Income-Covered Closed-End Fund Report, November 2025: 3 Non-Leveraged Picks
This report screens closed-end funds (CEFs) with fully covered distributions, highlighting those with attractive discounts, yields, and risk profiles for income-focused investors. TCW Strategic Income (TSI) and Invesco Bond Fund (VBF) stand out as safer, non-leveraged, investment-grade bond CEFs with strong distribution coverage and long track records. RiverNorth Capital and Income Fund (RSF) offers a much higher yield and discount but carries greater credit risk due to its focus on small business loans and Level 3 assets.
RSF: Double-Digit Yielding Diversifier For CEF Portfolios
RSF holds primarily small business loans via Square with no leverage. High management fees are offset by capped expenses; actual sustainable net yield is likely closer to 7.5% due to NAV erosion. Frequent rights and tender offers understate official returns, but active investors can generate significant additional alpha by participating.
RSF: Managed 10% Distribution Yield And Unique Interval Structure
RSF offers a unique portfolio and structure as a publicly listed interval CEF, but persistent NAV erosion and high expenses likely keep most investors away. With the interval structure, the fund repurchases a portion of shares each quarter at NAV, presenting regular occasions to cash in on the discount. The fund may not appear attractive based on a glance at a chart and expenses, but the fund's total returns have been quite competitive relative to other fixed-income instruments.
Sudan's RSF operating drones from Darfur base, pictures show
Satellite images show at least three drones and the construction of hangars at an airport in South Darfur held by Sudan's Rapid Support Forces (RSF), evidence of the continuing stream of increasingly advanced weapons fuelling a devastating war.
US lawmakers find UAE provides weapons to Sudan RSF; UAE denies this
Two U.S. lawmakers will keep trying to block arms sales to the United Arab Emirates, having determined that the UAE is providing weapons to the paramilitary Rapid Support Forces (RSF) in Sudan's civil war, they said on Friday.
Exclusive: Biden to report to US Congress on UAE assurance it is not supplying weapons to Sudan RSF
President Joe Biden's administration will provide U.S. lawmakers an assessment by Jan. 17 on the credibility of assurances by the United Arab Emirates that it is not providing - and will not provide - weapons to the paramilitary Rapid Support Forces (RSF) in Sudan, according to a letter seen by Reuters on Thursday.
RSF: Unique Closed-End Fund Now Looking More Appealing
RiverNorth Capital and Income Fund recently completed a rights offering, which saw its discount widen substantially before narrowing back once again. RSF is a unique closed-end fund with an interval structure and more of an oddball portfolio. The fund's historical performance has been poor, but with a more meaningful discount and stabilizing rates, it may be an interesting prospect going forward.
