Page 94 - FebDefComp
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* 3-Year, 5-Year, and 10-Year returns are annualized
                                              10-Year*  5.50  9.47   5.32    4.97    3.68   5.18    6.59    5.34                    developed markets, excluding the
                                   MSCI Indexes: Total Net Return as of 12/31/2019









                                              5-Year*  5.67  8.74    5.42    5.51    5.61   3.89    7.70    7.49                      measure the equity market   of developed










                                              3-Year*  9.56  12.57   9.34    9.87    11.57  6.27    8.92    15.56











                                              1-Year  22.01  27.67   22.49   21.51   18.42  20.77   19.61   23.46           Source: Morningstar Direct, 12/31/2019. The MSCI All Country World Index (ACWI) is a free-float-adjusted, market-capitalization-weighted index that is designed to  measure the equity market performance of developed and emerging markets. The MSCI Frontier Markets Index is a free float-adjusted market capitalization index  that is designed to measure equity market performance of frontier markets. The MSCI Emerging Markets Index is designed to measure equity market performance of  emerging markets. The MSC


                       Global Equity Market Returns (%)








































                            as of 12/31/2019                                                                                               markets.
   89   90   91   92   93   94   95   96   97   98   99