Summary Prospectus September 30, 2023
Voya Target Retirement 2050 Fund
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Class/Ticker: A/VTROX; I/IRSQX; R/VRRMX; R6/VTRPX
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Before you invest, you may want to review the fund's Prospectus, which contains more information about the fund and its risks.
For free paper or electronic copies of the Prospectus and other fund information (including the Statement of Additional Information and most
recent financial report to shareholders), go to https://individuals.voya.com/literature; email a request to Voyaim_literature@voya.com; call 1-800-992-0180; or ask your salesperson, financial intermediary, or retirement plan administrator. The fund's Prospectus and Statement of Additional Information, each
dated September 30, 2023, and the audited financial statements on pages 20-49 of the fund’s shareholder report dated May 31, 2023 are incorporated
into this Summary Prospectus by reference and may be obtained free of charge at the website, phone number, or e-mail address noted above.
Investment Objective
Until the day prior to its Target Date (defined below), the Fund seeks to provide total return consistent with an asset allocation
targeted at retirement in approximately 2050. On the Target Date, the Fund's investment objective will be to seek to provide
a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.
Fees and Expenses of the Fund
These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables
and examples below. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 151), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 87). The Management Agreement provides for a “bundled fee” arrangement under which the Investment Adviser provides (in addition to advisory services and administrative services), custodial, transfer agency, portfolio accounting, auditing and ordinary legal services
in return for a single management fee. The Fund is responsible for applicable fees paid to financial intermediaries that maintain
omnibus accounts and/or provide shareholder or participant record keeping services on behalf of their clients as well as any
distribution or shareholder servicing plan payments, interest, taxes, investment-related costs, leverage expenses, and extraordinary
expenses. In the future, the Fund will pay these fees to financial intermediaries that are affiliates of the Investment Adviser,
which will cause the Fund’s “Other Expenses” set forth in the fee table below to increase. As of the date of this Prospectus, it is not possible to estimate the amount of these fees.
Shareholder Fees
Fees paid directly from your investment
Fees paid directly from your investment
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Class
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Maximum sales charge (load) as a % of
offering price imposed on purchases
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Maximum deferred sales charge (load) as a % of
purchase or sales price, whichever is less
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A
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5.75
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None1
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I
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None
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None
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R
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None
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None
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R6
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None
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None
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Annual Fund Operating Expenses2
Expenses you pay each year as a % of the value of your investment
Expenses you pay each year as a % of the value of your investment
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Class
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A
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I
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R
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R6
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Management Fees
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%
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0.18
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0.18
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0.18
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0.18
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Distribution and/or Shareholder Services (12b-1) Fees
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%
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0.25
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None
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0.50
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None
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Other Expenses
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%
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0.14
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0.08
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0.14
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0.01
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Acquired Fund Fees and Expenses
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%
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0.17
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0.17
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0.17
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0.17
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Total Annual Fund Operating Expenses3
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%
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0.74
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0.43
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0.99
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0.36
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Waivers and Reimbursements4
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%
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(0.14)
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(0.15)
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(0.14)
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(0.11)
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1 of 10
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Class
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A
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I
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R
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R6
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Total Annual Fund Operating Expenses After Waivers and
Reimbursements
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%
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0.60
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0.28
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0.85
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0.25
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1
A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after
purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.
2
Expense information has been restated to reflect current contractual rates.
3
Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's
Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.
4
Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.65%, 0.40%, 0.90%, and 0.25% for Class A, Class I, Class R, and Class R6 shares, respectively, through October 1, 2024. This limitation is subject to possible recoupment by the Investment Adviser within 36 months of the waiver or reimbursement. The amount of the recoupment is limited to the lesser of the amounts that
would be recoupable under: (i) the expense limitation in effect at the time of the waiver or reimbursement; or (ii) the expense limitation in
effect at the time of recoupment. In addition, the Investment Adviser is contractually obligated to further limit expenses to 0.60%, 0.28%, 0.85%, and 0.25%
for Class A, Class I, Class R, and Class R6 shares, respectively, through October 1, 2024. The limitations do not extend to interest, taxes, investment-related
costs, leverage expenses, and extraordinary expenses. Termination or modification of these obligations requires approval by the Fund’s Board
of Trustees (the “Board”).
Expense Example
This Example is intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other
mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example shows costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Example also assumes that
your investment had a 5% return each year and that the Fund's operating expenses remain the same. The Example reflects applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the
three-, five-, and ten-year periods. Although your actual costs may be higher or lower, based on these assumptions your costs would be:
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Class
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Share Status
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1 Yr
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3 Yrs
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5 Yrs
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10 Yrs
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A
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Sold or Held
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$
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633
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785
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950
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1,428
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I
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Sold or Held
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$
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29
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123
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226
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528
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R
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Sold or Held
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$
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87
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301
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533
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1,200
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R6
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Sold or Held
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$
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26
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105
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191
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445
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The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges
(loads) were included, your costs would be higher.
Portfolio Turnover
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held
in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Example, affect the Fund's performance.
During the most recent fiscal year, the Fund's portfolio turnover rate was 97% of the average value of its portfolio.
Principal Investment Strategies
The Fund invests primarily in a combination of underlying funds, which are actively managed funds or passively managed funds (index funds), including exchange-traded funds (“ETFs”) (collectively, the “Underlying Funds”). The Underlying Funds may or may not be affiliated with the Investment Adviser. The Underlying Funds invest in U.S. stocks, international stocks,
U.S. bonds, and other debt instruments and the Fund uses an asset allocation strategy designed for investors expecting to
retire around the year 2050. The Fund's current approximate target investment allocation (expressed as a percentage of its
net assets) (the “Target Allocation”) among the Underlying Funds is: 91% in equity securities and 9% in debt instruments. Although this is the Target Allocation, the actual allocation of the Fund's assets may deviate from the percentages shown.
The allocation of the Fund’s assets between Underlying Funds affiliated with the Investment Adviser and Underlying Funds that are not affiliated with the Investment Adviser will vary over time, although the sub-adviser (the “Sub-Adviser”) currently expects to invest, under normal circumstances, at least 10% of the Fund’s assets, and as much as 85%, in Underlying Funds
affiliated with the Investment Adviser.
When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including
among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (“ESG”) factors as part of its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only
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Voya Target Retirement 2050 Fund
one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund,
if at all, will depend on the analysis and judgment of the Sub-Adviser.
The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure
to equity securities and debt instruments will vary from the Target Allocation if an Underlying Fund is not substantially
invested in accordance with its principal investment strategy. The Fund will deviate from the Target Allocation based on an assessment
of the current market conditions or other factors. Generally, the deviations fall within the range of +/- 10% of the Fund’s
NAV, relative to the current Target Allocation. The Sub-Adviser may determine, in light of market conditions or other factors,
to deviate by a wider margin in order to protect the Fund, achieve its investment objective, or take advantage of particular
opportunities.
The Underlying Funds provide exposure to a wide range of traditional asset classes which include, but are not limited to:
stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include, but are not
limited to: real estate, commodities, and floating rate loans.
Equity securities in which the Underlying Funds invest include, but are not limited to: domestic and international large-,
mid-, and small-capitalization stocks (which may be growth oriented, value oriented, or a blend); emerging market securities; domestic
and international real estate-related securities, including real estate investment trusts (“REITs”); and natural resource/commodity-related securities.
Debt instruments in which the Underlying Funds invest include, but are not limited to: domestic and international (including
emerging markets) long-, intermediate-, and short-term bonds; high-yield bonds commonly referred to as “junk bonds;” floating rate loans; and U.S. Treasury Inflation Protected Securities.
The Fund may invest in exchange-traded notes.
The Fund may also invest in derivative instruments including, but not limited to, futures and swaps (including interest rate
swaps, total return swaps, and credit default swaps), to make tactical asset allocations, as a substitute for taking a position
in the underlying asset, to seek to minimize risk, and to assist in managing cash.
The Fund is structured and managed around a specific target retirement or financial goal date of 2050 (the “Target Date”). The Target Date is the approximate year that an investor in the Fund would plan to make withdrawals from the Fund for retirement
or other financial goals. The chart below shows the glide path and illustrates how the Target Allocation to equity securities
and debt instruments will change over time. Generally, the Fund's glide path will transition to the target allocation illustrated
below on an annual basis and become more conservative as the Fund approaches the Target Date. As the Fund approaches its Target Date in 2050, the Fund's Target Allocation is anticipated to be the same as that of Voya Target In-Retirement Fund,
which is equal to approximately 35% equity securities and 65% debt instruments.
As the Fund's Target Allocation migrates toward that of Voya Target In-Retirement Fund, by the Target Date, it is anticipated
that the Fund would be merged with and into Voya Target In-Retirement Fund. Voya Target In-Retirement Fund uses an asset allocation strategy designed for investors who are expecting to retire soon, are already retired, or who are in need of making
withdrawals from their portfolio soon.
In summary, the Fund is designed for an investor who plans to withdraw the value of the investor's investments in the Fund
gradually on or after the Target Date. The mix of investments in the Fund's Target Allocation will change over time and seek
to reduce investment risk as the Fund approaches its Target Date. The Target Allocation may be changed at any time by the
Sub-Adviser.
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Voya Target Retirement 2050 Fund
Principal Risks
You could lose money on an investment in the Fund, even near, at, or after the Target Date. There is no guarantee that the Fund will provide adequate income at and through your retirement or for any of your financial goals. The value of your investment
in the Fund changes with the values of the Underlying Funds and their investments. The Fund is subject to the following principal
risks (either directly or indirectly through investments in one or more Underlying Funds). Any of these risks, among others,
could affect the Fund’s or an Underlying Fund’s performance or cause the Fund or an Underlying Fund to lose money or to underperform market averages of other funds. The Fund is exposed to most of the principal risks indirectly through investments
by the Underlying Funds, and in some cases only through such investments. Unless stated otherwise, in the risk disclosures
below, descriptions of investments or activities by “the Fund” and related risks refer to investments or activities by the Fund or by an Underlying Fund, as the case may be. Similarly, a reference to “the Investment Adviser” or to “the Sub-Adviser” is to the entity responsible for the investments in question, whether by the Fund or by an Underlying Fund. The principal risks
are presented in alphabetical order to facilitate readability, and their order does not imply that the realization of one
risk is more likely to occur or have a greater adverse impact than another risk.
Affiliated Underlying Funds: The Sub-Adviser’s selection of Underlying Funds presents conflicts of interest. The net management fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it
selects for the Fund, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated
with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates,
even if that results in increased expenses and potentially less favorable investment performance for the Fund. The Sub-Adviser
may prefer to invest in an affiliated Underlying Fund over an unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve
economies of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive
to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds, and the Sub-Adviser may
implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes
to affiliated Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there
is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better
historical investment performance than the comparable affiliated Underlying Funds.
Asset Allocation: Investment performance depends on the manager’s skill in allocating assets among the asset classes in which the Fund invests and in choosing investments within those asset classes. There is a risk that the manager may allocate
assets or investments to or within an asset class that underperforms compared to other asset classes or investments.
Bank Instruments: Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other debt and deposit-type obligations issued by banks. Changes in economic, regulatory, or political conditions, or other events
that affect the banking industry may have an adverse effect on bank instruments or banking institutions that serve as counterparties
in transactions with the Fund. In the event of a bank insolvency or failure, the Fund may be considered a general creditor
of the bank, and it might lose some or all of the funds deposited with the bank. Even where it is recognized that a bank might
be in danger of insolvency or failure, the Fund might not be able to withdraw or transfer its money from the bank in time
to avoid any adverse effects of the insolvency or failure.
Cash/Cash Equivalents: Investments in cash or cash equivalents may lower returns and result in potential lost opportunities to participate in market appreciation which could negatively impact the Fund’s performance and ability to achieve its investment
objective.
Commodities: Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist
for certain commodity-related investments, which may make it difficult for the Fund to sell them at a desirable price or time.
Company: The price of a company’s stock could decline or underperform for many reasons, including, among others, poor management, financial problems, reduced demand for the company’s goods or services, regulatory fines and judgments, or business challenges. If a company is unable to meet its financial obligations, declares bankruptcy, or becomes insolvent,
its stock could become worthless.
Credit: The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating
agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations.
Credit Default Swaps: The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a credit default swap is generally obligated to pay the seller an upfront or a periodic stream of payments over the term of
the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller
generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable
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Voya Target Retirement 2050 Fund
obligations of the reference entity described in the swap, or the seller may be required to deliver the related net cash amount
if the swap is cash settled. As a seller of a credit default swap, the Fund would effectively add leverage to its portfolio
because, in addition to its total net assets, the Fund would be subject to investment exposure on the full notional value of the swap.
Credit default swaps are particularly subject to counterparty, credit, valuation, liquidity and leveraging risks and the risk
that the swap may not correlate with its reference obligation as expected. Certain standardized credit default swaps are subject
to mandatory central clearing. Central clearing is expected to reduce counterparty credit risk and increase liquidity; however,
there is no assurance that it will achieve that result, and in the meantime, central clearing and related requirements expose
the Fund to new kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.
Currency: To the extent that the Fund invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will
decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative
to the currency being hedged by the Fund through foreign currency exchange transactions.
Deflation: Deflation occurs when prices throughout the economy decline over time—the opposite of inflation. Unless repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed, when there is deflation, the principal
and income of an inflation-protected bond will decline and could result in losses.
Derivative Instruments: Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying asset, reference rate, or index credit risk with respect to the counterparty, risk of loss due to
changes in market interest rates, liquidity risk, valuation risk, and volatility risk. The amounts required to purchase certain derivatives
may be small relative to the magnitude of exposure assumed by the Fund. Therefore, the purchase of certain derivatives may
have an economic leveraging effect on the Fund and exaggerate any increase or decrease in the net asset value. Derivatives
may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging purposes, the change
in value of a derivative may not correlate as expected with the asset, reference rate, or index being hedged. When used as
an alternative or substitute for direct cash investment, the return provided by the derivative may not provide the same return
as direct cash investment.
Environmental, Social, and Governance (Funds-of-Funds): The Sub-Adviser’s consideration of ESG factors in selecting Underlying Funds for investment by the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund’s assets that will be allocated to Underlying Funds on the
basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations
other than ESG factors. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable
mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration
of ESG factors, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds.
Floating Rate Loans: In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan (which can include certain bank loans), the Fund will experience a reduction in its income and a decline in the market value of such
floating rate loan. If a floating rate loan is held by the Fund through another financial institution, or the Fund relies
upon another financial institution to administer the loan, the receipt of scheduled interest or principal payments may be subject
to the credit risk of such financial institution. Investors in floating rate loans may not be afforded the protections of the
anti-fraud provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans may not be considered “securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the borrower’s obligations under the loan, and such collateral may be difficult
to liquidate. No active trading market may exist for many floating rate loans and many floating rate loans are subject to restrictions
on resale. Transactions in loans typically settle on a delayed basis and may take longer than 7 days to settle. As a result,
the Fund may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts
of settlement proceeds may impair the ability of the Fund to meet its redemption obligations, and may limit the ability of
the Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.
Foreign (Non-U.S.) Investments/Developing and Emerging Markets: Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies
due, in part, to: smaller markets; differing reporting, accounting, auditing and financial reporting standards and practices;
nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement;
potential for default on sovereign debt; and political changes or diplomatic developments, which may include the imposition of economic
sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational
organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets.
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Voya Target Retirement 2050 Fund
Growth Investing: Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer’s growth potential and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk
that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks
tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period.
High-Yield Securities: Lower-quality securities (including securities that are or have fallen below investment grade and are classified as “junk bonds” or “high-yield securities”) have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower-quality bonds
or other debt instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity risk and price volatility.
Index Strategy (Funds-of-Funds): An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index’s performance and does not use defensive strategies or attempt to reduce its exposure to poor performing securities in an index may underperform
the overall market (each, an “Underlying Index Fund”). To the extent an Underlying Index Fund’s investments track its target index, such Underlying Index Fund may underperform other funds that invest more broadly. Errors in index data, index computations
or the construction of the index in accordance with its methodology may occur from time to time and may not be identified
and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation
between an Underlying Index Fund’s performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund's shares. The correlation between an Underlying Index Fund’s performance and index performance will be reduced by the Underlying Index Fund’s expenses and could be reduced by the timing of purchases
and redemptions of the Underlying Index Fund’s shares. In addition, an Underlying Index Fund’s actual holdings might not match the index and an Underlying Index Fund’s effective exposure to index securities at any given time may not precisely
correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. If the Fund invests in an Underlying Index Fund with higher expenses, the
Fund's performance would be lower than if the Fund had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might have the effect of limiting or
eliminating the amount of that underperformance).
Inflation-Indexed Bonds: If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted downward, and consequently, the interest payable on these bonds (calculated with respect to a smaller principal amount) will
be reduced. In addition, inflation-indexed bonds are subject to the usual risks associated with debt instruments, such as
interest rate and credit risk. Repayment of the original bond principal upon maturity (as adjusted for inflation) is guaranteed
in the case of U.S. Treasury inflation-indexed bonds. For bonds that do not provide a similar guarantee, the adjusted principal
value of the bond repaid at maturity may be less than the original principal.
Interest Rate: A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; conversely, values generally rise as market interest rates fall. Interest rate risk is generally greater for debt instruments
than floating-rate instruments. The higher the credit quality of the instrument, and the longer its maturity or duration, the more
sensitive it is to changes in market interest rates. Duration is a measure of sensitivity of the price of a debt instrument
to a change in interest rate. As of the date of this Prospectus, the U.S. has been experiencing a rising market interest rate environment,
which may increase the Fund’s exposure to risks associated with rising market interest rates. Rising market interest rates
have unpredictable effects on the markets and may expose debt and related markets to heightened volatility. To the extent
that the Fund invests in debt instruments, an increase in market interest rates may lead to increased redemptions and increased
portfolio turnover, which could reduce liquidity for certain investments, adversely affect values, and increase costs. Increased
redemptions may cause the Fund to liquidate portfolio positions when it may not be advantageous to do so and may lower returns. If dealer capacity in debt markets is insufficient for market conditions, it may further inhibit liquidity and increase
volatility in the debt markets. Further, recent and potential future changes in government policy may affect interest rates.
Negative or very low interest rates could magnify the risks associated with changes in interest rates. In general, changing
interest rates, including rates that fall below zero, could have unpredictable effects on markets and may expose debt and
related markets to heightened volatility. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory
actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity,
which may impact the Fund’s operations and return potential.
Liquidity: If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid securities,
exposing the Fund to the risk that the prices at which it sells illiquid securities will be less than the prices at which
they were valued when held by the Fund, which could cause the Fund to lose money. The prices of illiquid securities may be more volatile
than more liquid securities, and the risks associated with illiquid securities may be greater in times of financial stress.
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Voya Target Retirement 2050 Fund
London Inter-Bank Offered Rate: The obligations of the parties under many financial arrangements, such as debt instruments (including senior loans) and derivatives, may be determined based, in whole or in part, on the London Inter-Bank Offered Rate
(“LIBOR”). In 2017, the UK Financial Conduct Authority announced its intention to cease compelling banks to provide the quotations needed to sustain LIBOR after 2021. ICE Benchmark Administration, the administrator of LIBOR, ceased publication
of most LIBOR settings on a representative basis at the end of 2021 and ceased publication of a majority of U.S. dollar LIBOR
settings on a representative basis after June 30, 2023. In addition, global regulators previously announced that, with limited
exceptions, no new LIBOR-based contracts should be entered into after 2021. Actions by regulators have resulted in the establishment of alternative reference rates to LIBOR in many major currencies, including for example, the Secured Overnight
Funding Rate (“SOFR”) for U.S. dollar LIBOR. SOFR is a broad measure of the cost of borrowing cash overnight collateralized by U.S. Treasury securities in the repurchase agreement market. SOFR is published in various forms, including as a daily,
compounded and forward-looking term rate. The discontinuance of LIBOR and the adoption/implementation of alternative rates pose a number of risks, including, among others, whether any substitute rate will experience the market participation
and liquidity necessary to provide a workable substitute for LIBOR; the effect on parties’ existing contractual arrangements,
hedging transactions, and investment strategies generally from a conversion from LIBOR to alternative rates; the effect on
the Fund’s existing investments, including the possibility that some of those investments may terminate or their terms may
be adjusted to the disadvantage of the Fund; and the risk of general market disruption during the transition period. Markets
relying on alternative rates are developing slowly and may offer limited liquidity. The general unavailability of LIBOR and
the transition away from LIBOR to alternative rates could have a substantial adverse impact on the performance of the Fund.
Market: The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions,
governmental actions or intervention, market disruptions caused by trade disputes or other factors, political developments,
and other factors. Prices of equity securities tend to rise and fall more dramatically than those of debt instruments. Additionally,
legislative, regulatory or tax policies or developments may adversely impact the investment techniques available to a manager,
add to costs and impair the ability of the Fund to achieve its investment objectives.
Market Capitalization: Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors.
If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization
companies, investors may migrate to the stocks of mid- and small-capitalization companies causing a fund that invests in these companies to increase in value more rapidly than a fund that invests in large-capitalization companies. Investing in
mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial
resources, smaller management groups, more limited publicly available information, and a more limited trading market for their stocks as compared with large-capitalization companies. As a result, stocks of mid- and small-capitalization companies
may be more volatile and may decline significantly in market downturns.
Market Disruption and Geopolitical: The Fund is subject to the risk that geopolitical events will disrupt securities markets and adversely affect global economies and markets. Due to the increasing interdependence among global economies and markets, conditions in one country, market, or region might adversely impact markets, issuers and/or foreign exchange rates in other
countries, including the United States. Wars, terrorism, global health crises and pandemics, and other geopolitical events
that have led, and may continue to lead, to increased market volatility and may have adverse short- or long-term effects on
U.S. and global economies and markets, generally. For example, the COVID-19 pandemic has resulted, and may continue to result, in significant market volatility, exchange suspensions and closures, declines in global financial markets, higher
default rates, supply chain disruptions, and a substantial economic downturn in economies throughout the world. Natural and environmental
disasters and systemic market dislocations are also highly disruptive to economies and markets. In addition, military action
by Russia in Ukraine has, and may continue to, adversely affect global energy and financial markets and therefore could affect the value of the Fund’s investments, including beyond the Fund’s direct exposure to Russian issuers or nearby geographic
regions. The extent and duration of the military action, sanctions, and resulting market disruptions are impossible to predict
and could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have recently experienced financial
difficulties and, in some cases, failures. There can be no certainty that the actions taken by regulators to limit the effect
of those financial difficulties and failures on other banks or other financial institutions or on the U.S. or foreign (non-U.S.)
economies generally will be successful. It is possible that more banks or other financial institutions will experience financial difficulties
or fail, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies. These events as
well as other changes in foreign (non-U.S.) and domestic economic, social, and political conditions also could adversely affect
individual issuers or related groups of issuers, securities markets, interest rates, credit ratings, inflation, investor sentiment,
and other factors affecting the value of the Fund’s investments. Any of these occurrences could disrupt the operations of
the Fund and of the Fund’s service providers.
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Voya Target Retirement 2050 Fund
Natural Resources/Commodity Securities: The operations and financial performance of companies in natural resources industries may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the
underlying commodity.
Prepayment and Extension: Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk is the risk that the issuer of a debt instrument will pay back the principal earlier than expected. This risk is heightened in
a falling market interest rate environment. Prepayment may expose the Fund to a lower rate of return upon reinvestment of principal. Also, if a debt instrument subject to prepayment has been purchased at a premium, the value of the premium would
be lost in the event of prepayment. Extension risk is the risk that the issuer of a debt instrument will pay back the principal
later than expected. This risk is heightened in a rising market interest rate environment. This may negatively affect performance,
as the value of the debt instrument decreases when principal payments are made later than expected. Additionally, the Fund
may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates.
Real Estate Companies and Real Estate Investment Trusts: Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation,
changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations
on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars,
or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that
a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management
skill of the REIT’s sponsor. The Fund will indirectly bear its proportionate share of expenses, including management fees,
paid by each REIT in which it invests.
U.S. Government Securities and Obligations: U.S. government securities are obligations of, or guaranteed by, the U.S. government, its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate
risk, and may be subject to varying degrees of credit risk.
Underlying Funds: Because the Fund invests primarily in Underlying Funds, the investment performance of the Fund is directly related to the investment performance of the Underlying Funds in which it invests. When the Fund invests in an Underlying
Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Fund invests a significant
portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its
investments than if it invested in a broader range of Underlying Funds. It is possible that more than one Underlying Fund
will hold securities of the same issuers, thereby increasing the Fund’s indirect exposure to those issuers. It also is possible
that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure
but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance
that the investment objective of any Underlying Fund will be achieved. In addition, the Fund’s shareholders will indirectly
bear their proportionate share of the Underlying Funds’ fees and expenses, in addition to the fees and expenses of the Fund itself.
Value Investing: Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they
generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings
and industrial production. The manager may be wrong in its assessment of a company’s value and the securities the Fund holds may not reach their full values. Risks associated with value investing include that a security that is perceived by
the manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital
growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Fund’s
relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other
funds that invest more broadly.
An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation,
the Federal Reserve Board or any other government agency.
Performance Information
The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance
of a broad-based securities market index/indices with investment characteristics similar to those of the Fund for the same
period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class I shares. Performance for other share classes would differ to the extent they have differences in their fees and expenses. The Class A and Class R shares performance shown for the period prior to their
Summary Prospectus
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Voya Target Retirement 2050 Fund
inception date is the performance of Class I shares adjusted for any differences in expenses between the classes. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class I shares without adjustment
for any differences in expenses between the two classes. If adjusted for such differences, returns would be different.
The Fund’s performance prior to April 27, 2021 reflects returns achieved pursuant to different principal investment strategies.
If the Fund’s current strategies had been in place for the prior periods, the performance information shown would have been
different. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to https://individuals.voya.com/literature or call 1-800-992-0180.
Calendar Year Total Returns Class I
(as of December 31 of each year)
(as of December 31 of each year)
|
Best quarter:
|
2nd Quarter 2020
|
19.26%
|
|
Worst quarter:
|
1st Quarter 2020
|
-20.88%
|
|
Year-to-date total return:
|
June 30, 2023
|
12.70%
|
Average Annual Total Returns %
(for the periods ended December 31, 2022)
(for the periods ended December 31, 2022)
|
|
|
1 Yr
|
5 Yrs
|
10 Yrs
|
Since
Inception
|
Inception
Date
|
|
Class A before taxes
|
%
|
-23.71
|
3.57
|
7.11
|
N/A
|
12/21/15
|
|
S&P Target Date 2050 Index1
|
%
|
-15.97
|
5.26
|
8.33
|
N/A
|
|
|
Class I before taxes
|
%
|
-18.73
|
5.15
|
8.06
|
N/A
|
12/20/12
|
|
After tax on distributions
|
%
|
-19.90
|
2.97
|
6.11
|
N/A
|
|
|
After tax on distributions with sale
|
%
|
-10.24
|
3.72
|
6.05
|
N/A
|
|
|
S&P Target Date 2050 Index1
|
%
|
-15.97
|
5.26
|
8.33
|
N/A
|
|
|
Class R before taxes
|
%
|
-19.24
|
4.56
|
7.48
|
N/A
|
06/01/18
|
|
S&P Target Date 2050 Index1
|
%
|
-15.97
|
5.26
|
8.33
|
N/A
|
|
|
Class R6 before taxes
|
%
|
-18.70
|
5.18
|
8.09
|
N/A
|
12/21/15
|
|
S&P Target Date 2050 Index1
|
%
|
-15.97
|
5.26
|
8.33
|
N/A
|
|
1
The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees,
brokerage commissions, or other expenses.
After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect
the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-advantaged arrangements
such as 401(k) plans or individual retirement accounts (“IRAs”). In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary.
Summary Prospectus
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Voya Target Retirement 2050 Fund
Portfolio Management
|
Investment Adviser
|
|
Voya Investments, LLC
|
|
Sub-Adviser
|
|
Voya Investment Management Co. LLC
|
|
Portfolio Managers
|
|
|
Lanyon Blair, CFA, CAIA
Portfolio Manager (since 05/23)
|
Barbara Reinhard, CFA
Portfolio Manager (since 09/19)
|
|
Paul Zemsky, CFA
Portfolio Manager (since 12/12)
|
|
|
Effective December 31, 2023
|
|
|
Portfolio Managers
|
|
|
Lanyon Blair, CFA, CAIA
Portfolio Manager (since 05/23)
|
Barbara Reinhard, CFA
Portfolio Manager (since 09/19)
|
Purchase and Sale of Fund Shares
Shares of the Fund may be purchased or sold on any business day (normally any day when the New York Stock Exchange opens for regular trading). You can buy or sell shares of the Fund through a broker-dealer or other financial intermediary;
by visiting our website at www.voyainvestments.com; by writing to us at Voya Investment Management, 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034; or by calling us at 1-800-992-0180.
Minimum Initial Investment $ by share class
|
Class
|
A
|
I
|
R
|
R6
|
|
|
Non-retirement accounts
|
$
|
1,000
|
250,000
|
None
|
1,000,000
|
|
Retirement accounts
|
$
|
250
|
250,000
|
None
|
None
|
|
Certain omnibus accounts
|
$
|
250
|
None
|
None
|
None
|
|
Pre-authorized investment plan
|
$
|
1,000
|
250,000
|
None
|
None
|
There are no minimums for additional investments except that the pre-authorized investment plan requires a monthly investment
of at least $100. For Class I shares, there is no minimum initial investment requirement for: (i) qualified retirement plans or other defined contribution plans and defined benefit plans that invest in the Voya funds through omnibus arrangements; (ii)
employees of Voya Investment Management Co. LLC (“Voya IM”) who are eligible to participate in “notional” bonus programs sponsored by Voya IM; or (iii) (a) investors transacting in Class I shares through brokerage platforms that invest in the
Voya funds’ Class I shares through omnibus accounts and have agreements with the distributor to offer such shares and (b) such
brokerage platforms’ omnibus accounts.
Tax Information
The Fund's distributions are generally taxable to you as ordinary income, capital gains, or a combination of the two, unless
you are investing through a tax-advantaged arrangement, such as a 401(k) plan or an IRA. If you are investing through a tax-advantaged arrangement, you may be taxed upon withdrawals from that arrangement.
Payments to Broker-Dealers and Other Financial Intermediaries
If you purchase the Fund through a broker-dealer or other financial intermediary (such as a bank), the Fund and/or its related
companies may pay the intermediary for the sale of Fund shares and/or related services. These payments may create a conflict of interest by influencing the broker-dealer or other intermediary and your salesperson to recommend the Fund over
another investment. Ask your salesperson or visit your financial intermediary’s website for more information.
Summary Prospectus
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Voya Target Retirement 2050 Fund
The S&P Target Date 2050 Index (the “Index”) and associated data are a product of S&P Dow Jones Indices LLC, its affiliates and/or their licensors and has been licensed for use by Voya Services Company or its affiliates. © 2023 S&P Dow Jones Indices LLC, its affiliates and/or their licensors. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices
LLC. For more information on any of S&P Dow Jones Indices LLC’s indices please visit www.spdji.com. S&P® is a registered trademark of Standard & Poor’s Financial Services LLC (“SPFS”) and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). Neither S&P Dow Jones Indices LLC, SPFS, Dow Jones, their affiliates nor their licensors (“S&P DJI”) make any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and S&P DJI shall have no liability for any errors,
omissions, or interruptions of any index or the data included therein.
Summary Prospectus
174157 (0923-093023)