US Small/Mid Cap – Active - Voya Financial

1 Release Date: 12-31-2018US Small/Mid Cap Active ..BenchmarkOverall Morningstar Rating Morningstar ReturnMorningstar RiskRussell 2500 TR of 644 small Blend investments. An investment's overall Morningstar Rating, based on its risk-adjusted return,is a weighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure page for Objective & StrategyThe US Small/Mid Cap - Active Fund seeks to produce investment returns consistently greater than that of the Russell 2500 Index, net of management Fund will invest with US Active equity managers in funds that will trade in diversified portfolios of small and mid-cap US equities. The Fund believes that the investment managers selected to manage the assets of the Active US Small/Mid Cap Fund have the ability to generate superior returns to those of the Russell 2500 Index. Active management offers the potential for both better return and risk management by having the ability to reflect stock specific factors that may affect company s outlook and performance in their portfolio holdings.

2 The Fund invests in a mix of small and midsized equities to ideally capitalize on the higher growth rate of small firms and the more stable growth rate of mid-sized company US Small/Mid Cap - Active Fund invests with two managers, one being a US mid cap specialist, and the other will invest in US small caps. The Fund looks to be equally balanced between the mid and small cap and ManagementFund Inception Date12-30-16 Expense Manager(s)Management TeamManagement CompanyChamplain Investment Partners,LLCF uller & Thaler Asset ManagementIncBenchmark Description: Russell 2500 TR USDThe index measures the performance of the small to mid-capsegment of the US equity universe. It is a subset of the Russell3000 index and includes approximately 2500 of the smallestsecurities based on the combination of their market cap andcurrent index Description: small BlendSmall-blend portfolios favor firms at the smaller end of themarket-capitalization range.

3 Some aim to own an array of valueand growth stocks while others employ a discipline that leadsto holdings with valuations and growth rates close to the small -cap averages. Stocks in the bottom 10% of the capitalization ofthe equity market are defined as small cap. The blend styleis assigned to portfolios where neither growth nor valuecharacteristics AnalysisLowModerateHighInvestmentCategor yThe volatility measure is not displayed for investments withfewer than three years of history. The category average,however, is shown Year3 Year5 Year10 YearSince InceptionFund Return % Return % Average % # of Funds in Year Total Returns201820172016201520142013201220112 0102009 Total Return % Return % Average % # of Funds in Disclosure: The performance data quoted represents past performance and does not guarantee futureresults. The investment return and principal value of an investment will fluctuate; thus an investor s shares, whenredeemed, may be worth more or less than their original cost.

4 Current Month performance may be higher or lower than return data quoted herein. For more current informationincluding month-end performance, please call 1-844-5 HEARST (1-844-543-2778) or Please refer to the performance section of the disclosure page for more Analysis as of 12-31-18 Composition as of 12-31-18% Equity Style Box as of 12-31-18% Mkt CapLargeMidSmallValue Blend 10 Holdings as of 12-31-18% AssetsRed Hat Re Group Inc Class J. Gallagher & Alto Networks Trust Number of Stock Holdings197 Total Number of Bond Holdings0 Annual Turnover Ratio %.Total Fund Assets ($mil) Equity Sectors as of 12-31-18% FundS&P 500 %h Basic Consumer Financial Real Communication Consumer Risks as of 12-31-18 Inflation/Deflation, Long-Term Outlook and Projections, Loss of Money, Not FDIC Insured, Capitalization, Growth Investing,Nondiversification, Quantitative Investing, Value Investing, Active Management, High Portfolio Turnover, Index Correlation/TrackingError, Issuer, Market/Market Volatility, Equity Securities, Industry and Sector Investing, IPO, Other, Restricted/Illiquid Securities,Pricing, Cash Drag, Suitability, Increase in Expenses, Multimanager, Shareholder Activity, Early Close/Late Close/Trading Halt,Management, small Cap, Mid-Cap, Sampling 2019 Morningstar, Inc.

5 , Morningstar Investment Profiles 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstarand/or its content providers; (2) may not be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its contentproviders are responsible for any damages or losses arising from any use of information. Past performance is no guarantee of future performance. Visit our investmentwebsite at When used as supplemental sales literature, the InvestmentProfile must be preceded or accompanied by the fund s currentprospectus as well as this disclosure statement. Theperformance data given represents past performance andshould not be considered indicative of future results. Principalvalue and investment return will fluctuate, so that an investor sshares when redeemed may be worth more or less than theoriginal investment. Fund portfolio statistics change over fund is not FDIC-insured, may lose value and is notguaranteed by a bank or other Financial institution.

6 PerformanceTotal return reflects performance without adjusting for salescharges or the effects of taxation, but is adjusted to reflect allactual ongoing fund expenses and assumes reinvestment ofdividends and capital gains. If adjusted, sales charges wouldreduce the performance quoted. Standardized Total Return is total return adjusted for salescharges. The sales charge adjusted for may not necessarily beconsistent with the prospectus. The fund s performance is compared with that of an index is an unmanaged portfolio of specified securities andthe index does not reflect any initial or ongoing expenses. Afund s portfolio may differ significantly from the securities in theindex. Expense RatioThis is the percentage of fund assets paid for operatingexpenses and management fees. The expense ratio typicallyincludes the following types of fees: accounting, administrator,advisor, auditor, board of directors, custodial, distribution(12b-1), legal, organizational, professional, registration,shareholder reporting, sub-advisor, and transfer agency.

7 Theexpense ratio does not reflect the fund s brokerage costs or anyinvestor sales charges. In contrast to the net expense ratio, thegross expense ratio does not reflect any fee waivers in effectduring the time period. Morningstar Style Box The Morningstar Style Box reveals a fund's investment style asof the date noted on this report. For equity funds the vertical axis shows the marketcapitalization of the long stocks owned and the horizontal axisshows investment style (value, blend, or growth). For fixed-income funds, the vertical axis shows the creditquality of the long bonds owned and the horizontal axis showsinterest rate sensitivity as measured by a bond's effectiveduration. Morningstar seeks credit rating information from fundcompanies on a periodic basis ( , quarterly). In compilingcredit rating information Morningstar accepts credit ratingsreported by fund companies that have been issued by allNationally Recognized Statistical Rating Organizations(NRSROs).

8 For a list of all NRSROs, please visit , Morningstar accepts foreign credit ratings fromwidely recognized or registered rating agencies. If two ratingorganizations/agencies have rated a security, fund companiesare to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to reportthe median rating, and in cases where there are more than twoorganization/agency ratings and a median rating does not exist,fund companies are to use the lower of the two middle NOTE: Morningstar, Inc. is not itself an NRSRO nor doesit issue a credit rating on the fund. An NRSRO or rating agencyratings can change from time-to-time and do not removemarket risk. For credit quality, Morningstar combines the credit ratinginformation provided by the fund companies with an averagedefault rate calculation to come up with a weighted-averagecredit quality. The weighted-average credit quality is currentlya letter that roughly corresponds to the scale used by a leadingNRSRO.

9 Bond funds are assigned a style box placement of"low", "medium", or "high" based on their average credit with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-";medium are those less than "AA-", but greater or equal to"BBB-"; and high are those with a weighted-average creditquality of "AA-" or higher. When classifying a bond portfolio,Morningstar first maps the NRSRO credit ratings of theunderlying holdings to their respective default rates (asdetermined by Morningstar's analysis of actual historical defaultrates). Morningstar then averages these default rates todetermine the average default rate for the entire bond , Morningstar maps this average default rate to itscorresponding credit rating along a convex curve. For interest-rate sensitivity, Morningstar obtains from fundcompanies the average effective duration. Generally,Morningstar classifies a fixed-income fund's interest-ratesensitivity based on the effective duration of the MorningstarCore Bond Index (MCBI), which is currently three years.

10 Theclassification of Limited will be assigned to those funds whoseaverage effective duration is between 25% to 75% of MCBI'saverage effective duration; funds whose average effectiveduration is between 75% to 125% of the MCBI will be classifiedas Moderate; and those that are at 125% or greater of theaverage effective duration of the MCBI will be classified asExtensive. For municipal bond funds, Morningstar also obtains fromfund companies the average effective duration. In these casesstatic breakpoints are utilized. These breakpoints are as follows:(i) Limited: years or less; (ii) Moderate: more than yearsbut less than 7 years; and (iii) Extensive: more than 7 years. Inaddition, for non-US taxable and non-US domiciled fixed incomefunds static duration breakpoints are used: (i) Limited: less thanor equal to years; (ii) Moderate: greater than and lessthan equal to 6 years; (iii) Extensive: greater than 6 Fund Information Collective Trusts and Separate AccountsCollective Trusts and Separate Accounts are professionallymanaged investment options designed to offer cost effectiveinvestments to large investors.