DALCX and DASCX Overall Morningstar Rating™ is 4 stars ★★★★

As of September 30, 2019, Morningstar has maintained its Overall Morningstar Rating™ for Dean Mid Cap Value Fund (DALCX) and Dean Small Cap Value Fund (DASCX) at 4 Overall stars ★★★★ out of 366 funds in the Mid Cap Value category and 384 funds in the Small Value category, respectively. The rating is based on risk-adjusted return.

About Morningstar Rating™

The Morningstar Rating™ for funds, often called the star rating, is a purely quantitative, backward-looking measure of a fund’s past performance, measured from one to five stars. Star ratings are calculated at the end of every month. You can search for a fund to see its most recent star rating for free on Morningstar.com.

The Morningstar Rating™ methodology rates funds within the same Morningstar Category based on an enhanced Morningstar Risk-Adjusted Return measure. To receive a Morningstar Rating, a fund must have a record of more than three years.

Want more information on how the Morningstar Ratings™ work, go to this link: https://www.morningstar.com/company/morningstar-ratings-faq

About Dean Investment Associates, LLC
Dean Investment Associates, LLC (“DIA”) serves as investment advisor to the Dean Funds including DALCX & DASCX. DIA is a registered investment advisor and the money management arm of C.H. Dean, LLC, a privately held investment management and financial services firm. DIA is a value manager with a strong commitment to the principles of value investing.

About Dean Capital Management, LLC
Dean Capital Management LLC (“DCM”) is an employee-owned registered investment advisor founded in March 2008. Located in Overland Park, Kansas, DCM is a long-only, fundamental U.S. Value equity manager. DCM manages portfolios across the capitalization spectrum for institutional clients, financial intermediaries, and advisors. DCM became the sub-advisor for the Dean funds on June 30, 2008.

Dean Mutual Funds
The Dean Mid Cap Value Fund (DALCX) is in the Mid-Cap Value Morningstar category. As of September 30, 2019, there are 424 funds in this category.  The current Overall Morningstar Rating™ is 4 stars as of September 30, 2019 and is based on a combination of the 3 year, 5 year, and 10 year ratings. The 3 year rating ending September 30, 2019 is five stars, there are 366 funds in the mid-cap value category over this time period. The 5 year rating ending September 30, 2019 is 5 stars, there are 331 funds in the mid-cap value category over this time period. The 10 year rating ending September 30, 2019 is 3 stars, there are 226 funds in the mid-cap value category over this time period.

The Dean Small Cap Value Fund (DASCX) is in the Small Value Morningstar category.  As of September 30, 2019 there are 442 funds in this category. The current Overall Morningstar Rating™ is four stars as of September 30, 2019 and is based on a combination of the 3 year, 5 year, and 10 year ratings. The 3 year rating ending September 30, 2019 is 3 stars, there are 384 funds in the small value category over this time period. The 5 year rating ending September 30, 2019 is 3 stars, there are 341 funds in the small value category over this time period. The 10 year rating ending September 30, 2019 is 4 stars, there are 238 funds in the small value category over this time period.

Past performance is no guarantee of future results. The Morningstar Rating™ for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history.  Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes.  It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance.  The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star.  The Overall Morningstar Rating™ for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating™ metrics.  The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns.  While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

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