Disclosure and Glossary - Manchester,...

Voya Institutional Trust Company is the custodian for mutualfund custodial accounts distributed by Voya Financial Partners,LLC (member SIPC) or other broker-dealers with which it has awholesaling or selling agreement. Record keeping servicesprovided by Voya Retirement Insurance and AnnuityCompany.

All named companies are members of the Voya® family ofcompanies.

You should consider the investment objectives, risks,and charges and expenses of the mutual funds offeredthrough an individual retirement account carefullybefore investing. The prospectuses contain this andother information and can be obtained by contactingyour local representative. Please read the informationcarefully before investing.

Mutual funds offered through an individual retirement accountare considered long-term investments designed for retirementpurposes. If withdrawals are taken prior to age 59 ½, an IRS10% premature distribution penalty tax will apply unless anexception applies. Money will be taxed as ordinary income inthe year it is distributed. Account values fluctuate with marketconditions, and when redeemed the principal may be worthmore or less than its original amount.

Morningstar Category While the prospectus objective identifies a fund’s investmentgoals based on the wording in the fund prospectus, theMorningstar Category identifies funds based on their actualinvestment styles as measured by their underlying portfolioholdings (portfolio and other statistics over the past threeyears).

Investment Objective and Strategy For mutual funds and variable annuity/life products, this is asummary of the Investment Objectives and Policy section foundin every prospectus. It states the objective of the fund and howthe manager(s) intend to invest to achieve this objective. Itincludes any limitations to the fund’s investment policies, aswell as any share class structure differences, previous names,mergers, liquidation, and opening and closing information. Forseparate accounts, the investment strategy is typically writtenby the asset manager.

Volatility and Risk Although volatility and risk are closely related, the volatilitymeasure is different from the Morningstar risk measure (acomponent of the star rating) shown at the top of each page.The risk measure compares a fund with other funds in its starrating group, while the volatility measure shows where the fundranks relative to all mutual funds.

Low: In the past, this investment has shown a relatively smallrange of price fluctuations relative to other investments withinthe category. Based on this measure, currently more than twothirds of all investments have shown higher levels of risk.Consequently, this investment may appeal to investors lookingfor a more conservative investment strategy.

Moderate: Moderate: In the past, this investment has showna relatively moderate range of price fluctuations relative to otherinvestments within the category. This investment mayexperience larger or smaller price declines or price increasesdepending on market conditions. Some of this risk may be offsetby owning other investments with different portfolio makeupsor investment strategies.

High: In the past, this investment has shown a wide range ofprice fluctuations relative to other investments within thecategory. This investment may experience significant priceincreases in favorable markets or undergo large price declinesin adverse markets. Some of this risk may be offset by owningother investments within different portfolio makeups orinvestment strategies.

The volatility measure is not displayed for investments withfewer than three years of history. The category average,however is shown.

Risk Measures Standard Deviation: A statistical measure of the volatility ofthe fund's returns.

Beta: Beta is a measure of a fund’s sensitivity to marketmovements, as defined by a benchmark index. It measures therelationship between an investment’s excess return over 90-day Treasury-bills and the excess return of the benchmarkindex. By definition, the beta of the benchmark is 1.00. A fundwith a beta greater than 1 is more volatile than the market, anda fund with a beta less than 1 is less volatile than the market.A fund with a 1.10 beta has performed 10% better than itsbenchmark index (after deducting the T-bill rate) in up markets,and 10% worse in down markets, assuming all other factorsremain constant. A beta of 0.85 indicates that the fund hasperformed 15% worse than the index in up markets, and 15%better in down markets. A low beta does not imply that the fundhas a low level of volatility; rather, it means only that the fund’smarket-related risk is low.

Prospectus Risk As with any mutual fund, you could lose money on yourinvestment unless otherwise noted. The share price of the fundnormally changes daily based on changes in the value of thesecurities that the fund holds. The investment strategies thatthe sub advisor uses may not produce the intended results.Additional information about the investment risks are providedon the applicable fund fact sheets. For detailed informationabout these risks, please refer to the fund’s prospectus.

NOT A DEPOSIT. NOT FDIC INSURED. NOT INSURED BY ANYFEDERAL GOVERNMENT AGENCY. NOT GUARANTEED BY THEINSTITUTION. MAY GO DOWN IN VALUE.

Active Management Risk: The investment is activelymanaged and subject to the risk that the advisor's usage ofinvestment techniques and risk analyses to make investmentdecisions fails to perform as expected, which may cause theportfolio to lose value or underperform investments with similarobjectives and strategies or the market in general.

Amortized Cost Risk: If the deviation between the portfolio’samortized value per share and its market-based net asset valueper share results in material dilution or other unfair results toshareholders, the portfolio's board will take action to counteractthese results, including potentially suspending redemption ofshares or liquidating the portfolio.

Asset Transfer Program Risk: The portfolio is subject tounique risks because of its use in connection with certainguaranteed benefit programs, frequently associated withinsurance contracts. To fulfill these guarantees, the advisor maymake large transfers of assets between the portfolio and otheraffiliated portfolios. These transfers may subject theshareholder to increased costs if the asset base is substantiallyreduced and may cause the portfolio to have to purchase or sellsecurities at inopportune times.

Bank Loans Risk: Investments in bank loans, also known assenior loans or floating-rate loans, are rated below-investmentgrade and may be subject to a greater risk of default than areinvestment-grade loans, reducing the potential for income andpotentially leading to impairment of the collateral provided bythe borrower. Bank loans pay interest at rates that areperiodically reset based on changes in interest rates and maybe subject to increased prepayment and liquidity risks. Capitalization Risk: Concentrating assets in stocks of one ormore capitalizations (small, mid, or large) may be subject toboth the specific risks of those capitalizations as well asincreased volatility because stocks of specific capitalizationstend to go through cycles of beating or lagging the market asa whole.

Cash Drag Risk: The portfolio may fail to meet its investmentobjective because of positions in cash and equivalents.

Cash Transactions Risk: Redemptions of ETF shares for cash,rather than in-kind securities, may require the portfolio to sellsecurities. This may increase shareholder tax liability,potentially through capital gain distributions.

China Region Risk: Investing in the China region, includingHong Kong, the People's Republic of China, and Taiwan, maybe subject to greater volatility because of the social, regulatory,and political risks of that region, as well as the Chinesegovernment's significant level of control over China's economyand currency. A disruption of relations between China and itsneighbors or trading partners could severely impact China'sexport-based economy.

Closed-End Fund Risk: Investments in closed-end fundsgenerally reflect the risks of owning the underlying securities,although they may be subject to greater liquidity risk and highercosts than owning the underlying securities directly because oftheir management fees. Shares of CEFs are subject to markettrading risk, potentially trading at a premium or discount to netasset value.

Commodity Risk: Investments in commodity-relatedinstruments are subject to the risk that the performance of theoverall commodities market declines and that weather,

Disclosure and Glossary

©2018 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any useof information. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com.

ß® DisclosureGlossary_MF

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disease, political, tax, and other regulatory developmentsadversely impact the value of commodities, which may resultin a loss of principal and interest. Commodity-linkedinvestments face increased price volatility and liquidity, credit,and issuer risks compared with their underlying measures.

Compounding Risk: Because the investment is managed toreplicate a multiple or inverse multiple of an index over a singleday (or similar short-term period), returns for periods longerthan one day will generally reflect performance that is greateror less than the target in the objective because of compounding.The effect of compounding increases during times of higherindex volatility, causing long-term results to further deviate fromthe target objective.

Conflict of Interest Risk: A conflict of interest may arise ifthe advisor makes an investment in certain underlying fundsbased on the fact that those funds are also managed by theadvisor or an affiliate or because certain underlying funds maypay higher fees to the advisor do than others. In addition, anadvisor’s participation in the primary or secondary market forloans may be deemed a conflict of interest and limit the abilityof the investment to acquire those assets.

Convertible Securities Risk: Investments in convertiblesecurities may be subject to increased interest-rate risks, risingin value as interest rates decline and falling in value wheninterest rates rise, in addition to their market value dependingon the performance of the common stock of the issuer.Convertible securities, which are typically unrated or ratedlower than other debt obligations, are secondary to debtobligations in order of priority during a liquidation in the eventthe issuer defaults.

Country or Region Risk: Investments in securities from aparticular country or region may be subject to the risk of adversesocial, political, regulatory, or economic events occurring in thatcountry or region. Country- or region-specific risks also includethe risk that adverse securities markets or exchange rates mayimpact the value of securities from those areas. Credit and Counterparty Risk: The issuer or guarantor of afixed-income security, counterparty to an OTC derivativescontract, or other borrower may not be able to make timelyprincipal, interest, or settlement payments on an obligation. Inthis event, the issuer of a fixed-income security may have itscredit rating downgraded or defaulted, which may reduce thepotential for income and value of the portfolio.

Credit Default Swaps Risk: Credit default swaps insure thebuyer in the event of a default of a fixed-income security. Theseller of a credit default swap receives premiums and isobligated to repay the buyer in the event of a default of theunderlying creditor. Investments in credit default swaps maybe subject to increased counterparty, credit, and liquidityrisks.

Currency Risk: Investments in securities traded in foreigncurrencies or more directly in foreign currencies are subject tothe risk that the foreign currency will decline in value relativeto the U.S. dollar, which may reduce the value of the portfolio.

Investments in currency hedging positions are subject to therisk that the value of the U.S. dollar will decline relative to thecurrency being hedged, which may result in a loss of money onthe investment as well as the position designed to act as ahedge. Cross-currency hedging strategies and active currencypositions may increase currency risk because actual currencyexposure may be substantially different from that suggested bythe portfolio's holdings.

Custody Risk: Foreign custodial and other foreign financialservices are generally more expensive than they are in theUnited States and may have limited regulatory oversight. Theinvestment may have trouble clearing and settling trades inless-developed markets, and the laws of some countries maylimit the investment’s ability to recover its assets in the eventthe bank, depository, or agent holding those assets goes intobankruptcy.

Depositary Receipts Risk: Investments in depositaryreceipts generally reflect the risks of the securities theyrepresent, although they may be subject to increased liquidityrisk and higher expenses and may not pass through voting andother shareholder rights. Depositary receipts cannot be directlyexchanged for the securities they represent and may trade ateither a discount or premium to those securities.

Derivatives Risk: Investments in derivatives may be subjectto the risk that the advisor does not correctly predict themovement of the underlying security, interest rate, marketindex, or other financial asset, or that the value of the derivativedoes not correlate perfectly with either the overall market orthe underlying asset from which the derivative's value isderived. Because derivatives usually involve a small investmentrelative to the magnitude of liquidity and other risks assumed,the resulting gain or loss from the transaction will bedisproportionately magnified. These investments may result ina loss if the counterparty to the transaction does not performas promised.

Distressed Investments Risk: Investments in distressed ordefaulted investments, which may include loans, loanparticipations, bonds, notes, and issuers undergoingbankruptcy organization, are often not publicly traded and faceincreased price volatility and liquidity risk. These securities aresubject to the risk that the advisor does not correctly estimatetheir future value, which may result in a loss of part or all of theinvestment. Dollar Rolls Risk: Dollar rolls transactions may be subject tothe risk that the market value of securities sold to thecounterparty declines below the repurchase price, thecounterparty defaults on its obligations, or the portfolio turnoverrate increases because of these transactions. In addition, anyinvestments purchased with the proceeds of a security sold ina dollar rolls transaction may lose value.

Early Close/Late Close/Trading Halt Risk: The investmentmay be unable to rebalance its portfolio or accurately price itsholdings if an exchange or market closes early, closes late, orissues trading halts on specific securities or restricts the abilityto buy or sell certain securities or financial instruments. Any of

these scenarios may cause the investment to incur substantialtrading losses.

Emerging Markets Risk: Investments in emerging- andfrontier-markets securities may be subject to greater market,credit, currency, liquidity, legal, political, and other riskscompared with assets invested in developed foreigncountries.

Equity Securities Risk: The value of equity securities, whichinclude common, preferred, and convertible preferred stocks,will fluctuate based on changes in their issuers' financialconditions, as well as overall market and economic conditions,and can decline in the event of deteriorating issuer, market, oreconomic conditions.

ETF Risk: Investments in exchange-traded funds generallyreflect the risks of owning the underlying securities they aredesigned to track, although they may be subject to greaterliquidity risk and higher costs than owning the underlyingsecurities directly because of their management fees. Sharesof ETFs are subject to market trading risk, potentially trading ata premium or discount to net asset value.

ETN Risk: Investments in exchange-traded notes may besubject to the risk that their value is reduced because of poorperformance of the underlying index or a downgrade in theissuer’s credit rating, potentially resulting in default. The valueof these securities may also be impacted by time to maturity,level of supply and demand, and volatility and lack of liquidity inunderlying markets, among other factors. The portfolio bearsits proportionate share of fees and expenses associated withinvestment in ETNs, and its decision to sell these holdings maybe limited by the availability of a secondary market. Event-Driven Investment/ Arbitrage StrategiesRisk: Arbitrage strategies involve investment in multiplesecurities with the expectation that their prices will convergeat an expected value. These strategies face the risk that theadvisor’s price predictions will not perform as expected.Investing in event-driven or merger arbitrage strategies may notbe successful if the merger, restructuring, tender offer, or othermajor corporate event proposed or pending at the time ofinvestment is not completed on the terms contemplated.

Extension Risk: The issuer of a security may repay principalmore slowly than expected because of rising interest rates. Inthis event, short- and medium-duration securities areeffectively converted into longer-duration securities, increasingtheir sensitivity to interest-rate changes and causing theirprices to decline. Financials Sector Risk: Concentrating assets in the financialssector may disproportionately subject the portfolio to the risksof that industry, including loss of value because of economicrecession, availability of credit, volatile interest rates,government regulation, and other factors.

Fixed Income Securities Risk: The value of fixed-income ordebt securities may be susceptible to general movements inthe bond market and are subject to interest-rate and credit




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risk. Foreign Securities Risk: Investments in foreign securitiesmay be subject to increased volatility as the value of thesesecurities can change more rapidly and extremely than can thevalue of U.S. securities. Foreign securities are subject toincreased issuer risk because foreign issuers may notexperience the same degree of regulation as U.S. issuers doand are held to different reporting, accounting, and auditingstandards. In addition, foreign securities are subject toincreased costs because there are generally higher commissionrates on transactions, transfer taxes, higher custodial costs,and the potential for foreign tax charges on dividend and interestpayments. Many foreign markets are relatively small, andsecurities issued in less-developed countries face the risks ofnationalization, expropriation or confiscatory taxation, andadverse changes in investment or exchange control regulations,including suspension of the ability to transfer currency from acountry. Economic, political, social, or diplomatic developmentscan also negatively impact performance.

Forwards Risk: Investments in forwards may increasevolatility and be subject to additional market, activemanagement, currency, and counterparty risks as well asliquidity risk if the contract cannot be closed when desired.Forwards purchased on a when-issued or delayed-delivery basismay be subject to risk of loss if they decline in value prior todelivery, or if the counterparty defaults on its obligation.

Futures Risk: Investments in futures contracts and options onfutures contracts may increase volatility and be subject toadditional market, active management, interest, currency, andother risks if the contract cannot be closed when desired.

Growth Investing Risk: Growth securities may be subject toincreased volatility as the value of these securities is highlysensitive to market fluctuations and future earningsexpectations. These securities typically trade at highermultiples of current earnings than do other securities and maylose value if it appears their earnings expectations may not bemet.

Hedging Strategies Risk: The advisor's use of hedgingstrategies to reduce risk may limit the opportunity for gainscompared with unhedged investments, and there is noguarantee that hedges will actually reduce risk.

High Portfolio Turnover Risk: Active trading may create highportfolio turnover, or a turnover of 100% or more, resulting inincreased transaction costs. These higher costs may have anadverse impact on performance and generate short-termcapital gains, creating potential tax liability even if an investordoes not sell any shares during the year.

High Yield Securities Risk: Investments in below-investment-grade debt securities and unrated securities ofsimilar credit quality, commonly known as "junk bonds" or "high-yield securities," may be subject to increased interest, credit,and liquidity risks.

Income Risk: The investment's income payments may decline

depending on fluctuations in interest rates and the dividendpayments of its underlying securities. In this event, someinvestments may attempt to pay the same dividend amount byreturning capital.

Increase in Expenses Risk: The actual cost of investing maybe higher than the expenses listed in the expense table for avariety of reasons, including termination of a voluntary feewaiver or losing portfolio fee breakpoints if average net assetsdecrease. The risk of expenses increasing because of adecrease in average net assets is heightened when marketsare volatile.

Index Correlation/Tracking Error Risk: A portfolio thattracks an index is subject to the risk that certain factors maycause the portfolio to track its target index less closely,including if the advisor selects securities that are not fullyrepresentative of the index. The portfolio will generally reflectthe performance of its target index even if the index does notperform well, and it may underperform the index after factoringin fees, expenses, transaction costs, and the size and timing ofshareholder purchases and redemptions.

Industry and Sector Investing Risk: Concentrating assetsin a particular industry, sector of the economy, or markets mayincrease volatility because the investment will be moresusceptible to the impact of market, economic, regulatory, andother factors affecting that industry or sector compared with amore broadly diversified asset allocation.

Inflation/Deflation Risk: A change of asset value may occurbecause of inflation or deflation, causing the portfolio tounderperform. Inflation may cause the present value of futurepayments to decrease, causing a decline in the future value ofassets or income. Deflation causes prices to decline throughoutthe economy over time, impacting issuers' creditworthinessand increasing their risk for default, which may reduce the valueof the portfolio.

Inflation-Protected Securities Risk: Unlike other fixed-income securities, the values of inflation-protected securitiesare not significantly impacted by inflation expectations becausetheir interest rates are adjusted for inflation. Generally, the valueof inflation-protected securities will fall when real interest ratesrise and rise when real interest rates fall.

Interest Rate Risk: Most securities are subject to the risk thatchanges in interest rates will reduce their market value.

Intraday Price Performance Risk: The investment isrebalanced according to the investment objective at the end ofthe trading day, and its reported performance will reflect theclosing net asset value. A purchase at the intraday price maygenerate performance that is greater or less than reportedperformance.

Inverse Floaters Risk: Investments in inverse floaters maybe subject to increased price volatility compared with fixed-ratebonds that have similar credit quality, redemption provisions,and maturity. The performance of inverse floaters tends to lagfixed-rate bonds in rising long-term interest-rate environments

and exceed them in falling or stable long-term interest-rateenvironments.

Investment-Grade Securities Risk: Investments ininvestment-grade debt securities that are not rated in thehighest rating categories may lack the capacity to pay principaland interest compared with higher-rated securities and may besubject to increased credit risk.

IPO Risk: Investing in initial public offerings may increasevolatility and have a magnified impact on performance. IPOshares may be sold shortly after purchase, which can increaseportfolio turnover and expenses, including commissions andtransaction costs. Additionally, IPO shares are subject toincreased market, liquidity, and issuer risks.

Issuer Risk: A stake in any individual security is subject to therisk that the issuer of that security performs poorly, resulting ina decline in the security's value. Issuer-related declines may becaused by poor management decisions, competitive pressures,technological breakthroughs, reliance on suppliers, laborproblems or shortages, corporate restructurings, fraudulentdisclosures, or other factors. Additionally, certain issuers maybe more sensitive to adverse issuer, political, regulatory,market, or economic developments.

Large Cap Risk: Concentrating assets in large-capitalizationstocks may subject the portfolio to the risk that those stocksunderperform other capitalizations or the market as a whole.Large-cap companies may be unable to respond as quickly assmall- and mid-cap companies can to new competitivepressures and may lack the growth potential of those securities.Historically, large-cap companies do not recover as quickly assmaller companies do from market declines.

Lending Risk: Investing in loans creates risk for the borrower,lender, and any other participants. A borrower may fail to makepayments of principal, interest, and other amounts inconnection with loans of cash or securities or fail to return aborrowed security in a timely manner, which may lead toimpairment of the collateral provided by the borrower.Investments in loan participations may be subject to increasedcredit, pricing, and liquidity risks, with these risks intensified forbelow investment-grade loans.

Leverage Risk: Leverage transactions may increase volatilityand result in a significant loss of value if a transaction fails.Because leverage usually involves investment exposure thatexceeds the initial investment, the resulting gain or loss from arelatively small change in an underlying indicator will bedisproportionately magnified.

Long-term Outlook and Projections Risk: The investmentis intended to be held for a substantial period of time, andinvestors should tolerate fluctuations in their investment’svalue.

Loss of Money Risk: Because the investment's market valuemay fluctuate up and down, an investor may lose money,including part of the principal, when he or she buys or sells theinvestment.




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Management Risk: Performance is subject to the risk that theadvisor's asset allocation and investment strategies do notperform as expected, which may cause the portfolio tounderperform its benchmark, other investments with similarobjectives, or the market in general. The investment is subjectto the risk of loss of income and capital invested, and the advisordoes not guarantee its value, performance, or any particularrate of return.

Market Trading Risk: Because shares of the investment aretraded on the secondary market, investors are subject to therisks that shares may trade at a premium or discount to netasset value. There is no guarantee that an active trading marketfor these shares will be maintained. Market/Market Volatility Risk: The market value of theportfolio's securities may fall rapidly or unpredictably becauseof changing economic, political, or market conditions, whichmay reduce the value of the portfolio.

Master/Feeder Risk: The portfolio is subject to unique risksrelated to the master/feeder structure. Feeder funds bear theirproportionate share of fees and expenses associated withinvestment in the master fund. The performance of a feederfund can be impacted by the actions of other feeder funds,including if a larger feeder fund maintains voting control overthe operations of the master fund or if large-scale redemptionsby another feeder fund increase the proportionate share of costsof the master fund for the remaining feeder funds.

Maturity/Duration Risk: Securities with longer maturities ordurations typically have higher yields but may be subject toincreased interest-rate risk and price volatility compared withsecurities with shorter maturities, which have lower yields butgreater price stability.

Mid-Cap Risk: Concentrating assets in mid-capitalizationstocks may subject the portfolio to the risk that those stocksunderperform other capitalizations or the market as a whole.Mid-cap companies may be subject to increased liquidity riskcompared with large-cap companies and may experiencegreater price volatility than do those securities because ofmore-limited product lines or financial resources, among otherfactors.

MLP Risk: Investments in master limited partnerships may besubject to the risk that their value is reduced because of poorperformance of the underlying assets or if they are not treatedas partnerships for federal income tax purposes. Investors inMLPs have more-limited control and voting rights on mattersaffecting the partnership compared with shareholders ofcommon stock.

Money Market: The risks pertaining to money market funds,those in compliance with Rule 2a-7 under the InvestmentCompany Act of 1940, vary depending on the fund’s operationsas reported in SEC Form N-MFP. Institutional money marketfunds are considered those that are required to transact at afloating net asset value. These funds can experience capitalgains and losses in normal conditions just like other mutual

funds. Additionally, most institutional, government, and retailmoney market funds may impose a fee upon the sale of yourshares, or may suspend your ability to sell shares if the fund'sliquidity falls below required minimums, because of marketconditions or other factors. While retail and government fundselecting to maintain liquidity through suspending redemptionsor imposing fees attempt to preserve the value of shares at$1.00, the funds cannot guarantee they will do so. Somegovernment money market funds have not elected to permitliquidity fees or suspend redemptions. Although these fundsalso seek to preserve the value of investments at $1.00 pershare, they cannot guarantee they will do so. An investment inany money market fund is not insured or guaranteed by theFederal Deposit Insurance Corporation or any other governmentagency and can result in a loss of money. The fund's sponsorhas no legal obligation to provide financial support to the fund,and you should not expect that the sponsor will provide financialsupport to the fund at any time.

Money Market Fund Ownership: An investment in a moneymarket fund is not a deposit in a bank and is not guaranteed bythe FDIC, any other governmental agency, or the advisor itself.Money market funds report investment characteristics in SECForm N-MFP. Institutional money market funds have a net assetvalue that may fluctuate on a day-to-day basis in ordinaryconditions. All are subject to the risk that they may not be ableto maintain a stable NAV of $1.00 per share. Money marketfunds may opt to maintain liquidity through imposing fees oncertain redemptions or a suspension of redemptions becauseof market conditions. Only exempt government money marketfunds are permitted to opt out of incorporating these liquiditymaintenance measures to support the stable share price of$1.00.

Mortgage-Backed and Asset-Backed SecuritiesRisk: Investments in mortgage-backed and asset-backedsecurities may be subject to increased price volatility becauseof changes in interest rates, issuer information availability,credit quality of the underlying assets, market perception of theissuer, availability of credit enhancement, and prepayment ofprincipal. The value of ABS and MBS may be adversely affectedif the underlying borrower fails to pay the loan included in thesecurity. Multimanager Risk: Managers' individual investing stylesmay not complement each other. This can result in both higherportfolio turnover and enhanced or reduced concentration in aparticular region, country, industry, or investing style comparedwith an investment with a single manager. Municipal Obligations, Leases, and AMT-Subject BondsRisk: Investments in municipal obligations, leases, and privateactivity bonds subject to the alternative minimum tax havevarying levels of public and private support. The principal andinterest payments of general-obligation municipal bonds aresecured by the issuer's full faith and credit and supported bylimited or unlimited taxing power. The principal and interestpayments of revenue bonds are tied to the revenues of specificprojects or other entities. Federal income tax laws may limit thetypes and volume of bonds qualifying for tax exemption ofinterest and make any further purchases of tax-exempt

securities taxable.

Municipal Project-Specific Risk: Investments in municipalbonds that finance similar types of projects, including thoserelated to education, health care, housing, transportation,utilities, and industry, may be subject to a greater extent thangeneral obligation municipal bonds to the risks of adverseeconomic, business, or political developments.

New Fund Risk: Investments with a limited history ofoperations may be subject to the risk that they do not grow toan economically viable size in order to continue operations. Nondiversification Risk: A nondiversified investment, asdefined under the Investment Act of 1940, may have anincreased potential for loss because its portfolio includes arelatively small number of investments. Movements in theprices of the individual assets may have a magnified effect ona nondiversified portfolio. Any sale of the investment's largepositions could adversely affect stock prices if those positionsrepresent a significant part of a company’s outstanding stock.

Not FDIC Insured Risk: The investment is not a deposit orobligation of, or guaranteed or endorsed by, any bank and is notinsured by the Federal Deposit Insurance Corporation, theFederal Reserve Board, or any other U.S. governmentalagency.

Options Risk: Investments in options may be subject to therisk that the advisor does not correctly predict the movementof an option’s underlying stock. Option purchases may result inthe loss of part or all of the amount paid for the option pluscommission costs. Option sales may result in a forced sale orpurchase of a security at a price higher or lower than its currentmarket price.

OTC Risk: Investments traded and privately negotiated in theover-the-counter market, including securities and derivatives,may be subject to greater price volatility and liquidity risk thantransactions made on organized exchanges. Because the OTCmarket is less regulated, OTC transactions may be subject toincreased credit and counterparty risk.

Other Risk: The investment's performance may be impactedby its concentration in a certain type of security, adherence toa particular investing strategy, or a unique aspect of its structureand costs.

Passive Management Risk: The investment is not activelymanaged, and the advisor does not attempt to manage volatilityor take defensive positions in declining markets. This passivemanagement strategy may subject the investment to greaterlosses during general market declines than actively managedinvestments.

Portfolio Diversification Risk: Investments that concentratetheir assets in a relatively small number of issuers, or in thesecurities of issuers in a particular market, industry, sector,country, or asset class, may be subject to greater risk of lossthan is a more widely diversified investment.




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Preferred Stocks Risk: Investments in preferred stocks maybe subject to the risks of deferred distribution payments,involuntary redemptions, subordination to debt instruments, alack of liquidity compared with common stocks, limited votingrights, and sensitivity to interest-rate changes.

Prepayment (Call) Risk: The issuer of a debt security may beable to repay principal prior to the security’s maturity becauseof an improvement in its credit quality or falling interest rates.In this event, this principal may have to be reinvested insecurities with lower interest rates than the original securities,reducing the potential for income.

Pricing Risk: Some investments may not have a marketobserved price; therefore, values for these assets may bedetermined through a subjective valuation methodology. Fairvalues determined by a subjective methodology may differ fromthe actual value realized upon sale. Valuation methodologiesmay also be used to calculate a daily net asset value.

Quantitative Investing Risk: Holdings selected byquantitative analysis may perform differently from the marketas a whole based on the factors used in the analysis, theweighting of each factor, and how the factors have changedover time.

Real Estate/REIT Sector Risk: Concentrating assets in thereal estate sector or REITs may disproportionately subject theportfolio to the risks of that industry, including loss of valuebecause of changes in real estate values, interest rates, andtaxes, as well as changes in zoning, building, environmental,and other laws, among other factors. Investments in REITs maybe subject to increased price volatility and liquidity risk, andshareholders indirectly bear their proportionate share ofexpenses because of their management fees.

Regulation/Government Intervention Risk: The business ofthe issuer of an underlying security may be adversely impactedby new regulation or government intervention, impacting theprice of the security. Direct government ownership ofdistressed assets in times of economic instability may subjectthe portfolio's holdings to increased price volatility and liquidityrisk.

Reinvestment Risk: Payments from debt securities may haveto be reinvested in securities with lower interest rates than theoriginal securities.

Reliance on Trading Partners Risk: Investments ineconomies that depend heavily on trading with key partnersmay be subject to the risk that any reduction in this trading mayadversely impact these economies.

Replication Management Risk: The investment does notseek investment returns in excess of the underlying index.Therefore, it will not generally sell a security unless it wasremoved from the index, even if the security's issuer is infinancial trouble.

Repurchase Agreements Risk: Repurchase agreementsmay be subject to the risk that the seller of a security defaults

and the collateral securing the repurchase agreement hasdeclined and does not equal the value of the repurchase price.In this event, impairment of the collateral may result inadditional costs.

Restricted/Illiquid Securities Risk: Restricted and illiquidsecurities may fall in price because of an inability to sell thesecurities when desired. Investing in restricted securities maysubject the portfolio to higher costs and liquidity risk.

Sampling Risk: Although the portfolio tracks an index, itmaintains a smaller number of holdings than does the index.Use of this representative sampling approach may lead theportfolio to track the index less closely.

Shareholder Activity Risk: Frequent purchases orredemptions by one or multiple investors may harm othershareholders by interfering with the efficient management ofthe portfolio, increasing brokerage and administrative costs andpotentially diluting the value of shares. Additionally, shareholderpurchase and redemption activity may have an impact on theper-share net income and realized capital gains distributionamounts, if any, potentially increasing or reducing the taxburden on the shareholders who receive those distributions.

Short Sale Risk: Selling securities short may be subject to therisk that an advisor does not correctly predict the movement ofthe security, resulting in a loss if a security must be purchasedon the market above its initial borrowing price to return to thelender, in addition to interest paid to the lender for borrowingthe security.

Small Cap Risk: Concentrating assets in small-capitalizationstocks may subject the portfolio to the risk that those stocksunderperform other capitalizations or the market as a whole.Smaller, less-seasoned companies may be subject to increasedliquidity risk compared with mid- and large-cap companies andmay experience greater price volatility than do those securitiesbecause of limited product lines, management experience,market share, or financial resources, among other factors.

Socially Conscious Risk: Adhering to social, moral, orenvironmental criteria may preclude potentially profitableopportunities in sectors or firms that would otherwise beconsistent with the investment objective and strategy.

Sovereign Debt Risk: Investments in debt securities issuedor guaranteed by governments or governmental entities aresubject to the risk that an entity may delay or refuse to payinterest or principal on its sovereign debt because of cash flowproblems, insufficient foreign reserves, or political or otherconsiderations. In this event, there may be no legal process forcollecting sovereign debts that a governmental entity has notrepaid.

Structured Products Risk: Investments in structuredproducts may be more volatile, less liquid, and more difficult toprice than other assets. These securities bear the risk of theunderlying investment as well as counterparty risk. Securitizedstructured products including CMOs, CDOs, and othersecuritized products may increase volatility and be subject to

increased liquidity and pricing risks compared with investingdirectly in the assets securitized within the product. Assetsinvested in structured products may be subject to full loss ofvalue if the counterparty defaults on its obligation.

Suitability Risk: Investors are expected to select investmentswhose investment strategies are consistent with their financialgoals and risk tolerance.

Swaps Risk: Investments in swaps, such as interest-rateswaps, currency swaps and total return swaps, may increasevolatility and be subject to increased liquidity, credit, andcounterparty risks. Depending on their structure, swaps mayincrease or decrease the portfolio's exposure to long- or short-term interest rates, foreign currency values, corporateborrowing rates, security prices, index values, inflation rates,credit, or other factors.

Target Date Risk: Target-date funds, also known as lifecyclefunds, shift their asset allocation to become increasinglyconservative as the target retirement year approaches. Still,investment in target-date funds may lose value near, at, or afterthe target retirement date, and there is no guarantee they willprovide adequate income at retirement.

Tax Management Risk: A tax-sensitive investment strategythat uses hedging or other techniques may fail to limitdistributions of taxable income and net realized gains andtherefore create some tax liability for shareholders.

Tax Risk: Investors may be liable to pay state and federal taxeson income and capital gains distributions paid out by theinvestment.

Tax-Exempt Securities Risk: Tax-exempt securities couldbe reclassified as taxable by the IRS or a state tax authority, ortheir income could be reclassified as taxable by a futurelegislative, administrative, or court action. This may result inincreased tax liability as interest from a security becomestaxable, and such reclassifications could be appliedretroactively.

Technology Sector Risk: Concentrating assets in thetechnology sector may disproportionately subject the portfolioto the risks of that industry, including loss of value because ofintense competitive pressures, short product cycles,dependence on intellectual property rights, legislative orregulatory changes, and other factors. Temporary Defensive Measures Risk: Temporarydefensive positions may be used during adverse economic,market, or other conditions. In this event, up to 100% of assetsmay be allocated to securities, including cash and cashequivalents that are normally not consistent with theinvestment objective.

U.S. Federal Tax Treatment Risk: Changes in the taxtreatment of dividends, derivatives, foreign transactions, andother securities may have an impact on performance andpotentially increase shareholder liability. Additionally, thisincludes the risk that the fund fails to qualify as a regulated




CN0207-39981-0320D(03/31/2018)

investment company, potentially resulting in a significantlyhigher level of taxation.

U.S. Government Obligations Risk: Investments in U.S.government obligations are subject to varying levels ofgovernment support. In the event of default, some U.S.government securities, including U.S. Treasury obligations andGinnie Mae securities, are issued and guaranteed as to principaland interest by the full faith and credit of the U.S. government.Other securities are obligations of U.S. government-sponsoredentities but are neither issued nor guaranteed by the U.S.government.

U.S. State or Territory-Specific Risk: Investments in themunicipal securities of a particular state or territory may besubject to the risk that changes in the economic conditions ofthat state or territory will negatively impact performance.

Underlying Fund/ Fund of Funds Risk: A portfolio's risks areclosely associated with the risks of the securities and otherinvestments held by the underlying or subsidiary funds, and theability of the portfolio to meet its investment objective likewisedepends on the ability of the underlying funds to meet theirobjectives. Investment in other funds may subject the portfolioto higher costs than owning the underlying securities directlybecause of their management fees.

Unrated Securities Risk: Investments in unrated securitiesmay be subject to increased interest, credit, and liquidity risksif the advisor does not accurately assess the quality of thosesecurities.

Valuation Time Risk: Net asset value is not calculated ondays and times when the U.S. exchange is closed, thoughforeign security holdings may still be traded. In this event, thenet asset value may be significantly impacted whenshareholders are not able to buy or sell shares. Conversely,performance may vary from the index if the NAV is calculatedon days and times when foreign exchanges are closed.

Value Investing Risk: Value securities may be subject to therisk that these securities cannot overcome the adverse factorsthe advisor believes are responsible for their low price or thatthe market may not recognize their fundamental value as theadvisor predicted. Value securities are not expected toexperience significant earnings growth and may underperformgrowth stocks in certain markets.

Variable-Rate Securities Risk: Investments in variable-ratesecurities, which periodically adjust the interest-rate paid onthe securities, may be subject to greater liquidity risk than areother fixed-income securities. Because variable-rate securitiesare subject to less interest-rate risk than other fixed-incomesecurities, their opportunity to provide capital appreciation iscomparatively reduced.

Warrants Risk: Investments in warrants may be subject tothe risk that the price of the underlying stock does not rise abovethe exercise price. In this event, the warrant may expire withoutbeing exercised and lose all value.

Zero-Coupon Bond Risk: Investments in zero-coupon bonds,which do not pay interest prior to maturity, may be subject togreater price volatility and liquidity risks than are fixed-incomesecurities that pay interest periodically. Still, interest accruedon these securities prior to maturity is reported as income anddistributed to shareholders.

Portfolio Analysis Composition: A portfolio's composition will tell you somethingabout its risk level. Funds that hold a large percentage of assetsin cash usually carry less risk because not all of their holdingsare exposed to the market. We use a pie chart to help you seehow much of your investment consists of stocks, bonds, orcash. We also show how much of your investment is held inforeign stocks.

Top 5 or 10 Holdings: The top holdings are the stocks or bondswith the most influence on a portfolio’s returns. Conservativeportfolios typically devote no more than 3% to 4% of their assetsto any one stock or bond. More daring portfolios may devote7% or more to one stock. Add up the weighting of the top fiveholdings for another measure of risk. A conservative optiongenerally bets 15% or less on the top 5 holdings, while aportfolio with more than 25% in the top five may be consideredaggressive.

Morningstar Style Box™ The Morningstar Style Box reveals an investment choice'sinvestment strategy as of the date noted on this report.

For equity funds the vertical axis shows the marketcapitalization of the long stocks owned and the horizontal axisshows investment style (value, blend, or growth).

For fixed-income funds, the vertical axis shows the credit qualityof the long bonds owned and the horizontal axis shows interestrate sensitivity as measured by a bond's effective duration.

Morningstar seeks credit rating information from fundcompanies on a periodic basis (e.g., quarterly). In compilingcredit rating information Morningstar accepts credit ratingsreported by fund companies that have been issued by allNationally Recognized Statistical Rating Organizations(NRSROs). For a list of all NRSROs, please visit http://www.sec.gov/divisions/marketreg/ratingagency.htm.Additionally, Morningstar accepts foreign credit ratings fromwidely recognized or registered rating agencies. If two ratingorganizations/agencies have rated a security, fund companiesare to report the lower rating; if three or more organizations/agencies have rated a security, fund companies are to reportthe median rating, and in cases where there are more than twoorganization/agency ratings and a median rating does not exist,fund companies are to use the lower of the two middle ratings.PLEASE NOTE: Morningstar, Inc. is not itself an NRSRO nor doesit issue a credit rating on the fund. An NRSRO or rating agencyratings can change from time-to-time.

For credit quality, Morningstar combines the credit ratinginformation provided by the fund companies with an averagedefault rate calculation to come up with a weighted-averagecredit quality. The weighted-average credit quality is currently

a letter that roughly corresponds to the scale used by a leadingNRSRO. Bond funds are assigned a style box placement of"low", "medium", or "high" based on their average credit quality.Funds with a low credit quality are those whose weighted-average credit quality is determined to be less than "BBB-";medium are those less than "AA-", but greater or equal to"BBB-"; and high are those with a weighted-average creditquality of "AA-" or higher. When classifying a bond portfolio,Morningstar first maps the NRSRO credit ratings of theunderlying holdings to their respective default rates (asdetermined by Morningstar's analysis of actual historical defaultrates). Morningstar then averages these default rates todetermine the average default rate for the entire bond fund.Finally, Morningstar maps this average default rate to itscorresponding credit rating along a convex curve.

For interest-rate sensitivity, Morningstar obtains from fundcompanies the average effective duration. Generally,Morningstar classifies a fixed-income fund's interest-ratesensitivity based on the effective duration of the MorningstarCore Bond Index (MCBI), which is currently three years. Theclassification of Limited will be assigned to those funds whoseaverage effective duration is between 25% to 75% of MCBI'saverage effective duration; funds whose average effectiveduration is between 75% to 125% of the MCBI will be classifiedas Moderate; and those that are at 125% or greater of theaverage effective duration of the MCBI will be classified asExtensive.

For municipal bond funds, Morningstar also obtains from fundcompanies the average effective duration. In these cases staticbreakpoints are utilized. These breakpoints are as follows: (i)Limited: 4.5 years or less; (ii) Moderate: more than 4.5 yearsbut less than 7 years; and (iii) Extensive: more than 7 years. Inaddition, for non-US taxable and non-US domiciled fixed incomefunds static duration breakpoints are used: (i) Limited: less thanor equal to 3.5 years; (ii) Moderate: greater than 3.5 and lessthan equal to 6 years; (iii) Extensive: greater than 6 years.

See also Credit Analysis

Market capitalization: The value of a company based on thecurrent selling price of its stock and the number of shares it hasissued. Market capitalization equals the number of sharesissued multiplied by the share price. The Market Capitalizationbreakdown presents the overall market capitalization of the fundbased on the individual stocks held within its portfolio. Individualstocks are classified as giant, large, mid, small or micro. Giant-cap stocks are defined as the group that accounts for the top40% of the capitalization of the style zone; large-cap stocksrepresent the next 30%; mid-cap stocks represent the next20%; and small-cap and micro stocks represent the balance.For the traditional Style Box, giant-cap stocks are included inthe large-cap group.The market caps that correspond to thesebreakpoints are flexible and may shift from month to month asthe market changes.

Giant-cap: For domestic companies, the biggest companies(in terms of market capitalization) in the investment universe.For international companies, a firm with a market capitalizationexceeding $100 billion.




CN0207-39981-0320D(03/31/2018)

Large cap: For domestic companies, a firm of the 250 largestones. For international companies, a firm in excess of $5 billionassets. A large-cap fund has a median market capitalization ofgreater than that of the 250th largest stock.

Mid-cap (also Medium cap): For domestic companies, a firmwith the market capitalization of between 250th largest and1,000th largest stock. For international companies, a firm withmarket capitalization of $1 billion to $5 billion. A mid-cap fundhas a portfolio with a median market capitalization of between250th largest and 1,000th largest stock.

Small-cap: For domestic companies, a firm with a marketcapitalization of less than that of the 1,000th largest stock. Forinternational companies, a firm with less than $1 billion. A small-cap fund has a median market capitalization of less than thatof 1,000th largest stock.

Micro-cap: For domestic companies, a firm with a marketcapitalization of approximately between $50 million and $300million.

Average Effective Duration: A measure of a portfolio’sinterest-rate sensitivity-the longer a fund's duration, the moresensitive the portfolio is to shifts in interest rates. Duration isdetermined by a formula that includes coupon rates and bondmaturities. Small coupons tend to increase duration, whileshorter maturities and higher coupons shorten duration. Therelationship between portfolios with different durations isstraightforward: A portfolio with a duration of 10 years is twiceas volatile as a portfolio with a five-year duration. Morningstarprints an average effective duration statistic that incorporatescall, put, and prepayment possibilities.

Average Effective Maturity: Average effective maturity is aweighted average of all the maturities of the bonds in a portfolio,computed by weighting each bond’s effective maturity by themarket value of the security. Average effective maturity takesinto consideration all mortgage prepayments, puts, andadjustable coupons. Because Morningstar uses fund companycalculations for this figure and because different companies usevarying interest-rate assumptions in determining call likelihoodand timing, we ask that companies not adjust for call provisions.Longer-maturity funds are generally considered more interest-rate sensitive than their shorter counterparts.

Morningstar Equity Sectors: Morningstar determines howmuch of each investment is held in each of the 11 majorindustrial sectors, which are listed on your Investment Profilepage in order from least risky (utilities) to most risky(technology). For domestic-stock funds, sector weightingsprovide another avenue into understanding the relative riskinessof different investment strategies. If a fund's sector allocationis similar to the overall market-as measured by the S&P 500index-then the fund manager is likely following a conservativestyle. If management heavily overweights individual sectors byowning two or three times as much as the S&P 500 holds, thenthe fund's strategy typically takes on more risk.

Morningstar Super Sectors: For International investments,

Morningstar presents how much of each investment is held ineach of the 3 Super Sectors: Cyclical, Sensitive, Defensive. Fordomestic-stock funds, sector weightings provide anotheravenue into understanding the relative riskiness of differentinvestment strategies. If a fund's sector allocation is similar tothe overall market-as measured by the S&P 500 index-then thefund manager is likely following a conservative style. Ifmanagement heavily overweights individual sectors by owningtwo or three times as much as the S&P 500 holds, then thefund's strategy typically takes on more risk.

Morningstar Fixed Income Sectors: For fixed-incomefunds, we display the percentage of the fund’s fixed-incomeassets invested in each of the six fixed-income sectors:Government, Corporate, Securitized, Municipal, Cash andOther. Other consists of Interest Rate Swaps, Treasury Futuresand Derivatives.

Credit analysis: For corporate-bond and municipal bond funds,the credit analysis depicts the quality of the U.S. and non-U.S.bonds in the fund's portfolio. Credit quality can influence thereturns of portfolios that invest heavily in bonds. The CreditAnalysis graph shows the percentage of fund assets that areinvested in each of the major credit ratings, as determined byStandard & Poor's or Moody's. At the top of the ratings are AAAbonds. Bonds within a BBB rating are the lowest bonds that arestill considered to be of investment grade. Bonds that are ratedat or lower than BB (often called junk bonds or high-yield bonds)are considered to be quite speculative and are more risky thanhigher-rated credits. Any bonds that appear in the NR/NAcategory are either not rated by Standard & Poor's or Moody'sor did not have a rating available.

Morningstar World Regions: The percentage of assets afund has invested in the various regions of the world. Regionalexposure is a major determinant of the return of world andforeign funds. Consequently, you will want to know whichregions your investment is most exposed to. The MorningstarInvestment Profile shows the percentage of assets invested ineach of ten world regions.

Allocation of Stocks and Bonds: This graphic is presentedfor Target Date investments and depicts how the allocation tostocks and bonds changes over time as you near retirement.

Operations: The amounts shown are estimated operating expenses as aratio of expenses to average daily net assets. These estimatesare based on the Portfolio’s actual operating expenses for itsmost recently completed fiscal year, adjusted for contractualcharges, if any, and fee waivers to which the investment advisorhas agreed.

Fees and expenses may be subject to change based on severalfactors, including but not limited to fund size or fee waiverarrangements. Please refer to the fund’s prospectus for moreinformation.

Funds or their affiliates may pay compensation to Voyacompanies offering a fund. Such compensation may be paid outof distribution, service and/or 12b-1 fees that are deducted from

the fund's assets, and/or may be paid directly by the fund'saffiliates. Any fees deducted from fund assets are discussed inthe fund's prospectus and disclosed in the fund fact sheet.Because these fees are paid on an on-going basis, over timethese fees will increase the cost of your investment and maycost you more than paying other types of sales charges.

If offered through a retirement program, additional fees andexpenses may be charged under that program.

Gross Prospectus Expense Ratio: The total gross expenses(net expenses with waivers added back in) divided by the fund’saverage net assets.

Net Prospectus Expense Ratio: The amount of money takenout of your account each year to pay for the operation andmanagement of an investment portfolio, expressed as apercentage.

Management Fee: The amount of money taken out of youraccount each year to pay for the operation and management ofan investment portfolio, expressed as a percentage.

12b-1 Fee: Maximum annual charge deducted from fundassets to pay for distribution and marketing costs. Althoughusually set on a percentage basis, this amount will occasionallybe a flat figure.

Other Fee: Fund expenses classified as other can vary greatlyamong fund companies and generally include atypical expensesthat do not otherwise fall into management or 12b-1 fees.Please see the prospectus for more details.

Miscellaneous Fee: The total of fee expense types notidentified in a fund prospectus as Management Fee, 12b-1 Feeor Other Fee.

Inception Date: The date on which the fund began itsoperations. Funds with long track records offer more history bywhich investors can assess overall fund performance. However,another important factor to consider is the fund manager andhis or her tenure with the fund. Often times a change in fundperformance can indicate a change in management.

Total Fund Assets ($mil): The net assets of all share classesof the underlying fund, recorded in millions of dollars. Net-assetfigures are useful in gauging an underlying fund’s size, agility,and popularity. They help determine whether a small-companyfund, for example, can remain in its investment-objectivecategory if its asset base reaches an ungainly size.

Annual Turnover ratio: A proxy for how frequently a managertrades his or her portfolio.

Fund Family Name: The fund’s distributor.

Waiver Data: This indicates that the fund is waiving sales feesat the time of publication. Call the fund’s distributor to ensurethat the waiver is still active at the time of investment.

Waiver Type: Waivers can be either contractual or voluntary.




CN0207-39981-0320D(03/31/2018)

Contractual waivers are in place until a stated date. Voluntarywaivers can be stopped at any time Call the fund’s distributorto ensure that the voluntary waiver is still active at the time ofinvestment exp date: the expiration date associated withcontractual waivers.

Portfolio Manager(s): The name of the person or personswho determine which stocks or bonds belong in a portfolio.

Advisor: The company that takes primary responsibility formanaging the fund.

Subadvisor: In some cases, the advisor employs anothercompany, called the subadvisor, to handle the fund's day-to-daymanagement. In these instances, the portfolio managergenerally works for the fund's subadvisor, and not the advisor.

Glossary: American Depository Receipts (ADRs): ADRs aresecurities that represent shares in a foreign company. They aretraded on major U.S. stock exchanges and over the counter.

Asset base: The amount of money that a fund has undermanagement. Frequently called assets or net assets.

Benchmark: An index or other standard against which aninvestment's performance is measured. A stock fund's returnsare often compared with those of the S&P 500 index.

Bull market: A period in which security prices in a given marketare generally rising.

Capital appreciation: An increase in the share price of asecurity. This is one of the two primary sources of an investor'stotal return. The other primary source is income.

Concentrated portfolio: A portfolio that is limited to relativelyfew securities or industries although its manager can invest ina diversified universe.

Current-coupon bond: A bond that is trading at its face valueor par because it is paying a market-level rate of interest.

Debt: Another term for a bond or fixed-income security.

Derivative: A security that has been crafted from an existingasset or security. Derivatives' value (and investors' returns)derive from the value of the underlying asset or security.Examples of equity derivatives include futures contracts andoptions. Collateralized mortgage obligations (CMOs) andmortgage-backed securities are examples of fixed-incomederivatives.

Diversification: Diversification is essentially the opposite of"keeping all your eggs in one basket". If you own just oneinvestment, you'll have a limited amount of diversification. Byowning several investments, particularly mutual funds thatfollow different investment strategies and hold different typesof assets, you may lower your portfolio's overall risk.Diversification does not guarantee a profit or protect againstloss in a declining market.

Dividend: A distribution of a portion of a company's earningsto its stockholders. Older, larger, and more-establishedcompanies are more likely to pay dividends. Young, growingcompanies often need to reinvest all of their profits into theirbusinesses, and thus are less likely to pay out dividends toinvestors.

Equity: Another term for stock, which is issued by a corporationand trades on an exchange.

Fixed-income security: Another term for a bond or debtsecurity.

Growth: There are two common uses of the word growth inthe investment industry. In the first sense, growth refers to anincrease in a firm's profits or sales. In the second sense, growthrefers to a style of investing in which managers seek firms withrapidly increasing profits or sales, often paying little attentionto the prices they pay for such stocks.

High-yield bond: Also referred to as a junk bond, this is a fixed-income security that has a credit rating of less than BBB, asmeasured by Standard & Poor's, or BAA as measured byMoody's. These bonds are much more sensitive to theeconomic cycle than are high-quality securities, but they offerthe potential for higher coupons (interest payments), or yield,in return to investors who take on the added risk.

Income: Payment to an investor of a dividend from a stock orof interest on a bond. Income is one of the two sources of totalreturn, the other being capital appreciation.

Index: As a noun, index refers to a benchmark, such as theS&P 500, that is used to measure a fund's performance. As averb, it refers to the practice of buying and holding the securitiesthat compose an index, or securities that are representative ofan index.

Investment-grade bonds: A bond that carries a Standard &Poor's rating of BBB or a Moody's rating of BAA or better.

Money-market fund: A fund that invests exclusively in short-term securities, such as Treasury bills, certificates of deposit,and commercial paper. The maximum average maturity of thesesecurities is generally 120 days.

Net Asset Value (NAV): An investment's expense ratio is thepercentage of assets deducted each fiscal year for fundoperational costs, including management fees, administrativefees, operating costs, and all other asset-based costs incurredby the fund.

Premium bond: A bond that sells for a price greater than itsface value, usually because the bond pays a rate of interestgreater than the market's. A bond that has a face value of$1,000 and sells for $1,025 has a 2.5% premium.

Principal: The face value of a bond that its owner receives atmaturity. The term also refers to the amount invested in a fundor security, independent of any earnings or losses on the

investment.

Real Estate Investment Trust (REITs): A company thatinvests in multiple real-estate properties. REITs trade on majorstock exchanges, and are held by many mutual funds.

Security: This term can refer to any financial asset, includingstocks, bonds, and derivative issues.

Standard & Poor's 500 Index (S&P 500): A collection of 500large, widely held stocks used as a measure of stock-marketperformance. The 500 stocks in the index include 400 industrialcompanies, 20 transportation firms, 40 financial companies,and 40 public utilities.

Total return: The combined profits of a fund, includingundistributed capital gains, capital appreciation, capital gains,and ordinary income.




CN0207-39981-0320D(03/31/2018)

Voya Fixed Account – 457/401 II

13.4301-118 (4/18) CN1010-37726-1119

The Voya Fixed Account – 457/401 II is available through a group annuity or other type of contract issued by Voya Retirement Insurance and Annuity Company (“VRIAC”). The Voya Fixed Account – 457/401 II is an obligation of VRIAC’s general account which supports all of the company’s insurance and annuity commitments. All guarantees are based on the financial strength and claims-paying ability of VRIAC, who is solely responsible for all obligations under its contracts. Asset Class: Stability of Principal Important Information This information should be read in conjunction with your contract prospectus, contract prospectus summary or disclosure booklet, as applicable. Please read them carefully before investing. Voya Retirement Insurance and Annuity Company One Orange Way Windsor, CT 06095-4774 www.voyaretirementplans.com Objective Stability of principal is the primary objective of this investment option. The Voya Fixed Account – 457/401 II guarantees minimum rates of interest and may credit interest that exceeds the guaranteed minimum rates. Daily credited interest becomes part of principal and the investment increases through compound interest. All amounts invested by your plan in the Voya Fixed Account – 457/401 II receive the same credited rate. This is known as a portfolio method of interest rate crediting.

Key Features The Voya Fixed Account – 457/401 II is intended to be a long-term investment for participants seeking stability of principal. The assets supporting it are invested by VRIAC with this goal in mind. Therefore, VRIAC may impose restrictions on transfers and withdrawals involving the Voya Fixed Account – 457/401 II if competing investment options are offered, or if you have a choice between multiple service providers. These restrictions help VRIAC to provide stable credited interest rates which historically have not varied significantly from month to month despite the general market’s volatility in new money interest rates. Your local

representative can confirm whether or not your plan includes competing investment options and/or multiple service providers. If the contract is surrendered completely, a Market Value Adjustment (“MVA”) may be applied to the Voya Fixed Account – 457/401 II portion of your account (or the contract holder may elect to have the surrendered amount paid out over a period of 60 months, with interest paid). This MVA would not apply to any distribution made to you as a benefit payment. Please refer to your contract prospectus, contract prospectus summary or disclosure booklet, as applicable, for more information.

Interest Rate Structure The Voya Fixed Account – 457/401 II guarantees principal and a guaranteed minimum interest rate (“GMIR”) for the life of the contract, as well as featuring two declared interest rates: a current rate, determined at least monthly, and a guaranteed minimum floor rate declared for a defined period – currently one calendar year. The guaranteed minimum floor rate may change after a defined period, but it will never be lower than the GMIR that applies for the life of the contract. The current rate, the guaranteed minimum floor rate and the GMIR are expressed as annual effective yields. Taking the effect of compounding into account, the interest credited to your account daily yields the then current credited rate. VRIAC’s determination of credited interest rates reflects a number of factors, including mortality and expense risks, interest rate guarantees, the investment income earned on invested assets and the amortization of any capital gains and/or losses realized on the sale of invested assets. Under this option, VRIAC assumes the risk of investment gain or loss by guaranteeing the principal amount you allocate to this option and promising a minimum interest rate during the accumulation period and also throughout the annuity payout period, if applicable. Currently, the guaranteed minimum floor rate equals the GMIR. The current rate to be credited under a contract may be higher than the GMIR/guaranteed minimum floor rate and may be changed at any time, except that we will not apply a decrease to the current rate following a rate change initiated solely by us prior to the last day of the three-month period measured from the first day of the month

in which such change was effective. The current rate for a plan’s initial investment in the Voya Fixed Account – 457/401 II may be in effect for less than a full three-month period. Any insurance products, annuities and funding agreements that you may have purchased are issued by Voya Retirement Insurance and Annuity Company (“VRIAC”). VRIAC is solely responsible for meeting its obligations. Plan administrative services provided by VRIAC or Voya Institutional Plan Services, LLC (“VIPS”). Neither VRIAC nor VIPS engage in the sale or solicitation of securities. If custodial or trust agreements are part of this arrangement, they may be provided by Voya Institutional Trust Company. All companies are members of the Voya® family of companies. Securities distributed by Voya Financial Partners, LLC (member SIPC) or other broker-dealers with which it has a selling agreement. All products or services may not be available in all states.

BlackRock Total Return Fund - Class K Shares Release Date

03-31-18..........................................................................................................................................................................................................................................................................................................................................CategoryIntermediate-Term Bond

Investment Objective & StrategyFrom the investment's prospectus

The investment seeks to realize a total return that exceeds that of the Bloomberg Barclays U.S. Aggregate Bond Index. The fund typically invests more than 90% of its assets in a diversified portfolio of fixed-income securities such as corporate bonds and notes, mortgage-backed securities, asset-backed securities, convertible securities, preferred securities and government obligations. It normally invests at least 80% of its assets in bonds and invests primarily in investment grade fixed-income securities. The fund is a "feeder" fund that invests all of its assets in a corresponding "master" portfolio. Past name(s) : BlackRock Bond.

Volatility and RiskVolatility as of 03-31-18

Low Moderate High

Investment

Category

Risk Measures as of 03-31-18 Port Avg Rel BC Aggr Rel Cat3 Yr Std Dev 2.55 0.95 0.973 Yr Beta 0.92 . 1.05

Principal RisksEmerging Markets, Foreign Securities, Loss of Money, Not FDICInsured, High Portfolio Turnover, Market/Market Volatility,Commodity, Convertible Securities, High-Yield Securities,Mortgage-Backed and Asset-Backed Securities, PreferredStocks, Repurchase Agreements, Underlying Fund/Fund ofFunds, U.S. Government Obligations, Derivatives, Leverage,Fixed-Income Securities, Dollar Rolls, Sovereign Debt,Management, Structured Products

Important InformationMorningstar Investment Profiles must be accompaniedby Morningstar Disclosure and Glossary.

Funds or their affiliates may pay compensation to Voya®affiliates offering a fund. Such compensation may be paid outof distribution, service and/or 12b-1 fees that are deducted fromthe fund's assets, and/or may be paid directly by the fund'saffiliates. Any fees deducted from fund assets are discussed inthe fund's prospectus and disclosed in the fund fact sheet.Because these fees are paid on an on-going basis, over timethese fees will increase the cost of your investment and maycost you more than paying other types of sales charges. Ifoffered through a retirement program, additional fees andexpenses may be charged under that program. NOT A DEPOSIT.NOT FDIC INSURED. NOT INSURED BY ANY FEDERALGOVERNMENT AGENCY. NOT GUARANTEED BY THEINSTITUTION. MAY GO DOWN IN VALUE.

Portfolio AnalysisComposition as of 02-28-18 % Net

U.S. Stocks 0.5Non-U.S. Stocks 0.1Bonds 128.6Cash -31.9Other 2.7

..........................................................................................-100 -50 0 50 100 Total 100.0

Morningstar Fixed Income Style Box™ as of 03-31-18

Not

Available

Avg Eff Duration .Avg Eff Maturity 0.00

Top 10 Holdings as of 02-28-18 % Assets

US Treasury Note 1.875% 12-15-20 3.74US Treasury Note 1.875% 12-31-19 3.60Fed Natl Mort Assc 4% 04-15-46 3.12US Treasury Note 2.125% 12-31-22 2.50US Treasury Note 2.625% 11-15-20 2.37..........................................................................................US Treasury Note 1.75% 11-30-19 2.30Fed Natl Mort Assc 4% 03-15-46 2.16US Treasury Note 1.25% 04-30-19 2.02US Treasury Note 1.25% 05-31-19 1.90US Treasury Bond 2.75% 11-15-47 1.60

Morningstar F-I Sectors as of 02-28-18 % Fund

⁄ Government 29.51› Corporate 21.73€ Securitized 34.97‹ Municipal 2.52fi Cash/Cash Equivalents 11.20± Other 0.07

Credit Analysis: % Bonds as of 03-31-18

AAA 53 BB 4AA 3 B 4A 11 Below B 4BBB 18 Not Rated 4

OperationsGross Prosp Exp Ratio 0.64% of fund assetsNet Prosp Exp Ratio 0.39% of fund assetsManagement Fee 0.35%12b-1 Fee .Other Fee 0.00%Miscellaneous Fee(s) 0.29%Fund Inception Date 12-07-01Total Fund Assets ($mil) 12,189.0Annual Turnover Ratio % 806.00Fund Family Name BlackRock

Waiver Data Type Exp. Date %

Expense Ratio Contractual 01-31-19 0.01

Portfolio Manager(s)

Rick Rieder. Since 2010.Bob Miller. Since 2011.................................................................................................Advisor BlackRock Advisors LLCSubadvisor BlackRock International Limited

NotesThe fees and expenses shown in the table and the example that follows include both the expenses of the Fund and the Fund's shareof the allocated expenses of Master Total Return Portfolio (the "Master Portfolio"). BlackRock Advisors, LLC ("BlackRock") receivesa management fee from the Master Portfolio for investment advisory and certain administrative services at the annual rate of 0.05%of the Master Portfolio's average daily net assets, a portion of which is paid indirectly by the Fund, and receives a management feefrom the Fund for investment advisory and certain administrative services at the annual rate of 0.29% of the Fund's average dailynet assets for an overall management fee rate paid by the Fund of 0.34%. In addition, as described in the "Management of the Fund"section of the Fund's prospectus on page 34, BlackRock has contractually agreed to waive and/or reimburse fees and/or expensesin order to limit Total Annual Fund Operating Expenses After Fee Waivers and/or Expense Reimbursements (excluding DividendExpense, Interest Expense, Acquired Fund Fees and Expenses and certain other Fund expenses) to 0.39% of average daily net assetsthrough January 31, 2019. These contractual agreements may be terminated upon 90 days' notice by a majority of the non-interesteddirectors of BlackRock Bond Fund, Inc. (the "Corporation") or by a vote of a majority of the outstanding voting securities of the Fund.As described in the "Management of the Fund" section of the Fund's prospectus beginning on page 34, with the exception of theFund's investment in the Master Portfolio, BlackRock has contractually agreed to waive the management fee of the Fund and theMaster Portfolio with respect to any portion of the Fund's or the Master Portfolio's assets estimated to be attributable to investmentsin other equity and fixed-income mutual funds and exchange-traded funds ("ETFs") managed by BlackRock or its affiliates that havea contractual management fee, through January 31, 2019. The contractual agreement may be terminated upon 90 days' notice bya majority of the non-interested directors of the Corporation or the Master Portfolio or by a vote of a majority of the outstandingvoting securities of the Fund or the Master Portfolio. Other expenses of the BlackRock Cayman Master Total Return Portfolio I, Ltd.(the "Subsidiary") were less than 0.01% for the Fund's last fiscal year.


ß® 13.6742-118 (4/18)

CN0207-39981-0320D

Vanguard® Total Bond Market Index Fund - Admiral (TM) Shares Release Date

03-31-18..........................................................................................................................................................................................................................................................................................................................................CategoryIntermediate-Term Bond


The investment seeks the performance of Bloomberg Barclays U.S. Aggregate Float Adjusted Index. Bloomberg Barclays U.S. Aggregate Float Adjusted Index represents a wide spectrum of public, investment-grade, taxable, fixed income securities in the United States-including government, corporate, and international dollar-denominated bonds, as well as mortgage-backed and asset-backed securities-all with maturities of more than 1 year. All of its investments will be selected through the sampling process, and at least 80% of its assets will be invested in bonds held in the index.


Low Moderate High

Investment

Category

Risk Measures as of 03-31-18 Port Avg Rel BC Aggr Rel Cat3 Yr Std Dev 2.84 1.06 1.083 Yr Beta 1.05 . 1.19

Principal RisksCredit and Counterparty, Extension, Prepayment (Call), Loss ofMoney, Not FDIC Insured, Income, Interest Rate, ETF, MarketTrading, Sampling



Portfolio AnalysisComposition as of 03-31-18 % Assets

U.S. Stocks 0.0Non-U.S. Stocks 0.0Bonds 97.4Cash 2.6Other 0.0

Morningstar Fixed Income Style Box™ as of 02-28-18

HighM

edLow

Ltd Mod Ext

Avg Eff Duration 6.14Avg Eff Maturity 8.50


United States Treasury Notes 2.125% SN 05-15-25 0.47United States Treasury Notes 2.625% SN 11-15-20 0.43United States Treasury Notes 1.375% PI 02-15-20 0.42United States Treasury Notes 2.125% SN 12-31-22 0.42United States Treasury Notes 1.75% SNR 05-15-23 0.40.......................................................................................................United States Treasury Notes 2.25% PID 11-15-27 0.40United States Treasury Notes 1.625% PI 03-15-20 0.39United States Treasury Notes 3.625% SN 08-15-19 0.39Government National Mortgage Associati 04-01-48 0.38United States Treasury Notes 1.75% SNR 02-28-22 0.38





OperationsGross Prosp Exp Ratio 0.05% of fund assetsNet Prosp Exp Ratio 0.05% of fund assetsManagement Fee 0.04%12b-1 Fee .Other Fee .Miscellaneous Fee(s) 0.01%Fund Inception Date 11-12-01Total Fund Assets ($mil) 160,921.2Annual Turnover Ratio % 55.00Fund Family Name Vanguard


. . . .


Joshua Barrickman, CFA. Since 2013.................................................................................................Advisor Vanguard Group IncSubadvisor .

Notes


ß® 13.898-118 (4/18)

CN0207-39981-0320D

T. Rowe Price Retirement I 2005 Fund - I Class Release Date

03-31-18..........................................................................................................................................................................................................................................................................................................................................CategoryTarget-Date 2000-2010


The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. The fund pursues its objective by investing in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. The fund's allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date.


Low Moderate High

Investment

Category

Risk Measures as of 03-31-18 Port Avg Rel S&P 500 Rel Cat3 Yr Std Dev . . .3 Yr Beta . . .

Principal RisksCredit and Counterparty, Foreign Securities, Loss of Money, NotFDIC Insured, Interest Rate, Equity Securities, Restricted/IlliquidSecurities, Management, Target Date, Small Cap, Mid-Cap



Allocation of Stocks and Bonds

050 40 30 20 10 -10 -20 -30

10080

60

40

200

Years Until Retirement

% AllocationBonds

Stocks

Cash

Other



Morningstar Style Box™ as of 12-31-17(EQ) ; 12-31-17(F-I)

LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


T. Rowe Price New Income I 27.84T. Rowe Price Ltd Dur Infl Focus Bd I 18.27T. Rowe Price Equity Index 500 I 17.82T. Rowe Price Emerging Markets Bond I 4.57T. Rowe Price High Yield I 3.80



Morningstar Super Sectors as of 12-31-17 % Fund

h Cyclical 38.42j Sensitive 37.49k Defensive 24.08



OperationsGross Prosp Exp Ratio 0.89% of fund assetsNet Prosp Exp Ratio 0.43% of fund assetsManagement Fee 0.00%12b-1 Fee .Other Fee 0.20%Miscellaneous Fee(s) 0.69%Fund Inception Date 09-29-15Total Fund Assets ($mil) 170.9Annual Turnover Ratio % 31.10Fund Family Name T. Rowe Price




Jerome Clark, CFA. Since 2015.Wyatt Lee, CFA. Since 2015.................................................................................................Advisor T. Rowe Price Associates, Inc.Subadvisor .

NotesWhile the fund itself charges no management fee, it will indirectly bear its pro-rata share of the expenses of the underlying T. RowePrice Funds in which it invests (acquired funds). T. Rowe Price Associates, Inc., has agreed (through September 30, 2019) to paythe operating expenses excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring, extraordinaryexpenses; and acquired fund fees and expenses ("Operating Expenses"), to the extent the Operating Expenses exceed 0.01% ofthe class' average daily net assets. Any expenses paid under this agreement (and a previous limitation of 0.05%) are subject toreimbursement to T. Rowe Price Associates, Inc., by the fund whenever the fund's Operating Expenses are below 0.01%. However,no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed. The fundmay only make repayments to T. Rowe Price Associates, Inc., if such repayment does not cause the Operating Expenses (after therepayment is taken into account) to exceed both: (1) the limitation on Operating Expenses in place at the time such amounts werewaived; and (2) the current expense limitation on Operating Expenses. Restated to reflect current fees.


ß® 13.9981-118 (4/18)

CN0207-39981-0320D


03-31-18..........................................................................................................................................................................................................................................................................................................................................CategoryTarget-Date 2000-2010


The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. The fund pursues its objective by investing in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. The fund's allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date. It is designed for an investor who retired at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement.


Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


T. Rowe Price New Income I 26.00T. Rowe Price Equity Index 500 I 20.54T. Rowe Price Ltd Dur Infl Focus Bd I 15.77T. Rowe Price Emerging Markets Bond I 4.25T. Rowe Price Overseas Stock I 3.99












NotesWhile the fund itself charges no management fee, it will indirectly bear its pro-rata share of the expenses of the underlying T. RowePrice Funds in which it invests (acquired funds). T. Rowe Price Associates, Inc., has agreed (through September 30, 2019) to paythe operating expenses of the fund excluding interest; expenses related to borrowings, taxes, and brokerage; nonrecurring,extraordinary expenses; and acquired fund fees and expenses ("Operating Expenses"), to the extent the Operating Expenses exceed0.00% of the class' average daily net assets. Any expenses paid under this agreement (and a previous limitation of 0.05%) aresubject to reimbursement to T. Rowe Price Associates, Inc., by the fund whenever the fund's Operating Expenses are below 0.00%.However, no reimbursement will be made more than three years from the date such amounts were initially waived or reimbursed.The fund may only make repayments to T. Rowe Price Associates, Inc., if such repayment does not cause the Operating Expenses(after the repayment is taken into account) to exceed both: (1) the limitation on Operating Expenses in place at the time suchamounts were waived; and (2) the current expense limitation on Operating Expenses. Restated to reflect current fees.


ß® 13.9982-118 (4/18)

CN0207-39981-0320D


03-31-18..........................................................................................................................................................................................................................................................................................................................................CategoryTarget-Date 2015


The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. The fund pursues its objective by investing in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. The fund's allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date. It is designed for an investor who retired at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement.


Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


T. Rowe Price New Income I 23.53T. Rowe Price Equity Index 500 I 18.27T. Rowe Price Ltd Dur Infl Focus Bd I 12.29T. Rowe Price Overseas Stock I 4.82T. Rowe Price International Value Eq I 4.55














ß® 13.9983-118 (4/18)

CN0207-39981-0320D




The investment seeks the highest total return over time consistent with an emphasis on both capital growth and income. The fund pursues its objective by investing in a diversified portfolio of other T. Rowe Price stock and bond funds that represent various asset classes and sectors. The fund's allocation between T. Rowe Price stock and bond funds will change over time in relation to its target retirement date. It is primarily designed for an investor who anticipates retiring at or about the target date and who plans to withdraw the value of the account in the fund gradually after retirement.


Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


T. Rowe Price New Income I 20.49T. Rowe Price Equity Index 500 I 16.72T. Rowe Price Ltd Dur Infl Focus Bd I 7.33T. Rowe Price Value I 6.36T. Rowe Price Growth Stock I 6.21







OperationsGross Prosp Exp Ratio 0.52% of fund assetsNet Prosp Exp Ratio 0.49% of fund assetsManagement Fee 0.00%12b-1 Fee .Other Fee 0.01%Miscellaneous Fee(s) 0.51%Fund Inception Date 09-29-15Total Fund Assets ($mil) 3,346.2Annual Turnover Ratio % 11.60Fund Family Name T. Rowe Price





NotesWhile the fund itself charges no management fee, it will indirectly bear its pro-rata share of the expenses of the underlying T. RowePrice Funds in which it invests (acquired funds). The acquired funds are expected to bear the operating expenses of the fund.


ß® 13.9984-118 (4/18)

CN0207-39981-0320D






Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


T. Rowe Price New Income I 17.73T. Rowe Price Equity Index 500 I 14.06T. Rowe Price Value I 9.76T. Rowe Price Growth Stock I 9.46T. Rowe Price Overseas Stock I 6.42














ß® 13.9985-118 (4/18)

CN0207-39981-0320D






Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


T. Rowe Price New Income I 14.25T. Rowe Price Value I 13.00T. Rowe Price Growth Stock I 12.60T. Rowe Price Equity Index 500 I 11.54T. Rowe Price Overseas Stock I 7.13














ß® 13.9986-118 (4/18)

CN0207-39981-0320D






Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


T. Rowe Price Value I 15.48T. Rowe Price Growth Stock I 15.19T. Rowe Price New Income I 11.54T. Rowe Price Equity Index 500 I 9.61T. Rowe Price Overseas Stock I 7.70












NotesExpenses are estimated for the current fiscal year. Through September 30, 2017, T. Rowe Price Associates, Inc. has agreed to paythe operating expenses of the fund excluding interest; expenses related to borrowings, taxes and brokerage; nonrecurring,extraordinary expenses; and acquired fund fees and expenses ("Operating Expenses"), to the extent the Operating Expenses exceed0.05% of the class' average daily net assets. Any expenses paid under this agreement are subject to reimbursement to T. RowePrice Associates, Inc. by the fund or class whenever the fund's Operating Expenses are below 0.05%. However, no reimbursementwill be made more than three years after the payment of the Operating Expenses or if such reimbursement would cause the fund'sOperating Expenses to exceed 0.05%. Termination of this agreement would require approval by the fund's Board of Directors.


ß® 13.9987-118 (4/18)

CN0207-39981-0320D






Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


T. Rowe Price Value I 17.72T. Rowe Price Growth Stock I 17.38T. Rowe Price New Income I 8.49T. Rowe Price Overseas Stock I 8.24T. Rowe Price International Value Eq I 8.04














ß® 13.9988-118 (4/18)

CN0207-39981-0320D






Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext


T. Rowe Price Value I 18.78T. Rowe Price Growth Stock I 18.42T. Rowe Price Overseas Stock I 8.41T. Rowe Price International Value Eq I 8.29T. Rowe Price International Stock I 7.23














ß® 13.9989-118 (4/18)

CN0207-39981-0320D






Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext
















ß® 13.9990-118 (4/18)

CN0207-39981-0320D






Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext
















ß® 13.9991-118 (4/18)

CN0207-39981-0320D


03-31-18..........................................................................................................................................................................................................................................................................................................................................CategoryTarget-Date 2060+




Low Moderate High

Investment

Category






050 40 30 20 10 -10 -20 -30

10080

60

40

200


% AllocationBonds

Stocks

Cash

Other




LargeM

idSm

all

Value Blend Growth

HighM

edLow

Ltd Mod Ext
















ß® 13.9992-118 (4/18)

CN0207-39981-0320D

American Funds® Washington Mutual Investors FundSM - Class R-6 Release Date

03-31-18..........................................................................................................................................................................................................................................................................................................................................CategoryLarge Value


The investment seeks to produce income and to provide an opportunity for growth of principal consistent with sound common stock investing. The fund invests primarily in common stocks of established companies that are listed on, or meet the financial listing requirements of, the New York Stock Exchange and have a strong record of earnings and dividends. Its advisor strives to maintain a fully invested, diversified portfolio, consisting primarily of high-quality common stocks.


Low Moderate High

Investment

Category

Risk Measures as of 03-31-18 Port Avg Rel S&P 500 Rel Cat3 Yr Std Dev 9.91 0.97 0.913 Yr Beta 0.95 . 0.99

Principal RisksLong-Term Outlook and Projections, Loss of Money, Not FDICInsured, Growth Investing, Active Management, Issuer,Market/Market Volatility, Equity Securities





Morningstar Style Box™ as of 12-31-17 % Mkt Cap

LargeM

idSm

all

Value Blend Growth

Giant 56.54..........................................................Large 38.06Medium 5.18Small 0.21..........................................................Micro 0.00


Microsoft Corp 6.11The Home Depot Inc 3.72Boeing Co 3.01Intel Corp 2.80Lockheed Martin Corp 2.73.......................................................................................................Royal Dutch Shell PLC ADR Class B 2.48Comcast Corp Class A 2.39Verizon Communications Inc 2.25Johnson & Johnson 2.17JPMorgan Chase & Co 1.93

Morningstar Equity Sectors as of 12-31-17 % Fund

h Cyclical 30.56........................................................................................................r Basic Materials 4.65t Consumer Cyclical 8.09y Financial Services 17.18u Real Estate 0.64

j Sensitive 46.29........................................................................................................i Communication Services 5.30o Energy 10.59p Industrials 13.81a Technology 16.59

k Defensive 23.16........................................................................................................s Consumer Defensive 7.36d Healthcare 13.22f Utilities 2.58

OperationsGross Prosp Exp Ratio 0.30% of fund assetsNet Prosp Exp Ratio 0.30% of fund assetsManagement Fee 0.24%12b-1 Fee .Other Fee 0.00%Miscellaneous Fee(s) 0.06%Fund Inception Date 05-01-09Total Fund Assets ($mil) 100,466.0Annual Turnover Ratio % 21.00Fund Family Name American Funds


. . . .


Alan Berro, CFA. Since 1997.Jeffrey Lager. Since 2004.................................................................................................Advisor Capital Research and

Management CompanySubadvisor .

Notes


ß® 13.1990-118 (4/18)

CN0207-39981-0320D

Vanguard® 500 Index Fund - Admiral (TM) Shares Release Date

03-31-18..........................................................................................................................................................................................................................................................................................................................................CategoryLarge Blend


The investment seeks to track the performance of a benchmark index that measures the investment return of large-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of the Standard & Poor's 500 Index, a widely recognized benchmark of U.S. stock market performance that is dominated by the stocks of large U.S. companies. The advisor attempts to replicate the target index by investing all, or substantially all, of its assets in the stocks that make up the index, holding each stock in approximately the same proportion as its weighting in the index.


Low Moderate High

Investment

Category


Principal RisksLoss of Money, Not FDIC Insured, Market/Market Volatility,Equity Securities, ETF, Management, Market Trading






LargeM

idSm

all

Value Blend Growth



Apple Inc 3.77Microsoft Corp 3.11Amazon.com Inc 2.57Facebook Inc A 1.69JPMorgan Chase & Co 1.67.......................................................................................................Berkshire Hathaway Inc B 1.63Johnson & Johnson 1.52Exxon Mobil Corp 1.40Alphabet Inc C 1.39Alphabet Inc A 1.37







. . . .


Donald Butler, CFA. Since 2016.Michelle Louie, CFA. Since 2017.................................................................................................Advisor Vanguard Group IncSubadvisor .

Notes


ß® 13.899-118 (4/18)

CN0207-39981-0320D

T. Rowe Price Blue Chip Growth Fund - I Class Release Date

03-31-18..........................................................................................................................................................................................................................................................................................................................................CategoryLarge Growth


The investment seeks long-term capital growth; income is a secondary objective. The fund will normally invest at least 80% of its net assets (including any borrowings for investment purposes) in the common stocks of large and medium-sized blue chip growth companies. It focuses on companies with leading market positions, seasoned management, and strong financial fundamentals. The fund may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into more promising opportunities.


Low Moderate High

Investment

Category


Principal RisksForeign Securities, Loss of Money, Not FDIC Insured,Capitalization, Active Management, Equity Securities, Industryand Sector Investing, Management






LargeM

idSm

all

Value Blend Growth



Amazon.com Inc 8.85Facebook Inc A 5.26Microsoft Corp 4.51Alphabet Inc C 4.36Alibaba Group Holding Ltd ADR 3.69.......................................................................................................The Priceline Group Inc 3.57Visa Inc Class A 3.24Boeing Co 2.89UnitedHealth Group Inc 2.78Mastercard Inc A 2.63







. . . .


Larry Puglia, CPA. Since 1993.................................................................................................Advisor T. Rowe Price Associates, Inc.Subadvisor .

NotesThrough April 30, 2018, T. Rowe Price Associates, Inc. has agreed to pay the operating expenses of the fund excluding managementfees; interest; expenses related to borrowings, taxes and brokerage; nonrecurring, extraordinary expenses; and acquired fund feesand expenses ("Operating Expenses"), to the extent the Operating Expenses exceed 0.05% of the average daily net assets. Anyexpenses paid under this agreement are subject to reimbursement to T. Rowe Price Associates, Inc. by the fund or class wheneverthe fund's Operating Expenses are below 0.05%. However, no reimbursement will be made more than three years after the paymentof the Operating Expenses or if such reimbursement would cause the fund's Operating Expenses to exceed 0.05%. The agreementmay be terminated at any time beyond April 30, 2018, with approval by the fund's Board of Directors.


ß® 13.7577-118 (4/18)

CN0207-39981-0320D

Release Date: 03-31-2018

Vanguard Explorer Value Inv VEVFX ..........................................................................................................................................................................................................................................................................................................................................BenchmarkRussell 2000 TR USD

Overall Morningstar Rating™ Morningstar Return Morningstar RiskQQQ Average Below AverageOut of 627 Small Blend funds. An investment's overall Morningstar Rating, based on its risk-adjusted return, is aweighted average of its applicable 3-, 5-, and 10-year Ratings. See disclosure for details.

Investment Objective & StrategyFrom investment’s prospectus

The investment seeks to provide long-term capital appreciation. The fund invests mainly in the stocks of small and mid-size U.S. companies, choosing stocks considered by an advisor to be undervalued. Undervalued stocks are generally those that are out of favor with investors and are trading at prices that an advisor feels are below average in relation to measures such as cash flow and book value. These stocks may have above-average dividend yields. The fund uses multiple investment advisors.

Fees and Expenses as of 12-21-17

Prospectus Net Expense Ratio 0.55%Total Annual Operating Expense 0.55%Maximum Sales Charge .12b-1 Fee .Redemption Fee/Term .


. . . .

Operations and Management

Fund Inception Date 03-30-10Portfolio Manager(s) William A. Teichner, CFA

Thomas W. DuncanName of Issuer VanguardTelephone 800-662-7447Web Site www.vanguard.com

Benchmark Description: Russell 2000 TR USD

The index measures the performance of the small-cap segmentof the US equity universe. It is a subset of the Russell 3000 andincludes approximately 2000 of the smallest securities basedon a combination of their market cap and current indexmembership. Russell Investment Group is the source and ownerof the trademarks, service marks and copyrights related to theRussell Indexes. Russell® is a trademark of Russell InvestmentGroup.

Category Description: Small Blend

Small-blend portfolios favor U.S. firms at the smaller end of themarket-capitalization range. Some aim to own an array of valueand growth stocks while others employ a discipline that leadsto holdings with valuations and growth rates close to the small-cap averages. Stocks in the bottom 10% of the capitalization ofthe U.S. equity market are defined as small cap. The blend styleis assigned to portfolios where neither growth nor valuecharacteristics predominate.

Performance

5

10

15

20

0

-5

-10

-15

YTD YTD YTD YTD YTD

Total Return%as of 03-31-18

InvestmentBenchmark

Average annual, if greaterthan 1 year.

YTD 1 Year 3 Year 5 Year 10 Year Since Inception-0.03 11.68 8.31 10.94 . 12.70 Fund Return %-0.03 11.68 8.31 10.94 . 12.70 Load-Adj. Return %-0.08 11.79 8.39 11.47 . 12.10 Benchmark Return %-0.93 9.68 7.21 10.29 . 11.04 Category Average %........................................................................................................................................................................................................... . QQQQ QQQ . . Morningstar Rating™. . 627 542 . . # of Funds in Category

Quarter End Returns as of 03-31-18 YTD 1 Year 3 Year 5 Year 10 Year Since Inception

Fund Return % -0.03 11.68 8.31 10.94 . 12.70Standardized Return % -0.03 11.68 8.31 10.94 . 12.70

Performance Disclosure: The performance data quoted represents past performance and does not guarantee futureresults. The investment return and principal value of an investment will fluctuate; thus an investor’s shares, whenredeemed, may be worth more or less than their original cost. Current performance may be lower or higher thanreturn data quoted herein. For performance data current to the most recent month-end please visit the website listedunder Operations and Management on this page.

Portfolio Analysis as of 12-31-17Composition as of 12-31-17 % Assets


Morningstar Equity Style Box™ as of 12-31-17 % Mkt Cap

LargeM

idSm

all

Value Blend Growth

Giant 0.00........................................................Large 0.00Medium 34.57Small 49.20........................................................Micro 16.23


CMT Market Liquidity Rate 8.80PacWest Bancorp 2.39IAC/InterActiveCorp 2.16KAR Auction Services Inc 1.87Genesee & Wyoming Inc Class A 1.78.......................................................................................................MB Financial Inc 1.73Columbia Banking System Inc 1.68Nexstar Media Group Inc Class A 1.67FMC Corp 1.66Ligand Pharmaceuticals Inc 1.62

.......................................................................................................Total Number of Stock Holdings 112Total Number of Bond Holdings 1Annual Turnover Ratio % 33.00Total Fund Assets ($mil) 690.10

Morningstar Sectors as of 12-31-17 % Fund S&P 500 %

h Cyclical 57.12 33.57...............................................................................................r Basic Materials 7.95 2.68t Consumer Cyclical 16.25 11.73y Financial Services 22.68 16.91u Real Estate 10.24 2.25

j Sensitive 34.07 41.83...............................................................................................i Communication Services 0.53 3.29o Energy 7.17 5.74p Industrials 12.66 10.64a Technology 13.71 22.16

k Defensive 8.80 24.60...............................................................................................s Consumer Defensive 2.93 7.83d Healthcare 3.92 13.91f Utilities 1.95 2.86

Principal Risks as of 12-31-17Loss of Money, Not FDIC Insured, Market/Market Volatility, Equity Securities, ETF, Management, Market Trading

©2018 Morningstar, Inc., Morningstar Investment Profiles™ 312-696-6000. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) maynot be copied or distributed and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use ofinformation. Past performance is no guarantee of future performance. Visit our investment website at www.morningstar.com ß

®

Vanguard® Extended Market Index Fund - Admiral (TM) Shares Release Date

03-31-18..........................................................................................................................................................................................................................................................................................................................................CategoryMid-Cap Blend


The investment seeks to track a benchmark index that measures the investment return of small- and mid-capitalization stocks. The fund employs an indexing investment approach designed to track the performance of S&P Completion Index, a broadly diversified index of stocks of small and mid-size U.S. companies. It invests by sampling the index, meaning that it holds a broadly diversified collection of securities that, in the aggregate, approximates the full index in terms of key characteristics. These characteristics include industry weightings and market capitalization, as well as certain financial measures, such as price/earnings ratio and dividend yield. Past name(s) : Vanguard Extended Market Idx Adm.


Low Moderate High

Investment

Category


Principal RisksLoss of Money, Not FDIC Insured, Market/Market Volatility,Equity Securities, ETF, Management, Market Trading, Sampling






LargeM

idSm

all

Value Blend Growth



CMT Market Liquidity Rate 2.35Tesla Inc 0.72ServiceNow Inc 0.58Las Vegas Sands Corp 0.53Worldpay Inc Class A 0.49.......................................................................................................Liberty Global PLC C 0.40Twitter Inc 0.38Fleetcor Technologies Inc 0.37T-Mobile US Inc 0.37Workday Inc Class A 0.35







. . . .


Donald Butler, CFA. Since 1997.William Coleman. Since 2017.................................................................................................Advisor Vanguard Group IncSubadvisor .

Notes


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CN0207-39981-0320D

Eaton Vance Atlanta Capital SMID-Cap Fund - Class R6 Shares Release Date

03-31-18..........................................................................................................................................................................................................................................................................................................................................CategoryMid-Cap Growth


The investment seeks long-term capital growth. Under normal circumstances, the fund invests at least 80% of its net assets (plus any borrowings for investment purposes) in small- to mid-cap stocks (the "80% Policy"). The portfolio managers generally consider small- to mid-cap companies to be those companies having market capitalizations within the range of companies comprising the Russell 2500 TM Index.


Low Moderate High

Investment

Category


Principal RisksLong-Term Outlook and Projections, Loss of Money, Not FDICInsured, Active Management, Market/Market Volatility,Depositary Receipts, Equity Securities, ETF, Small Cap, RealEstate/REIT Sector






LargeM

idSm

all

Value Blend Growth



Ansys Inc 4.54Teleflex Inc 3.83Markel Corp 3.77SEI Investments Co 3.59TransUnion 3.45..........................................................................................JB Hunt Transport Services Inc 3.06Bio-Rad Laboratories Inc 2.89Aramark 2.88WEX Inc 2.79CDW Corp 2.78





OperationsGross Prosp Exp Ratio 0.84% of fund assetsNet Prosp Exp Ratio 0.84% of fund assetsManagement Fee 0.81%12b-1 Fee .Other Fee 0.00%Miscellaneous Fee(s) 0.03%Fund Inception Date 07-01-14Total Fund Assets ($mil) 11,601.2Annual Turnover Ratio % 11.00Fund Family Name Eaton Vance


. . . .


Charles Reed, CFA. Since 2002.William Bell, CFA. Since 2004.................................................................................................Advisor Boston Management and

ResearchSubadvisor Atlanta Capital Management

Company,LLC

NotesExpenses in the table and the Example reflect the expenses of the Fund and the SMID-Cap Portfolio (the "Portfolio"), the Fund'smaster Portfolio.


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CN0207-39981-0320D

American Funds® EuroPacific Growth Fund® - Class R-6 Release Date

03-31-18..........................................................................................................................................................................................................................................................................................................................................CategoryForeign Large Growth


The investment seeks long-term growth of capital. The fund invests primarily in common stocks of issuers in Europe and the Pacific Basin that the investment adviser believes have the potential for growth. Growth stocks are stocks that the investment adviser believes have the potential for above-average capital appreciation. It normally will invest at least 80% of its net assets in securities of issuers in Europe and the Pacific Basin. The fund may invest a portion of its assets in common stocks and other securities of companies in emerging markets.


Low Moderate High

Investment

Category


Principal RisksEmerging Markets, Foreign Securities, Long-Term Outlook andProjections, Loss of Money, Not FDIC Insured, Growth Investing,Active Management, Issuer, Market/Market Volatility






LargeM

idSm

all

Value Blend Growth



Samsung Electronics Co Ltd 3.25AIA Group Ltd 2.62British American Tobacco PLC 2.54Taiwan Semiconductor Manufacturing Co Ltd 2.04Alibaba Group Holding Ltd ADR 2.03.......................................................................................................Reliance Industries Ltd 2.02Airbus SE 2.00HDFC Bank Ltd 1.96Tencent Holdings Ltd 1.87SoftBank Group Corp 1.80



Morningstar World Regions as of 12-31-17 % Fund

Americas 9.08........................................................................................................North America 5.72Latin America 3.36

Greater Europe 40.82........................................................................................................United Kingdom 13.65Europe Developed 24.78Europe Emerging 0.80Africa/Middle East 1.60

Greater Asia 50.10........................................................................................................Japan 14.17Australasia 0.39Asia Developed 16.42Asia Emerging 19.12

OperationsGross Prosp Exp Ratio 0.50% of fund assetsNet Prosp Exp Ratio 0.50% of fund assetsManagement Fee 0.42%12b-1 Fee .Other Fee 0.00%Miscellaneous Fee(s) 0.08%Fund Inception Date 05-01-09Total Fund Assets ($mil) 166,669.8Annual Turnover Ratio % 36.00Fund Family Name American Funds


. . . .


Mark Denning. Since 1991.Carl Kawaja. Since 2001.................................................................................................Advisor Capital Research and

Management CompanySubadvisor .

Notes


ß® 13.1723-118 (4/18)

CN0207-39981-0320D

Vanguard® Total International Stock Index Fund - Admiral(TM) Shares Release Date

03-31-18..........................................................................................................................................................................................................................................................................................................................................CategoryForeign Large Blend


The investment seeks to track the performance of a benchmark index that measures the investment return of stocks issued by companies located in developed and emerging markets, excluding the United States. The fund employs an indexing investment approach designed to track the performance of the FTSE Global All Cap ex US Index, a float-adjusted market-capitalization-weighted index designed to measure equity market performance of companies located in developed and emerging markets, excluding the United States. The index includes approximately 5,800 stocks of companies located in over 45 countries.


Low Moderate High

Investment

Category


Principal RisksEmerging Markets, Loss of Money, Not FDIC Insured, Countryor Region, Market/Market Volatility, Equity Securities, ETF,Management, Market Trading






LargeM

idSm

all

Value Blend Growth



Tencent Holdings Ltd 1.15Nestle SA 0.96Samsung Electronics Co Ltd 0.86Taiwan Semiconductor Manufacturing Co Ltd 0.78HSBC Holdings PLC 0.73.......................................................................................................Novartis AG 0.69Toyota Motor Corp 0.66Roche Holding AG Dividend Right Cert. 0.62Alibaba Group Holding Ltd ADR 0.58Royal Dutch Shell PLC Class A 0.57



Morningstar World Regions as of 03-31-18 % Fund

Americas 10.08........................................................................................................North America 7.01Latin America 3.08

Greater Europe 45.53........................................................................................................United Kingdom 11.87Europe Developed 29.97Europe Emerging 1.33Africa/Middle East 2.36

Greater Asia 44.38........................................................................................................Japan 17.87Australasia 4.60Asia Developed 10.06Asia Emerging 11.86



. . . .


Michael Perre. Since 2008.Christine Franquin. Since 2017.................................................................................................Advisor Vanguard Group IncSubadvisor .

Notes


ß® 13.9889-118 (4/18)

CN0207-39981-0320D

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