¹Standard Deviation: Standard deviation is a statistical measurement in finance that, when applied to the annual rate of return of an investment, sheds light on that investment's historical volatility. The MSCI EAFE® Index consists of international stocks representing the developed world outside of North America. Morningstar Category Foreign Large Blend portfolios invest in a variety of big international stocks. Most of these portfolios divide their assets among a dozen or more developed markets, including Japan, Britain, France, and Germany. These portfolios primarily invest in stocks that have market caps in the top 70% of each economically integrated market (such as Europe or Asia ex-Japan). The blend style is assigned to portfolios where neither growth nor value characteristics predominate. These portfolios typically will have less than 20% of assets invested in U.S. stocks

²Morningstar data shown for the period 08/01/2015 - 12/31/2024. Past performance is no guarantee of future results. It is not possible to invest directly in an index. Beta is a measure of historical volatility relative to an appropriate index based on its investment objective. A beta greater than 1.00 indicates volatility greater than the benchmark’s. Up Capture Ratio is the statistical measure of an investment manager's overall performance in up-markets. Down Capture Ratio is a statistical measure of an investment manager's overall performance in down-markets.

³Source: Cumulative EBITDA per share growth for global listed infrastructure and global equities compared to inflation as of 12/31/2024.  Global infrastructure universe is represented by CBRE Investment Management Infrastructure investable universe, Global Equities: MSCI AWCI Index and U.S. Inflation: U.S. Consumer Price Index. 2022 is preliminary. This information is subject to change and should not be construed as investment advice. An index is unmanaged and not available for direct investment. For comparison purposes, company operating earnings and the U.S. Consumer Price Index values were rebased to 100 on 12/31/2000. Yields fluctuate and are not guaranteed. Past performance is no guarantee of future results.

⁴ Source: Cumulative EBITDA per share growth for global listed infrastructure and global equities compared to inflation as of 12/31/2024.  Global infrastructure universe is represented by CBRE Investment Management Infrastructure investable universe, Global Equities: MSCI AWCI Index and U.S. Inflation: U.S. Consumer Price Index. 2022 is preliminary. This information is subject to change and should not be construed as investment advice. An index is unmanaged and not available for direct investment. For comparison purposes, company operating earnings and the U.S. Consumer Price Index values were rebased to 100 on 12/31/2000. Yields fluctuate and are not guaranteed. Past performance is no guarantee of future results.

⁵Reporting Currency: USD
Source: Ned Davis Research, as of December 31, 2024. Based on equally weighted compound total returns of dividend and non-dividend paying MSCI World stocks. Each of the four portfolios were reconstituted at the beginning of each year based on the actual dividends paid over the previous year. Standard deviation measures how widely dispersed an investment’s returns have been over a specified period of time. A high standard deviation indicates that the range is wide, implying greater potential for volatility. “Dividend Cutters” are those companies whose dividend was lowered or eliminated in the past 12-months, “Zero Dividends” are companies which did not pay a dividend, “Stable Dividends” companies maintained their dividend rate, and “Growing Dividends” companies raised their existing or initiated a new dividend. Standard deviation measures how widely dispersed a fund’s returns have been over a specific period of time.
Past performance is no guarantee of future results, which will vary. It is not possible to invest directly in an index.