Voya High Yield Quarterly Portfolio Update Quarter Ending

Voya High Yield: Quarterly Portfolio Update Quarter Ending June 30, 2020 1254048 For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public.

High Yield Corporate Market Summary 2, 000 U. S. Corporate High Yield - OAS 1, 500 1, 000 626 500 0 1999 2001 2003 2005 2007 2009 2011 2013 2015 2017 2019 U. S. Corporate High Yield Market Summary High Yield BB B CCC Total Return (Q 2) 10. 14% 11. 48% 8. 64% 9. 10% Total Return (YTD) -3. 83% 0. 16% -5. 45% -13. 32% YTW 6. 89 5. 17 7. 09 12. 60 OAS 626 454 643 1, 209 OAS Change (QTD) -255 -199 -214 -495 Source: Bloomberg Barclays. As of 06/30/20. For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. 2 OAS Change (YTD) 290 272 319 340

Voya High Yield Strategy: Performance Data as of 6/30/20 Summary Total return approach, investing in below investment grade corporate securities Returns (%) 15 10 8. 11 7. 99 10. 14 5 0. 00 3. 43 2. 95 3. 32 4. 92 4. 42 4. 79 3 Years 5 Years 7. 34 6. 83 6. 67 0 -5 -0. 12 -0. 57 -4. 29 -4. 50 -3. 83 -10 Quarter YTD Gross 1 Year Net 10 Years Bloomberg Barclays U. S. High Yield 2% Issuer Cap Index Voya High Yield Composite (%) 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Gross 15. 84 -2. 43 7. 03 14. 88 -1. 05 2. 28 9. 11 16. 91 6. 50 15. 27 Bloomberg Barclays U. S. High Yield 2% Issuer Cap Index 14. 32 -2. 08 7. 50 17. 13 -4. 43 2. 46 7. 44 15. 78 4. 96 14. 94 1. 52 -0. 35 -0. 47 -2. 25 3. 39 -0. 17 1. 67 1. 14 1. 54 0. 33 Gross Excess Return Past performance does not guarantee future results. Performance numbers for time periods greater than one year are annualized. The Composite represents the investment results of a group of fully discretionary portfolios managed according to the strategy. Returns include the reinvestment of income. Gross returns are presented after transaction costs, but before management fees, which in addition to other fees in the portfolio, would further reduce returns. For a description of advisory fees, please see Form ADV, Part II. Gross returns should be used as Supplemental Information only. Please see attached G Composite Performance. Index returns do not reflect fees, brokerage commissions, taxes or other expenses of investing. Investors cannot invest directly in an index. For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. 3

Voya High Yield: 2 Q 20 Performance Attribution Commentary § 12. 0 10. 0 – Gaming. Security selection in the sector was the largest contributor to performance for the quarter. 10. 14 8. 0 % Return Contributors to performance: – Financials. The portfolio benefitted from a substantial underweight to the Financials sector as the sector lagged the overall market. 8. 08 § Detractors from performance: – Energy. The portfolio maintained an underweight to Energyrelated sectors, detracting from performance as… 6. 0 4. 0 2. 0 Energy markets began to rebound as oil prices stabilized at $40. § Energy-related Fallen Angels, such as Occidental Petroleum Corp and Continental Resources Inc. , entered the index at relatively attractive pricing. However, downgrades and bankruptcies have continued to plague Energy-related sectors and we are cautious on the sector as most of the High Yield universe cannot survive at ~$40/barrel over the long-term. 0. 0 Index § Gross of Fees Source: Voya Investment Management. As of 06/30/20. Attribution based on internal systems and may differ from official books and records. Performance attribution relative to the index. Components may not add to Total due to rounding. This information is proprietary and cannot be reproduced or distributed. Certain information may be received from sources Voya Investment Management (“Voya IM”) considers reliable; Voya IM does not represent that such information is accurate or complete. Certain statements contained herein may constitute "projections, " "forecasts" and other "forward-looking statements" which do not reflect actual results and are based primarily upon applying retroactively a hypothetical set of assumptions to certain historical financial data. Actual results, performance or events may differ materially from those in such statements. Any opinions, projections, forecasts and forward looking statements presented herein are valid only as of the date of this document and are subject to change. Nothing contained herein should be construed as (i) an offer to buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. Voya IM assumes no obligation to update any forward-looking information. Past performance is no guarantee of future results. For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. 4

Voya High Yield: Portfolio Positioning Key Over- / Underweights Top Over- / Underweight Industries (% MV) Media and Entertainment 1. 58 1. 19 Chemicals Cable and Satellite 1. 14 Building Materials 1. 07 Supermarkets 0. 93 Healthcare 0. 75 Retailers 0. 68 Pharmaceuticals 0. 65 Paper 0. 60 Leisure 0. 58 -0. 70 Metals and Mining -0. 72 Midstream -0. 73 Consumer Cyclical Services -0. 76 Aerospace and Defense 0. 0 -1. 06 0. 0 -4. 49 -4. 0 -2. 0 0. 42% 0. 41% 0. 40% 0. 0 UAL -6. 0 0. 47% 0. 45% 2. 0 Source: Voya Investment Management, Bloomberg Barclays. Data based on internal systems and may differ from official books and records. . As of 6/30/20. Benchmark: Bloomberg Barclays U. S. High Yield 2% Issuer Cap Index. For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. 5 SPB Independent Energy 0. 51% 0. 48% 0. 0 DISH -0. 64 0. 62% 0. 0 DAN Automotive 0. 0 PETM -0. 53 PBFX Other Industry EVA -0. 51 GWCN Refining Portfolio 1. 79 1. 77 1. 76 1. 61 1. 53 1. 46 1. 37 1. 36 1. 16 1. 06 Top 10 Issuers (Active %MV) SFRFP -0. 49 EM Lodging Financials Top 10 Issuers (Absolute %MV) CHARTER COMMUNICATIONS INC OCCIDENTAL PETROLEUM CORPORATION SPRINT CAPITAL CORPORATION FORD MOTOR CREDIT COMPANY BAUSCH HEALTH COMPANIES INC KRAFT HEINZ CO CSC HOLDINGS LLC ALTICE FRANCE SA (FRANCE) HCA HEALTHCARE INC DISH NETWORK CORP

High Yield Market Outlook Credit fundamentals remain cloudy Earnings and operations will continue to be challenged in the near-term § The market has done a reasonable job of sorting out impacts, but there are still a large amount of unknowns remaining, given the uncertainty around COVID-19. § Though there are some early signs of improvement off of the bottom, the current focus is still on liquidity – Issuers who can survive the next few months along with the shape of the recovery. Valuations are reasonable § § Spreads at levels likely to produce attractive long-term returns, but likely to see more volatility until we have more clarity on the pace of recovery 8. 0 HY Leverage Ratio Adjusted Leverage 7. 0 Net Debt / EBITDA § 6. 0 5. 0 4. 0 3. 0 2. 0 1. 0 0. 0 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 20% 18% OAS Default Rate 16% 14% 12% Defaults are mostly priced in. Idiosyncratic risk is high and security selection is key. 10% 8% 6% Macro risks to produce volatility § § 4% Challenging global economy – Covid-19 impact, Oil price pressure, European politics, U. S. politics, etc. 2% 0% 1999 2001 2003 2005 2007 However, the Fed shows efforts to do “whatever it takes” to support the economy and ensure the stability of capital markets Sources: OAS/Default Rate: Moody’s, Bloomberg Barclays, as of 6/30/20. Leverage: Bank of America Merrill Lynch, as of 3/31/20. For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. 6 2009 2011 2013 2015 2017 2019

Appendix For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. 7

Voya High Yield Bond Fund Class A: Performance Data as of 6/30/20 Summary Total return approach, investing in below investment grade corporate securities Returns (%) 15 10 8. 08 7. 80 10. 14 5 0. 00 3. 44 2. 34 3. 32 4. 92 3. 79 4. 79 5. 31 4. 18 4. 99 3 Years 5 Years 7. 35 6. 19 6. 67 0 -5 -0. 07 -1. 12 -4. 16 -4. 67 -3. 83 -10 Quarter YTD Gross 1 Year Net 10 Years Bloomberg Barclays U. S. High Yield 2% Issuer Cap Index Voya High Yield Bond Fund Class A (%) 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 Class A (Net Asset Value) 14. 49 -3. 41 5. 82 13. 00 -1. 72 1. 44 7. 89 15. 72 5. 27 13. 95 Fund (Gross) 15. 71 -2. 41 7. 04 14. 27 -0. 66 2. 52 9. 11 16. 91 6. 50 15. 27 Bloomberg Barclays U. S. High Yield 2% Issuer Cap Index 14. 32 -2. 08 7. 50 17. 13 -4. 43 2. 46 7. 44 15. 78 4. 96 14. 94 Expense Ratio (%) Gross 1. 10 Net 1. 10 Current Maximum Sales Charge: 2. 50%. The Adviser has contractually agreed to limit expenses of the Fund. This expense limitation agreement excludes interest, taxes, investment-related costs, l extraordinary expenses and may be subject to possible recoupment. Please see the Fund's prospectus for more information. The expense limits will continue through at least 2020 -08 -01. The Fund contractual expense limits. Past performance does not guarantee future results. See disclosure page for more important information. Performance numbers for time periods greater than one year are annualized. Current performance may be lower or higher than the performance information shown. The investment return and principal value of an investment in the portfolio will fluctuate, so that your shares, when red less than their original cost. You may obtain performance information current to the most recent month-end by visiting www. voyainvestments. com. Returns for the other share classes will vary due t expenses. Performance assumes reinvestment of distributions and does not account for taxes. SEC fund returns assume the reinvestment of dividends and capital gain distributions and include a s fund returns assume the reinvestment of dividends and capital gain distributions. Results would have been less favorable if the sales charge were included. Index returns do not reflect fees, brokera expenses of investing. Investors cannot invest directly in an index. For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. 8

A D M A S T E R S T A M P ! 2 0 0 5 2 0 1 1 9 2 5 8 5 3 5 9 5 5 4 7 Explanatory Notes The information contained in this document has been prepared solely for informational purposes and is not an offer or invitation to buy or sell any security or to participate in any trading activity. This document is intended only for professional investors and describes a strategy only. Some material shown is compiled from third party sources thought to be reliable, but accuracy and completeness cannot be guaranteed. Any opinions expressed herein reflect our judgment at this date and are subject to change without notice. Neither Voya Investment Management nor any other company or unit belonging to Voya Financial, nor any of its officers, directors, or employees accept any liability or responsibility in respect to the information or any recommendations expressed herein. No liability is accepted for any losses sustained by readers as a result of using this publication or basing decisions on it. The value of your investments may rise or fall. Past performance is not indicative of future results. Investments involve risk. The primary risks of investing in market based securities include, but are not limited to, credit risk (the risk that a borrower may default in the payment of interest and/or principal on its loans), interest rate risk (the risk that the yield on an investment will rise and fall in response to changes in market rates of interest), and market risk (the risk that the value of an investment will rise or fall in response to general economic conditions and events). The account information presented in this report is based on the records and information provided by Voya Investment Management. The results may be preliminary and unreconciled and are subject to change. Voya Investment Management does not guarantee the accuracy of the information contained in this portfolio accounting report. The report is for informational purposes only and should not be relied upon or construed to be final. Clients are advised to refer to their custodial statements and confirmations for trade and holdings information. Footnotes Portfolio Characteristics The portfolio specific characteristics (such as Average Duration, Average Yield, etc. ) are based on the total portfolio market value including cash and derivatives, as provided by our valuation provider (BNY Mellon) and security characteristics provided by Black. Rock Solutions which utilizes a different pricing hierarchy (Barclays). BNY Mellon prices combined with Barclays analytics will result in different portfolio averages than are reported. Portfolio and Benchmark averages (Duration, Yield to Maturity, Convexity and Average Life) are reported directly from Black. Rock Solutions using Blackrock models and assumptions. As such, the Benchmark Analytics provided above may be different from Barclays. Top ten credit exposures include cash. Ratings The portfolio’s average quality rating is calculated as a market value-weighted average of the rating assigned to all positions, including derivative securities, but excluding non-rated securities held within the portfolio measured and reported as of the date of this report. The "Effective Rating" is determined as follows: Voya IM seeks individual security ratings from three credit rating agencies that are registered with the SEC as nationally recognized statistical rating organizations -- typically Moody's, S&P and Fitch. If ratings are available from all three agencies, the security will be assigned the median rating. If ratings are available from only two of the agencies, the lower of the ratings will be used. If a rating is available from only one agency, then that rating will be used. If ratings are not available from any of the three agencies, then we may either assign the security an internal rating or mark it as "N/R" (not rated). AAA is the highest (best) Effective Rating, and D is the lowest (worst) Effective Rating. When an Effective Rating is reported for a group of securities (such as for an asset class or the overall portfolio), it is calculated as a market value-weighted average of the Effective Rating assigned to each component security (excluding securities without an Effective Rating). Please note that Voya does not endorse or affirm the Effective Ratings or any agency ratings. For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. 9

A D M A S T E R S T A M P ! 2 0 0 5 2 0 1 1 9 2 5 8 5 3 5 9 5 5 4 7 Explanatory Notes Furthermore, credit rating agencies disclaim all warranties and liability for their ratings, which (a) should be viewed as their opinions and not as statements of fact or recommendations as to suitability or to purchase, hold, or sell a security and (b) are not guaranteed as being accurate, timely or available. For derivative securities, swap contracts are rated on the basis of the underlying security, however, futures contracts are treated as a combination of Treasury securities and cash positions, they have no net impact to the average quality rating in the portfolio. Measures pertaining to average credit quality may change over time and illustrations presented in the client report are for informational purposes only. Individual client investment guidelines may have different rules and the foregoing presentation is not meant to represent a compliance certification of the portfolio’s overall credit quality. This report may contain information obtained from third parties, including ratings from credit ratings agencies. Reproduction and distribution of third party content in any form is prohibited except with the prior written permission of the related third party. Third party content providers do not guarantee the accuracy, completeness, timeliness or availability of any information, including ratings, and are not responsible for any errors or omissions (negligent or otherwise), regardless of the cause, or for the result obtained from the use of such content. THIRD PARTY CONTENT PROVIDERS GIVE NO EXPRESS OR IMPLIED WARRANTIES, INCLUDING, BUT NOT LIMITED TO, ANY WARRANTIES OF MERCHANTABILITY OR FITNESS FOR A PARTICULAR PURPOSE OR USE. THIRD PARTY CONTENT PROVIDERS SHALL NOT BE LIABLE FOR ANY DIRECT, INCIDENTAL, EXEMPLARY, COMPENSATORY, PUNITIVE, SPECIAL OR CONSEQUENTIAL DAMAGES, COSTS, EXPENSES, LEGAL FREES, OR LOSSES (INCLUDING LOST INCOME OR PROFITS AND OPPORTUNITY COSTS OR LOSSES CAUSED BY NEGLIGENCE) IN CONNECTION WITH ANY USE OF THEIR CONTENT, INCLUDING RATINGS. Credit agency ratings are statement of opinions and are not statements of fact or recommendations to purchase, hold or sell securities. They do not address the suitability of securities or the suitability of securities for investment purposes, and should not be relied on as investment advice. Bond Sector Comparisons Sector weights are based on total portfolio market value, which includes security market values (including accrued income), plus cash, cash equivalents and derivatives (variation margin for Futures, and Market Value of Swaps). With the exception of the Treasury, ABS, and CMBS Sectors, the following sector groupings apply: ■ Treasury and Cash includes Cash/Cash equivalents which includes trade receivables/payables (which may be net positive or negative), TBA liabilities, accrued income on securities that have been sold pending settlement (accrued income is otherwise reflected in the other sectors), and in Sector Weights, also includes variation margin for futures (which may be positive or negative). ■ Government Related sector is comprised of Agency, Local Government, Sovereign and Supranational securities. ■ Corporate sector is comprised of Financial Institutions, Industrial and Utility securities. ■ Agency Mortgages sector contains Fannie Mae (FNMA), Freddie Mac (FHLMC), and Government National Mortgage Association (GNMA). ■ Securitized sector is comprised of ABS, CMBS, and Agency and Non-Agency Mortgage Backed Securities. ■ Other sector is comprised of Convertibles, Common and Preferred Stocks and Municipal Bonds. ■ "Derivatives“ (if applicable) includes forwards, options and swaps (see Appendix – Portfolio Holdings Derivatives for details) and futures. For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. 10

Disclosure This information is proprietary and cannot be reproduced or distributed. Certain information may be received from sources Voya Investment Management (Voya IM) considers not represent that such information is accurate or complete. Certain statements contained herein may constitute "projections, " "forecasts" and other "forward-looking statemen actual results and are based primarily upon applying retroactively a hypothetical set of assumptions to certain historical financial data. Actual results, performance or events m those in such statements. Any opinions, projections, forecasts and forward-looking statements presented herein are valid only as of the date of this document and are subject contained herein should be construed as (i) an offer to buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. Voya to update any forward-looking information. Past performance does not guarantee future results. Principal Risks: The principal risks are generally those attributable to bond investing. Holdings are subject to market, issuer, credit, prepayment, extension and other risks, and their values may fluctuate. Market risk is the risk that securities may decline in value due to factors affecting the securities markets or particular industries. Issuer risk is the risk that the value o for reasons specific to the issuer, such as changes in its financial condition. Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L. P. and its affiliates (collectively "Bloomberg"). BARCLA service mark of Barclays Bank Plc (collectively with its affiliates, "Barclays"), used under license. Bloomberg or Bloomberg's licensors, including Barclays, own all proprietary Barclays Indices. Neither Bloomberg nor Barclays approves or endorses this material, or guarantees the accuracy or completeness of any information herein, or makes any w implied, as to the results to be obtained therefrom and, to the maximum extent allowed by law, neither shall have any liability or responsibility for injury or damages arising in c © 2019 Voya Investments Distributor, LLC, 230 Park Ave, New York, NY 10169 All rights reserved. For financial professional or qualified institutional investor use only. Not for inspection by, distribution or quotation to, the general public. 11