# EDGAR Filing Document

**Accession Number:** 0001644771
**File Stem:** 0001398344-25-017727
**Filing Date:** 2025-9
**Character Count:** 1072478
**Document Hash:** ea035f42aa19b74a7d06e65f8ef7b6ab
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001398344-25-017727.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0001398344-25-017727

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 29

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** RiverNorth Capital & Income Fund, Inc.
- **CENTRAL INDEX KEY:** 0001644771

**ORGANIZATION NAME:**
- **EIN:** 000000000

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23067
- **FILM NUMBER:** 251296614

**BUSINESS ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVE
- **STREET 2:** SUITE 1420
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401
- **BUSINESS PHONE:** 312-832-1440

**MAIL ADDRESS:**
- **STREET 1:** 360 S. ROSEMARY AVE
- **STREET 2:** SUITE 1420
- **CITY:** WEST PALM BEACH
- **STATE:** FL
- **ZIP:** 33401

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RiverNorth Capital & Income Fund
- **DATE OF NAME CHANGE:** 20221125

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RiverNorth Specialty Finance Corp
- **DATE OF NAME CHANGE:** 20200415

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** RiverNorth Marketplace Lending Corp
- **DATE OF NAME CHANGE:** 20150610

?xml version='1.0' encoding='ASCII'?

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR**

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

<u>811-23067</u>

(Investment Company Act File Number)

<u>RiverNorth Capital and Income Fund, Inc.</u>

(Exact Name of Registrant as Specified in Charter)

360 South Rosemary Avenue, Suite 1420

<u>West Palm Beach, FL 33401</u>

(Address of Principal Executive Offices)

Marcus L. Collins, Esq.

RiverNorth Capital Management, LLC

360 South Rosemary Avenue, Suite 1420

<u>West Palm Beach, FL 33401</u>

(Name and Address of Agent for Service)

<u>(561) 484-7185</u>

(Registrant's Telephone Number)

Date of Fiscal Year End: <u>June 30</u>

Date of Reporting Period: <u>June 30, 2025</u>

**Item 1.** **Reports to Stockholders.**

(a) ![](fp0095219-1_01.jpg)

RiverNorth Capital and Income Fund, Inc.

**Table of Contents**

---

| | |
|:---|:---|
| Shareholder Letter | 2 |
| Performance Overview | 4 |
| Summary Schedule of Investments | 8 |
| Statement of Assets and Liabilities | 12 |
| Statement of Operations | 13 |
| Statements of Changes in Net Assets | 14 |
| Statement of Cash Flows | 15 |
| Financial Highlights | 18 |
| Notes to Financial Statements | 21 |
| Report of Independent Registered Public Accounting Firm | 34 |
| Dividend Reinvestment Plan | 35 |
| Summary of Updated Information Regarding the Fund | 37 |
| Directors & Officers | 82 |
| Additional Information | 86 |

---

RiverNorth Capital and Income Fund, Inc.

Shareholder Letter *June 30, 2025 (Unaudited)*

Dear Fellow Shareholders,

We began last year's letter discussing the Federal Reserve's (the "Fed") unprecedented rate tightening and its impact on the yield curve. One year later, we believe the story is still about the yield curve. Although the yield curve is positively sloped, as measured by the difference between 2-year and 10-year Treasuries, short-term rates remain elevated. However, with inflation trending modestly lower and the Fed pausing rate hikes since mid-2024, markets have started to price in an eventual pivot. Futures imply at least one rate cut – and potentially as many as three – by year-end 2025, though long-end yields remain elevated. Why does this matter?

As we've emphasized before, closed-end funds ("CEFs") are highly sensitive to both current interest rate levels and expectations. A flat or inverted curve puts pressure on funds using floating-rate leverage, where borrowing costs potentially exceed income from longer-term investments. As the yield curve has flattened/re-steepened, our view is that sentiment around CEFs has improved. We believe that market volatility, discount dynamics, and an elevated interest rate environment continue to drive investor behavior—and present opportunity.

On the topic of leverage, the RiverNorth Capital and Income Fund, Inc.'s (the "Fund's") 7-year preferred stock matured at the end of October 2024 and was redeemed. At the end of the fiscal year, the Fund was unlevered. We continue to evaluate the Fund's overall capital structure and may re-lever at some point as conditions and opportunities warrant.

For the fiscal year ended June 30, 2025, the Fund generated a total return of 5.98% on a net asset value ("NAV") basis and 5.52% on a market price basis. These returns were achieved while maintaining a conservative stance. The Fund's allocation to small business whole loans originated by Square Capital ("Square Loans") was the most significant positive contributor to returns for the year, while exposure to special purpose acquisition companies was a slight detractor relative to the Fund's benchmark (the Bloomberg U.S. Aggregate Bond Index).

Square Loans are the foundation of the Fund's investment portfolio (~87% of assets at fiscal year-end). We've discussed the Square Loans regularly as they are a unique, short duration, high cash flow asset. Given the attractive characteristics of the Square Loans asset, we've significantly increased our exposure over the fiscal year from ~45-50% to the current 87% at year-end. We've owned Square Loans in this Fund for nearly 10 years and remain constructive around the risk-adjusted returns net of losses and fees we've experienced since inception. We build around the Square portfolio with opportunistic exposure to investment company debt, credit CEFs and business development companies.

The Fund maintained its level distribution policy ("LDP") during the year, with distributions currently set at 10% of the Fund's December 31, 2024 NAV. We believe a sustainable LDP can provide liquidity to shareholders at NAV and can play a significant role in keeping discounts relatively narrow.

We continue to believe that the Fund's core exposure to Square Loans, flexible asset allocation, and an opportunistic approach position it well for today's uncertain rate and credit environment. While risks remain—particularly around the economic cycle and the timing of the Fed's potential rate cuts—we believe the Fund is built to generate income and manage downside across market cycles.

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

RiverNorth Capital and Income Fund, Inc.

Shareholder Letter *June 30, 2025 (Unaudited)*

We are pleased to provide you with the 2025 Annual Report. Please visit www.rivernorth.com for additional information. We thank you for your continued investment and trust.

Respectfully,

RiverNorth Capital Management, LLC

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

**DEFINITIONS**

**U.S. Treasuries** are seen as a good example of a risk-free investment because they are backed by the "full faith and credit" of the U.S. government. Treasury securities are divided into three primary categories according to the length of maturity. These are Treasury Bills, Treasury Bonds, and Treasury Notes.

The **U.S. Treasury yield curve** is a line chart that allows for the comparison of the yields of short-term Treasury bills and the yields of long-term Treasury notes and bonds.

**Leverage,** the use of borrowed money to invest, is a strategy that can be employed by closed end funds in an effort to potentially increase income and enhance returns.

**Duration** is a measure of the sensitivity of the price of a bond or other debt instrument to a change in interest rates. Duration is non-linear and accelerates as time to maturity lessens.

**Business development companies ("BDCs")** are organizations that invest in small- and medium-sized companies as well as distressed companies. A BDC helps the small- and medium-sized firms grow in the initial stages of their development.

**Square Capital** (small business loans) is an invitation-only advance on the sales that retailers make through Square's point of sales system. It's essentially a merchant cash advance, meaning that you pay a fixed fee rather than interest and repay the funds with a percentage of your daily sales.

Annual Report \| June 30, 2025 3

RiverNorth Capital and Income Fund, Inc.

Performance Overview *June 30, 2025 (Unaudited)*

**WHAT IS THE FUND'S INVESTMENT STRATEGY?**

The investment objective of the RiverNorth Capital and Income Fund, Inc. ("the Fund") is to seek a high level of current income. The Fund seeks to achieve its investment objective by investing in credit instruments, including a portfolio of securities of specialty finance and other financial companies that the Fund's investment adviser, RiverNorth Capital Management, LLC (the "Adviser") believes offer attractive opportunities for income. The Fund may invest in income-producing securities of any maturity and credit quality, including below investment grade, and equity securities, including exchange traded funds and registered closed-end funds ("CEFs").

**HOW DID THE FUND PERFORM RELATIVE TO ITS BENCHMARK DURING THE PERIOD?**

**PERFORMANCE** *as of June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **Annualized** | **Annualized** | **Annualized** | **Annualized** |
| <br>**TOTAL RETURN<sup>(1)</sup>** | **1 Year** | **3 Year** | **5 Year** | **Since<br> Inception**<sup>(2)</sup> |
| RiverNorth Capital and Income Fund, Inc. - NAV<sup>(3)</sup> | 5.98% | 6.17% | 8.47% | 4.74% |
| RiverNorth Capital and Income Fund, Inc. - Market Price<sup>(4)(6)</sup> | 5.52% | 3.82% | 10.78% | 4.26% |
| Bloomberg U.S. Aggregate Bond Index<sup>(5)</sup> | 6.08% | 2.55% | -0.73% | 1.30% |

---

*<sup>(1)</sup>* *Total returns assume reinvestment of all distributions.*

*<sup>(2)</sup>* *The Fund commenced operations on September 22, 2016.*

*<sup>(3)</sup>* *Performance returns are net of management fees and other Fund expenses.*

*<sup>(4)</sup>* *Market price is the value at which the Fund trades on an exchange. This market price can be more or less than its net asset value ("NAV").*

&nbsp;&nbsp;&nbsp;&nbsp;*(5)* *The index is an unmanaged index of investment grade fixed-rate debt issues with maturities of at least one year. The index cannot be invested in directly and does not reflect fees and expenses.* 

*<sup>(6)</sup>* *The Fund began trading on the New York Stock Exchange ("NYSE") on June 12, 2019 under the ticker symbol RSF. Formerly the Fund was known as RMPLX and was purchased directly. Market price returns are a blend of the NAV return until June 11, 2019 combined with the market price return thereafter.*

*Effective as of May 22, 2020, the Fund changed its investment strategy from, under normal market conditions, investing at least 80% of its Managed Assets in marketplace lending investments to, under normal market conditions, investing directly or indirectly in credit instruments, including a portfolio of securities of specialty finance and other financial companies that the Adviser believes offer attractive opportunities for income.*

***The total annual expense ratio as a percentage of net assets attributable to common shares for the year ended June 30, 2025 was 2.54% (excluding interest expense on loan payable and dividends to redeemable preferred stock). Including interest expense on loan payable and dividends to redeemable preferred stock, the expense ratio was 6.38% for the year ended June 30, 2025.***

***Performance data quoted represents past performance, which is not a guarantee of future results. Current performance may be lower or higher than the performance quoted. The principal value and investment return of an investment will fluctuate so that your shares may be worth more or less than their original cost. You can obtain performance data current to the most recent month end by calling 844.569.4750. Total return measures net investment income and capital gain or loss from portfolio investments. All performance shown assumes reinvestment of dividends and capital gains distributions but does not reflect the deduction of taxes that a shareholder would pay on Fund distributions or the sale of Fund shares. Other fees and expenses are applicable to an investment in this Fund.***

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

RiverNorth Capital and Income Fund, Inc.

Performance Overview *June 30, 2025 (Unaudited)*

**WHAT CONTRIBUTING FACTORS WERE RESPONSIBLE FOR THE FUND'S RELATIVE PERFORMANCE DURING THE FISCAL YEAR ENDED JUNE 30, 2025?**

The Fund's allocation to small business whole loans, investment company debt ("ICD") and CEFs were the largest contributors to performance for the fiscal year ended June 30, 2025. Exposure to special purpose acquisition companies ("SPACs") and business development companies ("BDCs") detracted from returns relative to the Fund's primary benchmark.

**HOW WAS THE FUND POSITIONED AT THE END OF THE FISCAL YEAR?**

The Fund allocated 87% of its portfolio to small business whole loans originated by Square Loans. This is a unique, high income, short duration asset that we believe adds a strong degree of diversification to a portfolio of more traditional fixed income assets. Additionally, the Fund had 2% of its assets in ICD, 1% in SPACs and held 9% in cash.

**DEFINITIONS**

**Square Capital** (small business loans) is an invitation-only advance on the sales that retailers make through Square's point of sales system. It's essentially a merchant cash advance, meaning that you pay a fixed fee rather than interest and repay the funds with a percentage of your daily sales.

**Duration** is a measure of the sensitivity of the price of a fixed income investment to a change in interest rates. Duration is expressed as a number of years.

**Investment company debt ("ICD")** are non-equity securities. Notes typically obligate issuers to repay creditors the principal loan, in addition to any interest payments, at a predetermined date.

**Special purpose acquisition companies ("SPACs")** are companies with no commercial operations that is formed strictly to raise capital through an initial public offering for the purpose of acquiring an existing company.

**Business development companies ("BDCs")** are organizations that invest in small- and medium-sized companies as well as distressed companies. A BDC helps the small- and medium-sized firms grow in the initial stages of their development.

Annual Report \| June 30, 2025 5

RiverNorth Capital and Income Fund, Inc.

Performance Overview *June 30, 2025 (Unaudited)*

**GROWTH OF A HYPOTHETICAL $10,000 INVESTMENT**

The graph below illustrates the growth of a hypothetical $10,000 investment assuming the purchase of common shares at the NAV of $25.00 on September 22, 2016 (commencement of operations) and tracking its progress through June 30, 2025.

![](fp0095219-1_02.jpg)

*Past performance does not guarantee future results. Performance will fluctuate with changes in market conditions. Current performance may be lower or higher than the performance data shown. Performance information does not reflect the deduction of taxes that shareholders would pay on Fund distributions or the sale of Fund shares. An investment in the Fund involves risk, including loss of principal.*

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

RiverNorth Capital and Income Fund, Inc.

Performance Overview *June 30, 2025 (Unaudited)*

**TOP TEN HOLDINGS\*** *as of June 30, 2025*

---

| | |
|:---|:---|
| | **% of Net Assets** |
| Oaktree Specialty Lending Corp. | 2.18% |
| Trailblazer Merger Corp. I | 0.72% |
| Allspring Income Opportunities Fund | 0.17% |
| Ares Acquisition Corp. II | 0.07% |
| Colombier Acquisition Corp. II | 0.02% |
| Nabors Energy Transition Corp. II | 0.01% |
| Iron Horse Acquisitions Corp. | 0.01% |
| JVSPAC Acquisition Corp. | 0.01% |
| CH Auto, Inc. | 0.01% |
| Distoken Acquisition Corp. | 0.01% |
|  | 3.21% |

---

\* *Holdings are subject to change and exclude short-term investments.*

**ASSET ALLOCATION** *as of June 30, 2025^*

![](fp0095219-1_03.jpg)

<sup>^</sup> *Holdings are subject to change.*

*Percentages are based on total investments of the Fund.*

Annual Report \| June 30, 2025 7

RiverNorth Capital and Income Fund, Inc.

Summary Schedule of Investments *June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **CLOSED-END FUNDS (0.17%)** | **CLOSED-END FUNDS (0.17%)** | |
| **United States (0.17%)** | **United States (0.17%)** |  |
| 12415 | Allspring Income Opportunities Fund | $87650 |
| **TOTAL CLOSED-END FUNDS** | **TOTAL CLOSED-END FUNDS** |  |
| **(Cost $69,627)** | **(Cost $69,627)** | **87650** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **SPECIAL PURPOSE ACQUISITION COMPANIES (0.71%)** | **SPECIAL PURPOSE ACQUISITION COMPANIES (0.71%)** | |
| **Great Britain (0.00%)** | **Great Britain (0.00%)** |  |
| 1103 | Akari Therapeutics PLC<sup>(a)</sup> | $1291 |
| **United States (0.70%)** | **United States (0.70%)** |  |
| 31280 | Trailblazer Merger Corp. I<sup>(a)</sup> | 366289 |
| **China (0.01%)** | **China (0.01%)** |  |
| 1533 | CH Auto, Inc.<sup>(a)</sup> | 5758 |
| **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES** | **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES** |  |
| **(Cost $317,746)** | **(Cost $317,746)** | **373338** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Maturity Date** | **Value** |
| **BUSINESS DEVELOPMENT COMPANY NOTES (2.18%)** | **BUSINESS DEVELOPMENT COMPANY NOTES (2.18%)** |  |  |  |
| **United States (2.18%)** | **United States (2.18%)** |  |  |  |
| 1109000 | Oaktree Specialty Lending Corp. | 7.100% | 02/15/29 | $1142522 |
| **TOTAL BUSINESS DEVELOPMENT COMPANY NOTES** | **TOTAL BUSINESS DEVELOPMENT COMPANY NOTES** |  |  |  |
| **(Cost $1,085,139)** | **(Cost $1,085,139)** |  |  | **1142522** |
| **SMALL BUSINESS LOANS (87.19%)<sup>(b)(c)(d)(e)</sup>** | **SMALL BUSINESS LOANS (87.19%)<sup>(b)(c)(d)(e)</sup>** |  |  |  |
| **United States (87.19%)** | **United States (87.19%)** |  |  |  |
| $63166125 | Square | 2.19%-7.87 | 07/04/2020-12/25/2026 | $45678207 |
| **TOTAL SMALL BUSINESS LOANS** | **TOTAL SMALL BUSINESS LOANS** |  |  |  |
| **(Cost $60,748,662)** | **(Cost $60,748,662)** |  |  | **45678207** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **WARRANTS (0.24%)** | **WARRANTS (0.24%)** | |
| **Canada (0.00%)** | **Canada (0.00%)** | |
| 13341 | Above Food Ingredients, Inc., Strike Price $11.50, Expires 06/21/2029 | 695 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Summary Schedule of Investments *June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **United States (0.21%)** | **United States (0.21%)** |  |
| 10223 | Aimei Health Technology Co., Ltd., Strike Price $0.01, Expires 12/31/2049 | $2454 |
| 18607 | Apexigen, Inc., Strike Price $11.50, Expires 07/29/2027 | 486 |
| 33217 | Ares Acquisition Corp. II, Strike Price $11.50, Expires 06/12/2028 | 36539 |
| 64011 | AtlasClear Holdings, Inc., Strike Price $690.00, Expires 10/25/2028 | 1210 |
| 6873 | Bayview Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 1993 |
| 2789 | Black Hawk Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 1935 |
| 6500 | Bowen Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 1385 |
| 11822 | Brand Engagement Network, Inc., Strike Price $11.50, Expires 03/14/2029 | 356 |
| 2575 | Colombier Acquisition Corp. II, Strike Price $11.50, Expires 12/31/2028 | 9656 |
| 20000 | Concord Acquisition Corp. II, Strike Price $11.50, Expires 12/31/2028 | 1600 |
| 7168 | Corner Growth Acquisition Corp. 2, Strike Price $11.50, Expires 06/17/2026 | 252 |
| 17481 | ESH Acquisition Corp., Strike Price $10.00, Expires 12/31/2049 | 1311 |
| 9445 | FOXO Technologies, Inc., Strike Price $11.50, Expires 08/01/2027 | 151 |
| 22188 | Goal Acquisitions Corp., Strike Price $11.50, Expires 02/11/2026 | 222 |
| 14678 | GP-Act III Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | 4403 |
| 7625 | Haymaker Acquisition Corp. 4, Strike Price $11.50, Expires 09/12/2028 | 1906 |
| 28026 | Horizon Space Acquisition I Corp., Strike Price $11.50, Expires 01/26/2028 | 2663 |
| 7036 | IB Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 290 |
| 27754 | Iron Horse Acquisitions Corp., Strike Price $11.50, Expires 02/16/2029 | 7749 |
| 10471 | Jaws Mustang Acquisition Corp., Strike Price $11.50, Expires 01/30/2026 | 314 |
| 7108 | Legato Merger Corp. III, Strike Price $11.50, Expires 03/28/2029 | 1636 |
| 3606 | Maquia Capital Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | 70 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 9

RiverNorth Capital and Income Fund, Inc.

Summary Schedule of Investments *June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| 16157 | Nabors Energy Transition Corp. II, Strike Price $11.50, Expires 09/05/2028 | $7772 |
| 10328 | New Horizon Aircraft, Ltd., Strike Price $11.50, Expires 01/12/2029 | 2987 |
| 4459 | NKGen Biotech, Inc., Strike Price $11.50, Expires 10/02/2028 | 178 |
| 8975 | Northern Revival Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | 195 |
| 22253 | OceanTech Acquisitions I Corp., Strike Price $11.50, Expires 05/10/2026 |  |
| 16697 | OneMedNet Corp., Strike Price $11.50, Expires 12/31/2028 | 451 |
| 28667 | OSR Holdings, Inc., Strike Price $11.50, Expires 02/14/2030 | 1524 |
| 774 | Quetta Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 906 |
| 146 | RMG Acquisition Corp. III, Strike Price $11.50, Expires 02/08/2026 |  |
| 9545 | SHF Holdings, Inc., Strike Price $11.50, Expires 09/28/2027 | 191 |
| 3872 | Spark I Acquisition Corp., Strike Price $11.50, Expires 11/27/2028 | 753 |
| 31280 | Trailblazer Merger Corp. I, Strike Price $0.01, Expires 12/31/2049 | 12042 |
|  |  | 105580 |
| **Singapore (0.00%)** | **Singapore (0.00%)** |  |
| 6650 | Chenghe Acquisition II Co., Strike Price $11.50, Expires 07/29/2029 | 585 |
| 6487 | RF Acquisition Corp. II, Strike Price $0.01, Expires 01/01/2049 | 441 |
|  |  | 1026 |
| **China (0.02%)** | **China (0.02%)** |  |
| 27792 | Distoken Acquisition Corp., Strike Price $11.50, Expires 03/30/2028 | 5569 |
| 35317 | MicroAlgo, Inc., Strike Price $11.50, Expires 12/31/2027 | 530 |
| 22264 | SunCar Technology Group, Inc., Strike Price $11.50, Expires 05/18/2028 | 1558 |
|  |  | 7657 |
| **Hong Kong (0.01%)** | **Hong Kong (0.01%)** |  |
| 7600 | JVSPAC Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 6612 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Summary Schedule of Investments *June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| 10302 | MultiMetaVerse Holdings, Ltd., Strike Price $11.50, Expires 03/15/2027 | $16 |
|  |  | 6628 |
| **Ireland (0.00%)** | **Ireland (0.00%)** |  |
| 10162 | Kalera PLC, Strike Price $1150.00, Expires 06/28/2027 | – |
| **Cayman Islands (0.00%)** | **Cayman Islands (0.00%)** |  |
| 10000 | Namib Minerals, Strike Price $11.50, Expires 06/05/2030 | 1950 |
| **TOTAL WARRANTS** | **TOTAL WARRANTS** |  |
| **(Cost $235,772)** | **(Cost $235,772)** | **123536** |
| **SHORT-TERM INVESTMENTS (8.02%)** | **SHORT-TERM INVESTMENTS (8.02%)** |  |
| **Money Market Fund (8.02%)** | **Money Market Fund (8.02%)** |  |
| 4201331 | State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 4.20%) | $4201331 |
| **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** |  |
| **(Cost $4,201,331)** | **(Cost $4,201,331)** | **4201331** |
| **TOTAL INVESTMENTS (98.51%)** | **TOTAL INVESTMENTS (98.51%)** |  |
| **(Cost $66,658,277)** | **(Cost $66,658,277)** | $**51606584** |
| **Other Assets In Excess Of Liabilities (1.49%)** | **Other Assets In Excess Of Liabilities (1.49%)** | 778173 |
| **NET ASSETS (100.00%)** | **NET ASSETS (100.00%)** | $**52384757** |

---

*<sup>(a)</sup>* *Non-income producing security.*

*<sup>(b)</sup>* *Fair Valued by the Advisor using a discounted cash flow (DCF) methodology.*

*<sup>(c)</sup>* *Loans are issued at discounts and do not have a stated interest rate. Rate indicated based on projected future cash flows and an implied 18-month final maturity from the date origination of each underlying loan. Actual yield and maturity is dependent on timing of future payments.*

*<sup>(d)</sup>* *Security may be deemed restricted to resale to institutional investors. As of June 30, 2025, the aggregate fair value of these securities was $45,678,207, representing 87.19% of net assets.*

*<sup>(e)</sup>* *Contains past-due loans. A loan is deemed past-due at June 30, 2025, if the loan borrower has not made its required payment as of the most recent due date. As of June 30, 2025, $831,604 of whole loans were past due, which represents 1.59% of net assets.*

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 11

RiverNorth Capital and Income Fund, Inc.

Statement of Assets and Liabilities *June 30, 2025*

---

| | |
|:---|:---|
| **ASSETS:** | |
| Investments in securities: |  |
| &nbsp;&nbsp;&nbsp;At cost | $66658277 |
| &nbsp;&nbsp;&nbsp;At value | $51606584 |
| Cash | 141677 |
| Receivable for principal repayments | 321028 |
| Receivable for investments sold | 4307 |
| Interest receivable | 29976 |
| Dividends receivable | 18765 |
| Deferred offering costs | 377788 |
| Prepaid and other assets | 10033 |
| **Total Assets** | 52510158 |
| **LIABILITIES:** |  |
| Payable to Adviser, net of waiver | 3554 |
| Payable to fund accounting and administration | 19628 |
| Payable to transfer agency | 11438 |
| Payable for compliance fees | 5095 |
| Payable for custodian fees | 11984 |
| Payable for audit fees | 20000 |
| Other payables | 53702 |
| **Total Liabilities** | 125401 |
| **Net Assets** | $52384757 |
| **NET ASSETS CONSIST OF:** |  |
| Paid-in capital | $78711997 |
| Total distributable earnings (accumulated deficit) | (26327240) |
| **Net Assets** | $52384757 |
| **PRICING OF SHARES:** |  |
| Net Assets | $52384757 |
| Shares of common stock outstanding (40,000,000 of shares authorized, at $0.0001 par value per share) | 3312425 |
| Net asset value per share | $15.81 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Statement of Operations *For the Year Ended June 30, 2025*

---

| | |
|:---|:---|
| **INVESTMENT INCOME:** | |
| Interest Income | $9690986 |
| Dividend Income | 929878 |
| **Total Investment Income** | 10620864 |
| **EXPENSES:** |  |
| Investment Adviser fee | 956792 |
| Loan service fees | 907756 |
| Dividends to redeemable preferred stock | 804145 |
| Interest expense on loan payable | 258951 |
| Offering costs | 213397 |
| Accounting and Administration fees | 179500 |
| Legal expenses | 140847 |
| Director expenses | 130065 |
| Printing expenses | 82588 |
| Audit expenses | 80000 |
| Transfer agent expenses | 78571 |
| Amortization of preferred stock and credit facility issuance cost | 62821 |
| Valuation expenses | 59700 |
| Custodian fees | 29730 |
| Compliance expense | 22154 |
| Insurance fee | 1552 |
| Other expenses | 56114 |
| **Total expenses before expense reimbursement** | 4064683 |
| Expenses reimbursed by Investment Adviser | (327436) |
| **Net expenses** | 3737247 |
| **Net Investment Income** | 6883617 |
| **REALIZED AND UNREALIZED GAIN/(LOSS):** |  |
| Net realized gain/(loss) on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 3317566 |
| Net realized gain | 3317566 |
| Long-term capital gains from other investment companies | 14809 |
| Net change in unrealized depreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (6675902) |
| Net change in unrealized depreciation | (6675902) |
| **Net Realized and Unrealized Loss on Investments** | (3343527) |
| **Net Increase in Net Assets Resulting from Operations** | $3540090 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 13

RiverNorth Capital and Income Fund, Inc.

Statements of Changes in Net Assets

---

| | | |
|:---|:---|:---|
| | **For the<br> Year Ended<br> June 30, 2025** | **For the<br> Year Ended<br> June 30, 2024** |
| **NET INCREASE/(DECREASE) IN NET ASSETS FROM OPERATIONS:** |  |  |
| Net investment income | $6883617 | $6353492 |
| Net realized gain | 3317566 | 201428 |
| Long-term capital gains from other investment companies | 14809 | 3731 |
| Net change in unrealized depreciation | (6675902) | 682335 |
| **Net increase in net assets resulting from operations** | 3540090 | 7240986 |
| **DISTRIBUTIONS TO SHAREHOLDERS:** |  |  |
| From distributable earnings | (5927184) | (6138107) |
| **Net decrease in net assets from distributions to shareholders** | (5927184) | (6138107) |
| **CAPITAL SHARE TRANSACTIONS:** |  |  |
| Proceeds from shares sold, net of offering costs |  | 14148180 |
| Cost of shares redeemed | (12367650) | (14888211) |
| **Net decrease in net assets from capital share transactions** | (12367650) | (740031) |
| **Net Increase/(Decrease) in Net Assets** | (14754744) | 362848 |
| **NET ASSETS:** |  |  |
| Beginning of period | 67139501 | 66776653 |
| End of period | $52384757 | $67139501 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Statement of Cash Flows *For the Year Ended June 30, 2025*

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES:** | |
| Net increase in net assets resulting from operations | $3540090 |
| Adjustments to reconcile net increase in net assets from operations to net cash provided by operating activities: |  |
| Purchases of investment securities | (111600313) |
| Proceeds from disposition and paydowns on investment securities | 171521158 |
| Amortization of premium and accretion of discount on investments, net | (133215) |
| Net purchases of short-term investment securities | (525808) |
| Amortization of preferred share deferred costs | 62821 |
| Net realized (gain)/loss on: |  |
| &nbsp;&nbsp;&nbsp;Investments | (3317566) |
| &nbsp;&nbsp;&nbsp;Long-Term Capital Gain distributions from other investment companies | (14809) |
| Net change in unrealized appreciation/depreciation on: |  |
| &nbsp;&nbsp;&nbsp;Investments | 6675902 |
| (Increase)/Decrease in assets: |  |
| &nbsp;&nbsp;&nbsp;Interest receivable | 297034 |
| &nbsp;&nbsp;&nbsp;Dividends receivable | 89709 |
| &nbsp;&nbsp;&nbsp;Receivable for principal repayments | 791433 |
| &nbsp;&nbsp;&nbsp;Prepaid and other assets | 380544 |
| Increase/(Decrease) in liabilities: |  |
| &nbsp;&nbsp;&nbsp;Interest due on loan payable | (42000) |
| &nbsp;&nbsp;&nbsp;Payable for credit agreement fees | (310641) |
| &nbsp;&nbsp;&nbsp;Payable to transfer agency | 1522 |
| &nbsp;&nbsp;&nbsp;Payable to Adviser | (115547) |
| &nbsp;&nbsp;&nbsp;Payable to fund accounting and administration | (5592) |
| &nbsp;&nbsp;&nbsp;Payable for audit fees | (70000) |
| &nbsp;&nbsp;&nbsp;Payable for compliance fees | (164) |
| &nbsp;&nbsp;&nbsp;Payable for custodian fees | 4265 |
| &nbsp;&nbsp;&nbsp;Other payables | (2318) |
| **Net cash provided by operating activities** | $67226505 |
| **CASH FLOWS FROM FINANCING ACTIVITIES:** |  |
| Repayment of Series A Cumulative Preferred Stock | (41400000) |
| Offering costs paid | (341660) |
| Proceeds of credit facility | 6600000 |
| Repayments of credit facility | (14100000) |
| Shares redeemed | (12367650) |
| Cash distributions paid | (5927184) |
| **Net cash used in financing activities** | $(67536494) |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 15

RiverNorth Capital and Income Fund, Inc.

Statement of Cash Flows *For the Year Ended June 30, 2025*

---

| | |
|:---|:---|
| **Net decrease in cash** | $(309989) |
| **Cash, beginning of year** | $451666 |
| **Cash, end of year** | $141677 |
| **SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION:** |  |
| Cash paid for interest expense and fees for line of credit | $1415737 |
| **Reconciliation of restricted and unrestricted cash at the beginning of year to the statement of assets and liabilities:** |  |
| Cash | $451666 |
| Foreign Cash | $– |
| **Reconciliation of restricted and unrestricted cash at the end of the year to the statement of assets and liabilities:** |  |
| Cash | $141677 |
| Foreign Cash | $– |

---

*See Notes to Financial Statements.*

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

*Intentionally Left Blank*

RiverNorth Capital and Income Fund, Inc.

Financial Highlights *For a share outstanding throughout the periods presented*

---

| |
|:---|
| Net asset value - beginning of year |
| **Income/(loss) from investment operations:** |
| Net investment income<sup>(a)</sup> |
| Net realized and unrealized gain/(loss) |
| &nbsp;&nbsp;&nbsp;Total income/(loss) from investment operations |
| **Less distributions:** |
| From net investment income |
| From tax return of capital |
| &nbsp;&nbsp;&nbsp;Total distributions |
| **Capital share transactions:** |
| Dilutive effect of rights offering |
| Common share offering costs charged to paid-in capital |
| &nbsp;&nbsp;&nbsp;Total capital share transactions |
| Net increase/(decrease) in net asset value |
| Net asset value - end of year |
| Market price - end of year |
| **Total Return<sup>(c)</sup>** |
| **Total Return - Market Price<sup>(c)</sup>** |
| **Supplemental Data:** |
| Net assets, end of period (in thousands) |
| Ratio of expenses to average net assets excluding fee waivers, reimbursements and recoupments<sup>(d)</sup> |
| Ratio of expenses to average net assets including fee waivers, reimbursements and recoupments<sup>(d)(e)</sup> |
| Ratio of net investment income to average net assets excluding fee waivers, reimbursements and recoupments |
| Ratio of net investment income to average net assets including fee waivers, reimbursements and recoupments |
| **Portfolio turnover rate** |
| Loan payable (in thousands) |
| Asset coverage per $1,000 of loan payable<sup>(f)</sup> |
| Payable for preferred stock, end of period (in thousands) |
| Asset coverage of Preferred Stock<sup>(g)</sup> |
| Involuntary liquidating preference per unit of Series A Cumulative Preferred Stock Average market value per unit of Series A Cumulative Preferred Stock |

---

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

RiverNorth Capital and Income Fund, Inc.

Financial Highlights *For a share outstanding throughout the periods presented*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **For the<br> Year Ended<br> June 30, 2025** | **For the<br> Year Ended<br> June 30, 2024** | **For the<br> Year Ended<br> June 30, 2023** | **For the<br> Year Ended<br> June 30, 2022** | **For the**<br> **Year Ended<br> June 30, 2021** |
| $16.51 | $16.67 | $18.01 | $20.05 | $17.45 |
| 1.92 | 1.74 | 1.52 | 1.35 | 1.32 |
| (0.97) | 0.22 | (0.53) | (1.48) | 3.07 |
| 0.95 | 1.96 | 0.99 | (0.13) | 4.39 |
| (1.65) | (1.69) | (1.48) | (1.54) | (0.98) |
| – | – | (0.37) | (0.37) | (0.81) |
| (1.65) | (1.69) | (1.85) | (1.91) | (1.79) |
|  | (0.43)<sup>(b)</sup> | (0.48)<sup>(b)</sup> |  |  |
| – | – | – | – | – |
| – | (0.43) | (0.48) | – | – |
| (0.70) | (0.16) | (1.34) | (2.04) | 2.60 |
| $15.81 | $16.51 | $16.67 | $18.01 | $20.05 |
| $14.55 | $15.36 | $15.42 | $18.03 | $19.90 |
| 5.98% | 9.62% | 3.02% | (0.86%) | 27.87% |
| 5.52% | 10.97% | (4.45 %) | –% | 49.13% |
| $52385 | $67140 | $66777 | $66861 | $91378 |
| 6.94% | 10.19% | 9.09% | 7.72% | 6.54% |
| 6.38% | 9.71% | 8.91% | 7.74% | 6.65% |
| 11.19% | 9.98% | 8.64% | 6.89% | 7.34% |
| 11.75% | 10.45% | 8.82% | 6.87% | 7.24% |
| 160% | 136% | 172% | 130% | 138% |
| $– | $7500 | $1000 | $– | $11500 |
|  | 15430 | 109177 |  | 12546 |
| $– | $41400 | $41400 | $41400 | $41400 |
|  | 66 | 65 | 65 | 80 |
|  | 25.00 | 25.00 | 25.00 | 25.00 |
|  | 25.00 | 25.00 | 25.42 | 25.25 |

---

*<sup>(a)</sup>* *Based on average shares outstanding during the period.*

*<sup>(b)</sup>* *Represents the impact of the Fund's rights offering of 949,525 and 1,047,000 shares in April 2024 and January 2023, respectively, at a subscription price per share based on a formula. For more details please refer to Note 12 of the Notes to Financial Statements.*

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 19

RiverNorth Capital and Income Fund, Inc.

Financial Highlights *For a share outstanding throughout the periods presented*

*<sup>(c)</sup>* *Total investment return is calculated assuming a purchase of common shares at the opening on the first day and a sale at closing on the last day of each period reported. For purposes of the Total Return calculations, dividends and distributions, if any, are assumed to be reinvested at NAV. For purposes of the Total Return-Market Price calculation, dividends and distributions, if any, are assumed to be reinvested at prices obtained under the Fund's dividend reinvestment plan. Total investment returns do not reflect brokerage commissions, if any. Periods less than one year are not annualized.*

*<sup>(d)</sup>* *The ratios exclude the impact of income and expenses of the underlying funds in which the Fund invests as represented in the Statement of Investments.*

*<sup>(e)</sup>* *Ratio includes leverage expenses and loan service fees of 3.84%, 6.28%, 5.65%, 4.69% and 3.75%, respectively, that are outside the expense limit.*

*<sup>(f)</sup>* *Calculated by subtracting the Fund's total liabilities (excluding the debt balance and accumulated unpaid interest) from the Fund's total assets and dividing by the outstanding debt balance.*

*<sup>(g)</sup>* *The asset coverage ratio for a class of senior securities representing stock is calculated as the Fund's total assets, less all liabilities and indebtedness not represented by the Fund's senior securities, divided by secured senior securities representing indebtedness plus the aggregate of the involuntary liquidation preference of secured senior securities which are stock. With respect to the Preferred Stock, the asset coverage per unit figure is expressed in terms of dollar amounts per share of outstanding Preferred Stock (based on liquidation preference of $25).*

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

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements *June 30, 2025*

 

1. ORGANIZATION

RiverNorth Capital and Income Fund, Inc. (the "Fund") was organized as a Maryland corporation on June 9, 2015, and is registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as a diversified closed-end management investment company. The investment adviser to the Fund is RiverNorth Capital Management, LLC (the "Adviser").

The Fund is operated as an interval fund under Rule 23c-3 of the 1940 Act. As an interval fund, the Fund has adopted a fundamental policy to conduct quarterly repurchase offers for at least 5% and up to 25% of the outstanding shares at net asset value ("NAV"), subject to certain conditions. The Fund will not otherwise be required to repurchase or redeem shares at the option of a shareholder. It is possible that a repurchase offer may be oversubscribed, in which case shareholders may only have a portion of their shares repurchased.

Effective as of June 12, 2019, the Fund listed its common shares on the New York Stock Exchange ("NYSE") under the ticker symbol "RSF" and has ceased continuously offering shares of its common stock through Quasar Distributors, LLC or the Fund.

The investment objective of the Fund is to seek a high level of current income. Under normal market conditions, the Fund seeks to achieve its investment objective by investing in credit instruments, including a portfolio of securities of specialty finance and other financial companies that the Adviser believes offer attractive opportunities for income.

2. SIGNIFICANT ACCOUNTING POLICIES

The following is a summary of significant accounting policies followed by the Fund. These policies are in conformity with generally accepted accounting principles in the United States of America ("GAAP"). The financial statements are prepared in accordance with GAAP, which requires management to make estimates and assumptions that affect the reported amounts and disclosures, including the disclosure of contingent assets and liabilities, in the financial statements during the reporting period. Management believes the estimates and security valuations are appropriate; however, actual results may differ from those estimates, and the security valuations reflected in the financial statements may differ from the value the Fund ultimately realizes upon sale of the securities. The Fund is considered an investment company for financial reporting purposes under GAAP and follows the accounting and reporting guidance applicable to investment companies as codified in Accounting Standards Codification ("ASC") Topic 946 – Financial Services – *Investment Companies*. The financial statements have been prepared as of the close of the NYSE on June 30, 2025.

**Common 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 NYSE is open. The NAV is calculated by dividing the value of all of the securities and other assets of the Fund, less the liabilities (including accrued expenses and indebtedness), by the total number of common shares outstanding.

**Federal Income Taxes:** The Fund makes no provision for federal income tax. The Fund intends to continue to qualify each year as a "regulated investment company" ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended (the "IRC"). In order to qualify as a RIC, the Fund must, among other things, satisfy income, asset diversification and distribution requirements. As long as it so qualifies, the Fund will not be subject to U.S. federal income tax to the extent that it distributes annually its investment company taxable income and its "net capital gain". If the Fund retains any investment company taxable income or net capital gain, it will be subject to U.S. federal income tax on the retained amount at regular corporate tax rates. In addition, if the Fund fails to qualify as a RIC for any taxable year, it will be subject to U.S. federal income tax on all of its income and gains at regular corporate tax rates.

Annual Report \| June 30, 2025 21

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements *June 30, 2025*

As of and during the year ended June 30, 2025, the Fund did not have a liability for any unrecognized tax benefits. The Fund files U.S. federal, state, and local tax returns as required. The Fund's 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 Fund recognizes interest and penalties, if any, related to unrecognized tax benefits as income tax expenses on the Statement of Operations. During the year ended June 30, 2025, the Fund did not incur any interest or penalties.

**Security Valuation:** The Fund's investments are valued at fair value as further described in Note 3.

**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 or character 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 has no effect on net assets, results of operations or NAVs per share of the Fund.

The Fund maintains a level distribution policy. The Fund distributes to common shareholders regular monthly cash distributions of its net investment income. In addition, the Fund distributes its net realized capital gains, if any, at least annually. Any amounts received in excess of a common shareholder's basis are generally treated as capital gain, assuming the shares are held as capital assets. The Board approved the implementation of the level distribution policy to make monthly cash distributions to common shareholders. The Fund made monthly distributions to common shareholders set at a level monthly rate of $0.1398 per common share for the period from July 1, 2024 to December 31, 2024, and $0.1357 per common share for the period from January 1, 2025 to June 30, 2025.

**Return Of Capital Distributions**: At times, to maintain a stable level of distributions, the Fund may pay out less than all of its net investment income or pay out accumulated undistributed income, or return of capital, in addition to current net investment income. Any distribution that is treated as a return of capital generally will reduce a common shareholder's basis in his or her shares, which may increase the capital gain or reduce the capital loss realized upon the sale of such shares.

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

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements *June 30, 2025*

**Investment Income:** Dividend income is recorded on the ex-dividend date. Interest income is recognized on an accrual basis to the extent that such amounts are expected to be collected and include amortization/ accretion of premiums or discounts.

**Investment Transactions:** The Fund follows industry practice and records security transactions on the trade date basis. The specific identification method is used for determining gains or losses for financial statements and income tax purposes.

**Cash Balance:** The Fund places its cash on deposit with financial institutions in the United States, which are insured by the Federal Deposit Insurance Corporation ("FDIC") up to $250,000. The Fund's credit risk in the event of failure of these financial institutions is represented by the difference between the FDIC limit and the total amounts on deposit. Management monitors the financial institutions' creditworthiness in conjunction with balances on deposit to minimize risk. The Fund from time to time may have amounts on deposit in excess of the insured limits.

**Other:** The Fund holds 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 long-term capital gains are recorded as a reduction of the cost of investments or as a realized gain, respectively.

3. SECURITIES VALUATION AND FAIR VALUE MEASUREMENTS

Fair value is defined as the price that the 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 for the investment. U.S. 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.

Annual Report \| June 30, 2025 23

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements *June 30, 2025*

Various inputs are used in determining the value of the Fund's 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 the 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 Fund's 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.

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 Fund and designated the Adviser as the Fund's valuation designee to make all fair valuation determinations with respect to the Fund's portfolio investments, subject to the Board's oversight.

Small business loans, as an asset class, are not presently traded on a developed secondary market. Therefore, market quotations are not available. Accordingly, all small business loans are fair valued as determined in good faith by the Adviser, as the Fund's valuation designee, pursuant to policies and procedures approved by the Board of Directors (the "Board") and subject to the Board's oversight. The Fund's holdings in small business loans are fair valued daily by the Adviser using a discounted cash flow methodology, as an income approach. Discounted cash flow is a valuation technique that provides an estimation of the fair value of an asset based on expectations about cash flows that a small business loan would generate over time. In general, the primary inputs of fair value in the small business loan valuation model are projected loss rate and adjusted discount rate. A discounted cash flow model begins with an estimation of periodic cash flows expected to be generated over a discrete period of time (generally the time remaining until maturity of the loan). The estimated cash flows for each interval period (generally monthly) are then converted to their present value equivalent using a rate of return appropriate for the risk of achieving projected cash flows. Although not exhaustive, discounted cash flow models factor in borrower level data. Loans made to small businesses may incorporate different factors.

Equity securities, including closed-end funds, special purpose acquisition companies, business development companies and business development company notes, 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 mean price. Securities traded in the NASDAQ over-the-counter market are generally valued by the pricing service at the NASDAQ Official Closing Price.

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

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements *June 30, 2025*

The following is a summary of the inputs used at June 30, 2025 in valuing the Fund's assets and liabilities:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in Securities at Value** | **Level 1 -** <br> **Quoted Prices** | **Level 2 - <br> Other Significant <br> Observable <br> Inputs** | **Level 3 - <br> Significant <br> Unobservable <br> Inputs** | **Total** |
| Closed-End Funds | $87650 | $– | $– | $87650 |
| Special Purpose Acquisition Companies | 367580 | 5758 |  | 373338 |
| Business Development Company Notes |  | 1142522 |  | 1142522 |
| Small Business Loans |  |  | 45678207 | 45678207 |
| Warrants | 116840 | 6696 |  | 123536 |
| Short-Term Investments | 4201331 | – | – | 4201331 |
| &nbsp;&nbsp;&nbsp;Total | $4773401 | $1154976 | $45678207 | $51606584 |

---

The changes of the fair value of investments for which the Fund has used Level 3 inputs to determine the fair value are as follows:

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Asset Type** | **Balance as of June 30, 2024** | **Accrued Discount / premium** | **Return of Capital** | **Realized Gain/(Loss)** | **Change in Unrealized Appreciation / Depreciation** | **Purchases** | **Sales Proceeds / Loans Paydown** | **Transfer Into / Out of Level 3** | **Balance as of June 30, 2025** | **Net change in unrealized appreciation / (depreciation) included in the Statements of Operations attributable to Level 3 investments held at June 30, 2025** |
| Small Business Loans | $54970970 | $– | $– | $(162891) | $(4814869) | $106985566 | $(111300569) | $– | $45678207 | $(5779713) |
| Warrants | $1460 | $– | $– | $– | $(779) | $– | $– | $(681) | $– | $– |
|  | $54972430 | $– | $– | $(162891) | $(4815648) | $106985566 | $(111300569) | $(681) | $45678207 | $(5779713) |

---

The table below provides additional information about the Level 3 Fair Value Measurements as of June 30, 2025:

**Quantitative Information about Level 3 Fair Value Measurements**

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Asset Class** | **Fair Value (USD)** | **Valuation** <br> **Technique** | **Unobservable** <br> **Inputs<sup>(a)</sup>** | **Value/Range** <br> **(Weighted Average)** |
| Small Business Loans | $45678207 | Income | Loss-Adjusted | 0.45%-31.90% |
|  |  | Approach | Discount Rate | (10.90%) |
|  |  |  | Projected | 0.00%-100.00% |
|  |  |  | Loss Rate | (25.05%) |

---

*<sup>(a)</sup>* *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** |
| Loss-Adjusted Discount Rate | Decrease | Increase |
| Projected Loss Rate | Decrease | Increase |

---

Annual Report \| June 30, 2025 25

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements *June 30, 2025*

4. ADVISORY FEES, DIRECTOR FEES AND OTHER AGREEMENTS

For its services under the Investment Advisory Agreement ("Advisory Agreement"), the Fund pays the Adviser a monthly management fee computed at the annual rate of 1.25% of the average monthly Managed Assets. "Managed Assets" means the total assets of the Fund, including assets attributable to leverage, minus liabilities (other than debt representing leverage and any preferred stock that may be outstanding). In addition to the monthly advisory fee, the Fund pays all other costs and expenses of its operations, including, but not limited to, compensation of its directors (other than those affiliated with the Adviser), custodial expenses, transfer agency and dividend disbursing expenses, legal fees, expenses of independent auditors, expenses of repurchasing shares, expenses of any leverage, expenses of preparing, printing and distributing prospectuses, shareholder reports, notices, proxy statements and reports to governmental agencies, and taxes, if any. For the year ended June 30, 2025, the Adviser earned fees of $956,792, of which $3,554 remained payable at June 30, 2025. The Fund also accrued $22,154 in chief compliance officer ("CCO") fees, of which $5,095 remained payable at June 30, 2025. In addition, the Adviser has agreed to waive or reimburse expenses of the Fund (other than brokerage fees and commissions; loan servicing fees; borrowing costs such as (i) interest and (ii) dividends on securities sold short; taxes; indirect expenses incurred by the underlying funds in which the Fund may invest; the cost of leverage; and extraordinary expenses) to the extent necessary to limit the Fund's total annual operating expenses at 1.95% of the average daily Managed Assets for that period through at least April 4, 2026. The Adviser may recover from the Fund expenses reimbursed for three years after the date of the payment or waiver if the Fund's operating expenses, including the recovered expenses, falls below the expense cap. For the year ended June 30, 2025, the Adviser reimbursed $327,436 of expenses. In future periods, the Adviser may recoup fees as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Remaining Amount**<br> **to be Recouped<sup>(1)</sup>**<br> **(Expiring by**<br> **June 30, 2026)** | **Remaining Amount**<br> **to be Recouped<sup>(1)</sup>**<br> **(Expiring by**<br> **June 30, 2027)** | **Remaining Amount**<br> **to be Recouped<sup>(1)</sup>**<br> **(Expiring by June 30,**<br> **2028)** | **Total** |
| $120783 | $295700 | $327436 | $743919 |

---

*<sup>(1)</sup>* *Amounts to be recouped are in accordance with the expense limitation agreement, and will not cause the Fund's total operating expense ratio (excluding loan service fees and leverage costs set forth in the agreement) to exceed 1.95% of the average daily Managed Assets during the year.*

** 

ALPS Fund Services, Inc. ("ALPS") provides the Fund with fund administration and fund accounting services. As compensation for its services to the Fund, ALPS receives an annual fee based on the Fund's average daily net assets, subject to certain minimums.

State Street Bank & Trust, Co. and Inspira Financial Trust, LLC serve as the Fund's custodians.

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

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements *June 30, 2025*

DST Systems, Inc. ("DST"), the parent company of ALPS, serves as the Transfer Agent to the Fund. Under the Transfer Agency Agreement, DST is responsible for maintaining all shareholder records of the Fund. DST is a wholly-owned subsidiary of SS&C Technologies Holdings, Inc. ("SS&C"), a publicly traded company listed on the NASDAQ Global Select Market.

The Fund pays no salaries or compensation to its officers or to any interested Director employed by the Adviser, and the Fund has no employees. For their services, the Directors of the Fund who are not employed by the Adviser, receive an annual retainer in the amount of $16,500, an additional $2,000 for attending each quarterly meeting of the Board and an additional fee of $1,500 for each special meeting of the Board. 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 Directors employed by the Adviser are also reimbursed for all reasonable out-of-pocket expenses relating to attendance at meetings of the Board.

The CCO of the Fund is an employee of the Adviser. The Fund reimburses the Adviser for certain compliance costs related to the Fund, including a portion of the CCO's compensation.

5. NEW ACCOUNTING PRONOUNCEMENTS AND RULE ISSUANCES

In this reporting period, the Fund 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 Fund's financial position nor the results of its 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 Fund's Principal Financial Officer, acting together as the Fund's CODM, has determined that the Fund has operated as a single segment since inception. The CODM monitors the operating results of the Fund, as a whole, and the 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 the Fund's portfolio management team. The financial information, in the form of the 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 the Fund's performance versus the Fund's benchmark and to make resource allocation decisions for the Fund's segment, which is consistent with that presented within the Fund's financial statements. Segment assets are reflected on the Fund's Statement of Assets and Liabilities as "Total Assets" and significant segment expenses are listed on the Statement of Operations.

Annual Report \| June 30, 2025 27

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements *June 30, 2025*

 

6. CREDIT AGREEMENT

On December 24, 2020, the Fund entered into a prime brokerage agreement for margin financing with Pershing LLC, which was amended and restated as of March 28, 2022 ("Pershing Credit Agreement"). The Pershing Credit Agreement permits the Fund to borrow funds that are collateralized by assets held in a special custody account held at State Street Bank pursuant to a Special Custody and Pledge Agreement. Borrowings under this arrangement bears interest at the overnight bank funding rate plus 75 basis points for an overnight time. During the Fund's utilization period during the fiscal year ended June 30, 2025, the Fund's average borrowing and interest rate under the Pershing Credit Agreement were $6,165,714 and 5.43%, respectively. At June 30, 2025, there was no outstanding on the Pershing Credit Agreement.

On March 9, 2023, the Fund entered into an additional credit agreement with BNP Paribas ("BNP Credit Agreement"). The BNP Credit Agreement permits the Fund to borrow funds that are collateralized by assets held at BNP Paribas pursuant to the agreement. Under the terms of the BNP Credit Agreement, the Fund may borrow up to $15,000,000 bearing an interest rate of the Overnight Bank Funding Rate plus a fixed rate determined by the securities pledged as collateral. Any unused portion of the BNP Credit Agreement is subject to a commitment fee of 0.50% of the unused portion of the facility until a utilization of 80% or greater is met. During the Fund's utilization period during the fiscal year ended June 30, 2025, the Fund's average borrowings and interest rate under the BNP Credit Agreement were $7,500,000 and 5.67%, respectively. At June 30, 2025, there was no borrowing outstanding on the credit facility.

7. TAX BASIS INFORMATION

It is the Fund's policy to meet the requirements of the IRC applicable to regulated investment companies, and to distribute all of its taxable net income to its shareholders. In addition, the Fund intends to pay distributions as required to avoid imposition of excise tax. Therefore, no federal income tax provision is required.

**Tax Basis of Distributions to Shareholders:** The character of distributions made during the period 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 gains were recorded by the Fund.

The tax character of the distributions paid by the Fund during the fiscal years ended June 30, 2025 and June 30, 2024, was as follows:

---

| | | |
|:---|:---|:---|
| | **For the Fiscal Year Ended**<br>**June 30, 2025** | **For the Fiscal Year Ended**<br>**June 30, 2024** |
| Ordinary Income | $5927184 | $6138107 |
| Ordinary Income Preferred | 804144 | 2121626 |
| Total | $6731328 | $8259733 |

---

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

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements *June 30, 2025*

**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 June 30, 2025, certain differences were reclassified. The amounts reclassified did not affect net assets and were primarily related to permanent differences between book and tax accounting. The reclassifications were as follows:

---

| | |
|:---|:---|
| **Paid-in capital** | **Total distributable earnings** **(accumulated deficit)** |
| $242918 | $(242918) |

---

At June 30, 2025, the components of distributable earnings on a tax basis for the Fund was as follows:

---

| | |
|:---|:---|
| Undistributed Ordinary Income | $619832 |
| Accumulated Capital Loss | $(9938629) |
| Unrealized Depreciation | $(17008443) |
| Total | $(26327240) |

---

Under current law, capital losses maintain their character as short-term or long-term and are carried forward to the next tax year without expiration. As of the current fiscal year end, the following amounts are available as carry forwards to the next tax year:

---

| | | |
|:---|:---|:---|
| | **Short-Term** | **Long-Term** |
| **RiverNorth Capital and Income Fund** | $– $| 9938629 |

---

Capital loss carryforwards used during the year ended June 30, 2025 were $3,143,307.

**Unrealized Appreciation and Depreciation on Investments**: As of June 30, 2025, net unrealized appreciation/(depreciation) of investments based on federal tax costs was 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** |
| **RiverNorth Capital and Income Fund** | $145519 | $(17153962) | $(17008443) | $68615027 |

---

The difference between book and tax basis unrealized appreciation/(depreciation) for the Fund is primarily attributable to wash sales and preferred securities.

The Fund recognizes the tax benefits of uncertain tax positions only where the position is "more likely than not" to be sustained assuming examination by tax authorities. Management has analyzed the Fund's tax positions and has concluded that no liability for unrecognized tax benefits should be recorded related to uncertain tax positions taken on U.S. tax returns and state tax returns filed since inception of the Fund. No income tax returns are currently under examination. All tax years since commencement of operations remain subject to examination by the tax authorities in the United States. The Fund is not aware of any tax positions for which it is reasonably possible that the total amounts of unrecognized tax benefits will change materially in the next 12 months.

Annual Report \| June 30, 2025 29

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements *June 30, 2025*

8. INVESTMENT TRANSACTIONS

Investment transactions for the year ended June 30, 2025, excluding short-term investments, were as follows:

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases of Securities** | **Proceeds from Sales of Securities** |
| RiverNorth Capital and Income Fund | $111600313 | $172512244 |

---

9. REDEEMABLE PREFERRED STOCK

The Fund had issued and outstanding 1,656,000 shares of 5.875% Series A Preferred Stock, listed under trading symbol RMPL on the NYSE, with a par value of $0.0001 per share and a liquidation preference of $25.00 per share plus accrued and unpaid dividends (whether or not declared). On October 31, 2024, the Fund redeemed all 1,656,000 outstanding shares of its 5.875% Series A Preferred Stock for a redemption price of $25.31 per share. Any unamortized deferred offering costs of Series A Preferred Stock were expensed at the date of redemption and are included in the Amortization of preferred stock and credit facility issuance cost in the Fund's Statement of Operations.

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Series** | **Mandatory Redemption Date** | **Fixed Rate** | **Shares Redeemed** | **Shares Outstanding at June 30, 2025** |
| Series A | October 31, 2024 | 5.875% | 1656000 |  |

---

10. INDEMNIFICATIONS

Under the Fund's organizational documents, its Officers and Directors are indemnified against certain liabilities arising out of the performance of their duties to the Fund. Additionally, in the normal course of business, the Fund enters into contracts with service providers that may contain general indemnification clauses. The Fund's maximum exposure under those arrangements is unknown, as this would involve future claims that may be made against the Fund that have not yet occurred.

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

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements *June 30, 2025*

 

11. REPURCHASE OFFERS

Shares repurchased through quarterly repurchase offers during the year ended June 30, 2025 and June 30, 2024 were as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Repurchase <br> Offer Date** | **Cash Payment Date** | **NAV on Repurchase Pricing Date** | **Percentage of Outstanding Shares the Fund Repurchased** | **Amount of Shares the Fund Repurchased** | **Percentage of Shares Tendered to Outstanding Shares** | **Number of Shares Tendered** |
| **Fiscal Year Ended 2024** | **Fiscal Year Ended 2024** | | | | | |
| June 5, 2023 | July 5, 2023 | $16.68 | 5.09 %<sup>(a)</sup> | 203976 | 47.11% | 1866944 |
| September 5, 2023 | October 4, 2023 | $16.39 | 5.68 %<sup>(a)</sup> | 215998 | 45.62% | 1733887 |
| December 4, 2023 | January 4, 2024 | $16.83 | 6.20 %<sup>(a)</sup> | 222327 | 44.71% | 1602879 |
| March 4, 2024 | April 4, 2024 | $16.97 | 7.33 %<sup>(a)</sup> | 246374 | 47.73% | 1605138 |
| **Fiscal Year Ended 2025** | **Fiscal Year Ended 2025** |  |  |  |  |  |
| June 3, 2024 | July 5, 2024 | $16.60 | 5.00 %<sup>(a)</sup> | 202931 | 57.44% | 2335546 |
| September 3, 2024 | October 3, 2024 | $16.57 | 5.00 %<sup>(a)</sup> | 193024 | 55.14% | 2129843 |
| December 3, 2024 | January 3, 2025 | $16.30 | 5.00 %<sup>(a)</sup> | 183195 | 45.86% | 1682942 |
| March 3, 2025 | April 3, 2025 | $16.15 | 5.00 %<sup>(a)</sup> | 174273 | 44.08% | 1536885 |

---

*<sup>(a)</sup>* *If shareholders tender for repurchase more than five percent (5%) of the outstanding shares of the Fund, the Fund may, but is not required to, repurchase up to an additional two percent (2%).*

** 

For information regarding the repurchase offer with a repurchase offer date of June 2, 2025, see Note 13.

12. CAPITAL SHARE TRANSACTIONS

---

| | | |
|:---|:---|:---|
| | **June 30, 2025** | **June 30, 2024** |
| Shares Sold |  | 949525 |
| Shares repurchased from Repurchase Offer | (753423) | (888675) |
| Net increase (decrease) in shares | (753423) | 60850 |
| Shares outstanding: |  |  |
| Common shares outstanding-beginning of period | 4065848 | 4004998 |
| Common shares outstanding-end of period | 3312425 | 4065848 |

---

On December 21, 2022, the Board approved a rights offering to participating shareholders of record who were allowed to subscribe for new common shares of the Fund (the "Primary Subscription"). Record date shareholders received one right for each common share held on the Record Date ("Right"). For every three Rights held, a holder of the Rights was entitled to buy one new common share of the Fund. Record date shareholders who fully exercised all Rights initially issued to them in the Primary Subscription were entitled to buy those common shares that were not purchased by other record date shareholders. The Fund issued new shares of common stock at a subscription price that represented 90.0% of the reported net asset value on the expiration date of the rights offering. Offering costs were charged to paid-in-capital upon the exercise of the Rights.

Annual Report \| June 30, 2025 31

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements *June 30, 2025*

On March 15, 2024, the Board approved a rights offering to participating shareholders of record who were allowed to subscribe for new common shares of the Fund. Record date shareholders received one right for each common share held on the Record Date. For every three Rights held, a holder of the Rights was entitled to buy one new common share of the Fund. Record date shareholders who fully exercised all Rights initially issued to them in the Primary Subscription were entitled to buy those common shares that were not purchased by other record date shareholders. The Fund issued new shares of common stock at a subscription price that represented 90.0% of the reported net asset value on the expiration date of the rights offering. Offering costs were charged to paid-in-capital upon the exercise of the Rights.

On May 13-14, 2025, the Board approved a rights offering to participating shareholders of record who were allowed to subscribe for new common shares of the Fund. Record date shareholders received one right for each common share held on the Record Date. For every three Rights held, a holder of the Rights was entitled to buy one new common share of the Fund. The subscription price per share of common stock was determined based upon a formula equal to 90% of the reported net asset value or 95% of the market price per share of common stock, whichever was higher on the expiration date of the rights offering. Offering costs were charged to paid-in-capital upon the exercise of the Rights.

The shares of common stock issued, subscription price, and offering costs for the rights offering were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Record Date** | **Expiration Date** | **Shares of Common Stock Issued** | **Subscription Price** | **Offering Costs** |
| January 6, 2023 | January 27, 2023 | 1047000 | $15.84 | $135935 |
| April 1, 2024 | April 22, 2024 | 949525 | $15.04 | $132677 |

---

On May 20, 2025, the Fund entered into a distribution agreement with ALPS Distributors, Inc. pursuant to which the Fund may offer and sell up to 3,000,000 shares of the Fund's common stock from time to time in an "at-the-market" offering.

There were no shares issued through the at-the-market offering during the year ended June 30, 2025.

13. SUBSEQUENT EVENTS

On June 2, 2025, the Fund issued a repurchase offer. On July 3, 2025, 165,363 shares were repurchased based on a NAV per share of $15.97 at July 3, 2025.

Subsequent to June 30, 2025, the Fund paid the following distributions:

---

| | | | |
|:---|:---|:---|:---|
| **Ex-Date** | **Record Date** | **Payable Date** | **Rate (per share)** |
| July 15, 2025 | July 15, 2025 | July 31, 2025 | $0.1357 |
| August 15, 2025 | August 15, 2025 | August 29, 2025 | $0.1357 |

---

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

RiverNorth Capital and Income Fund, Inc.

Notes to Financial Statements *June 30, 2025*

The Fund issued transferable rights to its common shareholders of record as of June 3, 2025. The subscription period expired on July 7, 2025. The shares of common stock issued, subscription price, and offering costs for the rights offering were as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Record Date Costs** | **Expiration Date** | **Shares of Common Stock Issued** | **Subscription Price** | **Offering Costs** |
| June 3, 2025 | July 7, 2025 | 1105000 | $14.39 | $164194 |

---

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

Annual Report \| June 30, 2025 33

RiverNorth Capital and Income Fund, Inc.

Report of Independent Registered Public Accounting Firm

To the Shareholders and the Board of Directors

RiverNorth Capital and Income Fund, Inc.:

**Opinion on the Financial Statements**

We have audited the accompanying statement of assets and liabilities of RiverNorth Capital and Income Fund, Inc. (the Fund), including the summary schedule of investments, as of June 30, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended. In our opinion, the financial statements and financial highlights present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

**Basis for Opinion**

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](fp0095219-1_04.jpg)

We have served as the auditor of one or more RiverNorth investment companies since 2015.

Columbus, Ohio

August 29, 2025

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

RiverNorth Capital and Income Fund, Inc.

Dividend Reinvestment Plan *June 30, 2025 (Unaudited)*

 

The Fund has a dividend reinvestment plan, commonly referred to as an "opt-out" plan, (the "Plan"). Unless the registered owner ("Shareholder") of shares of common stock ("Shares") elects to receive cash by contacting DST (the "Plan Administrator"), all dividends and distributions declared on Shares will be automatically reinvested in additional Shares by the Plan Administrator for Shareholders in the Fund's Plan. Such reinvested amounts are included in the Fund's Managed Assets and, therefore, the fees paid under the Management Fee and will be higher than if such amounts had not been reinvested. Shareholders who elect not to participate in the Plan will receive all dividends and other distributions in cash paid by check mailed directly to the Shareholder of record (or, if the Shares are held in street or other nominee name, then to such nominee) by the Plan Administrator as dividend disbursing agent. Participation in the Plan is completely voluntary and may be terminated or resumed at any time without penalty by notice if received and processed by the Plan Administrator prior to the dividend record date; otherwise such termination or resumption will be effective with respect to any subsequently declared dividend or other distribution. Such notice will be effective with respect to a particular dividend or other distribution (together, a "Dividend"). Some brokers may automatically elect to receive cash on behalf of Shareholders and may reinvest that cash in additional Shares.

The Plan Administrator will open an account for each Shareholder under the Plan in the same name in which such Shareholder's Shares are registered. Whenever the Fund declares a Distribution payable in cash, non-participants in the Plan will receive cash and participants in the Plan will receive the equivalent in Shares. The Shares will be acquired by the Plan Administrator for the participants' accounts, depending upon the circumstances described below, either (i) through receipt of additional unissued but authorized Shares from the Fund or (ii) by purchase of outstanding Shares on the open market ("Open-Market Purchases") on the NYSE or elsewhere. If, on the payment date for any dividend, the closing market price plus estimated brokerage commissions per share is equal to or greater than the NAV per share, the Plan Administrator will invest the dividend amount in newly issued shares. The number of newly issued shares to be credited to each participant's account will be determined by dividing the dollar amount of the dividend by the Fund's NAV per share on the payment date. If, on the payment date for any dividend, the NAV per share is greater than the closing market value plus estimated brokerage commissions (i.e., the Fund's shares are trading at a discount), the Plan Administrator will invest the dividend amount in shares acquired in Open-Market Purchases.

In the event of a market discount on the payment date for any dividend, the Plan Administrator will have until the last business day before the next date on which the shares trade on an "ex-dividend" basis or 30 days after the payment date for such dividend, whichever is sooner, to invest the dividend amount in shares acquired in Open-Market Purchases. If, before the Plan Administrator has completed its Open-Market Purchases, the market price per share exceeds the NAV per share, the average per share purchase price paid by the Plan Administrator may exceed the NAV of the shares, resulting in the acquisition of fewer shares than if the dividend had been paid in newly issued shares on the dividend payment date. Because of the foregoing difficulty with respect to Open-Market Purchases, the Plan provides that if the Plan Administrator is unable to invest the full dividend amount in Open-Market Purchases during the purchase period or if the market discount shifts to a market premium during the purchase period, the Plan Administrator may cease making open-market purchases and may invest the uninvested portion of the dividend amount in newly issued shares at the NAV per share at the close of business on the last purchase date.

Annual Report \| June 30, 2025 35

RiverNorth Capital and Income Fund, Inc.

Dividend Reinvestment Plan *June 30, 2025 (Unaudited)*

 

The Plan Administrator maintains all Shareholders' accounts in the Plan and furnishes written confirmation of all transactions in the accounts, including information needed by Shareholders for tax records. Shares in the account of each Plan participant will be held by the Plan Administrator on behalf of the Plan participant, and each Shareholder proxy will include those Shares purchased or received pursuant to the Plan. The Plan Administrator will forward all proxy solicitation materials to participants and vote proxies for Shares held under the Plan in accordance with the instructions of the participants.

Beneficial owners of Shares who hold their Shares in the name of a broker or nominee should contact the broker or nominee to determine whether and how they may participate in the Plan. In the case of Shareholders such as banks, brokers or nominees which hold shares for others who are the beneficial owners, the Plan Administrator will administer the Plan on the basis of the number of Shares certified from time to time by the record Shareholder's name and held for the account of beneficial owners who participate in the Plan.

There will be no brokerage charges with respect to Shares issued directly by the Fund. The automatic reinvestment of Dividends will not relieve participants of any federal, state or local income tax that may be payable (or required to be withheld) on such Dividends. Shareholders who receive distributions in the form of Shares generally are subject to the same U.S. federal, state and local tax consequences as Shareholders who elect to receive their distributions in cash and, for this purpose, Shareholders receiving distributions in the form of Shares will generally be treated as receiving distributions equal to the fair market value of the Shares received through the plan; however, since their cash distributions will be reinvested, those Shareholders will not receive cash with which to pay any applicable taxes on reinvested distributions. Participants that request a sale of Shares through the Plan Administrator are subject to brokerage commissions.

The Fund reserves the right to amend or terminate the Plan. There is no direct service charge to participants with regard to purchases in the Plan; however, the Fund reserves the right to amend the Plan to include a service charge payable by the participants. All correspondence or questions concerning the Plan should be directed to the Plan Administrator at (844) 569-4750.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

The following information in this annual report is a summary of certain information about the Fund and changes since the Fund's most recent annual report as of June 30, 2024 (the "prior disclosure date"). This information may not reflect all of the changes that have occurred since you purchased the Fund.

**Summary of Fund Expenses**

The following table shows estimated Fund expenses as a percentage of net assets attributable to Common Shares. The expenses shown in the table and related footnotes, along with the example, are based on the Fund's capital structure as of June 30, 2025. Actual expenses may be greater or less than those shown below.

---

| | | |
|:---|:---|:---|
| **Shareholder Transaction Expenses** | **As a Percentage of Offering Price** | |
| Sales Load |  | %<sup>\*</sup> |
| Offering Expenses Borne by the Fund |  | %<sup>\*</sup> |
| Dividend Reinvestment Plan Fees<sup>(1)</sup> |  | \* |
| Preferred Shares Offering Expenses Borne by the Fund (as a percentage of net assets attributable to common shares) |  | %<sup>\*</sup> |

---

---

| | |
|:---|:---|
| **Annual Expenses** | **As a Percentage of Net Assets Attributable to**<br> **Common Shares (Assuming the Use of**<br> **Leverage Equal to 0% of the Fund's**<br> **Managed Assets)** |
| Management fee<sup>(2)</sup> | 1.25% |
| Leverage costs <sup>(3)(4)</sup> | 0.11% |
| Other expenses<sup>(5)</sup> | 3.02% |
| Acquired fund fees and expenses<sup>(6)</sup> | 0.50% |
| Total annual expenses | 4.88% |
| Fee waiver/reimbursement | -0.77% |
| Total annual expenses after waiver | 4.11% |

---

The purpose of the table above and the example below is to help you understand the fees and expenses that you, as a Common Shareholder, would bear directly or indirectly. The expenses shown in the table under "Other Expenses" and "Total annual expenses" assume that the Fund has not issued any additional Common Shares.

**Example<sup>(7)</sup>**

**** 

The example illustrates the expenses you would pay on a $1,000 investment in Common Shares, assuming (1) "Total annual expenses" of 4.11% of net assets attributable to Common Shares during the first year and 4.88% of net assets attributable to Common Shares during years two through ten, and (2) a 5% annual return. The example for one year reflects the contractual expense limitation described below, and the amounts for the other periods reflect the contractual expense limitation described below only for the first year of such periods.

Annual Report \| June 30, 2025 37

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

---

| | | | | |
|:---|:---|:---|:---|:---|
| | **1 year** | **3 years** | **5 years** | **10 years** |
| Total Expenses Incurred | $41 | $140 | $239 | $487 |

---

**The example should not be considered a representation of future expenses. Actual expenses may be greater or less than those assumed.**

\* *The applicable prospectus supplement to be used in connection with any sales of Common Shares or Preferred Shares will set forth any applicable sales load and the estimated offering expenses borne by the Fund under an Offering.*

*<sup>(1)</sup>* *There will be no brokerage charges with respect to common shares issued directly by the Fund under the dividend reinvestment plan. You will pay brokerage charges in connection with Open-Market Purchases or if you direct the plan agent to sell your common shares held in a dividend reinvestment account.*

*<sup>(2)</sup>* *The Fund has agreed to pay the Adviser a management fee payable on a monthly basis at the annual rate of 1.25% of the Fund's average monthly Managed Assets for the service it provides. With leverage, Managed Assets are greater in amount than net assets, because Managed Assets include assets attributable to the Fund's use of leverage. In addition, the mark-to-market value of the Fund's derivatives will be used for purposes of calculating Managed Assets. The management fee of 1.25% of the Fund's Managed Assets represents 1.25% of net assets attributable to common shares assuming the use of leverage in an amount of 0% of the Fund's Managed Assets as of June 30, 2025. The Adviser has agreed to waive or reimburse expenses of the Fund (other than brokerage fees and commissions; loan servicing fees; borrowing costs such as (i) interest and (ii) dividends on securities sold short; taxes; indirect expenses incurred by the underlying funds in which the Fund may invest; the cost of leverage, including dividends on preferred shares; and extraordinary expenses) to the extent necessary to limit the Fund's total annual operating expenses at 1.95% of the average daily Managed Assets for at least twelve months from the effective date of the most recent registration statement. The Adviser may recover from the Fund expenses reimbursed for three years after the date of the payment or waiver, so long as such recoupment does not cause the Fund's total annual operating expenses (after the repayment is taken into account) to exceed: (i) the Fund's expense limitation at the time such expenses were waived or (ii) the Fund's current expense limitation at the time of recoupment.*

*<sup>(3)</sup>* *The actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund's use of leverage and variations in market interest rates. See "Use of Leverage."*

*<sup>(4)</sup>* *"Leverage costs" are estimated to reflect actual leverage outstanding as of June 30, 2025 and estimated interest and associated costs. Actual leverage costs incurred in the future may be higher or lower as the actual amount of interest expense borne by the Fund will vary over time in accordance with the level of the Fund's use of leverage and variations in market interest rates. See "Use of Leverage."*

*<sup>(5)</sup>* *Includes $907,756 of loan service fees in connection with the Fund's investments in Alternative Credit Instruments as of June 30, 2025. Loan service fees relate to the Fund's investment in Square Loans and are not related to any leverage expenses. The loan service fees are the cost associated with the originator's ongoing collection and remittance of payments related to the Alternative Credit Instruments.*

** 

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

*<sup>(6)</sup>* *The "Acquired fund fees and expenses" disclosed above are based on the expense ratios as of June 30, 2025 of the underlying funds in which the Fund has invested, which may change substantially over time and, therefore, significantly affect "Acquired fund fees and expenses." These amounts are based on the total expense ratio disclosed in each underlying fund's most recent shareholder report. "Acquired fund fees and expenses" are not charged directly to the Fund, but rather reflect the estimated pro rata portion of the underlying funds' fees attributable to the Fund's investments in shares of the underlying funds. The 0.50% shown as "Acquired fund fees and expenses" reflects estimated operating expenses of the underlying funds and transaction-related fees. Certain underlying funds in which the Fund intends to invest generally charge a management fee of 0.50% to 1.20%, which are included in "Acquired fund fees and expenses," as applicable. Acquired fund fees and expenses are borne indirectly by the Fund, but they are not reflected in the Fund's financial statements; and the information presented in the table will differ from that presented in the Fund's financial highlights.*

*<sup>(7)</sup>* *The example does not include sales load or estimated offering costs and considers the expense limitation only for the periods in which it is in effect. The example should not be considered a representation of future expenses. The example assumes that the estimated "Other expenses" set forth in the table are accurate and that all dividends and distributions are reinvested at NAV and that the Fund is engaged in leverage of 0% of Managed Assets, assuming interest and fees on leverage of 0%. The interest and fees on leverage is expressed as an interest rate and represents interest and fees payable on the Pershing Facility (as defined below) and BNP Facility (defined below). Actual expenses may be greater or less than those shown. Moreover, the Fund's actual rate of return may be greater or less than the hypothetical 5% annual return shown in the example.*

** 

The purpose of the table and the example above is to help investors understand the fees and expenses that they, as Common Shareholders, would bear directly or indirectly.

**Investment Objective**

There have been no changes in the Fund's investment objectives since the prior disclosure date that have not been approved by shareholders.

The investment objective of the Fund is to seek a high level of current income.

**Principal Investment Strategies and Policies**

There have been no changes in the Fund's Principal Investment Strategies and Policies since the prior disclosure date.

Under normal market conditions, the Fund seeks to achieve its investment objectives by investing, directly or indirectly, in credit instruments, including a portfolio of securities of specialty finance and other financial companies that the Adviser believes offer attractive opportunities for income. These companies may include, but are not limited to, banks, thrifts, finance companies, lending platforms, business development companies ("BDCs"), real estate investment trusts ("REITs"), special purpose acquisition companies ("SPACs"), private investment funds (private funds that are exempt from registration under Sections 3(c)(1) and 3(c)(7) of the Investment Company Act of 1940, as amended (the "1940 Act")), registered closed-end investment companies, brokerage and advisory firms, insurance companies and financial holding companies. Together, these types of companies are referred to as "financial institutions." The Fund's investments in hedge funds and private equity funds that are exempt from registration under Sections 3(c)(1) and 3(c)(7) of the 1940 Act will be limited to no more than 15% of the Fund's assets. The Fund may also invest in common equity, preferred equity, convertible securities and warrants of these institutions. "Managed Assets" means the total assets of the Fund, including assets attributable to leverage, minus liabilities (other than debt representing leverage and any preferred stock that may be outstanding).

Annual Report \| June 30, 2025 39

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

The Fund may invest in income-producing securities of any maturity and credit quality, including below investment grade, and equity securities, including exchange-traded funds and registered closed-end funds. Below investment grade securities are commonly referred to as "junk" or "high yield" securities and are considered speculative with respect to the issuer's capacity to pay interest and repay principal. Such income-producing securities in which the Fund may invest may include, without limitation, corporate debt securities, U.S. government debt securities, short-term debt securities, asset backed securities, exchange-traded notes, loans, including secured and unsecured senior loans, Alternative Credit (as defined below), collateralized loan obligations ("CLOs") and other structured finance securities, and cash and cash equivalents.

The Fund's alternative credit investments may be made through a combination of: (i) investing in loans to small and mid-sized companies ("SMEs"); (ii) investing in notes or other pass-through obligations issued by an alternative credit platform (or an affiliate) representing the right to receive the principal and interest payments on an Alternative Credit investment (or fractional portions thereof) originated through the platform ("Pass-Through Notes; (iii) purchasing asset-backed securities representing ownership in a pool of Alternative Credit; (iv) investing in private investment funds that purchase Alternative Credit, (v) acquiring an equity interest in an alternative credit platform (or an affiliate); and (vi) providing loans, credit lines or other extensions of credit to an alternative credit platform (or an affiliate) (the foregoing listed investments are collectively referred to herein as the "Alternative Credit Instruments"). Subject to the limitations in the Fund's prospectus and SAI, the Fund may invest without limit in any of the foregoing types of Alternative Credit Instruments and the Fund's investments in private investment funds will be limited to no more than 10% of the Fund's Managed Assets. The Alternative Credit in which the Fund typically invests are newly issued and/or current as to interest and principal payments at the time of investment. As a fundamental policy (which cannot be changed without the approval of the holders of a majority of the outstanding voting securities of the Fund), the Fund does not invest in Alternative Credit that are of subprime quality at the time of investment. The Fund considers an SME loan to be of "subprime quality" if the likelihood of repayment on such loan is determined by the Adviser based on its due diligence and the credit underwriting policies of the originating platform to be similar to that of consumer loans that are of subprime quality. The Fund does not currently have any intention invest in Alternative Credit originated from lending platforms based outside the United States or made to non-U.S. borrowers. However, the Fund may in the future invest in such Alternative Credit and will provide updated disclosures prior to making such investments. Unless the context suggests otherwise, all references to loans generally in this disclosure refer to Alternative Credit.

Alternative Credit Instruments are generally not rated by the nationally recognized statistical rating organizations ("NRSROs"). Such unrated instruments, however, are considered to be comparable in quality to securities falling into any of the ratings categories used by such NRSROs to classify "junk" bonds. Accordingly, the Fund's unrated Alternative Credit Instrument investments constitute highly risky and speculative investments similar to investments in "junk" bonds, notwithstanding that the Fund is not permitted to invest in loans that are of subprime quality at the time of investment. The Alternative Credit Instruments in which the Fund may invest may have varying degrees of credit risk. There can be no assurance that payments due on underlying Alternative Credit investments will be made. At any given time, the Fund's portfolio may be substantially illiquid and subject to increased credit and default risk. If a borrower is unable to make its payments on a loan, the Fund may be greatly limited in its ability to recover any outstanding principal and interest under such loan. The Shares therefore should be purchased only by investors who could afford the loss of the entire amount of their investment.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

Percentage limitations described within this report regarding the Fund's investment strategies and policies are as of the time of investment by the Fund and may be exceeded on a going-forward basis as a result of market value fluctuations of the Fund's portfolio investments to the extent the Fund's investments in hedge funds and private equity funds that are exempt from registration under Sections 3(c)(1) and 3(c)(7) of the 1940 Act are limited to no more than 15% of the Fund's asset.

To the extent any affiliate of the Adviser or the Fund ("Affiliated Broker") receives any fee, payment, commission or other financial incentive of any type ("Broker Fees") in connection with the purchase and sale of securities by the Fund, such Broker Fees will be subject to policies and procedures adopted by the Board of Directors pursuant to Section 17(e) and Rule 17e-1 of the 1940 Act. These policies and procedures include quarterly review by the Board of Directors of any such payments. Among other things, Section 17(e) and those procedures provide that, when acting as broker for the Fund in connection with the purchase or sale of securities to or by the Fund, an affiliated broker may not receive any compensation exceeding the following limits: (1) if the transaction is effected on a securities exchange, the compensation may not exceed the "usual and customary broker's commission" (as defined in Rule 17e-1 under the 1940 Act); (2) in the case of the purchase of securities by the Fund in connection with a secondary distribution, the compensation cannot exceed 2% of the sale price; and (3) the compensation for transactions otherwise effected cannot exceed 1% of the purchase or sale price. Rule 17e-1 defines a "usual and customary broker's commission" as one that is fair compared to the commission received by other brokers in connection with comparable transactions involving similar securities being purchased or sold on an exchange during a comparable period of time. Notwithstanding the foregoing, no Affiliated Broker will receive any undisclosed fees from the Fund in connection with any transaction involving the Fund and such Affiliated Broker, and to the extent any transactions involving the Fund are effected by an Affiliated Broker, such Affiliated Broker's Broker Fees for such transactions shall be limited in accordance with Section 17(e)(2) of the 1940 Act and the Fund's policies and procedures concerning Affiliated Brokers.

**Specialty Finance Companies.**

Specialty finance companies and other financial companies invest in a wide range of securities and financial instruments, including but not limited to private debt and equity, secured and unsecured debt, trust preferred securities, subordinated debt, and preferred and common equity as well as other equity-linked securities. These various securities offer distinct risk/reward features which may be more or less attractive during different points in the market cycle. Under normal market conditions, the Adviser will invest the Fund's Managed Assets in specialty finance companies with exposure to some or all of these kinds of securities.

Annual Report \| June 30, 2025 41

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

Specialty finance companies provide capital or financing to businesses within specified market segments. These companies are often distinguished by their market specializations which allow them to focus on the specific financial needs of their clients. Specialty finance companies often engage in asset-based and other forms of non-traditional financing activities. While they generally compete against traditional financial institutions with broad product lines and, often, greater financial resources, specialty finance companies seek competitive advantage by focusing their attention on market niches, which may provide them with deeper knowledge of their target market and its needs. Specialty finance companies include mortgage specialists to certain consumers, equipment leasing specialists to certain industries and equity or debt-capital providers to certain small businesses. Specialty finance companies often utilize tax-efficient or other non-traditional structures, such as BDCs and REITs.

**Alternative Credit.**

The Fund intends to primarily invest in whole loans originated by alternative credit platforms.

**General.** Alternative credit is often referred to as "peer-to-peer" lending, which term originally reflected the initial focus of the industry on individual investors and consumer loan borrowers. In addition, the alternative credit platforms may retain on their balance sheets a portion of the loan portfolios they originate. In alternative credit, loans are originated through online platforms that provide a marketplace that matches small- and mid-sized companies and other borrowers seeking loans with investors willing to provide the funding for such loans. Since its inception, the industry has grown to include substantial involvement of institutional investors. These borrowers may seek such loans for a variety of different purposes, ranging, for example, from loans to fund elective medical procedures to loans for franchise financing. The procedures through which borrowers obtain loans can vary between platforms, and between the types of loans (e.g., consumer versus SME). The Fund intends to hold its Alternative Credit investments until maturity.

The Alternative Credit in which the Fund typically invests are newly issued and/or current as to interest and principal payments at the time of investment. A small number of alternative credit platforms originate a substantial portion of their Alternative Credit investments in the United States. The Adviser intends to continue to build relationships and enter into agreements with additional platforms. However, if there are not sufficient qualified loan requests through any platform, the Fund may be unable to deploy its capital in a timely or efficient manner. In such event, the Fund may be forced to invest in cash, cash equivalents, or other assets that fall within its investment policies that are generally expected to offer lower returns than the Fund's target returns from investments in Alternative Credit. The Fund enters into purchase agreements with platforms, which outline, among other things, the terms of the loan purchase, loan servicing, the rights of the Fund to assign the loans and the remedies available to the parties. Although the form of these agreements is similar to those typically available to all investors, institutional investors such as the Fund (unlike individual retail investors) have an opportunity to negotiate some of the terms of the agreement. In particular, the Fund has greater negotiating power related to termination provisions and custody of the Fund's account(s) relative to other investors due to the restrictions placed on the Fund by the 1940 Act, of which the platforms are aware. Pursuant to such agreements, the platform or a third-party servicer will typically service the loans, collecting payments and distributing them to the Fund, less any servicing fees, and the servicing entity, unless directed by the Fund, typically will make all decisions regarding acceleration or enforcement of the loans following any default by a borrower. The Fund seeks to have a backup servicer in case any platform or third-party servicer ceases or fails to perform the servicing functions, which the Fund expects will mitigate some of the risks associated with a reliance on platforms or third-party servicers for servicing of the Alternative Credit.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

In the United States, a platform may be subject to extensive regulation, oversight and examination at both the federal and state level, and across multiple jurisdictions if it operates its business nationwide. Accordingly, platforms are generally subject to various securities, lending, licensing and consumer protection laws. In addition, courts have recently considered the regulatory environment applicable to alternative credit platforms and purchasers of Alternative Credit. In light of recent decisions, if upheld and widely applied, certain alternative credit platforms could be required to restructure their operations and certain loans previously made by them through funding banks may not be enforceable, whether in whole or in part, by investors holding such loans or such loans would be subject to diminished returns and/or the platform subject to fines and penalties. As a result, large amounts of Alternative Credit purchased by the Fund (directly or indirectly) could become unenforceable or subject to diminished returns, thereby causing losses for Shareholders.

**Alternative Credit and Pass-Through Notes.** As noted above, the underlying Alternative Credit origination processes employed by each platform may vary significantly. The principal amount of each loan is advanced to the borrower by a bank (the "funding bank"). The operator of the platform may purchase the loan from the funding bank at par using the funds of multiple lenders and then issues to each such lender at par a Pass-Through Note of the operator (or an affiliate of the operator) representing the right to receive the lender's proportionate share of all principal and interest payments received by the operator from the borrower on the loan funded by such lender (net of the platform servicing fees). As an alternative, certain operators (including most SME lenders) do not engage funding banks but instead extend their loans directly to the borrowers.

The platform operator typically will service the loans it originates and will maintain a separate segregated deposit account into which it will deposit all payments received from the obligors on the loans. Upon identification of the proceeds received with respect to a loan and deduction of applicable fees, the platform operator forwards the amounts owed to the lenders or the holders of any related Pass-Through Notes, as applicable.

A platform operator is not obligated to make any payments due on Alternative Credit or Pass-Through Notes (except to the extent that the operator actually receives payments from the borrower on the related loan). Accordingly, lenders and investors assume all of the credit risk on the loans they fund through a Pass-Through Note purchased from a platform operator and are not entitled to recover any deficiency of principal or interest from the platform operator if the underlying borrower defaults on its payments due with respect to a loan. In addition, a platform operator is generally not required to repurchase Alternative Credit from a lender or purchaser except under very narrow circumstances, such as in cases of verifiable identity fraud by the borrower. As loan servicer, the platform operator or an affiliated entity typically has the ability to refer any delinquent Alternative Credit to a collection agency (which may impose additional fees and costs that are often as high, or higher in some cases, as 35% of any recovered amounts). The Fund itself will not directly enter into any arrangements or contracts with the collection agencies (and, accordingly, the Fund does not currently anticipate it would have, under current law and existing interpretations, substantial risk of liability for the actions of such collection agencies). At the same time, the relatively low principal amounts of Alternative Credit often make it impracticable for the platform operator to commence legal proceedings against defaulting borrowers. Alternative Credit may be secured (generally in the case of SME loans and real estate-related loans) or unsecured. For example, real estate Alternative Credit may be secured by a deed of trust, mortgage, security agreement or legal title to real estate. There can be no assurance that any collateral pledged to secure Alternative Credit can be liquidated quickly or at all or will generate proceeds sufficient to offset any defaults on such loan.

Annual Report \| June 30, 2025 43

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

Generally, the Alternative Credit in which the Fund invests will fully amortize and will not be interest-only. However, in some sectors (e.g., real estate-related loans), the loans may be interest-only with the principal to be paid at the end of the term. An active secondary market for the Alternative Credit does not currently exist and an active market for the Alternative Credit may not develop in the future. Borrowers of Alternative Credit electronically execute each of the loan documents prepared in connection with the applicable loan, binding the borrower to the terms of the loan, which include the provision that the loan may be transferred to another party.

**Asset-Backed Securities.** The Fund also may invest in Alternative Credit, through special purpose vehicles ("SPVs") established solely for the purpose of holding assets (e.g., commercial loans) and issuing securities ("asset-backed securities") secured only by such underlying assets (which practice is known as securitization). The Fund may invest, for example, in an SPV that holds a pool of loans originated by a particular platform. The SPV may enter into a service agreement with the operator or a related entity to ensure continued collection of payments, pursuit of delinquent borrowers and general interaction with borrowers in much the same manner as if the securitization had not occurred.

The SPV may issue multiple classes of asset-backed securities with different levels of seniority. The more senior classes will be entitled to receive payment before the subordinate classes if the cash flow generated by the underlying assets is not sufficient to allow the SPV to make payments on all of the classes of the asset-backed securities. Accordingly, the senior classes of asset-backed securities receive higher credit ratings (if rated) whereas the subordinated classes have higher interest rates. In general, the Fund may invest in both rated senior classes of asset-backed securities as well as unrated subordinated (residual) classes of asset-backed securities. The subordinated classes of asset-backed securities in which the Fund may invest are typically considered to be an illiquid and highly speculative investment, as losses on the underlying assets are first absorbed by the subordinated classes.

The value of asset-backed securities, like that of traditional fixed-income securities, typically increases when interest rates fall and decreases when interest rates rise. However, asset-backed securities differ from traditional fixed-income securities because they generally will be subject to prepayment based upon prepayments received by the SPV on the loan pool. The price paid by the Fund for such securities, the yield the Fund expects to receive from such securities and the weighted average life of such securities are based on a number of factors, including the anticipated rate of prepayment of the underlying assets.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**Private Investment Funds.** The Fund may invest up to 10% of its Managed Assets in private investment funds that invest in Alternative Credit. Under one such fund structure, the platform operator may form (i) an investment fund that offers partnership interests or similar securities to investors on a private placement basis, and (ii) a subsidiary that acts as the investment fund's general partner and investment manager. The investment fund then applies its investors' funds to purchase Alternative Credit originated on the platform (or portions thereof) from the operator. As an investor in an investment fund, the Fund would hold an indirect interest in a pool of Alternative Credit and would receive distributions on its interest in accordance with the fund's governing documents. This structure is intended to create diversification and to reduce operator credit risk for the investors in the investment fund by enabling them to invest indirectly in Alternative Credit through the private investment fund rather than directly from the operator of the platform.

**Other Investments in Alternative Credit Instruments.** The Fund may invest in the equity securities and/or debt obligations of platform operators (or their affiliates), which may provide these platforms and their related entities with the financing needed to support their lending business. An equity interest in a platform or related entity represents ownership in such company, providing voting rights and entitling the Fund, as a shareholder, to a share in the company's success through dividends and/or capital appreciation. A debt investment made by the Fund could take the form of a loan, convertible note, credit line or other extension of credit made by the Fund to a platform operator. The Fund would be entitled to receive interest payments on its investment and repayment of the principal at a set maturity date or otherwise in accordance with the governing documents.

The Fund also may wholly-own or otherwise control certain pooled investment vehicles which hold Alternative Credit and/or other Alternative Credit Instruments, which pooled investment vehicle may be formed and managed by the Adviser (a "Subsidiary"). Each Subsidiary may invest in Alternative Credit and other instruments that the Fund may hold directly. As of the date of this report, the Fund did not own any Subsidiaries.

**Business Development Companies.**

BDCs are a type of closed-end fund regulated under the 1940 Act, whose shares are typically listed for trading on a U.S. securities exchange. BDCs typically invest in and lend to small and medium-sized private and certain public companies that may not have access to public equity markets for capital raising. Oftentimes, financing a BDC includes an equity-like investment such as warrants or conversion rights, creating an opportunity for the BDC to participate in capital appreciation in addition to the interest income earned from its debt investments. The interest earned by a BDC flows through to investors in the form of a dividend, normally without being taxed at the BDC entity level. BDCs invest in such diverse industries as healthcare, chemical and manufacturing, technology and service companies. BDCs are unique in that at least 70% of their investments must be made in private and certain public U.S. businesses, and BDCs are required to make available significant managerial assistance to their portfolio companies. Unlike corporations, BDCs are not taxed on income distributed to their shareholders provided they comply with the applicable requirements of the Internal Revenue Code of 1986, as amended (the "Internal Revenue Code"). The securities of BDCs, which are required to distribute substantially all of their income on an annual basis to investors in order to not be subject to entity level taxation, often offer a yield advantage over securities of other issuers, such as corporations, that are taxed on income at the entity level and are able to retain all or a portion of their income rather than distributing it to investors. The Fund invests primarily in BDC shares which are trading in the secondary market on a U.S. securities exchange but may, in certain circumstances, invest in an initial public offering of BDC shares or invest in certain debt instruments issued by BDCs. The Fund is not limited with respect to the specific types of BDCs in which it invests. The Fund will indirectly bear its proportionate share of any management and other expenses, and of any performance based or incentive fees, charged by the BDCs in which it invests, in addition to the expenses paid by the Fund.

Annual Report \| June 30, 2025 45

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**Closed-End Funds.**

Closed-end funds are investment companies that typically issue a fixed number of shares that trade on a securities exchange or over-the-counter. The risks of investment in closed-end funds typically reflect the risk of the types of securities in which the funds invest. Investments in closed-end funds are subject to the additional risk that shares of the fund may trade at a premium or discount to their net asset value ("NAV") per share. Closed-end funds come in many varieties and can have different investment objectives, strategies and investment portfolios. They also can be subject to different risks, volatility and fees and expenses. Although closed-end funds are generally listed and traded on an exchange, the degree of liquidity, or ability to be bought and sold, will vary significantly from one closed-end fund to another based on various factors including, but not limited to, demand in the marketplace. The Fund may also invest in shares of closed-end funds that are not listed on an exchange. Such non-listed closed-end funds are subject to certain restrictions on redemptions and no secondary market exists. As a result, such investments should be considered illiquid. When the Fund invests in shares of a closed-end fund, shareholders of the Fund bear their proportionate share of the closed-end fund's fees and expenses, as well as their share of the Fund's fees and expenses.

**REITs and Other Mortgage-Related Securities.**

REITs are financial vehicles that pool investors' capital to invest primarily in income-producing real estate or real estate-related loans or interests. REIT shares are typically listed for trading in the secondary market on a U.S. securities exchange. REITs can generally be classified as "Mortgage REITs," "Equity REITs" and "Hybrid REITs." Mortgage REITs, which invest the majority of their assets in real estate mortgages, derive their income primarily from interest payments. The Fund focuses its Mortgage REIT investments in companies that invest primarily in U.S. Agency, prime-rated and commercial mortgage securities. U.S. Agency securities include securities issued by the Government National Mortgage Association, the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation. Equity REITs, which invest the majority of their assets directly in real property, derive their income primarily from rents, royalties and lease payments. Equity REITs can also realize capital gains by selling properties that have appreciated in value. Some REITs which are classified as Equity REITs provide specialized financing solutions to their clients in the form of sale-lease back transactions and triple net lease financing. Hybrid REITs combine the characteristics of both Equity REITs and Mortgage REITs.

Debt securities issued by REITs are, for the most part, general and unsecured obligations and are subject generally to risks associated with REITs. Distributions received by the Fund from REITs may consist of dividends, capital gains and/or return of capital. REITs are not taxed on income distributed to their shareholders provided they comply with the applicable requirements of the Internal Revenue Code. Similar to BDCs, the securities of REITs, which are required to distribute substantially all of their income to investors in order to not be subject to entity level taxation, often offer a yield advantage over securities of other issuers, such as corporations, that are taxed on income at the entity level and are able to retain all or a portion of their income rather than distributing it to investors. Many of these distributions, however, will not generally qualify for favorable treatment as qualified dividend income. To the extent, however, the Fund designates dividends it pays to its shareholders as "section 199A dividends" such shareholder may be eligible for a 20% deduction with respect to such dividends. The amount of section 199A dividends that the Fund may pay and report to its shareholders is limited to the excess of the ordinary REIT dividends, other than capital gain dividends and portions of REIT dividends designated as qualified dividend income, that the Fund receives from REITs for a taxable year over the Fund's expenses allocable to such dividends.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

The Fund invests primarily in REIT shares which are trading in the secondary market on a U.S. securities exchange but may, in certain circumstances, invest in an initial public offering of REIT shares or invest in certain debt instruments issued by REITs. The Fund is not limited with respect to the specific types of REITs in which it invests. The Fund will indirectly bear its proportionate share of any management and other operating expenses charged by the REITs in which it invests, in addition to the expenses paid by the Fund.

Other mortgage-related securities in which the Fund may invest include debt instruments which provide periodic payments consisting of interest and/or principal that are derived from or related to payments of interest and/or principal on underlying mortgages. Additional payments on mortgage-related securities may be made out of unscheduled prepayments of principal resulting from the sale of the underlying property or from refinancing or foreclosure, net of fees or costs that may be incurred.

The Fund may invest in commercial mortgage-related securities issued by corporations. These are securities that represent an interest in, or are secured by, mortgage loans secured by commercial property, such as industrial and warehouse properties, office buildings, retail space and shopping malls, multifamily properties and cooperative apartments, hotels and motels, nursing homes, hospitals and senior living centers. They may pay fixed or adjustable rates of interest. The commercial mortgage loans that underlie commercial mortgage-related securities have certain distinct risk characteristics. Commercial mortgage loans generally lack standardized terms, which may complicate their structure. Commercial properties themselves tend to be unique and difficult to value. Commercial mortgage loans tend to have shorter maturities than residential mortgage loans and may not be fully amortizing, meaning that they may have a significant principal balance, or "balloon" payment, due on maturity. In addition, commercial properties, particularly industrial and warehouse properties, are subject to environmental risks and the burdens and costs of compliance with environmental laws and regulations.

The Fund also may invest in mortgage pass-through securities, collateralized mortgage obligations ("CMOs"), mortgage dollar rolls, CMO residuals (other than residual interests in real estate mortgage investment conduits), stripped mortgage-backed securities and other securities that directly or indirectly represent a participation in, or are secured by and payable from, mortgage loans on real property.

In addition, the Fund may invest in other types of asset-backed securities that are offered in the marketplace. Other asset-backed securities may be collateralized by the fees earned by service providers. The value of asset-backed securities may be substantially dependent on the servicing of the underlying asset pools and are therefore subject to risks associated with the negligence of, or defalcation by, their servicers. In certain circumstances, the mishandling of related documentation may also affect the rights of the security holders in and to the underlying collateral. The insolvency of entities that generate receivables or that utilize the underlying assets may result in added costs and delays in addition to losses associated with a decline in the value of the underlying assets.

Annual Report \| June 30, 2025 47

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**Special Purpose Acquisition Companies (SPACs).**

SPACs are collective investment structures that pool funds in order to seek potential acquisition opportunities. Unless and until an acquisition is completed, a SPAC generally invests its assets (less an amount to cover expenses) in U.S. government securities, money market fund securities and cash. SPACs and similar entities may be blank check companies with no operating history or ongoing business other than to seek a potential acquisition. Accordingly, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. If an acquisition that meets the requirements for the SPAC is not completed within a predetermined period of time, the invested funds are returned to the entity's shareholders. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact a Fund's ability to meet its investment objective.

**Private Investment Funds.**

Private Investment Funds may require large minimum investments and impose stringent investor qualification criteria that are intended to limit their direct investors mainly to institutions such as endowments and pension funds. By investing in private investment funds, the Fund can offer shareholders access to certain asset managers that may not be otherwise available to them. The Fund seeks to leverage the relationships of the Adviser to gain access to private investment funds on terms consistent with those offered to similarly-sized institutional investors. Furthermore, the Fund believes that investments in private investment funds offer opportunities for moderate income and growth as well as lower correlation to equity markets but will also be less liquid.

**Collateralized Loan Obligations.**

CLOs are securitization vehicles that pool a diverse portfolio of primarily below investment grade U.S. senior secured loans. Such pools of underlying assets are often referred to as a CLO's "collateral." While the vast majority of the portfolio of most CLOs consists of senior secured loans, many CLOs enable the CLO collateral manager to invest up to 10% of the portfolio in assets that are not first lien senior secured loans, including second lien loans, unsecured loans, senior secured bonds and senior unsecured bonds.

CLOs are generally required to hold a portfolio of assets that is highly diversified by underlying borrower and industry, and is subject to a variety of asset concentration limitations. Most CLOs are revolving structures that generally allow for reinvestment over a specific period of time (typically 3 to 5 years). In cash flow CLOs, the terms and covenants of the structure are, with certain exceptions, based primarily on the cash flow generated by, and the par value (as opposed to the market price) of, the collateral. These covenants include collateral coverage tests, interest coverage tests and collateral quality tests.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

CLOs fund the purchase of a portfolio of primarily senior secured loans via the issuance of CLO equity and debt in the form of multiple, primarily floating-rate debt, tranches. The CLO debt tranches typically are rated "AAA" (or its equivalent) at the most senior level down to "BB" or "B" (or its equivalent), which is below investment grade, at the most junior level by Moody's Investor Service, Inc., or "Moody's," Standard & Poor's Rating Group, or "S&P," and/or Fitch, Inc., or "Fitch." The CLO equity tranche is unrated and typically represents approximately 8% to 11% of a CLO's capital structure. A CLO's equity tranche represents the first loss position in the CLO.

Since a CLO's indenture requires that the maturity dates of a CLO's assets (typically 5 to 8 years from the date of issuance of a senior secured loan) be shorter than the maturity date of the CLO's liabilities (typically 11 to 12 years from the date of issuance), CLOs generally do not face refinancing risk on the CLO debt.

**Other Financial Companies.**

The principal industry groups of financial companies include banks, savings institutions, brokerage firms, investment management companies, insurance companies, holding companies of the foregoing and companies that provide related services to such companies. Banks and savings institutions provide services to customers such as demand, savings and time deposit accounts and a variety of lending and related services. Brokerage firms provide services to customers in connection with the purchase and sale of securities. Investment management companies provide investment advisory and related services to retail customers, high net-worth individuals and institutions. Insurance companies provide a wide range of commercial, life, health, disability, personal property and casualty insurance products and services to businesses, governmental units, associations and individuals.

**Equity Securities.**

Equity securities may include common stocks that either are required to and/or customarily distribute a large percentage of their current earnings as dividends. Common stock represents an equity ownership interest in a company, providing voting rights and entitling the holder to a share of the company's success through dividends and/or capital appreciation. In the event of liquidation, common stockholders have rights to a company's remaining assets after bond holders, other debt holders and preferred stockholders have been paid in full. Typically, common stockholders are entitled to one vote per share to elect the company's board of directors (although the number of votes is not always directly proportional to the number of shares owned). Common stockholders also receive voting rights regarding other company matters such as mergers and certain important company policies such as issuing securities to management. Common stocks fluctuate in price in response to many factors, including historical and prospective earnings of the issuer, the value of its assets, general economic conditions, interest rates, investor perceptions and market liquidity.

Annual Report \| June 30, 2025 49

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**Investment Grade Debt Securities.**

Investment grade bonds of varying maturities issued by governments, corporations and other business entities are fixed or variable rate debt obligations, including bills, notes, debentures, money market instruments and similar instruments and securities. Bonds generally are used by corporations as well as by governments and other issuers to borrow money from investors. The issuer pays the investor a fixed or variable rate of interest and normally must repay the amount borrowed on or before maturity. Certain bonds are "perpetual" in that they have no maturity date.

**Non-Investment Grade Debt Securities.**

Fixed income securities of below-investment grade quality are commonly referred to as "high-yield" or "junk" bonds. Generally, such lower quality debt securities offer a higher current yield than is offered by higher quality debt securities, but also (i) will likely have some quality and protective characteristics that, in the judgment of the rating agencies, are outweighed by large uncertainties or major risk exposures to adverse conditions and (ii) are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligation. Below-investment grade debt securities are rated below "Baa" by Moody's Investors Services, Inc., below "BBB" by Standard & Poor's Ratings Group, a division of The McGraw Hill Companies, Inc., comparably rated by another nationally recognized statistical rating organization or, if unrated, determined to be of comparable quality by the Advisor.

**Mortgage-Backed Securities.**

Mortgage-backed securities represent direct or indirect participations in, or are secured by and payable from, mortgage loans secured by real property and include single- and multi-class pass-through securities and collateralized mortgage obligations. U.S. government mortgage-backed securities include mortgage-backed securities issued or guaranteed as to the payment of principal and interest (but not as to market value) by the Government National Mortgage Association (also known as Ginnie Mae), the Federal National Mortgage Association (also known as Fannie Mae), the Federal Home Loan Mortgage Corporation (also known as Freddie Mac) or other government-sponsored enterprises. Other mortgage-backed securities are issued by private issuers. Private issuers are generally originators of and investors in mortgage loans, including savings associations, mortgage bankers, commercial banks, investment bankers and special purpose entities. Payments of principal and interest (but not the market value) of such private mortgage-backed securities may be supported by pools of mortgage loans or other mortgage-backed securities that are guaranteed, directly or indirectly, by the U.S. government or one of its agencies or instrumentalities, or they may be issued without any government guarantee of the underlying mortgage assets but with some form of non-government credit enhancement. Non-governmental mortgage-backed securities may offer higher yields than those issued by government entities, but may also be subject to greater price changes than governmental issues.

Some mortgage-backed securities, such as collateralized mortgage obligations, make payments of both principal and interest at a variety of intervals; others make semi-annual interest payments at a predetermined rate and repay principal at maturity (like a typical bond). Stripped mortgage-backed securities are created when the interest and principal components of a mortgage-backed security are separated and sold as individual securities. In the case of a stripped mortgage-backed security, the holder of the principal-only, or "PO," security receives the principal payments made by the underlying mortgage, while the holder of the interest-only, or "IO," security receives interest payments from the same underlying mortgage.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

Mortgage-backed securities are based on different types of mortgages including those on commercial real estate or residential properties. These securities often have stated maturities of up to thirty years when they are issued, depending upon the length of the mortgages underlying the securities. In practice, however, unscheduled or early payments of principal and interest on the underlying mortgages may make the securities' effective maturity shorter than this, and the prevailing interest rates may be higher or lower than the current yield of the Fund's portfolio at the time the Fund receives the prepayments for reinvestment.

Residential mortgage-backed securities represent direct or indirect participations in, or are secured by and payable from, pools of assets which include all types of residential mortgage products.

**Asset-Backed Securities.**

Asset-backed securities represent direct or indirect participations in, or are secured by and payable from, pools of assets such as, among other things, motor vehicle installment sales contracts, installment loan contracts, leases of various types of real and personal property, and receivables from revolving credit (credit card) agreements or a combination of the foregoing. These assets are securitized through the use of trusts and special purpose corporations. Credit enhancements, such as various forms of cash collateral accounts or letters of credit, may support payments of principal and interest on asset-backed securities. Although these securities may be supported by letters of credit or other credit enhancements, payment of interest and principal ultimately depends upon individuals paying the underlying loans or accounts, which payment may be adversely affected by general downturns in the economy. Asset-backed securities are subject to the same risk of prepayment described above with respect to mortgage-backed securities. The risk that recovery on repossessed collateral might be unavailable or inadequate to support payments, however, is greater for asset-backed securities than for mortgage-backed securities.

**Other Securities.**

New financial products continue to be developed and the Fund may invest in any products that may be developed to the extent consistent with its investment objectives and the regulatory and federal tax requirements applicable to investment companies.

**Use of Leverage**

This section has been updated since the prior disclosure date.

The Fund has utilized, and intends to continue to utilize, leverage for investment and other purposes, such as for financing the repurchase of its Shares or to otherwise provide the Fund with liquidity.

Under the 1940 Act, the Fund may utilize leverage through the issuance of preferred stock in an amount up to 50% of its total assets and/or through borrowings and/or the issuance of notes or debt securities (collectively, "Borrowings") in an aggregate amount of up to 33-1/3% of its total assets. The Fund anticipates that its leverage will vary from time to time, based upon changes in market conditions and variations in the value of the portfolio's holdings; however, the Fund's leverage will not exceed the limitations set forth under the 1940 Act. As a result of the continuous offering of Common Shares and the quarterly repurchases of common shares pursuant to the Fund's repurchase policy, the Fund's leverage ratio will increase or decrease as a result of the changes in net assets attributable to common shares.

Annual Report \| June 30, 2025 51

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

On December 24, 2020, the Fund entered into a prime brokerage agreement for margin financing with Pershing LLC as lender (the "Credit Agreement"). The Credit Agreement permits the Fund to borrow funds that are collateralized by assets held in a special custody account held at State Street Bank pursuant to a Special Custody and Pledge Agreement. Borrowings under this arrangement bear interest at the overnight bank funding rate plus 75 basis points for an overnight time. During the Fund's utilization period during the year ended June 30, 2025, the Fund's average borrowing and interest rate under the Credit Agreement were $6,165,714 and 5.43%, respectively. At June 30, 2025, there was no outstanding amount on the credit facility.

On March 9, 2023, the Fund entered into an additional credit agreement with BNP Paribas ("BNP Credit Agreement"). The BNP Credit Agreement permits the Fund to borrow funds that are collateralized by assets held at BNP Paribas pursuant to the BNP Credit Agreement. Under the terms of the BNP Credit Agreement, the Fund may borrow up to $15,000,000 bearing an interest rate of the Overnight Bank Funding Rate plus a fixed rate determined by the securities pledged as collateral. Any unused portion of the BNP Credit Agreement is subject to a commitment fee of 0.50% of the unused portion of the facility until a utilization of 80% or greater is met. During the Fund's utilization period during the year ended June 30, 2025, the Fund's average borrowings and interest rate under the BNP Credit Agreement were $7,500,000 and 5.73%, respectively. At June 30, 2025, there was no outstanding amount on the credit facility.

The Fund does not currently have preferred securities outstanding but may in the future issue additional types of preferred securities to increase the Fund's leverage.

There is no assurance that the Fund will increase the amount of its leverage or that, if additional leverage is utilized, it will be successful in enhancing the level of the Fund's current distributions. It is also possible that the Fund will be unable to obtain additional leverage. If the Fund is unable to increase its leverage after the issuance of additional Shares pursuant to the Fund's prospectus, there could be an adverse impact on the return to Shareholders.

Under the 1940 Act, the Fund generally is not permitted to incur Borrowings unless immediately after the Borrowing the value of the Fund's total assets less liabilities other than the principal amount represented by Borrowings is at least 300% of such principal amount. Also, under the 1940 Act and as noted above, the Fund is not permitted to issue preferred stock unless immediately after such issuance the value of the Fund's asset coverage is at least 200% of the liquidation value of the outstanding preferred stock (i.e., such liquidation value may not exceed 50% of the Fund's asset coverage). Upon the issuance of preferred stock, the Fund intends, to the extent possible, to purchase or redeem its preferred stock from time to time to the extent necessary in order to maintain coverage of any preferred stock of at least 200%. In addition, as a condition to obtaining ratings on the preferred stock, the terms of any preferred stock issued are expected to include asset coverage maintenance provisions which will require the redemption of the preferred stock in the event of non-compliance by the Fund and also may prohibit dividends and other distributions on the common shares in such circumstances. In order to meet redemption requirements, the Fund may have to liquidate portfolio securities. Such liquidations and redemptions would cause the Fund to incur related transaction costs and could result in capital losses to the Fund.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

Furthermore, the Fund is not permitted to declare any cash dividend or other distribution on its common shares, or repurchase its common shares, unless, at the time of such declaration or repurchase, the Borrowings have an asset coverage of at least 300% and the preferred stock has an asset coverage of at least 200% after deducting the amount of such dividend, distribution or purchase price (as the case may be). Any prohibitions on dividends and other distributions on the common shares could impair the Fund's ability to qualify as a regulated investment company under the Code. The Fund intends, to the extent possible, to prepay all or a portion of the principal amount of any outstanding Borrowing or purchase or redeem any outstanding shares of preferred stock to the extent necessary in order to maintain the required asset coverage. Preferred shareholders, voting separately, are entitled to elect two of the Fund's directors. The remaining directors of the Fund are elected by common shareholders and preferred shareholders voting together as a single class. In the event the Fund would fail to pay dividends on its preferred stock for two years, the preferred shareholders would be entitled to elect a majority of the directors of the Fund.

The requirements and restrictions with respect to the Fund's preferred stock may be more stringent than those imposed by the 1940 Act, which may include certain restrictions imposed by guidelines of one or more rating agencies which issue ratings for the Fund's preferred stock; however, it is not anticipated that they will impede the Adviser from managing the Fund's portfolio and repurchase policy in accordance with the Fund's investment objective and policies. Nonetheless, in order to adhere to such requirements and restrictions, the Fund may be required to take certain actions, such as reducing its Borrowings and/or redeeming shares of its preferred stock with the proceeds from portfolio transactions at what might be an inopportune time in the market. Such actions could incur transaction costs as well as reduce the net earnings or returns to shareholders over time. In addition to other considerations, to the extent that the Fund believes that these requirements and restrictions would impede its ability to meet its investment objective or its ability to qualify as a regulated investment company, the Fund will not incur additional Borrowings or issue additional preferred stock.

In general, Borrowings may be at a fixed or floating rate and are typically based upon short-term rates. The Borrowings in which the Fund may incur from time to time may be secured by mortgaging, pledging or otherwise subjecting as security the assets of the Fund. Certain types of Borrowings may result in the Fund being subject to covenants in credit agreements relating to asset coverage and portfolio composition requirements. Generally, covenants to which the Fund may be subject include affirmative covenants, negative covenants, financial covenants, and investment covenants. An example of an affirmative covenant would be one that requires the Fund to send its annual audited financial report to the lender. An example of a negative covenant would be one that prohibits the Fund from making any amendments to its fundamental policies. An example of a financial covenant is one that would require the Fund to maintain a 3:1 asset coverage ratio. An example of an investment covenant is one that would require the Fund to limit its investment in a particular asset class. As noted above, the Fund may need to liquidate its investments when it may not be advantageous to do so in order to satisfy such obligations or to meet any asset coverage requirements (pursuant to the 1940 Act or otherwise). As the Fund's portfolio will be substantially illiquid, any such disposition or liquidation could result in substantial losses to the Fund.

Annual Report \| June 30, 2025 53

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

The terms of the Fund's Borrowings may also contain provisions which limit certain activities of the Fund, including the payment of dividends to shareholders in certain circumstances, and the Fund may be required to maintain minimum average balances with the lender or to pay a commitment or other fee to maintain a line of credit. Any such requirements will increase the cost of Borrowing over the stated interest rate.

In addition, certain types of Borrowings may involve the rehypothecation of the Fund's securities. Furthermore, the Fund may be subject to certain restrictions on investments imposed by guidelines of one or more rating agencies, which may issue ratings for the short-term corporate debt securities issued by the Fund. Any Borrowing will likely be ranked senior or equal to all other Borrowings of the Fund and the rights of lenders to the Fund to receive interest on and repayment of principal of any Borrowings will likely be senior to those of the shareholders. Further, the 1940 Act grants, in certain circumstances, to the lenders to the Fund certain voting rights in the event of default in the payment of interest on or repayment of principal. In the event that such provisions would impair the Fund's status as a regulated investment company under the Code, the Fund, subject to its ability to liquidate its portfolio, intends to repay the Borrowings.

The Fund also may borrow money as a temporary measure for extraordinary or emergency purposes, including the payment of dividends and the settlement of securities transactions which otherwise might require untimely dispositions of Fund securities.

So long as the rate of return, net of applicable Fund expenses, on the Fund's portfolio investments purchased with Borrowings or the proceeds from the issuance of preferred stock exceeds the then-current interest or payment rate and other costs on such Borrowings or preferred stock, the Fund will generate more return or income than will be needed to pay such interest or dividend payments and other costs. In this event, the excess will be available to pay higher dividends to shareholders. If the net rate of return on the Fund's investments purchased with Borrowings or the proceeds from the issuance of preferred stock does not exceed the costs of such Borrowings or preferred stock, the return to shareholders will be less than if leverage had not been used. In such case, the Adviser, in its best judgment, nevertheless may determine to maintain the Fund's leveraged position if it expects that the benefits to the shareholders of maintaining the leveraged position will outweigh the current reduced return. Under normal market conditions, the Fund anticipates that it will be able to invest the proceeds from leverage at a higher rate of return than the costs of leverage, which would enhance returns to shareholders. In addition, the cost associated with any issuance and use of leverage is borne by the shareholders and results in a reduction of the NAV of the common shares. Such costs may include legal fees, audit fees, structuring fees, commitment fees and a usage (borrowing) fee.

The Fund may be subject to certain restrictions on investments imposed by lenders or by one or more rating agencies that may issue ratings for any senior securities issued by the Fund. Borrowing covenants or rating agency guidelines may impose asset coverage or Fund composition requirements that are more stringent than those imposed on the Fund by the 1940 Act. Since the holders of common stock pay all expenses related to the use of leverage, such use of leverage would create a greater risk of loss for the Fund's Common Shares than if leverage is not used.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

The Fund may enter into derivatives or other transactions (e.g., total return swaps) that may provide leverage (other than through borrowings or the issuance of Preferred Shares). The Fund may also invest in reverse repurchase agreements, total return swaps and derivatives or other transactions with leverage embedded in them in a limited manner or subject to a limit on leverage risk calculated based on value-at-risk, as required by Rule 18f-4 under the 1940 Act. These transactions entail additional expenses (e.g., transaction costs) which are borne by the Fund.

These types of transactions have the potential to increase returns to Common Shareholders, but they also involve additional risks. The additional leverage will increase the volatility of the Fund's investment portfolio and could result in larger losses than if the transactions were not entered into. However, to the extent that the Fund enters into offsetting transactions or owns positions covering its obligations, the leveraging effect is expected to be reduced or eliminated.

The use of leverage is a speculative technique and investors should note that there are special risks and costs associated with the leveraging of the common shares. There can be no assurance that a leveraging strategy will be successful during any period in which it is employed. When leverage is employed, the NAV and the yield to shareholders will be more volatile. Leverage creates a greater risk of loss, as well as potential for more gain, for the Shares than if leverage is not used. In addition, the Adviser is paid more if the Fund uses leverage, which creates a conflict of interest for the Adviser.

**Effects of Leverage**

This section has been updated since the prior disclosure date to reflect certain non-material disclosure updates.

Assuming the utilization of leverage through a combination of borrowings under the Pershing Facility and BNP Facility and the issuance of preferred stock by the Fund in the aggregate amount to approximately 0% of the Fund's Managed Assets as of June 30, 2025, at a weighted average interest rate or payment rate of 0% payable on such leverage. Assuming that the Fund's leverage costs remain as described above (at an assumed annual cost of 0% of the principal amount outstanding) the annual return that the Fund's portfolio must experience (net of expenses) in order to cover its leverage costs would be 0%. These numbers are merely estimates used for illustration. Actual interest or payment rates on the leverage utilized by the Fund will vary frequently and may be significantly higher or lower than the rate estimated above.

The following table is furnished in response to requirements of the SEC. It is designed to illustrate the effect of leverage on Share total return, assuming investment portfolio total returns (comprised of income and changes in the value of securities held in the Fund's portfolio net of expenses) of -10%, -5%, 0%, 5% and 10%. The table below reflects the Fund's borrowings under the Pershing Facility and BNP Facility as a percentage of total Managed Assets (including assets attributable to such leverage), and the annual return that the Fund's portfolio must experience (net of expenses) in order to cover such costs. These assumed investment portfolio returns are hypothetical figures and are not necessarily indicative of the investment portfolio returns experienced or expected to be experienced by the Fund. In other words, the Fund's actual returns may be greater or less than those appearing in the table below. The table further reflects the use of leverage representing approximately 0% of the Fund's Managed Assets and estimated leverage costs of 0%.

Annual Report \| June 30, 2025 55

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| Assumed Portfolio Return | -10.00% | -5.00% | 0.00% | 5.00% | 10.00% |
| Common Share Total Return | -10.00% | -5.00% | 0.00% | 5.00% | 10.00% |

---

**Market and Net Asset Value Information**

This section has been updated since the prior disclosure date to reflect certain non-material disclosure updates.

The Fund's currently outstanding common shares are, and any Common Shares offered by this Prospectus and the applicable prospectus supplement will be, subject to notice of issuance, listed on the NYSE. The Fund's common shares commenced trading on the NYSE on June 12, 2019.

The Fund's common shares have traded both at a premium and at a discount in relation to NAV. Shares of closed-end investment companies frequently trade at a discount from NAV. The Fund's issuance of the Common Shares may have an adverse effect on prices in the secondary market for the Fund's common shares by increasing the number of common shares available, which may put downward pressure on the market price for the Fund's common shares.

The Fund has adopted a fundamental policy to conduct, subject to certain conditions, quarterly repurchase offers for at least 5% and up to 25% of the outstanding common shares at NAV. Shareholders will be notified in writing of each repurchase offer under the repurchase policy, how they may request that the Fund repurchase their common shares and the date the repurchase offer ends (the "Repurchase Request Deadline"). The time between the notification to Shareholders and the Repurchase Request Deadline may vary from no more than 42 days to no less than 21 days, and is expected to be approximately 30 days. Common shares will be repurchased at the NAV per common share determined as of the close of regular trading on the NYSE typically as of the Repurchase Request Deadline, but no later than the 14th day after such date, or the next business day if the 14th day is not a business day.

Payment for repurchased common shares may require the Fund to liquidate its investments, and earlier than the Adviser otherwise would, thus increasing the Fund's portfolio turnover and potentially causing the Fund to realize losses. The Adviser intends to take measures to attempt to avoid or minimize such potential losses and turnover, and instead of liquidating portfolio holdings, may borrow money to finance repurchases of common shares. If the Fund borrows to finance repurchases, interest on that borrowing will negatively affect Shareholders who do not tender their common shares in a repurchase offer by increasing the Fund's expenses (subject to the reimbursement of expenses by the Adviser) and reducing any net investment income. To the extent the Fund finances repurchase amounts by selling Fund investments, the Fund may hold a larger proportion of its assets in less liquid securities. Also, the sale of the Fund's investments to fund repurchases could reduce the market price of those underlying investments, which in turn would reduce the Fund's NAV.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

The following table sets forth for each of the periods indicated the high and low closing market prices for common shares of the Fund on the NYSE, the NAV per share and the premium or discount to NAV per share at which the Fund's common shares were trading. NAV is determined daily as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time).

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | **MARKET PRICE <sup>(1)</sup>** | **MARKET PRICE <sup>(1)</sup>** | **NET ASSET VALUE <sup>(2)</sup>** | **NET ASSET VALUE <sup>(2)</sup>** | **PREMIUM/ (DISCOUNT)<br> TO NET ASSET VALUE<sup>(3)</sup>** | **PREMIUM/ (DISCOUNT)<br> TO NET ASSET VALUE<sup>(3)</sup>** |
| <br>**Quarter Ended** | **High** | **Low** | **High** | **Low** | **High** | **Low** |
| September 30, 2020 | $15.14 | $14.40 | $17.42 | $17.31 | -13.09% | -16.81% |
| December 31, 2020 | $16.78 | $14.69 | $18.22 | $17.34 | -7.91% | -15.28% |
| March 31, 2021 | $17.90 | $16.39 | $19.00 | $18.26 | -5.79% | -10.24% |
| June 30, 2021 | $19.90 | $17.90 | $20.06 | $19.05 | -0.80% | -6.04% |
| September 30, 2021 | $20.05 | $18.73 | $20.11 | $19.95 | -0.30% | -6.12% |
| December 31, 2021 | $19.88 | $19.13 | $20.44 | $19.82 | -2.74% | -3.48% |
| March 31, 2022 | $19.80 | $18.78 | $19.92 | $19.30 | -0.60% | -2.69% |
| June 30, 2022 | $19.23 | $17.15 | $19.39 | $18.46 | -0.80% | -7.10% |
| September 30, 2022 | $18.67 | $17.05 | $17.99 | $17.43 | 3.80% | -2.18% |
| December 31, 2023 | $18.02 | $16.75 | $17.58 | $17.20 | 2.50% | -2.62% |
| March 31, 2023 | $16.92 | $15.20 | $17.24 | $16.63 | -1.86% | -8.60% |
| June 30, 2023 | $15.55 | $15.24 | $16.81 | $16.70 | -7.50% | -8.74% |
| September 30, 2023 | $15.89 | $14.99 | $16.73 | $16.59 | -5.02% | -9.64% |
| December 31, 2023 | $15.92 | $15.02 | $16.80 | $16.20 | -5.24% | -7.28% |
| March 31, 2024 | $16.13 | $15.68 | $17.08 | $16.81 | -5.56% | -6.72% |
| June 30, 2024 | $15.79 | $15.00 | $16.97 | $16.66 | -6.93% | -9.96% |
| September 30, 2024 | $15.44 | $14.98 | $16.59 | $16.47 | -6.96% | -9.05% |
| December 31, 2024 | $15.56 | $15.14 | $16.55 | $16.38 | -5.98% | -7.57% |
| March 31, 2025 | $15.39 | $15.02 | $16.15 | $16.20 | -4.71% | -7.28% |
| June 30, 2025 | $15.63 | $14.55 | $16.15 | $15.81 | -3.22% | -7.97% |

---

*<sup>(1)</sup>* *Based on high and low closing market price for the respective quarter.*

*<sup>(2)</sup>* *Based on the NAV calculated on the day of the high and low closing market prices, as applicable, as of the close of regular trading on the NYSE (normally 4:00 p.m. Eastern Time).*

*<sup>(3)</sup>* *Calculated based on the information presented.*

** 

The last reported sale price, NAV per share and percentage discount to NAV per share of the common shares as of June 30, 2025 were $14.55, $15.81 and -7.97%, respectively. As of that same date, the Fund had 3,312,425 Common Shares outstanding and net assets of the Fund were $52,384,757.

Annual Report \| June 30, 2025 57

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**Senior Securities Representing Indebtedness**

This section has been updated since the prior disclosure date to reflect certain non-material disclosure updates.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Period/Fiscal**<br> **Year Ended** | **Senior Securities** | **Total Amount** <br> **Outstanding<sup>(1)</sup>** | **Asset** <br> **Coverage<sup>(2)(3)</sup>** | **Involuntary <br> Liquidation <br> Preference <br> per Unit** | **Average** <br> **Market Value** <br> **Per Unit<sup>(4)</sup>** |
| June 30, 2025 | Credit Facility | $– | $– | $– | $– |
| June 30, 2024 | Credit Facility | $7500000 | $15430 | $– | $– |
|  | Series A Preferred Stock | $41400000 | $66 | $25.00 | $25.00 |
| June 30, 2023 | Credit Facility | $1000000 | $109177 | $– | $– |
|  | Series A Preferred Stock | $41400000 | $65 | $25.00 | 25.00 |
| June 30, 2022 | Credit Facility | $– | $– | $– | $– |
|  | Series A Preferred Stock | $41400000 | $65 | $25.00 | $25.42 |
| June 30, 2021 | Credit Facility | $11500000 | $12546 | $– | $– |
|  | Series A Preferred Stock | $41400000 | $80 | $25.00 | $25.25 |
| June 30, 2020 | Credit Facility | $– | $– | $– | $– |
|  | Series A Preferred Stock | $41400000 | $86 | $25.00 | $25.18 |
| June 30, 2019 | Credit Facility | $– | $– | $– | $– |
|  | Series A Preferred Stock | $41400000 | $133 | $25.00 | $25.22 |
| June 30, 2018 | Credit Facility | $35000000 | $9621 | $– | $– |
|  | Series A Preferred Stock | $41400000 | $182 | $25.00 | $25.24 |
| June 30, 2017<sup>(5)</sup> | Credit Facility | $– | $– | $– | $– |

---

*<sup>(1)</sup>* *Principal amount outstanding represents the principal amount owed by the Fund to lenders under credit facility arrangements in place at the time.*

*<sup>(2)</sup>* *The asset coverage ratio for the Credit Facility is calculated by subtracting the Fund's total liabilities and indebtedness not represented by senior securities from the Fund's total assets, dividing the result by the aggregate amount of the Fund's senior securities representing indebtedness then outstanding, and then multiplying by $1,000.*

*<sup>(3)</sup>* *The asset coverage ratio for a class of senior securities representing stock is calculated as the Fund's total assets, less all liabilities and indebtedness not represented by the Fund's senior securities, divided by secured senior securities representing indebtedness plus the aggregate of the involuntary liquidation preference of secured senior securities which are stock. With respect to the Series A Preferred Stock, the asset coverage per unit figure is expressed in terms of dollar amounts per share of outstanding Preferred Stock (based on a liquidation preference of $25).*

*<sup>(4)</sup>* *Represents the average of the daily closing market price per share as reported on the NYSE during the respective period.*

*<sup>(5)</sup>* *For the period September 22, 2016, commencement of operations, to June 30, 2017.*

** 

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**Risk Factors**

Investing in the Fund involves certain risks relating to its structure and investment objective. You should carefully consider these risk factors, together with all of the other information included in this report, before deciding whether to make an investment in the Fund. An investment in the Fund may not be appropriate for all investors, and an investment in the Common Shares of the Fund should not be considered a complete investment program.

The risks set forth below are not the only risks of the Fund, and the Fund may face other risks that have not yet been identified, which are not currently deemed material or which are not yet predictable. If any of the following risks occur, the Fund's financial condition and results of operations could be materially adversely affected. In such case, the Fund's NAV and the trading price of its securities could decline, and you may lose all or part of your investment.

Certain risk factors included below have been updated since the prior disclosure date to reflect certain non-material updates.

**Investment Strategy Risks:**

**Asset-Backed Securities Risks.** Asset-backed securities often involve risks that are different from or more acute than risks associated with other types of debt instruments. For instance, asset-backed securities may be particularly sensitive to changes in prevailing interest rates. In addition, the underlying assets are subject to prepayments that shorten the securities' weighted average maturity and may lower their return. Asset-backed securities are also subject to risks associated with their structure and the nature of the assets underlying the security and the servicing of those assets. Payment of interest and repayment of principal on asset-backed securities is largely dependent upon the cash flows generated by the assets backing the securities and, in certain cases, supported by letters of credit, surety bonds or other credit enhancements. The values of asset-backed securities may be substantially dependent on the servicing of the underlying asset pools, and are therefore subject to risks associated with the negligence by, or defalcation of, their servicers. Furthermore, debtors may be entitled to the protection of a number of state and federal consumer credit laws with respect to the assets underlying these securities, which may give the debtor the right to avoid or reduce payment. In addition, due to their often complicated structures, various asset-backed securities may be difficult to value and may constitute illiquid investments. If many borrowers on the underlying Alternative Credit default, losses could exceed the credit enhancement level and result in losses to investors in asset-backed securities.

An investment in subordinated (residual) classes of asset-backed securities is typically considered to be an illiquid and highly speculative investment, as losses on the underlying assets are first absorbed by the subordinated classes. The risks associated with an investment in such subordinated classes of asset-backed securities include credit risk, regulatory risk pertaining to the Fund's ability to collect on such securities, platform performance risk and liquidity risk.

**CLO Risk.** The Fund's investments in CLOs may be riskier than a direct investment in the debt or other securities of the underlying companies. When investing in CLOs, the Fund may invest in any level of a CLO's subordination chain, including subordinated (lower-rated) tranches and residual interests (the lowest tranche). CLOs are typically highly levered and therefore, the junior debt and equity tranches that the Fund may invest in are subject to a higher risk of total loss and deferral or nonpayment of interest than the more senior tranches to which they are subordinated. In addition, the Fund will generally have the right to receive payments only from the CLOs, and will generally not have direct rights against the underlying borrowers or entities that sponsored the CLOs. Furthermore, the investments the Fund makes in CLOs are at times thinly traded or have only a limited trading market. As a result, investments in such CLOs may be characterized as illiquid securities.

Annual Report \| June 30, 2025 59

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**Closed-End Investment Companies Risk.** The Fund invests in closed-end investment companies, including shares of closed-end funds that are trading at a discount to NAV or at a premium to NAV. There can be no assurance that the market discount on shares of any closed-end fund purchased by the Fund will ever decrease.

In fact, it is possible that this market discount may increase and the Fund may suffer realized or unrealized capital losses due to further decline in the market price of the securities of such closed-end funds, thereby adversely affecting the NAV of the Fund's Common Shares. Similarly, there can be no assurance that any shares of a closed-end fund purchased by the Fund at a premium will continue to trade at a premium or that the premium will not decrease subsequent to a purchase of such shares by the Fund.

BDCs are a type of closed-end investment company that generally invest in less mature U.S. private companies or thinly traded U.S. public companies which involve greater risk than well-established publicly-traded companies. While BDCs are expected to generate income in the form of dividends, certain BDCs during certain periods of time may not generate such income. The Fund will indirectly bear its proportionate share of any management fees and other operating expenses incurred by closed-end funds and BDCs in which it invests, and of any performance-based or incentive fees payable by the BDCs in which it invests, in addition to the expenses paid by the Fund.

**Corporate Debt Risks.** Corporate debt securities are long and short-term debt obligations issued by companies (such as publicly issued and privately placed bonds, notes and commercial paper). The Adviser considers corporate debt securities to be of investment grade quality if they are rated BBB or higher by S&P Global Ratings Services ("S&P") or Baa or higher by Moody's Investor Services, Inc. ("Moody's"), or if unrated, determined by the Adviser to be of comparable quality. Investment grade debt securities generally have adequate to strong protection of principal and interest payments. In the lower end of this category, adverse economic conditions or changing circumstances are more likely to lead to a weakened capacity to pay interest and repay principal than in higher rated categories. The Fund may invest in both secured and unsecured corporate bonds. An unsecured bond may have a lower recovery value than a secured bond in the event of a default by its issuer.

Credit and Interest Rate Analysis Risk. The Adviser is reliant in part on the borrower credit information provided to it or assigned by the platforms when selecting instruments for investment. To the extent a credit rating is assigned to each borrower by a platform, such rating may not accurately reflect the borrower's actual creditworthiness. A platform may be unable, or may not seek, to verify all of the borrower information obtained by it, which it may use to determine such borrower's credit rating. Borrower information on which platforms and lenders may rely may be outdated. In addition, certain information that the Adviser would otherwise seek may not be available, such as financial statements and other financial information. Furthermore, the Adviser may be unable to perform any independent follow-up verification with respect to a borrower to the extent the borrower's name, address and other contact information is required to remain confidential. There is risk that a borrower may have supplied false or inaccurate information.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

Although the Adviser conducts diligence on the credit scoring methodologies used by platforms from which the Fund purchases instruments, the Fund typically will not have access to all of the data that platforms utilize to assign credit scores to particular loans purchased directly or indirectly by the Fund, and will not confirm the truthfulness of such information or otherwise evaluate the basis for the platform's credit score of those loans. In addition, the platforms' credit decisions and scoring models are based on algorithms that could potentially contain programming or other errors or prove to be ineffective or otherwise flawed. This could adversely affect loan pricing data and approval processes and could cause loans to be mispriced or misclassified, which could ultimately have a negative impact on the Fund's performance.

The interest rates on loans established by the platforms may have not been appropriately set. A failure to set appropriate rates on the loans may adversely impact the ability of the Fund to receive returns on its instruments that are commensurate with the risks associated with directly or indirectly owning such instruments. In addition, certain other information used by the platforms and the Adviser in making loan and investment decisions may be deficient and/or incorrect, which increases the risk of loss on the loan.

**Default Risk.** The ability of the Fund to generate income through its investment in loans is dependent upon payments being made by the borrower underlying such instruments. If a borrower is unable to make its payments on a loan, the Fund may be greatly limited in its ability to recover any outstanding principal and interest under such loan.

**Fixed Income Securities Risks.** The Fund may invest in fixed income securities. Fixed income securities generally represent the obligation of an issuer to repay to the investor (or lender) the amount borrowed plus interest over a specified time period. Fixed income securities increase or decrease in value based on changes in interest rates. If rates increase, the value of the fund's fixed income securities generally declines. On the other hand, if rates fall, the value of the fixed income securities generally increases. The issuer of a fixed income security may not be able to make interest and principal payments when due. This risk is increased in the case of issuers of high yield securities, also known as "junk bonds." Securities of certain U.S. Government sponsored entities are neither issued nor guaranteed by the U.S. Government. Fixed income risks include components of the following additional risks:

**Credit Risk.** The issuer of a fixed income security may not be able to make interest and principal payments when due. Generally, the lower the credit rating of a security, the greater the risk that the issuer will default on its obligation, which could result in a loss to the Fund. The Fund may invest in securities that are rated in the lowest investment grade category. Issuers of these securities are more vulnerable to changes in economic conditions than issuers of higher-grade securities. As a result of the credit profile of the borrowers and the interest rates on the Fund's investment in loans, the delinquency and default experience on these instruments may be significantly higher than those experienced by financial products arising from traditional sources of lending. Shareholders are urged to consider the highly risky nature of the credit quality of the Fund's investment in loans when analyzing an investment in the Shares.

Annual Report \| June 30, 2025 61

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**High Yield Securities/Junk Bond Risk.** The Fund may invest in high yield securities, also known as "junk bonds." High yield securities are not considered to be investment grade. High yield securities may provide greater income and opportunity for gain, but entail greater risk of loss of principal. High yield securities are predominantly speculative with respect to the issuer's capacity to pay interest and repay principal in accordance with the terms of the obligation. The market for high yield securities is generally less active than the market for higher quality securities. This may limit the ability of the Fund to sell high yield securities at the price at which it is being valued for purposes of calculating NAV.

**Government Risk.** The U.S. government's guarantee of ultimate payment of principal and timely payment of interest on certain U. S. government securities owned by the Fund does not imply that the Fund's shares are guaranteed or that the price of the Fund's shares will not fluctuate. In addition, securities issued by Freddie Mac, Fannie Mae and Federal Home Loan Banks are not obligations of, or insured by, the U.S. Government. If a U.S. government agency or instrumentality in which the Fund invests defaults and the U.S. government does not stand behind the obligation, the Fund's share price could fall. All U.S. government obligations are subject to interest rate risk.

**Interest Rate Risk.** The Fund's share price and total return will vary in response to changes in interest rates. If rates increase, the value of the Fund's investments generally will decline, as will the value of a shareholder's investment in the Fund. Securities with longer maturities tend to produce higher yields, but are more sensitive to changes in interest rates and are subject to greater fluctuations in value. A rise in interest rates may negatively impact the Fund's future income relating to leverage, as the Fund will be required to earn more income on its investments to recoup any increased costs of leverage.

Interest rates in the United States and many other countries have risen in recent periods and may rise in the future. Because longer-term inflationary pressure may result from the U.S. government's fiscal policies, the Fund may experience rising interest rates, rather than falling rates, over its investment horizon. To the extent the Fund borrows money to finance its investments, the Fund's performance will depend, in part, upon the difference between the rate at which it borrows funds and the rate at which it invests those funds. In periods of rising interest rates, the Fund's cost of funds could increase. Adverse developments resulting from changes in interest rates could have a material adverse effect on the Fund's financial condition and results.

In addition, a decline in the prices of the debt the Fund owns could adversely affect the Fund's NAV. Changes in market interest rates could also affect the ability of operating companies in which the Fund invests to service debt, which could materially impact the Fund.

**SOFR Risk.** The Secured Overnight Financing Rate ("SOFR") is intended to be a broad measure of the cost of borrowing funds overnight in transactions that are collateralized by U.S. Treasury securities. SOFR is calculated based on transaction-level repo data collected from various sources. For each trading day, SOFR is calculated as a volume-weighted median rate derived from such data. SOFR is calculated and published by the Federal Reserve Bank of New York ("FRBNY"). If data from a given source required by the FRBNY to calculate SOFR is unavailable for any day, then the most recently available data for that segment will be used, with certain adjustments. If errors are discovered in the transaction data or the calculations underlying SOFR after its initial publication on a given day, SOFR may be republished at a later time that day. Rate revisions will be effected only on the day of initial publication and will be republished only if the change in the rate exceeds one basis point.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

Because SOFR is a financing rate based on overnight secured funding transactions, it differs fundamentally from the London Interbank Offered Rate ("LIBOR"). As a result of benchmark reforms, publication of all LIBOR settings ceased as of June 30, 2023 and all synthetic U.S. dollar LIBOR settings were discontinued at the end of September 2024. LIBOR was intended to be an unsecured rate that represents interbank funding costs for different short-term maturities or tenors. It was a forward-looking rate reflecting expectations regarding interest rates for the applicable tenor. Thus, LIBOR was intended to be sensitive, in certain respects, to bank credit risk and to term interest rate risk. In contrast, SOFR is a secured overnight rate reflecting the credit of U.S. Treasury securities as collateral. Thus, it is largely insensitive to credit-risk considerations and to short-term interest rate risks. SOFR is a transaction-based rate, and it has been more volatile than other benchmark or market rates, such as three-month LIBOR, during certain periods. For these reasons, among others, there is no assurance that SOFR, or rates derived from SOFR, will perform in the same or similar way as LIBOR would have performed at any time, and there is no assurance that SOFR-based rates will be a suitable substitute for LIBOR. SOFR has a limited history, having been first published in April 2018. The future performance of SOFR, and SOFR-based reference rates, cannot be predicted based on SOFR's history or otherwise. Levels of SOFR in the future may bear little or no relation to historical levels of SOFR, LIBOR or other rates.

**Sovereign Obligation Risk.** Investment in sovereign debt obligations involves special risks not present in corporate debt obligations. The issuer of the sovereign debt or the governmental authorities that control the repayment of the debt may be unable or unwilling to repay principal or interest when due, and the Fund may have limited recourse in the event of a default. During periods of economic uncertainty, the market prices of sovereign debt may be more volatile than prices of U.S. debt obligations. In the past, certain emerging markets have encountered difficulties in servicing their debt obligations, withheld payments of principal and interest, and declared moratoria on the payment of principal and interest on their sovereign debts.

**Fraud Risk.** The Fund is subject to the risk of fraudulent activity associated with the various parties involved in the Fund's lending, including the platforms, banks, borrowers and third parties handling borrower and investor information. A platform's resources, technologies and fraud prevention tools may be insufficient to accurately detect and prevent fraud. High profile fraudulent activity or significant increases in fraudulent activity could lead to regulatory intervention, negatively impact operating results, brand and reputation and lead the defrauded platform to take steps to reduce fraud risk, which could increase costs.

**Funding Bank Risk.** Multiple banks may originate loans for lending platforms. If such a bank were to suspend, limit or cease its operations or a platform's relationship with a bank were to otherwise terminate, such platform would need to implement a substantially similar arrangement with another funding bank, obtain additional state licenses or curtail its operations. The Fund is dependent on the continued success of the platforms that originate the Fund's investment in loans. If such platforms were unable or impaired in their ability to operate their lending business, the Adviser may be required to seek alternative sources of investments (e.g., loans originated by other platforms), which could adversely affect the Fund's performance and/or prevent the Fund from pursuing its investment objective and strategies.

Annual Report \| June 30, 2025 63

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**Geographic Concentration Risk.** The Fund is not subject to any geographic restrictions when investing in loans and therefore could be concentrated in a particular state or region. A geographic concentration of the Fund's investment in loans may expose the Fund to an increased risk of loss due to risks associated with certain regions. In the event that a significant portion of the pool of the Fund's investment in loans is comprised of loans owed by borrowers resident or operating in certain states, economic conditions, localized weather events, environmental disasters, natural disasters or other factors affecting these states in particular could adversely impact the delinquency and default experience of the loans and could impact Fund performance. Further, the concentration of the loans in one or more states would have a disproportionate effect on the Fund if governmental authorities in any of those states took action against the platforms lending in such states.

**Information Technology Risk.** Certain of the Fund's investment in loans are originated and documented in electronic form and there are generally no tangible written documents evidencing such loans or any payments owed thereon. Because the Fund relies on electronic systems maintained by the custodian, a third party and/or the platforms to maintain records and evidence ownership of such loans and to service and administer loans (as applicable) it is susceptible to risks associated with such electronic systems. These risks include, among others: power loss, computer systems failures and Internet, telecommunications or data network failures; operator negligence or improper operation by, or supervision of, employees; physical and electronic loss of data or security breaches, misappropriation and similar events; computer viruses; cyber attacks, intentional acts of vandalism and similar events; and hurricanes, fires, floods and other natural disasters.

In addition, platforms rely on software that is highly technical and complex and depend on the ability of such software to store, retrieve, process and manage immense amounts of data. Any errors, bugs or defects discovered in the software on which a platform relies could negatively impact operations of the platform and the ability of the platform to perform its obligations with respect to the loans originated by the platform. The electronic systems on which platforms rely may be subject to cyber attacks that could result, among other things, in data breaches and the release of confidential information and thus expose the platform to significant liability. A security breach could also irreparably damage a platform's reputation and thus its ability to continue to operate its business.

The Adviser is also reliant on information technology to facilitate the loan acquisition process. Any failure of such technology could have a material adverse effect on the ability of the Adviser to acquire loans and therefore may impact the performance of the Fund. Any delays in receiving the data provided by such technology could also impact, among other things, the valuation of the portfolio of loans.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**Investments in Platforms Risk.** The platforms in which the Fund may invest may have a higher risk profile and be more volatile than companies engaged in lines of business with a longer, established history and such investments should be viewed as longer term investments. The Fund may invest in listed or unlisted equity securities of platforms or make loans directly to the platforms. Investments in unlisted equity securities, by their nature, generally involve a higher degree of valuation and performance uncertainties and liquidity risks than investments in listed equity securities. The companies of unlisted securities, in comparison to companies of listed securities, may:

● have shorter operating histories and a smaller market share, rendering them more vulnerable to competitors' actions and market conditions, as well as general economic downturns;

● often operate at a financial loss;

● be more likely to depend on the management talents and efforts of a small group of persons and the departure of any such persons could have a material adverse impact on the business and prospects of the company; and

● generally have less predictable operating results and require significant additional capital to support their operations, expansion or competitive position.

**Illiquidity Risk.** Alternative Credit investments generally have a maturity between six months to five years. Investors acquiring Alternative Credit investments and other Alternative Credit Instruments directly through platforms and hoping to recoup their entire principal must generally hold their loans through maturity. Alternative Credit investments and other Alternative Credit Instruments may not be registered under the Securities Act, and are not listed on any securities exchange. Accordingly, those Alternative Credit Instruments may not be transferred unless they are first registered under the Securities Act and all applicable state or foreign securities laws or the transfer qualifies for exemption from such registration. A reliable secondary market has yet to develop, nor may one ever develop, for Alternative Credit investments and such other Alternative Credit Instruments and, as such, these investments should be considered illiquid. Until an active secondary market develops, the Fund intends to primarily hold its Alternative Credit investments until maturity. The Fund may not be able to sell any of its Alternative Credit Instruments even under circumstances when the Adviser believes it would be in the best interests of the Fund to sell such investments. In such circumstances, the overall returns to the Fund from its Alternative Credit Instruments may be adversely affected. Moreover, certain Alternative Credit Instruments are subject to certain additional significant restrictions on transferability. Although the Fund may attempt to increase its liquidity by borrowing from a bank or other institution, its assets may not readily be accepted as collateral for such borrowing.

The Fund may also invest without limitation in securities that, at the time of investment, are illiquid, as determined by using the SEC's standard applicable to registered investment companies (i.e., securities that cannot be disposed of by the Fund within seven days in the ordinary course of business at approximately the amount at which the Fund has valued the securities). The Fund may also invest in restricted securities. Investments in restricted securities could have the effect of increasing the amount of the Fund's assets invested in illiquid securities if qualified institutional buyers are unwilling to purchase these securities.

Illiquid and restricted securities may be difficult to dispose of at a fair price at the times when the Fund believes it is desirable to do so. The market price of illiquid and restricted securities generally is more volatile than that of more liquid securities, which may adversely affect the price that the Fund pays for or recovers upon the sale of such securities. Illiquid and restricted securities may also be more difficult to value, especially in challenging markets.

Annual Report \| June 30, 2025 65

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**Limited Operating History of Platforms Risk.** Many of the platforms, and alternative credit in general, are in the early stages of development and have a limited operating history. As a result, there is a lack of significant historical data regarding the performance of Alternative Credit and the long term outlook of the industry is uncertain. In addition, because Alternative Credit investments are originated using a lending method on a platform that has a limited operating history, borrowers may not view or treat their obligations on such loans as having the same significance as loans from traditional lending sources, such as bank loans. The success of a platform is partially dependent upon payments being made by the borrowers of loan originated by the platform. Any increase in default rates on a platform's loans could adversely affect the platform's profitability and, therefore, the Fund's investments in the platform.

**Market Discount.** Common stock of closed-end funds frequently trades at a discount from its NAV. This risk may be greater for investors selling their shares in a relatively short period of time after completion of the initial offering. The Fund's Common Shares may trade at a price that is less than the initial offering price. This risk would also apply to the Fund's investments in closed-end funds.

**Alternative Credit and Pass-Through Notes Risk.** Alternative Credit Instruments are generally not rated and constitute a highly risky and speculative investment, similar to an investment in "junk" bonds. There can be no assurance that payments due on underlying Alternative Credit investments will be made. The Shares therefore should be purchased only by investors who could afford the loss of the entire amount of their investment.

A substantial portion of the Alternative Credit in which the Fund may invest will not be secured by any collateral, will not be guaranteed or insured by a third party and will not be backed by any governmental authority. Accordingly, the platforms and any third-party collection agencies will be limited in their ability to collect on defaulted Alternative Credit. With respect to Alternative Credit secured by collateral, there can be no assurance that the liquidation of any such collateral would satisfy a borrower's obligation in the event of a default under its Alternative Credit.

Furthermore, Alternative Credit may not contain any cross-default or similar provisions. To the extent an Alternative Credit investment does not contain a cross-default provision, the loan will not be placed automatically in default upon that borrower's default on any of the borrower's other debt obligations, unless there are relevant independent grounds for a default on the loan. In addition, the Alternative Credit investment will not be referred to a third-party collection agency for collection because of a borrower's default on debt obligations other than the Alternative Credit investment. If a borrower first defaults on debt obligations other than the Alternative Credit investment, the creditors to such other debt obligations may seize the borrower's assets or pursue other legal action against the borrower, which may adversely impact the ability to recoup any principal and interest payments on the Alternative Credit investment if the borrower subsequently defaults on the loan. In addition, an operator of a platform is generally not required to repurchase Alternative Credit investments from a lender except under very narrow circumstances, such as in cases of verifiable identity fraud by the borrower.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

Borrowers may seek protection under federal bankruptcy law or similar laws. If a borrower files for bankruptcy (or becomes the subject of an involuntary petition), a stay will go into effect that will automatically put any pending collection actions on hold and prevent further collection action absent bankruptcy court approval. Whether any payment will ultimately be made or received on an Alternative Credit investment after bankruptcy status is declared depends on the borrower's particular financial situation and the determination of the court.

As Pass-Through Notes generally are pass-through obligations of the operators of the lending platforms, and are not direct obligations of the borrowers under the underlying Alternative Credit investment originated by such platforms, holders of certain Pass-Through Notes are exposed to the credit risk of the operator. An operator that becomes subject to bankruptcy proceedings may be unable to make full and timely payments on its Pass-Through Notes even if the borrowers of the underlying Alternative Credit investment timely make all payments due from them. There may be a delay between the time the Fund commits to purchase a Pass-Through Note and the issuance of such note and, during such delay, the funds committed to such an investment will not be available for investment in other Alternative Credit Instruments. Because the funds committed to an investment in Pass-Through Notes do not earn interest until the issuance of the note, the delay in issuance will have the effect of reducing the effective rate of return on the investment.

**Mortgage-Backed Securities Risks.** Mortgage-backed securities represent participation interests in pools of residential mortgage loans purchased from individual lenders by a federal agency or originated and issued by private lenders. The Fund invests in mortgage-backed securities and is subject to the following risks.

**Credit and Market Risks of Mortgage-Backed Securities.** The mortgage loans or the guarantees underlying mortgage-backed securities may default or otherwise fail leading to non-payment of interest and principal.

**Collateralized Mortgage Obligations.** There are certain risks associated specifically with CMOs. CMOs are debt obligations collateralized by mortgage loans or mortgage pass-through securities, which utilize estimates of future economic conditions. These estimates may vary from actual future results, particularly during periods of extreme market volatility. CMOs issued by private entities are not guaranteed by any government agency; if the collateral securing the CMO, as well as any third party credit support or guarantees, is insufficient to make payment, the holder could sustain a loss.

**Market Events Risks.** The Fund may experience increased volatility, illiquidity, or other potentially adverse effects in response to changing market conditions, inflation, changes in interest rates, lack of liquidity in the bond or equity markets, volatility in the equity markets, market disruptions caused by local or regional events such as war, acts of terrorism, the spread of infectious illness (including epidemics and pandemics) or other public health issues, financial institution instability, trade disruption, recessions or other events or adverse investor sentiment or other political, regulatory, economic and social developments, and developments that impact specific economic sectors, industries or segments of the market. Additionally, from time to time, uncertainty regarding the status of negotiations in the U.S. government to increase the statutory debt ceiling could impact the creditworthiness of the U.S. and could impact the liquidity of the U.S. government securities markets and ultimately the Fund. These risks may be magnified if certain events or developments adversely interrupt the global supply chain; in these and other circumstances, such risks might affect companies worldwide due to increasingly interconnected global economies and financial markets.

Annual Report \| June 30, 2025 67

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

The COVID-19 pandemic has negatively affected the worldwide economy, as well as the economies of individual countries, the financial health of individual companies and the market in general in significant and unforeseen ways. On May 5, 2023, the World Health Organization declared the end of the global emergency status for COVID-19. The United States subsequently ended the federal COVID-19 public health emergency declaration effective May 11, 2023. Although vaccines for COVID-19 are widely available, it is unknown how long certain circumstances related to the pandemic will persist, whether they will reoccur in the future, and what additional implications may follow from the pandemic. The impact of these events and other epidemics or pandemics in the future could adversely affect the Fund's performance.

The impairment or failure of one or more banks with whom the Fund transacts may inhibit the Fund's ability to access depository accounts. In such cases, the Fund may be forced to delay or forgo investments, resulting in lower Fund performance. In the event of such a failure of a banking institution where the Fund holds depository accounts, access to such accounts could be restricted and U.S. Federal Deposit Insurance Corporation ("FDIC") protection may not be available for balances in excess of amounts insured by the FDIC. In such instances, the Fund may not recover such excess, uninsured amounts.

Recently, the United States has enacted or proposed to enact significant new tariffs, and various federal agencies have been directed to further evaluate key aspects of U.S. trade policy, which could potentially lead to significant changes to current policies, treaties, and tariffs. There continues to exist significant uncertainty about the future relationship between the U.S. and other countries with respect to such trade policies, treaties and tariffs. These developments, or the perception that any of them could occur, may have a material adverse effect on global trade, in particular, trade between the impacted nations and the U.S.; global financial markets' stability; and global economic conditions. These events could, in turn, adversely affect the Fund's performance.

Advancements in technology may also adversely impact markets and the overall performance of the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of artificial intelligence. As the use of technology grows, liquidity and market movements may be affected. As artificial intelligence is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund.

Additionally, climate change poses long-term threats to physical and biological systems. Potential hazards and risks related to climate change for a State or municipality include, among other things, wildfires, rising sea levels, more severe coastal flooding and erosion hazards, and more intense storms. Storms in recent years have demonstrated vulnerabilities in a State's or municipality's infrastructure to extreme weather events. Climate change risks, if they materialize, can adversely impact a State's or municipality's financial plan in current or future years. In addition, economists and others have expressed increasing concern about the potential effects of global climate change on property and security values. A rise in sea levels, an increase in powerful windstorms and/or a climate-driven increase in sea levels or flooding could cause coastal properties to lose value or become unmarketable altogether. Economists warn that, unlike previous declines in the real estate market, properties in affected coastal zones may not ever recover their value. Large wildfires driven by high winds and prolonged drought may devastate businesses and entire communities and may be very costly to any business found to be responsible for the fire. Regulatory changes and divestment movements tied to concerns about climate change could adversely affect the value of certain land and the viability of industries whose activities or products are seen as accelerating climate change.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

These losses could adversely affect the bonds of municipalities that depend on tax or other revenues and tourist dollars generated by affected properties, and insurers of the property and/or of municipal securities. Since property and security values are driven largely by buyers' perceptions, it is difficult to know the time period over which these market effects might unfold.

**Platform Concentration Risk.** The Fund may invest 25% or more of its Managed Assets in Alternative Credit originated from one or a limited number of platform(s). A concentration in select platforms may subject the Fund to increased dependency and risks associated with those platforms than it would otherwise be subject to if it were more broadly diversified across a greater number of platforms. The Fund's concentration in certain platforms may expose it to increased risk of default and loss on the Alternative Credit in which it invests through such platforms if such platforms have, among other characteristics, lower borrower credit criteria or other minimum eligibility requirements, or have deficient procedures for conducting credit and interest rate analyses as part of their loan origination processes, relative to other platforms. In addition, the fewer platforms through which the Fund invests, the greater the risks associated with those platforms changing their arrangements will become.

**Preferred Stock Risk.** Preferred stock is subject to many of the risks associated with debt securities, including interest rate risk. In addition, preferred stocks may not pay dividends, an issuer may suspend payment of dividends on U.S. preferred stock at any time, and in certain situations an issuer may call or redeem its preferred stock or convert it to common stock. Declining common stock values may also cause the value of the Fund's investments in preferred stock to decline.

**Prepayment Risk.** Borrowers may decide to prepay all or a portion of the remaining principal amount due under a borrower loan at any time without penalty (unless the underlying loan agreements provide for prepayment penalties as may be the case in certain non-consumer Alternative Credit). In the event of a prepayment of the entire remaining unpaid principal amount of a loan, the Fund will receive such prepayment amount, but further interest will not accrue on the loan after the principal has been paid in full. If the borrower prepays a portion of the remaining unpaid principal balance, interest will cease to accrue on such prepaid portion, and the Fund will not receive all of the interest payments that the Adviser may have originally expected to receive on the loan.

**Private Investment Funds Risk.** The Fund, as a direct and indirect holder of securities issued by private investment funds, will bear a pro rata share of the vehicles' expenses, including management and performance fees. The performance fees charged by certain private investment funds may create an incentive for its manager to make investments that are riskier and/or more speculative than those it might have made in the absence of a performance fee. Furthermore, private investment fund are subject to specific risks, depending on the nature of the vehicle, and also may employ leverage such that their returns are more than one times that of their benchmark which could amplify losses suffered by the Fund when compared to unleveraged investments. Shareholders of the private investment fund are not entitled to the protections of the 1940 Act.

Annual Report \| June 30, 2025 69

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

The SEC had adopted new rules and amendments (the "New Private Fund Rules") under the Investment Advisers Act of 1940, as amended (the "Advisers Act") to enhance the regulation of private investment fund advisers and increase transparency in private investment funds in August of 2023. The New Private Fund Rules have rolling compliance dates depending on the applicable rule and the amount of assets under management by the private investment fund advisers. On June 5, 2024, the United States Court of Appeals for the Fifth Circuit (the "Fifth Circuit") vacated the New Private Fund Rules in their entirety. The SEC's next steps regarding the Fifth Circuit's decision are unclear. The potential implications of the New Private Fund Rules on the private fund industry or private investment fund advisers are unknown at this time.

**Real Estate Investment Risk.** The Fund invests in Real Estate Companies, such as REITs, which expose investors to the risks of owning real estate directly, as well as to risks that relate specifically to the way in which Real Estate Companies are organized and operated. Real estate is highly sensitive to general and local economic conditions and developments and is characterized by intense competition and periodic overbuilding. Many Real Estate Companies, including REITs, utilize leverage (and some may be highly leveraged), which increases investment risk and the risk normally associated with debt financing, and could potentially increase the Fund's losses. Rising interest rates could result in higher costs of capital for Real Estate Companies, which could negatively affect a Real Estate Company's ability to meet its payment obligations or its financing activity and could decrease the market prices for REITs and for properties held by such REITs. In addition, to the extent a Real Estate Company has its own expenses, the Fund (and indirectly, its shareholders) will bear its proportionate share of such expenses. Real Estate Companies may be subject to concentration risk, interest rate risk, leverage risk, illiquidity risk and regulatory risks associated with applicable domestic and foreign laws.

**Regulatory and Other Risks Associated with Platforms and Alternative Credit.** The lending industry is highly regulated and the alternative lending-related securities in which the Fund invests are subject to extensive rules and regulations issued by governmental authorities in each of the jurisdictions in which the Fund invests. These authorities also may impose obligations and restrictions on the platforms' activities or those of other entities involved in the alternative lending process.

The platforms through which alternative credit is originated are subject to various statutes, rules and regulations issued by federal, state, and local government authorities. Platforms are also subject to laws relating to electronic commerce and transfer of funds in conducting business electronically. A failure to comply with the applicable laws, rules and regulations may, among other things, subject the platform or its related entities to certain registration requirements with government authorities and result in the payment of any penalties and fines; result in the revocation of their licenses; cause the loan contracts originated by the platform to be voided or otherwise impair the enforcement of such loans; and subject them to potential civil and criminal liability, class action lawsuits and/or administrative or regulatory enforcement actions. Any of the foregoing could have a material adverse effect on a platform's financial condition, results of operations or ability to perform its obligations with respect to its lending business or could otherwise result in modifications in the platform's methods of doing business, which could impair the platform's ability to originate or service alternative credit or collect on alternative credit.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

The evolving nature of the platforms' respective business models may complicate their ability to determine the applicability of, and to effect compliance with, such requirements. The regulatory environment applicable to platforms and their related entities may be subject to periodic changes. Any such changes could have an adverse effect on the platforms' and related entities' costs and ability to operate. The platforms could seek to pass through any increase in their costs to their borrowers or investors, such as the Fund, in the form of higher origination or servicing fees.

Increased reporting, registration, and compliance requirements may divert the attention of personnel and the management team of the Adviser, and may furthermore place the Fund at a competitive disadvantage to the extent that the Adviser or companies in which the Fund invests are required to disclose sensitive business information. The Fund will be required to bear the Fund's expenses relating to compliance-related matters and regulatory filings, which are likely to be material, including on a cumulative basis over the life of the Fund.

**Risk of Adverse Market and Economic Conditions.** Alternative Credit default rates, and Alternative Credit generally, may be significantly affected by economic downturns or general economic conditions beyond the control of any borrowers. In particular, default rates on Alternative Credit may increase due to factors such as prevailing interest rates, the rate of unemployment, the level of consumer confidence, residential real estate values, the value of the U.S. dollar, energy prices, changes in consumer spending, the number of personal bankruptcies, disruptions in the credit markets and other factors. A significant downturn in the economy could cause default rates on Alternative Credit to increase. A substantial increase in default rates, whether due to market and economic conditions or otherwise, could adversely impact the viability of the overall alternative credit industry.

**Risks of Concentration in the Financials Sector.** A fund concentrated in a single industry or group of industries is likely to present more risks than a fund that is broadly diversified over several industries or groups of industries. Compared to the broad market, an individual sector may be more strongly affected by changes in the economic climate, broad market shifts, moves in a particular dominant stock or regulatory changes. Thus, the Fund's concentration in securities of companies within industries in the financial sector may make it more susceptible to adverse economic or regulatory occurrences affecting this sector, such as changes in interest rates, loan concentration and competition.

**Risk of Inadequate Guarantees and/or Collateral of Alternative Credit.** To the extent that the obligations under an Alternative Credit investment are guaranteed by a third-party, there can be no assurance that the guarantor will perform its payment obligations should the underlying borrower to the loan default on its payments. Similarly, to the extent an Alternative Credit investment is secured, there can be no assurance as to the amount of any funds that may be realized from recovering and liquidating any collateral or the timing of such recovery and liquidation and hence there is no assurance that sufficient funds (or, possibly, any funds) will be available to offset any payment defaults that occur under the Alternative Credit investment. In addition, if it becomes necessary to recover and liquidate any collateral with respect to a secured Alternative Credit investment, it may be difficult to sell such collateral and there will likely be associated costs that would reduce the amount of funds otherwise available to offset the payments due under the loan. If a borrower of a secured Alternative Credit investment enters bankruptcy, an automatic stay of all proceedings against such borrower's property will be granted. This stay will prevent any recovery and liquidation of the collateral securing such loan, unless relief from the stay can be obtained from the bankruptcy court. There is no guarantee that any such relief will be obtained. Significant legal fees and costs may be incurred in attempting to obtain relief from a bankruptcy stay from the bankruptcy court and, even if such relief is ultimately granted, it may take several months or more to obtain.

Annual Report \| June 30, 2025 71

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**Risk of Regulation as an Investment Company or an Investment Adviser.** If platforms or any related entities are required to register as investment companies under the 1940 Act or as investment advisers under the Advisers Act, their ability to conduct business may be materially adversely affected, which may result in such entities being unable to perform their obligations with respect to their Alternative Credit investments, including applicable indemnity, guaranty, repurchasing and servicing obligations, and any contracts entered into by a platform or related entity while in violation of the registration requirements may be voidable.

**Risks Associated with Recent Events in the Alternative Credit Industry.** The alternative credit industry is heavily dependent on investors for liquidity and at times during the recent past, there has been some decreasing interest from institutional investors in purchasing Alternative Credit (due both to yield and performance considerations as well as reactions to platform and industry events described below), causing some platforms to increase rates. In addition, there is concern that a weakening credit cycle could stress servicing of Alternative Credit and result in significant losses.

There has been increased regulatory scrutiny of the Alternative Credit industry, including in white papers issued by the U.S. Department of the Treasury and the OCC and in state investigations into Alternative Credit platforms. In addition, an increasing number of lawsuits have been filed in various states alleging that Alternative Credit platforms are the true lenders and not the funding banks. It is possible that litigation or regulatory actions may challenge funding banks' status as a loan's true lender, and if successful, platform operators or loan purchasers may become subject to state licensing and other consumer protection laws and requirements. If the platform operators or subsequent assignees of the loans were found to be the true lender of the loans, the loans could be void or voidable or subject to rescission or reduction of principal or interest paid or to be paid in whole or in part or subject to damages or penalties.

**Servicer Risk.** The Fund expects that all of its direct and indirect investments in loans originated by alternative credit platforms will be serviced by a platform or a third-party servicer. However, the Fund's investments could be adversely impacted if a platform that services the Fund's investments becomes unable or unwilling to fulfill its obligations to do so. In the event that the servicer is unable to service the loans, there can be no guarantee that a backup servicer will be able to assume responsibility for servicing the loans in a timely or cost-effective manner; any resulting disruption or delay could jeopardize payments due to the Fund in respect of its investments or increase the costs associated with the Fund's investments. If the servicer becomes subject to a bankruptcy or similar proceeding, there is some risk that the Fund's investments could be re-characterized as secured loans from the Fund to the platform, which could result in uncertainty, costs and delays from having the Fund's investment deemed part of the bankruptcy estate of the platform, rather than an asset owned outright by the Fund. To the extent the servicer becomes subject to a bankruptcy or similar proceeding, there is a risk that substantial losses will be incurred by the Fund.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**Small and Mid-Capitalization Investing Risk.** The Fund may gain exposure to the securities of small capitalization companies, mid-capitalization companies and recently organized companies. For example, the Fund may invest in securities of alternative credit platforms or may gain exposure to other small capitalization, mid-capitalization and recently organized companies through investments in the borrowings of such companies facilitated through an alternative credit platform.

Historically, such investments, and particularly investments in smaller capitalization companies, have been more volatile in price than those of larger capitalized, more established companies.

**SME Loans Risk.** The businesses of SME loan borrowers may not have steady earnings growth, may be operated by less experienced individuals, may have limited resources and may be more vulnerable to adverse general market or economic developments, among other concerns, which may adversely affect the ability of such borrowers to make principal and interest payments on the SME loans. Certain SMEs may be unable to effectively access public equity or debt markets. The average interest rate charged to, or required of, such obligors generally is higher than that charged by commercial banks and other institutions providing traditional sources of credit or that set by the debt market. These traditional sources of credit typically impose more stringent credit requirements than the loans provided by certain platforms through which the Fund may make its investments.

**Specialty Finance and Other Financial Companies Risk.** The profitability of specialty finance and other financial companies is largely dependent upon the availability and cost of capital funds, and may fluctuate significantly in response to changes in interest rates, as well as changes in general economic conditions. Any impediments to a specialty finance or other financial company's access to capital markets, such as those caused by general economic conditions or a negative perception in the capital markets of the company's financial condition or prospects, could adversely affect such company's business. From time to time, severe competition may also affect the profitability of specialty finance and other financial companies.

Specialty finance and other financial companies are subject to rapid business changes, significant competition, value fluctuations due to the concentration of loans in particular industries significantly affected by economic conditions (such as real estate or energy) and volatile performance based upon the availability and cost of capital and prevailing interest rates. In addition, credit and other losses resulting from the financial difficulties of borrowers or other third parties potentially may have an adverse effect on companies in these industries. Credit losses or mergers, acquisitions, or bankruptcies of financial firms could make it difficult for specialty finance and other financial companies to obtain financing on favorable terms or at all, which would seriously affect the profitability of such firms. Furthermore, accounting rule changes, including with respect to the standards regarding the valuation of assets, consolidation in the financial industry and additional volatility in the stock market have the potential to significantly impact specialty finance companies as well.

Specialty finance and other financial companies in general are subject to extensive governmental regulation, which may change frequently. Regulatory changes could cause business disruptions or result in significant loss of revenue to companies in which the Fund invests, and there can be no assurance as to the actual impact that these laws and their regulations will have on the financial markets and the Fund's investments in specialty finance and other financial companies. Specialty finance and other financial companies in a given country may be subject to greater governmental regulation than many other industries, and changes in governmental policies and the need for regulatory approval may have a material effect on the services offered by companies in the financial services industry. Governmental regulation may limit both the financial commitments banks can make, including the amounts and types of loans, and the interest rates and fees they can charge. In addition, governmental regulation in certain foreign countries may impose interest rate controls, credit controls and price controls.

Annual Report \| June 30, 2025 73

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

Under current regulations of the SEC, the Fund may not invest more than 5% of its total assets in the securities of any company that derives more than 15% of its gross revenues from securities brokerage, underwriting or investment management activities. In addition, the Fund may not acquire more than 5% of the outstanding equity securities, or more than 10% of the outstanding principal amount of debt securities, of any such company. This may limit the Fund's ability to invest in certain specialty finance and other financial companies.

Banks may invest and operate in an especially highly regulated environment and are subject to extensive supervision by numerous federal and state regulatory agencies including, but not limited to, the Federal Reserve Board, the Federal Deposit Insurance Corporation and state banking authorities. Changes in regulations and governmental policies and accounting principles could adversely affect the business and operations of banks in which the Fund invests.

Savings institutions frequently have a large proportion of their assets in the form of loans and securities secured by residential real estate. As a result, the financial condition and results of operations of such savings institutions would likely be affected by the conditions in the residential real estate markets in the areas in which these savings institutions do business.

Leasing companies can be negatively impacted by changes in tax laws which affect the types of transactions in which such companies engage.

The performance of the Fund's investments in insurance companies will be subject to risk from several additional factors. The earnings of insurance companies will be affected by, in addition to general economic conditions, pricing (including severe pricing competition from time to time), claims activity and marketing competition. Insurance companies are subject to extensive governmental regulation, including the imposition of maximum rate levels, which may not be adequate for some lines of business. Proposed or potential anti-trust or tax law changes also may affect adversely insurance companies' policy sales, tax obligations and profitability.

**SPAC Risks.** SPACs are collective investment structures that pool funds in order to seek potential acquisition opportunities. Unless and until an acquisition is completed, a SPAC generally invests its assets (less an amount to cover expenses) in U.S. government securities, money market fund securities and cash. SPACs and similar entities may be blank check companies with no operating history or ongoing business other than to seek a potential acquisition. Accordingly, the value of their securities is particularly dependent on the ability of the entity's management to identify and complete a profitable acquisition. Certain SPACs may seek acquisitions only in limited industries or regions, which may increase the volatility of their prices. If an acquisition that meets the requirements for the SPAC are not completed within a predetermined period of time, the invested funds are returned to the entity's shareholders. Investments in SPACs may be illiquid and/or be subject to restrictions on resale. To the extent the SPAC is invested in cash or similar securities, this may impact a Fund's ability to meet its investment objective.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

The officers and directors of a SPAC may operate multiple SPACs and could have conflicts of interest in determining to which SPAC a particular business opportunity should be presented. In such circumstances, there can be no assurance that a given business opportunity would be presented to the SPAC in which the Fund holds an investment.

**Student Loans Risk.** In general, the repayment ability of borrowers of student loans, as well as the rate of prepayments on student loans, may be influenced by a variety of economic, social, competitive and other factors, including changes in interest rates, the availability of alternative financings, regulatory changes affecting the student loan market and the general economy. For instance, certain student loans may be made to individuals who generally have higher debt burdens than other individual borrowers (such as students of post-secondary programs). The effect of the foregoing factors is impossible to predict.

**Valuation Risk.** Many of the Fund's investments may be difficult to value. Where market quotations are not readily available or deemed unreliable, the Fund will value such investments in accordance with fair value procedures adopted by the Board of Directors. Valuation of illiquid investments may require more research than for more liquid investments. In addition, elements of judgment may play a greater role in valuation in such cases than for investments with a more active secondary market because there is less reliable objective data available. An instrument that is fair valued may be valued at a price higher or lower than the value determined by other funds using their own fair valuation procedures. Prices obtained by the Fund upon the sale of such investments may not equal the value at which the Fund carried the investment on its books, which would adversely affect the NAV of the Fund.

**Tax Risk.** The treatment of Alternative Credit and other Alternative Credit Instruments for tax purposes is uncertain. In addition, changes in tax laws or regulations, or interpretations thereof, in the future could adversely affect the Fund, including its ability to qualify as a regulated investment company, or the participants in the alternative credit industry. Investors should consult their tax advisors as to the potential tax treatment of Shareholders.

The Fund intends to elect to be treated as a regulated investment company for federal income tax purposes. In order to qualify for such treatment, the Fund will need to meet certain organization, income, diversification and distribution tests. The Fund has adopted policies and guidelines that are designed to enable the Fund to meet these tests, which will be tested for compliance on a regular basis for the purposes of being treated as a regulated investment company for federal income tax purposes. However, some issues related to qualification as a regulated investment company are open to interpretation. For example, the Fund intends to primarily invest in whole loans originated by alternative credit platforms. The Fund has taken the position that the issuer of such loans will be the identified borrowers in the loan documentation. The IRS, however, could disagree and successfully assert that the alternative credit platforms should be viewed as the issuer of the loans. If the IRS prevailed, the Fund would need to determine whether treating the alternative credit platforms as the issuer would cause the Fund to fail the regulated investment company diversification tests. If, for any taxable year, the Fund did not qualify as a regulated investment company for U.S. federal income tax purposes, it would be treated as a U.S. corporation subject to U.S. federal income tax at the Fund level, and possibly state and local income tax, and distributions to shareholders would not be deductible by the Fund in computing its taxable income.

Annual Report \| June 30, 2025 75

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**Structural and Market-Related Risks:**

**Anti-Takeover Provisions.** Maryland law and the Fund's Charter and Bylaws include provisions that could limit the ability of other entities or persons to acquire control of the Fund or to convert the Fund to open-end status, including the adoption of a staggered Board of Directors and the supermajority voting requirements. These provisions could deprive the shareholders of opportunities to sell their Common Shares at a premium over the then current market price of the Common Shares or at NAV.

**Controlling Shareholder Risk.** The Shares may be held by a Shareholder, such as a RiverNorth Fund, or a group of Shareholders that may own a significant percentage of the Fund for an indefinite period of time. As long as a RiverNorth Fund holds a substantial amount of the Fund's Shares, it may be able to exercise a controlling influence in matters submitted to a vote of Shareholders. The ability to exercise a controlling influence over the Fund may result in conflicts of interest because, among other things, the Adviser is the investment adviser of the Fund and each of the RiverNorth Funds. Cybersecurity Risk. A cybersecurity breach may disrupt the business operations of the Fund or its service providers. A breach may allow an unauthorized party to gain access to Fund assets, customer data, or proprietary information, or cause the Fund and/or its service providers to suffer data corruption or lose operational functionality.

**Distribution Policy Risks.** The Fund currently intends to make distributions to common shareholders on a monthly basis in an amount equal to 10% annually of the Fund's NAV per Common Share. These fixed distributions are not related to the amount of the Fund's net investment income or net realized capital gains. If, for any monthly distribution, net investment income and net realized capital gains were less than the amount of the distribution, the difference would be distributed from the Fund's assets. The Fund's distribution rate is not a prediction of what the Fund's actual total returns will be over any specific future period.

A portion or all of any distribution of the Fund may consist of a return of capital. A return of capital represents the return of a shareholder's original investment in the Common Shares and should not be confused with a dividend from profits and earnings. Such distributions are generally not treated as taxable income for the investor. Instead, shareholders will experience a reduction in the basis of their Common Shares, which may increase the taxable capital gain, or reduce capital loss, realized upon the sale of such Common Shares. Upon a sale of their Common Shares, shareholders generally will recognize capital gain or loss measured by the difference between the sale proceeds received by the shareholder and the shareholder's federal income tax basis in the Common Shares sold, as adjusted to reflect return of capital. It is possible that a return of capital could cause a shareholder to pay a tax on capital gains with respect to Common Shares that are sold for an amount less than the price originally paid for them. Shareholders are advised to consult with their own tax advisers with respect to the tax consequences of their investment in the Fund. The Fund's distribution policy may result in the Fund making a significant distribution in December of each year in order to maintain the Fund's status as a regulated investment company. Depending upon the income of the Fund, such a year-end distribution may be taxed as ordinary income to investors.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**Inflation/Deflation Risk.** Inflation risk is the risk that the value of assets or income from investments will be worth less in the future as inflation decreases the value of money. As inflation increases, the real value of Shares and distributions can decline. Deflation risk is the risk that prices throughout the economy decline over time – the opposite of inflation. Deflation may have an adverse effect on the creditworthiness of issuers and may make issuer defaults more likely, which may result in a decline in the value of the Fund's portfolio.

**Leverage Risks.** Leverage is a speculative technique that exposes the Fund to greater risk and increased costs than if it were not implemented. Increases and decreases in the value of the Fund's portfolio will be magnified when the Fund uses leverage. As a result, leverage may cause greater changes in the Fund's NAV. The leverage costs may be greater than the Fund's return on the underlying investments made from the proceeds of leverage. The Fund's leveraging strategy may not be successful.

**Liquidity Risks.** Although the Shares are listed on the NYSE, there might be no or limited trading volume in the Fund's Shares. Moreover, there can be no assurance that the Fund will continue to meet the listing eligibility requirements of a national securities exchange. Accordingly, investors may be unable to sell all or part of their Shares in a particular timeframe. Shares in the Fund are therefore suitable only for investors that can bear the risks associated with the limited liquidity of Shares and should be viewed as a long-term investment. In addition, although the Fund conducts quarterly repurchase offers of its Shares, there is no guarantee that all tendered Shares will be accepted for repurchase or that Shareholders will be able to sell all of the Shares they desire in a quarterly repurchase offer. In certain instances, repurchase offers may be suspended or postponed.

Unlike open-end funds (commonly known as mutual funds) which generally permit redemptions on a daily basis, Shares will not be redeemable at an investor's option (other than pursuant to the Fund's repurchase policy, as defined below). The NAV of the Shares may be volatile. As the Shares are not traded, investors may not be able to dispose of their investment in the Fund no matter how poorly the Fund performs. The Fund is designed for long-term investors and not as a trading vehicle. Moreover, the Shares will not be eligible for "short sale" transactions or other directional hedging products.

**Management Risk and Reliance on Key Personnel.** The Adviser will apply investment techniques and risk analyses in making investment decisions for the Fund, but there can be no guarantee that these will produce the desired results. The Adviser's judgments about the attractiveness, value and potential appreciation of an alternative credit platform or individual security in which the Fund invests may prove to be incorrect. In addition, the implementation of the Fund's investment strategies depends upon the continued contributions of certain key employees of the Adviser, some of whom have unique talents and experience and would be difficult to replace. The loss or interruption of the services of a key member of the portfolio management teams could have a negative impact on the Fund during the transitional period that would be required for a successor to assume the responsibilities of the position.

Annual Report \| June 30, 2025 77

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**Potential Conflicts of Interest.** The Adviser manages and/or advises other investment funds or accounts with the same or similar investment objectives and strategies as the Fund, and as a result, may face conflicts of interest regarding the implementation of the Fund's strategy and allocation between funds and accounts. This may limit the Fund's ability to take full advantage of the investment opportunity or affect the market price of the investment. The Adviser may also have incentives to favor one account over another due to different fees paid to such accounts. While the Adviser has adopted policies and procedures that address these potential conflicts of interest, there is no guarantee that the policies will be successful in mitigating the conflicts of interest that arise. In addition, the Fund's use of leverage will increase the amount of fees paid to the Adviser, creating a financial incentive for the Adviser to leverage the Fund.

**Regulation as Lender Risk.** The loan industry is highly regulated and loans made through lending platforms are subject to extensive and complex rules and regulations issued by various federal, state and local government authorities. One or more regulatory authorities may assert that the Fund, when acting as a lender under the platforms, is required to comply with certain laws or regulations which govern the consumer or commercial (as applicable) loan industry. If the Fund were required to comply with additional laws or regulations, it would likely result in increased costs for the Fund and may have an adverse effect on its results or operations or its ability to invest in Alternative Credit and certain Alternative Credit Instruments.

**Repurchase Policy Risks.** Repurchases of Shares will reduce the amount of outstanding Shares and, thus, the Fund's net assets. To the extent that additional Shares are not sold, a reduction in the Fund's net assets may increase the Fund's expense ratio (subject to the Adviser's reimbursement of expenses) and limit the investment opportunities of the Fund.

If a repurchase offer is oversubscribed by Shareholders, the Fund will repurchase only a pro rata portion of the Shares tendered by each Shareholder. In addition, because of the potential for such proration, Shareholders may tender more Shares than they may wish to have repurchased in order to ensure the repurchase of a specific number of their Shares, increasing the likelihood that other Shareholders may be unable to liquidate all or a given percentage of their investment in the Fund. To the extent Shareholders have the ability to sell their Shares to the Fund pursuant to a repurchase offer, the price at which a Shareholder may sell Shares, which will be the NAV per Share most recently determined as of the last day of the offer, may be lower than the price that such Shareholder paid for its Shares.

The Fund may find it necessary to hold a portion of its net assets in cash or other liquid assets, sell a portion of its portfolio investments or borrow money in order to finance any repurchases of its Shares. The Fund may accumulate cash by holding back (i.e., not reinvesting or distributing to Shareholders) payments received in connection with the Fund's investments, which could potentially limit the ability of the Fund to generate income. The Fund also may be required to sell its more liquid, higher quality portfolio investments to purchase Shares that are tendered, which may increase risks for remaining Shareholders and increase Fund expenses. Although most, if not all, of the Fund's investments are expected to be illiquid and the secondary market for such investments is likely to be limited, the Fund believes it would be able to find willing purchasers of its investments if such sales were ever necessary to supplement such cash generated by payments received in connection with the Fund's investments. However, the Fund may be required to sell such investments during times and at prices when it otherwise would not, which may cause the Fund to lose money. The Fund may also borrow money in order to meet its repurchase obligations. There can be no assurance that the Fund will be able to obtain financing for its repurchase offers. If the Fund borrows to finance repurchases, interest on any such borrowings will negatively affect Shareholders who do not tender their Shares in a repurchase offer by increasing the Fund's expenses (subject to the Adviser's reimbursement of expenses) and reducing any net investment income. The purchase of Shares by the Fund in a repurchase offer may limit the Fund's ability to participate in new investment opportunities.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

In the event a Shareholder chooses to participate in a repurchase offer, the Shareholder will be required to provide the Fund with notice of intent to participate prior to knowing what the repurchase price will be on the repurchase date. Although the Shareholder may have the ability to withdraw a repurchase request prior to the repurchase date, to the extent the Shareholder seeks to sell Shares to the Fund as part of a repurchase offer, the Shareholder will be required to do so without knowledge of what the repurchase price of the Shares will be on the repurchase date. It is possible that general economic and market conditions could cause a decline in the NAV per Share prior to the repurchase date.

**Risks Associated with Additional Offerings.** There are risks associated with offerings of additional common or preferred shares of the Fund. The voting power of current shareholders will be diluted to the extent that current shareholders do not purchase shares in any future offerings of shares or do not purchase sufficient shares to maintain their percentage interest. In addition, the sale of shares in an offering may have an adverse effect on prices in the secondary market for the Fund's shares by increasing the number of shares available, which may put downward pressure on the market price of the Fund's Shares. These sales also might make it more difficult for the Fund to sell additional equity securities in the future at a time and price the Fund deems appropriate.

In the event any series of fixed rate preferred shares are issued and such shares are intended to be listed on an exchange, prior application will have been made to list such shares. During an initial period, which is not expected to exceed 30 days after the date of its initial issuance, such shares may not be listed on any securities exchange. During such period, the underwriters may make a market in such shares, although they will have no obligation to do so. Consequently, an investment in such shares may be illiquid during such period. Fixed rate preferred shares may trade at a premium to or discount from liquidation value.

There are risks associated with an offering of Rights (in addition to the risks discussed herein related to the offering of shares and preferred shares). Shareholders who do not exercise their rights may, at the completion of such an offering, own a smaller proportional interest in the Fund than if they exercised their rights. As a result of such an offering, a shareholder may experience dilution in NAV per share if the subscription price per share is below the NAV per share on the expiration date. In addition to the economic dilution described above, if a shareholder does not exercise all of their Rights, the shareholder will incur voting dilution as a result of the Rights offering. This voting dilution will occur because the shareholder will own a smaller proportionate interest in the Fund after the rights offering than prior to the Rights offering.

There is a risk that changes in market conditions may result in the underlying common shares or preferred shares purchasable upon exercise of Rights being less attractive to investors at the conclusion of the subscription period. This may reduce or eliminate the value of the Rights. If investors exercise only a portion of the rights, the number of shares issued may be reduced, and the shares may trade at less favorable prices than larger offerings for similar securities. Rights issued by the Fund may be transferable or non-transferable rights.

Annual Report \| June 30, 2025 79

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**Secondary Market for the Common Shares.** The issuance of shares of the Fund through the Fund's dividend reinvestment plan ("Plan") may have an adverse effect on the secondary market for the Fund's shares. The increase in the number of outstanding shares resulting from the issuances pursuant to the Plan and the discount to the market price at which such shares may be issued, may put downward pressure on the market price for the shares. When the shares are trading at a premium, the Fund may also issue shares that may be sold through private transactions effected on the NYSE or through broker-dealers. The increase in the number of outstanding shares resulting from these offerings may put downward pressure on the market price for such shares.

**Other Investment-Related Risks:**

**Equity Securities Risks.** Equity securities are subject to general movements in the stock market, and a significant drop in the stock market may depress the price of securities to which the Fund may have exposure. Equity securities typically have greater price volatility than fixed-income securities. The market price of equity securities owned by the Fund may go down, sometimes rapidly or unpredictably. Equity securities may decline in value due to factors affecting equity securities markets generally, particular industries represented by those markets, or factors directly related to a specific company, such as decisions made by its management.

**Exchange-Traded Note Risks.** The Fund may invest in ETNs, which are notes representing unsecured debt of the issuer. ETNs are typically linked to the performance of an index plus a specified rate of interest that could be earned on cash collateral. The value of an ETN may be influenced by time to maturity, level of supply and demand for the ETN, volatility and lack of liquidity in underlying markets, changes in the applicable interest rates, changes in the issuer's credit rating and economic, legal, political or geographic events that affect the referenced index. ETNs typically mature 30 years from the date of issue. There may be restrictions on the Fund's right to liquidate its investment in an ETN prior to maturity (for example, the Fund may only be able to offer its ETN for repurchase by the issuer on a weekly basis), and there may be limited availability of a secondary market.

**Investment Company Risks.** The Fund will incur higher and additional expenses when it invests in other investment companies such as ETFs. There is also the risk that the Fund may suffer losses due to the investment practices or operations of such other investment companies. To the extent that the Fund invests in one or more investment companies that concentrate in a particular industry, the Fund would be vulnerable to factors affecting that industry and the performance of such investment companies, and that of the Fund, may be more volatile than investment companies that do not concentrate in a particular industry. The investment companies in which the Fund invests are not subject to the Fund's investment policies and restrictions.

The ETFs (and other index funds) in which the Fund may invest may not be able to replicate exactly the performance of the indices they track due to transactions costs and other expenses of the ETFs. ETFs may not be able to match or outperform their benchmarks. The Fund may be restricted by provisions of the 1940 Act that generally limit the amount the Fund and its affiliates can invest in any one investment company to 3% of such company's outstanding voting stock. However, pursuant to exemptive orders issued by the SEC to various ETF fund sponsors, the Fund is permitted to invest in certain ETFs in excess of the limits set forth in the 1940 Act subject to the terms and conditions set forth in such exemptive orders.

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

RiverNorth Capital and Income Fund, Inc.

Summary of Updated Information Regarding the Fund *June 30, 2025 (Unaudited)*

 

**Portfolio Manager Information**

There have been no changes in the Fund's portfolio managers or background since the prior disclosure date.

**Fund Organizational Structure**

Since the prior disclosure date, there have been no changes in the Fund's charter or by-laws that would delay or prevent a change of control of the Fund that have not been approved by shareholders.

Annual Report \| June 30, 2025 81

RiverNorth Capital and Income Fund, Inc.

Directors and Officers *June 30, 2025 (Unaudited)*

 

The following table provides information regarding each Director who is not an "interested person" of the Fund, as defined in the 1940 Act.

**INDEPENDENT DIRECTORS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<sup>1</sup> and Year of Birth** | **Position(s) Held with the Fund** | **Term of Office and Length of Time Served** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** | **Number of Funds in Fund Complex Overseen by Director<sup>2</sup>** | **Other Directorships Held by the Director During the Past 5 Years** |
| John K. Carter | Director | Current term expires in 2027. Has served since 2015. | &nbsp;&nbsp;&nbsp;Founder, Special Counsel, Osprey Law Firm, P.A. (formerly know as the Law Office of John K. Carter, P.A.) (a general practice and corporate law firm) (2015 to present). | 11 | Carillon Mutual Funds (15 funds) (2016 to present). |
| J. Wayne Hutchens<br> (1944) | Director | Current term expires in 2025. Has served since 2018. | &nbsp;&nbsp;&nbsp; Currently retired; Trustee of the Denver Museum of Nature and Science (2000 to 2020); Director of AMG National Trust Bank (June 2012 to present); Trustee of Children's Hospital Colorado (May 2012<br> to 2020). | 11 | ALPS Series Trust (11 funds) (2012 to present). |
| Lisa B. Mougin<br> (1972) | Director | Current term expires in 2027. Has served since 2022. | &nbsp;&nbsp;&nbsp;Chief Investment Officer of Capital Sisters International (a non-profit) (2023 to present); President & Chief Operating Officer at Positivly and Louise, each a TIFIN Company (a fintech software company) (2020 to 2022). | 8 | N/A |
| David M. Swanson<br> (1957) | Director | Current term expires in 2025. Has served since 2018. | &nbsp;&nbsp;&nbsp;Founder & Managing Partner, SwanDog Strategic Marketing (2006 to present). | 11 | Managed Portfolio Series (31 funds) (2011 to present); ALPS Variable Investment Trust (7 funds) (2006 to 2025). |

---

*<sup>1</sup>* *The mailing address of each Director is 360 South Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401.*

*<sup>2</sup>* *For all Directors other than Ms. Mougin, the Fund Complex consists of the RiverNorth Core Opportunity Fund, the RiverNorth/DoubleLine Strategic Income Fund, and the RiverNorth/Oaktree High Income Fund, each a series of the RiverNorth Funds, RiverNorth Opportunities Fund, Inc., RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., RiverNorth Opportunistic Municipal Income Fund, Inc., RiverNorth Flexible Municipal Income Fund, Inc., RiverNorth Flexible Municipal Income Fund II, Inc., RiverNorth Managed Duration Municipal Income Fund, Inc., RiverNorth Managed Duration Municipal Income Fund II, Inc. and RiverNorth Capital and Income Fund, Inc. For Ms. Mougin, the Fund Complex consists of the RiverNorth Opportunities Fund, Inc., RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., RiverNorth Opportunistic Municipal Income Fund, Inc., RiverNorth Flexible Municipal Income Fund, Inc., RiverNorth Flexible Municipal Income Fund II, Inc., RiverNorth Managed Duration Municipal Income Fund, Inc., RiverNorth Managed Duration Municipal Income Fund II, Inc. and RiverNorth Capital and Income Fund, Inc.*

** 

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

RiverNorth Capital and Income Fund, Inc.

Directors and Officers *June 30, 2025 (Unaudited)*

 

The following table provides information regarding each Director who is an "interested person" of the Fund, as defined in the 1940 Act, and each officer of the Fund.

**INTERESTED DIRECTORS AND OFFICERS**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| **Name, Address<sup>1</sup> and Year of Birth** | **Position(s) Held with Registrant** | **Term of Office and Length of Time Served** | &nbsp;&nbsp;&nbsp;**Principal Occupation(s) During Past 5 Years** | **Number of Funds in Fund Complex Overseen by Director<sup>2</sup>** | **Other Directorships Held by the Director During the Past 5 Years** |
| Patrick W. Galley<sup>3</sup><br> (1975) | Interested Director, Chairman and President | Current term expires in 2026. Has served since 2015. | &nbsp;&nbsp;&nbsp;Chief Executive Officer, RiverNorth Capital Management, LLC (2020 to present); Chief Investment Officer, RiverNorth Capital Management, LLC (2004 to present). | 11 | N/A |
| Jerry R. Raio<br> (1964)<sup>4</sup> | Interested Director | Current term expires in 2026. Has served since 2018. | &nbsp;&nbsp;&nbsp;President, Arbor Lane Advisors, Inc. (Since 2018); Advisory Board Member of each of FLX Distribution, (2020 to present); Quantify Crypto (2021 to present); ETF Action (2022 to present); Qudos Technologies (2019 to 2022); Head of Capital Markets, ClickIPO (2018-2019); Managing Director, Head of Retail Origination, Wells Fargo Securities, LLC (2005 to 2018). | 11 | N/A |
| Jonathan M. Mohrhardt<br> (1974) | Treasurer and Chief Financial Officer | Indefinite. Has served since 2015. | &nbsp;&nbsp;&nbsp;President, RiverNorth Capital Management, LLC (2020 to present); Chief Operating Officer, RiverNorth Capital Management, LLC (2011 to present). | N/A | N/A |
| Marcus L. Collins<br> (1968) | Chief Compliance Officer; Secretary | Indefinite. Has served since 2015. | &nbsp;&nbsp;&nbsp;General Counsel, RiverNorth Capital Management, LLC (2012 to present); Chief Compliance Officer, RiverNorth Capital Management, LLC (2012 to present). | N/A | N/A |

---

*<sup>1</sup>* *The mailing address of each Director and officer, unless otherwise noted, is 360 South Rosemary Avenue, Suite 1420, West Palm Beach, FL 33401.*

---

| | |
|:---|:---|
| *<sup>2.</sup>* | *For all Directors other than Ms. Mougin, the Fund Complex consists of the RiverNorth Core Opportunity Fund, the RiverNorth/DoubleLine Strategic Income Fund, and the RiverNorth/Oaktree High Income Fund, each a series of the RiverNorth Funds, RiverNorth Opportunities Fund, Inc., RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., RiverNorth Opportunistic Municipal Income Fund, Inc., RiverNorth Flexible Municipal Income Fund, Inc., RiverNorth Flexible Municipal Income Fund II, Inc., RiverNorth Managed Duration Municipal Income Fund, Inc., RiverNorth Managed Duration Municipal Income Fund II, Inc. and RiverNorth Capital and Income Fund, Inc. For Ms. Mougin, the Fund Complex consists of the RiverNorth Opportunities Fund, Inc., RiverNorth/DoubleLine Strategic Opportunity Fund, Inc., RiverNorth Opportunistic Municipal Income Fund, Inc., RiverNorth Flexible Municipal Income Fund, Inc., RiverNorth Flexible Municipal Income Fund II, Inc., RiverNorth Managed Duration Municipal Income Fund, Inc., RiverNorth Managed Duration Municipal Income Fund II, Inc. and RiverNorth Capital and Income Fund, Inc.* |

---

*<sup>3.</sup>* *Patrick W. Galley is considered an "Interested" Director as defined in the 1940 Act, because he is an officer of the Fund and Chief Executive Officer and Chief Investment Officer of the Adviser.*

---

| | |
|:---|:---|
| *<sup>4.</sup>* | *Jerry Raio is considered an "Interested" Director as defined in the 1940 Act, because of his current position as an advisory board member of FLX Distribution, which the Adviser is an investor in and Mr. Galley is a Director of.* |

---

** 

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

Annual Report \| June 30, 2025 83

RiverNorth Capital and Income Fund, Inc.

Additional Information *June 30, 2025 (Unaudited)*

 

PROXY VOTING GUIDELINES

A description of the policies and procedures that the Fund used to determine how to vote proxies relating to portfolio securities and information regarding how the Fund voted proxies during the most recent 12-month period ended June 30, is available without charge upon request by (1) calling the Fund at (888) 848-7569 and (2) from Form N-PX filed by the Fund with the SEC on the SEC's website at www.sec.gov.

PORTFOLIO HOLDINGS DISCLOSURE POLICY

The Fund files a complete schedule of investments with the SEC for the first and third quarter of the fiscal year on Part F of Form N-PORT. The Fund's first and third fiscal quarters end on September 30 and March 31. The Form N-PORT filing must be filed within 60 days of the end of the quarter. The Fund's Form N-PORT are available on the SEC's website at www.sec.gov. You may also obtain copies by calling the Fund at 1-888-848-7569.

UNAUDITED TAX INFORMATION

For the fiscal year ended June 30, 2025, 84.30% of the distributions from net investment income for the RiverNorth Capital and Income Fund, Inc. were exempt from federal income tax. The RiverNorth Closed End Funds designated the following for federal income tax purposes for the year ended June 30, 2025:

---

| | | |
|:---|:---|:---|
| | **Foreign Taxes Paid** | **Foreign Source Income** |
| RiverNorth Capital and Income Fund | $0 | $0 |

---

Of the distributions paid by the Funds from ordinary income for the calendar year ended December 31, 2024, the following percentages met the requirements to be treated as qualifying for the corporate dividends received deduction and qualified dividend income:

---

| | | |
|:---|:---|:---|
| | **Dividend Received** <br> **Deduction** | **Qualified Dividend** <br> **Income** |
| RiverNorth Capital and Income Fund | 1.71% | 2.61% |

---

In early 2025, if applicable, shareholders of record received this information for the distributions paid to them by the Funds during the calendar year 2024 via Form 1099. The Funds will notify shareholders in early 2026 of amounts paid to them by the Funds, if any, during the calendar year 2025.

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

*Intentionally Left Blank*

**Board of Directors**

Patrick W. Galley, CFA, Chairman

John K. Carter

J. Wayne Hutchens

David M. Swanson

Jerry R. Raio

Lisa B. Mougin

**Investment Adviser**

RiverNorth Capital Management, LLC

**Fund Administrator**

ALPS Fund Services, Inc.

**Transfer Agent and**

**Dividend Disbursing Agent**

DST Systems, Inc.

**Custodian**

State Street Bank and Trust Company Inspira Financial Trust, LLC

**Independent Registered**

**Public Accounting Firm**

KPMG LLP

![](fp0095219-1_05.jpg)

RiverNorth Capital Management, LLC

360 South Rosemary Avenue, Suite 1420

West Palm Beach, FL 33401

Secondary market support provided to the Fund by ALPS Fund Services, Inc.'s affiliate ALPS Distributors, Inc., a FINRA member.

This report is provided for the general information of the shareholders of the RiverNorth Capital and Income Fund, Inc. This report is not intended for distribution to prospective investors in the Fund, unless preceded or accompanied by an effective prospectus.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 2.** **Code of Ethics.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The RiverNorth Capital and Income Fund, Inc. (the "Fund" or the "Registrant"), as of the end of the period
covered by the report, has adopted a Code of Ethics that applies to the Registrant's Principal Executive Officer, Principal Financial
Officer, Principal Accounting Officer or Controller or any persons performing similar functions on behalf of the Registrant.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) During the period covered by this report, no amendments were made to the provisions of the Code of Ethics referenced in 2(a) above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) During the period covered by this report, no implicit or explicit waivers to the provision of the Code of Ethics referenced in 2(a)
above were granted.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) The Registrant has included with this filing, pursuant to Item 19(a)(1), a copy of its code of ethics that applies to the registrant's
principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions,
as an exhibit to its annual report on this Form N-CSR.

**Item 3.** **Audit Committee Financial Expert.**

The Registrant's Board of Directors has determined that the Registrant has as least one audit committee financial expert serving on its Audit Committee. The Board of Directors has designated J. Wayne Hutchens as the Registrant's "audit committee financial expert." Mr. Hutchens is "independent" as defined in paragraph (a)(2) of Item 3 to Form N-CSR.

**Item 4.** **Principal Accountant Fees and Services.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Audit Fees: For the Registrant's fiscal years ended June 30, 2025 and June 30, 2024, the aggregate fees billed for professional
services rendered by KPMG LLP ("KPMG") for the audit of the Registrant's annual financial statements or services that are
normally provided by the accountant in connection with statutory and regulatory filings or engagements were $70,000 and $70,000, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Audit-Related Fees: For the Registrant's fiscal years ended June 30, 2025 and June 30, 2024, the aggregate fees billed for assurance
and related services by KPMG that are reasonably related to the performance of the audit of the Registrant's financial statements and
are not reported under paragraph (a) of this Item were $11,250 and $12,000, respectively. These fees are comprised of fees relating to
auditor consents provided for U.S. Securities and Exchange Commission filings for various offerings.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Tax Fees: For the Registrant's fiscal years ended June 30, 2025 and June 30, 2024, the aggregate fees billed for professional
services rendered by KPMG for tax compliance, tax advice, and tax planning were $10,300 and $10,300, respectively. These fees are comprised
of fees relating to income tax return preparation fees, excise tax return preparation fees and review of dividend distribution calculation
fees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) All Other Fees: For the Registrant's fiscal years ended June 30, 2025 and June 30, 2024, the aggregate fees billed for products
and services provided by KPMG, other than the services reported in paragraphs (a) through (c) of this Item were $0 and $0, respectively.

(e)(1) Audit Committee Pre-Approval Policies and Procedures: All services to be performed by the Registrant's principal auditors must be pre-approved by the Registrant's Audit Committee or by the Audit Committee's designee pursuant to the Audit Committee's Pre-Approval Policies and Procedures.

(e)(2) No services described in paragraphs (b) through (d) were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(g) The aggregate non-audit fees billed by the Registrant's accountant for services rendered to the Registrant, and rendered to
the Registrant's investment adviser, and any entity controlling, controlled by, or under common control with the investment adviser
that provides ongoing services to the Registrant for the fiscal years ended June 30, 2025 and June 30, 2024 were $0 and $0, respectively.
For the fiscal years ended June 30, 2025 and June 30, 2024, KPMG did not bill the Registrant for products and services other than the
services reported above.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(h) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(j) Not applicable.

**Item 5.** **Audit Committee of Listed Registrants.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant has a separately designated standing Audit Committee established in accordance with Section 3(a)(58)(A) of the Securities
Exchange Act of 1934, as amended (the "1934 Act") and is comprised of the following members:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;J. Wayne Hutchens, Chairman

John K. Carter

Lisa B. Mougin

David M. Swanson

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 6.** **Investments.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) A Summary Schedule of Investments is included as part of the Report to Stockholders filed under Item 1(a) of this form, and additional
details are provided in the Schedule of Investments attached as Exhibit 19(d) hereto. Additionally attached as Exhibit 19(e) is the opinion
rendered by KPMG, the fund's independent registered public accounting firm.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable to the Registrant.

**Item 7.** **Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 8.** **Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 9.** **Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 10.** **Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.**

Not applicable to the Registrant.

**Item 11.** **Statement Regarding Basis for Approval of Investment Advisory Contract.**

Not applicable.

**Item 12.** **Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.**

Attached, as Exhibit 19(c), is a copy of the proxy voting policies and procedures of the Registrant.

**Item 13.** **Portfolio Managers of Closed-End Management Investment Companies.** 

(a)(1) As of the filing date of this report on Form N-CSR, the portfolio managers of the Fund are as follows:

*RiverNorth Capital Management LLC (the "Adviser")*

 

Patrick W. Galley, CFA has served as a co-portfolio manager of the Fund since its inception. Mr. Galley is the Chief Executive Officer and Chief Investment Officer for the Adviser. Mr. Galley heads the Adviser's research and investment team and oversees all portfolio management activities at the Adviser. Mr. Galley also serves as the President and Chairman of the RiverNorth Funds, a mutual fund complex for which RiverNorth serves as the investment adviser. Prior to joining the Adviser in 2004, he was most recently a Vice President at Bank of America in the Global Investment Bank's Portfolio Management group, where he specialized in analyzing and structuring corporate transactions for investment management firms in addition to closed-end and open-end funds, hedge funds, funds of funds, structured investment vehicles and insurance/reinsurance companies. Mr. Galley graduated with honors from Rochester Institute of Technology with a B.S. in Finance. He has received the Chartered Financial Analyst (CFA) designation, is a member of the CFA Institute and is a member of the CFA Society of Chicago.

Stephen O'Neill, CFA has served as a co-portfolio manager of the Fund since August 30, 2023. Mr. O'Neill conducts qualitative and quantitative analysis of closed-end funds and their respective asset classes at RiverNorth. Prior to joining RiverNorth in 2007, Mr. O'Neill was most recently an Assistant Vice President at Bank of America in the Global Investment Bank's Portfolio Management group. At Bank of America, he specialized in the corporate real estate, asset management, and structured finance industries. Mr. O'Neill graduated magna cum laude from Miami University in Oxford, Ohio with a B.S. in Finance. Mr. O'Neill has received the Chartered Financial Analyst (CFA) designation, is a member of the CFA Institute and is a member of the CFA Society of Chicago.

(a)(2) As of June 30, 2025, the Portfolio Managers listed above are also responsible for the day-to-day management of the following:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Number of Other Accounts Managed and Assets by Account Type**<br> **As of June 30, 2025** | **Number of Other Accounts Managed and Assets by Account Type**<br> **As of June 30, 2025** | **Number of Other Accounts Managed and Assets by Account Type**<br> **As of June 30, 2025** | **Number of Other Accounts Managed and Assets by Account Type**<br> **As of June 30, 2025** | **Number of Other Accounts Managed and Assets by Account Type**<br> **As of June 30, 2025** | **Number of Other Accounts Managed and Assets by Account Type**<br> **As of June 30, 2025** | **Number of Other Accounts Managed and Assets by Account Type**<br> **As of June 30, 2025** |
| Portfolio Manager | Registered Investment<br> Companies<br> (other than the Fund) | Registered Investment Companies Subject to Performance-Based Advisory Fees | Other Pooled Investment Vehicles | Other Pooled Investment Vehicles Subject to Performance-Based Advisory Fees | Other Accounts | Other Accounts Subject to Performance-Based Advisory Fees |
| Patrick W. Galley | 13<br> $3.70B | 0<br> $0 | 6<br> $1.09B | 6<br> $1.09B | 10<br> $93.71M | 10<br> $93.71M |
| Stephen A. O'Neill | 11<br> $3.69B | 0<br> $0 | 6<br> $1.09B | 6<br> $1.09B | 10<br> $93.71M | 10<br> $93.71M |

---

(a)(3) Compensation of Portfolio Managers and Material Conflicts of Interest

*Adviser Compensation*

 

As of June 30, 2025, Messrs. Galley's and O'Neill's total compensation package, like others in the Adviser's business, is a package designed to attract and retain investment professionals. The compensation package includes a base salary fixed from year to year. The amount of the base salary is assessed for its competitiveness in the industry and geographic location of the Adviser. The compensation package also provides for an annual but variable performance bonus. The performance bonus reflects individual performance of the portfolio manager in his or her allocated duties and responsibilities. While performance of the funds managed by the portfolio manager is considered in determining the annual performance bonus, it is but one factor. The overall success of the Adviser in its business objectives and the performance of the Adviser's business as a whole are more important factors than the investment performance of a particular fund or account. Messrs. Galley and O'Neill also participate in a 401K program on the same basis as other officers of the Adviser, which includes matching of employee contributions up to a certain percent of the portfolio manager's base salary. Those portfolio managers that are also equity stakeholders in the Adviser or its affiliates may also receive periodic distribution of profits from business operations.

*Conflicts of Interest*

 

Actual or apparent conflicts of interest may arise when a portfolio manager has day-to-day management responsibilities with respect to more than one fund or other accounts. More specifically, portfolio managers who manage multiple funds are presented with the following potential conflicts, among others:

The management of multiple accounts may result in a portfolio manager devoting unequal time and attention to the management of each account. The management of multiple funds and accounts also may give rise to potential conflicts of interest if the funds and accounts have different objectives, benchmarks, time horizons and fees as the portfolio manager must allocate his time and investment ideas across multiple funds and accounts. Another potential conflict of interest may arise where another account has the same or similar investment objective as the Fund, whereby the portfolio manager could favor one account over another.

With respect to securities transactions for the Fund, the Adviser determines which broker to use to execute each order, consistent with the duty to seek best execution of the transaction. A portfolio manager may execute transactions for another fund or account that may adversely impact the value of securities held by the Fund. Securities selected for funds or accounts other than the Fund may outperform the securities selected for the Fund. Further, a potential conflict could include a portfolio manager's knowledge about the size, timing and possible market impact of Fund trades, whereby they could use this information to the advantage of other accounts and to the disadvantage of the Fund. These potential conflicts of interest could create the appearance that a portfolio manager is favoring one investment vehicle over another.

The management of personal accounts also may give rise to potential conflicts of interest. Although a portfolio manager generally does not trade securities in his or her own personal account, the Adviser and the Fund have each adopted a code of ethics that, among other things, permits personal trading by employees (including trading in securities that can be purchased, sold or held by the Fund) under conditions where it has been determined that such trades would not adversely impact client accounts. Nevertheless, the management of personal accounts may give rise to potential conflicts of interest, and there is no assurance that these codes of ethics will adequately address such conflicts.

Conflicts potentially limiting the Fund's investment opportunities may also arise when the Fund and other clients of the Adviser invest in, or even conduct research relating to, different parts of an issuer's capital structure, such as when the Fund owns senior debt obligations of an issuer and other clients own junior tranches of the same issuer. In such circumstances, decisions over whether to trigger an event of default, over the terms of any workout, or how to exit an investment may result in conflicts of interest. In order to minimize such conflicts, a portfolio manager may avoid certain investment opportunities that would potentially give rise to conflicts with other clients of the Adviser or result in the Adviser receiving material, non-public information, or the Adviser may enact internal procedures designed to minimize such conflicts, which could have the effect of limiting the Fund's investment opportunities. Additionally, if the Adviser acquires material non-public confidential information in connection with its business activities for other clients, a portfolio manager or other investment personnel may be restricted from purchasing securities or selling certain securities for the Fund or other clients. When making investment decisions where a conflict of interest may arise, the Adviser will endeavor to act in a fair and equitable manner between the Fund and other clients; however, in certain instances the resolution of the conflict may result in the Adviser acting on behalf of another client in a manner that may not be in the best interest, or may be opposed to the best interest, of the Fund.

The Adviser has adopted certain compliance procedures which are designed to address these types of conflicts. However, there is no guarantee that such procedures will detect each and every situation in which a conflict arises.

The underlying funds in which the Fund invests will not include those that are advised or subadvised by the Adviser or its affiliates.

(a)(4) Portfolio Manager Ownership of Fund Shares

The following table shows the dollar range of equity securities of the Fund beneficially owned by the portfolio managers of the Fund as of June 30, 2025.

---

| | |
|:---|:---|
| Name of Portfolio Manager | Dollar Range of Equity Securities of the Fund |
| Patrick W. Galley | Over $100,000 |
| Stephen A. O'Neill | $0 - $10000 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b)&nbsp;&nbsp;&nbsp;&nbsp; Not applicable.

**Item 14.** **Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| ***Period*** | ***(a)<br> Total Number of Shares (or Units) Purchased*** | ***(b)<br> Average Price Paid per Share (or Unit)*** | ***(c)<br> Total Number of Shares (or Units) Purchased as Part of Publicly Announced Plans or Programs*** | ***(d)<br> Maximum Number (or Approximate Dollar Value) of Shares (or Units) that May Yet Be Purchased Under the Plans or Programs*** |
| Month #1<br> 7/1/24 – 7/31/24\* | 202931 | $16.60 | 202931 | *-* |
| Month #2<br> 8/1/24 – 8/31/24 | - | - | - | *-* |
| Month #3<br> 9/1/24 – 9/30/24 | - | - | - | *-* |
| Month #4<br> 10/1/24 – 10/31/24^ | 193024 | $16.57 | 193024 | *-* |
| Month #5<br> 11/1/24 – 11/30/24 | - | - | - | - |
| Month #6<br> 12/1/24 – 12/31/24 | - | - | - | *-* |
| Month #7<br> 1/1/25 – 1/31/25\*\* | 183195 | $16.30 | 183195 | - |
| Month #8<br> 2/1/25 – 2/28/25 | - | - | - | - |
| Month #9<br> 3/1/25 – 3/31/25 | - | - | - | - |
| Month #10<br> 4/1/25 – 4/30/25^^ | 174273 | $16.15 | 174273 | - |
| Month #11<br> 5/1/25 – 5/31/25 | - | - | - | - |
| Month #12<br> 6/1/25 – 6/30/25 | - | - | - | - |
| Total | 753423 | $16.27 | 753423 | - |

---

\* The Fund issued a repurchase offer June 3, 2024. The repurchase offer enabled up to 202,931 shares to be redeemed by shareholders. The repurchased shares were paid out at the July 3, 2024 net asset value per share. The repurchase offer expired on July 3, 2024.

^ The Fund issued a repurchase offer September 3, 2024. The repurchase offer enabled up to 193,024 shares to be redeemed by shareholders. The repurchased shares were paid out at the October 2, 2024 net asset value per share. The repurchase offer expired on October 2, 2024.

\*\* The Fund issued a repurchase offer December 3, 2024. The repurchase offer enabled up to 183,195 shares to be redeemed by shareholders. The repurchased shares were paid out at the January 2, 2025 net asset value per share. The repurchase offer expired on January 2, 2025.

^^ The Fund issued a repurchase offer March 3, 2025. The repurchase offer enabled up to 174,273 shares to be redeemed by shareholders. The repurchased shares were paid out at the April 2, 2025 net asset value per share. The repurchase offer expired on April 2, 2025.

**Item 15.** **Submission of Matters to a Vote of Security Holders.**

There have been no material changes to the procedures by which shareholders may recommend nominees to the Board of Directors of the Registrant.

**Item 16.** **Controls and Procedures.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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 Rules 13a-15(b)
under the 1934 Act, as of a date within 90 days of the filing date of this document.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 18.** **Recovery of Erroneously Awarded Compensation.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

**Item 19.** **Exhibits.**

(a)(1) [Code of ethics that is subject to Item 2 is attached hereto.](fp0095219-1_ex99code.htm)

(a)(2) Not applicable.

(a)(3) [The certifications of the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(a) of the 1940 Act, and Section 302 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.CERT.](fp0095219-1_ex99cert.htm)

(a)(4) Not applicable.

(a)(5) Not applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) [The certifications of the Registrant's Principal Executive Officer and Principal Financial Officer, as required by Rule 30a-2(b) of the 1940 Act, and Section 906 of the Sarbanes-Oxley Act of 2002 are attached hereto as EX-99.906CERT.](fp0095219-1_ex99906cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) [The Proxy Voting Policies and Procedures are attached hereto.](fp0095219-1_ex9919c.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) [The Schedule of Investments is attached hereto.](fp0095219-1_ex9919d.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(e) [Opinion of KPMG is attached hereto.](fp0095219-1_ex9919e.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(f) [Consent of KPMG is attached hereto.](fp0095219-1_ex9919f.htm)

**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.

<u>Registrant: RiverNorth Capital and Income Fund, Inc.</u>

---

| | |
|:---|:---|
| By: | /s/ Patrick W. Galley |
| Name: | Patrick W. Galley |
| Title: | President and Chief Executive Officer |
| Date: | September 5, 2025 |

---

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 Chief Executive Officer |
| Date: | September 5, 2025 |
| By: | /s/ Jonathan M. Mohrhardt |
| Name: | Jonathan M. Mohrhardt, |
| Title: | Chief Financial Officer and Treasurer |
| Date: | September 5, 2025 |

---

## Ex-99.Code

**RiverNorth – Sarbanes Oxley Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**16.4** Code of Ethics
 – Principal Executive and Senior Officers

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**I.** **Covered Officers/Purpose of the Code** 

This code of ethics (this "Code") for the Trust applies to the Trust's Principal Executive Officer and Principal Financial Officer (the "Covered Officers" each of whom is set forth in Exhibit A) for the purpose of promoting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· honest
 and ethical conduct, including the ethical handling of actual or apparent conflicts of interest
 between personal and professional relationships;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· full,
 fair, accurate, timely and understandable disclosure in reports and documents that the Trust
 files with, or submits to, the SEC and in other public communications made by the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· compliance
 with applicable laws and governmental rules and regulations;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 prompt internal reporting of violations of this Code to an appropriate person or persons
 identified in this Code; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· accountability
 for adherence to this Code.

Each Covered Officer should adhere to a high standard of business ethics and should be sensitive to situations that may give rise to actual as well as apparent conflicts of interest.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**II.** **Covered Officers Should Handle Ethically Actual and Apparent Conflicts of Interest** 

**Overview.** A "conflict of interest" occurs when a Covered Officer's private interests interfere with the interests of, or the Covered Officer's service to, the Trust. For example, a conflict of interest would arise if a Covered Officer, or a member of the Covered Officer's family, receives improper personal benefits as a result of the Covered Officer's position with the Trust.

Certain conflicts of interest arise out of the relationships between Covered Officers and the Trust and already are subject to conflict of interest provisions in the 1940 Act and the Investment Advisers Act of 1940 ("Investment Advisers Act"). For example, Covered Officers may not individually engage in certain transactions (such as the purchase or sale of securities or other property) with the Trust because of their status as "affiliated persons" of the Trust. This Code does not, and is not intended to, repeat or replace any compliance programs and procedures of the Trust or the investment adviser designed to prevent, or identify and correct, violations of the 1940 Act and the Investment Advisers Act.

Although typically not presenting an opportunity for improper personal benefit, conflicts arise from, or as a result of, the contractual relationship between the Trust and the investment adviser or the administrator of which a Covered Officer is also an officer or employee. As a result, this Code recognizes that the Covered Officers will, in the normal course of their duties, whether formally for the Trust and/or for the adviser or the administrator, be involved in establishing policies and implementing decisions that will have different effects on the adviser or the administrator and the Trust. The participation of the Covered Officers in such activities is inherent in the contractual relationship between the Trust and the adviser or the administrator and is consistent with the performance by the Covered Officers of their duties as officers of the Trust. Thus, if performed in conformity with the provisions of the 1940 Act and the Investment Advisers Act, such activities will be deemed to have been handled ethically. In addition, it is recognized by the Trust's Board of Trustees ("Board") that the Covered Officers may also be officers or employees of one or more investment companies covered by other codes.

Other conflicts of interest are covered by this Code, even if such conflicts of interest are not subject to provisions in the 1940 Act and the Investment Advisers Act. The following list provides examples of conflicts of interest under this Code, but Covered Officers should keep in mind that these examples are not exhaustive. The overarching principle is that the personal interest of a Covered Officer should not be placed improperly before the interest of the Trust.

Each Covered Officer must:

**RiverNorth – Sarbanes Oxley Code of Ethics**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not use personal influence or personal relationships improperly to influence
investment decisions or financial reporting by the Trust whereby the Covered Officer would benefit personally to the detriment of the
Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 cause the Trust to take action, or fail to take action, for the individual personal benefit
 of the Covered Officer rather than the benefit of the Trust;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not
 use material non-public knowledge of portfolio transactions made or contemplated for the
 Trust to trade personally or cause others to trade personally in contemplation of the market
 effect of such transactions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· report
 at least annually any affiliations or other relationships related to conflicts of interest
 that the Trust's Trustees and Officers Questionnaire covers.

There are some conflict of interest situations that should always be discussed with the compliance officer of the Trust appointed by the Board (the "Compliance Officer"), if material. Examples of these include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· service
 as a director on the board of any public company;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 receipt of any non-nominal gifts;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 receipt of any entertainment from any company with which the Company has current or prospective
 business dealings unless such entertainment is business-related, reasonable in cost, appropriate
 as to time and place, and not so frequent as to raise any questions of impropriety;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 ownership interest in, or any consulting or employment relationship with, any of the Trust's
 service providers, other than its investment adviser, principal underwriter, administrator
 or any affiliated person thereof; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· a
 direct or indirect financial interest in commissions, transaction charges or spreads paid
 by the Trust for effecting portfolio transactions or for selling or redeeming shares other
 than an interest arising from the Covered Officer's employment, such as compensation
 or equity ownership.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**III.** **Disclosure and Compliance** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should familiarize himself with the disclosure requirements generally applicable
to the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should not knowingly misrepresent, or cause others to misrepresent, facts about the
Trust to others, whether within or outside the Trust, including to the Trust's directors and auditors, and to governmental regulators
and self-regulatory organizations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Each Covered Officer should, to the extent appropriate within the Covered Officer's area of responsibility,
consult with other officers and employees of the Trust and of the adviser or the administrator with the goal of promoting full, fair,
accurate, timely and understandable disclosure in the reports and documents the Trust files with, or submits to, the SEC and in other
public communications made by the Trust.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· It is the responsibility of each Covered Officer to promote compliance with the standards and restrictions
imposed by applicable laws, rules and regulations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**IV.** **Reporting and Accountability** 

Each Covered Officer must:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· upon adoption of this Code (or thereafter as applicable, upon becoming a Covered Officer), affirm in writing
to the Board , in substantially the form set forth on <u>Exhibit B,</u> that the Covered Officer has received, read, and understands this
Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· annually thereafter affirm to the Board, in substantially the form set forth on <u>Exhibit C,</u> that
the Covered Officer has complied with the requirements of this Code;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· not retaliate against any other Covered Officer or any employee of the Trust or their affiliated persons
for reports of potential violations that are made in good faith; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· notify the Compliance Officer for the Trust promptly if the Covered Officer knows of any violation of
this Code. Failure to do so is itself a violation of this Code.

**RiverNorth – Sarbanes Oxley Code of Ethics**

The Compliance Officer for the Trust is responsible for applying this Code to specific situations in which questions are presented under it and has the authority to interpret this Code in any particular situation. However, any approvals or waivers sought by a Covered Officer will be considered by the Audit Committee (the "Committee"), which will make recommendations to the Board.

The Trust will follow these procedures in investigating and enforcing this Code:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Compliance Officer for the Trust will take all appropriate action to investigate any potential
 violations reported to the Compliance Officer;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Compliance Officer will review with the outside legal counsel to the Trust the findings and
 conclusions of such investigation;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if,
 after such investigation and review, the Compliance Officer believes that no violation has
 occurred, the Compliance Officer is not required to take any further action;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 matter that the Compliance Officer believes is a violation will be reported to the Committee;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· if
 the Committee concurs that a violation has occurred, it will inform and make a recommendation
 to the Board, which will consider appropriate action, which may include review of, and appropriate
 modifications to, applicable policies and procedures (including changes to this Code); notification
 of the violation to appropriate personnel of the investment adviser or the administrator
 or its board; or a recommendation to take disciplinary action against the Covered Officer,
 which may include, without limitation, dismissal;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· the
 Board will be responsible for granting waivers, as appropriate; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· any
 changes to or waivers of this Code will, to the extent required, be disclosed as provided
 by SEC rules.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**V.** **Other Policies and Procedures** 

This Code shall be the sole code of ethics adopted by the Trust for purposes of Section 406 of the Sarbanes-Oxley Act and the rules and forms applicable to registered investment companies thereunder. Insofar as other policies or procedures of the Trust, the Trust's adviser, principal underwriter, the administrator or other service providers govern or purport to govern the behavior or activities of the Covered Officers who are subject to this Code, they are superseded by this Code to the extent that they overlap or conflict with the provisions of this Code. The Trust's and its investment adviser's and principal underwriter's codes of ethics under Rule 17j-1 under the 1940 Act are separate requirements applying to the Covered Officers and others, and are not part of this Code.

---

| | | |
|:---|:---|:---|
|  | VI. | **Amendments** |

---

Any amendments to this Code, other than amendments to Exhibit A, must be approved or ratified by a majority vote of the Board, including a majority of independent trustees.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VII.** **Confidentiality** 

To the extent possible, all records, reports and other information prepared, maintained or acquired pursuant to this Code will be treated as confidential, it being understood that it may be necessary or advisable, that certain matters be disclosed to third parties (*e.g.*, to the board of directors or officers of the adviser or the administrator).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;**VIII.** **Internal Use** 

This Code is intended solely for the internal use by the Trust and does not constitute an admission, by or on behalf of the Trust, as to any fact, circumstance, or legal conclusion.

**Responsible Party/Compliance Process:** Chief Compliance Officer

R**iverNorth – Sarbanes Oxley Code of Ethics**

**Exhibit A**

Persons Covered by this Code of Ethics

Patrick Galley

Jon Mohrhardt

## Ex-99.Cert

**EX-99.CERT**

**CERTIFICATIONS PURSUANT TO SECTION 302 OF THE**

**SARBANES-OXLEY ACT OF 2002**

I, Patrick W. Galley, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of RiverNorth Capital and Income Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred 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; and

&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 5, 2025 | /s/ Patrick W. Galley |
|  |  | Patrick W. Galley |
|  |  | President and Chief Executive Officer |

---

I, Jonathan M. Mohrhardt , certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of RiverNorth Capital and Income Fund, Inc.;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary
to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period
covered by this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material
respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required
to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;4. The registrant's other certifying officer(s) and I are responsible for establishing and maintaining disclosure controls and
procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined
in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision,
to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others
within those entities, particularly during the period in which this report is being prepared;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under
our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements
for external purposes in accordance with generally accepted accounting principles;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about
the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based
on such evaluation; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred 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; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;5. The registrant's other certifying officer(s) and I have disclosed to the registrant's auditors and the audit committee
of the registrant's board of directors (or persons performing the equivalent functions):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which
are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information;
and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's
internal control over financial reporting.

---

| | | |
|:---|:---|:---|
| Date: | September 5, 2025 | /s/ Jonathan M. Mohrhardt |
|  |  | Jonathan M. Mohrhardt |
|  |  | Treasurer and Chief Financial Officer |

---

## Exhibit 99.906

**EX-99.906CERT**

**CERTIFICATIONS PURSUANT TO SECTION 906 OF THE**

**SARBANES-OXLEY ACT OF 2002**

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2025 of RiverNorth Capital and Income Fund, Inc. (the "Company").

I, Patrick W. Galley, the President and Chief Executive Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the report on Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d), as applicable,
of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | September 5, 2025 | /s/ Patrick W. Galley |
|  |  | Patrick W. Galley |
|  |  | President and Chief Executive Officer |

---

This certification is furnished pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, 18 U.S.C. § 1350, and accompanies the report on Form N-CSR for the period ended June 30, 2025 of RiverNorth Capital and Income Fund, Inc. (the "Company").

I, Jonathan M. Mohrhardt, the Treasurer and Chief Financial Officer of the Company, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) the report on Form N-CSR fully complies with the requirements of Section 13(a) or Section 15(d), as applicable,
of the Securities Exchange Act of 1934 (15 U.S.C. 78m or 78o(d)); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) the information contained in the Form N-CSR fairly presents, in all material respects, the financial condition
and results of operations of the Company.

---

| | | |
|:---|:---|:---|
| Date: | September 5, 2025 | /s/ Jonathan M. Mohrhardt |
|  |  | Jonathan M. Mohrhardt |
|  |  | Treasurer and Chief Financial Officer |

---

These statements accompany this report on Form N-CSR pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 and shall not be deemed as filed by the Company for purposes of Section 18 of the Securities Exchange Act of 1934.

## Exhibit 99.19

Section 18 - Proxy Voting

**RiverNorth Capital Management, LLC**

**PROXY VOTING POLICIES AND PROCEDURES** 

Pursuant to the adoption by the Securities and Exchange Commission (the "Commission") of Rule 206(4)-6 (17 CFR 275.206(4)-6) and amendments to Rule 204-2 (17 CFR 275.204-2) under the Investment Advisers Act of 1940 (the "Act"), it is a fraudulent, deceptive, or manipulative act, practice or course of business, within the meaning of Section 206(4) of the Act, for an investment adviser to exercise voting authority with respect to client securities, unless (i) the adviser has adopted and implemented written policies and procedures that are reasonably designed to ensure that the adviser votes proxies in the best interests of its clients, (ii) the adviser describes its proxy voting procedures to its clients and provides copies on request, and (iii) the adviser discloses to clients how they may obtain information on how the adviser voted their proxies.

In its standard investment advisory agreement, RiverNorth Capital Management, LLC ("RiverNorth") specifically states that it does not vote proxies unless otherwise directed by the client and the client, including clients governed by ERISA, is responsible for voting any proxies. Therefore, RiverNorth will not vote proxies for these clients. However, RiverNorth will vote proxies on behalf of its investment company clients and hedge fund clients ("Funds"). RiverNorth has instructed all custodians, other than Fund custodians, to forward proxies directly to its clients, and if RiverNorth accidentally receives a proxy for any non-Fund client, current or former, RiverNorth will promptly forward the proxy to the client. In order to fulfill its responsibilities to Funds, RiverNorth has adopted the following policies and procedures for proxy voting with regard to companies in any Funds' investment portfolios.

**<u>OVERVIEW</u>**

The Proxy Voting Policies and Procedures are designed to protect the best interests of the Funds. RiverNorth does not delegate or rely on any third-party service provider for voting recommendations.

**<u>KEY OBJECTIVES</u>**

The key objectives of these policies and procedures recognize that a company's management is entrusted with the day-to-day operations and longer term strategic planning of the company, subject to the oversight of the company's board of directors. While "ordinary business matters" are primarily the responsibility of management and should be approved solely by the corporation's board of directors, these objectives also recognize that the company's shareholders must have final say over how management and directors are performing, and how shareholders' rights and ownership interests are handled, especially when matters could have substantial economic implications to the shareholders.

Therefore, RiverNorth will pay particular attention to the following matters in exercising our proxy voting responsibilities as a fiduciary for the Funds:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Accountability*. Each company should have effective means in place to hold those entrusted with
running a company's business accountable for their actions. Management of a company should be accountable to its board of directors
and the board should be accountable to shareholders.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Alignment of Management and Shareholder Interests*. Each company should endeavor to align the interests
of management and the board of directors with the interests of the company's shareholders. For example, we generally believe that
compensation should be designed to reward management for doing a good job of creating value for the shareholders of the company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· *Transparency*. Promotion of timely disclosure of important information about a company's business
operations and financial performance enables investors to evaluate the performance of a company and to make informed decisions about the
purchase and sale of a company's securities.

**<u>DECISION METHODS</u>**

RiverNorth generally believes that the individual portfolio managers that invest in and track particular companies are the most knowledgeable and best suited to make decisions with regard to proxy votes. Therefore, RiverNorth relies on those individuals to make the final decisions on how to cast proxy votes.

No set of proxy voting guidelines can anticipate all situations that may arise. In special cases, RiverNorth may seek insight from its managers and analysts on how a particular proxy proposal will impact the financial prospects of a company, and vote accordingly.

In some instances, a proxy vote may present a conflict between the interests of a Fund, on the one hand, and RiverNorth's interests or the interests of a person affiliated with us, on the other. In such a case, RiverNorth will abstain from making a voting decision and will forward all of the necessary proxy voting materials to the client to enable the client to cast the votes.

Notwithstanding the forgoing, the following policies will apply to investment company shares owned by a Fund. The Investment Company Act of 1940, as amended, (the "Act") defines an "investment company" to include mutual funds, money market funds, closed-end funds (including preferred shares of a closed-end fund), and exchange traded funds. Under Section 12(d)(1) of the Act, a fund may only invest up to 5% of its total assets in the securities of any one investment company, but may not own more than 3% of the outstanding voting stock of any one investment company or invest more than 10% of its total assets in the securities of other investment companies. However, Section 12(d)(1)(F) of the Act provides that the provisions of paragraph 12(d)(1) shall not apply to securities purchased or otherwise acquired by a fund if (i) immediately after such purchase or acquisition not more than 3% of the total outstanding stock of such registered investment company is owned by the fund and all affiliated persons of the fund; and (ii) the fund is not proposing to offer or sell any security issued by it through a principal underwriter or otherwise at a public or offering price which includes a sales load of more than 1½% percent. Therefore, each Fund (or the Adviser acting on behalf of the Fund) must comply with the following voting restrictions unless it is determined that the Fund is not relying on Section 12(d) (1) (F):

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· when the Fund exercises voting rights, by proxy or otherwise, with respect to any investment company owned
by the Fund, the Fund will either

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o seek instruction from the Fund's shareholders with regard to the voting of all proxies and vote
in accordance with such instructions, or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;o vote the shares held by the Fund in the same proportion as the vote of all other holders of such security.

Under Section 12(d)(1)-(4) of the Act, an investment company (including exchange traded funds ("ETFs"), or closed-end funds), or business development company ("BDC"), is allowed to acquire securities of any other registered investment company or BDC in excess of the limitations in Section 12(d)(1). For purposes of these policies and procedures, the term "Acquiring Fund" means a fund that invests in any other registered investment company and "Acquired Fund" means a fund that is being acquired by another registered investment company.

When an investment company is relying on 12(d)(1)-(4), the investment company must comply with the following provisions regarding proxy voting:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Limits
 on Control and Voting. When an investment company acquires shares of another investment company
 (Acquiring Fund), its advisory group<sup>1</sup> is prohibited from controlling<sup>2</sup>,
 individually or in the aggregate, of the Acquired Fund. An Acquiring Fund and its advisory
 group are required to use mirror voting when they hold more than: (i) 25 percent of the outstanding
 voting securities of an Acquired Fund that is an open-end fund or UIT due to a decrease in
 the outstanding voting securities of the Acquired Fund; or (ii) 10 percent of the outstanding
 voting securities of an Acquired Fund that is a closed-end fund or BDC. In assessing whether
 a Fund is deemed to have control, the Acquiring Fund is required to aggregate its investment
 in an Acquired Fund with the investment of the Acquiring Fund's advisory group. The
 Acquiring Fund and its advisory group are required to use pass-through voting (i.e., seek
 voting instructions from the Acquiring Fund's own shareholders and vote accordingly)
 in situations where (1) all holders of an Acquired Fund's outstanding voting securities
 are required by Rule 12d1-4 or Section 12(d)(1) of the 1940 Act to use mirror voting, or
 (2) mirror voting by an Acquiring Fund is not possible (for example, when Acquiring Funds
 are the only shareholders of an Acquired Fund).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Exceptions from the Control and Voting Conditions.
The control and voting conditions described above do not apply when: (i) an Acquiring Fund is within the same group of investment companies
as an Acquired Fund; or (ii) the Acquiring Fund's investment sub-advisor or any person controlling, controlled by, or under common
control with such investment sub-advisor acts as the Acquired Fund's investment advisor or depositor.

**<u>PROXY VOTING GUIDELINES</u>**

**Election of the Board of Directors**

We believe that good corporate governance generally starts with a board composed primarily of independent directors, unfettered by significant ties to management, all of whose members are elected annually. We also believe that turnover in board composition promotes independent board action; fresh approaches to governance, and generally has a positive impact on shareholder value. We will generally vote in favor of non-incumbent independent directors.

The election of a company's board of directors is one of the most fundamental rights held by shareholders. Because a classified board structure prevents shareholders from electing a full slate of directors annually, we will generally support efforts to declassify boards or other measures that permit shareholders to remove a majority of directors at any time, and will generally oppose efforts to adopt classified board structures.

**Approval of Independent Auditors**

RiverNorth believes that the relationship between a company and its auditors should be limited primarily to the audit engagement, although it may include certain closely related activities that do not raise an appearance of impaired independence.

<sup>1</sup> Rule 12d1-4 defines "advisory group" as either: (i) an Acquiring Fund's investment advisor or depositor and any person controlling, controlled by, or under common control with such investment advisor or depositor; or (ii) an Acquiring Fund's investment sub-advisor and any person controlling, controlled by, or under common control with such investment sub-advisor.

<sup>2</sup> "Control" means the power to exercise a controlling influence over the management or policies of a company, unless such power is solely the result of an official position with such company. The 1940 Act creates a rebuttable presumption that any person who, directly or indirectly, beneficially owns more than 25% of the voting securities of a company is deemed to control the company. Accordingly, an Acquiring Fund and its advisory group could own up to 25% of the outstanding shares of an Acquired Fund without being presumed to control the Acquired Fund. A determination of control depends on the facts and circumstances of the particular situation and does not turn solely on ownership of voting securities of a company.

RiverNorth will evaluate on a case-by-case basis instances in which the audit firm has a substantial non-audit relationship with a company to determine whether we believe independence has been, or could be, compromised.

**Equity-based compensation plans**

RiverNorth believes that appropriately designed equity-based compensation plans, approved by shareholders, can be an effective way to align the interests of shareholders and the interests of directors, management, and employees by providing incentives to increase shareholder value. Conversely, we are opposed to plans that substantially dilute ownership interests in the company, provide participants with excessive awards, or have inherently objectionable structural features.

RiverNorth will generally support measures intended to increase stock ownership by executives and the use of employee stock purchase plans to increase company stock ownership by employees. These may include:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Requiring senior executives to hold stock in a company.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;· Requiring stock acquired through option exercise to be held for a certain period of time.

These are guidelines, and we consider other factors, such as the nature of the industry and size of the company, when assessing a plan's impact on ownership interests.

**Corporate Structure** 

RiverNorth views the exercise of shareholders' rights, including the rights to act by written consent, to call special meetings and to remove directors, to be fundamental to good corporate governance.

Because classes of common stock with unequal voting rights limit the rights of certain shareholders, RiverNorth generally believes that shareholders should have voting power equal to their equity interest in the company and should be able to approve or reject changes to a company's by-laws by a simple majority vote.

RiverNorth will generally support the ability of shareholders to cumulate their votes for the election of directors.

**Shareholder Rights Plans**

While RiverNorth recognizes that there are arguments both in favor of and against shareholder rights plans, also known as poison pills, such measures may tend to entrench current management, which RiverNorth generally considers to have a negative impact on shareholder value. Therefore, while RiverNorth will evaluate such plans on a case by case basis, we will generally oppose such plans.

**<u>PROXY SERVICE PROVIDER OVERSIGHT</u>**

RiverNorth uses Broadridge Financial Solutions Inc.'s ProxyEdge ("ProxyEdge") as our third-party service provider for voting proxies. ProxyEdge, as a RiverNorth service provider, is monitored by RiverNorth through its proxy service and undergoes an initial and periodic due diligence review.

The initial due diligence of a third-party service provider for proxy services includes a review of the service provider's compliance policies and procedures, records of any administrative proceedings against the firm, interview with key personnel, review the information technology and cybersecurity controls in place to protect vital data and discussions with other clients of the service provider.

For a periodic due diligence, RiverNorth requires its third-party service provider for proxy services to complete a Due Diligence Questionnaire (DDQ). As with the initial due diligence, the DDQ will cover the service provider's compliance policies and procedures, records of any administrative proceedings against the firm and information technology and cybersecurity controls in place to protect vital data. It will also include an evaluation of any material changes in services or operations of the third-party service provider for proxy services.

**<u>CLIENT INFORMATION</u>**

A copy of these Proxy Voting Policies and Procedures is available to our clients, without charge, upon request, by calling 1-800-646-0148. RiverNorth will send a copy of these Proxy Voting Policies and Procedures within three (3) business days of receipt of a request, by first-class mail or other means designed to ensure equally prompt delivery. In addition, RiverNorth will provide each client, without charge, upon request, information regarding the proxy votes cast by us with regard to the client's securities.

**<u>TESTING PROCEDURES</u>**

On a monthly basis, the Chief Compliance Officer ("CCO") or his designee shall obtain periodic affirmations from employees responsible for voting proxies that all outstanding proxies have been voted. On a periodic basis, the CCO or his designee shall review a sample of all proxies for compliance with these policies and procedures.

---

| | |
|:---|:---|
| Revised | 2/12/2013 |
|  | 11/7/2014 |
|  | 7/1//2021 |
|  | 3/01/2022 |
|  | 7/1/2024 |

---

## Exhibit 99.19

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **CLOSED-END FUNDS (0.17%)** | **CLOSED-END FUNDS (0.17%)** |  |
| **United States (0.17%)** | **United States (0.17%)** |  |
| 12415 | Allspring Income Opportunities Fund | $87650 |
| **TOTAL CLOSED-END FUNDS** | **TOTAL CLOSED-END FUNDS** |  |
| **(Cost $69,627)** | **(Cost $69,627)** | **87650** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **SPECIAL PURPOSE ACQUISITION COMPANIES (0.71%)** | **SPECIAL PURPOSE ACQUISITION COMPANIES (0.71%)** |  |
| **Great Britain (0.00%)** | **Great Britain (0.00%)** |  |
| 1103 | Akari Therapeutics PLC<sup>(a)</sup> | $1291 |
| **United States (0.70%)** | **United States (0.70%)** |  |
| 31280 | Trailblazer Merger Corp. I<sup>(a)</sup> | 366289 |
| **China (0.01%)** | **China (0.01%)** |  |
| 1533 | CH Auto, Inc.<sup>(a)</sup> | 5758 |
| **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES** | **TOTAL SPECIAL PURPOSE ACQUISITION COMPANIES** |  |
| **(Cost $317,746)** | **(Cost $317,746)** | **373338** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Shares** | **Description** | **Rate** | **Maturity Date** | **Value** |
| **BUSINESS DEVELOPMENT COMPANY NOTES (2.18%)** | **BUSINESS DEVELOPMENT COMPANY NOTES (2.18%)** | **BUSINESS DEVELOPMENT COMPANY NOTES (2.18%)** |  | |
| **United States (2.18%)** | **United States (2.18%)** |  |  |  |
| 1109000 | Oaktree Specialty Lending Corp. | 7.100% | 02/15/29 | $1142522 |
| **TOTAL BUSINESS DEVELOPMENT COMPANY NOTES** | **TOTAL BUSINESS DEVELOPMENT COMPANY NOTES** |  |  |  |
| **(Cost $1,085,139)** | **(Cost $1,085,139)** |  |  | **1142522** |

---

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| **SMALL BUSINESS LOANS (87.19%)<sup>(b)(c)(d)</sup>** | **SMALL BUSINESS LOANS (87.19%)<sup>(b)(c)(d)</sup>** | **SMALL BUSINESS LOANS (87.19%)<sup>(b)(c)(d)</sup>** | |
| **United States (87.19%)** |  |  |  |
| $3085 1548102, 4.60%, 7/4/2020<sup>(e)</sup> | 1/9/2019 | 3083 |  |
| 3962 1582381, 6.77%, 7/24/2020<sup>(e)</sup> | 1/29/2019 | 3958 |  |
| 1489 1584984, 4.59%, 7/26/2020<sup>(e)</sup> | 1/31/2019 | 1488 |  |
| 334 1585089, 5.68%, 7/26/2020<sup>(e)</sup> | 1/31/2019 | 334 |  |
| 10597 1589658, 3.79%, 7/29/2020<sup>(e)</sup> | 2/1/2019 | 10597 | 1 |
| 196 1593258, 5.84%, 7/31/2020<sup>(e)</sup> | 2/5/2019 | 195 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $110 1593594, 6.78%, 7/31/2020<sup>(e)</sup> | 2/5/2019 | 109 | $– |
| 617 1597661, 5.09%, 8/2/2020<sup>(e)</sup> | 2/7/2019 | 616 |  |
| 3674 1614869, 5.66%, 8/13/2020<sup>(e)</sup> | 2/19/2019 | 3665 |  |
| 315 1619931, 5.85%, 8/14/2020<sup>(e)</sup> | 2/20/2019 | 314 |  |
| 29567 1642532, 6.44%, 8/25/2020<sup>(e)</sup> | 2/28/2019 | 29537 | 1 |
| 717 1644626, 5.82%, 8/26/2020<sup>(e)</sup> | 3/1/2019 | 716 |  |
| 1304 1647130, 5.66%, 8/27/2020<sup>(e)</sup> | 3/4/2019 | 1301 |  |
| 965 1653001, 7.21%, 9/1/2020<sup>(e)</sup> | 3/6/2019 | 965 |  |
| 8795 1666941, 6.41%, 9/8/2020<sup>(e)</sup> | 3/13/2019 | 8794 |  |
| 5472 1671864, 5.78%, 9/11/2020<sup>(e)</sup> | 3/14/2019 | 5472 |  |
| 551 1673730, 6.38%, 9/12/2020<sup>(e)</sup> | 3/15/2019 | 551 |  |
| 970 1688605, 6.49%, 9/18/2020<sup>(e)</sup> | 3/21/2019 | 971 |  |
| 3619 1688902, 5.11%, 9/18/2020<sup>(e)</sup> | 3/21/2019 | 3618 |  |
| 322 1689677, 6.04%, 9/18/2020<sup>(e)</sup> | 3/21/2019 | 322 |  |
| 3873 1690358, 4.35%, 9/18/2020<sup>(e)</sup> | 3/21/2019 | 3873 |  |
| 5886 1690894, 6.02%, 9/18/2020<sup>(e)</sup> | 3/21/2019 | 5886 |  |
| 1155 1729242, 5.78%, 10/3/2020<sup>(e)</sup> | 4/8/2019 | 1154 |  |
| 1171 1739156, 3.47%, 10/6/2020<sup>(e)</sup> | 4/11/2019 | 1171 |  |
| 1088 1749348, 5.01%, 10/10/2020<sup>(e)</sup> | 4/15/2019 | 1075 |  |
| 61103 1760439, 5.01%, 10/16/2020<sup>(e)</sup> | 4/19/2019 | 61089 | 1 |
| 396 1775545, 6.71%, 10/22/2020<sup>(e)</sup> | 4/25/2019 | 396 |  |
| 7118 1782187, 5.63%, 10/24/2020<sup>(e)</sup> | 4/29/2019 | 7106 |  |
| 5194 1783373, 4.54%, 10/24/2020<sup>(e)</sup> | 4/29/2019 | 5194 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 9

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $287 1788029, 5.84%, 10/26/2020<sup>(e)</sup> | 5/1/2019 | 287 | $– |
| 3942 1791383, 6.41%, 10/28/2020<sup>(e)</sup> | 5/2/2019 | 3942 |  |
| 493 1813719, 5.80%, 11/7/2020<sup>(e)</sup> | 5/10/2019 | 493 |  |
| 332 1820693, 5.80%, 11/9/2020<sup>(e)</sup> | 5/14/2019 | 332 |  |
| 3825 1820908, 5.80%, 11/9/2020<sup>(e)</sup> | 5/14/2019 | 3826 |  |
| 1506 1824445, 5.79%, 11/10/2020<sup>(e)</sup> | 5/15/2019 | 1506 |  |
| 807 1841518, 6.41%, 11/16/2020<sup>(e)</sup> | 5/21/2019 | 808 |  |
| 6525 1850471, 5.77%, 11/21/2020<sup>(e)</sup> | 5/24/2019 | 6525 |  |
| 23704 1857938, 6.42%, 11/23/2020<sup>(e)</sup> | 5/29/2019 | 23704 | 1 |
| 4008 1860995, 7.20%, 11/24/2020<sup>(e)</sup> | 5/30/2019 | 4009 |  |
| 1768 1863181, 5.79%, 11/26/2020<sup>(e)</sup> | 5/31/2019 | 1768 |  |
| 1713 1873479, 5.80%, 11/30/2020<sup>(e)</sup> | 6/4/2019 | 1714 |  |
| 561 1880932, 6.73%, 12/1/2020<sup>(e)</sup> | 6/6/2019 | 561 |  |
| 2656 1889402, 5.01%, 12/5/2020<sup>(e)</sup> | 6/10/2019 | 2560 | 1 |
| 2230 1898014, 3.78%, 12/8/2020<sup>(e)</sup> | 6/13/2019 | 2229 |  |
| 1473 1899920, 7.18%, 12/10/2020<sup>(e)</sup> | 6/13/2019 | 1474 |  |
| 3480 1906277, 6.71%, 12/12/2020<sup>(e)</sup> | 6/17/2019 | 3472 |  |
| 7423 1907614, 6.71%, 12/12/2020<sup>(e)</sup> | 6/17/2019 | 7422 |  |
| 5514 1935809, 3.90%, 12/22/2020<sup>(e)</sup> | 6/27/2019 | 5513 |  |
| 215 1935883, 6.51%, 12/22/2020<sup>(e)</sup> | 6/27/2019 | 215 |  |
| 967 1936562, 5.74%, 12/23/2020<sup>(e)</sup> | 6/27/2019 | 965 |  |
| 1574 1937906, 5.12%, 12/24/2020<sup>(e)</sup> | 6/27/2019 | 1574 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $312 1939533, 5.73%, 12/24/2020<sup>(e)</sup> | 6/27/2019 | 312 | $1 |
| 1409 1939920, 5.11%, 12/24/2020<sup>(e)</sup> | 6/27/2019 | 1410 |  |
| 4251 1951399, 4.57%, 12/28/2020<sup>(e)</sup> | 7/3/2019 | 4248 |  |
| 21176 1952526, 4.56%, 12/28/2020<sup>(e)</sup> | 7/3/2019 | 21176 | 1 |
| 3535 1954457, 5.65%, 12/29/2020<sup>(e)</sup> | 7/5/2019 | 3535 |  |
| 1283 1956268, 5.62%, 1/1/2021<sup>(e)</sup> | 7/5/2019 | 1282 |  |
| 6727 1957392, 5.62%, 1/1/2021<sup>(e)</sup> | 7/5/2019 | 6727 |  |
| 4978 1969396, 5.02%, 1/5/2021<sup>(e)</sup> | 7/10/2019 | 4978 |  |
| 3807 1971120, 7.17%, 1/7/2021<sup>(e)</sup> | 7/11/2019 | 3805 |  |
| 319 1974969, 5.77%, 1/8/2021<sup>(e)</sup> | 7/11/2019 | 320 |  |
| 24942 1995397, 5.62%, 1/16/2021<sup>(e)</sup> | 7/19/2019 | 24942 | 1 |
| 123 2002359, 5.81%, 1/18/2021<sup>(e)</sup> | 7/23/2019 | 123 |  |
| 2193 2003516, 4.55%, 1/18/2021<sup>(e)</sup> | 7/23/2019 | 2194 |  |
| 2401 2015576, 4.55%, 1/24/2021<sup>(e)</sup> | 7/29/2019 | 2395 |  |
| 464 2022374, 5.80%, 1/25/2021<sup>(e)</sup> | 7/30/2019 | 465 |  |
| 1802 2034758, 5.79%, 1/30/2021<sup>(e)</sup> | 8/2/2019 | 1802 |  |
| 288 2042030, 6.72%, 2/1/2021<sup>(e)</sup> | 8/6/2019 | 288 |  |
| 1523 2044993, 5.64%, 2/2/2021<sup>(e)</sup> | 8/7/2019 | 1523 |  |
| 2900 2045020, 6.73%, 2/2/2021<sup>(e)</sup> | 8/7/2019 | 2900 |  |
| 1999 2050834, 3.78%, 2/5/2021<sup>(e)</sup> | 8/8/2019 | 1998 |  |
| 461 2064400, 6.73%, 2/9/2021<sup>(e)</sup> | 8/14/2019 | 461 |  |
| 8935 2064937, 6.41%, 2/9/2021<sup>(e)</sup> | 8/14/2019 | 8936 | 3 |
| 710 2076746, 5.77%, 2/13/2021<sup>(e)</sup> | 8/16/2019 | 709 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 11

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1572 2091346, 5.79%, 2/16/2021<sup>(e)</sup> | 8/21/2019 | 1572 | $– |
| 2350 2091583, 6.72%, 2/17/2021<sup>(e)</sup> | 8/22/2019 | 2349 |  |
| 5276 2093924, 5.77%, 2/19/2021<sup>(e)</sup> | 8/22/2019 | 5276 |  |
| 1211 2095700, 6.71%, 2/19/2021<sup>(e)</sup> | 8/22/2019 | 1211 |  |
| 3320 2096337, 6.70%, 2/20/2021<sup>(e)</sup> | 8/23/2019 | 3318 |  |
| 335 2097641, 5.77%, 2/20/2021<sup>(e)</sup> | 8/23/2019 | 335 |  |
| 3305 2107007, 6.72%, 2/23/2021<sup>(e)</sup> | 8/28/2019 | 3299 |  |
| 3218 2118140, 5.77%, 2/27/2021<sup>(e)</sup> | 8/30/2019 | 3218 |  |
| 727 2118711, 7.16%, 2/27/2021<sup>(e)</sup> | 8/30/2019 | 727 |  |
| 3515 2124347, 5.04%, 2/28/2021<sup>(e)</sup> | 9/4/2019 | 3514 |  |
| 3276 2124530, 5.82%, 2/28/2021<sup>(e)</sup> | 9/4/2019 | 3276 |  |
| 2289 2127198, 5.82%, 2/28/2021<sup>(e)</sup> | 9/4/2019 | 2289 |  |
| 895 2143775, 3.80%, 3/5/2021<sup>(e)</sup> | 9/10/2019 | 895 |  |
| 3988 2146490, 3.48%, 3/5/2021<sup>(e)</sup> | 9/10/2019 | 3989 |  |
| 10808 2153324, 5.03%, 3/9/2021<sup>(e)</sup> | 9/12/2019 | 10807 | 1 |
| 12425 2154168, 4.57%, 3/9/2021<sup>(e)</sup> | 9/12/2019 | 12425 | 1 |
| 5500 2167809, 7.22%, 3/13/2021<sup>(e)</sup> | 9/18/2019 | 5500 |  |
| 1983 2170053, 4.58%, 3/13/2021<sup>(e)</sup> | 9/18/2019 | 1983 |  |
| 3147 2177062, 5.65%, 3/17/2021<sup>(e)</sup> | 9/20/2019 | 3147 |  |
| 1057 2195443, 3.47%, 3/24/2021<sup>(e)</sup> | 9/27/2019 | 1057 |  |
| 3389 2195971, 6.73%, 3/24/2021<sup>(e)</sup> | 9/27/2019 | 3389 |  |
| 5801 2196017, 5.81%, 3/24/2021<sup>(e)</sup> | 9/27/2019 | 5801 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $4983 2196788, 5.81%, 3/24/2021<sup>(e)</sup> | 9/27/2019 | 4983 | $2 |
| 187 2199055, 5.03%, 3/25/2021<sup>(e)</sup> | 9/30/2019 | 187 |  |
| 679 2200159, 3.78%, 3/25/2021<sup>(e)</sup> | 9/30/2019 | 679 |  |
| 16485 2201629, 6.45%, 3/26/2021<sup>(e)</sup> | 10/1/2019 | 16477 |  |
| 1865 2209692, 5.80%, 3/30/2021<sup>(e)</sup> | 10/3/2019 | 1865 |  |
| 1497 2218683, 3.48%, 4/2/2021<sup>(e)</sup> | 10/7/2019 | 1495 |  |
| 2548 2241112, 6.72%, 4/8/2021<sup>(e)</sup> | 10/11/2019 | 2548 |  |
| 6525 2247847, 4.59%, 4/10/2021<sup>(e)</sup> | 10/16/2019 | 6525 |  |
| 208 2256883, 3.89%, 4/14/2021<sup>(e)</sup> | 10/18/2019 | 207 |  |
| 3711 2259998, 6.72%, 4/15/2021<sup>(e)</sup> | 10/18/2019 | 3708 |  |
| 4893 2263574, 6.72%, 4/16/2021<sup>(e)</sup> | 10/21/2019 | 4883 |  |
| 3075 2269360, 7.21%, 4/17/2021<sup>(e)</sup> | 10/22/2019 | 3076 |  |
| 2750 2274254, 5.65%, 4/20/2021<sup>(e)</sup> | 10/24/2019 | 2750 |  |
| 37363 2275768, 3.90%, 4/21/2021<sup>(e)</sup> | 10/24/2019 | 37363 | (1) |
| 2624 2279635, 4.36%, 4/22/2021<sup>(e)</sup> | 10/25/2019 | 2617 |  |
| 26268 2281744, 4.36%, 4/22/2021<sup>(e)</sup> | 10/25/2019 | 26268 |  |
| 837 2283626, 5.81%, 4/23/2021<sup>(e)</sup> | 10/28/2019 | 837 |  |
| 589 2290461, 5.85%, 4/25/2021<sup>(e)</sup> | 10/30/2019 | 588 |  |
| 2946 2290671, 6.75%, 4/25/2021<sup>(e)</sup> | 10/30/2019 | 2945 |  |
| 3651 2291658, 5.76%, 4/25/2021<sup>(e)</sup> | 10/30/2019 | 3652 |  |
| 767 2292201, 5.16%, 4/25/2021<sup>(e)</sup> | 10/30/2019 | 767 |  |
| 2067 2292361, 6.53%, 4/25/2021<sup>(e)</sup> | 10/30/2019 | 2067 |  |
| 5297 2293918, 7.19%, 4/27/2021<sup>(e)</sup> | 10/31/2019 | 5297 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 13

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $3327 2302369, 7.19%, 4/30/2021<sup>(e)</sup> | 11/4/2019 | 3326 | $– |
| 15022 2304806, 4.56%, 4/30/2021<sup>(e)</sup> | 11/4/2019 | 14983 | 1 |
| 8898 2307058, 5.68%, 4/30/2021<sup>(e)</sup> | 11/5/2019 | 8890 | 1 |
| 782 2313732, 5.68%, 5/2/2021<sup>(e)</sup> | 11/7/2019 | 781 |  |
| 1677 2314048, 4.59%, 5/3/2021<sup>(e)</sup> | 11/7/2019 | 1673 |  |
| 2792 2317664, 4.57%, 5/4/2021<sup>(e)</sup> | 11/7/2019 | 2791 |  |
| 2205 2319896, 3.48%, 5/5/2021<sup>(e)</sup> | 11/8/2019 | 2204 |  |
| 9757 2321137, 6.75%, 5/5/2021<sup>(e)</sup> | 11/8/2019 | 9728 | 1 |
| 11326 2321696, 6.44%, 5/5/2021<sup>(e)</sup> | 11/8/2019 | 11321 |  |
| 6144 2324513, 5.82%, 5/6/2021<sup>(e)</sup> | 11/12/2019 | 6134 | 1 |
| 7234 2330138, 6.78%, 5/7/2021<sup>(e)</sup> | 11/13/2019 | 7227 |  |
| 674 2334179, 5.87%, 5/8/2021<sup>(e)</sup> | 11/14/2019 | 673 |  |
| 2162 2334953, 5.05%, 5/11/2021<sup>(e)</sup> | 11/15/2019 | 2156 |  |
| 4241 2337867, 3.80%, 5/11/2021<sup>(e)</sup> | 11/15/2019 | 4239 |  |
| 294 2338036, 4.60%, 5/11/2021<sup>(e)</sup> | 11/15/2019 | 293 |  |
| 2130 2340058, 6.75%, 5/12/2021<sup>(e)</sup> | 11/15/2019 | 2127 |  |
| 109 2341864, 7.19%, 5/12/2021<sup>(e)</sup> | 11/15/2019 | 108 |  |
| 7669 2351912, 5.68%, 5/14/2021<sup>(e)</sup> | 11/19/2019 | 7666 |  |
| 834 2352868, 5.22%, 5/14/2021<sup>(e)</sup> | 11/19/2019 | 833 |  |
| 1230 2353875, 4.55%, 5/15/2021<sup>(e)</sup> | 11/20/2019 | 1229 |  |
| 10605 2353915, 5.22%, 5/15/2021<sup>(e)</sup> | 11/20/2019 | 10601 |  |
| 1218 2355375, 3.16%, 5/15/2021<sup>(e)</sup> | 11/20/2019 | 1218 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $12454 2355381, 4.55%, 5/15/2021<sup>(e)</sup> | 11/20/2019 | 12450 | $– |
| 18146 2357103, 4.55%, 5/15/2021<sup>(e)</sup> | 11/20/2019 | 18123 |  |
| 2640 2357897, 5.01%, 5/15/2021<sup>(e)</sup> | 11/20/2019 | 2638 |  |
| 609 2360356, 5.13%, 5/17/2021<sup>(e)</sup> | 11/21/2019 | 609 |  |
| 8392 2360582, 3.76%, 5/17/2021<sup>(e)</sup> | 11/21/2019 | 8389 |  |
| 3267 2362529, 4.38%, 5/18/2021<sup>(e)</sup> | 11/21/2019 | 3264 |  |
| 1615 2365137, 4.99%, 5/18/2021<sup>(e)</sup> | 11/21/2019 | 1615 |  |
| 1513 2367039, 3.29%, 5/19/2021<sup>(e)</sup> | 11/22/2019 | 1511 |  |
| 2290 2367052, 4.38%, 5/19/2021<sup>(e)</sup> | 11/22/2019 | 2289 |  |
| 2583 2368269, 4.53%, 5/19/2021<sup>(e)</sup> | 11/22/2019 | 2581 |  |
| 613 2370479, 5.66%, 5/20/2021<sup>(e)</sup> | 11/25/2019 | 610 |  |
| 652 2375072, 3.30%, 5/21/2021<sup>(e)</sup> | 11/26/2019 | 651 |  |
| 18646 2375697, 4.39%, 5/21/2021<sup>(e)</sup> | 11/26/2019 | 18640 |  |
| 5916 2378064, 5.21%, 5/22/2021<sup>(e)</sup> | 11/27/2019 | 5908 |  |
| 7857 2378913, 4.55%, 5/22/2021<sup>(e)</sup> | 11/27/2019 | 7852 |  |
| 2513 2378980, 5.22%, 5/22/2021<sup>(e)</sup> | 11/27/2019 | 2511 |  |
| 4649 2380327, 3.30%, 5/22/2021<sup>(e)</sup> | 11/27/2019 | 4648 |  |
| 2471 2382061, 4.86%, 5/23/2021<sup>(e)</sup> | 11/29/2019 | 2421 |  |
| 16035 2384037, 5.76%, 5/25/2021<sup>(e)</sup> | 11/29/2019 | 16026 | 1 |
| 1296 2384123, 5.13%, 5/25/2021<sup>(e)</sup> | 11/29/2019 | 1296 |  |
| 1759 2384328, 4.53%, 5/25/2021<sup>(e)</sup> | 11/29/2019 | 1758 |  |
| 9230 2384659, 5.15%, 5/25/2021<sup>(e)</sup> | 11/29/2019 | 9225 |  |
| 1395 2384791, 5.15%, 5/25/2021<sup>(e)</sup> | 11/29/2019 | 1394 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 15

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $4236 2385394, 4.53%, 5/25/2021<sup>(e)</sup> | 11/29/2019 | 4233 | $– |
| 69799 2386538, 3.29%, 5/25/2021<sup>(e)</sup> | 11/29/2019 | 69779 |  |
| 7249 2389003, 4.54%, 5/26/2021<sup>(e)</sup> | 12/2/2019 | 7246 |  |
| 7598 2389913, 5.21%, 5/26/2021<sup>(e)</sup> | 12/2/2019 | 7533 | 1 |
| 11356 2393947, 4.54%, 5/26/2021<sup>(e)</sup> | 12/2/2019 | 11346 |  |
| 11785 2396071, 5.54%, 5/27/2021<sup>(e)</sup> | 12/3/2019 | 11770 |  |
| 7352 2399996, 5.07%, 5/28/2021<sup>(e)</sup> | 12/4/2019 | 7345 |  |
| 1369 2400418, 5.22%, 5/28/2021<sup>(e)</sup> | 12/4/2019 | 1368 |  |
| 899 2402558, 5.20%, 5/29/2021<sup>(e)</sup> | 12/4/2019 | 899 |  |
| 216 2404856, 3.30%, 5/30/2021<sup>(e)</sup> | 12/5/2019 | 216 |  |
| 956 2411275, 4.58%, 6/2/2021<sup>(e)</sup> | 12/5/2019 | 955 |  |
| 2855 2413355, 5.03%, 6/3/2021<sup>(e)</sup> | 12/6/2019 | 2854 |  |
| 2178 2413407, 5.19%, 6/3/2021<sup>(e)</sup> | 12/6/2019 | 2176 |  |
| 10056 2414589, 3.90%, 6/3/2021<sup>(e)</sup> | 12/6/2019 | 10048 |  |
| 18282 2414998, 4.52%, 6/3/2021<sup>(e)</sup> | 12/6/2019 | 18275 |  |
| 12472 2417947, 4.52%, 6/4/2021<sup>(e)</sup> | 12/9/2019 | 12442 |  |
| 2457 2428610, 4.54%, 6/7/2021<sup>(e)</sup> | 12/12/2019 | 2457 |  |
| 1957 2429244, 4.53%, 6/8/2021<sup>(e)</sup> | 12/12/2019 | 1956 |  |
| 3948 2431645, 4.52%, 6/9/2021<sup>(e)</sup> | 12/12/2019 | 3946 |  |
| 307 2432110, 4.86%, 6/9/2021<sup>(e)</sup> | 12/12/2019 | 307 |  |
| 862 2438281, 4.56%, 6/10/2021<sup>(e)</sup> | 12/13/2019 | 861 |  |
| 516 2443888, 4.88%, 6/12/2021<sup>(e)</sup> | 12/17/2019 | 515 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1289 2448231, 5.05%, 6/13/2021<sup>(e)</sup> | 12/18/2019 | 1287 | $– |
| 10161 2449329, 4.54%, 6/13/2021<sup>(e)</sup> | 12/18/2019 | 10159 |  |
| 1039 2449975, 4.84%, 6/13/2021<sup>(e)</sup> | 12/18/2019 | 1038 |  |
| 4318 2450948, 4.38%, 6/14/2021<sup>(e)</sup> | 12/19/2019 | 4316 |  |
| 3248 2456049, 4.53%, 6/16/2021<sup>(e)</sup> | 12/19/2019 | 3246 |  |
| 1335 2456291, 3.27%, 6/16/2021<sup>(e)</sup> | 12/19/2019 | 1334 |  |
| 1313 2458260, 3.94%, 6/17/2021<sup>(e)</sup> | 12/20/2019 | 1312 |  |
| 24220 2470811, 3.76%, 6/20/2021<sup>(e)</sup> | 12/26/2019 | 24212 | 1 |
| 2226 2470977, 3.76%, 6/20/2021<sup>(e)</sup> | 12/26/2019 | 2225 |  |
| 3324 2472487, 3.30%, 6/20/2021<sup>(e)</sup> | 12/26/2019 | 3323 |  |
| 480 2473605, 4.70%, 6/20/2021<sup>(e)</sup> | 12/26/2019 | 480 |  |
| 2988 2475472, 4.39%, 6/21/2021<sup>(e)</sup> | 12/27/2019 | 2987 |  |
| 3933 2476003, 4.54%, 6/22/2021<sup>(e)</sup> | 12/27/2019 | 3931 |  |
| 1626 2476069, 4.53%, 6/22/2021<sup>(e)</sup> | 12/27/2019 | 1625 |  |
| 4181 2476664, 4.70%, 6/22/2021<sup>(e)</sup> | 12/27/2019 | 4179 |  |
| 1026 2476728, 4.54%, 6/23/2021<sup>(e)</sup> | 12/27/2019 | 1025 |  |
| 3131 2478636, 4.53%, 6/23/2021<sup>(e)</sup> | 12/27/2019 | 3129 |  |
| 2669 2479009, 4.53%, 6/23/2021<sup>(e)</sup> | 12/27/2019 | 2668 |  |
| 12601 2479619, 4.69%, 6/23/2021<sup>(e)</sup> | 12/27/2019 | 12597 |  |
| 1424 2480598, 4.99%, 6/24/2021<sup>(e)</sup> | 12/30/2019 | 1422 |  |
| 7622 2485471, 4.43%, 6/25/2021<sup>(e)</sup> | 12/31/2019 | 7619 |  |
| 3510 2488287, 5.21%, 6/26/2021<sup>(e)</sup> | 12/31/2019 | 3508 |  |
| 1549 2490396, 5.05%, 6/27/2021<sup>(e)</sup> | 1/2/2020 | 1547 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 17

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $724 2497539, 5.20%, 6/30/2021<sup>(e)</sup> | 1/3/2020 | 724 | $– |
| 2924 2498378, 5.21%, 6/30/2021<sup>(e)</sup> | 1/6/2020 | 2918 |  |
| 49917 2502837, 3.97%, 7/1/2021<sup>(e)</sup> | 1/7/2020 | 49904 | 1 |
| 5823 2503963, 3.30%, 7/2/2021<sup>(e)</sup> | 1/7/2020 | 5819 | 1 |
| 22469 2505876, 4.86%, 7/2/2021<sup>(e)</sup> | 1/7/2020 | 22460 |  |
| 1925 2509629, 4.60%, 7/3/2021<sup>(e)</sup> | 1/8/2020 | 1924 |  |
| 51377 2509852, 5.22%, 7/3/2021<sup>(e)</sup> | 1/8/2020 | 51345 | 1 |
| 2976 2516501, 4.68%, 7/7/2021<sup>(e)</sup> | 1/10/2020 | 2976 |  |
| 1888 2517705, 4.52%, 7/7/2021<sup>(e)</sup> | 1/10/2020 | 1887 |  |
| 407 2517800, 3.29%, 7/7/2021<sup>(e)</sup> | 1/10/2020 | 406 |  |
| 22663 2518351, 4.53%, 7/7/2021<sup>(e)</sup> | 1/10/2020 | 22642 |  |
| 2844 2518902, 3.76%, 7/7/2021<sup>(e)</sup> | 1/10/2020 | 2843 |  |
| 1654 2519841, 5.21%, 7/8/2021<sup>(e)</sup> | 1/13/2020 | 1651 |  |
| 1257 2524988, 5.54%, 7/9/2021<sup>(e)</sup> | 1/14/2020 | 1256 |  |
| 186 2528835, 5.23%, 7/10/2021<sup>(e)</sup> | 1/15/2020 | 185 |  |
| 328 2533327, 4.68%, 7/13/2021<sup>(e)</sup> | 1/16/2020 | 327 |  |
| 13659 2534360, 4.38%, 7/13/2021<sup>(e)</sup> | 1/16/2020 | 13656 |  |
| 591 2538592, 4.61%, 7/15/2021<sup>(e)</sup> | 1/21/2020 | 590 |  |
| 1815 2542908, 5.23%, 7/16/2021<sup>(e)</sup> | 1/22/2020 | 1814 |  |
| 9369 2544198, 5.38%, 7/16/2021<sup>(e)</sup> | 1/22/2020 | 9365 |  |
| 2902 2549195, 4.86%, 7/18/2021<sup>(e)</sup> | 1/24/2020 | 2898 |  |
| 2460 2549612, 5.23%, 7/18/2021<sup>(e)</sup> | 1/24/2020 | 2460 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $651 2549989, 5.38%, 7/19/2021<sup>(e)</sup> | 1/24/2020 | 650 | $– |
| 8232 2552764, 5.35%, 7/21/2021<sup>(e)</sup> | 1/24/2020 | 8229 |  |
| 14604 2555589, 5.20%, 7/22/2021<sup>(e)</sup> | 1/27/2020 | 14591 | 1 |
| 5397 2556493, 5.20%, 7/22/2021<sup>(e)</sup> | 1/27/2020 | 5380 |  |
| 914 2557985, 4.53%, 7/22/2021<sup>(e)</sup> | 1/27/2020 | 908 |  |
| 1226 2561360, 5.21%, 7/23/2021<sup>(e)</sup> | 1/28/2020 | 1225 |  |
| 19513 2561505, 5.37%, 7/23/2021<sup>(e)</sup> | 1/28/2020 | 19503 |  |
| 411 2563380, 5.68%, 7/24/2021<sup>(e)</sup> | 1/29/2020 | 411 |  |
| 3668 2565829, 5.22%, 7/24/2021<sup>(e)</sup> | 1/29/2020 | 3666 |  |
| 1480 2566592, 4.85%, 7/25/2021<sup>(e)</sup> | 1/30/2020 | 1478 |  |
| 3890 2568327, 5.20%, 7/27/2021<sup>(e)</sup> | 1/30/2020 | 3888 |  |
| 8063 2575090, 5.51%, 7/29/2021<sup>(e)</sup> | 2/3/2020 | 8041 |  |
| 7435 2582185, 5.22%, 7/30/2021<sup>(e)</sup> | 2/4/2020 | 7431 |  |
| 882 2583437, 3.96%, 7/31/2021<sup>(e)</sup> | 2/5/2020 | 882 |  |
| 1922 2586712, 5.53%, 8/1/2021<sup>(e)</sup> | 2/6/2020 | 1921 |  |
| 276 2593131, 5.21%, 8/4/2021<sup>(e)</sup> | 2/7/2020 | 275 |  |
| 2259 2595334, 5.21%, 8/4/2021<sup>(e)</sup> | 2/7/2020 | 2258 |  |
| 825 2600856, 5.68%, 8/6/2021<sup>(e)</sup> | 2/11/2020 | 824 |  |
| 455 2604685, 5.22%, 8/7/2021<sup>(e)</sup> | 2/12/2020 | 454 |  |
| 7114 2608635, 3.96%, 8/9/2021<sup>(e)</sup> | 2/13/2020 | 7086 | 1 |
| 2057 2612996, 4.58%, 8/11/2021<sup>(e)</sup> | 2/14/2020 | 2056 |  |
| 4934 2617161, 4.99%, 8/12/2021<sup>(e)</sup> | 2/18/2020 | 4911 |  |
| 3579 2617448, 5.36%, 8/12/2021<sup>(e)</sup> | 2/18/2020 | 3577 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 19

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $6336 2618092, 5.66%, 8/12/2021<sup>(e)</sup> | 2/18/2020 | 6325 | $– |
| 1468 2619184, 5.52%, 8/12/2021<sup>(e)</sup> | 2/18/2020 | 1462 |  |
| 4428 2626721, 5.23%, 8/14/2021<sup>(e)</sup> | 2/20/2020 | 4426 |  |
| 3357 2629656, 5.21%, 8/16/2021<sup>(e)</sup> | 2/21/2020 | 3353 |  |
| 752 2630040, 5.52%, 8/17/2021<sup>(e)</sup> | 2/21/2020 | 747 |  |
| 5664 2630305, 3.29%, 8/17/2021<sup>(e)</sup> | 2/21/2020 | 5660 |  |
| 1935 2631107, 3.76%, 8/17/2021<sup>(e)</sup> | 2/21/2020 | 1934 |  |
| 1527 2633224, 5.51%, 8/18/2021<sup>(e)</sup> | 2/21/2020 | 1527 |  |
| 231 2633353, 3.34%, 8/18/2021<sup>(e)</sup> | 2/21/2020 | 231 |  |
| 627 2634579, 3.29%, 8/18/2021<sup>(e)</sup> | 2/21/2020 | 627 |  |
| 4033 2635856, 5.20%, 8/19/2021<sup>(e)</sup> | 2/24/2020 | 4029 |  |
| 2390 2636976, 5.66%, 8/19/2021<sup>(e)</sup> | 2/24/2020 | 2389 |  |
| 11163 2640075, 5.53%, 8/20/2021<sup>(e)</sup> | 2/25/2020 | 11157 |  |
| 5657 2641259, 5.37%, 8/20/2021<sup>(e)</sup> | 2/25/2020 | 5645 | 1 |
| 738 2645266, 5.38%, 8/21/2021<sup>(e)</sup> | 2/26/2020 | 736 |  |
| 1521 2647427, 5.22%, 8/22/2021<sup>(e)</sup> | 2/27/2020 | 1520 |  |
| 1096 2647867, 4.61%, 8/22/2021<sup>(e)</sup> | 2/27/2020 | 1095 |  |
| 3598 2649114, 3.95%, 8/24/2021<sup>(e)</sup> | 2/27/2020 | 3595 |  |
| 2664 2650865, 3.95%, 8/25/2021<sup>(e)</sup> | 2/28/2020 | 2661 |  |
| 2899 2650934, 5.20%, 8/25/2021<sup>(e)</sup> | 2/28/2020 | 2898 |  |
| 3492 2654975, 5.20%, 8/25/2021<sup>(e)</sup> | 2/28/2020 | 3490 |  |
| 3716 2658727, 5.36%, 8/26/2021<sup>(e)</sup> | 3/2/2020 | 3712 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1284 2676632, 5.18%, 9/3/2021<sup>(e)</sup> | 3/6/2020 | 1284 | $– |
| 1506 2679091, 5.64%, 9/4/2021<sup>(e)</sup> | 3/9/2020 | 1504 |  |
| 9495 2686204, 5.20%, 9/5/2021<sup>(e)</sup> | 3/10/2020 | 9490 | 1 |
| 19907 2691293, 5.04%, 9/6/2021<sup>(e)</sup> | 3/11/2020 | 19899 | 1 |
| 25627 2695602, 4.51%, 9/9/2021<sup>(e)</sup> | 3/12/2020 | 25619 |  |
| 2628 2696320, 5.17%, 9/9/2021<sup>(e)</sup> | 3/12/2020 | 2627 |  |
| 907 2699394, 5.64%, 9/10/2021<sup>(e)</sup> | 3/13/2020 | 903 |  |
| 5219 2703262, 4.51%, 9/11/2021<sup>(e)</sup> | 3/16/2020 | 5215 |  |
| 1928 2703986, 3.28%, 9/11/2021<sup>(e)</sup> | 3/16/2020 | 1927 |  |
| 2007 2705658, 3.74%, 9/11/2021<sup>(e)</sup> | 3/16/2020 | 2005 |  |
| 2157 3121700, 3.38%, 2/4/2022<sup>(e)</sup> | 8/7/2020 | 2155 |  |
| 5202 3124653, 6.09%, 2/8/2022<sup>(e)</sup> | 8/13/2020 | 5199 |  |
| 1727 3135931, 3.37%, 2/19/2022<sup>(e)</sup> | 8/24/2020 | 1725 |  |
| 705 3143453, 6.69%, 2/21/2022<sup>(e)</sup> | 8/26/2020 | 700 |  |
| 4591 3145811, 5.29%, 2/22/2022<sup>(e)</sup> | 8/27/2020 | 4588 |  |
| 801 3152219, 4.02%, 2/25/2022<sup>(e)</sup> | 8/28/2020 | 800 |  |
| 3417 3153456, 3.38%, 2/26/2022<sup>(e)</sup> | 8/31/2020 | 3410 |  |
| 5051 3153489, 6.38%, 2/26/2022<sup>(e)</sup> | 8/31/2020 | 5045 |  |
| 158 3167289, 3.40%, 3/3/2022<sup>(e)</sup> | 9/9/2020 | 157 |  |
| 307 3176428, 4.80%, 3/9/2022<sup>(e)</sup> | 9/14/2020 | 306 |  |
| 644 3182781, 5.32%, 3/10/2022<sup>(e)</sup> | 9/15/2020 | 643 |  |
| 1678 3184063, 4.70%, 3/10/2022<sup>(e)</sup> | 9/15/2020 | 1677 |  |
| 4077 3192537, 6.44%, 3/11/2022<sup>(e)</sup> | 9/16/2020 | 4068 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 21

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $122 3204855, 4.03%, 3/16/2022<sup>(e)</sup> | 9/21/2020 | 118 | $– |
| 887 3205439, 6.71%, 3/16/2022<sup>(e)</sup> | 9/21/2020 | 882 |  |
| 385 3212891, 6.44%, 3/19/2022<sup>(e)</sup> | 9/24/2020 | 380 |  |
| 1415 3213460, 3.40%, 3/20/2022<sup>(e)</sup> | 9/24/2020 | 1415 |  |
| 670 3216331, 6.07%, 3/21/2022<sup>(e)</sup> | 9/24/2020 | 670 |  |
| 668 3230210, 3.40%, 3/24/2022<sup>(e)</sup> | 9/29/2020 | 668 |  |
| 897 3233633, 5.44%, 3/26/2022<sup>(e)</sup> | 10/1/2020 | 894 |  |
| 546 3236737, 3.41%, 3/28/2022<sup>(e)</sup> | 10/1/2020 | 545 |  |
| 351 3238295, 4.76%, 3/28/2022<sup>(e)</sup> | 10/1/2020 | 350 |  |
| 4441 3241924, 6.41%, 3/30/2022<sup>(e)</sup> | 10/5/2020 | 4422 |  |
| 181 3246786, 7.87%, 4/2/2022<sup>(e)</sup> | 10/7/2020 | 181 |  |
| 3731 3261505, 4.03%, 4/12/2022<sup>(e)</sup> | 10/16/2020 | 3729 |  |
| 327 3289596, 3.38%, 4/20/2022<sup>(e)</sup> | 10/23/2020 | 326 |  |
| 821 3300772, 4.75%, 4/26/2022<sup>(e)</sup> | 10/29/2020 | 820 |  |
| 768 3311663, 5.74%, 4/30/2022<sup>(e)</sup> | 11/4/2020 | 765 |  |
| 1543 3313180, 6.00%, 5/2/2022<sup>(e)</sup> | 11/5/2020 | 1540 |  |
| 7266 3316174, 3.36%, 5/3/2022<sup>(e)</sup> | 11/6/2020 | 7262 |  |
| 5076 3322032, 2.73%, 5/5/2022<sup>(e)</sup> | 11/10/2020 | 5071 | 1 |
| 1532 3325092, 2.74%, 5/6/2022<sup>(e)</sup> | 11/12/2020 | 1532 |  |
| 740 3326688, 2.72%, 5/8/2022<sup>(e)</sup> | 11/13/2020 | 740 |  |
| 1060 3327782, 5.36%, 5/9/2022<sup>(e)</sup> | 11/13/2020 | 1059 |  |
| 2657 3328038, 5.44%, 5/9/2022<sup>(e)</sup> | 11/13/2020 | 2656 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $2830 3328843, 2.74%, 5/9/2022<sup>(e)</sup> | 11/13/2020 | 2828 | $– |
| 497 3329873, 6.02%, 5/10/2022<sup>(e)</sup> | 11/16/2020 | 493 |  |
| 523 3333745, 2.74%, 5/11/2022<sup>(e)</sup> | 11/17/2020 | 523 |  |
| 537 3333993, 4.10%, 5/11/2022<sup>(e)</sup> | 11/17/2020 | 536 |  |
| 516 3351623, 2.71%, 5/18/2022<sup>(e)</sup> | 11/23/2020 | 516 |  |
| 3788 3382909, 5.77%, 5/25/2022<sup>(e)</sup> | 12/1/2020 | 3780 |  |
| 935 3389928, 5.37%, 5/28/2022<sup>(e)</sup> | 12/3/2020 | 933 |  |
| 320 3409472, 6.01%, 6/3/2022<sup>(e)</sup> | 12/8/2020 | 320 |  |
| 385 3410045, 5.45%, 6/4/2022<sup>(e)</sup> | 12/9/2020 | 385 |  |
| 5891 3431112, 4.00%, 6/12/2022<sup>(e)</sup> | 12/17/2020 | 5848 |  |
| 655 3431910, 3.35%, 6/14/2022<sup>(e)</sup> | 12/17/2020 | 654 |  |
| 108 3433072, 4.64%, 6/14/2022<sup>(e)</sup> | 12/17/2020 | 108 |  |
| 1086 3443229, 3.35%, 6/17/2022<sup>(e)</sup> | 12/22/2020 | 1086 |  |
| 225 3464887, 4.09%, 6/23/2022<sup>(e)</sup> | 12/29/2020 | 224 |  |
| 1595 3469785, 7.14%, 6/24/2022<sup>(e)</sup> | 12/30/2020 | 1593 |  |
| 3644 3472830, 5.36%, 6/27/2022<sup>(e)</sup> | 12/31/2020 | 3628 |  |
| 2429 3476208, 7.10%, 6/28/2022<sup>(e)</sup> | 12/31/2020 | 2426 |  |
| 511 3487387, 6.02%, 6/30/2022<sup>(e)</sup> | 1/5/2021 | 510 |  |
| 1622 3493566, 7.15%, 6/30/2022<sup>(e)</sup> | 1/6/2021 | 1620 |  |
| 106 3515495, 5.37%, 7/7/2022<sup>(e)</sup> | 1/12/2021 | 105 |  |
| 4107 3520760, 4.01%, 7/8/2022<sup>(e)</sup> | 1/13/2021 | 4102 |  |
| 1768 3559058, 5.74%, 7/18/2022<sup>(e)</sup> | 1/22/2021 | 1757 |  |
| 2916 3561368, 3.99%, 7/19/2022<sup>(e)</sup> | 1/22/2021 | 2914 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 23

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $2331 3576606, 4.02%, 7/22/2022<sup>(e)</sup> | 1/27/2021 | 2327 | $– |
| 3956 3578518, 4.01%, 7/22/2022<sup>(e)</sup> | 1/27/2021 | 3941 |  |
| 26929 3607558, 5.07%, 7/28/2022<sup>(e)</sup> | 2/2/2021 | 26910 | 1 |
| 3676 3608402, 6.44%, 7/29/2022<sup>(e)</sup> | 2/3/2021 | 3661 |  |
| 792 3616313, 3.34%, 8/1/2022<sup>(e)</sup> | 2/4/2021 | 791 |  |
| 329 3619481, 3.32%, 8/2/2022<sup>(e)</sup> | 2/5/2021 | 328 |  |
| 3501 3621175, 3.32%, 8/3/2022<sup>(e)</sup> | 2/8/2021 | 3499 |  |
| 2377 3627528, 5.07%, 8/4/2022<sup>(e)</sup> | 2/9/2021 | 2374 |  |
| 3788 3633717, 5.05%, 8/8/2022<sup>(e)</sup> | 2/11/2021 | 3786 |  |
| 2136 3642391, 5.08%, 8/11/2022<sup>(e)</sup> | 2/17/2021 | 2131 |  |
| 1522 3651032, 3.34%, 8/16/2022<sup>(e)</sup> | 2/19/2021 | 1520 |  |
| 3168 3651106, 5.06%, 8/16/2022<sup>(e)</sup> | 2/19/2021 | 3167 |  |
| 3192 3685877, 3.34%, 8/19/2022<sup>(e)</sup> | 2/24/2021 | 3190 |  |
| 3417 3702579, 5.05%, 8/22/2022<sup>(e)</sup> | 2/25/2021 | 3414 |  |
| 442 3805509, 5.04%, 9/4/2022<sup>(e)</sup> | 3/9/2021 | 441 |  |
| 4087 3814561, 3.94%, 9/5/2022<sup>(e)</sup> | 3/10/2021 | 4084 |  |
| 2885 3828194, 4.71%, 9/9/2022<sup>(e)</sup> | 3/12/2021 | 2883 |  |
| 2087 3843127, 3.32%, 9/11/2022<sup>(e)</sup> | 3/16/2021 | 2085 |  |
| 11467 3859051, 4.71%, 9/15/2022<sup>(e)</sup> | 3/18/2021 | 11462 |  |
| 4495 3880771, 3.95%, 9/19/2022<sup>(e)</sup> | 3/24/2021 | 4493 |  |
| 221 3887435, 3.32%, 9/22/2022<sup>(e)</sup> | 3/25/2021 | 220 |  |
| 604 3929453, 3.33%, 9/27/2022<sup>(e)</sup> | 4/1/2021 | 602 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1302 3930006, 3.32%, 9/27/2022<sup>(e)</sup> | 4/1/2021 | 1297 | $– |
| 1401 3931195, 6.39%, 9/28/2022<sup>(e)</sup> | 4/1/2021 | 1392 |  |
| 948 3931799, 3.32%, 9/28/2022<sup>(e)</sup> | 4/1/2021 | 947 |  |
| 175 3963250, 3.38%, 10/1/2022<sup>(e)</sup> | 4/6/2021 | 175 |  |
| 3627 3964425, 3.96%, 10/1/2022<sup>(e)</sup> | 4/6/2021 | 3623 |  |
| 6771 3983092, 5.29%, 10/5/2022<sup>(e)</sup> | 4/8/2021 | 6763 |  |
| 4754 3989505, 3.32%, 10/6/2022<sup>(e)</sup> | 4/9/2021 | 4753 |  |
| 831 3990101, 3.31%, 10/6/2022<sup>(e)</sup> | 4/9/2021 | 830 |  |
| 1458 4019768, 6.41%, 10/10/2022<sup>(e)</sup> | 4/15/2021 | 1455 |  |
| 438 4020491, 4.74%, 10/10/2022<sup>(e)</sup> | 4/15/2021 | 435 |  |
| 2992 4029737, 4.73%, 10/13/2022<sup>(e)</sup> | 4/16/2021 | 2992 |  |
| 197 4039135, 3.33%, 10/15/2022<sup>(e)</sup> | 4/20/2021 | 196 |  |
| 1544 4041337, 3.33%, 10/15/2022<sup>(e)</sup> | 4/20/2021 | 1543 |  |
| 8748 4080831, 6.10%, 10/24/2022<sup>(e)</sup> | 4/29/2021 | 8742 |  |
| 618 4082046, 3.32%, 10/25/2022<sup>(e)</sup> | 4/29/2021 | 617 |  |
| 14346 4085716, 3.32%, 10/26/2022<sup>(e)</sup> | 4/29/2021 | 14339 |  |
| 450 4087275, 3.33%, 10/26/2022<sup>(e)</sup> | 4/29/2021 | 449 |  |
| 593 4096539, 6.39%, 10/28/2022<sup>(e)</sup> | 5/3/2021 | 583 | 1 |
| 1176 4097747, 4.72%, 10/28/2022<sup>(e)</sup> | 5/3/2021 | 1165 |  |
| 4154 4124208, 5.02%, 11/4/2022<sup>(e)</sup> | 5/7/2021 | 4146 |  |
| 4430 4131674, 3.32%, 11/6/2022<sup>(e)</sup> | 5/11/2021 | 4427 |  |
| 13161 4135323, 5.04%, 11/7/2022<sup>(e)</sup> | 5/12/2021 | 13151 |  |
| 7005 4141129, 3.31%, 11/10/2022<sup>(e)</sup> | 5/13/2021 | 6974 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 25

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $4679 4143004, 5.02%, 11/10/2022<sup>(e)</sup> | 5/13/2021 | 4669 | $– |
| 3456 4146121, 3.31%, 11/11/2022<sup>(e)</sup> | 5/14/2021 | 3449 |  |
| 697 4159096, 3.94%, 11/13/2022<sup>(e)</sup> | 5/18/2021 | 697 |  |
| 883 4164332, 5.04%, 11/14/2022<sup>(e)</sup> | 5/19/2021 | 883 |  |
| 1258 4164387, 4.73%, 11/14/2022<sup>(e)</sup> | 5/19/2021 | 1255 |  |
| 3861 4165199, 5.04%, 11/15/2022<sup>(e)</sup> | 5/20/2021 | 3851 |  |
| 2757 4165919, 3.32%, 11/15/2022<sup>(e)</sup> | 5/20/2021 | 2752 |  |
| 1627 4169189, 3.32%, 11/17/2022<sup>(e)</sup> | 5/20/2021 | 1626 |  |
| 732 4173433, 4.72%, 11/18/2022<sup>(e)</sup> | 5/21/2021 | 730 |  |
| 17558 4175645, 5.02%, 11/18/2022<sup>(e)</sup> | 5/21/2021 | 17549 |  |
| 4010 4179738, 5.02%, 11/19/2022<sup>(e)</sup> | 5/24/2021 | 3980 |  |
| 106 4195803, 3.33%, 11/21/2022<sup>(e)</sup> | 5/26/2021 | 106 |  |
| 1510 4200156, 3.31%, 11/23/2022<sup>(e)</sup> | 5/27/2021 | 1509 |  |
| 1388 4204381, 3.30%, 11/24/2022<sup>(e)</sup> | 5/27/2021 | 1387 |  |
| 434 4215872, 3.30%, 11/26/2022<sup>(e)</sup> | 6/1/2021 | 434 |  |
| 275 4215942, 3.32%, 11/26/2022<sup>(e)</sup> | 6/1/2021 | 273 |  |
| 434 4217131, 5.02%, 11/26/2022<sup>(e)</sup> | 6/1/2021 | 432 |  |
| 4644 4217204, 3.31%, 11/26/2022<sup>(e)</sup> | 6/1/2021 | 4629 |  |
| 671 4226563, 3.33%, 11/27/2022<sup>(e)</sup> | 6/2/2021 | 670 |  |
| 617 4235837, 3.32%, 11/29/2022<sup>(e)</sup> | 6/4/2021 | 613 |  |
| 667 4236133, 3.30%, 11/29/2022<sup>(e)</sup> | 6/4/2021 | 667 |  |
| 659 4236763, 3.34%, 11/30/2022<sup>(e)</sup> | 6/4/2021 | 659 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $50 | 4236888, 3.33%, 11/30/2022<sup>(e)</sup> | 6/4/2021 | 50 | $– |
| 459 | 4242484, 4.72%, 12/1/2022<sup>(e)</sup> | 6/4/2021 | 459 |  |
| 820 | 4243683, 5.05%, 12/2/2022<sup>(e)</sup> | 6/7/2021 | 819 |  |
| 13245 | 4247587, 5.03%, 12/2/2022<sup>(e)</sup> | 6/7/2021 | 13210 |  |
| 3663 | 4271840, 3.33%, 12/4/2022<sup>(e)</sup> | 6/9/2021 | 3661 |  |
| 2367 | 4272926, 3.96%, 12/5/2022<sup>(e)</sup> | 6/10/2021 | 2362 |  |
| 3939 | 4274232, 3.32%, 12/7/2022<sup>(e)</sup> | 6/10/2021 | 3937 |  |
| 2029 | 4274780, 4.72%, 12/7/2022<sup>(e)</sup> | 6/10/2021 | 2028 |  |
| 10078 | 4287409, 3.32%, 12/8/2022<sup>(e)</sup> | 6/11/2021 | 10074 |  |
| 260 | 4294567, 3.33%, 12/9/2022<sup>(e)</sup> | 6/14/2021 | 257 |  |
| 1720 | 4307534, 3.32%, 12/10/2022<sup>(e)</sup> | 6/15/2021 | 1717 |  |
| 350 | 4309921, 3.34%, 12/10/2022<sup>(e)</sup> | 6/15/2021 | 349 |  |
| 9378 | 4316101, 5.05%, 12/11/2022<sup>(e)</sup> | 6/16/2021 | 9375 |  |
| 5748 | 4320456, 5.03%, 12/14/2022<sup>(e)</sup> | 6/17/2021 | 5737 |  |
| 12933 | 4323377, 5.03%, 12/15/2022<sup>(e)</sup> | 6/18/2021 | 12925 |  |
| 584 | 4329685, 5.05%, 12/16/2022<sup>(e)</sup> | 6/21/2021 | 583 |  |
| 531 | 4336702, 3.31%, 12/17/2022<sup>(e)</sup> | 6/22/2021 | 531 |  |
| 523 | 4345297, 3.33%, 12/21/2022<sup>(e)</sup> | 6/24/2021 | 521 |  |
| 322 | 4356548, 3.31%, 12/23/2022<sup>(e)</sup> | 6/28/2021 | 321 |  |
| 584 | 4371086, 3.33%, 12/25/2022<sup>(e)</sup> | 6/30/2021 | 582 |  |
| 16804 | 4371251, 5.05%, 12/25/2022<sup>(e)</sup> | 6/30/2021 | 16796 |  |
|  | 4371791, 3.94%, 12/25/2022 | 6/30/2021 |  |  |
| 12511 | 4372245, 3.33%, 12/25/2022<sup>(e)</sup> | 6/30/2021 | 12505 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 27

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $8882 4373402, 5.04%, 12/27/2022<sup>(e)</sup> | 7/1/2021 | 8877 | $– |
| 2699 4373562, 3.32%, 12/27/2022<sup>(e)</sup> | 7/1/2021 | 2698 |  |
| 1822 4373693, 3.32%, 12/27/2022<sup>(e)</sup> | 7/1/2021 | 1821 |  |
| 3468 4382622, 2.99%, 12/30/2022<sup>(e)</sup> | 7/6/2021 | 3464 |  |
| 2244 4382706, 2.99%, 12/30/2022<sup>(e)</sup> | 7/6/2021 | 2238 |  |
| 23924 4387865, 4.40%, 1/1/2023<sup>(e)</sup> | 7/7/2021 | 23915 |  |
| 2235 4391533, 4.41%, 1/4/2023<sup>(e)</sup> | 7/9/2021 | 2235 |  |
| 7741 4394797, 4.69%, 1/6/2023<sup>(e)</sup> | 7/9/2021 | 7735 |  |
| 3721 4395033, 2.99%, 1/7/2023<sup>(e)</sup> | 7/12/2021 | 3718 |  |
| 2067 4396640, 4.69%, 1/7/2023<sup>(e)</sup> | 7/12/2021 | 2065 |  |
| 2394 4396682, 4.69%, 1/7/2023<sup>(e)</sup> | 7/12/2021 | 2390 |  |
| 3235 4399696, 3.62%, 1/8/2023<sup>(e)</sup> | 7/13/2021 | 3234 |  |
| 6903 4403114, 2.99%, 1/11/2023<sup>(e)</sup> | 7/15/2021 | 6899 |  |
| 1566 4404824, 2.98%, 1/12/2023<sup>(e)</sup> | 7/15/2021 | 1561 |  |
| 11263 4405790, 4.38%, 1/13/2023<sup>(e)</sup> | 7/16/2021 | 11252 |  |
| 312 4406023, 2.99%, 1/13/2023<sup>(e)</sup> | 7/16/2021 | 309 |  |
| 5514 4406618, 2.98%, 1/13/2023<sup>(e)</sup> | 7/16/2021 | 5509 |  |
| 11739 4411070, 4.71%, 1/15/2023<sup>(e)</sup> | 7/20/2021 | 11736 |  |
| 1138 4411260, 3.00%, 1/15/2023<sup>(e)</sup> | 7/20/2021 | 1136 |  |
| 1208 4416194, 4.72%, 1/16/2023<sup>(e)</sup> | 7/21/2021 | 1208 |  |
| 1202 4422714, 4.69%, 1/20/2023<sup>(e)</sup> | 7/23/2021 | 1200 |  |
| 3795 4425529, 2.98%, 1/20/2023<sup>(e)</sup> | 7/23/2021 | 3792 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $27917 4428237, 2.98%, 1/21/2023<sup>(e)</sup> | 7/26/2021 | 27898 | $1 |
| 4979 4429575, 2.99%, 1/22/2023<sup>(e)</sup> | 7/27/2021 | 4974 |  |
| 573 4430929, 4.72%, 1/22/2023<sup>(e)</sup> | 7/27/2021 | 572 |  |
| 1745 4431098, 4.71%, 1/22/2023<sup>(e)</sup> | 7/27/2021 | 1744 |  |
| 566 4433082, 2.99%, 1/23/2023<sup>(e)</sup> | 7/28/2021 | 563 |  |
| 16170 4435754, 4.69%, 1/26/2023<sup>(e)</sup> | 7/29/2021 | 16131 |  |
| 938 4438396, 3.00%, 1/27/2023<sup>(e)</sup> | 7/30/2021 | 937 |  |
| 14308 4438706, 4.38%, 1/27/2023<sup>(e)</sup> | 7/30/2021 | 14299 |  |
| 20399 4442923, 4.71%, 1/29/2023<sup>(e)</sup> | 8/3/2021 | 20390 | 1 |
| 5418 4443392, 3.62%, 1/29/2023<sup>(e)</sup> | 8/3/2021 | 5414 |  |
| 2522 4444285, 2.99%, 1/29/2023<sup>(e)</sup> | 8/3/2021 | 2520 |  |
| 1000 4447939, 4.71%, 1/31/2023<sup>(e)</sup> | 8/5/2021 | 997 |  |
| 1465 4448025, 4.70%, 2/1/2023<sup>(e)</sup> | 8/5/2021 | 1465 |  |
| 333 4448392, 3.04%, 2/1/2023<sup>(e)</sup> | 8/5/2021 | 332 |  |
| 761 4448399, 2.96%, 2/1/2023<sup>(e)</sup> | 8/5/2021 | 761 |  |
| 3934 4451893, 2.99%, 2/3/2023<sup>(e)</sup> | 8/6/2021 | 3931 |  |
| 2700 4453003, 4.69%, 2/3/2023<sup>(e)</sup> | 8/6/2021 | 2698 |  |
| 3539 4460031, 3.00%, 2/6/2023<sup>(e)</sup> | 8/11/2021 | 3538 |  |
| 171 4461958, 3.03%, 2/9/2023<sup>(e)</sup> | 8/12/2021 | 170 |  |
| 3247 4463959, 4.69%, 2/10/2023<sup>(e)</sup> | 8/13/2021 | 3245 |  |
| 4077 4464647, 2.98%, 2/10/2023<sup>(e)</sup> | 8/13/2021 | 4074 |  |
| 3150 4465640, 4.69%, 2/10/2023<sup>(e)</sup> | 8/13/2021 | 3149 |  |
| 105 4466236, 2.98%, 2/11/2023<sup>(e)</sup> | 8/16/2021 | 102 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 29

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1939 4469976, 3.61%, 2/12/2023<sup>(e)</sup> | 8/17/2021 | 1937 | $– |
| 28638 4471259, 4.71%, 2/12/2023<sup>(e)</sup> | 8/17/2021 | 28621 |  |
| 9160 4472241, 3.62%, 2/13/2023<sup>(e)</sup> | 8/18/2021 | 9155 |  |
| 1745 4473775, 4.40%, 2/15/2023<sup>(e)</sup> | 8/19/2021 | 1744 |  |
| 3340 4473899, 4.70%, 2/15/2023<sup>(e)</sup> | 8/19/2021 | 3338 |  |
| 19212 4475502, 2.98%, 2/16/2023<sup>(e)</sup> | 8/19/2021 | 19199 |  |
| 801 4479356, 2.99%, 2/18/2023<sup>(e)</sup> | 8/23/2021 | 801 |  |
| 7168 4479635, 3.60%, 2/18/2023<sup>(e)</sup> | 8/23/2021 | 7161 |  |
| 1598 4480296, 4.69%, 2/18/2023<sup>(e)</sup> | 8/23/2021 | 1592 |  |
| 1291 4483137, 2.99%, 2/19/2023<sup>(e)</sup> | 8/24/2021 | 1289 |  |
| 20432 4483889, 4.71%, 2/19/2023<sup>(e)</sup> | 8/24/2021 | 20413 |  |
| 903 4485829, 3.00%, 2/21/2023<sup>(e)</sup> | 8/26/2021 | 902 |  |
| 1035 4485983, 4.73%, 2/21/2023<sup>(e)</sup> | 8/26/2021 | 1035 |  |
| 1358 4486138, 2.99%, 2/21/2023<sup>(e)</sup> | 8/26/2021 | 1357 |  |
| 7685 4486575, 4.39%, 2/22/2023<sup>(e)</sup> | 8/26/2021 | 7682 |  |
| 1342 4487279, 2.98%, 2/23/2023<sup>(e)</sup> | 8/26/2021 | 1342 |  |
| 2081 4488249, 3.61%, 2/23/2023<sup>(e)</sup> | 8/26/2021 | 2080 |  |
| 8064 4493152, 2.98%, 2/25/2023<sup>(e)</sup> | 8/30/2021 | 8060 |  |
| 246 4494238, 3.01%, 2/26/2023<sup>(e)</sup> | 8/31/2021 | 245 |  |
| 1567 4496523, 3.01%, 2/26/2023<sup>(e)</sup> | 8/31/2021 | 1567 |  |
| 3741 4498324, 2.99%, 2/27/2023<sup>(e)</sup> | 9/1/2021 | 3740 |  |
| 3421 4498621, 3.62%, 2/27/2023<sup>(e)</sup> | 9/1/2021 | 3420 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $23331 4499370, 4.38%, 2/28/2023<sup>(e)</sup> | 9/2/2021 | 23311 | $– |
| 620 4503448, 2.66%, 2/28/2023<sup>(e)</sup> | 9/3/2021 | 619 |  |
| 2099 4509339, 4.41%, 3/2/2023<sup>(e)</sup> | 9/8/2021 | 2098 |  |
| 8129 4510260, 4.10%, 3/2/2023<sup>(e)</sup> | 9/8/2021 | 8125 | 1 |
| 4611 4513427, 4.10%, 3/4/2023<sup>(e)</sup> | 9/10/2021 | 4603 |  |
| 3528 4514525, 2.68%, 3/6/2023<sup>(e)</sup> | 9/10/2021 | 3527 |  |
| 11547 4514759, 4.08%, 3/6/2023<sup>(e)</sup> | 9/10/2021 | 11537 |  |
| 735 4514891, 2.68%, 3/6/2023<sup>(e)</sup> | 9/10/2021 | 735 |  |
| 289 4515783, 2.68%, 3/7/2023<sup>(e)</sup> | 9/10/2021 | 288 |  |
| 7382 4520357, 4.39%, 3/8/2023<sup>(e)</sup> | 9/13/2021 | 7376 |  |
| 7835 4520825, 4.39%, 3/8/2023<sup>(e)</sup> | 9/13/2021 | 7830 |  |
| 2626 4521045, 2.67%, 3/8/2023<sup>(e)</sup> | 9/13/2021 | 2623 |  |
| 848 4523374, 4.57%, 3/9/2023<sup>(e)</sup> | 9/14/2021 | 848 |  |
| 5375 4525465, 2.68%, 3/10/2023<sup>(e)</sup> | 9/15/2021 | 5369 | 1 |
| 1977 4527840, 2.68%, 3/12/2023<sup>(e)</sup> | 9/16/2021 | 1974 |  |
| 4448 4530058, 4.54%, 3/13/2023<sup>(e)</sup> | 9/16/2021 | 4446 |  |
| 505 4530332, 2.67%, 3/13/2023<sup>(e)</sup> | 9/16/2021 | 502 |  |
| 1671 4531221, 4.38%, 3/14/2023<sup>(e)</sup> | 9/17/2021 | 1664 |  |
| 1119 4533931, 2.67%, 3/15/2023<sup>(e)</sup> | 9/20/2021 | 1116 |  |
| 649 4535109, 4.39%, 3/15/2023<sup>(e)</sup> | 9/20/2021 | 647 |  |
| 560 4535163, 3.28%, 3/15/2023<sup>(e)</sup> | 9/20/2021 | 560 |  |
| 2439 4548373, 4.38%, 3/21/2023<sup>(e)</sup> | 9/24/2021 | 2438 |  |
| 4821 4548520, 4.38%, 3/21/2023<sup>(e)</sup> | 9/24/2021 | 4820 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 31

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $337 4548886, 4.57%, 3/21/2023<sup>(e)</sup> | 9/24/2021 | 336 | $– |
| 176 4556284, 2.68%, 3/23/2023<sup>(e)</sup> | 9/28/2021 | 175 |  |
| 146 4558181, 3.93%, 3/23/2023<sup>(e)</sup> | 9/28/2021 | 146 |  |
| 6947 4558733, 2.68%, 3/24/2023<sup>(e)</sup> | 9/29/2021 | 6943 |  |
| 1971 4560277, 3.31%, 3/24/2023<sup>(e)</sup> | 9/29/2021 | 1970 |  |
| 4599 4561893, 4.40%, 3/25/2023<sup>(e)</sup> | 9/30/2021 | 4597 |  |
| 9772 4563042, 4.54%, 3/27/2023<sup>(e)</sup> | 9/30/2021 | 9752 | 1 |
| 3334 4563645, 4.84%, 3/27/2023<sup>(e)</sup> | 9/30/2021 | 3332 |  |
| 489 4570289, 5.00%, 3/29/2023<sup>(e)</sup> | 10/4/2021 | 489 |  |
| 722 4571736, 4.68%, 3/29/2023<sup>(e)</sup> | 10/4/2021 | 721 |  |
| 1510 4571752, 4.52%, 3/29/2023<sup>(e)</sup> | 10/4/2021 | 1510 |  |
| 1419 4574138, 4.71%, 3/30/2023<sup>(e)</sup> | 10/5/2021 | 1418 |  |
| 5249 4575114, 4.40%, 3/30/2023<sup>(e)</sup> | 10/5/2021 | 5246 |  |
| 723 4577258, 4.55%, 3/30/2023<sup>(e)</sup> | 10/5/2021 | 722 |  |
| 4978 4577522, 3.78%, 3/30/2023<sup>(e)</sup> | 10/5/2021 | 4976 |  |
| 49887 4577591, 4.56%, 3/30/2023<sup>(e)</sup> | 10/5/2021 | 49875 | 1 |
| 2659 4579026, 3.93%, 4/1/2023<sup>(e)</sup> | 10/6/2021 | 2658 |  |
| 6273 4580108, 4.55%, 4/1/2023<sup>(e)</sup> | 10/6/2021 | 6271 |  |
| 492 4580393, 4.57%, 4/1/2023<sup>(e)</sup> | 10/6/2021 | 492 |  |
| 4635 4582109, 4.54%, 4/3/2023<sup>(e)</sup> | 10/7/2021 | 4631 |  |
| 636 4582257, 3.31%, 4/3/2023<sup>(e)</sup> | 10/7/2021 | 635 |  |
| 5277 4582513, 3.92%, 4/4/2023<sup>(e)</sup> | 10/7/2021 | 5275 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $4759 4582667, 4.53%, 4/4/2023<sup>(e)</sup> | 10/7/2021 | 4750 | $1 |
| 2544 4583865, 3.30%, 4/4/2023<sup>(e)</sup> | 10/7/2021 | 2541 |  |
| 3304 4586870, 4.53%, 4/5/2023<sup>(e)</sup> | 10/8/2021 | 3297 |  |
| 2835 4589130, 4.54%, 4/5/2023<sup>(e)</sup> | 10/8/2021 | 2833 |  |
| 2025 4590398, 4.68%, 4/5/2023<sup>(e)</sup> | 10/8/2021 | 2024 |  |
| 2390 4592676, 3.91%, 4/6/2023<sup>(e)</sup> | 10/12/2021 | 2379 |  |
| 11645 4598929, 3.93%, 4/7/2023<sup>(e)</sup> | 10/13/2021 | 11637 |  |
| 1429 4600405, 4.55%, 4/7/2023<sup>(e)</sup> | 10/13/2021 | 1428 |  |
| 1489 4600483, 4.86%, 4/7/2023<sup>(e)</sup> | 10/13/2021 | 1489 |  |
| 2485 4600490, 4.40%, 4/7/2023<sup>(e)</sup> | 10/13/2021 | 2483 |  |
| 4150 4600858, 3.31%, 4/7/2023<sup>(e)</sup> | 10/13/2021 | 4147 |  |
| 2458 4601150, 5.02%, 4/7/2023<sup>(e)</sup> | 10/13/2021 | 2457 |  |
| 3824 4602094, 3.31%, 4/8/2023<sup>(e)</sup> | 10/14/2021 | 3822 |  |
| 1150 4603301, 3.78%, 4/8/2023<sup>(e)</sup> | 10/14/2021 | 1149 |  |
| 3502 4603334, 4.87%, 4/8/2023<sup>(e)</sup> | 10/14/2021 | 3499 |  |
| 6525 4603407, 3.93%, 4/8/2023<sup>(e)</sup> | 10/14/2021 | 6521 |  |
| 1460 4604506, 4.57%, 4/9/2023<sup>(e)</sup> | 10/15/2021 | 1459 |  |
| 10475 4605204, 4.70%, 4/10/2023<sup>(e)</sup> | 10/15/2021 | 10468 |  |
| 353 4606327, 3.93%, 4/11/2023<sup>(e)</sup> | 10/15/2021 | 351 |  |
| 1588 4606345, 4.54%, 4/11/2023<sup>(e)</sup> | 10/15/2021 | 1586 |  |
| 2315 4606540, 4.54%, 4/11/2023<sup>(e)</sup> | 10/15/2021 | 2313 |  |
| 19985 4608741, 4.53%, 4/12/2023<sup>(e)</sup> | 10/15/2021 | 19973 |  |
| 3206 4609576, 4.53%, 4/12/2023<sup>(e)</sup> | 10/15/2021 | 3203 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 33

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $4943 4613120, 4.53%, 4/13/2023<sup>(e)</sup> | 10/18/2021 | 4939 | $– |
| 8411 4618601, 4.39%, 4/14/2023<sup>(e)</sup> | 10/19/2021 | 8407 | 1 |
| 7828 4621411, 4.55%, 4/15/2023<sup>(e)</sup> | 10/20/2021 | 7823 |  |
| 1263 4624115, 4.56%, 4/16/2023<sup>(e)</sup> | 10/21/2021 | 1262 |  |
| 4240 4624323, 3.77%, 4/16/2023<sup>(e)</sup> | 10/21/2021 | 4239 |  |
| 122 4627413, 3.31%, 4/18/2023<sup>(e)</sup> | 10/21/2021 | 121 |  |
| 4086 4627739, 3.29%, 4/18/2023<sup>(e)</sup> | 10/21/2021 | 4083 |  |
| 8974 4629123, 4.68%, 4/19/2023<sup>(e)</sup> | 10/22/2021 | 8970 |  |
| 2798 4631746, 4.53%, 4/20/2023<sup>(e)</sup> | 10/25/2021 | 2789 |  |
| 12436 4632759, 4.84%, 4/20/2023<sup>(e)</sup> | 10/25/2021 | 12426 |  |
| 1423 4637920, 3.94%, 4/22/2023<sup>(e)</sup> | 10/27/2021 | 1422 |  |
| 5369 4638628, 3.30%, 4/22/2023<sup>(e)</sup> | 10/27/2021 | 5363 |  |
| 5499 4638639, 4.55%, 4/22/2023<sup>(e)</sup> | 10/27/2021 | 5496 |  |
| 71042 4638986, 4.55%, 4/22/2023<sup>(e)</sup> | 10/27/2021 | 71008 | 2 |
| 2093 4640421, 4.53%, 4/24/2023<sup>(e)</sup> | 10/28/2021 | 2092 |  |
| 61 4640484, 4.56%, 4/24/2023<sup>(e)</sup> | 10/28/2021 | 61 |  |
| 8551 4641504, 3.76%, 4/25/2023<sup>(e)</sup> | 10/28/2021 | 8540 | 2 |
| 7671 4643125, 4.53%, 4/25/2023<sup>(e)</sup> | 10/28/2021 | 7667 |  |
| 578 4645142, 3.29%, 4/26/2023<sup>(e)</sup> | 10/29/2021 | 575 |  |
| 1198 4645678, 4.69%, 4/26/2023<sup>(e)</sup> | 10/29/2021 | 1196 |  |
| 5806 4645763, 4.53%, 4/26/2023<sup>(e)</sup> | 10/29/2021 | 5804 | 1 |
| 769 4645881, 3.92%, 4/26/2023<sup>(e)</sup> | 10/29/2021 | 768 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $445 4646207, 4.53%, 4/26/2023<sup>(e)</sup> | 10/29/2021 | 443 | $– |
| 167 4647783, 4.69%, 4/27/2023<sup>(e)</sup> | 11/1/2021 | 163 |  |
| 5046 4651108, 4.70%, 4/28/2023<sup>(e)</sup> | 11/2/2021 | 5045 |  |
| 3219 4651650, 4.86%, 4/28/2023<sup>(e)</sup> | 11/2/2021 | 3217 |  |
| 5745 4655254, 4.55%, 4/29/2023<sup>(e)</sup> | 11/3/2021 | 5743 |  |
| 1022 4656972, 5.01%, 4/30/2023<sup>(e)</sup> | 11/4/2021 | 1021 |  |
| 1110 4657082, 4.55%, 4/30/2023<sup>(e)</sup> | 11/4/2021 | 1109 |  |
| 16540 4657253, 4.55%, 4/30/2023<sup>(e)</sup> | 11/4/2021 | 16518 |  |
| 1172 4657969, 4.54%, 4/30/2023<sup>(e)</sup> | 11/4/2021 | 1159 |  |
| 1708 4658718, 3.76%, 5/1/2023<sup>(e)</sup> | 11/4/2021 | 1706 |  |
| 30600 4660373, 3.76%, 5/1/2023<sup>(e)</sup> | 11/4/2021 | 30590 |  |
| 2246 4665782, 4.86%, 5/3/2023<sup>(e)</sup> | 11/8/2021 | 2244 |  |
| 19250 4665787, 4.54%, 5/3/2023<sup>(e)</sup> | 11/8/2021 | 19191 |  |
| 1843 4670081, 3.31%, 5/4/2023<sup>(e)</sup> | 11/9/2021 | 1842 |  |
| 2949 4670521, 3.94%, 5/4/2023<sup>(e)</sup> | 11/9/2021 | 2949 |  |
| 10377 4673004, 4.56%, 5/5/2023<sup>(e)</sup> | 11/10/2021 | 10353 | 2 |
| 337 4677880, 3.99%, 5/6/2023<sup>(e)</sup> | 11/12/2021 | 337 |  |
| 8844 4678789, 4.70%, 5/7/2023<sup>(e)</sup> | 11/12/2021 | 8839 |  |
| 2489 4684414, 4.55%, 5/8/2023<sup>(e)</sup> | 11/12/2021 | 2489 |  |
| 7397 4691428, 4.70%, 5/9/2023<sup>(e)</sup> | 11/15/2021 | 7366 |  |
| 1051 4703919, 3.35%, 5/10/2023<sup>(e)</sup> | 11/16/2021 | 1051 |  |
| 368 4709968, 3.96%, 5/12/2023<sup>(e)</sup> | 11/17/2021 | 367 |  |
| 2260 4714103, 4.56%, 5/13/2023<sup>(e)</sup> | 11/18/2021 | 2254 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 35

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $4687 4717810, 4.85%, 5/15/2023<sup>(e)</sup> | 11/18/2021 | 4684 | $– |
| 1326 4720645, 4.54%, 5/16/2023<sup>(e)</sup> | 11/19/2021 | 1324 |  |
| 385 4729466, 4.69%, 5/17/2023<sup>(e)</sup> | 11/22/2021 | 384 |  |
| 235 4729530, 3.27%, 5/17/2023<sup>(e)</sup> | 11/22/2021 | 235 |  |
| 1277 4740894, 4.56%, 5/18/2023<sup>(e)</sup> | 11/23/2021 | 1275 |  |
| 1845 4742503, 4.56%, 5/18/2023<sup>(e)</sup> | 11/23/2021 | 1843 |  |
| 3964 4745371, 5.02%, 5/19/2023<sup>(e)</sup> | 11/24/2021 | 3962 |  |
| 4327 4747222, 5.02%, 5/19/2023<sup>(e)</sup> | 11/24/2021 | 4322 |  |
| 913 4751115, 4.39%, 5/21/2023<sup>(e)</sup> | 11/26/2021 | 913 |  |
| 3640 4752752, 4.85%, 5/22/2023<sup>(e)</sup> | 11/26/2021 | 3634 |  |
| 426 4756377, 4.57%, 5/22/2023<sup>(e)</sup> | 11/26/2021 | 425 |  |
| 21361 4756711, 4.38%, 5/22/2023<sup>(e)</sup> | 11/26/2021 | 21347 |  |
| 791 4764203, 4.57%, 5/23/2023<sup>(e)</sup> | 11/29/2021 | 790 |  |
| 538 4766090, 5.01%, 5/23/2023<sup>(e)</sup> | 11/29/2021 | 529 |  |
| 8135 4774521, 4.88%, 5/24/2023<sup>(e)</sup> | 11/30/2021 | 8130 |  |
| 8346 4779561, 4.57%, 5/25/2023<sup>(e)</sup> | 12/1/2021 | 8342 |  |
| 2324 4779681, 3.32%, 5/25/2023<sup>(e)</sup> | 12/1/2021 | 2322 |  |
| 1731 4784804, 3.31%, 5/26/2023<sup>(e)</sup> | 12/1/2021 | 1731 |  |
| 2768 4788828, 4.53%, 5/29/2023<sup>(e)</sup> | 12/2/2021 | 2767 |  |
| 3968 4791481, 4.38%, 5/29/2023<sup>(e)</sup> | 12/2/2021 | 3965 |  |
| 800 4792097, 5.00%, 5/29/2023<sup>(e)</sup> | 12/2/2021 | 799 |  |
| 1382 4794399, 4.84%, 5/30/2023<sup>(e)</sup> | 12/3/2021 | 1382 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1057 4796597, 4.54%, 6/1/2023<sup>(e)</sup> | 12/6/2021 | 1054 | $– |
| 1163 4800487, 4.38%, 6/1/2023<sup>(e)</sup> | 12/6/2021 | 1157 |  |
| 1729 4805367, 3.92%, 6/2/2023<sup>(e)</sup> | 12/7/2021 | 1727 |  |
| 1637 4805946, 4.39%, 6/2/2023<sup>(e)</sup> | 12/7/2021 | 1630 |  |
| 342 4808680, 4.52%, 6/2/2023<sup>(e)</sup> | 12/7/2021 | 341 |  |
| 6452 4808842, 3.77%, 6/2/2023<sup>(e)</sup> | 12/7/2021 | 6449 |  |
| 448 4809017, 5.01%, 6/2/2023<sup>(e)</sup> | 12/7/2021 | 447 |  |
| 30623 4809027, 4.55%, 6/2/2023<sup>(e)</sup> | 12/7/2021 | 30610 | 1 |
| 2226 4809604, 4.55%, 6/2/2023<sup>(e)</sup> | 12/7/2021 | 2223 |  |
| 1925 4811819, 3.77%, 6/3/2023<sup>(e)</sup> | 12/8/2021 | 1917 |  |
| 3669 4812138, 4.55%, 6/3/2023<sup>(e)</sup> | 12/8/2021 | 3667 |  |
| 13172 4813607, 4.55%, 6/3/2023<sup>(e)</sup> | 12/8/2021 | 13166 |  |
| 1293 4813753, 5.01%, 6/3/2023<sup>(e)</sup> | 12/8/2021 | 1292 |  |
| 2288 4814724, 4.55%, 6/4/2023<sup>(e)</sup> | 12/9/2021 | 2286 |  |
| 3088 4814756, 4.39%, 6/4/2023<sup>(e)</sup> | 12/9/2021 | 3087 |  |
| 2377 4819127, 3.92%, 6/7/2023<sup>(e)</sup> | 12/10/2021 | 2373 |  |
| 45238 4819362, 4.53%, 6/7/2023<sup>(e)</sup> | 12/10/2021 | 45183 |  |
| 10389 4819732, 4.38%, 6/7/2023<sup>(e)</sup> | 12/10/2021 | 10373 | 3 |
| 2964 4821328, 4.53%, 6/7/2023<sup>(e)</sup> | 12/10/2021 | 2962 |  |
| 515 4821692, 4.38%, 6/8/2023<sup>(e)</sup> | 12/13/2021 | 510 |  |
| 4375 4831075, 4.55%, 6/10/2023<sup>(e)</sup> | 12/15/2021 | 4373 |  |
| 1470 4832073, 4.85%, 6/10/2023<sup>(e)</sup> | 12/15/2021 | 1469 |  |
| 592 4837114, 3.93%, 6/13/2023<sup>(e)</sup> | 12/16/2021 | 592 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 37

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $14458 4841801, 4.38%, 6/15/2023<sup>(e)</sup> | 12/20/2021 | 14390 | $2 |
| 939 4842222, 5.68%, 6/15/2023<sup>(e)</sup> | 12/20/2021 | 931 |  |
| 1354 4848472, 4.71%, 6/16/2023<sup>(e)</sup> | 12/21/2021 | 1351 |  |
| 1569 4849668, 3.31%, 6/16/2023<sup>(e)</sup> | 12/21/2021 | 1568 |  |
| 265 4858145, 3.30%, 6/17/2023<sup>(e)</sup> | 12/22/2021 | 264 |  |
| 14861 4863386, 3.76%, 6/19/2023<sup>(e)</sup> | 12/23/2021 | 14849 |  |
| 1955 4864111, 3.92%, 6/20/2023<sup>(e)</sup> | 12/23/2021 | 1954 |  |
| 12129 4865990, 3.58%, 6/20/2023<sup>(e)</sup> | 12/23/2021 | 12114 | 1 |
| 3473 4866090, 4.36%, 6/20/2023<sup>(e)</sup> | 12/23/2021 | 3471 |  |
| 5037 4866220, 4.53%, 6/20/2023<sup>(e)</sup> | 12/23/2021 | 5034 |  |
| 973 4866863, 3.29%, 6/20/2023<sup>(e)</sup> | 12/23/2021 | 972 |  |
| 9012 4868529, 4.68%, 6/21/2023<sup>(e)</sup> | 12/27/2021 | 8984 | 1 |
| 695 4869572, 3.91%, 6/21/2023<sup>(e)</sup> | 12/27/2021 | 693 |  |
| 7344 4869853, 3.76%, 6/21/2023<sup>(e)</sup> | 12/27/2021 | 7330 |  |
| 9690 4873360, 6.15%, 6/22/2023<sup>(e)</sup> | 12/28/2021 | 9686 |  |
| 7001 4873385, 4.40%, 6/22/2023<sup>(e)</sup> | 12/28/2021 | 6997 |  |
| 1674 4873476, 4.56%, 6/22/2023<sup>(e)</sup> | 12/28/2021 | 1673 |  |
| 23120 4874520, 4.56%, 6/23/2023<sup>(e)</sup> | 12/29/2021 | 23111 |  |
| 174 4876231, 4.40%, 6/23/2023<sup>(e)</sup> | 12/29/2021 | 173 |  |
| 1632 4876789, 4.87%, 6/24/2023<sup>(e)</sup> | 12/30/2021 | 1630 |  |
| 286 4876796, 2.47%, 6/24/2023<sup>(e)</sup> | 12/30/2021 | 286 |  |
| 1085 4877408, 4.68%, 6/25/2023<sup>(e)</sup> | 12/30/2021 | 1085 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $340 4877517, 4.55%, 6/25/2023<sup>(e)</sup> | 12/30/2021 | 338 | $– |
| 1628 4878135, 4.51%, 6/27/2023<sup>(e)</sup> | 12/30/2021 | 1628 |  |
| 26326 4879255, 2.97%, 6/27/2023<sup>(e)</sup> | 12/30/2021 | 26316 |  |
| 54207 4879630, 3.76%, 6/27/2023<sup>(e)</sup> | 12/30/2021 | 54194 |  |
| 3506 4884896, 4.56%, 6/29/2023<sup>(e)</sup> | 1/4/2022 | 3505 |  |
| 12295 4886427, 4.56%, 6/29/2023<sup>(e)</sup> | 1/4/2022 | 12291 |  |
| 2234 4888708, 3.93%, 6/30/2023<sup>(e)</sup> | 1/5/2022 | 2230 |  |
| 364 4889115, 3.28%, 6/30/2023<sup>(e)</sup> | 1/6/2022 | 364 |  |
| 1546 4890968, 4.38%, 7/3/2023<sup>(e)</sup> | 1/6/2022 | 1545 |  |
| 7431 4892396, 3.59%, 7/4/2023<sup>(e)</sup> | 1/7/2022 | 7429 |  |
| 4462 4899404, 4.71%, 7/6/2023<sup>(e)</sup> | 1/11/2022 | 4460 |  |
| 1192 4903279, 3.32%, 7/8/2023<sup>(e)</sup> | 1/13/2022 | 1191 |  |
| 20585 4903528, 3.93%, 7/9/2023<sup>(e)</sup> | 1/13/2022 | 20572 | 1 |
| 12338 4905029, 4.54%, 7/10/2023<sup>(e)</sup> | 1/13/2022 | 12320 |  |
| 5330 4905699, 4.54%, 7/10/2023<sup>(e)</sup> | 1/13/2022 | 5326 |  |
| 2902 4906990, 4.54%, 7/11/2023<sup>(e)</sup> | 1/14/2022 | 2900 |  |
| 2303 4914247, 4.72%, 7/13/2023<sup>(e)</sup> | 1/19/2022 | 2299 |  |
| 2919 4914326, 3.32%, 7/13/2023<sup>(e)</sup> | 1/19/2022 | 2907 |  |
| 1435 4916878, 4.88%, 7/14/2023<sup>(e)</sup> | 1/20/2022 | 1434 |  |
| 5182 4923444, 3.32%, 7/15/2023<sup>(e)</sup> | 1/21/2022 | 5181 |  |
| 7043 4923867, 4.56%, 7/16/2023<sup>(e)</sup> | 1/21/2022 | 7040 |  |
| 613 4924667, 4.57%, 7/17/2023<sup>(e)</sup> | 1/21/2022 | 612 |  |
| 11293 4924870, 4.54%, 7/18/2023<sup>(e)</sup> | 1/21/2022 | 11285 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 39

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $11391 4927834, 4.54%, 7/19/2023<sup>(e)</sup> | 1/24/2022 | 11365 | $– |
| 4851 4928752, 4.69%, 7/19/2023<sup>(e)</sup> | 1/24/2022 | 4822 |  |
| 671 4928805, 4.85%, 7/19/2023<sup>(e)</sup> | 1/24/2022 | 670 |  |
| 11083 4930374, 4.40%, 7/20/2023<sup>(e)</sup> | 1/25/2022 | 11077 |  |
| 2017 4931538, 4.56%, 7/20/2023<sup>(e)</sup> | 1/25/2022 | 2015 |  |
| 5862 4932542, 3.21%, 7/20/2023<sup>(e)</sup> | 1/25/2022 | 5860 |  |
| 2832 4932903, 5.68%, 7/21/2023<sup>(e)</sup> | 1/26/2022 | 2831 |  |
| 25679 4935454, 4.71%, 7/22/2023<sup>(e)</sup> | 1/27/2022 | 25669 |  |
| 1482 4935606, 4.87%, 7/23/2023<sup>(e)</sup> | 1/27/2022 | 1481 |  |
| 1841 4935724, 3.46%, 7/23/2023<sup>(e)</sup> | 1/27/2022 | 1837 |  |
| 446 4937082, 3.28%, 7/24/2023<sup>(e)</sup> | 1/27/2022 | 445 |  |
| 745 4937193, 2.78%, 7/24/2023<sup>(e)</sup> | 1/27/2022 | 745 |  |
| 15783 4939337, 4.38%, 7/25/2023<sup>(e)</sup> | 1/28/2022 | 15777 | 1 |
| 2743 4940064, 4.54%, 7/25/2023<sup>(e)</sup> | 1/28/2022 | 2742 |  |
| 802 4941301, 4.54%, 7/25/2023<sup>(e)</sup> | 1/28/2022 | 800 |  |
| 14784 4942755, 4.21%, 7/26/2023<sup>(e)</sup> | 1/31/2022 | 14765 |  |
| 5605 4943198, 5.00%, 7/26/2023<sup>(e)</sup> | 1/31/2022 | 5590 |  |
| 2487 4943538, 2.33%, 7/26/2023<sup>(e)</sup> | 1/31/2022 | 2482 |  |
| 788 4946203, 3.94%, 7/27/2023<sup>(e)</sup> | 2/1/2022 | 787 |  |
| 2422 4947374, 4.56%, 7/27/2023<sup>(e)</sup> | 2/1/2022 | 2421 |  |
| 4682 4947448, 5.54%, 7/27/2023<sup>(e)</sup> | 2/1/2022 | 4678 |  |
| 4135 4963528, 4.75%, 7/31/2023<sup>(e)</sup> | 2/3/2022 | 4133 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $943 4964875, 5.00%, 8/1/2023<sup>(e)</sup> | 2/4/2022 | 943 | $– |
| 963 4965411, 4.84%, 8/1/2023<sup>(e)</sup> | 2/4/2022 | 962 |  |
| 3688 4965692, 5.59%, 8/1/2023<sup>(e)</sup> | 2/4/2022 | 3686 |  |
| 4009 4965888, 3.56%, 8/1/2023<sup>(e)</sup> | 2/4/2022 | 4007 |  |
| 1361 4972999, 5.00%, 8/4/2023<sup>(e)</sup> | 2/9/2022 | 1360 |  |
| 4634 4973481, 4.55%, 8/4/2023<sup>(e)</sup> | 2/9/2022 | 4633 |  |
| 1115 4974072, 4.55%, 8/4/2023<sup>(e)</sup> | 2/9/2022 | 1115 |  |
| 18676 4980442, 4.54%, 8/8/2023<sup>(e)</sup> | 2/11/2022 | 18649 |  |
| 807 4980877, 3.93%, 8/8/2023<sup>(e)</sup> | 2/11/2022 | 806 |  |
| 1087 4981825, 3.31%, 8/9/2023<sup>(e)</sup> | 2/14/2022 | 1082 |  |
| 466 4981951, 3.64%, 8/9/2023<sup>(e)</sup> | 2/14/2022 | 466 |  |
| 2037 4987887, 3.31%, 8/11/2023<sup>(e)</sup> | 2/16/2022 | 2035 |  |
| 7067 4989563, 4.71%, 8/11/2023<sup>(e)</sup> | 2/16/2022 | 7063 |  |
| 669 4990332, 4.57%, 8/12/2023<sup>(e)</sup> | 2/17/2022 | 669 |  |
| 993 4990429, 3.78%, 8/12/2023<sup>(e)</sup> | 2/17/2022 | 993 |  |
| 1066 4991870, 4.69%, 8/14/2023<sup>(e)</sup> | 2/17/2022 | 1059 |  |
| 3373 4992366, 4.80%, 8/14/2023<sup>(e)</sup> | 2/17/2022 | 3359 |  |
| 6912 4993119, 4.82%, 8/14/2023<sup>(e)</sup> | 2/17/2022 | 6901 |  |
| 852 4993578, 4.70%, 8/14/2023<sup>(e)</sup> | 2/17/2022 | 851 |  |
| 30412 4994432, 4.85%, 8/14/2023<sup>(e)</sup> | 2/17/2022 | 30389 | 1 |
| 1315 4994965, 3.31%, 8/15/2023<sup>(e)</sup> | 2/18/2022 | 1314 |  |
| 1593 5005690, 4.54%, 8/16/2023<sup>(e)</sup> | 2/22/2022 | 1570 | 1 |
| 32611 5015903, 3.11%, 8/17/2023<sup>(e)</sup> | 2/23/2022 | 32599 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 41

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $24875 5023433, 3.41%, 8/18/2023<sup>(e)</sup> | 2/24/2022 | 24865 | $– |
| 329 5025818, 4.02%, 8/19/2023<sup>(e)</sup> | 2/25/2022 | 328 |  |
| 233 5027526, 2.77%, 8/21/2023<sup>(e)</sup> | 2/25/2022 | 233 |  |
| 1937 5030781, 3.92%, 8/22/2023<sup>(e)</sup> | 2/25/2022 | 1936 |  |
| 22889 5035392, 4.38%, 8/23/2023<sup>(e)</sup> | 2/28/2022 | 22858 | 1 |
| 8511 5035710, 3.10%, 8/23/2023<sup>(e)</sup> | 2/28/2022 | 8508 |  |
| 3323 5038579, 6.10%, 8/24/2023<sup>(e)</sup> | 3/1/2022 | 3319 |  |
| 5436 5038717, 4.56%, 8/24/2023<sup>(e)</sup> | 3/1/2022 | 5434 |  |
| 1370 5039033, 4.87%, 8/24/2023<sup>(e)</sup> | 3/1/2022 | 1369 |  |
| 2727 5040067, 3.31%, 8/24/2023<sup>(e)</sup> | 3/1/2022 | 2725 |  |
| 15227 5040081, 4.56%, 8/24/2023<sup>(e)</sup> | 3/1/2022 | 15219 | 1 |
| 2643 5042214, 5.20%, 8/25/2023<sup>(e)</sup> | 3/2/2022 | 2641 |  |
| 8128 5043126, 3.43%, 8/25/2023<sup>(e)</sup> | 3/2/2022 | 8125 |  |
| 475 5043972, 3.43%, 8/26/2023<sup>(e)</sup> | 3/3/2022 | 474 |  |
| 5895 5048352, 3.28%, 9/1/2023<sup>(e)</sup> | 3/4/2022 | 5893 |  |
| 805 5050029, 3.97%, 9/1/2023<sup>(e)</sup> | 3/4/2022 | 804 |  |
| 1207 5051232, 4.48%, 9/2/2023<sup>(e)</sup> | 3/7/2022 | 1207 |  |
| 182 5051458, 4.97%, 9/2/2023<sup>(e)</sup> | 3/7/2022 | 181 |  |
| 3193 5053712, 4.51%, 9/2/2023<sup>(e)</sup> | 3/7/2022 | 3184 |  |
| 1637 5060161, 3.29%, 9/4/2023<sup>(e)</sup> | 3/9/2022 | 1636 |  |
| 199 5060246, 3.96%, 9/4/2023<sup>(e)</sup> | 3/9/2022 | 199 |  |
| 7779 5061941, 4.53%, 9/5/2023<sup>(e)</sup> | 3/10/2022 | 7776 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $911 5062539, 4.37%, 9/6/2023<sup>(e)</sup> | 3/10/2022 | 907 | $– |
| 6060 5065867, 4.30%, 9/7/2023<sup>(e)</sup> | 3/10/2022 | 6057 |  |
| 4055 5066816, 4.51%, 9/8/2023<sup>(e)</sup> | 3/11/2022 | 4051 |  |
| 10839 5068819, 4.36%, 9/9/2023<sup>(e)</sup> | 3/14/2022 | 10830 | 1 |
| 379 5070539, 4.10%, 9/9/2023<sup>(e)</sup> | 3/14/2022 | 377 |  |
| 738 5073170, 4.99%, 9/10/2023<sup>(e)</sup> | 3/15/2022 | 738 |  |
| 2136 5075361, 3.76%, 9/10/2023<sup>(e)</sup> | 3/15/2022 | 2135 |  |
| 87 5075522, 4.53%, 9/10/2023<sup>(e)</sup> | 3/15/2022 | 86 |  |
| 708 5075543, 3.99%, 9/10/2023<sup>(e)</sup> | 3/15/2022 | 707 |  |
| 45348 5075557, 4.38%, 9/10/2023<sup>(e)</sup> | 3/15/2022 | 45327 | 4 |
| 9647 5077258, 4.53%, 9/11/2023<sup>(e)</sup> | 3/16/2022 | 9643 |  |
| 3939 5078899, 4.52%, 9/13/2023<sup>(e)</sup> | 3/17/2022 | 3936 |  |
| 1278 5083784, 4.52%, 9/15/2023<sup>(e)</sup> | 3/18/2022 | 1277 |  |
| 2171 5092643, 4.38%, 9/18/2023<sup>(e)</sup> | 3/23/2022 | 2170 |  |
| 618 5093320, 5.93%, 9/18/2023<sup>(e)</sup> | 3/23/2022 | 617 |  |
| 6418 5093714, 4.53%, 9/18/2023<sup>(e)</sup> | 3/23/2022 | 6415 |  |
| 1661 5093848, 4.54%, 9/19/2023<sup>(e)</sup> | 3/24/2022 | 1661 |  |
| 3377 5094164, 4.99%, 9/19/2023<sup>(e)</sup> | 3/24/2022 | 3372 |  |
| 6042 5094488, 4.98%, 9/20/2023<sup>(e)</sup> | 3/24/2022 | 6018 |  |
| 6551 5095493, 4.51%, 9/21/2023<sup>(e)</sup> | 3/24/2022 | 6549 |  |
| 4070 5096477, 3.74%, 9/21/2023<sup>(e)</sup> | 3/24/2022 | 4069 |  |
| 2772 5099731, 3.27%, 9/22/2023<sup>(e)</sup> | 3/25/2022 | 2770 |  |
| 8861 5101587, 4.52%, 9/23/2023<sup>(e)</sup> | 3/28/2022 | 8857 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 43

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $6304 5111315, 3.75%, 9/27/2023<sup>(e)</sup> | 3/31/2022 | 6301 | $– |
| 604 5112364, 5.04%, 9/28/2023<sup>(e)</sup> | 3/31/2022 | 603 |  |
| 3708 5115931, 5.01%, 9/29/2023<sup>(e)</sup> | 4/1/2022 | 3706 |  |
| 9406 5117050, 4.67%, 9/29/2023<sup>(e)</sup> | 4/1/2022 | 9387 | (12) |
| 8817 5119179, 4.67%, 9/30/2023<sup>(e)</sup> | 4/4/2022 | 8774 | 1 |
| 6017 5119307, 4.51%, 9/30/2023<sup>(e)</sup> | 4/4/2022 | 6009 |  |
| 2357 5122576, 3.10%, 9/30/2023<sup>(e)</sup> | 4/5/2022 | 2356 |  |
| 22650 5124854, 4.54%, 10/1/2023<sup>(e)</sup> | 4/6/2022 | 22639 |  |
| 385 5125274, 4.86%, 10/1/2023<sup>(e)</sup> | 4/6/2022 | 385 |  |
| 2043 5126356, 4.52%, 10/1/2023<sup>(e)</sup> | 4/6/2022 | 2042 |  |
| 2364 5127014, 4.80%, 10/1/2023<sup>(e)</sup> | 4/6/2022 | 2360 |  |
| 629 5129718, 3.30%, 10/4/2023<sup>(e)</sup> | 4/7/2022 | 623 |  |
| 30391 5135356, 4.83%, 10/5/2023<sup>(e)</sup> | 4/8/2022 | 30381 |  |
| 4814 5135561, 4.83%, 10/5/2023<sup>(e)</sup> | 4/8/2022 | 4811 |  |
| 19090 5135639, 4.68%, 10/5/2023<sup>(e)</sup> | 4/8/2022 | 19061 | 2 |
| 3258 5136635, 2.25%, 10/6/2023<sup>(e)</sup> | 4/11/2022 | 3256 |  |
| 897 5136870, 4.69%, 10/6/2023<sup>(e)</sup> | 4/11/2022 | 894 |  |
| 3941 5138027, 4.52%, 10/6/2023<sup>(e)</sup> | 4/11/2022 | 3922 |  |
| 1488 5139529, 4.37%, 10/6/2023<sup>(e)</sup> | 4/11/2022 | 1487 |  |
| 793 5142376, 5.00%, 10/7/2023<sup>(e)</sup> | 4/12/2022 | 792 |  |
| 4897 5143176, 4.38%, 10/7/2023<sup>(e)</sup> | 4/12/2022 | 4893 |  |
| 6249 5143604, 3.86%, 10/7/2023<sup>(e)</sup> | 4/12/2022 | 6248 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $319 5144361, 5.96%, 10/7/2023<sup>(e)</sup> | 4/12/2022 | 319 | $– |
| 5657 5144531, 4.54%, 10/7/2023<sup>(e)</sup> | 4/12/2022 | 5653 |  |
| 1351 5147988, 4.54%, 10/8/2023<sup>(e)</sup> | 4/13/2022 | 1349 |  |
| 1729 5149338, 5.40%, 10/10/2023<sup>(e)</sup> | 4/14/2022 | 1729 |  |
| 1369 5149346, 3.30%, 10/10/2023<sup>(e)</sup> | 4/14/2022 | 1368 |  |
| 3187 5153545, 3.27%, 10/12/2023<sup>(e)</sup> | 4/15/2022 | 3181 |  |
| 3902 5154183, 4.37%, 10/12/2023<sup>(e)</sup> | 4/15/2022 | 3901 |  |
| 3044 5154378, 4.83%, 10/12/2023<sup>(e)</sup> | 4/15/2022 | 3040 |  |
| 1604 5156604, 4.52%, 10/12/2023<sup>(e)</sup> | 4/15/2022 | 1604 |  |
| 2069 5164469, 4.54%, 10/14/2023<sup>(e)</sup> | 4/19/2022 | 2068 |  |
| 331 5168575, 4.53%, 10/15/2023<sup>(e)</sup> | 4/20/2022 | 330 |  |
| 2168 5172192, 5.00%, 10/16/2023<sup>(e)</sup> | 4/21/2022 | 2167 |  |
| 322 5175835, 3.27%, 10/18/2023<sup>(e)</sup> | 4/21/2022 | 322 |  |
| 316 5177727, 2.99%, 10/18/2023<sup>(e)</sup> | 4/21/2022 | 315 |  |
| 2851 5178448, 3.28%, 10/18/2023<sup>(e)</sup> | 4/21/2022 | 2850 |  |
| 4313 5179083, 4.68%, 10/18/2023<sup>(e)</sup> | 4/21/2022 | 4311 |  |
| 458 5180253, 4.37%, 10/19/2023<sup>(e)</sup> | 4/22/2022 | 457 |  |
| 1447 5187744, 4.83%, 10/20/2023<sup>(e)</sup> | 4/25/2022 | 1446 |  |
| 4827 5189000, 4.37%, 10/20/2023<sup>(e)</sup> | 4/25/2022 | 4819 |  |
| 2570 5190525, 4.83%, 10/20/2023<sup>(e)</sup> | 4/25/2022 | 2566 |  |
| 445 5198160, 3.32%, 10/21/2023<sup>(e)</sup> | 4/26/2022 | 445 |  |
| 590 5209762, 5.00%, 10/23/2023<sup>(e)</sup> | 4/28/2022 | 588 |  |
| 9228 5210763, 4.38%, 10/24/2023<sup>(e)</sup> | 4/28/2022 | 9226 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 45

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1021 5210902, 3.31%, 10/24/2023<sup>(e)</sup> | 4/28/2022 | 1020 | $– |
| 413 5210944, 4.54%, 10/24/2023<sup>(e)</sup> | 4/28/2022 | 412 |  |
| 401 5213898, 4.52%, 10/25/2023<sup>(e)</sup> | 4/28/2022 | 400 |  |
| 3139 5216280, 4.37%, 10/26/2023<sup>(e)</sup> | 4/29/2022 | 3122 | 2 |
| 4582 5217923, 4.52%, 10/26/2023<sup>(e)</sup> | 4/29/2022 | 4575 |  |
| 841 5230473, 5.00%, 10/28/2023<sup>(e)</sup> | 5/3/2022 | 840 |  |
| 2720 5234184, 3.36%, 10/28/2023<sup>(e)</sup> | 5/3/2022 | 2719 |  |
| 2209 5237290, 3.92%, 10/29/2023<sup>(e)</sup> | 5/4/2022 | 2207 |  |
| 8611 5239379, 4.54%, 10/29/2023<sup>(e)</sup> | 5/4/2022 | 8607 |  |
| 4367 5242712, 4.67%, 11/2/2023<sup>(e)</sup> | 5/5/2022 | 4356 |  |
| 1989 5243522, 4.52%, 11/2/2023<sup>(e)</sup> | 5/5/2022 | 1985 |  |
| 2364 5246445, 4.67%, 11/2/2023<sup>(e)</sup> | 5/5/2022 | 2362 |  |
| 5553 5266318, 4.84%, 11/5/2023<sup>(e)</sup> | 5/10/2022 | 5550 |  |
| 3914 5266906, 4.38%, 11/5/2023<sup>(e)</sup> | 5/10/2022 | 3912 |  |
| 34226 5266955, 4.53%, 11/5/2023<sup>(e)</sup> | 5/10/2022 | 34212 |  |
| 1925 5272268, 4.52%, 11/6/2023<sup>(e)</sup> | 5/11/2022 | 1924 |  |
| 880 5272702, 4.68%, 11/7/2023<sup>(e)</sup> | 5/12/2022 | 879 |  |
| 4594 5272740, 4.38%, 11/7/2023<sup>(e)</sup> | 5/12/2022 | 4587 |  |
| 1064 5272982, 4.70%, 11/7/2023<sup>(e)</sup> | 5/12/2022 | 1064 |  |
| 131 5272997, 2.98%, 11/7/2023<sup>(e)</sup> | 5/12/2022 | 125 |  |
| 9924 5273207, 3.76%, 11/7/2023<sup>(e)</sup> | 5/12/2022 | 9914 |  |
| 472 5273883, 3.48%, 11/8/2023<sup>(e)</sup> | 5/12/2022 | 470 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1046 5273902, 4.53%, 11/8/2023<sup>(e)</sup> | 5/12/2022 | 1045 | $– |
| 249 5273921, 4.51%, 11/8/2023<sup>(e)</sup> | 5/12/2022 | 248 | (1) |
| 6672 5274829, 4.80%, 11/9/2023<sup>(e)</sup> | 5/12/2022 | 6636 |  |
| 3479 5277220, 4.19%, 11/9/2023<sup>(e)</sup> | 5/12/2022 | 3477 |  |
| 1249 5277442, 5.09%, 11/9/2023<sup>(e)</sup> | 5/12/2022 | 1248 |  |
| 1220 5279817, 3.76%, 11/10/2023<sup>(e)</sup> | 5/13/2022 | 1216 |  |
| 406 5280774, 3.14%, 11/10/2023<sup>(e)</sup> | 5/13/2022 | 405 |  |
| 924 5287472, 4.53%, 11/12/2023<sup>(e)</sup> | 5/17/2022 | 923 |  |
| 12391 5288869, 4.53%, 11/12/2023<sup>(e)</sup> | 5/17/2022 | 12383 | (304) |
| 10350 5290401, 4.84%, 11/13/2023<sup>(e)</sup> | 5/18/2022 | 10346 |  |
| 5944 5290727, 4.51%, 11/13/2023<sup>(e)</sup> | 5/18/2022 | 5942 |  |
| 26090 5291456, 4.53%, 11/13/2023<sup>(e)</sup> | 5/18/2022 | 26078 |  |
| 1588 5293904, 4.58%, 11/14/2023<sup>(e)</sup> | 5/19/2022 | 1587 |  |
| 1908 5293931, 5.16%, 11/14/2023<sup>(e)</sup> | 5/19/2022 | 1905 |  |
| 8176 5294058, 4.17%, 11/14/2023<sup>(e)</sup> | 5/19/2022 | 8170 |  |
| 176 5294125, 5.18%, 11/14/2023<sup>(e)</sup> | 5/19/2022 | 175 |  |
| 1224 5294350, 4.52%, 11/15/2023<sup>(e)</sup> | 5/19/2022 | 1223 |  |
| 7886 5295470, 5.35%, 11/16/2023<sup>(e)</sup> | 5/19/2022 | 7882 |  |
| 4739 5297750, 4.17%, 11/16/2023<sup>(e)</sup> | 5/19/2022 | 4736 |  |
| 1748 5300076, 4.82%, 11/17/2023<sup>(e)</sup> | 5/20/2022 | 1747 |  |
| 1048 5302568, 4.11%, 11/17/2023<sup>(e)</sup> | 5/20/2022 | 1048 |  |
| 4940 5316916, 4.69%, 11/19/2023<sup>(e)</sup> | 5/24/2022 | 4936 | (10) |
| 1675 5317420, 5.02%, 11/19/2023<sup>(e)</sup> | 5/24/2022 | 1675 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 47

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $604 5317452, 5.32%, 11/19/2023<sup>(e)</sup> | 5/24/2022 | 604 | $– |
| 49161 5319281, 4.81%, 11/19/2023<sup>(e)</sup> | 5/24/2022 | 49143 |  |
| 2421 5321858, 4.99%, 11/20/2023<sup>(e)</sup> | 5/25/2022 | 2419 |  |
| 8082 5323747, 2.19%, 11/20/2023<sup>(e)</sup> | 5/25/2022 | 8081 |  |
| 2013 5324636, 3.85%, 11/21/2023<sup>(e)</sup> | 5/26/2022 | 2012 |  |
| 18973 5324641, 5.27%, 11/21/2023<sup>(e)</sup> | 5/26/2022 | 18967 |  |
| 9236 5325051, 4.68%, 11/22/2023<sup>(e)</sup> | 5/26/2022 | 9230 |  |
| 1620 5325054, 4.00%, 11/22/2023<sup>(e)</sup> | 5/26/2022 | 1618 |  |
| 2008 5325278, 4.52%, 11/22/2023<sup>(e)</sup> | 5/26/2022 | 1979 |  |
| 771 5325317, 3.75%, 11/22/2023<sup>(e)</sup> | 5/26/2022 | 771 |  |
| 5012 5326335, 2.86%, 11/23/2023<sup>(e)</sup> | 5/26/2022 | 5008 |  |
| 3954 5327429, 4.51%, 11/23/2023<sup>(e)</sup> | 5/26/2022 | 3948 | 1 |
| 4113 5328570, 4.51%, 11/23/2023<sup>(e)</sup> | 5/26/2022 | 4111 |  |
| 7257 5329294, 4.97%, 11/23/2023<sup>(e)</sup> | 5/26/2022 | 7253 |  |
| 3813 5329421, 4.67%, 11/23/2023<sup>(e)</sup> | 5/26/2022 | 3812 |  |
| 1272 5329436, 3.26%, 11/23/2023<sup>(e)</sup> | 5/26/2022 | 1272 |  |
| 1423 5330208, 5.24%, 11/23/2023<sup>(e)</sup> | 5/26/2022 | 1422 |  |
| 231 5330242, 4.33%, 11/23/2023<sup>(e)</sup> | 5/26/2022 | 231 |  |
| 26925 5330579, 4.51%, 11/24/2023<sup>(e)</sup> | 5/27/2022 | 26904 | 2 |
| 127 5334342, 2.93%, 11/24/2023<sup>(e)</sup> | 5/27/2022 | 127 |  |
| 1229 5335930, 3.60%, 11/25/2023<sup>(e)</sup> | 5/31/2022 | 1218 |  |
| 6002 5336264, 4.51%, 11/25/2023<sup>(e)</sup> | 5/31/2022 | 5964 | 1 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $2877 5338129, 2.25%, 11/25/2023<sup>(e)</sup> | 5/31/2022 | 2872 | $– |
| 671 5338200, 4.97%, 11/25/2023<sup>(e)</sup> | 5/31/2022 | 667 |  |
| 913 5338230, 4.52%, 11/25/2023<sup>(e)</sup> | 5/31/2022 | 897 |  |
| 2463 5338271, 3.57%, 11/25/2023<sup>(e)</sup> | 5/31/2022 | 2461 |  |
| 21024 5360500, 4.38%, 11/26/2023<sup>(e)</sup> | 6/1/2022 | 21018 |  |
| 4233 5360961, 4.54%, 11/26/2023<sup>(e)</sup> | 6/1/2022 | 4226 |  |
| 216 5361615, 3.31%, 11/26/2023<sup>(e)</sup> | 6/1/2022 | 216 |  |
| 435 5368749, 5.00%, 11/27/2023<sup>(e)</sup> | 6/2/2022 | 434 |  |
| 271 5368872, 3.41%, 11/27/2023<sup>(e)</sup> | 6/2/2022 | 271 |  |
| 413 5374976, 4.71%, 11/27/2023<sup>(e)</sup> | 6/2/2022 | 413 |  |
| 1403 5376191, 3.30%, 11/27/2023<sup>(e)</sup> | 6/2/2022 | 1401 |  |
| 2475 5379477, 3.30%, 11/27/2023<sup>(e)</sup> | 6/2/2022 | 2474 |  |
| 8403 5382331, 4.69%, 11/29/2023<sup>(e)</sup> | 6/3/2022 | 8398 |  |
| 5125 5397713, 3.29%, 11/30/2023<sup>(e)</sup> | 6/3/2022 | 5123 |  |
| 2117 5399946, 3.28%, 11/30/2023<sup>(e)</sup> | 6/3/2022 | 2114 |  |
| 333 5446548, 5.00%, 12/2/2023<sup>(e)</sup> | 6/7/2022 | 332 |  |
| 5508 5448438, 3.71%, 12/2/2023<sup>(e)</sup> | 6/7/2022 | 5496 |  |
| 343 5458240, 2.89%, 12/3/2023<sup>(e)</sup> | 6/8/2022 | 341 |  |
| 8773 5464429, 3.49%, 12/3/2023<sup>(e)</sup> | 6/8/2022 | 8766 |  |
| 202 5465467, 2.86%, 12/3/2023<sup>(e)</sup> | 6/8/2022 | 200 |  |
| 1462 5466042, 5.00%, 12/3/2023<sup>(e)</sup> | 6/8/2022 | 1460 |  |
| 245 5466239, 6.02%, 12/3/2023<sup>(e)</sup> | 6/8/2022 | 244 |  |
| 1233 5468438, 4.54%, 12/3/2023<sup>(e)</sup> | 6/8/2022 | 1232 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 49

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $36919 5469125, 4.85%, 12/3/2023<sup>(e)</sup> | 6/8/2022 | 36903 | $– |
| 816 5473754, 4.55%, 12/5/2023<sup>(e)</sup> | 6/9/2022 | 812 |  |
| 773 5481462, 4.53%, 12/6/2023<sup>(e)</sup> | 6/9/2022 | 773 |  |
| 785 5501666, 4.13%, 12/7/2023<sup>(e)</sup> | 6/10/2022 | 785 |  |
| 636 5502015, 4.68%, 12/7/2023<sup>(e)</sup> | 6/10/2022 | 636 |  |
| 16103 5502421, 3.46%, 12/7/2023<sup>(e)</sup> | 6/10/2022 | 16096 |  |
| 2543 5517785, 5.73%, 12/8/2023<sup>(e)</sup> | 6/13/2022 | 2524 |  |
| – 5529733, 4.53%, 12/9/2023<sup>(e)</sup> | 6/14/2022 | 0 | (1) |
| 12539 5531774, 4.94%, 12/9/2023<sup>(e)</sup> | 6/14/2022 | 12526 |  |
| 640 5533904, 5.11%, 12/9/2023<sup>(e)</sup> | 6/14/2022 | 639 |  |
| 601 5533927, 4.55%, 12/9/2023<sup>(e)</sup> | 6/14/2022 | 601 |  |
| 3067 5536052, 4.55%, 12/10/2023<sup>(e)</sup> | 6/15/2022 | 3065 |  |
| 451 5536095, 5.81%, 12/10/2023<sup>(e)</sup> | 6/15/2022 | 450 |  |
| 15830 5536520, 3.14%, 12/10/2023<sup>(e)</sup> | 6/15/2022 | 15822 | 1 |
| 14509 5538726, 4.63%, 12/10/2023<sup>(e)</sup> | 6/15/2022 | 14498 |  |
| 6072 5540184, 4.41%, 12/11/2023<sup>(e)</sup> | 6/16/2022 | 6066 |  |
| 2056 5540882, 4.42%, 12/12/2023<sup>(e)</sup> | 6/16/2022 | 2054 |  |
| 2305 5544958, 4.68%, 12/13/2023<sup>(e)</sup> | 6/16/2022 | 2302 |  |
| 3733 5546836, 5.63%, 12/13/2023<sup>(e)</sup> | 6/16/2022 | 3730 |  |
| 1023 5555931, 4.53%, 12/15/2023<sup>(e)</sup> | 6/21/2022 | 1019 | (16) |
| 1670 5556465, 4.82%, 12/15/2023<sup>(e)</sup> | 6/21/2022 | 1670 |  |
| 514 5557202, 4.37%, 12/15/2023<sup>(e)</sup> | 6/21/2022 | 513 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $3188 5558024, 4.52%, 12/15/2023<sup>(e)</sup> | 6/21/2022 | 3170 | $– |
| 18089 5563709, 4.54%, 12/16/2023<sup>(e)</sup> | 6/21/2022 | 18082 | 1 |
| 595 5565232, 4.54%, 12/17/2023<sup>(e)</sup> | 6/22/2022 | 594 |  |
| 229 5567957, 3.99%, 12/18/2023<sup>(e)</sup> | 6/23/2022 | 228 |  |
| 1364 5567994, 4.41%, 12/18/2023<sup>(e)</sup> | 6/23/2022 | 1363 |  |
| 3223 5568022, 4.98%, 12/18/2023<sup>(e)</sup> | 6/23/2022 | 3219 |  |
| 1591 5569020, 4.52%, 12/19/2023<sup>(e)</sup> | 6/23/2022 | 1587 |  |
| 904 5569038, 4.38%, 12/19/2023<sup>(e)</sup> | 6/23/2022 | 903 |  |
| 2795 5569582, 4.06%, 12/20/2023<sup>(e)</sup> | 6/23/2022 | 2794 |  |
| 1366 5570858, 3.42%, 12/20/2023<sup>(e)</sup> | 6/23/2022 | 1365 |  |
| 1013 5572159, 4.83%, 12/20/2023<sup>(e)</sup> | 6/23/2022 | 1009 |  |
| 9878 5572356, 4.13%, 12/20/2023<sup>(e)</sup> | 6/23/2022 | 9872 |  |
| 601 5572925, 4.43%, 12/21/2023<sup>(e)</sup> | 6/24/2022 | 600 |  |
| 2867 5575461, 4.53%, 12/21/2023<sup>(e)</sup> | 6/24/2022 | 2865 |  |
| 3148 5576170, 3.89%, 12/22/2023<sup>(e)</sup> | 6/27/2022 | 3139 |  |
| 3130 5576401, 3.75%, 12/22/2023<sup>(e)</sup> | 6/27/2022 | 3130 |  |
| 878 5576648, 4.50%, 12/22/2023<sup>(e)</sup> | 6/27/2022 | 876 |  |
| 63967 5578129, 4.68%, 12/22/2023<sup>(e)</sup> | 6/27/2022 | 63872 |  |
| 2880 5578605, 4.52%, 12/22/2023<sup>(e)</sup> | 6/27/2022 | 2845 |  |
| 5337 5581145, 3.92%, 12/23/2023<sup>(e)</sup> | 6/28/2022 | 5334 |  |
| 1128 5582876, 4.53%, 12/23/2023<sup>(e)</sup> | 6/28/2022 | 1127 |  |
| 6054 5582930, 4.59%, 12/23/2023<sup>(e)</sup> | 6/28/2022 | 6051 |  |
| 4402 5585859, 3.76%, 12/24/2023<sup>(e)</sup> | 6/29/2022 | 4397 | 1 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 51

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1304 5586357, 3.29%, 12/24/2023<sup>(e)</sup> | 6/29/2022 | 1303 | $– |
| 2444 5586371, 3.49%, 12/24/2023<sup>(e)</sup> | 6/29/2022 | 2443 |  |
| 1534 5586839, 4.53%, 12/24/2023<sup>(e)</sup> | 6/29/2022 | 1533 |  |
| 509 5587315, 4.83%, 12/24/2023<sup>(e)</sup> | 6/29/2022 | 508 |  |
| 2815 5588022, 5.32%, 12/25/2023<sup>(e)</sup> | 6/30/2022 | 2814 |  |
| 1379 5588383, 3.44%, 12/25/2023<sup>(e)</sup> | 6/30/2022 | 1377 |  |
| 1114 5588511, 5.37%, 12/25/2023<sup>(e)</sup> | 6/30/2022 | 1112 |  |
| 1034 5588587, 3.76%, 12/25/2023<sup>(e)</sup> | 6/30/2022 | 1032 |  |
| 1506 5593503, 4.69%, 12/28/2023<sup>(e)</sup> | 7/1/2022 | 1505 |  |
| 1049 5593868, 4.53%, 12/28/2023<sup>(e)</sup> | 7/1/2022 | 1047 |  |
| 12464 5595067, 3.29%, 12/28/2023<sup>(e)</sup> | 7/1/2022 | 12452 |  |
| 7135 5597193, 4.48%, 12/29/2023<sup>(e)</sup> | 7/5/2022 | 7107 |  |
| 26017 5597841, 3.68%, 12/29/2023<sup>(e)</sup> | 7/5/2022 | 25996 | 1 |
| 632 5599345, 4.69%, 12/29/2023<sup>(e)</sup> | 7/5/2022 | 630 |  |
| 21651 5608462, 4.55%, 12/30/2023<sup>(e)</sup> | 7/6/2022 | 21631 | 1 |
| 21926 5609749, 4.70%, 12/30/2023<sup>(e)</sup> | 7/6/2022 | 21914 |  |
| 8491 5610851, 4.52%, 12/30/2023<sup>(e)</sup> | 7/6/2022 | 8488 |  |
| 7197 5610982, 4.70%, 12/30/2023<sup>(e)</sup> | 7/6/2022 | 7188 |  |
| 19376 5612231, 4.55%, 12/30/2023<sup>(e)</sup> | 7/6/2022 | 19362 | 2 |
| 14063 5612591, 3.51%, 12/30/2023<sup>(e)</sup> | 7/6/2022 | 14052 |  |
| 3763 5613362, 4.54%, 1/1/2024<sup>(e)</sup> | 7/7/2022 | 3762 |  |
| 1162 5613778, 5.85%, 1/1/2024<sup>(e)</sup> | 7/7/2022 | 1162 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1422 5616104, 2.32%, 1/1/2024<sup>(e)</sup> | 7/7/2022 | 1421 | $– |
| 5134 5617936, 4.05%, 1/2/2024<sup>(e)</sup> | 7/8/2022 | 5125 |  |
| 1004 5618178, 4.52%, 1/2/2024<sup>(e)</sup> | 7/8/2022 | 1002 |  |
| 7133 5618221, 4.21%, 1/2/2024<sup>(e)</sup> | 7/8/2022 | 7126 |  |
| 3110 5618250, 4.38%, 1/2/2024<sup>(e)</sup> | 7/8/2022 | 3109 |  |
| 2091 5618386, 3.30%, 1/2/2024<sup>(e)</sup> | 7/8/2022 | 2087 |  |
| 2766 5618812, 4.02%, 1/3/2024<sup>(e)</sup> | 7/8/2022 | 2764 |  |
| 3854 5618850, 3.81%, 1/3/2024<sup>(e)</sup> | 7/8/2022 | 3853 |  |
| 553 5619394, 4.35%, 1/4/2024<sup>(e)</sup> | 7/8/2022 | 553 |  |
| 1815 5619622, 3.92%, 1/4/2024<sup>(e)</sup> | 7/8/2022 | 1815 |  |
| 4183 5619629, 2.97%, 1/4/2024<sup>(e)</sup> | 7/8/2022 | 4182 |  |
| 2380 5619675, 4.04%, 1/4/2024<sup>(e)</sup> | 7/8/2022 | 2379 |  |
| 657 5620090, 4.19%, 1/4/2024<sup>(e)</sup> | 7/8/2022 | 657 |  |
| 653 5620092, 4.64%, 1/4/2024<sup>(e)</sup> | 7/8/2022 | 653 |  |
| 3972 5622120, 4.51%, 1/5/2024<sup>(e)</sup> | 7/8/2022 | 3967 | 1 |
| 26603 5622306, 2.45%, 1/5/2024<sup>(e)</sup> | 7/8/2022 | 26594 | 2 |
| 738 5622692, 4.19%, 1/5/2024<sup>(e)</sup> | 7/8/2022 | 731 |  |
| 175 5628718, 4.68%, 1/6/2024<sup>(e)</sup> | 7/11/2022 | 174 |  |
| 1582 5629915, 4.98%, 1/6/2024<sup>(e)</sup> | 7/11/2022 | 1573 |  |
| 14701 5629926, 3.64%, 1/6/2024<sup>(e)</sup> | 7/11/2022 | 14622 |  |
| 4760 5642133, 3.29%, 1/7/2024<sup>(e)</sup> | 7/12/2022 | 4759 |  |
| 1339 5644328, 4.23%, 1/7/2024<sup>(e)</sup> | 7/12/2022 | 1339 |  |
| 1616 5644745, 3.29%, 1/7/2024<sup>(e)</sup> | 7/12/2022 | 1615 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 53

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $2061 5645729, 4.99%, 1/7/2024<sup>(e)</sup> | 7/12/2022 | 2060 | $– |
| 1845 5646761, 4.53%, 1/7/2024<sup>(e)</sup> | 7/12/2022 | 1844 |  |
| 434 5647308, 4.68%, 1/7/2024<sup>(e)</sup> | 7/12/2022 | 432 |  |
| 5736 5649773, 4.53%, 1/8/2024<sup>(e)</sup> | 7/13/2022 | 5729 |  |
| 245 5654817, 3.93%, 1/8/2024<sup>(e)</sup> | 7/13/2022 | 245 |  |
| 5510 5655615, 6.01%, 1/9/2024<sup>(e)</sup> | 7/14/2022 | 5507 |  |
| 38920 5659237, 4.51%, 1/11/2024<sup>(e)</sup> | 7/14/2022 | 38891 | 2 |
| 1057 5664582, 3.14%, 1/11/2024<sup>(e)</sup> | 7/14/2022 | 1056 |  |
| 1603 5666216, 5.60%, 1/12/2024<sup>(e)</sup> | 7/15/2022 | 1601 |  |
| 362 5668339, 4.82%, 1/12/2024<sup>(e)</sup> | 7/15/2022 | 362 |  |
| 1681 5669302, 5.06%, 1/12/2024<sup>(e)</sup> | 7/15/2022 | 1680 |  |
| 3024 5669479, 4.17%, 1/12/2024<sup>(e)</sup> | 7/15/2022 | 3020 |  |
| 11708 5672866, 4.11%, 1/13/2024<sup>(e)</sup> | 7/18/2022 | 11687 |  |
| 4004 5677096, 4.82%, 1/13/2024<sup>(e)</sup> | 7/18/2022 | 4001 |  |
| 6500 5694381, 4.60%, 1/14/2024<sup>(e)</sup> | 7/19/2022 | 6497 |  |
| 233 5696397, 4.38%, 1/15/2024<sup>(e)</sup> | 7/20/2022 | 233 |  |
| 10704 5698714, 4.30%, 1/15/2024<sup>(e)</sup> | 7/20/2022 | 10700 |  |
| 1361 5699827, 4.52%, 1/15/2024<sup>(e)</sup> | 7/20/2022 | 1360 |  |
| 2385 5700486, 4.53%, 1/15/2024<sup>(e)</sup> | 7/20/2022 | 2385 |  |
| 356 5702291, 3.76%, 1/15/2024<sup>(e)</sup> | 7/20/2022 | 355 |  |
| 2672 5702737, 3.76%, 1/16/2024<sup>(e)</sup> | 7/21/2022 | 2669 |  |
| 1431 5703717, 4.53%, 1/17/2024<sup>(e)</sup> | 7/21/2022 | 1430 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $366 5706429, 3.89%, 1/18/2024<sup>(e)</sup> | 7/21/2022 | 365 | $– |
| 1295 5709854, 4.15%, 1/18/2024<sup>(e)</sup> | 7/21/2022 | 1294 |  |
| 3468 5713387, 3.28%, 1/19/2024<sup>(e)</sup> | 7/22/2022 | 3466 |  |
| 728 5715543, 4.51%, 1/19/2024<sup>(e)</sup> | 7/22/2022 | 727 |  |
| 1822 5720303, 4.51%, 1/20/2024<sup>(e)</sup> | 7/25/2022 | 1820 |  |
| 958 5721187, 4.82%, 1/20/2024<sup>(e)</sup> | 7/25/2022 | 958 |  |
| 2201 5721339, 5.84%, 1/20/2024<sup>(e)</sup> | 7/25/2022 | 2200 |  |
| 1773 5721383, 4.82%, 1/20/2024<sup>(e)</sup> | 7/25/2022 | 1769 |  |
| 1528 5721751, 3.61%, 1/20/2024<sup>(e)</sup> | 7/25/2022 | 1526 |  |
| 2754 5727186, 4.84%, 1/21/2024<sup>(e)</sup> | 7/26/2022 | 2753 |  |
| 1496 5727924, 3.08%, 1/21/2024<sup>(e)</sup> | 7/26/2022 | 1495 |  |
| 838 5728776, 4.48%, 1/21/2024<sup>(e)</sup> | 7/26/2022 | 838 |  |
| 180 5728795, 3.29%, 1/21/2024<sup>(e)</sup> | 7/26/2022 | 179 |  |
| 13711 5730005, 4.53%, 1/21/2024<sup>(e)</sup> | 7/26/2022 | 13694 |  |
| 416 5730659, 4.53%, 1/21/2024<sup>(e)</sup> | 7/26/2022 | 415 |  |
| 405 5732406, 4.54%, 1/22/2024<sup>(e)</sup> | 7/27/2022 | 404 |  |
| 6002 5734184, 3.30%, 1/22/2024<sup>(e)</sup> | 7/27/2022 | 6001 |  |
| 2519 5735118, 3.23%, 1/23/2024<sup>(e)</sup> | 7/28/2022 | 2517 |  |
| 2577 5735150, 4.88%, 1/23/2024<sup>(e)</sup> | 7/28/2022 | 2575 |  |
| 864 5737658, 4.53%, 1/25/2024<sup>(e)</sup> | 7/28/2022 | 864 |  |
| 7672 5738521, 4.22%, 1/25/2024<sup>(e)</sup> | 7/28/2022 | 7670 |  |
| 1132 5739941, 4.98%, 1/26/2024<sup>(e)</sup> | 7/29/2022 | 1114 |  |
| 14101 5742715, 3.52%, 1/26/2024<sup>(e)</sup> | 7/29/2022 | 14096 | 1 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 55

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $18819 5743278, 4.51%, 1/26/2024<sup>(e)</sup> | 7/29/2022 | 18810 | $– |
| 1332 5743351, 4.82%, 1/26/2024<sup>(e)</sup> | 8/1/2022 | 1328 |  |
| 2970 5745225, 4.18%, 1/27/2024<sup>(e)</sup> | 8/1/2022 | 2957 |  |
| 1014 5745815, 4.51%, 1/27/2024<sup>(e)</sup> | 8/1/2022 | 1006 |  |
| 17133 5745956, 4.27%, 1/27/2024<sup>(e)</sup> | 8/1/2022 | 17127 |  |
| 2172 5746723, 5.34%, 1/27/2024<sup>(e)</sup> | 8/1/2022 | 2168 |  |
| 3911 5750032, 3.76%, 1/28/2024<sup>(e)</sup> | 8/2/2022 | 3907 |  |
| 533 5751285, 4.54%, 1/28/2024<sup>(e)</sup> | 8/2/2022 | 533 |  |
| 413 5756605, 4.69%, 1/29/2024<sup>(e)</sup> | 8/3/2022 | 410 |  |
| 595 5765511, 4.14%, 2/2/2024<sup>(e)</sup> | 8/5/2022 | 595 |  |
| 7103 5766439, 3.90%, 2/3/2024<sup>(e)</sup> | 8/8/2022 | 7100 |  |
| 2075 5768677, 3.90%, 2/3/2024<sup>(e)</sup> | 8/8/2022 | 2072 |  |
| 17962 5771825, 3.29%, 2/4/2024<sup>(e)</sup> | 8/9/2022 | 17949 |  |
| 37618 5773123, 4.50%, 2/4/2024<sup>(e)</sup> | 8/9/2022 | 37606 |  |
| 1018 5775146, 3.29%, 2/4/2024<sup>(e)</sup> | 8/9/2022 | 1017 |  |
| 12994 5780631, 4.09%, 2/7/2024<sup>(e)</sup> | 8/11/2022 | 12987 |  |
| 4908 5789154, 5.10%, 2/9/2024<sup>(e)</sup> | 8/12/2022 | 4907 |  |
| 354 5795273, 4.88%, 2/10/2024<sup>(e)</sup> | 8/15/2022 | 352 |  |
| 5612 5801916, 4.50%, 2/11/2024<sup>(e)</sup> | 8/16/2022 | 5611 |  |
| 8368 5805040, 4.69%, 2/11/2024<sup>(e)</sup> | 8/16/2022 | 8354 |  |
| 302 5807783, 5.00%, 2/12/2024<sup>(e)</sup> | 8/17/2022 | 301 |  |
| 7903 5807812, 3.76%, 2/12/2024<sup>(e)</sup> | 8/17/2022 | 7902 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $6885 5808873, 4.99%, 2/12/2024<sup>(e)</sup> | 8/17/2022 | 6882 | $– |
| 450 5809872, 3.30%, 2/12/2024<sup>(e)</sup> | 8/17/2022 | 450 |  |
| 17731 5811152, 3.76%, 2/12/2024<sup>(e)</sup> | 8/17/2022 | 17723 |  |
| 1312 5814577, 4.20%, 2/14/2024<sup>(e)</sup> | 8/18/2022 | 1311 |  |
| 951 5815104, 3.94%, 2/15/2024<sup>(e)</sup> | 8/18/2022 | 950 |  |
| 3721 5815147, 4.76%, 2/15/2024<sup>(e)</sup> | 8/18/2022 | 3717 |  |
| 139 5816443, 3.61%, 2/15/2024<sup>(e)</sup> | 8/18/2022 | 139 |  |
| 20494 5817404, 4.34%, 2/15/2024<sup>(e)</sup> | 8/18/2022 | 20488 |  |
| 3040 5817775, 3.76%, 2/15/2024<sup>(e)</sup> | 8/18/2022 | 3039 |  |
| 775 5820472, 4.19%, 2/16/2024<sup>(e)</sup> | 8/19/2022 | 775 |  |
| 4024 5820684, 4.31%, 2/16/2024<sup>(e)</sup> | 8/19/2022 | 4020 |  |
| 1725 5823360, 3.76%, 2/17/2024<sup>(e)</sup> | 8/22/2022 | 1724 |  |
| 14542 5828731, 4.70%, 2/18/2024<sup>(e)</sup> | 8/23/2022 | 14538 |  |
| 1990 5830685, 4.36%, 2/18/2024<sup>(e)</sup> | 8/23/2022 | 1989 |  |
| 297 5833943, 4.65%, 2/19/2024<sup>(e)</sup> | 8/24/2022 | 297 |  |
| 4066 5834280, 4.45%, 2/20/2024<sup>(e)</sup> | 8/25/2022 | 4063 |  |
| 145 5840468, 2.95%, 2/23/2024<sup>(e)</sup> | 8/26/2022 | 142 |  |
| 2730 5840723, 4.34%, 2/23/2024<sup>(e)</sup> | 8/26/2022 | 2727 |  |
| 1972 5845967, 4.85%, 2/24/2024<sup>(e)</sup> | 8/29/2022 | 1971 |  |
| 816 5855626, 4.20%, 2/27/2024<sup>(e)</sup> | 9/1/2022 | 816 |  |
| 1144 5856348, 4.99%, 2/28/2024<sup>(e)</sup> | 9/1/2022 | 1140 |  |
| 5811 5856789, 4.21%, 2/29/2024<sup>(e)</sup> | 9/1/2022 | 5800 |  |
| 908 5857695, 4.37%, 2/29/2024<sup>(e)</sup> | 9/1/2022 | 908 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 57

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1916 5860985, 4.52%, 2/29/2024<sup>(e)</sup> | 9/2/2022 | 1910 | $– |
| 5337 5861082, 3.90%, 2/29/2024<sup>(e)</sup> | 9/2/2022 | 5335 |  |
| 82 5862344, 3.31%, 2/29/2024<sup>(e)</sup> | 9/2/2022 | 82 |  |
| 13017 5862539, 4.71%, 2/29/2024<sup>(e)</sup> | 9/2/2022 | 13011 | 1 |
| 6074 5862945, 5.11%, 2/29/2024<sup>(e)</sup> | 9/2/2022 | 6070 |  |
| 3710 5863813, 4.00%, 2/29/2024<sup>(e)</sup> | 9/2/2022 | 3708 |  |
| 4371 5867279, 5.40%, 2/29/2024<sup>(e)</sup> | 9/6/2022 | 4364 |  |
| 3099 5871515, 4.68%, 3/1/2024<sup>(e)</sup> | 9/7/2022 | 3096 |  |
| 486 5872945, 5.01%, 3/1/2024<sup>(e)</sup> | 9/7/2022 | 486 |  |
| 1328 5875137, 4.44%, 3/2/2024<sup>(e)</sup> | 9/8/2022 | 1327 |  |
| 1446 5877332, 5.02%, 3/3/2024<sup>(e)</sup> | 9/9/2022 | 1445 |  |
| 5441 5879135, 4.85%, 3/5/2024<sup>(e)</sup> | 9/9/2022 | 5435 |  |
| 779 5885901, 4.71%, 3/7/2024<sup>(e)</sup> | 9/12/2022 | 778 |  |
| 2799 5887853, 5.35%, 3/8/2024<sup>(e)</sup> | 9/13/2022 | 2792 |  |
| 8380 5895063, 5.17%, 3/10/2024<sup>(e)</sup> | 9/15/2022 | 8377 |  |
| 6750 5896949, 4.19%, 3/12/2024<sup>(e)</sup> | 9/15/2022 | 6736 |  |
| 9501 5899324, 5.06%, 3/13/2024<sup>(e)</sup> | 9/16/2022 | 9497 |  |
| 15557 5901213, 4.41%, 3/13/2024<sup>(e)</sup> | 9/16/2022 | 15550 |  |
| 910 5902499, 4.50%, 3/14/2024<sup>(e)</sup> | 9/19/2022 | 905 |  |
| 10736 5904088, 5.24%, 3/14/2024<sup>(e)</sup> | 9/19/2022 | 10730 | 1 |
| 1010 5911251, 4.74%, 3/16/2024<sup>(e)</sup> | 9/21/2022 | 1009 |  |
| 5736 5912697, 4.19%, 3/16/2024<sup>(e)</sup> | 9/21/2022 | 5732 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $553 5913427, 4.40%, 3/17/2024<sup>(e)</sup> | 9/22/2022 | 552 | $– |
| 10151 5913457, 3.97%, 3/17/2024<sup>(e)</sup> | 9/22/2022 | 10147 |  |
| 1864 5913816, 3.68%, 3/17/2024<sup>(e)</sup> | 9/22/2022 | 1863 |  |
| 1079 5914176, 4.41%, 3/18/2024<sup>(e)</sup> | 9/22/2022 | 1079 |  |
| 5201 5915089, 3.96%, 3/19/2024<sup>(e)</sup> | 9/22/2022 | 5199 |  |
| 4552 5915323, 5.06%, 3/19/2024<sup>(e)</sup> | 9/22/2022 | 4548 |  |
| 7952 5917460, 4.54%, 3/19/2024<sup>(e)</sup> | 9/22/2022 | 7948 |  |
| 25501 5918694, 4.08%, 3/20/2024<sup>(e)</sup> | 9/23/2022 | 25484 |  |
| 2718 5919269, 4.99%, 3/20/2024<sup>(e)</sup> | 9/23/2022 | 2718 |  |
| 39834 5921323, 4.54%, 3/20/2024<sup>(e)</sup> | 9/23/2022 | 39821 | 2 |
| 1384 5921991, 4.72%, 3/20/2024<sup>(e)</sup> | 9/23/2022 | 1383 |  |
| 922 5922553, 5.05%, 3/20/2024<sup>(e)</sup> | 9/23/2022 | 921 |  |
| 1799 5922664, 4.91%, 3/21/2024<sup>(e)</sup> | 9/26/2022 | 1794 |  |
| 8370 5923818, 5.15%, 3/21/2024<sup>(e)</sup> | 9/26/2022 | 8364 |  |
| 11281 5932284, 4.68%, 3/23/2024<sup>(e)</sup> | 9/28/2022 | 11277 |  |
| 11684 5934542, 4.37%, 3/24/2024<sup>(e)</sup> | 9/29/2022 | 11677 | 1 |
| 3916 5939560, 4.24%, 3/27/2024<sup>(e)</sup> | 9/30/2022 | 3915 |  |
| 1946 5941441, 3.95%, 3/27/2024<sup>(e)</sup> | 9/30/2022 | 1946 |  |
| 885 5942973, 4.48%, 3/28/2024<sup>(e)</sup> | 10/3/2022 | 880 |  |
| 1028 5960810, 5.35%, 4/4/2024<sup>(e)</sup> | 10/7/2022 | 1027 |  |
| 4964 5962055, 5.14%, 4/4/2024<sup>(e)</sup> | 10/7/2022 | 4959 |  |
| 818 5963780, 4.81%, 4/4/2024<sup>(e)</sup> | 10/7/2022 | 817 |  |
| 578 5971171, 5.41%, 4/6/2024<sup>(e)</sup> | 10/12/2022 | 577 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 59

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $230 5973722, 5.17%, 4/6/2024<sup>(e)</sup> | 10/12/2022 | 230 | $– |
| 46587 5973754, 4.73%, 4/6/2024<sup>(e)</sup> | 10/12/2022 | 46575 |  |
| 211 5974479, 3.98%, 4/6/2024<sup>(e)</sup> | 10/12/2022 | 211 |  |
| 3672 5974504, 5.42%, 4/6/2024<sup>(e)</sup> | 10/12/2022 | 3669 |  |
| 3393 5975646, 4.57%, 4/7/2024<sup>(e)</sup> | 10/13/2022 | 3391 |  |
| 6006 5976239, 4.83%, 4/7/2024<sup>(e)</sup> | 10/13/2022 | 6001 |  |
| 1079 5980532, 5.39%, 4/10/2024<sup>(e)</sup> | 10/14/2022 | 1076 |  |
| 7232 5983442, 4.18%, 4/11/2024<sup>(e)</sup> | 10/14/2022 | 7227 |  |
| 44959 5984707, 4.55%, 4/12/2024<sup>(e)</sup> | 10/17/2022 | 44943 |  |
| 1750 5985969, 5.38%, 4/12/2024<sup>(e)</sup> | 10/17/2022 | 1739 |  |
| 1366 5986711, 3.91%, 4/12/2024<sup>(e)</sup> | 10/17/2022 | 1364 |  |
| 17875 5989617, 5.50%, 4/13/2024<sup>(e)</sup> | 10/18/2022 | 17837 |  |
| 43084 5991523, 5.25%, 4/13/2024<sup>(e)</sup> | 10/18/2022 | 43050 | 4 |
| 4293 5993107, 4.55%, 4/14/2024<sup>(e)</sup> | 10/19/2022 | 4287 |  |
| 2889 5995340, 4.49%, 4/14/2024<sup>(e)</sup> | 10/19/2022 | 2887 |  |
| 605 5996297, 4.83%, 4/14/2024<sup>(e)</sup> | 10/19/2022 | 604 |  |
| 3044 6003156, 4.71%, 4/18/2024<sup>(e)</sup> | 10/21/2022 | 3041 |  |
| 7211 6003187, 4.65%, 4/18/2024<sup>(e)</sup> | 10/21/2022 | 7209 |  |
| 979 6006748, 4.99%, 4/19/2024<sup>(e)</sup> | 10/24/2022 | 977 |  |
| 3074 6009368, 4.74%, 4/20/2024<sup>(e)</sup> | 10/25/2022 | 3072 |  |
| 1580 6009419, 4.24%, 4/20/2024<sup>(e)</sup> | 10/25/2022 | 1576 |  |
| 1991 6009897, 4.40%, 4/20/2024<sup>(e)</sup> | 10/25/2022 | 1989 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1016 6015961, 4.79%, 4/22/2024<sup>(e)</sup> | 10/27/2022 | 1015 | $– |
| 8580 6016625, 4.66%, 4/23/2024<sup>(e)</sup> | 10/27/2022 | 8558 |  |
| 4008 6016796, 4.08%, 4/23/2024<sup>(e)</sup> | 10/27/2022 | 4007 |  |
| 858 6017564, 3.65%, 4/24/2024<sup>(e)</sup> | 10/27/2022 | 858 |  |
| 16158 6020339, 3.85%, 4/24/2024<sup>(e)</sup> | 10/27/2022 | 16154 |  |
| 1134 6023765, 5.05%, 4/25/2024<sup>(e)</sup> | 10/28/2022 | 1133 |  |
| 3848 6024388, 4.38%, 4/26/2024<sup>(e)</sup> | 10/31/2022 | 3847 |  |
| 840 6032216, 5.17%, 4/27/2024<sup>(e)</sup> | 11/1/2022 | 839 |  |
| 10191 6033969, 4.01%, 4/28/2024<sup>(e)</sup> | 11/2/2022 | 10187 |  |
| 2941 6035927, 4.91%, 4/28/2024<sup>(e)</sup> | 11/2/2022 | 2940 |  |
| 2550 6036781, 5.16%, 4/28/2024<sup>(e)</sup> | 11/2/2022 | 2548 |  |
| 30283 6042714, 4.41%, 5/1/2024<sup>(e)</sup> | 11/4/2022 | 30276 |  |
| 2190 6043498, 4.50%, 5/1/2024<sup>(e)</sup> | 11/4/2022 | 2184 |  |
| 3287 6043998, 4.19%, 5/1/2024<sup>(e)</sup> | 11/4/2022 | 3284 |  |
| 715 6046678, 4.99%, 5/2/2024<sup>(e)</sup> | 11/7/2022 | 715 |  |
| 1485 6051154, 5.42%, 5/3/2024<sup>(e)</sup> | 11/8/2022 | 1483 |  |
| 7461 6051168, 4.30%, 5/3/2024<sup>(e)</sup> | 11/8/2022 | 7460 |  |
| 4652 6055735, 4.52%, 5/4/2024<sup>(e)</sup> | 11/9/2022 | 4647 | 1 |
| 559 6057979, 4.57%, 5/4/2024<sup>(e)</sup> | 11/9/2022 | 558 |  |
| 2487 6062501, 5.25%, 5/7/2024<sup>(e)</sup> | 11/10/2022 | 2486 |  |
| 1227 6064567, 5.40%, 5/8/2024<sup>(e)</sup> | 11/14/2022 | 1224 |  |
| 198 6105814, 5.45%, 5/9/2024<sup>(e)</sup> | 11/15/2022 | 198 |  |
| 13412 6120722, 5.02%, 5/9/2024<sup>(e)</sup> | 11/15/2022 | 13407 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 61

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $322 6122133, 4.90%, 5/10/2024<sup>(e)</sup> | 11/16/2022 | 320 | $– |
| 21774 6122768, 4.90%, 5/10/2024<sup>(e)</sup> | 11/16/2022 | 21763 |  |
| 937 6124317, 5.42%, 5/10/2024<sup>(e)</sup> | 11/16/2022 | 936 |  |
| 1496 6126515, 4.40%, 5/12/2024<sup>(e)</sup> | 11/17/2022 | 1495 |  |
| 47047 6134626, 3.96%, 5/15/2024<sup>(e)</sup> | 11/18/2022 | 47037 |  |
| 1736 6137200, 4.16%, 5/16/2024<sup>(e)</sup> | 11/21/2022 | 1735 |  |
| 3730 6137228, 4.91%, 5/16/2024<sup>(e)</sup> | 11/21/2022 | 3728 |  |
| 7620 6144412, 5.02%, 5/18/2024<sup>(e)</sup> | 11/23/2022 | 7617 |  |
| 1596 6144860, 4.81%, 5/18/2024<sup>(e)</sup> | 11/23/2022 | 1594 |  |
| 835 6144943, 5.17%, 5/18/2024<sup>(e)</sup> | 11/23/2022 | 835 |  |
| 2943 6145647, 5.17%, 5/18/2024<sup>(e)</sup> | 11/23/2022 | 2941 |  |
| 59 6151406, 4.65%, 5/21/2024<sup>(e)</sup> | 11/25/2022 | 59 |  |
| 3746 6158666, 3.98%, 5/23/2024<sup>(e)</sup> | 11/29/2022 | 3744 |  |
| 1077 6159537, 4.93%, 5/23/2024<sup>(e)</sup> | 11/29/2022 | 1077 |  |
| 1008 6162922, 5.05%, 5/25/2024<sup>(e)</sup> | 11/30/2022 | 1008 |  |
| 654 6163080, 5.09%, 5/25/2024<sup>(e)</sup> | 11/30/2022 | 654 |  |
| 5107 6163846, 5.02%, 5/25/2024<sup>(e)</sup> | 11/30/2022 | 5104 |  |
| 9433 6164683, 4.56%, 5/25/2024<sup>(e)</sup> | 11/30/2022 | 9431 |  |
| 8215 6171390, 5.49%, 5/29/2024<sup>(e)</sup> | 12/2/2022 | 8211 |  |
| 60 6175244, 5.33%, 5/30/2024<sup>(e)</sup> | 12/5/2022 | 56 |  |
| 11824 6178359, 5.00%, 6/1/2024<sup>(e)</sup> | 12/6/2022 | 11820 |  |
| 1085 6180192, 5.36%, 6/1/2024<sup>(e)</sup> | 12/6/2022 | 1085 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1806 6183636, 5.13%, 6/2/2024<sup>(e)</sup> | 12/7/2022 | 1805 | $– |
| 408 6185716, 4.72%, 6/3/2024<sup>(e)</sup> | 12/8/2022 | 408 |  |
| 11132 6189720, 4.49%, 6/5/2024<sup>(e)</sup> | 12/8/2022 | 11125 | 1 |
| 19704 6191145, 5.11%, 6/6/2024<sup>(e)</sup> | 12/9/2022 | 19679 |  |
| 10247 6194668, 4.98%, 6/6/2024<sup>(e)</sup> | 12/9/2022 | 10228 |  |
| 2484 6205191, 5.00%, 6/8/2024<sup>(e)</sup> | 12/13/2022 | 2481 |  |
| 579 6205683, 4.30%, 6/8/2024<sup>(e)</sup> | 12/13/2022 | 578 |  |
| 417 6205837, 5.27%, 6/8/2024<sup>(e)</sup> | 12/13/2022 | 416 |  |
| 950 6210716, 4.97%, 6/11/2024<sup>(e)</sup> | 12/15/2022 | 950 |  |
| 6249 6211010, 5.39%, 6/11/2024<sup>(e)</sup> | 12/15/2022 | 6246 |  |
| 23635 6214115, 4.98%, 6/12/2024<sup>(e)</sup> | 12/15/2022 | 23618 | 2 |
| 914 6214684, 5.32%, 6/12/2024<sup>(e)</sup> | 12/15/2022 | 913 |  |
| 7550 6216670, 5.11%, 6/13/2024<sup>(e)</sup> | 12/16/2022 | 7545 |  |
| 35110 6217421, 4.49%, 6/13/2024<sup>(e)</sup> | 12/16/2022 | 35087 |  |
| 2183 6217915, 5.22%, 6/13/2024<sup>(e)</sup> | 12/16/2022 | 2182 |  |
| 48538 6218603, 5.11%, 6/14/2024<sup>(e)</sup> | 12/19/2022 | 48503 | 1 |
| 3792 6220958, 4.71%, 6/14/2024<sup>(e)</sup> | 12/19/2022 | 3786 |  |
| 9729 6221200, 4.98%, 6/14/2024<sup>(e)</sup> | 12/19/2022 | 9497 |  |
| 2695 6223743, 5.01%, 6/15/2024<sup>(e)</sup> | 12/20/2022 | 2693 |  |
| 5250 6225371, 5.25%, 6/15/2024<sup>(e)</sup> | 12/20/2022 | 5247 |  |
| 495 6225758, 4.92%, 6/15/2024<sup>(e)</sup> | 12/20/2022 | 495 |  |
| 6903 6226484, 5.16%, 6/15/2024<sup>(e)</sup> | 12/20/2022 | 6899 |  |
| 154 6226502, 5.06%, 6/15/2024<sup>(e)</sup> | 12/20/2022 | 155 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 63

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $2320 6226528, 5.17%, 6/15/2024<sup>(e)</sup> | 12/20/2022 | 2319 | $– |
| 1997 6226573, 5.13%, 6/15/2024<sup>(e)</sup> | 12/20/2022 | 1996 |  |
| 11926 6227060, 4.79%, 6/16/2024<sup>(e)</sup> | 12/21/2022 | 11920 |  |
| 5398 6229968, 5.17%, 6/16/2024<sup>(e)</sup> | 12/21/2022 | 5395 |  |
| 5041 6234748, 5.07%, 6/16/2024<sup>(e)</sup> | 12/21/2022 | 5036 |  |
| 3389 6235749, 5.11%, 6/17/2024<sup>(e)</sup> | 12/22/2022 | 3386 |  |
| 14866 6236365, 4.76%, 6/18/2024<sup>(e)</sup> | 12/22/2022 | 14860 |  |
| 3023 6237547, 5.28%, 6/19/2024<sup>(e)</sup> | 12/22/2022 | 3021 |  |
| 69 6240142, 5.18%, 6/19/2024<sup>(e)</sup> | 12/22/2022 | 69 |  |
| 2528 6240144, 5.21%, 6/19/2024<sup>(e)</sup> | 12/22/2022 | 2526 |  |
| 9368 6240279, 5.05%, 6/20/2024<sup>(e)</sup> | 12/23/2022 | 9361 |  |
| 1670 6240589, 4.90%, 6/20/2024<sup>(e)</sup> | 12/23/2022 | 1667 |  |
| 6272 6240672, 4.16%, 6/20/2024<sup>(e)</sup> | 12/23/2022 | 6271 |  |
| 6214 6242266, 4.16%, 6/20/2024<sup>(e)</sup> | 12/23/2022 | 6210 |  |
| 3252 6242430, 3.95%, 6/20/2024<sup>(e)</sup> | 12/23/2022 | 3251 |  |
| 6880 6243194, 4.53%, 6/20/2024<sup>(e)</sup> | 12/23/2022 | 6877 |  |
| 1214 6243293, 5.34%, 6/20/2024<sup>(e)</sup> | 12/23/2022 | 1214 |  |
| 3442 6245257, 4.87%, 6/21/2024<sup>(e)</sup> | 12/27/2022 | 3434 |  |
| 11354 6245909, 4.38%, 6/21/2024<sup>(e)</sup> | 12/27/2022 | 11340 |  |
| 18594 6245943, 4.75%, 6/21/2024<sup>(e)</sup> | 12/27/2022 | 18542 |  |
| 1955 6246135, 5.37%, 6/21/2024<sup>(e)</sup> | 12/27/2022 | 1954 |  |
| 4290 6248895, 5.12%, 6/22/2024<sup>(e)</sup> | 12/28/2022 | 4288 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $3773 6252404, 4.77%, 6/23/2024<sup>(e)</sup> | 12/29/2022 | 3759 | $– |
| 1173 6252984, 5.30%, 6/23/2024<sup>(e)</sup> | 12/29/2022 | 1172 |  |
| 2121 6253344, 5.40%, 6/23/2024<sup>(e)</sup> | 12/29/2022 | 2121 |  |
| 2410 6253470, 5.23%, 6/23/2024<sup>(e)</sup> | 12/29/2022 | 2409 |  |
| 2982 6254831, 5.31%, 6/23/2024<sup>(e)</sup> | 12/29/2022 | 2980 |  |
| 2516 6255062, 5.11%, 6/24/2024<sup>(e)</sup> | 12/30/2022 | 2513 |  |
| 964 6255635, 5.37%, 6/24/2024<sup>(e)</sup> | 12/30/2022 | 963 |  |
| 4453 6255648, 4.61%, 6/25/2024<sup>(e)</sup> | 12/30/2022 | 4451 |  |
| 10216 6256238, 5.28%, 6/26/2024<sup>(e)</sup> | 12/30/2022 | 10209 |  |
| 1620 6256454, 4.38%, 6/26/2024<sup>(e)</sup> | 12/30/2022 | 1619 |  |
| 474 6257600, 4.38%, 6/27/2024<sup>(e)</sup> | 12/30/2022 | 474 |  |
| 758 6262046, 5.21%, 6/28/2024<sup>(e)</sup> | 1/3/2023 | 752 |  |
| 5373 6262205, 4.38%, 6/28/2024<sup>(e)</sup> | 1/3/2023 | 5369 |  |
| 2327 6264914, 5.23%, 6/28/2024<sup>(e)</sup> | 1/4/2023 | 2326 |  |
| 1655 6266899, 5.63%, 6/29/2024<sup>(e)</sup> | 1/4/2023 | 1653 |  |
| 5497 6267962, 5.11%, 6/29/2024<sup>(e)</sup> | 1/4/2023 | 5494 |  |
| 4701 6271487, 5.41%, 7/1/2024<sup>(e)</sup> | 1/6/2023 | 4699 |  |
| 5143 6272030, 5.56%, 7/2/2024<sup>(e)</sup> | 1/6/2023 | 5139 |  |
| 735 6272427, 5.41%, 7/2/2024<sup>(e)</sup> | 1/6/2023 | 735 |  |
| 10800 6274237, 4.71%, 7/3/2024<sup>(e)</sup> | 1/6/2023 | 10796 | 1 |
| 1853 6274575, 5.40%, 7/3/2024<sup>(e)</sup> | 1/6/2023 | 1852 |  |
| 161 6275777, 5.61%, 7/3/2024<sup>(e)</sup> | 1/6/2023 | 160 |  |
| 2915 6275822, 5.21%, 7/4/2024<sup>(e)</sup> | 1/9/2023 | 2914 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 65

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $30882 6278211, 5.09%, 7/4/2024<sup>(e)</sup> | 1/9/2023 | 30813 | $2 |
| 1778 6278554, 5.08%, 7/4/2024<sup>(e)</sup> | 1/9/2023 | 1776 |  |
| 1910 6279970, 5.26%, 7/5/2024<sup>(e)</sup> | 1/10/2023 | 1909 |  |
| 4309 6280393, 5.11%, 7/5/2024<sup>(e)</sup> | 1/10/2023 | 4308 |  |
| 1527 6281665, 5.64%, 7/5/2024<sup>(e)</sup> | 1/10/2023 | 1526 |  |
| 4793 6282659, 4.74%, 7/5/2024<sup>(e)</sup> | 1/10/2023 | 4792 |  |
| 682 6284088, 5.42%, 7/6/2024<sup>(e)</sup> | 1/11/2023 | 679 |  |
| 456 6284347, 5.63%, 7/6/2024<sup>(e)</sup> | 1/11/2023 | 455 |  |
| 19976 6285159, 5.23%, 7/6/2024<sup>(e)</sup> | 1/11/2023 | 19971 |  |
| 6454 6285331, 4.95%, 7/6/2024<sup>(e)</sup> | 1/11/2023 | 6449 |  |
| 12467 6288964, 5.55%, 7/9/2024<sup>(e)</sup> | 1/12/2023 | 12463 |  |
| 5076 6289020, 4.50%, 7/9/2024<sup>(e)</sup> | 1/12/2023 | 5074 |  |
| 1103 6289074, 5.42%, 7/9/2024<sup>(e)</sup> | 1/12/2023 | 1097 |  |
| 2197 6292228, 5.70%, 7/10/2024<sup>(e)</sup> | 1/13/2023 | 2193 |  |
| 357 6303365, 4.75%, 7/14/2024<sup>(e)</sup> | 1/20/2023 | 356 | 2 |
| 8471 6306876, 5.61%, 7/17/2024<sup>(e)</sup> | 1/20/2023 | 8467 |  |
| 1041 6307045, 5.01%, 7/17/2024<sup>(e)</sup> | 1/20/2023 | 1041 |  |
| 21608 6307054, 5.09%, 7/17/2024<sup>(e)</sup> | 1/20/2023 | 21601 | 1 |
| 5099 6308062, 5.33%, 7/17/2024<sup>(e)</sup> | 1/20/2023 | 5097 |  |
| 3099 6309650, 5.21%, 7/18/2024<sup>(e)</sup> | 1/23/2023 | 3086 |  |
| 2510 6309913, 5.61%, 7/18/2024<sup>(e)</sup> | 1/23/2023 | 2509 |  |
| 1705 6310030, 4.89%, 7/18/2024<sup>(e)</sup> | 1/23/2023 | 1703 |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $24742 6310052, 4.72%, 7/18/2024<sup>(e)</sup> | 1/23/2023 | 24724 | $– |
| 18207 6314758, 4.77%, 7/19/2024<sup>(e)</sup> | 1/24/2023 | 18187 | 7236 |
| 3687 6315561, 5.30%, 7/19/2024<sup>(e)</sup> | 1/24/2023 | 3680 | 754 |
| 8567 6318893, 4.40%, 7/20/2024<sup>(e)</sup> | 1/25/2023 | 8563 | 1 |
| 1032 6319326, 4.41%, 7/21/2024<sup>(e)</sup> | 1/26/2023 | 1032 |  |
| 8783 6319335, 5.02%, 7/21/2024<sup>(e)</sup> | 1/26/2023 | 8772 |  |
| 6670 6319536, 4.77%, 7/21/2024<sup>(e)</sup> | 1/26/2023 | 6658 |  |
| 5513 6349688, 4.76%, 7/23/2024<sup>(e)</sup> | 1/26/2023 | 5511 |  |
| 272 6351803, 5.40%, 7/24/2024<sup>(e)</sup> | 1/27/2023 | 271 |  |
| 1311 6353204, 5.37%, 7/24/2024<sup>(e)</sup> | 1/27/2023 | 1308 |  |
| 2069 6359589, 5.12%, 7/26/2024<sup>(e)</sup> | 1/31/2023 | 2064 |  |
| 2070 6361076, 4.41%, 7/26/2024<sup>(e)</sup> | 1/31/2023 | 2069 | 1 |
| 1162 6361343, 5.37%, 7/26/2024<sup>(e)</sup> | 1/31/2023 | 1161 |  |
| 16552 6363826, 5.02%, 7/27/2024<sup>(e)</sup> | 2/1/2023 | 16547 |  |
| 1531 6364108, 5.09%, 7/27/2024<sup>(e)</sup> | 2/1/2023 | 1529 |  |
| 6950 6365997, 5.45%, 7/28/2024<sup>(e)</sup> | 2/2/2023 | 6943 |  |
| 28868 6368933, 5.70%, 7/30/2024<sup>(e)</sup> | 2/2/2023 | 28856 | 3 |
| 2437 6369269, 5.71%, 7/30/2024<sup>(e)</sup> | 2/2/2023 | 2435 |  |
| 1683 6369360, 4.72%, 7/30/2024<sup>(e)</sup> | 2/2/2023 | 1682 |  |
| 87301 6373533, 5.09%, 7/31/2024<sup>(e)</sup> | 2/3/2023 | 87278 | 42 |
| 3552 6373898, 5.33%, 8/1/2024<sup>(e)</sup> | 2/6/2023 | 3538 |  |
| 19880 6374933, 5.55%, 8/1/2024<sup>(e)</sup> | 2/6/2023 | 19863 |  |
| 4781 6376142, 5.09%, 8/1/2024<sup>(e)</sup> | 2/6/2023 | 4774 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 67

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $4979 6380762, 4.51%, 8/2/2024<sup>(e)</sup> | 2/7/2023 | 4978 | $5 |
| 1931 6383356, 4.73%, 8/3/2024<sup>(e)</sup> | 2/8/2023 | 1930 |  |
| 8508 6384325, 5.44%, 8/3/2024<sup>(e)</sup> | 2/8/2023 | 8504 | 1 |
| 226 6385016, 4.75%, 8/3/2024<sup>(e)</sup> | 2/8/2023 | 226 |  |
| 11257 6385384, 4.52%, 8/4/2024<sup>(e)</sup> | 2/9/2023 | 11254 | 8 |
| 970 6385532, 4.73%, 8/4/2024<sup>(e)</sup> | 2/9/2023 | 970 |  |
| 2138 6386545, 5.43%, 8/5/2024<sup>(e)</sup> | 2/9/2023 | 2137 |  |
| 4868 6386559, 4.94%, 8/5/2024<sup>(e)</sup> | 2/9/2023 | 4866 | 3 |
| 4692 6386895, 5.21%, 8/6/2024<sup>(e)</sup> | 2/9/2023 | 4689 |  |
| 8580 6387124, 4.50%, 8/6/2024<sup>(e)</sup> | 2/9/2023 | 8578 | 9 |
| 2578 6387323, 5.43%, 8/6/2024<sup>(e)</sup> | 2/9/2023 | 2578 |  |
| 345 6388580, 5.43%, 8/6/2024<sup>(e)</sup> | 2/9/2023 | 343 |  |
| 2790 6388609, 5.61%, 8/6/2024<sup>(e)</sup> | 2/9/2023 | 2787 |  |
| 1904 6390284, 5.09%, 8/7/2024<sup>(e)</sup> | 2/10/2023 | 1893 | 832 |
| 1568 6390466, 5.62%, 8/7/2024<sup>(e)</sup> | 2/10/2023 | 1566 |  |
| 2917 6390490, 5.70%, 8/7/2024<sup>(e)</sup> | 2/10/2023 | 2914 |  |
| 22768 6390797, 5.33%, 8/7/2024<sup>(e)</sup> | 2/10/2023 | 22754 | 7 |
| 1031 6392613, 5.42%, 8/7/2024<sup>(e)</sup> | 2/10/2023 | 1031 | 1 |
| 3300 6394579, 4.72%, 8/8/2024<sup>(e)</sup> | 2/13/2023 | 3298 |  |
| 16150 6399840, 4.52%, 8/9/2024<sup>(e)</sup> | 2/14/2023 | 16145 | 18 |
| 6297 6400719, 5.42%, 8/9/2024<sup>(e)</sup> | 2/14/2023 | 6294 |  |
| 1300 6401968, 4.52%, 8/10/2024<sup>(e)</sup> | 2/15/2023 | 1283 | 562 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $641 6402353, 5.42%, 8/10/2024<sup>(e)</sup> | 2/15/2023 | 641 | $– |
| 3147 6403389, 5.23%, 8/10/2024<sup>(e)</sup> | 2/15/2023 | 3145 | 1 |
| 434 6403408, 5.11%, 8/10/2024<sup>(e)</sup> | 2/15/2023 | 433 | 1 |
| 354 6403450, 5.11%, 8/10/2024<sup>(e)</sup> | 2/15/2023 | 352 | 47 |
| 703 6404272, 5.11%, 8/11/2024<sup>(e)</sup> | 2/16/2023 | 702 | 92 |
| 1165 6404325, 5.71%, 8/11/2024<sup>(e)</sup> | 2/16/2023 | 1164 |  |
| 2724 6407319, 4.50%, 8/13/2024<sup>(e)</sup> | 2/16/2023 | 2723 |  |
| 1418 6408651, 5.56%, 8/13/2024<sup>(e)</sup> | 2/16/2023 | 1417 |  |
| 3920 6411232, 5.00%, 8/14/2024<sup>(e)</sup> | 2/17/2023 | 3916 | 1 |
| 1373 6411565, 5.06%, 8/14/2024<sup>(e)</sup> | 2/17/2023 | 1373 | 1 |
| 8616 6413446, 5.00%, 8/15/2024<sup>(e)</sup> | 2/21/2023 | 8604 |  |
| 5988 6413707, 5.55%, 8/15/2024<sup>(e)</sup> | 2/21/2023 | 5904 |  |
| 35693 6414267, 4.17%, 8/15/2024<sup>(e)</sup> | 2/21/2023 | 35643 |  |
| 3471 6418913, 4.19%, 8/16/2024<sup>(e)</sup> | 2/22/2023 | 3468 | 6 |
| 8558 6419618, 4.41%, 8/16/2024<sup>(e)</sup> | 2/22/2023 | 8553 | 3 |
| 1172 6419737, 5.04%, 8/16/2024<sup>(e)</sup> | 2/22/2023 | 1172 |  |
| 15064 6420226, 5.12%, 8/16/2024<sup>(e)</sup> | 2/22/2023 | 15022 | 21 |
| 5259 6420463, 4.78%, 8/16/2024<sup>(e)</sup> | 2/22/2023 | 5256 |  |
| 3247 6424135, 4.40%, 8/17/2024<sup>(e)</sup> | 2/23/2023 | 3245 | 1 |
| 555 6425075, 4.44%, 8/19/2024<sup>(e)</sup> | 2/24/2023 | 554 |  |
| 14419 6425559, 4.76%, 8/20/2024<sup>(e)</sup> | 2/24/2023 | 14413 | 11 |
| 3527 6425722, 4.89%, 8/20/2024<sup>(e)</sup> | 2/24/2023 | 3523 | 1 |
| 13483 6426320, 4.76%, 8/20/2024<sup>(e)</sup> | 2/24/2023 | 13479 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 69

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $731 6427348, 5.37%, 8/21/2024<sup>(e)</sup> | 2/24/2023 | 730 | $1 |
| 652 6428008, 5.38%, 8/21/2024<sup>(e)</sup> | 2/24/2023 | 651 |  |
| 3291 6428783, 4.60%, 8/21/2024<sup>(e)</sup> | 2/24/2023 | 3288 | 2 |
| 31 6428945, 4.76%, 8/21/2024<sup>(e)</sup> | 2/24/2023 | 29 | 9 |
| 719 6430360, 4.38%, 8/22/2024<sup>(e)</sup> | 2/27/2023 | 717 | 317 |
| 9291 6430377, 5.06%, 8/22/2024<sup>(e)</sup> | 2/27/2023 | 9282 | 3 |
| 2027 6430780, 5.00%, 8/22/2024<sup>(e)</sup> | 2/27/2023 | 2013 |  |
| 612 6431229, 5.08%, 8/22/2024<sup>(e)</sup> | 2/27/2023 | 606 | 81 |
| 1794 6435212, 4.74%, 8/23/2024<sup>(e)</sup> | 2/28/2023 | 1794 | 3 |
| 1011 6439373, 5.02%, 8/23/2024<sup>(e)</sup> | 2/28/2023 | 1000 | 11 |
| 4483 6439776, 4.77%, 8/23/2024<sup>(e)</sup> | 2/28/2023 | 4479 | 7 |
| 2794 6442834, 4.40%, 8/24/2024<sup>(e)</sup> | 3/1/2023 | 2794 | 2 |
| 5134 6445407, 5.62%, 8/26/2024<sup>(e)</sup> | 3/2/2023 | 5131 | 1 |
| 1463 6445491, 5.40%, 8/26/2024<sup>(e)</sup> | 3/2/2023 | 1461 | 1 |
| 3948 6445775, 5.40%, 8/26/2024<sup>(e)</sup> | 3/2/2023 | 3942 | 1 |
| 1752 6447624, 5.70%, 8/27/2024<sup>(e)</sup> | 3/2/2023 | 1749 | 2 |
| 69 6447967, 5.71%, 8/27/2024<sup>(e)</sup> | 3/2/2023 | 69 |  |
| 19364 6449734, 5.43%, 8/28/2024<sup>(e)</sup> | 3/3/2023 | 19355 | 9 |
| 1135 6450328, 5.63%, 8/28/2024<sup>(e)</sup> | 3/3/2023 | 1132 | 1 |
| 3455 6458392, 5.41%, 9/2/2024<sup>(e)</sup> | 3/7/2023 | 3442 | 1 |
| 651 6458987, 5.67%, 9/2/2024<sup>(e)</sup> | 3/7/2023 | 650 |  |
| 16972 6459143, 5.60%, 9/2/2024<sup>(e)</sup> | 3/7/2023 | 16959 | 13 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $412 6460137, 5.68%, 9/2/2024<sup>(e)</sup> | 3/7/2023 | 411 | $– |
| 8986 6462410, 4.92%, 9/3/2024<sup>(e)</sup> | 3/8/2023 | 8982 | 7 |
| 5663 6463729, 4.50%, 9/4/2024<sup>(e)</sup> | 3/9/2023 | 5661 | 3 |
| 822 6465009, 4.69%, 9/5/2024<sup>(e)</sup> | 3/9/2023 | 822 |  |
| 1145 6465348, 4.70%, 9/5/2024<sup>(e)</sup> | 3/9/2023 | 1144 | 1 |
| 1205 6469223, 5.39%, 9/7/2024<sup>(e)</sup> | 3/10/2023 | 1201 | 1 |
| 506 6470520, 5.17%, 9/7/2024<sup>(e)</sup> | 3/10/2023 | 504 | 1 |
| 703 6471083, 5.58%, 9/7/2024<sup>(e)</sup> | 3/10/2023 | 703 | 1 |
| 8263 6472426, 5.06%, 9/7/2024<sup>(e)</sup> | 3/10/2023 | 8260 | 8 |
| 354 6473406, 5.67%, 9/8/2024<sup>(e)</sup> | 3/13/2023 | 352 | 1 |
| 11225 6475578, 4.90%, 9/8/2024<sup>(e)</sup> | 3/13/2023 | 11202 | 8 |
| 15421 6475765, 5.39%, 9/8/2024<sup>(e)</sup> | 3/13/2023 | 15412 | 11 |
| 1646 6479826, 5.69%, 9/9/2024<sup>(e)</sup> | 3/14/2023 | 1646 | 1 |
| 969 6480058, 5.32%, 9/9/2024<sup>(e)</sup> | 3/14/2023 | 968 | 2 |
| 5385 6480098, 5.08%, 9/9/2024<sup>(e)</sup> | 3/14/2023 | 5382 | 559 |
| 20224 6483659, 5.69%, 9/10/2024<sup>(e)</sup> | 3/15/2023 | 20215 | 7 |
| 1232 6485004, 5.61%, 9/11/2024<sup>(e)</sup> | 3/16/2023 | 1221 | 1 |
| 7374 6485007, 5.38%, 9/11/2024<sup>(e)</sup> | 3/16/2023 | 7370 | 14 |
| 3648 6485439, 4.49%, 9/11/2024<sup>(e)</sup> | 3/16/2023 | 3639 | 1596 |
| 2290 6485792, 4.71%, 9/11/2024<sup>(e)</sup> | 3/16/2023 | 2289 | 1 |
| 1040 6489612, 5.30%, 9/13/2024<sup>(e)</sup> | 3/16/2023 | 1037 | 24 |
| 629 6490004, 4.69%, 9/13/2024<sup>(e)</sup> | 3/16/2023 | 626 |  |
| 12757 6490958, 5.06%, 9/14/2024<sup>(e)</sup> | 3/17/2023 | 12752 | 23 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 71

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1730 6491349, 4.58%, 9/14/2024<sup>(e)</sup> | 3/17/2023 | 1726 | $1 |
| 3142 6492306, 4.48%, 9/14/2024<sup>(e)</sup> | 3/17/2023 | 3141 | 5 |
| 18289 6493170, 4.15%, 9/14/2024<sup>(e)</sup> | 3/17/2023 | 18273 | 37 |
| 247 6494068, 4.64%, 9/15/2024<sup>(e)</sup> | 3/20/2023 | 245 | 6 |
| 402 6496306, 4.21%, 9/15/2024<sup>(e)</sup> | 3/20/2023 | 401 | 68 |
| 1856 6497050, 4.36%, 9/15/2024<sup>(e)</sup> | 3/20/2023 | 1855 | 4 |
| 4114 6497238, 5.25%, 9/15/2024<sup>(e)</sup> | 3/20/2023 | 4108 | 1 |
| 7749 6500926, 5.09%, 9/16/2024<sup>(e)</sup> | 3/21/2023 | 7744 | 5 |
| 856 6505750, 4.74%, 9/18/2024<sup>(e)</sup> | 3/23/2023 | 854 |  |
| 6835 6505797, 4.75%, 9/18/2024<sup>(e)</sup> | 3/23/2023 | 6830 | 8 |
| 617 6506036, 5.06%, 9/18/2024<sup>(e)</sup> | 3/23/2023 | 616 | 1 |
| 315 6506645, 4.16%, 9/19/2024<sup>(e)</sup> | 3/23/2023 | 315 | 140 |
| 8612 6506924, 4.74%, 9/19/2024<sup>(e)</sup> | 3/23/2023 | 8610 | 5 |
| 1258 6507351, 4.36%, 9/20/2024<sup>(e)</sup> | 3/23/2023 | 1257 | 1 |
| 9233 6508085, 4.15%, 9/20/2024<sup>(e)</sup> | 3/23/2023 | 9230 | 18 |
| 952 6508443, 4.85%, 9/20/2024<sup>(e)</sup> | 3/23/2023 | 946 | 422 |
| 754 6510397, 5.03%, 9/20/2024<sup>(e)</sup> | 3/23/2023 | 753 |  |
| 15728 6510429, 5.06%, 9/20/2024<sup>(e)</sup> | 3/23/2023 | 15719 | 23 |
| 1384 6513051, 5.05%, 9/21/2024<sup>(e)</sup> | 3/24/2023 | 1383 | 1 |
| 43535 6513179, 4.85%, 9/21/2024<sup>(e)</sup> | 3/24/2023 | 43518 | 176 |
| 2158 6513941, 4.85%, 9/21/2024<sup>(e)</sup> | 3/24/2023 | 2157 | 2 |
| 1619 6513956, 4.15%, 9/21/2024<sup>(e)</sup> | 3/24/2023 | 1618 | 2 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1642 6515551, 4.65%, 9/22/2024<sup>(e)</sup> | 3/27/2023 | 1642 | $1 |
| 7195 6521005, 4.75%, 9/23/2024<sup>(e)</sup> | 3/28/2023 | 7192 | 8 |
| 11446 6524600, 4.75%, 9/24/2024<sup>(e)</sup> | 3/29/2023 | 11441 | 13 |
| 2801 6524690, 5.27%, 9/24/2024<sup>(e)</sup> | 3/29/2023 | 2798 | 6 |
| 2233 6524923, 5.06%, 9/24/2024<sup>(e)</sup> | 3/29/2023 | 2230 | 5 |
| 4073 6525852, 5.21%, 9/25/2024<sup>(e)</sup> | 3/30/2023 | 4066 | 5 |
| 9872 6526016, 5.06%, 9/25/2024<sup>(e)</sup> | 3/30/2023 | 9868 | 5 |
| 5190 6526204, 4.75%, 9/25/2024<sup>(e)</sup> | 3/30/2023 | 5186 | 9 |
| 5075 6526244, 4.84%, 9/25/2024<sup>(e)</sup> | 3/30/2023 | 5074 | 3 |
| 1277 6527270, 4.57%, 9/27/2024<sup>(e)</sup> | 3/30/2023 | 1276 | 1 |
| 6084 6527932, 5.03%, 9/27/2024<sup>(e)</sup> | 3/30/2023 | 6081 | 5 |
| 1291 6528365, 5.74%, 9/27/2024<sup>(e)</sup> | 3/30/2023 | 1290 |  |
| 4684 6528535, 4.64%, 9/27/2024<sup>(e)</sup> | 3/30/2023 | 4682 | 8 |
| 349 6529218, 5.26%, 9/27/2024<sup>(e)</sup> | 3/30/2023 | 348 | 2 |
| 19111 6532025, 4.73%, 9/28/2024<sup>(e)</sup> | 3/31/2023 | 19100 | 35 |
| 2454 6534189, 4.36%, 9/28/2024<sup>(e)</sup> | 3/31/2023 | 2452 | 4 |
| 4614 6534910, 5.07%, 9/29/2024<sup>(e)</sup> | 4/3/2023 | 4613 | 2 |
| 30 6544007, 4.72%, 9/30/2024<sup>(e)</sup> | 4/5/2023 | 30 |  |
| 2138 6547282, 4.93%, 10/1/2024<sup>(e)</sup> | 4/6/2023 | 2137 | 13 |
| 1040 6547947, 4.71%, 10/2/2024<sup>(e)</sup> | 4/6/2023 | 1039 | 1 |
| 2857 6549974, 6.08%, 10/3/2024<sup>(e)</sup> | 4/6/2023 | 2854 | 5 |
| 4594 6552193, 4.54%, 10/4/2024<sup>(e)</sup> | 4/7/2023 | 4592 | 11 |
| 218 6553420, 4.79%, 10/4/2024<sup>(e)</sup> | 4/7/2023 | 215 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 73

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $522 6554333, 5.33%, 10/4/2024<sup>(e)</sup> | 4/7/2023 | 522 | $1 |
| 4967 6555503, 4.48%, 10/5/2024<sup>(e)</sup> | 4/10/2023 | 4953 | 7 |
| 6381 6565300, 4.62%, 10/7/2024<sup>(e)</sup> | 4/12/2023 | 6379 | 10 |
| 2783 6566536, 4.93%, 10/8/2024<sup>(e)</sup> | 4/13/2023 | 2782 | 2 |
| 1312 6568410, 5.67%, 10/10/2024<sup>(e)</sup> | 4/13/2023 | 1311 | 2 |
| 1092 6569228, 4.27%, 10/10/2024<sup>(e)</sup> | 4/13/2023 | 1091 | 3 |
| 651 6571948, 4.61%, 10/11/2024<sup>(e)</sup> | 4/14/2023 | 650 | 2 |
| 351 6572129, 5.59%, 10/11/2024<sup>(e)</sup> | 4/14/2023 | 351 |  |
| 3007 6573088, 5.53%, 10/11/2024<sup>(e)</sup> | 4/14/2023 | 3005 | 23 |
| 46244 6574336, 5.93%, 10/11/2024<sup>(e)</sup> | 4/14/2023 | 46225 | 39 |
| 1097 6575882, 6.32%, 10/12/2024<sup>(e)</sup> | 4/17/2023 | 1092 | 3 |
| 748 6577745, 5.07%, 10/12/2024<sup>(e)</sup> | 4/17/2023 | 736 | 1 |
| 12393 6580033, 5.33%, 10/13/2024<sup>(e)</sup> | 4/18/2023 | 12380 | 27 |
| 1961 6585973, 5.61%, 10/14/2024<sup>(e)</sup> | 4/19/2023 | 1961 | 4 |
| 2907 6586595, 4.57%, 10/15/2024<sup>(e)</sup> | 4/20/2023 | 2906 | 5 |
| 310 6586768, 4.36%, 10/15/2024<sup>(e)</sup> | 4/20/2023 | 309 | 1 |
| 540 6586780, 5.36%, 10/15/2024<sup>(e)</sup> | 4/20/2023 | 539 | 1 |
| 14311 6589212, 5.17%, 10/17/2024<sup>(e)</sup> | 4/20/2023 | 14303 | 32 |
| 42439 6589945, 5.84%, 10/17/2024<sup>(e)</sup> | 4/20/2023 | 42419 | 71 |
| 2797 6590422, 4.28%, 10/17/2024<sup>(e)</sup> | 4/20/2023 | 2793 | 9 |
| 3415 6590851, 5.50%, 10/17/2024<sup>(e)</sup> | 4/20/2023 | 3413 | 4 |
| 20282 6592891, 4.46%, 10/18/2024<sup>(e)</sup> | 4/21/2023 | 20270 | 58 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1477 6595270, 5.98%, 10/19/2024<sup>(e)</sup> | 4/24/2023 | 1476 | $4 |
| 2165 6595782, 4.79%, 10/19/2024<sup>(e)</sup> | 4/24/2023 | 2161 | 2 |
| 882 6598555, 5.14%, 10/19/2024<sup>(e)</sup> | 4/25/2023 | 881 | 2 |
| 1788 6600131, 5.00%, 10/20/2024<sup>(e)</sup> | 4/25/2023 | 1788 | 2 |
| 2838 6600367, 5.00%, 10/20/2024<sup>(e)</sup> | 4/25/2023 | 2837 | 553 |
| 5448 6601126, 5.37%, 10/20/2024<sup>(e)</sup> | 4/25/2023 | 5445 | 8 |
| 894 6603000, 4.57%, 10/21/2024<sup>(e)</sup> | 4/26/2023 | 894 | 9 |
| 3709 6604513, 4.57%, 10/22/2024<sup>(e)</sup> | 4/27/2023 | 3709 | 3 |
| 592 6604759, 5.60%, 10/22/2024<sup>(e)</sup> | 4/27/2023 | 592 | 1 |
| 903 6604818, 5.19%, 10/22/2024<sup>(e)</sup> | 4/27/2023 | 902 | 2 |
| 25265 6608277, 5.35%, 10/24/2024<sup>(e)</sup> | 4/27/2023 | 25233 | 255 |
| 923 6608609, 4.55%, 10/24/2024<sup>(e)</sup> | 4/27/2023 | 923 | 3 |
| 1060 6609051, 4.55%, 10/25/2024<sup>(e)</sup> | 4/28/2023 | 1059 | 2 |
| 6292 6609273, 5.35%, 10/25/2024<sup>(e)</sup> | 4/28/2023 | 6286 | 21 |
| 4702 6609850, 5.99%, 10/25/2024<sup>(e)</sup> | 4/28/2023 | 4687 | 7 |
| 4941 6611153, 5.35%, 10/25/2024<sup>(e)</sup> | 4/28/2023 | 4939 | 11 |
| 608 6611973, 5.60%, 10/26/2024<sup>(e)</sup> | 5/1/2023 | 608 | 1 |
| 743 6612124, 4.38%, 10/26/2024<sup>(e)</sup> | 5/1/2023 | 742 | 1 |
| 1759 6612942, 4.56%, 10/26/2024<sup>(e)</sup> | 5/1/2023 | 1753 | 3 |
| 1244 6614605, 5.58%, 10/26/2024<sup>(e)</sup> | 5/1/2023 | 1244 | 2 |
| 1610 6617761, 5.69%, 10/27/2024<sup>(e)</sup> | 5/2/2023 | 1609 | 4 |
| 9696 6620463, 5.15%, 10/27/2024<sup>(e)</sup> | 5/2/2023 | 9689 | 614 |
| 1078 6623088, 5.96%, 10/28/2024<sup>(e)</sup> | 5/3/2023 | 1077 | 3 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 75

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $14679 6623234, 5.95%, 10/28/2024<sup>(e)</sup> | 5/3/2023 | 14671 | $41 |
| 2998 6623989, 6.20%, 10/28/2024<sup>(e)</sup> | 5/3/2023 | 2997 | 6 |
| 3452 6624027, 5.15%, 10/28/2024<sup>(e)</sup> | 5/3/2023 | 3450 | 11 |
| 577 6624485, 4.91%, 10/29/2024<sup>(e)</sup> | 5/4/2023 | 576 | 1 |
| 3043 6624511, 5.70%, 10/29/2024<sup>(e)</sup> | 5/4/2023 | 3040 | 6 |
| 3309 6624753, 6.10%, 10/29/2024<sup>(e)</sup> | 5/4/2023 | 3299 | 4 |
| 3750 6624873, 5.38%, 10/30/2024<sup>(e)</sup> | 5/4/2023 | 3748 | 3 |
| 449 6625044, 5.41%, 10/30/2024<sup>(e)</sup> | 5/4/2023 | 449 | 1 |
| 381 6625270, 5.68%, 10/30/2024<sup>(e)</sup> | 5/4/2023 | 381 | 1 |
| 3771 6625328, 4.89%, 10/30/2024<sup>(e)</sup> | 5/4/2023 | 3770 | 1502 |
| 20374 6625546, 5.51%, 10/30/2024<sup>(e)</sup> | 5/4/2023 | 20366 | 52 |
| 245 6626321, 5.92%, 11/1/2024<sup>(e)</sup> | 5/4/2023 | 243 | 53 |
| 1979 6626859, 5.92%, 11/1/2024<sup>(e)</sup> | 5/4/2023 | 1975 | 3 |
| 571 6634173, 5.90%, 11/3/2024<sup>(e)</sup> | 5/8/2023 | 549 | 2 |
| 1827 6634745, 5.35%, 11/3/2024<sup>(e)</sup> | 5/8/2023 | 1827 | 1 |
| 3186 6638190, 4.89%, 11/4/2024<sup>(e)</sup> | 5/9/2023 | 3185 | 4 |
| 16166 6639714, 5.94%, 11/4/2024<sup>(e)</sup> | 5/9/2023 | 16160 | 7 |
| 20207 6640919, 4.89%, 11/4/2024<sup>(e)</sup> | 5/9/2023 | 20199 | 4491 |
| 5069 6642355, 6.09%, 11/5/2024<sup>(e)</sup> | 5/10/2023 | 5064 | 12 |
| 34172 6643216, 5.14%, 11/5/2024<sup>(e)</sup> | 5/10/2023 | 34139 | 130 |
| 5979 6645328, 5.92%, 11/7/2024<sup>(e)</sup> | 5/11/2023 | 5973 | 21 |
| 6293 6645685, 4.61%, 11/7/2024<sup>(e)</sup> | 5/11/2023 | 6291 | 25 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $5376 6646551, 5.49%, 11/8/2024<sup>(e)</sup> | 5/11/2023 | 5367 | $16 |
| 46750 6647803, 4.60%, 11/8/2024<sup>(e)</sup> | 5/11/2023 | 46740 | 132 |
| 2499 6649104, 5.12%, 11/8/2024<sup>(e)</sup> | 5/11/2023 | 2498 | 4 |
| 638 6650942, 5.92%, 11/9/2024<sup>(e)</sup> | 5/12/2023 | 637 | 53 |
| 249 6651011, 6.32%, 11/9/2024<sup>(e)</sup> | 5/12/2023 | 248 | 1 |
| 709 6651531, 5.91%, 11/9/2024<sup>(e)</sup> | 5/12/2023 | 681 | 150 |
| 965 6652580, 5.31%, 11/9/2024<sup>(e)</sup> | 5/12/2023 | 963 | 2 |
| 147 6653514, 6.07%, 11/10/2024<sup>(e)</sup> | 5/15/2023 | 142 |  |
| 6488 6654602, 5.67%, 11/10/2024<sup>(e)</sup> | 5/15/2023 | 6463 | 11 |
| 5069 6654721, 5.67%, 11/10/2024<sup>(e)</sup> | 5/15/2023 | 5051 | 1061 |
| 528 6655086, 6.18%, 11/10/2024<sup>(e)</sup> | 5/15/2023 | 525 | 1 |
| 3572 6655552, 6.06%, 11/10/2024<sup>(e)</sup> | 5/15/2023 | 3570 | 8 |
| 350 6659438, 5.39%, 11/11/2024<sup>(e)</sup> | 5/16/2023 | 349 | 1 |
| 21135 6661915, 4.56%, 11/12/2024<sup>(e)</sup> | 5/17/2023 | 21122 | 56 |
| 1136 6662097, 6.34%, 11/12/2024<sup>(e)</sup> | 5/17/2023 | 1135 | 1 |
| 6837 6663046, 4.38%, 11/12/2024<sup>(e)</sup> | 5/17/2023 | 6833 | 18 |
| 783 6664899, 4.80%, 11/13/2024<sup>(e)</sup> | 5/18/2023 | 782 | 2 |
| 829 6664944, 5.76%, 11/13/2024<sup>(e)</sup> | 5/18/2023 | 827 | 1 |
| 1045 6664974, 5.05%, 11/13/2024<sup>(e)</sup> | 5/18/2023 | 1041 | 4 |
| 397 6665753, 5.50%, 11/14/2024<sup>(e)</sup> | 5/18/2023 | 394 | 15 |
| 13316 6667599, 5.83%, 11/15/2024<sup>(e)</sup> | 5/18/2023 | 13294 | 23 |
| 105 6668045, 4.27%, 11/15/2024<sup>(e)</sup> | 5/18/2023 | 104 | 1 |
| 18767 6668071, 5.58%, 11/15/2024<sup>(e)</sup> | 5/18/2023 | 18748 | 69 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 77

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $852 6668329, 5.97%, 11/15/2024<sup>(e)</sup> | 5/18/2023 | 851 | $3 |
| 5145 6668354, 4.54%, 11/15/2024<sup>(e)</sup> | 5/18/2023 | 5143 | 12 |
| 811 6668613, 5.60%, 11/15/2024<sup>(e)</sup> | 5/18/2023 | 810 | 1 |
| 9638 6668876, 4.97%, 11/15/2024<sup>(e)</sup> | 5/18/2023 | 9632 | 27 |
| 377 6669419, 5.59%, 11/15/2024<sup>(e)</sup> | 5/18/2023 | 376 | 4 |
| 431 6669849, 5.05%, 11/15/2024<sup>(e)</sup> | 5/18/2023 | 430 | 70 |
| 923 6671250, 5.72%, 11/16/2024<sup>(e)</sup> | 5/19/2023 | 922 | 3 |
| 2146 6673200, 5.67%, 11/16/2024<sup>(e)</sup> | 5/19/2023 | 2144 | 6 |
| 66 6673997, 5.73%, 11/17/2024<sup>(e)</sup> | 5/22/2023 | 38 |  |
| 1281 6676413, 5.02%, 11/17/2024<sup>(e)</sup> | 5/22/2023 | 1280 | 2 |
| 343 6678668, 4.56%, 11/18/2024<sup>(e)</sup> | 5/23/2023 | 341 | 76 |
| 1940 6682699, 5.06%, 11/19/2024<sup>(e)</sup> | 5/24/2023 | 1938 | 5 |
| 309 6683494, 5.76%, 11/19/2024<sup>(e)</sup> | 5/24/2023 | 308 | 1 |
| 5522 6684137, 5.17%, 11/19/2024<sup>(e)</sup> | 5/24/2023 | 5518 | 12 |
| 3102 6686053, 4.28%, 11/21/2024<sup>(e)</sup> | 5/25/2023 | 3099 | 14 |
| 4938 6686084, 4.37%, 11/21/2024<sup>(e)</sup> | 5/25/2023 | 4933 | 175 |
| 182 6688594, 5.33%, 11/22/2024<sup>(e)</sup> | 5/25/2023 | 181 | 1 |
| 331 6691354, 5.03%, 11/23/2024<sup>(e)</sup> | 5/26/2023 | 331 | 1 |
| 900 6692438, 5.04%, 11/23/2024<sup>(e)</sup> | 5/26/2023 | 899 | 3 |
| 13909 6693994, 4.97%, 11/24/2024<sup>(e)</sup> | 5/30/2023 | 13899 | 23 |
| 1260 6695161, 5.04%, 11/24/2024<sup>(e)</sup> | 5/30/2023 | 1258 | 3 |
| 8190 6703426, 5.86%, 11/25/2024<sup>(e)</sup> | 5/31/2023 | 8184 | 21 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $508 6704206, 6.01%, 11/26/2024<sup>(e)</sup> | 6/1/2023 | 506 | $151 |
| 14214 6705446, 4.29%, 11/26/2024<sup>(e)</sup> | 6/1/2023 | 14198 | 6158 |
| 13024 6706436, 5.19%, 11/26/2024<sup>(e)</sup> | 6/1/2023 | 13021 | 28 |
| 7676 6706628, 5.77%, 11/26/2024<sup>(e)</sup> | 6/1/2023 | 7672 | 11 |
| 1934 6708008, 5.39%, 11/28/2024<sup>(e)</sup> | 6/2/2023 | 1933 | 2 |
| 1106 6708325, 4.89%, 11/28/2024<sup>(e)</sup> | 6/2/2023 | 1106 | 4 |
| 197 6708986, 5.36%, 11/29/2024<sup>(e)</sup> | 6/2/2023 | 197 | 1 |
| 6534 6709400, 6.17%, 11/29/2024<sup>(e)</sup> | 6/2/2023 | 6525 | 22 |
| 2730 6713717, 5.13%, 11/30/2024<sup>(e)</sup> | 6/5/2023 | 2722 | 5 |
| 7672 6715268, 4.61%, 11/30/2024<sup>(e)</sup> | 6/5/2023 | 7667 | 2242 |
| 1279 6719701, 5.68%, 12/1/2024<sup>(e)</sup> | 6/6/2023 | 1279 | 3 |
| 750 6721082, 5.38%, 12/1/2024<sup>(e)</sup> | 6/6/2023 | 749 | 1 |
| 14303 6721293, 5.15%, 12/1/2024<sup>(e)</sup> | 6/6/2023 | 14290 | 4619 |
| 4587 6721958, 4.90%, 12/1/2024<sup>(e)</sup> | 6/6/2023 | 4586 | 12 |
| 8683 6722582, 5.95%, 12/2/2024<sup>(e)</sup> | 6/7/2023 | 8678 | 38 |
| 3303 6724290, 5.15%, 12/2/2024<sup>(e)</sup> | 6/7/2023 | 3300 | 12 |
| 2146 6724441, 5.15%, 12/2/2024<sup>(e)</sup> | 6/7/2023 | 2143 | 8 |
| 3074 6724532, 6.19%, 12/2/2024<sup>(e)</sup> | 6/7/2023 | 3073 | 5 |
| 15194 6724690, 5.39%, 12/2/2024<sup>(e)</sup> | 6/7/2023 | 15182 | 76 |
| 34551 6724971, 5.33%, 12/2/2024<sup>(e)</sup> | 6/7/2023 | 34533 | 154 |
| 438 6730621, 5.41%, 12/6/2024<sup>(e)</sup> | 6/9/2023 | 438 | 1 |
| 12437 6736806, 6.08%, 12/7/2024<sup>(e)</sup> | 6/12/2023 | 12411 | 77 |
| 2808 6739781, 5.52%, 12/8/2024<sup>(e)</sup> | 6/13/2023 | 2806 | 15 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 79

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $51 6740503, 5.50%, 12/8/2024<sup>(e)</sup> | 6/13/2023 | 50 | $4 |
| 1119 6740525, 6.34%, 12/8/2024<sup>(e)</sup> | 6/13/2023 | 1117 | 75 |
| 447 6741202, 5.40%, 12/8/2024<sup>(e)</sup> | 6/13/2023 | 446 | 2 |
| 960 6744511, 5.73%, 12/9/2024<sup>(e)</sup> | 6/14/2023 | 959 | 2 |
| 584 6745276, 4.89%, 12/9/2024<sup>(e)</sup> | 6/14/2023 | 583 | 41 |
| 1592 6746034, 5.94%, 12/9/2024<sup>(e)</sup> | 6/14/2023 | 1589 | 240 |
| 2381 6747564, 5.32%, 12/11/2024<sup>(e)</sup> | 6/15/2023 | 2379 | 16 |
| 2716 6747620, 5.51%, 12/11/2024<sup>(e)</sup> | 6/15/2023 | 2715 | 9 |
| 1076 6747977, 4.91%, 12/11/2024<sup>(e)</sup> | 6/15/2023 | 1075 | 81 |
| 429 6748574, 5.90%, 12/12/2024<sup>(e)</sup> | 6/15/2023 | 428 | 1 |
| 4996 6751250, 5.31%, 12/12/2024<sup>(e)</sup> | 6/15/2023 | 4992 | 14 |
| 2456 6753332, 5.31%, 12/13/2024<sup>(e)</sup> | 6/16/2023 | 2455 | 5 |
| 2603 6764271, 6.21%, 12/15/2024<sup>(e)</sup> | 6/21/2023 | 2603 | 4 |
| 1959 6764545, 5.63%, 12/15/2024<sup>(e)</sup> | 6/21/2023 | 1957 | 316 |
| 2345 6765680, 5.70%, 12/16/2024<sup>(e)</sup> | 6/22/2023 | 2344 | 3 |
| 2909 6765895, 5.37%, 12/16/2024<sup>(e)</sup> | 6/22/2023 | 2908 | 12 |
| 2604 6766445, 5.63%, 12/16/2024<sup>(e)</sup> | 6/22/2023 | 2603 | 13 |
| 1056 6769750, 5.86%, 12/18/2024<sup>(e)</sup> | 6/23/2023 | 1055 | 3 |
| 4066 6770155, 6.02%, 12/18/2024<sup>(e)</sup> | 6/23/2023 | 4000 | 13 |
| 25363 6772614, 5.84%, 12/20/2024<sup>(e)</sup> | 6/23/2023 | 25352 | 57 |
| 1665 6773434, 5.67%, 12/20/2024<sup>(e)</sup> | 6/23/2023 | 1664 | 4 |
| 7013 6773876, 4.28%, 12/20/2024<sup>(e)</sup> | 6/23/2023 | 7010 | 29 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $10093 6775985, 4.61%, 12/21/2024<sup>(e)</sup> | 6/26/2023 | 10080 | $4115 |
| 511 6780245, 5.62%, 12/22/2024<sup>(e)</sup> | 6/27/2023 | 510 | 2 |
| 3250 6781590, 5.86%, 12/22/2024<sup>(e)</sup> | 6/27/2023 | 3244 | 212 |
| 813 6781751, 4.56%, 12/22/2024<sup>(e)</sup> | 6/27/2023 | 813 | 3 |
| 5222 6782163, 5.00%, 12/22/2024<sup>(e)</sup> | 6/27/2023 | 5218 | 16 |
| 465 6783278, 4.30%, 12/23/2024<sup>(e)</sup> | 6/28/2023 | 464 | 207 |
| 394 6783481, 4.83%, 12/23/2024<sup>(e)</sup> | 6/28/2023 | 393 | 2 |
| 23061 6783721, 5.19%, 12/23/2024<sup>(e)</sup> | 6/28/2023 | 23054 | 41 |
| 577 6784371, 4.87%, 12/23/2024<sup>(e)</sup> | 6/28/2023 | 576 | 2 |
| 20972 6787162, 6.00%, 12/25/2024<sup>(e)</sup> | 6/29/2023 | 20812 | 22 |
| 6369 6790663, 4.55%, 12/26/2024<sup>(e)</sup> | 6/29/2023 | 6367 | 18 |
| 8599 6791512, 4.80%, 12/27/2024<sup>(e)</sup> | 6/30/2023 | 8573 | 46 |
| 13 6797081, 5.98%, 12/28/2024<sup>(e)</sup> | 7/3/2023 | 13 | 2 |
| 29042 6801417, 5.52%, 12/29/2024<sup>(e)</sup> | 7/5/2023 | 29018 | 132 |
| 2173 6802913, 4.90%, 12/29/2024<sup>(e)</sup> | 7/5/2023 | 2169 | 232 |
| 5750 6804820, 4.91%, 12/30/2024<sup>(e)</sup> | 7/6/2023 | 5745 | 23 |
| 1174 6805385, 5.95%, 12/30/2024<sup>(e)</sup> | 7/6/2023 | 1169 | 5 |
| 601 6805414, 4.91%, 12/30/2024<sup>(e)</sup> | 7/6/2023 | 594 | 3 |
| 784 6807932, 5.16%, 12/30/2024<sup>(e)</sup> | 7/6/2023 | 784 | 3 |
| 1833 6808771, 5.96%, 1/1/2025<sup>(e)</sup> | 7/7/2023 | 1832 | 9 |
| 2739 6809095, 4.89%, 1/2/2025<sup>(e)</sup> | 7/7/2023 | 2737 | 283 |
| 397 6809539, 4.71%, 1/2/2025<sup>(e)</sup> | 7/7/2023 | 397 | 1 |
| 1574 6809872, 5.70%, 1/3/2025<sup>(e)</sup> | 7/7/2023 | 1574 | 4 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 81

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1024 6810302, 5.37%, 1/3/2025<sup>(e)</sup> | 7/7/2023 | 1020 | $6 |
| 1577 6812649, 5.31%, 1/3/2025<sup>(e)</sup> | 7/7/2023 | 1576 | 11 |
| 8163 6812677, 5.68%, 1/3/2025<sup>(e)</sup> | 7/7/2023 | 8156 | 44 |
| 1508 6812799, 5.94%, 1/3/2025<sup>(e)</sup> | 7/7/2023 | 1507 | 4 |
| 115 6813908, 6.16%, 1/4/2025<sup>(e)</sup> | 7/10/2023 | 114 | 1 |
| 1515 6814442, 5.91%, 1/5/2025<sup>(e)</sup> | 7/10/2023 | 1502 | 5 |
| 3956 6814894, 5.37%, 1/5/2025<sup>(e)</sup> | 7/10/2023 | 3954 | 20 |
| 220 6815707, 4.73%, 1/5/2025<sup>(e)</sup> | 7/10/2023 | 218 | 1 |
| 953 6817210, 6.16%, 1/5/2025<sup>(e)</sup> | 7/10/2023 | 953 | 3 |
| 343 6817223, 5.49%, 1/5/2025<sup>(e)</sup> | 7/10/2023 | 342 | 72 |
| 578 6819003, 6.34%, 1/6/2025<sup>(e)</sup> | 7/11/2023 | 577 | 2 |
| 1157 6820391, 4.70%, 1/6/2025<sup>(e)</sup> | 7/11/2023 | 1156 | 2 |
| 1849 6821905, 5.32%, 1/6/2025<sup>(e)</sup> | 7/11/2023 | 1845 | 177 |
| 3261 6824633, 6.09%, 1/7/2025<sup>(e)</sup> | 7/12/2023 | 3258 | 15 |
| 887 6824779, 6.33%, 1/7/2025<sup>(e)</sup> | 7/12/2023 | 886 | 3 |
| 4988 6826326, 5.93%, 1/8/2025<sup>(e)</sup> | 7/13/2023 | 4985 | 15 |
| 2323 6826542, 4.70%, 1/8/2025<sup>(e)</sup> | 7/13/2023 | 2320 | 17 |
| 2657 6826630, 6.17%, 1/9/2025<sup>(e)</sup> | 7/13/2023 | 2650 | 212 |
| 24 6829046, 6.05%, 1/10/2025<sup>(e)</sup> | 7/13/2023 | 23 | 5 |
| 2937 6829358, 4.69%, 1/10/2025<sup>(e)</sup> | 7/13/2023 | 2930 | 12 |
| 7547 6829460, 6.31%, 1/10/2025<sup>(e)</sup> | 7/13/2023 | 7541 | 25 |
| 756 6829502, 5.30%, 1/10/2025<sup>(e)</sup> | 7/13/2023 | 755 | 5 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $1200 6830330, 6.16%, 1/10/2025<sup>(e)</sup> | 7/13/2023 | 1199 | $6 |
| 4377 6830787, 4.88%, 1/11/2025<sup>(e)</sup> | 7/14/2023 | 4374 | 40 |
| 3057 6831618, 5.48%, 1/11/2025<sup>(e)</sup> | 7/14/2023 | 3055 | 23 |
| 279 6831663, 5.37%, 1/11/2025<sup>(e)</sup> | 7/14/2023 | 276 | 54 |
| 4648 6833232, 5.67%, 1/11/2025<sup>(e)</sup> | 7/14/2023 | 4646 | 23 |
| 774 6834961, 5.67%, 1/12/2025<sup>(e)</sup> | 7/17/2023 | 772 | 7 |
| 1427 6836551, 5.48%, 1/12/2025<sup>(e)</sup> | 7/17/2023 | 1426 | 113 |
| 1974 6838744, 5.38%, 1/13/2025<sup>(e)</sup> | 7/18/2023 | 1973 | 8 |
| 3320 6839655, 6.19%, 1/13/2025<sup>(e)</sup> | 7/18/2023 | 3312 | 14 |
| 3793 6840557, 6.17%, 1/13/2025<sup>(e)</sup> | 7/18/2023 | 3791 | 6 |
| 25815 6840849, 5.51%, 1/13/2025<sup>(e)</sup> | 7/18/2023 | 25805 | 115 |
| 763 6844980, 4.72%, 1/14/2025<sup>(e)</sup> | 7/19/2023 | 762 | 3 |
| 946 6846076, 5.39%, 1/15/2025<sup>(e)</sup> | 7/20/2023 | 945 | 3 |
| 8787 6846388, 5.31%, 1/16/2025<sup>(e)</sup> | 7/20/2023 | 8778 | 1806 |
| 1354 6846668, 5.35%, 1/16/2025<sup>(e)</sup> | 7/20/2023 | 1352 | 9 |
| 2984 6846764, 5.16%, 1/16/2025<sup>(e)</sup> | 7/20/2023 | 2982 | 13 |
| 26085 6848305, 5.16%, 1/17/2025<sup>(e)</sup> | 7/20/2023 | 26052 | 220 |
| 10937 6852483, 5.30%, 1/18/2025<sup>(e)</sup> | 7/21/2023 | 10933 | 62 |
| 809 6853044, 4.55%, 1/18/2025<sup>(e)</sup> | 7/21/2023 | 808 | 160 |
| 3340 6854846, 4.36%, 1/19/2025<sup>(e)</sup> | 7/24/2023 | 3310 | 28 |
| 5176 6855276, 5.58%, 1/19/2025<sup>(e)</sup> | 7/24/2023 | 5157 | 26 |
| 880 6856246, 4.97%, 1/19/2025<sup>(e)</sup> | 7/24/2023 | 879 | 105 |
| 8057 6860926, 4.99%, 1/20/2025<sup>(e)</sup> | 7/25/2023 | 8055 | 23 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 83

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $3103 6861740, 5.17%, 1/21/2025<sup>(e)</sup> | 7/26/2023 | 3101 | $14 |
| 225 6864685, 5.36%, 1/22/2025<sup>(e)</sup> | 7/27/2023 | 224 | 30 |
| 1097 6865672, 5.59%, 1/23/2025<sup>(e)</sup> | 7/27/2023 | 1095 | 8 |
| 1885 6866203, 5.35%, 1/24/2025<sup>(e)</sup> | 7/27/2023 | 1883 | 8 |
| 186 6866409, 4.27%, 1/24/2025<sup>(e)</sup> | 7/27/2023 | 180 | 83 |
| 34379 6867901, 4.55%, 1/24/2025<sup>(e)</sup> | 7/27/2023 | 34359 | 244 |
| 565 6868125, 4.98%, 1/24/2025<sup>(e)</sup> | 7/27/2023 | 564 | 3 |
| 1175 6868136, 5.35%, 1/24/2025<sup>(e)</sup> | 7/27/2023 | 1175 | 3 |
| 7051 6868541, 4.36%, 1/24/2025<sup>(e)</sup> | 7/27/2023 | 7049 | 19 |
| 317 6869027, 5.34%, 1/24/2025<sup>(e)</sup> | 7/27/2023 | 315 | 23 |
| 2354 6869204, 5.16%, 1/24/2025<sup>(e)</sup> | 7/27/2023 | 2350 | 412 |
| 11347 6869571, 4.79%, 1/25/2025<sup>(e)</sup> | 7/28/2023 | 11319 | 95 |
| 5891 6871034, 4.55%, 1/25/2025<sup>(e)</sup> | 7/28/2023 | 5888 | 36 |
| 6858 6871210, 5.34%, 1/25/2025<sup>(e)</sup> | 7/28/2023 | 6849 | 43 |
| 2875 6871954, 4.79%, 1/25/2025<sup>(e)</sup> | 7/28/2023 | 2874 | 19 |
| 6912 6873598, 4.97%, 1/26/2025<sup>(e)</sup> | 7/31/2023 | 6864 | 1453 |
| 4807 6874356, 5.34%, 1/26/2025<sup>(e)</sup> | 7/31/2023 | 4795 | 809 |
| 2704 6878455, 5.59%, 1/27/2025<sup>(e)</sup> | 8/1/2023 | 2703 | 15 |
| 4651 6879489, 4.38%, 1/27/2025<sup>(e)</sup> | 8/1/2023 | 4646 | 23 |
| 7429 6880164, 5.75%, 1/27/2025<sup>(e)</sup> | 8/1/2023 | 7426 | 15 |
| 994 6882349, 4.55%, 1/28/2025<sup>(e)</sup> | 8/2/2023 | 993 | 8 |
| 2260 6882483, 4.45%, 1/28/2025<sup>(e)</sup> | 8/2/2023 | 2259 | 987 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $27349 6883819, 4.97%, 1/28/2025<sup>(e)</sup> | 8/2/2023 | 27340 | $222 |
| 3272 6884424, 5.52%, 1/29/2025<sup>(e)</sup> | 8/3/2023 | 3271 | 20 |
| 9286 6884753, 4.54%, 1/29/2025<sup>(e)</sup> | 8/3/2023 | 9279 | 52 |
| 4409 6885184, 5.51%, 1/30/2025<sup>(e)</sup> | 8/3/2023 | 4402 | 24 |
| 2259 6890726, 5.20%, 2/1/2025<sup>(e)</sup> | 8/4/2023 | 2258 | 10 |
| 3611 6890848, 4.43%, 2/1/2025<sup>(e)</sup> | 8/4/2023 | 3609 | 41 |
| 68 6892638, 5.76%, 2/1/2025<sup>(e)</sup> | 8/4/2023 | 67 | 12 |
| 21531 6901190, 5.34%, 2/4/2025<sup>(e)</sup> | 8/9/2023 | 21522 | 156 |
| 97 6903729, 4.72%, 2/4/2025<sup>(e)</sup> | 8/9/2023 | 96 | 26 |
| 3015 6905159, 4.72%, 2/6/2025<sup>(e)</sup> | 8/10/2023 | 3013 | 25 |
| 12178 6906633, 5.99%, 2/7/2025<sup>(e)</sup> | 8/10/2023 | 12171 | 76 |
| 4580 6907280, 5.75%, 2/7/2025<sup>(e)</sup> | 8/10/2023 | 4579 | 35 |
| 1965 6908030, 6.00%, 2/7/2025<sup>(e)</sup> | 8/10/2023 | 1964 | 16 |
| 4147 6908252, 6.14%, 2/7/2025<sup>(e)</sup> | 8/10/2023 | 4141 | 35 |
| 294 6913371, 5.50%, 2/9/2025<sup>(e)</sup> | 8/14/2023 | 293 | 3 |
| 35295 6913391, 5.32%, 2/9/2025<sup>(e)</sup> | 8/14/2023 | 35230 | 326 |
| 813 6913861, 5.98%, 2/9/2025<sup>(e)</sup> | 8/14/2023 | 808 | 89 |
| 162 6917720, 5.78%, 2/10/2025<sup>(e)</sup> | 8/15/2023 | 161 | 34 |
| 6336 6918749, 5.93%, 2/10/2025<sup>(e)</sup> | 8/15/2023 | 6332 | 25 |
| 417 6919339, 5.93%, 2/11/2025<sup>(e)</sup> | 8/16/2023 | 416 | 2 |
| 602 6919359, 4.98%, 2/11/2025<sup>(e)</sup> | 8/16/2023 | 593 | 102 |
| 600 6920523, 5.21%, 2/12/2025<sup>(e)</sup> | 8/17/2023 | 582 | 91 |
| 1522 6920853, 4.45%, 2/12/2025<sup>(e)</sup> | 8/17/2023 | 1521 | 18 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 85

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $536 6922071, 4.94%, 2/14/2025<sup>(e)</sup> | 8/17/2023 | 536 | $69 |
| 7302 6923289, 5.75%, 2/14/2025<sup>(e)</sup> | 8/17/2023 | 7297 | 76 |
| 2544 6928999, 5.51%, 2/16/2025<sup>(e)</sup> | 8/21/2023 | 2533 | 31 |
| 6669 6934582, 4.45%, 2/17/2025<sup>(e)</sup> | 8/22/2023 | 6668 | 45 |
| 13304 6934639, 6.17%, 2/17/2025<sup>(e)</sup> | 8/22/2023 | 13299 | 28 |
| 8894 6934741, 5.77%, 2/17/2025<sup>(e)</sup> | 8/22/2023 | 8885 | 110 |
| 2208 6935039, 6.17%, 2/17/2025<sup>(e)</sup> | 8/22/2023 | 2207 | 10 |
| 9287 6935182, 5.16%, 2/17/2025<sup>(e)</sup> | 8/22/2023 | 9282 | 102 |
| 13111 6935520, 5.22%, 2/17/2025<sup>(e)</sup> | 8/22/2023 | 13103 | 64 |
| 6845 6938106, 5.16%, 2/18/2025<sup>(e)</sup> | 8/23/2023 | 6840 | 69 |
| 6028 6938517, 5.53%, 2/18/2025<sup>(e)</sup> | 8/23/2023 | 6024 | 51 |
| 2714 6939015, 5.22%, 2/18/2025<sup>(e)</sup> | 8/23/2023 | 2712 | 21 |
| 864 6943811, 6.02%, 2/21/2025<sup>(e)</sup> | 8/24/2023 | 864 | 3 |
| 1695 6946482, 5.89%, 2/21/2025<sup>(e)</sup> | 8/24/2023 | 1693 | 17 |
| 22793 6946771, 4.43%, 2/22/2025<sup>(e)</sup> | 8/25/2023 | 22785 | 4218 |
| 1796 6949021, 5.20%, 2/22/2025<sup>(e)</sup> | 8/25/2023 | 1790 | 13 |
| 5837 6949765, 5.14%, 2/22/2025<sup>(e)</sup> | 8/25/2023 | 5833 | 1219 |
| 2087 6950345, 5.21%, 2/23/2025<sup>(e)</sup> | 8/28/2023 | 2086 | 5 |
| 1623 6951451, 5.14%, 2/23/2025<sup>(e)</sup> | 8/28/2023 | 1622 | 219 |
| 4413 6955377, 4.45%, 2/24/2025<sup>(e)</sup> | 8/29/2023 | 4410 | 688 |
| 4066 6958530, 5.92%, 2/25/2025<sup>(e)</sup> | 8/30/2023 | 4063 | 13 |
| 1465 6959286, 5.22%, 2/25/2025<sup>(e)</sup> | 8/30/2023 | 1463 | 9 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4103 | 6959571, 4.73%, 2/25/2025<sup>(e)</sup> | 8/30/2023 | 4101 | $41 |
| 11288 | 6962858, 4.73%, 2/26/2025<sup>(e)</sup> | 8/31/2023 | 11285 | 74 |
|  | 6963058, 4.97%, 2/27/2025 | 8/31/2023 |  |  |
| 2521 | 6963271, 5.20%, 2/27/2025<sup>(e)</sup> | 8/31/2023 | 2518 | 17 |
| 5681 | 6963600, 5.15%, 2/27/2025<sup>(e)</sup> | 8/31/2023 | 5654 | 927 |
| 177 | 6963931, 5.24%, 2/28/2025<sup>(e)</sup> | 8/31/2023 | 177 | 2 |
| 1359 | 6964090, 5.50%, 2/28/2025<sup>(e)</sup> | 8/31/2023 | 1358 | 14 |
| 22716 | 6965352, 5.99%, 2/28/2025<sup>(e)</sup> | 8/31/2023 | 22682 | 4509 |
| 2859 | 6967024, 5.51%, 2/28/2025<sup>(e)</sup> | 8/31/2023 | 2857 | 293 |
| 5204 | 6967628, 5.21%, 2/28/2025<sup>(e)</sup> | 9/1/2023 | 5202 | 14 |
| 12584 | 6968314, 5.15%, 2/28/2025<sup>(e)</sup> | 9/1/2023 | 12574 | 73 |
| 1141 | 6968838, 6.00%, 2/28/2025<sup>(e)</sup> | 9/1/2023 | 1127 | 161 |
| 4095 | 6969469, 5.33%, 2/28/2025<sup>(e)</sup> | 9/1/2023 | 4092 | 43 |
| 26809 | 6970046, 4.53%, 2/28/2025<sup>(e)</sup> | 9/1/2023 | 26798 | 124 |
| 1968 | 6971959, 5.52%, 2/28/2025<sup>(e)</sup> | 9/5/2023 | 1967 | 23 |
| 853 | 6972141, 5.96%, 2/28/2025<sup>(e)</sup> | 9/5/2023 | 852 | 2 |
| 2479 | 6972595, 5.77%, 2/28/2025<sup>(e)</sup> | 9/5/2023 | 2471 | 17 |
| 11096 | 6973119, 4.97%, 2/28/2025<sup>(e)</sup> | 9/5/2023 | 11069 | 102 |
| 1050 | 6979770, 5.25%, 2/28/2025<sup>(e)</sup> | 9/6/2023 | 1049 | 3 |
| 1639 | 6984384, 5.38%, 3/1/2025<sup>(e)</sup> | 9/7/2023 | 1639 | 17 |
| 1459 | 6985575, 5.18%, 3/3/2025<sup>(e)</sup> | 9/8/2023 | 1458 | 24 |
| 4285 | 6985597, 5.56%, 3/3/2025<sup>(e)</sup> | 9/8/2023 | 4282 | 49 |
| 4185 | 6985670, 6.05%, 3/3/2025<sup>(e)</sup> | 9/8/2023 | 4179 | 57 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 87

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2007 | 6987030, 5.36%, 3/4/2025<sup>(e)</sup> | 9/8/2023 | 2006 | $23 |
| 22455 | 6989240, 5.17%, 3/5/2025<sup>(e)</sup> | 9/8/2023 | 22447 | 223 |
| 8103 | 6990588, 6.02%, 3/6/2025<sup>(e)</sup> | 9/11/2023 | 8081 | 98 |
| 7493 | 6990973, 5.78%, 3/6/2025<sup>(e)</sup> | 9/11/2023 | 7464 | 1387 |
| 6313 | 6991309, 6.03%, 3/6/2025<sup>(e)</sup> | 9/11/2023 | 6303 | 49 |
| 2955 | 6991651, 5.53%, 3/6/2025<sup>(e)</sup> | 9/11/2023 | 2951 | 28 |
| 1849 | 6993164, 4.46%, 3/6/2025<sup>(e)</sup> | 9/11/2023 | 1841 | 818 |
| 239 | 6997298, 4.57%, 3/7/2025<sup>(e)</sup> | 9/12/2023 | 239 | 2 |
| 26670 | 7002304, 5.56%, 3/8/2025<sup>(e)</sup> | 9/14/2023 | 26565 | 313 |
| 2357 | 7003765, 5.25%, 3/10/2025<sup>(e)</sup> | 9/14/2023 | 2356 | 21 |
| 5897 | 7003785, 5.36%, 3/10/2025<sup>(e)</sup> | 9/14/2023 | 5893 | 55 |
| 672 | 7005459, 5.80%, 3/11/2025<sup>(e)</sup> | 9/14/2023 | 672 | 7 |
| 805 | 7005889, 4.98%, 3/11/2025<sup>(e)</sup> | 9/14/2023 | 805 | 15 |
| 1995 | 7006070, 6.18%, 3/11/2025<sup>(e)</sup> | 9/14/2023 | 1993 | 251 |
| 8135 | 7006302, 4.74%, 3/11/2025<sup>(e)</sup> | 9/14/2023 | 8133 | 94 |
| 410 | 7006615, 6.02%, 3/11/2025<sup>(e)</sup> | 9/14/2023 | 408 | 56 |
| 485 | 7007515, 5.36%, 3/12/2025<sup>(e)</sup> | 9/15/2023 | 485 | 40 |
|  | 7009622, 5.78%, 3/12/2025 | 9/15/2023 | (1367) |  |
| 1118 | 7010030, 5.79%, 3/12/2025<sup>(e)</sup> | 9/15/2023 | 1118 | 9 |
| 1595 | 7010153, 4.98%, 3/12/2025<sup>(e)</sup> | 9/15/2023 | 1594 | 62 |
| 1641 | 7011821, 4.46%, 3/13/2025<sup>(e)</sup> | 9/18/2023 | 1640 | 14 |
| 1693 | 7016550, 4.75%, 3/14/2025<sup>(e)</sup> | 9/19/2023 | 1688 | 351 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $449 7021724, 5.57%, 3/15/2025<sup>(e)</sup> | 9/20/2023 | 449 | $37 |
| 3187 7022046, 5.19%, 3/15/2025<sup>(e)</sup> | 9/20/2023 | 3185 | 37 |
| 16591 7022109, 6.05%, 3/15/2025<sup>(e)</sup> | 9/20/2023 | 16578 | 123 |
| 281 7024059, 6.04%, 3/15/2025<sup>(e)</sup> | 9/20/2023 | 281 | 3 |
| 1117 7025005, 6.04%, 3/16/2025<sup>(e)</sup> | 9/21/2023 | 1117 | 133 |
| 358 7025257, 4.52%, 3/16/2025<sup>(e)</sup> | 9/21/2023 | 358 | 3 |
| 3212 7027415, 6.18%, 3/18/2025<sup>(e)</sup> | 9/21/2023 | 3210 | 39 |
| 8537 7028904, 4.98%, 3/18/2025<sup>(e)</sup> | 9/21/2023 | 8534 | 105 |
| 1125 7029991, 5.17%, 3/18/2025<sup>(e)</sup> | 9/21/2023 | 1125 | 266 |
| 39814 7030066, 5.35%, 3/18/2025<sup>(e)</sup> | 9/21/2023 | 39799 | 400 |
| 3539 7030448, 5.35%, 3/19/2025<sup>(e)</sup> | 9/22/2023 | 3537 | 41 |
| 961 7031726, 5.24%, 3/19/2025<sup>(e)</sup> | 9/22/2023 | 961 | 7 |
| 7214 7033434, 5.93%, 3/19/2025<sup>(e)</sup> | 9/22/2023 | 7210 | 75 |
| 1941 7033749, 5.23%, 3/19/2025<sup>(e)</sup> | 9/22/2023 | 1939 | 19 |
| 3795 7041483, 5.18%, 3/21/2025<sup>(e)</sup> | 9/26/2023 | 3792 | 36 |
| 925 7042928, 5.81%, 3/21/2025<sup>(e)</sup> | 9/26/2023 | 924 | 14 |
| 6193 7043433, 5.56%, 3/21/2025<sup>(e)</sup> | 9/26/2023 | 6177 | 85 |
| 5654 7045841, 5.25%, 3/22/2025<sup>(e)</sup> | 9/27/2023 | 5652 | 48 |
| 3006 7046738, 5.18%, 3/22/2025<sup>(e)</sup> | 9/27/2023 | 3005 | 33 |
| 836 7048088, 5.53%, 3/24/2025<sup>(e)</sup> | 9/28/2023 | 836 | 5 |
| 896 7050979, 6.03%, 3/25/2025<sup>(e)</sup> | 9/28/2023 | 893 | 120 |
| 3027 7051557, 4.73%, 3/25/2025<sup>(e)</sup> | 9/28/2023 | 3026 | 38 |
| 2175 7051789, 6.02%, 3/25/2025<sup>(e)</sup> | 9/28/2023 | 2173 | 261 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 89

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $671 7052670, 5.24%, 3/25/2025<sup>(e)</sup> | 9/28/2023 | 670 | $54 |
| 3058 7056043, 5.78%, 3/27/2025<sup>(e)</sup> | 10/2/2023 | 3057 | 39 |
| 1076 7061819, 5.37%, 3/28/2025<sup>(e)</sup> | 10/3/2023 | 1073 | 141 |
| 3332 7064932, 5.55%, 3/29/2025<sup>(e)</sup> | 10/4/2023 | 3328 | 42 |
| 1401 7065693, 5.37%, 3/29/2025<sup>(e)</sup> | 10/4/2023 | 1396 | 305 |
| 1960 7066652, 5.55%, 3/29/2025<sup>(e)</sup> | 10/4/2023 | 1959 | 8 |
| 4284 7068289, 4.75%, 3/30/2025<sup>(e)</sup> | 10/5/2023 | 4277 | 663 |
| 429 7068382, 5.79%, 3/30/2025<sup>(e)</sup> | 10/5/2023 | 429 | 4 |
| 1303 7068485, 5.81%, 3/30/2025<sup>(e)</sup> | 10/5/2023 | 1301 | 17 |
| 6167 7069189, 5.54%, 4/1/2025<sup>(e)</sup> | 10/5/2023 | 6163 | 51 |
| 844 7070204, 5.53%, 4/2/2025<sup>(e)</sup> | 10/5/2023 | 841 | 370 |
| 2462 7072347, 5.92%, 4/2/2025<sup>(e)</sup> | 10/5/2023 | 2459 | 37 |
| 7814 7072415, 4.45%, 4/2/2025<sup>(e)</sup> | 10/5/2023 | 7811 | 119 |
| 6350 7075737, 5.16%, 4/3/2025<sup>(e)</sup> | 10/6/2023 | 6348 | 84 |
| 10554 7078463, 5.53%, 4/4/2025<sup>(e)</sup> | 10/10/2023 | 10545 | 152 |
| 1732 7080568, 6.16%, 4/4/2025<sup>(e)</sup> | 10/10/2023 | 1730 | 5 |
| 1966 7085907, 6.21%, 4/5/2025<sup>(e)</sup> | 10/11/2023 | 1966 | 14 |
| 7737 7087787, 5.96%, 4/5/2025<sup>(e)</sup> | 10/11/2023 | 7731 | 63 |
| 519 7088101, 6.20%, 4/5/2025<sup>(e)</sup> | 10/11/2023 | 519 | 5 |
| 578 7096937, 5.77%, 4/10/2025<sup>(e)</sup> | 10/13/2023 | 575 | 185 |
| 1522 7096978, 5.16%, 4/10/2025<sup>(e)</sup> | 10/13/2023 | 1520 | 14 |
| 797 7097648, 4.97%, 4/10/2025<sup>(e)</sup> | 10/13/2023 | 783 | 14 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $938 | 7100239, 6.04%, 4/11/2025<sup>(e)</sup> | 10/16/2023 | 937 | $8 |
| 7421 | 7102508, 4.54%, 4/11/2025<sup>(e)</sup> | 10/16/2023 | 7415 | 111 |
| 809 | 7102708, 5.77%, 4/11/2025<sup>(e)</sup> | 10/16/2023 | 809 | 11 |
| 5231 | 7102939, 4.45%, 4/11/2025<sup>(e)</sup> | 10/16/2023 | 5227 | 80 |
| 3882 | 7111738, 5.24%, 4/13/2025<sup>(e)</sup> | 10/18/2023 | 3879 | 51 |
| 12183 | 7113251, 4.46%, 4/15/2025<sup>(e)</sup> | 10/19/2023 | 12177 | 225 |
| 1913 | 7114117, 6.16%, 4/16/2025<sup>(e)</sup> | 10/19/2023 | 1912 | 15 |
| 5971 | 7115325, 5.15%, 4/16/2025<sup>(e)</sup> | 10/19/2023 | 5970 | 62 |
| 4617 | 7116331, 6.01%, 4/16/2025<sup>(e)</sup> | 10/19/2023 | 4613 | 480 |
| 6347 | 7122008, 4.45%, 4/18/2025<sup>(e)</sup> | 10/23/2023 | 6344 | 131 |
| 1056 | 7125268, 5.54%, 4/18/2025<sup>(e)</sup> | 10/23/2023 | 1055 | 6 |
|  | 7134566, 5.36%, 4/19/2025 | 10/24/2023 |  |  |
| 2096 | 7134615, 5.94%, 4/19/2025<sup>(e)</sup> | 10/24/2023 | 2095 | 9 |
| 1171 | 7135607, 5.25%, 4/19/2025<sup>(e)</sup> | 10/24/2023 | 1170 | 9 |
| 851 | 7139780, 5.25%, 4/20/2025<sup>(e)</sup> | 10/25/2023 | 850 | 11 |
| 373 | 7139822, 4.46%, 4/20/2025<sup>(e)</sup> | 10/25/2023 | 371 | 133 |
| 23691 | 7141666, 5.18%, 4/21/2025<sup>(e)</sup> | 10/26/2023 | 23682 | 250 |
| 1083 | 7142218, 6.03%, 4/21/2025<sup>(e)</sup> | 10/26/2023 | 1082 | 8 |
| 10189 | 7142271, 4.74%, 4/21/2025<sup>(e)</sup> | 10/26/2023 | 10179 | 1902 |
| 22870 | 7145697, 4.45%, 4/23/2025<sup>(e)</sup> | 10/26/2023 | 22862 | 370 |
| 484 | 7147356, 4.54%, 4/23/2025<sup>(e)</sup> | 10/26/2023 | 484 | 4 |
| 1441 | 7147378, 5.77%, 4/23/2025<sup>(e)</sup> | 10/26/2023 | 1440 | 602 |
| 986 | 7148646, 6.16%, 4/24/2025<sup>(e)</sup> | 10/27/2023 | 986 | 3 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 91

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $875 7149434, 5.16%, 4/24/2025<sup>(e)</sup> | 10/27/2023 | 874 | $111 |
| 727 7150034, 5.52%, 4/24/2025<sup>(e)</sup> | 10/27/2023 | 726 | 156 |
| 1308 7150999, 4.45%, 4/24/2025<sup>(e)</sup> | 10/27/2023 | 1307 | 555 |
| 224 7151081, 5.53%, 4/24/2025<sup>(e)</sup> | 10/27/2023 | 223 | 26 |
| 1231 7151486, 5.33%, 4/24/2025<sup>(e)</sup> | 10/27/2023 | 1230 | 13 |
| 4583 7152644, 4.97%, 4/25/2025<sup>(e)</sup> | 10/30/2023 | 4579 | 80 |
| 220 7152873, 5.16%, 4/25/2025<sup>(e)</sup> | 10/30/2023 | 218 | 97 |
| 229 7154591, 4.73%, 4/25/2025<sup>(e)</sup> | 10/30/2023 | 215 | 102 |
| 1831 7157944, 5.35%, 4/26/2025<sup>(e)</sup> | 10/31/2023 | 1830 | 58 |
| 6440 7159506, 4.75%, 4/26/2025<sup>(e)</sup> | 10/31/2023 | 6435 | 121 |
| 2778 7159827, 6.20%, 4/26/2025<sup>(e)</sup> | 10/31/2023 | 2777 | 22 |
| 31415 7159855, 5.54%, 4/26/2025<sup>(e)</sup> | 10/31/2023 | 31404 | 221 |
| 5619 7161438, 6.04%, 4/27/2025<sup>(e)</sup> | 11/1/2023 | 5616 | 85 |
| 1690 7161993, 6.19%, 4/27/2025<sup>(e)</sup> | 11/1/2023 | 1689 | 32 |
| 3336 7162068, 6.18%, 4/27/2025<sup>(e)</sup> | 11/1/2023 | 3333 | 18 |
| 6780 7163468, 4.99%, 4/27/2025<sup>(e)</sup> | 11/1/2023 | 6778 | 113 |
| 2162 7163624, 4.99%, 4/27/2025<sup>(e)</sup> | 11/1/2023 | 2158 | 384 |
| 408 7164032, 5.36%, 4/27/2025<sup>(e)</sup> | 11/1/2023 | 406 | 48 |
| 1658 7165298, 4.82%, 4/29/2025<sup>(e)</sup> | 11/2/2023 | 1657 | 184 |
| 2257 7166328, 5.61%, 4/30/2025<sup>(e)</sup> | 11/2/2023 | 2256 | 9 |
| 523 7167485, 4.29%, 4/30/2025<sup>(e)</sup> | 11/2/2023 | 521 | 111 |
| 248 7167682, 5.84%, 4/30/2025<sup>(e)</sup> | 11/2/2023 | 246 | 48 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $179 7167816, 5.00%, 4/30/2025<sup>(e)</sup> | 11/2/2023 | 178 | $48 |
| 37903 7167920, 5.18%, 4/30/2025<sup>(e)</sup> | 11/2/2023 | 37891 | 301 |
| 1614 7169765, 5.00%, 4/30/2025<sup>(e)</sup> | 11/2/2023 | 1612 | 349 |
| 5504 7169843, 4.99%, 4/30/2025<sup>(e)</sup> | 11/2/2023 | 5502 | 86 |
| 4267 7170238, 5.00%, 4/30/2025<sup>(e)</sup> | 11/3/2023 | 4262 | 569 |
| 24248 7170276, 5.19%, 4/30/2025<sup>(e)</sup> | 11/3/2023 | 24240 | 125 |
| 4008 7170738, 5.77%, 4/30/2025<sup>(e)</sup> | 11/3/2023 | 4005 | 58 |
| 712 7171351, 5.76%, 4/30/2025<sup>(e)</sup> | 11/3/2023 | 711 | 10 |
| 276 7173121, 6.01%, 4/30/2025<sup>(e)</sup> | 11/3/2023 | 274 | 74 |
| 4012 7173256, 5.19%, 4/30/2025<sup>(e)</sup> | 11/3/2023 | 4010 | 129 |
| 214 7173297, 5.00%, 4/30/2025<sup>(e)</sup> | 11/3/2023 | 213 | 52 |
| 11940 7174510, 4.82%, 5/1/2025<sup>(e)</sup> | 11/6/2023 | 11911 | 242 |
| 8198 7175599, 5.37%, 5/1/2025<sup>(e)</sup> | 11/6/2023 | 8173 | 1023 |
| 88 7176186, 5.74%, 5/1/2025<sup>(e)</sup> | 11/6/2023 | 84 | 23 |
| 2181 7177155, 5.18%, 5/1/2025<sup>(e)</sup> | 11/6/2023 | 2179 | 44 |
| 87 7177289, 6.01%, 5/1/2025<sup>(e)</sup> | 11/6/2023 | 86 | 1 |
| 222 7177326, 5.36%, 5/1/2025<sup>(e)</sup> | 11/6/2023 | 222 | 16 |
| 1881 7180461, 4.83%, 5/2/2025<sup>(e)</sup> | 11/7/2023 | 1861 | 835 |
| 8529 7183245, 5.39%, 5/2/2025<sup>(e)</sup> | 11/7/2023 | 8520 | 147 |
| 1593 7184167, 5.79%, 5/3/2025<sup>(e)</sup> | 11/8/2023 | 1591 | 323 |
| 127 7186060, 5.21%, 5/3/2025<sup>(e)</sup> | 11/8/2023 | 126 | 23 |
| 6577 7186250, 5.64%, 5/3/2025<sup>(e)</sup> | 11/8/2023 | 6575 | 650 |
| 108 7187918, 4.38%, 5/4/2025<sup>(e)</sup> | 11/9/2023 | 108 | 14 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 93

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $10533 7187993, 5.08%, 5/4/2025<sup>(e)</sup> | 11/9/2023 | 10505 | $270 |
| 1575 7188758, 5.38%, 5/5/2025<sup>(e)</sup> | 11/9/2023 | 1570 | 694 |
| 742 7189116, 5.38%, 5/5/2025<sup>(e)</sup> | 11/9/2023 | 737 | 198 |
| 1745 7192477, 5.87%, 5/6/2025<sup>(e)</sup> | 11/9/2023 | 1744 | 11 |
| 3553 7192596, 5.00%, 5/6/2025<sup>(e)</sup> | 11/9/2023 | 3552 | 70 |
| 168 7195950, 5.79%, 5/7/2025<sup>(e)</sup> | 11/13/2023 | 160 | 26 |
| 543 7196006, 4.36%, 5/7/2025<sup>(e)</sup> | 11/13/2023 | 543 | 4 |
| 795 7196351, 4.30%, 5/7/2025<sup>(e)</sup> | 11/13/2023 | 792 | 351 |
| 10418 7196480, 5.19%, 5/7/2025<sup>(e)</sup> | 11/13/2023 | 10386 | 117 |
| 114 7198421, 5.69%, 5/8/2025<sup>(e)</sup> | 11/13/2023 | 110 | 10 |
| 2851 7199798, 5.95%, 5/8/2025<sup>(e)</sup> | 11/13/2023 | 2843 | 47 |
| 693 7203279, 5.54%, 5/9/2025<sup>(e)</sup> | 11/14/2023 | 691 | 8 |
| 387 7205347, 5.42%, 5/9/2025<sup>(e)</sup> | 11/14/2023 | 387 | 63 |
| 13988 7205600, 4.92%, 5/9/2025<sup>(e)</sup> | 11/14/2023 | 13983 | 229 |
| 183 7207418, 5.34%, 5/10/2025<sup>(e)</sup> | 11/15/2023 | 183 | 26 |
| 390 7207479, 4.71%, 5/10/2025<sup>(e)</sup> | 11/15/2023 | 387 | 7 |
| 172 7210797, 4.92%, 5/10/2025<sup>(e)</sup> | 11/15/2023 | 170 | 30 |
| 71 7211842, 5.72%, 5/12/2025<sup>(e)</sup> | 11/16/2023 | 70 | 9 |
| 1001 7212684, 5.41%, 5/12/2025<sup>(e)</sup> | 11/16/2023 | 998 | 209 |
| 716 7216379, 5.15%, 5/13/2025<sup>(e)</sup> | 11/16/2023 | 714 | 316 |
| 446 7217212, 4.90%, 5/14/2025<sup>(e)</sup> | 11/17/2023 | 427 | 16 |
| 817 7217901, 5.69%, 5/14/2025<sup>(e)</sup> | 11/17/2023 | 815 | 181 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1518 | 7218601, 5.52%, 5/14/2025<sup>(e)</sup> | 11/17/2023 | 1517 | $267 |
| 4461 | 7223011, 5.15%, 5/15/2025<sup>(e)</sup> | 11/20/2023 | 4435 | 1080 |
| 1068 | 7224224, 5.95%, 5/15/2025<sup>(e)</sup> | 11/20/2023 | 1067 | 18 |
| 3726 | 7226926, 5.72%, 5/16/2025<sup>(e)</sup> | 11/21/2023 | 3725 | 49 |
| 10896 | 7227629, 4.64%, 5/16/2025<sup>(e)</sup> | 11/21/2023 | 10891 | 2118 |
| 524 | 7228053, 5.43%, 5/16/2025<sup>(e)</sup> | 11/21/2023 | 524 | 7 |
| 2606 | 7230213, 5.54%, 5/16/2025<sup>(e)</sup> | 11/21/2023 | 2605 | 29 |
| 2701 | 7230320, 5.35%, 5/16/2025<sup>(e)</sup> | 11/21/2023 | 2692 | 1200 |
| 298 | 7230821, 5.43%, 5/16/2025<sup>(e)</sup> | 11/21/2023 | 298 | 24 |
| 1008 | 7232539, 6.21%, 5/17/2025<sup>(e)</sup> | 11/22/2023 | 1007 | 150 |
| 6156 | 7233151, 4.92%, 5/17/2025<sup>(e)</sup> | 11/22/2023 | 6154 | 63 |
| 395 | 7235364, 5.54%, 5/18/2025<sup>(e)</sup> | 11/24/2023 | 395 | 33 |
| 1147 | 7235607, 5.16%, 5/19/2025<sup>(e)</sup> | 11/24/2023 | 1145 | 303 |
| 2482 | 7236251, 5.16%, 5/19/2025<sup>(e)</sup> | 11/24/2023 | 2479 | 648 |
| 305 | 7236399, 5.70%, 5/19/2025<sup>(e)</sup> | 11/24/2023 | 304 | 43 |
| 468 | 7236721, 5.14%, 5/20/2025<sup>(e)</sup> | 11/24/2023 | 466 | 146 |
| 387 | 7237840, 5.33%, 5/20/2025<sup>(e)</sup> | 11/24/2023 | 386 | 163 |
| 392 | 7238091, 6.10%, 5/20/2025<sup>(e)</sup> | 11/24/2023 | 391 | 65 |
|  | 7238307, 5.71%, 5/20/2025 | 11/24/2023 |  |  |
| 5534 | 7238614, 5.70%, 5/20/2025<sup>(e)</sup> | 11/24/2023 | 5510 | 50 |
| 14481 | 7239377, 4.90%, 5/20/2025<sup>(e)</sup> | 11/24/2023 | 14452 | 343 |
| 1422 | 7242332, 5.51%, 5/21/2025<sup>(e)</sup> | 11/27/2023 | 1421 | 9 |
| 44 | 7242491, 5.16%, 5/21/2025<sup>(e)</sup> | 11/27/2023 | 39 | 9 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 95

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $16838 | 7243451, 4.63%, 5/21/2025<sup>(e)</sup> | 11/27/2023 | 16827 | $4955 |
| 1356 | 7247527, 4.93%, 5/22/2025<sup>(e)</sup> | 11/28/2023 | 1350 | 45 |
| 1539 | 7247750, 5.55%, 5/22/2025<sup>(e)</sup> | 11/28/2023 | 1538 | 125 |
| 1309 | 7248314, 5.73%, 5/22/2025<sup>(e)</sup> | 11/28/2023 | 1307 | 201 |
| 2924 | 7248504, 5.37%, 5/22/2025<sup>(e)</sup> | 11/28/2023 | 2922 | 69 |
| 209 | 7248702, 5.40%, 5/22/2025<sup>(e)</sup> | 11/28/2023 | 207 | 93 |
| 86 | 7248759, 5.40%, 5/22/2025<sup>(e)</sup> | 11/28/2023 | 85 | 4 |
| 588 | 7248835, 5.42%, 5/22/2025<sup>(e)</sup> | 11/28/2023 | 584 | 124 |
|  | 7248997, 6.23%, 5/22/2025 | 11/28/2023 |  |  |
| 1004 | 7249060, 5.73%, 5/22/2025<sup>(e)</sup> | 11/28/2023 | 1000 | 85 |
| 691 | 7249329, 5.73%, 5/22/2025<sup>(e)</sup> | 11/28/2023 | 690 | 14 |
| 1903 | 7249346, 5.40%, 5/22/2025<sup>(e)</sup> | 11/28/2023 | 1902 | 39 |
| 552 | 7251113, 4.65%, 5/22/2025<sup>(e)</sup> | 11/28/2023 | 552 | 8 |
| 1297 | 7251337, 5.39%, 5/23/2025<sup>(e)</sup> | 11/29/2023 | 1296 | 243 |
| 1358 | 7251476, 4.93%, 5/23/2025<sup>(e)</sup> | 11/29/2023 | 1356 | 404 |
| 1534 | 7251568, 5.40%, 5/23/2025<sup>(e)</sup> | 11/29/2023 | 1528 | 341 |
| 2280 | 7251579, 5.74%, 5/23/2025<sup>(e)</sup> | 11/29/2023 | 2275 | 31 |
| 211 | 7251713, 6.21%, 5/23/2025<sup>(e)</sup> | 11/29/2023 | 210 | (111) |
| 431 | 7251722, 5.74%, 5/23/2025<sup>(e)</sup> | 11/29/2023 | 430 | 142 |
| 5718 | 7253203, 4.83%, 5/24/2025<sup>(e)</sup> | 11/29/2023 | 5715 | 1636 |
| 116 | 7254367, 5.21%, 5/24/2025<sup>(e)</sup> | 11/29/2023 | 115 | 16 |
| 454 | 7254523, 5.72%, 5/25/2025<sup>(e)</sup> | 11/30/2023 | 449 | (41) |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $6288 7254713, 5.39%, 5/25/2025<sup>(e)</sup> | 11/30/2023 | 6286 | $103 |
| 321 7254900, 6.12%, 5/25/2025<sup>(e)</sup> | 11/30/2023 | 321 | 4 |
| 11108 7255046, 5.39%, 5/25/2025<sup>(e)</sup> | 11/30/2023 | 11086 | 229 |
| 3100 7255085, 5.17%, 5/25/2025<sup>(e)</sup> | 11/30/2023 | 3098 | 458 |
| 396 7255127, 5.53%, 5/25/2025<sup>(e)</sup> | 11/30/2023 | 396 | 48 |
| 435 7255496, 5.72%, 5/25/2025<sup>(e)</sup> | 11/30/2023 | 428 | 78 |
| 7326 7255938, 5.20%, 5/25/2025<sup>(e)</sup> | 11/30/2023 | 7323 | 104 |
| 8226 7256148, 4.84%, 5/25/2025<sup>(e)</sup> | 11/30/2023 | 8224 | 65 |
| 463 7256210, 5.97%, 5/26/2025<sup>(e)</sup> | 11/30/2023 | 462 | 146 |
| 1856 7256348, 5.87%, 5/26/2025<sup>(e)</sup> | 11/30/2023 | 1855 | 31 |
| 915 7256432, 4.30%, 5/26/2025<sup>(e)</sup> | 11/30/2023 | 913 | 407 |
| 146 7256592, 5.51%, 5/26/2025<sup>(e)</sup> | 11/30/2023 | 146 | 48 |
| 2565 7256641, 5.35%, 5/26/2025<sup>(e)</sup> | 11/30/2023 | 2565 | 44 |
| 2492 7256917, 6.20%, 5/26/2025<sup>(e)</sup> | 11/30/2023 | 2489 | 314 |
| 10530 7261160, 6.19%, 5/28/2025<sup>(e)</sup> | 12/1/2023 | 10522 | 184 |
| 1305 7261467, 4.63%, 5/28/2025<sup>(e)</sup> | 12/1/2023 | 1304 | 576 |
| 4579 7263173, 4.38%, 5/28/2025<sup>(e)</sup> | 12/1/2023 | 4576 | 60 |
| 10069 7263175, 5.00%, 5/28/2025<sup>(e)</sup> | 12/1/2023 | 10066 | 2954 |
| 6960 7263179, 4.29%, 5/28/2025<sup>(e)</sup> | 12/1/2023 | 6957 | 2237 |
| 22033 7263180, 5.00%, 5/28/2025<sup>(e)</sup> | 12/1/2023 | 22024 | 6290 |
| 260 7263272, 4.90%, 5/28/2025<sup>(e)</sup> | 12/1/2023 | 249 | 80 |
| 2622 7264382, 5.35%, 5/29/2025<sup>(e)</sup> | 12/4/2023 | 2605 | 841 |
| 820 7265168, 6.02%, 5/29/2025<sup>(e)</sup> | 12/4/2023 | 817 | 294 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 97

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $2503 7265649, 5.78%, 5/29/2025<sup>(e)</sup> | 12/4/2023 | 2495 | $48 |
| 1175 7273471, 4.75%, 5/30/2025<sup>(e)</sup> | 12/5/2023 | 1172 | 523 |
| 868 7273705, 5.96%, 5/30/2025<sup>(e)</sup> | 12/5/2023 | 867 | 19 |
| 4825 7274553, 5.37%, 6/1/2025<sup>(e)</sup> | 12/6/2023 | 4822 | 65 |
| 6639 7276671, 4.99%, 6/1/2025<sup>(e)</sup> | 12/6/2023 | 6629 | 263 |
| 1193 7278691, 5.36%, 6/3/2025<sup>(e)</sup> | 12/7/2023 | 1193 | 380 |
| 15065 7280330, 5.34%, 6/4/2025<sup>(e)</sup> | 12/7/2023 | 15055 | 336 |
| 14855 7281241, 4.73%, 6/4/2025<sup>(e)</sup> | 12/7/2023 | 14849 | 151 |
| 1563 7281473, 5.52%, 6/4/2025<sup>(e)</sup> | 12/7/2023 | 1562 | 35 |
| 190 7285593, 5.75%, 6/5/2025<sup>(e)</sup> | 12/8/2023 | 189 | 27 |
| 1340 7285963, 6.01%, 6/5/2025<sup>(e)</sup> | 12/8/2023 | 1338 | 204 |
| 2093 7290690, 4.97%, 6/6/2025<sup>(e)</sup> | 12/11/2023 | 2090 | 442 |
| 186 7293788, 5.54%, 6/7/2025<sup>(e)</sup> | 12/12/2023 | 182 | 4 |
| 1151 7293862, 4.46%, 6/7/2025<sup>(e)</sup> | 12/12/2023 | 1149 | 438 |
| 420 7294350, 5.95%, 6/7/2025<sup>(e)</sup> | 12/12/2023 | 420 | 62 |
| 2152 7294684, 4.99%, 6/7/2025<sup>(e)</sup> | 12/12/2023 | 2149 | 360 |
| 5830 7295748, 5.54%, 6/7/2025<sup>(e)</sup> | 12/12/2023 | 5829 | 54 |
| 395 7296122, 5.79%, 6/7/2025<sup>(e)</sup> | 12/12/2023 | 384 | 85 |
| 27154 7297777, 5.79%, 6/7/2025<sup>(e)</sup> | 12/12/2023 | 27145 | 155 |
| 16187 7298051, 4.99%, 6/8/2025<sup>(e)</sup> | 12/13/2023 | 16175 | 373 |
| 142 7298430, 5.78%, 6/8/2025<sup>(e)</sup> | 12/13/2023 | 141 | 31 |
| 3201 7300430, 5.24%, 6/8/2025<sup>(e)</sup> | 12/13/2023 | 3199 | 74 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $9605 7301694, 4.75%, 6/9/2025<sup>(e)</sup> | 12/14/2023 | 9592 | $228 |
| 1358 7302591, 5.53%, 6/10/2025<sup>(e)</sup> | 12/14/2023 | 1357 | 21 |
| 5103 7304634, 5.16%, 6/11/2025<sup>(e)</sup> | 12/14/2023 | 5096 | 130 |
| 2649 7306700, 6.02%, 6/11/2025<sup>(e)</sup> | 12/14/2023 | 2647 | 37 |
| 2944 7308125, 6.18%, 6/12/2025<sup>(e)</sup> | 12/15/2023 | 2942 | 17 |
| 551 7309563, 5.15%, 6/12/2025<sup>(e)</sup> | 12/15/2023 | 550 | 181 |
| 2931 7314581, 5.34%, 6/12/2025<sup>(e)</sup> | 12/15/2023 | 2929 | 1084 |
| 516 7316636, 5.77%, 6/13/2025<sup>(e)</sup> | 12/18/2023 | 511 | 48 |
| 706 7320743, 6.03%, 6/14/2025<sup>(e)</sup> | 12/19/2023 | 705 | 149 |
| 3637 7320866, 5.18%, 6/14/2025<sup>(e)</sup> | 12/19/2023 | 3636 | 1263 |
| 2306 7321341, 5.17%, 6/14/2025<sup>(e)</sup> | 12/19/2023 | 2304 | 807 |
| 60 7323164, 5.18%, 6/14/2025<sup>(e)</sup> | 12/19/2023 | 59 | (49) |
| 5645 7323615, 5.17%, 6/14/2025<sup>(e)</sup> | 12/19/2023 | 5641 | 129 |
| 914 7323944, 5.24%, 6/14/2025<sup>(e)</sup> | 12/19/2023 | 914 | 58 |
| 328 7327226, 5.55%, 6/15/2025<sup>(e)</sup> | 12/20/2023 | 325 | 44 |
| 1886 7327803, 4.56%, 6/15/2025<sup>(e)</sup> | 12/20/2023 | 1882 | 407 |
| 13113 7329006, 5.36%, 6/16/2025<sup>(e)</sup> | 12/21/2023 | 13073 | 2680 |
| 2694 7329549, 5.22%, 6/17/2025<sup>(e)</sup> | 12/21/2023 | 2693 | 30 |
| 714 7329617, 5.17%, 6/17/2025<sup>(e)</sup> | 12/21/2023 | 713 | 314 |
| 1073 7333966, 5.34%, 6/18/2025<sup>(e)</sup> | 12/21/2023 | 1072 | 278 |
| 467 7336042, 5.15%, 6/19/2025<sup>(e)</sup> | 12/22/2023 | 466 | 151 |
| 1304 7337210, 6.03%, 6/19/2025<sup>(e)</sup> | 12/22/2023 | 1304 | 19 |
| 684 7339078, 5.76%, 6/20/2025<sup>(e)</sup> | 12/26/2023 | 683 | 111 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 99

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | |
|:---|:---|:---|:---|
| **Principal Amount** | **Acquisition Date** | **Cost** | **Value** |
| $284 7339099, 5.35%, 6/20/2025<sup>(e)</sup> | 12/26/2023 | 283 | $34 |
| 1765 7339608, 4.45%, 6/20/2025<sup>(e)</sup> | 12/26/2023 | 1759 | 85 |
| 4309 7339647, 5.53%, 6/20/2025<sup>(e)</sup> | 12/26/2023 | 4308 | 90 |
| 3173 7339759, 4.73%, 6/20/2025<sup>(e)</sup> | 12/26/2023 | 3168 | 1041 |
| 355 7344568, 5.38%, 6/21/2025<sup>(e)</sup> | 12/27/2023 | 355 | 30 |
| 7172 7345162, 5.25%, 6/21/2025<sup>(e)</sup> | 12/27/2023 | 7168 | 428 |
| 218 7345909, 4.75%, 6/21/2025<sup>(e)</sup> | 12/27/2023 | 218 | 97 |
| 357 7346468, 5.80%, 6/21/2025<sup>(e)</sup> | 12/27/2023 | 355 | 6 |
| 7029 7347032, 5.96%, 6/21/2025<sup>(e)</sup> | 12/27/2023 | 7026 | 37 |
| 1708 7347387, 5.38%, 6/21/2025<sup>(e)</sup> | 12/27/2023 | 1708 | 347 |
| 34450 7347417, 5.00%, 6/21/2025<sup>(e)</sup> | 12/27/2023 | 34432 | 921 |
| 5765 7349267, 5.80%, 6/22/2025<sup>(e)</sup> | 12/28/2023 | 5762 | 109 |
| 633 7351283, 5.19%, 6/22/2025<sup>(e)</sup> | 12/28/2023 | 633 | 168 |
| 916 7352162, 4.76%, 6/23/2025<sup>(e)</sup> | 12/29/2023 | 915 | 213 |
| 1191 7352276, 5.25%, 6/23/2025<sup>(e)</sup> | 12/29/2023 | 1190 | 391 |
| 634 7352609, 5.80%, 6/24/2025<sup>(e)</sup> | 12/29/2023 | 632 | 291 |
| 547 7353125, 5.36%, 6/24/2025<sup>(e)</sup> | 12/29/2023 | 534 | 73 |
| 4253 7359212, 5.52%, 6/27/2025<sup>(e)</sup> | 1/2/2024 | 4236 | 1841 |
| 8765 7359603, 4.73%, 6/27/2025<sup>(e)</sup> | 1/2/2024 | 8750 | 2739 |
| 2773 7359687, 5.34%, 6/27/2025<sup>(e)</sup> | 1/2/2024 | 2767 | 917 |
| 3022 7361048, 4.73%, 6/27/2025<sup>(e)</sup> | 1/2/2024 | 3019 | 1308 |
| 148 7361219, 4.45%, 6/27/2025<sup>(e)</sup> | 1/2/2024 | 147 | 24 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3007 | 7364068, 4.75%, 6/28/2025<sup>(e)</sup> | 1/3/2024 | 3000 | $970 |
| 2297 | 7364214, 5.79%, 6/28/2025<sup>(e)</sup> | 1/3/2024 | 2296 | 41 |
| 1822 | 7365521, 4.99%, 6/28/2025<sup>(e)</sup> | 1/3/2024 | 1821 | 890 |
| 2367 | 7369096, 6.05%, 6/29/2025<sup>(e)</sup> | 1/4/2024 | 2365 | 595 |
| 1279 | 7370100, 6.20%, 6/29/2025<sup>(e)</sup> | 1/4/2024 | 1277 | 318 |
| 2534 | 7370359, 6.05%, 6/30/2025<sup>(e)</sup> | 1/5/2024 | 2525 | 1113 |
| 607 | 7370459, 5.80%, 6/30/2025<sup>(e)</sup> | 1/5/2024 | 602 | 50 |
| 380 | 7371088, 4.75%, 6/30/2025 | 1/5/2024 | 380 | 102 |
| 8050 | 7375040, 5.17%, 7/2/2025<sup>(e)</sup> | 1/5/2024 | 8047 | 212 |
| 243 | 7376347, 4.47%, 7/3/2025<sup>(e)</sup> | 1/8/2024 | 239 | 108 |
| 806 | 7376390, 4.74%, 7/3/2025<sup>(e)</sup> | 1/8/2024 | 803 | 174 |
| 3010 | 7376487, 5.35%, 7/3/2025 | 1/8/2024 | 3007 | 491 |
| 494 | 7377370, 4.74%, 7/3/2025 | 1/8/2024 | 493 | 129 |
| 2088 | 7380817, 5.80%, 7/4/2025<sup>(e)</sup> | 1/9/2024 | 2087 | 57 |
| 1262 | 7382928, 4.47%, 7/4/2025<sup>(e)</sup> | 1/9/2024 | 1262 | 32 |
| 2595 | 7383097, 6.20%, 7/4/2025<sup>(e)</sup> | 1/9/2024 | 2591 | 66 |
| 798 | 7385549, 4.56%, 7/5/2025<sup>(e)</sup> | 1/10/2024 | 797 | 347 |
| 1151 | 7386038, 5.96%, 7/5/2025<sup>(e)</sup> | 1/10/2024 | 1150 | 23 |
| 985 | 7386312, 5.38%, 7/5/2025<sup>(e)</sup> | 1/10/2024 | 984 | 26 |
| 2592 | 7386967, 6.05%, 7/6/2025<sup>(e)</sup> | 1/11/2024 | 2589 | 730 |
| 4154 | 7402102, 5.01%, 7/11/2025 | 1/17/2024 | 4152 | 2070 |
| 1281 | 7402371, 5.81%, 7/11/2025 | 1/17/2024 | 1274 | 503 |
| 2094 | 7403759, 4.48%, 7/12/2025<sup>(e)</sup> | 1/18/2024 | 2093 | 1134 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 101

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $5370 | 7404180, 5.97%, 7/12/2025<sup>(e)</sup> | 1/18/2024 | 5368 | $42 |
| 700 | 7407079, 4.77%, 7/13/2025 | 1/19/2024 | 699 | 312 |
| 11955 | 7407178, 5.55%, 7/14/2025<sup>(e)</sup> | 1/19/2024 | 11948 | 567 |
| 947 | 7407334, 5.97%, 7/14/2025<sup>(e)</sup> | 1/19/2024 | 945 | 59 |
| 3826 | 7407341, 4.57%, 7/14/2025<sup>(e)</sup> | 1/19/2024 | 3824 | 89 |
| 562 | 7407757, 5.56%, 7/14/2025<sup>(e)</sup> | 1/19/2024 | 560 | 16 |
| 291 | 7407841, 5.22%, 7/15/2025 | 1/19/2024 | 291 | 121 |
|  | 7408176, 4.74%, 7/15/2025 | 1/19/2024 | (1) | (204) |
| 2793 | 7408333, 6.04%, 7/15/2025<sup>(e)</sup> | 1/19/2024 | 2790 | 62 |
| 800 | 7409261, 5.18%, 7/16/2025<sup>(e)</sup> | 1/19/2024 | 800 | 122 |
| 20855 | 7409549, 5.54%, 7/16/2025 | 1/19/2024 | 20843 | 10467 |
| 2015 | 7410813, 6.02%, 7/16/2025 | 1/19/2024 | 2013 | 930 |
| 1315 | 7411639, 5.21%, 7/17/2025<sup>(e)</sup> | 1/22/2024 | 1313 | 31 |
| 644 | 7411896, 5.35%, 7/17/2025 | 1/22/2024 | 644 | 349 |
| 526 | 7412314, 4.55%, 7/17/2025<sup>(e)</sup> | 1/22/2024 | 526 | 251 |
| 1497 | 7416788, 4.76%, 7/18/2025 | 1/23/2024 | 1495 | 852 |
| 33295 | 7417515, 6.05%, 7/18/2025<sup>(e)</sup> | 1/23/2024 | 33278 | 6902 |
| 5146 | 7418463, 4.47%, 7/18/2025 | 1/23/2024 | 5144 | 2375 |
| 240 | 7419761, 5.79%, 7/19/2025<sup>(e)</sup> | 1/24/2024 | 239 | 85 |
| 328 | 7420837, 4.78%, 7/19/2025 | 1/24/2024 | 328 | 181 |
| 31787 | 7421649, 5.37%, 7/19/2025<sup>(e)</sup> | 1/24/2024 | 31770 | 1345 |
| 89 | 7422635, 5.56%, 7/20/2025 | 1/25/2024 | 88 | 60 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $9429 | 7422691, 5.56%, 7/20/2025 | 1/25/2024 | 9411 | $1432 |
| 468 | 7423864, 5.16%, 7/22/2025<sup>(e)</sup> | 1/25/2024 | 468 | 131 |
| 73 | 7424183, 4.98%, 7/22/2025 | 1/25/2024 | 69 | 56 |
| 695 | 7427308, 5.17%, 7/22/2025<sup>(e)</sup> | 1/26/2024 | 675 | 395 |
| 887 | 7428869, 4.98%, 7/23/2025 | 1/26/2024 | 887 | 231 |
| 6156 | 7429683, 5.23%, 7/23/2025<sup>(e)</sup> | 1/26/2024 | 6137 | 124 |
| 3829 | 7432639, 4.55%, 7/24/2025<sup>(e)</sup> | 1/29/2024 | 3827 | 43 |
| 2284 | 7440865, 5.80%, 7/26/2025 | 1/31/2024 | 2281 | 1487 |
| 12429 | 7440957, 5.00%, 7/26/2025 | 1/31/2024 | 12410 | 8233 |
| 1584 | 7442220, 5.94%, 7/27/2025<sup>(e)</sup> | 2/1/2024 | 1584 | 10 |
| 3109 | 7442857, 5.96%, 7/27/2025 | 2/1/2024 | 3095 | 827 |
| 13996 | 7443060, 6.04%, 7/28/2025<sup>(e)</sup> | 2/1/2024 | 13987 | 225 |
| 1629 | 7443372, 4.74%, 7/28/2025 | 2/1/2024 | 1622 | 1134 |
| 538 | 7444159, 5.80%, 7/29/2025 | 2/1/2024 | 538 | 140 |
| 6600 | 7446467, 5.23%, 7/29/2025 | 2/1/2024 | 6591 | 2818 |
| 144 | 7447440, 6.18%, 7/29/2025 | 2/1/2024 | 143 | 74 |
| 669 | 7450087, 5.79%, 7/30/2025 | 2/2/2024 | 668 | 413 |
| 16585 | 7452859, 5.17%, 7/31/2025 | 2/5/2024 | 16578 | 5312 |
| 277 | 7457654, 5.17%, 8/1/2025 | 2/6/2024 | 276 | 171 |
| 16224 | 7459301, 4.75%, 8/1/2025<sup>(e)</sup> | 2/6/2024 | 16217 | 10366 |
| 2768 | 7461449, 5.56%, 8/2/2025 | 2/7/2024 | 2767 | 770 |
| 1580 | 7461574, 5.00%, 8/2/2025 | 2/7/2024 | 1572 | 1255 |
| 7051 | 7461939, 4.48%, 8/2/2025<sup>(e)</sup> | 2/7/2024 | 7049 | 176 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 103

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $328 | 7462061, 6.08%, 8/2/2025<sup>(e)</sup> | 2/7/2024 | 327 | $49 |
| 355 | 7462096, 6.06%, 8/2/2025<sup>(e)</sup> | 2/7/2024 | 354 | 7 |
| 3560 | 7462725, 5.80%, 8/3/2025 | 2/8/2024 | 3551 | 1868 |
| 4074 | 7462925, 5.00%, 8/3/2025 | 2/8/2024 | 4072 | 1039 |
| 3003 | 7463085, 4.75%, 8/3/2025 | 2/8/2024 | 2997 | 1666 |
| 1001 | 7463419, 5.36%, 8/3/2025 | 2/8/2024 | 1001 | 217 |
| 5769 | 7465201, 5.54%, 8/5/2025<sup>(e)</sup> | 2/8/2024 | 5766 | 257 |
| 5804 | 7467447, 4.55%, 8/5/2025<sup>(e)</sup> | 2/8/2024 | 5798 | 162 |
| 2177 | 7468114, 4.98%, 8/5/2025<sup>(e)</sup> | 2/8/2024 | 2171 | 106 |
| 398 | 7468568, 5.55%, 8/6/2025<sup>(e)</sup> | 2/9/2024 | 397 | 66 |
| 6332 | 7474144, 4.74%, 8/7/2025<sup>(e)</sup> | 2/12/2024 | 6329 | 3293 |
| 40443 | 7476733, 5.00%, 8/8/2025<sup>(e)</sup> | 2/13/2024 | 40428 | 18922 |
| 5778 | 7478287, 6.05%, 8/8/2025<sup>(e)</sup> | 2/13/2024 | 5773 | 103 |
| 604 | 7480241, 4.48%, 8/9/2025 | 2/14/2024 | 603 | 462 |
| 11296 | 7482511, 6.05%, 8/9/2025<sup>(e)</sup> | 2/14/2024 | 11286 | 5314 |
| 1249 | 7483133, 5.37%, 8/9/2025<sup>(e)</sup> | 2/14/2024 | 1249 | 614 |
| 2686 | 7483546, 5.00%, 8/10/2025<sup>(e)</sup> | 2/15/2024 | 2683 | 70 |
| 614 | 7484136, 5.54%, 8/11/2025 | 2/15/2024 | 611 | 481 |
| 240 | 7484353, 6.19%, 8/11/2025 | 2/15/2024 | 233 | 140 |
| 691 | 7484695, 6.04%, 8/11/2025 | 2/15/2024 | 690 | 120 |
| 3150 | 7488952, 5.35%, 8/13/2025<sup>(e)</sup> | 2/16/2024 | 3149 | 1176 |
| 7917 | 7489023, 6.18%, 8/13/2025<sup>(e)</sup> | 2/16/2024 | 7910 | 3396 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4312 | 7489478, 5.78%, 8/13/2025<sup>(e)</sup> | 2/16/2024 | 4306 | $106 |
| 5156 | 7490085, 5.35%, 8/13/2025 | 2/16/2024 | 5153 | 2183 |
| 5743 | 7490278, 4.74%, 8/13/2025 | 2/16/2024 | 5739 | 3175 |
| 3021 | 7490428, 4.98%, 8/13/2025 | 2/16/2024 | 3015 | 1515 |
| 2833 | 7500391, 5.38%, 8/15/2025 | 2/21/2024 | 2831 | 477 |
| 2411 | 7500636, 6.06%, 8/15/2025 | 2/21/2024 | 2401 | 1073 |
| 2724 | 7500969, 5.81%, 8/15/2025<sup>(e)</sup> | 2/21/2024 | 2723 | 67 |
| 2029 | 7502093, 5.38%, 8/15/2025 | 2/21/2024 | 2011 | 1372 |
| 1259 | 7503557, 5.20%, 8/15/2025 | 2/21/2024 | 1257 | 606 |
| 3680 | 7504543, 5.19%, 8/16/2025 | 2/22/2024 | 3677 | 1390 |
| 3598 | 7504640, 5.82%, 8/16/2025 | 2/22/2024 | 3596 | 487 |
| 2736 | 7505832, 5.57%, 8/16/2025 | 2/22/2024 | 2733 | 962 |
| 3094 | 7507700, 4.77%, 8/16/2025<sup>(e)</sup> | 2/22/2024 | 3094 | 59 |
| 17639 | 7509674, 5.38%, 8/17/2025<sup>(e)</sup> | 2/23/2024 | 17630 | 7415 |
| 3020 | 7510085, 4.76%, 8/18/2025 | 2/23/2024 | 3019 | 1826 |
| 4173 | 7510837, 5.00%, 8/18/2025 | 2/23/2024 | 4170 | 1689 |
| 36865 | 7512915, 4.98%, 8/20/2025<sup>(e)</sup> | 2/23/2024 | 36854 | 1330 |
| 253 | 7513489, 5.00%, 8/20/2025 | 2/23/2024 | 251 | 189 |
| 2463 | 7514427, 4.74%, 8/20/2025 | 2/23/2024 | 2462 | 1429 |
| 1542 | 7515244, 5.53%, 8/20/2025<sup>(e)</sup> | 2/23/2024 | 1541 | 687 |
| 3703 | 7515755, 5.36%, 8/20/2025<sup>(e)</sup> | 2/23/2024 | 3701 | 143 |
| 2786 | 7517229, 4.46%, 8/21/2025<sup>(e)</sup> | 2/26/2024 | 2781 | 69 |
| 887 | 7517926, 5.17%, 8/21/2025<sup>(e)</sup> | 2/26/2024 | 885 | 19 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 105

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1140 | 7517958, 5.17%, 8/21/2025 | 2/26/2024 | 1130 | $696 |
| 16942 | 7518046, 5.17%, 8/21/2025<sup>(e)</sup> | 2/26/2024 | 16819 | 5660 |
| 6731 | 7518586, 5.17%, 8/21/2025 | 2/26/2024 | 6724 | 2797 |
| 1584 | 7519014, 5.78%, 8/21/2025<sup>(e)</sup> | 2/26/2024 | 1584 | 38 |
| 30606 | 7519060, 4.74%, 8/21/2025 | 2/26/2024 | 30566 | 15786 |
| 1286 | 7526449, 5.96%, 8/23/2025<sup>(e)</sup> | 2/28/2024 | 1285 | 16 |
| 1395 | 7526472, 5.26%, 8/23/2025<sup>(e)</sup> | 2/28/2024 | 1394 | 24 |
| 670 | 7526504, 6.20%, 8/23/2025<sup>(e)</sup> | 2/28/2024 | 666 | 11 |
| 1763 | 7526710, 6.20%, 8/23/2025<sup>(e)</sup> | 2/28/2024 | 1761 | 46 |
| 3866 | 7530476, 6.19%, 8/25/2025<sup>(e)</sup> | 2/29/2024 | 3859 | 65 |
| 641 | 7531598, 5.94%, 8/26/2025<sup>(e)</sup> | 2/29/2024 | 641 | 12 |
| 2785 | 7531832, 5.16%, 8/26/2025<sup>(e)</sup> | 2/29/2024 | 2785 | 47 |
| 1766 | 7532278, 5.16%, 8/26/2025<sup>(e)</sup> | 2/29/2024 | 1765 | 409 |
| 33925 | 7535814, 4.98%, 8/27/2025<sup>(e)</sup> | 3/1/2024 | 33909 | 7984 |
| 1248 | 7537124, 5.24%, 8/27/2025<sup>(e)</sup> | 3/1/2024 | 1246 | 32 |
|  | 7540777, 6.17%, 8/28/2025 | 3/4/2024 |  |  |
| 5046 | 7540959, 5.35%, 8/28/2025<sup>(e)</sup> | 3/4/2024 | 5044 | 108 |
| 1486 | 7543539, 4.46%, 8/28/2025<sup>(e)</sup> | 3/4/2024 | 1485 | 23 |
| 39059 | 7546089, 5.19%, 8/29/2025<sup>(e)</sup> | 3/5/2024 | 39049 | 378 |
| 2527 | 7550235, 5.55%, 8/29/2025<sup>(e)</sup> | 3/5/2024 | 2526 | 1107 |
| 398 | 7552103, 4.98%, 9/1/2025 | 3/6/2024 | 397 | 252 |
| 267 | 7552434, 4.99%, 9/1/2025 | 3/6/2024 | 266 | 252 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $6596 | 7554305, 4.74%, 9/1/2025<sup>(e)</sup> | 3/6/2024 | 6590 | $4670 |
| 855 | 7554724, 5.54%, 9/2/2025 | 3/7/2024 | 854 | 372 |
| 25932 | 7554798, 4.74%, 9/2/2025<sup>(e)</sup> | 3/7/2024 | 25925 | 715 |
| 10609 | 7555593, 4.98%, 9/2/2025<sup>(e)</sup> | 3/7/2024 | 10601 | 440 |
| 1817 | 7556360, 5.15%, 9/3/2025<sup>(e)</sup> | 3/7/2024 | 1817 | 27 |
| 1358 | 7557097, 6.01%, 9/4/2025<sup>(e)</sup> | 3/7/2024 | 1357 | 180 |
| 670 | 7557122, 5.93%, 9/4/2025 | 3/7/2024 | 669 | 134 |
| 3418 | 7557630, 5.15%, 9/4/2025<sup>(e)</sup> | 3/7/2024 | 3414 | 2058 |
| 5943 | 7562129, 4.72%, 9/5/2025<sup>(e)</sup> | 3/8/2024 | 5941 | 2768 |
| 7744 | 7563081, 5.76%, 9/5/2025<sup>(e)</sup> | 3/8/2024 | 7740 | 119 |
| 583 | 7564656, 6.15%, 9/5/2025 | 3/8/2024 | 582 | 203 |
| 12585 | 7565572, 5.33%, 9/6/2025<sup>(e)</sup> | 3/11/2024 | 12556 | 305 |
| 1268 | 7566488, 5.20%, 9/6/2025<sup>(e)</sup> | 3/11/2024 | 1268 | 638 |
| 2054 | 7568152, 5.14%, 9/6/2025<sup>(e)</sup> | 3/11/2024 | 2054 | 38 |
| 1250 | 7571547, 5.95%, 9/7/2025<sup>(e)</sup> | 3/12/2024 | 1250 | 6 |
| 1466 | 7573044, 5.53%, 9/7/2025 | 3/12/2024 | 1462 | 944 |
| 603 | 7573859, 5.78%, 9/7/2025 | 3/12/2024 | 601 | 411 |
| 827 | 7574573, 5.53%, 9/7/2025 | 3/12/2024 | 826 | 555 |
| 1349 | 7578157, 5.17%, 9/8/2025 | 3/13/2024 | 1348 | 406 |
| 629 | 7578401, 4.47%, 9/8/2025 | 3/14/2024 | 628 | 417 |
| 1784 | 7578454, 4.74%, 9/9/2025 | 3/14/2024 | 1762 | 1268 |
| 1570 | 7579382, 4.46%, 9/9/2025<sup>(e)</sup> | 3/14/2024 | 1569 | 59 |
| 1878 | 7579608, 4.45%, 9/10/2025 | 3/14/2024 | 1875 | 719 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 107

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2376 | 7580769, 5.53%, 9/11/2025<sup>(e)</sup> | 3/14/2024 | 2375 | $38 |
| 3380 | 7583859, 5.33%, 9/11/2025<sup>(e)</sup> | 3/14/2024 | 3378 | 79 |
| 1498 | 7586061, 5.51%, 9/12/2025<sup>(e)</sup> | 3/15/2024 | 1498 | 21 |
|  | 7588792, 5.75%, 9/13/2025<sup>(e)</sup> | 3/18/2024 | 0 | (2) |
| 6694 | 7588875, 5.76%, 9/13/2025 | 3/18/2024 | 6675 | 2640 |
| 111 | 7589398, 4.98%, 9/13/2025<sup>(e)</sup> | 3/18/2024 | 110 | 61 |
| 3001 | 7589416, 4.72%, 9/13/2025<sup>(e)</sup> | 3/18/2024 | 2997 | 1987 |
| 2542 | 7590670, 4.53%, 9/13/2025 | 3/18/2024 | 2538 | 1133 |
| 998 | 7595675, 5.17%, 9/14/2025<sup>(e)</sup> | 3/19/2024 | 986 | 160 |
| 675 | 7596259, 4.56%, 9/14/2025 | 3/19/2024 | 674 | 126 |
| 28641 | 7598157, 5.35%, 9/15/2025<sup>(e)</sup> | 3/20/2024 | 28633 | 703 |
| 3791 | 7600372, 5.17%, 9/16/2025 | 3/21/2024 | 3788 | 2143 |
| 31 | 7601041, 6.17%, 9/17/2025 | 3/21/2024 | 30 | 19 |
| 627 | 7601046, 4.54%, 9/17/2025 | 3/21/2024 | 627 | 187 |
| 1416 | 7601060, 5.15%, 9/17/2025 | 3/21/2024 | 1413 | 805 |
| 1855 | 7602223, 5.76%, 9/18/2025<sup>(e)</sup> | 3/21/2024 | 1855 | 16 |
| 2834 | 7602781, 5.33%, 9/18/2025<sup>(e)</sup> | 3/21/2024 | 2829 | 1807 |
| 1360 | 7603753, 4.44%, 9/18/2025 | 3/21/2024 | 1359 | 730 |
| 79 | 7603788, 4.96%, 9/18/2025 | 3/21/2024 | 78 | 76 |
| 3215 | 7604000, 5.92%, 9/18/2025<sup>(e)</sup> | 3/21/2024 | 3213 | 42 |
| 498 | 7604717, 5.52%, 9/18/2025<sup>(e)</sup> | 3/21/2024 | 496 | 10 |
| 154 | 7607640, 5.76%, 9/19/2025 | 3/22/2024 | 152 | 131 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4380 | 7609475, 4.97%, 9/20/2025<sup>(e)</sup> | 3/25/2024 | 4378 | $145 |
| 802 | 7611902, 5.15%, 9/20/2025 | 3/25/2024 | 801 | 478 |
| 3907 | 7611925, 5.33%, 9/20/2025<sup>(e)</sup> | 3/25/2024 | 3892 | 76 |
| 383 | 7612019, 4.44%, 9/20/2025 | 3/25/2024 | 380 | 378 |
| 11142 | 7617343, 4.74%, 9/21/2025<sup>(e)</sup> | 3/26/2024 | 11139 | 231 |
| 1922 | 7617906, 5.53%, 9/21/2025 | 3/26/2024 | 1920 | 783 |
| 3047 | 7618157, 5.36%, 9/22/2025 | 3/27/2024 | 3046 | 1209 |
| 1384 | 7618432, 4.74%, 9/22/2025 | 3/27/2024 | 1384 | 579 |
| 1003 | 7618739, 4.97%, 9/22/2025 | 3/27/2024 | 1002 | 681 |
| 898 | 7619222, 4.98%, 9/22/2025 | 3/27/2024 | 897 | 532 |
| 6181 | 7619307, 5.35%, 9/22/2025 | 3/27/2024 | 6170 | 2924 |
| 1972 | 7619840, 5.54%, 9/22/2025<sup>(e)</sup> | 3/27/2024 | 1972 | 36 |
| 20328 | 7620097, 4.98%, 9/22/2025 | 3/27/2024 | 20316 | 7796 |
| 6846 | 7622257, 5.16%, 9/24/2025<sup>(e)</sup> | 3/28/2024 | 6842 | 138 |
| 946 | 7622530, 6.02%, 9/24/2025 | 3/28/2024 | 944 | 582 |
| 7586 | 7622566, 5.16%, 9/24/2025<sup>(e)</sup> | 3/28/2024 | 7578 | 176 |
| 2994 | 7622732, 4.73%, 9/24/2025 | 3/28/2024 | 2975 | 1528 |
| 100 | 7622844, 4.54%, 9/24/2025 | 3/28/2024 | 100 | 43 |
| 7128 | 7622856, 4.73%, 9/24/2025<sup>(e)</sup> | 3/28/2024 | 7111 | 4286 |
| 1869 | 7625569, 5.77%, 9/25/2025 | 3/28/2024 | 1868 | 739 |
| 733 | 7626123, 4.96%, 9/25/2025 | 3/28/2024 | 732 | 464 |
| 529 | 7626217, 5.77%, 9/25/2025<sup>(e)</sup> | 3/28/2024 | 528 | 157 |
| 4940 | 7627055, 5.33%, 9/26/2025<sup>(e)</sup> | 3/29/2024 | 4937 | 133 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 109

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1829 | 7628206, 6.00%, 9/26/2025<sup>(e)</sup> | 3/29/2024 | 1828 | $10 |
| 21266 | 7628346, 4.72%, 9/26/2025 | 3/29/2024 | 21254 | 9000 |
| 2837 | 7628844, 4.72%, 9/26/2025 | 3/29/2024 | 2834 | 1974 |
| 1101 | 7629123, 4.97%, 9/26/2025<sup>(e)</sup> | 3/29/2024 | 1100 | 18 |
| 46899 | 7630459, 5.51%, 9/27/2025<sup>(e)</sup> | 4/1/2024 | 46818 | 909 |
| 831 | 7632869, 5.75%, 9/27/2025 | 4/1/2024 | 830 | 286 |
| 1767 | 7637710, 4.73%, 9/28/2025<sup>(e)</sup> | 4/2/2024 | 1766 | 708 |
|  | 7642939, 5.17%, 9/29/2025 | 4/3/2024 | (3) | (418) |
| 441 | 7644382, 5.14%, 9/30/2025 | 4/4/2024 | 441 | 378 |
| 11167 | 7645564, 4.45%, 10/1/2025<sup>(e)</sup> | 4/4/2024 | 11155 | 346 |
| 1362 | 7646918, 4.45%, 10/1/2025 | 4/4/2024 | 1357 | 1321 |
| 695 | 7647656, 6.19%, 10/1/2025<sup>(e)</sup> | 4/4/2024 | 695 | 14 |
| 2817 | 7649871, 5.16%, 10/2/2025<sup>(e)</sup> | 4/5/2024 | 2813 | 1173 |
| 1991 | 7650712, 6.04%, 10/2/2025<sup>(e)</sup> | 4/5/2024 | 1987 | 267 |
| 470 | 7651366, 4.98%, 10/2/2025<sup>(e)</sup> | 4/5/2024 | 468 | 397 |
| 1142 | 7651867, 5.78%, 10/2/2025 | 4/5/2024 | 1140 | 462 |
| 2948 | 7652581, 4.97%, 10/2/2025<sup>(e)</sup> | 4/5/2024 | 2944 | 2192 |
| 1754 | 7652889, 5.16%, 10/2/2025<sup>(e)</sup> | 4/5/2024 | 1753 | 675 |
| 67 | 7652902, 4.97%, 10/2/2025 | 4/5/2024 | 66 | 62 |
| 2557 | 7655927, 6.01%, 10/3/2025<sup>(e)</sup> | 4/8/2024 | 2538 | 39 |
| 25820 | 7656000, 4.97%, 10/3/2025 | 4/8/2024 | 25804 | 14792 |
| 5916 | 7659650, 4.45%, 10/3/2025<sup>(e)</sup> | 4/9/2024 | 5914 | 2300 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4460 | 7659916, 5.18%, 10/4/2025<sup>(e)</sup> | 4/9/2024 | 4457 | $68 |
| 383 | 7660809, 5.36%, 10/4/2025 | 4/9/2024 | 374 | 210 |
| 386 | 7662001, 5.38%, 10/4/2025 | 4/9/2024 | 386 | 196 |
| 11179 | 7662298, 4.59%, 10/4/2025<sup>(e)</sup> | 4/9/2024 | 11177 | 274 |
| 2011 | 7663283, 4.59%, 10/4/2025 | 4/9/2024 | 2009 | 1449 |
| 1793 | 7663645, 4.59%, 10/4/2025 | 4/9/2024 | 1792 | 1330 |
| 1867 | 7664061, 5.36%, 10/4/2025<sup>(e)</sup> | 4/9/2024 | 1866 | 332 |
| 182 | 7664091, 5.78%, 10/4/2025 | 4/9/2024 | 181 | 76 |
| 2245 | 7664602, 4.59%, 10/5/2025 | 4/10/2024 | 2244 | 1522 |
| 1411 | 7665248, 5.33%, 10/5/2025 | 4/10/2024 | 1409 | 832 |
| 1619 | 7665920, 4.90%, 10/5/2025 | 4/10/2024 | 1613 | 1051 |
| 232 | 7667958, 5.54%, 10/6/2025<sup>(e)</sup> | 4/11/2024 | 231 | 4 |
| 2590 | 7668269, 4.89%, 10/6/2025<sup>(e)</sup> | 4/11/2024 | 2589 | 77 |
| 961 | 7668421, 4.59%, 10/6/2025 | 4/11/2024 | 961 | 626 |
| 54 | 7668449, 4.46%, 10/6/2025 | 4/11/2024 | 50 | 53 |
| 5227 | 7668749, 5.70%, 10/6/2025<sup>(e)</sup> | 4/11/2024 | 5226 | 78 |
| 69 | 7668794, 5.18%, 10/6/2025 | 4/11/2024 | 68 | 67 |
| 1186 | 7668969, 5.94%, 10/7/2025<sup>(e)</sup> | 4/11/2024 | 1185 | 27 |
| 145 | 7673584, 5.16%, 10/8/2025 | 4/12/2024 | 145 | 127 |
| 334 | 7673771, 5.91%, 10/9/2025<sup>(e)</sup> | 4/12/2024 | 333 | 7 |
| 2537 | 7673787, 5.35%, 10/9/2025 | 4/12/2024 | 2534 | 1260 |
| 975 | 7674099, 5.54%, 10/9/2025<sup>(e)</sup> | 4/12/2024 | 974 | 366 |
| 980 | 7674434, 4.87%, 10/9/2025 | 4/12/2024 | 980 | 402 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 111

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $7475 | 7674844, 5.34%, 10/9/2025<sup>(e)</sup> | 4/12/2024 | 7467 | $111 |
| 974 | 7675079, 4.88%, 10/9/2025 | 4/12/2024 | 973 | 797 |
| 429 | 7675337, 4.54%, 10/9/2025<sup>(e)</sup> | 4/12/2024 | 428 | 55 |
| 7069 | 7675989, 6.23%, 10/9/2025<sup>(e)</sup> | 4/12/2024 | 7065 | 156 |
| 2138 | 7676057, 5.17%, 10/9/2025<sup>(e)</sup> | 4/12/2024 | 2138 | 16 |
| 1128 | 7677651, 5.50%, 10/10/2025 | 4/15/2024 | 1128 | 407 |
| 5421 | 7677975, 4.73%, 10/10/2025 | 4/15/2024 | 5400 | 4511 |
| 2554 | 7678443, 6.02%, 10/10/2025 | 4/15/2024 | 2541 | 1728 |
| 9615 | 7678729, 6.17%, 10/10/2025<sup>(e)</sup> | 4/15/2024 | 9529 | 196 |
| 2405 | 7682416, 5.80%, 10/11/2025<sup>(e)</sup> | 4/16/2024 | 2404 | 38 |
| 8006 | 7682425, 4.90%, 10/11/2025 | 4/16/2024 | 8002 | 2983 |
| 9615 | 7683383, 4.99%, 10/11/2025<sup>(e)</sup> | 4/16/2024 | 9612 | 240 |
| 9453 | 7684189, 5.15%, 10/11/2025 | 4/16/2024 | 9447 | 5293 |
| 2186 | 7684996, 5.55%, 10/11/2025 | 4/16/2024 | 2184 | 840 |
| 919 | 7685138, 5.70%, 10/11/2025<sup>(e)</sup> | 4/16/2024 | 918 | 335 |
| 525 | 7685800, 5.15%, 10/11/2025<sup>(e)</sup> | 4/16/2024 | 523 | 376 |
| 2788 | 7687331, 4.75%, 10/12/2025 | 4/17/2024 | 2787 | 684 |
| 948 | 7687435, 5.69%, 10/12/2025 | 4/17/2024 | 948 | 278 |
| 617 | 7687882, 5.36%, 10/12/2025 | 4/17/2024 | 616 | 519 |
| 221 | 7688184, 5.70%, 10/12/2025 | 4/17/2024 | 220 | 169 |
| 269 | 7688989, 5.33%, 10/12/2025 | 4/17/2024 | 266 | 251 |
| 1691 | 7689402, 5.95%, 10/13/2025 | 4/18/2024 | 1689 | 603 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $16863 | 7689437, 5.54%, 10/13/2025<sup>(e)</sup> | 4/18/2024 | 16855 | $87 |
| 25613 | 7689759, 4.59%, 10/13/2025 | 4/18/2024 | 25592 | 13899 |
| 1977 | 7690415, 5.14%, 10/14/2025<sup>(e)</sup> | 4/18/2024 | 1975 | 1034 |
| 2078 | 7691611, 4.54%, 10/15/2025<sup>(e)</sup> | 4/18/2024 | 2077 | 18 |
| 15635 | 7692436, 4.97%, 10/15/2025<sup>(e)</sup> | 4/18/2024 | 15628 | 6841 |
| 431 | 7693769, 5.53%, 10/15/2025 | 4/18/2024 | 429 | 330 |
| 536 | 7698256, 6.23%, 10/17/2025 | 4/22/2024 | 536 | 226 |
| 1308 | 7698586, 5.53%, 10/17/2025 | 4/22/2024 | 1303 | 841 |
| 4108 | 7699397, 4.97%, 10/17/2025 | 4/22/2024 | 4058 | 3753 |
| 577 | 7699887, 5.13%, 10/17/2025 | 4/22/2024 | 566 | 500 |
| 20173 | 7699902, 5.13%, 10/17/2025 | 4/22/2024 | 20164 | 6381 |
| 2744 | 7700066, 5.31%, 10/17/2025 | 4/22/2024 | 2742 | 1095 |
|  | 7701595, 4.47%, 10/18/2025 | 4/23/2024 | 0 |  |
| 5033 | 7702069, 4.59%, 10/18/2025 | 4/23/2024 | 5031 | 2648 |
| 3255 | 7702772, 4.90%, 10/18/2025<sup>(e)</sup> | 4/23/2024 | 3253 | 24 |
| 7063 | 7702814, 5.55%, 10/18/2025<sup>(e)</sup> | 4/23/2024 | 7060 | 2228 |
| 53708 | 7703338, 6.07%, 10/18/2025<sup>(e)</sup> | 4/23/2024 | 53671 | 857 |
| 331 | 7704654, 5.70%, 10/19/2025 | 4/24/2024 | 327 | 294 |
| 224 | 7707049, 4.59%, 10/20/2025 | 4/25/2024 | 223 | 196 |
| 1754 | 7707093, 5.71%, 10/20/2025 | 4/25/2024 | 1753 | 563 |
| 1577 | 7708938, 4.88%, 10/22/2025<sup>(e)</sup> | 4/25/2024 | 1576 | 929 |
| 31106 | 7708979, 4.73%, 10/22/2025<sup>(e)</sup> | 4/25/2024 | 31096 | 831 |
| 3999 | 7709383, 5.15%, 10/22/2025 | 4/25/2024 | 3998 | 1676 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 113

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $162 | 7710497, 6.24%, 10/23/2025 | 4/26/2024 | 160 | $119 |
| 1271 | 7710962, 5.69%, 10/23/2025 | 4/26/2024 | 1270 | 408 |
| 8527 | 7722277, 4.59%, 10/25/2025 | 4/30/2024 | 8519 | 7587 |
| 1217 | 7723016, 4.59%, 10/25/2025 | 4/30/2024 | 1215 | 1141 |
| 4394 | 7723304, 4.59%, 10/25/2025 | 4/30/2024 | 4392 | 1988 |
| 395 | 7723683, 5.94%, 10/25/2025 | 4/30/2024 | 394 | 237 |
| 4514 | 7724581, 4.59%, 10/25/2025 | 4/30/2024 | 4510 | 3862 |
| 3054 | 7725458, 4.59%, 10/26/2025<sup>(e)</sup> | 5/1/2024 | 3052 | 1768 |
| 16717 | 7726623, 4.56%, 10/26/2025<sup>(e)</sup> | 5/1/2024 | 16708 | 236 |
| 533 | 7727029, 5.53%, 10/26/2025<sup>(e)</sup> | 5/1/2024 | 533 | 337 |
| 3630 | 7727612, 5.15%, 10/26/2025<sup>(e)</sup> | 5/1/2024 | 3615 | 2777 |
| 11000 | 7727830, 6.07%, 10/26/2025<sup>(e)</sup> | 5/1/2024 | 10988 | 1941 |
| 574 | 7727916, 4.90%, 10/26/2025 | 5/1/2024 | 574 | 530 |
| 9534 | 7728068, 5.51%, 10/26/2025<sup>(e)</sup> | 5/1/2024 | 9527 | 4382 |
| 8328 | 7728188, 5.70%, 10/26/2025<sup>(e)</sup> | 5/1/2024 | 8325 | 178 |
| 691 | 7728296, 5.72%, 10/26/2025<sup>(e)</sup> | 5/1/2024 | 691 | 253 |
| 1729 | 7728578, 5.94%, 10/26/2025<sup>(e)</sup> | 5/1/2024 | 1727 | 644 |
| 4760 | 7729229, 6.07%, 10/26/2025<sup>(e)</sup> | 5/1/2024 | 4757 | 939 |
| 25476 | 7730588, 5.94%, 10/27/2025<sup>(e)</sup> | 5/2/2024 | 25467 | 200 |
| 3116 | 7730773, 4.90%, 10/27/2025<sup>(e)</sup> | 5/2/2024 | 3114 | 81 |
| 709 | 7731419, 5.69%, 10/27/2025 | 5/2/2024 | 708 | 170 |
| 8077 | 7731494, 4.59%, 10/27/2025 | 5/2/2024 | 8060 | 5273 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $657 | 7732820, 5.23%, 10/28/2025<sup>(e)</sup> | 5/2/2024 | 655 | $151 |
| 646 | 7733900, 4.57%, 10/29/2025 | 5/2/2024 | 645 | 623 |
| 2188 | 7734186, 5.12%, 10/29/2025<sup>(e)</sup> | 5/2/2024 | 2187 | 1491 |
| 599 | 7734327, 5.96%, 10/29/2025<sup>(e)</sup> | 5/2/2024 | 599 | 7 |
| 617 | 7734335, 5.91%, 10/29/2025 | 5/2/2024 | 616 | 195 |
| 867 | 7736010, 5.89%, 10/29/2025<sup>(e)</sup> | 5/2/2024 | 867 | 15 |
| 2202 | 7736273, 4.57%, 10/29/2025 | 5/2/2024 | 2199 | 2047 |
| 29077 | 7736536, 5.49%, 10/29/2025<sup>(e)</sup> | 5/2/2024 | 29069 | 193 |
| 6420 | 7738292, 5.13%, 10/30/2025 | 5/3/2024 | 6393 | 5563 |
| 375 | 7738697, 4.89%, 10/30/2025 | 5/3/2024 | 374 | 327 |
| 993 | 7741785, 4.97%, 10/30/2025<sup>(e)</sup> | 5/3/2024 | 993 | 124 |
| 958 | 7741815, 4.54%, 10/30/2025<sup>(e)</sup> | 5/3/2024 | 957 | 158 |
| 3030 | 7741821, 5.13%, 10/30/2025 | 5/3/2024 | 3025 | 2805 |
| 3826 | 7742224, 5.92%, 10/30/2025<sup>(e)</sup> | 5/3/2024 | 3821 | 87 |
| 8405 | 7742385, 5.31%, 10/30/2025<sup>(e)</sup> | 5/3/2024 | 8403 | 142 |
| 652 | 7742711, 5.92%, 11/1/2025 | 5/6/2024 | 648 | 331 |
| 347 | 7743140, 5.49%, 11/1/2025<sup>(e)</sup> | 5/6/2024 | 346 | 280 |
| 684 | 7743428, 4.52%, 11/1/2025<sup>(e)</sup> | 5/6/2024 | 684 | 171 |
| 1063 | 7743593, 4.87%, 11/1/2025 | 5/6/2024 | 1056 | 977 |
| 11 | 7744043, 5.65%, 11/1/2025 | 5/6/2024 | 9 | 11 |
| 599 | 7744462, 4.57%, 11/1/2025 | 5/6/2024 | 598 | 578 |
| 1525 | 7745775, 5.92%, 11/1/2025<sup>(e)</sup> | 5/6/2024 | 1523 | 34 |
| 676 | 7745836, 4.54%, 11/1/2025<sup>(e)</sup> | 5/6/2024 | 674 | 15 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 115

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $16830 | 7746019, 4.87%, 11/1/2025<sup>(e)</sup> | 5/6/2024 | 16811 | $6756 |
| 1256 | 7746136, 5.21%, 11/1/2025<sup>(e)</sup> | 5/6/2024 | 1251 | 563 |
|  | 7746144, 5.20%, 11/1/2025 | 5/6/2024 |  |  |
| 4729 | 7746515, 4.56%, 11/1/2025<sup>(e)</sup> | 5/6/2024 | 4723 | 125 |
| 3782 | 7746588, 4.57%, 11/1/2025<sup>(e)</sup> | 5/6/2024 | 3780 | 2393 |
| 8801 | 7746617, 5.91%, 11/1/2025<sup>(e)</sup> | 5/6/2024 | 8796 | 3316 |
| 6879 | 7746651, 4.53%, 11/1/2025<sup>(e)</sup> | 5/6/2024 | 6873 | 178 |
| 1623 | 7749254, 5.93%, 11/2/2025<sup>(e)</sup> | 5/7/2024 | 1621 | 26 |
| 548 | 7749586, 5.33%, 11/2/2025 | 5/7/2024 | 547 | 290 |
| 2509 | 7750353, 5.32%, 11/2/2025 | 5/7/2024 | 2508 | 860 |
| 1167 | 7750514, 5.21%, 11/2/2025<sup>(e)</sup> | 5/7/2024 | 1166 | 218 |
| 2303 | 7752031, 5.13%, 11/2/2025<sup>(e)</sup> | 5/7/2024 | 2303 | 570 |
| 5841 | 7752405, 5.32%, 11/2/2025<sup>(e)</sup> | 5/7/2024 | 5838 | 129 |
| 10716 | 7752416, 5.14%, 11/2/2025<sup>(e)</sup> | 5/7/2024 | 10712 | 3168 |
| 1829 | 7752951, 4.89%, 11/2/2025 | 5/7/2024 | 1828 | 1090 |
| 801 | 7753576, 5.70%, 11/3/2025<sup>(e)</sup> | 5/8/2024 | 794 | 605 |
| 591 | 7755023, 5.50%, 11/3/2025 | 5/8/2024 | 590 | 518 |
| 1513 | 7755426, 6.24%, 11/3/2025<sup>(e)</sup> | 5/8/2024 | 1512 | 23 |
| 18196 | 7755815, 4.89%, 11/3/2025 | 5/8/2024 | 18186 | 8626 |
| 3290 | 7756093, 4.58%, 11/3/2025 | 5/8/2024 | 3287 | 2936 |
| 5322 | 7756472, 5.69%, 11/3/2025<sup>(e)</sup> | 5/8/2024 | 5320 | 105 |
| 2474 | 7756486, 5.14%, 11/3/2025<sup>(e)</sup> | 5/8/2024 | 2472 | 1761 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4642 | 7756638, 4.55%, 11/3/2025<sup>(e)</sup> | 5/8/2024 | 4640 | $66 |
| 5262 | 7757129, 5.51%, 11/3/2025<sup>(e)</sup> | 5/8/2024 | 5260 | 65 |
| 6015 | 7757269, 5.14%, 11/3/2025 | 5/8/2024 | 6012 | 2300 |
| 655 | 7757539, 5.13%, 11/3/2025 | 5/8/2024 | 654 | 604 |
| 3417 | 7757700, 4.58%, 11/4/2025 | 5/9/2024 | 3413 | 2901 |
| 11149 | 7757763, 4.58%, 11/4/2025<sup>(e)</sup> | 5/9/2024 | 11146 | 4899 |
| 3481 | 7758039, 5.93%, 11/4/2025 | 5/9/2024 | 3478 | 1018 |
| 1268 | 7758434, 6.03%, 11/4/2025<sup>(e)</sup> | 5/9/2024 | 1265 | 576 |
| 1127 | 7758551, 4.58%, 11/4/2025<sup>(e)</sup> | 5/9/2024 | 1126 | 1061 |
| 456 | 7758641, 4.89%, 11/4/2025<sup>(e)</sup> | 5/9/2024 | 456 | 417 |
| 974 | 7758767, 5.67%, 11/5/2025<sup>(e)</sup> | 5/9/2024 | 972 | 244 |
| 702 | 7760467, 4.56%, 11/6/2025 | 5/9/2024 | 702 | 493 |
| 1209 | 7760490, 6.03%, 11/6/2025<sup>(e)</sup> | 5/9/2024 | 1206 | 344 |
| 3128 | 7760792, 5.48%, 11/6/2025 | 5/9/2024 | 3103 | 1923 |
| 1016 | 7761053, 5.67%, 11/6/2025 | 5/9/2024 | 1015 | 344 |
| 3869 | 7761634, 4.56%, 11/6/2025<sup>(e)</sup> | 5/9/2024 | 3864 | 3603 |
| 205 | 7762308, 4.56%, 11/6/2025 | 5/9/2024 | 205 | 89 |
| 286 | 7762922, 5.68%, 11/6/2025 | 5/9/2024 | 285 | 234 |
| 2390 | 7763163, 4.57%, 11/6/2025 | 5/9/2024 | 2389 | 1854 |
| 63 | 7763247, 5.29%, 11/6/2025 | 5/9/2024 | 62 | 59 |
| 17225 | 7763875, 5.91%, 11/6/2025<sup>(e)</sup> | 5/10/2024 | 17206 | 283 |
| 1122 | 7765492, 6.21%, 11/7/2025<sup>(e)</sup> | 5/10/2024 | 1121 | 20 |
| 10426 | 7767179, 5.91%, 11/7/2025 | 5/10/2024 | 10417 | 3314 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 117

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3271 | 7767353, 5.12%, 11/7/2025 | 5/10/2024 | 3269 | $1776 |
| 2730 | 7767449, 4.54%, 11/7/2025<sup>(e)</sup> | 5/10/2024 | 2728 | 39 |
| 4634 | 7767489, 5.67%, 11/7/2025 | 5/10/2024 | 4631 | 2394 |
| 810 | 7767683, 5.30%, 11/7/2025 | 5/10/2024 | 809 | 621 |
| 629 | 7768504, 5.67%, 11/8/2025 | 5/13/2024 | 626 | 551 |
| 456 | 7769231, 5.91%, 11/8/2025 | 5/13/2024 | 456 | 145 |
| 8451 | 7769616, 4.87%, 11/8/2025 | 5/13/2024 | 8441 | 5763 |
| 931 | 7769766, 5.11%, 11/8/2025 | 5/13/2024 | 930 | 389 |
| 57466 | 7769925, 4.87%, 11/8/2025<sup>(e)</sup> | 5/13/2024 | 57411 | 12843 |
| 2697 | 7770402, 5.49%, 11/8/2025 | 5/13/2024 | 2683 | 1110 |
| 1410 | 7771112, 5.48%, 11/8/2025 | 5/13/2024 | 1333 | 1288 |
| 835 | 7771393, 4.87%, 11/8/2025 | 5/13/2024 | 826 | 703 |
| 15384 | 7771405, 5.30%, 11/8/2025 | 5/13/2024 | 15303 | 12597 |
| 923 | 7773927, 4.58%, 11/9/2025 | 5/14/2024 | 922 | 768 |
| 141 | 7774022, 4.58%, 11/9/2025 | 5/14/2024 | 141 | 140 |
| 4727 | 7775532, 5.94%, 11/9/2025<sup>(e)</sup> | 5/14/2024 | 4724 | 70 |
| 2425 | 7776251, 5.50%, 11/9/2025<sup>(e)</sup> | 5/14/2024 | 2424 | 822 |
| 8441 | 7776311, 5.94%, 11/9/2025<sup>(e)</sup> | 5/14/2024 | 8437 | 89 |
| 1275 | 7776610, 5.69%, 11/9/2025 | 5/14/2024 | 1273 | 978 |
| 532 | 7777012, 4.55%, 11/9/2025 | 5/14/2024 | 531 | 239 |
|  | 7777034, 4.58%, 11/9/2025 | 5/14/2024 | (2) | (8) |
| 1140 | 7777245, 5.69%, 11/9/2025 | 5/14/2024 | 1138 | 910 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2235 | 7777345, 5.14%, 11/9/2025<sup>(e)</sup> | 5/14/2024 | 2234 | $60 |
| 175 | 7777483, 4.90%, 11/9/2025 | 5/14/2024 | 174 | 173 |
| 5605 | 7777490, 4.89%, 11/9/2025 | 5/14/2024 | 5602 | 3267 |
| 546 | 7777584, 4.88%, 11/9/2025 | 5/14/2024 | 545 | 276 |
| 1440 | 7777624, 4.58%, 11/9/2025 | 5/14/2024 | 1437 | 1418 |
| 1073 | 7777970, 4.58%, 11/9/2025<sup>(e)</sup> | 5/15/2024 | 1072 | 6 |
| 551 | 7778400, 4.57%, 11/10/2025 | 5/15/2024 | 551 | 379 |
| 2332 | 7779145, 5.69%, 11/10/2025 | 5/15/2024 | 2329 | 646 |
| 13345 | 7779293, 4.89%, 11/10/2025<sup>(e)</sup> | 5/15/2024 | 13340 | 256 |
| 2145 | 7779779, 4.55%, 11/10/2025 | 5/15/2024 | 2144 | 471 |
| 15843 | 7780130, 4.58%, 11/10/2025<sup>(e)</sup> | 5/15/2024 | 15838 | 7840 |
| 1503 | 7780297, 5.69%, 11/10/2025 | 5/15/2024 | 1502 | 643 |
| 2862 | 7780985, 5.22%, 11/10/2025<sup>(e)</sup> | 5/15/2024 | 2861 | 33 |
| 269 | 7781184, 6.25%, 11/10/2025 | 5/15/2024 | 268 | 188 |
| 2828 | 7781194, 4.89%, 11/10/2025 | 5/15/2024 | 2824 | 2566 |
| 15066 | 7781530, 4.55%, 11/10/2025<sup>(e)</sup> | 5/15/2024 | 15061 | 125 |
| 15159 | 7782025, 5.93%, 11/11/2025<sup>(e)</sup> | 5/16/2024 | 15148 | 262 |
| 4219 | 7782621, 5.93%, 11/11/2025 | 5/16/2024 | 4216 | 1238 |
| 840 | 7782813, 5.31%, 11/12/2025 | 5/16/2024 | 840 | 677 |
| 367 | 7782826, 5.96%, 11/12/2025 | 5/16/2024 | 367 | 148 |
| 505 | 7782830, 5.92%, 11/12/2025 | 5/16/2024 | 493 | 258 |
| 2068 | 7782936, 5.13%, 11/12/2025 | 5/16/2024 | 2063 | 1929 |
| 65 | 7783032, 4.57%, 11/12/2025 | 5/16/2024 | 64 | 65 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 119

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2976 | 7783081, 5.92%, 11/12/2025 | 5/16/2024 | 2971 | $2293 |
| 2394 | 7783594, 4.57%, 11/12/2025 | 5/16/2024 | 2393 | 1181 |
| 3364 | 7783621, 4.54%, 11/12/2025<sup>(e)</sup> | 5/16/2024 | 3360 | 941 |
| 9592 | 7783961, 5.91%, 11/13/2025<sup>(e)</sup> | 5/16/2024 | 9589 | 87 |
| 7495 | 7783999, 4.56%, 11/13/2025<sup>(e)</sup> | 5/16/2024 | 7488 | 4631 |
| 2197 | 7784080, 5.30%, 11/13/2025 | 5/16/2024 | 2195 | 1030 |
| 727 | 7784190, 4.55%, 11/13/2025 | 5/16/2024 | 726 | 240 |
| 1001 | 7784544, 4.87%, 11/13/2025 | 5/16/2024 | 1000 | 901 |
| 2289 | 7785834, 4.56%, 11/13/2025 | 5/16/2024 | 2271 | 2095 |
| 14934 | 7786004, 4.87%, 11/13/2025 | 5/16/2024 | 14920 | 6905 |
| 4472 | 7786499, 4.53%, 11/13/2025<sup>(e)</sup> | 5/16/2024 | 4469 | 69 |
| 452 | 7786603, 4.57%, 11/13/2025 | 5/16/2024 | 452 | 420 |
| 1299 | 7786896, 6.02%, 11/13/2025 | 5/16/2024 | 1298 | 449 |
| 1762 | 7787907, 5.67%, 11/14/2025<sup>(e)</sup> | 5/17/2024 | 1761 | 38 |
| 26 | 7788885, 5.65%, 11/14/2025 | 5/17/2024 | 25 | 26 |
| 280 | 7790037, 6.22%, 11/14/2025 | 5/17/2024 | 279 | 234 |
| 1536 | 7790303, 5.29%, 11/14/2025 | 5/17/2024 | 1535 | 807 |
| 526 | 7790320, 6.22%, 11/14/2025 | 5/17/2024 | 526 | 136 |
| 1834 | 7790530, 4.73%, 11/14/2025 | 5/17/2024 | 1833 | 1023 |
| 5605 | 7790564, 5.12%, 11/14/2025 | 5/17/2024 | 5601 | 3363 |
| 11638 | 7790725, 4.87%, 11/14/2025 | 5/17/2024 | 11626 | 10196 |
| 280 | 7790977, 4.89%, 11/14/2025 | 5/17/2024 | 280 | 262 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4125 | 7791016, 4.53%, 11/14/2025 | 5/17/2024 | 4112 | $2418 |
| 654 | 7791151, 5.64%, 11/14/2025 | 5/17/2024 | 654 | 235 |
| 1213 | 7791501, 5.67%, 11/15/2025 | 5/20/2024 | 1212 | 599 |
| 1614 | 7791509, 4.53%, 11/15/2025<sup>(e)</sup> | 5/20/2024 | 1605 | 25 |
| 470 | 7791582, 5.91%, 11/15/2025 | 5/20/2024 | 461 | 361 |
| 2261 | 7791589, 4.56%, 11/15/2025 | 5/20/2024 | 2251 | 2177 |
| 1476 | 7792684, 4.53%, 11/15/2025<sup>(e)</sup> | 5/20/2024 | 1474 | 18 |
| 2720 | 7792719, 5.91%, 11/15/2025<sup>(e)</sup> | 5/20/2024 | 2719 | 668 |
| 1484 | 7792928, 5.20%, 11/15/2025<sup>(e)</sup> | 5/20/2024 | 1482 | 17 |
| 1419 | 7793202, 4.56%, 11/15/2025 | 5/20/2024 | 1417 | 1233 |
| 332 | 7793303, 5.67%, 11/15/2025 | 5/20/2024 | 296 | 310 |
| 228 | 7793700, 6.03%, 11/15/2025 | 5/20/2024 | 196 | 201 |
| 1986 | 7797080, 4.58%, 11/16/2025 | 5/21/2024 | 1983 | 1416 |
| 800 | 7797281, 5.69%, 11/16/2025 | 5/21/2024 | 799 | 692 |
| 815 | 7797928, 5.32%, 11/16/2025 | 5/21/2024 | 811 | 669 |
| 174 | 7798462, 5.93%, 11/16/2025 | 5/21/2024 | 174 | 156 |
| 5272 | 7798516, 6.24%, 11/16/2025 | 5/21/2024 | 5259 | 1722 |
| 8895 | 7799053, 5.69%, 11/16/2025<sup>(e)</sup> | 5/21/2024 | 8891 | 113 |
| 408 | 7799840, 4.58%, 11/16/2025 | 5/21/2024 | 408 | 374 |
| 1973 | 7800566, 4.58%, 11/17/2025 | 5/22/2024 | 1971 | 1832 |
| 1491 | 7800588, 5.69%, 11/17/2025 | 5/22/2024 | 1490 | 526 |
| 391 | 7800618, 4.58%, 11/17/2025 | 5/22/2024 | 390 | 389 |
| 1380 | 7800825, 5.32%, 11/17/2025 | 5/22/2024 | 1372 | 1325 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 121

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $173 | 7801039, 6.24%, 11/17/2025 | 5/22/2024 | 172 | $145 |
| 642 | 7801168, 4.56%, 11/17/2025<sup>(e)</sup> | 5/22/2024 | 642 | 10 |
| 1911 | 7801329, 4.59%, 11/17/2025 | 5/22/2024 | 1909 | 1668 |
| 1976 | 7801409, 6.04%, 11/17/2025<sup>(e)</sup> | 5/22/2024 | 1975 | 21 |
| 2324 | 7801422, 5.93%, 11/17/2025<sup>(e)</sup> | 5/22/2024 | 2322 | 40 |
| 8400 | 7801904, 5.32%, 11/17/2025<sup>(e)</sup> | 5/22/2024 | 8397 | 203 |
| 4798 | 7801955, 4.58%, 11/17/2025 | 5/22/2024 | 4795 | 2081 |
| 335 | 7802524, 4.56%, 11/17/2025 | 5/22/2024 | 335 | 162 |
|  | 7802591, 4.58%, 11/17/2025 | 5/22/2024 |  |  |
| 1557 | 7803052, 5.70%, 11/17/2025 | 5/22/2024 | 1555 | 1009 |
| 9189 | 7803421, 5.51%, 11/17/2025<sup>(e)</sup> | 5/22/2024 | 9184 | 4420 |
| 1236 | 7803589, 5.94%, 11/17/2025 | 5/22/2024 | 1235 | 492 |
| 6573 | 7803612, 5.93%, 11/17/2025 | 5/22/2024 | 6568 | 2618 |
| 5106 | 7803840, 4.89%, 11/17/2025<sup>(e)</sup> | 5/22/2024 | 5105 | 92 |
| 339 | 7803868, 5.51%, 11/17/2025 | 5/22/2024 | 336 | 334 |
| 6265 | 7804139, 5.94%, 11/18/2025<sup>(e)</sup> | 5/23/2024 | 6262 | 30 |
| 378 | 7804284, 6.25%, 11/18/2025 | 5/23/2024 | 374 | 161 |
| 2615 | 7804451, 4.58%, 11/18/2025 | 5/23/2024 | 2612 | 2449 |
| 2514 | 7804607, 5.68%, 11/18/2025<sup>(e)</sup> | 5/23/2024 | 2513 | 45 |
| 6973 | 7804618, 5.94%, 11/18/2025<sup>(e)</sup> | 5/23/2024 | 6971 | 33 |
| 5957 | 7805117, 5.31%, 11/19/2025 | 5/23/2024 | 5951 | 4062 |
| 1225 | 7805181, 4.57%, 11/19/2025 | 5/23/2024 | 1224 | 980 |

---

*See Notes to Financial Statements.*

122 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1294 | 7805386, 4.58%, 11/19/2025 | 5/23/2024 | 1293 | $946 |
| 5618 | 7807844, 4.87%, 11/20/2025<sup>(e)</sup> | 5/23/2024 | 5616 | 105 |
| 1186 | 7807865, 5.21%, 11/20/2025<sup>(e)</sup> | 5/23/2024 | 1185 | 198 |
| 250 | 7807876, 5.92%, 11/20/2025 | 5/23/2024 | 248 | 221 |
| 1076 | 7809244, 6.24%, 11/20/2025<sup>(e)</sup> | 5/23/2024 | 1076 | 18 |
| 9972 | 7809702, 5.12%, 11/21/2025 | 5/24/2024 | 9961 | 4230 |
| 2831 | 7810731, 6.22%, 11/21/2025 | 5/24/2024 | 2826 | 1693 |
| 884 | 7810933, 5.91%, 11/21/2025<sup>(e)</sup> | 5/24/2024 | 883 | 4 |
| 2820 | 7810954, 5.67%, 11/21/2025 | 5/24/2024 | 2814 | 2479 |
| 15564 | 7811104, 5.67%, 11/21/2025 | 5/24/2024 | 15554 | 4974 |
| 3327 | 7811286, 5.68%, 11/21/2025<sup>(e)</sup> | 5/24/2024 | 3326 | 61 |
| 180 | 7812136, 5.30%, 11/21/2025 | 5/24/2024 | 179 | 166 |
| 1081 | 7812139, 4.57%, 11/21/2025 | 5/24/2024 | 1080 | 981 |
| 615 | 7812214, 5.11%, 11/21/2025 | 5/24/2024 | 614 | 591 |
| 1574 | 7812242, 4.55%, 11/21/2025<sup>(e)</sup> | 5/24/2024 | 1573 | 18 |
| 14180 | 7812250, 6.03%, 11/21/2025 | 5/24/2024 | 14167 | 6835 |
| 298 | 7813844, 5.12%, 11/22/2025 | 5/28/2024 | 296 | 278 |
| 872 | 7814126, 4.57%, 11/22/2025 | 5/28/2024 | 864 | 866 |
| 1172 | 7814434, 6.22%, 11/22/2025<sup>(e)</sup> | 5/28/2024 | 1170 | 18 |
| 263 | 7814484, 5.90%, 11/22/2025 | 5/28/2024 | 262 | 186 |
| 2416 | 7814502, 5.67%, 11/22/2025 | 5/28/2024 | 2388 | 1991 |
| 520 | 7814619, 4.57%, 11/22/2025 | 5/28/2024 | 519 | 486 |
| 1104 | 7815141, 4.87%, 11/22/2025 | 5/28/2024 | 1097 | 1036 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 123

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $7673 | 7815686, 4.57%, 11/22/2025<sup>(e)</sup> | 5/28/2024 | 7661 | $204 |
| 11286 | 7816193, 5.12%, 11/22/2025 | 5/28/2024 | 11272 | 9731 |
| 3463 | 7816431, 5.30%, 11/22/2025 | 5/28/2024 | 3460 | 2106 |
| 4616 | 7816457, 4.57%, 11/22/2025 | 5/28/2024 | 4610 | 3048 |
| 2497 | 7816493, 5.49%, 11/22/2025<sup>(e)</sup> | 5/28/2024 | 2496 | 777 |
| 2013 | 7816553, 4.56%, 11/22/2025 | 5/28/2024 | 1978 | 1696 |
| 887 | 7821177, 5.94%, 11/23/2025 | 5/29/2024 | 886 | 561 |
| 661 | 7821558, 4.59%, 11/23/2025 | 5/29/2024 | 656 | 655 |
| 424 | 7821789, 4.58%, 11/23/2025 | 5/29/2024 | 423 | 417 |
| 1622 | 7821870, 4.59%, 11/23/2025 | 5/29/2024 | 1619 | 1522 |
| 3818 | 7822362, 5.15%, 11/23/2025 | 5/29/2024 | 3810 | 2446 |
| 1805 | 7823081, 4.56%, 11/23/2025<sup>(e)</sup> | 5/29/2024 | 1803 | 623 |
| 6272 | 7823098, 4.90%, 11/23/2025 | 5/29/2024 | 6264 | 5708 |
|  | 7823321, 4.59%, 11/23/2025 | 5/29/2024 |  |  |
| 2981 | 7823637, 5.24%, 11/23/2025<sup>(e)</sup> | 5/29/2024 | 2974 | 48 |
| 4355 | 7825890, 5.95%, 11/24/2025 | 5/30/2024 | 4348 | 2611 |
| 715 | 7825936, 4.54%, 11/24/2025 | 5/30/2024 | 714 | 170 |
| 776 | 7825965, 5.32%, 11/24/2025<sup>(e)</sup> | 5/30/2024 | 776 | 508 |
| 12225 | 7825975, 4.56%, 11/24/2025<sup>(e)</sup> | 5/30/2024 | 12219 | 167 |
| 811 | 7826054, 4.58%, 11/24/2025 | 5/30/2024 | 810 | 736 |
| 254 | 7826160, 4.89%, 11/24/2025 | 5/30/2024 | 253 | 234 |
| 628 | 7826255, 6.25%, 11/24/2025<sup>(e)</sup> | 5/30/2024 | 626 | 501 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2127 | 7827666, 5.70%, 11/24/2025 | 5/30/2024 | 2124 | $1462 |
| 424 | 7827756, 5.14%, 11/24/2025 | 5/30/2024 | 423 | 405 |
| 1556 | 7828310, 4.58%, 11/24/2025<sup>(e)</sup> | 5/30/2024 | 1556 | 9 |
| 2985 | 7828313, 4.59%, 11/24/2025 | 5/30/2024 | 2984 | 1719 |
| 1687 | 7828487, 5.34%, 11/24/2025 | 5/30/2024 | 1687 | 748 |
| 4626 | 7828734, 4.59%, 11/24/2025 | 5/30/2024 | 4625 | 2960 |
| 1552 | 7828762, 5.96%, 11/24/2025 | 5/30/2024 | 1551 | 436 |
| 21093 | 7828800, 4.90%, 11/24/2025<sup>(e)</sup> | 5/30/2024 | 21085 | 8211 |
| 1712 | 7829427, 5.70%, 11/25/2025 | 5/31/2024 | 1709 | 940 |
| 2387 | 7829454, 5.33%, 11/25/2025 | 5/31/2024 | 2382 | 2145 |
| 849 | 7829521, 5.51%, 11/25/2025 | 5/31/2024 | 848 | 594 |
| 1125 | 7829681, 6.25%, 11/25/2025 | 5/31/2024 | 1124 | 538 |
| 4873 | 7830133, 4.56%, 11/25/2025<sup>(e)</sup> | 5/31/2024 | 4871 | 91 |
| 2519 | 7830204, 4.56%, 11/25/2025 | 5/31/2024 | 2517 | 808 |
| 2110 | 7830514, 5.69%, 11/26/2025<sup>(e)</sup> | 5/31/2024 | 2109 | 29 |
| 1775 | 7830535, 6.23%, 11/26/2025<sup>(e)</sup> | 5/31/2024 | 1774 | 479 |
| 151 | 7831605, 4.57%, 11/27/2025 | 5/31/2024 | 149 | 150 |
| 1783 | 7832010, 4.57%, 11/27/2025 | 5/31/2024 | 1750 | 1774 |
| 1463 | 7832413, 4.54%, 11/27/2025<sup>(e)</sup> | 5/31/2024 | 1461 | 20 |
| 256 | 7832623, 5.93%, 11/27/2025 | 5/31/2024 | 255 | 236 |
| 438 | 7833092, 5.29%, 11/28/2025 | 5/31/2024 | 438 | 409 |
| 2544 | 7834734, 5.91%, 11/28/2025 | 5/31/2024 | 2541 | 1121 |
| 2093 | 7835558, 5.67%, 11/28/2025<sup>(e)</sup> | 5/31/2024 | 2092 | 717 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 125

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4907 | 7835571, 5.21%, 11/28/2025<sup>(e)</sup> | 5/31/2024 | 4903 | $66 |
| 266 | 7835984, 4.87%, 11/28/2025 | 5/31/2024 | 265 | 253 |
| 753 | 7836425, 4.87%, 11/29/2025 | 6/3/2024 | 752 | 686 |
| 672 | 7836539, 5.30%, 11/29/2025 | 6/3/2024 | 664 | 617 |
| 414 | 7836602, 5.30%, 11/29/2025 | 6/3/2024 | 413 | 375 |
| 1456 | 7837218, 4.87%, 11/29/2025 | 6/3/2024 | 1437 | 1199 |
| 577 | 7837369, 5.90%, 11/29/2025 | 6/3/2024 | 577 | 490 |
| 2228 | 7837449, 5.12%, 11/29/2025 | 6/3/2024 | 2221 | 1700 |
| 787 | 7837640, 4.56%, 11/29/2025 | 6/3/2024 | 781 | 779 |
| 18461 | 7838166, 5.67%, 11/29/2025 | 6/3/2024 | 18433 | 12992 |
| 567 | 7838703, 4.52%, 11/29/2025<sup>(e)</sup> | 6/3/2024 | 561 | 9 |
| 532 | 7838706, 4.87%, 11/29/2025 | 6/3/2024 | 531 | 492 |
| 9975 | 7838978, 5.48%, 11/29/2025 | 6/3/2024 | 9928 | 7435 |
| 11256 | 7839350, 4.56%, 11/29/2025 | 6/3/2024 | 11252 | 7312 |
| 2754 | 7839843, 5.11%, 11/29/2025 | 6/3/2024 | 2753 | 2064 |
| 11 | 7842466, 5.30%, 11/30/2025 | 6/4/2024 | 11 | 11 |
| 814 | 7842977, 4.53%, 11/30/2025<sup>(e)</sup> | 6/4/2024 | 814 | 12 |
| 6386 | 7843250, 5.93%, 11/30/2025 | 6/4/2024 | 6376 | 5033 |
|  | 7843603, 5.12%, 11/30/2025 | 6/4/2024 |  |  |
| 29316 | 7843644, 4.89%, 11/30/2025 | 6/4/2024 | 29300 | 10615 |
| 250 | 7843935, 4.58%, 11/30/2025 | 6/4/2024 | 250 | 244 |
| 197 | 7843976, 4.51%, 11/30/2025<sup>(e)</sup> | 6/4/2024 | 196 | 4 |

---

*See Notes to Financial Statements.*

126 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $244 | 7844036, 5.23%, 11/30/2025 | 6/4/2024 | 243 | $88 |
| 309 | 7844644, 4.58%, 11/30/2025 | 6/4/2024 | 305 | 306 |
| 3593 | 7845417, 4.58%, 11/30/2025 | 6/4/2024 | 3590 | 3199 |
| 46570 | 7845928, 5.50%, 11/30/2025<sup>(e)</sup> | 6/4/2024 | 46547 | 903 |
| 2587 | 7846377, 4.58%, 11/30/2025 | 6/4/2024 | 2585 | 1282 |
| 3336 | 7846962, 5.95%, 11/30/2025<sup>(e)</sup> | 6/5/2024 | 3334 | 455 |
| 3063 | 7846981, 5.23%, 11/30/2025<sup>(e)</sup> | 6/5/2024 | 3060 | 73 |
| 10350 | 7847137, 4.59%, 11/30/2025 | 6/5/2024 | 10345 | 8111 |
| 2451 | 7847538, 5.70%, 11/30/2025<sup>(e)</sup> | 6/5/2024 | 2450 | 899 |
| 7012 | 7847769, 4.59%, 11/30/2025 | 6/5/2024 | 7000 | 6741 |
| 4619 | 7848696, 4.59%, 11/30/2025 | 6/5/2024 | 4616 | 3623 |
| 21041 | 7848735, 4.59%, 11/30/2025 | 6/5/2024 | 21033 | 11033 |
| 5171 | 7848842, 4.59%, 11/30/2025 | 6/5/2024 | 5168 | 2959 |
| 8768 | 7849126, 5.95%, 11/30/2025<sup>(e)</sup> | 6/5/2024 | 8765 | 129 |
| 1974 | 7849386, 5.70%, 11/30/2025 | 6/5/2024 | 1972 | 1447 |
| 1225 | 7849856, 5.34%, 11/30/2025 | 6/5/2024 | 1225 | 664 |
| 975 | 7850006, 5.96%, 11/30/2025 | 6/5/2024 | 974 | 539 |
| 4128 | 7850106, 5.33%, 11/30/2025 | 6/5/2024 | 4123 | 3536 |
| 451 | 7850245, 4.90%, 11/30/2025 | 6/5/2024 | 450 | 438 |
| 5257 | 7850295, 5.94%, 11/30/2025<sup>(e)</sup> | 6/5/2024 | 5246 | 1477 |
| 426 | 7850821, 5.96%, 12/1/2025<sup>(e)</sup> | 6/6/2024 | 425 | 340 |
| 4772 | 7850886, 5.70%, 12/1/2025<sup>(e)</sup> | 6/6/2024 | 4768 | 100 |
| 9280 | 7851237, 4.90%, 12/1/2025<sup>(e)</sup> | 6/6/2024 | 9276 | 206 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 127

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $170 | 7852135, 5.14%, 12/2/2025 | 6/6/2024 | 170 | $167 |
| 1377 | 7852783, 4.53%, 12/3/2025<sup>(e)</sup> | 6/6/2024 | 1377 | 6 |
| 2594 | 7852841, 4.88%, 12/3/2025 | 6/6/2024 | 2589 | 2069 |
| 3246 | 7853463, 5.31%, 12/3/2025 | 6/6/2024 | 3244 | 1226 |
| 20 | 7853549, 4.56%, 12/3/2025 | 6/6/2024 | 19 | 12 |
| 5056 | 7853620, 4.57%, 12/3/2025 | 6/6/2024 | 5053 | 4554 |
| 389 | 7854387, 5.20%, 12/3/2025 | 6/6/2024 | 389 | 143 |
| 48783 | 7854478, 4.88%, 12/3/2025<sup>(e)</sup> | 6/6/2024 | 48752 | 978 |
| 912 | 7854916, 5.91%, 12/3/2025 | 6/6/2024 | 911 | 472 |
| 166 | 7854989, 6.05%, 12/3/2025 | 6/6/2024 | 165 | 125 |
| 3370 | 7856601, 5.68%, 12/3/2025 | 6/6/2024 | 3366 | 2288 |
| 537 | 7856739, 5.22%, 12/4/2025 | 6/7/2024 | 537 | 129 |
| 3511 | 7857113, 5.92%, 12/4/2025<sup>(e)</sup> | 6/7/2024 | 3508 | 918 |
| 427 | 7857509, 4.55%, 12/4/2025 | 6/7/2024 | 425 | 309 |
| 22126 | 7858121, 5.68%, 12/4/2025<sup>(e)</sup> | 6/7/2024 | 22110 | 426 |
|  | 7858264, 4.57%, 12/4/2025 | 6/7/2024 | (4) | (158) |
| 48908 | 7858386, 5.68%, 12/4/2025<sup>(e)</sup> | 6/7/2024 | 48871 | 10019 |
| 339 | 7858908, 5.66%, 12/4/2025 | 6/7/2024 | 339 | 265 |
| 1674 | 7859238, 5.92%, 12/4/2025 | 6/7/2024 | 1670 | 1404 |
| 23002 | 7859967, 5.68%, 12/4/2025 | 6/7/2024 | 22970 | 15769 |
| 389 | 7860446, 5.13%, 12/4/2025 | 6/7/2024 | 389 | 291 |
| 1247 | 7862039, 5.92%, 12/5/2025<sup>(e)</sup> | 6/10/2024 | 1233 | 399 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1624 | 7862119, 4.57%, 12/5/2025 | 6/10/2024 | 1623 | $1157 |
|  | 7862438, 4.89%, 12/5/2025 | 6/10/2024 |  |  |
| 383 | 7862764, 4.57%, 12/5/2025<sup>(e)</sup> | 6/10/2024 | 383 | 81 |
| 7263 | 7862772, 5.68%, 12/5/2025<sup>(e)</sup> | 6/10/2024 | 7252 | 152 |
| 892 | 7863014, 4.87%, 12/5/2025 | 6/10/2024 | 891 | 768 |
| 5607 | 7863817, 5.31%, 12/5/2025<sup>(e)</sup> | 6/10/2024 | 5574 | 124 |
| 2480 | 7864005, 4.55%, 12/5/2025<sup>(e)</sup> | 6/10/2024 | 2476 | 509 |
| 13404 | 7866352, 5.94%, 12/6/2025<sup>(e)</sup> | 6/11/2024 | 13395 | 3991 |
| 2254 | 7866563, 5.15%, 12/6/2025 | 6/11/2024 | 2253 | 781 |
| 10837 | 7866662, 5.24%, 12/6/2025<sup>(e)</sup> | 6/11/2024 | 10817 | 236 |
| 127 | 7867231, 5.24%, 12/6/2025 | 6/11/2024 | 125 | 111 |
| 2993 | 7867307, 4.56%, 12/6/2025<sup>(e)</sup> | 6/11/2024 | 2989 | 46 |
| 1041 | 7867363, 5.15%, 12/6/2025 | 6/11/2024 | 1038 | 892 |
|  | 7868420, 4.55%, 12/6/2025 | 6/11/2024 | (216) |  |
| 994 | 7868482, 4.59%, 12/6/2025 | 6/11/2024 | 993 | 889 |
| 2078 | 7868625, 5.94%, 12/6/2025 | 6/11/2024 | 2075 | 1078 |
|  | 7868883, 5.15%, 12/6/2025 | 6/11/2024 |  |  |
| 831 | 7869325, 5.31%, 12/6/2025 | 6/11/2024 | 831 | 393 |
| 639 | 7869521, 5.94%, 12/6/2025 | 6/11/2024 | 638 | 230 |
| 629 | 7870373, 6.24%, 12/7/2025 | 6/12/2024 | 629 | 186 |
| 5832 | 7870457, 5.33%, 12/7/2025<sup>(e)</sup> | 6/12/2024 | 5823 | 120 |
| 1528 | 7870521, 4.59%, 12/7/2025 | 6/12/2024 | 1526 | 1446 |
| 527 | 7870678, 4.59%, 12/7/2025 | 6/12/2024 | 526 | 522 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 129

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $22130 | 7870728, 5.15%, 12/7/2025<sup>(e)</sup> | 6/12/2024 | 22124 | $310 |
| 5493 | 7871640, 5.15%, 12/7/2025<sup>(e)</sup> | 6/12/2024 | 5490 | 1869 |
| 713 | 7871704, 4.59%, 12/7/2025 | 6/12/2024 | 708 | 710 |
| 2543 | 7872134, 4.59%, 12/7/2025 | 6/12/2024 | 2534 | 2433 |
| 7096 | 7872367, 5.94%, 12/7/2025<sup>(e)</sup> | 6/12/2024 | 7093 | 71 |
| 148 | 7872637, 5.23%, 12/7/2025<sup>(e)</sup> | 6/12/2024 | 148 | 88 |
| 2634 | 7872696, 5.70%, 12/7/2025<sup>(e)</sup> | 6/12/2024 | 2633 | 1131 |
| 4163 | 7872788, 5.95%, 12/7/2025 | 6/12/2024 | 4159 | 839 |
| 708 | 7872860, 5.15%, 12/7/2025 | 6/12/2024 | 707 | 662 |
| 4534 | 7872894, 6.25%, 12/7/2025 | 6/12/2024 | 4526 | 2776 |
| 180 | 7873313, 4.54%, 12/7/2025 | 6/12/2024 | 179 | 125 |
| 1069 | 7873533, 6.27%, 12/7/2025<sup>(e)</sup> | 6/12/2024 | 1068 | 274 |
| 20271 | 7873536, 5.24%, 12/7/2025<sup>(e)</sup> | 6/12/2024 | 20260 | 326 |
| 608 | 7873671, 5.71%, 12/7/2025<sup>(e)</sup> | 6/12/2024 | 608 | 443 |
| 22387 | 7873691, 5.51%, 12/7/2025<sup>(e)</sup> | 6/12/2024 | 22380 | 318 |
| 3880 | 7874241, 4.59%, 12/8/2025 | 6/13/2024 | 3879 | 2553 |
| 1169 | 7874271, 4.56%, 12/8/2025<sup>(e)</sup> | 6/13/2024 | 1155 | 471 |
| 1013 | 7874643, 5.69%, 12/8/2025 | 6/13/2024 | 1012 | 557 |
| 2322 | 7874777, 4.56%, 12/8/2025<sup>(e)</sup> | 6/13/2024 | 2316 | 35 |
| 1891 | 7875308, 4.58%, 12/9/2025 | 6/13/2024 | 1888 | 1036 |
| 1291 | 7875362, 4.58%, 12/9/2025 | 6/13/2024 | 1289 | 1271 |
| 2695 | 7875810, 5.14%, 12/9/2025 | 6/13/2024 | 2691 | 2393 |

---

*See Notes to Financial Statements.*

130 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3889 | 7876558, 5.13%, 12/10/2025 | 6/13/2024 | 3849 | $3722 |
| 5200 | 7876935, 5.68%, 12/10/2025 | 6/13/2024 | 5197 | 2665 |
| 59 | 7877430, 4.88%, 12/10/2025 | 6/13/2024 | 58 | 58 |
| 1761 | 7877446, 4.57%, 12/10/2025 | 6/13/2024 | 1749 | 1733 |
| 4427 | 7877748, 4.57%, 12/10/2025 | 6/13/2024 | 4426 | 2526 |
| 22606 | 7878298, 5.13%, 12/10/2025 | 6/13/2024 | 22580 | 9283 |
| 1892 | 7878480, 4.58%, 12/10/2025 | 6/13/2024 | 1891 | 1541 |
| 257 | 7878717, 5.92%, 12/10/2025 | 6/13/2024 | 257 | 223 |
| 513 | 7879251, 4.55%, 12/10/2025<sup>(e)</sup> | 6/13/2024 | 511 | 77 |
| 1668 | 7879288, 4.57%, 12/10/2025 | 6/13/2024 | 1666 | 1615 |
| 471 | 7879331, 5.92%, 12/10/2025 | 6/13/2024 | 470 | 133 |
| 134 | 7879459, 6.24%, 12/10/2025 | 6/13/2024 | 133 | 118 |
| 111 | 7880086, 4.87%, 12/11/2025 | 6/14/2024 | 111 | 111 |
| 245 | 7880112, 4.88%, 12/11/2025 | 6/14/2024 | 244 | 235 |
|  | 7880290, 4.57%, 12/11/2025 | 6/14/2024 |  |  |
| 12745 | 7880815, 5.68%, 12/11/2025 | 6/14/2024 | 12739 | 4515 |
| 4483 | 7881094, 4.57%, 12/11/2025 | 6/14/2024 | 4476 | 4145 |
| 21935 | 7881346, 4.57%, 12/11/2025<sup>(e)</sup> | 6/14/2024 | 21919 | 452 |
| 164 | 7881936, 4.54%, 12/11/2025 | 6/14/2024 | 163 | 78 |
| 13372 | 7882009, 5.13%, 12/11/2025 | 6/14/2024 | 13357 | 12477 |
| 814 | 7882346, 5.50%, 12/11/2025 | 6/14/2024 | 813 | 538 |
| 1564 | 7882793, 4.57%, 12/11/2025 | 6/14/2024 | 1562 | 1521 |
| 5980 | 7882946, 4.88%, 12/11/2025<sup>(e)</sup> | 6/14/2024 | 5979 | 125 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 131

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $130 | 7883039, 5.92%, 12/11/2025 | 6/14/2024 | 126 | $119 |
| 577 | 7883676, 4.87%, 12/12/2025 | 6/17/2024 | 576 | 542 |
| 414 | 7883873, 6.22%, 12/12/2025 | 6/17/2024 | 413 | 306 |
| 573 | 7884408, 4.58%, 12/12/2025 | 6/17/2024 | 571 | 568 |
| 1442 | 7884608, 4.54%, 12/12/2025<sup>(e)</sup> | 6/17/2024 | 1439 | 25 |
| 172 | 7885007, 4.54%, 12/12/2025 | 6/17/2024 | 166 | 136 |
| 1780 | 7885280, 5.93%, 12/12/2025 | 6/17/2024 | 1776 | 639 |
| 1971 | 7885503, 5.31%, 12/12/2025 | 6/17/2024 | 1969 | 1659 |
| 37949 | 7885583, 5.13%, 12/12/2025<sup>(e)</sup> | 6/17/2024 | 37896 | 901 |
| 8180 | 7886175, 4.57%, 12/12/2025<sup>(e)</sup> | 6/17/2024 | 8175 | 207 |
| 466 | 7886320, 5.93%, 12/12/2025 | 6/17/2024 | 465 | 398 |
| 942 | 7886419, 5.93%, 12/12/2025 | 6/17/2024 | 941 | 506 |
| 9140 | 7886431, 4.88%, 12/12/2025 | 6/17/2024 | 9131 | 7931 |
| 445 | 7891382, 5.68%, 12/13/2025 | 6/18/2024 | 445 | 314 |
| 328 | 7891410, 5.70%, 12/13/2025 | 6/18/2024 | 328 | 285 |
| 2928 | 7891417, 4.59%, 12/13/2025 | 6/18/2024 | 2926 | 2855 |
| 1550 | 7891607, 4.59%, 12/13/2025 | 6/18/2024 | 1549 | 1444 |
| 5546 | 7891841, 5.70%, 12/13/2025<sup>(e)</sup> | 6/18/2024 | 5539 | 4300 |
| 2485 | 7892540, 6.25%, 12/13/2025<sup>(e)</sup> | 6/18/2024 | 2483 | 41 |
| 4573 | 7892973, 5.15%, 12/13/2025 | 6/18/2024 | 4562 | 4438 |
| 1270 | 7893521, 5.33%, 12/14/2025 | 6/20/2024 | 1266 | 609 |
| 236 | 7893565, 5.15%, 12/14/2025<sup>(e)</sup> | 6/20/2024 | 235 | 232 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1270 | 7893585, 4.91%, 12/14/2025 | 6/20/2024 | 1269 | $640 |
| 2540 | 7893595, 5.23%, 12/14/2025<sup>(e)</sup> | 6/20/2024 | 2535 | 636 |
| 9606 | 7893999, 5.15%, 12/14/2025<sup>(e)</sup> | 6/20/2024 | 9591 | 4578 |
| 6259 | 7894149, 5.51%, 12/14/2025<sup>(e)</sup> | 6/20/2024 | 6249 | 111 |
|  | 7894386, 4.59%, 12/14/2025 | 6/20/2024 |  |  |
| 604 | 7895107, 4.54%, 12/14/2025 | 6/20/2024 | 604 | 172 |
| 1566 | 7895124, 4.59%, 12/14/2025 | 6/20/2024 | 1563 | 1370 |
|  | 7895322, 5.14%, 12/14/2025 | 6/20/2024 |  |  |
| 10135 | 7896226, 5.15%, 12/14/2025<sup>(e)</sup> | 6/20/2024 | 10128 | 7255 |
| 326 | 7896352, 5.33%, 12/14/2025 | 6/20/2024 | 326 | 308 |
| 1009 | 7896486, 4.55%, 12/14/2025<sup>(e)</sup> | 6/20/2024 | 1008 | 243 |
| 2981 | 7898822, 5.33%, 12/15/2025 | 6/21/2024 | 2979 | 1270 |
| 1294 | 7898935, 6.07%, 12/15/2025<sup>(e)</sup> | 6/21/2024 | 1293 | 313 |
| 695 | 7899210, 5.94%, 12/15/2025 | 6/21/2024 | 695 | 102 |
| 11984 | 7899247, 5.71%, 12/15/2025 | 6/21/2024 | 11915 | 6824 |
| 12579 | 7899516, 4.91%, 12/15/2025 | 6/21/2024 | 12574 | 7156 |
| 409 | 7899719, 4.59%, 12/16/2025 | 6/21/2024 | 407 | 113 |
| 888 | 7899849, 5.32%, 12/16/2025 | 6/21/2024 | 887 | 720 |
| 2147 | 7899863, 4.59%, 12/16/2025 | 6/21/2024 | 2145 | 2055 |
| 881 | 7900200, 4.91%, 12/16/2025 | 6/21/2024 | 880 | 695 |
| 2643 | 7900267, 6.26%, 12/16/2025 | 6/21/2024 | 2641 | 885 |
| 1254 | 7900295, 5.15%, 12/16/2025 | 6/21/2024 | 1250 | 1202 |
| 801 | 7900391, 5.70%, 12/16/2025 | 6/21/2024 | 778 | 740 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 133

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $5316 | 7900514, 6.07%, 12/16/2025<sup>(e)</sup> | 6/21/2024 | 5296 | $87 |
| 427 | 7900555, 5.33%, 12/16/2025 | 6/21/2024 | 426 | 396 |
| 148 | 7900991, 4.52%, 12/17/2025 | 6/21/2024 | 147 | 51 |
| 530 | 7901051, 6.24%, 12/17/2025<sup>(e)</sup> | 6/21/2024 | 529 | 11 |
| 22 | 7901098, 4.51%, 12/17/2025 | 6/21/2024 | 22 | 19 |
| 4268 | 7901102, 5.13%, 12/17/2025 | 6/21/2024 | 4264 | 3473 |
| 3012 | 7901234, 4.58%, 12/17/2025 | 6/21/2024 | 3009 | 2253 |
| 842 | 7901304, 6.06%, 12/17/2025<sup>(e)</sup> | 6/21/2024 | 841 | 166 |
| 2329 | 7901305, 4.89%, 12/17/2025 | 6/21/2024 | 2328 | 823 |
| 821 | 7901760, 4.58%, 12/17/2025 | 6/21/2024 | 819 | 814 |
| 317 | 7901914, 4.55%, 12/17/2025 | 6/21/2024 | 317 | 60 |
| 1958 | 7903129, 5.50%, 12/17/2025 | 6/21/2024 | 1954 | 1659 |
| 5763 | 7903418, 5.50%, 12/17/2025 | 6/21/2024 | 5750 | 5519 |
| 273 | 7904355, 5.14%, 12/18/2025 | 6/24/2024 | 262 | 267 |
| 430 | 7904907, 4.57%, 12/18/2025 | 6/24/2024 | 428 | 417 |
| 4525 | 7904934, 4.89%, 12/18/2025 | 6/24/2024 | 4519 | 3027 |
| 903 | 7905370, 4.53%, 12/18/2025<sup>(e)</sup> | 6/24/2024 | 902 | 134 |
| 13287 | 7905524, 5.32%, 12/18/2025<sup>(e)</sup> | 6/24/2024 | 13245 | 330 |
| 676 | 7906249, 5.94%, 12/18/2025 | 6/24/2024 | 671 | 492 |
| 2787 | 7906253, 5.94%, 12/18/2025 | 6/24/2024 | 2742 | 553 |
| 839 | 7906318, 4.58%, 12/18/2025 | 6/24/2024 | 822 | 836 |
| 2233 | 7906395, 5.14%, 12/18/2025 | 6/24/2024 | 2232 | 1094 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $619 | 7906957, 5.69%, 12/18/2025<sup>(e)</sup> | 6/24/2024 | 611 | $416 |
| 1102 | 7907193, 5.13%, 12/18/2025 | 6/24/2024 | 1100 | 1070 |
| 304 | 7907412, 5.93%, 12/18/2025 | 6/24/2024 | 303 | 246 |
| 1450 | 7910010, 4.60%, 12/19/2025 | 6/25/2024 | 1449 | 1414 |
| 1846 | 7910082, 4.60%, 12/19/2025 | 6/25/2024 | 1838 | 1836 |
| 175 | 7910294, 4.59%, 12/19/2025 | 6/25/2024 | 175 | 82 |
| 100 | 7910350, 5.69%, 12/19/2025 | 6/25/2024 | 99 | 92 |
| 1669 | 7910770, 5.34%, 12/19/2025 | 6/25/2024 | 1668 | 1124 |
| 3997 | 7910983, 5.52%, 12/19/2025 | 6/25/2024 | 3990 | 1566 |
| 4596 | 7911030, 4.60%, 12/19/2025 | 6/25/2024 | 4595 | 3206 |
| 2714 | 7911589, 5.15%, 12/20/2025 | 6/25/2024 | 2711 | 2499 |
| 249 | 7911694, 6.28%, 12/20/2025 | 6/25/2024 | 248 | 157 |
| 100 | 7911827, 4.93%, 12/20/2025 | 6/25/2024 | 100 | 98 |
| 658 | 7911856, 5.92%, 12/20/2025<sup>(e)</sup> | 6/25/2024 | 658 | 11 |
| 3389 | 7912828, 5.24%, 12/20/2025<sup>(e)</sup> | 6/25/2024 | 3384 | 61 |
| 1752 | 7912876, 5.95%, 12/20/2025 | 6/25/2024 | 1751 | 858 |
| 18361 | 7913439, 4.59%, 12/20/2025 | 6/25/2024 | 18352 | 12878 |
| 1536 | 7913566, 4.56%, 12/20/2025<sup>(e)</sup> | 6/25/2024 | 1535 | 36 |
| 1610 | 7914788, 4.59%, 12/20/2025 | 6/25/2024 | 1609 | 1519 |
| 160 | 7916280, 6.26%, 12/21/2025 | 6/26/2024 | 159 | 147 |
| 9873 | 7916284, 5.95%, 12/21/2025 | 6/26/2024 | 9862 | 3819 |
| 1881 | 7916470, 4.60%, 12/21/2025 | 6/26/2024 | 1880 | 1508 |
| 458 | 7917279, 4.59%, 12/21/2025 | 6/26/2024 | 455 | 456 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 135

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $48613 | 7917609, 5.94%, 12/21/2025 | 6/26/2024 | 48588 | $21255 |
| 872 | 7918034, 6.26%, 12/21/2025 | 6/26/2024 | 872 | 344 |
| 78 | 7918044, 6.27%, 12/21/2025 | 6/26/2024 | 77 | 69 |
| 212 | 7918183, 5.52%, 12/21/2025 | 6/26/2024 | 212 | 197 |
| 257 | 7918234, 5.70%, 12/21/2025 | 6/26/2024 | 257 | 235 |
| 784 | 7919014, 5.15%, 12/22/2025 | 6/27/2024 | 781 | 738 |
| 4471 | 7919062, 5.95%, 12/22/2025<sup>(e)</sup> | 6/27/2024 | 4464 | 66 |
| 879 | 7919273, 6.25%, 12/22/2025 | 6/27/2024 | 878 | 366 |
| 2011 | 7919791, 5.15%, 12/22/2025 | 6/27/2024 | 2010 | 1389 |
| 10315 | 7919904, 5.69%, 12/23/2025 | 6/27/2024 | 10301 | 5654 |
| 5384 | 7920011, 4.58%, 12/23/2025<sup>(e)</sup> | 6/27/2024 | 5383 | 110 |
| 1705 | 7920107, 5.31%, 12/23/2025 | 6/27/2024 | 1703 | 1086 |
| 2712 | 7920503, 6.06%, 12/23/2025 | 6/27/2024 | 2702 | 2009 |
| 14449 | 7920635, 5.69%, 12/23/2025<sup>(e)</sup> | 6/27/2024 | 14437 | 277 |
| 9663 | 7920710, 4.89%, 12/23/2025 | 6/27/2024 | 9648 | 8934 |
| 829 | 7921159, 5.48%, 12/24/2025 | 6/27/2024 | 828 | 400 |
| 376 | 7921176, 4.88%, 12/24/2025 | 6/27/2024 | 375 | 375 |
| 1267 | 7921642, 5.66%, 12/24/2025<sup>(e)</sup> | 6/27/2024 | 1267 | 287 |
| 673 | 7921755, 6.07%, 12/24/2025<sup>(e)</sup> | 6/27/2024 | 673 | 141 |
| 154 | 7921932, 6.21%, 12/24/2025 | 6/27/2024 | 153 | 136 |
| 6698 | 7921968, 4.88%, 12/24/2025<sup>(e)</sup> | 6/27/2024 | 6691 | 4942 |
| 5864 | 7922142, 6.04%, 12/24/2025<sup>(e)</sup> | 6/27/2024 | 5861 | 113 |

---

*See Notes to Financial Statements.*

136 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $7160 | 7922237, 5.13%, 12/24/2025<sup>(e)</sup> | 6/27/2024 | 7147 | $3855 |
| 435 | 7922337, 5.23%, 12/24/2025<sup>(e)</sup> | 6/27/2024 | 435 | 25 |
| 2459 | 7922349, 4.57%, 12/24/2025 | 6/27/2024 | 2456 | 2365 |
| 731 | 7922885, 5.48%, 12/24/2025 | 6/27/2024 | 730 | 511 |
| 569 | 7923192, 4.57%, 12/24/2025 | 6/27/2024 | 563 | 565 |
| 83 | 7923456, 6.04%, 12/24/2025 | 6/27/2024 | 83 | 81 |
| 218 | 7923516, 4.57%, 12/24/2025 | 6/27/2024 | 215 | 216 |
| 2013 | 7923856, 4.57%, 12/24/2025 | 6/27/2024 | 2011 | 1939 |
| 2927 | 7924319, 5.68%, 12/24/2025 | 6/27/2024 | 2926 | 1043 |
| 7952 | 7924413, 4.88%, 12/24/2025<sup>(e)</sup> | 6/27/2024 | 7948 | 3632 |
| 4931 | 7924585, 6.04%, 12/25/2025 | 6/28/2024 | 4911 | 1162 |
| 26489 | 7924660, 4.57%, 12/25/2025 | 6/28/2024 | 26479 | 15727 |
| 280 | 7924923, 5.69%, 12/25/2025 | 6/28/2024 | 279 | 267 |
| 1958 | 7925045, 5.31%, 12/25/2025 | 6/28/2024 | 1954 | 1748 |
| 3170 | 7925101, 5.13%, 12/25/2025 | 6/28/2024 | 3153 | 3098 |
| 1233 | 7925420, 5.91%, 12/25/2025<sup>(e)</sup> | 6/28/2024 | 1233 | 9 |
| 2675 | 7925780, 4.54%, 12/25/2025 | 6/28/2024 | 2671 | 665 |
| 8191 | 7925987, 5.13%, 12/25/2025<sup>(e)</sup> | 6/28/2024 | 8188 | 179 |
| 2959 | 7926582, 4.88%, 12/25/2025 | 6/28/2024 | 2955 | 2846 |
| 576 | 7926677, 6.05%, 12/25/2025<sup>(e)</sup> | 6/28/2024 | 575 | 281 |
| 4468 | 7927153, 5.68%, 12/25/2025 | 6/28/2024 | 4462 | 3361 |
| 23284 | 7927340, 5.68%, 12/25/2025 | 6/28/2024 | 23268 | 14534 |
| 7237 | 7927522, 4.57%, 12/25/2025 | 6/28/2024 | 7232 | 6856 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 137

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $14990 | 7927600, 4.57%, 12/25/2025<sup>(e)</sup> | 6/28/2024 | 14986 | $4994 |
| 56 | 7927860, 5.94%, 12/25/2025 | 6/28/2024 | 55 | 51 |
| 5511 | 7927864, 4.57%, 12/25/2025 | 6/28/2024 | 5506 | 5161 |
| 14755 | 7928173, 5.68%, 12/25/2025 | 6/28/2024 | 14706 | 11364 |
| 1579 | 7928321, 4.57%, 12/25/2025 | 7/1/2024 | 1578 | 1514 |
| 705 | 7928605, 5.94%, 12/26/2025<sup>(e)</sup> | 7/1/2024 | 702 | 193 |
| 1875 | 7928948, 4.57%, 12/26/2025<sup>(e)</sup> | 7/1/2024 | 1874 | 1476 |
| 3052 | 7931455, 4.55%, 12/26/2025<sup>(e)</sup> | 7/1/2024 | 3044 | 68 |
| 7476 | 7931527, 4.54%, 12/26/2025<sup>(e)</sup> | 7/1/2024 | 7452 | 2710 |
| 1666 | 7931865, 5.13%, 12/26/2025 | 7/1/2024 | 1663 | 1628 |
| 950 | 7931940, 5.69%, 12/26/2025 | 7/1/2024 | 949 | 517 |
| 2064 | 7934099, 5.95%, 12/27/2025<sup>(e)</sup> | 7/2/2024 | 2063 | 42 |
| 4107 | 7935265, 5.70%, 12/27/2025 | 7/2/2024 | 4105 | 1929 |
| 2096 | 7935502, 4.59%, 12/27/2025 | 7/2/2024 | 2091 | 2018 |
| 4001 | 7935582, 5.15%, 12/27/2025<sup>(e)</sup> | 7/2/2024 | 3999 | 1641 |
| 368 | 7935744, 4.59%, 12/27/2025 | 7/2/2024 | 367 | 366 |
| 8459 | 7935884, 5.52%, 12/27/2025<sup>(e)</sup> | 7/2/2024 | 8456 | 133 |
| 2669 | 7936964, 4.90%, 12/27/2025<sup>(e)</sup> | 7/2/2024 | 2668 | 60 |
| 13229 | 7937034, 4.59%, 12/27/2025<sup>(e)</sup> | 7/2/2024 | 13224 | 8853 |
| 13620 | 7937864, 4.56%, 12/27/2025<sup>(e)</sup> | 7/2/2024 | 13611 | 203 |
| 7073 | 7938347, 4.90%, 12/28/2025 | 7/3/2024 | 7068 | 6195 |
| 2208 | 7938566, 4.56%, 12/28/2025<sup>(e)</sup> | 7/3/2024 | 2206 | 32 |

---

*See Notes to Financial Statements.*

138 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1366 | 7938798, 4.59%, 12/28/2025 | 7/3/2024 | 1364 | $1337 |
| 728 | 7939006, 4.58%, 12/28/2025<sup>(e)</sup> | 7/3/2024 | 728 | 675 |
| 232 | 7939181, 4.59%, 12/28/2025 | 7/3/2024 | 232 | 229 |
| 11791 | 7939559, 5.15%, 12/28/2025 | 7/3/2024 | 11780 | 9630 |
| 2152 | 7940168, 4.90%, 12/28/2025<sup>(e)</sup> | 7/3/2024 | 2151 | 1010 |
| 1470 | 7940584, 4.57%, 12/28/2025<sup>(e)</sup> | 7/3/2024 | 1469 | 777 |
| 1006 | 7940637, 5.94%, 12/28/2025<sup>(e)</sup> | 7/3/2024 | 1005 | 381 |
| 2161 | 7940889, 4.90%, 12/28/2025 | 7/3/2024 | 2159 | 2102 |
| 724 | 7941292, 5.95%, 12/28/2025 | 7/3/2024 | 721 | 559 |
| 7772 | 7941414, 4.59%, 12/28/2025 | 7/3/2024 | 7767 | 6992 |
| 1998 | 7941707, 4.59%, 12/28/2025 | 7/3/2024 | 1997 | 1921 |
| 1632 | 7941849, 5.15%, 12/28/2025 | 7/5/2024 | 1631 | 1082 |
| 464 | 7941949, 4.59%, 12/29/2025 | 7/5/2024 | 459 | 458 |
| 1260 | 7942457, 6.06%, 12/29/2025<sup>(e)</sup> | 7/5/2024 | 1251 | 801 |
| 1897 | 7942484, 5.15%, 12/29/2025 | 7/5/2024 | 1894 | 1768 |
| 409 | 7942842, 4.58%, 12/30/2025 | 7/5/2024 | 408 | 407 |
| 868 | 7943067, 4.89%, 12/30/2025 | 7/5/2024 | 866 | 857 |
| 225 | 7943445, 5.49%, 12/30/2025 | 7/5/2024 | 224 | 201 |
| 314 | 7943596, 4.55%, 12/30/2025<sup>(e)</sup> | 7/5/2024 | 313 | 246 |
| 796 | 7943643, 5.93%, 12/30/2025 | 7/5/2024 | 794 | 477 |
| 156 | 7943996, 4.56%, 1/1/2026 | 7/5/2024 | 154 | 155 |
| 353 | 7944680, 5.90%, 1/1/2026<sup>(e)</sup> | 7/5/2024 | 349 | 163 |
| 79 | 7945192, 4.56%, 1/1/2026 | 7/5/2024 | 68 | 79 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 139

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2960 | 7945651, 5.91%, 1/1/2026<sup>(e)</sup> | 7/5/2024 | 2958 | $29 |
| 994 | 7945672, 4.87%, 1/1/2026 | 7/5/2024 | 992 | 986 |
| 9308 | 7946083, 4.87%, 1/1/2026 | 7/5/2024 | 9268 | 9113 |
| 763 | 7949532, 4.58%, 1/2/2026 | 7/8/2024 | 760 | 755 |
| 2260 | 7949961, 4.55%, 1/2/2026<sup>(e)</sup> | 7/8/2024 | 2250 | 396 |
| 1569 | 7949991, 4.57%, 1/2/2026 | 7/8/2024 | 1548 | 1551 |
| 903 | 7950127, 4.89%, 1/2/2026 | 7/8/2024 | 900 | 853 |
| 6389 | 7950480, 4.57%, 1/2/2026<sup>(e)</sup> | 7/8/2024 | 6386 | 3486 |
| 4164 | 7950988, 5.31%, 1/2/2026<sup>(e)</sup> | 7/8/2024 | 4159 | 86 |
| 9390 | 7951026, 5.92%, 1/2/2026 | 7/8/2024 | 9374 | 2951 |
| 15235 | 7951534, 4.88%, 1/2/2026<sup>(e)</sup> | 7/8/2024 | 15230 | 6542 |
| 1391 | 7952410, 4.57%, 1/2/2026 | 7/8/2024 | 1389 | 1372 |
| 1822 | 7952443, 6.04%, 1/2/2026 | 7/8/2024 | 1820 | 532 |
| 2214 | 7952456, 5.13%, 1/2/2026 | 7/8/2024 | 2212 | 1903 |
| 857 | 7952531, 4.53%, 1/2/2026<sup>(e)</sup> | 7/8/2024 | 856 | 171 |
| 10994 | 7952591, 5.68%, 1/2/2026<sup>(e)</sup> | 7/8/2024 | 10978 | 5507 |
| 2867 | 7952947, 5.13%, 1/2/2026<sup>(e)</sup> | 7/8/2024 | 2865 | 1769 |
| 5321 | 7953005, 4.57%, 1/2/2026<sup>(e)</sup> | 7/8/2024 | 5318 | 4430 |
| 5465 | 7955898, 5.70%, 1/3/2026 | 7/9/2024 | 5462 | 1818 |
| 323 | 7955969, 4.89%, 1/3/2026 | 7/9/2024 | 322 | 319 |
| 80 | 7956107, 4.60%, 1/3/2026 | 7/9/2024 | 79 | 79 |
| 5385 | 7956433, 4.59%, 1/3/2026 | 7/9/2024 | 5382 | 5050 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1890 | 7956620, 5.70%, 1/3/2026 | 7/9/2024 | 1888 | $1292 |
| 2652 | 7956647, 4.90%, 1/3/2026 | 7/9/2024 | 2649 | 2528 |
| 317 | 7956782, 5.70%, 1/3/2026 | 7/9/2024 | 317 | 268 |
| 662 | 7957678, 6.24%, 1/3/2026 | 7/9/2024 | 661 | 370 |
| 1004 | 7957695, 5.70%, 1/3/2026 | 7/9/2024 | 997 | 918 |
| 197 | 7958020, 4.56%, 1/3/2026<sup>(e)</sup> | 7/9/2024 | 196 | 153 |
| 3456 | 7958213, 4.56%, 1/3/2026<sup>(e)</sup> | 7/9/2024 | 3454 | 51 |
| 451 | 7958330, 5.32%, 1/3/2026 | 7/9/2024 | 451 | 402 |
| 365 | 7958666, 5.34%, 1/3/2026 | 7/9/2024 | 364 | 345 |
| 194 | 7958718, 5.94%, 1/3/2026 | 7/9/2024 | 194 | 157 |
| 888 | 7958824, 5.14%, 1/3/2026<sup>(e)</sup> | 7/9/2024 | 888 | 597 |
| 2605 | 7958838, 6.07%, 1/4/2026 | 7/10/2024 | 2603 | 1211 |
| 233 | 7959164, 5.70%, 1/4/2026 | 7/10/2024 | 232 | 190 |
| 4099 | 7959840, 4.89%, 1/5/2026 | 7/10/2024 | 4088 | 3601 |
| 214 | 7960681, 4.57%, 1/5/2026 | 7/10/2024 | 212 | 130 |
| 22340 | 7960923, 4.58%, 1/5/2026 | 7/10/2024 | 22322 | 18293 |
| 9964 | 7961222, 4.58%, 1/5/2026 | 7/10/2024 | 9956 | 9800 |
| 2714 | 7962019, 5.13%, 1/5/2026 | 7/10/2024 | 2713 | 2011 |
| 50045 | 7962075, 5.32%, 1/5/2026<sup>(e)</sup> | 7/10/2024 | 50030 | 9727 |
| 6678 | 7962781, 4.58%, 1/5/2026 | 7/10/2024 | 6674 | 5789 |
| 6991 | 7963920, 4.89%, 1/6/2026<sup>(e)</sup> | 7/11/2024 | 6988 | 177 |
| 2135 | 7964014, 5.51%, 1/6/2026 | 7/11/2024 | 2134 | 1061 |
| 2022 | 7964046, 4.58%, 1/6/2026 | 7/11/2024 | 2020 | 1968 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 141

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4118 | 7964111, 4.58%, 1/6/2026 | 7/11/2024 | 4116 | $2357 |
| 276 | 7964238, 6.04%, 1/7/2026 | 7/11/2024 | 275 | 259 |
| 1919 | 7964754, 4.57%, 1/7/2026 | 7/11/2024 | 1918 | 1862 |
| 79 | 7964832, 5.48%, 1/7/2026 | 7/11/2024 | 79 | 76 |
| 1180 | 7964906, 4.54%, 1/7/2026<sup>(e)</sup> | 7/11/2024 | 1179 | 305 |
| 1393 | 7964934, 5.50%, 1/7/2026 | 7/11/2024 | 1392 | 760 |
| 2089 | 7965239, 5.91%, 1/8/2026 | 7/11/2024 | 2088 | 469 |
| 646 | 7965331, 4.56%, 1/8/2026 | 7/11/2024 | 645 | 559 |
| 284 | 7965424, 4.58%, 1/8/2026 | 7/11/2024 | 283 | 282 |
| 2082 | 7965535, 4.57%, 1/8/2026 | 7/11/2024 | 2081 | 1718 |
| 89 | 7965686, 4.86%, 1/8/2026 | 7/11/2024 | 89 | 84 |
| 1300 | 7965717, 5.11%, 1/8/2026 | 7/11/2024 | 1299 | 1056 |
| 1928 | 7965959, 4.56%, 1/8/2026 | 7/11/2024 | 1922 | 1885 |
| 5244 | 7966094, 4.56%, 1/8/2026 | 7/11/2024 | 5241 | 4999 |
| 1239 | 7966312, 4.55%, 1/8/2026 | 7/11/2024 | 1238 | 255 |
| 1461 | 7966881, 5.91%, 1/8/2026 | 7/11/2024 | 1460 | 879 |
| 4990 | 7966945, 5.67%, 1/8/2026<sup>(e)</sup> | 7/11/2024 | 4988 | 56 |
| 191 | 7967026, 5.91%, 1/8/2026 | 7/11/2024 | 190 | 176 |
| 3294 | 7967514, 5.11%, 1/8/2026 | 7/11/2024 | 3292 | 2398 |
| 953 | 7967571, 4.56%, 1/8/2026 | 7/11/2024 | 950 | 935 |
| 830 | 7967801, 5.11%, 1/8/2026 | 7/11/2024 | 829 | 651 |
| 3534 | 7968355, 5.30%, 1/8/2026 | 7/11/2024 | 3531 | 2623 |

---

*See Notes to Financial Statements.*

142 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $11000 | 7969423, 4.87%, 1/9/2026 | 7/12/2024 | 10991 | $4390 |
| 1472 | 7970093, 5.91%, 1/9/2026 | 7/12/2024 | 1471 | 383 |
| 1264 | 7970113, 4.88%, 1/9/2026 | 7/12/2024 | 1263 | 1159 |
| 2540 | 7970789, 4.53%, 1/9/2026<sup>(e)</sup> | 7/12/2024 | 2539 | 52 |
|  | 7971986, 4.56%, 1/10/2026 | 7/15/2024 |  |  |
| 982 | 7972118, 4.87%, 1/10/2026 | 7/15/2024 | 981 | 654 |
| 603 | 7972292, 6.22%, 1/10/2026 | 7/15/2024 | 601 | 356 |
| 2100 | 7972453, 4.57%, 1/10/2026 | 7/15/2024 | 2099 | 659 |
| 2722 | 7972668, 4.56%, 1/10/2026 | 7/15/2024 | 2720 | 2650 |
| 252 | 7972778, 4.55%, 1/10/2026<sup>(e)</sup> | 7/15/2024 | 252 | 4 |
| 1039 | 7972930, 4.56%, 1/10/2026 | 7/15/2024 | 1034 | 1023 |
| 784 | 7973328, 4.87%, 1/10/2026 | 7/15/2024 | 782 | 669 |
| 15159 | 7973389, 5.30%, 1/10/2026 | 7/15/2024 | 15089 | 13377 |
| 2410 | 7973651, 4.54%, 1/10/2026<sup>(e)</sup> | 7/15/2024 | 2409 | 41 |
|  | 7973676, 5.12%, 1/10/2026 | 7/15/2024 | (15) |  |
| 3221 | 7974140, 4.56%, 1/10/2026 | 7/15/2024 | 3215 | 2433 |
| 493 | 7974578, 4.86%, 1/10/2026 | 7/15/2024 | 490 | 428 |
| 1473 | 7975077, 4.56%, 1/10/2026 | 7/15/2024 | 1472 | 1414 |
| 789 | 7977198, 4.53%, 1/11/2026 | 7/16/2024 | 788 | 186 |
| 2465 | 7977474, 4.54%, 1/11/2026<sup>(e)</sup> | 7/16/2024 | 2464 | 25 |
| 1948 | 7978485, 5.33%, 1/11/2026 | 7/16/2024 | 1947 | 1499 |
| 476 | 7980257, 5.15%, 1/11/2026 | 7/16/2024 | 475 | 442 |
| 297 | 7980614, 4.89%, 1/11/2026 | 7/16/2024 | 291 | 294 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 143

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3187 | 7980912, 4.58%, 1/12/2026 | 7/17/2024 | 3184 | $3093 |
| 587 | 7981061, 5.70%, 1/12/2026 | 7/17/2024 | 586 | 403 |
| 6529 | 7981109, 5.69%, 1/12/2026<sup>(e)</sup> | 7/17/2024 | 6526 | 99 |
| 752 | 7982085, 5.50%, 1/12/2026<sup>(e)</sup> | 7/17/2024 | 751 | 586 |
| 1894 | 7982105, 5.23%, 1/12/2026 | 7/17/2024 | 1892 | 641 |
| 861 | 7982147, 5.93%, 1/12/2026 | 7/17/2024 | 855 | 731 |
| 293 | 7982400, 5.68%, 1/12/2026 | 7/17/2024 | 292 | 273 |
| 1180 | 7982577, 4.89%, 1/12/2026 | 7/17/2024 | 1179 | 837 |
| 2320 | 7982948, 4.58%, 1/12/2026 | 7/17/2024 | 2318 | 2106 |
| 177 | 7983358, 4.58%, 1/12/2026 | 7/17/2024 | 147 | 177 |
| 362 | 7984259, 5.14%, 1/13/2026 | 7/18/2024 | 361 | 342 |
| 390 | 7984383, 5.68%, 1/13/2026 | 7/18/2024 | 387 | 365 |
| 5368 | 7984414, 5.69%, 1/13/2026<sup>(e)</sup> | 7/18/2024 | 5365 | 2125 |
| 708 | 7984470, 5.31%, 1/13/2026 | 7/18/2024 | 707 | 549 |
| 4341 | 7985452, 5.93%, 1/14/2026<sup>(e)</sup> | 7/18/2024 | 4338 | 51 |
| 3106 | 7985709, 5.31%, 1/14/2026 | 7/18/2024 | 3102 | 2674 |
| 106 | 7986109, 4.86%, 1/15/2026 | 7/18/2024 | 106 | 104 |
| 197 | 7986129, 5.90%, 1/15/2026 | 7/18/2024 | 197 | 178 |
| 60 | 7986143, 5.90%, 1/15/2026 | 7/18/2024 | 60 | 55 |
| 3693 | 7986687, 4.57%, 1/15/2026 | 7/18/2024 | 3692 | 1120 |
| 315 | 7986766, 4.56%, 1/15/2026 | 7/18/2024 | 314 | 96 |
| 420 | 7986783, 5.91%, 1/15/2026 | 7/18/2024 | 419 | 299 |

---

*See Notes to Financial Statements.*

144 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2537 | 7986972, 4.53%, 1/15/2026<sup>(e)</sup> | 7/18/2024 | 2536 | $32 |
| 1129 | 7987034, 4.56%, 1/15/2026 | 7/18/2024 | 1128 | 1108 |
| 2531 | 7987122, 4.56%, 1/15/2026 | 7/18/2024 | 2529 | 2410 |
|  | 7987261, 4.57%, 1/15/2026 | 7/18/2024 | (1) | (17) |
| 1996 | 7987359, 5.67%, 1/15/2026<sup>(e)</sup> | 7/18/2024 | 1994 | 39 |
| 10879 | 7988661, 4.87%, 1/15/2026 | 7/18/2024 | 10867 | 10609 |
| 1076 | 7989507, 4.54%, 1/15/2026 | 7/18/2024 | 1074 | 743 |
| 1270 | 7989689, 4.56%, 1/16/2026 | 7/19/2024 | 1269 | 1237 |
| 375 | 7989831, 4.57%, 1/16/2026 | 7/19/2024 | 373 | 373 |
| 4037 | 7990060, 5.30%, 1/16/2026 | 7/19/2024 | 4034 | 2409 |
| 3219 | 7990142, 6.03%, 1/16/2026<sup>(e)</sup> | 7/19/2024 | 3216 | 69 |
| 645 | 7990225, 5.91%, 1/16/2026 | 7/19/2024 | 641 | 599 |
| 3538 | 7991347, 5.21%, 1/16/2026 | 7/19/2024 | 3532 | 1453 |
| 2951 | 7991424, 5.91%, 1/16/2026<sup>(e)</sup> | 7/19/2024 | 2950 | 66 |
| 20078 | 7991465, 5.12%, 1/16/2026 | 7/19/2024 | 20061 | 17679 |
| 16 | 7992302, 5.92%, 1/16/2026 | 7/19/2024 | 15 | 10 |
| 3948 | 7992324, 4.56%, 1/16/2026 | 7/19/2024 | 3941 | 3903 |
| 482 | 7993926, 4.87%, 1/17/2026 | 7/22/2024 | 480 | 464 |
| 3274 | 7993976, 5.92%, 1/17/2026 | 7/22/2024 | 3272 | 823 |
| 3854 | 7994086, 4.53%, 1/17/2026<sup>(e)</sup> | 7/22/2024 | 3853 | 43 |
| 5439 | 7994410, 4.56%, 1/17/2026 | 7/22/2024 | 5434 | 4077 |
| 312 | 7994536, 5.93%, 1/17/2026 | 7/22/2024 | 311 | 249 |
| 2423 | 7994555, 4.56%, 1/17/2026 | 7/22/2024 | 2387 | 2413 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 145

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1350 | 7999992, 5.92%, 1/17/2026<sup>(e)</sup> | 7/22/2024 | 1350 | $20 |
| 5964 | 8000000, 5.12%, 1/17/2026 | 7/22/2024 | 5961 | 1782 |
| 363 | 8000065, 4.54%, 1/17/2026<sup>(e)</sup> | 7/22/2024 | 360 | 94 |
| 24691 | 8000263, 5.30%, 1/17/2026 | 7/22/2024 | 24681 | 5482 |
| 27712 | 8000530, 5.12%, 1/17/2026 | 7/22/2024 | 27623 | 23839 |
| 31 | 8002910, 5.68%, 1/18/2026 | 7/23/2024 | 31 | 30 |
| 1462 | 8002929, 5.70%, 1/18/2026 | 7/23/2024 | 1460 | 889 |
| 1878 | 8003016, 4.58%, 1/18/2026 | 7/23/2024 | 1871 | 1861 |
| 79 | 8003196, 5.15%, 1/18/2026 | 7/23/2024 | 78 | 78 |
| 871 | 8003216, 4.58%, 1/18/2026 | 7/23/2024 | 868 | 851 |
| 6955 | 8003296, 4.58%, 1/18/2026 | 7/23/2024 | 6948 | 6264 |
| 9757 | 8003534, 5.69%, 1/18/2026<sup>(e)</sup> | 7/23/2024 | 9749 | 243 |
| 1458 | 8003965, 4.55%, 1/18/2026 | 7/23/2024 | 1456 | 661 |
| 2322 | 8004001, 4.58%, 1/18/2026 | 7/23/2024 | 2317 | 2183 |
| 1208 | 8004482, 6.24%, 1/18/2026 | 7/23/2024 | 1205 | 1016 |
| 1649 | 8004537, 4.58%, 1/18/2026 | 7/23/2024 | 1647 | 1619 |
| 367 | 8004587, 6.23%, 1/18/2026 | 7/23/2024 | 366 | 304 |
| 26667 | 8004600, 5.14%, 1/18/2026 | 7/23/2024 | 26631 | 22368 |
| 1183 | 8005075, 4.58%, 1/18/2026 | 7/23/2024 | 1181 | 1172 |
| 33244 | 8005095, 5.50%, 1/18/2026<sup>(e)</sup> | 7/23/2024 | 33203 | 1334 |
| 5339 | 8006339, 4.55%, 1/18/2026 | 7/23/2024 | 5334 | 1008 |
| 92 | 8006644, 4.58%, 1/19/2026 | 7/24/2024 | 75 | 92 |

---

*See Notes to Financial Statements.*

146 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1148 | 8007011, 4.58%, 1/19/2026 | 7/24/2024 | 1146 | $1126 |
| 36853 | 8008023, 4.89%, 1/19/2026 | 7/24/2024 | 36828 | 20918 |
| 566 | 8009928, 4.58%, 1/20/2026 | 7/25/2024 | 563 | 563 |
| 10116 | 8010113, 5.32%, 1/20/2026 | 7/25/2024 | 10045 | 3038 |
| 1369 | 8010426, 5.14%, 1/20/2026 | 7/25/2024 | 1369 | 1178 |
| 718 | 8010440, 5.68%, 1/20/2026 | 7/25/2024 | 717 | 584 |
| 2732 | 8010572, 4.58%, 1/20/2026 | 7/25/2024 | 2730 | 2272 |
| 8139 | 8010602, 5.50%, 1/20/2026 | 7/25/2024 | 8114 | 7508 |
| 7320 | 8010854, 4.88%, 1/21/2026 | 7/25/2024 | 7306 | 6967 |
| 703 | 8011406, 5.67%, 1/21/2026 | 7/25/2024 | 702 | 524 |
| 108 | 8012161, 4.87%, 1/22/2026 | 7/25/2024 | 106 | 108 |
| 1499 | 8012269, 4.87%, 1/22/2026 | 7/25/2024 | 1498 | 1329 |
| 2121 | 8013117, 5.30%, 1/22/2026 | 7/25/2024 | 2120 | 1607 |
| 33525 | 8013150, 4.56%, 1/22/2026 | 7/25/2024 | 33445 | 30331 |
| 635 | 8013508, 6.03%, 1/22/2026 | 7/25/2024 | 634 | 582 |
|  | 8014503, 4.53%, 1/22/2026 | 7/25/2024 |  |  |
|  | 8014674, 4.56%, 1/22/2026 | 7/25/2024 | (18) | (162) |
| 1010 | 8015318, 5.91%, 1/23/2026<sup>(e)</sup> | 7/26/2024 | 1002 | 987 |
| 1800 | 8015665, 4.56%, 1/23/2026 | 7/26/2024 | 1795 | 1772 |
| 3259 | 8015965, 5.91%, 1/23/2026 | 7/26/2024 | 3255 | 2462 |
| 22078 | 8016504, 5.30%, 1/23/2026<sup>(e)</sup> | 7/26/2024 | 22056 | 535 |
| 2000 | 8016772, 5.91%, 1/23/2026 | 7/26/2024 | 1991 | 1951 |
| 1216 | 8016946, 4.56%, 1/23/2026 | 7/26/2024 | 1214 | 1184 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 147

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2246 | 8017229, 4.87%, 1/23/2026 | 7/26/2024 | 2245 | $1131 |
| 1562 | 8018210, 5.30%, 1/23/2026 | 7/26/2024 | 1559 | 1525 |
| 1177 | 8018297, 5.67%, 1/23/2026 | 7/26/2024 | 1176 | 1072 |
| 5648 | 8018487, 5.67%, 1/23/2026 | 7/26/2024 | 5641 | 4697 |
| 5161 | 8018603, 4.57%, 1/23/2026 | 7/26/2024 | 5157 | 4338 |
| 1464 | 8018736, 5.12%, 1/24/2026 | 7/29/2024 | 1422 | 1423 |
| 831 | 8019613, 5.92%, 1/24/2026 | 7/29/2024 | 830 | 461 |
| 595 | 8019683, 4.53%, 1/24/2026 | 7/29/2024 | 593 | 94 |
| 2751 | 8019722, 5.30%, 1/24/2026 | 7/29/2024 | 2747 | 2173 |
| 193 | 8020028, 4.56%, 1/24/2026 | 7/29/2024 | 193 | 191 |
| 19688 | 8020138, 6.22%, 1/24/2026<sup>(e)</sup> | 7/29/2024 | 19676 | 359 |
| 3151 | 8020921, 5.66%, 1/24/2026 | 7/29/2024 | 3149 | 1681 |
| 1957 | 8021483, 5.48%, 1/24/2026 | 7/29/2024 | 1952 | 1651 |
| 10214 | 8021521, 4.56%, 1/24/2026 | 7/29/2024 | 10173 | 10076 |
| 1680 | 8021805, 4.87%, 1/24/2026 | 7/29/2024 | 1673 | 1633 |
| 4852 | 8021875, 5.91%, 1/24/2026<sup>(e)</sup> | 7/29/2024 | 4850 | 94 |
| 370 | 8024770, 5.92%, 1/25/2026 | 7/30/2024 | 370 | 268 |
| 462 | 8024852, 5.96%, 1/25/2026 | 7/30/2024 | 461 | 206 |
| 14643 | 8025198, 4.89%, 1/25/2026 | 7/30/2024 | 14638 | 8643 |
| 6847 | 8025487, 4.55%, 1/25/2026 | 7/30/2024 | 6843 | 1348 |
|  | 8025613, 4.89%, 1/25/2026 | 7/30/2024 |  |  |
| 888 | 8025683, 5.14%, 1/25/2026 | 7/30/2024 | 887 | 777 |

---

*See Notes to Financial Statements.*

148 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $486 | 8026780, 6.05%, 1/25/2026 | 7/30/2024 | 485 | $456 |
| 4304 | 8026861, 4.89%, 1/25/2026<sup>(e)</sup> | 7/30/2024 | 4303 | 1062 |
| 2538 | 8027609, 4.89%, 1/25/2026 | 7/30/2024 | 2537 | 2337 |
| 11313 | 8027640, 4.58%, 1/25/2026 | 7/30/2024 | 11294 | 10692 |
| 1800 | 8028481, 5.51%, 1/26/2026 | 7/31/2024 | 1800 | 1106 |
| 960 | 8028519, 5.13%, 1/26/2026 | 7/31/2024 | 958 | 898 |
| 5299 | 8028949, 5.68%, 1/26/2026<sup>(e)</sup> | 7/31/2024 | 5297 | 30 |
| 915 | 8029153, 5.94%, 1/26/2026 | 7/31/2024 | 911 | 875 |
|  | 8029211, 4.89%, 1/26/2026 | 7/31/2024 |  |  |
| 3128 | 8029258, 4.58%, 1/26/2026 | 7/31/2024 | 3122 | 2976 |
| 883 | 8029336, 5.69%, 1/26/2026 | 7/31/2024 | 882 | 621 |
| 28430 | 8030168, 5.14%, 1/26/2026 | 7/31/2024 | 28357 | 9285 |
| 528 | 8031182, 4.60%, 1/27/2026 | 8/1/2024 | 527 | 508 |
| 1773 | 8031242, 4.58%, 1/27/2026 | 8/1/2024 | 1769 | 1670 |
| 1072 | 8031757, 4.54%, 1/27/2026<sup>(e)</sup> | 8/1/2024 | 1071 | 8 |
| 157 | 8031767, 4.56%, 1/27/2026 | 8/1/2024 | 156 | 108 |
| 883 | 8031857, 4.89%, 1/27/2026 | 8/1/2024 | 883 | 568 |
| 7097 | 8032011, 4.58%, 1/27/2026 | 8/1/2024 | 7079 | 6867 |
| 3182 | 8032149, 4.57%, 1/28/2026 | 8/1/2024 | 3175 | 3132 |
| 398 | 8032270, 5.92%, 1/28/2026 | 8/1/2024 | 397 | 322 |
| 263 | 8032282, 4.57%, 1/28/2026 | 8/1/2024 | 259 | 262 |
| 1224 | 8032369, 5.91%, 1/28/2026 | 8/1/2024 | 1223 | 370 |
| 10075 | 8032372, 4.57%, 1/28/2026 | 8/1/2024 | 10053 | 9909 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 149

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $14514 | 8032586, 5.68%, 1/28/2026<sup>(e)</sup> | 8/1/2024 | 14510 | $109 |
| 2269 | 8033337, 4.56%, 1/29/2026 | 8/1/2024 | 2260 | 2218 |
| 1181 | 8033537, 4.56%, 1/29/2026 | 8/1/2024 | 1179 | 1106 |
| 1536 | 8034285, 5.91%, 1/29/2026<sup>(e)</sup> | 8/1/2024 | 1534 | 29 |
| 10001 | 8034315, 5.91%, 1/29/2026<sup>(e)</sup> | 8/1/2024 | 9997 | 154 |
| 4102 | 8034444, 5.67%, 1/29/2026<sup>(e)</sup> | 8/1/2024 | 4100 | 88 |
| 1722 | 8034504, 5.48%, 1/29/2026 | 8/1/2024 | 1718 | 1630 |
| 11386 | 8034951, 4.53%, 1/29/2026<sup>(e)</sup> | 8/1/2024 | 11380 | 156 |
| 51 | 8035059, 4.56%, 1/29/2026 | 8/1/2024 | 49 | 51 |
| 2342 | 8035224, 4.56%, 1/29/2026 | 8/1/2024 | 2340 | 2169 |
| 3551 | 8035334, 5.12%, 1/29/2026 | 8/1/2024 | 3544 | 3420 |
| 320 | 8036036, 4.57%, 1/29/2026 | 8/1/2024 | 318 | 318 |
| 62 | 8036074, 4.56%, 1/29/2026 | 8/1/2024 | 58 | 62 |
| 44864 | 8036746, 5.91%, 1/29/2026<sup>(e)</sup> | 8/1/2024 | 44837 | 583 |
| 1487 | 8038993, 4.56%, 1/30/2026 | 8/2/2024 | 1483 | 1464 |
| 1232 | 8039700, 5.31%, 1/30/2026 | 8/2/2024 | 1232 | 770 |
| 1337 | 8039933, 5.12%, 1/30/2026 | 8/2/2024 | 1337 | 816 |
| 2576 | 8040253, 4.56%, 1/30/2026<sup>(e)</sup> | 8/2/2024 | 2574 | 59 |
| 1089 | 8041020, 5.49%, 1/31/2026 | 8/5/2024 | 1086 | 642 |
| 438 | 8041052, 4.56%, 1/31/2026 | 8/5/2024 | 431 | 435 |
| 504 | 8041852, 4.52%, 1/31/2026<sup>(e)</sup> | 8/5/2024 | 504 | 7 |
| 354 | 8041917, 4.56%, 1/31/2026 | 8/5/2024 | 352 | 350 |

---

*See Notes to Financial Statements.*

150 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1163 | 8042096, 5.11%, 1/31/2026 | 8/5/2024 | 1155 | $1119 |
|  | 8042652, 4.56%, 1/31/2026 | 8/5/2024 |  |  |
| 716 | 8042662, 4.53%, 1/31/2026<sup>(e)</sup> | 8/5/2024 | 715 | 109 |
| 9296 | 8043810, 5.12%, 1/31/2026<sup>(e)</sup> | 8/5/2024 | 9259 | 4579 |
| 2631 | 8043995, 5.91%, 1/31/2026 | 8/5/2024 | 2624 | 537 |
| 1047 | 8046780, 5.93%, 2/1/2026<sup>(e)</sup> | 8/6/2024 | 1046 | 260 |
| 4530 | 8047336, 4.55%, 2/1/2026 | 8/6/2024 | 4524 | 818 |
| 3571 | 8047466, 4.89%, 2/1/2026 | 8/6/2024 | 3566 | 3463 |
| 998 | 8047929, 6.05%, 2/1/2026 | 8/6/2024 | 997 | 752 |
| 2094 | 8048228, 5.32%, 2/1/2026 | 8/6/2024 | 2091 | 1798 |
| 103 | 8048388, 4.58%, 2/1/2026 | 8/6/2024 | 100 | 103 |
| 2023 | 8048439, 5.14%, 2/1/2026 | 8/6/2024 | 2022 | 1590 |
| 9070 | 8048832, 4.89%, 2/1/2026 | 8/6/2024 | 9061 | 8884 |
| 890 | 8050207, 5.14%, 2/1/2026 | 8/6/2024 | 888 | 865 |
| 1074 | 8050222, 4.55%, 2/1/2026 | 8/6/2024 | 1073 | 565 |
| 386 | 8050257, 6.06%, 2/1/2026 | 8/6/2024 | 385 | 314 |
| 4375 | 8050504, 6.06%, 2/1/2026<sup>(e)</sup> | 8/6/2024 | 4373 | 56 |
| 409 | 8050544, 5.24%, 2/1/2026<sup>(e)</sup> | 8/7/2024 | 409 | 10 |
| 3954 | 8051002, 4.58%, 2/2/2026 | 8/7/2024 | 3944 | 3814 |
| 598 | 8053265, 4.90%, 2/2/2026 | 8/7/2024 | 598 | 581 |
| 543 | 8053441, 5.34%, 2/2/2026 | 8/7/2024 | 542 | 427 |
| 1977 | 8053450, 6.25%, 2/2/2026<sup>(e)</sup> | 8/7/2024 | 1976 | 456 |
| 1064 | 8053471, 5.31%, 2/2/2026 | 8/7/2024 | 1064 | 193 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 151

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $513 | 8053485, 5.95%, 2/2/2026 | 8/7/2024 | 512 | $313 |
| 684 | 8053496, 4.89%, 2/2/2026 | 8/7/2024 | 683 | 669 |
| 3616 | 8053624, 5.32%, 2/2/2026 | 8/7/2024 | 3615 | 1454 |
| 3955 | 8053707, 4.55%, 2/2/2026<sup>(e)</sup> | 8/7/2024 | 3954 | 40 |
| 7202 | 8054425, 5.69%, 2/3/2026<sup>(e)</sup> | 8/8/2024 | 7196 | 2116 |
| 2644 | 8054605, 4.58%, 2/3/2026 | 8/8/2024 | 2632 | 2609 |
| 535 | 8055086, 5.69%, 2/3/2026 | 8/8/2024 | 535 | 507 |
| 1604 | 8055155, 4.58%, 2/3/2026 | 8/8/2024 | 1599 | 1582 |
| 1498 | 8055284, 5.30%, 2/4/2026 | 8/8/2024 | 1498 | 926 |
| 819 | 8055345, 5.91%, 2/4/2026 | 8/8/2024 | 818 | 374 |
| 2028 | 8055354, 4.88%, 2/4/2026 | 8/8/2024 | 2026 | 1984 |
| 2629 | 8055454, 5.68%, 2/4/2026 | 8/8/2024 | 2628 | 1892 |
| 883 | 8055798, 4.58%, 2/4/2026 | 8/8/2024 | 879 | 869 |
| 425 | 8058149, 4.51%, 2/5/2026 | 8/8/2024 | 425 | 189 |
| 641 | 8059843, 4.88%, 2/5/2026 | 8/8/2024 | 641 | 630 |
| 1750 | 8059865, 4.87%, 2/5/2026 | 8/8/2024 | 1749 | 1536 |
| 1006 | 8059924, 5.11%, 2/5/2026 | 8/8/2024 | 1005 | 969 |
| 4385 | 8060003, 4.56%, 2/5/2026 | 8/8/2024 | 4375 | 4179 |
| 2734 | 8060463, 4.56%, 2/6/2026 | 8/9/2024 | 2721 | 2636 |
| 1363 | 8061287, 4.57%, 2/6/2026 | 8/9/2024 | 1359 | 1341 |
| 5336 | 8061467, 5.91%, 2/6/2026 | 8/9/2024 | 5332 | 1759 |
| 1566 | 8061719, 4.54%, 2/6/2026<sup>(e)</sup> | 8/9/2024 | 1565 | 10 |

---

*See Notes to Financial Statements.*

152 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1279 | 8062462, 4.55%, 2/6/2026<sup>(e)</sup> | 8/9/2024 | 1279 | $176 |
| 37 | 8062470, 5.12%, 2/6/2026 | 8/9/2024 | 35 | 35 |
| 3474 | 8062553, 4.56%, 2/6/2026<sup>(e)</sup> | 8/9/2024 | 3471 | 65 |
| 140 | 8062617, 4.56%, 2/6/2026 | 8/9/2024 | 134 | 140 |
| 560 | 8063317, 4.57%, 2/6/2026 | 8/9/2024 | 545 | 557 |
| 1898 | 8065475, 4.54%, 2/7/2026<sup>(e)</sup> | 8/12/2024 | 1898 | 10 |
| 1981 | 8065500, 5.21%, 2/7/2026 | 8/12/2024 | 1952 | 1231 |
| 3043 | 8066211, 4.53%, 2/7/2026 | 8/12/2024 | 3017 | 1410 |
| 442 | 8066258, 4.56%, 2/7/2026 | 8/12/2024 | 441 | 89 |
| 1745 | 8066269, 6.05%, 2/7/2026<sup>(e)</sup> | 8/12/2024 | 1744 | 250 |
| 5482 | 8066626, 6.21%, 2/7/2026 | 8/12/2024 | 5459 | 1477 |
| 485 | 8069086, 4.58%, 2/8/2026 | 8/13/2024 | 478 | 482 |
| 18655 | 8069329, 5.69%, 2/8/2026 | 8/13/2024 | 18646 | 6207 |
| 2563 | 8070306, 4.58%, 2/8/2026 | 8/13/2024 | 2558 | 2274 |
| 3312 | 8070391, 5.94%, 2/8/2026 | 8/13/2024 | 3311 | 915 |
| 381 | 8071634, 5.23%, 2/8/2026 | 8/13/2024 | 380 | 287 |
| 17121 | 8072199, 4.58%, 2/8/2026 | 8/13/2024 | 17043 | 16792 |
| 3847 | 8072734, 4.58%, 2/8/2026 | 8/13/2024 | 3837 | 3664 |
| 1084 | 8073646, 4.89%, 2/9/2026 | 8/14/2024 | 1083 | 1065 |
| 2679 | 8073760, 4.58%, 2/9/2026 | 8/14/2024 | 2661 | 2653 |
| 2714 | 8074115, 4.58%, 2/9/2026 | 8/14/2024 | 2707 | 2624 |
| 618 | 8074186, 4.90%, 2/9/2026 | 8/14/2024 | 617 | 585 |
|  | 8074649, 5.50%, 2/9/2026 | 8/14/2024 |  |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 153

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $8512 | 8075716, 5.32%, 2/9/2026<sup>(e)</sup> | 8/14/2024 | 8507 | $2152 |
| 1430 | 8076012, 4.58%, 2/10/2026 | 8/15/2024 | 1424 | 1407 |
| 4421 | 8076149, 5.14%, 2/10/2026 | 8/15/2024 | 4411 | 4172 |
| 119 | 8076506, 4.58%, 2/10/2026 | 8/15/2024 | 115 | 118 |
| 3489 | 8076833, 4.58%, 2/10/2026 | 8/15/2024 | 3478 | 3173 |
| 7052 | 8076898, 4.54%, 2/11/2026<sup>(e)</sup> | 8/15/2024 | 7043 | 143 |
| 75 | 8077396, 6.24%, 2/11/2026 | 8/15/2024 | 74 | 66 |
| 1802 | 8077477, 5.92%, 2/11/2026 | 8/15/2024 | 1801 | 787 |
| 2969 | 8077986, 6.04%, 2/12/2026<sup>(e)</sup> | 8/15/2024 | 2968 | 229 |
| 2653 | 8078316, 5.67%, 2/12/2026 | 8/15/2024 | 2649 | 2181 |
| 5389 | 8078490, 4.57%, 2/12/2026 | 8/15/2024 | 5378 | 4324 |
| 2560 | 8079182, 6.03%, 2/12/2026 | 8/15/2024 | 2558 | 1786 |
| 87 | 8079460, 4.56%, 2/12/2026 | 8/15/2024 | 82 | 87 |
| 192 | 8079696, 5.11%, 2/12/2026 | 8/15/2024 | 190 | 191 |
| 10800 | 8079939, 4.87%, 2/12/2026 | 8/15/2024 | 10791 | 9942 |
| 2001 | 8080338, 5.48%, 2/12/2026 | 8/15/2024 | 1999 | 1415 |
| 13011 | 8080538, 5.12%, 2/12/2026 | 8/15/2024 | 13003 | 10210 |
| 430 | 8081562, 5.68%, 2/13/2026 | 8/16/2024 | 427 | 417 |
| 1750 | 8081659, 5.31%, 2/13/2026 | 8/16/2024 | 1749 | 384 |
| 1230 | 8082955, 4.88%, 2/13/2026 | 8/16/2024 | 1229 | 1084 |
| 21045 | 8083263, 4.56%, 2/13/2026 | 8/16/2024 | 20977 | 20072 |
| 5095 | 8083907, 5.12%, 2/13/2026<sup>(e)</sup> | 8/16/2024 | 5093 | 1813 |

---

*See Notes to Financial Statements.*

154 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1367 | 8084395, 5.92%, 2/13/2026<sup>(e)</sup> | 8/16/2024 | 1366 | $15 |
| 3064 | 8085158, 4.87%, 2/14/2026 | 8/19/2024 | 3060 | 2998 |
| 801 | 8086069, 4.86%, 2/14/2026 | 8/19/2024 | 800 | 780 |
| 302 | 8086123, 4.56%, 2/14/2026 | 8/19/2024 | 298 | 300 |
| 934 | 8086150, 5.92%, 2/14/2026 | 8/19/2024 | 924 | 299 |
| 1449 | 8086560, 5.48%, 2/14/2026 | 8/19/2024 | 1433 | 1371 |
| 44937 | 8086753, 5.91%, 2/14/2026<sup>(e)</sup> | 8/19/2024 | 44867 | 857 |
| 810 | 8087265, 5.30%, 2/14/2026 | 8/19/2024 | 807 | 780 |
| 1273 | 8087422, 5.92%, 2/14/2026 | 8/19/2024 | 1272 | 570 |
| 1545 | 8087520, 4.56%, 2/14/2026 | 8/19/2024 | 1537 | 1523 |
| 3762 | 8087587, 4.56%, 2/14/2026 | 8/19/2024 | 3655 | 3729 |
| 70 | 8089993, 5.97%, 2/15/2026 | 8/20/2024 | 69 | 68 |
| 1016 | 8091299, 5.14%, 2/15/2026 | 8/20/2024 | 1014 | 970 |
| 899 | 8091622, 5.13%, 2/15/2026 | 8/20/2024 | 899 | 852 |
| 1670 | 8091650, 5.14%, 2/15/2026 | 8/20/2024 | 1669 | 1639 |
| 2082 | 8091752, 5.69%, 2/15/2026 | 8/20/2024 | 2081 | 400 |
| 648 | 8092218, 4.55%, 2/15/2026 | 8/20/2024 | 647 | 87 |
| 3618 | 8092219, 4.58%, 2/15/2026 | 8/20/2024 | 3577 | 3593 |
| 490 | 8092595, 4.52%, 2/15/2026<sup>(e)</sup> | 8/20/2024 | 489 | 6 |
| 1660 | 8092634, 5.51%, 2/15/2026 | 8/20/2024 | 1658 | 1448 |
| 1791 | 8092757, 4.59%, 2/15/2026 | 8/20/2024 | 1787 | 1362 |
| 721 | 8092885, 4.89%, 2/15/2026 | 8/20/2024 | 720 | 694 |
| 587 | 8092992, 6.05%, 2/15/2026<sup>(e)</sup> | 8/20/2024 | 586 | 297 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 155

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $499 | 8093089, 4.58%, 2/15/2026 | 8/20/2024 | 496 | $496 |
| 304 | 8093593, 4.59%, 2/15/2026 | 8/20/2024 | 303 | 302 |
| 1766 | 8093748, 4.90%, 2/16/2026 | 8/21/2024 | 1762 | 1512 |
| 126 | 8093842, 6.23%, 2/16/2026 | 8/21/2024 | 125 | 115 |
| 2033 | 8096014, 4.58%, 2/16/2026 | 8/21/2024 | 2027 | 1930 |
| 59 | 8096325, 4.58%, 2/16/2026 | 8/21/2024 | 57 | 58 |
| 2200 | 8096714, 5.69%, 2/16/2026 | 8/21/2024 | 2198 | 1987 |
| 516 | 8097467, 4.51%, 2/17/2026 | 8/22/2024 | 516 | 79 |
| 576 | 8097812, 5.93%, 2/17/2026 | 8/22/2024 | 576 | 532 |
| 3402 | 8097836, 4.58%, 2/17/2026 | 8/22/2024 | 3389 | 3254 |
| 6198 | 8098158, 5.13%, 2/18/2026 | 8/22/2024 | 6193 | 5266 |
|  | 8098314, 6.24%, 2/18/2026 | 8/22/2024 |  |  |
| 1499 | 8098349, 5.13%, 2/18/2026<sup>(e)</sup> | 8/22/2024 | 1497 | 1398 |
| 5312 | 8098491, 5.13%, 2/18/2026 | 8/22/2024 | 5306 | 5086 |
| 3333 | 8098672, 4.57%, 2/18/2026 | 8/22/2024 | 3325 | 3069 |
| 2495 | 8099014, 4.56%, 2/19/2026 | 8/22/2024 | 2478 | 2464 |
| 2512 | 8099477, 4.56%, 2/19/2026 | 8/22/2024 | 2502 | 2465 |
| 5096 | 8099692, 4.57%, 2/19/2026 | 8/22/2024 | 5081 | 4630 |
| 1816 | 8099940, 4.56%, 2/19/2026 | 8/22/2024 | 1799 | 1800 |
| 6558 | 8100189, 4.56%, 2/19/2026 | 8/22/2024 | 6538 | 6153 |
| 2284 | 8100396, 4.87%, 2/19/2026 | 8/22/2024 | 2282 | 2086 |
| 319 | 8101822, 4.52%, 2/19/2026 | 8/22/2024 | 319 | 235 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2334 | 8101838, 5.67%, 2/19/2026 | 8/22/2024 | 2333 | $1499 |
| 706 | 8101891, 4.87%, 2/19/2026 | 8/22/2024 | 704 | 697 |
| 1252 | 8103554, 4.56%, 2/20/2026 | 8/23/2024 | 1244 | 1237 |
| 1523 | 8104683, 5.91%, 2/20/2026<sup>(e)</sup> | 8/23/2024 | 1523 | 19 |
| 643 | 8104746, 5.91%, 2/20/2026 | 8/23/2024 | 626 | 574 |
| 932 | 8104871, 5.67%, 2/20/2026 | 8/23/2024 | 931 | 822 |
| 7346 | 8105202, 4.87%, 2/20/2026 | 8/23/2024 | 7340 | 6054 |
| 5182 | 8105414, 5.30%, 2/20/2026 | 8/23/2024 | 5169 | 5121 |
| 1008 | 8105749, 4.57%, 2/20/2026 | 8/23/2024 | 1004 | 893 |
| 3432 | 8106341, 4.56%, 2/21/2026 | 8/26/2024 | 3417 | 3215 |
| 121 | 8106560, 5.39%, 2/21/2026 | 8/26/2024 | 114 | 103 |
| 2040 | 8106571, 5.18%, 2/21/2026 | 8/26/2024 | 2037 | 1900 |
| 1225 | 8106705, 4.88%, 2/21/2026 | 8/26/2024 | 1216 | 1205 |
| 4582 | 8108271, 5.48%, 2/21/2026 | 8/26/2024 | 4549 | 4149 |
| 3282 | 8108789, 5.12%, 2/21/2026 | 8/26/2024 | 3275 | 2947 |
| 24706 | 8108914, 4.87%, 2/21/2026 | 8/26/2024 | 24681 | 15153 |
| 4726 | 8109080, 5.18%, 2/21/2026 | 8/26/2024 | 4719 | 3151 |
| 345 | 8109141, 5.92%, 2/21/2026 | 8/26/2024 | 344 | 272 |
| 1151 | 8111503, 4.74%, 2/22/2026 | 8/27/2024 | 1150 | 388 |
| 1706 | 8114192, 5.20%, 2/22/2026 | 8/27/2024 | 1702 | 1692 |
| 716 | 8114338, 5.69%, 2/22/2026 | 8/27/2024 | 716 | 506 |
| 3679 | 8115345, 5.69%, 2/23/2026 | 8/28/2024 | 3666 | 3445 |
| 3047 | 8115559, 6.18%, 2/23/2026<sup>(e)</sup> | 8/28/2024 | 3046 | 599 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 157

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $10196 | 8115644, 4.89%, 2/23/2026 | 8/28/2024 | 10147 | $9702 |
| 7923 | 8116427, 4.89%, 2/23/2026<sup>(e)</sup> | 8/28/2024 | 7917 | 1693 |
| 1657 | 8118175, 4.56%, 2/23/2026<sup>(e)</sup> | 8/28/2024 | 1656 | 92 |
| 174 | 8118767, 4.75%, 2/24/2026 | 8/29/2024 | 173 | 154 |
| 4261 | 8118848, 6.09%, 2/24/2026 | 8/29/2024 | 4259 | 1049 |
| 129 | 8118908, 5.50%, 2/24/2026 | 8/29/2024 | 128 | 128 |
| 286 | 8118942, 4.58%, 2/24/2026 | 8/29/2024 | 283 | 284 |
| 519 | 8119227, 5.70%, 2/24/2026 | 8/29/2024 | 515 | 507 |
| 3512 | 8119265, 4.91%, 2/24/2026 | 8/29/2024 | 3505 | 3330 |
| 1680 | 8119378, 6.09%, 2/24/2026<sup>(e)</sup> | 8/29/2024 | 1679 | 19 |
| 2064 | 8119402, 5.19%, 2/24/2026 | 8/29/2024 | 2061 | 1760 |
| 2063 | 8119884, 4.57%, 2/25/2026 | 8/29/2024 | 2051 | 2026 |
| 548 | 8119944, 5.93%, 2/25/2026 | 8/29/2024 | 543 | 358 |
| 11127 | 8119951, 5.19%, 2/25/2026<sup>(e)</sup> | 8/29/2024 | 11108 | 7721 |
| 533 | 8121539, 4.56%, 2/26/2026 | 8/29/2024 | 529 | 528 |
| 504 | 8121577, 6.17%, 2/26/2026 | 8/29/2024 | 502 | 487 |
| 1024 | 8121990, 5.18%, 2/26/2026 | 8/29/2024 | 1023 | 970 |
| 1621 | 8122454, 5.92%, 2/26/2026<sup>(e)</sup> | 8/29/2024 | 1620 | 427 |
| 14619 | 8122548, 4.56%, 2/26/2026 | 8/29/2024 | 14536 | 14237 |
| 36255 | 8123360, 5.67%, 2/26/2026 | 8/29/2024 | 36225 | 30969 |
| 610 | 8125456, 5.19%, 2/27/2026 | 8/30/2024 | 610 | 575 |
| 255 | 8125678, 4.56%, 2/27/2026 | 8/30/2024 | 253 | 254 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1159 | 8126105, 4.57%, 2/27/2026 | 8/30/2024 | 1151 | $1144 |
| 1078 | 8126155, 4.57%, 2/27/2026 | 8/30/2024 | 1071 | 1063 |
| 850 | 8126215, 5.91%, 2/27/2026 | 8/30/2024 | 850 | 662 |
| 1668 | 8126741, 5.48%, 2/27/2026 | 8/30/2024 | 1667 | 1532 |
| 3975 | 8126778, 4.53%, 2/27/2026 | 8/30/2024 | 3972 | 1280 |
| 112 | 8126904, 6.44%, 2/27/2026 | 8/30/2024 | 112 | 110 |
| 676 | 8127029, 5.67%, 2/27/2026 | 8/30/2024 | 673 | 664 |
| 464 | 8127621, 4.74%, 2/27/2026<sup>(e)</sup> | 8/30/2024 | 460 | 406 |
| 14157 | 8128589, 5.67%, 2/28/2026<sup>(e)</sup> | 9/3/2024 | 14125 | 7373 |
| 1299 | 8129852, 5.90%, 2/28/2026 | 9/3/2024 | 1177 | 1088 |
| 3782 | 8129880, 5.42%, 2/28/2026 | 9/3/2024 | 3757 | 3765 |
| 23530 | 8130765, 4.89%, 2/28/2026 | 9/3/2024 | 23500 | 21064 |
| 2329 | 8135397, 4.60%, 2/28/2026 | 9/4/2024 | 2310 | 2265 |
| 13781 | 8137667, 5.22%, 2/28/2026 | 9/4/2024 | 13745 | 13106 |
| 2717 | 8139172, 5.96%, 2/28/2026 | 9/5/2024 | 2714 | 2155 |
| 192 | 8139546, 5.99%, 2/28/2026 | 9/5/2024 | 192 | 179 |
| 16408 | 8139588, 5.23%, 2/28/2026<sup>(e)</sup> | 9/5/2024 | 16398 | 10592 |
| 1602 | 8140372, 4.61%, 2/28/2026 | 9/5/2024 | 1591 | 1532 |
| 15966 | 8140485, 4.94%, 2/28/2026 | 9/5/2024 | 15928 | 15302 |
| 5065 | 8141092, 4.61%, 2/28/2026 | 9/5/2024 | 5033 | 4968 |
| 12450 | 8141325, 4.61%, 2/28/2026 | 9/5/2024 | 12395 | 11309 |
| 2192 | 8141921, 5.96%, 2/28/2026 | 9/5/2024 | 2189 | 1876 |
| 5627 | 8142024, 6.22%, 2/28/2026<sup>(e)</sup> | 9/5/2024 | 5625 | 890 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 159

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $– | 8142498, 5.47%, 2/28/2026 | 9/5/2024 |  | $– |
| 1173 | 8142688, 6.13%, 2/28/2026<sup>(e)</sup> | 9/6/2024 | 1172 | 138 |
| 1508 | 8142835, 4.62%, 2/28/2026 | 9/6/2024 | 1499 | 1479 |
| 1065 | 8142892, 5.24%, 2/28/2026 | 9/6/2024 | 1059 | 1049 |
| 122 | 8143294, 5.24%, 2/28/2026 | 9/6/2024 | 123 | 122 |
| 5186 | 8143299, 6.14%, 2/28/2026<sup>(e)</sup> | 9/6/2024 | 5180 | 57 |
| 3296 | 8143435, 5.95%, 3/1/2026<sup>(e)</sup> | 9/6/2024 | 3295 | 417 |
|  | 8144069, 4.61%, 3/1/2026 | 9/6/2024 |  |  |
| 1952 | 8144310, 5.22%, 3/1/2026<sup>(e)</sup> | 9/6/2024 | 1951 | 592 |
| 419 | 8144463, 6.45%, 3/2/2026 | 9/6/2024 | 418 | 407 |
| 23941 | 8144678, 4.60%, 3/2/2026 | 9/6/2024 | 23840 | 20853 |
| 4664 | 8145102, 5.95%, 3/2/2026 | 9/6/2024 | 4661 | 2757 |
| 471 | 8146243, 5.21%, 3/3/2026 | 9/6/2024 | 468 | 468 |
| 731 | 8146730, 5.21%, 3/3/2026 | 9/6/2024 | 730 | 703 |
|  | 8146798, 6.20%, 3/3/2026 | 9/6/2024 |  |  |
| 1891 | 8147293, 5.21%, 3/3/2026 | 9/6/2024 | 1887 | 1822 |
| 23486 | 8147889, 4.90%, 3/3/2026 | 9/6/2024 | 23427 | 22368 |
| 2042 | 8149962, 4.59%, 3/4/2026 | 9/9/2024 | 2023 | 2016 |
| 1204 | 8150144, 4.92%, 3/4/2026 | 9/9/2024 | 1147 | 1198 |
| 5321 | 8150998, 5.21%, 3/4/2026 | 9/9/2024 | 5264 | 5200 |
| 2270 | 8151627, 4.92%, 3/4/2026 | 9/9/2024 | 2249 | 2252 |
| 2530 | 8151810, 6.45%, 3/4/2026<sup>(e)</sup> | 9/9/2024 | 2529 | 28 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $6509 | 8151881, 5.93%, 3/4/2026<sup>(e)</sup> | 9/9/2024 | 6500 | $115 |
| 22 | 8152951, 4.75%, 3/4/2026 | 9/9/2024 | 21 | 18 |
| 89 | 8155762, 4.94%, 3/5/2026 | 9/10/2024 | 85 | 89 |
| 636 | 8155885, 5.43%, 3/5/2026 | 9/10/2024 | 635 | 399 |
| 1254 | 8155957, 4.95%, 3/5/2026 | 9/10/2024 | 1252 | 902 |
| 2770 | 8156755, 4.61%, 3/5/2026 | 9/10/2024 | 2752 | 2594 |
| 1630 | 8156864, 6.22%, 3/5/2026 | 9/10/2024 | 1627 | 1376 |
| 961 | 8156915, 6.12%, 3/5/2026 | 9/10/2024 | 958 | 838 |
| 2470 | 8156964, 5.47%, 3/5/2026 | 9/10/2024 | 2468 | 2186 |
| 4405 | 8157054, 4.93%, 3/5/2026 | 9/10/2024 | 4399 | 1712 |
| 1677 | 8157519, 6.13%, 3/5/2026 | 9/10/2024 | 1676 | 318 |
| 664 | 8157570, 4.94%, 3/5/2026 | 9/10/2024 | 658 | 659 |
| 4855 | 8158962, 4.61%, 3/6/2026 | 9/11/2024 | 4822 | 4737 |
| 659 | 8159237, 6.22%, 3/6/2026 | 9/11/2024 | 659 | 563 |
| 2314 | 8160164, 5.72%, 3/6/2026 | 9/11/2024 | 2299 | 2283 |
| 1771 | 8160417, 4.94%, 3/6/2026 | 9/11/2024 | 1763 | 1743 |
| 72 | 8160554, 5.49%, 3/6/2026 | 9/11/2024 | 72 | 72 |
| 5733 | 8160569, 5.47%, 3/6/2026 | 9/11/2024 | 5729 | 5219 |
| 1535 | 8161621, 5.96%, 3/6/2026 | 9/11/2024 | 1534 | 1112 |
| 1508 | 8162709, 4.61%, 3/7/2026 | 9/12/2024 | 1491 | 1490 |
| 1841 | 8162958, 5.48%, 3/7/2026 | 9/12/2024 | 1839 | 1234 |
| 579 | 8163029, 5.71%, 3/7/2026 | 9/12/2024 | 579 | 503 |
| 1242 | 8163105, 4.61%, 3/7/2026 | 9/12/2024 | 1228 | 1228 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 161

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $5148 | 8163393, 5.71%, 3/8/2026 | 9/12/2024 | 5143 | $4517 |
| 5213 | 8163510, 4.60%, 3/8/2026 | 9/12/2024 | 5148 | 5135 |
| 8330 | 8163983, 5.22%, 3/8/2026 | 9/12/2024 | 8317 | 7533 |
| 1352 | 8165098, 5.93%, 3/9/2026 | 9/12/2024 | 1342 | 1003 |
| 8684 | 8165162, 4.56%, 3/9/2026 | 9/12/2024 | 8679 | 2196 |
| 3529 | 8165591, 6.20%, 3/9/2026<sup>(e)</sup> | 9/12/2024 | 3528 | 30 |
| 487 | 8165952, 5.42%, 3/9/2026 | 9/12/2024 | 486 | 412 |
|  | 8165984, 5.21%, 3/9/2026 | 9/12/2024 |  |  |
| 1527 | 8166096, 4.59%, 3/9/2026 | 9/12/2024 | 1507 | 1512 |
| 1272 | 8166176, 5.21%, 3/9/2026 | 9/12/2024 | 1269 | 1244 |
| 17541 | 8166385, 4.59%, 3/9/2026 | 9/12/2024 | 17423 | 16919 |
| 874 | 8167063, 4.59%, 3/9/2026 | 9/12/2024 | 868 | 858 |
| 664 | 8167759, 6.44%, 3/10/2026<sup>(e)</sup> | 9/13/2024 | 663 | 457 |
| 1320 | 8168826, 4.91%, 3/10/2026 | 9/13/2024 | 1315 | 1210 |
| 2089 | 8168931, 5.21%, 3/10/2026 | 9/13/2024 | 2075 | 2064 |
| 4382 | 8169107, 5.93%, 3/10/2026 | 9/13/2024 | 4376 | 3560 |
| 1004 | 8169335, 4.92%, 3/10/2026 | 9/13/2024 | 993 | 994 |
| 52523 | 8169429, 4.59%, 3/10/2026 | 9/13/2024 | 52255 | 45766 |
| 1089 | 8170736, 6.20%, 3/10/2026 | 9/13/2024 | 1087 | 1012 |
| 2817 | 8170921, 5.21%, 3/10/2026 | 9/13/2024 | 2813 | 2571 |
| 385 | 8170976, 6.35%, 3/10/2026 | 9/13/2024 | 384 | 312 |
|  | 8171002, 6.46%, 3/10/2026 | 9/13/2024 |  |  |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $81 | 8172945, 4.59%, 3/11/2026 | 9/16/2024 | 75 | $80 |
| 1762 | 8173659, 4.91%, 3/11/2026 | 9/16/2024 | 1756 | 1692 |
| 759 | 8173691, 5.22%, 3/11/2026 | 9/16/2024 | 757 | 738 |
| 396 | 8173735, 4.91%, 3/11/2026 | 9/16/2024 | 393 | 392 |
| 8015 | 8173786, 4.59%, 3/11/2026 | 9/16/2024 | 7920 | 7921 |
| 2897 | 8176748, 6.22%, 3/12/2026<sup>(e)</sup> | 9/17/2024 | 2894 | 62 |
| 3854 | 8177430, 4.93%, 3/12/2026 | 9/17/2024 | 3843 | 3491 |
| 1481 | 8177590, 5.44%, 3/12/2026 | 9/17/2024 | 1480 | 236 |
| 10137 | 8177695, 6.22%, 3/12/2026<sup>(e)</sup> | 9/17/2024 | 10132 | 1407 |
| 2251 | 8178154, 5.96%, 3/12/2026 | 9/17/2024 | 2248 | 1954 |
| 4092 | 8178469, 4.94%, 3/12/2026 | 9/17/2024 | 4058 | 4036 |
| 638 | 8178733, 6.49%, 3/12/2026 | 9/17/2024 | 637 | 387 |
| 725 | 8178757, 4.95%, 3/12/2026 | 9/17/2024 | 722 | 693 |
| 1589 | 8180317, 4.61%, 3/12/2026 | 9/17/2024 | 1566 | 1573 |
| 1970 | 8180525, 4.61%, 3/12/2026 | 9/17/2024 | 1957 | 1713 |
| 1170 | 8180825, 6.34%, 3/13/2026 | 9/18/2024 | 1156 | 1148 |
| 981 | 8181419, 6.21%, 3/13/2026 | 9/18/2024 | 980 | 699 |
| 3042 | 8181459, 4.61%, 3/13/2026 | 9/18/2024 | 3022 | 2872 |
| 1820 | 8181656, 6.21%, 3/13/2026<sup>(e)</sup> | 9/18/2024 | 1819 | 24 |
| 3300 | 8181693, 5.23%, 3/13/2026 | 9/18/2024 | 3296 | 1971 |
| 7302 | 8181766, 4.61%, 3/13/2026 | 9/18/2024 | 7221 | 7201 |
| 1507 | 8182215, 4.61%, 3/13/2026 | 9/18/2024 | 1495 | 1471 |
| 1047 | 8182256, 5.71%, 3/13/2026 | 9/18/2024 | 1046 | 783 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 163

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2544 | 8184078, 4.60%, 3/13/2026 | 9/18/2024 | 2528 | $2404 |
| 1519 | 8184166, 4.94%, 3/13/2026 | 9/18/2024 | 1513 | 1444 |
| 5278 | 8184483, 4.61%, 3/14/2026 | 9/19/2024 | 5227 | 5188 |
| 274 | 8184615, 6.45%, 3/14/2026 | 9/19/2024 | 272 | 255 |
| 2809 | 8184628, 4.94%, 3/14/2026<sup>(e)</sup> | 9/19/2024 | 2802 | 144 |
|  | 8184724, 4.61%, 3/14/2026 | 9/19/2024 |  |  |
| 209 | 8184932, 4.61%, 3/14/2026 | 9/19/2024 | 196 | 208 |
| 3385 | 8185190, 5.94%, 3/15/2026 | 9/19/2024 | 3383 | 2530 |
| 2044 | 8185406, 4.60%, 3/15/2026 | 9/19/2024 | 2027 | 1997 |
| 827 | 8185464, 6.45%, 3/15/2026<sup>(e)</sup> | 9/19/2024 | 826 | 186 |
| 5359 | 8185885, 5.22%, 3/15/2026 | 9/19/2024 | 5352 | 3050 |
|  | 8185989, 6.11%, 3/15/2026 | 9/19/2024 | (219) |  |
| 1432 | 8186231, 6.19%, 3/16/2026 | 9/19/2024 | 1430 | 288 |
| 6693 | 8186316, 4.59%, 3/16/2026 | 9/19/2024 | 6611 | 6612 |
| 490 | 8186962, 5.69%, 3/16/2026 | 9/19/2024 | 489 | 482 |
| 3186 | 8187345, 5.46%, 3/16/2026 | 9/19/2024 | 3183 | 632 |
| 3265 | 8187467, 4.59%, 3/16/2026 | 9/19/2024 | 3252 | 1441 |
|  | 8187573, 4.59%, 3/16/2026 | 9/19/2024 | (69) | (38) |
| 152 | 8187834, 4.58%, 3/16/2026 | 9/19/2024 | 145 | 152 |
| 1400 | 8187874, 5.70%, 3/16/2026 | 9/19/2024 | 1398 | 1256 |
| 480 | 8187958, 5.43%, 3/16/2026 | 9/19/2024 | 480 | 402 |
| 1307 | 8188109, 6.20%, 3/16/2026 | 9/19/2024 | 1304 | 1252 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1222 | 8188757, 4.93%, 3/16/2026 | 9/19/2024 | 1217 | $1146 |
| 8742 | 8189394, 4.59%, 3/16/2026 | 9/19/2024 | 8653 | 8414 |
| 4900 | 8189625, 4.59%, 3/16/2026 | 9/19/2024 | 4828 | 4847 |
| 975 | 8189834, 6.19%, 3/16/2026 | 9/19/2024 | 973 | 901 |
|  | 8190427, 4.92%, 3/17/2026 | 9/20/2024 |  |  |
| 2807 | 8191103, 4.59%, 3/17/2026 | 9/20/2024 | 2782 | 2740 |
| 5522 | 8191215, 5.21%, 3/17/2026<sup>(e)</sup> | 9/20/2024 | 5513 | 1224 |
| 2912 | 8191315, 5.20%, 3/17/2026<sup>(e)</sup> | 9/20/2024 | 2909 | 522 |
| 18208 | 8191332, 4.59%, 3/17/2026 | 9/20/2024 | 18090 | 17143 |
| 2787 | 8191814, 4.92%, 3/17/2026 | 9/20/2024 | 2777 | 2592 |
| 324 | 8191859, 4.92%, 3/17/2026 | 9/20/2024 | 319 | 321 |
| 3881 | 8192119, 4.59%, 3/17/2026 | 9/20/2024 | 3850 | 3749 |
| 1521 | 8192751, 4.58%, 3/17/2026 | 9/20/2024 | 1504 | 1499 |
| 16877 | 8193564, 4.92%, 3/18/2026<sup>(e)</sup> | 9/23/2024 | 16828 | 6518 |
| 349 | 8193868, 6.42%, 3/18/2026 | 9/23/2024 | 348 | 285 |
| 977 | 8193885, 6.46%, 3/18/2026<sup>(e)</sup> | 9/23/2024 | 977 | 228 |
| 1903 | 8194063, 4.59%, 3/18/2026 | 9/23/2024 | 1885 | 1837 |
| 12587 | 8194170, 5.21%, 3/18/2026<sup>(e)</sup> | 9/23/2024 | 12548 | 6200 |
| 2616 | 8194521, 5.93%, 3/18/2026 | 9/23/2024 | 2612 | 2529 |
| 1067 | 8194604, 5.70%, 3/18/2026 | 9/23/2024 | 1065 | 1050 |
| 6805 | 8194671, 4.92%, 3/18/2026 | 9/23/2024 | 6782 | 5867 |
| 92 | 8194955, 5.41%, 3/18/2026 | 9/23/2024 | 90 | 86 |
| 1319 | 8195182, 4.59%, 3/18/2026 | 9/23/2024 | 1308 | 1263 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 165

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3990 | 8195231, 4.59%, 3/18/2026 | 9/23/2024 | 3923 | $3949 |
| 6858 | 8196814, 4.59%, 3/18/2026 | 9/23/2024 | 6804 | 6620 |
| 2159 | 8198965, 4.60%, 3/19/2026 | 9/24/2024 | 2131 | 2127 |
| 894 | 8199202, 5.23%, 3/19/2026 | 9/24/2024 | 892 | 855 |
| 3153 | 8199330, 4.61%, 3/19/2026 | 9/24/2024 | 3122 | 3079 |
| 22312 | 8199909, 4.61%, 3/19/2026 | 9/24/2024 | 22072 | 21803 |
| 1058 | 8201661, 4.93%, 3/19/2026 | 9/24/2024 | 1051 | 1019 |
| 4804 | 8202767, 5.23%, 3/20/2026 | 9/25/2024 | 4795 | 1942 |
| 2485 | 8202895, 5.96%, 3/20/2026 | 9/25/2024 | 2481 | 2395 |
| 3613 | 8203153, 6.47%, 3/20/2026 | 9/25/2024 | 3609 | 2331 |
| 2867 | 8203355, 4.61%, 3/20/2026 | 9/25/2024 | 2837 | 2784 |
| 3906 | 8203634, 5.96%, 3/20/2026 | 9/25/2024 | 3901 | 3746 |
| 5996 | 8203867, 4.61%, 3/20/2026 | 9/25/2024 | 5894 | 5927 |
| 885 | 8204126, 4.61%, 3/20/2026 | 9/25/2024 | 869 | 877 |
| 3392 | 8204319, 5.47%, 3/20/2026 | 9/25/2024 | 3384 | 3288 |
| 263 | 8204580, 4.79%, 3/20/2026 | 9/25/2024 | 262 | 247 |
| 8298 | 8204626, 5.72%, 3/20/2026 | 9/25/2024 | 8290 | 7593 |
| 636 | 8205168, 6.36%, 3/20/2026 | 9/25/2024 | 635 | 541 |
| 12519 | 8205333, 4.61%, 3/20/2026 | 9/25/2024 | 12432 | 9852 |
| 3544 | 8205581, 4.61%, 3/20/2026 | 9/25/2024 | 3402 | 3521 |
| 1576 | 8205941, 4.61%, 3/20/2026 | 9/25/2024 | 1548 | 1561 |
| 1296 | 8206069, 4.94%, 3/20/2026 | 9/25/2024 | 1287 | 1256 |

---

*See Notes to Financial Statements.*

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

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3600 | 8206217, 4.61%, 3/21/2026 | 9/26/2024 | 3543 | $3562 |
| 3166 | 8206456, 4.61%, 3/21/2026 | 9/26/2024 | 3125 | 3121 |
| 1729 | 8206672, 4.61%, 3/21/2026 | 9/26/2024 | 1679 | 1717 |
| 17331 | 8207163, 5.46%, 3/22/2026 | 9/26/2024 | 17313 | 10670 |
| 3142 | 8207375, 4.60%, 3/22/2026 | 9/26/2024 | 3094 | 3104 |
| 4380 | 8207476, 4.60%, 3/22/2026 | 9/26/2024 | 4320 | 4328 |
| 573 | 8207610, 4.94%, 3/22/2026 | 9/26/2024 | 569 | 567 |
| 241 | 8207845, 5.43%, 3/22/2026 | 9/26/2024 | 241 | 184 |
| 4233 | 8208191, 4.59%, 3/23/2026 | 9/26/2024 | 4178 | 4176 |
| 5448 | 8208826, 4.92%, 3/23/2026 | 9/26/2024 | 5425 | 4369 |
| 4165 | 8209349, 5.20%, 3/23/2026 | 9/26/2024 | 4138 | 3926 |
| 4308 | 8209537, 4.59%, 3/23/2026 | 9/26/2024 | 4249 | 4250 |
| 983 | 8209717, 6.44%, 3/23/2026 | 9/26/2024 | 982 | 673 |
| 17190 | 8209858, 4.92%, 3/23/2026 | 9/26/2024 | 17092 | 14491 |
| 7707 | 8210547, 4.92%, 3/23/2026 | 9/26/2024 | 7676 | 7269 |
| 17301 | 8210703, 4.59%, 3/23/2026 | 9/26/2024 | 17143 | 15404 |
| 2467 | 8211109, 6.19%, 3/23/2026 | 9/26/2024 | 2466 | 1367 |
| 29120 | 8211177, 5.93%, 3/23/2026<sup>(e)</sup> | 9/26/2024 | 29111 | 137 |
| 21917 | 8211623, 4.59%, 3/23/2026 | 9/26/2024 | 21737 | 20878 |
| 1035 | 8211750, 4.59%, 3/24/2026 | 9/27/2024 | 1007 | 1028 |
| 2982 | 8211929, 4.59%, 3/24/2026 | 9/27/2024 | 2919 | 2956 |
| 378 | 8213016, 4.93%, 3/24/2026 | 9/27/2024 | 371 | 375 |
| 3979 | 8213078, 5.21%, 3/24/2026 | 9/27/2024 | 3964 | 3808 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 167

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1369 | 8213193, 4.59%, 3/24/2026 | 9/27/2024 | 1352 | $1349 |
| 858 | 8213258, 5.21%, 3/24/2026 | 9/27/2024 | 850 | 834 |
| 4554 | 8213295, 5.45%, 3/24/2026 | 9/27/2024 | 4540 | 4458 |
| 903 | 8213602, 4.59%, 3/24/2026 | 9/27/2024 | 889 | 892 |
| 3729 | 8213832, 5.93%, 3/24/2026 | 9/27/2024 | 3725 | 3255 |
| 1542 | 8213953, 4.59%, 3/24/2026 | 9/27/2024 | 1517 | 1527 |
| 4786 | 8214120, 4.59%, 3/24/2026 | 9/27/2024 | 4716 | 4729 |
| 512 | 8214462, 5.92%, 3/24/2026 | 9/27/2024 | 510 | 498 |
| 9921 | 8214781, 4.59%, 3/24/2026 | 9/27/2024 | 9673 | 9848 |
| 18817 | 8214988, 4.59%, 3/25/2026 | 9/30/2024 | 18572 | 18394 |
| 3192 | 8216340, 5.20%, 3/25/2026 | 9/30/2024 | 3177 | 3056 |
| 377 | 8217006, 5.42%, 3/25/2026 | 9/30/2024 | 376 | 211 |
| 2094 | 8217344, 5.45%, 3/25/2026 | 9/30/2024 | 2066 | 2071 |
| 2183 | 8217756, 4.59%, 3/25/2026 | 9/30/2024 | 2148 | 2160 |
| 1460 | 8217890, 4.59%, 3/25/2026 | 9/30/2024 | 1440 | 1442 |
| 6697 | 8218227, 4.59%, 3/25/2026 | 9/30/2024 | 6615 | 6592 |
| 334 | 8220557, 4.75%, 3/26/2026 | 10/1/2024 | 334 | 163 |
| 7809 | 8220618, 4.61%, 3/26/2026 | 10/1/2024 | 7709 | 7561 |
| 597 | 8222250, 6.12%, 3/26/2026 | 10/1/2024 | 596 | 527 |
| 634 | 8222299, 5.22%, 3/26/2026 | 10/1/2024 | 630 | 616 |
| 2844 | 8223517, 4.61%, 3/26/2026 | 10/1/2024 | 2808 | 2796 |
| 929 | 8223786, 5.96%, 3/26/2026 | 10/1/2024 | 928 | 880 |

---

*See Notes to Financial Statements.*

168 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2398 | 8224283, 5.95%, 3/27/2026 | 10/2/2024 | 2397 | $1721 |
| 1040 | 8224394, 4.94%, 3/27/2026 | 10/2/2024 | 1027 | 1029 |
| 934 | 8225403, 6.46%, 3/27/2026 | 10/2/2024 | 932 | 876 |
| 11797 | 8225963, 5.23%, 3/27/2026 | 10/2/2024 | 11771 | 8322 |
| 10802 | 8226231, 4.61%, 3/27/2026 | 10/2/2024 | 10717 | 10238 |
| 7497 | 8226433, 4.94%, 3/27/2026 | 10/2/2024 | 7421 | 7383 |
| 23975 | 8226684, 4.61%, 3/27/2026 | 10/2/2024 | 23712 | 23242 |
| 48248 | 8227201, 4.61%, 3/27/2026 | 10/2/2024 | 47803 | 45760 |
| 803 | 8228050, 5.22%, 3/28/2026 | 10/3/2024 | 788 | 796 |
| 1861 | 8228124, 6.22%, 3/28/2026 | 10/3/2024 | 1860 | 436 |
| 1448 | 8228437, 4.61%, 3/28/2026 | 10/3/2024 | 1437 | 1049 |
| 3903 | 8228870, 5.48%, 3/28/2026 | 10/3/2024 | 3893 | 3414 |
| 3937 | 8229421, 6.21%, 3/29/2026 | 10/3/2024 | 3933 | 2852 |
| 891 | 8230207, 4.59%, 3/30/2026 | 10/3/2024 | 868 | 884 |
|  | 8230279, 4.59%, 3/30/2026 | 10/3/2024 |  |  |
| 1278 | 8230634, 6.31%, 3/30/2026 | 10/3/2024 | 1276 | 954 |
| 1560 | 8231232, 4.59%, 3/30/2026 | 10/3/2024 | 1539 | 1537 |
| 2703 | 8231521, 5.46%, 3/30/2026 | 10/3/2024 | 2686 | 2618 |
| 1087 | 8231714, 4.59%, 3/30/2026 | 10/3/2024 | 1042 | 1081 |
| 4935 | 8231851, 4.59%, 3/30/2026 | 10/3/2024 | 4866 | 4861 |
| 1238 | 8232281, 4.93%, 3/30/2026 | 10/3/2024 | 1233 | 683 |
| 2344 | 8233118, 5.70%, 3/30/2026 | 10/3/2024 | 2341 | 2148 |
| 1501 | 8233180, 5.46%, 3/30/2026 | 10/3/2024 | 1496 | 1385 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 169

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $– | 8233664, 6.20%, 3/30/2026 | 10/3/2024 | (1) | $(8) |
| 8484 | 8233724, 5.21%, 3/30/2026 | 10/3/2024 | 8458 | 6817 |
| 868 | 8233917, 6.45%, 3/30/2026 | 10/3/2024 | 866 | 770 |
| 2596 | 8234367, 6.20%, 3/30/2026 | 10/3/2024 | 2593 | 2214 |
| 3220 | 8234589, 4.58%, 4/1/2026 | 10/4/2024 | 3172 | 3172 |
| 7878 | 8234730, 4.58%, 4/1/2026 | 10/4/2024 | 7758 | 7746 |
| 1559 | 8235143, 4.58%, 4/1/2026 | 10/4/2024 | 1539 | 1531 |
| 1151 | 8236374, 6.20%, 4/1/2026 | 10/4/2024 | 1150 | 851 |
| 761 | 8236400, 5.69%, 4/1/2026 | 10/4/2024 | 759 | 752 |
| 1416 | 8236570, 4.58%, 4/1/2026 | 10/4/2024 | 1371 | 1408 |
| 15735 | 8236722, 4.58%, 4/1/2026 | 10/4/2024 | 15513 | 15495 |
| 2557 | 8237429, 5.20%, 4/1/2026 | 10/4/2024 | 2537 | 2489 |
| 5852 | 8237580, 5.92%, 4/1/2026 | 10/4/2024 | 5846 | 5375 |
| 4178 | 8237982, 4.75%, 4/1/2026 | 10/4/2024 | 4176 | 766 |
| 5010 | 8238029, 5.20%, 4/1/2026 | 10/4/2024 | 4975 | 4916 |
| 1982 | 8239749, 4.59%, 4/2/2026 | 10/7/2024 | 1966 | 1658 |
| 2199 | 8240137, 4.58%, 4/2/2026 | 10/7/2024 | 2137 | 2181 |
| 155 | 8240285, 4.91%, 4/2/2026 | 10/7/2024 | 147 | 154 |
| 4784 | 8240368, 5.92%, 4/2/2026 | 10/7/2024 | 4780 | 4256 |
| 7452 | 8241037, 5.20%, 4/2/2026 | 10/7/2024 | 7426 | 6768 |
| 1657 | 8242398, 5.90%, 4/2/2026<sup>(e)</sup> | 10/7/2024 | 1656 | 24 |
| 1131 | 8244630, 5.21%, 4/3/2026 | 10/8/2024 | 1120 | 1116 |

---

*See Notes to Financial Statements.*

170 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1309 | 8244768, 4.60%, 4/3/2026 | 10/8/2024 | 1291 | $1289 |
| 2301 | 8244877, 4.60%, 4/3/2026 | 10/8/2024 | 2272 | 2191 |
| 2848 | 8246284, 4.93%, 4/3/2026 | 10/8/2024 | 2809 | 2816 |
| 3018 | 8246578, 6.45%, 4/3/2026<sup>(e)</sup> | 10/8/2024 | 3013 | 1498 |
| 2630 | 8247261, 4.60%, 4/3/2026 | 10/8/2024 | 2596 | 2573 |
| 816 | 8247746, 4.60%, 4/3/2026 | 10/8/2024 | 807 | 612 |
| 147 | 8248173, 6.33%, 4/3/2026 | 10/8/2024 | 144 | 141 |
| 761 | 8248216, 5.94%, 4/3/2026 | 10/8/2024 | 760 | 730 |
| 7748 | 8248344, 4.93%, 4/3/2026 | 10/8/2024 | 7522 | 7697 |
| 28 | 8248931, 6.21%, 4/4/2026 | 10/9/2024 | 26 | 27 |
| 4193 | 8249045, 6.32%, 4/4/2026<sup>(e)</sup> | 10/9/2024 | 4191 | 64 |
| 2794 | 8249101, 5.71%, 4/4/2026<sup>(e)</sup> | 10/9/2024 | 2792 | 363 |
| 2316 | 8249148, 4.60%, 4/4/2026 | 10/9/2024 | 2280 | 2276 |
| 2650 | 8249713, 5.46%, 4/4/2026 | 10/9/2024 | 2632 | 2307 |
| 2232 | 8249902, 5.95%, 4/4/2026 | 10/9/2024 | 2230 | 1884 |
| 2538 | 8250472, 4.93%, 4/4/2026 | 10/9/2024 | 2520 | 2390 |
| 3728 | 8250966, 4.60%, 4/4/2026 | 10/9/2024 | 3701 | 2943 |
| 971 | 8251164, 6.33%, 4/4/2026 | 10/9/2024 | 969 | 924 |
| 1816 | 8251300, 5.47%, 4/4/2026 | 10/9/2024 | 1811 | 1471 |
| 310 | 8251550, 6.34%, 4/4/2026 | 10/9/2024 | 307 | 307 |
| 13585 | 8252070, 4.60%, 4/4/2026 | 10/9/2024 | 13285 | 13450 |
| 4886 | 8252575, 5.22%, 4/5/2026 | 10/10/2024 | 4858 | 4372 |
| 1332 | 8252831, 6.33%, 4/5/2026<sup>(e)</sup> | 10/10/2024 | 1331 | 12 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 171

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $986 | 8252857, 4.60%, 4/5/2026 | 10/10/2024 | 953 | $980 |
| 4076 | 8253093, 4.60%, 4/5/2026 | 10/10/2024 | 3999 | 4028 |
| 629 | 8253354, 5.71%, 4/5/2026 | 10/10/2024 | 627 | 609 |
| 598 | 8253375, 5.46%, 4/5/2026 | 10/10/2024 | 594 | 588 |
| 5317 | 8253430, 6.20%, 4/6/2026 | 10/10/2024 | 5305 | 5108 |
| 714 | 8254085, 4.58%, 4/6/2026 | 10/10/2024 | 703 | 696 |
| 3270 | 8254401, 6.44%, 4/6/2026 | 10/10/2024 | 3266 | 2903 |
| 815 | 8254817, 6.10%, 4/7/2026 | 10/10/2024 | 814 | 692 |
| 365 | 8254837, 5.19%, 4/7/2026 | 10/10/2024 | 361 | 359 |
| 16033 | 8254926, 5.20%, 4/7/2026<sup>(e)</sup> | 10/10/2024 | 15995 | 199 |
| 509 | 8255528, 4.92%, 4/7/2026 | 10/10/2024 | 500 | 504 |
| 1501 | 8255658, 5.43%, 4/7/2026 | 10/10/2024 | 1498 | 596 |
| 2387 | 8255867, 6.09%, 4/7/2026<sup>(e)</sup> | 10/10/2024 | 2386 | 48 |
| 1009 | 8255915, 4.58%, 4/7/2026 | 10/10/2024 | 985 | 999 |
| 3497 | 8255965, 5.19%, 4/7/2026 | 10/10/2024 | 3484 | 1138 |
| 1455 | 8256052, 4.58%, 4/7/2026 | 10/10/2024 | 1426 | 1439 |
| 836 | 8256119, 6.08%, 4/7/2026<sup>(e)</sup> | 10/10/2024 | 835 | 9 |
| 16045 | 8256317, 4.58%, 4/7/2026<sup>(e)</sup> | 10/10/2024 | 15954 | 6880 |
| 3704 | 8256560, 5.45%, 4/7/2026 | 10/10/2024 | 3685 | 3574 |
| 1627 | 8256784, 5.46%, 4/7/2026 | 10/10/2024 | 1623 | 1257 |
| 5747 | 8257173, 6.09%, 4/7/2026 | 10/10/2024 | 5743 | 2088 |
| 1789 | 8257281, 4.92%, 4/7/2026 | 10/10/2024 | 1778 | 1304 |

---

*See Notes to Financial Statements.*

172 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $394 | 8257440, 4.75%, 4/7/2026 | 10/10/2024 | 392 | $325 |
| 3891 | 8257470, 4.91%, 4/7/2026 | 10/10/2024 | 3861 | 3743 |
| 7921 | 8257569, 5.44%, 4/7/2026 | 10/10/2024 | 7907 | 3437 |
| 867 | 8257925, 4.92%, 4/7/2026 | 10/10/2024 | 861 | 836 |
| 7332 | 8257935, 5.45%, 4/7/2026<sup>(e)</sup> | 10/10/2024 | 7320 | 1204 |
| 1764 | 8258548, 5.44%, 4/8/2026 | 10/11/2024 | 1761 | 1024 |
| 1129 | 8258807, 5.21%, 4/8/2026 | 10/11/2024 | 1123 | 860 |
| 1666 | 8258866, 5.42%, 4/8/2026<sup>(e)</sup> | 10/11/2024 | 1664 | 34 |
| 4320 | 8258908, 4.58%, 4/8/2026 | 10/11/2024 | 4241 | 4245 |
| 4947 | 8259188, 6.31%, 4/8/2026 | 10/11/2024 | 4935 | 4791 |
| 2328 | 8259824, 4.58%, 4/8/2026 | 10/11/2024 | 2313 | 1566 |
| 3152 | 8260102, 4.58%, 4/8/2026 | 10/11/2024 | 3080 | 3120 |
| 1967 | 8260316, 4.58%, 4/8/2026 | 10/11/2024 | 1928 | 1941 |
| 7519 | 8260404, 6.19%, 4/8/2026 | 10/11/2024 | 7516 | 3492 |
| 723 | 8260503, 5.70%, 4/8/2026 | 10/11/2024 | 720 | 710 |
| 17010 | 8261212, 4.58%, 4/8/2026 | 10/11/2024 | 16901 | 12566 |
| 2364 | 8262188, 4.58%, 4/9/2026 | 10/15/2024 | 2324 | 2330 |
| 2755 | 8262305, 4.58%, 4/9/2026 | 10/15/2024 | 2684 | 2731 |
| 491 | 8262518, 5.92%, 4/9/2026 | 10/15/2024 | 488 | 460 |
| 1327 | 8262741, 6.10%, 4/9/2026 | 10/15/2024 | 1322 | 1214 |
| 2585 | 8263062, 4.58%, 4/9/2026 | 10/15/2024 | 2529 | 2556 |
| 4187 | 8263237, 4.58%, 4/9/2026 | 10/15/2024 | 4110 | 4131 |
| 18729 | 8263690, 5.92%, 4/9/2026 | 10/15/2024 | 18602 | 16409 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 173

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2766 | 8264627, 4.58%, 4/9/2026 | 10/15/2024 | 2732 | $2687 |
| 338 | 8264761, 6.19%, 4/9/2026 | 10/15/2024 | 321 | 332 |
| 283 | 8264937, 6.07%, 4/9/2026 | 10/15/2024 | 282 | 249 |
| 663 | 8265283, 6.30%, 4/9/2026 | 10/15/2024 | 662 | 386 |
| 2570 | 8265294, 4.58%, 4/9/2026 | 10/15/2024 | 2310 | 2558 |
| 1723 | 8269621, 6.22%, 4/10/2026 | 10/16/2024 | 1721 | 1347 |
| 2180 | 8269786, 4.61%, 4/10/2026 | 10/16/2024 | 2120 | 2160 |
| 1702 | 8270012, 4.61%, 4/10/2026 | 10/16/2024 | 1583 | 1693 |
| 6115 | 8270658, 6.34%, 4/10/2026<sup>(e)</sup> | 10/16/2024 | 6112 | 45 |
| 2389 | 8271139, 4.94%, 4/10/2026 | 10/16/2024 | 2364 | 2322 |
| 6769 | 8271245, 5.95%, 4/10/2026 | 10/16/2024 | 6746 | 6435 |
| 6730 | 8271608, 4.78%, 4/10/2026<sup>(e)</sup> | 10/16/2024 | 6727 | 62 |
| 1098 | 8272411, 6.14%, 4/10/2026 | 10/16/2024 | 1097 | 625 |
| 43377 | 8272555, 6.34%, 4/10/2026<sup>(e)</sup> | 10/16/2024 | 43359 | 592 |
| 4323 | 8273659, 4.61%, 4/11/2026 | 10/17/2024 | 4287 | 3527 |
| 1277 | 8274817, 4.61%, 4/11/2026 | 10/17/2024 | 1250 | 1262 |
| 678 | 8274954, 5.23%, 4/11/2026 | 10/17/2024 | 660 | 667 |
| 8414 | 8275079, 4.94%, 4/11/2026 | 10/17/2024 | 8309 | 8230 |
| 2878 | 8276219, 6.13%, 4/11/2026 | 10/17/2024 | 2876 | 1904 |
| 3671 | 8276847, 5.23%, 4/11/2026 | 10/17/2024 | 3634 | 3419 |
| 2902 | 8276899, 4.61%, 4/11/2026 | 10/17/2024 | 2859 | 2839 |
| 5977 | 8276953, 6.22%, 4/11/2026<sup>(e)</sup> | 10/17/2024 | 5975 | 1893 |

---

*See Notes to Financial Statements.*

174 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $9222 | 8277011, 5.95%, 4/11/2026 | 10/17/2024 | 9216 | $4782 |
| 2364 | 8277478, 4.94%, 4/12/2026 | 10/18/2024 | 2342 | 2251 |
| 3775 | 8277550, 4.61%, 4/12/2026 | 10/18/2024 | 3711 | 3705 |
| 10107 | 8277643, 5.23%, 4/12/2026 | 10/18/2024 | 10041 | 6249 |
| 977 | 8277874, 4.61%, 4/12/2026 | 10/18/2024 | 942 | 970 |
| 1280 | 8278028, 4.94%, 4/12/2026 | 10/18/2024 | 1262 | 1254 |
| 5734 | 8278296, 6.13%, 4/12/2026<sup>(e)</sup> | 10/18/2024 | 5718 | 37 |
| 1617 | 8278367, 6.20%, 4/13/2026 | 10/18/2024 | 1613 | 1327 |
| 1329 | 8278474, 5.46%, 4/13/2026 | 10/18/2024 | 1322 | 1186 |
| 2813 | 8279240, 5.22%, 4/13/2026 | 10/18/2024 | 2795 | 2485 |
| 88 | 8279395, 6.34%, 4/14/2026 | 10/18/2024 | 87 | 86 |
| 1415 | 8279408, 5.45%, 4/14/2026 | 10/18/2024 | 1411 | 1101 |
| 2414 | 8279494, 4.59%, 4/14/2026 | 10/18/2024 | 2360 | 2387 |
| 249 | 8279639, 6.13%, 4/14/2026 | 10/18/2024 | 249 | 211 |
| 2427 | 8279651, 4.92%, 4/14/2026 | 10/18/2024 | 2391 | 2370 |
| 1943 | 8279747, 5.70%, 4/14/2026 | 10/18/2024 | 1935 | 1909 |
| 2518 | 8279813, 6.19%, 4/14/2026<sup>(e)</sup> | 10/18/2024 | 2515 | 1800 |
| 4370 | 8279934, 4.59%, 4/14/2026 | 10/18/2024 | 4301 | 4289 |
| 460 | 8280018, 5.92%, 4/14/2026 | 10/18/2024 | 459 | 447 |
| 413 | 8280033, 6.31%, 4/14/2026 | 10/18/2024 | 410 | 383 |
|  | 8280074, 5.93%, 4/14/2026 | 10/18/2024 |  |  |
| 3412 | 8280151, 4.59%, 4/14/2026 | 10/18/2024 | 3302 | 3383 |
| 1674 | 8280270, 5.22%, 4/14/2026 | 10/18/2024 | 1665 | 1418 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 175

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1389 | 8280307, 4.59%, 4/14/2026 | 10/18/2024 | 1345 | $1378 |
| 1544 | 8280356, 4.92%, 4/14/2026 | 10/18/2024 | 1532 | 1464 |
| 2656 | 8280394, 4.59%, 4/14/2026 | 10/18/2024 | 2622 | 2578 |
| 20931 | 8280651, 4.59%, 4/14/2026 | 10/18/2024 | 20522 | 20628 |
| 2189 | 8282199, 4.58%, 4/15/2026 | 10/18/2024 | 2156 | 2120 |
| 5891 | 8282342, 4.58%, 4/15/2026 | 10/18/2024 | 5788 | 5799 |
| 1083 | 8282596, 5.19%, 4/15/2026 | 10/18/2024 | 1075 | 1052 |
| 1266 | 8283504, 5.92%, 4/15/2026 | 10/18/2024 | 1263 | 1229 |
| 765 | 8283657, 4.79%, 4/15/2026<sup>(e)</sup> | 10/18/2024 | 764 | 220 |
| 3014 | 8283664, 4.58%, 4/15/2026 | 10/18/2024 | 2961 | 2970 |
| 1230 | 8284071, 4.59%, 4/15/2026 | 10/18/2024 | 1206 | 1214 |
| 2813 | 8284105, 5.68%, 4/15/2026 | 10/18/2024 | 2805 | 2546 |
| 814 | 8284466, 6.17%, 4/15/2026 | 10/18/2024 | 813 | 646 |
| 1794 | 8284577, 5.44%, 4/15/2026 | 10/18/2024 | 1778 | 1768 |
| 4967 | 8284671, 4.58%, 4/15/2026 | 10/18/2024 | 4842 | 4918 |
| 245 | 8284809, 6.20%, 4/15/2026 | 10/18/2024 | 245 | 235 |
| 22675 | 8284930, 4.91%, 4/16/2026 | 10/21/2024 | 22499 | 21515 |
| 402 | 8285921, 4.57%, 4/16/2026 | 10/21/2024 | 394 | 397 |
| 2022 | 8286181, 6.43%, 4/16/2026 | 10/21/2024 | 2017 | 1172 |
| 5627 | 8286266, 6.31%, 4/16/2026 | 10/21/2024 | 5623 | 3345 |
| 4742 | 8286399, 4.58%, 4/16/2026 | 10/21/2024 | 4656 | 4654 |
| 5124 | 8286564, 4.58%, 4/16/2026 | 10/21/2024 | 5049 | 4999 |

---

*See Notes to Financial Statements.*

176 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $8680 | 8286656, 5.20%, 4/16/2026<sup>(e)</sup> | 10/21/2024 | 8663 | $1614 |
| 1114 | 8286830, 6.43%, 4/16/2026 | 10/21/2024 | 1110 | 1008 |
| 1606 | 8286910, 4.58%, 4/16/2026 | 10/21/2024 | 1569 | 1587 |
| 21321 | 8287048, 4.58%, 4/16/2026 | 10/21/2024 | 20760 | 21106 |
| 1999 | 8290928, 4.60%, 4/17/2026 | 10/22/2024 | 1964 | 1948 |
| 1515 | 8291071, 4.93%, 4/17/2026 | 10/22/2024 | 1501 | 1441 |
| 81 | 8291291, 6.11%, 4/17/2026 | 10/22/2024 | 80 | 76 |
| 244 | 8291359, 4.77%, 4/17/2026 | 10/22/2024 | 244 | 163 |
| 1791 | 8291374, 4.60%, 4/17/2026 | 10/22/2024 | 1746 | 1772 |
| 8245 | 8291587, 4.60%, 4/17/2026 | 10/22/2024 | 8042 | 8157 |
| 1752 | 8292308, 6.10%, 4/17/2026<sup>(e)</sup> | 10/22/2024 | 1751 | 225 |
| 13841 | 8292564, 5.22%, 4/17/2026 | 10/22/2024 | 13765 | 8389 |
| 427 | 8292963, 6.34%, 4/17/2026 | 10/22/2024 | 426 | 415 |
| 4052 | 8292968, 4.60%, 4/17/2026 | 10/22/2024 | 3972 | 3994 |
| 2769 | 8293215, 5.71%, 4/17/2026 | 10/22/2024 | 2760 | 2441 |
| 7527 | 8293259, 4.93%, 4/17/2026 | 10/22/2024 | 7427 | 7399 |
| 3651 | 8293524, 4.60%, 4/17/2026 | 10/22/2024 | 3581 | 3602 |
| 902 | 8293812, 5.94%, 4/17/2026 | 10/22/2024 | 900 | 852 |
| 684 | 8293866, 5.48%, 4/17/2026 | 10/22/2024 | 678 | 663 |
| 8481 | 8293895, 5.94%, 4/17/2026 | 10/22/2024 | 8467 | 7701 |
| 6519 | 8294150, 4.60%, 4/17/2026 | 10/22/2024 | 5947 | 6468 |
|  | 8295076, 5.22%, 4/18/2026 | 10/23/2024 |  |  |
|  | 8295185, 4.60%, 4/18/2026 | 10/23/2024 | (57) | (25) |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 177

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3865 | 8295374, 4.60%, 4/18/2026 | 10/23/2024 | 3823 | $3412 |
| 4312 | 8295966, 4.60%, 4/18/2026 | 10/23/2024 | 4244 | 4212 |
| 7510 | 8296252, 5.46%, 4/18/2026 | 10/23/2024 | 7478 | 6096 |
| 2038 | 8296480, 5.46%, 4/18/2026 | 10/23/2024 | 2021 | 1954 |
| 1780 | 8296571, 6.22%, 4/18/2026 | 10/23/2024 | 1779 | 933 |
| 1594 | 8296790, 4.60%, 4/18/2026 | 10/23/2024 | 1570 | 1557 |
| 1258 | 8297350, 4.60%, 4/18/2026 | 10/23/2024 | 1194 | 1246 |
| 788 | 8297898, 5.95%, 4/18/2026 | 10/23/2024 | 787 | 450 |
| 2174 | 8298021, 4.60%, 4/18/2026 | 10/23/2024 | 2129 | 2145 |
| 1851 | 8298265, 4.60%, 4/18/2026 | 10/23/2024 | 1806 | 1819 |
| 1435 | 8298357, 6.20%, 4/18/2026 | 10/23/2024 | 1434 | 1289 |
| 7142 | 8298603, 6.33%, 4/19/2026<sup>(e)</sup> | 10/24/2024 | 7137 | 124 |
| 2890 | 8299013, 4.93%, 4/19/2026 | 10/24/2024 | 2842 | 2842 |
| 9460 | 8299846, 4.59%, 4/20/2026 | 10/24/2024 | 9343 | 8520 |
| 3875 | 8300185, 4.59%, 4/20/2026 | 10/24/2024 | 3822 | 3706 |
| 524 | 8300249, 4.59%, 4/20/2026 | 10/24/2024 | 502 | 520 |
| 4052 | 8301101, 4.58%, 4/21/2026 | 10/24/2024 | 3980 | 3978 |
| 1145 | 8301358, 5.92%, 4/21/2026 | 10/24/2024 | 1142 | 1083 |
| 1305 | 8301479, 4.57%, 4/21/2026 | 10/24/2024 | 1283 | 1280 |
| 2049 | 8301556, 5.20%, 4/21/2026 | 10/24/2024 | 2035 | 1901 |
| 7867 | 8301688, 4.91%, 4/21/2026 | 10/24/2024 | 7825 | 3397 |
| 2524 | 8301867, 5.92%, 4/21/2026 | 10/24/2024 | 2513 | 2401 |

---

*See Notes to Financial Statements.*

178 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $5321 | 8302052, 5.92%, 4/21/2026 | 10/24/2024 | 5316 | $3220 |
| 2299 | 8302415, 5.92%, 4/21/2026 | 10/24/2024 | 2292 | 2263 |
| 10423 | 8302678, 5.69%, 4/21/2026 | 10/24/2024 | 10396 | 7581 |
| 3174 | 8303529, 4.58%, 4/21/2026 | 10/24/2024 | 3113 | 3127 |
| 2069 | 8303783, 4.58%, 4/21/2026 | 10/24/2024 | 2024 | 2044 |
| 6027 | 8304648, 4.58%, 4/22/2026 | 10/25/2024 | 5945 | 5673 |
| 328 | 8306245, 6.17%, 4/22/2026 | 10/25/2024 | 328 | 316 |
| 21471 | 8306338, 4.58%, 4/22/2026 | 10/25/2024 | 21156 | 20844 |
| 11156 | 8307137, 6.18%, 4/22/2026<sup>(e)</sup> | 10/25/2024 | 11152 | 86 |
| 28736 | 8307208, 5.20%, 4/22/2026 | 10/25/2024 | 28345 | 28320 |
| 473 | 8308064, 4.92%, 4/23/2026 | 10/28/2024 | 462 | 468 |
| 1011 | 8308255, 4.58%, 4/23/2026 | 10/28/2024 | 931 | 1006 |
| 41038 | 8309384, 4.58%, 4/23/2026 | 10/28/2024 | 40235 | 40175 |
| 4003 | 8311050, 6.09%, 4/23/2026<sup>(e)</sup> | 10/28/2024 | 4000 | 334 |
| 4918 | 8311116, 4.58%, 4/23/2026 | 10/28/2024 | 4814 | 4849 |
| 1867 | 8311282, 5.93%, 4/23/2026 | 10/28/2024 | 1853 | 1730 |
| 886 | 8313605, 6.21%, 4/24/2026 | 10/29/2024 | 882 | 872 |
| 1996 | 8313683, 5.43%, 4/24/2026<sup>(e)</sup> | 10/29/2024 | 1995 | 217 |
| 1067 | 8314265, 4.77%, 4/24/2026<sup>(e)</sup> | 10/29/2024 | 1066 | 305 |
| 6117 | 8315407, 6.45%, 4/24/2026<sup>(e)</sup> | 10/29/2024 | 6113 | 4267 |
| 3327 | 8316307, 5.94%, 4/24/2026 | 10/29/2024 | 3295 | 3296 |
| 1034 | 8317070, 4.60%, 4/24/2026 | 10/29/2024 | 1017 | 1014 |
| 1899 | 8318811, 4.92%, 4/25/2026 | 10/30/2024 | 1888 | 1452 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 179

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $243 | 8318952, 5.46%, 4/25/2026 | 10/30/2024 | 239 | $241 |
| 2723 | 8318960, 5.22%, 4/25/2026<sup>(e)</sup> | 10/30/2024 | 2707 | 558 |
| 10983 | 8319513, 4.93%, 4/25/2026 | 10/30/2024 | 10820 | 10770 |
| 3075 | 8320318, 5.22%, 4/25/2026 | 10/30/2024 | 3051 | 2863 |
| 3142 | 8320402, 4.60%, 4/25/2026 | 10/30/2024 | 3084 | 3082 |
| 2377 | 8320545, 4.60%, 4/25/2026 | 10/30/2024 | 2326 | 2343 |
| 723 | 8320631, 6.23%, 4/25/2026 | 10/30/2024 | 723 | 521 |
| 7615 | 8320635, 5.22%, 4/25/2026 | 10/30/2024 | 7547 | 6749 |
| 3510 | 8321019, 4.93%, 4/26/2026 | 10/31/2024 | 3472 | 3299 |
| 915 | 8321171, 4.60%, 4/26/2026 | 10/31/2024 | 859 | 908 |
| 894 | 8321221, 6.20%, 4/26/2026 | 10/31/2024 | 893 | 158 |
| 7727 | 8321289, 4.93%, 4/26/2026 | 10/31/2024 | 7638 | 7379 |
| 1855 | 8321480, 5.70%, 4/26/2026 | 10/31/2024 | 1846 | 1723 |
| 3525 | 8321833, 4.59%, 4/27/2026 | 10/31/2024 | 3453 | 3470 |
|  | 8321937, 4.59%, 4/27/2026 | 10/31/2024 | (53) | (19) |
|  | 8321982, 4.59%, 4/27/2026 | 10/31/2024 | (26) | (17) |
| 6102 | 8322012, 5.93%, 4/27/2026 | 10/31/2024 | 6086 | 5385 |
| 1898 | 8322111, 4.92%, 4/27/2026<sup>(e)</sup> | 10/31/2024 | 1883 | 933 |
| 752 | 8322287, 6.20%, 4/27/2026 | 10/31/2024 | 752 | 682 |
| 12112 | 8322552, 5.21%, 4/27/2026 | 10/31/2024 | 11940 | 11855 |
|  | 8324044, 6.42%, 4/28/2026 | 10/31/2024 |  |  |
| 5032 | 8324691, 5.92%, 4/28/2026<sup>(e)</sup> | 10/31/2024 | 5026 | 910 |

---

*See Notes to Financial Statements.*

180 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1973 | 8324849, 4.58%, 4/28/2026 | 10/31/2024 | 1930 | $1945 |
| 7724 | 8325818, 4.58%, 4/28/2026 | 10/31/2024 | 7564 | 7606 |
| 484 | 8326267, 4.74%, 4/28/2026 | 10/31/2024 | 484 | 176 |
| 4737 | 8326291, 4.58%, 4/28/2026 | 10/31/2024 | 4685 | 4023 |
| 2961 | 8326449, 4.91%, 4/28/2026<sup>(e)</sup> | 10/31/2024 | 2928 | 2673 |
| 6751 | 8326538, 4.58%, 4/28/2026 | 10/31/2024 | 6633 | 6598 |
| 3148 | 8326729, 4.58%, 4/28/2026 | 10/31/2024 | 3093 | 3078 |
| 2089 | 8327189, 6.19%, 4/29/2026 | 11/1/2024 | 2087 | 1044 |
| 3840 | 8327622, 4.58%, 4/29/2026 | 11/1/2024 | 3775 | 3665 |
| 2621 | 8328045, 4.58%, 4/29/2026 | 11/1/2024 | 2543 | 2593 |
| 4360 | 8328313, 4.76%, 4/29/2026<sup>(e)</sup> | 11/1/2024 | 4357 | 61 |
| 1073 | 8329300, 5.44%, 4/29/2026 | 11/1/2024 | 1058 | 1044 |
| 450 | 8329326, 5.92%, 4/29/2026 | 11/1/2024 | 448 | 435 |
| 27507 | 8329418, 4.58%, 4/29/2026 | 11/1/2024 | 26757 | 26953 |
| 739 | 8330470, 4.92%, 4/29/2026 | 11/1/2024 | 732 | 699 |
| 2489 | 8330523, 5.19%, 4/29/2026 | 11/1/2024 | 2462 | 2421 |
| 9158 | 8330602, 5.69%, 4/29/2026 | 11/1/2024 | 9129 | 6541 |
| 388 | 8330779, 6.26%, 4/29/2026<sup>(e)</sup> | 11/1/2024 | 387 | 82 |
| 1565 | 8330787, 4.58%, 4/29/2026 | 11/1/2024 | 1538 | 1529 |
| 4584 | 8330844, 4.58%, 4/29/2026 | 11/1/2024 | 4500 | 4493 |
| 951 | 8331868, 4.91%, 4/30/2026 | 11/4/2024 | 930 | 935 |
| 9633 | 8331923, 4.58%, 4/30/2026 | 11/4/2024 | 9499 | 9206 |
| 453 | 8332215, 4.91%, 4/30/2026 | 11/4/2024 | 440 | 448 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 181

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $15816 | 8332385, 4.58%, 4/30/2026 | 11/4/2024 | 15363 | $15626 |
| 3880 | 8333390, 4.58%, 4/30/2026 | 11/4/2024 | 3810 | 3768 |
| 40622 | 8333478, 4.58%, 4/30/2026 | 11/4/2024 | 39852 | 39678 |
| 3891 | 8334244, 5.93%, 4/30/2026<sup>(e)</sup> | 11/4/2024 | 3887 | 37 |
| 877 | 8334272, 4.58%, 4/30/2026 | 11/4/2024 | 831 | 871 |
| 3059 | 8334296, 4.91%, 4/30/2026 | 11/4/2024 | 3015 | 2953 |
| 350 | 8334325, 6.09%, 4/30/2026 | 11/4/2024 | 335 | 344 |
| 6401 | 8336679, 4.93%, 4/30/2026 | 11/5/2024 | 6312 | 6213 |
| 3881 | 8337037, 5.48%, 4/30/2026 | 11/5/2024 | 3840 | 3752 |
| 431 | 8337465, 4.60%, 4/30/2026 | 11/5/2024 | 409 | 428 |
| 1430 | 8337931, 5.73%, 4/30/2026 | 11/5/2024 | 1421 | 1372 |
| 593 | 8338009, 4.61%, 4/30/2026 | 11/5/2024 | 582 | 583 |
| 13909 | 8338943, 4.61%, 4/30/2026 | 11/5/2024 | 13518 | 13743 |
| 4173 | 8339802, 6.34%, 4/30/2026<sup>(e)</sup> | 11/5/2024 | 4171 | 408 |
| 182 | 8340404, 5.47%, 4/30/2026 | 11/5/2024 | 172 | 181 |
| 4880 | 8340877, 5.72%, 5/1/2026 | 11/6/2024 | 4808 | 4779 |
| 1203 | 8341540, 4.60%, 5/1/2026 | 11/6/2024 | 1174 | 1182 |
| 18888 | 8341791, 5.47%, 5/1/2026 | 11/6/2024 | 18727 | 16800 |
| 1708 | 8342234, 4.79%, 5/1/2026<sup>(e)</sup> | 11/6/2024 | 1708 | 194 |
| 2715 | 8342260, 5.23%, 5/1/2026 | 11/6/2024 | 2662 | 2672 |
| 993 | 8342408, 5.73%, 5/1/2026 | 11/6/2024 | 988 | 836 |
| 1847 | 8342946, 5.47%, 5/1/2026 | 11/6/2024 | 1825 | 1648 |

---

*See Notes to Financial Statements.*

182 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2809 | 8343064, 4.77%, 5/1/2026<sup>(e)</sup> | 11/6/2024 | 2808 | $395 |
| 633 | 8343139, 4.78%, 5/1/2026 | 11/6/2024 | 632 | 578 |
| 1888 | 8343243, 6.22%, 5/1/2026 | 11/6/2024 | 1886 | 738 |
| 2313 | 8343276, 4.94%, 5/1/2026 | 11/6/2024 | 2270 | 2271 |
| 1740 | 8343349, 5.45%, 5/1/2026<sup>(e)</sup> | 11/6/2024 | 1738 | 1272 |
| 21 | 8343593, 5.97%, 5/1/2026 | 11/6/2024 | 18 | 20 |
| 1155 | 8343816, 6.24%, 5/2/2026 | 11/7/2024 | 1154 | 264 |
| 2440 | 8343839, 6.21%, 5/2/2026<sup>(e)</sup> | 11/7/2024 | 2438 | 17 |
| 813 | 8343867, 6.13%, 5/2/2026 | 11/7/2024 | 812 | 98 |
| 843 | 8343871, 4.60%, 5/2/2026 | 11/7/2024 | 826 | 827 |
| 3973 | 8344169, 4.61%, 5/2/2026 | 11/7/2024 | 3891 | 3901 |
| 2524 | 8344259, 4.61%, 5/2/2026 | 11/7/2024 | 2481 | 2451 |
| 5096 | 8344440, 4.93%, 5/2/2026 | 11/7/2024 | 4994 | 4820 |
| 1207 | 8344609, 5.96%, 5/2/2026 | 11/7/2024 | 1205 | 541 |
| 9906 | 8344642, 6.46%, 5/2/2026<sup>(e)</sup> | 11/7/2024 | 9897 | 188 |
| 2609 | 8344787, 4.61%, 5/2/2026 | 11/7/2024 | 2559 | 2551 |
| 368 | 8344856, 5.72%, 5/2/2026 | 11/7/2024 | 362 | 363 |
| 11143 | 8345119, 4.60%, 5/3/2026 | 11/7/2024 | 10883 | 10969 |
| 4746 | 8345590, 4.60%, 5/3/2026<sup>(e)</sup> | 11/7/2024 | 4702 | 100 |
| 915 | 8345944, 4.59%, 5/4/2026 | 11/7/2024 | 875 | 908 |
| 2623 | 8346632, 4.91%, 5/4/2026 | 11/7/2024 | 2589 | 2467 |
| 18688 | 8346866, 5.93%, 5/4/2026 | 11/7/2024 | 18636 | 14733 |
| 3396 | 8347674, 4.59%, 5/4/2026 | 11/7/2024 | 3319 | 3342 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 183

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $7072 | 8347780, 4.59%, 5/4/2026 | 11/7/2024 | 6928 | $6918 |
| 4013 | 8348031, 5.93%, 5/4/2026 | 11/7/2024 | 3989 | 3943 |
| 1795 | 8348115, 4.59%, 5/4/2026 | 11/7/2024 | 1739 | 1776 |
| 6888 | 8348214, 4.76%, 5/4/2026 | 11/7/2024 | 6883 | 2832 |
| 2306 | 8348339, 4.59%, 5/4/2026 | 11/7/2024 | 2254 | 2271 |
|  | 8348822, 5.21%, 5/4/2026 | 11/7/2024 |  |  |
| 595 | 8348968, 6.43%, 5/4/2026 | 11/7/2024 | 594 | 339 |
| 1997 | 8348972, 4.59%, 5/4/2026 | 11/7/2024 | 1931 | 1976 |
| 1127 | 8349852, 6.10%, 5/5/2026 | 11/8/2024 | 1126 | 822 |
| 1175 | 8349972, 5.43%, 5/5/2026 | 11/8/2024 | 1171 | 563 |
| 1609 | 8350271, 5.46%, 5/5/2026 | 11/8/2024 | 1591 | 1541 |
| 1737 | 8350352, 5.46%, 5/5/2026 | 11/8/2024 | 1719 | 1520 |
| 3758 | 8350402, 6.11%, 5/5/2026 | 11/8/2024 | 3749 | 714 |
| 2409 | 8350456, 6.43%, 5/5/2026 | 11/8/2024 | 2407 | 1031 |
| 7451 | 8351352, 4.59%, 5/5/2026 | 11/8/2024 | 7256 | 7349 |
| 2564 | 8351950, 6.19%, 5/5/2026 | 11/8/2024 | 2560 | 2008 |
| 10996 | 8352014, 4.59%, 5/5/2026 | 11/8/2024 | 10827 | 10339 |
| 2920 | 8352419, 4.59%, 5/5/2026 | 11/8/2024 | 2867 | 2829 |
| 22000 | 8353025, 4.92%, 5/5/2026 | 11/8/2024 | 21417 | 21538 |
| 5091 | 8353607, 4.59%, 5/6/2026 | 11/12/2024 | 4944 | 5012 |
| 5 | 8354010, 6.19%, 5/6/2026 | 11/12/2024 | 3 | 5 |
| 1876 | 8354581, 4.59%, 5/6/2026 | 11/12/2024 | 1817 | 1854 |

---

*See Notes to Financial Statements.*

184 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3908 | 8354675, 4.59%, 5/6/2026 | 11/12/2024 | 3839 | $3230 |
| 1893 | 8355027, 5.21%, 5/6/2026 | 11/12/2024 | 1862 | 1854 |
| 7791 | 8355099, 5.45%, 5/6/2026 | 11/12/2024 | 7703 | 7349 |
| 5289 | 8355938, 4.59%, 5/6/2026 | 11/12/2024 | 5187 | 5064 |
| 8019 | 8356040, 4.59%, 5/6/2026 | 11/12/2024 | 7829 | 7866 |
| 30094 | 8356344, 5.21%, 5/6/2026 | 11/12/2024 | 29747 | 28264 |
| 2001 | 8361086, 5.24%, 5/7/2026 | 11/13/2024 | 1967 | 1914 |
| 29686 | 8361668, 4.62%, 5/7/2026 | 11/13/2024 | 29304 | 20598 |
| 2073 | 8362580, 5.96%, 5/7/2026 | 11/13/2024 | 2065 | 1583 |
| 1509 | 8363308, 4.95%, 5/7/2026 | 11/13/2024 | 1485 | 1440 |
| 2523 | 8363411, 4.61%, 5/7/2026 | 11/13/2024 | 2465 | 2461 |
| 1588 | 8363829, 6.23%, 5/7/2026 | 11/13/2024 | 1581 | 1469 |
| 575 | 8363972, 6.15%, 5/7/2026 | 11/13/2024 | 574 | 457 |
| 1696 | 8363988, 5.48%, 5/7/2026 | 11/13/2024 | 1677 | 1639 |
| 595 | 8364834, 5.48%, 5/8/2026 | 11/14/2024 | 587 | 570 |
| 7528 | 8364926, 4.61%, 5/8/2026 | 11/14/2024 | 7328 | 7415 |
| 8162 | 8365323, 4.62%, 5/8/2026 | 11/14/2024 | 7816 | 8072 |
| 2074 | 8366266, 4.95%, 5/8/2026 | 11/14/2024 | 2028 | 2042 |
| 52853 | 8366324, 4.62%, 5/8/2026 | 11/14/2024 | 52279 | 43185 |
| 1065 | 8367155, 4.62%, 5/8/2026 | 11/14/2024 | 1037 | 1051 |
| 6634 | 8367297, 5.48%, 5/8/2026 | 11/14/2024 | 6555 | 6332 |
| 29094 | 8367679, 5.73%, 5/8/2026 | 11/14/2024 | 28832 | 27830 |
| 10821 | 8368313, 4.62%, 5/9/2026 | 11/15/2024 | 10663 | 9948 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 185

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4160 | 8368467, 5.73%, 5/9/2026 | 11/15/2024 | 4136 | $2922 |
| 4078 | 8368603, 4.62%, 5/9/2026 | 11/15/2024 | 3979 | 4013 |
| 3334 | 8369475, 4.93%, 5/10/2026 | 11/15/2024 | 3288 | 3169 |
| 4666 | 8369538, 6.22%, 5/10/2026 | 11/15/2024 | 4658 | 2149 |
| 6105 | 8369651, 5.23%, 5/10/2026 | 11/15/2024 | 5989 | 5931 |
| 3844 | 8369837, 4.61%, 5/10/2026 | 11/15/2024 | 3739 | 3785 |
| 2352 | 8369946, 4.94%, 5/10/2026 | 11/15/2024 | 2310 | 2253 |
| 339 | 8370014, 6.33%, 5/11/2026 | 11/15/2024 | 337 | 310 |
| 2027 | 8370028, 6.11%, 5/11/2026 | 11/15/2024 | 2024 | 1859 |
| 779 | 8370264, 5.92%, 5/11/2026 | 11/15/2024 | 776 | 632 |
| 8159 | 8370283, 5.46%, 5/11/2026 | 11/15/2024 | 8063 | 7765 |
| 2042 | 8370654, 5.22%, 5/11/2026 | 11/15/2024 | 2015 | 1874 |
| 3284 | 8371124, 6.12%, 5/11/2026 | 11/15/2024 | 3281 | 2056 |
| 948 | 8371202, 5.95%, 5/11/2026 | 11/15/2024 | 940 | 898 |
| 10365 | 8371304, 5.22%, 5/11/2026 | 11/15/2024 | 10270 | 8790 |
| 9363 | 8371397, 5.94%, 5/11/2026 | 11/15/2024 | 9334 | 5214 |
| 3229 | 8372617, 5.93%, 5/12/2026 | 11/15/2024 | 3201 | 3149 |
| 2419 | 8373455, 4.60%, 5/12/2026 | 11/15/2024 | 2385 | 2086 |
| 762 | 8373803, 4.60%, 5/12/2026 | 11/15/2024 | 742 | 752 |
| 10699 | 8373832, 4.59%, 5/12/2026 | 11/15/2024 | 10508 | 10273 |
| 1428 | 8374129, 4.59%, 5/12/2026 | 11/15/2024 | 1347 | 1418 |
| 2196 | 8374708, 6.10%, 5/12/2026 | 11/15/2024 | 2195 | 877 |

---

*See Notes to Financial Statements.*

186 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $257 | 8374733, 5.70%, 5/12/2026 | 11/15/2024 | 236 | $255 |
| 11503 | 8375507, 4.92%, 5/13/2026 | 11/18/2024 | 11186 | 11359 |
| 6384 | 8376493, 5.45%, 5/13/2026 | 11/18/2024 | 6183 | 6304 |
| 2215 | 8376876, 5.43%, 5/13/2026 | 11/18/2024 | 2212 | 1278 |
| 3273 | 8377120, 4.59%, 5/13/2026 | 11/18/2024 | 3199 | 3199 |
| 4319 | 8377427, 4.59%, 5/13/2026 | 11/18/2024 | 4213 | 4230 |
| 1840 | 8377664, 5.93%, 5/13/2026 | 11/18/2024 | 1824 | 1708 |
| 31844 | 8377733, 4.59%, 5/13/2026 | 11/18/2024 | 31207 | 30973 |
| 4835 | 8378295, 4.59%, 5/13/2026 | 11/18/2024 | 4702 | 4768 |
| 1531 | 8380814, 5.45%, 5/14/2026 | 11/19/2024 | 1526 | 1348 |
| 1877 | 8381008, 5.23%, 5/14/2026 | 11/19/2024 | 1853 | 1708 |
| 2475 | 8381138, 4.60%, 5/14/2026 | 11/19/2024 | 2434 | 2144 |
| 1561 | 8381408, 5.45%, 5/14/2026 | 11/19/2024 | 1559 | 1061 |
| 6276 | 8382217, 5.95%, 5/14/2026 | 11/19/2024 | 6252 | 4409 |
| 3866 | 8382390, 4.61%, 5/14/2026 | 11/19/2024 | 3769 | 3806 |
| 1584 | 8382528, 4.61%, 5/14/2026 | 11/19/2024 | 1539 | 1563 |
| 2358 | 8382608, 4.93%, 5/14/2026 | 11/19/2024 | 2305 | 2277 |
| 658 | 8383311, 5.49%, 5/14/2026 | 11/19/2024 | 649 | 616 |
| 4499 | 8383470, 4.61%, 5/14/2026 | 11/19/2024 | 4395 | 4413 |
| 10536 | 8383652, 5.95%, 5/14/2026 | 11/19/2024 | 10498 | 4915 |
| 7382 | 8383840, 5.96%, 5/14/2026 | 11/19/2024 | 7320 | 6978 |
| 13982 | 8384096, 5.47%, 5/14/2026 | 11/19/2024 | 13745 | 13687 |
| 5927 | 8384748, 4.93%, 5/15/2026 | 11/20/2024 | 5853 | 4805 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 187

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $19001 | 8384916, 4.61%, 5/15/2026 | 11/20/2024 | 18599 | $18452 |
| 1477 | 8385766, 6.46%, 5/15/2026 | 11/20/2024 | 1474 | 1316 |
| 2286 | 8385933, 4.61%, 5/15/2026 | 11/20/2024 | 2192 | 2260 |
| 18313 | 8386335, 4.61%, 5/15/2026 | 11/20/2024 | 17775 | 17917 |
| 9328 | 8387172, 5.47%, 5/15/2026 | 11/20/2024 | 9230 | 8548 |
| 99 | 8387539, 5.47%, 5/15/2026 | 11/20/2024 | 92 | 99 |
| 2858 | 8387907, 4.94%, 5/16/2026 | 11/21/2024 | 2787 | 2812 |
| 8218 | 8387989, 4.61%, 5/16/2026 | 11/21/2024 | 7937 | 8117 |
| 4552 | 8388340, 4.61%, 5/16/2026 | 11/21/2024 | 4458 | 4440 |
| 1134 | 8388440, 6.23%, 5/16/2026 | 11/21/2024 | 1131 | 581 |
| 6510 | 8388557, 6.22%, 5/16/2026 | 11/21/2024 | 6487 | 4460 |
| 11398 | 8388718, 5.96%, 5/16/2026 | 11/21/2024 | 11339 | 7424 |
| 3545 | 8388969, 4.60%, 5/17/2026 | 11/21/2024 | 3428 | 3503 |
| 1260 | 8389101, 4.61%, 5/17/2026 | 11/21/2024 | 1233 | 1226 |
| 1359 | 8389126, 5.94%, 5/17/2026 | 11/21/2024 | 1346 | 1313 |
| 1185 | 8389355, 5.46%, 5/17/2026 | 11/21/2024 | 1171 | 1116 |
| 3403 | 8389387, 4.60%, 5/17/2026 | 11/21/2024 | 3326 | 3150 |
| 1348 | 8389477, 5.96%, 5/17/2026 | 11/21/2024 | 1341 | 947 |
| 1023 | 8389517, 5.21%, 5/17/2026 | 11/21/2024 | 999 | 1008 |
| 1053 | 8389566, 4.58%, 5/18/2026 | 11/21/2024 | 1016 | 1040 |
| 1014 | 8390010, 6.19%, 5/18/2026 | 11/21/2024 | 1007 | 917 |
| 1998 | 8390066, 6.20%, 5/18/2026 | 11/21/2024 | 1987 | 1920 |

---

*See Notes to Financial Statements.*

188 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2996 | 8390234, 4.59%, 5/18/2026 | 11/21/2024 | 2921 | $2941 |
| 1169 | 8390651, 5.21%, 5/18/2026 | 11/21/2024 | 1149 | 1059 |
| 2400 | 8390755, 5.21%, 5/18/2026 | 11/21/2024 | 2351 | 2350 |
| 870 | 8390909, 5.70%, 5/18/2026 | 11/21/2024 | 847 | 861 |
| 5695 | 8390989, 5.21%, 5/18/2026 | 11/21/2024 | 5510 | 5631 |
| 476 | 8391493, 4.59%, 5/18/2026 | 11/21/2024 | 454 | 471 |
| 2827 | 8391534, 5.43%, 5/18/2026<sup>(e)</sup> | 11/21/2024 | 2825 | 81 |
| 501 | 8391705, 4.93%, 5/18/2026 | 11/21/2024 | 486 | 496 |
| 2119 | 8391735, 4.92%, 5/18/2026 | 11/21/2024 | 2071 | 2028 |
| 1602 | 8391857, 6.11%, 5/18/2026 | 11/21/2024 | 1596 | 1464 |
| 22691 | 8392179, 4.92%, 5/18/2026 | 11/21/2024 | 22392 | 19104 |
| 3364 | 8392804, 6.44%, 5/18/2026 | 11/21/2024 | 3361 | 2629 |
| 9457 | 8392876, 4.59%, 5/18/2026 | 11/21/2024 | 9169 | 9334 |
| 3820 | 8393348, 4.92%, 5/18/2026 | 11/21/2024 | 3699 | 3778 |
| 2973 | 8393487, 5.93%, 5/19/2026 | 11/22/2024 | 2947 | 2817 |
| 756 | 8393606, 5.48%, 5/19/2026 | 11/22/2024 | 747 | 718 |
| 986 | 8393638, 4.60%, 5/19/2026 | 11/22/2024 | 962 | 964 |
| 6153 | 8393829, 4.59%, 5/19/2026 | 11/22/2024 | 5987 | 6058 |
| 278 | 8394181, 5.92%, 5/19/2026 | 11/22/2024 | 274 | 271 |
| 1509 | 8394213, 6.21%, 5/19/2026 | 11/22/2024 | 1506 | 186 |
| 1146 | 8394243, 4.92%, 5/19/2026 | 11/22/2024 | 1118 | 1117 |
| 8493 | 8394639, 4.59%, 5/19/2026 | 11/22/2024 | 8261 | 8352 |
| 1711 | 8395078, 5.21%, 5/19/2026 | 11/22/2024 | 1686 | 1634 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 189

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $390 | 8395175, 6.10%, 5/19/2026 | 11/22/2024 | 390 | $298 |
| 2286 | 8395335, 4.59%, 5/19/2026 | 11/22/2024 | 2224 | 2252 |
| 5870 | 8396479, 5.45%, 5/19/2026 | 11/22/2024 | 5708 | 5793 |
| 9290 | 8397370, 6.44%, 5/20/2026 | 11/25/2024 | 9275 | 6862 |
| 1745 | 8397862, 6.20%, 5/20/2026 | 11/25/2024 | 1738 | 1185 |
| 5957 | 8397941, 4.59%, 5/20/2026 | 11/25/2024 | 5835 | 5729 |
| 210 | 8398275, 5.21%, 5/20/2026 | 11/25/2024 | 202 | 208 |
| 5708 | 8398292, 5.93%, 5/20/2026 | 11/25/2024 | 5614 | 5491 |
| 2197 | 8398955, 5.21%, 5/20/2026 | 11/25/2024 | 2152 | 2140 |
| 605 | 8399073, 5.94%, 5/20/2026 | 11/25/2024 | 598 | 574 |
| 12402 | 8399118, 4.59%, 5/20/2026 | 11/25/2024 | 12253 | 1754 |
| 2468 | 8399363, 4.59%, 5/20/2026 | 11/25/2024 | 2405 | 2422 |
| 2515 | 8399513, 6.44%, 5/20/2026 | 11/25/2024 | 2513 | 2126 |
| 10465 | 8399576, 4.59%, 5/20/2026 | 11/25/2024 | 10313 | 8671 |
| 1025 | 8400804, 5.45%, 5/20/2026 | 11/25/2024 | 1012 | 978 |
| 3278 | 8400827, 5.45%, 5/20/2026 | 11/25/2024 | 3213 | 3174 |
| 3373 | 8400990, 5.21%, 5/20/2026 | 11/25/2024 | 3298 | 3287 |
| 1065 | 8403363, 4.93%, 5/21/2026 | 11/26/2024 | 1016 | 1056 |
| 1048 | 8403531, 4.61%, 5/21/2026 | 11/26/2024 | 1025 | 979 |
| 1745 | 8403562, 6.12%, 5/21/2026 | 11/26/2024 | 1743 | 895 |
| 13506 | 8403763, 5.47%, 5/21/2026 | 11/26/2024 | 13372 | 10449 |
| 5153 | 8405108, 6.13%, 5/21/2026<sup>(e)</sup> | 11/26/2024 | 5151 | 17 |

---

*See Notes to Financial Statements.*

190 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $964 | 8405182, 5.96%, 5/21/2026 | 11/26/2024 | 950 | $933 |
| 2756 | 8405254, 4.61%, 5/21/2026 | 11/26/2024 | 2676 | 2712 |
| 34225 | 8405414, 5.95%, 5/21/2026 | 11/26/2024 | 33827 | 33154 |
| 5593 | 8406928, 5.47%, 5/21/2026 | 11/26/2024 | 5509 | 5399 |
| 1729 | 8407197, 5.47%, 5/21/2026 | 11/26/2024 | 1660 | 1709 |
| 6271 | 8407372, 5.47%, 5/21/2026 | 11/26/2024 | 6176 | 6071 |
| 2783 | 8408158, 4.94%, 5/22/2026 | 11/27/2024 | 2717 | 2729 |
| 515 | 8408336, 6.14%, 5/22/2026 | 11/27/2024 | 515 | 349 |
| 2183 | 8408759, 5.22%, 5/22/2026 | 11/27/2024 | 2137 | 2120 |
| 11816 | 8408957, 4.94%, 5/22/2026 | 11/27/2024 | 11537 | 11616 |
| 5543 | 8411650, 4.61%, 5/22/2026 | 11/27/2024 | 5397 | 5391 |
| 4036 | 8411920, 6.22%, 5/22/2026 | 11/27/2024 | 4014 | 3559 |
| 794 | 8412063, 5.97%, 5/22/2026 | 11/27/2024 | 789 | 672 |
| 1040 | 8412107, 6.22%, 5/22/2026 | 11/27/2024 | 1009 | 1033 |
| 3893 | 8412360, 4.78%, 5/22/2026 | 11/27/2024 | 3891 | 519 |
| 754 | 8413024, 5.23%, 5/23/2026 | 11/29/2024 | 723 | 747 |
| 1499 | 8413284, 4.61%, 5/23/2026 | 11/29/2024 | 1463 | 1464 |
| 8110 | 8413323, 4.61%, 5/23/2026 | 11/29/2024 | 7950 | 7426 |
| 2009 | 8413601, 4.78%, 5/23/2026 | 11/29/2024 | 2006 | 1360 |
| 626 | 8413641, 5.95%, 5/23/2026 | 11/29/2024 | 619 | 578 |
| 14337 | 8413665, 4.61%, 5/23/2026 | 11/29/2024 | 13936 | 14009 |
| 2980 | 8414239, 5.46%, 5/24/2026<sup>(e)</sup> | 11/29/2024 | 2958 | 68 |
| 1603 | 8414289, 5.22%, 5/24/2026 | 11/29/2024 | 1569 | 1569 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 191

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $697 | 8415318, 6.44%, 5/25/2026 | 11/29/2024 | 696 | $654 |
| 4331 | 8415510, 4.59%, 5/25/2026 | 11/29/2024 | 4260 | 3793 |
| 4951 | 8415924, 4.59%, 5/25/2026 | 11/29/2024 | 4829 | 4851 |
| 899 | 8416484, 6.21%, 5/25/2026 | 11/29/2024 | 893 | 782 |
| 1209 | 8416732, 6.12%, 5/25/2026 | 11/29/2024 | 1208 | 978 |
| 1818 | 8416974, 4.59%, 5/25/2026 | 11/29/2024 | 1765 | 1790 |
| 5430 | 8417076, 5.45%, 5/25/2026 | 11/29/2024 | 5373 | 4505 |
| 5317 | 8417429, 4.59%, 5/25/2026 | 11/29/2024 | 5167 | 5231 |
| 800 | 8418694, 5.92%, 5/25/2026 | 11/29/2024 | 791 | 693 |
| 8736 | 8418736, 4.59%, 5/25/2026 | 11/29/2024 | 8465 | 8612 |
| 14924 | 8419250, 5.21%, 5/25/2026 | 11/29/2024 | 14581 | 14523 |
| 4799 | 8421071, 5.46%, 5/26/2026 | 12/2/2024 | 4752 | 3283 |
| 4571 | 8421250, 6.21%, 5/26/2026 | 12/2/2024 | 4536 | 4093 |
| 1244 | 8422554, 5.93%, 5/26/2026 | 12/2/2024 | 1232 | 1125 |
| 3876 | 8422593, 4.60%, 5/26/2026 | 12/2/2024 | 3766 | 3815 |
| 2529 | 8422906, 4.60%, 5/26/2026 | 12/2/2024 | 2435 | 2497 |
| 484 | 8423112, 6.14%, 5/26/2026 | 12/2/2024 | 482 | 430 |
| 12766 | 8423132, 4.60%, 5/26/2026 | 12/2/2024 | 12364 | 12583 |
| 8669 | 8423775, 6.33%, 5/26/2026 | 12/2/2024 | 8526 | 8562 |
| 2472 | 8427275, 5.23%, 5/27/2026 | 12/3/2024 | 2440 | 2155 |
| 3592 | 8427353, 4.62%, 5/27/2026 | 12/3/2024 | 3519 | 3446 |
| 4163 | 8427412, 5.96%, 5/27/2026 | 12/3/2024 | 4140 | 547 |

---

*See Notes to Financial Statements.*

192 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3526 | 8427449, 5.96%, 5/27/2026 | 12/3/2024 | 3504 | $2009 |
| 5918 | 8427508, 5.97%, 5/27/2026 | 12/3/2024 | 5849 | 5691 |
| 10961 | 8427729, 4.95%, 5/27/2026 | 12/3/2024 | 10772 | 10470 |
| 577 | 8428067, 5.96%, 5/27/2026 | 12/3/2024 | 557 | 570 |
| 971 | 8428146, 5.48%, 5/27/2026 | 12/3/2024 | 958 | 851 |
|  | 8428175, 5.98%, 5/27/2026 | 12/3/2024 | (4) |  |
| 7052 | 8428299, 5.24%, 5/27/2026 | 12/3/2024 | 6943 | 6001 |
| 1720 | 8428664, 4.62%, 5/27/2026 | 12/3/2024 | 1670 | 1691 |
| 11185 | 8428710, 5.97%, 5/27/2026 | 12/3/2024 | 11116 | 7252 |
| 872 | 8428961, 5.25%, 5/27/2026 | 12/3/2024 | 848 | 847 |
| 4104 | 8428994, 4.94%, 5/27/2026 | 12/3/2024 | 4019 | 3995 |
| 4082 | 8429523, 4.62%, 5/27/2026 | 12/3/2024 | 3970 | 4003 |
| 8122 | 8429610, 4.62%, 5/27/2026 | 12/3/2024 | 7905 | 7957 |
| 2607 | 8429769, 4.94%, 5/27/2026 | 12/3/2024 | 2542 | 2535 |
|  | 8429861, 4.95%, 5/27/2026 | 12/3/2024 |  |  |
| 160 | 8429951, 4.62%, 5/27/2026 | 12/3/2024 | 154 | 158 |
| 2503 | 8430051, 5.97%, 5/27/2026 | 12/3/2024 | 2478 | 2279 |
|  | 8430141, 5.73%, 5/27/2026 | 12/3/2024 | (308) | (549) |
| 986 | 8430676, 4.95%, 5/27/2026 | 12/3/2024 | 962 | 947 |
| 7600 | 8430698, 4.62%, 5/27/2026 | 12/3/2024 | 7314 | 7511 |
| 4153 | 8430891, 4.61%, 5/27/2026 | 12/3/2024 | 4068 | 3622 |
| 18250 | 8430928, 5.73%, 5/27/2026 | 12/3/2024 | 18130 | 10686 |
|  | 8431074, 4.62%, 5/27/2026 | 12/3/2024 | 0 |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 193

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $8411 | 8431090, 5.97%, 5/27/2026<sup>(e)</sup> | 12/3/2024 | 8372 | $103 |
| 4506 | 8431170, 4.62%, 5/27/2026 | 12/3/2024 | 4372 | 4435 |
| 19633 | 8431227, 4.94%, 5/27/2026 | 12/3/2024 | 19210 | 19188 |
| 1489 | 8431679, 4.94%, 5/28/2026 | 12/4/2024 | 1446 | 1467 |
| 714 | 8431716, 5.98%, 5/28/2026 | 12/4/2024 | 706 | 680 |
| 693 | 8431728, 5.48%, 5/28/2026 | 12/4/2024 | 661 | 687 |
| 947 | 8431810, 4.94%, 5/28/2026 | 12/4/2024 | 921 | 928 |
| 45397 | 8431825, 5.48%, 5/28/2026<sup>(e)</sup> | 12/4/2024 | 44972 | 31624 |
| 4643 | 8432139, 4.62%, 5/28/2026 | 12/4/2024 | 4520 | 4540 |
| 11444 | 8432206, 4.95%, 5/28/2026 | 12/4/2024 | 11229 | 9792 |
| 1789 | 8432310, 6.13%, 5/28/2026 | 12/4/2024 | 1788 | 1102 |
| 3936 | 8432346, 4.62%, 5/28/2026 | 12/4/2024 | 3827 | 3856 |
| 4520 | 8432452, 5.46%, 5/28/2026 | 12/4/2024 | 4512 | 2342 |
| 628 | 8434148, 6.13%, 5/29/2026 | 12/4/2024 | 626 | 572 |
| 1020 | 8434182, 6.22%, 5/29/2026 | 12/4/2024 | 1012 | 761 |
| 4018 | 8434431, 4.61%, 5/29/2026 | 12/4/2024 | 3877 | 3965 |
| 1845 | 8435332, 5.73%, 5/29/2026 | 12/4/2024 | 1822 | 1694 |
| 2745 | 8435651, 5.72%, 5/29/2026 | 12/4/2024 | 2692 | 2655 |
| 2102 | 8435736, 4.61%, 5/29/2026 | 12/4/2024 | 2033 | 2073 |
| 1786 | 8435821, 4.94%, 5/29/2026 | 12/4/2024 | 1758 | 1428 |
| 8396 | 8435908, 5.95%, 5/29/2026 | 12/4/2024 | 8311 | 7633 |
| 1937 | 8436123, 5.73%, 5/29/2026<sup>(e)</sup> | 12/4/2024 | 1922 | 361 |

---

*See Notes to Financial Statements.*

194 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2382 | 8436336, 6.22%, 5/29/2026<sup>(e)</sup> | 12/4/2024 | 2366 | $1492 |
| 814 | 8436453, 6.22%, 5/29/2026 | 12/4/2024 | 808 | 637 |
| 4612 | 8436470, 4.61%, 5/29/2026 | 12/4/2024 | 4503 | 4482 |
| 1542 | 8436651, 6.47%, 5/29/2026 | 12/4/2024 | 1535 | 1464 |
| 912 | 8436804, 4.61%, 5/29/2026 | 12/4/2024 | 872 | 903 |
| 2499 | 8437193, 4.94%, 5/30/2026 | 12/5/2024 | 2439 | 2410 |
| 5070 | 8437387, 5.47%, 5/30/2026 | 12/5/2024 | 5010 | 3900 |
| 13038 | 8437491, 4.61%, 5/30/2026 | 12/5/2024 | 12548 | 12873 |
| 636 | 8438267, 5.45%, 6/1/2026 | 12/5/2024 | 623 | 616 |
| 2094 | 8438353, 5.46%, 6/1/2026 | 12/5/2024 | 2063 | 1810 |
| 17206 | 8438392, 4.92%, 6/1/2026 | 12/5/2024 | 16908 | 14765 |
| 953 | 8438733, 6.45%, 6/1/2026 | 12/5/2024 | 951 | 713 |
| 1559 | 8438745, 4.59%, 6/1/2026 | 12/5/2024 | 1520 | 1523 |
| 837 | 8438774, 4.59%, 6/1/2026 | 12/5/2024 | 805 | 826 |
| 639 | 8439395, 4.75%, 6/2/2026 | 12/5/2024 | 637 | 347 |
| 1721 | 8439448, 4.75%, 6/2/2026 | 12/5/2024 | 1720 | 682 |
| 2069 | 8439535, 5.44%, 6/2/2026 | 12/5/2024 | 2019 | 2035 |
| 12061 | 8440582, 4.58%, 6/2/2026 | 12/5/2024 | 11617 | 11934 |
| 15746 | 8441502, 4.58%, 6/2/2026 | 12/5/2024 | 15367 | 15352 |
| 4670 | 8442068, 5.20%, 6/2/2026 | 12/5/2024 | 4544 | 4578 |
| 3128 | 8442465, 4.91%, 6/2/2026 | 12/5/2024 | 3071 | 2996 |
| 9209 | 8442532, 4.58%, 6/2/2026 | 12/5/2024 | 9057 | 7327 |
| 2145 | 8442669, 4.58%, 6/2/2026 | 12/5/2024 | 2072 | 2118 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 195

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $10061 | 8442851, 6.43%, 6/2/2026<sup>(e)</sup> | 12/5/2024 | 10051 | $182 |
| 27597 | 8443009, 5.20%, 6/2/2026 | 12/5/2024 | 27097 | 26022 |
| 7337 | 8443987, 4.58%, 6/2/2026 | 12/5/2024 | 7179 | 6481 |
| 1460 | 8444203, 5.20%, 6/2/2026 | 12/5/2024 | 1430 | 1419 |
| 1025 | 8444247, 6.10%, 6/2/2026 | 12/5/2024 | 1023 | 935 |
| 12846 | 8444288, 5.44%, 6/2/2026 | 12/5/2024 | 12710 | 6865 |
| 6501 | 8444312, 4.91%, 6/3/2026 | 12/6/2024 | 6379 | 5993 |
| 1411 | 8444656, 4.58%, 6/3/2026 | 12/6/2024 | 1372 | 1371 |
| 4446 | 8444736, 4.91%, 6/3/2026 | 12/6/2024 | 4383 | 3410 |
| 7526 | 8445126, 4.91%, 6/3/2026 | 12/6/2024 | 7424 | 1195 |
| 782 | 8445423, 5.90%, 6/3/2026 | 12/6/2024 | 774 | 678 |
| 2710 | 8445762, 4.58%, 6/3/2026 | 12/6/2024 | 2590 | 2683 |
| 237 | 8445986, 6.10%, 6/3/2026 | 12/6/2024 | 237 | 213 |
| 18536 | 8446016, 4.58%, 6/3/2026 | 12/6/2024 | 18026 | 18017 |
| 1888 | 8446497, 4.90%, 6/3/2026 | 12/6/2024 | 1860 | 1526 |
| 9364 | 8446513, 5.92%, 6/3/2026 | 12/6/2024 | 9238 | 8828 |
| 1343 | 8446764, 5.68%, 6/3/2026 | 12/6/2024 | 1325 | 1256 |
| 4766 | 8446793, 4.58%, 6/3/2026 | 12/6/2024 | 4634 | 4672 |
| 15138 | 8446982, 5.20%, 6/3/2026 | 12/6/2024 | 14785 | 14292 |
| 5019 | 8447398, 6.19%, 6/3/2026 | 12/6/2024 | 4996 | 1707 |
| 7758 | 8447543, 6.31%, 6/3/2026<sup>(e)</sup> | 12/6/2024 | 7742 | 720 |
| 2770 | 8447713, 4.59%, 6/3/2026 | 12/6/2024 | 2719 | 2486 |

---

*See Notes to Financial Statements.*

196 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $23516 | 8448951, 5.20%, 6/3/2026 | 12/6/2024 | 22931 | $23066 |
| 13575 | 8449416, 4.58%, 6/4/2026 | 12/9/2024 | 13141 | 13315 |
| 11352 | 8450084, 5.92%, 6/4/2026 | 12/9/2024 | 11117 | 10586 |
| 44094 | 8451215, 6.18%, 6/4/2026<sup>(e)</sup> | 12/9/2024 | 43827 | 181 |
| 7166 | 8451933, 4.58%, 6/4/2026 | 12/9/2024 | 6944 | 7004 |
| 3130 | 8452077, 4.58%, 6/4/2026 | 12/9/2024 | 3040 | 3070 |
| 6029 | 8452309, 6.31%, 6/4/2026<sup>(e)</sup> | 12/9/2024 | 5983 | 3981 |
| 8990 | 8452482, 5.20%, 6/4/2026 | 12/9/2024 | 8838 | 8451 |
| 57334 | 8452630, 6.09%, 6/4/2026<sup>(e)</sup> | 12/9/2024 | 57309 | 266 |
| 1196 | 8453052, 5.70%, 6/4/2026 | 12/9/2024 | 1184 | 843 |
| 15872 | 8453418, 5.92%, 6/4/2026<sup>(e)</sup> | 12/9/2024 | 15763 | 7350 |
| 1963 | 8453885, 4.58%, 6/4/2026 | 12/9/2024 | 1909 | 1925 |
| 46099 | 8454007, 4.58%, 6/4/2026 | 12/9/2024 | 44824 | 45238 |
| 23669 | 8457066, 4.60%, 6/5/2026 | 12/10/2024 | 22967 | 23233 |
| 4411 | 8457573, 4.60%, 6/5/2026 | 12/10/2024 | 4314 | 4232 |
| 1253 | 8457878, 4.59%, 6/5/2026 | 12/10/2024 | 1216 | 1230 |
| 7769 | 8457978, 4.93%, 6/5/2026 | 12/10/2024 | 7543 | 7589 |
| 1153 | 8458497, 5.95%, 6/5/2026 | 12/10/2024 | 1132 | 1123 |
| 2104 | 8458590, 5.95%, 6/5/2026<sup>(e)</sup> | 12/10/2024 | 2092 | 22 |
| 712 | 8459029, 4.58%, 6/5/2026 | 12/10/2024 | 693 | 697 |
| 2510 | 8459541, 4.60%, 6/5/2026 | 12/10/2024 | 2414 | 2478 |
| 493 | 8459601, 5.95%, 6/5/2026 | 12/10/2024 | 485 | 476 |
| 20668 | 8459616, 4.93%, 6/5/2026 | 12/10/2024 | 20258 | 19209 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 197

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $530 | 8460743, 5.96%, 6/5/2026 | 12/10/2024 | 518 | $521 |
| 3404 | 8460764, 5.47%, 6/5/2026 | 12/10/2024 | 3351 | 2998 |
|  | 8460807, 4.60%, 6/5/2026 | 12/10/2024 | (12) | (9) |
| 824 | 8460825, 4.60%, 6/5/2026 | 12/10/2024 | 811 | 642 |
| 336 | 8460895, 5.96%, 6/5/2026 | 12/10/2024 | 327 | 330 |
| 2141 | 8460901, 5.22%, 6/5/2026 | 12/10/2024 | 2103 | 1794 |
| 1635 | 8460971, 4.60%, 6/5/2026 | 12/10/2024 | 1574 | 1614 |
| 6737 | 8460993, 6.33%, 6/5/2026 | 12/10/2024 | 6696 | 6225 |
|  | 8461100, 4.94%, 6/5/2026 | 12/10/2024 | (5) |  |
| 4198 | 8461387, 5.71%, 6/5/2026 | 12/11/2024 | 4158 | 2173 |
| 1616 | 8461694, 4.60%, 6/6/2026 | 12/11/2024 | 1574 | 1572 |
| 31155 | 8461728, 4.60%, 6/6/2026 | 12/11/2024 | 30166 | 30669 |
| 296 | 8463033, 5.46%, 6/6/2026 | 12/11/2024 | 279 | 293 |
| 2804 | 8463095, 5.22%, 6/6/2026 | 12/11/2024 | 2742 | 2674 |
| 6964 | 8463208, 4.60%, 6/6/2026 | 12/11/2024 | 6786 | 6792 |
| 1923 | 8463483, 4.60%, 6/6/2026 | 12/11/2024 | 1867 | 1887 |
| 298 | 8463553, 6.21%, 6/6/2026 | 12/11/2024 | 285 | 289 |
| 7406 | 8463594, 4.60%, 6/6/2026 | 12/11/2024 | 7231 | 7129 |
| 23415 | 8463741, 4.60%, 6/6/2026 | 12/11/2024 | 22724 | 22758 |
| 5937 | 8464332, 6.21%, 6/6/2026 | 12/11/2024 | 5905 | 2773 |
| 2910 | 8464373, 4.60%, 6/6/2026 | 12/11/2024 | 2834 | 2832 |
| 18609 | 8464414, 4.60%, 6/6/2026 | 12/11/2024 | 17964 | 18337 |

---

*See Notes to Financial Statements.*

198 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1975 | 8464951, 6.20%, 6/6/2026 | 12/11/2024 | 1961 | $1421 |
| 7136 | 8465550, 4.60%, 6/6/2026 | 12/11/2024 | 6910 | 7004 |
| 620 | 8465869, 6.19%, 6/6/2026<sup>(e)</sup> | 12/11/2024 | 615 | 376 |
| 2840 | 8466151, 4.60%, 6/7/2026 | 12/12/2024 | 2762 | 2771 |
| 12084 | 8466191, 5.22%, 6/7/2026 | 12/12/2024 | 11743 | 11758 |
| 3394 | 8466383, 4.60%, 6/7/2026 | 12/12/2024 | 3288 | 3337 |
| 3475 | 8466446, 4.60%, 6/7/2026 | 12/12/2024 | 3412 | 2534 |
| 3017 | 8466478, 4.77%, 6/7/2026<sup>(e)</sup> | 12/12/2024 | 3016 | 902 |
| 3808 | 8466524, 4.60%, 6/7/2026 | 12/12/2024 | 3722 | 3332 |
| 110 | 8466700, 5.23%, 6/7/2026 | 12/12/2024 | 100 | 109 |
| 3756 | 8466733, 4.60%, 6/7/2026 | 12/12/2024 | 3685 | 3304 |
| 4430 | 8466791, 4.78%, 6/7/2026 | 12/12/2024 | 4428 | 1409 |
| 2908 | 8466836, 4.60%, 6/8/2026 | 12/12/2024 | 2849 | 2690 |
| 5189 | 8466876, 4.59%, 6/8/2026 | 12/12/2024 | 5104 | 4403 |
| 2190 | 8466996, 4.60%, 6/8/2026 | 12/12/2024 | 2117 | 2156 |
| 587 | 8467041, 5.45%, 6/8/2026 | 12/12/2024 | 552 | 582 |
| 523 | 8467063, 6.12%, 6/8/2026 | 12/12/2024 | 522 | 468 |
| 5351 | 8467074, 5.20%, 6/8/2026 | 12/12/2024 | 5257 | 5087 |
| 3813 | 8467115, 4.92%, 6/8/2026 | 12/12/2024 | 3709 | 3669 |
| 4472 | 8467171, 5.21%, 6/8/2026 | 12/12/2024 | 4314 | 4405 |
| 1504 | 8467254, 4.58%, 6/8/2026 | 12/12/2024 | 1468 | 1459 |
| 774 | 8467274, 5.47%, 6/8/2026 | 12/12/2024 | 750 | 753 |
| 3122 | 8467294, 4.59%, 6/8/2026 | 12/12/2024 | 3002 | 3083 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 199

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4970 | 8467359, 5.93%, 6/8/2026 | 12/12/2024 | 4891 | $4279 |
| 1521 | 8467451, 4.60%, 6/8/2026 | 12/12/2024 | 1472 | 1496 |
| 603 | 8467475, 4.59%, 6/8/2026 | 12/12/2024 | 592 | 579 |
| 24405 | 8468164, 5.44%, 6/9/2026 | 12/12/2024 | 24142 | 16248 |
| 1946 | 8468884, 5.92%, 6/9/2026 | 12/12/2024 | 1919 | 1817 |
| 818 | 8468986, 6.43%, 6/9/2026 | 12/12/2024 | 816 | 399 |
| 1694 | 8469011, 5.20%, 6/9/2026 | 12/12/2024 | 1615 | 1677 |
| 3021 | 8469175, 5.69%, 6/9/2026 | 12/12/2024 | 2950 | 2947 |
| 615 | 8469358, 5.91%, 6/9/2026 | 12/12/2024 | 605 | 597 |
| 5156 | 8469392, 5.44%, 6/9/2026 | 12/12/2024 | 5011 | 5027 |
| 7451 | 8469609, 4.91%, 6/9/2026 | 12/12/2024 | 7321 | 6835 |
| 2059 | 8469997, 4.58%, 6/9/2026 | 12/12/2024 | 2021 | 1811 |
| 17370 | 8470025, 4.91%, 6/9/2026 | 12/12/2024 | 17125 | 14459 |
| 4687 | 8470292, 6.18%, 6/9/2026 | 12/12/2024 | 4614 | 4466 |
| 3308 | 8470426, 6.43%, 6/9/2026 | 12/12/2024 | 3300 | 2401 |
| 1422 | 8470492, 5.40%, 6/9/2026<sup>(e)</sup> | 12/12/2024 | 1422 | 14 |
| 8712 | 8471202, 5.44%, 6/9/2026 | 12/12/2024 | 8616 | 6189 |
| 6015 | 8471282, 4.91%, 6/9/2026 | 12/12/2024 | 5809 | 5854 |
| 19769 | 8471406, 4.91%, 6/9/2026 | 12/12/2024 | 19007 | 19527 |
| 6669 | 8472058, 5.45%, 6/9/2026 | 12/12/2024 | 6563 | 6148 |
| 22201 | 8472202, 4.58%, 6/9/2026 | 12/12/2024 | 21700 | 21315 |
| 1484 | 8472399, 5.92%, 6/10/2026 | 12/13/2024 | 1415 | 1460 |

---

*See Notes to Financial Statements.*

200 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $5297 | 8472537, 5.44%, 6/10/2026 | 12/13/2024 | 5057 | $5233 |
| 1286 | 8472920, 4.58%, 6/10/2026 | 12/13/2024 | 1247 | 1266 |
| 5112 | 8473005, 4.58%, 6/10/2026 | 12/13/2024 | 4949 | 5027 |
| 1285 | 8473197, 4.90%, 6/10/2026 | 12/13/2024 | 1251 | 1247 |
| 647 | 8473217, 6.30%, 6/10/2026 | 12/13/2024 | 644 | 556 |
| 1520 | 8473765, 4.58%, 6/10/2026 | 12/13/2024 | 1457 | 1498 |
| 6386 | 8473881, 4.58%, 6/10/2026 | 12/13/2024 | 6255 | 5777 |
| 7117 | 8474055, 5.20%, 6/10/2026 | 12/13/2024 | 6944 | 6946 |
| 678 | 8474368, 4.56%, 6/10/2026 | 12/13/2024 | 656 | 664 |
| 5758 | 8474395, 4.58%, 6/10/2026 | 12/13/2024 | 5463 | 5701 |
| 195 | 8474621, 4.76%, 6/10/2026 | 12/13/2024 | 194 | 175 |
| 3675 | 8474635, 4.58%, 6/10/2026 | 12/13/2024 | 3595 | 3515 |
| 29646 | 8474694, 4.91%, 6/10/2026 | 12/13/2024 | 28869 | 29003 |
| 3428 | 8475696, 4.91%, 6/10/2026 | 12/13/2024 | 3338 | 3326 |
| 4376 | 8475887, 5.92%, 6/10/2026 | 12/13/2024 | 4328 | 3840 |
| 3513 | 8476033, 4.91%, 6/10/2026 | 12/13/2024 | 3395 | 3463 |
| 2335 | 8476500, 4.91%, 6/10/2026 | 12/13/2024 | 2284 | 2180 |
| 1503 | 8476775, 5.44%, 6/10/2026 | 12/13/2024 | 1475 | 1449 |
| 5065 | 8476810, 4.58%, 6/10/2026 | 12/13/2024 | 4947 | 4869 |
| 451 | 8476875, 6.31%, 6/10/2026 | 12/13/2024 | 413 | 426 |
| 396 | 8476959, 6.11%, 6/10/2026 | 12/13/2024 | 396 | 338 |
| 1230 | 8477070, 5.20%, 6/10/2026 | 12/16/2024 | 1208 | 1111 |
| 1609 | 8477276, 5.93%, 6/11/2026 | 12/16/2024 | 1588 | 1520 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 201

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4267 | 8477365, 4.58%, 6/11/2026 | 12/16/2024 | 4129 | $4194 |
| 9832 | 8477494, 4.58%, 6/11/2026 | 12/16/2024 | 9473 | 9685 |
| 6781 | 8477977, 6.31%, 6/11/2026 | 12/16/2024 | 6667 | 6500 |
| 1267 | 8478489, 6.08%, 6/11/2026 | 12/16/2024 | 1250 | 1087 |
| 872 | 8478548, 6.06%, 6/11/2026<sup>(e)</sup> | 12/16/2024 | 868 | 11 |
| 10822 | 8478556, 5.20%, 6/11/2026 | 12/16/2024 | 10559 | 10131 |
| 905 | 8479082, 5.44%, 6/11/2026 | 12/16/2024 | 887 | 826 |
| 6863 | 8479118, 4.91%, 6/11/2026 | 12/16/2024 | 6768 | 4525 |
| 11363 | 8479665, 6.43%, 6/11/2026<sup>(e)</sup> | 12/16/2024 | 11316 | 8485 |
| 710 | 8479806, 5.69%, 6/11/2026 | 12/16/2024 | 696 | 667 |
| 31208 | 8480034, 4.58%, 6/11/2026 | 12/16/2024 | 30280 | 30567 |
|  | 8480435, 5.68%, 6/11/2026 | 12/16/2024 |  |  |
| 3179 | 8480482, 4.91%, 6/11/2026 | 12/16/2024 | 3081 | 3125 |
| 1242 | 8480638, 4.91%, 6/11/2026 | 12/16/2024 | 1202 | 1222 |
| 604 | 8480669, 5.92%, 6/11/2026 | 12/16/2024 | 582 | 591 |
| 23908 | 8480687, 5.92%, 6/11/2026 | 12/16/2024 | 23724 | 9520 |
| 5080 | 8480998, 4.91%, 6/11/2026 | 12/16/2024 | 5009 | 3366 |
| 1666 | 8481040, 6.18%, 6/11/2026 | 12/16/2024 | 1653 | 1213 |
| 4177 | 8483326, 4.60%, 6/12/2026 | 12/17/2024 | 4068 | 4056 |
| 12815 | 8483395, 4.60%, 6/12/2026 | 12/17/2024 | 12493 | 12412 |
| 2044 | 8483678, 5.94%, 6/12/2026 | 12/17/2024 | 1991 | 1988 |
| 917 | 8483818, 4.78%, 6/12/2026 | 12/17/2024 | 916 | 469 |

---

*See Notes to Financial Statements.*

202 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $– | 8483844, 6.45%, 6/12/2026 | 12/17/2024 | (79) | $(25) |
| 2648 | 8484533, 4.59%, 6/12/2026 | 12/17/2024 | 2564 | 2603 |
| 2847 | 8484610, 5.22%, 6/12/2026 | 12/17/2024 | 2766 | 2778 |
| 5729 | 8484691, 6.45%, 6/12/2026 | 12/17/2024 | 5700 | 5037 |
| 626 | 8484795, 4.78%, 6/12/2026 | 12/17/2024 | 624 | 571 |
| 11075 | 8484804, 6.21%, 6/12/2026 | 12/17/2024 | 10711 | 10947 |
| 1810 | 8485453, 4.60%, 6/12/2026 | 12/17/2024 | 1740 | 1771 |
| 9407 | 8485489, 5.94%, 6/12/2026 | 12/17/2024 | 9197 | 9182 |
| 3498 | 8486520, 6.11%, 6/12/2026 | 12/17/2024 | 3491 | 3035 |
| 1102 | 8486683, 4.92%, 6/12/2026 | 12/17/2024 | 1077 | 1037 |
| 1884 | 8486711, 6.21%, 6/12/2026 | 12/17/2024 | 1841 | 1763 |
| 29509 | 8486847, 4.93%, 6/12/2026 | 12/17/2024 | 28894 | 28211 |
| 737 | 8487399, 6.49%, 6/12/2026 | 12/17/2024 | 735 | 78 |
| 24674 | 8487417, 5.22%, 6/12/2026 | 12/17/2024 | 24184 | 22664 |
| 2890 | 8487877, 4.60%, 6/12/2026 | 12/17/2024 | 2820 | 2776 |
|  | 8487897, 4.60%, 6/12/2026 | 12/17/2024 | (432) | (339) |
| 296 | 8488085, 5.46%, 6/12/2026 | 12/17/2024 | 295 | 274 |
| 1883 | 8488087, 6.12%, 6/12/2026 | 12/17/2024 | 1878 | 1802 |
| 12394 | 8488132, 4.93%, 6/13/2026 | 12/18/2024 | 12122 | 11874 |
|  | 8488674, 5.71%, 6/13/2026 | 12/18/2024 | (64) | (52) |
| 443 | 8488791, 6.21%, 6/13/2026 | 12/18/2024 | 436 | 420 |
| 3820 | 8489061, 5.47%, 6/13/2026 | 12/18/2024 | 3760 | 3034 |
| 9989 | 8489328, 4.60%, 6/13/2026 | 12/18/2024 | 9602 | 9854 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 203

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $37592 | 8489829, 4.60%, 6/13/2026 | 12/18/2024 | 36270 | $36988 |
| 8760 | 8490800, 4.60%, 6/13/2026 | 12/18/2024 | 8383 | 8643 |
| 4723 | 8491070, 5.22%, 6/13/2026 | 12/18/2024 | 4631 | 4501 |
| 1943 | 8491145, 4.77%, 6/13/2026 | 12/18/2024 | 1940 | 785 |
| 4864 | 8491229, 4.60%, 6/13/2026 | 12/18/2024 | 4706 | 4784 |
| 4405 | 8491296, 5.71%, 6/13/2026 | 12/18/2024 | 4327 | 4041 |
| 13130 | 8491420, 5.94%, 6/13/2026 | 12/18/2024 | 12776 | 12688 |
| 14230 | 8492371, 4.60%, 6/13/2026 | 12/18/2024 | 13799 | 13893 |
| 2590 | 8492441, 4.60%, 6/14/2026 | 12/19/2024 | 2503 | 2548 |
| 11920 | 8492482, 4.60%, 6/14/2026 | 12/19/2024 | 11524 | 11712 |
|  | 8492645, 4.60%, 6/14/2026 | 12/19/2024 |  |  |
| 1501 | 8492670, 6.46%, 6/14/2026 | 12/19/2024 | 1497 | 1004 |
| 636 | 8492690, 6.11%, 6/14/2026 | 12/19/2024 | 633 | 595 |
| 2224 | 8492810, 4.93%, 6/14/2026 | 12/19/2024 | 2185 | 1632 |
| 552 | 8492842, 6.43%, 6/14/2026 | 12/19/2024 | 549 | 477 |
| 3568 | 8492857, 6.21%, 6/14/2026 | 12/19/2024 | 3538 | 2285 |
| 1253 | 8492896, 5.94%, 6/14/2026 | 12/19/2024 | 1228 | 1222 |
| 9369 | 8492929, 4.60%, 6/14/2026 | 12/19/2024 | 9099 | 9152 |
| 698 | 8493080, 4.59%, 6/14/2026 | 12/19/2024 | 680 | 666 |
| 3619 | 8493084, 4.60%, 6/14/2026 | 12/19/2024 | 3518 | 3530 |
| 11424 | 8493134, 6.33%, 6/14/2026 | 12/19/2024 | 11364 | 5407 |
| 8802 | 8493239, 4.60%, 6/14/2026 | 12/19/2024 | 8472 | 8623 |

---

*See Notes to Financial Statements.*

204 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $486 | 8493415, 4.59%, 6/15/2026 | 12/19/2024 | 456 | $481 |
| 2348 | 8493432, 5.43%, 6/15/2026 | 12/19/2024 | 2346 | 1781 |
| 1156 | 8493484, 5.70%, 6/15/2026 | 12/19/2024 | 1137 | 1049 |
| 1965 | 8493499, 5.70%, 6/15/2026 | 12/19/2024 | 1891 | 1912 |
| 2743 | 8493552, 5.46%, 6/15/2026 | 12/19/2024 | 2682 | 2609 |
| 5254 | 8493595, 5.94%, 6/15/2026<sup>(e)</sup> | 12/19/2024 | 5204 | 775 |
| 6265 | 8493645, 4.59%, 6/15/2026 | 12/19/2024 | 6066 | 6155 |
| 9871 | 8493721, 5.45%, 6/15/2026 | 12/19/2024 | 9712 | 8941 |
| 2234 | 8493814, 5.21%, 6/15/2026 | 12/19/2024 | 2197 | 1696 |
| 2010 | 8493838, 5.21%, 6/15/2026 | 12/19/2024 | 1962 | 1932 |
| 1636 | 8493883, 5.70%, 6/15/2026 | 12/19/2024 | 1609 | 1433 |
| 7072 | 8493902, 4.92%, 6/15/2026 | 12/19/2024 | 6793 | 6974 |
| 3878 | 8494047, 4.59%, 6/15/2026 | 12/19/2024 | 3784 | 3660 |
| 4023 | 8494716, 4.58%, 6/16/2026 | 12/19/2024 | 3887 | 3957 |
|  | 8494982, 6.18%, 6/16/2026 | 12/19/2024 |  |  |
| 12752 | 8495799, 5.69%, 6/16/2026 | 12/19/2024 | 12432 | 12347 |
| 1229 | 8496141, 5.92%, 6/16/2026 | 12/19/2024 | 1194 | 1178 |
| 3778 | 8496177, 4.59%, 6/16/2026 | 12/19/2024 | 3677 | 3670 |
| 10709 | 8496261, 6.43%, 6/16/2026<sup>(e)</sup> | 12/19/2024 | 10678 | 1895 |
| 3598 | 8496989, 5.93%, 6/16/2026 | 12/19/2024 | 3567 | 2024 |
| 83 | 8497027, 5.92%, 6/16/2026 | 12/19/2024 | 76 | 82 |
| 1867 | 8497077, 5.20%, 6/16/2026 | 12/19/2024 | 1809 | 1814 |
| 7853 | 8497111, 4.58%, 6/16/2026 | 12/19/2024 | 7647 | 7640 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 205

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1333 | 8497235, 5.91%, 6/16/2026 | 12/19/2024 | 1310 | $1270 |
| 7550 | 8497256, 4.58%, 6/16/2026 | 12/19/2024 | 7274 | 7441 |
| 3158 | 8497495, 5.69%, 6/16/2026 | 12/19/2024 | 3113 | 2331 |
| 3481 | 8497599, 5.69%, 6/16/2026 | 12/19/2024 | 3429 | 3096 |
| 13532 | 8497947, 4.58%, 6/16/2026 | 12/19/2024 | 13216 | 12971 |
| 1962 | 8498244, 5.69%, 6/16/2026 | 12/19/2024 | 1933 | 1720 |
| 9286 | 8498279, 4.58%, 6/16/2026 | 12/19/2024 | 9009 | 9080 |
| 18720 | 8498539, 5.20%, 6/17/2026 | 12/20/2024 | 18278 | 18033 |
| 421 | 8498844, 5.20%, 6/17/2026 | 12/20/2024 | 391 | 416 |
| 19900 | 8498893, 5.69%, 6/17/2026 | 12/20/2024 | 19643 | 15177 |
| 10128 | 8499750, 4.52%, 6/17/2026 | 12/20/2024 | 9887 | 9659 |
| 1768 | 8500149, 6.18%, 6/17/2026 | 12/20/2024 | 1740 | 1682 |
| 4054 | 8500208, 4.83%, 6/17/2026 | 12/20/2024 | 3950 | 3817 |
| 15693 | 8500281, 5.14%, 6/17/2026 | 12/20/2024 | 15428 | 12857 |
| 2333 | 8500636, 5.92%, 6/17/2026 | 12/20/2024 | 2301 | 1871 |
| 4640 | 8500745, 4.91%, 6/17/2026 | 12/20/2024 | 4458 | 4576 |
| 13515 | 8500878, 5.69%, 6/17/2026 | 12/20/2024 | 13199 | 13215 |
| 18150 | 8501183, 6.31%, 6/17/2026<sup>(e)</sup> | 12/20/2024 | 18071 | 1873 |
| 33745 | 8501325, 4.58%, 6/17/2026 | 12/20/2024 | 32812 | 32853 |
| 4097 | 8501870, 4.91%, 6/17/2026 | 12/20/2024 | 3975 | 4001 |
| 386 | 8501963, 4.76%, 6/17/2026 | 12/20/2024 | 386 | 351 |
| 8677 | 8501979, 5.20%, 6/17/2026 | 12/20/2024 | 8417 | 8488 |

---

*See Notes to Financial Statements.*

206 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $19362 | 8502132, 4.58%, 6/17/2026 | 12/20/2024 | 18692 | $19039 |
| 3513 | 8502611, 4.52%, 6/17/2026 | 12/20/2024 | 3353 | 3432 |
| 2939 | 8502721, 5.69%, 6/17/2026 | 12/20/2024 | 2850 | 2791 |
| 2137 | 8502793, 5.13%, 6/17/2026 | 12/20/2024 | 2092 | 2009 |
| 9474 | 8502819, 4.52%, 6/17/2026 | 12/20/2024 | 9133 | 9332 |
| 2866 | 8503020, 6.20%, 6/18/2026<sup>(e)</sup> | 12/23/2024 | 2857 | 10 |
| 423 | 8503104, 5.19%, 6/18/2026 | 12/23/2024 | 399 | 419 |
| 822 | 8503126, 5.91%, 6/18/2026 | 12/23/2024 | 812 | 666 |
| 1216 | 8503158, 6.31%, 6/18/2026 | 12/23/2024 | 1200 | 735 |
| 5343 | 8503192, 5.20%, 6/18/2026 | 12/23/2024 | 5254 | 4422 |
| 58582 | 8503404, 4.58%, 6/18/2026 | 12/23/2024 | 56978 | 56838 |
| 40204 | 8505591, 5.87%, 6/18/2026 | 12/23/2024 | 39632 | 34493 |
| 11440 | 8506278, 5.69%, 6/18/2026 | 12/23/2024 | 11189 | 9990 |
| 1462 | 8506458, 4.52%, 6/18/2026 | 12/23/2024 | 1408 | 1441 |
|  | 8506614, 6.43%, 6/18/2026 | 12/23/2024 |  |  |
| 6849 | 8506857, 5.92%, 6/18/2026 | 12/23/2024 | 6729 | 6527 |
| 18465 | 8509410, 4.60%, 6/19/2026 | 12/24/2024 | 18091 | 15108 |
| 465 | 8509692, 4.93%, 6/19/2026 | 12/24/2024 | 440 | 458 |
| 3084 | 8509702, 6.24%, 6/19/2026 | 12/24/2024 | 3059 | 1687 |
| 1283 | 8509750, 5.72%, 6/19/2026 | 12/24/2024 | 1261 | 1066 |
| 3959 | 8509845, 5.46%, 6/19/2026<sup>(e)</sup> | 12/24/2024 | 3895 | 2681 |
| 1427 | 8509979, 6.20%, 6/19/2026 | 12/24/2024 | 1412 | 1205 |
| 2890 | 8510017, 4.85%, 6/19/2026 | 12/24/2024 | 2782 | 2799 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 207

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $8641 | 8510160, 4.60%, 6/19/2026 | 12/24/2024 | 8417 | $8303 |
| 1511 | 8510497, 5.72%, 6/19/2026 | 12/24/2024 | 1477 | 1445 |
| 3684 | 8510575, 4.60%, 6/19/2026 | 12/24/2024 | 3585 | 3541 |
| 1544 | 8510723, 6.24%, 6/19/2026 | 12/24/2024 | 1523 | 1423 |
| 3520 | 8511121, 6.21%, 6/19/2026 | 12/24/2024 | 3418 | 3443 |
| 8485 | 8511362, 5.22%, 6/19/2026 | 12/24/2024 | 8191 | 8289 |
| 11239 | 8511685, 5.40%, 6/19/2026 | 12/24/2024 | 11081 | 1237 |
| 7630 | 8512375, 5.22%, 6/19/2026 | 12/24/2024 | 7422 | 7384 |
| 3648 | 8512602, 5.40%, 6/19/2026 | 12/24/2024 | 3546 | 3503 |
| 6131 | 8512753, 4.60%, 6/19/2026 | 12/24/2024 | 5928 | 5991 |
| 4818 | 8512923, 4.85%, 6/19/2026 | 12/24/2024 | 4707 | 4623 |
| 1037 | 8512997, 5.21%, 6/19/2026 | 12/24/2024 | 1015 | 955 |
|  | 8513004, 5.94%, 6/19/2026 | 12/24/2024 |  |  |
| 2235 | 8513112, 5.16%, 6/19/2026 | 12/24/2024 | 2167 | 2178 |
| 10252 | 8513151, 5.71%, 6/19/2026 | 12/24/2024 | 9962 | 10005 |
| 8115 | 8513295, 4.54%, 6/19/2026 | 12/24/2024 | 7860 | 7965 |
| 790 | 8513432, 5.90%, 6/19/2026 | 12/24/2024 | 775 | 731 |
| 1201 | 8513450, 4.75%, 6/19/2026 | 12/24/2024 | 1200 | 903 |
| 8090 | 8513456, 5.89%, 6/19/2026 | 12/24/2024 | 7811 | 7100 |
| 6331 | 8513636, 6.08%, 6/19/2026<sup>(e)</sup> | 12/24/2024 | 6319 | 1882 |
| 2001 | 8513739, 5.94%, 6/19/2026 | 12/24/2024 | 1972 | 1660 |
| 6153 | 8513778, 4.60%, 6/20/2026 | 12/26/2024 | 6043 | 4685 |

---

*See Notes to Financial Statements.*

208 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $14158 | 8514218, 4.54%, 6/20/2026 | 12/26/2024 | 13775 | $13545 |
| 1433 | 8515056, 4.54%, 6/20/2026 | 12/26/2024 | 1367 | 1415 |
| 2190 | 8515099, 5.88%, 6/20/2026<sup>(e)</sup> | 12/26/2024 | 2171 | 121 |
| 637 | 8515122, 5.16%, 6/20/2026 | 12/26/2024 | 613 | 626 |
| 10322 | 8515143, 4.54%, 6/20/2026 | 12/26/2024 | 10036 | 10029 |
| 8921 | 8515946, 5.16%, 6/20/2026 | 12/26/2024 | 8755 | 6255 |
| 987 | 8516071, 6.24%, 6/20/2026 | 12/26/2024 | 978 | 562 |
|  | 8516318, 5.21%, 6/20/2026 | 12/26/2024 |  |  |
| 9654 | 8516385, 5.46%, 6/20/2026 | 12/26/2024 | 9174 | 9461 |
| 183 | 8516633, 4.54%, 6/20/2026 | 12/26/2024 | 177 | 180 |
| 1794 | 8516637, 4.54%, 6/20/2026 | 12/26/2024 | 1752 | 1720 |
| 4065 | 8516656, 5.15%, 6/20/2026 | 12/26/2024 | 3968 | 3870 |
| 1497 | 8516704, 5.70%, 6/20/2026 | 12/26/2024 | 1473 | 1282 |
| 1661 | 8516713, 4.60%, 6/20/2026 | 12/26/2024 | 1619 | 1582 |
| 889 | 8517072, 6.25%, 6/20/2026 | 12/26/2024 | 879 | 761 |
| 1507 | 8517080, 5.95%, 6/20/2026 | 12/26/2024 | 1485 | 1331 |
| 2957 | 8517107, 4.60%, 6/20/2026 | 12/26/2024 | 2831 | 2914 |
| 8326 | 8517246, 5.94%, 6/20/2026<sup>(e)</sup> | 12/26/2024 | 8244 | 391 |
| 8944 | 8517289, 5.16%, 6/20/2026 | 12/26/2024 | 8787 | 6573 |
| 3520 | 8517367, 5.16%, 6/20/2026 | 12/26/2024 | 3416 | 3431 |
| 2676 | 8517394, 4.54%, 6/20/2026 | 12/26/2024 | 2593 | 2624 |
| 6008 | 8517413, 6.21%, 6/20/2026 | 12/26/2024 | 5866 | 5835 |
| 2547 | 8517517, 5.90%, 6/20/2026 | 12/26/2024 | 2519 | 1822 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 209

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4579 | 8517537, 4.54%, 6/20/2026 | 12/26/2024 | 4484 | $3597 |
| 3540 | 8517556, 5.71%, 6/20/2026 | 12/26/2024 | 3468 | 3325 |
| 6751 | 8517625, 5.22%, 6/20/2026 | 12/26/2024 | 6521 | 6590 |
| 8814 | 8517802, 5.22%, 6/20/2026 | 12/26/2024 | 8553 | 8473 |
| 5137 | 8518857, 4.61%, 6/21/2026 | 12/27/2024 | 4987 | 5002 |
| 3564 | 8518939, 5.17%, 6/21/2026<sup>(e)</sup> | 12/27/2024 | 3498 | 733 |
| 4828 | 8518980, 5.16%, 6/21/2026 | 12/27/2024 | 4658 | 4764 |
| 1679 | 8519086, 5.47%, 6/21/2026 | 12/27/2024 | 1646 | 1500 |
| 5075 | 8519111, 4.55%, 6/21/2026 | 12/27/2024 | 4921 | 4960 |
| 1197 | 8519198, 6.24%, 6/21/2026 | 12/27/2024 | 1184 | 882 |
| 729 | 8519215, 5.42%, 6/21/2026 | 12/27/2024 | 707 | 692 |
| 6199 | 8519221, 4.61%, 6/21/2026 | 12/27/2024 | 5928 | 6120 |
| 10059 | 8519305, 6.25%, 6/21/2026<sup>(e)</sup> | 12/27/2024 | 9934 | 8506 |
| 812 | 8519427, 5.16%, 6/21/2026 | 12/27/2024 | 790 | 766 |
| 1465 | 8519613, 6.09%, 6/21/2026<sup>(e)</sup> | 12/27/2024 | 1463 | 306 |
| 10334 | 8519628, 5.41%, 6/21/2026 | 12/27/2024 | 10059 | 9806 |
| 7603 | 8519795, 4.86%, 6/21/2026 | 12/27/2024 | 7371 | 7283 |
| 9324 | 8519921, 4.54%, 6/22/2026 | 12/27/2024 | 9052 | 9090 |
| 9137 | 8520167, 4.54%, 6/22/2026 | 12/27/2024 | 8906 | 8006 |
| 6494 | 8520275, 4.54%, 6/22/2026 | 12/27/2024 | 6315 | 6016 |
| 4106 | 8520351, 4.85%, 6/22/2026 | 12/27/2024 | 3953 | 4018 |
| 908 | 8520416, 5.90%, 6/22/2026 | 12/27/2024 | 885 | 879 |

---

*See Notes to Financial Statements.*

210 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2293 | 8520527, 4.85%, 6/22/2026 | 12/27/2024 | 2231 | $2234 |
| 1678 | 8520641, 4.84%, 6/22/2026 | 12/27/2024 | 1638 | 1575 |
| 4871 | 8520715, 4.60%, 6/22/2026 | 12/27/2024 | 4732 | 4657 |
| 10878 | 8520783, 5.16%, 6/22/2026 | 12/27/2024 | 10578 | 10624 |
| 8603 | 8521146, 4.53%, 6/23/2026 | 12/27/2024 | 8388 | 7807 |
| 415 | 8521316, 6.07%, 6/23/2026 | 12/27/2024 | 413 | 370 |
| 14716 | 8521508, 4.84%, 6/23/2026 | 12/27/2024 | 14119 | 14500 |
| 2526 | 8522677, 6.23%, 6/23/2026<sup>(e)</sup> | 12/27/2024 | 2500 | 1341 |
| 981 | 8522709, 5.70%, 6/23/2026 | 12/27/2024 | 955 | 939 |
| 2580 | 8522809, 4.58%, 6/23/2026 | 12/27/2024 | 2490 | 2525 |
| 1437 | 8522867, 5.90%, 6/23/2026 | 12/27/2024 | 1414 | 1177 |
| 17195 | 8522874, 4.59%, 6/23/2026 | 12/27/2024 | 16764 | 15895 |
| 150 | 8523112, 6.44%, 6/23/2026 | 12/27/2024 | 139 | 149 |
| 2240 | 8523138, 4.84%, 6/23/2026 | 12/27/2024 | 2176 | 2174 |
| 3418 | 8523305, 4.53%, 6/23/2026 | 12/27/2024 | 3262 | 3356 |
| 5781 | 8523467, 6.07%, 6/23/2026<sup>(e)</sup> | 12/27/2024 | 5758 | 4671 |
| 840 | 8523632, 4.85%, 6/23/2026 | 12/27/2024 | 812 | 819 |
| 13497 | 8523676, 5.39%, 6/23/2026 | 12/27/2024 | 13058 | 13034 |
| 10430 | 8523956, 5.70%, 6/23/2026<sup>(e)</sup> | 12/27/2024 | 10303 | 495 |
| 11560 | 8524038, 6.32%, 6/23/2026<sup>(e)</sup> | 12/27/2024 | 11507 | 70 |
| 7231 | 8524131, 5.15%, 6/23/2026 | 12/27/2024 | 6956 | 7125 |
| 713 | 8524352, 6.23%, 6/23/2026 | 12/27/2024 | 706 | 491 |
| 866 | 8524380, 4.92%, 6/23/2026 | 12/27/2024 | 841 | 831 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 211

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $24260 | 8524404, 4.59%, 6/23/2026 | 12/27/2024 | 23644 | $23238 |
| 1799 | 8524841, 6.23%, 6/23/2026<sup>(e)</sup> | 12/27/2024 | 1786 | 813 |
| 20009 | 8524867, 5.39%, 6/23/2026 | 12/27/2024 | 19675 | 4717 |
| 4723 | 8525330, 4.84%, 6/24/2026 | 12/30/2024 | 4532 | 4580 |
| 14977 | 8525471, 4.84%, 6/24/2026 | 12/30/2024 | 14574 | 14305 |
| 3563 | 8525695, 5.21%, 6/24/2026 | 12/30/2024 | 3481 | 3379 |
| 3546 | 8525763, 4.53%, 6/24/2026 | 12/30/2024 | 3416 | 3487 |
| 64 | 8525858, 5.88%, 6/24/2026 | 12/30/2024 | 57 | 63 |
| 8874 | 8525895, 4.53%, 6/24/2026 | 12/30/2024 | 8620 | 8639 |
| 18084 | 8526200, 4.59%, 6/24/2026 | 12/30/2024 | 17560 | 17551 |
| 1824 | 8526716, 5.16%, 6/24/2026 | 12/30/2024 | 1792 | 1440 |
| 8327 | 8526746, 4.53%, 6/24/2026 | 12/30/2024 | 8094 | 8076 |
| 32280 | 8526837, 4.53%, 6/24/2026 | 12/30/2024 | 31195 | 31668 |
| 12626 | 8528131, 6.44%, 6/24/2026 | 12/30/2024 | 12552 | 7804 |
| 4728 | 8528369, 6.22%, 6/24/2026 | 12/30/2024 | 4667 | 3712 |
| 2370 | 8528423, 5.15%, 6/24/2026 | 12/30/2024 | 2259 | 2315 |
| 7639 | 8530323, 4.54%, 6/25/2026 | 12/31/2024 | 7422 | 7408 |
| 41 | 8530460, 6.09%, 6/25/2026 | 12/31/2024 | 39 | 40 |
|  | 8530463, 5.91%, 6/25/2026 | 12/31/2024 |  |  |
| 1986 | 8530536, 4.86%, 6/25/2026 | 12/31/2024 | 1930 | 1869 |
| 2890 | 8530553, 5.17%, 6/25/2026 | 12/31/2024 | 2807 | 2813 |
| 868 | 8530618, 6.27%, 6/25/2026 | 12/31/2024 | 855 | 553 |

---

*See Notes to Financial Statements.*

212 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $5152 | 8530747, 4.86%, 6/25/2026 | 12/31/2024 | 5055 | $3366 |
| 670 | 8530843, 4.61%, 6/25/2026 | 12/31/2024 | 653 | 644 |
| 6931 | 8530855, 4.55%, 6/25/2026 | 12/31/2024 | 6734 | 6726 |
| 3892 | 8530937, 4.55%, 6/25/2026 | 12/31/2024 | 3768 | 3731 |
| 11888 | 8530985, 4.55%, 6/25/2026 | 12/31/2024 | 11117 | 11684 |
| 4080 | 8531387, 5.16%, 6/26/2026 | 12/31/2024 | 3965 | 3973 |
| 4039 | 8531523, 4.85%, 6/26/2026 | 12/31/2024 | 3926 | 3934 |
| 1015 | 8531670, 4.54%, 6/26/2026 | 12/31/2024 | 979 | 991 |
| 3389 | 8531695, 5.16%, 6/26/2026 | 12/31/2024 | 3254 | 3334 |
| 5699 | 8531892, 4.84%, 6/26/2026<sup>(e)</sup> | 12/31/2024 | 5602 | 4214 |
| 16751 | 8532119, 5.16%, 6/26/2026 | 12/31/2024 | 16484 | 8825 |
| 2887 | 8532437, 4.53%, 6/26/2026 | 12/31/2024 | 2773 | 2845 |
| 19461 | 8532534, 4.54%, 6/26/2026 | 12/31/2024 | 18953 | 18536 |
| 158 | 8532968, 6.23%, 6/26/2026 | 12/31/2024 | 129 | 155 |
| 1468 | 8533042, 4.54%, 6/26/2026 | 12/31/2024 | 1428 | 1413 |
| 7968 | 8533144, 5.46%, 6/26/2026 | 12/31/2024 | 7651 | 7693 |
| 6072 | 8533345, 5.40%, 6/26/2026 | 12/31/2024 | 5832 | 5958 |
| 773 | 8533540, 4.84%, 6/26/2026 | 12/31/2024 | 740 | 761 |
| 915 | 8533557, 5.89%, 6/26/2026 | 12/31/2024 | 891 | 871 |
| 32104 | 8533576, 4.54%, 6/26/2026 | 12/31/2024 | 31346 | 28645 |
| 37174 | 8533915, 4.85%, 6/26/2026 | 12/31/2024 | 36406 | 32148 |
| 7628 | 8534423, 5.94%, 6/26/2026 | 12/31/2024 | 7531 | 5248 |
| 751 | 8534488, 4.75%, 6/26/2026 | 12/31/2024 | 748 | 696 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 213

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1390 | 8534613, 5.89%, 6/26/2026 | 12/31/2024 | 1363 | $1255 |
| 5351 | 8534915, 5.15%, 6/26/2026 | 12/31/2024 | 5211 | 5098 |
| 7033 | 8534979, 6.23%, 6/26/2026<sup>(e)</sup> | 12/31/2024 | 6988 | 2846 |
| 10321 | 8535012, 4.54%, 6/26/2026 | 12/31/2024 | 9892 | 10177 |
| 37584 | 8535199, 6.23%, 6/27/2026 | 1/2/2025 | 37171 | 28138 |
| 1724 | 8536313, 4.54%, 6/27/2026 | 1/2/2025 | 1656 | 1699 |
| 925 | 8536366, 5.46%, 6/27/2026 | 1/2/2025 | 849 | 915 |
| 3001 | 8536472, 4.85%, 6/27/2026 | 1/2/2025 | 2898 | 2943 |
| 1078 | 8536543, 5.21%, 6/27/2026 | 1/2/2025 | 1044 | 1054 |
| 16415 | 8536581, 4.85%, 6/27/2026 | 1/2/2025 | 15935 | 15687 |
| 16160 | 8537051, 6.08%, 6/27/2026 | 1/2/2025 | 16061 | 15398 |
| 12648 | 8537383, 4.54%, 6/27/2026 | 1/2/2025 | 12307 | 12156 |
| 20163 | 8537548, 5.44%, 6/27/2026 | 1/2/2025 | 20051 | 19579 |
| 2578 | 8538145, 5.15%, 6/27/2026 | 1/2/2025 | 2482 | 2512 |
| 4835 | 8538190, 4.85%, 6/27/2026 | 1/2/2025 | 4629 | 4740 |
| 11428 | 8539333, 4.55%, 6/28/2026 | 1/3/2025 | 11154 | 10332 |
| 1760 | 8539400, 4.76%, 6/28/2026<sup>(e)</sup> | 1/3/2025 | 1759 | 268 |
| 24199 | 8539412, 4.86%, 6/28/2026 | 1/3/2025 | 23159 | 23637 |
| 699 | 8539525, 5.90%, 6/28/2026 | 1/3/2025 | 678 | 667 |
| 52966 | 8539531, 4.61%, 6/28/2026 | 1/3/2025 | 51199 | 51670 |
| 5933 | 8539866, 4.86%, 6/28/2026 | 1/3/2025 | 5741 | 5758 |
| 1036 | 8539901, 6.25%, 6/28/2026 | 1/3/2025 | 1012 | 944 |

---

*See Notes to Financial Statements.*

214 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1256 | 8539916, 5.40%, 6/28/2026 | 1/3/2025 | 1225 | $1124 |
| 1716 | 8539925, 5.42%, 6/28/2026 | 1/3/2025 | 1681 | 1373 |
| 4404 | 8539933, 4.55%, 6/28/2026 | 1/3/2025 | 4225 | 4340 |
| 7139 | 8539981, 4.55%, 6/28/2026 | 1/3/2025 | 6896 | 6994 |
| 3971 | 8540046, 4.86%, 6/28/2026 | 1/3/2025 | 3799 | 3879 |
| 36805 | 8540089, 6.24%, 6/28/2026 | 1/3/2025 | 36630 | 5618 |
| 285 | 8540249, 6.09%, 6/29/2026 | 1/3/2025 | 282 | 267 |
| 924 | 8540267, 6.23%, 6/29/2026 | 1/3/2025 | 912 | 725 |
| 1246 | 8540273, 4.60%, 6/29/2026 | 1/3/2025 | 1205 | 1221 |
| 1968 | 8540305, 4.85%, 6/29/2026 | 1/3/2025 | 1909 | 1906 |
| 1908 | 8540376, 5.15%, 6/29/2026 | 1/3/2025 | 1875 | 812 |
| 5309 | 8540385, 5.16%, 6/29/2026 | 1/3/2025 | 5212 | 4056 |
| 3281 | 8540403, 6.23%, 6/29/2026<sup>(e)</sup> | 1/3/2025 | 3243 | 2485 |
| 1535 | 8540421, 4.53%, 6/29/2026 | 1/3/2025 | 1484 | 1504 |
| 954 | 8540432, 4.83%, 6/29/2026 | 1/3/2025 | 921 | 932 |
| 910 | 8540441, 5.16%, 6/29/2026 | 1/3/2025 | 855 | 876 |
| 2784 | 8540453, 5.15%, 6/29/2026 | 1/3/2025 | 2690 | 2713 |
| 832 | 8540530, 5.89%, 6/29/2026 | 1/3/2025 | 817 | 735 |
| 6528 | 8540537, 5.40%, 6/29/2026<sup>(e)</sup> | 1/3/2025 | 6416 | 2848 |
| 6234 | 8540567, 5.40%, 6/29/2026 | 1/3/2025 | 6061 | 5928 |
| 4882 | 8540620, 5.16%, 6/29/2026 | 1/3/2025 | 4734 | 4678 |
| 6054 | 8540711, 4.54%, 6/29/2026 | 1/3/2025 | 5851 | 5933 |
| 1527 | 8540750, 5.41%, 6/29/2026 | 1/3/2025 | 1487 | 1409 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 215

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1762 | 8540773, 6.24%, 6/29/2026 | 1/3/2025 | 1749 | $1505 |
| 9667 | 8540779, 4.85%, 6/29/2026 | 1/3/2025 | 9474 | 8217 |
| 20255 | 8540831, 4.54%, 6/29/2026 | 1/3/2025 | 19551 | 19849 |
| 18435 | 8541453, 4.53%, 6/30/2026 | 1/3/2025 | 17847 | 17968 |
| 20963 | 8541865, 4.84%, 6/30/2026 | 1/3/2025 | 20338 | 20258 |
| 1670 | 8542233, 5.87%, 6/30/2026 | 1/3/2025 | 1643 | 1398 |
| 628 | 8542260, 5.89%, 6/30/2026 | 1/3/2025 | 611 | 599 |
| 1137 | 8542277, 4.84%, 6/30/2026 | 1/3/2025 | 1113 | 916 |
| 687 | 8542287, 5.88%, 6/30/2026 | 1/3/2025 | 663 | 665 |
| 1000 | 8542326, 5.39%, 6/30/2026 | 1/3/2025 | 963 | 981 |
| 1576 | 8542465, 4.58%, 6/30/2026 | 1/3/2025 | 1527 | 1532 |
| 307 | 8545013, 4.70%, 6/30/2026 | 1/6/2025 | 307 | 213 |
| 1926 | 8545015, 5.45%, 6/30/2026<sup>(e)</sup> | 1/6/2025 | 1920 | 36 |
| 11756 | 8545021, 4.85%, 6/30/2026 | 1/6/2025 | 11038 | 11639 |
| 13926 | 8545275, 5.40%, 6/30/2026 | 1/6/2025 | 13486 | 13407 |
| 4284 | 8545492, 4.54%, 6/30/2026 | 1/6/2025 | 4142 | 4193 |
| 16716 | 8545509, 5.90%, 6/30/2026<sup>(e)</sup> | 1/6/2025 | 16396 | 9796 |
| 1561 | 8545567, 4.55%, 6/30/2026 | 1/6/2025 | 1516 | 1473 |
| 2724 | 8545578, 4.54%, 6/30/2026 | 1/6/2025 | 2627 | 2675 |
| 1253 | 8545712, 5.90%, 6/30/2026 | 1/6/2025 | 1106 | 1228 |
| 877 | 8545849, 4.54%, 6/30/2026 | 1/6/2025 | 832 | 868 |
| 6223 | 8545926, 6.23%, 6/30/2026 | 1/6/2025 | 6142 | 1953 |

---

*See Notes to Financial Statements.*

216 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2528 | 8546026, 5.71%, 6/30/2026 | 1/6/2025 | 2415 | $2466 |
| 5389 | 8546108, 5.15%, 6/30/2026 | 1/6/2025 | 5203 | 5201 |
| 20649 | 8546177, 5.90%, 6/30/2026 | 1/6/2025 | 19949 | 20195 |
| 2537 | 8546590, 4.53%, 6/30/2026 | 1/6/2025 | 2418 | 2504 |
| 5720 | 8546886, 5.40%, 6/30/2026 | 1/6/2025 | 5561 | 5220 |
| 302 | 8547024, 6.08%, 6/30/2026 | 1/6/2025 | 296 | 291 |
| 3985 | 8547057, 4.54%, 6/30/2026 | 1/6/2025 | 3855 | 3900 |
| 2673 | 8547209, 4.54%, 6/30/2026 | 1/6/2025 | 2597 | 2529 |
| 11409 | 8547277, 6.23%, 6/30/2026 | 1/6/2025 | 11142 | 11163 |
| 850 | 8547559, 6.22%, 6/30/2026 | 1/6/2025 | 842 | 729 |
| 1809 | 8547577, 4.60%, 6/30/2026 | 1/6/2025 | 1750 | 1762 |
| 522 | 8547611, 5.71%, 6/30/2026 | 1/6/2025 | 503 | 509 |
| 13087 | 8547617, 4.54%, 6/30/2026 | 1/6/2025 | 12642 | 12715 |
| 3647 | 8547751, 4.54%, 6/30/2026 | 1/6/2025 | 3533 | 3545 |
| 2936 | 8547791, 5.40%, 6/30/2026 | 1/6/2025 | 2869 | 2480 |
| 6948 | 8547832, 5.40%, 6/30/2026 | 1/6/2025 | 6706 | 6782 |
| 3393 | 8549970, 6.25%, 7/1/2026 | 1/7/2025 | 3371 | 2115 |
| 25957 | 8550014, 5.18%, 7/1/2026 | 1/7/2025 | 25354 | 23857 |
| 5282 | 8550140, 4.56%, 7/1/2026 | 1/7/2025 | 5093 | 5187 |
| 1489 | 8550191, 4.57%, 7/1/2026 | 1/7/2025 | 1440 | 1455 |
| 4221 | 8550224, 4.56%, 7/1/2026 | 1/7/2025 | 4087 | 4104 |
| 3865 | 8550249, 5.45%, 7/1/2026 | 1/7/2025 | 3845 | 2530 |
| 9519 | 8550372, 4.56%, 7/1/2026 | 1/7/2025 | 9289 | 8465 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 217

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1027 | 8550396, 5.17%, 7/1/2026 | 1/7/2025 | 989 | $992 |
| 2595 | 8550399, 6.26%, 7/1/2026 | 1/7/2025 | 2454 | 2507 |
| 2031 | 8550465, 6.27%, 7/1/2026 | 1/7/2025 | 2015 | 1103 |
| 5526 | 8550483, 5.92%, 7/1/2026 | 1/7/2025 | 5417 | 4708 |
| 1883 | 8550519, 4.86%, 7/1/2026 | 1/7/2025 | 1836 | 1670 |
| 2121 | 8550527, 5.92%, 7/1/2026 | 1/7/2025 | 2093 | 1094 |
| 1409 | 8550560, 5.73%, 7/1/2026 | 1/7/2025 | 1375 | 1325 |
| 1507 | 8550568, 4.57%, 7/1/2026 | 1/7/2025 | 1463 | 1455 |
| 966 | 8550590, 4.86%, 7/1/2026 | 1/7/2025 | 938 | 933 |
| 6413 | 8550595, 4.56%, 7/1/2026 | 1/7/2025 | 6197 | 6278 |
| 827 | 8550626, 6.27%, 7/1/2026 | 1/7/2025 | 814 | 747 |
| 12041 | 8550633, 5.18%, 7/1/2026 | 1/7/2025 | 11573 | 11765 |
| 3430 | 8550728, 4.55%, 7/1/2026 | 1/7/2025 | 3339 | 3194 |
| 15557 | 8550772, 5.18%, 7/1/2026 | 1/7/2025 | 14913 | 15308 |
| 2073 | 8550939, 4.56%, 7/1/2026 | 1/7/2025 | 2002 | 2029 |
| 9614 | 8551138, 5.44%, 7/2/2026 | 1/7/2025 | 9599 | 3606 |
| 2769 | 8551171, 5.17%, 7/2/2026 | 1/7/2025 | 2650 | 2728 |
| 10644 | 8551486, 5.41%, 7/2/2026 | 1/7/2025 | 10460 | 7141 |
| 2839 | 8551629, 4.86%, 7/2/2026 | 1/7/2025 | 2714 | 2748 |
| 476 | 8551695, 6.26%, 7/2/2026 | 1/7/2025 | 467 | 447 |
| 12904 | 8551703, 4.86%, 7/2/2026 | 1/7/2025 | 12636 | 10057 |
| 9968 | 8551898, 4.55%, 7/2/2026 | 1/7/2025 | 9715 | 8991 |

---

*See Notes to Financial Statements.*

218 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1389 | 8552101, 5.42%, 7/2/2026 | 1/7/2025 | 1352 | $1322 |
| 7358 | 8552157, 4.61%, 7/2/2026 | 1/7/2025 | 7054 | 7242 |
| 6232 | 8552293, 6.24%, 7/2/2026 | 1/7/2025 | 6174 | 5237 |
| 3320 | 8552342, 5.90%, 7/2/2026 | 1/7/2025 | 3207 | 3250 |
| 1047 | 8552376, 4.95%, 7/2/2026 | 1/7/2025 | 1014 | 1014 |
| 1015 | 8552400, 6.28%, 7/2/2026 | 1/7/2025 | 1004 | 91 |
| 3735 | 8552416, 6.09%, 7/2/2026 | 1/7/2025 | 3679 | 3421 |
| 33363 | 8552505, 5.41%, 7/2/2026 | 1/7/2025 | 32749 | 20623 |
| 308 | 8552770, 6.08%, 7/2/2026 | 1/7/2025 | 303 | 296 |
| 3122 | 8552779, 4.54%, 7/2/2026 | 1/7/2025 | 3043 | 2724 |
| 4050 | 8552797, 4.54%, 7/2/2026 | 1/7/2025 | 3922 | 3915 |
| 10789 | 8552877, 4.86%, 7/2/2026 | 1/7/2025 | 10236 | 10658 |
| 22607 | 8553132, 4.55%, 7/2/2026 | 1/7/2025 | 21831 | 22144 |
| 662 | 8553608, 5.72%, 7/2/2026 | 1/7/2025 | 644 | 603 |
| 3090 | 8553614, 5.44%, 7/2/2026 | 1/7/2025 | 3085 | 756 |
| 2548 | 8553638, 4.55%, 7/2/2026 | 1/7/2025 | 2476 | 2447 |
| 10560 | 8553645, 6.09%, 7/2/2026 | 1/7/2025 | 10503 | 7939 |
| 577 | 8553831, 6.26%, 7/2/2026 | 1/7/2025 | 554 | 561 |
| 6815 | 8553848, 4.55%, 7/2/2026 | 1/7/2025 | 6609 | 6605 |
| 43484 | 8555068, 4.55%, 7/3/2026 | 1/8/2025 | 42150 | 42119 |
| 2838 | 8555502, 5.17%, 7/3/2026 | 1/8/2025 | 2727 | 2789 |
| 1540 | 8555519, 5.90%, 7/3/2026 | 1/8/2025 | 1508 | 1400 |
| 10284 | 8555527, 4.55%, 7/3/2026 | 1/8/2025 | 9996 | 9866 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 219

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $11989 | 8555643, 4.86%, 7/3/2026 | 1/8/2025 | 11600 | $11720 |
| 2512 | 8555866, 5.42%, 7/3/2026 | 1/8/2025 | 2404 | 2446 |
| 740 | 8555991, 5.91%, 7/3/2026 | 1/8/2025 | 717 | 723 |
| 4158 | 8556224, 4.55%, 7/3/2026 | 1/8/2025 | 4036 | 3973 |
| 10310 | 8556291, 6.24%, 7/3/2026 | 1/8/2025 | 10037 | 9977 |
| 1374 | 8556507, 4.76%, 7/3/2026 | 1/8/2025 | 1373 | 931 |
| 606 | 8556566, 4.86%, 7/3/2026 | 1/8/2025 | 580 | 596 |
| 12665 | 8556580, 5.16%, 7/3/2026 | 1/8/2025 | 12138 | 12385 |
| 149 | 8556748, 4.79%, 7/3/2026 | 1/8/2025 | 148 | 137 |
| 9203 | 8556755, 4.86%, 7/3/2026 | 1/8/2025 | 8952 | 8165 |
| 14439 | 8556870, 6.24%, 7/3/2026<sup>(e)</sup> | 1/8/2025 | 14368 | 83 |
| 2866 | 8556959, 6.25%, 7/3/2026 | 1/8/2025 | 2821 | 2436 |
| 139 | 8556990, 5.47%, 7/3/2026 | 1/8/2025 | 134 | 132 |
| 15655 | 8556996, 5.72%, 7/3/2026 | 1/8/2025 | 15217 | 15046 |
| 7962 | 8557458, 4.55%, 7/3/2026 | 1/8/2025 | 7713 | 7750 |
| 7192 | 8557532, 4.55%, 7/3/2026 | 1/8/2025 | 6937 | 7047 |
| 3171 | 8557605, 6.22%, 7/3/2026 | 1/8/2025 | 3072 | 3066 |
| 3937 | 8557689, 4.55%, 7/3/2026 | 1/8/2025 | 3760 | 3879 |
| 7154 | 8557720, 4.55%, 7/3/2026 | 1/8/2025 | 6895 | 7017 |
| 1642 | 8557768, 5.73%, 7/3/2026 | 1/8/2025 | 1609 | 1411 |
| 1938 | 8557775, 6.24%, 7/3/2026<sup>(e)</sup> | 1/8/2025 | 1917 | 275 |
| 7839 | 8557788, 5.72%, 7/3/2026 | 1/8/2025 | 7632 | 7301 |

---

*See Notes to Financial Statements.*

220 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $11146 | 8557854, 6.25%, 7/3/2026 | 1/8/2025 | 11005 | $8244 |
|  | 8557911, 5.16%, 7/3/2026 | 1/8/2025 | (136) | (56) |
| 1164 | 8557949, 4.78%, 7/3/2026 | 1/8/2025 | 1164 | 686 |
| 1348 | 8557961, 4.56%, 7/3/2026 | 1/8/2025 | 1298 | 1319 |
| 10750 | 8557975, 4.55%, 7/3/2026 | 1/8/2025 | 10436 | 10177 |
| 6045 | 8558084, 4.55%, 7/3/2026 | 1/8/2025 | 5856 | 5808 |
| 7574 | 8558164, 4.55%, 7/3/2026 | 1/8/2025 | 7320 | 7411 |
| 3399 | 8558288, 5.16%, 7/3/2026 | 1/8/2025 | 3321 | 3125 |
| 6193 | 8558360, 4.54%, 7/3/2026 | 1/8/2025 | 5978 | 6067 |
| 724 | 8558446, 5.44%, 7/3/2026 | 1/8/2025 | 719 | 689 |
| 2669 | 8558568, 4.55%, 7/3/2026 | 1/8/2025 | 2551 | 2633 |
| 7401 | 8558959, 5.41%, 7/4/2026 | 1/9/2025 | 7258 | 6486 |
| 1984 | 8559064, 6.24%, 7/4/2026 | 1/9/2025 | 1966 | 1738 |
| 10390 | 8559089, 4.86%, 7/4/2026 | 1/9/2025 | 10118 | 8831 |
| 1420 | 8559466, 4.87%, 7/4/2026 | 1/9/2025 | 1377 | 1383 |
| 2651 | 8559482, 4.55%, 7/4/2026 | 1/9/2025 | 2535 | 2611 |
| 4667 | 8559529, 4.86%, 7/4/2026 | 1/9/2025 | 4552 | 4144 |
| 7692 | 8559581, 5.91%, 7/4/2026 | 1/9/2025 | 7540 | 6839 |
| 6768 | 8559701, 4.55%, 7/4/2026 | 1/9/2025 | 6544 | 6579 |
| 3046 | 8560069, 5.41%, 7/4/2026 | 1/9/2025 | 2943 | 2897 |
| 2383 | 8560149, 4.53%, 7/5/2026 | 1/9/2025 | 2278 | 2350 |
| 8088 | 8560199, 4.54%, 7/5/2026 | 1/9/2025 | 7816 | 7890 |
| 2756 | 8560358, 6.08%, 7/5/2026 | 1/9/2025 | 2730 | 2287 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 221

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2432 | 8560456, 4.84%, 7/5/2026 | 1/9/2025 | 2372 | $2210 |
| 1048 | 8560490, 5.89%, 7/5/2026 | 1/9/2025 | 1015 | 998 |
| 1483 | 8560524, 4.85%, 7/5/2026 | 1/9/2025 | 1430 | 1436 |
| 829 | 8560550, 4.85%, 7/5/2026 | 1/9/2025 | 797 | 809 |
| 18761 | 8560565, 4.54%, 7/5/2026 | 1/9/2025 | 18367 | 16040 |
| 2719 | 8560807, 6.08%, 7/5/2026 | 1/9/2025 | 2668 | 2601 |
| 11892 | 8560927, 4.54%, 7/5/2026 | 1/9/2025 | 11499 | 11446 |
| 1695 | 8561172, 5.15%, 7/5/2026 | 1/9/2025 | 1640 | 1653 |
| 5233 | 8561202, 5.40%, 7/5/2026 | 1/9/2025 | 5068 | 5049 |
| 4972 | 8561650, 4.84%, 7/6/2026 | 1/9/2025 | 4806 | 4813 |
| 3040 | 8586772, 4.84%, 7/6/2026 | 1/9/2025 | 2986 | 865 |
| 14444 | 8586821, 4.84%, 7/6/2026 | 1/9/2025 | 14051 | 13341 |
| 695 | 8588176, 6.23%, 7/6/2026 | 1/9/2025 | 683 | 655 |
| 2147 | 8588518, 4.53%, 7/6/2026 | 1/9/2025 | 2076 | 2084 |
| 15009 | 8588895, 4.53%, 7/6/2026 | 1/9/2025 | 14658 | 7081 |
| 5966 | 8590259, 4.53%, 7/6/2026 | 1/9/2025 | 5798 | 5734 |
| 4210 | 8590364, 4.84%, 7/6/2026 | 1/9/2025 | 4005 | 4152 |
| 19177 | 8590503, 4.53%, 7/6/2026 | 1/9/2025 | 18548 | 18678 |
| 1235 | 8590780, 4.54%, 7/6/2026 | 1/9/2025 | 1193 | 1214 |
| 10902 | 8590845, 4.84%, 7/6/2026 | 1/9/2025 | 10659 | 7966 |
| 6950 | 8590941, 4.53%, 7/6/2026 | 1/9/2025 | 6707 | 6762 |
| 83 | 8591070, 5.45%, 7/6/2026 | 1/9/2025 | 81 | 81 |

---

*See Notes to Financial Statements.*

222 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $847 | 8591079, 5.45%, 7/6/2026 | 1/9/2025 | 831 | $623 |
| 5211 | 8591098, 5.39%, 7/6/2026 | 1/9/2025 | 4922 | 5141 |
| 11735 | 8591283, 4.53%, 7/6/2026 | 1/9/2025 | 11286 | 11453 |
| 33512 | 8591637, 4.53%, 7/6/2026 | 1/9/2025 | 32325 | 32873 |
| 3330 | 8592519, 5.89%, 7/6/2026 | 1/9/2025 | 3210 | 3254 |
| 7897 | 8592582, 4.53%, 7/6/2026 | 1/9/2025 | 7635 | 7723 |
| 2966 | 8592696, 4.53%, 7/7/2026 | 1/10/2025 | 2846 | 2920 |
| 1500 | 8592898, 4.53%, 7/7/2026 | 1/10/2025 | 1445 | 1474 |
| 42505 | 8593004, 4.84%, 7/7/2026 | 1/10/2025 | 41064 | 41480 |
| 3877 | 8594287, 4.53%, 7/7/2026 | 1/10/2025 | 3744 | 3769 |
| 685 | 8594312, 4.84%, 7/7/2026 | 1/10/2025 | 649 | 663 |
| 13764 | 8594400, 6.22%, 7/7/2026 | 1/10/2025 | 13593 | 5411 |
| 6512 | 8594582, 5.39%, 7/7/2026 | 1/10/2025 | 6276 | 6326 |
| 6680 | 8594659, 4.84%, 7/7/2026 | 1/10/2025 | 6516 | 6185 |
| 5004 | 8594884, 5.88%, 7/7/2026 | 1/10/2025 | 4900 | 4538 |
| 1090 | 8594990, 4.54%, 7/7/2026 | 1/10/2025 | 1026 | 1079 |
| 2957 | 8595011, 5.88%, 7/7/2026 | 1/10/2025 | 2907 | 2263 |
| 5681 | 8595043, 5.70%, 7/7/2026 | 1/10/2025 | 5474 | 5511 |
| 22400 | 8595123, 5.88%, 7/7/2026 | 1/10/2025 | 21894 | 20256 |
| 13788 | 8595683, 5.70%, 7/7/2026 | 1/10/2025 | 13467 | 12641 |
| 18962 | 8595819, 4.53%, 7/7/2026 | 1/10/2025 | 18402 | 18095 |
| 13675 | 8596080, 4.53%, 7/7/2026 | 1/10/2025 | 13214 | 13352 |
| 5390 | 8596227, 6.22%, 7/7/2026 | 1/10/2025 | 5244 | 5216 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 223

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4224 | 8596309, 6.22%, 7/7/2026 | 1/10/2025 | 4119 | $3788 |
| 6147 | 8596608, 4.53%, 7/7/2026 | 1/10/2025 | 5907 | 6049 |
| 636 | 8596834, 6.06%, 7/8/2026 | 1/13/2025 | 616 | 620 |
| 1476 | 8596870, 5.88%, 7/8/2026 | 1/13/2025 | 1446 | 1298 |
| 4393 | 8596899, 4.53%, 7/8/2026 | 1/13/2025 | 4220 | 4281 |
| 55 | 8596981, 4.75%, 7/8/2026 | 1/13/2025 | 53 | 55 |
| 1153 | 8597149, 5.87%, 7/8/2026 | 1/13/2025 | 1119 | 1111 |
| 1611 | 8597162, 5.14%, 7/8/2026 | 1/13/2025 | 1536 | 1579 |
| 1013 | 8597245, 5.91%, 7/8/2026 | 1/13/2025 | 995 | 709 |
| 3597 | 8597262, 5.71%, 7/8/2026 | 1/13/2025 | 3524 | 2619 |
| 750 | 8597339, 6.20%, 7/8/2026 | 1/13/2025 | 742 | 518 |
| 3034 | 8597344, 6.22%, 7/8/2026 | 1/13/2025 | 2972 | 2747 |
| 3999 | 8597429, 5.39%, 7/8/2026 | 1/13/2025 | 3910 | 3650 |
| 2382 | 8597477, 4.53%, 7/8/2026 | 1/13/2025 | 2310 | 2224 |
| 2525 | 8597532, 4.53%, 7/8/2026 | 1/13/2025 | 2426 | 2482 |
| 1880 | 8597588, 5.42%, 7/8/2026 | 1/13/2025 | 1869 | 1724 |
| 37070 | 8597634, 4.84%, 7/8/2026 | 1/13/2025 | 35783 | 36014 |
| 2167 | 8598184, 5.89%, 7/8/2026<sup>(e)</sup> | 1/13/2025 | 2139 | 9 |
| 5162 | 8598204, 4.53%, 7/8/2026 | 1/13/2025 | 5056 | 2075 |
| 2520 | 8598328, 4.84%, 7/8/2026 | 1/13/2025 | 2451 | 2394 |
| 4707 | 8598350, 4.84%, 7/8/2026 | 1/13/2025 | 4567 | 4447 |
| 4075 | 8598417, 5.70%, 7/8/2026 | 1/13/2025 | 3948 | 3915 |

---

*See Notes to Financial Statements.*

224 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $80540 | 8598464, 4.53%, 7/8/2026 | 1/13/2025 | 78438 | $67066 |
| 3425 | 8599125, 4.53%, 7/8/2026 | 1/13/2025 | 3309 | 3326 |
| 8138 | 8599181, 5.15%, 7/8/2026 | 1/13/2025 | 7806 | 7989 |
| 5094 | 8599240, 5.15%, 7/8/2026 | 1/13/2025 | 4918 | 4932 |
| 8641 | 8599469, 4.84%, 7/8/2026 | 1/13/2025 | 8433 | 7575 |
| 27281 | 8599541, 4.53%, 7/8/2026 | 1/13/2025 | 26318 | 26716 |
| 15742 | 8599745, 4.53%, 7/8/2026 | 1/13/2025 | 15146 | 15439 |
| 34614 | 8599809, 4.53%, 7/8/2026 | 1/13/2025 | 33484 | 33652 |
| 3657 | 8600045, 4.92%, 7/8/2026 | 1/13/2025 | 3508 | 3584 |
| 5162 | 8602433, 4.55%, 7/9/2026 | 1/14/2025 | 4988 | 5032 |
| 1085 | 8602468, 5.43%, 7/9/2026 | 1/14/2025 | 1059 | 977 |
| 1109 | 8602473, 4.86%, 7/9/2026 | 1/14/2025 | 1068 | 1075 |
| 2628 | 8602492, 4.86%, 7/9/2026 | 1/14/2025 | 2499 | 2594 |
| 1579 | 8602551, 4.55%, 7/9/2026 | 1/14/2025 | 1506 | 1557 |
| 17056 | 8602563, 4.86%, 7/9/2026 | 1/14/2025 | 16589 | 15803 |
| 9167 | 8602703, 5.41%, 7/9/2026 | 1/14/2025 | 8798 | 8880 |
| 17884 | 8602858, 4.55%, 7/9/2026 | 1/14/2025 | 17362 | 16065 |
| 22133 | 8603101, 4.55%, 7/9/2026 | 1/14/2025 | 21485 | 21279 |
| 5925 | 8603503, 5.72%, 7/9/2026 | 1/14/2025 | 5739 | 5712 |
| 12505 | 8604167, 4.86%, 7/9/2026 | 1/14/2025 | 11870 | 12348 |
| 5551 | 8604389, 5.41%, 7/9/2026 | 1/14/2025 | 5145 | 5490 |
| 11479 | 8604615, 4.55%, 7/9/2026 | 1/14/2025 | 11110 | 11135 |
| 12484 | 8604698, 4.86%, 7/9/2026 | 1/14/2025 | 12113 | 11998 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 225

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $9671 | 8604812, 5.72%, 7/9/2026 | 1/14/2025 | 9509 | $3747 |
| 3658 | 8604903, 4.55%, 7/9/2026 | 1/14/2025 | 3526 | 3506 |
| 1682 | 8604945, 4.85%, 7/9/2026 | 1/14/2025 | 1618 | 1647 |
| 7130 | 8604969, 4.55%, 7/9/2026 | 1/14/2025 | 6900 | 6604 |
| 16790 | 8605064, 5.16%, 7/9/2026 | 1/14/2025 | 16240 | 16241 |
| 1939 | 8605210, 6.26%, 7/9/2026<sup>(e)</sup> | 1/14/2025 | 1918 | 16 |
| 1737 | 8605213, 4.54%, 7/9/2026 | 1/14/2025 | 1665 | 1710 |
| 1489 | 8605239, 5.91%, 7/9/2026 | 1/14/2025 | 1367 | 1469 |
| 8621 | 8605318, 4.55%, 7/9/2026 | 1/14/2025 | 8286 | 8409 |
| 829 | 8605522, 4.86%, 7/9/2026 | 1/14/2025 | 797 | 815 |
| 4431 | 8605783, 6.24%, 7/9/2026 | 1/14/2025 | 4303 | 4218 |
| 990 | 8605870, 5.40%, 7/9/2026 | 1/14/2025 | 960 | 933 |
| 4113 | 8605886, 6.09%, 7/9/2026 | 1/14/2025 | 4076 | 3151 |
| 4126 | 8605975, 4.55%, 7/9/2026 | 1/14/2025 | 3980 | 4031 |
| 11944 | 8606050, 5.72%, 7/10/2026 | 1/15/2025 | 11515 | 11613 |
| 6296 | 8606324, 5.91%, 7/10/2026 | 1/15/2025 | 6040 | 6105 |
| 855 | 8606533, 6.09%, 7/10/2026 | 1/15/2025 | 846 | 804 |
| 2978 | 8606551, 5.41%, 7/10/2026 | 1/15/2025 | 2892 | 2844 |
| 1369 | 8606567, 5.42%, 7/10/2026 | 1/15/2025 | 1293 | 1340 |
| 1066 | 8606617, 4.85%, 7/10/2026 | 1/15/2025 | 1018 | 1048 |
| 6086 | 8606650, 4.86%, 7/10/2026 | 1/15/2025 | 5869 | 5962 |
|  | 8606759, 5.72%, 7/10/2026 | 1/15/2025 | (234) | (94) |

---

*See Notes to Financial Statements.*

226 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $14274 | 8607179, 4.55%, 7/10/2026 | 1/15/2025 | 13555 | $14093 |
| 8381 | 8607382, 4.55%, 7/10/2026 | 1/15/2025 | 7846 | 8302 |
| 4271 | 8607627, 6.25%, 7/10/2026 | 1/15/2025 | 4105 | 4168 |
| 2893 | 8607737, 5.90%, 7/10/2026 | 1/15/2025 | 2848 | 1276 |
| 8198 | 8607751, 5.90%, 7/10/2026 | 1/15/2025 | 7935 | 7751 |
| 7071 | 8607832, 4.55%, 7/10/2026 | 1/15/2025 | 6798 | 6946 |
| 7527 | 8607919, 4.55%, 7/10/2026 | 1/15/2025 | 7273 | 7335 |
| 22361 | 8608002, 4.86%, 7/10/2026 | 1/15/2025 | 21217 | 21818 |
| 2726 | 8608308, 4.54%, 7/10/2026 | 1/15/2025 | 2631 | 2653 |
| 15346 | 8608334, 4.55%, 7/10/2026 | 1/15/2025 | 14887 | 14756 |
| 2029 | 8608482, 4.86%, 7/10/2026 | 1/15/2025 | 1952 | 1982 |
| 1526 | 8608524, 5.90%, 7/10/2026 | 1/15/2025 | 1501 | 321 |
| 10029 | 8608535, 4.55%, 7/10/2026 | 1/15/2025 | 9692 | 9789 |
| 4160 | 8608630, 5.90%, 7/10/2026 | 1/15/2025 | 4034 | 4032 |
| 8178 | 8608723, 4.55%, 7/10/2026 | 1/15/2025 | 7814 | 8059 |
| 17589 | 8608802, 5.91%, 7/10/2026 | 1/15/2025 | 17029 | 16896 |
| 1791 | 8609176, 6.24%, 7/10/2026 | 1/15/2025 | 1754 | 1537 |
| 3766 | 8609182, 4.85%, 7/10/2026 | 1/15/2025 | 3685 | 2270 |
| 15106 | 8609193, 6.25%, 7/10/2026 | 1/15/2025 | 15001 | 3604 |
| 2669 | 8609373, 4.55%, 7/10/2026 | 1/15/2025 | 2554 | 2629 |
| 11706 | 8609469, 4.86%, 7/11/2026 | 1/16/2025 | 11431 | 10115 |
| 1355 | 8609528, 4.87%, 7/11/2026 | 1/16/2025 | 1309 | 1313 |
| 14304 | 8609536, 5.16%, 7/11/2026 | 1/16/2025 | 13621 | 14025 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 227

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2096 | 8609732, 4.85%, 7/11/2026 | 1/16/2025 | 2005 | $2064 |
| 7637 | 8609757, 4.55%, 7/11/2026 | 1/16/2025 | 7435 | 2779 |
| 4217 | 8609817, 4.55%, 7/11/2026 | 1/16/2025 | 4066 | 4124 |
| 1604 | 8609850, 5.43%, 7/11/2026 | 1/16/2025 | 1569 | 1216 |
| 4890 | 8609854, 5.17%, 7/11/2026 | 1/16/2025 | 4725 | 4756 |
| 5719 | 8609917, 4.54%, 7/11/2026 | 1/16/2025 | 5528 | 5481 |
| 4478 | 8610059, 4.55%, 7/11/2026 | 1/16/2025 | 4300 | 4400 |
| 1536 | 8610097, 5.18%, 7/11/2026 | 1/16/2025 | 1494 | 1359 |
| 964 | 8610103, 5.90%, 7/11/2026 | 1/16/2025 | 919 | 942 |
| 2628 | 8610121, 4.55%, 7/11/2026 | 1/16/2025 | 2521 | 2585 |
| 11195 | 8610145, 4.55%, 7/11/2026 | 1/16/2025 | 10816 | 10907 |
| 10999 | 8610383, 4.54%, 7/12/2026 | 1/16/2025 | 10634 | 10677 |
| 5508 | 8610485, 5.16%, 7/12/2026 | 1/16/2025 | 5315 | 5316 |
| 474 | 8610545, 6.24%, 7/12/2026 | 1/16/2025 | 465 | 458 |
| 3111 | 8610559, 4.54%, 7/12/2026 | 1/16/2025 | 2986 | 3042 |
| 1360 | 8610590, 5.71%, 7/12/2026 | 1/16/2025 | 1289 | 1329 |
| 5280 | 8610612, 4.54%, 7/12/2026 | 1/16/2025 | 5071 | 5188 |
| 9950 | 8610667, 4.54%, 7/12/2026 | 1/16/2025 | 9542 | 9788 |
| 1288 | 8610765, 6.24%, 7/12/2026 | 1/16/2025 | 1274 | 1067 |
| 7601 | 8610894, 4.54%, 7/12/2026 | 1/16/2025 | 7362 | 7343 |
| 2392 | 8611239, 4.84%, 7/13/2026 | 1/16/2025 | 2311 | 2295 |
| 8740 | 8611263, 5.15%, 7/13/2026 | 1/16/2025 | 8499 | 7784 |

---

*See Notes to Financial Statements.*

228 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1042 | 8611362, 5.39%, 7/13/2026 | 1/16/2025 | 1007 | $1008 |
| 4655 | 8611371, 5.15%, 7/13/2026 | 1/16/2025 | 4432 | 4575 |
| 2367 | 8611659, 5.39%, 7/13/2026 | 1/16/2025 | 2272 | 2310 |
| 8284 | 8611746, 4.84%, 7/13/2026 | 1/16/2025 | 8043 | 7848 |
| 3280 | 8611932, 5.88%, 7/13/2026 | 1/16/2025 | 3217 | 2733 |
| 1267 | 8612029, 6.24%, 7/13/2026 | 1/16/2025 | 1240 | 1006 |
| 3574 | 8612068, 6.22%, 7/13/2026 | 1/16/2025 | 3536 | 2829 |
| 10203 | 8612141, 5.15%, 7/13/2026 | 1/16/2025 | 9897 | 9776 |
| 29043 | 8612297, 4.84%, 7/13/2026 | 1/16/2025 | 27868 | 28513 |
| 7743 | 8612901, 4.53%, 7/13/2026 | 1/16/2025 | 7422 | 7614 |
| 37608 | 8612961, 4.53%, 7/13/2026 | 1/16/2025 | 36347 | 36703 |
| 31894 | 8613294, 4.53%, 7/13/2026 | 1/16/2025 | 30633 | 31338 |
| 765 | 8613655, 5.68%, 7/13/2026 | 1/16/2025 | 748 | 684 |
| 1483 | 8613670, 4.84%, 7/13/2026 | 1/16/2025 | 1415 | 1462 |
| 2253 | 8613717, 5.70%, 7/13/2026 | 1/16/2025 | 2195 | 2002 |
| 10753 | 8613799, 5.70%, 7/13/2026 | 1/16/2025 | 10268 | 10514 |
| 2670 | 8613998, 5.15%, 7/13/2026 | 1/16/2025 | 2539 | 2625 |
| 1852 | 8614159, 5.42%, 7/13/2026 | 1/16/2025 | 1840 | 1635 |
| 21340 | 8614221, 4.84%, 7/13/2026 | 1/16/2025 | 20287 | 21020 |
| 1799 | 8614514, 6.22%, 7/13/2026 | 1/16/2025 | 1754 | 1673 |
| 4908 | 8614592, 4.53%, 7/14/2026 | 1/17/2025 | 4728 | 4809 |
| 2048 | 8614720, 4.54%, 7/14/2026 | 1/17/2025 | 1971 | 2003 |
| 3194 | 8614768, 4.53%, 7/14/2026 | 1/17/2025 | 3076 | 3132 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 229

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1938 | 8614812, 5.15%, 7/14/2026 | 1/17/2025 | 1884 | $1815 |
| 1609 | 8614845, 4.54%, 7/14/2026 | 1/17/2025 | 1542 | 1583 |
| 4312 | 8614867, 4.53%, 7/14/2026 | 1/17/2025 | 4160 | 4207 |
| 1393 | 8614907, 4.53%, 7/14/2026 | 1/17/2025 | 1352 | 1345 |
| 976 | 8614962, 4.72%, 7/14/2026 | 1/17/2025 | 976 | 87 |
| 628 | 8614970, 6.05%, 7/14/2026 | 1/17/2025 | 624 | 432 |
| 85 | 8614971, 5.15%, 7/14/2026 | 1/17/2025 | 77 | 85 |
| 5589 | 8614994, 4.53%, 7/14/2026 | 1/17/2025 | 5404 | 5421 |
| 1391 | 8615066, 4.53%, 7/14/2026 | 1/17/2025 | 1337 | 1363 |
| 306 | 8615095, 4.78%, 7/14/2026 | 1/17/2025 | 306 | 250 |
| 2676 | 8615117, 5.89%, 7/14/2026 | 1/17/2025 | 2604 | 2514 |
| 402 | 8615243, 5.42%, 7/14/2026 | 1/17/2025 | 400 | 338 |
| 332 | 8615260, 6.23%, 7/14/2026 | 1/17/2025 | 318 | 318 |
| 1925 | 8615292, 5.14%, 7/14/2026 | 1/17/2025 | 1845 | 1855 |
| 2050 | 8615379, 5.88%, 7/14/2026 | 1/17/2025 | 2015 | 211 |
| 6556 | 8615404, 4.84%, 7/14/2026 | 1/17/2025 | 6262 | 6441 |
| 1429 | 8615605, 5.70%, 7/14/2026 | 1/17/2025 | 1372 | 1401 |
|  | 8615695, 5.39%, 7/14/2026 | 1/17/2025 | (265) | (116) |
| 3355 | 8615870, 5.14%, 7/14/2026 | 1/17/2025 | 3200 | 3276 |
| 1970 | 8615942, 5.40%, 7/14/2026 | 1/17/2025 | 1904 | 1904 |
| 2933 | 8615997, 6.22%, 7/14/2026 | 1/17/2025 | 2825 | 2773 |
| 1467 | 8616154, 4.52%, 7/14/2026 | 1/17/2025 | 1375 | 1451 |

---

*See Notes to Financial Statements.*

230 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4991 | 8616196, 5.14%, 7/14/2026 | 1/17/2025 | 4875 | $3579 |
| 8199 | 8616238, 5.42%, 7/14/2026 | 1/17/2025 | 8170 | 6083 |
| 1088 | 8616342, 4.75%, 7/14/2026 | 1/17/2025 | 1087 | 90 |
| 2388 | 8616363, 4.53%, 7/14/2026 | 1/17/2025 | 2301 | 2337 |
| 2564 | 8616376, 6.08%, 7/14/2026<sup>(e)</sup> | 1/17/2025 | 2553 | 18 |
| 2960 | 8616382, 5.88%, 7/14/2026 | 1/17/2025 | 2891 | 2784 |
| 1058 | 8616422, 6.22%, 7/14/2026 | 1/17/2025 | 1044 | 90 |
| 7514 | 8616423, 4.53%, 7/14/2026 | 1/17/2025 | 7191 | 7389 |
| 7596 | 8616616, 4.53%, 7/14/2026 | 1/17/2025 | 7305 | 7435 |
| 8972 | 8616675, 4.84%, 7/14/2026 | 1/17/2025 | 8623 | 8627 |
| 9965 | 8616833, 4.53%, 7/14/2026 | 1/17/2025 | 9562 | 9804 |
| 6887 | 8616979, 4.53%, 7/14/2026 | 1/17/2025 | 6573 | 6787 |
| 629 | 8617064, 6.21%, 7/14/2026 | 1/17/2025 | 608 | 605 |
| 9021 | 8617069, 6.22%, 7/14/2026 | 1/17/2025 | 8743 | 8664 |
| 9538 | 8617203, 5.88%, 7/14/2026 | 1/17/2025 | 9158 | 9342 |
| 1284 | 8617349, 5.70%, 7/14/2026 | 1/17/2025 | 1224 | 1263 |
| 6330 | 8617366, 4.53%, 7/14/2026 | 1/17/2025 | 6114 | 6168 |
| 19857 | 8617467, 5.88%, 7/14/2026 | 1/17/2025 | 19477 | 11385 |
| 6258 | 8617587, 5.39%, 7/14/2026 | 1/17/2025 | 5814 | 6191 |
| 1776 | 8617724, 5.38%, 7/14/2026 | 1/17/2025 | 1729 | 1514 |
| 1542 | 8617741, 4.53%, 7/14/2026 | 1/17/2025 | 1477 | 1510 |
| 9822 | 8617755, 4.53%, 7/14/2026 | 1/17/2025 | 9394 | 9676 |
| 3979 | 8617844, 5.15%, 7/14/2026 | 1/17/2025 | 3829 | 3871 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 231

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $7876 | 8617883, 4.53%, 7/14/2026 | 1/17/2025 | 7589 | $7710 |
| 24306 | 8617986, 5.39%, 7/15/2026 | 1/21/2025 | 23349 | 23567 |
| 1001 | 8618671, 6.24%, 7/15/2026 | 1/21/2025 | 981 | 950 |
| 1254 | 8618680, 4.84%, 7/15/2026 | 1/21/2025 | 1220 | 1118 |
| 2025 | 8618693, 5.40%, 7/15/2026 | 1/21/2025 | 1900 | 1945 |
| 6764 | 8618923, 4.53%, 7/15/2026 | 1/21/2025 | 6539 | 6460 |
| 3558 | 8619090, 5.40%, 7/15/2026 | 1/21/2025 | 3436 | 3457 |
| 11874 | 8619294, 4.53%, 7/15/2026 | 1/21/2025 | 11237 | 11716 |
| 4517 | 8619530, 4.84%, 7/15/2026 | 1/21/2025 | 4413 | 2867 |
| 1936 | 8619562, 4.54%, 7/15/2026 | 1/21/2025 | 1871 | 1848 |
| 984 | 8619579, 6.22%, 7/15/2026 | 1/21/2025 | 968 | 689 |
| 14741 | 8619625, 5.70%, 7/15/2026 | 1/21/2025 | 13975 | 14388 |
| 2036 | 8619959, 6.07%, 7/15/2026 | 1/21/2025 | 1991 | 1979 |
| 1460 | 8620025, 4.53%, 7/15/2026 | 1/21/2025 | 1400 | 1406 |
| 2434 | 8620642, 4.53%, 7/15/2026 | 1/21/2025 | 2353 | 2378 |
| 6755 | 8620687, 4.53%, 7/15/2026 | 1/21/2025 | 6407 | 6663 |
| 3200 | 8620795, 5.88%, 7/15/2026 | 1/21/2025 | 3012 | 3060 |
| 4324 | 8621033, 4.53%, 7/15/2026 | 1/21/2025 | 4134 | 4256 |
| 2412 | 8621062, 4.52%, 7/15/2026 | 1/21/2025 | 2286 | 2375 |
| 4738 | 8621099, 4.53%, 7/15/2026 | 1/21/2025 | 4553 | 4650 |
| 4059 | 8621157, 5.42%, 7/15/2026 | 1/21/2025 | 3990 | 3512 |
| 1012 | 8621281, 5.90%, 7/15/2026 | 1/21/2025 | 987 | 754 |

---

*See Notes to Financial Statements.*

232 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2239 | 8621285, 5.70%, 7/15/2026 | 1/21/2025 | 2156 | $2151 |
| 2102 | 8621301, 4.84%, 7/15/2026 | 1/21/2025 | 1959 | 2069 |
| 2716 | 8621341, 5.39%, 7/15/2026 | 1/21/2025 | 2613 | 2621 |
| 1192 | 8621367, 5.39%, 7/15/2026 | 1/21/2025 | 1156 | 1110 |
| 40022 | 8621383, 4.84%, 7/15/2026 | 1/21/2025 | 38863 | 38331 |
| 2771 | 8621608, 6.07%, 7/15/2026 | 1/21/2025 | 2746 | 2413 |
| 11678 | 8624632, 4.86%, 7/16/2026 | 1/22/2025 | 11266 | 11376 |
| 2366 | 8624841, 4.56%, 7/16/2026 | 1/22/2025 | 2253 | 2330 |
| 3187 | 8624922, 5.42%, 7/16/2026 | 1/22/2025 | 3090 | 3025 |
| 12923 | 8624963, 4.56%, 7/16/2026 | 1/22/2025 | 12373 | 12711 |
| 8478 | 8625356, 4.55%, 7/16/2026 | 1/22/2025 | 8042 | 8358 |
| 6822 | 8625610, 4.55%, 7/16/2026 | 1/22/2025 | 6548 | 6698 |
| 6156 | 8625780, 4.55%, 7/16/2026 | 1/22/2025 | 5957 | 5933 |
| 3180 | 8625815, 4.55%, 7/16/2026 | 1/22/2025 | 3072 | 3087 |
| 7535 | 8626236, 4.56%, 7/16/2026 | 1/22/2025 | 7351 | 6132 |
| 1702 | 8626299, 5.17%, 7/16/2026 | 1/22/2025 | 1654 | 1377 |
| 1797 | 8626324, 6.10%, 7/16/2026 | 1/22/2025 | 1779 | 1373 |
| 696 | 8626360, 6.23%, 7/16/2026 | 1/22/2025 | 689 | 217 |
| 7278 | 8626404, 6.26%, 7/16/2026 | 1/22/2025 | 7066 | 6939 |
| 14043 | 8626575, 5.73%, 7/16/2026 | 1/22/2025 | 13604 | 12856 |
| 54901 | 8626814, 4.86%, 7/16/2026 | 1/22/2025 | 52981 | 53533 |
| 9178 | 8627681, 4.56%, 7/16/2026 | 1/22/2025 | 8850 | 8942 |
| 5792 | 8627777, 4.86%, 7/16/2026 | 1/22/2025 | 5618 | 5460 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 233

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4206 | 8627869, 5.18%, 7/16/2026 | 1/22/2025 | 4069 | $3986 |
| 579 | 8627973, 6.25%, 7/16/2026 | 1/22/2025 | 564 | 539 |
| 7293 | 8627990, 5.17%, 7/16/2026 | 1/22/2025 | 7113 | 5669 |
| 6578 | 8628367, 6.26%, 7/17/2026 | 1/23/2025 | 6220 | 6384 |
| 877 | 8628738, 6.27%, 7/17/2026 | 1/23/2025 | 861 | 782 |
| 1370 | 8628763, 4.55%, 7/17/2026 | 1/23/2025 | 1329 | 1319 |
| 5798 | 8628792, 5.17%, 7/17/2026 | 1/23/2025 | 5620 | 5210 |
| 3919 | 8629008, 5.92%, 7/17/2026 | 1/23/2025 | 3797 | 3713 |
| 8018 | 8629147, 5.17%, 7/17/2026 | 1/23/2025 | 7745 | 7434 |
| 13775 | 8629391, 4.55%, 7/17/2026 | 1/23/2025 | 13429 | 12167 |
| 5597 | 8629549, 5.17%, 7/17/2026 | 1/23/2025 | 5336 | 5504 |
| 6223 | 8629635, 4.56%, 7/17/2026 | 1/23/2025 | 6011 | 6031 |
| 13080 | 8630048, 6.26%, 7/17/2026 | 1/23/2025 | 12630 | 8333 |
| 7523 | 8630237, 5.17%, 7/17/2026 | 1/23/2025 | 7171 | 7371 |
| 5557 | 8630452, 5.18%, 7/17/2026 | 1/23/2025 | 5400 | 4892 |
| 29214 | 8630543, 5.18%, 7/17/2026 | 1/23/2025 | 28152 | 28498 |
| 2609 | 8630962, 4.86%, 7/17/2026 | 1/23/2025 | 2512 | 2503 |
| 997 | 8630978, 6.26%, 7/17/2026 | 1/23/2025 | 981 | 163 |
| 69675 | 8631040, 5.42%, 7/17/2026 | 1/23/2025 | 67787 | 60339 |
| 18138 | 8631827, 5.17%, 7/17/2026 | 1/23/2025 | 17191 | 17849 |
| 1519 | 8631850, 4.57%, 7/18/2026 | 1/24/2025 | 1467 | 1464 |
| 31163 | 8631896, 6.26%, 7/18/2026 | 1/24/2025 | 30046 | 30162 |

---

*See Notes to Financial Statements.*

234 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $500 | 8632254, 6.11%, 7/18/2026 | 1/24/2025 | 490 | $435 |
| 820 | 8632264, 5.72%, 7/18/2026 | 1/24/2025 | 785 | 803 |
| 3998 | 8632274, 4.86%, 7/18/2026<sup>(e)</sup> | 1/24/2025 | 3913 | 3210 |
| 5078 | 8632296, 5.92%, 7/18/2026 | 1/24/2025 | 4845 | 4988 |
| 3357 | 8632357, 5.92%, 7/18/2026 | 1/24/2025 | 3290 | 499 |
| 6181 | 8632388, 4.56%, 7/18/2026 | 1/24/2025 | 5866 | 6092 |
| 3304 | 8632465, 5.41%, 7/19/2026 | 1/24/2025 | 3197 | 3036 |
| 7110 | 8632493, 4.55%, 7/19/2026 | 1/24/2025 | 6842 | 6951 |
| 10307 | 8632562, 4.55%, 7/19/2026 | 1/24/2025 | 9824 | 10145 |
| 6628 | 8632660, 4.55%, 7/19/2026 | 1/24/2025 | 6324 | 6507 |
| 2243 | 8632853, 5.16%, 7/19/2026 | 1/24/2025 | 2159 | 2168 |
| 1190 | 8632881, 5.42%, 7/19/2026 | 1/24/2025 | 1147 | 1137 |
| 2900 | 8632918, 6.08%, 7/19/2026<sup>(e)</sup> | 1/24/2025 | 2878 | 351 |
| 4445 | 8632940, 4.55%, 7/19/2026 | 1/24/2025 | 4264 | 4367 |
| 1041 | 8632976, 5.91%, 7/19/2026 | 1/24/2025 | 998 | 1011 |
| 3796 | 8632985, 4.55%, 7/19/2026 | 1/24/2025 | 3651 | 3717 |
| 4161 | 8633019, 5.73%, 7/19/2026 | 1/24/2025 | 4076 | 2539 |
| 6155 | 8633049, 5.90%, 7/20/2026 | 1/24/2025 | 5976 | 5789 |
| 640 | 8633108, 6.25%, 7/20/2026 | 1/24/2025 | 611 | 622 |
| 142 | 8633123, 4.79%, 7/20/2026 | 1/24/2025 | 141 | 139 |
| 556 | 8633129, 5.87%, 7/20/2026 | 1/24/2025 | 536 | 508 |
| 2646 | 8633137, 5.89%, 7/20/2026 | 1/24/2025 | 2578 | 2341 |
| 5263 | 8633154, 5.16%, 7/20/2026 | 1/24/2025 | 5062 | 5102 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 235

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2297 | 8633196, 4.53%, 7/20/2026 | 1/24/2025 | 2202 | $2248 |
| 2143 | 8633216, 5.15%, 7/20/2026 | 1/24/2025 | 2077 | 1992 |
| 429 | 8633232, 5.96%, 7/20/2026 | 1/24/2025 | 421 | 279 |
| 8538 | 8633262, 4.54%, 7/20/2026 | 1/24/2025 | 8247 | 8272 |
| 1109 | 8633321, 4.55%, 7/20/2026 | 1/24/2025 | 1062 | 1091 |
| 7015 | 8633338, 5.90%, 7/20/2026 | 1/24/2025 | 6660 | 6849 |
| 19868 | 8633402, 4.54%, 7/20/2026 | 1/24/2025 | 19124 | 19420 |
| 1796 | 8633527, 5.90%, 7/20/2026 | 1/24/2025 | 1743 | 1687 |
| 1880 | 8633537, 4.55%, 7/20/2026 | 1/24/2025 | 1798 | 1849 |
| 4248 | 8633559, 5.90%, 7/20/2026 | 1/24/2025 | 4095 | 3827 |
| 3434 | 8633585, 4.53%, 7/20/2026 | 1/24/2025 | 3318 | 3324 |
| 4869 | 8633615, 5.89%, 7/20/2026 | 1/24/2025 | 4641 | 4726 |
| 11096 | 8633684, 4.85%, 7/20/2026 | 1/24/2025 | 10427 | 10901 |
| 2466 | 8633822, 6.23%, 7/20/2026 | 1/24/2025 | 2362 | 2426 |
| 3374 | 8633865, 4.53%, 7/20/2026 | 1/24/2025 | 3242 | 3277 |
| 21676 | 8633899, 4.85%, 7/20/2026 | 1/24/2025 | 21043 | 20742 |
| 1252 | 8634062, 5.40%, 7/21/2026 | 1/24/2025 | 1197 | 1217 |
| 3194 | 8634073, 5.15%, 7/21/2026 | 1/24/2025 | 3080 | 3103 |
| 393 | 8634086, 6.07%, 7/21/2026 | 1/24/2025 | 379 | 387 |
| 2157 | 8634194, 4.84%, 7/21/2026 | 1/24/2025 | 2073 | 2114 |
| 1967 | 8634233, 5.89%, 7/21/2026 | 1/24/2025 | 1919 | 1653 |
| 9301 | 8634329, 5.15%, 7/21/2026 | 1/24/2025 | 8978 | 8939 |

---

*See Notes to Financial Statements.*

236 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4695 | 8634465, 6.06%, 7/21/2026 | 1/24/2025 | 4651 | $2765 |
| 2587 | 8634536, 4.52%, 7/21/2026 | 1/24/2025 | 2475 | 2545 |
| 16933 | 8634573, 4.84%, 7/21/2026 | 1/24/2025 | 15992 | 16672 |
| 16920 | 8635092, 4.53%, 7/21/2026 | 1/24/2025 | 16123 | 16670 |
| 2280 | 8635386, 4.84%, 7/21/2026 | 1/24/2025 | 2212 | 2009 |
| 3677 | 8635396, 5.15%, 7/21/2026 | 1/24/2025 | 3505 | 3529 |
| 1435 | 8635456, 4.84%, 7/21/2026 | 1/24/2025 | 1388 | 1370 |
| 11285 | 8635480, 4.84%, 7/21/2026 | 1/24/2025 | 10878 | 11030 |
| 2149 | 8635637, 6.22%, 7/21/2026 | 1/24/2025 | 2062 | 1972 |
| 4194 | 8635680, 4.53%, 7/21/2026 | 1/24/2025 | 4089 | 3238 |
| 16658 | 8635733, 5.15%, 7/21/2026 | 1/24/2025 | 16135 | 15640 |
| 3862 | 8635949, 5.15%, 7/21/2026 | 1/24/2025 | 3673 | 3792 |
| 22850 | 8636062, 5.39%, 7/21/2026 | 1/24/2025 | 22086 | 22172 |
| 558 | 8636338, 4.75%, 7/21/2026 | 1/24/2025 | 553 | 538 |
| 2622 | 8636358, 4.52%, 7/21/2026 | 1/24/2025 | 2514 | 2570 |
| 4675 | 8636378, 4.84%, 7/21/2026 | 1/24/2025 | 4509 | 4470 |
| 5803 | 8636425, 4.84%, 7/21/2026 | 1/24/2025 | 5611 | 5618 |
| 26890 | 8636479, 4.84%, 7/21/2026 | 1/24/2025 | 25838 | 25428 |
| 2015 | 8636832, 4.54%, 7/21/2026 | 1/24/2025 | 1934 | 1974 |
| 30013 | 8636847, 4.53%, 7/21/2026 | 1/24/2025 | 28985 | 29168 |
| 2789 | 8637132, 4.84%, 7/21/2026 | 1/24/2025 | 2688 | 2721 |
| 11482 | 8637164, 5.15%, 7/21/2026 | 1/24/2025 | 10855 | 11200 |
| 47354 | 8637359, 4.84%, 7/21/2026 | 1/24/2025 | 45236 | 46572 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 237

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1607 | 8637703, 4.53%, 7/22/2026 | 1/27/2025 | 1533 | $1581 |
| 12224 | 8637718, 6.22%, 7/22/2026 | 1/27/2025 | 12025 | 10985 |
| 3389 | 8637815, 4.84%, 7/22/2026 | 1/27/2025 | 3250 | 3324 |
| 5491 | 8637879, 5.88%, 7/22/2026 | 1/27/2025 | 5277 | 5289 |
| 10109 | 8638140, 5.15%, 7/22/2026 | 1/27/2025 | 9741 | 9619 |
| 8684 | 8638434, 4.53%, 7/22/2026 | 1/27/2025 | 8350 | 8490 |
| 19716 | 8638671, 5.88%, 7/22/2026 | 1/27/2025 | 19039 | 18598 |
| 33552 | 8639069, 4.84%, 7/22/2026 | 1/27/2025 | 32310 | 32517 |
| 2536 | 8639478, 4.53%, 7/22/2026 | 1/27/2025 | 2443 | 2468 |
| 12566 | 8639638, 4.53%, 7/22/2026 | 1/27/2025 | 12134 | 12178 |
| 8581 | 8639712, 4.84%, 7/22/2026 | 1/27/2025 | 8320 | 8212 |
| 1492 | 8639787, 6.23%, 7/22/2026 | 1/27/2025 | 1467 | 1152 |
| 15203 | 8639801, 4.53%, 7/22/2026 | 1/27/2025 | 14730 | 14572 |
| 5291 | 8639997, 4.53%, 7/22/2026 | 1/27/2025 | 4906 | 5268 |
| 9495 | 8640638, 4.53%, 7/22/2026 | 1/27/2025 | 9162 | 9163 |
| 1701 | 8640720, 5.87%, 7/22/2026 | 1/27/2025 | 1672 | 161 |
| 13585 | 8640736, 6.22%, 7/22/2026 | 1/27/2025 | 13288 | 12073 |
| 995 | 8640934, 5.15%, 7/22/2026 | 1/27/2025 | 933 | 982 |
| 5138 | 8640972, 6.22%, 7/22/2026 | 1/27/2025 | 4974 | 4900 |
| 1142 | 8642980, 6.26%, 7/23/2026 | 1/28/2025 | 1125 | 692 |
| 3912 | 8642994, 4.55%, 7/23/2026 | 1/28/2025 | 3768 | 3810 |
| 37467 | 8643045, 5.72%, 7/23/2026 | 1/28/2025 | 35993 | 36379 |

---

*See Notes to Financial Statements.*

238 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2990 | 8643969, 5.90%, 7/23/2026 | 1/28/2025 | 2916 | $2545 |
| 2173 | 8644152, 4.55%, 7/23/2026 | 1/28/2025 | 2081 | 2134 |
| 14339 | 8644181, 4.55%, 7/23/2026 | 1/28/2025 | 13631 | 14120 |
| 3106 | 8644408, 4.54%, 7/23/2026 | 1/28/2025 | 2969 | 3025 |
| 40822 | 8644479, 4.55%, 7/23/2026 | 1/28/2025 | 39459 | 39296 |
| 2367 | 8644971, 4.86%, 7/23/2026 | 1/28/2025 | 2294 | 2224 |
| 4164 | 8644999, 4.55%, 7/23/2026 | 1/28/2025 | 4043 | 3376 |
| 68056 | 8645027, 6.24%, 7/23/2026 | 1/28/2025 | 66885 | 44793 |
| 24158 | 8645533, 5.16%, 7/23/2026 | 1/28/2025 | 23235 | 23080 |
| 1484 | 8645942, 5.72%, 7/23/2026 | 1/28/2025 | 1435 | 1409 |
| 497 | 8645962, 5.88%, 7/23/2026 | 1/28/2025 | 476 | 482 |
| 4918 | 8645965, 4.85%, 7/23/2026 | 1/28/2025 | 4788 | 3758 |
| 8118 | 8646001, 5.41%, 7/23/2026 | 1/28/2025 | 7807 | 7925 |
| 26467 | 8646268, 4.86%, 7/23/2026 | 1/28/2025 | 24644 | 26239 |
| 4846 | 8646792, 5.41%, 7/24/2026 | 1/29/2025 | 4589 | 4736 |
| 716 | 8647063, 5.73%, 7/24/2026 | 1/29/2025 | 682 | 678 |
| 10793 | 8647071, 5.16%, 7/24/2026 | 1/29/2025 | 10353 | 10495 |
| 1399 | 8647540, 6.09%, 7/24/2026 | 1/29/2025 | 1382 | 625 |
| 17794 | 8647577, 5.41%, 7/24/2026 | 1/29/2025 | 17178 | 16781 |
| 1206 | 8648161, 4.86%, 7/24/2026 | 1/29/2025 | 1171 | 1053 |
| 2245 | 8648183, 6.25%, 7/24/2026 | 1/29/2025 | 2126 | 2208 |
| 2074 | 8648265, 5.41%, 7/24/2026 | 1/29/2025 | 1935 | 2023 |
|  | 8648316, 5.72%, 7/24/2026 | 1/29/2025 |  |  |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 239

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2665 | 8648488, 4.55%, 7/24/2026 | 1/29/2025 | 2545 | $2623 |
| 4459 | 8648541, 4.86%, 7/24/2026 | 1/29/2025 | 4323 | 4004 |
| 643 | 8648622, 5.41%, 7/24/2026 | 1/29/2025 | 611 | 620 |
| 3000 | 8648937, 6.24%, 7/24/2026<sup>(e)</sup> | 1/29/2025 | 2972 | 24 |
| 4441 | 8648953, 5.72%, 7/24/2026 | 1/29/2025 | 4333 | 3457 |
| 36907 | 8648981, 4.55%, 7/24/2026 | 1/29/2025 | 35219 | 36333 |
| 26151 | 8649490, 4.86%, 7/24/2026 | 1/29/2025 | 25463 | 21282 |
| 23660 | 8649706, 4.86%, 7/24/2026 | 1/29/2025 | 22430 | 23323 |
| 939 | 8650039, 6.23%, 7/24/2026 | 1/29/2025 | 925 | 721 |
| 6826 | 8650045, 4.55%, 7/24/2026 | 1/29/2025 | 6504 | 6724 |
| 7381 | 8650163, 5.72%, 7/24/2026 | 1/29/2025 | 7062 | 7190 |
| 2165 | 8650375, 6.09%, 7/24/2026 | 1/29/2025 | 2149 | 395 |
| 3764 | 8650393, 4.86%, 7/24/2026 | 1/29/2025 | 3542 | 3720 |
| 2590 | 8650458, 4.55%, 7/24/2026 | 1/29/2025 | 2494 | 2524 |
| 3088 | 8650478, 4.55%, 7/24/2026 | 1/29/2025 | 2963 | 3024 |
| 6738 | 8650522, 6.24%, 7/24/2026 | 1/29/2025 | 6434 | 6621 |
| 4381 | 8650815, 4.54%, 7/25/2026 | 1/30/2025 | 4204 | 4294 |
| 11623 | 8650834, 4.86%, 7/25/2026 | 1/30/2025 | 11312 | 9290 |
| 9021 | 8650885, 4.55%, 7/25/2026 | 1/30/2025 | 8678 | 8777 |
| 3055 | 8650964, 4.55%, 7/25/2026 | 1/30/2025 | 2942 | 2946 |
| 8915 | 8650993, 5.16%, 7/25/2026 | 1/30/2025 | 8300 | 8700 |
| 2182 | 8651160, 5.90%, 7/25/2026 | 1/30/2025 | 2132 | 1559 |

---

*See Notes to Financial Statements.*

240 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2755 | 8651221, 4.86%, 7/25/2026 | 1/30/2025 | 2603 | $2715 |
| 4928 | 8651270, 4.55%, 7/25/2026 | 1/30/2025 | 4730 | 4823 |
| 4837 | 8651314, 4.55%, 7/25/2026 | 1/30/2025 | 4655 | 4639 |
| 1671 | 8651369, 5.17%, 7/25/2026 | 1/30/2025 | 1611 | 1615 |
| 1167 | 8651391, 6.08%, 7/25/2026 | 1/30/2025 | 1154 | 837 |
| 1788 | 8651405, 4.55%, 7/25/2026 | 1/30/2025 | 1736 | 963 |
| 11127 | 8651415, 4.55%, 7/25/2026 | 1/30/2025 | 10716 | 10829 |
| 10721 | 8651511, 4.55%, 7/25/2026 | 1/30/2025 | 10333 | 10397 |
| 2796 | 8651624, 4.54%, 7/26/2026 | 1/30/2025 | 2671 | 2748 |
| 12862 | 8651666, 4.85%, 7/26/2026 | 1/30/2025 | 12403 | 12446 |
| 1314 | 8651777, 5.73%, 7/26/2026 | 1/30/2025 | 1283 | 285 |
| 6405 | 8651787, 4.85%, 7/26/2026 | 1/30/2025 | 6199 | 6046 |
| 590 | 8651854, 5.46%, 7/26/2026 | 1/30/2025 | 586 | 394 |
| 3603 | 8651925, 4.54%, 7/26/2026 | 1/30/2025 | 3445 | 3542 |
| 5024 | 8651958, 5.90%, 7/26/2026 | 1/30/2025 | 4833 | 4782 |
| 12693 | 8652026, 5.89%, 7/26/2026 | 1/30/2025 | 12346 | 11562 |
| 812 | 8652134, 4.86%, 7/26/2026 | 1/30/2025 | 769 | 799 |
| 10272 | 8652143, 6.23%, 7/26/2026<sup>(e)</sup> | 1/30/2025 | 10077 | 1069 |
| 6420 | 8652233, 4.54%, 7/26/2026 | 1/30/2025 | 6205 | 6021 |
| 3694 | 8652293, 4.54%, 7/26/2026 | 1/30/2025 | 3541 | 3625 |
| 3024 | 8652335, 5.40%, 7/26/2026 | 1/30/2025 | 2914 | 2919 |
| 4030 | 8652368, 4.54%, 7/26/2026 | 1/30/2025 | 3894 | 3881 |
| 3984 | 8652763, 4.53%, 7/27/2026 | 1/30/2025 | 3828 | 3894 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 241

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $457 | 8652905, 6.06%, 7/27/2026 | 1/30/2025 | 448 | $435 |
| 930 | 8652948, 4.84%, 7/27/2026 | 1/30/2025 | 867 | 923 |
| 6653 | 8653047, 4.53%, 7/27/2026 | 1/30/2025 | 6397 | 6500 |
| 830 | 8653245, 5.89%, 7/27/2026 | 1/30/2025 | 803 | 778 |
| 350 | 8653280, 6.06%, 7/27/2026 | 1/30/2025 | 327 | 347 |
| 2556 | 8653323, 5.14%, 7/27/2026 | 1/30/2025 | 2372 | 2535 |
| 32168 | 8653803, 5.70%, 7/27/2026 | 1/30/2025 | 30629 | 31525 |
| 2217 | 8654429, 4.54%, 7/27/2026 | 1/30/2025 | 2134 | 2163 |
| 1133 | 8654455, 4.74%, 7/27/2026 | 1/30/2025 | 1128 | 1047 |
| 1158 | 8654471, 5.13%, 7/27/2026 | 1/30/2025 | 1124 | 1046 |
| 2459 | 8654478, 6.22%, 7/27/2026 | 1/30/2025 | 2413 | 1752 |
| 8155 | 8654494, 4.53%, 7/27/2026 | 1/30/2025 | 7932 | 6750 |
| 4920 | 8654632, 5.70%, 7/27/2026 | 1/30/2025 | 4716 | 4810 |
| 3352 | 8654772, 4.53%, 7/27/2026 | 1/30/2025 | 3220 | 3278 |
| 1811 | 8654867, 4.53%, 7/27/2026 | 1/30/2025 | 1741 | 1773 |
| 1507 | 8654970, 4.84%, 7/27/2026 | 1/30/2025 | 1456 | 1467 |
| 5614 | 8654995, 4.84%, 7/27/2026 | 1/30/2025 | 5347 | 5511 |
| 4073 | 8655196, 4.53%, 7/27/2026 | 1/30/2025 | 3899 | 4001 |
| 1488 | 8655298, 4.53%, 7/27/2026 | 1/30/2025 | 1422 | 1460 |
| 1555 | 8655433, 5.88%, 7/27/2026 | 1/30/2025 | 1502 | 1452 |
| 4166 | 8655457, 4.53%, 7/27/2026 | 1/30/2025 | 4019 | 4006 |
| 1292 | 8655512, 6.22%, 7/27/2026 | 1/30/2025 | 1226 | 1257 |

---

*See Notes to Financial Statements.*

242 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $933 | 8655536, 5.71%, 7/27/2026 | 1/30/2025 | 899 | $881 |
| 5280 | 8655593, 4.53%, 7/27/2026 | 1/30/2025 | 5058 | 5181 |
| 5853 | 8655712, 4.53%, 7/27/2026 | 1/30/2025 | 5547 | 5770 |
| 2612 | 8655807, 5.14%, 7/27/2026 | 1/30/2025 | 2519 | 2482 |
| 5202 | 8655879, 4.53%, 7/27/2026 | 1/30/2025 | 5056 | 4610 |
| 3696 | 8655906, 4.53%, 7/27/2026 | 1/30/2025 | 3555 | 3611 |
| 7462 | 8655938, 4.53%, 7/27/2026 | 1/30/2025 | 7098 | 7353 |
| 33791 | 8656083, 4.53%, 7/27/2026 | 1/30/2025 | 31963 | 33365 |
| 1063 | 8656607, 4.84%, 7/28/2026 | 1/31/2025 | 1021 | 1039 |
| 1447 | 8656644, 4.83%, 7/28/2026 | 1/31/2025 | 1396 | 1390 |
| 2941 | 8656683, 6.23%, 7/28/2026 | 1/31/2025 | 2874 | 2590 |
| 2507 | 8656891, 4.53%, 7/28/2026 | 1/31/2025 | 2394 | 2465 |
| 6604 | 8656936, 4.53%, 7/28/2026 | 1/31/2025 | 6343 | 6459 |
| 1897 | 8657077, 4.54%, 7/28/2026 | 1/31/2025 | 1825 | 1822 |
| 15864 | 8657201, 4.84%, 7/28/2026 | 1/31/2025 | 15108 | 15607 |
| 4104 | 8658320, 4.52%, 7/28/2026 | 1/31/2025 | 3970 | 3940 |
| 427 | 8658418, 6.23%, 7/28/2026 | 1/31/2025 | 411 | 405 |
| 7753 | 8658443, 5.39%, 7/28/2026 | 1/31/2025 | 7345 | 7582 |
| 11554 | 8658690, 4.53%, 7/28/2026 | 1/31/2025 | 11101 | 11265 |
| 3127 | 8658945, 4.53%, 7/28/2026 | 1/31/2025 | 3018 | 3025 |
| 1400 | 8658996, 5.88%, 7/28/2026 | 1/31/2025 | 1335 | 1371 |
| 1118 | 8659039, 6.23%, 7/28/2026 | 1/31/2025 | 1077 | 1057 |
| 909 | 8659062, 4.53%, 7/28/2026 | 1/31/2025 | 860 | 898 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 243

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1265 | 8659130, 4.84%, 7/28/2026 | 1/31/2025 | 1212 | $1239 |
| 2730 | 8659184, 4.52%, 7/28/2026 | 1/31/2025 | 2626 | 2667 |
| 4282 | 8659217, 4.53%, 7/28/2026 | 1/31/2025 | 4113 | 4185 |
| 4441 | 8659302, 4.53%, 7/28/2026 | 1/31/2025 | 4268 | 4342 |
| 17513 | 8659374, 4.53%, 7/28/2026 | 1/31/2025 | 16773 | 17098 |
| 1827 | 8660176, 4.54%, 7/28/2026 | 1/31/2025 | 1766 | 1759 |
| 12939 | 8660225, 4.53%, 7/28/2026 | 1/31/2025 | 12493 | 12506 |
| 1555 | 8660399, 4.54%, 7/28/2026 | 1/31/2025 | 1468 | 1535 |
| 35730 | 8660419, 4.53%, 7/28/2026 | 1/31/2025 | 34264 | 35034 |
| 4519 | 8661083, 4.53%, 7/28/2026 | 1/31/2025 | 4228 | 4463 |
| 2155 | 8661212, 6.22%, 7/28/2026 | 1/31/2025 | 2107 | 1666 |
| 605 | 8661265, 5.89%, 7/28/2026 | 1/31/2025 | 584 | 570 |
| 4355 | 8661287, 4.53%, 7/28/2026 | 1/31/2025 | 4187 | 4253 |
| 16850 | 8661315, 5.39%, 7/28/2026 | 1/31/2025 | 16225 | 15950 |
| 3833 | 8661483, 5.15%, 7/28/2026 | 1/31/2025 | 3648 | 3749 |
| 4120 | 8661564, 4.53%, 7/28/2026 | 1/31/2025 | 3996 | 3481 |
| 5665 | 8661663, 4.53%, 7/28/2026 | 1/31/2025 | 5443 | 5520 |
| 16059 | 8661791, 4.84%, 7/28/2026 | 1/31/2025 | 15481 | 15633 |
| 6731 | 8661900, 4.84%, 7/29/2026 | 2/3/2025 | 6485 | 6492 |
| 2514 | 8662082, 5.14%, 7/29/2026 | 2/3/2025 | 2420 | 2285 |
| 1297 | 8662173, 6.22%, 7/29/2026 | 2/3/2025 | 1233 | 1256 |
| 1711 | 8662308, 5.15%, 7/29/2026 | 2/3/2025 | 1583 | 1693 |

---

*See Notes to Financial Statements.*

244 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $15034 | 8662377, 4.53%, 7/29/2026 | 2/3/2025 | 14338 | $14727 |
| 1783 | 8662801, 4.83%, 7/29/2026 | 2/3/2025 | 1704 | 1750 |
| 5873 | 8662855, 4.53%, 7/29/2026 | 2/3/2025 | 5667 | 5683 |
| 7105 | 8663067, 4.84%, 7/29/2026 | 2/3/2025 | 6890 | 6609 |
| 38217 | 8663335, 5.39%, 7/29/2026 | 2/3/2025 | 36658 | 36930 |
| 3587 | 8663946, 4.53%, 7/29/2026 | 2/3/2025 | 3405 | 3524 |
| 5672 | 8664070, 4.53%, 7/29/2026 | 2/3/2025 | 5474 | 5484 |
| 3206 | 8665115, 4.53%, 7/29/2026 | 2/3/2025 | 3055 | 3156 |
| 19041 | 8665367, 4.84%, 7/29/2026 | 2/3/2025 | 18278 | 18626 |
| 10546 | 8665584, 4.53%, 7/29/2026 | 2/3/2025 | 10147 | 10127 |
| 4928 | 8665847, 4.53%, 7/29/2026 | 2/3/2025 | 4720 | 4824 |
| 512 | 8665947, 6.24%, 7/29/2026 | 2/3/2025 | 494 | 479 |
| 1542 | 8665961, 4.54%, 7/29/2026 | 2/3/2025 | 1483 | 1505 |
| 21393 | 8665979, 4.53%, 7/29/2026 | 2/3/2025 | 20693 | 20534 |
| 5231 | 8666149, 4.84%, 7/29/2026 | 2/3/2025 | 5006 | 5084 |
| 3752 | 8666244, 6.22%, 7/29/2026 | 2/3/2025 | 3607 | 3578 |
| 2123 | 8666300, 5.89%, 7/29/2026 | 2/3/2025 | 2066 | 1889 |
| 18802 | 8666320, 4.53%, 7/29/2026 | 2/3/2025 | 18050 | 18268 |
| 7932 | 8666471, 4.53%, 7/29/2026 | 2/3/2025 | 7640 | 7685 |
| 13729 | 8666519, 6.22%, 7/29/2026 | 2/3/2025 | 13138 | 13195 |
| 39880 | 8666743, 4.53%, 7/29/2026 | 2/3/2025 | 38484 | 38562 |
|  | 8667074, 6.23%, 7/29/2026 | 2/3/2025 | (107) |  |
| 6130 | 8667127, 4.53%, 7/29/2026 | 2/3/2025 | 5916 | 5925 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 245

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4926 | 8669831, 4.55%, 7/30/2026 | 2/4/2025 | 4680 | $4805 |
| 7947 | 8669967, 6.24%, 7/30/2026 | 2/4/2025 | 7835 | 2608 |
| 16442 | 8670150, 5.41%, 7/30/2026 | 2/4/2025 | 15913 | 15152 |
| 3869 | 8670500, 5.17%, 7/30/2026 | 2/4/2025 | 3746 | 3526 |
| 3984 | 8670578, 4.54%, 7/30/2026 | 2/4/2025 | 3814 | 3913 |
| 4349 | 8670733, 6.25%, 7/30/2026 | 2/4/2025 | 4225 | 3886 |
| 3698 | 8671087, 4.55%, 7/30/2026 | 2/4/2025 | 3558 | 3550 |
| 5589 | 8671314, 4.54%, 7/30/2026 | 2/4/2025 | 5395 | 5372 |
| 5217 | 8672284, 4.55%, 7/30/2026 | 2/4/2025 | 5015 | 5084 |
| 4254 | 8672470, 4.55%, 7/30/2026 | 2/4/2025 | 4099 | 4113 |
| 6065 | 8672652, 4.86%, 7/30/2026 | 2/4/2025 | 5814 | 5803 |
| 9368 | 8672835, 4.76%, 7/30/2026 | 2/4/2025 | 9302 | 8848 |
| 7625 | 8673130, 4.55%, 7/30/2026 | 2/4/2025 | 7235 | 7519 |
| 1970 | 8673331, 4.86%, 7/30/2026 | 2/4/2025 | 1861 | 1924 |
| 11381 | 8673384, 4.86%, 7/30/2026 | 2/4/2025 | 10872 | 11108 |
| 8653 | 8673707, 6.24%, 7/30/2026 | 2/4/2025 | 8488 | 7666 |
| 7059 | 8674020, 4.55%, 7/30/2026 | 2/4/2025 | 6862 | 2518 |
| 1899 | 8674087, 4.86%, 7/30/2026 | 2/4/2025 | 1825 | 1834 |
| 944 | 8674139, 5.91%, 7/30/2026 | 2/4/2025 | 917 | 866 |
| 7576 | 8674162, 4.86%, 7/30/2026 | 2/4/2025 | 7267 | 7364 |
| 52420 | 8674371, 4.86%, 7/30/2026 | 2/4/2025 | 50110 | 50292 |
| 1068 | 8674927, 5.17%, 7/31/2026 | 2/5/2025 | 1027 | 1010 |

---

*See Notes to Financial Statements.*

246 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3763 | 8674995, 5.16%, 7/31/2026 | 2/5/2025 | 3667 | $2407 |
| 944 | 8675124, 4.86%, 7/31/2026 | 2/5/2025 | 909 | 913 |
| 7398 | 8675204, 4.55%, 7/31/2026 | 2/5/2025 | 7137 | 7146 |
| 3926 | 8675616, 4.55%, 7/31/2026 | 2/5/2025 | 3671 | 3884 |
| 13074 | 8675963, 4.55%, 7/31/2026 | 2/5/2025 | 12521 | 12812 |
| 2280 | 8676892, 4.86%, 7/31/2026 | 2/5/2025 | 2158 | 2196 |
| 855 | 8677038, 5.44%, 7/31/2026 | 2/5/2025 | 850 | 195 |
| 23014 | 8677071, 5.41%, 7/31/2026 | 2/5/2025 | 22171 | 21794 |
| 5384 | 8677758, 4.54%, 7/31/2026 | 2/5/2025 | 5083 | 5271 |
| 5181 | 8677924, 4.55%, 7/31/2026 | 2/5/2025 | 4974 | 5055 |
| 1099 | 8678059, 5.72%, 7/31/2026 | 2/5/2025 | 1044 | 1068 |
| 6832 | 8678084, 4.55%, 7/31/2026 | 2/5/2025 | 6536 | 6673 |
| 1790 | 8678305, 5.42%, 7/31/2026 | 2/5/2025 | 1726 | 1690 |
| 1465 | 8678388, 4.56%, 7/31/2026 | 2/5/2025 | 1411 | 1420 |
| 5721 | 8678425, 5.16%, 7/31/2026 | 2/5/2025 | 5438 | 5596 |
| 2525 | 8678543, 5.91%, 7/31/2026 | 2/5/2025 | 2355 | 2490 |
| 45297 | 8678673, 4.55%, 7/31/2026 | 2/5/2025 | 43610 | 43762 |
| 2621 | 8679728, 5.41%, 7/31/2026 | 2/5/2025 | 2478 | 2543 |
| 13615 | 8679847, 4.55%, 7/31/2026 | 2/5/2025 | 13218 | 9941 |
| 13395 | 8680090, 4.86%, 7/31/2026 | 2/5/2025 | 12888 | 13042 |
| 9107 | 8680151, 5.16%, 8/1/2026 | 2/6/2025 | 8743 | 8104 |
| 10585 | 8680284, 4.86%, 8/1/2026 | 2/6/2025 | 10244 | 9745 |
| 2009 | 8680382, 5.17%, 8/1/2026 | 2/6/2025 | 1951 | 1782 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 247

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2465 | 8680409, 4.55%, 8/1/2026 | 2/6/2025 | 2371 | $2368 |
| 5855 | 8680451, 4.55%, 8/1/2026 | 2/6/2025 | 5602 | 5744 |
| 4890 | 8680520, 5.91%, 8/1/2026 | 2/6/2025 | 4560 | 4820 |
| 4762 | 8680650, 4.86%, 8/1/2026 | 2/6/2025 | 4559 | 4621 |
| 762 | 8680731, 5.40%, 8/1/2026 | 2/6/2025 | 723 | 742 |
| 4377 | 8680800, 4.55%, 8/1/2026 | 2/6/2025 | 4219 | 4233 |
| 7000 | 8680845, 6.24%, 8/1/2026 | 2/6/2025 | 6751 | 6642 |
| 2223 | 8681324, 4.54%, 8/2/2026 | 2/6/2025 | 2104 | 2193 |
| 12072 | 8681360, 5.89%, 8/2/2026 | 2/6/2025 | 11754 | 9161 |
| 4490 | 8681479, 4.54%, 8/2/2026 | 2/6/2025 | 4354 | 3808 |
| 8282 | 8681541, 6.23%, 8/2/2026 | 2/6/2025 | 7862 | 7963 |
| 27357 | 8681710, 4.54%, 8/2/2026 | 2/6/2025 | 26453 | 24795 |
| 595 | 8683462, 4.84%, 8/3/2026 | 2/6/2025 | 571 | 572 |
|  | 8683506, 4.84%, 8/3/2026 | 2/6/2025 | (233) |  |
|  | 8683577, 4.84%, 8/3/2026 | 2/6/2025 | (238) |  |
| 7843 | 8684012, 4.53%, 8/3/2026 | 2/6/2025 | 7517 | 7679 |
| 7914 | 8684245, 4.53%, 8/3/2026 | 2/6/2025 | 7558 | 7776 |
| 1762 | 8684490, 5.40%, 8/3/2026 | 2/6/2025 | 1703 | 1663 |
| 4019 | 8684580, 4.53%, 8/3/2026 | 2/6/2025 | 3888 | 3771 |
| 8276 | 8684680, 4.53%, 8/3/2026 | 2/6/2025 | 7935 | 8092 |
| 1908 | 8685239, 5.14%, 8/3/2026 | 2/6/2025 | 1848 | 1744 |
| 1180 | 8685285, 6.22%, 8/3/2026 | 2/6/2025 | 1151 | 857 |

---

*See Notes to Financial Statements.*

248 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4263 | 8685314, 5.14%, 8/3/2026 | 2/6/2025 | 4115 | $4095 |
| 9646 | 8685457, 5.15%, 8/3/2026 | 2/6/2025 | 9297 | 9095 |
| 14597 | 8685614, 6.22%, 8/3/2026 | 2/6/2025 | 14306 | 9337 |
| 4214 | 8685867, 4.84%, 8/3/2026 | 2/6/2025 | 3991 | 4112 |
| 8427 | 8685978, 4.53%, 8/3/2026 | 2/6/2025 | 8147 | 8076 |
| 1282 | 8686078, 5.15%, 8/3/2026 | 2/6/2025 | 1203 | 1264 |
| 2152 | 8686123, 4.54%, 8/3/2026 | 2/6/2025 | 2079 | 1985 |
| 3260 | 8686155, 4.84%, 8/3/2026 | 2/6/2025 | 3145 | 3107 |
| 43832 | 8686221, 4.84%, 8/3/2026 | 2/6/2025 | 42101 | 42745 |
| 679 | 8687048, 6.23%, 8/3/2026 | 2/6/2025 | 657 | 622 |
| 23744 | 8687061, 5.70%, 8/3/2026 | 2/6/2025 | 22765 | 22502 |
| 7080 | 8687452, 4.53%, 8/4/2026 | 2/7/2025 | 6819 | 6852 |
| 7385 | 8687747, 4.84%, 8/4/2026 | 2/7/2025 | 7136 | 6863 |
| 1471 | 8688000, 5.39%, 8/4/2026 | 2/7/2025 | 1412 | 1402 |
| 5277 | 8688047, 6.22%, 8/4/2026 | 2/7/2025 | 5007 | 5131 |
| 4013 | 8688424, 5.39%, 8/4/2026 | 2/7/2025 | 3878 | 3666 |
| 13322 | 8688643, 4.53%, 8/4/2026 | 2/7/2025 | 12810 | 12963 |
| 30060 | 8689449, 4.53%, 8/4/2026 | 2/7/2025 | 28857 | 29072 |
| 17379 | 8690383, 6.22%, 8/4/2026 | 2/7/2025 | 16766 | 16831 |
| 9676 | 8690812, 4.84%, 8/4/2026 | 2/7/2025 | 9412 | 1247 |
| 12201 | 8690938, 5.88%, 8/4/2026 | 2/7/2025 | 11767 | 11617 |
| 22697 | 8691239, 5.88%, 8/4/2026 | 2/7/2025 | 21639 | 22158 |
| 3362 | 8692081, 4.52%, 8/4/2026 | 2/7/2025 | 3241 | 3176 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 249

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1827 | 8692143, 4.53%, 8/4/2026 | 2/7/2025 | 1748 | $1792 |
| 4296 | 8692185, 6.23%, 8/4/2026 | 2/7/2025 | 4160 | 4044 |
| 5696 | 8692222, 4.53%, 8/4/2026 | 2/7/2025 | 5326 | 5635 |
| 3148 | 8692416, 6.22%, 8/4/2026 | 2/7/2025 | 3026 | 3093 |
| 15045 | 8692812, 5.70%, 8/4/2026 | 2/7/2025 | 14613 | 13401 |
| 3261 | 8693053, 4.53%, 8/4/2026 | 2/7/2025 | 3053 | 3234 |
| 1015 | 8693452, 4.85%, 8/5/2026 | 2/10/2025 | 966 | 987 |
| 1714 | 8693548, 6.22%, 8/5/2026 | 2/10/2025 | 1624 | 1665 |
| 5990 | 8693628, 6.22%, 8/5/2026 | 2/10/2025 | 5738 | 5658 |
| 704 | 8693715, 5.41%, 8/5/2026 | 2/10/2025 | 681 | 643 |
| 26292 | 8693750, 4.84%, 8/5/2026 | 2/10/2025 | 25571 | 20211 |
| 15246 | 8694658, 5.15%, 8/5/2026 | 2/10/2025 | 14470 | 14810 |
| 7155 | 8696283, 5.70%, 8/5/2026 | 2/10/2025 | 6784 | 6939 |
| 9439 | 8696643, 4.53%, 8/5/2026<sup>(e)</sup> | 2/10/2025 | 9199 | 7034 |
| 2554 | 8696714, 6.22%, 8/5/2026 | 2/10/2025 | 2481 | 2296 |
| 10381 | 8696916, 4.53%, 8/5/2026 | 2/10/2025 | 9944 | 10163 |
| 3358 | 8697202, 4.83%, 8/5/2026 | 2/10/2025 | 3223 | 3260 |
| 9441 | 8697279, 5.15%, 8/5/2026 | 2/10/2025 | 9095 | 8975 |
| 4194 | 8697433, 5.39%, 8/5/2026 | 2/10/2025 | 4092 | 2849 |
| 2861 | 8697472, 6.22%, 8/5/2026 | 2/10/2025 | 2785 | 2474 |
| 3031 | 8697526, 5.70%, 8/5/2026 | 2/10/2025 | 2922 | 2877 |
| 2100 | 8697568, 4.83%, 8/5/2026 | 2/10/2025 | 2005 | 2060 |

---

*See Notes to Financial Statements.*

250 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $41895 | 8697640, 5.15%, 8/5/2026 | 2/10/2025 | 39638 | $41184 |
| 40240 | 8701512, 4.86%, 8/6/2026 | 2/11/2025 | 38669 | 39058 |
| 13855 | 8702784, 5.41%, 8/6/2026 | 2/11/2025 | 13200 | 13098 |
| 4684 | 8703705, 5.90%, 8/6/2026 | 2/11/2025 | 4468 | 4520 |
| 9171 | 8703895, 4.55%, 8/6/2026 | 2/11/2025 | 8819 | 8892 |
| 4064 | 8704194, 4.54%, 8/6/2026 | 2/11/2025 | 3899 | 3965 |
| 11753 | 8704290, 4.55%, 8/6/2026 | 2/11/2025 | 11319 | 11336 |
| 1797 | 8704527, 6.09%, 8/6/2026 | 2/11/2025 | 1749 | 1577 |
| 21679 | 8704556, 5.41%, 8/6/2026 | 2/11/2025 | 20860 | 20387 |
| 15659 | 8704938, 4.55%, 8/6/2026 | 2/11/2025 | 14659 | 15483 |
| 5626 | 8705500, 5.17%, 8/6/2026 | 2/11/2025 | 5220 | 5559 |
| 594 | 8705667, 6.08%, 8/6/2026 | 2/11/2025 | 581 | 565 |
| 2050 | 8705796, 5.41%, 8/6/2026 | 2/11/2025 | 1981 | 1849 |
| 24622 | 8705821, 5.91%, 8/6/2026 | 2/11/2025 | 23377 | 23420 |
| 7716 | 8706561, 4.86%, 8/7/2026 | 2/12/2025 | 7362 | 7409 |
| 5164 | 8706819, 5.72%, 8/7/2026 | 2/12/2025 | 4932 | 4984 |
| 2521 | 8707014, 4.55%, 8/7/2026 | 2/12/2025 | 2360 | 2497 |
| 12247 | 8707242, 6.24%, 8/7/2026 | 2/12/2025 | 11961 | 10445 |
| 6726 | 8707627, 5.16%, 8/7/2026 | 2/12/2025 | 6469 | 6117 |
| 3806 | 8707919, 4.55%, 8/7/2026 | 2/12/2025 | 3627 | 3738 |
| 6530 | 8708099, 4.55%, 8/7/2026 | 2/12/2025 | 6276 | 6377 |
| 2364 | 8708311, 6.09%, 8/7/2026 | 2/12/2025 | 2321 | 2040 |
| 3616 | 8708447, 4.54%, 8/7/2026 | 2/12/2025 | 3464 | 3528 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 251

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $19693 | 8708586, 4.55%, 8/7/2026 | 2/12/2025 | 19038 | $16395 |
| 32733 | 8709253, 4.86%, 8/7/2026 | 2/12/2025 | 31288 | 31703 |
| 4604 | 8709891, 4.54%, 8/7/2026 | 2/12/2025 | 4418 | 4492 |
| 3452 | 8709989, 4.55%, 8/7/2026 | 2/12/2025 | 3315 | 3360 |
| 12470 | 8710024, 4.86%, 8/7/2026 | 2/12/2025 | 11941 | 12070 |
| 7310 | 8710191, 5.16%, 8/7/2026 | 2/12/2025 | 7053 | 6808 |
| 3721 | 8710396, 5.41%, 8/7/2026 | 2/12/2025 | 3517 | 3638 |
| 8993 | 8710485, 6.09%, 8/7/2026 | 2/12/2025 | 8701 | 8728 |
| 152 | 8710938, 6.24%, 8/8/2026 | 2/13/2025 | 139 | 150 |
| 5896 | 8710961, 5.41%, 8/8/2026 | 2/13/2025 | 5607 | 5747 |
| 26600 | 8711033, 4.86%, 8/8/2026 | 2/13/2025 | 24957 | 26233 |
| 8691 | 8711517, 4.86%, 8/8/2026 | 2/13/2025 | 8316 | 8471 |
| 5654 | 8711685, 4.55%, 8/8/2026 | 2/13/2025 | 5402 | 5520 |
| 14834 | 8711813, 4.54%, 8/9/2026 | 2/13/2025 | 14312 | 13169 |
| 7145 | 8711960, 4.54%, 8/9/2026 | 2/13/2025 | 6853 | 6932 |
| 1094 | 8712031, 5.16%, 8/9/2026 | 2/13/2025 | 1020 | 1073 |
| 2869 | 8712056, 4.54%, 8/9/2026 | 2/13/2025 | 2734 | 2819 |
| 1017 | 8712152, 6.26%, 8/9/2026 | 2/13/2025 | 993 | 432 |
| 3596 | 8712166, 4.54%, 8/9/2026 | 2/13/2025 | 3418 | 3486 |
| 1003 | 8712251, 5.70%, 8/9/2026 | 2/13/2025 | 939 | 962 |
| 6882 | 8712276, 4.54%, 8/9/2026 | 2/13/2025 | 6595 | 6721 |
| 2978 | 8712357, 6.23%, 8/9/2026 | 2/13/2025 | 2722 | 2919 |

---

*See Notes to Financial Statements.*

252 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $7398 | 8712468, 4.54%, 8/9/2026 | 2/13/2025 | 7097 | $7205 |
| 2113 | 8712547, 4.85%, 8/9/2026 | 2/13/2025 | 1988 | 2076 |
| 2307 | 8712581, 5.40%, 8/9/2026 | 2/13/2025 | 2228 | 1981 |
| 3090 | 8712605, 4.53%, 8/10/2026 | 2/13/2025 | 2934 | 3018 |
| 15190 | 8713701, 4.53%, 8/10/2026 | 2/13/2025 | 14591 | 14758 |
| 4427 | 8714273, 4.84%, 8/10/2026 | 2/13/2025 | 4255 | 4236 |
| 7994 | 8714498, 6.22%, 8/10/2026 | 2/13/2025 | 7826 | 3697 |
| 6295 | 8714652, 4.84%, 8/10/2026 | 2/13/2025 | 6082 | 5889 |
| 7003 | 8714782, 4.53%, 8/10/2026 | 2/13/2025 | 6676 | 6881 |
| 4478 | 8714995, 4.53%, 8/10/2026 | 2/13/2025 | 4256 | 4404 |
| 5116 | 8715109, 4.53%, 8/10/2026 | 2/13/2025 | 4922 | 4935 |
| 2493 | 8715205, 4.84%, 8/10/2026 | 2/13/2025 | 2391 | 2424 |
| 21248 | 8715267, 4.84%, 8/10/2026 | 2/13/2025 | 20239 | 20571 |
| 30546 | 8715796, 4.53%, 8/10/2026 | 2/13/2025 | 29298 | 29842 |
| 3841 | 8716337, 5.88%, 8/10/2026 | 2/13/2025 | 3672 | 3719 |
| 3074 | 8716393, 6.22%, 8/10/2026 | 2/13/2025 | 2963 | 2868 |
| 1401 | 8716477, 4.53%, 8/10/2026 | 2/13/2025 | 1348 | 1358 |
| 350 | 8716508, 6.05%, 8/10/2026 | 2/13/2025 | 335 | 337 |
| 6911 | 8716528, 4.53%, 8/10/2026 | 2/13/2025 | 6629 | 6732 |
| 1817 | 8716635, 5.15%, 8/10/2026 | 2/13/2025 | 1743 | 1754 |
| 10874 | 8716661, 4.84%, 8/10/2026 | 2/13/2025 | 10360 | 10318 |
| 45489 | 8716864, 4.53%, 8/10/2026 | 2/13/2025 | 43878 | 43649 |
| 2883 | 8717651, 4.84%, 8/10/2026 | 2/13/2025 | 2788 | 2687 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 253

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2299 | 8717702, 4.52%, 8/10/2026 | 2/13/2025 | 2211 | $2217 |
| 2640 | 8717988, 5.15%, 8/11/2026 | 2/14/2025 | 2486 | 2552 |
| 7228 | 8718093, 6.22%, 8/11/2026 | 2/14/2025 | 7057 | 5607 |
| 2044 | 8718302, 5.70%, 8/11/2026 | 2/14/2025 | 1954 | 1948 |
| 457 | 8718403, 6.21%, 8/11/2026 | 2/14/2025 | 430 | 448 |
| 3448 | 8718621, 5.88%, 8/11/2026 | 2/14/2025 | 3285 | 3342 |
| 2538 | 8718779, 5.70%, 8/11/2026 | 2/14/2025 | 2410 | 2454 |
| 4576 | 8719310, 6.22%, 8/11/2026 | 2/14/2025 | 4396 | 4148 |
| 4535 | 8719453, 4.53%, 8/11/2026 | 2/14/2025 | 4337 | 4436 |
| 45136 | 8719904, 4.53%, 8/11/2026 | 2/14/2025 | 43409 | 43767 |
| 1590 | 8720794, 5.90%, 8/11/2026 | 2/14/2025 | 1536 | 1507 |
| 1407 | 8720864, 4.53%, 8/11/2026 | 2/14/2025 | 1353 | 1369 |
| 1194 | 8720884, 5.88%, 8/11/2026 | 2/14/2025 | 1116 | 1162 |
| 7706 | 8720925, 6.23%, 8/11/2026<sup>(e)</sup> | 2/14/2025 | 7558 | 4594 |
| 1288 | 8720982, 4.74%, 8/11/2026 | 2/14/2025 | 1260 | 1265 |
| 1273 | 8721053, 4.52%, 8/11/2026 | 2/14/2025 | 1208 | 1253 |
| 3810 | 8721102, 4.53%, 8/11/2026 | 2/14/2025 | 3629 | 3746 |
| 18211 | 8721190, 5.39%, 8/11/2026 | 2/14/2025 | 17504 | 17241 |
| 6767 | 8721563, 4.84%, 8/11/2026 | 2/14/2025 | 6516 | 6242 |
| 13393 | 8721953, 5.70%, 8/11/2026 | 2/14/2025 | 12814 | 12903 |
| 1766 | 8722177, 5.87%, 8/12/2026 | 2/18/2025 | 1724 | 1117 |
| 5573 | 8722222, 5.15%, 8/12/2026 | 2/18/2025 | 5310 | 5400 |

---

*See Notes to Financial Statements.*

254 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $12178 | 8722339, 4.53%, 8/12/2026 | 2/18/2025 | 11796 | $10919 |
| 8110 | 8722600, 4.53%, 8/12/2026 | 2/18/2025 | 7773 | 7865 |
| 21194 | 8722891, 5.15%, 8/12/2026 | 2/18/2025 | 20411 | 18159 |
| 7305 | 8723427, 4.84%, 8/12/2026 | 2/18/2025 | 7010 | 6992 |
|  | 8723597, 6.24%, 8/12/2026 | 2/18/2025 | (49) | (30) |
| 4426 | 8723621, 4.53%, 8/12/2026 | 2/18/2025 | 4249 | 4267 |
| 1523 | 8723722, 5.15%, 8/12/2026 | 2/18/2025 | 1440 | 1491 |
| 4570 | 8723797, 4.84%, 8/12/2026 | 2/18/2025 | 4424 | 3709 |
| 11939 | 8723874, 4.53%, 8/12/2026 | 2/18/2025 | 11475 | 11560 |
| 3879 | 8724075, 5.88%, 8/12/2026 | 2/18/2025 | 3754 | 3348 |
| 3998 | 8724717, 5.15%, 8/12/2026 | 2/18/2025 | 3837 | 3805 |
| 6592 | 8724772, 4.53%, 8/12/2026 | 2/18/2025 | 6308 | 6433 |
| 5170 | 8725119, 4.53%, 8/12/2026 | 2/18/2025 | 4956 | 5041 |
| 3308 | 8725231, 5.70%, 8/12/2026 | 2/18/2025 | 3176 | 3057 |
| 11736 | 8725308, 6.22%, 8/12/2026 | 2/18/2025 | 11352 | 10873 |
| 200 | 8725462, 6.21%, 8/12/2026 | 2/18/2025 | 183 | 195 |
| 6390 | 8725504, 4.84%, 8/12/2026 | 2/18/2025 | 6135 | 6114 |
| 1595 | 8725594, 5.14%, 8/12/2026 | 2/18/2025 | 1507 | 1564 |
| 2151 | 8725629, 5.39%, 8/12/2026 | 2/18/2025 | 2038 | 2059 |
| 1665 | 8726013, 5.88%, 8/12/2026 | 2/18/2025 | 1588 | 1614 |
| 7986 | 8726116, 4.84%, 8/12/2026 | 2/18/2025 | 7517 | 7866 |
| 32420 | 8726321, 4.53%, 8/12/2026 | 2/18/2025 | 30897 | 31829 |
| 7195 | 8731006, 4.86%, 8/13/2026 | 2/19/2025 | 6795 | 7007 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 255

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4046 | 8731189, 4.56%, 8/13/2026 | 2/19/2025 | 3890 | $3908 |
| 1423 | 8731266, 5.43%, 8/13/2026 | 2/19/2025 | 1296 | 1399 |
| 18923 | 8731323, 4.56%, 8/13/2026 | 2/19/2025 | 18136 | 18440 |
| 23768 | 8731720, 4.56%, 8/13/2026 | 2/19/2025 | 22950 | 21720 |
| 3438 | 8732317, 4.55%, 8/13/2026 | 2/19/2025 | 3291 | 3356 |
| 495 | 8732387, 6.25%, 8/13/2026 | 2/19/2025 | 476 | 466 |
| 2475 | 8732409, 5.91%, 8/13/2026 | 2/19/2025 | 2391 | 2172 |
| 9113 | 8732637, 5.42%, 8/13/2026 | 2/19/2025 | 8753 | 8660 |
| 12654 | 8732806, 5.42%, 8/13/2026 | 2/19/2025 | 12113 | 12211 |
| 801 | 8733174, 6.27%, 8/13/2026 | 2/19/2025 | 743 | 757 |
| 14061 | 8733222, 4.86%, 8/13/2026<sup>(e)</sup> | 2/19/2025 | 13666 | 4805 |
| 6286 | 8733444, 4.55%, 8/13/2026 | 2/19/2025 | 6020 | 6058 |
| 1415 | 8733535, 6.26%, 8/13/2026 | 2/19/2025 | 1359 | 1313 |
| 3533 | 8733561, 5.74%, 8/13/2026 | 2/19/2025 | 3364 | 3422 |
| 8441 | 8733630, 5.92%, 8/13/2026 | 2/19/2025 | 7981 | 8194 |
| 708 | 8733897, 6.25%, 8/13/2026 | 2/19/2025 | 679 | 665 |
| 5450 | 8734032, 4.55%, 8/13/2026 | 2/19/2025 | 5255 | 5135 |
| 10704 | 8734136, 4.55%, 8/13/2026 | 2/19/2025 | 10274 | 10372 |
| 40386 | 8734445, 4.55%, 8/13/2026 | 2/19/2025 | 38658 | 39424 |
| 15067 | 8735384, 5.17%, 8/14/2026 | 2/20/2025 | 14364 | 14723 |
| 607 | 8735977, 4.57%, 8/14/2026 | 2/20/2025 | 582 | 591 |
| 7590 | 8735987, 6.26%, 8/14/2026 | 2/20/2025 | 7278 | 7023 |

---

*See Notes to Financial Statements.*

256 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3051 | 8736347, 5.92%, 8/14/2026 | 2/20/2025 | 2944 | $2722 |
| 7491 | 8736720, 4.55%, 8/14/2026 | 2/20/2025 | 7091 | 7371 |
| 6340 | 8736911, 4.55%, 8/14/2026 | 2/20/2025 | 6070 | 6174 |
| 35700 | 8737036, 4.55%, 8/14/2026 | 2/20/2025 | 34291 | 33894 |
| 12544 | 8737771, 5.73%, 8/14/2026 | 2/20/2025 | 11933 | 12210 |
| 1604 | 8738037, 6.25%, 8/14/2026 | 2/20/2025 | 1564 | 1283 |
| 2510 | 8738082, 4.55%, 8/14/2026 | 2/20/2025 | 2380 | 2459 |
| 4847 | 8738165, 5.73%, 8/14/2026 | 2/20/2025 | 4498 | 4708 |
| 11064 | 8738327, 5.42%, 8/14/2026 | 2/20/2025 | 10702 | 8782 |
| 9891 | 8738571, 4.86%, 8/14/2026 | 2/20/2025 | 9462 | 9644 |
| 827 | 8738954, 5.75%, 8/14/2026 | 2/20/2025 | 791 | 787 |
| 39791 | 8738992, 4.55%, 8/14/2026 | 2/20/2025 | 38501 | 35747 |
| 77399 | 8739217, 4.86%, 8/15/2026 | 2/21/2025 | 74541 | 72660 |
| 24849 | 8739900, 4.55%, 8/15/2026 | 2/21/2025 | 23814 | 24089 |
| 2410 | 8740195, 4.55%, 8/16/2026 | 2/21/2025 | 2291 | 2369 |
| 1837 | 8740232, 5.91%, 8/16/2026 | 2/21/2025 | 1737 | 1784 |
|  | 8740254, 4.75%, 8/16/2026 | 2/21/2025 |  |  |
| 330 | 8740282, 4.78%, 8/16/2026 | 2/21/2025 | 323 | 305 |
| 3302 | 8740288, 4.85%, 8/16/2026 | 2/21/2025 | 3166 | 3133 |
| 4414 | 8740330, 5.91%, 8/16/2026 | 2/21/2025 | 4275 | 3337 |
| 5638 | 8740371, 4.55%, 8/16/2026 | 2/21/2025 | 5400 | 5499 |
| 16258 | 8740434, 5.91%, 8/16/2026 | 2/21/2025 | 15626 | 15282 |
| 3847 | 8740600, 4.55%, 8/16/2026 | 2/21/2025 | 3669 | 3773 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 257

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $– | 8740633, 4.55%, 8/16/2026 | 2/21/2025 |  | $– |
| 14916 | 8740825, 5.16%, 8/17/2026 | 2/21/2025 | 14340 | 14161 |
| 1446 | 8740958, 4.54%, 8/17/2026 | 2/21/2025 | 1357 | 1428 |
| 5558 | 8740978, 4.54%, 8/17/2026 | 2/21/2025 | 5321 | 5422 |
| 19936 | 8741033, 4.54%, 8/17/2026 | 2/21/2025 | 19188 | 19142 |
| 7838 | 8741188, 4.54%, 8/17/2026 | 2/21/2025 | 7538 | 7536 |
|  | 8741224, 4.75%, 8/17/2026 | 2/21/2025 | (2432) |  |
| 395 | 8741549, 5.42%, 8/17/2026 | 2/21/2025 | 381 | 387 |
| 6163 | 8741554, 4.54%, 8/17/2026 | 2/21/2025 | 5927 | 5956 |
| 27245 | 8741604, 5.71%, 8/17/2026 | 2/21/2025 | 26272 | 24730 |
| 17450 | 8741779, 5.16%, 8/17/2026 | 2/21/2025 | 16502 | 16753 |
| 638 | 8743198, 6.20%, 8/18/2026 | 2/21/2025 | 602 | 581 |
| 8017 | 8743568, 4.53%, 8/18/2026<sup>(e)</sup> | 2/21/2025 | 7725 | 5267 |
| 5355 | 8743979, 4.84%, 8/18/2026 | 2/21/2025 | 5065 | 5260 |
| 22940 | 8744131, 5.88%, 8/18/2026 | 2/21/2025 | 21728 | 22418 |
| 12197 | 8744606, 4.53%, 8/18/2026 | 2/21/2025 | 11657 | 11895 |
| 27485 | 8745290, 4.53%, 8/18/2026 | 2/21/2025 | 26650 | 23849 |
| 7951 | 8745934, 4.84%, 8/18/2026 | 2/21/2025 | 7561 | 7739 |
| 1352 | 8746111, 6.22%, 8/18/2026 | 2/21/2025 | 1315 | 1198 |
| 5961 | 8746136, 6.07%, 8/18/2026 | 2/21/2025 | 5769 | 5398 |
| 66801 | 8746222, 4.53%, 8/18/2026 | 2/21/2025 | 64130 | 64821 |
| 25227 | 8746817, 4.53%, 8/19/2026 | 2/24/2025 | 23834 | 24813 |

---

*See Notes to Financial Statements.*

258 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3447 | 8747780, 6.22%, 8/19/2026 | 2/24/2025 | 3355 | $2529 |
| 5893 | 8747849, 6.22%, 8/19/2026 | 2/24/2025 | 5587 | 5672 |
| 5406 | 8748117, 5.89%, 8/19/2026 | 2/24/2025 | 5232 | 1359 |
| 1805 | 8748265, 5.39%, 8/19/2026 | 2/24/2025 | 1747 | 1227 |
| 13125 | 8748304, 4.84%, 8/19/2026 | 2/24/2025 | 12729 | 9753 |
| 3262 | 8748409, 4.54%, 8/19/2026 | 2/24/2025 | 3125 | 3171 |
| 604 | 8748427, 6.21%, 8/19/2026 | 2/24/2025 | 577 | 567 |
| 1896 | 8748626, 6.23%, 8/19/2026 | 2/24/2025 | 1783 | 1771 |
| 584 | 8748653, 4.74%, 8/19/2026 | 2/24/2025 | 571 | 557 |
| 9484 | 8748669, 4.53%, 8/19/2026 | 2/24/2025 | 9131 | 9080 |
| 4839 | 8748758, 4.53%, 8/19/2026 | 2/24/2025 | 4667 | 4420 |
| 4664 | 8748796, 4.84%, 8/19/2026 | 2/24/2025 | 4448 | 4517 |
| 5452 | 8748912, 5.89%, 8/19/2026 | 2/24/2025 | 5193 | 5142 |
| 7810 | 8748999, 4.53%, 8/19/2026 | 2/24/2025 | 7459 | 7568 |
| 10025 | 8749103, 5.70%, 8/19/2026 | 2/24/2025 | 9541 | 9662 |
| 9666 | 8749253, 5.70%, 8/19/2026 | 2/24/2025 | 9070 | 9408 |
| 1201 | 8749469, 4.84%, 8/19/2026 | 2/24/2025 | 1147 | 1170 |
| 5429 | 8749550, 4.53%, 8/19/2026 | 2/24/2025 | 5198 | 5295 |
| 5826 | 8749782, 5.70%, 8/19/2026 | 2/24/2025 | 5503 | 5683 |
| 11521 | 8749867, 6.22%, 8/19/2026 | 2/24/2025 | 10985 | 10542 |
| 11227 | 8750164, 4.53%, 8/19/2026 | 2/24/2025 | 10678 | 10956 |
| 5819 | 8750323, 5.39%, 8/19/2026 | 2/24/2025 | 5523 | 5531 |
| 2730 | 8752881, 6.24%, 8/20/2026 | 2/25/2025 | 2667 | 1556 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 259

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $452 | 8752971, 5.45%, 8/20/2026 | 2/25/2025 | 439 | $432 |
| 803 | 8753000, 5.91%, 8/20/2026 | 2/25/2025 | 741 | 770 |
| 15946 | 8753031, 5.16%, 8/20/2026 | 2/25/2025 | 14717 | 15788 |
| 6399 | 8753864, 6.24%, 8/20/2026 | 2/25/2025 | 6206 | 4266 |
| 4583 | 8754009, 6.25%, 8/20/2026 | 2/25/2025 | 4415 | 4067 |
| 3789 | 8754248, 5.72%, 8/20/2026 | 2/25/2025 | 3623 | 3626 |
| 6218 | 8754408, 4.86%, 8/20/2026 | 2/25/2025 | 5988 | 5415 |
| 20675 | 8754530, 4.55%, 8/20/2026 | 2/25/2025 | 19350 | 20447 |
| 8925 | 8755596, 4.55%, 8/20/2026 | 2/25/2025 | 8577 | 8581 |
| 1098 | 8755757, 5.44%, 8/20/2026 | 2/25/2025 | 1076 | 1017 |
| 919 | 8755770, 6.26%, 8/20/2026 | 2/25/2025 | 866 | 890 |
| 637 | 8755879, 6.26%, 8/20/2026 | 2/25/2025 | 582 | 629 |
| 5357 | 8755917, 4.55%, 8/20/2026 | 2/25/2025 | 5127 | 5213 |
| 1046 | 8756185, 5.44%, 8/20/2026 | 2/25/2025 | 1014 | 1002 |
| 1964 | 8756226, 4.55%, 8/20/2026 | 2/25/2025 | 1872 | 1927 |
| 770 | 8756273, 6.24%, 8/20/2026 | 2/25/2025 | 732 | 735 |
| 1087 | 8756283, 6.24%, 8/20/2026 | 2/25/2025 | 1042 | 1007 |
| 3658 | 8756316, 4.55%, 8/20/2026 | 2/25/2025 | 3514 | 3520 |
| 7839 | 8756431, 4.86%, 8/20/2026 | 2/25/2025 | 7418 | 7676 |
| 1577 | 8756619, 6.24%, 8/20/2026 | 2/25/2025 | 1501 | 1499 |
| 2169 | 8756663, 5.91%, 8/20/2026 | 2/25/2025 | 2108 | 1160 |
| 53350 | 8756695, 4.86%, 8/20/2026 | 2/25/2025 | 50999 | 51612 |

---

*See Notes to Financial Statements.*

260 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $14409 | 8757135, 4.55%, 8/21/2026 | 2/26/2025 | 13789 | $14038 |
| 6821 | 8757497, 5.16%, 8/21/2026 | 2/26/2025 | 6464 | 6668 |
| 8951 | 8757707, 5.72%, 8/21/2026 | 2/26/2025 | 8411 | 8754 |
| 1491 | 8757876, 6.25%, 8/21/2026 | 2/26/2025 | 1405 | 1419 |
| 5239 | 8757898, 4.54%, 8/21/2026 | 2/26/2025 | 5008 | 5063 |
| 3058 | 8758020, 6.24%, 8/21/2026 | 2/26/2025 | 2955 | 2890 |
| 4797 | 8758249, 5.72%, 8/21/2026 | 2/26/2025 | 4656 | 2792 |
| 1734 | 8758377, 4.84%, 8/21/2026 | 2/26/2025 | 1668 | 1628 |
| 6342 | 8758446, 6.24%, 8/21/2026 | 2/26/2025 | 6183 | 4789 |
| 2434 | 8758710, 6.24%, 8/21/2026 | 2/26/2025 | 2311 | 2287 |
| 4877 | 8758850, 5.91%, 8/21/2026 | 2/26/2025 | 4677 | 4477 |
| 3339 | 8758949, 6.24%, 8/21/2026 | 2/26/2025 | 3180 | 3163 |
| 7862 | 8759050, 5.17%, 8/21/2026 | 2/26/2025 | 7572 | 7242 |
| 42132 | 8759124, 4.55%, 8/21/2026 | 2/26/2025 | 40559 | 38732 |
| 1895 | 8759973, 5.91%, 8/21/2026 | 2/26/2025 | 1818 | 1738 |
| 4302 | 8759990, 4.86%, 8/21/2026 | 2/26/2025 | 4075 | 4174 |
| 58638 | 8760070, 5.44%, 8/21/2026<sup>(e)</sup> | 2/26/2025 | 57970 | 21640 |
| 2826 | 8761127, 6.25%, 8/22/2026 | 2/27/2025 | 2755 | 2167 |
| 11024 | 8761188, 6.24%, 8/22/2026 | 2/27/2025 | 10773 | 5084 |
| 1179 | 8761272, 4.54%, 8/22/2026 | 2/27/2025 | 1104 | 1164 |
| 5509 | 8761285, 5.91%, 8/22/2026 | 2/27/2025 | 5235 | 5368 |
| 3617 | 8761407, 5.91%, 8/22/2026 | 2/27/2025 | 3498 | 2790 |
| 2986 | 8761430, 5.91%, 8/22/2026<sup>(e)</sup> | 2/27/2025 | 2892 | 1929 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 261

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1215 | 8761456, 6.24%, 8/22/2026 | 2/27/2025 | 1102 | $1180 |
| 4339 | 8761518, 4.54%, 8/22/2026 | 2/27/2025 | 4144 | 4226 |
| 1991 | 8761574, 6.25%, 8/22/2026 | 2/27/2025 | 1932 | 1645 |
| 14468 | 8761629, 5.91%, 8/22/2026 | 2/27/2025 | 13610 | 14137 |
| 6061 | 8761876, 4.55%, 8/22/2026 | 2/27/2025 | 5793 | 5901 |
| 252 | 8761952, 4.86%, 8/22/2026 | 2/27/2025 | 243 | 228 |
| 1037 | 8761954, 5.93%, 8/22/2026 | 2/27/2025 | 995 | 961 |
| 1696 | 8761966, 6.25%, 8/22/2026 | 2/27/2025 | 1629 | 1555 |
| 1514 | 8761984, 5.91%, 8/22/2026 | 2/27/2025 | 1457 | 1310 |
| 4034 | 8762003, 5.41%, 8/22/2026 | 2/27/2025 | 3776 | 3950 |
| 716 | 8762070, 6.25%, 8/23/2026 | 2/27/2025 | 694 | 563 |
| 4228 | 8762074, 5.90%, 8/23/2026 | 2/27/2025 | 4017 | 4088 |
| 5448 | 8762133, 4.54%, 8/23/2026 | 2/27/2025 | 5196 | 5332 |
| 1839 | 8762205, 5.16%, 8/23/2026 | 2/27/2025 | 1748 | 1736 |
| 7806 | 8762267, 5.40%, 8/23/2026 | 2/27/2025 | 7533 | 5880 |
| 2497 | 8762351, 4.53%, 8/23/2026 | 2/27/2025 | 2403 | 2352 |
| 2418 | 8762373, 5.71%, 8/23/2026 | 2/27/2025 | 2233 | 2375 |
| 2069 | 8762432, 4.54%, 8/23/2026 | 2/27/2025 | 1981 | 2007 |
| 11005 | 8762464, 5.71%, 8/23/2026<sup>(e)</sup> | 2/27/2025 | 10612 | 7965 |
| 1906 | 8762622, 5.16%, 8/23/2026 | 2/27/2025 | 1807 | 1840 |
| 3592 | 8762649, 4.54%, 8/23/2026 | 2/27/2025 | 3434 | 3503 |
| 4740 | 8762703, 4.54%, 8/23/2026<sup>(e)</sup> | 2/27/2025 | 4581 | 4248 |

---

*See Notes to Financial Statements.*

262 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2417 | 8762749, 4.53%, 8/23/2026 | 2/27/2025 | 2309 | $2360 |
| 2073 | 8762781, 5.90%, 8/23/2026 | 2/27/2025 | 1932 | 2035 |
| 2742 | 8762819, 5.44%, 8/23/2026 | 2/27/2025 | 2674 | 2540 |
| 2811 | 8762867, 4.54%, 8/23/2026 | 2/27/2025 | 2689 | 2744 |
| 3932 | 8763719, 5.88%, 8/24/2026 | 2/27/2025 | 3783 | 3554 |
| 2572 | 8763751, 4.53%, 8/24/2026 | 2/27/2025 | 2465 | 2461 |
| 9428 | 8763880, 4.84%, 8/24/2026 | 2/27/2025 | 9067 | 8826 |
| 24714 | 8764313, 4.53%, 8/24/2026 | 2/27/2025 | 23475 | 24275 |
| 982 | 8765276, 4.54%, 8/24/2026 | 2/27/2025 | 907 | 972 |
| 4600 | 8765303, 4.83%, 8/24/2026 | 2/27/2025 | 4418 | 4282 |
| 2418 | 8765369, 4.53%, 8/24/2026 | 2/27/2025 | 2335 | 2013 |
| 10942 | 8765441, 5.15%, 8/24/2026 | 2/27/2025 | 10388 | 10668 |
| 1741 | 8765685, 4.84%, 8/24/2026 | 2/27/2025 | 1660 | 1702 |
| 9072 | 8765728, 4.53%, 8/24/2026 | 2/27/2025 | 8673 | 8740 |
| 1995 | 8765906, 5.88%, 8/24/2026<sup>(e)</sup> | 2/27/2025 | 1927 | 1386 |
| 14488 | 8765955, 5.39%, 8/24/2026 | 2/27/2025 | 13887 | 13737 |
| 6223 | 8766228, 5.39%, 8/24/2026 | 2/27/2025 | 5915 | 6008 |
| 1708 | 8766333, 4.84%, 8/24/2026 | 2/27/2025 | 1619 | 1677 |
| 12598 | 8766368, 5.88%, 8/24/2026 | 2/27/2025 | 11982 | 12132 |
| 7105 | 8766605, 4.53%, 8/24/2026 | 2/27/2025 | 6816 | 6871 |
| 3268 | 8766715, 4.53%, 8/24/2026 | 2/27/2025 | 3116 | 3190 |
| 2316 | 8766762, 4.54%, 8/24/2026 | 2/27/2025 | 2206 | 2263 |
| 5004 | 8766801, 5.39%, 8/24/2026 | 2/27/2025 | 4709 | 4867 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 263

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $32205 | 8766944, 5.39%, 8/24/2026 | 2/27/2025 | 30701 | $30588 |
| 5563 | 8767416, 5.88%, 8/24/2026 | 2/27/2025 | 5309 | 5330 |
| 7393 | 8767534, 4.84%, 8/24/2026 | 2/27/2025 | 7032 | 7164 |
| 1028 | 8767680, 4.53%, 8/24/2026 | 2/27/2025 | 965 | 1015 |
| 1049 | 8767712, 5.70%, 8/24/2026<sup>(e)</sup> | 2/27/2025 | 998 | 980 |
| 32962 | 8767729, 4.53%, 8/24/2026 | 2/27/2025 | 31401 | 32139 |
| 59897 | 8767819, 4.84%, 8/25/2026 | 2/28/2025 | 56909 | 58659 |
| 5254 | 8769803, 6.06%, 8/25/2026 | 2/28/2025 | 5152 | 3001 |
| 2334 | 8770240, 6.22%, 8/25/2026 | 2/28/2025 | 2278 | 1384 |
| 10270 | 8770284, 4.84%, 8/25/2026 | 2/28/2025 | 9929 | 7847 |
| 38268 | 8770386, 4.84%, 8/25/2026 | 2/28/2025 | 36758 | 35374 |
| 24355 | 8770909, 5.39%, 8/25/2026 | 2/28/2025 | 23274 | 23536 |
| 2615 | 8771201, 5.88%, 8/25/2026 | 2/28/2025 | 2513 | 2409 |
| 2461 | 8771257, 4.54%, 8/25/2026 | 2/28/2025 | 2349 | 2403 |
| 1505 | 8771286, 4.53%, 8/25/2026 | 2/28/2025 | 1409 | 1487 |
| 13323 | 8771327, 5.39%, 8/25/2026 | 2/28/2025 | 12710 | 12850 |
| 1736 | 8771809, 4.54%, 8/25/2026 | 2/28/2025 | 1645 | 1708 |
| 18483 | 8771922, 5.88%, 8/25/2026 | 2/28/2025 | 17647 | 17245 |
| 4523 | 8772096, 5.15%, 8/26/2026 | 3/3/2025 | 4319 | 4306 |
| 1019 | 8772199, 5.13%, 8/26/2026 | 3/3/2025 | 962 | 997 |
| 2207 | 8772210, 5.15%, 8/26/2026 | 3/3/2025 | 2107 | 2119 |
| 3927 | 8772236, 4.84%, 8/26/2026 | 3/3/2025 | 3722 | 3830 |

---

*See Notes to Financial Statements.*

264 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4453 | 8772321, 4.84%, 8/26/2026 | 3/3/2025 | 4267 | $4188 |
| 1279 | 8772375, 4.84%, 8/26/2026 | 3/3/2025 | 1224 | 1237 |
| 2271 | 8772385, 6.06%, 8/26/2026 | 3/3/2025 | 2214 | 1895 |
| 1402 | 8772445, 4.53%, 8/26/2026 | 3/3/2025 | 1344 | 1366 |
| 20170 | 8772466, 4.53%, 8/26/2026 | 3/3/2025 | 19112 | 19825 |
| 4761 | 8773383, 4.53%, 8/26/2026 | 3/3/2025 | 4548 | 4610 |
| 25987 | 8773447, 4.53%, 8/26/2026 | 3/3/2025 | 24788 | 25367 |
| 14744 | 8774015, 4.53%, 8/26/2026 | 3/3/2025 | 14160 | 13576 |
| 5815 | 8774183, 4.53%, 8/26/2026 | 3/3/2025 | 5547 | 5671 |
| 4807 | 8774284, 6.23%, 8/26/2026 | 3/3/2025 | 4704 | 1727 |
| 4637 | 8774343, 4.52%, 8/26/2026 | 3/3/2025 | 4453 | 4375 |
| 439 | 8775037, 4.84%, 8/26/2026 | 3/3/2025 | 407 | 436 |
| 673 | 8775058, 5.89%, 8/26/2026 | 3/3/2025 | 634 | 655 |
| 3623 | 8775066, 4.52%, 8/26/2026 | 3/3/2025 | 3497 | 3284 |
| 1112 | 8775119, 6.21%, 8/26/2026 | 3/3/2025 | 1031 | 1073 |
| 22870 | 8775131, 4.53%, 8/26/2026 | 3/3/2025 | 21786 | 22426 |
| 4368 | 8775525, 4.84%, 8/26/2026 | 3/3/2025 | 4044 | 4284 |
| 30558 | 8775620, 5.88%, 8/26/2026 | 3/3/2025 | 29545 | 21513 |
| 6736 | 8776211, 6.07%, 8/26/2026 | 3/3/2025 | 6535 | 6231 |
| 9766 | 8776347, 4.53%, 8/26/2026 | 3/3/2025 | 9345 | 9487 |
| 1087 | 8776456, 5.15%, 8/26/2026 | 3/3/2025 | 991 | 1079 |
| 1427 | 8776492, 5.39%, 8/26/2026 | 3/3/2025 | 1332 | 1402 |
| 62549 | 8776511, 4.53%, 8/26/2026 | 3/3/2025 | 59571 | 61150 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 265

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3361 | 8779340, 4.54%, 8/27/2026 | 3/4/2025 | 3207 | $3281 |
| 18336 | 8779397, 4.55%, 8/27/2026 | 3/4/2025 | 17317 | 17961 |
| 6759 | 8779659, 4.54%, 8/27/2026 | 3/4/2025 | 6433 | 6622 |
| 2814 | 8779810, 5.91%, 8/27/2026 | 3/4/2025 | 2692 | 2501 |
| 1652 | 8779867, 4.54%, 8/27/2026 | 3/4/2025 | 1585 | 1519 |
| 11564 | 8779886, 4.55%, 8/27/2026 | 3/4/2025 | 10982 | 11354 |
| 2846 | 8780162, 6.25%, 8/27/2026<sup>(e)</sup> | 3/4/2025 | 2788 | 153 |
| 2360 | 8780240, 4.54%, 8/27/2026 | 3/4/2025 | 2228 | 2325 |
| 6073 | 8780336, 5.16%, 8/27/2026 | 3/4/2025 | 5755 | 5905 |
| 5722 | 8780628, 6.24%, 8/27/2026 | 3/4/2025 | 5528 | 5189 |
| 5840 | 8780758, 4.55%, 8/27/2026 | 3/4/2025 | 5602 | 5633 |
| 8174 | 8780930, 4.55%, 8/27/2026 | 3/4/2025 | 7777 | 7974 |
| 3790 | 8781135, 4.55%, 8/27/2026 | 3/4/2025 | 3629 | 3682 |
| 7401 | 8781243, 4.54%, 8/27/2026 | 3/4/2025 | 7087 | 7167 |
| 1319 | 8781370, 6.24%, 8/27/2026 | 3/4/2025 | 1275 | 954 |
| 3573 | 8781414, 4.55%, 8/27/2026 | 3/4/2025 | 3399 | 3502 |
| 1276 | 8781454, 5.42%, 8/27/2026<sup>(e)</sup> | 3/4/2025 | 1260 | 116 |
| 9481 | 8781471, 5.41%, 8/27/2026 | 3/4/2025 | 9099 | 8450 |
| 8409 | 8781604, 5.16%, 8/27/2026 | 3/4/2025 | 8025 | 8078 |
| 1794 | 8781720, 6.10%, 8/27/2026 | 3/4/2025 | 1720 | 1667 |
| 5905 | 8781766, 4.86%, 8/27/2026 | 3/4/2025 | 5609 | 5646 |
| 4465 | 8781867, 4.86%, 8/27/2026 | 3/4/2025 | 4210 | 4378 |

---

*See Notes to Financial Statements.*

266 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1220 | 8781948, 5.41%, 8/27/2026 | 3/4/2025 | 1172 | $1101 |
| 677 | 8781976, 5.92%, 8/27/2026 | 3/4/2025 | 637 | 659 |
| 4256 | 8781980, 6.25%, 8/27/2026 | 3/4/2025 | 4101 | 4032 |
| 16380 | 8782067, 5.41%, 8/27/2026 | 3/4/2025 | 15692 | 14813 |
| 3780 | 8782209, 5.91%, 8/27/2026 | 3/4/2025 | 3599 | 3595 |
| 54466 | 8782252, 4.86%, 8/27/2026 | 3/4/2025 | 51729 | 53331 |
| 1874 | 8783294, 4.55%, 8/27/2026 | 3/4/2025 | 1777 | 1832 |
| 8460 | 8783316, 4.54%, 8/27/2026 | 3/4/2025 | 8086 | 8224 |
| 5614 | 8783385, 5.91%, 8/27/2026 | 3/4/2025 | 5330 | 5424 |
| 5383 | 8783473, 4.54%, 8/27/2026 | 3/4/2025 | 5141 | 5215 |
| 8184 | 8783602, 4.55%, 8/27/2026 | 3/4/2025 | 7838 | 7884 |
| 5629 | 8783718, 4.54%, 8/27/2026 | 3/4/2025 | 5367 | 5504 |
| 10174 | 8783947, 4.55%, 8/28/2026 | 3/5/2025 | 9743 | 9766 |
| 2295 | 8784080, 6.24%, 8/28/2026 | 3/5/2025 | 2187 | 2115 |
| 21140 | 8784137, 4.55%, 8/28/2026 | 3/5/2025 | 20072 | 20747 |
| 7351 | 8784731, 4.55%, 8/28/2026 | 3/5/2025 | 6879 | 7267 |
| 3475 | 8784957, 4.54%, 8/28/2026 | 3/5/2025 | 3310 | 3382 |
| 2023 | 8785054, 6.25%, 8/28/2026 | 3/5/2025 | 1888 | 1938 |
| 1228 | 8785339, 5.44%, 8/28/2026 | 3/5/2025 | 1155 | 1215 |
| 5426 | 8785425, 4.55%, 8/28/2026 | 3/5/2025 | 5171 | 5228 |
| 11457 | 8785537, 5.91%, 8/28/2026 | 3/5/2025 | 11052 | 10185 |
| 11626 | 8785736, 4.86%, 8/28/2026 | 3/5/2025 | 11028 | 11383 |
| 4377 | 8785981, 5.91%, 8/28/2026 | 3/5/2025 | 4239 | 2059 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 267

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $24146 | 8786132, 4.55%, 8/28/2026 | 3/5/2025 | 23026 | $23424 |
| 2502 | 8786462, 5.42%, 8/28/2026 | 3/5/2025 | 2397 | 2219 |
| 7037 | 8786492, 6.24%, 8/28/2026 | 3/5/2025 | 6730 | 6285 |
| 14923 | 8786548, 4.55%, 8/28/2026<sup>(e)</sup> | 3/5/2025 | 14020 | 14708 |
| 22679 | 8786752, 4.55%, 8/28/2026 | 3/5/2025 | 21299 | 22370 |
|  | 8787049, 5.41%, 8/28/2026 | 3/5/2025 | (89) | (16) |
| 4640 | 8787096, 4.55%, 8/28/2026 | 3/5/2025 | 4433 | 4450 |
| 3869 | 8787176, 4.86%, 8/28/2026 | 3/5/2025 | 3729 | 3298 |
| 4998 | 8787200, 4.55%, 8/28/2026 | 3/5/2025 | 4799 | 4792 |
| 25398 | 8787232, 4.86%, 8/28/2026 | 3/5/2025 | 24244 | 24606 |
| 10404 | 8787592, 4.86%, 8/28/2026 | 3/5/2025 | 9814 | 10147 |
| 1830 | 8787820, 4.85%, 8/28/2026 | 3/5/2025 | 1716 | 1795 |
| 17320 | 8787874, 4.86%, 8/28/2026 | 3/5/2025 | 16643 | 16223 |
| 1185 | 8788132, 5.73%, 8/28/2026 | 3/5/2025 | 1104 | 1161 |
| 1982 | 8788140, 4.54%, 8/28/2026 | 3/5/2025 | 1887 | 1942 |
| 1521 | 8789096, 6.21%, 9/1/2026 | 3/6/2025 | 1462 | 1279 |
| 31816 | 8789180, 5.14%, 9/1/2026 | 3/6/2025 | 30390 | 30295 |
| 828 | 8789442, 4.52%, 9/1/2026 | 3/6/2025 | 788 | 811 |
| 1272 | 8789448, 5.14%, 9/1/2026 | 3/6/2025 | 1205 | 1240 |
| 8679 | 8789460, 4.52%, 9/1/2026 | 3/6/2025 | 8201 | 8505 |
| 1168 | 8789557, 5.15%, 9/1/2026 | 3/6/2025 | 1111 | 1127 |
| 667 | 8789570, 6.07%, 9/1/2026 | 3/6/2025 | 647 | 585 |

---

*See Notes to Financial Statements.*

268 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $6159 | 8789581, 4.52%, 9/1/2026 | 3/6/2025 | 5894 | $5959 |
| 3771 | 8789687, 4.52%, 9/1/2026 | 3/6/2025 | 3582 | 3699 |
| 18417 | 8789731, 4.52%, 9/1/2026 | 3/6/2025 | 17707 | 16968 |
| 1577 | 8789858, 4.52%, 9/1/2026 | 3/6/2025 | 1507 | 1520 |
| 9172 | 8789874, 5.87%, 9/1/2026 | 3/6/2025 | 8740 | 8651 |
| 12581 | 8789982, 4.51%, 9/2/2026 | 3/6/2025 | 11758 | 12419 |
| 3990 | 8790178, 4.51%, 9/2/2026 | 3/6/2025 | 3794 | 3889 |
| 1208 | 8790214, 6.21%, 9/2/2026 | 3/6/2025 | 1179 | 298 |
| 1594 | 8790218, 5.14%, 9/2/2026 | 3/6/2025 | 1511 | 1518 |
| 4813 | 8790239, 5.13%, 9/2/2026 | 3/6/2025 | 4587 | 4663 |
| 2525 | 8790288, 5.38%, 9/2/2026 | 3/6/2025 | 2348 | 2472 |
| 9881 | 8790319, 4.51%, 9/2/2026 | 3/6/2025 | 9466 | 9543 |
| 3670 | 8790488, 4.51%, 9/2/2026 | 3/6/2025 | 3540 | 3073 |
| 11829 | 8790520, 5.13%, 9/2/2026 | 3/6/2025 | 11048 | 11599 |
| 1142 | 8790655, 6.18%, 9/2/2026 | 3/6/2025 | 1116 | 374 |
| 23951 | 8790662, 5.86%, 9/2/2026 | 3/6/2025 | 22822 | 21317 |
|  | 8791023, 4.71%, 9/3/2026 | 3/6/2025 | (117) |  |
| 16066 | 8791062, 5.12%, 9/3/2026 | 3/6/2025 | 15183 | 15621 |
| 2928 | 8791701, 6.19%, 9/3/2026 | 3/6/2025 | 2795 | 2482 |
| 16080 | 8791773, 5.85%, 9/3/2026 | 3/6/2025 | 15502 | 12040 |
| 3835 | 8792104, 5.12%, 9/3/2026 | 3/6/2025 | 3661 | 3706 |
| 12819 | 8792143, 5.12%, 9/3/2026 | 3/6/2025 | 12282 | 11224 |
| 1673 | 8792413, 4.81%, 9/3/2026 | 3/6/2025 | 1587 | 1638 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 269

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $20393 | 8792445, 4.50%, 9/3/2026 | 3/6/2025 | 19534 | $19497 |
| 2377 | 8792768, 6.04%, 9/3/2026 | 3/6/2025 | 2296 | 2094 |
| 5521 | 8792844, 4.81%, 9/3/2026 | 3/6/2025 | 5218 | 5382 |
| 3261 | 8792917, 4.51%, 9/3/2026 | 3/6/2025 | 3126 | 3145 |
| 5745 | 8792931, 4.50%, 9/3/2026 | 3/6/2025 | 5518 | 5284 |
| 841 | 8792980, 6.04%, 9/3/2026 | 3/6/2025 | 812 | 757 |
| 14572 | 8792989, 4.50%, 9/3/2026 | 3/6/2025 | 13915 | 14180 |
| 8557 | 8793248, 4.50%, 9/3/2026 | 3/6/2025 | 8208 | 8159 |
| 52722 | 8793331, 4.81%, 9/3/2026 | 3/6/2025 | 50566 | 49019 |
| 2254 | 8793996, 4.50%, 9/3/2026 | 3/6/2025 | 2155 | 2191 |
| 480 | 8794010, 5.39%, 9/3/2026 | 3/6/2025 | 465 | 446 |
| 1620 | 8794020, 5.13%, 9/3/2026 | 3/6/2025 | 1541 | 1473 |
| 12714 | 8794033, 4.50%, 9/3/2026 | 3/6/2025 | 12173 | 12182 |
| 529 | 8794210, 4.69%, 9/3/2026 | 3/6/2025 | 519 | 465 |
| 2440 | 8794221, 6.18%, 9/3/2026 | 3/6/2025 | 2372 | 1502 |
| 1343 | 8794240, 5.40%, 9/3/2026 | 3/6/2025 | 1305 | 1258 |
| 6834 | 8794258, 5.36%, 9/3/2026 | 3/6/2025 | 6591 | 5530 |
| 10071 | 8794355, 4.50%, 9/3/2026 | 3/6/2025 | 9660 | 9672 |
| 7838 | 8794475, 4.50%, 9/3/2026 | 3/6/2025 | 7449 | 7680 |
| 9980 | 8794573, 5.12%, 9/3/2026 | 3/6/2025 | 9526 | 9504 |
| 7090 | 8794659, 5.85%, 9/3/2026 | 3/6/2025 | 6848 | 5781 |
| 2403 | 8794735, 5.40%, 9/3/2026 | 3/6/2025 | 2348 | 2084 |

---

*See Notes to Financial Statements.*

270 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1174 | 8794899, 4.80%, 9/3/2026 | 3/6/2025 | 1112 | $1145 |
| 3158 | 8795327, 5.12%, 9/4/2026 | 3/7/2025 | 3063 | 1935 |
| 11562 | 8795348, 6.03%, 9/4/2026 | 3/7/2025 | 11172 | 10095 |
| 4873 | 8795484, 4.50%, 9/4/2026 | 3/7/2025 | 4633 | 4733 |
| 7293 | 8795547, 4.50%, 9/4/2026 | 3/7/2025 | 6969 | 7095 |
| 6442 | 8795601, 6.03%, 9/4/2026 | 3/7/2025 | 6225 | 6050 |
| 4900 | 8795742, 5.86%, 9/4/2026 | 3/7/2025 | 4728 | 3836 |
| 619 | 8795891, 6.18%, 9/4/2026 | 3/7/2025 | 589 | 578 |
| 46392 | 8795921, 4.50%, 9/4/2026 | 3/7/2025 | 44387 | 45052 |
| 1013 | 8796887, 6.18%, 9/4/2026 | 3/7/2025 | 961 | 948 |
| 2513 | 8796961, 6.18%, 9/4/2026 | 3/7/2025 | 2443 | 1276 |
| 2262 | 8796996, 4.50%, 9/4/2026 | 3/7/2025 | 2171 | 2113 |
| 3930 | 8797029, 6.19%, 9/4/2026 | 3/7/2025 | 3736 | 3686 |
| 3592 | 8797150, 4.50%, 9/4/2026 | 3/7/2025 | 3433 | 3491 |
| 23762 | 8797223, 6.19%, 9/4/2026 | 3/7/2025 | 22481 | 22573 |
| 2110 | 8797707, 4.51%, 9/4/2026 | 3/7/2025 | 1998 | 2074 |
| 22117 | 8797734, 4.50%, 9/4/2026 | 3/7/2025 | 21101 | 21355 |
| 9281 | 8797989, 6.19%, 9/4/2026 | 3/7/2025 | 8945 | 2859 |
| 97 | 8798104, 6.03%, 9/4/2026 | 3/7/2025 | 89 | 96 |
| 1630 | 8798112, 6.20%, 9/4/2026 | 3/7/2025 | 1538 | 1544 |
| 8068 | 8798130, 4.50%, 9/4/2026 | 3/7/2025 | 7699 | 7876 |
| 10015 | 8798203, 4.81%, 9/4/2026 | 3/7/2025 | 9385 | 9813 |
| 27293 | 8798335, 4.81%, 9/4/2026 | 3/7/2025 | 26297 | 24664 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 271

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $34176 | 8798548, 4.50%, 9/4/2026 | 3/7/2025 | 32738 | $33009 |
| 2292 | 8798857, 4.50%, 9/4/2026 | 3/7/2025 | 2197 | 2217 |
| 3107 | 8798873, 4.51%, 9/4/2026 | 3/7/2025 | 2983 | 2974 |
| 2434 | 8798910, 6.19%, 9/4/2026 | 3/7/2025 | 2335 | 2184 |
| 5867 | 8798942, 5.12%, 9/4/2026 | 3/7/2025 | 5615 | 5520 |
| 1098 | 8798992, 5.14%, 9/4/2026 | 3/7/2025 | 1049 | 1044 |
| 3224 | 8799006, 6.19%, 9/4/2026 | 3/7/2025 | 3040 | 3036 |
| 13462 | 8799117, 5.85%, 9/4/2026 | 3/7/2025 | 12801 | 12924 |
| 3739 | 8799265, 5.86%, 9/4/2026 | 3/7/2025 | 3585 | 3430 |
| 1209 | 8799302, 5.84%, 9/4/2026 | 3/7/2025 | 1139 | 1163 |
| 2699 | 8799321, 4.81%, 9/4/2026 | 3/7/2025 | 2536 | 2636 |
| 14298 | 8799405, 4.81%, 9/4/2026 | 3/7/2025 | 13653 | 13271 |
| 10970 | 8799524, 4.50%, 9/4/2026 | 3/7/2025 | 10501 | 10641 |
| 5273 | 8799658, 4.50%, 9/5/2026 | 3/10/2025 | 5036 | 5135 |
| 480 | 8799740, 6.22%, 9/5/2026 | 3/10/2025 | 464 | 401 |
| 9097 | 8799751, 5.12%, 9/5/2026 | 3/10/2025 | 8634 | 8843 |
| 11835 | 8799931, 4.81%, 9/5/2026 | 3/10/2025 | 11390 | 10782 |
| 3902 | 8800042, 5.40%, 9/5/2026 | 3/10/2025 | 3733 | 3713 |
|  | 8800192, 6.03%, 9/5/2026 | 3/10/2025 |  |  |
|  | 8800223, 4.81%, 9/5/2026 | 3/10/2025 | (234) | (40) |
| 16202 | 8800384, 4.50%, 9/5/2026 | 3/10/2025 | 15642 | 13693 |
| 5308 | 8800714, 5.85%, 9/5/2026 | 3/10/2025 | 5030 | 5078 |

---

*See Notes to Financial Statements.*

272 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1325 | 8800916, 5.67%, 9/5/2026 | 3/10/2025 | 1239 | $1270 |
| 5988 | 8800953, 5.12%, 9/5/2026 | 3/10/2025 | 5751 | 5195 |
| 5730 | 8801139, 6.19%, 9/5/2026 | 3/10/2025 | 5462 | 5370 |
| 5765 | 8801234, 5.67%, 9/5/2026 | 3/10/2025 | 5268 | 5649 |
| 714 | 8801455, 5.86%, 9/5/2026 | 3/10/2025 | 667 | 688 |
| 788 | 8801490, 4.50%, 9/5/2026 | 3/10/2025 | 748 | 774 |
| 4728 | 8801510, 4.50%, 9/5/2026 | 3/10/2025 | 4494 | 4594 |
|  | 8801607, 6.17%, 9/5/2026 | 3/10/2025 |  |  |
| 2351 | 8801620, 4.81%, 9/5/2026 | 3/10/2025 | 2226 | 2306 |
| 2824 | 8801681, 4.50%, 9/5/2026 | 3/10/2025 | 2685 | 2763 |
| 8806 | 8801727, 5.12%, 9/5/2026 | 3/10/2025 | 8359 | 8555 |
| 8311 | 8801870, 4.50%, 9/5/2026 | 3/10/2025 | 8004 | 4520 |
| 4544 | 8801939, 5.36%, 9/5/2026 | 3/10/2025 | 4239 | 4448 |
| 21178 | 8802011, 5.36%, 9/5/2026 | 3/10/2025 | 20076 | 20257 |
| 3362 | 8802281, 4.81%, 9/5/2026 | 3/10/2025 | 3114 | 3331 |
| 1355 | 8802427, 4.80%, 9/5/2026 | 3/10/2025 | 1297 | 1298 |
| 6247 | 8802442, 4.51%, 9/5/2026 | 3/10/2025 | 6003 | 5429 |
| 686 | 8802491, 6.19%, 9/5/2026 | 3/10/2025 | 652 | 648 |
| 644 | 8802514, 6.05%, 9/5/2026 | 3/10/2025 | 626 | 529 |
| 6727 | 8802526, 4.50%, 9/5/2026 | 3/10/2025 | 6437 | 6320 |
| 2932 | 8802574, 4.81%, 9/5/2026 | 3/10/2025 | 2757 | 2875 |
| 5518 | 8802588, 5.85%, 9/5/2026 | 3/10/2025 | 4953 | 5443 |
| 12778 | 8802911, 5.67%, 9/5/2026 | 3/10/2025 | 11935 | 12362 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 273

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $28450 | 8803076, 5.85%, 9/5/2026<sup>(e)</sup> | 3/10/2025 | 27609 | $6233 |
| 1620 | 8803249, 4.50%, 9/5/2026 | 3/10/2025 | 1534 | 1590 |
| 4586 | 8803265, 4.50%, 9/5/2026 | 3/10/2025 | 4421 | 3890 |
| 4472 | 8803363, 4.51%, 9/5/2026 | 3/10/2025 | 4255 | 4372 |
| 76686 | 8803412, 4.50%, 9/5/2026 | 3/10/2025 | 73747 | 65869 |
| 2484 | 8806297, 4.83%, 9/6/2026 | 3/11/2025 | 2357 | 2425 |
| 12258 | 8806335, 5.87%, 9/6/2026 | 3/11/2025 | 11633 | 11322 |
| 6610 | 8806534, 4.52%, 9/6/2026 | 3/11/2025 | 6331 | 6373 |
|  | 8806627, 6.21%, 9/6/2026 | 3/11/2025 | (398) |  |
| 847 | 8806693, 5.86%, 9/6/2026 | 3/11/2025 | 789 | 800 |
| 1465 | 8806706, 5.69%, 9/6/2026 | 3/11/2025 | 1397 | 1377 |
| 17059 | 8806727, 6.06%, 9/6/2026 | 3/11/2025 | 16527 | 13864 |
| 3304 | 8807073, 6.06%, 9/6/2026 | 3/11/2025 | 3084 | 3236 |
| 1072 | 8807320, 5.14%, 9/6/2026 | 3/11/2025 | 1032 | 886 |
| 24608 | 8807383, 4.52%, 9/6/2026 | 3/11/2025 | 23538 | 23792 |
| 7506 | 8807953, 5.87%, 9/6/2026 | 3/11/2025 | 7195 | 6823 |
| 1175 | 8808062, 6.06%, 9/6/2026 | 3/11/2025 | 1134 | 1076 |
| 297 | 8808086, 6.07%, 9/6/2026 | 3/11/2025 | 272 | 289 |
| 5758 | 8808107, 4.52%, 9/6/2026 | 3/11/2025 | 5495 | 5595 |
| 3828 | 8808204, 4.52%, 9/6/2026 | 3/11/2025 | 3653 | 3725 |
| 5224 | 8808394, 5.87%, 9/6/2026 | 3/11/2025 | 5005 | 4570 |
| 3607 | 8808510, 4.53%, 9/6/2026 | 3/11/2025 | 3449 | 3489 |

---

*See Notes to Financial Statements.*

274 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $32779 | 8808578, 4.52%, 9/6/2026 | 3/11/2025 | 31402 | $31204 |
| 5254 | 8808961, 4.83%, 9/6/2026 | 3/11/2025 | 4977 | 5148 |
| 14701 | 8809021, 6.21%, 9/6/2026 | 3/11/2025 | 14150 | 10953 |
| 16392 | 8809210, 5.87%, 9/6/2026 | 3/11/2025 | 15017 | 16181 |
| 32743 | 8809774, 4.83%, 9/6/2026 | 3/11/2025 | 30767 | 32179 |
| 27725 | 8810231, 5.69%, 9/6/2026 | 3/11/2025 | 26183 | 26570 |
| 450 | 8810641, 4.70%, 9/6/2026 | 3/11/2025 | 443 | 291 |
| 19380 | 8810649, 5.14%, 9/6/2026 | 3/11/2025 | 18536 | 17296 |
| 3850 | 8810727, 4.83%, 9/7/2026 | 3/12/2025 | 3635 | 3765 |
| 11030 | 8810840, 4.52%, 9/7/2026 | 3/12/2025 | 10549 | 10640 |
| 4668 | 8811058, 4.52%, 9/7/2026 | 3/12/2025 | 4472 | 4408 |
| 547 | 8811112, 5.44%, 9/7/2026 | 3/12/2025 | 536 | 357 |
| 15401 | 8811124, 6.21%, 9/7/2026 | 3/12/2025 | 14686 | 13925 |
| 5674 | 8811543, 4.83%, 9/7/2026 | 3/12/2025 | 5419 | 5477 |
| 4954 | 8811729, 4.52%, 9/7/2026 | 3/12/2025 | 4719 | 4826 |
| 2477 | 8811859, 5.38%, 9/7/2026 | 3/12/2025 | 2274 | 2412 |
| 11803 | 8811956, 4.52%, 9/7/2026 | 3/12/2025 | 11114 | 11618 |
| 1332 | 8812330, 5.37%, 9/7/2026 | 3/12/2025 | 1254 | 1301 |
| 4415 | 8812361, 4.52%, 9/7/2026 | 3/12/2025 | 4264 | 3810 |
| 4161 | 8812824, 4.52%, 9/7/2026 | 3/12/2025 | 3990 | 3923 |
| 906 | 8812891, 6.21%, 9/7/2026 | 3/12/2025 | 854 | 860 |
| 47292 | 8812914, 4.52%, 9/7/2026 | 3/12/2025 | 45230 | 45548 |
| 10982 | 8813415, 5.87%, 9/7/2026 | 3/12/2025 | 10442 | 10341 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 275

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3375 | 8813518, 5.41%, 9/7/2026 | 3/12/2025 | 3297 | $2503 |
| 3684 | 8813549, 4.52%, 9/7/2026 | 3/12/2025 | 3474 | 3627 |
| 8109 | 8813604, 5.38%, 9/7/2026 | 3/12/2025 | 7699 | 7744 |
| 2126 | 8813677, 4.53%, 9/7/2026 | 3/12/2025 | 2040 | 1985 |
| 2397 | 8813694, 6.20%, 9/7/2026 | 3/12/2025 | 2228 | 2339 |
| 2548 | 8813752, 4.52%, 9/7/2026 | 3/12/2025 | 2446 | 2437 |
| 2656 | 8813781, 4.53%, 9/7/2026 | 3/12/2025 | 2534 | 2530 |
| 1985 | 8813849, 4.51%, 9/7/2026 | 3/12/2025 | 1889 | 1936 |
| 3102 | 8813892, 4.83%, 9/7/2026 | 3/12/2025 | 2952 | 3023 |
| 3265 | 8813917, 4.52%, 9/7/2026 | 3/12/2025 | 3081 | 3213 |
| 1033 | 8814226, 5.40%, 9/7/2026 | 3/12/2025 | 1008 | 841 |
| 5902 | 8814231, 4.52%, 9/7/2026 | 3/12/2025 | 5613 | 5778 |
| 58194 | 8814306, 4.52%, 9/7/2026 | 3/12/2025 | 55667 | 56107 |
| 16352 | 8814718, 4.52%, 9/8/2026 | 3/13/2025 | 15641 | 15727 |
| 3333 | 8814837, 6.21%, 9/8/2026 | 3/13/2025 | 3175 | 3006 |
| 1360 | 8814868, 5.86%, 9/8/2026 | 3/13/2025 | 1271 | 1328 |
| 8136 | 8814882, 5.14%, 9/8/2026 | 3/13/2025 | 7846 | 6972 |
| 3566 | 8814926, 4.51%, 9/8/2026 | 3/13/2025 | 3415 | 3399 |
| 4875 | 8814965, 6.21%, 9/8/2026 | 3/13/2025 | 4610 | 4677 |
| 1179 | 8815016, 6.20%, 9/8/2026 | 3/13/2025 | 1099 | 1143 |
| 1045 | 8815036, 4.83%, 9/8/2026 | 3/13/2025 | 989 | 1001 |
| 1029 | 8815055, 6.07%, 9/8/2026 | 3/13/2025 | 977 | 926 |

---

*See Notes to Financial Statements.*

276 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1631 | 8815065, 5.87%, 9/8/2026 | 3/13/2025 | 1498 | $1614 |
| 5032 | 8815121, 5.87%, 9/8/2026 | 3/13/2025 | 4730 | 4749 |
| 5997 | 8815168, 4.52%, 9/8/2026 | 3/13/2025 | 5717 | 5836 |
| 1272 | 8815226, 6.20%, 9/8/2026 | 3/13/2025 | 1207 | 1221 |
| 7687 | 8815249, 4.83%, 9/8/2026 | 3/13/2025 | 7389 | 6727 |
| 11335 | 8815330, 5.14%, 9/8/2026 | 3/13/2025 | 10811 | 10530 |
| 1816 | 8815431, 4.83%, 9/8/2026 | 3/13/2025 | 1722 | 1777 |
| 3622 | 8815455, 4.83%, 9/8/2026 | 3/13/2025 | 3449 | 3502 |
| 3294 | 8815593, 4.83%, 9/8/2026 | 3/13/2025 | 3156 | 3147 |
| 3377 | 8815636, 6.20%, 9/9/2026 | 3/13/2025 | 3222 | 3130 |
| 2117 | 8815680, 5.85%, 9/9/2026 | 3/13/2025 | 1984 | 2014 |
| 1255 | 8815719, 5.12%, 9/9/2026 | 3/13/2025 | 1193 | 1221 |
| 4079 | 8815738, 4.82%, 9/9/2026 | 3/13/2025 | 3892 | 3895 |
| 2673 | 8815781, 4.51%, 9/9/2026 | 3/13/2025 | 2546 | 2609 |
| 4627 | 8815806, 5.12%, 9/9/2026 | 3/13/2025 | 4444 | 2983 |
| 4491 | 8815833, 4.51%, 9/9/2026 | 3/13/2025 | 4289 | 4345 |
| 5369 | 8815872, 5.13%, 9/9/2026 | 3/13/2025 | 5149 | 4893 |
| 5037 | 8815910, 5.86%, 9/9/2026 | 3/13/2025 | 4761 | 4794 |
| 18439 | 8815961, 4.51%, 9/9/2026 | 3/13/2025 | 17627 | 17759 |
| 5148 | 8816098, 5.37%, 9/9/2026 | 3/13/2025 | 4754 | 5018 |
| 1440 | 8816181, 4.73%, 9/9/2026 | 3/13/2025 | 1390 | 1402 |
| 4210 | 8816207, 4.52%, 9/9/2026 | 3/13/2025 | 4018 | 4095 |
| 9017 | 8816248, 4.51%, 9/9/2026 | 3/13/2025 | 8670 | 7820 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 277

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3412 | 8816301, 5.36%, 9/9/2026 | 3/13/2025 | 3287 | $2158 |
| 602 | 8816328, 4.69%, 9/9/2026 | 3/13/2025 | 593 | 343 |
| 2325 | 8816336, 4.51%, 9/9/2026 | 3/13/2025 | 2213 | 2270 |
| 25786 | 8816355, 4.82%, 9/9/2026 | 3/13/2025 | 24543 | 25138 |
| 1946 | 8817553, 4.50%, 9/10/2026 | 3/13/2025 | 1820 | 1923 |
| 3629 | 8817634, 4.50%, 9/10/2026 | 3/13/2025 | 3441 | 3563 |
| 2746 | 8817746, 4.51%, 9/10/2026 | 3/13/2025 | 2621 | 2667 |
| 1035 | 8817799, 5.36%, 9/10/2026 | 3/13/2025 | 982 | 992 |
| 756 | 8817823, 6.19%, 9/10/2026 | 3/13/2025 | 691 | 740 |
| 3903 | 8817856, 4.51%, 9/10/2026 | 3/13/2025 | 3744 | 3731 |
| 1875 | 8817937, 6.03%, 9/10/2026 | 3/13/2025 | 1827 | 1159 |
| 15077 | 8817970, 4.50%, 9/10/2026 | 3/13/2025 | 14492 | 12793 |
| 2313 | 8818188, 4.80%, 9/10/2026 | 3/13/2025 | 2203 | 2207 |
| 8459 | 8818228, 6.03%, 9/10/2026 | 3/13/2025 | 8076 | 7687 |
| 3309 | 8818453, 4.81%, 9/10/2026 | 3/13/2025 | 3128 | 3243 |
| 6205 | 8818524, 5.11%, 9/10/2026 | 3/13/2025 | 5919 | 5537 |
| 15086 | 8818612, 4.50%, 9/10/2026 | 3/13/2025 | 14384 | 14678 |
| 728 | 8818883, 6.18%, 9/10/2026 | 3/13/2025 | 684 | 697 |
| 3583 | 8818903, 4.50%, 9/10/2026 | 3/13/2025 | 3427 | 3427 |
| 2818 | 8818935, 5.11%, 9/10/2026 | 3/13/2025 | 2693 | 2607 |
| 2654 | 8818986, 6.19%, 9/10/2026 | 3/13/2025 | 2454 | 2605 |
| 17266 | 8819031, 5.36%, 9/10/2026 | 3/13/2025 | 16389 | 16451 |

---

*See Notes to Financial Statements.*

278 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $5568 | 8819378, 5.85%, 9/10/2026 | 3/13/2025 | 5269 | $5220 |
| 2392 | 8819478, 5.37%, 9/10/2026 | 3/13/2025 | 2268 | 2279 |
| 4262 | 8819519, 4.71%, 9/10/2026 | 3/13/2025 | 4205 | 2008 |
| 5278 | 8819583, 4.51%, 9/10/2026 | 3/13/2025 | 5043 | 5122 |
| 3416 | 8819641, 4.50%, 9/10/2026 | 3/13/2025 | 3245 | 3348 |
| 36060 | 8819670, 4.50%, 9/10/2026 | 3/13/2025 | 34285 | 35001 |
| 5957 | 8820116, 4.51%, 9/10/2026 | 3/13/2025 | 5693 | 5779 |
| 6186 | 8820149, 4.50%, 9/10/2026 | 3/13/2025 | 5912 | 5999 |
| 14988 | 8820236, 4.50%, 9/10/2026 | 3/13/2025 | 14285 | 14589 |
| 1426 | 8820363, 5.12%, 9/10/2026 | 3/13/2025 | 1326 | 1405 |
| 4374 | 8820387, 5.12%, 9/10/2026 | 3/13/2025 | 4208 | 2140 |
| 7546 | 8820451, 4.81%, 9/10/2026 | 3/13/2025 | 7224 | 7119 |
| 3916 | 8820596, 4.50%, 9/10/2026 | 3/13/2025 | 3701 | 3847 |
| 8841 | 8820642, 5.36%, 9/10/2026 | 3/13/2025 | 8349 | 8592 |
| 1263 | 8820721, 4.81%, 9/10/2026 | 3/13/2025 | 1200 | 1224 |
| 9166 | 8820731, 5.12%, 9/10/2026 | 3/13/2025 | 8565 | 8942 |
| 1106 | 8820877, 6.03%, 9/10/2026 | 3/13/2025 | 1065 | 1011 |
| 9363 | 8820885, 4.81%, 9/10/2026 | 3/13/2025 | 9046 | 7124 |
| 14807 | 8820955, 4.81%, 9/10/2026 | 3/13/2025 | 13902 | 14576 |
| 6151 | 8821244, 5.39%, 9/11/2026 | 3/14/2025 | 5989 | 4789 |
| 7977 | 8821527, 5.67%, 9/11/2026 | 3/14/2025 | 7647 | 6456 |
| 4663 | 8821712, 5.36%, 9/11/2026 | 3/14/2025 | 4447 | 4424 |
| 4729 | 8821863, 4.51%, 9/11/2026 | 3/14/2025 | 4493 | 4609 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 279

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $5321 | 8822043, 4.81%, 9/11/2026 | 3/14/2025 | 5053 | $5091 |
| 721 | 8822264, 6.20%, 9/11/2026 | 3/14/2025 | 690 | 662 |
| 11007 | 8822307, 5.85%, 9/11/2026 | 3/14/2025 | 10401 | 10587 |
| 902 | 8822672, 6.03%, 9/11/2026 | 3/14/2025 | 858 | 881 |
| 5249 | 8822738, 5.85%, 9/11/2026 | 3/14/2025 | 4952 | 5115 |
| 14814 | 8822864, 6.19%, 9/11/2026 | 3/14/2025 | 13776 | 14397 |
| 4841 | 8823238, 5.85%, 9/11/2026 | 3/14/2025 | 4606 | 4553 |
| 1572 | 8823383, 4.73%, 9/11/2026 | 3/14/2025 | 1542 | 1325 |
| 2432 | 8823429, 5.36%, 9/11/2026 | 3/14/2025 | 2249 | 2355 |
| 412 | 8823495, 4.72%, 9/11/2026 | 3/14/2025 | 400 | 387 |
| 1626 | 8823531, 6.03%, 9/11/2026 | 3/14/2025 | 1574 | 1424 |
| 38094 | 8823552, 5.85%, 9/11/2026 | 3/14/2025 | 36105 | 36500 |
| 1381 | 8824023, 5.36%, 9/11/2026 | 3/14/2025 | 1326 | 1167 |
|  | 8824039, 5.85%, 9/11/2026 | 3/14/2025 |  |  |
| 10769 | 8824164, 5.85%, 9/11/2026 | 3/14/2025 | 10256 | 10320 |
| 2855 | 8824362, 4.51%, 9/11/2026 | 3/14/2025 | 2731 | 2700 |
| 1486 | 8824453, 6.18%, 9/11/2026 | 3/14/2025 | 1427 | 1363 |
| 7262 | 8824457, 5.39%, 9/11/2026 | 3/14/2025 | 7087 | 6028 |
| 7025 | 8824510, 5.85%, 9/11/2026 | 3/14/2025 | 6642 | 6754 |
| 1781 | 8824559, 6.19%, 9/11/2026 | 3/14/2025 | 1669 | 1725 |
| 1268 | 8824575, 5.67%, 9/11/2026 | 3/14/2025 | 1207 | 1180 |
| 23182 | 8824583, 4.50%, 9/11/2026 | 3/14/2025 | 21933 | 22778 |

---

*See Notes to Financial Statements.*

280 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $51331 | 8824854, 4.50%, 9/11/2026 | 3/14/2025 | 48665 | $50360 |
| 3815 | 8825712, 4.50%, 9/12/2026 | 3/17/2025 | 3634 | 3716 |
| 1554 | 8825861, 5.37%, 9/12/2026 | 3/17/2025 | 1453 | 1512 |
| 3470 | 8825923, 5.12%, 9/12/2026 | 3/17/2025 | 3298 | 3360 |
| 2642 | 8826022, 4.50%, 9/12/2026 | 3/17/2025 | 2499 | 2596 |
| 9523 | 8826108, 5.11%, 9/12/2026 | 3/17/2025 | 9145 | 8468 |
| 6318 | 8826272, 5.12%, 9/12/2026 | 3/17/2025 | 6066 | 5214 |
| 2921 | 8826402, 5.39%, 9/12/2026 | 3/17/2025 | 2839 | 2337 |
| 5433 | 8826575, 5.85%, 9/12/2026 | 3/17/2025 | 5248 | 2101 |
| 1894 | 8826907, 5.68%, 9/12/2026 | 3/17/2025 | 1820 | 1524 |
| 4962 | 8826955, 4.51%, 9/12/2026 | 3/17/2025 | 4709 | 4859 |
| 863 | 8827047, 5.38%, 9/12/2026 | 3/17/2025 | 810 | 845 |
| 4600 | 8827118, 4.51%, 9/12/2026 | 3/17/2025 | 4391 | 4468 |
| 1811 | 8827175, 5.85%, 9/12/2026 | 3/17/2025 | 1671 | 1757 |
| 27270 | 8827190, 4.50%, 9/12/2026 | 3/17/2025 | 26016 | 26262 |
| 11743 | 8828033, 6.19%, 9/12/2026 | 3/17/2025 | 10854 | 11193 |
| 3495 | 8828380, 4.82%, 9/12/2026 | 3/17/2025 | 3335 | 3374 |
| 1941 | 8829049, 4.50%, 9/12/2026 | 3/17/2025 | 1855 | 1877 |
| 6790 | 8829148, 4.50%, 9/12/2026 | 3/17/2025 | 6473 | 6611 |
| 4905 | 8829223, 5.36%, 9/12/2026 | 3/17/2025 | 4676 | 4394 |
| 4787 | 8829360, 4.81%, 9/12/2026 | 3/17/2025 | 4533 | 4662 |
| 5619 | 8829427, 5.36%, 9/12/2026 | 3/17/2025 | 5328 | 5402 |
| 2219 | 8829505, 6.03%, 9/12/2026 | 3/17/2025 | 2135 | 1850 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 281

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $19260 | 8829582, 4.50%, 9/12/2026 | 3/17/2025 | 18473 | $17731 |
| 21084 | 8829753, 4.50%, 9/12/2026 | 3/17/2025 | 20144 | 20349 |
| 3380 | 8829906, 4.51%, 9/12/2026 | 3/17/2025 | 3216 | 3291 |
| 3830 | 8829948, 4.81%, 9/12/2026 | 3/17/2025 | 3636 | 3718 |
| 383 | 8830079, 5.39%, 9/12/2026 | 3/17/2025 | 358 | 364 |
| 28260 | 8830089, 6.19%, 9/12/2026 | 3/17/2025 | 26962 | 26359 |
| 7856 | 8834508, 4.52%, 9/13/2026 | 3/18/2025 | 7352 | 7747 |
| 2016 | 8834843, 5.69%, 9/13/2026 | 3/18/2025 | 1887 | 1950 |
| 386 | 8834908, 6.03%, 9/13/2026 | 3/18/2025 | 359 | 376 |
| 2635 | 8834943, 5.14%, 9/13/2026 | 3/18/2025 | 2509 | 2467 |
| 581 | 8835021, 4.70%, 9/13/2026 | 3/18/2025 | 573 | 43 |
| 555 | 8835024, 4.76%, 9/13/2026 | 3/18/2025 | 541 | 509 |
| 32836 | 8835058, 4.52%, 9/13/2026 | 3/18/2025 | 31371 | 31724 |
| 29996 | 8835637, 5.14%, 9/13/2026 | 3/18/2025 | 28726 | 26173 |
| 2918 | 8836071, 5.14%, 9/13/2026 | 3/18/2025 | 2778 | 2767 |
| 5318 | 8836125, 4.52%, 9/13/2026 | 3/18/2025 | 5060 | 5186 |
| 6885 | 8836217, 5.69%, 9/13/2026 | 3/18/2025 | 6622 | 5261 |
| 18464 | 8836305, 5.14%, 9/13/2026 | 3/18/2025 | 17486 | 17627 |
| 35275 | 8836896, 4.52%, 9/13/2026 | 3/18/2025 | 33431 | 34559 |
| 10697 | 8837362, 5.87%, 9/13/2026 | 3/18/2025 | 10152 | 10214 |
| 2477 | 8837542, 4.83%, 9/13/2026 | 3/18/2025 | 2368 | 2334 |
| 16505 | 8837551, 5.87%, 9/13/2026 | 3/18/2025 | 15511 | 15985 |

---

*See Notes to Financial Statements.*

282 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1366 | 8837853, 4.83%, 9/13/2026 | 3/18/2025 | 1305 | $1230 |
| 9908 | 8837904, 5.14%, 9/13/2026 | 3/18/2025 | 9409 | 9545 |
| 1685 | 8838028, 5.39%, 9/13/2026 | 3/18/2025 | 1593 | 1628 |
| 1342 | 8838052, 5.87%, 9/13/2026 | 3/18/2025 | 1248 | 1300 |
| 1816 | 8838065, 5.14%, 9/13/2026 | 3/18/2025 | 1716 | 1751 |
| 4851 | 8838091, 4.52%, 9/13/2026 | 3/18/2025 | 4623 | 4721 |
| 113 | 8838148, 6.21%, 9/13/2026 | 3/18/2025 | 103 | 111 |
| 2485 | 8838171, 4.52%, 9/13/2026 | 3/18/2025 | 2377 | 2022 |
| 10322 | 8838203, 6.21%, 9/13/2026 | 3/18/2025 | 9684 | 9943 |
| 8324 | 8838465, 4.83%, 9/13/2026 | 3/18/2025 | 7987 | 7579 |
| 30318 | 8838557, 4.52%, 9/13/2026 | 3/18/2025 | 28705 | 29734 |
| 55385 | 8838943, 5.14%, 9/13/2026 | 3/18/2025 | 52931 | 52027 |
| 15193 | 8839480, 4.83%, 9/14/2026 | 3/19/2025 | 14514 | 14265 |
| 2759 | 8839636, 5.14%, 9/14/2026 | 3/19/2025 | 2617 | 2662 |
| 3187 | 8839671, 4.52%, 9/14/2026 | 3/19/2025 | 3039 | 3089 |
| 3879 | 8839719, 5.14%, 9/14/2026 | 3/19/2025 | 3696 | 3659 |
| 9039 | 8839770, 4.52%, 9/14/2026 | 3/19/2025 | 8616 | 8733 |
|  | 8839944, 5.87%, 9/14/2026 | 3/19/2025 |  |  |
| 27725 | 8839985, 6.21%, 9/14/2026 | 3/19/2025 | 26666 | 24658 |
| 7297 | 8840450, 5.38%, 9/14/2026 | 3/19/2025 | 6922 | 6928 |
| 3634 | 8840584, 5.69%, 9/14/2026 | 3/19/2025 | 3430 | 3408 |
| 1259 | 8840647, 6.21%, 9/14/2026 | 3/19/2025 | 1204 | 1081 |
| 2850 | 8840666, 6.21%, 9/14/2026 | 3/19/2025 | 2605 | 2781 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 283

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $9677 | 8840758, 4.52%, 9/14/2026 | 3/19/2025 | 9217 | $9419 |
| 2658 | 8840898, 4.53%, 9/14/2026 | 3/19/2025 | 2522 | 2601 |
| 1985 | 8841097, 4.83%, 9/14/2026 | 3/19/2025 | 1899 | 1844 |
| 3311 | 8841125, 5.38%, 9/14/2026 | 3/19/2025 | 3121 | 3211 |
| 17128 | 8841155, 4.52%, 9/14/2026 | 3/19/2025 | 16368 | 16447 |
| 7322 | 8841500, 4.52%, 9/14/2026 | 3/19/2025 | 6989 | 7091 |
| 364 | 8841549, 5.41%, 9/14/2026 | 3/19/2025 | 348 | 344 |
| 15050 | 8841555, 4.83%, 9/14/2026 | 3/19/2025 | 14020 | 14840 |
| 10095 | 8841700, 4.52%, 9/14/2026 | 3/19/2025 | 9622 | 9805 |
| 1897 | 8841762, 5.14%, 9/14/2026 | 3/19/2025 | 1793 | 1831 |
| 10027 | 8841774, 4.52%, 9/14/2026 | 3/19/2025 | 9582 | 9682 |
| 3433 | 8841836, 6.21%, 9/14/2026 | 3/19/2025 | 3138 | 3319 |
| 16601 | 8841877, 4.52%, 9/14/2026 | 3/19/2025 | 15832 | 15767 |
| 9105 | 8842042, 4.52%, 9/14/2026 | 3/19/2025 | 8665 | 8882 |
| 14335 | 8842126, 5.87%, 9/14/2026 | 3/19/2025 | 13466 | 13873 |
| 3969 | 8842256, 4.53%, 9/14/2026 | 3/19/2025 | 3768 | 3884 |
| 1012 | 8842293, 5.16%, 9/14/2026 | 3/19/2025 | 958 | 988 |
| 2735 | 8842317, 5.69%, 9/14/2026 | 3/19/2025 | 2610 | 2427 |
| 45274 | 8842350, 4.52%, 9/14/2026 | 3/19/2025 | 43412 | 42420 |
| 922 | 8842755, 6.21%, 9/14/2026 | 3/19/2025 | 874 | 795 |
| 62347 | 8842767, 4.52%, 9/14/2026 | 3/19/2025 | 59586 | 60158 |
| 4095 | 8843570, 4.83%, 9/14/2026 | 3/19/2025 | 3893 | 3984 |

---

*See Notes to Financial Statements.*

284 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $39573 | 8843612, 4.52%, 9/14/2026 | 3/19/2025 | 37555 | $38744 |
| 24541 | 8844023, 4.83%, 9/14/2026 | 3/19/2025 | 23447 | 23123 |
| 33640 | 8844167, 6.06%, 9/15/2026<sup>(e)</sup> | 3/20/2025 | 32884 | 3396 |
| 18756 | 8844317, 5.38%, 9/15/2026 | 3/20/2025 | 17835 | 17524 |
| 572 | 8844460, 5.65%, 9/15/2026 | 3/20/2025 | 550 | 477 |
| 5638 | 8844462, 4.52%, 9/15/2026 | 3/20/2025 | 5361 | 5501 |
| 696 | 8844504, 6.07%, 9/15/2026 | 3/20/2025 | 664 | 649 |
| 1684 | 8844507, 4.83%, 9/15/2026 | 3/20/2025 | 1593 | 1647 |
| 23332 | 8844598, 4.83%, 9/15/2026 | 3/20/2025 | 21860 | 22854 |
| 4232 | 8844803, 5.38%, 9/15/2026 | 3/20/2025 | 3936 | 4136 |
| 10755 | 8844841, 4.52%, 9/15/2026 | 3/20/2025 | 10245 | 10473 |
| 304 | 8844917, 4.83%, 9/15/2026 | 3/20/2025 | 287 | 299 |
|  | 8844920, 5.70%, 9/15/2026 | 3/20/2025 |  |  |
| 1844 | 8845025, 5.87%, 9/15/2026 | 3/20/2025 | 1727 | 1767 |
| 2350 | 8845052, 5.39%, 9/15/2026 | 3/20/2025 | 2245 | 2188 |
| 14068 | 8845071, 4.52%, 9/15/2026 | 3/20/2025 | 13400 | 13698 |
| 3460 | 8845177, 5.87%, 9/15/2026 | 3/20/2025 | 3258 | 3300 |
| 8634 | 8845200, 6.21%, 9/15/2026 | 3/20/2025 | 8147 | 8251 |
| 16722 | 8845268, 4.52%, 9/15/2026 | 3/20/2025 | 15967 | 16189 |
| 9209 | 8845394, 5.14%, 9/15/2026 | 3/20/2025 | 8742 | 8841 |
| 1792 | 8845500, 6.21%, 9/15/2026 | 3/20/2025 | 1680 | 1692 |
| 18848 | 8845519, 5.38%, 9/15/2026 | 3/20/2025 | 17954 | 17408 |
| 8677 | 8845667, 5.13%, 9/15/2026 | 3/20/2025 | 8253 | 8245 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 285

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $643 | 8845722, 6.19%, 9/15/2026 | 3/20/2025 | 587 | $622 |
| 2633 | 8845732, 4.82%, 9/15/2026 | 3/20/2025 | 2508 | 2548 |
| 2373 | 8845758, 5.14%, 9/15/2026 | 3/20/2025 | 2251 | 2251 |
| 2960 | 8845773, 4.83%, 9/15/2026 | 3/20/2025 | 2812 | 2879 |
| 10636 | 8845792, 5.87%, 9/15/2026 | 3/20/2025 | 10171 | 9978 |
| 9373 | 8845886, 4.52%, 9/15/2026 | 3/20/2025 | 8889 | 9178 |
| 873 | 8845968, 6.22%, 9/15/2026 | 3/20/2025 | 835 | 784 |
| 7309 | 8845973, 4.52%, 9/15/2026 | 3/20/2025 | 6960 | 7116 |
| 20052 | 8846018, 4.83%, 9/15/2026 | 3/20/2025 | 19162 | 19199 |
| 4408 | 8846148, 4.83%, 9/15/2026 | 3/20/2025 | 4199 | 4257 |
| 7223 | 8846201, 4.82%, 9/16/2026 | 3/20/2025 | 6919 | 6753 |
| 4014 | 8846263, 5.38%, 9/16/2026 | 3/20/2025 | 3847 | 3032 |
| 1931 | 8846290, 5.36%, 9/16/2026 | 3/20/2025 | 1846 | 1659 |
| 2080 | 8846332, 6.19%, 9/16/2026 | 3/20/2025 | 1935 | 2004 |
| 3412 | 8846372, 4.51%, 9/16/2026 | 3/20/2025 | 3221 | 3352 |
| 3077 | 8846403, 5.37%, 9/16/2026 | 3/20/2025 | 2876 | 2998 |
| 9447 | 8846435, 4.51%, 9/16/2026 | 3/20/2025 | 8977 | 9224 |
| 11356 | 8846501, 4.51%, 9/16/2026 | 3/20/2025 | 10884 | 10476 |
| 19624 | 8846569, 4.51%, 9/16/2026 | 3/20/2025 | 18741 | 18951 |
| 4473 | 8846726, 5.86%, 9/16/2026 | 3/20/2025 | 4154 | 4367 |
| 11752 | 8846803, 4.51%, 9/16/2026 | 3/20/2025 | 11148 | 11488 |
| 11077 | 8846891, 4.51%, 9/16/2026 | 3/20/2025 | 10551 | 10773 |

---

*See Notes to Financial Statements.*

286 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $18321 | 8846975, 5.13%, 9/16/2026 | 3/20/2025 | 17380 | $17437 |
| 9026 | 8847119, 4.51%, 9/16/2026 | 3/20/2025 | 8543 | 8862 |
| 908 | 8847203, 5.85%, 9/16/2026 | 3/20/2025 | 861 | 854 |
| 3052 | 8847211, 6.04%, 9/16/2026 | 3/20/2025 | 2856 | 2955 |
| 4774 | 8848132, 4.51%, 9/17/2026 | 3/20/2025 | 4561 | 4610 |
| 11827 | 8848158, 5.85%, 9/17/2026 | 3/20/2025 | 11129 | 11353 |
| 4983 | 8848418, 4.81%, 9/17/2026 | 3/20/2025 | 4645 | 4933 |
| 5737 | 8848723, 5.36%, 9/17/2026 | 3/20/2025 | 5435 | 5332 |
| 6578 | 8848840, 4.51%, 9/17/2026 | 3/20/2025 | 6275 | 6380 |
| 19762 | 8848944, 4.50%, 9/17/2026 | 3/20/2025 | 18655 | 19425 |
| 3774 | 8849347, 5.12%, 9/17/2026 | 3/20/2025 | 3548 | 3614 |
| 8260 | 8849388, 4.81%, 9/17/2026 | 3/20/2025 | 7814 | 8048 |
| 6204 | 8849458, 4.81%, 9/17/2026 | 3/20/2025 | 5921 | 5975 |
| 7343 | 8852863, 4.50%, 9/18/2026 | 3/21/2025 | 7008 | 7027 |
| 7196 | 8853000, 5.12%, 9/18/2026 | 3/21/2025 | 6815 | 6954 |
| 2509 | 8853130, 5.12%, 9/18/2026 | 3/21/2025 | 2367 | 2416 |
| 7389 | 8853175, 5.12%, 9/18/2026 | 3/21/2025 | 6973 | 7150 |
| 719 | 8853248, 5.84%, 9/18/2026 | 3/21/2025 | 673 | 694 |
| 3549 | 8853270, 4.50%, 9/18/2026 | 3/21/2025 | 3384 | 3444 |
| 999 | 8853308, 6.19%, 9/18/2026 | 3/21/2025 | 934 | 971 |
| 4375 | 8853328, 4.81%, 9/18/2026 | 3/21/2025 | 4154 | 4265 |
| 58125 | 8853348, 5.12%, 9/18/2026 | 3/21/2025 | 55252 | 53762 |
| 668 | 8854300, 6.03%, 9/18/2026 | 3/21/2025 | 618 | 647 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 287

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3739 | 8854367, 4.50%, 9/18/2026 | 3/21/2025 | 3573 | $3567 |
| 3260 | 8854410, 4.51%, 9/18/2026 | 3/21/2025 | 3099 | 3174 |
| 2229 | 8854438, 6.20%, 9/18/2026 | 3/21/2025 | 2135 | 1785 |
| 4583 | 8854574, 5.37%, 9/18/2026 | 3/21/2025 | 4335 | 4423 |
| 25455 | 8854629, 4.50%, 9/18/2026 | 3/21/2025 | 24325 | 24256 |
| 2114 | 8854927, 4.50%, 9/18/2026 | 3/21/2025 | 2017 | 2025 |
| 892 | 8854957, 4.72%, 9/18/2026 | 3/21/2025 | 861 | 857 |
| 3112 | 8854966, 5.84%, 9/18/2026 | 3/21/2025 | 2974 | 2680 |
| 7840 | 8855010, 4.50%, 9/18/2026 | 3/21/2025 | 7465 | 7627 |
| 13465 | 8855642, 4.81%, 9/18/2026 | 3/21/2025 | 12954 | 11942 |
| 23868 | 8855855, 5.12%, 9/18/2026 | 3/21/2025 | 22635 | 22810 |
| 1401 | 8856175, 6.02%, 9/18/2026 | 3/21/2025 | 1353 | 1140 |
| 24236 | 8856195, 4.50%, 9/18/2026 | 3/21/2025 | 23242 | 23001 |
| 4152 | 8856426, 5.36%, 9/18/2026 | 3/21/2025 | 3820 | 4114 |
| 3452 | 8856526, 6.18%, 9/18/2026 | 3/21/2025 | 3214 | 3247 |
| 3508 | 8856551, 4.51%, 9/18/2026 | 3/21/2025 | 3329 | 3434 |
| 39139 | 8856584, 4.50%, 9/18/2026 | 3/21/2025 | 37263 | 38120 |
| 11466 | 8857076, 6.03%, 9/18/2026 | 3/21/2025 | 10992 | 10788 |
| 11375 | 8857267, 4.50%, 9/18/2026 | 3/21/2025 | 10894 | 10863 |
| 28066 | 8857404, 4.50%, 9/18/2026 | 3/21/2025 | 26792 | 26840 |
| 4611 | 8857701, 4.81%, 9/18/2026 | 3/21/2025 | 4367 | 4505 |
| 1328 | 8857792, 4.81%, 9/19/2026 | 3/24/2025 | 1271 | 1234 |

---

*See Notes to Financial Statements.*

288 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $22954 | 8858086, 4.50%, 9/19/2026 | 3/24/2025 | 21888 | $22122 |
| 12020 | 8858475, 4.50%, 9/19/2026 | 3/24/2025 | 11424 | 11631 |
| 1604 | 8858622, 4.80%, 9/19/2026 | 3/24/2025 | 1529 | 1522 |
| 2219 | 8858631, 6.19%, 9/19/2026 | 3/24/2025 | 2077 | 2061 |
| 20048 | 8858665, 5.12%, 9/19/2026 | 3/24/2025 | 18951 | 19183 |
| 2464 | 8858922, 4.71%, 9/19/2026 | 3/24/2025 | 2401 | 2287 |
| 1697 | 8858976, 4.81%, 9/19/2026 | 3/24/2025 | 1616 | 1618 |
| 20090 | 8858986, 5.36%, 9/19/2026 | 3/24/2025 | 18500 | 19662 |
| 2596 | 8859289, 4.49%, 9/19/2026 | 3/24/2025 | 2469 | 2527 |
| 3796 | 8859310, 5.85%, 9/19/2026 | 3/24/2025 | 3510 | 3674 |
| 13254 | 8859408, 5.12%, 9/19/2026 | 3/24/2025 | 12407 | 12964 |
| 9405 | 8859639, 5.85%, 9/19/2026 | 3/24/2025 | 8940 | 8807 |
| 1513 | 8859727, 5.37%, 9/19/2026 | 3/24/2025 | 1445 | 1366 |
| 1924 | 8859752, 6.18%, 9/19/2026 | 3/24/2025 | 1848 | 1429 |
| 10975 | 8859781, 4.81%, 9/19/2026 | 3/24/2025 | 10452 | 10379 |
| 446 | 8860290, 6.19%, 9/19/2026 | 3/24/2025 | 325 | 427 |
| 1570 | 8860375, 5.12%, 9/19/2026 | 3/24/2025 | 1493 | 1483 |
| 5351 | 8860397, 4.50%, 9/19/2026 | 3/24/2025 | 5056 | 5259 |
| 8906 | 8860636, 4.51%, 9/19/2026 | 3/24/2025 | 8523 | 8519 |
| 1525 | 8860730, 5.84%, 9/19/2026 | 3/24/2025 | 1436 | 1421 |
| 4972 | 8860756, 5.36%, 9/19/2026 | 3/24/2025 | 4752 | 4241 |
| 186 | 8860786, 6.03%, 9/19/2026 | 3/24/2025 | 172 | 179 |
| 15731 | 8860791, 5.85%, 9/19/2026 | 3/24/2025 | 15133 | 10329 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 289

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $44392 | 8860943, 4.81%, 9/19/2026 | 3/24/2025 | 42222 | $42058 |
| 8472 | 8861343, 4.81%, 9/19/2026 | 3/24/2025 | 8077 | 8168 |
| 1152 | 8861427, 4.49%, 9/19/2026 | 3/24/2025 | 1075 | 1134 |
| 11606 | 8861449, 4.81%, 9/19/2026 | 3/24/2025 | 11065 | 10969 |
| 20060 | 8861564, 6.19%, 9/19/2026 | 3/24/2025 | 18991 | 18945 |
| 1696 | 8861791, 6.04%, 9/19/2026 | 3/24/2025 | 1635 | 1488 |
| 2638 | 8861798, 5.12%, 9/19/2026 | 3/24/2025 | 2511 | 2520 |
| 21758 | 8861862, 4.50%, 9/19/2026 | 3/24/2025 | 20749 | 21028 |
| 5383 | 8862066, 5.12%, 9/19/2026 | 3/24/2025 | 5076 | 5213 |
| 17824 | 8862123, 4.50%, 9/19/2026 | 3/24/2025 | 16864 | 17258 |
| 6141 | 8864987, 4.52%, 9/20/2026 | 3/25/2025 | 5849 | 5973 |
| 26788 | 8865040, 6.21%, 9/20/2026 | 3/25/2025 | 25916 | 9837 |
| 2932 | 8865469, 4.53%, 9/20/2026 | 3/25/2025 | 2809 | 2575 |
| 2222 | 8865489, 4.51%, 9/20/2026 | 3/25/2025 | 2113 | 2166 |
| 3737 | 8865524, 4.83%, 9/20/2026 | 3/25/2025 | 3543 | 3602 |
| 9477 | 8865598, 5.14%, 9/20/2026 | 3/25/2025 | 8982 | 9191 |
| 3084 | 8865819, 5.87%, 9/20/2026 | 3/25/2025 | 2932 | 2871 |
|  | 8865905, 4.83%, 9/20/2026 | 3/25/2025 | (812) | (160) |
| 9671 | 8866159, 5.14%, 9/20/2026 | 3/25/2025 | 8974 | 9530 |
| 37385 | 8866369, 4.52%, 9/20/2026 | 3/25/2025 | 35486 | 36166 |
| 6654 | 8866756, 4.52%, 9/20/2026 | 3/25/2025 | 6331 | 6479 |
| 23787 | 8866841, 4.83%, 9/20/2026 | 3/25/2025 | 22397 | 22983 |

---

*See Notes to Financial Statements.*

290 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $26672 | 8867289, 5.38%, 9/20/2026 | 3/25/2025 | 25041 | $25802 |
| 9778 | 8867600, 4.52%, 9/20/2026 | 3/25/2025 | 9280 | 9485 |
| 1202 | 8867680, 6.20%, 9/20/2026 | 3/25/2025 | 1160 | 715 |
| 28625 | 8867695, 4.52%, 9/20/2026 | 3/25/2025 | 27303 | 27584 |
| 4024 | 8867872, 4.52%, 9/20/2026 | 3/25/2025 | 3823 | 3924 |
| 11170 | 8867924, 6.21%, 9/20/2026 | 3/25/2025 | 10578 | 10536 |
| 19711 | 8868038, 4.52%, 9/20/2026 | 3/25/2025 | 18765 | 19182 |
| 18266 | 8869188, 6.21%, 9/20/2026 | 3/26/2025 | 17012 | 17163 |
| 1322 | 8869323, 6.05%, 9/20/2026 | 3/26/2025 | 1205 | 1286 |
| 948 | 8869331, 4.83%, 9/20/2026 | 3/26/2025 | 902 | 919 |
| 2724 | 8869334, 4.52%, 9/20/2026 | 3/26/2025 | 2579 | 2670 |
| 2523 | 8869374, 4.52%, 9/20/2026 | 3/26/2025 | 2413 | 2435 |
| 5170 | 8869384, 4.52%, 9/20/2026 | 3/26/2025 | 4923 | 5020 |
| 6148 | 8869408, 4.52%, 9/20/2026 | 3/26/2025 | 5867 | 5917 |
| 1812 | 8869442, 4.53%, 9/20/2026 | 3/26/2025 | 1716 | 1775 |
| 1460 | 8869455, 5.87%, 9/20/2026 | 3/26/2025 | 1343 | 1431 |
| 11155 | 8869532, 5.38%, 9/20/2026 | 3/26/2025 | 10631 | 10304 |
| 12965 | 8869567, 4.83%, 9/20/2026 | 3/26/2025 | 12304 | 12405 |
| 1378 | 8869621, 5.88%, 9/20/2026 | 3/26/2025 | 1285 | 1340 |
| 13877 | 8869628, 5.87%, 9/20/2026 | 3/26/2025 | 13075 | 13228 |
| 4830 | 8869696, 6.06%, 9/20/2026 | 3/26/2025 | 4699 | 2466 |
| 617 | 8869705, 6.19%, 9/20/2026 | 3/26/2025 | 577 | 586 |
| 3784 | 8869707, 4.52%, 9/20/2026 | 3/26/2025 | 3590 | 3699 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 291

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $11430 | 8869724, 4.52%, 9/20/2026 | 3/26/2025 | 10975 | $9281 |
| 768 | 8869760, 6.20%, 9/20/2026 | 3/26/2025 | 722 | 731 |
| 9882 | 8869769, 6.21%, 9/20/2026 | 3/26/2025 | 9111 | 9641 |
| 3144 | 8869852, 5.13%, 9/21/2026 | 3/26/2025 | 2959 | 3048 |
| 2908 | 8870109, 5.14%, 9/21/2026 | 3/26/2025 | 2748 | 2811 |
| 14293 | 8870124, 5.38%, 9/21/2026 | 3/26/2025 | 13500 | 13889 |
| 31 | 8870446, 6.21%, 9/21/2026 | 3/26/2025 | 28 | 30 |
| 10499 | 8870460, 6.21%, 9/21/2026 | 3/26/2025 | 9926 | 9999 |
| 2502 | 8870651, 4.83%, 9/21/2026 | 3/26/2025 | 2383 | 2350 |
| 9381 | 8870705, 4.52%, 9/21/2026 | 3/26/2025 | 8927 | 9112 |
| 24109 | 8870952, 4.83%, 9/21/2026 | 3/26/2025 | 22940 | 23316 |
| 8707 | 8871330, 4.52%, 9/21/2026 | 3/26/2025 | 8289 | 8455 |
| 7441 | 8871419, 5.38%, 9/21/2026 | 3/26/2025 | 7055 | 7106 |
| 9658 | 8871502, 4.74%, 9/21/2026 | 3/26/2025 | 9343 | 8845 |
| 2625 | 8871649, 5.70%, 9/21/2026 | 3/26/2025 | 2523 | 1823 |
| 4247 | 8871674, 4.52%, 9/21/2026 | 3/26/2025 | 4043 | 4130 |
| 5264 | 8871731, 6.06%, 9/21/2026 | 3/26/2025 | 5105 | 3045 |
| 4658 | 8871761, 4.52%, 9/21/2026 | 3/26/2025 | 4380 | 4586 |
| 3691 | 8871842, 6.21%, 9/21/2026 | 3/26/2025 | 3490 | 3360 |
| 23604 | 8871888, 4.83%, 9/21/2026 | 3/26/2025 | 22481 | 21949 |
| 125 | 8872180, 6.21%, 9/21/2026 | 3/26/2025 | 114 | 124 |
| 187 | 8872202, 5.40%, 9/21/2026 | 3/26/2025 | 172 | 184 |

---

*See Notes to Financial Statements.*

292 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $7858 | 8872215, 6.21%, 9/21/2026 | 3/26/2025 | 7227 | $7684 |
| 1284 | 8872430, 6.21%, 9/21/2026 | 3/26/2025 | 1190 | 1241 |
| 43306 | 8872454, 4.52%, 9/21/2026 | 3/26/2025 | 41165 | 42252 |
| 3700 | 8872877, 6.21%, 9/21/2026 | 3/26/2025 | 3451 | 3532 |
| 29277 | 8872942, 5.14%, 9/21/2026 | 3/26/2025 | 27767 | 28022 |
| 15323 | 8873145, 4.52%, 9/21/2026 | 3/26/2025 | 14540 | 14965 |
| 1279 | 8873321, 5.69%, 9/21/2026 | 3/26/2025 | 1198 | 1230 |
| 2505 | 8873512, 4.74%, 9/21/2026 | 3/26/2025 | 2423 | 2441 |
| 841 | 8873544, 6.05%, 9/21/2026 | 3/26/2025 | 805 | 785 |
| 4087 | 8873560, 6.21%, 9/21/2026 | 3/26/2025 | 3867 | 3867 |
| 5006 | 8873641, 5.38%, 9/21/2026 | 3/26/2025 | 4651 | 4865 |
| 300 | 8873864, 4.75%, 9/21/2026 | 3/26/2025 | 285 | 283 |
| 462 | 8874294, 4.70%, 9/21/2026 | 3/26/2025 | 449 | 418 |
| 3642 | 8875240, 5.38%, 9/22/2026 | 3/27/2025 | 3454 | 3449 |
| 627 | 8875271, 6.20%, 9/22/2026 | 3/27/2025 | 587 | 589 |
| 24866 | 8875276, 4.83%, 9/22/2026 | 3/27/2025 | 23566 | 24045 |
| 1455 | 8875437, 4.81%, 9/22/2026 | 3/27/2025 | 1388 | 1393 |
| 2474 | 8875449, 4.52%, 9/22/2026 | 3/27/2025 | 2354 | 2403 |
| 808 | 8875464, 6.20%, 9/22/2026 | 3/27/2025 | 760 | 757 |
| 8373 | 8875473, 4.52%, 9/22/2026 | 3/27/2025 | 7921 | 8103 |
| 5787 | 8875543, 4.52%, 9/22/2026 | 3/27/2025 | 5515 | 5562 |
| 3941 | 8875567, 5.38%, 9/22/2026 | 3/27/2025 | 3728 | 3704 |
| 2181 | 8875605, 6.21%, 9/22/2026 | 3/27/2025 | 2057 | 2071 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 293

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2420 | 8875732, 4.51%, 9/22/2026 | 3/27/2025 | 2311 | $2301 |
| 15471 | 8875746, 6.21%, 9/22/2026 | 3/27/2025 | 14877 | 6330 |
| 1108 | 8875833, 5.87%, 9/22/2026 | 3/27/2025 | 1062 | 791 |
| 1966 | 8875840, 5.87%, 9/22/2026 | 3/27/2025 | 1816 | 1895 |
| 907 | 8875861, 5.70%, 9/22/2026 | 3/27/2025 | 838 | 884 |
| 3260 | 8875874, 6.07%, 9/22/2026<sup>(e)</sup> | 3/27/2025 | 3177 | 188 |
| 3292 | 8875892, 5.86%, 9/22/2026 | 3/27/2025 | 3149 | 2582 |
| 5857 | 8875915, 4.52%, 9/22/2026 | 3/27/2025 | 5581 | 5674 |
| 486 | 8875950, 6.07%, 9/22/2026 | 3/27/2025 | 451 | 465 |
| 2619 | 8875964, 4.83%, 9/22/2026 | 3/27/2025 | 2505 | 2270 |
| 3706 | 8876004, 4.83%, 9/22/2026 | 3/27/2025 | 3519 | 3565 |
| 2486 | 8876032, 4.83%, 9/22/2026 | 3/27/2025 | 2363 | 2334 |
| 5142 | 8876052, 5.88%, 9/22/2026 | 3/27/2025 | 4885 | 4734 |
| 2285 | 8876100, 5.68%, 9/22/2026 | 3/27/2025 | 2181 | 1939 |
| 1010 | 8876124, 6.04%, 9/23/2026 | 3/27/2025 | 968 | 832 |
| 5736 | 8876137, 4.52%, 9/23/2026 | 3/27/2025 | 5488 | 5352 |
| 680 | 8876190, 5.87%, 9/23/2026 | 3/27/2025 | 625 | 668 |
| 486 | 8876218, 6.20%, 9/23/2026 | 3/27/2025 | 446 | 471 |
| 10243 | 8876244, 5.37%, 9/23/2026 | 3/27/2025 | 9453 | 10013 |
| 21736 | 8876352, 4.51%, 9/23/2026 | 3/27/2025 | 20736 | 20904 |
| 2311 | 8876471, 6.20%, 9/23/2026 | 3/27/2025 | 2154 | 2191 |
| 711 | 8876502, 6.18%, 9/23/2026 | 3/27/2025 | 662 | 690 |

---

*See Notes to Financial Statements.*

294 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $12693 | 8876506, 5.13%, 9/23/2026 | 3/27/2025 | 12123 | $11391 |
| 3461 | 8876582, 5.67%, 9/23/2026 | 3/27/2025 | 3272 | 3267 |
| 8633 | 8876603, 5.86%, 9/23/2026 | 3/27/2025 | 8089 | 8180 |
| 1523 | 8876679, 6.20%, 9/23/2026 | 3/27/2025 | 1444 | 1374 |
| 1413 | 8876696, 5.86%, 9/23/2026 | 3/27/2025 | 1344 | 1257 |
| 5600 | 8876705, 4.51%, 9/23/2026 | 3/27/2025 | 5317 | 5427 |
| 4327 | 8876744, 5.13%, 9/23/2026 | 3/27/2025 | 4016 | 4208 |
| 5959 | 8876795, 5.86%, 9/23/2026 | 3/27/2025 | 5522 | 5723 |
| 7960 | 8876846, 4.72%, 9/23/2026 | 3/27/2025 | 7784 | 6511 |
| 7482 | 8876908, 4.51%, 9/23/2026 | 3/27/2025 | 7106 | 7292 |
| 2455 | 8876950, 4.52%, 9/23/2026 | 3/27/2025 | 2344 | 2319 |
| 11316 | 8877014, 4.51%, 9/23/2026 | 3/27/2025 | 10741 | 10976 |
| 1644 | 8877306, 4.49%, 9/24/2026 | 3/27/2025 | 1566 | 1573 |
| 1702 | 8877319, 4.50%, 9/24/2026 | 3/27/2025 | 1622 | 1617 |
| 3273 | 8877332, 5.67%, 9/24/2026 | 3/27/2025 | 3098 | 3086 |
| 5421 | 8877412, 4.50%, 9/24/2026 | 3/27/2025 | 5156 | 5277 |
| 3825 | 8877563, 4.50%, 9/24/2026 | 3/27/2025 | 3646 | 3708 |
| 2593 | 8877659, 4.81%, 9/24/2026 | 3/27/2025 | 2473 | 2424 |
| 1606 | 8877742, 6.19%, 9/24/2026 | 3/27/2025 | 1533 | 1457 |
| 3941 | 8877812, 5.85%, 9/24/2026 | 3/27/2025 | 3718 | 3788 |
| 2114 | 8878103, 4.52%, 9/24/2026 | 3/27/2025 | 2015 | 2046 |
| 17598 | 8878141, 4.50%, 9/24/2026 | 3/27/2025 | 16811 | 16749 |
| 2780 | 8878398, 4.51%, 9/24/2026 | 3/27/2025 | 2652 | 2680 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 295

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $5508 | 8878435, 4.81%, 9/24/2026 | 3/27/2025 | 5232 | $5348 |
| 5641 | 8878576, 6.03%, 9/24/2026 | 3/27/2025 | 5427 | 4876 |
| 2208 | 8878639, 5.12%, 9/24/2026 | 3/27/2025 | 2041 | 2193 |
| 7726 | 8878751, 6.03%, 9/24/2026<sup>(e)</sup> | 3/27/2025 | 7528 | 444 |
| 2759 | 8878820, 4.51%, 9/24/2026 | 3/27/2025 | 2637 | 2640 |
| 1221 | 8878869, 6.17%, 9/24/2026 | 3/27/2025 | 1173 | 296 |
| 984 | 8878921, 4.72%, 9/24/2026 | 3/27/2025 | 964 | 630 |
| 1390 | 8879026, 4.80%, 9/24/2026 | 3/27/2025 | 1324 | 1315 |
| 8956 | 8881059, 4.81%, 9/25/2026 | 3/28/2025 | 8378 | 8794 |
| 28496 | 8881197, 5.12%, 9/25/2026 | 3/28/2025 | 27251 | 24477 |
| 9791 | 8881337, 4.50%, 9/25/2026 | 3/28/2025 | 9295 | 9543 |
| 5509 | 8881389, 4.51%, 9/25/2026 | 3/28/2025 | 5252 | 5256 |
| 13119 | 8881420, 5.36%, 9/25/2026 | 3/28/2025 | 12388 | 12645 |
| 2166 | 8881510, 5.85%, 9/25/2026 | 3/28/2025 | 2045 | 2062 |
| 2924 | 8881530, 4.51%, 9/25/2026 | 3/28/2025 | 2784 | 2834 |
| 6639 | 8881546, 4.81%, 9/25/2026 | 3/28/2025 | 6322 | 6412 |
| 3060 | 8881583, 5.11%, 9/25/2026 | 3/28/2025 | 2891 | 2967 |
| 2051 | 8881611, 6.20%, 9/25/2026 | 3/28/2025 | 1956 | 1786 |
| 3083 | 8881627, 6.19%, 9/25/2026 | 3/28/2025 | 2960 | 2028 |
| 30850 | 8881644, 4.50%, 9/25/2026 | 3/28/2025 | 29490 | 29559 |
| 17949 | 8881884, 4.81%, 9/25/2026 | 3/28/2025 | 17047 | 17352 |
| 5735 | 8882199, 5.12%, 9/25/2026 | 3/28/2025 | 5433 | 5396 |

---

*See Notes to Financial Statements.*

296 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2941 | 8882300, 5.12%, 9/25/2026 | 3/28/2025 | 2812 | $2468 |
| 3986 | 8882335, 6.19%, 9/25/2026 | 3/28/2025 | 3740 | 3379 |
| 2831 | 8882501, 5.85%, 9/25/2026 | 3/28/2025 | 2685 | 2551 |
| 1948 | 8882538, 5.66%, 9/25/2026 | 3/28/2025 | 1832 | 1772 |
| 1160 | 8882575, 5.87%, 9/25/2026 | 3/28/2025 | 1109 | 849 |
| 5356 | 8882655, 4.50%, 9/25/2026 | 3/28/2025 | 5095 | 5205 |
| 4186 | 8882752, 5.12%, 9/25/2026 | 3/28/2025 | 3974 | 3964 |
| 8917 | 8882826, 5.12%, 9/25/2026 | 3/28/2025 | 8499 | 8244 |
| 3188 | 8882930, 4.50%, 9/25/2026 | 3/28/2025 | 3029 | 3107 |
| 11550 | 8883032, 4.51%, 9/25/2026 | 3/28/2025 | 11006 | 11195 |
| 3459 | 8883164, 5.67%, 9/25/2026 | 3/28/2025 | 3252 | 3264 |
| 4741 | 8883215, 4.50%, 9/25/2026 | 3/28/2025 | 4525 | 4571 |
| 14295 | 8883296, 4.50%, 9/25/2026 | 3/28/2025 | 13541 | 13994 |
| 1842 | 8883519, 5.11%, 9/25/2026 | 3/28/2025 | 1737 | 1790 |
| 5475 | 8883544, 4.51%, 9/25/2026 | 3/28/2025 | 5217 | 5303 |
| 2024 | 8883592, 4.50%, 9/25/2026 | 3/28/2025 | 1930 | 1959 |
| 4986 | 8883617, 5.36%, 9/25/2026 | 3/28/2025 | 4639 | 4897 |
| 1120 | 8883711, 6.18%, 9/25/2026 | 3/28/2025 | 1037 | 1076 |
| 6685 | 8883730, 4.50%, 9/25/2026 | 3/28/2025 | 6353 | 6515 |
| 3441 | 8883855, 4.50%, 9/25/2026 | 3/28/2025 | 3280 | 3318 |
| 26136 | 8883901, 5.36%, 9/25/2026 | 3/28/2025 | 24819 | 24885 |
| 5178 | 8884150, 5.67%, 9/25/2026 | 3/28/2025 | 4893 | 4877 |
| 21693 | 8884197, 4.50%, 9/25/2026 | 3/28/2025 | 20581 | 21208 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 297

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3226 | 8884396, 5.84%, 9/25/2026 | 3/28/2025 | 3062 | $2894 |
| 3230 | 8884410, 5.39%, 9/25/2026 | 3/28/2025 | 3104 | 3087 |
| 1165 | 8884429, 5.37%, 9/25/2026 | 3/28/2025 | 1091 | 1130 |
| 2055 | 8884436, 4.50%, 9/25/2026 | 3/28/2025 | 1944 | 2015 |
| 4194 | 8884466, 5.12%, 9/25/2026 | 3/28/2025 | 3986 | 3922 |
| 10496 | 8884518, 5.36%, 9/25/2026 | 3/28/2025 | 9868 | 10163 |
| 3237 | 8884685, 5.11%, 9/25/2026 | 3/28/2025 | 3101 | 2438 |
| 4878 | 8884714, 4.81%, 9/25/2026 | 3/28/2025 | 4620 | 4757 |
| 10315 | 8884737, 4.81%, 9/25/2026 | 3/28/2025 | 9804 | 9976 |
| 13763 | 8884837, 5.36%, 9/25/2026 | 3/28/2025 | 13060 | 13125 |
| 4425 | 8885006, 4.51%, 9/25/2026 | 3/28/2025 | 4207 | 4311 |
| 3670 | 8885065, 5.86%, 9/25/2026 | 3/28/2025 | 3484 | 3355 |
| 756 | 8885149, 5.83%, 9/25/2026 | 3/28/2025 | 699 | 740 |
| 19563 | 8886343, 4.81%, 9/26/2026 | 3/31/2025 | 18437 | 19134 |
| 1744 | 8886638, 6.18%, 9/26/2026 | 3/31/2025 | 1642 | 1601 |
| 14113 | 8886669, 4.81%, 9/26/2026 | 3/31/2025 | 13490 | 13156 |
| 2096 | 8886805, 5.11%, 9/26/2026 | 3/31/2025 | 1953 | 2050 |
| 1432 | 8886843, 6.19%, 9/26/2026 | 3/31/2025 | 1322 | 1372 |
| 1845 | 8886871, 6.19%, 9/26/2026 | 3/31/2025 | 1744 | 1679 |
| 2927 | 8886950, 5.38%, 9/26/2026 | 3/31/2025 | 2852 | 1579 |
| 5798 | 8887013, 4.51%, 9/26/2026 | 3/31/2025 | 5523 | 5579 |
| 2237 | 8887183, 4.50%, 9/26/2026 | 3/31/2025 | 2130 | 2172 |

---

*See Notes to Financial Statements.*

298 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3831 | 8887228, 5.67%, 9/26/2026 | 3/31/2025 | 3609 | $3494 |
| 9874 | 8887301, 4.50%, 9/26/2026 | 3/31/2025 | 9476 | 8341 |
|  | 8887483, 4.81%, 9/26/2026 | 3/31/2025 |  |  |
| 1675 | 8887524, 6.19%, 9/26/2026 | 3/31/2025 | 1593 | 1417 |
| 1206 | 8887578, 6.20%, 9/26/2026 | 3/31/2025 | 1126 | 1171 |
| 20027 | 8887610, 4.50%, 9/26/2026 | 3/31/2025 | 19027 | 19002 |
| 4851 | 8887872, 6.18%, 9/26/2026 | 3/31/2025 | 4586 | 4490 |
| 24332 | 8887963, 5.12%, 9/26/2026 | 3/31/2025 | 23405 | 17142 |
| 2252 | 8888218, 4.50%, 9/26/2026 | 3/31/2025 | 2134 | 2203 |
| 3470 | 8888244, 6.03%, 9/26/2026 | 3/31/2025 | 3270 | 3190 |
| 2940 | 8888320, 5.85%, 9/26/2026 | 3/31/2025 | 2722 | 2779 |
| 34875 | 8888380, 4.50%, 9/26/2026 | 3/31/2025 | 32790 | 34290 |
| 7731 | 8889347, 5.36%, 9/26/2026 | 3/31/2025 | 7362 | 7218 |
| 2414 | 8889427, 5.85%, 9/26/2026 | 3/31/2025 | 2281 | 2310 |
| 4655 | 8889509, 5.12%, 9/26/2026 | 3/31/2025 | 4429 | 4409 |
| 3469 | 8889570, 5.12%, 9/26/2026 | 3/31/2025 | 3244 | 3385 |
| 39234 | 8889634, 4.50%, 9/26/2026 | 3/31/2025 | 37550 | 36132 |
| 4004 | 8889946, 4.81%, 9/26/2026 | 3/31/2025 | 3781 | 3886 |
| 48441 | 8889995, 4.81%, 9/26/2026 | 3/31/2025 | 46051 | 46842 |
| 11350 | 8890504, 5.85%, 9/26/2026 | 3/31/2025 | 10674 | 10898 |
| 1768 | 8890604, 4.50%, 9/26/2026 | 3/31/2025 | 1678 | 1721 |
| 3911 | 8890614, 5.39%, 9/26/2026 | 3/31/2025 | 3728 | 3779 |
| 10104 | 8890648, 6.18%, 9/26/2026 | 3/31/2025 | 9663 | 8444 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 299

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $6783 | 8890718, 5.11%, 9/26/2026 | 3/31/2025 | 6387 | $6620 |
| 30066 | 8890779, 5.12%, 9/26/2026 | 3/31/2025 | 28658 | 26874 |
| 10330 | 8893758, 4.52%, 9/27/2026 | 4/1/2025 | 9814 | 10052 |
| 2489 | 8893954, 4.53%, 9/27/2026 | 4/1/2025 | 2367 | 2410 |
| 10484 | 8894040, 6.21%, 9/27/2026 | 4/1/2025 | 9851 | 10073 |
| 3242 | 8894274, 5.87%, 9/27/2026 | 4/1/2025 | 2989 | 3145 |
| 4445 | 8894376, 4.52%, 9/27/2026 | 4/1/2025 | 4240 | 4260 |
| 1572 | 8894474, 5.69%, 9/27/2026 | 4/1/2025 | 1473 | 1531 |
| 1070 | 8894526, 6.06%, 9/27/2026 | 4/1/2025 | 1000 | 1033 |
| 7309 | 8894563, 6.21%, 9/27/2026 | 4/1/2025 | 6946 | 6632 |
| 5188 | 8894721, 5.13%, 9/27/2026 | 4/1/2025 | 4908 | 4999 |
| 6675 | 8894758, 4.52%, 9/27/2026 | 4/1/2025 | 6314 | 6540 |
| 5922 | 8894852, 4.52%, 9/27/2026 | 4/1/2025 | 5637 | 5740 |
| 5867 | 8895020, 4.83%, 9/27/2026 | 4/1/2025 | 5467 | 5767 |
| 27352 | 8895179, 4.52%, 9/27/2026 | 4/1/2025 | 25899 | 26627 |
| 5414 | 8895545, 4.83%, 9/27/2026 | 4/1/2025 | 5136 | 5248 |
| 1505 | 8895584, 4.84%, 9/27/2026 | 4/1/2025 | 1436 | 1388 |
| 1644 | 8895634, 4.52%, 9/27/2026 | 4/1/2025 | 1563 | 1599 |
| 14752 | 8895636, 5.87%, 9/27/2026 | 4/1/2025 | 13821 | 13914 |
| 4164 | 8895821, 6.21%, 9/27/2026 | 4/1/2025 | 3947 | 3825 |
| 1490 | 8895852, 4.52%, 9/27/2026 | 4/1/2025 | 1410 | 1456 |
| 16997 | 8895871, 4.52%, 9/27/2026 | 4/1/2025 | 16096 | 16641 |

---

*See Notes to Financial Statements.*

300 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $359 | 8896090, 6.21%, 9/27/2026 | 4/1/2025 | 327 | $352 |
| 6760 | 8896106, 5.38%, 9/27/2026 | 4/1/2025 | 6334 | 6500 |
| 3715 | 8896213, 5.87%, 9/27/2026 | 4/1/2025 | 3518 | 3447 |
| 29581 | 8896282, 4.52%, 9/27/2026 | 4/1/2025 | 28160 | 28562 |
| 4366 | 8896635, 4.52%, 9/27/2026 | 4/1/2025 | 4123 | 4228 |
| 5051 | 8896681, 4.83%, 9/27/2026 | 4/1/2025 | 4784 | 4848 |
| 4117 | 8896746, 6.21%, 9/27/2026 | 4/1/2025 | 3803 | 4021 |
| 29320 | 8896797, 5.14%, 9/27/2026<sup>(e)</sup> | 4/1/2025 | 28240 | 8197 |
| 3728 | 8897028, 5.38%, 9/27/2026 | 4/1/2025 | 3504 | 3621 |
| 3233 | 8897058, 6.20%, 9/27/2026 | 4/1/2025 | 3100 | 2681 |
| 3068 | 8897091, 4.53%, 9/27/2026 | 4/1/2025 | 2926 | 2943 |
| 34154 | 8897110, 4.52%, 9/27/2026 | 4/1/2025 | 32505 | 32361 |
| 22138 | 8897358, 4.83%, 9/27/2026 | 4/1/2025 | 21006 | 21249 |
| 9280 | 8897652, 4.52%, 9/27/2026 | 4/1/2025 | 8840 | 8985 |
| 1370 | 8897714, 6.21%, 9/27/2026 | 4/1/2025 | 1286 | 1301 |
| 4541 | 8897739, 4.52%, 9/27/2026 | 4/1/2025 | 4327 | 4366 |
| 2007 | 8897751, 6.21%, 9/27/2026 | 4/1/2025 | 1879 | 1894 |
| 1675 | 8897785, 6.20%, 9/27/2026 | 4/1/2025 | 1571 | 1582 |
| 11384 | 8897796, 4.83%, 9/27/2026 | 4/1/2025 | 10648 | 11203 |
| 2611 | 8897917, 5.39%, 9/27/2026 | 4/1/2025 | 2465 | 2530 |
| 759 | 8897939, 6.06%, 9/27/2026 | 4/1/2025 | 722 | 726 |
| 17276 | 8897940, 4.52%, 9/27/2026 | 4/1/2025 | 16458 | 16678 |
| 4235 | 8898095, 5.39%, 9/27/2026 | 4/1/2025 | 4054 | 2182 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 301

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $– | 8898164, 6.05%, 9/27/2026 | 4/1/2025 | (64) | $(27) |
| 1927 | 8898422, 4.52%, 9/28/2026 | 4/2/2025 | 1828 | 1841 |
| 2701 | 8898506, 5.38%, 9/28/2026 | 4/2/2025 | 2568 | 2521 |
| 24929 | 8898569, 4.83%, 9/28/2026 | 4/2/2025 | 23924 | 19288 |
| 7895 | 8898902, 6.21%, 9/28/2026 | 4/2/2025 | 7392 | 7529 |
| 3686 | 8899066, 4.52%, 9/28/2026 | 4/2/2025 | 3486 | 3615 |
| 13719 | 8899131, 6.06%, 9/28/2026 | 4/2/2025 | 13217 | 10589 |
| 3159 | 8899307, 5.68%, 9/28/2026 | 4/2/2025 | 2943 | 3034 |
| 1368 | 8899355, 6.20%, 9/28/2026 | 4/2/2025 | 1298 | 1233 |
| 14343 | 8899393, 4.52%, 9/28/2026 | 4/2/2025 | 13639 | 13891 |
| 2778 | 8899668, 5.69%, 9/28/2026 | 4/2/2025 | 2597 | 2585 |
| 885 | 8899706, 6.20%, 9/28/2026 | 4/2/2025 | 811 | 868 |
| 1578 | 8899782, 6.21%, 9/28/2026 | 4/2/2025 | 1450 | 1545 |
| 4076 | 8899910, 5.14%, 9/28/2026 | 4/2/2025 | 3851 | 3880 |
| 37032 | 8899993, 6.21%, 9/28/2026 | 4/2/2025 | 35135 | 35031 |
| 2677 | 8900451, 4.83%, 9/28/2026 | 4/2/2025 | 2508 | 2632 |
| 1302 | 8900495, 6.19%, 9/28/2026 | 4/2/2025 | 1252 | 815 |
| 12322 | 8900506, 5.38%, 9/28/2026 | 4/2/2025 | 11696 | 11536 |
| 20618 | 8901487, 4.52%, 9/28/2026 | 4/2/2025 | 19501 | 20191 |
| 2074 | 8901734, 6.05%, 9/28/2026 | 4/2/2025 | 1902 | 2037 |
| 1954 | 8901758, 4.53%, 9/28/2026 | 4/2/2025 | 1862 | 1874 |
| 2918 | 8901773, 4.52%, 9/28/2026 | 4/2/2025 | 2758 | 2844 |

---

*See Notes to Financial Statements.*

302 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3878 | 8901844, 5.38%, 9/28/2026 | 4/2/2025 | 3671 | $3668 |
| 1726 | 8901887, 5.41%, 9/28/2026 | 4/2/2025 | 1631 | 1685 |
| 29567 | 8901932, 6.21%, 9/28/2026 | 4/2/2025 | 27587 | 28113 |
| 7889 | 8902450, 4.52%, 9/28/2026 | 4/2/2025 | 7506 | 7634 |
| 4757 | 8902565, 5.14%, 9/28/2026 | 4/2/2025 | 4414 | 4654 |
| 2521 | 8902664, 6.05%, 9/28/2026 | 4/2/2025 | 2364 | 2408 |
| 23914 | 8902721, 4.52%, 9/28/2026 | 4/2/2025 | 22761 | 22984 |
| 20865 | 8903138, 5.87%, 9/29/2026 | 4/3/2025 | 19659 | 19738 |
| 4028 | 8903380, 5.14%, 9/29/2026 | 4/3/2025 | 3836 | 3490 |
| 9698 | 8903415, 5.69%, 9/29/2026 | 4/3/2025 | 9119 | 9030 |
| 1963 | 8903551, 4.51%, 9/29/2026 | 4/3/2025 | 1871 | 1899 |
| 5249 | 8903569, 4.52%, 9/29/2026 | 4/3/2025 | 5002 | 5060 |
| 15142 | 8903637, 4.52%, 9/29/2026 | 4/3/2025 | 14393 | 14672 |
| 6568 | 8903795, 5.87%, 9/29/2026 | 4/3/2025 | 6179 | 6265 |
| 5687 | 8903878, 4.82%, 9/29/2026 | 4/3/2025 | 5436 | 5360 |
| 1469 | 8903986, 5.42%, 9/29/2026 | 4/3/2025 | 1425 | 852 |
| 13895 | 8904079, 4.83%, 9/29/2026 | 4/3/2025 | 13353 | 8500 |
| 5774 | 8904218, 4.51%, 9/30/2026 | 4/3/2025 | 5538 | 5157 |
| 3327 | 8904265, 4.52%, 9/30/2026 | 4/3/2025 | 3107 | 3229 |
| 5244 | 8904324, 4.51%, 9/30/2026 | 4/3/2025 | 4971 | 5068 |
| 1342 | 8904380, 6.04%, 9/30/2026 | 4/3/2025 | 1282 | 1218 |
| 14055 | 8904392, 4.51%, 9/30/2026 | 4/3/2025 | 13371 | 13617 |
| 5871 | 8904550, 4.51%, 9/30/2026 | 4/3/2025 | 5579 | 5695 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 303

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3430 | 8904621, 5.85%, 9/30/2026 | 4/3/2025 | 3233 | $3303 |
| 9703 | 8904670, 5.13%, 9/30/2026 | 4/3/2025 | 9174 | 9156 |
| 3761 | 8904778, 4.82%, 9/30/2026 | 4/3/2025 | 3581 | 3630 |
| 4142 | 8904810, 4.82%, 9/30/2026 | 4/3/2025 | 3933 | 3964 |
| 12060 | 8904846, 4.51%, 9/30/2026 | 4/3/2025 | 11448 | 11706 |
| 761 | 8904968, 6.23%, 9/30/2026 | 4/3/2025 | 720 | 672 |
| 7038 | 8904982, 4.51%, 9/30/2026 | 4/3/2025 | 6704 | 6680 |
| 9304 | 8905050, 5.13%, 9/30/2026 | 4/3/2025 | 8788 | 8823 |
| 15608 | 8905155, 5.86%, 9/30/2026 | 4/3/2025 | 14662 | 14607 |
| 21271 | 8905887, 4.51%, 9/30/2026 | 4/3/2025 | 20317 | 20507 |
| 9633 | 8906581, 6.20%, 9/30/2026 | 4/3/2025 | 9147 | 7964 |
| 25512 | 8906796, 4.51%, 9/30/2026 | 4/3/2025 | 24350 | 24595 |
| 21589 | 8907207, 6.20%, 9/30/2026 | 4/3/2025 | 19850 | 19981 |
| 4286 | 8907798, 5.37%, 9/30/2026 | 4/3/2025 | 4052 | 4061 |
| 2716 | 8907888, 6.20%, 9/30/2026 | 4/3/2025 | 2552 | 2561 |
| 2101 | 8907933, 5.85%, 9/30/2026 | 4/3/2025 | 1971 | 1932 |
| 5602 | 8907993, 4.51%, 9/30/2026 | 4/3/2025 | 5320 | 5431 |
| 2014 | 8908113, 5.86%, 9/30/2026 | 4/3/2025 | 1905 | 1880 |
| 11144 | 8908147, 4.51%, 9/30/2026 | 4/3/2025 | 10592 | 10548 |
| 4741 | 8908298, 5.12%, 9/30/2026 | 4/3/2025 | 4501 | 4415 |
| 17483 | 8908344, 4.51%, 9/30/2026 | 4/3/2025 | 16665 | 16854 |
| 7025 | 8908641, 4.82%, 9/30/2026 | 4/3/2025 | 6669 | 6686 |

---

*See Notes to Financial Statements.*

304 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $15034 | 8908760, 5.37%, 9/30/2026 | 4/3/2025 | 14330 | $13365 |
| 13212 | 8908947, 5.13%, 9/30/2026 | 4/3/2025 | 12481 | 12381 |
| 3071 | 8909166, 4.50%, 9/30/2026 | 4/3/2025 | 2928 | 2960 |
| 71081 | 8909224, 5.13%, 9/30/2026 | 4/3/2025 | 67440 | 67724 |
| 3473 | 8910139, 4.82%, 10/1/2026 | 4/4/2025 | 3273 | 3313 |
| 4852 | 8910222, 6.20%, 10/1/2026 | 4/4/2025 | 4575 | 4555 |
| 21413 | 8910334, 4.82%, 10/1/2026 | 4/4/2025 | 20068 | 20761 |
| 5251 | 8910799, 4.52%, 10/1/2026 | 4/4/2025 | 5001 | 5078 |
| 30621 | 8910928, 4.51%, 10/1/2026 | 4/4/2025 | 29229 | 29513 |
| 3484 | 8911500, 5.87%, 10/1/2026 | 4/4/2025 | 3223 | 3349 |
| 16386 | 8911573, 5.37%, 10/1/2026 | 4/4/2025 | 15726 | 15148 |
| 1628 | 8911728, 4.81%, 10/1/2026 | 4/4/2025 | 1552 | 1522 |
|  | 8911741, 4.82%, 10/1/2026 | 4/4/2025 | (19) | (12) |
| 2321 | 8911746, 5.86%, 10/1/2026 | 4/4/2025 | 2205 | 2109 |
| 5177 | 8911802, 4.51%, 10/1/2026 | 4/4/2025 | 4939 | 4990 |
| 1199 | 8911860, 5.86%, 10/1/2026 | 4/4/2025 | 1130 | 1133 |
| 936 | 8911879, 5.39%, 10/1/2026 | 4/4/2025 | 879 | 868 |
| 11449 | 8911886, 4.51%, 10/1/2026 | 4/4/2025 | 10927 | 10728 |
| 1897 | 8912056, 5.12%, 10/1/2026 | 4/4/2025 | 1784 | 1775 |
| 12207 | 8912093, 6.04%, 10/1/2026 | 4/4/2025 | 11426 | 11671 |
| 2473 | 8912303, 5.36%, 10/1/2026 | 4/4/2025 | 2338 | 2352 |
| 19424 | 8912328, 4.51%, 10/1/2026 | 4/4/2025 | 18505 | 18720 |
| 6947 | 8912652, 5.13%, 10/1/2026 | 4/4/2025 | 6512 | 6676 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 305

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3871 | 8912768, 5.86%, 10/1/2026 | 4/4/2025 | 3666 | $3586 |
| 14097 | 8912812, 4.51%, 10/1/2026 | 4/4/2025 | 13260 | 13689 |
| 1130 | 8912996, 6.06%, 10/1/2026 | 4/4/2025 | 1083 | 980 |
| 5313 | 8913025, 4.52%, 10/1/2026 | 4/4/2025 | 5064 | 5087 |
| 1124 | 8913082, 5.67%, 10/1/2026 | 4/4/2025 | 1067 | 1050 |
| 1245 | 8913110, 6.21%, 10/1/2026 | 4/4/2025 | 1190 | 1042 |
| 691 | 8913124, 6.04%, 10/1/2026 | 4/4/2025 | 657 | 629 |
| 2261 | 8913142, 6.20%, 10/1/2026 | 4/4/2025 | 2160 | 1734 |
| 11359 | 8913164, 4.51%, 10/1/2026 | 4/4/2025 | 10776 | 10976 |
| 4975 | 8913298, 4.72%, 10/1/2026<sup>(e)</sup> | 4/4/2025 | 4883 | 422 |
| 11777 | 8913344, 4.82%, 10/1/2026 | 4/4/2025 | 11035 | 11318 |
| 8576 | 8913429, 4.51%, 10/1/2026 | 4/4/2025 | 8245 | 8061 |
| 4518 | 8913503, 5.68%, 10/1/2026 | 4/4/2025 | 4241 | 4302 |
| 779 | 8913547, 6.19%, 10/1/2026 | 4/4/2025 | 730 | 746 |
| 54285 | 8913579, 4.82%, 10/1/2026 | 4/4/2025 | 51629 | 51727 |
| 4894 | 8913990, 4.51%, 10/1/2026 | 4/4/2025 | 4643 | 4750 |
|  | 8914020, 4.74%, 10/1/2026 | 4/4/2025 |  |  |
| 10604 | 8914028, 4.51%, 10/1/2026 | 4/4/2025 | 10027 | 10300 |
| 1311 | 8914119, 5.68%, 10/1/2026 | 4/4/2025 | 1207 | 1256 |
| 4673 | 8914142, 4.52%, 10/1/2026 | 4/4/2025 | 4444 | 4527 |
| 1226 | 8914198, 6.20%, 10/1/2026 | 4/4/2025 | 1152 | 1170 |
| 1933 | 8914205, 6.19%, 10/1/2026 | 4/4/2025 | 1839 | 1651 |

---

*See Notes to Financial Statements.*

306 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $52140 | 8914215, 5.37%, 10/1/2026<sup>(e)</sup> | 4/4/2025 | 50037 | $25922 |
| 1798 | 8914547, 4.51%, 10/1/2026 | 4/4/2025 | 1717 | 1723 |
| 309 | 8914572, 4.71%, 10/1/2026 | 4/4/2025 | 288 | 288 |
| 716 | 8914597, 4.73%, 10/1/2026 | 4/4/2025 | 687 | 682 |
| 1646 | 8914608, 4.73%, 10/1/2026 | 4/4/2025 | 1566 | 1570 |
| 2398 | 8914658, 6.19%, 10/1/2026 | 4/4/2025 | 2229 | 2287 |
| 2816 | 8914680, 4.52%, 10/1/2026 | 4/4/2025 | 2671 | 2694 |
| 1134 | 8914729, 6.19%, 10/1/2026 | 4/4/2025 | 1086 | 976 |
| 4195 | 8914741, 5.86%, 10/1/2026 | 4/4/2025 | 3966 | 3959 |
| 7432 | 8914801, 5.13%, 10/2/2026 | 4/7/2025 | 6968 | 7184 |
| 19476 | 8914909, 5.37%, 10/2/2026 | 4/7/2025 | 18340 | 18490 |
| 4405 | 8915248, 4.51%, 10/2/2026 | 4/7/2025 | 4180 | 4275 |
| 4609 | 8915301, 5.12%, 10/2/2026 | 4/7/2025 | 4305 | 4436 |
| 16975 | 8915531, 5.68%, 10/2/2026 | 4/7/2025 | 15943 | 16177 |
|  | 8916005, 6.21%, 10/2/2026 | 4/7/2025 |  |  |
| 2864 | 8916067, 5.12%, 10/2/2026 | 4/7/2025 | 2711 | 2660 |
| 18601 | 8916132, 4.51%, 10/2/2026 | 4/7/2025 | 17662 | 18036 |
| 2841 | 8916410, 5.68%, 10/2/2026 | 4/7/2025 | 2630 | 2715 |
| 5884 | 8916457, 4.51%, 10/2/2026 | 4/7/2025 | 5503 | 5692 |
| 4681 | 8916542, 4.51%, 10/2/2026 | 4/7/2025 | 4458 | 4508 |
| 4084 | 8916588, 5.37%, 10/2/2026 | 4/7/2025 | 3842 | 3895 |
| 3748 | 8916622, 6.04%, 10/2/2026 | 4/7/2025 | 3555 | 3529 |
| 2856 | 8916668, 4.51%, 10/2/2026 | 4/7/2025 | 2719 | 2762 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 307

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2197 | 8916702, 4.52%, 10/2/2026 | 4/7/2025 | 2093 | $2098 |
| 18886 | 8916755, 5.86%, 10/2/2026 | 4/7/2025 | 17678 | 18173 |
| 1124 | 8916917, 6.03%, 10/2/2026 | 4/7/2025 | 1072 | 949 |
| 1949 | 8916980, 5.13%, 10/2/2026 | 4/7/2025 | 1841 | 1861 |
| 4239 | 8917007, 4.82%, 10/2/2026 | 4/7/2025 | 4007 | 4087 |
| 2123 | 8917083, 4.82%, 10/2/2026 | 4/7/2025 | 2000 | 2024 |
| 5996 | 8917118, 5.68%, 10/2/2026 | 4/7/2025 | 5606 | 5606 |
|  | 8917224, 6.20%, 10/2/2026 | 4/7/2025 |  |  |
| 2010 | 8917496, 4.74%, 10/2/2026 | 4/7/2025 | 1967 | 1376 |
| 7315 | 8917514, 5.86%, 10/2/2026 | 4/7/2025 | 6766 | 7008 |
| 2038 | 8917655, 6.04%, 10/2/2026 | 4/7/2025 | 1927 | 1934 |
| 73709 | 8917672, 4.51%, 10/2/2026 | 4/7/2025 | 70017 | 71464 |
| 3374 | 8918211, 4.52%, 10/2/2026 | 4/7/2025 | 3196 | 3276 |
| 3157 | 8918247, 6.20%, 10/2/2026 | 4/7/2025 | 2950 | 2970 |
| 18202 | 8918272, 4.82%, 10/2/2026 | 4/7/2025 | 17144 | 17547 |
| 12887 | 8918403, 4.51%, 10/2/2026 | 4/7/2025 | 12304 | 12090 |
| 9010 | 8918514, 6.04%, 10/2/2026 | 4/7/2025 | 8662 | 6774 |
| 1204 | 8918627, 6.20%, 10/2/2026 | 4/7/2025 | 1133 | 1009 |
| 1161 | 8918633, 6.21%, 10/2/2026 | 4/7/2025 | 1057 | 1114 |
| 5742 | 8918645, 4.51%, 10/2/2026 | 4/7/2025 | 5450 | 5548 |
| 1803 | 8918666, 4.52%, 10/2/2026 | 4/7/2025 | 1713 | 1747 |
| 45011 | 8918683, 5.13%, 10/2/2026 | 4/7/2025 | 42779 | 43182 |

---

*See Notes to Financial Statements.*

308 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3069 | 8918915, 4.52%, 10/2/2026 | 4/7/2025 | 2922 | $2968 |
| 1066 | 8919065, 6.03%, 10/2/2026 | 4/7/2025 | 1032 | 539 |
| 4780 | 8919085, 6.05%, 10/2/2026 | 4/7/2025 | 4533 | 3647 |
| 15573 | 8921553, 5.88%, 10/3/2026 | 4/8/2025 | 14459 | 14879 |
| 3930 | 8921795, 5.39%, 10/3/2026 | 4/8/2025 | 3627 | 3785 |
| 8739 | 8921902, 4.53%, 10/3/2026 | 4/8/2025 | 8300 | 8397 |
| 1027 | 8922032, 6.21%, 10/3/2026 | 4/8/2025 | 939 | 975 |
| 17368 | 8922079, 5.88%, 10/3/2026 | 4/8/2025 | 16200 | 16628 |
|  | 8922401, 6.22%, 10/3/2026 | 4/8/2025 | (451) |  |
| 2863 | 8922508, 5.42%, 10/3/2026 | 4/8/2025 | 2707 | 2741 |
| 42781 | 8922565, 6.22%, 10/3/2026 | 4/8/2025 | 40247 | 39937 |
| 172 | 8923207, 6.37%, 10/3/2026 | 4/8/2025 | 164 | 129 |
| 19952 | 8923209, 4.53%, 10/3/2026 | 4/8/2025 | 18867 | 19337 |
| 23366 | 8923514, 5.15%, 10/3/2026 | 4/8/2025 | 22006 | 22248 |
| 771 | 8923973, 5.88%, 10/3/2026 | 4/8/2025 | 726 | 729 |
| 5098 | 8923986, 5.88%, 10/3/2026 | 4/8/2025 | 4827 | 4836 |
| 835 | 8924048, 5.87%, 10/3/2026 | 4/8/2025 | 768 | 802 |
| 7841 | 8924051, 5.15%, 10/3/2026 | 4/8/2025 | 7473 | 7117 |
| 8139 | 8924076, 5.40%, 10/3/2026 | 4/8/2025 | 7800 | 7158 |
| 1148 | 8924142, 6.08%, 10/3/2026 | 4/8/2025 | 1094 | 983 |
| 13120 | 8924156, 5.70%, 10/3/2026 | 4/8/2025 | 12320 | 12480 |
| 4996 | 8924284, 5.88%, 10/3/2026 | 4/8/2025 | 4754 | 4274 |
| 3314 | 8924337, 5.89%, 10/3/2026 | 4/8/2025 | 3133 | 3020 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 309

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $7656 | 8924389, 4.53%, 10/3/2026 | 4/8/2025 | 7275 | $7421 |
| 2980 | 8924505, 4.54%, 10/3/2026 | 4/8/2025 | 2829 | 2888 |
| 9184 | 8924554, 5.89%, 10/3/2026 | 4/8/2025 | 8662 | 8682 |
| 5663 | 8924628, 5.70%, 10/3/2026 | 4/8/2025 | 5272 | 5375 |
| 5389 | 8924717, 5.89%, 10/3/2026 | 4/8/2025 | 4949 | 5167 |
| 2127 | 8924812, 5.38%, 10/3/2026 | 4/8/2025 | 2011 | 1993 |
| 788 | 8924859, 6.23%, 10/3/2026 | 4/8/2025 | 744 | 710 |
| 1047 | 8924880, 6.06%, 10/3/2026 | 4/8/2025 | 1012 | 459 |
| 13225 | 8924882, 5.15%, 10/3/2026 | 4/8/2025 | 12538 | 12489 |
| 9946 | 8925045, 4.53%, 10/3/2026 | 4/8/2025 | 9431 | 9578 |
| 7477 | 8925133, 4.84%, 10/3/2026 | 4/8/2025 | 7162 | 6223 |
| 3661 | 8925187, 5.89%, 10/3/2026 | 4/8/2025 | 3476 | 2995 |
| 67440 | 8925205, 5.39%, 10/3/2026 | 4/8/2025 | 63693 | 62612 |
| 744 | 8925755, 6.23%, 10/3/2026 | 4/8/2025 | 699 | 704 |
| 5403 | 8925760, 6.23%, 10/3/2026 | 4/8/2025 | 5083 | 4957 |
| 5760 | 8925810, 6.07%, 10/3/2026 | 4/8/2025 | 5276 | 5355 |
| 2971 | 8925918, 4.54%, 10/3/2026 | 4/8/2025 | 2820 | 2855 |
| 7133 | 8925938, 4.84%, 10/3/2026 | 4/8/2025 | 6776 | 6882 |
| 2109 | 8925994, 4.54%, 10/3/2026 | 4/8/2025 | 2007 | 2039 |
| 7438 | 8926007, 6.07%, 10/3/2026 | 4/8/2025 | 7087 | 6345 |
| 27616 | 8926080, 5.15%, 10/4/2026 | 4/9/2025 | 26128 | 26615 |
| 1887 | 8926690, 5.15%, 10/4/2026 | 4/9/2025 | 1782 | 1808 |

---

*See Notes to Financial Statements.*

310 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $19240 | 8926696, 4.53%, 10/4/2026 | 4/9/2025 | 18276 | $18629 |
| 1875 | 8927047, 5.70%, 10/4/2026 | 4/9/2025 | 1765 | 1756 |
|  | 8927067, 4.75%, 10/4/2026 | 4/9/2025 |  |  |
| 11578 | 8927088, 5.15%, 10/4/2026 | 4/9/2025 | 10814 | 11098 |
| 14749 | 8927284, 5.15%, 10/4/2026 | 4/9/2025 | 13920 | 13907 |
| 3508 | 8927483, 4.53%, 10/4/2026 | 4/9/2025 | 3284 | 3407 |
| 27433 | 8927517, 5.39%, 10/4/2026 | 4/9/2025 | 25823 | 25693 |
| 3870 | 8927806, 5.15%, 10/4/2026 | 4/9/2025 | 3659 | 3738 |
| 10113 | 8927838, 5.39%, 10/4/2026 | 4/9/2025 | 9430 | 9755 |
| 854 | 8927957, 5.39%, 10/4/2026 | 4/9/2025 | 808 | 805 |
| 12674 | 8927978, 4.53%, 10/4/2026 | 4/9/2025 | 12077 | 12212 |
| 10075 | 8928097, 4.84%, 10/4/2026 | 4/9/2025 | 9559 | 9679 |
| 6365 | 8928353, 5.70%, 10/4/2026 | 4/9/2025 | 5903 | 6074 |
| 6213 | 8928413, 6.22%, 10/4/2026 | 4/9/2025 | 5830 | 5784 |
| 1239 | 8928502, 6.22%, 10/4/2026 | 4/9/2025 | 1172 | 1138 |
| 35628 | 8928524, 5.88%, 10/4/2026 | 4/9/2025 | 33155 | 33718 |
| 1946 | 8928964, 6.07%, 10/4/2026 | 4/9/2025 | 1834 | 1867 |
| 3896 | 8928989, 5.15%, 10/4/2026 | 4/9/2025 | 3669 | 3730 |
| 8167 | 8929060, 4.53%, 10/4/2026 | 4/9/2025 | 7724 | 7874 |
| 8154 | 8929149, 5.70%, 10/4/2026 | 4/9/2025 | 7690 | 7787 |
| 5686 | 8929212, 5.70%, 10/4/2026<sup>(e)</sup> | 4/9/2025 | 5450 | 2216 |
| 1459 | 8929253, 6.21%, 10/4/2026 | 4/9/2025 | 1380 | 1326 |
| 4409 | 8929268, 4.53%, 10/4/2026 | 4/9/2025 | 4182 | 4273 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 311

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3123 | 8929310, 6.22%, 10/4/2026 | 4/9/2025 | 2929 | $2953 |
| 23411 | 8929360, 4.53%, 10/4/2026 | 4/9/2025 | 22290 | 21867 |
| 19386 | 8929555, 4.53%, 10/4/2026 | 4/9/2025 | 18371 | 18655 |
| 6002 | 8929721, 6.22%, 10/4/2026 | 4/9/2025 | 5643 | 5679 |
| 129 | 8929785, 6.06%, 10/4/2026 | 4/9/2025 | 118 | 122 |
| 1230 | 8929805, 5.38%, 10/4/2026 | 4/9/2025 | 1157 | 1168 |
| 518 | 8929825, 6.09%, 10/4/2026 | 4/9/2025 | 485 | 495 |
| 2737 | 8929833, 5.15%, 10/4/2026 | 4/9/2025 | 2558 | 2640 |
| 75185 | 8929856, 4.53%, 10/4/2026 | 4/9/2025 | 71831 | 65001 |
| 3466 | 8930165, 5.42%, 10/5/2026 | 4/10/2025 | 3293 | 3294 |
| 4363 | 8930194, 6.22%, 10/5/2026 | 4/10/2025 | 4091 | 4004 |
| 2131 | 8930222, 6.23%, 10/5/2026 | 4/10/2025 | 1992 | 1981 |
| 2110 | 8930233, 4.54%, 10/5/2026 | 4/10/2025 | 2001 | 1991 |
| 3163 | 8930240, 5.15%, 10/5/2026 | 4/10/2025 | 3005 | 2946 |
| 8163 | 8930253, 4.53%, 10/5/2026 | 4/10/2025 | 7731 | 7882 |
| 5631 | 8930313, 4.84%, 10/5/2026 | 4/10/2025 | 5336 | 5265 |
| 10758 | 8930351, 6.22%, 10/5/2026 | 4/10/2025 | 10118 | 10046 |
| 3637 | 8930430, 6.22%, 10/5/2026 | 4/10/2025 | 3305 | 3483 |
| 2586 | 8930523, 5.39%, 10/5/2026 | 4/10/2025 | 2395 | 2482 |
| 5186 | 8930549, 6.22%, 10/5/2026 | 4/10/2025 | 4853 | 4842 |
| 2940 | 8930648, 4.53%, 10/5/2026 | 4/10/2025 | 2780 | 2852 |
| 3197 | 8930668, 4.83%, 10/5/2026 | 4/10/2025 | 3041 | 2950 |

---

*See Notes to Financial Statements.*

312 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $5000 | 8930692, 4.84%, 10/5/2026 | 4/10/2025 | 4726 | $4839 |
| 9725 | 8930733, 6.22%, 10/5/2026 | 4/10/2025 | 9082 | 8897 |
| 8555 | 8930800, 4.84%, 10/5/2026 | 4/10/2025 | 8105 | 8265 |
| 1268 | 8930866, 4.73%, 10/5/2026 | 4/10/2025 | 1205 | 1209 |
| 1324 | 8930888, 5.14%, 10/5/2026 | 4/10/2025 | 1229 | 1276 |
| 4502 | 8930902, 5.15%, 10/5/2026 | 4/10/2025 | 4273 | 4223 |
| 830 | 8930933, 5.70%, 10/5/2026 | 4/10/2025 | 764 | 795 |
| 11093 | 8930946, 4.53%, 10/5/2026 | 4/10/2025 | 10529 | 10742 |
| 10160 | 8931045, 4.52%, 10/6/2026 | 4/10/2025 | 9623 | 9805 |
| 1327 | 8931656, 5.40%, 10/6/2026 | 4/10/2025 | 1282 | 753 |
| 11935 | 8931688, 4.52%, 10/6/2026 | 4/10/2025 | 11342 | 11555 |
| 2409 | 8931808, 4.52%, 10/6/2026 | 4/10/2025 | 2287 | 2285 |
| 7061 | 8932451, 4.52%, 10/7/2026 | 4/10/2025 | 6691 | 6844 |
| 3911 | 8932653, 4.52%, 10/7/2026 | 4/10/2025 | 3705 | 3793 |
| 3005 | 8932782, 4.51%, 10/7/2026 | 4/10/2025 | 2856 | 2910 |
| 13517 | 8932895, 4.51%, 10/7/2026 | 4/10/2025 | 12862 | 12981 |
| 2013 | 8933688, 6.21%, 10/7/2026 | 4/10/2025 | 1902 | 1844 |
| 647 | 8933716, 6.20%, 10/7/2026 | 4/10/2025 | 595 | 599 |
| 20985 | 8933747, 4.51%, 10/7/2026 | 4/10/2025 | 19923 | 20334 |
| 6371 | 8934009, 4.82%, 10/7/2026 | 4/10/2025 | 6015 | 6056 |
| 4977 | 8934155, 5.86%, 10/7/2026 | 4/10/2025 | 4656 | 4711 |
| 2446 | 8934235, 4.51%, 10/7/2026 | 4/10/2025 | 2324 | 2370 |
| 7505 | 8934268, 4.51%, 10/7/2026 | 4/10/2025 | 7112 | 7280 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 313

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $50317 | 8934375, 6.20%, 10/7/2026 | 4/10/2025 | 47985 | $38118 |
| 9520 | 8934989, 5.37%, 10/7/2026 | 4/10/2025 | 8920 | 8875 |
| 3379 | 8935137, 4.52%, 10/7/2026 | 4/10/2025 | 3216 | 3253 |
| 6907 | 8935166, 5.13%, 10/7/2026 | 4/10/2025 | 6597 | 5416 |
| 5056 | 8935238, 4.82%, 10/7/2026 | 4/10/2025 | 4768 | 4868 |
| 5392 | 8935338, 4.51%, 10/7/2026 | 4/10/2025 | 5155 | 4869 |
| 17115 | 8935390, 4.51%, 10/7/2026 | 4/10/2025 | 16282 | 16538 |
| 9672 | 8935653, 5.86%, 10/7/2026 | 4/10/2025 | 8982 | 9307 |
| 13979 | 8935838, 4.51%, 10/7/2026 | 4/10/2025 | 13259 | 13565 |
| 1344 | 8936053, 6.20%, 10/7/2026 | 4/10/2025 | 1221 | 1281 |
| 8221 | 8936083, 4.82%, 10/7/2026 | 4/10/2025 | 7681 | 7932 |
| 4349 | 8936208, 5.86%, 10/7/2026 | 4/10/2025 | 4109 | 4000 |
| 8403 | 8936281, 4.51%, 10/7/2026 | 4/10/2025 | 8011 | 7887 |
| 1578 | 8936670, 5.87%, 10/7/2026 | 4/10/2025 | 1442 | 1511 |
| 707 | 8936730, 6.02%, 10/7/2026 | 4/10/2025 | 663 | 667 |
| 3096 | 8936748, 5.37%, 10/7/2026 | 4/10/2025 | 2917 | 2984 |
| 2194 | 8936861, 4.51%, 10/7/2026 | 4/10/2025 | 2054 | 2120 |
| 1336 | 8936959, 4.80%, 10/8/2026 | 4/11/2025 | 1264 | 1273 |
| 5046 | 8936979, 4.51%, 10/8/2026 | 4/11/2025 | 4795 | 4876 |
| 1091 | 8937077, 6.04%, 10/8/2026 | 4/11/2025 | 1053 | 631 |
| 2950 | 8937085, 5.36%, 10/8/2026 | 4/11/2025 | 2809 | 2471 |
| 14070 | 8937161, 5.68%, 10/8/2026 | 4/11/2025 | 13286 | 13340 |

---

*See Notes to Financial Statements.*

314 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $12111 | 8937379, 5.86%, 10/8/2026 | 4/11/2025 | 11453 | $11375 |
| 31969 | 8937605, 5.86%, 10/8/2026 | 4/11/2025 | 30085 | 30124 |
| 4947 | 8938237, 5.86%, 10/8/2026 | 4/11/2025 | 4646 | 4644 |
| 10898 | 8938318, 6.04%, 10/8/2026 | 4/11/2025 | 10436 | 9099 |
| 21899 | 8938510, 4.51%, 10/8/2026 | 4/11/2025 | 20798 | 21161 |
| 1311 | 8938747, 6.21%, 10/8/2026 | 4/11/2025 | 1240 | 1178 |
| 1677 | 8938775, 6.19%, 10/8/2026 | 4/11/2025 | 1536 | 1579 |
| 4341 | 8938793, 4.51%, 10/8/2026 | 4/11/2025 | 4119 | 4206 |
| 83789 | 8938842, 5.37%, 10/8/2026 | 4/11/2025 | 79113 | 79413 |
| 443 | 8939656, 6.06%, 10/8/2026 | 4/11/2025 | 413 | 422 |
| 19741 | 8939664, 5.37%, 10/8/2026 | 4/11/2025 | 18711 | 18773 |
| 2913 | 8939869, 4.82%, 10/8/2026 | 4/11/2025 | 2754 | 2775 |
| 8047 | 8939928, 4.52%, 10/8/2026 | 4/11/2025 | 7674 | 7754 |
| 3259 | 8939979, 4.72%, 10/8/2026 | 4/11/2025 | 3169 | 2682 |
| 1344 | 8940006, 5.37%, 10/8/2026 | 4/11/2025 | 1249 | 1260 |
| 5873 | 8940022, 4.82%, 10/8/2026 | 4/11/2025 | 5567 | 5673 |
| 2925 | 8940111, 4.81%, 10/8/2026 | 4/11/2025 | 2769 | 2829 |
| 19638 | 8940136, 5.68%, 10/8/2026 | 4/11/2025 | 18558 | 18627 |
| 1825 | 8940290, 4.73%, 10/8/2026 | 4/11/2025 | 1766 | 1576 |
| 6893 | 8940304, 5.86%, 10/8/2026 | 4/11/2025 | 6594 | 2379 |
| 58997 | 8940318, 6.20%, 10/8/2026 | 4/11/2025 | 55408 | 55469 |
| 44484 | 8940908, 4.51%, 10/8/2026 | 4/11/2025 | 42256 | 43049 |
| 1311 | 8941041, 4.53%, 10/9/2026 | 4/14/2025 | 1245 | 1269 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 315

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1091 | 8941113, 4.51%, 10/9/2026 | 4/14/2025 | 1038 | $1054 |
| 2008 | 8941128, 6.21%, 10/9/2026 | 4/14/2025 | 1912 | 1483 |
| 10598 | 8941170, 5.13%, 10/9/2026 | 4/14/2025 | 9991 | 10230 |
| 673 | 8941356, 5.37%, 10/9/2026 | 4/14/2025 | 618 | 648 |
| 3055 | 8941382, 4.82%, 10/9/2026 | 4/14/2025 | 2889 | 2921 |
| 2208 | 8941420, 5.12%, 10/9/2026 | 4/14/2025 | 2090 | 2123 |
| 3545 | 8941448, 4.82%, 10/9/2026 | 4/14/2025 | 3345 | 3377 |
| 754 | 8941483, 5.16%, 10/9/2026 | 4/14/2025 | 711 | 705 |
| 4325 | 8941487, 5.86%, 10/9/2026 | 4/14/2025 | 4020 | 4042 |
| 3954 | 8941577, 4.51%, 10/9/2026 | 4/14/2025 | 3745 | 3836 |
| 6855 | 8941658, 4.51%, 10/9/2026 | 4/14/2025 | 6506 | 6635 |
| 5193 | 8941800, 6.20%, 10/9/2026 | 4/14/2025 | 4847 | 4790 |
| 2218 | 8941941, 4.83%, 10/9/2026 | 4/14/2025 | 2099 | 2139 |
| 5282 | 8941979, 4.51%, 10/9/2026 | 4/14/2025 | 5014 | 5113 |
| 4089 | 8942085, 5.38%, 10/9/2026 | 4/14/2025 | 3893 | 3566 |
| 2732 | 8942139, 5.37%, 10/9/2026 | 4/14/2025 | 2587 | 2413 |
| 414 | 8942163, 6.06%, 10/9/2026 | 4/14/2025 | 376 | 388 |
| 9483 | 8942170, 4.82%, 10/9/2026 | 4/14/2025 | 8908 | 9139 |
| 9563 | 8942309, 5.13%, 10/9/2026 | 4/14/2025 | 8951 | 9187 |
|  | 8942377, 5.37%, 10/9/2026 | 4/14/2025 | (340) | (193) |
| 1596 | 8942476, 5.37%, 10/9/2026 | 4/14/2025 | 1505 | 1523 |
| 9938 | 8942491, 5.68%, 10/9/2026 | 4/14/2025 | 9335 | 9403 |

---

*See Notes to Financial Statements.*

316 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1922 | 8942593, 5.86%, 10/9/2026 | 4/14/2025 | 1823 | $1537 |
| 2432 | 8942612, 5.36%, 10/9/2026 | 4/14/2025 | 2309 | 2205 |
| 4911 | 8942632, 5.13%, 10/9/2026 | 4/14/2025 | 4614 | 4714 |
| 1626 | 8942687, 4.72%, 10/9/2026 | 4/14/2025 | 1554 | 1427 |
| 1559 | 8942712, 5.86%, 10/9/2026 | 4/14/2025 | 1483 | 1374 |
| 10365 | 8942722, 4.51%, 10/9/2026 | 4/14/2025 | 9847 | 10032 |
| 3069 | 8942831, 5.86%, 10/9/2026 | 4/14/2025 | 2832 | 2944 |
| 1851 | 8942875, 4.81%, 10/9/2026 | 4/14/2025 | 1748 | 1791 |
| 21036 | 8942892, 4.51%, 10/9/2026 | 4/14/2025 | 19812 | 20412 |
| 14922 | 8943094, 4.82%, 10/9/2026 | 4/14/2025 | 14063 | 14294 |
| 45831 | 8943297, 5.13%, 10/9/2026 | 4/14/2025 | 43227 | 44192 |
| 1762 | 8943669, 4.51%, 10/9/2026 | 4/14/2025 | 1672 | 1705 |
| 12245 | 8943680, 4.51%, 10/9/2026 | 4/14/2025 | 11639 | 11849 |
| 16316 | 8943809, 5.86%, 10/9/2026 | 4/14/2025 | 15290 | 15427 |
| 2446 | 8944027, 5.87%, 10/9/2026 | 4/14/2025 | 2333 | 1614 |
| 515 | 8944055, 4.51%, 10/9/2026 | 4/14/2025 | 481 | 501 |
| 6091 | 8944066, 4.51%, 10/9/2026 | 4/14/2025 | 5756 | 5878 |
| 6076 | 8944140, 5.37%, 10/9/2026 | 4/14/2025 | 5734 | 5811 |
| 1587 | 8944197, 5.41%, 10/9/2026 | 4/14/2025 | 1536 | 931 |
| 12290 | 8944209, 5.13%, 10/9/2026 | 4/14/2025 | 11654 | 10474 |
| 62575 | 8944346, 4.82%, 10/9/2026 | 4/14/2025 | 59206 | 60092 |
|  | 8944799, 5.40%, 10/9/2026 | 4/14/2025 | (83) | (41) |
| 38907 | 8944822, 4.82%, 10/9/2026 | 4/14/2025 | 37220 | 33578 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 317

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $8513 | 8948041, 4.53%, 10/10/2026 | 4/15/2025 | 7969 | $8264 |
| 10309 | 8948238, 5.39%, 10/10/2026 | 4/15/2025 | 9755 | 9667 |
| 14803 | 8948380, 4.53%, 10/10/2026 | 4/15/2025 | 14048 | 14318 |
| 11391 | 8948475, 4.53%, 10/10/2026 | 4/15/2025 | 10829 | 10969 |
| 3139 | 8948639, 4.74%, 10/10/2026 | 4/15/2025 | 3021 | 2827 |
| 739 | 8948697, 6.21%, 10/10/2026 | 4/15/2025 | 688 | 703 |
| 11671 | 8948709, 6.22%, 10/10/2026 | 4/15/2025 | 10767 | 11057 |
| 3348 | 8949103, 6.22%, 10/10/2026 | 4/15/2025 | 3173 | 2915 |
| 3150 | 8949211, 4.53%, 10/10/2026 | 4/15/2025 | 2975 | 3056 |
| 1241 | 8949262, 4.55%, 10/10/2026 | 4/15/2025 | 1176 | 1203 |
| 3460 | 8949293, 4.54%, 10/10/2026 | 4/15/2025 | 3303 | 3255 |
| 1749 | 8949352, 4.53%, 10/10/2026 | 4/15/2025 | 1659 | 1694 |
| 3533 | 8949364, 5.69%, 10/10/2026 | 4/15/2025 | 3361 | 3124 |
| 8390 | 8949399, 5.89%, 10/10/2026 | 4/15/2025 | 7876 | 7723 |
| 4184 | 8949531, 4.53%, 10/10/2026 | 4/15/2025 | 3960 | 4038 |
| 5179 | 8949608, 5.70%, 10/10/2026 | 4/15/2025 | 4852 | 4928 |
| 19148 | 8949665, 4.53%, 10/10/2026 | 4/15/2025 | 18248 | 17995 |
| 5343 | 8949885, 6.23%, 10/10/2026 | 4/15/2025 | 5052 | 4903 |
| 5634 | 8949939, 4.84%, 10/10/2026 | 4/15/2025 | 5312 | 5425 |
| 1307 | 8950055, 4.55%, 10/10/2026 | 4/15/2025 | 1239 | 1264 |
| 1000 | 8950082, 5.89%, 10/10/2026 | 4/15/2025 | 918 | 952 |
| 1156 | 8950108, 6.21%, 10/10/2026 | 4/15/2025 | 1069 | 1092 |

---

*See Notes to Financial Statements.*

318 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $7571 | 8950120, 5.15%, 10/10/2026 | 4/15/2025 | 7199 | $6176 |
| 14411 | 8950209, 5.15%, 10/10/2026 | 4/15/2025 | 13502 | 13499 |
| 2968 | 8950477, 6.22%, 10/10/2026 | 4/15/2025 | 2744 | 2822 |
| 6715 | 8950547, 5.15%, 10/10/2026 | 4/15/2025 | 6355 | 6287 |
| 28653 | 8950594, 6.07%, 10/10/2026 | 4/15/2025 | 27065 | 27187 |
| 13712 | 8950926, 4.53%, 10/10/2026 | 4/15/2025 | 12989 | 13281 |
| 1108 | 8951041, 5.70%, 10/10/2026 | 4/15/2025 | 1036 | 1066 |
| 641 | 8951059, 5.87%, 10/10/2026 | 4/15/2025 | 595 | 613 |
| 3966 | 8951064, 4.84%, 10/10/2026 | 4/15/2025 | 3740 | 3653 |
| 14960 | 8951127, 4.53%, 10/10/2026 | 4/15/2025 | 14151 | 14511 |
| 3490 | 8951342, 4.53%, 10/10/2026 | 4/15/2025 | 3311 | 3378 |
| 2944 | 8951369, 4.53%, 10/10/2026 | 4/15/2025 | 2784 | 2856 |
| 2619 | 8951419, 4.75%, 10/10/2026 | 4/15/2025 | 2556 | 1467 |
| 48957 | 8951424, 4.53%, 10/10/2026 | 4/15/2025 | 46751 | 46075 |
| 34022 | 8951855, 4.84%, 10/10/2026 | 4/15/2025 | 32310 | 32683 |
| 6547 | 8952272, 4.84%, 10/10/2026 | 4/15/2025 | 6209 | 6166 |
| 6446 | 8952350, 4.53%, 10/10/2026 | 4/15/2025 | 6111 | 6242 |
| 1716 | 8952427, 5.69%, 10/10/2026 | 4/15/2025 | 1627 | 1444 |
| 9761 | 8952454, 4.53%, 10/10/2026 | 4/15/2025 | 9231 | 9469 |
| 25122 | 8952535, 5.88%, 10/10/2026 | 4/15/2025 | 23583 | 23170 |
| 4342 | 8952678, 4.74%, 10/11/2026 | 4/16/2025 | 4135 | 3814 |
| 25214 | 8952855, 4.53%, 10/11/2026 | 4/16/2025 | 23910 | 24390 |
| 4791 | 8953168, 4.53%, 10/11/2026 | 4/16/2025 | 4486 | 4644 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 319

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4552 | 8953320, 4.83%, 10/11/2026 | 4/16/2025 | 4319 | $4312 |
| 1795 | 8953405, 5.14%, 10/11/2026 | 4/16/2025 | 1693 | 1711 |
| 2555 | 8953446, 4.53%, 10/11/2026 | 4/16/2025 | 2419 | 2474 |
| 10042 | 8953535, 5.42%, 10/11/2026 | 4/16/2025 | 9596 | 9198 |
| 7274 | 8953778, 5.39%, 10/11/2026 | 4/16/2025 | 6849 | 6990 |
| 3943 | 8953965, 5.15%, 10/11/2026 | 4/16/2025 | 3712 | 3779 |
| 3005 | 8954012, 5.88%, 10/11/2026 | 4/16/2025 | 2778 | 2863 |
| 17690 | 8954128, 4.53%, 10/11/2026 | 4/16/2025 | 16780 | 17131 |
| 26414 | 8954312, 5.15%, 10/11/2026 | 4/16/2025 | 24982 | 25396 |
| 7530 | 8954555, 4.53%, 10/11/2026 | 4/16/2025 | 7148 | 7104 |
| 3219 | 8954637, 4.52%, 10/11/2026 | 4/16/2025 | 3056 | 3113 |
| 10539 | 8954658, 5.89%, 10/11/2026 | 4/16/2025 | 9852 | 9949 |
| 9307 | 8954794, 4.84%, 10/11/2026 | 4/16/2025 | 8768 | 8960 |
| 3303 | 8954878, 4.52%, 10/11/2026 | 4/16/2025 | 3113 | 3205 |
| 17763 | 8954933, 4.84%, 10/11/2026 | 4/16/2025 | 16737 | 17097 |
| 5194 | 8955223, 5.39%, 10/11/2026 | 4/16/2025 | 4952 | 4523 |
| 2798 | 8955294, 5.39%, 10/11/2026 | 4/16/2025 | 2607 | 2686 |
| 5806 | 8955334, 4.53%, 10/11/2026 | 4/16/2025 | 5460 | 5634 |
| 1483 | 8955430, 6.22%, 10/11/2026 | 4/16/2025 | 1403 | 1364 |
| 16930 | 8955466, 5.39%, 10/11/2026 | 4/16/2025 | 15988 | 16033 |
| 14407 | 8955688, 5.15%, 10/11/2026 | 4/16/2025 | 13548 | 13619 |
| 4104 | 8955769, 5.15%, 10/11/2026 | 4/16/2025 | 3864 | 3934 |

---

*See Notes to Financial Statements.*

320 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3172 | 8955785, 5.88%, 10/11/2026 | 4/16/2025 | 2973 | $3012 |
| 3831 | 8955821, 5.39%, 10/11/2026 | 4/16/2025 | 3658 | 3144 |
| 15568 | 8955874, 4.53%, 10/11/2026 | 4/16/2025 | 14752 | 15095 |
| 4835 | 8956043, 4.53%, 10/11/2026 | 4/16/2025 | 4581 | 4682 |
| 53055 | 8956109, 4.84%, 10/11/2026 | 4/16/2025 | 50717 | 44091 |
| 56650 | 8956557, 5.88%, 10/11/2026 | 4/16/2025 | 53704 | 51149 |
| 3438 | 8956915, 5.14%, 10/12/2026 | 4/17/2025 | 3257 | 3294 |
| 1032 | 8956944, 5.43%, 10/12/2026 | 4/17/2025 | 976 | 922 |
| 2102 | 8956951, 5.87%, 10/12/2026 | 4/17/2025 | 1955 | 2010 |
| 5726 | 8956972, 6.22%, 10/12/2026 | 4/17/2025 | 5336 | 5401 |
| 6458 | 8957033, 4.53%, 10/12/2026 | 4/17/2025 | 6136 | 6218 |
| 843 | 8957125, 5.89%, 10/12/2026 | 4/17/2025 | 772 | 801 |
| 7032 | 8957138, 6.22%, 10/12/2026 | 4/17/2025 | 6638 | 5889 |
| 6057 | 8957218, 6.22%, 10/12/2026 | 4/17/2025 | 5687 | 5015 |
| 19483 | 8957297, 5.15%, 10/12/2026 | 4/17/2025 | 18364 | 18773 |
| 4917 | 8957467, 4.84%, 10/12/2026 | 4/17/2025 | 4582 | 4754 |
| 12162 | 8957534, 4.53%, 10/12/2026 | 4/17/2025 | 11411 | 11803 |
| 1219 | 8957676, 5.90%, 10/12/2026 | 4/17/2025 | 1143 | 1125 |
| 13530 | 8957688, 4.53%, 10/12/2026 | 4/17/2025 | 12943 | 11352 |
| 2643 | 8957800, 5.14%, 10/12/2026 | 4/17/2025 | 2494 | 2438 |
| 4194 | 8957838, 5.88%, 10/12/2026 | 4/17/2025 | 3925 | 3995 |
| 3484 | 8957887, 6.22%, 10/12/2026 | 4/17/2025 | 3238 | 3278 |
| 5812 | 8957921, 4.53%, 10/12/2026 | 4/17/2025 | 5524 | 5597 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 321

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1123 | 8957984, 6.24%, 10/12/2026 | 4/17/2025 | 1027 | $1038 |
| 2124 | 8958000, 4.83%, 10/12/2026 | 4/17/2025 | 1998 | 2029 |
| 2308 | 8958026, 6.22%, 10/12/2026 | 4/17/2025 | 2187 | 1864 |
| 17906 | 8958056, 4.52%, 10/13/2026 | 4/17/2025 | 17128 | 16259 |
| 2984 | 8958219, 5.69%, 10/13/2026 | 4/17/2025 | 2787 | 2822 |
| 16520 | 8958273, 4.52%, 10/13/2026 | 4/17/2025 | 15649 | 15997 |
| 8193 | 8958439, 4.52%, 10/13/2026 | 4/17/2025 | 7642 | 7935 |
| 9663 | 8958538, 4.83%, 10/13/2026 | 4/17/2025 | 9199 | 9033 |
| 2608 | 8958615, 4.52%, 10/13/2026 | 4/17/2025 | 2472 | 2526 |
| 4769 | 8958658, 4.52%, 10/13/2026 | 4/17/2025 | 4531 | 4605 |
| 2557 | 8958699, 4.52%, 10/13/2026 | 4/17/2025 | 2423 | 2422 |
| 6538 | 8958721, 5.14%, 10/13/2026 | 4/17/2025 | 6194 | 5765 |
| 6030 | 8958785, 5.87%, 10/13/2026 | 4/17/2025 | 5553 | 5671 |
| 4476 | 8958853, 6.21%, 10/13/2026 | 4/17/2025 | 4197 | 4163 |
| 9792 | 8958915, 6.21%, 10/13/2026 | 4/17/2025 | 9141 | 9284 |
| 7991 | 8959035, 4.52%, 10/13/2026 | 4/17/2025 | 7470 | 7754 |
| 11386 | 8960057, 4.51%, 10/14/2026 | 4/17/2025 | 10775 | 11024 |
| 1233 | 8960358, 4.72%, 10/14/2026 | 4/17/2025 | 1172 | 1186 |
| 11060 | 8960407, 4.82%, 10/14/2026 | 4/17/2025 | 10541 | 9943 |
| 1459 | 8960699, 6.19%, 10/14/2026 | 4/17/2025 | 1388 | 1111 |
| 1690 | 8960734, 6.06%, 10/14/2026 | 4/17/2025 | 1603 | 1332 |
| 2098 | 8960795, 6.04%, 10/14/2026 | 4/17/2025 | 2003 | 1595 |

---

*See Notes to Financial Statements.*

322 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $9942 | 8960868, 4.82%, 10/14/2026 | 4/17/2025 | 9496 | $7296 |
| 6355 | 8961049, 4.51%, 10/14/2026 | 4/17/2025 | 6036 | 6147 |
|  | 8961146, 6.22%, 10/14/2026 | 4/17/2025 |  |  |
| 7759 | 8961528, 5.86%, 10/14/2026 | 4/17/2025 | 7263 | 7438 |
| 2151 | 8961688, 4.73%, 10/14/2026 | 4/17/2025 | 2066 | 1903 |
| 1670 | 8961707, 5.68%, 10/14/2026 | 4/17/2025 | 1577 | 1559 |
| 6036 | 8961717, 5.13%, 10/14/2026 | 4/17/2025 | 5717 | 5698 |
| 11370 | 8961777, 4.51%, 10/14/2026 | 4/17/2025 | 10642 | 11034 |
| 3201 | 8962021, 6.19%, 10/14/2026<sup>(e)</sup> | 4/17/2025 | 3067 | 2290 |
| 7702 | 8962073, 4.82%, 10/14/2026 | 4/17/2025 | 7229 | 7271 |
| 24707 | 8962225, 4.51%, 10/14/2026 | 4/17/2025 | 23348 | 23952 |
| 532 | 8962618, 5.38%, 10/14/2026 | 4/17/2025 | 491 | 508 |
| 3999 | 8962653, 4.52%, 10/14/2026 | 4/17/2025 | 3801 | 3851 |
| 532 | 8962731, 6.03%, 10/14/2026 | 4/17/2025 | 497 | 502 |
| 64240 | 8962751, 4.51%, 10/14/2026 | 4/17/2025 | 60701 | 62039 |
| 40252 | 8963589, 4.51%, 10/14/2026 | 4/17/2025 | 38166 | 38976 |
| 4040 | 8964036, 4.51%, 10/14/2026 | 4/17/2025 | 3826 | 3915 |
| 7134 | 8964091, 5.37%, 10/14/2026 | 4/17/2025 | 6738 | 6663 |
| 5072 | 8964247, 4.51%, 10/14/2026 | 4/17/2025 | 4791 | 4918 |
| 5338 | 8964320, 4.51%, 10/14/2026 | 4/17/2025 | 5063 | 5169 |
| 677 | 8964415, 6.19%, 10/14/2026 | 4/17/2025 | 617 | 647 |
| 2636 | 8964438, 4.51%, 10/14/2026 | 4/17/2025 | 2499 | 2543 |
| 9647 | 8964504, 5.86%, 10/14/2026 | 4/17/2025 | 9078 | 9078 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 323

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1772 | 8964601, 4.51%, 10/15/2026 | 4/18/2025 | 1671 | $1719 |
|  | 8964682, 6.03%, 10/15/2026 | 4/18/2025 | (189) |  |
| 8956 | 8964913, 5.86%, 10/15/2026 | 4/18/2025 | 8454 | 8367 |
| 9112 | 8965052, 6.20%, 10/15/2026 | 4/18/2025 | 8535 | 8487 |
| 25947 | 8965218, 5.86%, 10/15/2026 | 4/18/2025 | 24189 | 24559 |
| 1799 | 8965841, 5.13%, 10/15/2026 | 4/18/2025 | 1688 | 1707 |
| 14431 | 8965895, 5.40%, 10/15/2026 | 4/18/2025 | 13567 | 13296 |
| 2747 | 8966178, 4.81%, 10/15/2026 | 4/18/2025 | 2553 | 2658 |
| 642 | 8966221, 5.43%, 10/15/2026 | 4/18/2025 | 617 | 537 |
| 1865 | 8966286, 5.40%, 10/15/2026 | 4/18/2025 | 1724 | 1807 |
|  | 8966373, 4.74%, 10/15/2026 | 4/18/2025 | (162) |  |
| 5123 | 8966382, 5.86%, 10/15/2026 | 4/18/2025 | 4704 | 4902 |
| 8139 | 8966477, 5.86%, 10/15/2026 | 4/18/2025 | 7639 | 7505 |
| 4670 | 8966635, 4.52%, 10/15/2026 | 4/18/2025 | 4418 | 4528 |
| 2729 | 8966713, 4.52%, 10/15/2026 | 4/18/2025 | 2588 | 2642 |
| 19695 | 8966741, 6.20%, 10/15/2026 | 4/18/2025 | 18409 | 18236 |
| 1340 | 8967807, 5.38%, 10/15/2026 | 4/18/2025 | 1239 | 1279 |
| 25566 | 8967988, 5.86%, 10/15/2026 | 4/18/2025 | 24323 | 15897 |
| 22061 | 8968263, 4.51%, 10/15/2026 | 4/18/2025 | 20829 | 21398 |
| 17223 | 8968530, 6.20%, 10/15/2026 | 4/18/2025 | 16418 | 12709 |
| 64526 | 8968652, 4.51%, 10/15/2026 | 4/18/2025 | 61314 | 61718 |
| 5343 | 8969238, 4.51%, 10/15/2026 | 4/18/2025 | 5067 | 5168 |

---

*See Notes to Financial Statements.*

324 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3365 | 8969281, 4.52%, 10/15/2026 | 4/18/2025 | 3196 | $3190 |
| 40007 | 8969348, 5.68%, 10/15/2026 | 4/18/2025 | 37400 | 37883 |
| 11436 | 8969798, 4.51%, 10/16/2026 | 4/21/2025 | 10802 | 11084 |
| 6806 | 8970042, 4.51%, 10/16/2026 | 4/21/2025 | 6454 | 6580 |
| 28471 | 8970169, 4.51%, 10/16/2026 | 4/21/2025 | 26873 | 27605 |
| 1870 | 8970532, 4.51%, 10/16/2026 | 4/21/2025 | 1773 | 1811 |
| 10545 | 8970558, 4.51%, 10/16/2026 | 4/21/2025 | 9984 | 10211 |
| 8450 | 8970779, 4.51%, 10/16/2026 | 4/21/2025 | 7961 | 8192 |
| 7858 | 8970957, 5.68%, 10/16/2026 | 4/21/2025 | 7354 | 7490 |
| 24913 | 8971101, 5.68%, 10/16/2026 | 4/21/2025 | 22938 | 23899 |
| 3039 | 8971583, 6.21%, 10/16/2026 | 4/21/2025 | 2886 | 2293 |
| 2330 | 8971622, 4.81%, 10/16/2026 | 4/21/2025 | 2201 | 2250 |
| 503 | 8971632, 6.23%, 10/16/2026 | 4/21/2025 | 456 | 481 |
| 4018 | 8971643, 5.67%, 10/16/2026 | 4/21/2025 | 3755 | 3857 |
| 31082 | 8971690, 4.51%, 10/16/2026 | 4/21/2025 | 29385 | 30116 |
| 10247 | 8972059, 4.51%, 10/16/2026 | 4/21/2025 | 9717 | 9805 |
| 1859 | 8972098, 5.86%, 10/16/2026 | 4/21/2025 | 1692 | 1768 |
| 769 | 8972111, 6.19%, 10/16/2026 | 4/21/2025 | 705 | 713 |
| 41158 | 8972139, 4.82%, 10/16/2026 | 4/21/2025 | 38761 | 39608 |
| 3118 | 8972602, 5.40%, 10/16/2026 | 4/21/2025 | 2994 | 2593 |
| 3831 | 8972620, 6.20%, 10/16/2026 | 4/21/2025 | 3482 | 3620 |
| 68197 | 8972669, 4.82%, 10/16/2026 | 4/21/2025 | 64641 | 64090 |
| 35227 | 8973362, 4.82%, 10/16/2026 | 4/21/2025 | 33190 | 34012 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 325

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $6771 | 8973694, 4.52%, 10/16/2026 | 4/21/2025 | 6432 | $6520 |
| 3943 | 8976117, 4.53%, 10/17/2026 | 4/22/2025 | 3738 | 3811 |
| 5316 | 8976225, 4.53%, 10/17/2026 | 4/22/2025 | 5032 | 5146 |
| 29754 | 8976263, 6.22%, 10/17/2026 | 4/22/2025 | 28371 | 24382 |
| 2832 | 8976681, 4.53%, 10/17/2026 | 4/22/2025 | 2649 | 2742 |
| 839 | 8976722, 5.88%, 10/17/2026 | 4/22/2025 | 788 | 750 |
| 20912 | 8976740, 4.53%, 10/17/2026 | 4/22/2025 | 19842 | 20181 |
| 6697 | 8977090, 4.53%, 10/17/2026 | 4/22/2025 | 6341 | 6482 |
| 5493 | 8977230, 5.89%, 10/17/2026 | 4/22/2025 | 5163 | 5096 |
| 5704 | 8977306, 4.53%, 10/17/2026 | 4/22/2025 | 5408 | 5513 |
| 19558 | 8977396, 4.53%, 10/17/2026 | 4/22/2025 | 18522 | 18911 |
| 1873 | 8977727, 4.53%, 10/17/2026 | 4/22/2025 | 1779 | 1756 |
| 5720 | 8977736, 5.88%, 10/17/2026 | 4/22/2025 | 5427 | 4579 |
| 491 | 8977772, 6.10%, 10/17/2026 | 4/22/2025 | 453 | 447 |
| 7322 | 8977776, 5.70%, 10/17/2026 | 4/22/2025 | 6902 | 6186 |
| 11599 | 8977894, 4.53%, 10/17/2026 | 4/22/2025 | 10989 | 11042 |
| 13078 | 8978067, 4.84%, 10/17/2026 | 4/22/2025 | 12361 | 12295 |
| 23977 | 8978241, 4.53%, 10/17/2026 | 4/22/2025 | 22758 | 22804 |
| 3052 | 8978485, 4.84%, 10/17/2026 | 4/22/2025 | 2880 | 2926 |
| 15625 | 8978514, 5.39%, 10/17/2026 | 4/22/2025 | 14632 | 14788 |
| 2053 | 8978733, 4.74%, 10/17/2026 | 4/22/2025 | 1921 | 1968 |
| 20657 | 8978766, 5.15%, 10/17/2026 | 4/22/2025 | 19421 | 19777 |

---

*See Notes to Financial Statements.*

326 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $10995 | 8979038, 5.39%, 10/17/2026 | 4/22/2025 | 10302 | $10266 |
| 3056 | 8979124, 4.53%, 10/17/2026 | 4/22/2025 | 2904 | 2858 |
| 2626 | 8979140, 6.23%, 10/17/2026 | 4/22/2025 | 2480 | 2083 |
| 6485 | 8979158, 5.39%, 10/17/2026 | 4/22/2025 | 5997 | 6164 |
| 5922 | 8979221, 4.53%, 10/17/2026 | 4/22/2025 | 5635 | 5485 |
| 15875 | 8979277, 4.53%, 10/17/2026 | 4/22/2025 | 15065 | 15343 |
| 14560 | 8979445, 5.88%, 10/17/2026 | 4/22/2025 | 13653 | 13564 |
| 9529 | 8979634, 4.84%, 10/17/2026 | 4/22/2025 | 9096 | 8425 |
| 2917 | 8979704, 4.53%, 10/17/2026 | 4/22/2025 | 2730 | 2829 |
| 745 | 8979767, 6.08%, 10/17/2026 | 4/22/2025 | 683 | 706 |
| 14798 | 8979779, 5.15%, 10/17/2026 | 4/22/2025 | 14001 | 13233 |
| 13796 | 8980014, 6.22%, 10/17/2026 | 4/22/2025 | 12609 | 13083 |
| 1599 | 8980390, 5.15%, 10/17/2026 | 4/22/2025 | 1500 | 1518 |
| 28981 | 8980446, 5.88%, 10/17/2026 | 4/22/2025 | 27346 | 27194 |
| 11192 | 8980505, 4.84%, 10/18/2026 | 4/23/2025 | 10608 | 10673 |
| 3019 | 8980740, 6.22%, 10/18/2026 | 4/23/2025 | 2849 | 2629 |
| 2204 | 8980787, 4.53%, 10/18/2026 | 4/23/2025 | 2092 | 2127 |
| 15301 | 8980812, 5.15%, 10/18/2026 | 4/23/2025 | 14529 | 13424 |
| 6134 | 8981115, 4.53%, 10/18/2026 | 4/23/2025 | 5849 | 5774 |
| 12549 | 8981193, 5.88%, 10/18/2026 | 4/23/2025 | 11920 | 9730 |
| 715 | 8981457, 6.21%, 10/18/2026 | 4/23/2025 | 665 | 674 |
| 1961 | 8981534, 5.88%, 10/18/2026 | 4/23/2025 | 1843 | 1825 |
| 11552 | 8981618, 6.22%, 10/18/2026 | 4/23/2025 | 10558 | 10969 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 327

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $7725 | 8981933, 4.53%, 10/18/2026 | 4/23/2025 | 7322 | $7453 |
| 2185 | 8982010, 5.88%, 10/18/2026 | 4/23/2025 | 2026 | 2086 |
| 13263 | 8982063, 5.14%, 10/18/2026 | 4/23/2025 | 12616 | 12356 |
| 5079 | 8982224, 4.53%, 10/18/2026 | 4/23/2025 | 4785 | 4893 |
| 26104 | 8982301, 4.53%, 10/18/2026 | 4/23/2025 | 24703 | 25279 |
| 868 | 8982774, 5.45%, 10/18/2026 | 4/23/2025 | 836 | 217 |
| 8055 | 8982809, 5.39%, 10/18/2026 | 4/23/2025 | 7578 | 7734 |
| 1467 | 8982943, 6.22%, 10/18/2026 | 4/23/2025 | 1357 | 1367 |
| 5001 | 8982963, 5.42%, 10/18/2026 | 4/23/2025 | 4742 | 4773 |
| 13145 | 8983045, 4.84%, 10/18/2026 | 4/23/2025 | 12341 | 12634 |
| 1101 | 8983235, 5.39%, 10/18/2026 | 4/23/2025 | 1018 | 1059 |
| 16105 | 8983256, 4.84%, 10/18/2026 | 4/23/2025 | 15303 | 15053 |
| 39235 | 8983492, 4.53%, 10/18/2026 | 4/23/2025 | 37278 | 36798 |
| 2448 | 8983901, 4.53%, 10/18/2026 | 4/23/2025 | 2308 | 2362 |
| 942 | 8983935, 4.72%, 10/18/2026 | 4/23/2025 | 912 | 553 |
| 68198 | 8983948, 4.84%, 10/18/2026 | 4/23/2025 | 64552 | 65653 |
| 4991 | 8985435, 4.83%, 10/19/2026 | 4/24/2025 | 4721 | 4759 |
| 6026 | 8985497, 4.53%, 10/19/2026 | 4/24/2025 | 5714 | 5816 |
| 919 | 8985537, 5.41%, 10/19/2026 | 4/24/2025 | 847 | 874 |
| 2381 | 8985603, 5.89%, 10/19/2026 | 4/24/2025 | 2233 | 2207 |
| 15701 | 8985619, 5.39%, 10/19/2026 | 4/24/2025 | 14827 | 13786 |
| 3185 | 8985715, 5.89%, 10/19/2026 | 4/24/2025 | 2994 | 2883 |

---

*See Notes to Financial Statements.*

328 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2605 | 8985735, 5.89%, 10/19/2026 | 4/24/2025 | 2433 | $2456 |
| 4745 | 8985750, 4.83%, 10/19/2026 | 4/24/2025 | 4469 | 4505 |
| 8047 | 8985785, 4.84%, 10/19/2026 | 4/24/2025 | 7657 | 7022 |
| 11222 | 8985840, 4.53%, 10/19/2026 | 4/24/2025 | 10668 | 10802 |
| 13719 | 8985900, 5.88%, 10/19/2026 | 4/24/2025 | 12937 | 12209 |
| 13775 | 8985998, 4.84%, 10/19/2026 | 4/24/2025 | 13041 | 13258 |
| 4926 | 8986099, 4.53%, 10/19/2026 | 4/24/2025 | 4683 | 4635 |
| 9196 | 8986138, 5.15%, 10/19/2026 | 4/24/2025 | 8711 | 8641 |
| 1483 | 8986217, 5.14%, 10/19/2026 | 4/24/2025 | 1391 | 1429 |
| 15681 | 8986225, 4.53%, 10/19/2026 | 4/24/2025 | 14825 | 15185 |
| 2117 | 8986332, 4.83%, 10/20/2026 | 4/24/2025 | 2008 | 1974 |
| 8572 | 8986346, 6.21%, 10/20/2026 | 4/24/2025 | 7797 | 7908 |
| 5067 | 8986449, 4.83%, 10/20/2026 | 4/24/2025 | 4781 | 4862 |
| 21233 | 8986547, 4.52%, 10/20/2026 | 4/24/2025 | 20095 | 20552 |
| 6111 | 8986681, 5.14%, 10/20/2026 | 4/24/2025 | 5768 | 5787 |
| 2576 | 8986729, 5.13%, 10/20/2026 | 4/24/2025 | 2419 | 2456 |
| 4043 | 8986752, 5.87%, 10/20/2026 | 4/24/2025 | 3835 | 2810 |
| 7555 | 8986782, 5.69%, 10/20/2026 | 4/24/2025 | 7029 | 7186 |
| 34735 | 8986861, 4.52%, 10/20/2026 | 4/24/2025 | 32826 | 33608 |
| 26884 | 8987259, 4.51%, 10/21/2026 | 4/24/2025 | 25443 | 26035 |
| 426 | 8988039, 4.73%, 10/21/2026 | 4/24/2025 | 398 | 413 |
| 8732 | 8988160, 5.13%, 10/21/2026 | 4/24/2025 | 8224 | 8233 |
| 18436 | 8988328, 6.20%, 10/21/2026 | 4/24/2025 | 17234 | 16794 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 329

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1924 | 8988557, 6.19%, 10/21/2026 | 4/24/2025 | 1795 | $1750 |
| 2604 | 8988589, 5.86%, 10/21/2026 | 4/24/2025 | 2389 | 2482 |
| 3083 | 8988642, 4.51%, 10/21/2026 | 4/24/2025 | 2919 | 2963 |
| 6314 | 8988692, 5.37%, 10/21/2026 | 4/24/2025 | 5925 | 6031 |
| 3552 | 8988767, 4.82%, 10/21/2026 | 4/24/2025 | 3328 | 3386 |
| 637 | 8988801, 5.39%, 10/21/2026 | 4/24/2025 | 612 | 393 |
| 3452 | 8989077, 5.67%, 10/21/2026 | 4/24/2025 | 3235 | 3262 |
| 2013 | 8989137, 5.11%, 10/21/2026 | 4/24/2025 | 1904 | 1841 |
| 3962 | 8989197, 6.20%, 10/21/2026 | 4/24/2025 | 3641 | 3693 |
| 3578 | 8989248, 6.20%, 10/21/2026 | 4/24/2025 | 3352 | 3273 |
| 977 | 8989325, 6.18%, 10/21/2026 | 4/24/2025 | 918 | 920 |
| 4015 | 8989339, 4.51%, 10/21/2026 | 4/24/2025 | 3815 | 3864 |
| 1433 | 8989411, 6.18%, 10/21/2026 | 4/24/2025 | 1347 | 1288 |
| 897 | 8989426, 6.18%, 10/21/2026 | 4/24/2025 | 849 | 807 |
| 14588 | 8989445, 5.13%, 10/21/2026 | 4/24/2025 | 13613 | 13907 |
| 5782 | 8989644, 4.51%, 10/21/2026 | 4/24/2025 | 5474 | 5595 |
| 2023 | 8989735, 6.21%, 10/21/2026 | 4/24/2025 | 1880 | 1903 |
| 7494 | 8989769, 4.82%, 10/21/2026 | 4/24/2025 | 7124 | 7012 |
| 4634 | 8989875, 5.38%, 10/21/2026 | 4/24/2025 | 4376 | 4277 |
| 12403 | 8989916, 4.82%, 10/21/2026 | 4/24/2025 | 11754 | 11749 |
| 969 | 8990004, 6.21%, 10/21/2026 | 4/24/2025 | 891 | 915 |
| 10833 | 8990019, 4.73%, 10/21/2026 | 4/24/2025 | 10515 | 5875 |

---

*See Notes to Financial Statements.*

330 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $23259 | 8990199, 4.51%, 10/21/2026 | 4/24/2025 | 22057 | $22094 |
| 8841 | 8990570, 4.82%, 10/21/2026 | 4/24/2025 | 8364 | 8478 |
| 8978 | 8990678, 5.13%, 10/21/2026 | 4/24/2025 | 8345 | 8582 |
| 7891 | 8990752, 5.86%, 10/21/2026 | 4/24/2025 | 7462 | 5980 |
| 57431 | 8990842, 5.13%, 10/21/2026 | 4/24/2025 | 53793 | 55089 |
| 772 | 8991838, 5.12%, 10/22/2026 | 4/25/2025 | 717 | 744 |
| 9915 | 8991955, 4.51%, 10/22/2026 | 4/25/2025 | 9418 | 9399 |
| 2192 | 8992139, 6.19%, 10/22/2026 | 4/25/2025 | 2045 | 1991 |
| 10875 | 8992192, 5.37%, 10/22/2026 | 4/25/2025 | 10189 | 10409 |
| 6259 | 8992398, 4.51%, 10/22/2026 | 4/25/2025 | 5932 | 6046 |
| 1574 | 8992477, 5.13%, 10/22/2026 | 4/25/2025 | 1490 | 1448 |
| 2994 | 8992491, 5.86%, 10/22/2026 | 4/25/2025 | 2772 | 2837 |
| 29742 | 8992571, 5.13%, 10/22/2026 | 4/25/2025 | 27757 | 28508 |
| 26914 | 8993371, 4.51%, 10/22/2026 | 4/25/2025 | 25459 | 26061 |
| 6375 | 8993763, 4.82%, 10/22/2026 | 4/25/2025 | 6021 | 6048 |
| 3581 | 8993822, 5.86%, 10/22/2026 | 4/25/2025 | 3359 | 3318 |
| 20168 | 8993886, 4.51%, 10/22/2026 | 4/25/2025 | 19117 | 19487 |
| 16436 | 8994131, 4.51%, 10/22/2026 | 4/25/2025 | 15510 | 15822 |
| 6425 | 8994360, 6.20%, 10/22/2026 | 4/25/2025 | 6098 | 5137 |
| 13753 | 8994421, 5.13%, 10/22/2026 | 4/25/2025 | 12875 | 13187 |
| 8322 | 8994587, 4.82%, 10/22/2026 | 4/25/2025 | 7928 | 7416 |
| 161 | 8994656, 5.40%, 10/22/2026 | 4/25/2025 | 149 | 155 |
| 2201 | 8994675, 4.50%, 10/22/2026 | 4/25/2025 | 2082 | 2131 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 331

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $22501 | 8994700, 4.82%, 10/22/2026 | 4/25/2025 | 21309 | $21517 |
| 669 | 8994965, 6.04%, 10/22/2026 | 4/25/2025 | 626 | 612 |
| 3587 | 8994973, 4.51%, 10/22/2026 | 4/25/2025 | 3404 | 3461 |
| 1107 | 8995026, 5.86%, 10/22/2026 | 4/25/2025 | 1009 | 1057 |
| 13753 | 8995240, 6.04%, 10/22/2026 | 4/25/2025 | 13068 | 10509 |
| 18791 | 8995375, 4.51%, 10/22/2026 | 4/25/2025 | 17702 | 18135 |
| 9474 | 8995550, 5.86%, 10/22/2026 | 4/25/2025 | 8724 | 8958 |
| 62485 | 8995651, 6.20%, 10/22/2026 | 4/25/2025 | 58419 | 57460 |
| 13671 | 8996200, 5.13%, 10/22/2026 | 4/25/2025 | 13011 | 11778 |
| 14518 | 8996316, 4.51%, 10/22/2026 | 4/25/2025 | 13744 | 13664 |
| 1758 | 8996341, 6.21%, 10/23/2026 | 4/28/2025 | 1615 | 1642 |
| 36763 | 8996404, 5.13%, 10/23/2026 | 4/28/2025 | 34681 | 34942 |
| 900 | 8996897, 6.18%, 10/23/2026 | 4/28/2025 | 820 | 853 |
| 773 | 8996926, 4.72%, 10/23/2026 | 4/28/2025 | 725 | 744 |
| 12295 | 8996939, 4.51%, 10/23/2026 | 4/28/2025 | 11712 | 9867 |
| 611 | 8997141, 6.18%, 10/23/2026 | 4/28/2025 | 569 | 564 |
| 6149 | 8997152, 5.12%, 10/23/2026 | 4/28/2025 | 5768 | 5884 |
| 4607 | 8997242, 5.86%, 10/23/2026 | 4/28/2025 | 4336 | 4290 |
| 10061 | 8997369, 4.51%, 10/23/2026 | 4/28/2025 | 9510 | 9740 |
| 1865 | 8997504, 6.20%, 10/23/2026 | 4/28/2025 | 1744 | 1753 |
| 1186 | 8997535, 6.20%, 10/23/2026 | 4/28/2025 | 1100 | 1100 |
| 1026 | 8997543, 6.17%, 10/23/2026 | 4/28/2025 | 967 | 775 |

---

*See Notes to Financial Statements.*

332 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1433 | 8997573, 4.81%, 10/23/2026 | 4/28/2025 | 1354 | $1382 |
| 2177 | 8997588, 6.04%, 10/23/2026 | 4/28/2025 | 2007 | 2036 |
| 6500 | 8997622, 4.82%, 10/23/2026 | 4/28/2025 | 6119 | 6188 |
| 1790 | 8997711, 4.83%, 10/23/2026 | 4/28/2025 | 1688 | 1727 |
| 4047 | 8997729, 5.12%, 10/23/2026 | 4/28/2025 | 3797 | 3825 |
| 11328 | 8997819, 4.82%, 10/23/2026 | 4/28/2025 | 10704 | 10916 |
| 6418 | 8997984, 4.51%, 10/23/2026 | 4/28/2025 | 6066 | 6210 |
| 17214 | 8998033, 5.86%, 10/23/2026 | 4/28/2025 | 16086 | 16289 |
| 4609 | 8998214, 5.87%, 10/23/2026 | 4/28/2025 | 4307 | 4348 |
| 1894 | 8998262, 5.12%, 10/23/2026 | 4/28/2025 | 1786 | 1781 |
| 6577 | 8998270, 4.82%, 10/23/2026 | 4/28/2025 | 6206 | 6346 |
| 10779 | 8998363, 4.51%, 10/23/2026 | 4/28/2025 | 10203 | 10249 |
| 1004 | 8998457, 6.04%, 10/23/2026 | 4/28/2025 | 890 | 930 |
| 2657 | 8998502, 6.04%, 10/23/2026 | 4/28/2025 | 2490 | 2508 |
| 4115 | 8998555, 4.73%, 10/23/2026 | 4/28/2025 | 3896 | 3917 |
| 6632 | 8998640, 6.20%, 10/23/2026 | 4/28/2025 | 6232 | 6021 |
| 10433 | 8998783, 4.51%, 10/23/2026 | 4/28/2025 | 9756 | 10103 |
| 590 | 8998892, 6.19%, 10/23/2026 | 4/28/2025 | 534 | 561 |
| 51617 | 8998919, 5.37%, 10/23/2026 | 4/28/2025 | 47903 | 49594 |
| 13040 | 8999349, 4.51%, 10/23/2026 | 4/28/2025 | 12312 | 12575 |
| 947 | 8999433, 6.06%, 10/23/2026 | 4/28/2025 | 893 | 806 |
| 4418 | 8999449, 5.13%, 10/23/2026 | 4/28/2025 | 4135 | 4186 |
| 946 | 8999494, 4.71%, 10/23/2026 | 4/28/2025 | 896 | 912 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 333

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $5553 | 8999504, 4.82%, 10/23/2026 | 4/28/2025 | 5266 | $5331 |
| 34322 | 8999516, 6.20%, 10/23/2026 | 4/28/2025 | 32108 | 30657 |
| 6676 | 8999762, 5.86%, 10/23/2026 | 4/28/2025 | 6251 | 6274 |
| 5035 | 8999803, 4.82%, 10/23/2026 | 4/28/2025 | 4781 | 4370 |
| 39935 | 8999845, 4.82%, 10/23/2026 | 4/28/2025 | 37729 | 37895 |
| 14162 | 9000163, 4.51%, 10/23/2026 | 4/28/2025 | 13431 | 13683 |
| 42061 | 9000275, 6.20%, 10/23/2026 | 4/28/2025 | 39397 | 39089 |
| 3593 | 9003144, 5.88%, 10/24/2026 | 4/29/2025 | 3377 | 3171 |
| 2025 | 9003237, 5.15%, 10/24/2026 | 4/29/2025 | 1900 | 1947 |
| 7034 | 9003262, 4.53%, 10/24/2026 | 4/29/2025 | 6607 | 6712 |
| 17647 | 9003369, 5.88%, 10/24/2026 | 4/29/2025 | 16489 | 16064 |
| 2545 | 9003712, 4.54%, 10/24/2026 | 4/29/2025 | 2400 | 2464 |
| 6368 | 9003743, 5.88%, 10/24/2026 | 4/29/2025 | 5939 | 5957 |
| 10517 | 9003853, 5.15%, 10/24/2026 | 4/29/2025 | 9845 | 9815 |
| 3353 | 9004077, 5.14%, 10/24/2026 | 4/29/2025 | 3177 | 2863 |
| 15811 | 9004166, 4.53%, 10/24/2026 | 4/29/2025 | 14969 | 15287 |
| 3213 | 9004498, 4.53%, 10/24/2026 | 4/29/2025 | 3038 | 3107 |
| 1829 | 9004553, 4.83%, 10/24/2026 | 4/29/2025 | 1723 | 1746 |
| 7396 | 9004603, 5.88%, 10/24/2026 | 4/29/2025 | 6851 | 7050 |
| 18546 | 9004735, 6.22%, 10/24/2026 | 4/29/2025 | 17320 | 17061 |
| 9502 | 9004953, 4.53%, 10/24/2026 | 4/29/2025 | 8990 | 9175 |
| 3172 | 9005154, 6.22%, 10/24/2026 | 4/29/2025 | 2953 | 2897 |

---

*See Notes to Financial Statements.*

334 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2752 | 9005200, 6.06%, 10/24/2026 | 4/29/2025 | 2566 | $2355 |
| 12353 | 9005262, 5.70%, 10/24/2026 | 4/29/2025 | 11517 | 11677 |
| 2536 | 9005843, 5.42%, 10/24/2026 | 4/29/2025 | 2418 | 2289 |
| 1518 | 9005869, 4.55%, 10/24/2026 | 4/29/2025 | 1443 | 1429 |
| 1387 | 9005880, 4.84%, 10/24/2026 | 4/29/2025 | 1313 | 1310 |
| 8740 | 9005885, 4.53%, 10/24/2026 | 4/29/2025 | 8266 | 8454 |
| 9398 | 9005958, 5.15%, 10/24/2026 | 4/29/2025 | 8822 | 8844 |
| 7263 | 9006067, 5.15%, 10/24/2026 | 4/29/2025 | 6869 | 6773 |
| 3277 | 9006125, 4.83%, 10/24/2026 | 4/29/2025 | 3091 | 3141 |
| 1958 | 9006167, 5.39%, 10/24/2026 | 4/29/2025 | 1844 | 1855 |
| 2627 | 9006183, 5.89%, 10/24/2026 | 4/29/2025 | 2481 | 2055 |
| 38685 | 9006192, 4.84%, 10/24/2026 | 4/29/2025 | 36419 | 36957 |
| 1074 | 9006565, 6.06%, 10/24/2026 | 4/29/2025 | 983 | 1004 |
| 9692 | 9006584, 5.70%, 10/24/2026 | 4/29/2025 | 9111 | 8899 |
| 7137 | 9006778, 6.07%, 10/24/2026 | 4/29/2025 | 6547 | 6738 |
| 57598 | 9006906, 4.53%, 10/24/2026 | 4/29/2025 | 54634 | 55416 |
| 5129 | 9007323, 5.39%, 10/24/2026 | 4/29/2025 | 4828 | 4824 |
| 10632 | 9007391, 5.15%, 10/24/2026 | 4/29/2025 | 10020 | 10008 |
| 46997 | 9007542, 6.22%, 10/24/2026 | 4/29/2025 | 43778 | 43603 |
| 5366 | 9007866, 5.39%, 10/25/2026 | 4/30/2025 | 4996 | 5006 |
| 5535 | 9007983, 4.84%, 10/25/2026 | 4/30/2025 | 5232 | 5323 |
| 21279 | 9008101, 4.84%, 10/25/2026 | 4/30/2025 | 20084 | 20290 |
| 2404 | 9008457, 6.23%, 10/25/2026 | 4/30/2025 | 2257 | 2113 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 335

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2797 | 9008497, 6.22%, 10/25/2026 | 4/30/2025 | 2584 | $2616 |
| 18964 | 9008576, 4.53%, 10/25/2026 | 4/30/2025 | 17975 | 18289 |
| 5932 | 9009063, 4.53%, 10/25/2026 | 4/30/2025 | 5596 | 5743 |
| 1784 | 9009190, 4.84%, 10/25/2026 | 4/30/2025 | 1684 | 1710 |
| 966 | 9009214, 6.24%, 10/25/2026 | 4/30/2025 | 889 | 893 |
| 21853 | 9009242, 4.84%, 10/25/2026 | 4/30/2025 | 20454 | 20856 |
|  | 9009567, 6.05%, 10/25/2026 | 4/30/2025 | (70) |  |
| 15146 | 9009585, 5.88%, 10/25/2026 | 4/30/2025 | 13866 | 14462 |
| 13719 | 9010067, 5.39%, 10/25/2026 | 4/30/2025 | 12660 | 13187 |
| 978 | 9010336, 6.24%, 10/25/2026 | 4/30/2025 | 917 | 868 |
| 4723 | 9010351, 5.69%, 10/25/2026 | 4/30/2025 | 4427 | 4408 |
| 7963 | 9010407, 6.07%, 10/25/2026 | 4/30/2025 | 7512 | 5920 |
| 10499 | 9010467, 4.84%, 10/25/2026 | 4/30/2025 | 9930 | 9815 |
| 43392 | 9010557, 5.39%, 10/25/2026 | 4/30/2025 | 40878 | 40372 |
| 47031 | 9011096, 4.53%, 10/25/2026 | 4/30/2025 | 44358 | 45535 |
| 7355 | 9011440, 5.39%, 10/25/2026 | 4/30/2025 | 6819 | 6957 |
| 3909 | 9011522, 5.15%, 10/25/2026 | 4/30/2025 | 3695 | 3680 |
| 1355 | 9011552, 4.74%, 10/25/2026 | 4/30/2025 | 1274 | 1292 |
| 14378 | 9011586, 5.70%, 10/25/2026 | 4/30/2025 | 13466 | 13757 |
| 37177 | 9011657, 5.39%, 10/25/2026 | 4/30/2025 | 34868 | 35261 |
| 6692 | 9011948, 4.84%, 10/25/2026 | 4/30/2025 | 6347 | 5944 |
| 532 | 9012051, 6.19%, 10/25/2026 | 4/30/2025 | 504 | 334 |

---

*See Notes to Financial Statements.*

336 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $5780 | 9012059, 4.53%, 10/25/2026 | 4/30/2025 | 5455 | $5590 |
| 10737 | 9012102, 5.88%, 10/25/2026 | 4/30/2025 | 10076 | 9794 |
| 13711 | 9012108, 5.15%, 10/26/2026 | 5/1/2025 | 12895 | 13185 |
| 4332 | 9012227, 4.53%, 10/26/2026 | 5/1/2025 | 4094 | 4191 |
| 2017 | 9012255, 4.54%, 10/26/2026 | 5/1/2025 | 1914 | 1940 |
| 2625 | 9012276, 5.15%, 10/26/2026 | 5/1/2025 | 2471 | 2361 |
| 2464 | 9012294, 5.88%, 10/26/2026 | 5/1/2025 | 2291 | 2329 |
| 3291 | 9012319, 4.54%, 10/26/2026 | 5/1/2025 | 3124 | 3013 |
| 4467 | 9012345, 4.83%, 10/26/2026 | 5/1/2025 | 4193 | 4197 |
| 10624 | 9012378, 4.53%, 10/26/2026 | 5/1/2025 | 10047 | 10273 |
| 5351 | 9012459, 5.39%, 10/26/2026 | 5/1/2025 | 4944 | 5121 |
| 1352 | 9012523, 5.69%, 10/26/2026 | 5/1/2025 | 1263 | 1289 |
| 2051 | 9012534, 4.54%, 10/26/2026 | 5/1/2025 | 1943 | 1928 |
| 1574 | 9012550, 5.15%, 10/26/2026 | 5/1/2025 | 1488 | 1388 |
| 1942 | 9012558, 6.07%, 10/26/2026 | 5/1/2025 | 1809 | 1813 |
| 2053 | 9012588, 6.23%, 10/26/2026 | 5/1/2025 | 1931 | 1855 |
| 7796 | 9012613, 6.22%, 10/26/2026 | 5/1/2025 | 7281 | 7245 |
| 3150 | 9012669, 5.70%, 10/26/2026 | 5/1/2025 | 2972 | 2771 |
| 18021 | 9012688, 5.88%, 10/26/2026 | 5/1/2025 | 16872 | 17025 |
| 2567 | 9012818, 6.06%, 10/26/2026 | 5/1/2025 | 2441 | 1788 |
| 7982 | 9012842, 4.53%, 10/26/2026 | 5/1/2025 | 7551 | 7717 |
| 2275 | 9012904, 5.88%, 10/26/2026 | 5/1/2025 | 2143 | 1913 |
| 21654 | 9012919, 6.07%, 10/26/2026 | 5/1/2025 | 20257 | 20546 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 337

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $16752 | 9013121, 6.21%, 10/27/2026 | 5/1/2025 | 15566 | $15746 |
| 4598 | 9013274, 5.69%, 10/27/2026 | 5/1/2025 | 4338 | 3787 |
| 3121 | 9013307, 4.82%, 10/27/2026 | 5/1/2025 | 2918 | 2985 |
| 30186 | 9013345, 4.52%, 10/27/2026 | 5/1/2025 | 28564 | 28918 |
| 5621 | 9013548, 4.53%, 10/27/2026 | 5/1/2025 | 5343 | 5299 |
| 30226 | 9013582, 4.52%, 10/27/2026 | 5/1/2025 | 28584 | 29180 |
| 5782 | 9013812, 4.52%, 10/27/2026 | 5/1/2025 | 5459 | 5583 |
| 5006 | 9013858, 5.87%, 10/27/2026 | 5/1/2025 | 4688 | 4641 |
| 1016 | 9013898, 4.74%, 10/27/2026 | 5/1/2025 | 958 | 959 |
| 27501 | 9014706, 4.82%, 10/28/2026 | 5/1/2025 | 25947 | 26519 |
| 2337 | 9016434, 6.21%, 10/28/2026 | 5/1/2025 | 2177 | 2142 |
| 6630 | 9016505, 5.86%, 10/28/2026 | 5/1/2025 | 6218 | 5622 |
| 33042 | 9016614, 4.82%, 10/28/2026 | 5/1/2025 | 31142 | 31886 |
| 19869 | 9018466, 5.37%, 10/28/2026 | 5/1/2025 | 18600 | 18661 |
| 2747 | 9018829, 4.82%, 10/28/2026 | 5/1/2025 | 2592 | 2649 |
| 8508 | 9018880, 5.68%, 10/28/2026 | 5/1/2025 | 7914 | 7912 |
| 36645 | 9019017, 4.51%, 10/28/2026 | 5/1/2025 | 34675 | 35390 |
| 478 | 9019603, 6.17%, 10/28/2026 | 5/1/2025 | 450 | 391 |
| 19637 | 9019650, 4.51%, 10/28/2026 | 5/1/2025 | 18660 | 18605 |
| 2681 | 9019876, 4.52%, 10/29/2026 | 5/2/2025 | 2544 | 2507 |
| 13902 | 9019930, 6.20%, 10/29/2026 | 5/2/2025 | 13076 | 12512 |
| 5290 | 9020010, 6.19%, 10/29/2026 | 5/2/2025 | 4971 | 4703 |

---

*See Notes to Financial Statements.*

338 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $5070 | 9020077, 4.52%, 10/29/2026 | 5/2/2025 | 4790 | $4902 |
| 2070 | 9020153, 4.52%, 10/29/2026 | 5/2/2025 | 1956 | 2001 |
| 1277 | 9020197, 4.53%, 10/29/2026 | 5/2/2025 | 1201 | 1237 |
| 1513 | 9020210, 6.21%, 10/29/2026 | 5/2/2025 | 1381 | 1411 |
| 4823 | 9020229, 4.51%, 10/29/2026 | 5/2/2025 | 4528 | 4649 |
| 2053 | 9020368, 5.13%, 10/29/2026 | 5/2/2025 | 1943 | 1716 |
| 3075 | 9020418, 4.82%, 10/29/2026 | 5/2/2025 | 2905 | 2957 |
| 4852 | 9020549, 5.86%, 10/29/2026 | 5/2/2025 | 4588 | 3303 |
| 3622 | 9020657, 4.82%, 10/29/2026 | 5/2/2025 | 3414 | 3472 |
| 7720 | 9020800, 5.86%, 10/29/2026 | 5/2/2025 | 7168 | 7240 |
| 1674 | 9021057, 5.36%, 10/29/2026 | 5/2/2025 | 1578 | 1523 |
| 541 | 9021076, 6.22%, 10/29/2026 | 5/2/2025 | 494 | 518 |
| 16304 | 9021118, 5.37%, 10/29/2026 | 5/2/2025 | 15232 | 15412 |
| 1347 | 9021358, 5.68%, 10/29/2026 | 5/2/2025 | 1263 | 1267 |
| 1223 | 9021378, 4.82%, 10/29/2026 | 5/2/2025 | 1140 | 1183 |
| 6973 | 9021393, 6.19%, 10/29/2026 | 5/2/2025 | 6466 | 6558 |
| 41868 | 9021471, 5.37%, 10/29/2026 | 5/2/2025 | 39085 | 39349 |
| 33126 | 9021911, 4.82%, 10/29/2026 | 5/2/2025 | 31390 | 31132 |
| 14461 | 9022286, 5.37%, 10/29/2026 | 5/2/2025 | 13368 | 13870 |
| 26036 | 9022458, 4.82%, 10/29/2026 | 5/2/2025 | 24386 | 25108 |
| 3248 | 9022793, 4.51%, 10/29/2026 | 5/2/2025 | 3086 | 2960 |
| 2908 | 9022821, 4.82%, 10/29/2026 | 5/2/2025 | 2746 | 2706 |
| 3429 | 9022842, 4.81%, 10/29/2026 | 5/2/2025 | 3234 | 3244 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 339

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $7666 | 9022885, 5.13%, 10/29/2026 | 5/2/2025 | 7150 | $7323 |
| 2607 | 9022954, 6.19%, 10/29/2026 | 5/2/2025 | 2413 | 2437 |
| 10989 | 9023011, 5.37%, 10/29/2026 | 5/2/2025 | 10294 | 10342 |
| 48597 | 9023132, 4.51%, 10/29/2026 | 5/2/2025 | 45950 | 46969 |
| 2587 | 9023659, 5.13%, 10/29/2026 | 5/2/2025 | 2411 | 2481 |
| 7108 | 9023685, 5.37%, 10/29/2026 | 5/2/2025 | 6667 | 6678 |
| 4245 | 9023776, 4.52%, 10/29/2026 | 5/2/2025 | 4018 | 4099 |
| 4188 | 9023854, 5.86%, 10/29/2026 | 5/2/2025 | 3846 | 3994 |
| 6160 | 9023917, 4.52%, 10/29/2026 | 5/2/2025 | 5833 | 5949 |
| 27693 | 9023961, 5.13%, 10/29/2026 | 5/2/2025 | 26061 | 26188 |
| 9276 | 9024289, 4.51%, 10/29/2026 | 5/2/2025 | 8784 | 8883 |
| 11336 | 9024359, 6.20%, 10/29/2026 | 5/2/2025 | 10706 | 9094 |
| 12360 | 9024479, 5.37%, 10/29/2026 | 5/2/2025 | 11578 | 11817 |
| 3743 | 9024584, 4.51%, 10/29/2026 | 5/2/2025 | 3541 | 3619 |
| 5154 | 9024673, 4.82%, 10/29/2026 | 5/2/2025 | 4867 | 4849 |
| 5703 | 9024753, 4.51%, 10/30/2026 | 5/5/2025 | 5393 | 5512 |
| 1475 | 9024934, 5.41%, 10/30/2026 | 5/5/2025 | 1411 | 711 |
| 2777 | 9024975, 4.51%, 10/30/2026 | 5/5/2025 | 2628 | 2685 |
| 2951 | 9025048, 5.86%, 10/30/2026 | 5/5/2025 | 2758 | 2710 |
| 23815 | 9025105, 5.86%, 10/30/2026 | 5/5/2025 | 22204 | 22448 |
| 4522 | 9025591, 4.82%, 10/30/2026 | 5/5/2025 | 4217 | 4334 |
| 1418 | 9025715, 6.18%, 10/30/2026<sup>(e)</sup> | 5/5/2025 | 1351 | 715 |

---

*See Notes to Financial Statements.*

340 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $34425 | 9025762, 5.68%, 10/30/2026 | 5/5/2025 | 32129 | $32324 |
| 753 | 9026313, 6.17%, 10/30/2026 | 5/5/2025 | 709 | 688 |
| 1862 | 9026329, 4.50%, 10/30/2026 | 5/5/2025 | 1754 | 1794 |
| 11936 | 9026353, 5.86%, 10/30/2026 | 5/5/2025 | 11197 | 10496 |
| 14410 | 9026432, 4.51%, 10/30/2026 | 5/5/2025 | 13560 | 13878 |
| 2752 | 9026617, 5.38%, 10/30/2026 | 5/5/2025 | 2582 | 2593 |
| 18837 | 9026658, 5.86%, 10/30/2026 | 5/5/2025 | 17590 | 18007 |
| 10579 | 9026921, 6.20%, 10/30/2026 | 5/5/2025 | 9682 | 9986 |
| 9781 | 9027108, 6.20%, 10/30/2026 | 5/5/2025 | 8965 | 9235 |
| 13810 | 9027205, 4.51%, 10/30/2026 | 5/5/2025 | 13084 | 13224 |
| 16101 | 9027302, 5.13%, 10/30/2026 | 5/5/2025 | 15002 | 15398 |
| 2504 | 9027473, 5.36%, 10/30/2026 | 5/5/2025 | 2352 | 2349 |
| 1893 | 9027483, 4.52%, 10/30/2026 | 5/5/2025 | 1771 | 1834 |
| 7593 | 9027509, 5.86%, 10/30/2026 | 5/5/2025 | 6992 | 7183 |
| 6816 | 9027557, 4.51%, 10/30/2026 | 5/5/2025 | 6441 | 6589 |
| 3397 | 9027621, 6.20%, 10/30/2026 | 5/5/2025 | 3152 | 3123 |
| 5116 | 9027644, 6.20%, 10/30/2026 | 5/5/2025 | 4837 | 4159 |
| 8657 | 9027665, 4.51%, 10/30/2026 | 5/5/2025 | 8107 | 8377 |
| 5233 | 9027708, 4.51%, 10/30/2026 | 5/5/2025 | 4944 | 5058 |
| 2958 | 9027780, 5.12%, 10/30/2026 | 5/5/2025 | 2715 | 2846 |
| 5105 | 9027858, 6.05%, 10/30/2026 | 5/5/2025 | 4847 | 3955 |
| 4599 | 9027900, 5.68%, 10/30/2026 | 5/5/2025 | 4263 | 4210 |
| 5255 | 9027963, 6.20%, 10/30/2026 | 5/5/2025 | 4895 | 4814 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 341

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1076 | 9028071, 5.84%, 10/30/2026 | 5/5/2025 | 1011 | $958 |
| 16147 | 9028077, 4.51%, 10/30/2026 | 5/5/2025 | 15151 | 15639 |
| 874 | 9028156, 6.22%, 10/30/2026 | 5/5/2025 | 810 | 822 |
| 4975 | 9028161, 4.51%, 10/30/2026 | 5/5/2025 | 4708 | 4804 |
| 3291 | 9028214, 6.04%, 10/30/2026 | 5/5/2025 | 3010 | 3143 |
| 1651 | 9028311, 5.85%, 10/30/2026 | 5/5/2025 | 1535 | 1541 |
| 2854 | 9028328, 6.21%, 10/30/2026 | 5/5/2025 | 2651 | 2677 |
| 1491 | 9028377, 6.06%, 10/30/2026 | 5/5/2025 | 1411 | 1275 |
| 3548 | 9028395, 5.13%, 10/30/2026 | 5/5/2025 | 3342 | 3401 |
| 46785 | 9028416, 4.51%, 10/30/2026 | 5/5/2025 | 44023 | 45307 |
| 2150 | 9028945, 4.81%, 10/30/2026 | 5/5/2025 | 2036 | 2032 |
| 48640 | 9028954, 4.51%, 10/30/2026 | 5/5/2025 | 45967 | 47051 |
| 1692 | 9031926, 4.52%, 11/1/2026 | 5/6/2025 | 1599 | 1607 |
| 4948 | 9032068, 6.21%, 11/1/2026 | 5/6/2025 | 4628 | 4338 |
| 645 | 9032119, 6.21%, 11/1/2026 | 5/6/2025 | 590 | 608 |
| 10074 | 9032138, 4.52%, 11/1/2026 | 5/6/2025 | 9529 | 9574 |
| 4937 | 9032232, 4.82%, 11/1/2026 | 5/6/2025 | 4657 | 4652 |
| 3704 | 9032320, 6.21%, 11/1/2026 | 5/6/2025 | 3446 | 3364 |
| 3548 | 9032354, 5.38%, 11/1/2026 | 5/6/2025 | 3324 | 3339 |
| 4413 | 9032388, 5.87%, 11/1/2026 | 5/6/2025 | 4135 | 3838 |
| 10983 | 9032427, 6.21%, 11/1/2026 | 5/6/2025 | 10255 | 9592 |
| 1819 | 9032554, 4.52%, 11/1/2026 | 5/6/2025 | 1719 | 1755 |

---

*See Notes to Financial Statements.*

342 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3769 | 9032569, 4.52%, 11/1/2026 | 5/6/2025 | 3552 | $3647 |
| 631 | 9032607, 6.06%, 11/1/2026 | 5/6/2025 | 578 | 576 |
| 10778 | 9032625, 6.06%, 11/1/2026 | 5/6/2025 | 9866 | 10091 |
| 2185 | 9032873, 5.86%, 11/1/2026 | 5/6/2025 | 2049 | 2017 |
| 30955 | 9032935, 4.52%, 11/1/2026 | 5/6/2025 | 29155 | 29971 |
| 1685 | 9033415, 5.42%, 11/1/2026 | 5/6/2025 | 1576 | 1554 |
| 5475 | 9033436, 6.21%, 11/1/2026 | 5/6/2025 | 5138 | 4206 |
| 4921 | 9033504, 5.14%, 11/1/2026 | 5/6/2025 | 4625 | 4684 |
| 8801 | 9033592, 4.83%, 11/1/2026 | 5/6/2025 | 8302 | 8457 |
| 3342 | 9033701, 5.87%, 11/1/2026 | 5/6/2025 | 3162 | 2502 |
| 10698 | 9033736, 5.87%, 11/1/2026 | 5/6/2025 | 9978 | 9817 |
| 30572 | 9033875, 4.83%, 11/1/2026 | 5/6/2025 | 28797 | 28951 |
| 2650 | 9034113, 6.20%, 11/1/2026 | 5/6/2025 | 2447 | 2368 |
| 1003 | 9034144, 4.75%, 11/1/2026 | 5/6/2025 | 938 | 944 |
| 8122 | 9034171, 6.21%, 11/1/2026 | 5/6/2025 | 7543 | 7377 |
| 1169 | 9034263, 6.04%, 11/1/2026 | 5/6/2025 | 1115 | 842 |
| 4047 | 9034271, 4.51%, 11/1/2026 | 5/6/2025 | 3816 | 3916 |
| 3437 | 9034342, 4.74%, 11/1/2026 | 5/6/2025 | 3252 | 3282 |
| 849 | 9034428, 6.22%, 11/1/2026 | 5/6/2025 | 793 | 778 |
| 12930 | 9034439, 6.21%, 11/1/2026 | 5/6/2025 | 12119 | 11918 |
| 2944 | 9034588, 6.05%, 11/1/2026 | 5/6/2025 | 2734 | 2775 |
| 25816 | 9034633, 4.52%, 11/1/2026 | 5/6/2025 | 24313 | 24868 |
| 10296 | 9034932, 5.87%, 11/1/2026 | 5/6/2025 | 9576 | 9684 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 343

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $10638 | 9035060, 4.52%, 11/1/2026 | 5/6/2025 | 10019 | $10294 |
| 3666 | 9035213, 4.51%, 11/1/2026 | 5/6/2025 | 3480 | 3458 |
| 7782 | 9035261, 4.74%, 11/1/2026 | 5/6/2025 | 7435 | 7204 |
| 27214 | 9035346, 4.52%, 11/1/2026 | 5/6/2025 | 25700 | 25838 |
| 7230 | 9035648, 4.83%, 11/1/2026 | 5/6/2025 | 6781 | 6937 |
| 12126 | 9036203, 4.52%, 11/1/2026 | 5/6/2025 | 11467 | 11705 |
| 10459 | 9036319, 5.38%, 11/1/2026 | 5/6/2025 | 9854 | 9823 |
| 4097 | 9036425, 6.21%, 11/1/2026 | 5/6/2025 | 3826 | 3637 |
| 19611 | 9036504, 5.87%, 11/1/2026 | 5/6/2025 | 18462 | 17187 |
| 10451 | 9036697, 5.38%, 11/1/2026 | 5/6/2025 | 9899 | 8126 |
| 1447 | 9036767, 4.76%, 11/1/2026 | 5/6/2025 | 1396 | 895 |
| 8568 | 9036779, 4.52%, 11/1/2026 | 5/6/2025 | 8138 | 7679 |
| 2413 | 9036821, 4.52%, 11/1/2026 | 5/6/2025 | 2289 | 2274 |
| 11190 | 9036851, 4.83%, 11/1/2026 | 5/6/2025 | 10600 | 10511 |
| 3562 | 9036945, 5.41%, 11/2/2026 | 5/7/2025 | 3291 | 3332 |
| 2719 | 9037014, 4.82%, 11/2/2026 | 5/7/2025 | 2568 | 2492 |
| 3865 | 9037034, 6.06%, 11/2/2026 | 5/7/2025 | 3660 | 2421 |
| 4183 | 9037094, 4.53%, 11/2/2026 | 5/7/2025 | 3957 | 3969 |
| 5762 | 9037172, 5.88%, 11/2/2026 | 5/7/2025 | 5398 | 5191 |
| 6757 | 9037332, 6.21%, 11/2/2026 | 5/7/2025 | 6167 | 6338 |
| 4656 | 9037500, 4.83%, 11/2/2026 | 5/7/2025 | 4377 | 4490 |
| 3084 | 9037564, 4.83%, 11/2/2026 | 5/7/2025 | 2883 | 2930 |

---

*See Notes to Financial Statements.*

344 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $– | 9037609, 4.72%, 11/2/2026 | 5/7/2025 | (5) | $(5) |
| 11291 | 9037644, 4.83%, 11/2/2026 | 5/7/2025 | 10632 | 10880 |
| 24196 | 9037972, 4.52%, 11/2/2026 | 5/7/2025 | 22985 | 21505 |
| 5801 | 9038387, 4.52%, 11/2/2026 | 5/7/2025 | 5466 | 5612 |
| 1803 | 9038488, 6.22%, 11/2/2026 | 5/7/2025 | 1681 | 1671 |
| 8784 | 9038527, 6.21%, 11/2/2026 | 5/7/2025 | 8228 | 7497 |
| 7499 | 9038706, 4.52%, 11/2/2026 | 5/7/2025 | 7086 | 7244 |
| 10177 | 9038811, 4.83%, 11/2/2026 | 5/7/2025 | 9591 | 9648 |
| 1631 | 9038944, 5.87%, 11/2/2026 | 5/7/2025 | 1510 | 1538 |
| 6572 | 9038965, 4.52%, 11/2/2026 | 5/7/2025 | 6232 | 5978 |
| 31721 | 9039054, 4.52%, 11/2/2026 | 5/7/2025 | 29957 | 30673 |
| 80550 | 9039470, 4.52%, 11/2/2026 | 5/7/2025 | 76373 | 76000 |
| 5332 | 9040302, 6.21%, 11/2/2026 | 5/7/2025 | 4934 | 5016 |
| 1264 | 9040370, 6.22%, 11/2/2026 | 5/7/2025 | 1185 | 1099 |
| 4817 | 9040377, 5.69%, 11/2/2026 | 5/7/2025 | 4512 | 4447 |
| 1567 | 9040449, 4.52%, 11/2/2026 | 5/7/2025 | 1483 | 1506 |
| 1083 | 9040455, 6.05%, 11/2/2026 | 5/7/2025 | 992 | 1006 |
| 2370 | 9040475, 4.53%, 11/2/2026 | 5/7/2025 | 2237 | 2272 |
| 62806 | 9040489, 4.83%, 11/2/2026 | 5/7/2025 | 59446 | 59010 |
| 903 | 9040878, 5.44%, 11/2/2026 | 5/7/2025 | 861 | 432 |
| 10300 | 9040921, 6.21%, 11/2/2026 | 5/7/2025 | 9701 | 7164 |
| 4472 | 9041076, 5.42%, 11/2/2026 | 5/7/2025 | 4207 | 4162 |
| 12875 | 9041168, 4.83%, 11/2/2026 | 5/7/2025 | 12074 | 12293 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 345

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $54631 | 9041293, 4.52%, 11/2/2026 | 5/7/2025 | 51512 | $52859 |
| 629 | 9041380, 4.73%, 11/3/2026 | 5/8/2025 | 606 | 406 |
| 3727 | 9041382, 5.87%, 11/3/2026 | 5/8/2025 | 3495 | 3446 |
| 3262 | 9041410, 5.14%, 11/3/2026 | 5/8/2025 | 3059 | 3100 |
| 31091 | 9041436, 5.14%, 11/3/2026 | 5/8/2025 | 29447 | 27520 |
| 1339 | 9041718, 5.87%, 11/3/2026 | 5/8/2025 | 1253 | 1181 |
| 241 | 9041728, 6.26%, 11/3/2026 | 5/8/2025 | 223 | 221 |
| 3881 | 9041730, 5.88%, 11/3/2026 | 5/8/2025 | 3635 | 3614 |
| 6627 | 9041761, 4.83%, 11/3/2026 | 5/8/2025 | 6266 | 5862 |
| 3166 | 9041833, 6.21%, 11/3/2026 | 5/8/2025 | 2890 | 3017 |
| 1567 | 9041888, 6.20%, 11/3/2026 | 5/8/2025 | 1462 | 1447 |
| 2391 | 9041903, 6.20%, 11/3/2026 | 5/8/2025 | 2233 | 2106 |
| 20027 | 9041935, 4.52%, 11/3/2026 | 5/8/2025 | 18963 | 18694 |
| 22962 | 9042138, 4.52%, 11/3/2026 | 5/8/2025 | 21700 | 22162 |
| 694 | 9042393, 4.74%, 11/4/2026 | 5/8/2025 | 648 | 664 |
| 16172 | 9042409, 5.86%, 11/4/2026 | 5/8/2025 | 15154 | 15067 |
| 2305 | 9042571, 5.87%, 11/4/2026 | 5/8/2025 | 2160 | 2051 |
| 3799 | 9042591, 5.68%, 11/4/2026 | 5/8/2025 | 3570 | 3236 |
| 1941 | 9042636, 6.21%, 11/4/2026 | 5/8/2025 | 1796 | 1820 |
| 8026 | 9042663, 5.13%, 11/4/2026 | 5/8/2025 | 7541 | 7520 |
| 4769 | 9042748, 4.81%, 11/4/2026 | 5/8/2025 | 4468 | 4537 |
| 1139 | 9042809, 6.19%, 11/4/2026 | 5/8/2025 | 1041 | 1061 |

---

*See Notes to Financial Statements.*

346 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $13946 | 9042833, 4.82%, 11/4/2026 | 5/8/2025 | 13159 | $13194 |
| 8756 | 9042964, 6.20%, 11/4/2026 | 5/8/2025 | 8153 | 8179 |
| 5190 | 9043061, 4.51%, 11/4/2026 | 5/8/2025 | 4867 | 5026 |
| 3844 | 9043118, 4.51%, 11/4/2026 | 5/8/2025 | 3626 | 3718 |
| 3910 | 9043154, 5.86%, 11/4/2026 | 5/8/2025 | 3642 | 3663 |
| 732 | 9043201, 6.06%, 11/4/2026 | 5/8/2025 | 678 | 678 |
| 1225 | 9043213, 6.22%, 11/4/2026 | 5/8/2025 | 1149 | 884 |
| 2941 | 9043225, 4.82%, 11/4/2026 | 5/8/2025 | 2779 | 2777 |
| 7901 | 9043258, 4.51%, 11/4/2026 | 5/8/2025 | 7452 | 7643 |
| 743 | 9043330, 6.18%, 11/4/2026 | 5/8/2025 | 695 | 681 |
| 946 | 9043341, 4.74%, 11/4/2026 | 5/8/2025 | 902 | 839 |
| 3133 | 9043349, 6.20%, 11/4/2026 | 5/8/2025 | 2905 | 2949 |
| 3391 | 9043391, 4.51%, 11/4/2026 | 5/8/2025 | 3208 | 3236 |
| 1080 | 9043428, 6.21%, 11/4/2026 | 5/8/2025 | 1008 | 973 |
| 15201 | 9043440, 5.13%, 11/4/2026 | 5/8/2025 | 14336 | 13662 |
| 5101 | 9044370, 4.51%, 11/5/2026 | 5/8/2025 | 4831 | 4839 |
| 14426 | 9044410, 4.50%, 11/5/2026 | 5/8/2025 | 13606 | 13946 |
| 688 | 9044503, 6.21%, 11/5/2026 | 5/8/2025 | 629 | 646 |
| 2199 | 9044521, 5.40%, 11/5/2026 | 5/8/2025 | 2077 | 1985 |
| 878 | 9044543, 6.19%, 11/5/2026 | 5/8/2025 | 826 | 737 |
| 4088 | 9044755, 5.39%, 11/5/2026 | 5/8/2025 | 3887 | 3536 |
| 7773 | 9044860, 6.19%, 11/5/2026 | 5/8/2025 | 7260 | 7103 |
| 1904 | 9045061, 4.51%, 11/5/2026 | 5/8/2025 | 1793 | 1813 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 347

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2606 | 9045090, 5.12%, 11/5/2026 | 5/8/2025 | 2445 | $2462 |
| 1991 | 9045162, 5.37%, 11/5/2026 | 5/8/2025 | 1843 | 1884 |
|  | 9045209, 4.74%, 11/5/2026 | 5/8/2025 | (14) | (7) |
| 4739 | 9045226, 5.11%, 11/5/2026 | 5/8/2025 | 4468 | 4330 |
| 3331 | 9045294, 5.13%, 11/5/2026 | 5/8/2025 | 3142 | 2944 |
| 3635 | 9045347, 5.86%, 11/5/2026 | 5/8/2025 | 3404 | 3362 |
| 1563 | 9045377, 5.83%, 11/5/2026 | 5/8/2025 | 1455 | 1404 |
| 918 | 9045406, 5.84%, 11/5/2026 | 5/8/2025 | 843 | 869 |
| 2637 | 9045425, 5.35%, 11/5/2026 | 5/8/2025 | 2452 | 2508 |
| 12790 | 9045481, 4.81%, 11/5/2026 | 5/8/2025 | 11989 | 12286 |
| 1763 | 9045680, 4.72%, 11/5/2026 | 5/8/2025 | 1645 | 1680 |
| 3093 | 9045734, 4.81%, 11/5/2026 | 5/8/2025 | 2921 | 2932 |
| 2340 | 9045805, 4.52%, 11/5/2026 | 5/8/2025 | 2207 | 2243 |
| 1337 | 9045844, 5.86%, 11/5/2026 | 5/8/2025 | 1235 | 1239 |
| 7404 | 9045872, 5.36%, 11/5/2026 | 5/8/2025 | 6930 | 6973 |
| 5484 | 9045965, 5.37%, 11/5/2026 | 5/8/2025 | 5069 | 5217 |
| 971 | 9046135, 6.22%, 11/5/2026 | 5/8/2025 | 912 | 857 |
| 3715 | 9046146, 5.85%, 11/5/2026 | 5/8/2025 | 3464 | 3489 |
| 5952 | 9046194, 6.19%, 11/5/2026 | 5/8/2025 | 5482 | 5566 |
| 7467 | 9046293, 4.50%, 11/5/2026 | 5/8/2025 | 7056 | 7214 |
| 21912 | 9046402, 6.19%, 11/5/2026 | 5/8/2025 | 20723 | 16999 |
| 6309 | 9046586, 4.50%, 11/5/2026 | 5/8/2025 | 5961 | 5979 |

---

*See Notes to Financial Statements.*

348 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1567 | 9046707, 6.17%, 11/5/2026 | 5/8/2025 | 1466 | $1411 |
| 8135 | 9046733, 4.51%, 11/5/2026 | 5/8/2025 | 7687 | 7863 |
| 2093 | 9046833, 5.39%, 11/5/2026 | 5/8/2025 | 1953 | 1980 |
| 652 | 9046855, 5.42%, 11/5/2026 | 5/8/2025 | 606 | 611 |
| 5795 | 9046872, 5.12%, 11/5/2026 | 5/8/2025 | 5464 | 5331 |
| 5063 | 9046946, 5.11%, 11/5/2026 | 5/8/2025 | 4737 | 4793 |
| 14709 | 9047024, 4.81%, 11/5/2026 | 5/8/2025 | 13890 | 14100 |
| 17590 | 9047216, 4.50%, 11/5/2026 | 5/8/2025 | 16641 | 16552 |
| 69510 | 9047406, 4.50%, 11/5/2026 | 5/8/2025 | 65641 | 66100 |
| 1382 | 9048147, 6.02%, 11/5/2026 | 5/8/2025 | 1265 | 1184 |
| 14038 | 9048174, 4.50%, 11/5/2026 | 5/8/2025 | 13250 | 13564 |
| 1454 | 9048384, 5.36%, 11/5/2026 | 5/8/2025 | 1364 | 1393 |
| 8562 | 9048417, 5.12%, 11/5/2026 | 5/8/2025 | 8062 | 7643 |
| 5025 | 9048544, 5.67%, 11/6/2026 | 5/9/2025 | 4691 | 4570 |
| 1800 | 9048699, 6.03%, 11/6/2026 | 5/9/2025 | 1683 | 1678 |
| 2475 | 9048769, 6.04%, 11/6/2026 | 5/9/2025 | 2310 | 2156 |
| 1354 | 9048886, 6.20%, 11/6/2026 | 5/9/2025 | 1261 | 1238 |
| 2637 | 9048914, 5.36%, 11/6/2026 | 5/9/2025 | 2460 | 2517 |
| 3536 | 9048995, 5.36%, 11/6/2026 | 5/9/2025 | 3271 | 3344 |
| 2863 | 9049086, 6.19%, 11/6/2026 | 5/9/2025 | 2670 | 2602 |
| 1885 | 9049172, 5.85%, 11/6/2026 | 5/9/2025 | 1762 | 1678 |
| 24196 | 9049265, 6.19%, 11/6/2026 | 5/9/2025 | 22849 | 20161 |
| 7944 | 9049824, 4.50%, 11/6/2026 | 5/9/2025 | 7495 | 7679 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 349

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $8258 | 9049957, 4.51%, 11/6/2026 | 5/9/2025 | 7754 | $7997 |
| 2600 | 9050076, 4.81%, 11/6/2026 | 5/9/2025 | 2464 | 2308 |
| 1068 | 9050105, 6.19%, 11/6/2026 | 5/9/2025 | 976 | 989 |
| 3507 | 9050119, 5.84%, 11/6/2026 | 5/9/2025 | 3279 | 3231 |
| 5973 | 9050187, 4.50%, 11/6/2026 | 5/9/2025 | 5656 | 5743 |
| 5267 | 9050277, 5.36%, 11/6/2026 | 5/9/2025 | 4914 | 4914 |
| 5376 | 9050305, 4.50%, 11/6/2026 | 5/9/2025 | 5081 | 5188 |
| 4406 | 9050341, 5.67%, 11/6/2026 | 5/9/2025 | 4053 | 4215 |
| 1898 | 9050450, 4.80%, 11/6/2026 | 5/9/2025 | 1792 | 1818 |
| 7344 | 9050466, 5.12%, 11/6/2026 | 5/9/2025 | 6914 | 6904 |
| 9430 | 9050588, 5.67%, 11/6/2026 | 5/9/2025 | 8671 | 9026 |
| 21123 | 9050814, 5.12%, 11/6/2026 | 5/9/2025 | 19724 | 20184 |
| 2779 | 9051083, 5.86%, 11/6/2026 | 5/9/2025 | 2598 | 2563 |
| 2691 | 9051096, 5.67%, 11/6/2026 | 5/9/2025 | 2480 | 2352 |
| 86886 | 9051126, 4.81%, 11/6/2026 | 5/9/2025 | 81767 | 83596 |
| 4422 | 9051967, 4.51%, 11/6/2026 | 5/9/2025 | 4181 | 4267 |
| 30803 | 9052000, 4.50%, 11/6/2026 | 5/9/2025 | 29164 | 29070 |
| 4738 | 9052401, 4.81%, 11/6/2026 | 5/9/2025 | 4443 | 4549 |
| 4596 | 9052437, 5.36%, 11/6/2026 | 5/9/2025 | 4360 | 2851 |
| 2310 | 9052477, 5.86%, 11/6/2026 | 5/9/2025 | 2146 | 2138 |
| 17224 | 9052518, 4.81%, 11/6/2026 | 5/9/2025 | 16148 | 16489 |
| 76317 | 9052716, 4.50%, 11/6/2026 | 5/9/2025 | 72618 | 69807 |

---

*See Notes to Financial Statements.*

350 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $49135 | 9053221, 6.19%, 11/7/2026 | 5/12/2025 | 45543 | $45566 |
| 14749 | 9054361, 5.12%, 11/7/2026 | 5/12/2025 | 13836 | 13842 |
| 6479 | 9054906, 6.19%, 11/7/2026 | 5/12/2025 | 5914 | 6015 |
| 2819 | 9055035, 6.18%, 11/7/2026 | 5/12/2025 | 2612 | 2589 |
| 54673 | 9055058, 5.12%, 11/7/2026 | 5/12/2025 | 50856 | 52609 |
| 4873 | 9055807, 4.50%, 11/7/2026 | 5/12/2025 | 4606 | 4702 |
| 44163 | 9055839, 5.85%, 11/7/2026 | 5/12/2025 | 40815 | 41507 |
| 491 | 9056220, 6.16%, 11/7/2026 | 5/12/2025 | 460 | 432 |
| 3094 | 9056228, 4.50%, 11/7/2026 | 5/12/2025 | 2927 | 2986 |
| 2441 | 9056251, 6.04%, 11/7/2026 | 5/12/2025 | 2263 | 2290 |
| 26100 | 9056274, 5.12%, 11/7/2026 | 5/12/2025 | 24338 | 24988 |
| 10186 | 9056589, 5.67%, 11/7/2026 | 5/12/2025 | 9373 | 9336 |
| 10635 | 9056650, 4.50%, 11/7/2026 | 5/12/2025 | 10052 | 10263 |
| 1396 | 9056736, 5.87%, 11/7/2026 | 5/12/2025 | 1302 | 1303 |
| 4097 | 9056747, 6.18%, 11/7/2026 | 5/12/2025 | 3858 | 3329 |
| 22501 | 9056817, 5.67%, 11/7/2026 | 5/12/2025 | 21189 | 17155 |
| 13703 | 9057034, 5.12%, 11/7/2026 | 5/12/2025 | 12895 | 12922 |
| 6124 | 9057183, 4.50%, 11/7/2026 | 5/12/2025 | 5804 | 5783 |
| 20742 | 9057237, 5.12%, 11/7/2026 | 5/12/2025 | 19549 | 19279 |
| 11394 | 9057402, 5.12%, 11/7/2026 | 5/12/2025 | 10716 | 10886 |
| 2893 | 9060147, 6.21%, 11/8/2026 | 5/13/2025 | 2635 | 2729 |
| 13440 | 9060229, 4.52%, 11/8/2026 | 5/13/2025 | 12717 | 12817 |
| 23630 | 9060417, 4.52%, 11/8/2026 | 5/13/2025 | 22346 | 22708 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 351

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1593 | 9060768, 5.14%, 11/8/2026 | 5/13/2025 | 1491 | $1513 |
| 12110 | 9060811, 4.52%, 11/8/2026 | 5/13/2025 | 11437 | 11582 |
| 3878 | 9061082, 6.05%, 11/8/2026 | 5/13/2025 | 3662 | 2709 |
| 1990 | 9061133, 5.87%, 11/8/2026 | 5/13/2025 | 1865 | 1818 |
| 15805 | 9061315, 4.74%, 11/8/2026 | 5/13/2025 | 15093 | 14080 |
| 10071 | 9061590, 5.38%, 11/8/2026 | 5/13/2025 | 9336 | 9625 |
| 3151 | 9061796, 4.83%, 11/8/2026 | 5/13/2025 | 2971 | 2997 |
| 5903 | 9061830, 4.83%, 11/8/2026 | 5/13/2025 | 5547 | 5688 |
| 32653 | 9061887, 5.14%, 11/8/2026 | 5/13/2025 | 30632 | 29870 |
| 7765 | 9062348, 4.52%, 11/8/2026 | 5/13/2025 | 7262 | 7515 |
| 14364 | 9062579, 5.69%, 11/8/2026 | 5/13/2025 | 13262 | 13718 |
| 6514 | 9062818, 4.83%, 11/8/2026 | 5/13/2025 | 6131 | 6272 |
| 18199 | 9062885, 6.21%, 11/8/2026 | 5/13/2025 | 16918 | 16734 |
| 2645 | 9063147, 4.73%, 11/8/2026 | 5/13/2025 | 2537 | 1844 |
| 4715 | 9063159, 4.83%, 11/8/2026 | 5/13/2025 | 4444 | 4529 |
| 5400 | 9063213, 6.21%, 11/8/2026 | 5/13/2025 | 5015 | 4939 |
| 1730 | 9063285, 6.06%, 11/8/2026 | 5/13/2025 | 1619 | 1506 |
| 4769 | 9063308, 6.21%, 11/8/2026 | 5/13/2025 | 4385 | 4417 |
| 5058 | 9063350, 5.14%, 11/8/2026 | 5/13/2025 | 4761 | 4726 |
| 13631 | 9063378, 4.52%, 11/8/2026 | 5/13/2025 | 12913 | 12613 |
| 3139 | 9063544, 4.53%, 11/8/2026 | 5/13/2025 | 2960 | 3034 |
| 3262 | 9063613, 6.21%, 11/8/2026 | 5/13/2025 | 2980 | 3088 |

---

*See Notes to Financial Statements.*

352 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $11711 | 9063666, 4.52%, 11/8/2026 | 5/13/2025 | 11059 | $11281 |
| 1264 | 9063870, 5.40%, 11/8/2026 | 5/13/2025 | 1172 | 1202 |
| 5137 | 9063900, 6.05%, 11/8/2026 | 5/13/2025 | 4864 | 3287 |
| 2313 | 9064018, 6.20%, 11/8/2026 | 5/13/2025 | 2175 | 1537 |
| 907 | 9064043, 5.14%, 11/8/2026 | 5/13/2025 | 848 | 865 |
| 5807 | 9064068, 4.83%, 11/8/2026 | 5/13/2025 | 5480 | 5493 |
| 3716 | 9064119, 4.83%, 11/8/2026 | 5/13/2025 | 3495 | 3509 |
| 21265 | 9064193, 5.14%, 11/8/2026 | 5/13/2025 | 20028 | 19562 |
| 18721 | 9064402, 5.14%, 11/8/2026 | 5/13/2025 | 17539 | 17693 |
| 10053 | 9064714, 6.21%, 11/8/2026 | 5/13/2025 | 9188 | 9516 |
| 14873 | 9064951, 5.38%, 11/8/2026 | 5/13/2025 | 13823 | 13923 |
| 22377 | 9064976, 4.83%, 11/9/2026 | 5/14/2025 | 21050 | 21330 |
| 10007 | 9065441, 5.38%, 11/9/2026 | 5/14/2025 | 9355 | 9425 |
| 4172 | 9065582, 4.83%, 11/9/2026 | 5/14/2025 | 3915 | 3951 |
| 635 | 9065674, 6.22%, 11/9/2026 | 5/14/2025 | 587 | 601 |
| 3459 | 9065682, 5.87%, 11/9/2026 | 5/14/2025 | 3176 | 3196 |
| 4834 | 9065719, 4.52%, 11/9/2026 | 5/14/2025 | 4561 | 4606 |
| 3121 | 9065811, 6.22%, 11/9/2026 | 5/14/2025 | 2917 | 2554 |
| 431 | 9065844, 6.21%, 11/9/2026 | 5/14/2025 | 391 | 410 |
| 3841 | 9065860, 4.52%, 11/9/2026 | 5/14/2025 | 3622 | 3713 |
| 14500 | 9065941, 4.83%, 11/9/2026 | 5/14/2025 | 13669 | 12812 |
| 6419 | 9066331, 4.52%, 11/9/2026 | 5/14/2025 | 6058 | 6198 |
| 1657 | 9066424, 6.22%, 11/9/2026 | 5/14/2025 | 1520 | 1556 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 353

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1966 | 9066476, 5.13%, 11/9/2026 | 5/14/2025 | 1859 | $1694 |
| 53910 | 9066516, 5.14%, 11/9/2026 | 5/14/2025 | 50508 | 50920 |
| 8609 | 9067419, 5.13%, 11/9/2026 | 5/14/2025 | 8081 | 8130 |
| 9125 | 9067545, 5.13%, 11/9/2026 | 5/14/2025 | 8621 | 8523 |
| 30745 | 9067641, 4.52%, 11/9/2026 | 5/14/2025 | 29042 | 29154 |
| 9861 | 9068066, 5.69%, 11/9/2026 | 5/14/2025 | 9168 | 9359 |
| 9651 | 9068226, 5.13%, 11/9/2026 | 5/14/2025 | 9076 | 8769 |
| 6147 | 9068340, 6.21%, 11/9/2026 | 5/14/2025 | 5618 | 5797 |
| 31407 | 9068508, 4.73%, 11/9/2026 | 5/14/2025 | 30151 | 22953 |
| 2216 | 9068908, 6.05%, 11/9/2026 | 5/14/2025 | 2053 | 2096 |
|  | 9068944, 5.41%, 11/9/2026 | 5/14/2025 |  |  |
| 28203 | 9068959, 4.52%, 11/9/2026 | 5/14/2025 | 26713 | 26335 |
| 14393 | 9069252, 4.83%, 11/9/2026 | 5/14/2025 | 13516 | 13806 |
| 62225 | 9070451, 4.52%, 11/10/2026 | 5/15/2025 | 58644 | 60082 |
| 976 | 9070980, 6.21%, 11/10/2026 | 5/15/2025 | 900 | 903 |
| 3382 | 9070989, 5.88%, 11/10/2026 | 5/15/2025 | 3143 | 3155 |
| 3623 | 9071026, 5.38%, 11/10/2026 | 5/15/2025 | 3398 | 3397 |
| 3062 | 9071060, 5.15%, 11/10/2026 | 5/15/2025 | 2874 | 2690 |
| 6979 | 9071094, 5.87%, 11/10/2026 | 5/15/2025 | 6518 | 6306 |
| 19376 | 9071167, 4.52%, 11/10/2026 | 5/15/2025 | 18257 | 18706 |
| 6106 | 9071318, 5.38%, 11/10/2026 | 5/15/2025 | 5629 | 5701 |
| 1439 | 9071393, 6.04%, 11/11/2026 | 5/15/2025 | 1341 | 1319 |

---

*See Notes to Financial Statements.*

354 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4674 | 9071406, 4.51%, 11/11/2026 | 5/15/2025 | 4400 | $4518 |
|  | 9071456, 6.03%, 11/11/2026 | 5/15/2025 |  |  |
| 800 | 9071463, 6.21%, 11/11/2026 | 5/15/2025 | 731 | 757 |
| 10388 | 9071473, 4.82%, 11/11/2026 | 5/15/2025 | 9749 | 9905 |
| 918 | 9071553, 6.04%, 11/11/2026 | 5/15/2025 | 840 | 851 |
| 553 | 9071566, 6.03%, 11/11/2026 | 5/15/2025 | 506 | 526 |
| 6649 | 9071579, 4.82%, 11/11/2026 | 5/15/2025 | 6245 | 6399 |
| 4935 | 9071655, 6.20%, 11/11/2026 | 5/15/2025 | 4610 | 4376 |
| 22348 | 9071696, 4.82%, 11/11/2026 | 5/15/2025 | 21157 | 20064 |
| 7889 | 9071869, 6.20%, 11/11/2026 | 5/15/2025 | 7283 | 7447 |
| 795 | 9071942, 5.84%, 11/11/2026 | 5/15/2025 | 736 | 750 |
| 4954 | 9071953, 5.12%, 11/11/2026 | 5/15/2025 | 4645 | 4677 |
| 1366 | 9071999, 6.19%, 11/11/2026 | 5/15/2025 | 1248 | 1288 |
| 3550 | 9072021, 5.13%, 11/11/2026 | 5/15/2025 | 3327 | 3403 |
| 968 | 9072045, 6.23%, 11/11/2026 | 5/15/2025 | 906 | 830 |
| 1703 | 9072054, 4.82%, 11/11/2026 | 5/15/2025 | 1606 | 1595 |
| 1427 | 9072070, 6.06%, 11/11/2026 | 5/15/2025 | 1343 | 915 |
| 220 | 9072086, 5.70%, 11/11/2026 | 5/15/2025 | 203 | 211 |
| 4798 | 9072098, 4.51%, 11/11/2026 | 5/15/2025 | 4529 | 4632 |
| 12850 | 9072137, 4.82%, 11/11/2026 | 5/15/2025 | 12093 | 12148 |
| 28166 | 9072235, 4.51%, 11/11/2026 | 5/15/2025 | 26622 | 27119 |
| 4354 | 9072457, 4.81%, 11/12/2026 | 5/15/2025 | 4096 | 4159 |
| 10748 | 9072589, 4.50%, 11/12/2026 | 5/15/2025 | 10128 | 10289 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 355

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1254 | 9072890, 5.66%, 11/12/2026 | 5/15/2025 | 1169 | $1177 |
| 4636 | 9072940, 5.36%, 11/12/2026 | 5/15/2025 | 4350 | 4323 |
| 23504 | 9073007, 4.50%, 11/12/2026 | 5/15/2025 | 22291 | 21521 |
| 15335 | 9073315, 4.81%, 11/12/2026 | 5/15/2025 | 14505 | 13761 |
| 1038 | 9073504, 5.87%, 11/12/2026 | 5/15/2025 | 958 | 982 |
| 7075 | 9073539, 4.81%, 11/12/2026 | 5/15/2025 | 6646 | 6707 |
| 1115 | 9073616, 6.04%, 11/12/2026 | 5/15/2025 | 1010 | 1039 |
| 7908 | 9073642, 5.36%, 11/12/2026 | 5/15/2025 | 7381 | 7462 |
| 34878 | 9073805, 5.36%, 11/12/2026 | 5/15/2025 | 32448 | 32855 |
| 3808 | 9074396, 4.50%, 11/12/2026 | 5/15/2025 | 3591 | 3681 |
| 15738 | 9074465, 4.50%, 11/12/2026 | 5/15/2025 | 14870 | 15155 |
| 6611 | 9074680, 4.81%, 11/12/2026 | 5/15/2025 | 6210 | 6261 |
| 47523 | 9074757, 4.50%, 11/12/2026 | 5/15/2025 | 44758 | 45927 |
| 6598 | 9075372, 6.19%, 11/12/2026 | 5/15/2025 | 6175 | 5859 |
| 11055 | 9075421, 6.18%, 11/12/2026 | 5/15/2025 | 10290 | 9857 |
| 1350 | 9075513, 4.50%, 11/12/2026 | 5/15/2025 | 1273 | 1304 |
| 15149 | 9075547, 4.50%, 11/12/2026 | 5/15/2025 | 14297 | 14511 |
| 3611 | 9075727, 6.18%, 11/12/2026 | 5/15/2025 | 3404 | 2629 |
| 5144 | 9075741, 4.50%, 11/12/2026 | 5/15/2025 | 4869 | 4855 |
| 1319 | 9075779, 6.19%, 11/12/2026 | 5/15/2025 | 1241 | 976 |
| 12153 | 9075802, 6.19%, 11/12/2026 | 5/15/2025 | 11340 | 10547 |
| 20237 | 9075988, 4.50%, 11/12/2026 | 5/15/2025 | 19079 | 19549 |

---

*See Notes to Financial Statements.*

356 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $6846 | 9076316, 5.12%, 11/12/2026 | 5/15/2025 | 6393 | $6571 |
| 7082 | 9076406, 4.81%, 11/12/2026 | 5/15/2025 | 6600 | 6827 |
| 7386 | 9076493, 4.51%, 11/12/2026 | 5/15/2025 | 6984 | 7096 |
| 77710 | 9076548, 4.50%, 11/12/2026 | 5/15/2025 | 73338 | 75068 |
| 11247 | 9076728, 4.50%, 11/13/2026 | 5/16/2025 | 10640 | 10623 |
| 871 | 9077027, 6.01%, 11/13/2026 | 5/16/2025 | 815 | 794 |
| 4935 | 9077038, 4.81%, 11/13/2026 | 5/16/2025 | 4644 | 4704 |
| 19138 | 9077120, 4.81%, 11/13/2026 | 5/16/2025 | 18053 | 17963 |
| 1545 | 9077618, 5.85%, 11/13/2026 | 5/16/2025 | 1419 | 1432 |
| 32008 | 9077670, 5.36%, 11/13/2026 | 5/16/2025 | 29796 | 30703 |
| 5188 | 9078275, 6.19%, 11/13/2026 | 5/16/2025 | 4846 | 4674 |
| 2189 | 9078327, 6.03%, 11/13/2026 | 5/16/2025 | 2045 | 2035 |
| 3559 | 9078346, 6.04%, 11/13/2026 | 5/16/2025 | 3305 | 3387 |
| 2933 | 9078379, 4.50%, 11/13/2026 | 5/16/2025 | 2766 | 2833 |
| 44340 | 9078957, 4.50%, 11/13/2026 | 5/16/2025 | 41517 | 42914 |
| 65586 | 9079794, 4.50%, 11/13/2026 | 5/16/2025 | 62053 | 61981 |
| 2352 | 9080572, 6.04%, 11/13/2026 | 5/16/2025 | 2186 | 2180 |
| 7273 | 9080607, 4.50%, 11/13/2026 | 5/16/2025 | 6874 | 7003 |
| 1742 | 9080715, 4.81%, 11/13/2026 | 5/16/2025 | 1644 | 1554 |
| 3661 | 9080738, 4.80%, 11/13/2026 | 5/16/2025 | 3461 | 3290 |
| 10760 | 9080812, 4.50%, 11/13/2026 | 5/16/2025 | 10205 | 10197 |
| 8072 | 9080966, 4.51%, 11/13/2026 | 5/16/2025 | 7623 | 7785 |
| 91823 | 9081078, 5.12%, 11/13/2026 | 5/16/2025 | 86544 | 86202 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 357

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2409 | 9081640, 6.19%, 11/14/2026 | 5/19/2025 | 2175 | $2269 |
| 1840 | 9081750, 5.85%, 11/14/2026 | 5/19/2025 | 1708 | 1748 |
| 18872 | 9081763, 5.85%, 11/14/2026 | 5/19/2025 | 17417 | 17266 |
| 3185 | 9082160, 6.03%, 11/14/2026 | 5/19/2025 | 2956 | 2752 |
| 12605 | 9082222, 4.50%, 11/14/2026 | 5/19/2025 | 11876 | 12173 |
| 29881 | 9082556, 6.19%, 11/14/2026 | 5/19/2025 | 27625 | 27863 |
| 13179 | 9083226, 4.51%, 11/14/2026 | 5/19/2025 | 12401 | 12611 |
| 27105 | 9083351, 4.81%, 11/14/2026 | 5/19/2025 | 25471 | 25660 |
| 80288 | 9083618, 5.36%, 11/14/2026 | 5/19/2025 | 75076 | 75668 |
| 1511 | 9084454, 6.19%, 11/14/2026 | 5/19/2025 | 1378 | 1395 |
| 53988 | 9084479, 4.50%, 11/14/2026 | 5/19/2025 | 50928 | 52115 |
| 8630 | 9084950, 4.50%, 11/14/2026 | 5/19/2025 | 8133 | 8335 |
| 33335 | 9085031, 5.12%, 11/14/2026 | 5/19/2025 | 31119 | 31262 |
| 1957 | 9085324, 4.81%, 11/14/2026 | 5/19/2025 | 1841 | 1866 |
| 19540 | 9085346, 5.12%, 11/14/2026 | 5/19/2025 | 18262 | 18587 |
| 39867 | 9085510, 6.19%, 11/14/2026 | 5/19/2025 | 37186 | 34767 |
| 4967 | 9088472, 4.74%, 11/15/2026 | 5/20/2025 | 4724 | 4480 |
| 16143 | 9088627, 4.52%, 11/15/2026 | 5/20/2025 | 15212 | 15583 |
| 4142 | 9088957, 4.53%, 11/15/2026 | 5/20/2025 | 3905 | 3997 |
| 13708 | 9089026, 5.38%, 11/15/2026 | 5/20/2025 | 12844 | 12656 |
| 3590 | 9089453, 6.22%, 11/15/2026 | 5/20/2025 | 3328 | 3310 |
| 7396 | 9089555, 5.14%, 11/15/2026 | 5/20/2025 | 6863 | 7091 |

---

*See Notes to Financial Statements.*

358 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $13111 | 9089681, 5.38%, 11/15/2026 | 5/20/2025 | 12159 | $12254 |
| 8211 | 9089943, 4.83%, 11/15/2026 | 5/20/2025 | 7719 | 7736 |
| 8068 | 9090132, 5.87%, 11/15/2026 | 5/20/2025 | 7527 | 7284 |
| 10390 | 9090263, 5.87%, 11/15/2026 | 5/20/2025 | 9538 | 9797 |
| 49624 | 9090444, 6.21%, 11/15/2026 | 5/20/2025 | 46037 | 44201 |
| 16553 | 9091053, 6.21%, 11/15/2026 | 5/20/2025 | 15125 | 15643 |
| 5163 | 9091250, 5.87%, 11/15/2026 | 5/20/2025 | 4771 | 4889 |
| 3643 | 9091311, 4.83%, 11/15/2026 | 5/20/2025 | 3436 | 3418 |
|  | 9091338, 5.38%, 11/15/2026 | 5/20/2025 | (1229) |  |
|  | 9091465, 4.75%, 11/15/2026 | 5/20/2025 | (36) | (32) |
| 39232 | 9091466, 4.52%, 11/15/2026 | 5/20/2025 | 36891 | 37919 |
| 2683 | 9091916, 4.83%, 11/15/2026 | 5/20/2025 | 2529 | 2366 |
| 2082 | 9091947, 6.21%, 11/15/2026 | 5/20/2025 | 1897 | 1966 |
| 58944 | 9091994, 4.83%, 11/15/2026 | 5/20/2025 | 55383 | 56692 |
| 18019 | 9092779, 5.87%, 11/16/2026 | 5/21/2025 | 16685 | 17067 |
| 654 | 9093221, 6.21%, 11/16/2026 | 5/21/2025 | 601 | 597 |
| 1153 | 9093230, 5.42%, 11/16/2026 | 5/21/2025 | 1091 | 865 |
| 4295 | 9093250, 6.06%, 11/16/2026 | 5/21/2025 | 3991 | 3352 |
| 2713 | 9093318, 5.39%, 11/16/2026 | 5/21/2025 | 2531 | 2573 |
| 28 | 9093384, 6.21%, 11/16/2026 | 5/21/2025 | 24 | 25 |
| 3266 | 9093393, 6.22%, 11/16/2026 | 5/21/2025 | 3055 | 2600 |
| 1589 | 9093495, 4.84%, 11/16/2026 | 5/21/2025 | 1491 | 1529 |
| 832 | 9093550, 6.07%, 11/16/2026 | 5/21/2025 | 776 | 757 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 359

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3163 | 9093575, 4.53%, 11/16/2026 | 5/21/2025 | 2975 | $3022 |
| 968 | 9093655, 4.52%, 11/16/2026 | 5/21/2025 | 913 | 934 |
| 33942 | 9093701, 4.52%, 11/16/2026 | 5/21/2025 | 31991 | 32748 |
| 9226 | 9094311, 6.06%, 11/16/2026 | 5/21/2025 | 8627 | 7269 |
| 746 | 9094513, 6.21%, 11/16/2026 | 5/21/2025 | 690 | 687 |
| 1879 | 9094571, 5.87%, 11/16/2026 | 5/21/2025 | 1765 | 1338 |
| 5774 | 9094597, 6.21%, 11/16/2026 | 5/21/2025 | 5394 | 4168 |
| 5536 | 9094684, 6.21%, 11/16/2026 | 5/21/2025 | 5045 | 5166 |
| 2777 | 9094789, 6.21%, 11/16/2026 | 5/21/2025 | 2591 | 2444 |
| 5152 | 9094848, 4.52%, 11/16/2026 | 5/21/2025 | 4866 | 4948 |
| 1485 | 9094923, 5.37%, 11/16/2026 | 5/21/2025 | 1374 | 1422 |
| 15657 | 9094972, 4.52%, 11/16/2026 | 5/21/2025 | 14731 | 15122 |
| 47978 | 9095268, 4.52%, 11/16/2026 | 5/21/2025 | 45401 | 45343 |
| 4269 | 9095932, 4.51%, 11/16/2026 | 5/21/2025 | 4039 | 4039 |
| 18146 | 9095981, 6.21%, 11/16/2026 | 5/21/2025 | 16796 | 15946 |
| 1083 | 9096192, 6.03%, 11/16/2026 | 5/21/2025 | 1010 | 950 |
| 1768 | 9096221, 4.83%, 11/16/2026 | 5/21/2025 | 1649 | 1686 |
| 41574 | 9096248, 4.52%, 11/16/2026 | 5/21/2025 | 39234 | 40001 |
| 1761 | 9096765, 5.39%, 11/16/2026 | 5/21/2025 | 1643 | 1639 |
| 24614 | 9096778, 6.21%, 11/16/2026 | 5/21/2025 | 22923 | 21519 |
| 3434 | 9097078, 5.13%, 11/16/2026 | 5/21/2025 | 3222 | 3132 |
| 1751 | 9097135, 5.40%, 11/16/2026 | 5/21/2025 | 1636 | 1632 |

---

*See Notes to Financial Statements.*

360 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $9968 | 9097757, 5.38%, 11/17/2026 | 5/22/2025 | 9304 | $9282 |
| 4410 | 9097832, 5.38%, 11/17/2026 | 5/22/2025 | 4107 | 4144 |
| 11580 | 9097862, 4.83%, 11/17/2026 | 5/22/2025 | 10894 | 11109 |
| 7521 | 9097976, 4.52%, 11/17/2026 | 5/22/2025 | 7090 | 7246 |
| 1084 | 9098040, 5.89%, 11/17/2026 | 5/22/2025 | 995 | 1025 |
| 4037 | 9098052, 6.21%, 11/17/2026 | 5/22/2025 | 3742 | 3599 |
| 1315 | 9098082, 5.88%, 11/17/2026 | 5/22/2025 | 1212 | 1227 |
| 1657 | 9098091, 6.21%, 11/17/2026 | 5/22/2025 | 1519 | 1548 |
| 9754 | 9098101, 5.41%, 11/17/2026 | 5/22/2025 | 9191 | 8446 |
| 712 | 9098185, 6.08%, 11/17/2026 | 5/22/2025 | 657 | 666 |
| 8059 | 9098192, 5.87%, 11/17/2026 | 5/22/2025 | 7410 | 7552 |
| 5035 | 9098277, 5.69%, 11/17/2026 | 5/22/2025 | 4712 | 4437 |
| 19708 | 9098320, 4.52%, 11/17/2026 | 5/22/2025 | 18569 | 19017 |
| 7801 | 9098470, 4.52%, 11/17/2026 | 5/22/2025 | 7343 | 7535 |
| 2536 | 9098518, 6.20%, 11/17/2026 | 5/22/2025 | 2318 | 2387 |
| 5379 | 9098542, 5.87%, 11/17/2026 | 5/22/2025 | 4948 | 5054 |
| 7707 | 9098599, 4.83%, 11/17/2026 | 5/22/2025 | 7254 | 7022 |
| 12671 | 9098649, 5.14%, 11/17/2026 | 5/22/2025 | 11908 | 11212 |
| 6675 | 9098738, 4.52%, 11/18/2026 | 5/22/2025 | 6289 | 6333 |
| 8149 | 9098784, 4.51%, 11/18/2026 | 5/22/2025 | 7648 | 7875 |
| 1692 | 9098861, 4.73%, 11/18/2026 | 5/22/2025 | 1597 | 1487 |
| 4697 | 9098880, 6.20%, 11/18/2026 | 5/22/2025 | 4375 | 4132 |
| 6357 | 9098935, 4.52%, 11/18/2026 | 5/22/2025 | 5995 | 6116 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 361

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1252 | 9098991, 4.82%, 11/18/2026 | 5/22/2025 | 1174 | $1206 |
| 2364 | 9099006, 5.86%, 11/18/2026 | 5/22/2025 | 2197 | 2166 |
| 2639 | 9099037, 5.40%, 11/18/2026 | 5/22/2025 | 2468 | 2302 |
| 4835 | 9099068, 4.51%, 11/18/2026 | 5/22/2025 | 4548 | 4667 |
| 3419 | 9099092, 6.19%, 11/18/2026 | 5/22/2025 | 3207 | 2446 |
| 3240 | 9099125, 4.50%, 11/18/2026 | 5/22/2025 | 3054 | 3118 |
| 2291 | 9099156, 5.87%, 11/18/2026 | 5/22/2025 | 2154 | 1517 |
| 2077 | 9099167, 5.67%, 11/18/2026 | 5/22/2025 | 1943 | 1827 |
| 4400 | 9099184, 4.52%, 11/18/2026 | 5/22/2025 | 4141 | 4247 |
| 1330 | 9099221, 6.21%, 11/18/2026 | 5/22/2025 | 1215 | 1242 |
| 1882 | 9099245, 6.21%, 11/18/2026 | 5/22/2025 | 1724 | 1725 |
| 16183 | 9099268, 5.37%, 11/18/2026 | 5/22/2025 | 15150 | 14836 |
| 4997 | 9099385, 4.82%, 11/18/2026 | 5/22/2025 | 4699 | 4762 |
| 2015 | 9099427, 6.19%, 11/18/2026 | 5/22/2025 | 1861 | 1891 |
| 5129 | 9099453, 4.51%, 11/18/2026 | 5/22/2025 | 4832 | 4950 |
| 4021 | 9099495, 6.04%, 11/18/2026 | 5/22/2025 | 3700 | 3782 |
| 5100 | 9099673, 4.81%, 11/19/2026 | 5/22/2025 | 4800 | 4621 |
| 8175 | 9099754, 6.03%, 11/19/2026 | 5/22/2025 | 7598 | 7464 |
| 9622 | 9100038, 4.81%, 11/19/2026 | 5/22/2025 | 9047 | 9180 |
| 820 | 9100394, 5.85%, 11/19/2026 | 5/22/2025 | 747 | 778 |
| 4027 | 9100466, 4.50%, 11/19/2026 | 5/22/2025 | 3797 | 3854 |
| 4767 | 9100539, 4.50%, 11/19/2026 | 5/22/2025 | 4494 | 4599 |

---

*See Notes to Financial Statements.*

362 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $5086 | 9100654, 4.50%, 11/19/2026 | 5/22/2025 | 4797 | $4908 |
| 2660 | 9100771, 5.38%, 11/19/2026 | 5/22/2025 | 2486 | 2484 |
| 9311 | 9100833, 4.50%, 11/19/2026 | 5/22/2025 | 8784 | 8970 |
| 3138 | 9100965, 5.37%, 11/19/2026 | 5/22/2025 | 2901 | 2967 |
| 1409 | 9101020, 6.19%, 11/19/2026 | 5/22/2025 | 1285 | 1331 |
| 6539 | 9101066, 6.03%, 11/19/2026 | 5/22/2025 | 6136 | 5589 |
| 9588 | 9101182, 4.81%, 11/19/2026 | 5/22/2025 | 8937 | 9142 |
| 1996 | 9101272, 4.51%, 11/19/2026 | 5/22/2025 | 1879 | 1926 |
| 2325 | 9101302, 5.36%, 11/19/2026 | 5/22/2025 | 2177 | 2146 |
| 1753 | 9101385, 6.20%, 11/19/2026 | 5/22/2025 | 1626 | 1605 |
| 15864 | 9101419, 4.50%, 11/19/2026 | 5/22/2025 | 14952 | 15288 |
| 6088 | 9101675, 4.51%, 11/19/2026 | 5/22/2025 | 5728 | 5879 |
| 56583 | 9101747, 5.67%, 11/19/2026 | 5/22/2025 | 52841 | 52700 |
| 1337 | 9102338, 5.86%, 11/19/2026 | 5/22/2025 | 1227 | 1273 |
| 11599 | 9102362, 4.50%, 11/19/2026 | 5/22/2025 | 10931 | 11189 |
| 16970 | 9102499, 4.50%, 11/19/2026 | 5/22/2025 | 16003 | 16373 |
| 4013 | 9102703, 6.19%, 11/19/2026 | 5/22/2025 | 3712 | 3707 |
| 33568 | 9102783, 4.50%, 11/19/2026 | 5/22/2025 | 31681 | 32291 |
| 14363 | 9103167, 4.51%, 11/19/2026 | 5/22/2025 | 13551 | 13672 |
| 7797 | 9103329, 4.50%, 11/19/2026 | 5/22/2025 | 7337 | 7530 |
| 5196 | 9103429, 4.81%, 11/19/2026 | 5/22/2025 | 4873 | 5006 |
| 5674 | 9103535, 4.50%, 11/19/2026 | 5/22/2025 | 5336 | 5484 |
| 3886 | 9103658, 6.19%, 11/19/2026 | 5/22/2025 | 3610 | 3519 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 363

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| $3054 | 9103748, 4.80%, 11/19/2026 | 5/22/2025 | 2870 | $2934 |
| 6295 | 9103773, 5.67%, 11/19/2026 | 5/22/2025 | 5853 | 5903 |
| 3788 | 9103846, 5.85%, 11/19/2026 | 5/22/2025 | 3468 | 3585 |
| 22690 | 9103941, 5.36%, 11/19/2026 | 5/22/2025 | 21054 | 21544 |
| 6074 | 9104416, 6.19%, 11/20/2026 | 5/23/2025 | 5648 | 5311 |
| 19119 | 9104512, 4.81%, 11/20/2026 | 5/23/2025 | 17911 | 18408 |
| 4152 | 9105054, 5.86%, 11/20/2026 | 5/23/2025 | 3858 | 3518 |
| 1556 | 9105219, 4.73%, 11/20/2026 | 5/23/2025 | 1451 | 1486 |
| 2201 | 9105261, 5.85%, 11/20/2026 | 5/23/2025 | 2036 | 2076 |
| 4412 | 9105330, 5.11%, 11/20/2026 | 5/23/2025 | 4124 | 4205 |
| 12174 | 9105583, 4.50%, 11/20/2026 | 5/23/2025 | 11472 | 11745 |
| 4938 | 9105753, 4.51%, 11/20/2026 | 5/23/2025 | 4658 | 4757 |
| 7165 | 9105864, 4.51%, 11/20/2026 | 5/23/2025 | 6765 | 6764 |
| 3651 | 9105962, 4.81%, 11/20/2026 | 5/23/2025 | 3441 | 3422 |
| 1323 | 9106025, 4.70%, 11/20/2026 | 5/23/2025 | 1260 | 1051 |
| 30867 | 9106048, 5.36%, 11/20/2026 | 5/23/2025 | 28824 | 29283 |
| 20005 | 9106448, 4.81%, 11/20/2026 | 5/23/2025 | 18825 | 19189 |
| 13826 | 9106666, 6.19%, 11/20/2026 | 5/23/2025 | 12844 | 12262 |
| 10833 | 9106833, 6.18%, 11/20/2026 | 5/23/2025 | 10061 | 9813 |
| 794 | 9106948, 4.70%, 11/20/2026 | 5/23/2025 | 746 | 753 |
| 9711 | 9106954, 6.19%, 11/20/2026 | 5/23/2025 | 9038 | 8839 |
| 55209 | 9107079, 4.81%, 11/20/2026 | 5/23/2025 | 51791 | 51809 |

---

*See Notes to Financial Statements.*

364 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $5359 | 9107674, 6.18%, 11/20/2026 | 5/23/2025 | 4939 | $4935 |
| 9499 | 9107737, 4.50%, 11/20/2026 | 5/23/2025 | 8946 | 9126 |
| 40432 | 9107818, 4.81%, 11/20/2026 | 5/23/2025 | 37791 | 38970 |
| 927 | 9108322, 5.39%, 11/20/2026 | 5/23/2025 | 866 | 805 |
| 2788 | 9108335, 4.51%, 11/20/2026 | 5/23/2025 | 2626 | 2689 |
| 3258 | 9108358, 5.85%, 11/20/2026 | 5/23/2025 | 2992 | 3047 |
| 10625 | 9108388, 5.67%, 11/20/2026 | 5/23/2025 | 9894 | 10131 |
| 2291 | 9108538, 6.18%, 11/20/2026 | 5/23/2025 | 2131 | 2005 |
| 10215 | 9108550, 5.85%, 11/20/2026 | 5/23/2025 | 9486 | 9417 |
| 7021 | 9108717, 4.50%, 11/20/2026 | 5/23/2025 | 6616 | 6775 |
| 777 | 9108802, 5.42%, 11/20/2026 | 5/23/2025 | 729 | 694 |
| 6634 | 9108807, 5.36%, 11/20/2026 | 5/23/2025 | 6246 | 4888 |
| 36429 | 9108916, 6.19%, 11/21/2026 | 5/27/2025 | 33061 | 34101 |
| 30433 | 9110033, 4.81%, 11/21/2026 | 5/27/2025 | 28515 | 28840 |
| 3203 | 9110500, 4.81%, 11/21/2026 | 5/27/2025 | 3010 | 3050 |
| 4286 | 9110536, 4.50%, 11/21/2026 | 5/27/2025 | 4021 | 4114 |
| 16361 | 9110644, 4.50%, 11/21/2026 | 5/27/2025 | 15441 | 15523 |
| 2974 | 9110785, 5.86%, 11/21/2026 | 5/27/2025 | 2761 | 2784 |
| 1024 | 9110838, 6.18%, 11/21/2026 | 5/27/2025 | 947 | 938 |
| 3276 | 9110852, 5.86%, 11/21/2026 | 5/27/2025 | 3072 | 2645 |
| 1203 | 9110891, 5.84%, 11/21/2026 | 5/27/2025 | 1105 | 1147 |
| 10902 | 9110962, 4.81%, 11/21/2026 | 5/27/2025 | 10238 | 10472 |
| 4040 | 9111148, 6.18%, 11/21/2026 | 5/27/2025 | 3744 | 3608 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 365

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3002 | 9111184, 5.12%, 11/21/2026 | 5/27/2025 | 2818 | $2817 |
| 111 | 9111202, 4.81%, 11/21/2026 | 5/27/2025 | 103 | 107 |
| 5465 | 9111203, 4.81%, 11/21/2026 | 5/27/2025 | 5100 | 5266 |
| 6882 | 9111260, 4.50%, 11/21/2026 | 5/27/2025 | 6482 | 6540 |
| 6606 | 9111343, 4.51%, 11/21/2026 | 5/27/2025 | 6207 | 6379 |
| 24470 | 9111430, 5.36%, 11/21/2026 | 5/27/2025 | 22849 | 22758 |
| 69342 | 9111753, 4.50%, 11/21/2026 | 5/27/2025 | 65560 | 64781 |
| 23035 | 9112382, 4.50%, 11/21/2026 | 5/27/2025 | 21725 | 22163 |
| 55656 | 9112679, 4.81%, 11/21/2026 | 5/27/2025 | 52269 | 52528 |
| 7180 | 9113069, 5.85%, 11/21/2026 | 5/27/2025 | 6680 | 6242 |
| 2945 | 9113123, 5.37%, 11/21/2026 | 5/27/2025 | 2748 | 2789 |
| 4000 | 9113140, 5.85%, 11/21/2026 | 5/27/2025 | 3719 | 3711 |
| 5090 | 9113191, 5.36%, 11/21/2026 | 5/27/2025 | 4725 | 4772 |
| 5502 | 9113224, 5.12%, 11/21/2026 | 5/27/2025 | 5139 | 5272 |
| 1857 | 9117809, 6.21%, 11/22/2026 | 5/28/2025 | 1719 | 1666 |
| 3370 | 9117835, 6.07%, 11/22/2026 | 5/28/2025 | 3122 | 3063 |
| 1355 | 9117879, 6.05%, 11/22/2026 | 5/28/2025 | 1251 | 1228 |
| 14849 | 9117898, 4.84%, 11/22/2026 | 5/28/2025 | 13958 | 14196 |
| 5357 | 9118030, 5.88%, 11/22/2026 | 5/28/2025 | 5005 | 4305 |
| 13199 | 9118088, 4.53%, 11/22/2026 | 5/28/2025 | 12425 | 12707 |
| 2941 | 9118317, 4.54%, 11/22/2026 | 5/28/2025 | 2769 | 2830 |
| 6458 | 9118410, 6.07%, 11/22/2026 | 5/28/2025 | 6012 | 5827 |

---

*See Notes to Financial Statements.*

366 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $699 | 9118548, 6.25%, 11/22/2026 | 5/28/2025 | 639 | $665 |
| 10786 | 9118561, 4.53%, 11/22/2026 | 5/28/2025 | 10129 | 10411 |
| 14276 | 9118911, 5.88%, 11/22/2026 | 5/28/2025 | 13186 | 13437 |
| 3402 | 9119155, 4.83%, 11/22/2026 | 5/28/2025 | 3198 | 3255 |
| 1429 | 9119199, 4.84%, 11/22/2026 | 5/28/2025 | 1336 | 1359 |
| 8329 | 9119208, 4.53%, 11/22/2026 | 5/28/2025 | 7820 | 8015 |
| 2747 | 9119311, 5.39%, 11/22/2026 | 5/28/2025 | 2559 | 2605 |
| 12609 | 9119329, 6.22%, 11/22/2026 | 5/28/2025 | 11666 | 11672 |
| 4238 | 9119469, 5.15%, 11/22/2026 | 5/28/2025 | 3940 | 3962 |
| 25268 | 9119552, 4.84%, 11/22/2026 | 5/28/2025 | 23705 | 23830 |
| 25611 | 9119895, 5.15%, 11/22/2026 | 5/28/2025 | 23961 | 24305 |
| 5143 | 9120264, 6.23%, 11/22/2026 | 5/28/2025 | 4788 | 3744 |
| 14958 | 9120332, 4.53%, 11/22/2026 | 5/28/2025 | 14089 | 14383 |
| 13539 | 9120489, 4.84%, 11/22/2026 | 5/28/2025 | 12687 | 12446 |
| 11655 | 9120759, 5.70%, 11/22/2026 | 5/28/2025 | 10780 | 11037 |
| 1907 | 9120985, 5.90%, 11/22/2026 | 5/28/2025 | 1771 | 1754 |
| 25303 | 9121047, 5.42%, 11/22/2026 | 5/28/2025 | 23610 | 23795 |
| 8439 | 9121463, 4.74%, 11/22/2026 | 5/28/2025 | 7942 | 7851 |
| 685 | 9121546, 6.07%, 11/22/2026 | 5/28/2025 | 633 | 612 |
| 3354 | 9121559, 4.53%, 11/22/2026 | 5/28/2025 | 3165 | 3141 |
| 4539 | 9121587, 6.22%, 11/22/2026 | 5/28/2025 | 4147 | 4239 |
| 16962 | 9121673, 4.53%, 11/22/2026 | 5/28/2025 | 16020 | 15546 |
| 10256 | 9121818, 4.53%, 11/22/2026 | 5/28/2025 | 9645 | 9891 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 367

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $49083 | 9121946, 4.53%, 11/22/2026 | 5/28/2025 | 46147 | $47327 |
| 3386 | 9122699, 5.40%, 11/23/2026 | 5/29/2025 | 3159 | 3140 |
| 7004 | 9122764, 4.84%, 11/23/2026 | 5/29/2025 | 6556 | 6672 |
| 3632 | 9122961, 4.84%, 11/23/2026 | 5/29/2025 | 3412 | 3390 |
| 3081 | 9123042, 4.84%, 11/23/2026 | 5/29/2025 | 2892 | 2953 |
| 29921 | 9123095, 6.22%, 11/23/2026 | 5/29/2025 | 27622 | 27476 |
| 3116 | 9123655, 5.69%, 11/23/2026 | 5/29/2025 | 2896 | 2915 |
| 13633 | 9123729, 4.84%, 11/23/2026 | 5/29/2025 | 12782 | 12963 |
| 17752 | 9124006, 5.15%, 11/23/2026 | 5/29/2025 | 16597 | 16818 |
| 5310 | 9124273, 6.22%, 11/23/2026 | 5/29/2025 | 4845 | 4983 |
| 1205 | 9124437, 6.25%, 11/23/2026 | 5/29/2025 | 1116 | 961 |
| 3159 | 9124450, 5.14%, 11/23/2026 | 5/29/2025 | 2927 | 3021 |
| 14349 | 9124526, 4.53%, 11/23/2026 | 5/29/2025 | 13508 | 13809 |
| 11175 | 9124762, 5.70%, 11/23/2026 | 5/29/2025 | 10279 | 10575 |
| 28126 | 9124986, 5.15%, 11/23/2026 | 5/29/2025 | 26268 | 26650 |
| 7390 | 9125446, 6.07%, 11/23/2026 | 5/29/2025 | 6940 | 5159 |
| 2068 | 9125539, 6.06%, 11/23/2026 | 5/29/2025 | 1885 | 1930 |
| 37148 | 9125596, 5.15%, 11/23/2026 | 5/29/2025 | 34802 | 34306 |
| 2865 | 9126008, 4.84%, 11/23/2026 | 5/29/2025 | 2671 | 2759 |
| 10169 | 9126076, 5.39%, 11/23/2026 | 5/29/2025 | 9480 | 9715 |
| 25340 | 9126180, 5.70%, 11/23/2026 | 5/29/2025 | 23503 | 23748 |
| 2334 | 9126552, 5.89%, 11/23/2026 | 5/29/2025 | 2175 | 2015 |

---

*See Notes to Financial Statements.*

368 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $15896 | 9126588, 6.22%, 11/23/2026 | 5/29/2025 | 14820 | $13041 |
| 5367 | 9126784, 4.53%, 11/23/2026 | 5/29/2025 | 5052 | 5168 |
| 13529 | 9126879, 5.88%, 11/23/2026 | 5/29/2025 | 12525 | 12563 |
| 9929 | 9127183, 4.53%, 11/23/2026 | 5/29/2025 | 9359 | 9528 |
| 2404 | 9127349, 6.07%, 11/24/2026 | 5/30/2025 | 2217 | 2253 |
| 1958 | 9127394, 4.74%, 11/24/2026 | 5/30/2025 | 1821 | 1852 |
| 2820 | 9127419, 5.89%, 11/24/2026 | 5/30/2025 | 2604 | 2591 |
| 1571 | 9127443, 4.74%, 11/24/2026 | 5/30/2025 | 1472 | 1454 |
| 21185 | 9127459, 6.22%, 11/24/2026 | 5/30/2025 | 19617 | 18605 |
| 3204 | 9127618, 5.71%, 11/24/2026 | 5/30/2025 | 2967 | 3012 |
| 3357 | 9127653, 5.70%, 11/24/2026 | 5/30/2025 | 3113 | 3147 |
| 3957 | 9127683, 4.54%, 11/24/2026 | 5/30/2025 | 3717 | 3816 |
| 7867 | 9127715, 5.88%, 11/24/2026 | 5/30/2025 | 7223 | 7242 |
| 1567 | 9127789, 5.72%, 11/24/2026 | 5/30/2025 | 1447 | 1452 |
| 33357 | 9127810, 5.15%, 11/24/2026 | 5/30/2025 | 31071 | 31646 |
| 2886 | 9128085, 6.22%, 11/24/2026 | 5/30/2025 | 2644 | 2659 |
| 7187 | 9128116, 4.53%, 11/24/2026 | 5/30/2025 | 6764 | 6919 |
| 637 | 9128166, 6.03%, 11/24/2026 | 5/30/2025 | 585 | 600 |
| 2491 | 9128171, 4.84%, 11/24/2026 | 5/30/2025 | 2339 | 2334 |
| 1249 | 9128195, 4.74%, 11/24/2026 | 5/30/2025 | 1177 | 1100 |
| 2948 | 9128211, 6.06%, 11/24/2026 | 5/30/2025 | 2703 | 2602 |
| 6011 | 9128245, 6.22%, 11/24/2026 | 5/30/2025 | 5538 | 5526 |
| 1553 | 9128278, 6.20%, 11/25/2026 | 5/30/2025 | 1431 | 1402 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 369

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1062 | 9128296, 6.24%, 11/25/2026 | 5/30/2025 | 986 | $892 |
| 5056 | 9128310, 4.52%, 11/25/2026 | 5/30/2025 | 4759 | 4868 |
| 6380 | 9128343, 5.87%, 11/25/2026 | 5/30/2025 | 5892 | 5963 |
| 29722 | 9128397, 4.52%, 11/25/2026 | 5/30/2025 | 27979 | 28608 |
| 2101 | 9128634, 4.51%, 11/25/2026 | 5/30/2025 | 1980 | 2021 |
| 3208 | 9128651, 5.13%, 11/25/2026 | 5/30/2025 | 2990 | 2959 |
| 7035 | 9128666, 5.38%, 11/25/2026 | 5/30/2025 | 6541 | 6383 |
| 5107 | 9128716, 4.52%, 11/25/2026 | 5/30/2025 | 4805 | 4924 |
| 1868 | 9128754, 4.54%, 11/25/2026 | 5/30/2025 | 1753 | 1804 |
| 1560 | 9128768, 6.19%, 11/25/2026 | 5/30/2025 | 1443 | 1448 |
| 7657 | 9128778, 4.52%, 11/25/2026 | 5/30/2025 | 7197 | 7383 |
| 8950 | 9128846, 5.13%, 11/25/2026 | 5/30/2025 | 8342 | 8579 |
| 6650 | 9128911, 5.38%, 11/25/2026 | 5/30/2025 | 6234 | 6225 |
| 8995 | 9128964, 4.52%, 11/25/2026 | 5/30/2025 | 8499 | 8077 |
| 3620 | 9129043, 4.82%, 11/26/2026 | 5/30/2025 | 3396 | 3474 |
| 2684 | 9129063, 6.21%, 11/26/2026 | 5/30/2025 | 2492 | 2185 |
| 16694 | 9129077, 4.51%, 11/26/2026 | 5/30/2025 | 15759 | 15807 |
| 9281 | 9129199, 4.51%, 11/26/2026 | 5/30/2025 | 8741 | 8933 |
| 26158 | 9129306, 4.51%, 11/26/2026 | 5/30/2025 | 24631 | 24965 |
| 1911 | 9129503, 6.20%, 11/26/2026 | 5/30/2025 | 1761 | 1805 |
| 6928 | 9129517, 4.52%, 11/26/2026 | 5/30/2025 | 6535 | 6560 |
| 15525 | 9129537, 4.82%, 11/26/2026 | 5/30/2025 | 14548 | 14630 |

---

*See Notes to Financial Statements.*

370 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $193 | 9129615, 5.43%, 11/26/2026 | 5/30/2025 | 179 | $181 |
| 2098 | 9129616, 5.87%, 11/26/2026 | 5/30/2025 | 1928 | 1938 |
| 7853 | 9129634, 4.82%, 11/26/2026 | 5/30/2025 | 7383 | 7510 |
| 11584 | 9129674, 5.13%, 11/26/2026 | 5/30/2025 | 10851 | 10951 |
| 1756 | 9129743, 6.20%, 11/26/2026 | 5/30/2025 | 1605 | 1640 |
| 6356 | 9129760, 5.13%, 11/26/2026 | 5/30/2025 | 5919 | 5988 |
| 11529 | 9129798, 6.20%, 11/26/2026 | 5/30/2025 | 10606 | 10765 |
| 1416 | 9129886, 6.06%, 11/26/2026 | 5/30/2025 | 1303 | 1329 |
| 1652 | 9129893, 4.53%, 11/26/2026 | 5/30/2025 | 1561 | 1446 |
| 40517 | 9129900, 4.82%, 11/26/2026 | 5/30/2025 | 37886 | 38707 |
| 1770 | 9131157, 5.12%, 11/27/2026 | 5/30/2025 | 1654 | 1695 |
| 2494 | 9131169, 5.36%, 11/27/2026 | 5/30/2025 | 2324 | 2313 |
| 2103 | 9131185, 4.71%, 11/27/2026 | 5/30/2025 | 1973 | 1930 |
| 4127 | 9131210, 4.50%, 11/27/2026 | 5/30/2025 | 3885 | 3972 |
| 1278 | 9131231, 4.72%, 11/27/2026 | 5/30/2025 | 1199 | 1183 |
| 10082 | 9131238, 4.50%, 11/27/2026 | 5/30/2025 | 9489 | 9721 |
| 645 | 9131438, 6.03%, 11/27/2026 | 5/30/2025 | 593 | 607 |
| 5002 | 9131457, 4.50%, 11/27/2026 | 5/30/2025 | 4700 | 4795 |
| 2550 | 9131552, 5.36%, 11/27/2026 | 5/30/2025 | 2358 | 2414 |
| 1192 | 9131626, 6.01%, 11/27/2026 | 5/30/2025 | 1109 | 1037 |
| 2276 | 9131647, 6.19%, 11/27/2026 | 5/30/2025 | 2080 | 2139 |
| 2590 | 9131744, 6.18%, 11/27/2026 | 5/30/2025 | 2358 | 2439 |
| 798 | 9131898, 6.05%, 11/27/2026 | 5/30/2025 | 733 | 739 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 371

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1737 | 9131930, 5.41%, 11/27/2026 | 5/30/2025 | 1623 | $1555 |
| 1323 | 9131987, 5.14%, 11/27/2026 | 5/30/2025 | 1236 | 1243 |
| 7450 | 9132026, 5.85%, 11/27/2026 | 5/30/2025 | 6893 | 6909 |
|  | 9132201, 4.72%, 11/27/2026 | 5/30/2025 | (29) | (29) |
| 5511 | 9132228, 5.67%, 11/27/2026 | 5/30/2025 | 5112 | 5219 |
| 1655 | 9132295, 5.87%, 11/27/2026 | 5/30/2025 | 1549 | 1208 |
| 3812 | 9132312, 6.18%, 11/27/2026 | 5/30/2025 | 3506 | 3484 |
| 1670 | 9132368, 6.04%, 11/27/2026 | 5/30/2025 | 1545 | 1511 |
|  | 9132414, 6.17%, 11/27/2026 | 5/30/2025 | (106) |  |
| 10980 | 9132420, 4.51%, 11/27/2026 | 5/30/2025 | 10356 | 10535 |
| 16436 | 9132530, 4.50%, 11/27/2026 | 5/30/2025 | 15470 | 15758 |
| 12094 | 9132682, 4.50%, 11/27/2026 | 5/30/2025 | 11385 | 11634 |
| 7704 | 9132841, 5.67%, 11/27/2026 | 5/30/2025 | 7100 | 7249 |
| 82197 | 9132888, 4.50%, 11/27/2026 | 5/30/2025 | 77313 | 78514 |
| 18475 | 9133931, 4.50%, 11/27/2026 | 5/30/2025 | 17413 | 17761 |
| 24115 | 9134152, 5.12%, 11/27/2026 | 5/30/2025 | 22510 | 23092 |
| 8977 | 9134423, 4.81%, 11/27/2026 | 5/30/2025 | 8412 | 8585 |
| 2242 | 9134527, 4.71%, 11/27/2026 | 5/30/2025 | 2120 | 1936 |
| 8660 | 9134569, 4.51%, 11/27/2026 | 5/30/2025 | 8146 | 8302 |
| 8173 | 9134710, 6.03%, 11/27/2026 | 5/30/2025 | 7545 | 7494 |
| 26302 | 9134895, 5.12%, 11/27/2026 | 5/30/2025 | 24400 | 25168 |
| 8380 | 9135121, 4.72%, 11/27/2026 | 5/30/2025 | 7865 | 7776 |

---

*See Notes to Financial Statements.*

372 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $6705 | 9135205, 4.50%, 11/27/2026 | 5/30/2025 | 6310 | $6465 |
| 23563 | 9135332, 5.12%, 11/27/2026 | 5/30/2025 | 22023 | 22168 |
| 2024 | 9135646, 5.86%, 11/28/2026 | 6/2/2025 | 1889 | 1592 |
| 1677 | 9135738, 6.17%, 11/28/2026 | 6/2/2025 | 1542 | 1545 |
| 5537 | 9135784, 6.19%, 11/28/2026 | 6/2/2025 | 5060 | 5014 |
| 7791 | 9135860, 4.51%, 11/28/2026 | 6/2/2025 | 7351 | 7379 |
| 8871 | 9135980, 4.50%, 11/28/2026 | 6/2/2025 | 8321 | 8563 |
| 8917 | 9136207, 5.36%, 11/28/2026 | 6/2/2025 | 8336 | 8287 |
| 824 | 9136357, 6.17%, 11/28/2026 | 6/2/2025 | 753 | 766 |
| 4916 | 9136371, 4.50%, 11/28/2026 | 6/2/2025 | 4580 | 4747 |
| 1630 | 9136420, 6.19%, 11/28/2026 | 6/2/2025 | 1492 | 1526 |
| 9708 | 9136458, 4.50%, 11/28/2026 | 6/2/2025 | 9096 | 9369 |
| 9742 | 9136725, 4.81%, 11/28/2026 | 6/2/2025 | 9157 | 8970 |
| 13772 | 9136919, 4.50%, 11/28/2026 | 6/2/2025 | 12957 | 13276 |
| 1114 | 9137261, 4.81%, 11/28/2026 | 6/2/2025 | 1040 | 1066 |
| 10734 | 9137278, 4.51%, 11/28/2026 | 6/2/2025 | 10089 | 10356 |
| 5574 | 9137507, 6.18%, 11/28/2026 | 6/2/2025 | 5137 | 5126 |
| 6420 | 9137586, 4.50%, 11/28/2026 | 6/2/2025 | 6057 | 6159 |
| 966 | 9137685, 5.40%, 11/28/2026 | 6/2/2025 | 885 | 904 |
| 1349 | 9137706, 5.67%, 11/28/2026 | 6/2/2025 | 1238 | 1276 |
| 24365 | 9137719, 5.36%, 11/28/2026 | 6/2/2025 | 22702 | 22766 |
| 17961 | 9138001, 4.50%, 11/28/2026 | 6/2/2025 | 16902 | 17145 |
| 966 | 9138728, 5.42%, 11/28/2026 | 6/2/2025 | 914 | 547 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 373

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $5602 | 9138736, 6.18%, 11/28/2026 | 6/2/2025 | 5178 | $5078 |
| 5266 | 9138788, 4.50%, 11/28/2026 | 6/2/2025 | 4961 | 5067 |
| 9909 | 9138846, 5.85%, 11/28/2026 | 6/2/2025 | 9060 | 9437 |
| 24622 | 9138943, 4.50%, 11/28/2026 | 6/2/2025 | 23208 | 23429 |
| 4069 | 9139088, 5.85%, 11/28/2026 | 6/2/2025 | 3772 | 3763 |
| 27257 | 9139106, 4.50%, 11/28/2026 | 6/2/2025 | 25663 | 26231 |
| 458 | 9139531, 6.19%, 11/28/2026 | 6/2/2025 | 418 | 435 |
| 14007 | 9139564, 5.39%, 11/28/2026 | 6/2/2025 | 12985 | 13301 |
| 3607 | 9139729, 4.51%, 11/28/2026 | 6/2/2025 | 3395 | 3477 |
| 2261 | 9139746, 6.19%, 11/28/2026 | 6/2/2025 | 2107 | 1727 |
| 1516 | 9139768, 6.17%, 11/28/2026 | 6/2/2025 | 1385 | 1411 |
| 576 | 9139792, 4.70%, 11/28/2026 | 6/2/2025 | 534 | 545 |
| 1262 | 9139803, 6.18%, 11/28/2026 | 6/2/2025 | 1165 | 1127 |
| 23496 | 9139805, 5.12%, 11/28/2026 | 6/2/2025 | 22060 | 20613 |
| 9248 | 9139972, 4.50%, 11/28/2026 | 6/2/2025 | 8718 | 8802 |
| 7900 | 9140039, 6.19%, 11/28/2026 | 6/2/2025 | 7276 | 7327 |
| 3079 | 9140112, 4.50%, 11/28/2026 | 6/2/2025 | 2897 | 2971 |
| 38898 | 9140139, 4.50%, 11/28/2026 | 6/2/2025 | 36593 | 37502 |
| 42911 | 9140454, 5.36%, 11/28/2026 | 6/2/2025 | 39736 | 40780 |
| 34877 | 9143683, 4.83%, 11/29/2026 | 6/3/2025 | 32773 | 32464 |
| 1131 | 9144068, 6.03%, 11/29/2026 | 6/3/2025 | 1058 | 915 |
| 7631 | 9144089, 4.52%, 11/29/2026 | 6/3/2025 | 7179 | 7341 |

---

*See Notes to Financial Statements.*

374 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $8979 | 9144170, 6.21%, 11/29/2026 | 6/3/2025 | 8276 | $8188 |
| 10342 | 9144261, 4.52%, 11/29/2026 | 6/3/2025 | 9726 | 9966 |
| 7901 | 9144396, 4.83%, 11/29/2026 | 6/3/2025 | 7399 | 7519 |
| 39396 | 9144503, 4.83%, 11/29/2026 | 6/3/2025 | 36799 | 37894 |
| 18498 | 9145310, 4.52%, 11/29/2026 | 6/3/2025 | 17316 | 17872 |
| 25670 | 9145655, 4.83%, 11/29/2026 | 6/3/2025 | 24041 | 24522 |
| 2607 | 9145914, 4.83%, 11/29/2026 | 6/3/2025 | 2444 | 2483 |
| 10581 | 9145940, 4.52%, 11/29/2026 | 6/3/2025 | 9934 | 10155 |
| 8865 | 9146019, 4.52%, 11/29/2026 | 6/3/2025 | 8318 | 8554 |
| 18786 | 9146057, 5.69%, 11/29/2026 | 6/3/2025 | 17285 | 17860 |
| 17512 | 9146214, 4.83%, 11/29/2026 | 6/3/2025 | 16412 | 16815 |
| 16797 | 9146340, 4.52%, 11/29/2026 | 6/3/2025 | 15808 | 16094 |
| 15147 | 9146491, 4.83%, 11/29/2026 | 6/3/2025 | 14100 | 14438 |
| 11313 | 9146623, 4.52%, 11/29/2026 | 6/3/2025 | 10634 | 10904 |
| 11586 | 9146671, 5.69%, 11/29/2026 | 6/3/2025 | 10742 | 10581 |
| 809 | 9146755, 4.72%, 11/29/2026 | 6/3/2025 | 760 | 694 |
| 1907 | 9146756, 5.89%, 11/29/2026 | 6/3/2025 | 1753 | 1807 |
| 12067 | 9146775, 6.21%, 11/29/2026 | 6/3/2025 | 11129 | 11226 |
| 3307 | 9146835, 5.39%, 11/29/2026 | 6/3/2025 | 3071 | 2931 |
| 1511 | 9146870, 5.88%, 11/29/2026 | 6/3/2025 | 1392 | 1395 |
| 10382 | 9146871, 5.87%, 11/29/2026 | 6/3/2025 | 9622 | 9282 |
| 1237 | 9146931, 5.40%, 11/29/2026 | 6/3/2025 | 1144 | 1115 |
| 7514 | 9146942, 4.83%, 11/29/2026 | 6/3/2025 | 7052 | 7182 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 375

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2528 | 9147000, 6.22%, 11/29/2026 | 6/3/2025 | 2332 | $2340 |
| 21311 | 9147030, 4.83%, 11/29/2026 | 6/3/2025 | 19910 | 20314 |
| 4880 | 9147173, 6.21%, 11/29/2026 | 6/3/2025 | 4455 | 4579 |
| 10560 | 9147225, 6.21%, 11/29/2026 | 6/3/2025 | 9769 | 9760 |
| 65977 | 9147322, 4.83%, 11/29/2026 | 6/3/2025 | 62113 | 59635 |
| 419 | 9147766, 4.70%, 11/29/2026 | 6/3/2025 | 393 | 393 |
|  | 9147775, 6.21%, 11/29/2026 | 6/3/2025 | (19) | (11) |
| 2310 | 9147819, 4.53%, 11/29/2026 | 6/3/2025 | 2171 | 2228 |
| 18724 | 9147868, 5.14%, 11/29/2026 | 6/3/2025 | 17486 | 17563 |
| 14720 | 9148370, 4.52%, 11/29/2026 | 6/3/2025 | 13860 | 14149 |
| 3966 | 9148493, 6.06%, 11/29/2026 | 6/3/2025 | 3672 | 3701 |
| 1867 | 9148535, 4.73%, 11/29/2026 | 6/3/2025 | 1771 | 1303 |
| 51967 | 9148547, 6.21%, 11/29/2026 | 6/3/2025 | 47946 | 46412 |
| 9195 | 9148760, 4.52%, 11/30/2026 | 6/4/2025 | 8638 | 8799 |
| 22206 | 9148908, 5.87%, 11/30/2026 | 6/4/2025 | 20521 | 19617 |
| 12654 | 9149206, 4.52%, 11/30/2026 | 6/4/2025 | 11903 | 12112 |
| 5717 | 9149359, 6.21%, 11/30/2026 | 6/4/2025 | 5262 | 5011 |
| 2442 | 9149428, 4.52%, 11/30/2026 | 6/4/2025 | 2299 | 2318 |
| 1903 | 9149495, 4.52%, 11/30/2026 | 6/4/2025 | 1790 | 1822 |
| 2087 | 9149544, 6.21%, 11/30/2026 | 6/4/2025 | 1913 | 1793 |
| 11780 | 9149614, 4.52%, 11/30/2026 | 6/4/2025 | 11025 | 11143 |
| 9261 | 9149889, 4.52%, 11/30/2026 | 6/4/2025 | 8726 | 8866 |

---

*See Notes to Financial Statements.*

376 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $14731 | 9150051, 4.52%, 11/30/2026 | 6/4/2025 | 13831 | $14097 |
| 18885 | 9150367, 4.52%, 11/30/2026 | 6/4/2025 | 17773 | 18080 |
| 3088 | 9150608, 4.83%, 11/30/2026 | 6/4/2025 | 2892 | 2945 |
| 3587 | 9150659, 5.69%, 11/30/2026 | 6/4/2025 | 3326 | 3314 |
| 2423 | 9150710, 4.74%, 11/30/2026 | 6/4/2025 | 2300 | 2255 |
| 18189 | 9150733, 5.14%, 11/30/2026 | 6/4/2025 | 16875 | 16590 |
| 3045 | 9151059, 5.38%, 11/30/2026 | 6/4/2025 | 2830 | 2838 |
| 10540 | 9151084, 4.52%, 11/30/2026 | 6/4/2025 | 9919 | 9937 |
| 2090 | 9151291, 4.52%, 11/30/2026 | 6/4/2025 | 1966 | 2000 |
| 4183 | 9151319, 5.38%, 11/30/2026 | 6/4/2025 | 3895 | 3966 |
| 92480 | 9151349, 4.52%, 11/30/2026 | 6/4/2025 | 86851 | 87689 |
| 9528 | 9152335, 4.74%, 11/30/2026 | 6/4/2025 | 8965 | 8242 |
| 6925 | 9152414, 4.73%, 11/30/2026 | 6/4/2025 | 6533 | 6087 |
| 24895 | 9152473, 4.52%, 11/30/2026 | 6/4/2025 | 23390 | 23821 |
| 16377 | 9152701, 4.83%, 11/30/2026 | 6/4/2025 | 15330 | 15619 |
| 14909 | 9152860, 6.21%, 11/30/2026 | 6/4/2025 | 13725 | 13415 |
| 1680 | 9153114, 5.88%, 11/30/2026 | 6/4/2025 | 1551 | 1483 |
| 3997 | 9153135, 6.22%, 11/30/2026 | 6/4/2025 | 3651 | 3446 |
| 1805 | 9153162, 5.15%, 11/30/2026 | 6/4/2025 | 1675 | 1669 |
| 28652 | 9153213, 6.06%, 11/30/2026 | 6/4/2025 | 26811 | 25413 |
| 12151 | 9153368, 4.83%, 11/30/2026 | 6/4/2025 | 11394 | 11591 |
| 3160 | 9153466, 6.22%, 11/30/2026 | 6/4/2025 | 2889 | 2814 |
| 15605 | 9153493, 5.38%, 11/30/2026 | 6/4/2025 | 14423 | 14165 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 377

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $30291 | 9154394, 5.15%, 11/30/2026 | 6/5/2025 | 28231 | $27723 |
| 4441 | 9154578, 4.84%, 11/30/2026 | 6/5/2025 | 4146 | 4072 |
| 9352 | 9154604, 5.40%, 11/30/2026 | 6/5/2025 | 8736 | 8565 |
| 5258 | 9154663, 5.39%, 11/30/2026 | 6/5/2025 | 4896 | 4908 |
| 8171 | 9154690, 4.84%, 11/30/2026 | 6/5/2025 | 7661 | 7333 |
| 3624 | 9154733, 6.23%, 11/30/2026 | 6/5/2025 | 3361 | 3280 |
| 8958 | 9154754, 4.53%, 11/30/2026 | 6/5/2025 | 8416 | 8573 |
| 5217 | 9154806, 4.53%, 11/30/2026 | 6/5/2025 | 4904 | 4993 |
| 21766 | 9154836, 4.53%, 11/30/2026 | 6/5/2025 | 20516 | 20843 |
| 27393 | 9154965, 5.39%, 11/30/2026 | 6/5/2025 | 25320 | 25497 |
| 1250 | 9155125, 6.22%, 11/30/2026 | 6/5/2025 | 1150 | 1050 |
| 6298 | 9155134, 4.53%, 11/30/2026 | 6/5/2025 | 5923 | 6028 |
| 4670 | 9155167, 5.88%, 11/30/2026 | 6/5/2025 | 4328 | 4206 |
| 903 | 9155188, 6.04%, 11/30/2026 | 6/5/2025 | 832 | 791 |
| 4562 | 9155192, 4.53%, 11/30/2026 | 6/5/2025 | 4284 | 4365 |
| 3054 | 9155222, 4.53%, 11/30/2026 | 6/5/2025 | 2867 | 2876 |
| 1734 | 9155236, 4.84%, 11/30/2026 | 6/5/2025 | 1622 | 1606 |
| 1574 | 9155244, 5.17%, 11/30/2026 | 6/5/2025 | 1469 | 1436 |
| 2776 | 9155263, 5.70%, 11/30/2026 | 6/5/2025 | 2575 | 2503 |
| 5692 | 9155281, 5.39%, 11/30/2026 | 6/5/2025 | 5283 | 5236 |
| 10163 | 9155327, 4.52%, 12/1/2026 | 6/5/2025 | 9554 | 9727 |
| 1108 | 9155382, 5.68%, 12/1/2026 | 6/5/2025 | 1020 | 999 |

---

*See Notes to Financial Statements.*

378 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4831 | 9155394, 4.53%, 12/1/2026 | 6/5/2025 | 4546 | $4623 |
| 6126 | 9155424, 4.52%, 12/1/2026 | 6/5/2025 | 5750 | 5862 |
| 2225 | 9155476, 4.83%, 12/1/2026 | 6/5/2025 | 2082 | 2056 |
| 4737 | 9155487, 4.83%, 12/1/2026 | 6/5/2025 | 4440 | 4357 |
| 3278 | 9155506, 5.87%, 12/1/2026 | 6/5/2025 | 3010 | 2868 |
| 1498 | 9155531, 6.21%, 12/1/2026 | 6/5/2025 | 1369 | 1269 |
| 5837 | 9155554, 5.87%, 12/1/2026 | 6/5/2025 | 5398 | 5456 |
| 13828 | 9155600, 4.52%, 12/1/2026 | 6/5/2025 | 13018 | 13238 |
| 2100 | 9155697, 6.21%, 12/1/2026 | 6/5/2025 | 1938 | 1902 |
| 1387 | 9155712, 5.87%, 12/1/2026 | 6/5/2025 | 1274 | 1283 |
| 1939 | 9155722, 6.21%, 12/1/2026 | 6/5/2025 | 1775 | 1645 |
| 3898 | 9155740, 6.06%, 12/1/2026 | 6/5/2025 | 3596 | 3553 |
| 2859 | 9155759, 6.21%, 12/1/2026 | 6/5/2025 | 2632 | 2452 |
| 2774 | 9155773, 4.53%, 12/1/2026 | 6/5/2025 | 2605 | 2654 |
| 32323 | 9155796, 4.52%, 12/1/2026 | 6/5/2025 | 30353 | 30930 |
| 743 | 9155974, 4.75%, 12/1/2026 | 6/5/2025 | 702 | 637 |
| 8320 | 9155980, 4.52%, 12/1/2026 | 6/5/2025 | 7823 | 7964 |
| 963 | 9156037, 6.18%, 12/1/2026 | 6/5/2025 | 894 | 840 |
| 619 | 9156052, 6.02%, 12/1/2026 | 6/5/2025 | 565 | 534 |
| 16311 | 9156058, 6.21%, 12/1/2026 | 6/5/2025 | 14990 | 14291 |
| 1667 | 9156164, 6.07%, 12/1/2026 | 6/5/2025 | 1519 | 1454 |
| 13388 | 9156176, 5.14%, 12/1/2026 | 6/5/2025 | 12467 | 12432 |
| 7817 | 9156242, 4.95%, 12/1/2026 | 6/5/2025 | 7315 | 7445 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 379

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $11094 | 9156298, 4.83%, 12/1/2026 | 6/5/2025 | 10388 | $10347 |
| 24700 | 9156638, 5.13%, 12/2/2026 | 6/5/2025 | 23036 | 23254 |
| 2164 | 9157003, 6.21%, 12/2/2026 | 6/5/2025 | 1996 | 1970 |
| 4347 | 9157032, 4.82%, 12/2/2026 | 6/5/2025 | 4076 | 3930 |
| 3929 | 9157107, 5.12%, 12/2/2026 | 6/5/2025 | 3654 | 3732 |
| 957 | 9157200, 4.73%, 12/2/2026 | 6/5/2025 | 903 | 882 |
| 1444 | 9157269, 6.04%, 12/2/2026 | 6/5/2025 | 1346 | 1312 |
| 1528 | 9157318, 5.39%, 12/2/2026 | 6/5/2025 | 1418 | 1394 |
| 5678 | 9157338, 4.73%, 12/2/2026 | 6/5/2025 | 5353 | 4960 |
| 14826 | 9157535, 4.51%, 12/2/2026 | 6/5/2025 | 13880 | 14185 |
| 13377 | 9157768, 4.51%, 12/2/2026 | 6/5/2025 | 12560 | 12801 |
| 3396 | 9157967, 6.20%, 12/2/2026 | 6/5/2025 | 3141 | 3080 |
| 921 | 9158010, 6.22%, 12/2/2026 | 6/5/2025 | 839 | 757 |
| 4464 | 9158026, 5.86%, 12/2/2026 | 6/5/2025 | 4135 | 4058 |
| 75691 | 9158085, 4.51%, 12/2/2026 | 6/5/2025 | 70991 | 71272 |
| 1532 | 9159139, 4.82%, 12/2/2026 | 6/5/2025 | 1429 | 1445 |
| 15925 | 9159174, 4.51%, 12/2/2026 | 6/5/2025 | 14956 | 15238 |
| 46118 | 9159298, 4.51%, 12/2/2026 | 6/5/2025 | 43339 | 44133 |
| 42921 | 9159549, 5.86%, 12/2/2026 | 6/5/2025 | 39673 | 38247 |
| 8132 | 9159786, 4.52%, 12/2/2026 | 6/5/2025 | 7662 | 7578 |
| 9949 | 9159854, 6.20%, 12/2/2026 | 6/5/2025 | 9125 | 8934 |
| 6520 | 9160012, 4.82%, 12/2/2026 | 6/5/2025 | 6110 | 6030 |

---

*See Notes to Financial Statements.*

380 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4161 | 9160056, 5.86%, 12/2/2026 | 6/5/2025 | 3840 | $3798 |
| 2264 | 9160082, 4.83%, 12/2/2026 | 6/5/2025 | 2118 | 2125 |
| 55447 | 9160102, 5.13%, 12/2/2026 | 6/5/2025 | 51737 | 51215 |
| 10317 | 9160579, 6.20%, 12/2/2026 | 6/5/2025 | 9577 | 9341 |
| 58476 | 9160633, 4.82%, 12/2/2026 | 6/5/2025 | 54865 | 54949 |
| 3838 | 9161232, 6.20%, 12/2/2026 | 6/5/2025 | 3544 | 3375 |
| 6515 | 9161261, 4.51%, 12/2/2026 | 6/5/2025 | 6133 | 6183 |
| 6684 | 9161283, 4.82%, 12/2/2026 | 6/5/2025 | 6239 | 6311 |
| 31337 | 9161338, 4.82%, 12/2/2026 | 6/5/2025 | 29360 | 29625 |
| 1594 | 9161540, 6.18%, 12/3/2026 | 6/6/2025 | 1457 | 1361 |
| 3145 | 9161587, 4.51%, 12/3/2026 | 6/6/2025 | 2956 | 3010 |
| 2859 | 9161633, 6.19%, 12/3/2026 | 6/6/2025 | 2613 | 2486 |
| 5156 | 9161748, 6.04%, 12/3/2026 | 6/6/2025 | 4736 | 4563 |
| 1795 | 9161894, 6.21%, 12/3/2026 | 6/6/2025 | 1647 | 1571 |
| 1395 | 9161930, 6.18%, 12/3/2026 | 6/6/2025 | 1285 | 1175 |
| 1253 | 9161965, 4.74%, 12/3/2026 | 6/6/2025 | 1169 | 1040 |
| 13792 | 9162000, 4.82%, 12/3/2026 | 6/6/2025 | 12928 | 12794 |
| 2091 | 9162172, 6.20%, 12/3/2026 | 6/6/2025 | 1928 | 1894 |
| 18861 | 9162199, 4.51%, 12/3/2026 | 6/6/2025 | 17653 | 17485 |
| 3688 | 9162444, 6.19%, 12/3/2026 | 6/6/2025 | 3422 | 3261 |
| 877 | 9162551, 5.43%, 12/3/2026 | 6/6/2025 | 815 | 790 |
| 14416 | 9162578, 6.20%, 12/3/2026 | 6/6/2025 | 13304 | 13172 |
| 4764 | 9162978, 6.20%, 12/3/2026 | 6/6/2025 | 4375 | 4304 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 381

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $8117 | 9163052, 4.51%, 12/3/2026 | 6/6/2025 | 7639 | $7654 |
| 7073 | 9163128, 5.86%, 12/3/2026 | 6/6/2025 | 6526 | 6607 |
| 5041 | 9163193, 5.86%, 12/3/2026 | 6/6/2025 | 4671 | 4648 |
| 2742 | 9163238, 5.40%, 12/3/2026 | 6/6/2025 | 2534 | 2381 |
| 40613 | 9163291, 4.51%, 12/3/2026 | 6/6/2025 | 38101 | 38502 |
| 1198 | 9163697, 4.54%, 12/3/2026 | 6/6/2025 | 1128 | 1146 |
| 1267 | 9163711, 5.41%, 12/3/2026 | 6/6/2025 | 1189 | 1108 |
| 12770 | 9163722, 4.51%, 12/3/2026 | 6/6/2025 | 11999 | 12220 |
| 8105 | 9163887, 5.13%, 12/3/2026 | 6/6/2025 | 7544 | 7578 |
| 2720 | 9163965, 6.19%, 12/3/2026 | 6/6/2025 | 2531 | 2326 |
| 2675 | 9163990, 5.86%, 12/3/2026 | 6/6/2025 | 2490 | 2417 |
| 2721 | 9164016, 5.13%, 12/3/2026 | 6/6/2025 | 2532 | 2543 |
| 10019 | 9164027, 5.40%, 12/3/2026 | 6/6/2025 | 9361 | 9064 |
| 4761 | 9164137, 4.51%, 12/3/2026 | 6/6/2025 | 4457 | 4553 |
| 55215 | 9164182, 5.86%, 12/3/2026 | 6/6/2025 | 51080 | 51257 |
| 31020 | 9164601, 5.86%, 12/3/2026 | 6/6/2025 | 28775 | 27092 |
| 35779 | 9164824, 4.51%, 12/3/2026 | 6/6/2025 | 33639 | 34234 |
| 3911 | 9165146, 5.12%, 12/3/2026 | 6/6/2025 | 3651 | 3604 |
| 3017 | 9165188, 4.51%, 12/3/2026 | 6/6/2025 | 2830 | 2886 |
| 2966 | 9165206, 4.50%, 12/3/2026 | 6/6/2025 | 2790 | 2839 |
| 3134 | 9165222, 6.21%, 12/3/2026 | 6/6/2025 | 2851 | 2657 |
| 36407 | 9165240, 4.82%, 12/3/2026 | 6/6/2025 | 34129 | 34196 |

---

*See Notes to Financial Statements.*

382 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $18617 | 9165455, 4.51%, 12/3/2026 | 6/6/2025 | 17509 | $17819 |
| 20714 | 9165578, 4.82%, 12/3/2026 | 6/6/2025 | 19386 | 19574 |
| 17492 | 9165765, 4.51%, 12/3/2026 | 6/6/2025 | 16485 | 16748 |
| 3219 | 9165918, 4.82%, 12/3/2026 | 6/6/2025 | 3020 | 2987 |
| 3789 | 9165954, 6.20%, 12/3/2026 | 6/6/2025 | 3463 | 3242 |
| 1952 | 9165983, 5.37%, 12/3/2026 | 6/6/2025 | 1806 | 1793 |
| 32473 | 9166003, 4.51%, 12/3/2026 | 6/6/2025 | 30565 | 30626 |
| 3382 | 9166197, 6.19%, 12/3/2026 | 6/6/2025 | 3096 | 3032 |
| 2653 | 9166231, 5.13%, 12/3/2026 | 6/6/2025 | 2461 | 2408 |
| 91005 | 9166260, 4.82%, 12/3/2026 | 6/6/2025 | 85202 | 85464 |
| 4030 | 9166664, 6.20%, 12/4/2026 | 6/9/2025 | 3692 | 3522 |
| 7689 | 9166765, 6.19%, 12/4/2026 | 6/9/2025 | 7063 | 6919 |
| 3708 | 9166822, 6.20%, 12/4/2026 | 6/9/2025 | 3360 | 3289 |
| 7061 | 9166875, 6.19%, 12/4/2026 | 6/9/2025 | 6357 | 5966 |
| 15872 | 9166926, 4.51%, 12/4/2026 | 6/9/2025 | 14917 | 15190 |
| 1019 | 9167063, 4.72%, 12/4/2026 | 6/9/2025 | 956 | 868 |
| 6924 | 9167078, 5.13%, 12/4/2026 | 6/9/2025 | 6453 | 6396 |
| 1998 | 9167129, 4.83%, 12/4/2026 | 6/9/2025 | 1873 | 1890 |
| 4377 | 9167156, 5.87%, 12/4/2026 | 6/9/2025 | 4027 | 3990 |
| 4304 | 9167200, 6.20%, 12/4/2026 | 6/9/2025 | 3921 | 3744 |
| 14402 | 9167334, 4.51%, 12/4/2026 | 6/9/2025 | 13519 | 13781 |
| 1522 | 9167543, 6.21%, 12/4/2026 | 6/9/2025 | 1392 | 1279 |
| 5792 | 9167580, 4.82%, 12/4/2026 | 6/9/2025 | 5422 | 5524 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 383

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $30825 | 9167717, 5.86%, 12/4/2026 | 6/9/2025 | 28349 | $28177 |
| 6791 | 9168244, 5.12%, 12/4/2026 | 6/9/2025 | 6321 | 6266 |
| 3152 | 9168327, 4.51%, 12/4/2026 | 6/9/2025 | 2965 | 3017 |
| 16272 | 9168382, 5.13%, 12/4/2026 | 6/9/2025 | 15215 | 15051 |
| 2092 | 9168578, 5.26%, 12/4/2026 | 6/9/2025 | 1952 | 1956 |
| 2180 | 9168586, 6.21%, 12/4/2026 | 6/9/2025 | 2005 | 1869 |
| 20791 | 9168610, 4.51%, 12/4/2026 | 6/9/2025 | 19535 | 19895 |
| 3536 | 9168805, 4.73%, 12/4/2026 | 6/9/2025 | 3325 | 3158 |
| 2651 | 9168856, 4.81%, 12/4/2026 | 6/9/2025 | 2489 | 2477 |
| 7660 | 9168873, 4.51%, 12/4/2026 | 6/9/2025 | 7203 | 7330 |
| 28366 | 9168933, 4.51%, 12/4/2026 | 6/9/2025 | 26636 | 26726 |
| 14863 | 9169225, 5.13%, 12/4/2026 | 6/9/2025 | 13870 | 13999 |
| 5732 | 9169336, 4.51%, 12/4/2026 | 6/9/2025 | 5390 | 5485 |
| 3827 | 9169361, 4.52%, 12/4/2026 | 6/9/2025 | 3589 | 3561 |
| 3603 | 9169405, 4.73%, 12/4/2026 | 6/9/2025 | 3362 | 3049 |
| 710 | 9169439, 5.87%, 12/4/2026 | 6/9/2025 | 653 | 644 |
| 1885 | 9169446, 5.36%, 12/4/2026 | 6/9/2025 | 1753 | 1787 |
| 2799 | 9169463, 6.04%, 12/4/2026 | 6/9/2025 | 2598 | 2426 |
| 1901 | 9169512, 5.37%, 12/4/2026 | 6/9/2025 | 1746 | 1785 |
| 9625 | 9169555, 4.51%, 12/4/2026 | 6/9/2025 | 9053 | 9213 |
| 3536 | 9169618, 4.50%, 12/4/2026 | 6/9/2025 | 3317 | 3383 |
| 4654 | 9169678, 4.52%, 12/4/2026 | 6/9/2025 | 4361 | 4453 |

---

*See Notes to Financial Statements.*

384 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1121 | 9169719, 6.20%, 12/4/2026 | 6/9/2025 | 1041 | $974 |
| 2345 | 9169725, 6.20%, 12/4/2026 | 6/9/2025 | 2139 | 2008 |
| 2774 | 9169742, 5.14%, 12/4/2026 | 6/9/2025 | 2591 | 2580 |
| 12177 | 9169765, 4.51%, 12/4/2026 | 6/9/2025 | 11460 | 11658 |
| 8407 | 9169818, 5.86%, 12/4/2026 | 6/9/2025 | 7697 | 7721 |
| 2816 | 9169847, 4.52%, 12/4/2026 | 6/9/2025 | 2643 | 2694 |
| 551 | 9169863, 5.92%, 12/4/2026 | 6/9/2025 | 512 | 500 |
| 9379 | 9169868, 5.13%, 12/4/2026 | 6/9/2025 | 8686 | 8138 |
| 30291 | 9169980, 4.82%, 12/4/2026 | 6/9/2025 | 28331 | 28252 |
| 52840 | 9170256, 5.86%, 12/4/2026 | 6/9/2025 | 49064 | 48808 |
| 4297 | 9170668, 6.19%, 12/4/2026 | 6/9/2025 | 3959 | 3916 |
| 21785 | 9170723, 4.82%, 12/4/2026 | 6/9/2025 | 20406 | 19955 |
| 9503 | 9170887, 5.86%, 12/4/2026 | 6/9/2025 | 8739 | 8657 |
| 50440 | 9170943, 4.51%, 12/4/2026 | 6/9/2025 | 47194 | 47158 |
| 2978 | 9173632, 5.86%, 12/4/2026 | 6/10/2025 | 2749 | 2726 |
| 7227 | 9173892, 4.53%, 12/5/2026 | 6/10/2025 | 6801 | 6817 |
| 3643 | 9173944, 4.74%, 12/5/2026 | 6/10/2025 | 3421 | 3109 |
| 81077 | 9173982, 4.84%, 12/5/2026 | 6/10/2025 | 75895 | 77299 |
| 22143 | 9175161, 4.84%, 12/5/2026 | 6/10/2025 | 20731 | 20799 |
| 4799 | 9175484, 4.83%, 12/5/2026 | 6/10/2025 | 4494 | 4451 |
| 3467 | 9175602, 6.23%, 12/5/2026 | 6/10/2025 | 3197 | 3141 |
| 3906 | 9175646, 5.15%, 12/5/2026 | 6/10/2025 | 3654 | 3636 |
| 6367 | 9175679, 5.15%, 12/5/2026 | 6/10/2025 | 5933 | 5996 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 385

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $14225 | 9175741, 4.53%, 12/5/2026 | 6/10/2025 | 13367 | $13611 |
| 8794 | 9175885, 6.22%, 12/5/2026 | 6/10/2025 | 8058 | 7365 |
| 18138 | 9175939, 4.84%, 12/5/2026 | 6/10/2025 | 16968 | 17142 |
| 3911 | 9176114, 6.22%, 12/5/2026 | 6/10/2025 | 3591 | 3588 |
| 6123 | 9176190, 6.22%, 12/5/2026 | 6/10/2025 | 5662 | 5526 |
| 7092 | 9176277, 5.15%, 12/5/2026 | 6/10/2025 | 6624 | 6739 |
| 12213 | 9176312, 4.53%, 12/5/2026 | 6/10/2025 | 11476 | 11686 |
| 4495 | 9176465, 5.42%, 12/5/2026 | 6/10/2025 | 4155 | 4053 |
| 73014 | 9176481, 4.84%, 12/5/2026 | 6/10/2025 | 68455 | 68614 |
| 1424 | 9177054, 6.44%, 12/5/2026 | 6/10/2025 | 1310 | 1295 |
| 106072 | 9177078, 4.53%, 12/5/2026 | 6/10/2025 | 99626 | 100592 |
| 17102 | 9177985, 4.53%, 12/5/2026 | 6/10/2025 | 16058 | 15782 |
| 6420 | 9178193, 6.22%, 12/5/2026 | 6/10/2025 | 5877 | 5683 |
| 24832 | 9178259, 5.39%, 12/5/2026 | 6/10/2025 | 23031 | 22082 |
| 14583 | 9178503, 4.53%, 12/5/2026 | 6/10/2025 | 13745 | 13847 |
| 14435 | 9178586, 4.53%, 12/5/2026 | 6/10/2025 | 13572 | 13813 |
| 7669 | 9178627, 4.53%, 12/5/2026 | 6/10/2025 | 7202 | 7338 |
| 48767 | 9178641, 5.88%, 12/5/2026 | 6/11/2025 | 45009 | 42392 |
| 4131 | 9179077, 6.07%, 12/6/2026 | 6/11/2025 | 3823 | 3646 |
| 9955 | 9179108, 6.22%, 12/6/2026 | 6/11/2025 | 9213 | 8835 |
| 7403 | 9179686, 4.53%, 12/6/2026 | 6/11/2025 | 6959 | 7084 |
| 2497 | 9179903, 4.53%, 12/6/2026 | 6/11/2025 | 2355 | 2391 |

---

*See Notes to Financial Statements.*

386 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $3699 | 9179934, 5.14%, 12/6/2026 | 6/11/2025 | 3450 | $3439 |
| 10425 | 9179997, 4.53%, 12/6/2026 | 6/11/2025 | 9792 | 9972 |
| 4741 | 9180117, 4.53%, 12/6/2026 | 6/11/2025 | 4446 | 4535 |
| 3712 | 9180189, 4.84%, 12/6/2026 | 6/11/2025 | 3470 | 3538 |
| 22728 | 9180241, 4.53%, 12/6/2026 | 6/11/2025 | 21362 | 21746 |
| 6159 | 9180464, 5.70%, 12/6/2026 | 6/11/2025 | 5665 | 5625 |
| 2598 | 9180525, 4.84%, 12/6/2026 | 6/11/2025 | 2428 | 2439 |
| 2998 | 9180530, 6.22%, 12/6/2026 | 6/11/2025 | 2745 | 2636 |
| 7371 | 9180551, 4.53%, 12/6/2026 | 6/11/2025 | 6918 | 7052 |
| 5288 | 9180608, 4.53%, 12/6/2026 | 6/11/2025 | 4964 | 5059 |
| 3483 | 9180656, 4.52%, 12/6/2026 | 6/11/2025 | 3273 | 3262 |
| 14704 | 9180702, 4.53%, 12/6/2026 | 6/11/2025 | 13794 | 14067 |
| 1292 | 9180838, 6.22%, 12/6/2026 | 6/11/2025 | 1118 | 1023 |
| 4657 | 9180864, 4.53%, 12/6/2026 | 6/11/2025 | 4382 | 4457 |
| 7561 | 9180975, 5.15%, 12/6/2026 | 6/11/2025 | 7027 | 7013 |
| 10137 | 9181067, 4.53%, 12/6/2026 | 6/11/2025 | 9502 | 9695 |
| 6282 | 9181214, 4.84%, 12/6/2026 | 6/11/2025 | 5867 | 5933 |
| 364 | 9181298, 4.84%, 12/6/2026 | 6/11/2025 | 340 | 330 |
| 8229 | 9181311, 4.53%, 12/6/2026 | 6/11/2025 | 7726 | 7873 |
| 938 | 9181403, 6.24%, 12/6/2026 | 6/11/2025 | 857 | 774 |
| 3195 | 9181416, 5.15%, 12/6/2026 | 6/11/2025 | 2976 | 2944 |
| 11725 | 9181434, 6.22%, 12/6/2026 | 6/11/2025 | 10753 | 10405 |
| 7273 | 9181574, 5.88%, 12/6/2026 | 6/11/2025 | 6708 | 6698 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 387

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $6012 | 9181643, 5.42%, 12/6/2026 | 6/11/2025 | 5644 | $5525 |
| 5509 | 9181707, 6.44%, 12/6/2026 | 6/11/2025 | 5019 | 4949 |
| 66325 | 9181833, 5.15%, 12/6/2026 | 6/11/2025 | 61789 | 62442 |
| 12575 | 9182451, 5.88%, 12/6/2026 | 6/11/2025 | 11536 | 11629 |
| 44659 | 9182559, 4.53%, 12/6/2026 | 6/11/2025 | 41865 | 42315 |
| 8491 | 9182906, 4.53%, 12/6/2026 | 6/11/2025 | 7976 | 8124 |
| 5063 | 9182972, 5.40%, 12/6/2026 | 6/11/2025 | 4699 | 4540 |
| 7684 | 9183007, 4.84%, 12/6/2026 | 6/11/2025 | 7200 | 7220 |
| 11200 | 9183122, 6.22%, 12/6/2026 | 6/11/2025 | 10271 | 10512 |
| 3881 | 9183177, 5.70%, 12/7/2026 | 6/12/2025 | 3568 | 3502 |
| 6466 | 9183218, 6.22%, 12/7/2026 | 6/12/2025 | 5930 | 5445 |
| 4099 | 9183242, 5.70%, 12/7/2026 | 6/12/2025 | 3781 | 3807 |
| 886 | 9183264, 6.07%, 12/7/2026 | 6/12/2025 | 817 | 784 |
| 1598 | 9183271, 5.70%, 12/7/2026 | 6/12/2025 | 1478 | 1466 |
| 30648 | 9183278, 4.84%, 12/7/2026 | 6/12/2025 | 28684 | 28427 |
| 30064 | 9183457, 5.39%, 12/7/2026 | 6/12/2025 | 27938 | 27866 |
| 5343 | 9183625, 5.39%, 12/7/2026 | 6/12/2025 | 4962 | 4910 |
| 22946 | 9183656, 5.39%, 12/7/2026 | 6/12/2025 | 21348 | 21106 |
| 6548 | 9183785, 4.53%, 12/7/2026 | 6/12/2025 | 6157 | 6266 |
| 5548 | 9183843, 4.53%, 12/7/2026 | 6/12/2025 | 5210 | 5308 |
| 1789 | 9183878, 5.87%, 12/7/2026 | 6/12/2025 | 1651 | 1639 |
| 7097 | 9183893, 6.22%, 12/7/2026 | 6/12/2025 | 6505 | 6215 |

---

*See Notes to Financial Statements.*

388 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $24120 | 9183932, 4.53%, 12/7/2026 | 6/12/2025 | 22680 | $22749 |
| 2643 | 9184056, 4.84%, 12/7/2026 | 6/12/2025 | 2460 | 2493 |
| 718 | 9184077, 6.09%, 12/7/2026 | 6/12/2025 | 664 | 636 |
| 17355 | 9184085, 4.53%, 12/7/2026 | 6/12/2025 | 16289 | 16457 |
| 3292 | 9184204, 5.38%, 12/8/2026 | 6/12/2025 | 3057 | 3072 |
| 1570 | 9184225, 6.06%, 12/8/2026 | 6/12/2025 | 1454 | 1404 |
| 2525 | 9184233, 6.21%, 12/8/2026 | 6/12/2025 | 2336 | 2255 |
| 4168 | 9184249, 4.51%, 12/8/2026 | 6/12/2025 | 3903 | 3986 |
| 657 | 9184276, 5.44%, 12/8/2026 | 6/12/2025 | 610 | 603 |
| 6610 | 9184285, 4.52%, 12/8/2026 | 6/12/2025 | 6211 | 6324 |
| 16305 | 9184331, 6.21%, 12/8/2026 | 6/12/2025 | 15093 | 14685 |
| 10773 | 9184436, 5.38%, 12/8/2026 | 6/12/2025 | 10013 | 10205 |
| 886 | 9184494, 5.40%, 12/8/2026 | 6/12/2025 | 830 | 776 |
| 1691 | 9184504, 5.88%, 12/8/2026 | 6/12/2025 | 1569 | 1549 |
| 1728 | 9184517, 4.82%, 12/8/2026 | 6/12/2025 | 1615 | 1647 |
| 20092 | 9184537, 4.52%, 12/8/2026 | 6/12/2025 | 18880 | 19218 |
| 3921 | 9184654, 5.69%, 12/8/2026 | 6/12/2025 | 3632 | 3572 |
| 1684 | 9184679, 5.86%, 12/8/2026 | 6/12/2025 | 1563 | 1522 |
| 20297 | 9184685, 4.52%, 12/8/2026 | 6/12/2025 | 19091 | 19421 |
| 1074 | 9184809, 4.52%, 12/8/2026 | 6/12/2025 | 1009 | 1028 |
| 3103 | 9184820, 4.51%, 12/8/2026 | 6/12/2025 | 2916 | 2969 |
| 1509 | 9184847, 6.21%, 12/8/2026 | 6/12/2025 | 1379 | 1346 |
| 21525 | 9184857, 5.38%, 12/8/2026 | 6/12/2025 | 20018 | 19497 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 389

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $24554 | 9185585, 4.82%, 12/9/2026 | 6/12/2025 | 22927 | $23400 |
| 8870 | 9186026, 5.50%, 12/9/2026 | 6/12/2025 | 8219 | 8203 |
| 9137 | 9186292, 6.20%, 12/9/2026 | 6/12/2025 | 8413 | 8198 |
| 3022 | 9186408, 5.38%, 12/9/2026 | 6/12/2025 | 2806 | 2837 |
| 1765 | 9186469, 5.36%, 12/9/2026 | 6/12/2025 | 1638 | 1612 |
| 12019 | 9186498, 4.51%, 12/9/2026 | 6/12/2025 | 11295 | 11499 |
| 9131 | 9186640, 5.86%, 12/9/2026 | 6/12/2025 | 8441 | 8350 |
| 5019 | 9186720, 4.51%, 12/9/2026 | 6/12/2025 | 4710 | 4802 |
| 1529 | 9186749, 6.04%, 12/9/2026 | 6/12/2025 | 1412 | 1294 |
| 5380 | 9186766, 4.82%, 12/9/2026 | 6/12/2025 | 5036 | 4905 |
| 6568 | 9186794, 5.86%, 12/9/2026 | 6/12/2025 | 6056 | 6000 |
| 11920 | 9186869, 5.86%, 12/9/2026 | 6/12/2025 | 10967 | 10912 |
| 4270 | 9186988, 4.51%, 12/9/2026 | 6/12/2025 | 4010 | 4085 |
| 2633 | 9187023, 6.19%, 12/9/2026 | 6/12/2025 | 2423 | 2385 |
| 920 | 9187055, 6.06%, 12/9/2026 | 6/12/2025 | 853 | 823 |
| 12314 | 9187064, 6.20%, 12/9/2026 | 6/12/2025 | 11304 | 11138 |
| 2751 | 9187202, 4.72%, 12/9/2026 | 6/12/2025 | 2583 | 2467 |
| 6316 | 9187224, 5.86%, 12/9/2026 | 6/12/2025 | 5804 | 5756 |
| 8570 | 9187290, 4.82%, 12/9/2026 | 6/12/2025 | 7997 | 8093 |
| 2294 | 9187399, 4.53%, 12/9/2026 | 6/12/2025 | 2156 | 2195 |
| 9776 | 9187414, 5.37%, 12/9/2026 | 6/12/2025 | 9021 | 8886 |
| 4201 | 9187482, 6.04%, 12/9/2026 | 6/12/2025 | 3877 | 3743 |

---

*See Notes to Financial Statements.*

390 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1200 | 9187533, 6.28%, 12/9/2026 | 6/12/2025 | 1094 | $1055 |
| 16021 | 9187544, 5.68%, 12/9/2026 | 6/12/2025 | 14885 | 14738 |
| 4762 | 9187678, 6.20%, 12/9/2026 | 6/12/2025 | 4393 | 4319 |
| 1655 | 9187701, 6.20%, 12/9/2026 | 6/12/2025 | 1520 | 1496 |
| 57473 | 9187719, 6.20%, 12/9/2026 | 6/12/2025 | 52699 | 51950 |
| 818 | 9188217, 5.43%, 12/9/2026 | 6/12/2025 | 756 | 706 |
| 2890 | 9188223, 5.13%, 12/9/2026 | 6/12/2025 | 2694 | 2722 |
| 1651 | 9188235, 4.72%, 12/9/2026 | 6/12/2025 | 1562 | 1469 |
| 669 | 9188258, 4.69%, 12/9/2026 | 6/12/2025 | 625 | 595 |
| 22578 | 9188263, 6.20%, 12/9/2026 | 6/12/2025 | 20773 | 20362 |
| 5140 | 9188435, 4.81%, 12/9/2026 | 6/12/2025 | 4812 | 4858 |
| 14406 | 9188487, 5.86%, 12/9/2026 | 6/12/2025 | 13352 | 12900 |
| 1012 | 9188637, 6.23%, 12/9/2026 | 6/12/2025 | 926 | 914 |
| 21657 | 9188648, 5.13%, 12/9/2026 | 6/12/2025 | 20240 | 19884 |
| 63785 | 9188819, 4.51%, 12/9/2026 | 6/12/2025 | 59874 | 61012 |
| 4616 | 9189329, 6.20%, 12/9/2026 | 6/12/2025 | 4251 | 4109 |
| 1050 | 9189363, 4.82%, 12/9/2026 | 6/12/2025 | 980 | 992 |
| 1924 | 9189371, 6.20%, 12/9/2026 | 6/12/2025 | 1758 | 1734 |
| 6356 | 9189396, 5.37%, 12/9/2026 | 6/12/2025 | 5892 | 5695 |
| 13797 | 9189443, 4.51%, 12/9/2026 | 6/12/2025 | 12973 | 13203 |
| 4228 | 9189583, 4.51%, 12/9/2026 | 6/12/2025 | 3963 | 4008 |
| 5634 | 9189637, 4.73%, 12/9/2026 | 6/12/2025 | 5289 | 5337 |
| 36398 | 9189699, 6.20%, 12/9/2026 | 6/12/2025 | 33374 | 33091 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 391

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $11023 | 9190650, 4.82%, 12/10/2026 | 6/13/2025 | 10328 | $10292 |
| 8210 | 9190720, 4.82%, 12/10/2026 | 6/13/2025 | 7675 | 7755 |
| 10725 | 9190749, 5.37%, 12/10/2026 | 6/13/2025 | 9961 | 9935 |
| 4572 | 9190837, 5.13%, 12/10/2026 | 6/13/2025 | 4264 | 4215 |
| 5898 | 9190867, 6.19%, 12/10/2026 | 6/13/2025 | 5395 | 5302 |
| 1230 | 9190902, 6.20%, 12/10/2026 | 6/13/2025 | 1131 | 1086 |
| 39781 | 9190910, 4.51%, 12/10/2026 | 6/13/2025 | 37328 | 38051 |
| 27004 | 9191876, 5.86%, 12/10/2026 | 6/13/2025 | 24940 | 25061 |
| 10788 | 9192140, 4.73%, 12/10/2026 | 6/13/2025 | 10158 | 9673 |
| 2748 | 9192243, 4.52%, 12/10/2026 | 6/13/2025 | 2584 | 2630 |
| 3254 | 9192266, 5.68%, 12/10/2026 | 6/13/2025 | 3013 | 3046 |
| 5441 | 9192308, 6.20%, 12/10/2026 | 6/13/2025 | 5035 | 4833 |
| 6375 | 9192344, 4.51%, 12/10/2026 | 6/13/2025 | 5980 | 6097 |
| 2534 | 9192414, 6.20%, 12/10/2026 | 6/13/2025 | 2325 | 2327 |
| 4959 | 9192463, 4.51%, 12/10/2026 | 6/13/2025 | 4657 | 4744 |
| 43777 | 9192559, 4.51%, 12/10/2026 | 6/13/2025 | 40975 | 41474 |
| 2501 | 9193041, 5.86%, 12/10/2026 | 6/13/2025 | 2306 | 2250 |
| 2567 | 9193097, 5.13%, 12/10/2026 | 6/13/2025 | 2391 | 2401 |
| 21071 | 9193136, 4.51%, 12/10/2026 | 6/13/2025 | 19767 | 19721 |
| 3919 | 9193299, 5.37%, 12/10/2026 | 6/13/2025 | 3624 | 3623 |
| 1732 | 9193369, 5.36%, 12/10/2026 | 6/13/2025 | 1609 | 1575 |
| 16800 | 9193376, 4.51%, 12/10/2026 | 6/13/2025 | 15725 | 16054 |

---

*See Notes to Financial Statements.*

392 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $11717 | 9193544, 4.51%, 12/10/2026 | 6/13/2025 | 10995 | $11208 |
| 1414 | 9193612, 6.19%, 12/10/2026 | 6/13/2025 | 1292 | 1239 |
| 4774 | 9193619, 6.20%, 12/10/2026 | 6/13/2025 | 4384 | 4319 |
| 5444 | 9193630, 6.20%, 12/10/2026 | 6/13/2025 | 5033 | 4926 |
| 5510 | 9193655, 6.04%, 12/10/2026 | 6/13/2025 | 5121 | 4942 |
| 20720 | 9193670, 4.51%, 12/10/2026 | 6/13/2025 | 19376 | 19717 |
| 15697 | 9193814, 5.86%, 12/10/2026 | 6/13/2025 | 14405 | 14280 |
| 8773 | 9193897, 4.73%, 12/10/2026 | 6/13/2025 | 8195 | 7665 |
| 29328 | 9193956, 6.20%, 12/10/2026 | 6/13/2025 | 26986 | 26566 |
| 58724 | 9194079, 4.51%, 12/10/2026 | 6/13/2025 | 55210 | 55720 |
| 5558 | 9194824, 6.04%, 12/10/2026 | 6/13/2025 | 5149 | 4972 |
| 6727 | 9194889, 4.51%, 12/10/2026 | 6/13/2025 | 6326 | 6436 |
| 11182 | 9195007, 5.37%, 12/11/2026 | 6/16/2025 | 10386 | 10591 |
| 8003 | 9195163, 4.52%, 12/11/2026 | 6/16/2025 | 7503 | 7653 |
| 10138 | 9195341, 4.82%, 12/11/2026 | 6/16/2025 | 9509 | 9588 |
| 9672 | 9195544, 6.26%, 12/11/2026 | 6/16/2025 | 8834 | 8582 |
| 3875 | 9195784, 4.50%, 12/11/2026 | 6/16/2025 | 3629 | 3706 |
| 17459 | 9195818, 5.37%, 12/11/2026 | 6/16/2025 | 16192 | 16180 |
| 19811 | 9196303, 4.51%, 12/11/2026 | 6/16/2025 | 18584 | 18950 |
| 7455 | 9196554, 4.51%, 12/11/2026 | 6/16/2025 | 7008 | 7133 |
| 6974 | 9196634, 6.19%, 12/11/2026 | 6/16/2025 | 6412 | 6246 |
| 2156 | 9196683, 6.20%, 12/11/2026 | 6/16/2025 | 1981 | 1950 |
| 2271 | 9196718, 5.36%, 12/11/2026 | 6/16/2025 | 2097 | 2100 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 393

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1633 | 9196756, 5.85%, 12/11/2026 | 6/16/2025 | 1503 | $1492 |
| 8320 | 9196785, 4.51%, 12/11/2026 | 6/16/2025 | 7807 | 7957 |
| 2111 | 9196893, 5.36%, 12/11/2026 | 6/16/2025 | 1944 | 1948 |
| 12716 | 9196936, 5.86%, 12/11/2026 | 6/16/2025 | 11753 | 11635 |
| 14108 | 9197046, 5.13%, 12/11/2026 | 6/16/2025 | 13138 | 13201 |
| 1561 | 9198094, 5.39%, 12/11/2026 | 6/16/2025 | 1454 | 1441 |
| 20406 | 9198106, 6.20%, 12/11/2026 | 6/16/2025 | 18743 | 18400 |
| 6524 | 9198305, 4.51%, 12/11/2026 | 6/16/2025 | 6128 | 6242 |
| 9482 | 9198352, 4.51%, 12/11/2026 | 6/16/2025 | 8897 | 9070 |
| 22586 | 9198407, 6.04%, 12/11/2026 | 6/16/2025 | 20610 | 20198 |
| 24197 | 9198571, 5.86%, 12/11/2026 | 6/16/2025 | 22284 | 22101 |
| 14824 | 9198781, 6.04%, 12/11/2026 | 6/16/2025 | 13657 | 13401 |
| 2592 | 9198832, 6.21%, 12/11/2026 | 6/16/2025 | 2385 | 2296 |
| 4672 | 9198845, 4.52%, 12/11/2026 | 6/16/2025 | 4366 | 4467 |
| 13656 | 9198888, 4.51%, 12/11/2026 | 6/16/2025 | 12830 | 13064 |
| 1461 | 9199032, 5.87%, 12/11/2026 | 6/16/2025 | 1342 | 1287 |
| 3750 | 9199084, 5.24%, 12/11/2026 | 6/16/2025 | 3490 | 3504 |
| 2546 | 9199107, 5.68%, 12/11/2026 | 6/16/2025 | 2357 | 2340 |
| 12304 | 9199117, 5.86%, 12/11/2026 | 6/16/2025 | 11390 | 11266 |
| 43280 | 9199161, 5.13%, 12/11/2026 | 6/16/2025 | 40205 | 40456 |
| 7162 | 9199555, 4.82%, 12/11/2026 | 6/16/2025 | 6705 | 6768 |
| 24128 | 9199638, 5.37%, 12/11/2026 | 6/16/2025 | 22329 | 22325 |

---

*See Notes to Financial Statements.*

394 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $59998 | 9199792, 4.82%, 12/11/2026 | 6/16/2025 | 55962 | $56661 |
| 2190 | 9200268, 6.19%, 12/11/2026 | 6/16/2025 | 2001 | 1834 |
| 26134 | 9200290, 5.37%, 12/11/2026 | 6/16/2025 | 24204 | 24192 |
| 9612 | 9203045, 5.88%, 12/12/2026 | 6/17/2025 | 8858 | 8780 |
| 14206 | 9203121, 4.53%, 12/12/2026 | 6/17/2025 | 13318 | 13583 |
| 22110 | 9203295, 5.88%, 12/12/2026 | 6/17/2025 | 20380 | 20202 |
| 16811 | 9203654, 5.39%, 12/12/2026 | 6/17/2025 | 15631 | 15693 |
| 5888 | 9203964, 4.53%, 12/12/2026 | 6/17/2025 | 5517 | 5630 |
| 21745 | 9204236, 4.53%, 12/12/2026 | 6/17/2025 | 20454 | 20807 |
| 31722 | 9204553, 5.88%, 12/12/2026 | 6/17/2025 | 29253 | 28988 |
| 45632 | 9204862, 4.53%, 12/12/2026 | 6/17/2025 | 42870 | 43654 |
| 7709 | 9205217, 5.15%, 12/12/2026 | 6/17/2025 | 7182 | 7259 |
| 973 | 9205247, 6.22%, 12/12/2026 | 6/17/2025 | 885 | 861 |
| 8215 | 9205268, 4.53%, 12/12/2026 | 6/17/2025 | 7712 | 7856 |
| 3587 | 9205293, 4.84%, 12/12/2026 | 6/17/2025 | 3359 | 3331 |
| 8676 | 9205334, 4.53%, 12/12/2026 | 6/17/2025 | 8135 | 8055 |
| 18590 | 9205408, 4.84%, 12/12/2026 | 6/17/2025 | 17387 | 17568 |
| 6859 | 9205639, 6.44%, 12/12/2026 | 6/17/2025 | 6283 | 6138 |
| 79129 | 9205732, 6.44%, 12/12/2026 | 6/17/2025 | 72129 | 70007 |
| 97327 | 9206961, 5.15%, 12/12/2026 | 6/17/2025 | 90530 | 91021 |
| 4801 | 9207522, 5.39%, 12/12/2026 | 6/17/2025 | 4471 | 4456 |
| 9519 | 9207569, 4.53%, 12/12/2026 | 6/17/2025 | 8921 | 9101 |
| 3522 | 9207652, 5.15%, 12/12/2026 | 6/17/2025 | 3284 | 3297 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 395

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $81741 | 9207663, 4.53%, 12/12/2026 | 6/17/2025 | 76669 | $78154 |
| 5584 | 9207978, 5.88%, 12/13/2026 | 6/18/2025 | 5131 | 5100 |
| 5821 | 9208059, 5.40%, 12/13/2026 | 6/18/2025 | 5397 | 5391 |
| 8684 | 9208116, 5.88%, 12/13/2026 | 6/18/2025 | 7998 | 7752 |
| 8740 | 9208222, 4.53%, 12/13/2026 | 6/18/2025 | 8198 | 8359 |
| 2833 | 9208337, 6.21%, 12/13/2026 | 6/18/2025 | 2608 | 2569 |
| 8756 | 9208363, 5.88%, 12/13/2026 | 6/18/2025 | 8083 | 8009 |
| 3504 | 9208486, 4.52%, 12/13/2026 | 6/18/2025 | 3293 | 3353 |
| 4224 | 9208568, 4.53%, 12/13/2026 | 6/18/2025 | 3954 | 4038 |
| 3355 | 9208613, 4.52%, 12/13/2026 | 6/18/2025 | 3143 | 3206 |
| 2108 | 9208636, 5.39%, 12/13/2026 | 6/18/2025 | 1953 | 1953 |
| 2018 | 9208652, 5.90%, 12/13/2026 | 6/18/2025 | 1863 | 1836 |
| 5167 | 9208669, 4.53%, 12/13/2026 | 6/18/2025 | 4851 | 4942 |
| 4921 | 9208752, 4.74%, 12/13/2026 | 6/18/2025 | 4600 | 4389 |
| 9152 | 9208815, 5.39%, 12/13/2026 | 6/18/2025 | 8510 | 8543 |
| 989 | 9208921, 5.45%, 12/13/2026 | 6/18/2025 | 924 | 887 |
| 22215 | 9208934, 5.88%, 12/13/2026 | 6/18/2025 | 20489 | 20308 |
| 4248 | 9209329, 4.53%, 12/13/2026 | 6/18/2025 | 3976 | 3972 |
| 5802 | 9209395, 4.53%, 12/13/2026 | 6/18/2025 | 5434 | 5498 |
| 12827 | 9209489, 5.15%, 12/13/2026 | 6/18/2025 | 11890 | 11663 |
| 3419 | 9209603, 5.88%, 12/13/2026 | 6/18/2025 | 3150 | 3124 |
| 5456 | 9209629, 4.53%, 12/13/2026 | 6/18/2025 | 5118 | 5218 |

---

*See Notes to Financial Statements.*

396 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2351 | 9209671, 5.88%, 12/13/2026 | 6/18/2025 | 2167 | $2148 |
| 11766 | 9209718, 4.53%, 12/13/2026 | 6/18/2025 | 11029 | 11252 |
| 4788 | 9209817, 5.39%, 12/13/2026 | 6/18/2025 | 4456 | 4443 |
| 15653 | 9209872, 4.53%, 12/13/2026 | 6/18/2025 | 14702 | 14973 |
| 8637 | 9210013, 5.88%, 12/13/2026 | 6/18/2025 | 7951 | 7886 |
| 8248 | 9210091, 5.70%, 12/13/2026 | 6/18/2025 | 7627 | 7575 |
| 1285 | 9210172, 5.43%, 12/13/2026 | 6/18/2025 | 1195 | 1147 |
| 3370 | 9210182, 6.44%, 12/13/2026 | 6/18/2025 | 3091 | 3047 |
| 9883 | 9210201, 5.15%, 12/13/2026 | 6/18/2025 | 9199 | 9244 |
| 2661 | 9210323, 4.54%, 12/13/2026 | 6/18/2025 | 2497 | 2545 |
| 3904 | 9210375, 6.21%, 12/13/2026 | 6/18/2025 | 3573 | 3525 |
| 12117 | 9210423, 4.53%, 12/13/2026 | 6/18/2025 | 11382 | 11591 |
| 36318 | 9210590, 4.53%, 12/13/2026 | 6/18/2025 | 34078 | 34730 |
| 18012 | 9211013, 4.84%, 12/13/2026 | 6/18/2025 | 16881 | 17032 |
| 2183 | 9211144, 4.54%, 12/13/2026 | 6/18/2025 | 2043 | 2086 |
| 5049 | 9211174, 4.84%, 12/13/2026 | 6/18/2025 | 4727 | 4773 |
| 28358 | 9211215, 4.84%, 12/13/2026 | 6/18/2025 | 26474 | 26779 |
| 3178 | 9211432, 5.87%, 12/13/2026 | 6/18/2025 | 2928 | 2904 |
| 107028 | 9211442, 4.84%, 12/13/2026 | 6/18/2025 | 100228 | 98218 |
| 2413 | 9212393, 5.71%, 12/13/2026 | 6/18/2025 | 2234 | 2217 |
| 7749 | 9212434, 5.15%, 12/13/2026 | 6/18/2025 | 7218 | 7205 |
| 7905 | 9212471, 5.70%, 12/13/2026 | 6/18/2025 | 7333 | 7151 |
| 8112 | 9212505, 4.53%, 12/13/2026 | 6/18/2025 | 7606 | 7757 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 397

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $27913 | 9212566, 4.53%, 12/13/2026 | 6/18/2025 | 26159 | $26691 |
| 9695 | 9212664, 6.22%, 12/14/2026 | 6/20/2025 | 8877 | 8678 |
| 2212 | 9212708, 5.89%, 12/14/2026 | 6/20/2025 | 2021 | 2014 |
| 1474 | 9212717, 6.23%, 12/14/2026 | 6/20/2025 | 1333 | 1283 |
| 5707 | 9212726, 4.53%, 12/14/2026 | 6/20/2025 | 5348 | 5457 |
| 3387 | 9212752, 4.53%, 12/14/2026 | 6/20/2025 | 3174 | 3239 |
| 7848 | 9212776, 4.53%, 12/14/2026 | 6/20/2025 | 7359 | 7505 |
| 16942 | 9212801, 4.53%, 12/14/2026 | 6/20/2025 | 15887 | 16201 |
| 10943 | 9212887, 5.89%, 12/14/2026 | 6/20/2025 | 10065 | 9991 |
| 3270 | 9212967, 6.22%, 12/14/2026 | 6/20/2025 | 2990 | 2953 |
| 271 | 9212985, 6.31%, 12/14/2026 | 6/20/2025 | 248 | 245 |
| 22144 | 9212988, 4.53%, 12/14/2026 | 6/20/2025 | 20780 | 21179 |
| 13465 | 9213147, 5.15%, 12/14/2026 | 6/20/2025 | 12499 | 12592 |
| 2641 | 9213236, 4.74%, 12/14/2026 | 6/20/2025 | 2487 | 2379 |
| 2552 | 9213261, 6.07%, 12/14/2026 | 6/20/2025 | 2361 | 2234 |
| 2461 | 9213276, 5.88%, 12/14/2026 | 6/20/2025 | 2268 | 2217 |
| 3843 | 9213299, 6.22%, 12/14/2026 | 6/20/2025 | 3528 | 3480 |
| 9603 | 9213325, 5.15%, 12/14/2026 | 6/20/2025 | 8911 | 8973 |
| 6937 | 9213384, 4.84%, 12/14/2026 | 6/20/2025 | 6488 | 6556 |
| 11329 | 9213435, 5.39%, 12/14/2026 | 6/20/2025 | 10531 | 10509 |
| 7024 | 9213524, 4.53%, 12/14/2026 | 6/20/2025 | 6573 | 6713 |
| 2199 | 9213568, 5.37%, 12/15/2026 | 6/20/2025 | 2037 | 2037 |

---

*See Notes to Financial Statements.*

398 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1875 | 9213580, 5.88%, 12/15/2026 | 6/20/2025 | 1728 | $1714 |
| 5263 | 9213592, 4.83%, 12/15/2026 | 6/20/2025 | 4890 | 4957 |
| 2768 | 9213623, 5.39%, 12/15/2026 | 6/20/2025 | 2565 | 2565 |
| 7802 | 9213638, 6.21%, 12/15/2026 | 6/20/2025 | 7134 | 7053 |
| 2400 | 9213699, 5.88%, 12/15/2026 | 6/20/2025 | 2216 | 2195 |
| 9985 | 9213708, 5.69%, 12/15/2026 | 6/20/2025 | 9240 | 9175 |
| 28569 | 9213785, 4.52%, 12/15/2026 | 6/20/2025 | 26805 | 27323 |
| 18643 | 9213999, 4.52%, 12/15/2026 | 6/20/2025 | 17469 | 17826 |
| 3517 | 9214115, 4.52%, 12/15/2026 | 6/20/2025 | 3296 | 3363 |
| 6818 | 9214149, 4.52%, 12/15/2026 | 6/20/2025 | 6400 | 6521 |
| 8496 | 9214187, 5.87%, 12/15/2026 | 6/20/2025 | 7824 | 7754 |
| 4955 | 9214231, 5.38%, 12/15/2026 | 6/20/2025 | 4596 | 4592 |
| 5148 | 9214251, 6.20%, 12/15/2026 | 6/20/2025 | 4715 | 4659 |
| 8458 | 9214280, 4.83%, 12/15/2026 | 6/20/2025 | 7900 | 7991 |
| 7431 | 9214331, 5.87%, 12/15/2026 | 6/20/2025 | 6846 | 6789 |
| 4432 | 9214370, 4.83%, 12/15/2026 | 6/20/2025 | 4144 | 4188 |
| 2876 | 9214401, 4.52%, 12/15/2026 | 6/20/2025 | 2698 | 2751 |
| 3538 | 9215433, 5.36%, 12/16/2026 | 6/20/2025 | 3286 | 3281 |
| 3305 | 9215461, 5.13%, 12/16/2026 | 6/20/2025 | 3074 | 3091 |
| 5470 | 9215474, 5.12%, 12/16/2026 | 6/20/2025 | 5084 | 5115 |
| 5730 | 9215497, 5.37%, 12/16/2026 | 6/20/2025 | 5314 | 5311 |
| 30957 | 9215537, 4.51%, 12/16/2026 | 6/20/2025 | 29048 | 29608 |
| 14418 | 9216200, 5.68%, 12/16/2026 | 6/20/2025 | 13260 | 13216 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 399

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $5008 | 9216374, 4.51%, 12/16/2026 | 6/20/2025 | 4684 | $4785 |
| 23014 | 9216440, 4.82%, 12/16/2026 | 6/20/2025 | 21486 | 21743 |
| 2239 | 9216605, 4.82%, 12/16/2026 | 6/20/2025 | 2095 | 2116 |
| 46469 | 9216612, 5.68%, 12/16/2026 | 6/20/2025 | 42821 | 42627 |
| 1687 | 9217011, 5.39%, 12/16/2026 | 6/20/2025 | 1566 | 1564 |
| 2489 | 9217036, 5.87%, 12/16/2026 | 6/20/2025 | 2295 | 2275 |
| 11212 | 9217064, 4.51%, 12/16/2026 | 6/20/2025 | 10495 | 10720 |
| 2323 | 9217181, 4.72%, 12/16/2026 | 6/20/2025 | 2177 | 2078 |
| 5589 | 9217207, 5.86%, 12/16/2026 | 6/20/2025 | 5157 | 5110 |
| 2532 | 9217280, 4.51%, 12/16/2026 | 6/20/2025 | 2378 | 2422 |
| 16466 | 9217310, 4.51%, 12/16/2026 | 6/20/2025 | 15445 | 15747 |
| 11423 | 9217523, 5.13%, 12/16/2026 | 6/20/2025 | 10659 | 10697 |
| 3183 | 9217686, 4.81%, 12/16/2026 | 6/20/2025 | 2967 | 3006 |
| 7176 | 9217724, 4.52%, 12/16/2026 | 6/20/2025 | 6731 | 6863 |
| 20634 | 9217785, 4.51%, 12/16/2026 | 6/20/2025 | 19336 | 19731 |
| 6619 | 9217972, 4.52%, 12/16/2026 | 6/20/2025 | 6213 | 6331 |
| 76729 | 9218039, 4.51%, 12/16/2026 | 6/20/2025 | 71950 | 73377 |
| 3167 | 9218637, 5.13%, 12/16/2026 | 6/20/2025 | 2948 | 2963 |
| 1913 | 9218650, 6.19%, 12/16/2026 | 6/20/2025 | 1753 | 1726 |
| 1767 | 9218678, 5.68%, 12/16/2026 | 6/20/2025 | 1629 | 1622 |
| 7467 | 9218710, 4.51%, 12/16/2026 | 6/20/2025 | 6994 | 7138 |
| 7595 | 9218801, 4.51%, 12/16/2026 | 6/20/2025 | 7110 | 7262 |

---

*See Notes to Financial Statements.*

400 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1531 | 9218857, 6.19%, 12/16/2026 | 6/20/2025 | 1395 | $1376 |
| 38289 | 9218880, 5.68%, 12/16/2026 | 6/20/2025 | 35478 | 35203 |
| 12643 | 9219171, 4.51%, 12/16/2026 | 6/20/2025 | 11863 | 12089 |
| 43964 | 9219283, 6.20%, 12/16/2026 | 6/20/2025 | 40307 | 39793 |
| 3055 | 9219679, 6.20%, 12/16/2026 | 6/20/2025 | 2795 | 2734 |
| 4457 | 9219701, 5.13%, 12/16/2026 | 6/20/2025 | 4142 | 4163 |
| 10978 | 9219743, 5.13%, 12/16/2026 | 6/20/2025 | 10211 | 10270 |
| 8982 | 9219852, 5.68%, 12/16/2026 | 6/20/2025 | 8309 | 8253 |
| 12311 | 9222371, 4.52%, 12/17/2026 | 6/23/2025 | 11544 | 11772 |
| 1742 | 9222613, 5.88%, 12/17/2026 | 6/23/2025 | 1599 | 1590 |
| 11025 | 9222626, 4.83%, 12/17/2026 | 6/23/2025 | 10286 | 10415 |
| 27703 | 9222720, 4.83%, 12/17/2026 | 6/23/2025 | 25868 | 26171 |
| 8582 | 9223211, 5.38%, 12/17/2026 | 6/23/2025 | 7946 | 7941 |
| 30961 | 9223495, 4.52%, 12/17/2026 | 6/23/2025 | 29005 | 29596 |
| 16616 | 9223876, 5.14%, 12/17/2026 | 6/23/2025 | 15444 | 15541 |
| 3524 | 9224049, 6.20%, 12/17/2026 | 6/23/2025 | 3238 | 3196 |
| 22150 | 9224093, 4.52%, 12/17/2026 | 6/23/2025 | 20769 | 21182 |
| 1481 | 9224400, 5.38%, 12/17/2026 | 6/23/2025 | 1364 | 1371 |
| 23300 | 9224406, 5.14%, 12/17/2026 | 6/23/2025 | 21595 | 21748 |
| 1313 | 9224587, 5.86%, 12/17/2026 | 6/23/2025 | 1207 | 1200 |
| 14626 | 9224602, 6.21%, 12/17/2026 | 6/23/2025 | 13411 | 13113 |
| 2245 | 9225058, 6.20%, 12/17/2026 | 6/23/2025 | 2054 | 2031 |
| 5384 | 9225345, 4.83%, 12/17/2026 | 6/23/2025 | 5009 | 5082 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 401

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $7600 | 9225393, 4.52%, 12/17/2026 | 6/23/2025 | 7108 | $7266 |
| 24136 | 9225491, 4.52%, 12/17/2026 | 6/23/2025 | 22621 | 23079 |
| 22262 | 9225703, 5.87%, 12/17/2026 | 6/23/2025 | 20383 | 20297 |
| 4591 | 9225860, 6.21%, 12/17/2026 | 6/23/2025 | 4208 | 4158 |
| 8292 | 9225903, 4.52%, 12/17/2026 | 6/23/2025 | 7774 | 7929 |
| 2964 | 9225984, 5.69%, 12/17/2026 | 6/23/2025 | 2735 | 2722 |
| 6809 | 9225991, 6.05%, 12/17/2026 | 6/23/2025 | 6289 | 6096 |
| 11020 | 9226008, 4.52%, 12/17/2026 | 6/23/2025 | 10334 | 10539 |
| 6655 | 9226065, 4.52%, 12/17/2026 | 6/23/2025 | 6243 | 6362 |
| 2379 | 9226119, 5.88%, 12/17/2026 | 6/23/2025 | 2191 | 2175 |
| 40857 | 9226134, 5.87%, 12/17/2026 | 6/23/2025 | 37670 | 37359 |
| 4970 | 9226476, 5.69%, 12/17/2026 | 6/23/2025 | 4599 | 4567 |
| 34983 | 9226507, 5.38%, 12/17/2026 | 6/23/2025 | 32487 | 32438 |
| 18947 | 9226728, 5.38%, 12/17/2026 | 6/23/2025 | 17523 | 17548 |
| 29277 | 9226882, 4.52%, 12/17/2026 | 6/23/2025 | 27480 | 28000 |
| 14110 | 9227121, 5.87%, 12/17/2026 | 6/23/2025 | 12990 | 12896 |
| 6769 | 9227260, 5.69%, 12/17/2026 | 6/23/2025 | 6262 | 6220 |
| 7184 | 9227311, 4.52%, 12/17/2026 | 6/23/2025 | 6741 | 6869 |
| 14391 | 9227346, 5.38%, 12/17/2026 | 6/23/2025 | 13333 | 13331 |
| 28308 | 9227433, 5.69%, 12/17/2026 | 6/23/2025 | 26152 | 26002 |
| 2101 | 9230509, 5.41%, 12/18/2026 | 6/24/2025 | 1948 | 1948 |
| 2759 | 9230581, 5.91%, 12/18/2026 | 6/24/2025 | 2541 | 2521 |

---

*See Notes to Financial Statements.*

402 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $6513 | 9230611, 4.54%, 12/18/2026 | 6/24/2025 | 6106 | $6228 |
| 13266 | 9230735, 5.15%, 12/18/2026 | 6/24/2025 | 12331 | 12406 |
| 5608 | 9230896, 4.54%, 12/18/2026 | 6/24/2025 | 5258 | 5362 |
| 550 | 9230982, 5.96%, 12/18/2026 | 6/24/2025 | 505 | 502 |
| 5504 | 9230990, 4.54%, 12/18/2026 | 6/24/2025 | 5155 | 5261 |
| 4362 | 9231070, 5.90%, 12/18/2026 | 6/24/2025 | 4024 | 3991 |
| 27063 | 9231185, 5.89%, 12/18/2026 | 6/24/2025 | 24853 | 24698 |
| 6309 | 9231715, 5.16%, 12/18/2026 | 6/24/2025 | 5860 | 5900 |
| 18779 | 9231855, 4.54%, 12/18/2026 | 6/24/2025 | 17563 | 17942 |
| 15142 | 9232136, 6.23%, 12/18/2026 | 6/24/2025 | 13860 | 13704 |
| 7960 | 9232350, 4.54%, 12/18/2026 | 6/24/2025 | 7451 | 7603 |
| 3811 | 9232452, 6.23%, 12/18/2026 | 6/24/2025 | 3493 | 3452 |
| 6933 | 9232562, 5.90%, 12/18/2026 | 6/24/2025 | 6353 | 6320 |
| 2216 | 9232659, 4.54%, 12/18/2026 | 6/24/2025 | 2077 | 2119 |
| 67159 | 9232682, 5.16%, 12/18/2026 | 6/24/2025 | 62409 | 62799 |
| 1629 | 9233454, 6.10%, 12/18/2026 | 6/24/2025 | 1499 | 1456 |
| 78798 | 9233477, 5.40%, 12/18/2026 | 6/24/2025 | 73016 | 73019 |
| 30543 | 9234220, 4.54%, 12/18/2026 | 6/24/2025 | 28645 | 29203 |
| 8128 | 9234417, 4.54%, 12/18/2026 | 6/24/2025 | 7623 | 7770 |
| 26004 | 9234479, 4.54%, 12/18/2026 | 6/24/2025 | 24371 | 24857 |
| 5116 | 9234655, 5.71%, 12/18/2026 | 6/24/2025 | 4714 | 4694 |
| 7035 | 9234716, 5.15%, 12/18/2026 | 6/24/2025 | 6542 | 6580 |
| 45284 | 9234778, 5.71%, 12/18/2026 | 6/24/2025 | 41799 | 41580 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 403

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $8196 | 9235136, 6.24%, 12/18/2026 | 6/24/2025 | 7533 | $7370 |
| 8750 | 9235204, 4.54%, 12/18/2026 | 6/24/2025 | 8202 | 8366 |
| 16377 | 9235284, 5.43%, 12/18/2026 | 6/24/2025 | 15178 | 14628 |
| 3771 | 9235467, 5.90%, 12/18/2026 | 6/24/2025 | 3469 | 3446 |
| 2623 | 9235506, 5.44%, 12/18/2026 | 6/24/2025 | 2431 | 2343 |
| 5229 | 9235540, 5.90%, 12/18/2026 | 6/24/2025 | 4820 | 4782 |
| 2426 | 9235579, 4.54%, 12/18/2026 | 6/24/2025 | 2273 | 2319 |
| 16135 | 9235607, 4.85%, 12/18/2026 | 6/24/2025 | 15065 | 15241 |
| 5421 | 9235662, 6.24%, 12/18/2026 | 6/25/2025 | 4951 | 4853 |
| 1980 | 9235712, 4.76%, 12/19/2026 | 6/25/2025 | 1847 | 1753 |
| 4131 | 9235724, 4.75%, 12/19/2026 | 6/25/2025 | 3855 | 3695 |
| 6401 | 9235747, 4.53%, 12/19/2026 | 6/25/2025 | 6006 | 6121 |
| 1998 | 9235783, 5.71%, 12/19/2026 | 6/25/2025 | 1843 | 1834 |
| 19611 | 9235788, 4.54%, 12/19/2026 | 6/25/2025 | 18376 | 18745 |
| 6775 | 9235885, 6.23%, 12/19/2026 | 6/25/2025 | 6204 | 6111 |
| 1727 | 9235917, 4.75%, 12/19/2026 | 6/25/2025 | 1611 | 1517 |
| 5883 | 9235932, 6.08%, 12/19/2026 | 6/25/2025 | 5387 | 5246 |
| 3316 | 9235963, 4.54%, 12/19/2026 | 6/25/2025 | 3106 | 3170 |
| 4123 | 9235979, 5.16%, 12/19/2026 | 6/25/2025 | 3826 | 3853 |
| 1964 | 9236007, 6.22%, 12/19/2026 | 6/25/2025 | 1798 | 1777 |
| 108067 | 9236013, 5.71%, 12/19/2026 | 6/25/2025 | 99492 | 99105 |
| 790 | 9236410, 4.78%, 12/19/2026 | 6/25/2025 | 739 | 708 |

---

*See Notes to Financial Statements.*

404 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $1979 | 9236418, 4.54%, 12/19/2026 | 6/25/2025 | 1852 | $1891 |
| 11469 | 9236433, 5.71%, 12/19/2026 | 6/25/2025 | 10569 | 10518 |
| 5232 | 9236489, 4.53%, 12/19/2026 | 6/25/2025 | 4909 | 5003 |
| 5386 | 9236504, 6.45%, 12/19/2026 | 6/25/2025 | 4919 | 4820 |
| 1058 | 9236519, 4.75%, 12/19/2026 | 6/25/2025 | 987 | 943 |
| 14760 | 9236523, 6.45%, 12/19/2026 | 6/25/2025 | 13426 | 13195 |
| 12466 | 9236557, 4.54%, 12/19/2026 | 6/25/2025 | 11693 | 11919 |
| 3255 | 9236604, 6.23%, 12/19/2026 | 6/25/2025 | 2988 | 2950 |
| 15209 | 9236618, 4.54%, 12/19/2026 | 6/25/2025 | 14269 | 14543 |
| 2419 | 9236681, 6.24%, 12/19/2026 | 6/25/2025 | 2209 | 2185 |
| 8325 | 9236694, 4.54%, 12/19/2026 | 6/25/2025 | 7795 | 7957 |
| 3990 | 9236741, 4.85%, 12/19/2026 | 6/25/2025 | 3729 | 3770 |
| 1973 | 9236761, 4.85%, 12/19/2026 | 6/25/2025 | 1842 | 1863 |
| 4689 | 9236770, 4.54%, 12/19/2026 | 6/25/2025 | 4392 | 4482 |
| 1487 | 9236788, 6.22%, 12/19/2026 | 6/25/2025 | 1360 | 1340 |
| 17648 | 9236794, 5.40%, 12/19/2026 | 6/25/2025 | 16302 | 16349 |
| 2953 | 9236861, 6.24%, 12/19/2026 | 6/25/2025 | 2706 | 2650 |
| 18338 | 9236880, 4.54%, 12/19/2026 | 6/25/2025 | 17176 | 17528 |
| 2589 | 9237470, 4.54%, 12/20/2026 | 6/25/2025 | 2427 | 2475 |
| 1800 | 9237492, 5.69%, 12/20/2026 | 6/25/2025 | 1664 | 1654 |
| 4009 | 9237523, 6.07%, 12/20/2026 | 6/25/2025 | 3672 | 3569 |
| 4468 | 9237589, 4.84%, 12/20/2026 | 6/25/2025 | 4169 | 4220 |
| 28240 | 9237672, 5.39%, 12/20/2026 | 6/25/2025 | 26119 | 26149 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 405

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2777 | 9238262, 5.89%, 12/20/2026 | 6/25/2025 | 2557 | $2540 |
| 4009 | 9238334, 4.52%, 12/20/2026 | 6/25/2025 | 3758 | 3833 |
| 24057 | 9238388, 4.53%, 12/20/2026 | 6/25/2025 | 22529 | 22992 |
| 2156 | 9238751, 6.22%, 12/20/2026 | 6/25/2025 | 1969 | 1930 |
| 4492 | 9238772, 5.70%, 12/20/2026 | 6/25/2025 | 4146 | 4124 |
| 2873 | 9238843, 4.52%, 12/20/2026 | 6/25/2025 | 2692 | 2746 |
| 9930 | 9238872, 4.53%, 12/20/2026 | 6/25/2025 | 9295 | 9490 |
| 20900 | 9238925, 4.84%, 12/20/2026 | 6/25/2025 | 19502 | 19739 |
| 8874 | 9239097, 4.53%, 12/20/2026 | 6/25/2025 | 8313 | 8483 |
| 21420 | 9239219, 5.15%, 12/20/2026 | 6/25/2025 | 19910 | 20032 |
| 12648 | 9239508, 4.53%, 12/20/2026 | 6/25/2025 | 11852 | 12091 |
| 16782 | 9239705, 5.15%, 12/20/2026 | 6/25/2025 | 15585 | 15691 |
| 1343 | 9239918, 5.87%, 12/20/2026 | 6/25/2025 | 1236 | 1228 |
| 10057 | 9239926, 4.84%, 12/20/2026 | 6/25/2025 | 9384 | 9494 |
| 66455 | 9240085, 6.22%, 12/20/2026 | 6/25/2025 | 61009 | 60029 |
| 2192 | 9240508, 5.44%, 12/20/2026 | 6/25/2025 | 2031 | 1958 |
| 7075 | 9240541, 6.22%, 12/20/2026 | 6/25/2025 | 6477 | 6348 |
| 71500 | 9240598, 5.15%, 12/20/2026 | 6/25/2025 | 66412 | 66851 |
| 12784 | 9241094, 4.53%, 12/20/2026 | 6/25/2025 | 11977 | 12218 |
| 2554 | 9241180, 4.54%, 12/20/2026 | 6/25/2025 | 2396 | 2442 |
| 66959 | 9241189, 4.53%, 12/20/2026 | 6/25/2025 | 62784 | 64009 |
| 2148 | 9241575, 5.90%, 12/20/2026 | 6/25/2025 | 1967 | 1955 |

---

*See Notes to Financial Statements.*

406 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $29470 | 9241610, 5.39%, 12/20/2026 | 6/25/2025 | 27275 | $27299 |
| 1986 | 9241892, 5.14%, 12/20/2026 | 6/25/2025 | 1846 | 1858 |
| 7592 | 9241922, 4.53%, 12/20/2026 | 6/25/2025 | 7115 | 7257 |
| 5304 | 9242838, 6.22%, 12/21/2026 | 6/26/2025 | 4864 | 4806 |
| 1077 | 9242887, 4.74%, 12/21/2026 | 6/26/2025 | 1007 | 966 |
| 2900 | 9242894, 6.07%, 12/21/2026 | 6/26/2025 | 2667 | 2593 |
| 3528 | 9242908, 4.84%, 12/21/2026 | 6/26/2025 | 3291 | 3331 |
| 1083 | 9242926, 6.04%, 12/21/2026 | 6/26/2025 | 991 | 961 |
| 2821 | 9242934, 4.84%, 12/21/2026 | 6/26/2025 | 2632 | 2665 |
| 4906 | 9242951, 6.07%, 12/21/2026 | 6/26/2025 | 4499 | 4374 |
| 11440 | 9242978, 4.53%, 12/21/2026 | 6/26/2025 | 10711 | 10933 |
| 2315 | 9243037, 4.52%, 12/21/2026 | 6/26/2025 | 2172 | 2214 |
| 4540 | 9243053, 4.53%, 12/21/2026 | 6/26/2025 | 4258 | 4341 |
| 1493 | 9243079, 6.06%, 12/21/2026 | 6/26/2025 | 1371 | 1333 |
| 4553 | 9243087, 6.22%, 12/21/2026 | 6/26/2025 | 4175 | 4090 |
| 8551 | 9243112, 5.88%, 12/21/2026 | 6/26/2025 | 7858 | 7809 |
| 8761 | 9243147, 4.53%, 12/21/2026 | 6/26/2025 | 8203 | 8373 |
| 1844 | 9243189, 6.05%, 12/21/2026 | 6/26/2025 | 1696 | 1649 |
| 14003 | 9243208, 4.53%, 12/21/2026 | 6/26/2025 | 13120 | 13385 |
| 15680 | 9243286, 5.88%, 12/21/2026 | 6/26/2025 | 14380 | 14285 |
| 10219 | 9243361, 4.53%, 12/21/2026 | 6/26/2025 | 9563 | 9769 |
| 17936 | 9243428, 5.15%, 12/21/2026 | 6/26/2025 | 16663 | 16772 |
| 8265 | 9243518, 6.22%, 12/21/2026 | 6/26/2025 | 7539 | 7447 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 407

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $2332 | 9243551, 4.84%, 12/21/2026 | 6/26/2025 | 2167 | $2201 |
| 2771 | 9243566, 5.40%, 12/21/2026 | 6/26/2025 | 2566 | 2568 |
| 2132 | 9243581, 5.14%, 12/21/2026 | 6/26/2025 | 1978 | 1992 |
| 9161 | 9243595, 4.53%, 12/21/2026 | 6/26/2025 | 8583 | 8756 |
| 4759 | 9243646, 4.83%, 12/21/2026 | 6/26/2025 | 4438 | 4494 |
| 11775 | 9243677, 5.38%, 12/22/2026 | 6/26/2025 | 10893 | 10904 |
| 3131 | 9243743, 4.52%, 12/22/2026 | 6/26/2025 | 2932 | 2993 |
| 3466 | 9243761, 6.06%, 12/22/2026 | 6/26/2025 | 3167 | 3064 |
| 2050 | 9243780, 5.15%, 12/22/2026 | 6/26/2025 | 1907 | 1917 |
| 2376 | 9243794, 4.53%, 12/22/2026 | 6/26/2025 | 2228 | 2271 |
| 4207 | 9243812, 4.73%, 12/22/2026 | 6/26/2025 | 3933 | 3776 |
| 10888 | 9243828, 6.21%, 12/22/2026 | 6/26/2025 | 9955 | 9749 |
| 1495 | 9243884, 6.21%, 12/22/2026 | 6/26/2025 | 1369 | 1354 |
| 861 | 9243895, 4.73%, 12/22/2026 | 6/26/2025 | 805 | 772 |
| 6990 | 9243901, 5.87%, 12/22/2026 | 6/26/2025 | 6430 | 6389 |
| 10355 | 9243931, 4.52%, 12/22/2026 | 6/26/2025 | 9696 | 9898 |
| 4160 | 9243992, 6.21%, 12/22/2026 | 6/26/2025 | 3805 | 3750 |
| 1581 | 9244013, 6.21%, 12/22/2026 | 6/26/2025 | 1450 | 1433 |
| 3407 | 9244022, 6.20%, 12/22/2026 | 6/26/2025 | 3120 | 3075 |
| 2645 | 9244036, 6.06%, 12/22/2026 | 6/26/2025 | 2433 | 2365 |
| 2907 | 9244043, 4.83%, 12/22/2026 | 6/26/2025 | 2703 | 2741 |
| 2970 | 9244058, 6.21%, 12/22/2026 | 6/26/2025 | 2704 | 2673 |

---

*See Notes to Financial Statements.*

408 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $20710 | 9244075, 5.87%, 12/22/2026 | 6/26/2025 | 19080 | $18942 |
| 39655 | 9244160, 4.52%, 12/22/2026 | 6/26/2025 | 37144 | 37905 |
| 793 | 9244352, 5.40%, 12/22/2026 | 6/26/2025 | 736 | 710 |
| 10905 | 9244356, 4.52%, 12/22/2026 | 6/26/2025 | 10210 | 10422 |
| 4386 | 9244407, 4.82%, 12/22/2026 | 6/26/2025 | 4088 | 4140 |
| 4062 | 9244427, 6.21%, 12/22/2026 | 6/26/2025 | 3715 | 3676 |
| 1039 | 9244444, 6.19%, 12/22/2026 | 6/26/2025 | 943 | 926 |
| 6766 | 9244451, 6.21%, 12/22/2026 | 6/26/2025 | 6206 | 6132 |
| 23575 | 9244484, 4.52%, 12/22/2026 | 6/26/2025 | 22027 | 22511 |
| 7062 | 9244948, 5.86%, 12/23/2026 | 6/26/2025 | 6491 | 6448 |
| 14670 | 9245045, 5.86%, 12/23/2026 | 6/26/2025 | 13486 | 13403 |
| 1535 | 9245612, 6.22%, 12/23/2026 | 6/26/2025 | 1408 | 1386 |
| 1127 | 9245628, 4.72%, 12/23/2026 | 6/26/2025 | 1056 | 1014 |
| 22730 | 9245674, 6.20%, 12/23/2026 | 6/26/2025 | 20705 | 20448 |
| 1229 | 9246226, 6.20%, 12/23/2026 | 6/26/2025 | 1126 | 1113 |
| 3969 | 9246237, 4.52%, 12/23/2026 | 6/26/2025 | 3722 | 3794 |
| 5968 | 9246265, 4.51%, 12/23/2026 | 6/26/2025 | 5582 | 5701 |
| 19628 | 9246292, 5.68%, 12/23/2026 | 6/26/2025 | 18089 | 18010 |
| 2042 | 9246422, 6.04%, 12/23/2026 | 6/26/2025 | 1870 | 1810 |
| 2810 | 9246457, 4.82%, 12/23/2026 | 6/26/2025 | 2622 | 2654 |
| 5335 | 9246477, 4.52%, 12/23/2026 | 6/26/2025 | 5003 | 5100 |
| 3223 | 9246538, 6.20%, 12/23/2026 | 6/26/2025 | 2954 | 2909 |
| 4451 | 9246589, 4.51%, 12/23/2026 | 6/26/2025 | 4167 | 4250 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 409

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $4741 | 9246639, 4.51%, 12/23/2026 | 6/26/2025 | 4432 | $4531 |
| 1152 | 9246674, 6.21%, 12/23/2026 | 6/26/2025 | 1050 | 1027 |
| 2044 | 9246686, 4.52%, 12/23/2026 | 6/26/2025 | 1915 | 1954 |
| 1866 | 9246703, 6.20%, 12/23/2026 | 6/26/2025 | 1705 | 1666 |
| 18844 | 9246731, 5.37%, 12/23/2026 | 6/26/2025 | 17471 | 17469 |
| 14038 | 9246938, 4.51%, 12/23/2026 | 6/26/2025 | 13155 | 13419 |
| 5134 | 9247077, 5.87%, 12/23/2026 | 6/26/2025 | 4723 | 4693 |
| 2551 | 9247146, 5.38%, 12/23/2026 | 6/26/2025 | 2365 | 2365 |
| 59678 | 9247154, 5.68%, 12/23/2026 | 6/26/2025 | 54961 | 54744 |
| 39830 | 9247732, 5.86%, 12/23/2026 | 6/26/2025 | 36627 | 36399 |
| 6376 | 9248140, 4.94%, 12/23/2026 | 6/26/2025 | 5943 | 6013 |
| 5033 | 9248188, 5.38%, 12/23/2026 | 6/26/2025 | 4661 | 4664 |
| 46173 | 9248257, 4.82%, 12/23/2026 | 6/26/2025 | 43058 | 43599 |
| 5611 | 9248740, 4.51%, 12/23/2026 | 6/26/2025 | 5259 | 5364 |
| 10915 | 9248795, 4.51%, 12/23/2026 | 6/26/2025 | 10227 | 10433 |
| 1462 | 9248901, 6.19%, 12/23/2026 | 6/26/2025 | 1338 | 1319 |
| 831 | 9248922, 4.72%, 12/23/2026 | 6/26/2025 | 779 | 747 |
| 8610 | 9248960, 4.51%, 12/23/2026 | 6/26/2025 | 8063 | 8227 |
| 28536 | 9249060, 6.04%, 12/23/2026 | 6/26/2025 | 26247 | 25514 |
| 28201 | 9249312, 4.51%, 12/23/2026 | 6/26/2025 | 26423 | 26958 |
| 7689 | 9249480, 4.82%, 12/23/2026 | 6/26/2025 | 7165 | 7258 |
| 73216 | 9249537, 5.86%, 12/23/2026 | 6/26/2025 | 67310 | 66883 |

---

*See Notes to Financial Statements.*

410 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $23812 | 9249908, 4.82%, 12/24/2026 | 6/27/2025 | 22208 | $22473 |
| 4008 | 9250268, 5.13%, 12/24/2026 | 6/27/2025 | 3726 | 3749 |
| 5426 | 9250313, 4.51%, 12/24/2026 | 6/27/2025 | 5081 | 5187 |
| 1076 | 9250406, 5.85%, 12/24/2026 | 6/27/2025 | 989 | 983 |
| 7601 | 9250424, 5.86%, 12/24/2026 | 6/27/2025 | 6992 | 6949 |
| 6114 | 9250546, 5.12%, 12/24/2026 | 6/27/2025 | 5674 | 5714 |
| 9525 | 9250661, 4.52%, 12/24/2026 | 6/27/2025 | 8920 | 9104 |
| 5674 | 9251053, 5.86%, 12/24/2026 | 6/27/2025 | 5223 | 5188 |
| 4627 | 9251174, 6.20%, 12/24/2026 | 6/27/2025 | 4243 | 4158 |
| 3408 | 9251237, 5.37%, 12/24/2026 | 6/27/2025 | 3155 | 3158 |
| 44893 | 9251257, 5.37%, 12/24/2026 | 6/27/2025 | 41523 | 41571 |
| 13518 | 9251668, 4.51%, 12/24/2026 | 6/27/2025 | 12667 | 12922 |
| 5724 | 9251840, 5.37%, 12/24/2026 | 6/27/2025 | 5303 | 5305 |
| 3615 | 9251896, 6.19%, 12/24/2026 | 6/27/2025 | 3313 | 3276 |
| 27964 | 9251923, 4.51%, 12/24/2026 | 6/27/2025 | 26195 | 26731 |
| 3897 | 9252322, 6.21%, 12/24/2026 | 6/27/2025 | 3567 | 3516 |
| 5882 | 9252358, 4.51%, 12/24/2026 | 6/27/2025 | 5509 | 5621 |
| 10352 | 9252409, 5.86%, 12/24/2026 | 6/27/2025 | 9478 | 9453 |
| 1694 | 9252470, 4.73%, 12/24/2026 | 6/27/2025 | 1583 | 1520 |
| 16949 | 9252496, 4.51%, 12/24/2026 | 6/27/2025 | 15864 | 16200 |
| 7828 | 9252591, 5.37%, 12/24/2026 | 6/27/2025 | 7247 | 7253 |
| 8414 | 9252659, 6.20%, 12/24/2026 | 6/27/2025 | 7684 | 7588 |
| 4581 | 9252741, 5.86%, 12/24/2026 | 6/27/2025 | 4206 | 4181 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 411

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $67202 | 9252786, 4.51%, 12/24/2026 | 6/27/2025 | 62939 | $64226 |
| 14525 | 9253270, 4.51%, 12/24/2026 | 6/27/2025 | 13613 | 13885 |
| 13432 | 9253392, 4.82%, 12/24/2026 | 6/27/2025 | 12532 | 12684 |
| 4004 | 9253493, 5.86%, 12/24/2026 | 6/27/2025 | 3680 | 3658 |
| 1987 | 9253534, 6.19%, 12/24/2026 | 6/27/2025 | 1815 | 1796 |
| 11282 | 9253575, 4.51%, 12/24/2026 | 6/27/2025 | 10566 | 10782 |
| 9250 | 9253685, 5.40%, 12/24/2026 | 6/27/2025 | 8547 | 8249 |
| 26888 | 9253739, 4.82%, 12/24/2026 | 6/27/2025 | 25072 | 25384 |
| 11098 | 9253905, 4.51%, 12/24/2026 | 6/27/2025 | 10389 | 10607 |
| 76925 | 9253968, 5.86%, 12/24/2026 | 6/27/2025 | 70722 | 70304 |
| 7361 | 9254601, 6.20%, 12/24/2026 | 6/27/2025 | 6727 | 6599 |
| 2669 | 9254692, 5.14%, 12/24/2026 | 6/27/2025 | 2478 | 2494 |
| 974 | 9254707, 4.72%, 12/25/2026 | 6/30/2025 | 905 | 872 |
| 11679 | 9254760, 5.13%, 12/25/2026 | 6/30/2025 | 10854 | 10923 |
| 2326 | 9255161, 6.19%, 12/25/2026 | 6/30/2025 | 2121 | 2105 |
| 23379 | 9255170, 5.13%, 12/25/2026 | 6/30/2025 | 21669 | 21853 |
| 1510 | 9255306, 6.19%, 12/25/2026 | 6/30/2025 | 1383 | 1368 |
| 1056 | 9255313, 6.07%, 12/25/2026 | 6/30/2025 | 969 | 943 |
| 1445 | 9255319, 6.03%, 12/25/2026 | 6/30/2025 | 1323 | 1286 |
| 3539 | 9255327, 5.36%, 12/25/2026 | 6/30/2025 | 3273 | 3279 |
| 10628 | 9255380, 6.20%, 12/25/2026 | 6/30/2025 | 9725 | 9624 |
| 5108 | 9255678, 4.52%, 12/25/2026 | 6/30/2025 | 4786 | 4882 |

---

*See Notes to Financial Statements.*

412 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $38911 | 9255760, 5.37%, 12/25/2026 | 6/30/2025 | 36016 | $36057 |
| 5005 | 9256389, 6.05%, 12/25/2026 | 6/30/2025 | 4586 | 4466 |
| 41191 | 9256433, 4.51%, 12/25/2026 | 6/30/2025 | 38595 | 39369 |
| 2893 | 9256782, 5.87%, 12/25/2026 | 6/30/2025 | 2661 | 2645 |
| 5282 | 9256806, 6.20%, 12/25/2026 | 6/30/2025 | 4837 | 4766 |
| 5854 | 9256852, 5.37%, 12/25/2026 | 6/30/2025 | 5420 | 5425 |
| 4955 | 9256911, 4.51%, 12/25/2026 | 6/30/2025 | 4638 | 4736 |
| 5838 | 9256949, 4.81%, 12/25/2026 | 6/30/2025 | 5412 | 5506 |
| 1428 | 9257006, 5.88%, 12/25/2026 | 6/30/2025 | 1314 | 1305 |
| 32759 | 9257023, 5.13%, 12/25/2026 | 6/30/2025 | 30394 | 30621 |
| 4847 | 9257343, 5.37%, 12/25/2026 | 6/30/2025 | 4484 | 4491 |
| 93192 | 9257364, 4.51%, 12/25/2026 | 6/30/2025 | 87224 | 89054 |
| 4534 | 9257824, 5.13%, 12/25/2026 | 6/30/2025 | 4207 | 4240 |
| 75619 | 9257875, 6.20%, 12/25/2026 | 6/30/2025 | 69181 | 68456 |
| 35107 | 9258311, 5.13%, 12/25/2026 | 6/30/2025 | 32574 | 32824 |
| 23130 | 9258533, 6.20%, 12/25/2026 | 6/30/2025 | 21157 | 20765 |
| 5011 | 9258712, 5.68%, 12/25/2026 | 6/30/2025 | 4618 | 4597 |
| 11434 | 9258758, 5.86%, 12/25/2026 | 6/30/2025 | 10501 | 10448 |
| 6738 | 9258849, 6.20%, 12/25/2026 | 6/30/2025 | 6159 | 6046 |
| 8982 | 9258909, 4.51%, 12/25/2026 | 6/30/2025 | 8406 | 8584 |
| 1597 | 9258984, 5.37%, 12/25/2026 | 6/30/2025 | 1479 | 1480 |
| 5603 | 9258990, 6.19%, 12/25/2026 | 6/30/2025 | 5132 | 5076 |
| 4169 | 9259026, 6.20%, 12/25/2026 | 6/30/2025 | 3818 | 3743 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 413

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Principal Amount** | **Description** | **Acquisition Date** | **Cost** | **Value** |
| $19657 | 9259060, 5.68%, 12/25/2026 | 6/30/2025 | 18103 | $18041 |
| 6758 | 9259188, 5.37%, 12/25/2026 | 6/30/2025 | 6250 | 6261 |
| 39655 | 9259235, 4.82%, 12/25/2026 | 6/30/2025 | 36980 | 37450 |
| **TOTAL SMALL BUSINESS LOANS** | **TOTAL SMALL BUSINESS LOANS** |  |  |  |
| **(Cost $60,748,662)** | **(Cost $60,748,662)** |  |  | **45678207** |

---

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **WARRANTS (0.24%)** | **WARRANTS (0.24%)** | **WARRANTS (0.24%)** |
| **Canada (0.00%)** | **Canada (0.00%)** | **Canada (0.00%)** |
| 13341 | Above Food Ingredients, Inc., Strike Price $11.50, Expires 06/21/2029 | 695 |
| **United States (0.21%)** | **United States (0.21%)** |  |
| 10223 | Aimei Health Technology Co., Ltd., Strike Price $0.01, Expires 12/31/2049 | 2454 |
| 18607 | Apexigen, Inc., Strike Price $11.50, Expires 07/29/2027 | 486 |
| 33217 | Ares Acquisition Corp. II, Strike Price $11.50, Expires 06/12/2028 | 36539 |
| 64011 | AtlasClear Holdings, Inc., Strike Price $690.00, Expires 10/25/2028 | 1210 |
| 6873 | Bayview Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 1993 |
| 2789 | Black Hawk Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 1935 |
| 6500 | Bowen Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 1385 |
| 11822 | Brand Engagement Network, Inc., Strike Price $11.50, Expires 03/14/2029 | 356 |
| 2575 | Colombier Acquisition Corp. II, Strike Price $11.50, Expires 12/31/2028 | 9656 |
| 20000 | Concord Acquisition Corp. II, Strike Price $11.50, Expires 12/31/2028 | 1600 |
| 7168 | Corner Growth Acquisition Corp. 2, Strike Price $11.50, Expires 06/17/2026 | 252 |
| 17481 | ESH Acquisition Corp., Strike Price $10.00, Expires 12/31/2049 | 1311 |

---

*See Notes to Financial Statements.*

414 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| 9445 | FOXO Technologies, Inc., Strike Price $11.50, Expires 08/01/2027 | $151 |
| 22188 | Goal Acquisitions Corp., Strike Price $11.50, Expires 02/11/2026 | 222 |
| 14678 | GP-Act III Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | 4403 |
| 7625 | Haymaker Acquisition Corp. 4, Strike Price $11.50, Expires 09/12/2028 | 1906 |
| 28026 | Horizon Space Acquisition I Corp., Strike Price $11.50, Expires 01/26/2028 | 2663 |
| 7036 | IB Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 290 |
| 27754 | Iron Horse Acquisitions Corp., Strike Price $11.50, Expires 02/16/2029 | 7749 |
| 10471 | Jaws Mustang Acquisition Corp., Strike Price $11.50, Expires 01/30/2026 | 314 |
| 7108 | Legato Merger Corp. III, Strike Price $11.50, Expires 03/28/2029 | 1636 |
| 3606 | Maquia Capital Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | 70 |
| 16157 | Nabors Energy Transition Corp. II, Strike Price $11.50, Expires 09/05/2028 | 7772 |
| 10328 | New Horizon Aircraft, Ltd., Strike Price $11.50, Expires 01/12/2029 | 2987 |
| 4459 | NKGen Biotech, Inc., Strike Price $11.50, Expires 10/02/2028 | 178 |
| 8975 | Northern Revival Acquisition Corp., Strike Price $11.50, Expires 12/31/2027 | 195 |
| 22253 | OceanTech Acquisitions I Corp., Strike Price $11.50, Expires 05/10/2026 |  |
| 16697 | OneMedNet Corp., Strike Price $11.50, Expires 12/31/2028 | 451 |
| 28667 | OSR Holdings, Inc., Strike Price $11.50, Expires 02/14/2030 | 1524 |
| 774 | Quetta Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 906 |
| 146 | RMG Acquisition Corp. III, Strike Price $11.50, Expires 02/08/2026 |  |
| 9545 | SHF Holdings, Inc., Strike Price $11.50, Expires 09/28/2027 | 191 |
| 3872 | Spark I Acquisition Corp., Strike Price $11.50, Expires 11/27/2028 | 753 |

---

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 415

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| 31280 | Trailblazer Merger Corp. I, Strike Price $0.01, Expires 12/31/2049 | $12042 |
|  |  | 105580 |
| **Singapore (0.00%)** | **Singapore (0.00%)** |  |
| 6650 | Chenghe Acquisition II Co., Strike Price $11.50, Expires 07/29/2029 | 585 |
| 6487 | RF Acquisition Corp. II, Strike Price $0.01, Expires 01/01/2049 | 441 |
|  |  | 1026 |
| **China (0.02%)** | **China (0.02%)** |  |
| 27792 | Distoken Acquisition Corp., Strike Price $11.50, Expires 03/30/2028 | 5569 |
| 35317 | MicroAlgo, Inc., Strike Price $11.50, Expires 12/31/2027 | 530 |
| 22264 | SunCar Technology Group, Inc., Strike Price $11.50, Expires 05/18/2028 | 1558 |
|  |  | 7657 |
| **Hong Kong (0.01%)** | **Hong Kong (0.01%)** |  |
| 7600 | JVSPAC Acquisition Corp., Strike Price $0.01, Expires 12/31/2049 | 6612 |
| 10302 | MultiMetaVerse Holdings, Ltd., Strike Price $11.50, Expires 03/15/2027 | 16 |
|  |  | 6628 |
| **Ireland (0.00%)** | **Ireland (0.00%)** |  |
| 10162 | Kalera PLC, Strike Price $1150.00, Expires 06/28/2027 | – |
| **Cayman Islands (0.00%)** | **Cayman Islands (0.00%)** |  |
| 10000 | Namib Minerals, Strike Price $11.50, Expires 06/05/2030 | 1950 |
| **TOTAL WARRANTS** | **TOTAL WARRANTS** |  |
| **(Cost $235,772)** | **(Cost $235,772)** | **123536** |
| **SHORT-TERM INVESTMENTS (8.02%)** | **SHORT-TERM INVESTMENTS (8.02%)** |  |
| **Money Market Fund (8.02%)** | **Money Market Fund (8.02%)** |  |
| 4201331 | State Street Institutional Treasury Money Market Fund Premier Class (7 Day Yield 4.20%) | 4201331 |
| **TOTAL SHORT-TERM INVESTMENTS** | **TOTAL SHORT-TERM INVESTMENTS** |  |
| **(Cost $4,201,331)** | **(Cost $4,201,331)** | **4201331** |

---

*See Notes to Financial Statements.*

416 (888) 848-7569 \| www.rivernorth.com

RiverNorth Capital and Income Fund, Inc.

Schedule of Investments *June 30, 2025*

---

| | | |
|:---|:---|:---|
| **Shares** | **Description** | **Value** |
| **TOTAL INVESTMENTS (98.51%)** | **TOTAL INVESTMENTS (98.51%)** | |
| **(Cost $66,658,277)** | **(Cost $66,658,277)** | $**51606584** |
| **Other Assets In Excess Of Liabilities (1.49%)** | **Other Assets In Excess Of Liabilities (1.49%)** | 778173 |
| **NET ASSETS (100.00%)** | **NET ASSETS (100.00%)** | $**52384757** |

---

*<sup>(a)</sup>* *Non-income producing security.*

*<sup>(b)</sup>* *Fair Valued by the Advisor using a discounted cash flow (DCF) methodology.*

*<sup>(c)</sup>* *Loans are issued at discounts and do not have a stated interest rate. Rate indicated based on projected future cash flows and an implied 18-month final maturity from the date origination of each underlying loan. Actual yield and maturity is dependent on timing of future payments.*

*<sup>(d)</sup>* *Security may be deemed restricted to resale to institutional investors. As of June 30, 2025, the aggregate fair value of these securities was $45,678,207, representing 87.19% of net assets.*

*<sup>(e)</sup>* *Contains past-due loans. A loan is deemed past-due at June 30, 2025, if the loan borrower has not made its required payment as of the most recent due date. As of June 30, 2025, $831,604 of whole loans were past due, which represents 1.59% of net assets.*

*See Notes to Financial Statements.*

Annual Report \| June 30, 2025 417

## Exhibit 99.19

---

| | |
|:---|:---|
| ![](image_001.gif) | KPMG LLP<br> Suite 500<br> 191 West Nationwide Blvd.<br> Columbus, OH 43215-2568 |

---

**Report of Independent Registered Public Accounting Firm**

To the Shareholders and the Board of Directors

RiverNorth Capital and Income Fund, Inc.:

*Opinion on the Financial Statements*

We have audited the accompanying statement of assets and liabilities of RiverNorth Capital and Income Fund, Inc. (the Fund), including the summary schedule of investments, as of June 30, 2025, the related statements of operations and cash flows for the year then ended, the statements of changes in net assets for each of the years in the two-year period then ended, and the related notes (collectively, the financial statements) and the financial highlights for each of the years in the five-year period then ended (the financial statements and financial highlights are included in Item 1 of this Form N-CSR), and the schedule of investments as of June 30, 2025 (included in Item 6 of this Form N-CSR). In our opinion, the financial statements, financial highlights and schedule of investments present fairly, in all material respects, the financial position of the Fund as of June 30, 2025, the results of its operations and its cash flows for the year then ended, the changes in its net assets for each of the years in the two-year period then ended, and the financial highlights for each of the years in the five-year period then ended, in conformity with U.S. generally accepted accounting principles.

*Basis for Opinion*

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

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the financial statements and financial highlights, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements and financial highlights. Such procedures also included confirmation of securities owned as of June 30, 2025, by correspondence with custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements and financial highlights. We believe that our audits provide a reasonable basis for our opinion.

![](image_002.jpg)

We have served as the auditor of one or more RiverNorth investment companies since 2015.

Columbus, Ohio

August 29, 2025

KPMG LLP, a Delaware limited liability partnership and a member firm of<br> the KPMG global organization of independent member firms affiliated with<br> KPMG International Limited, a private English company limited by guarantee.

## Exhibit 99.19

---

| | |
|:---|:---|
| ![](image_003.jpg) |  |
|  | KPMG LLP <br> Suite 500<br> 191 West Nationwide Blvd. <br> Columbus, OH 43215-2568 |

---

**Consent of Independent Registered Public Accounting Firm**

We consent to the incorporation by reference in the registration statement (No. 333-281399) on Form N-2 of our report dated August 29, 2025, with respect to the financial statements and financial highlights of RiverNorth Capital and Income Fund, Inc.

![](image_001.jpg)

Columbus, Ohio

September 5, 2025

KPMG LLP, a Delaware limited liability partnership and a member firm of<br> the KPMG global organization of independent member firms affiliated with <br> KPMG International Limited, a private English company limited by guarantee.