Augusta Hedge Equity Income Fund is a Long/Short Equity-Value fund. The fund invests in a diversified mix of high yield equities in order to achieve a high level of current income with a secondary goal of capital appreciation. Net exposure is managed in line with market risk. A prime objective of the fund is capital preservation. The strategy has a long market bias in order to take advantage of dividend payments. The fund does not intend to use leverage, therefore exposure should never be greater than 100%. The fund will typically hold at least 40-50 core positions in the REITs, MLPs, Utilities and Financials for income. It will also hold 30-40 positions in other sectors where option buy/writes can produce incremental return and will usually participate in 5-10 trading opportunities at any given time. No single position will be initiated at more than 5% of the fund's total NAV. The fund will operate with a net long bias. The portfolio has a bias towards US equities but will invest a substantial portion of the fund in foreign companies (typically 30-50% of NAV). The high yield equity strategy is unique in that it can achieve levels of current income comparable with high-yield bonds with substantially less risk of default.