CCEF

CCEF manages a multi-asset portfolio of unaffiliated US and non-US closed-end funds (CEFs) selected for both attractive income prospects and arbitrage opportunities. The fund seeks out CEFs with attractive discounts to their NAV and sells them when the arbitrage opportunity has been realized. The fund may also invest in ETFs and BDCs. Underlying equity exposure includes MLPs, while fixed income exposure includes investment grade, high-yield, municipal, and convertible securities. The fund utilizes derivatives such as options, index futures, and forward contracts, and it may take short positions to capture the relative arbitrage value embedded in the discount. It also generates extra income by writing call and put options on a portion of the equity securities or broad-based indexes and ETFs. On the other hand, it purchases put options to offset some of the portfolio risk. The fund selection is determined using a combination of quantitative and fundamental analysis by the adviser. The adviser regularly rebalances the portfolio to maintain desired asset allocations.