RSF - RiverNorth Capital & Income Fund

What this means for you

Karpus is known for pushing closed-end funds to narrow the gap between price and value. For now it has told the regulator it is not seeking changes. One other large investor owns more than 5% of this fund and has said the same; 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. Aug 14, 2026

   Osaic Holdings sold down below 5% and stopped reporting.

   Original document →

2. May 12, 2026

   Osaic Holdings cut its stake to 9.4% (from 13.8%), as a passive investor.

   Original document →

3. Feb 17, 2026

   Nomura Holdings sold down below 5% and stopped reporting.

   Original document →

4. Dec 19, 2025

   Css LLC raised its stake to 6.3% (from 5.1%), as a passive investor.

   Original document →

5. Nov 26, 2025

   Css LLC raised its stake to 5.1% (from 4.9%), as a passive investor.

   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 $54.9 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 does not borrow. As of June 30, 2026, from the fund's quarterly holdings report. Original document →
• Costs: 1.3% a year in management fees; 4% 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, 55 charge a lower management fee and 60 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 $44 in the first year and about $453 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 $1.64 a share, all of it 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): $15.07. The shares traded at $14.62, about 3% 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 9.1% below to 0.5% below. As of June 30, 2026, from the fund's annual report. Original document →
• How the holdings did: up 3.3% 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 2015.

How this has changed

• Payouts per share: $1.64 in the fiscal year ended June 30, 2026; $1.65 in the year ended June 30, 2025; $1.69 in the year ended June 30, 2024.As of June 30, 2026, from the fund's annual report. Original document →
• None of those payouts was your own money back; all of it was income or gains.As of June 30, 2026, from the fund's annual report. Original document →
• Costs, including interest on borrowed money: 3.96% a year in the fiscal year ended June 30, 2026; 6.38% a year in the year ended June 30, 2025; 9.71% 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 $54.9 million at June 30, 2026; $52.4 million at June 30, 2025; $67.1 million at June 30, 2024. From the fund's quarterly holdings reports. Original documents: June 30, 2026 →, June 30, 2025 →, June 30, 2024 →.
• Borrowing: none at June 30, 2026; none at June 30, 2025; 42% 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 3.65 million shares at June 30, 2026, down 10.4% from June 30, 2024.As of June 30, 2026, from the fund's annual report. 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 +12.3%, counting payouts. As of June 30, 2026, from the fund's annual report. Original document →
• The year ended June 30, 2025: the shares returned +5.5%, counting payouts. As of June 30, 2025, from the fund's annual report. Original document →
• The year ended June 30, 2024: the shares returned +11%, counting payouts. As of June 30, 2024, from the fund's annual report. Original document →
• The year ended June 30, 2023: the shares returned -4.5%, counting payouts. As of June 30, 2023, from the fund's annual report. Original document →
• The year ended June 30, 2022: the shares returned -0.9%, counting payouts. As of June 30, 2022, from the fund's annual report. Original document →
• Those five years together: the shares returned +24.6%. $10,000 of shares bought at the start (July 1, 2021) would have become about $12,500 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: +12.3%. 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, 9 reported a higher share return for that year and 41 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 loans (94%), the rest cash and short-term holdings. All of it issued in the U.S.

1. Cash and short-term - 5.8%
2. 11060555.SQ.RVR, Square - 0.2%
3. 11037478.SQ.RVR, Square - 0.2%
4. 11003088.SQ.RVR, Square - 0.2%
5. 10845189.SQ.RVR, Square - 0.2%
6. 10905828.SQ.RVR, Square - 0.2%
7. 11025352.SQ.RVR, Square - 0.1%
8. 11045632.SQ.RVR, Square - 0.1%
9. 11068047.SQ.RVR, Square - 0.1%
10. 11114448.SQ.RVR, Square - 0.1%

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