Core Insights - A new investment fund named Changzhou Liyang Qifan New Industry Investment Fund Partnership (Limited Partnership) has been established with a capital contribution of 1 billion yuan [1] - The fund's business scope includes private equity investment, investment management, and asset management activities [1] - The fund is co-held by companies such as Yahu Pharmaceutical and Silergy Semiconductor Technology (Hangzhou) Co., Ltd [1]

Core Insights - MSC Income Fund reported a net investment income (NII) of $0.35 per share for Q3 2025, reflecting a 9% increase from $0.32 per share in Q3 2024 [1][9][7] - The Fund's net asset value (NAV) as of September 30, 2025, was $15.54 per share, slightly up from $15.53 per share at the end of 2024 [1][29] - The Fund achieved an annualized return on equity of 14.6% for the quarter, indicating strong performance [3][9] Financial Performance - Total investment income for Q3 2025 was $35.4 million, a 6% increase from $33.5 million in Q3 2024 [4][9] - NII increased by $3.7 million, or 28%, from $12.9 million in Q3 2024 to $16.6 million in Q3 2025 [7][9] - The Fund's total expenses decreased by $1.0 million, or 5%, to $18.3 million in Q3 2025, primarily due to a reduction in interest expenses [5][9] Investment Portfolio - As of September 30, 2025, the Fund's investment portfolio consisted of approximately 60% private loans and 37% lower middle market (LMM) investments [17][19] - The Fund completed $74.6 million in private loan portfolio investments during the quarter, with a net decrease of $6.7 million in the total cost basis due to repayments and realized losses [9][27] - The fair value of the Fund's LMM portfolio company equity investments was 197% of the cost of such equity investments [18] Liquidity and Capital Structure - The Fund had aggregate liquidity of $183.5 million, including $18.1 million in cash and cash equivalents [12] - The debt-to-equity ratio was 0.72x as of September 30, 2025, indicating a conservative leverage position [13] - The Fund maintains an investment grade rating of BBB- with a stable outlook from Kroll Bond Rating Agency [15] Dividends - The Fund declared a regular quarterly dividend of $0.35 per share and a supplemental dividend of $0.01 per share, totaling $0.36 per share for Q3 2025 [9][30]

Core Viewpoint - A new investment partnership named Jinshi Shenhe (Guizhou) Digital Technology Equity Investment Partnership (Limited Partnership) has been established with a capital contribution of 2 billion yuan, focusing on private equity investment and investment management activities [1] Group 1 - The newly established partnership has a capital contribution of 2 billion yuan [1] - The business scope includes private equity investment and investment management [1] - The partnership is co-funded by Moutai Jinshi (Guizhou) Industrial Development Fund Partnership (Limited Partnership), Moutai (Guizhou) Private Fund Management Co., Ltd., and a wholly-owned subsidiary of CITIC Securities, CITIC Jinshi Investment Co., Ltd. [1]

Core Insights - The Jpmorgan Active Bond ETF (JBND) is an actively managed investment-grade bond ETF that aims to provide slightly stronger performance compared to its benchmark, the iShares Core U.S. Aggregate Bond ETF (AGG) [1] Group 1: Investment Strategy - The CEF/ETF Income Laboratory manages portfolios targeting safe and reliable yields of approximately 8%, focusing on high-yield opportunities within closed-end funds (CEFs) and exchange-traded funds (ETFs) [1] - The service is designed for both active and passive investors of all experience levels, with a significant portion of holdings being monthly-payers to facilitate faster compounding and steady income streams [1] Group 2: Analyst Background - Juan de la Hoz, a contributor to the CEF/ETF Income Laboratory, has extensive experience in fixed income trading, financial analysis, and economics, focusing on dividend, bond, and income funds, particularly ETFs [1]

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Core Points - The GAMCO Natural Resources, Gold & Income Trust has increased its annual distribution by 20% to $0.72 per share, with monthly payments of $0.06 starting January 2026, reflecting a year-to-date NAV total return of 37% [1] - The Board of Trustees has approved monthly cash distributions of $0.06 per share for January, February, and March 2026, indicating potential distributions may exceed the Fund's earnings, primarily constituting a return of capital for tax purposes in 2025 [2] - The Fund's distribution schedule includes specific record and payable dates for each month, with the Board reviewing potential distributions quarterly based on net asset value and market conditions [3] Distribution Details - The distribution per share for January, February, and March 2026 is set at $0.06, with record dates on January 15, February 12, and March 17, and payable dates on January 23, February 20, and March 24 respectively [3] - The Board will continue to monitor the distribution level, which should not be interpreted as the dividend yield or total return on investment [3] Fund Overview - The GAMCO Natural Resources, Gold & Income Trust is a diversified, closed-end management investment company with total net assets of $156 million, focusing on providing high current income through investments in equity securities of gold and natural resources companies [9] - The Fund employs a strategy of writing covered call options on its portfolio securities to generate income [9]

Core Viewpoint - Ellsworth Growth and Income Fund Ltd. has declared a cash distribution of $0.41 per share, payable on December 30, 2025, to shareholders of record on November 24, 2025 [1] Distribution Options - Shareholders not in the Automatic Dividend Investment Plan can choose to receive the distribution in cash or beneficial shares, with the option expiring on December 15, 2025 [2] - If no election is made, shareholders will automatically receive the distribution in beneficial shares [2] Share Calculation - The number of shares received under the share option will be determined on December 16, 2025, based on the lower of the closing market price or net asset value of the Fund's beneficial shares [3] Distribution Policy - The Fund aims to pay an annual distribution of at least 5% of its trailing 12-month average month-end market price or meet the minimum distribution requirement set by the Internal Revenue Code [4] - The Board of Trustees reviews potential distributions quarterly, considering the Fund's net asset value and market conditions [5] Tax Implications - Distributions may be treated as long-term capital gains or qualified dividend income, subject to a maximum federal income tax rate of 20% for individuals [6] - Certain U.S. shareholders may incur an additional 3.8% Medicare surcharge on net investment income [6] Return of Capital - If the Fund's earnings do not cover the total distributions in a year, the excess amount will be deemed a return of capital, generally not taxable and reducing the shareholder's cost basis [7] Distribution Components - Long-term capital gains, qualified dividend income, and return of capital will be allocated pro-rata to all distributions, with estimated components provided to shareholders [8] Fund Overview - Ellsworth Growth and Income Fund Ltd. has total net assets of $216 million and primarily invests in convertible securities and common stock, aiming for income and capital appreciation [10]

Core Points - The Gabelli Global Utility & Income Trust has increased its annual distribution by 10% to $1.32 per share, with monthly payments of $0.11 starting January 2026, reflecting a year-to-date NAV total return of 31% [1] - The Board of Trustees has approved monthly cash distributions of $0.11 per share for January, February, and March 2026 [2] - The Fund's distribution policy is subject to review and modification by the Board, and there is no guarantee that the policy will continue [3] Distribution Details - The distribution schedule includes: - January: Record Date - January 15, 2026; Payable Date - January 23, 2026; Distribution - $0.11 - February: Record Date - February 12, 2026; Payable Date - February 20, 2026; Distribution - $0.11 - March: Record Date - March 17, 2026; Payable Date - March 24, 2026; Distribution - $0.11 [3] Tax Implications - Distributions may be treated as long-term capital gains or qualified dividend income, subject to a maximum federal income tax rate of 20% for individuals [4] - If the Fund's earnings do not cover the total distributions, the excess will be considered a return of capital, generally not taxable [5] - For 2025, distributions to common shareholders are estimated to consist of approximately 35% from net investment income, 50% from net capital gains, and 15% as a return of capital [6] Fund Overview - The Gabelli Global Utility & Income Trust has total net assets of $137 million and aims for a consistent after-tax total return with a focus on tax-advantaged dividend income [9]

Core Points - The Gabelli Dividend & Income Trust has increased its annual distribution to $1.80 per share, reflecting a 36% increase from the previous monthly rate of $0.11 per share in 2024, with the new monthly distribution commencing in January 2026 [1] - The Board of Trustees has approved fixed monthly cash distributions of $0.15 per share for the first three months of 2026 [2] - The Fund's total net assets amount to $3.2 billion, with a primary investment objective of providing a high level of total return with an emphasis on dividends and income [9] Distribution Details - The distribution schedule for the first quarter of 2026 includes $0.15 per share for January, February, and March, with record and payable dates specified [3] - The Board of Trustees will continue to evaluate potential strategic opportunities in the equity markets [3] Financial Monitoring - The Board of Trustees reviews potential distributions quarterly, considering the Fund's net asset value and market conditions [4] - If the Fund's earnings do not meet the aggregate distributions, the excess amount may be treated as a return of capital, which is generally not taxable [6] Tax Implications - Distributions may be treated as long-term capital gains or qualified dividend income, subject to federal income tax rates [5] - Shareholders will receive notifications regarding the components and tax treatment of distributions in early 2026 [7]

Core Points - The Gabelli Healthcare & Wellness Trust declared a cash distribution of $0.17 per share, payable on December 19, 2025, to shareholders of record on December 12, 2025 [1] - The Fund aims to pay quarterly distributions determined by the Board of Trustees, with potential additional distributions in December based on excess income and net realized capital gains [2] - The Board of Trustees reviews potential distributions each quarter, considering the Fund's net asset value and market conditions, with the distribution policy subject to modification or termination [3] Distribution Details - Distributions may be treated as long-term capital gains or qualified dividend income, subject to federal income tax rates, including a potential 3.8% Medicare surcharge for certain high-income shareholders [4] - If the Fund's earnings do not cover the total distributions in a year, the excess amount will be considered a return of capital, generally not taxable and reducing the shareholder's cost basis [5] - In 2025, distributions to common shareholders are estimated to consist of approximately 5% from net investment income and 95% from net capital gains, with final determinations made after year-end [6] Fund Overview - The Gabelli Healthcare & Wellness Trust is a diversified, closed-end management investment company with total net assets of $215 million, focusing on long-term capital growth [7]