Voya Investment Management | June 30, 2019 A Leader in ...

Voya Investment Management | March 31, 2021

A Leader in Target Date Capabilities

INVESTMENT MANAGEMENT

Voya Advantages

Voya's target date funds were designed with participants' needs in mind.

Voya Target Date: the QDIA Choice to Help Keep Retirement Goals on Track

Voya Investment Management is the asset management business of Voya Financial, a Fortune 500 company with over 6,000 employees seeking to help clients plan, invest and protect their savings. Voya Investment Management manages approximately $255 billion1 in assets across fixed income, senior loans, equities, multiasset strategies and solutions, private equity, and real assets. Drawing on over 40 years of experience and the expertise of 250+ investment professionals, the firm's capabilities span traditional products and solutions as well as those that cannot be easily replicated by an index.

Voya's target date funds (TDFs) were designed with participants' needs and behaviors in mind; we believe they are in accord with Department of Labor guidance and can help plan sponsors feel confident that they're making an appropriate choice for their plan. Our TDFs are designed to balance the evolving risk-return profiles of participants as they progress through their different stages of life, to maximize the probability of a successful retirement.

The "target date" is the approximate date when an investor plans to start withdrawing their money. When their target date is reached, they may have more or less than the original amount invested. For each target-date fund, until the day prior to its target date, the fund will seek to provide total returns consistent with an asset allocation targeted for an investor who is retiring in approximately each fund's designated target year. On the target date, the fund will seek to provide a combination of total return and stability of principal. The principal value of the fund is not guaranteed at any time, including at the target date. Investors should also be aware that the funds' objectives and investment strategies may change over time.

Voya Key Differentiators

Participant Focused Glide Path Seeks to maximize wealth in early years and reduce risk in later years More equity relative to peers in early years, less equity relative to peers in later years

Multi-Manager2 Voya is a pioneer of the multi-manager Target Date approach, with over 10 years of experience Access to Voya's investment capabilities and other well-recognized asset managers

Active / Passive Blend Active managers may offer the potential for excess returns in less efficient asset classes Passive managers may offer cost effective exposure to highly efficient asset classes within a competitive

fee structure

One Solution for the Different Stages of Life

Life Stage

Young Savers (65)

Key Objective Maximize wealth accumulation

Reduce investment risk as contributions grow

Reduce volatility to preserve assets

Protect assets and generate income that lasts as long as one lives

Key Risks

Not saving enough

Volatility or low returns

Significant capital losses and inflation

Income needs outstrip assets

Voya Target Date

Suites

Maximize equity exposures to give investors a head start on accumulating for retirement

Slowly and steadily reduce equity exposure over time taking into account market conditions

Continue to trim exposure to risky assets such that most conservative allocation occurs

at retirement

Diversify and actively manage asset mixes to lead to potentially greater

income stability

1 As of 12/31/20. Voya IM assets are calculated on a market value basis and include proprietary insurance general account assets of $68 billion. 2 Multi-Manger refers to the use of investment managers including Voya Investment Management and outside managers, which may be offered through affiliated sub-

advised funds.

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Percentage of Portfolio

A Leader in Target Date Capabilities

Participant Focused Glide Path Design

In general, younger participants can afford to take on more investment risk in exchange for greater potential returns. As participants approach retirement, however, their risk profiles must become more conservative to protect the accumulated wealth. The manner in which a portfolio adjusts to this change in risk tolerance over time is known as its glide path and is a key differentiating feature among the many available target date funds -- and a primary determinant of their returns and volatility.

In the early years of participants' careers, Voya TDFs seek to maximize asset accumulation by taking more aggressive equity positions, relative to the industry average. The funds shift emphasis to asset protection in later years, reducing risk and ultimately reaching their most conservative equity allocation of 35 at retirement to help investors hold onto what they have accumulated in a lifetime of saving.

A Portfolio that Adjusts as Your Career Progresses

100% 80 60

Early Career 5

95 Aggressive equity allocation early in career

40

20

Equity

0

-45

-40

-35

-30

Mid Career

12

20

88

80

28

72

Reduction of equities aligned with changing risk profile

-25

-20

-15

Years Before Retirement

Pre-Retirement

Retirement Fixed Income

38

62

49

51

65

Accelerated risk 35 reduction in critical pre-retirement years

Conservative allocation in retirement

-10

-5

0

5

10

15

Retirement

Date

Years After Retirement

Source: Voya Investment Management. This chart is for illustrative purposes only and may not reflect the current allocations of the Voya Target Retirement Funds. This illustration is intended to show how the Voya Target Retirement Funds transition over time.

The Funds may periodically deviate from the Target Allocation, generally within the range of +/- 10% relative to the current Target Allocation. The sub-adviser may determine to deviate by a wider margin in order to protect the Fund, achieve its investment objective, or take advantage of particular opportunities.

Voya's Target Date Offerings

Key Attributes

Solution Portfolios

Index Solution Portfolio

Target Solution Trusts

Target Retirement Funds

Vehicle

Variable Portfolios

Variable Portfolios

Collective Trusts

Mutual Funds

Active/Passive/Blend

Blend (83% Active)

Passive

Blend (66% Active)

Blend (61% Active)

Philosophy & Glide Path

Conservative "To" Glide Path

Menu Availability

Menu 1?4

Menu 1?5

Menu 5, Framework

Menu 5, Framework

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Voya Advantages

Ratings and Rankings as of 03/31/21

1 Year

Morningstar? Ratings and Percentile Rankings

3 Years

5 Years

10 Years

Voya Offerings / Morningstar Category

Target Date

Abs. Total Abs. Total Abs. Total Abs. Total Inception Rank Funds Rank Funds Rank Funds Rank Funds

Voya Target Solution Income Trust Morningstar Public Target-Date Retirement

01/01/10

22 out of 156

13 out of 139

16 out of 116

Voya Target Solution 2025 Trust Morningstar Public Target-Date 2025

01/01/10

12 out of 211

22 out of 191

35 out of 151

Voya Target Solution 2030 Trust Morningstar Public Target-Date 2030

01/01/10

16 out of 212

27 out of 192

31 out of 149

Voya Target Solution 2035 Trust Morningstar Public Target-Date 2035

01/01/10

27 out of 204

31 out of 188

31 out of 148

Voya Target Solution 2040 Trust Morningstar Public Target-Date 2040

01/01/10

28 out of 206

25 out of 192

28 out of 149

Voya Target Solution 2045 Trust Morningstar Public Target-Date 2045

01/01/10

31 out of 204

24 out of 188

31 out of 148

Voya Target Solution 2050 Trust Morningstar Public Target-Date 2050

01/01/10

38 out of 206

33 out of 192

42 out of 149

Voya Target Solution 2055 Trust Morningstar Public Target-Date 2055

01/01/10

39 out of 204

31 out of 188

33 out of 145

Voya Target Solution 2060 Trust

Morningstar Public Target-Date 2060+

09/01/15

46 out of 271

28 out of 185

42 out of 109

Past performance does not guarantee future results. Please see back cover for additional disclosures.

* Please Note: the RPAG scores for the CITs are for Class 8.

** Fi360 data for the CITs are as of 02/28/21

5 out of 75

32 out of 86

37 out of 82

39 out of 83

32 out of 82

26 out of 82

26 out of 73

28 out of 48

-

Overall

RPAG Fi360 Fiduciary Scorecard* Score?**

1Q 1Q Value Peers

out of 139

out of 191

out of 192

out of 188

out of 192

out of 188

out of 192

out of 188

out of 185

8

27 151

8

0 203

8

0 201

8

0 197

8

0 201

8

0 197

8

0 201

8

0 197

8

0 195

Investment Risks

As with any portfolio, you could lose money on your investment in the Voya Target Solution Trust. Although the strategy seeks to optimize risk-adjusted returns given various time horizons, you still may lose money and experience volatility. Forward looking asset class assumptions and market judgment are used to form the asset allocations for the Voya Target Solution Trust. 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 Target Solution Trust. Important factors to consider when planning for retirement include your expected expenses, sources of income, and available assets. Before investing in the Voya Target Solutions Trust, weigh your objectives, time horizon, and risk tolerance. The Voya Target Solutions Trust invests in many underlying portfolios which are exposed to the risks of different areas of the market. The higher a portfolio's allocation to stocks, the greater the risk. Diversification cannot assure a profit or protect against loss in a declining market.

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A Leader in Target Date Capabilities

Performance Update as of 03/31/21

Target Date

Voya Target Solution Income Trust Morningstar Public

Voya Target Solution Income Trust Class 8 CIT

Voya Target Solution 2025 Trust Morningstar Public

Voya Target Solution 2025 Trust Class 8 CIT

Voya Target Solution 2030 Trust Morningstar Public

Voya Target Solution 2030 Trust Class 8 CIT

Voya Target Solution 2035 Trust Morningstar Public

Voya Target Solution 2035 Trust Class 8 CIT

Voya Target Solution 2040 Trust Morningstar Public

Voya Target Solution 2040 Trust Class 8 CIT

Voya Target Solution 2045 Trust Morningstar Public

Voya Target Solution 2045 Trust Class 8 CIT

Voya Target Solution 2050 Trust Morningstar Public

Voya Target Solution 2050 Trust Class 8 CIT

Voya Target Solution 2055 Trust Morningstar Public

Voya Target Solution 2055 Trust Class 8 CIT

Voya Target Solution 2060 Trust Morningstar Public

Voya Target Solution 2060 Trust Class 8 CIT

Voya Target Solution 2065 Trust Morningstar Public

Voya Target Solution 2065 Trust Class 8 CIT

Inception

Cumulative 3-month YTD

Performance (NAV %)

Annualized

Expense Ratio (%)

1 Year 3 Years 5 Years 10 Years Inception Gross Net?

01/01/10 01/04/13 01/01/10 10/17/12 01/01/10 01/04/13 01/01/10 10/17/12 01/01/10 01/04/13 01/01/10 10/17/12 01/01/10 01/04/13 01/01/10 01/10/13 09/01/15* 09/03/15 08/01/20* 09/02/20

0.57 0.57 21.68 7.86 7.09 6.03

-

0.39 0.39

0.57 0.57 21.68 7.77 6.97

-

6.05 0.39 0.39

2.37 2.37 35.62 9.77 9.84 7.91

-

0.39 0.39

2.37 2.37 35.62 9.68 9.72

-

8.55 0.39 0.39

2.98 2.98 40.63 10.46 10.83 8.58

-

0.39 0.39

2.98 2.98 40.62 10.37 10.71

-

9.34 0.39 0.39

3.70 3.70 45.54 11.12 11.70 9.08

-

0.39 0.39

3.70 3.70 45.53 11.03 11.58

-

9.99 0.39 0.39

4.61 4.61 50.85 11.93 12.48 9.58

-

0.39 0.39

4.61 4.61 50.84 11.84 12.36

-

10.66 0.39 0.39

5.00 5.00 53.91 12.38 12.88 9.88

-

0.39 0.39

5.00 5.00 53.91 12.29 12.76

-

11.05 0.39 0.39

5.07 5.07 54.33 12.32 12.89 9.89

-

0.39 0.39

5.06 5.06 54.32 12.23 12.77

-

11.03 0.39 0.39

5.17 5.17 55.15 12.43 12.99 9.95

-

0.39 0.39

5.16 5.16 55.14 12.34 12.87

-

11.14 0.39 0.39

5.19 5.19 55.37 12.54 13.07

-

12.03 0.39 0.39

5.19 5.19 55.36 12.45 12.95

-

12.21 0.39 0.39

5.18 5.18

-

-

-

-

17.67 0.39 0.39

5.18 5.18

-

-

-

-

16.78 0.39 0.39

Past performance does not guarantee future results. Current performance may be lower or 1 higher than the performance information shown. The investment return and principal value of an investment in the portfolio will fluctuate, so that your shares, when redeemed, may be worth more or less than their original cost. Performance assumes reinvestment of distributions and does not account for taxes.

*

The estimated fee set forth above is comprised of Management Fees and the administrative and operating expenses (such as custody, transfer agency, valuation and audit fees) of the Target Solution Trusts as well as the underlying Collective Trust Funds. The fee rates set forth above are only estimated fee rates for the NAV classes in the Target Solution Trust Fund(s) and could be higher or lower. The current fee rate for each class of the Target Solution Trust Fund(s), is based on the current asset allocation and election of the underlying Collective Trust Funds. The actual fees and expenses incurred will vary over time based on strategic and tactical allocations across asset classes, changes in underlying Collective Trust Funds selected and/or fee schedules, as well as actual administrative and operating expenses incurred at both the underlying Collective Trust Fund and Target Solution Trust Fund level. Both the listed inception date, as well as the fund's performance for the (since) inception period were adjusted to reflect the start of the 1st full month that the fund was available to investors.

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