Voya Investment Management | June 30, 2020 A Leader in Target … · 2020. 8. 3. · Multi-Manager...

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INVESTMENT MANAGEMENT Voya Investment Management | September 30, 2020 A Leader in Target Date Capabilities

Transcript of Voya Investment Management | June 30, 2020 A Leader in Target … · 2020. 8. 3. · Multi-Manager...

Page 1: Voya Investment Management | June 30, 2020 A Leader in Target … · 2020. 8. 3. · Multi-Manager 2 Voya is a pioneer of the multi-manager Target Date approach, with over 10 years

INVESTMENT MANAGEMENT

Voya Investment Management | September 30, 2020

A Leader in Target Date Capabilities

Page 2: Voya Investment Management | June 30, 2020 A Leader in Target … · 2020. 8. 3. · Multi-Manager 2 Voya is a pioneer of the multi-manager Target Date approach, with over 10 years

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Voya Advantages

Voya’s target

date funds were

designed with

participants’

needs in mind.

Voya Target Date: the QDIA Choice to Help Keep Retirement Goals on TrackVoya Investment Management is the asset management business of Voya Financial, a Fortune 500 company with over 6,000 employees seeking to help clients plan, invest and protect their savings. Voya Investment Management manages approximately $238 billion1

in assets across fixed income, senior loans, equities, multi-asset strategies and solutions, private equity, and real assets. Drawing on over 40 years of experience and the expertise of 250+ investment professionals, the firm’s capabilities span traditional products and solutions as well as those that cannot be easily replicated by an index.

Voya’s target date funds (TDFs) were designed with participants’ needs and behaviors in mind; we believe they are in accord with Department of Labor guidance and can help plan sponsors feel confident that they’re making an appropriate choice for their plan. Our TDFs are designed to balance the evolving risk-return profiles of participants as they progress through their different stages of life, to maximize the probability of a successful retirement.

The “target date” is the approximate date when an investor plans to start withdrawing their money. When their target date is reached, they may have more or less than the original amount invested. For each target-date fund, until the day prior to its target date, the fund will seek to provide total returns consistent with an asset allocation targeted for an investor who is retiring in approximately each fund’s designated target year. On the target date, the fund will seek to provide a combination of total return and stability of principal. The principal value of the fund is not guaranteed at any time, including at the target date. Investors should also be aware that the funds’ objectives and investment strategies may change over time.

Voya Key DifferentiatorParticipant Focused Glide Path

■ Seeks to maximize wealth in early years and reduce risk in later years ■ More equity relative to peers in early years, less equity relative to peers in later years

Multi-Manager2

■ Voya is a pioneer of the multi-manager Target Date approach, with over 10 years of experience ■ Access to Voya’s investment capabilities and other well-recognized asset managers

Active / Passive Blend

■ Active managers may offer the potential for excess returns in less efficient asset classes ■ Passive managers may offer cost effective exposure to highly efficient asset classes within a competitive fee structure

Life Stage Young Savers (<40) Mid-Career (40–55) Nearing Retirement (55–65) In Retirement (>65)

Key Objective Maximize wealth accumulationReduce investment risk as

contributions growReduce volatility to

preserve assetsProtect assets and generate income

that lasts as long as one lives

Key Risks Not saving enough Volatility or low returnsSignificant capital losses

and inflationIncome needs outstrip assets

Voya Target Date

Suites

Maximize equity exposures to give investors a head start

on accumulating for retirement

Slowly and steadily reduce equity exposure over time taking into

account market conditions

Continue to trim exposure to risky assets such that most

conservative allocation occurs at retirement

Diversify and actively manage asset mixes to lead to potentially greater

income stability

One Solution for the Different Stages of Life

1 As of 06/30/20. Voya IM assets are calculated on a market value basis and include proprietary insurance general account assets of $65 billion. 2 Multi-Manger refers to the use of investment managers including Voya Investment Management and outside managers, which may be offered through affiliated sub-

advised funds.

Page 3: Voya Investment Management | June 30, 2020 A Leader in Target … · 2020. 8. 3. · Multi-Manager 2 Voya is a pioneer of the multi-manager Target Date approach, with over 10 years

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A Leader in Target Date Capabilities

Participant Focused Glide Path DesignIn general, younger participants can afford to take on more investment risk in exchange for greater potential returns. As participants approach retirement, however, their risk profiles must become more conservative to protect the accumulated wealth. The manner in which a portfolio adjusts to this change in risk tolerance over time is known as its glide path and is a key differentiating feature among the many available target date funds — and a primary determinant of their returns and volatility.

In the early years of participants’ careers, Voya TDFs seek to maximize asset accumulation by taking more aggressive equity positions, relative to the industry average. The funds shift emphasis to asset protection in later years, reducing risk and ultimately reaching their most conservative equity allocation of 35 at retirement to help investors hold onto what they have accumulated in a lifetime of saving.

A Portfolio that Adjusts as Your Career Progresses

0

20

40

60

80

100%Early Career Mid Career Pre-Retirement Retirement

Fixed Income

Equity

Aggressive equity allocation early in career

Reduction of equities aligned with changing risk profile

Accelerated risk reduction in critical pre-retirement years

Conservative allocation in retirement

-45 -40 -35 -30 -25 -20 -15 -10 -5 0 5 10 15

Years Before Retirement Years After Retirement

Per

cent

age

of P

ortfo

lio

5

9512

8820

8028

72 38

62 49

51 65

35

RetirementDate

Voya’s Target Date Offerings

Key Attributes Solution Portfolios Index Solution Portfolio Target Solution Trusts Target Retirement Funds

Vehicle Variable Portfolios Variable Portfolios Collective Trusts Mutual Funds

Active/Passive/Blend Blend (83% Active) Passive Blend (66% Active) Blend (61% Active)

Philosophy & Glide Path Conservative “To” Glide Path

Menu Availability Menu 1–4 Menu 1–5 Menu 5, Framework Menu 5, Framework

Source: Voya Investment Management. This chart is for illustrative purposes only and may not reflect the current allocations of the Voya Target Retirement Funds. This illustration is intended to show how the Voya Target Retirement Funds transition over time.

The Funds may periodically deviate from the Target Allocation, generally within the range of +/- 10% relative to the current Target Allocation. The sub-adviser may determine to deviate by a wider margin in order to protect the Fund, achieve its investment objective, or take advantage of particular opportunities.

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Voya Advantages

Voya Offerings /Morningstar Category Inception

Abs.Rank

TotalFunds

1 YearMorningstar® Ratings and Percentile Rankings3 Years

Abs.Rank

TotalFunds

5 YearsAbs.Rank

TotalFunds

10 YearsAbs.Rank

TotalFunds Overall 3Q

3Q

RPAGScorecard*

Value Peers

Fi360 FiduciaryScore®**Ratings and Rankings as of 09/30/20

Target DateVoya Target Solution Income TrustMorningstar PublicTarget-Date Retirement

01/01/10 15out of 176

10out of 150

8 0 16917out of 127

12out of 90

out of150

Voya Target Solution 2025 TrustMorningstar PublicTarget-Date 2025

01/01/10 51out of 218

33out of 186

8 0 20940out of 146

37out of 89

out of186

Voya Target Solution 2030 TrustMorningstar PublicTarget-Date 2030

01/01/10 58out of 228

36out of 194

8 29 21541out of 153

39out of 91

out of194

Voya Target Solution 2035 TrustMorningstar PublicTarget-Date 2035

01/01/10 59out of 211

36out of 183

8 26 20338out of 143

40out of 86

out of183

Voya Target Solution 2040 TrustMorningstar PublicTarget-Date 2040

01/01/10 51out of 222

29out of 194

8 0 21539out of 153

33out of 91

out of194

Voya Target Solution 2045 TrustMorningstar PublicTarget-Date 2045

01/01/10 44out of 211

27out of 183

8 0 20339out of 143

21out of 85

out of183

Voya Target Solution 2050 TrustMorningstar PublicTarget-Date 2050

01/01/10 48out of 222

32out of 194

8 0 21546out of 153

29out of 79

out of194

Voya Target Solution 2055 TrustMorningstar PublicTarget-Date 2055

01/01/10 48out of 211

32out of 183

8 0 20347out of 140

35out of 35

out of183

Voya Target Solution 2060 TrustMorningstar PublicTarget-Date 2060+

09/01/15 48out of 244

34out of 171

8 42 17863out of 71

- out of171

Past performance does not guarantee future results. Please see back cover for additional disclosures.* Please Note: the RPAG scores for the CITs are for Class 8.** Fi360 data for the CITs are as of 08/31/20

Investment Risks

As with any portfolio, you could lose money on your investment in the Voya Target Solution Trust. Although asset allocation seeks to optimize returns given various levels of risk

tolerance, you still may lose money and experience volatility. Market and asset class performance and the assumptions used form the asset allocations for the Voya Target Solution

Trust. There is risk that you could achieve better returns in an underlying portfolio or other portfolios representing a single asset class than in the Voya Target Solution Trust.

Important factors to consider when planning for retirement include your expected expenses, sources of income, and available assets. Before investing in the Voya Target Solutions

Trust, weigh your objectives, time horizon, and risk tolerance. The Voya Target Solutions Trust invests in many underlying portfolios which are exposed to the risks of different

areas of the market. The higher a portfolio’s allocation to stocks, the greater the risk. Diversification cannot assure a profit or protect against loss in a declining market.

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A Leader in Target Date Capabilities

Inception

Performance (NAV %)

Expense Ratio (%)Cumulative AnnualizedPerformance Update as of 09/30/20Net¹GrossInception10 Years5 Years3 Years1 YearYTD3-month

Target Date

01/01/10 -5.786.235.947.624.813.70 0.39Voya Target Solution Income TrustMorningstar Public 0.39

01/04/13 5.47-6.105.837.584.813.71 0.39Voya Target Solution Income TrustClass 8 CIT 0.39

01/01/10 -7.868.026.508.183.075.44 0.39Voya Target Solution 2025 TrustMorningstar Public 0.39

10/17/12 7.44-7.896.398.153.075.44 0.39Voya Target Solution 2025 TrustClass 8 CIT 0.39

01/01/10 -8.358.616.738.292.396.05 0.39Voya Target Solution 2030 TrustMorningstar Public 0.39

01/04/13 7.98-8.486.628.262.406.06 0.39Voya Target Solution 2030 TrustClass 8 CIT 0.39

01/01/10 -8.769.156.938.631.836.76 0.39Voya Target Solution 2035 TrustMorningstar Public 0.39

10/17/12 8.46-9.026.828.591.846.77 0.39Voya Target Solution 2035 TrustClass 8 CIT 0.39

01/01/10 -9.069.527.149.301.957.50 0.39Voya Target Solution 2040 TrustMorningstar Public 0.39

01/04/13 8.86-9.397.039.271.957.50 0.39Voya Target Solution 2040 TrustClass 8 CIT 0.39

01/01/10 -9.389.727.289.751.887.90 0.39Voya Target Solution 2045 TrustMorningstar Public 0.39

10/17/12 9.17-9.597.179.711.887.91 0.39Voya Target Solution 2045 TrustClass 8 CIT 0.39

01/01/10 -9.359.707.179.491.477.86 0.39Voya Target Solution 2050 TrustMorningstar Public 0.39

01/04/13 9.07-9.577.069.461.487.86 0.39Voya Target Solution 2050 TrustClass 8 CIT 0.39

01/01/10 -9.429.757.209.551.457.98 0.39Voya Target Solution 2055 TrustMorningstar Public 0.39

01/10/13 9.15-9.627.099.511.457.98 0.39Voya Target Solution 2055 TrustClass 8 CIT 0.39

09/01/15* 9.05-9.847.259.731.647.95 0.39Voya Target Solution 2060 TrustMorningstar Public 0.39

09/03/15 9.24-9.717.149.701.647.95 0.39Voya Target Solution 2060 TrustClass 8 CIT 0.39

08/01/20* -3.01------ 0.39Voya Target Solution 2065 TrustMorningstar Public 0.39

09/02/20 -3.75------ 0.39Voya Target Solution 2065 TrustClass 8 CIT 0.39

Past performance does not guarantee future results. Current performance may be lower or

higher than the performance information shown. The investment return and principal value

of an investment in the portfolio will fluctuate, so that your shares, when redeemed, may

be worth more or less than their original cost. Performance assumes reinvestment of

distributions and does not account for taxes.

1 The estimated fee set forth above is comprised of Management Fees and the

administrative and operating expenses (such as custody, transfer agency,

valuation and audit fees) of the Target Solution Trusts as well as the underlying

Collective Trust Funds. The fee rates set forth above are only estimated fee

rates for the NAV classes in the Target Solution Trust Fund(s) and could be higher

or lower. The current fee rate for each class of the Target Solution Trust Fund(s),

is based on the current asset allocation and election of the underlying Collective

Trust Funds. The actual fees and expenses incurred will vary over time based on

strategic and tactical allocations across asset classes, changes in underlying

Collective Trust Funds selected and/or fee schedules, as well as actual

administrative and operating expenses incurred at both the underlying

Collective Trust Fund and Target Solution Trust Fund level.

* Both the listed inception date, as well as the fund’s performance for the (since)

inception period were adjusted to reflect the start of the 1st full month that the

fund was available to investors.

Page 6: Voya Investment Management | June 30, 2020 A Leader in Target … · 2020. 8. 3. · Multi-Manager 2 Voya is a pioneer of the multi-manager Target Date approach, with over 10 years

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Voya Advantages

Voya Offerings /Morningstar Category Inception

Abs.Rank

TotalFunds

1 YearMorningstar® Ratings and Percentile Rankings3 Years

Abs.Rank

TotalFunds

5 YearsAbs.Rank

TotalFunds

10 YearsAbs.Rank

TotalFunds Overall 3Q

3Q

RPAGScorecard

Value Peers

Fi360 FiduciaryScore®Ratings and Rankings as of 09/30/20

Target Date

12/21/1512/20/12

Voya Target In-Retirement FundClass R6 (VTRWX)Target-Date Retirement

5675 / 176

3539 / 150

6 32 162R6I

31out of 127

- out of150

12/21/1512/20/12

Voya Target Retirement 2025 FundClass R6 (VTRDX)Target-Date 2025

54106 / 218

4979 / 186

8 45 197R6I

47out of 146

- out of186

12/21/1512/20/12

Voya Target Retirement 2030 FundClass R6 (VTRFX)Target-Date 2030

53106 / 228

5287 / 194

6 42 202R6I

45out of 153

- out of194

12/21/1512/20/12

Voya Target Retirement 2035 FundClass R6 (VTRHX)Target-Date 2035

4891 / 211

5080 / 183

8 43 191R6I

49out of 143

- out of183

12/21/1512/20/12

Voya Target Retirement 2040 FundClass R6 (VTRKX)Target-Date 2040

3774 / 222

4373 / 194

8 40 202R6I

42out of 153

- out of194

12/21/1512/20/12

Voya Target Retirement 2045 FundClass R6 (VTRNX)Target-Date 2045

4180 / 211

4878 / 183

7 45 191R6I

51out of 143

- out of183

12/21/1512/20/12

Voya Target Retirement 2050 FundClass R6 (VTRPX)Target-Date 2050

4283 / 222

4681 / 194

7 44 202R6I

50out of 153

- out of194

12/21/1512/20/12

Voya Target Retirement 2055 FundClass R6 (VTRRX)Target-Date 2055

4487 / 211

4982 / 183

7 43 191R6I

54out of 140

- out of183

Voya Target Retirement 2060 FundClass R6 (VTRUX)Target-Date 2060+

12/21/15 4496 / 244

5179 / 171

- 29 182- - out of171

Past performance does not guarantee future results. Please see back cover for additional disclosures.

Investment Risks

As with any portfolio, you could lose money on your investment in a Voya Target Retirement Fund. Although asset allocation seeks to optimize returns given various levels of risk

tolerance, you still may lose money and experience volatility. Market and asset class performance and the assumptions used form the asset allocations for the VoyaRetirement

Fund. There is risk that you could achieve better returns in an underlying portfolio or other portfolios representing a single asset class than in the Voya Target Retirement Fund.

Important factors to consider when planning for retirement include your expected expenses, sources of income, and available assets. Beforein the Voya Target Retirement Fund,

weigh your objectives, time horizon, and risk tolerance. The Voya Target Retirement Fund invests in many underlying portfolios which are exposed to the risks of different areas of

the market. The higher a portfolio’s allocation to stocks, the greater the risk. Diversification cannot assure aor protect against loss in a declining market.

Page 7: Voya Investment Management | June 30, 2020 A Leader in Target … · 2020. 8. 3. · Multi-Manager 2 Voya is a pioneer of the multi-manager Target Date approach, with over 10 years

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A Leader in Target Date Capabilities

Inception

Performance (NAV %)

Expense Ratio (%)Cumulative AnnualizedPerformance Update as of 09/30/20Net¹GrossInception10 Years5 Years3 Years1 YearYTD3-month

ExpenseWaiver Date

Target Date

R6 5.38-5.935.356.563.903.52 0.47 3, 4Voya Target In-Retirement FundClass R6 (VTRWX)

12/21/15 0.47 10/01/21I 12/20/12 0.48 0.48

R6 7.28-7.846.238.023.045.49 0.45 3, 4Voya Target Retirement 2025 FundClass R6 (VTRDX)

12/21/15 0.45 10/01/21I 12/20/12 0.51 0.51

R6 7.95-8.446.468.582.616.06 0.45 3, 4Voya Target Retirement 2030 FundClass R6 (VTRFX)

12/21/15 0.45 10/01/21I 12/20/12 0.49 0.49

R6 8.28-9.016.749.212.366.83 0.45 3, 4Voya Target Retirement 2035 FundClass R6 (VTRHX)

12/21/15 0.45 10/01/21I 12/20/12 0.46 0.46

R6 8.78-9.396.929.872.467.49 0.46 3, 4Voya Target Retirement 2040 FundClass R6 (VTRKX)

12/21/15 0.46 10/01/21I 12/20/12 0.50 0.50

R6 8.94-9.516.869.982.127.84 0.46 3, 4Voya Target Retirement 2045 FundClass R6 (VTRNX)

12/21/15 0.46 10/01/21I 12/20/12 0.49 0.49

R6 8.93-9.496.809.931.867.87 0.47 3, 4Voya Target Retirement 2050 FundClass R6 (VTRPX)

12/21/15 0.47 10/01/21I 12/20/12 0.50 0.50

R6 8.97-9.566.819.841.797.81 0.47 3, 4Voya Target Retirement 2055 FundClass R6 (VTRRX)

12/21/15 0.47 10/01/21I 12/20/12 0.47 0.47

R6 9.18--6.8410.051.938.01 0.49 3, 4Voya Target Retirement 2060 FundClass R6 (VTRUX) 12/21/15 0.49 10/01/21

R6 1.90------ 0.49 2, 4Voya Target Retirement 2065 FundClass R6 (VTUFX) 07/29/20 0.52 10/01/21

Historical performance shown for Class R6 shares reflects the historical performance of Class I

shares for periods prior to the inception of Class R6 (represented by italicized text). Historical

performance of Class R6 shares likely would have been different because of differences in

expenses attributable to each share class.

Past performance does not guarantee future results. Current performance may be lower or

higher than the performance information shown. The investment return and principal value

of an investment in the portfolio will fluctuate, so that your shares, when redeemed, may

be worth more or less than their original cost. Returns for the other share classes will vary

due to different charges and expenses. Performance assumes reinvestment of

distributions and does not account for taxes.

Total investment return at net asset value has been calculated assuming a purchase at net asset

value at the beginning of the period and a sale at net asset value at the end of the period; and

assumes reinvestment of dividends, capital gain distributions and return of capital

distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment

plan. Net asset value equals total Fund assets net of fund expenses such as operating costs and

management fees. Total investment return at net asset value is not annualized for periods less

than one year.

1 The Adviser has contractually agreed to limit expenses of the Fund. This

expense limitation agreement excludes interest, taxes, investment-related costs,

leverage expenses, and extraordinary expenses and may be subject to possible

recoupment. Please see the Fund's prospectus for more information.2 Expenses are being waived to the contractual cap.

3 The Fund is operating under the contractual expense limits.

4 The Fund's Acquired (Underlying) Funds Fees and Expenses are based on a

weighted average of the fees and expenses of the Underlying Funds in which it

invests. The amount of fees and expenses of the Underlying Funds borne by the

Fund will vary based on the Fund's allocation of assets to, and annualized net

expenses of, the particular Underlying Funds during the Fund's fiscal year.

Page 8: Voya Investment Management | June 30, 2020 A Leader in Target … · 2020. 8. 3. · Multi-Manager 2 Voya is a pioneer of the multi-manager Target Date approach, with over 10 years

8

Voya Advantages

Voya Offerings /Morningstar Category Inception

Abs.Rank

TotalFunds

1 YearMorningstar® Ratings and Percentile Rankings3 Years

Abs.Rank

TotalFunds

5 YearsAbs.Rank

TotalFunds

10 YearsAbs.Rank

TotalFunds Overall 3Q

3Q

RPAGScorecard

Value Peers

Fi360 FiduciaryScore®Ratings and Rankings as of 09/30/20

Target Date

05/01/1503/10/08

Voya Index Solution Income PortfolioClass Z (VSZJX)Target-Date Retirement

69 / 176

912 / 150

8 0 162ZI

1217 / 127

12out of 90

out of150

05/01/1503/10/08

Voya Index Solution 2025 PortfolioClass Z (VSZBX)Target-Date 2025

3367 / 218

2127 / 186

9 0 197ZI

2935 / 146

31out of 89

out of186

05/01/1510/03/11

Voya Index Solution 2030 PortfolioClass Z (VSZCX)Target-Date 2030

4285 / 228

2636 / 194

8 0 202ZI

3445 / 153

- out of194

05/01/1503/10/08

Voya Index Solution 2035 PortfolioClass Z (VSZDX)Target-Date 2035

4688 / 211

2839 / 183

8 0 191ZI

3243 / 143

33out of 86

out of183

05/01/1510/03/11

Voya Index Solution 2040 PortfolioClass Z (VSZEX)Target-Date 2040

4183 / 222

1833 / 194

8 0 202ZI

3242 / 153

- out of194

05/01/1503/10/08

Voya Index Solution 2045 PortfolioClass Z (VSZFX)Target-Date 2045

4691 / 211

2944 / 183

8 0 191ZI

3645 / 143

21out of 85

out of183

05/01/1510/03/11

Voya Index Solution 2050 PortfolioClass Z (VSZGX)Target-Date 2050

51103 / 222

3861 / 194

8 0 202ZI

4049 / 153

- out of194

05/01/1503/08/10

Voya Index Solution 2055 PortfolioClass Z (VSZHX)Target-Date 2055

5199 / 211

3658 / 183

8 0 191ZI

4250 / 140

40out of 35

out of183

05/01/1502/09/15

Voya Index Solution 2060 PortfolioClass Z (VSZIX)Target-Date 2060+

53119 / 244

3958 / 171

7 28 182ZI

6237 / 71

- out of171

Past performance does not guarantee future results. Please see back cover for additional disclosures.

Investment Risks

As with any portfolio, you could lose money on your investment in a Voya Index Solution Portfolio. Although asset allocation seeks to optimize returns given various levels of risk

tolerance, you still may lose money and experience volatility. Market and asset class performance and the assumptions used form the asset allocations for the Voya Index Solution

Portfolio. There is risk that you could achieve better returns in an underlying portfolio or other portfolios representing a single asset class than in the Voya Index Solution Portfolio.

Important factors to consider when planning for retirement include your expected expenses, sources of income, and available assets. Before investing in the Voya Index Solution

Portfolio, weigh your objectives, time horizon, and risk tolerance. The Voya Index Solution Portfolio invests in many underlying portfolios which are exposed to the risks of different

areas of the market. The higher a portfolio’s allocation to stocks, the greater the risk. Diversification cannot assure a profit or protect against loss in a declining market.

Page 9: Voya Investment Management | June 30, 2020 A Leader in Target … · 2020. 8. 3. · Multi-Manager 2 Voya is a pioneer of the multi-manager Target Date approach, with over 10 years

9

A Leader in Target Date Capabilities

Inception

Performance (NAV %)

Expense Ratio (%)Cumulative AnnualizedPerformance Update as of 09/30/20Net¹GrossInception10 Years5 Years3 Years1 YearYTD3-month

ExpenseWaiver Date

Target Date

Z -5.746.305.978.375.403.22 0.16 2, 3Voya Index Solution Income PortfolioClass Z (VSZJX)

05/01/15 0.42 05/01/21I 03/10/08 0.46 0.39

Z -7.928.366.909.153.794.97 0.17 2, 3Voya Index Solution 2025 PortfolioClass Z (VSZBX)

05/01/15 0.42 05/01/21I 03/10/08 0.47 0.39

Z 9.94-8.856.989.042.755.44 0.17 2, 3Voya Index Solution 2030 PortfolioClass Z (VSZCX)

05/01/15 0.41 05/01/21I 10/03/11 0.49 0.39

Z -8.909.407.129.292.126.21 0.17 2, 3Voya Index Solution 2035 PortfolioClass Z (VSZDX)

05/01/15 0.41 05/01/21I 03/10/08 0.47 0.39

Z 11.02-9.767.279.672.126.90 0.16 2, 3Voya Index Solution 2040 PortfolioClass Z (VSZEX)

05/01/15 0.40 05/01/21I 10/03/11 0.53 0.39

Z -9.329.847.239.581.587.22 0.16 2, 3Voya Index Solution 2045 PortfolioClass Z (VSZFX)

05/01/15 0.39 05/01/21I 03/10/08 0.47 0.39

Z 11.11-9.837.069.181.047.22 0.15 2, 3Voya Index Solution 2050 PortfolioClass Z (VSZGX)

05/01/15 0.39 05/01/21I 10/03/11 0.57 0.39

Z -9.319.817.069.211.017.31 0.15 2, 3Voya Index Solution 2055 PortfolioClass Z (VSZHX)

05/01/15 0.39 05/01/21I 03/08/10 0.55 0.39

Z 7.53-9.897.129.271.127.32 0.16 2, 3Voya Index Solution 2060 PortfolioClass Z (VSZIX)

05/01/15 0.40 05/01/21I 02/09/15 0.61 0.39

Z 1.90------ 0.16 2, 3Voya Index Solution 2065 PortfolioClass Z (VIQZX) 07/29/20 1.86 05/01/21

Historical performance shown for Class Z shares reflects the historical performance of Class I

shares for periods prior to the inception of Class Z (represented by italicized text). Historical

performance of Class Z shares likely would have been different because of differences in

expenses attributable to each share class.

Past performance does not guarantee future results. Current performance may be lower or

higher than the performance information shown. The investment return and principal value

of an investment in the portfolio will fluctuate, so that your shares, when redeemed, may

be worth more or less than their original cost. Returns for the other share classes will vary

due to different charges and expenses. Performance assumes reinvestment of

distributions and does not account for taxes.

Total investment return at net asset value has been calculated assuming a purchase at net asset

value at the beginning of the period and a sale at net asset value at the end of the period; and

assumes reinvestment of dividends, capital gain distributions and return of capital

distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment

plan. Net asset value equals total Fund assets net of fund expenses such as operating costs and

management fees. Total investment return at net asset value is not annualized for periods less

than one year.

1 The Adviser has contractually agreed to limit expenses of the Portfolio. This

expense limitation agreement excludes interest, taxes, investment-related costs,

leverage expenses, and extraordinary expenses and may be subject to possible

recoupment. Please see the Portfolio's prospectus for more information.2 Expenses are being waived to the contractual cap.

3 The Portfolio's Acquired (Underlying) Funds Fees and Expenses are based on a

weighted average of the fees and expenses of the Underlying Funds in which it

invests. The amount of fees and expenses of the Underlying funds borne by a

Portfolio will vary based on the Portfolio's allocation of assets to, and annualized

net expenses of, the particular Underlying Funds during the Portfolio's fiscal

year.

Page 10: Voya Investment Management | June 30, 2020 A Leader in Target … · 2020. 8. 3. · Multi-Manager 2 Voya is a pioneer of the multi-manager Target Date approach, with over 10 years

10

Voya Advantages

Voya Offerings /Morningstar Category Inception

Abs.Rank

TotalFunds

1 YearMorningstar® Ratings and Percentile Rankings3 Years

Abs.Rank

TotalFunds

5 YearsAbs.Rank

TotalFunds

10 YearsAbs.Rank

TotalFunds Overall 3Q

3Q

RPAGScorecard

Value Peers

Fi360 FiduciaryScore®Ratings and Rankings as of 09/30/20

Target DateVoya Solution Income PortfolioClass I (ISWIX)Target-Date Retirement

04/29/05 2430 / 176

2124 / 150

7 0 1621821 / 127

1914 / 90

out of150

Voya Solution 2025 PortfolioClass I (ISZIX)Target-Date 2025

04/29/05 5097 / 218

4573 / 186

8 27 1974662 / 146

4636 / 89

out of186

Voya Solution 2030 PortfolioClass I (ISNGX)Target-Date 2030

10/03/11 54108 / 228

59100 / 194

7 54 2024564 / 153

- out of194

Voya Solution 2035 PortfolioClass I (ISQIX)Target-Date 2035

04/29/05 64121 / 211

74121 / 183

7 61 1916581 / 143

5746 / 86

out of183

Voya Solution 2040 PortfolioClass I (ISNLX)Target-Date 2040

10/03/11 52103 / 222

61114 / 194

6 64 2025977 / 153

- out of194

Voya Solution 2045 PortfolioClass I (ISRIX)Target-Date 2045

04/29/05 53105 / 211

73124 / 183

5 50 1917594 / 143

5543 / 85

out of183

Voya Solution 2050 PortfolioClass I (ISNQX)Target-Date 2050

10/03/11 53107 / 222

71129 / 194

5 69 2027093 / 153

- out of194

Voya Solution 2055 PortfolioClass I (IISPX)Target-Date 2055

03/08/10 55110 / 211

75132 / 183

5 58 1917593 / 140

5119 / 35

out of183

Voya Solution 2060 PortfolioClass I (VSIPX)Target-Date 2060+

02/09/15 60140 / 244

78125 / 171

5 74 1828154 / 71

- out of171

Past performance does not guarantee future results. Please see back cover for additional disclosures.

Investment Risks

As with any portfolio, you could lose money on your investment in a Voya Solution Portfolio. Although asset allocation seeks to optimize returns given various levels of risk

tolerance, you still may lose money and experience volatility. Market and asset class performance and the assumptions used form the asset allocations for the Voya Solution

Portfolio. There is risk that you could achieve better returns in an underlying portfolio or other portfolios representing a single asset class than in the Voya Solution Portfolio.

Important factors to consider when planning for retirement include your expected expenses, sources of income, and available assets. Before investing in the Voya Solution

Portfolio, weigh your objectives, time horizon, and risk tolerance. The Voya Solution Portfolio invests in many underlying portfolios which are exposed to the risks of different areas

of the market. The higher a portfolio’s allocation to stocks, the greater the risk. Diversification cannot assure a profit or protect against loss in a declining market.

Page 11: Voya Investment Management | June 30, 2020 A Leader in Target … · 2020. 8. 3. · Multi-Manager 2 Voya is a pioneer of the multi-manager Target Date approach, with over 10 years

11

A Leader in Target Date Capabilities

Inception

Performance (NAV %)

Expense Ratio (%)Cumulative AnnualizedPerformance Update as of 09/30/20Net¹GrossInception10 Years5 Years3 Years1 YearYTD3-month

ExpenseWaiver Date

Target Date

04/29/05 -5.596.125.727.424.744.05 0.68 2, 3Voya Solution Income PortfolioClass I (ISWIX) 0.80 05/01/21

04/29/05 -7.677.886.248.283.285.81 0.74 2, 3Voya Solution 2025 PortfolioClass I (ISZIX) 0.86 05/01/21

10/03/11 9.92-8.456.318.542.486.26 0.74 2, 3Voya Solution 2030 PortfolioClass I (ISNGX) 0.99 05/01/21

04/29/05 -8.338.616.108.311.356.98 0.77 2, 3Voya Solution 2035 PortfolioClass I (ISQIX) 0.92 05/01/21

10/03/11 10.87-9.066.359.211.727.55 0.77 2, 3Voya Solution 2040 PortfolioClass I (ISNLX) 1.08 05/01/21

04/29/05 -8.748.876.019.101.098.01 0.80 2, 3Voya Solution 2045 PortfolioClass I (ISRIX) 0.97 05/01/21

10/03/11 10.89-8.965.978.930.777.85 0.80 2, 3Voya Solution 2050 PortfolioClass I (ISNQX) 1.17 05/01/21

03/08/10 -8.778.905.928.770.567.95 0.80 2, 3Voya Solution 2055 PortfolioClass I (IISPX) 1.09 05/01/21

02/09/15 6.84-8.955.868.630.387.86 0.80 2, 3Voya Solution 2060 PortfolioClass I (VSIPX) 1.33 05/01/21

07/29/20 1.80------ 0.80 2, 3Voya Solution 2065 PortfolioClass I (VSQIX) 2.34 05/01/21

Past performance does not guarantee future results. Current performance may be lower or

higher than the performance information shown. The investment return and principal value

of an investment in the portfolio will fluctuate, so that your shares, when redeemed, may

be worth more or less than their original cost. Returns for the other share classes will vary

due to different charges and expenses. Performance assumes reinvestment of

distributions and does not account for taxes.

Total investment return at net asset value has been calculated assuming a purchase at net asset

value at the beginning of the period and a sale at net asset value at the end of the period; and

assumes reinvestment of dividends, capital gain distributions and return of capital

distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment

plan. Net asset value equals total Fund assets net of fund expenses such as operating costs and

management fees. Total investment return at net asset value is not annualized for periods less

than one year.

1 The Adviser has contractually agreed to limit expenses of the Portfolio. This

expense limitation agreement excludes interest, taxes, investment-related costs,

leverage expenses, and extraordinary expenses and may be subject to possible

recoupment. Please see the Portfolio's prospectus for more information.2 Expenses are being waived to the contractual cap.

3 The Portfolio's Acquired (Underlying) Funds Fees and Expenses are based on a

weighted average of the fees and expenses of the Underlying Funds in which it

invests. The amount of fees and expenses of the Underlying funds borne by a

Portfolio will vary based on the Portfolio's allocation of assets to, and annualized

net expenses of, the particular Underlying Funds during the Portfolio's fiscal

year.

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12

Voya Advantages

Asset Allocations by Underlying FundVoya Target Solution Trust Series (%)Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 Income

EquityUS Large Blend

BlackRock Equity Index Trust NL Fund 42.5 42.5 41.0 38.5 37.5 32.5 26.5 21.5 15.5 7.0S&P500 EMINI DEC20 FUTURE - - 0.5 0.5 1.5 2.0 0.5 0.5 1.5 2.5Voya Multi-Factor Large Cap Core Trust Fund - - - - - 4.0 4.5 4.5 4.5 2.5

US Large GrowthMFS Heritage Growth Equity Trust Fund 5.5 5.5 5.5 5.8 5.8 4.3 4.0 3.5 3.5 2.3Voya Large Cap Growth Trust Fund 2.0 2.0 2.0 3.0 3.0 3.5 3.5 3.5 5.0 3.0

US Large ValueBlackRock Russell 1000 Value Trust NL Fund 7.0 7.0 7.0 8.3 8.3 7.3 7.5 4.0 3.5 -Voya Large Cap Value Trust Fund - - - - - - - 3.0 5.0 5.3

US Mid Cap BlendVoya Mid Cap Growth Trust Fund 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -Voya Multi-Manager Mid Cap Value Fund Class P 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -

US Small CapE-MINI RUSS 2000 DEC20 FUTURE - - 5.0 5.0 5.0 5.0 5.0 5.0 4.0 4.0iShares Core S&P Small-Cap ETF 5.0 5.0 - - - - - - - -

InternationalBlackRock MSCI EAFE Equity Index Trust NL Fund 7.5 7.5 8.5 8.5 8.5 9.0 9.0 7.5 6.0 2.0MFS International Growth Trust Fund 4.0 4.0 4.0 4.0 4.0 3.5 3.0 3.0 2.5 2.0MSCI EAFE DEC20 FUTURE - - -1.0 -1.0 -1.0 -2.0 -2.0 -2.0 -3.0 -3.0Polaris Capital International Value Collective Fund 5.0 5.0 5.0 5.0 4.0 4.0 3.0 3.0 2.5 2.0Wellington International Opportunities Trust Fund 7.5 7.5 7.5 7.5 7.5 6.5 6.0 5.5 4.0 2.0

Emerging MarketsBlackRock Emerging Markets Index Trust NL Fund 1.0 1.0 1.0 1.0 1.0 1.0 - - - -JPMorgan Emerging Markets Equity Trust Fund 2.0 2.0 2.0 2.0 2.0 1.5 2.0 2.0 1.0 -MSCI EMGMKT DEC20 FUTURE - - -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5Voya Multi-Manager Emerging Markets Equity Fund Class P 4.0 4.0 4.5 4.0 4.0 4.0 4.0 3.0 2.5 2.0

Fixed IncomeCore Fixed Income

AQR Core Plus Bond Trust Fund - - - 2.0 2.0 3.0 3.0 6.0 8.0 9.0BlackRock US Debt Index Trust NL Fund - - - - - - - - - 11.0Brandywine US Fixed Income Trust Fund 1.0 1.0 2.0 2.0 2.0 2.0 3.0 4.0 6.0 7.0iShares iBoxx USD IG Corp Bond ETF - - - - - - 3.5 3.5 3.5 1.5US 10 YR NOTE (CBT) DEC20 FUTURE - - -4.0 -4.0 -5.0 -4.5 -3.0 -3.0 -2.0 -3.0Voya Core Plus Trust Fund 1.0 1.0 5.0 4.0 4.0 7.0 7.5 13.5 15.5 18.0

High YieldVoya High Yield Bond Fund Class P - - - - 2.0 3.0 4.0 4.0 4.0 5.0

Global BondsBrandywine Global Bond Trust Fund - - - - - - - - 3.0 3.0

Short DurationVoya Core Short Duration High Quality Trust Fund - - - - - - - - - 10.0

Long Govt BondsiShares 20+ Year Treasury Bond ETF - - - - - - 2.0 2.0 2.0 2.0

TIPSBlackRock US Treasury Inflation Protection Trust Fund - - - - - - - - - 3.5

Equity 98.0 98.0 97.0 96.0 95.0 89.5 80.0 70.0 60.0 33.0Fixed Income 2.0 2.0 3.0 4.0 5.0 10.5 20.0 30.0 40.0 67.0

Voya Investment Management 5.5 5.5 9.5 9.3 11.3 19.5 21.5 30.0 35.3 43.8Outside Manager* 94.5 94.5 90.5 90.8 88.8 80.5 78.5 70.0 64.8 56.3

Active 37.0 37.0 42.5 43.8 44.8 50.3 51.5 61.5 69.5 73.0Passive 63.0 63.0 57.5 56.3 55.3 49.8 48.5 38.5 30.5 27.0

*Outside manager refers to the use of investment managers other than Voya Investment Management, which may be offered through affiliated sub-advised funds.Allocations may not add to 100% due to rounding

Asset Allocations by Underlying FundVoya Target Solution Trust Series (%)Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 Income

EquityUS Large Blend

BlackRock Equity Index Trust NL Fund 42.5 42.5 41.0 38.5 37.5 32.5 26.5 21.5 15.5 7.0S&P500 EMINI DEC20 FUTURE - - 0.5 0.5 1.5 2.0 0.5 0.5 1.5 2.5Voya Multi-Factor Large Cap Core Trust Fund - - - - - 4.0 4.5 4.5 4.5 2.5

US Large GrowthMFS Heritage Growth Equity Trust Fund 5.5 5.5 5.5 5.8 5.8 4.3 4.0 3.5 3.5 2.3Voya Large Cap Growth Trust Fund 2.0 2.0 2.0 3.0 3.0 3.5 3.5 3.5 5.0 3.0

US Large ValueBlackRock Russell 1000 Value Trust NL Fund 7.0 7.0 7.0 8.3 8.3 7.3 7.5 4.0 3.5 -Voya Large Cap Value Trust Fund - - - - - - - 3.0 5.0 5.3

US Mid Cap BlendVoya Mid Cap Growth Trust Fund 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -Voya Multi-Manager Mid Cap Value Fund Class P 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -

US Small CapE-MINI RUSS 2000 DEC20 FUTURE - - 5.0 5.0 5.0 5.0 5.0 5.0 4.0 4.0iShares Core S&P Small-Cap ETF 5.0 5.0 - - - - - - - -

InternationalBlackRock MSCI EAFE Equity Index Trust NL Fund 7.5 7.5 8.5 8.5 8.5 9.0 9.0 7.5 6.0 2.0MFS International Growth Trust Fund 4.0 4.0 4.0 4.0 4.0 3.5 3.0 3.0 2.5 2.0MSCI EAFE DEC20 FUTURE - - -1.0 -1.0 -1.0 -2.0 -2.0 -2.0 -3.0 -3.0Polaris Capital International Value Collective Fund 5.0 5.0 5.0 5.0 4.0 4.0 3.0 3.0 2.5 2.0Wellington International Opportunities Trust Fund 7.5 7.5 7.5 7.5 7.5 6.5 6.0 5.5 4.0 2.0

Emerging MarketsBlackRock Emerging Markets Index Trust NL Fund 1.0 1.0 1.0 1.0 1.0 1.0 - - - -JPMorgan Emerging Markets Equity Trust Fund 2.0 2.0 2.0 2.0 2.0 1.5 2.0 2.0 1.0 -MSCI EMGMKT DEC20 FUTURE - - -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5Voya Multi-Manager Emerging Markets Equity Fund Class P 4.0 4.0 4.5 4.0 4.0 4.0 4.0 3.0 2.5 2.0

Fixed IncomeCore Fixed Income

AQR Core Plus Bond Trust Fund - - - 2.0 2.0 3.0 3.0 6.0 8.0 9.0BlackRock US Debt Index Trust NL Fund - - - - - - - - - 11.0Brandywine US Fixed Income Trust Fund 1.0 1.0 2.0 2.0 2.0 2.0 3.0 4.0 6.0 7.0iShares iBoxx USD IG Corp Bond ETF - - - - - - 3.5 3.5 3.5 1.5US 10 YR NOTE (CBT) DEC20 FUTURE - - -4.0 -4.0 -5.0 -4.5 -3.0 -3.0 -2.0 -3.0Voya Core Plus Trust Fund 1.0 1.0 5.0 4.0 4.0 7.0 7.5 13.5 15.5 18.0

High YieldVoya High Yield Bond Fund Class P - - - - 2.0 3.0 4.0 4.0 4.0 5.0

Global BondsBrandywine Global Bond Trust Fund - - - - - - - - 3.0 3.0

Short DurationVoya Core Short Duration High Quality Trust Fund - - - - - - - - - 10.0

Long Govt BondsiShares 20+ Year Treasury Bond ETF - - - - - - 2.0 2.0 2.0 2.0

TIPSBlackRock US Treasury Inflation Protection Trust Fund - - - - - - - - - 3.5

Equity 98.0 98.0 97.0 96.0 95.0 89.5 80.0 70.0 60.0 33.0Fixed Income 2.0 2.0 3.0 4.0 5.0 10.5 20.0 30.0 40.0 67.0

Voya Investment Management 5.5 5.5 9.5 9.3 11.3 19.5 21.5 30.0 35.3 43.8Outside Manager* 94.5 94.5 90.5 90.8 88.8 80.5 78.5 70.0 64.8 56.3

Active 37.0 37.0 42.5 43.8 44.8 50.3 51.5 61.5 69.5 73.0Passive 63.0 63.0 57.5 56.3 55.3 49.8 48.5 38.5 30.5 27.0

*Outside manager refers to the use of investment managers other than Voya Investment Management, which may be offered through affiliated sub-advised funds.Allocations may not add to 100% due to rounding

Page 13: Voya Investment Management | June 30, 2020 A Leader in Target … · 2020. 8. 3. · Multi-Manager 2 Voya is a pioneer of the multi-manager Target Date approach, with over 10 years

13

A Leader in Target Date Capabilities

Asset Allocations by Underlying FundVoya Target Retirement Funds (%)Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 In-Retirement

EquityUS Large Blend

iShares Core S&P 500 ETF 13.5 13.5 13.5 12.5 11.0 9.5 7.5 7.5 7.5 0.5TIAA-CREF S&P 500 Index Institutional 25.0 25.0 24.5 24.5 23.5 23.5 24.0 18.0 16.0 9.5

US Large GrowthVanguard Russell 1000 Growth ETF 2.3 2.3 1.0 2.3 2.8 2.3 - - - -Voya Large Cap Growth Fund - P3 7.3 7.3 8.3 7.5 8.3 8.3 7.5 7.5 7.5 6.3

US Large ValueVanguard Value Index ETF 2.5 2.5 2.0 2.5 4.5 5.3 4.0 4.3 3.5 2.3Voya Large Cap Value Fund - P3 6.5 6.5 6.8 6.8 6.0 4.8 3.5 3.3 - -Voya U.S. High Dividend Low Volatility Fund – P3 - - - - - - - - 4.0 4.0

US Mid Cap BlendiShares Russell Mid-Cap Growth ETF 2.5 2.5 2.5 2.3 2.3 2.0 - - - -Voya Midcap Opportunities Fund - P3 - - - - - - 2.0 1.5 1.3 -Voya Multi-Manager Mid Cap Value Fund - P3 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -

US Small CapiShares Core S&P Small-Cap ETF 3.0 3.0 3.0 3.0 3.0 3.0 5.0 5.0 4.0 4.0Voya Small Company Fund - P3 2.0 2.0 2.0 2.0 2.0 2.0 - - - -

InternationalVoya Multi-Manager International Equity Fund - P3 15.5 15.5 15.5 15.5 14.5 12.8 10.8 8.0 4.8 1.3Voya Multi-Manager International Factors Fund - P3 8.5 8.5 8.5 8.5 8.5 8.3 8.3 9.0 7.3 3.8

Emerging MarketsVoya Multi-Manager Emerging Markets Equity Fund - P3 7.0 7.0 7.0 6.5 6.5 6.0 5.5 4.5 3.0 1.5

Fixed IncomeCore Fixed Income

iShares Core US Aggregate Bond ETF - - - - - - 1.5 1.5 5.5 12.0iShares iBoxx USD IG Corp Bond ETF - - - - - - 3.5 3.5 3.5 1.5Voya Intermediate Bond Fund - P3 2.0 2.0 3.0 4.0 3.0 7.5 9.0 18.0 21.0 28.5Voya Strategic Income Opportunities Fund P3 - - - - - - - 1.0 1.0 1.5

High YieldVoya High Yield Bond Fund - P3 - - - - 2.0 3.0 4.0 4.0 4.0 5.0

Global BondsVoya Global Bond Fund - P3 - - - - - - - - 3.0 3.0

Short DurationVoya Short Term Bond Fund - P3 - - - - - - - - - 10.0

Long Govt BondsiShares 20+ Year Treasury Bond ETF - - - - - - 2.0 2.0 2.0 2.0

TIPSSchwab US TIPS ETF - - - - - - - - - 3.5

Equity 98.0 98.0 97.0 96.0 95.0 89.5 80.0 70.0 60.0 33.0Fixed Income 2.0 2.0 3.0 4.0 5.0 10.5 20.0 30.0 40.0 67.0

Voya Investment Management 17.8 17.8 20.0 20.3 21.3 25.5 26.0 35.3 41.8 58.3Outside Manager* 82.3 82.3 80.0 79.8 78.8 74.5 74.0 64.8 58.3 41.8

Active 51.3 51.3 53.5 53.0 53.0 54.5 52.5 58.3 58.0 64.8Passive 48.8 48.8 46.5 47.0 47.0 45.5 47.5 41.8 42.0 35.3

*Outside manager refers to the use of investment managers other than Voya Investment Management, which may be offered through affiliated sub-advised funds. The Target RetirementFunds have a 50% cap on the use of unaffiliated funds.Allocations may not add to 100% due to rounding

Asset Allocations by Underlying FundVoya Target Retirement Funds (%)Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 In-Retirement

EquityUS Large Blend

iShares Core S&P 500 ETF 13.5 13.5 13.5 12.5 11.0 9.5 7.5 7.5 7.5 0.5TIAA-CREF S&P 500 Index Institutional 25.0 25.0 24.5 24.5 23.5 23.5 24.0 18.0 16.0 9.5

US Large GrowthVanguard Russell 1000 Growth ETF 2.3 2.3 1.0 2.3 2.8 2.3 - - - -Voya Large Cap Growth Fund - P3 7.3 7.3 8.3 7.5 8.3 8.3 7.5 7.5 7.5 6.3

US Large ValueVanguard Value Index ETF 2.5 2.5 2.0 2.5 4.5 5.3 4.0 4.3 3.5 2.3Voya Large Cap Value Fund - P3 6.5 6.5 6.8 6.8 6.0 4.8 3.5 3.3 - -Voya U.S. High Dividend Low Volatility Fund – P3 - - - - - - - - 4.0 4.0

US Mid Cap BlendiShares Russell Mid-Cap Growth ETF 2.5 2.5 2.5 2.3 2.3 2.0 - - - -Voya Midcap Opportunities Fund - P3 - - - - - - 2.0 1.5 1.3 -Voya Multi-Manager Mid Cap Value Fund - P3 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -

US Small CapiShares Core S&P Small-Cap ETF 3.0 3.0 3.0 3.0 3.0 3.0 5.0 5.0 4.0 4.0Voya Small Company Fund - P3 2.0 2.0 2.0 2.0 2.0 2.0 - - - -

InternationalVoya Multi-Manager International Equity Fund - P3 15.5 15.5 15.5 15.5 14.5 12.8 10.8 8.0 4.8 1.3Voya Multi-Manager International Factors Fund - P3 8.5 8.5 8.5 8.5 8.5 8.3 8.3 9.0 7.3 3.8

Emerging MarketsVoya Multi-Manager Emerging Markets Equity Fund - P3 7.0 7.0 7.0 6.5 6.5 6.0 5.5 4.5 3.0 1.5

Fixed IncomeCore Fixed Income

iShares Core US Aggregate Bond ETF - - - - - - 1.5 1.5 5.5 12.0iShares iBoxx USD IG Corp Bond ETF - - - - - - 3.5 3.5 3.5 1.5Voya Intermediate Bond Fund - P3 2.0 2.0 3.0 4.0 3.0 7.5 9.0 18.0 21.0 28.5Voya Strategic Income Opportunities Fund P3 - - - - - - - 1.0 1.0 1.5

High YieldVoya High Yield Bond Fund - P3 - - - - 2.0 3.0 4.0 4.0 4.0 5.0

Global BondsVoya Global Bond Fund - P3 - - - - - - - - 3.0 3.0

Short DurationVoya Short Term Bond Fund - P3 - - - - - - - - - 10.0

Long Govt BondsiShares 20+ Year Treasury Bond ETF - - - - - - 2.0 2.0 2.0 2.0

TIPSSchwab US TIPS ETF - - - - - - - - - 3.5

Equity 98.0 98.0 97.0 96.0 95.0 89.5 80.0 70.0 60.0 33.0Fixed Income 2.0 2.0 3.0 4.0 5.0 10.5 20.0 30.0 40.0 67.0

Voya Investment Management 17.8 17.8 20.0 20.3 21.3 25.5 26.0 35.3 41.8 58.3Outside Manager* 82.3 82.3 80.0 79.8 78.8 74.5 74.0 64.8 58.3 41.8

Active 51.3 51.3 53.5 53.0 53.0 54.5 52.5 58.3 58.0 64.8Passive 48.8 48.8 46.5 47.0 47.0 45.5 47.5 41.8 42.0 35.3

*Outside manager refers to the use of investment managers other than Voya Investment Management, which may be offered through affiliated sub-advised funds. The Target RetirementFunds have a 50% cap on the use of unaffiliated funds.Allocations may not add to 100% due to rounding

Page 14: Voya Investment Management | June 30, 2020 A Leader in Target … · 2020. 8. 3. · Multi-Manager 2 Voya is a pioneer of the multi-manager Target Date approach, with over 10 years

14

Voya Advantages

Asset Allocations by Underlying FundVoya Index Solution Portfolios (%)Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 Income

EquityUS Large Blend

S&P500 EMINI DEC20 FUTURE - 0.5 0.5 0.5 1.5 2.0 0.5 0.5 1.5 1.3Voya U.S. Stock Index Portfolio P2 56.0 55.5 54.5 55.5 54.5 51.5 46.0 40.0 37.0 21.3

US Large GrowthVanguard Russell 1000 Growth ETF 1.0 1.0 1.0 - - - - - - -

US Mid Cap BlendVoya Russell Mid Cap Index Portfolio P2 5.0 5.0 5.0 4.5 4.5 4.0 4.0 3.0 2.5 -

US Small CapE-MINI RUSS 2000 DEC20 FUTURE - 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.0 2.0Voya Russell Small Cap Index Portfolio P2 5.0 - - - - - - - - 2.0

InternationalMSCI EAFE DEC20 FUTURE - -1.0 -1.0 -1.0 -1.0 -2.0 -2.0 -2.0 -3.0 -1.5Voya International Index Portfolio P2 24.0 25.0 25.0 25.0 24.0 23.0 21.0 19.0 15.0 6.5

Emerging MarketsMSCI EMGMKT DEC20 FUTURE - -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.3Voya Emerging Markets Index Portfolio P2 7.0 7.5 7.5 7.0 7.0 6.5 6.0 5.0 3.5 1.8

Fixed IncomeCore Fixed Income

iShares iBoxx USD IG Corp Bond ETF - - - - - - 3.5 3.5 3.5 1.5US 10 YR NOTE (CBT) DEC20 FUTURE - -4.0 -4.0 -4.0 -5.0 -4.5 -3.0 -3.0 -2.0 -1.5Voya U.S. Bond Index Portfolio P2 2.0 6.0 7.0 8.0 8.0 12.0 13.5 23.5 32.5 46.5

High YieldXTRACKERS USD HIGH YIELD COR - - - - 2.0 3.0 4.0 4.0 4.0 5.0

Short DurationVoya Short Term Bond Fund Class P2 - - - - - - - - - 10.0

Long Govt BondsiShares 20+ Year Treasury Bond ETF - - - - - - 2.0 2.0 2.0 2.0

TIPSSchwab US TIPS ETF - - - - - - - - - 3.5

Equity 98.0 98.0 97.0 96.0 95.0 89.5 80.0 70.0 60.0 33.0Fixed Income 2.0 2.0 3.0 4.0 5.0 10.5 20.0 30.0 40.0 67.0

Voya Investment Management 99.0 99.0 99.0 100.0 98.0 97.0 90.5 90.5 90.5 88.0Outside Manager* 1.0 1.0 1.0 0.0 2.0 3.0 9.5 9.5 9.5 12.0

Active 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10.0Passive 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 90.0

*Outside manager refers to the use of investment managers other than Voya Investment Management, which may be offered through affiliated sub-advised funds. The Index SolutionPortfolios have a 20% cap on the use of unaffiliated funds.Allocations may not add to 100% due to rounding

Asset Allocations by Underlying FundVoya Index Solution Portfolios (%)Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 Income

EquityUS Large Blend

S&P500 EMINI DEC20 FUTURE - 0.5 0.5 0.5 1.5 2.0 0.5 0.5 1.5 1.3Voya U.S. Stock Index Portfolio P2 56.0 55.5 54.5 55.5 54.5 51.5 46.0 40.0 37.0 21.3

US Large GrowthVanguard Russell 1000 Growth ETF 1.0 1.0 1.0 - - - - - - -

US Mid Cap BlendVoya Russell Mid Cap Index Portfolio P2 5.0 5.0 5.0 4.5 4.5 4.0 4.0 3.0 2.5 -

US Small CapE-MINI RUSS 2000 DEC20 FUTURE - 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.0 2.0Voya Russell Small Cap Index Portfolio P2 5.0 - - - - - - - - 2.0

InternationalMSCI EAFE DEC20 FUTURE - -1.0 -1.0 -1.0 -1.0 -2.0 -2.0 -2.0 -3.0 -1.5Voya International Index Portfolio P2 24.0 25.0 25.0 25.0 24.0 23.0 21.0 19.0 15.0 6.5

Emerging MarketsMSCI EMGMKT DEC20 FUTURE - -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.3Voya Emerging Markets Index Portfolio P2 7.0 7.5 7.5 7.0 7.0 6.5 6.0 5.0 3.5 1.8

Fixed IncomeCore Fixed Income

iShares iBoxx USD IG Corp Bond ETF - - - - - - 3.5 3.5 3.5 1.5US 10 YR NOTE (CBT) DEC20 FUTURE - -4.0 -4.0 -4.0 -5.0 -4.5 -3.0 -3.0 -2.0 -1.5Voya U.S. Bond Index Portfolio P2 2.0 6.0 7.0 8.0 8.0 12.0 13.5 23.5 32.5 46.5

High YieldXTRACKERS USD HIGH YIELD COR - - - - 2.0 3.0 4.0 4.0 4.0 5.0

Short DurationVoya Short Term Bond Fund Class P2 - - - - - - - - - 10.0

Long Govt BondsiShares 20+ Year Treasury Bond ETF - - - - - - 2.0 2.0 2.0 2.0

TIPSSchwab US TIPS ETF - - - - - - - - - 3.5

Equity 98.0 98.0 97.0 96.0 95.0 89.5 80.0 70.0 60.0 33.0Fixed Income 2.0 2.0 3.0 4.0 5.0 10.5 20.0 30.0 40.0 67.0

Voya Investment Management 99.0 99.0 99.0 100.0 98.0 97.0 90.5 90.5 90.5 88.0Outside Manager* 1.0 1.0 1.0 0.0 2.0 3.0 9.5 9.5 9.5 12.0

Active 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10.0Passive 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 90.0

*Outside manager refers to the use of investment managers other than Voya Investment Management, which may be offered through affiliated sub-advised funds. The Index SolutionPortfolios have a 20% cap on the use of unaffiliated funds.Allocations may not add to 100% due to rounding

Page 15: Voya Investment Management | June 30, 2020 A Leader in Target … · 2020. 8. 3. · Multi-Manager 2 Voya is a pioneer of the multi-manager Target Date approach, with over 10 years

15

A Leader in Target Date Capabilities

Asset Allocations by Underlying FundVoya Solution Portfolios (%)Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 Income

EquityUS Large Blend

S&P500 EMINI DEC20 FUTURE - - 0.5 - 1.5 - 0.5 - 1.5 2.5Vanguard S&P 500 ETF 8.0 8.0 10.0 8.0 9.8 6.5 5.0 3.0 5.0 -Voya U.S. Stock Index Portfolio Class I 20.5 20.5 17.5 20.0 16.5 19.8 15.0 16.5 12.0 5.0VY T. Rowe Price Capital Appreciation Portfolio Class I 4.5 4.5 4.5 4.5 4.8 4.8 6.0 6.0 6.0 6.0VY® Columbia Contrarian Core I 7.5 7.5 7.0 7.0 7.0 5.5 5.0 2.5 - -

US Large GrowthVoya Large-Cap Growth Fund - R6 2.0 2.0 2.0 2.0 2.5 2.5 2.8 3.0 4.0 2.5VY T. Rowe Price Growth Equity Portfolio Class I 6.5 6.5 6.5 6.5 6.0 6.0 4.8 3.3 3.0 2.0

US Large ValueVanguard Value Index ETF 4.0 4.0 4.0 3.8 5.0 5.5 5.5 4.3 3.0 2.0Voya U.S. High Dividend Low Volatility Fund Class R6 - - - - - - 2.0 2.0 4.0 2.5VY Invesco Comstock Portfolio Class I 4.0 4.0 4.0 4.3 3.0 2.5 - - - -

US Mid Cap BlendVoya Multi-Manager Mid Cap Value Fund Class I 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -VY T. Rowe Price Divers Mid Cap Growth I 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -

US Small CapE-MINI RUSS 2000 DEC20 FUTURE - - 5.0 - 5.0 - 5.0 - 4.0 4.0iShares Core S&P Small-Cap ETF 5.0 5.0 - 5.0 - 5.0 - 5.0 - -

InternationalMSCI EAFE DEC20 FUTURE - - -1.0 - -1.0 - -2.0 - -3.0 -3.0Voya Multi-Manager International Equity Fund Class I 15.5 15.5 16.0 15.5 15.0 12.8 12.0 8.0 6.0 2.0Voya Multi-Manager International Factors Fund Class I 8.5 8.5 9.0 8.5 9.0 8.3 9.0 9.0 9.0 6.0

Emerging MarketsMSCI EMGMKT DEC20 FUTURE - - -0.5 - -0.5 - -0.5 - -0.5 -0.5Voya Multi-Manager Emerging Markets Equity Fund Class I 6.0 6.0 7.5 6.5 7.0 6.0 6.0 4.5 3.5 2.0

Fixed IncomeCore Fixed Income

iShares Core US Aggregate Bond ETF - - - - - - - - - 1.0iShares iBoxx USD IG Corp Bond ETF - - - - - - 3.5 3.5 3.5 1.5US 10 YR NOTE (CBT) DEC20 FUTURE - - -4.0 - -5.0 - -3.0 - -2.0 -3.0Voya Intermediate Bond Fund Class R6 - - 4.0 1.0 2.8 3.8 7.0 10.5 16.0 25.0Voya Strategic Income Opportunities Fund R6 - - - - - - 0.5 - 1.5 2.5VY BrandywineGLOBAL – Bond Portfolio - - - - 2.0 1.0 2.0 6.0 8.0 12.5VY T. Rowe Price Capital Appreciation Portfolio Class I 3.0 3.0 3.0 3.0 3.2 3.2 4.0 4.0 4.0 4.0

High YieldVoya High Yield Bond Fund Class R6 - - - - 2.0 3.0 4.0 4.0 4.0 5.0

Global BondsVoya Global Bond Fund Class R6 - - - - - - - - 3.0 3.0

Short DurationVoya Short Term Bond Fund Class R6 - - - - - - - - - 10.0

Long Govt BondsiShares 20+ Year Treasury Bond ETF - - - - - - 2.0 2.0 2.0 2.0

TIPSSchwab US TIPS ETF - - - - - - - - - 3.5

Equity 97.0 97.0 97.0 96.0 95.1 89.1 80.0 70.0 60.0 33.0Fixed Income 3.0 3.0 3.0 4.0 5.0 11.0 20.0 30.0 40.0 67.0

Voya Investment Management 22.5 22.5 23.5 23.0 23.8 29.0 31.3 36.0 44.5 55.5Outside Manager* 77.5 77.5 76.5 77.0 76.3 71.0 68.8 64.0 55.5 44.5

Active 62.5 62.5 68.5 63.3 68.8 63.3 69.0 65.8 74.5 85.0Passive 37.5 37.5 31.5 36.8 31.3 36.8 31.0 34.3 25.5 15.0

*Outside manager refers to the use of investment managers other than Voya Investment Management, which may be offered through affiliated sub-advised funds. The Solution Portfolioshave a 20% cap on the use of unaffiliated funds.Allocations may not add to 100% due to rounding

Asset Allocations by Underlying FundVoya Solution Portfolios (%)Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 Income

EquityUS Large Blend

S&P500 EMINI DEC20 FUTURE - - 0.5 - 1.5 - 0.5 - 1.5 2.5Vanguard S&P 500 ETF 8.0 8.0 10.0 8.0 9.8 6.5 5.0 3.0 5.0 -Voya U.S. Stock Index Portfolio Class I 20.5 20.5 17.5 20.0 16.5 19.8 15.0 16.5 12.0 5.0VY T. Rowe Price Capital Appreciation Portfolio Class I 4.5 4.5 4.5 4.5 4.8 4.8 6.0 6.0 6.0 6.0VY® Columbia Contrarian Core I 7.5 7.5 7.0 7.0 7.0 5.5 5.0 2.5 - -

US Large GrowthVoya Large-Cap Growth Fund - R6 2.0 2.0 2.0 2.0 2.5 2.5 2.8 3.0 4.0 2.5VY T. Rowe Price Growth Equity Portfolio Class I 6.5 6.5 6.5 6.5 6.0 6.0 4.8 3.3 3.0 2.0

US Large ValueVanguard Value Index ETF 4.0 4.0 4.0 3.8 5.0 5.5 5.5 4.3 3.0 2.0Voya U.S. High Dividend Low Volatility Fund Class R6 - - - - - - 2.0 2.0 4.0 2.5VY Invesco Comstock Portfolio Class I 4.0 4.0 4.0 4.3 3.0 2.5 - - - -

US Mid Cap BlendVoya Multi-Manager Mid Cap Value Fund Class I 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -VY T. Rowe Price Divers Mid Cap Growth I 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -

US Small CapE-MINI RUSS 2000 DEC20 FUTURE - - 5.0 - 5.0 - 5.0 - 4.0 4.0iShares Core S&P Small-Cap ETF 5.0 5.0 - 5.0 - 5.0 - 5.0 - -

InternationalMSCI EAFE DEC20 FUTURE - - -1.0 - -1.0 - -2.0 - -3.0 -3.0Voya Multi-Manager International Equity Fund Class I 15.5 15.5 16.0 15.5 15.0 12.8 12.0 8.0 6.0 2.0Voya Multi-Manager International Factors Fund Class I 8.5 8.5 9.0 8.5 9.0 8.3 9.0 9.0 9.0 6.0

Emerging MarketsMSCI EMGMKT DEC20 FUTURE - - -0.5 - -0.5 - -0.5 - -0.5 -0.5Voya Multi-Manager Emerging Markets Equity Fund Class I 6.0 6.0 7.5 6.5 7.0 6.0 6.0 4.5 3.5 2.0

Fixed IncomeCore Fixed Income

iShares Core US Aggregate Bond ETF - - - - - - - - - 1.0iShares iBoxx USD IG Corp Bond ETF - - - - - - 3.5 3.5 3.5 1.5US 10 YR NOTE (CBT) DEC20 FUTURE - - -4.0 - -5.0 - -3.0 - -2.0 -3.0Voya Intermediate Bond Fund Class R6 - - 4.0 1.0 2.8 3.8 7.0 10.5 16.0 25.0Voya Strategic Income Opportunities Fund R6 - - - - - - 0.5 - 1.5 2.5VY BrandywineGLOBAL – Bond Portfolio - - - - 2.0 1.0 2.0 6.0 8.0 12.5VY T. Rowe Price Capital Appreciation Portfolio Class I 3.0 3.0 3.0 3.0 3.2 3.2 4.0 4.0 4.0 4.0

High YieldVoya High Yield Bond Fund Class R6 - - - - 2.0 3.0 4.0 4.0 4.0 5.0

Global BondsVoya Global Bond Fund Class R6 - - - - - - - - 3.0 3.0

Short DurationVoya Short Term Bond Fund Class R6 - - - - - - - - - 10.0

Long Govt BondsiShares 20+ Year Treasury Bond ETF - - - - - - 2.0 2.0 2.0 2.0

TIPSSchwab US TIPS ETF - - - - - - - - - 3.5

Equity 97.0 97.0 97.0 96.0 95.1 89.1 80.0 70.0 60.0 33.0Fixed Income 3.0 3.0 3.0 4.0 5.0 11.0 20.0 30.0 40.0 67.0

Voya Investment Management 22.5 22.5 23.5 23.0 23.8 29.0 31.3 36.0 44.5 55.5Outside Manager* 77.5 77.5 76.5 77.0 76.3 71.0 68.8 64.0 55.5 44.5

Active 62.5 62.5 68.5 63.3 68.8 63.3 69.0 65.8 74.5 85.0Passive 37.5 37.5 31.5 36.8 31.3 36.8 31.0 34.3 25.5 15.0

*Outside manager refers to the use of investment managers other than Voya Investment Management, which may be offered through affiliated sub-advised funds. The Solution Portfolioshave a 20% cap on the use of unaffiliated funds.Allocations may not add to 100% due to rounding

Page 16: Voya Investment Management | June 30, 2020 A Leader in Target … · 2020. 8. 3. · Multi-Manager 2 Voya is a pioneer of the multi-manager Target Date approach, with over 10 years

©2020 Voya Investments Distributor, LLC • 230 Park Ave, New York, NY 10169 • All rights reserved.

Voya Advantages | A Leader in Target Date Capabilities

The funds discussed may be available to you as part of your employer sponsored retirement plan. Fees and performance will vary from those detailed here. Please call your benefits office for more information.

Participation in a Collective Trust Fund is limited to eligible trusts that are accepted by the Trustee as Participating Trusts. Eligible trusts generally include (i) certain employee benefit trusts exempt from federal income taxation under Code Section 501(a); (ii) certain governmental plans or units described in Code Section 414(d), Code Section 457(b), and Code Section 818 (a) (6); (iii) certain commingled trust funds exempt from federal income taxation under Code Section 501(a); and (iv) certain insurance company separate accounts as defined in the Investment Company Act section 2(a) (17). Neither the fund nor units of beneficial interest in the fund are registered under the Investment Company Act of 1940 or the Securities Act of 1933 in reliance on an exemption, under these acts applicable to collective trust funds maintained by a bank for certain types of employee benefit trusts.

A collective fund is not a mutual fund; the collective investment trust fund is managed by Voya Investment Trust Co. There is no guarantee the fund will achieve its objective.

Various strategies mentioned in this document employ a quantitative investment process. The process is based on a collection of proprietary computer programs, or models, that calculate expected return rankings based on variables such as earnings growth prospects, valuation, and relative strength.

Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect performance. Furthermore, there can be no assurance that the quantitative models used in managing the strategy will perform as anticipated or enable the strategy to achieve its objective.

An investor should consider the investment objectives, risk, charges and expenses of the Fund(s) carefully before investing. For a free copy of the Fund’s prospectus, or summary prospectus, which contains this and other information, visit us at www.voyainvestments.com or call (800) 992-0180. Please read all materials carefully before investing.

Morningstar Morningstar computes the extended performance return stream by appending an adjusted return history of the oldest share class. Next, the Extended Performance Rating is determined by comparing the adjusted-historical returns to the current investment universe to identify placement in the bell curve used to assign the Morningstar Rating. Extended Performance Ratings appear as hollow stars on reports and statistics calculated with extended performance data appear in italics for easy identification.

The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.

* Rankings for other share classes may be lower due to inclusion of fees in performance rankings. For additional share class information, please visit www.voyainvestments.com.

Morningstar’s methodology for calculating rankings for collective trusts is to rank them relative to an equivalent Morningstar Category within the US Open End Fund universe rather than their actual Morningstar Category within the US Separate Account/Collective Trust universe. For example, a large cap blend collective trust’s ranking is based on percentile ranking breakpoints of the US Open End Fund Large Blend category rather than the US Separate Account/Collective Trust Large Blend universe.

IEIA-VFATD 110520 • IM1020717 • 174870

Not FDIC/NCUA/NCUSIF Insured • Not a Deposit of a Bank/Credit Union • May Lose Value • Not Bank/Credit Union Guaranteed Not Insured by Any Federal Government Agency

Fi360 Fiduciary Score®The Fi360 Fiduciary Score® is a peer percentile ranking of an investment against a set of quantitative due diligence criteria indicative of prudent fiduciary management.

■ Each investment is evaluated against nine individual factors and thresholds, with points allotted if it fails a particular criterion. ■ Investments with 0 points are automatically given an Fi360 Fiduciary Score® of 0. ■ Every other investment is given a Score of 1–100 representing their percentile ranking. The lower the Score, the better.

The Fi360 Fiduciary Score® should not be used as the sole source of information in an investment decision. Visit Fi360.com/Fi360-Fiduciary-Score for the complete methodology document.

0-25 Top Quartile

26-50 Second Quartile

51-75 Third Quartile

76-100 Bottom Quartile

Fi360 Fiduciary Score®

RPAG ScorecardSM

The ScorecardSM System methodology incorporates both quantitative and qualitative factors in evaluating fund managers and their investment strategies. The ScorecardSM System is built around pass/fail criteria, on a scale of 0 to 10 (with 10 being the best) and has the ability to measure Active, Passive and Asset Allocation investing strategies. Active and Asset Allocation strategies are evaluated over a five-year time period, and Passive strategies are evaluated over a three-year time period.

9-10 Points Good7-8 Points Acceptable5-6 Points Watch List0-4 Points Poor

RPAG ScorecardSM Point System