Small Cap Fund: As of 3/31/20, there were 2 gold rated, 10 silver rated, 6 bronze rated, 4 neutral rated, 1 negative rated and 126 not rated funds and 1 fund under review in the U.S. Small-Cap Value category. Morningstar Analyst ratings relative to the Morningstar Category are based on the cheapest share class for each fund as defined by Morningstar. The cheapest share class does not necessarily equate to the highest rated share class. The Overall Morningstar Rating™ is based on 407 small value funds as of 3/31/20. The Fund’s Class I rating was 3 stars among 407, 3 stars among 356, and 3 stars among 250 small value funds for the 3-, 5- and 10-year periods ended 3/31/20, respectively.

Small-Mid Cap Fund: As of 3/31/20, there were 6 gold rated, 10 silver rated, 8 bronze rated, 13 neutral rated, 102 not rated funds and 1 fund under review in the U.S. Mid-Cap Value category. Morningstar Analyst ratings relative to the Morningstar Category are based on the cheapest share class for each fund as defined by Morningstar. The cheapest share class does not necessarily equate to the highest rated share class. The Overall Morningstar Rating™ is based on 388 mid-cap value funds as of 3/31/20. The Fund’s Class I rating was 2 stars among 388, 3 stars among 345, and 3 stars among 241 mid-cap value funds for the 3-, 5- and 10-year periods ended 3/31/20, respectively.

Mid Cap Fund: As of 3/31/20, there were 6 gold rated, 10 silver rated, 8 bronze rated, 13 neutral rated, 102 not rated funds and 1 fund under review in the U.S. Mid-Cap Value category. Morningstar Analyst ratings relative to the Morningstar Category are based on the cheapest share class for each fund as defined by Morningstar. The cheapest share class does not necessarily equate to the highest rated share class. The Overall Morningstar Rating™ is based on 388 mid-cap value funds as of 3/31/20. The Fund’s Class I rating was 2 stars among 388, and 3 stars among 345 mid-cap value funds for the 3- and 5-year periods ended 3/31/20, respectively.

Large Cap Fund: As of 3/31/20 there were 6 gold rated, 27 silver rated, 32 bronze rated, 27 neutral rated, 2 negative rated, 339 not rated funds and 1 fund under review in the U.S. Large Value category. Morningstar Analyst ratings relative to the Morningstar Category are based on the cheapest share class for each fund as defined by Morningstar. The cheapest share class does not necessarily equate to the highest rated share class. The Overall Morningstar Rating™ is based on 1,107 large value funds as of 3/31/20. The Fund’s Class I rating was 3 stars among 1,107, 4 stars among 957, and 4 stars among 703 large value funds for the 3-, 5- and 10-year periods ended 3/31/20, respectively. Portfolio Manager Chuck Bath has been on Morningstar's Ultimate Stock-Pickers roster since June 2012. The Ultimate Stock-Picker roster includes top Domestic Stock Fund managers with tenure greater than the category average (Large Cap Value/Blend/Growth) and 1-, 3-, 5- and 10-year returns that are greater than the broad equity market returns.

All Cap Select Fund: The Overall Morningstar Rating™ is based on 1,214 large blend funds as of 3/31/20. The Fund’s Class I rating was 1 star among 1,214, 1 star among 1,048, and 1 star among 800 large blend funds for the 3-, 5- and 10-year periods ended 3/31/20, respectively.

Long-Short Fund: As of 3/31/20 there were 0 gold rated, 0 silver rated, 4 bronze rated, 4 neutral rated, and 103 not rated funds in the U.S. Long-Short Equity category. Morningstar Analyst ratings relative to the Morningstar Category are based on the cheapest share class for each fund as defined by Morningstar. The cheapest share class does not necessarily equate to the highest rated share class. The Overall Morningstar Rating™ is based on 192 long-short equity funds as of 3/31/20. The Fund’s Class I rating was 2 stars among 192, 3 stars among 148, and 3 stars among 42 long-short equity funds for the 3-, 5- and 10-year periods ended 3/31/20, respectively.

Research Opportunities Fund: The Overall Morningstar Rating™ is based on 1,214 large blend funds as of 3/31/20. The Fund’s Class I rating was 1 star among 1,214 and 1 star among 1,048 large blend funds for the 3- and 5-year periods ended 3/31/20, respectively.

Short Duration Total Return Fund: The Overall Morningstar Rating™ is based on 496 short-term bond funds as of 3/31/20. The Fund’s Class I rating was 2 stars among 496 funds for the 3-year period ended 3/31/20.

Core Bond Fund: The Overall Morningstar Rating™ is based on 384 intermediate core bond funds as of 3/31/20. The Fund’s Class I rating was 5 stars among 384 funds for the 3-year period ended 3/31/20.

Corporate Credit Fund: As of 5/20/20 there were 4 gold rated, 12 silver rated, 5 bronze rated, 30 neutral rated, 3 negative rated and 186 not rated funds in the U.S. High Yield Bond category. Morningstar Analyst ratings relative to the Morningstar Category are based on the cheapest share class for each fund as defined by Morningstar. The cheapest share class does not necessarily equate to the highest rated share class. The Overall Morningstar Rating™ is based on 621 high yield bond funds as of 3/31/20. The Fund’s Class I rating was 5 stars among 621, 5 stars among 540, and 5 stars among 338 high yield bond funds for the 3-, 5- and 10-year periods ended 3/31/20, respectively.

High Yield Fund: The Overall Morningstar Rating™ is based on 621 high yield bond funds as of 3/31/20. The Fund’s Class I rating was 5 stars among 621 funds for the 3-year period ended 3/31/20.

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.

The Morningstar Broad Fee Level data point compares the fund's prospectus adjusted operating net expense ratio to the prospectus adjusted operating net expense ratio of all the other funds within its Morningstar Category.

© 2020 Morningstar, Inc. All Rights Reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. Past performance is no guarantee of future results.

Morningstar Analyst Rating™ Methodology for Small Cap, Small-Mid Cap, Mid Cap and Large Cap Funds

The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark, or in the case of exchange-traded funds and index mutual funds, a relevant peer group, over the long term on a risk-adjusted basis. They consider quantitative and qualitative factors in their research, and the weight of each pillar may vary. 

The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. A Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s conviction in a fund’s prospects for outperformance. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to global.morningstar.com/managerdisclosures/.

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause Analyst expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.

Morningstar Analyst Rating™ Methodology for Long-Short and Corporate Credit Funds

The Morningstar Analyst Rating™ is not a credit or risk rating. It is a subjective evaluation performed by Morningstar’s manager research group, which consists of various Morningstar, Inc. subsidiaries (“Manager Research Group”). In the United States, that subsidiary is Morningstar Research Services LLC, which is registered with and governed by the U.S. Securities and Exchange Commission. The Manager Research Group evaluates funds based on five key pillars, which are process, performance, people, parent, and price. The Manager Research Group uses this five-pillar evaluation to determine how they believe funds are likely to perform relative to a benchmark over the long term on a risk adjusted basis. They consider quantitative and qualitative factors in their research. For actively managed strategies, people and process each receive a 45% weighting in their analysis, while parent receives a 10% weighting. For passive strategies, process receives an 80% weighting, while people and parent each receive a 10% weighting. For both active and passive strategies, performance has no explicit weight as it is incorporated into the analysis of people and process; price at the share-class level (where applicable) is directly subtracted from an expected gross alpha estimate derived from the analysis of the other pillars. The impact of the weighted pillar scores for people, process and parent on the final Analyst Rating is further modified by a measure of the dispersion of historical alphas among relevant peers. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, the modification by alpha dispersion is not used.

The Analyst Rating scale is Gold, Silver, Bronze, Neutral, and Negative. For active funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that an active fund will be able to deliver positive alpha net of fees relative to the standard benchmark index assigned to the Morningstar category. The level of the rating relates to the level of expected positive net alpha relative to Morningstar category peers for active funds. For passive funds, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will be able to deliver a higher alpha net of fees than the lesser of the relevant Morningstar category median or 0. The level of the rating relates to the level of expected net alpha relative to Morningstar category peers for passive funds. For certain peer groups where standard benchmarking is not applicable, primarily peer groups of funds using alternative investment strategies, a Morningstar Analyst Rating of Gold, Silver, or Bronze reflects the Manager Research Group’s expectation that a fund will deliver a weighted pillar score above a predetermined threshold within its peer group. Analyst Ratings ultimately reflect the Manager Research Group’s overall assessment, are overseen by an Analyst Rating Committee, and are continuously monitored and reevaluated at least every 14 months. For more detailed information about Morningstar’s Analyst Rating, including its methodology, please go to https://shareholders.morningstar.com/investor-relations/governance/Compliance--Disclosure/default.aspx.

The Morningstar Analyst Rating (i) should not be used as the sole basis in evaluating a fund, (ii) involves unknown risks and uncertainties which may cause the Manager Research Group’s expectations not to occur or to differ significantly from what they expected, and (iii) should not be considered an offer or solicitation to buy or sell the fund.

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