Investment Performance

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PERFORMANCE UPDATE  
 
KERN COUNTY CA  
 
Average Annual Total Returns as of 08/31/2020    (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. There is a Plan Administration fee totaling 0.06% on all account balances, up to the first $350,000.  This fee is for record-keeping and administrative services provided to the Plan by Voya and the County. This fee is deducted from your account quarterly, and is pro-rated across balances held in each investment option. It appears as a line item on your quarterly account statement.  The returns displayed here do not reflect the plan level administrative fee; if reflected, these 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   
   Stable Value 
Kern Stable Value Fund - 8920 (1)(7)0.180.551.542.342.3709/16/20170.32 0.32  
Bonds   
   High Yield Bond 
Pioneer High Yield Fund - Class Y Shares - 1450 1.807.53-2.551.413.315.006.4502/12/19980.85 0.85  
   Intermediate Core-Plus Bond 
Harbor Bond Fund - Institutional Class - 8908 (2)-0.082.787.847.105.174.673.9312/29/19871.15 1.04  
   World Bond 
PIMCO International Bond Fund (U.S. Dollar-Hedged) - Class I - 8514 0.072.123.142.044.644.925.1412/02/19920.55 0.55  
Asset Allocation   
   Lifestyle 
Fidelity Asset Manager® 50% - 975 2.718.676.5112.777.427.797.9512/28/19880.66 0.66  
Balanced   
   Allocation--30% to 50% Equity 
Vanguard® Wellesley® Income Fund - Admiral™ Shares - 2322 0.213.513.476.636.917.577.7805/14/20010.16 0.16  
Large Cap Value   
   Large Blend 
Vanguard® Institutional Index Fund - Institutional Shares - 566 7.1915.489.7421.9214.4914.4315.1407/31/19900.04 0.04  
   Large Value 
JPMorgan Equity Income Fund - Class R6 Shares - 3507 (3)4.809.08-6.043.348.129.8812.7902/18/19920.50 0.49  
Large Cap Growth   
   Large Growth 
American Funds The Growth Fund of America® - Class R-6 - 1724 8.8019.8123.8437.5319.0317.2816.5212/01/19730.31 0.31  
Fidelity® Contrafund® - 524 9.6322.2528.7239.8120.7918.4317.2205/17/19670.85 0.85  
Small/Mid/Specialty   
   Mid-Cap Growth 
Artisan Mid Cap Fund - Institutional Shares - 9806 (4)3.2415.5334.3539.1422.8416.7317.1507/03/20000.96 0.96  
T. Rowe Price Mid-Cap Growth Fund, Inc. - 477 3.6611.207.3814.2613.8313.3015.8306/30/19920.74 0.74  
   Mid-Cap Value 
Fidelity® Low-Priced Stock Fund - 1658 4.6410.91-6.359.154.806.3511.0512/27/19890.52 0.52  
John Hancock Disciplined Value Mid Cap Fund - Class R6 - 6229 (5)4.088.04-10.65-2.422.666.3412.5012/31/20020.77 0.76  
   Small Blend 
Goldman Sachs Small Cap Value Fund - Institutional Shares - 1248 (6)5.509.63-18.64-9.63-1.483.659.7208/15/19970.97 0.95  
   Small Growth 
Janus Henderson Venture Fund - Class N Shares - 9690 5.6913.076.0514.6512.0311.6615.6304/30/19850.67 0.67  
   Specialty - Real Estate 
Cohen & Steers Real Estate Securities Fund - Class Z - 1999 0.998.22-9.35-7.315.198.3110.7507/15/19980.77 0.77  
Global / International   
   Diversified Emerging Mkts 
American Funds New World Fund® - Class R-6 - 3491 4.7718.577.9019.689.2711.247.3106/17/19990.60 0.60  
   Foreign Large Blend 
Ivy International Core Equity Fund - Class N - 6958 (8)4.8812.43-3.215.370.693.535.7605/12/19970.83 0.79  
   World Large Stock 
American Funds Capital World Growth and Income Fund® - R-6 - 1960 5.1913.673.9015.408.189.539.9403/25/19930.42 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 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  
 
KERN COUNTY CA  
 
Average Annual Total Returns as of 06/30/2020    (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. There is a Plan Administration fee totaling 0.06% on all account balances, up to the first $350,000.  This fee is for record-keeping and administrative services provided to the Plan by Voya and the County. This fee is deducted from your account quarterly, and is pro-rated across balances held in each investment option. It appears as a line item on your quarterly account statement.  The returns displayed here do not reflect the plan level administrative fee; if reflected, these 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   
   Stable Value 
Kern Stable Value Fund - 8920 (1)(7)0.190.581.172.372.3909/16/20170.32 0.32  
Bonds   
   High Yield Bond 
Pioneer High Yield Fund - Class Y Shares - 1450 1.5210.92-7.99-3.341.622.956.1402/12/19980.85 0.85  
   Intermediate Core-Plus Bond 
Harbor Bond Fund - Institutional Class - 8908 (2)1.224.206.208.455.324.424.0612/29/19871.15 1.04  
   World Bond 
PIMCO International Bond Fund (U.S. Dollar-Hedged) - Class I - 8514 0.773.791.783.274.714.845.3412/02/19920.55 0.55  
Asset Allocation   
   Lifestyle 
Fidelity Asset Manager® 50% - 975 2.4213.890.386.726.115.817.6312/28/19880.66 0.66  
Balanced   
   Allocation--30% to 50% Equity 
Vanguard® Wellesley® Income Fund - Admiral™ Shares - 2322 0.478.470.435.736.366.727.9205/14/20010.16 0.16  
Large Cap Value   
   Large Blend 
Vanguard® Institutional Index Fund - Institutional Shares - 566 1.9920.55-3.087.4910.7010.7013.9607/31/19900.04 0.04  
   Large Value 
JPMorgan Equity Income Fund - Class R6 Shares - 3507 (3)-0.0913.27-13.94-5.835.147.0012.1202/18/19920.50 0.49  
Large Cap Growth   
   Large Growth 
American Funds The Growth Fund of America® - Class R-6 - 1724 3.6726.137.1616.8314.6913.2115.0412/01/19730.31 0.31  
Fidelity® Contrafund® - 524 4.0426.879.5617.9116.4214.0515.5705/17/19670.85 0.85  
Small/Mid/Specialty   
   Mid-Cap Growth 
Artisan Mid Cap Fund - Institutional Shares - 9806 (4)4.5337.3721.5525.4819.2413.5116.5207/03/20000.96 0.96  
T. Rowe Price Mid-Cap Growth Fund, Inc. - 477 1.6527.81-1.843.9111.2710.6414.9106/30/19920.74 0.74  
   Mid-Cap Value 
Fidelity® Low-Priced Stock Fund - 1658 1.6119.22-14.21-3.732.523.7810.2812/27/19890.52 0.52  
John Hancock Disciplined Value Mid Cap Fund - Class R6 - 6229 (5)-0.2717.84-17.52-10.44-0.073.9911.7712/31/20020.77 0.76  
   Small Blend 
Goldman Sachs Small Cap Value Fund - Institutional Shares - 1248 (6)1.4317.82-24.73-20.16-4.210.618.8908/15/19970.97 0.95  
   Small Growth 
Janus Henderson Venture Fund - Class N Shares - 9690 2.6729.73-3.710.878.987.9214.3004/30/19850.67 0.67  
   Specialty - Real Estate 
Cohen & Steers Real Estate Securities Fund - Class Z - 1999 3.0613.89-13.67-5.354.087.2911.0007/15/19980.77 0.77  
Global / International   
   Diversified Emerging Mkts 
American Funds New World Fund® - Class R-6 - 3491 6.6124.56-2.985.037.426.856.9406/17/19990.60 0.60  
   Foreign Large Blend 
Ivy International Core Equity Fund - Class N - 6958 (8)3.8618.24-10.59-4.98-1.820.395.6605/12/19970.83 0.79  
   World Large Stock 
American Funds Capital World Growth and Income Fund® - R-6 - 1960 3.1718.35-5.702.555.666.319.5903/25/19930.42 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 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) Stable Value Options invests in Voya's Stabilizer managed separate account annuity contract, issued by Voya Retirement Insurance and Annuity Company.  The contract provides for declared credited interest rates that are set in advance. The declared rates are net of all expenses. Guarantees of principal and interest are based on the claims paying ability of Voya Retirement Insurance and Annuity Company. Stable Value Option is not a registered investment company and is not registered with the Securities and Exchange Commission. The CURRENT rate for the Stable Value Option is 2.17%, expressed as an annual effective yield, and is guaranteed not to drop below 2.17% through 09/30/2020. 

(2) Harbor Bond Fund - Institutional Class: The Adviser has contractually agreed to reduce the management fee to 0.43% on assets between $1 billion and $3 billion and 0.405% on assets greater than $3 billion through February 29, 2020. Additionally, the Adviser has contractually agreed to limit the Fund's operating expenses, excluding interest expense (if any), to 0.51% through February 29, 2020. Only the Fund's Board of Trustees may modify or terminate these agreements. Restated to reflect current fees. 

(3) 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. 

(4) Artisan Mid Cap Fund - Institutional Shares: Artisan Partners Limited Partnership, the Fund's investment adviser ("Artisan Partners"), has contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause annualized ordinary expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, Acquired Fund Fees and Expenses (if any) and extraordinary charges such as litigation costs, but including management fees paid to Artisan Partners) not to exceed 1.40% of the average daily net assets. This contract continues through 31 January 2018. 

(5) John Hancock Disciplined Value Mid Cap Fund - Class R6 Shares: The advisor contractually agrees to waive a portion of its management fee and/or reimburse expenses for the fund and certain other John Hancock funds according to an asset level breakpoint schedule that is based on the aggregate net assets of all the funds participating in the waiver or reimbursement. This waiver is allocated proportionally among the participating funds. During its most recent fiscal year, the fund's reimbursement amounted to 0.01% of the fund's average daily net assets. This agreement expires on July 31, 2021, unless renewed by mutual agreement of the fund and the advisor based upon a determination that this is appropriate under the circumstances at that time. 
(6) Goldman Sachs Small Cap Value Fund - Institutional Shares: The Investment Adviser has agreed to reduce or limit Other Expenses (excluding acquired fund fees and expenses, transfer agency fees and expenses, service fees, shareholder administration fees, taxes, interest, brokerage fees, expenses of shareholder meetings, litigation and indemnification, and extraordinary expenses) to 0.004% of the Fund's average daily net assets. This arrangement will remain in effect through at least December 28, 2019, and prior to such date the Investment Adviser may not terminate the arrangement without the approval of the Board of Trustees. 

(7) 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. 

(8) Ivy International Core Equity Fund - Class N: Through July 31, 2020, Ivy Investment Management Company (IICO), the Fund's investment manager, Ivy Distributors, Inc. (IDI), the Fund's distributor, and/or Waddell & Reed Services Company, doing business as WI Services Company (WISC), the Fund's transfer agent, have contractually agreed to reimburse sufficient management fees, 12b-1 fees and/or shareholder servicing fees to cap the total annual ordinary fund operating expenses (which would exclude interest, taxes, brokerage commissions, acquired fund fees and expenses and extraordinary expenses, if any) as follows: Class N shares at 0.79%. Prior to that date, the expense limitation may not be terminated without the consent of the Board of Trustees (Board). Through July 31, 2020, IDI and/or WISC have contractually agreed to reimburse sufficient 12b-1 and/or shareholder servicing fees to ensure that the total annual ordinary fund operating expenses of the Class N shares do not exceed the total annual ordinary fund operating expenses of the Class I shares as calculated at the end of each month. Prior to that date, the expense limitation may not be terminated without the consent of the Board. The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement ratio shown does not correlate to the expense ratio shown in the Financial Highlights table because it has been restated to exclude certain one-time expenses of the Fund. 
 The chart shows the performance for each investment option for the time periods shown. 



Creation Date: Saturday, September 26, 2020

Insurance products, annuities and retirement plan funding issued by Voya Retirement Insurance and Annuity Company ("VRIAC"), Windsor, CT. VRIAC is solely responsible for its own financial condition and contractual obligations. Plan administrative services provided by VRIAC. Securities distributed by Voya Financial Partners LLC (member SIPC) or third parties with which it has a selling agreement. Custodial account agreements or trust agreements are provided by Voya Institutional Trust Company. All companies are members of the Voya® family of companies. All products and services may not be available in all states.