Strategy. The Fund seeks to meet its objective by actively managing and investing at least 80% of its net assets (plus any borrowings for investment purposes) in U.S.-listed equity securities. In implementing its main strategies, the Fund invests primarily in common stocks and real estate investment trusts (REITs), but it may also invest up to 20% of its total assets in common stocks of foreign companies, including depositary receipts. The Fund will normally invest in the common stocks of large and medium-sized blue-chip companies that are listed in the United States. These are firms that, in the Advisers view, are well established in their industries and have the potential for above-average earnings growth, and consistent and/or improving returns on capital. The … Show more… The Fund seeks to meet its objective by actively managing and investing at least 80% of its net assets (plus any borrowings for investment purposes) in U.S.-listed equity securities. In implementing its main strategies, the Fund invests primarily in common stocks and real estate investment trusts (REITs), but it may also invest up to 20% of its total assets in common stocks of foreign companies, including depositary receipts. The Fund will normally invest in the common stocks of large and medium-sized blue-chip companies that are listed in the United States. These are firms that, in the Advisers view, are well established in their industries and have the potential for above-average earnings growth, and consistent and/or improving returns on capital. The Fund focuses on companies which, in the Advisers opinion, have leading industry positions, seasoned management, and strong financial fundamentals. In selecting growth stocks, the Adviser focuses on durable companies whose growth potential appears to be underappreciated. These companies are generally going after a large addressable market with a sustainable competitive advantage and have strong management teams. The Adviser utilizes a quantitatively oriented, regime-based framework that seeks to identify macroeconomic themes by measuring and mapping rate-of-change data for both growth and inflation, while considering monetary policy biases. Commonly known as Hedgeye Risk Management, LLCs (Hedgeye or HRM) Quad model, this framework is designed to provide guidance on where economies as well as asset prices are likely to trend over coming quarters and how central bank policies may respond to these conditions. The Advisers internal research and analysis leverages insights from diverse sources, including external research, to develop and refine its investment themes and identify and take advantage of trends that have ramifications for individual companies or entire industries. The Adviser may sell a security due to a change in the companys fundamentals or a change in the original thesis for purchase of an investment, or if the Adviser no longer considers the security to be attractively valued. Investments may also be sold if the Adviser identifies a stock that it believes offers a better investment opportunity. As part of the Funds investment philosophy, the Adviser will implement an integrated investment approach that combines research, portfolio design and construction, and trading functions. The Funds portfolio construction will seek to emphasize long-term drivers of expected returns identified by the Advisers research, while balancing risk through broad diversification across companies and sectors. Appropriate stock position sizing, based on the Advisers fundamental research, will be balanced with appropriate stock and sector level risk diversification, in order to enhance or optimize the risk-adjusted returns for the Fund. The Fund invests in a limited number of U.S. equity securities, generally between 40 or 50 holdings. The Fund may also invest in exchange-listed American depositary receipts (ADRs) of foreign issuers. From time to time, in order to protect or enhance the Funds returns, the Adviser may utilize exchange traded funds (ETFs) as well as derivatives, like options, to gain exposure and for the purposes of deploying hedging strategies, as needed. If the Adviser cannot find attractive investments, the Fund may invest up to 20% of its total assets in cash and cash equivalents, for a short period of time, until appropriate investments are identified. The Fund may engage in securities lending. The Fund is classified as non-diversified under the Investment Company Act of 1940 (the 1940 Act), which means that it may invest more of its assets in a smaller number of issuers than diversified funds. Show less