Benjamin Mollozzi
About Benjamin Mollozzi
Benjamin V. Mollozzi (born Oct. 1984) is Chief Compliance Officer (CCO) of CRF, appointed in May 2024, succeeding prior CCO Rachel L. McNabb . He also serves as Counsel and Chief Compliance Officer of Cornerstone Advisors, LLC (the investment adviser) since March 2024, following prior legal and compliance roles at Western & Southern Financial Group (Jan 2022–Feb 2024), U.S. Bank, N.A. (May 2021–Jan 2022), and Ultimus Fund Solutions, LLC (Aug 2015–May 2021) . Fund filings do not disclose executive compensation or performance incentive metrics for officers; proxy compensation disclosure is limited to directors, and the Fund notes it has no bonus, profit sharing, pension or retirement plans (in the context of director compensation) . As of the latest proxy, all directors and executive officers as a group owned less than 1% of outstanding shares; no 5% beneficial owners were reported .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Ultimus Fund Solutions, LLC | Attorney | Aug 2015 – May 2021 | Fund administration/compliance experience at a major service provider to investment companies, relevant to CRF’s operations . |
| U.S. Bank, N.A. | Attorney | May 2021 – Jan 2022 | Banking and custody legal exposure supporting governance and controls relevant to closed-end funds . |
| Western & Southern Financial Group | Counsel | Jan 2022 – Feb 2024 | Insurance/financial services counsel role, deepening regulatory and compliance experience . |
External Roles
| Organization | Role | Years | Notes |
|---|---|---|---|
| Cornerstone Advisors, LLC (CRF’s investment adviser) | Counsel and Chief Compliance Officer | Since Mar 2024 | Advises CRF; role aligns with CCO responsibilities across the Cornerstone complex . |
| Cornerstone Strategic Investment Fund, Inc. | Chief Compliance Officer | Since May 2024 | Sister closed-end fund within the Cornerstone complex . |
Fixed Compensation
- The proxy provides compensation disclosure for directors only; it does not disclose salaries or cash compensation for executive officers (e.g., CCO). The Fund states it has no bonus, profit sharing, pension or retirement plans in the director compensation section .
Performance Compensation
- The proxy does not disclose officer incentive plans, targets, or payouts (e.g., RSUs/PSUs, options, cash bonuses) for Benjamin Mollozzi. No performance metrics tied to officer compensation are presented in the filing .
Equity Ownership & Alignment
| Item | Detail |
|---|---|
| 5% beneficial owners | None reported as of Dec 31, 2024 . |
| Group ownership | All directors and executive officers, as a group, owned less than 1% of outstanding shares as of the proxy date . |
| Record holder concentration | Cede & Co. held ~99.8% of the Fund’s shares of record (DTC nominee) on Feb 14, 2025, typical for street-name holding structures . |
Not observed in proxy: officer-specific beneficial ownership totals, vested/unvested breakdowns, pledging/hedging disclosures, or stock ownership guidelines for officers .
Employment Terms
- Role inception: Chief Compliance Officer “since May 2024” at CRF .
- The DEF 14A does not include an employment agreement summary for Mollozzi (no severance, change-of-control, non-compete, or clawback terms disclosed for officers in the proxy) .
Investment Implications
- Role scope and impact: As CCO, Mollozzi’s primary levers relate to regulatory compliance, control effectiveness, and risk management rather than direct return generation. This can lower compensation cyclicality versus investment-facing roles and typically reduces direct alignment via performance equity if such programs are not used or disclosed for officers .
- Alignment and signaling: The proxy shows aggregate officer/director ownership below 1% and no 5% holders, offering limited visibility into officer-specific equity exposure or pledging—reducing ability to infer insider alignment or potential selling pressure signals from filings alone .
- Retention risk: Recent appointment (May 2024) suggests ongoing ramp-up, but the proxy offers no officer-specific employment protections or retention incentives; absence of disclosed agreements limits visibility into severance/change-of-control economics or double-trigger provisions that often stabilize tenure during transitions .
- Governance context: Compliance leadership spans both CRF and its sister fund, and simultaneously at the adviser, potentially aiding standardized controls across the complex—beneficial for regulatory continuity, though compensation linkages to fund performance are not disclosed .
References:
- Officer background and appointment details; director-only compensation disclosure; CCO since May 2024; prior roles at Western & Southern, U.S. Bank, Ultimus; external CCO roles within Cornerstone complex .
- Prior CCO listed in earlier proxy (context for succession) .
- Section 16(a) compliance statement; no 5% holders; <1% aggregate ownership by directors and executive officers; DTC record concentration .