Under normal market conditions, the Fund will invest at least 80% of its net assets (plus any borrowings for investment purposes) in equity securities of growth companies, as identified by the Fund's sub-advisor, Raymond James & Associates, Inc. (Raymond James or the Sub-Advisor). The Fund seeks to achieve its objective by investing in a portfolio of U.S.-listed equity securities, including common stocks and real estate investment trusts (REITs) that are rated Strong Buy or Outperform by Raymond James Equity Research (as defined below) and exhibit growth characteristics by a model developed and overseen by Raymond James. In its capacity as a non-discretionary investment sub-advisor, Raymond James provides a list of recommended investments and weightings (the Model Portfolio) to First Trust Advisors L.P, the Funds investment advisor (First Trust or the Advisor). Raymond James supplies the Model Portfolio to First Trust. The members of First Trust's investment committee serve as the Funds portfolio managers and will generally invest in the component securities of the Model Portfolio in the same approximate proportion as the Model Portfolio. However, there may be circumstances in which First Trust may exercise investment discretion and the portfolio managers ultimately have the responsibility for all investment decisions of the Fund.