Based on risk-adjusted return.

Please note: The Funds offer multiple share classes, which are subject to different fees and expenses that will affect their performance and Morningstar ratings.

  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 4 star 4 star 5 star 4 star
Funds in category 12/31/2022 91 91 77 52
Morningstar Category: China Region
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 3 star  3 star  3 star  3 star 
Funds in category 12/31/2022 338 338 285 179
Morningstar Category: Global Large-Stock Blend
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 2 star 2 star 3 star  2 star
Funds in category 12/31/2022 732 732 654 383
Morningstar Category: Diversified Emerging Mkts
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022  3 star 2 star 2 star  3 star
Funds in category 12/31/2022 249 249 218 103
Morningstar Category: Emerging Markets Bond
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 5 star 5 star 5 star 5 star
Funds in category 12/31/2022 732 732 654 383
Morningstar Category: Diversified Emerging Mkts
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 3 star 3 star
3 star 3 star
Funds in category 12/31/2022 732 732 654 383
Morningstar Category: Diversified Emerging Mkts
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 3 star  2 star   3 star 3 star
Funds in category 12/31/2022 73 73 68 35
Morningstar Category: Macro Trading
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 2 star 4 star  3 star  1 star 
Funds in category 12/31/2022 306 306 268 177
Morningstar Category: Global Large-Stock Growth
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 2 star  2 star  2 star 2 star
Funds in category 12/31/2022 627 627 577 404
Morningstar Category: High Yield Bond
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 3 star  3 star  3 star  3 star 
Funds in category 12/31/2022 88 88 75 34
Morningstar Category: Infrastructure
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 3 star  3 star  4 star  3 star
Funds in category 12/31/2022 129 129 116 79
Morningstar Category: Foreign Small/Mid Growth
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 1 star 1 star 1 star 1 star
Funds in category 12/31/2022 399 399 343 224
Morningstar Category: Foreign Large Growth
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 3 star 3 star 3 star 3 star
Funds in category 12/31/2022 282 282 248 184
Morningstar Category: Muni National Interm
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 3 star  3 star  3 star 3 star
Funds in category 12/31/2022 234 234 206 153
Morningstar Category: Real Estate
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 3 star  4 star  3 star  N/A
Funds in category 12/31/2022 188 188 166 N/A
Morningstar Category: High Yield Muni
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 3 star  4 star  3 star  3 star 
Funds in category 12/31/2022 206 206 183 136
Morningstar Category: Muni National Short
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 4 star  4 star  3 star  5 star
Funds in category 12/31/2022 574 574 529 399
Morningstar Category: Small Growth
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 3 star 3 star 3 star 2 star
Funds in category 12/31/2022 1126 1126 1051 793
Morningstar Category: Large Growth
  As of date Overall 3 Year 5 Year 10 Year
Institutional Class 12/31/2022 4 star  4 star  N/A N/A
Funds in category 12/31/2022 574 574 N/A N/A
Morningstar Category: Small Growth

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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.