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 writes call and put options on a portion of the equity securities or broad-based indexes and ETFs. Put options may also be used to offset some portfolio risk.