Voya Investment Management | June 30, 2020 A Leader in Target … · 2020. 8. 3. · Multi-Manager...
Transcript of Voya Investment Management | June 30, 2020 A Leader in Target … · 2020. 8. 3. · Multi-Manager...
INVESTMENT MANAGEMENT
Voya Investment Management | September 30, 2020
A Leader in Target Date Capabilities
2
Voya Advantages
Voya’s target
date funds were
designed with
participants’
needs in mind.
Voya Target Date: the QDIA Choice to Help Keep Retirement Goals on TrackVoya Investment Management is the asset management business of Voya Financial, a Fortune 500 company with over 6,000 employees seeking to help clients plan, invest and protect their savings. Voya Investment Management manages approximately $238 billion1
in assets across fixed income, senior loans, equities, multi-asset strategies and solutions, private equity, and real assets. Drawing on over 40 years of experience and the expertise of 250+ investment professionals, the firm’s capabilities span traditional products and solutions as well as those that cannot be easily replicated by an index.
Voya’s target date funds (TDFs) were designed with participants’ needs and behaviors in mind; we believe they are in accord with Department of Labor guidance and can help plan sponsors feel confident that they’re making an appropriate choice for their plan. Our TDFs are designed to balance the evolving risk-return profiles of participants as they progress through their different stages of life, to maximize the probability of a successful retirement.
The “target date” is the approximate date when an investor plans to start withdrawing their money. When their target date is reached, they may have more or less than the original amount invested. For each target-date fund, until the day prior to its target date, the fund will seek to provide total returns consistent with an asset allocation targeted for an investor who is retiring in approximately each fund’s designated target year. On the target date, the fund will seek to provide a combination of total return and stability of principal. The principal value of the fund is not guaranteed at any time, including at the target date. Investors should also be aware that the funds’ objectives and investment strategies may change over time.
Voya Key DifferentiatorParticipant Focused Glide Path
■ Seeks to maximize wealth in early years and reduce risk in later years ■ More equity relative to peers in early years, less equity relative to peers in later years
Multi-Manager2
■ Voya is a pioneer of the multi-manager Target Date approach, with over 10 years of experience ■ Access to Voya’s investment capabilities and other well-recognized asset managers
Active / Passive Blend
■ Active managers may offer the potential for excess returns in less efficient asset classes ■ Passive managers may offer cost effective exposure to highly efficient asset classes within a competitive fee structure
Life Stage Young Savers (<40) Mid-Career (40–55) Nearing Retirement (55–65) In Retirement (>65)
Key Objective Maximize wealth accumulationReduce investment risk as
contributions growReduce volatility to
preserve assetsProtect assets and generate income
that lasts as long as one lives
Key Risks Not saving enough Volatility or low returnsSignificant capital losses
and inflationIncome needs outstrip assets
Voya Target Date
Suites
Maximize equity exposures to give investors a head start
on accumulating for retirement
Slowly and steadily reduce equity exposure over time taking into
account market conditions
Continue to trim exposure to risky assets such that most
conservative allocation occurs at retirement
Diversify and actively manage asset mixes to lead to potentially greater
income stability
One Solution for the Different Stages of Life
1 As of 06/30/20. Voya IM assets are calculated on a market value basis and include proprietary insurance general account assets of $65 billion. 2 Multi-Manger refers to the use of investment managers including Voya Investment Management and outside managers, which may be offered through affiliated sub-
advised funds.
3
A Leader in Target Date Capabilities
Participant Focused Glide Path DesignIn general, younger participants can afford to take on more investment risk in exchange for greater potential returns. As participants approach retirement, however, their risk profiles must become more conservative to protect the accumulated wealth. The manner in which a portfolio adjusts to this change in risk tolerance over time is known as its glide path and is a key differentiating feature among the many available target date funds — and a primary determinant of their returns and volatility.
In the early years of participants’ careers, Voya TDFs seek to maximize asset accumulation by taking more aggressive equity positions, relative to the industry average. The funds shift emphasis to asset protection in later years, reducing risk and ultimately reaching their most conservative equity allocation of 35 at retirement to help investors hold onto what they have accumulated in a lifetime of saving.
A Portfolio that Adjusts as Your Career Progresses
0
20
40
60
80
100%Early Career Mid Career Pre-Retirement Retirement
Fixed Income
Equity
Aggressive equity allocation early in career
Reduction of equities aligned with changing risk profile
Accelerated risk reduction in critical pre-retirement years
Conservative allocation in retirement
-45 -40 -35 -30 -25 -20 -15 -10 -5 0 5 10 15
Years Before Retirement Years After Retirement
Per
cent
age
of P
ortfo
lio
5
9512
8820
8028
72 38
62 49
51 65
35
RetirementDate
Voya’s Target Date Offerings
Key Attributes Solution Portfolios Index Solution Portfolio Target Solution Trusts Target Retirement Funds
Vehicle Variable Portfolios Variable Portfolios Collective Trusts Mutual Funds
Active/Passive/Blend Blend (83% Active) Passive Blend (66% Active) Blend (61% Active)
Philosophy & Glide Path Conservative “To” Glide Path
Menu Availability Menu 1–4 Menu 1–5 Menu 5, Framework Menu 5, Framework
Source: Voya Investment Management. This chart is for illustrative purposes only and may not reflect the current allocations of the Voya Target Retirement Funds. This illustration is intended to show how the Voya Target Retirement Funds transition over time.
The Funds may periodically deviate from the Target Allocation, generally within the range of +/- 10% relative to the current Target Allocation. The sub-adviser may determine to deviate by a wider margin in order to protect the Fund, achieve its investment objective, or take advantage of particular opportunities.
4
Voya Advantages
Voya Offerings /Morningstar Category Inception
Abs.Rank
TotalFunds
1 YearMorningstar® Ratings and Percentile Rankings3 Years
Abs.Rank
TotalFunds
5 YearsAbs.Rank
TotalFunds
10 YearsAbs.Rank
TotalFunds Overall 3Q
3Q
RPAGScorecard*
Value Peers
Fi360 FiduciaryScore®**Ratings and Rankings as of 09/30/20
Target DateVoya Target Solution Income TrustMorningstar PublicTarget-Date Retirement
01/01/10 15out of 176
10out of 150
8 0 16917out of 127
12out of 90
out of150
Voya Target Solution 2025 TrustMorningstar PublicTarget-Date 2025
01/01/10 51out of 218
33out of 186
8 0 20940out of 146
37out of 89
out of186
Voya Target Solution 2030 TrustMorningstar PublicTarget-Date 2030
01/01/10 58out of 228
36out of 194
8 29 21541out of 153
39out of 91
out of194
Voya Target Solution 2035 TrustMorningstar PublicTarget-Date 2035
01/01/10 59out of 211
36out of 183
8 26 20338out of 143
40out of 86
out of183
Voya Target Solution 2040 TrustMorningstar PublicTarget-Date 2040
01/01/10 51out of 222
29out of 194
8 0 21539out of 153
33out of 91
out of194
Voya Target Solution 2045 TrustMorningstar PublicTarget-Date 2045
01/01/10 44out of 211
27out of 183
8 0 20339out of 143
21out of 85
out of183
Voya Target Solution 2050 TrustMorningstar PublicTarget-Date 2050
01/01/10 48out of 222
32out of 194
8 0 21546out of 153
29out of 79
out of194
Voya Target Solution 2055 TrustMorningstar PublicTarget-Date 2055
01/01/10 48out of 211
32out of 183
8 0 20347out of 140
35out of 35
out of183
Voya Target Solution 2060 TrustMorningstar PublicTarget-Date 2060+
09/01/15 48out of 244
34out of 171
8 42 17863out of 71
- out of171
Past performance does not guarantee future results. Please see back cover for additional disclosures.* Please Note: the RPAG scores for the CITs are for Class 8.** Fi360 data for the CITs are as of 08/31/20
Investment Risks
As with any portfolio, you could lose money on your investment in the Voya Target Solution Trust. Although asset allocation seeks to optimize returns given various levels of risk
tolerance, you still may lose money and experience volatility. Market and asset class performance and the assumptions used form the asset allocations for the Voya Target Solution
Trust. There is risk that you could achieve better returns in an underlying portfolio or other portfolios representing a single asset class than in the Voya Target Solution Trust.
Important factors to consider when planning for retirement include your expected expenses, sources of income, and available assets. Before investing in the Voya Target Solutions
Trust, weigh your objectives, time horizon, and risk tolerance. The Voya Target Solutions Trust invests in many underlying portfolios which are exposed to the risks of different
areas of the market. The higher a portfolio’s allocation to stocks, the greater the risk. Diversification cannot assure a profit or protect against loss in a declining market.
5
A Leader in Target Date Capabilities
Inception
Performance (NAV %)
Expense Ratio (%)Cumulative AnnualizedPerformance Update as of 09/30/20Net¹GrossInception10 Years5 Years3 Years1 YearYTD3-month
Target Date
01/01/10 -5.786.235.947.624.813.70 0.39Voya Target Solution Income TrustMorningstar Public 0.39
01/04/13 5.47-6.105.837.584.813.71 0.39Voya Target Solution Income TrustClass 8 CIT 0.39
01/01/10 -7.868.026.508.183.075.44 0.39Voya Target Solution 2025 TrustMorningstar Public 0.39
10/17/12 7.44-7.896.398.153.075.44 0.39Voya Target Solution 2025 TrustClass 8 CIT 0.39
01/01/10 -8.358.616.738.292.396.05 0.39Voya Target Solution 2030 TrustMorningstar Public 0.39
01/04/13 7.98-8.486.628.262.406.06 0.39Voya Target Solution 2030 TrustClass 8 CIT 0.39
01/01/10 -8.769.156.938.631.836.76 0.39Voya Target Solution 2035 TrustMorningstar Public 0.39
10/17/12 8.46-9.026.828.591.846.77 0.39Voya Target Solution 2035 TrustClass 8 CIT 0.39
01/01/10 -9.069.527.149.301.957.50 0.39Voya Target Solution 2040 TrustMorningstar Public 0.39
01/04/13 8.86-9.397.039.271.957.50 0.39Voya Target Solution 2040 TrustClass 8 CIT 0.39
01/01/10 -9.389.727.289.751.887.90 0.39Voya Target Solution 2045 TrustMorningstar Public 0.39
10/17/12 9.17-9.597.179.711.887.91 0.39Voya Target Solution 2045 TrustClass 8 CIT 0.39
01/01/10 -9.359.707.179.491.477.86 0.39Voya Target Solution 2050 TrustMorningstar Public 0.39
01/04/13 9.07-9.577.069.461.487.86 0.39Voya Target Solution 2050 TrustClass 8 CIT 0.39
01/01/10 -9.429.757.209.551.457.98 0.39Voya Target Solution 2055 TrustMorningstar Public 0.39
01/10/13 9.15-9.627.099.511.457.98 0.39Voya Target Solution 2055 TrustClass 8 CIT 0.39
09/01/15* 9.05-9.847.259.731.647.95 0.39Voya Target Solution 2060 TrustMorningstar Public 0.39
09/03/15 9.24-9.717.149.701.647.95 0.39Voya Target Solution 2060 TrustClass 8 CIT 0.39
08/01/20* -3.01------ 0.39Voya Target Solution 2065 TrustMorningstar Public 0.39
09/02/20 -3.75------ 0.39Voya Target Solution 2065 TrustClass 8 CIT 0.39
Past performance does not guarantee future results. Current performance may be lower or
higher than the performance information shown. The investment return and principal value
of an investment in the portfolio will fluctuate, so that your shares, when redeemed, may
be worth more or less than their original cost. Performance assumes reinvestment of
distributions and does not account for taxes.
1 The estimated fee set forth above is comprised of Management Fees and the
administrative and operating expenses (such as custody, transfer agency,
valuation and audit fees) of the Target Solution Trusts as well as the underlying
Collective Trust Funds. The fee rates set forth above are only estimated fee
rates for the NAV classes in the Target Solution Trust Fund(s) and could be higher
or lower. The current fee rate for each class of the Target Solution Trust Fund(s),
is based on the current asset allocation and election of the underlying Collective
Trust Funds. The actual fees and expenses incurred will vary over time based on
strategic and tactical allocations across asset classes, changes in underlying
Collective Trust Funds selected and/or fee schedules, as well as actual
administrative and operating expenses incurred at both the underlying
Collective Trust Fund and Target Solution Trust Fund level.
* Both the listed inception date, as well as the fund’s performance for the (since)
inception period were adjusted to reflect the start of the 1st full month that the
fund was available to investors.
6
Voya Advantages
Voya Offerings /Morningstar Category Inception
Abs.Rank
TotalFunds
1 YearMorningstar® Ratings and Percentile Rankings3 Years
Abs.Rank
TotalFunds
5 YearsAbs.Rank
TotalFunds
10 YearsAbs.Rank
TotalFunds Overall 3Q
3Q
RPAGScorecard
Value Peers
Fi360 FiduciaryScore®Ratings and Rankings as of 09/30/20
Target Date
12/21/1512/20/12
Voya Target In-Retirement FundClass R6 (VTRWX)Target-Date Retirement
5675 / 176
3539 / 150
6 32 162R6I
31out of 127
- out of150
12/21/1512/20/12
Voya Target Retirement 2025 FundClass R6 (VTRDX)Target-Date 2025
54106 / 218
4979 / 186
8 45 197R6I
47out of 146
- out of186
12/21/1512/20/12
Voya Target Retirement 2030 FundClass R6 (VTRFX)Target-Date 2030
53106 / 228
5287 / 194
6 42 202R6I
45out of 153
- out of194
12/21/1512/20/12
Voya Target Retirement 2035 FundClass R6 (VTRHX)Target-Date 2035
4891 / 211
5080 / 183
8 43 191R6I
49out of 143
- out of183
12/21/1512/20/12
Voya Target Retirement 2040 FundClass R6 (VTRKX)Target-Date 2040
3774 / 222
4373 / 194
8 40 202R6I
42out of 153
- out of194
12/21/1512/20/12
Voya Target Retirement 2045 FundClass R6 (VTRNX)Target-Date 2045
4180 / 211
4878 / 183
7 45 191R6I
51out of 143
- out of183
12/21/1512/20/12
Voya Target Retirement 2050 FundClass R6 (VTRPX)Target-Date 2050
4283 / 222
4681 / 194
7 44 202R6I
50out of 153
- out of194
12/21/1512/20/12
Voya Target Retirement 2055 FundClass R6 (VTRRX)Target-Date 2055
4487 / 211
4982 / 183
7 43 191R6I
54out of 140
- out of183
Voya Target Retirement 2060 FundClass R6 (VTRUX)Target-Date 2060+
12/21/15 4496 / 244
5179 / 171
- 29 182- - out of171
Past performance does not guarantee future results. Please see back cover for additional disclosures.
Investment Risks
As with any portfolio, you could lose money on your investment in a Voya Target Retirement Fund. Although asset allocation seeks to optimize returns given various levels of risk
tolerance, you still may lose money and experience volatility. Market and asset class performance and the assumptions used form the asset allocations for the VoyaRetirement
Fund. There is risk that you could achieve better returns in an underlying portfolio or other portfolios representing a single asset class than in the Voya Target Retirement Fund.
Important factors to consider when planning for retirement include your expected expenses, sources of income, and available assets. Beforein the Voya Target Retirement Fund,
weigh your objectives, time horizon, and risk tolerance. The Voya Target Retirement Fund invests in many underlying portfolios which are exposed to the risks of different areas of
the market. The higher a portfolio’s allocation to stocks, the greater the risk. Diversification cannot assure aor protect against loss in a declining market.
7
A Leader in Target Date Capabilities
Inception
Performance (NAV %)
Expense Ratio (%)Cumulative AnnualizedPerformance Update as of 09/30/20Net¹GrossInception10 Years5 Years3 Years1 YearYTD3-month
ExpenseWaiver Date
Target Date
R6 5.38-5.935.356.563.903.52 0.47 3, 4Voya Target In-Retirement FundClass R6 (VTRWX)
12/21/15 0.47 10/01/21I 12/20/12 0.48 0.48
R6 7.28-7.846.238.023.045.49 0.45 3, 4Voya Target Retirement 2025 FundClass R6 (VTRDX)
12/21/15 0.45 10/01/21I 12/20/12 0.51 0.51
R6 7.95-8.446.468.582.616.06 0.45 3, 4Voya Target Retirement 2030 FundClass R6 (VTRFX)
12/21/15 0.45 10/01/21I 12/20/12 0.49 0.49
R6 8.28-9.016.749.212.366.83 0.45 3, 4Voya Target Retirement 2035 FundClass R6 (VTRHX)
12/21/15 0.45 10/01/21I 12/20/12 0.46 0.46
R6 8.78-9.396.929.872.467.49 0.46 3, 4Voya Target Retirement 2040 FundClass R6 (VTRKX)
12/21/15 0.46 10/01/21I 12/20/12 0.50 0.50
R6 8.94-9.516.869.982.127.84 0.46 3, 4Voya Target Retirement 2045 FundClass R6 (VTRNX)
12/21/15 0.46 10/01/21I 12/20/12 0.49 0.49
R6 8.93-9.496.809.931.867.87 0.47 3, 4Voya Target Retirement 2050 FundClass R6 (VTRPX)
12/21/15 0.47 10/01/21I 12/20/12 0.50 0.50
R6 8.97-9.566.819.841.797.81 0.47 3, 4Voya Target Retirement 2055 FundClass R6 (VTRRX)
12/21/15 0.47 10/01/21I 12/20/12 0.47 0.47
R6 9.18--6.8410.051.938.01 0.49 3, 4Voya Target Retirement 2060 FundClass R6 (VTRUX) 12/21/15 0.49 10/01/21
R6 1.90------ 0.49 2, 4Voya Target Retirement 2065 FundClass R6 (VTUFX) 07/29/20 0.52 10/01/21
Historical performance shown for Class R6 shares reflects the historical performance of Class I
shares for periods prior to the inception of Class R6 (represented by italicized text). Historical
performance of Class R6 shares likely would have been different because of differences in
expenses attributable to each share class.
Past performance does not guarantee future results. Current performance may be lower or
higher than the performance information shown. The investment return and principal value
of an investment in the portfolio will fluctuate, so that your shares, when redeemed, may
be worth more or less than their original cost. Returns for the other share classes will vary
due to different charges and expenses. Performance assumes reinvestment of
distributions and does not account for taxes.
Total investment return at net asset value has been calculated assuming a purchase at net asset
value at the beginning of the period and a sale at net asset value at the end of the period; and
assumes reinvestment of dividends, capital gain distributions and return of capital
distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment
plan. Net asset value equals total Fund assets net of fund expenses such as operating costs and
management fees. Total investment return at net asset value is not annualized for periods less
than one year.
1 The Adviser has contractually agreed to limit expenses of the Fund. This
expense limitation agreement excludes interest, taxes, investment-related costs,
leverage expenses, and extraordinary expenses and may be subject to possible
recoupment. Please see the Fund's prospectus for more information.2 Expenses are being waived to the contractual cap.
3 The Fund is operating under the contractual expense limits.
4 The Fund's Acquired (Underlying) Funds Fees and Expenses are based on a
weighted average of the fees and expenses of the Underlying Funds in which it
invests. The amount of fees and expenses of the Underlying Funds borne by the
Fund will vary based on the Fund's allocation of assets to, and annualized net
expenses of, the particular Underlying Funds during the Fund's fiscal year.
8
Voya Advantages
Voya Offerings /Morningstar Category Inception
Abs.Rank
TotalFunds
1 YearMorningstar® Ratings and Percentile Rankings3 Years
Abs.Rank
TotalFunds
5 YearsAbs.Rank
TotalFunds
10 YearsAbs.Rank
TotalFunds Overall 3Q
3Q
RPAGScorecard
Value Peers
Fi360 FiduciaryScore®Ratings and Rankings as of 09/30/20
Target Date
05/01/1503/10/08
Voya Index Solution Income PortfolioClass Z (VSZJX)Target-Date Retirement
69 / 176
912 / 150
8 0 162ZI
1217 / 127
12out of 90
out of150
05/01/1503/10/08
Voya Index Solution 2025 PortfolioClass Z (VSZBX)Target-Date 2025
3367 / 218
2127 / 186
9 0 197ZI
2935 / 146
31out of 89
out of186
05/01/1510/03/11
Voya Index Solution 2030 PortfolioClass Z (VSZCX)Target-Date 2030
4285 / 228
2636 / 194
8 0 202ZI
3445 / 153
- out of194
05/01/1503/10/08
Voya Index Solution 2035 PortfolioClass Z (VSZDX)Target-Date 2035
4688 / 211
2839 / 183
8 0 191ZI
3243 / 143
33out of 86
out of183
05/01/1510/03/11
Voya Index Solution 2040 PortfolioClass Z (VSZEX)Target-Date 2040
4183 / 222
1833 / 194
8 0 202ZI
3242 / 153
- out of194
05/01/1503/10/08
Voya Index Solution 2045 PortfolioClass Z (VSZFX)Target-Date 2045
4691 / 211
2944 / 183
8 0 191ZI
3645 / 143
21out of 85
out of183
05/01/1510/03/11
Voya Index Solution 2050 PortfolioClass Z (VSZGX)Target-Date 2050
51103 / 222
3861 / 194
8 0 202ZI
4049 / 153
- out of194
05/01/1503/08/10
Voya Index Solution 2055 PortfolioClass Z (VSZHX)Target-Date 2055
5199 / 211
3658 / 183
8 0 191ZI
4250 / 140
40out of 35
out of183
05/01/1502/09/15
Voya Index Solution 2060 PortfolioClass Z (VSZIX)Target-Date 2060+
53119 / 244
3958 / 171
7 28 182ZI
6237 / 71
- out of171
Past performance does not guarantee future results. Please see back cover for additional disclosures.
Investment Risks
As with any portfolio, you could lose money on your investment in a Voya Index Solution Portfolio. Although asset allocation seeks to optimize returns given various levels of risk
tolerance, you still may lose money and experience volatility. Market and asset class performance and the assumptions used form the asset allocations for the Voya Index Solution
Portfolio. There is risk that you could achieve better returns in an underlying portfolio or other portfolios representing a single asset class than in the Voya Index Solution Portfolio.
Important factors to consider when planning for retirement include your expected expenses, sources of income, and available assets. Before investing in the Voya Index Solution
Portfolio, weigh your objectives, time horizon, and risk tolerance. The Voya Index Solution Portfolio invests in many underlying portfolios which are exposed to the risks of different
areas of the market. The higher a portfolio’s allocation to stocks, the greater the risk. Diversification cannot assure a profit or protect against loss in a declining market.
9
A Leader in Target Date Capabilities
Inception
Performance (NAV %)
Expense Ratio (%)Cumulative AnnualizedPerformance Update as of 09/30/20Net¹GrossInception10 Years5 Years3 Years1 YearYTD3-month
ExpenseWaiver Date
Target Date
Z -5.746.305.978.375.403.22 0.16 2, 3Voya Index Solution Income PortfolioClass Z (VSZJX)
05/01/15 0.42 05/01/21I 03/10/08 0.46 0.39
Z -7.928.366.909.153.794.97 0.17 2, 3Voya Index Solution 2025 PortfolioClass Z (VSZBX)
05/01/15 0.42 05/01/21I 03/10/08 0.47 0.39
Z 9.94-8.856.989.042.755.44 0.17 2, 3Voya Index Solution 2030 PortfolioClass Z (VSZCX)
05/01/15 0.41 05/01/21I 10/03/11 0.49 0.39
Z -8.909.407.129.292.126.21 0.17 2, 3Voya Index Solution 2035 PortfolioClass Z (VSZDX)
05/01/15 0.41 05/01/21I 03/10/08 0.47 0.39
Z 11.02-9.767.279.672.126.90 0.16 2, 3Voya Index Solution 2040 PortfolioClass Z (VSZEX)
05/01/15 0.40 05/01/21I 10/03/11 0.53 0.39
Z -9.329.847.239.581.587.22 0.16 2, 3Voya Index Solution 2045 PortfolioClass Z (VSZFX)
05/01/15 0.39 05/01/21I 03/10/08 0.47 0.39
Z 11.11-9.837.069.181.047.22 0.15 2, 3Voya Index Solution 2050 PortfolioClass Z (VSZGX)
05/01/15 0.39 05/01/21I 10/03/11 0.57 0.39
Z -9.319.817.069.211.017.31 0.15 2, 3Voya Index Solution 2055 PortfolioClass Z (VSZHX)
05/01/15 0.39 05/01/21I 03/08/10 0.55 0.39
Z 7.53-9.897.129.271.127.32 0.16 2, 3Voya Index Solution 2060 PortfolioClass Z (VSZIX)
05/01/15 0.40 05/01/21I 02/09/15 0.61 0.39
Z 1.90------ 0.16 2, 3Voya Index Solution 2065 PortfolioClass Z (VIQZX) 07/29/20 1.86 05/01/21
Historical performance shown for Class Z shares reflects the historical performance of Class I
shares for periods prior to the inception of Class Z (represented by italicized text). Historical
performance of Class Z shares likely would have been different because of differences in
expenses attributable to each share class.
Past performance does not guarantee future results. Current performance may be lower or
higher than the performance information shown. The investment return and principal value
of an investment in the portfolio will fluctuate, so that your shares, when redeemed, may
be worth more or less than their original cost. Returns for the other share classes will vary
due to different charges and expenses. Performance assumes reinvestment of
distributions and does not account for taxes.
Total investment return at net asset value has been calculated assuming a purchase at net asset
value at the beginning of the period and a sale at net asset value at the end of the period; and
assumes reinvestment of dividends, capital gain distributions and return of capital
distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment
plan. Net asset value equals total Fund assets net of fund expenses such as operating costs and
management fees. Total investment return at net asset value is not annualized for periods less
than one year.
1 The Adviser has contractually agreed to limit expenses of the Portfolio. This
expense limitation agreement excludes interest, taxes, investment-related costs,
leverage expenses, and extraordinary expenses and may be subject to possible
recoupment. Please see the Portfolio's prospectus for more information.2 Expenses are being waived to the contractual cap.
3 The Portfolio's Acquired (Underlying) Funds Fees and Expenses are based on a
weighted average of the fees and expenses of the Underlying Funds in which it
invests. The amount of fees and expenses of the Underlying funds borne by a
Portfolio will vary based on the Portfolio's allocation of assets to, and annualized
net expenses of, the particular Underlying Funds during the Portfolio's fiscal
year.
10
Voya Advantages
Voya Offerings /Morningstar Category Inception
Abs.Rank
TotalFunds
1 YearMorningstar® Ratings and Percentile Rankings3 Years
Abs.Rank
TotalFunds
5 YearsAbs.Rank
TotalFunds
10 YearsAbs.Rank
TotalFunds Overall 3Q
3Q
RPAGScorecard
Value Peers
Fi360 FiduciaryScore®Ratings and Rankings as of 09/30/20
Target DateVoya Solution Income PortfolioClass I (ISWIX)Target-Date Retirement
04/29/05 2430 / 176
2124 / 150
7 0 1621821 / 127
1914 / 90
out of150
Voya Solution 2025 PortfolioClass I (ISZIX)Target-Date 2025
04/29/05 5097 / 218
4573 / 186
8 27 1974662 / 146
4636 / 89
out of186
Voya Solution 2030 PortfolioClass I (ISNGX)Target-Date 2030
10/03/11 54108 / 228
59100 / 194
7 54 2024564 / 153
- out of194
Voya Solution 2035 PortfolioClass I (ISQIX)Target-Date 2035
04/29/05 64121 / 211
74121 / 183
7 61 1916581 / 143
5746 / 86
out of183
Voya Solution 2040 PortfolioClass I (ISNLX)Target-Date 2040
10/03/11 52103 / 222
61114 / 194
6 64 2025977 / 153
- out of194
Voya Solution 2045 PortfolioClass I (ISRIX)Target-Date 2045
04/29/05 53105 / 211
73124 / 183
5 50 1917594 / 143
5543 / 85
out of183
Voya Solution 2050 PortfolioClass I (ISNQX)Target-Date 2050
10/03/11 53107 / 222
71129 / 194
5 69 2027093 / 153
- out of194
Voya Solution 2055 PortfolioClass I (IISPX)Target-Date 2055
03/08/10 55110 / 211
75132 / 183
5 58 1917593 / 140
5119 / 35
out of183
Voya Solution 2060 PortfolioClass I (VSIPX)Target-Date 2060+
02/09/15 60140 / 244
78125 / 171
5 74 1828154 / 71
- out of171
Past performance does not guarantee future results. Please see back cover for additional disclosures.
Investment Risks
As with any portfolio, you could lose money on your investment in a Voya Solution Portfolio. Although asset allocation seeks to optimize returns given various levels of risk
tolerance, you still may lose money and experience volatility. Market and asset class performance and the assumptions used form the asset allocations for the Voya Solution
Portfolio. There is risk that you could achieve better returns in an underlying portfolio or other portfolios representing a single asset class than in the Voya Solution Portfolio.
Important factors to consider when planning for retirement include your expected expenses, sources of income, and available assets. Before investing in the Voya Solution
Portfolio, weigh your objectives, time horizon, and risk tolerance. The Voya Solution Portfolio invests in many underlying portfolios which are exposed to the risks of different areas
of the market. The higher a portfolio’s allocation to stocks, the greater the risk. Diversification cannot assure a profit or protect against loss in a declining market.
11
A Leader in Target Date Capabilities
Inception
Performance (NAV %)
Expense Ratio (%)Cumulative AnnualizedPerformance Update as of 09/30/20Net¹GrossInception10 Years5 Years3 Years1 YearYTD3-month
ExpenseWaiver Date
Target Date
04/29/05 -5.596.125.727.424.744.05 0.68 2, 3Voya Solution Income PortfolioClass I (ISWIX) 0.80 05/01/21
04/29/05 -7.677.886.248.283.285.81 0.74 2, 3Voya Solution 2025 PortfolioClass I (ISZIX) 0.86 05/01/21
10/03/11 9.92-8.456.318.542.486.26 0.74 2, 3Voya Solution 2030 PortfolioClass I (ISNGX) 0.99 05/01/21
04/29/05 -8.338.616.108.311.356.98 0.77 2, 3Voya Solution 2035 PortfolioClass I (ISQIX) 0.92 05/01/21
10/03/11 10.87-9.066.359.211.727.55 0.77 2, 3Voya Solution 2040 PortfolioClass I (ISNLX) 1.08 05/01/21
04/29/05 -8.748.876.019.101.098.01 0.80 2, 3Voya Solution 2045 PortfolioClass I (ISRIX) 0.97 05/01/21
10/03/11 10.89-8.965.978.930.777.85 0.80 2, 3Voya Solution 2050 PortfolioClass I (ISNQX) 1.17 05/01/21
03/08/10 -8.778.905.928.770.567.95 0.80 2, 3Voya Solution 2055 PortfolioClass I (IISPX) 1.09 05/01/21
02/09/15 6.84-8.955.868.630.387.86 0.80 2, 3Voya Solution 2060 PortfolioClass I (VSIPX) 1.33 05/01/21
07/29/20 1.80------ 0.80 2, 3Voya Solution 2065 PortfolioClass I (VSQIX) 2.34 05/01/21
Past performance does not guarantee future results. Current performance may be lower or
higher than the performance information shown. The investment return and principal value
of an investment in the portfolio will fluctuate, so that your shares, when redeemed, may
be worth more or less than their original cost. Returns for the other share classes will vary
due to different charges and expenses. Performance assumes reinvestment of
distributions and does not account for taxes.
Total investment return at net asset value has been calculated assuming a purchase at net asset
value at the beginning of the period and a sale at net asset value at the end of the period; and
assumes reinvestment of dividends, capital gain distributions and return of capital
distributions/allocations, if any, in accordance with the provisions of the dividend reinvestment
plan. Net asset value equals total Fund assets net of fund expenses such as operating costs and
management fees. Total investment return at net asset value is not annualized for periods less
than one year.
1 The Adviser has contractually agreed to limit expenses of the Portfolio. This
expense limitation agreement excludes interest, taxes, investment-related costs,
leverage expenses, and extraordinary expenses and may be subject to possible
recoupment. Please see the Portfolio's prospectus for more information.2 Expenses are being waived to the contractual cap.
3 The Portfolio's Acquired (Underlying) Funds Fees and Expenses are based on a
weighted average of the fees and expenses of the Underlying Funds in which it
invests. The amount of fees and expenses of the Underlying funds borne by a
Portfolio will vary based on the Portfolio's allocation of assets to, and annualized
net expenses of, the particular Underlying Funds during the Portfolio's fiscal
year.
12
Voya Advantages
Asset Allocations by Underlying FundVoya Target Solution Trust Series (%)Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 Income
EquityUS Large Blend
BlackRock Equity Index Trust NL Fund 42.5 42.5 41.0 38.5 37.5 32.5 26.5 21.5 15.5 7.0S&P500 EMINI DEC20 FUTURE - - 0.5 0.5 1.5 2.0 0.5 0.5 1.5 2.5Voya Multi-Factor Large Cap Core Trust Fund - - - - - 4.0 4.5 4.5 4.5 2.5
US Large GrowthMFS Heritage Growth Equity Trust Fund 5.5 5.5 5.5 5.8 5.8 4.3 4.0 3.5 3.5 2.3Voya Large Cap Growth Trust Fund 2.0 2.0 2.0 3.0 3.0 3.5 3.5 3.5 5.0 3.0
US Large ValueBlackRock Russell 1000 Value Trust NL Fund 7.0 7.0 7.0 8.3 8.3 7.3 7.5 4.0 3.5 -Voya Large Cap Value Trust Fund - - - - - - - 3.0 5.0 5.3
US Mid Cap BlendVoya Mid Cap Growth Trust Fund 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -Voya Multi-Manager Mid Cap Value Fund Class P 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -
US Small CapE-MINI RUSS 2000 DEC20 FUTURE - - 5.0 5.0 5.0 5.0 5.0 5.0 4.0 4.0iShares Core S&P Small-Cap ETF 5.0 5.0 - - - - - - - -
InternationalBlackRock MSCI EAFE Equity Index Trust NL Fund 7.5 7.5 8.5 8.5 8.5 9.0 9.0 7.5 6.0 2.0MFS International Growth Trust Fund 4.0 4.0 4.0 4.0 4.0 3.5 3.0 3.0 2.5 2.0MSCI EAFE DEC20 FUTURE - - -1.0 -1.0 -1.0 -2.0 -2.0 -2.0 -3.0 -3.0Polaris Capital International Value Collective Fund 5.0 5.0 5.0 5.0 4.0 4.0 3.0 3.0 2.5 2.0Wellington International Opportunities Trust Fund 7.5 7.5 7.5 7.5 7.5 6.5 6.0 5.5 4.0 2.0
Emerging MarketsBlackRock Emerging Markets Index Trust NL Fund 1.0 1.0 1.0 1.0 1.0 1.0 - - - -JPMorgan Emerging Markets Equity Trust Fund 2.0 2.0 2.0 2.0 2.0 1.5 2.0 2.0 1.0 -MSCI EMGMKT DEC20 FUTURE - - -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5Voya Multi-Manager Emerging Markets Equity Fund Class P 4.0 4.0 4.5 4.0 4.0 4.0 4.0 3.0 2.5 2.0
Fixed IncomeCore Fixed Income
AQR Core Plus Bond Trust Fund - - - 2.0 2.0 3.0 3.0 6.0 8.0 9.0BlackRock US Debt Index Trust NL Fund - - - - - - - - - 11.0Brandywine US Fixed Income Trust Fund 1.0 1.0 2.0 2.0 2.0 2.0 3.0 4.0 6.0 7.0iShares iBoxx USD IG Corp Bond ETF - - - - - - 3.5 3.5 3.5 1.5US 10 YR NOTE (CBT) DEC20 FUTURE - - -4.0 -4.0 -5.0 -4.5 -3.0 -3.0 -2.0 -3.0Voya Core Plus Trust Fund 1.0 1.0 5.0 4.0 4.0 7.0 7.5 13.5 15.5 18.0
High YieldVoya High Yield Bond Fund Class P - - - - 2.0 3.0 4.0 4.0 4.0 5.0
Global BondsBrandywine Global Bond Trust Fund - - - - - - - - 3.0 3.0
Short DurationVoya Core Short Duration High Quality Trust Fund - - - - - - - - - 10.0
Long Govt BondsiShares 20+ Year Treasury Bond ETF - - - - - - 2.0 2.0 2.0 2.0
TIPSBlackRock US Treasury Inflation Protection Trust Fund - - - - - - - - - 3.5
Equity 98.0 98.0 97.0 96.0 95.0 89.5 80.0 70.0 60.0 33.0Fixed Income 2.0 2.0 3.0 4.0 5.0 10.5 20.0 30.0 40.0 67.0
Voya Investment Management 5.5 5.5 9.5 9.3 11.3 19.5 21.5 30.0 35.3 43.8Outside Manager* 94.5 94.5 90.5 90.8 88.8 80.5 78.5 70.0 64.8 56.3
Active 37.0 37.0 42.5 43.8 44.8 50.3 51.5 61.5 69.5 73.0Passive 63.0 63.0 57.5 56.3 55.3 49.8 48.5 38.5 30.5 27.0
*Outside manager refers to the use of investment managers other than Voya Investment Management, which may be offered through affiliated sub-advised funds.Allocations may not add to 100% due to rounding
Asset Allocations by Underlying FundVoya Target Solution Trust Series (%)Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 Income
EquityUS Large Blend
BlackRock Equity Index Trust NL Fund 42.5 42.5 41.0 38.5 37.5 32.5 26.5 21.5 15.5 7.0S&P500 EMINI DEC20 FUTURE - - 0.5 0.5 1.5 2.0 0.5 0.5 1.5 2.5Voya Multi-Factor Large Cap Core Trust Fund - - - - - 4.0 4.5 4.5 4.5 2.5
US Large GrowthMFS Heritage Growth Equity Trust Fund 5.5 5.5 5.5 5.8 5.8 4.3 4.0 3.5 3.5 2.3Voya Large Cap Growth Trust Fund 2.0 2.0 2.0 3.0 3.0 3.5 3.5 3.5 5.0 3.0
US Large ValueBlackRock Russell 1000 Value Trust NL Fund 7.0 7.0 7.0 8.3 8.3 7.3 7.5 4.0 3.5 -Voya Large Cap Value Trust Fund - - - - - - - 3.0 5.0 5.3
US Mid Cap BlendVoya Mid Cap Growth Trust Fund 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -Voya Multi-Manager Mid Cap Value Fund Class P 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -
US Small CapE-MINI RUSS 2000 DEC20 FUTURE - - 5.0 5.0 5.0 5.0 5.0 5.0 4.0 4.0iShares Core S&P Small-Cap ETF 5.0 5.0 - - - - - - - -
InternationalBlackRock MSCI EAFE Equity Index Trust NL Fund 7.5 7.5 8.5 8.5 8.5 9.0 9.0 7.5 6.0 2.0MFS International Growth Trust Fund 4.0 4.0 4.0 4.0 4.0 3.5 3.0 3.0 2.5 2.0MSCI EAFE DEC20 FUTURE - - -1.0 -1.0 -1.0 -2.0 -2.0 -2.0 -3.0 -3.0Polaris Capital International Value Collective Fund 5.0 5.0 5.0 5.0 4.0 4.0 3.0 3.0 2.5 2.0Wellington International Opportunities Trust Fund 7.5 7.5 7.5 7.5 7.5 6.5 6.0 5.5 4.0 2.0
Emerging MarketsBlackRock Emerging Markets Index Trust NL Fund 1.0 1.0 1.0 1.0 1.0 1.0 - - - -JPMorgan Emerging Markets Equity Trust Fund 2.0 2.0 2.0 2.0 2.0 1.5 2.0 2.0 1.0 -MSCI EMGMKT DEC20 FUTURE - - -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5Voya Multi-Manager Emerging Markets Equity Fund Class P 4.0 4.0 4.5 4.0 4.0 4.0 4.0 3.0 2.5 2.0
Fixed IncomeCore Fixed Income
AQR Core Plus Bond Trust Fund - - - 2.0 2.0 3.0 3.0 6.0 8.0 9.0BlackRock US Debt Index Trust NL Fund - - - - - - - - - 11.0Brandywine US Fixed Income Trust Fund 1.0 1.0 2.0 2.0 2.0 2.0 3.0 4.0 6.0 7.0iShares iBoxx USD IG Corp Bond ETF - - - - - - 3.5 3.5 3.5 1.5US 10 YR NOTE (CBT) DEC20 FUTURE - - -4.0 -4.0 -5.0 -4.5 -3.0 -3.0 -2.0 -3.0Voya Core Plus Trust Fund 1.0 1.0 5.0 4.0 4.0 7.0 7.5 13.5 15.5 18.0
High YieldVoya High Yield Bond Fund Class P - - - - 2.0 3.0 4.0 4.0 4.0 5.0
Global BondsBrandywine Global Bond Trust Fund - - - - - - - - 3.0 3.0
Short DurationVoya Core Short Duration High Quality Trust Fund - - - - - - - - - 10.0
Long Govt BondsiShares 20+ Year Treasury Bond ETF - - - - - - 2.0 2.0 2.0 2.0
TIPSBlackRock US Treasury Inflation Protection Trust Fund - - - - - - - - - 3.5
Equity 98.0 98.0 97.0 96.0 95.0 89.5 80.0 70.0 60.0 33.0Fixed Income 2.0 2.0 3.0 4.0 5.0 10.5 20.0 30.0 40.0 67.0
Voya Investment Management 5.5 5.5 9.5 9.3 11.3 19.5 21.5 30.0 35.3 43.8Outside Manager* 94.5 94.5 90.5 90.8 88.8 80.5 78.5 70.0 64.8 56.3
Active 37.0 37.0 42.5 43.8 44.8 50.3 51.5 61.5 69.5 73.0Passive 63.0 63.0 57.5 56.3 55.3 49.8 48.5 38.5 30.5 27.0
*Outside manager refers to the use of investment managers other than Voya Investment Management, which may be offered through affiliated sub-advised funds.Allocations may not add to 100% due to rounding
13
A Leader in Target Date Capabilities
Asset Allocations by Underlying FundVoya Target Retirement Funds (%)Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 In-Retirement
EquityUS Large Blend
iShares Core S&P 500 ETF 13.5 13.5 13.5 12.5 11.0 9.5 7.5 7.5 7.5 0.5TIAA-CREF S&P 500 Index Institutional 25.0 25.0 24.5 24.5 23.5 23.5 24.0 18.0 16.0 9.5
US Large GrowthVanguard Russell 1000 Growth ETF 2.3 2.3 1.0 2.3 2.8 2.3 - - - -Voya Large Cap Growth Fund - P3 7.3 7.3 8.3 7.5 8.3 8.3 7.5 7.5 7.5 6.3
US Large ValueVanguard Value Index ETF 2.5 2.5 2.0 2.5 4.5 5.3 4.0 4.3 3.5 2.3Voya Large Cap Value Fund - P3 6.5 6.5 6.8 6.8 6.0 4.8 3.5 3.3 - -Voya U.S. High Dividend Low Volatility Fund – P3 - - - - - - - - 4.0 4.0
US Mid Cap BlendiShares Russell Mid-Cap Growth ETF 2.5 2.5 2.5 2.3 2.3 2.0 - - - -Voya Midcap Opportunities Fund - P3 - - - - - - 2.0 1.5 1.3 -Voya Multi-Manager Mid Cap Value Fund - P3 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -
US Small CapiShares Core S&P Small-Cap ETF 3.0 3.0 3.0 3.0 3.0 3.0 5.0 5.0 4.0 4.0Voya Small Company Fund - P3 2.0 2.0 2.0 2.0 2.0 2.0 - - - -
InternationalVoya Multi-Manager International Equity Fund - P3 15.5 15.5 15.5 15.5 14.5 12.8 10.8 8.0 4.8 1.3Voya Multi-Manager International Factors Fund - P3 8.5 8.5 8.5 8.5 8.5 8.3 8.3 9.0 7.3 3.8
Emerging MarketsVoya Multi-Manager Emerging Markets Equity Fund - P3 7.0 7.0 7.0 6.5 6.5 6.0 5.5 4.5 3.0 1.5
Fixed IncomeCore Fixed Income
iShares Core US Aggregate Bond ETF - - - - - - 1.5 1.5 5.5 12.0iShares iBoxx USD IG Corp Bond ETF - - - - - - 3.5 3.5 3.5 1.5Voya Intermediate Bond Fund - P3 2.0 2.0 3.0 4.0 3.0 7.5 9.0 18.0 21.0 28.5Voya Strategic Income Opportunities Fund P3 - - - - - - - 1.0 1.0 1.5
High YieldVoya High Yield Bond Fund - P3 - - - - 2.0 3.0 4.0 4.0 4.0 5.0
Global BondsVoya Global Bond Fund - P3 - - - - - - - - 3.0 3.0
Short DurationVoya Short Term Bond Fund - P3 - - - - - - - - - 10.0
Long Govt BondsiShares 20+ Year Treasury Bond ETF - - - - - - 2.0 2.0 2.0 2.0
TIPSSchwab US TIPS ETF - - - - - - - - - 3.5
Equity 98.0 98.0 97.0 96.0 95.0 89.5 80.0 70.0 60.0 33.0Fixed Income 2.0 2.0 3.0 4.0 5.0 10.5 20.0 30.0 40.0 67.0
Voya Investment Management 17.8 17.8 20.0 20.3 21.3 25.5 26.0 35.3 41.8 58.3Outside Manager* 82.3 82.3 80.0 79.8 78.8 74.5 74.0 64.8 58.3 41.8
Active 51.3 51.3 53.5 53.0 53.0 54.5 52.5 58.3 58.0 64.8Passive 48.8 48.8 46.5 47.0 47.0 45.5 47.5 41.8 42.0 35.3
*Outside manager refers to the use of investment managers other than Voya Investment Management, which may be offered through affiliated sub-advised funds. The Target RetirementFunds have a 50% cap on the use of unaffiliated funds.Allocations may not add to 100% due to rounding
Asset Allocations by Underlying FundVoya Target Retirement Funds (%)Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 In-Retirement
EquityUS Large Blend
iShares Core S&P 500 ETF 13.5 13.5 13.5 12.5 11.0 9.5 7.5 7.5 7.5 0.5TIAA-CREF S&P 500 Index Institutional 25.0 25.0 24.5 24.5 23.5 23.5 24.0 18.0 16.0 9.5
US Large GrowthVanguard Russell 1000 Growth ETF 2.3 2.3 1.0 2.3 2.8 2.3 - - - -Voya Large Cap Growth Fund - P3 7.3 7.3 8.3 7.5 8.3 8.3 7.5 7.5 7.5 6.3
US Large ValueVanguard Value Index ETF 2.5 2.5 2.0 2.5 4.5 5.3 4.0 4.3 3.5 2.3Voya Large Cap Value Fund - P3 6.5 6.5 6.8 6.8 6.0 4.8 3.5 3.3 - -Voya U.S. High Dividend Low Volatility Fund – P3 - - - - - - - - 4.0 4.0
US Mid Cap BlendiShares Russell Mid-Cap Growth ETF 2.5 2.5 2.5 2.3 2.3 2.0 - - - -Voya Midcap Opportunities Fund - P3 - - - - - - 2.0 1.5 1.3 -Voya Multi-Manager Mid Cap Value Fund - P3 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -
US Small CapiShares Core S&P Small-Cap ETF 3.0 3.0 3.0 3.0 3.0 3.0 5.0 5.0 4.0 4.0Voya Small Company Fund - P3 2.0 2.0 2.0 2.0 2.0 2.0 - - - -
InternationalVoya Multi-Manager International Equity Fund - P3 15.5 15.5 15.5 15.5 14.5 12.8 10.8 8.0 4.8 1.3Voya Multi-Manager International Factors Fund - P3 8.5 8.5 8.5 8.5 8.5 8.3 8.3 9.0 7.3 3.8
Emerging MarketsVoya Multi-Manager Emerging Markets Equity Fund - P3 7.0 7.0 7.0 6.5 6.5 6.0 5.5 4.5 3.0 1.5
Fixed IncomeCore Fixed Income
iShares Core US Aggregate Bond ETF - - - - - - 1.5 1.5 5.5 12.0iShares iBoxx USD IG Corp Bond ETF - - - - - - 3.5 3.5 3.5 1.5Voya Intermediate Bond Fund - P3 2.0 2.0 3.0 4.0 3.0 7.5 9.0 18.0 21.0 28.5Voya Strategic Income Opportunities Fund P3 - - - - - - - 1.0 1.0 1.5
High YieldVoya High Yield Bond Fund - P3 - - - - 2.0 3.0 4.0 4.0 4.0 5.0
Global BondsVoya Global Bond Fund - P3 - - - - - - - - 3.0 3.0
Short DurationVoya Short Term Bond Fund - P3 - - - - - - - - - 10.0
Long Govt BondsiShares 20+ Year Treasury Bond ETF - - - - - - 2.0 2.0 2.0 2.0
TIPSSchwab US TIPS ETF - - - - - - - - - 3.5
Equity 98.0 98.0 97.0 96.0 95.0 89.5 80.0 70.0 60.0 33.0Fixed Income 2.0 2.0 3.0 4.0 5.0 10.5 20.0 30.0 40.0 67.0
Voya Investment Management 17.8 17.8 20.0 20.3 21.3 25.5 26.0 35.3 41.8 58.3Outside Manager* 82.3 82.3 80.0 79.8 78.8 74.5 74.0 64.8 58.3 41.8
Active 51.3 51.3 53.5 53.0 53.0 54.5 52.5 58.3 58.0 64.8Passive 48.8 48.8 46.5 47.0 47.0 45.5 47.5 41.8 42.0 35.3
*Outside manager refers to the use of investment managers other than Voya Investment Management, which may be offered through affiliated sub-advised funds. The Target RetirementFunds have a 50% cap on the use of unaffiliated funds.Allocations may not add to 100% due to rounding
14
Voya Advantages
Asset Allocations by Underlying FundVoya Index Solution Portfolios (%)Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 Income
EquityUS Large Blend
S&P500 EMINI DEC20 FUTURE - 0.5 0.5 0.5 1.5 2.0 0.5 0.5 1.5 1.3Voya U.S. Stock Index Portfolio P2 56.0 55.5 54.5 55.5 54.5 51.5 46.0 40.0 37.0 21.3
US Large GrowthVanguard Russell 1000 Growth ETF 1.0 1.0 1.0 - - - - - - -
US Mid Cap BlendVoya Russell Mid Cap Index Portfolio P2 5.0 5.0 5.0 4.5 4.5 4.0 4.0 3.0 2.5 -
US Small CapE-MINI RUSS 2000 DEC20 FUTURE - 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.0 2.0Voya Russell Small Cap Index Portfolio P2 5.0 - - - - - - - - 2.0
InternationalMSCI EAFE DEC20 FUTURE - -1.0 -1.0 -1.0 -1.0 -2.0 -2.0 -2.0 -3.0 -1.5Voya International Index Portfolio P2 24.0 25.0 25.0 25.0 24.0 23.0 21.0 19.0 15.0 6.5
Emerging MarketsMSCI EMGMKT DEC20 FUTURE - -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.3Voya Emerging Markets Index Portfolio P2 7.0 7.5 7.5 7.0 7.0 6.5 6.0 5.0 3.5 1.8
Fixed IncomeCore Fixed Income
iShares iBoxx USD IG Corp Bond ETF - - - - - - 3.5 3.5 3.5 1.5US 10 YR NOTE (CBT) DEC20 FUTURE - -4.0 -4.0 -4.0 -5.0 -4.5 -3.0 -3.0 -2.0 -1.5Voya U.S. Bond Index Portfolio P2 2.0 6.0 7.0 8.0 8.0 12.0 13.5 23.5 32.5 46.5
High YieldXTRACKERS USD HIGH YIELD COR - - - - 2.0 3.0 4.0 4.0 4.0 5.0
Short DurationVoya Short Term Bond Fund Class P2 - - - - - - - - - 10.0
Long Govt BondsiShares 20+ Year Treasury Bond ETF - - - - - - 2.0 2.0 2.0 2.0
TIPSSchwab US TIPS ETF - - - - - - - - - 3.5
Equity 98.0 98.0 97.0 96.0 95.0 89.5 80.0 70.0 60.0 33.0Fixed Income 2.0 2.0 3.0 4.0 5.0 10.5 20.0 30.0 40.0 67.0
Voya Investment Management 99.0 99.0 99.0 100.0 98.0 97.0 90.5 90.5 90.5 88.0Outside Manager* 1.0 1.0 1.0 0.0 2.0 3.0 9.5 9.5 9.5 12.0
Active 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10.0Passive 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 90.0
*Outside manager refers to the use of investment managers other than Voya Investment Management, which may be offered through affiliated sub-advised funds. The Index SolutionPortfolios have a 20% cap on the use of unaffiliated funds.Allocations may not add to 100% due to rounding
Asset Allocations by Underlying FundVoya Index Solution Portfolios (%)Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 Income
EquityUS Large Blend
S&P500 EMINI DEC20 FUTURE - 0.5 0.5 0.5 1.5 2.0 0.5 0.5 1.5 1.3Voya U.S. Stock Index Portfolio P2 56.0 55.5 54.5 55.5 54.5 51.5 46.0 40.0 37.0 21.3
US Large GrowthVanguard Russell 1000 Growth ETF 1.0 1.0 1.0 - - - - - - -
US Mid Cap BlendVoya Russell Mid Cap Index Portfolio P2 5.0 5.0 5.0 4.5 4.5 4.0 4.0 3.0 2.5 -
US Small CapE-MINI RUSS 2000 DEC20 FUTURE - 5.0 5.0 5.0 5.0 5.0 5.0 5.0 4.0 2.0Voya Russell Small Cap Index Portfolio P2 5.0 - - - - - - - - 2.0
InternationalMSCI EAFE DEC20 FUTURE - -1.0 -1.0 -1.0 -1.0 -2.0 -2.0 -2.0 -3.0 -1.5Voya International Index Portfolio P2 24.0 25.0 25.0 25.0 24.0 23.0 21.0 19.0 15.0 6.5
Emerging MarketsMSCI EMGMKT DEC20 FUTURE - -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.5 -0.3Voya Emerging Markets Index Portfolio P2 7.0 7.5 7.5 7.0 7.0 6.5 6.0 5.0 3.5 1.8
Fixed IncomeCore Fixed Income
iShares iBoxx USD IG Corp Bond ETF - - - - - - 3.5 3.5 3.5 1.5US 10 YR NOTE (CBT) DEC20 FUTURE - -4.0 -4.0 -4.0 -5.0 -4.5 -3.0 -3.0 -2.0 -1.5Voya U.S. Bond Index Portfolio P2 2.0 6.0 7.0 8.0 8.0 12.0 13.5 23.5 32.5 46.5
High YieldXTRACKERS USD HIGH YIELD COR - - - - 2.0 3.0 4.0 4.0 4.0 5.0
Short DurationVoya Short Term Bond Fund Class P2 - - - - - - - - - 10.0
Long Govt BondsiShares 20+ Year Treasury Bond ETF - - - - - - 2.0 2.0 2.0 2.0
TIPSSchwab US TIPS ETF - - - - - - - - - 3.5
Equity 98.0 98.0 97.0 96.0 95.0 89.5 80.0 70.0 60.0 33.0Fixed Income 2.0 2.0 3.0 4.0 5.0 10.5 20.0 30.0 40.0 67.0
Voya Investment Management 99.0 99.0 99.0 100.0 98.0 97.0 90.5 90.5 90.5 88.0Outside Manager* 1.0 1.0 1.0 0.0 2.0 3.0 9.5 9.5 9.5 12.0
Active 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 0.0 10.0Passive 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 100.0 90.0
*Outside manager refers to the use of investment managers other than Voya Investment Management, which may be offered through affiliated sub-advised funds. The Index SolutionPortfolios have a 20% cap on the use of unaffiliated funds.Allocations may not add to 100% due to rounding
15
A Leader in Target Date Capabilities
Asset Allocations by Underlying FundVoya Solution Portfolios (%)Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 Income
EquityUS Large Blend
S&P500 EMINI DEC20 FUTURE - - 0.5 - 1.5 - 0.5 - 1.5 2.5Vanguard S&P 500 ETF 8.0 8.0 10.0 8.0 9.8 6.5 5.0 3.0 5.0 -Voya U.S. Stock Index Portfolio Class I 20.5 20.5 17.5 20.0 16.5 19.8 15.0 16.5 12.0 5.0VY T. Rowe Price Capital Appreciation Portfolio Class I 4.5 4.5 4.5 4.5 4.8 4.8 6.0 6.0 6.0 6.0VY® Columbia Contrarian Core I 7.5 7.5 7.0 7.0 7.0 5.5 5.0 2.5 - -
US Large GrowthVoya Large-Cap Growth Fund - R6 2.0 2.0 2.0 2.0 2.5 2.5 2.8 3.0 4.0 2.5VY T. Rowe Price Growth Equity Portfolio Class I 6.5 6.5 6.5 6.5 6.0 6.0 4.8 3.3 3.0 2.0
US Large ValueVanguard Value Index ETF 4.0 4.0 4.0 3.8 5.0 5.5 5.5 4.3 3.0 2.0Voya U.S. High Dividend Low Volatility Fund Class R6 - - - - - - 2.0 2.0 4.0 2.5VY Invesco Comstock Portfolio Class I 4.0 4.0 4.0 4.3 3.0 2.5 - - - -
US Mid Cap BlendVoya Multi-Manager Mid Cap Value Fund Class I 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -VY T. Rowe Price Divers Mid Cap Growth I 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -
US Small CapE-MINI RUSS 2000 DEC20 FUTURE - - 5.0 - 5.0 - 5.0 - 4.0 4.0iShares Core S&P Small-Cap ETF 5.0 5.0 - 5.0 - 5.0 - 5.0 - -
InternationalMSCI EAFE DEC20 FUTURE - - -1.0 - -1.0 - -2.0 - -3.0 -3.0Voya Multi-Manager International Equity Fund Class I 15.5 15.5 16.0 15.5 15.0 12.8 12.0 8.0 6.0 2.0Voya Multi-Manager International Factors Fund Class I 8.5 8.5 9.0 8.5 9.0 8.3 9.0 9.0 9.0 6.0
Emerging MarketsMSCI EMGMKT DEC20 FUTURE - - -0.5 - -0.5 - -0.5 - -0.5 -0.5Voya Multi-Manager Emerging Markets Equity Fund Class I 6.0 6.0 7.5 6.5 7.0 6.0 6.0 4.5 3.5 2.0
Fixed IncomeCore Fixed Income
iShares Core US Aggregate Bond ETF - - - - - - - - - 1.0iShares iBoxx USD IG Corp Bond ETF - - - - - - 3.5 3.5 3.5 1.5US 10 YR NOTE (CBT) DEC20 FUTURE - - -4.0 - -5.0 - -3.0 - -2.0 -3.0Voya Intermediate Bond Fund Class R6 - - 4.0 1.0 2.8 3.8 7.0 10.5 16.0 25.0Voya Strategic Income Opportunities Fund R6 - - - - - - 0.5 - 1.5 2.5VY BrandywineGLOBAL – Bond Portfolio - - - - 2.0 1.0 2.0 6.0 8.0 12.5VY T. Rowe Price Capital Appreciation Portfolio Class I 3.0 3.0 3.0 3.0 3.2 3.2 4.0 4.0 4.0 4.0
High YieldVoya High Yield Bond Fund Class R6 - - - - 2.0 3.0 4.0 4.0 4.0 5.0
Global BondsVoya Global Bond Fund Class R6 - - - - - - - - 3.0 3.0
Short DurationVoya Short Term Bond Fund Class R6 - - - - - - - - - 10.0
Long Govt BondsiShares 20+ Year Treasury Bond ETF - - - - - - 2.0 2.0 2.0 2.0
TIPSSchwab US TIPS ETF - - - - - - - - - 3.5
Equity 97.0 97.0 97.0 96.0 95.1 89.1 80.0 70.0 60.0 33.0Fixed Income 3.0 3.0 3.0 4.0 5.0 11.0 20.0 30.0 40.0 67.0
Voya Investment Management 22.5 22.5 23.5 23.0 23.8 29.0 31.3 36.0 44.5 55.5Outside Manager* 77.5 77.5 76.5 77.0 76.3 71.0 68.8 64.0 55.5 44.5
Active 62.5 62.5 68.5 63.3 68.8 63.3 69.0 65.8 74.5 85.0Passive 37.5 37.5 31.5 36.8 31.3 36.8 31.0 34.3 25.5 15.0
*Outside manager refers to the use of investment managers other than Voya Investment Management, which may be offered through affiliated sub-advised funds. The Solution Portfolioshave a 20% cap on the use of unaffiliated funds.Allocations may not add to 100% due to rounding
Asset Allocations by Underlying FundVoya Solution Portfolios (%)Asset Class 2065 2060 2055 2050 2045 2040 2035 2030 2025 Income
EquityUS Large Blend
S&P500 EMINI DEC20 FUTURE - - 0.5 - 1.5 - 0.5 - 1.5 2.5Vanguard S&P 500 ETF 8.0 8.0 10.0 8.0 9.8 6.5 5.0 3.0 5.0 -Voya U.S. Stock Index Portfolio Class I 20.5 20.5 17.5 20.0 16.5 19.8 15.0 16.5 12.0 5.0VY T. Rowe Price Capital Appreciation Portfolio Class I 4.5 4.5 4.5 4.5 4.8 4.8 6.0 6.0 6.0 6.0VY® Columbia Contrarian Core I 7.5 7.5 7.0 7.0 7.0 5.5 5.0 2.5 - -
US Large GrowthVoya Large-Cap Growth Fund - R6 2.0 2.0 2.0 2.0 2.5 2.5 2.8 3.0 4.0 2.5VY T. Rowe Price Growth Equity Portfolio Class I 6.5 6.5 6.5 6.5 6.0 6.0 4.8 3.3 3.0 2.0
US Large ValueVanguard Value Index ETF 4.0 4.0 4.0 3.8 5.0 5.5 5.5 4.3 3.0 2.0Voya U.S. High Dividend Low Volatility Fund Class R6 - - - - - - 2.0 2.0 4.0 2.5VY Invesco Comstock Portfolio Class I 4.0 4.0 4.0 4.3 3.0 2.5 - - - -
US Mid Cap BlendVoya Multi-Manager Mid Cap Value Fund Class I 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -VY T. Rowe Price Divers Mid Cap Growth I 2.5 2.5 2.5 2.3 2.3 2.0 2.0 1.5 1.3 -
US Small CapE-MINI RUSS 2000 DEC20 FUTURE - - 5.0 - 5.0 - 5.0 - 4.0 4.0iShares Core S&P Small-Cap ETF 5.0 5.0 - 5.0 - 5.0 - 5.0 - -
InternationalMSCI EAFE DEC20 FUTURE - - -1.0 - -1.0 - -2.0 - -3.0 -3.0Voya Multi-Manager International Equity Fund Class I 15.5 15.5 16.0 15.5 15.0 12.8 12.0 8.0 6.0 2.0Voya Multi-Manager International Factors Fund Class I 8.5 8.5 9.0 8.5 9.0 8.3 9.0 9.0 9.0 6.0
Emerging MarketsMSCI EMGMKT DEC20 FUTURE - - -0.5 - -0.5 - -0.5 - -0.5 -0.5Voya Multi-Manager Emerging Markets Equity Fund Class I 6.0 6.0 7.5 6.5 7.0 6.0 6.0 4.5 3.5 2.0
Fixed IncomeCore Fixed Income
iShares Core US Aggregate Bond ETF - - - - - - - - - 1.0iShares iBoxx USD IG Corp Bond ETF - - - - - - 3.5 3.5 3.5 1.5US 10 YR NOTE (CBT) DEC20 FUTURE - - -4.0 - -5.0 - -3.0 - -2.0 -3.0Voya Intermediate Bond Fund Class R6 - - 4.0 1.0 2.8 3.8 7.0 10.5 16.0 25.0Voya Strategic Income Opportunities Fund R6 - - - - - - 0.5 - 1.5 2.5VY BrandywineGLOBAL – Bond Portfolio - - - - 2.0 1.0 2.0 6.0 8.0 12.5VY T. Rowe Price Capital Appreciation Portfolio Class I 3.0 3.0 3.0 3.0 3.2 3.2 4.0 4.0 4.0 4.0
High YieldVoya High Yield Bond Fund Class R6 - - - - 2.0 3.0 4.0 4.0 4.0 5.0
Global BondsVoya Global Bond Fund Class R6 - - - - - - - - 3.0 3.0
Short DurationVoya Short Term Bond Fund Class R6 - - - - - - - - - 10.0
Long Govt BondsiShares 20+ Year Treasury Bond ETF - - - - - - 2.0 2.0 2.0 2.0
TIPSSchwab US TIPS ETF - - - - - - - - - 3.5
Equity 97.0 97.0 97.0 96.0 95.1 89.1 80.0 70.0 60.0 33.0Fixed Income 3.0 3.0 3.0 4.0 5.0 11.0 20.0 30.0 40.0 67.0
Voya Investment Management 22.5 22.5 23.5 23.0 23.8 29.0 31.3 36.0 44.5 55.5Outside Manager* 77.5 77.5 76.5 77.0 76.3 71.0 68.8 64.0 55.5 44.5
Active 62.5 62.5 68.5 63.3 68.8 63.3 69.0 65.8 74.5 85.0Passive 37.5 37.5 31.5 36.8 31.3 36.8 31.0 34.3 25.5 15.0
*Outside manager refers to the use of investment managers other than Voya Investment Management, which may be offered through affiliated sub-advised funds. The Solution Portfolioshave a 20% cap on the use of unaffiliated funds.Allocations may not add to 100% due to rounding
©2020 Voya Investments Distributor, LLC • 230 Park Ave, New York, NY 10169 • All rights reserved.
Voya Advantages | A Leader in Target Date Capabilities
The funds discussed may be available to you as part of your employer sponsored retirement plan. Fees and performance will vary from those detailed here. Please call your benefits office for more information.
Participation in a Collective Trust Fund is limited to eligible trusts that are accepted by the Trustee as Participating Trusts. Eligible trusts generally include (i) certain employee benefit trusts exempt from federal income taxation under Code Section 501(a); (ii) certain governmental plans or units described in Code Section 414(d), Code Section 457(b), and Code Section 818 (a) (6); (iii) certain commingled trust funds exempt from federal income taxation under Code Section 501(a); and (iv) certain insurance company separate accounts as defined in the Investment Company Act section 2(a) (17). Neither the fund nor units of beneficial interest in the fund are registered under the Investment Company Act of 1940 or the Securities Act of 1933 in reliance on an exemption, under these acts applicable to collective trust funds maintained by a bank for certain types of employee benefit trusts.
A collective fund is not a mutual fund; the collective investment trust fund is managed by Voya Investment Trust Co. There is no guarantee the fund will achieve its objective.
Various strategies mentioned in this document employ a quantitative investment process. The process is based on a collection of proprietary computer programs, or models, that calculate expected return rankings based on variables such as earnings growth prospects, valuation, and relative strength.
Data imprecision, software or other technology malfunctions, programming inaccuracies and similar circumstances may impair the performance of these systems, which may negatively affect performance. Furthermore, there can be no assurance that the quantitative models used in managing the strategy will perform as anticipated or enable the strategy to achieve its objective.
An investor should consider the investment objectives, risk, charges and expenses of the Fund(s) carefully before investing. For a free copy of the Fund’s prospectus, or summary prospectus, which contains this and other information, visit us at www.voyainvestments.com or call (800) 992-0180. Please read all materials carefully before investing.
Morningstar Morningstar computes the extended performance return stream by appending an adjusted return history of the oldest share class. Next, the Extended Performance Rating is determined by comparing the adjusted-historical returns to the current investment universe to identify placement in the bell curve used to assign the Morningstar Rating. Extended Performance Ratings appear as hollow stars on reports and statistics calculated with extended performance data appear in italics for easy identification.
The Morningstar RatingTM for funds, or “star rating”, is calculated for managed products (including mutual funds, variable annuity and variable life subaccounts, exchange-traded funds, closed-end funds, and separate accounts) with at least a three-year history. Exchange-traded funds and open-ended mutual funds are considered a single population for comparative purposes. It is calculated based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a managed product’s monthly excess performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of products in each product category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a managed product is derived from a weighted average of the performance figures associated with its three-, five-, and 10-year (if applicable) Morningstar Rating metrics. The weights are: 100% three-year rating for 36-59 months of total returns, 60% five-year rating/40% three-year rating for 60-119 months of total returns, and 50% 10-year rating/30% five-year rating/20% three-year rating for 120 or more months of total returns. While the 10-year overall star rating formula seems to give the most weight to the 10-year period, the most recent three-year period actually has the greatest impact because it is included in all three rating periods.
* Rankings for other share classes may be lower due to inclusion of fees in performance rankings. For additional share class information, please visit www.voyainvestments.com.
Morningstar’s methodology for calculating rankings for collective trusts is to rank them relative to an equivalent Morningstar Category within the US Open End Fund universe rather than their actual Morningstar Category within the US Separate Account/Collective Trust universe. For example, a large cap blend collective trust’s ranking is based on percentile ranking breakpoints of the US Open End Fund Large Blend category rather than the US Separate Account/Collective Trust Large Blend universe.
IEIA-VFATD 110520 • IM1020717 • 174870
Not FDIC/NCUA/NCUSIF Insured • Not a Deposit of a Bank/Credit Union • May Lose Value • Not Bank/Credit Union Guaranteed Not Insured by Any Federal Government Agency
Fi360 Fiduciary Score®The Fi360 Fiduciary Score® is a peer percentile ranking of an investment against a set of quantitative due diligence criteria indicative of prudent fiduciary management.
■ Each investment is evaluated against nine individual factors and thresholds, with points allotted if it fails a particular criterion. ■ Investments with 0 points are automatically given an Fi360 Fiduciary Score® of 0. ■ Every other investment is given a Score of 1–100 representing their percentile ranking. The lower the Score, the better.
The Fi360 Fiduciary Score® should not be used as the sole source of information in an investment decision. Visit Fi360.com/Fi360-Fiduciary-Score for the complete methodology document.
0-25 Top Quartile
26-50 Second Quartile
51-75 Third Quartile
76-100 Bottom Quartile
Fi360 Fiduciary Score®
RPAG ScorecardSM
The ScorecardSM System methodology incorporates both quantitative and qualitative factors in evaluating fund managers and their investment strategies. The ScorecardSM System is built around pass/fail criteria, on a scale of 0 to 10 (with 10 being the best) and has the ability to measure Active, Passive and Asset Allocation investing strategies. Active and Asset Allocation strategies are evaluated over a five-year time period, and Passive strategies are evaluated over a three-year time period.
9-10 Points Good7-8 Points Acceptable5-6 Points Watch List0-4 Points Poor
RPAG ScorecardSM Point System