Source: Morningstar and Voya Investment Management. Net returns based on Morningstar Intermediate-Term Bond category; rolling 5-year time periods on a quarterly basis (21 total time periods).
 As of 06/30/2018. Source: Morningstar and Voya Investment Management. The Intermediate Bond universe is represented by Morningstar’s U.S. Fund Intermediate-Term Bond category. The U.S. Equities universe is represented by Morningstar’s U.S. Fund Large Blend category. The passive sleeve of each universe comprise strategies identified by Morningstar as index funds. The equity universe was screened to remove index funds that include numerous short positions, track a proprietary, non-standard index and include high levels of emerging markets and preferred securities.
 This commentary has been prepared by Voya Investment Management for informational purposes. Nothing contained herein should be construed as (i) an offer to sell or solicitation of an offer to buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. Any opinions expressed herein reflect our judgment and are subject to change. Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, general economic conditions, performance of financial markets, changes in laws and regulations, and changes in the policies of governments and/or regulatory authorities. The opinions, views and information expressed in this commentary regarding holdings are subject to change without notice. The information provided regarding holdings is not a recommendation to buy or sell any security. Fund holdings are fluid and are subject to daily change based on market conditions and other factors. Past performance is no guarantee of future results.