Strategy. Under normal conditions, the Fund invests in equity securities of U.S. and foreign companies, principally common stocks and preferred stocks. The Fund utilizes a fundamental approach to choosing securities: the research staff of Emerald conducts company-specific research analysis, taking into account a companys revenue and earnings growth rates and the financial, operating, and market characteristics that distinguish a company from other companies. The Fund can invest in companies from a wide range of industries and of market capitalizations. The Fund may emphasize investments in smaller companies, which are defined by the Adviser as those having a market capitalization equal to or less than that of the largest companies in the Russell 2000 Index. As of June 30, 2025, the Russell … Show more… Under normal conditions, the Fund invests in equity securities of U.S. and foreign companies, principally common stocks and preferred stocks. The Fund utilizes a fundamental approach to choosing securities: the research staff of Emerald conducts company-specific research analysis, taking into account a companys revenue and earnings growth rates and the financial, operating, and market characteristics that distinguish a company from other companies. The Fund can invest in companies from a wide range of industries and of market capitalizations. The Fund may emphasize investments in smaller companies, which are defined by the Adviser as those having a market capitalization equal to or less than that of the largest companies in the Russell 2000 Index. As of June 30, 2025, the Russell 2000 Index included securities issued by companies that ranged in size between $2 million and $15.8 billion. The Fund may also invest in the other investment companies, principally money market funds, exchange-traded funds (ETFs), unit investment trusts, closed-end funds, and business development companies. The Fund intends to invest a portion of these assets in the securities of affiliated ETFs advised or sub-advised by the Adviser (each, an Underlying ETF). The Fund does not have a policy with respect to investing a certain portion of its assets in any particular sector, but may emphasize investments in the healthcare, technology, and industrial sectors. While the Fund may directly invest in the securities of companies within the healthcare sector, the Adviser intends for the Fund to gain exposure to the healthcare sector in part through the use of such Underlying ETFs, primarily the F/m Emerald Life Sciences Innovation ETF (the Life Sciences ETF). The Fund does not have a policy with respect to the amount of the Funds portfolio that will be allocated to the Life Sciences ETF, but generally the Adviser expects approximately 5% of the Funds portfolio to be allocated to the Life Sciences ETF, calculated at the time of investment. The Fund invests in foreign companies directly and through American Depository Receipts (ADRs). The Fund generally sells investments when the Adviser concludes that better investment opportunities exist in other securities, the security is fully valued, or the issuers circumstances or the political or economic outlook have changed. Show less