Embark Small Cap Equity Institutional (null) Fonds

Under normal circumstances, the fund invests at least 80% of its net assets, plus borrowings for investment purposes, in equity securities of small cap companies. “Equity securities” for this purpose include all types of equity securities, whether issued by U.S. or non-U.S. issuers, although the fund invests primarily in common stocks of U.S. issuers.