Collective Investment Trusts

Profile | 2Q21 Collective Investment Trusts

Cost-efficient, Diverse Investments for DC Plans Key Advantages of Qualified CITs

In recent years, collective investment trust funds (CITs) have ■ Simpler structure and generally lower costs than mutual funds gained popularity in qualified retirement plans as plan sponsors ■ Exempt from 1940 Investment Company Act have sought greater value in their investment solutions. Today’s ■ Flexible fee schedules with or without revenue sharing CITs also offer greater choice through a wider range of investment strategies, easier accessibility via recordkeeping platforms, more flexibility and higher transparency than in the past.

Voya CITs for Qualified Plans

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 $252 billion1 in assets across fixed income, senior loans, equities, multi-asset 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.

QDIA Management Administration Expense Ratio (bp) Fund Name Benchmark 2, 3 Eligible fee (bp) fee (bp) Gross Net Voya Small Cap Growth Trust Fund No Russell 2000 Growth 80 5.3 85.3 85.3 Voya Small Cap Core Trust Fund No Russell 2000 75 4.2 79.2 79.2 Voya Mid Cap Growth Trust Fund No Russell MidCap Growth 70 2.3 72.3 72.3 Voya Large Cap Growth Trust Fund No Russell 1000 Growth 55 1.3 56.3 56.3 Voya Large Cap Value Trust Fund No Russell 1000 Value 55 2.2 57.2 57.2 Voya Core Plus Trust Fund No Bloomberg Barclays U.S. Aggregate 30 1.6 31.6 31.6 Voya Investment Grade Credit Trust Fund No Bloomberg Barclays U.S. Corporate Index 25 4.4 29.4 29.4 Voya Senior Loan Trust Fund No S&P/LSTA Leveraged Loan 45 3.4 48.4 48.4 Voya Short Duration High Quality Trust Fund No Bloomberg Barclays 3 year Gov’t/Credit 22 7.8 29.8 29.8 Voya Target Solution 2025 Trust Fund Yes S&P Target Date 2025 39 N/A 39.0 39.0 Voya Target Solution 2030 Trust Fund Yes S&P Target Date 2030 39 N/A 39.0 39.0 Voya Target Solution 2035 Trust Fund Yes S&P Target Date 2035 39 N/A 39.0 39.0 Voya Target Solution 2040 Trust Fund Yes S&P Target Date 2040 39 N/A 39.0 39.0 Voya Target Solution 2045 Trust Fund Yes S&P Target Date 2045 39 N/A 39.0 39.0 Voya Target Solution 2050 Trust Fund Yes S&P Target Date 2050 39 N/A 39.0 39.0 Voya Target Solution 2055 Trust Fund Yes S&P Target Date 2055 39 N/A 39.0 39.0 Voya Target Solution 2060 Trust Fund Yes S&P Target Date 2060+ 39 N/A 39.0 39.0 Voya Target Solution 2065 Trust Fund Yes S&P Target Date 2060+ 39 N/A 39.0 39.0 Voya Target Solution Income Trust Fund Yes S&P Target Date Retirement Income 39 N/A 39.0 39.0 The minimum investment for each Voya CIT is $5 million. For the Voya Target Solution Trust Series, there is no minimum. Revenue sharing for shareholder servicing can be implemented for any CIT through agreement between Voya and the client. Additional fees may apply.

Past performance does not guarantee future results. 1 As of 03/31/21, Voya IM assets of $252 billion include proprietary insurance general account assets of approximately $42 billion calculated on a market value basis. ² In addition to investment management fees and operating expenses, including but not limited to transfer agency, custody, accounting and auditing fees as reflected in trust valuations. Administrative expenses are estimated based on total net assets in the CITs as of 06/30/21. 3 The Trustee has voluntarily determined to pay out of its resources any administrative expenses that exceed 0.15% for the Voya Senior Loan Trust Fund and 0.10% for all other funds listed. The Voya Target Solution Trust Series Management Fee includes administration expenses.

For financial professional use only. Not for inspection by, distribution or quotation to, the general public. Profile | 2Q21 Collective Investment Trusts

Structure of a CIT Who Can Use CITs?

A collective investment trust (CIT) is a tax-exempt, pooled Access to CITs is limited to participants in qualified retirement investment vehicle administered by a bank or trust company plans such as employee contribution plans as defined under that is available to defined benefit and most defined contribution section 401(a) of the Internal Revenue Code, certain governmental plans. Each CIT is managed professionally on behalf of multiple plans and insurance separate accounts consisting solely of assets plans commingled into one trust and is not open to the public. in qualified retirement plans.

For that reason, CITs are available only within employer- Eligible to Invest Not Eligible to Invest sponsored plans that have negotiated an agreement with the CIT provider. Plan sponsor enrollment materials provide essential 401(k) plans 403(b) plans information regarding the collective trust fund, its trustee or manager, the fund’s operations and investment strategy, its Defined-benefit plans IRAs and Keogh accounts service providers, expenses and other matters and include: Qualified profit-sharing and Endowment plans ■ declaration of trust; stock bonus plans ■ the fund description; Taft-Hartley plans Foundation plans ■ subscription agreement; Public 457 plans 457(f) government plans ■ required Department of Labor (DOL) “service provider” disclosures under DOL Reg. §408b-2; Collective investment trust funds are well suited to retirement ■ if applicable, a copy of the manager’s Form ADV-Part 2A and plans that are too large to use mutual funds cost-effectively, yet Form ADV-Part 2B. do not have enough assets to obtain the economies of scale offered by institutional, separate accounts. While these documents differ from the paperwork required to select a mutual fund, they are fairly straightforward; only the subscription agreement requires the plan sponsor’s signature.

For More Information For specific funds and fund share classes available by plan and related fund fact sheets, please refer to the Voya Investments website at www.voyainvestments.com or call your local representative.

A collective fund is not a mutual fund; the collective investment trust fund is managed by Voya Investment Trust Co. As with any portfolio, you could lose money on an investment in a collective investment trust. There is no guarantee that any investment option will achieve its stated objective. Principal value fluctuates and there is no guarantee of value at any time. Stocks are more volatile than bonds, and trusts with a higher concentration of stocks are more likely to experience greater fluctuations in value than portfolios with a higher concentration in bonds. Foreign stocks and small- and mid-cap stocks may be more volatile than large-cap stocks. Investing in bonds also entails credit risk and interest rate risk. Generally, investors with longer timeframes can consider assuming more risk in their investment portfolio. Refer to the Declaration of Trust for more information about the specific risks of investing in the particular assets classes included in the Voya collective investment trusts. Participation in a Collective Trust Fund is limited to eligible trusts that are accepted by the Trustee as Participating Trusts. Eligible trusts generally include (i) certain employee benefit trusts exempt from federal income taxation under Code Section 501(a); (ii) certain governmental plans or units described in Code Section 414(d), Code Section 457(b), and Code Section 818 (a) (6); (iii) certain commingled trust funds exempt from federal income taxation under Code Section 501(a); and (iv) certain insurance company separate accounts as defined in the Investment Company Act section 2(a) (17). Neither the fund nor units of beneficial interest in the Fund are registered under the Investment Company Act of 1940 nor the Securities Act of 1933, in reliance upon an exemption under these acts applicable to collective trust funds maintained by a bank for certain types of employee benefit trusts.

©2021 Voya Investments Distributor, LLC • 230 Park Ave, New York, NY 10169 • All rights reserved. BBRE-CIT 081321 • 10640 • 170759 • WLT250009534 For financial professional use only. Not for inspection by, distribution or quotation to, the general public.

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