Summary Prospectus September 30, 2024
Voya Target Retirement 2040 Fund
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Class/Ticker: A/VTRJX; I/IRSOX; R/VRRKX; R6/VTRKX
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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, 2024, and the audited financial statements that are included in the fund’s shareholder report dated May 31, 2024 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 2040. 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 132), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional
Information (page 88). 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. The Fund pays 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.
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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0.08
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0.04
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0.08
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0.00
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Acquired Fund Fees and Expenses
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%
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0.15
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0.15
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0.15
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0.15
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Total Annual Fund Operating Expenses3
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%
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0.66
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0.37
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0.91
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0.33
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Waivers and Reimbursements4
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%
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(0.01)
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None
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(0.01)
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(0.08)
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Total Annual Fund Operating Expenses After Waivers and
Reimbursements
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%
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0.65
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0.37
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0.90
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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, 2025. The limitation does not extend to interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. 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. Termination or modification of this obligation 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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638
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773
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921
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1,349
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I
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Sold or Held
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$
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38
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119
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208
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468
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R
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Sold or Held
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$
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92
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289
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503
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1,119
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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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98
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177
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410
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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 48% 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 2040. The Fund's current approximate target investment allocation
(expressed as a percentage of its net assets) (the “Target Allocation”) among the Underlying Funds is: 74% in equity securities and 26% 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 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.
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Voya Target Retirement 2040 Fund
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 2040 (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 2040, 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.
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
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Voya Target Retirement 2040 Fund
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. The Fund may underperform funds that allocate their assets differently than the Fund,
due to differences in the relative performance of asset classes and subsets of asset classes.
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. Volatility in the banking
system may impact the viability of banking and financial services institutions. In the event of failure of any of the financial institutions
where the Fund maintains its cash and cash equivalents, there can be no assurance that the Fund would be able to access
uninsured funds in a timely manner or at all and the Fund may incur losses. Any such event could adversely affect the
business, liquidity, financial position and performance of the Fund.
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.
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Voya Target Retirement 2040 Fund
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
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 different 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
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Voya Target Retirement 2040 Fund
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.
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 positions 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 recently
experienced 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 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.
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Voya Target Retirement 2040 Fund
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. Certain securities that are liquid when purchased may later become illiquid, particularly
in times of overall economic distress or due to geopolitical events such as sanctions, trading halts, or wars.
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
resulted 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. The economic impacts
of COVID-19 have created a unique challenge for real estate markets. Many businesses have either partially or
fully transitioned to a remote-working environment and this transition may negatively impact the occupancy rates of commercial real estate
over time. 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.
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.
Summary Prospectus
7 of 10
Voya Target Retirement 2040 Fund
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.
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.
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.
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 and an additional index 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 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.
Summary Prospectus
8 of 10
Voya Target Retirement 2040 Fund
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
|
18.19%
|
|
Worst quarter:
|
1st Quarter 2020
|
-19.48%
|
|
Year-to-date total return:
|
June 30, 2024
|
8.62%
|
Average Annual Total Returns %
(for the periods ended December 31, 2023)
(for the periods ended December 31, 2023)
|
|
|
1 Yr
|
5 Yrs
|
10 Yrs
|
Since
Inception
|
Inception
Date
|
|
Class A before taxes
|
%
|
11.93
|
9.02
|
6.56
|
N/A
|
12/21/2015
|
|
Bloomberg U.S. Aggregate Bond Index1,2
|
%
|
5.53
|
1.10
|
1.81
|
N/A
|
|
|
MSCI ACWI1,3
|
%
|
22.20
|
11.72
|
7.93
|
N/A
|
|
|
S&P Target Date 2040 Index3
|
%
|
18.16
|
10.22
|
7.49
|
N/A
|
|
|
Class I before taxes
|
%
|
19.25
|
10.61
|
7.48
|
N/A
|
12/20/2012
|
|
After tax on distributions
|
%
|
18.59
|
8.62
|
5.70
|
N/A
|
|
|
After tax on distributions with sale
|
%
|
11.75
|
7.95
|
5.46
|
N/A
|
|
|
Bloomberg U.S. Aggregate Bond Index1,2
|
%
|
5.53
|
1.10
|
1.81
|
N/A
|
|
|
MSCI ACWI1,3
|
%
|
22.20
|
11.72
|
7.93
|
N/A
|
|
|
S&P Target Date 2040 Index3
|
%
|
18.16
|
10.22
|
7.49
|
N/A
|
|
|
Class R before taxes
|
%
|
18.64
|
10.06
|
6.94
|
N/A
|
6/1/2018
|
|
Bloomberg U.S. Aggregate Bond Index1,2
|
%
|
5.53
|
1.10
|
1.81
|
N/A
|
|
|
MSCI ACWI1,3
|
%
|
22.20
|
11.72
|
7.93
|
N/A
|
|
|
S&P Target Date 2040 Index3
|
%
|
18.16
|
10.22
|
7.49
|
N/A
|
|
|
Class R6 before taxes
|
%
|
19.29
|
10.67
|
7.52
|
N/A
|
12/21/2015
|
|
Bloomberg U.S. Aggregate Bond Index1,2
|
%
|
5.53
|
1.10
|
1.81
|
N/A
|
|
|
MSCI ACWI1,3
|
%
|
22.20
|
11.72
|
7.93
|
N/A
|
|
|
S&P Target Date 2040 Index3
|
%
|
18.16
|
10.22
|
7.49
|
N/A
|
|
1
Effective commencing with shareholder reports filed and transmitted to shareholders
after July 24, 2024, the Investment Adviser changed the primary benchmark from the S&P Target Date 2040 Index to the Bloomberg U.S. Aggregate Bond
Index and the MSCI All Country World IndexSM (“MSCI ACWI”) in accordance with recent changes to regulatory disclosure requirements. The Fund
continues to use the S&P Target Date 2040 Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund's principal
investment strategies.
2
The index returns do not reflect deductions for fees, expenses, or taxes.
3
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 U.S. 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
9 of 10
Voya Target Retirement 2040 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)
|
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, P.O. Box 534480, Pittsburgh, Pennsylvania 15253-4480; 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
10 of 10
Voya Target Retirement 2040 Fund
Bloomberg Index Data Source: Bloomberg Index Services Limited. BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. and its affiliates (collectively “Bloomberg”). Bloomberg or its licensors own all proprietary rights in the Bloomberg Indices.
Bloomberg does not approve or endorse this material, or guarantee the accuracy or completeness of any information herein, or
make any warranty, express or implied, as to the results to be obtained.
Certain information contained herein (the “Information”) is sourced from/copyright of MSCI Inc., MSCI ESG Research LLC, or their affiliates
(“MSCI”), or information providers (together the “MSCI Parties”) and may have been used to calculate scores, signals, or other indicators. The Information
is for internal use only and may not be reproduced or disseminated in whole or part without prior
written permission. The Information may not be used for, nor does it constitute, an offer to buy or sell, or a promotion or recommendation of, any security,
financial instrument or product, trading strategy, or index, nor should it be taken as an indication or guarantee of any future performance. Some funds may
be based on or linked to MSCI indexes, and MSCI may be compensated based on the fund’s assets under management or other measures. MSCI has established an information barrier between index research and certain Information. None of the Information in and of itself can be used to determine which securities
to buy or sell or when to buy or sell them. The Information is provided “as is” and the user assumes the entire risk of any use it may make or permit to be made
of the Information. No MSCI Party warrants or guarantees the originality, accuracy and/or completeness of the Information and each expressly disclaims
all express or implied warranties. No MSCI Party shall have any liability for any errors or omissions in connection with any Information herein, or
any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such
damages.
The S&P Target Date 2040 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 and its affiliates. © 2024 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
174153 (0924-093024)