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iso4217:USD 2015-02-27 485BPOS 2014-10-31 Voya MUTUAL FUNDS 0000895430 false 2015-02-25 2015-02-27 <b>INVESTMENT OBJECTIVE</b> 0.0575 0 0 0 0 0 <b>Expense Examples </b> <b>Portfolio Turnover </b> Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in dividend producing equity securities of, or derivatives having economic characteristics similar to the equity securities of, issuers in emerging markets. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. Equity securities shall be considered as dividend producing generally with reference to their historical practices in paying dividends. The sub-adviser ("Sub-Adviser") defines an issuer in an emerging market country as one that meets one or more of the following factors: (i) whose principal securities trading markets are in emerging market countries; (ii) that derives at least 50% of its total revenue or profit from either goods produced or sold, investments made or services performed in emerging market countries; (iii) that has at least 50% of its assets in emerging market countries; or (iv) that is organized under the laws of, or with principal offices in, emerging market countries.<br /><br />An emerging market country includes any country which is presently in the MSCI Emerging Markets Index, the Emerging Market Database of Standard and Poor's ("S&amp;P"), or the Dow Jones Emerging Markets Total Stock Market IndexSM, or those countries which generally are considered to be emerging market countries by the international financial community such as the World Bank or International Monetary Fund. For example, emerging market countries may include: Brazil, Chile, China, Colombia, Czech Republic, Egypt, Hungary, India, Indonesia, Korea, Malaysia, Mexico, Morocco, Peru, Philippines, Poland, Russia, South Africa, Taiwan, Thailand and Turkey.<br /><br />The Fund normally expects that its assets will be invested across a broad range of emerging market countries, industries, and market sectors. Equity securities in which the Fund may invest include common stocks, preferred stocks, convertible securities, warrants, depositary receipts, and exchange-traded funds. The Fund may also invest in real estate securities including real estate investment trusts.<br /><br />The Fund may invest in derivative instruments including swaps, futures, and options on equity securities and/or international, regional or country indices for risk management, investment or liquidity purposes.<br /><br />The Fund may also invest in equity securities that do not pay dividends if they are believed to represent an attractive opportunity or for risk management purposes, and may retain equity securities of companies that formerly paid dividends but ceased doing so. In addition, the Fund may invest up to 20% of its assets in the equity securities of issuers in countries which are not considered emerging markets.<br /><br />The Sub-Adviser will seek to construct a portfolio with a weighted average gross dividend yield that exceeds the dividend yield of the MSCI Emerging Markets Index. During the security selection process, the Sub-Adviser will begin by screening more than 750 equity securities that make up an emerging market equity universe. A quantitative screen ranks stocks that meet certain proprietary criteria that may include dividend yield, market capitalization and liquidity, among other criteria. Once this screening process is complete, the Sub-Adviser will evaluate a number of fundamental factors, including earnings, capital structure, dividend growth and credit ratings. Under normal market conditions, the Fund will invest in approximately 60 to 120 equity securities, seeking to reduce the Fund's exposure to individual stock and country risk. The Sub-Adviser selects securities for the Fund's portfolio through a bottom-up process that is based upon quantitative screening and fundamental industry, sector and company analysis. The Sub-Adviser may select equity securities that do not meet all of these criteria if they are believed to represent an attractive investment opportunity or for risk management purposes. The Sub-Adviser may also change its position in an equity security if it believes there has been deterioration in the outlook for the sustainability of the dividends or the general earnings growth prospects of a company held in the Fund's portfolio.<br /><br />The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder ("1940 Act").<br /><br />The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.<br /><br />The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 <sup>1</sup>&#8260;3% of its total assets. You could lose money on an investment in the Fund. 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.<br /><br /><b>Company</b>&nbsp;&nbsp;&nbsp;&nbsp;The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.<br /><br /><b>Convertible Securities</b>&nbsp;&nbsp;&nbsp;&nbsp;Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.<br /><br /><b>Credit</b>&nbsp;&nbsp;&nbsp;&nbsp;Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.<br /><br /><b>Currency</b>&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.<br /><br /><b>Derivative Instruments</b>&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to the risk of improper valuation.<br /><br /><b>Dividend</b>&nbsp;&nbsp;&nbsp;&nbsp;Companies that issue dividend yielding equity securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future.<br /><br /><b>Foreign Investments/Developing and Emerging Markets</b>&nbsp;&nbsp;&nbsp;&nbsp;Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets.<br /><br /><b>Interest Rate</b>&nbsp;&nbsp;&nbsp;&nbsp;With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed increases. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund's exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For fixed-income securities, an increase in interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values, and increase a Fund's costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets.<br /><br /><b>Investment Model</b>&nbsp;&nbsp;&nbsp;&nbsp;The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors.<br /><br /><b>Liquidity</b>&nbsp;&nbsp;&nbsp;&nbsp;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, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.<br /><br /><b>Market</b>&nbsp;&nbsp;&nbsp;&nbsp;Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to Fund costs and impair the ability of the Fund to achieve its investment objectives.<br /><br /><b>Market Capitalization</b>&nbsp;&nbsp;&nbsp;&nbsp;Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing the Fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns.<br /><br /><b>Other Investment Companies</b>&nbsp;&nbsp;&nbsp;&nbsp;The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, 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.<br /><br /><b>Real Estate Companies and Real Estate Investment Trusts ("REITs")</b>&nbsp;&nbsp;&nbsp;&nbsp;Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property.<br /><br /><b>Securities Lending</b>&nbsp;&nbsp;&nbsp;&nbsp;Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualFundOperatingExpensesVoyaEmergingMarketsEquityDividendFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleTransposedVoyaEmergingMarketsEquityDividendFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedVoyaEmergingMarketsEquityDividendFund column period compact * ~</div> <b>INVESTMENT OBJECTIVE</b> 0.0575 0 0 0 0 0.0089 0.0089 0.0089 0.0025 0 0 0.001 0.001 0.001 0.0033 0.0022 0.0033 0.0157 0.0121 0.0132 <b>Portfolio Turnover </b> Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the equity securities of companies in the natural resources industries located in a number of different countries, one of which may be the United States. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy.<br /><br />A company is considered to be in a natural resources industry when it is significantly engaged, directly or indirectly, in natural resources, meaning that at least 50% of its assets, revenues, or operating profits are involved in or result from researching, exploring, developing, mining, refining, processing, fabricating, transporting, trading, distributing, or owning natural resource assets. For these purposes, companies in the natural resources industries include those significantly engaged, directly or indirectly, in the following industries: integrated oil and gas; oil and gas exploration and production; oil and gas storage and transportation; oil and gas refining and marketing; coal and consumable fuels; energy equipment and services; metals and mining; precious metals; paper and forest products; containers and packaging; gas utilities; real estate investment trusts; industrial conglomerates; diversified consumer materials; electric utilities; and independent power producers and energy traders.<br /><br />The Fund is permitted to invest up to a maximum of 50% of its assets in any single industry that is engaged in any of the types of natural resources industries set out above. The investment strategy is based on the belief that investment in securities of companies in natural resources industries can protect against eroding monetary values or a rise in activity which consumes one or more types of commodities.<br /><br />The Fund also may invest in securities issued by companies that are not in natural resources industries, investment-grade corporate debt, and repurchase agreements.<br /><br />The Fund is permitted to invest directly in commodities including gold bullion and coins. The Fund may invest without limit in securities of foreign issuers, including emerging markets. Equity securities in which the Fund invests may be listed on the U.S. or foreign securities exchanges or traded over-the-counter and include: common stock; direct equity interests in trusts (including Canadian Royalty Trusts); preferred stock; partnerships, including master limited partnerships; restricted securities; and depositary receipts. The Fund normally invests in companies with a large capitalization, but may also invest in mid- and small-sized companies.<br /><br />The Fund may also invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder ("1940 Act").<br /><br />The Fund is permitted to invest in derivative instruments, including futures and structured notes, whose value is linked to the price of a commodity or commodity index. The Fund typically uses derivatives for the purpose of cash equitization. The Fund generally keeps a small cash balance on hand to manage potential outflows. In order to maintain equity market exposure on that cash balance, the Fund typically invests in derivatives designed to track broad equity market indices.<br /><br />The Fund is non-diversified, which means it may invest a significant portion of its assets in a single issuer.<br /><br />The sub-adviser ("Sub-Adviser") may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.<br /><br />The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 <sup>1</sup>&#8260;3% of its total assets.<br /><br /><b>Pending Merger</b> &#150; On September 12, 2014, the Fund's Board of Trustees approved a proposal to reorganize the Fund into Voya Global Value Advantage Fund. If shareholder approval is obtained, it is expected that the reorganization will take place on or about May 22, 2015. The Fund may engage in transition management techniques prior to the closing of the reorganization during which time the Fund may not pursue its investment objective and investment strategies. Shareholders will be notified if the reorganization is not approved. After the reorganization you will hold shares of Voya Global Value Advantage Fund. For more information regarding Voya Global Value Advantage Fund, please contact a Shareholder Services representative at 1800-992-0180 or your financial professional. You could lose money on an investment in the Fund. 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.<br /><br /><b>Commodities</b>&nbsp;&nbsp;&nbsp;&nbsp;The operations and financial performance of companies in natural resources industries may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the underlying commodity.<br /><br /><b>Company</b>&nbsp;&nbsp;&nbsp;&nbsp;The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.<br /><br /><b>Concentration</b>&nbsp;&nbsp;&nbsp;&nbsp;As a result of the Fund "concentrating," as that term is defined in the 1940 Act, its assets in the securities of a particular industry or group of industries or single country or region, the Fund may be subject to greater market fluctuations than a fund that has securities representing a broader range of investment alternatives. If securities in which the Fund concentrates fall out of favor, the Fund could underperform funds that have greater diversification.<br /><br /><b>Credit</b>&nbsp;&nbsp;&nbsp;&nbsp;Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.<br /><br /><b>Currency</b>&nbsp;&nbsp;&nbsp;&nbsp;To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.<br /><br /><b>Derivative Instruments</b>&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to the risk of improper valuation.<br /><br /><b>Foreign Investments/Developing and Emerging Markets</b>&nbsp;&nbsp;&nbsp;&nbsp;Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets.<br /><br /><b>Interest Rate</b>&nbsp;&nbsp;&nbsp;&nbsp;With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed increases. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund's exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For fixed-income securities, an increase in interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values, and increase a Fund's costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets.<br /><br /><b>Issuer Non-Diversification</b>&nbsp;&nbsp;&nbsp;&nbsp;The Fund is classified as a "non-diversified" investment company and, therefore, is subject to the risks of focusing investments in a small number of issuers, industries or foreign currencies, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be.<br /><br /><b>Liquidity</b>&nbsp;&nbsp;&nbsp;&nbsp;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, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.<br /><br /><b>Market</b>&nbsp;&nbsp;&nbsp;&nbsp;Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to Fund costs and impair the ability of the Fund to achieve its investment objectives.<br /><br /><b>Market Capitalization</b>&nbsp;&nbsp;&nbsp;&nbsp;Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing the Fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns.<br /><br /><b>Other Investment Companies</b>&nbsp;&nbsp;&nbsp;&nbsp;The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, 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.<br /><br /><b>Over-the-Counter Investments</b>&nbsp;&nbsp;&nbsp;&nbsp;Investments purchased over-the-counter ("OTC"), including securities and derivatives, can involve greater risks than securities traded on recognized stock exchanges. OTC securities are generally securities of smaller or newer companies that may have limited product lines and markets compared to larger companies. They also can have less management depth, more reliance on key personnel, and less access to capital and credit. OTC securities tend to trade less frequently and in lower volume, and as a result have greater liquidity risk. Many of the protections afforded to participants on some organized exchanges, such as the performance guarantee of an exchange clearing house, are not available in connection with OTC derivatives transactions. Additionally, OTC investments are generally purchased either directly from a dealer or in negotiated transactions with the issuer and as such may expose the Fund to counterparty risk.<br /><br /><b>Real Estate Companies and Real Estate Investment Trusts ("REITs")</b>&nbsp;&nbsp;&nbsp;&nbsp;Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property.<br /><br /><b>Repurchase Agreements</b>&nbsp;&nbsp;&nbsp;&nbsp; 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. &nbsp;However, 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 for the Fund. 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.<br /><br /><b>Securities Lending</b>&nbsp;&nbsp;&nbsp;&nbsp;Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualFundOperatingExpensesVoyaGlobalNaturalResourcesFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleTransposedVoyaGlobalNaturalResourcesFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedVoyaGlobalNaturalResourcesFund column period compact * ~</div> <b>INVESTMENT OBJECTIVE</b> <b>Expense Examples </b> <b>Portfolio Turnover </b> Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in bonds of issuers in a number of different countries, which may include the United States. The Fund will provide shareholders with at least 60 days' prior written notice of any change in this investment policy.<br /><br />The Fund may invest in securities of issuers located in developed and emerging market countries. Securities may be denominated in foreign currencies or in the U.S. dollar. The Fund may hedge its exposure to securities denominated in foreign currencies. The Fund may also borrow money from banks and invest the proceeds of such loans in portfolio securities to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder ("1940 Act"). This investment technique is known as "leveraging."<br /><br />The Fund invests primarily in investment-grade securities which include, but are not limited to, corporate and government bonds which, at the time of investment, are rated investment-grade (at least BBB- by Standard &amp; Poor's Ratings Services or Baa3 by Moody's Investors Service, Inc.) or have an equivalent rating by a nationally recognized statistical rating organization, or are of comparable quality if unrated. The Fund may also invest in preferred stocks, money market instruments, municipal bonds, commercial and residential mortgage-related securities, asset-backed securities, other securitized and structured debt products, private placements, sovereign debt, and other investment companies.<br /><br />The Fund may also invest its assets in bank loans and in a combination of floating rate secured loans ("Senior Loans") and shares of Voya Prime Rate Trust, a closed-end investment company that invests in Senior Loans. Although the Fund may invest a portion of its assets in high-yield debt securities rated below investment-grade (commonly referred to as "junk bonds"), the Fund will seek to maintain a minimum weighted average portfolio quality rating of at least investment-grade. The dollar-weighted average portfolio duration of the Fund will generally range between two and nine years. Duration is the most commonly used measure of risk in fixed-income investments as it incorporates multiple features of the fixed-income instrument (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a fixed-income instrument to a change in interest rates. Duration is a weighted average of the times that interest payments and the final return of principal are received. The weights are the amounts of the payments discounted by the yield-to-maturity of the fixed-income instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest-rate risk or reward for the fixed-income instrument prices. For example, the price of a bond with an average duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point. Conversely, the price of a bond with an average duration of five years would be expected to rise approximately 5% if interest rates drop by one percentage point.<br /><br />The Fund may use derivatives, including futures, swaps (including interest rate swaps, total return swaps, and credit default swaps), and options, among others, to seek to enhance return, to hedge some of the risks of its investments in fixed-income securities, or as a substitute for a position in an underlying asset. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls and reverse repurchase agreements).<br /><br />The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the 1940 Act.<br /><br />The investment process focuses on allocating assets among various sectors of the global bond markets and buying bonds at a discount to their intrinsic value. The sub-adviser ("Sub-Adviser") utilizes proprietary quantitative techniques to identify bonds or sectors that are cheap relative to other bonds or sectors based on their historical price relationships. Teams of asset specialists use this relative value analysis to guide them in the security selection process.<br /><br />The Fund is non-diversified, which means it may invest a significant portion of its assets in a single issuer.<br /><br />The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.<br /><br />The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 <sup>1</sup>&#8260;3% of its total assets. You could lose money on an investment in the Fund. 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.<br /><br /><b>Call </b>&nbsp;&nbsp;&nbsp;During periods of falling interest rates, a bond issuer may "call" or repay its high-yielding bond before the bond's maturity date. If forced to invest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income.<br /><br /><b>Company </b>&nbsp;&nbsp;&nbsp;The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.<br /><br /><b>Credit </b>&nbsp;&nbsp;&nbsp;Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether. Lower quality securities (including securities that have fallen below investment-grade and are classified as "junk bonds") have greater credit risk and liquidity risk than higher quality (investment-grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower quality bonds or other debt instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity and price volatility risk.<br /><br /><b>Credit Default Swaps</b> The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. As a buyer of the swap, the Fund pays a fee to protect against the risk that a security held by the Fund will default. As a seller of the swap, the Fund receives payment(s) in return for its obligation to pay the counterparty the full notional value of a security in the event of a default of the security issuer. As a seller of a swap, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the full notional value of the swap. Credit default swaps are particularly subject to counterparty, credit, correlation, valuation, liquidity and leveraging risks. Certain standardized swaps are subject to mandatory central clearing. Central clearing is expected to reduce counterparty credit risk and increase liquidity, but central clearing does not make swap transactions risk free.<br /><br /><b>Currency </b>&nbsp;&nbsp;&nbsp;To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.<br /><br /><b>Derivative Instruments </b>&nbsp;&nbsp;&nbsp;Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to the risk of improper valuation.<br /><br /><b>Foreign Investments/Developing and Emerging Markets </b>&nbsp;&nbsp;&nbsp;Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets.<br /><br /><b>High-Yield Securities </b>&nbsp;&nbsp;&nbsp;Investments rated below investment-grade (or of similar quality if unrated) are known as "high-yield securities" or "junk bonds." High-yield securities are subject to greater levels of credit and liquidity risks. High-yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.<br /><br /><b>Interest in Loans </b>&nbsp;&nbsp;&nbsp;The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A large rise in interest rates could increase this risk. Although loans are generally fully collateralized when purchased, the collateral may become illiquid or decline in value. Many loans themselves carry liquidity and valuation risks.<br /><br /><b>Interest Rate </b>&nbsp;&nbsp;&nbsp;With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed increases. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund's exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For fixed-income securities, an increase in interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values, and increase a Fund's costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets.<br /><br /><b>Investment Model </b>&nbsp;&nbsp;&nbsp;The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors. Funds that are actively managed, in whole or in part, according to a quantitative investment model can perform differently from the market as a whole based on the investment model and the factors used in the analysis, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the investment models (including, for example, data problems and/or software issues). There is no guarantee that the use of these investment models will result in effective investment decisions for the Fund.<br /><br /><b>Issuer Non-Diversification </b>&nbsp;&nbsp;&nbsp;The Fund is classified as a "non-diversified" investment company and, therefore, is subject to the risks of focusing investments in a small number of issuers, industries or foreign currencies, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be.<br /><br /><b>Leverage </b>&nbsp;&nbsp;&nbsp;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 and the use of when-issued, delayed-delivery or forward-commitment transactions. The use of certain derivatives may also increase leveraging risk. The use of leverage may increase the Fund's expenses and increase the impact of the Fund's other risks.<br /><br /><b>Liquidity </b>&nbsp;&nbsp;&nbsp;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, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.<br /><br /><b>Market </b>&nbsp;&nbsp;&nbsp;Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to Fund costs and impair the ability of the Fund to achieve its investment objectives.<br /><br /><b>Mortgage- and/or Asset-Backed Securities</b> Defaults on, or low credit quality or liquidity of the underlying assets of the asset-backed (including mortgage-backed) securities held by the Fund may impair the value of the securities. There may be limitations on the enforceability of any security interest granted with respect to those underlying assets. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of debt instruments.<br /><br /><b>Municipal Obligations </b>&nbsp;&nbsp;&nbsp;The municipal market in which the Fund invests is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities.<br /><br /><b>Other Investment Companies </b>&nbsp;&nbsp;&nbsp;The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, 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.<br /><br /><b>Prepayment and Extension </b>&nbsp;&nbsp;&nbsp;Prepayment risk is the risk that principal on mortgages or other loan obligations underlying a security may be repaid prior to the stated maturity date, which may reduce the market value of the security and the anticipated yield-to-maturity. Extension risk is the risk that an issuer will exercise its right to repay principal on an obligation held by the Fund later than expected, which may decrease the value of the obligation and prevent the Fund from investing expected repayment proceeds in securities paying yields higher than the yields paid by the securities that were expected to be repaid.<br /><br /><b>Securities Lending </b>&nbsp;&nbsp;&nbsp;Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.<br /><br /><b>Sovereign Debt </b>&nbsp;&nbsp;&nbsp;These securities are issued or guaranteed by foreign government entities. Investments in sovereign debt are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or repay principal on its sovereign debt. Some of these reasons may include cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of its debt position to its economy or its failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a government entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debts that a government does not pay or bankruptcy proceeding by which all or part of sovereign debt that a government entity has not repaid may be collected.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. 0 Voya Global Natural Resources Fund &nbsp;(formerly, ING Global Natural Resources Fund) The Fund seeks to attain long-term capital appreciation. <b>FEES AND EXPENSES OF THE FUND</b> These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 92) or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 134). <b>Shareholder Fees</b><br/> Fees paid directly from your investment <b>Annual Fund Operating Expenses </b><br/>Expenses you pay each year as a % of the value of your investment <b>Expense Examples </b> The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first two years of the three-, five-, and ten-year periods. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance.<br /><br />During the most recent fiscal year, the Fund's portfolio turnover rate was 58% of the average value of its portfolio. -0.0007 0 -0.0007 <b>PRINCIPAL INVESTMENT STRATEGIES </b> 0.015 0.0121 0.0125 Voya Global Bond Fund &nbsp;(formerly, ING Global Bond Fund) <b>PRINCIPAL RISKS</b> <b>PERFORMANCE INFORMATION</b> The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.voyainvestments.com/literature or call 1-800-992-0180. <b>Calendar Year Total Returns</b> Class A <br/>(as of December 31 of each year) Best quarter: 1st, 2006, 22.92% and Worst quarter: 3rd, 2008, -30.45% <b>Average Annual Total Returns</b> %<br/> (for the periods ended December 31, 2014) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. The Fund seeks to maximize total return through a combination of current income and capital appreciation. <b>FEES AND EXPENSES OF THE FUND</b> These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Voya mutual funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 92) or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 134). <b>Shareholder Fees</b><br/>Fees paid directly from your investment <b>Annual Fund Operating Expenses</b><br/>Expenses you pay each year as a % of the value of your investment The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.3208 0.2464 The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. 0.3295 Voya Emerging Markets Equity Dividend Fund&nbsp; (formerly, ING Emerging Markets Equity Dividend Fund) -0.4159 The Fund seeks total return through a combination of income, capital gains, and capital appreciation. 0.3688 0.2105 -0.0973 -0.0347 0.1291 -0.1227 <b>FEES AND EXPENSES OF THE FUND</b> These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 92) or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 134). <b>Shareholder Fees</b><br/>Fees paid directly from your investment <b>Annual Fund Operating Expenses</b><br/>Expenses you pay each year as a % of the value of your investment The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance.<br /><br />During the most recent fiscal year, the Fund's portfolio turnover rate was 508% of the average value of its portfolio. The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>PRINCIPAL INVESTMENT STRATEGIES</b> The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance.<br /><br />During the most recent fiscal year, the Fund's portfolio turnover rate was 46% of the average value of its portfolio. <b>PRINCIPAL INVESTMENT STRATEGIES</b> <b>PRINCIPAL RISKS</b> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualFundOperatingExpensesVoyaDiversifiedEmergingMarketsDebtFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleTransposedVoyaDiversifiedEmergingMarketsDebtFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedVoyaDiversifiedEmergingMarketsDebtFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleTransposedVoyaGlobalPerspectivesFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedVoyaGlobalPerspectivesFund column period compact * ~</div> -0.1727 -0.1735 -0.0972 -0.0977 -0.1207 -0.0977 -0.1214 -0.0977 -0.003 -0.0035 -0.0022 0.0428 0.0127 0.0428 0.0114 0.0428 0.056 0.0474 0.0447 0.0765 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleShareholderFeesTransposedVoyaGlobalNaturalResourcesFund column period compact * ~</div> -0.0007 0.013 -0.011 0.0089 1975-12-03 2007-08-01 2008-02-12 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualFundOperatingExpensesVoyaMulti-ManagerInternationalEquityFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleTransposedVoyaMulti-ManagerInternationalEquityFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedVoyaMulti-ManagerInternationalEquityFund column period compact * ~</div> <b>INVESTMENT OBJECTIVE </b> 0.0575 0 0 0 0 0 0 <b>Expense Examples </b> <b>Portfolio Turnover </b> Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of equity securities of companies that are principally engaged in the real estate industry. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The sub-adviser ("Sub-Adviser") defines a real estate company as a company that: (i) derives at least 50% of its total revenue or earnings from owning, operating, developing, constructing, financing, managing, and/or selling commercial, industrial, or residential real estate; or (ii) has at least 50% of its assets invested in real estate. The Fund will have investments located in a number of different countries, including the United States. As a general matter, the Fund expects these investments to be in common stocks of companies of any market capitalization, including real estate investment trusts. The Fund may invest in companies located in countries with emerging securities markets.<br /><br />The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder ("1940 Act"). The Fund may invest in convertible securities, initial public offerings, and Rule 144A securities.<br /><br />The Sub-Adviser uses a multi-step investment process for constructing the Fund's investment portfolio that combines top-down region and sector allocation with bottom-up individual stock selection.<br /><br />First, the Sub-Adviser selects sectors and geographic regions in which to invest, and determines the degree of representation of such sectors and regions through a systematic evaluation of public and private property market trends and conditions.<br /><br />Second, the Sub-Adviser uses an in-house valuation process to identify investments it believes have superior current income and growth potential relative to their peers. This in-house valuation process examines several factors including: (i) value and property; (ii) capital structure; and (iii) management and strategy.<br /><br />The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.<br /><br />The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 <sup>1</sup>&#8260;3% of its total assets. You could lose money on an investment in the Fund. 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.<br /><br /><b>Company</b> &nbsp;&nbsp;&nbsp;The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.<br /><br /><b>Concentration</b> &nbsp;&nbsp;&nbsp;As a result of the Fund "concentrating," as that term is defined in the 1940 Act, its assets in the securities of a particular industry or group of industries or single country or region, the Fund may be subject to greater market fluctuations than a fund that has securities representing a broader range of investment alternatives. If securities in which the Fund concentrates fall out of favor, the Fund could underperform funds that have greater diversification.<br /><br /><b>Convertible Securities</b> &nbsp;&nbsp;&nbsp;Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.<br /><br /><b>Credit</b> &nbsp;&nbsp;&nbsp;Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.<br /><br /><b>Currency</b> &nbsp;&nbsp;&nbsp;To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.<br /><br /><b>Foreign Investments/Developing and Emerging Markets</b> &nbsp;&nbsp;&nbsp;Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets.<br /><br /><b>Initial Public Offerings</b> &nbsp;&nbsp;&nbsp;Initial Public Offerings ("IPOs") and companies that have recently gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the Fund will have access to profitable IPOs or that IPOs in which the Fund invests will rise in value. Furthermore, the value of securities of newly public companies may decline in value shortly after the IPO. When the Fund's asset base is small, the impact of such investments on the Fund's return will be magnified. If the Fund's assets grow, it is likely that the effect of the Fund's investment in IPOs on the Fund's return will decline.<br /><br /><b>Interest Rate</b> &nbsp;&nbsp;&nbsp;With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed increases. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund's exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For fixed-income securities, an increase in interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values, and increase a Fund's costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets.<br /><br /><b>Investment Model</b> &nbsp;&nbsp;&nbsp;The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors.<br /><br /><b>Liquidity</b> &nbsp;&nbsp;&nbsp;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, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.<br /><br /><b>Market</b> &nbsp;&nbsp;&nbsp;Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to Fund costs and impair the ability of the Fund to achieve its investment objectives.<br /><br /><b>Market Capitalization</b> &nbsp;&nbsp;&nbsp;Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing the Fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns.<br /><br /><b>Other Investment Companies</b> &nbsp;&nbsp;&nbsp;The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, 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.<br /><br /><b>Real Estate Companies and Real Estate Investment Trusts ("REITs")</b> &nbsp;&nbsp;&nbsp;Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property.<br /><br /><b>Securities Lending</b> &nbsp;&nbsp;&nbsp;Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualTotalReturnsVoyaGlobalNaturalResourcesFundBarChart column period compact * ~</div> Voya Global Perspectives Fund &nbsp;(formerly, ING Global Perspectives Fund) <b>INVESTMENT OBJECTIVE </b> The Fund seeks total return. <b>FEES AND EXPENSES OF THE FUND </b> These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 28) or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 89). <b>Shareholder Fees</b> <br/>Fees paid directly from your investment </b> <b>INVESTMENT OBJECTIVE</b> 0.0093 0.0093 0.0093 0.0093 0.0093 <b>Expense Examples </b> <b>Portfolio Turnover </b> Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of equity securities of companies that are principally engaged in the real estate industry. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. At least 65% of the Fund's assets will normally be invested in companies located in a number of different countries other than the United States. These companies may have investments that provide exposure to the U.S. real estate industry. The sub-adviser ("Sub-Adviser") defines a real estate company as a company that: (i) derives at least 50% of its total revenue or earnings from owning, operating, developing, constructing, financing, managing and/or selling commercial, industrial, or residential real estate; or (ii) has at least 50% of its assets invested in real estate. As a general matter, the Fund expects these investments to be in common stocks of companies of any market capitalization, including real estate investment trusts. The Fund may invest in companies located in countries with emerging securities markets. The Fund may also invest in convertible securities, initial public offerings, and Rule 144A securities. The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder ("1940 Act").<br /><br />The Sub-Adviser uses a multi-step investment process for constructing the Fund's investment portfolio that combines top-down region and sector allocation with bottom-up individual stock selection.<br /><br />First, the Sub-Adviser selects sectors and geographic regions in which to invest and determines the degree of representation of such sectors and regions through a systematic evaluation of public and private property market trends and conditions.<br /><br />Second, the Sub-Adviser uses an in-house valuation process to identify investments with superior current income and growth potential relative to their peers. This in-house valuation process examines several factors including: value and property; capital structure; and management and strategy.<br /><br />The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.<br /><br />The Fund may lend portfolio securities on a short-term or long-term basis, up to 33<sup> 1</sup>&#8260;3% of its total assets. You could lose money on an investment in the Fund. 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.<br /><br /><b>Company</b> &nbsp;&nbsp;&nbsp;The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.<br /><br /><b>Concentration</b> &nbsp;&nbsp;&nbsp;As a result of the Fund "concentrating," as that term is defined in the 1940 Act, its assets in the securities of a particular industry or group of industries or single country or region, the Fund may be subject to greater market fluctuations than a fund that has securities representing a broader range of investment alternatives. If securities in which the Fund concentrates fall out of favor, the Fund could underperform funds that have greater diversification.<br /><br /><b>Convertible Securities</b> &nbsp;&nbsp;&nbsp;Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.<br /><br /><b>Credit</b> &nbsp;&nbsp;&nbsp;Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.<br /><br /><b>Currency</b> &nbsp;&nbsp;&nbsp;To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.<br /><br /><b>Foreign Investments/Developing and Emerging Markets</b> &nbsp;&nbsp;&nbsp;Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets.<br /><br /><b>Initial Public Offerings</b> &nbsp;&nbsp;&nbsp;Initial Public Offerings ("IPOs") and companies that have recently gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the Fund will have access to profitable IPOs or that IPOs in which the Fund invests will rise in value. Furthermore, the value of securities of newly public companies may decline in value shortly after the IPO. When the Fund's asset base is small, the impact of such investments on the Fund's return will be magnified. If the Fund's assets grow, it is likely that the effect of the Fund's investment in IPOs on the Fund's return will decline.<br /><br /><b>Interest Rate</b> &nbsp;&nbsp;&nbsp;With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed increases. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund's exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For fixed-income securities, an increase in interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values, and increase a Fund's costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets.<br /><br /><b>Investment Model</b> &nbsp;&nbsp;&nbsp;The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors.<br /><br /><b>Liquidity</b> &nbsp;&nbsp;&nbsp;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, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.<br /><br /><b>Market</b> &nbsp;&nbsp;&nbsp;Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to Fund costs and impair the ability of the Fund to achieve its investment objectives.<br /><br /><b>Market Capitalization</b> &nbsp;&nbsp;&nbsp;Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing the Fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns.<br /><br /><b>Other Investment Companies</b> &nbsp;&nbsp;&nbsp;The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, 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.<br /><br /><b>Real Estate Companies and Real Estate Investment Trusts ("REITs")</b> &nbsp;&nbsp;&nbsp;Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property.<br /><br /><b>Securities Lending</b> &nbsp;&nbsp;&nbsp;Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualFundOperatingExpensesVoyaInternationalRealEstateFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleTransposedVoyaInternationalRealEstateFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedVoyaInternationalRealEstateFund column period compact * ~</div> <b>PRINCIPAL RISKS</b> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleTransposedVoyaMulti-ManagerEmergingMarketsEquityFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedVoyaMulti-ManagerEmergingMarketsEquityFund column period compact * ~</div> <b>PERFORMANCE INFORMATION</b> The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.voyainvestments.com/literature or call 1-800-992-0180.<br /><br />Because Class P shares of the Fund had not commenced operations as of the calendar year ended December 31, 2014, no performance information for Class P shares is provided below. Voya Multi-Manager International Equity Fund (formerly, ING Multi-Manager International Equity Fund) <b>Calendar Year Total Returns</b> Class A<br/>(as of December 31 of each year) <b>INVESTMENT OBJECTIVE</b> The Fund seeks long-term growth of capital. <b>FEES AND EXPENSES OF THE FUND</b> <b>PERFORMANCE INFORMATION</b> The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.voyainvestments.com/literature or call 1-800-992-0180. Best quarter: 4th, 2008, 9.16% and Worst quarter: 2nd, 2013, -4.77% <b>Calendar Year Total Returns</b> Class A<br/>(as of December 31 of each year) <b>Expense Examples </b> The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: Best quarter: 2nd, 2009, 32.86% and Worst quarter: 3rd, 2011, -24.53% Voya Multi-Manager Emerging Markets Equity Fund &nbsp;(formerly, ING Emerging Markets Equity Fund) <b>Average Annual Total Returns</b> %<br/>(for the periods ended December 31, 2014) <b>Average Annual Total Returns</b> %<br/>(for the periods ended December 31, 2014) After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 92) or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 134). The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. <b>Shareholder Fees</b><br />Fees paid directly from your investment <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualTotalReturnsVoyaEmergingMarketsEquityDividendFundBarChart column period compact * ~</div> <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance.<br /><br />During the most recent fiscal year, the Fund's portfolio turnover rate was 12% of the average value of its portfolio. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedVoyaEmergingMarketsEquityDividendFund column period compact * ~</div> <b>PRINCIPAL INVESTMENT STRATEGIES </b> Under normal market conditions, the sub-adviser (&#8220;Sub-Adviser&#8221;) invests the assets of the Fund in a combination of Underlying Funds that, in turn, invest directly in securities (such as stocks and bonds). The Underlying Funds will invest in the securities of issuers in a number of different countries one of which may be the United States. Under normal market conditions, approximately 60% of the Fund's net assets will be allocated to Underlying Funds that predominantly invest in equity securities, and approximately 40% of the Fund's net assets will be allocated to Underlying Funds that predominantly invest in debt instruments, including U.S. government securities and money market instruments (&#8220;Target Allocation&#8221;). The percentage weight of the Fund's assets invested in Underlying Funds that predominantly invest in equity securities may change to approximately 30% and the percentage weight of the Fund's assets invested in Underlying Funds that predominantly invest in debt instruments may change to approximately 70% (&#8220;Defensive Allocation&#8221;) depending upon the rules based investment strategy described below.<br /><br />The Target Allocation and Defensive Allocation are measured with reference to the primary investment strategies of the Underlying Funds; actual exposure to these asset classes may vary to the extent an Underlying Fund is not substantially invested in accordance with its primary investment strategies.<br /><br />The Underlying Funds provide exposure to a wide range of traditional asset classes which include stocks, bonds, and cash and non-traditional asset classes (also known as alternative strategies) which include real estate securities.<br /><br />The equity securities in which the Underlying Funds may invest include, but are not limited to: domestic and international stocks of companies of any market capitalization; emerging market securities; and domestic and international real estate stocks, including real estate investment trusts.<br /><br />The debt instruments in which the Underlying Funds may invest include, but are not limited to: domestic and international short-, intermediate- and long-term bonds; high-yield debt securities rated below investment-grade commonly referred to as &#8220;junk bonds;&#8221; and debt instruments without limitations on maturity.<br /><br />The Fund may invest in exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#8220;1940 Act&#8221;).<br /><br />The Sub-Adviser uses a rules-based investment strategy to determine the allocation among Underlying Funds that invest in equity securities and debt instruments. The proportion of assets allocated to Underlying Funds that are predominantly invested in equity securities and those that are predominantly invested in debt instruments is determined as of each calendar quarter. Within the broad equity and debt asset classes, the Fund will seek to maintain approximately equal weights across its investment in the Underlying Funds. No adjustments to the Target Allocation or Defensive Allocation will be made between quarterly allocation dates. As soon as practicable following the end of each calendar quarter, the Sub-Adviser will compare the aggregate earnings of the companies in the S&amp;P 500<sup>&#174;</sup> Index (&#8220;Index&#8221;) for the most recent calendar quarter to the aggregate earnings of the companies in the Index for the previous year's corresponding calendar quarter. If the aggregate earnings for the most recent calendar quarter are higher than the aggregate earnings of the companies in the Index for the previous year's corresponding calendar quarter, the Fund will take steps to ensure it is invested in accordance with the Target Allocation described above as soon as practicable. If the aggregate earnings for the most recently completed calendar quarter are lower than the reported aggregate earnings for the previous year's corresponding calendar quarter, the Fund will take steps to ensure it is invested in accordance with the Defensive Allocation described above as soon as practicable.<br /><br />The Sub-Adviser intends to rebalance the Fund's asset allocations on at least a quarterly basis, but it may rebalance more or less frequently as deemed appropriate to attain the Target Allocation or Defensive Allocation for the Fund. These allocations, however, are targets, and the Fund's asset allocations could change substantially as the value of the Underlying Funds change. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleShareholderFeesTransposedVoyaEmergingMarketsEquityDividendFund column period compact * ~</div> <b>PRINCIPAL RISKS </b> You could lose money on an investment in the Fund. The value of your investment in the Fund changes with the values of the Underlying Funds and their investments. Any of the following risks, among others, could affect the Fund's or an Underlying Fund's performance or cause the Fund or an Underlying Fund to lose money or to underperform market averages of other funds.<br /><br /><b>Asset Allocation</b> &nbsp;&nbsp;&nbsp;The success of the Fund's strategy depends on the Adviser's or Sub-Adviser's skill in allocating Fund assets between the asset classes and in choosing investments within those categories. There is a risk that the Fund may allocate assets to an asset class that underperforms other asset classes. <br /><br /><b>Call</b> &nbsp;&nbsp;&nbsp;During periods of falling interest rates, a bond issuer may &#8220;call&#8221; or repay its high-yielding bond before the bond's maturity date. If forced to invest the unanticipated proceeds at lower interest rates, the Fund or an Underlying Fund would experience a decline in income. <br /><br /><b>Cash/Cash Equivalents</b> &nbsp;&nbsp;&nbsp;To the extent the Fund holds cash or cash equivalents, the Fund risks achieving lower returns and potential lost opportunities to participate in market appreciation which could negatively impact the Fund&#8217;s performance and ability to achieve its investment objective. <br /><br /><b>Company</b> &nbsp;&nbsp;&nbsp;The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless. <br /><br /><b>Credit</b> &nbsp;&nbsp;&nbsp;Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.<br /><br /><b>Currency</b> &nbsp;&nbsp;&nbsp;To the extent that the Fund or an Underlying Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. <br /><br /><b>Foreign Investments/Developing and Emerging Markets</b> &nbsp;&nbsp;&nbsp;Investing in foreign (non-U.S.) securities may result in the Fund or the Underlying Funds experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets.<br /><br /><b>High-Yield Securities</b> &nbsp;&nbsp;&nbsp;Investments rated below investment-grade (or of similar quality if unrated) are known as &#8220;high-yield securities&#8221; or &#8220;junk bonds.&#8221; High-yield securities are subject to greater levels of credit and liquidity risks. High-yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.<br /><br /><b>Interest Rate</b> &nbsp;&nbsp;&nbsp;With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed increases. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund's or an Underlying Fund's exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For fixed-income securities, an increase in interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund or Underlying Fund investments, adversely affect values, and increase the Fund's or an Underlying Fund&#8217;s costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. <br /><br /><b>Investment Model</b> &nbsp;&nbsp;&nbsp;Certain Underlying Funds invest based on a proprietary model managed by the manager. The manager's proprietary model may not adequately address existing or unforeseen market factors or the interplay between such factors. Certain Underlying Funds that are actively managed, in whole or in part, according to a quantitative investment model can perform differently from the market as a whole based on the investment model and the factors used in the analysis, the weight placed on each factor, changes from the factors&#8217; historical trends, and technical issues in the construction and implementation of the investment models (including, for example, data problems and/or software issues). There is no guarantee that the use of these investment models will result in effective investment decisions for an Underlying Fund.<br /><br /><b>Liquidity</b> &nbsp;&nbsp;&nbsp;If a security is illiquid, the Fund or an Underlying Fund might be unable to sell the security at a time when the manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund's or an Underlying Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund or an Underlying Fund could realize upon disposition. The Fund or an Underlying Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund or an Underlying Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund or an Underlying Fund.<br /><br /><b>Market</b> &nbsp;&nbsp;&nbsp;Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to Fund costs and impair the ability of the Fund to achieve its investment objectives.<br /><br /><b>Market Capitalization</b> &nbsp;&nbsp;&nbsp;Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing the Fund or an Underlying Fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns.<br /><br /><b>Other Investment Companies</b> &nbsp;&nbsp;&nbsp;The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund or an Underlying Fund may invest in other investment companies, 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 and a proportionate share of the expenses of each Underlying Fund.<br /><br /><b>Real Estate Companies and Real Estate Investment Trusts (&#8220;REITs&#8221;)</b> &nbsp;&nbsp;&nbsp;Investing in real estate companies and REITs may subject an Underlying Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property.<br /><br /><b>U.S. Government Securities and Obligations</b> &nbsp;&nbsp;&nbsp;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 and interest rate risk, and may be subject to varying degrees of credit risk.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. 0 0.05 0.01 0 0 0 0.0575 0 0 0 0 0 0 0.025 0 0 0 0 0 0 0 0 0.05 0.01 0 0 0 0 0 0.05 0.01 0 0 0 0 0 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualFundOperatingExpensesVoyaMulti-ManagerInternationalSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleTransposedVoyaMulti-ManagerInternationalSmallCapFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedVoyaMulti-ManagerInternationalSmallCapFund column period compact * ~</div> Voya Global Real Estate Fund &nbsp;(formerly, ING Global Real Estate Fund) <b>PERFORMANCE INFORMATION </b> The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the Fund's performance for the first full calendar year of operations, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.voyainvestments.com/literature or call 1-800-992-0180. <b>Calendar Year Total Returns</b> Class A<br/>(as of December 31 of each year) Best quarter: 2nd, 2014, 3.83% and Worst quarter: 3rd, 2014, -2.61% <b>INVESTMENT OBJECTIVE </b> <b>Average Annual Total Returns %</b><br/>(for the periods ended December 31, 2014) The Fund seeks total return including capital appreciation and current income. <b>FEES AND EXPENSES OF THE FUND </b> These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Voya mutual funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 24) or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 89). <b>Shareholder Fees</b><br/> Fees paid directly from your investment After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualFundOperatingExpensesVoyaInternationalCoreFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleTransposedVoyaInternationalCoreFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedVoyaInternationalCoreFund column period compact * ~</div> Voya Multi-Manager International Small Cap Fund &nbsp;(formerly, ING International Small Cap Fund) <b>INVESTMENT OBJECTIVE</b> <b>INVESTMENT OBJECTIVE</b> 0.025 0 0 0 The Fund seeks maximum long-term capital appreciation. <b>FEES AND EXPENSES OF THE FUND</b> These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 92) or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 134). The Fund seeks long-term capital appreciation. <b>Shareholder Fees</b><br /> Fees paid directly from your investment <b>INVESTMENT OBJECTIVE</b> 0.0575 0 0.05 0 0.01 0 0 0 0 0 0 0.007 0.007 0.007 0.007 0.007 0.007 0.0025 0.01 0.01 0 0.0025 0 0.001 0.001 0.001 0.001 0.001 0.001 0.0041 0.0041 0.0041 0.0031 0.0041 0.0041 0.0146 0.0221 0.0221 0.0111 0.0146 0.0121 <b>Expense Examples </b> <b>Portfolio Turnover </b> Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of equity securities of dividend-paying companies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. At least 65% of the assets of the Fund will be invested in equity securities of issuers in a number of different countries, one of which may be the United States, with at least 75% of its assets invested in common and preferred stocks, warrants, and convertible securities. The Fund may invest in companies located in countries with emerging securities markets. The Fund may also invest in real estate securities including real estate investment trusts. The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder ("1940 Act").<br /><br />The sub-adviser ("Sub-Adviser") seeks to construct a portfolio of securities with a dividend yield that exceeds the dividend yield of the companies included in the MSCI World IndexSM.<br /><br />The Sub-Adviser uses a quantitative screening process to assist in the selection of companies according to the following criteria: an above average dividend yield and the stability and growth of the dividend yield; market capitalization that is usually above $1 billion (although the Fund may also invest in companies with market capitalization ranges of any size); and growth of the dividend over several years. The analysis of fundamental factors (including earnings, capital structure, dividend coverage and credit ratings) seeks to limit the risk of investing in or holding unprofitable companies. The expected liquidity of a stock must be sufficient to buy or sell a position without significant impact on the share price. The Sub-Adviser may from time-to-time select securities that do not meet all of these criteria.<br /><br />The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.<br /><br />The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 <sup>1</sup>&#8260;3% of its total assets. You could lose money on an investment in the Fund. 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.<br /><br /><b>Company &nbsp;&nbsp;&nbsp;</b>The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.<br /><br /><b>Convertible Securities &nbsp;&nbsp;&nbsp;</b>Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.<br /><br /><b>Credit &nbsp;&nbsp;&nbsp;</b>Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.<br /><br /><b>Currency &nbsp;&nbsp;&nbsp;</b>To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.<br /><br /><b>Dividend &nbsp;&nbsp;&nbsp;</b>Companies that issue dividend yielding equity securities are not required to continue to pay dividends on such securities. Therefore, there is the possibility that such companies could reduce or eliminate the payment of dividends in the future.<br /><br /><b>Foreign Investments/Developing and Emerging Markets &nbsp;&nbsp;&nbsp;</b>Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets.<br /><br /><b>Interest Rate &nbsp;&nbsp;&nbsp;</b>With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed increases. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund's exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For fixed-income securities, an increase in interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values, and increase a Fund's costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets.<br /><br /><b>Investment Model &nbsp;&nbsp;&nbsp;</b>The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors. Funds that are actively managed, in whole or in part, according to a quantitative investment model can perform differently from the market as a whole based on the investment model and the factors used in the analysis, the weight placed on each factor, changes from the factors' historical trends, and technical issues in the construction and implementation of the investment models (including, for example, data problems and/or software issues). There is no guarantee that the use of these investment models will result in effective investment decisions for the Fund.<br /><br /><b>Liquidity &nbsp;&nbsp;&nbsp;</b>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, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.<br /><br /><b>Market &nbsp;&nbsp;&nbsp;</b>Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. From time to time, the stock market may not favor the value-oriented securities in which the Fund invests. Rather, the market could favor growth-oriented securities or may not favor equities at all. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to Fund costs and impair the ability of the Fund to achieve its investment objectives.<br /><br /><b>Market Capitalization &nbsp;&nbsp;&nbsp;</b>Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing the Fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns.<br /><br /><b>Other Investment Companies &nbsp;&nbsp;&nbsp;</b>The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, 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.<br /><br /><b>Real Estate Companies and Real Estate Investment Trusts ("REITs") &nbsp;&nbsp;&nbsp;</b>Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property.<br /><br /><b>Securities Lending &nbsp;&nbsp;&nbsp;</b>Securities lending involves two primary risks: "investment risk" and "borrower default risk." Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualFundOperatingExpensesVoyaGlobalEquityDividendFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleTransposedVoyaGlobalEquityDividendFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedVoyaGlobalEquityDividendFund column period compact * ~</div> 0.004 0.004 0.004 0.004 0.0025 0.01 0.01 0 <b>FEES AND EXPENSES OF THE FUND</b> <b>Annual Fund Operating Expenses</b><br /> Expenses you pay each year as a % of the value of your investment 0.001 0.001 0.001 0.001 0.0023 0.0023 0.0023 0.0013 These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 92) or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 134). 0.0098 0.0173 0.0173 0.0063 -0.0008 -0.0008 -0.0008 0 0.009 0.0165 0.0165 0.0063 0.004 0.004 0.004 0.004 <b>Shareholder Fees</b><br/>Fees paid directly from your investment 0.0025 0 0.005 0 0.001 0.001 0.001 0.001 0.0023 0.0013 0.0023 0.0023 0.0098 0.0063 0.0123 0.0073 -0.0008 -0.0048 -0.0008 -0.0008 0.009 0.0015 0.0115 0.0065 0.0075 0.0075 0.0075 0.0075 0.0025 0.01 0.01 0 0.001 0.001 0.001 0.001 <b>Expense Examples </b> 0.0014 0.0014 0.0014 0.0014 0.01 0.01 0.01 0.01 0.01 0.01 0.0124 0.0199 0.0199 0.0099 0.0025 0.01 0.01 0 0 0.0025 <b>Annual Fund Operating Expenses</b><br/>Expenses you pay each year as a % of the value of your investment 0 0 0 -0.0002 0.001 0.001 0.001 0.001 0.001 0.001 Voya Global Real Estate Fund &nbsp;(formerly, ING Global Real Estate Fund) <b>Portfolio Turnover </b> 0.0124 0.0199 0.0199 0.0097 0.0115 0.0115 0.0115 0.0105 0.0115 0.0115 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance.<br /><br />During the most recent fiscal year, the Fund's portfolio turnover rate was 46% of the average value of its portfolio. 0.025 0.0325 0.0325 0.0215 0.025 0.0225 <b>PRINCIPAL INVESTMENT STRATEGIES</b> -0.008 -0.008 -0.008 -0.007 -0.008 -0.008 0.017 0.0245 0.0245 0.0145 0.0145 0.017 0.0575 0 0 0 0 Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in securities of small market capitalization companies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The Fund currently considers small-capitalization companies to be those that have a market capitalization, at the time of purchase, of up to $5 billion. At least 65% of the Fund's assets will normally be invested in companies located outside the United States, including companies located in countries with emerging securities markets.<br /><br />The Fund may invest up to 35% of its assets in U.S. issuers. The Fund may hold both growth and value stocks and at times may favor one over the other based on available opportunities.<br /><br />The Fund invests primarily in common stocks or securities convertible into common stocks of international issuers, but may invest from time to time in such instruments as forward currency contracts, futures contracts, rights, and depositary receipts. The Fund may invest in forward currency contracts or futures contracts to hedge currency and for implementation of a currency model within the portfolio. The Fund may invest in futures contracts to allow market exposure in a cost efficient way, maintain exposure to an asset class in the case of large cash flows, and to have access to a particular market in which the Fund wishes to invest.<br /><br />The Fund may invest up to 25% of its assets in real estate investment trusts.<br /><br />The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#8220;1940 Act&#8221;).<br /><br />Acadian Asset Management LLC (&#8220;Acadian&#8221;) and Wellington Management Company LLP (&#8220;Wellington Management&#8221;) (each a &#8220;Sub-Adviser&#8221; and collectively &#8220;Sub-Advisers&#8221;) provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. The Fund's investment adviser will determine the amount of Fund assets allocated to each Sub-Adviser.<br /><br />Each Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.<br /><br />The Fund may lend portfolio securities on a short-term or long-term basis, up to 30% of its total assets.<br /><br /><b>Acadian Asset Management LLC</b><br /><br />Acadian employs a quantitative investment process which is driven by proprietary valuation models that combine a bottom-up view of the attractiveness of individual securities within each market with a top-down view of the attractiveness of each region/industry group, thereby capturing value-added at both the stock and the region/industry levels.<br /><br /><b>Wellington Management Company LLP</b><br /><br />Wellington Management uses its proprietary global research capabilities to identify stocks for the portfolio. This investment approach is driven by intensive bottom-up, fundamental research and a disciplined, industry-based approach to valuation. The vast majority of research is developed internally. Meeting company management and understanding historical financial statements is essential to the process.<br /><br />The investment team looks to identify companies with a high degree of recurring profitability, sustainably high or growing returns on capital, and strong or improving balance sheets. Non-consensus insights are emphasized such as the size of the addressable market, an ability to grow faster than the market thinks, or the capacity to sustain profitability at a higher level than is discounted. Investment candidates either have potential growth that is underestimated by the market, or have been cast aside by the market but have an identifiable catalyst for recovery.<br /><br />Valuation analysis focuses on uncovering the intrinsic value of companies, and the portfolio manager buys companies that are attractive on an absolute basis. The investment team applies different valuation metrics across different industries, but the same metrics are applied globally to any one industry. Sell decisions are based on changing fundamentals or valuations, or on finding better opportunities for the portfolio. Industry weights are likely to favor sectors in which smaller companies have long-term competitive advantages or are expected to benefit from extended growth opportunities. 0 0.01 0 0 0 <b>PRINCIPAL RISKS</b> 0.0575 0 0 0 0 0 You could lose money on an investment in the Fund. 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.<br /><br /><b>Company</b> &nbsp;&nbsp;&nbsp;The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.<br /><br /><b>Convertible Securities</b> &nbsp;&nbsp;&nbsp;Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.<br /><br /><b>Credit</b> &nbsp;&nbsp;&nbsp;Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.<br /><br /><b>Currency</b> &nbsp;&nbsp;&nbsp;To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.<br /><br /><b>Derivative Instruments </b> &nbsp;&nbsp;&nbsp;Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to the risk of improper valuation.<br /><br /><b>Foreign Investments/Developing and Emerging Markets</b> &nbsp;&nbsp;&nbsp;Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets.<br /><br /><b>Interest Rate</b> &nbsp;&nbsp;&nbsp;With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed increases. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund's exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For fixed-income securities, an increase in interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values, and increase a Fund&#8217;s costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets.<br /><br /><b>Investment Model</b> &nbsp;&nbsp;&nbsp;The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors.<br /><br /><b>Liquidity</b> &nbsp;&nbsp;&nbsp;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, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.<br /><br /><b>Market</b> &nbsp;&nbsp;&nbsp;Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. From time to time, the stock market may not favor the growth- or value-oriented securities in which the Fund invests. Rather, the market could favor securities to which the Fund is not exposed or may not favor equities at all. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to Fund costs and impair the ability of the Fund to achieve its investment objectives.<br /><br /><b>Other Investment Companies</b> &nbsp;&nbsp;&nbsp;The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, 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.<br /><br /><b>Real Estate Companies and Real Estate Investment Trusts (&#8220;REITs&#8221;)</b> &nbsp;&nbsp;&nbsp;Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property.<br /><br /><b>Securities Lending</b> &nbsp;&nbsp;&nbsp;Securities lending involves two primary risks: &#8220;investment risk&#8221; and &#8220;borrower default risk.&#8221; Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.<br /><br /><b>Small-Capitalization Company</b> &nbsp;&nbsp;&nbsp;Investments in small-capitalization companies may involve greater risk than is customarily associated with larger, more established companies due to the greater business risks of small size, limited markets and financial resources, narrow product lines and the frequent lack of depth of management. The securities of smaller companies are often traded over-the-counter and may not be traded in volume typical on a national securities exchange.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. 0 0.05 0.01 0 0 0 <b>PERFORMANCE INFORMATION</b> 0.0075 0.0075 0.0075 Voya International Core Fund &nbsp;(formerly, ING International Core Fund) The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.voyainvestments.com/literature or call 1-800-992-0180. 0.0025 0.005 0 <b>INVESTMENT OBJECTIVE </b> The Fund seeks to provide investors with high total return consisting of capital appreciation and current income. 0.001 0.001 0.001 0.0014 0.0014 0.0014 The Fund seeks to provide investors with high total return consisting of capital appreciation and current income. 0.0124 0.0149 0.0099 <b>Calendar Year Total Returns </b>Class A<br /> (as of December 31 of each year) <b>FEES AND EXPENSES OF THE FUND </b> 0 0 0 <b>FEES AND EXPENSES OF THE FUND</b> These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. 0.0124 0.0149 0.0099 0 0.01 0 0 These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 92) or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 134). <b>INVESTMENT OBJECTIVE </b> <b>Shareholder Fees</b><br/> Fees paid directly from your investment <b>Average Annual Total Returns </b>%<br /> (for the periods ended December 31, 2014) <b>Shareholder Fees</b><br/> Fees paid directly from your investment The Fund seeks long-term growth of capital. <b>FEES AND EXPENSES OF THE FUND</b> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. 0.001 0.001 0.001 0.001 0.001 0.0025 0.01 0 0.005 0 0.001 0.001 0.001 0.001 0.001 0.0066 0.0066 0.0066 0.0076 0.0066 <b>Annual Fund Operating Expenses</b><br/> Expenses you pay each year as a % of the value of your investment 0.008 0.008 0.008 0.008 0.008 0.0191 0.0266 0.0176 0.0216 0.0166 -0.0068 -0.0068 -0.0078 -0.0068 -0.0068 These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. <b>Shareholder Fees </b><br/> Fees paid directly from your investment 0.0123 0.0198 0.0098 0.0148 0.0098 <b>Annual Fund Operating Expenses<br/></b> Expenses you pay each year as a % of the value of your investment 0 0 0.007 0.007 0.007 0.007 0.0025 0.01 0 0 <b>Expense Examples </b> 0.0575 0 0 0 0 0 The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Portfolio Turnover </b> 0 0.05 0.01 0 0 0 <b>Annual Fund Operating Expenses</b><br/> Expenses you pay each year as a % of the value of your investment 0.001 0.001 0.001 0.001 0.0917 0.0917 0.0897 0.0917 The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Example, affect the Fund's performance.<br /><br />During the most recent fiscal year, the Fund's portfolio turnover rate was 93% of the average value of its portfolio. 0.0009 0.0009 0.0009 0.0009 <b>PRINCIPAL INVESTMENT STRATEGIES </b> Under normal market conditions, the Fund invests at least 65% of its total assets in equity securities of companies located in a number of different countries other than the United States. The Fund may invest in countries with emerging securities markets. The Fund&#8217;s emerging markets exposure will generally not be greater than 10% above the emerging markets exposure of the MSCI All Country World Ex-U.S. Index. Emerging markets will be defined as countries that are included in the MSCI Emerging Markets Index. The Fund may also invest in depositary receipts of foreign issuers. The Fund may invest up to 15% of its assets in real estate investment trusts.<br /><br />The Fund may use derivatives, including futures, options, swaps, and forward contracts, typically for hedging purposes to reduce risk, such as interest rate risk, currency risk, and price risk.<br /><br />The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#8220;1940 Act&#8221;).<br /><br />The sub-adviser (&#8220;Sub-Adviser&#8221;) conducts fundamental research on individual companies to identify securities for purchase or sale. Fundamental analysis of a company involves the assessment of such factors as its business environment, management quality, balance sheet, income statement, anticipated earnings, revenues and dividends, and other related measures and indicators of value. The Sub-Adviser seeks to invest in companies with underappreciated assets, improving and/or sustainable return on capital, and/or stocks that it believes are mispriced by the market due to short-term issues. This proprietary research takes into account each company&#8217;s long-term history as well as the Sub-Adviser&#8217;s analysts&#8217; forward-looking estimates, and allows for a comparison of the intrinsic value of stocks on a global basis focusing on return on invested capital in conjunction with other valuation metrics.<br /><br />Portfolio construction is driven primarily by bottom-up stock selection, with region, country, and sector weightings being secondary factors.<br /><br />The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.<br /><br />The Fund may lend portfolio securities on a short-term or long-term basis, up to 33<sup> 1</sup>&#8260;3% of its total assets. 0.0071 0 0.001 0.01 0.01 0.01 0.01 0.01 0.01 0.0006 0.0087 0.0025 0.01 0.01 0 0.005 0 0 0.0087 0.001 0.001 0.001 0.001 0.001 0.001 <b>PRINCIPAL RISKS</b> <b>Expense Examples </b> The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0048 0.0048 0.0048 0.002 0.0048 0.0048 You could lose money on an investment in the Fund. 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.<br /><br /><b>Company</b> &nbsp;&nbsp;&nbsp;The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.<br /><br /><b>Currency</b> &nbsp;&nbsp;&nbsp;To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.<br /><br /><b>Derivative Instruments</b> &nbsp;&nbsp;&nbsp;Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to the risk of improper valuation.<br /><br /><b>Foreign Investments/Developing and Emerging Markets</b> &nbsp;&nbsp;&nbsp;Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets.<br /><br /><b>Liquidity</b> &nbsp;&nbsp;&nbsp;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, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.<br /><br /><b>Market</b> &nbsp;&nbsp;&nbsp;Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. From time to time, the stock market may not favor the value-oriented securities in which the Fund invests. Rather, the market could favor growth-oriented securities or may not favor equities at all. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to Fund costs and impair the ability of the Fund to achieve its investment objectives.<br /><br /><b>Market Capitalization</b> &nbsp;&nbsp;&nbsp;Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing the Fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns.<br /><br /><b>Other Investment Companies</b> &nbsp;&nbsp;&nbsp;The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, 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.<br /><br /><b>Real Estate Companies and Real Estate Investment Trusts (&#8220;REITs&#8221;)</b> &nbsp;&nbsp;&nbsp;Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property.<br /><br /><b>Securities Lending</b> &nbsp;&nbsp;&nbsp;Securities lending involves two primary risks: &#8220;investment risk&#8221; and &#8220;borrower default risk.&#8221; Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. 0.0183 0.0258 0.0258 0.013 0.0208 0.0158 738 748 348 148 173 148 1237 1226 926 606 626 702 -0.0023 -0.0023 -0.0023 -0.0005 -0.0023 -0.0023 1761 1829 1629 1090 1259 1132 3191 3322 3495 2428 2776 2523 March 1, 2017 <b>PERFORMANCE INFORMATION </b> 0.016 0.0235 0.0235 0.0125 0.0185 0.0135 0.58 The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class I shares. Other class shares' performance would be lower than Class I shares' performance because of lower expenses paid by Class I shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.voyainvestments.com/literature or call 1-800-992-0180. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. 50000 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. <b>Calendar Year Total Returns </b>Class I <br/>(as of December 31 of each year) 0.01 0.01 0.01 0.01 0.01 0.01 0.0035 0.01 0.01 0 0.0025 0 0.001 0.001 0.001 0.001 0.001 0.001 Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in the equity securities of companies in the natural resources industries located in a number of different countries, one of which may be the United States. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. 0.0033 0.0033 0.0033 0.0022 0.0033 0.0033 You could lose money on an investment in the Fund. 0.0178 0.0243 0.0243 0.0132 0.0168 0.0143 <b>Expense Example </b> The Example is intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example shows costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Example also assumes that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: -0.0002 -0.0002 -0.0002 -0.0007 -0.0002 -0.0002 Best quarter: 1st, 2012, 12.62% and Worst quarter: 2nd, 2012, -6.19% <b>Issuer Non-Diversification</b>&nbsp;&nbsp;&nbsp;&nbsp;The Fund is classified as a "non-diversified" investment company and, therefore, is subject to the risks of focusing investments in a small number of issuers, industries or foreign currencies, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. 0.0176 0.0241 0.0241 0.0125 0.0166 0.0141 An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. <b>Average Annual Total Returns </b>% <br/>(for the periods ended December 31, 2014) 0.1031 0.1106 0.0986 0.1006 738 248 248 148 148 173 1237 926 926 606 702 626 -0.0906 -0.0906 -0.0891 -0.0906 1761 1629 1629 1090 1259 1132 3191 3322 2428 3495 2523 2776 The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. 1-800-992-0180 0.0125 0.02 0.0095 0.01 www.voyainvestments.com/literature The Fund's past performance (before and after taxes) is no guarantee of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. The Fund seeks to provide investors with high total return. The index returns do not reflect deductions for fees, expenses, or taxes. 0 0 The Example reflects applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. 0 0 -0.0981 -0.1043 -0.0476 -0.0219 -0.0965 -0.0219 -0.0593 -0.0219 -0.0219 -0.0401 -0.0431 -0.0219 -0.0402 -0.0219 <b>FEES AND EXPENSES OF THE FUND</b> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. -0.0102 -0.0178 -0.0061 0.0178 -0.0092 0.0178 -0.0057 0.0178 0.005 0.0178 0.0017 0.0178 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 92) or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 134). 89 278 482 After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. 1073 In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleTransposedVoyaRussiaFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedVoyaRussiaFund column period compact * ~</div> <b>Shareholder Fees</b><br/> Fees paid directly from your investment 0.0075 0.0075 0 0 0.0575 0 0 0 0 89 278 482 1073 0 0.05 0.01 0 0 Voya Russia Fund&nbsp; (formerly, ING Russia Fund) <b>INVESTMENT OBJECTIVE</b> 0.001 0.001 <b>Expense Examples </b> The Fund's investment objective is to seek long-term capital appreciation. <b>Portfolio Turnover </b> <b>FEES AND EXPENSES OF THE FUND</b> The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.0019 0.0019 694 702 302 99 126 152 101 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Example, affect the Fund's performance.<br /><br />During the most recent fiscal period from July 15, 2014 through October 31, 2014, the Fund's portfolio turnover rate was 40% of the average value of its portfolio. 946 924 624 313 393 471 315 0.0001 0.0001 Best quarter: 1217 1273 1073 545 681 813 547 2006-03-31 0.0105 0.0105 1989 2123 2317 1211 1500 1779 1213 0.2292 <b>PRINCIPAL INVESTMENT STRATEGIES</b> Worst quarter: Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of equity securities of companies that are principally engaged in the real estate industry. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The sub-adviser (&#8220;Sub-Adviser&#8221;) defines a real estate company as a company that: (i) derives at least 50% of its total revenue or earnings from owning, operating, developing, constructing, financing, managing, and/or selling commercial, industrial, or residential real estate; or (ii) has at least 50% of its assets invested in real estate. The Fund will have investments located in a number of different countries, including the United States. As a general matter, the Fund expects these investments to be in common stocks of companies of any market capitalization, including real estate investment trusts. The Fund may invest in companies located in countries with emerging securities markets.<br /><br />The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#8220;1940 Act&#8221;). The Fund may invest in convertible securities, initial public offerings, and Rule 144A securities.<br /><br />The Sub-Adviser uses a multi-step investment process for constructing the Fund's investment portfolio that combines top-down region and sector allocation with bottom-up individual stock selection.<br /><br />First, the Sub-Adviser selects sectors and geographic regions in which to invest, and determines the degree of representation of such sectors and regions through a systematic evaluation of public and private property market trends and conditions.<br /><br />Second, the Sub-Adviser uses an in-house valuation process to identify investments it believes have superior current income and growth potential relative to their peers. This in-house valuation process examines several factors including: (i) value and property; (ii) capital structure; and (iii) management and strategy.<br /><br />The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.<br /><br />The Fund may lend portfolio securities on a short-term or long-term basis, up to 33<sup> 1</sup>&#8260;3% of its total assets. 2008-09-30 -0.3045 -0.0009 -0.0009 0.0096 0.0096 <b>Shareholder Fees</b><br /> Fees paid directly from your investment <b>Expense Examples</b> 694 202 202 99 126 152 101 <b>PRINCIPAL RISKS</b> 946 624 313 624 393 471 315 The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>Annual Fund Operating Expenses</b> <br />Expenses you pay each year as a % of the value of your investment 1217 1073 1073 545 813 681 547 1989 2123 2317 1211 1500 1779 1213 0.0025 0.01 0.01 0 0 0.001 0.001 0.001 0.001 0.001 You could lose money on an investment in the Fund. 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.<br /><br /><b>Company</b> &nbsp;&nbsp;&nbsp;The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.<br /><br /><b>Concentration</b> &nbsp;&nbsp;&nbsp;As a result of the Fund &#8220;concentrating,&#8221; as that term is defined in the 1940 Act, its assets in the securities of a particular industry or group of industries or single country or region, the Fund may be subject to greater market fluctuations than a fund that has securities representing a broader range of investment alternatives. If securities in which the Fund concentrates fall out of favor, the Fund could underperform funds that have greater diversification.<br /><br /><b>Convertible Securities</b> &nbsp;&nbsp;&nbsp;Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.<br /><br /><b>Credit</b> &nbsp;&nbsp;&nbsp;Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.<br /><br /><b>Currency</b> &nbsp;&nbsp;&nbsp;To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.<br /><br /><b>Foreign Investments/Developing and Emerging Markets</b> &nbsp;&nbsp;&nbsp;Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets.<br /><br /><b>Initial Public Offerings</b> &nbsp;&nbsp;&nbsp;Initial Public Offerings (&#8220;IPOs&#8221;) and companies that have recently gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the Fund will have access to profitable IPOs or that IPOs in which the Fund invests will rise in value. Furthermore, the value of securities of newly public companies may decline in value shortly after the IPO. When the Fund's asset base is small, the impact of such investments on the Fund's return will be magnified. If the Fund's assets grow, it is likely that the effect of the Fund's investment in IPOs on the Fund's return will decline.<br /><br /><b>Interest Rate</b> &nbsp;&nbsp;&nbsp;With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed increases. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund's exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For fixed-income securities, an increase in interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values, and increase a Fund&#8217;s costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets.<br /><br /><b>Investment Model</b> &nbsp;&nbsp;&nbsp;The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors.<br /><br /><b>Liquidity</b> &nbsp;&nbsp;&nbsp;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, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.<br /><br /><b>Market</b> &nbsp;&nbsp;&nbsp;Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to Fund costs and impair the ability of the Fund to achieve its investment objectives.<br /><br /><b>Market Capitalization</b> &nbsp;&nbsp;&nbsp;Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing the Fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns.<br /><br /><b>Other Investment Companies</b> &nbsp;&nbsp;&nbsp;The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, 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.<br /><br /><b>Real Estate Companies and Real Estate Investment Trusts (&#8220;REITs&#8221;)</b> &nbsp;&nbsp;&nbsp;Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property.<br /><br /><b>Securities Lending</b> &nbsp;&nbsp;&nbsp;Securities lending involves two primary risks: &#8220;investment risk&#8221; and &#8220;borrower default risk.&#8221; Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. 0.0014 0.0014 0.0014 0.0009 0.0014 0.0142 0.0217 0.0217 0.0112 0.0117 0 0 0 0 0 0.0142 0.0217 0.0117 0.0217 0.0112 <b>Expense Examples </b> The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. The cost of investing in the Fund for one year may vary based on the 2.00% redemption fee if shares were held for less than 365 days. Although your actual costs may be higher or lower, based on these assumptions your costs would be: The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance.<br /><br />During the most recent fiscal year, the Fund's portfolio turnover rate was 45% of the average value of its portfolio. <b>PRINCIPAL INVESTMENT STRATEGIES</b> Voya Global Equity Dividend Fund &nbsp;(formerly, ING Global Equity Dividend Fund) Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities. The Fund will provide shareholders with at least 60 days&#8217; prior notice of any change in this investment policy. The Fund invests at least 65% of its assets in equity securities of companies organized under the laws of, or with principal offices located in, a number of different countries outside of the United States, including companies in countries in emerging markets. The Fund does not focus its investments in a particular industry or country. The Fund may invest in companies of any market capitalization. The equity securities in which the Fund may invest include, but are not limited to, common stocks, preferred stocks, depositary receipts, rights and warrants to buy common stocks, privately placed securities, and IPOs. The Fund may invest in derivative instruments including options, futures, and forward foreign currency exchange contracts. The Fund may typically use derivatives to seek to reduce exposure to other risks, such as interest rate or currency risk, to substitute for taking a position in the underlying assets, for cash management, and/or to seek to enhance returns in the Fund.<br /><br />The Fund invests its assets in foreign investments which are denominated in U.S. dollars, major reserve currencies and currencies of other countries and can be affected by fluctuations in exchange rates. To attempt to protect against adverse changes in currency exchange rates, the Fund may, but will not necessarily use special techniques such as forward foreign currency exchange contracts.<br /><br />The Fund may invest in other investment companies, including exchange traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#8220;1940 Act&#8221;).<br /><br />Baillie Gifford Overseas Limited (&#8220;Baillie Gifford&#8221;), J.P. Morgan Investment Management Inc. (&#8220;JPMorgan&#8221;), Lazard Asset Management LLC (&#8220;Lazard&#8221;), and T. Rowe Price Associates, Inc. (&#8220;T. Rowe Price&#8221;) (each a &#8220;Sub-Adviser&#8221; and collectively &#8220;Sub-Advisers&#8221;) provide day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodologies for selecting investments. The Fund's investment adviser will determine the amount of Fund assets allocated to each Sub-Adviser.<br /><br />Each Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.<br /><br />The Fund may lend portfolio securities on a short-term or long-term basis, up to 33<sup> 1</sup>&#8260;3% of its total assets.<br /><br /><b>Baillie Gifford Overseas Limited</b><br /><br />In selecting investments for the Fund, Baillie Gifford normally takes into account the industry and country allocations in the MSCI EAFE<sup>&#174;</sup> Index. A significant part of the assets will normally be divided among continental Europe, the United Kingdom, and Asia (including Australia and New Zealand). Country allocation, however, is driven by stock selection. Baillie Gifford invests in companies that it believes are well-managed, quality businesses that enjoy sustainable, competitive advantages in their marketplace. Baillie Gifford's investment style primarily uses a bottom-up, stock-driven approach, with the objective of selecting stocks that it believes can sustain an above-average growth rate, which is not reflected in the share price.<br /><br />Companies are screened for quality first; valuation is a secondary consideration. Baillie Gifford looks for companies that it believes have attractive industry backgrounds, strong competitive positions within those industries, high-quality earnings, and a positive approach toward shareholders. The main fundamental factors that Baillie Gifford considers in this bottom-up analysis include earnings growth, cash flow growth, profitability, capital structure, and valuation.<br /><br /><b>J.P. Morgan Investment Management Inc.</b><br /><br />In choosing securities, JPMorgan seeks to provide high total return by investing primarily in equity securities from developed countries included in the MSCI EAFE<sup>&#174;</sup> Value Index while emphasizing securities that are ranked as undervalued according to its proprietary research while underweighting or avoiding those that appear over-valued. JPMorgan employs a process that combines fundamental research for identifying portfolio securities and currency management decisions. Various models are used to quantify JPMorgan&#8217;s fundamental stock research, producing a ranking of companies in each industry group according to their relative value. JPMorgan then buys and sells securities, using the research and valuation rankings as well as its assessment of other factors, including: (i) value characteristics such as low price-to-book and price-to-earnings ratios; (ii) catalysts that could trigger a change in a stock&#8217;s price; (iii) potential reward compared to potential risk; and (iv) temporary mispricings caused by market overreactions.<br /><br /><b>Lazard Asset Management LLC</b><br /><br />In choosing securities, Lazard normally invests in large non-U.S. companies with market capitalizations in the range of companies included in the MSCI EAFE<sup>&#174;</sup> Index that Lazard believes are undervalued based on their earnings, cash flow or asset values. Lazard believes that stock returns over time are driven by the sustainability and direction of financial productivity, balanced by valuation. However, Lazard believes that financial markets will sometimes evaluate these factors inefficiently, presenting investment opportunities balanced by financial productivity. Lazard looks for established companies in economically developed countries and may invest in securities of companies whose principal business activities are located in emerging market countries or domiciled in emerging market countries.<br /><br /><b>T. Rowe Price Associates, Inc.</b><br /><br />While T. Rowe Price invests with an awareness of the global economic backdrop and the outlook for industry sectors and individual countries, bottom-up stock selection is the focus of T. Rowe Price's decision making. Country allocation is driven largely by stock selection, though we may limit investments in markets that appear to have poor overall prospects.<br /><br />Securities selection reflects a growth style. T. Rowe Price relies on a global team of investment analysts dedicated to in-depth fundamental research in an effort to identify companies it believes are capable of achieving and sustaining above-average, long-term earnings growth. T. Rowe Price seeks to purchase stocks of such companies at reasonable prices in relation to present or anticipated earnings, cash flow, or book value.<br /><br />In selecting investments, T. Rowe Price generally favors companies that it believes have one or more of the following characteristics: leading or improving market position; attractive business niche; attractive or improving franchise or industry position; seasoned management; stable or improving earnings and/or cash flow; and sound or improving balance sheet.<br /><br />T. Rowe Price typically focuses investments in large-sized, and to a lesser extent, medium-sized, companies. 98 98 325 325 571 571 1274 1274 <b>PRINCIPAL RISKS</b> 374 303 97 102 2351 2345 2050 2090 You could lose money on an investment in the Fund. 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.<br /><br /><b>Company</b> &nbsp;&nbsp;&nbsp;The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.<br /><br /><b>Currency</b> &nbsp;&nbsp;&nbsp;To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.<br /><br /><b>Derivative Instruments</b> &nbsp;&nbsp;&nbsp;Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to the risk of improper valuation.<br /><br /><b>Foreign Investments/Developing and Emerging Markets</b> &nbsp;&nbsp;&nbsp;Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets.<br /><br /><b>Initial Public Offerings</b> &nbsp;&nbsp;&nbsp;Initial Public Offerings (&#8220;IPOs&#8221;) and companies that have recently gone public have the potential to produce substantial gains for the Fund. However, there is no assurance that the Fund will have access to profitable IPOs or that IPOs in which the Fund invests will rise in value. Furthermore, the value of securities of newly public companies may decline in value shortly after the IPO. When the Fund's asset base is small, the impact of such investments on the Fund's return will be magnified. If the Fund's assets grow, it is likely that the effect of the Fund's investment in IPOs on the Fund's return will decline.<br /><br /><b>Liquidity</b> &nbsp;&nbsp;&nbsp;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, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.<br /><br /><b>Market</b> &nbsp;&nbsp;&nbsp;Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. From time to time, the stock market may not favor the growth- or value-oriented securities in which the Fund invests. Rather, the market could favor securities to which the Fund is not exposed or may not favor equities at all. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to Fund costs and impair the ability of the Fund to achieve its investment objectives.<br /><br /><b>Market Capitalization</b> &nbsp;&nbsp;&nbsp;Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing the Fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns.<br /><br /><b>Other Investment Companies</b> &nbsp;&nbsp;&nbsp;The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, 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.<br /><br /><b>Securities Lending</b> &nbsp;&nbsp;&nbsp;Securities lending involves two primary risks: &#8220;investment risk&#8221; and &#8220;borrower default risk.&#8221; Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. 4123 4236 3818 3882 7793 8047 7539 7626 <b>Annual Fund Operating Expenses </b><br/> Expenses you pay each year as a % of the value of your investment 98 98 325 325 728 738 338 127 188 137 <b>PERFORMANCE INFORMATION</b> 571 571 The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class I shares. Other class shares' performance would be lower than Class I shares' performance because of lower expenses paid by Class I shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.voyainvestments.com/literature or call 1-800-992-0180.<br /><br />Because Class A, Class B, Class C, Class O, Class R, and Class W shares of the Fund had not commenced operations as of the calendar year ended December 31, 2014, no performance information for Class A, Class B, Class C, Class O, Class R, and Class W shares is provided below. 728 238 238 127 188 137 1274 1274 1096 1081 781 407 630 476 The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 1096 781 781 407 630 476 1488 1550 1350 708 1098 839 <b>Calendar Year Total Returns</b> Class I<br />(as of December 31 of each year) 1488 1350 1350 708 1098 839 2582 2715 2898 1563 2392 1859 2582 2715 2898 1563 2392 1859 374 203 97 102 2351 2345 2050 2090 4123 4236 3818 3882 7793 8047 7539 7626 The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance.<br /><br />During the most recent fiscal year, the Fund's portfolio turnover rate was 76% of the average value of its portfolio. <b>PRINCIPAL INVESTMENT STRATEGIES</b> Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities (including common stocks, preferred stocks, and convertible securities) of Russian companies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. The Fund may invest the other 20% of its assets in debt securities issued by Russian companies and debt securities issued or guaranteed by the Russian government without any restrictions based on investment quality or maturity of the debt securities. The Fund may also invest in the equity securities of companies located outside of Russia, including those companies located in the former Soviet Union. The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#8220;1940 Act&#8221;).<br /><br />The Fund may use derivatives including, but not limited to, futures, options, swaps, and forward contracts for hedging and non-hedging purposes. The Fund may use derivatives as a substitute for taking a position in the underlying asset and/or as part of a strategy to seek to reduce risk, such as interest rate risk, currency risk, and price risk.<br /><br />The sub-adviser (&#8220;Sub-Adviser&#8221;) manages the Fund as a core equity product investing primarily in Russian companies and is not constrained by a particular investment style or market capitalization. It may invest in &#8220;growth&#8221; or &#8220;value&#8221; securities. The Sub-Adviser seeks to invest in companies that are undervalued by the market because their pace of development and earnings growth have been underestimated. The Sub-Adviser also seeks to invest in companies that it believes will experience growth in revenue and profits.<br /><br />The Sub-Adviser defines a Russian company as a company that: (i) is organized under the laws of, or with principal offices in, Russia; (ii) has 50% or more of its assets in Russia; or (iii) derives 50% or more of its total revenue from sales made in markets in Russia.<br /><br />The Fund is non-diversified, which means it may invest a significant portion of its assets in a single issuer.<br /><br />The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.<br /><br />The Fund may lend portfolio securities on a short-term or long-term basis, up to 33<sup> 1</sup>&#8260;3% of its total assets. <b>PRINCIPAL RISKS</b> You could lose money on an investment in the Fund. 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.<br /><br /><b>Call </b> &nbsp;&nbsp;&nbsp;During periods of falling interest rates, a bond issuer may &#8220;call&#8221; or repay its high-yielding bond before the bond's maturity date. If forced to invest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income.<br /><br /><b>Company </b> &nbsp;&nbsp;&nbsp;The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless. <br /><br /><b>Convertible Securities</b> &nbsp;&nbsp;&nbsp;Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.<br /><br /><b>Credit</b> &nbsp;&nbsp;&nbsp;Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.<br /><br /><b>Currency</b> &nbsp;&nbsp;&nbsp;To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.<br /><br /><b>Derivative Instruments</b> &nbsp;&nbsp;&nbsp;Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to the risk of improper valuation.<br /><br /><b>Focused Investing</b> &nbsp;&nbsp;&nbsp;To the extent that the Fund invests a substantial portion of its assets in securities related to a particular industry, sector, market segment, or geographical area, its investments will be sensitive to developments in that industry, sector, market segment, or geographical area. The Fund assumes the risk that changing economic conditions; changing political or regulatory conditions; or natural and other disasters affecting the particular industry, sector, market segment, or geographical area in which the Fund focuses its investments could have a significant impact on its investment performance and could ultimately cause the Fund to underperform, or be more volatile than, other funds that invest more broadly.<br /><br /><b>Foreign Investments/Developing and Emerging Markets</b> &nbsp;&nbsp;&nbsp;Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets.<br /><br /><b>High-Yield Securities</b> &nbsp;&nbsp;&nbsp;Investments rated below investment-grade (or of similar quality if unrated) are known as &#8220;high-yield securities&#8221; or &#8220;junk bonds.&#8221; High-yield securities are subject to greater levels of credit and liquidity risks. High-yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.<br /><br /><b>Interest Rate</b> &nbsp;&nbsp;&nbsp;With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed increases. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund's exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For fixed-income securities, an increase in interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values, and increase a Fund's costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. <br /><br /><b>Issuer Non-Diversification</b> &nbsp;&nbsp;&nbsp;The Fund is classified as a &#8220;non-diversified&#8221; investment company and, therefore, is subject to the risks of focusing investments in a small number of issuers, industries or foreign currencies, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be.<br /><br /><b>Liquidity</b> &nbsp;&nbsp;&nbsp;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, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund. <br /><br /><b>Market</b> &nbsp;&nbsp;&nbsp;Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. From time to time, the stock market may not favor the growth- or value-oriented securities in which the Fund invests. Rather, the market could favor securities to which the Fund is not exposed or may not favor equities at all. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to Fund costs and impair the ability of the Fund to achieve its investment objectives.<br /><br /><b>Market Capitalization</b> &nbsp;&nbsp;&nbsp;Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing the Fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns.<br /><br /><b>Other Investment Companies</b> &nbsp;&nbsp;&nbsp;The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, 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.<br /><br /><b>Russian Companies</b> &nbsp;&nbsp;&nbsp;Investments in Russian Companies involve a high degree of risk and special considerations not typically associated with investments in more established economies or securities markets, such as political, economic, and legal uncertainties, and currency fluctuations. Investment in the Fund should be considered highly speculative.<br /><br /><b>Sanctions</b> &nbsp;&nbsp;&nbsp;The United States has imposed economic sanctions against companies in various sectors of the Russian economy including, but not limited to, financial services, energy, metals and mining, engineering, and defense and defense-related materials sectors. These sanctions could impair the Fund's ability to meet its investment objective. For example, the Fund may be prohibited from investing in securities issued by companies subject to such sanctions. In addition, the sanctions may require the Fund to freeze its existing investments in Russian companies, prohibiting the Fund from selling or otherwise transacting in these investments. This could impact the Fund's ability to sell securities or other financial instruments as needed to meet shareholder redemptions. The Fund could seek to suspend redemptions in the event that an emergency exists in which it is not reasonably practicable for the Fund to dispose of its securities or to determine the value of its net assets. Other entities or countries could also institute broader sanctions on Russia.<br /><br /><b>Securities Lending</b> &nbsp;&nbsp;&nbsp;Securities lending involves two primary risks: &#8220;investment risk&#8221; and &#8220;borrower default risk.&#8221; Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.<br /><br /><b>Sovereign Debt</b> &nbsp;&nbsp;&nbsp;These securities are issued or guaranteed by foreign government entities. Investments in sovereign debt are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or repay principal on its sovereign debt. Some of these reasons may include cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of its debt position to its economy or its failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a government entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debts that a government does not pay or bankruptcy proceeding by which all or part of sovereign debt that a government entity has not repaid may be collected.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. <b>PERFORMANCE INFORMATION</b> The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.voyainvestments.com/literature or call 1-800-992-0180. <b>Calendar Year Total Returns</b> Class A <br /> (as of December 31 of each year) <b>Portfolio Turnover </b> 744 744 344 127 169 144 Best quarter: 2nd, 2009, 44.02% and Worst quarter: 4th, 2008, -48.55% 1101 1056 756 411 528 450 <b>Average Annual Total Returns</b> %<br /> (for the periods ended December 31, 2014) 1482 1494 1294 717 911 780 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance.<br /><br />During the most recent fiscal year, the Fund's portfolio turnover rate was 67% of the average value of its portfolio. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. 2548 2604 2765 1584 1985 1711 <b>PRINCIPAL INVESTMENT STRATEGIES </b> 0.0575 0 0 0.1844 The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. 0.1896 0 0 0 Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in debt instruments of, or derivatives having economic characteristics similar to the debt instruments of, issuers in emerging market countries. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy.<br /><br /><b>Effective May 8, 2015, the first paragraph of the Fund's investment strategy shown above will be revised as follows:</b><br /><br />Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in: (i) debt instruments of, or derivatives having economic characteristics similar to the debt instruments of, issuers in emerging market countries; or (ii) debt instruments that have principal denominated in emerging market currencies. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy.<br /><br />The Fund may invest in a range of fixed-income and floating rate debt instruments of issuers in emerging markets countries (collectively, "EMD Securities"), including sovereign and corporate debt, through direct investment as well as investment in a combination of other Voya mutual funds ("Underlying Funds"). As of the date of this prospectus, the Fund's exposure to EMD Securities is achieved primarily through investment in Underlying Funds.<br /><br />EMD Securities may be denominated in local currencies (i.e., denominated in the currency of an emerging markets country), or hard currencies (i.e., U.S. Dollars or Euros). Hard currencies are currencies in which investors have confidence and are typically currencies of economically and politically stable industrialized nations.<br /><br />Emerging market countries include all countries in the world except Australia, Austria, Belgium, Canada, Cyprus, Denmark, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Luxembourg, Japan, Malta, The Netherlands, New Zealand, Norway, Portugal, Slovakia, Slovenia, Spain, Sweden, Switzerland, the United Kingdom, and the United States. An emerging market issuer is one: (i) that is organized under the laws of, or has a principal place of business in an emerging market country; (ii) where the principal securities market is in an emerging market country; (iii) that derives at least 50% of its total revenues or profits from goods that are produced or sold, investments made, or services performed in emerging market countries; or (iv) at least 50% of the assets of which are located in emerging market countries.<br /><br />The Fund may invest in obligations of any credit quality and may invest without limit in below investment-grade debt securities (commonly known as "junk bonds"). Fixed-income instruments in which the Fund may also invest include bonds, debt securities and other similar instruments issued by various U.S. and non-U.S. public- or private-sector entities. Debt securities may include, without limitation, bonds, debentures, notes, convertible securities, commercial paper, loans and related assignments and participations, corporate debt, asset-backed securities, bank certificates of deposit, fixed time deposits, bankers' acceptances and money market instruments, including money market funds denominated in U.S. dollars or other currencies.<br /><br />The Fund may also invest in derivatives, including options, futures, swaps (including interest rate swaps, total return swaps, and credit default swaps), credit linked notes, and currency forwards, to make tactical asset allocations, seek to minimize risk, and/or assist in managing cash. The Fund may hold cash and cash equivalents.<br /><br />The Fund may invest in exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder ("1940 Act"). <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance.<br /><br />During the most recent fiscal year, the Fund's portfolio turnover rate was 68% of the average value of its portfolio. 744 244 244 127 169 144 1101 756 756 411 528 450 <b>PRINCIPAL INVESTMENT STRATEGIES</b> 0.2037 1482 1294 1294 717 911 780 0.198 -0.0628 2548 2604 2765 1584 1985 1711 Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in equity securities of issuers in emerging markets. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy.<br /><br />Developing or emerging countries include most countries in the world except Australia, Canada, Japan, New Zealand, Hong Kong, Singapore, the United Kingdom, the United States, and most of the countries of Western Europe. An emerging market company is one that is organized under the laws of, or has a principal place of business in, an emerging market; where the principal securities market is in an emerging market; that derives at least 50% of its total revenues or profits from goods that are produced or sold, investments made, or services performed in an emerging market; or at least 50% of the assets of which are located in an emerging market. The Fund may invest in companies of any market capitalization.<br /><br />Equity securities may include common stock, preferred stock, convertible securities, depositary receipts, participatory notes, trust or partnership interests, warrants and rights to buy common stock, and privately placed securities. The Fund may also invest in real estate investment trusts and non-investment-grade bonds (high-yield or &#8220;junk bonds&#8221;).<br /><br />The Fund may invest in derivatives, including but not limited to, futures, options, swaps, and forwards as a substitute for securities in which the Fund can invest; to hedge various investments; to seek to reduce currency deviations, where practicable, for the purpose of risk management; to seek to increase the Fund's gains; and for the efficient management of cash flows.<br /><br />The Fund may invest in securities denominated in U.S. dollars, major reserve currencies, and currencies of other countries in which it can invest. The Fund typically maintains full currency exposure to those markets in which it invests. However, the Fund may, from time to time, hedge a portion of its foreign currency exposure into the U.S. dollar.<br /><br />The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#8220;1940 Act&#8221;).<br /><br />Delaware Investments Fund Advisers (&#8220;DIFA&#8221;) and J.P. Morgan Investment Management Inc. (&#8220;JPMorgan&#8221;) (each a &#8220;Sub-Adviser&#8221; and collectively &#8220;Sub-Advisers&#8221;) provide the day-to-day management of the Fund. The Sub-Advisers act independently of each other and use their own methodology for selecting investments. The Fund's investment adviser will determine the amount of Fund assets allocated to each Sub-Adviser.<br /><br />Each Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.<br /><br />The Fund may lend portfolio securities on a short-term or long-term basis, up to 33<sup> 1</sup>&#8260;3% of its total assets.<br /><br /><b>Delaware Investments Fund Advisers</b><br /><br /> DIFA selects growth-oriented and value-oriented investments on the basis of the investment's discount to its intrinsic value. When selecting growth-oriented securities, DIFA typically seeks high growth caused by secular economic factors. These factors may include demographics, economic deregulation, and technological developments. When selecting value-oriented securities, DIFA typically seeks lower valuations caused by cyclical economic factors or temporary changes in business operations. Strong management and sustainable business franchise are key considerations in selecting both growth-oriented and value-oriented securities.<br /><br />In order to compare the value of different stocks, DIFA considers whether the future income stream on a stock is expected to increase faster than, slower than, or in line with the level of inflation. DIFA then estimates what it thinks the value of the anticipated future income stream would be worth if such income stream were being paid today. DIFA believes this gives it an estimate of the stock's intrinsic value.<br /><br />Because the Fund invests primarily in emerging countries, there may be less information available for DIFA to use in making this analysis than is available for more developed countries. Currency analysis is an important part of the valuation exercise. DIFA attempts to determine whether a particular currency is overvalued or undervalued by comparing the amount of goods and services that a dollar will buy in the United States to the amount of foreign currency required to buy the same amount of goods and services in another country. When the dollar buys less, the foreign currency may be overvalued, and when the dollar buys more, the foreign currency may be undervalued. Relative per capita income levels are also a key factor in this analysis.<br /><br /><b>J.P. Morgan Investment Management Inc.</b><br /><br />JPMorgan emphasizes securities that it believes are ranked as undervalued, while underweighting or avoiding securities that appear overvalued.<br /><br />JPMorgan believes that emerging markets are generally inefficient as demonstrated by the high and variable volatility of many emerging markets and individual companies in these markets. Corporate disclosure and transparency can vary widely thereby exacerbating the inefficiency of these markets and offering opportunities to experienced, well-informed active investors.<br /><br />In managing its portion of the Fund, JPMorgan adheres to a disciplined process for stock selection and portfolio construction. A proprietary multi-factor model is used to quantitatively rank securities in the Fund's investment universe which JPMorgan uses to select securities. Securities held in the Fund that JPMorgan believes have become overvalued and/or whose factor signals have deteriorated materially may be sold and are generally replaced with more attractive securities on the basis of JPMorgan's disciplined investment process.<br /><br />The portfolio construction process controls the sector and industry weights, number of stocks held, and position size. Risk or factor exposures are actively managed through portfolio construction. JPMorgan utilizes currency specialists in determining the extent and nature of the Fund's exposure to various foreign currencies. -0.0429 Best quarter: 1st, 2012, 13.75% and Worst quarter: 2nd, 2012, -6.76% 711 720 320 114 119 998 979 356 679 372 1307 1364 1164 617 644 2179 2313 2503 1363 1420 <b>Average Annual Total Returns</b> %<br />(for the periods ended December 31, 2014) <b>Annual Fund Operating Expenses</b><br/> Expenses you pay each year as a % of the value of your investment 0.0125 0.0125 0.0125 0.0025 0 0 711 220 220 114 119 998 679 679 356 372 1307 1164 1164 617 644 <b>PRINCIPAL RISKS </b> 0.001 0.001 0.001 2179 2313 2503 1363 1420 The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.2515 0.2615 0.1019 -0.5182 0.4544 0.0047 0.0053 0.0047 You could lose money on an investment in the Fund. Any of the following risks, among others, could affect the Fund's or an Underlying Fund's performance or cause the Fund or an Underlying Fund to lose money or to underperform market averages of other funds. The value of your investment in the Fund will also change with the values of the Underlying Funds and their investments. <br /><br /><b>Asset Allocation</b> &nbsp;&nbsp;&nbsp;The success of the Fund's strategy depends on the Adviser's or Sub-Adviser's skill in allocating Fund assets between the asset classes and in choosing investments within those categories. There is a risk that the Fund may allocate assets to an asset class that underperforms other asset classes. <br /><br /><b>Call</b> &nbsp;&nbsp;&nbsp;During periods of falling interest rates, a bond issuer may &#8220;call&#8221; or repay its high-yielding bond before the bond's maturity date. If forced to invest the unanticipated proceeds at lower interest rates, the Fund or an Underlying Fund would experience a decline in income. <br /><br /><b>Company</b> &nbsp;&nbsp;&nbsp;The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless. <br /><br /><b>Convertible Securities</b> &nbsp;&nbsp;&nbsp;Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.<br /><br /><b>Credit</b> &nbsp;&nbsp;&nbsp;Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether. <br /><br /><b>Credit Default Swaps</b> &nbsp;&nbsp;&nbsp;The Fund or an Underlying Fund may enter into credit default swaps, either as a buyer or a seller of the swap. As a buyer of the swap, the Fund or an Underlying Fund pays a fee to protect against the risk that a security held by the Fund or the Underlying Fund will default. As a seller of the swap, the Fund or an Underlying Fund receives payment(s) in return for its obligation to pay the counterparty the full notional value of the security in the event of a default of the security issuer. As a seller of a swap, the Fund or an Underlying Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund or an Underlying Fund would be subject to investment exposure on the full notional value of the swap. Credit default swaps are particularly subject to counterparty, credit, correlation, valuation, liquidity and leveraging risks. Certain standardized swaps are subject to mandatory central clearing. &nbsp;Central clearing is expected to reduce counterparty credit risk and increase liquidity, but central clearing does not make swap transactions risk free. <br /><br /><b>Currency</b> &nbsp;&nbsp;&nbsp;To the extent that the Fund or an Underlying Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.<br /><br /><b>Derivative Instruments</b>&nbsp;&nbsp;&nbsp;&nbsp;Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund or an Underlying Fund and reduce its returns. Derivatives may not perform as expected, so the Fund or an Underlying Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund or an Underlying Fund to the risk of improper valuation. <br /><br /><b>Foreign Investments/Developing and Emerging Markets</b>&nbsp;&nbsp;&nbsp; Investing in foreign (non-U.S.) securities may result in the Fund or the Underlying Funds experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets. <br /><br /><b>High-Yield Securities</b> &nbsp;&nbsp;&nbsp;Investments rated below investment-grade (or of similar quality if unrated) are known as &#8220;high-yield securities&#8221; or &#8220;junk bonds.&#8221; High-yield securities are subject to greater levels of credit and liquidity risks. High-yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments. <br /><br /><b>Interest in Loans</b>&nbsp;&nbsp;&nbsp; The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A large rise in interest rates could increase this risk. Although loans are generally fully collateralized when purchased, the collateral may become illiquid or decline in value. Many loans themselves carry liquidity and valuation risks.<br /><br /><b>Interest Rate</b> &nbsp;&nbsp;&nbsp;With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed increases. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund's or an Underlying Fund's exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For fixed-income securities, an increase in interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund or Underlying Fund investments, adversely affect values, and increase the Fund's or an Underlying Fund&#8217;s costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets.<br /><br /><b>Leverage</b> &nbsp;&nbsp;&nbsp;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 and the use of when-issued, delayed-delivery or forward-commitment transactions. The use of certain derivatives may also increase leveraging risk. The use of leverage may increase the Fund or an Underlying Fund's expenses and increase the impact of the Fund or or an Underlying Fund's other risks. <br /><br /><b>Liquidity</b> &nbsp;&nbsp;&nbsp;If a security is illiquid, the Fund or an Underlying Fund might be unable to sell the security at a time when the manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund's or an Underlying Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund or an Underlying Fund could realize upon disposition. The Fund or an Underlying Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund or an Underlying Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund or an Underlying Fund. <br /><br /><b>Market</b>&nbsp;&nbsp;&nbsp;&nbsp;Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to Fund costs and impair the ability of the Fund to achieve its investment objectives. <br /><br /><b>Market Capitalization</b>&nbsp;&nbsp;&nbsp; Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing the Fund or an Underlying Fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns.<br /><br /><b>Mortgage- and/or Asset-Backed Securities</b>&nbsp;&nbsp;&nbsp; Defaults on, or low credit quality or liquidity of the underlying assets of the asset-backed (including mortgage-backed) securities held by the Fund or an Underlying Fund may impair the value of the securities. There may be limitations on the enforceability of any security interest granted with respect to those underlying assets. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of debt instruments. <br /><br /><b>Other Investment Companies</b> &nbsp;&nbsp;&nbsp;The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund or an Underlying Fund may invest in other investment companies, 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 and a proportionate share of the expenses of each Underlying Fund. <br /><br /><b>Prepayment and Extension</b>&nbsp;&nbsp;&nbsp; Prepayment risk is the risk that principal on mortgages or other loan obligations underlying a security may be repaid prior to the stated maturity date which may reduce the market value of the security and the anticipated yield-to-maturity. Extension risk is the risk that an issuer will exercise its right to repay principal on an obligation held by the Fund or an Underlying Fund later than expected which may decrease the value of the obligation and prevent the Fund or an Underlying Fund from investing expected repayment proceeds in securities paying yields higher than the yields paid by the securities that were expected to be repaid. <br /><br /><b>Sovereign Debt</b> &nbsp;&nbsp;&nbsp;These securities are issued or guaranteed by foreign government entities. Investments in sovereign debt are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or repay principal on its sovereign debt. Some of these reasons may include cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of its debt position to its economy or its failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a government entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debts that a government does not pay or bankruptcy proceeding by which all or part of sovereign debt that a government entity has not repaid may be collected.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. 0.2454 The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. -0.1766 0.202 0.285 -0.0611 0.0207 0.0188 0.0182 -0.0007 -0.0013 -0.0007 0.02 0.0175 0.0175 The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance.<br /><br />During the most recent fiscal year, the Fund's portfolio turnover rate was 67% of the average value of its portfolio. 340 668 268 64 92 15 117 66 547 837 537 202 304 153 382 225 771 931 1131 351 304 534 668 398 <b>PRINCIPAL INVESTMENT STRATEGIES </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance.<br /><br />During the most recent fiscal year, the Fund's portfolio turnover rate was 40% of the average value of its portfolio. 1414 1836 2034 786 1194 741 1482 899 <b>PRINCIPAL INVESTMENT STRATEGIES</b> <b>INVESTMENT OBJECTIVE </b> 0 <b>Expense Example </b> <b>Portfolio Turnover </b> Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in bonds of issuers in a number of different countries, which may include the United States. The Fund will provide shareholders with at least 60 days' prior written notice of any change in this investment policy. <br /><br />The Fund may invest in securities of issuers located in developed and emerging market countries. Securities may be denominated in foreign currencies or in the U.S. dollar. The Fund may hedge its exposure to securities denominated in foreign currencies. The Fund may also borrow money from banks and invest the proceeds of such loans in portfolio securities to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#8220;1940 Act&#8221;). This investment technique is known as &#8220;leveraging.&#8221; <br /><br />The Fund invests primarily in investment-grade securities which include, but are not limited to, corporate and government bonds which, at the time of investment, are rated investment-grade (at least BBB- by Standard &amp; Poor's Ratings Services or Baa3 by Moody's Investors Service, Inc.) or have an equivalent rating by a nationally recognized statistical rating organization, or are of comparable quality if unrated. The Fund may also invest in preferred stocks, money market instruments, municipal bonds, commercial and residential mortgage-related securities, asset-backed securities, other securitized and structured debt products, private placements, sovereign debt, and other investment companies. <br /><br />The Fund may also invest its assets in bank loans and in a combination of floating rate secured loans (&#8220;Senior Loans&#8221;) and shares of Voya Prime Rate Trust, a closed-end investment company that invests in Senior Loans. Although the Fund may invest a portion of its assets in high-yield debt securities rated below investment-grade (commonly referred to as &#8220;junk bonds&#8221;), the Fund will seek to maintain a minimum weighted average portfolio quality rating of at least investment-grade. The dollar-weighted average portfolio duration of the Fund will generally range between two and nine years. Duration is the most commonly used measure of risk in fixed-income investments as it incorporates multiple features of the fixed-income instrument (e.g., yield, coupon, maturity, etc.) into one number. Duration is a measure of sensitivity of the price of a fixed-income instrument to a change in interest rates. Duration is a weighted average of the times that interest payments and the final return of principal are received. The weights are the amounts of the payments discounted by the yield-to-maturity of the fixed-income instrument. Duration is expressed as a number of years. The bigger the duration number, the greater the interest-rate risk or reward for the fixed-income instrument prices. For example, the price of a bond with an average duration of five years would be expected to fall approximately 5% if interest rates rose by one percentage point. Conversely, the price of a bond with an average duration of five years would be expected to rise approximately 5% if interest rates drop by one percentage point. <br /><br />The Fund may use derivatives, including futures, swaps (including interest rate swaps, total return swaps, and credit default swaps), and options, among others, to seek to enhance return, to hedge some of the risks of its investments in fixed-income securities, or as a substitute for a position in an underlying asset. The Fund may, without limitation, seek to obtain market exposure to the securities in which it primarily invests by entering into a series of purchase and sale contracts or by using other investment techniques (such as buy backs or dollar rolls and reverse repurchase agreements). <br /><br />The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the 1940 Act. <br /><br />The investment process focuses on allocating assets among various sectors of the global bond markets and buying bonds at a discount to their intrinsic value. The sub-adviser (&#8220;Sub-Adviser&#8221;) utilizes proprietary quantitative techniques to identify bonds or sectors that are cheap relative to other bonds or sectors based on their historical price relationships. Teams of asset specialists use this relative value analysis to guide them in the security selection process. <br /><br />The Fund is non-diversified, which means it may invest a significant portion of its assets in a single issuer. <br /><br />The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others. <br /><br />The Fund may lend portfolio securities on a short-term or long-term basis, up to 33 <sup>1</sup>&#8260;3% of its total assets. You could lose money on an investment in the Fund. 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. <br /><br /><b>Call</b> &nbsp;&nbsp;&nbsp;During periods of falling interest rates, a bond issuer may &#8220;call&#8221; or repay its high-yielding bond before the bond's maturity date. If forced to invest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income. <br /><br /><b>Company</b> &nbsp;&nbsp;&nbsp;The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless. <br /><br /><b>Credit</b> &nbsp;&nbsp;&nbsp;Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether. Lower quality securities (including securities that have fallen below investment-grade and are classified as &#8220;junk bonds&#8221;) have greater credit risk and liquidity risk than higher quality (investment-grade) securities, and their issuers' long-term ability to make payments is considered speculative. Prices of lower quality bonds or other debt instruments are also more volatile, are more sensitive to negative news about the economy or the issuer, and have greater liquidity and price volatility risk. <br /><br /><b>Credit Default Swaps</b> The Fund may enter into credit default swaps, either as a buyer or a seller of the swap. As a buyer of the swap, the Fund pays a fee to protect against the risk that a security held by the Fund will default. As a seller of the swap, the Fund receives payment(s) in return for its obligation to pay the counterparty the full notional value of a security in the event of a default of the security issuer. As a seller of a swap, the Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Fund would be subject to investment exposure on the full notional value of the swap. Credit default swaps are particularly subject to counterparty, credit, correlation, valuation, liquidity and leveraging risks. Certain standardized swaps are subject to mandatory central clearing. Central clearing is expected to reduce counterparty credit risk and increase liquidity, but central clearing does not make swap transactions risk free. <br /><br /><b>Currency</b> &nbsp;&nbsp;&nbsp;To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. <br /><br /><b>Derivative Instruments</b>&nbsp;&nbsp;&nbsp; Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to the risk of improper valuation. <br /><br /><b>Foreign Investments/Developing and Emerging Markets</b> &nbsp;&nbsp;&nbsp;Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets. <br /><br /><b>High-Yield Securities</b> &nbsp;&nbsp;&nbsp;Investments rated below investment-grade (or of similar quality if unrated) are known as &#8220;high-yield securities&#8221; or &#8220;junk bonds.&#8221; High-yield securities are subject to greater levels of credit and liquidity risks. High-yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments. <br /><br /><b>Interest in Loans</b> &nbsp;&nbsp;&nbsp;The value and the income streams of interests in loans (including participation interests in lease financings and assignments in secured variable or floating rate loans) will decline if borrowers delay payments or fail to pay altogether. A large rise in interest rates could increase this risk. Although loans are generally fully collateralized when purchased, the collateral may become illiquid or decline in value. Many loans themselves carry liquidity and valuation risks. <br /><br /><b>Interest Rate</b> &nbsp;&nbsp;&nbsp;With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed increases. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund's exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For fixed-income securities, an increase in interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values, and increase a Fund&#8217;s costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. <br /><br /><b>Investment Model</b> &nbsp;&nbsp;&nbsp;The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors. Funds that are actively managed, in whole or in part, according to a quantitative investment model can perform differently from the market as a whole based on the investment model and the factors used in the analysis, the weight placed on each factor, changes from the factors&#8217; historical trends, and technical issues in the construction and implementation of the investment models (including, for example, data problems and/or software issues). There is no guarantee that the use of these investment models will result in effective investment decisions for the Fund. <br /><br /><b>Issuer Non-Diversification</b> &nbsp;&nbsp;&nbsp;The Fund is classified as a &#8220;non-diversified&#8221; investment company and, therefore, is subject to the risks of focusing investments in a small number of issuers, industries or foreign currencies, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. <br /><br /><b>Leverage</b> &nbsp;&nbsp;&nbsp;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 and the use of when-issued, delayed-delivery or forward-commitment transactions. The use of certain derivatives may also increase leveraging risk. The use of leverage may increase the Fund's expenses and increase the impact of the Fund's other risks. <br /><br /><b>Liquidity</b> &nbsp;&nbsp;&nbsp;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, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund. <br /><br /><b>Market</b> &nbsp;&nbsp;&nbsp;Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to Fund costs and impair the ability of the Fund to achieve its investment objectives. <br /><br /><b>Mortgage- and/or Asset-Backed Securities</b> Defaults on, or low credit quality or liquidity of the underlying assets of the asset-backed (including mortgage-backed) securities held by the Fund may impair the value of the securities. There may be limitations on the enforceability of any security interest granted with respect to those underlying assets. These securities also present a higher degree of prepayment and extension risk and interest rate risk than do other types of debt instruments. <br /><br /><b>Municipal Obligations</b> &nbsp;&nbsp;&nbsp;The municipal market in which the Fund invests is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. <br /><br /><b>Other Investment Companies</b> &nbsp;&nbsp;&nbsp;The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, 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. <br /><br /><b>Prepayment and Extension</b> &nbsp;&nbsp;&nbsp;Prepayment risk is the risk that principal on mortgages or other loan obligations underlying a security may be repaid prior to the stated maturity date, which may reduce the market value of the security and the anticipated yield-to-maturity. Extension risk is the risk that an issuer will exercise its right to repay principal on an obligation held by the Fund later than expected, which may decrease the value of the obligation and prevent the Fund from investing expected repayment proceeds in securities paying yields higher than the yields paid by the securities that were expected to be repaid. <br /><br /><b>Securities Lending</b> &nbsp;&nbsp;&nbsp;Securities lending involves two primary risks: &#8220;investment risk&#8221; and &#8220;borrower default risk.&#8221; Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner. <br /><br /><b>Sovereign Debt</b> &nbsp;&nbsp;&nbsp;These securities are issued or guaranteed by foreign government entities. Investments in sovereign debt are subject to the risk that a government entity may delay payment, restructure its debt, or refuse to pay interest or repay principal on its sovereign debt. Some of these reasons may include cash flow problems, insufficient foreign currency reserves, political considerations, the relative size of its debt position to its economy or its failure to put in place economic reforms required by the International Monetary Fund or other multilateral agencies. If a government entity defaults, it may ask for more time in which to pay or for further loans. There is no legal process for collecting sovereign debts that a government does not pay or bankruptcy proceeding by which all or part of sovereign debt that a government entity has not repaid may be collected.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. <b>PRINCIPAL RISKS</b> You could lose money on an investment in the Fund. 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.<br /><br /><b>Call</b> &nbsp;&nbsp;&nbsp;During periods of falling interest rates, a bond issuer may &#8220;call&#8221; or repay its high-yielding bond before the bond's maturity date. If forced to invest the unanticipated proceeds at lower interest rates, the Fund would experience a decline in income. <br /><br /><b>Company</b> &nbsp;&nbsp;&nbsp;The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless. <br /><br /><b>Convertible Securities</b> &nbsp;&nbsp;&nbsp;Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk. <br /><br /><b>Credit</b> &nbsp;&nbsp;&nbsp;Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether. <br /><br /><b>Currency</b> &nbsp;&nbsp;&nbsp;To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged. <br /><br /><b>Derivative Instruments</b> &nbsp;&nbsp;&nbsp;Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to the risk of improper valuation. <br /><br /><b>Foreign Investments/Developing and Emerging Markets</b> &nbsp;&nbsp;&nbsp;Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets. <br /><br /><b>High-Yield Securities</b> &nbsp;&nbsp;&nbsp;Investments rated below investment-grade (or of similar quality if unrated) are known as &#8220;high-yield securities&#8221; or &#8220;junk bonds.&#8221; High-yield securities are subject to greater levels of credit and liquidity risks. High-yield securities are considered primarily speculative with respect to the issuer's continuing ability to make principal and interest payments.<br /><br /><b>Interest Rate</b> &nbsp;&nbsp;&nbsp;With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed increases. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund's exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For fixed-income securities, an increase in interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values, and increase a Fund&#8217;s costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets. <br /><br /><b>Investment Model</b> &nbsp;&nbsp;&nbsp;The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors. <br /><br /><b>Liquidity</b> &nbsp;&nbsp;&nbsp;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, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund. <br /><br /><b>Market</b> &nbsp;&nbsp;&nbsp;Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. From time to time, the stock market may not favor the growth- or value-oriented securities in which the Fund invests. Rather, the market could favor securities to which the Fund is not exposed or may not favor equities at all. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to Fund costs and impair the ability of the Fund to achieve its investment objectives. <br /><br /><b>Market Capitalization</b> &nbsp;&nbsp;&nbsp;Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing the Fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns.<br /><br /><b>Other Investment Companies</b> &nbsp;&nbsp;&nbsp;The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, 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. <br /><br /><b>Real Estate Companies and Real Estate Investment Trusts (&#8220;REITs&#8221;)</b> &nbsp;&nbsp;&nbsp;Investing in real estate companies and REITs may subject the Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property. <br /><br /><b>Securities Lending</b> &nbsp;&nbsp;&nbsp;Securities lending involves two primary risks: &#8220;investment risk&#8221; and &#8220;borrower default risk.&#8221; Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. 340 168 168 64 92 15 117 66 547 537 537 202 304 153 382 225 771 931 931 351 534 304 668 398 1414 1836 2034 786 1194 741 1482 899 100 151 100 301 693 1078 762 478 457 611 1488 1349 881 1097 838 2627 2943 2009 2440 1908 <b>PRINCIPAL RISKS</b> <b>PRINCIPAL RISKS</b> 693 100 201 151 100 1078 762 478 611 457 1488 1349 881 1097 838 2627 2943 2009 2440 1908 719 123 127 1029 384 404 0.0373 1368 665 710 2324 1466 1578 719 123 127 1029 384 404 1368 665 710 2324 1466 1578 -0.0244 -0.0272 -0.0138 0.0059 -0.055 0.0059 -0.0166 0.0059 0.0027 0.0059 -0.0001 0.0059 -0.0023 0.0059 0.0034 0.0059 0.0178 0.0059 0.0086 0.0265 0.0122 0.0265 0.0155 0.0265 0.026 0.0265 0.0229 0.0265 0.0255 0.0265 0.0526 0.0373 0.0349 0.0453 0.0453 0.0507 0.0509 0.0453 0.0624 0.0453 0.0326 0.002 0.0457 0.0046 0.0416 0.0348 2006-06-30 2006-06-30 2006-06-30 2006-06-30 2008-06-04 2011-08-05 2009-06-01 <b>PERFORMANCE INFORMATION </b> -0.0628 -0.0772 -0.024 -0.049 -0.0387 The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.voyainvestments.com/literature or call 1-800-992-0180. 0.0436 0.0379 0.0346 0.0491 0.0293 2011-01-06 <b>Calendar Year Total Returns</b> Class A<br/> (as of December 31 of each year) -0.1157 -0.063 -0.0342 -0.0495 -0.0342 -0.0495 -0.0342 -0.0495 -0.0342 -0.0495 -0.0342 <b>Average Annual Total Returns</b> % <br/>(for the periods ended December 31, 2014) 0.0688 0.0565 0.0852 0.0863 0.0852 0.0863 0.0852 0.0863 0.0852 0.0863 0.0852 0.0863 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedVoyaGlobalNaturalResourcesFund column period compact * ~</div> 766 178 178 1180 578 566 1618 1004 979 2832 2190 2132 0.0508 0.0456 0.0684 0.0604 0.0684 0.0604 0.0684 0.0604 0.0596 0.0417 0.0253 0.0298 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedVoyaGlobalRealEstateFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualTotalReturnsVoyaGlobalRealEstateFundBarChart column period compact * ~</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedVoyaGlobalRealEstateFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleTransposedVoyaGlobalRealEstateFund column period compact * ~</div> 766 178 178 1180 578 566 1618 1004 979 -0.1141 -0.0767 -0.0567 -0.0602 -0.0579 0.0726 0.0756 0.0878 0.0837 0.0864 2832 2190 2132 0.0543 0.0544 0.0479 0.0107 0.0267 -0.0429 -0.0754 0.0035 -0.049 -0.0387 -0.044 -0.049 -0.0387 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualFundOperatingExpensesVoyaGlobalRealEstateFund column period compact * ~</div> 0.0326 0.0218 0.0272 0.0344 0.0197 0.0918 0.109 0.084 0.0635 0.0522 0.0602 0.046 0.056 0.0529 0.0554 0.0467 0.0517 0.0338 -0.0034 -0.01 -0.0002 -0.0067 2011-02-08 2012-08-07 2005-12-21 2006-01-06 2006-01-11 2006-05-08 2008-06-04 2011-08-05 -0.0308 -0.0092 0.0656 0.0739 0.0206 0.0656 0.0739 0.0407 0.0656 0.0739 0.0349 0.0739 0.0656 0.0406 0.0656 0.0739 -0.1152 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleShareholderFeesTransposedVoyaGlobalRealEstateFund column period compact * ~</div> 0.0698 0.0551 The Fund seeks growth of capital <b>FEES AND EXPENSES OF THE FUND</b> 0.0209 0.0195 0.0975 0.0795 0.0564 0.0975 0.0795 0.0661 0.0975 0.0795 0.0608 0.0975 0.0795 0.0975 0.0795 0.0666 These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 92) or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 134). <b>Shareholder Fees </b><br/>Fees paid directly from your investment <b>PERFORMANCE INFORMATION</b> <b>Annual Fund Operating Expenses</b><br/> Expenses you pay each year as a % of the value of your investment The following information is intended to help you understand the risks of investing in the Fund. Because Class R6 shares of the Fund did not have a full calendar year of operations as of December 31, 2014, the following bar chart shows the changes in the Fund's Class A shares' performance from year to year, and the table compares the Fund's Class A shares' performance to the performance of a broad-based securities market index/indices for the same period. Class R6 shares and Class A shares of the Fund would have substantially similar performance because they invest in the same portfolio of securities. However, Class R6 shares' performance would be higher than Class A shares' performance because of the higher expenses paid by Class A shares. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.voyainvestments.com/literature or call 1-800-992-0180. 2013-03-28 2013-03-28 2013-03-28 2013-03-28 2013-03-28 The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 0.7094 0.6753 The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. 0.3069 -0.7151 The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance.<br /><br />During the most recent fiscal year, the Fund's portfolio turnover rate was 40% of the average value of its portfolio. <b>Calendar Year Total Returns</b> Class A<br/> (as of December 31 of each year) 1.2997 0.2757 -0.2915 0.1651 0.0477 -0.4054 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualFundOperatingExpensesVoyaDiversifiedInternationalFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleTransposedVoyaDiversifiedInternationalFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedVoyaDiversifiedInternationalFund column period compact * ~</div> <b>PRINCIPAL INVESTMENT STRATEGIES</b> <b>PRINCIPAL RISKS</b> <b>PERFORMANCE INFORMATION</b> The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.voyainvestments.com/literature or call 1-800-992-0180. <b>Calendar Year Total Returns</b> Class A <br/>(as of December 31 of each year) Best quarter: 2nd, 2009, 32.13% and Worst quarter: 4th, 2008, -29.01% March 1, 2016 0.4 Best quarter: 2nd, 2009, 19.88% and Worst quarter: 4th, 2008, -22.52% Voya Global Bond Fund &nbsp;(formerly, ING Global Bond Fund) <b>Average Annual Total Returns</b> %<br/> (for the periods ended December 31, 2014) <b>Average Annual Total Returns </b>% <br/>(for the periods ended December 31, 2014) The Fund seeks to maximize total return through a combination of current income and capital appreciation. <b>FEES AND EXPENSES OF THE FUND </b> These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. <b>Shareholder Fees</b><br /> Fees paid directly from your investment <b>Annual Portfolio Operating Expenses</b><br /> Expenses you pay each year as a % of the value of your investment A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. 0 50000 Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of equity securities of companies that are principally engaged in the real estate industry. 0.004 Voya Diversified International Fund &nbsp;(formerly, ING Diversified International Fund) 0 <b>INVESTMENT OBJECTIVE</b> The Fund&#8217;s investment objective is to seek long-term growth of capital. <b>FEES AND EXPENSES OF THE FUND</b> 0.001 -0.0021 -0.0021 -0.0021 -0.0011 -0.0021 -0.0021 1994-08-31 1995-05-31 1994-08-31 2005-12-21 2008-06-04 2008-02-12 0.0125 0.02 0.02 0.01 0.0125 0.01 0.001 These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 30) or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 89). 0.006 0.1411 <b>Shareholder Fees</b><br />Fees paid directly from your investment 0.4042 0 -0.0687 March 1, 2016 -0.4153 5.08 0.3337 0.148 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Voya mutual funds. 0.006 -0.0564 0.2529 -0.0225 100000 0.0361 0.1361 You could lose money on an investment in the Fund. 0.0284 <b>Issuer Non-Diversification </b>&nbsp;&nbsp;&nbsp;The Fund is classified as a "non-diversified" investment company and, therefore, is subject to the risks of focusing investments in a small number of issuers, industries or foreign currencies, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. 1-800-992-0180 Class P shares of the Fund had not commenced operations as of the calendar year ended December 31, 2014 www.voyainvestments.com/literature You could lose money on an investment in the Fund. The Fund's past performance (before and after taxes) is no guarantee of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The index returns do not reflect deductions for fees, expenses, or taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. Best quarter: 0.0575 0 0 0 0 0 0 2008-12-31 0.0916 Worst quarter: 1-800-992-0180 2013-06-30 0 0.05 0.01 0 0 0 0 -0.0477 www.voyainvestments.com/literature The Fund's past performance (before and after taxes) is no guarantee of future results. March 1, 2016 Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. Best quarter: 2nd, 2009, 32.13% and Worst quarter: 4th, 2008, -29.01% A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. However, the table includes all applicable fees and sales charges. You could lose money on an investment in the Fund. <b>Annual Fund Operating Expenses</b><br />Expenses you pay each year as a % of the value of your investment An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The index returns do not reflect deductions for fees, expenses, or taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.0005 0.0005 0.0005 0.0005 <b>PERFORMANCE INFORMATION </b> Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 0.0005 0.0005 0.0005 The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.voyainvestments.com/literature or call 1-800-992-0180. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. 0.0025 0.01 0.01 0 <b>PERFORMANCE INFORMATION</b> After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.voyainvestments.com/literature or call 1-800-992-0180. 0.0025 0.005 0 1-800-992-0180 0.001 0.001 0.001 0.001 <b>PERFORMANCE INFORMATION </b> 695 703 303 102 127 102 In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.voyainvestments.com/literature or call 1-800-992-0180. 991 971 671 342 441 363 0.001 0.001 0.001 <b>Calendar Year Total Returns </b> Class A<br/> (as of December 31 of each year) 1308 1366 1166 601 777 645 0.0035 0.0035 0.0035 0.003 <b>Calendar Year Total Returns</b> Class A<br/> (as of December 31 of each year) 2204 2338 2528 1342 1728 1447 <b>Average Annual Total Returns</b> %<br/> (for the periods ended December 31, 2014) 0.0035 0.0035 0.0035 www.voyainvestments.com/literature 0.0091 0.0091 0.0091 0.0091 Maximum sales charge was lowered from 4.75% to 2.50% effective July 31, 2006. Return calculations with a starting date prior to July 31, 2006 are based on a 4.75% sales charge. Best quarter: -0.0495 <b>Calendar Year Total Returns </b> Class A<br/> (as of December 31 of each year) 0.0091 0.0091 0.0091 2009-06-30 0.3213 0.0166 0.0241 0.0241 0.0136 Voya Global Value Advantage Fund &nbsp;(formerly, Voya International Value Equity Fund) Worst quarter: The Fund's past performance (before and after taxes) is no guarantee of future results. 2008-12-31 -0.2901 0.0166 0.0191 0.0141 <b>INVESTMENT OBJECTIVE</b> Best quarter: 2nd, 2009, 32.42% and Worst quarter: 4th, 2008, -23.95% The Fund seeks long-term capital growth and current income. -0.0026 -0.0026 -0.0026 -0.0021 <b>FEES AND EXPENSES OF THE FUND</b> <b>Average Annual Total Returns </b> % <br/>(for the periods ended December 31, 2014) These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 92) or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 134). -0.0026 -0.0026 -0.0026 <b>Shareholder Fees</b></br>Fees paid directly from your investment 0.014 0.0215 0.0215 0.0115 0.014 0.0165 0.0115 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualFundOperatingExpensesVoyaGlobalBondFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleTransposedVoyaGlobalBondFund column period compact * ~</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. 0.0575 0 0 0 0 0 March 1, 2016 0.46 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. 50000 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedVoyaGlobalBondFund column period compact * ~</div> You could lose money on an investment in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualTotalReturnsVoyaGlobalBondFundBarChart column period compact * ~</div> -0.0651 0.0473 The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedVoyaGlobalBondFund column period compact * ~</div> 1-800-992-0180 www.voyainvestments.com/literature The Fund's past performance (before and after taxes) is no guarantee of future results. 0 0.05 0.01 0 0 Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Best quarter: The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. 2012-03-31 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. 0.1262 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleShareholderFeesTransposedVoyaGlobalBondFund column period compact * ~</div> Worst quarter: After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 2012-06-30 -0.0619 Best quarter: 0 0.05 0.01 0 0 0 0 695 203 203 102 127 102 2009-06-30 0.1525 0.3286 Best quarter: 2nd, 2014, 4.19% and Worst quarter: 2nd, 2013, -6.53% 0.0133 991 671 671 342 441 363 Worst quarter: -0.0733 2011-09-30 <b>Average Annual Total Returns</b> %<br/> (for the periods ended December 31, 2014) </b> 1308 1166 1166 601 777 645 -0.2453 2204 2338 2528 1342 1728 1447 0.0061 -0.4595 0.3521 0.1142 -0.1556 0.3679 0.0597 0.0246 0.0706 0.0595 0.0398 0.1502 0.1369 0.1519 0.0853 0.0748 0.0626 0.1125 0.1545 0.1253 0.0577 0.0445 0.0419 0.0767 0.0687 2001-11-05 Best quarter: Worst quarter: 0.0383 -0.0261 2014-06-30 2014-09-30 0.12 <b>Annual Fund Operating Expenses</b><br />Expenses you pay each year as a % of the value of your investment <b>Expense Examples</b> You could lose money on an investment in the Fund. Best quarter: 2009-06-30 0.3459 Worst quarter: 2008-09-30 The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: -0.2834 <b>Portfolio Turnover</b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance.<br /><br />During the most recent fiscal year, the Fund's portfolio turnover rate was 57% of the average value of its portfolio. <b>PRINCIPAL INVESTMENT STRATEGIES</b> Under normal market conditions, the Fund invests primarily in the equity securities of companies located in a number of different countries, one of which may be the United States. Equity securities include common and preferred stocks, warrants, and convertible securities. The Fund may invest without limit in countries with developing or emerging markets. The Fund does not limit its investments to companies in any particular market capitalization range.<br /><br />The Fund may also invest in derivative instruments including futures or index futures to gain exposure to securities, security markets, market indices, or to seek to manage cash balances consistent with the Fund&#8217;s investment objectives and principal investment strategies.<br /><br />The Fund may focus its investments in the financial services sector. The Fund may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (&#8220;1940 Act&#8221;).<br /><br />The sub-adviser (&#8220;Sub-Adviser&#8221;) seeks to construct an actively managed equity strategy designed to identify high quality dividend income securities focusing on both sustainability and growth of yield, as well as our proprietary fundamental research capabilities. The Sub-Adviser seeks to construct a portfolio with a gross dividend yield that exceeds the average dividend yield of the companies in the MSCI All Country World Index<sup>SM</sup>. The Sub-Adviser utilizes a valuation based screening process to assist in selection of companies according to criteria which include the following:<ul type="square"><li style="margin-left:-20px">an above average dividend yield and stability and growth of dividend; and</li></ul><ul type="square"><li style="margin-left:-20px">companies which are profitable and have achieved an above average cash flow.</li></ul>The Sub-Adviser, from time to time, may select securities which do not meet all of these criteria. The Sub-Adviser then conducts intensive fundamental research on each company to evaluate its growth, profitability and valuation characteristics.<br /><br />The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.<br /><br />The Fund may lend portfolio securities on a short-term or long-term basis, up to 30% of its total assets. A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. <b>PRINCIPAL RISKS</b> -0.0346 -0.0505 -0.0168 0.0284 0.1369 0.0394 -0.0325 0.0284 0.1369 0.0394 0.0071 0.0284 0.1369 0.0394 0.0277 0.0284 0.1369 0.0394 0.0271 0.0284 0.1369 0.0394 <b>Expense Examples </b> You could lose money on an investment in the Fund. 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.<br /><br /><b>Company</b> &nbsp;&nbsp;&nbsp;The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.<br /><br /><b>Convertible Securities</b> &nbsp;&nbsp;&nbsp;Convertible securities are securities that are convertible into or exercisable for common stocks at a stated price or rate. Convertible securities are subject to the usual risks associated with debt securities, such as interest rate and credit risk. In addition, because convertible securities react to changes in the value of the stocks into which they convert, they are subject to market risk.<br /><br /><b>Credit</b> &nbsp;&nbsp;&nbsp;Prices of bonds and other debt instruments can fall if the issuer's actual or perceived financial health deteriorates, whether because of broad economic or issuer-specific reasons. In certain cases, the issuer could be late in paying interest or principal, or could fail to pay altogether.<br /><br /><b>Currency</b> &nbsp;&nbsp;&nbsp;To the extent that the Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.<br /><br /><b>Derivative Instruments</b> &nbsp;&nbsp;&nbsp;Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund and reduce its returns. Derivatives may not perform as expected, so the Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund to the risk of improper valuation.<br /><br /><b>Focused Investing</b> &nbsp;&nbsp;&nbsp;To the extent that the Fund invests a substantial portion of its assets in securities related to a particular industry, sector, market segment, or geographical area, its investments will be sensitive to developments in that industry, sector, market segment, or geographical area. The Fund assumes the risk that changing economic conditions; changing political or regulatory conditions; or natural and other disasters affecting the particular industry, sector, market segment, or geographical area in which the Fund focuses its investments could have a significant impact on its investment performance and could ultimately cause the Fund to underperform, or be more volatile than, other funds that invest more broadly.<br /><br /><b>Foreign Investments/Developing and Emerging Markets</b> &nbsp;&nbsp;&nbsp;Investing in foreign (non-U.S.) securities may result in the Fund experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets.<br /><br /><b>Interest Rate</b> &nbsp;&nbsp;&nbsp;With bonds and other fixed rate debt instruments, a rise in interest rates generally causes values to fall; conversely, values generally rise as interest rates fall. The higher the credit quality of the instrument, and the longer its maturity or duration, the more sensitive it is likely to be to interest rate risk. In the case of inverse securities, the interest rate generally will decrease when the market rate of interest to which the inverse security is indexed increases. As of the date of this Prospectus, interest rates in the United States are at or near historic lows, which may increase the Fund's exposure to risks associated with rising interest rates. Rising interest rates could have unpredictable effects on the markets and may expose fixed-income and related markets to heightened volatility. For fixed-income securities, an increase in interest rates may lead to increased redemptions and increased portfolio turnover, which could reduce liquidity for certain Fund investments, adversely affect values, and increase a Fund&#8217;s costs. If dealer capacity in fixed-income markets is insufficient for market conditions, it may further inhibit liquidity and increase volatility in the fixed-income markets.<br /><br /><b>Investment Model</b> &nbsp;&nbsp;&nbsp;The manager's proprietary model may not adequately allow for existing or unforeseen market factors or the interplay between such factors.<br /><br /><b>Liquidity</b> &nbsp;&nbsp;&nbsp;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, and the security could have the effect of decreasing the overall level of the Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount the Fund could realize upon disposition. The Fund may make investments that become less liquid in response to market developments or adverse investor perception. The Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to the Fund.<br /><br /><b>Market</b> &nbsp;&nbsp;&nbsp;Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to Fund costs and impair the ability of the Fund to achieve its investment objectives.<br /><br /><b>Other Investment Companies</b> &nbsp;&nbsp;&nbsp;The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund may invest in other investment companies, 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.<br /><br /><b>Securities Lending</b> &nbsp;&nbsp;&nbsp;Securities lending involves two primary risks: &#8220;investment risk&#8221; and &#8220;borrower default risk.&#8221; Investment risk is the risk that the Fund will lose money from the investment of the cash collateral received from the borrower. Borrower default risk is the risk that the Fund will lose money due to the failure of a borrower to return a borrowed security in a timely manner.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. 0.0566 0.0408 0.0394 0.0793 0.1545 0.0945 0.0579 0.0793 0.1545 0.0945 0.0614 0.0793 0.1545 0.0945 0.0723 0.0793 0.1545 0.0945 0.0718 0.0793 0.1545 0.0945 The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: <b>PERFORMANCE INFORMATION</b> The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.voyainvestments.com/literature or call 1-800-992-0180. <b>Calendar Year Total Returns</b> Class A</br>(as of December 31 of each year) 0.027 0.0132 0.0171 0.0337 0.0404 0.0779 0.0262 0.0337 0.0404 0.0779 0.0261 0.0337 0.0779 0.0404 0.037 0.0337 0.0779 0.0404 0.0165 0.015 0.0889 0.0261 <b>Average Annual Total Returns</b>%</br>(for the periods ended December 31, 2014) You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. Best quarter: 2nd, 2009, 26.13% and Worst quarter: 3rd, 2008, -18.10% After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. March 1, 2016 The Example is intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Example assumes that you invest $10,000 in the Fund for the time periods indicated. The Example shows costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Example also assumes that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: 2006-02-28 2006-02-28 2006-02-28 2006-02-28 2008-02-12 The Example reflects applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Example, affect the Fund's performance.<br /><br />During the most recent fiscal year, the Fund's portfolio turnover rate was 508% of the average value of its portfolio. 0.0214 0.0047 0.0121 0.0743 0.0171 0.0288 0.0743 0.0171 0.0495 0.0743 0.0171 0.0492 0.0743 0.0171 Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. -0.1266 -0.1276 -0.0685 -0.0219 -0.1272 -0.0219 -0.0894 -0.0219 -0.0711 -0.0219 -0.0756 -0.0219 -0.0712 -0.0219 An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. 0.009 0.009 0.009 0.009 0.009 0.0124 0.0105 0.0112 0.0409 0.0125 0.0324 0.0234 0.0409 0.0345 0.0409 0.0288 0.0409 0.0338 0.0409 -0.0086 -0.027 -0.0147 0.017 -0.0098 -0.0042 0.017 -0.0098 0.0064 0.017 -0.0098 0.0058 0.017 -0.0098 <b>PRINCIPAL INVESTMENT STRATEGIES </b> 2011-10-11 2012-07-20 2011-10-11 2011-10-11 2011-10-11 2011-10-11 0.0025 0.01 0.01 0 0 2012-11-02 2012-11-02 2012-11-02 2012-11-02 <b>PRINCIPAL RISKS </b> 0.001 0.001 0.001 0.001 0.001 <b>PERFORMANCE INFORMATION </b> The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the Fund's performance for the first full calendar year of operations and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.voyainvestments.com/literature or call 1-800-992-0180. 0.0024 0.0024 0.0024 0.0021 0.0024 <b>Calendar Year Total Returns</b> Class R6<br/> (as of December 31 of each year) 0.0149 0.0224 0.0224 0.0121 0.0124 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. <b>Average Annual Total Returns % </b><br /> (for the periods ended December 31, 2014) -0.0014 -0.0014 -0.0014 -0.0011 -0.0014 Best quarter: 1st, 2014, 3.18% and Worst quarter: 3rd, 2014, -3.21% <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualTotalReturnsVoyaInternationalCoreFundBarChart column period compact * ~</div> 0.0135 0.021 0.021 0.011 0.011 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 0.0071 0.0071 0.0071 0.0071 0.0025 0.01 0.01 0 However, the table includes all applicable fees and sales charges. 0.001 0.001 0.001 0.001 0.002 0.002 0.002 0.0017 0.0098 0.0201 0.0201 0.0126 0 0 0 0 0.0126 0.0201 0.0201 0.0098 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 1-800-992-0180 The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. 61 www.voyainvestments.com/literature 0.0071 0.0071 0.0071 192 0.0025 0.005 0 The Fund's past performance (before and after taxes) is no guarantee of future results. 335 0.001 0.001 0.001 750 www.voyainvestments.com/literature 0.002 0.002 0.002 1-800-992-0180 61 0.0126 0.0151 0.0101 Because Class A, Class B, Class C, Class O, Class R, and Class W shares of the Fund had not commenced operations as of the calendar year ended December 31, 2014, no performance information for Class A, Class B, Class C, Class O, Class R, and Class W shares is provided below. 192 0 0 0 The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. 0.0126 0.0151 0.0101 335 An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. 750 You could lose money on an investment in the Fund. March 1, 2016 Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. 0.45 0.46 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. 50000 You could lose money on an investment in the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. 50000 www.voyainvestments.com/literature 1-800-992-0180 The Fund's past performance (before and after taxes) is no guarantee of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. The index returns do not reflect deductions for fees, expenses, or taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. -0.4396 -0.4426 -0.2428 -0.429 -0.426 -0.4043 -0.429 -0.426 -0.404 -0.429 -0.426 In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 709 718 318 117 143 168 117 -0.0917 -0.0922 -0.064 -0.0881 -0.0845 -0.0787 -0.0881 -0.0845 1044 1027 727 410 498 575 421 0.0425 0.0344 0.0439 0.0456 However, the table includes all applicable fees and sales charges. 1402 1462 1262 725 878 1007 746 -0.0533 -0.0591 -0.0602 -0.1669 -0.1875 -0.1847 2407 2540 2727 1617 1944 2212 1668 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. 0.0701 0.2609 0.0225 -0.3949 0.2288 0.0852 -0.0356 0.1421 0.4877 0.2268 0.4074 -0.4434 0.0118 0.5727 0.1387 After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. -0.2125 0.2116 -0.0302 -0.0431 709 218 218 117 143 168 117 1044 727 727 410 498 575 421 1402 1262 1262 725 878 1007 746 2407 2540 2727 1617 1944 2212 1668 0.1142 0.1124 0.1225 0.0431 0.0339 The following bar chart shows the Fund's performance for the first full calendar year of operations, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. 0.0727 -0.0324 0.0007 The Fund's past performance (before and after taxes) is no guarantee of future results. The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one- and three-year periods and the first three years of the five- and ten-year periods. March 1, 2016 <b>Portfolio Turnover </b> The Fund pays transaction costs, such as commissions, when it buys and sells securities (or &#8220;turns over&#8221; its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may mean higher taxes if you are investing in a taxable account. These costs, which are not reflected in Annual Fund Operating Expenses or in the Expense Examples, affect the Fund's performance.<br /><br />During the most recent fiscal year, the Fund's portfolio turnover rate was 25% of the average value of its portfolio. <b>PRINCIPAL INVESTMENT STRATEGIES</b> The Fund invests in a combination of other funds in the same fund complex (&#8220;Underlying Funds&#8221;) that, in turn, invest in foreign equity securities of issuers located in a number of different countries, other than the United States. The Fund seeks to diversify its holdings internationally by including Underlying Funds that invest in companies of all market capitalizations; Underlying Funds that invest using a growth, value, or blend style; and Underlying Funds that invest in companies in both developed countries and countries with emerging securities markets. The Fund may invest in derivative instruments, including futures and swaps (including interest rate swaps, total return swaps, and credit default swaps), to make tactical allocations, as a substitute for taking a position in the underlying asset, and to assist in managing cash. The Fund may hold cash and cash equivalents. The Fund's current approximate target allocations (&#8220;Target Allocations&#8221;) (expressed as a percentage of its net assets) among the Underlying Funds are set out below. As these Target Allocations are as of the date of this Prospectus, the actual allocations of the Fund's assets may deviate from the percentages shown: international core - 40%; international growth - 21%; international value - 24%; international small cap - 5%; and emerging markets - 10%. The Target Allocations are measured with reference to the primary strategies of the Underlying Funds; actual exposure to these asset classes will vary from the Target Allocations if an Underlying Fund is not substantially invested in accordance with its primary strategy.<br /><br />The Fund may also allocate to international real estate in the future. There can be no assurance that this allocation will occur.<br /><br />The Fund may be rebalanced periodically to return to the Target Allocations. The Fund's Target Allocations may be changed, at any time, in accordance with the Fund's asset allocation process. The Fund may periodically deviate from the Target Allocations based on an assessment of the current market conditions or other factors. Generally, the deviations fall in the range of +/- 10% relative to the current Target Allocations. The adviser may determine, in light of market conditions or other factors, to deviate by a wider margin in order to protect the Fund, to achieve its investment objective, or to take advantage of particular opportunities.<br /><br />In addition to investing in the Underlying Funds, the Fund may also invest up to 20% of its total assets in exchange-traded funds to gain exposure to equity securities, or alternative strategies, which may include commodities. <b>PRINCIPAL RISKS</b> You could lose money on an investment in the Fund. The value of your investment in the Fund changes with the values of the Underlying Funds and their investments. Any of the following risks, among others, could affect the Fund's or an Underlying Fund's performance or cause the Fund or an Underlying Fund to lose money or to underperform market averages of other funds.<br /><br /><b>Asset Allocation</b> &nbsp;&nbsp;&nbsp;Assets will be allocated among Underlying Funds and markets based on judgments by the Adviser or Sub-Adviser. There is a risk that the Fund may allocate assets to an Underlying Fund or asset class that underperforms other funds or asset classes.<br /><br /><b>Cash/Cash Equivalents</b> &nbsp;&nbsp;&nbsp;To the extent the Fund holds cash or cash equivalents, the Fund risks achieving lower returns and potential lost opportunities to participate in market appreciation which could negatively impact the Fund&#8217;s performance and ability to achieve its investment objective.<br /><br /><b>Commodities</b> &nbsp;&nbsp;&nbsp;The operations and financial performance of companies in natural resources industries may be directly affected by commodity prices. This risk is exacerbated for those natural resources companies that own the underlying commodity.<br /><br /><b>Company</b> &nbsp;&nbsp;&nbsp;The price of a given company's stock could decline or underperform for many reasons including, among others, poor management, financial problems, or business challenges. If a company declares bankruptcy or becomes insolvent, its stock could become worthless.<br /><br /><b>Credit Default Swaps</b> &nbsp;&nbsp;&nbsp;An Underlying Fund may enter into credit default swaps, either as a buyer or a seller of the swap. As a buyer of the swap, an Underlying Fund pays a fee to protect against the risk that a security held by the Underlying Fund will default. As a seller of the swap, an Underlying Fund receives payment(s) in return for its obligation to pay the counterparty the full notional value of a security in the event of a default of the security issuer. As a seller of a swap, an Underlying Fund would effectively add leverage to its portfolio because, in addition to its total net assets, the Underlying Fund would be subject to investment exposure on the full notional value of the swap. Credit default swaps are particularly subject to counterparty, credit, correlation, valuation, liquidity and leveraging risks. Certain standardized swaps are subject to mandatory central clearing. &nbsp;Central clearing is expected to reduce counterparty credit risk and increase liquidity, but central clearing does not make swap transactions risk free.<br /><br /><b>Currency</b> &nbsp;&nbsp;&nbsp;To the extent that an Underlying Fund invests directly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged.<br /><br /><b>Derivative Instruments</b> &nbsp;&nbsp;&nbsp;Derivative instruments are subject to a number of risks, including the risk of changes in the market price of the underlying securities, credit risk with respect to the counterparty, risk of loss due to changes in interest rates and liquidity risk. The use of certain derivatives may also have a leveraging effect which may increase the volatility of the Fund or an Underlying Fund and reduce its returns. Derivatives may not perform as expected, so the Fund or an Underlying Fund may not realize the intended benefits. When used for hedging, the change in value of a derivative may not correlate as expected with the currency, security or other risk being hedged. In addition, given their complexity, derivatives expose the Fund or an Underlying Fund to the risk of improper valuation.<br /><br /><b>Foreign Investments/Developing and Emerging Markets</b> &nbsp;&nbsp;&nbsp;Investing in foreign (non-U.S.) securities may result in the Underlying Funds experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, and auditing standards; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets.<br /><br /><b>Liquidity</b> &nbsp;&nbsp;&nbsp;If a security is illiquid, an Underlying Fund might be unable to sell the security at a time when the manager might wish to sell, and the security could have the effect of decreasing the overall level of the Fund's or an Underlying Fund's liquidity. Further, the lack of an established secondary market may make it more difficult to value illiquid securities, which could vary from the amount an Underlying Fund could realize upon disposition. An Underlying Fund may make investments that become less liquid in response to market developments or adverse investor perception. An Underlying Fund could lose money if it cannot sell a security at the time and price that would be most beneficial to an Underlying Fund.<br /><br /><b>Market</b> &nbsp;&nbsp;&nbsp;Stock prices may be volatile and are affected by the real or perceived impacts of such factors as economic conditions and political events. Stock markets tend to be cyclical, with periods when stock prices generally rise and periods when stock prices generally decline. Any given stock market segment may remain out of favor with investors for a short or long period of time, and stocks as an asset class may underperform bonds or other asset classes during some periods. From time to time, the stock market may not favor the growth- or value-oriented securities in which the Underlying Funds invest. Rather, the market could favor securities to which the Underlying Funds are not exposed or may not favor equities at all. Additionally, legislative, regulatory or tax policies or developments in these areas may adversely impact the investment techniques available to a manager, add to Underlying Funds costs and impair the ability of the Underlying Funds to achieve its investment objectives.<br /><br /><b>Market Capitalization</b> &nbsp;&nbsp;&nbsp;Stocks fall into three broad market capitalization categories - large, mid, and small. Investing primarily in one category carries the risk that, due to current market conditions, that category may be out of favor with investors. If valuations of large-capitalization companies appear to be greatly out of proportion to the valuations of mid- or small-capitalization companies, investors may migrate to the stocks of mid- and small-sized companies causing an Underlying Fund that invests in these companies to increase in value more rapidly than a fund that invests in larger, fully-valued companies. Investing in mid- and small-capitalization companies may be subject to special risks associated with narrower product lines, more limited financial resources, smaller management groups, and a more limited trading market for their stocks as compared with larger companies. As a result, stocks of mid- and small-capitalization companies may decline significantly in market downturns.<br /><br /><b>Other Investment Companies</b> &nbsp;&nbsp;&nbsp;The main risk of investing in other investment companies, including exchange-traded funds, is the risk that the value of the securities underlying an investment company might decrease. Because the Fund or an Underlying Fund may invest in other investment companies, 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 and a proportionate share of the expenses of each Underlying Fund.<br /><br /><b>Real Estate Companies and Real Estate Investment Trusts (&#8220;REITs&#8221;)</b> &nbsp;&nbsp;&nbsp;Investing in real estate companies and REITs may subject an Underlying Fund to risks similar to those associated with the direct ownership of real estate, including losses from casualty or condemnation, changes in local and general economic conditions, supply and demand, interest rates, zoning laws, regulatory limitations on rents, property taxes, and operating expenses in addition to terrorist attacks, war, or other acts that destroy real property.<br /><br />An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedVoyaInternationalCoreFund column period compact * ~</div> <b>PERFORMANCE INFORMATION</b> The following information is intended to help you understand the risks of investing in the Fund. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. The Fund's performance information reflects applicable fee waivers and/or expense limitations in effect during the period presented. Absent such fee waivers/expense limitations, if any, performance would have been lower. The bar chart shows the performance of the Fund's Class A shares. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. Other class shares' performance would be higher or lower than Class A shares' performance because of the higher or lower expenses paid by Class A shares. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to www.voyainvestments.com/literature or call 1-800-992-0180. <b>Calendar Year Total Returns</b> Class A<br /> (as of December 31 of each year) March 1, 2016 Best quarter: 2nd, 2009, 26.94% and Worst quarter: 4th, 2008, -21.79% <b>Average Annual Total Returns</b> %<br />(for the periods ended December 31, 2014) 696 704 304 100 128 154 103 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. Expenses are based on estimated amounts for the current fiscal year. 0.68 0.0039 Expenses are based on estimated amounts for the current fiscal year. Expenses are based on estimated amounts for the current fiscal year. Expenses are based on estimated amounts for the current fiscal year. Expenses are based on estimated amounts for the current fiscal year. Expenses are based on estimated amounts for the current fiscal year. 1996-07-03 2009-09-30 2011-08-05 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. 705 713 313 112 112 992 973 673 362 365 1316 1374 1174 643 653 2229 2363 2552 1446 1475 952 930 630 312 400 477 322 1227 1283 1083 542 692 824 558 2010 2144 2338 1201 1523 1802 1236 -0.0464 -0.0519 -0.0201 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. 0.0494 -0.0458 0.0494 -0.006 0.0494 0.0139 0.0494 0.0109 0.0494 0.0139 0.0494 50000 0.0693 0.0649 0.0553 0.102 0.0709 0.102 0.0738 0.102 0.0858 0.102 0.0819 0.102 0.0847 0.102 0.0368 0.0299 0.031 0.0603 0.0351 0.0603 0.0352 0.0603 0.0169 0.0346 0.0206 0.0431 0.0273 0.0482 Best quarter: 1st, 2012, 13.89% and Worst quarter: 2nd, 2012, -10.55% 2003-09-17 2003-10-24 2003-10-29 2007-08-01 2006-11-15 2008-02-12 0.2448 0.1204 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedVoyaGlobalPerspectivesFund column period compact * ~</div> -0.4546 0.3398 0.1154 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleShareholderFeesTransposedVoyaGlobalPerspectivesFund column period compact * ~</div> -0.1506 0.1768 696 204 204 100 128 154 103 0.1641 -0.064 Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of equity securities of companies that are principally engaged in the real estate industry. The Fund will provide shareholders with at least 60 days' prior notice of any change in this investment policy. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualFundOperatingExpensesVoyaGlobalPerspectivesFund column period compact * ~</div> 952 630 630 312 400 477 322 You could lose money on an investment in the Fund. 1227 1083 1083 542 692 824 558 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualTotalReturnsVoyaGlobalPerspectivesFundBarChart column period compact * ~</div> After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. 2010 2144 2338 1201 1523 1802 1236 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. 50000 The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. www.voyainvestments.com/literature You could lose money on an investment in the Fund. The Fund's past performance (before and after taxes) is no guarantee of future results. 1-800-992-0180 March 1, 2016 Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. However, the table includes all applicable fees and sales charges. 0.0039 0.0008 0.0022 0.0059 The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. 0.1411 0.4042 After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. -0.0687 -0.4153 0.3337 0.0078 0.0058 0.0108 0.0008 Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 0.148 2013-05-31 -0.0564 After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. 0.2529 0.0361 0.1361 1-800-992-0180 In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. www.voyainvestments.com/literature The index returns do not reflect deductions for fees, expenses, or taxes. 0.67 The Fund's past performance (before and after taxes) is no guarantee of future results. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. -0.2395 2008-12-31 Worst quarter: Best quarter: 2009-06-30 0.3242 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. Best quarter: 2012-03-31 0.1389 Worst quarter: 2012-06-30 -0.1055 705 213 213 112 112 992 673 673 362 365 1174 1174 643 653 1316 2229 2363 2552 1446 1475 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $100,000 in Voya mutual funds. March 1, 2016 100000 0.4 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleShareholderFeesTransposedVoyaInternationalCoreFund column period compact * ~</div> -0.118 -0.1268 -0.0592 -0.0387 -0.1153 -0.0387 -0.0796 -0.0387 -0.0614 -0.0387 -0.0645 -0.0387 -0.066 -0.0387 -0.0622 -0.0387 Other expenses are based on estimated amounts for the current fiscal year. 0.0274 0.0238 0.0216 0.0443 0.0287 0.0443 0.0319 0.0443 0.0424 0.0443 0.0398 0.0443 0.0374 0.0443 0.0425 0.0443 Best quarter: 0.0318 Under normal market conditions, the Fund invests at least 80% of its net assets (plus borrowings for investment purposes) in a portfolio of equity securities of companies that are principally engaged in the real estate industry. 2014-03-31 Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first two years of the three-, five-, and ten-year periods. You could lose money on an investment in the Fund. Worst quarter: An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. -0.0321 the following bar chart shows the changes in the Fund's Class A shares' performance from year to year, and the table compares the Fund's Class A shares' performance to the performance of a broad-based securities market index/indices for the same period. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleShareholderFeesTransposedVoyaInternationalRealEstateFund column period compact * ~</div> Class R6 shares of the Fund did not have a full calendar year of operations as of December 31, 2014 2014-09-30 1-800-992-0180 www.voyainvestments.com/literature The Fund's past performance (before and after taxes) is no guarantee of future results. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedVoyaInternationalRealEstateFund column period compact * ~</div> Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualTotalReturnsVoyaInternationalRealEstateFundBarChart column period compact * ~</div> 0.93 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualFundOperatingExpensesVoyaMultiManagerEmergingMarketsEquityFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleShareholderFeesTransposedVoyaMultiManagerEmergingMarketsEquityFund column period compact * ~</div> 0.67 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualTotalReturnsVoyaMulti-ManagerEmergingMarketsEquityFundBarChart column period compact * ~</div> March 1, 2016 0.4 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. 0.0174 0.0113 0.0113 0.0393 0.0165 0.0163 0.0393 0.0393 0.0264 0.0393 -0.0116 -0.0011 -0.0011 0.016 0.0007 0.0102 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. 50000 2005-12-21 2005-12-21 2005-12-21 2005-12-21 2008-06-04 2006-12-12 2008-02-12 You could lose money on an investment in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. 1-800-992-0180 www.voyainvestments.com/literature The Fund's past performance (before and after taxes) is no guarantee of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. Best quarter: 2009-06-30 However, the table includes all applicable fees and sales charges. 0.3213 Worst quarter: 2008-12-31 The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. -0.2901 Best quarter: 2009-06-30 In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. 0.1988 Worst quarter: 2008-12-31 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedVoyaMulti-ManagerInternationalSmallCapFund column period compact * ~</div> -0.2252 0.0595 0.0706 0.0398 0.1502 0.1369 0.1519 0.0786 0.1502 0.1369 0.1519 0.1183 0.1502 0.1369 0.1519 0.1395 0.1502 0.1369 0.1519 0.1363 0.1502 0.1369 0.1519 0.134 0.1502 0.1369 0.1519 0.1395 0.1502 0.1369 0.1519 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualTotalReturnsVoyaMulti-ManagerInternationalSmallCapFundBarChart column period compact * ~</div> You could lose money on an investment in the Fund. 0.0853 0.0748 0.0626 0.1125 0.1545 0.1253 0.0872 0.1125 0.1545 0.1253 0.0901 0.1125 0.1545 0.1253 0.1017 0.1125 0.1545 0.1253 0.0982 0.1125 0.1545 0.1253 0.1009 0.1125 0.1545 0.1253 An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. 0.0577 0.0445 0.0419 0.0767 0.0687 0.0561 0.0767 0.0687 0.056 0.0767 0.0687 Class R6 shares and Class A shares of the Fund would have substantially similar performance because they invest in the same portfolio of securities. However, Class R6 shares' performance would be higher than Class A shares' performance because of the higher expenses paid by Class A shares. 0.0508 0.0889 0.0394 0.045 0.1361 0.1979 0.1249 0.1106 0.0331 0.0717 0.0239 0.0279 0.0712 0.0809 0.0642 0.071 However, the table includes all applicable fees and sales charges. 2001-11-05 2002-03-15 2002-01-08 2005-06-03 2006-11-15 2011-08-05 2008-02-12 The index returns do not reflect deductions for fees, expenses, or taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedVoyaGlobalEquityDividendFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualTotalReturnsVoyaGlobalEquityDividendFundBarChart column period compact * ~</div> The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. 1-800-992-0180 www.voyainvestments.com/literature <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleShareholderFeesTransposedVoyaGlobalEquityDividendFund column period compact * ~</div> The Fund's past performance (before and after taxes) is no guarantee of future results. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedVoyaMulti-ManagerEmergingMarketsEquityFund column period compact * ~</div> Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleShareholderFeesTransposedVoyaMultiManagerInternationalEquityFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualTotalReturnsVoyaMulti-ManagerInternationalEquityFundBarChart column period compact * ~</div> The index returns do not reflect deductions for fees, expenses, or taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedVoyaMulti-ManagerInternationalEquityFund column period compact * ~</div> The Fund's past performance (before and after taxes) is no guarantee of future results. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. www.voyainvestments.com/literature 1-800-992-0180 Best quarter: 2014-06-30 0.0419 Worst quarter: 2013-06-30 -0.0653 <b>Annual Fund Operating Expenses</b><br />Expenses you pay each year as a % of the value of your investment 0.1198 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleShareholderFeesTransposedVoyaGlobalRealEstateFundClassR6 column period compact * ~</div> 0.2061 0.1463 -0.2913 0.5037 0.227 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualFundOperatingExpensesVoyaGlobalRealEstateFundClassR6 column period compact * ~</div> -0.099 0.0025 0.2074 -0.0276 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleTransposedVoyaGlobalRealEstateFundClassR6 column period compact * ~</div> 50000 You could lose money on an investment in the Fund. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedVoyaGlobalRealEstateFundClassR6 column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualTotalReturnsVoyaGlobalRealEstateFundClassR6BarChart column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedVoyaDiversifiedEmergingMarketsDebtFund column period compact * ~</div> An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualTotalReturnsVoyaDiversifiedEmergingMarketsDebtFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedVoyaGlobalRealEstateFundClassR6 column period compact * ~</div> The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one-year period and the first year of the three-, five-, and ten-year periods. Best quarter: 2nd, 2009, 34.59% and Worst quarter: 3rd, 2008, -28.34% The index returns do not reflect deductions for fees, expenses, or taxes. <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleShareholderFeesTransposedVoyaDiversifiedEmergingMarketsDebtFund column period compact * ~</div> Voya International Real Estate Fund &nbsp;(formerly, ING International Real Estate Fund) These tables describe the fees and expenses that you may pay if you buy and hold shares of the Fund. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. More information about these and other discounts is available from your financial professional and in the discussion in the Sales Charges section of the Prospectus (page 92) or the Purchase, Exchange, and Redemption of Shares section of the Statement of Additional Information (page 134). <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleShareholderFeesTransposedVoyaMultiManagerInternationalSmallCapFund column period compact * ~</div> The following bar chart shows the Fund's performance for the first full calendar year of operations and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period The index returns do not reflect deductions for fees, expenses, or taxes. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. Best quarter: 0.1375 2012-03-31 Worst quarter: -0.0676 2012-06-30 March 1, 2016 0.25 You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. 50000 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. You could lose money on an investment in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. 1-800-992-0180 www.voyainvestments.com/literature The Fund's past performance (before and after taxes) is no guarantee of future results. However, the table includes all applicable fees and sales charges. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Best quarter: 2009-06-30 0.2694 Worst quarter: 2008-12-31 -0.2179 March 1, 2016 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. 50000 0.76 You could lose money on an investment in the Fund. <b>Issuer Non-Diversification</b> &nbsp;&nbsp;&nbsp;The Fund is classified as a &#8220;non-diversified&#8221; investment company and, therefore, is subject to the risks of focusing investments in a small number of issuers, industries or foreign currencies, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. 1-800-992-0180 www.voyainvestments.com/literature The Fund's past performance (before and after taxes) is no guarantee of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. -0.0834 -0.0906 -0.0414 0.0416 -0.049 -0.0822 0.0416 -0.049 -0.0442 0.0416 -0.049 -0.0252 0.0416 -0.049 -0.0248 0.0416 -0.049 0.0417 0.0343 0.0332 0.0917 0.0533 0.0428 0.0533 0.0917 0.0462 0.0917 0.0533 0.057 0.0917 0.0533 0.0568 0.0917 0.0533 0.0731 0.069 0.0599 0.0609 0.0443 0.0716 0.0609 0.0443 0.0717 0.0443 0.0609 0.0716 0.049 0.0212 0.0808 0.1167 0.0801 1993-04-19 1995-05-31 1993-04-19 2006-09-06 2009-06-01 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleShareholderFeesTransposedVoyaRussiaFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualFundOperatingExpensesVoyaRussiaFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualTotalReturnsVoyaRussiaFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualTotalReturnsVoyaDiversifiedInternationalFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedVoyaDiversifiedInternationalFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedVoyaRussiaFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleShareholderFeesTransposedVoyaDiversifiedInternationalFund column period compact * ~</div> 0.57 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. You may qualify for sales charge discounts if you and your family invest, or agree to invest in the future, at least $50,000 in Voya mutual funds. 50000 You could lose money on an investment in the Fund. An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. The following bar chart shows the changes in the Fund's performance from year to year, and the table compares the Fund's performance to the performance of a broad-based securities market index/indices for the same period. 1-800-992-0180 www.voyainvestments.com/literature The Fund's past performance (before and after taxes) is no guarantee of future results. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. On December 1, 2014, the Fund changed its primary benchmark from the MSCI EAFE<sup>&#174;</sup> Index to the MSCI ACW Index<sup>SM</sup> because the MSCI ACW Index<sup>SM</sup> is considered by the Adviser to be a more appropriate benchmark reflecting the types of securities in which the Fund invests. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions or other expenses. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. Actual after-tax returns depend on an investor's tax situation and may differ from those shown, and the after-tax returns shown are not relevant to investors who hold their Fund shares through tax-deferred arrangements such as 401(k) plans or individual retirement accounts. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. In some cases the after-tax returns may exceed the return before taxes due to an assumed tax benefit from any losses on a sale of Fund shares at the end of the measurement period. Best quarter: 2009-06-30 0.2613 Worst quarter: 2008-09-30 -0.181 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualFundOperatingExpensesVoyaGlobalValueAdvantageFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleTransposedVoyaGlobalValueAdvantageFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedVoyaGlobalValueAdvantageFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualTotalReturnsVoyaGlobalValueAdvantageFundBarChart column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedVoyaGlobalValueAdvantageFund column period compact * ~</div> Best quarter: 0.4402 2009-06-30 Worst quarter: -0.4855 2008-12-31 March 1, 2016 <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleShareholderFeesTransposedVoyaGlobalValueAdvantageFund column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleShareholderFeesTransposedVoyaGlobalBondFundClassR6 column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualFundOperatingExpensesVoyaGlobalBondFundClassR6 column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleNoRedemptionTransposedVoyaGlobalBondFundClassR6 column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleExpenseExampleTransposedVoyaGlobalBondFundClassR6 column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAnnualTotalReturnsVoyaGlobalBondFundClassR6BarChart column period compact * ~</div> <div style="display:none">~ http://www.voyainvestments.com/role/ScheduleAverageAnnualTotalReturnsTransposedVoyaGlobalBondFundClassR6 column period compact * ~</div> 5.08 <b>Issuer Non-Diversification</b> &nbsp;&nbsp;&nbsp;The Fund is classified as a &#8220;non-diversified&#8221; investment company and, therefore, is subject to the risks of focusing investments in a small number of issuers, industries or foreign currencies, including being more susceptible to risks associated with a single economic, political or regulatory occurrence than a more diversified portfolio might be. March 1, 2016 with dividend income as a secondary consideration. Sales charges are not reflected in the bar chart. If they were, returns would be less than those shown. However, the table includes all applicable fees and sales charges. On July 31, 2014, the Fund changed its primary benchmark from the S&amp;P Developed ex-U.S. Property Index to the FTSE EPRA/NAREIT Developed ex U.S. Index because the FTSE EPRA/NAREIT Developed ex U.S. Index is considered by the Adviser to be a more appropriate benchmark reflecting the types of securities in which the Fund invests. On July 31, 2014, the Fund changed its primary benchmark from the S&amp;P Developed Property Index to the FTSE EPRA/NAREIT Developed Index because the FTSE EPRA/NAREIT Developed Index is considered by the Adviser to be a more appropriate benchmark reflecting the types of securities in which the Fund invests. -0.0342 -0.0495 0.0852 0.0863 0.0411 0.0368 The Examples are intended to help you compare the cost of investing in shares of the Fund with the costs of investing in other mutual funds. The Examples assume that you invest $10,000 in the Fund for the time periods indicated. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the Fund's operating expenses remain the same. Although your actual costs may be higher or lower, based on these assumptions your costs would be: An investment in the Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency. Maximum sales charge was lowered from 4.75% to 2.50% effective July 31, 2006. Return calculations with a starting date prior to July 31, 2006 are based on a 4.75% sales charge. After-tax returns are shown for Class A shares only. After-tax returns for other classes will vary. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. March 1, 2017 Total Annual Fund Operating Expenses may be higher than the Fund&#8217;s ratio of expenses to average net assets shown in the Fund&#8217;s Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. Voya Diversified Emerging Markets Debt Fund &nbsp;(formerly, ING Diversified Emerging Markets Debt Fund) The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions or other expenses. 2006-05-31 2005-02-18 2005-02-18 2005-02-18 2005-02-18 A contingent deferred sales charge of 1.00% is assessed on certain redemptions of Class A shares made within 18 months after purchase where no initial sales charge was paid at the time of purchase as part of an investment of $1 million or more. The adviser is contractually obligated to limit expenses to 1.70%, 2.45%, 2.45%, 1.45%, 1.70%, and 1.45% for Class A, Class B, Class C, Class I, Class O, and Class W shares, respectively, through March 1, 2016. The limitation does not extend to interest, taxes, brokerage commissions, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Fund's board. Effective November 15, 2012, ING Investment Management Advisors B.V. was appointed as the sub-adviser to the Fund along with changes to the Fund's name and principal investment strategies. Performance prior to November 15, 2012 is attributable to a different sub-adviser. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions, or other expenses. Prior to July 1, 2013 the Fund had different sub-advisers and principal investment strategies. Effective November 25, 2013 Wellington Management Company LLP became the sole sub-adviser for the Fund. Prior to November 25, 2013, the Fund was sub-advised by Wellington Management Company LLP and Thornburg Investment Management, Inc. On July 31, 2014, the Fund changed its primary benchmark from the S&P Developed ex-U.S. Property Index to the FTSE EPRA/NAREIT Developed ex U.S. Index because the FTSE EPRA/NAREIT Developed ex U.S. Index is considered by the Adviser to be a more appropriate benchmark reflecting the types of securities in which the Fund invests. The inception date of the MSCI Russia 10/40 Index is May 31, 2006. On July 31, 2014, the Fund changed its primary benchmark from the S&P Developed Property Index to the FTSE EPRA/NAREIT Developed Index because the FTSE EPRA/NAREIT Developed Index is considered by the Adviser to be a more appropriate benchmark reflecting the types of securities in which the Fund invests. The inception date of the FTSE EPRA/NAREIT Developed Index is February 18, 2005. The adviser is contractually obligated to limit expenses to 2.00%, 1.75%, and 1.75% for Class A, Class I, and Class W shares, respectively, through March 1, 2017. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The adviser is contractually obligated to further limit expenses to 1.50%, 1.25%, and 1.25% for Class A, Class I, and Class W shares, respectively, through March 1, 2017. The limitations do not extend to interest, taxes, brokerage commissions, extraordinary expenses, and Acquired Fund Fees and Expenses. Termination or modification of these obligations requires approval by the Fund's board.. The index returns do not reflect deductions for fees, expenses, or taxes. Prior to April 14, 2013 the Fund had different sub-advisers and principal investment strategies. Based on Class A shares' expenses adjusted for contractual differences. The adviser is contractually obligated to limit expenses to 0.90%, 1.65%, 1.65%, 0.65%, 0.90%, 0.15%, 1.15%, and 0.65% for Class A, Class B, Class C, Class I, Class O, Class P, Class R, and Class W shares, respectively, through March 1, 2016. The limitation does not extend to interest, taxes, brokerage commissions, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. In addition, the adviser is contractually obligated to waive its management fee for Class P shares through March 1, 2016. The administrator is contractually obligated to waive its administrative services fee for Class P shares through March 1, 2016. Termination or modification of these obligations requires approval by the Fund's board. Expenses are based on estimated amounts for the current fiscal year. The adviser is contractually obligated to limit expenses to 0.99% for Class I shares, through March 1, 2016. The limitation does not extend to interest, taxes, brokerage commissions, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The adviser is contractually obligated to waive a portion of the management fee through March 1, 2016. Based upon net assets as of October 31, 2014, the management fee waiver for the Fund is an estimated (0.02)%. Termination or modification of these obligations requires approval by the Fund's board. Other expenses are based on estimated amounts for the current fiscal year. The adviser is contractually obligated to limit expenses to 1.10% for Class R6 shares through March 1, 2016. The limitation does not extend to interest, taxes, brokerage commissions, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Fund's board. The adviser is contractually obligated to limit expenses to 1.60%, 2.35%, 2.35%, 1.35%, 1.85%, and 1.35% for Class A, Class B, Class C, Class I, Class R, and Class W shares, respectively, through March 1, 2016. In addition, the adviser is contractually obligated to further limit expenses of Class I shares to 1.25% through March 1, 2016. The limitations do not extend to interest, taxes, brokerage commissions, extraordinary expenses, and Acquired Fund Fees and Expenses. The limitations are subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of these obligations requires approval by the Fund's board. Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The adviser is contractually obligated to limit expenses to 1.25%, 2.00%, 0.95%, and 1.00% for Class A, Class C, Class I, and Class W shares, respectively, through March 1, 2016. The limitation does not extend to interest, taxes, brokerage commissions, and extraordinary expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Fund's board. Total Annual Fund Operating Expenses may be higher than the Fund's ratio of expenses to average net assets shown in the Fund's Financial Highlights, which reflects the operating expenses of the Fund and does not include Acquired Fund Fees and Expenses. The adviser is contractually obligated to limit expenses to 0.95% and 0.95% for Class I shares and Class W shares, respectively, through March 1, 2016. The limitation does not extend to interest, taxes, brokerage commissions, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Fund's board. The adviser and sub-adviser are contractually obligated to limit expenses to 1.50%, 2.25%, 2.25%, 1.25%, and 1.25% for Class A, Class B, Class C, Class I, and Class W shares, respectively, through March 1, 2016. This limitation is subject to possible recoupment by the adviser and sub-adviser within 36 months of the waiver or reimbursement. In addition, the adviser and sub-adviser are contractually obligated to further limit expenses whereby the sub-adviser will pay the incremental costs necessary to further limit expenses to 1.45%, 2.20%, 2.20%, 1.20%, and 1.20% for Class A, Class B, Class C, Class I, and Class W shares, respectively, through March 1, 2016. The limitations do not extend to interest, taxes, brokerage commissions, extraordinary expenses, and Acquired Fund Fees and Expenses. Termination or modification of these obligations requires approval by the Fund's board. The adviser is contractually obligated to limit expenses to 1.40%, 2.15%, 2.15%, 1.15%, 1.40%, 1.65%, and 1.15% for Class A, Class B, Class C, Class I, Class O, Class R, and Class W shares, respectively, through March 1, 2016. The limitation does not extend to interest, taxes, brokerage commissions, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Fund's board. The adviser is contractually obligated to limit expenses to 2.15%, 1.90%, and 1.90% for Class A, Class I, and Class W shares, respectively, through March 1, 2016. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. In addition, the adviser is contractually obligated to further limit expenses to 2.00%, 1.75%, and 1.75% for Class A, Class I, and Class W shares, respectively, through March 1, 2016. The limitations do not extend to interest, taxes, brokerage commissions, extraordinary expenses, and Acquired Fund Fees and Expenses. Termination or modification of these obligations requires approval by the Fund's board. The adviser is contractually obligated to limit expenses to 1.40%, 2.15%, 2.15%, 1.15%, 1.40%, and 1.15% for Class A, Class B, Class C, Class I, Class O, and Class W shares, respectively, through March 1, 2016. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. The adviser is contractually obligated to further limit expenses to 1.25%, 2.00%, 2.00%, 1.00%, 1.25%, and 1.00% for Class A, Class B, Class C, Class I, Class O, and Class W shares, respectively, through March 1, 2016. The limitations do not extend to interest, taxes, brokerage commissions, extraordinary expenses, and Acquired Fund Fees and Expenses. Termination or modification of these obligations requires approval by the Fund's board. The adviser is contractually obligated to limit expenses to 1.23%, 1.98%, 0.98%, 1.48%, and 0.98% for Class A, Class C, Class I, Class R, and Class W shares, respectively, through March 1, 2016. The limitation does not extend to interest, taxes, brokerage commissions, and extraordinary expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Fund's board. Effective October 1, 2013, the Fund's Management Fee structure was changed to a "bifurcated fee" structure as follows: an annual rate of 0.00% of the Fund's average daily net assets invested in Underlying Funds within the Voya family of funds; and 0.30% of the Fund's average daily net assets invested in direct investments, which include, but are not limited to, a security issued by an investment company that is not part of the Voya family of funds, including exchange-traded funds, a security issued by a non-mutual fund issuer, such as an operating company, and derivative instruments. The adviser is contractually obligated to limit expenses to 1.58%, 2.33%, 2.33%, 1.33%, 1.58%, 1.83%, and 1.33% for Class A, Class B, Class C, Class I, Class O, Class R, and Class W shares, respectively, through March 1, 2018. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. In addition, the adviser is contractually obligated to further limit expenses to 1.40%, 2.15%, 2.15%, 1.15%, 1.40%, 1.65%, and 1.15% for Class A, Class B, Class C, Class I, Class O, Class R, and Class W shares, respectively, through March 1, 2016. The limitations do not extend to interest, taxes, brokerage commissions, and extraordinary expenses. Termination or modification of these obligations requires approval by the Fund's board. The adviser is contractually obligated to limit expenses to 0.65% through March 1, 2016. The limitation does not extend to interest, taxes, brokerage commissions, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Fund's board. The adviser and distributor are contractually obligated to limit expenses to 1.35%, 2.10%, 2.10%, 1.10%, and 1.10% for Class A, Class B, Class C, Class I, and Class W shares, respectively, through March 1, 2017. The limitation does not extend to interest, taxes, brokerage commissions, extraordinary expenses, and Acquired Fund Fees and Expenses. This limitation is subject to possible recoupment by the adviser and distributor within 36 months of the waiver or reimbursement. Termination or modification of this obligation requires approval by the Fund's board. The adviser is contractually obligated to limit expenses to 1.95%, 2.60%, 2.60%, 1.40%, 1.85%, and 1.60% for Class A, Class B, Class C, Class I, Class O, and Class W shares, respectively, through March 1, 2016. This limitation is subject to possible recoupment by the adviser within 36 months of the waiver or reimbursement. In addition, the adviser is contractually obligated to further limit expenses to 1.80%, 2.45%, 2.45%, 1.25%, 1.70%, and 1.45% for Class A, Class B, Class C, Class I, Class O, and Class W shares, respectively, through March 1, 2016. These limitations do not extend to interest, taxes, brokerage commissions, extraordinary expenses, and Acquired Fund Fees and Expenses. In addition, the adviser is contractually obligated to waive a portion of the management fee through March 1, 2016. Based upon net assets as of October 31, 2014, the management fee waiver for the Fund is an estimated (0.02)%. Termination or modification of these obligations requires approval by the Fund's board. The index returns include the reinvestment of dividends and distributions net of withholding taxes, but do not reflect fees, brokerage commissions or other expenses. Prior to December 1, 2014, the Fund had a different investment objective and principal investment strategies. Effective November 30, 2012, Voya Investment Management Co. LLC was appointed as the sub-adviser to the Fund along with changes to the Fund's name and principal investment strategies. Performance prior to November 30, 2012 is attributable to a different sub-adviser. On December 1, 2014, the Fund changed its primary benchmark from the MSCI EAFE® Index to the MSCI ACW Index℠ because the MSCI ACW Index℠ is considered by the Adviser to be a more appropriate benchmark reflecting the types of securities in which the Fund invests.