Investment Performance

Variable annuities and mutual funds offered through a retirement plan are intended as long-term investments designed for retirement purposes. Money distributed from a 403(b) plan, 401(a)/(k) plan, or a 457 plan will be taxed as ordinary income in the year the money is distributed. Early withdrawals from a 403(b) plan and a 401(a)/(k) plan, if taken prior to age 59 1/2, will be subject to the IRS 10% premature distribution penalty tax, unless an exception applies. This IRS premature distribution penalty tax does not apply to 457 plans. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than the original amount invested.

The performance data quoted represents past performance. Past performance does not guarantee future results. For month-end performance which may be lower or higher than the performance data shown please call 800-584-6001. Investment return and principal value of an investment will fluctuate so that, when sold, an investment may be worth more or less than the original cost.

Voya will assess an annual asset-based service fee of 0.18% to all investment options including balances held in your plans Stability of Principal or Fixed Account. This fee is deducted from your account at a frequency determined by your plan monthly or quarterly and will be pro-rated across balances held in each of the investment options. These returns do not reflect any plan level administrative fees, if applicable; if reflected, returns would be less favorable. Please contact your local representative for more information.

The returns assume reinvestment of all dividends (ordinary income and capital gains) and are net of management fees and other fund operating expenses.

You should consider the investment objectives, risks and charges, and expenses of the funds carefully before investing. The prospectus contains this and other information. Anyone who wishes to obtain a free copy of the fund prospectuses may call their Voya representative or the number above. Please read the prospectus carefully before investing.

Returns less than one year are not annualized. Fund Inception Date is the date of inception for the underlying fund, and is the date used in calculating the periodic returns. This date may also precede the portfolio's inclusion in the product.

Investment Options Asset Class 1 - Mo 3 - Mo YTD 1 - Yr 3 - Yr 5 - Yr 10 - Yr Incept Fund Inception Date Gross Fund Exp %* Net Fund Exp %*
Voya Fixed Account - 457/401 II - 4301 (1)(2)(3) Stability of Principal 0.16 0.49 0.33 1.92 1.53 1.62 1.90
MassMutual High Yield Fund - Class R5 - 8391 Bonds 0.58 4.36 0.94 10.77 2.47 4.08 4.33 11/01/2004 0.64 0.64
Vanguard® Total Bond Market Index Fund - Admiral™ Shares - 898 Bonds -1.38 2.04 -1.60 3.42 -3.14 0.60 1.42 11/12/2001 0.05 0.05
PIMCO Total Return Fund - Institutional Class - 544 Bonds -1.28 2.92 -1.08 4.21 -3.01 0.84 1.64 05/11/1987 0.49 0.49
JPMorgan Global Bond Opportunities Fund - Class R6 Shares - D466 (4) Bonds -0.53 2.62 -0.51 5.25 0.63 3.26 3.44 09/04/2012 0.58 0.50
American Funds 2010 Target Date Retirement Fund®-Class R-6 - 1971 Asset Allocation 0.53 4.70 0.79 9.03 2.68 5.31 5.01 02/01/2007 0.29 0.29
American Funds 2020 Target Date Retirement Fund®-Class R-6 - 1975 Asset Allocation 1.00 5.52 1.23 10.91 3.06 6.07 5.73 02/01/2007 0.31 0.31
American Funds 2030 Target Date Retirement Fund®-Class R-6 - 1979 Asset Allocation 2.03 7.21 2.40 15.06 3.95 7.90 7.31 02/01/2007 0.33 0.33
American Funds 2040 Target Date Retirement Fund®-Class R-6 - 1983 Asset Allocation 3.81 9.68 4.20 20.57 5.56 10.12 8.83 02/01/2007 0.37 0.37
American Funds 2050 Target Date Retirement Fund®-Class R-6 - 1987 Asset Allocation 4.20 10.37 4.59 22.08 5.64 10.39 9.06 02/01/2007 0.38 0.38
American Funds 2060 Target Date Retirement Fund®-Class R-6 - 9639 (5) Asset Allocation 4.42 10.71 4.81 22.90 5.60 10.34 9.29 03/27/2015 0.39 0.39
American Funds American Balanced Fund® - Class R-6 - 7027 Balanced 2.61 8.18 3.38 17.41 6.26 8.66 8.16 07/26/1975 0.25 0.25
Hartford Disciplined Equity HLS Fund - Class IB - E580 Large Cap Value/Blend 6.01 13.02 8.64 29.31 9.61 13.31 12.17 05/29/1998 0.84 0.84
Parnassus Core Equity FundSM - Investor Shares - 2228 (6) Large Cap Value/Blend 4.46 10.69 6.22 29.13 10.44 14.52 12.27 08/31/1992 0.85 0.82
Vanguard® Institutional Index Fund - Institutional Shares - 566 Large Cap Value/Blend 5.34 11.96 7.10 30.41 11.87 14.74 12.67 07/31/1990 0.04 0.04
Vanguard® Total Stock Market Index Fund - Admiral™ Shares - 1122 Large Cap Value/Blend 5.40 12.24 6.58 28.64 9.72 13.85 11.97 11/13/2000 0.04 0.04
American Funds American Mutual Fund® - Class R-6 - 1912 Large Cap Value/Blend 3.06 8.13 3.80 14.51 10.51 10.26 9.83 02/21/1950 0.27 0.27
JPMorgan Value Advantage Fund - Class L Shares - 3970 Large Cap Value/Blend 3.44 10.60 4.11 12.41 9.95 9.69 8.74 02/28/2005 0.74 0.74
Large Cap Growth Fund II - Fee Class I1 CIT - E626 Large Cap Growth 8.99 18.46 13.73 56.39 6.82 8.24 10/05/2020 0.39 0.39
Vanguard® Mid-Cap Index Fund - Admiral™ Shares - 756 Small/Mid/Specialty 5.03 10.84 3.46 14.24 5.07 10.30 9.40 11/12/2001 0.05 0.05
Mid Cap Growth Fund - Fee Class I1 CIT - E205 Small/Mid/Specialty 8.00 15.64 7.14 26.92 -0.60 9.63 12/18/2019 0.45 0.45
Vanguard® Small-Cap Index Fund - Admiral™ Shares - 757 Small/Mid/Specialty 5.81 13.62 3.02 13.15 2.88 8.85 8.44 11/13/2000 0.05 0.05
Small Cap Growth Fund II - Fee Class I1 CIT - E488 Small/Mid/Specialty 11.02 20.30 8.84 16.02 -6.94 2.91 08/03/2020 0.59 0.59
Small Cap Value Fund II - Fee Class I1 CIT - E429 Small/Mid/Specialty 3.57 11.10 -1.00 4.54 5.02 13.90 03/02/2020 0.54 0.54
Principal Global Real Estate Securities Fund - Inst Class - 6349 (7) Small/Mid/Specialty -0.11 3.79 -4.74 1.02 -1.91 0.55 3.75 10/01/2007 0.99 0.94
Emerging Markets Fund - Fee Class I1 CIT - F277 Global / International 3.37 1.88 -1.81 2.77 -12.03 06/14/2021 0.60 0.60
Vanguard® Developed Markets Index Fund - Admiral™ Shares - 6500 Global / International 2.83 7.35 1.56 13.87 3.63 6.71 4.61 08/17/1999 0.07 0.07
GG EuroPacific Growth Trust - Fee Class I1 - F900 Global / International 3.78 8.86 3.70 14.56 15.16 11/01/2022 0.44 0.41
MFS® International Intrinsic Value Fund - Class R3 - 9206 (8) Global / International 2.64 6.56 1.98 13.93 1.91 7.05 6.87 10/24/1995 1.04 1.03
American Funds Capital World Growth and Income Fund® - R-6 - 1960 Global / International 4.00 10.27 4.59 23.14 5.97 9.94 7.87 03/25/1993 0.42 0.42

The risks of investing in small company stocks may include relatively low trading volumes, a greater degree of change in earnings and greater short-term volatility.

Foreign investing involves special risks such as currency fluctuation and public disclosure, as well as economic and political risks.

Some of the Funds invest in securities guaranteed by the U.S. Government as to the timely payment of principal and interest; however, shares of the Funds are not insured nor guaranteed.

High yielding fixed-income securities generally are subject to greater market fluctuations and risks of loss of income and principal than are investments in lower yielding fixed-income securities.

Sector funds may involve greater-than average risk and are often more volatile than funds holding a diversified portfolio of stocks in many industries. Examples include: banking, biotechnology, chemicals, energy, environmental services, natural resources, precious metals, technology, telecommunications, and utilities.

*The Gross Expense Ratios shown do not reflect temporary fee or expense waivers that may be in effect for a fund. The Net Expense Ratios reflect any applicable temporary fee or expense waivers. The performance of a fund with a temporary fee or expense waiver would have been lower if the gross fund fees/expenses listed had been reflected.

Variable annuities and mutual funds offered through a retirement plan are intended as long-term investments designed for retirement purposes. Money distributed from a 403(b) plan, 401(a)/(k) plan, or a 457 plan will be taxed as ordinary income in the year the money is distributed. Early withdrawals from a 403(b) plan and a 401(a)/(k) plan, if taken prior to age 59 1/2, will be subject to the IRS 10% premature distribution penalty tax, unless an exception applies. This IRS premature distribution penalty tax does not apply to 457 plans. Account values fluctuate with market conditions, and when surrendered the principal may be worth more or less than the original amount invested.

The performance data quoted represents past performance. Past performance does not guarantee future results. For month-end performance which may be lower or higher than the performance data shown please call 800-584-6001. Investment return and principal value of an investment will fluctuate so that, when sold, an investment may be worth more or less than the original cost.

Voya will assess an annual asset-based service fee of 0.18% to all investment options including balances held in your plans Stability of Principal or Fixed Account. This fee is deducted from your account at a frequency determined by your plan monthly or quarterly and will be pro-rated across balances held in each of the investment options. These returns do not reflect any plan level administrative fees, if applicable; if reflected, returns would be less favorable. Please contact your local representative for more information.

The returns assume reinvestment of all dividends (ordinary income and capital gains) and are net of management fees and other fund operating expenses.

Returns less than one year are not annualized. Fund Inception Date is the date of inception for the underlying fund, and is the date used in calculating the periodic returns. This date may also precede the portfolio's inclusion in the product.

Investment Options Asset Class 1 - Mo 3 - Mo YTD 1 - Yr 3 - Yr 5 - Yr 10 - Yr Incept Fund Inception Date Gross Fund Exp %* Net Fund Exp %*
Voya Fixed Account - 457/401 II - 4301 (1)(2)(3) Stability of Principal 0.17 0.50 1.88 1.88 1.50 1.62 1.91
MassMutual High Yield Fund - Class R5 - 8391 Bonds 3.39 6.52 12.98 12.98 2.54 5.08 4.55 11/01/2004 0.64 0.64
Vanguard® Total Bond Market Index Fund - Admiral™ Shares - 898 Bonds 3.71 6.70 5.71 5.71 -3.36 1.12 1.79 11/12/2001 0.05 0.05
PIMCO Total Return Fund - Institutional Class - 544 Bonds 4.05 6.94 6.31 6.31 -3.26 1.31 1.94 05/11/1987 0.49 0.49
JPMorgan Global Bond Opportunities Fund - Class R6 Shares - D466 (4) Bonds 3.15 6.28 7.00 7.00 0.74 4.08 3.66 09/04/2012 0.58 0.50
American Funds 2010 Target Date Retirement Fund®-Class R-6 - 1971 Asset Allocation 3.88 7.68 8.67 8.67 2.58 6.07 5.10 02/01/2007 0.29 0.29
American Funds 2020 Target Date Retirement Fund®-Class R-6 - 1975 Asset Allocation 4.24 8.51 10.46 10.46 2.84 6.89 5.78 02/01/2007 0.31 0.31
American Funds 2030 Target Date Retirement Fund®-Class R-6 - 1979 Asset Allocation 4.69 9.78 14.52 14.52 3.47 8.90 7.25 02/01/2007 0.33 0.33
American Funds 2040 Target Date Retirement Fund®-Class R-6 - 1983 Asset Allocation 5.26 11.27 19.33 19.33 4.75 11.17 8.58 02/01/2007 0.37 0.37
American Funds 2050 Target Date Retirement Fund®-Class R-6 - 1987 Asset Allocation 5.53 11.72 20.83 20.83 4.75 11.41 8.77 02/01/2007 0.38 0.38
American Funds 2060 Target Date Retirement Fund®-Class R-6 - 9639 (5) Asset Allocation 5.64 11.90 21.61 21.61 4.62 11.32 8.88 03/27/2015 0.39 0.39
American Funds American Balanced Fund® - Class R-6 - 7027 Balanced 4.65 9.96 14.37 14.37 5.40 9.26 7.88 07/26/1975 0.25 0.25
Hartford Disciplined Equity HLS Fund - Class IB - E580 Large Cap Value/Blend 4.03 11.57 20.95 20.95 6.96 14.03 11.56 05/29/1998 0.84 0.84
Parnassus Core Equity FundSM - Investor Shares - 2228 (6) Large Cap Value/Blend 4.21 11.77 24.93 24.93 9.05 15.48 11.63 08/31/1992 0.85 0.82
Vanguard® Institutional Index Fund - Institutional Shares - 566 Large Cap Value/Blend 4.54 11.68 26.24 26.24 9.96 15.66 12.00 07/31/1990 0.04 0.04
Vanguard® Total Stock Market Index Fund - Admiral™ Shares - 1122 Large Cap Value/Blend 5.31 12.16 26.01 26.01 8.43 15.07 11.43 11/13/2000 0.04 0.04
American Funds American Mutual Fund® - Class R-6 - 1912 Large Cap Value/Blend 4.17 9.40 9.75 9.75 9.64 11.08 9.47 02/21/1950 0.27 0.27
JPMorgan Value Advantage Fund - Class L Shares - 3970 Large Cap Value/Blend 6.23 10.86 9.90 9.90 10.87 11.27 8.50 02/28/2005 0.74 0.74
Large Cap Growth Fund II - Fee Class I1 CIT - E626 Large Cap Growth 4.16 13.40 47.94 47.94 2.53 4.44 10/05/2020 0.39 0.39
Vanguard® Mid-Cap Index Fund - Admiral™ Shares - 756 Small/Mid/Specialty 7.13 12.27 15.98 15.98 5.49 12.71 9.41 11/12/2001 0.05 0.05
Mid Cap Growth Fund - Fee Class I1 CIT - E205 Small/Mid/Specialty 7.94 14.90 28.68 28.68 -2.38 8.17 12/18/2019 0.45 0.45
Vanguard® Small-Cap Index Fund - Admiral™ Shares - 757 Small/Mid/Specialty 10.28 13.41 18.20 18.20 4.66 11.70 8.43 11/13/2000 0.05 0.05
Small Cap Growth Fund II - Fee Class I1 CIT - E488 Small/Mid/Specialty 10.53 10.41 18.37 18.37 -7.23 0.52 08/03/2020 0.59 0.59
Small Cap Value Fund II - Fee Class I1 CIT - E429 Small/Mid/Specialty 12.22 14.64 16.93 16.93 11.25 14.83 03/02/2020 0.54 0.54
Principal Global Real Estate Securities Fund - Inst Class - 6349 (7) Small/Mid/Specialty 8.95 15.84 10.85 10.85 0.09 3.71 4.66 10/01/2007 0.99 0.94
Emerging Markets Fund - Fee Class I1 CIT - F277 Global / International 3.75 6.99 11.30 11.30 -12.13 06/14/2021 0.60 0.60
Vanguard® Developed Markets Index Fund - Admiral™ Shares - 6500 Global / International 5.70 11.12 17.67 17.67 3.55 8.36 4.54 08/17/1999 0.07 0.07
GG EuroPacific Growth Trust - Fee Class I1 - F900 Global / International 4.98 10.38 15.83 15.83 13.87 11/01/2022 0.44 0.41
MFS® International Intrinsic Value Fund - Class R3 - 9206 (8) Global / International 4.50 9.97 17.60 17.60 -0.16 8.47 6.84 10/24/1995 1.04 1.03
American Funds Capital World Growth and Income Fund® - R-6 - 1960 Global / International 5.42 11.93 21.22 21.22 5.03 11.02 7.59 03/25/1993 0.42 0.42

The risks of investing in small company stocks may include relatively low trading volumes, a greater degree of change in earnings and greater short-term volatility.

Foreign investing involves special risks such as currency fluctuation and public disclosure, as well as economic and political risks.

Some of the Funds invest in securities guaranteed by the U.S. Government as to the timely payment of principal and interest; however, shares of the Funds are not insured nor guaranteed.

High yielding fixed-income securities generally are subject to greater market fluctuations and risks of loss of income and principal than are investments in lower yielding fixed-income securities.

Sector funds may involve greater-than average risk and are often more volatile than funds holding a diversified portfolio of stocks in many industries. Examples include: banking, biotechnology, chemicals, energy, environmental services, natural resources, precious metals, technology, telecommunications, and utilities.

*The Gross Expense Ratios shown do not reflect temporary fee or expense waivers that may be in effect for a fund. The Net Expense Ratios reflect any applicable temporary fee or expense waivers. The performance of a fund with a temporary fee or expense waiver would have been lower if the gross fund fees/expenses listed had been reflected.

(1) The current rate for the Voya Fixed Account - 457/401 II MC 902, Fund 4301 is 2.00%, expressed as an annual effective yield. The current rate may change and be higher or lower than the previously identified rate but is guaranteed not to be less than 1.25% through 12/31/2024. VRIAC will not apply a decrease to the current rate following a rate change initiated solely by us prior to the last day of the three-month period measured from the first day of the month in which such change was effective. Note: The current rate for an initial investment in the fixed account previously identified may be in effect for less than a full three-month period. Guarantees are based on the claims-paying ability of Voya Retirement Insurance and Annuity Company.

(2) Voya Fixed Account - 457/401 II - Voya will credit interest at an annual effective rate of at least 3.00% through December 2017, 2.75% from January 2018 through December 2018 and 2.50% from January 2019 through December 2020. Each of these is higher than the standard Voya Fixed Account - 457/401 II credited rate. Beginning January 1, 2021 and thereafter, the credited rate for your plan will be the same as the standard Voya Fixed Account - 457/401 II credited rate in effect at that time. Please note the Guaranteed Minimum Interest Rate is 1.00%. Guarantees are based on the claims-paying ability of Voya Retirement Insurance and Annuity Company. Restrictions may apply to transfers of funds from the Voya Fixed Account - 457/401 II to other contract investment options. Please refer to your product prospectus / disclosure booklet or call your 800 number for more information.

(3) The Investment Option is neither a mutual fund nor part of a Separate Account. The returns listed do not include the impact of contract charges. Please refer to the contract or disclosure book to determine which Fixed Interest Options are available for your specific plan. The Investment Option is offered through Voya Retirement Insurance and Annuity Company.

(4) JPMorgan Global Bond Opportunities Fund - Class R6 Shares: The Fund's adviser and/or its affiliates have contractually agreed to waive fees and/or reimburse expenses to the extent Total Annual Fund Operating Expenses (excluding Acquired Fund Fees and Expenses other than certain money market fund fees as described below, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, expenses related to trustee elections, and extraordinary expenses) exceed 0.50% of the average daily net assets of Class R6 Shares. The Fund may invest in one or more money market funds advised by the adviser or its affiliates (affiliated money market funds). The Fund's adviser, shareholder servicing agent and/or administrator have contractually agreed to waive fees and/or reimburse expenses in an amount sufficient to offset the respective net fees each collects from the affiliated money market funds on the Fund's investment in such money market funds for this Share Class. These waivers are in effect through 6/30/24, at which time it will be determined whether such waivers will be renewed or revised. To the extent that the Fund engages in securities lending, affiliated money market fund fees and expenses resulting from the Fund's investment of cash received from securities lending borrowers are not included in Total Annual Fund Operating Expenses and therefore, the above waivers do not apply to such investments.

(5) American Funds Target Date: Depending on the proximity to its target date, which we define as the year that corresponds roughly to the year in which the investor expects to retire, the fund will seek to achieve the following objectives to varying degrees: growth, income and conservation of capital. The fund will increasingly emphasize income and conservation of capital by investing a greater portion of its assets in fixed income, equity-income and balanced funds as it approaches and passes its target date. In this way, the fund seeks to balance total return and stability over time.

(6) Parnassus Core Equity FundSM - Investor Shares: The investment adviser has contractually agreed to reduce its investment advisory fee to the extent necessary to limit total annual fund operating expenses to 0.82% of net assets for the Parnassus Core Equity Fund-Investor Shares. This agreement will not be terminated prior to May 1, 2024 and may be continued indefinitely by the investment adviser on a year-to-year basis.

(7) Principal Global Real Estate Securities Fund - Institutional Class: Principal Global Investors, LLC ("PGI"), the investment advisor, has contractually agreed to limit the Fund's expenses by paying, if necessary, expenses normally payable by the Fund (excluding interest expense, expenses related to fund investments, acquired fund fees and expenses, and tax reclaim recovery expenses and other extraordinary expenses) to maintain a total level of operating expenses (expressed as a percent of average net assets on an annualized basis) not to exceed 0.94% for Institutional Class shares. It is expected that the expense limit will continue through the period ending February 29, 2024; however, Principal Funds, Inc. and PGI, the parties to the agreement, may mutually agree to terminate the expense limit prior to the end of the period. Subject to applicable expense limits, the Fund may reimburse PGI for expenses incurred during the current fiscal year.

(8) MFS International Intrinsic Value Fund - Class R3: Massachusetts Financial Services Company (MFS) has agreed in writing to waive at least 0.01% of the fund's management fee as part of an agreement pursuant to which MFS has agreed to reduce its management fee by a specified amount if certain MFS mutual fund assets exceed thresholds agreed to by MFS and the fund's Board of Trustees. The agreement to waive at least 0.01% of the management fee will continue until modified by the fund's Board of Trustees, but such agreement will continue until at least September 30, 2023.

The chart shows the performance for each investment option for the time periods shown.