schedule of composite performance

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For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public.

GIPS® Presentation

Schedule of Composite PerformanceVoya Corporate LeadersTM 100 Composite

DCE_COMP Year Gross Returns (%) Net Returns (%)S&P 500

Returns (%)Composite 3-Yr

St Dev (%)Benchmark 3-Yr

St Dev (%)Number of Portfolios

High Low2014 14.39 13.94 13.69 8.89 8.97 14.39 14.39 ≤5 756 100,577 2013 34.66 34.13 32.39 12.26 11.94 34.66 34.66 ≤5 510 93,084 2012 17.05 16.59 16.00 15.64 15.09 17.05 17.05 ≤5 364 76,532 2011 2.77 2.36 2.11 19.61 18.71 2.77 2.77 ≤5 10 65,776 2010 16.13 15.67 15.06 22.68 21.85 16.12 16.12 ≤5 10 60,236 2009 33.18 32.66 26.46 20.38 19.63 33.49 32.69 ≤5 15 61,643 2008 (36.44) (36.70) (37.00) 15.50 15.08 (36.25) (36.25) ≤5 10 56,044 2007 6.01 5.59 5.49 8.08 7.68 6.06 6.00 ≤5 28 74,322 2006 19.43 18.95 15.80 7.32 6.82 19.48 19.41 ≤5 39 66,276 2005 5.61 5.19 4.91 NA NA 5.68 5.68 ≤5 36 58,983

Notes:

Dispersion of Portfolio Returns (%)

Assets in this Composite ($mm)

Total Firm Assets ($mm)

Firm Definition:

Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

Composite Definition:

Benchmark Definition:

Voya Investment Management (the "Firm") is defined as all discretionary accounts managed by Voya Investment Management Co. LLC and its subsidiary Voya Investment Trust Co., but not including collateralized debt obligation structures, long/short hedge funds, structured mortgage derivative portfolios, or specialized accounts supporting the reinsurance arrangements of affiliated insurance companies. Effective May 1st, 2014, the firm changed its name from ING Investment Management to Voya Investment Management. No changes to composites nor to investment groups & processes resulted from this event.

This is a disciplined, equal weighted strategy designed to outperform the S&P 500 Index by investing 1% in each of the 100 companies in the S&P 100 Index. The Fund's investment portfolio will be rebalanced quarterly to re-align the Fund's holdings to 1% weightings. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. A $1 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Corporate Leaders 100 Equity Composite. This composite was incepted and created on January 1, 2004.

Returns are benchmarked to the S&P 500 Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.

Treatment of Fees & Expenses:

Explanation of Risk Measures:

Other Notes:

Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of-fees returns are calculated by deducting a hypothetical management fee from the gross return on a monthly basis and geometrically linking the results to produce annual returns shown. The hypothetical management fee is equal to the highest fee from any fee schedule offered at the time for the strategy shown. While fee schedules can change over time, any amended fee resulting from a change will not be retroactively applied to performance history, but will rather be applied on a prospective basis from the point of change. The annual management fee will vary according to the size of the account, and will depend on the type of investment vehicle selected. The current fee schedule for this strategy is: 0.40% on the first $25 million; 0.35% on the next $75 million; 0.30% on the next $150 million; and 0.30% over $500 million. However, fee schedules may differ for pooled trusts or other types of investment vehicles. Further information regarding applicable fee schedules is available upon request.

"Dispersion of Portfolio Returns" presented for each annual period is based on gross-of-fees returns and is equal to the highest and lowest annual return among the portfolios that are included in the composite for the full year. "Composite 3-Yr St Dev" and "Benchmark 3-Yr St Dev" are rolling 3-year standard deviation calculations, which measure the variability of the monthly performance returns for the composite and benchmark index return over the preceding 36-month period on an annualized basis. If the composite has not been in existence for at least 3 years as of a particular year-end, then “NA” will be displayed.

Policies for valuing portfolios, calculating performance, and preparing compliant presentations, as well as a complete list of composite descriptions, are available upon request. Past performance is no guarantee of future results.

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GIPS® Presentation

Schedule of Composite PerformanceVoya Large Cap Growth vs. Russell 1000 Growth Composite

LGR1G_COMPYear Gross Returns (%) Net Returns (%)Russell 1000 Growth




High Low2014 14.34 13.66 13.05 10.22 9.59 14.46 14.27 16 9,517 100,577 2013 31.65 30.88 33.48 12.45 12.18 31.79 30.88 17 7,941 93,084 2012 18.77 18.07 15.26 16.19 15.66 19.02 18.25 13 4,698 76,532 2011 3.02 2.40 2.64 17.54 17.76 3.20 2.51 9 1,788 65,776 2010 19.06 18.12 16.71 20.78 22.11 19.19 18.18 9 1,118 60,236 2009 30.20 29.18 37.21 18.30 19.73 31.41 29.44 10 565 61,643 2008 (34.14) (34.68) (38.44) 15.76 16.40 (33.75) (34.97) 11 423 56,044 2007 19.83 18.89 11.81 10.05 8.54 20.54 18.98 16 1,163 74,322 2006 3.40 2.58 9.07 9.70 8.31 4.35 3.12 21 1,355 66,276 2005 10.84 9.96 5.26 9.74 9.53 11.31 10.04 21 1,503 58,983

Notes:




Other Notes:

Firm Definition:





Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Large Cap Growth vs. Russell 1000 Growth Composite has been examined for the periods 1996-2014. The verification and performance examination reports are available upon request.


This is an actively managed strategy that relies on fundamental research and analysis to identify large capitalization companies with strong and accelerating business momentum, increasing market acceptance, and attractive valuations. The objective is to outperform the Russell 1000 Growth Index before management fees over full market cycles. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. Effective January 1, 2003, a $5 million minimum has been set for inclusion in the composite, and prior to that, no portfolios were excluded based on size. There were several changes to the named “lead” portfolio manager of the investment strategy (represented by the composite) throughout its existence, but A) none of those changes had a substantial impact on the investment objective of the strategy; and B) the current lead manager had been part of the process in some capacity since 2000. In May of 2004, the investment process was significantly enhanced by leveraging the expertise of our centralized team of senior fundamental equity sector specialists on a going forward basis. The name of this composite changed in May 2014. The composite was formerly known as the ING Large-Cap Growth vs. Russell 1000 Growth Equity Composite. This composite incepted on January 1, 1983 and was created in January 2000.

Returns are benchmarked to the Russell 1000 Growth Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Russell 1000 Index includes approximately 1000 of the largest capitalization securities within the float-adjusted, market-capitalization-weighted Russell 3000 Index. The Russell 1000 Growth Index includes those Russell 1000 Index companies with higher price-to-book ratios and higher forecasted growth values. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.

Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of-fees returns are calculated by deducting a hypothetical management fee from the gross return on a monthly basis and geometrically linking the results to produce annual returns shown. The hypothetical management fee is equal to the highest fee from any fee schedule offered at the time for the strategy shown. While fee schedules can change over time, any amended fee resulting from a change will not be retroactively applied to performance history, but will rather be applied on a prospective basis from the point of change. The annual management fee will vary according to the size of the account, and will depend on the type of investment vehicle selected. The current fee schedule for this strategy is: 0.60% on the first $25 million; 0.50% on the next $75 million; 0.45% on the next $150 million; 0.30% on the next $250 million; and 0.20% over $500 million. However, fee schedules may differ for pooled trusts or other types of investment vehicles. Further information regarding applicable fee schedules is available upon request.



3


GIPS® Presentation

Schedule of Composite PerformanceVoya Large Cap Growth vs. S&P 500 Composite

LGSP5_COMPYear Gross Returns (%) Net Returns (%) S&P 500 Returns (%)Composite 3-Yr



High Low2014 12.05 11.38 13.69 10.18 8.97 12.08 11.72 ≤5 1,718 100,577 2013 33.79 33.01 32.39 12.69 11.94 34.15 33.13 ≤5 1,636 93,084 2012 19.21 18.50 16.00 16.04 15.09 19.24 18.55 ≤5 1,237 76,532 2011 1.94 1.33 2.11 17.75 18.71 2.04 1.80 ≤5 1,063 65,776 2010 18.46 17.53 15.06 20.37 21.85 18.63 17.39 ≤5 1,020 60,236 2009 23.48 22.51 26.46 17.83 19.63 24.71 23.29 ≤5 910 61,643 2008 (33.14) (33.69) (37.00) 14.73 15.08 (32.88) (34.73) 10 900 56,044 2007 16.39 15.48 5.49 9.18 7.68 17.32 16.10 14 1,393 74,322 2006 7.28 6.43 15.80 8.92 6.82 7.41 7.04 13 1,254 66,276 2005 11.56 10.68 4.91 9.33 9.04 12.08 11.45 14 1,140 58,983

Notes:


Firm Definition:




Other Notes:

This is an actively managed strategy that relies on fundamental research and analysis to identify large capitalization companies with strong and accelerating business momentum, increasing market acceptance, and attractive valuations. The objective is to outperform the S&P 500 Index before management fees over full market cycles. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. Effective January 1, 2003, a $5 million minimum has been set for inclusion in the composite, and prior to that, no portfolios were excluded based on size. There were several changes to the named “lead” portfolio manager of the investment strategy (represented by the composite) throughout its existence, but A) none of those changes had a substantial impact on the investment objective of the strategy; and B) the current lead manager had been part of the process in some capacity since 2000. In May of 2004, the investment process was significantly enhanced by leveraging the expertise of our centralized team of senior fundamental equity sector specialists on a going forward basis. The name of this composite changed in May 2014. The composite was formerly known as the ING Large-Cap Growth vs. S&P 500 Growth Equity Composite. This composite incepted on January 1, 1983 and was created in January 2000.

Returns are benchmarked to the S&P 500 Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The S&P 500 is a market-capitalization-weighted index of 500 large cap U.S. equities considered to be leading companies in leading industries with unadjusted market capitalization of US$ 4.0 billion or more. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.







Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Large Cap Growth vs. S&P 500 Composite has been examined for the periods 1996-2011. The verification and performance examination reports are available upon request.


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GIPS® Presentation

Schedule of Composite PerformanceVoya Large Cap Value vs. S&P 500 Composite

RAGI_COMP Year Gross Returns (%) Net Returns (%) S&P 500 Returns (%)Composite 3-Yr



High Low2014 11.40 10.74 13.69 9.42 8.97 11.36 11.36 ≤5 4,780 100,577 2013 31.48 30.71 32.39 12.69 11.94 31.45 31.45 ≤5 4,508 93,084 2012 16.42 15.74 16.00 15.70 15.09 16.67 15.78 ≤5 4,217 76,532 2011 0.28 (0.32) 2.11 18.59 18.71 0.63 (0.45) ≤5 4,253 65,776 2010 14.70 13.89 15.06 21.97 21.85 15.00 15.00 ≤5 3,206 60,236 2009 33.75 32.71 26.46 19.87 19.63 34.12 33.69 ≤5 954 61,643 2008 (36.58) (37.10) (37.00) 16.09 15.08 (36.51) (36.74) ≤5 760 56,044 2007 6.29 5.45 5.49 8.11 7.68 6.33 6.32 ≤5 1,304 74,322 2006 15.55 14.64 15.80 NA NA 15.56 15.56 ≤5 1,152 66,276 2005 12.82 11.93 4.91 NA NA 12.82 12.82 ≤5 1,098 58,983

*Cumulative return for the period is from November 1, 2004 (inception of strategy) to December 31, 2004.

Notes:

This is an actively managed strategy that seeks to capture the benefits of both high-dividend yield and dividend growth, targeting a gross dividend yield equal to or greater than the S&P 500 Index. The objective is to outperform the S&P 500 Index before management fees and other expenses over full market cycles. As of 5/1/2014 this composite was redefined and renamed to accommodate refinements made to the investment process to re-focus the strategy towards a value-style orientation. The composite was formerly known as the Voya Research Advantage composite. A $5 million minimum has been set for inclusion in the composite. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. This composite was incepted and created on November 1, 2004.



Other Notes:









Firm Definition:


Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Large Cap Value vs. S&P 500 Composite has been examined for the periods 2004-2013. The verification and performance examination reports are available upon request.


5


GIPS® Presentation

Schedule of Composite PerformanceVoya Large Cap Value vs. Russell 1000 Value Composite

LCVA_COMP Year Gross Returns (%) Net Returns (%)Russell 1000 Value




High Low2014 10.75 10.10 13.45 9.16 9.20 10.80 10.73 ≤5 3,090 100,577 2013 31.77 31.00 32.53 11.43 12.70 31.81 31.62 ≤5 2,469 93,084 2012 15.44 14.75 17.51 14.34 15.51 15.48 15.38 ≤5 1,078 76,532 2011 4.26 3.64 0.39 18.11 20.69 4.40 4.03 ≤5 684 65,776 2010 21.60 20.64 15.51 20.34 23.18 21.34 21.34 ≤5 175 60,236 2009 25.43 24.44 19.69 NA NA 25.43 25.43 ≤5 8 61,643 2008 (28.29) (28.87) (36.85) NA NA (28.29) (28.29) ≤5 6 56,044

Notes:


Other Notes:

This is an actively managed strategy targeting large capitalization stocks with a dividend yield above the Russell 1000 Value Index. The objective is to outperform the Russell 1000 Value Index before management fees over full market cycles. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. A $5 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Large-Cap Value Equity Composite. Prior to that the name of this composite changed in March 2009 and was formerly known as the ING Equity Dividend Composite. This composite was incepted and created on January 1, 2008.





Firm Definition:

Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Large Cap Value vs. Russell 1000 Value Composite Performance has been examined for the periods 2010-2014. The verification and performance examination reports are available upon request.




Returns are benchmarked to the Russell 1000 Value Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Russell 1000 Index includes approximately 1000 of the largest capitalization securities within the float-adjusted, market-capitalization-weighted Russell 3000 Index. The Russell 1000 Value Index includes those Russell 1000 Index companies with lower price-to-book ratios and lower expected growth values. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.




6


GIPS® Presentation

Schedule of Composite PerformanceVoya Mid Cap Value Composite

MCV_COMP Year Gross Returns (%) Net Returns (%)Russell Midcap Value




High Low2014 13.31 12.47 14.75 NA NA 13.20 13.20 ≤5 240 100,577 2013 34.92 33.93 33.46 NA NA 34.92 34.92 ≤5 41 93,084 2012* 5.23 4.64 6.37 NA NA NA NA ≤5 40 76,532

*Cumulative return for the period is from April 1, 2012 (inception of strategy) to December 31, 2012.

Notes:





Firm Definition:

Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Mid Cap Value Composite has been examined for the periods 2012-2014. The verification and performance examination reports are available upon request.






Other Notes:

This is an actively managed strategy that relies on fundamental research and analysis to identify mid-capitalization companies with strong and accelerating business momentum, increasing market acceptance, and attractive valuations. The objective is to outperform the Russell Midcap Value Index before management fees over full market cycles. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. No accounts have been excluded from this composite based on size. The name of this composite changed in May 2014. The composite was formerly known as the ING Mid-Cap Value Equity Composite. This composite was incepted and created on April 1, 2012.

Returns are benchmarked to the Russell Midcap value Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Russell Midcap Index includes the mid-capitalization segment within the float-adjusted, market-capitalization-weighted Russell 1000 Index. The Russell Midcap Value Index includes those Russell Midcap Index companies with lower price-to-book ratios and lower forecasted growth values. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.



7


GIPS® Presentation

Schedule of Composite PerformanceVoya Mid Cap Growth Composite

MCG_COMP Year Gross Returns (%) Net Returns (%)Russell Midcap Growth




High Low2014 9.78 8.97 11.90 11.15 10.87 9.84 9.72 9 4,103 100,577 2013 32.94 31.97 35.74 14.52 14.62 33.07 32.82 8 4,025 93,084 2012 15.15 14.30 15.81 17.71 17.91 15.18 15.07 ≤5 2,471 76,532 2011 0.31 (0.44) (1.65) 19.76 20.82 0.43 (0.01) ≤5 1,718 65,776 2010 31.39 30.32 26.38 23.11 26.37 31.73 31.01 ≤5 1,412 60,236 2009 42.51 41.27 46.29 20.80 24.01 42.95 42.34 ≤5 920 61,643 2008 (37.12) (37.71) (44.32) 18.35 20.38 (37.11) (37.22) ≤5 622 56,044 2007 26.91 25.79 11.43 NA NA 26.94 26.83 ≤5 414 74,322 2006 8.86 7.89 10.66 NA NA 8.88 8.79 ≤5 394 66,276 2005* 5.57 5.18 4.14 NA NA NA NA ≤5 469 58,983

*Cumulative return for the period is from August 1, 2005 (inception of strategy) to December 31, 2005.

Notes:

Returns are benchmarked to the Russell Midcap Growth Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Russell Midcap Index includes the mid-capitalization segment within the float-adjusted, market-capitalization-weighted Russell 1000 Index. The Russell Midcap Growth Index includes those Russell Midcap Index companies with higher price-to-book ratios and higher forecasted growth values. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios. Treatment of Fees & Expenses:


Other Notes:









Firm Definition:

Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Mid Cap Growth Composite has been examined for the periods 2005-2014. The verification and performance examination reports are available upon request.


This is an actively managed strategy that relies on fundamental research and analysis to identify mid-capitalization companies with strong and accelerating business momentum, increasing market acceptance, and attractive valuations. The objective is to outperform the Russell Midcap Growth Index before management fees over full market cycles. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. A $5 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Mid-Cap Growth Equity Composite. This composite was incepted and created on August 1, 2005.

8


GIPS® Presentation

Schedule of Composite Performance Voya Research Enhanced Index Large Cap Composite

REILC_COMPYear Gross Returns (%) Net Returns (%) S&P 500 Returns (%)Composite 3-Yr



High Low2014 14.34 13.84 13.69 NA NA 14.34 14.34 ≤5 750 100,577 2013 33.55 32.97 32.39 NA NA 33.55 33.55 ≤5 739 93,084 2012 3.06 2.76 3.69 NA NA NA NA ≤5 644 76,532

*Cumulative return for the period is from May 1, 2012 (inception of strategy) to December 31, 2012.

Notes:

Composite Definition:This is an actively managed diversified strategy that incorporates research from both our fundamental equity team and our proprietary quantitative models. The objective is to outperform the S&P 500 Index before the deduction of fees over full market cycles using a risk-controlled investment process. A $5 million minimum has been set for inclusion in the composite. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. This composite was incepted and created on May 1, 2012.



Treatment of Fees & Expenses:Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of-fees returns are calculated by deducting a hypothetical management fee from the gross return on a monthly basis and geometrically linking the results to produce annual returns shown. The hypothetical management fee is equal to the highest fee from any fee schedule offered at the time for the strategy shown. While fee schedules can change over time, any amended fee resulting from a change will not be retroactively applied to performance history, but will rather be applied on a prospective basis from the point of change. The annual management fee will vary according to the size of the account, and will depend on the type of investment vehicle selected. The current fee schedule for this strategy is: 0.44% at 100% of the assets under management. However, fee schedules may differ for pooled trusts or other types of investment vehicles. Further information regarding applicable fee schedules is available upon request.

Explanation of Risk Measures:"Dispersion of Portfolio Returns" presented for each annual period is based on gross-of-fees returns and is equal to the highest and lowest annual return among the portfolios that are included in the composite for the full year. "Composite 3-Yr St Dev" and "Benchmark 3-Yr St Dev" are rolling 3-year standard deviation calculations, which measure the variability of the monthly performance returns for the composite and benchmark index return over the preceding 36-month period on an annualized basis. If the composite has not been in existence for at least 3 years as of a particular year-end, then “NA” will be displayed.

Other Notes:






Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards.

Firm Definition:

9


GIPS® Presentation

Schedule of Composite PerformanceVoya Small Cap Core Composite

SC_COMP Year Gross Returns (%) Net Returns (%)Russell 2000 Returns (%)

Composite 3-Yr St Dev (%)

Benchmark 3-Yr St Dev (%)

Number of Portfolios

High Low2014 7.30 6.40 4.89 11.84 13.12 7.41 7.23 6 2,067 100,577 2013 38.59 37.45 38.82 15.34 16.45 38.93 38.04 6 2,158 93,084 2012 15.44 14.48 16.35 18.68 20.20 15.57 15.31 6 1,640 76,532 2011 (1.76) (2.59) (4.18) 22.98 24.99 (1.64) (1.88) 6 1,537 65,776 2010 25.38 24.34 26.86 25.23 27.69 25.43 25.33 ≤5 1,460 60,236 2009 28.62 27.55 27.17 22.50 24.83 29.02 28.38 ≤5 1,011 61,643 2008 (30.50) (31.11) (33.79) 18.18 19.85 (30.32) (30.96) 6 888 56,044 2007 6.76 5.86 (1.57) NA NA 7.14 6.32 ≤5 893 74,322 2006 17.80 16.82 18.37 NA NA 17.94 17.77 ≤5 632 66,276 2005* 2.76 2.40 (0.43) NA NA NA NA ≤5 579 58,983


Notes:

Returns are benchmarked to the Russell 2000 Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Russell 2000 Index includes approximately 2000 of the smallest capitalization securities within the float-adjusted, market-capitalization-weighted Russell 3000 Index. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.



Other Notes:









Firm Definition:

Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Small Cap Core Composite has been examined for the periods 2005-2014. The verification and performance examination reports are available upon request.


This is an actively managed strategy driven by bottom-up fundamental research, which seeks high quality small-capitalization companies that are beneficiaries of sustainable growth trends. The objective is to outperform the Russell 2000 Index before management fees over full market cycles. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. A $20 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Small-Cap Core Equity Composite. This composite incepted on August 1, 2005 and was created in December 2007.

10


GIPS® Presentation

Schedule of Composite PerformanceVoya Small Cap Growth Composite

SCG_COMP Year Gross Returns (%) Net Returns (%)Russell 2000 Growth




High Low2014 6.46 5.51 5.60 12.41 13.82 6.90 6.26 12 2,539 100,577 2013 40.09 38.87 43.30 15.74 17.27 40.35 39.46 11 2,166 93,084 2012 16.36 15.33 14.59 18.98 20.72 16.56 16.12 8 1,241 76,532 2011 1.85 0.93 (2.91) 22.74 24.31 2.07 1.67 7 881 65,776 2010 34.02 32.85 29.09 25.92 27.70 35.22 33.57 6 764 60,236 2009 32.27 31.11 34.47 23.22 24.85 32.98 31.69 ≤5 455 61,643 2008 (33.90) (34.51) (38.54) 19.34 21.26 (33.76) (33.92) ≤5 372 56,044 2007 11.85 10.90 7.05 NA NA 12.62 10.94 6 691 74,322 2006 13.79 12.84 13.35 NA NA 14.02 13.58 ≤5 351 66,276 2005* 5.04 4.67 0.97 NA NA NA NA ≤5 387 58,983


Notes:

Returns are benchmarked to the Russell 2000 Growth Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Russell 2000 Index includes approximately 2000 of the smallest capitalization securities within the float-adjusted, market-capitalization-weighted Russell 3000 Index. The Russell 2000 Growth Index includes those Russell 2000 Index companies with higher price-to-value ratios and higher forecasted growth values. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios. Treatment of Fees & Expenses:


Other Notes:









Firm Definition:

Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Small Cap Growth Composite has been examined for the periods 2005-2014. The verification and performance examination reports are available upon request.


This is an actively managed strategy driven by bottom-up fundamental research, which seeks high quality small-capitalization companies that are beneficiaries of sustainable growth trends. The objective is to outperform the Russell 2000 Growth Index before management fees over full market cycles. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. A $20 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Small-Cap Growth Equity Composite. This composite incepted on August 1, 2005 and was created in December 2007.

11


GIPS® Presentation

Schedule of Composite PerformanceVoya SMID Cap Growth Composite

SMIDG_COMPYear Gross Returns (%) Net Returns (%)Russell 2500 Growth




High Low2014 8.84 7.87 7.05 NA NA 8.84 8.84 ≤5 3 100,577 2013 32.98 31.81 40.65 NA NA 32.98 32.98 ≤5 3 93,084 2012* 12.98 12.40 10.53 NA NA NA NA ≤5 2 76,532

*Cumulative return for the period is from June 1, 2012 (inception of strategy) to December 31, 2012.

Notes:




Firm Definition:

Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya SMID Cap Growth Composite has been examined for the periods 2012-2014. The verification and performance examination reports are available upon request.



As of 12/31/2014, 100% of the assets in this composite were non-fee-paying portfolios.

This is an actively managed strategy driven by bottom-up fundamental research, which seeks high quality small-capitalization companies that are beneficiaries of sustainable growth trends. The objective is to outperform the Russell 2500 Growth Index before management fees over full market cycles. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. No accounts have been excluded from this composite based on size. The name of this composite changed in May 2014. The composite was formerly known as the ING SMID-Cap Growth Equity Composite. This composite was incepted and created on June 1, 2012.





Other Notes:

Returns are benchmarked to the Russell 2500 Growth Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Russell 2500 Growth Index includes the small to mid-capitalization segment within the float-adjusted, market-capitalization-weighted Russell 3000 Index. The Russell 2500 Growth Index includes 2500 of the smallest securities based on a combination of their market cap and current index membership. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite



12


GIPS® Presentation

Schedule of Composite PerformanceVoya Global Natural Resources Composite

GNATR_COMPYear Gross Returns (%) Net Returns (%)S&P North American Natural

Resource Returns (%)Composite 3-Yr



High Low2014 (10.95) (11.49) (9.77) 16.38 15.79 (10.93) (10.96) ≤5 626 100,577 2013 14.61 13.93 16.49 20.51 20.19 14.64 14.49 ≤5 880 93,084 2012 (2.00) (2.59) 2.20 23.93 23.05 (1.99) (2.06) ≤5 915 76,532 2011 (8.30) (8.85) (7.35) 26.79 26.10 (7.96) (8.49) ≤5 1,103 65,776 2010 22.69 21.96 23.88 30.34 30.52 22.83 22.35 ≤5 1,243 60,236 2009 38.69 37.88 37.54 28.91 29.27 39.12 38.44 ≤5 1,223 61,643 2008 (40.47) (40.84) (42.55) 28.43 27.46 (39.74) (40.68) ≤5 882 56,044 2007 34.20 33.42 34.44 21.82 19.21 34.76 32.72 ≤5 1,442 74,322 2006 23.30 22.57 16.85 22.39 18.77 23.08 23.08 ≤5 971 66,276 2005 44.52 43.68 36.61 20.15 16.87 44.53 44.53 ≤5 95 58,983

Notes:



Other Notes:

This strategy invests in securities domiciled in countries outside of the U.S. As such, a withholding (tax) on investment income is applicable in most cases and is typically accrued for within daily portfolio accounting valuations used as a basis for performance return calculations. For certain countries, investors may be eligible for a tax “reclaim”, normally calculated as a percentage of the withholding amount. In terms of accounting treatment, this reclaim can either be accrued for (effectively offsetting the accrued withholding tax by a certain amount), or is realized on a cash settlement basis. Information regarding withholding tax and reclaims for foreign securities is available upon request.


Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of-fees returns are calculated by deducting a hypothetical management fee from the gross return on a monthly basis and geometrically linking the results to produce annual returns shown. The hypothetical management fee is equal to the highest fee from any fee schedule offered at the time for the strategy shown. While fee schedules can change over time, any amended fee resulting from a change will not be retroactively applied to performance history, but will rather be applied on a prospective basis from the point of change. The annual management fee will vary according to the size of the account, and will depend on the type of investment vehicle selected. The current fee schedule for this strategy is: 0.60% on the first $50 million; 0.50% on the next $50 million; and 0.40% over $100 million. However, fee schedules may differ for pooled trusts or other types of investment vehicles. Further information regarding applicable fee schedules is available upon request.


For the period prior to January 1st, 2010, daily accounting valuations for certain portfolios included within the composite being presented had utilized pricing sources and currency exchange rates (used to convert foreign-denominated asset values to U.S. dollars ) that differed between 1) other portfolios within the composite; and 2) the benchmark index used. Given the size of those portfolios, these differences may have significantly contributed to the relative performance of the composite vs. its benchmark, as well as to the dispersion of performance returns among portfolios included within the composite. However, for periods on or after January 1st, 2010, pricing sources and currency exchange rates used to value securities became consistent among portfolios as well as between portfolios and the benchmark index.




This is an actively managed portfolio of companies that own or develop natural resources and other basic commodities, or supply goods and services to such companies. The objective is to outperform the S&P North American Natural Resources Index before management fees over full market cycles. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. Effective January 1, 2003, a $20 million minimum has been set for inclusion in the composite, and prior to that, no portfolios were excluded based on size. In December 2008 and again in December 2011, there was a change in personnel within the portfolio management team for this composite. However, these changes had no substantial impact on the investment objective of the strategy. The name of this composite changed in May 2014. The composite was formerly known as the ING Global Natural Resources Equity Composite. This composite was incepted and created on January 1, 1998.

Returns are benchmarked to the S&P North America Natural Resources Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The S&P North American Natural Resources Index is a market-capitalization-weighted index of U.S. traded securities that are classified under the GICS energy and materials sector of the S&P Total Market Index (which includes all eligible U.S. common equities listed on the NYSE & NASDAQ exchanges), excluding the chemicals industry; and steel sub-industry. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.




Firm Definition:


13


GIPS® Presentation

Schedule of Composite PerformanceVoya International Value Composite

INTVA_COMPYear Gross Returns (%) Net Returns (%)MSCI EAFE Net




High Low2014 (3.49) (4.27) (4.90) 13.19 13.03 (3.38) (3.74) ≤5 196 100,577 2013 23.55 22.58 22.78 17.14 16.25 23.69 22.97 ≤5 654 93,084 2012 18.57 17.64 17.32 19.33 19.37 18.67 18.43 ≤5 471 76,532 2011 (13.90) (14.60) (12.14) 23.67 22.43 (13.33) (14.43) ≤5 562 65,776 2010 3.36 2.54 7.75 26.02 26.23 3.59 2.82 ≤5 971 60,236 2009 28.10 27.10 31.78 23.99 23.58 28.37 27.90 ≤5 1,290 61,643 2008 (42.63) (43.11) (43.38) 18.57 19.24 (42.14) (42.14) ≤5 769 56,044 2007 14.59 13.68 11.17 NA NA 14.59 14.59 ≤5 533 74,322 2006 30.73 29.71 26.34 NA NA 30.73 30.73 ≤5 468 66,276 2005* 11.07 10.71 11.46 NA NA NA NA ≤5 350 58,983


Notes:Firm Definition:


Other Notes:





Dispersion of PortfolioReturns (%)




Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya International Value Composite has been examined for the periods 2005-2012. The verification and performance examination reports are available upon request.


This is an actively managed international large-cap strategy based on in-depth proprietary research that seeks to exploit value opportunities within the international equity universe. The objective is to outperform the MSCI EAFE Net Index before management fees and other expenses over full market cycles. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. A $5 million minimum has been set for inclusion in the composite. In December 2010, there was a change in personnel within the portfolio management team for this composite. However, the change had no substantial impact on the investment objective of the strategy. The name of this composite changed in May 2014. The composite was formerly known as the ING International Value Equity Composite. This composite was incepted and created on August 1, 2005.

Returns are benchmarked to the MSCI EAFE Net Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The MSCI EAFE Net Index captures free float-adjusted large and mid-capitalization equities across developed-market countries around the world, excluding the US and Canada. The “Net” version of this index assumes the deduction of a withholding tax on dividend income applicable to non-resident, institutional investors who do not benefit from double taxation treaties. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios. Returns presented for the benchmark index assumes the reinvestment of dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties. In December 2010, the benchmark for this composite was changed from the MSIC EAFE Gross Index to the MSCI EAFE Net Index, retroactively to the inception of the strategy in order to conform with industry practice of using net withholding expenses and not gross.



For the period prior to January 1st 2010, daily accounting valuations for certain portfolios included within the composite being presented had utilized pricing sources and currency exchange rates (used to convert foreign-denominated asset values to U.S. dollars ) that differed between 1) other portfolios within the composite; and 2) the benchmark index used. Given the size of those portfolios, these differences may have significantly contributed to the relative performance of the composite vs. its benchmark, as well as to the dispersion of performance returns among portfolios included within the composite. However, for periods on or after January 1st, 2010, pricing sources and currency exchange rates used to value securities became consistent among portfolios as well as between portfolios and the benchmark index.

14


GIPS® Presentation

Schedule of Composite PerformanceVoya Core Fixed Income Composite

CFI_COMP Year Gross Returns (%) Net Returns (%)Barclays U.S. Aggregate




High Low2014 6.21 5.89 5.97 2.74 2.63 6.29 6.06 6 1,354 100,577 2013 (1.62) (1.92) (2.02) 2.74 2.71 (1.51) (1.72) 8 2,068 93,084 2012 5.71 5.34 4.21 2.35 2.38 6.11 5.18 9 2,287 76,532 2011 7.41 7.04 7.84 3.26 2.78 7.59 7.21 9 2,388 65,776 2010 8.10 7.72 6.54 4.72 4.17 8.47 7.89 9 2,085 60,236 2009 10.10 9.72 5.93 4.58 4.11 12.54 8.47 10 3,118 61,643 2008 (6.44) (6.77) 5.24 3.90 3.97 (4.13) (11.52) 13 4,189 56,044 2007 5.97 5.61 6.97 2.54 2.77 6.59 4.97 14 5,018 74,322 2006 4.32 3.95 4.33 2.91 3.21 4.47 4.15 14 4,556 66,276 2005 3.25 2.88 2.43 3.85 4.07 3.37 3.10 11 3,162 58,983

Notes:


Other Notes:








Firm Definition:



Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Core Fixed Income Composite has been examined for the periods 1998-2013. The verification and performance examination reports are available upon request.


This is a fixed income strategy that invests in investment-grade debt securities across multiple sectors and industries in order to maximize total return through income and capital appreciation. The objective is to outperform the Barclays U.S. Aggregate Bond Index over a full credit cycle. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. In December 2008, there was a change in personnel within the portfolio management team for this composite. However, the change had no substantial impact on the investment objective of the strategy. A $25 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Core Fixed Income Composite. This composite incepted on February 1, 1998 and was created in November 2002.

Returns are benchmarked to the Barclays U.S. Aggregate Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Barclays U.S. Aggregate Index represents a broad universe of fixed rate, dollar-denominated, investment grade government, corporate, mortgage pass-through, and asset-backed securities. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.

15


GIPS® Presentation

Schedule of Composite PerformanceVoya Core Plus Fixed Income Composite

CP_COMP Year Gross Returns (%) Net Returns (%)Barclays U.S. Aggregate




High Low2014 7.18 6.86 5.97 3.07 2.63 7.20 6.48 6 7,569 100,577 2013 0.13 (0.17) (2.02) 3.16 2.71 0.45 (0.45) 7 4,339 93,084 2012 9.74 9.36 4.21 2.67 2.38 10.19 9.11 6 4,466 76,532 2011 8.08 7.71 7.84 3.62 2.78 8.42 7.13 ≤5 3,732 65,776 2010 10.25 9.81 6.54 4.97 4.17 10.52 8.96 ≤5 3,753 60,236 2009 12.85 12.41 5.93 4.77 4.11 13.60 11.60 ≤5 3,720 61,643 2008 (6.82) (7.20) 5.24 3.83 3.97 1.99 (11.33) 23 8,673 56,044 2007 5.96 5.54 6.97 2.53 2.77 7.13 4.56 20 9,357 74,322 2006 4.55 4.13 4.33 2.93 3.21 4.59 4.42 12 6,608 66,276 2005 3.63 3.22 2.43 3.99 4.07 3.70 3.38 ≤5 2,868 58,983

Notes:


Other Notes:









Firm Definition:



Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Core Plus Fixed Income Composite has been examined for the periods 1999-2014. The verification and performance examination reports are available upon request.


This is a fixed income strategy that invests in debt securities across multiple quality ranges, sectors, and industries in order to maximize total return through income and capital appreciation. The objective is to outperform the Barclays U.S. Aggregate Index over a full credit cycle. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. In December 2008, there was a change in personnel within the portfolio management team for this composite. However, the change had no substantial impact on the investment objective of the strategy. Effective January 1, 2003, a $25 million minimum has been set for inclusion in the composite, and prior to that, no portfolios were excluded based on size. The name of this composite changed in May 2014. The composite was formerly known as the ING Core Plus Fixed Income Composite. This composite was incepted and created on January 1, 1999.


16


GIPS® Presentation

Schedule of Composite PerformanceVoya Short Duration High Quality Composite

CSD_COMP Year Gross Returns (%) Net Returns (%)Barclays 1-3 Year

Government/Credit Returns (%)Composite 3-Yr



High Low2014 1.20 0.90 0.77 0.54 0.49 1.23 1.17 ≤5 422 100,577 2013 1.20 0.90 0.64 0.69 0.54 1.21 1.21 ≤5 420 93,084 2012 2.04 1.69 1.26 0.89 0.72 2.04 2.04 ≤5 398 76,532 2011 1.66 1.31 1.59 1.46 0.99 1.68 1.55 ≤5 247 65,776 2010 3.66 3.30 2.80 2.67 1.68 3.76 2.99 ≤5 294 60,236 2009 7.25 6.88 3.83 2.69 1.77 7.68 5.56 ≤5 346 61,643 2008 0.43 0.08 4.97 2.47 1.69 1.68 0.33 ≤5 449 56,044 2007 6.33 5.96 6.83 1.06 1.22 6.36 6.33 ≤5 769 74,322 2006 4.36 4.00 4.25 1.15 1.28 4.37 4.37 ≤5 450 66,276 2005 2.12 1.76 1.77 1.45 1.46 2.12 2.12 ≤5 304 58,983

Notes:


Other Notes:








Firm Definition:



Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Short Duration High Quality Composite has been examined for the periods 1996-2014. The verification and performance examination reports are available upon request.


This is a fixed income strategy that invests in investment-grade debt securities while aligning portfolio duration to that of the benchmark. The objective is to outperform the Barclays 1-3 Year Government/Credit Index before management fees over a full credit cycle. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. In December 2008, there was a change in personnel within the portfolio management team for this composite. However, the change had no substantial impact on the investment objective of the strategy. Effective January 1, 2003, a $25 million minimum has been set for inclusion in the composite, and prior to that, no portfolios were excluded based on size. The name of this composite changed in June 2015. The composite was formerly known as Voya Core Short Duration Composite and prior to May 2014 as the ING Core Short Duration Fixed Income Composite. This composite incepted on September 1, 1996 and was created in November 2002.

Returns are benchmarked to the Barclays 1-3 Year Government/Credit Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Barclays 1-3 Year Government/Credit Index includes fixed rate, dollar-denominated, investment grade securities with maturities of 1-3 years held within both the Barclays U.S. Government Index (public obligations of the U.S. Treasury, U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government) and the Barclays U.S. Credit Index (publicly issued U.S. corporate and foreign debentures and secured notes). Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios. In January 2003, the benchmark for this composite was changed from the Barclays 1-5 Year Government/Credit to Barclays 1-3 Year Government/Credit Index. The change was made consistent with the investment strategy of the composite.

17


GIPS® Presentation

Schedule of Composite PerformanceVoya Short Duration Composite

VSD_COMP Year Gross Returns (%) Net Returns (%)Barclays 1-3 Year




High Low2014 1.63 1.33 0.77 NA NA 1.63 1.63 ≤5 145 100,577 2013 1.98 1.68 0.64 NA NA 1.98 1.98 ≤5 174 93,084

Notes:





Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Short Duration Composite has been examined for the periods 2013-2014. The verification and performance examination reports are available upon request.

Firm Definition:


This is a fixed income strategy that invests primarily in investment-grade debt securities with a maximum of 10% in below investment grade while aligning portfolio duration to that of the benchmark. The objective is to outperform the Barclays 1-3 Year Government/Credit Index by 50 to 75 basis points before management fees while maintaining a tracking error of 75 to 150 basis points over a full credit cycle. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. A $25 million minimum has been set for inclusion in the composite. This composite was incepted and created on January 1, 2013.


Returns are benchmarked to the Barclays 1-3 Year Government/Credit Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Barclays 1-3 Year Government/Credit Index includes fixed rate, dollar-denominated, investment grade securities with maturities of 1-3 years held within both the Barclays U.S. Government Index (public obligations of the U.S. Treasury, U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government) and the Barclays U.S. Credit Index (publicly issued U.S. corporate and foreign debentures and secured notes). Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios. Treatment of Fees & Expenses:Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of-fees returns are calculated by deducting a hypothetical management fee from the gross return on a monthly basis and geometrically linking the results to produce annual returns shown. The hypothetical management fee is equal to the highest fee from any fee schedule offered at the time for the strategy shown. While fee schedules can change over time, any amended fee resulting from a change will not be retroactively applied to performance history, but will rather be applied on a prospective basis from the point of change. The annual management fee will vary according to the size of the account, and will depend on the type of investment vehicle selected. The current fee schedule for this strategy is: 0.30% on the first $50 million; 0.20% on the next $50 million; 0.15% on the next $100 million; and 0.10% over $200 million. However, fee schedules may differ for pooled trusts or other types of investment vehicles. Further information regarding applicable fee schedules is available upon request.Explanation of Risk Measures:"Dispersion of Portfolio Returns" presented for each annual period is based on gross-of-fees returns and is equal to the highest and lowest annual return among the portfolios that are included in the composite for the full year. "Composite 3-Yr St Dev" and "Benchmark 3-Yr St Dev" are rolling 3-year standard deviation calculations, which measure the variability of the monthly performance returns for the composite and benchmark index return over the preceding 36-month period on an annualized basis. If the composite has not been in existence for at least 3 years as of a particular year-end, then “NA” will be displayed.

Other Notes:Policies for valuing portfolios, calculating performance, and preparing compliant presentations, as well as a complete list of composite descriptions, are available upon request. Past performance is no guarantee of future results.

18


GIPS® Presentation

Schedule of Composite PerformanceVoya Global Bond Composite

GB_COMP Year Gross Returns (%) Net Returns (%)Barclays Global Aggregate

Returns (%)Composite 3-Yr St

Dev (%)Benchmark 3-Yr St

Dev (%)Number of Portfolios

High Low2014 0.86 0.51 0.59 5.77 3.93 1.32 0.70 ≤5 879 100,577 2013 (2.61) (2.95) (2.60) 6.02 4.36 (2.17) (3.31) ≤5 965 93,084 2012 8.48 8.10 4.32 5.12 4.90 8.75 7.81 ≤5 1,313 76,532 2011 4.01 3.55 5.64 6.15 6.53 4.27 3.92 ≤5 1,151 65,776 2010 5.31 4.87 5.54 7.79 7.96 5.27 5.27 ≤5 628 60,236 2009 13.25 12.80 6.93 7.63 7.53 13.25 13.25 ≤5 353 61,643 2008 12.21 11.76 4.79 NA NA 12.21 12.21 ≤5 117 56,044 2007 12.41 11.97 9.48 NA NA 12.41 12.41 ≤5 37 74,322 2006* 3.22 3.05 3.23 NA NA NA NA ≤5 26 66,276


Notes:





Firm Definition:

Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Global Bond Composite has been examined for the periods 2006-2013. The verification and performance examination reports are available upon request.






Other Notes:

The investment strategy makes regular use of various types of derivatives contracts, including, but not limited to, forward foreign currency exchange contracts, futures, purchased options, written options, and swaps. Different combinations of these instruments are used to change the level or types of exposure to market risk factors. This allows the strategy to pursue investment objectives more quickly and efficiently than if it were to make direct purchases or sales of securities capable of affecting a similar response to market factors.Daily accounting valuations for certain portfolios included within the composite being presented have utilized currency exchange rates (used to convert foreign-denominated asset values to U.S. dollars) that differ from those of the benchmark index used. These differences may or may not have significantly contributed to the relative performance of the composite vs. its benchmark for certain periods.

This is a fixed income strategy that invests in multi-currency debt and derivative securities globally, including sovereign debt, corporate debt, mortgage-backed securities, foreign exchange forwards, currency swaps, and interest rate swaps. The strategy seeks to maximize total return through a combination of current income and capital appreciation. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. A $25 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Global Bond Fixed Income Composite. This composite was incepted and created on August 1, 2006.

Returns are benchmarked to the Barclays Global Aggregate Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Barclays Global Aggregate Index represents a broad universe of global investment-grade fixed income markets. The three major components of this index are the U.S. Aggregate, the Pan-European Aggregate, and the Asian-Pacific Aggregate Indices. The index also includes Eurodollar and Euro-Yen corporate bonds, Canadian government, agency and corporate securities, and USD investment grade 144A securities. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.




19


GIPS® Presentation

Schedule of Composite PerformanceVoya Investment Grade Credit Composite

IGCFI_COMP Year Gross Returns (%) Net Returns (%)Barclays U.S. Corporate

Investment Grade Returns (%)Composite 3-Yr



High Low2014 8.76 8.44 7.46 4.68 4.01 8.77 8.70 ≤5 371 100,577 2013 1.28 0.97 (1.53) 5.35 4.43 1.32 1.32 ≤5 233 93,084 2012 14.34 13.89 9.82 4.77 3.92 14.74 14.74 ≤5 256 76,532 2011 7.27 6.84 8.15 NA NA 6.57 6.57 ≤5 331 65,776 2010 14.31 13.86 9.00 NA NA 14.74 14.74 ≤5 52 60,236 2009* 22.77 22.33 18.15 NA NA NA NA ≤5 127 61,643

*Cumulative return for the period is from February 1, 2009 (inception of strategy) to December 31, 2009.

Notes:


Firm Definition:




Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Investment Grade Credit Composite has been examined for the periods 2009-2014. The verification and performance examination reports are available upon request.






Other Notes:

This is a fixed income strategy that invests in investment-grade corporate debt securities across multiple sectors and industries in order to maximize total return through income and capital appreciation while maintaining duration within ±20% of the Barclays U.S. Corporate Investment Grade Index. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. A $25 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Investment Grade Corporate Fixed Income Composite. This composite was incepted and created on February 1, 2009.

Returns are benchmarked to the Barclays U.S. Corporate Investment Grade Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Barclays U.S. Corporate Investment Grade Index includes fixed rate, dollar-denominated, investment grade corporate bonds, specified foreign debentures, and secured notes. The index includes both corporate (Industrial, Utility, and Finance) and non-corporate (Sovereign, Supranational, Foreign Agency, and Foreign Local Government) sectors. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.



20


GIPS® Presentation

Schedule of Composite PerformanceVoya Core Plus Stable Value Composite

CPSV_COMPYear Gross Returns (%) Net Returns (%)Barclays U.S. Aggregate




High Low2014 6.37 6.05 5.97 2.95 2.63 6.41 6.19 6 1,907 100,577 2013 (1.41) (1.71) (2.02) 2.98 2.71 (0.93) (1.46) 8 2,223 93,084 2012 6.67 6.25 4.21 2.50 2.38 6.78 6.53 9 3,024 76,532 2011 7.48 7.06 7.84 NA NA 7.79 7.27 14 3,845 65,776 2010 8.75 8.32 6.54 NA NA 9.26 8.27 14 3,408 60,236 2009* 11.02 10.69 5.81 NA NA NA NA 15 3,690 61,643

*Cumulative return for the period is from April 1, 2009 (inception of strategy) to December 31, 2009.

Notes:



Other Notes:








This is a fixed income strategy designed for defined contribution plan sponsors seeking to provide participants with capital preservation and attractive rates of return by investing in debt securities across multiple quality ranges, sectors, and industries. The objective is to outperform the Barclays U.S. Aggregate Bond Index while limiting risk to principal. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. In December 2008, there was a change in personnel within the portfolio management team for this composite. However, the change had no substantial impact on the investment objective of the strategy. A $25 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Core Plus Stable Value Fixed Income Composite. This composite was incepted and created on April 1, 2009.


Firm Definition:




Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Core Plus Stable Value Composite has been examined for the periods 2009-2012. The verification and performance examination reports are available upon request.

21


GIPS® Presentation

Schedule of Composite PerformanceVoya Core Plus Intermediate Aggregate Composite

CPIA_COMP Year Gross Returns (%) Net Returns (%)Barclays Intermediate U.S.

Aggregate Returns (%)Composite 3-Yr



High Low2014 4.54 4.22 4.12 NA NA 5.14 4.48 ≤5 662 100,577 2013 (0.55) (0.85) (1.02) NA NA (0.55) (1.38) ≤5 243 93,084 2012* 1.76 1.63 0.61 NA NA 1.76 1.57 ≤5 251 76,532


Notes:


This is a fixed income strategy that invests in the full spectrum of fixed income securities including U.S. Treasuries, GNMA and mortgage pass-throughs, corporate bonds and asset-backed securities, while maintaining a duration within ± .5% of the Barclays Intermediate U.S. Aggregate Bond Index. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. A $25 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Core Plus Intermediate Aggregate Composite. This composite was incepted and created on August 1, 2012.


Returns are benchmarked to the Barclays Intermediate U.S. Aggregate Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Barclays Intermediate U.S. Aggregate Index represents securities that are U.S. domestic, taxable, and dollar denominated. The index covers the U.S. investment grade fixed rate bond market, with index components for government and corporate securities, mortgage pass-through securities, and asset-backed securities. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.

Treatment of Fees & Expenses:Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of-fees returns are calculated by deducting a hypothetical management fee from the gross return on a monthly basis and geometrically linking the results to produce annual returns shown. The hypothetical management fee is equal to the highest fee from any fee schedule offered at the time for the strategy shown. While fee schedules can change over time, any amended fee resulting from a change will not be retroactively applied to performance history, but will rather be applied on a prospective basis from the point of change. The annual management fee will vary according to the size of the account, and will depend on the type of investment vehicle selected. The current fee schedule for this strategy is: 0.30% on the first $25 million; 0.25% on the next $75 million; 0.20% on the next $150 million; 0.18% on the next $250 million; and 0.10% over $500 million. However, fee schedules may differ for pooled trusts or other types of investment vehicles. Further information regarding applicable fee schedules is available upon request.Explanation of Risk Measures:"Dispersion of Portfolio Returns" presented for each annual period is based on gross-of-fees returns and is equal to the highest and lowest annual return among the portfolios that are included in the composite for the full year. "Composite 3-Yr St Dev" and "Benchmark 3-Yr St Dev" are rolling 3-year standard deviation calculations, which measure the variability of the monthly performance returns for the composite and benchmark index return over the preceding 36-month period on an annualized basis. If the composite has not been in existence for at least 3 years as of a particular year-end, then “NA” will be displayed.

Other Notes:This strategy invests in securities domiciled in countries outside of the U.S. As such, a withholding (tax) on investment income is applicable in most cases and is typically accrued for within daily portfolio accounting valuations used as a basis for performance return calculations. For certain countries, investors may be eligible for a tax “reclaim”, normally calculated as a percentage of the withholding amount. In terms of accounting treatment, this reclaim can either be accrued for (effectively offsetting the accrued withholding tax by a certain amount), or is realized on a cash settlement basis. Information regarding withholding tax and reclaims for foreign securities is available upon request.






Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. Verification does not ensure the accuracy of any specific composite presentation.

Firm Definition:

22


GIPS® Presentation

Schedule of Composite PerformanceVoya Core Intermediate Fixed Income Composite

CINFI_COMP Year Gross Returns (%) Net Returns (%)Barclays Intermediate U.S.

Aggregate Returns (%)Composite 3-Yr



High Low2014 4.03 3.72 4.12 2.02 1.96 4.17 3.86 6 2,898 100,577 2013 (0.94) (1.24) (1.02) 2.04 2.01 (0.79) (1.04) 6 2,779 93,084 2012 4.44 4.13 3.56 1.83 1.88 4.46 4.41 6 2,445 76,532 2011 5.61 5.30 5.97 2.33 2.29 5.66 5.58 ≤5 950 65,776 2010 6.83 6.45 6.15 3.44 3.36 6.85 6.82 ≤5 773 60,236 2009 9.11 8.73 6.46 3.43 3.33 9.36 9.36 ≤5 732 61,643 2008 0.97 0.62 4.86 3.15 3.20 0.97 0.97 ≤5 364 56,044 2007 5.81 5.45 7.02 2.22 2.31 5.81 5.81 ≤5 172 74,322 2006 4.56 4.19 4.58 NA NA 4.56 4.56 ≤5 179 66,276 2005 2.45 2.09 2.01 NA NA 2.45 2.45 ≤5 174 58,983

Notes:





Firm Definition:

Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Core Intermediate Fixed Income Composite has been examined for the periods 2007-2014. The verification and performance examination reports are available upon request.


This is a fixed income strategy designed for defined contribution plan sponsors seeking to provide participants with capital preservation and attractive rates of return by investing in debt securities across multiple quality ranges, sectors, and industries, while maintaining a duration within ± .5 years of the Barclays Intermediate Aggregate Bond Index. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. In December 2008, there was a change in personnel within the portfolio management team for this composite. However, the change had no substantial impact on the investment objective of the strategy. A $25 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Core Intermediate Fixed Income Composite. This composite was incepted and created on August 1, 2004.Benchmark Definition:



Returns are benchmarked to the Barclays Intermediate U.S. Aggregate Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Barclays Intermediate U.S. Aggregate Index represents a broad universe of fixed rate, dollar-denominated, investment grade government, corporate, mortgage pass-through, and asset-backed securities with maturities of 1-10 years. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.


Other Notes:



23


GIPS® Presentation

Schedule of Composite PerformanceVoya Government/Credit 1-5 Composite

GC15_COMP Year Gross Returns (%) Net Returns (%)

Barclays 1-5 Year Government/Credit Returns

(%)Composite 3-Yr



High Low2014 1.68 1.38 1.42 1.10 1.06 1.70 1.65 ≤5 481 100,577 2013 0.22 (0.08) 0.28 NA NA 0.30 0.01 ≤5 557 93,084 2012 2.51 2.25 2.24 NA NA 2.59 2.46 ≤5 617 76,532 2011* 1.29 1.15 1.32 NA NA NA NA ≤5 362 65,776

*Cumulative return for the period is from June 1, 2011 (inception of strategy) to December 31, 2011.

Notes:





Other Notes:

This is a fixed income strategy designed for defined contribution plan sponsors seeking to provide participants with capital preservation and attractive rates of return by investing in investment-grade debt securities including but not limited to: Government Bonds, Corporate Bonds, Asset Backed Securities, Commercial Mortgage Backed Securities and Agency Mortgage Backed Securities rated “BBB-” or better at time of purchase, while maintaining a duration within ± .25 years of the Barclays 1-5 Year Government/Credit Index subject to a maximum duration of 2.75 years. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. A $25 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Government/Credit 1-5 Fixed Income Composite. This composite was incepted and created on June 1, 2011.

Returns are benchmarked to the Barclays U.S. Government/Credit 1-5 Year Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Barclays U.S. Government/Credit 1-5 Year Index includes fixed rate, dollar-denominated, investment grade securities with maturities of 1-5 years held within both the Barclays U.S. Government Index (public obligations of the U.S. Treasury, U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government) and the Barclays U.S. Credit Index (publicly issued U.S. corporate and foreign debentures and secured notes). Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.








Firm Definition:


24


GIPS® Presentation

Schedule of Composite PerformanceVoya Core Short Duration 1-5 Composite

CSD15_COMPYear Gross Returns (%) Net Returns (%)Barclays U.S. Government 1-

5 Year Returns (%)Composite 3-Yr



High Low2014 1.58 1.28 1.18 1.01 0.95 1.58 1.58 ≤5 1,446 100,577 2013 0.05 (0.25) (0.12) 1.10 1.08 0.05 0.05 ≤5 1,637 93,084 2012 1.96 1.66 0.97 NA NA 1.96 1.96 ≤5 1,339 76,532 2011 3.32 3.01 3.21 NA NA 3.32 3.32 ≤5 777 65,776

Notes:





Other Notes:

This is a fixed income strategy designed for defined contribution plan sponsors seeking to provide participants with capital preservation and attractive rates of return by positioning the composite to take advantage of anticipated moves in the yield curve, spread basis, credit quality, and interest rate volatility. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. A $25 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Core Short Duration 1-5 Fixed Income Composite. This composite was incepted and created on January 1, 2011.

Returns are benchmarked to the Barclays U.S. Government 1-5 Year Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Barclays U.S. Government 1-5 Year Index includes fixed rate, dollar-denominated, investment grade securities with maturities of 1-5 years held within both the Barclays U.S. Government Index (public obligations of the U.S. Treasury, U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government) and the Barclays U.S. Credit Index (publicly issued U.S. corporate and foreign debentures and secured notes). The U.S. Government Index is a component of the U.S. Government/Credit Index. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.








Firm Definition:


25


GIPS® Presentation

Schedule of Composite PerformanceVoya Government Securities Composite

GNM_UST_COMPYear Gross Returns (%) Net Returns (%)Custom Benchmark (3.5

Year Duration) Returns (%)Composite 3-Yr



High Low2014 3.75 3.44 4.08 2.15 2.54 3.75 3.75 ≤5 154 100,577 2013 (1.26) (1.55) (1.80) 2.24 2.61 (1.26) (1.26) ≤5 171 93,084 2012 3.83 3.52 2.57 1.87 2.23 3.83 3.83 ≤5 184 76,532 2011 7.22 6.90 7.89 2.50 2.86 7.22 7.22 ≤5 164 65,776 2010 7.69 7.21 7.37 3.14 3.42 7.69 7.69 ≤5 179 60,236 2009 4.91 4.44 3.03 3.11 3.35 4.91 4.91 ≤5 182 61,643 2008 6.93 6.45 6.86 2.65 2.81 6.93 6.93 ≤5 164 56,044 2007 6.71 6.25 6.67 2.13 2.41 6.71 6.71 ≤5 106 74,322 2006 4.23 3.77 4.04 2.31 2.64 4.23 4.23 ≤5 105 66,276 2005 3.45 2.97 3.24 3.13 3.69 3.45 3.45 ≤5 109 58,983

Notes:


Other Notes:








Firm Definition:



Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Government Securities Composite has been examined for the periods 2007-2014. The verification and performance examination reports are available upon request.


This is a fixed income strategy designed for defined contribution plan sponsors seeking to provide participants with capital preservation and attractive rates of return by investing in debt securities backed by the U.S. Government, including Government National Mortgage Association (GNMA) pass-through securities as well as U.S. Treasuries, while maintaining a 3.5 year duration (± 0.25 years) over time. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. In December 2008, there was a change in personnel within the portfolio management team for this composite. However, the change had no substantial impact on the investment objective of the strategy. Effective January 1, 2003, a $25 million minimum has been set for inclusion in the composite, and prior to that, no portfolios were excluded based on size. The name of this composite changed in May 2014. The composite was formerly known as the ING Government Securities Fixed Income Composite. This composite incepted on April 1, 1991 and was created in January 1996.

Returns are benchmarked to a custom created index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Firm created a composite target-duration index starting with the Barclays GNMA Index as a base and manufactured a 3.5 year composite-level duration using equal and offsetting weights for a shorter-duration Barclays Intermediate Index and a longer duration Long Term Treasury Index. The Firm then utilizes the vendor-provided returns for each index component and applies the static weights to the returns to come up with a composite level return. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.

26


GIPS® Presentation

Schedule of Composite PerformanceVoya High Quality I Composite

CIQR_COMP Year Gross Returns (%) Net Returns (%)

Barclays U.S. Intermediate Government/Credit A or Higher




High Low2014 2.96 2.65 2.84 1.84 1.81 3.01 2.95 ≤5 1,225 100,577 2013 (0.67) (0.97) (1.00) 1.99 2.01 (0.66) (0.73) ≤5 1,272 93,084 2012 3.69 3.38 3.14 2.03 2.14 3.74 3.29 ≤5 1,312 76,532 2011 5.41 5.09 5.67 2.59 2.59 5.84 5.35 ≤5 1,293 65,776 2010 6.03 5.66 5.48 3.52 3.86 5.85 5.85 ≤5 1,308 60,236 2009 5.10 4.73 2.85 3.55 3.81 5.10 5.10 ≤5 133 61,643 2008 6.59 6.22 6.82 3.23 3.56 6.59 6.59 ≤5 123 56,044 2007 7.21 6.84 7.71 2.41 2.36 7.21 7.21 ≤5 120 74,322 2006 3.64 3.27 4.00 2.57 2.68 3.64 3.64 ≤5 121 66,276 2005 1.79 1.44 1.71 3.43 3.51 1.79 1.79 ≤5 122 58,983

Notes:


Other Notes:








Firm Definition:



Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya High Quality I Composite has been examined for the periods 2007-2012. The verification and performance examination reports are available upon request.


This is a fixed income strategy designed for defined contribution plan sponsors seeking to provide participants with capital preservation and attractive rates of return by investing in investment-grade debt securities across multiple sectors and industries rated “A” or better at time of purchase, while maintaining a duration within ± .25 years of the Barclays Intermediate Government/Credit Index. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. In December 2008, there was a change in personnel within the portfolio management team for this composite. However, the change had no substantial impact on the investment objective of the strategy. Effective January 1, 2003, a $25 million minimum has been set for inclusion in the composite, and prior to that, no portfolios were excluded based on size. The name of this composite changed in May 2014. The composite was formerly known as the ING High Quality I Fixed Income Composite. This composite incepted on January 1, 1992 and was created in January 2003.

Returns are benchmarked to the Barclays U.S. Intermediate Government/Credit A or Higher Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Barclays U.S. Intermediate Government/Credit Index includes fixed rate, dollar-denominated securities with maturities of 1-10 years rated A or higher by at least two of the Moody's, S&P, and Fitch ratings agencies held within both the Barclays U.S. Government Index (public obligations of the U.S. Treasury, U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government) and the Barclays U.S. Credit Index (publicly issued U.S. corporate and foreign debentures and secured notes). Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.

27


GIPS® Presentation

Schedule of Composite PerformanceVoya High Quality II Composite

QE_COMP Year Gross Returns (%) Net Returns (%)Barclays U.S. Aggregate A or

Higher Returns (%)Composite 3-Yr



High Low2014 5.79 5.47 5.66 2.48 2.46 5.79 5.79 ≤5 162 100,577 2013 (2.12) (2.41) (2.04) 2.50 2.59 (2.12) (2.12) ≤5 222 93,084 2012 4.23 3.91 3.45 2.28 2.36 4.23 4.23 ≤5 328 76,532 2011 7.15 6.83 7.70 2.89 2.80 7.15 7.15 ≤5 300 65,776 2010 7.12 6.74 6.17 3.88 3.98 7.12 7.12 ≤5 260 60,236 2009 7.62 7.24 4.37 3.81 3.95 7.62 7.62 ≤5 294 61,643 2008 (0.60) (0.95) 6.39 3.41 3.76 (0.60) (0.60) ≤5 249 56,044 2007 6.16 5.79 7.14 2.65 2.72 6.16 6.16 ≤5 185 74,322 2006 3.98 3.62 4.33 2.93 3.10 3.98 3.98 ≤5 180 66,276 2005 2.91 2.54 2.54 3.88 3.90 2.91 2.91 ≤5 178 58,983

Notes:

Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya High Quality II Composite has been examined for the periods 2007-2012. The verification and performance examination reports are available upon request.


This is a fixed income strategy designed for defined contribution plan sponsors seeking to provide participants with capital preservation and attractive rates of return by investing in investment-grade debt securities across multiple sectors and industries rated “A” or better at time of purchase, while maintaining a duration within ± .25 years of the Barclays Aggregate Index. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. In December 2008, there was a change in personnel within the portfolio management team for this composite. However, the change had no substantial impact on the investment objective of the strategy. Effective January 1, 2003, a $25 million minimum has been set for inclusion in the composite, and prior to that, no portfolios were excluded based on size. The name of this composite changed in May 2014. The composite was formerly known as the ING High Quality II Fixed Income Composite. This composite incepted on January 1, 1992 and was created in January 2003.





Firm Definition:





Other Notes:

Returns are benchmarked to the Barclays U.S. Aggregate A or Higher Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Barclays U.S. Aggregate Index represents a broad universe of fixed rate, dollar-denominated, investment grade government, corporate, mortgage pass-through, and asset-backed securities rated A or higher by at least two of the Moody's, S&P, and Fitch ratings agencies. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.



28


GIPS® Presentation

Schedule of Composite PerformanceVoya Stable Value Short Duration Composite

SVSD_COMPYear Gross Returns (%) Net Returns (%)Barclays U.S. Treasury Bellwethers:

3 Yr Returns (%)Composite 3-Yr



High Low2014 1.63 1.38 0.92 1.31 1.03 1.65 1.57 ≤5 1,039 100,577 2013 0.63 0.38 (0.05) NA NA 0.63 0.63 ≤5 964 93,084 2012 2.95 2.69 0.61 NA NA 2.95 2.95 ≤5 730 76,532

Notes:





Other Notes:

This is a short duration fixed income strategy that invests in investment-grade debt securities including but not limited to: Government Bonds, Corporate Bonds, Asset Backed Securities, Commercial Mortgage Backed Securities and Agency Mortgage Backed Securities, while aligning portfolio duration to that of the benchmark. The objective is to outperform the Barclays U.S. Treasury Bellwethers 3 Year Index before management fees over a full credit cycle. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. A $25 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Stable Value Short Duration Fixed Income Composite. This composite was incepted and created on January 1, 2012.

Returns are benchmarked to the Barclays U.S. Treasury Bellwethers: 3 Year Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Barclays U.S. Treasury Bellwethers: 3 Year Index is a universe of treasury bonds and used as a benchmark against the market for long-term maturity fixed income securities. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.








Firm Definition:

Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Stable Value Short Duration Composite has been examined for the periods 2012-2014. The verification and performance examination reports are available upon request.

29


GIPS® Presentation

Schedule of Composite PerformanceVoya Unconstrained Fixed Income Composite

Year Gross Returns (%) Net Returns (%)Merrill Lynch LIBOR 3 Month

Constant Maturity (%)Composite 3-Yr



High Low2014 4.73 4.32 0.23 NA NA 4.73 4.73 ≤5 6 100,577 2013 1.00 0.60 0.29 NA NA 1.00 1.00 ≤5 5 93,084

Notes:


This is a fixed income strategy that seeks total return through income and capital appreciation by mostly investing in fixed income mutual funds (is a “fund-of-funds”-type investment model). The objective is to outperform LIBOR over full credit cycles. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. The name of this composite changed in August 2015. The composite was formerly known as the Voya Multi-Credit Composite. This composite was incepted and created on January 1, 2013.


Returns are benchmarked to the Merrill Lynch LIBOR 3 Month Constant Maturity Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The index is based on the assumed purchase of a synthetic instrument having 3 months to maturity and with a coupon equal to the closing quote for 3-Month LIBOR. That issue is sold the following day (priced at a yield equal to the current day closing 3-Month LIBOR rate) and is rolled into a new 3-Month instrument. The index, therefore, will always have a constant maturity equal to exactly 3 months. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.

Treatment of Fees & Expenses:Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of-fees returns are calculated by deducting a hypothetical management fee from the gross return on a monthly basis and geometrically linking the results to produce annual returns shown. The hypothetical management fee is equal to the highest fee from any fee schedule offered at the time for the strategy shown. While fee schedules can change over time, any amended fee resulting from a change will not be retroactively applied to performance history, but will rather be applied on a prospective basis from the point of change. The annual management fee will vary according to the size of the account, and will depend on the type of investment vehicle selected. The current fee schedule for this strategy is: 0.40% on the first $100 million; 0.37% on the next $200 million; and 0.32% over $300 million. However, fee schedules may differ for pooled trusts or other types of investment vehicles. Further information regarding applicable fee schedules is available upon request.Explanation of Risk Measures:"Dispersion of Portfolio Returns" presented for each annual period is based on gross-of-fees returns and is equal to the highest and lowest annual return among the portfolios that are included in the composite for the full year. "Composite 3-Yr St Dev" and "Benchmark 3-Yr St Dev" are rolling 3-year standard deviation calculations, which measure the variability of the monthly performance returns for the composite and benchmark index return over the preceding 36-month period on an annualized basis. If the composite has not been in existence for at least 3 years as of a particular year-end, then “NA” will be displayed.







Firm Definition:

30


GIPS® Presentation

Schedule of Composite PerformanceVoya Long Duration Credit Fixed Income Composite

LDFI_COMP Year Gross Returns (%) Net Returns (%)Barclays U.S. Long Credit


St Dev (%)Benchmark 3-Yr St


High Low2014 17.85 17.50 16.39 10.27 7.71 16.63 18.00 ≤5 759 100,577 2013 (8.00) (8.28) (6.62) 13.20 8.28 (7.55) (8.08) ≤5 549 93,084 2012 8.06 7.74 12.73 14.28 6.97 8.10 8.10 ≤5 497 76,532 2011 37.34 36.94 17.13 17.06 8.41 37.34 37.34 ≤5 449 65,776 2010 22.51 22.15 10.69 20.17 14.16 22.51 22.51 ≤5 293 60,236 2009 (5.22) (5.51) 16.80 18.82 13.94 (5.22) (5.22) ≤5 282 61,643 2008 29.23 28.85 (3.92) 15.74 13.02 29.23 29.23 ≤5 423 56,044 2007 7.10 6.78 3.60 NA NA 7.10 7.10 ≤5 344 74,322 2006 1.25 0.95 3.47 NA NA 1.25 1.25 ≤5 287 66,276 2005* 2.83 2.78 3.12 NA NA 2.83 2.83 ≤5 259 58,983


Notes:





Firm Definition:

Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Long Duration Credit Fixed Income Composite has been examined for the periods 2011-2013. The verification and performance examination reports are available upon request.






Other Notes:

This is a fixed income strategy whose primary objective is to maximize total return mainly through security selection while maintaining duration within +/- 10% of the portfolio's long druation index. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. In December 2008, there was a change in personnel within the portfolio management team for this composite. However, the change had no substantial impact on the investment objective of the strategy. A $25 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Long Duration Fixed Income Composite. This composite incepted on November 1, 2005 and was created in April 2014.

Returns are benchmarked to the Barclays U.S. Long Credit Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Barclays U.S. Long Credit Index represents a broad universe of publicly issued U.S. corporate and specified foreign debentures and secured notes that meet the specified maturity, liquidity, and quality requirements. The index can only invest in investment-grade Baa3/BBB- or higher by at least two of the Moody's, S&P, and Fitch ratings agencies. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios. both corporate and non-corporate sectors.



31


GIPS® Presentation

Schedule of Composite Performance Voya Long Duration Government/Credit Composite

LGC_COMP Year Gross Returns (%) Net Returns (%)Barclays U.S. Long

Government/Credit (%)Composite 3-Yr

St Dev (%)Benchmark 3-Yr St


High Low2014 20.17 19.82 19.31 9.36 8.07 18.00 18.00 ≤5 678 100,577 2013 (10.05) (10.32) (8.83) 11.35 8.99 (10.76) (10.76) ≤5 1,745 93,084 2012 8.15 7.83 8.78 12.25 8.19 8.15 8.15 ≤5 1,306 76,532 2011 26.90 26.53 22.49 NA NA 26.90 26.90 ≤5 1,287 65,776 2010 12.18 11.85 10.16 NA NA 12.18 12.18 ≤5 82 60,236

Notes:





Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. The verification report is available upon request. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Long Duration Government/Credit Composite has been examined for the periods 2010-2014. The verification and performance examination reports are available upon request.

Firm Definition:


This is a fixed income strategy whose primary objective is to maximize total return mainly through security selection of long-dated corporate and treasury bonds, while maintaining duration within +/- 10% of the portfolio's index. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. A $25 million minimum has been set for inclusion in the composite. This composite incepted on January 1, 2010 and was created in December 2014.


Returns are benchmarked to the Barclays U.S. Long Government/Credit Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Barclays U.S. Long Government/Credit represents the long component of the Barclays U.S. Government/Credit Index. The Barclays U.S. Government/Credit Index includes treasuries (i.e., public obligations of the U.S. Treasury that have remaining maturities of more than one year) and agencies (i.e., publicly issued debt of U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government), and publicly issued U.S. corporate and foreign debentures and secured notes that meet specified maturity, liquidity, and quality requirements. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios. both corporate and non-corporate sectors.

Treatment of Fees & Expenses:Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of-fees returns are calculated by deducting a hypothetical management fee from the gross return on a monthly basis and geometrically linking the results to produce annual returns shown. The hypothetical management fee is equal to the highest fee from any fee schedule offered at the time for the strategy shown. While fee schedules can change over time, any amended fee resulting from a change will not be retroactively applied to performance history, but will rather be applied on a prospective basis from the point of change. The annual management fee will vary according to the size of the account, and will depend on the type of investment vehicle selected. The current fee schedule for this strategy is: 0.30% on the first $100 million; 0.20% on the next $150 million; 0.15% on the next $250 million; and 0.10% over $500 million. However, fee schedules may differ for pooled trusts or other types of investment vehicles. Further information regarding applicable fee schedules is available upon request.Explanation of Risk Measures:"Dispersion of Portfolio Returns" presented for each annual period is based on gross-of-fees returns and is equal to the highest and lowest annual return among the portfolios that are included in the composite for the full year. "Composite 3-Yr St Dev" and "Benchmark 3-Yr St Dev" are rolling 3-year standard deviation calculations, which measure the variability of the monthly performance returns for the composite and benchmark index return over the preceding 36-month period on an annualized basis. If the composite has not been in existence for at least 3 years as of a particular year-end, then “NA” will be displayed.


32


GIPS® Presentation

Schedule of Composite PerformanceVoya Securitized Credit Composite

Year Gross Returns (%) Net Returns (%)Barclays U.S. Securitized: MBS, ABS, and CMBS (%)



Number of Portfolios

High Low2014* 1.08 1.00 0.78 NA NA NA NA ≤5 103 100,577


Notes:


This is a fixed income strategy that invests in market sectors collateralized by distinct asset types: commercial real estate (CMBS), non-agency residential housing (RMBS) and nonmortgage assets (ABS), to provide direct, focused exposure to these specific sectors. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. This composite was incepted and created on November 1, 2014.


Returns are benchmarked to the Barclays U.S. Securitized Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Barclays U.S. Securitized Index includes the MBS, ABS, and CMBS sectors of the Barclays Aggregate universe. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.

Treatment of Fees & Expenses:Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of-fees returns are calculated by deducting a hypothetical management fee from the gross return on a monthly basis and geometrically linking the results to produce annual returns shown. The hypothetical management fee is equal to the highest fee from any fee schedule offered at the time for the strategy shown. While fee schedules can change over time, any amended fee resulting from a change will not be retroactively applied to performance history, but will rather be applied on a prospective basis from the point of change. The annual management fee will vary according to the size of the account, and will depend on the type of investment vehicle selected. The current fee schedule for this strategy is: 0.45% on the first $150 million; 0.40% on the next $150 million; and 0.35% over $300 million. However, fee schedules may differ for pooled trusts or other types of investment vehicles. Further information regarding applicable fee schedules is available upon request.Explanation of Risk Measures:"Dispersion of Portfolio Returns" presented for each annual period is based on gross-of-fees returns and is equal to the highest and lowest annual return among the portfolios that are included in the composite for the full year. "Composite 3-Yr St Dev" and "Benchmark 3-Yr St Dev" are rolling 3-year standard deviation calculations, which measure the variability of the monthly performance returns for the composite and benchmark index return over the preceding 36-month period on an annualized basis. If the composite has not been in existence for at least 3 years as of a particular year-end, then “NA” will be displayed.







Firm Definition:

33


GIPS® Presentation

Schedule of Composite PerformanceVoya GNMA Fixed Income Composite

GNMNY_COMPYear Gross Returns (%) Net Returns (%)Custom Benchmark




High Low2014 6.00 5.68 5.97 2.10 2.53 6.00 6.00 ≤5 845 100,577 2013 (0.95) (1.24) (2.12) 2.15 2.49 (0.95) (0.95) ≤5 859 93,084 2012 3.77 3.46 2.42 1.77 1.92 3.77 3.77 ≤5 1,198 76,532 2011 8.47 8.14 7.90 2.23 2.90 8.47 8.47 ≤5 910 65,776 2010 7.14 6.82 6.67 3.19 4.62 7.14 7.14 ≤5 820 60,236 2009 5.96 5.65 2.16 3.29 4.81 6.06 6.06 ≤5 808 61,643 2008 7.86 7.54 11.04 3.16 4.54 11.94 6.44 ≤5 703 56,044 2007 6.87 6.55 7.55 2.34 3.15 8.04 6.84 ≤5 630 74,322 2006 5.29 4.97 4.08 2.51 3.25 5.32 4.46 ≤5 655 66,276 2005 3.62 3.31 3.94 3.39 3.73 4.67 3.51 6 771 58,983

Notes:


Other Notes:









Firm Definition




This is a fixed income strategy that primarily invests in GNMA securities with maturities in excess of one year and which have the same credit quality as U.S. Treasury securities, but higher yields to compensate for prepayment uncertainty. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. Effective January 1, 2003, a $3 million minimum has been set for inclusion in the composite, and prior to that, no portfolios were excluded based on size. The name of this composite changed in May 2014. The composite was formerly known as the ING GNMA Fixed Income Composite. This composite was incepted and created on January 1, 1993.

Returns are benchmarked to the Barclays GNMA Index which is an unmanaged index covering mortgage-backed pass-through securities of the Government National Mortgage Association (GNMA). The Index does not reflect fees, brokerage commissions, taxes or other expenses of investing. Investors cannot invest directly in an index. Prior to June 1, 2009 the benchmark used a customized blend of 80% Barclays Capital MBS Fixed Rate GNMA and 20% Barclays Capital U.S. Treasury Long Index. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios. In June 2014, the benchmark index return presented for the annual period ending 12/31/2012 was corrected from 2.10% to 2.42%.

34


GIPS® Presentation

Schedule of Composite PerformanceVoya Senior Loan Leveraged Composite

SD_COMP Year Gross Returns (%) Net Returns (%)S&P LSTA Leveraged

Loan Returns (%)Composite 3-Yr



High Low2014 4.18 3.56 1.60 2.80 2.10 4.53 3.82 ≤5 1,562 100,577 2013 11.09 10.43 5.29 5.19 3.77 11.38 10.83 ≤5 1,762 93,084 2012 16.29 15.60 9.66 5.78 4.42 16.82 15.95 ≤5 1,424 76,532 2011 1.16 0.56 1.52 10.90 8.43 1.16 1.16 ≤5 578 65,776 2010 11.32 10.66 10.13 18.78 13.86 11.32 11.32 ≤5 777 60,236 2009 66.75 65.79 51.62 18.73 13.88 66.75 66.75 ≤5 907 61,643 2008 (40.00) (40.37) (29.10) 14.60 10.55 (40.00) (40.00) ≤5 571 56,044 2007 2.66 2.04 2.02 2.91 2.69 2.66 2.66 ≤5 1,575 74,322 2006 7.86 7.22 6.77 0.83 0.74 7.86 7.86 ≤5 2,182 66,276 2005 6.25 5.62 5.08 1.07 1.13 6.25 6.25 ≤5 2,458 58,983

Notes:

This is an actively managed, ultra-short duration floating rate income strategy that invests primarily in privately syndicated, below investment grade senior secured corporate loans while utilizing borrowed funds (leverage). Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. The name of the composite also changed in January 2009, which was formerly known as the ING Senior Loan Composite. A $100 million minimum has been set for inclusion in the composite. Prior to July 1, 2015, the minimum was $50 million minimum and prior to July 1, 2006 no portfolios were excluded based on size. The name of this composite changed in May 2014. The composite was formerly known as the ING Senior Loan Leveraged Composite. Prior to December 2012, the composite was known as the ING Senior Loan Leveraged Fixed Income Composite. This composite was incepted and created on April 1, 2001.

Returns are benchmarked to the S&P LSTA Leveraged Loan Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The S&P LSTA Leveraged Loan Index is a market value weighted syndicated loan indexes based upon market weightings, spreads and interest payments. The S&P LSTA Leveraged Loan Index covers the U.S. market back to 1997. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.










Firm Definition:


Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Senior Loan Leveraged Composite has been examined for the periods 2001-2009. The verification and performance examination reports are available upon request.

Other Notes:The Voya Senior Loan strategy may include borrowing an amount up to 33% (or such other percentage as permitted by law and client guidelines and constraints) of total assets (including the amount borrowed) less all liabilities other than debt incurred for the purpose of making additional investments. Leverage is used for the purpose of making additional investments only if it is believed that the total return on the assets purchased will exceed interest payments and other costs on the leverage. Leverage may also be used to meet cash requirements. The Voya Senior Loan strategy generally expects to incur floating rate debt.


35


GIPS® Presentation

Schedule of Composite PerformanceVoya Senior Loan Unleveraged Composite

SLUSU_COMPYear Gross Returns (%) Net Returns (%)S&P LSTA Leveraged

Loan Returns (%)Composite 3-Yr



High Low2014 2.55 2.04 1.60 1.91 2.10 3.05 2.38 7 3,633 100,577 2013 6.49 5.96 5.29 3.74 3.77 6.67 6.01 6 2,492 93,084 2012 11.27 10.72 9.66 4.40 4.42 10.64 9.98 ≤5 958 76,532 2011 2.01 1.40 1.52 8.51 8.43 2.71 1.47 ≤5 2,637 65,776 2010 9.98 9.33 10.13 14.11 13.86 10.11 9.34 ≤5 2,288 60,236 2009 52.84 51.95 51.62 14.09 13.88 56.48 42.10 ≤5 2,354 61,643 2008 (29.26) (29.70) (29.10) 10.78 10.55 (28.54) (31.01) ≤5 1,919 56,044 2007 3.04 2.43 2.02 2.51 2.69 3.21 2.41 ≤5 4,294 74,322 2006 8.06 7.41 6.77 0.84 0.74 8.64 5.80 ≤5 4,697 66,276 2005 6.27 5.64 5.08 0.99 1.13 6.56 6.04 ≤5 4,522 58,983

Notes:







Firm Definition:


Policies for valuing portfolios, calculating performance, and preparing compliant presentations, as well as a complete list of composite descriptions, are available upon request. Past performance is no guarantee of future results.Other Notes:

Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Senior Loan Unleveraged Composite has been examined for the periods 2010-2014. The verification and performance examination reports are available upon request.


This is an actively managed, ultra-short duration floating rate income strategy that invests primarily in privately syndicated, below investment grade senior secured corporate loans without the utilization of borrowed funds (leverage). Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. Effect July 1, 2015 a $100 million minimum has been set for inclusion in the composite. Previously, the minimum was $50 million, and prior to September 1, 2008, no portfolios were excluded based on size. The name of this composite changed in May 2014. The composite was known as the ING Senior Loan Unleveraged Composite for the period from December 2011 to April 2014, and as the ING Senior Loan Unleveraged Fixed Income Composite for the period from August 2009 to December 2011. Prior to that it was knowns as the ING Senior Loan U.S. Dollar-based Unleveraged Composite. This composite incepted on April 1, 2001 and created in August 2009.

Returns are benchmarked to the S&P LSTA Leveraged Loan Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The S&P LSTA Leveraged Loan Index is a market value weighted syndicated loan indexes based upon market weightings, spreads and interest payments. The S&P LSTA Leveraged Loan Index covers the U.S. market back to 1997. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.



36


GIPS® Presentation

Schedule of Composite PerformanceVoya Senior Loan EUR Unleveraged Composite Performance

SLEURU_COMPYear Gross Returns (%) Net Returns (%)

S&P/LSTA Leveraged Loan Hedged to Euro



Number of

PortfoliosHigh Low

2014 2.45 1.94 1.46 1.75 2.11 2.45 2.45 ≤5 3,642 83,119 2013 5.33 4.80 5.06 3.44 3.70 5.33 5.33 ≤5 4,387 67,552 2012 9.87 9.23 9.24 4.15 4.40 9.87 9.87 ≤5 2,345 58,049 2011 2.55 1.94 1.89 7.31 8.45 2.55 2.55 ≤5 1,865 50,669 2010 8.75 8.11 9.82 12.91 13.95 8.75 8.75 ≤5 1,908 44,900 2009 42.81 41.99 51.95 12.85 13.97 42.81 42.81 ≤5 1,976 42,964 2008 (26.93) (27.38) (28.59) 10.22 10.53 (26.93) (26.93) ≤5 1,363 40,318 2007 1.26 0.66 0.65 NA NA 1.26 1.26 ≤5 2,777 50,834 2006 5.10 4.47 4.43 NA NA 5.10 5.10 ≤5 1,102 50,261 2005* 1.01 0.86 0.74 NA NA NA NA ≤5 170 50,005

*Cumulative return for the period is from October 1, 2005 (inception of strategy) to December 31, 2005.

Notes:


Firm Definition:





Composite returns are calculated from fully discretionary portfolios managed to the intended investment strategy with a view towards outperforming the index over full market cycles while maintaining a market level of risk. Portfolio valuations and returns for this composite are computed and stated in Euros. Effective July 1, 2006, a €50 million minimum has been set for inclusion in the composite, and prior to that, no portfolios were excluded based on size. The name of this composite changed in May 2014. The composite was formerly known as the ING Senior Loan EURO Unleveraged Composite. This composite was created and incepted on October 1, 2005.

Returns are benchmarked to the S&P/LSTA Leveraged Loan Index Hedged to the Euro, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios. To produce an index return hedged to the Euro, the Firm recalculates the returns for the S&P/LSTA Leveraged Loan Index by adjusting the returns to reflect the difference between the Euro spot rate and the Euro 1-month forward rate as of each monthly valuation date.

Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of-fees returns are calculated by deducting a hypothetical management fee from the gross return on a monthly basis and geometrically linking the results to produce annual returns shown. The hypothetical management fee is equal to the highest fee from any fee schedule offered at the time for the strategy shown. While fee schedules can change over time, any amended fee resulting from a change will not be retroactively applied to performance history, but will rather be applied on a prospective basis from the point of change. The annual management fee will vary according to the size of the account, and will depend on the type of investment vehicle selected. The current fee schedule for this strategy is: 0.50% on the first €100 million; 0.45% on the next €150 million; 0.40% on the next €250 million; and 0.30% over €500 million. However, fee schedules may differ for pooled trusts or other types of investment vehicles. Further information regarding applicable fee schedules is available upon request.

Other Notes:




Assets in this Composite (€mm)

Total Firm Assets (€mm)


37


GIPS® Presentation

Schedule of Composite PerformanceVoya Cash Management Composite

CMMM_COMPYear Gross Returns (%) Net Returns (%)Three Month Treasury Bill




High Low2014 0.19 (0.31) 0.03 0.02 0.02 0.19 0.18 ≤5 1,850 100,577 2013 0.22 (0.28) 0.07 0.02 0.03 0.23 0.22 ≤5 2,136 93,084 2012 0.37 (0.13) 0.11 0.02 0.03 0.38 0.37 ≤5 2,526 76,532 2011 0.26 (0.24) 0.10 0.06 0.04 0.27 0.26 ≤5 2,893 65,776 2010 0.33 0.03 0.13 0.37 0.36 0.34 0.30 ≤5 3,129 60,236 2009 0.61 0.31 0.21 0.58 0.63 0.67 0.54 6 6,501 61,643 2008 3.01 2.70 2.06 0.34 0.48 3.06 2.99 6 8,231 56,044 2007 5.51 5.19 5.02 0.29 0.31 5.53 5.49 ≤5 4,177 74,322 2006 5.21 4.89 4.83 0.45 0.43 5.22 5.15 ≤5 3,020 66,276 2005 3.35 3.04 3.06 0.29 0.28 3.37 3.29 ≤5 2,224 58,983

Notes:


Other Notes:








Firm Definition:





This is a fixed income strategy that invests in money market securities in order to provide above benchmark returns with high liquidity and limited risk to principal. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. In November 2004, there was a change in personnel within the portfolio management team for this composite. However, this change had no substantial impact on the investment objective of the strategy. Effective January 1, 2003, a $25 million minimum has been set for inclusion in the composite, and prior to that, no portfolios were excluded based on size. The name of this composite changed in May 2014. The composite was formerly known as the ING Cash Management Composite. This composite incepted on September 1, 1996 and was created in November 2002.

Returns are benchmarked to the Three Month Treasury Bill Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Three Month Treasury Bill Index measures total return on cash, including interest income, based on short-term government Treasury Bills of about 90-day maturity. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios. In November 2003, the benchmark for this composite was changed from the iMoneyNet Fund Report All Taxable Average to the Three Month Treasury Bill, retroactively to the inception of the strategy in order to be more consistent with the investment strategy.

38


GIPS® Presentation

Schedule of Composite PerformanceVoya High Yield Composite

HY_COMP Year Gross Returns (%) Net Returns (%)Barclays U.S. High Yield 2%

Issuer Cap Returns (%)Composite 3-Yr



High Low2014 2.28 1.77 2.46 4.71 4.50 2.52 2.52 ≤5 1,287 100,577 2013 9.11 8.57 7.44 6.55 6.43 9.11 9.11 ≤5 346 93,084 2012 16.91 16.40 15.78 7.29 7.07 16.91 16.91 ≤5 205 76,532 2011 6.50 6.03 4.96 10.55 11.00 6.50 6.50 ≤5 153 65,776 2010 15.27 14.76 14.94 16.79 16.76 15.27 15.27 ≤5 122 60,236 2009 47.66 47.02 58.76 16.53 16.66 47.66 47.66 ≤5 106 61,643 2008 (27.53) (27.86) (25.88) 13.58 13.11 (27.29) (27.29) ≤5 74 56,044 2007 3.29 2.83 2.26 4.53 4.65 3.43 3.06 ≤5 222 74,322 2006 10.69 10.14 10.76 3.65 3.90 10.72 10.62 ≤5 273 66,276 2005 3.03 2.42 2.76 4.49 5.49 3.03 3.03 ≤5 295 58,983

Notes:


Other Notes:








Firm Definition:



Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya High Yield Composite has been examined for the periods 2008-2014. The verification and performance examination reports are available upon request.


This is a fixed income strategy that invests in below-investment grade debt securities across multiple sectors and industries in order to maximize total return through income and capital appreciation, with an objective to outperform the Barclays U.S. High Yield 2% Issuer Cap Index. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. Effective January 1, 2003, a $25 million minimum has been set for inclusion in the composite, and prior to that, no portfolios were excluded based on size. In March 2010, there was a change in personnel within the portfolio management team for this composite. However, the change had no substantial impact on the investment objective of the strategy. The name of this composite changed in May 2014. The composite was formerly known as the ING High Yield Fixed Income Composite. This composite was incepted and created on January 1, 1999.

Returns are benchmarked to the Barclays U.S. High Yield 2% Issuer Cap Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Barclays U.S. High Yield 2% Issuer Cap Index covers the universe of fixed rate, dollar-denominated, non-investment grade debt, including both corporate (Industrial, Utility, and Finance) and non-corporate (Sovereign, Supranational, Foreign Agency, and Foreign Local Government) sectors, and limits any individual issuer to a maximum of 2% benchmark exposure. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.

39


GIPS® Presentation

Schedule of Composite PerformanceVoya Intermediate Government/Credit Composite

CIFI_COMP Year Gross Returns (%) Net Returns (%)Barclays Intermediate U.S.




High Low2014 3.32 3.01 3.13 2.00 1.94 3.35 3.30 ≤5 600 100,577 2013 (0.59) (0.90) (0.86) 2.13 2.11 (0.54) (0.63) ≤5 555 93,084 2012 4.50 4.18 3.89 2.09 2.16 4.57 4.43 ≤5 401 76,532 2011 5.67 5.30 5.80 2.76 2.55 5.62 5.62 ≤5 402 65,776 2010 6.22 5.85 5.89 4.09 3.91 6.24 6.24 ≤5 125 60,236 2009 7.76 7.39 5.24 4.02 3.82 7.76 7.76 ≤5 32 61,643 2008 4.04 3.68 5.08 3.63 3.64 4.04 4.04 ≤5 33 56,044 2007 7.06 6.69 7.39 2.24 2.35 7.06 7.06 ≤5 35 74,322 2006 4.08 3.72 4.08 2.58 2.75 4.12 4.12 ≤5 37 66,276 2005 2.15 1.79 1.58 NA NA 2.15 2.15 ≤5 75 58,983

Notes:

Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of-fees returns are calculated by deducting a hypothetical management fee from the gross return on a monthly basis and geometrically linking the results to produce annual returns shown. The hypothetical management fee is equal to the highest fee from any fee schedule offered at the time for the strategy shown. While fee schedules can change over time, any amended fee resulting from a change will not be retroactively applied to performance history, but will rather be applied on a prospective basis from the point of change. The annual management fee will vary according to the size of the account, and will depend on the type of investment vehicle selected. The current fee schedule for this strategy is: 0.35% on the first $50 million; 0.25% on the next $50 million; 0.20% on the next $400 million; 0.10% on the next $500 million; and 0.05% over $1 billion. However, fee schedules may differ for pooled trusts or other types of investment vehicles. Further information regarding applicable fee schedules is available upon request.



Other Notes:




Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Voya Intermediate Government/Credit Composite has been examined for the periods 2003-2011. The verification and performance examination reports are available upon request.


This is a fixed income strategy designed for defined contribution plan sponsors seeking to provide participants with capital preservation and attractive rates of return by investing in government and corporate investment-grade securities while maintaining an intermediate duration close to that of the Barclays Intermediate Government/Credit Index. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. In December 2008, there was a change in personnel within the portfolio management team for this composite. However, the change had no substantial impact on the investment objective of the strategy. A $25 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Core Intermediate Government/Credit Fixed Income Composite. This composite was incepted and created on July 1, 2003.

Returns are benchmarked to the Barclays Intermediate U.S. Government/Credit Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The Barclays U.S. Intermediate Government/Credit Index includes fixed rate, dollar-denominated, investment grade securities with maturities of 1-10 years held within both the Barclays U.S. Government Index (public obligations of the U.S. Treasury, U.S. Government agencies, quasi-federal corporations, and corporate or foreign debt guaranteed by the U.S. Government) and the Barclays U.S. Credit Index (publicly issued U.S. corporate and foreign debentures and secured notes). Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.




Firm Definition:


40


GIPS® Presentation

Schedule of Composite PerformanceVoya Absolute Alpha Custom Composite

PORT_ALPHAYear Gross Returns (%) Net Returns (%)Custom Benchmark




High Low2014 12.35 11.24 9.73 9.45 9.38 12.35 12.35 ≤5 1,028 100,577 2013 31.59 30.31 30.19 13.24 13.04 31.59 31.59 ≤5 915 93,084 2012 18.68 17.63 16.70 16.18 16.15 18.68 18.68 ≤5 907 76,532 2011 (0.94) (1.83) (2.14) 19.42 19.29 (0.94) (0.94) ≤5 764 65,776 2010 15.00 13.99 14.97 21.83 20.85 15.00 15.00 ≤5 772 60,236 2009 36.93 35.74 32.27 NA NA 36.93 36.93 ≤5 671 61,643 2008 (34.42) (35.03) (30.06) NA NA (34.42) (34.42) ≤5 530 56,044 2007* 8.42 7.53 6.01 NA NA NA NA ≤5 542 74,322

*Cumulative return for the period is from February 1, 2007 (inception of strategy) to December 31, 2007.

Notes:



Other Notes:

Returns are benchmarked to a customized blend of 25% S&P 500, 25% S&P Midcap 400, 25% Barclays Long Government, and 25% MSCI EAFE (Net) Indexes, rebalanced on a monthly basis. These benchmarks do not incur management fees, transaction costs, or other expenses associated with a composite portfolio. Prior to January 13, 2014 the benchmark used customized blends of the S&P 500, S&P Midcap 400, MSCI EAFE (Net), and Barclays U.S. Government/Credit Indexes. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.

Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of-fees returns are calculated by deducting a hypothetical management fee from the gross return on a monthly basis and geometrically linking the results to produce annual returns shown. The hypothetical management fee is equal to the highest fee from any fee schedule offered at the time for the strategy shown. While fee schedules can change over time, any amended fee resulting from a change will not be retroactively applied to performance history, but will rather be applied on a prospective basis from the point of change. The annual management fee will vary according to the size of the account, and will depend on the type of investment vehicle selected. The current fee schedule for this strategy is: 1.00% on the first $25 million; 0.90% on the next $50 million; and 0.80% on the next, 0.70% over $250 million. However, fee schedules may differ for pooled trusts or other types of investment vehicles. Further information regarding applicable fee schedules is available upon request.


The investment strategy makes regular use of various types of derivatives instruments including options, futures, forwards, and swaps, used exclusively for purposes of beta management and currency hedging. Derivatives in general will be used when the sum of market exposures inherent in the underlying investment strategies does not match the client's benchmark. Long and short positions can be taken in various markets and currencies to bridge the gap between actual and desired exposures.


Voya Absolute Alpha uses a multi-strategy approach, combining an optimal mix of 5 -15 select strategies sourced from a multitude of Voya Investment platforms into a customized portfolio to meet the dynamic needs of our client. Alpha can be ported to any liquid benchmark, and this particular composite uses a custom-blended index of the client’s asset allocation. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. A $25 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Absolute Alpha Custom Composite. This composite was incepted and created on February 1, 2007.


The strategy has the flexibility to allocate portions of the portfolio to outside sub-advisors and has done so at various points in time throughout the tenure of the composite. As of 12/31/2014, the strategy employed the following sub-advisors:Sub-advisor utilized \ Investment Strategy \ Allocation (rounded):CBRE Clarion Securities, LLC \ Market Neutral \ 10%




Firm Definition:




41


GIPS® Presentation

Schedule of Composite PerformanceVoya Absolute Alpha S&P 500 Composite

ABS_ALPHA Year Gross Returns (%) Net Returns (%)S&P 500




High Low2014 16.11 14.96 13.69 9.05 8.97 16.11 16.11 ≤5 193 100,577 2013 33.11 31.82 32.39 12.11 11.94 33.11 33.11 ≤5 166 93,084 2012 17.60 16.56 16.00 15.14 15.09 17.60 17.60 ≤5 125 76,532 2011 3.28 2.36 2.11 18.63 18.71 3.28 3.28 ≤5 106 65,776 2010 15.09 14.08 15.06 NA NA 15.09 15.09 ≤5 103 60,236 2009 31.83 30.68 26.46 NA NA 31.83 31.83 ≤5 89 61,643 2008* (25.40) (25.59) (21.94) NA NA NA NA ≤5 68 56,044

*Cumulative return for the period is from October 1, 2008 (inception of strategy) to December 31, 2008.

Notes:




Firm Definition:




Voya Absolute Alpha uses a multi-strategy approach, combining an optimal mix of 5 -15 select strategies sourced from a multitude of Voya Investment platforms into a customized portfolio to meet the dynamic needs of our client. Alpha can be ported to any liquid benchmark, and this particular composite uses the S&P 500. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. A $25 million minimum has been set for inclusion in the composite. The name of this composite changed in May 2014. The composite was formerly known as the ING Absolute Alpha S&P 500 Composite. This composite was incepted and created on October 1, 2008.



The investment strategy makes regular use of various types of derivatives instruments including options, futures, forwards, and swaps, used exclusively for purposes of beta management and currency hedging. Derivatives in general will be used when the sum of market exposures inherent in the underlying investment strategies does not match the client's benchmark. Long and short positions can be taken in various markets and currencies to bridge the gap between actual and desired exposures.


Other Notes:

The strategy has the flexibility to allocate portions of the portfolio to outside sub-advisors and has done so at various points in time throughout the tenure of the composite. As of 12/31/2014, the strategy employed the following sub-advisors:Sub-advisor utilized \ Investment Strategy \ Allocation (rounded):CBRE Clarion Securities, LLC \ Market Neutral \ 10%


Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of-fees returns are calculated by deducting a hypothetical management fee from the gross return on a monthly basis and geometrically linking the results to produce annual returns shown. The hypothetical management fee is equal to the highest fee from any fee schedule offered at the time for the strategy shown. While fee schedules can change over time, any amended fee resulting from a change will not be retroactively applied to performance history, but will rather be applied on a prospective basis from the point of change. The annual management fee will vary according to the size of the account, and will depend on the type of investment vehicle selected. The current fee schedule for this strategy is: 1.00% on the first $25 million; 0.90% on the next $50 million; and 0.80% on the next, 0.70% over $250 million. However, fee schedules may differ for pooled trusts or other types of investment vehicles. Further information regarding applicable fee schedules is available upon request.



42


GIPS® Presentation

Schedule of Composite PerformanceVoya Global Equity Dividend Composite

IGED Year Gross Returns (%) Net Returns (%)MSCI World - Net




High Low2014 2.57 2.26 4.94 9.58 10.23 2.57 2.57 ≤5 0.10 100,577 2013 24.13 23.77 26.68 NA NA 24.13 24.13 ≤5 0.24 93,084 2012 13.47 13.13 15.83 NA NA 13.47 13.47 ≤5 0.19 76,532 2011* (6.02) (6.16) (10.29) NA NA NA NA ≤5 0.17 65,776

*Cumulative return for the period is from July 1, 2011 (inception of strategy) to December 31, 2011.

Notes:

Gross-of-fees returns are presented before management and custodial fees but after all trading expenses. Net-of-fees returns are calculated by deducting a hypothetical management fee from the gross return on a monthly basis and geometrically linking the results to produce annual returns shown. The hypothetical management fee is equal to the highest fee from any fee schedule offered at the time for the strategy shown. While fee schedules can change over time, any amended fee resulting from a change will not be retroactively applied to performance history, but will rather be applied on a prospective basis from the point of change. The annual management fee will vary according to the size of the account, and will depend on the type of investment vehicle selected. The current fee schedule for this strategy is: 0.30% at 100% of the assets under management. However, fee schedules may differ for pooled trusts or other types of investment vehicles. Further information regarding applicable fee schedules is available upon request.



Firm Definition:





Voya Investment Management claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS Standards. Voya Investment Management has been independently verified for the period January 1, 1996, through December 31, 2014. Verification assesses whether (1) the firm has complied with all of the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm's policies and procedures are designed to calculate and present performance in compliance with the GIPS standards.


This is an actively managed strategy that uses a global, value-based, bottom-up approach to investing in companies, using dividend yield as the main valuation criterion. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. No minimum has been set for inclusion in the composite. This composite was created and incepted on July 1, 2011.

Returns are benchmarked to the MSCI World Net Index, which does not incur management fees, transaction costs, or other expenses associated with a composite portfolio. The MSCI World Index captures free float-adjusted large and mid-capitalization equities across developed-market countries around the world. The “Net” version of this index assumes the deduction of a withholding tax on dividend income applicable to non-resident, institutional investors who do not benefit from double taxation treaties. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios. Returns presented for the benchmark index assumes the reinvestment of dividends after the deduction of withholding taxes, using (for international indices) a tax rate applicable to non-resident institutional investors who do not benefit from double taxation treaties.


Other Notes:

”Dispersion of Portfolio Returns" presented for each annual period is calculated using the asset-weighted standard deviation of the annual returns of all portfolios that were included in the composite for the entire year. "Composite 3-Yr St Dev" and "Benchmark 3-Yr St Dev" are rolling 3-year standard deviation calculations, which measure the variability of the monthly performance returns for the composite and benchmark index return over the preceding 36-month period on an annualized basis. If the composite has not been in existence for at least 3 years as of a particular year-end, then “NA” will be displayed.


43


GIPS® Presentation

Schedule of Composite PerformanceVoya Diversified Emerging Markets Debt Fund Composite

DIEMDF_COMPYear Gross Returns (%) Net Returns (%)JPM EMBI Global Diversified

Composite Index (%)Composite 3-Yr



High Low2014 5.87 5.14 7.43 NA NA 5.87 5.87 ≤5 1 100,577 2013 (5.39) (6.05) (5.25) NA NA (5.39) (5.39) ≤5 1 93,084 2012* 1.76 1.70 0.71 NA NA NA NA ≤5 1 76,532

*Cumulative return for the period is from December 1, 2012 (inception of strategy) to December 31, 2012.

Notes:


This is a fixed income strategy that invests primarily in debt instruments of issuers in emerging markets countries or debt instruments that have principal denominated in emerging markets countries including both sovereign and corporate debt denominated in local and hard currencies. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. This composite was incepted and created on December 1, 2012.


Returns are benchmarked to the JPM EMBI Global Diversified Composite Index: The JPM EMBI Global Diversified Composite Index is a uniquely-weighted version of the EMBI Global. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. The countries covered in the EMBI Global Diversified are identical to those covered by the EMBI Global. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.








Firm Definition:

44


GIPS® Presentation

Schedule of Composite PerformanceVoya Emerging Markets Corporate Debt Fund Composite

EMCRPDF_COMPYear Gross Returns (%) Net Returns (%)

JPM Corporate EMBI Diversified Composite Index

(%)Composite 3-Yr




*Cumulative return for the period is from September 1, 2012 (inception of strategy) to December 31, 2012.

Notes:


This is a fixed income strategy that invests primarily in debt instruments of corporate issuers in emerging markets countries. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. This composite was incepted and created on September 1, 2012.


Returns are benchmarked to the JPM Corporate EMBI Diversified Composite Index: The Index tracks total returns of US dollar-denominated debt instruments issued by corporate entities in Emerging Markets countries. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.








Firm Definition:

45


GIPS® Presentation

Schedule of Composite Performance

Voya Emerging Markets Hard Currency Composite

EMHCDF_COMPYear Gross Returns (%) Net Returns (%)JPM EMBI Global Diversified

Composite Index (%)Composite 3-Yr





Notes:


This is a fixed income strategy that invests primarily in debt instruments of governments and governmental entities, agencies and/or are guaranteed by governments of emerging markets countries which are denominated in US dollars and foreign hard currencies. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. This composite was incepted and created on September 1, 201.


Returns are benchmarked to the JPM EMBI Global Diversified Composite Index: The JPM EMBI Global Diversified Composite Index is a uniquely-weighted version of the EMBI Global. It limits the weights of those index countries with larger debt stocks by only including specified portions of these countries’ eligible current face amounts of debt outstanding. The countries covered in the EMBI Global Diversified are identical to those covered by the EMBI Global. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.








Firm Definition:

46


GIPS® Presentation

Schedule of Composite PerformanceVoya Emerging Markets Local Currency Composite

EMLCDF_COMPYear Gross Returns (%) Net Returns (%)

JPM GBI-EM Global Diversified Composite Index

(%)Composite 3-Yr



High Low2014 (5.18) (5.84) (5.72) NA NA (5.18) (5.18) ≤5 88 100,577 2013 (11.42) (12.04) (8.98) NA NA (11.42) (11.42) ≤5 93 93,084 2012* 7.87 7.63 6.86 NA NA NA NA ≤5 152 76,532


Notes:


This is a fixed income strategy that invests primarily in debt instruments which are denominated in currencies of emerging markets countries. Portfolio valuations and returns for this composite are computed and stated in U.S. dollars. This composite was incepted and created on September 1, 2012.


Returns are benchmarked to the JPM GBI-EM Global Diversified Composite Index which tracks total returns for US dollar-denominated debt instruments issued by emerging market sovereign and quasi-sovereign entities: Brady bonds, loans, Eurobonds. Securities prices used to value the benchmark index for the purposes of calculating total return may or may not differ significantly from those used to value securities held within composite portfolios.








Firm Definition:

schedule of composite performance

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