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Voya MUTUAL FUNDS
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<p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;"><b>VOYA MUTUAL FUNDS</b></p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">Voya Multi-Manager Emerging Markets Equity Fund</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">Voya Multi-Manager International Equity Fund</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">Voya Multi-Manager International Factors Fund</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">Voya Multi-Manager International Small Cap Fund</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">(each a “Fund” and collectively the “Funds”)</p><br/><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">Supplement dated April 7, 2017</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">to the Funds’ current Prospectuses and Summary Prospectuses each dated February 28, 2017</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">(each a “Prospectus” and collectively the “Prospectuses”)</p><br/><p style="line-height: normal; times new roman", serif; margin: 0px; text-align: justify; ">On March 9, 2017, the Funds’ Board of Trustees (“Board”) approved a change to reflect that Voya Investments, LLC, an investment adviser for each Fund, may, from time to time, directly manage a portion of each Fund’s investment portfolio effective April 3, 2017. In addition, effective March 1, 2017, Joyce Weng was added as a portfolio manager for Voya Multi-Manager Emerging Markets Equity Fund managing the assets allocated to J.P.Morgan Investment Management Inc.</p><p style="line-height: normal; times new roman", serif; margin: 0px; text-align: justify; ">Effective immediately, the Prospectuses for the Funds are revised as follows:</p><table style=" times new roman", times, serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;">1.</td><td><b>Voya Multi-Manager Emerging Markets Equity Fund</b></td></tr></table><br/><table width="100%" style="times new roman", times, serif; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;"></td><td style="width: 0.25in;">a.</td><td style="text-align: justify;">The following paragraph is added after the sixth paragraph in the section entitled “Principal Investment Strategies” of the Fund’s Prospectuses:</td></tr></table><br/><p style="line-height: normal; margin: 0pt 0px 0pt 0.75in; text-align: justify; ">Voya Investments, LLC (the “Investment Adviser”) allocates the Fund’s assets to different sub-advisers. The Investment Adviser may, from time to time, directly manage a portion of the Fund’s assets to seek to manage the Fund’s overall risk exposure to achieve the Fund’s desired risk/return profile and to effect the Fund’s investment strategies. The Investment Adviser may invest in futures and exchange-traded funds to implement its investment process.</p><br/><table width="100%" style="times new roman", times, serif; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;"></td><td style="width: 0.25in;">b.</td><td style="text-align: justify;">The last sentence of the seventh paragraph is deleted and replaced with the following:</td></tr></table><br/><p style="line-height: normal; margin: 0pt 0px 0pt 0.75in; text-align: justify; ">The Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.</p><br/><table style=" times new roman", times, serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;">2.</td><td><b>Voya Multi-Manager International Equity Fund</b></td></tr></table><br/><table width="100%" style="times new roman", times, serif; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;"></td><td style="width: 0.25in;">a.</td><td style="text-align: justify;">The following paragraph is added after the third paragraph in the section entitled “Principal Investment Strategies” of the Fund’s Prospectuses:</td></tr></table><br/><p style="line-height: normal; margin: 0pt 0px 0pt 0.75in; text-align: justify; ">Voya Investments, LLC (the “Investment Adviser”) allocates the Fund’s assets to different sub-advisers. The Investment Adviser may, from time to time, directly manage a portion of the Fund’s assets to seek to manage the Fund’s overall risk exposure to achieve the Fund’s desired risk/return profile and to effect the Fund’s investment strategies. The Investment Adviser may invest in futures and exchange-traded funds to implement its investment process.</p><br/><table width="100%" style="times new roman", times, serif; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;"></td><td style="width: 0.25in;">b.</td><td style="text-align: justify;">The fourth paragraph is deleted and replaced with the following:</td></tr></table><br/><p style="line-height: normal; margin: 0pt 0px 0pt 0.75in; text-align: justify; ">Baillie Gifford Overseas Limited (“BG Overseas”), Lazard Asset Management LLC (“Lazard”), Polaris Capital Management, LLC (“Polaris”) and Wellington Management Company LLP (“Wellington Management”) (each a “Sub-Adviser” and collectively “Sub-Advisers”) 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 Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.</p><br/><table style=" times new roman", times, serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;">3.</td><td><b>Voya Multi-Manager International Factors Fund</b></td></tr></table><br/><table width="100%" style="times new roman", times, serif; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;"></td><td style="width: 0.25in;">a.</td><td style="text-align: justify;">The following paragraph is added after the third paragraph in the section entitled “Principal Investment Strategies” of the Fund’s Prospectuses:</td></tr></table><br/><p style="line-height: normal; margin: 0pt 0px 0pt 0.75in; text-align: justify; ">Voya Investments, LLC (the “Investment Adviser”) allocates the Fund’s assets to different sub-advisers. The Investment Adviser may, from time to time, directly manage a portion of the Fund’s assets to seek to manage the Fund’s overall risk exposure to achieve the Fund’s desired risk/return profile and to effect the Fund’s investment strategies. The Investment Adviser may invest in futures and exchange-traded funds to implement its investment process.</p><br/><table width="100%" style="times new roman", times, serif; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;"></td><td style="width: 0.25in;">b.</td><td style="text-align: justify;">The last sentence of the fourth paragraph is deleted and replaced with the following:</td></tr></table><br/><p style="line-height: normal; margin: 0pt 0px 0pt 0.75in; text-align: justify; ">The Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.</p><br/><table style=" times new roman", times, serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;">4.</td><td><b>Voya Multi-Manager International Small Cap Fund</b></td></tr></table><br/><table width="100%" style="times new roman", times, serif; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;"></td><td style="width: 0.25in;">a.</td><td style="text-align: justify;">The following paragraph is added after the fourth paragraph in the section entitled “Principal Investment Strategies” of the Fund’s Prospectuses:</td></tr></table><br/><p style="line-height: normal; margin: 0pt 0px 0pt 0.75in; text-align: justify; ">Voya Investments, LLC (the “Investment Adviser”) allocates the Fund’s assets to different sub-advisers. The Investment Adviser may, from time to time, directly manage a portion of the Fund’s assets to seek to manage the Fund’s overall risk exposure to achieve the Fund’s desired risk/return profile and to effect the Fund’s investment strategies. The Investment Adviser may invest in futures and exchange-traded funds to implement its investment process.</p><br/><table width="100%" style="times new roman", times, serif; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;"></td><td style="width: 0.25in;">b.</td><td style="text-align: justify;">The last sentence of the fifth paragraph is deleted and replaced with the following:</td></tr></table><br/><p style="line-height: normal; margin: 0pt 0px 0pt 0.75in; text-align: justify; ">The Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.</p>
<p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;"><b>VOYA MUTUAL FUNDS</b></p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">Voya Multi-Manager Emerging Markets Equity Fund</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">(each a “Fund” and collectively the “Funds”)</p><br/><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">Supplement dated April 7, 2017</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">to the Funds’ current Prospectuses and Summary Prospectuses each dated February 28, 2017</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">(each a “Prospectus” and collectively the “Prospectuses”)</p><br/><p style="line-height: normal; times new roman", serif; margin: 0px; text-align: justify; ">On March 9, 2017, the Funds’ Board of Trustees (“Board”) approved a change to reflect that Voya Investments, LLC, an investment adviser for each Fund, may, from time to time, directly manage a portion of each Fund’s investment portfolio effective April 3, 2017. In addition, effective March 1, 2017, Joyce Weng was added as a portfolio manager for Voya Multi-Manager Emerging Markets Equity Fund managing the assets allocated to J.P.Morgan Investment Management Inc.</p><p style="line-height: normal; times new roman", serif; margin: 0px; text-align: justify; ">Effective immediately, the Prospectuses for the Funds are revised as follows:</p><table style=" times new roman", times, serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;">1.</td><td><b>Voya Multi-Manager Emerging Markets Equity Fund</b></td></tr></table><br/><table width="100%" style="times new roman", times, serif; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;"></td><td style="width: 0.25in;">a.</td><td style="text-align: justify;">The following paragraph is added after the sixth paragraph in the section entitled “Principal Investment Strategies” of the Fund’s Prospectuses:</td></tr></table><br/><p style="line-height: normal; margin: 0pt 0px 0pt 0.75in; text-align: justify; ">Voya Investments, LLC (the “Investment Adviser”) allocates the Fund’s assets to different sub-advisers. The Investment Adviser may, from time to time, directly manage a portion of the Fund’s assets to seek to manage the Fund’s overall risk exposure to achieve the Fund’s desired risk/return profile and to effect the Fund’s investment strategies. The Investment Adviser may invest in futures and exchange-traded funds to implement its investment process.</p><br/><table width="100%" style="times new roman", times, serif; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;"></td><td style="width: 0.25in;">b.</td><td style="text-align: justify;">The last sentence of the seventh paragraph is deleted and replaced with the following:</td></tr></table><br/><p style="line-height: normal; margin: 0pt 0px 0pt 0.75in; text-align: justify; ">The Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.</p>
<p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;"><b>VOYA MUTUAL FUNDS</b></p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">Voya Multi-Manager International Equity Fund</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">(each a “Fund” and collectively the “Funds”)</p><br/><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">Supplement dated April 7, 2017</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">to the Funds’ current Prospectuses and Summary Prospectuses each dated February 28, 2017</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">(each a “Prospectus” and collectively the “Prospectuses”)</p><br/><p style="line-height: normal; times new roman", serif; margin: 0px; text-align: justify; ">On March 9, 2017, the Funds’ Board of Trustees (“Board”) approved a change to reflect that Voya Investments, LLC, an investment adviser for each Fund, may, from time to time, directly manage a portion of each Fund’s investment portfolio effective April 3, 2017. In addition, effective March 1, 2017, Joyce Weng was added as a portfolio manager for Voya Multi-Manager Emerging Markets Equity Fund managing the assets allocated to J.P.Morgan Investment Management Inc.</p><p style="line-height: normal; times new roman", serif; margin: 0px; text-align: justify; ">Effective immediately, the Prospectuses for the Funds are revised as follows:</p><table style=" times new roman", times, serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;">2.</td><td><b>Voya Multi-Manager International Equity Fund</b></td></tr></table><br/><table width="100%" style="times new roman", times, serif; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;"></td><td style="width: 0.25in;">a.</td><td style="text-align: justify;">The following paragraph is added after the third paragraph in the section entitled “Principal Investment Strategies” of the Fund’s Prospectuses:</td></tr></table><br/><p style="line-height: normal; margin: 0pt 0px 0pt 0.75in; text-align: justify; ">Voya Investments, LLC (the “Investment Adviser”) allocates the Fund’s assets to different sub-advisers. The Investment Adviser may, from time to time, directly manage a portion of the Fund’s assets to seek to manage the Fund’s overall risk exposure to achieve the Fund’s desired risk/return profile and to effect the Fund’s investment strategies. The Investment Adviser may invest in futures and exchange-traded funds to implement its investment process.</p><br/><table width="100%" style="times new roman", times, serif; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;"></td><td style="width: 0.25in;">b.</td><td style="text-align: justify;">The fourth paragraph is deleted and replaced with the following:</td></tr></table><br/><p style="line-height: normal; margin: 0pt 0px 0pt 0.75in; text-align: justify; ">Baillie Gifford Overseas Limited (“BG Overseas”), Lazard Asset Management LLC (“Lazard”), Polaris Capital Management, LLC (“Polaris”) and Wellington Management Company LLP (“Wellington Management”) (each a “Sub-Adviser” and collectively “Sub-Advisers”) 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 Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.</p>
<p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;"><b>VOYA MUTUAL FUNDS</b></p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">Voya Multi-Manager International Factors Fund</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">(each a “Fund” and collectively the “Funds”)</p><br/><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">Supplement dated April 7, 2017</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">to the Funds’ current Prospectuses and Summary Prospectuses each dated February 28, 2017</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">(each a “Prospectus” and collectively the “Prospectuses”)</p><br/><p style="line-height: normal; times new roman", serif; margin: 0px; text-align: justify; ">On March 9, 2017, the Funds’ Board of Trustees (“Board”) approved a change to reflect that Voya Investments, LLC, an investment adviser for each Fund, may, from time to time, directly manage a portion of each Fund’s investment portfolio effective April 3, 2017. In addition, effective March 1, 2017, Joyce Weng was added as a portfolio manager for Voya Multi-Manager Emerging Markets Equity Fund managing the assets allocated to J.P.Morgan Investment Management Inc.</p><p style="line-height: normal; times new roman", serif; margin: 0px; text-align: justify; ">Effective immediately, the Prospectuses for the Funds are revised as follows:</p><table style=" times new roman", times, serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;">3.</td><td><b>Voya Multi-Manager International Factors Fund</b></td></tr></table><br/><table width="100%" style="times new roman", times, serif; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;"></td><td style="width: 0.25in;">a.</td><td style="text-align: justify;">The following paragraph is added after the third paragraph in the section entitled “Principal Investment Strategies” of the Fund’s Prospectuses:</td></tr></table><br/><p style="line-height: normal; margin: 0pt 0px 0pt 0.75in; text-align: justify; ">Voya Investments, LLC (the “Investment Adviser”) allocates the Fund’s assets to different sub-advisers. The Investment Adviser may, from time to time, directly manage a portion of the Fund’s assets to seek to manage the Fund’s overall risk exposure to achieve the Fund’s desired risk/return profile and to effect the Fund’s investment strategies. The Investment Adviser may invest in futures and exchange-traded funds to implement its investment process.</p><br/><table width="100%" style="times new roman", times, serif; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;"></td><td style="width: 0.25in;">b.</td><td style="text-align: justify;">The last sentence of the fourth paragraph is deleted and replaced with the following:</td></tr></table><br/><p style="line-height: normal; margin: 0pt 0px 0pt 0.75in; text-align: justify; ">The Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.</p>
<p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;"><b>VOYA MUTUAL FUNDS</b></p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">Voya Multi-Manager International Small Cap Fund</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">(each a “Fund” and collectively the “Funds”)</p><br/><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">Supplement dated April 7, 2017</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">to the Funds’ current Prospectuses and Summary Prospectuses each dated February 28, 2017</p><p align="center" style=" margin-top: 0pt; margin-bottom: 0pt;">(each a “Prospectus” and collectively the “Prospectuses”)</p><br/><p style="line-height: normal; times new roman", serif; margin: 0px; text-align: justify; ">On March 9, 2017, the Funds’ Board of Trustees (“Board”) approved a change to reflect that Voya Investments, LLC, an investment adviser for each Fund, may, from time to time, directly manage a portion of each Fund’s investment portfolio effective April 3, 2017. In addition, effective March 1, 2017, Joyce Weng was added as a portfolio manager for Voya Multi-Manager Emerging Markets Equity Fund managing the assets allocated to J.P.Morgan Investment Management Inc.</p><p style="line-height: normal; times new roman", serif; margin: 0px; text-align: justify; ">Effective immediately, the Prospectuses for the Funds are revised as follows:</p><table style=" times new roman", times, serif; width: 100%; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;">4.</td><td><b>Voya Multi-Manager International Small Cap Fund</b></td></tr></table><br/><table width="100%" style="times new roman", times, serif; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;"></td><td style="width: 0.25in;">a.</td><td style="text-align: justify;">The following paragraph is added after the fourth paragraph in the section entitled “Principal Investment Strategies” of the Fund’s Prospectuses:</td></tr></table><br/><p style="line-height: normal; margin: 0pt 0px 0pt 0.75in; text-align: justify; ">Voya Investments, LLC (the “Investment Adviser”) allocates the Fund’s assets to different sub-advisers. The Investment Adviser may, from time to time, directly manage a portion of the Fund’s assets to seek to manage the Fund’s overall risk exposure to achieve the Fund’s desired risk/return profile and to effect the Fund’s investment strategies. The Investment Adviser may invest in futures and exchange-traded funds to implement its investment process.</p><br/><table width="100%" style="times new roman", times, serif; margin-top: 0pt; margin-bottom: 0pt; " cellspacing="0" cellpadding="0"><tr style="vertical-align: top;"><td style="width: 0.5in;"></td><td style="width: 0.25in;">b.</td><td style="text-align: justify;">The last sentence of the fifth paragraph is deleted and replaced with the following:</td></tr></table><br/><p style="line-height: normal; margin: 0pt 0px 0pt 0.75in; text-align: justify; ">The Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.</p>