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Disclosure

Performance fundamental research is predicated on gaining an information by the Fund. See "Fees and Expenses" for more information.
Performance data given represents past performance and advantage and the identification of key “anchor points” for
should not be considered indicative of future results of the each company considered for investment. The most Morningstar Rating™
Small Cap Growth Fund - WTIXLX (the “Fund”). The Fund is attractive candidates for the portfolio are those companies The Morningstar Rating™ for funds, or "star rating", is
not a mutual fund and is not registered as an investment that generate sustainable earnings growth and contain calculated for managed portfolios (including mutual funds,
company under the Investment Company Act of 1940. The identifiable anchor points that provide the team with the variable annuity and variable life subaccounts, exchange-
Fund is not FDIC-insured, may lose value and is not confidence to hold a stock through periods of heightened traded funds, close-end funds, and separate accounts) with
guaranteed by a bank or other financial institution. volatility. Ultimately, the goal is to populate the portfolio with at least a three-year history. Exchange-traded funds and
70-90 companies that have favorable characteristics and open-ended mutual funds are considered a single population
Performance data reflects a specific class of units. Other fee possess a minimum of 2:1 upside/downside ratios, often for comparative purposes. It is calculated based on a
classes may currently be available or may become available higher. Morningstar Risk-Adjusted Return measure that accounts for
in the future. Not all fee classes are available for investment variation in a managed product's monthly excess
by all plans. Fees vary across fee classes, and the net returns Once holdings make their way into the portfolio, risk performance, placing more emphasis on downward variations
investors earn will be different from one fee class to another. management is critical for monitoring holdings and aiding and rewarding consistent performance. The Morningstar
decisions to sell or add to an existing position. Our Risk Rating does not include any adjustment for sales load. The
Management of the Fund management is highlighted by the team’s three step risk top 10% of products in each product category receive 5 stars,
Trustee: Wilmington Trust, N.A. (the “Trustee”) serves as the management process: (1) Radar (a technical screen used to the next 22.5% receive 4 stars, the next 35% receive 3 stars,
Trustee of the Fund and maintains ultimate fiduciary authority identify potential issues at a very early stage), (2) Early the next 22.5% receive 2 stars, and the bottom 10% receive
over the management of, and investments made in, the Fund. Warning System (flags the top ten detractors with the goal of 1 star. The Overall Morningstar Rating for a managed product
The Fund is part of the Wilmington Trust Collective preventing a small negative impact from becoming a large is derived from a weighted average of the performance
Investment Trust (the “Trust”) operated by the Trustee. one), and (3) Gauntlet (stocks scoring among the bottom two figures associated with its three-, five-, and 10-year (if
quintiles of the fundamental screen and have recent price applicable) Morningstar Rating metrics.
Wilmington Trust is a registered service mark. Wilmington weakness). The portfolio is constructed around a strict
Trust Corporation is a wholly owned subsidiary of M&T Bank framework that limits the number of positions each analyst For collective investment funds, the Morningstar Rating
Corporation. Wilmington Trust Company, operating in can have on the Gauntlet to 2%, while portfolio holdings have presented is hypothetical, because Morningstar does not
Delaware only, Wilmington Trust, N.A., M&T Bank and certain a 10% limit. independently analyze CITs. Rather, the rating is assigned as a
other affiliates, provide various fiduciary and non-fiduciary means to compare these funds with the universe of mutual
services, including trustee, custodial, agency, investment The investment process consists of a 2:1 upside vs. funds that Morningstar rates. The evaluation of this
management and other services. Loans, retail and business downside target at position initiation to restrict holdings to investment does not affect the retail mutual fund data
deposits, and other personal and business banking services those the team has highest conviction and three risk published by Morningstar.
and products are offered by M&T Bank, member FDIC. management screens (Radar, Early Warning System,
Wilmington Trust Investment Advisors, Inc. is a SEC- Gauntlet) to identify holdings with underlying price or Morningstar Return
registered investment advisor providing investment fundamental weakness and protect the portfolio during The Morningstar Return rates a fund’s performance relative to
management services to Wilmington Trust and M&T affiliates periods of turmoil. The team manages position sizes to other managed products in its Morningstar Category. It is an
and clients. ensure no single position overly impacts performance through assessment of a product's excess return over a risk-free rate
the following initial, core, and optimal position sizes. (the return of the 90-day Treasury Bill) in comparison with the
Sub-Advisor: flexPATH Strategies, LLC products in its Morningstar category. In each Morningstar
(the “Sub-Advisor”) is a Registered Investment Advisor A sector neutral approach limits sector exposure to a category, the top 10% of products earn a High Morningstar
utilizing Retirement Plan Advisory Group’s institutional due minimum of 0.5x and a maximum of 1.5x that of the index, Return (High), the next 22.5% Above Average (+Avg), the
diligence system responsible for over $150 billion in assets. though it is typically within 0.8x and 1.2x with any variance middle 35% Average (Avg), the next 22.5% Below Average (-
Retirement Plan Advisory Group™ (RPAG™) was created in driven by the opportunity the analysts see from a bottom-up Avg), and the bottom 10% Low (Low). Morningstar Return is
2004. Its proprietary Scorecard System™ uses quantitative perspective vs. having an explicit view on the sector from a measured for up to three time periods (three, five, and 10
and qualitative factors to evaluate fund managers and their top-down basis. Finally, individual portfolio positions are years). These separate measures are then weighted and
investment strategies. The underlying fund selected by reviewed and monitored to the upside price target on an averaged to produce an overall measure for the product.
flexPATH Strategies is sub-advised by RS Investments. ongoing basis and overall factor exposure in constantly Products with less than three years of performance history
reviewed to ensure the portfolio managers are aware of the are not rated.
Investment Process: risks the team is taking.
RS Investments, a Victory Capital investment franchise, Morningstar Risk
advisor to the Victory RS Small Cap Growth Collective Fund Benchmark: Russell 2000 Growth TR USD Morningstar Risk evaluates a fund’s downside volatility
as the underlying fund (the “Underlying Fund”), describes its The index measures the performance of small-cap growth relative to that of other products in its Morningstar Category.
investment process as follows: segment of the US equity universe. It includes those Russell It is an assessment of the variations in monthly returns, with
2000 companies with higher price-to-value ratios and higher an emphasis on downside variations, in comparison with the
The portfolio construction process begins with a focus on a forecasted growth values. It is market-capitalization products in its Morningstar category. In each Morningstar
universe of ~1,000 common stocks with market cap ranges weighted. Russell Investment Group is the source and owner category, the 10% of products with the lowest measured risk
between roughly $200 million and $5+ billion. The RS of the trademarks, service marks and copyrights related to are described as Low Risk (Low), the next 22.5% Below
Growth Team invests primarily in US companies diversified the Russell Indexes. Russell® is a trademark of Russell Average (-Avg), the middle 35% Average (Avg), the next
across major market sectors and employs a dual-path Investment Group. 22.5% Above Average (+Avg), and the top 10% High (High).
investment process, using both quantitative and fundamental Morningstar Risk is measured for up to three time periods
inputs to narrow this universe down to 450–500 stocks. Notes Regarding Return Information (three, five, and 10 years). These separate measures are then
Return figures represent the total change in net assets with weighted and averaged to produce an overall measure for the
Through rigorous fundamental research, the team further capital gains and income dividends reinvested. Performance product. Products with less than three years of performance
narrows the universe of approximately 500 advantaged information is presented net of any applicable trustee fees, history are not rated.
stocks to a “farm team” of roughly 200 stocks. The management fees, or other fees or expenses which are borne

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future performance. Visit our investment website at www.morningstar.com.