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 excluding balances held in your plans Fixed Account. This fee is deducted from your account 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 %*
BlackRock Liquid Federal Trust Fund - Instl - 2574 (2)(8) Stability of Principal 0.41 1.31 0.86 5.17 2.41 1.86 1.23 12/03/1990 0.23 0.17
Voya Fixed Plus III - 457/401 - 4300 (1)(6)(9) Stability of Principal 0.20 0.62 0.41 2.42 2.03 2.12 2.41
Dodge & Cox Global Bond Fund - Class X - F637 (10) Bonds -1.01 3.05 -1.46 9.00 0.76 4.13 2.96 05/30/2014 0.47 0.37
Voya High Yield Bond Fund - Class R6 - 8676 (3) Bonds 0.13 3.75 0.15 9.66 0.98 3.41 3.63 12/15/1998 0.67 0.62
BlackRock Inflation Protected Bond Pt - Class K Shares - 6909 (4) Bonds -1.03 1.83 -0.52 2.14 -0.77 2.91 1.97 06/28/2004 0.55 0.51
Fidelity® U.S. Bond Index Fund - D110 Bonds -1.47 2.10 -1.59 3.31 -3.18 0.56 1.41 03/08/1990 0.03 0.03
Voya Intermediate Bond Fund - Class R6 - 6431 Bonds -1.14 2.86 -1.08 4.84 -2.85 1.07 2.06 12/15/1998 0.30 0.30
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 2015 Target Date Retirement Fund®-Class R-6 - 1973 Asset Allocation 0.75 5.01 1.01 10.00 2.89 5.70 5.33 02/01/2007 0.30 0.30
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 2025 Target Date Retirement Fund®-Class R-6 - 1977 Asset Allocation 1.22 5.95 1.57 12.29 3.18 6.89 6.39 02/01/2007 0.32 0.32
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 2035 Target Date Retirement Fund®-Class R-6 - 1981 Asset Allocation 2.99 8.45 3.34 17.85 4.82 9.28 8.30 02/01/2007 0.35 0.35
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 2045 Target Date Retirement Fund®-Class R-6 - 1985 Asset Allocation 4.08 10.18 4.46 21.49 5.70 10.34 9.00 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 2055 Target Date Retirement Fund®-Class R-6 - 1989 Asset Allocation 4.38 10.59 4.78 22.72 5.61 10.36 9.04 02/01/2010 0.38 0.38
American Funds 2060 Target Date Retirement Fund®-Class R-6 - 9639 (11) 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 2065 Target Date Retirement Fund®-Class R-6 - E410 Asset Allocation 4.42 10.69 4.83 22.89 5.61 15.60 03/27/2020 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
Fidelity® 500 Index Fund - C975 Large Cap Value/Blend 5.34 11.97 7.11 30.45 11.90 14.75 12.69 02/17/1988 0.02 0.02
Vanguard® FTSE Social Index Fund - Institutional Shares - 1215 Large Cap Value/Blend 5.45 12.74 7.46 34.36 10.70 15.09 13.11 12/15/2006 0.12 0.12
Vanguard® Equity Income Fund - Admiral™ Shares - 7926 Large Cap Value/Blend 2.76 7.64 2.15 11.41 10.35 10.16 9.94 08/13/2001 0.19 0.19
JPMorgan Large Cap Growth Fund - Class R6 Shares - 3494 (5) Large Cap Growth 8.91 18.33 13.64 47.85 10.23 20.58 16.70 02/22/1994 0.52 0.44
Fidelity® Mid Cap Index Fund - D122 Small/Mid/Specialty 5.59 12.16 4.11 15.48 5.52 10.35 9.45 09/08/2011 0.03 0.03
T. Rowe Price Diversified Mid-Cap Growth Fund - I Class - C801 Small/Mid/Specialty 8.38 15.68 8.54 23.92 3.44 11.85 11.33 12/31/2003 0.68 0.68
American Century Mid Cap Value Fund - R6 Class - 6305 Small/Mid/Specialty 1.43 5.85 0.51 3.45 7.74 8.85 8.95 03/31/2004 0.63 0.63
Fidelity® Small Cap Index Fund - C993 Small/Mid/Specialty 5.65 13.98 1.56 10.16 -0.84 7.00 7.29 09/08/2011 0.03 0.03
Loomis Sayles Small Cap Growth Fund - Class N - D564 Small/Mid/Specialty 7.79 14.23 5.28 9.99 -1.94 7.95 8.51 12/31/1996 0.82 0.82
DFA U.S. Targeted Value Portfolio - Institutional Class - 2566 Small/Mid/Specialty 2.66 10.97 -0.63 9.71 10.22 11.24 8.42 02/23/2000 0.29 0.29
DFA Real Estate Securities Portfolio - Institutional Class - 1438 (12) Small/Mid/Specialty 1.85 5.43 -2.96 4.17 3.81 4.51 6.74 01/05/1993 0.20 0.18
American Funds New World Fund® - Class R-6 - 3491 Global / International 4.07 7.38 2.72 15.37 -1.27 7.25 5.77 06/17/1999 0.57 0.57
Fidelity® International Index Fund - D115 Global / International 2.73 7.93 2.37 14.97 4.64 6.96 4.53 11/05/1997 0.04 0.04
Dodge & Cox International Stock Fund - Class X - F635 (13) Global / International 1.34 3.01 -1.61 9.21 4.36 6.16 3.68 05/01/2001 0.57 0.52
American Funds New Perspective Fund® - Class R-6 - 1899 Global / International 5.13 11.35 5.60 24.46 4.62 12.61 10.53 03/13/1973 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 excluding balances held in your plans Fixed Account. This fee is deducted from your account 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 %*
BlackRock Liquid Federal Trust Fund - Instl - 2574 (2)(8) Stability of Principal 0.45 1.33 4.97 4.97 2.12 1.76 1.14 12/03/1990 0.23 0.17
Voya Fixed Plus III - 457/401 - 4300 (1)(6)(9) Stability of Principal 0.21 0.62 2.38 2.38 2.00 2.12 2.42
Dodge & Cox Global Bond Fund - Class X - F637 (10) Bonds 4.58 8.67 12.48 12.48 0.78 5.14 3.17 05/30/2014 0.47 0.37
Voya High Yield Bond Fund - Class R6 - 8676 (3) Bonds 3.59 6.42 12.26 12.26 1.02 4.69 3.88 12/15/1998 0.67 0.62
BlackRock Inflation Protected Bond Pt - Class K Shares - 6909 (4) Bonds 2.36 4.42 3.77 3.77 -0.94 3.32 2.27 06/28/2004 0.55 0.51
Fidelity® U.S. Bond Index Fund - D110 Bonds 3.75 6.64 5.55 5.55 -3.40 1.06 1.79 03/08/1990 0.03 0.03
Voya Intermediate Bond Fund - Class R6 - 6431 Bonds 3.99 7.13 7.08 7.08 -3.10 1.63 2.42 12/15/1998 0.30 0.30
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 2015 Target Date Retirement Fund®-Class R-6 - 1973 Asset Allocation 3.96 8.04 9.57 9.57 2.74 6.51 5.39 02/01/2007 0.30 0.30
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 2025 Target Date Retirement Fund®-Class R-6 - 1977 Asset Allocation 4.31 8.96 11.94 11.94 2.87 7.84 6.41 02/01/2007 0.32 0.32
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 2035 Target Date Retirement Fund®-Class R-6 - 1981 Asset Allocation 4.95 10.50 16.90 16.90 4.20 10.39 8.15 02/01/2007 0.35 0.35
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 2045 Target Date Retirement Fund®-Class R-6 - 1985 Asset Allocation 5.47 11.54 20.15 20.15 4.83 11.35 8.73 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 2055 Target Date Retirement Fund®-Class R-6 - 1989 Asset Allocation 5.55 11.83 21.40 21.40 4.65 11.35 8.73 02/01/2010 0.38 0.38
American Funds 2060 Target Date Retirement Fund®-Class R-6 - 9639 (11) 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 2065 Target Date Retirement Fund®-Class R-6 - E410 Asset Allocation 5.60 11.86 21.55 21.55 4.65 14.88 03/27/2020 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
Fidelity® 500 Index Fund - C975 Large Cap Value/Blend 4.54 11.69 26.29 26.29 9.99 15.68 12.02 02/17/1988 0.02 0.02
Vanguard® FTSE Social Index Fund - Institutional Shares - 1215 Large Cap Value/Blend 4.91 13.19 31.78 31.78 8.47 15.97 12.53 12/15/2006 0.12 0.12
Vanguard® Equity Income Fund - Admiral™ Shares - 7926 Large Cap Value/Blend 5.38 8.98 7.76 7.76 10.63 11.85 9.70 08/13/2001 0.19 0.19
JPMorgan Large Cap Growth Fund - Class R6 Shares - 3494 (5) Large Cap Growth 4.13 13.48 34.95 34.95 6.23 21.19 15.67 02/22/1994 0.52 0.44
Fidelity® Mid Cap Index Fund - D122 Small/Mid/Specialty 7.73 12.79 17.21 17.21 5.92 12.68 9.41 09/08/2011 0.03 0.03
T. Rowe Price Diversified Mid-Cap Growth Fund - I Class - C801 Small/Mid/Specialty 6.58 12.01 21.04 21.04 1.35 13.66 10.89 12/31/2003 0.68 0.68
American Century Mid Cap Value Fund - R6 Class - 6305 Small/Mid/Specialty 5.31 10.55 6.52 6.52 9.17 11.40 9.08 03/31/2004 0.63 0.63
Fidelity® Small Cap Index Fund - C993 Small/Mid/Specialty 12.23 14.05 17.12 17.12 2.32 10.07 7.32 09/08/2011 0.03 0.03
Loomis Sayles Small Cap Growth Fund - Class N - D564 Small/Mid/Specialty 8.50 8.24 12.06 12.06 -1.60 10.13 8.41 12/31/1996 0.82 0.82
DFA U.S. Targeted Value Portfolio - Institutional Class - 2566 Small/Mid/Specialty 11.67 14.39 19.31 19.31 16.46 14.77 8.51 02/23/2000 0.29 0.29
DFA Real Estate Securities Portfolio - Institutional Class - 1438 (12) Small/Mid/Specialty 8.64 17.88 11.18 11.18 5.78 7.56 8.04 01/05/1993 0.20 0.18
American Funds New World Fund® - Class R-6 - 3491 Global / International 4.54 8.95 16.22 16.22 -1.49 8.93 5.51 06/17/1999 0.57 0.57
Fidelity® International Index Fund - D115 Global / International 5.43 10.75 18.31 18.31 4.18 8.34 4.42 11/05/1997 0.04 0.04
Dodge & Cox International Stock Fund - Class X - F635 (13) Global / International 4.69 6.82 16.81 16.81 6.55 8.68 4.00 05/01/2001 0.57 0.52
American Funds New Perspective Fund® - Class R-6 - 1899 Global / International 5.45 11.44 25.01 25.01 3.17 13.90 10.10 03/13/1973 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 Plus III - 457/401 MC 906, Fund 4300 is 2.50%, 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 1.75% 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) Voya High Yield Bond Fund - Class R6: Expense information has been restated to reflect current contractual rates. Voya Investments, LLC (the "Investment Adviser") is contractually obligated to limit expenses to 0.83% for Class R6 shares, through August 1, 2024 . 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 Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts that would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in effect at the time of recoupment. The Investment Adviser is contractually obligated to waive 0.05% of the management fee through August 1, 2024. Termination or modification of these obligations requires approval by the Fund's Board of Trustees (the "Board").

(4) BlackRock Inflation Protected Bond Portfolio - Class K Shares: As described in the "Management of the Fund" section of the Fund's prospectus beginning on page 33, BlackRock has contractually agreed to waive the management fee with respect to any portion of the Fund's assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through June 30, 2024. In addition, BlackRock has contractually agreed to waive its management fees by the amount of investment advisory fees the Fund pays to BlackRock indirectly through its investment in money market funds managed by BlackRock or its affiliates, through June 30, 2024. The contractual agreements may be terminated upon 90 days' notice by a majority of the non-interested trustees of BlackRock Funds V (the "Trust") or by a vote of a majority of the outstanding voting securities of the Fund. Miscellaneous Other Expenses do not include extraordinary expenses incurred by the Fund. If included, Miscellaneous Other Expenses would have been 0.15% of average daily net assets. The Total Annual Fund Operating Expenses do not correlate to the ratio of expenses to average net assets given in the Fund's most recent annual report, which includes extraordinary expenses. As described in the "Management of the Fund" section of the Fund's prospectus beginning on page 33, BlackRock has contractually agreed to waive and/or reimburse fees or expenses in order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.29% of average daily net assets through June 30, 2024. The contractual agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

(5) 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 10/31/23, 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.

(6) 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.

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

(8) BlackRock Liquidity Federal Trust Fund - Institutional Shares: As described in the "Management of the Funds" section of the Fund's prospectus beginning on page 67, BlackRock, the Fund's investment manager, has contractually agreed to waive fees and/or reimburse ordinary operating expenses in order to keep combined Management Fees and Miscellaneous/Other Expenses (excluding Dividend Expense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) from exceeding 0.17% of average daily net assets through June 30, 2024. The agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund.

(9) Voya Fixed Plus III - 457/401 (4300) offers a crediting rate of at least 2.50% through December 31, 2026 and then the prevailing credited rate thereafter. The current credited rate will never be lower than the 1.00% Guaranteed Minimum Interest Rate set forth in your contract. Guarantees are based on the claims-paying ability of Voya Retirement Insurance and Annuity Company and do not apply to the investment return or principal value of the mutual funds under a custodial or trust agreement.

(10) Dodge & Cox Global Bond Fund - Class X: Management fees include investment advisory fee expenses of 0.35% for each class; and administrative services fee expenses of 0.05% for the Fund's Class X shares. Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain Total Annual Fund Operating Expenses of the Class X shares at 0.37% until April 30, 2026. These agreements cannot be terminated prior to April 30, 2026 other than by resolution of the Fund's Board of Trustees. For purposes of the foregoing, ordinary expenses shall not include nonrecurring shareholder account fees, fees and expenses associated with Fund shareholder meetings, fees on portfolio transactions such as exchange fees, dividends and interest on short positions, fees and expenses of pooled investment vehicles that are held by the Fund, interest expenses and other fees and expenses related to any borrowings, taxes, brokerage fees and commissions and other costs and expenses relating to the acquisition and disposition of Fund investments, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of the Fund's business, such as litigation expenses. The term of the agreement will automatically renew for subsequent three-year terms unless terminated with at least 30 days' written notice by either party prior to the end of the then-current term. The agreement does not permit Dodge & Cox to recoup any fees waived or payments made to the Fund for a prior year.

(11) 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.

(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, 2024, and may only be terminated by the Fund's Board of Directors prior to that date. The Advisor retains the right to seek reimbursement for any fees previously waived and/or expenses previously assumed up to thirty-six months after such fee waiver and/or expense assumption.

(13) Dodge & Cox International Stock Fund - Class X: Management fees include investment advisory fee expenses of 0.50% for each class; and administrative services fee expenses of 0.05% for the Fund's Class X shares. Dodge & Cox has contractually agreed to reimburse the Fund for all ordinary expenses to the extent necessary to maintain Total Annual Fund Operating Expenses of the Fund's Class X shares at 0.52% until April 30, 2026. This agreement cannot be terminated prior to April 30, 2026 other than by resolution of the Fund's Board of Trustees. For purposes of the foregoing, ordinary expenses shall not include nonrecurring shareholder account fees, fees and expenses associated with Fund shareholder meetings, fees on portfolio transactions such as exchange fees, dividends and interest on short positions, fees and expenses of pooled investment vehicles that are held by the Fund, interest expenses and other fees and expenses related to any borrowings, taxes, brokerage fees and commissions and other costs and expenses relating to the acquisition and disposition of Fund investments, other expenditures which are capitalized in accordance with generally accepted accounting principles, and other non-routine expenses or extraordinary expenses not incurred in the ordinary course of the Fund's business, such as litigation expenses. The term of the agreement will automatically renew for subsequent three-year terms unless terminated with at least 30 days' written notice by either party prior to the end of the then-current term. The agreement does not permit Dodge & Cox to recoup any fees waived or payments made to the Fund for a prior year.

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