0001066602 2026-03-31 2026-03-31 0001066602 vft:S000008394Member 2026-03-31 2026-03-31 0001066602 vft:S000008394Member vft:C000023002Member 2026-03-31 2026-03-31 0001066602 vft:S000008394Member vft:C000023004Member 2026-03-31 2026-03-31 0001066602 vft:S000008394Member vft:C000023005Member 2026-03-31 2026-03-31 0001066602 vft:S000008394Member vft:C000122009Member 2026-03-31 2026-03-31 0001066602 vft:S000008394Member vft:C000057275Member 2026-03-31 2026-03-31 0001066602 vft:S000008394Member oef:RiskLoseMoneyMember 2026-03-31 2026-03-31 0001066602 vft:S000008394Member us-gaap:CreditRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008394Member vft:DerivativeInstrumentsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008394Member vft:EnvironmentalSocialandGovernanceFixedIncomeRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008394Member us-gaap:InterestRateRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008394Member vft:LiquidityRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008394Member vft:MarketDisruptionandGeopoliticalRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008394Member vft:MortgageandorAssetBackedSecuritiesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008394Member vft:OtherInvestmentCompaniesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008394Member vft:PortfolioTurnoverRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008394Member vft:PrepaymentandExtensionRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008394Member vft:RepurchaseAgreementsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008394Member vft:SecuritiesLendingRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008394Member vft:USGovernmentSecuritiesandObligationsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008394Member vft:WhenIssuedDelayedDeliveryandForwardCommitmentTransactionsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008394Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-31 2026-03-31 0001066602 vft:C000023002Member 2025-01-01 2025-12-31 0001066602 vft:C000023002Member 2021-01-01 2025-12-31 0001066602 vft:C000023002Member 2016-01-01 2025-12-31 0001066602 vft:C000023002Member 2026-03-31 2026-03-31 0001066602 vft:C000023002Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001066602 vft:C000023002Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001066602 vft:C000023002Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001066602 vft:C000023002Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001066602 vft:C000023002Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001066602 vft:C000023002Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001066602 vft:C000023002Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000023002Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000023002Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000023002Member vft:BloombergGNMAIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000023002Member vft:BloombergGNMAIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000023002Member vft:BloombergGNMAIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000023004Member 2025-01-01 2025-12-31 0001066602 vft:C000023004Member 2021-01-01 2025-12-31 0001066602 vft:C000023004Member 2016-01-01 2025-12-31 0001066602 vft:C000023004Member 2026-03-31 2026-03-31 0001066602 vft:C000023004Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000023004Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000023004Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000023004Member vft:BloombergGNMAIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000023004Member vft:BloombergGNMAIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000023004Member vft:BloombergGNMAIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000023005Member 2025-01-01 2025-12-31 0001066602 vft:C000023005Member 2021-01-01 2025-12-31 0001066602 vft:C000023005Member 2016-01-01 2025-12-31 0001066602 vft:C000023005Member 2026-03-31 2026-03-31 0001066602 vft:C000023005Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000023005Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000023005Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000023005Member vft:BloombergGNMAIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000023005Member vft:BloombergGNMAIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000023005Member vft:BloombergGNMAIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000122009Member 2025-01-01 2025-12-31 0001066602 vft:C000122009Member 2021-01-01 2025-12-31 0001066602 vft:C000122009Member 2016-01-01 2025-12-31 0001066602 vft:C000122009Member 2026-03-31 2026-03-31 0001066602 vft:C000122009Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000122009Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000122009Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000122009Member vft:BloombergGNMAIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000122009Member vft:BloombergGNMAIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000122009Member vft:BloombergGNMAIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000057275Member 2025-01-01 2025-12-31 0001066602 vft:C000057275Member 2021-01-01 2025-12-31 0001066602 vft:C000057275Member 2016-01-01 2025-12-31 0001066602 vft:C000057275Member 2026-03-31 2026-03-31 0001066602 vft:C000057275Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000057275Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000057275Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000057275Member vft:BloombergGNMAIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000057275Member vft:BloombergGNMAIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000057275Member vft:BloombergGNMAIndexMember 2016-01-01 2025-12-31 0001066602 vft:S000008395Member 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:C000023007Member 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:C000023009Member 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:C000069597Member 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:C000139707Member 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:C000172347Member 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:C000103051Member 2026-03-31 2026-03-31 0001066602 vft:S000008395Member oef:RiskLoseMoneyMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:BankInstrumentsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:CompanyRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:ConvertibleSecuritiesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member us-gaap:CreditRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:CreditDefaultSwapsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:CurrencyRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:DerivativeInstrumentsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:EnvironmentalSocialandGovernanceFixedIncomeRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:ForeignNonUSInvestmentsDevelopingandEmergingMarketsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:HighYieldSecuritiesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:InterestinLoansRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member us-gaap:InterestRateRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:LiquidityRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:MarketRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:MarketCapitalizationRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:MarketDisruptionandGeopoliticalRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:OtherInvestmentCompaniesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:PortfolioTurnoverRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:PreferredStocksRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:PrepaymentandExtensionRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:SecuritiesLendingRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:StructuredNotesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:USGovernmentSecuritiesandObligationsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member vft:ZeroCouponBondsandPayinKindSecuritiesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008395Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-31 2026-03-31 0001066602 vft:C000023007Member 2025-01-01 2025-12-31 0001066602 vft:C000023007Member 2021-01-01 2025-12-31 0001066602 vft:C000023007Member 2016-01-01 2025-12-31 0001066602 vft:C000023007Member 2026-03-31 2026-03-31 0001066602 vft:C000023007Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001066602 vft:C000023007Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001066602 vft:C000023007Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001066602 vft:C000023007Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001066602 vft:C000023007Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001066602 vft:C000023007Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001066602 vft:C000023007Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000023007Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000023007Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000023007Member vft:ICEBofAUSHighYieldIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000023007Member vft:ICEBofAUSHighYieldIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000023007Member vft:ICEBofAUSHighYieldIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000023009Member 2025-01-01 2025-12-31 0001066602 vft:C000023009Member 2021-01-01 2025-12-31 0001066602 vft:C000023009Member 2016-01-01 2025-12-31 0001066602 vft:C000023009Member 2026-03-31 2026-03-31 0001066602 vft:C000023009Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000023009Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000023009Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000023009Member vft:ICEBofAUSHighYieldIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000023009Member vft:ICEBofAUSHighYieldIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000023009Member vft:ICEBofAUSHighYieldIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000069597Member 2025-01-01 2025-12-31 0001066602 vft:C000069597Member 2021-01-01 2025-12-31 0001066602 vft:C000069597Member 2016-01-01 2025-12-31 0001066602 vft:C000069597Member 2026-03-31 2026-03-31 0001066602 vft:C000069597Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000069597Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000069597Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000069597Member vft:ICEBofAUSHighYieldIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000069597Member vft:ICEBofAUSHighYieldIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000069597Member vft:ICEBofAUSHighYieldIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000139707Member 2025-01-01 2025-12-31 0001066602 vft:C000139707Member 2021-01-01 2025-12-31 0001066602 vft:C000139707Member 2016-01-01 2025-12-31 0001066602 vft:C000139707Member 2026-03-31 2026-03-31 0001066602 vft:C000139707Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000139707Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000139707Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000139707Member vft:ICEBofAUSHighYieldIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000139707Member vft:ICEBofAUSHighYieldIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000139707Member vft:ICEBofAUSHighYieldIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000172347Member 2025-01-01 2025-12-31 0001066602 vft:C000172347Member 2021-01-01 2025-12-31 0001066602 vft:C000172347Member 2016-01-01 2025-12-31 0001066602 vft:C000172347Member 2026-03-31 2026-03-31 0001066602 vft:C000172347Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000172347Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000172347Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000172347Member vft:ICEBofAUSHighYieldIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000172347Member vft:ICEBofAUSHighYieldIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000172347Member vft:ICEBofAUSHighYieldIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000103051Member 2025-01-01 2025-12-31 0001066602 vft:C000103051Member 2021-01-01 2025-12-31 0001066602 vft:C000103051Member 2016-01-01 2025-12-31 0001066602 vft:C000103051Member 2026-03-31 2026-03-31 0001066602 vft:C000103051Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000103051Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000103051Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000103051Member vft:ICEBofAUSHighYieldIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000103051Member vft:ICEBofAUSHighYieldIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000103051Member vft:ICEBofAUSHighYieldIndexMember 2016-01-01 2025-12-31 0001066602 vft:S000008396Member 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:C000023012Member 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:C000023014Member 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:C000023015Member 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:C000023011Member 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:C000122010Member 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:C000057276Member 2026-03-31 2026-03-31 0001066602 vft:S000008396Member oef:RiskLoseMoneyMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:BankInstrumentsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:CompanyRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member us-gaap:CreditRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:CreditDefaultSwapsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:CurrencyRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:DerivativeInstrumentsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:EnvironmentalSocialandGovernanceFixedIncomeRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:FloatingRateLoansRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:ForeignNonUSInvestmentsDevelopingandEmergingMarketsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:HighYieldSecuritiesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:InterestinLoansRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member us-gaap:InterestRateRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:InvestmentModelRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:LiquidityRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:MarketRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:MarketCapitalizationRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:MarketDisruptionandGeopoliticalRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:MortgageandorAssetBackedSecuritiesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:MunicipalObligationsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:OtherInvestmentCompaniesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:PortfolioTurnoverRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:PreferredStocksRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:PrepaymentandExtensionRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:SecuritiesLendingRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member vft:USGovernmentSecuritiesandObligationsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000008396Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-31 2026-03-31 0001066602 vft:C000023012Member 2025-01-01 2025-12-31 0001066602 vft:C000023012Member 2021-01-01 2025-12-31 0001066602 vft:C000023012Member 2016-01-01 2025-12-31 0001066602 vft:C000023012Member 2026-03-31 2026-03-31 0001066602 vft:C000023012Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001066602 vft:C000023012Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001066602 vft:C000023012Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001066602 vft:C000023012Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001066602 vft:C000023012Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001066602 vft:C000023012Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001066602 vft:C000023012Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000023012Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000023012Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000023014Member 2025-01-01 2025-12-31 0001066602 vft:C000023014Member 2021-01-01 2025-12-31 0001066602 vft:C000023014Member 2016-01-01 2025-12-31 0001066602 vft:C000023014Member 2026-03-31 2026-03-31 0001066602 vft:C000023014Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000023014Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000023014Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000023015Member 2025-01-01 2025-12-31 0001066602 vft:C000023015Member 2021-01-01 2025-12-31 0001066602 vft:C000023015Member 2016-01-01 2025-12-31 0001066602 vft:C000023015Member 2026-03-31 2026-03-31 0001066602 vft:C000023015Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000023015Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000023015Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000023011Member 2025-01-01 2025-12-31 0001066602 vft:C000023011Member 2021-01-01 2025-12-31 0001066602 vft:C000023011Member 2016-01-01 2025-12-31 0001066602 vft:C000023011Member 2026-03-31 2026-03-31 0001066602 vft:C000023011Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000023011Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000023011Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000122010Member 2025-01-01 2025-12-31 0001066602 vft:C000122010Member 2021-01-01 2025-12-31 0001066602 vft:C000122010Member 2016-01-01 2025-12-31 0001066602 vft:C000122010Member 2026-03-31 2026-03-31 0001066602 vft:C000122010Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000122010Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000122010Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000057276Member 2025-01-01 2025-12-31 0001066602 vft:C000057276Member 2021-01-01 2025-12-31 0001066602 vft:C000057276Member 2016-01-01 2025-12-31 0001066602 vft:C000057276Member 2026-03-31 2026-03-31 0001066602 vft:C000057276Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000057276Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000057276Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:S000039383Member 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:C000121358Member 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:C000121359Member 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:C000121360Member 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:C000121361Member 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:C000129860Member 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:C000121362Member 2026-03-31 2026-03-31 0001066602 vft:S000039383Member oef:RiskLoseMoneyMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:BankInstrumentsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:CollateralizedLoanObligationsandOtherCollateralizedObligationsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:CompanyRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:CovenantLiteLoansRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member us-gaap:CreditRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:CreditDefaultSwapsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:CurrencyRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:DerivativeInstrumentsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:EnvironmentalSocialandGovernanceFixedIncomeRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:FloatingRateLoansRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:ForeignNonUSInvestmentsDevelopingandEmergingMarketsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:HighYieldSecuritiesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:InterestinLoansRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member us-gaap:InterestRateRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:InvestmentModelRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:LiquidityRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:MarketRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:MarketCapitalizationRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:MarketDisruptionandGeopoliticalRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:MortgageandorAssetBackedSecuritiesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:MunicipalObligationsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:OtherInvestmentCompaniesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:PortfolioTurnoverRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:PreferredStocksRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:PrepaymentandExtensionRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:RestrictedSecuritiesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:SecuritiesLendingRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:SovereignDebtRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member vft:USGovernmentSecuritiesandObligationsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000039383Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-31 2026-03-31 0001066602 vft:C000121358Member 2025-01-01 2025-12-31 0001066602 vft:C000121358Member 2021-01-01 2025-12-31 0001066602 vft:C000121358Member 2016-01-01 2025-12-31 0001066602 vft:C000121358Member 2026-03-31 2026-03-31 0001066602 vft:C000121358Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001066602 vft:C000121358Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001066602 vft:C000121358Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001066602 vft:C000121358Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001066602 vft:C000121358Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001066602 vft:C000121358Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001066602 vft:C000121358Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000121358Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000121358Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000121358Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000121358Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000121358Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000121359Member 2025-01-01 2025-12-31 0001066602 vft:C000121359Member 2021-01-01 2025-12-31 0001066602 vft:C000121359Member 2016-01-01 2025-12-31 0001066602 vft:C000121359Member 2026-03-31 2026-03-31 0001066602 vft:C000121359Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000121359Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000121359Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000121359Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000121359Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000121359Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000121360Member 2025-01-01 2025-12-31 0001066602 vft:C000121360Member 2021-01-01 2025-12-31 0001066602 vft:C000121360Member 2016-01-01 2025-12-31 0001066602 vft:C000121360Member 2026-03-31 2026-03-31 0001066602 vft:C000121360Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000121360Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000121360Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000121360Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000121360Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000121360Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000121361Member 2025-01-01 2025-12-31 0001066602 vft:C000121361Member 2021-01-01 2025-12-31 0001066602 vft:C000121361Member 2016-01-01 2025-12-31 0001066602 vft:C000121361Member 2026-03-31 2026-03-31 0001066602 vft:C000121361Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000121361Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000121361Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000121361Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000121361Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000121361Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000129860Member 2025-01-01 2025-12-31 0001066602 vft:C000129860Member 2021-01-01 2025-12-31 0001066602 vft:C000129860Member 2016-01-01 2025-12-31 0001066602 vft:C000129860Member 2026-03-31 2026-03-31 0001066602 vft:C000129860Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000129860Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000129860Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000129860Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000129860Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000129860Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000121362Member 2025-01-01 2025-12-31 0001066602 vft:C000121362Member 2021-01-01 2025-12-31 0001066602 vft:C000121362Member 2016-01-01 2025-12-31 0001066602 vft:C000121362Member 2026-03-31 2026-03-31 0001066602 vft:C000121362Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000121362Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000121362Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000121362Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000121362Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000121362Member vft:BloombergUS13YearGovernmentCreditBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:S000079681Member 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:C000240916Member 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:C000242678Member 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:C000240914Member 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:C000240915Member 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:C000259081Member 2026-03-31 2026-03-31 0001066602 vft:S000079681Member oef:RiskLoseMoneyMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:BankInstrumentsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:CompanyRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:CovenantLiteLoansRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member us-gaap:CreditRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:CreditDefaultSwapsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:CurrencyRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:DerivativeInstrumentsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:EnvironmentalSocialandGovernanceFixedIncomeRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:FloatingRateLoansRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:ForeignNonUSInvestmentsDevelopingandEmergingMarketsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:HighYieldSecuritiesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:InterestinLoansRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member us-gaap:InterestRateRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:InvestmentModelRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:LargeShareholderRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:LiquidityRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:MarketRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:MarketDisruptionandGeopoliticalRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:OtherInvestmentCompaniesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:PreferredStocksRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:PrepaymentandExtensionRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:SecuritiesLendingRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member vft:USGovernmentSecuritiesandObligationsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079681Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-31 2026-03-31 0001066602 vft:C000240916Member 2025-01-01 2025-12-31 0001066602 vft:C000240916Member 2023-02-09 2025-12-31 0001066602 vft:C000240916Member 2026-03-31 2026-03-31 0001066602 vft:C000240916Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001066602 vft:C000240916Member oef:AfterTaxesOnDistributionsMember 2023-02-09 2025-12-31 0001066602 vft:C000240916Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001066602 vft:C000240916Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-02-09 2025-12-31 0001066602 vft:C000240916Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000240916Member vft:BloombergUSAggregateBondIndexMember 2023-02-09 2025-12-31 0001066602 vft:C000240916Member vft:ICEBofA13YearUSTreasuryIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000240916Member vft:ICEBofA13YearUSTreasuryIndexMember 2023-02-09 2025-12-31 0001066602 vft:C000242678Member 2025-01-01 2025-12-31 0001066602 vft:C000242678Member 2023-04-20 2025-12-31 0001066602 vft:C000242678Member 2026-03-31 2026-03-31 0001066602 vft:C000242678Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000242678Member vft:BloombergUSAggregateBondIndexMember 2023-04-20 2025-12-31 0001066602 vft:C000242678Member vft:ICEBofA13YearUSTreasuryIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000242678Member vft:ICEBofA13YearUSTreasuryIndexMember 2023-04-20 2025-12-31 0001066602 vft:C000240914Member 2025-01-01 2025-12-31 0001066602 vft:C000240914Member 2023-02-09 2025-12-31 0001066602 vft:C000240914Member 2026-03-31 2026-03-31 0001066602 vft:C000240914Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000240914Member vft:BloombergUSAggregateBondIndexMember 2023-02-09 2025-12-31 0001066602 vft:C000240914Member vft:ICEBofA13YearUSTreasuryIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000240914Member vft:ICEBofA13YearUSTreasuryIndexMember 2023-02-09 2025-12-31 0001066602 vft:C000240915Member 2025-01-01 2025-12-31 0001066602 vft:C000240915Member 2023-02-09 2025-12-31 0001066602 vft:C000240915Member 2026-03-31 2026-03-31 0001066602 vft:C000240915Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000240915Member vft:BloombergUSAggregateBondIndexMember 2023-02-09 2025-12-31 0001066602 vft:C000240915Member vft:ICEBofA13YearUSTreasuryIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000240915Member vft:ICEBofA13YearUSTreasuryIndexMember 2023-02-09 2025-12-31 0001066602 vft:S000038555Member 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:C000119020Member 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:C000119021Member 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:C000119022Member 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:C000119023Member 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:C000159021Member 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:C000119024Member 2026-03-31 2026-03-31 0001066602 vft:S000038555Member oef:RiskLoseMoneyMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:BankInstrumentsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:CompanyRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:ConvertibleSecuritiesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member us-gaap:CreditRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:CreditDefaultSwapsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:CurrencyRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:DeflationRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:DerivativeInstrumentsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:EnvironmentalSocialandGovernanceFixedIncomeRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:FloatingRateLoansRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:ForeignNonUSInvestmentsDevelopingandEmergingMarketsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:HighYieldSecuritiesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:InflationIndexedBondsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:InterestinLoansRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member us-gaap:InterestRateRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:LiquidityRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:MarketRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:MarketCapitalizationRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:MarketDisruptionandGeopoliticalRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:MortgageandorAssetBackedSecuritiesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:OtherInvestmentCompaniesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:PortfolioTurnoverRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:PreferredStocksRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:PrepaymentandExtensionRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:SecuritiesLendingRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:SovereignDebtRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:StructuredNotesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member vft:USGovernmentSecuritiesandObligationsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000038555Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-31 2026-03-31 0001066602 vft:C000119020Member 2025-01-01 2025-12-31 0001066602 vft:C000119020Member 2021-01-01 2025-12-31 0001066602 vft:C000119020Member 2016-01-01 2025-12-31 0001066602 vft:C000119020Member 2026-03-31 2026-03-31 0001066602 vft:C000119020Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001066602 vft:C000119020Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001066602 vft:C000119020Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001066602 vft:C000119020Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001066602 vft:C000119020Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001066602 vft:C000119020Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001066602 vft:C000119020Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000119020Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000119020Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000119020Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000119020Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000119020Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000119020Member vft:BloombergUSUniversalBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000119020Member vft:BloombergUSUniversalBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000119020Member vft:BloombergUSUniversalBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000119021Member 2025-01-01 2025-12-31 0001066602 vft:C000119021Member 2021-01-01 2025-12-31 0001066602 vft:C000119021Member 2016-01-01 2025-12-31 0001066602 vft:C000119021Member 2026-03-31 2026-03-31 0001066602 vft:C000119021Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000119021Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000119021Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000119021Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000119021Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000119021Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000119021Member vft:BloombergUSUniversalBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000119021Member vft:BloombergUSUniversalBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000119021Member vft:BloombergUSUniversalBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000119022Member 2025-01-01 2025-12-31 0001066602 vft:C000119022Member 2021-01-01 2025-12-31 0001066602 vft:C000119022Member 2016-01-01 2025-12-31 0001066602 vft:C000119022Member 2026-03-31 2026-03-31 0001066602 vft:C000119022Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000119022Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000119022Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000119022Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000119022Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000119022Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000119022Member vft:BloombergUSUniversalBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000119022Member vft:BloombergUSUniversalBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000119022Member vft:BloombergUSUniversalBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000119023Member 2025-01-01 2025-12-31 0001066602 vft:C000119023Member 2021-01-01 2025-12-31 0001066602 vft:C000119023Member 2016-01-01 2025-12-31 0001066602 vft:C000119023Member 2026-03-31 2026-03-31 0001066602 vft:C000119023Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000119023Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000119023Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000119023Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000119023Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000119023Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000119023Member vft:BloombergUSUniversalBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000119023Member vft:BloombergUSUniversalBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000119023Member vft:BloombergUSUniversalBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000159021Member 2025-01-01 2025-12-31 0001066602 vft:C000159021Member 2021-01-01 2025-12-31 0001066602 vft:C000159021Member 2016-01-01 2025-12-31 0001066602 vft:C000159021Member 2026-03-31 2026-03-31 0001066602 vft:C000159021Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000159021Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000159021Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000159021Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000159021Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000159021Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000159021Member vft:BloombergUSUniversalBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000159021Member vft:BloombergUSUniversalBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000159021Member vft:BloombergUSUniversalBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000119024Member 2025-01-01 2025-12-31 0001066602 vft:C000119024Member 2021-01-01 2025-12-31 0001066602 vft:C000119024Member 2016-01-01 2025-12-31 0001066602 vft:C000119024Member 2026-03-31 2026-03-31 0001066602 vft:C000119024Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000119024Member vft:BloombergUSAggregateBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000119024Member vft:BloombergUSAggregateBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000119024Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000119024Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000119024Member vft:ICEBofAUSDollar3MonthDepositOfferedRateConstantMaturityIndexMember 2016-01-01 2025-12-31 0001066602 vft:C000119024Member vft:BloombergUSUniversalBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000119024Member vft:BloombergUSUniversalBondIndexMember 2021-01-01 2025-12-31 0001066602 vft:C000119024Member vft:BloombergUSUniversalBondIndexMember 2016-01-01 2025-12-31 0001066602 vft:S000066947Member 2026-03-31 2026-03-31 0001066602 vft:S000066947Member vft:C000215435Member 2026-03-31 2026-03-31 0001066602 vft:S000066947Member vft:C000215437Member 2026-03-31 2026-03-31 0001066602 vft:S000066947Member vft:C000215436Member 2026-03-31 2026-03-31 0001066602 vft:S000066947Member vft:C000250818Member 2026-03-31 2026-03-31 0001066602 vft:S000066947Member vft:C000215433Member 2026-03-31 2026-03-31 0001066602 vft:S000066947Member oef:RiskLoseMoneyMember 2026-03-31 2026-03-31 0001066602 vft:S000066947Member oef:RiskMoneyMarketFundMayNotPreserveDollarMember 2026-03-31 2026-03-31 0001066602 vft:S000066947Member oef:RiskNotInsuredMember 2026-03-31 2026-03-31 0001066602 vft:S000066947Member oef:RiskMoneyMarketFundSponsorMayNotProvideSupportMember 2026-03-31 2026-03-31 0001066602 vft:S000066947Member vft:CashCashEquivalentsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000066947Member us-gaap:CreditRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000066947Member us-gaap:InterestRateRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000066947Member vft:InvestmentModelRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000066947Member vft:LiquidityRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000066947Member vft:MarketDisruptionandGeopoliticalRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000066947Member vft:MoneyMarketRegulatoryRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000066947Member vft:OtherInvestmentCompaniesMoneyMarketFundsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000066947Member vft:PrepaymentandExtensionRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000066947Member vft:RepurchaseAgreementsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000066947Member vft:USGovernmentSecuritiesandObligationsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000066947Member vft:WhenIssuedDelayedDeliveryandForwardCommitmentTransactionsRiskMember 2026-03-31 2026-03-31 0001066602 vft:C000215435Member 2025-01-01 2025-12-31 0001066602 vft:C000215435Member 2021-01-01 2025-12-31 0001066602 vft:C000215435Member 2016-01-01 2025-12-31 0001066602 vft:C000215435Member 2026-03-31 2026-03-31 0001066602 vft:C000215435Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001066602 vft:C000215435Member oef:AfterTaxesOnDistributionsMember 2021-01-01 2025-12-31 0001066602 vft:C000215435Member oef:AfterTaxesOnDistributionsMember 2016-01-01 2025-12-31 0001066602 vft:C000215435Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001066602 vft:C000215435Member oef:AfterTaxesOnDistributionsAndSalesMember 2021-01-01 2025-12-31 0001066602 vft:C000215435Member oef:AfterTaxesOnDistributionsAndSalesMember 2016-01-01 2025-12-31 0001066602 vft:C000215437Member 2025-01-01 2025-12-31 0001066602 vft:C000215437Member 2021-01-01 2025-12-31 0001066602 vft:C000215437Member 2016-01-01 2025-12-31 0001066602 vft:C000215437Member 2026-03-31 2026-03-31 0001066602 vft:C000215436Member 2025-01-01 2025-12-31 0001066602 vft:C000215436Member 2021-01-01 2025-12-31 0001066602 vft:C000215436Member 2016-01-01 2025-12-31 0001066602 vft:C000215436Member 2026-03-31 2026-03-31 0001066602 vft:C000250818Member 2025-01-01 2025-12-31 0001066602 vft:C000250818Member 2021-01-01 2025-12-31 0001066602 vft:C000250818Member 2016-01-01 2025-12-31 0001066602 vft:C000250818Member 2026-03-31 2026-03-31 0001066602 vft:C000215433Member 2025-01-01 2025-12-31 0001066602 vft:C000215433Member 2021-01-01 2025-12-31 0001066602 vft:C000215433Member 2016-01-01 2025-12-31 0001066602 vft:C000215433Member 2026-03-31 2026-03-31 0001066602 vft:S000093999Member 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:C000262481Member 2026-03-31 2026-03-31 0001066602 vft:S000093999Member oef:RiskLoseMoneyMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:CompanyRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member us-gaap:CreditRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:CreditDefaultSwapsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:CurrencyRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:DerivativeInstrumentsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:DollarRollTransactionsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:EnvironmentalSocialandGovernanceFixedIncomeRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:ForeignNonUSInvestmentsDevelopingandEmergingMarketsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:HighYieldSecuritiesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member us-gaap:InterestRateRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:InvestmentModelRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:LargeShareholderRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:LiquidityRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:MarketRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:MarketCapitalizationRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:MarketDisruptionandGeopoliticalRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:MortgageandorAssetBackedSecuritiesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:MunicipalObligationsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:OtherInvestmentCompaniesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:PreferredStocksRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:PrepaymentandExtensionRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:SecuritiesLendingRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member vft:USGovernmentSecuritiesandObligationsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000093999Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:C000240817Member 2026-03-31 2026-03-31 0001066602 vft:S000079627Member oef:RiskLoseMoneyMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:BankInstrumentsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:CompanyRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member us-gaap:CreditRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:CreditDefaultSwapsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:CurrencyRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:DerivativeInstrumentsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:DollarRollTransactionsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:EnvironmentalSocialandGovernanceFixedIncomeRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:ForeignNonUSInvestmentsDevelopingandEmergingMarketsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:HighYieldSecuritiesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:InterestinLoansRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member us-gaap:InterestRateRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:LiquidityRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:MarketRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:MarketCapitalizationRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:MarketDisruptionandGeopoliticalRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:OtherInvestmentCompaniesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:PreferredStocksRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:PrepaymentandExtensionRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:SecuritiesLendingRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:StructuredNotesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:USGovernmentSecuritiesandObligationsRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member vft:ZeroCouponBondsandPayinKindSecuritiesRiskMember 2026-03-31 2026-03-31 0001066602 vft:S000079627Member oef:RiskNotInsuredDepositoryInstitutionMember 2026-03-31 2026-03-31 0001066602 vft:C000240817Member 2025-01-01 2025-12-31 0001066602 vft:C000240817Member 2023-02-24 2025-12-31 0001066602 vft:C000240817Member 2026-03-31 2026-03-31 0001066602 vft:C000240817Member oef:AfterTaxesOnDistributionsMember 2025-01-01 2025-12-31 0001066602 vft:C000240817Member oef:AfterTaxesOnDistributionsMember 2023-02-24 2025-12-31 0001066602 vft:C000240817Member oef:AfterTaxesOnDistributionsAndSalesMember 2025-01-01 2025-12-31 0001066602 vft:C000240817Member oef:AfterTaxesOnDistributionsAndSalesMember 2023-02-24 2025-12-31 0001066602 vft:C000240817Member vft:BloombergUSAggregateBondIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000240817Member vft:BloombergUSAggregateBondIndexMember 2023-02-24 2025-12-31 0001066602 vft:C000240817Member vft:BloombergUSHighYieldBaB2IssuerCapIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000240817Member vft:BloombergUSHighYieldBaB2IssuerCapIndexMember 2023-02-24 2025-12-31 0001066602 vft:C000240817Member vft:BloombergHighYieldBond2percentIssuerConstrainedCompositeIndexMember 2025-01-01 2025-12-31 0001066602 vft:C000240817Member vft:BloombergHighYieldBond2percentIssuerConstrainedCompositeIndexMember 2023-02-24 2025-12-31 0001066602 vft:S000008395Member vft:C000023007Member 2016-01-01 2016-12-31 0001066602 vft:S000008395Member vft:C000023007Member 2017-01-01 2017-12-31 0001066602 vft:S000008395Member vft:C000023007Member 2018-01-01 2018-12-31 0001066602 vft:S000008395Member vft:C000023007Member 2019-01-01 2019-12-31 0001066602 vft:S000008395Member vft:C000023007Member 2020-01-01 2020-12-31 0001066602 vft:S000008395Member vft:C000023007Member 2021-01-01 2021-12-31 0001066602 vft:S000008395Member vft:C000023007Member 2022-01-01 2022-12-31 0001066602 vft:S000008395Member vft:C000023007Member 2023-01-01 2023-12-31 0001066602 vft:S000008395Member vft:C000023007Member 2024-01-01 2024-12-31 0001066602 vft:S000008395Member vft:C000023007Member 2025-01-01 2025-12-31 0001066602 vft:S000079627Member vft:C000240817Member 2016-01-01 2016-12-31 0001066602 vft:S000079627Member vft:C000240817Member 2017-01-01 2017-12-31 0001066602 vft:S000079627Member vft:C000240817Member 2018-01-01 2018-12-31 0001066602 vft:S000079627Member vft:C000240817Member 2019-01-01 2019-12-31 0001066602 vft:S000079627Member vft:C000240817Member 2020-01-01 2020-12-31 0001066602 vft:S000079627Member vft:C000240817Member 2021-01-01 2021-12-31 0001066602 vft:S000079627Member vft:C000240817Member 2022-01-01 2022-12-31 0001066602 vft:S000079627Member vft:C000240817Member 2023-01-01 2023-12-31 0001066602 vft:S000079627Member vft:C000240817Member 2024-01-01 2024-12-31 0001066602 vft:S000079627Member vft:C000240817Member 2025-01-01 2025-12-31 0001066602 vft:S000039383Member vft:C000121358Member 2016-01-01 2016-12-31 0001066602 vft:S000039383Member vft:C000121358Member 2017-01-01 2017-12-31 0001066602 vft:S000039383Member vft:C000121358Member 2018-01-01 2018-12-31 0001066602 vft:S000039383Member vft:C000121358Member 2019-01-01 2019-12-31 0001066602 vft:S000039383Member vft:C000121358Member 2020-01-01 2020-12-31 0001066602 vft:S000039383Member vft:C000121358Member 2021-01-01 2021-12-31 0001066602 vft:S000039383Member vft:C000121358Member 2022-01-01 2022-12-31 0001066602 vft:S000039383Member vft:C000121358Member 2023-01-01 2023-12-31 0001066602 vft:S000039383Member vft:C000121358Member 2024-01-01 2024-12-31 0001066602 vft:S000039383Member vft:C000121358Member 2025-01-01 2025-12-31 0001066602 vft:S000066947Member vft:C000215435Member 2016-01-01 2016-12-31 0001066602 vft:S000066947Member vft:C000215435Member 2017-01-01 2017-12-31 0001066602 vft:S000066947Member vft:C000215435Member 2018-01-01 2018-12-31 0001066602 vft:S000066947Member vft:C000215435Member 2019-01-01 2019-12-31 0001066602 vft:S000066947Member vft:C000215435Member 2020-01-01 2020-12-31 0001066602 vft:S000066947Member vft:C000215435Member 2021-01-01 2021-12-31 0001066602 vft:S000066947Member vft:C000215435Member 2022-01-01 2022-12-31 0001066602 vft:S000066947Member vft:C000215435Member 2023-01-01 2023-12-31 0001066602 vft:S000066947Member vft:C000215435Member 2024-01-01 2024-12-31 0001066602 vft:S000066947Member vft:C000215435Member 2025-01-01 2025-12-31 0001066602 vft:S000008394Member vft:C000023002Member 2016-01-01 2016-12-31 0001066602 vft:S000008394Member vft:C000023002Member 2017-01-01 2017-12-31 0001066602 vft:S000008394Member vft:C000023002Member 2018-01-01 2018-12-31 0001066602 vft:S000008394Member vft:C000023002Member 2019-01-01 2019-12-31 0001066602 vft:S000008394Member vft:C000023002Member 2020-01-01 2020-12-31 0001066602 vft:S000008394Member vft:C000023002Member 2021-01-01 2021-12-31 0001066602 vft:S000008394Member vft:C000023002Member 2022-01-01 2022-12-31 0001066602 vft:S000008394Member vft:C000023002Member 2023-01-01 2023-12-31 0001066602 vft:S000008394Member vft:C000023002Member 2024-01-01 2024-12-31 0001066602 vft:S000008394Member vft:C000023002Member 2025-01-01 2025-12-31 0001066602 vft:S000008396Member vft:C000023012Member 2016-01-01 2016-12-31 0001066602 vft:S000008396Member vft:C000023012Member 2017-01-01 2017-12-31 0001066602 vft:S000008396Member vft:C000023012Member 2018-01-01 2018-12-31 0001066602 vft:S000008396Member vft:C000023012Member 2019-01-01 2019-12-31 0001066602 vft:S000008396Member vft:C000023012Member 2020-01-01 2020-12-31 0001066602 vft:S000008396Member vft:C000023012Member 2021-01-01 2021-12-31 0001066602 vft:S000008396Member vft:C000023012Member 2022-01-01 2022-12-31 0001066602 vft:S000008396Member vft:C000023012Member 2023-01-01 2023-12-31 0001066602 vft:S000008396Member vft:C000023012Member 2024-01-01 2024-12-31 0001066602 vft:S000008396Member vft:C000023012Member 2025-01-01 2025-12-31 0001066602 vft:S000079681Member vft:C000240916Member 2016-01-01 2016-12-31 0001066602 vft:S000079681Member vft:C000240916Member 2017-01-01 2017-12-31 0001066602 vft:S000079681Member vft:C000240916Member 2018-01-01 2018-12-31 0001066602 vft:S000079681Member vft:C000240916Member 2019-01-01 2019-12-31 0001066602 vft:S000079681Member vft:C000240916Member 2020-01-01 2020-12-31 0001066602 vft:S000079681Member vft:C000240916Member 2021-01-01 2021-12-31 0001066602 vft:S000079681Member vft:C000240916Member 2022-01-01 2022-12-31 0001066602 vft:S000079681Member vft:C000240916Member 2023-01-01 2023-12-31 0001066602 vft:S000079681Member vft:C000240916Member 2024-01-01 2024-12-31 0001066602 vft:S000079681Member vft:C000240916Member 2025-01-01 2025-12-31 0001066602 vft:S000038555Member vft:C000119020Member 2016-01-01 2016-12-31 0001066602 vft:S000038555Member vft:C000119020Member 2017-01-01 2017-12-31 0001066602 vft:S000038555Member vft:C000119020Member 2018-01-01 2018-12-31 0001066602 vft:S000038555Member vft:C000119020Member 2019-01-01 2019-12-31 0001066602 vft:S000038555Member vft:C000119020Member 2020-01-01 2020-12-31 0001066602 vft:S000038555Member vft:C000119020Member 2021-01-01 2021-12-31 0001066602 vft:S000038555Member vft:C000119020Member 2022-01-01 2022-12-31 0001066602 vft:S000038555Member vft:C000119020Member 2023-01-01 2023-12-31 0001066602 vft:S000038555Member vft:C000119020Member 2024-01-01 2024-12-31 0001066602 vft:S000038555Member vft:C000119020Member 2025-01-01 2025-12-31 pure iso4217:USD 2023-12-31 2022-09-30 2020-06-30 2020-03-31 2023-12-31 2022-03-31 2020-06-30 2022-03-31 2024-09-30 2025-03-31 2020-06-30 2020-03-31 2023-12-31 2022-03-31 2024-09-30 2024-12-31 2026-03-31 0001066602 false 485BPOS 0.1300 0.0582 -0.0341 0.1449 0.0551 0.0454 -0.1281 0.1177 0.0694 0.0800 0.0743 0.0887 0.0140 0.0123 0.0079 0.0425 0.0344 0.0015 -0.0510 0.0503 0.0465 0.0551 0.0008 0.0026 0.0151 0.0189 0.0028 0.0010 0.0143 0.0481 0.0499 0.0407 0.0164 0.0152 0.0085 0.0521 0.0376 -0.0091 -0.1061 0.0480 0.0149 0.0736 0.0379 0.0447 -0.0060 0.0956 0.0773 -0.0135 -0.1449 0.0663 0.0249 0.0717 0.0883 0.0074 0.0507 0.0540 0.0125 0.0809 0.0128 0.0189 -0.0749 0.0782 0.0632 0.0699 N-1A VOYA FUNDS TRUST 2026-07-31 Voya GNMA Income Fund Investment Objective The Fund seeks a high level of current income consistent with liquidity and safety of principal through investment primarily in Government National Mortgage Association (“GNMA”) mortgage-backed securities (also known as GNMA Certificates) that are guaranteed as to the timely payment of principal and interest by the U.S. government. 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 $100,000 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 77), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 95). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Voya mutual funds. 100000 Shareholder Fees Fees paid directly from your investment 0.0250 0 0 0.0100 0 0 0 0 0 0 Annual Fund Operating Expenses2 Expenses you pay each year as a % of the value of your investment 0.0045 0.0045 0.0045 0.0045 0.0045 0.0025 0.0100 0 0 0 0.0033 0.0033 0.0018 0.0006 0.0033 0.0103 0.0178 0.0063 0.0051 0.0078 -0.0019 -0.0019 -0.0009 0 -0.0019 0.0084 0.0159 0.0054 0.0051 0.0059 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 12 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $500,000 or more Expense information has been restated to reflect current contractual rates. August 1, 2027 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 time periods indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: If you sold your shares If you held your shares 334 551 786 1461 334 551 786 1461 262 542 947 2079 162 542 947 2079 55 193 342 778 55 193 342 778 52 164 285 640 52 164 285 640 60 230 415 948 60 230 415 948 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 432% of the average value of its portfolio. 4.32 Principal Investment Strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investments tied to GNMA Certificates. For purposes of this 80% policy, GNMA Certificates are agency mortgage-backed securities that are issued by the GNMA and are guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government.The Fund may purchase or sell GNMA Certificates on a delayed delivery or forward commitment basis through the “to be announced” (“TBA”) market. With TBA transactions, the particular securities to be delivered are not identified at the trade date but the delivered securities must meet specified terms and standards. The remaining assets of the Fund will be invested in other securities issued or guaranteed by the U.S. government, including U.S. Treasury securities, and securities issued by other agencies and instrumentalities of the U.S. government. The Fund may also invest in repurchase agreements secured by securities issued or guaranteed by the U.S. government, GNMA Certificates, and securities issued by other agencies and instrumentalities of the U.S. government. Please refer to the Statement of Additional Information for a complete description of GNMA Certificates and Modified Pass Through GNMA Certificates. The Fund intends to use the proceeds from principal payments to purchase additional GNMA Certificates or other U.S. government guaranteed securities. The Fund may invest in debt instruments of any maturity, although the sub-adviser (the “Sub-Adviser”) expects to invest in securities with effective maturities in excess of one year. The Fund may invest in futures, including U.S. Treasury futures, to manage the duration of the Fund. Duration is a commonly used measure of risk in debt instruments as it incorporates multiple features of debt instruments (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a debt 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 received. The weights are the amounts of the payments discounted by the yield-to-maturity of the debt instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest rate risk or reward for the debt instrument prices. For example, the price of a bond with an average duration of 5 years would be expected to fall approximately 5% if market interest rates rose by 1%. Conversely, the price of a bond with an average duration of 5 years would be expected to rise approximately 5% if market interest rates dropped by 1%. In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing, when available. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser.The Fund may invest in other investment companies, including exchange-traded funds (“ETFs”), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder. The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising. The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 1∕3% of its total assets. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investments tied to GNMA Certificates. For purposes of this 80% policy, GNMA Certificates are agency mortgage-backed securities that are issued by the GNMA and are guaranteed as to the timely payment of principal and interest by the full faith and credit of the U.S. government. In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing, when available. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser. You could lose money on an investment in the Fund. 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. Asset-backed (including mortgage-backed) securities that are not issued by U.S. government agencies may have a greater risk of default because they are not guaranteed by either the U.S. government or an agency or instrumentality of the U.S. government. The credit quality of typical asset-backed securities depends primarily on the credit quality of the underlying assets and the structural support (if any) provided to the securities. 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 (Fixed Income): The Sub-Adviser’s consideration of ESG factors in selecting investments for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. The Sub-Adviser’s assessment of ESG factors in respect of obligations of an issuer may rely on third-party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Fund’s assets that will be invested in obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of ESG factors. It is possible that the Fund will have less exposure to obligations of certain issuers due to the Sub-Adviser’s assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors, when available, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments. 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. 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. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. 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. In the case of inverse debt instruments, the interest rate paid by the debt instruments is a floating rate, which will generally decrease when the market rate of interest to which the inverse debt instruments are indexed increases and will increase when the market rate of interest to which the inverse debt instruments are indexed decreases. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact the Fund’s operations and return potential. Liquidity: If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, exposing the Fund to the risk that the prices at which it sells illiquid securities will be less than the prices at which they were valued when held by the Fund, which could cause the Fund to lose money. The prices of illiquid securities may be more volatile than more liquid securities, and the risks associated with illiquid securities may be greater in times of financial stress. 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. In addition, markets or securities may become illiquid quickly. 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, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), 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. Pandemics and other disruptions may also create challenges for real estate markets, including lower occupancy rates, decreased lease payments, defaults, and foreclosures, among other consequences. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Military action by Russia in Ukraine, the prolonged conflict between Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and may continue to result, in sanctions, market disruptions, declines in regional and global stock markets, unusual volatility in global commodity markets, and disruptions to energy production or transportation, including through key shipping routes, any of which could adversely affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the affected regions. The escalation or expansion of hostilities, including the involvement of additional nations, could introduce further uncertainty and volatility in global energy, commodity, and financial markets. The extent and duration of these conflicts, related sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have 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. Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto. Mortgage- and/or Asset-Backed Securities: Defaults on, or low credit quality or liquidity of, the underlying assets of the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. There may be limitations on the enforceability of any security interest or collateral granted with respect to those underlying assets, and the value of collateral may not satisfy the obligation upon default. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of debt instruments. Other Investment Companies: The main risk of investing in other investment companies, including ETFs, is the risk that the value of an investment company’s underlying investments might decrease. Shares of investment companies that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the Fund’s expenses. The investment policies of the other investment companies may not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject to additional or different risks than those to which the Fund is typically subject. In addition, shares of ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. Secondary markets may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods in times of market stress because market makers and authorized participants may step away from making a market in an ETF’s shares, which could cause a material decline in the ETF’s net asset value. Portfolio Turnover: A high portfolio turnover rate may increase transaction costs, which may lower the Fund’s performance and may increase the likelihood of capital gains distributions. 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. Repurchase Agreements: In the event that the other party to a repurchase agreement defaults on its obligations, the Fund would generally seek to sell the underlying security serving as collateral for the repurchase agreement. However, the value of collateral may be insufficient to satisfy the counterparty's obligation and/or the Fund may encounter delay and incur costs before being able to sell the security. Such a delay may involve loss of interest or a decline in price of the security, which could result in a loss. In addition, if the Fund is characterized by a court as an unsecured creditor, it would be at risk of losing some or all of the principal and interest involved in the transaction. Securities Lending: Securities lending involves two primary risks: “ investment risk ” and “ borrower default risk. ” When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund’s other risks. 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. When-Issued, Delayed Delivery, and Forward Commitment Transactions: When-issued, delayed delivery, and forward commitment transactions involve the risk that the security the Fund buys will lose value prior to its delivery. These transactions may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund’s other risks. There also is the risk that the security will not be issued or that the other party will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price. 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 uses the Bloomberg U.S. Aggregate Bond Index as its primary benchmark in accordance with regulatory disclosure requirements and uses the Bloomberg GNMA Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies. 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 A shares.Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Performance for other share classes would differ to the extent they have differences in their fees and expenses. 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 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. 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 uses the Bloomberg U.S. Aggregate Bond Index as its primary benchmark in accordance with regulatory disclosure requirements and uses the Bloomberg GNMA Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. The Fund's past performance (before and after taxes) is no guarantee of future results. https://individuals.voya.com/literature 1-800-992-0180 Calendar Year Total Returns Class A (as of December 31 of each year) Best quarter:4th Quarter 20236.85%Worst quarter:3rd Quarter 2022-4.67%Year-to-date total return:June 30, 20261.31% Best quarter: 0.0685 Worst quarter: -0.0467 Year-to-date total return: 2026-06-30 0.0131 Average Annual Total Returns % (for the periods ended December 31, 2025) 0.0463 -0.0028 0.0114 1973-08-17 0.0311 -0.0139 0.0012 0.0272 -0.0070 0.0042 0.0730 -0.0036 0.0201 0.0808 0.0023 0.0150 0.0558 -0.0053 0.0078 2000-10-13 0.0730 -0.0036 0.0201 0.0808 0.0023 0.0150 0.0768 0.0051 0.0169 2002-01-07 0.0730 -0.0036 0.0201 0.0808 0.0023 0.0150 0.0787 0.0057 0.0172 2020-07-31 0.0730 -0.0036 0.0201 0.0808 0.0023 0.0150 0.0776 0.0049 0.0166 2007-12-17 0.0730 -0.0036 0.0201 0.0808 0.0023 0.0150 The index returns do not reflect deductions for fees, expenses, or taxes. 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 A shares only. After-tax returns for other classes will vary. 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 A shares only. After-tax returns for other classes will vary. Voya High Yield Bond Fund Investment Objective The Fund seeks to provide investors with a high level of current income and total return. 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 $100,000 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 77), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 95). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Voya mutual funds. 100000 Shareholder Fees Fees paid directly from your investment 0.0250 0 0 0.0100 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses2 Expenses you pay each year as a % of the value of your investment 0.0061 0.0061 0.0061 0.0061 0.0061 0.0061 0.0025 0.0100 0 0.0050 0 0 0.0025 0.0025 0.0018 0.0025 0.0008 0.0025 0.0111 0.0186 0.0079 0.0136 0.0069 0.0086 -0.0009 -0.0009 -0.0010 -0.0009 -0.0002 -0.0009 0.0102 0.0177 0.0069 0.0127 0.0067 0.0077 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 12 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $500,000 or more. Expense information has been restated to reflect current contractual rates. August 1, 2027 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 time periods indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: If you sold your shares If you held your shares 351 585 838 1560 351 585 838 1560 280 576 997 2172 180 576 997 2172 70 242 429 969 70 242 429 969 129 422 736 1627 129 422 736 1627 68 219 382 857 68 219 382 857 79 265 468 1052 79 265 468 1052 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 162% of the average value of its portfolio. 1.62 Principal Investment Strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of high-yield bonds. For purposes of this 80% policy, high-yield bonds (sometimes referred to as “high-yield securities” or “junk bonds”) include, without limitation, bonds, debt instruments, and other fixed income and income-producing debt instruments, of any kind, issued or guaranteed by governmental or private-sector entities that are rated below investment grade by one or more nationally recognized statistical rating organizations (“NRSROs”) (e.g., rated Ba1 or below by Moody’s Ratings, or BB+ or below by S&P Global Ratings or Fitch Ratings, Inc.) or, if unrated, determined by the Fund to be of comparable quality. High-yield bonds are regarded as having more speculative characteristics with respect to the payment of interest and repayment of principal. Split rated debt instruments (debt instruments that receive different ratings from two or more NRSROs) are valued as follows: if three NRSROs rate a debt instrument, the debt instrument will be considered to have the median credit rating; if two of the three NRSROs rate a debt instrument, the debt instrument will be considered to have the lower credit rating of the two provided. High-yield bonds include, but are not limited to: bank loans; payment-in-kind securities; fixed and variable floating rate and deferred interest debt obligations; convertible securities; zero-coupon bonds and debt obligations provided they meet the criteria for below investment grade set forth above. In evaluating the quality of a particular high-yield bond for investment by the Fund, the sub-adviser (the “Sub-Adviser”) does not rely exclusively on credit ratings assigned by NRSROs. The Sub-Adviser will utilize a security’s credit rating as simply one indication of an issuer’s creditworthiness and will principally rely upon its own analysis of any security. The Sub-Adviser does not have restrictions on the rating level of the securities held in the Fund and may purchase and hold securities in default. There are no restrictions on the average maturity of the Fund’s portfolio or the maturity of any single investment. Maturities may vary widely depending on the Sub-Adviser’s assessment of interest rate trends and other economic or market factors. Any remaining assets may be invested in debt instruments rated investment grade; common and preferred stocks; U.S. government securities; money market instruments; and debt instruments of foreign (non-U.S.) issuers, including securities of companies in emerging markets. The Fund may invest in derivatives, including structured debt instruments, dollar roll transactions, swap agreements, including credit default swaps and interest rate swaps, and options on swap agreements. The Fund typically uses derivatives to reduce exposure to other risks, such as interest rate or currency risk, to substitute for taking a position in the underlying asset, and/or to enhance returns in the Fund. The Fund may invest in companies of any market capitalization size. The Fund may invest in other investment companies, including exchange-traded funds (“ETFs”), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder. In choosing investments for the Fund, the Sub-Adviser combines extensive company and industry research with relative value analysis to identify high-yield bonds expected to provide above-average returns. Relative value analysis is intended to enhance returns by moving from overvalued to undervalued sectors of the bond market. The Sub-Adviser’s approach to decision making includes contributions from individual portfolio managers responsible for specific industry sectors. In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing, when available. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser.The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising. The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 1∕3% of its total assets. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of high-yield bonds. For purposes of this 80% policy, high-yield bonds (sometimes referred to as “high-yield securities” or “junk bonds”) include, without limitation, bonds, debt instruments, and other fixed income and income-producing debt instruments, of any kind, issued or guaranteed by governmental or private-sector entities that are rated below investment grade by one or more nationally recognized statistical rating organizations (“NRSROs”) (e.g., rated Ba1 or below by Moody’s Ratings, or BB+ or below by S&P Global Ratings or Fitch Ratings, Inc.) or, if unrated, determined by the Fund to be of comparable quality. High-yield bonds are regarded as having more speculative characteristics with respect to the payment of interest and repayment of principal. In choosing investments for the Fund, the Sub-Adviser combines extensive company and industry research with relative value analysis to identify high-yield bonds expected to provide above-average returns. Relative value analysis is intended to enhance returns by moving from overvalued to undervalued sectors of the bond market. The Sub-Adviser’s approach to decision making includes contributions from individual portfolio managers responsible for specific industry sectors. In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing, when available. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser. You could lose money on an investment in the Fund. 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. 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. Convertible Securities: Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt instruments, such as interest rate risk and credit risk. In addition, because convertible securities react to changes in the value of the underlying stock, they are subject to market risk. Credit: The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations. Credit Default Swaps: The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a credit default swap is generally obligated to pay the seller an upfront or a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable 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. 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 (Fixed Income): The Sub-Adviser’s consideration of ESG factors in selecting investments for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. The Sub-Adviser’s assessment of ESG factors in respect of obligations of an issuer may rely on third-party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Fund’s assets that will be invested in obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of ESG factors. It is possible that the Fund will have less exposure to obligations of certain issuers due to the Sub-Adviser’s assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors, when available, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments. Foreign (Non-U.S.) Investments/Developing and Emerging Markets: Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due, in part, to: smaller markets; differing reporting, accounting, auditing and financial reporting standards and practices; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; and political changes or diplomatic developments, which may include the imposition of economic sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets. High-Yield Securities: Lower-quality securities including securities that are or have fallen below investment grade (commonly referred to as “junk bonds”) 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. Interest in Loans: The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, such collateral may become illiquid or decline in value. 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. 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. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. 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. In the case of inverse debt instruments, the interest rate paid by the debt instruments is a floating rate, which will generally decrease when the market rate of interest to which the inverse debt instruments are indexed increases and will increase when the market rate of interest to which the inverse debt instruments are indexed decreases. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact the Fund’s operations and return potential. Liquidity: If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, exposing the Fund to the risk that the prices at which it sells illiquid securities will be less than the prices at which they were valued when held by the Fund, which could cause the Fund to lose money. The prices of illiquid securities may be more volatile than more liquid securities, and the risks associated with illiquid securities may be greater in times of financial stress. 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. In addition, markets or securities may become illiquid quickly. 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, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), 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. Pandemics and other disruptions may also create challenges for real estate markets, including lower occupancy rates, decreased lease payments, defaults, and foreclosures, among other consequences. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Military action by Russia in Ukraine, the prolonged conflict between Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and may continue to result, in sanctions, market disruptions, declines in regional and global stock markets, unusual volatility in global commodity markets, and disruptions to energy production or transportation, including through key shipping routes, any of which could adversely affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the affected regions. The escalation or expansion of hostilities, including the involvement of additional nations, could introduce further uncertainty and volatility in global energy, commodity, and financial markets. The extent and duration of these conflicts, related sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have 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. Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto. Other Investment Companies: The main risk of investing in other investment companies, including ETFs, is the risk that the value of an investment company’s underlying investments might decrease. Shares of investment companies that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the Fund’s expenses. The investment policies of the other investment companies may not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject to additional or different risks than those to which the Fund is typically subject. In addition, shares of ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. Secondary markets may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods in times of market stress because market makers and authorized participants may step away from making a market in an ETF’s shares, which could cause a material decline in the ETF’s net asset value. Portfolio Turnover: A high portfolio turnover rate may increase transaction costs, which may lower the Fund’s performance and may increase the likelihood of capital gains distributions. Preferred Stocks: Preferred stock generally has preference over common stock but is generally subordinate to debt instruments with respect to dividends and liquidation. Preferred stocks are subject to the risks associated with other types of equity securities, as well as greater credit or other risks than senior debt instruments. In addition, preferred stocks are subject to other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rate, regulatory changes and special redemption rights. 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. Securities Lending: Securities lending involves two primary risks: “ investment risk ” and “ borrower default risk. ” When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund’s other risks. Structured Notes: Structured notes are investments, the interest rate or principal of which is linked to currencies, interest rates, commodities, indices, or other financial indicators (each, a “reference instrument”). Structured notes may entail a greater degree of market risk than other types of debt instruments because the investor also bears the risk of the reference instrument. Structured notes may be more volatile, less liquid, and more difficult to accurately price than less complex securities and other types of debt instruments. In addition, structured notes are subject to other risks, including interest rate risk, credit risk, and liquidity risk. 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. Zero-Coupon Bonds and Payment-in-Kind Securities: Zero-coupon bonds and payment-in-kind securities may be subject to greater fluctuations in price due to market interest rate changes than conventional interest-bearing securities. The Fund may have to pay out the imputed income on zero-coupon bonds without receiving the actual cash currency, resulting in a loss. 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 uses the Bloomberg U.S. Aggregate Bond Index as its primary benchmark in accordance with regulatory disclosure requirements and uses the ICE BofA U.S. High Yield Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund's principal investment strategies. 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 A shares.Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Performance for other share classes would differ to the extent they have differences in their fees and expenses. The Class R6 shares performance shown for the period prior to their inception date is the performance of Class A shares without adjustment for any differences in expenses between the two classes. If adjusted for such differences, returns would be 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. 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 uses the Bloomberg U.S. Aggregate Bond Index as its primary benchmark in accordance with regulatory disclosure requirements and uses the ICE BofA U.S. High Yield Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund's principal investment strategies. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. The Fund's past performance (before and after taxes) is no guarantee of future results. https://individuals.voya.com/literature 1-800-992-0180 Calendar Year Total Returns Class A (as of December 31 of each year) Best quarter:2nd Quarter 20207.80%Worst quarter:1st Quarter 2020-11.57%Year-to-date total return:June 30, 20261.29% Best quarter: 0.0780 Worst quarter: -0.1157 Year-to-date total return: 2026-06-30 0.0129 Average Annual Total Returns % (for the periods ended December 31, 2025) 0.0526 0.0278 0.0482 1998-12-15 0.0273 0.0035 0.0245 0.0306 0.0103 0.0264 0.0730 -0.0036 0.0201 0.0850 0.0450 0.0645 0.0620 0.0255 0.0446 1998-12-15 0.0730 -0.0036 0.0201 0.0850 0.0450 0.0645 0.0838 0.0365 0.0544 2008-07-31 0.0730 -0.0036 0.0201 0.0850 0.0450 0.0645 0.0774 0.0304 0.0483 2014-01-30 0.0730 -0.0036 0.0201 0.0850 0.0450 0.0645 0.0859 0.0372 0.0549 2016-08-03 0.0730 -0.0036 0.0201 0.0850 0.0450 0.0645 0.0827 0.0358 0.0535 2011-07-29 0.0730 -0.0036 0.0201 0.0850 0.0450 0.0645 The index returns do not reflect deductions for fees, expenses, or taxes. 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 A shares only. After-tax returns for other classes will vary. 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 A shares only. After-tax returns for other classes will vary. Voya Intermediate Bond Fund Investment Objective The Fund seeks to maximize total return through income and capital appreciation. 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 $100,000 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 77), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 95). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Voya mutual funds. 100000 Shareholder Fees Fees paid directly from your investment 0.0250 0 0 0.0100 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses2 Expenses you pay each year as a % of the value of your investment 0.0027 0.0027 0.0027 0.0027 0.0027 0.0027 0.0025 0.0100 0 0.0050 0 0 0.0018 0.0018 0.0012 0.0018 0.0003 0.0018 0.0070 0.0145 0.0039 0.0095 0.0030 0.0045 -0.0002 -0.0002 -0.0003 -0.0002 0 -0.0002 0.0068 0.0143 0.0036 0.0093 0.0030 0.0043 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 12 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $500,000 or more. Expense information has been restated to reflect current contractual rates. August 1, 2027 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 time periods indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: If you sold your shares If you held your shares 318 466 628 1097 318 466 628 1097 246 457 790 1734 146 457 790 1734 37 122 216 490 37 122 216 490 95 301 524 1165 95 301 524 1165 31 97 169 381 31 97 169 381 44 142 250 565 44 142 250 565 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 202% of the average value of its portfolio. 2.02 Principal Investment Strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of bonds. For purposes of this 80% policy, bonds include, without limitation, bonds, debt instruments, and other fixed income and income-producing debt instruments, of any kind, issued or guaranteed by governmental or private-sector entities.The Fund invests primarily in debt instruments rated investment grade, including, but not limited to, corporate, government and mortgage bonds. Investment grade refers to ratings given by nationally recognized statistical rating organizations (“NRSROs”) (e.g., rated Baa3 or above by Moody’s Ratings (“Moody’s”), or BBB- or above by S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”)) or, if unrated, determined by the Fund to be of comparable quality. Although the Fund may invest a portion of its assets in debt instruments rated below investment grade (sometimes referred to as “high-yield securities”, “high-yield bonds”, or “junk bonds”), the Fund will seek to maintain a minimum weighted average portfolio quality rating of at least investment grade. Below investment grade refers to ratings given by NRSROs (e.g., rated Ba1 or below by Moody’s, or BB+ or below by S&P or Fitch) or, if unrated, determined by the Fund to be of comparable quality. Below investment grade debt instruments are regarded as having more speculative characteristics with respect to the payment of interest and repayment of principal. Split rated debt instruments (debt instruments that receive different ratings from two or more NRSROs) are valued as follows: if three NRSROs rate a debt instrument, the debt instrument will be considered to have the median credit rating; if two of the three NRSROs rate a debt instrument, the debt instrument will be considered to have the lower credit rating of the two provided. The dollar-weighted average duration of the Fund will generally range between three and ten years. Duration is a commonly used measure of risk in debt instruments as it incorporates multiple features of debt instruments (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a debt 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 received. The weights are the amounts of the payments discounted by the yield-to-maturity of the debt instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest rate risk or reward for the debt instrument prices. For example, the price of a bond with an average duration of 5 years would be expected to fall approximately 5% if market interest rates rose by 1%. Conversely, the price of a bond with an average duration of 5 years would be expected to rise approximately 5% if market interest rates dropped by 1%. The Fund may also invest in: preferred stock; high quality money market instruments; municipal bonds; debt instruments of foreign (non-U.S.) issuers (including those located in emerging market countries); securities denominated in foreign (non-U.S.) currencies; foreign (non-U.S.) currencies; mortgage-backed and asset-backed securities; bank loans and floating rate secured loans (“Senior Loans”); and derivatives including futures, options, and swaps (including credit default swaps, interest rate swaps and total return swaps) involving securities, securities indices and interest rates, which may be denominated in the U.S. dollar or foreign (non-U.S.) currencies. The Fund typically uses derivatives to reduce exposure to other risks, such as interest rate or currency risk, to substitute for taking a position in the underlying asset, and/or to enhance returns in the Fund. The Fund may seek to obtain exposure to the securities in which it invests by entering into a series of purchase and sale contracts or through other investment techniques such as buy backs and dollar rolls. Buy backs and dollar rolls involve selling securities and simultaneously entering into a commitment to purchase those or similar securities on a specified future date and price from the same party. The Fund may invest in other investment companies, including exchange-traded funds (“ETFs”), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder. The sub-adviser (the “Sub-Adviser”) believes that relationships between the drivers of debt instrument returns change over time and that recognizing this is key to managing such assets. Therefore, the Sub-Adviser employs a dynamic investment process that seeks to balance top-down macro economic considerations and fundamental bottom-up analysis during the steps of its investment process - sector allocation, security selection, duration, and yield curve management. This includes utilizing proprietary qualitative analysis along with quantitative tools throughout the portfolio construction process. In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing, when available. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser.The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising. The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 1∕3% of its total assets. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of bonds. For purposes of this 80% policy, bonds include, without limitation, bonds, debt instruments, and other fixed income and income-producing debt instruments, of any kind, issued or guaranteed by governmental or private-sector entities. Therefore, the Sub-Adviser employs a dynamic investment process that seeks to balance top-down macro economic considerations and fundamental bottom-up analysis during the steps of its investment process - sector allocation, security selection, duration, and yield curve management. This includes utilizing proprietary qualitative analysis along with quantitative tools throughout the portfolio construction process. In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing, when available. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser. You could lose money on an investment in the Fund. 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. 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. Asset-backed (including mortgage-backed) securities that are not issued by U.S. government agencies may have a greater risk of default because they are not guaranteed by either the U.S. government or an agency or instrumentality of the U.S. government. The credit quality of typical asset-backed securities depends primarily on the credit quality of the underlying assets and the structural support (if any) provided to the securities. 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. 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 (Fixed Income): The Sub-Adviser’s consideration of ESG factors in selecting investments for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. The Sub-Adviser’s assessment of ESG factors in respect of obligations of an issuer may rely on third-party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Fund’s assets that will be invested in obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of ESG factors. It is possible that the Fund will have less exposure to obligations of certain issuers due to the Sub-Adviser’s assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors, when available, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments. Floating Rate Loans: In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan (which can include certain bank loans), the Fund will experience a reduction in its income and a decline in the market value of such floating rate loan. If a floating rate loan is held by the Fund through another financial institution, or the Fund relies upon another financial institution to administer the loan, the receipt of scheduled interest or principal payments may be subject to the credit risk of such financial institution. Investors in floating rate loans may not be afforded the protections of the anti-fraud provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans may not be considered “securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the borrower’s obligations under the loan, and such collateral may be difficult to liquidate. No active trading market may exist for many floating rate loans and many floating rate loans are subject to restrictions on resale. Transactions in loans typically settle on a delayed basis and may take longer than 7 days to settle. As a result, the Fund may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds may impair the ability of the Fund to meet its redemption obligations, and may limit the ability of the Fund to repay debt, pay dividends, or to take advantage of new investment opportunities. Foreign (Non-U.S.) Investments/Developing and Emerging Markets: Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due, in part, to: smaller markets; differing reporting, accounting, auditing and financial reporting standards and practices; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; and political changes or diplomatic developments, which may include the imposition of economic sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets. High-Yield Securities: Lower-quality securities including securities that are or have fallen below investment grade (commonly referred to as “junk bonds”) 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. Interest in Loans: The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, such collateral may become illiquid or decline in value. 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. 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. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. 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. In the case of inverse debt instruments, the interest rate paid by the debt instruments is a floating rate, which will generally decrease when the market rate of interest to which the inverse debt instruments are indexed increases and will increase when the market rate of interest to which the inverse debt instruments are indexed decreases. 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. Investment Model: The Sub-Adviser’s proprietary investment model may not adequately take into account existing or unforeseen market factors or the interaction among such factors, including changes in how such factors interact, and there is no guarantee that the use of a proprietary investment model will result in effective investment decisions for the Fund. Funds that are actively managed, in whole or in part, according to a quantitative investment model (including models that utilize forms of artificial intelligence, such as machine learning) can perform differently from the market, based on the investment model and the factors used in the analysis, the weight placed on each factor, and changes from the factors’ historical trends. Technical issues in the design, development, implementation, application, and maintenance of the models (e.g., stale or inaccurate data, human error, programming or other software issues, coding errors, and technology failures) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. 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. In addition, markets or securities may become illiquid quickly. 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, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), 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. Pandemics and other disruptions may also create challenges for real estate markets, including lower occupancy rates, decreased lease payments, defaults, and foreclosures, among other consequences. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Military action by Russia in Ukraine, the prolonged conflict between Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and may continue to result, in sanctions, market disruptions, declines in regional and global stock markets, unusual volatility in global commodity markets, and disruptions to energy production or transportation, including through key shipping routes, any of which could adversely affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the affected regions. The escalation or expansion of hostilities, including the involvement of additional nations, could introduce further uncertainty and volatility in global energy, commodity, and financial markets. The extent and duration of these conflicts, related sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have 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. Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto. Mortgage- and/or Asset-Backed Securities: Defaults on, or low credit quality or liquidity of, the underlying assets of the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. There may be limitations on the enforceability of any security interest or collateral granted with respect to those underlying assets, and the value of collateral may not satisfy the obligation upon default. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of debt instruments. Municipal Obligations: The municipal securities market is volatile and can be affected significantly by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. Among other risks, investments in municipal securities are subject to the risk that an issuer may delay payment, restructure its debt, or refuse to pay interest or repay principal on its debt. Other Investment Companies: The main risk of investing in other investment companies, including ETFs, is the risk that the value of an investment company’s underlying investments might decrease. Shares of investment companies that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the Fund’s expenses. The investment policies of the other investment companies may not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject to additional or different risks than those to which the Fund is typically subject. In addition, shares of ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. Secondary markets may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods in times of market stress because market makers and authorized participants may step away from making a market in an ETF’s shares, which could cause a material decline in the ETF’s net asset value. Portfolio Turnover: A high portfolio turnover rate may increase transaction costs, which may lower the Fund’s performance and may increase the likelihood of capital gains distributions. Preferred Stocks: Preferred stock generally has preference over common stock but is generally subordinate to debt instruments with respect to dividends and liquidation. Preferred stocks are subject to the risks associated with other types of equity securities, as well as greater credit or other risks than senior debt instruments. In addition, preferred stocks are subject to other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rate, regulatory changes and special redemption rights. 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. Securities Lending: Securities lending involves two primary risks: “ investment risk ” and “ borrower default risk. ” When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund’s other risks. 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. 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 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 A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Performance for other share classes would differ to the extent they have differences in their fees and expenses. 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/literatureor call 1-800-992-0180. 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 with investment characteristics similar to those of the Fund for the same period. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. The Fund's past performance (before and after taxes) is no guarantee of future results. https://individuals.voya.com/literature 1-800-992-0180 Calendar Year Total Returns Class A (as of December 31 of each year) Best quarter:4th Quarter 20237.01%Worst quarter:1st Quarter 2022-6.37%Year-to-date total return:June 30, 20260.89% Best quarter: 0.0701 Worst quarter: -0.0637 Year-to-date total return: 2026-06-30 0.0089 Average Annual Total Returns % (for the periods ended December 31, 2025) 0.0451 -0.0074 0.0206 1998-12-15 0.0274 -0.0213 0.0064 0.0264 -0.0116 0.0096 0.0730 -0.0036 0.0201 0.0551 -0.0099 0.0169 1998-12-15 0.0730 -0.0036 0.0201 0.0756 0.0011 0.0266 2002-01-08 0.0730 -0.0036 0.0201 0.0691 -0.0050 0.0205 2004-03-16 0.0730 -0.0036 0.0201 0.0762 0.0016 0.0271 2013-05-31 0.0730 -0.0036 0.0201 0.0745 -0.0001 0.0257 2007-12-17 0.0730 -0.0036 0.0201 The index returns do not reflect deductions for fees, expenses, or taxes. 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 A shares only. After-tax returns for other classes will vary. 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 A shares only. After-tax returns for other classes will vary. Voya Short Duration Bond Fund Investment Objective The Fund seeks maximum total return. 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 $100,000 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 77), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 95). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Voya mutual funds. 100000 Shareholder Fees Fees paid directly from your investment 0.0250 0 0 0.0100 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses2 Expenses you pay each year as a % of the value of your investment 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0025 0.0100 0 0.0050 0 0 0.0026 0.0026 0.0011 0.0026 0.0006 0.0026 0.0076 0.0151 0.0036 0.0101 0.0031 0.0051 -0.0010 -0.0010 0 -0.0010 0 -0.0010 0.0066 0.0141 0.0036 0.0091 0.0031 0.0041 A contingent deferred sales charge of 0.50% is assessed on certain redemptions of Class A shares made within 12 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $500,000 or more. Expense information has been restated to reflect current contractual rates. August 1, 2027 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 time periods indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: If you sold your shares If you held your shares 316 477 652 1160 316 477 652 1160 244 467 814 1793 144 467 814 1793 37 116 202 456 37 116 202 456 93 312 548 1227 93 312 548 1227 32 100 174 393 32 100 174 393 42 153 275 631 42 153 275 631 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 164% of the average value of its portfolio. 1.64 Principal Investment Strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of bonds or derivative instruments having economic characteristics similar to bonds. For purposes of this 80% policy, bonds include, without limitation, bonds, debt instruments, and other fixed income and income-producing debt instruments, of any kind, issued or guaranteed by governmental or private-sector entities. Under normal circumstances, the average dollar-weighted duration of the Fund will not exceed 3 years. Because of the Fund's holdings in amortizing and/or sinking fund securities such as, but not exclusively, asset-backed, commercial mortgage-backed, residential mortgage-backed, collateralized loan obligations (“CLOs”), and corporate bonds, the Fund's average dollar-weighted duration is equivalent to the average weighted duration of the cash flows in the securities held by the Fund given certain prepayment assumptions. Duration is a commonly used measure of risk in debt instruments as it incorporates multiple features of debt instruments (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a debt 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 received. The weights are the amounts of the payments discounted by the yield-to-maturity of the debt instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest rate risk or reward for the debt instrument prices. For example, the price of a bond with an average duration of 5 years would be expected to fall approximately 5% if market interest rates rose by 1%. Conversely, the price of a bond with an average duration of 5 years would be expected to rise approximately 5% if market interest rates dropped by 1%. The Fund invests in non-government issued debt instruments, issued by companies of all sizes, rated investment grade, but may also invest up to 20% of its total assets in securities rated below investment grade (sometimes referred to as “high-yield securities”, “high-yield bonds”, or “junk bonds”). Below investment grade refers to ratings given by nationally recognized statistical rating organizations (“NRSROs”) (e.g., rated Ba1 or below by Moody’s Ratings (“Moody’s”), or BB+ or below by S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”)) or, if unrated, determined by the Fund to be of comparable quality. Below investment grade debt instruments are regarded as having more speculative characteristics with respect to the payment of interest and repayment of principal. Split rated debt instruments (debt instruments that receive different ratings from two or more NRSROs) are valued as follows: if three NRSROs rate a debt instrument, the debt instrument will be considered to have the median credit rating; if two of the three NRSROs rate a debt instrument, the debt instrument will be considered to have the lower credit rating of the two provided. Money market securities must be rated in the two highest tiers by Moody’s (P-1 or P-2), S&P (A-1+, A-1, or A-2), or Fitch (F-1+, F-1, or F-2) or, if unrated, determined by the Fund to be of comparable quality. The Fund may also invest in: preferred stocks; U.S. government securities, securities of foreign (non-U.S.) governments, and supranational organizations; mortgage-backed and asset-backed debt instruments; bank loans and floating rate secured loans; municipal bonds, notes, and commercial paper; and debt instruments of foreign (non-U.S.) issuers. The Fund may engage in dollar roll transactions and swap agreements, including credit default swaps, interest rate swaps, and total return swaps. The Fund may use options, options on swap agreements and futures contracts involving securities, securities indices and interest rates to hedge against market risk, to enhance returns, and as a substitute for taking a position in the underlying asset. In addition, private placements of debt instruments (which are often restricted securities) are eligible for purchase along with other illiquid securities. The Fund may invest in other investment companies, including exchange-traded funds (“ETFs”), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder. The sub-adviser (the “Sub-Adviser”) believes that relationships between the drivers of debt instrument returns change over time and that recognizing this is key to managing such assets. Therefore, the Sub-Adviser employs a dynamic investment process that seeks to balance top-down macro economic considerations and fundamental bottom-up analysis during the steps of its investment process: sector allocation, security selection, duration, and yield curve management. This includes utilizing proprietary qualitative analysis along with quantitative tools throughout the portfolio construction process. In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing, when available. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser.The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising. The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 1∕3% of its total assets. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of bonds or derivative instruments having economic characteristics similar to bonds. For purposes of this 80% policy, bonds include, without limitation, bonds, debt instruments, and other fixed income and income-producing debt instruments, of any kind, issued or guaranteed by governmental or private-sector entities. Therefore, the Sub-Adviser employs a dynamic investment process that seeks to balance top-down macro economic considerations and fundamental bottom-up analysis during the steps of its investment process: sector allocation, security selection, duration, and yield curve management. This includes utilizing proprietary qualitative analysis along with quantitative tools throughout the portfolio construction process. In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing, when available. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser. You could lose money on an investment in the Fund. 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. Collateralized Loan Obligations and Other Collateralized Obligations: A collateralized loan obligation ( “ CLO ” ) is an obligation of a trust or other special purpose vehicle typically collateralized by a pool of loans, which may include senior secured and unsecured loans and subordinate corporate loans, including loans that may be rated below investment grade, or equivalent unrated loans. CLOs may incur management fees and administration fees. The risks of investing in a CLO depend largely on the type of the collateral held in the CLO portfolio and the tranche of securities in which the Fund may invest, and can generally be summarized as a combination of economic risks of the underlying loans combined with the risks associated with the CLO structure governing the priority of payments, and include interest rate risk, credit risk, liquidity risk, prepayment and extension risk, and the risk of default of the underlying asset, among others. 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. Covenant-Lite Loans: Loans in which the Fund may invest or to which the Fund may gain exposure indirectly through its investments in collateralized debt obligations, CLOs or other types of structured securities may be considered “covenant-lite” loans. Covenant-lite refers to loans which do not incorporate traditional performance-based financial maintenance covenants. Covenant-lite does not refer to a loan’s seniority in a borrower’s capital structure nor to a lack of the benefit from a legal pledge of the borrower’s assets and does not necessarily correlate to the overall credit quality of the borrower. Covenant-lite loans generally do not include terms which allow a lender to take action based on a borrower’s performance relative to its covenants. Such actions may include the ability to renegotiate and/or re-set the credit spread on the loan with a borrower, and even to declare a default or force the borrower into bankruptcy restructuring if certain criteria are breached. Covenant-lite loans typically still provide lenders with other covenants that restrict a borrower from incurring additional debt or engaging in certain actions. Such covenants can only be breached by an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, the Fund may have fewer rights against a borrower when it invests in, or has exposure to, covenant-lite loans and, accordingly, may have a greater risk of loss on such investments as compared to investments in, or exposure to, loans with additional or more conventional covenants. 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. Asset-backed (including mortgage-backed) securities that are not issued by U.S. government agencies may have a greater risk of default because they are not guaranteed by either the U.S. government or an agency or instrumentality of the U.S. government. The credit quality of typical asset-backed securities depends primarily on the credit quality of the underlying assets and the structural support (if any) provided to the securities. 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. 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 (Fixed Income): The Sub-Adviser’s consideration of ESG factors in selecting investments for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. The Sub-Adviser’s assessment of ESG factors in respect of obligations of an issuer may rely on third-party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Fund’s assets that will be invested in obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of ESG factors. It is possible that the Fund will have less exposure to obligations of certain issuers due to the Sub-Adviser’s assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors, when available, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments. 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: Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due, in part, to: smaller markets; differing reporting, accounting, auditing and financial reporting standards and practices; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; and political changes or diplomatic developments, which may include the imposition of economic sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. High-Yield Securities: Lower-quality securities including securities that are or have fallen below investment grade (commonly referred to as “junk bonds”) 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. Interest in Loans: The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, such collateral may become illiquid or decline in value. 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. 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. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. 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. In the case of inverse debt instruments, the interest rate paid by the debt instruments is a floating rate, which will generally decrease when the market rate of interest to which the inverse debt instruments are indexed increases and will increase when the market rate of interest to which the inverse debt instruments are indexed decreases. 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. Investment Model: The Sub-Adviser’s proprietary investment model may not adequately take into account existing or unforeseen market factors or the interaction among such factors, including changes in how such factors interact, and there is no guarantee that the use of a proprietary investment model will result in effective investment decisions for the Fund. Funds that are actively managed, in whole or in part, according to a quantitative investment model (including models that utilize forms of artificial intelligence, such as machine learning) can perform differently from the market, based on the investment model and the factors used in the analysis, the weight placed on each factor, and changes from the factors’ historical trends. Technical issues in the design, development, implementation, application, and maintenance of the models (e.g., stale or inaccurate data, human error, programming or other software issues, coding errors, and technology failures) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. 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. In addition, markets or securities may become illiquid quickly. 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, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), 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. Pandemics and other disruptions may also create challenges for real estate markets, including lower occupancy rates, decreased lease payments, defaults, and foreclosures, among other consequences. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Military action by Russia in Ukraine, the prolonged conflict between Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and may continue to result, in sanctions, market disruptions, declines in regional and global stock markets, unusual volatility in global commodity markets, and disruptions to energy production or transportation, including through key shipping routes, any of which could adversely affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the affected regions. The escalation or expansion of hostilities, including the involvement of additional nations, could introduce further uncertainty and volatility in global energy, commodity, and financial markets. The extent and duration of these conflicts, related sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have 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. Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto. Mortgage- and/or Asset-Backed Securities: Defaults on, or low credit quality or liquidity of, the underlying assets of the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. There may be limitations on the enforceability of any security interest or collateral granted with respect to those underlying assets, and the value of collateral may not satisfy the obligation upon default. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of debt instruments. Municipal Obligations: The municipal securities market is volatile and can be affected significantly by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. Among other risks, investments in municipal securities are subject to the risk that an issuer may delay payment, restructure its debt, or refuse to pay interest or repay principal on its debt. Other Investment Companies: The main risk of investing in other investment companies, including ETFs, is the risk that the value of an investment company’s underlying investments might decrease. Shares of investment companies that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the Fund’s expenses. The investment policies of the other investment companies may not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject to additional or different risks than those to which the Fund is typically subject. In addition, shares of ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. Secondary markets may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods in times of market stress because market makers and authorized participants may step away from making a market in an ETF’s shares, which could cause a material decline in the ETF’s net asset value. Portfolio Turnover: A high portfolio turnover rate may increase transaction costs, which may lower the Fund’s performance and may increase the likelihood of capital gains distributions. Preferred Stocks: Preferred stock generally has preference over common stock but is generally subordinate to debt instruments with respect to dividends and liquidation. Preferred stocks are subject to the risks associated with other types of equity securities, as well as greater credit or other risks than senior debt instruments. In addition, preferred stocks are subject to other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rate, regulatory changes and special redemption rights. 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. Restricted Securities: Securities that are legally restricted as to resale (such as those issued in private placements), including securities governed by Rule 144A and Regulation S, and securities that are offered in reliance on Section 4(a)(2) of the Securities Act of 1933, as amended, are referred to as “restricted securities.” Restricted securities may be sold in private placement transactions between issuers and their purchasers and may be neither listed on an exchange nor traded in other established markets. Due to the absence of a public trading market, restricted securities may be more volatile, less liquid, and more difficult to value than publicly-traded securities. The price realized from the sale of these securities could be less than the amount originally paid or less than their fair value if they are resold in privately negotiated transactions. In addition, these securities may not be subject to disclosure and other investment protection requirements that are afforded to publicly-traded securities. Certain restricted securities represent investments in smaller, less seasoned issuers, which may involve greater risk. Securities Lending: Securities lending involves two primary risks: “ investment risk ” and “ borrower default risk. ” When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund’s other risks. Sovereign Debt: Sovereign debt is issued or guaranteed by foreign (non-U.S.) government entities. Investments in sovereign debt are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or repay principal on its sovereign debt due to cash flow problems, insufficient foreign currency reserves, political considerations, social changes, the relative size of its debt position to its economy, or its failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a government entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting amounts owed on sovereign debt, such as bankruptcy proceedings, that a government does not pay. 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. 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 uses the Bloomberg U.S. Aggregate Bond Index as its primary benchmark in accordance with regulatory disclosure requirements and uses the Bloomberg U.S. 1-3 Year Government/Credit Bond Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies. 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 A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Performance for other share classes would differ to the extent they have differences in their fees and expenses. 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. 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 uses the Bloomberg U.S. Aggregate Bond Index as its primary benchmark in accordance with regulatory disclosure requirements and uses the Bloomberg U.S. 1-3 Year Government/Credit Bond Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. The Fund's past performance (before and after taxes) is no guarantee of future results. https://individuals.voya.com/literature 1-800-992-0180 Calendar Year Total Returns Class A (as of December 31 of each year) Best quarter:2nd Quarter 20204.00%Worst quarter:1st Quarter 2022-2.75%Year-to-date total return:June 30, 20260.67% Best quarter: 0.0400 Worst quarter: -0.0275 Year-to-date total return: 2026-06-30 0.0067 Average Annual Total Returns % (for the periods ended December 31, 2025) 0.0287 0.0145 0.0183 2012-12-19 0.0104 0.0015 0.0079 0.0168 0.0054 0.0094 0.0730 -0.0036 0.0201 0.0535 0.0197 0.0209 0.0384 0.0123 0.0149 2012-12-19 0.0730 -0.0036 0.0201 0.0535 0.0197 0.0209 0.0591 0.0228 0.0238 2012-12-19 0.0730 -0.0036 0.0201 0.0535 0.0197 0.0209 0.0525 0.0172 0.0187 2014-07-31 0.0730 -0.0036 0.0201 0.0535 0.0197 0.0209 0.0585 0.0230 0.0241 2013-07-31 0.0730 -0.0036 0.0201 0.0535 0.0197 0.0209 0.0589 0.0223 0.0237 2012-12-19 0.0730 -0.0036 0.0201 0.0535 0.0197 0.0209 The index returns do not reflect deductions for fees, expenses, or taxes. 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 A shares only. After-tax returns for other classes will vary. 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 A shares only. After-tax returns for other classes will vary. Voya Short Duration High Income Fund Investment Objective The Fund seeks a high level of current income with lower volatility than the broader high yield market. 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 $100,000 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 77), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 95). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Voya mutual funds. 100000 Shareholder Fees Fees paid directly from your investment 0.0250 0 0 0.0100 0 0 0 0 0 0 Annual Fund Operating Expenses2 Expenses you pay each year as a % of the value of your investment 0.0048 0.0048 0.0048 0.0048 0.0048 0.0025 0.0100 0 0 0 0.0027 0.0027 0.0023 0.0013 0.0027 0.0100 0.0175 0.0071 0.0061 0.0075 -0.0014 -0.0014 -0.0010 0 -0.0014 0.0086 0.0161 0.0061 0.0061 0.0061 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 12 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $500,000 or more. Expense information has been restated to reflect current contractual rates. Other Expenses are based on estimated amounts for the current fiscal year. August 1, 2027 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 time periods indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: If you sold your shares If you held your shares 336 547 775 1432 336 547 775 1432 264 537 936 2051 164 537 936 2051 62 217 385 873 62 217 385 873 62 195 340 762 62 195 340 762 62 226 403 917 62 226 403 917 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 40% of the average value of its portfolio. 0.40 Principal Investment Strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in debt securities issued by public and private companies, which are rated below investment grade (sometimes referred to as “high-yield securities”, “high-yield bonds”, or “junk bonds”), in preferred stock rated below investment grade, and in derivatives and other synthetic instruments that have economic characteristics similar to such debt securities and preferred stock. For purposes of this 80% policy, below investment grade refers to ratings by one or more nationally recognized statistical rating organizations (“NRSROs”) (e.g., rated Ba1 or below by Moody’s Ratings, or BB+ or below by S&P Global Ratings or Fitch Ratings, Inc.) or, if unrated, determined by the Fund to be of comparable quality. Below investment grade debt securities are regarded as having more speculative characteristics with respect to the payment of interest and repayment of principal. Split rated debt instruments (debt instruments that receive different ratings from two or more NRSROs) are valued as follows: if three NRSROs rate a debt instrument, the debt instrument will be considered to have the median credit rating; if two of the three NRSROs rate a debt instrument, the debt instrument will be considered to have the lower credit rating of the two provided. The Fund principally invests in high-yield securities and bank loans, seeking to generate investment income while protecting from adverse market conditions and prioritizing capital preservation. The Fund may invest up to 10% of its net assets in securities rated CCC or below (or the equivalent) by an NRSRO or, if unrated, determined by the Fund to be of comparable quality. The Fund may invest up to 20% of its assets in bank loans and floating rate secured loans, which may be included among the Fund’s high-yield securities for purposes of the 80% policy described above. The Fund may also invest in U.S. Treasury securities and in securities issued by other agencies and instrumentalities of the U.S. government. The sub-adviser (the “Sub-Adviser”) applies a disciplined investment approach, making use of fundamental research, to construct the Fund’s portfolio. The Sub-Adviser’s fundamental research process includes: analysis of a company and its growth by division and region, including revenue model analysis; profit margin analysis; evaluation of the experience and quality of a company’s management team; industry dynamics and competitive analysis; distribution channel and supply chain analysis; and analysis of the macroeconomic climate. In selecting specific debt instruments for investment, the Sub-Adviser may consider such factors as the issuer’s creditworthiness, the investment’s yield in relation to its credit quality and the investment’s relative value in relation to the high yield market. The Sub-Adviser seeks to construct a portfolio with lower volatility than the broader high yield market in part through the Fund’s approach to duration and credit quality. The Fund will maintain an average duration of less than three years. Duration is a commonly used measure of risk in debt instruments as it incorporates multiple features of debt instruments (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a debt 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 received. The weights are the amounts of the payments discounted by the yield-to-maturity of the debt instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest rate risk or reward for the debt instrument prices. For example, the price of a bond with an average duration of 5 years would be expected to fall approximately 5% if market interest rates rose by 1%. Conversely, the price of a bond with an average duration of 5 years would be expected to rise approximately 5% if market interest rates dropped by 1%. The derivatives in which the Fund may invest include, without limitation, credit default swaps, interest rate swaps, and futures contracts. The Fund would typically expect to use derivatives to hedge against interest rate or credit risk, as a substitute for direct investments in securities or other instruments, or to otherwise enhance return. Derivatives transactions may have the effect of either magnifying or limiting the Fund’s gains and losses. The Fund may invest up to 20% of its assets in foreign (non-U.S.) securities, which will typically be U.S. dollar-denominated but may include securities denominated in foreign currencies. The Fund may invest in other investment companies, including exchange-traded funds (“ETFs”), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder. In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on research and on third-party evaluations of an issuer's ESG standing, when available. ESG factors will be only one of many considerations in the Sub-Adviser's evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser's decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser.The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising. The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 1∕3% of its total assets. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in debt securities issued by public and private companies, which are rated below investment grade (sometimes referred to as “high-yield securities”, “high-yield bonds”, or “junk bonds”), in preferred stock rated below investment grade, and in derivatives and other synthetic instruments that have economic characteristics similar to such debt securities and preferred stock. For purposes of this 80% policy, below investment grade refers to ratings by one or more nationally recognized statistical rating organizations (“NRSROs”) (e.g., rated Ba1 or below by Moody’s Ratings, or BB+ or below by S&P Global Ratings or Fitch Ratings, Inc.) or, if unrated, determined by the Fund to be of comparable quality. In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on research and on third-party evaluations of an issuer's ESG standing, when available. ESG factors will be only one of many considerations in the Sub-Adviser's evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser's decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser. You could lose money on an investment in the Fund. 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. 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. Covenant-Lite Loans: Loans in which the Fund may invest or to which the Fund may gain exposure indirectly through its investments in collateralized debt obligations, CLOs or other types of structured securities may be considered “covenant-lite” loans. Covenant-lite refers to loans which do not incorporate traditional performance-based financial maintenance covenants. Covenant-lite does not refer to a loan’s seniority in a borrower’s capital structure nor to a lack of the benefit from a legal pledge of the borrower’s assets and does not necessarily correlate to the overall credit quality of the borrower. Covenant-lite loans generally do not include terms which allow a lender to take action based on a borrower’s performance relative to its covenants. Such actions may include the ability to renegotiate and/or re-set the credit spread on the loan with a borrower, and even to declare a default or force the borrower into bankruptcy restructuring if certain criteria are breached. Covenant-lite loans typically still provide lenders with other covenants that restrict a borrower from incurring additional debt or engaging in certain actions. Such covenants can only be breached by an affirmative action of the borrower, rather than by a deterioration in the borrower’s financial condition. Accordingly, the Fund may have fewer rights against a borrower when it invests in, or has exposure to, covenant-lite loans and, accordingly, may have a greater risk of loss on such investments as compared to investments in, or exposure to, loans with additional or more conventional covenants. Credit: The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations. Credit Default Swaps: The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a credit default swap is generally obligated to pay the seller an upfront or a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable 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. 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 (Fixed Income): The Sub-Adviser’s consideration of ESG factors in selecting investments for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. The Sub-Adviser’s assessment of ESG factors in respect of obligations of an issuer may rely on third-party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Fund’s assets that will be invested in obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of ESG factors. It is possible that the Fund will have less exposure to obligations of certain issuers due to the Sub-Adviser’s assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors, when available, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments. 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: Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due, in part, to: smaller markets; differing reporting, accounting, auditing and financial reporting standards and practices; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; and political changes or diplomatic developments, which may include the imposition of economic sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. High-Yield Securities: Lower-quality securities including securities that are or have fallen below investment grade (commonly referred to as “junk bonds”) 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. Interest in Loans: The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, such collateral may become illiquid or decline in value. 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. 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. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. 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. In the case of inverse debt instruments, the interest rate paid by the debt instruments is a floating rate, which will generally decrease when the market rate of interest to which the inverse debt instruments are indexed increases and will increase when the market rate of interest to which the inverse debt instruments are indexed decreases. 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. Investment Model: The Sub-Adviser’s proprietary investment model may not adequately take into account existing or unforeseen market factors or the interaction among such factors, including changes in how such factors interact, and there is no guarantee that the use of a proprietary investment model will result in effective investment decisions for the Fund. Funds that are actively managed, in whole or in part, according to a quantitative investment model (including models that utilize forms of artificial intelligence, such as machine learning) can perform differently from the market, based on the investment model and the factors used in the analysis, the weight placed on each factor, and changes from the factors’ historical trends. Technical issues in the design, development, implementation, application, and maintenance of the models (e.g., stale or inaccurate data, human error, programming or other software issues, coding errors, and technology failures) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. Volatility management techniques may not always be successful in reducing volatility, may not protect against market declines, and may limit the Fund’s participation in market gains, negatively impacting performance even during periods when the market is rising. During sudden or significant market rallies, such underperformance may be significant. Moreover, volatility management strategies may increase portfolio transaction costs, which may increase losses or reduce gains. The Fund’s volatility may not be lower than that of the Fund’s Index during all market cycles due to market factors. Large Shareholder Risk: To the extent a large number of shares of the Fund are held by a single shareholder or a group of shareholders with a common investment strategy, the Fund is subject to the risk that a redemption by such shareholder(s) of all or a large portion of their Fund shares will adversely affect the Fund’s performance by forcing the Fund to sell investments at disadvantageous prices to raise the cash needed to satisfy the redemption request or to sell investments when it would not otherwise have done so. 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. In addition, markets or securities may become illiquid quickly. 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 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, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), 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. Pandemics and other disruptions may also create challenges for real estate markets, including lower occupancy rates, decreased lease payments, defaults, and foreclosures, among other consequences. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Military action by Russia in Ukraine, the prolonged conflict between Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and may continue to result, in sanctions, market disruptions, declines in regional and global stock markets, unusual volatility in global commodity markets, and disruptions to energy production or transportation, including through key shipping routes, any of which could adversely affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the affected regions. The escalation or expansion of hostilities, including the involvement of additional nations, could introduce further uncertainty and volatility in global energy, commodity, and financial markets. The extent and duration of these conflicts, related sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have 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. Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto. Other Investment Companies: The main risk of investing in other investment companies, including ETFs, is the risk that the value of an investment company’s underlying investments might decrease. Shares of investment companies that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the Fund’s expenses. The investment policies of the other investment companies may not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject to additional or different risks than those to which the Fund is typically subject. In addition, shares of ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. Secondary markets may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods in times of market stress because market makers and authorized participants may step away from making a market in an ETF’s shares, which could cause a material decline in the ETF’s net asset value. Preferred Stocks: Preferred stock generally has preference over common stock but is generally subordinate to debt instruments with respect to dividends and liquidation. Preferred stocks are subject to the risks associated with other types of equity securities, as well as greater credit or other risks than senior debt instruments. In addition, preferred stocks are subject to other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rate, regulatory changes and special redemption rights. 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. Securities Lending: Securities lending involves two primary risks: “ investment risk ” and “ borrower default risk. ” When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund’s other risks. 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. 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 uses the Bloomberg U.S. Aggregate Bond Index as its primary benchmark in accordance with regulatory disclosure requirements and uses the ICE BofA 1-3 Year US Treasury Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies. 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 A shares.Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Performance for other share classes would differ to the extent they have differences in their fees and expenses. The Class C 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.Because Class W shares of the Fund did not have a full calendar year of operations as of the calendar year ended December 31, 2025, no performance information for Class W shares is provided below. 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/literatureor call 1-800-992-0180. 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 uses the Bloomberg U.S. Aggregate Bond Index as its primary benchmark in accordance with regulatory disclosure requirements and uses the ICE BofA 1-3 Year US Treasury Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Class W shares of the Fund did not have a full calendar year of operations as of the calendar year ended December 31, 2025, The Fund's past performance (before and after taxes) is no guarantee of future results. https://individuals.voya.com/literature 1-800-992-0180 Calendar Year Total Returns Class A (as of December 31 of each year) Best quarter:3rd Quarter 20244.56%Worst quarter:1st Quarter 2025-1.34%Year-to-date total return:June 30, 20261.52% Best quarter: 0.0456 Worst quarter: -0.0134 Year-to-date total return: 2026-06-30 0.0152 Average Annual Total Returns % (for the periods ended December 31, 2025) -0.0177 0.0557 2023-02-09 -0.0457 0.0227 -0.0107 0.0285 0.0730 0.0413 0.0509 0.0455 -0.0097 0.0576 2023-04-20 0.0730 0.0413 0.0509 0.0455 0.0089 0.0674 2023-02-09 0.0730 0.0413 0.0509 0.0455 0.0100 0.0679 2023-02-09 0.0730 0.0413 0.0509 0.0455 The index returns do not reflect deductions for fees, expenses, or taxes. 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 A shares only. After-tax returns for other classes will vary. 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 A shares only. After-tax returns for other classes will vary. Voya Strategic Income Opportunities Fund Investment Objective The Fund seeks total return through income and capital appreciation through all market cycles. 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 $100,000 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 77), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 95). You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Voya mutual funds. 100000 Shareholder Fees Fees paid directly from your investment 0.0250 0 0 0.0100 0 0 0 0 0 0 0 0 Annual Fund Operating Expenses2 Expenses you pay each year as a % of the value of your investment 0.0050 0.0050 0.0050 0.0050 0.0050 0.0050 0.0025 0.0100 0 0.0050 0 0 0.0012 0.0012 0.0013 0.0012 0.0005 0.0012 0.0087 0.0162 0.0063 0.0112 0.0055 0.0062 0 0 -0.0001 0 0 0 0.0087 0.0162 0.0062 0.0112 0.0055 0.0062 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 12 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $500,000 or more. Expense information has been restated to reflect current contractual rates. August 1, 2027 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 time periods indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: If you sold your shares If you held your shares 337 521 720 1296 337 521 720 1296 265 511 881 1922 165 511 881 1922 63 201 350 785 63 201 350 785 114 356 617 1363 114 356 617 1363 56 176 307 689 56 176 307 689 63 199 346 774 63 199 346 774 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 316% of the average value of its portfolio. 3.16 Principal Investment Strategies Under normal circumstances, the Fund invests in debt instruments, including securities rated below investment grade (sometimes referred to as “high-yield securities”, “high-yield bonds”, or “junk bonds”) and securities rated investment grade. The Fund may invest in securities rated below investment grade without limit. Below investment grade refers to ratings given by nationally recognized statistical rating organizations (e.g., rated Ba1 or below by Moody’s Ratings, or BB+ or below by S&P Global Ratings or Fitch Ratings, Inc.) or, if unrated, determined by the Fund to be of comparable quality. Below investment grade debt instruments are regarded as having more speculative characteristics with respect to the payment of interest and repayment of principal. Split rated debt instruments (debt instruments that receive different ratings from two or more NRSROs) are valued as follows: if three NRSROs rate a debt instrument, the debt instrument will be considered to have the median credit rating; if two of the three NRSROs rate a debt instrument, the debt instrument will be considered to have the lower credit rating of the two provided. The Fund may also invest in floating rate loans and other floating rate debt instruments. The Fund is not managed relative to an index and instead seeks to produce positive returns across varying market conditions. To seek this goal, the Fund has flexibility to invest across a broad range of debt instruments and derivatives. The Fund generally maintains a dollar-weighted average duration profile between -2 and 6 years. Duration is a commonly used measure of risk in debt instruments as it incorporates multiple features of debt instruments (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a debt 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 received. The weights are the amounts of the payments discounted by the yield-to-maturity of the debt instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest rate risk or reward for the debt instrument prices. For example, the price of a bond with an average duration of 5 years would be expected to fall approximately 5% if market interest rates rose by 1%. Conversely, the price of a bond with an average duration of 5 years would be expected to rise approximately 5% if market interest rates dropped by 1%. Debt instruments may include, without limitation, instruments issued by various U.S. and foreign (non-U.S.) (including those located in emerging market countries) public- or private-sector entities, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, corporate debt, asset- and mortgage-backed securities, preferred stock, bank certificates of deposit, fixed time deposits, bankers' acceptances and money market instruments, including money market funds denominated in U.S. dollars or foreign (non-U.S.) currencies. Floating rate loans and other floating rate debt instruments include floating rate bonds, floating rate notes, floating rate debentures, and tranches of floating rate asset-backed securities, including structured notes, made to, or issued by, U.S. and foreign (non-U.S.) corporations or other business entities. The Fund may also invest in inflation-indexed bonds of varying maturities issued by the U.S. and foreign (non-U.S.) governments, their agencies and instrumentalities, and U.S. and foreign (non-U.S.) corporations. The Fund may also invest in derivatives, including options, futures, swaps (including interest rate swaps, total return swaps, and credit default swaps), and currency forwards, as a substitute for taking a position in an underlying asset, to make tactical asset allocations, to seek to minimize risk, to enhance returns, and/or assist in managing cash. In evaluating investments for the Fund, the sub-adviser (the “Sub-Adviser”) takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing, when available. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser.The Fund may invest in other investment companies, including exchange-traded funds (“ETFs”), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder. The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising. The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 1∕3% of its total assets. Below investment grade refers to ratings given by nationally recognized statistical rating organizations (e.g., rated Ba1 or below by Moody’s Ratings, or BB+ or below by S&P Global Ratings or Fitch Ratings, Inc.) or, if unrated, determined by the Fund to be of comparable quality. In evaluating investments for the Fund, the sub-adviser (the “Sub-Adviser”) takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing, when available. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser. You could lose money on an investment in the Fund. 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. 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. Convertible Securities: Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt instruments, such as interest rate risk and credit risk. In addition, because convertible securities react to changes in the value of the underlying stock, they are subject to market risk. 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. Asset-backed (including mortgage-backed) securities that are not issued by U.S. government agencies may have a greater risk of default because they are not guaranteed by either the U.S. government or an agency or instrumentality of the U.S. government. The credit quality of typical asset-backed securities depends primarily on the credit quality of the underlying assets and the structural support (if any) provided to the securities. 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. The manager may use a model to guide currency risk taking. The manager has discretion as to whether to use the model. There is no guarantee that the use of the model will result in effective investment decisions for the Fund. 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 (Fixed Income): The Sub-Adviser’s consideration of ESG factors in selecting investments for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. The Sub-Adviser’s assessment of ESG factors in respect of obligations of an issuer may rely on third-party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Fund’s assets that will be invested in obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of ESG factors. It is possible that the Fund will have less exposure to obligations of certain issuers due to the Sub-Adviser’s assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors, when available, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments. Floating Rate Loans: In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan (which can include certain bank loans), the Fund will experience a reduction in its income and a decline in the market value of such floating rate loan. If a floating rate loan is held by the Fund through another financial institution, or the Fund relies upon another financial institution to administer the loan, the receipt of scheduled interest or principal payments may be subject to the credit risk of such financial institution. Investors in floating rate loans may not be afforded the protections of the anti-fraud provisions of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, because loans may not be considered “securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan can decline or may be insufficient to meet the borrower’s obligations under the loan, and such collateral may be difficult to liquidate. No active trading market may exist for many floating rate loans and many floating rate loans are subject to restrictions on resale. Transactions in loans typically settle on a delayed basis and may take longer than 7 days to settle. As a result, the Fund may not receive the proceeds from a sale of a floating rate loan for a significant period of time. Delay in the receipts of settlement proceeds may impair the ability of the Fund to meet its redemption obligations, and may limit the ability of the Fund to repay debt, pay dividends, or to take advantage of new investment opportunities. Foreign (Non-U.S.) Investments/Developing and Emerging Markets: Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due, in part, to: smaller markets; differing reporting, accounting, auditing and financial reporting standards and practices; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; and political changes or diplomatic developments, which may include the imposition of economic sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets. High-Yield Securities: Lower-quality securities including securities that are or have fallen below investment grade (commonly referred to as “junk bonds”) 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. 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 in Loans: The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, such collateral may become illiquid or decline in value. 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. 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. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. 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. In the case of inverse debt instruments, the interest rate paid by the debt instruments is a floating rate, which will generally decrease when the market rate of interest to which the inverse debt instruments are indexed increases and will increase when the market rate of interest to which the inverse debt instruments are indexed decreases. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact the Fund’s operations and return potential. Liquidity: If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, exposing the Fund to the risk that the prices at which it sells illiquid securities will be less than the prices at which they were valued when held by the Fund, which could cause the Fund to lose money. The prices of illiquid securities may be more volatile than more liquid securities, and the risks associated with illiquid securities may be greater in times of financial stress. 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. In addition, markets or securities may become illiquid quickly. 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, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), 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. Pandemics and other disruptions may also create challenges for real estate markets, including lower occupancy rates, decreased lease payments, defaults, and foreclosures, among other consequences. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Military action by Russia in Ukraine, the prolonged conflict between Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and may continue to result, in sanctions, market disruptions, declines in regional and global stock markets, unusual volatility in global commodity markets, and disruptions to energy production or transportation, including through key shipping routes, any of which could adversely affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the affected regions. The escalation or expansion of hostilities, including the involvement of additional nations, could introduce further uncertainty and volatility in global energy, commodity, and financial markets. The extent and duration of these conflicts, related sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have 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. Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto. Mortgage- and/or Asset-Backed Securities: Defaults on, or low credit quality or liquidity of, the underlying assets of the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. There may be limitations on the enforceability of any security interest or collateral granted with respect to those underlying assets, and the value of collateral may not satisfy the obligation upon default. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of debt instruments. Other Investment Companies: The main risk of investing in other investment companies, including ETFs, is the risk that the value of an investment company’s underlying investments might decrease. Shares of investment companies that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the Fund’s expenses. The investment policies of the other investment companies may not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject to additional or different risks than those to which the Fund is typically subject. In addition, shares of ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. Secondary markets may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods in times of market stress because market makers and authorized participants may step away from making a market in an ETF’s shares, which could cause a material decline in the ETF’s net asset value. Portfolio Turnover: A high portfolio turnover rate may increase transaction costs, which may lower the Fund’s performance and may increase the likelihood of capital gains distributions. Preferred Stocks: Preferred stock generally has preference over common stock but is generally subordinate to debt instruments with respect to dividends and liquidation. Preferred stocks are subject to the risks associated with other types of equity securities, as well as greater credit or other risks than senior debt instruments. In addition, preferred stocks are subject to other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rate, regulatory changes and special redemption rights. 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. Securities Lending: Securities lending involves two primary risks: “ investment risk ” and “ borrower default risk. ” When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund’s other risks. Sovereign Debt: Sovereign debt is issued or guaranteed by foreign (non-U.S.) government entities. Investments in sovereign debt are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or repay principal on its sovereign debt due to cash flow problems, insufficient foreign currency reserves, political considerations, social changes, the relative size of its debt position to its economy, or its failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a government entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting amounts owed on sovereign debt, such as bankruptcy proceedings, that a government does not pay. Structured Notes: Structured notes are investments, the interest rate or principal of which is linked to currencies, interest rates, commodities, indices, or other financial indicators (each, a “reference instrument”). Structured notes may entail a greater degree of market risk than other types of debt instruments because the investor also bears the risk of the reference instrument. Structured notes may be more volatile, less liquid, and more difficult to accurately price than less complex securities and other types of debt instruments. In addition, structured notes are subject to other risks, including interest rate risk, credit risk, and liquidity risk. 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. 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 additional indices with investment characteristics similar to those of the Fund for the same period. The Fund uses the Bloomberg U.S. Aggregate Bond Index as its primary benchmark in accordance with regulatory disclosure requirements and uses the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index and the Bloomberg U.S. Universal Bond Index as additional benchmarks that the Investment Adviser believes more closely reflect the Fund’s principal investment strategies. 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 A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Performance for other share classes would differ to the extent they have differences in their fees and expenses.The Fund’s performance prior to May 1, 2016 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior period, 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. 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 additional indices with investment characteristics similar to those of the Fund for the same period. The Fund uses the Bloomberg U.S. Aggregate Bond Index as its primary benchmark in accordance with regulatory disclosure requirements and uses the ICE BofA U.S. Dollar 3-Month Deposit Offered Rate Constant Maturity Index and the Bloomberg U.S. Universal Bond Index as additional benchmarks that the Investment Adviser believes more closely reflect the Fund’s principal investment strategies. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. The Fund's past performance (before and after taxes) is no guarantee of future results. https://individuals.voya.com/literature 1-800-992-0180 Calendar Year Total Returns Class A (as of December 31 of each year) Best quarter:2nd Quarter 20206.57%Worst quarter:1st Quarter 2020-10.68%Year-to-date total return:June 30, 20261.03% Best quarter: 0.0657 Worst quarter: -0.1068 Year-to-date total return: 2026-06-30 0.0103 Average Annual Total Returns % (for the periods ended December 31, 2025) 0.0428 0.0242 0.0330 2012-11-02 0.0229 0.0066 0.0160 0.0250 0.0106 0.0177 0.0730 -0.0036 0.0201 0.0442 0.0326 0.0238 0.0758 0.0006 0.0244 0.0523 0.0217 0.0294 2012-11-02 0.0730 -0.0036 0.0201 0.0442 0.0326 0.0238 0.0758 0.0006 0.0244 0.0725 0.0319 0.0386 2012-11-02 0.0730 -0.0036 0.0201 0.0442 0.0326 0.0238 0.0758 0.0006 0.0244 0.0663 0.0267 0.0328 2012-11-02 0.0730 -0.0036 0.0201 0.0442 0.0326 0.0238 0.0758 0.0006 0.0244 0.0733 0.0326 0.0389 2015-10-23 0.0730 -0.0036 0.0201 0.0442 0.0326 0.0238 0.0758 0.0006 0.0244 0.0726 0.0321 0.0383 2012-11-02 0.0730 -0.0036 0.0201 0.0442 0.0326 0.0238 0.0758 0.0006 0.0244 The index returns do not reflect deductions for fees, expenses, or taxes. 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 A shares only. After-tax returns for other classes will vary. 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 A shares only. After-tax returns for other classes will vary. Voya Government Money Market Fund Investment Objective The Fund seeks to provide investors with a high level of current income consistent with preservation of capital and liquidity and the maintenance of a stable $1.00 net asset value per share. Fees and Expenses of the Fund These tables describe the fees and expenses that you may pay if you buy, sell, and hold 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. Information about discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 21), in Appendix A to the Prospectus, or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 75). Shareholder Fees Fees paid directly from your investment 0 0 0 0.0100 0 0 0 0 0 0 Annual Fund Operating Expenses1 Expenses you pay each year as a % of the value of your investment 0.0035 0.0035 0.0035 0.0035 0.0035 0 0.0100 0 0 0 0.0025 0.0025 0.0013 0.0007 0.0025 0.0060 0.0160 0.0048 0.0042 0.0060 -0.0025 -0.0025 -0.0013 -0.0007 -0.0025 0.0035 0.0135 0.0035 0.0035 0.0035 Expense information has been restated to reflect current contractual rates. August 1, 2027 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 time periods indicated . Although your actual costs may be higher or lower, based on these assumptions your costs would be: If you sold your shares If you held your shares 36 167 310 726 36 167 310 726 237 481 847 1879 137 481 847 1879 36 141 256 591 36 141 256 591 36 128 228 523 36 128 228 523 36 167 310 726 36 167 310 726 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. Principal Investment Strategies The Fund invests at least 99.5% of its total assets in government securities, cash and repurchase agreements collateralized fully by government securities or cash. In addition, under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in government securities and repurchase agreements that are collateralized by government securities. For purposes of the Fund’s 99.5% policy and 80% policy, government securities means any security issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an agency or instrumentality of the government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing.The Fund invests in a portfolio of securities maturing in 397 days or less (with certain exceptions) that will have a dollar-weighted average maturity of 60 days or less and a dollar-weighted average life of 120 days or less. The Fund may invest in variable and floating rate instruments, and transact in securities on a when-issued, delayed delivery, or forward commitment basis. The Fund operates as a “money market fund” and the securities purchased by the Fund are subject to the quality, diversification, and other requirements of Rule 2a-7 under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder (the “1940 Act”), and other rules adopted by the U.S. Securities and Exchange Commission (the “SEC”). Fund investments are valued based on the amortized cost valuation method pursuant to Rule 2a-7 under the 1940 Act. The Fund may maintain a rating from one or more rating agencies that provide ratings on money market funds. There can be no assurance that the Fund will maintain any particular rating or maintain it with a particular rating agency. To maintain a rating, the sub-adviser (the “Sub-Adviser”) may manage the Fund more conservatively than if it was not rated. The Fund may invest in other investment companies that are money market funds to the extent permitted under the 1940 Act. In choosing investments for the Fund, the Sub-Adviser employs a disciplined, four-step investment process designed to ensure preservation of capital and liquidity, as well as adherence to regulatory requirements. The four steps are: first, a formal list of approved issuers is actively maintained; second, securities of issuers on the approved list that meet the Fund’s guidelines are selected for investment; third, diversification is continuously monitored to ensure that regulatory limits are not exceeded; and finally, portfolio maturity decisions are made based upon expected cash flows, income opportunities available in the market, and expectations of future interest rates. The Fund invests at least 99.5% of its total assets in government securities, cash and repurchase agreements collateralized fully by government securities or cash. In addition, under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in government securities and repurchase agreements that are collateralized by government securities. For purposes of the Fund’s 99.5% policy and 80% policy, government securities means any security issued or guaranteed as to principal or interest by the United States, or by a person controlled or supervised by and acting as an agency or instrumentality of the government of the United States pursuant to authority granted by the Congress of the United States; or any certificate of deposit for any of the foregoing. In choosing investments for the Fund, the Sub-Adviser employs a disciplined, four-step investment process designed to ensure preservation of capital and liquidity, as well as adherence to regulatory requirements. The four steps are: first, a formal list of approved issuers is actively maintained; second, securities of issuers on the approved list that meet the Fund’s guidelines are selected for investment; third, diversification is continuously monitored to ensure that regulatory limits are not exceeded; and finally, portfolio maturity decisions are made based upon expected cash flows, income opportunities available in the market, and expectations of future interest rates. You could lose money by investing in the Fund. Although the Fund seeks to preserve the value of your investment at $1.00 per share, it cannot guarantee it will do so. An investment in the Fund is not a bank account and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. The Fund’s sponsor is not required to reimburse the Fund for losses, and you should not expect that the sponsor will provide financial support to the Fund at any time, including during periods of market stress. 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. 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. 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. 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. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. 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. In the case of inverse debt instruments, the interest rate paid by the debt instruments is a floating rate, which will generally decrease when the market rate of interest to which the inverse debt instruments are indexed increases and will increase when the market rate of interest to which the inverse debt instruments are indexed decreases. 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. Investment Model: The Sub-Adviser’s proprietary investment model may not adequately take into account existing or unforeseen market factors or the interaction among such factors, including changes in how such factors interact, and there is no guarantee that the use of a proprietary investment model will result in effective investment decisions for the 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. In addition, markets or securities may become illiquid quickly. 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, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), 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. Pandemics and other disruptions may also create challenges for real estate markets, including lower occupancy rates , decreased lease payments, defaults, and foreclosures, among other consequences . Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Military action by Russia in Ukraine, the prolonged conflict between Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and may continue to result, in sanctions, market disruptions, declines in regional and global stock markets, unusual volatility in global commodity markets, and disruptions to energy production or transportation, including through key shipping routes, any of which could adversely affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the affected regions. The escalation or expansion of hostilities , including the involvement of additional nations , could introduce further uncertainty and volatility in global energy, commodity, and financial markets. The extent and duration of these conflicts , related sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have 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. Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto. Money Market Regulatory: Changes in government regulations may adversely affect the value of a security held by the Fund. The SEC has adopted amendments to money market fund regulation that permit the Fund to impose discretionary liquidity fees, increase the Fund’s daily and weekly liquid asset minimum requirements and eliminate the ability of the Fund to temporarily suspend redemptions due to declines in the Fund's weekly liquid assets, among other changes. As of the date of this Prospectus, the Board has elected not to subject the Fund to such discretionary liquidity fees. These changes may result in reduced yields for money market funds, including the Fund, which may invest in other money market funds. The SEC or other regulators may adopt additional money market fund reforms, which may impact the structure and operation or performance of the Fund. Other Investment Companies (Money Market Funds): A money market fund may only invest in other investment companies that qualify as money market funds under Rule 2a-7 of the 1940 Act, and there is a risk that such money market funds may not comply with Rule 2a-7. You will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the expenses of the Fund. The investment policies of the other investment companies may not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject to additional or different risks than those to which the Fund is typically subject. 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. Repurchase Agreements: In the event that the other party to a repurchase agreement defaults on its obligations, the Fund would generally seek to sell the underlying security serving as collateral for the repurchase agreement. However, the value of collateral may be insufficient to satisfy the counterparty's obligation and/or the Fund may encounter delay and incur costs before being able to sell the security. Such a delay may involve loss of interest or a decline in price of the security, which could result in a loss. In addition, if the Fund is characterized by a court as an unsecured creditor, it would be at risk of losing some or all of the principal and interest involved in the transaction. 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. When-Issued, Delayed Delivery, and Forward Commitment Transactions: When-issued, delayed delivery, and forward commitment transactions involve the risk that the security the Fund buys will lose value prior to its delivery. These transactions may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund’s other risks. There also is the risk that the security will not be issued or that the other party will not meet its obligation. If this occurs, the Fund loses both the investment opportunity for the assets it set aside to pay for the security and any gain in the security’s price. Performance Information The following information is intended to help you understand the risks of investing in the Fund. The Fund, previously named Voya Government Money Market Fund II, is the successor to Voya Government Money Market Fund, a former series of Voya Series Fund, Inc. (the “Predecessor Fund”), a mutual fund with identical investment objectives, policies, and restrictions, as a result of the reorganization of the Predecessor Fund into the Fund on or about November 8, 2019 (the “Reorganization Date”). The Fund was renamed “Voya Government Money Market Fund” following the Reorganization Date. The performance in the bar chart and table prior to the Reorganization Date is that of the Predecessor Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table provides additional performance information. 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 A shares. Performance for other share classes would differ to the extent they have differences in their fees and expenses.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.Prior to May 1, 2016, the Fund operated as a prime money market fund and invested in certain types of securities that the Fund was no longer permitted to hold. Consequently, the performance information below may have been different if the current investment limitations had been in effect during the period prior to the Predecessor Fund’s conversion to a government money market fund. The Fund's past performance 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. The following bar chart shows the changes in the Fund's performance from year to year, and the table provides additional performance information. The Fund's past performance is no guarantee of future results. https://individuals.voya.com/literature 1-800-992-0180 Calendar Year Total Returns Class A (as of December 31 of each year) Best quarter:4th Quarter 20231.27%Worst quarter:1st Quarter 20220.00%Year-to-date total return:June 30, 20261.66% Best quarter: 0.0127 Worst quarter: 0.0000 Year-to-date total return: 2026-06-30 0.0166 Average Annual Total Returns % (for the periods ended December 31, 2025) 0.0407 0.0306 0.0193 1994-04-15 0.0239 0.0180 0.0113 0.0239 0.0180 0.0113 0.0204 0.0233 0.0152 2011-07-29 0.0407 0.0306 0.0193 1992-01-03 0.0407 0.0306 0.0193 2024-06-11 0.0407 0.0307 0.0193 2011-07-29 For the Fund's current 7 day yield and current 7 day effective yield, please call the Fund at 1-800-992-0180. 1-800-992-0180 Voya VACS Series CB Fund Investment Objective The Fund seeks to maximize total return through income and capital appreciation. Fees and Expenses of the Fund This table describes 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. Annual Fund Operating Expenses Expenses you pay each year as a % of the value of your investment 0.0000 0 0.0022 0.0022 -0.0007 0.0015 Other Expenses are based on estimated amounts for the current fiscal year. August 1, 2027 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 and then redeem all of your shares at the end of those periods. 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 time periods indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 15 64 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 period from the Fund’s inception on January 22, 2026 to the most recent fiscal year ended March 31, 2026, the Fund’s portfolio turnover rate was 79% of the average value of its portfolio. 0.79 Principal Investment Strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of bonds. For purposes of this 80% policy, bonds include, without limitation, bonds, debt instruments, and other fixed income and income-producing debt instruments, of any kind, issued or guaranteed by governmental or private-sector entities.The Fund invests primarily in debt instruments rated investment grade, including, but not limited to, corporate, government, municipal and mortgage bonds. Investment grade refers to ratings given by nationally recognized statistical rating organizations (“NRSROs”) (e.g., rated Baa3 or above by Moody’s Ratings (“Moody’s”), or BBB- or above by S&P Global Ratings (“S&P”) or Fitch Ratings, Inc. (“Fitch”)) or, if unrated, determined by the Fund to be of comparable quality. Although the Fund may invest up to 10% of its assets in debt instruments rated below investment grade (sometimes referred to as “high-yield securities”, “high-yield bonds”, or “junk bonds”), the Fund will seek to maintain a minimum weighted average portfolio quality rating of at least investment grade. Below investment grade refers to ratings given by all NRSROs (e.g., rated Ba1 or below by Moody’s, or BB+ or below by S&P or Fitch) or, if unrated, determined by the Fund to be of comparable quality. Below investment grade debt instruments are regarded as having more speculative characteristics with respect to the payment of interest and repayment of principal. Split rated debt instruments (debt instruments that receive different ratings from two or more NRSROs) are valued as follows: if three NRSROs rate a debt instrument, the debt instrument will be considered to have the median credit rating; if two of the three NRSROs rate a debt instrument, the debt instrument will be considered to have the lower credit rating of the two provided. The dollar-weighted average duration of the Fund will generally range between three and ten years. Duration is a commonly used measure of risk in debt instruments as it incorporates multiple features of debt instruments (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a debt 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 received. The weights are the amounts of the payments discounted by the yield-to-maturity of the debt instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest rate risk or reward for the debt instrument prices. For example, the price of a bond with an average duration of 5 years would be expected to fall approximately 5% if market interest rates rose by 1%. Conversely, the price of a bond with an average duration of 5 years would be expected to rise approximately 5% if market interest rates dropped by 1%. The Fund may also invest in: preferred stock; high quality money market instruments; debt instruments of foreign (non-U.S.) issuers (including those located in emerging market countries); mortgage-backed and asset-backed securities; and derivatives including futures, options, and swaps (including credit default swaps, interest rate swaps and total return swaps) involving securities, securities indices and interest rates, which may be denominated in the U.S. dollar. The Fund typically uses derivatives to reduce exposure to other risks, such as interest rate, to substitute for taking a position in the underlying asset, and/or to enhance returns in the Fund. The Fund may seek to obtain exposure to the securities in which it invests by entering into a series of purchase and sale contracts or through other investment techniques such as buy backs and dollar rolls. Buy backs and dollar rolls involve selling securities and simultaneously entering into a commitment to purchase those or similar securities on a specified future date and price from the same party. The Fund may invest in other investment companies, including exchange-traded funds (“ETFs”), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder. The sub-adviser (the “Sub-Adviser”) believes that relationships between the drivers of debt instrument returns change over time and that recognizing this is key to managing such assets. Therefore, the Sub-Adviser employs a dynamic investment process that seeks to balance top-down macro economic considerations and fundamental bottom-up analysis during the steps of its investment process - sector allocation, security selection, duration, and yield curve management. This includes utilizing proprietary qualitative analysis along with quantitative tools throughout the portfolio construction process. In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing, when available. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser.The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising. The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 1∕3% of its total assets. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a portfolio of bonds. For purposes of this 80% policy, bonds include, without limitation, bonds, debt instruments, and other fixed income and income-producing debt instruments, of any kind, issued or guaranteed by governmental or private-sector entities. Therefore, the Sub-Adviser employs a dynamic investment process that seeks to balance top-down macro economic considerations and fundamental bottom-up analysis during the steps of its investment process - sector allocation, security selection, duration, and yield curve management. This includes utilizing proprietary qualitative analysis along with quantitative tools throughout the portfolio construction process. In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing, when available. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser. You could lose money on an investment in the Fund. 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. Asset-backed (including mortgage-backed) securities that are not issued by U.S. government agencies may have a greater risk of default because they are not guaranteed by either the U.S. government or an agency or instrumentality of the U.S. government. The credit quality of typical asset-backed securities depends primarily on the credit quality of the underlying assets and the structural support (if any) provided to the securities. 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. 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. Dollar Roll Transactions: Dollar rolls involve the sale by the Fund of a security for delivery in the current month with a promise to repurchase from the buyer a substantially similar-but not necessarily the same-security at a set price and date in the future. In a dollar roll, the Fund takes the risk that: (i) the market price of the securities will drop below their future repurchase price; (ii) the securities that it repurchases at a later date will have less favorable market characteristics; (iii) the other party to the agreement will not be able to perform; (iv) the roll adds leverage to the Fund; and (v) the roll increases the Fund's sensitivity to interest rate changes. In addition, investments in dollar rolls may increase the portfolio turnover rate of the Fund. A dollar roll can be viewed as a borrowing. If the Fund makes additional investments while a dollar roll is outstanding, this may be considered a form of leverage. Environmental, Social, and Governance (Fixed Income): The Sub-Adviser’s consideration of ESG factors in selecting investments for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. The Sub-Adviser’s assessment of ESG factors in respect of obligations of an issuer may rely on third-party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Fund’s assets that will be invested in obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of ESG factors. It is possible that the Fund will have less exposure to obligations of certain issuers due to the Sub-Adviser’s assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors, when available, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments. Foreign (Non-U.S.) Investments/Developing and Emerging Markets: Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due, in part, to: smaller markets; differing reporting, accounting, auditing and financial reporting standards and practices; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; and political changes or diplomatic developments, which may include the imposition of economic sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets. High-Yield Securities: Lower-quality securities including securities that are or have fallen below investment grade (commonly referred to as “junk bonds”) 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. 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. 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. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. 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. In the case of inverse debt instruments, the interest rate paid by the debt instruments is a floating rate, which will generally decrease when the market rate of interest to which the inverse debt instruments are indexed increases and will increase when the market rate of interest to which the inverse debt instruments are indexed decreases. 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. Investment Model: The Sub-Adviser’s proprietary investment model may not adequately take into account existing or unforeseen market factors or the interaction among such factors, including changes in how such factors interact, and there is no guarantee that the use of a proprietary investment model will result in effective investment decisions for the Fund. Funds that are actively managed, in whole or in part, according to a quantitative investment model (including models that utilize forms of artificial intelligence, such as machine learning) can perform differently from the market, based on the investment model and the factors used in the analysis, the weight placed on each factor, and changes from the factors’ historical trends. Technical issues in the design, development, implementation, application, and maintenance of the models (e.g., stale or inaccurate data, human error, programming or other software issues, coding errors, and technology failures) may create errors or limitations that might go undetected or are discovered only after the errors or limitations have negatively impacted performance. Large Shareholder Risk: To the extent a large number of shares of the Fund are held by a single shareholder or a group of shareholders with a common investment strategy, the Fund is subject to the risk that a redemption by such shareholder(s) of all or a large portion of their Fund shares will adversely affect the Fund’s performance by forcing the Fund to sell investments at disadvantageous prices to raise the cash needed to satisfy the redemption request or to sell investments when it would not otherwise have done so. 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. In addition, markets or securities may become illiquid quickly. 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, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), 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. Pandemics and other disruptions may also create challenges for real estate markets, including lower occupancy rates, decreased lease payments, defaults, and foreclosures, among other consequences. Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Military action by Russia in Ukraine, the prolonged conflict between Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and may continue to result, in sanctions, market disruptions, declines in regional and global stock markets, unusual volatility in global commodity markets, and disruptions to energy production or transportation, including through key shipping routes, any of which could adversely affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the affected regions. The escalation or expansion of hostilities, including the involvement of additional nations, could introduce further uncertainty and volatility in global energy, commodity, and financial markets. The extent and duration of these conflicts, related sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have 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. Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto. Mortgage- and/or Asset-Backed Securities: Defaults on, or low credit quality or liquidity of, the underlying assets of the asset-backed (including mortgage-backed) securities may impair the value of these securities and result in losses. There may be limitations on the enforceability of any security interest or collateral granted with respect to those underlying assets, and the value of collateral may not satisfy the obligation upon default. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of debt instruments. Municipal Obligations: The municipal securities market is volatile and can be affected significantly by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. Among other risks, investments in municipal securities are subject to the risk that an issuer may delay payment, restructure its debt, or refuse to pay interest or repay principal on its debt. Other Investment Companies: The main risk of investing in other investment companies, including ETFs, is the risk that the value of an investment company’s underlying investments might decrease. Shares of investment companies that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the Fund’s expenses. The investment policies of the other investment companies may not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject to additional or different risks than those to which the Fund is typically subject. In addition, shares of ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. Secondary markets may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods in times of market stress because market makers and authorized participants may step away from making a market in an ETF’s shares, which could cause a material decline in the ETF’s net asset value. Preferred Stocks: Preferred stock generally has preference over common stock but is generally subordinate to debt instruments with respect to dividends and liquidation. Preferred stocks are subject to the risks associated with other types of equity securities, as well as greater credit or other risks than senior debt instruments. In addition, preferred stocks are subject to other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rate, regulatory changes and special redemption rights. 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. Securities Lending: Securities lending involves two primary risks: “ investment risk ” and “ borrower default risk. ” When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund’s other risks. 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. 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 Because the Fund did not have a full calendar year of operations as of December 31, 2025, there is no annual performance information included. Because the Fund did not have a full calendar year of operations as of December 31, 2025, there is no annual performance information included. Voya VACS Series HYB Fund Investment Objective The Fund seeks to provide investors with a high level of current income and total return. Fees and Expenses of the Fund This table describes 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. Annual Fund Operating Expenses Expenses you pay each year as a % of the value of your investment 0.0000 0 0.0006 0.0006 0 0.0006 August 1, 2027 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 and then redeem all of your shares at the end of those periods. 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 time periods indicated . Although your actual costs may be higher or lower, based on these assumptions your costs would be: 6 19 34 77 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 64% of the average value of its portfolio. 0.64 Principal Investment Strategies Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of high-yield bonds. For purposes of this 80% policy, high-yield bonds (sometimes referred to as “high-yield securities” or “junk bonds”) include, without limitation, bonds, debt instruments, and other fixed income and income-producing debt instruments, of any kind, issued or guaranteed by governmental or private-sector entities that are rated below investment grade by one or more nationally recognized statistical rating organizations (“NRSROs”) (e.g., rated Ba1 or below by Moody’s Ratings, or BB+ or below by S&P Global Ratings or Fitch Ratings, Inc.) or, if unrated, determined by the Fund to be of comparable quality. High-yield bonds are regarded as having more speculative characteristics with respect to the payment of interest and repayment of principal. Split rated debt instruments (debt instruments that receive different ratings from two or more NRSROs) are valued as follows: if three NRSROs rate a debt instrument, the debt instrument will be considered to have the median credit rating; if two of the three NRSROs rate a debt instrument, the debt instrument will be considered to have the lower credit rating of the two provided. High-yield bonds include, but are not limited to: bank loans; payment-in-kind securities; fixed and variable floating rate and deferred interest debt obligations; zero-coupon bonds and debt obligations provided they meet the criteria for below investment grade set forth above. In evaluating the quality of a particular high-yield bond for investment by the Fund, the sub-adviser (the “Sub-Adviser”) does not rely exclusively on credit ratings assigned by NRSROs. The Sub-Adviser will utilize a security’s credit rating as simply one indication of an issuer’s creditworthiness and will principally rely upon its own analysis of any security. The Sub-Adviser does not have restrictions on the rating level of the securities held in the Fund and may purchase and hold securities in default. There are no restrictions on the average maturity of the Fund’s portfolio or the maturity of any single investment. Maturities may vary widely depending on the Sub-Adviser’s assessment of interest rate trends and other economic or market factors. Any remaining assets may be invested in debt instruments rated investment grade; common and preferred stocks; U.S. government securities; money market instruments; and debt instruments of foreign (non-U.S.) issuers, including securities of companies in emerging markets. The Fund may invest in derivatives, including structured debt instruments, dollar roll transactions, swap agreements, including credit default swaps and interest rate swaps, and options on swap agreements. The Fund typically uses derivatives to reduce exposure to other risks, such as interest rate or currency risk, to substitute for taking a position in the underlying asset, and/or to enhance returns in the Fund. The Fund may invest in companies of any market capitalization size. The Fund may invest in other investment companies, including exchange-traded funds (“ETFs”), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder. In choosing investments for the Fund, the Sub-Adviser combines extensive company and industry research with relative value analysis to identify high-yield bonds expected to provide above-average returns. Relative value analysis is intended to enhance returns by moving from overvalued to undervalued sectors of the bond market. The Sub-Adviser’s approach to decision making includes contributions from individual portfolio managers responsible for specific industry sectors. In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing, when available. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser.The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising. The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 1∕3% of its total assets. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of high-yield bonds. Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in a diversified portfolio of high-yield bonds. For purposes of this 80% policy, high-yield bonds (sometimes referred to as “high-yield securities” or “junk bonds”) include, without limitation, bonds, debt instruments, and other fixed income and income-producing debt instruments, of any kind, issued or guaranteed by governmental or private-sector entities that are rated below investment grade by one or more nationally recognized statistical rating organizations (“NRSROs”) (e.g., rated Ba1 or below by Moody’s Ratings, or BB+ or below by S&P Global Ratings or Fitch Ratings, Inc.) or, if unrated, determined by the Fund to be of comparable quality. High-yield bonds are regarded as having more speculative characteristics with respect to the payment of interest and repayment of principal. In choosing investments for the Fund, the Sub-Adviser combines extensive company and industry research with relative value analysis to identify high-yield bonds expected to provide above-average returns. Relative value analysis is intended to enhance returns by moving from overvalued to undervalued sectors of the bond market. The Sub-Adviser’s approach to decision making includes contributions from individual portfolio managers responsible for specific industry sectors. In evaluating investments for the Fund, the Sub-Adviser takes into account a wide variety of factors and considerations to determine whether any or all of those factors or considerations might have a material effect on the value, risks, or prospects of an investment. Among the factors considered, the Sub-Adviser expects typically to take into account environmental, social, and governance (“ESG”) factors to determine whether one or more factors may have a material effect. In considering ESG factors, the Sub-Adviser intends to rely primarily on factors identified through its proprietary empirical research and on third-party evaluations of an issuer’s ESG standing, when available. ESG factors will be only one of many considerations in the Sub-Adviser’s evaluation of any potential investment; the extent to which ESG factors will affect the Sub-Adviser’s decision to invest in an issuer, if at all, will depend on the analysis and judgment of the Sub-Adviser. You could lose money on an investment in the Fund. 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. Company: The price of a company’s stock could decline or underperform for many reasons, including, among others, poor management, financial problems, reduced demand for the company’s goods or services, regulatory fines and judgments, or business challenges. If a company is unable to meet its financial obligations, declares bankruptcy, or becomes insolvent, its stock could become worthless. Credit: The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations. Credit Default Swaps: The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a credit default swap is generally obligated to pay the seller an upfront or a periodic stream of payments over the term of the contract until a credit event, such as a default, on a reference obligation has occurred. If a credit event occurs, the seller generally must pay the buyer the “par value” (full notional value) of the swap in exchange for an equal face amount of deliverable 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. 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. Dollar Roll Transactions: Dollar rolls involve the sale by the Fund of a security for delivery in the current month with a promise to repurchase from the buyer a substantially similar-but not necessarily the same-security at a set price and date in the future. In a dollar roll, the Fund takes the risk that: (i) the market price of the securities will drop below their future repurchase price; (ii) the securities that it repurchases at a later date will have less favorable market characteristics; (iii) the other party to the agreement will not be able to perform; (iv) the roll adds leverage to the Fund; and (v) the roll increases the Fund's sensitivity to interest rate changes. In addition, investments in dollar rolls may increase the portfolio turnover rate of the Fund. A dollar roll can be viewed as a borrowing. If the Fund makes additional investments while a dollar roll is outstanding, this may be considered a form of leverage. Environmental, Social, and Governance (Fixed Income): The Sub-Adviser’s consideration of ESG factors in selecting investments for the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. The Sub-Adviser’s assessment of ESG factors in respect of obligations of an issuer may rely on third-party data that might be incorrect or based on incomplete or inaccurate information. There is no minimum percentage of the Fund’s assets that will be invested in obligations of issuers that the Sub-Adviser views favorably in light of ESG factors, and the Sub-Adviser may choose not to invest in obligations of issuers that compare favorably to obligations of other issuers on the basis of ESG factors. It is possible that the Fund will have less exposure to obligations of certain issuers due to the Sub-Adviser’s assessment of ESG factors than other comparable mutual funds. There can be no assurance that an investment selected by the Sub-Adviser, which includes its consideration of ESG factors, when available, will provide more favorable investment performance than another potential investment, and such an investment may, in fact, underperform other potential investments. Foreign (Non-U.S.) Investments/Developing and Emerging Markets: Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due, in part, to: smaller markets; differing reporting, accounting, auditing and financial reporting standards and practices; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; and political changes or diplomatic developments, which may include the imposition of economic sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets. High-Yield Securities: Lower-quality securities including securities that are or have fallen below investment grade (commonly referred to as “junk bonds”) 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. Interest in Loans: The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A significant rise in market interest rates could increase this risk. Although loans may be fully collateralized when purchased, such collateral may become illiquid or decline in value. 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. 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. Fiscal, economic, monetary, or other governmental policies or measures have in the past, and may in the future, cause or exacerbate risks associated with interest rates, including changes in interest rates. Declining market interest rates increase the likelihood that debt instruments will be pre-paid. 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. In the case of inverse debt instruments, the interest rate paid by the debt instruments is a floating rate, which will generally decrease when the market rate of interest to which the inverse debt instruments are indexed increases and will increase when the market rate of interest to which the inverse debt instruments are indexed decreases. Changes to monetary policy by the U.S. Federal Reserve Board or other regulatory actions could expose debt and related markets to heightened volatility, interest rate sensitivity, and reduced liquidity, which may impact the Fund’s operations and return potential. Liquidity: If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish to sell, or at all. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, exposing the Fund to the risk that the prices at which it sells illiquid securities will be less than the prices at which they were valued when held by the Fund, which could cause the Fund to lose money. The prices of illiquid securities may be more volatile than more liquid securities, and the risks associated with illiquid securities may be greater in times of financial stress. 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. In addition, markets or securities may become illiquid quickly. 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, trade disputes, tariffs and other restrictions on trade or economic sanctions, rapid technological developments (such as artificial intelligence technologies), 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. Pandemics and other disruptions may also create challenges for real estate markets, including lower occupancy rates , decreased lease payments, defaults, and foreclosures, among other consequences . Natural and environmental disasters and systemic market dislocations are also highly disruptive to economies and markets. Military action by Russia in Ukraine, the prolonged conflict between Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and may continue to result, in sanctions, market disruptions, declines in regional and global stock markets, unusual volatility in global commodity markets, and disruptions to energy production or transportation, including through key shipping routes, any of which could adversely affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the affected regions. The escalation or expansion of hostilities , including the involvement of additional nations , could introduce further uncertainty and volatility in global energy, commodity, and financial markets. The extent and duration of these conflicts , related sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks have 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. Recent technological developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted by the advanced development and increased regulation of AI. As AI is used more widely, the profitability and growth of Fund holdings may be impacted, which could significantly impact the overall performance of the Fund. The legal and regulatory frameworks within which AI operates continue to rapidly evolve, and it is not possible to predict the full extent of current or future risks related thereto. Other Investment Companies: The main risk of investing in other investment companies, including ETFs, is the risk that the value of an investment company’s underlying investments might decrease. Shares of investment companies that are listed on an exchange may trade at a discount or premium from their net asset value. You will pay a proportionate share of the expenses of those other investment companies (including management fees, administration fees, and custodial fees) in addition to the Fund’s expenses. The investment policies of the other investment companies may not be the same as those of the Fund; as a result, an investment in the other investment companies may be subject to additional or different risks than those to which the Fund is typically subject. In addition, shares of ETFs may trade at a premium or discount to net asset value and are subject to secondary market trading risks. Secondary markets may be subject to irregular trading activity, wide bid/ask spreads, and extended trade settlement periods in times of market stress because market makers and authorized participants may step away from making a market in an ETF’s shares, which could cause a material decline in the ETF’s net asset value. Preferred Stocks: Preferred stock generally has preference over common stock but is generally subordinate to debt instruments with respect to dividends and liquidation. Preferred stocks are subject to the risks associated with other types of equity securities, as well as greater credit or other risks than senior debt instruments. In addition, preferred stocks are subject to other risks, such as risks related to deferred and omitted distributions, limited voting rights, liquidity, interest rate, regulatory changes and special redemption rights. 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. Securities Lending: Securities lending involves two primary risks: “ investment risk ” and “ borrower default risk. ” When lending securities, the Fund will receive cash or U.S. government securities as collateral. Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security. Securities lending may result in leverage. The use of leverage may exaggerate any increase or decrease in the net asset value, causing the Fund to be more volatile. The use of leverage may increase expenses and increase the impact of the Fund’s other risks. Structured Notes: Structured notes are investments, the interest rate or principal of which is linked to currencies, interest rates, commodities, indices, or other financial indicators (each, a “reference instrument”). Structured notes may entail a greater degree of market risk than other types of debt instruments because the investor also bears the risk of the reference instrument. Structured notes may be more volatile, less liquid, and more difficult to accurately price than less complex securities and other types of debt instruments. In addition, structured notes are subject to other risks, including interest rate risk, credit risk, and liquidity risk. 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. Zero-Coupon Bonds and Payment-in-Kind Securities: Zero-coupon bonds and payment-in-kind securities may be subject to greater fluctuations in price due to market interest rate changes than conventional interest-bearing securities. The Fund may have to pay out the imputed income on zero-coupon bonds without receiving the actual cash currency, resulting in a loss. 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 additional indices with investment characteristics similar to those of the Fund for the same period. The Fund uses the Bloomberg U.S. Aggregate Bond Index as its primary benchmark in accordance with regulatory disclosure requirements and uses the Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index and the Bloomberg U.S. High Yield Ba/B 2% Issuer Cap Index as additional benchmarks that the Investment Adviser believes more closely reflect the Fund’s principal investment strategies. 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 shares. The Fund's past performance (before and after taxes) is no guarantee of future results. 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 additional indices with investment characteristics similar to those of the Fund for the same period. The Fund uses the Bloomberg U.S. Aggregate Bond Index as its primary benchmark in accordance with regulatory disclosure requirements and uses the Bloomberg High Yield Bond - 2% Issuer Constrained Composite Index and the Bloomberg U.S. High Yield Ba/B 2% Issuer Cap Index as additional benchmarks that the Investment Adviser believes more closely reflect the Fund’s principal investment strategies. The Fund's past performance (before and after taxes) is no guarantee of future results. Calendar Year Total Returns (as of December 31 of each year) Best quarter:3rd Quarter 20244.39%Worst quarter:4th Quarter 20240.14%Year-to-date total return:June 30, 20262.04% Best quarter: 0.0439 Worst quarter: 0.0014 Year-to-date total return: 2026-06-30 0.0204 Average Annual Total Returns % (for the periods ended December 31, 2025) 0.0887 0.0938 2023-02-24 0.0571 0.0603 0.0527 0.0574 0.0730 0.0486 0.0878 0.0928 0.0862 0.0987 The index returns do not reflect deductions for fees, expenses, or taxes. 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 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. A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 12 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $500,000 or more. Expense information has been restated to reflect current contractual rates. Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 1.02%, 1.77%, 0.69%, 1.27%, 0.67%, and 0.77% for Class A, Class C, Class I, Class R, Class R6, and Class W shares, respectively, through August 1, 2027 (the “Expense Limitation Agreement”). The limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the independent Trustees who are not “interested persons” as that term is defined by the Investment Company Act of 1940, as amended. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by the Fund’s Board of Trustees (the “Board”). The Expense Limitation Agreement shall terminate with respect to the Fund upon termination of the Fund’s advisory agreement with the Investment Adviser, or it may be terminated by Voya Funds Trust (the “Trust”), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business. The index returns do not reflect deductions for fees, expenses, or taxes. Other Expenses are based on estimated amounts for the current fiscal year. Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.15% through August 1, 2027 (the “Expense Limitation Agreement”). The limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the independent Trustees who are not “interested persons” as that term is defined by the Investment Company Act of 1940, as amended. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by the Fund’s Board of Trustees (the “Board”). The Expense Limitation Agreement shall terminate with respect to the Fund upon termination of the Fund’s advisory agreement with the Investment Adviser, or it may be terminated by Voya Funds Trust (the “Trust”), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business. Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.15% through August 1, 2027 (the “ Expense Limitation Agreement ” ) . The limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the independent Trustees who are not “interested persons” as that term is defined by the Investment Company Act of 1940, as amended. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by the Fund’s Board of Trustees (the “Board”). The Expense Limitation Agreement shall terminate with respect to the Fund upon termination of the Fund’ s advisory agreement with the Investment Adviser , or it may be terminated by Voya Funds Trust ( the “ Trust ” ), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business . The index returns do not reflect deductions for fees, expenses, or taxes. A contingent deferred sales charge of 0.50% is assessed on certain redemptions of Class A shares made within 12 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $500,000 or more. Expense information has been restated to reflect current contractual rates. Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.65%, 1.40%, 0.35%, 0.90%, 0.30%, and 0.40% for Class A, Class C, Class I, Class R, Class R6, and Class W shares, respectively, through August 1, 2027 (the “Expense Limitation Agreement”). The limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the independent Trustees who are not “interested persons” as that term is defined by the Investment Company Act of 1940, as amended. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by the Fund’s Board of Trustees (the “Board”). The Expense Limitation Agreement shall terminate with respect to the Fund upon termination of the Fund’s advisory agreement with the Investment Adviser, or it may be terminated by Voya Funds Trust (the “Trust”), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business. The index returns do not reflect deductions for fees, expenses, or taxes. Expense information has been restated to reflect current contractual rates. Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.35%, 1.35%, 0.35%, 0.35%, and 0.35% for Class A, Class C, Class I, Class R6 and Class W shares, respectively, through August 1, 2027 (the “ Expense Limitation Agreement ” ) . The limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the independent Trustees who are not “interested persons” as that term is defined by the Investment Company Act of 1940, as amended. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by the Fund’s Board of Trustees (the “Board”). The Expense Limitation Agreement shall terminate with respect to the Fund upon termination of the Fund’ s advisory agreement with the Investment Adviser , or it may be terminated by Voya Funds Trust ( the “ Trust ” ), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business . The Investment Adviser and distributor are contractually obligated to waive a portion of their management fees and distribution and/or shareholder services fees, as applicable, and to reimburse certain expenses of the Fund to the extent necessary to assist the Fund in maintaining a yield of not less than zero through August 1, 2027. There is no guarantee that the Fund will maintain such a yield. Any management fees waived or expenses reimbursed may be subject to possible recoupment by the Investment Adviser within 36 months of the waiver or reimbursement. In no event will the amount of the recoupment on any day exceed 20% of the yield (net of all expenses) of the Fund on that day. Termination or modification of these obligations requires approval by the Fund’s Board. A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 12 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $500,000 or more.