Large Cap US Equity – Active

1 Release Date: 06-30-2020 Large Cap US Equity Active ..BenchmarkOverall Morningstar Rating Morningstar ReturnMorningstar RiskS&P 500 TR USDQQQQQHighAverageOut of 1230 Large Blend investments. An investment's overall Morningstar Rating, based on its risk-adjustedreturn, is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for Objective & StrategyThe fund seeks to produce investment returns consistently greater than that of the S&P 500 Index, net of management fund invests with US Active Equity managers in funds that will trade in diversified portfolios of US Large cap equities. The fund believes that the investment managers selected to manage the assets of the Large Cap US Equity fund have the ability to generate superior returns to those of the S&P Index. Active management offers the potential for both better return and risk management by having the ability to reflect shifts in the economy and political landscape and other stock specific factors that may affect the company s outlook in their portfolio holdings.

2 The fund pairs four high-conviction, boutique investment managers to deliver better performance with less risk then the S&P Index or a standalone fund . Two of the managers have a value investment focus while the other two are growth funds. The fund looks to be a core US Large Cap and ManagementFund Inception Date12-30-16 Expense Manager(s)Management TeamBenchmark Description: S&P 500 TR USDThe index measures the performance of 500 widely heldstocks in US Equity market. Standard and Poor's choosesmember companies for the index based on market size,liquidity and industry group representation. Included are thestocks of industrial, financial, utility, and transportationcompanies. Since mid 1989, this composition has been moreflexible and the number of issues in each sector has varied. Itis market Description: Large BlendLarge-blend portfolios are fairly representative of the overallUS stock market in size, growth rates and price.

3 Stocks in thetop 70% of the capitalization of the US Equity market aredefined as Large cap. The blend style is assigned to portfolioswhere neither growth nor value characteristics portfolios tend to invest across the spectrum of USindustries, and owing to their broad exposure, the portfolios'returns are often similar to those of the S&P 500 AnalysisLowModerateHighInvestmentCategor yIn the past, this investment has shown a relatively moderaterange of price fluctuations relative to other investments. Thisinvestment may experience larger or smaller price declines orprice increases depending on market conditions. Some of thisrisk may be offset by owning other investments with differentportfolio makeups or investment Large Cap US Equity - Active fund is a multi-managerfund. The managers are Vulcan Value Partners, The LondonCompany, Polen Capital Management, and DSM Year3 Year5 Year10 YearSince InceptionFund Return % Return % Average % # of Funds in Category1,4371,4141,3801, Year Total Returns202020192018201720162015201420132 0122011 Total Return % Return % Average % # of Funds in Disclosure: The performance data quoted represents past performance and does not guarantee futureresults.

4 The investment return and principal value of an investment will fluctuate; thus an investor s shares, whenredeemed, may be worth more or less than their original cost. Current Month performance may be higher or lower than return data quoted herein. For more currentinformation including month-end performance, please call 1-844-5 HEARST (1-844-543-2778) or Please refer to the performance section of the disclosure page for Analysis as of 06-30-20 Composition as of 06-30-20% Equity Style Box as of 06-30-20% Mkt CapLargeMidSmallValue Blend 10 Holdings as of 06-30-20% AssetsMicrosoft Inc Inc Class Holdings Inc Class Inc Inc Inc Class Number of Stock Holdings86 Total Number of Bond Holdings126 Annual Turnover Ratio %.Total fund Assets ($mil) Equity Sectors as of 06-30-20% FundS&P 500 %h Basic Consumer Financial Real Communication Consumer Risks as of 06-30-20 Inflation/Deflation, Currency, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Capitalization, GrowthInvesting, Nondiversification, Value Investing, Active Management, Issuer, Market/Market Volatility, Depositary Receipts, EquitySecurities, Industry and Sector Investing, Other, Preferred Stocks, Restricted/Illiquid Securities, Federal Tax Treatment,Pricing, Regulation/Government Intervention, Socially Conscious, Suitability, Increase in Expenses, Multimanager, ShareholderActivity, Early Close/Late Close/Trading Halt, Management, Portfolio Diversification, Tax Risk, Large Cap, Technology Sector,Reliance on Trading Partners, Valuation Time 2020 Morningstar, Inc.

5 , Morningstar Investment Profiles 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary toMorningstar and/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstarnor its content providers are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of futureperformance. Visit our investment website at When used as supplemental sales literature, the InvestmentProfile must be preceded or accompanied by the fund scurrent prospectus as well as this disclosure statement. Theperformance data given represents past performance andshould not be considered indicative of future results. Principalvalue and investment return will fluctuate, so that aninvestor s shares when redeemed may be worth more or lessthan the original investment.

6 fund portfolio statistics changeover time. The fund is not FDIC-insured, may lose value and isnot guaranteed by a bank or other financial return reflects performance without adjusting for salescharges or the effects of taxation, but is adjusted to reflect allactual ongoing fund expenses and assumes reinvestment ofdividends and capital gains. If adjusted, sales charges wouldreduce the performance quoted. Standardized Total Return is total return adjusted for salescharges. The sales charge adjusted for may not necessarilybe consistent with the prospectus. The fund s performance is compared with that of an index is an unmanaged portfolio of specified securitiesand the index does not reflect any initial or ongoing fund s portfolio may differ significantly from the securities inthe RatioThis is the percentage of fund assets paid for operatingexpenses and management fees.

7 The expense ratio typicallyincludes the following types of fees: accounting,administrator, advisor, auditor, board of directors, custodial,distribution (12b-1), legal, organizational, professional,registration, shareholder reporting, sub-advisor, and transferagency. The expense ratio does not reflect the fund sbrokerage costs or any investor sales charges. In contrast tothe net expense ratio, the gross expense ratio does notreflect any fee waivers in effect during the time Style Box The Morningstar Style Box reveals a fund 's investment styleas of the date noted on this report. For Equity funds the vertical axis shows the marketcapitalization of the long stocks owned and the horizontal axisshows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the creditquality of the long bonds owned and the horizontal axisshows interest rate sensitivity as measured by a bond'seffective duration.

8 Morningstar seeks credit rating information from fundcompanies on a periodic basis ( , quarterly). In compilingcredit rating information Morningstar accepts credit ratingsreported by fund companies that have been issued by allNationally Recognized Statistical Rating Organizations(NRSROs). For a list of all NRSROs, please visit , Morningstar accepts foreign credit ratings fromwidely recognized or registered rating agencies. If two ratingorganizations/agencies have rated a security, fund companiesare to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to reportthe median rating, and in cases where there are more thantwo organization/agency ratings and a median rating does notexist, fund companies are to use the lower of the two middleratings. PLEASE NOTE: Morningstar, Inc. is not itself anNRSRO nor does it issue a credit rating on the fund .

9 AnNRSRO or rating agency ratings can change from time-to-time and do not remove market risk. For credit quality, Morningstar combines the credit ratinginformation provided by the fund companies with an averagedefault rate calculation to come up with a weighted-averagecredit quality. The weighted-average credit quality is currentlya letter that roughly corresponds to the scale used by aleading NRSRO. Bond funds are assigned a style boxplacement of "low", "medium", or "high" based on theiraverage credit quality. Funds with a low credit quality arethose whose weighted-average credit quality is determinedto be less than "BBB-"; medium are those less than "AA-", butgreater or equal to "BBB-"; and high are those with aweighted-average credit quality of "AA-" or higher. Whenclassifying a bond portfolio, Morningstar first maps theNRSRO credit ratings of the underlying holdings to theirrespective default rates (as determined by Morningstar'sanalysis of actual historical default rates).

10 Morningstar thenaverages these default rates to determine the averagedefault rate for the entire bond fund . Finally, Morningstarmaps this average default rate to its corresponding creditrating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fundcompanies the average effective duration. Generally,Morningstar classifies a fixed-income fund 's interest-ratesensitivity based on the effective duration of the MorningstarCore Bond Index (MCBI), which is currently three years. Theclassification of Limited will be assigned to those fundswhose average effective duration is between 25% to 75% ofMCBI's average effective duration; funds whose averageeffective duration is between 75% to 125% of the MCBI willbe classified as Moderate; and those that are at 125% orgreater of the average effective duration of the MCBI will beclassified as Extensive.