# EDGAR Filing Document

**Accession Number:** 0000895430
**File Stem:** 0001193125-26-250322
**Filing Date:** 2026-6
**Character Count:** 32189
**Document Hash:** 90e624d26cb8a9326c4863cb8bddff8d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-26-250322.hdr.sgml**: 20260601

**ACCESSION NUMBER**: 0001193125-26-250322

**CONFORMED SUBMISSION TYPE**: 497

**PUBLIC DOCUMENT COUNT**: 13

**FILED AS OF DATE**: 20260601

**DATE AS OF CHANGE**: 20260601

**EFFECTIVENESS DATE**: 20260601

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Voya MUTUAL FUNDS
- **CENTRAL INDEX KEY:** 0000895430

**ORGANIZATION NAME:**
- **EIN:** 000000000
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 497
- **SEC ACT:** 1933 Act
- **SEC FILE NUMBER:** 033-56094
- **FILM NUMBER:** 261048139

**BUSINESS ADDRESS:**
- **STREET 1:** 7337 E DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258
- **BUSINESS PHONE:** 18009920180

**MAIL ADDRESS:**
- **STREET 1:** 7337 E DOUBLETREE RANCH ROAD, STE 100
- **CITY:** SCOTTSDALE
- **STATE:** AZ
- **ZIP:** 85258

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** ING MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 20020205

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** PILGRIM MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19990526

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** NICHOLAS APPLEGATE MUTUAL FUNDS
- **DATE OF NAME CHANGE:** 19930328

## Series and Classes Contracts Data

### Voya Multi-Manager International Small Cap Fund (Series ID: S000008531)

---

|  |  |  |
|:---|:---|:---|
| Class Name | Ticker Symbol | Class ID   |
| Class A    | NTKLX         | C000023423 |
| Class C    | NARCX         | C000023425 |
| Class I    | NAPIX         | C000023426 |
| Class W    | ISCWX         | C000059862 |
| Class R6   | VVJFX         | C000241253 |

---

## Series and Classes Contracts Data

### Voya Multi-Manager International Small Cap Fund (Series ID: S000008531)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023423 | Class A      | NTKLX           |
| C000023425 | Class C      | NARCX           |
| C000023426 | Class I      | NAPIX           |
| C000059862 | Class W      | ISCWX           |
| C000241253 | Class R6     | VVJFX           |

?xml version='1.0' encoding='ASCII'? 497 for Voya Multi-Manager International Small Cap Fund

------

**VOYA MUTUAL FUNDS**

Voya Multi-Manager International Small Cap Fund

(the "Fund")

Supplement dated June 1, 2026

to the Fund's Class A, Class C, Class I, Class R6, and Class W Shares' Summary Prospectus and Prospectus, each dated February 28, 2026 (each, a "Prospectus" and together, the "Prospectuses")

On May 20, 2026, the Board of Trustees of Voya Mutual Funds approved the following changes to the Fund, which are effective on June 22, 2026: (i) the appointment of Lazard Asset Management LLC ("Lazard") as a sub-adviser to the Fund; and (ii) related changes to the Fund's principal investment strategies and portfolio managers. Currently, Acadian Asset Management LLC ("Acadian") and Victory Capital Management Inc. ("Victory") each manage a portion of the Fund's assets. From June 22, 2026 through June 24, 2026, the Fund will be in a "transition period" during which time a portion of the Fund's assets currently managed by Acadian and Victory will be sold. During the transition period, the Fund may not be pursuing its investment objective and strategies with respect to this portion of the Fund's assets, 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.

Effective June 22, 2026, the Prospectuses are revised as follows:

1. The section of the Prospectuses entitled "Principal Investment Strategies" in the Fund's Summary

Section is deleted in its entirety and replaced with the following:

**PRINCIPAL INVESTMENT STRATEGIES**

Under normal circumstances, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in investments tied to small-capitalization companies. For purposes of this 80% policy, small-capitalization companies means companies with market capitalizations that fall within the capitalization range of companies within the S&P Developed ex-U.S. Small Cap Index (the "Index").

The market capitalization of companies within the Index will change with market conditions. As of

December 31, 2025, the market capitalization of companies within the Index ranged from $19.6 million to $30.8 billion. At least 65% of the Fund's assets will normally be invested in companies located outside the United States, including companies located in countries with emerging securities markets. The Fund may invest up to 35% of its assets in U.S. issuers.

The Fund invests primarily in common stock or securities convertible into common stock of international issuers but may invest from time to time in such instruments as forward foreign currency exchange contracts, futures contracts, rights, and depositary receipts. The Fund may invest in forward foreign currency exchange contracts or futures contracts to hedge currency and for implementation of a currency model within the portfolio. The Fund may invest in futures contracts to allow market exposure in a cost-efficient way, maintain exposure to an asset class in the case of large cash flows, and to have access to a particular market in which the Fund wishes to invest.

The Fund may invest in real estate-related securities, including real estate investment trusts ("REITs"). 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.

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.

Acadian Asset Management LLC ("Acadian"), Lazard Asset Management LLC ("Lazard"), and Victory Capital Management Inc. ("Victory Capital") (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.

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.

The Fund may lend portfolio securities on a short-term or long-term basis, up to 30% of its total assets.

**Acadian**

Acadian's systematic investment process seeks to capture alpha by leveraging advanced technology and data analytics to exploit security mispricings arising from behavioral biases and/or informational insufficiency within and across global equity markets. The process starts with a rigorous systematic assessment of all stocks in the allowable universe on a variety of factors, simultaneously from a bottom- up perspective to attempt to predict how each stock will perform relative to its region-industry peers; from a stock-specific peer group perspective to attempt to gain additional insight via non-obvious peer similarities; and from a top-down macro perspective to attempt to predict how each stock's country, industry group, and local country-industry intersection will perform relative to their market peers. At the bottom-up level, a wide range of signals focused on, among other factors, valuation, earnings, quality, and price movements are applied. At the stock-specific peer group level, the signals focus on peer fundamentals (value and quality), peer growth, and peer momentum. At the top-down level, valuation, quality, risk, growth, technical, and economic indicators are applied. The final step in the forecasting framework is to combine the bottom-up, peer group, and top-down macro forecasts to arrive at a single, unified excess return forecast for each stock. These views are updated continuously, enabling periodic updates to portfolio construction from Acadian's updated and objective views on global equities. During portfolio construction and rebalancing, this return forecast, along with Acadian's proprietary risk and transaction cost forecasts, is used to maximize a portfolio's expected return net of costs, with all final portfolio allocations determined in the optimization process subject to Acadian's risk controls.

**Lazard**

Lazard seeks to realize the Fund's investment objective primarily by utilizing a quantitatively driven, bottom-up stock selection process that blends both risk and stock ranking assessments designed to capture attractive risk-to-return characteristics. The active, quantitative approach utilized by the

Lazard portfolio management team involves initial screening based on proprietary quantitative analysis, risk assessment and evaluation of each company relative to its global peers. In addition to a multi- dimensional assessment of risk, each company is evaluated daily according to four independent measures: growth, value, sentiment and quality. "Growth" seeks to identify companies that have high growth potential allowing them to compound revenue and earnings faster than the market. "Value" seeks to identify mispricings of a stock's intrinsic worth through market overreaction or neglect with the expectation that such mispricings correct over time. "Sentiment" is a measure of market enthusiasm and support for a company, including, among other factors, price momentum and trading volume. "Quality" seeks companies with stronger financial positions as this tends to provide them greater business flexibility especially in difficult economic periods. Companies that rank favorably on multiple measures are preferred by the strategy.

**Victory Capital**

Victory Capital employs a bottom-up investment approach that emphasizes individual stock selection. The investment process uses a combination of quantitative and traditional qualitative, fundamental analysis to identify stocks with low relative price multiples, positive trends in earnings forecasts, high profitability and companies with a strong or positively trending ESG profile. The stock selection process is designed to produce a diversified portfolio that, relative to the Index, tends to have a below- average price-to-earnings ratio, an above-average earnings growth trend, and an above-average return on invested capital. ESG investing considerations are not a primary or exclusive factor, but rather an additional inclusive consideration to Victory Capital's process.

2. The second paragraph in the section of the Prospectuses entitled "Performance Information" in the Fund's Summary Section is deleted in its entirety and replaced with the following:

On June 22, 2026, Lazard Asset Management LLC was added as an additional sub-adviser. On November 15, 2019, Wellington Management Company LLP (which served as a sub-adviser from April 30, 2013 to November 15, 2019) was removed. These changes to the sub-advisers resulted in a change 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. The Fund's past performance (before and after taxes) is no guarantee of future results. For the most recent performance figures, go to https://individuals.voya.com/literature or call 1-800-992-0180.

3. The section of the Prospectuses entitled "Portfolio Management" in the Fund's Summary Section is amended to add the following:

**Sub-Adviser**

---

| | |
|:---|:---|
| Lazard Asset Management LLC |  |
| **Portfolio Managers** |  |
| Peter Kashanek | Alex Lai, CFA |
| Portfolio Manager (since 6/2026) | Portfolio Manager (since 6/2026) |
| Kurt Livermore, CFA | Ciprian Marin |
| Portfolio Manager (since 6/2026) | Portfolio Manager (since 6/2026) |
| Paul Moghtader, CFA |  |
| Portfolio Manager (since 6/2026) |  |

---

4. The third sentence in the second paragraph of the sub-section of the Prospectus entitled "Management of the Funds – Sub-Advisers – Voya Multi-Manager Emerging Markets Equity Fund, Voya Multi-

Manager International Equity Fund, and Voya Multi-Manager International Small Cap Fund – The Multi-Manager Approach" is deleted in its entirety and replaced with the following:

Acadian Asset Management LLC, Lazard Asset Management LLC, and Victory Capital Management Inc. are the sub-advisers of Voya Multi-Manager International Small Cap Fund.

5. The table in the sub-section of the Prospectus entitled "Management of the Funds – Sub-Advisers – Portfolio Management" is amended to include the following:

---

| | | | |
|:---|:---|:---|:---|
| &nbsp;&nbsp; **Portfolio**<br>&nbsp;&nbsp; **Manager**<br>| &nbsp;&nbsp; **Investment**<br>&nbsp;&nbsp; **Adviser or**<br>&nbsp;&nbsp; **Sub-Adviser** | &nbsp;&nbsp; **Fund**<br>| &nbsp;&nbsp; **Professional Experience**<br>|
| &nbsp;&nbsp; Peter Kashanek | &nbsp;&nbsp; Lazard | &nbsp;&nbsp; Voya Multi- | &nbsp;&nbsp; Mr. Kashanek, Portfolio Manager/Analyst on |
|  |  | &nbsp;&nbsp; Manager | &nbsp;&nbsp; Lazard's Equity Advantage team. He began |
|  |  | &nbsp;&nbsp; International | &nbsp;&nbsp; working in the investment field in 1994. Prior to |
|  |  | &nbsp;&nbsp; Small Cap | &nbsp;&nbsp; joining Lazard in 2007, Mr. Kashanek was a |
|  |  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; Principal and a Portfolio Manager in the Global |
|  |  |  | &nbsp;&nbsp; Active Equity group at State Street Global |
|  |  |  | &nbsp;&nbsp; Advisors ("SSgA"). Previously, he was an |
|  |  |  | &nbsp;&nbsp; investment analyst in the Institutional Equity |
|  |  |  | &nbsp;&nbsp; Research Group at Bank of Montreal where he |
|  |  |  | &nbsp;&nbsp; focused on global energy companies. Prior to |
|  |  |  | &nbsp;&nbsp; that, he was an Associate in the Global Equity |
|  |  |  | &nbsp;&nbsp; Research Group at Deutsche Bank Securities. |
|  |  |  | &nbsp;&nbsp; Mr. Kashanek also worked at Reliant Energy in |
|  |  |  | &nbsp;&nbsp; Houston as a member of its Corporate |
|  |  |  | &nbsp;&nbsp; Development team. |
| &nbsp;&nbsp; Alex Lai, CFA | &nbsp;&nbsp; Lazard | &nbsp;&nbsp; Voya Multi- | &nbsp;&nbsp; Mr. Lai, Director and Portfolio Manager/Analyst |
|  |  | &nbsp;&nbsp; Manager | &nbsp;&nbsp; on Lazard's Equity Advantage team. He began |
|  |  | &nbsp;&nbsp; International | &nbsp;&nbsp; working in the investment field in 2002. Prior to |
|  |  | &nbsp;&nbsp; Small Cap | &nbsp;&nbsp; joining Lazard in 2008, Mr. Lai was a Vice |
|  |  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; President and Quantitative Portfolio Manager in |
|  |  |  | &nbsp;&nbsp; the Global Active Equity group at State Street |
|  |  |  | &nbsp;&nbsp; Global Advisors ("SSgA"). Prior to that, he was |
|  |  |  | &nbsp;&nbsp; an investment-banking analyst at Lehman |
|  |  |  | &nbsp;&nbsp; Brothers Asia in Hong Kong. |
| &nbsp;&nbsp; Kurt | &nbsp;&nbsp; Lazard | &nbsp;&nbsp; Voya Multi- | &nbsp;&nbsp; Mr. Livermore, Portfolio Manager/Analyst on |
| &nbsp;&nbsp; Livermore, |  | &nbsp;&nbsp; Manager | &nbsp;&nbsp; the Lazard Equity Advantage team. He began |
| &nbsp;&nbsp; CFA |  | &nbsp;&nbsp; International | &nbsp;&nbsp; working in the investment field in 1997. Prior to |
|  |  | &nbsp;&nbsp; Small Cap | &nbsp;&nbsp; joining Lazard in 2023, he was a senior |
|  |  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; quantitative equity Portfolio Manager with |
|  |  |  | &nbsp;&nbsp; Acadian Asset Management. Prior to that, Mr. |
|  |  |  | &nbsp;&nbsp; Livermore served as a Partner and Portfolio |
|  |  |  | &nbsp;&nbsp; Manager for U.S. and global equity strategies at |
|  |  |  | &nbsp;&nbsp; GlobeFlex Capital, and beforehand was a |
|  |  |  | &nbsp;&nbsp; portfolio manager for U.S. equity market-neutral |
|  |  |  | &nbsp;&nbsp; strategies at FrontPoint Partners/Matikos |
|  |  |  | &nbsp;&nbsp; Capital. Mr. Livermore started his career at |
|  |  |  | &nbsp;&nbsp; BGI/BlackRock. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| | | | &nbsp;&nbsp; **Professional Experience** | &nbsp;&nbsp; **Professional Experience** |  |  |
| &nbsp;&nbsp; **Portfolio**<br>&nbsp;&nbsp; **Manager**<br>| &nbsp;&nbsp; **Investment**<br>&nbsp;&nbsp; **Adviser or**<br>&nbsp;&nbsp; **Sub-Adviser** | &nbsp;&nbsp; **Fund**<br>|  |  |  |  |
| &nbsp;&nbsp; Ciprian Marin | &nbsp;&nbsp; Lazard | &nbsp;&nbsp; Voya Multi- | &nbsp;&nbsp; Mr. Marin, Director of Quantitative Research | &nbsp;&nbsp; Mr. Marin, Director of Quantitative Research | &nbsp;&nbsp; Mr. Marin, Director of Quantitative Research | &nbsp;&nbsp; Mr. Marin, Director of Quantitative Research |
|  |  | &nbsp;&nbsp; Manager | &nbsp;&nbsp; and Portfolio Manager/Analyst on Lazard's | &nbsp;&nbsp; and Portfolio Manager/Analyst on Lazard's | &nbsp;&nbsp; and Portfolio Manager/Analyst on Lazard's | &nbsp;&nbsp; and Portfolio Manager/Analyst on Lazard's |
|  |  | &nbsp;&nbsp; International | &nbsp;&nbsp; Equity Advantage team. He began working in the | &nbsp;&nbsp; Equity Advantage team. He began working in the | &nbsp;&nbsp; Equity Advantage team. He began working in the | &nbsp;&nbsp; Equity Advantage team. He began working in the |
|  |  | &nbsp;&nbsp; Small Cap | &nbsp;&nbsp; investment field in 1997. Prior to joining Lazard | &nbsp;&nbsp; investment field in 1997. Prior to joining Lazard | &nbsp;&nbsp; investment field in 1997. Prior to joining Lazard | &nbsp;&nbsp; investment field in 1997. Prior to joining Lazard |
|  |  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; in 2008, Mr. Marin was a Senior Portfolio | &nbsp;&nbsp; in 2008, Mr. Marin was a Senior Portfolio | &nbsp;&nbsp; in 2008, Mr. Marin was a Senior Portfolio | &nbsp;&nbsp; in 2008, Mr. Marin was a Senior Portfolio |
|  |  |  | &nbsp;&nbsp; Manager | &nbsp;&nbsp; Street | Global | Advisors |
|  |  |  | &nbsp;&nbsp; ("SSgA"), managing European, UK and Global | &nbsp;&nbsp; ("SSgA"), managing European, UK and Global | &nbsp;&nbsp; ("SSgA"), managing European, UK and Global | &nbsp;&nbsp; ("SSgA"), managing European, UK and Global |
|  |  |  | &nbsp;&nbsp; funds. He was also responsible for quantitative | &nbsp;&nbsp; funds. He was also responsible for quantitative | &nbsp;&nbsp; funds. He was also responsible for quantitative | &nbsp;&nbsp; funds. He was also responsible for quantitative |
|  |  |  | &nbsp;&nbsp; research on the European team of the Global | &nbsp;&nbsp; research on the European team of the Global | &nbsp;&nbsp; research on the European team of the Global | &nbsp;&nbsp; research on the European team of the Global |
|  |  |  | &nbsp;&nbsp; Active Equity Group. Prior to joining SSgA, Mr. | &nbsp;&nbsp; Active Equity Group. Prior to joining SSgA, Mr. | &nbsp;&nbsp; Active Equity Group. Prior to joining SSgA, Mr. | &nbsp;&nbsp; Active Equity Group. Prior to joining SSgA, Mr. |
|  |  |  | &nbsp;&nbsp; Marin was a Quantitative Analyst at Citigroup | &nbsp;&nbsp; Marin was a Quantitative Analyst at Citigroup | &nbsp;&nbsp; Marin was a Quantitative Analyst at Citigroup | &nbsp;&nbsp; Marin was a Quantitative Analyst at Citigroup |
|  |  |  | &nbsp;&nbsp; where he focused on developing stock selection | &nbsp;&nbsp; where he focused on developing stock selection | &nbsp;&nbsp; where he focused on developing stock selection | &nbsp;&nbsp; where he focused on developing stock selection |
|  |  |  | &nbsp;&nbsp; models, statistical arbitrage trading strategies | &nbsp;&nbsp; models, statistical arbitrage trading strategies | &nbsp;&nbsp; models, statistical arbitrage trading strategies | &nbsp;&nbsp; models, statistical arbitrage trading strategies |
|  |  |  | &nbsp;&nbsp; and factor research. Prior to that, he was a | &nbsp;&nbsp; and factor research. Prior to that, he was a | &nbsp;&nbsp; and factor research. Prior to that, he was a | &nbsp;&nbsp; and factor research. Prior to that, he was a |
|  |  |  | &nbsp;&nbsp; quantitative research associate at Nikko Salomon | &nbsp;&nbsp; quantitative research associate at Nikko Salomon | &nbsp;&nbsp; quantitative research associate at Nikko Salomon | &nbsp;&nbsp; quantitative research associate at Nikko Salomon |
|  |  |  | &nbsp;&nbsp; Smith Barney. |  |  |  |
| &nbsp;&nbsp; Paul | &nbsp;&nbsp; Lazard | &nbsp;&nbsp; Voya Multi- | &nbsp;&nbsp; Mr. Moghtader, Managing Director and Portfolio | &nbsp;&nbsp; Mr. Moghtader, Managing Director and Portfolio | &nbsp;&nbsp; Mr. Moghtader, Managing Director and Portfolio | &nbsp;&nbsp; Mr. Moghtader, Managing Director and Portfolio |
| &nbsp;&nbsp; Moghtader, |  | &nbsp;&nbsp; Manager | &nbsp;&nbsp; Manager/Analyst, | leads | Lazard's | Equity |
| &nbsp;&nbsp; CFA |  | &nbsp;&nbsp; International | &nbsp;&nbsp; Advantage team. He began working in the | &nbsp;&nbsp; Advantage team. He began working in the | &nbsp;&nbsp; Advantage team. He began working in the | &nbsp;&nbsp; Advantage team. He began working in the |
|  |  | &nbsp;&nbsp; Small Cap | &nbsp;&nbsp; investment field in 1992. Prior to joining Lazard | &nbsp;&nbsp; investment field in 1992. Prior to joining Lazard | &nbsp;&nbsp; investment field in 1992. Prior to joining Lazard | &nbsp;&nbsp; investment field in 1992. Prior to joining Lazard |
|  |  | &nbsp;&nbsp; Fund | &nbsp;&nbsp; in 2007, Mr. Moghtader was Head of the Global | &nbsp;&nbsp; in 2007, Mr. Moghtader was Head of the Global | &nbsp;&nbsp; in 2007, Mr. Moghtader was Head of the Global | &nbsp;&nbsp; in 2007, Mr. Moghtader was Head of the Global |
|  |  |  | &nbsp;&nbsp; Active Equity Group and a Senior Portfolio | &nbsp;&nbsp; Active Equity Group and a Senior Portfolio | &nbsp;&nbsp; Active Equity Group and a Senior Portfolio | &nbsp;&nbsp; Active Equity Group and a Senior Portfolio |
|  |  |  | &nbsp;&nbsp; Manager | &nbsp;&nbsp; Street | Global | Advisors |
|  |  |  | &nbsp;&nbsp; ("SSgA"). At SSgA, he was the senior manager | &nbsp;&nbsp; ("SSgA"). At SSgA, he was the senior manager | &nbsp;&nbsp; ("SSgA"). At SSgA, he was the senior manager | &nbsp;&nbsp; ("SSgA"). At SSgA, he was the senior manager |
|  |  |  | &nbsp;&nbsp; responsible for the research and portfolio | &nbsp;&nbsp; responsible for the research and portfolio | &nbsp;&nbsp; responsible for the research and portfolio | &nbsp;&nbsp; responsible for the research and portfolio |
|  |  |  | &nbsp;&nbsp; management of all multi-regional active | &nbsp;&nbsp; management of all multi-regional active | &nbsp;&nbsp; management of all multi-regional active | &nbsp;&nbsp; management of all multi-regional active |
|  |  |  | &nbsp;&nbsp; quantitative equity strategies. Prior to that, he | &nbsp;&nbsp; quantitative equity strategies. Prior to that, he | &nbsp;&nbsp; quantitative equity strategies. Prior to that, he | &nbsp;&nbsp; quantitative equity strategies. Prior to that, he |
|  |  |  | &nbsp;&nbsp; was an analyst at State Street Bank. Mr. Marin | &nbsp;&nbsp; was an analyst at State Street Bank. Mr. Marin | &nbsp;&nbsp; was an analyst at State Street Bank. Mr. Marin | &nbsp;&nbsp; was an analyst at State Street Bank. Mr. Marin |
|  |  |  | &nbsp;&nbsp; began his career at Dain Bosworth as a research | &nbsp;&nbsp; began his career at Dain Bosworth as a research | &nbsp;&nbsp; began his career at Dain Bosworth as a research | &nbsp;&nbsp; began his career at Dain Bosworth as a research |
|  |  |  | &nbsp;&nbsp; assistant. |  |  |  |

---

**PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE**

![[image]](gseqjz3zslsy3f1v9617n.jpg)

**VOYA MUTUAL FUNDS**

Voya Multi-Manager International Small Cap Fund

(the "Fund")

Supplement dated June 1, 2026

to the Fund's Class A, Class C, Class I, Class R6, and Class W Shares'

Statement of Additional Information, dated February 28, 2026

(the "SAI")

On May 20, 2026, the Board of Trustees of Voya Mutual Funds approved the following changes to the Fund, which are effective on June 22, 2026: (i) the appointment of Lazard Asset Management LLC ("Lazard") as a sub-adviser to the Fund; and (ii) related changes to the Fund's principal investment strategies and portfolio managers. Currently, Acadian Asset Management LLC ("Acadian") and Victory Capital Management Inc. ("Victory") each manage a portion of the Fund's assets. From June 22, 2026 through June 24, 2026, the Fund will be in a "transition period" during which time a portion of the Fund's assets currently managed by Acadian and Victory will be sold. During the transition period, the Fund may not be pursuing its investment objective and strategies with respect to this portion of the Fund's assets, 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.

Effective June 22, 2026, the SAI is revised as follows:

1. The line items with respect to the Fund in the table in the sub-section of the SAI entitled "Sub- Advisers – Sub-Advisory Fees" are deleted and replaced with the following:

---

| | | |
|:---|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Fund** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Sub-Adviser** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Annual Sub-Advisory Fee** |
| &nbsp;&nbsp; Voya Multi-Manager | Acadian | &nbsp;&nbsp; For information on the Fund's |
| &nbsp;&nbsp; International Small Cap Fund |  | &nbsp;&nbsp; sub-advisory fee rate, please see |
|  |  | &nbsp;&nbsp; the paragraph immediately |
|  |  | &nbsp;&nbsp; following this table. |
|  | Lazard |  |
|  | Victory Capital Management |  |
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inc. ("Victory Capital") |  |

---

2. The table in the sub-section of the SAI entitled "Portfolio Management – Other Accounts Managed – Lazard" is hereby amended to include the following:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Registered Investment** | &nbsp;&nbsp;&nbsp;&nbsp; **Registered Investment** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Accounts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Accounts** |
|  |  | **Companies** | **Companies** |  | **Vehicles** |  |  |
| &nbsp;&nbsp; **Portfolio**<br>&nbsp;&nbsp; **Manager**<br>| &nbsp;&nbsp; **Fund(s)**<br>| **Number**<br>**of**<br>**Accounts** | **Total Assets**<br>| **Number**<br>**of**<br>**Accounts** | **Total Assets**<br>| **Number**<br>**of**<br>**Accounts** | **Total Assets**<br>|
| &nbsp;&nbsp; Peter | &nbsp;&nbsp; Voya Multi- | 12 | $3981000000 | 36 | $7131000000 | 95 | $31819000000 |
| &nbsp;&nbsp; Kashanek<sup>2</sup> | &nbsp;&nbsp; Manager |  |  |  |  |  |  |
|  | &nbsp;&nbsp; International |  |  |  |  |  |  |
|  | &nbsp;&nbsp; Small Cap |  |  |  |  |  |  |
|  | &nbsp;&nbsp; Fund |  |  |  |  |  |  |

---

![[image]](gj0q6ygb9bbzvocn96t5q.jpg)

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| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  |  |  | &nbsp;&nbsp;&nbsp;&nbsp; **Registered Investment** | &nbsp;&nbsp;&nbsp;&nbsp; **Registered Investment** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment** | &nbsp;&nbsp;&nbsp;&nbsp; **Other Pooled Investment** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Accounts** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Other Accounts** |
|  |  |  | **Companies** | **Companies** |  | **Vehicles** |  |  |
|  | **Portfolio**<br>**Manager**<br>| &nbsp;&nbsp; **Fund(s)**<br>| **Number**<br>**of**<br>**Accounts** | **Total Assets**<br>| &nbsp;&nbsp; **Number**<br>&nbsp;&nbsp; **of**<br>&nbsp;&nbsp; **Accounts** | **Total Assets**<br>| **Number**<br>**of**<br>**Accounts** | **Total Assets**<br>|
|  | | | 12 | $3981000000 | | $7103000000 | 94 | $31818000000 |
|  | Alex Lai,<br>CFA<sup>2</sup><br>| &nbsp;&nbsp; Voya Multi-<br>&nbsp;&nbsp; Manager<br>&nbsp;&nbsp; International<br>&nbsp;&nbsp; Small Cap<br>&nbsp;&nbsp; Fund |  |  | &nbsp;&nbsp; 34<br>|  |  |  |
|  | | | 12 | $3981000000 | 34 | $7103000000 | 94 | $31818000000 |
|  | Kurt<br>Livermore,<br>CFA<sup>2</sup><br>| &nbsp;&nbsp; Voya Multi-<br>&nbsp;&nbsp; Manager<br>&nbsp;&nbsp; International<br>&nbsp;&nbsp; Small Cap<br>&nbsp;&nbsp; Fund |  |  |  |  |  |  |
|  | | | 12 | $3981000000 | | $7103000000 | 94 | $31818000000 |
|  | Ciprian<br>Marin<sup>2</sup><br>| &nbsp;&nbsp; Voya Multi-<br>&nbsp;&nbsp; Manager<br>&nbsp;&nbsp; International<br>&nbsp;&nbsp; Small Cap<br>&nbsp;&nbsp; Fund |  |  | &nbsp;&nbsp; 34<br>|  |  |  |
|  | | | 12 | $3981000000 | 36 | $7131000000 | 95 | $31819000000 |
|  | Paul<br>Moghtader,<br>CFA<sup>2</sup><br>| &nbsp;&nbsp; Voya Multi-<br>&nbsp;&nbsp; Manager<br>&nbsp;&nbsp; International<br>&nbsp;&nbsp; Small Cap<br>&nbsp;&nbsp; Fund |  |  |  |  |  |  |
| 2 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of March 31, 2026. | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of March 31, 2026. |  |  |  |  |  |  |

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3. The table in the sub-section of the SAI entitled "Portfolio Management – Ownership of Securities" is hereby amended to include the following:

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| | | | | |
|:---|:---|:---|:---|:---|
|  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Portfolio**<br>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Manager** | **Investment Adviser or**<br>**Sub-Adviser** | &nbsp;&nbsp;&nbsp; **Fund(s) Managed by**<br>&nbsp;&nbsp; **the Portfolio Manager** | &nbsp;&nbsp; **Dollar Range of Fund**<br>**Shares Owned** |
|  | Peter Kashanek<sup>5</sup><br>| Lazard<br>| &nbsp;&nbsp; Voya Multi-Manager<br>&nbsp;&nbsp; International Small Cap<br>&nbsp;&nbsp; Fund | None<br>|
|  | Alex Lai, CFA<sup>5</sup><br>| Lazard<br>| &nbsp;&nbsp; Voya Multi-Manager<br>&nbsp;&nbsp; International Small Cap<br>&nbsp;&nbsp; Fund | None<br>|
|  | Kurt Livermore, CFA<sup>5</sup><br>| Lazard<br>| &nbsp;&nbsp; Voya Multi-Manager<br>&nbsp;&nbsp; International Small Cap<br>&nbsp;&nbsp; Fund | None<br>|
|  | Ciprian Marin<sup>5</sup><br>| Lazard<br>| &nbsp;&nbsp; Voya Multi-Manager<br>&nbsp;&nbsp; International Small Cap<br>&nbsp;&nbsp; Fund | None<br>|
|  | Paul Moghtader, CFA<sup>5</sup><br>| Lazard<br>| &nbsp;&nbsp; Voya Multi-Manager<br>&nbsp;&nbsp; International Small Cap<br>&nbsp;&nbsp; Fund | None<br>|
| 5 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As of March 31, 2026. |  |  |  |

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**PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE**