Investment Performance

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PERFORMANCE UPDATE  
 
CITY OF GRESHAM 457b  
 
Average Annual Total Returns as of 04/30/2018    (shown in percentages)  

 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.  

 The returns assume reinvestment of all dividends (ordinary income and capital gains) and are net of management fees and other fund operating expenses. An asset based Administrative Fee is deducted from your account quarterly at an annual rate of 0.18% of balances held in each of the investment options including the Voya Fixed Account - 457/401 II.  These returns do not reflect any plan level administrative fees, if applicable; if reflected, returns would be less favorable. The performance data shown below also does not reflect an expense reimbursement which may be applied to participant accounts on a quarterly basis.  If this expense reimbursement did apply and had been reflected, the performance data shown for each option would have been higher.  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 1-Mo 3-Mo YTD 1-Yr 3-Yr 5-Yr10-Yr InceptFund Inception Date Gross Fund Exp %* Net Fund Exp %* 
Stability of Principal   
   Stability of Principal 
Voya Fixed Account - 457/401 II - 4301 (1)(2)(13)0.220.660.902.752.933.023.47   
Bonds   
   High Yield Bond 
MassMutual Premier High Yield Fund - Class R5 - 8391 (3)0.33-1.10-0.552.655.275.407.5711/01/20040.64 0.64  
   Inflation-Protected Bond 
PIMCO Real Return Asset Fund - Institutional Class - 9141 (4)0.30-0.99-2.362.391.60-0.414.9311/12/20010.96 0.55  
   Intermediate-Term Bond 
PIMCO Total Return Fund - Institutional Class - 544 (5)-0.89-1.18-2.150.381.521.414.6305/11/19870.51 0.46  
Vanguard® Total Bond Market Index Fund - Admiral™ Shares - 898 -0.82-1.21-2.28-0.480.961.383.5311/12/20010.05 0.05  
   Multisector Bond 
Loomis Sayles Bond Fund - Institutional Class - 2690 (6)-0.37-1.21-0.193.132.592.795.6605/16/19910.66 0.66  
   World Bond 
Oppenheimer International Bond Fund - Class Y - 1451 (7)-1.94-2.360.476.344.381.713.6106/15/19950.77 0.75  
Asset Allocation   
   Lifecycle 
American Funds 2010 Target Date Retirement Fund®- Class R-6 - 1971 (8)0.00-2.79-1.015.074.415.645.0302/01/20070.34 0.34  
American Funds 2020 Target Date Retirement Fund®- Class R-6 - 1975 0.16-3.02-0.487.025.387.145.6802/01/20070.35 0.35  
American Funds 2030 Target Date Retirement Fund®- Class R-6 - 1979 0.35-3.720.3511.027.389.437.1202/01/20070.39 0.39  
American Funds 2040 Target Date Retirement Fund®- Class R-6 - 1983 0.59-4.050.9813.868.7810.467.6002/01/20070.41 0.41  
American Funds 2050 Target Date Retirement Fund®- Class R-6 - 1987 0.59-4.131.1214.429.0710.687.6902/01/20070.42 0.42  
American Funds 2060 Target Date Retirement Fund®- Class R-6 - 9639 (9)0.56-4.121.1314.349.049.4203/27/20150.49 0.45  
Balanced   
   Allocation--50% to 70% Equity 
American Funds American Balanced Fund® - Class R-6 - 7027 0.34-3.93-0.829.057.789.267.9607/26/19750.28 0.28  
Large Cap Value   
   Large Blend 
Columbia Contrarian Core Fund - Class A Shares - 2373 -0.28-7.79-2.809.058.6712.189.4311/18/19981.04 1.04  
Parnassus Core Equity FundSM - Investor Shares - 2228 1.01-3.910.7511.579.3011.639.9308/31/19920.87 0.87  
Vanguard® 500 Index Fund - Admiral™ Shares - 899 0.38-5.78-0.3913.2210.5312.929.0111/13/20000.04 0.04  
Vanguard® Total Stock Market Index Fund - Investor Shares - 838 0.38-5.28-0.2512.9810.0712.609.1204/27/19920.14 0.14  
   Large Value 
American Funds American Mutual Fund® - Class R-6 - 1912 0.63-5.45-1.4610.818.5810.598.6502/21/19500.30 0.30  
JPMorgan Value Advantage Fund - Class L Shares - 3970 (10)0.40-6.30-2.448.227.2510.669.5802/28/20050.85 0.75  
Large Cap Growth   
   Large Growth 
American Funds The Growth Fund of America® - Class R-6 - 1724 1.49-3.364.5419.8713.1015.169.4712/01/19730.33 0.33  
Hartford Growth Opportunities HLS Fund - Class IB - 8403 0.13-2.924.5020.7411.7416.199.3905/01/20020.91 0.91  
Small/Mid/Specialty   
   Mid-Cap Blend 
Vanguard® Mid-Cap Index Fund - Admiral™ Shares - 756 -0.15-4.31-0.1410.847.9611.849.4011/12/20010.05 0.05  
   Mid-Cap Growth 
MassMutual Select Mid Cap Growth Fund - Class I - 6097 -1.17-3.642.3315.8310.5714.5211.0312/31/20040.72 0.72  
   Mid-Cap Value 
Vanguard® Selected Value Fund - Investor Shares - 9321 -0.90-8.15-5.187.187.3710.909.8402/15/19960.39 0.39  
   Small Blend 
Vanguard® Small-Cap Index Fund - Admiral™ Shares - 757 0.34-2.650.1311.268.8011.7010.1611/13/20000.05 0.05  
   Small Growth 
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund - I Class - 8407 -0.50-3.431.5514.4410.2514.0412.1406/30/19970.66 0.66  
   Small Value 
JPMorgan Small Cap Value Fund - Class I Shares - 6295 (11)1.84-1.93-0.424.377.268.988.5203/22/19991.01 0.99  
   Specialty - Global Real Estate 
Principal Global Real Estate Securities Fund - Inst Class - 6349 (12)1.49-0.980.1710.234.424.925.4710/01/20070.96 0.94  
   Specialty - Natural Resources 
T. Rowe Price New Era Fund, Inc. - 8213 5.25-0.860.6012.952.292.90-1.0201/20/19690.69 0.69  
   Specialty - Technology 
T. Rowe Price Global Technology Fund - I Class - 9249 -1.25-6.703.3323.8721.5426.8818.2909/29/20000.76 0.76  
Global / International   
   Diversified Emerging Mkts 
Oppenheimer Developing Markets Fund - Class Y - 1954 -1.24-5.941.7020.387.235.355.0109/07/20051.07 1.07  
   Foreign Large Blend 
MFS® International Value Fund - Class R3 - 9206 -0.14-4.32-0.9113.428.469.336.6610/24/19951.01 1.01  
Vanguard® Developed Markets Index Fund - Admiral™ Shares - 6500 1.55-4.210.4415.105.736.352.7508/17/19990.07 0.07  
   Foreign Large Growth 
American Funds EuroPacific Growth Fund® - Class R-6 - 1723 0.26-4.551.3017.777.048.124.4504/16/19840.50 0.50  
   World Large Stock 
American Funds Capital World Growth and Income Fund®- R-6 - 1960 1.35-4.011.7916.158.299.575.8903/25/19930.45 0.45  
 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 any temporary fee or expense waivers that may be in effect for a fund. 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. 



PERFORMANCE UPDATE  
 
CITY OF GRESHAM 457b  
 
Average Annual Total Returns as of 03/31/2018    (shown in percentages)  

 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.  

 The returns assume reinvestment of all dividends (ordinary income and capital gains) and are net of management fees and other fund operating expenses. An asset based Administrative Fee is deducted from your account quarterly at an annual rate of 0.18% of balances held in each of the investment options including the Voya Fixed Account - 457/401 II.  These returns do not reflect any plan level administrative fees, if applicable; if reflected, returns would be less favorable. The performance data shown below also does not reflect an expense reimbursement which may be applied to participant accounts on a quarterly basis.  If this expense reimbursement did apply and had been reflected, the performance data shown for each option would have been higher.  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 1-Mo 3-Mo YTD 1-Yr 3-Yr 5-Yr10-Yr InceptFund Inception Date Gross Fund Exp %* Net Fund Exp %* 
Stability of Principal   
   Stability of Principal 
Voya Fixed Account - 457/401 II - 4301 (1)(2)(13)0.230.670.672.752.943.033.48   
Bonds   
   High Yield Bond 
MassMutual Premier High Yield Fund - Class R5 - 8391 (3)-0.55-0.88-0.883.525.725.807.8811/01/20040.64 0.64  
   Inflation-Protected Bond 
PIMCO Real Return Asset Fund - Institutional Class - 9141 (4)1.83-2.65-2.652.981.550.064.6711/12/20010.96 0.55  
   Intermediate-Term Bond 
PIMCO Total Return Fund - Institutional Class - 544 (5)0.32-1.27-1.272.131.621.834.7605/11/19870.51 0.46  
Vanguard® Total Bond Market Index Fund - Admiral™ Shares - 898 0.64-1.47-1.471.121.121.743.5711/12/20010.05 0.05  
   Multisector Bond 
Loomis Sayles Bond Fund - Institutional Class - 2690 (6)0.240.190.194.103.253.396.0005/16/19910.66 0.66  
   World Bond 
Oppenheimer International Bond Fund - Class Y - 1451 (7)0.722.462.469.785.102.533.6706/15/19950.77 0.75  
Asset Allocation   
   Lifecycle 
American Funds 2010 Target Date Retirement Fund®- Class R-6 - 1971 (8)-0.55-1.01-1.015.874.846.065.3302/01/20070.34 0.34  
American Funds 2020 Target Date Retirement Fund®- Class R-6 - 1975 -0.79-0.63-0.637.835.807.606.0202/01/20070.35 0.35  
American Funds 2030 Target Date Retirement Fund®- Class R-6 - 1979 -1.160.000.0012.147.869.947.4902/01/20070.39 0.39  
American Funds 2040 Target Date Retirement Fund®- Class R-6 - 1983 -1.420.390.3915.029.2010.937.9502/01/20070.41 0.41  
American Funds 2050 Target Date Retirement Fund®- Class R-6 - 1987 -1.490.530.5315.609.5311.128.0402/01/20070.42 0.42  
American Funds 2060 Target Date Retirement Fund®- Class R-6 - 9639 (9)-1.500.560.5615.579.499.4903/27/20150.49 0.45  
Balanced   
   Allocation--50% to 70% Equity 
American Funds American Balanced Fund® - Class R-6 - 7027 -1.01-1.15-1.159.788.069.688.1907/26/19750.28 0.28  
Large Cap Value   
   Large Blend 
Columbia Contrarian Core Fund - Class A Shares - 2373 -3.13-2.53-2.5310.879.2212.539.9911/18/19981.04 1.04  
Parnassus Core Equity FundSM - Investor Shares - 2228 -0.71-0.26-0.2611.398.7611.6910.4008/31/19920.87 0.87  
Vanguard® 500 Index Fund - Admiral™ Shares - 899 -2.55-0.77-0.7713.9510.7513.279.4911/13/20000.04 0.04  
Vanguard® Total Stock Market Index Fund - Investor Shares - 838 -1.99-0.63-0.6313.7410.0912.899.6204/27/19920.14 0.14  
   Large Value 
American Funds American Mutual Fund® - Class R-6 - 1912 -2.32-2.08-2.0810.438.7811.048.9602/21/19500.30 0.30  
JPMorgan Value Advantage Fund - Class L Shares - 3970 (10)-1.74-2.83-2.837.787.0010.829.8702/28/20050.85 0.75  
Large Cap Growth   
   Large Growth 
American Funds The Growth Fund of America® - Class R-6 - 1724 -2.133.013.0120.4713.1515.239.8512/01/19730.33 0.33  
Hartford Growth Opportunities HLS Fund - Class IB - 8403 -1.614.364.3623.2912.1416.3410.0805/01/20020.91 0.91  
Small/Mid/Specialty   
   Mid-Cap Blend 
Vanguard® Mid-Cap Index Fund - Admiral™ Shares - 756 -0.110.010.0112.317.8612.2610.1411/12/20010.05 0.05  
   Mid-Cap Growth 
MassMutual Select Mid Cap Growth Fund - Class I - 6097 0.363.543.5419.3910.7814.8611.9612/31/20040.72 0.72  
   Mid-Cap Value 
Vanguard® Selected Value Fund - Investor Shares - 9321 -1.58-4.32-4.328.128.1011.4310.3202/15/19960.39 0.39  
   Small Blend 
Vanguard® Small-Cap Index Fund - Admiral™ Shares - 757 1.14-0.21-0.2111.828.0611.6610.7211/13/20000.05 0.05  
   Small Growth 
T. Rowe Price QM U.S. Small-Cap Growth Equity Fund - I Class - 8407 0.592.062.0616.949.5714.1713.0006/30/19970.66 0.66  
   Small Value 
JPMorgan Small Cap Value Fund - Class I Shares - 6295 (11)0.61-2.22-2.223.225.738.938.8503/22/19991.01 0.99  
   Specialty - Global Real Estate 
Principal Global Real Estate Securities Fund - Inst Class - 6349 (12)3.36-1.31-1.3110.083.326.125.9210/01/20070.96 0.94  
   Specialty - Natural Resources 
T. Rowe Price New Era Fund, Inc. - 8213 1.01-4.41-4.416.462.611.44-0.4601/20/19690.69 0.69  
   Specialty - Technology 
T. Rowe Price Global Technology Fund - I Class - 9249 -3.724.634.6330.9124.0827.0719.3709/29/20000.76 0.76  
Global / International   
   Diversified Emerging Mkts 
Oppenheimer Developing Markets Fund - Class Y - 1954 0.092.982.9825.309.185.875.9609/07/20051.07 1.07  
   Foreign Large Blend 
MFS® International Value Fund - Class R3 - 9206 0.69-0.77-0.7717.379.3210.707.1010/24/19951.01 1.01  
Vanguard® Developed Markets Index Fund - Admiral™ Shares - 6500 -0.47-1.09-1.0915.956.607.103.1208/17/19990.07 0.07  
   Foreign Large Growth 
American Funds EuroPacific Growth Fund® - Class R-6 - 1723 -0.771.031.0321.187.938.804.8704/16/19840.50 0.50  
   World Large Stock 
American Funds Capital World Growth and Income Fund®- R-6 - 1960 -1.700.430.4316.858.6310.086.2103/25/19930.45 0.45  
 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 any temporary fee or expense waivers that may be in effect for a fund. 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. 


ADDITIONAL NOTES 
(1) The current rate for the Voya Fixed Account - 457/401 II MC 924, Fund 4301 is 2.75%, 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 1.00%. 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. 

(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) MassMutual Premier High Yield Fund - Class R5: The expenses reflect a written agreement by MML Advisers to cap the fees and expenses of the Fund (other than extraordinary litigation and legal expenses, Acquired Fund fees and expenses, interest expense, short sale dividend and loan expense, or other non-recurring or unusual expenses such as organizational expenses and shareholder meeting expenses) through January 31, 2018, to the extent that Total Annual Fund Operating Expenses after Expense Reimbursement would otherwise exceed .65%. The Total Annual Fund Operating Expenses after Expense Reimbursement may exceed these amounts, because, as noted in the previous sentence, certain fees and expenses are excluded from the cap. The agreement can only be terminated by mutual consent of the Board of Trustees on behalf of the Fund and MML Advisers.
 

(4) PIMCO Real Return Asset Fund - Institutional Class: Other Expenses shown in the fund's prospectus include interest expense of 0.41%. Interest expense is borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC (PIMCO). Excluding interest expense, Total Annual Fund Operating Expenses are 0.55%. 

(5) PIMCO Total Return Fund - Institutional Class: "Other Expenses" include interest expense of 0.05%. Interest expense is borne by the Fund separately from the management fees paid to Pacific Investment Management Company LLC ("PIMCO"). Excluding interest expense, Total Annual Fund Operating Expenses are 0.46%. 

(6) Loomis Sayles Bond Fund - Institutional Class: Loomis, Sayles & Company, L.P. (Loomis Sayles or the Adviser) has given a binding contractual undertaking to the Fund to limit the amount of the Fund's total annual fund operating expenses to 0.70% of the Fund's average daily net assets, exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through January 31, 2018 and may be terminated before then only with the consent of the Fund's Board of Trustees. The Adviser will be permitted to recover management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed. 

(7) Oppenheimer International Bond Fund - Class Y: The Manager has contractually agreed to waive the management fee it receives from the Fund in an amount equal to the management fee it receives from the Subsidiary. This undertaking will continue to be in effect for as long as the Fund invests in the Subsidiary and may not be terminated unless approved by the Fund's Board. 

(8) American Funds 2010 Target Date Retirement Fund - Class R-6: The investment adviser is currently waiving its management fee of .10%. This waiver will be in effect through at least November 1, 2016. The waiver may only be modified or terminated with the approval of the series' board. 

(9) American Funds 2060 Target Date Retirement Fund - Class R-6: The investment adviser is currently reimbursing a portion of the other expenses for each share class. This reimbursement will be in effect through at least April 7, 2018. The adviser may elect at its discretion to extend, modify or terminate the reimbursement at that time. 

(10) JPMorgan Value Advantage Fund - Class L 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, and extraordinary expenses) exceed 0.75% of the average daily net assets. 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. These waivers are in effect through 10/31/18, at which time the adviser and/or its affiliates will determine whether to renew or revise them. 

(11) JPMorgan Small Cap Value Fund - Class I 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, and extraordinary expenses) exceed 0.99% of the average daily net assets. 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. These waivers are in effect through 10/31/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them. 

(12) Principal Global Real Estate Securities Fund - Institutional Shares: Principal Management Corporation ("Principal"), 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 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 1.00% for Institutional class shares. It is expected that the expense limit will continue through the period ending February 28, 2015; however, Principal Funds, Inc. and Principal, the parties to the agreement, may agree to terminate the expense limit prior to the end of the period. 

(13) 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. 

 Insurance products, annuities and funding agreements issued by Voya Retirement Insurance and Annuity Company, One Orange Way Windsor, CT 06095, (VRIAC), which is solely responsible for meeting its obligations. Plan administrative services provided by VRIAC or Voya Institutional Plan Services, LLC. All companies are members of the Voya family of companies. Securities are distributed by or offered through Voya Financial Partners, LLC (member SIPC) or other broker-dealers with which it has a selling agreement. 

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



Creation Date: Thursday, May 24, 2018

Not FDIC/NCUA/NCUSIF Insured I Not a Deposit of a Bank/Credit Union I May Lose Value I Not Bank/Credit Union Guaranteed I Not Insured by Any Federal Government Agency

Insurance products, annuities and retirement plan funding issued by (third party administrative services may also be provided by) Voya Retirement Insurance and Annuity Company, One Orange Way, Windsor, CT 06095-4774. Securities are distributed by Voya Financial Partners LLC (member SIPC).  Custodial account agreements or trust agreements are provided by Voya Institutional Trust Company. All companies are members of the Voya® family of companies. Securities may also be distributed through other broker-dealers with which Voya has selling agreements. Insurance obligations are the responsibility of each individual company. Product and services may not be available in all states.