0000895430 2023-02-28 2023-02-28 0000895430 vmf:S000034101Member 2023-02-28 2023-02-28 pure iso4217:USD false 2023-05-19 2022-10-31 497 0000895430 N-1A <div style="padding-left:244px;font:bold 15px/18px 'arial';margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;">VOYA MUTUAL FUNDS</div><div style="padding-left:154px;font:15px/17px 'arial';margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;">Voya Multi-Manager Emerging Markets Equity Fund</div><div style="padding-left:274px;margin-top:1px;margin-bottom:0px;font:15px/17px 'arial';">(the "Fund")</div><div style="padding-left:209px;margin-top:14px;margin-bottom:0px;font:15px/17px 'arial';">Supplement dated May 19, 2023</div><div style="padding-left:103px;font:15px/17px 'arial';margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;">to the Fund's Class A, Class C, Class I, Class R, and Class W Shares'</div><div style="padding-left:194px;font:15px/17px 'arial';margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;">Summary Prospectus and Prospectus,</div><div style="padding-left:160px;font:15px/17px 'arial';margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;">each dated February 28, 2023, as supplemented</div><div style="padding-left:219px;margin-top:1px;margin-bottom:0px;font:15px/17px 'arial';">(together, the "Prospectuses")</div><div style="text-align:justify;padding-right:91px;margin-top:16px;margin-bottom:0px;font:13px/17px 'arial';">On May 11, 2023, the Board of Trustees of Voya Mutual Funds approved the following changes, which are effective at the close of business on July 14, 2023, with respect to the Fund: (i) the removal of Van Eck Associates Corporation ("VanEck") as a sub-adviser to the Fund; (ii) the appointment of Sustainable Growth Advisers, LP ("SGA") as a sub-adviser to the Fund; and (iii) related changes to the Fund's principal investment strategies and portfolio managers. Currently, VanEck, Delaware Investments Fund Advisers, and Voya Investment Management Co. LLC each manage a portion of the Fund's assets. From the open of business June 30, 2023 through the close of business on July 14, 2023, the Fund will be in a "transition period" during which time the Fund's assets currently managed by VanEck will be allocated to SGA. During the transition period, this portion of the Fund's assets may not be pursuing its investment objective and strategies, and limitations on permissible investments and investment restrictions will not apply. The sale and purchase of securities during the transition period are expected to result in buy and sell transactions. Such transactions may be made at a disadvantageous time and may result in the realization of taxable gains or losses for the Fund, resulting in taxable distributions to the Fund's shareholders. In addition, these transactions will also result in costs, which will be borne by the Fund.</div><div style="margin-top:28px;margin-bottom:0px;font:15px/17px 'arial';">Effective at the close of business on July 14, 2023, the Prospectuses are revised as follows:</div><div style="padding-left:7px;margin-top:16px;margin-bottom:0px;font:15px/17px 'arial';"><span style="font:15px / 17px arial">1.</span><span style="font:15px / 17px arial;margin-left:32px">All references to VanEck are hereby deleted in their entirety.</span></div><div style="padding-left:51px;padding-right:102px;margin-top:18px;margin-bottom:0px;text-indent:-44px;font:15px/19px 'arial';"><span style="font:15px / 17px arial">2.</span><span style="font:15px / 19px arial;margin-left:32px">The section of the Prospectuses entitled "Principal Investment Strategies" is deleted in its entirety and replaced with the following:</span></div><div style="text-align:justify;padding-left:54px;padding-right:99px;margin-top:17px;margin-bottom:0px;font:15px/17px 'arial';">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.</div><div style="text-align:justify;padding-left:54px;padding-right:94px;margin-top:17px;margin-bottom:0px;font:13px/17px 'arial';">The Fund currently considers developing or emerging market countries to include most countries in the world except Australia, Canada, Japan, New Zealand, Hong Kong, Singapore, the United Kingdom, the U.S., and most of the countries of Western Europe. An emerging market company is one (i) that is organized under the laws of, or has a principal place of business in, an emerging market; (ii) for which the principal securities market is in an emerging market; (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 an emerging market; or <span style="font-variant-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:16px;text-align:left">(iv)</span><span style="font-variant-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:18px;text-align:left;margin-left:5px">at least 50% of the assets of which are located in an emerging market. The Fund may invest in companies of any market capitalization.</span></div><div style="padding-left:54px;padding-right:94px;margin-top:16px;margin-bottom:0px;font:13px/19px 'arial';">Equity securities may include common stock, preferred stock, convertible securities, depositary receipts, participatory notes, trust or partnership interests, warrants and rights to</div><div style="text-align:justify;padding-right:99px;font:15px/18px 'arial';margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;">buy common stock, and privately placed securities. The Fund may also invest in real estate- related securities including real estate investment trusts ("REITs") and non-investment grade bonds (high-yield or "junk bonds").</div><div style="text-align:justify;padding-right:99px;margin-top:15px;margin-bottom:0px;font:15px/17px 'arial';">The Fund may invest in derivatives, including but not limited to, futures, options, swaps, and forward foreign currency exchange contracts 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.</div><div style="text-align:justify;padding-right:99px;margin-top:18px;margin-bottom:0px;font:15px/17px 'arial';">The Fund may invest in securities denominated in U.S. dollars, other major reserve currencies, such as the euro, yen and pound sterling, 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.</div><div style="text-align:justify;padding-right:99px;margin-top:19px;margin-bottom:0px;font:15px/17px 'arial';">The Fund may invest in other investment companies, including exchange-traded funds ("ETFs"), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder.</div><div style="text-align:justify;padding-right:94px;margin-top:18px;margin-bottom:0px;font:15px/17px 'arial';">The Investment Adviser allocates the Fund's assets to different sub-advisers. When selecting sub-advisers, the Investment Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy of a potential sub- adviser, its personnel, and its fit with other sub-advisers to the Fund. Among those, the Investment Adviser will typically consider the extent to which a potential sub-adviser takes into account environmental, social, and governance ("ESG") factors as part of its investment process. ESG factors will be only one of many considerations in the Investment Adviser's evaluation of any potential sub-adviser; the extent to which ESG factors will affect the Investment Adviser's decision to retain a sub-adviser, if at all, will depend on the analysis and judgment of the Investment Adviser.</div><div style="text-align:justify;padding-right:94px;margin-top:19px;margin-bottom:0px;font:13px/18px 'arial';">Delaware Investments Fund Advisers ("DIFA"), Sustainable Growth Advisers, LP ("SGA"), and Voya Investment Management Co. LLC ("Voya IM") (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") 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 Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.</div><div style="text-align:justify;padding-right:94px;margin-top:14px;margin-bottom:0px;font:14px/19px 'arial';">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.</div><div style="text-align:justify;padding-right:99px;margin-top:14px;margin-bottom:0px;font:15px/18px 'arial';">The Fund may lend portfolio securities on a short-term or long-term basis, up to 33<span style="font:9px / 13px arial">1</span>⁄<span style="font:9px / 13px arial">3</span>% of its total assets.</div><div style="margin-top:16px;margin-bottom:0px;font:bold 15px/18px 'arial';">Delaware Investments Fund Advisers</div><div style="text-align:justify;padding-right:94px;margin-top:16px;margin-bottom:0px;font:13px/18px 'arial';">DIFA believes that, although market price and intrinsic business value are positively correlated in the long run, short-term divergences can emerge. DIFA seeks to take advantage of these divergences through a disciplined, fundamental, bottom-up approach. DIFA seeks to invest in companies with sustainable franchises when they are trading at a significant</div><div style="text-align:justify;padding-left:47px;padding-right:99px;font:15px/18px 'arial';margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;">discount to DIFA's conservative intrinsic value estimate. DIFA also prefers companies that have large market opportunities in which to deploy capital, ensuring that they grow faster than the overall economy.</div><div style="text-align:justify;padding-left:47px;padding-right:94px;margin-top:15px;margin-bottom:0px;font:13px/18px 'arial';">Fundamental bottom-up research is the core of the investment process. DIFA's fundamental research process can be broken down into two main components: analyzing a company's sustainability and assessing its intrinsic value. Sustainability analysis involves identification of a company's source of competitive advantage and the ability of its management to maximize its return potential. Intrinsic value assessment is typically quantitatively driven by a number of valuation methods including discounted cash flow, replacement cost, private market transaction, and multiples analysis. This bottom-up approach considers current and historical macro drivers that impact a firm's ability to generate returns over the long-term.</div><div style="padding-left:47px;margin-top:11px;margin-bottom:0px;font:bold 15px/18px 'arial';">Sustainable Growth Advisers, LP</div><div style="text-align:justify;padding-left:47px;padding-right:94px;margin-top:16px;margin-bottom:0px;font:14px/18px 'arial';">SGA is focused on identifying and owning the rare businesses which generate predictable, sustainable earnings and cash flow growth over time with lower variability. SGA's objective is to translate earnings growth into portfolio returns. The companies in which SGA invests have unique characteristics that lead to a high degree of predictability, strong profitability, and well above average earnings and cash flow growth. These characteristics include pricing power, recurring revenues, and secular growth opportunity, as well as financial and management strength. SGA's emerging markets growth strategy focuses solely on the companies they believe will also benefit in a sustained way from rising incomes and increasing consumption within developing economies.</div><div style="padding-left:47px;margin-top:11px;margin-bottom:0px;font:bold 15px/18px 'arial';">Voya Investment Management Co. LLC</div><div style="text-align:justify;padding-left:47px;padding-right:94px;margin-top:16px;margin-bottom:0px;font:14px/18px 'arial';">Voya IM employs a "passive management" approach designed to track the performance of the FTSE Emerging Plus Korea Select Factor Index (the "Index"). The Index is designed to capture risk premium through exposure to five factors that contribute to emerging market equity performance. These five factors include Momentum, Quality, Size, Value and Low Volatility. As a result of the five factor selection process, the Index may be focused in one or more industries, which may change from time to time. As of December 31, 2022, a portion of the Index was focused in the materials and technology sectors.</div><div style="text-align:justify;padding-left:47px;padding-right:99px;margin-top:12px;margin-bottom:0px;font:15px/17px 'arial';">Voya IM seeks to replicate the performance of the Index, meaning it generally will invest in all of the securities in the Index in weightings consistent with that of the Index. The Fund's portfolio may not always hold all of the same securities as the Index. Voya IM may also invest in ETFs, stock index futures, and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Fund's cash position. Although Voya IM attempts to track, as closely as possible, the performance of the Index, the Fund's portfolio does not always perform exactly like the Index. Unlike the Index, the Fund has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.</div><div style="padding-left:44px;padding-right:102px;margin-top:20px;margin-bottom:0px;text-indent:-44px;font:15px/19px 'arial';"><span style="font:15px / 17px arial">3.</span><span style="font:15px / 19px arial;margin-left:32px">The section of the Prospectuses entitled "Principal Risks" is revised to: (i) delete Investing through Stock Connect risk; and (ii) add the following risk:</span></div><div style="text-align:justify;padding-left:44px;padding-right:86px;margin-top:15px;margin-bottom:0px;font:13px/18px 'arial';"><span style="font:bold 13px / 18px arial">China Investing Risks: </span>The Chinese economy is generally considered an emerging and volatile market. Although China has experienced a relatively stable political environment in recent</div><div style="text-align:justify;padding-left:44px;font:14px/17px 'arial';margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;">years, there is no guarantee that such stability will be maintained in the future. Significant portions of the Chinese securities markets may become rapidly illiquid because Chinese issuers have the ability to suspend the trading of their equity securities under certain circumstances, and have shown a willingness to exercise that option in response to market volatility, epidemics, pandemics, adverse economic, market or political events, and other events. Political, regulatory and diplomatic events, such as the U.S.-China "trade war" that intensified in 2018, could have an adverse effect on the Chinese or Hong Kong economies and on related investments. In addition, there may be restrictions on investments in Chinese companies. For example, on November 12, 2020, the President of the United States signed an Executive Order prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. government as "Communist Chinese military companies." The list of such companies can change from time to time, and as a result of forced selling or inability to participate in an investment the Investment Adviser/Sub-Adviser otherwise believes is attractive, the Fund may incur losses.</div><div style="text-align:justify;padding-left:72px;margin-top:11px;margin-bottom:0px;text-indent:-28px;font:13px/17px 'arial';"><span style="font:13px / 15px calibri">•</span><span style="font:italic 13px / 17px arial;margin-left:21px">Investing through Stock Connect</span>: Shares in mainland China-based companies that trade on Chinese stock exchanges such as the Shanghai Stock Exchange and the Shenzhen Stock Exchange ("China A-Shares") may be purchased directly or indirectly through the Shanghai-Hong Kong Stock Connect ("Stock Connect"), a mutual market access program designed to, among other things, enable foreign investment in the People's Republic of China ("PRC") via brokers in Hong Kong. There are significant risks inherent in investing in China A-Shares through Stock Connect. The underdeveloped state of PRC's investment and banking systems subjects the settlement, clearing, and registration of China A-Shares transactions to heightened risks. Stock Connect can only operate when both PRC and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, if either or both markets are closed on a U.S. trading day, the Fund may not be able to dispose of its China A-Shares in a timely manner, which could adversely affect the Fund's performance.</div><div style="padding-left:44px;padding-right:16px;margin-top:12px;margin-bottom:0px;text-indent:-44px;font:15px/19px 'arial';"><span style="font:15px / 17px arial">4.</span><span style="font:15px / 19px arial;margin-left:32px">The second paragraph in the section of the Prospectuses entitled "Performance Information" is deleted in its entirety and replaced with the following:</span></div><div style="text-align:justify;padding-left:44px;margin-top:15px;margin-bottom:0px;font:15px/17px 'arial';">Only July 14, 2023, SGA was added as an additional sub-adviser and Van Eck Associates Corporation (which served as a sub-adviser from August 24, 2015 to June 30, 2023) was removed as a sub-adviser. On August 9, 2019, Voya IM was added as a sub-adviser and J.P. Morgan Investment Management Inc. (which served as a sub-adviser from October 11, 2011 to August 9, 2019) was removed as a sub-adviser. Each change to the sub-advisers resulted in changes to the Fund's principal investment strategies. The Fund's performance information for these periods reflects returns achieved by the different sub-advisers and pursuant to different principal investment strategies. If the Fund's current sub-advisers and strategies had been in place for the prior periods, the performance information shown would have been different. <span style="font:italic 15px / 17px arial">The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to </span>https://individuals.voya.com/literature or call 1-800-992-0180.</div> <div style="padding-left:244px;font:bold 15px/18px 'arial';margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;">VOYA MUTUAL FUNDS</div><div style="padding-left:154px;font:15px/17px 'arial';margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;">Voya Multi-Manager Emerging Markets Equity Fund</div><div style="padding-left:274px;margin-top:1px;margin-bottom:0px;font:15px/17px 'arial';">(the "Fund")</div><div style="padding-left:209px;margin-top:14px;margin-bottom:0px;font:15px/17px 'arial';">Supplement dated May 19, 2023</div><div style="padding-left:103px;font:15px/17px 'arial';margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;">to the Fund's Class A, Class C, Class I, Class R, and Class W Shares'</div><div style="padding-left:194px;font:15px/17px 'arial';margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;">Summary Prospectus and Prospectus,</div><div style="padding-left:160px;font:15px/17px 'arial';margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;">each dated February 28, 2023, as supplemented</div><div style="padding-left:219px;margin-top:1px;margin-bottom:0px;font:15px/17px 'arial';">(together, the "Prospectuses")</div><div style="text-align:justify;padding-right:91px;margin-top:16px;margin-bottom:0px;font:13px/17px 'arial';">On May 11, 2023, the Board of Trustees of Voya Mutual Funds approved the following changes, which are effective at the close of business on July 14, 2023, with respect to the Fund: (i) the removal of Van Eck Associates Corporation ("VanEck") as a sub-adviser to the Fund; (ii) the appointment of Sustainable Growth Advisers, LP ("SGA") as a sub-adviser to the Fund; and (iii) related changes to the Fund's principal investment strategies and portfolio managers. Currently, VanEck, Delaware Investments Fund Advisers, and Voya Investment Management Co. LLC each manage a portion of the Fund's assets. From the open of business June 30, 2023 through the close of business on July 14, 2023, the Fund will be in a "transition period" during which time the Fund's assets currently managed by VanEck will be allocated to SGA. During the transition period, this portion of the Fund's assets may not be pursuing its investment objective and strategies, and limitations on permissible investments and investment restrictions will not apply. The sale and purchase of securities during the transition period are expected to result in buy and sell transactions. Such transactions may be made at a disadvantageous time and may result in the realization of taxable gains or losses for the Fund, resulting in taxable distributions to the Fund's shareholders. In addition, these transactions will also result in costs, which will be borne by the Fund.</div><div style="margin-top:28px;margin-bottom:0px;font:15px/17px 'arial';">Effective at the close of business on July 14, 2023, the Prospectuses are revised as follows:</div><div style="padding-left:7px;margin-top:16px;margin-bottom:0px;font:15px/17px 'arial';"><span style="font:15px / 17px arial">1.</span><span style="font:15px / 17px arial;margin-left:32px">All references to VanEck are hereby deleted in their entirety.</span></div><div style="padding-left:51px;padding-right:102px;margin-top:18px;margin-bottom:0px;text-indent:-44px;font:15px/19px 'arial';"><span style="font:15px / 17px arial">2.</span><span style="font:15px / 19px arial;margin-left:32px">The section of the Prospectuses entitled "Principal Investment Strategies" is deleted in its entirety and replaced with the following:</span></div><div style="text-align:justify;padding-left:54px;padding-right:99px;margin-top:17px;margin-bottom:0px;font:15px/17px 'arial';">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.</div><div style="text-align:justify;padding-left:54px;padding-right:94px;margin-top:17px;margin-bottom:0px;font:13px/17px 'arial';">The Fund currently considers developing or emerging market countries to include most countries in the world except Australia, Canada, Japan, New Zealand, Hong Kong, Singapore, the United Kingdom, the U.S., and most of the countries of Western Europe. An emerging market company is one (i) that is organized under the laws of, or has a principal place of business in, an emerging market; (ii) for which the principal securities market is in an emerging market; (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 an emerging market; or <span style="font-variant-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:16px;text-align:left">(iv)</span><span style="font-variant-numeric:normal;font-variant-east-asian:normal;font-variant-alternates:normal;font-kerning:auto;font-optical-sizing:auto;font-feature-settings:normal;font-variation-settings:normal;font-stretch:normal;font-size:10pt;line-height:18px;text-align:left;margin-left:5px">at least 50% of the assets of which are located in an emerging market. The Fund may invest in companies of any market capitalization.</span></div><div style="padding-left:54px;padding-right:94px;margin-top:16px;margin-bottom:0px;font:13px/19px 'arial';">Equity securities may include common stock, preferred stock, convertible securities, depositary receipts, participatory notes, trust or partnership interests, warrants and rights to</div><div style="text-align:justify;padding-right:99px;font:15px/18px 'arial';margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;">buy common stock, and privately placed securities. The Fund may also invest in real estate- related securities including real estate investment trusts ("REITs") and non-investment grade bonds (high-yield or "junk bonds").</div><div style="text-align:justify;padding-right:99px;margin-top:15px;margin-bottom:0px;font:15px/17px 'arial';">The Fund may invest in derivatives, including but not limited to, futures, options, swaps, and forward foreign currency exchange contracts 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.</div><div style="text-align:justify;padding-right:99px;margin-top:18px;margin-bottom:0px;font:15px/17px 'arial';">The Fund may invest in securities denominated in U.S. dollars, other major reserve currencies, such as the euro, yen and pound sterling, 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.</div><div style="text-align:justify;padding-right:99px;margin-top:19px;margin-bottom:0px;font:15px/17px 'arial';">The Fund may invest in other investment companies, including exchange-traded funds ("ETFs"), to the extent permitted under the Investment Company Act of 1940, as amended, and the rules and regulations thereunder, and under the terms of applicable no-action relief or exemptive orders granted thereunder.</div><div style="text-align:justify;padding-right:94px;margin-top:18px;margin-bottom:0px;font:15px/17px 'arial';">The Investment Adviser allocates the Fund's assets to different sub-advisers. When selecting sub-advisers, the Investment Adviser takes into account a wide variety of factors and considerations, including among other things the investment strategy of a potential sub- adviser, its personnel, and its fit with other sub-advisers to the Fund. Among those, the Investment Adviser will typically consider the extent to which a potential sub-adviser takes into account environmental, social, and governance ("ESG") factors as part of its investment process. ESG factors will be only one of many considerations in the Investment Adviser's evaluation of any potential sub-adviser; the extent to which ESG factors will affect the Investment Adviser's decision to retain a sub-adviser, if at all, will depend on the analysis and judgment of the Investment Adviser.</div><div style="text-align:justify;padding-right:94px;margin-top:19px;margin-bottom:0px;font:13px/18px 'arial';">Delaware Investments Fund Advisers ("DIFA"), Sustainable Growth Advisers, LP ("SGA"), and Voya Investment Management Co. LLC ("Voya IM") (each, a "Sub-Adviser" and collectively, the "Sub-Advisers") 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 Investment Adviser will determine the amount of Fund assets allocated to each Sub-Adviser.</div><div style="text-align:justify;padding-right:94px;margin-top:14px;margin-bottom:0px;font:14px/19px 'arial';">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.</div><div style="text-align:justify;padding-right:99px;margin-top:14px;margin-bottom:0px;font:15px/18px 'arial';">The Fund may lend portfolio securities on a short-term or long-term basis, up to 33<span style="font:9px / 13px arial">1</span>⁄<span style="font:9px / 13px arial">3</span>% of its total assets.</div><div style="margin-top:16px;margin-bottom:0px;font:bold 15px/18px 'arial';">Delaware Investments Fund Advisers</div><div style="text-align:justify;padding-right:94px;margin-top:16px;margin-bottom:0px;font:13px/18px 'arial';">DIFA believes that, although market price and intrinsic business value are positively correlated in the long run, short-term divergences can emerge. DIFA seeks to take advantage of these divergences through a disciplined, fundamental, bottom-up approach. DIFA seeks to invest in companies with sustainable franchises when they are trading at a significant</div><div style="text-align:justify;padding-left:47px;padding-right:99px;font:15px/18px 'arial';margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;">discount to DIFA's conservative intrinsic value estimate. DIFA also prefers companies that have large market opportunities in which to deploy capital, ensuring that they grow faster than the overall economy.</div><div style="text-align:justify;padding-left:47px;padding-right:94px;margin-top:15px;margin-bottom:0px;font:13px/18px 'arial';">Fundamental bottom-up research is the core of the investment process. DIFA's fundamental research process can be broken down into two main components: analyzing a company's sustainability and assessing its intrinsic value. Sustainability analysis involves identification of a company's source of competitive advantage and the ability of its management to maximize its return potential. Intrinsic value assessment is typically quantitatively driven by a number of valuation methods including discounted cash flow, replacement cost, private market transaction, and multiples analysis. This bottom-up approach considers current and historical macro drivers that impact a firm's ability to generate returns over the long-term.</div><div style="padding-left:47px;margin-top:11px;margin-bottom:0px;font:bold 15px/18px 'arial';">Sustainable Growth Advisers, LP</div><div style="text-align:justify;padding-left:47px;padding-right:94px;margin-top:16px;margin-bottom:0px;font:14px/18px 'arial';">SGA is focused on identifying and owning the rare businesses which generate predictable, sustainable earnings and cash flow growth over time with lower variability. SGA's objective is to translate earnings growth into portfolio returns. The companies in which SGA invests have unique characteristics that lead to a high degree of predictability, strong profitability, and well above average earnings and cash flow growth. These characteristics include pricing power, recurring revenues, and secular growth opportunity, as well as financial and management strength. SGA's emerging markets growth strategy focuses solely on the companies they believe will also benefit in a sustained way from rising incomes and increasing consumption within developing economies.</div><div style="padding-left:47px;margin-top:11px;margin-bottom:0px;font:bold 15px/18px 'arial';">Voya Investment Management Co. LLC</div><div style="text-align:justify;padding-left:47px;padding-right:94px;margin-top:16px;margin-bottom:0px;font:14px/18px 'arial';">Voya IM employs a "passive management" approach designed to track the performance of the FTSE Emerging Plus Korea Select Factor Index (the "Index"). The Index is designed to capture risk premium through exposure to five factors that contribute to emerging market equity performance. These five factors include Momentum, Quality, Size, Value and Low Volatility. As a result of the five factor selection process, the Index may be focused in one or more industries, which may change from time to time. As of December 31, 2022, a portion of the Index was focused in the materials and technology sectors.</div><div style="text-align:justify;padding-left:47px;padding-right:99px;margin-top:12px;margin-bottom:0px;font:15px/17px 'arial';">Voya IM seeks to replicate the performance of the Index, meaning it generally will invest in all of the securities in the Index in weightings consistent with that of the Index. The Fund's portfolio may not always hold all of the same securities as the Index. Voya IM may also invest in ETFs, stock index futures, and other derivatives as a substitute for the sale or purchase of securities in the Index and to provide equity exposure to the Fund's cash position. Although Voya IM attempts to track, as closely as possible, the performance of the Index, the Fund's portfolio does not always perform exactly like the Index. Unlike the Index, the Fund has operating expenses and transaction costs and therefore has a performance disadvantage versus the Index.</div><div style="padding-left:44px;padding-right:102px;margin-top:20px;margin-bottom:0px;text-indent:-44px;font:15px/19px 'arial';"><span style="font:15px / 17px arial">3.</span><span style="font:15px / 19px arial;margin-left:32px">The section of the Prospectuses entitled "Principal Risks" is revised to: (i) delete Investing through Stock Connect risk; and (ii) add the following risk:</span></div><div style="text-align:justify;padding-left:44px;padding-right:86px;margin-top:15px;margin-bottom:0px;font:13px/18px 'arial';"><span style="font:bold 13px / 18px arial">China Investing Risks: </span>The Chinese economy is generally considered an emerging and volatile market. Although China has experienced a relatively stable political environment in recent</div><div style="text-align:justify;padding-left:44px;font:14px/17px 'arial';margin-top:0px;margin-right:0px;margin-bottom:0px;margin-left:0px;">years, there is no guarantee that such stability will be maintained in the future. Significant portions of the Chinese securities markets may become rapidly illiquid because Chinese issuers have the ability to suspend the trading of their equity securities under certain circumstances, and have shown a willingness to exercise that option in response to market volatility, epidemics, pandemics, adverse economic, market or political events, and other events. Political, regulatory and diplomatic events, such as the U.S.-China "trade war" that intensified in 2018, could have an adverse effect on the Chinese or Hong Kong economies and on related investments. In addition, there may be restrictions on investments in Chinese companies. For example, on November 12, 2020, the President of the United States signed an Executive Order prohibiting U.S. persons from purchasing or investing in publicly-traded securities of companies identified by the U.S. government as "Communist Chinese military companies." The list of such companies can change from time to time, and as a result of forced selling or inability to participate in an investment the Investment Adviser/Sub-Adviser otherwise believes is attractive, the Fund may incur losses.</div><div style="text-align:justify;padding-left:72px;margin-top:11px;margin-bottom:0px;text-indent:-28px;font:13px/17px 'arial';"><span style="font:13px / 15px calibri">•</span><span style="font:italic 13px / 17px arial;margin-left:21px">Investing through Stock Connect</span>: Shares in mainland China-based companies that trade on Chinese stock exchanges such as the Shanghai Stock Exchange and the Shenzhen Stock Exchange ("China A-Shares") may be purchased directly or indirectly through the Shanghai-Hong Kong Stock Connect ("Stock Connect"), a mutual market access program designed to, among other things, enable foreign investment in the People's Republic of China ("PRC") via brokers in Hong Kong. There are significant risks inherent in investing in China A-Shares through Stock Connect. The underdeveloped state of PRC's investment and banking systems subjects the settlement, clearing, and registration of China A-Shares transactions to heightened risks. Stock Connect can only operate when both PRC and Hong Kong markets are open for trading and when banking services are available in both markets on the corresponding settlement days. As such, if either or both markets are closed on a U.S. trading day, the Fund may not be able to dispose of its China A-Shares in a timely manner, which could adversely affect the Fund's performance.</div><div style="padding-left:44px;padding-right:16px;margin-top:12px;margin-bottom:0px;text-indent:-44px;font:15px/19px 'arial';"><span style="font:15px / 17px arial">4.</span><span style="font:15px / 19px arial;margin-left:32px">The second paragraph in the section of the Prospectuses entitled "Performance Information" is deleted in its entirety and replaced with the following:</span></div><div style="text-align:justify;padding-left:44px;margin-top:15px;margin-bottom:0px;font:15px/17px 'arial';">Only July 14, 2023, SGA was added as an additional sub-adviser and Van Eck Associates Corporation (which served as a sub-adviser from August 24, 2015 to June 30, 2023) was removed as a sub-adviser. On August 9, 2019, Voya IM was added as a sub-adviser and J.P. Morgan Investment Management Inc. (which served as a sub-adviser from October 11, 2011 to August 9, 2019) was removed as a sub-adviser. Each change to the sub-advisers resulted in changes to the Fund's principal investment strategies. The Fund's performance information for these periods reflects returns achieved by the different sub-advisers and pursuant to different principal investment strategies. If the Fund's current sub-advisers and strategies had been in place for the prior periods, the performance information shown would have been different. <span style="font:italic 15px / 17px arial">The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to </span>https://individuals.voya.com/literature or call 1-800-992-0180.</div> VOYA MUTUAL FUNDS 2023-05-19 2023-02-28