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 0.11% to all investment options including balances held in your plans Stability of Principal or Fixed Account. This fee is deducted from your account at a frequency determined by your plan monthly or quarterly and will be pro-rated across balances held in each of the investment options. These returns do not reflect any plan level administrative fees, if applicable; if reflected, returns would be less favorable. Please contact your local representative for more information.

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

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

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

Investment Options Asset Class 1 - Mo 3 - Mo YTD 1 - Yr 3 - Yr 5 - Yr 10 - Yr Incept Fund Inception Date Gross Fund Exp %* Net Fund Exp %*
T. Rowe Price Stable Value Common Trust Fund - Class Q CIT - QK76 Stability of Principal 0.24 0.68 0.68 2.70 2.17 2.18 2.13 09/12/1988 0.18 0.18
Vanguard® Total International Bond Index Fund-Admiral™ Sh - 6552 Bonds 1.01 0.07 0.07 5.15 -1.74 0.28 2.18 05/31/2013 0.11 0.11
PIMCO Real Return Fund - Institutional Class - 2695 Bonds 0.79 0.33 0.33 1.05 -0.58 2.64 2.19 01/29/1997 0.67 0.67
Vanguard® Intermediate-Term Bond Index Fund - Institutional - 2207 Bonds 0.91 -0.75 -0.75 1.64 -2.35 0.78 1.99 01/26/2006 0.05 0.05
PIMCO Total Return Fund - Institutional Class - 544 Bonds 1.08 -0.01 -0.01 3.28 -2.24 0.76 1.80 05/11/1987 0.49 0.49
TIAA-CREF Lifecycle Index 2020 Fund - Institutional Class - 7444 (1)(2) Asset Allocation 1.91 3.56 3.56 11.57 2.47 6.15 5.91 09/30/2009 0.19 0.10
TIAA-CREF Lifecycle Index 2025 Fund - Institutional Class - 7445 (2)(3) Asset Allocation 2.05 4.03 4.03 12.82 2.97 6.87 6.49 09/30/2009 0.18 0.10
TIAA-CREF Lifecycle Index 2030 Fund - Institutional Class - 7447 (2)(4) Asset Allocation 2.20 4.64 4.64 14.46 3.58 7.66 7.12 09/30/2009 0.18 0.10
TIAA-CREF Lifecycle Index 2035 Fund - Institutional Class - 7452 (2)(5) Asset Allocation 2.44 5.39 5.39 16.47 4.36 8.55 7.77 09/30/2009 0.17 0.10
TIAA-CREF Lifecycle Index 2040 Fund - Institutional Class - 7456 (2)(6) Asset Allocation 2.67 6.32 6.32 18.80 5.30 9.53 8.46 09/30/2009 0.17 0.10
TIAA-CREF Lifecycle Index 2045 Fund - Institutional Class - 7457 (2)(7) Asset Allocation 2.83 6.94 6.94 20.33 5.88 10.30 8.93 09/30/2009 0.17 0.10
TIAA-CREF Lifecycle Index 2050 Fund - Institutional Class - 7458 (2)(8) Asset Allocation 2.92 7.23 7.23 20.98 6.10 10.52 9.09 09/30/2009 0.17 0.10
TIAA-CREF Lifecycle Index 2055 Fund - Institutional Class - 7459 (2)(9) Asset Allocation 2.98 7.36 7.36 21.32 6.21 10.64 9.18 04/29/2011 0.17 0.10
TIAA-CREF Lifecycle Index 2060 Fund - Institutional Class - 7460 (2)(10) Asset Allocation 2.96 7.44 7.44 21.51 6.32 10.77 9.38 09/26/2014 0.18 0.10
TIAA-CREF Lifecycle Index 2065 Fund - Institutional Class - E655 (12) Asset Allocation 2.99 7.51 7.51 21.83 6.51 11.22 09/30/2020 0.38 0.10
TIAA-CREF Lifecycle Index Retire Income Fund - Inst Class - 7462 (2)(11) Asset Allocation 1.72 3.02 3.02 10.21 1.98 5.32 5.05 09/30/2009 0.22 0.10
Janus Henderson Balanced Fund - Class N Shares - 3624 Balanced 2.14 7.08 7.08 17.53 6.04 9.40 8.70 09/01/1992 0.57 0.57
Vanguard® FTSE Social Index Fund - Institutional Shares - 1215 Large Cap Value/Blend 2.57 10.22 10.22 32.26 10.36 15.24 13.34 12/15/2006 0.12 0.12
Vanguard® Institutional Index Fund - Institutional Shares - 566 Large Cap Value/Blend 3.21 10.54 10.54 29.84 11.45 15.02 12.93 07/31/1990 0.04 0.04
Putnam Large Cap Value Fund - Class R6 - 6352 Large Cap Value/Blend 6.46 12.64 12.64 28.05 13.20 14.85 11.54 06/15/1977 0.55 0.55
T. Rowe Price Large-Cap Growth Fund - I Class - 2467 Large Cap Growth 2.21 12.98 12.98 44.68 8.36 15.58 15.38 10/31/2001 0.55 0.55
Vanguard® Mid-Cap Index Fund - Institutional Shares - 1197 Small/Mid/Specialty 4.25 7.86 7.86 20.45 5.72 10.94 9.90 05/21/1998 0.04 0.04
Vanguard® Strategic Equity Fund - Investor Shares - 1046 Small/Mid/Specialty 5.46 9.63 9.63 26.55 9.72 12.74 10.32 08/14/1995 0.17 0.17
BlackRock Mid-Cap Growth Equity Portfolio - Class K - C489 Small/Mid/Specialty 0.84 8.03 8.03 24.49 0.08 10.45 12.24 12/27/1996 0.71 0.71
Vanguard® Mid-Cap Value Index Fund - Admiral™ Shares - 3311 Small/Mid/Specialty 5.44 8.12 8.12 19.10 7.37 10.17 8.93 08/17/2006 0.07 0.07
Vanguard® Small-Cap Index Fund - Institutional Shares - 1198 Small/Mid/Specialty 4.37 7.52 7.52 22.53 3.81 10.00 8.95 07/07/1997 0.04 0.04
Janus Henderson Triton Fund - Class N Shares - 3065 Small/Mid/Specialty 2.80 6.31 6.31 14.58 -0.19 7.07 9.62 02/28/2005 0.67 0.67
Vanguard® Small-Cap Value Index Fund - Institutional Shares - 7187 Small/Mid/Specialty 5.52 7.13 7.13 23.47 7.32 10.61 8.89 12/07/1999 0.06 0.06
Nuveen Real Estate Securities Fund - Class R6 - 6321 (13) Small/Mid/Specialty 1.60 -1.77 -1.77 6.84 3.01 3.49 6.22 09/29/1995 0.93 0.85
GQG Partners Emerging Markets Equity Fund - Class R6 Shares - F650 Global / International 2.52 10.48 10.48 37.94 3.65 9.93 10.19 12/28/2016 0.98 0.98
DFA International Core Equity Portfolio - Inst Class - 2875 Global / International 3.72 4.67 4.67 14.39 4.53 7.61 4.98 09/15/2005 0.24 0.24
Vanguard® Developed Markets Index Fund - Institutional - 6501 Global / International 3.60 5.14 5.14 14.94 3.96 7.39 5.04 01/04/2001 0.05 0.05
American Funds New Perspective Fund® - Class R-6 - 1899 Global / International 2.74 8.49 8.49 22.92 5.22 12.78 10.96 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) TIAA-CREF Lifecycle Index 2020 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.027% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.073% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

(2) Each of the TIAA-CREF Lifecycle Funds is designed to provide a single diversified portfolio managed with a target retirement date in mind. The target date is the approximate date when investors expect to begin withdrawing money from the fund. Each portfolio invests in several underlying equity and fixed income funds offered by the TIAA-CREF Funds. The returns quoted represent past performance, which is no guarantee of future results. Returns and the principal value of your investment will fluctuate. Current performance may be higher or lower than that shown, and you may have a gain or a loss when you redeem your mutual fund shares.

(3) TIAA-CREF Lifecycle Index 2025 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.032% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.068% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

(4) TIAA-CREF Lifecycle Index 2030 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.037% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.063% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

(5) TIAA-CREF Lifecycle Index 2035 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.042% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.058% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

(6) TIAA-CREF Lifecycle Index 2040 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.045% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.055% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

(7) TIAA-CREF Lifecycle Index 2045 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: (i) 0.046% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.054% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

(8) TIAA-CREF Lifecycle Index 2050 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.047% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.053% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

(9) TIAA-CREF Lifecycle Index 2055 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.047% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.053% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

(10) TIAA-CREF Lifecycle Index 2060 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.047% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.053% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

(11) TIAA-CREF Lifecycle Index Retirement Income Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the "Management of the Funds" section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.021% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.079% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

(12) TIAA-CREF Lifecycle Index 2065 Fund - Institutional Class: Restated to reflect estimate for the current fiscal year. Portions of the Management fees and Other expenses are based on expenses originally incurred by Class W shares of the Underlying Funds (as defined below) of the Trust, which have been incurred directly by the Fund pursuant to certain contractual arrangements intended to reallocate directly to the Fund certain fees and expenses that had been paid by the Underlying Funds of the Trust. For additional information, please see the Management of the Funds section of the Prospectus. Under the Fund's expense reimbursement arrangements, the Fund's investment adviser, Teachers Advisors, LLC ("Advisors"), has contractually agreed to reimburse the Fund for any Total annual Fund operating expenses (excluding interest, taxes, brokerage commissions or other transactional expenses, Acquired fund fees and expenses, extraordinary expenses and any expenses originally attributable to Class W shares of the Underlying Funds of the Trust that were incurred directly by the Fund) that exceed: 0.046% of average daily net assets for Institutional Class shares. These expense reimbursement arrangements will continue through at least September 30, 2024, unless changed with approval of the Board of Trustees. Advisors has contractually agreed to waive 0.054% of the Fund's Management fee. This waiver will remain in effect through at least September 30, 2024, unless changed with the approval of the Board of Trustees.

(13) Nuveen Real Estate Securities Fund - Class R6: Fee Waivers and/or Expense Reimbursements have been restated to reflect current fees. The Fund's investment adviser has agreed to waive fees and/or reimburse expenses through July 31, 2024 so that the total annual operating expenses of the Fund (excluding 12b-1 distribution and/or service fees, interest expenses, taxes, acquired fund fees and expenses, fees incurred in acquiring and disposing of portfolio securities and extraordinary expenses) do not exceed 0.97% of the average daily net assets of any class of Fund shares. However, because Class R6 shares are not subject to sub-transfer agent and similar fees, the total annual operating expenses for the Class R6 shares will be less than the expense limitation. This expense limitation may be terminated or modified prior to July 31, 2024 only with the approval of the Board of Directors of the Fund.