July 31,
2024
Prospectus
•
Voya
Government Money Market Fund
Class/Ticker: A/VYAXX; C/VYBXX; I/VYCXX; R6/VYHXX;
W /VYGXX
The
U.S. Securities and Exchange Commission (the “SEC”) has not
approved or disapproved these securities nor has the SEC judged whether
the information in this Prospectus is accurate or adequate. Any representation
to the contrary is a criminal offense.
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E-Delivery
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Table
of Contents
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SUMMARY
SECTION |
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Back
Cover |
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Class |
Maximum
sales charge (load) as a % of
offering
price imposed on purchases |
Maximum
deferred sales charge (load) as a % of
purchase
or sales price, whichever is less |
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A |
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C |
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I |
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R6 |
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W |
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Class |
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A |
C |
I |
R6 |
W |
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Management
Fee |
% |
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Distribution
and/or Shareholder Services (12b-1) Fees |
% |
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Other
Expenses1 |
% |
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Total
Annual Fund Operating Expenses |
% |
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Waivers
and Reimbursements2 |
% |
( |
( |
( |
( |
( |
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Total
Annual Fund Operating Expenses after Waivers and
Reimbursements |
% |
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1
2
1
Voya
Government Money Market Fund
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Number
of years you own your shares |
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Number
of years you own your shares | ||||||
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1
Yr |
3
Yrs |
5
Yrs |
10
Yrs |
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1
Yr |
3
Yrs |
5
Yrs |
10
Yrs |
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A |
$ |
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A |
$ |
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C |
$ |
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C |
$ |
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I |
$ |
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I |
$ |
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R6 |
$ |
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R6 |
$ |
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W |
$ |
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W |
$ |
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Any
of the following risks, among others, could affect Fund performance or cause the
Fund to lose money or to underperform market averages of other funds. The
principal risks are presented in alphabetical order to facilitate readability,
and their order does not imply that
the realization of one risk is more likely to occur or have a greater adverse
impact than another risk.
Voya
Government Money Market Fund
2
Voya
Government Money Market Fund
3
Voya
Government Money Market Fund
4
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(for the periods ended December 31, 2023)
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1
Yr |
5
Yrs |
10
Yrs |
Since
Inception |
Inception
Date |
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Class
A before
taxes |
% |
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Class
C before
taxes |
% |
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Class
I before
taxes |
% |
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Class
W before
taxes |
% |
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Portfolio
Management
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Investment
Adviser |
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Voya
Investments, LLC |
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Sub-Adviser |
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Voya Investment
Management Co. LLC |
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Portfolio
Manager |
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David
S. Yealy
Portfolio
Manager (since 11/04) |
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Purchase
and Sale of Fund Shares
Shares
of the Fund may be purchased or sold on any business day (normally any day when
the New York Stock Exchange opens for regular trading). You can buy or sell
shares of the Fund through a broker-dealer or other financial intermediary; by
visiting our website at www.voyainvestments.com; by writing to us at Voya
Investment Management, 7337 East Doubletree Ranch Road, Suite
100, Scottsdale, Arizona 85258-2034; or by calling us at
1-800-992-0180.
Minimum
Initial Investment $ by share
class
|
Class |
A,
C |
I |
R6 |
W | |
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Non-retirement
accounts |
$ |
1,000 |
250,000 |
1,000,000 |
1,000 |
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Retirement
accounts |
$ |
250 |
250,000 |
None |
1,000 |
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Certain
omnibus accounts |
$ |
250 |
None |
None |
None |
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Pre-authorized
investment plan |
$ |
1,000 |
250,000 |
None |
1,000 |
There
are no minimums for additional investments except that the pre-authorized
investment plan requires a monthly investment of at least $100. For Class I
shares, there is no minimum initial investment requirement for: (i) qualified
retirement plans or other
defined contribution plans and defined benefit plans that invest in the Voya
funds through omnibus arrangements; (ii) employees of Voya Investment
Management Co. LLC (“Voya IM”) who are
eligible to participate in “notional” bonus programs
Voya
Government Money Market Fund
5
sponsored
by Voya IM; or (iii) (a) investors transacting in Class I shares through
brokerage platforms that invest in the Voya funds’ Class I shares through
omnibus accounts and have agreements with the distributor to offer such shares
and (b) such brokerage
platforms’ omnibus accounts.
Tax
Information
The Fund's
distributions are generally expected to be taxable to you as
ordinary income
unless you are
investing through a tax advantaged
arrangement, such as a 401(k) plan or an individual retirement account
(“IRA”). If you are
investing through a tax advantaged arrangement, you may be taxed upon
withdrawals from that arrangement.
Payments
to Broker-Dealers and Other Financial Intermediaries
If
you purchase the Fund through a broker-dealer or other financial intermediary
(such as a bank), the Fund and/or its related companies may pay the intermediary
for the sale of Fund shares and/or related services. These payments may create a
conflict of interest by influencing the broker-dealer or other intermediary and
your salesperson to recommend the Fund over another investment.
Ask your salesperson or visit your financial intermediary’s website for more
information.
Voya
Government Money Market Fund
6
KEY
FUND INFORMATION
This
Prospectus contains information about the Fund and is designed to provide you
with important information to help you with your
investment decisions. Please read it carefully and keep it for future
reference.
The
Fund's Statement of Additional Information (the “SAI”) is
incorporated by reference into (legally made a part of) this
Prospectus. It identifies investment restrictions, more detailed risk
descriptions, a description of how the bond rating system works, and other
information that may be helpful to you in your decision to invest. You may
obtain a copy, without
charge, from the Fund.
Neither this
Prospectus, nor the related SAI, nor other communications to shareholders, such
as proxy statements, is intended, or should be read, to be or give rise to an
agreement or contract between Voya Funds Trust (the “Trust”), the Board of
Trustees (the “Board”), or the Fund and any
investor, or to give rise to any rights to any shareholder or other person other
than any rights under U.S. federal or state law.
Other Voya mutual
funds may also be offered to the public that have similar names, investment
objectives, and principal investment strategies as those of the Fund. You should
be aware that the Fund is likely to differ from these other Voya mutual funds in
size and cash flow pattern, as well as other factors. Accordingly, the
performance of the Fund can be expected to vary from the
performance of other Voya mutual funds.
Other
mutual funds and/or funds-of-funds may invest in the Fund. So long as the Fund
accepts investments by other investment companies, it will not purchase
securities of other investment companies, except to the extent permitted under
the Investment Company Act of 1940, as amended, and the rules and regulations
thereunder, and under the terms of applicable
no-action relief or exemptive orders granted thereunder (the “1940
Act”).
The
Fund is a series of the Trust, a Delaware statutory trust. The Fund is
managed by Voya Investments, LLC (“Voya Investments” or the “Investment
Adviser”).
Fund
shares may be classified into different classes of shares. The classes of shares
of the Fund would be substantially the same except for different expenses,
certain related rights, and certain shareholder services. All share classes
of the
Fund have a common investment objective and investment
portfolio.
Fundamental
Investment Policies
Fundamental
investment policies contained in the SAI may not be changed without shareholder
approval. Other policies and investment
strategies may be changed without a shareholder vote.
Non-Fundamental
Investment Policies
The
Fund has adopted a non-fundamental investment policy to invest the Fund's assets
in securities that are consistent with the Fund's name. For more information
about the Fund's non-fundamental investment policies, please consult
the
SAI.
Fund
Diversification
The
Fund is diversified, as such term is defined in the 1940 Act. A diversified fund
may not, as to 75% of its total assets, invest more than 5% of its total assets
in any one issuer and may not purchase more than 10% of the outstanding voting
securities of any one issuer (other than securities issued or guaranteed by the
U.S. government or any of its agencies or instrumentalities, or other investment
companies). A non-diversified fund is not limited by the 1940 Act in the percentage
of its assets that it may invest in the obligations of a single
issuer.
Investor
Diversification
Although
the Fund is designed to serve as a component of a diversified investment
portfolio of securities, no single mutual fund can provide an appropriate
investment program for all investors. You should evaluate the Fund in the
context of your
personal financial situation, investment objectives, and other
investments.
Percentage
and Rating Limitations
The percentage and
rating limitations on Fund investments listed in this Prospectus apply at the
time of investment.
If
such a limitation is complied with at the time of an investment, any subsequent
change in percentage resulting from a change in values or assets or a change in
market capitalization of a company, or any subsequent change in rating,
will generally not
constitute a violation of that limitation.
7
KEY
FUND INFORMATION
(continued)
Investment
Not Guaranteed
Please
note your investment is not a bank deposit and is not insured or guaranteed by
the Federal Deposit Insurance Corporation, the
Federal Reserve Board, or any other government agency.
Shareholder
Reports
The Fund's fiscal
year ends March 31. Effective July 24,
2024
,
shareholders receive
revised forms of annual and semi-annual
shareholder reports in
accordance with recently adopted SEC rule and form amendments requiring the
Fund
to transmit streamlined annual and semi-annual
shareholder reports
that highlight key information to shareholders. These annual and
semi-annual
shareholder reports are sent to shareholders directly by mail. Other
information, including financial
statements,
is available on the
Voya funds’ website (https://individuals.voya.com/literature), delivered free
of
charge upon request,
and filed with the SEC on a semi-annual basis on Form N-CSR. You may elect to
receive shareholder
reports and other communications from a fund electronically anytime by
contacting your financial intermediary (such as a broker-dealer or bank) or, if
you are a direct investor, by calling 1-800-992-0180 or by sending an e-mail
request to
[email protected].
Escheatment
Many states have
unclaimed property rules that provide for transfer to the state (also known as
“escheatment”) of
unclaimed property
under various circumstances. These circumstances include inactivity (e.g., no
owner-initiated contact for a certain period), returned mail (e.g., when mail
sent to a shareholder is returned by the post office as undeliverable), or a
combination of both inactivity and returned mail. Unclaimed or inactive accounts
may be subject to escheatment laws, and the Fund, the transfer agent and the
distributor will not be liable to shareholders or their representatives
for good faith
compliance with state unclaimed property laws.
8
MORE
INFORMATION ABOUT THE FUND
Additional
Information About the Investment Objective
The Fund's
investment objective is non-fundamental and may be changed by a vote of the
Board, without
shareholder approval. The Fund
will provide 60 days' prior written notice of any change in a non-fundamental
investment objective. There is no guarantee the Fund will
achieve its investment objective.
Additional
Information About Principal Investment Strategies
For
a complete description of the Fund's principal investment strategies, please see
the Fund's summary prospectus or the Fund’s
summary section in this Prospectus.
Additional
Information About the Principal Risks
All mutual funds
involve risk—some more
than others—and there is always the chance that you could lose money or
not
earn as much as you hope. The Fund's risk profile is largely a factor of the
principal securities in which it invests and investment techniques that it uses.
Below is a discussion of the principal risks associated with certain
types of the investments in which the Fund may
invest and certain of the investment practices that the Fund may use. The
discussion below
expands on the risks included in the Fund's summary section of the Prospectus.
The principal risks
are
presented in alphabetical order to facilitate readability, and their order does
not imply that the realization of one risk is more likely to occur or
have a greater adverse impact than another risk.
Many of the
investment techniques and strategies discussed in this Prospectus and in the SAI
are discretionary, which means that the Investment Adviser or
Sub-Adviser,
as the case may be,
can decide whether to use them. The Fund may invest in
these securities or use these techniques as part of its principal investment
strategies. However, the Investment Adviser
or Sub-Adviser may also use these investment techniques or make investments in
securities that are
not a part of the Fund’s principal investment strategies.
For more information about these
and other types of securities and investment techniques that may be
used by the Fund, see
the SAI.
Cash/Cash
Equivalents:
Investments in cash
or cash equivalents may lower returns and result in potential lost opportunities
to
participate in market appreciation which could negatively impact the Fund’s
performance and ability to achieve its investment
objective.
Credit:
The
Fund could lose money if the issuer or guarantor of a debt instrument in which
the Fund invests, or the counterparty
to a derivative contract the Fund entered into, is unable or unwilling, or is
perceived (whether by market participants,
rating agencies, pricing services, or otherwise) as unable or unwilling, to meet
its financial obligations.
Interest
Rate:
A rise in market
interest rates generally results in a fall in the value of bonds and other debt
instruments; conversely, values
generally rise as market interest rates fall. Interest rate risk is generally
greater for debt instruments than floating-rate instruments. The higher the
credit quality of the instrument, and the longer its maturity or duration, the
more sensitive it is to changes in market interest rates. Duration is a measure
of sensitivity of the price of a debt instrument to a change in interest rate.
As of the date of this Prospectus, the U.S. has recently experienced a rising
market interest
rate environment, which may increase the Fund’s exposure to risks associated
with rising market interest rates. Rising market interest rates have
unpredictable effects on the markets and may expose debt and related markets to
heightened volatility. To the extent that the Fund invests in debt instruments,
an increase in market interest rates may lead to increased redemptions and
increased portfolio turnover, which could reduce liquidity for certain
investments, adversely affect values, and increase costs. Increased redemptions
may cause the Fund to liquidate portfolio positions when it may not be
advantageous to do so and may lower returns. If dealer capacity in debt markets
is insufficient for market conditions, it may further inhibit liquidity and
increase volatility in debt markets. Further, recent and
potential future changes in government policy may affect interest rates.
Negative or very low interest rates could magnify the risks associated with
changes in interest rates. In general, changing interest rates, including rates
that fall below zero, could have unpredictable effects on markets and may expose
debt and related markets to heightened volatility. Changes to monetary policy by
the U.S. Federal Reserve Board or other regulatory actions could expose debt and
related markets to heightened volatility, interest rate sensitivity, and reduced
liquidity, which may impact the Fund’s operations and return
potential.
Investment
Model: The
Sub-Adviser’s proprietary investment model may not adequately take into account
existing or unforeseen market
factors or the interplay, including changes in the interplay,
between such factors, and there is no guarantee that the
use of a proprietary investment model will result in effective investment
decisions for the Fund.
9
MORE
INFORMATION ABOUT THE FUND
(continued)
Proprietary
investment models used by the Sub-Adviser to evaluate securities or securities
markets are based on the Sub-Adviser’s understanding of the interplay of market
factors and do not assure successful investment. The markets, or the price of
individual securities, may be affected by factors not foreseen in the
construction of the proprietary investment
models.
Liquidity:
If a security is
illiquid, the Fund might be unable to sell the security at a time when the
Fund’s manager might wish to
sell, or at all. Further, the lack of an established secondary market may make
it more difficult to value illiquid securities, exposing the Fund to the risk
that the prices at which it sells illiquid securities will be less than the
prices at which they were valued when held by the Fund, which could cause the
Fund to lose money. The prices of illiquid securities may be more volatile than
more liquid securities, and the risks associated with illiquid securities may be
greater in times of financial stress. Certain securities that are liquid
when purchased may later become illiquid, particularly in
times of overall economic distress or due to geopolitical events such as
sanctions, trading halts, or wars.
Market
Disruption and Geopolitical:
The Fund is subject to
the risk that geopolitical events will disrupt securities markets and
adversely affect global economies and markets. Due to the increasing
interdependence among global economies and markets, conditions in one country,
market, or region might adversely impact markets, issuers and/or foreign
exchange rates in other countries, including the United States. Wars, terrorism,
global health crises and pandemics, 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. The economic impacts of COVID-19
have created a unique challenge for real estate markets. Many businesses
have
either partially or fully transitioned to a remote-working environment and this
transition may negatively impact the occupancy rates of commercial real estate
over time. Natural and
environmental disasters and systemic market dislocations are
also highly disruptive to economies and markets. In addition, military action by
Russia in Ukraine has, and may continue to, adversely affect global energy and
financial markets and therefore could affect the value of the Fund’s
investments, including beyond the Fund’s direct exposure to Russian issuers or
nearby geographic regions. The extent and duration of the military action,
sanctions, and resulting market disruptions are impossible to predict and could
be substantial. A number of U.S. domestic banks and foreign (non-U.S.) banks
have recently experienced financial difficulties and, in some cases, failures.
There can be no certainty that the actions taken by regulators to limit the
effect of those financial difficulties and failures on other banks or other
financial institutions or on the U.S. or foreign (non-U.S.) economies generally
will be successful. It is possible that more banks or other financial
institutions will experience financial difficulties or fail, which may affect
adversely other U.S. or foreign (non-U.S.) financial institutions and economies.
These events as well as other changes in foreign (non-U.S.) and domestic
economic, social, and political conditions also could adversely affect
individual issuers or related groups of issuers, securities markets, interest
rates, credit ratings, inflation, investor sentiment, and other factors
affecting the value of the Fund’s investments. Any of these occurrences could
disrupt the operations of the Fund and of the Fund’s service
providers.
Money
Market Regulatory:
Changes in government
regulations may adversely affect the value of a security held by the Fund.
The SEC has adopted
amendments to money market fund regulation that permit the Fund to impose
discretionary liquidity fees, increase the Fund’ s daily and weekly liquid asset
minimum requirements and eliminate the ability of the Fund to
temporarily suspend redemptions due to declines in the Fund's
weekly liquid assets, among other changes. As of the date of
this Prospectus, the Board has elected not to subject the Fund to such
discretionary
liquidity fees. These changes may
result in reduced yields for money market funds, including the Fund, which may
invest in other money market funds. The SEC or other regulators may
adopt additional money market fund reforms, which may impact the structure and operation
or performance of the Fund.
Other
Investment Companies (Money Market Funds):
A
money market fund may only invest in other investment companies that
qualify as money market funds under Rule 2a-7 of the 1940 Act, and there is a
risk that such money market funds may not comply with Rule 2a-7. You will pay a
proportionate share of the expenses of those other investment companies
(including management fees, administration fees, and custodial fees) in addition
to the expenses of the Fund. The investment policies of the other investment
companies may not be the same as those of the Fund; as a result, an investment
in the other investment companies may be subject to additional or different
risks than those to which the Fund is
typically subject.
10
MORE
INFORMATION ABOUT THE FUND
(continued)
Prepayment
and Extension: Many types of debt
instruments are subject to prepayment and extension risk. Prepayment
risk
is the risk that the issuer of a debt instrument will pay back the principal
earlier than expected. This risk is heightened in a falling market interest rate
environment. Prepayment may expose the Fund to a lower rate of return upon
reinvestment of principal. Also, if a debt instrument subject to prepayment has
been purchased at a premium, the value of the premium would be lost in the event
of prepayment. Extension risk is the risk that the issuer of a debt instrument
will pay back the principal later than expected. This risk is heightened in a
rising market interest rate environment. This may negatively affect performance,
as the value of the debt instrument decreases when principal payments are made
later than expected. Additionally, the Fund may be prevented from investing
proceeds it would have received at a given time at the higher
prevailing interest rates.
Repurchase
Agreements:
In the
event that the other party to a repurchase agreement defaults on its
obligations, the
Fund would generally seek to sell the underlying security serving as collateral
for the repurchase agreement. However, the value of collateral may be
insufficient to satisfy the counterparty's obligation and/or the Fund may
encounter delay and incur costs before being able to sell the security. Such a
delay may involve loss of interest or a decline in price of the security, which
could result in a loss. In addition, if the Fund is characterized by a court as
an unsecured creditor, it would
be at risk of losing some or all of the principal and interest involved in the
transaction.
U.S.
Government Securities and Obligations:
U.S.
government securities are obligations of, or guaranteed by, the U.S.
government, its agencies, or government-sponsored enterprises. U.S. government
securities are subject to market risk and interest rate risk, and may be subject
to varying degrees of credit risk. Some U.S.
government securities are backed
by the full faith and credit of the U.S. government and are guaranteed as to
both principal and interest by the U.S. Treasury. These include direct
obligations of the U.S. Treasury such as U.S. Treasury notes, bills, and bonds,
as well as indirect obligations including certain securities of the Government
National Mortgage Association, the Small Business Administration, and the
Farmers Home Administration, among others. Other U.S. government securities are
not direct obligations of the U.S. Treasury, but rather are backed by the
ability to borrow directly from the U.S. Treasury, including certain securities
of the Federal Financing Bank, the Federal Home Loan Bank, and the U.S. Postal
Service. Other U.S. government securities are backed solely by the credit of the
agency or instrumentality itself and are neither guaranteed nor insured by the
U.S. government and, therefore, involve greater risk. These include securities
issued by the Federal Home Loan Bank, the Federal Home Loan Mortgage
Corporation, and the Federal Farm Credit Bank, among others. Consequently, the
investor must look principally to the agency issuing or guaranteeing the
obligation for ultimate repayment. No assurance can be given that the U.S.
government would provide financial support to such agencies if it is not
obligated to do so by law. The impact of greater governmental scrutiny into the
operations of certain agencies and government-sponsored enterprises may
adversely affect the value of securities issued by these entities. U.S.
government securities may be subject to price declines due to changing market
interest rates. From time to time, uncertainty regarding the status of
negotiations in the U.S. government to increase the statutory debt ceiling could
increase the risk that the U.S. government may default on payments on certain
U.S. government securities, cause the credit rating of the U.S. government to be
downgraded, increase volatility in the stock and bond markets, result in higher
interest rates, reduce prices of U.S. Treasury securities, and/or increase the
costs of various kinds of debt. If a U.S. government-sponsored entity is
negatively impacted by legislative or regulatory action (or lack thereof), is
unable to meet its obligations, or its creditworthiness declines, the
performance of the Fund that holds securities of the entity will
be adversely impacted.
When-Issued,
Delayed Delivery, and Forward Commitment Transactions:
When-issued,
delayed delivery, and forward commitment
transactions involve the risk that the security the Fund buys will lose value
prior to its delivery. These transactions may result in leverage. The use of
leverage may exaggerate any increase or decrease in the net asset value, causing
the Fund to be more volatile. The use of leverage may increase expenses and
increase the impact of the Fund’s other risks. There also is the risk that the
security will not be issued or that the other party will not meet its
obligation. If this occurs, the Fund loses both the investment opportunity for
the assets it set aside to pay for the security and any
gain in the security’s price.
Further
Information About Principal Risks
The following
provides additional information about certain aspects of the principal risks
described above.
11
MORE
INFORMATION ABOUT THE FUND
(continued)
Counterparty:
The
entity with which the Fund conducts portfolio-related business (such as trading
or securities lending), or
that underwrites, distributes or guarantees investments or agreements that the
Fund owns or is otherwise exposed to, may refuse or may become unable to honor
its obligations under the terms of a transaction or agreement. As a result, the
Fund may sustain losses and be less likely to achieve its investment objective.
These risks may be greater when engaging in
over-the-counter transactions or when the Fund conducts business with a limited
number of counterparties.
Duration:
One
measure of risk for debt instruments is duration. Duration measures the
sensitivity of a bond’s price to
market interest rate movements and is one of the tools used by a portfolio
manager in selecting debt instruments. Duration measures the average life of a
bond on a present value basis by incorporating into one measure a bond’s yield,
coupons, final maturity and call features. As a point of reference, the duration
of a non-callable 7% coupon bond with a remaining maturity of 5 years is
approximately 4.5 years and the duration of a non-callable 7% coupon bond with a
remaining maturity of 10 years is approximately 8 years. Material changes in
market interest rates may impact the duration calculation. For example, the
price of a bond with an average duration of 5 years would be expected to fall
approximately 5% if market interest rates rose by 1%. Conversely, the price of a
bond with an average duration of 5 years would be
expected to rise approximately 5% if market interest rates dropped by
1%.
Inflation:
Inflation risk is the
risk that the value of assets or income from the Fund's investments will be
worth less in the future as
inflation decreases the value of payments at future dates. As inflation
increases, the value of the Fund could decline. Inflation rates may
change frequently and drastically as a result of various factors and the Fund's
investments may
not keep pace with inflation, which may result in losses to the Fund’s investors
or adversely affect the value of shareholders'
investments in the Fund.
Investment
by Other Funds: Certain
funds-of-funds, including some Voya funds, may invest in the Fund. If
investments by
these other funds result in large inflows or outflows of cash from the Fund, the
Fund could be required to sell securities or invest cash at times, or in ways,
that could, among other things, negatively impact its performance, speed the
realization of capital gains, increase its portfolio turnover, affect the
liquidity of its portfolio, or increase transaction costs. The manager will
monitor transactions by such funds-of-funds and will attempt to minimize any
adverse effects these transactions may have on the Fund. If shares of the Fund
are purchased by another fund in reliance on Section 12(d)(1)(G) of the 1940 Act
or Rule 12d1-4 thereunder and the Fund purchases shares of other investment
companies in reliance on Rule 12d1-4, the Fund will not be able to make new
investments in other funds, including private funds, if, as a result of such
investment, more than 10% of the Fund’s assets would be invested in other funds or
private funds, subject to certain exceptions.
Leverage:
Certain transactions
and investment strategies may give rise to leverage. Such transactions and
investment strategies
include, but are not limited to: borrowing, dollar rolls, reverse repurchase
agreements, loans of portfolio securities, short sales, and the use of
when-issued, delayed delivery or forward commitment transactions. The use of
certain derivatives may also increase leveraging risk and, in some cases,
adverse changes in the value or level of a derivative’s underlying asset, rate,
or index may result in potentially unlimited losses. The use of leverage may
exaggerate any increase or decrease in the net asset value, causing the Fund to
be more volatile than if the Fund had not been leveraged. The use of leverage
may increase expenses and increase the impact of the Fund’s other risks. The use
of leverage may cause the Fund to liquidate portfolio positions when it may not
be advantageous to do so to satisfy its obligations or to meet regulatory
requirements resulting in increased volatility of returns. There can be no guarantee that a
leveraging strategy will be successful.
Manager:
The Fund is subject to
manager risk because it is an actively managed investment portfolio. The
Investment Adviser, the
Sub-Adviser, or each
individual portfolio manager will make judgments and apply investment techniques
and
risk analyses in making investment decisions, but there can be no guarantee that
these decisions will produce the desired results. The Fund’s portfolio may fail
to produce the intended results, and the Fund’s portfolio may underperform other
comparable funds because of portfolio management decisions related to, among
other things, the selection of investments, portfolio
construction, risk assessments, and/or the outlook on market trends and
opportunities.
Operational:
The
Fund,
its service providers, and other market participants increasingly depend on
complex information technology
and communications systems to conduct business functions. These systems are
subject to a number of different threats or risks that could adversely affect
the Fund and its shareholders, despite the efforts of the Fund and its service
providers to adopt technologies, processes, and practices intended to mitigate
these risks. Cyber-attacks, disruptions, or failures that affect the Fund’s
service providers, counterparties, market participants, or issuers of securities
held by the Fund may adversely affect the Fund and its shareholders, including
by causing losses or impairing
12
MORE
INFORMATION ABOUT THE FUND
(continued)
the
Fund’s operations. Information relating to the Fund’s investments has been and
will in the future be delivered electronically, which can give rise to a number
of risks, including, but not limited to, the risks that such communications may
not be secure and may contain computer viruses or other defects, may not be
accurately replicated on other systems, or may be
intercepted, deleted or interfered with, without the knowledge of the sender or
the intended recipient.
13
PORTFOLIO
HOLDINGS INFORMATION
A description of
the Fund's policies and procedures regarding the release of portfolio holdings
information is available in the SAI. Portfolio holdings
information can be reviewed online at
www.voyainvestments.com.
14
MANAGEMENT
OF THE FUND
Investment
Adviser
Voya Investments,
an Arizona limited liability company, is registered with the SEC as an
investment adviser. Voya Investments serves as the investment adviser to, and
has overall responsibility for the management of, the Fund. Voya Investments
oversees all investment advisory and portfolio management services and assists in managing and
supervising all aspects of the
general day-to-day business activities and operations of the Fund, including,
but not limited to, the following: custodial, transfer
agency, dividend disbursing, accounting, auditing, compliance, and related
services.
Voya
Investments began business as an investment adviser in 1994 and currently serves
as investment adviser to certain registered investment companies, consisting of
open- and closed-end registered investment companies and collateralized loan
obligations. Voya Investments is an indirect subsidiary of Voya Financial, Inc.
Voya Financial, Inc. is a U.S.-based
financial institution whose subsidiaries operate in the retirement, investment,
and insurance industries.
Voya Investments'
principal business
address is 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona
85258.
Management
Fee
The
Investment Adviser receives an annual fee for its services to the Fund. The fee
is payable in monthly installments based on the
average daily net assets of the Fund.
The
Investment Adviser is responsible for all of its own costs, including costs of
the personnel required to carry out its
duties.
The
following table shows the aggregate annual management fee paid by the Fund for
the most recent fiscal year as a percentage of the
Fund’s average daily net assets.
|
|
Management
Fee |
|
Voya
Government Money Market Fund |
0.35% |
For information
regarding the basis for the Board’s approval of the investment advisory and
investment sub-advisory relationships, please refer to the Fund's annual
shareholder report, which covers the one-year period ended March 31, 2024.
Expense
Limitation Agreement
The distributor
and the Investment Adviser have contractually agreed to waive a portion of their
management fees and distribution and/or shareholder servicing fees, as
applicable, and to reimburse certain expenses of the Fund to the extent
necessary to assist the Fund in maintaining a net yield of not less than zero.
There is no guarantee that the Fund will maintain such a yield. When
distribution fees are reduced, dealer compensation may be reduced to the same
extent. Management fees waived and expenses reimbursed by the Investment Adviser
are subject to possible recoupment by the Investment Adviser within three years.
In no event will the amount of the recoupment on any day exceed 20% of the yield
(net of all expenses) of the Fund on that day. Distribution and servicing fees
waived are not subject to recoupment. This arrangement will continue through at
least August 1, 2025
and may only be terminated with the prior approval of the Board.
Sub-Adviser
The
Investment Adviser has engaged a sub-adviser to provide the day-to-day
management of the Fund's portfolio. The Sub-Adviser is
an affiliate of the Investment Adviser.
The
Investment Adviser acts as a “manager-of-managers”
for the Fund. The Investment Adviser has ultimate responsibility, subject
to the oversight of the Fund’s Board, to oversee any sub-advisers and to
recommend the hiring, termination, or replacement of sub-advisers. The Fund and
the Investment Adviser have received exemptive relief from the SEC which permits
the Investment Adviser, with the approval of the Board but without obtaining
shareholder approval, to enter into or materially amend a sub-advisory agreement
with sub-advisers that are not affiliated with the Investment Adviser
(“non-affiliated
sub-advisers”) as well as sub-advisers that are indirect or direct, wholly-owned
subsidiaries of the
Investment Adviser or of another company that indirectly or directly wholly owns
the Investment Adviser (“wholly-owned
sub-advisers”).
15
MANAGEMENT
OF THE FUND
(continued)
Consistent
with the “manager-of-managers”
structure, the Investment Adviser delegates to the Sub-Adviser(s) of the
Fund
the responsibility for day-to-day investment management, subject to the
Investment Adviser’s oversight. The Investment Adviser is responsible for, among
other things, monitoring the investment program and performance of the
Sub-Adviser(s). Pursuant to the exemptive relief, the Investment Adviser, with
the approval of the Board, has the discretion to terminate any sub-adviser
(including terminating a non-affiliated sub-adviser and replacing it with a
wholly-owned sub-adviser), and to allocate and
reallocate the Fund’s assets among other sub-advisers.
The
Investment Adviser’s selection of sub-advisers presents conflicts of interest.
The Investment Adviser will have an economic incentive to select sub-advisers
that charge the lowest sub-advisory fees, to select sub-advisers affiliated with
it, or to manage a portion of the Fund itself. The Investment Adviser may retain
an affiliated sub-adviser (or delay terminating an affiliated sub-adviser) in
order to help that sub-adviser achieve or maintain scale in an investment
strategy or increase its assets under management. The Investment Adviser may
select or retain an affiliated sub-adviser even in cases where another potential
sub-adviser or an existing sub-adviser might charge a lower fee or have more
favorable
historical investment performance.
In
the event that the Investment Adviser exercises its discretion to replace a
sub-adviser or appoint a new sub-adviser, the Fund will provide shareholders
with information about the new sub-adviser and the new sub-advisory agreement
within 90 days. The replacement of an existing sub-adviser or appointment of a
new sub-adviser may be accompanied by a change to the
Fund’s name and/or investment strategies.
A
sub-advisory agreement can be terminated by the Investment Adviser, the Fund’s
Board, or the Sub-Adviser, provided that the conditions of such termination, as
set forth in the agreement, are met. In addition, a sub-advisory agreement may
be terminated by the Fund’s shareholders. In the event a sub-advisory agreement
is terminated, the Sub-Adviser(s) may be replaced, subject to any regulatory
requirements, or the Investment Adviser may assume day-to-day investment
management of the
Fund.
The
“manager-of-managers” structure and reliance on the exemptive relief has been
approved by the Fund’s shareholders.
Voya Investment
Management Co. LLC
Voya Investment
Management Co. LLC (“Voya IM” or the “Sub-Adviser”), a
Delaware limited liability company, was founded in 1972
and is registered with the SEC as an investment adviser. Voya IM has acted as an
investment adviser or sub-adviser to mutual funds since 1994 and has managed
institutional accounts since 1972. Voya IM is an indirect subsidiary of Voya
Financial, Inc. and is an affiliate of the Investment Adviser. Voya IM's
principal business
address is 230 Park Avenue, New York, New York 10169.
Portfolio
Management
The following
individual is responsible for the day-to-day management of the
Fund.
|
Portfolio
Manager |
Sub-Adviser |
Fund |
Recent
Professional Experience |
|
David
S. Yealy |
Voya
IM |
Voya Government
Money Market
Fund |
Mr.
Yealy, Portfolio Manager, joined Voya IM in 2004.
Prior
to that, he was a managing director with Trusco
Capital
Management (1991-2004) where he
managed
over $9 billion of assets and was
instrumental
in the development and marketing of
that
firm’s cash management
business. |
Additional
Information Regarding the Portfolio Manager
The
SAI provides additional information about the portfolio manager’s compensation,
other accounts managed by the portfolio manager,
and the securities the portfolio manager owns in the Fund(s) the portfolio
manager manages.
Distributor
Voya Investments
Distributor, LLC (the “Distributor”), a Delaware limited
liability company, is the principal underwriter and distributor of
the Fund. The Distributor is an indirect subsidiary of Voya Financial, Inc. and
is an affiliate of the Investment Adviser. The Distributor’s principal
business address is
7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258. See
“Principal Underwriter” in the SAI.
16
MANAGEMENT
OF THE FUND
(continued)
The
Distributor is a member of the Financial Industry Regulatory Authority, Inc.
(“FINRA”). To obtain
information about FINRA
member firms and their associated persons, you may contact FINRA at
www.finra.org or the Public Disclosure Hotline at
800-289-9999.
Contractual
Arrangements
The
Fund has contractual arrangements with various service providers, which may
include, among others, investment advisers, distributors, custodians and fund
accounting agents, shareholder service providers, and transfer agents, who
provide services to the Fund. Shareholders are not parties to, or intended
(“third-party”)
beneficiaries of, any of those
contractual arrangements, and those contractual arrangements are not intended to
create in any individual shareholder or group of shareholders any right to
enforce them against the service providers or to seek any remedy under them
against the service providers, either directly or on behalf of the Fund. This
paragraph is not intended to limit any rights
granted to shareholders under federal or state securities
laws.
17
CLASSES
OF SHARES
Choosing
a Share Class
When
choosing between classes, you should carefully consider: (1) how long you plan
to hold shares of the Fund; (2) the amount of your investment; (3) the expenses
you will pay for each class, including ongoing annual expenses along with the
initial sales charge or the contingent deferred sales charges (“CDSC”); and (4)
whether you qualify for any sales
charge discounts. Please review the disclosure about all of the available share
classes carefully. Before investing, you should discuss
with your financial intermediary which share class may be right for
you.
The
table below summarizes the features of the classes of shares available through
this Prospectus. Fund charges may vary so you should review the Fund's fee table
included in the summary section of this Prospectus as well as the section
entitled “Sales Charges” in this Prospectus.
Summary
of primary differences among share classes:
|
Class
A |
|
|
Initial
Sales Charge |
None |
|
Contingent
Deferred Sales Charge |
None |
|
Distribution
and/or Shareholder Services (12b-1) Fees |
None |
|
Purchase
Maximum |
None |
|
Minimum
Initial Purchase/Minimum Account Size |
$1,000
($250 for IRAs)/$1,000 ($250 for IRAs) |
|
Minimum
Subsequent Purchases |
None
(At least $100/month for pre-authorized investment
plan) |
|
Minimum
Initial Account Balance for Systematic Exchange
Privilege |
$5,000 |
|
Conversion |
None |
|
Class
C |
|
|
Initial
Sales Charge |
None |
|
Contingent
Deferred Sales Charge |
1.00%
if the shares are sold within one year from the date of
purchase |
|
Distribution
and/or Shareholder Services (12b-1) Fees |
1.00%
annually |
|
Purchase
Maximum |
$1,000,000 |
|
Minimum
Initial Purchase/Minimum Account Size |
$1,000
($250 for IRAs)/$1,000 ($250 for IRAs) |
|
Minimum
Subsequent Purchases |
None
(At least $100/month for pre-authorized investment
plan) |
|
Minimum
Initial Account Balance for Systematic Exchange
Privilege |
$5,000 |
|
Conversion |
Automatic
conversion to Class A shares at net asset value
(without
the imposition of a sales charge) after 8
years |
|
Class
I |
|
|
Initial
Sales Charge |
None |
|
Contingent
Deferred Sales Charge |
None |
|
Distribution
and/or Shareholder Services (12b-1) Fees |
None |
|
Purchase
Maximum |
None |
|
Minimum
Initial Purchase1/Minimum
Account Size |
$250,000/$250,000 |
|
Minimum
Subsequent Purchases |
None
(At least $100/month for pre-authorized investment
plan) |
|
Minimum
Initial Account Balance for Systematic Exchange
Privilege |
None |
|
Conversion |
None |
18
CLASSES
OF SHARES
(continued)
|
Class
R6 |
|
|
Initial
Sales Charge |
None |
|
Contingent
Deferred Sales Charge |
None |
|
Distribution
and/or Shareholder Services (12b-1) Fees |
None |
|
Purchase
Maximum |
None |
|
Minimum
Initial Purchase2/Minimum
Account Size |
$1,000,000/$1,000,000 |
|
Minimum
Subsequent Purchases |
None |
|
Minimum
Initial Account Balance for Systematic Exchange
Privilege |
None |
|
Conversion |
None |
|
Class
W |
|
|
Initial
Sales Charge |
None |
|
Contingent
Deferred Sales Charge |
None |
|
Distribution
and/or Shareholder Services (12b-1) Fees |
None |
|
Purchase
Maximum |
None |
|
Minimum
Initial Purchase/Minimum Account Size |
$1,000/$1,000 |
|
Minimum
Subsequent Purchases |
None
(At least $100/month for pre-authorized investment
plan) |
|
Minimum
Initial Account Balance for Systematic Exchange
Privilege |
None |
|
Conversion |
None |
1
For Class I
shares, there is no minimum initial investment requirement for: (i) qualified
retirement plans or other defined contribution plans and defined benefit plans
that invest in the Voya funds through omnibus arrangements; (ii) employees of
Voya IM who are eligible to participate in “notional” bonus programs sponsored
by Voya IM; or (iii) (a) investors transacting in Class I shares through
brokerage platforms that invest in the Voya funds’ Class I shares through
omnibus accounts and have agreements with the Distributor to offer such shares
and (b) such brokerage platforms’ omnibus accounts.
2
For Class R6 shares, the
minimum initial investment requirement is $1,000,000 for non-retirement
accounts. There is no minimum initial investment requirement for retirement
accounts, certain omnibus accounts, and pre-authorized investment
plans.
Please refer to the “Minimum
Investments” table on page 25 for additional information.
The relative
impact of the initial sales charge, if applicable, and ongoing annual expenses
will depend on the length of time a share is held. Higher distribution fees mean a
higher expense ratio, so Class C shares pay correspondingly lower dividends
and may have a lower net asset value (“NAV”) than Class A
shares, Class I shares, and Class W shares.
Because
the Fund may not be able to identify an individual investor’s trading activities
when investing through omnibus account arrangements, you and/or your financial
intermediary are responsible for ensuring that your investment in Class C shares
does not exceed $1,000,000. The Fund cannot ensure that it will identify
purchase orders that would cause your investment in Class C shares to exceed the
maximum allowed amount. When investing through such arrangements, you and/or
your financial intermediary should be diligent in determining that you have
selected the appropriate share class for
you.
You
and/or your financial intermediary should also take care to assure that you are
receiving any sales charge reductions or other benefits to which you may be
entitled. The Fund uses the net amount invested when determining whether a
shareholder has reached the required investment amount in order to be eligible
for a breakpoint discount. In order to ensure that you are receiving any
applicable sales charge reduction, it may be necessary for you to inform the
Fund or your financial intermediary of the existence of other accounts that may
be eligible to be aggregated. In addition, investors investing in the Fund
through an intermediary should consult Appendix A to this Prospectus, which
includes information regarding financial intermediary specific sales charges and
related discount policies that apply to purchases through certain specified
intermediaries. Before investing you should discuss which share class may be
right for you with your financial
intermediary.
19
CLASSES
OF SHARES
(continued)
Distribution
and Service (12b-1) Fees
The
Fund pays a fee to the Distributor on an ongoing basis as compensation for the
services the Distributor provides and the expenses it bears in connection with
the sale and distribution of Fund shares (“distribution fee”)
and/or in connection
with personal services rendered to Fund shareholders and the maintenance of
shareholder accounts (“shareholder
service
fee”).
These payments are made pursuant to a distribution and/or shareholder service
plan adopted by the Fund
pursuant to Rule 12b-1 of the 1940 Act (each, a “Rule 12b-1 Plan”).
Because these distribution and shareholder service
fees are paid on an ongoing basis, over time these fees will increase the cost
of your investment and may cost you more than
paying other types of sales charges.
The
table below reflects the maximum annual rates at which the distribution and/or
shareholder service fees may be paid under a Rule 12b-1 Plan (calculated as a
percentage of the Fund's average daily net assets attributable to the particular
class of shares). “N/A” in the table
below means the share class does not pay distribution and/or shareholder service
fees.
|
Fund |
Class
A |
Class
C |
Class
I |
Class
R6 |
Class
W |
|
Voya
Government Money Market Fund1 |
N/A |
1.00% |
N/A |
N/A |
N/A |
1
The Distributor and the
Investment Adviser have contractually agreed to waive a portion of their
distribution and/or shareholder services fees and management fees, as
applicable, and to reimburse certain expenses of the Fund to the extent
necessary to assist the Fund in maintaining a yield of not less than zero
through August 1, 2025.
20
SALES
CHARGES
The
Fund makes available in a clear and prominent format, free of charge, on its
website, (https://individuals.voya.com/product/share-classes-and-expenses),
information regarding applicable sales loads, reduced sales
charges (i.e., breakpoint
discounts), sales load waivers, eligibility minimums and purchases of the Fund's
shares. The website includes hyperlinks that facilitate access to the
information.
Class
C Shares
Unless
you are eligible for a waiver, if you sell your Class C shares within the time
periods specified below, you will pay a CDSC according to the following
schedules. It is the responsibility of your financial intermediary to ensure
that you are credited
with the proper holding period for the shares redeemed.
Class
C shares are offered at their NAV per share without any initial sales charge.
However, you may be charged a CDSC on shares that you sell within a certain
period of time after you bought them. The amount of the CDSC is based
on the
lesser of the NAV of the shares at the time of purchase or redemption. The CDSCs
are as follows:
|
Years
after purchase |
CDSC
on shares being sold |
|
1st
year |
1.00% |
|
After
1st year |
None |
To keep your CDSC
as low as possible, each time you place a request to redeem shares, the Fund
will first redeem shares in your account that are not
subject to a CDSC and then will redeem shares that have the lowest
CDSC.
There is no CDSC on
shares acquired through the reinvestment of dividends and capital gains
distributions.
CDSC
on Exchange into Voya Credit Income Fund
You
are not required to pay an applicable CDSC upon an exchange from the Fund
described in this Prospectus into Voya Credit Income Fund. However, if you
exchange into Voya Credit Income Fund and subsequently offer your common shares
for repurchase by Voya Credit Income Fund, the Fund's CDSC will apply. After an
exchange into Voya Credit Income Fund, the time period for application of the
CDSC will be calculated based on the first date you acquired your shares.
Sales
Charge Waivers
The
CDSC waiver categories described in this section do not apply to customers
purchasing shares of the Fund through any of the financial intermediaries
specified in Appendix A to this Prospectus (each a “Specified
Intermediary”). In all instances,
it is the investor’s responsibility to notify the Fund or the investor’s
financial intermediary at the time of purchase of any
relationship or other facts qualifying the purchaser for waivers or
discounts.
Different
financial intermediaries may apply different CDSC waivers. Please refer to
Appendix A for the CDSC waivers that
are applicable to each Specified Intermediary.
CDSC
Waivers. If you notify the
Fund's transfer agent, BNY Mellon Investment Servicing (US) Inc. (the “Transfer
Agent”) at the time of redemption, the CDSC for Class C shares will be waived in
the following cases:
•
Redemptions
following the death or permanent disability of a shareholder if made within one
year of death or the initial determination of permanent disability. The waiver
is available only for shares held at the time of death or initial determination
of permanent disability.
•
Redemptions
pursuant to a Systematic Withdrawal Plan, up to a maximum of 12% per year of a
shareholder's account value based on the value of the account at the time the
plan is established and annually thereafter.
•
Mandatory
distributions from “employee benefit plans” or an IRA.
•
Reinvestment of
dividends and capital gains distributions.
In
addition, the CDSC will be waived on the redemption of shares held through an
intermediary if the intermediary has entered into an agreement with the
Distributor to waive the CDSC. If you think you may be eligible for a CDSC
waiver, contact
your financial intermediary or a Shareholder Services
Representative.
Reinstatement
Privilege. If you sell Class
C shares of the Fund, you may be eligible for a full or prorated credit of
CDSCs
paid on the sale when you make an investment up to the amount redeemed in the
same share class if it occurs within 90 days of the eligible sale. Reinstated
Class C shares will retain their original cost and purchase date for purposes of
the CDSC. This privilege can be used only once per calendar year. If you want to
use the Reinstatement
21
SALES
CHARGES
(continued)
Privilege,
contact your financial intermediary or a Shareholder Services Representative, or
see the SAI for more information. An investor may be asked to provide
information or records, including account statements, regarding shares of the
Fund held in all of the investor's accounts held directly with the Trust or
through a financial intermediary; any account of the investor at another
financial intermediary; and accounts of related parties of the investor, such as
members of the same family
or household, at any financial intermediary.
22
HOW
SHARES ARE PRICED
The Fund is open
for business every day the New York Stock Exchange (the “NYSE”) opens for regular trading
(each such day, a
“Business Day”). The
net asset value (the “NAV”) per share for each class of the Fund is determined
each Business Day as of
the close of the regular trading session (“Market Close”), as determined by
the Consolidated Tape Association
(the “CTA”), the
central distributor of transaction prices for exchange-traded securities
(normally 4:00 p.m. Eastern
Time unless otherwise
designated by the CTA). The NAV per share of each class of the Fund is
calculated by
taking the value of the Fund’s assets attributable to that class, subtracting
the Fund’s liabilities attributable to that class, and dividing by the number of
shares of that class that are outstanding. On days when the Fund is closed for
business, Fund shares will not be priced, and the Fund will not process purchase
or redemption orders. To the extent the Fund’s assets are traded in other
markets on days when the Fund does not price its shares, the value of the Fund’s assets will likely
change and you will not be able to purchase or redeem shares of the
Fund.
The
Fund uses the amortized cost method to value its portfolio securities and seeks
to maintain a constant NAV of $1.00 per share, although there may be
circumstances under which this goal cannot be achieved. The amortized cost
method involves valuing a security at its cost and amortizing any discount or
premium over the period until maturity, regardless of the impact of fluctuating
interest rates or the market value of the security. Although the Board has
established procedures designed to stabilize, to the extent reasonably possible,
the share price of the Fund, there can be no assurance that the
Fund's NAV can be maintained at $1.00 per share.
23
HOW
TO BUY SHARES
Customer
Identification
To
help the government fight the funding of terrorism and money laundering
activities, federal law requires all financial institutions to obtain, verify,
and record information that identifies each person that opens an account, and to
determine whether such person’s name appears on government lists of known or
suspected terrorists and terrorist organizations.
What
this means for you: the Fund, the Distributor, or a third-party selling you the
Fund, must obtain the following information for
each person that opens an account:
•
Name;
•
Date of birth (for
individuals);
•
Physical
residential address (although post office boxes are still permitted for
mailing); and
•
Social Security
number, taxpayer identification number, or other identifying number.
You
may also be asked to show your driver’s license, passport, or other identifying
documents in order to verify your identity. In addition, it may be necessary to
verify your identity by cross-referencing your identification information with a
consumer report or other electronic database. Additional information may be
required to open accounts for corporations and other
non-natural persons.
Federal
law prohibits the Fund, the Distributor, and other financial institutions from
opening accounts unless they receive the minimum identifying information listed
above. They also may be required to close your account if they are unable
to
verify your identity within a reasonable time.
The
Fund and the Distributor reserve the right to reject any purchase order. Please
note that cash, traveler's checks, third-party checks, money orders, and checks
drawn on non-U.S. banks (even if payment may be effected through a U.S. bank)
generally will not be accepted. The Fund and the Distributor reserve the right
to waive minimum investment amounts. Waiver of the minimum investment amount can
increase operating expenses of the Fund. The Fund and the Distributor reserve
the right to liquidate sufficient shares to recover annual transfer agent fees
or to close your account and redeem your
shares should you fail to maintain your account value minimum.
The Fund reserves
the right to suspend the offering of shares.
Class
A and Class C Shares
Class A and Class
C shares may be purchased and sold by contacting any financial intermediary (who
may impose transaction charges in addition to those described in this
Prospectus) authorized to sell Fund shares. You may purchase additional shares
in various ways, including through your financial adviser and by mail,
telephone, online, and
bank wire.
A
shareholder’s Class C shares will automatically convert to Class A shares at net
asset value (without the imposition of a sales charge) on the second calendar
day of the following month in which the 8th anniversary of the issuance of the
Class C shares occurs, together with a pro
rata
portion of all Class C shares representing dividends and other distributions
paid in additional Class C shares.
Class
I Shares
Class
I shares may be purchased without a sales charge by: (1) qualified retirement
plans such as 401(a), 401(k), or other defined contribution plans and defined
benefit plans; (2) 529 college savings plans; (3) insurance companies and
foundations investing for their own account; (4) wrap programs offered by
broker-dealers and financial institutions; (5) accounts of, or managed by, trust
departments; (6) individuals whose accounts are managed by an investment adviser
representative; (7) employees of Voya IM who are eligible to participate in
“notional” bonus
programs sponsored by
Voya IM; (8) retirement plans affiliated with Voya Financial, Inc.; (9) Voya
Financial, Inc. affiliates for purposes of corporate cash management; (10) other
registered investment companies; (11) shareholders holding Class I shares of
other Voya mutual funds as of February 28, 2002, as long as they maintain a
shareholder account; and (12) (a) investors purchasing Class I shares through
brokerage platforms that invest in the Voya funds’ Class I shares through
omnibus accounts and have agreements with the Distributor to offer such shares
and (b) such brokerage platforms’ omnibus accounts. An investor transacting in
Class I shares on such brokerage platforms may be required to pay a commission and/or
other forms of compensation to the broker.
24
HOW
TO BUY SHARES
(continued)
Class R6
Shares
Class R6 shares
may be purchased without a sales charge. Class R6 shares are offered to the
following investors, provided that these investors do not require the Fund or an
affiliate of the Fund (including the Investment Adviser and any affiliate of the
Investment Adviser) to make, and the Fund or affiliate does not pay, any type of
servicing, administrative, or revenue sharing payments with respect to Class R6
shares: (1) qualified retirement plans, including, but not limited to 401(k)
plans, 457 plans, employer sponsored 403(b) plans, defined benefit plans and
other accounts or plans whereby Class R6 shares are held on the books of the
Fund through omnibus accounts (either at the plan level or the level of the plan
administrator); (2) non-qualified deferred compensation plans; (3) other
registered investment companies; (4) Health Savings Accounts (“HSAs”) within plan level or
omnibus accounts that are held on the books of the Fund; (5) other
institutional investors (including, for example, endowment funds and
foundations) that: (a) meet a $1,000,000 minimum initial investment requirement
and (b) hold interests in the Fund through a single plan level account held
directly through the Fund and not traded through an intermediary; and (6) wrap
programs offered by broker-dealers and financial institutions that have entered
into an agreement with the Distributor to offer Class R6 shares and invest
through an omnibus account. Such availability will be subject to management's
determination of the appropriateness of investment in Class R6 shares.
Notwithstanding the above, affiliates of Voya, including affiliates that are
intermediaries that sell Class R6 shares of the Fund, may benefit financially
from the revenue Voya receives for the services it provides to Class R6 shares of the
Fund.
Class R6 shares
are not available to traditional and Roth IRAs, Coverdell Education Savings
Accounts, SEPs, SARSEPs, SIMPLE IRAs and 529 college savings plans. Class R6
shares also are not available to adviser-sold donor-advised funds.
In addition to the
above investors, certain existing Class I shareholders of the Fund may exchange
all of their Class I shares for Class R6 shares of the Fund provided: (1) the
shareholder meets the requirements for investment in Class R6 shares as stated
above; and (2) the shareholder does not require the Fund or an affiliate of the
Fund to make, and the Fund or affiliate (including the Investment Adviser and
any affiliate of the Investment Adviser) does not pay, any type of servicing,
administrative, or revenue sharing payments with respect to Class R6 shares. All
exchanges within the
Fund are subject to the discretion of the Distributor to permit or reject such
exchanges.
Class
W Shares
Class
W shares may be purchased without a sales charge by: (1) qualified retirement
plans such as 401(a), 401(k), or other defined contribution plans and defined
benefit plans; (2) insurance companies and foundations investing for their own
account; (3) wrap programs offered by broker-dealers and financial institutions;
(4) accounts of, or managed by, trust departments; (5) individuals whose
accounts are managed by an investment adviser representative; (6) retirement
plans affiliated with Voya Financial, Inc.; (7) Voya Financial, Inc. affiliates
for purposes of corporate cash management; and (8) by other
Voya mutual funds in the Voya family of funds.
In
addition, Class W shares are available to the following persons through direct
investment (not through broker-dealers that are not approved by Voya) into a
Voya mutual fund or through a Voya approved broker-dealer (currently, Voya
Financial Advisors, Inc.): (1) current and retired officers and
directors/trustees of the Voya mutual funds; (2) current and retired officers,
directors, and full-time employees of Voya Investments, LLC, Directed Services
LLC; any Voya mutual fund's sub-adviser; Voya Investments Distributor, LLC;
and any of their affiliates; (3) family members of the foregoing persons
(defined as current spouse, children, parents, grandparents, grandchildren,
uncles, aunts, siblings, nephews, nieces, step-relations, relations at-law, and
cousins); (4) any trust, pension, profit-sharing, or other benefit plan for such
persons (including family members); (5) discretionary advisory accounts of Voya
Investments, LLC, Directed Services LLC, any Voya mutual fund's sub-adviser, or
Voya Investments Distributor, LLC; and (6) qualifying investments made
through Voya promotional
programs as determined by Voya Investments Distributor,
LLC.
Retirement
Plans
The
Fund has available prototype qualified retirement plans for corporations and
self-employed individuals. The Fund also has available prototype IRA, Roth IRA
and Simple IRA plans (for both individuals and employers), Simplified Employee
Pension Plans and Pension and Profit Sharing Plans. BNY Mellon Investment
Servicing Trust Company acts as the custodian under these plans. For further
information, contact a Shareholder Services Representative at 1-800-992-0180. BNY
Mellon Investment Servicing Trust Company currently receives a $12 custodial fee
annually for the maintenance of each such
account.
Make your
investment using the purchase minimum guidelines in the following
table.
25
HOW
TO BUY SHARES
(continued)
|
Minimum
Investments |
Class |
Initial
Purchase |
Subsequent
Purchases |
|
Non-retirement
accounts |
A/C/W
I1
R6 |
$1,000
$250,000
$1,000,000 |
No
minimum |
|
Retirement
accounts |
A/C
I1
R6
W
|
$250
$250,000
No
minimum
$1,000 |
No
minimum |
|
Pre-authorized
investment plan |
A/C/W
I1
|
$1,000
$250,000 |
At
least $100/month |
|
Certain
omnibus accounts |
A/C |
$250 |
No
minimum |
1
For Class I
shares, there is no minimum initial investment requirement for: (i) qualified
retirement plans or other defined contribution plans and defined benefit plans
that invest in the Voya funds through omnibus arrangements; (ii) employees of
Voya IM who are eligible to participate in “notional” bonus programs sponsored
by Voya IM; or (iii) (a) investors transacting in Class I shares through
brokerage platforms that invest in the Voya funds’ Class I shares through
omnibus accounts and have agreements with the Distributor to offer such shares
and (b) such brokerage platforms’ omnibus accounts.
26
HOW
TO BUY SHARES
(continued)
Make
your investment using the methods outlined in the following table. If you are a
participant in a qualified retirement plan,
you should make purchases through your plan administrator or sponsor, who is
responsible for transmitting orders.
|
Buying
Shares |
Opening
an Account |
Adding
to an Account |
|
By
Contacting Your Financial
Intermediary |
A
financial intermediary with an authorized
firm
can help you establish and maintain your
account. |
Contact
your financial intermediary. |
|
By
Mail |
Make
your check payable to Voya Investment
Management
and mail it with a completed
Account
Application. Please indicate your
financial
intermediary on the New Account
Application. |
Fill
out the Account Additions form at the
bottom
of your account statement and mail it
along
with your check payable to Voya
Investment
Management to the address on
the
account statement. Please write your
account
number on the check. |
|
By
Wire |
Call
Shareholder Services at
1-800-992-0180
to obtain an account
number
and indicate your financial
intermediary
on the account.
Instruct
your bank to wire funds to the Fund
in
the care of:
Bank
of New York Mellon
ABA
# 011001234
credit
to: BNY Mellon Investment Servicing
(US)
Inc. as Agent for Voya mutual funds
A/C
#0000733938; for further credit to
Shareholder
A/C #
(A/C
# you received over the telephone)
Shareholder
Name:
(Your Name Here)
After
wiring funds you must complete the
Account
Application and send it to:
Voya
Investment Management
P.O.
Box 534480
Pittsburgh,
PA
15253-4480 |
Wire
the funds in the same manner described
under
“Opening an Account.” |
Execution
of Purchase Orders
Purchase
orders are executed at the next NAV determined after the order is received in
proper form by the Transfer Agent or the Distributor. A purchase order will be
deemed to be in proper form when all of the required steps set forth under
“How
to Buy Shares” have been completed. If you purchase by wire, however, the order
will be deemed to be in
proper form after the federal funds wire has been received. If you are opening a
new account and you purchase by wire, you must submit an application form prior
to Market Close. If an order or payment by wire is received after Market Close,
your order will not be executed until the next NAV is determined. For your
transaction to be counted on the day you place your order with your
broker-dealer or other financial institution, your broker-dealer or financial
institution must receive your order in proper form before Market Close and
transmit the order to the Transfer Agent or the Distributor in a timely
manner.
You
will receive a confirmation of each new transaction in your account, which also
will show you the number of shares you own including the number of shares being
held in safekeeping by the Transfer Agent for your account. You may rely on these
confirmations in lieu of certificates as evidence of your
ownership.
27
HOW
TO SELL SHARES
You
may sell shares by using the methods outlined in the following table. Under
unusual circumstances, the Fund may suspend the right
of redemption as allowed by the SEC or federal securities laws.
If
you are a participant in a qualified retirement plan, you should make
redemptions through your plan administrator or sponsor, who is
responsible for transmitting orders.
|
Selling
Shares |
To
Sell Some or All of Your Shares |
|
By
Contacting Your Financial
Intermediary |
You
may sell shares by contacting your financial intermediary. Financial
intermediaries may
charge
for their services in connection with your redemption request but neither
the Fund nor
the
Distributor imposes any such charge. |
|
By
Mail |
Send
a written request specifying the Fund name and share class, your account
number, the
name(s)
in which the account is registered, and the dollar value or number of
shares you wish
to
redeem to:
Voya Investment
Management
P.O.
Box 534480
Pittsburgh,
PA 15253-4480
If
certificated shares have been issued, the certificate must accompany the
written request.
Corporate
investors and other associations must have an appropriate certification on
file
authorizing
redemptions. A suggested form of such certification is provided on the
Account
Application.
A signature guarantee may be required. |
|
By
Telephone - Expedited Redemption |
You
may sell shares by telephone on all accounts, other than retirement
accounts, unless you
check
the box on the Account Application which signifies that you do not wish to
use telephone
redemptions.
To redeem by telephone, call a Shareholder Services Representative at
1-800-992-0180.
Receiving
Proceeds By Check:
You
may have redemption proceeds (up to a maximum of $10,000,000) mailed to an
address
which
has been on record with Voya Investment Management for at least 30
days.
Receiving
Proceeds By Wire:
You
may have redemption proceeds (up to a maximum of $10,000,000) wired to
your
pre-designated
bank account. You will not be able to receive redemption proceeds by wire
unless
you check the box on the Account Application which signifies that you wish
to receive
redemption
proceeds by wire and attach a voided check. Under normal circumstances,
proceeds
will be transmitted to your bank on the Business Day following receipt of
your
instructions,
provided redemptions may be made. In the event that share certificates
have been
issued,
you may not request a wire redemption by
telephone. |
Systematic
Withdrawal Plan (available only for those share classes referenced
below)
You may elect to
make periodic withdrawals from your account on a regular basis.
Class
A and Class C
•
Your account must
have a current value of at least $10,000.
•
Minimum withdrawal
amount is $100.
•
You may choose from
monthly, quarterly, semi-annual or annual payments.
Class
I and Class W
•
Your account must
have a current value of at least $250,000 or $1,000 for Class I and Class W
shares, respectively.
•
Minimum withdrawal
amount is $1,000.
•
You may choose from
monthly, quarterly, semi-annual or annual payments.
For
additional information, contact a Shareholder Services Representative or refer
to the Account Application or the SAI.
28
HOW
TO SELL SHARES
(continued)
Execution
of Sale Requests
Sale
requests are executed at the next NAV determined after the order is received in
proper form by the Transfer Agent or the Distributor. For your transaction to be
counted on the day you place your sale request with your broker-dealer or other
financial institution, your broker-dealer or financial institution must receive
your sale request in proper form before Market Close
and transmit the sale request to the Transfer Agent or the Distributor in a
timely manner.
You
will receive a confirmation of each new transaction in your account, which also
will show you the number of shares you own including the number of shares being
held in safekeeping by the Transfer Agent for your account. You may rely on these
confirmations in lieu of certificates as evidence of your
ownership.
Payments
Normally,
payment for shares redeemed will typically be made within one business day after
receipt by the transfer agent of a request in good order. The Fund can delay
payment of the redemption proceeds for up to 7 days and may suspend redemptions
and/or further postpone payment proceeds when the NYSE is closed (other than
weekends or holidays) or when trading thereon is restricted or during emergency
or other circumstances, including as determined by the SEC. When you place a
request to redeem shares for which the purchase money has not yet been
collected, the request will be executed at the next determined NAV, but the Fund
will not release the proceeds until your purchase payment clears. This may take
up to 30 days. A redemption request made within 30 calendar days after
submission of a change of address is permitted only if the request is in writing
and is accompanied by a medallion signature guarantee. Redemption requests of an
amount of $10 million or more must be submitted in writing by an authorized
person.
A
medallion signature guarantee may be required in certain circumstances. A
request to change the bank designated to receive wire redemption proceeds must
be received in writing, signed by an authorized person, and accompanied by a
medallion signature guarantee from any eligible guarantor institution. In
addition, if you wish to have your redemption proceeds transferred by wire to an
account other than your designated bank account, paid to someone other than the
shareholder of record, or sent somewhere other than the shareholder’s address of
record, you must provide a medallion signature guarantee with your written
redemption instructions. Please see the SAI for more details on the medallion
signature guarantee
program.
The
Fund will typically pay redemption proceeds in cash using cash held by the Fund,
with cash generated by the Fund through the sale of cash equivalents and other
Fund assets or by borrowing cash pursuant to the Fund’s line of credit. The Fund
may, however, determine in its absolute discretion to distribute non-cash assets
in kind in complete or partial satisfaction of its obligation to pay redemption
proceeds to a shareholder. In such a case, the Fund could elect to make payment
in securities or other assets for redemptions that exceed the lesser of $250,000
or 1% of its net assets during any 90-day period for any one record shareholder.
Non-cash assets distributed by the Fund likely will not represent a pro rata
distribution of assets held in the Fund’s portfolio. A shareholder's receipt of
non-cash redemption proceeds may be less favorable to the shareholder than
receipt of cash proceeds for a number of reasons, including, without limitation,
costs and potential delays relating to the sale of the non-cash assets,
potential illiquidity of the non-cash assets, and the potential inability of the
shareholder to realize on the sale of the non-cash assets cash proceeds equal to
the cash proceeds it would have received from the Fund. The Fund has no
obligation to distribute non-cash assets, including in circumstances when doing
so may benefit a redeeming shareholder or may reduce or eliminate transaction
costs and/or the realization of capital gains that may need to be distributed to
shareholders, which such
distributions will be taxable to shareholders that hold their shares in a
taxable account.
Telephone
Orders
Neither
the Fund nor the transfer agent will be responsible for the authenticity of
phone instructions or losses, if any, resulting from unauthorized shareholder
transactions if they reasonably believe that such instructions were genuine. The
Fund and the transfer agent have established reasonable procedures to confirm
that instructions communicated by telephone are genuine. These procedures
include recording telephone instructions for exchanges and expedited
redemptions, requiring the caller to give certain specific identifying
information, and providing written confirmation to shareholders of record not
later than 5 days following any such telephone transactions. If the Fund or the
transfer agent do not employ these procedures, they may be liable for any losses
due to unauthorized or fraudulent telephone instructions.
29
HOW
TO SELL SHARES
(continued)
Redemptions
by Check
Class
A shareholders of the Fund may use checks to effect redemptions. The standard
check writing privilege allows checks to be drawn in any amount of $100 or more.
Checks drawn in amounts of less than $100 on uncollected funds or
insufficient funds will be returned unpaid to the payee.
The
payee of a check may cash or deposit it in the same way as an ordinary bank
check. When a check is presented to the agent bank for payment, the agent bank
will cause Voya Investment Management to redeem a sufficient number of shares to
cover the amount of the check. Shareholders are entitled to dividends on the
shares redeemed up until the day on which the check is presented to the agent
bank for payment. Copies of previously paid checks are available upon request for a
fee of $4 per copy.
Small
Accounts
Due
to the relatively high cost of handling small investments, the Fund reserves the
right, upon 30 days’ prior written notice, to redeem at NAV (less any
applicable deferred sales charge), the shares of any shareholder whose account
(except for IRAs) has a total value that is less than the Fund's minimum. Before
the Fund redeems such shares and sends the proceeds to the shareholder, it will
notify the shareholder that the value of the shares in the account is less than
the minimum amount allowed and will allow the shareholder 30 days to make an
additional investment in an amount that will increase the value of the account
to the minimum before the redemption is processed. Your account will not be closed
if its drop in value is due to Fund performance.
30
HOW
TO EXCHANGE SHARES
Exchanges
Between Voya Mutual Funds
You
may exchange shares of the Fund for shares of the same class of any other Voya
mutual fund, except for Voya Corporate Leaders® Trust Fund,
without paying any additional sales charge, if you otherwise meet the
eligibility requirements of the
class of shares of the Voya mutual fund to be received in the
exchange. If you purchase
Class A shares of Voya Government Money
Market Fund and did not pay a sales charge, you must pay the applicable sales
charge on an exchange into Class A shares of
another Voya mutual fund.
If
you exchange shares of the Fund that are subject to a CDSC into shares of
another Voya mutual fund that are subject to a CDSC, the CDSC will continue to
apply to your new shares at the same CDSC rate that was applicable to your
original shares. Your new shares will continue to age for CDSC purposes from the
date that the original shares were
purchased.
Exchanges
Between Classes of the Fund
You
may exchange Class C and Class W shares for Class I shares within the Fund, or
you may exchange Class A shares and Class I shares for any other class within
the Fund, if you otherwise meet the eligibility requirements of the class of
shares to be received in the exchange, or you may exchange Class C shares for
Class A shares within the Fund, except that: (1) you may not exchange shares
that are subject to a CDSC until the CDSC period has expired, unless the
Distributor approves the exchange and determines that no CDSC is payable in
connection with the exchange; (2) you may not exchange Class A shares for Class
W shares unless you acquired the Class A shares through a Voya approved
broker-dealer (currently, Voya Financial Advisors, Inc.); and (3) you may not
exchange Class C shares for Class A shares unless your intermediary has agreed
to waive its right to receive the front-end sales charge that otherwise would be
applicable to the Class A shares. Class C shares will automatically convert to
Class A shares of the same Fund after they
have been held for 8 years.
Certain existing
Class I shareholders of the Fund may exchange their Class I shares for Class R6
shares of the Fund provided: (1) the shareholder meets the requirements for
investment in Class R6 shares as stated in the section of this Prospectus
entitled “How to Buy
Shares”; and (2) the shareholder does not require the Fund or an affiliate
(including the Investment
Adviser and any affiliate of the Investment Adviser) of the Fund to make, and
the Fund or affiliate does not pay, any type of servicing,
administrative, or revenue sharing payments with respect to Class R6
shares.
All exchanges
within the Fund are subject to the discretion of the Distributor to permit or
reject such exchanges. Shareholders generally should not recognize gain or loss
for U.S. federal income tax purposes from an exchange between classes of shares
within the Fund provided that the transaction is undertaken and processed, with
respect to any shareholder, as a direct exchange transaction. Shareholders
should consult their tax advisors as to the U.S. federal, state
and local, and
non-U.S. tax consequences of an exchange between classes of shares within the
Fund.
Exchanges
between classes of shares within the Fund are not subject to the frequent
trading and market timing policies of Voya mutual
funds.
Additional
Information About Exchanges
Fees
and expenses differ among Voya mutual funds and among share classes of the same
fund. Please read the prospectus for the Voya mutual fund and share class you
are interested in prior to exchanging into that Voya mutual fund or share
class. Contact your financial intermediary or consult your plan documents for
additional information.
An exchange of
shares of the Fund for shares of another Voya mutual fund is treated as a sale
and purchase of shares and may result in the recognition of a gain or loss for
U.S. federal and state
income tax purposes. For exchanges between Voya
mutual funds, you should consult your own tax advisor for advice about the
particular U.S.
federal, state and local, and non-U.S. tax
consequences to you of the exchange. The total value of shares being exchanged
must
at least equal the minimum investment requirement of the Voya mutual fund into
which they are being exchanged.
If
you exchange into Voya Credit Income Fund, your ability to sell or liquidate
your investment will be limited. Voya Credit Income Fund is a closed-end
interval fund and does not redeem its shares on a daily basis. It is not
expected that a secondary market for Voya Credit Income Fund's shares will
develop, so you will not be able to sell them through a broker or other
investment professional. To provide a measure of liquidity, Voya Credit Income
Fund will normally make monthly repurchase offers for not less than 5% of its
outstanding common shares. If more than 5% of Voya Credit Income Fund's common
shares are tendered, you may not be able to completely liquidate your holdings
in any one month. You also would not have liquidity between these monthly
repurchase dates. Investors exercising the exchange
31
HOW
TO EXCHANGE SHARES
(continued)
privilege
into Voya Credit Income Fund should carefully review the prospectus of that
fund. Investors may obtain a copy of the Voya Credit Income Fund prospectus or
any other Voya mutual fund prospectus by calling 1-800-992-0180
or by
going to www.voyainvestments.com.
In
addition to the Fund available in this Prospectus, the Distributor offers many
other funds. Shareholders exercising the exchange privilege with any other Voya
mutual fund should carefully review the prospectus of that fund before
exchanging their shares. Investors may obtain a copy of a prospectus of any Voya
mutual fund not discussed in this Prospectus by
calling 1-800-992-0180 or by going to
www.voyainvestments.com.
You
will automatically have the ability to request an exchange between Voya mutual
funds by calling a Shareholder Services Representative unless you mark the box
on the Account Application that indicates that you do not wish to have the
telephone exchange privilege. The Fund may change or cancel its exchange
policies at any time, upon 60 days’ prior notice
to shareholders.
Systematic
Exchange Privilege
Subject
to the information and limitations outlined above, you may elect to have a
specified dollar amount of shares systematically exchanged, monthly, quarterly,
semi-annually, or annually from your account to an identically registered
account in the same class of any other open-end Voya mutual fund, except for
Voya Corporate Leaders® Trust Fund. This
exchange privilege may be modified at any time or terminated upon 60 days' prior
written notice to shareholders.
32
FREQUENT
TRADING - MARKET TIMING
Because
the Fund is organized and operated pursuant to Rule 2a-7 under the 1940 Act as a
“money
market” fund, frequent
purchases and redemptions of Fund shares normally present a minimal risk to
other shareholders of the Fund.
Nevertheless,
the Fund's Board has adopted policies and procedures designed to deter frequent,
short-term trading in shares of the open-end mutual funds in the Voya family of
funds. Consistent with this policy, the Voya mutual funds monitor trading
activity. The Voya mutual funds are intended for long-term investment and not as
short-term trading vehicles. Accordingly, organizations or individuals that use
market timing investment strategies should not purchase shares of the Voya
mutual funds. The Voya mutual funds reserve the right, in their sole discretion
and without prior notice, to reject, restrict or refuse purchase orders whether
directly or by exchange, including purchase orders that have been accepted by a
shareholder's or retirement plan participant's intermediary, that are determined
not to be in the best interest of the Voya mutual funds, including instances in
which the Fund is used as an intermediary “stop”
between
transactions in other Voya mutual funds.
Shareholders
may invest in the Voya mutual funds through omnibus account arrangements with
financial intermediaries. Such intermediaries include broker-dealers, banks,
investment advisers, record-keepers, retirement plans, variable insurance
products, trusts, and fee-based program accounts. Omnibus accounts generally do
not identify customers' trading activity on an individual basis. The ability of
the Voya mutual funds to monitor exchanges made by the underlying shareholders
in omnibus accounts maintained by financial intermediaries therefore is severely
limited. Consequently, the Voya mutual funds must rely on the financial
intermediary to monitor frequent, short-term trading within the Voya mutual
funds by the financial intermediary's customers. The Voya mutual funds seek
assurances from the financial intermediary that it has procedures adequate to
monitor and address frequent, short-term trading. There is, however, no
guarantee that the Voya mutual funds will be able to identify individual
shareholders who may be making frequent, short-term trades or curtail their
trading activity. The Voya mutual funds seek to implement the policies and
procedures described above
through instructions to the Investment Adviser.
33
PAYMENTS
TO FINANCIAL INTERMEDIARIES
Voya
mutual funds are distributed by the Distributor. The Distributor is a
broker-dealer that is licensed to sell securities. The Distributor generally
does not sell directly to the public but sells and markets its products through
intermediaries such as other broker-dealers. Each Voya mutual fund also has an
investment adviser which is responsible for managing the money invested in each
of the mutual funds. Both of these entities or their affiliates (collectively,
“Voya”) may
compensate an intermediary for selling Voya mutual funds.
Persons
licensed with FINRA as a registered representative (often referred to as a
broker or financial adviser) and associated with a specific broker-dealer may
receive compensation from the Fund for providing services which are primarily
intended to result in the sale of Fund shares. The Distributor has an agreement
in place with each broker-dealer selling the Fund defining specifically what
that broker-dealer will be paid for the sale of a particular Voya mutual fund.
The broker-dealer then pays the registered representative who sold you the
mutual fund some or all of what they receive from Voya. A registered
representative may receive a payment when the sale is made and in some cases,
can continue to receive payments while you are invested in the mutual fund. In
addition, other entities may receive compensation from the Fund for providing
services which are primarily intended to result in the sale of Fund shares, so
long as such entities are
permitted to receive these fees under applicable rules and
regulations.
The
Distributor may pay, from its own resources, additional fees to these
broker-dealers or other financial institutions including affiliated entities.
These additional fees paid to intermediaries may take the following forms: (1) a
percentage of that entity’s customer assets invested in Voya mutual funds; (2) a
percentage of that entity's gross sales; or (3) some combination of these
payments. Depending on the broker-dealer's satisfaction of the required
conditions, these payments may be periodic and may be up to: (1) 0.30% per annum
of the value of the Fund's shares held by the broker-dealer’s customers; or (2)
0.30% of the value of the Fund's shares sold by the broker-dealer during a
particular period. For example, if that initial investment averages a value of
$10,000 over the year, the Distributor could pay a maximum of $30 on those
assets. If you invested $10,000, the Distributor could pay a maximum of $30 for
that sale.
Voya,
out of its own resources and without additional cost to the Fund or its
shareholders, may provide additional cash or non-cash compensation to
intermediaries selling shares of the Fund, including affiliates of Voya. These
amounts would be in addition to the distribution payments made by the Fund under
the distribution agreements. Management personnel of Voya may receive additional
compensation if the overall amount of investments in funds advised by Voya
meets
certain target levels or increases over time.
Voya
may provide additional cash or non-cash compensation to third parties selling
our mutual funds including affiliated companies. This may take the form of cash
incentives and non-cash compensation and may include, but is not limited to:
cash; merchandise; trips; occasional entertainment; meals or tickets to a
sporting event; client appreciation events; payment for travel expenses
(including meals and lodging) to pre-approved training and education seminars;
and payment for advertising and sales campaigns. The Distributor may also pay
concessions in addition to those described above to broker-dealers so that Voya
mutual funds are made available by those broker-dealers for their customers. The
Sub-Adviser of the Fund may
contribute to non-cash compensation arrangements.
The
compensation paid by Voya to a financial intermediary is typically paid
continually over time, during the period when the intermediary’s clients hold
investments in the Voya mutual funds. The amount of continuing compensation paid
by Voya to different financial intermediaries for distribution and/or
shareholder services varies. The compensation is typically a percentage of the
value of the financial intermediary’s clients’ investments in Voya mutual funds
or a per account fee. The variation in compensation may, but will not
necessarily, reflect enhanced or additional services provided by the
intermediary.
Voya
or a Voya mutual fund may pay service fees to intermediaries for administration,
recordkeeping, and other shareholder services. Intermediaries receiving these
payments may include, among others, brokers, financial planners or advisers,
banks, and insurance companies. The Voya mutual funds may reimburse Voya for
some or all of the payments made by Voya to
intermediaries for these services.
In some cases, a
financial intermediary may hold its clients’ mutual fund shares in nominee or
street name accounts.
These
financial intermediaries may (though they will not necessarily) provide services
including, among other things: processing and mailing trade confirmations;
capturing and processing tax data; issuing and mailing dividend checks to
shareholders who have selected cash distributions; preparing record date
shareholder lists for proxy solicitations; collecting and posting distributions
to shareholder accounts; and establishing and maintaining systematic withdrawals
and automated
investment plans and shareholder account registrations.
34
PAYMENTS
TO FINANCIAL INTERMEDIARIES
(continued)
The top firms Voya
paid to sell its mutual funds as of the last calendar year are:
Ameriprise Financial Services, LLC;
Broadridge Business Process Outsourcing, LLC; Cetera Financial Holdings, Inc.;
Charles Schwab
& Co. Inc.; Directed Services LLC; Empower Financial Services, Inc.;
Fidelity Brokerage Services,
LLC;
J.P. Morgan Securities, LLC; LPL Financial, LLC; Merrill Lynch, Pierce, Fenner
& Smith Inc.; Mid Atlantic Clearing
& Settlement Corporation, Inc.;
Morgan Stanley; Osaic, Inc.; Pershing, LLC; Prudential Insurance Company of
America; Raymond James
& Associates, Inc.; RBC Capital Markets, LLC; Reliance Trust Company; ReliaStar
Life Insurance Company of New York;
Stifel
Nicolaus
&
Company , Inc.;
TD Ameritrade Clearing , Inc.;
UBS Financial Services , Inc.; Voya
Financial Advisers, Inc.; Voya Retirement Insurance and Annuity Company; and
Wells Fargo Clearing Services, LLC.
Your
registered representative or broker-dealer could have a financial interest in
selling you a particular mutual fund, or the mutual funds of a particular
company, to increase the compensation they receive. Please make sure you read
fully
each mutual fund prospectus and discuss any questions you have with your
registered representative.
Class
R6
Voya mutual funds
are distributed by the Distributor. The Distributor is a broker-dealer that is
licensed to sell securities. The Distributor generally does not sell directly to
the public but sells and markets its products through financial intermediaries.
Each Voya mutual fund also has an investment adviser which is responsible for
managing the money invested in each of the mutual funds. No dealer compensation
is paid from the sale of Class R6 shares of the Fund. Class R6 shares do not
have sales commissions, pay 12b-1 fees, or make payments to financial
intermediaries for assisting the Distributor in promoting the sales of the
Fund's shares. In addition, neither the Fund nor its affiliates (including the
Investment Adviser and any affiliate of the Investment Adviser) make any type of
administrative, service, or revenue sharing payments in connection with Class R6
shares. Notwithstanding the foregoing, affiliates of Voya, including affiliates
that are intermediaries that sell Class R6 shares of the Fund, may benefit
financially from the revenue Voya receives for the services it provides
to Class R6 shares of
the Fund.
35
DIVIDENDS,
DISTRIBUTIONS, AND TAXES
Dividends
and Distributions
The Fund generally
distributes most or all of its net earnings in the form of dividends, consisting
of ordinary income and capital gains distributions, if any. The Fund distributes
capital gains, if any, annually. The Fund also declares dividends daily and pays
dividends consisting of ordinary income, if any, monthly.
From time to time
a portion of the Fund’s distributions may constitute a return of capital. To
comply with U.S.
federal tax regulations, the Fund may also pay an additional capital gains
distribution.
Dividend
Reinvestment
Unless
you instruct the Fund to pay you dividends in cash, dividends and distributions
paid by the Fund will be reinvested in additional shares of the
Fund.
You may, upon written request or by completing the appropriate section of the
Account Application,
elect to have all dividends and other distributions paid on shares of the Fund
invested in another Voya mutual fund that
offers the same class of shares.
Tax
Consequences
The tax discussion
in this Prospectus is only a summary of certain U.S. federal income tax issues
generally affecting the Fund and its shareholders. The following assumes that
the Fund's shares will be capital assets in the hands of a shareholder.
The Investment Adviser
is not obligated to consider the tax consequences related to its management
of
the Fund's investments or other activities. It is possible that the actions
taken by the Fund or the Investment Adviser on the Fund’s behalf could be
disadvantageous to shareholders that hold shares through a taxable account.
However, such actions likely will have no tax effect to shareholders that invest
through a tax-advantaged account. Circumstances among investors may
vary, so you are encouraged to discuss an investment in the Fund with your tax
advisor.
Distributions.
The Fund will
distribute all, or substantially all, of its net investment income and net
capital gains (i.e., the excess of net
long-term capital gains over net short-term capital losses, in each case
determined with reference to any loss carryforwards) to its shareholders each
year. Although the Fund will not be taxed on amounts it distributes,
most shareholders will
be taxed on amounts they receive.
Distributions,
whether received as cash or reinvested in additional shares, may be subject to
U.S. federal income
taxes
and may also be subject to state,
local or non-U.S. taxes. Dividends from net investment income (other
than qualified dividend
income and capital gain dividends) and distributions of net short-term capital
gains are taxable to you as ordinary income under U.S. federal income tax laws
whether paid in cash or in additional shares. Distributions properly reported as
capital gain dividends are taxable as long term capital gains regardless of
the length of time you have held the
shares and whether you were paid in cash or additional shares. Distributions made to a
non-corporate shareholder out of
“qualified dividend
income,” if any, received by the Fund will be subject to tax at the lower rates
applicable to net
capital gains, provided that the shareholder meets certain holding period and
other requirements with respect to its shares. The Fund anticipates that
substantially all of its dividends will be from net investment income taxable to
you as ordinary income.
You will be notified annually of
the amount of income, dividends and
net capital gains
distributed by the Fund
.
If you purchase shares
of the Fund through a financial intermediary, that entity will provide this
information to you.
Sales,
Redemptions and Exchanges.
Selling or exchanging
your Fund shares is a taxable event and may result in capital gain or loss. A
capital gain or capital loss may be realized from redemption of shares or an exchange
of shares between two mutual funds;
provided, however, that if, as is anticipated, the Fund maintains a stable net
asset value of $1.00 per share, a sale or exchange of Fund shares will generally
not result in a taxable gain or loss. Any capital gain or loss
will
generally be long term if the shares sold or exchanged were held for more than
one year; otherwise, such gain or loss will be short term. Any capital loss
incurred on the sale or exchange of Fund shares held for six months or less will
be treated as a long-term capital loss to the extent of capital gain dividends
received with respect to such shares.
Tax
Status of the Fund.
The Fund intends to
qualify and be eligible for treatment each year as a regulated investment
company
(“RIC”). A RIC
generally is not subject to tax at the fund level on income and gains from
investments that are timely
distributed to its
shareholders. However, the Fund’s failure to qualify as a RIC would result in
fund level taxation and therefore a reduction in income available for
distribution.
36
DIVIDENDS,
DISTRIBUTIONS, AND TAXES
(continued)
Net
Investment Income Tax.
An additional 3.8%
Medicare tax is imposed on certain net investment income (including ordinary dividends
and capital gain distributions received from the Fund and net gains from
redemptions or other taxable dispositions of Fund shares) of U.S. individuals,
estates and trusts to the extent their income
exceeds certain
threshold amounts.
Backup
Withholding.
The Fund is required
to withhold a portion of all taxable dividends, distributions, and redemption
proceeds payable
to any noncorporate
shareholder that does not provide the Fund with the shareholder's correct
taxpayer identification
number or certification that the shareholder is not subject to backup
withholding. This is not an additional tax but can be credited against
your U.S. federal income tax liability.
Tax-Advantaged
Accounts.
Shareholders that
invest in the Fund through a tax - advantaged account, such as a qualified
retirement plan,
generally will not have to pay tax on dividends or gains from the
sale or exchange of Fund shares until they are
distributed from the account. These accounts are subject to complex tax rules,
and you should consult your tax advisor about investing
through such an account.
Buying
a Dividend. Unless
your investment is in a tax-advantaged account, you may want to avoid buying
shares shortly before the Fund
makes a distribution as doing so can increase your tax liability. If you buy
shares when the Fund has declared but not distributed a dividend of ordinary
income or capital gains, you will pay the full price for the shares and later
receive a portion of the price back in the form of a taxable dividend. This is
known as “buying a
dividend.”
To
avoid buying a dividend, you may want to consult your tax advisor or check the
Fund's distribution schedule before you invest.
Foreign
Shareholders. Foreign shareholders invested in
the Fund should consult with their tax advisors as to if and how the U.S.
federal income tax law and its withholding requirements apply to them.
Generally, the Fund will withhold 30% (or lower applicable treaty
rate) on distributions to foreign shareholders.
Foreign
Taxes.
Investment income and proceeds received by the Fund from sources within foreign
countries may be subject
to foreign withholding or other taxes. The United States has entered into tax
treaties with many foreign countries which may entitle the Fund to a reduced
rate of such taxes or an exemption from taxes on such income or proceeds. It is
impossible to determine the effective rate of foreign tax for the Fund in
advance since the amount of the assets to be invested
within various countries is not known.
Please see the SAI for further
information regarding tax matters.
37
ACCOUNT
POLICIES
Account
Access
Unless your Fund
shares are held through a third-party fiduciary or in an omnibus registration at
your bank or brokerage firm, you will be able to access your account information
over the Internet at www.voyainvestments.com or via telephone by calling
1-800-992-0180. Should you wish to speak with a
Shareholder Services Representative, you may call the toll-free number listed
above.
Privacy
Policy
The
Fund has adopted a policy concerning investor privacy. To review the privacy
policy, contact a Shareholder Services Representative at 1-800-992-0180, obtain a policy
over the Internet at www.voyainvestments.com, or see the privacy promise that
accompanies any Prospectus obtained by mail.
Householding
To
reduce expenses, we may mail only one copy of the Fund's Prospectus and each
annual and semi-annual shareholder report to those addresses shared by two or
more accounts. If you wish to receive individual copies of these documents,
please call a Shareholder Services Representative at 1-800-992-0180 or speak to your
investment professional. We will begin sending you individual copies 30 days
after receiving your request.
38
FINANCIAL
HIGHLIGHTS
The financial
highlights table is intended to help you understand the Fund's financial
performance for the periods shown. Certain information reflects the financial
results for a single share. The total returns in the table represent the rate of
return that an investor would have earned or lost on an investment in the Fund
(assuming reinvestment of all dividends and/or distributions). The information
has been audited by
Ernst & Young LLP, whose report, along with the Fund’s financial statements,
is included in the Fund’s Annual Report, which is available upon
request.
Because Class R6 shares of the Fund
had not commenced operations as of the fiscal year ended March 31, 2024, such
share class financial
highlights are not presented; however, financial highlights for Class A
shares are presented for the Fund.
Financial Highlights
would differ only to the extent that Class R6 shares and Class A shares have
different fees and expenses.
39
FINANCIAL
HIGHLIGHTS
(continued)
Selected
data for a share of beneficial interest outstanding throughout each year or
period.
|
|
|
Income
(loss)
from
investment
operations |
|
Less
distributions |
|
|
|
|
Ratios
to average net assets |
Supplemental
data | |||||||
|
|
Net asset value,
beginning of year or period |
Net investment income
(loss) |
Net realized and
unrealized gain (loss) |
Total from investment
operations |
From net investment
income |
From net realized
gains |
From return of
capital |
Total
distributions |
Payment from
affiliate |
Net asset value, end
of year or period |
Total
Return(1) |
Expenses before
reductions/additions(2) |
Expenses, net of fee
waivers and/or recoupments, if any(2) |
Expenses, net of
all reductions/additions(2) |
Net investment
income (loss)(2) |
Net assets, end of
year or period |
Portfolio turnover
rate |
|
Year or Period
ended |
($) |
($) |
($) |
($) |
($) |
($) |
($) |
($) |
($) |
($) |
(%) |
(%) |
(%) |
(%) |
(%) |
($000's) |
(%) |
|
Voya
Government Money Market Fund | |||||||||||||||||
|
Class
A |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03-31-24 |
1.00 |
0.05• |
0.00* |
0.05 |
0.05 |
— |
— |
0.05 |
— |
1.00 |
5.04 |
0.57 |
0.39(3) |
0.39 |
4.93 |
265,846 |
— |
|
03-31-23 |
1.00 |
0.03 |
(0.01) |
0.02 |
0.02 |
— |
— |
0.02 |
— |
1.00 |
2.48 |
0.62 |
0.39(4) |
0.39 |
2.63 |
217,392 |
— |
|
03-31-22 |
1.00 |
(0.00)*• |
0.00* |
0.00* |
— |
0.00* |
— |
0.00* |
— |
1.00 |
0.09 |
0.64 |
0.05(5) |
0.05 |
(0.00)* |
156,626 |
— |
|
03-31-21 |
1.00 |
0.00*• |
0.00* |
0.00* |
0.00* |
0.00* |
— |
0.00* |
— |
1.00 |
0.04 |
0.68 |
0.11(6) |
0.11 |
0.01 |
156,808 |
— |
|
03-31-20 |
1.00 |
0.02 |
0.00* |
0.02 |
0.02 |
0.00* |
— |
0.02 |
— |
1.00 |
1.61 |
0.63 |
0.41(7) |
0.41 |
1.49 |
161,828 |
— |
|
Class
C |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03-31-24 |
1.00 |
0.04• |
0.00* |
0.04 |
0.04 |
— |
— |
0.04 |
— |
1.00 |
3.99 |
1.57 |
1.39(3) |
1.39 |
3.92 |
2,116 |
— |
|
03-31-23 |
1.00 |
0.02• |
0.00* |
0.02 |
0.02 |
— |
— |
0.02 |
— |
1.00 |
1.63 |
1.62 |
1.23(4) |
1.23 |
1.62 |
2,220 |
— |
|
03-31-22 |
1.00 |
—• |
0.00* |
0.00 |
— |
0.00* |
— |
0.00* |
— |
1.00 |
0.09 |
1.64 |
0.05(5) |
0.05 |
0.00* |
2,015 |
— |
|
03-31-21 |
1.00 |
0.00*• |
0.00* |
0.00* |
0.00* |
0.00* |
— |
0.00* |
— |
1.00 |
0.03 |
1.68 |
0.11(6) |
0.11 |
0.01 |
2,321 |
— |
|
03-31-20 |
1.00 |
0.01 |
0.00* |
0.01 |
0.01 |
0.00* |
— |
0.01 |
— |
1.00 |
0.65 |
1.63 |
1.41(7) |
1.41 |
0.56 |
2,870 |
— |
|
Class
I |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03-31-24 |
1.00 |
0.05• |
0.00* |
0.05 |
0.05 |
— |
— |
0.05 |
— |
1.00 |
5.04 |
0.48 |
0.39(3) |
0.39 |
4.93 |
58,966 |
— |
|
03-31-23 |
1.00 |
0.03 |
(0.01) |
0.02 |
0.02 |
— |
— |
0.02 |
— |
1.00 |
2.48 |
0.49 |
0.39(4) |
0.39 |
2.63 |
56,466 |
— |
|
03-31-22 |
1.00 |
(0.00)*• |
0.00* |
0.00* |
— |
0.00* |
— |
0.00* |
— |
1.00 |
0.09 |
0.50 |
0.05(5) |
0.05 |
(0.00)* |
41,745 |
— |
|
03-31-21 |
1.00 |
0.00*• |
0.00* |
0.00* |
0.00* |
0.00* |
— |
0.00* |
— |
1.00 |
0.03 |
0.57 |
0.11(6) |
0.11 |
0.01 |
45,260 |
— |
|
03-31-20 |
1.00 |
0.02 |
0.00* |
0.02 |
0.02 |
0.00* |
— |
0.02 |
— |
1.00 |
1.63 |
0.61 |
0.41(7) |
0.41 |
1.53 |
43,994 |
— |
|
Class
W |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
03-31-24 |
1.00 |
0.05• |
0.00* |
0.05 |
0.05 |
— |
— |
0.05 |
— |
1.00 |
5.04 |
0.57 |
0.39(3) |
0.39 |
4.99 |
11,467 |
— |
|
03-31-23 |
1.00 |
0.03• |
(0.01) |
0.02 |
0.02 |
— |
— |
0.02 |
— |
1.00 |
2.50 |
0.62 |
0.39(4) |
0.39 |
3.37 |
1,232 |
— |
|
03-31-22 |
1.00 |
0.00*• |
0.00* |
0.00* |
— |
0.00* |
— |
0.00* |
— |
1.00 |
0.09 |
0.64 |
0.05(5) |
0.05 |
0.00* |
173 |
— |
|
03-31-21 |
1.00 |
0.00*• |
0.00* |
0.00* |
0.00* |
0.00* |
— |
0.00* |
— |
1.00 |
0.04 |
0.68 |
0.11(6) |
0.11 |
0.01 |
386 |
— |
|
03-31-20 |
1.00 |
0.02 |
0.00* |
0.02 |
0.02 |
0.00* |
— |
0.02 |
— |
1.00 |
1.61 |
0.63 |
0.41(7) |
0.41 |
1.52 |
236 |
— |
See
Accompanying Notes to Financial Highlights
40
ACCOMPANYING
NOTES TO FINANCIAL HIGHLIGHTS
(1)
Total return is
calculated assuming reinvestment of all dividends, capital gain distributions,
and return of capital distributions, if any, at net asset value and excluding
the deduction of sales charges or contingent deferred sales charges, if
applicable.
(2)
Ratios reflect
operating expenses of the Fund. Expenses before reductions/additions do not
reflect amounts reimbursed or recouped by the Investment Adviser and/or
Distributor or reductions from brokerage service arrangements or other expense
offset arrangements and do not represent the amount paid by the Fund during
periods when reimbursements or reductions occur. Expenses net of fee waivers
reflect expenses after reimbursement by the Investment Adviser and/or
Distributor or recoupment of previously reimbursed fees by the Investment
Adviser, but prior to reductions from brokerage service arrangements or other
expense offset arrangements. Expenses net of all reductions/additions represent
the net expenses paid by the Fund. Net investment income (loss) is net of all
such additions or reductions.
(3)
Expense ratios reflect waivers of
0.00%, 0.00%, 0.00% and 0.00% of management fees, distribution and shareholder
servicing fees for Classes A, C, I, and W, respectively, in order to maintain a
net yield of not less than zero.
(4)
Expense ratios reflect waivers of
0.01%, 0.18%, 0.01% and 0.01% of management fees, distribution and shareholder
servicing fees for Classes A, C, I, and W, respectively, in order to maintain a
net yield of not less than zero.
(5)
Expense ratios reflect waivers of
0.35%, 1.35%, 0.35% and 0.35% of management fees, distribution and shareholder
servicing fees for Classes A, C, I, and W, respectively, in order to maintain a
net yield of not less than zero.
(6)
Expense ratios reflect waivers of
0.30%, 1.30%, 0.30%, and 0.30% of management fees, distribution, and shareholder
servicing fees for Classes A, C, I, and W, respectively, in order to maintain a
net yield of not less than zero.
(7)
Expense ratios reflect waivers of
0.01%, 0.01%, 0.01%, and 0.01% of management fees, distribution, and shareholder
servicing fees for Classes A, C, I, and W, respectively, in order to maintain a
net yield of not less than zero.
*
Amount is less than
$0.005 or 0.005% or more than $(0.005) or (0.005)%.
•
Calculated using
average number of shares outstanding throughout the year or
period.
41
APPENDIX
A
Financial
Intermediary Specific Sales Charge Waiver and Related Discount Policy
Information
As described in
this Prospectus, Class
C shares may be subject to a contingent deferred sales load (“CDSC”). Certain
financial
intermediaries may waive the CDSC in certain circumstances. This Appendix
details the variations in sales charge waivers by financial intermediary. You
should consult your financial representative for assistance in determining
whether you may
qualify for a particular sales charge waiver.
ROBERT
W. BAIRD & CO. INC. (“BAIRD”)
Shareholders
purchasing Fund shares
through a Baird platform or account will only be eligible for the following
sales charge waivers
(front-end sales charge waivers and CDSC waivers) and discounts, which may
differ from those disclosed elsewhere in this Prospectus or the
SAI.
CDSC Waivers on
Class C Shares Available at Baird
•
Shares sold due to
death or disability of the shareholder.
•
Shares sold as part
of a systematic withdrawal plan as described in the Fund’s
Prospectus.
•
Shares bought due to returns of
excess contributions from an IRA.
•
Shares sold as part
of a required minimum distribution for IRA and retirement accounts due to the
shareholder reaching age 72 as described in the Fund’s Prospectus.
•
Shares sold to pay
Baird fees but only if the transaction is initiated by Baird.
•
Shares acquired through a Right of
Reinstatement.
Front-End Sales
Charge Discounts Available at Baird: Breakpoints and/or Rights of Accumulation
(“ROA”)
•
Breakpoints as
described in this Prospectus.
•
ROA which entitles shareholders to
breakpoint discounts will be automatically calculated based on the aggregated
holding of fund assets held by accounts within the purchaser’s household at
Baird. Eligible fund assets not held at Baird may be included in the ROA
calculation only if the shareholder notifies his or her financial advisor about
such assets.
•
Letters of Intent
(“LOI”) allow for breakpoint discounts based on anticipated purchases of fund
shares through Baird, over a 13-month period of time.
D.A.
DAVIDSON & CO. (“D.A. DAVIDSON”)
Shareholders
purchasing Fund shares, including existing Fund shareholders, through a D.A.
Davidson platform or
account, or through an
introducing broker-dealer or independent registered investment advisor for which
D.A. Davidson provides trade execution, clearance, and/or custody services, will
be eligible for the following sales charge waivers (contingent deferred sales
charge waivers) and discounts, which may differ from those disclosed elsewhere
in this Prospectus or
the SAI.
CDSC Waivers on
Class C Shares Available at D.A. Davidson
•
Death or disability
of the shareholder.
•
Shares sold as part of a systematic
withdrawal plan as described in this Prospectus.
•
Return of excess contributions from
an IRA.
•
Shares sold as part of a required
minimum distribution for IRA or other qualifying retirement accounts pursuant to
the Internal Revenue Code of 1986, as amended (the “Code”).
•
Shares acquired
through a right of reinstatement.
EDWARD
D. JONES & Co., L.P. (“EDWARD JONES”)
Policies
Regarding Transactions Through Edward Jones
The
following information has been provided by Edward Jones:
42
APPENDIX
A
(continued)
Effective on or after January 1,
2024, the following information supersedes prior information with respect to
transactions and positions held
in Fund shares through
an Edward Jones system. Clients of Edward Jones (also referred to as
“shareholders”) purchasing Fund
shares on the Edward Jones commission and fee-based platforms are eligible only
for
the following sales charge discounts (also referred to as “breakpoints”) and waivers, which
can differ from discounts and waivers
described elsewhere in this Prospectus or the
SAI
or through another
broker-dealer. In all instances, it is the shareholder's
responsibility to inform Edward Jones at the time of purchase of any
relationship, holdings of Voya funds and Voya 529 Plans, or other facts qualifying the
purchaser for discounts or waivers. Edward Jones can ask for documentation of
such circumstance. Shareholders should contact Edward Jones if they have
questions regarding their eligibility for these
discounts and waivers.
Contingent
Deferred Sales Charge (“CDSC”) Waivers
If
the shareholder purchases shares that are subject to a CDSC and those shares are
redeemed before the CDSC is expired, the
shareholder is responsible to pay the CDSC except in the following
conditions:
•
The death or disability of the
shareholder.
•
Systematic withdrawals with up to
10% per year of the account value.
•
Return of excess contributions from
an Individual Retirement Account (IRA).
•
Shares redeemed as part of a
required minimum distribution for IRA and retirement accounts if the redemption
is taken in or after the year the shareholder reaches qualified age based on
applicable U.S. Treasury regulations .
•
Shares redeemed to pay Edward Jones
fees or costs in such cases where the transaction is initiated by Edward
Jones.
•
Shares exchanged in an Edward Jones
fee-based program.
•
Shares acquired through NAV
reinstatement.
•
Shares redeemed at the discretion
of Edward Jones for Minimums Balances, as described below.
Other
Important Information Regarding Transactions Through Edward Jones
Minimum
Purchase Amounts
•
Initial purchase
minimum: $250
•
Subsequent purchase
minimum: none
Minimum
Balances
•
Edward Jones has the right to
redeem at its discretion Fund holdings with a balance of $250 or less. The
following are examples of accounts that are not included in this
policy:
○
A fee-based account
held on an Edward Jones platform
○
A 529 account held
on an Edward Jones platform
○
An account with an
active systematic investment plan or LOI
Exchanging
Share Classes
•
At any time it
deems necessary, Edward Jones has the authority to exchange at NAV a
shareholder's holdings in a fund to Class A shares.
E*TRADE
FRONT-END SALES CHARGE WAIVER
Shareholders
purchasing Fund shares through an E*TRADE brokerage account will be eligible for
a waiver of the front-end sales charge with respect to Class A shares (or the
equivalent). This includes shares purchased through the reinvestment
of
dividends and capital gains distributions.
JANNEY
MONTGOMERY SCOTT LLC (“Janney”)
Shareholders
purchasing Fund shares through a Janney account will be eligible only for
the following load waivers (front-end sales
charge waivers and CDSC, or back-end, sales charge waivers) and discounts, which
may differ from those
disclosed elsewhere in this Prospectus or the SAI.
Sales Charge
Waivers on Class C Shares Available at Janney
43
APPENDIX
A
(continued)
•
Shares sold upon
the death or disability of the shareholder.
•
Shares sold as part of a systematic
withdrawal plan as described in this Prospectus.
•
Shares purchased in connection with
a return of excess contributions from an IRA.
•
Shares sold as part of a required
minimum distribution for IRA and retirement accounts due to the shareholder
reaching age 70½ as described in this Prospectus.
•
Shares sold to pay
Janney fees but only if the transaction is initiated by Janney.
•
Shares acquired
through a right of reinstatement.
J.P.
MORGAN
SECURITIES LLC (
“
JPMorgan ”
)
If you purchase or hold Fund shares
through an applicable JPMorgan brokerage account,
you will be eligible
for the following
sales charge waivers
(front-end sales charge waivers and CDSC, or back-end sales charge,
waivers),
share class conversion
policy and discounts,
which may differ from those disclosed elsewhere in this Prospectus or the
SAI.
Class C to Class
A share conversion
•
A shareholder in the Fund’s Class C
shares will have their shares converted to Class A shares (or the appropriate
share class) of the same Fund if the shares are no longer subject to a CDSC and
the conversion is consistent with JPMorgan’s policies and
procedures.
CDSC waivers on
C shares available at JPMorgan
•
Shares sold upon the death or
disability of the shareholder.
•
Shares sold as part of a systematic
withdrawal plan as described in this Prospectus.
•
Shares purchased in connection with
a return of excess contributions from an IRA.
•
Shares sold as part of a required
minimum distribution for IRA and retirement accounts pursuant to the
Code.
•
Shares acquired through a right of
reinstatement.
Front-End Load
Discounts Available at JPMorgan: Breakpoints, ROA & LOI
•
Breakpoints as described in this
Prospectus.
•
ROA which entitle shareholders to
breakpoint discounts as described in this Prospectus will be automatically
calculated based on the aggregated holding of fund family assets held by
accounts within the purchaser’s household at JPMorgan. Eligible fund family
assets not held at JPMorgan (including 529 program holdings, where applicable)
may be included in the ROA calculation only if the shareholder notifies their
financial advisor about such assets.
•
LOI which allow for breakpoint
discounts based on anticipated purchases within a fund family, through JPMorgan,
over a 13-month period of time (if applicable).
44
APPENDIX
A
(continued)
MERRILL LYNCH
(“Merrill”)
Purchases or sales
of level-load (i.e., Class C) mutual fund shares through a Merrill platform or
account will be eligible only for the following sales load waivers (front-end,
contingent deferred, or back-end waivers) and discounts, which differ from those
disclosed elsewhere in this Fund’s Prospectus. Purchasers will have to buy
mutual fund shares directly from the mutual fund company or through another
intermediary to be eligible for waivers or discounts not listed below.
It is the
shareholder’s responsibility to notify Merrill at the time of purchase or sale
of any relationship or other facts that qualify the transaction for a waiver or
discount. A Merrill representative may ask for reasonable documentation of such
facts and Merrill may condition the granting of a waiver or discount on the
timely receipt of such documentation.
Additional
information on waivers and discounts is available in the Merrill Sales Load
Waiver and Discounts Supplement (the “Merrill SLWD Supplement”) and in
the Mutual Fund Investing at Merrill pamphlet at ml.com/funds. Shareholders
are
encouraged to review these documents and speak with their financial advisor to
determine whether a transaction is eligible for a waiver or
discount.
CDSC Waivers on
Class C Shares Available at Merrill
•
Shares sold due to shareholder’s
death or disability (as defined by Code Section 22(e)(3)).
•
Shares sold pursuant to a
systematic withdrawal program subject to Merrill’s maximum systematic withdrawal
limits as described in the Merrill SLWD Supplement.
•
Shares sold due to return of excess
contributions from an IRA.
•
Shares sold as part of a required
minimum distribution for IRA and retirement accounts due to the investor
reaching the qualified age based on applicable IRS regulation.
•
Front-end or level-load shares held
in commission-based, non- taxable retirement brokerage
accounts ( e.g. traditional, Roth, rollover, SEP IRAs, Simple IRAs, SAR- SEPs or Keogh plans ) that are transferred to
fee- based accounts or platforms and exchanged for a
lower cost share class of the same Fund.
OPPENHEIMER
& CO. (“OPCO”)
Shareholders
purchasing Fund shares through an OPCO platform or account are eligible only for
the following load waivers (contingent deferred, or back-end, sales charge
waivers) and discounts, which may differ from those disclosed elsewhere in this Prospectus or the
SAI.
CDSC Waivers on
Class C Shares Available at OPCO
•
Death or disability of the
shareholder.
•
Shares sold as part of a systematic
withdrawal plan as described in this Prospectus.
•
Return of excess contributions from
an IRA.
•
Shares sold as part of a required
minimum distribution for IRA and retirement accounts due to the shareholder
reaching age 70½ as described in this Prospectus.
•
Shares sold to pay OPCO fees but
only if the transaction is initiated by OPCO.
•
Shares acquired through a right of
reinstatement.
RAYMOND
JAMES & ASSOCIATES, INC., RAYMOND JAMES FINANCIAL SERVICES, INC. and each
entity’s affiliates (“RAYMOND
JAMES”)
Shareholders
purchasing Fund shares
through a Raymond James platform or account, or through an introducing
broker-dealer or independent
registered investment adviser for which Raymond James provides trade execution,
clearance, and/or custody services, will be eligible only for the following load
waivers (front-end sales charge waivers and contingent deferred, or back-end,
sales charge waivers) and discounts, which may differ from those disclosed
elsewhere in this Prospectus or the SAI.
CDSC Waivers on
Classes C shares Available at Raymond James
•
Death or disability
of the shareholder.
•
Shares sold as part of a systematic
withdrawal plan as described in this Prospectus.
45
APPENDIX
A
(continued)
•
Return of excess contributions from
an IRA.
•
Shares sold as part of a required
minimum distribution for IRA and retirement accounts due to the shareholder
reaching age 70½ as described in this Prospectus.
•
Shares sold to pay
Raymond James fees but only if the transaction is initiated by Raymond
James.
•
Shares acquired
through a right of reinstatement.
STIFEL,
NICOLAUS & COMPANY, INCORPORATED (“STIFEL”)
The following
information applies to shareholders purchasing Class C shares of a Fund through
a Stifel platform or account or who own Class C shares for which Stifel or an
affiliate is the broker-dealer of record. This information may differ from information about Class
C shares disclosed elsewhere in this Prospectus or the SAI.
Class C Conversion
to Class A; Class A Shares Front-End Sales Waiver Available at
Stifel:
•
A Class C
shareholder of a Fund will have such shareholder’s Class C shares converted at
net asset value to Class A shares of that Fund in accordance with Stifel’s
policies and procedures. Stifel has informed the Fund that its policies and
procedures currently provide for such a conversion following the seventh (7th)
anniversary of the shareholder’s purchase of the Class C shares.
46
TO
OBTAIN MORE INFORMATION
You will find more
information about the Fund in our:
ANNUAL/SEMI-ANNUAL
SHAREHOLDER REPORTS
In
the Fund's annual shareholder report, when available, you will find the Fund's
financial statements and the independent registered public
accounting firm's report.
STATEMENT
OF ADDITIONAL INFORMATION
The SAI contains
additional information
about the Fund. The SAI is legally part of this Prospectus (it is incorporated
by reference). A copy has been filed with the SEC.
Please
write, call, or visit our website for a free copy of the current
annual/semi-annual shareholder reports, when available, the SAI, or other
Fund information.
To make shareholder
inquiries contact:
Voya
Investment Management
7337 East
Doubletree Ranch Road, Suite 100
Scottsdale, Arizona 85258-2034
Scottsdale, Arizona 85258-2034
1-800-992-0180
or visit our
website at www.voyainvestments.com
Reports and other information about
the Fund are available on the EDGAR Database on the SEC's Internet website at
https://www.sec.gov, and copies of this information
may be obtained, upon payment of a duplicating fee, by electronic request at the
following e-mail address: [email protected].
When contacting the
SEC, you will want to refer to the Fund's SEC file number. The file number is as
follows:
|
Voya
Funds Trust |
811-08895 |
|
Voya
Government Money Market Fund |
|
|
|
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209294(0724-073124)
