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Feb. 28, 2020
VOYA MUTUAL FUNDS Voya Global Bond Fund (the "Fund") Supplement dated August 20, 2020 to the Fund's Class A, Class C, Class I, Class P, Class R, Class R6, Class T and Class W shares Prospectus dated February 28, 2020 (the "Prospectus") On May 14, 2020, the Board of Trustees of Voya Mutual Funds approved modification to the contingent deferred sales charge ("CDSC") schedule for the Fund's Class A shares, increasing the Class A CDSC holding period from 6 months to 12 months effective July 31, 2020. Effective immediately, the Fund's Prospectus is revised as follows: 1. Footnote 1 following the table in the sub-section entitled "Fees and Expenses of the Fund – Annual Fund Operating Expenses" of the Fund's Prospectus is deleted in its entirety and replaced with the following: 1. A contingent deferred sales charge applies to shares purchased without an initial sales charge, as part of an investment of $500,000 or more, and redeemed within 12 months of purchase.

Feb. 28, 2020

VOYA MUTUAL FUNDS
Voya Global Bond
Fund (the "Fund")

Supplement dated August 20, 2020

to the Fund's Class A, Class C, Class I, Class P, Class R, Class R6, Class T and

Class W shares Prospectus dated February 28, 2020

(the "Prospectus")

On May 14, 2020, the Board of Trustees of Voya Mutual Funds approved modification to the contingent deferred sales charge ("CDSC") schedule for the Fund's Class A shares, increasing the Class A CDSC holding period from 6 months to 12 months effective July 31, 2020.

Effective immediately, the Fund's Prospectus is revised as follows:

1. Footnote 1 following the table in the sub-section entitled "Fees and Expenses of the Fund – Annual Fund Operating Expenses" of the Fund's Prospectus is deleted in its entirety and replaced with the following:

1. A contingent deferred sales charge applies to shares purchased without an initial sales charge, as part of an investment of $500,000 or more, and redeemed within 12 months of purchase.