The investment seeks long-term total return. The Adviser attempts, under normal circumstances, to achieve the fund's investment objective by investing in a concentrated portfolio (i.e., a portfolio consisting of a relatively small number of holdings) of equity securities and options on equity securities. Its investments in equity securities ("Equity Securities") include common stocks, preferred stocks, exchange-traded funds ("ETFs") that focus their investments in Equity Securities, depositary receipts evidencing ownership of common stocks, and securities convertible into common stocks. The fund is non-diversified.