Dean Investment Associates, LLC, an Ohio limited liability company, is an investment advisory firm registered with the Securities and Exchange Commission. Dean Investments began conducting business in 1972, as a division of C.H. Dean, LLC, to provide private investment management of separately managed accounts. In 1975, the family- owned company was incorporated, and in 2003 Dean Investment Associates, LLC was organized into a wholly owned subsidiary of C.H. Dean, LLC and succeeded the investment management business of C.H. Dean, LLC. C.H. Dean, LLC is the sole LLC member of Dean Investment Associates, LLC. The Dennis D. Dean Trust and the Terence M. Dean Trust each own 25% or more of The C.H. Dean Companies, LLC, the holding company of C.H. Dean, LLC. Dean Investments offers the following advisory services to our clients: INDIVIDUAL PORTFOLIO MANAGEMENT Dean Investments provides investment management services to individual clients which are based on the individualized needs of each client. We have the discretionary authority to develop investment strategies, make all investment decisions, and execute those decisions on behalf of each client based upon the objectives of the client. Clients may change investment objectives for their portfolio as desired and may also impose reasonable restrictions on investing in certain securities, types of securities, or industry sectors. Dean Investments has entered into a sub-advisory agreement with Dean Capital Management ("DCM"), an affiliate. Dean Investments may also enter into other sub-advisory arrangements as it deems appropriate for its investment services. Dean

Investments does not sponsor "wrap fee" programs, but we do function as an investment manager of various outside wrap programs. Dean Investments provides discretionary portfolio management services to wrap fee program clients utilizing the same investment strategy as described in this brochure and receives a portion of the wrap fee for their portfolio management services. MUTUAL FUND PORTFOLIO MANAGEMENT Dean Investments also provides portfolio management services to the Dean Small Cap Value Fund, the Dean Mid Cap Value Fund, and the Dean Equity Income Fund (the "Dean Funds"), mutual funds registered under the Investment Company Act of 1940. Dean Investments serves as the investment manager to the Dean Funds, and DCM serves as sub-adviser. The fund assets are continuously managed based on the investment goals and objectives as outlined in the Dean Fund's prospectus. Interested investors should refer to the Dean Fund's prospectus and Statement of Additional Information ("SAI") for important information regarding objectives, investments, time-horizon, risks, fees, and additional disclosures. These documents are available on-line at deanmutualfunds.com. Prior to making any investment in the fund, investors and prospective investors should carefully review these documents for a comprehensive understanding of the terms and conditions applicable for investment in the Dean Funds. AMOUNT OF MANAGED ASSETS As of December 31, 2023, we were actively managing $889.7 million of clients' assets on a discretionary basis. Dean Investments does not currently manage assets on a non-discretionary basis.