I bought some when the premium to nav was around 13%. Thank God for dripping at nav. Payout more like .14/share than .1225 with special drip at nav. program. I wont buy much more until I find out whether CLM and CRF file N-2s with the SEC on Feb 18 like they do almost every year. If they file Feb 18, that means CLM and CRF will do a rights offering in April. Thats the way you trade these funds. You either need to participate in or buy during or after the rights offering, drip every distribution at the net asset value and sell as soon the N-2 is filed. That is how you make money in this fund,year after year. All you have to do is Google N-2 filings with the SEC and a website called the edgar search comes up and you type in the ticker symbol CLM or CRF and select the filing type N-2 and if CLM or CRF are on there,its time to get out before it announces a rights offering . A 6 to 9 month annual trade for me. The only funds you can be up 15% with the market price right around the same price you got in at 6 months ago. If you dont trade CLM and CRF this way as well as participate in their special dividend reinvesment program, your return on the trade this year would be negative. Its is a rotational trade and taking advantage of the discrepancy between the premium and using the distribution to buy shares at the nav have been a 100% guaranteed win for me..every time. Returns are not nearly as good as last year but certainly better than any other fund during this bear market. Who else can honestly say theyre up 15% besides those of who know how to game these funds
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