certificates | ||||||||||||
| 4,547,269 | Series 2014-UBS4(i) | 3.75% | 08/10/2047 | 329 | ||||||||
| 11,000 | Series 2014-UBS4(b)(e)(i) | 0.00% | 08/10/2047 | 0 | ||||||||
| Compass Datacenters Issuer II LLC | ||||||||||||
| 500,000 | Series 2024-2A(i) | 6.00% | 08/27/2029 | 501,754 | ||||||||
| CSAB Mortgage-Backed Trust | ||||||||||||
| 8,781,274 | Series 2006-2(m) | 6.20% | 09/25/2036 | 464,434 | ||||||||
| 111,813 | Series 2007-1(b) | 5.90% | 05/25/2037 | 23,276 | ||||||||
| CSAIL Commercial Mortgage Trust | ||||||||||||
| 1,000,000 | Series 2019-C16(b) | 4.24% | 06/15/2029 | 946,384 | ||||||||
| CSMC | ||||||||||||
| 350,000 | Series 2021-B33(b)(i) | 3.77% | 10/10/2031 | 309,587 | ||||||||
| CSTL Commercial Mortgage Trust | ||||||||||||
| 180,000 | Series 2026-GATE3(b)(i) | 5.10% | 02/10/2031 | 178,203 | ||||||||
| DataBank Issuer II LLC | ||||||||||||
| 400,000 | Series 2025-1A(i) | 5.18% | 09/25/2030 | 388,796 | ||||||||
| 300,000 | Series 2025-1A(i) | 5.67% | 09/25/2030 | 290,499 | ||||||||
| DBC Mortgage Trust | ||||||||||||
| 700,000 | Series 2025-DBC(b)(i) | 1M CME TERM SOFR + 2.60% | 11/15/2027 | 703,938 | ||||||||
| Del Amo Fashion Center Trust | ||||||||||||
| 150,000 | Series 2017-AMO(b)(i) | 3.76% | 06/05/2027 | 145,956 | ||||||||
| Diamond Infrastructure Funding LLC | ||||||||||||
| 2,000,000 | Series 2021-1A(i) | 3.48% | 12/20/2026 | 1,962,664 | ||||||||
| DOLP Trust | ||||||||||||
| 220,000 | Series 2021-NYC(b)(i) | 3.70% | 05/10/2031 | 186,929 | ||||||||
| Domino's Pizza Master Issuer LLC | ||||||||||||
| 200,000 | Series 2025-1A(i) | 5.22% | 07/25/2032 | 198,567 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 32 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| ELP Commercial Mortgage Trust | ||||||||||||
| $ | 760,000 | Series 2025-ELP(b)(i) | 6.02% | 11/13/2030 | $ | 763,677 | ||||||
| Extended Stay America Trust | ||||||||||||
| 178,322 | Series 2026-ESH2(b)(i) | 1M CME TERM SOFR + 2.25% | 02/15/2028 | 179,790 | ||||||||
| 564,687 | Series 2026-ESH2(b)(i) | 1M CME TERM SOFR + 2.90% | 02/15/2028 | 568,471 | ||||||||
| Fannie Mae-Aces | ||||||||||||
| 22,103,201 | Series 2019-M12(b)(n) | 0.56% | 06/25/2029 | 335,540 | ||||||||
| 12,752,959 | Series 2019-M24(b)(n) | 1.15% | 03/25/2031 | 578,644 | ||||||||
| 34,413,975 | Series 2019-M7(b)(n) | 0.33% | 04/25/2029 | 303,806 | ||||||||
| 23,053,104 | Series 2020-M10(b)(n) | 0.76% | 12/25/2027 | 159,809 | ||||||||
| 46,126,248 | Series 2020-M10(b)(n) | 0.89% | 07/25/2032 | 1,794,302 | ||||||||
| 12,239,567 | Series 2020-M13(b)(n) | 1.23% | 09/25/2030 | 350,018 | ||||||||
| 331,553,707 | Series 2021-M17(b)(n) | 0.07% | 07/25/2031 | 1,056,065 | ||||||||
| FMC GMSR Issuer Trust | ||||||||||||
| 6,000,000 | Series 2021-GT1(b)(i) | 4.36% | 07/25/2026 | 5,826,731 | ||||||||
| 5,000,000 | Series 2021-GT2(b)(i) | 4.44% | 10/25/2026 | 4,852,786 | ||||||||
| 40,505,037 | FNA 2021-M23 X1 | 0.57% | 11/01/2031 | 655,396 | ||||||||
| FREMF Mortgage Trust | ||||||||||||
| 709,905 | Series 2018-KF56(b)(i) | 30D US SOFR + 5.91% | 11/25/2028 | 640,121 | ||||||||
| 1,263,360 | Series 2019-KF71(b)(i) | 30D US SOFR + 6.11% | 10/25/2029 | 1,223,868 | ||||||||
| FRTKL | ||||||||||||
| 4,050,000 | Series 2021-SFR1(i) | 4.11% | 09/17/2026 | 3,984,168 | ||||||||
| FS Rialto Issuer LLC | ||||||||||||
| 1,200,000 | Series 2024-FL9(b)(i) | 1M CME TERM SOFR + 3.94% | 04/19/2030 | 1,195,963 | ||||||||
| 1,110,000 | Series 2025-FL10(b)(i) | 1M CME TERM SOFR + 2.70% | 08/19/2042 | 1,097,794 | ||||||||
| GGP | ||||||||||||
| 180,000 | Series 2026-TY(b)(i) | 4.83% | 03/05/2031 | 178,386 | ||||||||
| Ginnie Mae Strip | ||||||||||||
| 6,657,104 | Series 2020-3(n) | 1.40% | 09/16/2045 | 366,527 | ||||||||
| Government National Mortgage Association | ||||||||||||
| 8,945,519 | Series 2024-170(b)(n) | 0.76% | 10/16/2065 | 540,722 | ||||||||
| 7,615,472 | Series 2024-170(b)(n) | 1.00% | 03/16/2066 | 547,602 | ||||||||
| GreenSky Home Improvement Issuer Trust | ||||||||||||
| 223,745 | Series 2024-2(i) | 5.55% | 10/27/2059 | 224,928 | ||||||||
| GreenSky Home Improvement Issuer Trust 2025-3 | ||||||||||||
| 800,000 | Series 2025-3A(i) | 7.83% | 12/27/2060 | 795,631 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 33 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| GS Mortgage Securities Corp. Trust | ||||||||||||
| $ | 180,000 | Series 2017-375H(b)(i) | 3.59% | 09/10/2027 | $ | 175,222 | ||||||
| 1,000,000 | Series 2018-RIVR(b)(i) | 1M CME TERM SOFR + 1.85% | 07/15/2035 | 3,225 | ||||||||
| GS Mortgage Securities Trust | ||||||||||||
| 467,627 | Series 2015-GC28(b)(i) | 4.57% | 02/10/2048 | 449,400 | ||||||||
| 828,000 | Series 2018-GS10(b) | 4.54% | 07/10/2028 | 791,887 | ||||||||
| 1,954,000 | Series 2018-TWR(b)(i) | 1M CME TERM SOFR + 4.22% | 07/15/2031 | 19,521 | ||||||||
| 1,767,000 | Series 2019-GC38(i) | 3.00% | 02/10/2029 | 1,519,104 | ||||||||
| 636,000 | Series 2020-GC45(b) | 3.41% | 12/13/2029 | 571,326 | ||||||||
| GSAA Home Equity Trust | ||||||||||||
| 1,708,713 | Series 2006-13(b) | 6.04% | 07/25/2036 | 458,276 | ||||||||
| 425,336 | Series 2006-18(m) | 6.18% | 11/25/2036 | 93,524 | ||||||||
| 127,024 | Series 2006-6(b) | 5.69% | 03/25/2036 | 33,746 | ||||||||
| 769,118 | Series 2007-2(m) | 6.60% | 03/25/2037 | 162,565 | ||||||||
| Hardee's Funding LLC | ||||||||||||
| 925,000 | Series 2018-1A(i) | 5.71% | 06/20/2028 | 914,908 | ||||||||
| Hilton USA Trust | ||||||||||||
| 900,000 | Series 2016-SFP(i) | 2.83% | 11/05/2035 | 771,656 | ||||||||
| HSI Asset Securitization Corp. Trust | ||||||||||||
| 5,131,792 | Series 2006-HE1(b) | 1M CME TERM SOFR + 0.39% | 10/25/2036 | 1,356,317 | ||||||||
| 1,046,735 | Series 2007-NC1(b) | 1M CME TERM SOFR + 0.47% | 04/25/2037 | 680,755 | ||||||||
| JP Morgan BB Commercial Mortgage Securities Trust | ||||||||||||
| 800,488 | Series 2015-C30(b)(n) | 0.00% | 07/15/2048 | 8 | ||||||||
| 100,652 | Series 2015-C31(b)(n) | 0.22% | 08/15/2048 | 115 | ||||||||
| JP Morgan Chase Commercial Mortgage Securities Trust | ||||||||||||
| 321,000 | Series 2019-UES(b)(i) | 4.60% | 05/05/2032 | 299,179 | ||||||||
| JP Morgan Mortgage Acquisition Corp. | ||||||||||||
| 150,429 | Series 2006-CH2(m) | 5.96% | 09/25/2029 | 88,666 | ||||||||
| JP Morgan Mortgage Acquisition Trust | ||||||||||||
| 3,188,264 | Series 2006-RM1(b) | 1M CME TERM SOFR + 0.59% | 08/25/2036 | 1,405,180 | ||||||||
| JPMBB Commercial Mortgage Securities Trust | ||||||||||||
| 2,343,610 | Series 2014-C24(b)(n) | 0.61% | 11/15/2047 | 23 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 34 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| JPMCC Commercial Mortgage Securities Trust | ||||||||||||
| $ | 330,000 | Series 2017-JP7(b) | 3.66% | 07/15/2027 | $ | 293,744 | ||||||
| 781,000 | Series 2019-COR5 | 3.87% | 05/13/2029 | 700,254 | ||||||||
| Laurel Road Prime Student Loan Trust | ||||||||||||
| 8,498,501 | Series 2020-A(i) | 0.00% | 11/25/2050 | 933,501 | ||||||||
| LBTY Commercial Mortgage Trust | ||||||||||||
| 180,000 | Series 2026-225L(b)(i) | 5.05% | 02/10/2031 | 177,484 | ||||||||
| LMNT CRE LLC | ||||||||||||
| 1,120,000 | Series 2025-FL3(b)(i) | 1M CME TERM SOFR + 3.60% | 05/21/2031 | 1,136,088 | ||||||||
| Lmrk Issuer Co. 2 LLC | ||||||||||||
| 950,000 | Series 2025-1A(i) | 8.12% | 09/15/2030 | 964,492 | ||||||||
| LoanCore 2025 Issuer LLC | ||||||||||||
| 640,000 | Series 2025-CRE8(b)(i) | 1M CME TERM SOFR + 2.74% | 02/01/2030 | 636,621 | ||||||||
| MAD Commercial Mortgage Trust | ||||||||||||
| 180,000 | Series 2025-11MD(b)(i) | 5.94% | 10/15/2030 | 183,083 | ||||||||
| Mariner Finance issuance Trust 2024-B | ||||||||||||
| 850,000 | Series 2024-BA(i) | 4.91% | 10/20/2030 | 852,802 | ||||||||
| Master Asset Backed Securities Trust | ||||||||||||
| 3,522,394 | Series 2006-NC3(b) | 1M CME TERM SOFR + 0.53% | 10/25/2036 | 1,680,657 | ||||||||
| Merrill Lynch Mortgage Investors Trust | ||||||||||||
| 9,448,143 | Series 2006-RM3(b) | 1M CME TERM SOFR + 0.59% | 06/25/2037 | 1,969,600 | ||||||||
| MetroNet Infrastructure Issuer LLC | ||||||||||||
| 1,000,000 | Series 2025-2A(i) | 7.83% | 08/20/2030 | 1,016,913 | ||||||||
| MF1 | ||||||||||||
| 1,000,000 | Series 2024-FL15(b)(i) | 1M CME TERM SOFR + 4.04% | 08/18/2041 | 1,003,244 | ||||||||
| MF1 LLC | ||||||||||||
| 300,000 | Series 2024-FL14(b)(i) | 1M CME TERM SOFR + 2.24% | 03/19/2039 | 300,686 | ||||||||
| 1,350,000 | Series 2024-FL14(b)(i) | 1M CME TERM SOFR + 4.84% | 03/19/2039 | 1,357,067 | ||||||||
| 900,000 | Series 2024-FL14(b)(i) | 1M CME TERM SOFR + 6.29% | 03/19/2039 | 888,274 | ||||||||
| 780,000 | Series 2025-FL17(b)(i) | 1M CME TERM SOFR + 3.49% | 02/18/2040 | 783,324 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 35 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 680,000 | Series 2025-FL17(b)(i) | 1M CME TERM SOFR + 2.74% | 02/21/2040 | $ | 682,746 | ||||||
| 340,000 | Series 2026-FL21(b)(i) | 1M CME TERM SOFR + 1.75% | 02/18/2041 | 341,387 | ||||||||
| 1,140,000 | Series 2026-FL21(b)(i) | 1M CME TERM SOFR + 2.50% | 02/18/2041 | 1,143,730 | ||||||||
| MHC Commercial Mortgage Trust | ||||||||||||
| 8,472 | Series 2021-MHC(b)(i) | 1M CME TERM SOFR + 2.22% | 04/15/2026 | 8,472 | ||||||||
| Morgan Stanley Bank of America Merrill Lynch Trust | ||||||||||||
| 176,000 | Series 2025-5C1(i) | 4.00% | 03/15/2030 | 159,294 | ||||||||
| Morgan Stanley Capital I Trust | ||||||||||||
| 724,747 | Series 2016-UB11 XA(b)(n) | 1.58% | 08/15/2026 | 356 | ||||||||
| 1,117,000 | Series 2018-L1(b) | 4.78% | 10/15/2028 | 1,030,195 | ||||||||
| 330,000 | Series 2021-L6(b) | 3.44% | 07/15/2031 | 278,389 | ||||||||
| 10,249,000 | Series 2021-L7(b)(i)(n) | 0.92% | 10/15/2031 | 500,643 | ||||||||
| Morgan Stanley Mortgage Loan Trust | ||||||||||||
| 303,266 | Series 2007-3XS(m) | 6.20% | 01/25/2047 | 104,030 | ||||||||
| Mosaic Solar Loan Trust | ||||||||||||
| 32,326 | Series 2017-1A(i) | 4.45% | 06/20/2042 | 31,712 | ||||||||
| 158,452 | Series 2018-1A(i) | 4.01% | 08/20/2030 | 147,929 | ||||||||
| 218,580 | Series 2020-2A(i) | 3.00% | 08/20/2046 | 193,531 | ||||||||
| MVW 2021-1W LLC | ||||||||||||
| 189,656 | Series 2021-1WA(i) | 1.94% | 01/22/2041 | 183,488 | ||||||||
| 220,001 | Series 2021-1WA(i) | 3.17% | 01/22/2041 | 213,648 | ||||||||
| Natixis Commercial Mortgage Securities Trust | ||||||||||||
| 520,000 | Series 2019-10K(b)(i) | 4.14% | 05/15/2029 | 482,219 | ||||||||
| NJ | ||||||||||||
| 160,000 | Series 2025-WBRK(b)(i) | 5.87% | 03/05/2030 | 164,559 | ||||||||
| NJ Trust | ||||||||||||
| 275,000 | Series 2023-GSP(b)(i) | 6.70% | 01/06/2029 | 285,228 | ||||||||
| NYC Commercial Mortgage Trust | ||||||||||||
| 499,000 | Series 2025-300P(b)(i) | 7.39% | 07/13/2030 | 502,574 | ||||||||
| 820,000 | Series 2025-3BP(b)(i) | 1M CME TERM SOFR + 3.54% | 02/15/2027 | 821,753 | ||||||||
| PENN Commercial Mortgage Trust | ||||||||||||
| 230,000 | Series 2025-P11(b)(i) | 6.73% | 08/10/2030 | 238,975 | ||||||||
| People's Choice Home Loan Securities Trust | ||||||||||||
| 4,688,513 | Series 2005-4(b) | 1M CME TERM SOFR + 0.76% | 12/25/2035 | 3,550,083 | ||||||||
| Phantom Aviation | ||||||||||||
| 249,032 | Series 2026-1A(i) | 5.24% | 01/15/2033 | 252,691 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 36 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| PRET LLC | ||||||||||||
| $ | 3,000,000 | Series 2025-NPL7(i)(m) | 8.35% | 07/25/2028 | $ | 3,010,437 | ||||||
| Progress Residential | ||||||||||||
| 2,500,000 | Series 2021-SFR3(i) | 4.75% | 05/17/2026 | 2,490,949 | ||||||||
| Progress Residential | ||||||||||||
| 6,900,000 | Series 2021-SFR8(i) | 4.01% | 10/17/2026 | 6,817,103 | ||||||||
| 5,000,000 | Series 2024-SFR2(b)(i) | 3.65% | 04/17/2029 | 4,733,920 | ||||||||
| RCKT Trust 2025-PL1 | ||||||||||||
| 1,100,000 | Series 2025-1A(i) | 7.12% | 07/25/2034 | 1,097,959 | ||||||||
| REDAPTIVE EAAS ISSUER 2025-1 LLC | ||||||||||||
| 236,297 | Series 2025-1A(i) | 5.94% | 10/25/2033 | 235,181 | ||||||||
| Retained Vantage Data Centers Issuer LLC | ||||||||||||
| 2,500,000 | Series 2023-1A(i) | 5.75% | 09/15/2028 | 2,467,063 | ||||||||
| RFR Trust | ||||||||||||
| 780,000 | Series 2025-SGRM(b)(i) | 7.27% | 03/11/2029 | 784,340 | ||||||||
| Scalelogix Abs Us Issuer LLC | ||||||||||||
| 350,000 | Series 2025-1A(i) | 6.16% | 07/25/2030 | 348,551 | ||||||||
| SLG Office Trust | ||||||||||||
| 220,000 | Series 2021-OVA(i) | 2.85% | 07/15/2031 | 189,313 | ||||||||
| SMB Private Education Loan Trust | ||||||||||||
| 39,364 | Series 2018-B(b)(i) | 1M CME TERM SOFR + 0.83% | 08/15/2027 | 39,345 | ||||||||
| Sofi Alternative Consumer Loan Program | ||||||||||||
| 50,000 | Series 2021-2(i) | 0.00% | 08/15/2030 | 223,987 | ||||||||
| Sofi Professional Loan Program Trust | ||||||||||||
| 80,000 | Series 2018-C(i) | 0.00% | 01/25/2048 | 629,364 | ||||||||
| Sprite, Ltd. | ||||||||||||
| 87,836 | Series 2021-1(i) | 3.75% | 10/15/2028 | 85,763 | ||||||||
| Stack Infrastructure Issuer LLC | ||||||||||||
| 250,000 | Series 2025-1A(i) | 5.00% | 05/28/2030 | 246,674 | ||||||||
| Stellantis Financial Underwritten Enhanced Lease Trust 2025-C | ||||||||||||
| 150,000 | Series 2025-CA(i) | 4.06% | 09/20/2027 | 149,932 | ||||||||
| STWD LLC | ||||||||||||
| 960,000 | Series 2025-FL4(b)(i) | 1M CME TERM SOFR + 2.65% | 11/19/2042 | 962,126 | ||||||||
| Subway Funding LLC | ||||||||||||
| 246,875 | Series 2024-1A(i) | 6.51% | 07/30/2034 | 247,427 | ||||||||
| Sunnova Helios VII Issuer LLC | ||||||||||||
| 939,471 | Series 2021-C(i) | 2.63% | 10/20/2028 | 524,817 | ||||||||
| Switch ABS Issuer LLC | ||||||||||||
| 440,000 | Series 2024-2A(i) | 5.44% | 06/25/2029 | 438,453 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 37 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 1,000,000 | Series 2024-2A(i) | 10.03% | 06/25/2029 | $ | 1,023,186 | ||||||
| TIF Funding II LLC | ||||||||||||
| 232,333 | Series 2021-1A(i) | 1.65% | 02/20/2031 | 212,283 | ||||||||
| Tricon Residential | ||||||||||||
| 3,700,000 | Series 2021-SFR1(i) | 4.13% | 07/17/2026 | 3,671,721 | ||||||||
| 2,888,783 | Series 2025-SFR2(i) | 5.20% | 08/17/2032 | 2,877,101 | ||||||||
| UBS Commercial Mortgage Trust | ||||||||||||
| 31,908,500 | Series 2017-C3(b)(n) | 0.40% | 08/15/2050 | 189,051 | ||||||||
| 350,000 | Series 2017-C4(b) | 4.24% | 09/15/2027 | 336,531 | ||||||||
| 530,000 | Series 2018-C11(b) | 4.71% | 06/15/2028 | 503,775 | ||||||||
| 1,023,000 | Series 2018-C13(b) | 4.97% | 10/15/2028 | 946,845 | ||||||||
| 1,099,000 | Series 2018-C8(b) | 4.68% | 02/15/2028 | 1,009,863 | ||||||||
| UBS-Barclays Commercial Mortgage Trust | ||||||||||||
| 315,000 | Series 2013-C5(b)(i) | 3.84% | 03/10/2046 | 293,518 | ||||||||
| Upstart Securitization Trust | ||||||||||||
| 12,817 | Series 2021-4(i) | 3.19% | 09/20/2031 | 12,798 | ||||||||
| 543,902 | Series 2022-4(i) | 8.68% | 02/20/2027 | 547,764 | ||||||||
| US Auto Funding 2021-1 | ||||||||||||
| 204,203 | Series 2021-1A(i) | 2.20% | 05/15/2026 | 163,325 | ||||||||
| Vantage Data Centers Issuer LLC | ||||||||||||
| 1,600,000 | Series 2025-3A(i) | 6.00% | 01/15/2031 | 1,552,906 | ||||||||
| Velocity Commercial Capital Loan Trust | ||||||||||||
| 106,783 | Series 2018-2(b)(i) | 4.05% | 10/26/2048 | 104,592 | ||||||||
| 313,719 | Series 2019-1(b)(i) | 3.94% | 01/25/2027 | 293,843 | ||||||||
| 168,566 | Series 2019-1(b)(i) | 4.01% | 07/25/2027 | 156,005 | ||||||||
| 125,846 | Series 2019-1(b)(i) | 4.12% | 11/25/2027 | 114,809 | ||||||||
| 972,215 | Series 2021-2(b)(i) | 4.92% | 12/25/2030 | 706,561 | ||||||||
| Vital Care Issuer LLC | ||||||||||||
| 600,000 | Series 2025-1A(i) | 6.74% | 01/30/2031 | 604,549 | ||||||||
| Wachovia Bank Commercial Mortgage Trust | ||||||||||||
| 259 | Series 2006-C29(b)(n) | 0.35% | 11/15/2048 | 0 | ||||||||
| Wells Fargo Commercial Mortgage Trust | ||||||||||||
| 971,166 | Series 2016-C33(i) | 3.12% | 03/15/2059 | 949,922 | ||||||||
| 5,628,945 | Series 2016-C37(b)(i)(n) | 1.60% | 12/15/2049 | 56,558 | ||||||||
| 1,100,000 | Series 2018-C45 | 4.73% | 06/15/2028 | 1,052,210 | ||||||||
| 134,000 | Series 2020-C55 | 3.14% | 02/15/2030 | 121,335 | ||||||||
| 159,000 | Series 2024-5C1 | 5.93% | 07/15/2057 | 164,539 | ||||||||
| 234,000 | Series 2025-5C4 | 5.67% | 05/15/2030 | 242,338 | ||||||||
| 238,000 | Series 2025-5C5 | 5.92% | 07/15/2030 | 245,277 | ||||||||
| 234,000 | Series 2025-5C6(b) | 5.58% | 09/15/2030 | 238,257 | ||||||||
| 240,000 | Series 2025-5C6(b) | 5.83% | 09/15/2030 | 238,701 | ||||||||
| 245,000 | Series 2025-5C7(b) | 5.86% | 11/15/2030 | 248,361 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 38 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 1,000,000 | Series 2025-5C7(b) | 5.80% | 11/15/2030 | $ | 983,658 | ||||||
| 332,000 | Series 2026-5C8 | 5.03% | 02/15/2031 | 335,573 | ||||||||
| 166,000 | Series 2026-5C8 | 5.55% | 02/15/2031 | 162,703 | ||||||||
| 747,000 | Series 2026-5C8(i) | 4.50% | 02/15/2031 | 634,633 | ||||||||
| WFRBS Commercial Mortgage Trust | ||||||||||||
| 79,310 | Series 2013-C14 | 3.49% | 06/15/2046 | 77,963 | ||||||||
| WF-RBS Commercial Mortgage Trust | ||||||||||||
| 386,212 | Series 2014-C22(b)(n) | 0.17% | 09/15/2057 | 45 | ||||||||
| WHARF Commercial Mortgage Trust | ||||||||||||
| 500,000 | Series 2025-DC(b)(i) | 7.21% | 07/15/2030 | 503,567 | ||||||||
| Willis Engine Structured Trust V | ||||||||||||
| 685,556 | Series 2020-A(i) | 3.23% | 03/15/2028 | 663,238 | ||||||||
| Willis Engine Structured Trust VI | ||||||||||||
| 1,104,472 | Series 2021-A(i) | 7.39% | 05/15/2029 | 1,089,849 | ||||||||
| 174,622,149 | ||||||||||||
| TOTAL NON-AGENCY COLLATERALIZED MORTGAGE OBLIGATIONS | ||||||||||||
| (Cost $228,124,566) | 201,593,369 | |||||||||||
| U.S. GOVERNMENT BONDS AND NOTES - 5.68% | ||||||||||||
| United States - 5.68% | ||||||||||||
| 5,000,000 | U.S. Treasury Bonds | 0.63% | 05/15/2030 | 4,380,469 | ||||||||
| 13,000,000 | U.S. Treasury Bonds | 0.88% | 11/15/2030 | 11,333,359 | ||||||||
| 3,000,000 | U.S. Treasury Bonds | 1.13% | 05/15/2040 | 1,890,820 | ||||||||
| 5,100,000 | U.S. Treasury Bonds | 1.13% | 08/15/2040 | 3,181,125 | ||||||||
| 2,200,000 | U.S. Treasury Bonds | 1.38% | 11/15/2040 | 1,417,840 | ||||||||
| 6,400,000 | U.S. Treasury Bonds | 1.88% | 02/15/2041 | 4,436,125 | ||||||||
| 9,550,000 | U.S. Treasury Bonds | 1.75% | 08/15/2041 | 6,387,868 | ||||||||
| 3,450,000 | U.S. Treasury Bonds | 1.25% | 05/15/2050 | 1,638,346 | ||||||||
| 12,700,000 | U.S. Treasury Bonds | 1.38% | 08/15/2050 | 6,212,830 | ||||||||
| 4,900,000 | U.S. Treasury Bonds | 1.88% | 02/15/2051 | 2,721,797 | ||||||||
| 2,800,000 | U.S. Treasury Bonds | 4.25% | 08/15/2054 | 2,508,406 | ||||||||
| 983,808 | U.S. Treasury Inflation Indexed Bonds(o) | 0.38% | 07/15/2027 | 983,792 | ||||||||
| 4,800,000 | U.S. Treasury Notes | 0.75% | 01/31/2028 | 4,540,781 | ||||||||
| 3,000,000 | U.S. Treasury Notes | 0.63% | 08/15/2030 | 2,605,723 | ||||||||
| 1,273,506 | United States Treasury Inflation Indexed Bonds(o) | 1.63% | 10/15/2027 | 1,293,678 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 39 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 1,002,014 | United States Treasury Inflation Indexed Bonds(o) | 0.50% | 01/15/2028 | $ | 994,517 | ||||||
| 56,527,476 | ||||||||||||
| TOTAL U.S. GOVERNMENT BONDS AND NOTES | ||||||||||||
| (Cost $57,208,550) | 56,527,476 | |||||||||||
| MORTGAGE-BACKED SECURITIES - 5.61% | ||||||||||||
| United States - 5.61% | ||||||||||||
| Fannie Mae Pool | ||||||||||||
| 1,437,963 | Series 2021- | 2.00% | 05/01/2051 | 1,186,710 | ||||||||
| 2,492,880 | Series 2021- | 2.50% | 08/01/2051 | 2,147,408 | ||||||||
| 2,187,861 | Series 2023- | 2.50% | 03/01/2052 | 1,879,325 | ||||||||
| 2,100,149 | Series 2023- | 2.50% | 04/01/2052 | 1,803,310 | ||||||||
| 1,208,821 | Series 2023- | 5.50% | 06/01/2053 | 1,235,399 | ||||||||
| 2,758,000 | Series 2024- | 4.97% | 07/01/2031 | 2,786,423 | ||||||||
| 1,791,592 | Series 2024- | 3.00% | 07/01/2052 | 1,595,761 | ||||||||
| 1,590,212 | Series 2024- | 5.50% | 03/01/2054 | 1,622,506 | ||||||||
| 1,635,903 | Series 2024- | 5.50% | 06/01/2054 | 1,678,888 | ||||||||
| 890,814 | Series 2024- | 6.00% | 08/01/2054 | 925,533 | ||||||||
| 1,475,958 | Series 2025- | 4.48% | 06/01/2030 | 1,478,564 | ||||||||
| 1,429,996 | Series 2025- | 5.11% | 01/01/2032 | 1,463,895 | ||||||||
| 1,428,148 | Series 2025- | 5.48% | 04/01/2041 | 1,503,483 | ||||||||
| 1,725,389 | Series 2025- | 2.50% | 06/01/2052 | 1,463,028 | ||||||||
| 3,008,889 | Series 2025- | 6.00% | 06/01/2054 | 3,103,717 | ||||||||
| 766,806 | Series 2025- | 6.00% | 10/01/2054 | 791,438 | ||||||||
| 2,062,682 | Series 2025- | 5.50% | 09/01/2055 | 2,087,545 | ||||||||
| Freddie Mac Pool | ||||||||||||
| 1,399,154 | Series 2021- | 2.00% | 05/01/2051 | 1,138,089 | ||||||||
| 2,190,744 | Series 2022- | 3.00% | 03/01/2052 | 1,958,386 | ||||||||
| 1,741,651 | Series 2022- | 2.50% | 04/01/2052 | 1,498,287 | ||||||||
| 1,415,647 | Series 2022- | 5.00% | 12/01/2052 | 1,403,886 | ||||||||
| 797,540 | Series 2023- | 2.00% | 02/01/2052 | 658,489 | ||||||||
| 1,175,401 | Series 2023- | 5.50% | 04/01/2053 | 1,203,746 | ||||||||
| 1,269,478 | Series 2023- | 5.00% | 05/01/2053 | 1,266,797 | ||||||||
| 1,190,883 | Series 2023- | 6.00% | 11/01/2053 | 1,238,223 | ||||||||
| 931,256 | Series 2024- | 5.00% | 11/01/2053 | 922,754 | ||||||||
| 1,765,518 | Series 2024- | 5.50% | 02/01/2054 | 1,806,667 | ||||||||
| 906,878 | Series 2025- | 6.00% | 12/01/2054 | 933,942 | ||||||||
| 1,950,055 | Series 2025- | 6.00% | 04/01/2055 | 2,002,242 | ||||||||
| 1,112,042 | Series 2025- | 5.50% | 04/01/2055 | 1,137,307 | ||||||||
| Ginnie Mae I Pool | ||||||||||||
| 2,287,078 | Series 2012- | 3.50% | 09/15/2042 | 2,138,333 | ||||||||
| Ginnie Mae II Pool | ||||||||||||
| 2,226,577 | Series 2021- | 3.00% | 11/20/2051 | 1,976,683 | ||||||||
| 1,848,587 | Series 2022- | 3.00% | 04/20/2052 | 1,637,598 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 40 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 1,703,743 | Series 2025- | 2.50% | 10/20/2050 | $ | 1,453,502 | ||||||
| 1,213,215 | Series 2025- | 3.00% | 05/20/2051 | 1,088,316 | ||||||||
| 1,936,914 | Series 2025- | 2.50% | 03/20/2052 | 1,669,912 | ||||||||
| 55,886,092 | ||||||||||||
| TOTAL MORTGAGE-BACKED SECURITIES | ||||||||||||
| (Cost $55,720,274) | 55,886,092 | |||||||||||
| U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES - 32.46% | ||||||||||||
| United States - 32.46% | ||||||||||||
| Alternative Loan Trust | ||||||||||||
| 105,916 | Series 2005-20CB | 5.50% | 07/25/2035 | 82,812 | ||||||||
| 54,121 | Series 2005-54CB | 5.50% | 11/25/2035 | 27,894 | ||||||||
| 498,823 | Series 2005-85CB(b) | 1M CME TERM SOFR + 1.21% | 02/25/2036 | 380,583 | ||||||||
| 105,344 | Series 2005-85CB(b) | 21.21% - 1M CME TERM SOFR | 02/25/2036 | 83,025 | ||||||||
| 164,504 | Series 2005-86CB | 5.50% | 02/25/2036 | 89,630 | ||||||||
| 102,313 | Series 2005-9CB(b) | 1M CME TERM SOFR + 0.61% | 05/25/2035 | 90,605 | ||||||||
| 181,707 | Series 2005-9CB(b)(n) | 4.94% - 1M CME TERM SOFR | 05/25/2035 | 8,736 | ||||||||
| 1,004,474 | Series 2006-15CB | 6.50% | 06/25/2036 | 447,256 | ||||||||
| 89,564 | Series 2006-30T1 | 6.25% | 11/25/2036 | 64,718 | ||||||||
| 88,264 | Series 2006-32CB | 5.50% | 11/25/2036 | 44,638 | ||||||||
| 220,734 | Series 2006-36T2(b) | 27.53% - 1M CME TERM SOFR | 12/25/2036 | 128,075 | ||||||||
| 781,221 | Series 2007-19 | 6.00% | 08/25/2037 | 352,377 | ||||||||
| 2,563,151 | Series 2007-20 | 6.25% | 08/25/2047 | 1,320,389 | ||||||||
| 711,792 | Series 2007-23CB(b) | 1M CME TERM SOFR + 0.61% | 09/25/2037 | 237,611 | ||||||||
| 679,643 | Series 2007-23CB(b)(n) | 6.39% - 1M CME TERM SOFR | 09/25/2037 | 104,020 | ||||||||
| American Home Mortgage Investment Trust | ||||||||||||
| 157,985 | Series 2007-A(i)(m) | 6.60% | 01/25/2037 | 21,294 | ||||||||
| Banc of America Funding | ||||||||||||
| 1,273,521 | Series 2014-R8(b)(i) | 1M CME TERM SOFR + 0.35% | 06/26/2036 | 1,045,099 | ||||||||
| Banc of America Funding Trust | ||||||||||||
| 23,396 | Series 2006-2 | 5.50% | 03/25/2036 | 23,348 | ||||||||
| BCAP, LLC Trust | ||||||||||||
| 93,371 | Series 2007-AA2(b) | 7.50% | 04/25/2037 | 44,366 | ||||||||
| 60,580 | Series 2007-AA2 | 6.00% | 04/25/2037 | 25,766 | ||||||||
| 4,597,224 | Series 2010-RR6(b)(i) | 2.76% | 07/26/2036 | 2,052,422 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 41 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| Bear Stearns ALT-A Trust | ||||||||||||
| $ | 644,913 | Series 2006-6(b) | 4.13% | 11/25/2036 | $ | 271,701 | ||||||
| Bear Stearns Asset-Backed Securities Trust | ||||||||||||
| 1,046,049 | Series 2006-AC1(m) | 6.25% | 02/25/2036 | 459,477 | ||||||||
| Bear Stearns Structured Products, Inc. | ||||||||||||
| 6,785,254 | Series 2008-R2(b)(i) | 4.11% | 06/25/2047 | 5,805,376 | ||||||||
| Chase Mortgage Finance Trust | ||||||||||||
| 3,035,266 | Series 2007-S2 | 6.00% | 03/25/2037 | 1,541,145 | ||||||||
| 323,759 | Series 2007-S3 | 5.50% | 05/25/2037 | 3 | ||||||||
| 4,295,637 | Series 2007-S4 | 6.00% | 06/25/2037 | 1,578,624 | ||||||||
| ChaseFlex Trust Series | ||||||||||||
| 2,796,192 | Series 2007-M1(b) | 1M CME TERM SOFR + 0.57% | 08/25/2037 | 2,330,475 | ||||||||
| Citicorp Mortgage Securities Trust | ||||||||||||
| 244,904 | Series 2007-1 | 6.00% | 01/25/2037 | 227,268 | ||||||||
| Citigroup Mortgage Loan Trust | ||||||||||||
| 104,648 | Series 2009-12(i) | 5.50% | 11/25/2035 | 80,444 | ||||||||
| 115,497 | Series 2009-4(b)(i) | 5.50% | 05/25/2035 | 111,415 | ||||||||
| CitiMortgage Alternative Loan Trust | ||||||||||||
| 244,841 | Series 2007-A1 | 6.00% | 01/25/2037 | 221,969 | ||||||||
| 48,229 | Series 2007-A1(b)(n) | 5.29% - 1M CME TERM SOFR | 01/25/2037 | 3,493 | ||||||||
| 33,750 | Series 2007-A3(b) | 6.00% | 03/25/2037 | 29,962 | ||||||||
| 77,669 | Series 2007-A3(b)(n) | 5.29% - 1M CME TERM SOFR | 03/25/2037 | 5,592 | ||||||||
| 250,531 | Series 2007-A6 | 5.50% | 06/25/2037 | 223,408 | ||||||||
| Connecticut Avenue Securities Trust | ||||||||||||
| 2,752,762 | Series 2019-R05(b)(i) | 30D US SOFR + 4.21% | 07/25/2039 | 2,775,630 | ||||||||
| 4,250,000 | Series 2022-R02(b)(i) | 30D US SOFR + 7.65% | 01/25/2027 | 4,438,703 | ||||||||
| 3,685,000 | Series 2022-R03(b)(i) | 30D US SOFR + 9.85% | 03/25/2042 | 3,970,149 | ||||||||
| 4,125,000 | Series 2023-R06(b)(i) | 30D US SOFR + 3.90% | 07/25/2043 | 4,313,026 | ||||||||
| 5,000,000 | Series 2024-R03(b)(i) | 30D US SOFR + 2.80% | 03/25/2044 | 5,181,935 | ||||||||
| Countrywide Home Loan Mortgage Pass-Through Trust | ||||||||||||
| 823,674 | Series 2005-HYB7(b) | 4.39% | 11/20/2035 | 775,507 | ||||||||
| 17,144 | Series 2005-J4 | 5.50% | 11/25/2035 | 14,029 | ||||||||
| 1,115,214 | Series 2006-18 | 6.00% | 12/25/2036 | 562,122 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 42 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 121,963 | Series 2007-17 | 6.00% | 10/25/2037 | $ | 82,508 | ||||||
| 200,528 | Series 2007-3 | 6.00% | 04/25/2037 | 88,843 | ||||||||
| 212,701 | Series 2007-7 | 5.75% | 06/25/2037 | 93,936 | ||||||||
| Credit Suisse First Boston Mortgage Securities Corp. | ||||||||||||
| 36,191 | Series 2005-10 | 5.50% | 11/25/2035 | 25,307 | ||||||||
| 12,602 | Series 2005-8 | 5.50% | 08/25/2025 | 6,615 | ||||||||
| 4,023,015 | Series 2005-9 | 6.00% | 10/25/2035 | 1,047,011 | ||||||||
| Credit Suisse Mortgage Capital Certificates | ||||||||||||
| 1,642,175 | Series 2006-2 | 5.75% | 03/25/2036 | 790,815 | ||||||||
| Csmc 2021-Nqm6 Trust | ||||||||||||
| 900,000 | Series 2021-NQM6(b)(i) | 2.58% | 07/25/2066 | 651,065 | ||||||||
| CSMC Mortgage-Backed Trust | ||||||||||||
| 144,557 | Series 2006-1 | 6.00% | 02/25/2036 | 36,117 | ||||||||
| 13,043 | Series 2006-4 | 5.50% | 03/25/2038 | 7,664 | ||||||||
| 768,513 | Series 2006-5 | 6.25% | 06/25/2036 | 109,907 | ||||||||
| 49,997 | Series 2006-9 | 6.00% | 11/25/2036 | 26,705 | ||||||||
| 3,156 | Series 2007-2 | 5.00% | 03/25/2037 | 2,367 | ||||||||
| Deutsche Alt-A Securities, Inc. Mortgage Loan Trust |
||||||||||||
| 123,929 | Series 2005-6(b)(n) | 4.97% - 1M CME TERM SOFR | 12/25/2035 | 7,119 | ||||||||
| 54,374 | Series 2005-6(b) | 1M CME TERM SOFR + 1.51% | 12/25/2035 | 44,166 | ||||||||
| Deutsche Mortgage Securities, Inc. Mortgage Loan Trust | ||||||||||||
| 70,004 | Series 2006-PR1(b)(i) | 11.96% - 1M CME TERM SOFR | 04/15/2036 | 66,045 | ||||||||
| EFMT | ||||||||||||
| 1,000,000 | Series 2025-INV2(b)(i) | 7.50% | 05/26/2070 | 993,989 | ||||||||
| 4,969,000 | Series 2025-INV3(b)(i) | 7.58% | 07/25/2029 | 4,896,512 | ||||||||
| 1,000,000 | Series 2025-INV4(b)(i) | 6.00% | 09/25/2029 | 1,007,303 | ||||||||
| 6,770,000 | Series 2025-INV5(b)(i) | 7.20% | 11/25/2029 | 6,717,891 | ||||||||
| Fannie Mae Interest Strip | ||||||||||||
| 4,572,466 | Series 2014-419(n) | 3.50% | 04/25/2044 | 639,426 | ||||||||
| 14,876,313 | Series 2023-437(n) | 1.50% | 05/25/2037 | 792,015 | ||||||||
| Fannie Mae Pool | ||||||||||||
| 3,268,205 | Series 2021- | 3.00% | 10/01/2046 | 2,952,363 | ||||||||
| 1,554,533 | Series 2021- | 3.00% | 12/01/2048 | 1,395,700 | ||||||||
| 1,231,294 | Series 2022- | 5.00% | 07/01/2052 | 1,221,253 | ||||||||
| Fannie Mae REMICS | ||||||||||||
| 3,966,232 | Series 2014-1(b)(n) | 5.79% - 30D US SOFR | 02/25/2044 | 402,470 | ||||||||
| 4,386,661 | Series 2015-54(b)(n) | 6.04% - 30D US SOFR | 07/25/2045 | 475,113 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 43 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 7,807,973 | Series 2020-74(b)(n) | 4.10% - 30D US SOFR | 10/25/2050 | $ | 327,227 | ||||||
| 8,118,290 | Series 2020-75(n) | 2.50% | 11/25/2050 | 1,269,751 | ||||||||
| 16,103,476 | Series 2020-77(b)(n) | 4.10% - 30D SOFR | 11/25/2050 | 683,076 | ||||||||
| 8,457,471 | Series 2020-96(n) | 3.00% | 01/25/2051 | 1,412,905 | ||||||||
| 12,184,889 | Series 2021-56(n) | 2.50% | 09/25/2051 | 1,403,901 | ||||||||
| 10,093,549 | Series 2022-22 | 2.50% | 05/25/2052 | 7,074,755 | ||||||||
| 14,143,490 | Series 2024-22(n) | 2.50% | 11/25/2050 | 2,251,772 | ||||||||
| 15,581,854 | Series 2024-61 | 1.75% | 12/25/2051 | 8,550,377 | ||||||||
| Federal Home Loan Mortgage Corp. Pool | ||||||||||||
| 70,183 | Series Pool #G01840 | 5.00% | 07/01/2035 | 71,123 | ||||||||
| 30,311 | Series Pool #G04817 | 5.00% | 09/01/2038 | 30,688 | ||||||||
| Federal Home Loan Mortgage Corp. REMICS | ||||||||||||
| 315,068 | Series 2003-2722(b) | 9.76% - 30D US SOFR | 12/15/2033 | 329,194 | ||||||||
| 518,620 | Series 2006-3244(b)(n) | 6.55% - 30D US SOFR | 11/15/2036 | 44,787 | ||||||||
| 28,288 | Series 2007-3261(b)(n) | 6.32% - 30D US SOFR | 01/15/2037 | 2,585 | ||||||||
| 28,951 | Series 2007-3262(b)(n) | 6.29% - 30D US SOFR | 01/15/2037 | 1,763 | ||||||||
| 246,073 | Series 2007-3301(b)(n) | 5.99% - 30D US SOFR | 04/15/2037 | 19,527 | ||||||||
| 175,317 | Series 2007-3303(b)(n) | 5.99% - 30D US SOFR | 04/15/2037 | 13,633 | ||||||||
| 48,048 | Series 2007-3382(b)(n) | 5.89% - 30D US SOFR | 11/15/2037 | 3,095 | ||||||||
| 150,727 | Series 2007-3384(b)(n) | 6.20% - 30D US SOFR | 08/15/2036 | 11,050 | ||||||||
| 46,607 | Series 2007-3384(b)(n) | 6.28% - 30D US SOFR | 11/15/2037 | 3,348 | ||||||||
| 14,491 | Series 2008-3417(b)(n) | 6.07% - 30D US SOFR | 02/15/2038 | 1,080 | ||||||||
| 660,215 | Series 2008-3423(b)(n) | 5.89% - 30D US SOFR | 03/15/2038 | 2,572 | ||||||||
| 57,006 | Series 2008-3423(b)(n) | 5.54% - 30D US SOFR | 03/15/2038 | 3,812 | ||||||||
| 440,481 | Series 2009-3510(b)(n) | 6.64% - 30D US SOFR | 02/15/2037 | 37,120 | ||||||||
| 151,564 | Series 2009-3523(b)(n) | 5.89% - 30D US SOFR | 04/15/2039 | 10,614 | ||||||||
| 26,619 | Series 2009-3524(b)(n) | 3.20% | 06/15/2038 | 25,491 | ||||||||
| 2,462 | Series 2009-3549(b)(n) | 5.69% - 30D US SOFR | 07/15/2039 | 185 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 44 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 181,935 | Series 2009-3560(b)(n) | 6.29% - 30D US SOFR | 11/15/2036 | $ | 10,205 | ||||||
| 101,517 | Series 2010-3641 | 4.50% | 03/15/2040 | 100,822 | ||||||||
| 152,762 | Series 2010-3726(b)(n) | 5.94% - 30D US SOFR | 09/15/2040 | 13,901 | ||||||||
| 447,496 | Series 2010-3728(b)(n) | 4.34% - 30D US SOFR | 09/15/2040 | 13,419 | ||||||||
| 131,883 | Series 2010-3779 | 3.50% | 12/15/2030 | 130,065 | ||||||||
| 27,425 | Series 2010-3779 | 4.00% | 12/15/2030 | 27,202 | ||||||||
| 27,133 | Series 2011-3786(b) | 9.27% - 30D US SOFR | 01/15/2041 | 20,526 | ||||||||
| 315,108 | Series 2011-3815(b)(n) | 5.74% - 30D US SOFR | 02/15/2041 | 22,153 | ||||||||
| 152,761 | Series 2011-3824(b)(n) | 6.99% - 30D US SOFR | 08/15/2036 | 16,930 | ||||||||
| 288,224 | Series 2011-3864(b) | 8.97% - 30D US SOFR | 05/15/2041 | 238,885 | ||||||||
| 166,829 | Series 2011-3872(b)(n) | 5.84% - 30D US SOFR | 06/15/2041 | 12,356 | ||||||||
| 649,632 | Series 2011-3924(b)(n) | 5.89% - 30D US SOFR | 09/15/2041 | 34,747 | ||||||||
| 1,090,950 | Series 2012-3(b)(n) | 5.84% - 30D US SOFR | 02/25/2042 | 95,051 | ||||||||
| 301,849 | Series 2013-4170(b) | 3.94 - 30D US SOFR | 01/15/2033 | 273,279 | ||||||||
| 2,097,207 | Series 2013-4239(j) | 0.00% | 07/15/2043 | 1,305,334 | ||||||||
| Federal National Mortgage Association Pool | ||||||||||||
| 17,868 | Series Pool #555743 | 5.00% | 09/01/2033 | 17,996 | ||||||||
| 23,082 | Series Pool #735382 | 5.00% | 04/01/2035 | 23,268 | ||||||||
| 65,191 | Series Pool #735383 | 5.00% | 04/01/2035 | 65,750 | ||||||||
| 40,999 | Series Pool #735484 | 5.00% | 05/01/2035 | 41,355 | ||||||||
| 15,394 | Series Pool #AH4437 | 4.00% | 01/01/2041 | 14,745 | ||||||||
| Federal National Mortgage Association REMICS | ||||||||||||
| 77,188 | Series 2006-101(b)(n) | 6.47% - 30D US SOFR | 10/25/2036 | 9,301 | ||||||||
| 237,980 | Series 2006-123(b)(n) | 6.21% - 30D US SOFR | 01/25/2037 | 19,436 | ||||||||
| 934,426 | Series 2006-92(b)(n) | 6.47% - 30D US SOFR | 10/25/2036 | 70,591 | ||||||||
| 33,520 | Series 2007-102(b)(n) | 6.29% - 30D US SOFR | 11/25/2037 | 2,797 | ||||||||
| 31,669 | Series 2007-108(b)(n) | 6.25% - 30D US SOFR | 12/25/2037 | 2,109 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 45 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 4,499 | Series 2007-30(b)(n) | 6.00% - 30D US SOFR | 04/25/2037 | $ | 310 | ||||||
| 178,309 | Series 2007-38(b)(n) | 5.97% - 30D US SOFR | 05/25/2037 | 10,475 | ||||||||
| 4,227 | Series 2007-51(b)(n) | 5.99% - 30D US SOFR | 06/25/2037 | 270 | ||||||||
| 157,471 | Series 2007-57(b)(n) | 6.51% - 30D US SOFR | 10/25/2036 | 13,730 | ||||||||
| 32,110 | Series 2007-68(b)(n) | 6.54% - 30D US SOFR | 07/25/2037 | 2,875 | ||||||||
| 275,251 | Series 2008-3(b)(n) | 6.35% - 30D US SOFR | 02/25/2038 | 21,340 | ||||||||
| 21,067 | Series 2008-56(b)(n) | 5.95% - 30D US SOFR | 07/25/2038 | 853 | ||||||||
| 8,818 | Series 2008-81 | 5.50% | 09/25/2038 | 9,102 | ||||||||
| 82,084 | Series 2009-111 | 5.00% | 01/25/2040 | 82,943 | ||||||||
| 39,819 | Series 2009-111(b)(n) | 6.14% - 30D US SOFR | 01/25/2040 | 3,195 | ||||||||
| 284,720 | Series 2009-12(b)(n) | 6.49% - 30D US SOFR | 03/25/2036 | 15,479 | ||||||||
| 10,517 | Series 2009-28(b)(n) | 5.89% - 30D US SOFR | 04/25/2037 | 601 | ||||||||
| 57,614 | Series 2009-41 | 4.50% | 06/25/2039 | 57,038 | ||||||||
| 24,676 | Series 2009-42(b)(n) | 5.89% - 30D US SOFR | 06/25/2039 | 2,035 | ||||||||
| 54,435 | Series 2009-47(b)(n) | 5.99% - 30D US SOFR | 07/25/2039 | 2,708 | ||||||||
| 20,847 | Series 2009-62(b)(n) | 5.99% - 30D US SOFR | 08/25/2039 | 515 | ||||||||
| 20,084 | Series 2009-68(b)(n) | 5.14% - 30D US SOFR | 09/25/2039 | 1,129 | ||||||||
| 40,401 | Series 2010-11(b)(n) | 4.69% - 30D US SOFR | 02/25/2040 | 1,048 | ||||||||
| 52,392 | Series 2010-115(b)(n) | 6.49% - 30D US SOFR | 11/25/2039 | 4,656 | ||||||||
| 614,113 | Series 2010-115(b)(n) | 5.89% - 30D US SOFR | 10/25/2040 | 54,822 | ||||||||
| 1,505,341 | Series 2010-123(b)(n) | 5.94% - 30D US SOFR | 11/25/2040 | 139,827 | ||||||||
| 233,127 | Series 2010-15(b)(n) | 4.84% - 30D US SOFR | 03/25/2040 | 10,154 | ||||||||
| 14,807 | Series 2010-34(b)(n) | 4.82% - 30D US SOFR | 04/25/2040 | 705 | ||||||||
| 14,761 | Series 2010-4(b)(n) | 6.12% - 30D US SOFR | 02/25/2040 | 1,261 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 46 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 30,478 | Series 2010-58(b) | 12.18% - 30D US SOFR | 06/25/2040 | $ | 27,680 | ||||||
| 857,562 | Series 2010-75 | 4.50% | 07/25/2040 | 849,959 | ||||||||
| 64,129 | Series 2010-9(b)(n) | 4.64% - 30D US SOFR | 02/25/2040 | 2,033 | ||||||||
| 13,077 | Series 2010-9(b)(n) | 5.19% - 30D US SOFR | 02/25/2040 | 735 | ||||||||
| 3,771 | Series 2010-90(b)(n) | 5.89% - 30D US SOFR | 08/25/2040 | 285 | ||||||||
| 1,120,982 | Series 2012-106(b)(n) | 6.05% - 30D US SOFR | 10/25/2042 | 85,372 | ||||||||
| 262,964 | Series 2012-124(b) | 7.59% - 30D US SOFR | 11/25/2042 | 176,938 | ||||||||
| 81,666 | Series 2012-29(b)(n) | 5.89% - 30D US SOFR | 04/25/2042 | 5,701 | ||||||||
| 233,803 | Series 2012-32(n) | 5.00% | 04/25/2042 | 48,088 | ||||||||
| 1,116,069 | Series 2012-65(b)(n) | 5.87% - 30D US SOFR | 06/25/2042 | 99,831 | ||||||||
| First Horizon Alternative Mortgage Securities Trust | ||||||||||||
| 423,684 | Series 2005-FA6 | 5.50% | 09/25/2035 | 206,135 | ||||||||
| First Horizon Mortgage Pass-Through Trust | ||||||||||||
| 416,200 | Series 2007-AR3(b) | 4.53% | 11/25/2037 | 159,063 | ||||||||
| Freddie Mac Pool | ||||||||||||
| 2,997,453 | Series 2021- | 2.00% | 11/01/2050 | 2,497,017 | ||||||||
| 1,251,272 | Series 2022- | 3.00% | 03/01/2052 | 1,114,074 | ||||||||
| Freddie Mac REMICS | ||||||||||||
| 1,394,369 | Series 2011-3972(b)(n) | 5.79% - 30D US SOFR | 12/15/2041 | 116,189 | ||||||||
| 1,739,566 | Series 2020-5007(b)(n) | 5.99% - 30D US SOFR | 08/25/2050 | 211,543 | ||||||||
| 8,680,220 | Series 2020-5023(n) | 3.00% | 10/25/2050 | 1,424,396 | ||||||||
| 3,465,300 | Series 2020-5041(n) | 2.00% | 11/25/2050 | 462,812 | ||||||||
| 16,976,343 | Series 2020-5047(n) | 2.50% | 12/25/2050 | 2,563,085 | ||||||||
| 9,241,928 | Series 2020-5057(n) | 3.00% | 11/25/2050 | 1,472,691 | ||||||||
| 10,187,535 | Series 2021-5077(n) | 3.00% | 02/25/2051 | 1,552,770 | ||||||||
| 6,489,545 | Series 2021-5083 | 2.50% | 03/25/2051 | 3,445,558 | ||||||||
| 11,545,072 | Series 2021-5156(n) | 3.00% | 02/25/2050 | 1,999,714 | ||||||||
| 11,070,983 | Series 2022-5195 | 2.50% | 02/25/2052 | 7,204,181 | ||||||||
| 2,729,462 | Series 2023-5293(n) | 2.50% | 04/25/2051 | 420,155 | ||||||||
| 18,032,806 | Series 2023-5353(n) | 2.50% | 10/25/2051 | 2,086,805 | ||||||||
| 7,403,476 | Series 2024-5427 | 4.00% | 05/25/2052 | 6,076,963 | ||||||||
| 15,207,230 | Series 2025-5531(n) | 3.50% | 06/25/2041 | 1,853,900 | ||||||||
| 10,625,541 | Series 2025-5531(n) | 3.00% | 06/25/2041 | 1,164,218 | ||||||||
| 13,144,821 | Series 2025-5531(n) | 3.50% | 09/25/2051 | 2,376,743 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 47 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 6,737,064 | Series 2025-5547(n) | 3.00% | 04/25/2051 | $ | 1,196,376 | ||||||
| Freddie Mac STACR REMIC Trust | ||||||||||||
| 4,300,000 | Series 2020-DNA6(b)(i) | 30D US SOFR + 5.65% | 12/25/2050 | 5,011,982 | ||||||||
| 2,500,000 | Series 2021-DNA1(b)(i) | 30D US SOFR + 4.75% | 01/25/2051 | 2,796,932 | ||||||||
| 3,000,000 | Series 2021-DNA2(b)(i) | 30D US SOFR + 6.00% | 08/25/2033 | 3,738,521 | ||||||||
| 2,750,000 | Series 2021-HQA2(b)(i) | 30D US SOFR + 3.15% | 12/25/2033 | 3,071,524 | ||||||||
| GCAT | ||||||||||||
| 1,500,000 | Series 2021-NQM4(b)(i) | 2.47% | 08/25/2066 | 1,015,804 | ||||||||
| Ginnie Mae II Pool | ||||||||||||
| 1,186,856 | Series 2021- | 2.50% | 11/20/2051 | 1,022,037 | ||||||||
| Government National Mortgage Association | ||||||||||||
| 16,621 | Series 2004-83(b)(n) | 5.97% - 1M CME TERM SOFR | 10/20/2034 | 618 | ||||||||
| 16,637 | Series 2008-67(b)(n) | 5.89% - 1M CME TERM SOFR | 08/20/2038 | 82 | ||||||||
| 258,610 | Series 2008-69(b)(n) | 7.52% - 1M CME TERM SOFR | 08/20/2038 | 8,411 | ||||||||
| 27,148 | Series 2009-10(b)(n) | 6.54% - 1M CME TERM SOFR | 02/16/2039 | 2,318 | ||||||||
| 946,730 | Series 2009-58(b)(n) | 6.14% - 1M CME TERM SOFR | 06/20/2039 | 59,551 | ||||||||
| 541,475 | Series 2009-75 | 5.00% | 09/20/2039 | 553,460 | ||||||||
| 1,290,376 | Series 2010-121(b)(n) | 5.89% - 1M CME TERM SOFR | 09/20/2040 | 132,516 | ||||||||
| 16,359 | Series 2010-61(b)(n) | 6.44% - 1M CME TERM SOFR | 09/20/2039 | 882 | ||||||||
| 16,340 | Series 2010-98(b)(n) | 5.00% | 03/20/2039 | 122 | ||||||||
| 5,562,839 | Series 2010-H20(b)(n) | 1.48% | 10/20/2060 | 166,184 | ||||||||
| 183,933 | Series 2011-69(j) | 0.00% | 05/20/2041 | 148,445 | ||||||||
| 389,877 | Series 2011-71(b)(n) | 5.29% - 1M CME TERM SOFR | 05/20/2041 | 36,078 | ||||||||
| 106,967 | Series 2011-72(b)(n) | 6.04% - 1M CME TERM SOFR | 05/20/2041 | 9,727 | ||||||||
| 605,706 | Series 2011-89(b)(n) | 5.34% - 1M CME TERM SOFR | 06/20/2041 | 55,260 | ||||||||
| 880,116 | Series 2013-113(b)(n) | 6.14% - 1M CME TERM SOFR | 03/20/2043 | 37,610 | ||||||||
| 2,221,892 | Series 2013-122(b)(n) | 5.99% - 1M CME TERM SOFR | 08/16/2043 | 242,161 | ||||||||
| 1,318,934 | Series 2013-186(b)(n) | 6.14% - 1M CME TERM SOFR | 02/16/2043 | 89,547 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 48 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 1,346,283 | Series 2014-156(b)(n) | 6.14% - 1M CME TERM SOFR | 10/20/2044 | $ | 144,679 | ||||||
| 2,679,262 | Series 2014-4(b)(n) | 5.99% - 1M CME TERM SOFR | 01/16/2044 | 288,136 | ||||||||
| 3,350,424 | Series 2014-41(b)(n) | 5.99% - 1M CME TERM SOFR | 03/20/2044 | 335,997 | ||||||||
| 1,010,432 | Series 2014-5(b)(n) | 6.04% - 1M CME TERM SOFR | 07/20/2043 | 46,379 | ||||||||
| 1,846,366 | Series 2014-95(b)(n) | 6.14% - 1M CME TERM SOFR | 06/16/2044 | 130,128 | ||||||||
| 4,274,775 | Series 2016-H21(b)(n) | 2.67% | 09/20/2066 | 208,626 | ||||||||
| 7,314,000 | Series 2018-19 | 3.00% | 02/20/2048 | 6,228,049 | ||||||||
| 3,711,688 | Series 2018-97(b)(n) | 6.09% - 1M CME TERM SOFR | 07/20/2048 | 436,096 | ||||||||
| 7,795,361 | Series 2019-22(b)(n) | 5.49% - 1M CME TERM SOFR | 02/20/2045 | 653,801 | ||||||||
| 14,312,708 | Series 2019-90(n) | 3.00% | 05/20/2048 | 2,278,330 | ||||||||
| 3,587,688 | Series 2019-92(b)(n) | 5.99% - 1M CME TERM SOFR | 07/20/2049 | 423,624 | ||||||||
| 3,798,409 | Series 2019-H18(b)(n) | 1.78% | 11/20/2069 | 240,996 | ||||||||
| 7,128,421 | Series 2020-112(b)(n) | 6.14% - 1M CME TERM SOFR | 08/20/2050 | 853,145 | ||||||||
| 13,626,560 | Series 2020-146(b)(n) | 3.64 - 1M CME TERM SOFR | 10/20/2050 | 376,594 | ||||||||
| 10,461,604 | Series 2020-146(b)(n) | 6.19% - 1M CME TERM SOFR | 10/20/2050 | 1,423,468 | ||||||||
| 15,340,242 | Series 2020-165(n) | 2.50% | 11/20/2050 | 2,318,650 | ||||||||
| 9,830,883 | Series 2020-167(b)(n) | 3.64 - 1M CME TERM SOFR | 11/20/2050 | 259,592 | ||||||||
| 15,243,023 | Series 2020-167(n) | 2.50% | 11/20/2050 | 2,218,055 | ||||||||
| 13,184,799 | Series 2020-173(n) | 2.50% | 11/20/2050 | 1,829,705 | ||||||||
| 6,708,907 | Series 2020-188(b)(n) | 6.19% - 1M CME TERM SOFR | 11/20/2050 | 861,350 | ||||||||
| 14,383,986 | Series 2020-188(n) | 2.50% | 12/20/2050 | 2,223,487 | ||||||||
| 15,224,659 | Series 2020-191(n) | 3.50% | 12/20/2050 | 2,888,465 | ||||||||
| 12,784,769 | Series 2021-1(n) | 2.50% | 01/20/2051 | 1,931,268 | ||||||||
| 8,137,835 | Series 2021-1(b)(n) | 6.19% - 1M CME TERM SOFR | 01/20/2051 | 1,070,842 | ||||||||
| 8,079,361 | Series 2021-107(b)(n) | 3.64% - 1M CME TERM SOFR | 06/20/2051 | 253,681 | ||||||||
| 10,080,568 | Series 2021-116(n) | 3.50% | 03/20/2051 | 1,851,540 | ||||||||
| 13,334,796 | Series 2021-138(n) | 3.00% | 08/20/2051 | 1,631,610 | ||||||||
| 10,151,913 | Series 2021-160(n) | 2.50% | 06/20/2051 | 1,189,907 | ||||||||
| 15,233,704 | Series 2021-161(n) | 3.00% | 09/20/2051 | 1,787,014 | ||||||||
| 18,628,291 | Series 2021-177(n) | 3.00% | 10/20/2051 | 2,519,886 | ||||||||
| 7,142,387 | Series 2021-30(n) | 2.50% | 02/20/2051 | 1,024,679 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 49 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 16,318,223 | Series 2021-52(b)(n) | 0.72% | 04/16/2063 | $ | 864,290 | ||||||
| 18,778,671 | Series 2021-59(b)(n) | 2.60% - 30D US SOFR | 04/20/2051 | 79,009 | ||||||||
| 10,513,751 | Series 2021-7(n) | 2.50% | 01/20/2051 | 1,524,802 | ||||||||
| 10,435,001 | Series 2021-76(n) | 3.00% | 08/20/2050 | 1,764,724 | ||||||||
| 11,948,134 | Series 2021-77(n) | 3.00% | 07/20/2050 | 1,913,721 | ||||||||
| 12,307,616 | Series 2021-77(n) | 2.50% | 05/20/2051 | 1,561,012 | ||||||||
| 9,608,963 | Series 2021-77(b)(n) | 3.64% - 1M CME TERM SOFR | 05/20/2051 | 280,865 | ||||||||
| 4,854,099 | Series 2021-89(b)(n) | 3.64% - 1M CME TERM SOFR | 05/20/2051 | 147,899 | ||||||||
| 7,357,742 | Series 2021-97(b)(n) | 3.64% - 1M CME TERM SOFR | 06/20/2051 | 220,962 | ||||||||
| 23,228,044 | Series 2021-97(b)(n) | 2.60% - 30D US SOFR | 06/20/2051 | 219,108 | ||||||||
| 12,852,770 | Series 2021-H08(b)(n) | 0.23% | 05/20/2071 | 393,391 | ||||||||
| 29,934,062 | Series 2022-1(b)(n) | 2.65% - 30D US SOFR | 01/20/2052 | 162,781 | ||||||||
| 14,419,008 | Series 2022-137(n) | 3.00% | 01/20/2052 | 1,863,344 | ||||||||
| 18,311,004 | Series 2022-174 | 3.50% | 05/20/2051 | 15,583,303 | ||||||||
| 16,118,426 | Series 2022-174 | 3.00% | 12/20/2051 | 12,910,959 | ||||||||
| 19,315,202 | Series 2022-207(n) | 3.00% | 08/20/2051 | 3,380,869 | ||||||||
| 25,422,912 | Series 2022-48(b)(n) | 0.71% | 01/16/2064 | 1,506,918 | ||||||||
| 15,576,327 | Series 2022-83(n) | 2.50% | 11/20/2051 | 2,215,985 | ||||||||
| 11,863,494 | Series 2024-48(n) | 2.50% | 10/20/2051 | 1,703,117 | ||||||||
| 14,096,343 | Series 2024-61 | 3.50% | 04/20/2054 | 11,433,829 | ||||||||
| 14,129,903 | Series 2025-48(n) | 2.50% | 06/20/2051 | 1,878,045 | ||||||||
| 18,691,305 | Series 2025-59(n) | 2.50% | 06/20/2051 | 2,782,107 | ||||||||
| 16,348,309 | Series 2025-62(n) | 2.50% | 10/20/2051 | 2,037,084 | ||||||||
| GS Mortgage-Backed Securities Corp. Trust | ||||||||||||
| 1,454,000 | Series 2025-NQM6(b)(i) | 6.60% | 11/25/2029 | 1,461,001 | ||||||||
| 687,000 | Series 2025-NQM6(b)(i) | 7.42% | 11/25/2029 | 686,068 | ||||||||
| GSR Mortgage Loan Trust | ||||||||||||
| 872,363 | Series 2006-2F | 5.25% | 02/25/2036 | 304,468 | ||||||||
| 1,433,969 | Series 2007-2F | 6.00% | 03/25/2037 | 673,541 | ||||||||
| 627,159 | Series 2007-AR2(b) | 4.24% | 05/25/2037 | 328,861 | ||||||||
| Impac CMB Trust | ||||||||||||
| 55,644 | Series 2004-10(b) | 1M CME TERM SOFR + 0.81% | 03/25/2035 | 51,268 | ||||||||
| Imperial Fund Mortgage Trust | ||||||||||||
| 1,000,000 | Series 2021-NQM4(b)(i) | 3.45% | 01/25/2057 | 793,225 | ||||||||
| IndyMac IMJA Mortgage Loan Trust | ||||||||||||
| 948,342 | Series 2007-A1 | 6.00% | 08/25/2037 | 329,750 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 50 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| IndyMac IMSC Mortgage Loan Trust | ||||||||||||
| $ | 4,704,638 | Series 2007-F2 | 6.50% | 07/25/2037 | $ | 1,364,257 | ||||||
| JP Morgan Alternative Loan Trust | ||||||||||||
| 134,626 | Series 2005-S1 | 6.00% | 12/25/2035 | 87,532 | ||||||||
| 11,770 | Series 2006-S3(m) | 6.62% | 08/25/2036 | 13,050 | ||||||||
| JP Morgan Mortgage Trust | ||||||||||||
| 740,819 | Series 2007-S3 | 6.00% | 07/25/2037 | 299,142 | ||||||||
| JP Morgan Resecuritization Trust | ||||||||||||
| 405,541 | Series 2011-1(b)(i) | 6.00% | 06/26/2037 | 336,497 | ||||||||
| 1,470,051 | Series 2014-6(b)(i) | 1M CME TERM SOFR + 0.32% | 07/27/2046 | 1,445,364 | ||||||||
| Lehman Mortgage Trust | ||||||||||||
| 356,436 | Series 2006-6 | 5.50% | 10/25/2036 | 224,615 | ||||||||
| 3,841,019 | Series 2006-7(b) | 1M CME TERM SOFR + 0.36% | 11/25/2036 | 221,989 | ||||||||
| 3,841,019 | Series 2006-7(b)(n) | 7.64% - 1M CME TERM SOFR | 11/25/2036 | 217,642 | ||||||||
| 1,170,095 | Series 2006-8(b) | 1M CME TERM SOFR + 0.53% | 12/25/2036 | 218,340 | ||||||||
| 1,170,095 | Series 2006-8(b)(n) | 6.47% - 1M CME TERM SOFR | 12/25/2036 | 128,569 | ||||||||
| Merrill Lynch Alternative Note Asset Trust | ||||||||||||
| 687,842 | Series 2007-F1 | 6.00% | 03/25/2037 | 57,281 | ||||||||
| Morgan Stanley Mortgage Loan Trust | ||||||||||||
| 713,490 | Series 2005-3AR(b) | 5.05% | 07/25/2035 | 579,876 | ||||||||
| 2,034,709 | Series 2006-11 | 6.00% | 08/25/2036 | 1,162,625 | ||||||||
| 458,775 | Series 2006-7(b) | 5.04% | 06/25/2036 | 228,286 | ||||||||
| 556,141 | Series 2006-7 | 6.00% | 06/25/2036 | 226,611 | ||||||||
| New Residential Mortgage Loan Trust | ||||||||||||
| 2,000,000 | Series 2025-NQM5(b)(i) | 7.40% | 08/25/2065 | 1,974,726 | ||||||||
| Nomura Asset Acceptance Corp. Alternative Loan Trust | ||||||||||||
| 877,924 | Series 2005-AP3(b) | 5.32% | 08/25/2035 | 374,600 | ||||||||
| OBX | ||||||||||||
| 600,000 | Series 2025-NQM23(b)(i) | 5.67% | 12/25/2029 | 600,075 | ||||||||
| PR Mortgage Loan Trust | ||||||||||||
| 4,607,705 | Series 2014-1(b)(i) | 5.85% | 09/25/2047 | 4,275,222 | ||||||||
| PRPM | ||||||||||||
| 800,000 | Series 2025-NQM6(b)(i) | 6.96% | 12/25/2070 | 794,272 | ||||||||
| PRPM LLC | ||||||||||||
| 3,400,000 | Series 2025-7(i)(m) | 7.45% | 08/25/2028 | 3,404,627 | ||||||||
| 6,500,000 | Series 2025-8(i)(m) | 7.20% | 10/25/2028 | 6,504,752 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 51 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| Residential Accredit Loans, Inc. | ||||||||||||
| $ | 3,026,397 | Series 2006-QA5(b) | 1M CME TERM SOFR + 0.55% | 07/25/2036 | $ | 949,730 | ||||||
| 883,906 | Series 2006-QS10 | 6.50% | 08/25/2036 | 789,632 | ||||||||
| 234,681 | Series 2006-QS6 | 6.00% | 06/25/2036 | 192,789 | ||||||||
| 548,497 | Series 2006-QS7 | 6.00% | 06/25/2036 | 437,902 | ||||||||
| 28,836 | Series 2006-QS7(b) | 1M CME TERM SOFR + 0.51% | 06/25/2036 | 20,830 | ||||||||
| 38,031 | Series 2006-QS8(b) | 1M CME TERM SOFR + 0.56% | 08/25/2036 | 29,543 | ||||||||
| 114,094 | Series 2006-QS8(b)(n) | 5.44% - 1M CME TERM SOFR | 08/25/2036 | 7,897 | ||||||||
| 3,834 | Series 2007-QS6(b) | 54.05% - 1M CME TERM SOFR | 04/25/2037 | 5,613 | ||||||||
| 338,819 | Series 2007-QS9 | 6.50% | 07/25/2037 | 278,859 | ||||||||
| 157,893 | Series 2008-QR1 | 6.00% | 08/25/2036 | 129,176 | ||||||||
| Residential Asset Securitization Trust | ||||||||||||
| 379,123 | Series 2006-A1 | 6.00% | 04/25/2036 | 160,866 | ||||||||
| 862,892 | Series 2006-A2 | 6.00% | 05/25/2036 | 308,068 | ||||||||
| 896,502 | Series 2006-A6 | 6.50% | 07/25/2036 | 220,349 | ||||||||
| 243,132 | Series 2006-A8 | 6.00% | 08/25/2036 | 165,187 | ||||||||
| 148,816 | Series 2006-A8 | 6.50% | 08/25/2036 | 38,857 | ||||||||
| 315,026 | Series 2006-A8(b)(n) | 5.79% - 1M CME TERM SOFR | 08/25/2036 | 23,885 | ||||||||
| 1,319,289 | Series 2007-A1 | 6.00% | 03/25/2037 | 399,135 | ||||||||
| 54,901 | Series 2007-A6 | 6.00% | 06/25/2037 | 26,923 | ||||||||
| 2,516,404 | Series 2007-A7 | 6.00% | 07/25/2037 | 896,799 | ||||||||
| Residential Funding Mortgage Securities I Trust | ||||||||||||
| 254,369 | Series 2006-S3 | 5.50% | 03/25/2036 | 202,722 | ||||||||
| 58,147 | Series 2006-S6 | 6.00% | 07/25/2036 | 50,193 | ||||||||
| 167,737 | Series 2007-S3 | 6.00% | 03/25/2037 | 120,064 | ||||||||
| 90,246 | Series 2007-S6 | 6.00% | 06/25/2037 | 71,303 | ||||||||
| Residential Mortgage Loan Trust | ||||||||||||
| 3,250,000 | Series 2020-1(b)(i) | 4.67% | 01/26/2060 | 3,018,031 | ||||||||
| Sequoia Mortgage Trust | ||||||||||||
| 699,103 | Series 2007-3(b) | 4.38% | 07/20/2037 | 534,908 | ||||||||
| Structured Asset Securities Corp. | ||||||||||||
| 105,372 | Series 2005-RF1(b)(i) | 1M CME TERM SOFR + 0.46% | 03/25/2035 | 94,539 | ||||||||
| 105,372 | Series 2005-RF1(b)(i)(n) | 0.63% | 03/25/2035 | 441 | ||||||||
| TBW Mortgage-Backed Trust | ||||||||||||
| 1,393,347 | Series 2006-2 | 7.00% | 07/25/2036 | 193,481 | ||||||||
| Verus Securitization Trust | ||||||||||||
| 1,500,000 | Series 2021-4(b)(i) | 2.20% | 07/25/2066 | 1,071,374 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 52 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principal Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 1,400,000 | Series 2021-6(b)(i) | 4.05% | 10/25/2066 | $ | 1,172,627 | ||||||
| 2,000,000 | Series 2021-7(b)(i) | 4.19% | 10/25/2066 | 1,538,545 | ||||||||
| 1,000,000 | Series 2024-5(b)(i) | 7.80% | 06/25/2069 | 1,010,297 | ||||||||
| 1,000,000 | Series 2024-7(b)(i) | 7.80% | 09/25/2069 | 1,001,822 | ||||||||
| 1,196,000 | Series 2025-11(b)(i) | 7.22% | 11/25/2070 | 1,194,550 | ||||||||
| 3,474,000 | Series 2025-12(b)(i) | 6.56% | 12/25/2070 | 3,502,598 | ||||||||
| 5,639,000 | Series 2025-12(b)(i) | 7.10% | 12/25/2070 | 5,578,307 | ||||||||
| 1,600,000 | Series 2025-4(b)(i) | 7.45% | 05/25/2070 | 1,621,990 | ||||||||
| 2,121,000 | Series 2025-6(b)(i) | 7.34% | 07/25/2029 | 2,114,906 | ||||||||
| 2,100,000 | Series 2025-9(b)(i) | 7.37% | 10/27/2070 | 2,092,965 | ||||||||
| 1,183,000 | Series 2025-R2(b)(i) | 5.90% | 07/25/2067 | 1,171,381 | ||||||||
| 2,500,000 | Series 2026-1(b)(i) | 6.95% | 01/25/2071 | 2,453,380 | ||||||||
| Wachovia Mortgage Loan Trust, LLC Series Trust | ||||||||||||
| 39,331 | Series 2005-B(b) | 6.74% | 10/20/2035 | 38,162 | ||||||||
| Washington Mutual Alternative Mortgage Pass-Through Certificates | ||||||||||||
| 30,587 | Series 2005-9 | 5.50% | 11/25/2035 | 25,179 | ||||||||
| 264,419 | Series 2006-5 | 6.00% | 07/25/2036 | 188,551 | ||||||||
| Wells Fargo Alternative Loan Trust | ||||||||||||
| 157,543 | Series 2007-PA2(b) | 1M CME TERM SOFR + 0.54% | 06/25/2037 | 138,639 | ||||||||
| 157,543 | Series 2007-PA2(b)(n) | 5.96% - 1M CME TERM SOFR | 06/25/2037 | 15,775 | ||||||||
| 169,896 | Series 2007-PA3 | 6.25% | 07/25/2037 | 150,165 | ||||||||
| 323,054,819 | ||||||||||||
| TOTAL U.S. GOVERNMENT / AGENCY MORTGAGE BACKED SECURITIES | ||||||||||||
| (Cost $382,680,457) | 323,054,819 | |||||||||||
| Shares/Description | Value | |||||||
| Warrants - 0.00%(c) | ||||||||
| United States - 0.00%(c) | ||||||||
| 64,870 | PERSHING SQUARE SPARC HOLDINGS, Strike Price 0.01, Expires 12/31/2049(f) | $ | – | |||||
| TOTAL WARRANTS | ||||||||
| (Cost $0) | – | |||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 53 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Shares/Description | Value | |||||||
| Short-Term Investments - 1.99% | ||||||||
| Money Market Fund - 1.99% | ||||||||
| 19,767,996 | State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 3.60%) | $ | 19,767,996 | |||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost $19,767,996) | 19,767,996 | |||||||
| TOTAL INVESTMENTS - 99.33% | ||||||||
| (Cost $1,087,774,168) | $ | 988,675,224 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 0.67% | 6,670,051 | |||||||
| NET ASSETS - 100.00% | $ | 995,345,275 | ||||||
Investment Abbreviations:
CME- Chicago Mercantile Exchange
LLC - Limited Liability Company
LP - Limited Partnership
OBFR - Overnight Bank Funding Rate
SOFR - Secured Overnight Financing Rate Data
SOFRINDX- US SOFR Secured Overnight Financing Rate Compounded Index
TI - Treasury Index
Rates:
1M CME SOFR - 1 Month CME SOFR as of March 31, 2026 was 3.67%
3M CME SOFR - 3 Month CME SOFR as of March 31, 2026 was 3.68%
SOFRINDX- SOFRINDX as of March 31, 2026 was 1.24%
1D SOFR - 1Day SOFR as of March 31, 2026 was 3.68%
30D SOFR - 30 Day SOFR as of March 31, 2026 was 3.65%
1Y US TI - 1 Year TI as of March 31, 2026 was 3.68%
5Y US TI - 5 Year TI as of March 31, 2026 was 3.92%
| (a) | Security has no contractual maturity date, is not redeemable and contractually pays an indefinite stream of interest. |
| (b) | Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2026. 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. |
| (c) | Less than 0.005%. |
| (d) | Non-income producing security. |
See Notes to Financial Statements and Financial Highlights.
| 54 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| (e) | 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. |
| (f) | The Level 3 assets were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs. |
| (g) | Affiliated company. See Notes to Financial Statements. |
| (h) | Securities were purchased pursuant to Regulation S under the Securities Act of 1933, as amended, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, as amended, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees. As of March 31, 2026, the aggregate fair value of those securities was $7,780,716, representing 0.78% of net assets. |
| (i) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to $342,271,806, which represents approximately 34.39% of net assets as of March 31, 2026. |
| (j) | Issued with a zero coupon. Income is recognized through the accretion of discount. |
| (k) | Pay-in-kind securities. Rate paid in-kind is shown in parentheses. |
| (l) | Security is currently in default. |
| (m) | Step up bond. Coupon changes periodically based upon a predetermined schedule. Interest rate disclosed is that which is in effect at March 31, 2026. |
| (n) | Interest only securities. |
| (o) | Principal amount of security is adjusted for inflation. |
Futures Contracts Sold:
| Description | Contracts (Short) |
Expiration Date |
Notional Value |
Value and Unrealized Appreciation/(Depreciation) |
||||||||
| 10-Yr U.S. Treasury | ||||||||||||
| Note Futures | (145) | June 2026 | $ | 16,459,766 | $ | 301,013 | ||||||
| US 5Yr Note Future | (20) | June 2026 | 2,163,594 | 27,100 | ||||||||
| US Long Bond Future | (92) | June 2026 | 10,476,500 | 287,299 | ||||||||
| US Ultra T-Bond | (110) | June 2026 | 12,821,875 | 371,006 | ||||||||
| $ | 41,921,735 | $ | 986,418 | |||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 55 |
| RiverNorth/DoubleLine Strategic Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
Over-the-Counter Total Return Bullet Swap Contracts:
|
Reference Entity/Obligation |
Counterparty |
Pay Notional Amount |
Financing Rate |
Termination Date |
Receive Notional Amount |
Value and Unrealized Appreciation / (Depreciation) |
||||||||||||
| Carlyle Secured Lending, Inc. | TD Cowen | $ | 5,796,000 | OBFR + 0.45% | 1/24/28 | $ | 4,923,000 | $ | (873,000 | ) | ||||||||
| FS Specialty Lending Fund. | TD Cowen | 3,077,500 | OBFR + 0.45% | 1/24/28 | 3,127,500 | 50,000 | ||||||||||||
| Morgan Stanley Direct Lending Fund. | TD Cowen | 5,699,400 | OBFR + 0.45% | 1/24/28 | 4,816,200 | (883,200 | ) | |||||||||||
| Oaktree Specialty Lending Corp. | TD Cowen | 2,662,020 | OBFR + 0.45% | 1/24/28 | 2,339,100 | (322,920 | ) | |||||||||||
| $ | 17,234,920 | $ | 15,205,800 | $ | (2,029,120 | ) | ||||||||||||
See Notes to Financial Statements and Financial Highlights.
| 56 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/Oaktree High Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Shares/Description | Value | |||||||
| Closed-End Funds - 2.22% | ||||||||
| United States - 2.22% | ||||||||
| 101,370 | BlackRock Corporate High Yield Fund, Inc. | $ | 863,672 | |||||
| 59,882 | Saba Capital Income & Opportunities Fund | 403,605 | ||||||
| TOTAL CLOSED-END FUNDS | ||||||||
| (Cost $1,315,386) | 1,267,277 | |||||||
| Common Stocks - 2.09% | ||||||||
| United States - 2.09% | ||||||||
| 22,000 | Blue Owl Capital Corp. | 243,320 | ||||||
| 25,000 | Blue Owl Technology Finance Corp. | 309,750 | ||||||
| 8,495 | FS KKR Capital Corp. | 86,479 | ||||||
| 20,000 | Morgan Stanley Direct Lending Fund | 279,200 | ||||||
| 15,000 | Oaktree Specialty Lending Corp. | 169,500 | ||||||
| 3,304 | PHI Group, Inc.(a) | 107,083 | ||||||
| TOTAL COMMON STOCKS | ||||||||
| (Cost $1,289,598) | 1,195,332 | |||||||
| Principle Amount/Description | Rate | Maturity | Value | |||||||||
| HIGH YIELD DEBT- 90.08% | ||||||||||||
| Australia - 0.92% | ||||||||||||
| $ | 20,000 | Mineral Resources, Ltd.(b) | 9.25% | 10/01/2028 | 20,740 | |||||||
| 330,000 | Mineral Resources, Ltd.(b) | 8.50% | 05/01/2030 | 339,523 | ||||||||
| 185,000 | Nufarm Australia, Ltd. / Nufarm Americas, Inc.(b) | 5.00% | 01/27/2030 | 166,281 | ||||||||
| 526,544 | ||||||||||||
| Canada - 2.15% | ||||||||||||
| 265,000 | 1261229 BC, Ltd.(b) | 10.00% | 04/15/2032 | 271,543 | ||||||||
| 90,000 | Bombardier, Inc.(b) | 8.75% | 11/15/2030 | 95,831 | ||||||||
| 30,000 | Bombardier, Inc.(b) | 7.25% | 07/01/2031 | 31,475 | ||||||||
| 90,000 | Bombardier, Inc.(b) | 7.00% | 06/01/2032 | 93,518 | ||||||||
| 120,000 | Bombardier, Inc.(b) | 6.75% | 06/15/2033 | 124,075 | ||||||||
| 110,000 | Cascades, Inc./Cascades USA, Inc.(b) | 5.38% | 01/15/2028 | 108,966 | ||||||||
| 123,000 | Dye & Durham, Ltd.(b) | 8.63% | 04/15/2029 | 103,064 | ||||||||
| 15,000 | Garda World Security Corp.(b) | 6.50% | 01/15/2031 | 15,219 | ||||||||
| 170,000 | Garda World Security Corp.(b) | 8.38% | 11/15/2032 | 170,265 | ||||||||
| 205,000 | goeasy, Ltd.(b) | 9.25% | 12/01/2028 | 190,855 | ||||||||
| 25,000 | Precision Drilling Corp.(b) | 6.88% | 01/15/2029 | 25,200 | ||||||||
| 1,230,011 | ||||||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 57 |
| RiverNorth/Oaktree High Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principle Amount/Description | Rate | Maturity | Value | |||||||||
| Finland - 0.46% | ||||||||||||
| $ | 225,000 | Mehilainen Yhtiot Oy(b) | 5.13% | 06/30/2032 | $ | 259,852 | ||||||
| France - 2.86% | ||||||||||||
| 248 | Altice France SA(c) | 4,221 | ||||||||||
| 113,820 | Altice France SA(b) | 6.50% | 10/15/2031 | 108,067 | ||||||||
| 259,662 | Altice France SA(b) | 6.50% | 04/15/2032 | 246,262 | ||||||||
| 221,000 | Betclic Everest Group SAS(b) | 5.13% | 12/10/2031 | 252,621 | ||||||||
| 100,000 | CAB SELAS(d) | 3.38% | 02/01/2028 | 112,384 | ||||||||
| 65,000 | Constellium SE(b) | 6.38% | 08/15/2032 | 65,754 | ||||||||
| 220,000 | Forvia SE | 5.50% | 06/15/2031 | 252,430 | ||||||||
| 220,000 | Opal Bidco SAS(b) | 5.50% | 03/31/2032 | 249,083 | ||||||||
| 200,000 | Roquette Freres SA(e)(f) | Perpetual Maturity | 230,325 | |||||||||
| 100,000 | Valeo SE | 4.63% | 03/23/2032 | 111,860 | ||||||||
| 1,633,007 | ||||||||||||
| Germany - 3.78% | ||||||||||||
| 240,000 | APCOA GmbH(b)(e) | 3M EUR L + 3.25% | 04/15/2031 | 270,160 | ||||||||
| 100,000 | Cheplapharm Arzneimittel GmbH(d) | 7.50% | 05/15/2030 | 116,774 | ||||||||
| 100,000 | Cheplapharm Arzneimittel GmbH(b) | 7.13% | 06/15/2031 | 116,086 | ||||||||
| 151,000 | CT Investment GmbH(d) | 6.38% | 04/15/2030 | 175,721 | ||||||||
| 200,000 | CTEC II GmbH(d) | 5.25% | 02/15/2030 | 209,662 | ||||||||
| 205,000 | Dynamo Newco II GmbH(d) | 6.25% | 10/15/2031 | 211,329 | ||||||||
| 112,000 | Motel One GmbH/Muenchen(d) | 7.75% | 04/02/2031 | 134,783 | ||||||||
| 200,000 | Schaeffler AG | 4.50% | 05/12/2032 | 222,506 | ||||||||
| 171,000 | Techem Verwaltungsgesellschaft 675 mbH(d) | 4.63% | 07/15/2032 | 192,502 | ||||||||
| 223,000 | TUI Cruises GmbH(d) | 5.00% | 05/15/2030 | 251,468 | ||||||||
| 235,000 | WEPA Hygieneprodukte GmbH | 4.50% | 11/30/2032 | 259,015 | ||||||||
| 2,160,006 | ||||||||||||
| Great Britain - 4.60% | ||||||||||||
| 225,000 | Ardonagh Finco, Ltd.(d) | 6.88% | 02/15/2031 | 258,571 | ||||||||
| 130,000 | California Buyer, Ltd. / Atlantica Sustainable Infrastructure PLC(b) | 5.63% | 02/15/2032 | 145,632 | ||||||||
| 100,000 | CD&R Firefly Bidco PLC(b) | 8.63% | 04/30/2029 | 135,068 | ||||||||
| 217,000 | Deuce Finco PLC(b) | 7.00% | 11/20/2031 | 283,485 | ||||||||
| 217,000 | Entain PLC | 4.88% | 11/30/2031 | 246,837 | ||||||||
| 205,000 | Heathrow Finance PLC | 6.63% | 03/01/2031 | 269,645 | ||||||||
| 335,000 | Howden UK Refinance PLC / Howden UK Refinance 2 PLC / Howden US Refinance LLC(b) | 8.13% | 02/15/2032 | 314,185 | ||||||||
| 200,000 | INEOS Finance PLC(b) | 7.50% | 04/15/2029 | 194,210 | ||||||||
| 128,000 | INEOS Quattro Finance 2 PLC(d) | 6.75% | 04/15/2030 | 114,413 | ||||||||
| 105,000 | INEOS Quattro Finance 2 PLC(b) | 6.75% | 04/15/2030 | 93,854 | ||||||||
| 105,000 | Miller Homes Group Finco PLC(b)(e) | 3M EUR L + 4.25% | 10/15/2030 | 120,147 | ||||||||
| 40,000 | Virgin Media Finance PLC(b) | 5.00% | 07/15/2030 | 32,822 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 58 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/Oaktree High Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principle Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 225,000 | Vmed O2 UK Financing I PLC(b) | 4.75% | 07/15/2031 | $ | 193,822 | ||||||
| 210,000 | Vmed O2 UK Financing I PLC(d) | 5.63% | 04/15/2032 | 223,711 | ||||||||
| 2,626,402 | ||||||||||||
| Ireland - 0.69% | ||||||||||||
| 145,000 | Adient Global Holdings, Ltd.(b) | 7.50% | 02/15/2033 | 146,711 | ||||||||
| 216,000 | eircom Finance DAC | 5.00% | 04/30/2031 | 247,992 | ||||||||
| 394,703 | ||||||||||||
| Italy - 2.57% | ||||||||||||
| 157,000 | Castello BC Bidco SpA(d)(e) | 3M EUR L + 4.50% | 11/14/2031 | 181,901 | ||||||||
| 100,000 | Cedacri SpA(b)(e) | 3M EUR L + 4.63% | 05/15/2028 | 112,481 | ||||||||
| 205,000 | Dolcetto Holdco SpA(b) | 5.63% | 07/14/2032 | 236,176 | ||||||||
| 90,000 | Fibercop SpA(b) | 6.00% | 09/30/2034 | 85,841 | ||||||||
| 210,000 | Kepler SpA(b)(e) | 3M EUR L + 4.13% | 12/18/2029 | 243,241 | ||||||||
| 100,000 | Neopharmed Gentili SPA(d) | 7.13% | 04/08/2030 | 118,398 | ||||||||
| 115,000 | Neopharmed Gentili SPA(b) | 7.13% | 04/08/2030 | 136,158 | ||||||||
| 150,000 | Sammontana Italia SpA(d)(e) | 3M EUR L + 3.75% | 10/15/2031 | 173,869 | ||||||||
| 165,000 | TeamSystem SpA(b) | 5.00% | 07/01/2031 | 176,485 | ||||||||
| 1,464,550 | ||||||||||||
| Japan - 0.89% | ||||||||||||
| 140,000 | Nissan Motor Co., Ltd.(b) | 7.50% | 07/17/2030 | 141,197 | ||||||||
| 145,000 | Nissan Motor Co., Ltd.(b) | 7.75% | 07/17/2032 | 146,974 | ||||||||
| 215,000 | Nissan Motor Co., Ltd.(b) | 8.13% | 07/17/2035 | 221,394 | ||||||||
| 509,565 | ||||||||||||
| Jersey - 0.21% | ||||||||||||
| 135,000 | Toucan FinCo, Ltd./Toucan FinCo Can, Inc./Toucan FinCo US LLC(b) | 9.50% | 05/15/2030 | 119,384 | ||||||||
| Luxembourg - 3.63% | ||||||||||||
| 132,000 | Aegis Lux 1a Sarl(b)(g) | 5.63% (6.375%) | 10/29/2031 | 151,032 | ||||||||
| 95,000 | Albion Financing 1 SARL / Aggreko Holdings, Inc.(b) | 7.00% | 05/21/2030 | 97,164 | ||||||||
| 100,000 | Albion Financing 1 SARL / Aggreko Holdings, Inc.(b) | 5.38% | 05/21/2030 | 116,193 | ||||||||
| 155,000 | Aramark International Finance Sarl(b) | 4.38% | 04/15/2033 | 171,169 | ||||||||
| 245,000 | Eurofins Scientific SE(e)(f) | 3M EUR L + 3.19% | Perpetual Maturity | 291,614 | ||||||||
| 219,000 | Froneri Lux FinCo SARL(d) | 4.75% | 08/01/2032 | 240,056 | ||||||||
| 167,625 | LHMC Finco 2 Sarl(d)(g) | 9.38% (9.375%) | 05/15/2030 | 203,301 | ||||||||
| 165,000 | Luna 2 5SARL(b) | 5.50% | 07/01/2032 | 188,357 | ||||||||
| 100,000 | Sani/Ikos Financial Holdings 1 Sarl(d) | 7.25% | 07/31/2030 | 118,055 | ||||||||
| 100,000 | Sani/Ikos Financial Holdings 1 Sarl(b) | 7.25% | 07/31/2030 | 118,055 | ||||||||
| 16,000 | Telecom Italia Capital SA | 6.38% | 11/15/2033 | 16,730 | ||||||||
| 335,000 | Telecom Italia Capital SA | 7.20% | 07/18/2036 | 362,052 | ||||||||
| 2,073,778 | ||||||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 59 |
| RiverNorth/Oaktree High Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principle Amount/Description | Rate | Maturity | Value | |||||||||
| Netherlands - 1.46% | ||||||||||||
| $ | 110,000 | Flora Food Management BV(b) | 6.88% | 07/02/2029 | $ | 119,495 | ||||||
| 100,000 | Odido Group Holding BV(d) | 5.50% | 01/15/2030 | 112,013 | ||||||||
| 215,000 | Sunrise FinCo I BV(d) | 4.63% | 05/15/2032 | 243,626 | ||||||||
| 200,000 | Telefonica Europe BV(e)(f) | Perpetual Maturity | 236,706 | |||||||||
| 100,000 | Telefonica Europe BV(e)(f) | 8Y EUR SWAP + 3.62% | Perpetual Maturity | 123,572 | ||||||||
| 835,412 | ||||||||||||
| Spain - 0.86% | ||||||||||||
| 100,000 | Eroski S Coop(d) | 5.75% | 05/15/2031 | 117,133 | ||||||||
| 113,000 | Eroski S Coop(b) | 5.75% | 05/15/2031 | 132,361 | ||||||||
| 200,000 | Grifols SA(b) | 7.13% | 05/01/2030 | 239,622 | ||||||||
| 489,116 | ||||||||||||
| United States - 65.00% | ||||||||||||
| 40,000 | Academy, Ltd.(b) | 6.00% | 11/15/2027 | 40,151 | ||||||||
| 155,000 | Acadia Healthcare Co., Inc.(b) | 7.38% | 03/15/2033 | 158,887 | ||||||||
| 95,000 | ACCO Brands Corp.(b) | 4.25% | 03/15/2029 | 84,890 | ||||||||
| 210,000 | ADT Security Corp.(b) | 5.88% | 10/15/2033 | 203,595 | ||||||||
| 25,000 | Advance Auto Parts, Inc.(b) | 7.00% | 08/01/2030 | 25,342 | ||||||||
| 210,000 | Advance Auto Parts, Inc.(b) | 7.38% | 08/01/2033 | 212,869 | ||||||||
| 190,000 | Albertsons Cos., Inc.(b) | 5.63% | 03/31/2032 | 187,213 | ||||||||
| 275,000 | Allied Universal Holdco LLC(b) | 7.88% | 02/15/2031 | 283,768 | ||||||||
| 200,000 | Allied Universal Holdco LLC/Allied Universal Finance Corp./Atlas Luxco 4 Sarl(b) | 4.63% | 06/01/2028 | 195,436 | ||||||||
| 70,000 | Alpha Generation LLC(b) | 6.75% | 10/15/2032 | 71,075 | ||||||||
| 85,000 | Alpha Generation LLC(b) | 6.25% | 01/15/2034 | 83,561 | ||||||||
| 4,000 | AMC Networks, Inc. | 4.25% | 02/15/2029 | 3,374 | ||||||||
| 234,000 | AMC Networks, Inc.(b) | 10.50% | 07/15/2032 | 231,178 | ||||||||
| 75,000 | American Airlines, Inc.(b) | 7.25% | 02/15/2028 | 75,485 | ||||||||
| 75,000 | AmeriGas Partners LP / AmeriGas Finance Corp. | 5.75% | 05/20/2027 | 75,552 | ||||||||
| 230,000 | AmeriGas Partners LP / AmeriGas Finance Corp.(b) | 9.38% | 06/01/2028 | 236,263 | ||||||||
| 145,000 | Anywhere Real Estate Group LLC / Anywhere Co.-Issuer Corp.(b) | 7.00% | 04/15/2030 | 145,319 | ||||||||
| 65,000 | Anywhere Real Estate Group LLC / Realogy Co.-Issuer Corp.(b) | 5.75% | 01/15/2029 | 62,707 | ||||||||
| 180,000 | Arches Buyer, Inc.(b) | 4.25% | 06/01/2028 | 174,033 | ||||||||
| 210,000 | Arches Buyer, Inc.(b) | 6.13% | 12/01/2028 | 201,292 | ||||||||
| 135,000 | Archrock Services LP / Archrock Partners Finance Corp.(b) | 6.00% | 02/01/2034 | 133,759 | ||||||||
| 65,000 | Arsenal AIC Parent LLC(b) | 8.00% | 10/01/2030 | 67,757 | ||||||||
| 80,000 | Ascent Resources Utica Holdings LLC / ARU Finance Corp.(b) | 6.63% | 07/15/2033 | 81,427 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 60 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/Oaktree High Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principle Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 120,000 | Asurion LLC/ Asurion Co.-Issuer, Inc.(b) | 8.00% | 12/31/2032 | $ | 124,595 | ||||||
| 85,000 | Avient Corp.(b) | 7.13% | 08/01/2030 | 86,431 | ||||||||
| 100,000 | Beach Acquisition Bidco LLC(d) | 5.25% | 07/15/2032 | 111,139 | ||||||||
| 165,000 | Beach Acquisition Bidco LLC | 5.25% | 07/15/2032 | 183,380 | ||||||||
| 105,000 | Beacon Mobility Corp.(b) | 7.25% | 08/01/2030 | 108,548 | ||||||||
| 145,000 | BellRing Brands, Inc.(b) | 7.00% | 03/15/2030 | 145,144 | ||||||||
| 60,000 | Big River Steel LLC / BRS Finance Corp.(b) | 6.63% | 01/31/2029 | 59,910 | ||||||||
| 90,000 | BioMarin Pharmaceutical, Inc.(b) | 5.50% | 02/15/2034 | 88,674 | ||||||||
| 387,000 | BlackRock TCP Capital Corp. | 6.95% | 05/30/2029 | 380,085 | ||||||||
| 200,000 | Block Communications, Inc.(b) | 10.25% | 03/01/2031 | 183,182 | ||||||||
| 165,000 | Bloomin' Brands, Inc. / OSI Restaurant Partners LLC(b) | 5.13% | 04/15/2029 | 146,571 | ||||||||
| 105,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp.(b) | 7.00% | 07/15/2029 | 108,530 | ||||||||
| 60,000 | Blue Racer Midstream LLC / Blue Racer Finance Corp.(b) | 7.25% | 07/15/2032 | 62,367 | ||||||||
| 215,000 | BlueLinx Holdings, Inc.(b) | 6.00% | 11/15/2029 | 208,740 | ||||||||
| 205,000 | Boots Group Finco LP(b) | 5.38% | 08/31/2032 | 236,626 | ||||||||
| 45,000 | Buckeye Partners LP(b) | 4.50% | 03/01/2028 | 44,279 | ||||||||
| 105,000 | Buckeye Partners LP(b) | 6.88% | 07/01/2029 | 108,127 | ||||||||
| 190,000 | California Resources Corp.(b) | 7.00% | 01/15/2034 | 191,669 | ||||||||
| 216,000 | Carnival PLC(d) | 4.13% | 07/15/2031 | 243,458 | ||||||||
| 175,000 | CCO Holdings LLC / CCO Holdings Capital Corp.(b) | 6.38% | 09/01/2029 | 175,649 | ||||||||
| 120,000 | CCO Holdings LLC / CCO Holdings Capital Corp.(b) | 4.75% | 03/01/2030 | 113,941 | ||||||||
| 145,000 | CCO Holdings LLC / CCO Holdings Capital Corp.(b) | 7.38% | 03/01/2031 | 147,692 | ||||||||
| 120,000 | CCO Holdings LLC / CCO Holdings Capital Corp.(b) | 7.00% | 02/01/2033 | 120,450 | ||||||||
| 250,000 | CCO Holdings LLC / CCO Holdings Capital Corp.(b) | 4.50% | 06/01/2033 | 217,833 | ||||||||
| 240,000 | CCO Holdings LLC / CCO Holdings Capital Corp.(b) | 4.25% | 01/15/2034 | 205,542 | ||||||||
| 55,000 | Celanese US Holdings LLC | 7.00% | 02/15/2031 | 56,516 | ||||||||
| 410,000 | Celanese US Holdings LLC | 6.75% | 04/15/2033 | 420,903 | ||||||||
| 145,000 | Century Communities, Inc.(b) | 6.63% | 09/15/2033 | 142,234 | ||||||||
| 35,000 | Chart Industries, Inc.(b) | 9.50% | 01/01/2031 | 36,791 | ||||||||
| 40,000 | CHS/Community Health Systems, Inc.(b) | 6.00% | 01/15/2029 | 39,584 | ||||||||
| 165,000 | CHS/Community Health Systems, Inc.(b) | 5.25% | 05/15/2030 | 155,615 | ||||||||
| 148,000 | CHS/Community Health Systems, Inc.(b) | 10.88% | 01/15/2032 | 158,969 | ||||||||
| 45,000 | CHS/Community Health Systems, Inc.(b) | 9.75% | 01/15/2034 | 46,760 | ||||||||
| 10,000 | Churchill Downs, Inc.(b) | 4.75% | 01/15/2028 | 9,871 | ||||||||
| 55,000 | Churchill Downs, Inc.(b) | 5.75% | 04/01/2030 | 54,420 | ||||||||
| 100,000 | Churchill Downs, Inc.(b) | 6.75% | 05/01/2031 | 102,005 | ||||||||
| 65,000 | Clear Channel Outdoor Holdings, Inc.(b) | 7.88% | 04/01/2030 | 68,069 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 61 |
| RiverNorth/Oaktree High Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principle Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 125,000 | Cleveland-Cliffs, Inc.(b) | 7.00% | 03/15/2032 | $ | 121,100 | ||||||
| 275,000 | Cloud Software Group, Inc.(b) | 6.50% | 03/31/2029 | 268,553 | ||||||||
| 210,000 | Cloud Software Group, Inc.(b) | 8.25% | 06/30/2032 | 199,339 | ||||||||
| 35,000 | Cloud Software Group, Inc.(b) | 6.63% | 08/15/2033 | 31,149 | ||||||||
| 85,000 | Clydesdale Acquisition Holdings, Inc.(b) | 6.63% | 04/15/2029 | 83,544 | ||||||||
| 35,000 | Clydesdale Acquisition Holdings, Inc.(b) | 6.88% | 01/15/2030 | 34,063 | ||||||||
| 90,000 | Cogent Communications Group LLC / Cogent Finance, Inc.(b) | 7.00% | 06/15/2027 | 89,087 | ||||||||
| 45,000 | Cogent Communications Group LLC / Cogent Finance, Inc.(b) | 7.00% | 06/15/2027 | 44,466 | ||||||||
| 110,000 | Cogent Communications Group LLC / Cogent Finance, Inc.(b) | 6.50% | 07/01/2032 | 96,034 | ||||||||
| 160,000 | Columbus McKinnon Corp.(b) | 7.13% | 02/01/2033 | 160,076 | ||||||||
| 115,000 | Commercial Metals Co.(b) | 5.75% | 11/15/2033 | 113,898 | ||||||||
| 90,000 | Commercial Metals Co.(b) | 6.00% | 12/15/2035 | 88,819 | ||||||||
| 80,000 | Comstock Resources, Inc.(b) | 6.75% | 03/01/2029 | 79,026 | ||||||||
| 125,000 | Comstock Resources, Inc.(b) | 6.75% | 03/01/2029 | 123,632 | ||||||||
| 50,000 | Comstock Resources, Inc.(b) | 5.88% | 01/15/2030 | 48,443 | ||||||||
| 65,000 | Coty, Inc./HFC Prestige Products Inc/HFC Prestige International US LLC(b) | 6.63% | 07/15/2030 | 64,499 | ||||||||
| 225,000 | Cougar JV Subsidiary LLC(b) | 8.00% | 05/15/2032 | 232,812 | ||||||||
| 250,000 | CQP Holdco LP / BIP-V Chinook Holdco LLC(b) | 7.50% | 12/15/2033 | 262,544 | ||||||||
| 115,000 | CrossCountry Intermediate HoldCo LLC(b) | 6.50% | 10/01/2030 | 109,755 | ||||||||
| 45,000 | CrossCountry Intermediate HoldCo LLC(b) | 6.75% | 12/01/2032 | 42,387 | ||||||||
| 460,000 | CSC Holdings LLC(b) | 5.50% | 04/15/2027 | 399,507 | ||||||||
| 115,000 | CSC Holdings LLC(b) | 5.75% | 01/15/2030 | 43,779 | ||||||||
| 25,000 | CSC Holdings LLC(b) | 5.00% | 11/15/2031 | 9,099 | ||||||||
| 40,000 | Cushman & Wakefield US Borrower LLC(b) | 6.75% | 05/15/2028 | 40,085 | ||||||||
| 110,000 | Cushman & Wakefield US Borrower LLC(b) | 8.88% | 09/01/2031 | 116,587 | ||||||||
| 103,000 | CVR Energy, Inc.(b) | 5.75% | 02/15/2028 | 102,037 | ||||||||
| 45,000 | CVR Energy, Inc.(b) | 7.50% | 02/15/2031 | 45,374 | ||||||||
| 90,000 | Cyprium Corp. / Cyprium Holdings Luxembourg Sarl(b) | 6.38% | 04/15/2034 | 87,583 | ||||||||
| 185,000 | DaVita, Inc.(b) | 6.88% | 09/01/2032 | 189,681 | ||||||||
| 60,000 | DaVita, Inc.(b) | 6.75% | 07/15/2033 | 61,087 | ||||||||
| 135,000 | Dcli Bidco LLC(b) | 7.75% | 11/15/2029 | 136,626 | ||||||||
| 180,000 | Diebold Nixdorf, Inc.(b) | 7.75% | 03/31/2030 | 187,621 | ||||||||
| 50,000 | Directv Financing LLC(b) | 8.88% | 02/01/2030 | 49,951 | ||||||||
| 80,000 | Directv Financing LLC / Directv Financing Co.-Obligor, Inc.(b) | 5.88% | 08/15/2027 | 79,965 | ||||||||
| 145,000 | Discovery Global Holdings, Inc. | 5.05% | 03/15/2042 | 95,889 | ||||||||
| 155,000 | Electronic Arts, Inc. | 2.95% | 02/15/2051 | 124,814 | ||||||||
| 85,000 | Endo Finance Holdings LP(b) | 8.50% | 04/15/2031 | 89,067 | ||||||||
| 130,000 | EQT Corp. | 4.75% | 01/15/2031 | 129,374 | ||||||||
| 80,000 | EquipmentShare.com, Inc.(b) | 8.00% | 03/15/2033 | 82,680 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 62 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/Oaktree High Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principle Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 95,000 | EZCORP, Inc.(b) | 7.38% | 04/01/2032 | $ | 99,476 | ||||||
| 145,000 | Fair Isaac Corp.(b) | 6.25% | 09/15/2034 | 142,736 | ||||||||
| 50,000 | Fertitta Entertainment LLC / Fertitta Entertainment Finance Co., Inc.(b) | 6.75% | 01/15/2030 | 46,741 | ||||||||
| 90,000 | Fiesta Purchaser, Inc.(b) | 7.88% | 03/01/2031 | 91,701 | ||||||||
| 130,000 | Fiesta Purchaser, Inc.(b) | 9.63% | 09/15/2032 | 132,726 | ||||||||
| 10,000 | FirstCash, Inc.(b) | 4.63% | 09/01/2028 | 9,832 | ||||||||
| 170,000 | FirstCash, Inc.(b) | 5.63% | 01/01/2030 | 169,495 | ||||||||
| 50,000 | FirstCash, Inc.(b) | 6.88% | 03/01/2032 | 51,023 | ||||||||
| 55,000 | Five Point Operating Co. LP(b) | 8.00% | 10/01/2030 | 54,905 | ||||||||
| 45,000 | Ford Motor Credit Co. LLC | 6.50% | 02/07/2035 | 45,434 | ||||||||
| 70,000 | Ford Motor Credit Co. LLC | 5.87% | 10/31/2035 | 67,238 | ||||||||
| 160,000 | Fortress Intermediate 3, Inc.(b) | 7.50% | 06/01/2031 | 159,216 | ||||||||
| 600,000 | Franklin BSP Capital Corp. | 7.20% | 06/15/2029 | 603,694 | ||||||||
| 35,000 | Freedom Mortgage Corp.(b) | 12.25% | 10/01/2030 | 37,790 | ||||||||
| 140,000 | Freedom Mortgage Holdings LLC(b) | 9.13% | 05/15/2031 | 142,485 | ||||||||
| 40,000 | Freedom Mortgage Holdings LLC(b) | 8.38% | 04/01/2032 | 39,389 | ||||||||
| 10,000 | Frontier Communications Holdings LLC(b) | 5.00% | 05/01/2028 | 10,004 | ||||||||
| 20,000 | Frontier Communications Holdings LLC(b) | 8.75% | 05/15/2030 | 20,537 | ||||||||
| 200,000 | FS KKR Capital Corp. | 6.88% | 08/15/2029 | 196,667 | ||||||||
| 500,000 | FS KKR Capital Corp. | 6.13% | 01/15/2030 | 476,261 | ||||||||
| 200,000 | FTAI Aviation Investors LLC(b) | 5.50% | 05/01/2028 | 200,099 | ||||||||
| 3,000 | FTAI Aviation Investors LLC(b) | 7.88% | 12/01/2030 | 3,135 | ||||||||
| 235,000 | FTAI Aviation Investors LLC(b) | 7.00% | 06/15/2032 | 241,094 | ||||||||
| 155,000 | Global Partners LP / GLP Finance Corp.(b) | 7.13% | 07/01/2033 | 156,363 | ||||||||
| 145,000 | Gray Media, Inc.(b) | 9.63% | 07/15/2032 | 145,126 | ||||||||
| 195,000 | Gray Media, Inc.(b) | 7.25% | 08/15/2033 | 196,645 | ||||||||
| 115,000 | Great Lakes Dredge & Dock Corp.(b) | 5.25% | 06/01/2029 | 115,496 | ||||||||
| 120,000 | Greystar Real Estate Partners LLC(b) | 7.75% | 09/01/2030 | 124,901 | ||||||||
| 80,000 | Hawaiian Electric Co., Inc.(b) | 6.00% | 10/01/2033 | 79,952 | ||||||||
| 90,000 | Herc Holdings, Inc.(b) | 6.63% | 06/15/2029 | 91,531 | ||||||||
| 55,000 | Herc Holdings, Inc.(b) | 6.00% | 03/15/2034 | 53,228 | ||||||||
| 250,000 | Hilton Domestic Operating Co., Inc.(b) | 5.50% | 03/31/2034 | 244,440 | ||||||||
| 230,000 | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.(b) | 5.00% | 06/01/2029 | 218,526 | ||||||||
| 130,000 | Hilton Grand Vacations Borrower LLC / Hilton Grand Vacations Borrower, Inc.(b) | 4.88% | 07/01/2031 | 117,419 | ||||||||
| 75,000 | Howard Midstream Energy Partners LLC(b) | 6.63% | 01/15/2034 | 75,339 | ||||||||
| 80,000 | HUB International, Ltd.(b) | 7.25% | 06/15/2030 | 81,998 | ||||||||
| 255,000 | Hunt Companies, Inc.(b) | 5.25% | 04/15/2029 | 239,468 | ||||||||
| 55,000 | iHeartCommunications, Inc.(b) | 9.13% | 05/01/2029 | 50,001 | ||||||||
| 15,000 | Iron Mountain, Inc.(b) | 5.00% | 07/15/2028 | 14,849 | ||||||||
| 55,000 | Iron Mountain, Inc.(b) | 7.00% | 02/15/2029 | 56,093 | ||||||||
| 55,000 | Iron Mountain, Inc.(b) | 5.25% | 07/15/2030 | 53,467 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 63 |
| RiverNorth/Oaktree High Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principle Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 135,000 | JB Poindexter & Co., Inc.(b) | 8.75% | 12/15/2031 | $ | 137,001 | ||||||
| 395,000 | JetBlue Airways Corp. | 0.50% | 04/01/2026 | 393,756 | ||||||||
| 227,000 | Kennedy-Wilson, Inc. | 4.75% | 02/01/2030 | 227,237 | ||||||||
| 230,000 | Kinetik Holdings LP(b) | 6.63% | 12/15/2028 | 234,010 | ||||||||
| 55,000 | Kinetik Holdings LP(b) | 5.88% | 06/15/2030 | 55,234 | ||||||||
| 80,000 | Kodiak Gas Services LLC(b) | 6.50% | 10/01/2033 | 80,919 | ||||||||
| 90,000 | Kodiak Gas Services LLC(b) | 6.75% | 10/01/2035 | 91,499 | ||||||||
| 70,000 | Kraken Oil & Gas Partners LLC(b) | 7.63% | 08/15/2029 | 71,523 | ||||||||
| 120,000 | Kronos International, Inc.(d) | 9.50% | 03/15/2029 | 119,993 | ||||||||
| 155,000 | LBM Acquisition LLC(b) | 6.25% | 01/15/2029 | 113,456 | ||||||||
| 295,000 | LCM Investments Holdings II LLC(b) | 8.25% | 08/01/2031 | 307,321 | ||||||||
| 370,000 | Level 3 Financing, Inc.(b) | 7.00% | 03/31/2034 | 379,004 | ||||||||
| 55,000 | Level 3 Financing, Inc.(b) | 8.50% | 01/15/2036 | 57,440 | ||||||||
| 250,000 | LFS Topco LLC(b) | 8.75% | 07/15/2030 | 239,118 | ||||||||
| 25,000 | LifePoint Health, Inc.(b) | 9.88% | 08/15/2030 | 26,469 | ||||||||
| 130,000 | LifePoint Health, Inc.(b) | 8.38% | 02/15/2032 | 138,924 | ||||||||
| 50,000 | Marriott Ownership Resorts, Inc. | 4.75% | 01/15/2028 | 49,241 | ||||||||
| 215,000 | Marriott Ownership Resorts, Inc.(b) | 4.50% | 06/15/2029 | 204,013 | ||||||||
| 65,000 | Marriott Ownership Resorts, Inc.(b) | 6.50% | 10/01/2033 | 61,865 | ||||||||
| 165,000 | Matador Resources Co.(b) | 6.00% | 04/15/2034 | 164,057 | ||||||||
| 155,000 | Match Group Financeco 2, Inc.(b) | 0.88% | 06/15/2026 | 153,760 | ||||||||
| 235,000 | Mativ Holdings, Inc.(b) | 8.00% | 10/01/2029 | 219,168 | ||||||||
| 110,000 | Medline Borrower LP(b) | 5.25% | 10/01/2029 | 109,098 | ||||||||
| 470,000 | MPT Operating Partnership LP / MPT Finance Corp. | 5.00% | 10/15/2027 | 437,899 | ||||||||
| 45,000 | MPT Operating Partnership LP / MPT Finance Corp. | 4.63% | 08/01/2029 | 35,044 | ||||||||
| 65,000 | MPT Operating Partnership LP / MPT Finance Corp.(b) | 8.50% | 02/15/2032 | 65,949 | ||||||||
| 120,000 | Nabors Industries, Inc.(b) | 7.63% | 11/15/2032 | 122,914 | ||||||||
| 80,000 | NCL Corp., Ltd.(b) | 7.75% | 02/15/2029 | 83,338 | ||||||||
| 285,000 | NCL Corp., Ltd.(b) | 6.25% | 09/15/2033 | 276,744 | ||||||||
| 115,000 | NCR Atleos Corp.(b) | 9.50% | 04/01/2029 | 123,165 | ||||||||
| 34,000 | NCR Voyix Corp.(b) | 5.13% | 04/15/2029 | 32,553 | ||||||||
| 35,000 | New Enterprise Stone & Lime Co., Inc.(b) | 9.75% | 07/15/2028 | 35,065 | ||||||||
| 15,000 | Nexstar Media, Inc.(b) | 6.50% | 09/15/2033 | 15,123 | ||||||||
| 55,000 | Nexstar Media, Inc.(b) | 7.25% | 04/15/2034 | 55,222 | ||||||||
| 175,000 | Northern Oil & Gas, Inc.(b) | 7.88% | 10/15/2033 | 181,179 | ||||||||
| 260,000 | Novelis Corp.(b) | 6.88% | 01/30/2030 | 262,457 | ||||||||
| 260,000 | NRG Energy, Inc.(b) | 3.63% | 02/15/2031 | 239,558 | ||||||||
| 150,000 | NRG Energy, Inc.(b) | 6.00% | 01/15/2036 | 148,725 | ||||||||
| 28,000 | NuStar Logistics LP | 6.38% | 10/01/2030 | 28,966 | ||||||||
| 50,000 | OAK-Eagle Acquireco, Inc.(b) | 7.25% | 07/01/2033 | 51,837 | ||||||||
| 155,000 | Oceaneering International, Inc. | 6.00% | 02/01/2028 | 155,729 | ||||||||
| 115,000 | Olympus Water US Holding Corp.(b) | 4.25% | 10/01/2028 | 109,924 | ||||||||
| 65,000 | Olympus Water US Holding Corp.(b) | 6.25% | 10/01/2029 | 61,497 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 64 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/Oaktree High Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principle Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 75,000 | Olympus Water US Holding Corp.(b) | 6.75% | 08/01/2032 | $ | 71,500 | ||||||
| 95,000 | Olympus Water US Holding Corp.(b) | 7.25% | 02/15/2033 | 90,724 | ||||||||
| 109,000 | Olympus Water US Holding Corp.(b) | 6.13% | 02/15/2033 | 121,702 | ||||||||
| 40,000 | OneMain Finance Corp. | 7.88% | 03/15/2030 | 41,306 | ||||||||
| 20,000 | OneMain Finance Corp. | 7.13% | 11/15/2031 | 19,833 | ||||||||
| 60,000 | ONEOK, Inc. | 5.05% | 04/01/2045 | 51,516 | ||||||||
| 110,000 | Osaic Holdings, Inc.(b) | 8.00% | 08/01/2033 | 108,682 | ||||||||
| 20,000 | Outfront Media Capital LLC / Outfront Media Capital Corp.(b) | 5.00% | 08/15/2027 | 19,966 | ||||||||
| 110,000 | Owens-Brockway Glass Container, Inc.(b) | 7.25% | 05/15/2031 | 105,474 | ||||||||
| 180,000 | Owens-Brockway Glass Container, Inc.(b) | 7.38% | 06/01/2032 | 170,591 | ||||||||
| 140,000 | Panther Escrow Issuer LLC(b) | 7.13% | 06/01/2031 | 140,541 | ||||||||
| 70,000 | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(b) | 5.88% | 10/01/2028 | 69,740 | ||||||||
| 45,000 | Park Intermediate Holdings LLC / PK Domestic Property LLC / PK Finance Co.-Issuer(b) | 7.00% | 02/01/2030 | 45,581 | ||||||||
| 62,000 | Pebblebrook Hotel Trust | 1.75% | 12/15/2026 | 60,544 | ||||||||
| 79,000 | Pebblebrook Hotel Trust(b) | 1.63% | 01/15/2030 | 81,173 | ||||||||
| 145,000 | Pediatrix Medical Group, Inc.(b) | 5.38% | 02/15/2030 | 142,835 | ||||||||
| 235,000 | PennyMac Financial Services, Inc.(b) | 6.88% | 02/15/2033 | 225,047 | ||||||||
| 105,000 | Perimeter Holdings LLC(b) | 6.25% | 01/15/2034 | 103,086 | ||||||||
| 280,000 | PetSmart LLC / PetSmart Finance Corp.(b) | 7.50% | 09/15/2032 | 281,572 | ||||||||
| 435,000 | Post Holdings, Inc.(b) | 6.38% | 03/01/2033 | 428,931 | ||||||||
| 15,000 | Post Holdings, Inc.(b) | 6.50% | 03/15/2036 | 14,705 | ||||||||
| 165,000 | Quikrete Holdings, Inc.(b) | 6.75% | 03/01/2033 | 167,708 | ||||||||
| 336,000 | QVC, Inc.(b) | 6.88% | 04/15/2029 | 149,520 | ||||||||
| 100,000 | Railworks Holdings LP / Railworks Rally, Inc.(b) | 8.25% | 11/15/2028 | 100,280 | ||||||||
| 100,000 | RAY Financing LLC(d) | 6.50% | 07/15/2031 | 115,857 | ||||||||
| 100,000 | RAY Financing LLC(b) | 6.50% | 07/15/2031 | 115,856 | ||||||||
| 120,000 | RHP Hotel Properties LP / RHP Finance Corp.(b) | 7.25% | 07/15/2028 | 122,593 | ||||||||
| 145,000 | RHP Hotel Properties LP / RHP Finance Corp. | 6.50% | 04/01/2032 | 147,732 | ||||||||
| 40,000 | RLJ Lodging Trust LP(b) | 4.00% | 09/15/2029 | 37,493 | ||||||||
| 20,000 | Rocket Cos., Inc.(b) | 7.13% | 02/01/2032 | 20,631 | ||||||||
| 55,000 | Rocket Cos., Inc.(b) | 6.38% | 08/01/2033 | 55,660 | ||||||||
| 75,000 | Rocket Mortgage LLC / Rocket Mortgage Co.-Issuer, Inc.(b) | 4.00% | 10/15/2033 | 67,285 | ||||||||
| 290,000 | Rocket Software, Inc.(b) | 9.00% | 11/28/2028 | 289,868 | ||||||||
| 75,000 | Rocket Software, Inc.(b) | 6.50% | 02/15/2029 | 67,591 | ||||||||
| 135,000 | Royal Caribbean Cruises, Ltd.(b) | 6.25% | 03/15/2032 | 138,047 | ||||||||
| 170,000 | Sally Holdings LLC / Sally Capital, Inc. | 6.75% | 04/01/2032 | 174,123 | ||||||||
| 98,000 | Sealed Air Corp./Sealed Air Corp US(b) | 7.25% | 02/15/2031 | 102,827 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 65 |
| RiverNorth/Oaktree High Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principle Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 30,000 | Service Properties Trust | 4.95% | 02/15/2027 | $ | 30,128 | ||||||
| 116,000 | Service Properties Trust(b) | 8.63% | 11/15/2031 | 121,231 | ||||||||
| 330,000 | Service Properties Trust | 8.88% | 06/15/2032 | 327,410 | ||||||||
| 245,000 | Sirius XM Radio LLC(b) | 4.13% | 07/01/2030 | 229,561 | ||||||||
| 275,000 | Sirius XM Radio LLC(b) | 5.88% | 04/15/2032 | 273,449 | ||||||||
| 55,000 | Six Flags Entertainment Corp.(b) | 7.25% | 05/15/2031 | 53,015 | ||||||||
| 130,000 | Six Flags Entertainment Corp. / Canada's Wonderland Co. / Magnum Management Corp | 5.25% | 07/15/2029 | 124,421 | ||||||||
| 105,000 | Six Flags Entertainment Corp.'s Wonderland Co./Millennium Operations LLC(b) | 8.63% | 01/15/2032 | 105,241 | ||||||||
| 112,000 | SM Energy Co.(b) | 7.00% | 08/01/2032 | 114,447 | ||||||||
| 130,000 | SM Energy Co.(b) | 6.63% | 04/15/2034 | 129,737 | ||||||||
| 255,000 | Sotera Health Holdings LLC(b) | 7.38% | 06/01/2031 | 263,727 | ||||||||
| 22,000 | Spectrum Brands, Inc.(b) | 3.88% | 03/15/2031 | 19,099 | ||||||||
| 275,000 | Standard Building Solutions, Inc.(b) | 5.88% | 03/15/2034 | 265,441 | ||||||||
| 95,000 | Stonebriar ABF Issuer LLC(b) | 8.13% | 12/15/2030 | 98,259 | ||||||||
| 205,000 | Suburban Propane Partners LP/Suburban Energy Finance Corp.(b) | 5.00% | 06/01/2031 | 193,092 | ||||||||
| 35,000 | Suburban Propane Partners LP/Suburban Energy Finance Corp.(b) | 6.50% | 12/15/2035 | 34,055 | ||||||||
| 145,000 | Sunoco LP(b) | 7.25% | 05/01/2032 | 150,116 | ||||||||
| 105,000 | Sunoco LP(b) | 6.25% | 07/01/2033 | 105,541 | ||||||||
| 330,000 | Sunoco LP(b) | 5.63% | 07/15/2034 | 325,181 | ||||||||
| 250,000 | Talen Energy Supply LLC(b) | 6.50% | 02/01/2036 | 251,870 | ||||||||
| 282,000 | TMS International Corp.(b) | 6.25% | 04/15/2029 | 272,437 | ||||||||
| 350,000 | TransDigm, Inc.(b) | 6.38% | 05/31/2033 | 348,411 | ||||||||
| 195,000 | TransDigm, Inc.(b) | 6.75% | 01/31/2034 | 197,702 | ||||||||
| 215,000 | TransDigm, Inc.(b) | 6.13% | 07/31/2034 | 211,730 | ||||||||
| 15,000 | TriNet Group, Inc.(b) | 7.13% | 08/15/2031 | 14,573 | ||||||||
| 135,000 | Uniti Services LLC(b) | 7.50% | 10/15/2033 | 140,449 | ||||||||
| 130,000 | Univision Communications, Inc.(b) | 8.00% | 08/15/2028 | 132,022 | ||||||||
| 10,000 | Univision Communications, Inc.(b) | 7.38% | 06/30/2030 | 9,806 | ||||||||
| 140,000 | Univision Communications, Inc.(b) | 9.38% | 08/01/2032 | 144,390 | ||||||||
| 95,000 | US Foods, Inc.(b) | 7.25% | 01/15/2032 | 98,422 | ||||||||
| 195,000 | USA Compression Partners LP / USA Compression Finance Corp.(b) | 7.13% | 03/15/2029 | 199,635 | ||||||||
| 85,000 | USA Compression Partners LP / USA Compression Finance Corp.(b) | 6.25% | 10/01/2033 | 84,871 | ||||||||
| 290,000 | Venture Global LNG, Inc.(b) | 7.00% | 01/15/2030 | 296,252 | ||||||||
| 190,000 | Venture Global LNG, Inc.(b) | 8.38% | 06/01/2031 | 197,694 | ||||||||
| 15,000 | Venture Global Plaquemines LNG LLC(b) | 6.13% | 12/15/2030 | 15,435 | ||||||||
| 30,000 | Venture Global Plaquemines LNG LLC(b) | 7.50% | 05/01/2033 | 32,994 | ||||||||
| 145,000 | Venture Global Plaquemines LNG LLC(b) | 6.50% | 06/15/2034 | 151,029 | ||||||||
| 65,000 | Venture Global Plaquemines LNG LLC(b) | 7.75% | 05/01/2035 | 72,891 | ||||||||
See Notes to Financial Statements and Financial Highlights.
| 66 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/Oaktree High Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Principle Amount/Description | Rate | Maturity | Value | |||||||||
| $ | 200,000 | Venture Global Plaquemines LNG LLC(b) | 6.75% | 01/15/2036 | $ | 211,960 | ||||||
| 40,000 | Vistra Operations Co. LLC(b) | 7.75% | 10/15/2031 | 41,919 | ||||||||
| 140,000 | Vistra Operations Co. LLC(b) | 6.88% | 04/15/2032 | 144,975 | ||||||||
| 145,000 | VoltaGrid LLC(b) | 7.38% | 11/01/2030 | 149,824 | ||||||||
| 180,000 | Walker & Dunlop, Inc.(b) | 6.63% | 04/01/2033 | 176,128 | ||||||||
| 255,000 | Wand NewCo 3, Inc.(b) | 7.63% | 01/30/2032 | 260,873 | ||||||||
| 160,000 | Waste Pro USA, Inc.(b) | 7.00% | 02/01/2033 | 162,200 | ||||||||
| 125,000 | WBI Operating LLC(b) | 6.50% | 10/15/2033 | 124,132 | ||||||||
| 195,000 | Weatherford International, Ltd.(b) | 6.75% | 10/15/2033 | 199,372 | ||||||||
| 120,000 | Weekley Homes LLC / Weekley Finance Corp.(b) | 4.88% | 09/15/2028 | 116,313 | ||||||||
| 180,000 | Weekley Homes LLC / Weekley Finance Corp.(b) | 6.75% | 01/15/2034 | 172,619 | ||||||||
| 110,000 | WESCO Distribution, Inc.(b) | 6.63% | 03/15/2032 | 112,726 | ||||||||
| 180,000 | Western Midstream Operating LP | 5.50% | 08/15/2048 | 155,678 | ||||||||
| 185,000 | William Carter Co.(b) | 7.38% | 02/15/2031 | 188,923 | ||||||||
| 70,000 | Williams Scotsman, Inc.(b) | 7.38% | 10/01/2031 | 71,820 | ||||||||
| 225,000 | Windsor Holdings III LLC(b) | 8.50% | 06/15/2030 | 233,352 | ||||||||
| 70,000 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(b) | 5.13% | 10/01/2029 | 69,131 | ||||||||
| 55,000 | Wynn Resorts Finance LLC / Wynn Resorts Capital Corp.(b) | 7.13% | 02/15/2031 | 57,684 | ||||||||
| 20,000 | XPLR Infrastructure Operating Partners LP(b) | 8.38% | 01/15/2031 | 21,065 | ||||||||
| 40,000 | XPLR Infrastructure Operating Partners LP(b) | 8.63% | 03/15/2033 | 42,284 | ||||||||
| 105,000 | XPLR Infrastructure Operating Partners LP(b) | 7.75% | 04/15/2034 | 108,508 | ||||||||
| 228,368 | Zayo Group Holdings, Inc.(b)(g) | 9.25% (0.00%) | 03/09/2030 | 227,162 | ||||||||
| 35,000 | ZF North America Capital, Inc.(b) | 6.88% | 04/14/2028 | 35,522 | ||||||||
| 35,000 | ZF North America Capital, Inc.(b) | 7.13% | 04/14/2030 | 34,535 | ||||||||
| 165,000 | ZipRecruiter, Inc.(b) | 5.00% | 01/15/2030 | 95,451 | ||||||||
| 37,124,818 | ||||||||||||
| TOTAL HIGH YIELD DEBT | ||||||||||||
| (Cost $51,868,601) | 51,447,148 | |||||||||||
| BUSINESS DEVELOPMENT COMPANY NOTES - 0.13% | ||||||||||||
| United States - 0.13% | ||||||||||||
| $ | 3,018 | MidCap Financial Investment Corp. | 8.00% | 12/15/2028 | 75,903 | |||||||
| TOTAL BUSINESS DEVELOPMENT COMPANY NOTES | ||||||||||||
| (Cost $76,341) | 75,903 | |||||||||||
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 67 |
| RiverNorth/Oaktree High Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| Shares/Description | Value | |||||||
| WARRANTS - 0.00%(h) | ||||||||
| United States - 0.00%(h) | ||||||||
| 1,003 | Neuberger High Yield Strategies Fund, Inc., Strike Price 0.01, Expires 04/16/2026 | $ | 8 | |||||
| 99 | TCW Strategic Income Fund, Inc., Strike Price 0.01, Expires 03/19/2026 | 3 | ||||||
| TOTAL WARRANTS | ||||||||
| (Cost $6) | 11 | |||||||
| SHORT-TERM INVESTMENTS - 1.39% | ||||||||
| Money Market Fund - 1.39% | ||||||||
| 790,484 | State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 3.60%) | 790,484 | ||||||
| TOTAL SHORT-TERM INVESTMENTS | ||||||||
| (Cost $790,484) | 790,484 | |||||||
| TOTAL INVESTMENTS - 95.91% | ||||||||
| (Cost $55,340,416) | $ | 54,776,155 | ||||||
| OTHER ASSETS IN EXCESS OF LIABILITIES - 4.09% | 2,336,223 | |||||||
| NET ASSETS - 100.00% | $ | 57,112,378 | ||||||
Investment Abbreviations:
CME - Chicago Mercantile Exchange
EURIBOR - Euro Interbank Offered Rate
LLC - Limited Liability Company
LP - Limited Partnership
PLC - Public Limited Company
SOFR - Secured Overnight Financing Rate Data
Rates:
6M CME TERM - 6 Month CME TERM as of March 31, 2026 was 3.70%
1M SOFR - 1 Month SOFR as of March 31, 2026 was 3.65%
3M SOFR - 3 Month SOFR as of March 31, 2026 was 3.68%
3M EUR L - 3 Month EURIBOR as of March 31, 2026 was 2.08%
8Y EUR SWAP - 8 year Euro ICE Swap Rate as of March 31, 2026 was 3.62%
| (a) | The Level 3 assets were a result of unavailable quoted prices from an active market or the unavailability of other significant observable inputs. |
See Notes to Financial Statements and Financial Highlights.
| 68 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/Oaktree High Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
| (b) | Security exempt from registration under Rule 144A of the Securities Act of 1933, as amended. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees and may normally be sold to qualified institutional buyers in transactions exempt from registration. Total fair value of Rule 144A securities amounts to 39,151,783, which represents approximately 68.55 of net assets as of March 31, 2026. |
| (c) | Non-income producing security. |
| (d) | Securities were purchased pursuant to Regulation S under the Securities Act of 1933, as amended, which exempts securities offered and sold outside of the United States from registration. Such securities cannot be sold in the United States without either an effective registration statement filed pursuant to the Securities Act of 1933, as amended, or pursuant to an exemption from registration. These securities have been deemed liquid under procedures approved by the Fund's Board of Trustees. As of March 31, 2026, the aggregate fair value of those securities was $4,100,117, representing 7.18% of net assets. |
| (e) | Variable rate investment. Interest rates reset periodically. Interest rate shown reflects the rate in effect at March 31, 2026. 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 parentheses. |
| (h) | Less than 0.005%. |
See Notes to Financial Statements and Financial Highlights.
| Semi-Annual Report | March 31, 2026 | 69 |
| RiverNorth/Oaktree High Income Fund | Schedule of Investments |
March 31, 2026 (Unaudited)
OUTSTANDING FORWARD FOREIGN CURRENCY CONTRACTS
| Counterparty | Settlement Date |
Fund Receiving |
U.S. $ Value at March 31, 2026 |
Fund Delivering |
U.S. $ Value at March 31, 2026 |
Unrealized Appreciation/ (Depreciation) | ||||||||||||
| BANK OF MONTREAL | 4/7/2026 | EUR | 81,810 | USD | 82,527 | $ | (717 | ) | ||||||||||
| BANK OF MONTREAL | 4/7/2026 | EUR | 65,391 | USD | 65,641 | (250 | ) | |||||||||||
| BANK OF MONTREAL | 4/7/2026 | GBP | 14,920 | USD | 15,174 | (254 | ) | |||||||||||
| BANK OF MONTREAL | 4/7/2026 | GBP | 225,008 | USD | 227,392 | (2,384 | ) | |||||||||||
| BANK OF MONTREAL | 4/7/2026 | GBP | 7,258 | USD | 7,354 | (96 | ) | |||||||||||
| CANADIAN IMPERIAL BANK OF COMMERCE | 4/7/2026 | GBP | 178,683 | USD | 180,067 | (1,384 | ) | |||||||||||
| WELLS FARGO | 4/7/2026 | EUR | 66,399 | USD | 66,494 | (95 | ) | |||||||||||
| WELLS FARGO | 4/7/2026 | EUR | 54,261 | USD | 54,210 | 51 | ||||||||||||
| WELLS FARGO | 4/7/2026 | GBP | 284,569 | USD | 288,264 | (3,695 | ) | |||||||||||
| WELLS FARGO | 4/7/2026 | GBP | 8,364 | USD | 8,465 | (101 | ) | |||||||||||
| WELLS FARGO | 4/7/2026 | GBP | 264,716 | USD | 267,919 | (3,203 | ) | |||||||||||
| BANK OF MONTREAL | 4/7/2026 | USD | 115,508 | EUR | 115,612 | (104 | ) | |||||||||||
| BANK OF MONTREAL | 4/7/2026 | USD | 115,392 | EUR | 115,612 | (220 | ) | |||||||||||
| BANK OF MONTREAL | 4/7/2026 | USD | 87,305 | EUR | 87,865 | (560 | ) | |||||||||||
| BANK OF MONTREAL | 4/7/2026 | USD | 191,173 | EUR | 190,760 | 413 | ||||||||||||
| BANK OF MONTREAL | 4/7/2026 | USD | 254,985 | EUR | 254,347 | 638 | ||||||||||||
| CANADIAN IMPERIAL BANK OF COMMERCE | 4/7/2026 | USD | 10,071,310 | EUR | 10,024,749 | 46,561 | ||||||||||||
| CANADIAN IMPERIAL BANK OF COMMERCE | 4/7/2026 | USD | 232,054 | EUR | 231,225 | 829 | ||||||||||||
| CANADIAN IMPERIAL BANK OF COMMERCE | 4/7/2026 | USD | 1,569,188 | GBP | 1,560,922 | 8,266 | ||||||||||||
| CANADIAN IMPERIAL BANK OF COMMERCE | 4/7/2026 | USD | 133,081 | GBP | 132,358 | 723 | ||||||||||||
| State Street Corporation | 4/7/2026 | USD | 91,908 | EUR | 92,490 | (582 | ) | |||||||||||
| WELLS FARGO | 4/7/2026 | USD | 4,598 | EUR | 4,561 | 37 | ||||||||||||
| $ | 43,873 | |||||||||||||||||
See Notes to Financial Statements and Financial Highlights.
| 70 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/DoubleLine Strategic
Income Fund
| |
| Statement of Assets and Liabilities | March 31, 2026 (Unaudited) |
| ASSETS: | ||||
| Investment in securities: | ||||
| At cost | $ | 1,046,125,076 | ||
| At value | $ | 949,424,936 | ||
| Investment in affiliates: | ||||
| At cost | 41,649,092 | |||
| At value | 39,250,288 | |||
| Cash | 198,920 | |||
| Foreign currency, at value (Cost $544) | 577 | |||
| Interest receivable | 6,928,648 | |||
| Deposit with broker for total return swap contracts | 5,150,000 | |||
| Receivable for fund shares sold | 2,477,636 | |||
| Receivable for fund investments sold | 1,607,694 | |||
| Deposit with broker for futures contracts | 1,301,651 | |||
| Dividends receivable | 474,112 | |||
| Interest receivable on total return swap contracts | 250,078 | |||
| Unrealized appreciation on total return swap contracts | 50,000 | |||
| Prepaid expenses and other assets | 23,016 | |||
| Total Assets | 1,007,137,556 | |||
| LIABILITIES: | ||||
| Payable for fund investments purchased | 1,473,731 | |||
| Payable for fund shares redeemed | 7,160,024 | |||
| Unrealized depreciation on total return swap contracts | 2,079,120 | |||
| Payable to Adviser | 641,878 | |||
| Payable for fund accounting and administration fees | 141,977 | |||
| Accrued 12b-1 fees - Class R Shares | 5,813 | |||
| Payable for custodian fees | 24,113 | |||
| Payable for audit fees | 26,131 | |||
| Payable to transfer agent | 20,434 | |||
| Loan facility fee payable | 32,223 | |||
| Payable for Compliance fees | 52,282 | |||
| Variation margin payable | 104,423 | |||
| Other accrued expenses | 30,132 | |||
| Total Liabilities | 11,792,281 | |||
| Net Assets | $ | 995,345,275 | ||
| NET ASSETS CONSIST OF: | ||||
| Paid-in capital | $ | 1,281,422,712 | ||
| Total distributable earnings/(accumulated deficit) | (286,077,437 | ) | ||
| Net Assets | $ | 995,345,275 | ||
| See Notes to Financial Statements and Financial
Highlights.
| |
| Semi-Annual Report | March 31, 2026 | 71 |
| RiverNorth/DoubleLine Strategic Income Fund
| |
| Statement of Assets and Liabilities | March 31, 2026 (Unaudited) |
| PRICING OF SHARES: | ||||
| Class I Shares | ||||
| Net Assets | $ | 968,692,829 | ||
| Shares of common stock outstanding (unlimited number of shares, no par value) | 111,636,257 | |||
| Net Asset Value Per Share, Offering and Redemption Price Per Share | $ | 8.68 | ||
| Class R Shares | ||||
| Net Assets | $ | 26,652,446 | ||
| Shares of common stock outstanding (unlimited number of shares, no par value) | 3,064,780 | |||
| Net Asset Value Per Share, Offering and Redemption Price Per Share | $ | 8.70 |
| See Notes to Financial Statements and Financial
Highlights.
| |
| 72 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/Oaktree High Income Fund
| |
| Statement of Assets and Liabilities | March 31, 2026 (Unaudited) |
| ASSETS: | ||||
| Investment in securities: | ||||
| At cost | $ | 55,340,416 | ||
| At value | $ | 54,776,155 | ||
| Cash | 1,260,450 | |||
| Foreign currency, at value (Cost $33,539) | 33,345 | |||
| Interest receivable | 922,710 | |||
| Receivable for fund investments sold | 284,708 | |||
| Unrealized appreciation on forward foreign currency contracts | 57,518 | |||
| Dividends receivable | 35,851 | |||
| Receivable for fund shares sold | 808 | |||
| Prepaid expenses and other assets | 22,706 | |||
| Total Assets | 57,394,251 | |||
| LIABILITIES: | ||||
| Payable for fund investments purchased | 175,025 | |||
| Unrealized depreciation on forward foreign currency contracts | 13,645 | |||
| Payable to Adviser | 37,574 | |||
| Payable for fund accounting and administration fees | 28,591 | |||
| Accrued 12b-1 fees - Class R Shares | 821 | |||
| Payable for custodian fees | 5,605 | |||
| Payable for audit fees | 10,999 | |||
| Payable to transfer agent | 4,163 | |||
| Loan facility fee payable | 1,317 | |||
| Payable for Compliance fees | 3,328 | |||
| Other accrued expenses | 805 | |||
| Total Liabilities | 281,873 | |||
| Net Assets | $ | 57,112,378 | ||
| NET ASSETS CONSIST OF: | ||||
| Paid-in capital | $ | 64,708,942 | ||
| Total distributable earnings/(accumulated deficit) | (7,596,564 | ) | ||
| Net Assets | $ | 57,112,378 | ||
| PRICING OF SHARES: | ||||
| Class I Shares | ||||
| Net Assets | $ | 53,265,256 | ||
| Shares of common stock outstanding (unlimited number of shares, no par value) | 6,261,690 | |||
| Net Asset Value Per Share, Offering and Redemption Price Per Share | $ | 8.51 | ||
| Class R Shares | ||||
| Net Assets | $ | 3,847,122 | ||
| Shares of common stock outstanding (unlimited number of shares, no par value) | 452,683 | |||
| Net Asset Value Per Share, Offering and Redemption Price Per Share | $ | 8.50 |
| See Notes to Financial Statements and Financial
Highlights.
| |
| Semi-Annual Report | March 31, 2026 | 73 |
| RiverNorth/DoubleLine Strategic Income Fund
| |
| Statement of Operations | For the Six Months Ended March 31, 2026 (Unaudited) |
| INVESTMENT INCOME: | ||||
| Dividend income | $ | 6,393,315 | ||
| Dividend income from affiliated securities | 1,431,343 | |||
| Interest income | 25,828,691 | |||
| Foreign taxes withheld | (193 | ) | ||
| Total Investment Income | 33,653,156 | |||
| EXPENSES: | ||||
| Investment Adviser fee | 4,219,429 | |||
| Accounting and administration fee | 494,878 | |||
| Legal expenses | 124,717 | |||
| Facility loan fees | 121,503 | |||
| Transfer agent expenses | 81,122 | |||
| Trustee expenses | 70,133 | |||
| Compliance expense | 52,892 | |||
| Printing expenses | 44,275 | |||
| 12b-1 fees - Class R Shares | 38,151 | |||
| Audit expenses | 28,300 | |||
| Custodian expenses | 24,559 | |||
| Registration expenses | 23,852 | |||
| Insurance expenses | 10,172 | |||
| Miscellaneous expenses | 36,171 | |||
| Total expenses | 5,370,154 | |||
| Less fees waived/reimbursed by Investment Adviser: | (111,276 | ) | ||
| Net Expenses | 5,258,878 | |||
| Net Investment Income | 28,394,278 | |||
| REALIZED AND UNREALIZED GAIN/(LOSS): | ||||
| Net realized gain/(loss) on: | ||||
| Investments | (7,919,944 | ) | ||
| Futures Contracts | (476,325 | ) | ||
| Total return swap contracts | 571,999 | |||
| Net realized loss | (7,824,270 | ) | ||
| Net change in unrealized appreciation/depreciation on: | ||||
| Investments | (8,206,914 | ) | ||
| Affiliated Investments | (1,393,479 | ) | ||
| Futures Contracts | 1,351,510 | |||
| Total return swaps | (2,062,115 | ) | ||
| Translation of assets and liabilities denominated in foreign currencies | (294 | ) | ||
| Net change in unrealized appreciation/depreciation | (10,311,292 | ) | ||
| Net Realized and Unrealized Loss on Investments | (18,135,562 | ) | ||
| Net Increase in Net Assets Resulting from Operations | $ | 10,258,716 |
| See Notes to Financial Statements and Financial
Highlights.
| |
| 74 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/Oaktree High Income Fund
| |
| Statement of Operations | For the Six Months Ended March 31, 2026 (Unaudited) |
| INVESTMENT INCOME: | ||||
| Dividend income | $ | 180,756 | ||
| Interest income | 1,812,105 | |||
| Other income | 10,974 | |||
| Total Investment Income | 2,003,835 | |||
| EXPENSES: | ||||
| Investment Adviser fee | 287,893 | |||
| Accounting and administration fee | 66,416 | |||
| Registration expenses | 20,231 | |||
| Audit expenses | 13,787 | |||
| Compliance expense | 11,427 | |||
| Transfer agent expenses | 11,402 | |||
| Legal expenses | 6,370 | |||
| Facility loan fees | 5,926 | |||
| Custodian expenses | 5,743 | |||
| Printing expenses | 5,020 | |||
| 12b-1 fees - Class R Shares | 4,906 | |||
| Trustee expenses | 3,253 | |||
| Insurance expenses | 482 | |||
| Miscellaneous expenses | 4,577 | |||
| Total expenses | 447,433 | |||
| Less fees waived/reimbursed by Investment Adviser: | – | |||
| Class I Shares | (50,202 | ) | ||
| Class R Shares | (3,677 | ) | ||
| Net Expenses | 393,554 | |||
| Net Investment Income | 1,610,281 | |||
| REALIZED AND UNREALIZED GAIN/(LOSS): | ||||
| Net realized gain/(loss) on: | ||||
| Investments | 356,666 | |||
| Forward foreign currency contracts | 151,540 | |||
| Translation of assets and liabilities denominated in foreign currencies | 1,094 | |||
| Net realized gain | 509,300 | |||
| Net change in unrealized appreciation/depreciation on: | ||||
| Investments | (2,185,705 | ) | ||
| Forward foreign currency contracts | 118,370 | |||
| Translation of assets and liabilities denominated in foreign currencies | (3,609 | ) | ||
| Net change in unrealized appreciation/depreciation | (2,070,944 | ) | ||
| Net Realized and Unrealized Loss on Investments, translation of assets and liabilities denominated in foreign currencies and forward foreign currency contracts | (1,561,644 | ) | ||
| Net Increase in Net Assets Resulting from Operations | $ | 48,637 | ||
| See Notes to Financial Statements and Financial
Highlights.
| |
| Semi-Annual Report | March 31, 2026 | 75 |
RiverNorth/DoubleLine Strategic Income Fund
Statements of Changes in Net Assets
|
For the Six Months Ended March 31, 2026 (Unaudited) |
For the Year Ended September 30, 2025 |
|||||||
| NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS: | ||||||||
| Net investment income | $ | 28,394,278 | $ | 52,603,454 | ||||
| Net realized loss | (7,824,270 | ) | (3,738,933 | ) | ||||
| Net change in unrealized appreciation/depreciation on investments | (10,311,292 | ) | 6,770,379 | |||||
| Net increase in net assets resulting from operations | 10,258,716 | 55,634,900 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| Class I shares | (35,357,954 | ) | (45,899,975 | ) | ||||
| Class R shares | (949,140 | ) | (1,730,437 | ) | ||||
| From tax return of capital | ||||||||
| Class I shares | – | (30,005,206 | ) | |||||
| Class R shares | – | (1,131,202 | ) | |||||
| Net decrease in net assets from distributions to shareholders | (36,307,094 | ) | (78,766,820 | ) | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Class I Shares | ||||||||
| Proceeds from shares sold | 97,944,679 | 243,489,131 | ||||||
| Reinvestment of distributions | 28,110,262 | 61,998,466 | ||||||
| Cost of shares redeemed | (286,467,013 | ) | (352,173,568 | ) | ||||
| Net decrease in net assets from capital share transactions | (160,412,072 | ) | (46,685,971 | ) | ||||
| Class R Shares | ||||||||
| Proceeds from shares sold | 2,292,981 | 5,776,733 | ||||||
| Reinvestment of distributions | 872,671 | 2,703,174 | ||||||
| Cost of shares redeemed | (8,247,283 | ) | (31,769,352 | ) | ||||
| Net decrease in net assets from capital share | ||||||||
| transactions | (5,081,631 | ) | (23,289,445 | ) | ||||
| Net Decrease in Net Assets | (191,542,081 | ) | (93,107,336 | ) | ||||
| NET ASSETS: | ||||||||
| Beginning of period/year | $ | 1,186,887,356 | $ | 1,279,994,692 | ||||
| End of period/year | $ | 995,345,275 | $ | 1,186,887,356 | ||||
| See Notes to Financial Statements and Financial
Highlights.
| |
| 76 | (888) 848-7569 | www.rivernorth.com |
RiverNorth/DoubleLine Strategic Income Fund
Statements of Changes in Net Assets
|
For the Six Months Ended March 31, 2026 (Unaudited) |
For the Year Ended September 30, 2025 |
|||||||
| OTHER INFORMATION: | ||||||||
| Share Transactions: | ||||||||
| Class I Shares | ||||||||
| Shares sold | 11,044,836 | 27,527,574 | ||||||
| Shares issued in reinvestment of distributions | 3,181,991 | 7,018,842 | ||||||
| Shares redeemed | (32,422,574 | ) | (39,848,685 | ) | ||||
| Net decrease from share transactions | (18,195,747 | ) | (5,302,269 | ) | ||||
| Class R Shares | ||||||||
| Shares sold | 258,070 | 651,820 | ||||||
| Shares issued in reinvestment of distributions | 98,574 | 305,376 | ||||||
| Shares redeemed | (930,503 | ) | (3,588,655 | ) | ||||
| Net decrease from share transactions | (573,859 | ) | (2,631,459 | ) | ||||
| See Notes to Financial Statements and Financial
Highlights.
| |
| Semi-Annual Report | March 31, 2026 | 77 |
RiverNorth/Oaktree High Income Fund
Statements of Changes in Net Assets
|
For the Six Months Ended March 31, 2026 (Unaudited) |
For the Year Ended September 30, 2025 |
|||||||
| NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS: | ||||||||
| Net investment income | $ | 1,610,281 | $ | 3,110,606 | ||||
| Net realized gain/(loss) | 509,300 | (301,188 | ) | |||||
| Net change in unrealized appreciation/depreciation | (2,070,944 | ) | 659,399 | |||||
| Net increase in net assets resulting from operations | 48,637 | 3,468,817 | ||||||
| DISTRIBUTIONS TO SHAREHOLDERS: | ||||||||
| Class I Shares | (1,949,823 | ) | (2,735,824 | ) | ||||
| Class R Shares | (137,584 | ) | (204,080 | ) | ||||
| From tax return of capital | ||||||||
| Class I Shares | – | (1,059,407 | ) | |||||
| Class R Shares | – | (79,027 | ) | |||||
| Net decrease in net assets from distributions to shareholders | (2,087,407 | ) | (4,078,338 | ) | ||||
| CAPITAL SHARE TRANSACTIONS: | ||||||||
| Class I Shares | ||||||||
| Proceeds from shares sold | 129,896 | 144,493 | ||||||
| Reinvestment of distributions | 1,949,823 | 3,795,164 | ||||||
| Cost of shares redeemed | (739,954 | ) | (1,342,645 | ) | ||||
| Net increase in net assets from capital share transactions | 1,339,765 | 2,597,012 | ||||||
| Class R Shares | ||||||||
| Proceeds from shares sold | 253,699 | 470,011 | ||||||
| Reinvestment of distributions | 137,441 | 282,127 | ||||||
| Cost of shares redeemed | (379,111 | ) | (749,478 | ) | ||||
| Net increase in net assets from capital share transactions | 12,029 | 2,660 | ||||||
| Net Increase/(Decrease) in Net Assets | (686,976 | ) | 1,990,151 | |||||
| NET ASSETS: | ||||||||
| Beginning of period/year | $ | 57,799,354 | $ | 55,809,203 | ||||
| End of period/year | $ | 57,112,378 | $ | 57,799,354 | ||||
| See Notes to Financial Statements and Financial
Highlights.
| |
| 78 | (888) 848-7569 | www.rivernorth.com |
RiverNorth/Oaktree High Income Fund
Statements of Changes in Net Assets
|
For the Six Months Ended March 31, 2026 (Unaudited) |
For the Year Ended September 30, 2025 |
|||||||
| OTHER INFORMATION: | ||||||||
| Share Transactions: | ||||||||
| Class I Shares | ||||||||
| Shares sold | 14,819 | 16,370 | ||||||
| Shares issued in reinvestment of distributions | 224,392 | 432,219 | ||||||
| Shares redeemed | (84,574 | ) | (152,637 | ) | ||||
| Net increase from share transactions | 154,637 | 295,952 | ||||||
| Class R Shares | ||||||||
| Shares sold | 29,036 | 53,449 | ||||||
| Shares issued in reinvestment of distributions | 15,828 | 32,160 | ||||||
| Shares redeemed | (43,343 | ) | (85,437 | ) | ||||
| Net increase from share transactions | 1,521 | 172 | ||||||
| See Notes to Financial Statements and Financial
Highlights.
| |
| Semi-Annual Report | March 31, 2026 | 79 |
| RiverNorth/DoubleLine Strategic Income Fund | Class I |
| Financial Highlights | For a share outstanding throughout the periods presented |
| 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(b) |
| 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 and Financial
Highlights.
| |
| 80 | (888) 848-7569 | www.rivernorth.com |
For a share outstanding throughout the periods presented
|
For the Six Months Ended March 31, 2026 (Unaudited) |
For the Year Ended September 30, 2025 |
For the Year Ended September 30, 2024 |
For the Year Ended September 30, 2023 |
For the Year Ended September 30, 2022 |
For the Year Ended September 30, 2021 |
|||||||||||||||||
| $ | 8.89 | $ | 9.05 | $ | 8.23 | $ | 8.51 | $ | 10.52 | $ | 10.20 | |||||||||||
| 0.22 | 0.38 | 0.39 | 0.44 | 0.21 | 0.38 | |||||||||||||||||
| (0.14 | ) | 0.04 | 0.96 | (0.14 | ) | (1.64 | ) | 0.38 | ||||||||||||||
| 0.08 | 0.42 | 1.35 | 0.30 | (1.43 | ) | 0.76 | ||||||||||||||||
| (0.29 | ) | (0.35 | ) | (0.37 | ) | (0.06 | ) | (0.58 | ) | (0.44 | ) | |||||||||||
| – | (0.23 | ) | (0.16 | ) | (0.52 | ) | – | – | ||||||||||||||
| (0.29 | ) | (0.58 | ) | (0.53 | ) | (0.58 | ) | (0.58 | ) | (0.44 | ) | |||||||||||
| – | – | – | – | – | – | |||||||||||||||||
| (0.21 | ) | (0.16 | ) | 0.82 | (0.28 | ) | (2.01 | ) | 0.32 | |||||||||||||
| $ | 8.68 | $ | 8.89 | $ | 9.05 | $ | 8.23 | $ | 8.51 | $ | 10.52 | |||||||||||
| 0.87 | %(c) | 4.84 | % | 16.82 | % | 3.50 | % | (14.04 | %) | 7.52 | % | |||||||||||
| $ | 968,693 | $ | 1,154,459 | $ | 1,223,115 | $ | 1,166,687 | $ | 1,267,978 | $ | 1,894,398 | |||||||||||
| N/A | (e) | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||
| N/A | (e) | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||
| N/A | (e) | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||
| N/A | (e) | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||
| 0.95 | %(e) | 0.95 | % | 0.95 | % | 0.91 | % | 0.88 | % | 0.87 | % | |||||||||||
| 0.93 | %(e) | 0.93 | % | 0.94 | % | 0.90 | % | 0.87 | % | 0.86 | % | |||||||||||
| 5.03 | %(e) | 4.32 | % | 4.44 | % | 5.18 | % | 2.10 | % | 3.66 | % | |||||||||||
| 5.05 | %(e) | 4.34 | % | 4.45 | % | 5.18 | % | 2.10 | % | 3.66 | % | |||||||||||
| 24 | %(c) | 50 | % | 84 | % | 68 | % | 104 | % | 100 | % | |||||||||||
| See Notes to Financial Statements and Financial
Highlights.
| |
| Semi-Annual Report | March 31, 2026 | 81 |
| 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) | 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. |
| (c) | Not annualized. |
| (d) | The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments. |
| (e) | Annualized. |
| See Notes to Financial Statements and Financial
Highlights.
| |
| 82 | (888) 848-7569 | www.rivernorth.com |
Intentionally Left Blank
| RiverNorth/DoubleLine Strategic Income Fund | Class R |
| Financial Highlights | For a share outstanding throughout the periods presented |
| 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(b) |
| 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 and Financial
Highlights.
| |
| 84 | (888) 848-7569 | www.rivernorth.com |
For a share outstanding throughout the periods presented
|
For the Six Months Ended March 31, 2026 (Unaudited) |
For the Year Ended September 30, 2025 |
For the Year Ended September 30, 2024 |
For the Year Ended September 30, 2023 |
For the Year Ended September 30, 2022 |
For the Year Ended September 30, 2021 |
|||||||||||||||||
| $ | 8.91 | $ | 9.07 | $ | 8.25 | $ | 8.53 | $ | 10.54 | $ | 10.22 | |||||||||||
| 0.21 | 0.36 | 0.36 | 0.38 | 0.17 | 0.36 | |||||||||||||||||
| (0.14 | ) | 0.04 | 0.97 | (0.10 | ) | (1.63 | ) | 0.37 | ||||||||||||||
| 0.07 | 0.40 | 1.33 | 0.28 | (1.46 | ) | 0.73 | ||||||||||||||||
| (0.28 | ) | (0.34 | ) | (0.36 | ) | (0.06 | ) | (0.55 | ) | (0.41 | ) | |||||||||||
| – | (0.22 | ) | (0.15 | ) | (0.50 | ) | – | – | ||||||||||||||
| (0.28 | ) | (0.56 | ) | (0.51 | ) | (0.56 | ) | (0.55 | ) | (0.41 | ) | |||||||||||
| – | – | – | – | – | – | |||||||||||||||||
| (0.21 | ) | (0.16 | ) | 0.82 | (0.28 | ) | (2.01 | ) | 0.32 | |||||||||||||
| $ | 8.70 | $ | 8.91 | $ | 9.07 | $ | 8.25 | $ | 8.53 | $ | 10.54 | |||||||||||
| 0.75 | %(c) | 4.58 | % | 16.50 | % | 3.24 | % | (14.23 | %) | 7.23 | % | |||||||||||
| $ | 26,652 | $ | 32,429 | $ | 56,879 | $ | 58,961 | $ | 70,390 | $ | 140,863 | |||||||||||
| N/A | (e) | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||
| N/A | (e) | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||
| N/A | (e) | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||
| N/A | (e) | N/A | N/A | N/A | N/A | N/A | ||||||||||||||||
| 1.20 | %(e) | 1.19 | % | 1.20 | % | 1.17 | % | 1.13 | % | 1.12 | % | |||||||||||
| 1.18 | %(e) | 1.17 | % | 1.19 | % | 1.15 | % | 1.12 | % | 1.11 | % | |||||||||||
| 4.78 | %(e) | 4.01 | % | 4.14 | % | 4.47 | % | 1.67 | % | 3.41 | % | |||||||||||
| 4.80 | %(e) | 4.03 | % | 4.16 | % | 4.47 | % | 1.67 | % | 3.42 | % | |||||||||||
| 24 | %(c) | 50 | % | 84 | % | 68 | % | 104 | % | 100 | % | |||||||||||
| See Notes to Financial Statements and Financial
Highlights.
| |
| Semi-Annual Report | March 31, 2026 | 85 |
| 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) | 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. |
| (c) | Not annualized. |
| (d) | The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments. |
| (e) | Annualized. |
| See Notes to Financial Statements and Financial
Highlights.
| |
| 86 | (888) 848-7569 | www.rivernorth.com |
Intentionally Left Blank
| RiverNorth/Oaktree High Income Fund | Class I |
| Financial Highlights | For a share outstanding throughout the periods presented |
| 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(b) |
| 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 and Financial
Highlights.
| |
| 88 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth/Oaktree High Income Fund | Class I |
| Financial Highlights | For a share outstanding throughout the periods presented |
|
For the Six Months Ended March 31, 2026 (Unaudited) |
For the Year Ended September 30, 2025 |
For the Year Ended September 30, 2024 |
For the Year Ended September 30, 2023 |
For the Year Ended September 30, 2022 |
For the Year Ended September 30, 2021 |
|||||||||||||||||
| $ | 8.81 | $ | 8.91 | $ | 8.43 | $ | 8.26 | $ | 9.53 | $ | 9.09 | |||||||||||
| 0.24 | 0.49 | 0.52 | 0.50 | 0.33 | 0.33 | |||||||||||||||||
| (0.22 | ) | 0.05 | 0.56 | 0.35 | (1.27 | ) | 0.44 | |||||||||||||||
| 0.02 | 0.54 | 1.08 | 0.85 | (0.94 | ) | 0.77 | ||||||||||||||||
| (0.32 | ) | (0.46 | ) | (0.47 | ) | (0.66 | ) | (0.33 | ) | (0.33 | ) | |||||||||||
| – | (0.18 | ) | (0.13 | ) | (0.02 | ) | – | – | ||||||||||||||
| (0.32 | ) | (0.64 | ) | (0.60 | ) | (0.68 | ) | (0.33 | ) | (0.33 | ) | |||||||||||
| – | – | – | – | – | – | |||||||||||||||||
| (0.30 | ) | (0.10 | ) | 0.48 | 0.17 | (1.27 | ) | 0.44 | ||||||||||||||
| $ | 8.51 | $ | 8.81 | $ | 8.91 | $ | 8.43 | $ | 8.26 | $ | 9.53 | |||||||||||
| 0.17 | %(c) | 6.33 | % | 13.16 | % | 10.59 | % | (10.03 | %) | 8.55 | % | |||||||||||
| $ | 53,265 | $ | 53,827 | $ | 51,793 | $ | 49,475 | $ | 44,223 | $ | 41,386 | |||||||||||
| 1.54 | %(e) | 1.58 | % | 1.64 | % | 1.57 | % | 1.62 | % | 1.75 | % | |||||||||||
| 1.35 | %(e) | 1.35 | % | 1.35 | % | 1.35 | % | 1.35 | % | 1.35 | % | |||||||||||
| 5.42 | %(e) | 5.32 | % | 5.66 | % | 5.72 | % | 3.38 | % | 3.07 | % | |||||||||||
| 5.61 | %(e) | 5.55 | % | 5.95 | % | 5.94 | % | 3.65 | % | 3.47 | % | |||||||||||
| 1.54 | %(e) | 1.58 | % | 1.64 | % | 1.57 | % | 1.62 | % | 1.75 | % | |||||||||||
| 1.35 | %(e) | 1.35 | % | 1.35 | % | 1.35 | % | 1.35 | % | 1.35 | % | |||||||||||
| 5.42 | %(e) | 5.32 | % | 5.66 | % | 5.72 | % | 3.38 | % | 3.07 | % | |||||||||||
| 5.61 | %(e) | 5.55 | % | 5.95 | % | 5.94 | % | 3.65 | % | 3.47 | % | |||||||||||
| 38 | %(c) | 67 | % | 57 | % | 75 | % | 57 | % | 72 | % | |||||||||||
| See Notes to Financial Statements and Financial
Highlights.
| |
| Semi-Annual Report | March 31, 2026 | 89 |
| 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) | 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. |
| (c) | Not annualized. |
| (d) | The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments. |
| (e) | Annualized. |
| See Notes to Financial Statements and Financial
Highlights.
| |
| 90 | (888) 848-7569 | www.rivernorth.com |
Intentionally Left Blank
| RiverNorth/Oaktree High Income Fund | Class R |
| Financial Highlights | For a share outstanding throughout the periods presented |
| 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(b) |
| 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 and Financial
Highlights.
| |
| 92 | (888) 848-7569 | www.rivernorth.com |
For a share outstanding throughout the periods presented
|
For the Six Months Ended March 31, 2026 (Unaudited) |
For the Year Ended September 30, 2025 |
For the Year Ended September 30, 2024 |
For the Year Ended September 30, 2023 |
For the Year Ended September 30, 2022 |
For the Year Ended September 30, 2021 |
|||||||||||||||||
| $ | 8.81 | $ | 8.90 | $ | 8.42 | $ | 8.25 | $ | 9.52 | $ | 9.08 | |||||||||||
| 0.23 | 0.47 | 0.50 | 0.48 | 0.31 | 0.30 | |||||||||||||||||
| (0.23 | ) | 0.06 | 0.55 | 0.35 | (1.27 | ) | 0.45 | |||||||||||||||
| – | 0.53 | 1.05 | 0.83 | (0.96 | ) | 0.75 | ||||||||||||||||
| (0.31 | ) | (0.45 | ) | (0.45 | ) | (0.64 | ) | (0.31 | ) | (0.31 | ) | |||||||||||
| – | (0.17 | ) | (0.12 | ) | (0.02 | ) | – | – | ||||||||||||||
| (0.31 | ) | (0.62 | ) | (0.57 | ) | (0.66 | ) | (0.31 | ) | (0.31 | ) | |||||||||||
| – | – | – | – | – | – | |||||||||||||||||
| (0.31 | ) | (0.09 | ) | 0.48 | 0.17 | (1.27 | ) | 0.44 | ||||||||||||||
| $ | 8.50 | $ | 8.81 | $ | 8.90 | $ | 8.42 | $ | 8.25 | $ | 9.52 | |||||||||||
| (0.07 | %)(c) | 6.19 | % | 12.88 | % | 10.33 | % | (10.27 | %) | 8.31 | % | |||||||||||
| $ | 3,847 | $ | 3,973 | $ | 4,016 | $ | 3,615 | $ | 3,845 | $ | 4,548 | |||||||||||
| 1.79 | %(e) | 1.83 | % | 1.90 | % | 1.82 | % | 1.88 | % | 2.00 | % | |||||||||||
| 1.60 | %(e) | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | |||||||||||
| 5.17 | %(e) | 5.06 | % | 5.41 | % | 5.46 | % | 3.10 | % | 2.83 | % | |||||||||||
| 5.36 | %(e) | 5.29 | % | 5.71 | % | 5.69 | % | 3.37 | % | 3.22 | % | |||||||||||
| 1.79 | %(e) | 1.83 | % | 1.90 | % | 1.82 | % | 1.88 | % | 2.00 | % | |||||||||||
| 1.60 | %(e) | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | 1.60 | % | |||||||||||
| 5.17 | %(e) | 5.06 | % | 5.41 | % | 5.46 | % | 3.10 | % | 2.83 | % | |||||||||||
| 5.36 | %(e) | 5.29 | % | 5.71 | % | 5.69 | % | 3.37 | % | 3.22 | % | |||||||||||
| 38 | %(c) | 67 | % | 57 | % | 75 | % | 57 | % | 72 | % | |||||||||||
| See Notes to Financial Statements and Financial
Highlights.
| |
| Semi-Annual Report | March 31, 2026 | 93 |
| 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) | 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. |
| (c) | Not annualized. |
| (d) | The ratios exclude the impact of expenses of the underlying funds in which the Fund invests as represented in the Schedule of Investments. |
| (e) | Annualized. |
| See Notes to Financial Statements and Financial
Highlights.
| |
| 94 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
1. ORGANIZATION
The RiverNorth Funds (the “Trust” or “Funds”) was established under the laws of Ohio by an Agreement and Declaration of Trust dated July 18, 2006 (the “Trust Agreement”). The Trust is an open-end management investment company registered under the Investment Company Act of 1940, as amended (the “1940 Act”). The Trust Agreement permits the Board of Trustees of the Trust (the “Board” or “Trustees”) to authorize and issue an unlimited number of shares of beneficial interest of a separate series without par value. All classes of shares for each of the Funds have identical rights to earnings, assets and voting privileges, except for class-specific expenses and exclusive rights to vote on matters affecting only individual classes. The Funds are considered investment companies and therefore follow the investment company accounting and reporting guidance of the Financial Accounting Standards Board (“FASB”) Accounting Standards Codification Topic 946 Financial Services Investment Companies.
The RiverNorth/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 Capital Management, LLC (the “Adviser”). 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 Capital Management, LLC. 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”). The investment objective of the High Income Fund is overall total return consisting of long-term capital appreciation and income.
2. SIGNIFICANT ACCOUNTING POLICIES
The following is a summary of significant accounting policies followed by the Funds. These policies are in conformity with generally accepted accounting principles in the United States of America (“GAAP”). The financial statements and financial highlights are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts and disclosures, including the disclosure of contingent assets and liabilities, in the financial statements and financial highlights during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements and financial highlights may differ from the value the Funds ultimately realize upon sale of the securities. The financial statements and financial highlights have been prepared as of the close of the New York Stock Exchange (“NYSE” or the "Exchange") on March 31, 2026.
Security Valuation: The Funds’ assets and other financial instruments are recorded at their estimated fair value as described in Note 3.
| Semi-Annual Report | March 31, 2026 | 95 |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
Security Transactions and Related Income: The Funds follow industry practice and record security transactions on the trade date basis. The specific identification method is used for determining gains or losses for financial statements and financial highlights, and income tax purposes. Dividend income is recorded on the ex-dividend date or for certain foreign securities, when the information becomes available to the Funds, and interest income and expenses are recorded on an accrual basis. Discounts and premiums on securities purchased are amortized or accreted using the effective interest method. Withholding taxes on foreign dividends have been provided for in accordance with the Funds’ understanding of the applicable country’s tax rules and rates. The ability of issuers of debt securities held by the Funds to meet their obligations may be affected by economic and political developments in a specific country or region. Settlement on bank loans transactions may be in excess of seven business days. Interest only stripped mortgage backed securities ("IO Strips") are securities that receive only interest payments from a pool of mortgage loans. Little to no principal will be received by the Funds upon maturity of an IO Strip. Periodic adjustments are recorded to reduce the cost of the security until maturity, which are included in interest income.
Foreign Currency Translation: The books and records of the Funds are maintained in U.S. dollars. Investment valuations and other assets and liabilities initially expressed in foreign currencies are converted each business day into U.S. dollars based upon current exchange rates. Prevailing foreign exchange rates may generally be obtained at the close of the NYSE (normally, 4:00 p.m. Eastern Time). The portion of realized and unrealized gains or losses on investments due to fluctuations in foreign currency exchange rates is not separately disclosed and is included in realized and unrealized gains or losses on investments, when applicable.
Foreign Securities: The Funds may directly purchase securities of foreign issuers. Investing in securities of foreign issuers involves special risks not typically associated with investing in securities of U.S. issuers. The risks include possible revaluation of currencies, the ability to repatriate funds, less complete financial information about companies and possible future adverse political and economic developments. Moreover, securities of many foreign issuers and their markets may be less liquid and their prices more volatile than those of securities of comparable U.S. issuers.
Certain foreign countries impose a capital gains tax which is accrued by the Funds based on the unrealized appreciation, if any, on affected securities. Any accrual would reduce a Fund’s net asset value ("NAV"). The tax is paid when the gain is realized and is included in capital gains tax in the Statements of Operations. During the six months ended March 31, 2026, no foreign capital gains tax was accrued or paid by the Funds.
Other: The Funds hold certain investments which pay dividends to their shareholders based upon available funds from operations. It is possible for these dividends to exceed the underlying investments’ taxable earnings and profits resulting in the excess portion of such dividends being designated as a return of capital. Distributions received from investments in securities that represent a return of capital or capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.
Principal Investment Risks: All mutual funds carry a certain amount of risk. For more information on the related risks of investing in the Funds, please refer to the prospectus of each Fund.
| 96 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
Share Valuation: The NAV is generally calculated as of the close of trading on the NYSE (normally 4:00 p.m. Eastern Time) every day the Exchange is open. The NAV is calculated by taking the total value of each Fund’s or class’s assets, subtracting its liabilities, and then dividing by the total number of shares outstanding, rounded to the nearest cent. The offering price and redemption price per share is equal to the NAV per share.
Expenses: Some expenses of the Trust can be directly attributed to a Fund or a Fund specific share class. Expenses which cannot be directly attributed are apportioned among all Funds and Fund classes in the Trust based on average net assets or another method approved by the Board.
Federal Income Taxes: The Funds make no provision for federal income tax. Each Fund intends to qualify each year as a “regulated investment company” under subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), by distributing substantially all of its taxable income. If the required amount of net investment income is not distributed, the Funds could incur a tax expense.
As of and during the six months ended March 31, 2026, the Funds did not have a liability for any unrecognized tax benefits. The Funds file U.S. federal, state, and local tax returns as required. The Funds’ tax returns are subject to examination by the relevant tax authorities until expiration of the applicable statute of limitations which is generally three years after the filing of the tax return for federal purposes and four years for most state returns. Tax returns for open years have incorporated no uncertain tax positions that require a provision for income taxes.
The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expenses in the Statements of Operations. During the six months ended March 31, 2026, 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.
Segment Reporting: The Funds adopted FASB Accounting Standards Update 2023-07, Segment Reporting (Topic 280) - Improvements to Reportable Segment Disclosures (“ASU 2023-07”). Adoption of the new standard impacted disclosures only and did not affect the Funds’ financial position nor the results of their operations. An operating segment is defined in Topic 280 as a component of a public entity that engages in business activities from which it may recognize revenues and incur expenses, has operating results that are regularly reviewed by a public entity’s chief operating decision maker (the “CODM”) to make decisions about resources to be allocated to the segment and assess its performance, and has discrete financial information available. The Funds’ Principal Financial Officer, acting as the Funds’ CODM, has determined that the Funds have each operated as a single segment since inception. The CODM monitors the operating results of each Fund, as a whole, and each Fund’s long-term strategic asset allocation is pre-determined in accordance with the terms of the related Prospectus, based on the defined investment objectives and strategies that are executed by each Fund’s portfolio management team. The financial information, in the form of each Fund’s holdings, total returns, expense ratios, and changes in net assets (i.e., changes in net assets resulting from operations, subscriptions and redemptions) are used by the CODM to assess each Fund’s performance versus its benchmark and to make resource allocation decisions for each Fund’s segment, which is consistent with that presented within the Funds’ financial statements. Segment assets are reflected on each Fund’s Statement of Assets and Liabilities as “Total Assets” and significant segment expenses are listed on the Statement of Operations.
| Semi-Annual Report | March 31, 2026 | 97 |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
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.
| 98 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
Effective September 8, 2022, and pursuant to the requirements of Rule 2a-5 under the 1940 Act, the Board approved updated valuation procedures for the Funds and designated the Adviser as the Funds’ valuation designee to make all fair valuation determinations with respect to the Funds’ portfolio investments, subject to the Board's oversight.
Equity securities, including common stocks, warrants, closed-end funds, exchange traded funds, preferred stocks, and business development companies, are generally valued by using market quotations, but may be valued on the basis of prices furnished by a pricing service when the Adviser believes such prices more accurately reflect the fair market value of such securities. Securities that are traded on any stock exchange are generally valued by the pricing service at the last quoted sale price. Lacking a last sale price, an exchange traded security is generally valued by the pricing service at its last bid price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price. When using the market quotations or close prices provided by the pricing service and when the market is considered active, the security will be classified as a Level 1 security. Sometimes, an equity security owned by the Funds will be valued by the pricing service with factors other than market quotations or when the market is considered inactive. When this happens, the security will be classified as a Level 2 security. When market quotations are not readily available, when the Adviser determines that the market quotation or the price provided by the pricing service does not accurately reflect the current fair value, or when restricted or illiquid securities are being valued, such securities are valued as determined in good faith by the Adviser in conformity with guidelines adopted by and subject to review by the Board. These securities will be categorized as Level 3 securities.
Futures contracts are normally valued at the final settlement price or official closing price provided by independent pricing services. These securities will be categorized as Level 1 securities.
Investments in mutual funds, including short-term investments and open-end funds, are generally priced at the ending NAV provided by the service agent of the funds. These securities will be categorized as Level 1 securities.
Domestic and foreign fixed income securities, including foreign and U.S. corporate bonds, U.S. government bonds and notes, foreign government bonds and notes, supranationals and foreign agencies, non-agency collateralized mortgage obligations, U.S. government/agency mortgage backed securities, business development companies-preferred shares and notes, bank loans, collateralized loan obligations, equity-linked notes, mortgage-backed securities, and high yield debt, as well as non-exchange traded derivatives, including forward foreign currency contracts and total return swaps, are normally valued on the basis of quotes obtained from brokers and dealers or independent pricing services. Total Return swaps are valued based on a formula of the underlying asset’s nightly value, the Overnight Bank Funding Rate (“OBFR”) and an annual fee or various agreed upon inputs. Foreign currency positions, including forward foreign currency contracts, are priced at the mean between the closing bid and asked prices at 4:00 p.m. Eastern Time. Prices obtained from independent pricing services typically use information provided by market makers or estimates of market values obtained from yield data relating to investments or securities with similar characteristics. Data used to establish quotes includes analysis of cash flows, pre-payment speeds, default rates, delinquency assumptions and assumptions regarding collateral and loss assumptions. These securities will be classified as Level 2 securities.
| Semi-Annual Report | March 31, 2026 | 99 |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
Short-term investments in fixed income securities, with maturities of less than 60 days when acquired, or which subsequently are within 60 days of maturity, are valued by using the amortized cost method of valuation, which the Board has determined will represent fair value. These securities will be classified as Level 2 securities.
In accordance with the Funds’ good faith pricing guidelines, the Adviser is required to consider all appropriate factors relevant to the value of securities for which it has determined other pricing sources are not available or reliable as described above. No single standard exists for determining fair value, because fair value depends upon the circumstances of each individual case. As a general principle, the current fair value of an issue of securities being valued by the Adviser would appear to be the amount which the owner might reasonably expect to receive for them upon their current sale. Methods which are in accordance with this principle may, for example, be based on (i) a multiple of earnings; (ii) discounted cash flow models; (iii) weighted average cost or weighted average price; (iv) a discount from market of a similar freely traded security (including a derivative security or a basket of securities traded on other markets, exchanges or among dealers); or (v) yield to maturity with respect to debt issues, or a combination of these and other methods. Good faith pricing is permitted if, in the Adviser’s opinion, the validity of market quotations appears to be questionable based on factors such as evidence of a thin market in the security based on a small number of quotations, a significant event occurs after the close of a market but before a Fund’s NAV calculation that may affect a security’s value, or the Adviser is aware of any other data that calls into question the reliability of market quotations.
Good faith pricing may also be used in instances when the bonds in which the Funds invest default or otherwise cease to have market quotations readily available. Investments in foreign securities, junk bonds, or other thinly traded securities are more likely to trigger good faith pricing than other securities.
| 100 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
The following is a summary of the inputs used at March 31, 2026 in valuing the Funds’ assets and liabilities:
Strategic Income Fund
| Valuation Inputs | ||||||||||||||||
| Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Closed-End Funds | $ | 61,365,319 | $ | – | $ | – | $ | 61,365,319 | ||||||||
| Closed-End Funds - Preferred Shares | 5,525,276 | – | – | 5,525,276 | ||||||||||||
| Business Development Companies | – | 8,679,081 | – | 8,679,081 | ||||||||||||
| Business Development Companies - Preferred Shares | 8,722,000 | 3,939,670 | – | 12,661,670 | ||||||||||||
| Common Stocks | 14,189,535 | 15 | – | *** | 14,189,550 | |||||||||||
| Open-End Funds | 39,250,288 | – | – | 39,250,288 | ||||||||||||
| Foreign Corporate Bonds | – | 26,598,041 | – | 26,598,041 | ||||||||||||
| U.S. Corporate Bonds | – | 121,637,129 | – | 121,637,129 | ||||||||||||
| Foreign Government Bonds and Notes, Supranationals and Foreign Agencies | – | 1,118,006 | – | 1,118,006 | ||||||||||||
| Collateralized Loan Obligations | – | 40,821,112 | – | 40,821,112 | ||||||||||||
| Equity - Linked Notes | – | – | – | *** | – | |||||||||||
| Non-Agency Collateralized Mortgage Obligations | – | 201,593,369 | – | 201,593,369 | ||||||||||||
| U.S. Government Bonds and Notes | – | 56,527,476 | – | 56,527,476 | ||||||||||||
| Mortgage-Backed Securities | – | 55,886,092 | – | 55,886,092 | ||||||||||||
| U.S. Government / Agency Mortgage Backed Securities | – | 323,054,819 | – | 323,054,819 | ||||||||||||
| Warrants | – | – | – | *** | – | |||||||||||
| Short-Term Investments | 19,767,996 | – | – | 19,767,996 | ||||||||||||
| Total | $ | 148,820,414 | $ | 839,854,810 | $ | – | $ | 988,675,224 | ||||||||
| Valuation Inputs | ||||||||||||||||
| Other Financial Instruments** | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Future Contract | $ | – | $ | 986,418 | $ | – | $ | 986,418 | ||||||||
| Total Return Swaps | – | 50,000 | – | 50,000 | ||||||||||||
| Liabilities | ||||||||||||||||
| Total Return Swaps | $ | – | $ | (2,079,120 | ) | $ | – | $ | (2,079,120 | ) | ||||||
| Total | $ | – | $ | (1,042,702 | ) | $ | – | $ | (1,042,702 | ) | ||||||
| Semi-Annual Report | March 31, 2026 | 101 |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
| High Income Fund | ||||||||||||||||
| Valuation Inputs | ||||||||||||||||
| Investments in Securities at Value* | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Business Development Company Notes | $ | 75,903 | $ | – | $ | – | $ | 75,903 | ||||||||
| Closed-End Funds | 1,267,277 | – | – | 1,267,277 | ||||||||||||
| Common Stocks | 1,088,249 | – | 107,083 | 1,195,332 | ||||||||||||
| High Yield Debt | – | 51,447,148 | – | 51,447,148 | ||||||||||||
| Warrants | 8 | 3 | – | 11 | ||||||||||||
| Short-Term Investments | 790,484 | – | – | 790,484 | ||||||||||||
| Total | $ | 3,221,921 | $ | 51,447,151 | $ | 107,083 | $ | 54,776,155 | ||||||||
| Valuation Inputs | ||||||||||||||||
| Other Financial Instruments** | Level 1 | Level 2 | Level 3 | Total | ||||||||||||
| Assets | ||||||||||||||||
| Forward Foreign Currency Contracts | $ | – | $ | 57,518 | $ | – | $ | 57,518 | ||||||||
| Liabilities | ||||||||||||||||
| Forward Foreign Currency Contracts | $ | – | $ | (13,645 | ) | $ | – | $ | (13,645 | ) | ||||||
| Total | $ | – | $ | 43,873 | $ | – | $ | 43,873 | ||||||||
| * | Refer to each Fund’s Schedule of Investments for a listing of securities by type. |
| ** | Other financial instruments are derivative instruments reflected in the Summary of Investments. Futures and swap contracts are reported at their unrealized appreciation/depreciation. |
| *** | Level 3 security has no value. |
The changes of the fair value of investments for which the Funds have used Level 3 inputs to determine the fair value are as follows:
| Asset Type | Balance as of September 30, 2025 | 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 March 31, 2026 |
Net change in unrealized appreciation/ (depreciation) included in the Statements of Operations attributable to Level 3 investments held at March 31, 2026 |
|||||||||||||||||||||||||||||||||
| High Income Fund | ||||||||||||||||||||||||||||||||||||||||||||
| Common Stocks | $ | 104,803 | $ | – | $ | – | $ | – | $ | 2,280 | $ | – | $ | – | $ | – | $ | – | $ | 107,083 | $ | 2,280 | ||||||||||||||||||||||
| $ | 104,803 | $ | – | $ | – | $ | – | $ | 2,280 | $ | – | $ | – | $ | – | $ | – | $ | 107,083 | $ | 2,280 | |||||||||||||||||||||||
| 102 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
The table below provides additional information about the Level 3 Fair Value Measurements as of March 31, 2026:
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 | $ | 107,083 | Market Comparable Companies | EBITDA Multiple | 3.60x-4.10x (3.85x) | |||||
| (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 |
| EBITDA Multiple | Increase | Decrease |
4. DERIVATIVE FINANCIAL INSTRUMENTS
The following discloses the Funds’ use of derivative instruments. The Funds’ investment objectives not only permit the Funds to purchase investment securities; they also allow the Funds to enter into various types of derivative contracts such as futures, total return swap contracts and forward foreign currency contracts. In doing so, the Funds will employ strategies in differing combinations to permit them to increase, decrease, or change the level or types of exposure to market factors. Central to those strategies are features inherent to derivatives that make them more attractive for this purpose than equity or debt securities; they require little or no initial cash investment, they can focus exposure on only certain selected risk factors, and they may not require the ultimate receipt or delivery of the underlying security (or securities) to the contract. This may allow the Funds to pursue their objectives more quickly and efficiently than if they were to make direct purchases or sales of securities capable of affecting a similar response to market factors.
Market Risk Factors: In pursuit of their investment objectives, the Funds may seek to use derivatives to increase or decrease their exposure to the following market risk factors:
Foreign Exchange Rate Risk: Foreign exchange rate risk relates to the change in the U.S. dollar value of a security held that is denominated in a foreign currency. The value of a foreign currency denominated security will decrease as the dollar appreciates against the currency, while the value of the foreign currency denominated security will increase as the dollar depreciates against the currency.
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.
| Semi-Annual Report | March 31, 2026 | 103 |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
Additional associated risks from investing in derivatives also exist and potentially could have significant effects on the valuation of the derivative and the Funds. Typically, the associated risks are not the risks that the Funds are attempting to increase or decrease exposure to, per their investment objectives, but are the additional risks from investing in derivatives.
In the ordinary course of business, the Funds may enter into transactions subject to enforceable International Swaps and Derivatives Association, Inc. (ISDA) master agreements or other similar arrangements (“netting agreements”). Generally, the right to offset in netting agreements allows each Fund to offset certain securities and derivatives with a specific counterparty, when applicable, as well as any collateral received or delivered to that counterparty based on the terms of the agreements.
Examples of these associated risks are liquidity risk, which is the risk that the Funds will not be able to sell the derivative in the open market in a timely manner, and counterparty credit risk, which is the risk that the counterparty will not fulfill its obligation to the Funds. The use of derivatives is also subject to operational and legal risks. Operational risks generally refer to risks related to potential operational issues, including documentation issues, settlement issues, system failures, inadequate controls, and human error. Legal risks generally refer to risks of loss resulting from insufficient documentation, insufficient capacity or authority of counterparty, or legality or enforceability of a contract.
Futures
The Funds may invest in futures contracts in accordance with their investment objectives. The Funds may do so for a variety of reasons including for cash management, hedging or non-hedging purposes in an attempt to achieve the Funds’ investment objective. A futures contract provides for the future sale by one party and purchase by another party of a specified quantity of the security or other financial instrument at a specified price and time. A futures contract on an index is an agreement pursuant to which two parties agree to take or make delivery of an amount of cash equal to the difference between the value of the index at the close of the last trading day of the contract and the price at which the index contract was originally written. Futures transactions may result in losses in excess of the amount invested in the futures contract. There can be no guarantee that there will be a correlation between price movements in the hedging vehicle and in the portfolio securities being hedged. An incorrect correlation could result in a loss on both the hedged securities in a fund and the hedging vehicle so that the portfolio return might have been greater had hedging not been attempted. There can be no assurance that a liquid market will exist at a time when a fund seeks to close out a futures contract or a futures option position. Lack of a liquid market for any reason may prevent a fund from liquidating an unfavorable position, and the fund would remain obligated to meet margin requirements until the position is closed. In addition, a fund could be exposed to risk if the counterparties to the contracts are unable to meet the terms of their contracts. With exchange-traded futures, there is minimal counterparty credit risk to the Funds since futures are exchange-traded and the exchange’s clearinghouse, as counterparty to all exchange-traded futures, guarantees the futures against default. The Funds are party to certain enforceable master netting arrangements, which provide for the right of offset under certain circumstances, such as the event of default.
| 104 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
When a purchase or sale of a futures contract is made by a fund, the fund is required to deposit with its custodian (or broker, if legally permitted) a specified amount of liquid assets (“initial margin”). The margin required for a futures contract is set by the exchange on which the contract is traded and may be modified during the term of the contract. The initial margin is in the nature of a performance bond or good faith deposit on the futures contract that is returned to the Funds upon termination of the contract, assuming all contractual obligations have been satisfied. These amounts are included in Deposits with broker for futures contracts on the Statement of Assets and Liabilities. Each day the Funds may pay or receive cash, called “variation margin,” equal to the daily change in value of the futures contract. Such payments or receipts are recorded for financial statement purposes as unrealized gains or losses by the Funds. Variation margin does not represent a borrowing or loan by the Funds but instead is a settlement between the Funds and the broker of the amount one would owe the other if the futures contract expired. When the contract is closed, the Funds record a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value at the time it was closed.
Total Return Swaps
Certain Funds may enter into total return swaps. During the six months ended March 31, 2026, the Strategic Income Fund invested in total return swaps. Total return swaps are agreements that provide the Strategic Income Fund with a return based on the performance of an underlying asset (called a “reference asset”), in exchange for fee payments to a counterparty based on a specific rate. The difference in the value of these income streams is recorded daily by the Strategic Income Fund, and is settled in cash periodically. The fee paid by the Strategic Income Fund will typically be determined by multiplying the face value of the swap agreement by an agreed upon interest rate. Generally, the basis of the total return swap is the unamortized premium received or paid. The periodic swap payments received or made by the Strategic Income Fund is recorded in the Statement of Operations as realized gains or losses, respectively. When the swap is terminated, the Strategic Income Fund will record a realized gain or loss equal to the difference between the proceeds from (or cost of) the closing transaction and the Strategic Income Fund’s basis in the contract, if any. In addition, if the reference asset declines in value over the term of the swap, the Strategic Income Fund would also be required to pay the dollar value of that decline to the counterparty. Total return swaps could result in losses if the reference asset does not perform as anticipated by the Adviser. The Strategic Income Fund may use its own NAV or the NAV of a similar fund as the reference asset in a total return swap. This strategy serves to reduce cash drag (the impact of uninvested cash on the Strategic Income Fund’s overall return) by replacing it with the total return of Strategic Income Fund’s own or a similar fund’s investment holdings. The Strategic Income Fund records fluctuations in the value of open swap contracts on a daily basis as unrealized gains or losses. Net amounts received or paid on the swap contracts are recorded as realized gains or losses. The Strategic Income Fund values the total return swaps in which it enters based on a formula of the underlying asset’s nightly value, the OBFR and an annual fee or various agreed upon inputs. These securities will be categorized as Level 2 securities.
At March 31, 2026, the Strategic Income Fund’s receivable for the open swap agreement was $50,000 and the payable was $2,079,120.
| Semi-Annual Report | March 31, 2026 | 105 |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
Forward Foreign Currency Contracts
The Funds may engage in currency transactions with counterparties to hedge the value of portfolio securities denominated in particular currencies against fluctuations in relative value, to gain or reduce exposure to certain currencies, or to generate income or gains. A forward foreign currency contract is an agreement between two parties to buy and sell a currency at a set price on a future date. During the six months ended March 31, 2026, the High Income Fund engaged in forward foreign currency contracts. The contracts are marked-to-market daily and the change in value is recorded by the High Income Fund as an unrealized gain or loss. When a forward foreign currency contract is extinguished, through either delivery or offset by entering into another forward foreign currency contract, the High Income Fund records a realized gain or loss equal to the difference between the value of the contract at the time it was opened and the value of the contract at the time it was extinguished.
Forward foreign currency contracts involve elements of market risk in excess of the amounts reflected in the Statement of Assets and Liabilities. The High Income Fund bears the risk of an unfavorable change in the foreign exchange rate underlying the forward foreign currency contract. Risks may also arise upon entering into these contracts from the potential inability of the counterparties to meet the terms of their contracts.
The effect of derivatives instruments on each Fund's Statement of Assets and Liabilities as of March 31, 2026:
| Asset Derivatives | ||||||
| Risk Exposure | Statement of Assets and Liabilities Location |
Fair Value | ||||
| Strategic Income Fund | ||||||
| Interest rate risk (Futures contracts)* | Variation margin payable | $ | 986,418 | |||
| Equity risk (Total return swap contracts) | Unrealized appreciation on total return swap contracts | $ | 50,000 | |||
| High Income Fund | ||||||
| Foreign exchange rate risk (Forward foreign currency contracts) | Unrealized appreciation on forward foreign currency contracts | $ | 57,518 | |||
| 106 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
| Liabilities Derivatives | ||||||
| Risk Exposure |
Statement of Assets and Liabilities Location |
Fair Value | ||||
| Strategic Income Fund | ||||||
| Equity Contracts (Total Return Swap Contracts) | Unrealized depreciation on total return swap contracts | $ | (2,079,120 | ) | ||
| High Income Fund | ||||||
| Foreign exchange rate risk (Forward foreign currency contracts) | Unrealized depreciation on forward foreign currency contracts | $ | (13,645 | ) | ||
| * | Fair Value represents the cumulative unrealized appreciation (depreciation) on open futures contracts as reported in the Fund’s Schedule of Investments. Only the variation margin on open futures contracts is reported within the Statement of Assets and Liabilities as variation margin receivable. |
| Semi-Annual Report | March 31, 2026 | 107 |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
The effect of derivatives instruments on each Fund's Statement of Operations for the six months ended March 31, 2026:
| Risk Exposure | Statement of Operations Location |
Realized Gain/(Loss) on Derivatives Recognized in Income |
Change in Unrealized Gain/(Loss) on Derivatives Recognized in Income |
|||||||
| Strategic Income Fund | ||||||||||
| Interest rate risk (Future contracts) | Net realized gain/(loss) on Futures Contracts/Net change in unrealized appreciation/depreciation on Futures Contracts | $ | (476,325 | ) | $ | 1,351,510 | ||||
| Equity risk (Total return swap contracts) | Net realized gain/(loss) on Total return swap contracts/Net change in unrealized appreciation/(depreciation) on Total return swap contracts | $ | 571,999 | $ | (2,062,115 | ) | ||||
| Total | $ | 95,674 | $ | (710,605 | ) | |||||
| 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 | $ | 151,540 | $ | 118,370 | |||||
| Total | $ | 151,540 | $ | 118,370 | ||||||
The derivative financial instruments’ average monthly notional amount during the six months ended March 31, 2026, is noted below.
| Fund | Average Monthly Notional Amount of Futures Contracts |
Average Monthly Notional of Futures Contracts Sold |
Average Monthly Notional Amount of Forward Foreign Currency Contracts |
Average Long Monthly Notional Amount of Total Return Swap Contracts |
Average Short Monthly Notional Amount of Total Return Swap Contracts |
|||||||||||||||
| High Income Fund | $ | – | $ | – | $ | 9,702,762 | $ | – | $ | – | ||||||||||
| Strategic Income Fund | $ | 20,824,219 | $ | 33,587,630 | $ | – | $ | 4,381,119 | $ | (4,619,413 | ) | |||||||||
| 108 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
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.
The following table presents derivative financial instruments that are subject to enforceable netting arrangements, collateral arrangements or other similar agreements as of March 31, 2026.
| 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 | |||||||||||||||||||
| Strategic Income Fund | ||||||||||||||||||||||||
| Total Return Swap Contracts | $ | 50,000 | $ | – | $ | 50,000 | $ | (50,000 | ) | $ | – | $ | – | |||||||||||
| Total | $ | 50,000 | $ | – | $ | 50,000 | $ | (50,000 | ) | $ | – | $ | – | |||||||||||
| High Income Fund | ||||||||||||||||||||||||
| Forward Foreign Currency Contracts | $ | 57,518 | $ | – | $ | 57,518 | $ | (57,518 | ) | $ | – | $ | – | |||||||||||
| Total | $ | 57,518 | $ | – | $ | 57,518 | $ | (57,518 | ) | $ | – | $ | – | |||||||||||
| Semi-Annual Report | March 31, 2026 | 109 |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
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 | |||||||||||||||||||
| Strategic Income Fund | ||||||||||||||||||||||||
| Total Return Swap Contracts | $ | 2,079,120 | $ | – | $ | 2,079,120 | $ | (50,000 | ) | $ | – | $ | 2,029,120 | |||||||||||
| Total | $ | 2,079,120 | $ | – | $ | 2,079,120 | $ | (50,000 | ) | $ | – | $ | 2,029,120 | |||||||||||
| High Income Fund | ||||||||||||||||||||||||
| Forward Foreign Currency Contracts | $ | 13,645 | $ | – | $ | 13,645 | $ | (13,645 | ) | $ | – | $ | – | |||||||||||
| Total | $ | 13,645 | $ | – | $ | 13,645 | $ | (13,645 | ) | $ | – | $ | – | |||||||||||
| (a) | These amounts are limited to the derivatives asset/liability balance and, accordingly, do not include excess collateral received/pledged. |
5. NEW ACCOUNTING PRONOUNCEMENTS AND RULE ISSUANCES
In December 2023, the FASB issued Accounting Standards update 2023-09 (“ASU 2023-09”), Income Taxes (Topic 740) Improvements to Income Tax Disclosures, which amends quantitative and qualitative income tax disclosure requirements in order to increase disclosure consistency, bifurcate income tax information by jurisdiction and remove information that is no longer beneficial. ASU 2023-09 is effective for annual periods beginning after December 15, 2024, and early adoption is permitted. Fund Management is evaluating the impacts of these changes on the Fund's financial statements.
6. LOAN PARTICIPATIONS AND ASSIGNMENTS
The Strategic Income Fund and High Income Fund may each invest in direct debt instruments which are interests in amounts owed to lenders or lending syndicates by corporate, governmental, or other borrowers. The Strategic Income Fund and High Income Fund will normally invest in corporate debt issuers in North America and Europe. The Strategic Income Fund’s and High Income Fund’s investments in loans may be in the form of participations in loans or assignments of all or a portion of loans from third parties. A loan is often administered by a bank or other financial institution (the “lender”) that acts as agent for all holders. The agent administers the terms of the loan, as specified in the loan agreement. The Strategic Income Fund and High Income Fund may each invest in multiple series or tranches of a loan, which may have varying terms and carry different associated risks. The Strategic Income Fund and High Income Fund will generally purchase assignments of these loans, in which case they will typically become lenders for purposes of the relevant loan agreement with direct contractual rights against the borrower, including the right to receive payments of principal and interest. When purchasing participation interests in a loan, the Strategic Income Fund and High Income Fund generally have no right to enforce compliance with the terms of the loan agreement with the borrower. As a result, the Strategic Income Fund and High Income Fund may each be subject to the credit risk of both the borrower and the lender that is selling the loan agreement. The Strategic Income Fund and High Income Fund may each enter into unfunded loan commitments, which are contractual obligations for future funding. Unfunded loan commitments represent a future obligation in full, even though a percentage of the notional loan amounts may not be utilized by the borrower. When investing in a loan participation, the Strategic Income Fund and High Income Fund have the right to receive payments of principal, interest and any fees to which they are entitled only from the lender selling the loan agreement and only upon receipt of payments by the lender from the borrower. The Strategic Income Fund and High Income Fund may each receive a commitment fee based on the undrawn portion of the underlying line of credit portion of a floating rate loan. In certain circumstances, the Strategic Income Fund and High Income Fund may each receive a penalty fee upon the prepayment of a floating rate loan by a borrower. Fees earned are recorded as a component of interest income or interest expense, respectively, on the Statements of Operations. As of March 31, 2026, there are no unfunded loan commitments.
| 110 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
The Funds may commit to an investment that has yet to fund because the applicable deal has not closed. Additionally, the Adviser or its affiliates may commit to an investment that it intends to allocate to the Funds for which certain terms are not yet finalized at the time of the commitment and as such the Fund’s allocation may change prior to the date of funding. In this regard, a Fund may have to fund additional commitments in the future that it is currently not obligated to fund. Such investments are not included in the unfunded commitments outstanding table above.
7. 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 |
| Strategic Income Fund | 0.75% |
| High Income Fund | 1.00% |
For the six months ended March 31, 2026, the Adviser earned fees of $4,219,429, and $287,893, for the Strategic Income Fund and the High Income Fund, respectively. Of those advisor fees, $641,878, and $37,574 remained payable for the Strategic Income Fund and the High Income Fund, respectively, as of March 31, 2026. 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, 2027 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.
| Semi-Annual Report | March 31, 2026 | 111 |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
For the six months ended March 31, 2026, reimbursed expenses for the High Income Fund subject to potential recovery by year of expiration are as follows:
| Expiring September 30, | ||||||||||||||||
| 2026 | 2027 | 2028 | 2029 | |||||||||||||
| High Income Fund | ||||||||||||||||
| Class I | $ | 109,573 | $ | 147,345 | $ | 121,895 | $ | 50,202 | ||||||||
| Class R | $ | 8,271 | $ | 11,201 | $ | 9,425 | $ | 3,677 | ||||||||
| Total | $ | 117,844 | $ | 158,546 | $ | 131,320 | $ | 53,879 | ||||||||
The Adviser has contractually agreed to waive fees and/or reimburse certain expenses in an amount equal to the sum of any acquired fund fees and expenses, if any, incurred by the Strategic Income Fund that are attributable to the Strategic Income Fund’s investment in acquired funds managed by the Adviser or an investment adviser controlling, controlled by, or under common control with the Adviser until at least January 31, 2027. This contractual agreement will continue automatically for successive annual periods unless terminated by the Fund's Board of Trustees on 60 days' written notice to the Adviser.
For the six months ended March 31, 2026, the Adviser waived $111,276 in affiliated management fees attributable to the Strategic Income Fund related to the Fund's investment in an affiliated fund, the High Income Fund. The Investment Adviser Fee disclosed on the Strategic Income Fund’s Statement of Operations is reflective of this waiver of affiliated management fees. The waived fees are not subject to recoupment by the Adviser.
DoubleLine is the investment sub-adviser to the Strategic Income Fund. Oaktree Capital is the investment sub-adviser to the High Income Fund. Under the terms of the sub-advisory agreements, the Sub-Advisers, subject to the supervision of the Adviser and the Board of Trustees, provide to the Strategic Income Fund and the High Income Fund such investment advice as deemed advisable and will furnish a continuous investment program for the portion of assets managed in the respective Fund consistent with the respective Fund's investment objective and policies. As compensation for its sub-advisory services, the Adviser, out of its own fee, is obligated to pay each Sub-Adviser a fee computed and accrued daily and paid monthly in arrears based on an annual rate of the average daily net assets of the Strategic Income Fund and the High Income Fund.
| 112 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
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 Strategic Income Fund and the Class R Shares of the High Income Fund is 0.25% of the average daily net assets. The expenses of the Funds’ Plan are reflected as 12b-1 fees in the Statements of Operations.
The Funds have entered into a Distribution Agreement with ALPS Distributors, Inc., an affiliate of ALPS, to provide distribution services to the Funds. The Distributor serves as underwriter/distributor of shares of the Funds.
Trustees who are “interested persons” of the Trust receive no salary or fees from the Trust. Effective January 1, 2026, each Trustee who is not an “interested person” receives a fee of $28,000 per year, plus $1,500 per special meeting attended from the Trust. In addition, the lead Independent Director receives $1,333 annually, the Chair of the Audit Committee receives $1,111 annually and the Chair of the Nominating and Corporate Governance Committee receives $667 annually. The Trust reimburses each Trustee and Officer for his or her travel and other expenses relating to attendance at such meetings. Prior to January 1, 2026, each Trustee who was not an "interested person" received a fee of $28,000 per year plus $2,000 per meeting and $1,500 per special meeting attended from the Trust. In addition, the Chair of the Audit Committee received $1,111 annually, the Chair of the Nominating and Governance Committee received $667 annually and the Lead Independent Trustee received $1,333 annually.
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.
| Semi-Annual Report | March 31, 2026 | 113 |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
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.
The tax character of distributions paid by the Funds during the fiscal year ended September 30, 2025, was as follows:
| Ordinary Income | Tax-Exempt Income | Distributions paid from Long-Term Capital Gain | Return of Capital | Total | ||||||||||||||||
| Strategic Income Fund | $ | 47,630,412 | $ | – | $ | – | $ | 31,136,408 | $ | 78,766,820 | ||||||||||
| High Income Fund | 2,939,904 | – | – | 1,138,434 | 4,078,338 | |||||||||||||||
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, 2025, certain differences were reclassified. The amounts reclassified did not affect net assets. The reclassifications were as follows:
| Paid-in Capital | Total Distributable Earnings/(Accumulated Deficit) | |||||||
| Strategic Income Fund | $ | (2,666,906 | ) | $ | 2,666,906 | |||
| High Income Fund | (22,591 | ) | 22,591 | |||||
At September 30, 2025, 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 | ||||||||||||||||
| Strategic Income Fund | $ | – | $ | (190,210,535 | ) | $ | (69,818,524 | ) | $ | – | $ | (260,029,059 | ) | |||||||
| High Income Fund | – | (6,828,588 | ) | 1,615,677 | (344,883 | ) | (5,557,794 | ) | ||||||||||||
| 114 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
Capital Losses: As of September 30, 2025, 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 | $ | 49,841,846 | $ | 140,368,689 | ||||
| High Income Fund | 923,437 | 5,905,151 | ||||||
Unrealized Appreciation and Depreciation on Investments: The amount of net unrealized appreciation/(depreciation) and the cost of investment securities for tax purposes, including short-term securities at March 31, 2026, were as follows:
| Fund | Gross Appreciation (excess of value over tax) | Gross Depreciation (excess of tax cost over value) | Net Unrealized Appreciation/ (Depreciation) |
Cost of Investments for Income Tax Purposes |
||||||||||||
| Strategic Income Fund* | $ | 41,452,243 | $ | (141,788,820 | ) | $ | (100,336,577 | ) | $ | 1,087,969,099 | ||||||
| High Income Fund* | 904,780 | (1,428,308 | ) | (523,528 | ) | 55,343,556 | ||||||||||
| * | The difference between book and tax basis unrealized appreciation/(depreciation) for the Funds is attributable primarily to passive foreign investment companies, wash sales, forward contract mark to market, tax treatment of premium amortization and tax treatment of certain other investments. |
The High Income Fund elects to defer to the period ending September 30, 2026, late year ordinary losses in the amount of $344,883.
9. INVESTMENT TRANSACTIONS
Investment transactions for the six months ended March 31, 2026, excluding U.S. government obligations and short-term investments, were as follows:
| Fund | Purchases of Securities | Proceeds from Sales of Securities | ||||||
| Strategic Income Fund | $ | 242,533,934 | $ | 315,526,046 | ||||
| High Income Fund | 21,294,303 | 21,119,660 | ||||||
| Semi-Annual Report | March 31, 2026 | 115 |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
Investment Transactions in long term U.S. Government Obligations for the six months ended March 31, 2026 were as follows:
| Purchases of Securities | Proceeds from Sales of Securities | |||||||
| Strategic Income Fund | $ | 14,674,559 | $ | 43,395,996 | ||||
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 six months ended March 31, 2026 were as follows:
Strategic Income Fund
| Security Name | Market Value as of October 1, 2025 | Purchases | Change in Unrealized Gain (Loss) | Return of Capital |
Realized Gain/Loss |
Market Value as of March 31, 2026 | Share Balance as of March 31, 2026 | Dividends | ||||||||||||||||||||||||
| High Income Fund | $ | 39,212,424 | $ | 1,431,343 | $ | (1,393,479 | ) | $ | – | $ | – | $ | 39,250,288 | 4,614,153 | $ | 1,431,343 | ||||||||||||||||
| $ | (1,393,479 | ) | $ | – | $ | – | $ | 39,250,288 | 4,614,153 | $ | 1,431,343 | |||||||||||||||||||||
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 most recently amended on March 24, 2026. The Revolving Credit Agreement expires on March 23, 2027. 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 3.64% at March 31, 2026. For the six months ended March 31, 2026, 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%.
For the six months ended March 31, 2026, the Funds had no borrowings under the Revolving Credit Agreement.
| 116 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth Funds | Notes to Financial Statements and Financial Highlights |
|
| |
12. BENEFICIAL OWNERSHIP
On March 31, 2026, there were an unlimited number of no par value shares of beneficial interest authorized for each Fund. Transactions in shares of beneficial interest are shown in the Statements of Changes in Net Assets.
The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. Beneficial owners owning more than 25% of the voting securities for the benefit of their customers of each class of each Fund, as of March 31, 2026, are listed below:
| Fund | Shareholder Name | Percentage Interest |
| Strategic Income Fund – Class I | Charles Schwab & Company, Inc. | 47.87% |
| Strategic Income Fund- Class R | Charles Schwab & Company, Inc. | 52.27% |
| Strategic Income Fund – Class R | National Financial Services Corp. | 26.35% |
| High Income Fund – Class I | RiverNorth/DoubleLine Strategic Income Fund | 73.69% |
| High Income Fund – Class R | Charles Schwab & Company, Inc. | 95.50% |
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. SUBSEQUENT EVENTS
The Trust has performed an evaluation of subsequent events through the date the financial statements and financial highlights were issued and has determined that no additional items require recognition or disclosure.
| Semi-Annual Report | March 31, 2026 | 117 |
| RiverNorth Funds | Additional Information |
|
| |
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.
| 118 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth Funds | Board
Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements |
|
| |
Consideration and Renewal of Investment Advisory Agreements with RiverNorth Capital Management, LLC
At an in-person meeting (the “Meeting”) of the Board of Trustees (the “Board” or the “Trustees”) of RiverNorth Funds (the “Trust”), held on November 11-12, 2025 and called expressly for that purpose, the Board, including a majority of the Trustees who are not “interested persons” (as defined in the Investment Company Act of 1940, as amended) (the “Independent Trustees”), considered the renewal of the investment management agreement (the “Management Agreement”) between RiverNorth Capital Management, LLC (“RiverNorth” or the “Adviser”) and the Trust on behalf of the RiverNorth/DoubleLine Strategic Income Fund (the “Strategic Income Fund”) and the RiverNorth/Oaktree High Income Fund (the “High Income Fund” and together with the Strategic Income Fund, the “Funds”).
The Board received materials compiled by the Adviser and the Funds’ administrator, including, among other items, a copy of the Management Agreement, the Adviser’s response to a questionnaire regarding the Adviser’s profitability, organization, management and operations, the Adviser’s Form ADV, the Adviser’s audited financial statements, information regarding the Adviser’s assets under management, an overview of the Funds’ cumulative and annualized returns as compared to the Funds’ benchmarks, the Funds’ fact sheets for the quarter ended September 30, 2025, a performance comparison of the Funds compared to other funds managed by RiverNorth, information regarding the Adviser’s compliance programs and a third-party comparison report regarding the Funds’ performance and fees compared to benchmark indices and peer funds. The Trustees reviewed a memorandum from their independent legal counsel regarding the Trustees’ duties in considering the approval of advisory agreements. The Board considered the following factors, among others, in reaching its determination to renew the Management Agreement: (i) the investment performance of the Funds and the investment performance of the Adviser, (ii) the nature, extent and quality of the services provided by the Adviser to the Funds, (iii) the experience and qualifications of the personnel providing such services, (iv) the costs of the services provided and the profits to be realized by the Adviser and any of its affiliates from the relationship with each Fund, (v) the extent to which economies of scale will be realized by each Fund as it grows, and (vi) whether each Fund’s fee levels reflected the economies of scale to the benefit of the Fund’s shareholders.
The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Management Agreement and the weight to be given to each such factor. The Trustees’ conclusions were based on an evaluation of all the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weights to the various factors in reaching conclusions with respect to the Management Agreement. Although not meant to be all-inclusive, the following discussion summarizes the factors considered and conclusions reached by the Trustees in determining to renew the Management Agreement at the Meeting, including during executive sessions with their independent legal counsel.
| Semi-Annual Report | March 31, 2026 | 119 |
| RiverNorth Funds | Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements |
|
| |
Performance, Fees and Expenses
Strategic Income Fund
Regarding the Strategic Income Fund, the Board reviewed the performance of the Fund’s Class I shares for the three-month, one-year, three-year, five-year, ten-year and since inception periods ended September 30, 2025. These returns were compared to the returns of mutual funds in FUSE Research Network, LLC’s (“FUSE”) Multisector Bond fund peer group (the “Multisector Peer Group”) and a peer universe consisting of all funds in the Multisector Peer Group and all other Multisector Bond funds (the “Multisector Universe”). The Multisector Peer Group and the Multisector Universe included funds with similar pricing features as the Strategic Income Fund, excluding outliers. The Board noted that the Strategic Income Fund outperformed the median of the Multisector Peer Group for the three-month and since inception periods ended September 30, 2025, performed in-line with the median of the Multisector Peer Group for the ten-year period ended September 30, 2025, and underperformed the median of the Multisector Peer group for the one-year, three-year and five-year period ended September 30, 2025. It was also noted that the Strategic Income Fund outperformed the median of the Multisector Universe for the three-month and since inception periods ended September 30, 2025. The Strategic Income Fund underperformed the median of the Multisector Peer Group and Multisector Universe for the one-year, three-year and five-year periods ended September 30, 2025.
As to the comparative fees and expenses, the Trustees considered the management and the other fees paid by the Fund and compared those to the management and other fees paid by funds in the Multisector Peer Group and Multisector Universe. The Board noted that the Strategic Income Fund’s Class I shares’ annual net expense ratio and annual management fee was higher than the medians of the Multisector Peer Group and Multisector Universe, but within the range of the peers. The Trustees noted that the Adviser actively manages a portion of the Fund in addition to delegating the management of a portion of the Fund’s portfolio to DoubleLine Capital LP (“DoubleLine”), the Fund’s sub-adviser. The Board, including the Independent Trustees, determined that the fees were reasonable given the nature of the Fund’s investment strategy, the capabilities of the Adviser and DoubleLine, and the nature of the services provided to the Fund.
High Income Fund
Regarding the High Income Fund, the Board reviewed the performance of the High Income Fund’s Class I shares for the three-month, one-year, three-year, five-year, ten-year and since inception periods ended September 30, 2025. These returns were compared to the returns of mutual funds in FUSE’s High Yield Bond fund peer group (the “High Yield Peer Group”) and a peer universe consisting of all funds in the High Yield Peer Group and all other High Yield Bond funds (the “High Yield Universe”). The High Yield Peer Group and the High Yield Universe included funds with similar pricing features as the High Income Fund, excluding outliers. The Board noted that the High Income Fund had underperformed the median of the High Yield Peer Group for the three-month, one-year, three-year, ten-year and since inception periods ended September 30, 2025. The Board considered that the High Income Fund had outperformed the median of the High Yield Universe for the five-year period ended September 30, 2025, and underperformed the median for the three-month, one-year, five-year, ten-year and since inception periods. The Trustees acknowledged the fact that the Fund’s split strategy between closed-end funds (“CEFs”) and high-yield/senior loans differed from the funds in each group.
| 120 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth Funds | Board
Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements |
|
| |
As to the comparative fees and expenses, the Trustees considered the management and the other fees paid by the Fund and compared those to the management and other fees paid by funds in the High Yield Peer Group and High Yield Universe. The Board noted that the High Income Fund’s Class I shares’ annual gross management fee and annual net expense ratio was higher than the median of the High Yield Peer Group and High Yield Universe. The Board recalled that most of the funds in FUSE’s High Yield Peer Group and High Yield Universe utilized a less complex strategy than that of the High Income Fund and would lead to relatively lower fees. After discussion, the Board, including the Independent Trustees, determined that the fees were adequate in comparison to the Fund’s peers, and the fees were reasonable given the nature of the Fund’s investment strategy, and the nature of the services to be provided to the Fund by the Adviser and Oaktree Fund Advisors, LLC (“Oaktree”), the Fund’s sub-adviser.
Nature, Extent and Quality of Services
As to the nature, extent and quality of the services provided by the Adviser to the Funds, the Board considered that under the terms of the Management Agreement, the Adviser, subject to the supervision of the Board, provides or arranges to be provided to the Funds such investment advice as the Adviser, in its discretion, deems advisable and furnishes or arranges to be furnished a continuous investment program for the Funds consistent with each Fund’s investment objective and policies. The Board reviewed the Adviser’s Form ADV, which was previously provided to the Board and that provided details regarding the experience of each of the Adviser’s personnel. The Adviser also provided additional information regarding its experience managing other investment accounts and extensive experience with CEFs, noting the fact that RiverNorth was an industry leader in the area. Based on the foregoing information, the Board, including the Independent Trustees, concluded that the Adviser had provided quality services and could be expected to do so in the future for the Funds.
Profitability and Other Benefits
As to the cost of the services provided and the profits to be realized by the Adviser, the Board reviewed the Adviser’s estimates of its profitability and its financial condition. The Board reviewed the Adviser’s financial statements and noted the Adviser’s financial condition was stable. The Board acknowledged that the Adviser’s management fees were comparable to those charged to other mutual funds to which the Adviser provides advisory or sub-advisory services. The Board, including the Independent Trustees, determined that the Management Agreement, with respect to the Strategic Income Fund and High Income Fund was not overly profitable to the Adviser and the financial condition of the Adviser was adequate.
The Board noted that the Adviser has no affiliations with the Funds’ transfer agent, fund accountant, administrator, custodian, or distributor and therefore does not derive any benefits from the relationships these parties may have with the Trust. The Board also noted each Fund’s liquidity status and its ability to meet redemptions.
Conclusion
Based upon such information as they considered necessary to the exercise of their reasonable business judgment, and as assisted by the advice of independent counsel, the Trustees, including all of the Independent Trustees, concluded that it was in the best interests of each of the Funds to continue the Management Agreement with the Adviser for an additional one-year period.
| Semi-Annual Report | March 31, 2026 | 121 |
| RiverNorth Funds | Board
Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements |
|
| |
Consideration of the Sub-Advisory Agreement with DoubleLine with respect to the Strategic Income Fund
At the Meeting, the Board, including the Independent Trustees, also considered the renewal of the sub-advisory agreement (the “DoubleLine Sub-Advisory Agreement”) between the Adviser and DoubleLine related to the Strategic Income Fund. The Board received materials compiled by DoubleLine and the Adviser provided in support of the proposed renewal of the DoubleLine Sub-Advisory Agreement (“DoubleLine Renewal Materials”). The Board considered the renewal of the DoubleLine Sub-Advisory Agreement, noting that the DoubleLine Renewal Materials contained information compiled by DoubleLine and the Adviser, including a copy of the DoubleLine Sub-Advisory Agreement, DoubleLine’s response to a questionnaire regarding its profitability, management and operations, a copy of DoubleLine’s Form ADV and information regarding the performance of the Strategic Income Fund’s benchmark indices and peer funds. The Board considered the following factors, among others, in reaching its determination to renew the DoubleLine Sub-Advisory Agreement: (i) the investment performance of the Strategic Income Fund and the investment performance of DoubleLine, (ii) the nature, extent and quality of the services provided by DoubleLine to the Strategic Income Fund, (iii) the experience and qualifications of the personnel providing such services, (iv) the costs of the services provided and the profits to be realized by DoubleLine and any of its affiliates from the relationship with the Strategic Income Fund, (v) the extent to which economies of scale will be realized by the Strategic Income Fund as it grows, and (vi) whether the fee levels of the Strategic Income Fund reflected the economies of scale to the benefit of the Strategic Income Fund’s shareholders.
The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the DoubleLine Sub-Advisory Agreement and the weight to be given to each such factor. The Trustees’ conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the DoubleLine Sub-Advisory Agreement. Although not meant to be all-inclusive, the following discussion summarizes the material factors considered and conclusions reached by the Trustees in determining to renew the DoubleLine Sub-Advisory Agreement at the Meeting, including during executive sessions with their independent legal counsel.
The Board reviewed the performance of the Strategic Income Fund for the three-month, one-year, three-year, five-year, ten-year and since inception periods. The Trustees recalled their deliberations regarding the Strategic Income Fund’s performance while considering the renewal of the Management Agreement, acknowledging their satisfaction with the Strategic Income Fund’s performance. The Board also reviewed the performance of the portion of the Strategic Income Fund managed by DoubleLine relative to relevant securities indices, and to other accounts managed by DoubleLine. The Board, including the Independent Trustees, concluded that the performance was in line with expectations for the DoubleLine strategy.
As to the comparative fees and expenses, the Board considered the management fee paid by the Strategic Income Fund to the Adviser, and noted that the Adviser pays DoubleLine from its fee, which the Board had previously determined was reasonable. The Board also compared the sub-advisory fee paid by the Adviser to DoubleLine against the fees that DoubleLine charges other clients to manage similar strategies.
| 122 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth Funds |
Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements |
|
| |
As to the nature, extent and quality of the services provided by DoubleLine, the Board considered that under the terms of the DoubleLine Sub-Advisory Agreement, DoubleLine, subject to the supervision of the Board, provides to the Strategic Income Fund such investment advice as DoubleLine, in its discretion, deems advisable and furnishes or arranges to be furnished a continuous investment program for the Strategic Income Fund consistent with the Strategic Income Fund’s investment objective and policies. The Board reviewed the Form ADV of DoubleLine, which provided details regarding the experience of DoubleLine’s investment personnel. DoubleLine also provided additional information regarding its operations and experience managing other investment accounts. The Board noted that RiverNorth was satisfied with DoubleLine’s work with the Strategic Income Fund. Based on the foregoing information, the Board, including the Independent Trustees, concluded that DoubleLine had provided quality services and could be expected to continue to do so for the Strategic Income Fund.
As to the cost of the services provided and the profits to be realized by DoubleLine, the Board reviewed DoubleLine’s financial condition. The Board, including the Independent Trustees, determined that the DoubleLine Sub-Advisory Agreement and the compensation to DoubleLine was reasonable and the financial condition of DoubleLine was adequate. The Board noted that DoubleLine has no affiliations with the Strategic Income Fund’s transfer agent, administrator, fund accountant, custodian, or distributor and therefore does not derive any benefits from the relationships these parties may have with the Trust.
Based upon such information as they considered necessary to the exercise of their reasonable business judgment, and as assisted by the advice of independent counsel, the Trustees, including all of the Independent Trustees, concluded that it was in the best interests of the Strategic Income Fund to continue the DoubleLine Sub-Advisory Agreement between the Adviser and DoubleLine for an additional one-year period.
Consideration of the Sub-Advisory Agreement with Oaktree with respect to the High Income Fund
At the Meeting, the Board, including the Independent Trustees, also considered the renewal of the sub-advisory agreement (the “Oaktree Sub-Advisory Agreement”) between the Adviser and Oaktree related to the High Income Fund. The Board received materials compiled by Oaktree and the Adviser provided in support of the proposed renewal of the Oaktree Sub-Advisory Agreement (“Oaktree Renewal Materials”). The Board considered the renewal of the Oaktree Sub-Advisory Agreement, noting that the Oaktree Renewal Materials contained information compiled by Oaktree and the Adviser, including a copy of the Oaktree Sub-Advisory Agreement, Oaktree’s response to a questionnaire regarding its profitability, management and operations, a copy of Oaktree’s Form ADV and information regarding the performance of the High Income Fund. The Board considered the following factors, among others, in reaching its determination to renew the Oaktree Sub-Advisory Agreement: (i) the investment performance of the High Income Fund and the investment performance of Oaktree, (ii) the nature, extent and quality of the services provided by Oaktree to the High Income Fund, (iii) the experience and qualifications of the personnel providing such services, (iv) the costs of the services provided and the profits to be realized by Oaktree and any of its affiliates from the relationship with the High Income Fund, (v) the extent to which economies of scale will be realized by the High Income Fund as it grows, and (vi) whether the fee levels of the High Income Fund reflected the economies of scale to the benefit of the High Income Fund’s shareholders.
| Semi-Annual Report | March 31, 2026 | 123 |
| RiverNorth Funds |
Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements |
|
| |
The Trustees relied upon the advice of independent legal counsel and their own business judgment in determining the material factors to be considered in evaluating the Oaktree Sub-Advisory Agreement and the weight to be given to each such factor. The Trustees’ conclusions were based on an evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching conclusions with respect to the Oaktree Sub-Advisory Agreement. Although not meant to be all-inclusive, the following discussion summarizes the material factors considered and conclusions reached by the Trustees in determining to renew the Oaktree Sub-Advisory Agreement at the Meeting, including during executive sessions with their independent legal counsel.
The Board reviewed the performance of the High Income Fund for the three-month, one-year, three- year, five-year, ten-year and since inception periods. The Trustees recalled their deliberations regarding the High Income Fund’s performance while considering the renewal of the Management Agreement, acknowledging their satisfaction with the High Income Fund’s performance. The Board also reviewed the performance of the portion of the High Income Fund managed by Oaktree relative to other accounts managed by Oaktree. The Board, including the Independent Trustees, concluded that the performance was in line with expectations for the Oaktree strategy.
As to the comparative fees and expenses, the Board considered the management fee paid by the High Income Fund to the Adviser, and noted that the Adviser pays Oaktree from its fee, which the Board had previously determined was reasonable. The Board also compared the sub-advisory fee paid by the Adviser to Oaktree against the fees that Oaktree charges other clients to manage similar strategies.
As to the nature, extent and quality of the services provided by Oaktree, the Board considered that under the terms of the Oaktree Sub-Advisory Agreement, Oaktree, subject to the supervision of the Board, provides to the High Income Fund such investment advice as Oaktree, in its discretion, deemed advisable and furnishes or arranges to be furnished a continuous investment program for the High Income Fund consistent with the High Income Fund’s investment objective and policies. The Board reviewed the Form ADV of Oaktree, which provided details regarding the experience of Oaktree’s investment personnel. Oaktree also provided additional information regarding its operations and experience managing other investment accounts. The Board noted that RiverNorth was satisfied with Oaktree’s work with the High Income Fund. Based on the foregoing information, the Board, including the Independent Trustees, concluded that Oaktree had provided quality services and could be expected to continue to do so for the High Income Fund.
As to the cost of the services provided and the profits to be realized by Oaktree, the Board reviewed Oaktree’s financial condition. The Board, including the Independent Trustees determined that the Oaktree Sub-Advisory Agreement and the compensation to Oaktree was reasonable and the financial condition of Oaktree was adequate. The Board noted that Oaktree has no affiliations with the High Income Fund’s transfer agent, administrator, fund accountant, custodian, or distributor and therefore does not derive any benefits from the relationships these parties may have with the Trust.
| 124 | (888) 848-7569 | www.rivernorth.com |
| RiverNorth Funds |
Board Considerations Regarding Approval of Investment Advisory and Sub-Advisory Agreements |
|
| |
Based upon such information as they considered necessary to the exercise of their reasonable business judgment, and as assisted by the advice of independent counsel, the Trustees, including all of the Independent Trustees, concluded that it was in the best interests of the High Income Fund to continue the Oaktree Sub-Advisory Agreement between the Adviser and Oaktree for an additional one-year period.
| Semi-Annual Report | March 31, 2026 | 125 |
RiverNorth Funds
RiverNorth/DoubleLine Strategic Income Fund
RiverNorth/Oaktree High Income Fund
Board of Trustees
Patrick W. Galley, CFA, Chairman
Jerry R. Raio
David M. Swanson
John K. Carter
J. Wayne Hutchens
Lisa Mougin
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) | The Registrant’s Financial Highlights are included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR. |
| Item 8. | Changes in and Disagreements with Accountants for Open-End Management Investment Companies. |
Not applicable during the period covered by this report.
| Item 9. | Proxy Disclosures for Open-End Management Investment Companies. |
Not applicable during the period covered by this report.
| Item 10. | Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies. |
Remuneration Paid to Directors, Officers, and Others is included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.
| Item 11. | Statement Regarding Basis for Approval of Investment Advisory Contract. |
The Statement Regarding the Basis for Approval of Investment Advisory Contract is included as part of the Financial Statements filed under Item 7(a) of this Form N-CSR.
| Item 12. | Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies. |
Not applicable to the Registrant.
| Item 13. | Portfolio Managers of Closed-End Management Investment Companies. |
Not applicable to the Registrant.
| Item 14. | Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers. |
Not applicable to the Registrant.
| Item 15. | Submission of Matters to a Vote of Security Holders. |
The Registrant has not adopted procedures by which shareholders may recommend nominees to the Registrant’s Board of Trustees.
| Item 16. | Controls and Procedures. |
| (a) | The Registrant’s principal executive officer and principal financial officer have concluded that the Registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the “1940 Act”)) are effective based on their evaluation of these controls and procedures, required by Rule 30a-3(b) under the 1940 Act and Rule 13a-15(b) under the Securities Exchange Act of 1934, as of a date within 90 days of the filing date of this document. |
| (b) | There were no significant changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act) during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting. |
| Item 17. | Disclosure of Securities Lending Activities for Closed-End Management Investment Companies. |
Not applicable to the Registrant.
| Item 18. | Recovery of Erroneously Awarded Compensation. |
| (a) | Not applicable. |
| (b) | Not applicable. |
| Item 19. | Exhibits. |
| (a)(1) | Not applicable to semi-annual report. |
| (a)(2) | Not applicable to the Registrant. |
| (a)(4) | Not applicable. |
| (a)(5) | Not applicable. |
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 and Principal Executive Officer | |
| Date: | June 5, 2026 |
Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.
| By: | /s/ Patrick W. Galley | |
| Name: | Patrick W. Galley | |
| Title: | President and Principal Executive Officer | |
| Date: | June 5, 2026 |
| By: | /s/ Jonathan M. Mohrhardt | |
| Name: | Jonathan M. Mohrhardt | |
| Title: | Treasurer and Chief Financial Officer | |
| Date: | June 5, 2026 |
ATTACHMENTS / EXHIBITS
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Net Asset Value(s)
- Midland Identifies Several Lake Bottom Copper Anomalies from Its New High-Resolution Survey Completed on the Lac Bernard Project
- The Edge Negotiation Group Launches Deal/Spar, an AI-Powered Negotiation Simulator for Voice and Text-Based Practice
Create E-mail Alert Related Categories
SEC FilingsSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
