Disclaimers

Principal risks: all investing involves risks of fluctuating prices and the uncertainties of rates of return and yield. As with any portfolio, you could lose money on your investment in the Voya Balanced Large Cap Core Value SMA. Stocks are more volatile than bonds, and portfolios with a higher concentration of stocks are more likely to experience greater fluctuations in value than portfolios with a higher concentration of bonds. Investing in bonds also entails credit risk and interest rate risk. The strategic allocation of the Voya Balanced Large Cap Core Value SMA is expected to remain constant; as a result, the SMA’s performance will depend on the performance of the underlying investment strategies rather than tactical changes to its asset allocations. Market and asset class performance may differ in the future from historical performance and the assumptions used to form the strategic asset allocations for the Voya Balanced Large Cap Core Value SMA. There is risk that you could achieve better returns in an underlying portfolio or other portfolios representing a single asset class than in the Voya Balanced Large Cap Core Value SMA.

The information contained herein is obtained from multiple sources and believed to be reliable. Information has not been verified by Merrill Lynch and may differ from documents created by Merrill Lynch. Clients should refer to the Merrill Lynch Profile, which you can obtain from your financial advisor. for additional information or other programs speak to your financial advisor.

Merrill Lynch, through its affiliate, Managed Account Advisors, LLC (MSS) will be the overlay portfolio manager (OPM) for this investment style. Voya IM will provide securities recommendations to the OPM generally in the form of a model, which includes the specific securities and the percentage allocation to each security to be held in client accounts. This investment advice is updated by Voya IM whenever the recommendations change. The OPM generally implements the invest advice of Voya IM without change, subject to any reasonable client-imposed restrictions and, to the extent possible, tax considerations. Voya IM can, after consultation with Merrill Lynch, place orders for certain block trades with Merrill Lynch or another broker-dealer. Voya IM is not affiliated with Merrill Lynch. While the model portfolio was created to reflect the investment strategy and asset allocation policy of Consults, it does not represent the performance of actual accounts and, therefore, does not factor in changes in asset allocation and timing of investments that might have been made based on the then-current economic conditions, and which may have changed the results.

In addition, Voya cannot assure that the non-Consults results would be similar to its results from management of Consults accounts. Foreign investments, including ADRs, may be exposed to certain risks not typically involved in domestic investments such as exchange rate fluctuations, adverse political and economic developments, imposition of exchange controls or other foreign laws or restrictions.

The Standard and Poor’s 500 Index is designed to measure performance of the broad domestic economy through changes in the aggregate market value of 500 stocks representing all major industries. The index includes 500 leading companies and covers approximately 80% of available market capitalization. Index returns do not reflect fees, brokerage commissions, taxes or other expenses of investing. Investors cannot invest directly in an Index.

Voya Investment Management has prepared this commentary 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) interest rate levels, (4) increasing levels of loan defaults (5) changes in laws and regulations and (6) 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. Strategy holdings are fluid and are subject to daily change based on market conditions and other factors.

Past performance does not guarantee future results.

Not FDIC Insured | May Lose Value | No Bank Guarantee

SMAC-SI-MLC 063024 • ex063025 • IM3703578 • WLT250007085