The Fund may invest without limitation in other closed-end investment companies and ETFs, provided that the Fund limits its investment in securities issued by other investment companies so that not more than 3% of the outstanding voting stock of any one investment company will be owned by the Fund. Valuation and growth characteristics may be considered for purposes of selecting potential investment securities.

In determining which securities to buy for the Fund’s portfolio, the Fund’s investment adviser uses a balanced approach, including “value” and “growth” investing by seeking out companies at reasonable prices, without regard to sector or industry, which demonstrate favorable long-term growth characteristics. There is no assurance that the Fund will achieve its investment objectives. The Fund’s investment objective is to seek long-term capital appreciation through investment in equity securities of U.S. Mutual funds are subject to continuous asset in-flows and out-flows that can complicate portfolio management, whereas closed-end funds generally can stay more fully invested in securities consistent with the closed-end fund’s investment objectives and policies. By comparison, mutual funds issue securities that are redeemable daily at net asset value at the option of the stockholder and typically engage in a continuous offering of their shares. Closed-end funds differ from open-end management investment companies (commonly referred to as mutual funds) in that closed-end funds do not redeem their shares at the option of the stockholder and generally list their shares for trading on a securities exchange. The Fund’s shares of Common Stock are traded on the NYSE American under the ticker symbol “CLM.” Although the Fund’s Common Stock has frequently traded at a premium to its net asset value during the past several years, shares of closed-end funds often trade at a discount from their net asset value. It was incorporated in Maryland on and commenced investment operations on June 30, 1987. is a diversified, closed-end management investment company.

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