Voya Global Target Payment Fund

C000060542 Fund Overview

Voya Global Target Payment Fund is a US mutual fund managed by Voya Series Fund Inc, categorised as Balanced Allocation. ABC INVEST provides holdings, performance, costs, cashflows, risk data, prospectus documents and SEC filings, sourced from SEC filings.

• Type: US mutual fund
• Manager: Voya Series Fund Inc
• Category: Balanced Allocation
• Assets under management: $428.40M
• SEC CIK: 0000877233
• SEC series ID: S000021244
• Share class ID: C000060542

C000060542 Investment Objective and Strategy

Voya Global Target Payment Fund describes its objective and strategy as follows, from its latest prospectus filed with the SEC by Voya Series Fund Inc.

Investment objective

The Fund's primary investment objective is to meet the managed payment policy of the Fund, while seeking to preserve the investors' capital over the long term.

Principal investment strategy

The Fund seeks to achieve its investment objectives through a combination of strategic allocation to a diversified portfolio of other funds (Underlying Funds) invested in: global equity; fixed-income, which may include floating rate loans and emerging markets debt; and real estate securities and real estate investment trusts; combined with a managed payment policy (the Managed Payment Policy). The Underlying Funds may or may not be affiliated with the investment adviser. The Managed Payment Policy is designed to provide 12 level monthly payments throughout each calendar year. The Fund will make a level payment of $0.038 per share for Class A shares, $0.034 per share for Class C shares, $0.040 per share for Class I shares, $0.036 per share for Class R shares, $0.040 per share for Class R6 shares, $0.038 per share for Class T, and $0.040 per share for Class W shares for 2018 based on annual payment rates of 5.50% for Class A shares, 4.75% for Class C shares, 5.81% for Class I shares, 5.25% for Class R shares, 5.75% for Class R6 shares, 5.50% for Class T shares, and 5.75% for Class W shares.

The Fund's sub-adviser (Sub-Adviser), in its discretion and with assistance from the Fund's investment adviser, will determine a new annual payment rate each January from within the total range for all share classes between 4.25% to 7.25% per annum based on the Fund's objectives, net asset value evolution, and fee structure of each class of the Fund's shares, as well as the Sub-Adviser's assessment of the market environment and its asset allocation views. The Fund uses a proprietary asset allocation strategy to determine the percentage of the Fund's net assets to invest in each of the Underlying Funds (the Target Allocations). Under normal conditions, approximately 60% of the Fund's net assets will be allocated to Underlying Funds investing in equity securities; and approximately 40% of the Fund's net assets will be allocated to Underlying Funds investing in fixed-income securities, including floating rate loans and emerging markets debt.

As these are Target Allocations, the actual allocations of the Fund's assets may deviate from the percentages shown. The Target Allocations are measured with reference to the primary strategies of the Underlying Funds; actual exposure to equity securities and fixed-income securities will vary from the Target Allocations if an Underlying Fund is not substantially invested in accordance with its primary strategy. The Sub-Adviser seeks to diversify the Fund's holdings by including Underlying Funds that invest in companies of all market capitalizations, that invest using a growth style, a value style, or a blend and that invest in companies in both developed countries and countries with emerging securities markets and real estate securities. The fixed-income portion of the Fund will invest in Underlying Funds that invest in both investment-grade securities and non-investment-grade debt securities (commonly known as junk bonds).

The investment-grade debt securities will have a dollar-weighted average duration between two and ten years. Duration is the most commonly used measure of risk in fixed-income investments as it incorporates multiple features of the fixed-income instrument (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a fixed-income instrument to a change in interest rates. Duration is a weighted average of the times that interest payments and the final return of principal are expected to be received. The weights are the amounts of the payments discounted by the yield-to-maturity of the fixed-income instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest-rate risk or reward for the fixed-income instrument prices.

For example, the price of a bond with an average duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point. Conversely, the price of a bond with an average duration of five years would be expected to rise approximately 5% if interest rates drop by one percentage point. The Fund may also allocate to non-traditional asset classes (also known as alternative strategies) which include commodities. The Fund may be rebalanced periodically to return to the Target Allocations. The Fund's Target Allocations may be changed, at any time, in accordance with the Fund's asset allocation process. The Fund may periodically deviate from the Target Allocations based on an assessment of the current market conditions or other factors. Generally, the deviations fall in the range of +/- 10% relative to the current Target Allocations.

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 to take advantage of particular opportunities. In addition to investing in the Underlying Funds, the Fund may also invest up to 20% of its total assets in exchange-traded funds to make tactical allocations and/or to gain exposure to equity securities, fixed-income securities or alternative strategies. The Fund may invest in derivative instruments including futures and swaps (including interest rate swaps, total return swaps, and credit default swaps) to make tactical allocations, as a substitute for taking a position in the underlying asset, to earn income, and to assist in managing cash. The Fund also employs a strategy (the Option Strategy) of writing (selling) call options (each a Call Option) on equity indices, baskets of securities, and exchange-traded funds in an attempt to generate gains from option premiums as a means of enhancing payments to shareholders and reducing volatility.

The notional value of the Call Options may not exceed 25% of the Fund's net assets. Because the performance of the securities underlying each Call Option are expected to correlate closely with the performance of one or more Underlying Funds, derivatives, or exchange-traded funds, during the term of each Call Option the Fund will be effectively giving up all or a portion of the benefits it would otherwise realize from a potential increase in the value of such Underlying Funds. Thus, the Option Strategy may limit the Fund's ability to benefit from appreciation of the Underlying Funds. At the same time, the premium received in connection with the sale of Call Options may partially offset potential declines in value of the Underlying Funds during periods of declining markets. The Fund may utilize additional option strategies, including utilizing call spreads, purchase put options, or other types of options to make tactical allocations, as a substitute for taking a position in the underlying asset, or to earn income.

C000060542 Costs and Fees

C000060542 costs about $99 per $10,000 invested per year in fund expenses.

• Net expense ratio: 0.99%
• Gross expense ratio: 0.99%
• Portfolio turnover: 80%
• Brokerage commissions: 1.40 bps of average net assets (SEC N-CEN)

C000060542 Cashflows

Over the 12 months to 2019-10, Voya Global Target Payment Fund had net inflows of $41.78M, from monthly SEC N-PORT filings.

C000060542 Debt Constituents

No individual debt constituents are reported in Voya Global Target Payment Fund's latest SEC N-PORT filing.

C000060542 Prospectus and SEC Filings

Official Voya Global Target Payment Fund filings on SEC EDGAR — prospectus, portfolio holdings and annual reports.

• Prospectus (485BPOS) — filed 2019-03-18
• Prospectus (485BPOS) — filed 2018-03-19
• Prospectus (485BPOS) — filed 2017-06-19
• Portfolio holdings (N-PORT) — filed 2019-12-23
• Annual census (N-CEN) — filed 2020-01-14
• Annual census (N-CEN) — filed 2019-01-14

Related Funds

Other Balanced Allocation funds tracked on ABC INVEST:

• American Balanced Fund (ABALX)
• Vanguard Wellington Fund (VWELX)
• Franklin Income Fund (FKINX)
• T. Rowe Price Capital Appreciation Fund, Inc. (PRWCX)
• Vanguard Balanced Index Fund (VBINX)

Data Sources

ABC INVEST compiles this page from public filings made to the U.S. Securities and Exchange Commission (SEC) through EDGAR: portfolio holdings and monthly cashflows from Form N-PORT, expenses and returns from fund prospectuses (Form 485BPOS) and the SEC DERA Risk/Return Summary data sets, annual data from Form N-CEN, and shareholder reports from Form N-CSR.