Investment Performance

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PERFORMANCE UPDATE  
 
CLACKAMAS COUNTY 457(B) DC PLAN  
 
Average Annual Total Returns as of 04/30/2022    (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. An asset based service fee is deducted from your account quarterly at an annual rate of 0.205% of balances in all mutual funds and 0.01% to assets held in Voya Stable Value Fund.  These returns do not reflect any plan level administrative fees, if applicable; if reflected, returns would be less favorable. 

 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 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 - Taxable 
BlackRock Liquid Federal Trust Fund - Instl - 2574 (1)(2)0.020.030.030.040.580.950.5212/03/19900.23 0.17  
The 7-day annualized yield as of 04/30/2022 is 0.26%, which more closely reflects current earnings.  (9) 
   Stable Value 
Voya Stable Value Fund - Fee Class 35 CIT - 7533 0.130.370.481.471.831.841.7905/17/20160.35 0.35  
Bonds   
   High Yield Bond 
Lord Abbett High Yield Fund - Class R6 - 8703 (3)-3.52-6.07-8.67-5.652.383.165.4812/31/19980.59 0.59  
   Intermediate Core Bond 
Vanguard� Total Bond Market Index Fund - Admiral™ Shares - 898 -3.84-7.60-9.60-8.650.361.181.6911/12/20010.05 0.05  
   Intermediate Core-Plus Bond 
Calvert Bond Fund - Class I - 1089 (4)-3.14-6.71-8.41-7.361.271.962.6503/31/20000.54 0.53  
Loomis Sayles Investment Grade Bond Fund - Class N - 6528 (5)-3.17-6.25-8.08-6.892.723.082.7202/01/20130.47 0.45  
   World Bond 
Vanguard� Total International Bond Index Fund-Admiral™ Sh - 6552 -2.56-6.16-7.44-7.17-0.361.352.4105/31/20130.11 0.11  
Asset Allocation   
   Lifecycle 
Clackamas TimeFrame 2005 - 2559 (6)-4.25-5.81-8.27-4.514.494.875.2811/12/20090.27 0.27  
Clackamas TimeFrame 2010 - 2560 (6)-4.62-6.12-8.89-4.834.484.945.5311/12/20090.26 0.26  
Clackamas TimeFrame 2015 - 2561 (6)-4.78-6.30-9.19-5.054.715.175.9311/12/20090.26 0.26  
Clackamas TimeFrame 2020 - 2562 (6)-5.03-6.54-9.54-5.175.055.626.6211/12/20090.27 0.27  
Clackamas TimeFrame 2025 - 2563 (6)-5.61-7.16-10.60-5.985.616.277.4311/12/20090.26 0.26  
Clackamas TimeFrame 2030 - 6166 (6)-6.19-7.55-11.42-6.246.417.269.2805/17/20160.27 0.27  
Clackamas TimeFrame 2035 - 2564 (6)-6.59-7.82-12.05-6.707.007.568.6011/12/20090.27 0.27  
Clackamas TimeFrame 2040 - 6167 (6)-6.82-7.91-12.43-6.957.337.969.8005/17/20160.29 0.29  
Clackamas TimeFrame 2045 - 6168 (6)-7.03-7.95-12.62-6.917.808.3710.2105/17/20160.29 0.29  
Clackamas TimeFrame 2050 - 2565 (6)-7.16-8.01-12.83-7.058.148.699.6111/12/20090.30 0.30  
Clackamas TimeFrame 2055 - 6169 (6)-7.28-8.04-12.99-7.098.448.9310.6505/17/20160.30 0.30  
Clackamas TimeFrame 2060 - 6170 (6)-7.36-8.06-13.08-7.168.508.9510.2505/17/20160.29 0.29  
Clackamas TimeFrame 2065 - E380 -7.36-8.19-13.17-7.4512.4207/17/20200.30 0.30  
Clackamas TimeFrame Income - 2558 (6)-3.95-5.49-7.81-4.354.464.664.7311/12/20090.27 0.27  
Large Cap Value/Blend   
   Large Blend 
Neuberger Berman Sustainable Equity Fund - Class R6 Shares - 3835 -8.07-8.81-13.41-4.4211.9911.1612.1203/03/19970.57 0.57  
Vanguard� Institutional Index Fund - Institutional Shares - 566 -8.72-8.17-12.930.1813.8213.6313.6407/31/19900.04 0.04  
   Large Value 
JPMorgan Equity Income Fund - Class R6 Shares - 3507 (7)-4.80-4.16-4.574.8011.0511.3812.0602/18/19920.46 0.46  
Small/Mid/Specialty   
   Mid-Cap Blend 
Vanguard� Mid-Cap Index Fund - Institutional Shares - 1197 -8.05-6.51-13.86-4.5311.1210.8712.0705/21/19980.04 0.04  
   Mid-Cap Growth 
T. Rowe Price Mid Cap Growth Fund: I Shares - 8925 -8.81-9.29-19.04-13.378.1711.1812.7306/30/19920.61 0.61  
   Small Blend 
JPMorgan Small Cap Equity Fund - Class R6 Shares - 9734 (8)-7.27-6.98-14.09-11.468.488.8411.4112/20/19940.75 0.74  
Vanguard� Small-Cap Index Fund - Institutional Shares - 1198 -8.24-6.09-13.51-11.208.689.2611.2707/07/19970.04 0.04  
   Specialty - Global Real Estate 
Northern Funds Global Real Estate Index Fund - 5163 -5.42-4.53-9.030.503.575.136.0107/26/20060.48 0.48  
Global / International   
   Diversified Emerging Mkts 
Invesco Developing Markets Fund - Class R6 - 3502 -7.95-19.54-22.38-30.84-3.052.002.6111/17/19960.81 0.81  
   Foreign Large Blend 
Vanguard� Developed Markets Index Fund - Admiral™ Shares - 6500 -6.55-8.59-12.20-8.795.125.236.2008/17/19990.07 0.07  
   Foreign Large Growth 
American Funds EuroPacific Growth Fund� - Class R-6 - 1723 -7.52-12.37-18.83-19.104.545.676.5304/16/19840.46 0.46  
   Foreign Large Value 
Dodge & Cox International Stock Fund - Class I Shares - 735 -5.15-8.46-5.71-4.134.693.545.9305/01/20010.62 0.62  
   World Large-Stock Blend 
Trillium ESG Global Equity Fund - Institutional Class - 2880 -8.34-10.62-17.19-5.8711.9811.8910.4603/30/20071.02 1.02  
 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. 



PERFORMANCE UPDATE  
 
CLACKAMAS COUNTY 457(B) DC PLAN  
 
Average Annual Total Returns as of 03/31/2022    (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. An asset based service fee is deducted from your account quarterly at an annual rate of 0.205% of balances in all mutual funds and 0.01% to assets held in Voya Stable Value Fund.  These returns do not reflect any plan level administrative fees, if applicable; if reflected, returns would be less favorable. 

 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 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 - Taxable 
BlackRock Liquid Federal Trust Fund - Instl - 2574 (1)(2)0.010.010.010.020.640.960.5112/03/19900.23 0.17  
The 7-day annualized yield as of 03/31/2022 is 0.15%, which more closely reflects current earnings.  (9) 
   Stable Value 
Voya Stable Value Fund - Fee Class 35 CIT - 7533 0.120.350.351.491.841.841.7905/17/20160.35 0.35  
Bonds   
   High Yield Bond 
Lord Abbett High Yield Fund - Class R6 - 8703 (3)-1.20-5.34-5.34-1.144.204.145.9312/31/19980.59 0.59  
   Intermediate Core Bond 
Vanguard� Total Bond Market Index Fund - Admiral™ Shares - 898 -2.81-5.99-5.99-4.091.702.132.2011/12/20010.05 0.05  
   Intermediate Core-Plus Bond 
Calvert Bond Fund - Class I - 1089 (4)-2.49-5.44-5.44-3.562.422.783.1303/31/20000.54 0.53  
Loomis Sayles Investment Grade Bond Fund - Class N - 6528 (5)-1.94-5.07-5.07-3.213.973.823.1102/01/20130.47 0.45  
   World Bond 
Vanguard� Total International Bond Index Fund-Admiral™ Sh - 6552 -2.27-5.01-5.01-4.920.532.002.7405/31/20130.11 0.11  
Asset Allocation   
   Lifecycle 
Clackamas TimeFrame 2005 - 2559 (6)-0.18-4.20-4.201.746.605.925.7011/12/20090.27 0.27  
Clackamas TimeFrame 2010 - 2560 (6)-0.06-4.48-4.481.946.816.076.0011/12/20090.26 0.26  
Clackamas TimeFrame 2015 - 2561 (6)-0.03-4.63-4.632.027.146.356.4111/12/20090.26 0.26  
Clackamas TimeFrame 2020 - 2562 (6)0.07-4.74-4.742.327.666.887.1111/12/20090.27 0.27  
Clackamas TimeFrame 2025 - 2563 (6)0.17-5.29-5.292.498.607.697.9911/12/20090.26 0.26  
Clackamas TimeFrame 2030 - 6166 (6)0.51-5.57-5.573.219.748.8910.6205/17/20160.27 0.27  
Clackamas TimeFrame 2035 - 2564 (6)0.71-5.85-5.853.4310.579.289.2711/12/20090.27 0.27  
Clackamas TimeFrame 2040 - 6167 (6)0.87-6.02-6.023.6111.069.7511.2705/17/20160.29 0.29  
Clackamas TimeFrame 2045 - 6168 (6)1.07-6.01-6.014.0111.6810.2311.7405/17/20160.29 0.29  
Clackamas TimeFrame 2050 - 2565 (6)1.16-6.11-6.114.1612.1010.6010.3411/12/20090.30 0.30  
Clackamas TimeFrame 2055 - 6169 (6)1.26-6.16-6.164.3612.4910.8812.2405/17/20160.30 0.30  
Clackamas TimeFrame 2060 - 6170 (6)1.32-6.17-6.174.4112.5810.9311.8505/17/20160.29 0.29  
Clackamas TimeFrame 2065 - E380 1.24-6.27-6.274.1118.2507/17/20200.30 0.30  
Clackamas TimeFrame Income - 2558 (6)-0.27-4.02-4.021.446.375.645.1311/12/20090.27 0.27  
Large Cap Value/Blend   
   Large Blend 
Neuberger Berman Sustainable Equity Fund - Class R6 Shares - 3835 1.86-5.81-5.818.3916.3213.1212.8603/03/19970.57 0.57  
Vanguard� Institutional Index Fund - Institutional Shares - 566 3.72-4.60-4.6015.6018.9015.9614.6107/31/19900.04 0.04  
   Large Value 
JPMorgan Equity Income Fund - Class R6 Shares - 3507 (7)1.930.240.2414.7614.2412.5012.6402/18/19920.46 0.46  
Small/Mid/Specialty   
   Mid-Cap Blend 
Vanguard� Mid-Cap Index Fund - Institutional Shares - 1197 2.70-6.32-6.328.8415.6813.0112.9505/21/19980.04 0.04  
   Mid-Cap Growth 
T. Rowe Price Mid Cap Growth Fund: I Shares - 8925 1.17-11.23-11.23-0.7812.9313.6713.7606/30/19920.61 0.61  
   Small Blend 
JPMorgan Small Cap Equity Fund - Class R6 Shares - 9734 (8)0.29-7.36-7.360.5513.1810.9112.1812/20/19940.75 0.74  
Vanguard� Small-Cap Index Fund - Institutional Shares - 1198 1.48-5.74-5.740.6813.1711.3412.1207/07/19970.04 0.04  
   Specialty - Global Real Estate 
Northern Funds Global Real Estate Index Fund - 5163 3.74-3.81-3.8111.845.096.566.7807/26/20060.48 0.48  
Global / International   
   Diversified Emerging Mkts 
Invesco Developing Markets Fund - Class R6 - 3502 -4.90-15.68-15.68-22.360.684.283.3911/17/19960.81 0.81  
   Foreign Large Blend 
Vanguard� Developed Markets Index Fund - Admiral™ Shares - 6500 0.30-6.05-6.050.708.547.166.6708/17/19990.07 0.07  
   Foreign Large Growth 
American Funds EuroPacific Growth Fund� - Class R-6 - 1723 -0.98-12.24-12.24-9.358.368.017.3204/16/19840.46 0.46  
   Foreign Large Value 
Dodge & Cox International Stock Fund - Class I Shares - 735 0.84-0.59-0.592.998.015.176.2405/01/20010.62 0.62  
   World Large-Stock Blend 
Trillium ESG Global Equity Fund - Institutional Class - 2880 1.53-9.65-9.656.5516.5414.4411.2103/30/20071.02 1.02  
 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. 


ADDITIONAL NOTES 
(1) BlackRock Liquid Federal Trust Fund - Instl: As described in the "Management of the Funds" section of the Fund's prospectus beginning on page 71, 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 0.18% of average daily net assets through February 28, 2022. The agreement may be terminated upon 90 days' notice by a majority of the non-interestedtrustees of the Trust or by a vote of a majority of the outstanding voting securities of the Fund. 

(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) Lord Abbett High Yield Fund - Class R6: For the period from April 1, 2017 through March 31, 2018, Lord, Abbett & Co. LLC has contractually agreed to waive its fees and reimburse expenses to the extent necessary to limit total net annual operating expenses, excluding 12b-1 fees and acquired fund fees and expenses, to an annual rate of 0.72%. This agreement may be terminated only by the Fund's Board of Trustees. 

(4) Calvert Bond Fund - Class I: Calvert Research and Management ("CRM") has agreed to reimburse the Fund's expenses to the extent that Total Annual Fund Operating Expenses exceed 0.53% for Class I shares. This expense reimbursement will continue through January 31, 2022. Any amendment to or termination of this reimbursement would require approval of the Board of Trustees. The expense reimbursement relates to ordinary operating expenses only and does not include expenses such as: brokerage commissions, acquired fund fees and expenses of unaffiliated funds, borrowing costs (including borrowing costs of any acquired funds), taxes or litigation expenses. Amounts reimbursed may be recouped by CRM during the same fiscal year to the extent actual expenses are less than the contractual expense cap during such year. 

(5) Loomis Sayles Investment Grade Bond Fund - Class N: Loomis, Sayles & Company, L.P. ("Loomis Sayles" or the "Adviser") has given a binding contractual undertaking to the Fund to limit the amount of the Fund's total annual fund operating expenses to 0.45% of the Fund's average daily net assets for Class N shares exclusive of brokerage expenses, interest expense, taxes, acquired fund fees and expenses, organizational and extraordinary expenses, such as litigation and indemnification expenses. This undertaking is in effect through April 30, 2022 and may be terminated before then only with the consent of the Fund's Board of Trustees. The Adviser will be permitted to recover, on a class by class basis, management fees waived and/or expenses reimbursed to the extent that expenses in later periods fall below the applicable expense limitations for Class N shares. The Fund will not be obligated to repay any such waived/reimbursed fees and expenses more than one year after the end of the fiscal year in which the fees or expenses were waived/reimbursed. 

(6) The Clackamas TimeFrame Portfolio is not a registered investment company and is not registered with the Securities and Exchange Commission. It is a private label portfolio that invests in a combination of the investment options ("Underlying Funds") offered under the Clackamas County 457 Deferred Compensation Plan and Clackamas Housing Deferred Compensation Plan. 
(7) 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. 

(8) JPMorgan Small Cap Equity 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 0.74% 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 10/31/19. When the waivers expire, the adviser and/or its affiliates will determine whether to renew or revise them. 

(9) The current yield reflects the deduction of all charges that are deducted from the total return quotations shown.   
 The chart shows the performance for each investment option for the time periods shown. 



Creation Date: Tuesday, May 17, 2022

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