Voya Target Retirement 2065 Fund - Class A

Class A: VTAUX
Class I: VTIUX
Class R: VTURX
Class R6: VTUFX
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Voya Target Retirement 2065 Fund

A Target Date Choice to Help Keep Retirement Goals on Track

Voya’s Target Retirement Funds are designed to specifically balance the evolving risk-return profiles of participants as they age to maximize the probability of a successful retirement. The target date in the funds’ name is the approximate date when investors plan to start withdrawing their money.

Daily Prices

as of November 24, 2020

Net Asset Value (NAV)$11.28
% Change+1.44
$ Change+0.16
YTD Return12.80%

The Voya Target Retirement 2065 Fund Offers

Participant Focused Glide Path

Multi-Manager*

Active/Passive Blend

A Portfolio that Adjusts as Participants' Careers Progress

At Voya, our glide path relative to peers has a higher equity allocation for younger participants to build wealth and a lower equity allocation for participants near and in retirement to reduce risk in those critical years. Younger participants can afford to take on more investment risk in exchange for greater potential returns. However, in the later years, participants are more vulnerable to a market downturn, particularly the day they retire.

A Portfolio that Adjusts as Participants' Careers Progress

Source: Voya Investment Management

The Fund may periodically deviate from the Target Allocation, generally withing 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 to take advantage of particular opportunities. This chart is for illustrative purposes only and may not reflect the current allocations of the Voya Target Retirement Fund Series. This illustration is intended to show how the Voya Target Retirement Fund Series transitions over time.

The Voya Difference

  • Participant 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-Manager*
    Voya is a pioneer of the multi-manager TD approach, with 10 years+ of experience. Access to Voya’s investment capabilities and other well-recognized asset managers
  • Active/Passive Blend
    Active managers offer the potential for excess returns in less efficient asset classes. Passive managers offer cost effective exposure to highly efficient asset classes within a competitive fee structure

† Between 50-40 years out from the fund’s ‘target date’ the Voya Target Retirement Funds allocate 95% to equities compared to the industry average of 89%. At the ‘target date’ the Voya Target Retirement Funds allocate 35% to equities compared to the industry average of 42%. Source: Morningstar. Average includes all mutual fund and VP target date suites in Morningstar. Equity allocations based on Years to Target (YTT) Stock glide path data in Morningstar® Direct.


* 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. The Target Retirement Funds have a 50% cap on the use of unaffiliated funds.

Product Facts

Ticker SymbolVTAUX
CUSIP92913M161
Inception DateJuly 29, 2020
Dividends PaidAnnually
Min. Initial Investment$1,000.00

About this Product

Voya Target Retirement Funds maximize asset accumulation in the early years of participants’ careers, taking aggressive equity positions. 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.

The Voya Target Retirement 2065 Fund is designed for people who plan to begin living their retirement goals during or after the year 2063. Currently, it is designed to maximize wealth accumulation.

Investment Objective

Until the day prior to its Target Date, the Fund seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2065. 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.

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Broker/Dealer Services

1-800-334-3444

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Performance

Average Annual Total Returns %

As of October 31, 2020

As of September 30, 2020

Most Recent Month EndMost Recent Quarter EndMost Recent Month EndMost Recent Quarter End
Most Recent Month EndYTD1 YR3 YR5 YR10 YRInceptionExpense Ratios
GrossNet
Net Asset Value+0.100.83%0.83%
With Sales Charge-5.66
Net Asset Value+1.900.83%0.83%
With Sales Charge-3.96
S&P Target Date 2060+ Index-0.35
S&P Target Date 2060+ Index+1.35

Inception Date - Class A:July 29, 2020

Current Maximum Sales Charge: 5.75%

The performance quoted represents past performance and 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. See above "Average Annual Total Returns %" for performance information current to the most recent month-end.

Portfolio

Portfolio Statistics

As of October 31, 2020

Net Assets millions
Net Assets:

The per-share dollar amount of the fund, calculated by dividing the total value of all the securities in its portfolio, less any liabilities, by the number of fund shares outstanding.

$4.0
Number of Holdings
Number of Holdings:

Number of Holdings in the investment.

14
Total

Top Holdings

% of Total Investments as of October 31, 2020

TIAA-CREF S&P 500 Index Fund24.79
Voya Multi-Manager International Equity Fund - Class P315.55
iShares Core S&P 500 ETF13.37
Voya Multi-Manager International Factors Fund - Class P38.30
Voya Multi-Manager Emerging Markets Equity Fund - Class P37.21
Voya Large Cap Growth Fund - Class P37.19
Voya Large Cap Value Fund - Class P36.50
iShares Core S&P SmallCap 600 Index Fund3.15
Voya Multi-Manager Mid Cap Value Fund - Class P32.57
iShares Russell Mid-Cap Growth ETF2.56
Total#,###.2

Portfolio Composition

as of October 31, 2020

Large Cap U.S.56.58
International23.85
Emerging Markets7.21
Small Cap U.S.5.25
Mid Cap U.S.5.13
Core Plus Fixed Income1.99
Total#,###.2

Information provided is not a recommendation to buy or sell any security. Portfolio data is subject to daily change.

Ratings

Morningstar™ Ratings

As of October 31, 2020

No Morningstar™ ratings are currently available for this share class.

Distributions

No distributions paid in the last 12 months.

Investment Team

View Fund Adviser/Sub Adviser

Portfolio Management Team

Voya Investments, LLC

Investment Adviser

Voya Investments, LLC., serves as the investment adviser to each of the Funds. Voya Investments has overall responsibility for the management of the Funds. Voya Investments provides or oversees all investment advisory and portfolio management services for each Fund, and assists in managing and supervising all aspects of the general day-to-day business activities and operations of the Funds, including custodial, transfer agency, dividend disbursing, accounting, auditing, compliance and related services. The Investment Adviser may, from time to time, directly manage a portion of the Fund’s assets to seek to manage the Fund’s overall risk exposure to achieve the Fund’s desired risk/return profile and to effect the Fund’s investment strategies. The Investment Adviser may invest in futures and exchange-traded funds to implement its investment process.

Voya Investment Management Co. LLC

Investment Sub-Adviser

Voya Investment Management Co. LLC (“Voya IM” or “Sub-Adviser”), a Delaware limited liability company, was founded in 1972 and is registered with the SEC as an investment adviser. Voya IM is an indirect, wholly-owned subsidiary of Voya Financial, Inc. and is an affiliate of the Adviser. Voya IM has acted as adviser or sub-adviser to mutual funds since 1994 and has managed institutional accounts since 1972. The principal office of Voya IM is located at 230 Park Avenue, New York, New York 10169. As of December 31, 2016, Voya IM managed approximately $86.4 billion in assets.
Halvard Kvaale

Halvard Kvaale

Head of Manager Research and Selection

Years of Experience: 32

Years with Voya: 8

Halvard Kvaale is head of manager research and selection for Multi-Asset Strategies and Solutions (MASS) at Voya Investment Management. In this role he is responsible for manager selection and oversight of Voya mutual funds, manager selection and portfolio construction for MASS multi-asset portfolios and selection and oversight for the Voya General Account alternative investment portfolio. Prior to joining Voya in 2012, Halvard was managing director and head of the Morgan Stanley Smith Barney Consulting Group’s portfolio advisory services group. In this role, he was responsible for the management of the firm’s discretionary programs within Morgan Stanley Smith Barney overseeing more than $26 billion in client assets. Upon joining Morgan Stanley, he served as the head of global advisor research in the consulting services group overseeing the research and due diligence of third party investment managers globally. Previously, he served as the head of global manager research and fee-based advisory solutions at Deutsche Bank, and at Prudential Investments he managed the third party consulting programs, ran the investment management analysis unit and the senior consulting group. Halvard graduated from the Norwegian School of Management with an MS in general business, and graduated Summa Cum Laude with an MS in investing from San Francisco State University. Halvard holds a Certified Investment Management Analyst (CIMA) designation from the Wharton School of Business.
Barbara Reinhard

Barbara Reinhard, CFA

Head of Asset Allocation

Years of Experience: 31

Years with Voya: 4

Barbara Reinhard is the head of asset allocation for Multi-Asset Strategies and Solutions (MASS) at Voya Investment Management. In this role, she is responsible for strategic and tactical asset allocation decisions for the MASS team’s multi-asset strategies. Prior to joining Voya, Barbara was the chief investment officer for Credit Suisse Private Bank in the Americas. In that role, she managed discretionary multi-asset portfolios, was a member of the global asset allocation committee, and the pension investment committee. Prior to that, Barbara spent 20 years of her career at Morgan Stanley, where she joined the fixed income division and later became the deputy chief investment strategist for the global wealth management division. Barbara earned her BA in economics from Trinity College, holds the Chartered Financial Analyst® designation.
Paul Zemsky

Paul Zemsky, CFA

Chief Investment Officer, Multi-Asset Strategies and Solutions

Years of Experience: 36

Years with Voya: 15

Paul Zemsky is the chief investment officer and founder of the Multi-Asset Strategies and Solutions Team (MASS) at Voya Investment Management. He is responsible for the firm’s suite of value-added, customized and off-the-shelf products and solutions that are supported by the team’s asset allocation, manager research, quantitative research, portfolio implementation and multi-manager capabilities. Prior to joining the firm, he co-founded CaliberOne Private Funds Management, a macro hedge fund. Paul began his career at JPMorgan Investment Management, where he held a number of key positions, including head of investments for over $300 Billion of Fixed Income assets. Paul is a member of the firm’s Management Committee and a board member of Pomona Capital. He holds a dual degree in finance and electrical engineering from the Management and Technology Program at the University of Pennsylvania and holds the Chartered Financial Analyst® designation.

Disclosures

Principal Risks

There is no guarantee that any investment option will achieve its stated objective. Principal value fluctuates and there is no guarantee of value at any time, including the target date.

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 portfolio, until the day prior to its target date, the portfolio will seek to provide total returns consistent with an asset allocation targeted for an investor who is retiring in approximately each portfolio’s designated target year. On the target date, the portfolio will seek to provide a combination of total return and stability of principal.

Stocks are more volatile than bonds, and portfolios with a higher concentration of stocks are more likely to experience greater fluctuations in value than portfolios with a higher concentration in bonds. Foreign stocks and small- and mid-cap stocks may be more volatile than large-cap stocks. Investing in bonds also, entails credit risk and interest rate risk. Generally investors with longer timeframes can consider assuming more risk in their investment portfolio.

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 Voya Target Retirement 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. Before investing in 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 a profit or protect against loss in a declining market.