Investment Performance

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PERFORMANCE UPDATE  
 
SUNY VOLUNTARY 403(B)  
 
Average Annual Total Returns as of 12/31/2021    (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. Voya will assess an annual administrative fee of 0.16% to all investment options excluding balances held in the Voya Fixed Plus Account III. This fee is deducted from your account monthly 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. The performance data shown below also does not reflect an expense reimbursement which may be applied to participant accounts on a monthly 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. 

 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   
   Money Market 
Vanguard® Federal Money Market Fund - Investor Shares - 2573 (2)0.000.000.010.010.861.040.5607/13/19810.11 0.11  
The 7-day annualized yield as of 12/31/2021 is 0.01%, which more closely reflects current earnings.  (14) 
   Stability of Principal 
Voya Fixed Plus Account III - 4632 (1)(13)0.160.481.651.651.791.882.17   
Bonds   
   High Yield Bond 
Voya High Yield Portfolio - Institutional Class - 1159 (3)1.970.795.285.288.805.906.3205/03/20040.50 0.48  
   Inflation-Protected Bond 
DFA Inflation-Protected Securities Portfolio - Inst Class - 3223 0.231.975.555.558.535.443.1009/18/20060.11 0.11  
   Intermediate Core Bond 
DFA Social Fixed Income Portfolio - Institutional Class - E802 -0.28-0.47-2.19-2.195.493.873.0204/05/20160.25 0.25  
   Intermediate Core-Plus Bond 
Voya Intermediate Bond Fund - Class R6 - 6431 0.00-0.09-0.99-0.995.664.294.1012/15/19980.30 0.30  
   Intermediate Government 
JPMorgan Government Bond Fund - Class R6 Shares - 9364 (4)-0.40-0.30-1.99-1.993.883.002.2902/08/19930.39 0.35  
   World Bond 
Voya Global Bond Portfolio - Initial Class - 422 (15)0.05-0.88-4.79-4.793.923.822.4711/08/20040.81 0.70  
Asset Allocation   
   Lifecycle 
Voya Target In-Retirement Fund - Class R6 - 6997 (5)1.462.706.556.5510.027.206.8512/21/20150.22 0.22  
Voya Target Retirement 2025 Fund - Class R6 - 6989 (5)2.454.3711.4311.4314.2510.239.4612/20/20120.23 0.23  
Voya Target Retirement 2030 Fund - Class R6 - 6990 (5)2.885.0813.4213.4216.1811.4110.5412/20/20120.24 0.24  
Voya Target Retirement 2035 Fund - Class R6 - 6991 (5)3.285.8315.5215.5217.8512.5311.2712/20/20120.26 0.25  
Voya Target Retirement 2040 Fund - Class R6 - 6992 (5)3.676.5417.7017.7019.4613.4512.0712/20/20120.26 0.25  
Voya Target Retirement 2045 Fund - Class R6 - 6993 (5)3.946.9219.0219.0220.4313.9312.4112/20/20120.26 0.25  
Voya Target Retirement 2050 Fund - Class R6 - 6994 (5)3.917.0018.9018.9020.4413.9012.4512/20/20120.25 0.25  
Voya Target Retirement 2055 Fund - Class R6 - 6995 (5)3.927.0119.0819.0820.5914.0112.4812/20/20120.25 0.25  
Voya Target Retirement 2060 Fund - Class R6 - 6996 (5)(19)4.017.1419.3319.3320.7714.1113.0612/21/20150.26 0.25  
Voya Target Retirement 2065 Fund - Class R6 - E485 (16)4.017.1419.3119.3127.0407/29/20200.30 0.25  
Balanced   
   Allocation--50% to 70% Equity 
Pioneer Balanced ESG Fund - Class K Shares - E508 (17)3.666.2015.3915.3916.7111.8910.4812/16/19910.71 0.66  
VY® T. Rowe Price Capital Appreciation Portfolio - Inst - 1257 3.036.0218.6718.6720.5215.2613.9001/24/19890.64 0.64  
Large Cap Value/Blend   
   Large Blend 
American Funds Washington Mutual Investors FundSM-Class R-6 - 1990 6.7111.9628.9028.9020.6115.5314.5907/31/19520.27 0.27  
DFA U.S. Large Company Portfolio - Institutional Class - 3737 (18)4.5011.0028.6028.6026.0118.4116.4709/23/19990.09 0.08  
Fidelity® 500 Index Fund - C975 4.4811.0228.6928.6926.0618.4616.5402/17/19880.02 0.02  
Parnassus Core Equity FundSM - Investor Shares - 2228 4.3510.7427.5527.5526.4118.6416.4108/31/19920.84 0.84  
   Large Value 
JPMorgan Equity Income Fund - Class R6 Shares - 3507 (6)6.438.7425.4425.4418.1613.2313.6402/18/19920.48 0.47  
Vanguard® Equity Income Fund - Admiral™ Shares - 7926 6.548.7025.6425.6417.5412.6713.2308/13/20010.19 0.19  
Large Cap Growth   
   Large Growth 
American Funds The Growth Fund of America® - Class R-6 - 1724 0.876.5819.6919.6928.6121.2618.3112/01/19730.30 0.30  
Fidelity® Contrafund® - 524 1.328.2624.3624.3628.9322.6317.9605/17/19670.86 0.86  
Voya Large Cap Growth Portfolio - Institutional Class - 742 (7)1.226.7419.5519.5527.6021.5717.8305/03/20040.72 0.67  
VY® T. Rowe Price Growth Equity Portfolio - Initial Class - 111 (8)-0.884.7720.0820.0829.0123.1919.1011/28/19970.81 0.73  
Small/Mid/Specialty   
   Mid-Cap Blend 
Fidelity® Mid Cap Index Fund - D122 4.086.4422.5622.5623.2715.0814.8909/08/20110.03 0.03  
   Mid-Cap Growth 
Voya MidCap Opportunities Portfolio - Class I - 081 (9)0.44-0.1712.0712.0726.9518.8115.4005/05/20000.87 0.66  
VY® T. Rowe Price Diversified Mid Cap Growth Port - Initial - 449 (10)1.233.7813.8013.8027.2119.9816.9412/10/20010.87 0.80  
   Mid-Cap Value 
American Century Mid Cap Value Fund - R6 Class - 6305 7.027.2923.5623.5617.679.7613.1203/31/20040.63 0.63  
Ariel Fund - Institutional Class - C943 4.143.6430.7630.7621.7612.6814.7211/06/19860.72 0.72  
Victory Sycamore Established Value Fund - Class R6 - 6595 6.898.0531.9531.9522.5013.9614.7608/16/19830.57 0.57  
   Small Blend 
BlackRock Advantage Small Cap Core Fund - Class K - QG36 2.532.5314.7214.7221.9712.9014.6203/14/20130.52 0.45  
Fidelity® Small Cap Index Fund - C993 2.212.1014.7214.7220.0512.1113.3809/08/20110.03 0.03  
   Small Growth 
Vanguard® Explorer™ Fund - Admiral™ Shares - 828 2.173.8016.3716.3726.2119.2916.2511/12/20010.30 0.30  
   Small Value 
Franklin Small Cap Value Fund - Class R6 - 6594 (11)6.575.5325.9725.9719.0610.4612.3005/01/19980.69 0.65  
   Specialty - Real Estate 
DFA Real Estate Securities Portfolio - Institutional Class - 1438 (12)9.5716.0641.8541.8519.9512.0911.9501/05/19930.20 0.18  
Global / International   
   Diversified Emerging Mkts 
Invesco Developing Markets Fund - Class R6 - 3502 -1.84-4.06-7.13-7.1310.8110.196.6511/17/19960.82 0.82  
   Foreign Large Blend 
Vanguard® Total International Stock Index Fund - Adm™ Sh - 9889 4.062.118.628.6213.679.907.6804/29/19960.11 0.11  
   Foreign Large Growth 
American Funds EuroPacific Growth Fund® - Class R-6 - 1723 2.19-1.132.842.8417.9512.8710.0104/16/19840.46 0.46  
   Foreign Large Value 
Vanguard® International Value Fund - Investor Shares - 8633 4.901.957.977.9712.319.167.5705/16/19830.35 0.35  
   World Large-Stock Blend 
Pax Global Environmental Markets Fund - Institutional Class - 7330 5.638.6422.2322.2325.4416.5213.7503/27/20080.95 0.95  
   World Large-Stock Growth 
American Funds New Perspective Fund® - Class R-6 - 1899 2.226.7218.1018.1027.2820.2815.8103/13/19730.42 0.42  
   World Small/Mid Stock 
American Funds SMALLCAP World Fund® - Class R-6 - 1969 1.64-0.4510.6610.6626.0718.2415.1704/29/19900.67 0.67  
 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 Plus Account III MC 902, Fund 4632 is 1.70%, 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) 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) Voya High Yield Portfolio - Institutional Class: The adviser is contractually obligated to waive 0.015% of the management fee through May 1, 2022. Termination or modification of this obligation requires approval by the Portfolio's board. 
(4) JPMorgan Government Bond 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 in the prospectus, dividend and interest expenses related to short sales, interest, taxes, expenses related to litigation and potential litigation, and extraordinary expenses) exceed 0.35% 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 6/30/19, at which time the adviser and/or its affiliates will determine whether to renew or revise them. 


(5) There is no guarantee that any investment option will achieve its stated objective. Principal value fluctuates and there is no guarantee of value at any time, including the target date. The "target date" is the approximate date when you plan to start withdrawing your money. When your target date is reached, you may have more or less than the original amount invested. For each target date Portfolio, until the day prior to its Target Date, the Portfolio will seek to provide total returns consistent with an asset allocation targeted for an investor who is retiring in approximately each Portfolio's designation Target Year. Prior to choosing a Target Date Portfolio, investors are strongly encouraged to review and understand the Portfolio's objectives and its composition of stocks and bonds, and how the asset allocation will change over time as the target date nears. No two investors are alike and one should not assume that just because they intend to retire in the year corresponding to the Target Date that that specific Portfolio is appropriate and suitable to their risk tolerance. It is recommended that an investor consider carefully the possibility of capital loss in each of the target date Portfolios, the likelihood and magnitude of which will be dependent upon the Portfolio's asset allocation. On the Target Date, the portfolio will seek to provide a combination of total return and stability of principal.

The Voya Solution / Target Date PortfoliosSM are actively managed and the asset allocation adjusted over time.  The portfolios may merge with or change to other portfolios over time. Refer to the prospectus for more information about the specific risks of investing in the various asset classes included in the The Voya Solution / Target Date PortfoliosSM.
Stocks are more volatile than bonds, and portfolios with a higher concentration of stocks are more likely to experience greater fluctuations in value than portfolios with a higher concentration in bonds. Foreign stocks and small and midcap stocks may be more volatile than large cap stocks. Investing in bonds also entails credit risk and interest rate risk. Generally investors with longer timeframes can consider assuming more risk in their investment portfolio.
 
(6) JPMorgan Equity Income 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, and extraordinary expenses) exceed 0.54% 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. 

(7) Voya Large Cap Growth Portfolio - Institutional Class: The adviser is contractually obligated to limit expenses to 0.67% for Class I shares through May 1, 2022. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. Termination or modification of this obligation requires approval by the Portfolio's board. 

(8) VY T. Rowe Price Growth Equity Portfolio - Initial Class: The adviser is contractually obligated to limit expenses to 0.75% for Class I shares through May 1, 2022. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The adviser is contractually obligated to waive 0.019% of the management fee through May 1, 2022. Termination or modification of these obligations requires approval by the Portfolio's board. 

(9) Voya MidCap Opportunities Portfolio - Class I: The adviser is contractually obligated to limit expenses to 0.90%,for Class I shares through May 1, 2022. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. In addition, the adviser is contractually obligated to further limit expenses to 0.66% for Class I shares through May 1, 2022. The limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. Termination or modification of these obligations requires approval by the Portfolio's board. 

(10) VY T. Rowe Price Diversified Mid Cap Growth Portfolio - Initial Class: The adviser is contractually obligated to limit expenses to 0.80% Class I shares through May 1, 2022. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Portfolio's board. 
(11) Franklin Small Cap Value Fund - Class R6: The investment manager has contractually agreed in advance to reduce its fee as a result of the Fund's investment in Franklin Templeton affiliated funds (acquired fund) for at least one year following the date of the prospectus. In addition, the transfer agent has contractually agreed to cap transfer agency fees on Class R6 to 0.03% until February 28, 2022. During its term, this fee waiver and expense reimbursement agreement 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 fee waiver and expense limitation. 

(12) DFA Real Estate Securities Portfolio - Institutional Class: Dimensional Fund Advisors LP (the "Advisor") has agreed to waive certain fees and in certain instances, assume certain expenses of the DFA Real Estate Securities Portfolio. The Fee Waiver and Expense Assumption Agreement for the Portfolio will remain in effect through February 28, 2022, and may only be terminated by the Fund's Board of Directors prior to that date. Under certain circumstances, the Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-sixmonths after such fee waiver and/or expense assumption. 

(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. 

(14) The current yield reflects the deduction of all charges that are deducted from the total return quotations shown.   
(15) Voya Global Bond Portfolio - Initial Class: The adviser is contractually obligated to limit expenses to 0.67% for Class I shares through May 1, 2022. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The adviser is contractually obligated to waive 0.003% of the management fee through May 1, 2022. Termination or modification of these obligations requires approval by the Portfolio's board. 

(16) Voya Target Retirement 2065 Fund - Class R6: The adviser is contractually obligated to limit expenses to 0.49% and 0.89% for Class R6 shares through October 1, 2021 . The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Fund's board. 
(17) Pioneer Balanced ESG Fund - Class K Shares: The fund's investment adviser has contractually agreed to limit ordinary operating expenses (ordinary operating expenses means all fund expenses other than taxes, brokerage commissions, acquired fund fees and expenses, and extraordinary expenses, such as litigation) to the extent required to reduce fund expenses to 0.65% of the average daily net assets attributable to Class K shares. These expense limitations are in effect through December 1, 2021. There can be no assurance that the adviser will extend the expense limitations beyond such time. Net expenses for a class may exceed the applicable expense limitation to the extent that the fund incurs excluded expenses. While in effect, the arrangement may be terminated for a class only by agreement of the adviser and the Board of Trustees. 
(18) DFA U.S. Large Company Portfolio - Institutional Class: For any period when the Feeder Portfolio is invested in other funds managed by Dimensional Fund Advisors LP (the "Advisor") (collectively, "Underlying Funds"), the Advisor has contractually agreed to permanently waive the Feeder Portfolio's direct investment management fee to the extent necessary to offset the proportionate share of any Underlying Fund's investment management fee paid by the Feeder Portfolio through its investment in such Underlying Fund. The amounts set forth under "Other Expenses" and "Total Annual Fund Operating Expenses" reflect the direct expenses of the Feeder Portfolio and the indirect expenses of the Feeder Portfolio's portion of the expenses of the Master Fund. 
(19) Voya Target Retirement 2060 Fund - Class R6: The adviser is contractually obligated to limit expenses to 0.49% for Class R6 shares through October 1, 2021 . The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Fund's board. 



Creation Date: Tuesday, January 25, 2022