The investment seeks long-term capital appreciation with an emphasis on absolute returns and low sensitivity to traditional financial market indices such as the Standard & Poor's 500® Index. The fund manager believes that there are important benefits that come from pursuing the fund’s investment objective by primarily investing, under normal circumstances, at least 80% of its net assets (plus the amount of any borrowings for investment purposes) will be investments in publicly traded closed-end funds (“CEFs”), including buying securities issued by CEFs, or selling short CEF securities.