Conservative Income Fund - Voya Financial

Release Date: 09-30-2021

Conservative Income Fund

Benchmark ICE BofAML 3-Month U.S. Treasury Bill

Investment Objective & Strategy

The Fund seeks to produce current income while protecting principal over time.

The Fund generally invests in a diversified mix of fixed income investments with an average short- to intermediate-term maturity. The Fund may also maintain an allocation to money market and other short-term investments to provide for participant liquidity needs.

Other Fund investments may include a variety of stable value investment contracts, including separate account insurance investment contracts and synthetic investment contracts ("wraps"), which are intended to help certain associated fixed income investments of the Fund provide a stable rate of income. As a stable value manager, Invesco maintains discretion over managers and wraps.

Although the Fund's yield and daily net asset value (NAV) are expected to move up or down on a daily basis, the movements are expected to be mild. The risk is low and the Fund is suitable for conservative investors seeking an investment that generates income while protecting principal over time.

Operations and Management

Fund Inception Expense Ratio

Fund Fee5 Administration Fee Portfolio Manager Management Company1

August 1, 1994 0.38% 0.29% 0.09%

Invesco Stable Value Team Invesco | 60.76% Dodge & Cox | 5.02% Jennison | 10.07% Loomis Sayles | 10.05% PIMCO | 10.06% Other | 4.04%

Volatility Analysis Investment

Low

Moderate

High

Stable Value Asset Class

In the past, this investment has shown a relatively small range of price fluctuations relative to other investments. Consequently, this investment may appeal to investors looking for a conservative investment strategy.

Performance as of 09-30-21

Growth of $1000 investment (since August 1, 1994)

3,500.00

3,000.00 2,500.00

3,084

2,000.00 1,500.00

1,896

1,000.00

500.00 1994 Fund

1997

2000

Benchmark

2003

2006

2009

2012

2015

2018

2021

QTR

YTD 1 Year 3 Years 5 Years 10 Years Since Inception

Fund Return (net, %) Benchmark Return (%)

0.38

1.22

1.70

2.13

2.12

2.15

4.23

0.01

0.04

0.07

1.18

1.16

0.63

2.38

Performance Disclosure: Returns are net of investment management and administrative expenses, including those of the Plan and the underlying investments. The annual expense ratio is calculated as of September 30, 2021, using the most recent data available. Any performance data given represents past performance and should not be considered indicative of future results. Principal value and investment return will fluctuate, so that an investor's units when redeemed may be worth more or less than the original investment. Fund portfolio statistics change over time. Historical returns for the Fund reflect the actual returns of the Fund as its design has evolved over time. The historical returns have not been adjusted to offset the impact of any changes in fund managers, underlying investments, active vs. passive (index) management investment strategy, or other structural changes. Current Month performance may be higher or lower than return data quoted herein. For more current information including month-end performance and daily returns, please call 1-877-NesCALL (1-877-637-2255) or visit the Nestl? Smart$aving website at nestle.. Please refer to the performance section of the disclosure page for more information.

Portfolio Analysis as of 09-30-21

Composition1 as of 09-30-21

Assets (%)

Bonds

95.98

Cash

4.02

Portfolio Characteristics as of 09-30-21 Fund Benchmark

Crediting Rate (net, %)

1.53

-

Yield to Maturity (%)

1.00

0.04

Duration (years)

3.29

0.25

Wrap Contract Allocation4 as of 09-30-21 Lincoln National Life Ins Met Tower Life RGA Transamerica Prudential Ins Co MassMutual Other

Total Number of Holdings Total Fund Assets ($mil)

Assets (%) 16.48 16.45 15.75 15.74 15.74 15.69 4.15

4,718 828.78

Sector Exposure1 as of 09-30-21 Corporate Treasuries MBS ABS CMBS Cash3 Agencies Non-US Govt/Agy Municipal/Other

Fund (%) Benchmark (%)

24.15

30.84

100.00

20.68

16.72

6.51

0.00

1.00

0.07

0.03

Quality Distribution (highest)1,2 as of 09-30-21 Fund (%)

Maturity Distribution1 as of 09-30-21

Fund (%)

AAA

76.06

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