Investment Performance

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PERFORMANCE UPDATE  
 
STATE OF TENNESSEE ORP  
 
Average Annual Total Returns as of 07/31/2017    (shown in percentages)  

 Mutual funds offered through a retirement plan are investments designed for retirement purposes.  Early withdrawals will reduce your account value and if taken prior to age 59 1/2, a 10% IRS penalty may apply. 

 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.  

 An annual administrative expense of 0.67% for all mutual funds and 0.20% for the Voya Stable Value Fund on an annual basis applies to all of the investments listed below and is deducted monthly. The performance data shown below does not reflect the administrative expense. If such fees had been reflected, the performance data shown for each option would have been lower. 

 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. 

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

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


 Investment Options 1-Mo 3-Mo YTD 1-Yr 3-Yr 5-Yr10-Yr InceptFund Inception Date Gross Fund Exp %* Net Fund Exp %* 
Stability of Principal   
   Stability of Principal 
Voya Fixed Plus Account III - 4020 (1)(4)0.150.441.011.842.022.112.62   
Bonds   
   Inflation-Protected Bond 
Vanguard® Inflation-Protected Securities Fund - Admiral™ S - 7925 0.55-0.371.45-0.880.81-0.053.9606/10/20050.10 0.10  
   Intermediate-Term Bond 
PIMCO Total Return Fund - Institutional Class - 544 (2)0.591.554.071.672.972.535.8905/11/19870.47 0.46  
Vanguard® Total Bond Market Index Fund - Admiral™ Shares - 898 0.401.102.81-0.692.661.944.4111/12/20010.05 0.05  
   Short-Term Bond 
Vanguard® Short-Term Bond Index Fund - Admiral™ Shares - 3314 0.330.511.430.261.431.152.8511/12/20010.07 0.07  
Asset Allocation   
   Lifecycle - Index 
Vanguard® Target Retirement 2015 Fund - Investor Shares - 791 (3)1.242.577.107.074.977.315.1610/27/20030.14 0.14  
Vanguard® Target Retirement 2020 Fund - Investor Shares - 1296 (3)1.523.198.639.075.798.505.4306/07/20060.14 0.14  
Vanguard® Target Retirement 2025 Fund - Investor Shares - 926 (3)1.703.589.6610.586.249.335.5010/27/20030.14 0.14  
Vanguard® Target Retirement 2030 Fund - Investor Shares - 1297 (3)1.893.9310.6211.956.5910.105.5506/07/20060.15 0.15  
Vanguard® Target Retirement 2035 Fund - Investor Shares - 793 (3)2.014.2111.5013.386.9310.865.7410/27/20030.15 0.15  
Vanguard® Target Retirement 2040 Fund - Investor Shares - 1298 (3)2.234.5912.4514.807.2311.386.0006/07/20060.16 0.16  
Vanguard® Target Retirement 2045 Fund - Investor Shares - 794 (3)2.304.7212.8115.307.4011.496.0310/27/20030.16 0.16  
Vanguard® Target Retirement 2050 Fund - Investor Shares - 1299 (3)2.274.6712.7715.267.3811.486.0306/07/20060.16 0.16  
Vanguard® Target Retirement 2055 Fund - Investor Shares - 2473 (3)2.294.7112.7615.297.3311.4511.7308/18/20100.16 0.16  
Vanguard® Target Retirement 2060 Fund - Investor Shares - 3447 (3)2.284.7012.7815.297.3311.4510.9901/19/20120.16 0.16  
Vanguard® Target Retirement Income Fund - Investor Shares - 795 (3)0.981.915.294.564.004.855.0810/27/20030.13 0.13  
Balanced   
   Allocation--50% to 70% Equity 
Vanguard® Wellington™ Fund - Admiral™ Shares - 8759 1.223.127.4911.027.6310.407.2801/01/19860.16 0.16  
Large Cap Value   
   Large Blend 
Vanguard® 500 Index Fund - Admiral™ Shares - 899 2.054.1211.5616.0010.8414.747.7311/13/20000.04 0.04  
Vanguard® FTSE Social Index Fund - Investor Shares - 406 1.974.4513.0917.9511.4316.617.3905/31/20000.22 0.22  
   Large Value 
Vanguard® Equity Income Fund - Admiral™ Shares - 7926 1.563.288.2912.859.9813.488.0608/13/20010.17 0.17  
Vanguard® Windsor™ II Fund - Admiral™ Shares - 2704 0.322.838.1615.017.8712.826.1405/14/20010.25 0.25  
Large Cap Growth   
   Large Growth 
American Funds The Growth Fund of America® - Class R-6 - 1724 3.345.3716.2720.6712.0116.518.0612/01/19730.33 0.33  
Small/Mid/Specialty   
   Mid-Cap Blend 
Vanguard® Mid-Cap Index Fund - Institutional Shares - 1197 1.743.3511.0514.009.6315.198.1505/21/19980.05 0.05  
   Mid-Cap Growth 
Vanguard® Mid-Cap Growth Fund - Investor Shares - 8588 0.733.1911.2511.846.8812.137.5012/31/19970.36 0.36  
   Small Blend 
Vanguard® Small-Cap Index Fund - Admiral™ Shares - 757 1.112.226.9314.648.9914.568.5911/13/20000.06 0.06  
   Small Growth 
Vanguard® Explorer™ Fund - Admiral™ Shares - 828 1.053.9612.3017.709.1014.737.8911/12/20010.34 0.34  
   Small Value 
Vanguard® Small-Cap Value Index Fund - Investor Shares - 1045 0.950.933.3214.769.4715.168.2605/21/19980.19 0.19  
   Specialty - Real Estate 
Vanguard® REIT Index Fund - Admiral™ Shares - 802 1.262.743.89-4.698.499.137.1811/12/20010.12 0.12  
Global / International   
   Foreign Large Growth 
American Funds EuroPacific Growth Fund® - Class R-6 - 1723 4.308.8722.8420.725.9110.123.9204/16/19840.50 0.50  
MFS® Institutional International Equity Fund - 1118 2.517.6920.9320.835.039.674.1701/30/19960.71 0.71  
 The risks of investing in small company stocks may include relatively low trading volumes, a greater degree of change in earnings and greater short-term volatility. 
 Foreign investing involves special risks such as currency fluctuation and public disclosure, as well as economic and political risks. 
 Some of the Funds invest in securities guaranteed by the U.S. Government as to the timely payment of principal and interest; however, shares of the Funds are not insured nor guaranteed. 
 High yielding fixed-income securities generally are subject to greater market fluctuations and risks of loss of income and principal than are investments in lower yielding fixed-income securities. 
 Sector funds may involve greater-than average risk and are often more volatile than funds holding a diversified portfolio of stocks in many industries. Examples include: banking, biotechnology, chemicals, energy, environmental services, natural resources, precious metals, technology, telecommunications, and utilities. 
 *The Gross Expense Ratios shown do not reflect any temporary fee or expense waivers that may be in effect for a fund. The performance of a fund with a temporary fee or expense waiver would have been lower if the gross fund fees / expenses listed had been reflected. 



PERFORMANCE UPDATE  
 
STATE OF TENNESSEE ORP  
 
Average Annual Total Returns as of 06/30/2017    (shown in percentages)  

 Mutual funds offered through a retirement plan are investments designed for retirement purposes.  Early withdrawals will reduce your account value and if taken prior to age 59 1/2, a 10% IRS penalty may apply. 

 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.  

 An annual administrative expense of 0.67% for all mutual funds and 0.20% for the Voya Stable Value Fund on an annual basis applies to all of the investments listed below and is deducted monthly. The performance data shown below does not reflect the administrative expense. If such fees had been reflected, the performance data shown for each option would have been lower. 

 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. 

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


 Investment Options 1-Mo 3-Mo YTD 1-Yr 3-Yr 5-Yr10-Yr InceptFund Inception Date Gross Fund Exp %* Net Fund Exp %* 
Stability of Principal   
   Stability of Principal 
Voya Fixed Plus Account III - 4020 (1)(4)0.140.430.861.872.032.122.63   
Bonds   
   Inflation-Protected Bond 
Vanguard® Inflation-Protected Securities Fund - Admiral™ S - 7925 -0.92-0.490.90-0.800.630.214.1406/10/20050.10 0.10  
   Intermediate-Term Bond 
PIMCO Total Return Fund - Institutional Class - 544 (2)0.131.813.472.172.592.765.9505/11/19870.47 0.46  
Vanguard® Total Bond Market Index Fund - Admiral™ Shares - 898 0.021.482.40-0.442.442.144.4611/12/20010.05 0.05  
   Short-Term Bond 
Vanguard® Short-Term Bond Index Fund - Admiral™ Shares - 3314 -0.060.601.090.051.261.192.9111/12/20010.07 0.07  
Asset Allocation   
   Lifecycle - Index 
Vanguard® Target Retirement 2015 Fund - Investor Shares - 791 (3)0.262.335.798.134.207.274.8610/27/20030.14 0.14  
Vanguard® Target Retirement 2020 Fund - Investor Shares - 1296 (3)0.372.797.0110.304.858.405.0706/07/20060.14 0.14  
Vanguard® Target Retirement 2025 Fund - Investor Shares - 926 (3)0.463.107.8311.955.189.175.1010/27/20030.14 0.14  
Vanguard® Target Retirement 2030 Fund - Investor Shares - 1297 (3)0.513.298.5613.405.429.905.1006/07/20060.15 0.15  
Vanguard® Target Retirement 2035 Fund - Investor Shares - 793 (3)0.623.589.3014.995.6610.635.2510/27/20030.15 0.15  
Vanguard® Target Retirement 2040 Fund - Investor Shares - 1298 (3)0.643.7510.0016.495.8511.105.5006/07/20060.16 0.16  
Vanguard® Target Retirement 2045 Fund - Investor Shares - 794 (3)0.683.8410.2717.025.9811.185.5210/27/20030.16 0.16  
Vanguard® Target Retirement 2050 Fund - Investor Shares - 1299 (3)0.663.8410.2716.995.9911.185.5206/07/20060.16 0.16  
Vanguard® Target Retirement 2055 Fund - Investor Shares - 2473 (3)0.673.8410.2416.995.9311.1511.5108/18/20100.16 0.16  
Vanguard® Target Retirement 2060 Fund - Investor Shares - 3447 (3)0.693.8610.2617.005.9211.1710.7101/19/20120.16 0.16  
Vanguard® Target Retirement Income Fund - Investor Shares - 795 (3)0.091.774.275.233.474.914.9710/27/20030.13 0.13  
Balanced   
   Allocation--50% to 70% Equity 
Vanguard® Wellington™ Fund - Admiral™ Shares - 8759 0.692.666.2012.306.8410.466.9901/01/19860.16 0.16  
Large Cap Value   
   Large Blend 
Vanguard® 500 Index Fund - Admiral™ Shares - 899 0.623.079.3117.859.5814.597.1811/13/20000.04 0.04  
Vanguard® FTSE Social Index Fund - Investor Shares - 406 1.193.5710.9121.3710.2016.396.6605/31/20000.22 0.22  
   Large Value 
Vanguard® Equity Income Fund - Admiral™ Shares - 7926 0.821.986.6413.678.5113.607.5208/13/20010.17 0.17  
Vanguard® Windsor™ II Fund - Admiral™ Shares - 2704 2.102.877.8218.647.0113.035.6105/14/20010.25 0.25  
Large Cap Growth   
   Large Growth 
American Funds The Growth Fund of America® - Class R-6 - 1724 -0.154.0012.5121.9310.1715.957.5412/01/19730.33 0.33  
Small/Mid/Specialty   
   Mid-Cap Blend 
Vanguard® Mid-Cap Index Fund - Institutional Shares - 1197 0.642.789.1417.258.0914.797.5105/21/19980.05 0.05  
   Mid-Cap Growth 
Vanguard® Mid-Cap Growth Fund - Investor Shares - 8588 0.284.0810.4515.515.7011.617.1812/31/19970.36 0.36  
   Small Blend 
Vanguard® Small-Cap Index Fund - Admiral™ Shares - 757 2.241.955.7619.146.7814.137.8311/13/20000.06 0.06  
   Small Growth 
Vanguard® Explorer™ Fund - Admiral™ Shares - 828 2.654.6511.1323.176.7614.117.2511/12/20010.34 0.34  
   Small Value 
Vanguard® Small-Cap Value Index Fund - Investor Shares - 1045 2.400.422.3519.007.3914.857.3505/21/19980.19 0.19  
   Specialty - Real Estate 
Vanguard® REIT Index Fund - Admiral™ Shares - 802 2.121.612.59-1.938.069.286.1811/12/20010.12 0.12  
Global / International   
   Foreign Large Growth 
American Funds EuroPacific Growth Fund® - Class R-6 - 1723 0.977.6917.7822.183.729.613.4404/16/19840.50 0.50  
MFS® Institutional International Equity Fund - 1118 0.048.9817.9722.683.219.163.6601/30/19960.71 0.71  
 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 901, Fund 4020 is 1.75%, expressed as an annual effective yield. The current rate may change and be higher or lower than the previously identified rate but is guaranteed not to be less than 1.00%. Any rate change initiated solely by VRIAC will be guaranteed to remain in effect until the last day of the three-month period measured from the first day of the month in which such change was made. Note: The current rate for a plan's initial investment in the fixed account previously identified may be in effect for less than a full three-month period. 

(2) PIMCO Total Return Fund - Institutional Class: "Other Expenses" reflect interest expense. Interest expense results from the Fund's use of certain investments such as reverse repurchase agreements. Such expense is required to be treated as a Fund expense for accounting purposes and is not payable to Pacific Investment Management Company LLC ("PIMCO"). Any interest expense amount will vary based on the Fund's use of those investments as an investment strategy best suited to seek the objective of the Fund. Total Annual Fund Operating Expenses excluding interest expense is 0.46%. 


(3) 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. 
(4) The Investment Option is neither a mutual fund nor part of a Separate Account.  The returns listed do not include the impact of contract charges.  Please refer to the contract or disclosure book to determine which Fixed Interest Options are available for your specific plan.  The Investment Option is offered through Voya Retirement Insurance and Annuity Company. 

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

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



Creation Date: Tuesday, August 22, 2017

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