The fund will primarily invest in U.S. exchange-listed common stock and preferred stock. The portfolio manager focuses on companies which appear underpriced relative to their private market value ("PMV"). Under normal market conditions, the fund invests at least 80% of its assets in stocks that are listed on a national securities exchange as defined under the Investment Company Act of 1940, as amended ("1940 Act"). The portfolio manager will invest in companies that, in the public market, are selling at a significant discount to the portfolio manager's assessment of their PMV.