P E R F O R M A N C E U P D A T E Voya Express Mutual s Custodial Account Average Annual Total Returns as of: 03/31/2019 (shown in percentages) Mutual funds offered through a retirement plan or individual retirement accounts ("IRAs") are investments designed for retirement purposes. Early withdrawals will reduce your account value, and except for withdrawals from a Roth IRA, withdrawals taken prior to age 59 1/2 may incure a 10% Federal penalty tax. Distributions of earnings from a Roth IRA are not subjected to Federal income tax, provided that certain Internal Revenue Code requirements are met. Distributions that do not meet these requirements may be subject to Federal income tax, including an additional 10% Federal penalty tax. The performance data quoted represents past performance. Past performance does not guarantee future results. For monthend performance which may be lower or higher than the performance data shown please call 800-584-6001. Investment return and principal value of an investment will fluctuate so that, when sold, an investment may be worth more or less than the original cost. The returns assume reinvestment of all dividends (ordinary income and capital gains) and are net of management fees and other fund operating expenses. They do not reflect the $40 maintenance fee; if reflected, returns would be less favorable. You should consider the investment objectives, risks and charges, and expenses of the funds carefully before investing. The prospectus contains this and other information. Anyone who wishes to obtain a free copy of the fund prospectuses may call their Voya representative or the number above. Please read the prospectus carefully before investing. Returns less than one year are not annualized. Inception Date is the date of inception for the underlying fund, and is the date used in calculating the periodic returns. This date may also precede the portfolio's inclusion in the product. Investment Options 1-Mo 3-Mo YTD 1-Yr 3-Yr 5-Yr 10-Yr Incept Stability of Principal Inception Date Gross Net Money Market Voya Government Liquid Assets Portfolio - Service 2 Class (1)(2) The 7-day annualized yield as of 03/31/2019 is 1.79%, which more closely reflects current earnings. (86) Voya Government Money Market - Class A (1)(3)(4) The 7-day annualized yield as of 03/31/2019 is 2.10%, which more closely reflects current earnings. (86) Bonds 0.15 0.45 0.45 1.46 0.68 0.41 0.23 01/24/1989 0.69 0.69 0.18 0.52 0.52 1.76 0.79 0.48 0.25 04/15/1994 0.58 0.40 Bank Loan Voya Floating Rate - Class R (5) -0.39 3.33 3.33 1.65 3.56 2.48 3.53 08/17/2010 1.40 1.29 High Yield Bond BlackRock High Yield Bond Portfolio - Class R Shares 0.72 7.14 7.14 4.16 7.38 3.65 10.61 02/26/1999 1.24 1.24 Voya High Yield Portfolio - Adviser Class (6) 1.15 7.66 7.66 5.02 6.80 3.80 10.01 05/03/2004 1.10 1.08 Inflation-Protected Bond PIMCO Real Return - Class R 1.79 3.38 3.38 1.88 1.43 1.09 3.41 12/31/2002 1.53 1.53 VY BlackRock Inflation Protected Bond Portfolio - Adviser (7) 1.78 3.24 3.24 1.72 0.86 0.74 2.32 04/30/2007 1.17 1.13 Intermediate Government Voya GNMA Income - Class A (8) 1.31 1.99 1.99 3.86 1.45 2.18 2.97 08/17/1973 0.95 0.95 Intermediate-Term Bond PGIM Total Return Bond - Class R (9) 2.24 3.78 3.78 4.14 3.23 3.29 6.06 01/10/1995 1.31 1.01 Voya Intermediate Bond - Class A (4)(10) 1.79 3.36 3.36 4.29 2.74 3.07 5.77 12/15/1998 0.67 0.67 Voya Intermediate Bond - Class R (11) 1.87 3.40 3.40 4.03 2.52 2.82 5.52 12/15/1998 0.92 0.92 Voya Intermediate Bond Portfolio - Class A (4)(12) 1.71 3.27 3.27 3.74 2.63 2.86 5.40 12/20/2006 1.05 1.05 Voya U.S. Bond Index Portfolio - Class A 1.90 2.71 2.71 3.64 1.18 1.91 2.87 03/04/2008 0.91 0.90 Multisector Bond Page 1 of 12
Investment Options 1-Mo 3-Mo YTD 1-Yr 3-Yr 5-Yr 10-Yr Incept Inception Date Gross Fidelity Advisor Strategic Income - Class M 0.88 5.21 5.21 2.38 5.07 3.39 7.06 10/31/1994 0.99 0.99 Lord Abbett Bond Debenture - Class R3 1.50 6.77 6.77 3.39 7.16 4.40 9.15 04/01/1971 1.10 1.10 PIMCO Income - Class R 0.83 2.87 2.87 3.24 5.66 4.81 9.74 03/30/2007 1.39 1.39 Nontraditional Bond DWS Fixed Income Opportunities - Class A (13) 0.50 3.74 3.74 1.08 3.10 1.08 2.44 02/28/2003 1.07 1.05 Voya Strategic Income Opportunities - Class R 0.46 3.20 3.20 3.74 4.68 3.57 3.35 11/02/2012 1.26 1.26 Short-Term Bond Lord Abbett Short Duration Income - Class R3 0.78 1.86 1.86 3.16 2.52 1.84 3.84 11/04/1993 0.89 0.89 PGIM Short-Term Corporate Bond - Class R (14) 1.03 2.27 2.27 3.28 1.57 1.45 3.05 05/17/2004 1.34 1.09 PIMCO Low Duration - Class R 0.35 1.34 1.34 1.64 1.16 0.76 2.70 12/31/2001 1.05 1.05 Voya Limited Maturity Bond Portfolio - Adviser Class 0.71 1.31 1.31 2.49 1.05 0.84 1.53 01/24/1989 0.89 0.89 World Bond Voya Global Bond - Class R (15) 0.76 2.10 2.10-2.22 2.41 0.99 3.24 06/30/2006 1.27 1.15 Voya Global Bond Portfolio - Adviser Class (4) 0.87 2.44 2.44-1.78 2.76 1.31 5.38 11/08/2004 1.20 1.20 Asset Allocation Lifecycle Voya Solution 2020 Portfolio - Adviser Class (16)(17) 1.28 7.00 7.00 2.96 6.25 4.92 7.93 10/03/2011 1.41 1.22 Voya Solution 2025 Portfolio - Adviser Class (17)(18) 1.25 8.30 8.30 2.62 7.19 5.06 10.04 04/29/2005 1.35 1.28 Voya Solution 2030 Portfolio - Adviser Class (17)(19) 1.21 9.57 9.57 2.28 8.06 5.83 9.69 10/03/2011 1.47 1.29 Voya Solution 2035 Portfolio - Adviser Class (17)(20) 1.04 10.28 10.28 1.69 8.59 5.70 11.07 04/29/2005 1.40 1.33 Voya Solution 2045 Portfolio - Adviser Class (17)(21) 0.96 11.32 11.32 0.58 8.80 5.79 11.64 04/29/2005 1.43 1.36 Voya Solution 2055 Portfolio - Adviser Class (17)(22) 0.95 11.42 11.42 0.44 8.91 5.88 8.19 03/08/2010 1.44 1.36 Voya Solution Income Portfolio - Adviser Class (17)(23) 1.40 5.77 5.77 3.18 4.69 3.76 6.78 04/29/2005 1.31 1.18 Lifecycle - Index Voya Index Solution 2020 Portfolio - Adviser Class (24)(25) Voya Index Solution 2025 Portfolio - Adviser Class (25)(26) Voya Index Solution 2030 Portfolio - Adviser Class (25)(27) Voya Index Solution 2035 Portfolio - Adviser Class (25)(28) Voya Index Solution 2040 Portfolio - Adviser Class (25)(29) Voya Index Solution 2045 Portfolio - Adviser Class (25)(30) Voya Index Solution 2050 Portfolio - Adviser Class (25)(31) Voya Index Solution 2055 Portfolio - Adviser Class (25)(32) Net 1.48 6.71 6.71 3.16 6.05 4.57 7.55 10/03/2011 0.96 0.89 1.41 8.01 8.01 3.24 7.25 4.88 9.49 03/04/2008 0.95 0.89 1.41 9.20 9.20 3.07 8.08 5.53 9.52 10/03/2011 0.95 0.89 1.45 10.06 10.06 2.98 8.85 5.76 10.92 03/04/2008 0.95 0.89 1.35 10.64 10.64 2.76 9.15 5.97 10.74 10/03/2011 0.95 0.89 1.32 11.27 11.27 2.55 9.37 6.05 11.75 03/04/2008 0.92 0.89 1.39 11.40 11.40 2.47 9.43 6.09 10.90 10/03/2011 0.95 0.89 1.36 11.33 11.33 2.39 9.45 6.12 8.46 03/08/2010 0.93 0.89 Voya Index Solution 2060 Portfolio - Adviser Class (33) 1.40 11.43 11.43 2.52 9.56 6.33 02/09/2015 1.08 0.89 Voya Index Solution Income Portfolio - Adviser Class 1.50 5.38 5.38 2.99 4.34 3.46 5.94 03/04/2008 0.95 0.89 (25)(34) Lifestyle Voya Retirement Conservative Portfolio - Adviser Class (35)(36) Voya Retirement Growth Portfolio - Adviser Class (37)(38) Voya Retirement Moderate Growth Portfolio - Adviser Class (39) Voya Retirement Moderate Portfolio - Adviser Class (40)(41) Balanced 1.80 5.72 5.72 4.06 4.20 3.70 6.68 10/31/2007 1.15 0.90 1.25 9.97 9.97 2.70 7.99 5.35 10.51 04/28/2006 1.14 1.06 1.44 9.12 9.12 3.21 7.22 5.11 9.74 04/28/2006 1.14 1.03 1.53 7.61 7.61 3.20 5.84 4.29 8.21 04/28/2006 1.15 0.99 Allocation--50% to 70% Equity Ivy Balanced - Class R 0.91 9.29 9.29 5.91 6.69 4.57 9.61 11/15/1987 1.46 1.46 VY Franklin Income Portfolio - Adviser Class 1.19 9.65 9.65 6.31 8.81 4.24 9.92 12/29/2006 1.39 1.26 Page 2 of 12
Investment Options 1-Mo 3-Mo YTD 1-Yr 3-Yr 5-Yr 10-Yr Incept VY T. Rowe Price Capital Appreciation Portfolio - Adviser Inception Date Gross Net 1.97 11.78 11.78 11.61 10.69 9.53 13.74 01/24/1989 1.24 1.24 Tactical Allocation PIMCO All Asset - Class R (42) 0.63 5.25 5.25-0.82 6.38 2.33 6.54 07/31/2002 1.81 1.71 World Allocation BlackRock Global Allocation Inc. - Class R Shares (43) 1.03 7.36 7.36-0.61 5.13 2.85 6.88 01/03/2003 1.48 1.40 Voya Global Div Pymt - Class A (44) 1.03 6.82 6.82 0.56 4.94 3.41 8.45 07/01/2008 1.24 1.30 Voya Global Multi-Asset - Class A (4)(45)(85) 1.07 8.34 8.34-0.66 6.96 4.07 8.57 01/04/1995 1.52 1.15 Voya Global Perspectives - Class R (46) 0.93 9.05 9.05 0.91 5.90 3.73 4.46 03/28/2013 1.76 1.48 Large Cap Value Large Blend Fidelity Advisor Diversified Stock - Class M 1.53 13.10 13.10 4.23 13.56 8.24 16.14 04/30/1999 1.19 1.19 Oppenheimer Main Street - Class R 1.79 14.51 14.51 8.70 10.48 8.84 14.40 02/03/1988 1.18 1.18 Voya Corporate Leaders 100 - Class R 1.17 12.37 12.37 7.04 11.12 8.44 15.12 06/30/2008 1.15 1.15 Voya Growth and Income Portfolio - Class A (47) 2.06 11.43 11.43 8.00 11.89 8.13 13.64 12/31/1979 1.13 1.03 Voya Russell Large Cap Index Portfolio - Class A (48) 2.04 12.84 12.84 9.54 13.26 10.49 14.79 03/04/2008 0.88 0.86 Voya U.S. Stock Index Portfolio - Service 2 Class 1.91 13.44 13.44 8.72 12.75 10.17 15.16 05/03/2004 0.67 0.67 VY Columbia Contrarian Core Portfolio - Adviser Class (49) 2.13 14.04 14.04 6.29 10.60 9.21 14.14 12/10/2001 1.44 1.22 Large Value BlackRock Equity Dividend - Class R Shares (50) 0.49 10.10 10.10 4.52 10.75 7.81 12.68 01/03/2003 1.29 1.29 Voya Large Cap Value - Class A (4)(51) 1.35 10.81 10.81 4.41 9.78 5.94 13.33 12/18/2007 1.17 1.10 Voya Large Cap Value Portfolio - Adviser Class (52) 1.31 10.78 10.78 4.18 9.53 5.73 12.45 05/11/2007 1.35 1.24 VY Invesco Comstock Portfolio - Adviser Class (53) -0.26 11.79 11.79 0.34 11.15 6.21 13.72 05/01/2002 1.26 1.24 VY T. Rowe Price Equity Income Portfolio - Adviser Class (4)(54) 0.42 10.89 10.89 2.65 10.17 6.09 13.16 01/24/1989 1.24 1.23 VY T. Rowe Price Equity Income Portfolio - Service 2 Class (55) 0.42 10.91 10.91 2.85 10.39 6.31 13.38 01/24/1989 1.04 1.03 Large Cap Growth Large Growth Fidelity Advisor New Insights - Class M 2.14 15.16 15.16 7.47 14.50 10.05 14.75 07/31/2003 1.18 1.18 Voya Large Cap Growth Portfolio - Adviser Class 2.23 14.72 14.72 10.98 14.92 12.41 16.35 12/29/2006 1.27 1.27 Voya Large Cap Growth Portfolio - Service 2 Class (4) 2.23 14.78 14.78 11.22 15.16 12.62 16.57 05/01/2004 1.07 1.07 Voya Large Cap Growth Portfolio - Service Class (4)(56) 2.26 14.90 14.90 11.43 15.35 12.80 16.74 05/03/2004 0.92 0.92 Voya Large-Cap Growth - Class A (4) 2.22 14.87 14.87 11.47 15.18 12.59 16.84 07/21/1997 1.04 1.04 VY T. Rowe Price Growth Equity Portfolio - Adviser Class (57) 1.94 15.77 15.77 9.94 17.40 13.09 17.15 11/28/1997 1.24 1.23 Small/Mid/Specialty Mid-Cap Blend Voya Mid Cap Research Enhanced Index - Class R (58) -1.14 14.99 14.99-0.48 8.35 4.78 13.05 02/03/1998 1.37 1.20 Voya Russell Mid Cap Index Portfolio - Class A (59) 0.76 16.23 16.23 5.57 10.84 7.84 15.89 03/04/2008 0.94 0.90 VY JPMorgan Mid Cap Value Portfolio - Adviser Class (60) 0.67 14.55 14.55 2.29 7.82 6.99 15.14 05/01/2002 1.37 1.37 Mid-Cap Growth Ivy Mid Cap Growth - Class R 1.41 21.10 21.10 15.29 17.62 9.95 16.66 12/29/2005 1.63 1.63 Voya MidCap Opportunities - Class A (4)(61) 0.68 14.92 14.92 3.77 11.74 8.87 15.75 08/20/1998 1.26 1.26 Voya MidCap Opportunities Portfolio - Class A (62) 0.71 14.91 14.91 3.73 11.74 8.87 15.70 12/29/2006 1.29 1.16 Voya MidCap Opportunities Portfolio - Class S2 (63) 0.70 14.98 14.98 3.90 11.85 8.98 15.81 05/05/2000 1.19 1.06 Voya Russell Mid Cap Growth Index Portfolio - Class S2 (4)(64) 1.26 19.39 19.39 10.63 14.15 10.01 15.31 05/01/2009 0.95 0.80 VY Baron Growth Portfolio - Adviser Class (65) 2.60 20.38 20.38 14.63 16.36 9.38 16.94 05/01/2002 1.49 1.49 VY T. Rowe Price Diversified Mid Cap Growth Port - Adviser (66) 1.41 19.05 19.05 11.80 15.11 10.97 17.15 12/10/2001 1.27 1.27 Page 3 of 12
Investment Options 1-Mo 3-Mo YTD 1-Yr 3-Yr 5-Yr 10-Yr Incept Inception Date Gross Mid-Cap Value DWS Mid Cap Value - Class R (67) -0.55 11.58 11.58-4.29 4.01 4.45 13.29 08/01/2005 1.59 1.49 Fidelity Advisor Mid Cap Value - Class M (4) -1.26 12.82 12.82-5.14 5.54 4.75 14.90 02/13/2007 1.25 1.25 VY American Century Small-Mid Cap Value Portfolio- Adviser (68) -0.72 13.90 13.90-0.64 8.87 7.35 15.04 05/01/2002 1.66 1.37 Small Blend Fidelity Advisor Small Cap - Class M 0.35 16.99 16.99-2.61 6.80 4.77 11.13 11/03/2004 1.20 1.20 Voya Russell Small Cap Index Portfolio - Class A (69) -2.18 14.45 14.45 1.28 12.03 6.33 14.60 03/04/2008 0.96 0.95 Voya Small Company - Class A (4)(70) -2.30 14.32 14.32-2.82 9.04 6.05 14.09 01/04/1994 1.39 1.36 Voya Small Company Portfolio - Class A (4)(71) -2.13 14.33 14.33-2.54 9.16 6.30 14.30 12/27/1996 1.39 1.39 VY JPMorgan Small Cap Core Equity Portfolio- Adviser Class -1.91 14.00 14.00 1.35 12.39 7.69 15.70 05/01/2002 1.45 1.45 Small Growth Voya SmallCap Opportunities - Class A (4)(72) -1.23 17.36 17.36-1.39 10.28 6.00 15.59 06/05/1995 1.36 1.36 Voya SmallCap Opportunities Portfolio - Class A (73) -1.20 17.30 17.30-1.24 10.44 6.19 15.58 05/06/1994 1.38 1.38 Small Value VY Columbia Small Cap Value II Portfolio - Adviser Class (74) Specialty - Global Real Estate VY Clarion Global Real Estate Portfolio - Adviser Class (75) Net -2.97 13.31 13.31-4.45 8.05 4.60 13.92 12/29/2006 1.40 1.37 3.95 15.10 15.10 9.77 3.49 4.53 11.92 04/28/2006 1.57 1.49 Specialty - Health DWS Health and Wellness - Class A (76) 0.62 9.09 9.09 13.33 10.43 8.86 15.42 12/29/2000 1.35 1.35 Specialty - Infrastructure DWS RREEF Global Infrastructure - Class A 3.38 14.93 14.93 8.34 5.12 3.57 12.20 06/24/2008 1.40 1.40 Specialty - Real Estate Voya Real Estate - Class A (4)(77) 3.69 16.90 16.90 16.45 3.55 7.22 17.18 12/31/1996 1.31 1.20 VY Clarion Real Estate Portfolio - Adviser Class (78) 3.71 16.87 16.87 16.67 3.71 7.17 17.34 01/24/1989 1.45 1.31 Specialty - Utilities PGIM Jennison Utility - Class R (79) 3.89 12.23 12.23 17.99 10.23 7.60 14.22 08/21/2006 1.36 1.11 Global / International Diversified Emerging Mkts Oppenheimer Developing Markets - Class R 1.43 12.26 12.26-4.36 11.05 3.18 10.85 11/18/1996 1.55 1.55 VY JPMorgan Emerging Markets Equity Portfolio - Adviser 3.41 16.10 16.10-3.91 13.39 4.94 9.37 02/18/1998 1.86 1.86 Foreign Large Growth Fidelity Advisor Diversified International Fnd - Class M (4) 1.64 11.11 11.11-4.44 5.60 2.81 9.27 12/17/1998 1.46 1.46 Oppenheimer International Growth - Class R 0.98 11.28 11.28-10.72 2.88 0.74 9.57 07/15/1994 1.35 1.35 VY T. Rowe Price International Stock Portfolio - Adviser (80) 1.45 12.77 12.77-3.60 7.91 3.85 9.26 05/02/2005 1.40 1.40 Foreign Large Value VY Templeton Foreign Equity Portfolio - Adviser Class (81) -0.85 7.08 7.08-7.49 4.96-0.30 7.56 12/20/2006 1.46 1.40 World Large Stock Voya Global Equity Portfolio - Class A 0.47 10.80 10.80 2.21 9.72 5.48 10.59 01/28/2008 1.11 1.11 Voya Global Equity Portfolio - Class T (82) 0.47 10.84 10.84 2.09 9.63 5.34 10.38 01/28/2008 1.36 1.21 VY Morgan Stanley Global Franchise Portfolio - Adviser (83) 4.95 14.99 14.99 13.95 12.74 10.19 14.92 12/29/2006 1.57 1.55 VY Oppenheimer Global Portfolio - Adviser Class (84) 1.79 16.71 16.71 0.91 13.49 7.43 13.53 05/01/2002 1.25 1.25 The risks of investing in small company stocks may include relatively low trading volumes, a greater degree of change in earnings and greater short-term volatility. Page 4 of 12
Foreign investing involves special risks such as currency fluctuation and public disclosure, as well as economic and political risks. Some of the s invest in securities guaranteed by the U.S. Government as to the timely payment of principal and interest; however, shares of the s are not insured nor guaranteed. High yielding fixed-income securities generally are subject to greater market fluctuations and risks of loss of income and principal than are investments in lower yielding fixed-income securities. Sector funds may involve greater-than average risk and are often more volatile than funds holding a diversified portfolio of stocks in many industries. Examples include: banking, biotechnology, chemicals, energy, environmental services, natural resources, precious metals, technology, telecommunications, and utilities. *The Gross Expense Ratios shown do not reflect any temporary fee or expense waivers that may be in effect for a fund. The performance of a fund with a temporary fee or expense waiver would have been lower if the gross fund fees / expenses listed had been reflected. (1)YOU COULD LOSE MONEY BY INVESTING IN THE FUND. ALTHOUGH THE FUND SEEKS TO PRESERVE THE VALUE OF YOUR INVESTMENT AT $1.00 PER SHARE, IT CANNOT GUARANTEE IT WILL DO SO. AN INVESTMENT IN THE FUND IS NOT INSURED OR GUARANTEED BY THE FEDERAL DEPOSIT INSURANCE CORPORATION OR ANY OTHER GOVERNMENT AGENCY. THE FUND'S SPONSOR HAS NO LEGAL OBLIGATION TO PROVIDE FINANCIAL SUPPORT TO THE FUND, AND YOU SHOULD NOT EXPECT THAT THE SPONSOR WILL PROVIDE FINANCIAL SUPPORT TO THE FUND AT ANY TIME. (2)Voya Government Liquid Assets Portfolio - Service 2 Class: The adviser and distributor are contractually obligated to waive a portion of their management fees and distribution and/or shareholder services fees, as applicable, and to reimburse certain expenses of the Portfolio to the extent necessary to assist the Portfolio in maintaining a net yield of not less than zero through May 1, 2019. Including this waiver, Total Annual Portfolio Operating Expenses after Waivers and Reimbursements would have been 0.67% for the most recent fiscal year. Any fees waived or expenses reimbursed may be subject to possible recoupment by the adviser or distributor within 36 months of the waiver or reimbursement. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expenses) of the Portfolio on that day. Termination or modification of these obligations requires approval by the Portfolio's board. (3)Voya Government Money Market - Class A: The adviser is contractually obligated to limit expenses to 0.40% for Class A shares through August 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The adviser and distributor are contractually obligated to waive a portion of their management fees and distribution and/or shareholder services fees, as applicable, and to reimburse certain expenses of the to the extent necessary to assist the in maintaining a yield of not less than zero through August 1, 2019. There is no guarantee that the will maintain such a yield. Any management fees waived or expenses reimbursed may be subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expenses) of the on that day. (4) closed to new investments. (5)Voya Floating Rate - Class R: The adviser is contractually obligated to limit expenses to 1.25% for Class R shares through August 1, 2019. The limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. These limitations are subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. (6)Voya High Yield Portfolio - Adviser Class: The adviser is contractually obligated to waive a portion of the management fee through May 1, 2019. The management fee waiver for the Portfolio is an estimated 0.02%. Termination or modification of this obligation requires approval by the Portfolio's board. (7)VY BlackRock Inflation Protected Bond Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.23% expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The adviser is contractually obligated to waive 0.04% of the management fee through May 1, 2019. Termination or modification of these obligations requires approval by the Portfolio's board. (8)Voya GNMA Income - Class A: The adviser is contractually obligated to limit expenses to 0.95% through August 1, 2018. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the 's board. (9)Prudential Total Return Bond - Class R: The manager has contractually agreed, through February 28, 2018, to reimburse and/or waive fees so that the 's net annual operating expenses do not exceed 0.51% of the 's average daily net assets (exclusive of 12b-1 fees, extraordinary expenses and certain other expenses, such as taxes (such as income and foreign withholding taxes, stamp duty and deferred tax expenses), interest, and brokerage commissions). Expenses waived/reimbursed by the manager may be recouped by the manager within the same fiscal year during which such waiver/reimbursement is made if such recoupment can be realized without exceeding the expense limit in effect at the time of the recoupment for that fiscal year. Separately, the distributor has contractually agreed to limit its distribution and service (12b-1) fees through February 28, 2018 to.50% of the average daily net assets. These waivers may not be terminated prior to February 28, 2018 without the prior approval of the 's Board of Directors. Page 5 of 12
(10)Voya Intermediate Bond - Class A: The adviser is contractually obligated to limit expenses to 0.75% through August 1, 2018. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the 's board. (11)Voya Intermediate Bond - Class R: The adviser is contractually obligated to limit expenses to 1.00% through August 1, 2018. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the 's board. (12)Voya Intermediate Bond Portfolio - Class A: The adviser is contractually obligated to limit expenses to 1.03% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification (13)Deutsche Fixed Income Opportunities - Class A: The Advisor has contractually agreed through January 31, 2019 to waive its fees and/or reimburse fund expenses to the extent necessary to maintain the fund's total annual operating expenses (excluding certain expenses such as extraordinary expenses, taxes, brokerage, interest expenses and acquired funds fees and expenses) at ratios no higher than 1.00%. The agreement may only be terminated with the consent of the fund's Board. (14)Prudential Short-Term Corporate Bond, Inc. - Class R: The distributor of the has contractually agreed until April 30, 2018 to reduce its distribution and service (12b-1) fees to.50% of the average daily net assets. This waiver may not be terminated prior to April 30, 2018 without the prior approval of the 's Board of Directors. (15)Voya Global Bond - Class R: The adviser is contractually obligated to limit expenses to 1.15% through March 1, 2018. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of these obligations requires approval by the 's board. (16)Voya Solution 2020 Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.22% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses and extraordinary expenses. This (17)There is no guarantee that any investment option will achieve its stated objective. Principal value fluctuates and there is no guarantee of value at any time, including the target date. The "target date" is the approximate date when you plan to start withdrawing your money. When your target date is reached, you may have more or less than the original amount invested. For each target date Portfolio, until the day prior to its Target Date, the Portfolio will seek to provide total returns consistent with an asset allocation targeted for an investor who is retiring in approximately each Portfolio's designation Target Year. Prior to choosing a Target Date Portfolio, investors are strongly encouraged to review and understand the Portfolio's objectives and its composition of stocks and bonds, and how the asset allocation will change over time as the target date nears. No two investors are alike and one should not assume that just because they intend to retire in the year corresponding to the Target Date that that specific Portfolio is appropriate and suitable to their risk tolerance. It is recommended that an investor consider carefully the possibility of capital loss in each of the target date Portfolios, the likelihood and magnitude of which will be dependent upon the Portfolio's asset allocation. On the Target Date, the portfolio will seek to provide a combination of total return and stability of principal. Stocks are more volatile than bonds, and portfolios with a higher concentration of stocks are more likely to experience greater fluctuations in value than portfolios with a higher concentration in bonds. Foreign stocks and small and midcap stocks may be more volatile than large cap stocks. Investing in bonds also entails credit risk and interest rate risk. Generally investors with longer timeframes can consider assuming more risk in their investment portfolio. The Voya Solution PortfoliosSM are actively managed and the asset allocation adjusted over time. The portfolios may merge with or change to other portfolios over time. Refer to the prospectus for more information about the specific risks of investing in the various asset classes included in the Voya Solution Portfolios. (18)Voya Solution 2025 Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.28% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses and extraordinary expenses. This (19)Voya Solution 2030 Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.29% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses and extraordinary expenses. This (20)Voya Solution 2035 Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.33% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses and extraordinary expenses. This Page 6 of 12
(21)Voya Solution 2045 Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.36% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses and extraordinary expenses. This (22)Voya Solution 2055 Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.36% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses and extraordinary expenses. This (23)Voya Solution Income Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.18% through May 1, This (24)Voya Index Solution 2020 Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 0.89% through May 1, Termination or modification (25)There is no guarantee that any investment option will achieve its stated objective. Principal value fluctuates and there is no guarantee of value at any time, including the target date. The "target date" is the approximate date when you plan to start withdrawing your money. When your target date is reached, you may have more or less than the original amount invested. For each target date Portfolio, until the day prior to its Target Date, the Portfolio will seek to provide total returns consistent with an asset allocation targeted for an investor who is retiring in approximately each Portfolio's designation Target Year. Prior to choosing a Target Date Portfolio, investors are strongly encouraged to review and understand the Portfolio's objectives and its composition of stocks and bonds, and how the asset allocation will change over time as the target date nears. No two investors are alike and one should not assume that just because they intend to retire in the year corresponding to the Target Date that specific Portfolio is appropriate and suitable to their risk tolerance. It is recommended that an investor consider carefully the possibility of capital loss in each of the target date Portfolios, the likelihood and magnitude of which will be dependent upon the Portfolio's asset allocation. On the Target Date, the portfolio will seek to provide a combination of total return and stability of principal. Stocks are more volatile than bonds, and portfolios with a higher concentration of stocks are more likely to experience greater fluctuations in value than portfolios with a higher concentration in bonds. Foreign stocks and small and midcap stocks may be more volatile than large cap stocks. Investing in bonds also entails credit risk and interest rate risk. Generally investors with longer timeframes can consider assuming more risk in their investment portfolio. The Voya Index Solution PortfoliosSM are actively managed and the asset allocation adjusted over time. The portfolios may merge with or change to other portfolios over time. Refer to the prospectus for more information about the specific risks of investing in the various asset classes included in the Voya Index Solution Portfolios. (26)Voya Index Solution 2025 Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 0.89% through May 1, Termination or modification (27)Voya Index Solution 2030 Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 0.89% through May 1, Termination or modification (28)Voya Index Solution 2035 Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 0.89% through May 1, Termination or modification (29)Voya Index Solution 2040 Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 0.89% through May 1, Termination or modification (30)Voya Index Solution 2045 Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 0.89% through May 1, Termination or modification (31)Voya Index Solution 2050 Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 0.89% through May 1, Termination or modification (32)Voya Index Solution 2055 Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 0.89% through May 1, Termination or modification Page 7 of 12
(33)Voya Index Solution 2060 Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 0.89% through May 1, Termination or modification (34)Voya Index Solution Income Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 0.89% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. Termination or modification (35)The Voya Retirement Conservative Portfolio - Adviser Class commenced operations on October 23, 2009. The performance information above, prior to October 23, 2009, is based upon the Voya LifeStyle Conservative Portfolio - Adviser Class performance. (36)Voya Retirement Conservative Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 0.92% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The distributor is contractually obligated to waive 0.2480% of the distribution fee through May 1, 2019. Termination or modification of these obligations requires approval by the Portfolio's board. (37)The Voya Retirement Growth Portfolio - Adviser Class commenced operations on October 23, 2009. The performance information above, prior to October 23, 2009, is based upon the Voya LifeStyle Growth Portfolio - Adviser Class performance. (38)Voya Retirement Growth Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.07% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The distributor is contractually obligated to waive 0.0751% of the distribution fee through May 1, 2019. Termination or modification of these obligations requires approval by the Portfolio's board. (39)Voya Retirement Moderate Growth Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.04% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The distributor is contractually obligated to waive 0.1106% of the distribution fee through May 1, 2019. Termination or modification of these obligations requires approval by the Portfolio's board. (40)The Voya Retirement Moderate Portfolio - Adviser Class commenced operations on October 23, 2009. The performance information above, prior to October 23, 2009, is based upon the Voya LifeStyle Moderate Portfolio - Adviser Class performance. (41)Voya Retirement Moderate Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.00% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The distributor is contractually obligated to waive 0.1587% of the distribution fee through May 1, 2019. Termination or modification of these obligations requires approval by the Portfolio's board. VY Franklin Income Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.28% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The adviser is contractually obligated to waive a portion of the management fee through May 1, 2019. The management fee waiver for the Portfolio is an estimated 0.02%. Termination or modification of these obligations requires approval by the Portfolio's board. (42)PIMCO All Asset - Class R: PIMCO has contractually agreed, through July 31, 2019, to reduce its advisory fee to the extent that the Underlying PIMCO Expenses attributable to advisory and supervisory and administrative fees exceed 0.64% of the total assets invested in Underlying PIMCO s. PIMCO may recoup these waivers in future periods, not exceeding three years, provided total expenses, including such recoupment, do not exceed the annual expense limit. The fee reduction is implemented based on a calculation of Underlying PIMCO Expenses attributable to advisory and supervisory and administrative fees that is different from the calculation of Acquired Fees and Expenses listed in the table above. PIMCO has contractually agreed, through July 31, 2019, to reduce its supervisory and administrative fee for the 's I-3 shares by 0.05% of the average daily net assets attributable to I-3 shares of the. This Fee Waiver Agreement renews annually unless terminated by PIMCO upon at least 30 days' prior notice to the end of the contract term. (43)BlackRock Global Allocation, Inc. - Class R Shares: As described in the Management of the section of the 's prospectus beginning on page 47, BlackRock has contractually agreed to waive a portion of its management fee payable by the so that such fee is reduced for average daily net assets at various asset levels through February 28, 2019. The contractual agreement may be terminated upon 90 days' notice by a majority of the non-interested directors of the or by a vote of a majority of the outstanding voting securities of the. As described in the Management of the section of the 's prospectus beginning on page 47, BlackRock has contractually agreed to waive the management fee with respect to any portion of the 's assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through February 28, 2019. The contractual agreement may be terminated upon 90 days' notice by a majority of the non-interested directors of the or by a vote of a majority of the outstanding voting securities of the. Other Expenses include expenses of the BlackRock Cayman Global Allocation I, Ltd. (the Subsidiary) which were less than 0.01% for the 's last fiscal year. The Total Annual Operating Expenses do not correlate to the ratios of expenses to average net assets given in the 's most recent annual report which do not include Acquired Fees and Expenses. Page 8 of 12
(44)Voya Global Div Pymt - Class A: The adviser is contractually obligated to limit expenses to 1.30% through March 1, 2018. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the 's board. (45)Voya Global Multi-Asset - Class A: The adviser is contractually obligated to limit expenses to 1.15% for Class A shares through October 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the 's board. (46)Voya Global Perspectives - Class R: The adviser is contractually obligated to limit expenses to 1.48% through March 1, 2018. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. This of this obligation requires approval by the 's board. (47)Voya Growth and Income Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.30% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The distributor is contractually obligated to waive 0.05% of the distribution fee through May 1, 2018. The adviser is contractually obligated to waive 0.045% of the management fee through May 1, 2019. Termination or modification of these obligations requires approval by the Portfolio's board. (48)Voya Russell (TM) Large Cap Index Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 0.86% expenses, and Acquired Fees and Expenses. Termination or modification of this obligation requires approval by the Portfolio's board. (49)VY Columbia Contrarian Core Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.25% through May 1, 2019. The obligation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. The adviser is contractually obligated to waive a portion of the management fee through May 1, 2019. The management fee waiver for the Portfolio is an estimated 0.03%. Termination or modification of these obligations requires approval by the Portfolio's board. (50)BlackRock Equity Dividend - Class R Shares: As described in the "Management of the " section of the 's prospectus beginning on page 39, BlackRock has contractually agreed to waive the management fee with respect to any portion of the 's assets estimated to be attributable to investments in other equity and fixed-income mutual funds and exchange-traded funds managed by BlackRock or its affiliates that have a contractual management fee, through November 30, 2018. The contractual agreement may be terminated upon 90 days' notice by a majority of the non-interested trustees of the or by a vote of a majority of the outstanding voting securities of the. The Total Annual Operating Expenses do not correlate to the ratio of expenses to average net assets given in the 's most recent annual report which does not include Acquired Fees and Expenses. (51)Voya Large Cap Value - Class A: The adviser is contractually obligated to limit expenses to 1.25% for Class A shares through October 1, 2019. In addition, the adviser is contractually obligated to further limit expenses to 1.10% for Class A shares through October 1, 2019. The limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. These limitations are subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of these obligations requires approval by the 's board. (52)Voya Large Cap Value Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.29% through May 1, 2019. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. In addition, the adviser is contractually obligated to further limit expenses to 1.25% through May 1, 2019. These limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. The adviser is contractually obligated to waive a portion of the management fee through May 1, 2019. The management fee waiver for the Portfolio is an estimated 0.01%. Termination or modification of these obligations requires approval by the Portfolio's board. (53)VY Invesco Comstock Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.31% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. The adviser is contractually obligated to waive a portion of the management fee through May 1, 2019. The management fee waiver for the Portfolio is an estimated 0.02%. Termination or modification of these obligations requires approval by the Portfolio's board. (54)VY T. Rowe Price Equity Income Portfolio - Adviser Class: The adviser is contractually obligated to waive a portion of the management fee through May 1, 2019. The management fee waiver for the Portfolio is an estimated 0.01%. Termination or modification (55)VY T. Rowe Price Equity Income Portfolio - Service 2 Class: The adviser is contractually obligated to waive a portion of the management fee through May 1, 2019. The management fee waiver for the Portfolio is an estimated 0.01%. Termination or modification Voya Large Cap Growth Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.27% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. Termination or modification Page 9 of 12
Voya Large Cap Growth Portfolio - Service 2 Class: The adviser is contractually obligated to limit expenses to 1.07% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. Termination or modification (56)Voya Large Cap Growth Portfolio - Service Class: The adviser is contractually obligated to limit expenses to 0.92% respectively, expenses, and Acquired Fees and Expenses. Termination or modification of this obligation requires approval by the Portfolio's board. (57)VY T. Rowe Price Growth Equity Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.25% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The adviser is contractually obligated to waive a portion of the management fee through May 1, 2019. The management fee waiver for the Portfolio is an estimated 0.01%. Termination or modification of these obligations requires approval by the Portfolio's board. (58)Voya Mid Cap Research Enhanced Index - Class R: The adviser is contractually obligated to limit expenses to 1.25% through October 1, 2019. In addition, the adviser is contractually obligated to further limit expenses to 1.20% though October 1, 2019. The limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. These limitations are subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of these obligations requires approval by the 's board. (59)Voya Russell (TM) Mid Cap Index Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 0.90% expenses, and Acquired Fees and Expenses. Termination or modification of this obligation requires approval by the Portfolio's board. (60)VY JPMorgan Mid Cap Value Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.50% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The adviser is contractually obligated to waive a portion of the management fee through May 1, 2019. The management fee waiver for the Portfolio is an estimated 0.00%. Termination or modification of these obligations require approval by the Portfolio's board. (61)Voya MidCap Opportunities - Class A: The adviser is contractually obligated to limit expenses to 1.35% through October 1, 2018. In addition, the adviser is contractually obligated to further limit expenses to 1.31% through October 1, 2018. The limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. Termination or modification of these obligations requires approval by the 's board. (62)Voya MidCap Opportunities Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.40% through May 1, 2019. In addition, the adviser is contractually obligated to further limit expenses to 1.35% through May 1, 2019. The limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. These limitations are subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of these obligations requires approval by the Portfolio's board. (63)Voya MidCap Opportunities Portfolio - Service 2 Class: The adviser is contractually obligated to limit expenses to 1.30% through May 1, 2019. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. In addition, the adviser is contractually obligated to further limit expenses to 1.06% through May 1, 2019. The limitations do not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. Termination or modification of these obligations requires approval by the Portfolio's board. (64)Voya Russell (TM) Mid Cap Growth Index Portfolio - Class S2: The adviser is contractually obligated to limit expenses to 0.80% expenses, and Acquired Fees and Expenses. In addition, the adviser is contractually obligated to waive 0.10% of the management fee through May 1, 2019. Termination or modification of these obligations requires approval by the Portfolio's board. (65)VY Baron Growth Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.55% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification (66)VY T. Rowe Price Diversified Mid Cap Growth Portfolio - Adviser Class: The adviser is contractually obligated to limit expenses to 1.30% through May 1, 2019. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, extraordinary expenses, and Acquired Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification Page 10 of 12