Voya Global Perspectives Voya Investment Management

Weekly Update | July 26, 2021 Voya Global Perspectives Voya Investment Management

As of July 23, 2021

Commentary and Statistics Index Prices ($) . After plunging on Monday, the major U.S. Index 07/23/21 12/31/20 equity indexes rebounded to finish the Dow Jones Industrial Average 35,062 30,606 week at record highs. Investors bet that S&P 500 Index 4,412 3,756 concern about the economic impact of Returns (%) the coronavirus Delta variant was U.S. Market Indexes Returns One Week MTD YTD 3-Months overdone; while reopening momentum Dow Jones Industrial Average 1.12 1.70 15.72 3.46 remained largely intact and second S&P 500 Index 1.97 2.74 18.41 5.91 quarter earnings were upbeat. Growth MSCI ACWI Index 1.13 1.10 13.80 3.88 marked its fourth straight week leading Russell 2000 Index 2.15 -4.34 12.44 -2.51 value. Russell MidCap Index 2.54 0.38 16.69 2.31 . U.S. Treasury yields plunged on Monday Bloomberg Barclays U.S. Aggregate Index 0.19 0.87 -0.75 1.73 as investors fled stocks for bonds. By Bloomberg Barclays High Yield Bond Index 0.07 0.32 3.95 2.17 Tuesday, yields began to retrace their United States 20-Year Treasury Bond 0.20 3.04 -5.26 6.46 decline, finishing the week slightly lower. S&P / LSTA Senior Loan Index -0.11 -0.10 2.06 0.72 The 10-year note ticked down from 1.25% S&P 500 Sector Returns One Week MTD YTD 3-Months to 1.22%; the two-year fell from 0.25% to 0.07%. Consumer Discretionary 2.87 3.15 13.74 3.97 Consumer Staples 0.56 2.30 7.44 3.88 . The U.S. dollar index ticked up; bitcoin Energy -0.33 -9.79 31.39 3.45 rose slightly against the dollar. The Financials 0.33 -1.22 24.16 2.90 Bloomberg Commodities index gained; oil Health Care 2.19 4.38 16.75 6.77 and copper futures advanced; precious Industrials 1.64 1.13 17.72 2.34 metals and agricultural futures declined. Materials 0.80 -0.74 13.65 -1.07 . With 24% of S&P 500 companies Real Estate 0.10 4.35 28.66 10.23 reporting 2Q21 results, 88% have Technology 2.78 4.63 19.02 8.54 exceeded earnings expectations and 84% Communication Services 3.24 4.58 25.15 10.45 have beaten revenue expectations. As of Utilities -0.87 3.93 6.41 -0.49 July 23, 2021, Refinitiv estimated the S&P 500’s 2Q21 earnings growth rate at 78.1% U.S. Returns by Style and its 12-month forward P/E ratio at 21.7. One Week (%) Year to Date (%) 3-Months (%) AutoNation, HCA Healthcare and IBM Large Value Large Growth Large Value Large Growth Large Value Large Growth 1.0 3.3 17.3 18.2 1.8 9.1 impressed this week. Philip Morris Mid Value Mid Growth Mid Value Mid Growth Mid Value Mid Growth International, PPG Industries and Tractor 1.5 4.4 19.1 12.1 0.8 4.9 Supply disappointed. Small Value Small Growth Small Value Small Growth Small Value Small Growth 0.9 3.4 20.5 4.8 -2.5 -2.7 . July Markit flash manufacturing PMI beat expectations, rising to a record 63.1; Large Value: Russel 1000 Value Large Growth: Russel 1000 Growth output rose despite reports of material Midcap Value: Russell Midcap Value Midcap Growth: Russell Midcap Growth shortages. Services PMI fell to 59.8, its Small Value: Russell 2000 Value Small Growth: Russell 2000 Growth lowest in five months. Firms blamed labor Global Market Returns (%) One Week MTD YTD 3-Months shortages and supply challenges for loss Bloomberg Barclays Global Aggregate Bond Index 0.08 0.71 -2.52 0.40 of growth momentum. MSCI EAFE Index 0.21 0.14 9.33 1.61 MSCI United Kingdom Index -0.13 -0.37 12.13 1.76 MSCI Europe ex-U.K. Index 1.32 1.36 13.71 4.07 MSCI Japan Index -1.85 -1.77 -0.34 -2.48 MSCI AC Asia ex-Japan Index -2.19 -4.38 1.85 -3.54 MSCI Emerging Markets Index -2.08 -4.29 2.96 -2.21 JPM EMBI+ Emerging Markets Bond Index -0.02 0.52 -0.48 2.27 FTSE EPRA / NAREIT GRE Index -0.27 2.68 17.40 5.63

Source: FactSet Weekly Update | July 26, 2021 Voya Global Perspectives

. The Conference Board U.S. leading Bond Rates (%) as of: 07/23/21 07/16/21 12/31/20 04/23/21 economic index increased 0.7% in June to U.S. Federal Funds Target Rate 0.25 0.25 0.25 0.25 115.1, following increases of 1.2% in May U.S. Two-Year Treasury Yield 0.07 0.25 0.11 0.10 and 1.3% in April. The June gain was U.S. Ten-Year Treasury Yield 1.22 1.25 0.87 1.52 broad-based, suggesting that strong U.S. 30-Year Treasury Yield 1.92 1.93 1.64 2.25 economic growth will continue in the near High Yield (Merrill U.S. Corporates) 4.04 4.08 3.86 4.23 term. The coincident index increased by 0.4% to 105.5, following a 0.5% increase in Commodity Prices as of: 07/23/21 07/16/21 12/31/20 04/23/21 May and a 0.1% increase in April. The Gold (USD/oz) 1,801.80 1,815.00 1,895.10 1,777.80 lagging index was unchanged at 105.8, Crude Oil (USD/bbl) 72.07 71.81 48.52 62.14 following increases of 0.6% in May and Gasoline (USD/gal) 3.35 3.34 2.42 3.05 3.0% in April. (2016 = 100 for all three Copper (NYM $/lbs) 4.41 4.33 3.51 4.34 indexes.)

. Initial jobless claims for the week ended Exchange Rates as of: 07/23/21 07/16/21 12/31/20 04/23/21 July 17 rose to 419,000, the highest since $ per € 1.18 1.18 1.22 1.20 May 15. Continuing claims for the week $ per £ 1.38 1.38 1.37 1.38 ended July 10 declined to 3.236 million, a ¥ per $ 110.57 110.11 103.25 108.09 fresh post-pandemic low. . June existing home sales rose 1.4% to 5.86 million, missing expectations for 5.90 million but up 22.9% year-over-year. The median U.S. home price rose to $363,300, setting a record high amid limited inventory.

Index Definitions Bloomberg Barclays Global Aggregate Bond Index measures a wide range of global MSCI Japan Index is a free float-adjusted market capitalization weighted index designed to government, government-related, corporate and securitized fixed-income investments, all measure equity performance of listed common stocks in Japan. with maturities greater than one year. MSCI Emerging Markets Index is a free float-adjusted market capitalization index that Bloomberg Barclays High Yield Bond Index tracks the performance of below investment measures emerging market equity performance of 23 countries. grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic Municipal Bond Index is a bond index that includes investment-grade, tax-exempt fixed- market. rate bonds with long-term maturities (greater than two years) selected from issues larger Bloomberg Barclays U.S. Aggregate Index is a bond market index composed of U.S. than $50 million. securities in Treasury, Government-Related, Corporate, and Securitized sectors that are NASDAQ Composite Index is a market capitalization weighted index of the performance of investment-grade quality or better, have at least one year to maturity, and have an of domestic and international common stocks listed on the Nasdaq Stock Market including outstanding par value of at least $250 million. over 2,800 securities. Dow Jones Industrial Average is a price-weighted average computed from the stock Russell 1000 Growth Index measures the large-cap growth segment of the U.S. equity prices of 30 of the largest and most widely held public companies in the United States, market including Russell 1000 companies with higher price-to-book ratios and forecasted adjusted to reflect stock splits and stock dividends. growth. FTSE EPRA / NAREIT Global Real Estate Index represents general performance trends of Russell 1000 Value Index measures the large-cap value segment of the U.S. equity market the equity securities of real estate companies involved in the ownership, disposition and including Russell 1000 companies with lower price-to-book ratios and lower expected development of income-producing properties worldwide. growth. JPMorgan Emerging Markets Bond Index Plus (EMBI+) tracks total returns for traded Russell MidCap Growth Index measures the performance of the mid-cap growth segment foreign currency denominated debt instruments in the emerging markets which meet of the U.S. equity market including Russell Midcap Index companies with higher price-to- minimum criteria for face value outstanding and market trading liquidity. book ratios and forecasted growth. MSCI ACWI Index is a free float-adjusted market capitalization weighted index designed Russell MidCap Value Index measures the performance of the mid-cap growth segment of to provide a broad measure of equity-market performance throughout the world, capturing the U.S. equity market including Russell Midcap Index companies with lower price-to-book large and mid cap representation across 23 Developed Markets (DM) and 26 Emerging ratios and forecasted growth. Markets (EM) countries. Russell 2000 Growth Index measures the performance of small-cap growth stocks in the MSCI EAFE Index is a free float-adjusted market capitalization weighted index designed U.S. equity market including Russell 2000 companies with higher price-to-value ratios and to measure developed markets’ equity performance, excluding the U.S. & Canada, for 21 forecasted growth. countries. Russell 2000 Value Index measures the performance of small-cap growth stocks in the MSCI Europe ex-U.K. Index is a free float-adjusted market capitalization weighted index U.S. equity market including Russell 2000 companies with lower price-to-value ratios and designed to measure equity performance of the 15 developed European markets except the forecasted growth. United Kingdom. S&P 500 Index is a widely regarded as the best single gauge of the U.S. equities market, MSCI U.K. Index is a free float-adjusted market capitalization weighted index designed including 500 leading companies in major industries of the U.S. economy. to measure equity performance of listed common stocks in the United Kingdom. S&P 500 Sectors are defined as the GICS (Global Industry Classification Standard) sectors MSCI Asia ex-Japan Index is a free float-adjusted market capitalization weighted index which provide standardized industry definitions consisting of 10 sectors, 24 industry groups, designed to measure equity performance of the 15 developed Asian markets except Japan. and 67 industries.

2 Weekly Update | July 26, 2021 Voya Global Perspectives

Economic Release Calendar

Monday, July 26 Tuesday, July 27 Wednesday, July 28 Thursday, July 29 Friday, July 30

Markit/JMMA PMI Durable Orders SA (Jun) Leading Index (May) CPI NSA (Jul) Personal Consumption Expenditure Manufacturing SA (Jul) U.S. Japan Germany SA (Jun) Japan U.S.

Ifo Expectations SA (Jul) FHFA Home Price Index (May) Wholesale Inventories SA GDP SAAR (2Q21) Chicago PMI SA (Jul) Germany U.S. (Jun) U.S. U.S. U.S.

New Home Sales SAAR (Jun) Consumer Confidence (Jul) FOMC Meeting Pending Home Sales (Jun) Michigan Sentiment NSA (Jul) U.S. U.S. U.S. U.S. U.S.

GDP NSA (2Q21) CFLP PMI Manufacturing (Jul) Korea China

CFLP Non Manufacturing PMI (Jul) China

Source: FactSet

Earnings Announcements

Monday, MayJuly 2617 Tuesday, JulyMay 2718 Wednesday, JulyMay 2819 Thursday, MayJuly 2920 Friday, MayJuly 3021

DukeTesla Energy AppleIndustrial & Commercial Bank of FacebookTencent Holding AlibabaAmazon.com Group SiemensProcter & Gamble AirLockheed Products Martin and Chemicals MicrosoftChina PaypalCoupang, Inc. WaltComcast Disney INGExxon Group Mobil AdidasKoninklijke Philips AlphabetToyota Motor Co. PfizerDaikin Inds AppliedMerck & MaterialsCo. ItochuAbbvie Corp. CadenceMarriott Int'l Design Systems VisaVodafone Group ShopifyTakeda Pharmaceutical AirbnbTMobile US HoyaLinde Corp. OtisBiontech Worldwide UnitedHonda ParcelMotor Co.Service McDonaldsRakuten DeutscheVolkswagen Telekom UbiquitiCaterpillar AmeripriseSimon Property Financial Group StarbucksPalantir Technologies QualcommEisai Co. KDDIAstrazeneca SumitomoBNP Paribas RyanairInternational Holdings Flavors & RaytheonElectronic TechnologiesArts BristolWix.com Myers Squibb PetroleoRoyal DutchBrasileiro Shell CapcomIllinois Tool Co. Works LogitechFragrances International 3MTransdigm CompanyGroup BoeingSmurfit Kappa DoordashAnheuserbusch Inbev Petroleo Brasileiro Roblox GeneralKubota Corp. Electric Glaxosmithkline Sanofi Colgatepalmolive Source:Sandvik Zacks Investment Research Advanced Micro Devices Lam Research Vale Mondelez International

Source: Zacks Investment Research

3 Weekly Update | July 26, 2021 Voya Global Perspectives

This commentary has been prepared by Voya Investment Management for informational purposes. Nothing contained herein should be construed as (i) an offer to sell or solicitation of an offer to buy any security or (ii) a recommendation as to the advisability of investing in, purchasing or selling any security. Any opinions expressed herein reflect our judgment and are subject to change. Certain of the statements contained herein are statements of future expectations and other forward-looking statements that are based on management’s current views and assumptions and involve known and unknown risks and uncertainties that could cause actual results, performance or events to differ materially from those expressed or implied in such statements. Actual results, performance or events may differ materially from those in such statements due to, without limitation, (1) general economic conditions, (2) performance of financial markets, (3) changes in laws and regulations and (4) changes in the policies of governments and/or regulatory authorities. The opinions, views and information expressed in this commentary regarding holdings are subject to change without notice. The information provided regarding holdings is not a recommendation to buy or sell any security. Fund holdings are fluid and are subject to daily change based on market conditions and other factors. Past performance is no guarantee of future results.