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.

The returns assume reinvestment of all dividends (ordinary income and capital gains) and are net of management fees and other fund operating expenses. They do not reflect any plan level administrative fees, if applicable; if reflected, returns would be less favorable.

Voya will assess an annual asset-based service fee of 0.12% to all investment options excluding 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.

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 %*
Vanguard® Federal Money Market Fund - Investor Shares - 2573 (2) Stability of Principal 0.45 1.34 2.22 5.40 2.95 2.09 1.43 07/13/1981 0.11 0.11
Voya Fixed Plus Account III - 4632 (1)(8) Stability of Principal 0.17 0.50 0.83 2.00 1.96 1.93 2.13
PGIM High Yield Fund - Class R6 - 6589 Bonds 1.25 1.41 1.77 10.60 1.36 4.15 4.56 03/01/1996 0.38 0.38
DFA Inflation-Protected Securities Portfolio - Inst Class - 3223 Bonds 1.78 0.84 0.18 1.50 -1.55 2.03 1.88 09/18/2006 0.11 0.11
DFA Social Fixed Income Portfolio - Institutional Class - E802 Bonds 1.41 0.39 -0.64 3.44 -2.49 0.51 1.15 04/05/2016 0.22 0.22
Allspring Core Plus Bond Fund - Class R6 - 7369 (3) Bonds 1.77 0.36 -0.98 2.71 -2.55 1.27 2.47 07/13/1998 0.47 0.31
Vanguard® Target Retirement 2020 Fund - 1296 (4) Asset Allocation 2.41 1.69 2.79 10.51 0.90 5.74 5.39 06/07/2006 0.08 0.08
Vanguard® Target Retirement 2025 Fund - 926 (4) Asset Allocation 2.91 2.14 3.92 13.13 1.48 6.80 6.08 10/27/2003 0.08 0.08
Vanguard® Target Retirement 2030 Fund - 1297 (4) Asset Allocation 3.20 2.43 4.68 14.93 2.02 7.70 6.64 06/07/2006 0.08 0.08
Vanguard® Target Retirement 2035 Fund - 793 (4) Asset Allocation 3.46 2.68 5.47 16.56 2.59 8.59 7.19 10/27/2003 0.08 0.08
Vanguard® Target Retirement 2040 Fund - 1298 (4) Asset Allocation 3.70 2.99 6.21 18.24 3.18 9.49 7.73 06/07/2006 0.08 0.08
Vanguard® Target Retirement 2045 Fund - 794 (4) Asset Allocation 3.90 3.26 6.94 19.85 3.72 10.35 8.19 10/27/2003 0.08 0.08
Vanguard® Target Retirement 2050 Fund - 1299 (4) Asset Allocation 4.10 3.49 7.47 20.92 4.08 10.64 8.32 06/07/2006 0.08 0.08
Vanguard® Target Retirement 2055 Fund - 2473 (4) Asset Allocation 4.12 3.52 7.48 20.95 4.09 10.63 8.30 08/18/2010 0.08 0.08
Vanguard® Target Retirement 2060 Fund - 3447 (4) Asset Allocation 4.11 3.52 7.49 20.95 4.10 10.64 8.31 01/19/2012 0.08 0.08
Vanguard® Target Retirement 2065 Fund - 8995 (4)(5) Asset Allocation 4.14 3.54 7.51 20.95 4.13 10.63 9.05 07/12/2017 0.08 0.08
Vanguard® Target Retirement 2070 Fund - F690 (4) Asset Allocation 4.09 3.49 7.47 21.00 14.61 06/17/2022 0.08 0.08
Vanguard® Target Retirement Income Fund - 795 (4) Asset Allocation 2.16 1.46 2.01 8.56 0.40 4.08 3.93 10/27/2003 0.08 0.08
Fidelity® 500 Index Fund - C975 Large Cap Value/Blend 4.96 3.91 11.29 28.18 9.55 15.79 12.68 02/17/1988 0.02 0.02
Parnassus Core Equity FundSM - Investor Shares - 2228 (10) Large Cap Value/Blend 2.85 1.38 7.69 23.14 7.38 14.48 11.79 08/31/1992 0.85 0.82
Vanguard® Equity Income Fund - Admiral™ Shares - 7926 Large Cap Value/Blend 3.24 5.51 7.78 21.93 7.63 11.75 9.93 08/13/2001 0.18 0.18
JPMorgan Large Cap Growth Fund - Class R6 Shares - 3494 (6) Large Cap Growth 5.50 2.65 16.65 36.33 10.03 20.65 17.34 02/22/1994 0.52 0.44
Fidelity® Mid Cap Index Fund - D122 Small/Mid/Specialty 2.86 1.51 5.68 23.11 3.10 11.07 9.47 09/08/2011 0.03 0.03
T. Rowe Price Diversified Mid-Cap Growth Fund - I Class - C801 Small/Mid/Specialty 1.31 -2.14 6.22 20.72 2.43 11.11 11.44 12/31/2003 0.68 0.68
Victory Sycamore Established Value Fund - Class R6 - 6595 Small/Mid/Specialty 2.62 2.71 6.43 21.71 6.33 13.61 11.17 08/16/1983 0.54 0.54
Fidelity® Small Cap Index Fund - C993 Small/Mid/Specialty 5.02 1.14 2.72 20.19 -1.56 8.72 7.82 09/08/2011 0.03 0.03
Vanguard® Explorer™ Fund - Admiral™ Shares - 828 Small/Mid/Specialty 4.05 0.50 4.81 21.18 0.76 11.32 10.34 11/12/2001 0.34 0.34
Franklin Small Cap Value Fund - Class R6 - 6594 (7) Small/Mid/Specialty 4.84 3.76 3.96 22.19 1.96 11.29 7.76 05/01/1998 0.62 0.60
Fidelity Advisor® Focused Emerging Markets Fund - Class Z - C608 Global / International 2.11 9.31 7.31 17.07 -5.40 6.47 5.43 03/29/2004 0.89 0.89
Fidelity® Total International Index Fund - D128 Global / International 4.03 4.89 6.08 16.85 0.31 7.00 6.46 06/07/2016 0.06 0.06
American Funds EuroPacific Growth Fund® - Class R-6 - 1723 Global / International 3.43 4.30 8.14 16.73 -2.08 7.61 5.44 04/16/1984 0.47 0.47
Impax Global Environmental Markets Fund - Institutional - 7330 Global / International 4.58 3.07 6.65 18.23 2.03 11.44 8.17 03/27/2008 0.91 0.91

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 0.12% to all investment options excluding 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.

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 %*
Vanguard® Federal Money Market Fund - Investor Shares - 2573 (2) Stability of Principal 0.45 1.32 1.32 5.33 2.65 1.99 1.34 07/13/1981 0.11 0.11
Voya Fixed Plus Account III - 4632 (1)(8) Stability of Principal 0.17 0.49 0.49 2.00 1.93 1.94 2.14
PGIM High Yield Fund - Class R6 - 6589 Bonds 1.27 1.64 1.64 10.80 1.95 4.28 4.71 03/01/1996 0.38 0.38
DFA Inflation-Protected Securities Portfolio - Inst Class - 3223 Bonds 0.65 0.00 0.00 0.14 -0.69 2.39 2.23 09/18/2006 0.11 0.11
DFA Social Fixed Income Portfolio - Institutional Class - E802 Bonds 0.89 -0.14 -0.14 3.72 -1.86 1.02 1.24 04/05/2016 0.22 0.22
Allspring Core Plus Bond Fund - Class R6 - 7369 (3) Bonds 1.06 -0.29 -0.29 3.09 -1.87 1.74 2.75 07/13/1998 0.47 0.31
Vanguard® Target Retirement 2020 Fund - 1296 (4) Asset Allocation 1.73 2.83 2.83 10.42 1.98 5.60 5.63 06/07/2006 0.08 0.08
Vanguard® Target Retirement 2025 Fund - 926 (4) Asset Allocation 2.03 3.81 3.81 12.95 2.68 6.55 6.31 10/27/2003 0.08 0.08
Vanguard® Target Retirement 2030 Fund - 1297 (4) Asset Allocation 2.29 4.54 4.54 14.78 3.34 7.36 6.87 06/07/2006 0.08 0.08
Vanguard® Target Retirement 2035 Fund - 793 (4) Asset Allocation 2.46 5.24 5.24 16.37 4.02 8.17 7.43 10/27/2003 0.08 0.08
Vanguard® Target Retirement 2040 Fund - 1298 (4) Asset Allocation 2.64 5.85 5.85 17.94 4.69 8.96 7.95 06/07/2006 0.08 0.08
Vanguard® Target Retirement 2045 Fund - 794 (4) Asset Allocation 2.79 6.45 6.45 19.45 5.34 9.74 8.40 10/27/2003 0.08 0.08
Vanguard® Target Retirement 2050 Fund - 1299 (4) Asset Allocation 2.90 6.86 6.86 20.42 5.68 9.99 8.53 06/07/2006 0.08 0.08
Vanguard® Target Retirement 2055 Fund - 2473 (4) Asset Allocation 2.93 6.88 6.88 20.43 5.69 9.98 8.51 08/18/2010 0.08 0.08
Vanguard® Target Retirement 2060 Fund - 3447 (4) Asset Allocation 2.93 6.87 6.87 20.44 5.70 9.99 8.51 01/19/2012 0.08 0.08
Vanguard® Target Retirement 2065 Fund - 8995 (4)(5) Asset Allocation 2.93 6.88 6.88 20.41 5.72 9.98 9.19 07/12/2017 0.08 0.08
Vanguard® Target Retirement 2070 Fund - F690 (4) Asset Allocation 2.93 6.88 6.88 20.51 15.71 06/17/2022 0.08 0.08
Vanguard® Target Retirement Income Fund - 795 (4) Asset Allocation 1.54 2.09 2.09 8.47 1.23 4.14 4.14 10/27/2003 0.08 0.08
Fidelity® 500 Index Fund - C975 Large Cap Value/Blend 3.22 10.55 10.55 29.87 11.48 15.04 12.95 02/17/1988 0.02 0.02
Parnassus Core Equity FundSM - Investor Shares - 2228 (10) Large Cap Value/Blend 3.55 9.99 9.99 27.78 10.02 14.80 12.61 08/31/1992 0.85 0.82
Vanguard® Equity Income Fund - Admiral™ Shares - 7926 Large Cap Value/Blend 5.54 7.81 7.81 18.68 9.87 11.17 10.27 08/13/2001 0.18 0.18
JPMorgan Large Cap Growth Fund - Class R6 Shares - 3494 (6) Large Cap Growth 2.20 16.14 16.14 43.55 11.52 20.51 17.56 02/22/1994 0.52 0.44
Fidelity® Mid Cap Index Fund - D122 Small/Mid/Specialty 4.33 8.61 8.61 22.35 6.07 11.10 9.95 09/08/2011 0.03 0.03
T. Rowe Price Diversified Mid-Cap Growth Fund - I Class - C801 Small/Mid/Specialty 2.35 11.09 11.09 24.76 5.09 12.03 11.83 12/31/2003 0.68 0.68
Victory Sycamore Established Value Fund - Class R6 - 6595 Small/Mid/Specialty 5.42 9.24 9.24 18.46 10.04 13.69 11.66 08/16/1983 0.54 0.54
Fidelity® Small Cap Index Fund - C993 Small/Mid/Specialty 3.58 5.19 5.19 19.83 -0.01 8.21 7.74 09/08/2011 0.03 0.03
Vanguard® Explorer™ Fund - Admiral™ Shares - 828 Small/Mid/Specialty 2.86 7.28 7.28 20.19 2.56 11.07 10.26 11/12/2001 0.34 0.34
Franklin Small Cap Value Fund - Class R6 - 6594 (7) Small/Mid/Specialty 4.80 5.00 5.00 16.44 4.02 10.26 7.73 05/01/1998 0.62 0.60
Fidelity Advisor® Focused Emerging Markets Fund - Class Z - C608 Global / International 4.94 3.02 3.02 8.04 -5.44 5.17 5.41 03/29/2004 0.89 0.89
Fidelity® Total International Index Fund - D128 Global / International 3.08 4.26 4.26 12.81 1.72 6.02 6.36 06/07/2016 0.06 0.06
American Funds EuroPacific Growth Fund® - Class R-6 - 1723 Global / International 3.63 7.44 7.44 13.49 -0.16 6.91 5.58 04/16/1984 0.47 0.47
Impax Global Environmental Markets Fund - Institutional - 7330 Global / International 3.32 6.92 6.92 14.63 4.11 10.77 8.29 03/27/2008 0.91 0.91

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 Plus Account III MC 904, Fund 4632 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) YOU COULD LOSE MONEY BY INVESTING IN THE FUND. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT CANNOT GUARANTEE IT WILL DO SO. AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. THE FUND'S SPONSOR HAS NO LEGAL OBLIGATION TO PROVIDE FINANCIAL SUPPORT TO THE FUND, AND YOU SHOULD NOT EXPECT THAT THE SPONSOR WILL PROVIDE FINANCIAL SUPPORT TO THE FUND AT ANY TIME.

(3) Allspring Core Plus Bond Fund - Class R6: Expenses have been adjusted as necessary from amounts incurred during the Fund's most recent fiscal year to reflect current fees and expenses. The Manager has contractually committed through December 31, 2023, to waive fees and/or reimburse expenses to the extent necessary to cap Total Annual Fund Operating Expenses After Fee Waiver at 0.30% for Class R6. Brokerage commissions, stamp duty fees, interest, taxes, acquired fund fees and expenses (if any), and extraordinary expenses are excluded from the expense cap. Prior to or after the commitment expiration date, the cap may be increased or the commitment to maintain the cap may be terminated only with the approval of the Board of Trustees.

(4) Investments in Target Retirement Funds are subject to the risks of their underlying funds. The year in the fund name refers to the approximate year (the target date) when an investor in the fund would retire and leave the work force. The fund will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in the Target Retirement Fund is not guaranteed at any time, including on or after the target date.

(5) Vanguard Target Retirement Trusts: Investments in Target Retirement Trusts are subject to the risks of their underlying investments. The year in the fund name refers to the approximate year (the target date) when an investor in the trust would retire and leave the workforce. The trust will gradually shift its emphasis from more aggressive investments to more conservative ones based on its target date. An investment in a Target Retirement Trust is not guaranteed at any time, including on or after the target date. These trust suggestions are based on an estimated retirement age of approximately 65. Should you choose to retire significantly earlier or later, you may want to consider a trust with an asset allocation more appropriate to your particular situation. All investing is subject to risk, including the possible loss of the money you invest. Diversification does not ensure a profit or protect against a loss. Investments in bonds are subject to interest rate, credit, and inflation risk.

(6) JPMorgan Large Cap Growth 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 0.44% 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. These waivers are in effect through 10/31/24, 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.

(7) Franklin Small Cap Value Fund - Class R6: The investment manager has agreed to reduce its fees to reflect reduced services resulting from the Fund's investments in Franklin Templeton affiliated funds. In addition, the transfer agent has agreed to limit its fees on Class R6 shares of the Fund so that transfer agency fees for that class do not exceed 0.03%. These arrangements are expected to continue until February 29, 2024. During the terms, the fee waiver and expense reimbursement agreements may not be terminated or amended without approval of the board of trustees except to add series or classes, to reflect the extension of termination dates or to lower the waiver and expense limitation (which would result in lower fees for shareholders).

(8) 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.

(9) The current yield reflects the deduction of all charges that are deducted from the total return quotations shown.

(10) 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.

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