Mandatory Plan Investment Performance

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PERFORMANCE UPDATE  
 
KS BOARD OF REGENTS MAND 403B  
 
Average Annual Total Returns as of 05/31/2017    (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.  

 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 Administrative Fee is deducted from your account quarterly at an annual rate of 0.15% of balances in each of the Vanguard Target Date Retirement Funds. These returns 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   
   Money Market 
Voya Government Money Market Fund - Class A - 467 (2)0.010.020.030.110.100.070.5604/15/19940.71 0.69  
The 7-day annualized yield as of 05/31/2017 is 0.18%, which more closely reflects current earnings.  (17) 
   Stability of Principal 
Voya Fixed Plus Account III - 4020 (1)(3)(16)0.230.691.132.903.033.143.65   
Bonds   
   Inflation-Protected Bond 
PIMCO Real Return Fund - Administrative Class - 8052 (4)-0.060.662.333.400.390.054.4404/28/20000.83 0.70  
   Intermediate-Term Bond 
PIMCO Total Return Fund - Administrative Class - 683 (5)0.811.603.223.162.412.575.6605/11/19870.72 0.71  
Asset Allocation   
   Lifecycle - Index 
Vanguard® Target Retirement 2010 Fund - Investor Shares - 1295 (6)0.842.014.226.423.806.214.4506/07/20060.13 0.13  
Vanguard® Target Retirement 2015 Fund - Investor Shares - 791 (6)1.062.555.518.734.567.754.7410/27/20030.14 0.14  
Vanguard® Target Retirement 2020 Fund - Investor Shares - 1296 (6)1.283.086.6210.605.248.954.9306/07/20060.14 0.14  
Vanguard® Target Retirement 2025 Fund - Investor Shares - 926 (6)1.393.367.3412.005.599.774.9410/27/20030.14 0.14  
Vanguard® Target Retirement 2030 Fund - Investor Shares - 1297 (6)1.483.618.0113.235.8710.574.9306/07/20060.15 0.15  
Vanguard® Target Retirement 2035 Fund - Investor Shares - 793 (6)1.533.888.6214.476.1311.345.0710/27/20030.15 0.15  
Vanguard® Target Retirement 2040 Fund - Investor Shares - 1298 (6)1.664.139.3015.796.3611.845.3106/07/20060.16 0.16  
Vanguard® Target Retirement 2045 Fund - Investor Shares - 794 (6)1.674.189.5316.176.4811.925.3310/27/20030.16 0.16  
Vanguard® Target Retirement 2050 Fund - Investor Shares - 1299 (6)1.684.239.5416.226.4811.935.3406/07/20060.16 0.16  
Vanguard® Target Retirement 2055 Fund - Investor Shares - 2473 (6)1.694.229.5116.226.4211.8911.5508/18/20100.16 0.16  
Vanguard® Target Retirement 2060 Fund - Investor Shares - 3447 (6)1.664.199.5016.206.4211.8910.7401/19/20120.16 0.16  
Vanguard® Target Retirement Income Fund - Investor Shares - 795 (6)0.832.024.176.293.735.154.9110/27/20030.13 0.13  
Balanced   
   Allocation--50% to 70% Equity 
VY® T. Rowe Price Capital Appreciation Portfolio - Inst - 1257 (14)1.653.908.6711.759.6913.308.0901/24/19890.64 0.64  
Large Cap Value   
   Large Blend 
American Funds Fundamental InvestorsSM - Class R-5 - 2079 2.174.2110.3120.0510.8516.087.2708/01/19780.35 0.35  
Parnassus Core Equity FundSM - Investor Shares - 2228 (7)0.802.096.1112.917.9214.828.8508/31/19920.88 0.87  
SSgA S&P 500 Index Fund - Class N - 1223 (8)1.392.538.6017.269.9815.236.7912/30/19920.20 0.16  
   Large Value 
BlackRock Equity Dividend Fund - Institutional Shares - 8518 0.690.824.5717.128.7212.666.4811/29/19880.72 0.72  
Large Cap Growth   
   Large Growth 
Voya Large Cap Growth Portfolio - Institutional Class - 742 (9)3.187.7215.9220.0111.8015.6710.8305/03/20040.67 0.67  
Small/Mid/Specialty   
   Mid-Cap Blend 
Vanguard® Mid-Cap Index Fund - Institutional Shares - 1197 0.932.158.4516.438.9215.217.2305/21/19980.05 0.05  
   Mid-Cap Growth 
VY® FMR® Diversified Mid Cap Portfolio - Institutional Class - 1183 -0.180.856.3614.887.1713.476.9710/02/20000.64 0.64  
   Mid-Cap Value 
American Century Mid Cap Value Fund - I Class - 1774 (10)-0.23-0.693.0615.4811.1016.518.6408/02/20040.81 0.78  
   Small Blend 
Vanguard® Small-Cap Index Fund - Institutional Shares - 1198 -1.13-0.533.4316.837.7314.647.4507/07/19970.05 0.05  
   Small Growth 
Voya SmallCap Opportunities Portfolio - Class I - 080 (11)-0.541.297.3019.319.3814.328.5905/06/19940.89 0.89  
   Small Value 
American Beacon Small Cap Value Fund - Institutional Class - 2676 -3.54-3.82-2.4217.697.1214.546.5012/31/19980.84 0.84  
   Specialty - Real Estate 
Voya Real Estate Fund - Class I - 293 (12)-0.41-3.13-0.150.046.178.704.7912/31/19960.90 0.90  
Global / International   
   Diversified Emerging Mkts 
Oppenheimer Developing Markets Fund - Class Y - 1954 2.859.9617.3923.340.305.904.7609/07/20051.07 1.07  
   Foreign Large Growth 
American Funds EuroPacific Growth Fund® - Class R-5 - 817 (15)3.3910.3916.6218.553.6610.423.5104/16/19840.54 0.54  
   World Stock 
VY® Oppenheimer Global Portfolio - Initial Class - 432 (13)2.799.4618.1224.046.9214.255.3805/01/20020.75 0.75  
 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  
 
KS BOARD OF REGENTS MAND 403B  
 
Average Annual Total Returns as of 03/31/2017    (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.  

 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 Administrative Fee is deducted from your account quarterly at an annual rate of 0.15% of balances in each of the Vanguard Target Date Retirement Funds. These returns 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   
   Money Market 
Voya Government Money Market Fund - Class A - 467 (2)0.000.010.010.090.090.070.6404/15/19940.71 0.69  
The 7-day annualized yield as of 03/31/2017 is 0.04%, which more closely reflects current earnings.  (17) 
   Stability of Principal 
Voya Fixed Plus Account III - 4020 (1)(3)(16)0.230.670.672.963.053.163.68   
Bonds   
   Inflation-Protected Bond 
PIMCO Real Return Fund - Administrative Class - 8052 (4)0.151.821.822.521.490.774.2804/28/20000.83 0.70  
   Intermediate-Term Bond 
PIMCO Total Return Fund - Administrative Class - 683 (5)-0.031.571.572.182.522.705.3605/11/19870.72 0.71  
Asset Allocation   
   Lifecycle - Index 
Vanguard® Target Retirement 2010 Fund - Investor Shares - 1295 (6)0.352.532.535.553.905.324.6806/07/20060.13 0.13  
Vanguard® Target Retirement 2015 Fund - Investor Shares - 791 (6)0.473.383.387.704.586.455.0210/27/20030.14 0.14  
Vanguard® Target Retirement 2020 Fund - Investor Shares - 1296 (6)0.654.104.109.445.177.345.2306/07/20060.14 0.14  
Vanguard® Target Retirement 2025 Fund - Investor Shares - 926 (6)0.714.594.5910.715.487.945.2810/27/20030.14 0.14  
Vanguard® Target Retirement 2030 Fund - Investor Shares - 1297 (6)0.825.105.1011.905.728.505.3106/07/20060.15 0.15  
Vanguard® Target Retirement 2035 Fund - Investor Shares - 793 (6)0.925.525.5213.045.959.055.4610/27/20030.15 0.15  
Vanguard® Target Retirement 2040 Fund - Investor Shares - 1298 (6)1.016.026.0214.326.149.435.6906/07/20060.16 0.16  
Vanguard® Target Retirement 2045 Fund - Investor Shares - 794 (6)1.016.196.1914.716.249.505.7010/27/20030.16 0.16  
Vanguard® Target Retirement 2050 Fund - Investor Shares - 1299 (6)1.036.196.1914.706.249.505.7106/07/20060.16 0.16  
Vanguard® Target Retirement 2055 Fund - Investor Shares - 2473 (6)1.046.176.1714.706.199.4711.3308/18/20100.16 0.16  
Vanguard® Target Retirement 2060 Fund - Investor Shares - 3447 (6)1.026.166.1614.676.199.5310.4501/19/20120.16 0.16  
Vanguard® Target Retirement Income Fund - Investor Shares - 795 (6)0.342.452.455.363.804.614.9510/27/20030.13 0.13  
Balanced   
   Allocation--50% to 70% Equity 
VY® T. Rowe Price Capital Appreciation Portfolio - Inst - 1257 (14)0.755.375.3711.829.5711.688.4301/24/19890.64 0.64  
Large Cap Value   
   Large Blend 
American Funds Fundamental InvestorsSM - Class R-5 - 2079 0.766.666.6619.6910.7013.587.8608/01/19780.35 0.35  
Parnassus Core Equity FundSM - Investor Shares - 2228 (7)0.424.384.3812.339.1913.539.5708/31/19920.88 0.87  
SSgA S&P 500 Index Fund - Class N - 1223 (8)0.116.036.0316.9910.2113.167.3712/30/19920.20 0.16  
   Large Value 
BlackRock Equity Dividend Fund - Institutional Shares - 8518 -0.563.153.1519.248.9611.137.2011/29/19880.72 0.72  
Large Cap Growth   
   Large Growth 
Voya Large Cap Growth Portfolio - Institutional Class - 742 (9)1.619.349.3415.0511.2512.7211.2605/03/20040.67 0.67  
Small/Mid/Specialty   
   Mid-Cap Blend 
Vanguard® Mid-Cap Index Fund - Institutional Shares - 1197 0.026.196.1916.738.6912.897.8505/21/19980.05 0.05  
   Mid-Cap Growth 
VY® FMR® Diversified Mid Cap Portfolio - Institutional Class - 1183 0.005.465.4618.566.8511.297.8010/02/20000.64 0.64  
   Mid-Cap Value 
American Century Mid Cap Value Fund - I Class - 1774 (10)-0.413.353.3520.9512.0315.099.4708/02/20040.81 0.78  
   Small Blend 
Vanguard® Small-Cap Index Fund - Institutional Shares - 1198 -0.243.743.7421.527.4212.918.2307/07/19970.05 0.05  
   Small Growth 
Voya SmallCap Opportunities Portfolio - Class I - 080 (11)0.406.356.3523.957.8812.389.3105/06/19940.89 0.89  
   Small Value 
American Beacon Small Cap Value Fund - Institutional Class - 2676 -0.391.051.0525.007.8013.067.7012/31/19980.84 0.84  
   Specialty - Real Estate 
Voya Real Estate Fund - Class I - 293 (12)-2.440.560.56-0.248.428.424.8612/31/19960.90 0.90  
Global / International   
   Diversified Emerging Mkts 
Oppenheimer Developing Markets Fund - Class Y - 1954 4.0111.0411.0415.46-0.142.345.3909/07/20051.07 1.07  
   Foreign Large Growth 
American Funds EuroPacific Growth Fund® - Class R-5 - 817 (15)3.519.359.3513.072.136.603.5404/16/19840.54 0.54  
   World Stock 
VY® Oppenheimer Global Portfolio - Initial Class - 432 (13)2.2910.3910.3918.345.369.865.4805/01/20020.75 0.75  
 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 924, Fund 4020 is 2.75%, 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) Voya Government Money Market Fund - Class A: The adviser and distributor are contractually obligated to waive a portion of their management fees and distribution and/or shareholder services fees, as applicable, and to reimburse certain expenses of the Fund to the extent necessary to assist the Fund in maintaining a yield of not less than zero through August 1, 2017. Including this waiver, Total Annual Fund Operating Expenses after Waivers and Reimbursements (for this Fund's most recent fiscal year) would have been 0.28%. There is no guarantee that the Fund will maintain such a yield. Any management fees waived or expenses reimbursed may be subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expenses) of the Fund on that day. The adviser is contractually obligated to waive 0.02% of the management fee through August 1, 2017. Termination or modification of these obligations requires approval by the Fund's board. 

(3) Voya Fixed Plus Account III - Voya will credit interest at an annual effective rate of 3.00% through 12/31/2016 and 2.75% from 01/01/2017 through 12/31/2017, both of which are higher than the standard Voya Fixed Plus Account III credited rate. Beginning 01/01/2018 and thereafter, the credited rate for your plan will be the same as the standard Voya Fixed Plus Account III credited rate in effect at that time. Please note the Guaranteed Minimum Interest Rate is 1.00%. Guarantees are based on the claims-paying ability of Voya Retirement Insurance and Annuity Company. Restrictions may apply to transfers of funds from the Voya Fixed Plus Account III to other contract investment options. Please refer to your product prospectus / disclosure booklet or call your 800 number for more information. 
(4) PIMCO Real Return Fund - Administrative 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 0.70%. 

(5) PIMCO Total Return Fund - Administrative 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 0.71%. 


(6) 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. 
(7) Parnassus Core Equity FundSM - Investor Shares: The investment adviser has contractually agreed to reduce its investment advisory fee to the extent necessary to limit total operating expenses to 0.87% of net assets for the Parnassus Core Equity Fund-Investor Shares. This agreement will not be terminated prior to May 1, 2017, and may be continued indefinitely by the investment adviser on a year-to-year basis. 

(8) SSgA S&P 500 Index Fund - Class N: The Adviser is contractually obligated until December 31, 2016 to waive its management fee and/or to reimburse the Fund for expenses to the extent that total expenses do not exceed 0.157% of average daily net assets on an annual basis. This waiver and/or reimbursement may not be terminated prior to December 31, 2016 except with the approval of the Fund's Board ofTrustees. In addition, SSGA FM has contractually agreed to waive 0.01% of its administration fee. This waiver may not be terminated or modified except with the approval of the Fund's Board ofTrustees. 

(9) Voya Large Cap Growth Portfolio - Institutional Class: The adviser is contractually obligated to limit expenses to 0.67% through May 1, 2018. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fund Fees and Expenses. Termination or modification of this obligation requires approval by the Portfolio's board. 

(10) American Century Mid Cap Value Fund - Institutional Class: The advisor has agreed to waive 0.03 percentage points of the fund's management fee. The advisor expects this waiver to continue until July 31, 2017 and cannot terminate it prior to such date without approval of the Board of Directors.
 

(11) Voya SmallCap Opportunities Portfolio - Class I: The adviser is contractually obligated to limit expenses to 0.92% through May 1, 2017. 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 adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Portfolio's board. 
(12) Voya Real Estate Fund - Class I: The adviser and sub-adviser are contractually obligated to limit expenses to 1.00% through October 1, 2017. 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 adviser and sub-adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Fund's board. 

(13) VY Oppenheimer Global Portfolio - Initial Class: The adviser is contractually obligated to limit expenses to 0.80% through May 1, 2017. 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 adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Portfolio's board. 
(14) The VY T. Rowe Price Capital Appreciation - Inst. Class commenced operations on May 1, 2003.  The fund has identical investment objectives and policies, the same portfolio manager, and invests in the same holdings as the Service Class of this fund.  The performance information for the VY T.Rowe Price Capital Appreciation Portfolio - Inst. Class prior to May 1, 2003 is based upon the Service Class performance, NOT adjusted by fees associated with the Inst. Class. 
(15) EuroPacific Growth Fund - Class R-5 commenced operations on May 15, 2002. Class R-5 has identical investment objectives and policies, the same portfolio manager, and invests in the same holdings as Class A.  The performance information above prior to May 15, 2002 is based upon the Class A performance adjusted by the fee differences between classes. 
(16) 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. 

(17) The current yield reflects the deduction of all charges that are deducted from the total return quotations shown.   
 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: Monday, June 26, 2017