OPP - RiverNorth/DoubleLine Strategic Opportunity Fund

What this means for you

2 large investors own more than 5% of this fund but have told the regulator they are not seeking changes. That is common for banks, brokers and index funds that hold shares for their clients.

Nothing is required of you. If an investor changes its mind, it must file a new notice within days, and it will show up here.

Email me if this changes

What happened, and when

1. Oct 29, 2026

   Wells Fargo & Company raised its stake to 7.6% (from 6.6%), as a passive investor.

   Original document →

2. Oct 13, 2026

   Morgan Stanley cut its stake to 10.2% of the fund's preferred shares (from 15.5%), not the common shares most holders own.

   Original document →

3. July 28, 2026

   Wells Fargo & Company raised its stake to 6.6% (from 6%), as a passive investor.

   Original document →

4. May 12, 2026

   Wells Fargo & Company raised its stake to 6% (from 5.3%), as a passive investor.

   Original document →

5. May 12, 2026

   Morgan Stanley raised its stake to 7.5% of the fund's preferred shares (from 5.9%), not the common shares most holders own.

   Original document →

About this fund

• Run by Rivernorth Capital Management, LLC. As of June 30, 2026, from the fund's yearly report. Original document →
• Size: about $209 million of holdings, as of June 30, 2026. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Borrowing: the fund borrows about 37% on top of its own money, as of June 30, 2026. Borrowed money makes gains and losses bigger. About 99% of that is money the fund has borrowed by selling preferred shares. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• The fund's own example of what borrowing does: in a year in which the holdings returned -10%, a share would return about -18.7%; at +10%, about +13.2%. As of June 30, 2026, from the fund's annual report. Original document →
• Costs: 1.6% a year in management fees; 2.8% a year in total, including interest on borrowed money. Fiscal year ended June 30, 2026. As of June 30, 2026, from the fund's yearly report. Original document →
  Among the 90 funds we follow that invest in bonds, 70 charge a lower management fee and 34 charge less in total, at their last yearly reports. Both numbers are measured against the fund's own money, not the money it borrows on top, so a fund that borrows more shows higher costs on both counts.
• The fund's own cost example: $1,000 invested costs about $55 in the first year and about $539 over 10 years, assuming the holdings return 5% a year. As of June 30, 2026, from the fund's annual report. Original document →
• Payouts: last fiscal year (ended June 30, 2026) the fund paid $1.12 a share. $0.54 of that was income; $0.58 was your own money back, not income. Most funds announce their monthly or quarterly payout on their own website, not in a filing with the regulator, so a cut or a raise there does not show up here until the next yearly report. A few funds do file a notice about a fixed payout; those appear under What happened, and when. As of June 30, 2026, from the fund's annual report. Original document →
• Value of holdings per share at the last fiscal year end (June 30, 2026): $8.37. The shares traded at $7.72, about 7.8% below that. As of June 30, 2026, from the fund's yearly report. Original document →
  Over the last two years the gap (a "discount" when the price is below the value) ranged from 11.4% below to 2.6% below. As of June 30, 2026, from the fund's annual report. Original document →
• How the holdings did: up 4.2% over the last three months we have (April-June 2026), before the share price is taken into account. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• First reported to the regulator in 2016.

How this has changed

• Payouts per share: $1.12 in the fiscal year ended June 30, 2026; $1.17 in the year ended June 30, 2025; $1.21 in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Of that, your own money back rather than income: $0.58 in the year ended June 30, 2026; $0.44 in the year ended June 30, 2025; $0.33 in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 2.8% a year in the fiscal year ended June 30, 2026; 2.78% a year in the year ended June 30, 2025; 2.75% a year in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• Size of the holdings: about $209 million at June 30, 2026; $213 million at June 30, 2025; $216 million at June 30, 2024. From the fund's quarterly holdings reports. Original documents: June 30, 2026 →, June 30, 2025 →, June 30, 2024 →.
• Borrowing: about 37% on top of its own money at June 30, 2026; 37% at June 30, 2025; 36% at June 30, 2024. From the fund's quarterly holdings reports. Original documents: June 30, 2026 →, June 30, 2025 →, June 30, 2024 →.
• The fund had about 25 million shares at June 30, 2026, up 8.9% from June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
  In between, the fund offered holders the chance to buy more shares. Original document →

What these lines mean: a payout that is your own money back, what a fund costs, borrowing.

What a holder made

• The year ended June 30, 2026: the shares returned +3.6%, counting payouts. As of June 30, 2026, from the fund's annual report. Original document →
• The year ended June 30, 2025: the shares returned +13%, counting payouts. As of June 30, 2025, from the fund's annual report. Original document →
• The year ended June 30, 2024: the shares returned +17%, counting payouts. As of June 30, 2024, from the fund's annual report. Original document →
• The year ended June 30, 2023: the shares returned -7.9%, counting payouts. As of June 30, 2023, from the fund's annual report. Original document →
• The year ended June 30, 2022: the shares returned -19.9%, counting payouts. As of June 30, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +1.1%. $10,000 of shares bought at the start (July 1, 2021) would have become about $10,100 by June 30, 2026, with every payout counted, before tax. As of June 30, 2026, from the fund's annual report. Original document →
• The holdings over the last twelve months we have, to June 30, 2026: +3.6%. The quarterly reports carry no share price, so this is the holdings alone. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Of the 51 funds that invest in bonds with a fiscal year ending within six months of this one, 33 reported a higher share return for that year and 17 a lower one. As of June 30, 2026, from the fund's annual report. Original document →
• A past year says nothing about the next one. All figures are the fund's own, from its reports to the regulator.

Why the shares and the holdings can differ: the gap between price and value. Why payouts count: a payout that is your own money back.

What the fund holds

Mostly mortgage bonds (62%), the rest loans, asset-backed bonds and cash and short-term holdings. About 91% issued in the U.S.

1. Government National Mortgage Association - 11.9%
2. Cash and short-term - 6.5%
3. Fannie Mae REMICS - 5.1%
4. Freddie Mac REMICS - 4.1%
5. Freddie Mac - Stacr - 3.2%
6. Fannie Mae - Cas - 2.7%
7. Ellington Financial Mortgage Trust, Efmt 2025-INV5 - 2.4%
8. Colt Funding Llc, COLT 2021-4 Mortgage Loan Trust - 1.7%
9. Washington Mutual Asset-backed Ctfs, Washington Mutual Asset-Backed Certificates WMABS Series 2007-HE2 Trust - 1.4%
10. Prp Advisors, Llc, Prpm 2025-8 LLC - 1.4%

As of June 30, 2026, from the fund's quarterly holdings report. Original document →