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SEPARATE PORTFOLIOS TRUST 2026-09-30 <span style="color:#000000;font-family:Arial;font-size:16.74pt;">Voya Target In-Retirement Fund  </span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund seeks to provide a combination of total return and stability of principal consistent with an asset allocation targeted </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">to retirement.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;">You may pay </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;margin-left:0%;">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 132), in Appendix A to the Prospectus, or the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">94).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Agreement provides for a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“bundled fee” arrangement under which the Investment Adviser provides (in addition to advisory </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">services and administrative services), custodial, transfer agency, portfolio accounting, auditing and ordinary legal services in return for a single management fee. The Fund is responsible for applicable fees paid to financial intermediaries that maintain omnibus accounts and/or provide shareholder or participant record keeping services on behalf of their clients as well as any distribution or shareholder servicing plan payments, interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. The Fund pays these fees to financial intermediaries that are affiliates of the Investment Adviser, which will cause </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund’s “Other Expenses” set forth in the fee table below to increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span> 50000 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Shareholder Fees </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Fees paid directly from your investment</span> 0.0575 0 0 0 0 0 0 0 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Annual Fund Operating Expenses </span> <br/><span style="font-family:Arial;font-size:7.44pt;">Expenses you pay each year as a % of the value of your investment</span> 0.0018 0.0018 0.0018 0.0018 0.0025 0 0.0050 0 0.0001 0.0006 0.0001 0.0001 0.0016 0.0016 0.0016 0.0016 0.0060 0.0040 0.0085 0.0035 0 0 0 -0.0010 0.0060 0.0040 0.0085 0.0025 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">October 1, </span><span style="font-family:Arial Narrow;font-size:8pt;">2027</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Example reflects </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">time periods indicated.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 633 756 891 1282 41 128 224 505 87 271 471 1049 26 102 186 433 <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">(loads) were included, your costs would be higher.</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“turns over” its portfolio). A </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affect the Fund's performance.</span><span style="font-family:Arial;font-size:9.30pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.30pt;">36</span><span style="font-family:Arial;font-size:9.30pt;">% of the average value of its portfolio.</span> 0.36 <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund invests primarily in a combination of actively managed funds and passively managed index funds, including exchange-traded funds (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“ETFs”) (collectively, the “Underlying Funds”). The Underlying Funds may or may not be affiliated with the Investment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Adviser. The Underlying Funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the Fund uses an asset allocation strategy designed for investors who are expecting to retire soon, are already retired or who are in need of making withdrawals from their portfolio soon. The Fund's current approximate target investment allocation (expressed as a percentage of its net assets) (the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Target Allocation”) among the Underlying Funds is: 35% in equity securities and 65% </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">in debt instruments. Although this is the Target Allocation, the actual allocation of the Fund's assets may deviate from the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">percentages shown.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The allocation of the Fund’s assets between Underlying Funds affiliated with the Investment Adviser and Underlying Funds that are not affiliated with the Investment Adviser will vary over time, although the sub-adviser (the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Sub-Adviser”) currently </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">expects to invest, under normal circumstances, at least 10% of the Fund’s assets, and as much as 85%, in Underlying Funds </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affiliated with the Investment Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“ESG”) factors as part of </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">if at all, will depend on the analysis and judgment of the Sub-Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to equity securities and debt instruments will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategy.The Fund will deviate from the Target Allocation based on an assessment of the current market conditions or other factors. Generally, the deviations fall within the range of +/- 10% of the Fund’s NAV, relative to the current Target Allocation. The Sub-Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Fund, achieve its investment objective, or take advantage of particular opportunities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Underlying Funds provide exposure to a wide range of traditional asset classes which include, but are not limited to: stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include, but are not </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">limited to: real estate, commodities, and floating rate loans. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Equity securities in which the Underlying Funds invest include, but are not limited to: domestic and international large-, mid-, and small-capitalization stocks (which may be growth oriented, value oriented, or a blend); emerging market securities; domestic and international real estate-related securities, including real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“REITs”); and natural resource/commodity-related securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Debt instruments in which the Underlying Funds invest include, but are not limited to: domestic and international (including emerging markets) long-, intermediate-, and short-term bonds; bonds rated below investment grade (sometimes referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“high-yield securities”, “high-yield bonds”, or “junk bonds”); floating rate loans; and U.S. Treasury Inflation Protected Securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">The Fund may invest in exchange-traded notes. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund may also invest in derivative instruments including, but not limited to, futures and swaps (including interest rate swaps, total return swaps, and credit default swaps), to make tactical asset allocations, as a substitute for taking a position </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">in the underlying asset, to seek to minimize risk, and to assist in managing cash.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">The Target Allocation may be changed at any time by the Sub-Adviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">You could lose money on an investment in the Fund.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Affiliated Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s selection of Underlying Funds presents conflicts of interest. The net management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it selects for the Fund, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates, even if that results in increased expenses and potentially less favorable investment performance for the Fund. The Sub-Adviser may prefer to invest in an affiliated Underlying Fund over an unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve economies of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds, and the Sub-Adviser may implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">historical investment performance than the comparable affiliated Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Asset Allocation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investment performance depends on the manager’s skill in allocating assets among the asset classes in </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">which the Fund invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments. The Fund may underperform funds that allocate their assets differently than the Fund, due to differences in the relative performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">of asset classes and subsets of asset classes.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Bank Instruments:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">performance of the Fund. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Cash/Cash Equivalents:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investments in cash or cash equivalents may lower returns and result in potential lost opportunities </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to participate in market appreciation which could negatively impact the Fund’s performance and ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">objective.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Commodities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist for </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">certain commodity-related investments, which may make it difficult for the Fund to sell them at a desirable price or time.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Company:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The price of a company’s stock could decline or underperform for many reasons, including, among others, poor </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">stock could become worthless.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit Default Swaps:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“par value” (full notional value) of the swap in exchange for an equal face amount of deliverable </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund to different kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Currency:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> To the extent that the Fund invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">currency being hedged by the Fund through foreign currency exchange transactions.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Deflation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Deflation occurs when prices throughout the economy decline over time — the opposite of inflation. Unless repayment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the original bond principal upon maturity (as adjusted for inflation) is guaranteed, when there is deflation, the principal and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">income of an inflation-protected bond will decline and could result in losses.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Derivative Instruments:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Derivative instruments are subject to a number of risks, including the risk of changes in the market </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">price of the underlying asset, reference rate, or index</span><span style="font-family:Arial;font-size:9.30pt;">, credit risk with respect to the counterparty, risk of loss due to changes </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">as direct cash investment.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Environmental, Social, and Governance (Funds-of-Funds):</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s consideration of ESG factors in selecting Underlying </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Funds for investment by the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund’s assets that will be allocated to Underlying Funds on the basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations other than ESG factors. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration of ESG factors, </span><span style="font-family:Arial;font-size:9.30pt;">when available, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Floating Rate Loans:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">(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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Foreign (Non-U.S.) Investments/Developing and Emerging Markets:</span><span style="font-family:Arial;font-size:9.30pt;"> Investing in foreign (non-U.S.) securities may result in </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> In addition, the threat of or actual imposition of tariffs may adversely impact the price of foreign (non-U.S.) securities.</span><span style="font-family:Arial;font-size:9.30pt;">Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Growth Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer’s growth potential </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">High-Yield Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Lower-quality securities including securities that are or have fallen below investment grade (commonly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“junk bonds”) have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">and price volatility.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Index Strategy (Funds-of-Funds):</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">performance and does not use defensive positions or attempt to reduce its exposure to poor performing securities in an index may underperform the overall market (each, an </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Underlying Index Fund”). To the extent an Underlying Index Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">investments track its target index, such Underlying Index Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between an Underlying Index Fund’s performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund's shares. The correlation between an Underlying Index Fund’s performance and index performance will be reduced by the Underlying Index Fund’s expenses and could be reduced by the timing of purchases and redemptions of the Underlying Index Fund’s shares. In addition, an Underlying Index Fund’s actual holdings might not match the index and an Underlying Index Fund’s effective exposure to index securities at any given time may not precisely correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. If the Fund invests in an Underlying Index Fund with higher expenses, the Fund's performance would be lower than if the Fund had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">have the effect of limiting or eliminating the amount of that underperformance).</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Inflation-Indexed Bonds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">value of the bond repaid at maturity may be less than the original principal.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Interest Rate:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">change in interest rate. </span><span style="font-family:Arial;font-size:9.30pt;">Rising market interest rates have unpredictable effects on the markets and may expose debt and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Negative </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">will generally decrease when the market rate of interest to which the inverse debt instruments are indexed </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">return potential.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Liquidity:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">to geopolitical events such as sanctions, trading halts, or wars. In addition, markets or securities may become illiquid quickly.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">add to costs, and impair the ability of the Fund to achieve its investment objectives.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Capitalization:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be more volatile and may decline significantly in market downturns.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Disruption and Geopolitical:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Fund is subject to the risk that geopolitical events will disrupt securities markets </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Pandemics and other </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">disruptions may</span><span style="font-family:Arial;font-size:9.30pt;"> also create challenges for real estate markets,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including lower </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> occupancy rates ,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> decreased lease payments, defaults,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and foreclosures, among other consequences . Natural and environmental disasters and systemic market dislocations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">are also highly disruptive to economies and markets. </span><span style="font-family:Arial;font-size:9.30pt;">Military action by Russia in Ukraine, the prolonged conflict between </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and </span><span style="font-family:Arial;font-size:9.30pt;">may continue to result, in sanctions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> market disruptions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> declines in regional and global stock markets, unusual volatility </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in global commodity markets,</span><span style="font-family:Arial;font-size:9.30pt;"> and disruptions to energy production or transportation,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including through key shipping routes, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">any of which could adversely</span><span style="font-family:Arial;font-size:9.30pt;"> affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in the affected</span><span style="font-family:Arial;font-size:9.30pt;"> regions. The</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> escalation or </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> expansion of hostilities , </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including the involvement of</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> additional nations , could </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> introduce </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">further uncertainty and volatility in global energy</span><span style="font-family:Arial;font-size:9.30pt;">, commodity,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and financial markets. The extent and duration of </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> these conflicts, </span><span style="font-family:Arial;font-size:9.30pt;">related sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">(or concerns or rumors about any </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">events of these kinds)</span><span style="font-family:Arial;font-size:9.30pt;">, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">may reduce liquidity in the market generally</span><span style="font-family:Arial;font-size:9.30pt;">. These events as well as other changes in foreign (non-U.S.) and domestic economic, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> Recent technological </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (</span><span style="font-family:Arial;font-size:9.30pt;">“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">future risks related thereto.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Natural Resources/Commodity Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The operations and financial performance of companies in natural resources industries </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">underlying commodity.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Prepayment and Extension:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Real Estate Companies and Real Estate Investment Trusts:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investing in real estate companies and REITs may subject the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars, or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management skill of the REIT’s sponsor. The Fund will indirectly bear its proportionate share of expenses, including management fees, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">paid by each REIT in which it invests.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Because the Fund invests primarily in Underlying Funds, the investment performance of the Fund is directly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">related to the investment performance of the Underlying Funds in which it invests. When the Fund invests in an Underlying Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Fund invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its investments than if it invested in a broader range of Underlying Funds. It is possible that more than one Underlying Fund will hold securities of the same issuers, thereby increasing the Fund’s indirect exposure to those issuers. It also is possible that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any Underlying Fund will be achieved. In addition, the Fund’s shareholders will indirectly bear </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">their proportionate share of the Underlying Funds’ fees and expenses, in addition to the fees and expenses of the Fund itself.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">U.S. Government Securities and Obligations:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> U.S. government securities are obligations of, or guaranteed by, the U.S. government, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">risk, and may be subject to varying degrees of credit risk.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Value Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings and industrial production. The manager may be wrong in its assessment of a company’s value and the securities the Fund holds may not reach their full values. Risks associated with value investing include that a security that is perceived by the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Fund’s relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">funds that invest more broadly.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;margin-left:0%;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">the Federal Reserve Board or any other government agency</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Performance Information</span> <span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The following information is intended to help you understand the risks of investing in the Fund. </span><span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of two broad-based securities market indices and an additional index with investment characteristics similar to those of the Fund for the same period.</span><span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date Retirement Income Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span><span style="font-family:Arial;font-size:9.30pt;"> The Fund's performance information reflects applicable fee waivers and/or expense </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower.</span><span style="font-family:Arial;font-size:9.30pt;"> The bar chart shows the performance of the Fund's Class I shares.</span><span style="font-family:Arial;font-size:9.30pt;"> Performance for other share classes </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">would differ to the extent they have differences in their fees and expenses.</span><span style="font-family:Arial;font-size:9.30pt;"> The Class R shares performance shown for the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">period prior to their inception date is the performance of Class I shares adjusted for any differences in expenses between </span><span style="font-family:Arial;font-size:9.30pt;">the classes.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund’s performance prior to April 27, 2021 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, the performance information shown would have been different.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> For the most recent performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">figures, go to </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> or call </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">.</span> <span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of two broad-based securities market indices and an additional index with investment characteristics similar to those of the Fund for the same period.</span> <span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date Retirement Income Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Calendar Year Total Returns </span><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Class I </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">(as of December 31 of each year)</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:ecfe9d49-c423-4c04-9b2d-b615eb35b781">2</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">nd</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2020</span><span style="font-family:Arial;font-size:7.44pt;">9.17%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:dc47d6f1-d4f7-443c-9265-c1f40daa3c17">2</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">nd</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2022</span><span style="font-family:Arial;font-size:7.44pt;">-8.57%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span><span style="font-family:Arial;font-size:7.44pt;">June 30, 2026</span><span style="font-family:Arial;font-size:7.44pt;">4.93%</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span> 0.0917 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span> -0.0857 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span> 2026-06-30 0.0493 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Average Annual Total Returns </span><span style="font-family:Arial;font-size:7.44pt;">% </span> <br/><span style="font-family:Arial;font-size:7.44pt;">(for the periods ended December 31, 2025)</span> 0.0526 0.0226 0.0440 2015-12-21 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1166 0.0415 0.0532 0.1196 0.0383 0.0533 2012-12-20 0.1036 0.0221 0.0382 0.0721 0.0233 0.0360 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1166 0.0415 0.0532 0.1130 0.0320 0.0475 2018-06-01 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1166 0.0415 0.0532 0.1188 0.0384 0.0536 2015-12-21 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1166 0.0415 0.0532 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns do not reflect deductions for fees, expenses, or taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;">After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:16.74pt;">Voya Target Retirement 2030 Fund  </span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Until the day prior to its Target Date (defined below), the Fund seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2030. On the Target Date, the Fund's investment objective will be to seek to provide </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;">You may pay </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;margin-left:0%;">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 132), in Appendix A to the Prospectus, or the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">94).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Agreement provides for a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“bundled fee” arrangement under which the Investment Adviser provides (in addition to advisory </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">services and administrative services), custodial, transfer agency, portfolio accounting, auditing and ordinary legal services in return for a single management fee. The Fund is responsible for applicable fees paid to financial intermediaries that maintain omnibus accounts and/or provide shareholder or participant record keeping services on behalf of their clients as well as any distribution or shareholder servicing plan payments, interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. The Fund pays these fees to financial intermediaries that are affiliates of the Investment Adviser, which will cause </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund’s “Other Expenses” set forth in the fee table below to increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span> 50000 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Shareholder Fees </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Fees paid directly from your investment</span> 0.0575 0 0 0 0 0 0 0 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Annual Fund Operating Expenses </span> <br/><span style="font-family:Arial;font-size:7.44pt;">Expenses you pay each year as a % of the value of your investment</span> 0.0018 0.0018 0.0018 0.0018 0.0025 0 0.0050 0 0.0002 0.0004 0.0002 0.0001 0.0016 0.0016 0.0016 0.0016 0.0061 0.0038 0.0086 0.0035 0 0 0 -0.0010 0.0061 0.0038 0.0086 0.0025 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">October 1, </span><span style="font-family:Arial Narrow;font-size:8pt;">2027</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Example reflects </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">time periods indicated.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 634 759 896 1293 39 122 213 480 88 274 477 1061 26 102 186 433 <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">(loads) were included, your costs would be higher.</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“turns over” its portfolio). A </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affect the Fund's performance.</span><span style="font-family:Arial;font-size:9.30pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.30pt;">43</span><span style="font-family:Arial;font-size:9.30pt;">% of the average value of its portfolio.</span> 0.43 <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund invests primarily in a combination of actively managed funds and passively managed index funds, including exchange-traded funds (</span><span style="font-family:Arial;font-size:9.30pt;">“ETFs”) (collectively, the “Underlying Funds”). The Underlying Funds may or may not be affiliated with the Investment </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Adviser. The Underlying Funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the Fund uses an asset allocation strategy designed for investors expecting to retire around the year 2030. The Fund's current approximate target investment allocation (expressed as a percentage of its net assets) (the </span><span style="font-family:Arial;font-size:9.30pt;">“Target Allocation”) among the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Underlying Funds is: </span><span style="font-family:Arial;font-size:9.30pt;">52% in equity securities and 48% in debt instruments. Although this is the Target Allocation, the actual allocation of the Fund's assets may deviate from the percentages shown.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The allocation of the Fund’s assets between Underlying Funds affiliated with the Investment Adviser and Underlying Funds that are not affiliated with the Investment Adviser will vary over time, although the sub-adviser (the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Sub-Adviser”) currently </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">expects to invest, under normal circumstances, at least 10% of the Fund’s assets, and as much as 85%, in Underlying Funds </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affiliated with the Investment Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“ESG”) factors as part of </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">if at all, will depend on the analysis and judgment of the Sub-Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to equity securities and debt instruments will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategy.The Fund will deviate from the Target Allocation based on an assessment of the current market conditions or other factors. Generally, the deviations fall within the range of +/- 10% of the Fund’s NAV, relative to the current Target Allocation. The Sub-Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Fund, achieve its investment objective, or take advantage of particular opportunities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Underlying Funds provide exposure to a wide range of traditional asset classes which include, but are not limited to: stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include, but are not </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">limited to: real estate, commodities, and floating rate loans. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Equity securities in which the Underlying Funds invest include, but are not limited to: domestic and international large-, mid-, and small-capitalization stocks (which may be growth oriented, value oriented, or a blend); emerging market securities; domestic and international real estate-related securities, including real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“REITs”); and natural resource/commodity-related securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Debt instruments in which the Underlying Funds invest include, but are not limited to: domestic and international (including emerging markets) long-, intermediate-, and short-term bonds; bonds rated below investment grade (sometimes referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“high-yield securities”, “high-yield bonds”, or “junk bonds”); floating rate loans; and U.S. Treasury Inflation Protected Securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">The Fund may invest in exchange-traded notes. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund may also invest in derivative instruments including, but not limited to, futures and swaps (including interest rate swaps, total return swaps, and credit default swaps), to make tactical asset allocations, as a substitute for taking a position </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">in the underlying asset, to seek to minimize risk, and to assist in managing cash.</span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund is structured and managed around a specific target retirement or financial goal date of 2030 (the </span><span style="font-family:Arial;font-size:9.30pt;">“Target Date”). </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Date is the approximate year that an investor in the Fund would plan to make withdrawals from the Fund for retirement or other financial goals. The chart below shows the glide path and illustrates how the Target Allocation to equity securities and debt instruments will change over time. Generally, the Fund's glide path will transition to the target </span><span style="font-family:Arial;font-size:9.30pt;">asset allocation illustrated </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">below on an annual basis and become more conservative as the Fund approaches the Target Date. As the Fund approaches its Target Date</span><span style="font-family:Arial;font-size:9.30pt;">, the Fund's Target Allocation is anticipated to be the same as that of Voya Target In-Retirement Fund, which is equal to approximately 35% equity securities and 65% debt instruments.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">As the Fund's Target Allocation migrates toward that of Voya Target In-Retirement Fund, by the Target Date, it is anticipated that the Fund would be merged with and into Voya Target In-Retirement Fund. Voya Target In-Retirement Fund uses an asset allocation strategy designed for investors who are expecting to retire soon, are already retired, or who are in need of making </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">withdrawals from their portfolio soon. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">In summary, the Fund is designed for an investor who plans to withdraw the value of the investor's investments in the Fund gradually on or after the Target Date. The mix of investments in the Fund's Target Allocation will change over time and seek to reduce investment risk as the Fund approaches its Target Date. The Target Allocation may be changed at any time by the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Sub-Adviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">You could lose money on an investment in the Fund, even near, at, or after the Target Date.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Affiliated Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s selection of Underlying Funds presents conflicts of interest. The net management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it selects for the Fund, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates, even if that results in increased expenses and potentially less favorable investment performance for the Fund. The Sub-Adviser may prefer to invest in an affiliated Underlying Fund over an unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve economies </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds, and the Sub-Adviser may implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">historical investment performance than the comparable affiliated Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Asset Allocation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investment performance depends on the manager’s skill in allocating assets among the asset classes in </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">which the Fund invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments. The Fund may underperform funds that allocate their assets differently than the Fund, due to differences in the relative performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">of asset classes and subsets of asset classes.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Bank Instruments:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">performance of the Fund.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Cash/Cash Equivalents:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investments in cash or cash equivalents may lower returns and result in potential lost opportunities </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to participate in market appreciation which could negatively impact the Fund’s performance and ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">objective.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Commodities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist for </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">certain commodity-related investments, which may make it difficult for the Fund to sell them at a desirable price or time.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Company:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The price of a company’s stock could decline or underperform for many reasons, including, among others, poor </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">stock could become worthless.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit Default Swaps:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“par value” (full notional value) of the swap in exchange for an equal face amount of deliverable </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund to different kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Currency:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> To the extent that the Fund invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">currency being hedged by the Fund through foreign currency exchange transactions. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Deflation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Deflation occurs when prices throughout the economy decline over time — the opposite of inflation. Unless repayment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the original bond principal upon maturity (as adjusted for inflation) is guaranteed, when there is deflation, the principal and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">income of an inflation-protected bond will decline and could result in losses.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Derivative Instruments:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Derivative instruments are subject to a number of risks, including the risk of changes in the market </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">price of the underlying asset, reference rate, or index</span><span style="font-family:Arial;font-size:9.30pt;">, credit risk with respect to the counterparty, risk of loss due to changes </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">as direct cash investment.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Environmental, Social, and Governance (Funds-of-Funds):</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s consideration of ESG factors in selecting Underlying </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Funds for investment by the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund’s assets that will be allocated to Underlying Funds on the basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations other than ESG factors. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration of ESG factors, </span><span style="font-family:Arial;font-size:9.30pt;">when available, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Floating Rate Loans:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">(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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Foreign (Non-U.S.) Investments/Developing and Emerging Markets:</span><span style="font-family:Arial;font-size:9.30pt;"> Investing in foreign (non-U.S.) securities may result in </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> In addition, the threat of or actual imposition of tariffs may adversely impact the price of foreign (non-U.S.) securities.</span><span style="font-family:Arial;font-size:9.30pt;">Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Growth Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer’s growth potential </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">High-Yield Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Lower-quality securities including securities that are or have fallen below investment grade (commonly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“junk bonds”) have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">and price volatility.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Index Strategy (Funds-of-Funds):</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">performance and does not use defensive positions or attempt to reduce its exposure to poor performing securities in an index may underperform the overall market (each, an </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Underlying Index Fund”). To the extent an Underlying Index Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">investments track its target index, such Underlying Index Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between an Underlying Index Fund’s performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund's shares. The correlation between an Underlying Index Fund’s performance and index performance will be reduced by the Underlying Index Fund’s expenses and could be reduced by the timing of purchases and redemptions of the Underlying Index Fund’s shares. In addition, an Underlying Index Fund’s actual holdings might not match the index and an Underlying Index Fund’s effective exposure to index securities at any given time may not precisely correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. If the Fund invests in an Underlying Index Fund with higher expenses, the Fund's performance would be lower than if the Fund had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">have the effect of limiting or eliminating the amount of that underperformance).</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Inflation-Indexed Bonds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">value of the bond repaid at maturity may be less than the original principal.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Interest Rate:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Rising market interest rates have unpredictable effects on the markets and may expose debt and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Negative </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">will generally decrease when the market rate of interest to which the inverse debt instruments are indexed </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">return potential.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Liquidity:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">to geopolitical events such as sanctions, trading halts, or wars. In addition, markets or securities may become illiquid quickly.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">add to costs, and impair the ability of the Fund to achieve its investment objectives. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Capitalization:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be more volatile and may decline significantly in market downturns.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Disruption and Geopolitical:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Fund is subject to the risk that geopolitical events will disrupt securities markets </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Pandemics and other </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">disruptions may</span><span style="font-family:Arial;font-size:9.30pt;"> also create challenges for real estate markets,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including lower </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> occupancy rates ,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> decreased lease payments, defaults,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and foreclosures, among other consequences . Natural and environmental disasters and systemic market dislocations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">are also highly disruptive to economies and markets. </span><span style="font-family:Arial;font-size:9.30pt;">Military action by Russia in Ukraine, the prolonged conflict between </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and </span><span style="font-family:Arial;font-size:9.30pt;">may continue to result, in sanctions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> market disruptions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> declines in regional and global stock markets, unusual volatility </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in global commodity markets,</span><span style="font-family:Arial;font-size:9.30pt;"> and disruptions to energy production or transportation,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including through key shipping routes, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">any of which could adversely</span><span style="font-family:Arial;font-size:9.30pt;"> affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in the affected</span><span style="font-family:Arial;font-size:9.30pt;"> regions. The</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> escalation or </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> expansion of hostilities , </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including the involvement of</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> additional nations , could </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> introduce </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">further uncertainty and volatility in global energy</span><span style="font-family:Arial;font-size:9.30pt;">, commodity,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and financial markets. The extent and duration of </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> these conflicts , </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">related </span><span style="font-family:Arial;font-size:9.30pt;">sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">(or concerns or rumors about any </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">events of these kinds)</span><span style="font-family:Arial;font-size:9.30pt;">, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">may reduce liquidity in the market generally</span><span style="font-family:Arial;font-size:9.30pt;">. These events as well as other changes in foreign (non-U.S.) and domestic economic, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> Recent technological </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (</span><span style="font-family:Arial;font-size:9.30pt;">“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">future risks related thereto.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Natural Resources/Commodity Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The operations and financial performance of companies in natural resources industries </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">underlying commodity.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Prepayment and Extension:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Real Estate Companies and Real Estate Investment Trusts:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investing in real estate companies and REITs may subject the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars, or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management skill of the REIT’s sponsor. The Fund will indirectly bear its proportionate share of expenses, including management fees, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">paid by each REIT in which it invests.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Because the Fund invests primarily in Underlying Funds, the investment performance of the Fund is directly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">related to the investment performance of the Underlying Funds in which it invests. When the Fund invests in an Underlying Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Fund invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its investments than if it invested in a broader range of Underlying Funds. It is possible that more than one Underlying Fund will hold securities of the same issuers, thereby increasing the Fund’s indirect exposure to those issuers. It also is possible that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any Underlying Fund will be achieved. In addition, the Fund’s shareholders will indirectly bear </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">their proportionate share of the Underlying Funds’ fees and expenses, in addition to the fees and expenses of the Fund itself.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">U.S. Government Securities and Obligations:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> U.S. government securities are obligations of, or guaranteed by, the U.S. government, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">risk, and may be subject to varying degrees of credit risk.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Value Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings and industrial production. The manager may be wrong in its assessment of a company’s value and the securities the Fund holds may not reach their full values. Risks associated with value investing include that a security that is perceived by the manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Fund’s relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">funds that invest more broadly.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;margin-left:0%;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">the Federal Reserve Board or any other government agency</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Performance Information</span> <span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The following information is intended to help you understand the risks of investing in the Fund. </span><span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of </span><span style="font-family:Arial;font-size:9.30pt;">two broad-based securities market indices and an additional index with investment characteristics similar to those of the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund for the same period.</span><span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date 2030 Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span><span style="font-family:Arial;font-size:9.30pt;"> The Fund's performance information reflects applicable fee waivers and/or expense limitations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower.</span><span style="font-family:Arial;font-size:9.30pt;"> The bar chart shows the performance of the Fund's Class I shares.</span><span style="font-family:Arial;font-size:9.30pt;"> Performance for other share classes would differ </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">to the extent they have differences in their fees and expenses.</span><span style="font-family:Arial;font-size:9.30pt;"> The Class R shares performance shown for the period prior to their inception date is the performance of Class I shares adjusted for any differences in expenses between the classes.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund’s performance prior to April 27, 2021 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, the performance information shown would have been different.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> For the most recent performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">figures, go to </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> or call </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">.</span> <span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of </span><span style="font-family:Arial;font-size:9.30pt;">two broad-based securities market indices and an additional index with investment characteristics similar to those of the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund for the same period.</span> <span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date 2030 Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Calendar Year Total Returns </span><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Class I </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">(as of December 31 of each year)</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:c3d9b485-2513-4355-b45c-5d473bd748f3">2</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">nd</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2020</span><span style="font-family:Arial;font-size:7.44pt;">15.49%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:x_286f1c38-da25-4d42-b638-e9953799202d">1</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">st</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2020</span><span style="font-family:Arial;font-size:7.44pt;">-16.28%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span><span style="font-family:Arial;font-size:7.44pt;">June 30, 2026</span><span style="font-family:Arial;font-size:7.44pt;">8.06%</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span> 0.1549 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span> -0.1628 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span> 2026-06-30 0.0806 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Average Annual Total Returns </span><span style="font-family:Arial;font-size:7.44pt;">% </span> <br/><span style="font-family:Arial;font-size:7.44pt;">(for the periods ended December 31, 2025)</span> 0.0848 0.0518 0.0744 2015-12-21 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1513 0.0707 0.0841 0.1535 0.0670 0.0836 2012-12-20 0.1250 0.0483 0.0672 0.1024 0.0473 0.0622 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1513 0.0707 0.0841 0.1472 0.0617 0.0782 2018-06-01 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1513 0.0707 0.0841 0.1536 0.0676 0.0840 2015-12-21 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1513 0.0707 0.0841 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns do not reflect deductions for fees, expenses, or taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;">After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:16.74pt;">Voya Target Retirement 2035 Fund  </span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Until the day prior to its Target Date (defined below), the Fund seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2035. On the Target Date, the Fund's investment objective will be to seek to provide </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;">You may pay </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;margin-left:0%;">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 132), in Appendix A to the Prospectus, or the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">94).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Agreement provides for a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“bundled fee” arrangement under which the Investment Adviser provides (in addition to advisory </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">services and administrative services), custodial, transfer agency, portfolio accounting, auditing and ordinary legal services in return for a single management fee. The Fund is responsible for applicable fees paid to financial intermediaries that maintain omnibus accounts and/or provide shareholder or participant record keeping services on behalf of their clients as well as any distribution or shareholder servicing plan payments, interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. The Fund pays these fees to financial intermediaries that are affiliates of the Investment Adviser, which will cause </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund’s “Other Expenses” set forth in the fee table below to increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span> 50000 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Shareholder Fees </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Fees paid directly from your investment</span> 0.0575 0 0 0 0 0 0 0 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Annual Fund Operating Expenses </span> <br/><span style="font-family:Arial;font-size:7.44pt;">Expenses you pay each year as a % of the value of your investment</span> 0.0018 0.0018 0.0018 0.0018 0.0025 0 0.0050 0 0.0001 0.0004 0.0001 0.0001 0.0016 0.0016 0.0016 0.0016 0.0060 0.0038 0.0085 0.0035 0 0 0 -0.0010 0.0060 0.0038 0.0085 0.0025 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">October 1, </span><span style="font-family:Arial Narrow;font-size:8pt;">2027</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Example reflects </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">time periods indicated.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 633 756 891 1282 39 122 213 480 87 271 471 1049 26 102 186 433 <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">(loads) were included, your costs would be higher.</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“turns over” its portfolio). A </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affect the Fund's performance.</span><span style="font-family:Arial;font-size:9.30pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.30pt;">37</span><span style="font-family:Arial;font-size:9.30pt;">% of the average value of its portfolio.</span> 0.37 <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund invests primarily in a combination of actively managed funds and passively managed index funds, including exchange-traded funds (</span><span style="font-family:Arial;font-size:9.30pt;">“ETFs”) (collectively, the “Underlying Funds”). The Underlying Funds may or may not be affiliated with the Investment </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Adviser. The Underlying Funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the Fund uses an asset allocation strategy designed for investors expecting to retire around the year 2035. The Fund's current approximate target investment allocation (expressed as a percentage of its net assets) (the </span><span style="font-family:Arial;font-size:9.30pt;">“Target Allocation”) among the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Underlying Funds is: </span><span style="font-family:Arial;font-size:9.30pt;">60% in equity securities and 40% in debt instruments. Although this is the Target Allocation, the actual allocation of the Fund's assets may deviate from the percentages shown.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The allocation of the Fund’s assets between Underlying Funds affiliated with the Investment Adviser and Underlying Funds that are not affiliated with the Investment Adviser will vary over time, although the sub-adviser (the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Sub-Adviser”) currently </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">expects to invest, under normal circumstances, at least 10% of the Fund’s assets, and as much as 85%, in Underlying Funds </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affiliated with the Investment Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“ESG”) factors as part of </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">if at all, will depend on the analysis and judgment of the Sub-Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to equity securities and debt instruments will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategy.The Fund will deviate from the Target Allocation based on an assessment of the current market conditions or other factors. Generally, the deviations fall within the range of +/- 10% of the Fund’s NAV, relative to the current Target Allocation. The Sub-Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Fund, achieve its investment objective, or take advantage of particular opportunities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Underlying Funds provide exposure to a wide range of traditional asset classes which include, but are not limited to: stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include, but are not </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">limited to: real estate, commodities, and floating rate loans. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Equity securities in which the Underlying Funds invest include, but are not limited to: domestic and international large-, mid-, and small-capitalization stocks (which may be growth oriented, value oriented, or a blend); emerging market securities; domestic and international real estate-related securities, including real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“REITs”); and natural resource/commodity-related securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Debt instruments in which the Underlying Funds invest include, but are not limited to: domestic and international (including emerging markets) long-, intermediate-, and short-term bonds; bonds rated below investment grade (sometimes referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“high-yield securities”, “high-yield bonds”, or “junk bonds”); floating rate loans; and U.S. Treasury Inflation Protected Securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">The Fund may invest in exchange-traded notes. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund may also invest in derivative instruments including, but not limited to, futures and swaps (including interest rate swaps, total return swaps, and credit default swaps), to make tactical asset allocations, as a substitute for taking a position </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">in the underlying asset, to seek to minimize risk, and to assist in managing cash.</span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund is structured and managed around a specific target retirement or financial goal date of 2035 (the </span><span style="font-family:Arial;font-size:9.30pt;">“Target Date”). </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Date is the approximate year that an investor in the Fund would plan to make withdrawals from the Fund for retirement or other financial goals. The chart below shows the glide path and illustrates how the Target Allocation to equity securities and debt instruments will change over time. Generally, the Fund's glide path will transition to the target </span><span style="font-family:Arial;font-size:9.30pt;">asset allocation illustrated </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">below on an annual basis and become more conservative as the Fund approaches the Target Date. As the Fund approaches its Target Date</span><span style="font-family:Arial;font-size:9.30pt;">, the Fund's Target Allocation is anticipated to be the same as that of Voya Target In-Retirement Fund, which is equal to approximately 35% equity securities and 65% debt instruments.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">As the Fund's Target Allocation migrates toward that of Voya Target In-Retirement Fund, by the Target Date, it is anticipated that the Fund would be merged with and into Voya Target In-Retirement Fund. Voya Target In-Retirement Fund uses an asset allocation strategy designed for investors who are expecting to retire soon, are already retired, or who are in need of making </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">withdrawals from their portfolio soon. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">In summary, the Fund is designed for an investor who plans to withdraw the value of the investor's investments in the Fund gradually on or after the Target Date. The mix of investments in the Fund's Target Allocation will change over time and seek to reduce investment risk as the Fund approaches its Target Date. The Target Allocation may be changed at any time by the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Sub-Adviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">You could lose money on an investment in the Fund, even near, at, or after the Target Date.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Affiliated Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s selection of Underlying Funds presents conflicts of interest. The net management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it selects for the Fund, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates, even if that results in increased expenses and potentially less favorable investment performance for the Fund. The Sub-Adviser may prefer to invest in an affiliated Underlying Fund over an unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve economies </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds, and the Sub-Adviser may implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">historical investment performance than the comparable affiliated Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Asset Allocation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investment performance depends on the manager’s skill in allocating assets among the asset classes in </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">which the Fund invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments. The Fund may underperform funds that allocate their assets differently than the Fund, due to differences in the relative performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">of asset classes and subsets of asset classes.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Bank Instruments:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">performance of the Fund.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Cash/Cash Equivalents:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investments in cash or cash equivalents may lower returns and result in potential lost opportunities </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to participate in market appreciation which could negatively impact the Fund’s performance and ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">objective.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Commodities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist for </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">certain commodity-related investments, which may make it difficult for the Fund to sell them at a desirable price or time.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Company:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The price of a company’s stock could decline or underperform for many reasons, including, among others, poor </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">stock could become worthless.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit Default Swaps:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“par value” (full notional value) of the swap in exchange for an equal face amount of deliverable </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund to different kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Currency:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> To the extent that the Fund invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">currency being hedged by the Fund through foreign currency exchange transactions. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Deflation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Deflation occurs when prices throughout the economy decline over time — the opposite of inflation. Unless repayment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the original bond principal upon maturity (as adjusted for inflation) is guaranteed, when there is deflation, the principal and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">income of an inflation-protected bond will decline and could result in losses.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Derivative Instruments:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Derivative instruments are subject to a number of risks, including the risk of changes in the market </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">price of the underlying asset, reference rate, or index</span><span style="font-family:Arial;font-size:9.30pt;">, credit risk with respect to the counterparty, risk of loss due to changes </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">as direct cash investment.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Environmental, Social, and Governance (Funds-of-Funds):</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s consideration of ESG factors in selecting Underlying </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Funds for investment by the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund’s assets that will be allocated to Underlying Funds on the basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations other than ESG factors. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration of ESG factors, </span><span style="font-family:Arial;font-size:9.30pt;">when available, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Floating Rate Loans:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">(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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Foreign (Non-U.S.) Investments/Developing and Emerging Markets:</span><span style="font-family:Arial;font-size:9.30pt;"> Investing in foreign (non-U.S.) securities may result in </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> In addition, the threat of or actual imposition of tariffs may adversely impact the price of foreign (non-U.S.) securities.</span><span style="font-family:Arial;font-size:9.30pt;">Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Growth Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer’s growth potential </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">High-Yield Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Lower-quality securities including securities that are or have fallen below investment grade (commonly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“junk bonds”) have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">and price volatility.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Index Strategy (Funds-of-Funds):</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">performance and does not use defensive positions or attempt to reduce its exposure to poor performing securities in an index may underperform the overall market (each, an </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Underlying Index Fund”). To the extent an Underlying Index Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">investments track its target index, such Underlying Index Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between an Underlying Index Fund’s performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund's shares. The correlation between an Underlying Index Fund’s performance and index performance will be reduced by the Underlying Index Fund’s expenses and could be reduced by the timing of purchases and redemptions of the Underlying Index Fund’s shares. In addition, an Underlying Index Fund’s actual holdings might not match the index and an Underlying Index Fund’s effective exposure to index securities at any given time may not precisely correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. If the Fund invests in an Underlying Index Fund with higher expenses, the Fund's performance would be lower than if the Fund had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">have the effect of limiting or eliminating the amount of that underperformance).</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Inflation-Indexed Bonds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">value of the bond repaid at maturity may be less than the original principal.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Interest Rate:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Rising market interest rates have unpredictable effects on the markets and may expose debt and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Negative </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">will generally decrease when the market rate of interest to which the inverse debt instruments are indexed </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">return potential.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Liquidity:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">to geopolitical events such as sanctions, trading halts, or wars. In addition, markets or securities may become illiquid quickly.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">add to costs, and impair the ability of the Fund to achieve its investment objectives. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Capitalization:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be more volatile and may decline significantly in market downturns.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Disruption and Geopolitical:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Fund is subject to the risk that geopolitical events will disrupt securities markets </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Pandemics and other </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">disruptions may</span><span style="font-family:Arial;font-size:9.30pt;"> also create challenges for real estate markets,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including lower </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> occupancy rates ,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> decreased lease payments, defaults,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and foreclosures, among other consequences . Natural and environmental disasters and systemic market dislocations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">are also highly disruptive to economies and markets. </span><span style="font-family:Arial;font-size:9.30pt;">Military action by Russia in Ukraine, the prolonged conflict between </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and </span><span style="font-family:Arial;font-size:9.30pt;">may continue to result, in sanctions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> market disruptions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> declines in regional and global stock markets, unusual volatility </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in global commodity markets,</span><span style="font-family:Arial;font-size:9.30pt;"> and disruptions to energy production or transportation,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including through key shipping routes, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">any of which could adversely</span><span style="font-family:Arial;font-size:9.30pt;"> affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in the affected</span><span style="font-family:Arial;font-size:9.30pt;"> regions. The</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> escalation or </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> expansion of hostilities , </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including the involvement of</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> additional nations , could </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> introduce </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">further uncertainty and volatility in global energy</span><span style="font-family:Arial;font-size:9.30pt;">, commodity,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and financial markets. The extent and duration of </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> these conflicts , </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">related </span><span style="font-family:Arial;font-size:9.30pt;">sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">(or concerns or rumors about any </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">events of these kinds)</span><span style="font-family:Arial;font-size:9.30pt;">, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">may reduce liquidity in the market generally</span><span style="font-family:Arial;font-size:9.30pt;">. These events as well as other changes in foreign (non-U.S.) and domestic economic, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> Recent technological </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (</span><span style="font-family:Arial;font-size:9.30pt;">“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">future risks related thereto.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Natural Resources/Commodity Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The operations and financial performance of companies in natural resources industries </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">underlying commodity.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Prepayment and Extension:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Real Estate Companies and Real Estate Investment Trusts:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investing in real estate companies and REITs may subject the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars, or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management skill of the REIT’s sponsor. The Fund will indirectly bear its proportionate share of expenses, including management fees, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">paid by each REIT in which it invests.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Because the Fund invests primarily in Underlying Funds, the investment performance of the Fund is directly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">related to the investment performance of the Underlying Funds in which it invests. When the Fund invests in an Underlying Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Fund invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its investments than if it invested in a broader range of Underlying Funds. It is possible that more than one Underlying Fund will hold securities of the same issuers, thereby increasing the Fund’s indirect exposure to those issuers. It also is possible that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any Underlying Fund will be achieved. In addition, the Fund’s shareholders will indirectly bear </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">their proportionate share of the Underlying Funds’ fees and expenses, in addition to the fees and expenses of the Fund itself.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">U.S. Government Securities and Obligations:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> U.S. government securities are obligations of, or guaranteed by, the U.S. government, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">risk, and may be subject to varying degrees of credit risk.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Value Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings and industrial production. The manager may be wrong in its assessment of a company’s value and the securities the Fund holds may not reach their full values. Risks associated with value investing include that a security that is perceived by the manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Fund’s relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">funds that invest more broadly.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;margin-left:0%;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">the Federal Reserve Board or any other government agency</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Performance Information</span> <span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The following information is intended to help you understand the risks of investing in the Fund. </span><span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of </span><span style="font-family:Arial;font-size:9.30pt;">two broad-based securities market indices and an additional index with investment characteristics similar to those of the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund for the same period.</span><span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date 2035 Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span><span style="font-family:Arial;font-size:9.30pt;"> The Fund's performance information reflects applicable fee waivers and/or expense limitations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower.</span><span style="font-family:Arial;font-size:9.30pt;"> The bar chart shows the performance of the Fund's Class I shares.</span><span style="font-family:Arial;font-size:9.30pt;"> Performance for other share classes would differ </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">to the extent they have differences in their fees and expenses.</span><span style="font-family:Arial;font-size:9.30pt;"> The Class R shares performance shown for the period prior to their inception date is the performance of Class I shares adjusted for any differences in expenses between the classes.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund’s performance prior to April 27, 2021 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, the performance information shown would have been different.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> For the most recent performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">figures, go to </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> or call </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">.</span> <span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of </span><span style="font-family:Arial;font-size:9.30pt;">two broad-based securities market indices and an additional index with investment characteristics similar to those of the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund for the same period.</span> <span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date 2035 Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Calendar Year Total Returns </span><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Class I </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">(as of December 31 of each year)</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:x_064b2632-34a5-42c5-b638-cb1741d64ca0">2</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">nd</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2020</span><span style="font-family:Arial;font-size:7.44pt;">16.89%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:x_3b70ac7f-7dc6-4fcf-84d2-38e98010dee1">1</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">st</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2020</span><span style="font-family:Arial;font-size:7.44pt;">-18.02%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span><span style="font-family:Arial;font-size:7.44pt;">June 30, 2026</span><span style="font-family:Arial;font-size:7.44pt;">9.36%</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span> 0.1689 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span> -0.1802 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span> 2026-06-30 0.0936 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Average Annual Total Returns </span><span style="font-family:Arial;font-size:7.44pt;">% </span> <br/><span style="font-family:Arial;font-size:7.44pt;">(for the periods ended December 31, 2025)</span> 0.1016 0.0637 0.0841 2015-12-21 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1680 0.0819 0.0932 0.1724 0.0798 0.0939 2012-12-20 0.1436 0.0590 0.0761 0.1152 0.0570 0.0704 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1680 0.0819 0.0932 0.1667 0.0739 0.0882 2018-06-01 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1680 0.0819 0.0932 0.1717 0.0797 0.0938 2015-12-21 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1680 0.0819 0.0932 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns do not reflect deductions for fees, expenses, or taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;">After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:16.74pt;">Voya Target Retirement 2040 Fund  </span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Until the day prior to its Target Date (defined below), the Fund seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2040. On the Target Date, the Fund's investment objective will be to seek to provide </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;">You may pay </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;margin-left:0%;">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 132), in Appendix A to the Prospectus, or the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">94).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Agreement provides for a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“bundled fee” arrangement under which the Investment Adviser provides (in addition to advisory </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">services and administrative services), custodial, transfer agency, portfolio accounting, auditing and ordinary legal services in return for a single management fee. The Fund is responsible for applicable fees paid to financial intermediaries that maintain omnibus accounts and/or provide shareholder or participant record keeping services on behalf of their clients as well as any distribution or shareholder servicing plan payments, interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. The Fund pays these fees to financial intermediaries that are affiliates of the Investment Adviser, which will cause </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund’s “Other Expenses” set forth in the fee table below to increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span> 50000 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Shareholder Fees </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Fees paid directly from your investment</span> 0.0575 0 0 0 0 0 0 0 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Annual Fund Operating Expenses </span> <br/><span style="font-family:Arial;font-size:7.44pt;">Expenses you pay each year as a % of the value of your investment</span> 0.0018 0.0018 0.0018 0.0018 0.0025 0 0.0050 0 0.0003 0.0004 0.0003 0.0001 0.0015 0.0015 0.0015 0.0015 0.0061 0.0037 0.0086 0.0034 0 0 0 -0.0009 0.0061 0.0037 0.0086 0.0025 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">October 1, </span><span style="font-family:Arial Narrow;font-size:8pt;">2027</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Example reflects </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">time periods indicated.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 634 759 896 1293 38 119 208 468 88 274 477 1061 26 100 182 422 <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">(loads) were included, your costs would be higher.</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“turns over” its portfolio). A </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affect the Fund's performance.</span><span style="font-family:Arial;font-size:9.30pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.30pt;">44</span><span style="font-family:Arial;font-size:9.30pt;">% of the average value of its portfolio.</span> 0.44 <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund invests primarily in a combination of actively managed funds and passively managed index funds, including exchange-traded funds (</span><span style="font-family:Arial;font-size:9.30pt;">“ETFs”) (collectively, the “Underlying Funds”). The Underlying Funds may or may not be affiliated with the Investment </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Adviser. The Underlying Funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the Fund uses an asset allocation strategy designed for investors expecting to retire around the year 2040. The Fund's current approximate target investment allocation (expressed as a percentage of its net assets) (the </span><span style="font-family:Arial;font-size:9.30pt;">“Target Allocation”) among the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Underlying Funds is: </span><span style="font-family:Arial;font-size:9.30pt;">70% in equity securities and 30% in debt instruments. Although this is the Target Allocation, the actual allocation of the Fund's assets may deviate from the percentages shown.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The allocation of the Fund’s assets between Underlying Funds affiliated with the Investment Adviser and Underlying Funds that are not affiliated with the Investment Adviser will vary over time, although the sub-adviser (the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Sub-Adviser”) currently </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">expects to invest, under normal circumstances, at least 10% of the Fund’s assets, and as much as 85%, in Underlying Funds </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affiliated with the Investment Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“ESG”) factors as part of </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">if at all, will depend on the analysis and judgment of the Sub-Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to equity securities and debt instruments will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategy.The Fund will deviate from the Target Allocation based on an assessment of the current market conditions or other factors. Generally, the deviations fall within the range of +/- 10% of the Fund’s NAV, relative to the current Target Allocation. The Sub-Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Fund, achieve its investment objective, or take advantage of particular opportunities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Underlying Funds provide exposure to a wide range of traditional asset classes which include, but are not limited to: stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include, but are not </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">limited to: real estate, commodities, and floating rate loans. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Equity securities in which the Underlying Funds invest include, but are not limited to: domestic and international large-, mid-, and small-capitalization stocks (which may be growth oriented, value oriented, or a blend); emerging market securities; domestic and international real estate-related securities, including real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“REITs”); and natural resource/commodity-related securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Debt instruments in which the Underlying Funds invest include, but are not limited to: domestic and international (including emerging markets) long-, intermediate-, and short-term bonds; bonds rated below investment grade (sometimes referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“high-yield securities”, “high-yield bonds”, or “junk bonds”); floating rate loans; and U.S. Treasury Inflation Protected Securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">The Fund may invest in exchange-traded notes. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund may also invest in derivative instruments including, but not limited to, futures and swaps (including interest rate swaps, total return swaps, and credit default swaps), to make tactical asset allocations, as a substitute for taking a position </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">in the underlying asset, to seek to minimize risk, and to assist in managing cash.</span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund is structured and managed around a specific target retirement or financial goal date of 2040 (the </span><span style="font-family:Arial;font-size:9.30pt;">“Target Date”). </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Date is the approximate year that an investor in the Fund would plan to make withdrawals from the Fund for retirement or other financial goals. The chart below shows the glide path and illustrates how the Target Allocation to equity securities and debt instruments will change over time. Generally, the Fund's glide path will transition to the target </span><span style="font-family:Arial;font-size:9.30pt;">asset allocation illustrated </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">below on an annual basis and become more conservative as the Fund approaches the Target Date. As the Fund approaches its Target Date</span><span style="font-family:Arial;font-size:9.30pt;">, the Fund's Target Allocation is anticipated to be the same as that of Voya Target In-Retirement Fund, which is equal to approximately 35% equity securities and 65% debt instruments.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">As the Fund's Target Allocation migrates toward that of Voya Target In-Retirement Fund, by the Target Date, it is anticipated that the Fund would be merged with and into Voya Target In-Retirement Fund. Voya Target In-Retirement Fund uses an asset allocation strategy designed for investors who are expecting to retire soon, are already retired, or who are in need of making </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">withdrawals from their portfolio soon. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">In summary, the Fund is designed for an investor who plans to withdraw the value of the investor's investments in the Fund gradually on or after the Target Date. The mix of investments in the Fund's Target Allocation will change over time and seek to reduce investment risk as the Fund approaches its Target Date. The Target Allocation may be changed at any time by the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Sub-Adviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">You could lose money on an investment in the Fund, even near, at, or after the Target Date.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Affiliated Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s selection of Underlying Funds presents conflicts of interest. The net management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it selects for the Fund, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates, even if that results in increased expenses and potentially less favorable investment performance for the Fund. The Sub-Adviser may prefer to invest in an affiliated Underlying Fund over an unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve economies of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds, and the Sub-Adviser may implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">historical investment performance than the comparable affiliated Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Asset Allocation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investment performance depends on the manager’s skill in allocating assets among the asset classes in </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">which the Fund invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments. The Fund may underperform funds that allocate their assets differently than the Fund, due to differences in the relative performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">of asset classes and subsets of asset classes.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Bank Instruments:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">performance of the Fund.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Cash/Cash Equivalents:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investments in cash or cash equivalents may lower returns and result in potential lost opportunities </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to participate in market appreciation which could negatively impact the Fund’s performance and ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">objective.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Commodities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist for </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">certain commodity-related investments, which may make it difficult for the Fund to sell them at a desirable price or time.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Company:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The price of a company’s stock could decline or underperform for many reasons, including, among others, poor </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">stock could become worthless.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit Default Swaps:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“par value” (full notional value) of the swap in exchange for an equal face amount of deliverable </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Currency:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> To the extent that the Fund invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">currency being hedged by the Fund through foreign currency exchange transactions.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Deflation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Deflation occurs when prices throughout the economy decline over time — the opposite of inflation. Unless repayment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the original bond principal upon maturity (as adjusted for inflation) is guaranteed, when there is deflation, the principal and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">income of an inflation-protected bond will decline and could result in losses.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Derivative Instruments:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Derivative instruments are subject to a number of risks, including the risk of changes in the market </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">price of the underlying asset, reference rate, or index</span><span style="font-family:Arial;font-size:9.30pt;">, credit risk with respect to the counterparty, risk of loss due to changes </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">as direct cash investment.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Environmental, Social, and Governance (Funds-of-Funds):</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s consideration of ESG factors in selecting Underlying </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Funds for investment by the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund’s assets that will be allocated to Underlying Funds on the basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations other than ESG factors. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration of ESG factors, </span><span style="font-family:Arial;font-size:9.30pt;">when available, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Floating Rate Loans:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">(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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Foreign (Non-U.S.) Investments/Developing and Emerging Markets:</span><span style="font-family:Arial;font-size:9.30pt;"> Investing in foreign (non-U.S.) securities may result in </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> In addition, the threat of or actual imposition of tariffs may adversely impact the price of foreign (non-U.S.) securities.</span><span style="font-family:Arial;font-size:9.30pt;">Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Growth Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer’s growth potential </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">High-Yield Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Lower-quality securities including securities that are or have fallen below investment grade (commonly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“junk bonds”) have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">and price volatility.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Index Strategy (Funds-of-Funds):</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">performance and does not use defensive positions or attempt to reduce its exposure to poor performing securities in an index may underperform the overall market (each, an </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Underlying Index Fund”). To the extent an Underlying Index Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">investments track its target index, such Underlying Index Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between an Underlying Index Fund’s performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund's shares. The correlation between an Underlying Index Fund’s performance and index performance will be reduced by the Underlying Index Fund’s expenses and could be reduced by the timing of purchases and redemptions of the Underlying Index Fund’s shares. In addition, an Underlying Index Fund’s actual holdings might not match the index and an Underlying Index Fund’s effective exposure to index securities at any given time may not precisely correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. If the Fund invests in an Underlying Index Fund with higher expenses, the Fund's performance would be lower than if the Fund had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">have the effect of limiting or eliminating the amount of that underperformance).</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Inflation-Indexed Bonds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">value of the bond repaid at maturity may be less than the original principal.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Interest Rate:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Rising market interest rates have unpredictable effects on the markets and may expose debt and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Negative </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">will generally decrease when the market rate of interest to which the inverse debt instruments are indexed </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">return potential.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Liquidity:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">add to costs, and impair the ability of the Fund to achieve its investment objectives.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Capitalization:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be more volatile and may decline significantly in market downturns.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Disruption and Geopolitical:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Fund is subject to the risk that geopolitical events will disrupt securities markets </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Pandemics and other </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">disruptions may</span><span style="font-family:Arial;font-size:9.30pt;"> also create challenges for real estate markets,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including lower </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> occupancy rates ,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> decreased lease payments, defaults,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and foreclosures, among other consequences . Natural and environmental disasters and systemic market dislocations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">are also highly disruptive to economies and markets. </span><span style="font-family:Arial;font-size:9.30pt;">Military action by Russia in Ukraine, the prolonged conflict between </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and </span><span style="font-family:Arial;font-size:9.30pt;">may continue to result, in sanctions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> market disruptions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> declines in regional and global stock markets, unusual volatility </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in global commodity markets,</span><span style="font-family:Arial;font-size:9.30pt;"> and disruptions to energy production or transportation,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including through key shipping routes, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">any of which could adversely</span><span style="font-family:Arial;font-size:9.30pt;"> affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in the affected</span><span style="font-family:Arial;font-size:9.30pt;"> regions. The</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> escalation or </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> expansion of hostilities , </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including the involvement of</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> additional nations , could </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> introduce </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">further uncertainty and volatility in global energy</span><span style="font-family:Arial;font-size:9.30pt;">, commodity,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and financial markets. The extent and duration of </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> these conflicts , </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">related </span><span style="font-family:Arial;font-size:9.30pt;">sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">(or concerns or rumors about any </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">events of these kinds)</span><span style="font-family:Arial;font-size:9.30pt;">, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">may reduce liquidity in the market generally</span><span style="font-family:Arial;font-size:9.30pt;">. These events as well as other changes in foreign (non-U.S.) and domestic economic, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> Recent technological </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (</span><span style="font-family:Arial;font-size:9.30pt;">“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">future risks related thereto.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Natural Resources/Commodity Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The operations and financial performance of companies in natural resources industries </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">underlying commodity.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Prepayment and Extension:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Real Estate Companies and Real Estate Investment Trusts:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investing in real estate companies and REITs may subject the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars, or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management skill of the REIT’s sponsor. The Fund will indirectly bear its proportionate share of expenses, including management fees, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">paid by each REIT in which it invests.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Because the Fund invests primarily in Underlying Funds, the investment performance of the Fund is directly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">related to the investment performance of the Underlying Funds in which it invests. When the Fund invests in an Underlying Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Fund invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its investments than if it invested in a broader range of Underlying Funds. It is possible that more than one Underlying Fund will hold securities of the same issuers, thereby increasing the Fund’s indirect exposure to those issuers. It also is possible that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any Underlying Fund will be achieved. In addition, the Fund’s shareholders will indirectly bear </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">their proportionate share of the Underlying Funds’ fees and expenses, in addition to the fees and expenses of the Fund itself.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">U.S. Government Securities and Obligations:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> U.S. government securities are obligations of, or guaranteed by, the U.S. government, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">risk, and may be subject to varying degrees of credit risk.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Value Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings and industrial production. The manager may be wrong in its assessment of a company’s value and the securities the Fund holds may not reach their full values. Risks associated with value investing include that a security that is perceived by the manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Fund’s relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">funds that invest more broadly.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;margin-left:0%;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">the Federal Reserve Board or any other government agency</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Performance Information</span> <span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The following information is intended to help you understand the risks of investing in the Fund. </span><span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of </span><span style="font-family:Arial;font-size:9.30pt;">two broad-based securities market indices and an additional index with investment characteristics similar to those of the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund for the same period.</span><span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date 2040 Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span><span style="font-family:Arial;font-size:9.30pt;"> The Fund's performance information reflects applicable fee waivers and/or expense limitations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower.</span><span style="font-family:Arial;font-size:9.30pt;"> The bar chart shows the performance of the Fund's Class I shares.</span><span style="font-family:Arial;font-size:9.30pt;"> Performance for other share classes would differ </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">to the extent they have differences in their fees and expenses.</span><span style="font-family:Arial;font-size:9.30pt;"> The Class R shares performance shown for the period prior to their inception date is the performance of Class I shares adjusted for any differences in expenses between the classes.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund’s performance prior to April 27, 2021 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, the performance information shown would have been different.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> For the most recent performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">figures, go to </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> or call </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">.</span> <span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of </span><span style="font-family:Arial;font-size:9.30pt;">two broad-based securities market indices and an additional index with investment characteristics similar to those of the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund for the same period.</span> <span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date 2040 Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Calendar Year Total Returns </span><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Class I </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">(as of December 31 of each year)</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:f1062f96-6a9a-4906-ac26-dc4b26de8238">2</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">nd</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2020</span><span style="font-family:Arial;font-size:7.44pt;">18.19%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:f5a5233e-92b6-4173-9135-786250298f10">1</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">st</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2020</span><span style="font-family:Arial;font-size:7.44pt;">-19.48%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span><span style="font-family:Arial;font-size:7.44pt;">June 30, 2026</span><span style="font-family:Arial;font-size:7.44pt;">10.89%</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span> 0.1819 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span> -0.1948 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span> 2026-06-30 0.1089 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Average Annual Total Returns </span><span style="font-family:Arial;font-size:7.44pt;">% </span> <br/><span style="font-family:Arial;font-size:7.44pt;">(for the periods ended December 31, 2025)</span> 0.1209 0.0759 0.0932 2015-12-21 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1820 0.0918 0.1006 0.1912 0.0918 0.1026 2012-12-20 0.1541 0.0692 0.0844 0.1346 0.0666 0.0781 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1820 0.0918 0.1006 0.1856 0.0859 0.0970 2018-06-01 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1820 0.0918 0.1006 0.1916 0.0920 0.1030 2015-12-21 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1820 0.0918 0.1006 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns do not reflect deductions for fees, expenses, or taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;">After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:16.74pt;">Voya Target Retirement 2045 Fund  </span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Until the day prior to its Target Date (defined below), the Fund seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2045. On the Target Date, the Fund's investment objective will be to seek to provide </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;">You may pay </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;margin-left:0%;">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 132), in Appendix A to the Prospectus, or the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">94).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Agreement provides for a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“bundled fee” arrangement under which the Investment Adviser provides (in addition to advisory </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">services and administrative services), custodial, transfer agency, portfolio accounting, auditing and ordinary legal services in return for a single management fee. The Fund is responsible for applicable fees paid to financial intermediaries that maintain omnibus accounts and/or provide shareholder or participant record keeping services on behalf of their clients as well as any distribution or shareholder servicing plan payments, interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. The Fund pays these fees to financial intermediaries that are affiliates of the Investment Adviser, which will cause </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund’s “Other Expenses” set forth in the fee table below to increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span> 50000 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Shareholder Fees </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Fees paid directly from your investment</span> 0.0575 0 0 0 0 0 0 0 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Annual Fund Operating Expenses </span> <br/><span style="font-family:Arial;font-size:7.44pt;">Expenses you pay each year as a % of the value of your investment</span> 0.0018 0.0018 0.0018 0.0018 0.0025 0 0.0050 0 0.0001 0.0005 0.0001 0.0001 0.0014 0.0014 0.0014 0.0014 0.0058 0.0037 0.0083 0.0033 0 0 0 -0.0008 0.0058 0.0037 0.0083 0.0025 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">October 1, </span><span style="font-family:Arial Narrow;font-size:8pt;">2027</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Example reflects </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">time periods indicated.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 631 750 880 1259 38 119 208 468 85 265 460 1025 26 98 177 410 <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">(loads) were included, your costs would be higher.</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“turns over” its portfolio). A </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affect the Fund's performance.</span><span style="font-family:Arial;font-size:9.30pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.30pt;">32</span><span style="font-family:Arial;font-size:9.30pt;">% of the average value of its portfolio.</span> 0.32 <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund invests primarily in a combination of actively managed funds and passively managed index funds, including exchange-traded funds (</span><span style="font-family:Arial;font-size:9.30pt;">“ETFs”) (collectively, the “Underlying Funds”). The Underlying Funds may or may not be affiliated with the Investment </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Adviser. The Underlying Funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the Fund uses an asset allocation strategy designed for investors expecting to retire around the year 2045. The Fund's current approximate target investment allocation (expressed as a percentage of its net assets) (the </span><span style="font-family:Arial;font-size:9.30pt;">“Target Allocation”) among the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Underlying Funds is: </span><span style="font-family:Arial;font-size:9.30pt;">79% in equity securities and 21% in debt instruments. Although this is the Target Allocation, the actual allocation of the Fund's assets may deviate from the percentages shown.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The allocation of the Fund’s assets between Underlying Funds affiliated with the Investment Adviser and Underlying Funds that are not affiliated with the Investment Adviser will vary over time, although the sub-adviser (the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Sub-Adviser”) currently </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">expects to invest, under normal circumstances, at least 10% of the Fund’s assets, and as much as 85%, in Underlying Funds </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affiliated with the Investment Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“ESG”) factors as part of </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">if at all, will depend on the analysis and judgment of the Sub-Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to equity securities and debt instruments will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategy.The Fund will deviate from the Target Allocation based on an assessment of the current market conditions or other factors. Generally, the deviations fall within the range of +/- 10% of the Fund’s NAV, relative to the current Target Allocation. The Sub-Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Fund, achieve its investment objective, or take advantage of particular opportunities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Underlying Funds provide exposure to a wide range of traditional asset classes which include, but are not limited to: stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include, but are not </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">limited to: real estate, commodities, and floating rate loans. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Equity securities in which the Underlying Funds invest include, but are not limited to: domestic and international large-, mid-, and small-capitalization stocks (which may be growth oriented, value oriented, or a blend); emerging market securities; domestic and international real estate-related securities, including real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“REITs”); and natural resource/commodity-related securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Debt instruments in which the Underlying Funds invest include, but are not limited to: domestic and international (including emerging markets) long-, intermediate-, and short-term bonds; bonds rated below investment grade (sometimes referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“high-yield securities”, “high-yield bonds”, or “junk bonds”); floating rate loans; and U.S. Treasury Inflation Protected Securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">The Fund may invest in exchange-traded notes. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund may also invest in derivative instruments including, but not limited to, futures and swaps (including interest rate swaps, total return swaps, and credit default swaps), to make tactical asset allocations, as a substitute for taking a position </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">in the underlying asset, to seek to minimize risk, and to assist in managing cash.</span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund is structured and managed around a specific target retirement or financial goal date of 2045 (the </span><span style="font-family:Arial;font-size:9.30pt;">“Target Date”). </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Date is the approximate year that an investor in the Fund would plan to make withdrawals from the Fund for retirement or other financial goals. The chart below shows the glide path and illustrates how the Target Allocation to equity securities and debt instruments will change over time. Generally, the Fund's glide path will transition to the target </span><span style="font-family:Arial;font-size:9.30pt;">asset allocation illustrated </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">below on an annual basis and become more conservative as the Fund approaches the Target Date. As the Fund approaches its Target Date</span><span style="font-family:Arial;font-size:9.30pt;">, the Fund's Target Allocation is anticipated to be the same as that of Voya Target In-Retirement Fund, which is equal to approximately 35% equity securities and 65% debt instruments.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">As the Fund's Target Allocation migrates toward that of Voya Target In-Retirement Fund, by the Target Date, it is anticipated that the Fund would be merged with and into Voya Target In-Retirement Fund. Voya Target In-Retirement Fund uses an asset allocation strategy designed for investors who are expecting to retire soon, are already retired, or who are in need of making </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">withdrawals from their portfolio soon. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">In summary, the Fund is designed for an investor who plans to withdraw the value of the investor's investments in the Fund gradually on or after the Target Date. The mix of investments in the Fund's Target Allocation will change over time and seek to reduce investment risk as the Fund approaches its Target Date. The Target Allocation may be changed at any time by the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Sub-Adviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">You could lose money on an investment in the Fund, even near, at, or after the Target Date.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Affiliated Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s selection of Underlying Funds presents conflicts of interest. The net management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it selects for the Fund, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates, even if that results in increased expenses and potentially less favorable investment performance for the Fund. The Sub-Adviser may prefer to invest in an affiliated Underlying Fund over an unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve economies </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds, and the Sub-Adviser may implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">historical investment performance than the comparable affiliated Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Asset Allocation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investment performance depends on the manager’s skill in allocating assets among the asset classes in </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">which the Fund invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments. The Fund may underperform funds that allocate their assets differently than the Fund, due to differences in the relative performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">of asset classes and subsets of asset classes.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Bank Instruments:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">performance of the Fund.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Cash/Cash Equivalents:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investments in cash or cash equivalents may lower returns and result in potential lost opportunities </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to participate in market appreciation which could negatively impact the Fund’s performance and ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">objective.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Commodities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist for </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">certain commodity-related investments, which may make it difficult for the Fund to sell them at a desirable price or time.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Company:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The price of a company’s stock could decline or underperform for many reasons, including, among others, poor </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">stock could become worthless.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit Default Swaps:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“par value” (full notional value) of the swap in exchange for an equal face amount of deliverable </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund to different kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Currency:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> To the extent that the Fund invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">currency being hedged by the Fund through foreign currency exchange transactions. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Deflation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Deflation occurs when prices throughout the economy decline over time — the opposite of inflation. Unless repayment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the original bond principal upon maturity (as adjusted for inflation) is guaranteed, when there is deflation, the principal and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">income of an inflation-protected bond will decline and could result in losses.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Derivative Instruments:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Derivative instruments are subject to a number of risks, including the risk of changes in the market </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">price of the underlying asset, reference rate, or index</span><span style="font-family:Arial;font-size:9.30pt;">, credit risk with respect to the counterparty, risk of loss due to changes </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">as direct cash investment.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Environmental, Social, and Governance (Funds-of-Funds):</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s consideration of ESG factors in selecting Underlying </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Funds for investment by the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund’s assets that will be allocated to Underlying Funds on the basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations other than ESG factors. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration of ESG factors, </span><span style="font-family:Arial;font-size:9.30pt;">when available, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Floating Rate Loans:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">(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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Foreign (Non-U.S.) Investments/Developing and Emerging Markets:</span><span style="font-family:Arial;font-size:9.30pt;"> Investing in foreign (non-U.S.) securities may result in </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> In addition, the threat of or actual imposition of tariffs may adversely impact the price of foreign (non-U.S.) securities.</span><span style="font-family:Arial;font-size:9.30pt;">Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Growth Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer’s growth potential </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">High-Yield Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Lower-quality securities including securities that are or have fallen below investment grade (commonly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“junk bonds”) have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">and price volatility.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Index Strategy (Funds-of-Funds):</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">performance and does not use defensive positions or attempt to reduce its exposure to poor performing securities in an index may underperform the overall market (each, an </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Underlying Index Fund”). To the extent an Underlying Index Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">investments track its target index, such Underlying Index Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between an Underlying Index Fund’s performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund's shares. The correlation between an Underlying Index Fund’s performance and index performance will be reduced by the Underlying Index Fund’s expenses and could be reduced by the timing of purchases and redemptions of the Underlying Index Fund’s shares. In addition, an Underlying Index Fund’s actual holdings might not match the index and an Underlying Index Fund’s effective exposure to index securities at any given time may not precisely correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. If the Fund invests in an Underlying Index Fund with higher expenses, the Fund's performance would be lower than if the Fund had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">have the effect of limiting or eliminating the amount of that underperformance).</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Inflation-Indexed Bonds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">value of the bond repaid at maturity may be less than the original principal.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Interest Rate:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Rising market interest rates have unpredictable effects on the markets and may expose debt and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Negative </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">will generally decrease when the market rate of interest to which the inverse debt instruments are indexed </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">return potential.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Liquidity:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">to geopolitical events such as sanctions, trading halts, or wars. In addition, markets or securities may become illiquid quickly.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">add to costs, and impair the ability of the Fund to achieve its investment objectives. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Capitalization:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be more volatile and may decline significantly in market downturns.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Disruption and Geopolitical:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Fund is subject to the risk that geopolitical events will disrupt securities markets </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Pandemics and other </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">disruptions may</span><span style="font-family:Arial;font-size:9.30pt;"> also create challenges for real estate markets,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including lower </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> occupancy rates ,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> decreased lease payments, defaults,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and foreclosures, among other consequences . Natural and environmental disasters and systemic market dislocations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">are also highly disruptive to economies and markets. </span><span style="font-family:Arial;font-size:9.30pt;">Military action by Russia in Ukraine, the prolonged conflict between </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and </span><span style="font-family:Arial;font-size:9.30pt;">may continue to result, in sanctions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> market disruptions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> declines in regional and global stock markets, unusual volatility </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in global commodity markets,</span><span style="font-family:Arial;font-size:9.30pt;"> and disruptions to energy production or transportation,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including through key shipping routes, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">any of which could adversely</span><span style="font-family:Arial;font-size:9.30pt;"> affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in the affected</span><span style="font-family:Arial;font-size:9.30pt;"> regions. The</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> escalation or </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> expansion of hostilities , </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including the involvement of</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> additional nations , could </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> introduce </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">further uncertainty and volatility in global energy</span><span style="font-family:Arial;font-size:9.30pt;">, commodity,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and financial markets. The extent and duration of </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> these conflicts , </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">related </span><span style="font-family:Arial;font-size:9.30pt;">sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">(or concerns or rumors about any </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">events of these kinds)</span><span style="font-family:Arial;font-size:9.30pt;">, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">may reduce liquidity in the market generally</span><span style="font-family:Arial;font-size:9.30pt;">. These events as well as other changes in foreign (non-U.S.) and domestic economic, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> Recent technological </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (</span><span style="font-family:Arial;font-size:9.30pt;">“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">future risks related thereto.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Natural Resources/Commodity Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The operations and financial performance of companies in natural resources industries </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">underlying commodity.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Prepayment and Extension:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Real Estate Companies and Real Estate Investment Trusts:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investing in real estate companies and REITs may subject the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars, or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management skill of the REIT’s sponsor. The Fund will indirectly bear its proportionate share of expenses, including management fees, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">paid by each REIT in which it invests.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Because the Fund invests primarily in Underlying Funds, the investment performance of the Fund is directly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">related to the investment performance of the Underlying Funds in which it invests. When the Fund invests in an Underlying Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Fund invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its investments than if it invested in a broader range of Underlying Funds. It is possible that more than one Underlying Fund will hold securities of the same issuers, thereby increasing the Fund’s indirect exposure to those issuers. It also is possible that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any Underlying Fund will be achieved. In addition, the Fund’s shareholders will indirectly bear </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">their proportionate share of the Underlying Funds’ fees and expenses, in addition to the fees and expenses of the Fund itself.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">U.S. Government Securities and Obligations:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> U.S. government securities are obligations of, or guaranteed by, the U.S. government, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">risk, and may be subject to varying degrees of credit risk.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Value Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings and industrial production. The manager may be wrong in its assessment of a company’s value and the securities the Fund holds may not reach their full values. Risks associated with value investing include that a security that is perceived by the manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Fund’s relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">funds that invest more broadly.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;margin-left:0%;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">the Federal Reserve Board or any other government agency</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Performance Information</span> <span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The following information is intended to help you understand the risks of investing in the Fund. </span><span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of </span><span style="font-family:Arial;font-size:9.30pt;">two broad-based securities market indices and an additional index with investment characteristics similar to those of the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund for the same period.</span><span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date 2045 Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span><span style="font-family:Arial;font-size:9.30pt;"> The Fund's performance information reflects applicable fee waivers and/or expense limitations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower.</span><span style="font-family:Arial;font-size:9.30pt;"> The bar chart shows the performance of the Fund's Class I shares.</span><span style="font-family:Arial;font-size:9.30pt;"> Performance for other share classes would differ </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">to the extent they have differences in their fees and expenses.</span><span style="font-family:Arial;font-size:9.30pt;"> The Class R shares performance shown for the period prior to their inception date is the performance of Class I shares adjusted for any differences in expenses between the classes.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund’s performance prior to April 27, 2021 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, the performance information shown would have been different.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> For the most recent performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">figures, go to </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> or call </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">.</span> <span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of </span><span style="font-family:Arial;font-size:9.30pt;">two broad-based securities market indices and an additional index with investment characteristics similar to those of the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund for the same period.</span> <span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date 2045 Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Calendar Year Total Returns </span><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Class I </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">(as of December 31 of each year)</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:e9691af8-8a2f-4826-900e-df8080a89402">2</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">nd</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2020</span><span style="font-family:Arial;font-size:7.44pt;">19.05%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:b2bf1506-2636-4ee7-beff-5844fd0aaee5">1</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">st</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2020</span><span style="font-family:Arial;font-size:7.44pt;">-20.51%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span><span style="font-family:Arial;font-size:7.44pt;">June 30, 2026</span><span style="font-family:Arial;font-size:7.44pt;">11.55%</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span> 0.1905 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span> -0.2051 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span> 2026-06-30 0.1155 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Average Annual Total Returns </span><span style="font-family:Arial;font-size:7.44pt;">% </span> <br/><span style="font-family:Arial;font-size:7.44pt;">(for the periods ended December 31, 2025)</span> 0.1299 0.0833 0.0978 2015-12-21 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1948 0.0984 0.1054 0.2027 0.0998 0.1078 2012-12-20 0.1692 0.0754 0.0890 0.1378 0.0723 0.0824 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1948 0.0984 0.1054 0.1961 0.0933 0.1017 2018-06-01 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1948 0.0984 0.1054 0.2019 0.0999 0.1080 2015-12-21 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1948 0.0984 0.1054 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns do not reflect deductions for fees, expenses, or taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;">After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:16.74pt;">Voya Target Retirement 2050 Fund </span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Until the day prior to its Target Date (defined below), the Fund seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2050. On the Target Date, the Fund's investment objective will be to seek to provide </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;">You may pay </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;margin-left:0%;">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 132), in Appendix A to the Prospectus, or the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">94).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Agreement provides for a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“bundled fee” arrangement under which the Investment Adviser provides (in addition to advisory </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">services and administrative services), custodial, transfer agency, portfolio accounting, auditing and ordinary legal services in return for a single management fee. The Fund is responsible for applicable fees paid to financial intermediaries that maintain omnibus accounts and/or provide shareholder or participant record keeping services on behalf of their clients as well as any distribution or shareholder servicing plan payments, interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. The Fund pays these fees to financial intermediaries that are affiliates of the Investment Adviser, which will cause </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund’s “Other Expenses” set forth in the fee table below to increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span> 50000 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Shareholder Fees </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Fees paid directly from your investment</span> 0.0575 0 0 0 0 0 0 0 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Annual Fund Operating Expenses </span> <br/><span style="font-family:Arial;font-size:7.44pt;">Expenses you pay each year as a % of the value of your investment</span> 0.0018 0.0018 0.0018 0.0018 0.0025 0 0.0050 0 0.0003 0.0010 0.0003 0.0001 0.0014 0.0014 0.0014 0.0014 0.0060 0.0042 0.0085 0.0033 0 -0.0002 0 -0.0008 0.0060 0.0040 0.0085 0.0025 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">October 1, </span><span style="font-family:Arial Narrow;font-size:8pt;">2027</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Example reflects </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">time periods indicated.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 633 756 891 1282 41 133 233 528 87 271 471 1049 26 98 177 410 <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">(loads) were included, your costs would be higher.</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“turns over” its portfolio). A </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affect the Fund's performance.</span><span style="font-family:Arial;font-size:9.30pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.30pt;">42</span><span style="font-family:Arial;font-size:9.30pt;">% of the average value of its portfolio.</span> 0.42 <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund invests primarily in a combination of actively managed funds and passively managed index funds, including exchange-traded funds (</span><span style="font-family:Arial;font-size:9.30pt;">“ETFs”) (collectively, the “Underlying Funds”). The Underlying Funds may or may not be affiliated with the Investment </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Adviser. The Underlying Funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the Fund uses an asset allocation strategy designed for investors expecting to retire around the year 2050. The Fund's current approximate target investment allocation (expressed as a percentage of its net assets) (the </span><span style="font-family:Arial;font-size:9.30pt;">“Target Allocation”) among the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Underlying Funds is: </span><span style="font-family:Arial;font-size:9.30pt;">87% in equity securities and 13% in debt instruments. Although this is the Target Allocation, the actual allocation of the Fund's assets may deviate from the percentages shown.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The allocation of the Fund’s assets between Underlying Funds affiliated with the Investment Adviser and Underlying Funds that are not affiliated with the Investment Adviser will vary over time, although the sub-adviser (the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Sub-Adviser”) currently </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">expects to invest, under normal circumstances, at least 10% of the Fund’s assets, and as much as 85%, in Underlying Funds </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affiliated with the Investment Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“ESG”) factors as part of </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">if at all, will depend on the analysis and judgment of the Sub-Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to equity securities and debt instruments will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategy.The Fund will deviate from the Target Allocation based on an assessment of the current market conditions or other factors. Generally, the deviations fall within the range of +/- 10% of the Fund’s NAV, relative to the current Target Allocation. The Sub-Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Fund, achieve its investment objective, or take advantage of particular opportunities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Underlying Funds provide exposure to a wide range of traditional asset classes which include, but are not limited to: stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include, but are not </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">limited to: real estate, commodities, and floating rate loans. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Equity securities in which the Underlying Funds invest include, but are not limited to: domestic and international large-, mid-, and small-capitalization stocks (which may be growth oriented, value oriented, or a blend); emerging market securities; domestic and international real estate-related securities, including real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“REITs”); and natural resource/commodity-related securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Debt instruments in which the Underlying Funds invest include, but are not limited to: domestic and international (including emerging markets) long-, intermediate-, and short-term bonds; bonds rated below investment grade (sometimes referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“high-yield securities”, “high-yield bonds”, or “junk bonds”); floating rate loans; and U.S. Treasury Inflation Protected Securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">The Fund may invest in exchange-traded notes. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund may also invest in derivative instruments including, but not limited to, futures and swaps (including interest rate swaps, total return swaps, and credit default swaps), to make tactical asset allocations, as a substitute for taking a position </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">in the underlying asset, to seek to minimize risk, and to assist in managing cash.</span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund is structured and managed around a specific target retirement or financial goal date of 2050 (the </span><span style="font-family:Arial;font-size:9.30pt;">“Target Date”). </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Date is the approximate year that an investor in the Fund would plan to make withdrawals from the Fund for retirement or other financial goals. The chart below shows the glide path and illustrates how the Target Allocation to equity securities and debt instruments will change over time. Generally, the Fund's glide path will transition to the target </span><span style="font-family:Arial;font-size:9.30pt;">asset allocation illustrated </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">below on an annual basis and become more conservative as the Fund approaches the Target Date. As the Fund approaches its Target Date</span><span style="font-family:Arial;font-size:9.30pt;">, the Fund's Target Allocation is anticipated to be the same as that of Voya Target In-Retirement Fund, which is equal to approximately 35% equity securities and 65% debt instruments.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">As the Fund's Target Allocation migrates toward that of Voya Target In-Retirement Fund, by the Target Date, it is anticipated that the Fund would be merged with and into Voya Target In-Retirement Fund. Voya Target In-Retirement Fund uses an asset allocation strategy designed for investors who are expecting to retire soon, are already retired, or who are in need of making </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">withdrawals from their portfolio soon. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">In summary, the Fund is designed for an investor who plans to withdraw the value of the investor's investments in the Fund gradually on or after the Target Date. The mix of investments in the Fund's Target Allocation will change over time and seek to reduce investment risk as the Fund approaches its Target Date. The Target Allocation may be changed at any time by the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Sub-Adviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">You could lose money on an investment in the Fund, even near, at, or after the Target Date.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Affiliated Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s selection of Underlying Funds presents conflicts of interest. The net management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it selects for the Fund, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates, even if that results in increased expenses and potentially less favorable investment performance for the Fund. The Sub-Adviser may prefer to invest in an affiliated Underlying Fund over an unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve economies </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds, and the Sub-Adviser may implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">historical investment performance than the comparable affiliated Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Asset Allocation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investment performance depends on the manager’s skill in allocating assets among the asset classes in </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">which the Fund invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments. The Fund may underperform funds that allocate their assets differently than the Fund, due to differences in the relative performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">of asset classes and subsets of asset classes.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Bank Instruments:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">performance of the Fund.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Cash/Cash Equivalents:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investments in cash or cash equivalents may lower returns and result in potential lost opportunities </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to participate in market appreciation which could negatively impact the Fund’s performance and ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">objective.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Commodities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist for </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">certain commodity-related investments, which may make it difficult for the Fund to sell them at a desirable price or time.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Company:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The price of a company’s stock could decline or underperform for many reasons, including, among others, poor </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">stock could become worthless.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit Default Swaps:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“par value” (full notional value) of the swap in exchange for an equal face amount of deliverable </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund to different kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Currency:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> To the extent that the Fund invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">currency being hedged by the Fund through foreign currency exchange transactions. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Deflation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Deflation occurs when prices throughout the economy decline over time — the opposite of inflation. Unless repayment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the original bond principal upon maturity (as adjusted for inflation) is guaranteed, when there is deflation, the principal and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">income of an inflation-protected bond will decline and could result in losses.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Derivative Instruments:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Derivative instruments are subject to a number of risks, including the risk of changes in the market </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">price of the underlying asset, reference rate, or index</span><span style="font-family:Arial;font-size:9.30pt;">, credit risk with respect to the counterparty, risk of loss due to changes </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">as direct cash investment.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Environmental, Social, and Governance (Funds-of-Funds):</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s consideration of ESG factors in selecting Underlying </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Funds for investment by the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund’s assets that will be allocated to Underlying Funds on the basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations other than ESG factors. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration of ESG factors, </span><span style="font-family:Arial;font-size:9.30pt;">when available, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Floating Rate Loans:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">(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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Foreign (Non-U.S.) Investments/Developing and Emerging Markets:</span><span style="font-family:Arial;font-size:9.30pt;"> Investing in foreign (non-U.S.) securities may result in </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> In addition, the threat of or actual imposition of tariffs may adversely impact the price of foreign (non-U.S.) securities.</span><span style="font-family:Arial;font-size:9.30pt;">Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Growth Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer’s growth potential </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">High-Yield Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Lower-quality securities including securities that are or have fallen below investment grade (commonly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“junk bonds”) have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">and price volatility.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Index Strategy (Funds-of-Funds):</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">performance and does not use defensive positions or attempt to reduce its exposure to poor performing securities in an index may underperform the overall market (each, an </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Underlying Index Fund”). To the extent an Underlying Index Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">investments track its target index, such Underlying Index Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between an Underlying Index Fund’s performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund's shares. The correlation between an Underlying Index Fund’s performance and index performance will be reduced by the Underlying Index Fund’s expenses and could be reduced by the timing of purchases and redemptions of the Underlying Index Fund’s shares. In addition, an Underlying Index Fund’s actual holdings might not match the index and an Underlying Index Fund’s effective exposure to index securities at any given time may not precisely correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. If the Fund invests in an Underlying Index Fund with higher expenses, the Fund's performance would be lower than if the Fund had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">have the effect of limiting or eliminating the amount of that underperformance).</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Inflation-Indexed Bonds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">value of the bond repaid at maturity may be less than the original principal.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Interest Rate:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Rising market interest rates have unpredictable effects on the markets and may expose debt and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Negative </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">will generally decrease when the market rate of interest to which the inverse debt instruments are indexed </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">return potential.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Liquidity:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">to geopolitical events such as sanctions, trading halts, or wars. In addition, markets or securities may become illiquid quickly.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">add to costs, and impair the ability of the Fund to achieve its investment objectives. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Capitalization:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be more volatile and may decline significantly in market downturns.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Disruption and Geopolitical:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Fund is subject to the risk that geopolitical events will disrupt securities markets </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Pandemics and other </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">disruptions may</span><span style="font-family:Arial;font-size:9.30pt;"> also create challenges for real estate markets,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including lower </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> occupancy rates ,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> decreased lease payments, defaults,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and foreclosures, among other consequences . Natural and environmental disasters and systemic market dislocations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">are also highly disruptive to economies and markets. </span><span style="font-family:Arial;font-size:9.30pt;">Military action by Russia in Ukraine, the prolonged conflict between </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and </span><span style="font-family:Arial;font-size:9.30pt;">may continue to result, in sanctions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> market disruptions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> declines in regional and global stock markets, unusual volatility </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in global commodity markets,</span><span style="font-family:Arial;font-size:9.30pt;"> and disruptions to energy production or transportation,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including through key shipping routes, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">any of which could adversely</span><span style="font-family:Arial;font-size:9.30pt;"> affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in the affected</span><span style="font-family:Arial;font-size:9.30pt;"> regions. The</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> escalation or </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> expansion of hostilities , </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including the involvement of</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> additional nations , could </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> introduce </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">further uncertainty and volatility in global energy</span><span style="font-family:Arial;font-size:9.30pt;">, commodity,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and financial markets. The extent and duration of </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> these conflicts , </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">related </span><span style="font-family:Arial;font-size:9.30pt;">sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">(or concerns or rumors about any </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">events of these kinds)</span><span style="font-family:Arial;font-size:9.30pt;">, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">may reduce liquidity in the market generally</span><span style="font-family:Arial;font-size:9.30pt;">. These events as well as other changes in foreign (non-U.S.) and domestic economic, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> Recent technological </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (</span><span style="font-family:Arial;font-size:9.30pt;">“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">future risks related thereto.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Natural Resources/Commodity Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The operations and financial performance of companies in natural resources industries </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">underlying commodity.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Prepayment and Extension:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Real Estate Companies and Real Estate Investment Trusts:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investing in real estate companies and REITs may subject the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars, or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management skill of the REIT’s sponsor. The Fund will indirectly bear its proportionate share of expenses, including management fees, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">paid by each REIT in which it invests.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Because the Fund invests primarily in Underlying Funds, the investment performance of the Fund is directly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">related to the investment performance of the Underlying Funds in which it invests. When the Fund invests in an Underlying Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Fund invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its investments than if it invested in a broader range of Underlying Funds. It is possible that more than one Underlying Fund will hold securities of the same issuers, thereby increasing the Fund’s indirect exposure to those issuers. It also is possible that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any Underlying Fund will be achieved. In addition, the Fund’s shareholders will indirectly bear </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">their proportionate share of the Underlying Funds’ fees and expenses, in addition to the fees and expenses of the Fund itself.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">U.S. Government Securities and Obligations:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> U.S. government securities are obligations of, or guaranteed by, the U.S. government, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">risk, and may be subject to varying degrees of credit risk.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Value Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings and industrial production. The manager may be wrong in its assessment of a company’s value and the securities the Fund holds may not reach their full values. Risks associated with value investing include that a security that is perceived by the manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Fund’s relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">funds that invest more broadly.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;margin-left:0%;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">the Federal Reserve Board or any other government agency</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Performance Information</span> <span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The following information is intended to help you understand the risks of investing in the Fund. </span><span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of </span><span style="font-family:Arial;font-size:9.30pt;">two broad-based securities market indices and an additional index with investment characteristics similar to those of the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund for the same period.</span><span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date 2050 Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span><span style="font-family:Arial;font-size:9.30pt;"> The Fund's performance information reflects applicable fee waivers and/or expense limitations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower.</span><span style="font-family:Arial;font-size:9.30pt;"> The bar chart shows the performance of the Fund's Class I shares.</span><span style="font-family:Arial;font-size:9.30pt;"> Performance for other share classes would differ </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">to the extent they have differences in their fees and expenses.</span><span style="font-family:Arial;font-size:9.30pt;"> The Class R shares performance shown for the period prior to their inception date is the performance of Class I shares adjusted for any differences in expenses between the classes.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund’s performance prior to April 27, 2021 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, the performance information shown would have been different.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> For the most recent performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">figures, go to </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> or call </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">.</span> <span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of </span><span style="font-family:Arial;font-size:9.30pt;">two broad-based securities market indices and an additional index with investment characteristics similar to those of the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund for the same period.</span> <span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date 2050 Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Calendar Year Total Returns </span><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Class I </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">(as of December 31 of each year)</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:x_06e3aa7c-6c14-4f76-9c58-e7d5b6b210e9">2</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">nd</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2020</span><span style="font-family:Arial;font-size:7.44pt;">19.26%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:x_478c220e-6cf0-4736-8db3-6e72694501cb">1</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">st</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2020</span><span style="font-family:Arial;font-size:7.44pt;">-20.88%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span><span style="font-family:Arial;font-size:7.44pt;">June 30, 2026</span><span style="font-family:Arial;font-size:7.44pt;">12%</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span> 0.1926 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span> -0.2088 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span> 2026-06-30 0.12 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Average Annual Total Returns </span><span style="font-family:Arial;font-size:7.44pt;">% </span> <br/><span style="font-family:Arial;font-size:7.44pt;">(for the periods ended December 31, 2025)</span> 0.1348 0.0851 0.0988 2015-12-21 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1956 0.1013 0.1079 0.2072 0.1014 0.1086 2012-12-20 0.1655 0.0771 0.0899 0.1486 0.0743 0.0836 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1956 0.1013 0.1079 0.2013 0.0951 0.1026 2018-06-01 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1956 0.1013 0.1079 0.2078 0.1017 0.1090 2015-12-21 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1956 0.1013 0.1079 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns do not reflect deductions for fees, expenses, or taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;">After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:16.74pt;">Voya Target Retirement 2055 Fund  </span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Until the day prior to its Target Date (defined below), the Fund seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2055. On the Target Date, the Fund's investment objective will be to seek to provide </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;">You may pay </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;margin-left:0%;">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 132), in Appendix A to the Prospectus, or the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">94).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Agreement provides for a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“bundled fee” arrangement under which the Investment Adviser provides (in addition to advisory </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">services and administrative services), custodial, transfer agency, portfolio accounting, auditing and ordinary legal services in return for a single management fee. The Fund is responsible for applicable fees paid to financial intermediaries that maintain omnibus accounts and/or provide shareholder or participant record keeping services on behalf of their clients as well as any distribution or shareholder servicing plan payments, interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. The Fund pays these fees to financial intermediaries that are affiliates of the Investment Adviser, which will cause </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund’s “Other Expenses” set forth in the fee table below to increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span> 50000 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Shareholder Fees </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Fees paid directly from your investment</span> 0.0575 0 0 0 0 0 0 0 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Annual Fund Operating Expenses </span> <br/><span style="font-family:Arial;font-size:7.44pt;">Expenses you pay each year as a % of the value of your investment</span> 0.0018 0.0018 0.0018 0.0018 0.0025 0 0.0050 0 0.0001 0.0011 0.0001 0.0001 0.0014 0.0014 0.0014 0.0014 0.0058 0.0043 0.0083 0.0033 0 -0.0003 0 -0.0008 0.0058 0.0040 0.0083 0.0025 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">October 1, </span><span style="font-family:Arial Narrow;font-size:8pt;">2027</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Example reflects </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">time periods indicated.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 631 750 880 1259 41 135 238 539 85 265 460 1025 26 98 177 410 <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">(loads) were included, your costs would be higher.</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“turns over” its portfolio). A </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affect the Fund's performance.</span><span style="font-family:Arial;font-size:9.30pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.30pt;">35</span><span style="font-family:Arial;font-size:9.30pt;">% of the average value of its portfolio.</span> 0.35 <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Principal Investment Strategies</span> <span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund invests primarily in a combination of actively managed funds and passively managed index funds, including exchange-traded funds (</span><span style="font-family:Arial;font-size:9.30pt;">“ETFs”) (collectively, the “Underlying Funds”). The Underlying Funds may or may not be affiliated with the Investment </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Adviser. The Underlying Funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the Fund uses an asset allocation strategy designed for investors expecting to retire around the year 2055. The Fund's current approximate target investment allocation (expressed as a percentage of its net assets) (the </span><span style="font-family:Arial;font-size:9.30pt;">“Target Allocation”) among the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Underlying Funds is: </span><span style="font-family:Arial;font-size:9.30pt;">94% in equity securities and 6% in debt instruments. Although this is the Target Allocation, the actual allocation of the Fund's assets may deviate from the percentages shown.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The allocation of the Fund’s assets between Underlying Funds affiliated with the Investment Adviser and Underlying Funds that are not affiliated with the Investment Adviser will vary over time, although the sub-adviser (the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Sub-Adviser”) currently </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">expects to invest, under normal circumstances, at least 10% of the Fund’s assets, and as much as 85%, in Underlying Funds </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affiliated with the Investment Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“ESG”) factors as part of </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">if at all, will depend on the analysis and judgment of the Sub-Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to equity securities and debt instruments will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategy.The Fund will deviate from the Target Allocation based on an assessment of the current market conditions or other factors. Generally, the deviations fall within the range of +/- 10% of the Fund’s NAV, relative to the current Target Allocation. The Sub-Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Fund, achieve its investment objective, or take advantage of particular opportunities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Underlying Funds provide exposure to a wide range of traditional asset classes which include, but are not limited to: stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include, but are not </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">limited to: real estate, commodities, and floating rate loans. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Equity securities in which the Underlying Funds invest include, but are not limited to: domestic and international large-, mid-, and small-capitalization stocks (which may be growth oriented, value oriented, or a blend); emerging market securities; domestic and international real estate-related securities, including real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“REITs”); and natural resource/commodity-related securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Debt instruments in which the Underlying Funds invest include, but are not limited to: domestic and international (including emerging markets) long-, intermediate-, and short-term bonds; bonds rated below investment grade (sometimes referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“high-yield securities”, “high-yield bonds”, or “junk bonds”); floating rate loans; and U.S. Treasury Inflation Protected Securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">The Fund may invest in exchange-traded notes. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund may also invest in derivative instruments including, but not limited to, futures and swaps (including interest rate swaps, total return swaps, and credit default swaps), to make tactical asset allocations, as a substitute for taking a position </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">in the underlying asset, to seek to minimize risk, and to assist in managing cash.</span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund is structured and managed around a specific target retirement or financial goal date of 2055 (the </span><span style="font-family:Arial;font-size:9.30pt;">“Target Date”). </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Date is the approximate year that an investor in the Fund would plan to make withdrawals from the Fund for retirement or other financial goals. The chart below shows the glide path and illustrates how the Target Allocation to equity securities and debt instruments will change over time. Generally, the Fund's glide path will transition to the target </span><span style="font-family:Arial;font-size:9.30pt;">asset allocation illustrated </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">below on an annual basis and become more conservative as the Fund approaches the Target Date. As the Fund approaches its Target Date</span><span style="font-family:Arial;font-size:9.30pt;">, the Fund's Target Allocation is anticipated to be the same as that of Voya Target In-Retirement Fund, which is equal to approximately 35% equity securities and 65% debt instruments.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">As the Fund's Target Allocation migrates toward that of Voya Target In-Retirement Fund, by the Target Date, it is anticipated that the Fund would be merged with and into Voya Target In-Retirement Fund. Voya Target In-Retirement Fund uses an asset allocation strategy designed for investors who are expecting to retire soon, are already retired, or who are in need of making </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">withdrawals from their portfolio soon. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">In summary, the Fund is designed for an investor who plans to withdraw the value of the investor's investments in the Fund gradually on or after the Target Date. The mix of investments in the Fund's Target Allocation will change over time and seek to reduce investment risk as the Fund approaches its Target Date. The Target Allocation may be changed at any time by the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Sub-Adviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">You could lose money on an investment in the Fund, even near, at, or after the Target Date.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Affiliated Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s selection of Underlying Funds presents conflicts of interest. The net management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it selects for the Fund, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates, even if that results in increased expenses and potentially less favorable investment performance for the Fund. The Sub-Adviser may prefer to invest in an affiliated Underlying Fund over an unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve economies </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds, and the Sub-Adviser may implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">historical investment performance than the comparable affiliated Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Asset Allocation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investment performance depends on the manager’s skill in allocating assets among the asset classes in </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">which the Fund invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments. The Fund may underperform funds that allocate their assets differently than the Fund, due to differences in the relative performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">of asset classes and subsets of asset classes.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Bank Instruments:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">performance of the Fund.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Cash/Cash Equivalents:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investments in cash or cash equivalents may lower returns and result in potential lost opportunities </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to participate in market appreciation which could negatively impact the Fund’s performance and ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">objective.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Commodities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist for </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">certain commodity-related investments, which may make it difficult for the Fund to sell them at a desirable price or time.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Company:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The price of a company’s stock could decline or underperform for many reasons, including, among others, poor </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">stock could become worthless.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit Default Swaps:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“par value” (full notional value) of the swap in exchange for an equal face amount of deliverable </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund to different kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Currency:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> To the extent that the Fund invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">currency being hedged by the Fund through foreign currency exchange transactions. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Deflation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Deflation occurs when prices throughout the economy decline over time — the opposite of inflation. Unless repayment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the original bond principal upon maturity (as adjusted for inflation) is guaranteed, when there is deflation, the principal and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">income of an inflation-protected bond will decline and could result in losses.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Derivative Instruments:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Derivative instruments are subject to a number of risks, including the risk of changes in the market </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">price of the underlying asset, reference rate, or index</span><span style="font-family:Arial;font-size:9.30pt;">, credit risk with respect to the counterparty, risk of loss due to changes </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">as direct cash investment.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Environmental, Social, and Governance (Funds-of-Funds):</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s consideration of ESG factors in selecting Underlying </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Funds for investment by the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund’s assets that will be allocated to Underlying Funds on the basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations other than ESG factors. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration of ESG factors, </span><span style="font-family:Arial;font-size:9.30pt;">when available, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Floating Rate Loans:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">(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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Foreign (Non-U.S.) Investments/Developing and Emerging Markets:</span><span style="font-family:Arial;font-size:9.30pt;"> Investing in foreign (non-U.S.) securities may result in </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> In addition, the threat of or actual imposition of tariffs may adversely impact the price of foreign (non-U.S.) securities.</span><span style="font-family:Arial;font-size:9.30pt;">Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Growth Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer’s growth potential </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">High-Yield Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Lower-quality securities including securities that are or have fallen below investment grade (commonly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“junk bonds”) have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">and price volatility.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Index Strategy (Funds-of-Funds):</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">performance and does not use defensive positions or attempt to reduce its exposure to poor performing securities in an index may underperform the overall market (each, an </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Underlying Index Fund”). To the extent an Underlying Index Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">investments track its target index, such Underlying Index Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between an Underlying Index Fund’s performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund's shares. The correlation between an Underlying Index Fund’s performance and index performance will be reduced by the Underlying Index Fund’s expenses and could be reduced by the timing of purchases and redemptions of the Underlying Index Fund’s shares. In addition, an Underlying Index Fund’s actual holdings might not match the index and an Underlying Index Fund’s effective exposure to index securities at any given time may not precisely correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. If the Fund invests in an Underlying Index Fund with higher expenses, the Fund's performance would be lower than if the Fund had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">have the effect of limiting or eliminating the amount of that underperformance).</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Inflation-Indexed Bonds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">value of the bond repaid at maturity may be less than the original principal.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Interest Rate:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Rising market interest rates have unpredictable effects on the markets and may expose debt and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Negative </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">will generally decrease when the market rate of interest to which the inverse debt instruments are indexed </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">return potential.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Liquidity:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">to geopolitical events such as sanctions, trading halts, or wars. In addition, markets or securities may become illiquid quickly.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">add to costs, and impair the ability of the Fund to achieve its investment objectives. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Capitalization:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be more volatile and may decline significantly in market downturns.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Disruption and Geopolitical:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Fund is subject to the risk that geopolitical events will disrupt securities markets </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Pandemics and other </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">disruptions may</span><span style="font-family:Arial;font-size:9.30pt;"> also create challenges for real estate markets,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including lower </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> occupancy rates ,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> decreased lease payments, defaults,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and foreclosures, among other consequences . Natural and environmental disasters and systemic market dislocations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">are also highly disruptive to economies and markets. </span><span style="font-family:Arial;font-size:9.30pt;">Military action by Russia in Ukraine, the prolonged conflict between </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and </span><span style="font-family:Arial;font-size:9.30pt;">may continue to result, in sanctions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> market disruptions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> declines in regional and global stock markets, unusual volatility </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in global commodity markets,</span><span style="font-family:Arial;font-size:9.30pt;"> and disruptions to energy production or transportation,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including through key shipping routes, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">any of which could adversely</span><span style="font-family:Arial;font-size:9.30pt;"> affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in the affected</span><span style="font-family:Arial;font-size:9.30pt;"> regions. The</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> escalation or </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> expansion of hostilities , </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including the involvement of</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> additional nations , could </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> introduce </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">further uncertainty and volatility in global energy</span><span style="font-family:Arial;font-size:9.30pt;">, commodity,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and financial markets. The extent and duration of </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> these conflicts , </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">related </span><span style="font-family:Arial;font-size:9.30pt;">sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">(or concerns or rumors about any </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">events of these kinds)</span><span style="font-family:Arial;font-size:9.30pt;">, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">may reduce liquidity in the market generally</span><span style="font-family:Arial;font-size:9.30pt;">. These events as well as other changes in foreign (non-U.S.) and domestic economic, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> Recent technological </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (</span><span style="font-family:Arial;font-size:9.30pt;">“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">future risks related thereto.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Natural Resources/Commodity Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The operations and financial performance of companies in natural resources industries </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">underlying commodity.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Prepayment and Extension:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Real Estate Companies and Real Estate Investment Trusts:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investing in real estate companies and REITs may subject the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars, or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management skill of the REIT’s sponsor. The Fund will indirectly bear its proportionate share of expenses, including management fees, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">paid by each REIT in which it invests.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Because the Fund invests primarily in Underlying Funds, the investment performance of the Fund is directly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">related to the investment performance of the Underlying Funds in which it invests. When the Fund invests in an Underlying Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Fund invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its investments than if it invested in a broader range of Underlying Funds. It is possible that more than one Underlying Fund will hold securities of the same issuers, thereby increasing the Fund’s indirect exposure to those issuers. It also is possible that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any Underlying Fund will be achieved. In addition, the Fund’s shareholders will indirectly bear </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">their proportionate share of the Underlying Funds’ fees and expenses, in addition to the fees and expenses of the Fund itself.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">U.S. Government Securities and Obligations:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> U.S. government securities are obligations of, or guaranteed by, the U.S. government, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">risk, and may be subject to varying degrees of credit risk.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Value Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings and industrial production. The manager may be wrong in its assessment of a company’s value and the securities the Fund holds may not reach their full values. Risks associated with value investing include that a security that is perceived by the manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Fund’s relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">funds that invest more broadly.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;margin-left:0%;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">the Federal Reserve Board or any other government agency</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Performance Information</span> <span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The following information is intended to help you understand the risks of investing in the Fund. </span><span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of </span><span style="font-family:Arial;font-size:9.30pt;">two broad-based securities market indices and an additional index with investment characteristics similar to those of the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund for the same period.</span><span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date 2055 Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span><span style="font-family:Arial;font-size:9.30pt;"> The Fund's performance information reflects applicable fee waivers and/or expense limitations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower.</span><span style="font-family:Arial;font-size:9.30pt;"> The bar chart shows the performance of the Fund's Class I shares.</span><span style="font-family:Arial;font-size:9.30pt;"> Performance for other share classes would differ </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">to the extent they have differences in their fees and expenses.</span><span style="font-family:Arial;font-size:9.30pt;"> The Class R shares performance shown for the period prior to their inception date is the performance of Class I shares adjusted for any differences in expenses between the classes.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund’s performance prior to April 27, 2021 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, the performance information shown would have been different.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> For the most recent performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">figures, go to </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> or call </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">.</span> <span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of </span><span style="font-family:Arial;font-size:9.30pt;">two broad-based securities market indices and an additional index with investment characteristics similar to those of the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund for the same period.</span> <span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date 2055 Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Calendar Year Total Returns </span><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Class I </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">(as of December 31 of each year)</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:dc46f8f0-bb41-4bc5-9a8c-55aa5ee70ffa">2</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">nd</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2020</span><span style="font-family:Arial;font-size:7.44pt;">19.45%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:x_2acbe632-2e19-41d1-b69e-724346b1cd6b">1</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">st</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2020</span><span style="font-family:Arial;font-size:7.44pt;">-21.02%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span><span style="font-family:Arial;font-size:7.44pt;">June 30, 2026</span><span style="font-family:Arial;font-size:7.44pt;">12.44%</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span> 0.1945 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span> -0.2102 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span> 2026-06-30 0.1244 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Average Annual Total Returns </span><span style="font-family:Arial;font-size:7.44pt;">% </span> <br/><span style="font-family:Arial;font-size:7.44pt;">(for the periods ended December 31, 2025)</span> 0.1359 0.0856 0.0994 2015-12-21 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.2006 0.1027 0.1091 0.2082 0.1020 0.1093 2012-12-20 0.1748 0.0774 0.0902 0.1415 0.0740 0.0836 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.2006 0.1027 0.1091 0.2033 0.0958 0.1031 2018-06-01 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.2006 0.1027 0.1091 0.2083 0.1026 0.1098 2015-12-21 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.2006 0.1027 0.1091 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns do not reflect deductions for fees, expenses, or taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;">After-tax returns are shown for Class I shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:16.74pt;">Voya Target Retirement 2060 Fund </span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Until the day prior to its Target Date (defined below), the Fund seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2060. On the Target Date, the Fund's investment objective will be to seek to provide </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;">You may pay </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;margin-left:0%;">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 132), in Appendix A to the Prospectus, or the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">94).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Agreement provides for a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“bundled fee” arrangement under which the Investment Adviser provides (in addition to advisory </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">services and administrative services), custodial, transfer agency, portfolio accounting, auditing and ordinary legal services in return for a single management fee. The Fund is responsible for applicable fees paid to financial intermediaries that maintain omnibus accounts and/or provide shareholder or participant record keeping services on behalf of their clients as well as any distribution or shareholder servicing plan payments, interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. The Fund pays these fees to financial intermediaries that are affiliates of the Investment Adviser, which will cause </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund’s “Other Expenses” set forth in the fee table below to increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span> 50000 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Shareholder Fees </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Fees paid directly from your investment</span> 0.0575 0 0 0 0 0 0 0 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Annual Fund Operating Expenses </span> <br/><span style="font-family:Arial;font-size:7.44pt;">Expenses you pay each year as a % of the value of your investment</span> 0.0018 0.0018 0.0018 0.0018 0.0025 0 0.0050 0 0.0004 0.0013 0.0004 0.0001 0.0014 0.0014 0.0014 0.0014 0.0061 0.0045 0.0086 0.0033 0 -0.0005 0 -0.0008 0.0061 0.0040 0.0086 0.0025 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Total Annual Fund Operating Expenses may be higher than the Fund’s ratio of expenses to average net assets shown in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">October 1, </span><span style="font-family:Arial Narrow;font-size:8pt;">2027</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Example reflects </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">time periods indicated.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 634 759 896 1293 41 139 247 562 88 274 477 1061 26 98 177 410 <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">(loads) were included, your costs would be higher.</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“turns over” its portfolio). A </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affect the Fund's performance.</span><span style="font-family:Arial;font-size:9.30pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.30pt;">39</span><span style="font-family:Arial;font-size:9.30pt;">% of the average value of its portfolio.</span> 0.39 <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund invests primarily in a combination of actively managed funds and passively managed index funds, including exchange-traded funds (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“ETFs”) (collectively, the “Underlying Funds”). The Underlying Funds may or may not be affiliated with the Investment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Adviser. The Underlying Funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the Fund uses an asset allocation strategy designed for investors expecting to retire around the year 2060. The Fund's current approximate target investment allocation (expressed as a percentage of its net assets) (the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Target Allocation”) among the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Underlying Funds is: 95% in equity securities and 5% in debt instruments. Although this is the Target Allocation, the actual </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">allocation of the Fund's assets may deviate from the percentages shown.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The allocation of the Fund’s assets between Underlying Funds affiliated with the Investment Adviser and Underlying Funds that are not affiliated with the Investment Adviser will vary over time, although the sub-adviser (the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Sub-Adviser”) currently </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">expects to invest, under normal circumstances, at least 10% of the Fund’s assets, and as much as 85%, in Underlying Funds </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affiliated with the Investment Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“ESG”) factors as part of </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">if at all, will depend on the analysis and judgment of the Sub-Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to equity securities and debt instruments will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategy.The Fund will deviate from the Target Allocation based on an assessment of the current market conditions or other factors. Generally, the deviations fall within the range of +/- 10% of the Fund’s NAV, relative to the current Target Allocation. The Sub-Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Fund, achieve its investment objective, or take advantage of particular opportunities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Underlying Funds provide exposure to a wide range of traditional asset classes which include, but are not limited to: stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include, but are not </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">limited to: real estate, commodities, and floating rate loans. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Equity securities in which the Underlying Funds invest include, but are not limited to: domestic and international large-, mid-, and small-capitalization stocks (which may be growth oriented, value oriented, or a blend); emerging market securities; domestic and international real estate-related securities, including real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“REITs”); and natural resource/commodity-related securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Debt instruments in which the Underlying Funds invest include, but are not limited to: domestic and international (including emerging markets) long-, intermediate-, and short-term bonds; bonds rated below investment grade (sometimes referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“high-yield securities”, “high-yield bonds”, or “junk bonds”); floating rate loans; and U.S. Treasury Inflation Protected Securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">The Fund may invest in exchange-traded notes. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund may also invest in derivative instruments including, but not limited to, futures and swaps (including interest rate swaps, total return swaps, and credit default swaps), to make tactical asset allocations, as a substitute for taking a position </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">in the underlying asset, to seek to minimize risk, and to assist in managing cash.</span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund is structured and managed around a specific target retirement or financial goal date of 2060 (the </span><span style="font-family:Arial;font-size:9.30pt;">“Target Date”). </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Date is the approximate year that an investor in the Fund would plan to make withdrawals from the Fund for retirement or other financial goals. The chart below shows the glide path and illustrates how the Target Allocation to equity securities and debt instruments will change over time. Generally, the Fund's glide path will transition to the target </span><span style="font-family:Arial;font-size:9.30pt;">asset allocation illustrated </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">below on an annual basis and become more conservative as the Fund approaches the Target Date. As the Fund approaches its Target Date</span><span style="font-family:Arial;font-size:9.30pt;">, the Fund's Target Allocation is anticipated to be the same as that of Voya Target In-Retirement Fund, which is equal to approximately 35% equity securities and 65% debt instruments.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">As the Fund's Target Allocation migrates toward that of Voya Target In-Retirement Fund, by the Target Date, it is anticipated that the Fund would be merged with and into Voya Target In-Retirement Fund. Voya Target In-Retirement Fund uses an asset allocation strategy designed for investors who are expecting to retire soon, are already retired, or who are in need of making </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">withdrawals from their portfolio soon. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">In summary, the Fund is designed for an investor who plans to withdraw the value of the investor's investments in the Fund gradually on or after the Target Date. The mix of investments in the Fund's Target Allocation will change over time and seek to reduce investment risk as the Fund approaches its Target Date. The Target Allocation may be changed at any time by the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Sub-Adviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">You could lose money on an investment in the Fund, even near, at, or after the Target Date.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Affiliated Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s selection of Underlying Funds presents conflicts of interest. The net management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it selects for the Fund, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates, even if that results in increased expenses and potentially less favorable investment performance for the Fund. The Sub-Adviser may prefer to invest in an affiliated Underlying Fund over an unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve economies </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds, and the Sub-Adviser may implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">historical investment performance than the comparable affiliated Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Asset Allocation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investment performance depends on the manager’s skill in allocating assets among the asset classes in </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">which the Fund invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments. The Fund may underperform funds that allocate their assets differently than the Fund, due to differences in the relative performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">of asset classes and subsets of asset classes.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Bank Instruments:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">performance of the Fund.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Cash/Cash Equivalents:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investments in cash or cash equivalents may lower returns and result in potential lost opportunities </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to participate in market appreciation which could negatively impact the Fund’s performance and ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">objective.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Commodities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist for </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">certain commodity-related investments, which may make it difficult for the Fund to sell them at a desirable price or time.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Company:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The price of a company’s stock could decline or underperform for many reasons, including, among others, poor </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">stock could become worthless.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit Default Swaps:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“par value” (full notional value) of the swap in exchange for an equal face amount of deliverable </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund to different kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Currency:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> To the extent that the Fund invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">currency being hedged by the Fund through foreign currency exchange transactions. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Deflation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Deflation occurs when prices throughout the economy decline over time — the opposite of inflation. Unless repayment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the original bond principal upon maturity (as adjusted for inflation) is guaranteed, when there is deflation, the principal and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">income of an inflation-protected bond will decline and could result in losses.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Derivative Instruments:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Derivative instruments are subject to a number of risks, including the risk of changes in the market </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">price of the underlying asset, reference rate, or index</span><span style="font-family:Arial;font-size:9.30pt;">, credit risk with respect to the counterparty, risk of loss due to changes </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">as direct cash investment.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Environmental, Social, and Governance (Funds-of-Funds):</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s consideration of ESG factors in selecting Underlying </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Funds for investment by the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund’s assets that will be allocated to Underlying Funds on the basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations other than ESG factors. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration of ESG factors, </span><span style="font-family:Arial;font-size:9.30pt;">when available, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Floating Rate Loans:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">(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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Foreign (Non-U.S.) Investments/Developing and Emerging Markets:</span><span style="font-family:Arial;font-size:9.30pt;"> Investing in foreign (non-U.S.) securities may result in </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> In addition, the threat of or actual imposition of tariffs may adversely impact the price of foreign (non-U.S.) securities.</span><span style="font-family:Arial;font-size:9.30pt;">Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Growth Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer’s growth potential </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">High-Yield Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Lower-quality securities including securities that are or have fallen below investment grade (commonly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“junk bonds”) have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">and price volatility.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Index Strategy (Funds-of-Funds):</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">performance and does not use defensive positions or attempt to reduce its exposure to poor performing securities in an index may underperform the overall market (each, an </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Underlying Index Fund”). To the extent an Underlying Index Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">investments track its target index, such Underlying Index Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between an Underlying Index Fund’s performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund's shares. The correlation between an Underlying Index Fund’s performance and index performance will be reduced by the Underlying Index Fund’s expenses and could be reduced by the timing of purchases and redemptions of the Underlying Index Fund’s shares. In addition, an Underlying Index Fund’s actual holdings might not match the index and an Underlying Index Fund’s effective exposure to index securities at any given time may not precisely correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. If the Fund invests in an Underlying Index Fund with higher expenses, the Fund's performance would be lower than if the Fund had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">have the effect of limiting or eliminating the amount of that underperformance).</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Inflation-Indexed Bonds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">value of the bond repaid at maturity may be less than the original principal.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Interest Rate:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Rising market interest rates have unpredictable effects on the markets and may expose debt and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Negative </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">will generally decrease when the market rate of interest to which the inverse debt instruments are indexed </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">return potential.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Liquidity:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">to geopolitical events such as sanctions, trading halts, or wars. In addition, markets or securities may become illiquid quickly.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">add to costs, and impair the ability of the Fund to achieve its investment objectives. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Capitalization:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be more volatile and may decline significantly in market downturns.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Disruption and Geopolitical:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Fund is subject to the risk that geopolitical events will disrupt securities markets </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Pandemics and other </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">disruptions may</span><span style="font-family:Arial;font-size:9.30pt;"> also create challenges for real estate markets,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including lower </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> occupancy rates ,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> decreased lease payments, defaults,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and foreclosures, among other consequences . Natural and environmental disasters and systemic market dislocations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">are also highly disruptive to economies and markets. </span><span style="font-family:Arial;font-size:9.30pt;">Military action by Russia in Ukraine, the prolonged conflict between </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and </span><span style="font-family:Arial;font-size:9.30pt;">may continue to result, in sanctions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> market disruptions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> declines in regional and global stock markets, unusual volatility </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in global commodity markets,</span><span style="font-family:Arial;font-size:9.30pt;"> and disruptions to energy production or transportation,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including through key shipping routes, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">any of which could adversely</span><span style="font-family:Arial;font-size:9.30pt;"> affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in the affected</span><span style="font-family:Arial;font-size:9.30pt;"> regions. The</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> escalation or </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> expansion of hostilities , </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including the involvement of</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> additional nations , could </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> introduce </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">further uncertainty and volatility in global energy</span><span style="font-family:Arial;font-size:9.30pt;">, commodity,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and financial markets. The extent and duration of </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> these conflicts , </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">related </span><span style="font-family:Arial;font-size:9.30pt;">sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">(or concerns or rumors about any </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">events of these kinds)</span><span style="font-family:Arial;font-size:9.30pt;">, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">may reduce liquidity in the market generally</span><span style="font-family:Arial;font-size:9.30pt;">. These events as well as other changes in foreign (non-U.S.) and domestic economic, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> Recent technological </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (</span><span style="font-family:Arial;font-size:9.30pt;">“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">future risks related thereto.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Natural Resources/Commodity Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The operations and financial performance of companies in natural resources industries </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">underlying commodity.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Prepayment and Extension:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Real Estate Companies and Real Estate Investment Trusts:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investing in real estate companies and REITs may subject the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars, or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management skill of the REIT’s sponsor. The Fund will indirectly bear its proportionate share of expenses, including management fees, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">paid by each REIT in which it invests.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Because the Fund invests primarily in Underlying Funds, the investment performance of the Fund is directly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">related to the investment performance of the Underlying Funds in which it invests. When the Fund invests in an Underlying Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Fund invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its investments than if it invested in a broader range of Underlying Funds. It is possible that more than one Underlying Fund will hold securities of the same issuers, thereby increasing the Fund’s indirect exposure to those issuers. It also is possible that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any Underlying Fund will be achieved. In addition, the Fund’s shareholders will indirectly bear </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">their proportionate share of the Underlying Funds’ fees and expenses, in addition to the fees and expenses of the Fund itself.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">U.S. Government Securities and Obligations:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> U.S. government securities are obligations of, or guaranteed by, the U.S. government, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">risk, and may be subject to varying degrees of credit risk.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Value Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings and industrial production. The manager may be wrong in its assessment of a company’s value and the securities the Fund holds may not reach their full values. Risks associated with value investing include that a security that is perceived by the manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Fund’s relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">funds that invest more broadly.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;margin-left:0%;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">the Federal Reserve Board or any other government agency</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Performance Information</span> <span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The following information is intended to help you understand the risks of investing in the Fund. </span><span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of </span><span style="font-family:Arial;font-size:9.30pt;">two broad-based securities market indices and an additional index with investment characteristics similar to those of the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund for the same period.</span><span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date 2060 Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span><span style="font-family:Arial;font-size:9.30pt;"> The Fund's performance information reflects applicable fee waivers and/or expense limitations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower.</span><span style="font-family:Arial;font-size:9.30pt;"> The bar chart shows the performance of the Fund's Class A shares.</span><span style="font-family:Arial;font-size:9.30pt;"> Sales charges are not reflected in the bar chart. </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">If they were, returns would be less than those shown.</span><span style="font-family:Arial;font-size:9.30pt;"> However, the table includes all applicable fees and sales charges.</span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Performance for other share classes would differ to the extent they have differences in their fees and expenses.</span><span style="font-family:Arial;font-size:9.30pt;"> The Class </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">R shares performance shown for the period prior to its inception date is the performance of Class I shares adjusted for any </span><span style="font-family:Arial;font-size:9.30pt;">differences in expenses between the classes.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund’s performance prior to April 27, 2021 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, the performance information shown would have been different.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> For the most recent performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">figures, go to </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> or call </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">.</span> <span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of </span><span style="font-family:Arial;font-size:9.30pt;">two broad-based securities market indices and an additional index with investment characteristics similar to those of the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund for the same period.</span> <span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date 2060 Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span> <span style="font-family:Arial;font-size:9.30pt;"> Sales charges are not reflected in the bar chart. </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">If they were, returns would be less than those shown.</span> <span style="font-family:Arial;font-size:9.30pt;"> However, the table includes all applicable fees and sales charges.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Calendar Year Total Returns </span><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Class A </span><span style="color:#000000;font-family:Arial;font-size:7.44pt;">(as of December 31 of each year)</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:x_82b0e79e-a659-4841-9a51-63e93755130a">2</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">nd</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2020</span><span style="font-family:Arial;font-size:7.44pt;">19.55%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:x_8890e456-e105-4aa9-a75e-a7d6693372e5">1</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">st</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2020</span><span style="font-family:Arial;font-size:7.44pt;">-21.21%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span><span style="font-family:Arial;font-size:7.44pt;">June 30, 2026</span><span style="font-family:Arial;font-size:7.44pt;">12.40%</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span> 0.1955 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span> -0.2121 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span> 2026-06-30 0.1240 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Average Annual Total Returns </span><span style="font-family:Arial;font-size:7.44pt;">% </span> <br/><span style="font-family:Arial;font-size:7.44pt;">(for the periods ended December 31, 2025)</span> 0.1358 0.0861 0.1000 2015-12-21 0.0983 0.0624 0.0813 0.1020 0.0618 0.0760 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1994 0.1026 0.1098 0.2082 0.1028 0.1099 2015-12-21 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1994 0.1026 0.1098 0.2026 0.0963 0.1037 2018-06-01 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1994 0.1026 0.1098 0.2091 0.1032 0.1103 2015-12-21 0.0730 -0.0036 0.0201 0.2234 0.1119 0.1172 0.1994 0.1026 0.1098 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns do not reflect deductions for fees, expenses, or taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">After tax returns are shown for Class A shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;">After tax returns are shown for Class A shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:16.74pt;">Voya Target Retirement 2065 Fund </span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Until the day prior to its Target Date (defined below), the Fund seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2065. On the Target Date, the Fund's investment objective will be to seek to provide </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;">You may pay </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;margin-left:0%;">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 132), in Appendix A to the Prospectus, or the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">94).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Agreement provides for a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“bundled fee” arrangement under which the Investment Adviser provides (in addition to advisory </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">services and administrative services), custodial, transfer agency, portfolio accounting, auditing and ordinary legal services in return for a single management fee. The Fund is responsible for applicable fees paid to financial intermediaries that maintain omnibus accounts and/or provide shareholder or participant record keeping services on behalf of their clients as well as any distribution or shareholder servicing plan payments, interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. The Fund pays these fees to financial intermediaries that are affiliates of the Investment Adviser, which will cause </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund’s “Other Expenses” set forth in the fee table below to increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span> 50000 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Shareholder Fees </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Fees paid directly from your investment</span> 0.0575 0 0 0 0 0 0 0 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Annual Fund Operating Expenses </span> <br/><span style="font-family:Arial;font-size:7.44pt;">Expenses you pay each year as a % of the value of your investment</span> 0.0018 0.0018 0.0018 0.0018 0.0025 0 0.0050 0 0.0001 0.0004 0.0001 0.0001 0.0014 0.0014 0.0014 0.0014 0.0058 0.0036 0.0083 0.0033 0 0 0 -0.0008 0.0058 0.0036 0.0083 0.0025 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Total Annual Fund Operating Expenses may be higher than the Fund’s ratio of expenses to average net assets shown in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">October 1, </span><span style="font-family:Arial Narrow;font-size:8pt;">2027</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Example reflects </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">time periods indicated.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 631 750 880 1259 37 116 202 456 85 265 460 1025 26 98 177 410 <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">(loads) were included, your costs would be higher.</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“turns over” its portfolio). A </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affect the Fund's performance.</span><span style="font-family:Arial;font-size:9.30pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was </span><span style="font-family:Arial;font-size:9.30pt;">57</span><span style="font-family:Arial;font-size:9.30pt;">% of the average value of its portfolio.</span> 0.57 <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund invests primarily in a combination of actively managed funds and passively managed index funds, including exchange-traded funds (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“ETFs”) (collectively, the “Underlying Funds”). The Underlying Funds may or may not be affiliated with the Investment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Adviser. The Underlying Funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the Fund uses an asset allocation strategy designed for investors expecting to retire around the year 2065. The Fund's current approximate target investment allocation (expressed as a percentage of its net assets) (the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Target Allocation”) among the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Underlying Funds is: 95% in equity securities and 5% in debt instruments. Although this is the Target Allocation, the actual </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">allocation of the Fund's assets may deviate from the percentages shown.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The allocation of the Fund’s assets between Underlying Funds affiliated with the Investment Adviser and Underlying Funds that are not affiliated with the Investment Adviser will vary over time, although the sub-adviser (the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Sub-Adviser”) currently </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">expects to invest, under normal circumstances, at least 10% of the Fund’s assets, and as much as 85%, in Underlying Funds </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affiliated with the Investment Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“ESG”) factors as part of </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">if at all, will depend on the analysis and judgment of the Sub-Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to equity securities and debt instruments will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategy.The Fund will deviate from the Target Allocation based on an assessment of the current market conditions or other factors. Generally, the deviations fall within the range of +/- 10% of the Fund’s NAV, relative to the current Target Allocation. The Sub-Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Fund, achieve its investment objective, or take advantage of particular opportunities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Underlying Funds provide exposure to a wide range of traditional asset classes which include, but are not limited to: stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include, but are not </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">limited to: real estate, commodities, and floating rate loans. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Equity securities in which the Underlying Funds invest include, but are not limited to: domestic and international large-, mid-, and small-capitalization stocks (which may be growth oriented, value oriented, or a blend); emerging market securities; domestic and international real estate-related securities, including real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“REITs”); and natural resource/commodity-related securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Debt instruments in which the Underlying Funds invest include, but are not limited to: domestic and international (including emerging markets) long-, intermediate-, and short-term bonds; bonds rated below investment grade (sometimes referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“high-yield securities”, “high-yield bonds”, or “junk bonds”); floating rate loans; and U.S. Treasury Inflation Protected Securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">The Fund may invest in exchange-traded notes. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund may also invest in derivative instruments including, but not limited to, futures and swaps (including interest rate swaps, total return swaps, and credit default swaps), to make tactical asset allocations, as a substitute for taking a position </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">in the underlying asset, to seek to minimize risk, and to assist in managing cash.</span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund is structured and managed around a specific target retirement or financial goal date of 2065 (the </span><span style="font-family:Arial;font-size:9.30pt;">“Target Date”). </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Date is the approximate year that an investor in the Fund would plan to make withdrawals from the Fund for retirement or other financial goals. The chart below shows the glide path and illustrates how the Target Allocation to equity securities and debt instruments will change over time. Generally, the Fund's glide path will transition to the target </span><span style="font-family:Arial;font-size:9.30pt;">asset allocation illustrated </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">below on an annual basis and become more conservative as the Fund approaches the Target Date. As the Fund approaches its Target Date</span><span style="font-family:Arial;font-size:9.30pt;">, the Fund's Target Allocation is anticipated to be the same as that of Voya Target In-Retirement Fund, which is equal to approximately 35% equity securities and 65% debt instruments.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">As the Fund's Target Allocation migrates toward that of Voya Target In-Retirement Fund, by the Target Date, it is anticipated that the Fund would be merged with and into Voya Target In-Retirement Fund. Voya Target In-Retirement Fund uses an asset allocation strategy designed for investors who are expecting to retire soon, are already retired, or who are in need of making </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">withdrawals from their portfolio soon. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">In summary, the Fund is designed for an investor who plans to withdraw the value of the investor's investments in the Fund gradually on or after the Target Date. The mix of investments in the Fund's Target Allocation will change over time and seek to reduce investment risk as the Fund approaches its Target Date. The Target Allocation may be changed at any time by the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Sub-Adviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">You could lose money on an investment in the Fund, even near, at, or after the Target Date.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Affiliated Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s selection of Underlying Funds presents conflicts of interest. The net management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it selects for the Fund, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates, even if that results in increased expenses and potentially less favorable investment performance for the Fund. The Sub-Adviser may prefer to invest in an affiliated Underlying Fund over an unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve economies </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds, and the Sub-Adviser may implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">historical investment performance than the comparable affiliated Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Asset Allocation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investment performance depends on the manager’s skill in allocating assets among the asset classes in </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">which the Fund invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments. The Fund may underperform funds that allocate their assets differently than the Fund, due to differences in the relative performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">of asset classes and subsets of asset classes.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Bank Instruments:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">performance of the Fund.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Cash/Cash Equivalents:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investments in cash or cash equivalents may lower returns and result in potential lost opportunities </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to participate in market appreciation which could negatively impact the Fund’s performance and ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">objective.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Commodities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist for </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">certain commodity-related investments, which may make it difficult for the Fund to sell them at a desirable price or time.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Company:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The price of a company’s stock could decline or underperform for many reasons, including, among others, poor </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">stock could become worthless.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit Default Swaps:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“par value” (full notional value) of the swap in exchange for an equal face amount of deliverable </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund to different kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Currency:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> To the extent that the Fund invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">currency being hedged by the Fund through foreign currency exchange transactions. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Deflation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Deflation occurs when prices throughout the economy decline over time — the opposite of inflation. Unless repayment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the original bond principal upon maturity (as adjusted for inflation) is guaranteed, when there is deflation, the principal and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">income of an inflation-protected bond will decline and could result in losses.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Derivative Instruments:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Derivative instruments are subject to a number of risks, including the risk of changes in the market </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">price of the underlying asset, reference rate, or index</span><span style="font-family:Arial;font-size:9.30pt;">, credit risk with respect to the counterparty, risk of loss due to changes </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">as direct cash investment.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Environmental, Social, and Governance (Funds-of-Funds):</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s consideration of ESG factors in selecting Underlying </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Funds for investment by the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund’s assets that will be allocated to Underlying Funds on the basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations other than ESG factors. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration of ESG factors, </span><span style="font-family:Arial;font-size:9.30pt;">when available, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Floating Rate Loans:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">(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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Foreign (Non-U.S.) Investments/Developing and Emerging Markets:</span><span style="font-family:Arial;font-size:9.30pt;"> Investing in foreign (non-U.S.) securities may result in </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> In addition, the threat of or actual imposition of tariffs may adversely impact the price of foreign (non-U.S.) securities.</span><span style="font-family:Arial;font-size:9.30pt;">Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Growth Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer’s growth potential </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">High-Yield Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Lower-quality securities including securities that are or have fallen below investment grade (commonly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“junk bonds”) have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">and price volatility.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Index Strategy (Funds-of-Funds):</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">performance and does not use defensive positions or attempt to reduce its exposure to poor performing securities in an index may underperform the overall market (each, an </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Underlying Index Fund”). To the extent an Underlying Index Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">investments track its target index, such Underlying Index Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between an Underlying Index Fund’s performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund's shares. The correlation between an Underlying Index Fund’s performance and index performance will be reduced by the Underlying Index Fund’s expenses and could be reduced by the timing of purchases and redemptions of the Underlying Index Fund’s shares. In addition, an Underlying Index Fund’s actual holdings might not match the index and an Underlying Index Fund’s effective exposure to index securities at any given time may not precisely correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. If the Fund invests in an Underlying Index Fund with higher expenses, the Fund's performance would be lower than if the Fund had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">have the effect of limiting or eliminating the amount of that underperformance).</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Inflation-Indexed Bonds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">value of the bond repaid at maturity may be less than the original principal.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Interest Rate:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Rising market interest rates have unpredictable effects on the markets and may expose debt and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Negative </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">will generally decrease when the market rate of interest to which the inverse debt instruments are indexed </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">return potential.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Liquidity:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">to geopolitical events such as sanctions, trading halts, or wars. In addition, markets or securities may become illiquid quickly.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">add to costs, and impair the ability of the Fund to achieve its investment objectives. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Capitalization:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be more volatile and may decline significantly in market downturns.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Disruption and Geopolitical:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Fund is subject to the risk that geopolitical events will disrupt securities markets </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Pandemics and other </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">disruptions may</span><span style="font-family:Arial;font-size:9.30pt;"> also create challenges for real estate markets,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including lower </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> occupancy rates ,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> decreased lease payments, defaults,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and foreclosures, among other consequences . Natural and environmental disasters and systemic market dislocations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">are also highly disruptive to economies and markets. </span><span style="font-family:Arial;font-size:9.30pt;">Military action by Russia in Ukraine, the prolonged conflict between </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and </span><span style="font-family:Arial;font-size:9.30pt;">may continue to result, in sanctions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> market disruptions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> declines in regional and global stock markets, unusual volatility </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in global commodity markets,</span><span style="font-family:Arial;font-size:9.30pt;"> and disruptions to energy production or transportation,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including through key shipping routes, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">any of which could adversely</span><span style="font-family:Arial;font-size:9.30pt;"> affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in the affected</span><span style="font-family:Arial;font-size:9.30pt;"> regions. The</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> escalation or </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> expansion of hostilities , </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including the involvement of</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> additional nations , could </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> introduce </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">further uncertainty and volatility in global energy</span><span style="font-family:Arial;font-size:9.30pt;">, commodity,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and financial markets. The extent and duration of </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> these conflicts , </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">related </span><span style="font-family:Arial;font-size:9.30pt;">sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">(or concerns or rumors about any </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">events of these kinds)</span><span style="font-family:Arial;font-size:9.30pt;">, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">may reduce liquidity in the market generally</span><span style="font-family:Arial;font-size:9.30pt;">. These events as well as other changes in foreign (non-U.S.) and domestic economic, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> Recent technological </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (</span><span style="font-family:Arial;font-size:9.30pt;">“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">future risks related thereto.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Natural Resources/Commodity Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The operations and financial performance of companies in natural resources industries </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">underlying commodity.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Prepayment and Extension:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Real Estate Companies and Real Estate Investment Trusts:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investing in real estate companies and REITs may subject the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars, or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management skill of the REIT’s sponsor. The Fund will indirectly bear its proportionate share of expenses, including management fees, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">paid by each REIT in which it invests.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Because the Fund invests primarily in Underlying Funds, the investment performance of the Fund is directly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">related to the investment performance of the Underlying Funds in which it invests. When the Fund invests in an Underlying Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Fund invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its investments than if it invested in a broader range of Underlying Funds. It is possible that more than one Underlying Fund will hold securities of the same issuers, thereby increasing the Fund’s indirect exposure to those issuers. It also is possible that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any Underlying Fund will be achieved. In addition, the Fund’s shareholders will indirectly bear </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">their proportionate share of the Underlying Funds’ fees and expenses, in addition to the fees and expenses of the Fund itself.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">U.S. Government Securities and Obligations:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> U.S. government securities are obligations of, or guaranteed by, the U.S. government, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">risk, and may be subject to varying degrees of credit risk.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Value Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings and industrial production. The manager may be wrong in its assessment of a company’s value and the securities the Fund holds may not reach their full values. Risks associated with value investing include that a security that is perceived by the manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Fund’s relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">funds that invest more broadly.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;margin-left:0%;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">the Federal Reserve Board or any other government agency</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Performance Information</span> <span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The following information is intended to help you understand the risks of investing in the Fund. </span><span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of </span><span style="font-family:Arial;font-size:9.30pt;">two broad-based securities market indices and an additional index with investment characteristics similar to those of the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund for the same period.</span><span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date 2065+ Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span><span style="font-family:Arial;font-size:9.30pt;"> The Fund's performance information reflects applicable fee waivers and/or expense limitations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower.</span><span style="font-family:Arial;font-size:9.30pt;"> The bar chart shows the performance of the Fund's Class A shares.</span><span style="font-family:Arial;font-size:9.30pt;"> Sales charges are not reflected in the bar chart. </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">If they were, returns would be less than those shown.</span><span style="font-family:Arial;font-size:9.30pt;"> However, the table includes all applicable fees and sales charges.</span><span style="font-family:Arial;font-size:9.30pt;">Performance for other share classes would differ to the extent they have differences in their fees and expenses.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund’s performance prior to April 27, 2021 reflects returns achieved pursuant to different principal investment strategies. If the Fund’s current strategies had been in place for the prior periods, the performance information shown would have been different.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> For the most recent performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">figures, go to </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> or call </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">.</span> <span style="font-family:Arial;font-size:9.30pt;">The following bar chart shows </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of </span><span style="font-family:Arial;font-size:9.30pt;">two broad-based securities market indices and an additional index with investment characteristics similar to those of the </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund for the same period.</span> <span style="font-family:Arial;font-size:9.30pt;"> The </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Fund</span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> uses both the </span><span style="font-family:Arial;font-size:9.30pt;line-height:10.974pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Bloomberg U.S. Aggregate Bond Index and the MSCI All Country World </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Index</span><span style="font-family:Arial;font-size:6.5pt;position:relative;top:-4.25pt;">SM</span><span style="font-family:Arial;font-size:9.30pt;"> (“MSCI ACWI”) as its primary benchmarks in accordance with regulatory disclosure requirements and uses the S&amp;P </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Target Date 2065+ Index as an additional benchmark that the Investment Adviser believes more closely reflects the Fund’s principal investment strategies.</span> <span style="font-family:Arial;font-size:9.30pt;"> Sales charges are not reflected in the bar chart. </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">If they were, returns would be less than those shown.</span> <span style="font-family:Arial;font-size:9.30pt;"> However, the table includes all applicable fees and sales charges.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;"> The Fund's past performance (before and after taxes) is no guarantee of future results.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">https://individuals.voya.com/literature</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">1-800-992-0180</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Calendar Year Total Returns </span><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Class A </span><span style="color:#000000;font-family:Arial;font-size:7.44pt;">(as of December 31 of each year)</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:x_8a294954-9362-4512-918f-bae937b5e10f">4</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">th</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2023</span><span style="font-family:Arial;font-size:7.44pt;">11.35%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span><span style="font-family:Arial;font-size:7.44pt;-sec-ix-hidden:x_2a05cfd8-98e9-4eaf-98fc-92879a9f169e">2</span><span style="font-family:Arial;font-size:5pt;position:relative;top:-3.25pt;">nd</span><span style="font-family:Arial;font-size:7.44pt;"> Quarter 2022</span><span style="font-family:Arial;font-size:7.44pt;">-15.10%</span><span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span><span style="font-family:Arial;font-size:7.44pt;">June 30, 2026</span><span style="font-family:Arial;font-size:7.44pt;">12.49%</span> <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Best quarter:</span> 0.1135 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Worst quarter:</span> -0.1510 <span style="font-family:Arial;font-size:7.44pt;font-weight:bold;margin-left:0.0pt;">Year-to-date total return:</span> 2026-06-30 0.1249 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Average Annual Total Returns </span><span style="font-family:Arial;font-size:7.44pt;">% </span> <br/><span style="font-family:Arial;font-size:7.44pt;">(for the periods ended December 31, 2025)</span> 0.1379 0.0880 0.1139 2020-07-29 0.0981 0.0627 0.0893 0.1009 0.0611 0.0828 0.0730 -0.0036 -0.0033 0.2234 0.1119 0.1352 0.2017 0.1043 0.1264 0.2101 0.1037 0.1288 2020-07-29 0.0730 -0.0036 -0.0033 0.2234 0.1119 0.1352 0.2017 0.1043 0.1264 0.2038 0.0982 0.1231 2020-07-29 0.0730 -0.0036 -0.0033 0.2234 0.1119 0.1352 0.2017 0.1043 0.1264 0.2096 0.1038 0.1289 2020-07-29 0.0730 -0.0036 -0.0033 0.2234 0.1119 0.1352 0.2017 0.1043 0.1264 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns do not reflect deductions for fees, expenses, or taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Actual after-tax returns depend on an investor's tax situation and may differ from those </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“IRAs”).</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In some cases the after-tax returns may exceed the return </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;">After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary.</span> <span style="color:#000000;font-family:Arial;font-size:16.74pt;">Voya Target Retirement 2070 Fund </span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Investment Objective</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Until the day prior to its Target Date (defined below), the Fund seeks to provide total return consistent with an asset allocation targeted at retirement in approximately 2070. On the Target Date, the Fund's investment objective will be to seek to provide </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">a combination of total return and stability of principal consistent with an asset allocation targeted to retirement.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">These tables describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;">You may pay </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;margin-left:0%;">other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> More information about these and other discounts is available from your financial intermediary and in the discussion in the Sales Charges section of the Prospectus (page 132), in Appendix A to the Prospectus, or the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">94).</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Agreement provides for a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“bundled fee” arrangement under which the Investment Adviser provides (in addition to advisory </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">services and administrative services), custodial, transfer agency, portfolio accounting, auditing and ordinary legal services in return for a single management fee. The Fund is responsible for applicable fees paid to financial intermediaries that maintain omnibus accounts and/or provide shareholder or participant record keeping services on behalf of their clients as well as any distribution or shareholder servicing plan payments, interest, taxes, investment-related costs, leverage expenses, and extraordinary expenses. The Fund pays these fees to financial intermediaries that are affiliates of the Investment Adviser, which will cause </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund’s “Other Expenses” set forth in the fee table below to increase.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;"> You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">least $</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">50,000</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> in Voya mutual funds.</span> 50000 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Shareholder Fees </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Fees paid directly from your investment</span> 0.0575 0 0 0 0 0 0 0 <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Annual Fund Operating Expenses </span> <br/><span style="color:#000000;font-family:Arial;font-size:7.44pt;">Expenses you pay each year as a % of the value of your investment</span> 0.0018 0.0018 0.0018 0.0018 0.0025 0 0.0050 0 0.0005 0.0005 0.0005 0.0005 0.0015 0.0015 0.0015 0.0015 0.0063 0.0038 0.0088 0.0038 0 0 0 -0.0013 0.0063 0.0038 0.0088 0.0025 <span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Acquired Fund fees and expenses are based on estimated amounts for the current fiscal year.</span> <span style="font-family:Arial Narrow;font-size:8pt;">Total Annual Fund Operating Expenses may be higher than the Fund’s ratio of expenses to average net assets shown in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses.</span> <span style="font-family:Arial Narrow;font-size:8pt;">October 1, </span><span style="font-family:Arial Narrow;font-size:8pt;">2027</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Example reflects </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">time periods indicated.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Although your actual costs may be higher or lower, based on these assumptions your costs would be:</span> 636 765 906 1316 39 122 213 480 90 281 488 1084 26 109 200 468 <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Example does not reflect sales charges (loads) on reinvested dividends (and other distributions). If these sales charges </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">(loads) were included, your costs would be higher.</span> <span style="color:#FF8000;font-family:Arial;font-size:8.928pt;font-weight:bold;">Portfolio Turnover</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“turns over” its portfolio). A </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affect the Fund's performance.</span><span style="font-family:Arial;font-size:9.30pt;">During the most recent fiscal year, the Fund's portfolio turnover rate was</span><span style="font-family:Arial;font-size:9.30pt;"> 22</span><span style="font-family:Arial;font-size:9.30pt;"> % of the average value of its portfolio</span><span style="font-family:Arial;font-size:9.30pt;"> .</span> 0.22 <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund invests primarily in a combination of actively managed funds and passively managed index funds, including exchange-traded funds (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“ETFs”) (collectively, the “Underlying Funds”). The Underlying Funds may or may not be affiliated with the Investment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Adviser. The Underlying Funds invest in U.S. stocks, international stocks, U.S. bonds, and other debt instruments and the Fund uses an asset allocation strategy designed for investors expecting to retire around the year 2070. The Fund's current approximate target investment allocation (expressed as a percentage of its net assets) (the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Target Allocation”) among the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Underlying Funds is: 95% in equity securities and 5% in debt instruments. Although this is the Target Allocation, the actual </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">allocation of the Fund's assets may deviate from the percentages shown.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The allocation of the Fund’s assets between Underlying Funds affiliated with the Investment Adviser and Underlying Funds that are not affiliated with the Investment Adviser will vary over time, although the sub-adviser (the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Sub-Adviser”) currently </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">expects to invest, under normal circumstances, at least 10% of the Fund’s assets, and as much as 85%, in Underlying Funds </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">affiliated with the Investment Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">When investing in Underlying Funds, the Sub-Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy employed in the management of a potential Underlying Fund, and the extent to which an Underlying Fund’s investment adviser considers environmental, social, and governance (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“ESG”) factors as part of </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its investment process. The manner in which an investment adviser uses ESG factors in its investment process will be only one of many considerations in the Sub-Adviser’s evaluation of any potential Underlying Fund, and the extent to which the consideration of ESG factors by an investment adviser will affect the Sub-Adviser’s decision to invest in an Underlying Fund, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">if at all, will depend on the analysis and judgment of the Sub-Adviser. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Allocation is measured with reference to the principal investment strategies of the Underlying Funds; actual exposure to equity securities and debt instruments will vary from the Target Allocation if an Underlying Fund is not substantially invested in accordance with its principal investment strategy.The Fund will deviate from the Target Allocation based on an assessment of the current market conditions or other factors. Generally, the deviations fall within the range of +/- 10% of the Fund’s NAV, relative to the current Target Allocation. The Sub-Adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Fund, achieve its investment objective, or take advantage of particular opportunities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Underlying Funds provide exposure to a wide range of traditional asset classes which include, but are not limited to: stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include, but are not </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">limited to: real estate, commodities, and floating rate loans. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Equity securities in which the Underlying Funds invest include, but are not limited to: domestic and international large-, mid-, and small-capitalization stocks (which may be growth oriented, value oriented, or a blend); emerging market securities; domestic and international real estate-related securities, including real estate investment trusts (</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“REITs”); and natural resource/commodity-related securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Debt instruments in which the Underlying Funds invest include, but are not limited to: domestic and international (including emerging markets) long-, intermediate-, and short-term bonds; bonds rated below investment grade (sometimes referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“high-yield securities”, “high-yield bonds”, or “junk bonds”); floating rate loans; and U.S. Treasury Inflation Protected Securities. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">The Fund may invest in exchange-traded notes. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund may also invest in derivative instruments including, but not limited to, futures and swaps (including interest rate swaps, total return swaps, and credit default swaps), to make tactical asset allocations, as a substitute for taking a position </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">in the underlying asset, to seek to minimize risk, and to assist in managing cash.</span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Fund is structured and managed around a specific target retirement or financial goal date of 2070 (the </span><span style="font-family:Arial;font-size:9.30pt;">“Target Date”). </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">The Target Date is the approximate year that an investor in the Fund would plan to make withdrawals from the Fund for retirement or other financial goals. The chart below shows the glide path and illustrates how the Target Allocation to equity securities and debt instruments will change over time. Generally, the Fund's glide path will transition to the target </span><span style="font-family:Arial;font-size:9.30pt;">asset allocation illustrated </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">below on an annual basis and become more conservative as the Fund approaches the Target Date. As the Fund approaches its Target Date</span><span style="font-family:Arial;font-size:9.30pt;">, the Fund's Target Allocation is anticipated to be the same as that of Voya Target In-Retirement Fund, which is equal to approximately 35% equity securities and 65% debt instruments.</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">As the Fund's Target Allocation migrates toward that of Voya Target In-Retirement Fund, by the Target Date, it is anticipated that the Fund would be merged with and into Voya Target In-Retirement Fund. Voya Target In-Retirement Fund uses an asset allocation strategy designed for investors who are expecting to retire soon, are already retired, or who are in need of making </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">withdrawals from their portfolio soon. </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">In summary, the Fund is designed for an investor who plans to withdraw the value of the investor's investments in the Fund gradually on or after the Target Date. The mix of investments in the Fund's Target Allocation will change over time and seek to reduce investment risk as the Fund approaches its Target Date. The Target Allocation may be changed at any time by the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Sub-Adviser.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">You could lose money on an investment in the Fund, even near, at, or after the Target Date.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Affiliated Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s selection of Underlying Funds presents conflicts of interest. The net management </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">fee revenue received or costs incurred by the Sub-Adviser and its affiliates will vary depending on the Underlying Funds it selects for the Fund, and the Sub-Adviser will have an incentive to select the Underlying Funds (whether or not affiliated with the Sub-Adviser) that will result in the greatest net management fee revenue or lowest costs to the Sub-Adviser and its affiliates, even if that results in increased expenses and potentially less favorable investment performance for the Fund. The Sub-Adviser may prefer to invest in an affiliated Underlying Fund over an unaffiliated Underlying Fund because the investment may be beneficial to the Sub-Adviser in managing the affiliated Underlying Fund by helping the affiliated Underlying Fund achieve economies </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of scale or by enhancing cash flows to the affiliated Underlying Fund. For similar reasons, the Sub-Adviser may have an incentive to delay or decide against the sale of interests held by the Fund in affiliated Underlying Funds, and the Sub-Adviser may implement Underlying Fund changes in a manner intended to minimize the disruptive effects and added costs of those changes to affiliated Underlying Funds. Although the Fund may invest a portion of its assets in unaffiliated Underlying Funds, there is no assurance that it will do so even in cases where the unaffiliated Underlying Funds incur lower fees or have achieved better </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">historical investment performance than the comparable affiliated Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Asset Allocation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investment performance depends on the manager’s skill in allocating assets among the asset classes in </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">which the Fund invests and in choosing investments within those asset classes. There is a risk that the manager may allocate assets or investments to or within an asset class that underperforms compared to other asset classes or investments. The Fund may underperform funds that allocate their assets differently than the Fund, due to differences in the relative performance </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">of asset classes and subsets of asset classes.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Bank Instruments:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Bank instruments include certificates of deposit, fixed time deposits, bankers’ acceptances, and other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">performance of the Fund.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Cash/Cash Equivalents:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investments in cash or cash equivalents may lower returns and result in potential lost opportunities </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to participate in market appreciation which could negatively impact the Fund’s performance and ability to achieve its investment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">objective.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Commodities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Commodity prices can have significant volatility, and exposure to commodities can cause the net asset value </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the Fund’s shares to decline or fluctuate in a rapid and unpredictable manner. A liquid secondary market may not exist for </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">certain commodity-related investments, which may make it difficult for the Fund to sell them at a desirable price or time.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Company:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The price of a company’s stock could decline or underperform for many reasons, including, among others, poor </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">stock could become worthless.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund could lose money if the issuer or guarantor of a debt instrument in which the Fund invests, or the counterparty </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">to a derivative contract the Fund entered into, is unable or unwilling, or is perceived (whether by market participants, rating </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">agencies, pricing services, or otherwise) as unable or unwilling, to meet its financial obligations.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Credit Default Swaps:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. A buyer of a </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“par value” (full notional value) of the swap in exchange for an equal face amount of deliverable </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">the Fund to different kinds of costs and risks. In addition, credit default swaps expose the Fund to the risk of improper valuation.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Currency:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> To the extent that the Fund invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">currency being hedged by the Fund through foreign currency exchange transactions. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Deflation:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Deflation occurs when prices throughout the economy decline over time — the opposite of inflation. Unless repayment </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">of the original bond principal upon maturity (as adjusted for inflation) is guaranteed, when there is deflation, the principal and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">income of an inflation-protected bond will decline and could result in losses.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Derivative Instruments:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> Derivative instruments are subject to a number of risks, including the risk of changes in the market </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">price of the underlying asset, reference rate, or index</span><span style="font-family:Arial;font-size:9.30pt;">, credit risk with respect to the counterparty, risk of loss due to changes </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">as direct cash investment.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Environmental, Social, and Governance (Funds-of-Funds):</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Sub-Adviser’s consideration of ESG factors in selecting Underlying </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Funds for investment by the Fund is based on information that is not standardized, some of which can be qualitative and subjective by nature. There is no minimum percentage of the Fund’s assets that will be allocated to Underlying Funds on the basis of ESG factors, and the Sub-Adviser may choose to select Underlying Funds on the basis of factors or considerations other than ESG factors. It is possible that the Fund will have less exposure to ESG-focused strategies than other comparable mutual funds. There can be no assurance that an Underlying Fund selected by the Sub-Adviser, which includes its consideration of ESG factors, </span><span style="font-family:Arial;font-size:9.30pt;">when available, will provide more favorable investment performance than another potential Underlying Fund, and such an Underlying Fund may, in fact, underperform other potential Underlying Funds.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Floating Rate Loans:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> In the event a borrower fails to pay scheduled interest or principal payments on a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">(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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“securities” under such laws. Additionally, the value of collateral, if any, securing a floating rate loan </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">Fund to repay debt, pay dividends, or to take advantage of new investment opportunities.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Foreign (Non-U.S.) Investments/Developing and Emerging Markets:</span><span style="font-family:Arial;font-size:9.30pt;"> Investing in foreign (non-U.S.) securities may result in </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> In addition, the threat of or actual imposition of tariffs may adversely impact the price of foreign (non-U.S.) securities.</span><span style="font-family:Arial;font-size:9.30pt;">Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Growth Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Prices of growth-oriented stocks are more sensitive to investor perceptions of the issuer’s growth potential </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">and may fall quickly and significantly if investors suspect that actual growth may be less than expected. There is a risk that funds that invest in growth-oriented stocks may underperform other funds that invest more broadly. Growth-oriented stocks </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">tend to be more volatile than value-oriented stocks, and may underperform the market as a whole over any given time period.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">High-Yield Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Lower-quality securities including securities that are or have fallen below investment grade (commonly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">referred to as </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“junk bonds”) have greater credit risk and liquidity risk than higher-quality (investment grade) securities, and </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">and price volatility.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Index Strategy (Funds-of-Funds):</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> An Underlying Fund (or a portion of the Underlying Fund) that seeks to track an index’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">performance and does not use defensive positions or attempt to reduce its exposure to poor performing securities in an index may underperform the overall market (each, an </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">“Underlying Index Fund”). To the extent an Underlying Index Fund’s </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">investments track its target index, such Underlying Index Fund may underperform other funds that invest more broadly. Errors in index data, index computations or the construction of the index in accordance with its methodology may occur from time to time and may not be identified and corrected by the index provider for a period of time or at all, which may have an adverse impact on the Fund. The correlation between an Underlying Index Fund’s performance and index performance may be affected by the timing of purchases and redemptions of the Underlying Index Fund's shares. The correlation between an Underlying Index Fund’s performance and index performance will be reduced by the Underlying Index Fund’s expenses and could be reduced by the timing of purchases and redemptions of the Underlying Index Fund’s shares. In addition, an Underlying Index Fund’s actual holdings might not match the index and an Underlying Index Fund’s effective exposure to index securities at any given time may not precisely correlate. When deciding between Underlying Index Funds benchmarked to the same index, the manager may not select the Underlying Index Fund with the lowest expenses. If the Fund invests in an Underlying Index Fund with higher expenses, the Fund's performance would be lower than if the Fund had invested in an Underlying Index Fund with comparable performance but lower expenses (although any expense limitation arrangements in place at the time might </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">have the effect of limiting or eliminating the amount of that underperformance).</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Inflation-Indexed Bonds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If the index measuring inflation falls, the principal value of inflation-indexed bonds will be adjusted </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">value of the bond repaid at maturity may be less than the original principal.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Interest Rate:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> A rise in market interest rates generally results in a fall in the value of bonds and other debt instruments; </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Rising market interest rates have unpredictable effects on the markets and may expose debt and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Declining market interest rates increase the likelihood that debt instruments will be pre-paid. Negative </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">will generally decrease when the market rate of interest to which the inverse debt instruments are indexed </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">return potential.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Liquidity:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> If a security is illiquid, the Fund might be unable to sell the security at a time when the Fund’s manager might wish </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">to geopolitical events such as sanctions, trading halts, or wars. In addition, markets or securities may become illiquid quickly.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The market values of securities will fluctuate, sometimes sharply and unpredictably, based on overall economic conditions, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">add to costs, and impair the ability of the Fund to achieve its investment objectives. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Capitalization:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Stocks fall into three broad market capitalization categories: large, mid, and small. Investing primarily </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be more volatile and may decline significantly in market downturns.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Market Disruption and Geopolitical:</span><span style="font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> The Fund is subject to the risk that geopolitical events will disrupt securities markets </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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. </span><span style="font-family:Arial;font-size:9.30pt;">Pandemics and other </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">disruptions may</span><span style="font-family:Arial;font-size:9.30pt;"> also create challenges for real estate markets,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including lower </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> occupancy rates ,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> decreased lease payments, defaults,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and foreclosures, among other consequences . Natural and environmental disasters and systemic market dislocations </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">are also highly disruptive to economies and markets. </span><span style="font-family:Arial;font-size:9.30pt;">Military action by Russia in Ukraine, the prolonged conflict between </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Hamas and Israel, the Iranian conflict that commenced in February 2026, and political upheaval in Venezuela have resulted, and </span><span style="font-family:Arial;font-size:9.30pt;">may continue to result, in sanctions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> market disruptions,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> declines in regional and global stock markets, unusual volatility </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in global commodity markets,</span><span style="font-family:Arial;font-size:9.30pt;"> and disruptions to energy production or transportation,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including through key shipping routes, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">any of which could adversely</span><span style="font-family:Arial;font-size:9.30pt;"> affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">in the affected</span><span style="font-family:Arial;font-size:9.30pt;"> regions. The</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> escalation or </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> expansion of hostilities , </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> including the involvement of</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> additional nations , could </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> introduce </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">further uncertainty and volatility in global energy</span><span style="font-family:Arial;font-size:9.30pt;">, commodity,</span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> and financial markets. The extent and duration of </span><span style="font-family:Arial;font-size:9.30pt;line-height:11.16pt;"> </span><span style="font-family:Arial;font-size:9.30pt;"> these conflicts , </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">related </span><span style="font-family:Arial;font-size:9.30pt;">sanctions, and resulting market disruptions are impossible to predict but could be substantial. A number of U.S. </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">(or concerns or rumors about any </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">events of these kinds)</span><span style="font-family:Arial;font-size:9.30pt;">, which may affect adversely other U.S. or foreign (non-U.S.) financial institutions and economies and </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">may reduce liquidity in the market generally</span><span style="font-family:Arial;font-size:9.30pt;">. These events as well as other changes in foreign (non-U.S.) and domestic economic, </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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.</span><span style="font-family:Arial;font-size:9.30pt;"> Recent technological </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">developments in, and the increasingly widespread use of, artificial intelligence, including machine learning technology and generative artificial intelligence (</span><span style="font-family:Arial;font-size:9.30pt;">“AI”), may pose risks to the Fund. For instance, the economy may be significantly impacted </span><span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="font-family:Arial;font-size:9.30pt;">future risks related thereto.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Natural Resources/Commodity Securities:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> The operations and financial performance of companies in natural resources industries </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">underlying commodity.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Prepayment and Extension:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Many types of debt instruments are subject to prepayment and extension risk. Prepayment risk </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">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 </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">may be prevented from investing proceeds it would have received at a given time at the higher prevailing interest rates. </span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Real Estate Companies and Real Estate Investment Trusts:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Investing in real estate companies and REITs may subject the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, market interest rates, zoning laws, regulatory limitations on rents, property taxes, overbuilding, high foreclosure rates, and operating expenses in addition to terrorist attacks, wars, or other acts that destroy real property. In addition, REITs may also be affected by tax and regulatory requirements in that a REIT may not qualify for favorable tax treatment or regulatory exemptions. Investments in REITs are affected by the management skill of the REIT’s sponsor. The Fund will indirectly bear its proportionate share of expenses, including management fees, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">paid by each REIT in which it invests.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Underlying Funds:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Because the Fund invests primarily in Underlying Funds, the investment performance of the Fund is directly </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">related to the investment performance of the Underlying Funds in which it invests. When the Fund invests in an Underlying Fund, it is exposed indirectly to the risks of a direct investment in the Underlying Fund. If the Fund invests a significant portion of its assets in a single Underlying Fund, it may be more susceptible to risks associated with that Underlying Fund and its investments than if it invested in a broader range of Underlying Funds. It is possible that more than one Underlying Fund will hold securities of the same issuers, thereby increasing the Fund’s indirect exposure to those issuers. It also is possible that one Underlying Fund may be selling a particular security when another is buying it, producing little or no change in exposure but generating transaction costs and/or resulting in realization of gains with no economic benefit. There can be no assurance that the investment objective of any Underlying Fund will be achieved. In addition, the Fund’s shareholders will indirectly bear </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">their proportionate share of the Underlying Funds’ fees and expenses, in addition to the fees and expenses of the Fund itself.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">U.S. Government Securities and Obligations:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> U.S. government securities are obligations of, or guaranteed by, the U.S. government, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">its agencies, or government-sponsored enterprises. U.S. government securities are subject to market risk and interest rate </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">risk, and may be subject to varying degrees of credit risk.</span> <span style="color:#FF8000;font-family:Arial;font-size:9.765pt;font-weight:bold;margin-left:0%;">Value Investing:</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-weight:bold;line-height:11.16pt;"> </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;"> Securities that appear to be undervalued may never appreciate to the extent expected. Further, because the </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;margin-left:0%;">prices of value-oriented securities tend to correlate more closely with economic cycles than growth-oriented securities, they generally are more sensitive to changing economic conditions, such as changes in market interest rates, corporate earnings and industrial production. The manager may be wrong in its assessment of a company’s value and the securities the Fund holds may not reach their full values. Risks associated with value investing include that a security that is perceived by the manager to be undervalued may actually be appropriately priced and, thus, may not appreciate and provide anticipated capital growth. The market may not favor value-oriented securities and may not favor equities at all. During those periods, the Fund’s relative performance may suffer. There is a risk that funds that invest in value-oriented securities may underperform other </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">funds that invest more broadly.</span> <span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;margin-left:0%;">An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, </span><span style="color:#000000;font-family:Arial;font-size:9.30pt;font-style:italic;">the Federal Reserve Board or any other government agency</span><span style="color:#000000;font-family:Arial;font-size:9.30pt;">.</span> <span style="color:#000000;font-family:Arial;font-size:11.16pt;font-weight:bold;text-transform:uppercase;">Performance Information</span> <span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Because the Fund did not have a full calendar year of operations as of December 31, </span><span style="font-family:Arial;font-size:9.30pt;">2025, there is no annual performance information included.</span> <span style="font-family:Arial;font-size:9.30pt;margin-left:0%;">Because the Fund did not have a full calendar year of operations as of December 31, </span><span style="font-family:Arial;font-size:9.30pt;">2025, there is no annual performance information included.</span> A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. Total Annual Fund Operating Expenses may be higher than the Fund’s ratio of expenses to average net assets shown in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.65%, 0.40%, 0.90%, and 0.25% for Class A, Class I, Class R, and Class R6 shares, respectively, through October 1, 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 Separate Portfolios Trust ( the “ Trust ” ), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business . Termination or modification of this obligation requires approval by the Fund’s Board. The index returns do not reflect deductions for fees, expenses, or taxes. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.65%, 0.40%, 0.90%, and 0.25% for Class A, Class I, Class R, and Class R6 shares, respectively, through October 1, 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 Separate Portfolios Trust ( the “ Trust ” ), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business . Termination or modification of this obligation requires approval by the Fund’s Board. The index returns do not reflect deductions for fees, expenses, or taxes. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.65%, 0.40%, 0.90%, and 0.25% for Class A, Class I, Class R, and Class R6 shares, respectively, through October 1, 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 Separate Portfolios Trust ( the “ Trust ” ), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business . Termination or modification of this obligation requires approval by the Fund’s Board. The index returns do not reflect deductions for fees, expenses, or taxes. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.65%, 0.40%, 0.90%, and 0.25% for Class A, Class I, Class R, and Class R6 shares, respectively, through October 1, 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 Separate Portfolios Trust ( the “ Trust ” ), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business . Termination or modification of this obligation requires approval by the Fund’s Board. The index returns do not reflect deductions for fees, expenses, or taxes. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.65%, 0.40%, 0.90%, and 0.25% for Class A, Class I, Class R, and Class R6 shares, respectively, through October 1, 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 Separate Portfolios Trust ( the “ Trust ” ), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business . Termination or modification of this obligation requires approval by the Fund’s Board. The index returns do not reflect deductions for fees, expenses, or taxes. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. Acquired Fund fees and expenses are based on estimated amounts for the current fiscal year. Total Annual Fund Operating Expenses may be higher than the Fund’s ratio of expenses to average net assets shown in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.65%, 0.40%, 0.90%, and 0.25% for Class A, Class I, Class R, and Class R6 shares, respectively, through October 1, 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 Separate Portfolios Trust ( the “ Trust ” ), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business . Termination or modification of this obligation 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 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.65%, 0.40%, 0.90%, and 0.25% for Class A, Class I, Class R, and Class R6 shares, respectively, through October 1, 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 Separate Portfolios Trust ( the “ Trust ” ), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business . Termination or modification of this obligation requires approval by the Fund’s Board. The index returns do not reflect deductions for fees, expenses, or taxes. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. Total Annual Fund Operating Expenses may be higher than the Fund’s ratio of expenses to average net assets shown in the Fund’s Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.65%, 0.40%, 0.90%, and 0.25% for Class A, Class I, Class R, and Class R6 shares, respectively, through October 1, 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 Separate Portfolios Trust ( the “ Trust ” ), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business . Termination or modification of this obligation requires approval by the Fund’s Board. The index returns do not reflect deductions for fees, expenses, or taxes. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.65%, 0.40%, 0.90%, and 0.25% for Class A, Class I, Class R, and Class R6 shares, respectively, through October 1, 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 Separate Portfolios Trust ( the “ Trust ” ), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business . Termination or modification of this obligation requires approval by the Fund’s Board. The index returns do not reflect deductions for fees, expenses, or taxes. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1,000,000 or more. Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflect the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Voya Investments, LLC (the “Investment Adviser”) is contractually obligated to limit expenses to 0.65%, 0.40%, 0.90%, and 0.25% for Class A, Class I, Class R, and Class R6 shares, respectively, through October 1, 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 Separate Portfolios Trust ( the “ Trust ” ), without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business . Termination or modification of this obligation requires approval by the Fund’s Board. The index returns do not reflect deductions for fees, expenses, or taxes. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses.