Prospectus by Investment Company (Form 497)

1.

Effective January 1, 2026, the sub-section of the Prospectuses entitled "Appendix A - Financial Intermediary Specific Sales Charge Waiver and Related Discount Policy Information - Robert W. Baird & Co. Inc. ("Baird")" is deleted in its entirety and replaced with the following:

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Shares purchased through reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same Fund.

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Shares purchased by employees and registered representatives of Baird or its affiliates and their family members as designated by Baird.

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Shares purchased within 90 days following a redemption from a Voya fund, provided; (1) the redemption and purchase occur within the purchaser's Baird household; and (2) the redeemed shares were subject to a front-end or deferred sales charge (known as Rights of Reinstatement).

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A shareholder in the Fund's Class C shares will have their shares converted at net asset value to Class A shares of the same Fund if the shares are no longer subject to CDSC and the conversion is in line with the policies and procedures of Baird.

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Employer-sponsored retirement plans or charitable accounts in a transactional brokerage account at Baird, including 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, Simple IRAs or SAR-SEPs.

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Shares sold due to death or disability of the shareholder.

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Shares sold as part of a systematic withdrawal plan as described in this Prospectus.

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Shares bought due to returns of excess contributions from an IRA account.

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Shares sold as part of a required minimum distribution for IRA and retirement accounts due to the shareholder reaching the qualified age based on applicable IRS regulations as described in this Prospectus.

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Shares sold to pay Baird fees but only if the transaction is initiated by Baird.

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Shares acquired through a right of reinstatement.

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Breakpoints as described in this Prospectus.

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ROA which entitles shareholders to breakpoint discounts will be automatically calculated based on the aggregated holding of Voya assets held by accounts within the purchaser's household at Baird. Eligible Voya 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.

2.

Effective May 1, 2026, the sub-section of the Prospectuses entitled "Appendix A - Financial Intermediary Specific Sales Charge Waiver and Related Discount Policy Information - Merrill Lynch ("Merrill")" is deleted in its entirety and replaced with the following:

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Employer-sponsored retirement, deferred compensation and employee benefit plans (including health savings accounts) and trusts used to fund those plans provided that the shares are not held in a commission-based brokerage account and shares are held for the benefit of the plan. For purposes of this provision, employer-sponsored retirement plans do not include Simplified Employee Pension IRAs ("SEP IRA"), Simple IRAs, SAR-SEPs or Keogh plans.

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Shares purchased through a Merrill investment advisory program.

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Brokerage class shares exchanged from advisory class shares due to the holdings moving from a Merrill investment advisory program to a Merrill brokerage account.

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Shares of Funds purchased through the Merrill Edge Self-Directed platform.

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Shares purchased through the systematic reinvestment of capital gains distributions and dividend reinvestment when purchasing shares of the same mutual fund in the same account.

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Shares exchanged from level-load shares to front-end sales charge shares of the same Fund in accordance with the description in the Merrill SLWD Supplement.

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Shares purchased by eligible employees of Merrill or its affiliates and their family members who purchase shares in accounts within the employee's Merrill Household (as defined in the Merrill SLWD Supplement).

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Trustees of the Fund, and employees of the Investment Adviser or any of its affiliates, as described in this Prospectus.

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Shares purchased from the proceeds of the Fund's redemption in front-end sales charge shares provided: (1) the repurchase is in a mutual fund within the same fund family; (2) the repurchase occurs within 90 calendar days from the redemption trade date, and (3) the redemption and purchase occur in the same account (known as Rights of Reinstatement). Automated transactions (i.e. systematic purchases and withdrawals) and purchases made after shares are automatically sold to pay Merrill's account maintenance fees are not eligible for Rights of Reinstatement.

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Shares sold due to shareholder's death or disability (as defined by Internal Revenue Code Section 22e(3)).

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Shares sold pursuant to a systematic withdrawal program subject to Merrill's maximum systematic withdrawal limits as described in the Merrill SLWD Supplement.

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Shares sold due to return of excess contributions from an IRA account.

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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.

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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.

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Breakpoints as described in this Prospectus, where the sales charge is at or below the maximum sales charge that Merrill permits to be assessed to a front-end load purchase, as described in the Merrill SLWD Supplement.

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ROA, as described in the Merrill SLWD Supplement, which entitle shareholders to breakpoint discounts based on the aggregated holdings of mutual fund family assets held in accounts in their Merrill Household. Effective May 1, 2026, assets not held at Merrill will no longer be included in the ROA calculation.

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LOI: which allow for breakpoint discounts on eligible new purchases based on anticipated future eligible purchases within a fund family at Merrill, in accounts within your Merrill Household, as further described in the Merrill SLWD Supplement. Effective May 1, 2026, Merrill will no longer accept new LOIs.

3.

Effective immediately, the sub-section of the Prospectuses entitled "Appendix A - Financial Intermediary Specific Sales Charge Waiver and Related Discount Policy" is amended to include the following:

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Wells Fargo Advisors employee and employee-related accounts according to Wells Fargo Advisor's employee account linking rules. Legacy accounts and positions receiving affiliate discounts prior to the effective date will continue to receive discounts. Going forward employees of affiliate businesses will not be offered NAV.

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Effective April 1, 2026, SEP or SIMPLE IRAs will not be aggregated as a group plan. They will aggregate with the shareholder's personal accounts based on Social Security Number. Previously established SEP and SIMPLE IRAs may still be aggregated as a group plan.

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Effective April 1, 2026, Employer-sponsored retirement plan (e.g., 401(k) plans, 457 plans, employer-sponsored 403(b) plans, profit sharing and money purchase pension plans and defined benefit plans) accounts will aggregate with other plan accounts under the same Tax ID and will not be aggregated with other retirement plan accounts under a different Tax ID or personal accounts. For purposes of this provision, employer-sponsored retirement plans do not include SEP IRAs, SIMPLE IRAs, SAR-SEPs or Keogh plans.

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Gift of shares will not be considered when determining breakpoint discounts.