The Fund pursues long-term capital appreciation in the medium capitalization sector while seeking less market risk than the Russell Midcap Index. The Fund invests in medium market capitalization companies believed by Kayne Anderson Rudnick Investment Management, LLC, the Fund's sub-adviser, to be undervalued relative to their future growth potential. The investment strategy emphasizes companies believed by the Sub-Adviser to have a sustainable competitive advantage, strong management and low financial risk and to be able to grow over market cycles. Although the Fund invests primarily in U.S. companies, it may invest in American depositary receipts. Under normal circumstances, the Fund invests at least 80% of the value of its net assets in securities of medium market capitalization companies. As of the date of this Prospectus, the Sub-Adviser considers medium market capitalization companies for this purpose to be those companies that have market capitalizations generally above $10 billion up to the highest market capitalization of companies included in the Russell Midcap Index. As of August 31, 2024, the highest market capitalization of companies included in the Russell Midcap Index was $71.0 billion. Generally, the Fund invests in approximately 25 to 35 securities at any given time.