Equity Funds

Global Sustainability Index

Among 727 world large stock funds

Global Tactical Asset Allocation

Among 376 world allocation funds

Income Equity

Among 1,090 large value funds

International Equity Index

Among 611 foreign large blend funds

Large Cap Core

Among 1,090 large value funds

Mid Cap Index

Among 369 mid-cap blend funds

Small Cap Core

Among 640 small blend funds

Small Cap Value

Among 384 small value funds

Stock Index

Among 1,222 large blend funds

Fixed Income Funds

Arizona Tax-Exempt

Among 136 municipal single state intermediate funds

Core Bond

Among 356 intermediate core bond funds

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. Past performance is no guarantee of future results.

Global Sustainability Index received 4 stars for the 3-year rating among 727 world large stock funds, 4 stars for the 5-year rating among 599 funds and 3 stars for the 10-year rating among 368 funds.

Global Tactical Asset Allocation received 3 stars for the 3-year rating among 376 world allocation funds, 4 stars for the 5-year rating among 307 funds and 4 stars for the 10-year rating among 179 funds.

Income Equity received 4 stars for the 3-year rating among 1,090 large value funds, 4 stars for the 5-year rating among 944 funds and 4 stars for the 10-year rating among 693 funds.

International Equity Index received 4 stars for the 3-year rating among 611 foreign large blend funds, 4 stars for the 5-year rating among 489 funds and 3 stars for the 10-year rating among 365 funds.

Large Cap Core received 4 stars for the 3-year rating among 1,090 large value funds, 4 stars for the 5-year rating among 944 funds and 4 stars for the 10-year rating among 693 funds.

Mid Cap Index received 3 stars for the 3-year rating among 369 mid-cap blend funds, 4 stars for the 5-year rating among 308 funds and 4 stars for the 10-year rating among 227 funds.

Small Cap Core received 3 stars for the 3-year rating among 640 small blend funds, 4 stars for the 5-year rating among 508 funds and 4 stars for the 10-year rating among 371 funds.

Small Cap Value received 4 stars for the 3-year rating among 384 small value funds, 4 stars for the 5-year rating among 341 funds and 4 stars for the 10-year rating among 235 funds.

Stock Index received 4 stars for the 3-year rating among 1,222 large blend funds, 4 stars for the 5-year rating among 1,086 funds and 4 stars for the 10-year rating among 825 funds.

Arizona Tax-Exempt received 4 stars for the 3-year rating among 136 municipal single state intermediate funds, 5 stars for the 5-year rating among 131 funds and 4 stars for the 10-year rating among 111 funds.

Core Bond received 3 stars for the 3-year rating among 356 intermediate core bond funds, 3 stars for the 5-year rating among 312 funds and 4 stars for the 10-year rating among 238 funds.

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