0000895430
2025-02-28
2025-02-28
0000895430
vmf1:S000008531Member
2025-02-28
2025-02-28
iso4217:USD
pure
false
2025-02-28
2024-10-31
497
0000895430
N-1A
<div class="p0 ft0" style="text-align:left;padding-left:230px;margin-top:0px;margin-bottom:0px;font:bold 15px 'times new roman';line-height:17px;">VOYA MUTUAL FUNDS</div><div class="p1 ft1" style="text-align:left;padding-left:161px;margin-top:0px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">Voya Multi-Manager International Small Cap Fund</div><div class="p2 ft1" style="text-align:left;padding-left:275px;margin-top:0px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">(the “Fund”)</div><div class="p3 ft1" style="text-align:left;padding-left:203px;margin-top:16px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">Supplement dated February 28, 2025</div><div class="p4 ft1" style="text-align:center;padding-left:104px;padding-right:200px;margin-top:0px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">to the Fund’s Class A, Class C, Class I, Class R6, and Class W Shares’ Summary Prospectus and Prospectus, each dated February 28, 2025 (together, the “Prospectuses”)</div><div class="p5 ft0" style="text-align:left;padding-left:51px;margin-top:17px;margin-bottom:0px;font:bold 15px 'times new roman';line-height:17px;">IMPORTANT NOTICE REGARDING CHANGE IN INVESTMENT POLICY</div><div class="p6 ft1" style="text-align:left;padding-right:100px;margin-top:17px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">In accordance with recent changes to regulatory disclosure requirements regarding investment company names, the Fund’s policy to invest in accordance with the investment focus that the Fund’s name suggests (the “80% Investment Policy”) is changed effective April 29, 2025 (the “Effective Date”), as set forth below.</div><table cellpadding="0" cellspacing="0" class="t0" style="width:624px;margin-top:14px;font:15px 'times new roman'">
<tr>
<td class="tr0 td0" style="height:13.5pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-top:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;background:#e7e6e6;">
<div class="p7 ft0" style="text-align:left;padding-left:56px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">Current 80% Investment Policy</div>
</td>
<td class="tr0 td1" style="height:13.5pt;border-right:#000000 1px solid;border-top:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;background:#e7e6e6;">
<div class="p8 ft0" style="text-align:left;padding-left:39px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">New 80% Investment Policy as of the</div>
</td>
</tr>
<tr>
<td class="tr1 td2" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;background:#e7e6e6;">
<div class="p9 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div>
</td>
<td class="tr1 td3" style="height:12.75pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;background:#e7e6e6;">
<div class="p10 ft0" style="text-align:left;padding-left:111px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">Effective Date</div>
</td>
</tr>
<tr>
<td class="tr2 td4" style="height:12pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft3" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Under normal market conditions, the Fund invests</div>
</td>
<td class="tr2 td5" style="height:12pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft3" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Under normal circumstances, the Fund invests at</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">at least 80% of its net assets (plus borrowings for</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">least 80% of its net assets (plus the amount of any</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">investment purposes) in securities of small market</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">borrowings for investment purposes) in</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">capitalization companies.</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">investments tied to small-capitalization</div>
</td>
</tr>
<tr>
<td class="tr1 td6" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p9 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div>
</td>
<td class="tr1 td7" style="height:12.75pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">companies.</div>
</td>
</tr>
</table><div class="p13 ft1" style="text-align:left;padding-right:96px;margin-top:17px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">Although the Fund’s new 80% Investment Policy and related disclosure changes are set forth in the Fund’s Prospectuses, these changes will not be effective until the Effective Date. Until the Effective Date, the Fund’s current 80% Investment Policy and related disclosure, as set forth in the table below under the heading “Current Disclosure”, will continue in effect and supersede the disclosure in the first paragraph in the section of the Prospectuses entitled “Principal Investment Strategies” (which, for reference, is set forth in the table below under the heading “Disclosure as of the Effective Date”).</div><table cellpadding="0" cellspacing="0" class="t1" style="width:624px;margin-top:15px;font:15px 'times new roman'">
<tr>
<td class="tr0 td8" style="height:13.5pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-top:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;background:#e7e6e6;">
<div class="p14 ft0" style="text-align:left;padding-left:96px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">Current Disclosure</div>
</td>
<td class="tr0 td9" style="height:13.5pt;border-right:#000000 1px solid;border-top:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;background:#e7e6e6;">
<div class="p15 ft0" style="text-align:left;padding-left:49px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">Disclosure as of the Effective Date</div>
</td>
</tr>
<tr>
<td class="tr2 td4" style="height:12pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft3" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Under normal market conditions, the Fund invests</div>
</td>
<td class="tr2 td5" style="height:12pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft3" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Under normal circumstances, the Fund invests at</div>
</td>
</tr>
<tr>
<td class="tr2 td4" style="height:12pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft3" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">at least 80% of its net assets (plus borrowings for</div>
</td>
<td class="tr2 td5" style="height:12pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft3" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">least 80% of its net assets (plus the amount of any</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">investment purposes) in securities of small market</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">borrowings for investment purposes) in</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">capitalization companies. The Fund will provide</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">investments tied to small-capitalization</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">shareholders with at least 60 days' prior notice of</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">companies. For purposes of this 80% policy,</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">any change in this investment policy. The Fund</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">small-capitalization companies means companies</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">currently considers small-capitalization companies</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">with market capitalizations that fall within the</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">to be those companies with market capitalizations</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">capitalization range of companies within the S&P</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">that fall within the range of companies in the S&P</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">Developed ex-U.S. Small Cap Index (the</div>
</td>
</tr>
<tr>
<td class="tr2 td4" style="height:12pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft3" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Developed ex-U.S. Small Cap Index (the “Index”)</div>
</td>
<td class="tr2 td5" style="height:12pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft3" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">“Index”).</div>
</td>
</tr>
<tr>
<td class="tr0 td6" style="height:13.5pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">at the time of purchase.</div>
</td>
<td class="tr0 td7" style="height:13.5pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p9 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div>
</td>
</tr>
</table><div class="p16 ft1" style="text-align:justify;padding-right:96px;margin-top:17px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">In addition, the section of the Prospectus entitled “Additional Information About 80% Investment Policies Related to Fund Names” is inapplicable to the Fund until the Effective Date.</div>
<div class="p0 ft0" style="text-align:left;padding-left:230px;margin-top:0px;margin-bottom:0px;font:bold 15px 'times new roman';line-height:17px;">VOYA MUTUAL FUNDS</div><div class="p1 ft1" style="text-align:left;padding-left:161px;margin-top:0px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">Voya Multi-Manager International Small Cap Fund</div><div class="p2 ft1" style="text-align:left;padding-left:275px;margin-top:0px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">(the “Fund”)</div><div class="p3 ft1" style="text-align:left;padding-left:203px;margin-top:16px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">Supplement dated February 28, 2025</div><div class="p4 ft1" style="text-align:center;padding-left:104px;padding-right:200px;margin-top:0px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">to the Fund’s Class A, Class C, Class I, Class R6, and Class W Shares’ Summary Prospectus and Prospectus, each dated February 28, 2025 (together, the “Prospectuses”)</div><div class="p5 ft0" style="text-align:left;padding-left:51px;margin-top:17px;margin-bottom:0px;font:bold 15px 'times new roman';line-height:17px;">IMPORTANT NOTICE REGARDING CHANGE IN INVESTMENT POLICY</div><div class="p6 ft1" style="text-align:left;padding-right:100px;margin-top:17px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">In accordance with recent changes to regulatory disclosure requirements regarding investment company names, the Fund’s policy to invest in accordance with the investment focus that the Fund’s name suggests (the “80% Investment Policy”) is changed effective April 29, 2025 (the “Effective Date”), as set forth below.</div><table cellpadding="0" cellspacing="0" class="t0" style="width:624px;margin-top:14px;font:15px 'times new roman'">
<tr>
<td class="tr0 td0" style="height:13.5pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-top:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;background:#e7e6e6;">
<div class="p7 ft0" style="text-align:left;padding-left:56px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">Current 80% Investment Policy</div>
</td>
<td class="tr0 td1" style="height:13.5pt;border-right:#000000 1px solid;border-top:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;background:#e7e6e6;">
<div class="p8 ft0" style="text-align:left;padding-left:39px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">New 80% Investment Policy as of the</div>
</td>
</tr>
<tr>
<td class="tr1 td2" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;background:#e7e6e6;">
<div class="p9 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div>
</td>
<td class="tr1 td3" style="height:12.75pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;background:#e7e6e6;">
<div class="p10 ft0" style="text-align:left;padding-left:111px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">Effective Date</div>
</td>
</tr>
<tr>
<td class="tr2 td4" style="height:12pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft3" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Under normal market conditions, the Fund invests</div>
</td>
<td class="tr2 td5" style="height:12pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft3" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Under normal circumstances, the Fund invests at</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">at least 80% of its net assets (plus borrowings for</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">least 80% of its net assets (plus the amount of any</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">investment purposes) in securities of small market</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">borrowings for investment purposes) in</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">capitalization companies.</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">investments tied to small-capitalization</div>
</td>
</tr>
<tr>
<td class="tr1 td6" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p9 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div>
</td>
<td class="tr1 td7" style="height:12.75pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">companies.</div>
</td>
</tr>
</table><div class="p13 ft1" style="text-align:left;padding-right:96px;margin-top:17px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">Although the Fund’s new 80% Investment Policy and related disclosure changes are set forth in the Fund’s Prospectuses, these changes will not be effective until the Effective Date. Until the Effective Date, the Fund’s current 80% Investment Policy and related disclosure, as set forth in the table below under the heading “Current Disclosure”, will continue in effect and supersede the disclosure in the first paragraph in the section of the Prospectuses entitled “Principal Investment Strategies” (which, for reference, is set forth in the table below under the heading “Disclosure as of the Effective Date”).</div><table cellpadding="0" cellspacing="0" class="t1" style="width:624px;margin-top:15px;font:15px 'times new roman'">
<tr>
<td class="tr0 td8" style="height:13.5pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-top:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;background:#e7e6e6;">
<div class="p14 ft0" style="text-align:left;padding-left:96px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">Current Disclosure</div>
</td>
<td class="tr0 td9" style="height:13.5pt;border-right:#000000 1px solid;border-top:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;background:#e7e6e6;">
<div class="p15 ft0" style="text-align:left;padding-left:49px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">Disclosure as of the Effective Date</div>
</td>
</tr>
<tr>
<td class="tr2 td4" style="height:12pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft3" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Under normal market conditions, the Fund invests</div>
</td>
<td class="tr2 td5" style="height:12pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft3" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Under normal circumstances, the Fund invests at</div>
</td>
</tr>
<tr>
<td class="tr2 td4" style="height:12pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft3" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">at least 80% of its net assets (plus borrowings for</div>
</td>
<td class="tr2 td5" style="height:12pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft3" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">least 80% of its net assets (plus the amount of any</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">investment purposes) in securities of small market</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">borrowings for investment purposes) in</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">capitalization companies. The Fund will provide</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">investments tied to small-capitalization</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">shareholders with at least 60 days' prior notice of</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">companies. For purposes of this 80% policy,</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">any change in this investment policy. The Fund</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">small-capitalization companies means companies</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">currently considers small-capitalization companies</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">with market capitalizations that fall within the</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">to be those companies with market capitalizations</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">capitalization range of companies within the S&P</div>
</td>
</tr>
<tr>
<td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">that fall within the range of companies in the S&P</div>
</td>
<td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">Developed ex-U.S. Small Cap Index (the</div>
</td>
</tr>
<tr>
<td class="tr2 td4" style="height:12pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft3" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Developed ex-U.S. Small Cap Index (the “Index”)</div>
</td>
<td class="tr2 td5" style="height:12pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p12 ft3" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">“Index”).</div>
</td>
</tr>
<tr>
<td class="tr0 td6" style="height:13.5pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p11 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">at the time of purchase.</div>
</td>
<td class="tr0 td7" style="height:13.5pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;">
<div class="p9 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div>
</td>
</tr>
</table><div class="p16 ft1" style="text-align:justify;padding-right:96px;margin-top:17px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">In addition, the section of the Prospectus entitled “Additional Information About 80% Investment Policies Related to Fund Names” is inapplicable to the Fund until the Effective Date.</div>
VOYA MUTUAL FUNDS
2025-02-28
2025-02-28