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 Morningstar Rating does not include any adjustment for sales loads. 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.

As of December 31, 2022, the Small Company Fund received the following star ratings among Small Blend funds for the following time periods: 4 stars (out of 584) for the three-year, 4 stars (out of 543) for the five-year and 4 stars (out of 364) for the ten-year time periods. The Balanced Fund received the following star ratings among Allocation – 50% to 70% Equity funds for the following time periods: 4 stars (out of 703) for the three-year, 4 stars (out of 654) for the five-year and 4 stars (out of 492) for the ten-year periods. The Short/Intermediate Bond Fund received the following star ratings among Short-Term Bond funds for the following time periods: 3 stars (out of 548) for the three-year, 3 stars (out of 485) for the five-year and 3 stars (out of 345) for the ten-year time periods. The Income Fund received the following star ratings among Intermediate Core Bond funds for the following time periods: 3 stars (out of 403) for the three-year, 3 stars (out of 368) for the five-year and 4 stars (out of 274) for the ten-year periods. The Nebraska Tax-Free Fund received the following star rating among the Muni Single State Intermediate Funds: 3 stars (out of 152) for the three-year, 4 stars (out of 148) for the five-year, the Fund is not yet ranked for any other time periods. The Small/Mid Cap Fund received the following star rating among the Small Blend funds: 5 stars (out of 584) for the three-year period, the Fund is not yet ranked for any other time periods. Past performance is no guarantee of future results.

Morningstar Rating is for the institutional share class only; other classes may have different performance characteristics.