DALCX Overall Morningstar Rating™ Upgraded to 4 Stars ★★★★

As of December 31, 2019, Morningstar has upgraded its Overall Morningstar Rating™ for Dean Mid Cap Value Fund (DALCX) to 4 Overall stars ★★★★ out of 378 funds in the Mid Cap Value category. 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.

For more information on how the Morningstar Ratings™ work, click here: 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. 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.

The Dean Mid Cap Value Fund (DALCX) is in the Mid-Cap Value Morningstar category. As of December 31, 2019, there are 422 funds in this category.  The current Overall Morningstar Rating™ is 4 stars as of December 31, 2019 and is based on a combination of the 3 year, 5 year, and 10 year ratings. The 3 year rating ending December 31, 2019 is four stars, and there are 378 funds in the mid-cap value category over this time period. The 5 year rating ending December 31, 2019 is four stars, and there are 342 funds in the mid-cap value category over this time period. The 10 year rating ending December 31, 2019 is three stars, and there are 233 funds in the mid-cap 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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