As filed with the U.S. Securities and Exchange Commission on July 10, 2026

Securities Act File No. [ ]

U.S. SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

FORM N-14

REGISTRATION STATEMENT UNDER THE SECURITIES ACT OF 1933 

Pre-Effective Amendment No. 

Post-Effective Amendment No. 

VOYA MUTUAL FUNDS

(Exact Name of Registrant as Specified in Charter)

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258-2034

(Address of Principal Executive Offices) (Zip Code)

1-800-992-0180

(Registrant’s Area Code and Telephone Number)

Joanne F. Osberg, Esq.

Voya Investments, LLC

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258-2034

(Name and Address of Agent for Service)

With copies to:

Elizabeth J. Reza, Esq.

Ropes & Gray LLP

Prudential Tower

800 Boylston Street

Boston, Massachusetts 02199-3600

Approximate Date of Proposed Public Offering:

As soon as practicable after this Registration Statement becomes effective.

It is proposed that this filing will become effective on August 19, 2026, pursuant to Rule 488 under the Securities Act of 1933, as

amended.

No filing fee is required because an indefinite number of shares have previously been registered pursuant to Rule 24f-2 under the

Investment Company Act of 1940, as amended.

Title of Securities Being Registered: Class W shares of beneficial interest in the series of the registrant designated as Voya Multi-

Manager Emerging Markets Equity Fund.

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND

VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, AZ 85258-2034

1-800-992-0180

August 19, 2026

Dear Shareholder:

On behalf of the Boards of Trustees (the “Board”) of Voya Asia Pacific High Dividend Equity Income Fund (“IAE Fund”) and Voya Emerging Markets High Dividend Equity Fund (“IHD Fund,” together with IAE Fund, each a “Target Fund” and together, the “Target Funds”), we are pleased to invite you to a combined special meeting of shareholders (the “Special Meeting”) of IAE Fund and IHD Fund. The Special Meeting is scheduled for 1:00 p.m. (MST) on September 28, 2026. The Special Meeting will be held in a virtual meeting format only. You will be able to attend and participate in the Special Meeting online by visiting meetnow.global/MLXGSMW where you will be able to listen to the Special Meeting live, submit questions and vote. You will need your unique control number, which is located in the shaded box on the front of your proxy card. Please see the “How do I attend the virtual Special Meeting?” section of the proxy statement for more details regarding the logistics of the virtual format of the Special Meeting. You will not be able to attend the meeting physically. At the Special Meeting, shareholders of IAE Fund and IHD Fund will be asked to vote on their applicable proposed reorganization (each, a “Reorganization” and together, the “Reorganizations”) of each of IAE Fund and IHD Fund with and into Voya Multi-Manager Emerging Markets Equity Fund (“MM EME Fund”) (together with IAE Fund and IHD Fund, the “Funds”). The Funds are members of the Voya family of funds.

If a Reorganization is approved by shareholders of a relevant Target Fund, shareholders of that Target Fund will become shareholders of MM EME Fund beginning on the date the Reorganization occurs. The Reorganizations would provide shareholders of the Target Funds with an opportunity to participate in a portfolio with a similar focus on emerging markets equity securities and an investment objective that seeks long-term capital appreciation.

Formal notice of the Special Meeting appears on the next page, followed by a combined proxy statement and prospectus (the “Proxy Statement/Prospectus”). The Reorganizations are discussed in detail in the enclosed Proxy Statement/Prospectus, which you should read carefully. The Board recommends that you vote “FOR” the Reorganizations.

Your vote is important regardless of the number of shares you own. To avoid the added cost of follow-up solicitations and possible adjournments, please read the Proxy Statement/Prospectus and cast your vote. It is important that your vote be received no later than September 27, 2026.

We appreciate your participation and prompt response in this matter and thank you for your continued support. Sincerely,

Christian G. Wilson

President

NOTICE OF SPECIAL MEETING OF SHAREHOLDERS

OF

VOYA ASIA PACIFIC HIGH DIVIDEND EQUITY INCOME FUND VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND
7337 East Doubletree Ranch Road, Suite 100

Scottsdale, AZ 85258-2034

1-800-992-0180

Scheduled for September 28, 2026 at 1:00 p.m. (MST)

To the Shareholders:

NOTICE IS HEREBY GIVEN that a combined special meeting of the shareholders (the “Special Meeting”) of Voya Asia Pacific High Dividend Equity Income Fund (“IAE Fund”) and Voya Emerging Markets High Dividend Equity Fund (“IHD Fund”) is scheduled for 1:00 p.m. (MST) on September 28, 2026. The Special Meeting will be held in a virtual meeting format only. You can attend and participate in the Special Meeting by registering online at meetnow.global/MLXGSMW where you will be able to listen to the Special Meeting live, submit questions and vote. You will need your unique control number, which is located in the shaded box on the front of your proxy card. If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to attend the Special Meeting. You must obtain a legal proxy through your bank/broker in order to register to attend the meeting. See the “How do I attend the virtual Special Meeting?” section of the enclosed combined proxy statement and prospectus (the “Proxy Statement/Prospectus”) for more details regarding the logistics of the Special Meeting, including the ability to submit questions, and technical details and support related to accessing the virtual platform for the Special Meeting. You will not be able to attend the meeting physically.

At the Special Meeting, IAE Fund’s and IHD Fund’s shareholders will be asked:

1.For shareholders of IAE Fund, to approve an Agreement and Plan of Reorganization by and between IAE Fund and Voya Mutual Funds, a Delaware statutory trust and an open-end investment management company (“VMF”), on behalf of its series, Voya Multi-Manager Emerging Markets Equity Fund (“MM EME Fund”), providing for the reorganization of IAE Fund with and into MM EME Fund;

2.For shareholders of IHD Fund, to approve an Agreement and Plan of Reorganization by and between IHD Fund and VMF, on behalf of its series, MM EME Fund, providing for the reorganization of IHD Fund with and into MM EME Fund; and

3.For shareholders of both IAE Fund and IHD Fund, separately, to transact such other business, not currently contemplated, that may properly come before the Special Meeting, or any adjournments or postponements thereof, in the discretion of the proxies or their substitutes.

Please read the enclosed Proxy Statement/Prospectus carefully for information concerning the reorganization of IAE Fund with and into MM EME Fund and the reorganization of IHD Fund with and into MM EME Fund (together, the “Reorganizations”) to be placed before the Special Meeting.

The Boards of Trustees of IAE Fund and IHD Fund recommend that you vote “FOR” the relevant Reorganization.

Shareholders of record as of the close of business on July 24, 2026 are entitled to notice of, and to vote at, the Special Meeting, and are also entitled to vote at any adjournments or postponements thereof. Your attention is called to the accompanying Proxy Statement/Prospectus. Regardless of whether you plan to attend the Special Meeting, please complete, sign, and return the enclosed Proxy Card by September 27, 2026 so that a quorum will be present and a maximum number of shares may be voted. Proxies or voting instructions may be revoked at any time before they are exercised by submitting a revised Proxy Card, by giving written notice of revocation to IAE Fund and/or IHD Fund, as applicable, or by voting in person (virtually) at the Special Meeting.

By Order of the Boards of Trustees

Joanne F. Osberg

Secretary

August 19, 2026

IMPORTANT INFORMATION TO HELP YOU UNDERSTAND THE REORGANIZATIONS

Please read the enclosed combined proxy statement and prospectus (“Proxy Statement/Prospectus”) for a complete description of the reorganizations (each, a “Reorganization” and together, the “Reorganizations”). However, as a quick reference, the following questions and answers provide a brief overview of the Reorganizations.

Q:Why am I receiving the attached Proxy Statement/Prospectus?

A.Certain funds are required to obtain shareholders’ votes for certain types of events, like the Reorganizations described herein. As a shareholder of record of Voya Asia Pacific High Dividend Equity Income Fund (“IAE Fund”) and/or Voya Emerging Markets High Dividend Equity Fund (“IHD Fund,” together with IAE Fund, each a “Target Fund” and together, the “Target Funds”) as of July 24, 2026, you are being asked to approve an Agreement and Plan of Reorganization (a “Reorganization Agreement”) that will result in a transaction in which you will ultimately hold Class W shares of Voya Multi-Manager Emerging Markets Equity Fund (“MM EME Fund” or, the “Surviving Fund”). This Proxy Statement/Prospectus also serves as a prospectus for MM EME Fund.

Q:Why are the Reorganizations being recommended by the Boards of Trustees?

A.Voya Investments, LLC (the “Investment Adviser”) proposed the Reorganizations to provide shareholders of the Target Funds with the opportunity to benefit from the ability to achieve liquidity for their shares at net asset value while continuing to be invested in a fund that provides exposure to an emerging markets strategy. The Board preliminarily discussed the proposal at its in-person meeting held on May 20, 2026. Consequently, at the June 2, 2026 special meeting of the Boards of Trustees (the “Board”) of the Target Funds, the Investment Adviser proposed, and the Board approved, the Reorganization of each of the Target Funds with and into MM EME Fund. In support of its proposal, the Investment Adviser noted that, in its view, following each Reorganization, shareholders of each Target Fund would have the opportunity to realize the difference between market price and net asset value (“NAV”) by going into an open-end fund, the potential to benefit from improved performance and lower contractual fees and expenses. Additionally, the Investment Adviser noted that the Reorganizations would increase scale and provide the opportunity for improved platform placement of the Surviving Fund. Management presented the Board with several alternatives for IAE Fund and IHD Fund, including potentially liquidating the Funds or engaging in a contested solicitation of proxies with respect to the election of each Fund's Board of Trustees. Management noted that a contested proxy could result in significant expense to the Fund, divert the attention of the Fund's management, and introduce uncertainty regarding the Fund's future strategic direction. For additional information on the Board’s considerations, please see the section entitled “What factors did the Board consider?” in the attached Proxy Statement/Prospectus.

Q:How will the Reorganizations affect Target Fund shareholders?

A:Upon the closing of the Reorganizations, shareholders of each Target Fund, each a closed-end investment company, will become holders of Class W shares of the Surviving Fund, a series of an open-end investment company (commonly referred to as a “mutual fund”). The aggregate net asset value of the Surviving Fund shares received by Target Fund shareholders will be equal to the aggregate net asset value of their shares of the Target Fund held as of the close of business on the closing date of the relevant Reorganization.

Shares of each Target Fund are listed for trading on the New York Stock Exchange (the “NYSE”), where such shares may be purchased and sold through broker-dealers at prevailing market prices. Each Target Fund’s shares have at times traded at a discount to net asset value. In contrast, Class W shares of the Surviving Fund are not listed for trading on a securities exchange but rather are purchased and sold (redeemed) directly from the Surviving Fund or through financial intermediaries at net asset value, less any applicable charges. Following the completion of the relevant Reorganization, Target Fund shareholders (as shareholders of the Surviving Fund), will be able to redeem shares received in their Reorganization at net asset value on each day the Surviving Fund is open for business.

Q:How will the Reorganizations impact fees and expenses?

A:As shown in the tables below, shareholders of IAE Fund and IHD Fund will experience a decrease in the contractual management fee rate and shareholders of IHD Fund will experience a decrease in contractual expense limit following the Reorganization. For additional information about what the fees and expenses will be after the Reorganizations, please see the section entitled “How do the Annual Fund Operating Expenses Compare?” in the attached Proxy Statement/Prospectus.

	Annual Fund Operating Expenses
	Expenses you pay each year as a % of the value of your investment
			IAE Fund		IHD Fund
			Common		Common	MM EME Fund
			Shares		Shares	Class W Shares1, 2
	Management Fees	%	1.05		1.15	0.98
	Distribution and/or Shareholder Services (12b-1) Fees	%	N/A		N/A	N/A
	Other Expenses	%	0.353		0.293	0.39
	Total Annual Fund Operating Expenses	%	1.40		1.44	1.37
	Waivers and Reimbursements	%	(0.19)4		(0.03)5	(0.16)6
	Total Annual Fund Operating Expenses after Waivers and	%	1.21		1.41	1.21
	Reimbursements

1.Expense information has been restated to reflect current contractual rates.

2.Shareholders of IAE Fund and IHD Fund would receive Class W shares of MM EME Fund in the Reorganizations.

3.Other Expenses do not include one-time expenses related to the Reorganizations.

4.The Investment Adviser is contractually obligated to limit expenses to 1.20% on all assets, respectively, through February 28, 2028 (the “Expense Limitation Agreement”). The limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the independent Trustees who are not “interested persons” as that term is defined by the 1940 Act. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by the Board. The Expense Limitation Agreement shall terminate with respect to the Fund upon termination of the Fund’s advisory agreement with the Investment Adviser, or it may be terminated by the Trust without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business.

5.The Investment Adviser is contractually obligated to limit expenses to 1.40% on all assets, respectively, through February 28, 2028 (the “Expense Limitation Agreement”). The limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the independent trustees who are not “interested persons” as that term is defined by the 1940 Act. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by the Board. The Expense Limitation Agreement shall terminate with respect to the Fund upon termination of the Fund’s advisory agreement with the Investment Adviser, or it may be terminated by the Trust, without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business.

6.The Investment Adviser is contractually obligated to limit expenses to 1.21% for Class W shares through March 1, 2028 (the “Expense Limitation Agreement”). The limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the independent trustees who are not “interested persons” as that term is defined by the 1940 Act. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by the Board. The Expense Limitation Agreement shall terminate with respect to the Fund upon termination of the Fund’s advisory agreement with the Investment Adviser, or it may be terminated by Voya Mutual Funds, without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business.

Pro Forma Annual Fund Operating Expenses

Expenses you pay each year as a % of the value of your investment

				MM EME Fund		MM EME Fund
				Pro Forma if only		Pro Forma if only	MM EME Fund
				IAE Fund		IHD Fund	Pro Forma if both
				Reorganization is		Reorganization is	Reorganizations
				Approved1		Approved1	are approved1
	Class W2
	Management Fees	%	0.98		0.98		0.98
	Distribution and/or Shareholder Services	%		N/A		N/A	N/A
	(12b-1) Fees
	Other Expenses	%	0.383		0.383		0.373
	Total Annual Fund Operating Expenses	%		1.36		1.36	1.35
	Waivers and Reimbursements	%	(0.16)4		(0.16)4		(0.15)4
	Total Annual Fund Operating Expenses after	%		1.20		1.20	1.20
	Waivers and Reimbursements

1.Expense information has been restated to reflect current contractual rates.

2.Shareholders of IAE Fund and IHD Fund would receive Class W shares of MM EME Fund in the Reorganizations.

3.Other Expenses are based on estimated amounts for the current fiscal year.

4.The Investment Adviser is contractually obligated to limit expenses to 1.20% for Class W shares through March 1, 2028 (the “Expense Limitation Agreement”). The limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the independent trustees who are not “interested persons” as that term is defined by the 1940 Act. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by the Board. The Expense Limitation Agreement shall terminate with respect to the Fund upon termination of the Fund’s advisory agreement with the Investment Adviser, or it may be terminated by Voya Mutual Funds, without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business.

Q:What are the principal differences between an open-end investment company and a closed-end investment company?

A:Common shares of closed-end investment companies, such as the Target Funds, are generally listed for trading on a securities exchange, such as the NYSE, where such shares may be purchased and sold through broker-dealers at prevailing market prices, which may be greater than (premium) or less than (discount) net asset value. Exchange-listed closed-end funds do not typically engage in a continuous offering of new shares, and the common shares of closed-end funds are not redeemable from the fund. In contrast, open-end investment companies, such as the Surviving Fund, engage in a continuous offering of new shares. Shares of open-end funds are not listed for trading on a securities exchange but are purchased and sold (redeemed) directly from the fund, or through financial intermediaries, at net asset value, less any applicable sales charges. Certain additional differences exist between how closed-end funds and open-end funds are permitted to operate under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder (the “1940 Act”). Open-end funds, such as the Surviving Fund, are subject to Rule 22e-4 under the 1940 Act, which prohibits them from investing more than 15% of their net assets in illiquid investments (the “15% Illiquid Investment Limit”). Closed-end funds are not subject to Rule 22e-4, and the Target Funds may invest in illiquid investments without limit, although the Target Funds do not currently have meaningful illiquid investments.

In addition, closed-end funds are permitted to use leverage to a greater extent than open-end funds and may issue preferred shares and debt securities in addition to common shares, although the Target Funds have not issued such securities. The Surviving Fund, as an open-end fund, does not employ leverage as a principal investment strategy. The Surviving Fund also maintains higher cash balances than the Target Funds in order to be in a position to meet redemption requests. For additional information on the differences between an open-end investment company and a closed-end investment company, please see the section entitled “What are the differences between open-end funds and closed-end funds?” in the attached Proxy Statement/Prospectus.

Q.Will the Reorganizations constitute a taxable event for the Target Funds’ shareholders?

A.No. Each Reorganization is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes. As a result, it is expected that shareholders of a Target Fund who receive Surviving Fund shares pursuant to the applicable Reorganization generally will not recognize gain or loss for U.S. federal income tax purposes as a direct result of such Reorganization.

Prior to the closing of the Reorganizations, each Target Fund expects to declare a distribution of all of its net investment income and net capital gains, if any. All or a portion of such a distribution may be taxable to a Target Fund’s shareholders for U.S. federal income tax purposes. Each Reorganization is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes. As a result, it is expected that shareholders of a Target Fund who receive Surviving Fund shares pursuant to the applicable Reorganization generally will not recognize gain or loss for U.S. federal income tax purposes as a direct result of such Reorganization. To the extent that additional portfolio investments of the Surviving Fund are sold after the Reorganizations to meet redemption requests from former shareholders of a Target Fund, the Surviving Fund may recognize gains or losses, which may result in additional taxable distributions to shareholders of the Surviving Fund (including former shareholders of a Target Fund).

At any time before the Reorganizations take place, a shareholder may sell shares of a Target Fund on the NYSE. Generally, such sales would be taxable transactions.

You should consult with your tax adviser concerning the tax consequences of the Reorganizations.

Q.What are the costs associated with the Reorganizations?

A.The costs of the Reorganizations, assuming both Reorganizations are completed, are: (i) estimated to be $634,000, not including portfolio transition costs, and (ii) anticipated to be borne by the Target Funds with approximately $259,900 allocated to IAE Fund, and approximately $374,100 allocated to IHD Fund. The Investment Adviser will assume all costs related to the Reorganizations if the Reorganizations are not consummated. For additional information about what would occur if shareholders do not approve the Reorganizations, please see the section entitled “What happens if shareholders do not approve the Reorganizations?” below.

In addition, the Investment Adviser estimates, based on current holdings and market conditions that there will be approximately $493,500 in explicit portfolio transition costs and that such costs would be borne by the Target Funds, with approximately $203,500 attributable to IAE Fund and approximately $290,000 attributable to IHD Fund. Portfolio transition costs include transaction costs arising from the sale of portfolio securities held by the Target Funds prior to the Reorganizations. Further, the Investment Adviser has estimated that there will be $162,400 in explicit portfolio transition costs arising from the purchase of securities by MM EME Fund following the Reorganization, which will be borne by the Investment Adviser, and additional transaction costs may be incurred by MM EME Fund in connection with shareholder redemptions following the Reorganizations. It is expected that a portion of Target Fund shareholders may redeem their investment shortly following a Reorganization. To the extent redemption-related portfolio transaction costs are incurred by the Surviving Fund in

connection with such redemptions, they are expected to be reimbursed by the Investment Adviser for a period of six months following the closing of the Reorganizations. Transaction costs may be higher or lower than these estimates based on market conditions at the time of the Reorganizations.

Q.Has the Board approved the Reorganizations?

A.Yes. The Board determined that the Reorganizations would be in the best interests of the shareholders of the Target Funds and the Surviving Fund and that their interests would not be diluted as a result of the Reorganizations. The Board, including a majority of the independent trustees, who are not “interested persons” (within the meaning of the 1940 Act) voted to approve the Reorganizations.

The Board considered information regarding any potential adverse impact to shareholders as a result of the Reorganizations. See the attached Proxy Statement/Prospectus for the complete list of factors considered by the Board in approving the Reorganizations.

Q.Will you need my vote to approve the Reorganizations?

A.Yes. Each Reorganization requires shareholder approval by the relevant Target Fund. You may submit your Proxy Card in one of four ways:

•By Internet. The web address and instructions for voting can be found on the enclosed Proxy Card. You will be required to provide your control number located on the Proxy Card.

•By Telephone. The toll-free number for telephone voting can be found on the enclosed Proxy Card. You will be required to provide your control number located on the Proxy Card.

•By Mail. Mark the enclosed Proxy Card, sign and date it, and return it in the postage-paid envelope we provided. To the extent shares are held jointly, both joint owners must sign the Proxy Card.

•At the Special Meeting Over the Internet. The Special Meeting will be held entirely online. Shareholders of record as of July 24, 2026, will be able to attend and participate in the Special Meeting by accessing the meeting site at meetnow.global/MLXGSMW. Even if you plan to attend the Special Meeting online, we recommend that you also vote by proxy as described herein so that your vote will be counted if you decide not to attend the Special Meeting. Please see the “How do I attend the virtual Special Meeting?” section in the Proxy Statement/Prospectus for more details regarding the logistics of the virtual format of the Special Meeting.

If you do not plan to attend the Special Meeting, to be certain your vote will be counted, a properly executed Proxy Card must be received no later than 5:00 p.m. (MST) on September 27, 2026.

Q.When will the Reorganizations take place?

A.The Reorganizations are currently expected to be completed on or about October 9, 2026.

Q.What happens if only one Reorganization is approved?

A.The Reorganizations are not contingent upon one another, which means that if one Reorganization is approved by shareholders of one Target Fund, the Reorganization of that Target Fund will proceed independent of the other Target Fund’s Reorganization. The Board will consider further options for any Target Fund that did not approve the Reorganization, including, without limitation, adjournments of the Special Shareholder Meeting and/or the further solicitation of proxies with respect to such Target Fund.

Q.What if I have questions about the Reorganizations?

A.If you require assistance or have any questions regarding the Reorganizations, please call the solicitor, Computershare Fund Services, at 877-816-8609.

PROXY STATEMENT/PROSPECTUS

August 19, 2026

Combined Special Meeting of Shareholders

of Voya Asia Pacific High Dividend Equity Income Fund and Voya Emerging Markets High Dividend Equity Fund

Scheduled for September 28, 2026 at 1:00 p.m. (MST)

ACQUISITION OF THE ASSETS OF:	BY AND IN EXCHANGE FOR SHARES OF:
Voya Asia Pacific High Dividend Equity Income Fund	Voya Multi-Manager Emerging Markets Equity Fund
	(A series of Voya Mutual Funds)
Voya Emerging Markets High Dividend Equity Fund	Voya Multi-Manager Emerging Markets Equity Fund
	(A series of Voya Mutual Funds)
7337 East Doubletree Ranch Road, Suite 100	7337 East Doubletree Ranch Road, Suite 100
Scottsdale, AZ 85258-2034	Scottsdale, AZ 85258-2034
1-800-992-0180	1-800-992-0180
(each a closed-end management investment company)	(an open-end management investment company)

Important Notice Regarding the Availability of Proxy Materials

for the Combined Special Meeting of Shareholders to be Held on September 28, 2026

This Proxy Statement/Prospectus and Notice of Special Meeting are available at: www.proxyvote.com/voya

The Proxy Statement/Prospectus explains concisely what you should know before voting on the matters described herein or investing in Voya Multi-Manager Emerging Markets Equity Fund. Please read it carefully and keep it for future reference.

THE U.S. SECURITIES AND EXCHANGE COMMISSION HAS NOT APPROVED OR DISAPPROVED THESE SECURITIES, OR DETERMINED THAT THIS PROXY STATEMENT/PROSPECTUS IS TRUTHFUL OR COMPLETE. ANY REPRESENTATION TO THE CONTRARY IS A CRIMINAL OFFENSE.

TO OBTAIN MORE INFORMATION

To obtain more information about Voya Asia Pacific High Dividend Equity Income Fund (“IAE Fund”), Voya Emerging Markets High Dividend Equity Fund (“IHD Fund”), and Voya Multi-Manager Emerging Markets Equity Fund (“MM EME Fund” and collectively with IAE Fund and IHD Fund, the “Funds”), please write, call, or visit our website for a free copy of the current prospectus and statement of additional information for MM EME Fund, and annual/semi-annual shareholder reports for each of the Funds, or other information.

By Phone:	1-800-992-0180
By Mail:	Voya Investment Management
	7337 East Doubletree Ranch Road, Suite 100
	Scottsdale, AZ 85258-2034
By Internet:	https://individuals.voya.com/literature

The following documents containing additional information about the Funds, each having been filed with the U.S. Securities and Exchange Commission (the “SEC”), are incorporated by reference into this Proxy Statement/Prospectus:

1.The Statement of Additional Information dated August 19, 2026 relating to this Proxy Statement/Prospectus (File No.

[ ]);

2.The audited financial statements and other information filed on Form N-CSR which covers the period ended February 28, 2026 for IAE Fund (File No. 811-22004);

3.The audited financial statements and other information filed on Form N-CSR which covers the period ended February 28, 2026 for IHD Fund (File No. 811-22438);

4.The Prospectus and Statement of Additional Information, as supplemented, dated February 28, 2026 for MM EME Fund (File No. 811-07428);

5.The audited financial statements and other information filed on Form N-CSR which covers the period ended October 31, 2025 for MM EME Fund (File No. 811-07428); and

6.The unaudited financial statements and other information filed on Form N-CSRS which covers the sixth-month period ended April 30, 2026 for MM EME Fund (File No. 811-07428).

The Funds are subject to the informational requirements of the Securities Exchange Act of 1934, as amended (the “1934 Act”), and the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders, thereunder (the “1940 Act”), and in accordance therewith, file reports and other information including proxy materials with the SEC. Proxy material, information statements, reports and other information about the Funds are available on the EDGAR Database on the SEC's Internet site at http://www.sec.gov, and copies of this information may be obtained, after paying a duplicating fee, by electronic request at the following E-mail address: publicinfo@sec.gov.

Table of Contents
INTRODUCTION .......................................................................................................................................................................	1
What is happening? ...............................................................................................................................................................	1
Why did you send me this booklet? .......................................................................................................................................	1
Who is eligible to vote? .........................................................................................................................................................	1
How do I vote? ......................................................................................................................................................................	1
How do I attend the virtual Special Meeting? .........................................................................................................................	1
When will the Special Meeting be held? ................................................................................................................................	2
SUMMARY OF THE PROPOSED REORGANIZATIONS..........................................................................................................	3
APPROVAL OF THE REORGANIZATIONS .............................................................................................................................	5
What are the proposed Reorganizations? .............................................................................................................................	5
Why are the Reorganizations being proposed? .....................................................................................................................	5
How do the Fund Organizational Structures and Investment Objectives compare?..............................................................	5
How do the Annual Fund Operating Expenses compare? .....................................................................................................	5
How do the Principal Investment Strategies compare? .........................................................................................................	7
How do the Principal Risks compare?.................................................................................................................................	12
How do the Fundamental Policies of the Funds compare?.................................................................................................	25
How do the purchase, exchange, and redemption policies of the Funds compare? ...........................................................	27
How does the performance of the Funds compare? ............................................................................................................	27
How does the management of the Funds compare? ...........................................................................................................	29
What are the key differences in the rights of shareholders of the Funds? ............................................................................	32
What are the differences between open-end funds and closed-end funds? .......................................................................	34
Additional Information about the Funds ...............................................................................................................................	35
Additional Information about the Reorganizations ...............................................................................................................	39
What is the Board’s recommendation? ...............................................................................................................................	41
What factors did the Board consider? .................................................................................................................................	41
What is the required vote? ..................................................................................................................................................	42
What happens if shareholders do not approve the Reorganizations? ................................................................................	42
General Information about the Proxy Statement/Prospectus ...........................................................................................	43
Who is asking for my vote? .................................................................................................................................................	43
How is my proxy being solicited? ........................................................................................................................................	43
What happens to my proxy once I submit it? ......................................................................................................................	43
Can I revoke my proxy after I submit it?..............................................................................................................................	43
How will my shares be voted?.............................................................................................................................................	43
How many shares are outstanding?....................................................................................................................................	44
Can shareholders submit proposals for a future shareholder meeting?..............................................................................	44
Why did my household only receive one copy of this Proxy Statement/Prospectus? .........................................................	44
APPENDIX A: FORM OF AGREEMENT AND PLAN OF REORGANIZATION FOR VOYA ASIA PACIFIC HIGH DIVIDEND
EQUITY INCOME FUND AND VOYA EMERGING MARKETS HIGH DIVIDEND EQUITY FUND .......................................	A-1
APPENDIX B: ADDITIONAL INFORMATION REGARDING VOYA MULTI-MANAGER EMERGING MARKETS EQUITY
FUND .....................................................................................................................................................................................	B-1
APPENDIX C: SECURITY OWNERSHIP OF CERTAIN BENEFICIAL AND RECORD OWNERS......................................	C-1

INTRODUCTION

What is happening?

On June 2, 2026, the Boards of Trustees (the “Board”) of Voya Asia Pacific High Dividend Equity Income Fund (“IAE Fund”), Voya Emerging Markets High Dividend Equity Fund (“IHD Fund,” together with IAE Fund, each a “Target Fund” and together, the “Target Funds”), and Voya Multi-Manager Emerging Markets Equity Fund (“MM EME Fund” or, the “Surviving Fund,” and collectively with IAE Fund and IHD Fund, the “Funds”), following a recommendation by management, each approved an Agreement and Plan of Reorganization with respect to each Target Fund (each, a “Reorganization Agreement” and together, the “Reorganization Agreements”), which provides for the reorganization of each of IAE Fund and IHD Fund, respectively, with and into MM EME Fund (each, a “Reorganization” and together, the “Reorganizations”). The Board preliminary discussed the Reorganizations at its in-person meeting held on May 20, 2026. Each Reorganization Agreement requires approval by shareholders of the relevant Target Fund, and if approved, is expected to be effective on October 9, 2026, or such other date as the parties may agree (the “Closing Date”).

Why did you send me this booklet?

This booklet includes a combined proxy statement and prospectus (the “Proxy Statement/Prospectus”) and a Proxy Card for each of IAE Fund and IHD Fund. It provides you with information you should review before providing voting instructions on the matters listed in the Notice of Special Meeting.

Because you, as a shareholder of IAE Fund and/or IHD Fund, are being asked to approve a Reorganization Agreement that will result in a transaction in which you will ultimately hold shares of MM EME Fund, this Proxy Statement/Prospectus also serves as a prospectus for MM EME Fund. MM EME Fund is an open-end management investment company that seeks long-term capital appreciation, as described more fully below.

Who is eligible to vote?

Shareholders of record holding an investment in shares of IAE Fund or IHD Fund as of the close of business on July 24, 2026 (the “Record Date”) are eligible to vote at the combined special meeting of shareholders (the “Special Meeting”) or any adjournments or postponements thereof. Should shareholders require additional information regarding the Special Meeting, they may contact Computershare Fund Services (the “Solicitor”) toll-free at 877-816-8609. (See “General Information about the Proxy Statement/Prospectus” for more information on the Solicitor.)

How do I vote?

You may submit your Proxy Card in one of four ways:

•By Internet. The web address and instructions for voting can be found on the enclosed Proxy Card. You will be required to provide your control number located on the Proxy Card.

•By Telephone. The toll-free number for telephone voting can be found on the enclosed Proxy Card. You will be required to provide your control number located on the Proxy Card.

•By Mail. Mark the enclosed Proxy Card, sign and date it, and return it in the postage-paid envelope we provided. To the extent shares are held jointly, both joint owners must sign the Proxy Card.

•At the Special Meeting Over the Internet. The Special Meeting will be held entirely online. Shareholders of record as of July 24, 2026, will be able to attend and participate in the Special Meeting by accessing the meeting site at meetnow.global/MLXGSMW. Even if you plan to attend the Special Meeting online, we recommend that you also vote by proxy as described herein so that your vote will be counted if you decide not to attend the Special Meeting. Please see the “How do I attend the virtual Special Meeting?” section in the Proxy Statement/Prospectus for more details regarding the logistics of the virtual format of the Special Meeting.

If you do not plan to attend the Special Meeting, to be certain your vote will be counted, a properly executed Proxy Card must be received no later than 5:00 p.m. (MST) on September 27, 2026.

How do I attend the virtual Special Meeting?

There is no physical location for the Special Meeting. In order to attend the virtual Special Meeting, please visit meetnow.global/MLXGSMW and follow the instructions as outlined on the website.

Registered (direct) shareholders of the Target Funds do not need to “register” to attend the Special Meeting. You can access the meeting site (meetnow.global/MLXGSMW) by using the control number found on your Proxy Card. For shareholders whose shares are held by a broker, bank or other nominee, in order to register to attend the Special Meeting online by webcast you must submit proof of your proxy power (legal proxy) reflecting your Fund holdings along with your name and email address to Computershare Fund Services. You must contact the bank or broker who holds your shares to obtain your legal proxy. Requests for registration must be labeled as “Legal Proxy” and be received no later than 5:00 p.m., Eastern Time, three business days prior to the Special Meeting. You will receive a confirmation of your registration by email after the Solicitor receives your registration materials. Requests for registration should be directed to the Solicitor by emailing an image of your legal proxy to shareholdermeetings@computershare.com.

1

The virtual meeting platform is fully supported across browsers (Microsoft Edge, Firefox, Chrome, and Safari) and devices (desktops, laptops, tablets, and cell phones) running the most updated version of applicable software and plugins. Shareholders should ensure that they have a strong Wi-Fi connection wherever they intend to participate in the Special Meeting. Shareholders should also give themselves plenty of time to log in and ensure that they can hear audio prior to the start of the Special Meeting.

Access to the Audio Webcast of the Special Meeting. The live audio webcast of the meeting will begin promptly at 1:00 p.m. (MST) on September 28, 2026. Online access to the audio webcast will open approximately thirty minutes prior to the start of the meeting to allow time for you to log in and test the computer audio system. We encourage shareholders to access the meeting prior to the start time.

Log in Instructions. To attend the Special Meeting, Shareholders must visit meetnow.global/MLXGSMW. Shareholders will need their control number found on their Proxy Card.

Beneficial Owners. If you hold your shares through an intermediary, such as a bank or broker, you must contact the bank or broker who holds your shares to obtain your legal proxy at least three business days prior to Special Meeting as provided above.

When will the Special Meeting be held?

The Special Meeting is scheduled to be held virtually online on September 28, 2026, at 1:00 p.m. (MST).

2

SUMMARY OF THE PROPOSED REORGANIZATIONS

You should read this entire Proxy Statement/Prospectus, and the Reorganization Agreement included in Appendix A. For more information about MM EME Fund, please consult Appendix B.

At a special meeting of the Board on June 2, 2026, the Board approved the Reorganization Agreements. In connection with the Board's approval of the Reorganization Agreements, the Board was provided with information both in writing and during oral presentations made at that meeting, including, among other matters, current discount levels of each Target Fund, historical performance information, historical expense ratios, and the projected expense ratios of MM EME Fund following the Reorganizations. Subject to approval by shareholders of the relevant Target Fund, each Reorganization Agreement provides for:

•the transfer of all of the assets of the relevant Target Fund to MM EME Fund in exchange for shares of beneficial interest of MM EME Fund and the assumption by MM EME Fund of all the liabilities of the relevant Target Fund;

•the distribution of Class W shares of MM EME Fund to the shareholders of the relevant Target Fund; and

•the complete liquidation of the relevant Target Fund.

In considering whether to approve the Reorganizations, you should note that:

•While the Target Funds have different investment objectives, principal investment strategies and risk profiles, than MM EME Fund, the Funds have a similar level of diversification and focus on emerging markets equity securities.

•Shareholders of the Target Funds are expected to receive a financial benefit from lower contractual fees and expenses as a result of the Reorganizations, as described more fully below.

•Voya Investments, LLC (“Voya Investments” or the “Investment Adviser”) serves as the investment adviser to each Fund. Voya Investment Management Co. LLC (“Voya IM”) serves as the sub-adviser to the Target Funds. Nomura Investments Fund Advisers, Sustainable Growth Advisers, LP, and Voya IM serve as the sub-advisers to MM EME Fund.

•Each Fund is distributed by Voya Investments Distributor, LLC (“VID” or the “Distributor”).

•Shareholders of the Target Funds are expected, in the view of the Investment Adviser, to benefit from the opportunity for improved performance, as MM EME Fund has stronger performance relative to IAE Fund and IHD Fund at market price over a number of prior periods.

•Shareholders of each Fund are expected to benefit from a product better poised to achieve and maintain scale over the long term as shareholders of MM EME Fund.

•The common shares of the Target Funds, each a closed-end fund, are listed for trading on the NYSE, where such shares may be purchased and sold through broker-dealers at prevailing market prices, which may be greater than (premium) or less than (discount) net asset value. Shares of the Target Funds do not have any exchange rights. The Surviving Fund, an open-end fund, continuously offers new shares. As an open-end fund with multiple share classes, the prospectus of the Surviving Fund, incorporated by reference herein, has detailed information regarding how to buy shares, minimum initial investment amount, tax information, payments to broker-dealers and intermediaries, exchanging shares, concerning frequent purchases and redemptions, and redeeming shares.

•The costs of the Reorganizations, assuming both Reorganizations are completed, are: (i) estimated to be $634,000, not including portfolio transition costs, and (ii) anticipated to be borne by the Target Funds with approximately $259,900 allocated to IAE Fund, and approximately $374,100 allocated to IHD Fund. The Investment Adviser will assume all costs related to the Reorganizations if the Reorganizations are not consummated. For additional information about what would occur if shareholders do not approve the Reorganizations, please see the section entitled “What happens if shareholders do not approve the Reorganizations?” below.

In addition, the Investment Adviser estimates based on current holdings and market conditions that there will be approximately $493,500 in explicit portfolio transition costs and that such costs would be borne by the Target Funds, with approximately $203,500 attributable to IAE Fund and approximately $290,000 attributable to IHD Fund. Portfolio transition costs include transaction costs arising from the sale of portfolio securities held by the Target Funds prior to the Reorganizations. Further, the Investment Adviser has estimated that there will be $162,400 in explicit portfolio transition costs arising from the purchase of securities by MM EME Fund following the Reorganization, which will be borne by the Investment Adviser, and additional transaction costs may be incurred by MM EME Fund in connection with shareholder redemptions following the Reorganizations. It is expected that a portion of the Target Fund shareholders may redeem their investment shortly following a Reorganization. To the extent redemption-related portfolio transaction costs are incurred by the Surviving Fund in connection with such redemptions, they are expected to be reimbursed by the Investment Adviser for a period of six months following the closing of the Reorganizations. Transaction costs may be higher or lower than these estimates based on market conditions at the time of the Reorganizations.

3

•Each Reorganization is intended to qualify as a tax-free reorganization for U.S. federal income tax purposes pursuant to Section 368(a) of the Internal Revenue Code of 1986, as amended (the “Code”); accordingly, it is expected that none of IAE Fund, IHD Fund, MM EME Fund, or their respective shareholders will recognize any gain or loss for U.S. federal income tax purposes as a direct result of the Reorganizations. However, each Target Fund is expected to reduce its portfolio holdings to cash in connection with the applicable Reorganization. To the extent a Target Fund has net income and/or gains (after application of any available capital loss carryforwards) for the taxable year ending on the date of the applicable Reorganization, including as a result of reducing its portfolio to cash, such net income and/or gains will be distributed to shareholders in connection with the Reorganization, which distributions will generally be taxable to shareholders. As a result, shareholders may pay more in taxes or pay taxes sooner than they would have had the applicable Reorganization not occurred.

If a Reorganization is approved by shareholders of the applicable Target Fund, each owner of shares of IAE Fund and/or IHD Fund, as applicable, would become a shareholder of Class W shares of MM EME Fund. If approved by shareholders, each Reorganization is expected to be effective on October 9, 2026 (the “Closing Date”). Each shareholder of IAE Fund or IHD Fund, as applicable, will hold, immediately after the close of the applicable Reorganization (the “Closing”), Class W shares of MM EME Fund having an aggregate net asset value equal to the aggregate net asset value of the shares of IAE Fund or IHD Fund, as applicable, held by that shareholder as of the close of business on the Closing Date.

4

APPROVAL OF THE REORGANIZATIONS

What are the proposed Reorganizations?

Shareholders of each Target Fund are being asked to approve a Reorganization Agreement, providing for the reorganization of the Target Fund with and into MM EME Fund. If the Reorganization Agreements are approved, shareholders of each Target Fund will become shareholders of MM EME Fund as of the Closing.

Why are the Reorganizations being proposed?

The Investment Adviser proposed the Reorganizations to provide shareholders of the Target Funds with the opportunity to benefit from the ability to achieve liquidity for their shares at net asset value while continuing to be invested in a fund that provides exposure to an emerging markets strategy. The Board preliminarily discussed the proposal at its in-person meeting on May 20, 2026. Consequently, at the June 2, 2026 special meeting of the Board, the Investment Adviser proposed, and the Board approved, the Reorganization of each of the Target Funds with and into MM EME Fund. In support of its proposal, the Investment Adviser noted that, in its view, following each Reorganization, shareholders of each Target Fund would have the opportunity to realize the difference between market price and net asset value (“NAV”) by going into an open-end fund, the potential to benefit from improved performance, and lower contractual fees and expenses. Additionally, the Investment Adviser noted that the Reorganizations would increase scale and provide the opportunity for improved platform placement of the Surviving Fund. Management presented the Board with several alternatives for IAE Fund and IHD Fund, including potentially liquidating the Funds or engaging in a contested solicitation of proxies with respect to the election of each Fund's Board of Trustees. Management noted that a contested proxy could result in significant expense to the Fund, divert the attention of the Fund's management, and introduce uncertainty regarding the Fund's future strategic direction.

How do the Fund Organizational Structures and Investment Objectives compare?

Each Fund’s organizational structure and investment objective is described in the chart below.

	IAE FUND	IHD FUND	MM EME FUND
Organizational	IAE Fund is a diversified,	IHD Fund is a diversified,	MM EME Fund is a diversified,
Structure	closed-end management	closed-end management	open-end management
	investment company organized	investment company organized	investment company organized
	as a Delaware Statutory Trust.	as a Delaware Statutory Trust.	as a series of a Delaware
			Statutory Trust.
Investment	The Fund is a diversified,	The Fund is a diversified,	The Fund seeks long-term
Objective	closed-end fund with the	closed-end fund with the	capital appreciation.
	investment objective of total	primary investment objective of
	return through a combination of	providing total return through a
	current income, capital gains	combination of current income,
	and capital appreciation.	capital gains and capital
		appreciation.

Each Fund’s investment objective is non-fundamental and may be changed by a vote of the Board, without shareholder approval. A Fund will provide 60 days’ prior written notice of any change in a non-fundamental investment objective.

How do the Annual Fund Operating Expenses compare?

The tables below describe the fees and expenses that you may pay if you buy, hold, and sell shares of the Funds. Pro forma fees and expenses, which are the estimated fees and expenses of MM EME Fund after giving effect to each Reorganization separately and if both Reorganizations are completed, assume the Reorganization occurred on October 31, 2025. You may pay other fees, such as brokerage commissions and other fees to financial intermediaries, which are not reflected in the tables and examples below.

As shown in the tables below, shareholders of IAE Fund and IHD Fund will experience a decrease in the contractual management fee rate and shareholders of IHD Fund will experience a decrease in contractual expense limit following the Reorganization.

	Annual Fund Operating Expenses
	Expenses you pay each year as a % of the value of your investment
				IAE Fund		IHD Fund
				Common		Common	MM EME Fund
				Shares		Shares	Class W Shares1, 2
	Management Fees		%	1.05		1.15	0.98
	Distribution and/or Shareholder Services (12b-1) Fees	%		N/A		N/A	N/A
	Other Expenses		%	0.353		0.293	0.39
	Total Annual Fund Operating Expenses	%		1.40		1.44	1.37
	Waivers and Reimbursements		%	(0.19)4		(0.03)5	(0.16)6
	Total Annual Fund Operating Expenses after Waivers and	%		1.21		1.41	1.21
	Reimbursements
		5

1.Expense information has been restated to reflect current contractual rates.

2.Shareholders of IAE Fund and IHD Fund would receive Class W shares of MM EME Fund in the Reorganizations.

3.Other Expenses do not include one-time expenses related to the Reorganizations.

4.The Investment Adviser is contractually obligated to limit expenses to 1.20% on all assets, respectively, through February 28, 2028 (the “Expense Limitation Agreement”). The limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the independent Trustees who are not “interested persons” as that term is defined by the 1940 Act. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by the Board. The Expense Limitation Agreement shall terminate with respect to the Fund upon termination of the Fund’s advisory agreement with the Investment Adviser, or it may be terminated by the Trust without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business.

5.The Investment Adviser is contractually obligated to limit expenses to 1.40% on all assets, respectively, through February 28, 2028 (the “Expense Limitation Agreement”). The limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the independent trustees who are not “interested persons” as that term is defined by the 1940 Act. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by the Board. The Expense Limitation Agreement shall terminate with respect to the Fund upon termination of the Fund’s advisory agreement with the Investment Adviser, or it may be terminated by the Trust, without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business.

6.The Investment Adviser is contractually obligated to limit expenses to 1.21% for Class W shares through March 1, 2028 (the “Expense Limitation Agreement”). The limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the independent trustees who are not “interested persons” as that term is defined by the 1940 Act. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by the Board. The Expense Limitation Agreement shall terminate with respect to the Fund upon termination of the Fund’s advisory agreement with the Investment Adviser, or it may be terminated by Voya Mutual Funds, without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business.

Pro Forma Annual Fund Operating Expenses

Expenses you pay each year as a % of the value of your investment

				MM EME Fund		MM EME Fund
				Pro Forma if only		Pro Forma if only	MM EME Fund
				IAE Fund		IHD Fund	Pro Forma if both
				Reorganization is		Reorganization is	Reorganizations
				Approved1		Approved1	are approved1
	Class W2
	Management Fees	%	0.98		0.98		0.98
	Distribution and/or Shareholder Services	%		N/A		N/A	N/A
	(12b-1) Fees
	Other Expenses	%	0.383		0.383		0.373
	Total Annual Fund Operating Expenses	%		1.36		1.36	1.35
	Waivers and Reimbursements	%	(0.16)4		(0.16)4		(0.15)4
	Total Annual Fund Operating Expenses after	%		1.20		1.20	1.20
	Waivers and Reimbursements

1.Expense information has been restated to reflect current contractual rates.

2.Shareholders of IAE Fund and IHD Fund would receive Class W shares of MM EME Fund in the Reorganizations.

3.Other Expenses are based on estimated amounts for the current fiscal year.

4.The Investment Adviser is contractually obligated to limit expenses to 1.20% for Class W shares through March 1, 2028 (the “Expense Limitation Agreement”). The limitation does not extend to interest, taxes, other investment-related costs, leverage expenses, extraordinary expenses such as litigation or other expenses not incurred in the ordinary course of business, and expenses of any counsel or other persons or services retained by the independent trustees who are not “interested persons” as that term is defined by the 1940 Act. Modification of the Expense Limitation Agreement requires written agreement signed by each of the parties and approval by the Board. The Expense Limitation Agreement shall terminate with respect to the Fund upon termination of the Fund’s advisory agreement with the Investment Adviser, or it may be terminated by Voya Mutual Funds, without payment of any penalty, upon written notice to the Investment Adviser at its principal place of business.

6

Expense Examples

These Examples are intended to help you compare the cost of investing in shares of a Fund with the costs of investing in other funds. The Examples show costs if you sold (redeemed) your shares at the end of the period or continued to hold them. The Examples also assume that your investment had a 5% return each year and that the relevant Fund’s operating expenses remain the same. The Examples reflect applicable expense limitation agreements and/or waivers in effect, if any, for the one- year period and the first two years of the time periods indicated. Although your actual costs may be higher or lower, based on these assumptions your costs would be:

			IAE Fund Common Shares				IHD Fund Common Shares				MM EME Fund Class W Shares1
		Share
		Status	1 Yr	3 Yrs	5 Yrs	10 Yrs	1 Yr	3 Yrs	5 Yrs	10 Yrs	1 Yr	3 Yrs	5 Yrs	10 Yrs
	$	Sold or	123	424	748	1,663	144	453	784	1,722	123	418	735	1,632
		Held

1.Shareholders of IAE Fund and IHD Fund would receive Class W shares of MM EME Fund in the Reorganizations.

MM EME Fund Pro Forma if only

MM EME Fund Pro Forma if

MM EME Fund Pro Forma if

IAE Fund Reorganization is

only IHD Fund Reorganization

both Reorganizations are

Approved

is Approved

Approved

Share

10

Class

Status

1 Yr

3 Yrs

5 Yrs

10 Yrs

1 Yr

3 Yrs

5 Yrs

10 Yrs

1 Yr

3 Yrs

5 Yrs

Yrs

Class W1

$

Sold or

122

415

729

1,621

122

415

729

1,621

122

413

725

1,611

Held

1.Shareholders of IAE Fund and IHD Fund would receive Class W shares of MM EME Fund in the Reorganizations.

Portfolio Turnover

Each Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs. These costs, which are not reflected in the Annual Fund Operating Expenses or in the Expense Examples, affect a Fund’s performance.

During the most recent fiscal year ended February 28, 2026, each of IAE Fund’s and IHD Fund’s portfolio turnover rate was 68% of the average value of its portfolio. During the most recent fiscal year ended October 31, 2025, MM EME Fund’s portfolio turnover rate was 51% of the average value of its portfolio.

How do the Principal Investment Strategies compare?

Each Fund’s principal investment strategies are described in more detail in the table below. The Funds have a similar level of diversification and focus on emerging markets equity securities. However, MM EME Fund does not have an income objective, does not utilize an options strategy, and is managed in separate sleeves by three different Sub-Advisers. The Target Funds each have an income component of their investment objectives, use an options strategy and are managed only by one Sub-Adviser. Additionally, IAE Fund and MM EME Fund have different geographical focuses, with MM EME Fund having broader exposure across geographic regions than IAE Fund.

	IAE Fund	IHD Fund	MM EME Fund
Principal	Under normal market conditions,	Under normal circumstances,	Under normal circumstances,
Investment	the Fund seeks to achieve its	the Fund invests at least 80% of	the Fund invests at least 80% of
Strategies	investment objective by	its net assets (plus the amount	its net assets (plus the amount
	investing primarily in a portfolio	of any borrowings for investment	of any borrowings for investment
	of dividend yielding equity	purposes) in dividend-producing	purposes) in equity securities of
	securities of Asia Pacific	equity securities of, or	issuers in emerging markets. For
	companies. For purposes of the	derivatives having economic	purposes of this 80% policy,
	Fund's investments, Asia Pacific	characteristics similar to the	emerging markets means most
	companies are those that meet	equity securities of, issuers in	countries in the world except
	one or more of the following	emerging markets. For purposes	Australia, Canada, Japan, New
	factors: (i) whose principal	of this 80% policy, issuers in	Zealand, Hong Kong, Singapore,
	securities trading markets are in	emerging markets means	the United Kingdom, the United
	Asia Pacific countries; (ii) that	issuers in countries included in	States, and most of the
	derive at least 50% of their total	the MSCI Emerging Markets	countries of Western Europe.
	revenue or profit from either	IndexSM (the “Index”). The Fund	For purposes of this 80% policy,
	goods produced or sold,	will provide shareholders with at	equity securities include, without
	investments made or services	least 60 days’ prior notice of any	limitation, common stock,
	performed in Asia Pacific	change in its 80% investment	preferred stock, convertible
	countries; (iii) that have at least	policy. For purposes of satisfying	securities, depositary receipts,
	50% of their assets in Asia	its 80% investment policy, the	participatory notes and other
	Pacific countries; or (iv) that are	Fund may also invest in	structured notes, real estate-
	organized under the laws of, or	derivatives and other synthetic	related securities (including real
	with principal offices in, Asia	instruments and other	estate investment trusts
	Pacific countries.	investment companies, including	(“REITs”)), trust or partnership
		7

IAE Fund	IHD Fund	MM EME Fund
aggregate, are correlated with		long-term basis, up to 33 1⁄3% of
the price movements of the		its total assets.
Fund’s portfolio.
		NIFA
		NIFA believes that, although
		market price and intrinsic
		business value are positively
		correlated in the long run, short-
		term divergences can emerge.
		NIFA seeks to take advantage of
		these divergences through a
		disciplined, fundamental,
		bottom-up approach. NIFA seeks
		to invest in companies with
		sustainable franchises when
		they are trading at a significant
		discount to NIFA’s conservative
		intrinsic value estimate. NIFA
		also prefers companies that
		have large market opportunities
		in which to deploy capital,
		ensuring that they grow faster
		than the overall economy.
		Fundamental bottom-up
		research is the core of the
		investment process. NIFA’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.
		SGA
		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

10

IAE Fund	IHD Fund	MM EME Fund
		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.

Voya IM

To manage its portion of the Fund’s assets, Voya IM employs a “passive management” approach designed to track the performance of a custom index created by FTSE Russell for Voya IM, the FTSE Emerging Plus Korea Select Factor Index (the “Index”). The Index is designed to capture exposure to a broad set of five factors that contribute to emerging equity market performance. These five factors are Low Volatility, Momentum, Quality, Size, and Value. As a result of the five factor selection process, the Index may be focused in one or more sectors, which may change from time to time. As of December 31, 2025, a portion of the Index was focused in the technology sector.

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.

11

How do the Principal Risks compare?

The following table summarizes and compares the principal risks of investing in the Funds. You could lose money on an investment in the Funds. Any of the following risks, among others, could affect Fund performance or cause a Fund to lose money or to underperform market averages of other funds. The principal risks are presented in alphabetical order to facilitate readability, and their order does not imply that the realization of one risk is more likely to occur or have a greater adverse impact than another risk. An investment in a Fund is not a bank deposit and is not insured or guaranteed by the Federal Deposit Insurance Corporation, the Federal Reserve Board or any other government agency.

As reflected in the table below, the Funds have many of the same principal risks. Certain differences in the risk profiles of the Funds arise from differences in principal investment strategies, including the options strategies used by IAE Fund and IHD Fund that are not used by MM EME Fund. Additionally, MM EME Fund has a sleeve managed by Voya IM that uses a passive strategy that seeks to replicate the performance of the Index, which involves different risks from entirely actively managed funds like IAE and IHD.

Principal Risks	IAE Fund	IHD Fund	MM EME Fund
China Investing Risks: The Chinese economy is generally	✓	✓	✓
considered an emerging and volatile market. Although China has
experienced a relatively stable political environment in recent 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, U.S. or foreign government restrictions on investments
in Chinese companies or other intervention could negatively affect
the implementation of the Fund’s investment strategies, such as by
precluding the Fund from making certain investments or causing
the Fund to sell investments at disadvantageous times.
China Investing Risks – Investing through Bond Connect:	✓	✓
Chinese debt instruments trade on the China Interbank Bond
Market (the “CIBM”) and may be purchased through a market
access program, known as “Bond Connect,” that is designed to,
among other things, enable foreign (non-U.S.) investment in the
People’s Republic of China. There are significant risks inherent in
investing in Chinese debt instruments, similar to the risks of
investing in debt instruments in other emerging markets. The prices
of debt instruments traded on the CIBM may fluctuate significantly
due to low trading volume and potential lack of liquidity. The rules to
access debt instruments that trade on the CIBM through Bond
Connect are relatively new and subject to change, which may
adversely affect the Fund’s ability to invest in these instruments and
to enforce its rights as a beneficial owner of these instruments.
Trading through Bond Connect is subject to a number of restrictions
that may affect the Fund’s investments and returns.
China Investing Risks – Investing through Stock Connect:	✓	✓	✓
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
12

Principal Risks	IAE Fund	IHD Fund	MM EME Fund
Fund may not be able to dispose of its China A-Shares in a timely
manner, which could adversely affect the Fund’s performance.
China Investing Risks – Variable Interest Entities: Many	✓	✓	✓
Chinese companies use a structure known as a variable interest
entity (a “VIE”) to address Chinese restrictions on direct foreign
investment in Chinese companies operating in certain sectors. The
Fund’s investment exposure to VIEs may pose additional risks
because the Fund’s investment is not made directly in the VIE (the
actual Chinese operating company), but rather in a holding
company domiciled outside of China (a “Holding Company”) whose
interests in the business of the underlying Chinese operating
company (the VIE) are established through contracts rather than
through equity ownership. The VIE (which the Fund is restricted
from owning under Chinese law) is generally owned by Chinese
nationals, and the Holding Company (in which the Fund invests)
holds only contractual rights (rather than equity ownership) relating
to the VIE, typically including a contractual claim on the VIE’s
profits. Shares of the Holding Company, in turn, are traded on
exchanges outside of China and are available to non-Chinese
investors such as the Fund. While the VIE structure is a
longstanding practice in China, until recently, such arrangements
had not been formally recognized under Chinese law. However, in
late 2021, the Chinese government signaled its interest in
implementing filing requirement rules that would both affirm the
legality of VIE structures and regulate them. How these filing
requirements will operate in practice, and what will be required for
approval, remains unclear. While there is optimism that these
actions will reduce uncertainty over Chinese actions on VIEs, there
is also caution given how unresolved the process is. Until these
rules are finalized, and potentially afterwards depending on how
they are implemented, there remains significant uncertainty
associated with VIE investments. There is a risk that the Chinese
government may cease to tolerate VIE structures at any time or
impose new restrictions on the structure, in each case either
generally or with respect to specific issuers. In such a scenario, the
Chinese operating company could be subject to penalties, including
revocation of its business and operating license, or the Holding
Company could forfeit its interest in the business of the Chinese
operating company. Further, in case of a dispute between the
Holding Company investors and the Chinese owners of the VIE, the
Holding Company’s contractual claims with respect to the VIE may
be unenforceable in China, thus limiting the remedies and rights of
Holding Company investors such as the Fund. Control over a VIE
may also be jeopardized if a natural person who holds the equity
interest in the VIE breaches the terms of the contractual
arrangements, is subject to legal proceedings, or if any physical
instruments or property of the VIE, such as seals, business
registration certificates, financial data and licensing arrangements
(sometimes referred to as “chops”), are used without authorization.
In the event of such an occurrence, the Fund, as a foreign investor,
may have little or no legal recourse. Such legal uncertainty may be
exploited against the interests of the Holding Company investors
such as the Fund. The Fund will typically have little or no ability to
influence the VIE through proxy voting or other means because it is
not a VIE owner/shareholder. Foreign (non-U.S.) companies listed
on U.S. stock exchanges, including companies using the VIE
structure, could also face delisting or other ramifications for failure
to meet the expectations and/or requirements of the SEC, the
Public Company Accounting Oversight Board, or other U.S.
regulators. Any of these risks could reduce the liquidity and value of
the Fund’s investments in Holding Companies or render them
valueless.
Company: The price of a company’s stock could decline or	✓	✓	✓
underperform for many reasons, including, among others, poor
management, financial problems, reduced demand for the
company’s goods or services, regulatory fines and judgments, or
13

Principal Risks	IAE Fund	IHD Fund	MM EME Fund
business challenges. If a company is unable to meet its financial
obligations, declares bankruptcy, or becomes insolvent, its stock
could become worthless.
Convertible Securities: Convertible securities are securities that			✓
are convertible into or exercisable for common stocks at a stated
price or rate. Convertible securities are subject to the usual risks
associated with debt instruments, such as interest rate risk and
credit risk. In addition, because convertible securities react to
changes in the value of the underlying stock, they are subject to
market risk.
Credit: The Fund could lose money if the issuer or guarantor of a			✓
debt instrument in which the Fund invests, or the counterparty to a
derivative contract the Fund entered into, is unable or unwilling, or
is perceived (whether by market participants, rating agencies,
pricing services, or otherwise) as unable or unwilling, to meet its
financial obligations.
Currency: To the extent that the Fund invests directly or indirectly	✓	✓	✓
in foreign (non-U.S.) currencies or in securities denominated in, or
that trade in, foreign (non-U.S.) currencies, it is subject to the risk
that those foreign (non-U.S.) currencies will decline in value relative
to the U.S. dollar or, in the case of hedging positions, that the U.S.
dollar will decline in value relative to the currency being hedged by
the Fund through foreign currency exchange transactions. Currency
rates may fluctuate significantly over short periods of time.
Currency rates may be affected by changes in market interest
rates, intervention (or the failure to intervene) by the U.S. or foreign
(non-U.S.) governments, central banks or supranational entities
such as the International Monetary Fund, by the imposition of
currency controls, or other political or economic developments in
the U.S. or abroad.
Derivative Instruments: Derivative instruments are subject to a	✓	✓	✓
number of risks, including the risk of changes in the market price of
the underlying asset, reference rate, or index, credit risk with
respect to the counterparty, risk of loss due to changes in market
interest rates, liquidity risk, valuation risk, and volatility risk. The
amounts required to purchase certain derivatives may be small
relative to the magnitude of exposure assumed by the Fund.
Therefore, the purchase of certain derivatives may have an
economic leveraging effect on the Fund and exaggerate any
increase or decrease in the net asset value. Derivatives may not
perform as expected, so the Fund may not realize the intended
benefits. When used for hedging purposes, the change in value of a
derivative may not correlate as expected with the asset, reference
rate, or index being hedged. When used as an alternative or
substitute for direct cash investment, the return provided by the
derivative may not provide the same return as direct cash
investment. Generally, derivatives are sophisticated financial
instruments whose performance is derived, at least in part, from the
performance of an underlying asset, reference rate, or index.
Derivatives include, among other things, swap agreements,
options, forward foreign currency exchange contracts, and futures.
Certain derivatives in which the Fund may invest may be negotiated
over-the-counter with a single counterparty and as a result are
subject to credit risks related to the counterparty’s ability or
willingness to perform its obligations; any deterioration in the
counterparty’s creditworthiness could adversely affect the value of
the derivative. In addition, derivatives and their underlying
instruments may experience periods of illiquidity which could cause
the Fund to hold a position it might otherwise sell, or to sell a
position it otherwise might hold at an inopportune time or price. A
manager might imperfectly judge the direction of the market. For
instance, if a derivative is used as a hedge to offset investment risk
in another security, the hedge might not correlate to the market’s
movements and may have unexpected or undesired results such as
a loss or a reduction in gains. The U.S. government has enacted
legislation that provides for regulation of the derivatives market,
14

Principal Risks	IAE Fund	IHD Fund	MM EME Fund
including clearing, margin, reporting, and registration requirements.
The European Union (and other jurisdictions outside of the
European Union, including the United Kingdom) has implemented
or is in the process of implementing similar requirements, which
may affect the Fund when it enters into a derivatives transaction
with a counterparty organized in that jurisdiction or otherwise
subject to that jurisdiction’s derivatives regulations. Because these
requirements continue to evolve, their ultimate impact remains
unclear. Central clearing is expected to reduce counterparty credit
risk and increase liquidity; however, there is no assurance that it will
achieve that result, and, in the meantime, central clearing and
related requirements expose the Fund to different kinds of costs
and risks.
Dividend: Companies that issue dividend yielding equity securities	✓	✓
are not required to continue to pay dividends on such securities.
Therefore, there is a possibility that such companies could reduce
or eliminate the payment of dividends in the future. As a result, the
Fund’s ability to execute its investment strategy may be limited.
Environmental, Social, and Governance (Equity): A Sub-			✓
Adviser’s consideration of ESG factors in selecting investments for
the Fund is based on information that is not standardized, some of
which can be qualitative and subjective by nature. A Sub-Adviser’s
assessment of ESG factors in respect of a company may rely on
third-party data that might be incorrect or based on incomplete or
inaccurate information. There is no minimum percentage of the
Fund’s assets that will be invested in companies that a Sub-Adviser
views favorably in light of ESG factors, and the Sub-Adviser may
choose not to invest in companies that compare favorably to other
companies on the basis of ESG factors. It is possible that the Fund
will have less exposure to certain companies due to a Sub-
Adviser’s assessment of ESG factors than other comparable
mutual funds. There can be no assurance that an investment
selected by a Sub-Adviser, which includes its consideration of ESG
factors, when available, will provide more favorable investment
performance than another potential investment, and such an
investment may, in fact, underperform other potential investments.
Environmental, Social, and Governance (Multi-Manager): The			✓
Investment Adviser’s consideration of ESG factors in selecting sub-
advisers for the Fund is based on information that is not
standardized, some of which can be qualitative and subjective by
nature. There is no minimum percentage of the Fund’s assets that
will be allocated to sub-advisers that consider ESG factors as part
of their investment processes, and the Investment Adviser may
choose to select sub-advisers that do not consider ESG factors as
part of their investment processes. It is possible that the Fund will
have less exposure to ESG-focused strategies than other
comparable mutual funds. There can be no assurance that a sub-
adviser selected by the Investment Adviser, which includes its
consideration of ESG factors, when available, will provide more
favorable investment performance than another potential sub-
adviser, and such a sub-adviser may, in fact, underperform other
potential sub-advisers.
Environmental, Social, and Governance (Quantitative): The	✓	✓
Sub-Adviser’s consideration of ESG factors in selecting
investments for the Fund depends on the operation of quantitative
methods and models whose design reflects qualitative and
subjective judgments of the Sub-Adviser, including reliance on, or
incorporation of, data in respect of ESG factors that may rely on
third-party data that might be incorrect or based on incomplete or
inaccurate information. There is no minimum percentage of the
Fund’s assets that will be invested in companies that the Sub-
Adviser views favorably in light of ESG factors, and the Sub-
Adviser may not invest in companies that compare favorably to
other companies on the basis of ESG factors. It is possible that the
Fund will have less exposure to certain companies due to the Sub-
Adviser’s assessment of ESG factors than other comparable
15

Principal Risks	IAE Fund	IHD Fund	MM EME Fund
mutual funds. There can be no assurance that an investment
selected by the Sub-Adviser, which includes its consideration of
ESG factors, when available, will provide more favorable
investment performance than another potential investment, and
such an investment may, in fact, underperform other potential
investments.
Focused Investing (Index Sleeve): Although the Fund overall is			✓
actively managed, a sleeve of the Fund is managed pursuant to a
“passive management” approach designed to track the
performance of an index (the “Index Sleeve”). To the extent that the
Index Sleeve’s benchmark or other index is substantially composed
of securities in a particular industry, sector, market segment, or
geographic area, the Index Sleeve may allocate its investments to
approximately the same extent as the index as part of its
investment strategy. As a result, the Index Sleeve may be more
sensitive to financial, economic, business, political, regulatory, and
other developments and conditions, including natural or other
disasters, affecting issuers in a particular industry, sector, market
segment, or geographic area in which the Index Sleeve focuses its
investments, and if securities of such industry, sector, market
segment, or geographic area fall out of favor, the Index Sleeve
could underperform, or be more volatile than, a fund that has
greater diversification.
• Technology Sector: Investments in companies involved in
the technology sector are subject to significant competitive
pressures, such as aggressive pricing of products or
services, new market entrants, competition for market
share, short product cycles due to an accelerated rate of
technological developments, evolving industry standards,
changing customer demands, and the potential for limited
earnings and/or falling profit margins. The failure of a
company to adapt to such changes could have a material
adverse effect on the company’s business, results of
operations, and financial condition. These companies also
face the risks that new services, equipment, or
technologies will not be accepted by consumers and
businesses or will become rapidly obsolete. These factors
can affect the profitability of these companies and, as a
result, the values of their securities. Many companies
involved in the technology sector have limited operating
histories, and prices of these companies’ securities
historically have been more volatile than those of many
other companies’ securities, especially over the short term.
Foreign (Non-U.S.) Investments/Developing and Emerging	✓	✓	✓
Markets: Investing in foreign (non-U.S.) securities may result in the
Fund experiencing more rapid and extreme changes in value than a
fund that invests exclusively in securities of U.S. companies due, in
part, to: smaller markets; differing reporting, accounting, auditing
and financial reporting standards and practices; nationalization,
expropriation, or confiscatory taxation; foreign currency fluctuations,
currency blockage, or replacement; potential for default on
sovereign debt; and political changes or diplomatic developments,
which may include the imposition of economic sanctions (or the
threat of new or modified sanctions) or other measures by the U.S.
or other governments and supranational organizations. Markets
and economies throughout the world are becoming increasingly
interconnected, and conditions or events in one market, country or
region may adversely impact investments or issuers in another
market, country or region.
To the extent the Fund invests in securities of issuers in markets
outside the U.S., its share price may be more volatile than if it
invested in securities of issuers in the U.S. market due to, among
other things, the following factors: comparatively unstable political,
social, and economic conditions and limited or ineffectual judicial
systems; wars; comparatively small market sizes, making securities
16

Principal Risks

IAE Fund

IHD Fund

MM EME Fund

less liquid and securities prices more sensitive to the movements of large investors and more vulnerable to manipulation; governmental policies or actions, such as high taxes, restrictions on currency movements, replacement of currency, potential for default on sovereign debt, trade or diplomatic disputes, which may include the imposition of economic sanctions (or the threat of new or modified sanctions) or other measures by the U.S. or other governments and supranational organizations, creation of monopolies, and seizure of private property through confiscatory taxation and expropriation or nationalization of company assets; incomplete, outdated, or unreliable information about securities issuers due to less stringent market regulation and accounting, auditing and financial reporting standards and practices; comparatively undeveloped markets and weak banking and financial systems; market inefficiencies, such as higher transaction costs, and administrative difficulties, such as delays in processing transactions; and fluctuations in foreign currency exchange rates, which could reduce gains or widen losses.

Economic or other sanctions imposed on a foreign (non-U.S.) country or issuer by the U.S. or on the U.S. by a foreign (non-U.S.) country, could impair the Fund’s ability to buy, sell, hold, receive, deliver, or otherwise transact in certain securities. In addition, foreign withholding or other taxes could reduce the income available for distribution to shareholders, and special U.S. tax considerations could apply to foreign (non-U.S.) investments. Depositary receipts are subject to risks of foreign (non-U.S.) investments and might not always track the price of the underlying foreign (non-U.S.) security. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region.

Foreign (non-U.S.) investment risks may be greater in developing and emerging markets than in developed markets.

The United Kingdom (the “UK”) left the European Union (the “EU”) on January 31, 2020 (commonly known as “Brexit”). The UK and the EU entered into a Trade and Cooperation Agreement that sets out the agreement for certain parts of the future relationship from January 1, 2021, but uncertainty remains in certain areas regarding the future UK-EU relationship.

From January 1, 2021, EU laws ceased to apply in the UK, with many being assimilated into UK law. The UK government has enacted legislation to repeal, replace or make substantial amendments to these laws, with a view to them being replaced by purely domestic legislation. The process of revoking EU laws and replacing them with bespoke UK laws has already begun, creating unpredictable consequences for financial markets and investments. Brexit could significantly impact the UK, European, and global macroeconomic conditions, leading to prolonged political, legal, regulatory, tax, and economic uncertainty. This uncertainty may affect opportunities, pricing, availability, and cost of financing, regulation, values, or exit opportunities of companies or assets based in, doing business with, or having significant relationships in the UK or EU.

Additionally, certain European countries have developed increasingly strained relationships with the U.S., and if these relations were to worsen, they could adversely affect European issuers that rely on the U.S. for trade. Moreover, the national politics of countries in Europe have been unpredictable and subject to influence by disruptive political groups and ideologies, including for example, secessionist movements. The governments of

17

Principal Risks	IAE Fund	IHD Fund	MM EME Fund
European countries may be subject to change and such countries
may experience social and political unrest.
Foreign (non-U.S.) investment risks may be greater in developing
and emerging markets than in developed markets, for such reasons
as social or political unrest, heavy economic dependence on
international aid, agriculture or exports (particularly commodities),
undeveloped or overburdened infrastructures and legal systems,
vulnerability to natural disasters, significant and unpredictable
government intervention in markets or the economy, volatile
currency exchange rates, currency devaluations, runaway inflation,
business practices that depart from norms for developed countries,
and generally less developed or liquid markets. In certain emerging
market countries, governments participate to a significant degree,
through ownership or regulation, in their respective economies.
Action by these governments could have a significant adverse
effect on market prices of securities and payments of dividends.
The Public Company Accounting Oversight Board, which regulates
auditors of U.S. public companies, is unable to inspect audit work
papers in certain foreign (non-U.S.) countries. Investors in foreign
(non-U.S.) countries often have limited rights and few practical
remedies to pursue shareholder claims, including class actions or
fraud claims, and the ability of the SEC, the U.S. Department of
Justice and other authorities to bring and enforce actions against
foreign (non-U.S.) issuers or persons is limited. Settlement and
asset custody practices for transactions in emerging markets may
differ from those in developed markets. Such differences may
include possible delays in settlement and certain settlement
practices, such as delivery of securities prior to receipt of payment,
which increases the likelihood of a “failed settlement.” Failed
settlements can result in losses.
In addition, the Holding Foreign Companies Accountable Act (the
“HFCAA”) could cause securities of a foreign (non-U.S.) company,
including American Depositary Receipts, to be delisted from U.S.
stock exchanges if the company does not allow the U.S.
government to oversee the auditing of its financial information.
Although the requirements of the HFCAA apply to securities of all
foreign (non-U.S.) issuers, the SEC has thus far limited its
enforcement efforts to securities of Chinese companies. If securities
are delisted, the Fund’s ability to transact in such securities will be
impaired, and the liquidity and market price of the securities may
decline. The Fund may also need to seek other markets in which to
transact in such securities, which could increase the Fund’s costs.
Growth Investing: Prices of growth-oriented stocks are more			✓
sensitive to investor perceptions of the issuer’s growth potential and
may fall quickly and significantly if investors suspect that actual
growth may be less than expected. There is a risk that funds that
invest in growth-oriented stocks may underperform other funds that
invest more broadly. Growth-oriented stocks tend to be more
volatile than value-oriented stocks, and may underperform the
market as a whole over any given time period.
High-Yield Securities: Lower-quality securities including securities			✓
that are or have fallen below investment grade (commonly referred
to as “junk bonds”) have greater credit risk and liquidity risk than
higher-quality (investment grade) securities, and their issuers’ long-
term ability to make payments is considered speculative. Prices of
lower-quality bonds or other debt instruments are also more
volatile, are more sensitive to negative news about the economy or
the issuer, and have greater liquidity risk and price volatility.
Index Strategy (Sleeve): Although the Fund overall is actively			✓
managed, a sleeve of the Fund is managed pursuant to a “passive
management” approach designed to track the performance of an
index (the “Index Sleeve”). The index selected may underperform
the overall market. The Index Sleeve will not use defensive
positions or attempt to reduce its exposure to poor performing
18

Principal Risks	IAE Fund	IHD Fund	MM EME Fund
securities in the index. The Index Sleeve may underperform other
funds that invest more broadly. Errors in index data, index
computations or the construction of the index in accordance with its
methodology may occur from time to time and may not be identified
and corrected by the index provider for a period of time or at all,
which may have an adverse impact on the Index Sleeve. The
correlation between the Index Sleeve’s performance and index
performance may be affected by the Fund’s expenses and the
timing of purchases and redemptions of the Fund’s shares. In
addition, the Index Sleeve’s actual holdings might not match the
index and the Index Sleeve’s effective exposure to index securities
at any given time may not precisely correlate.
Initial Public Offerings: Investments in IPOs and companies that			✓
have recently gone public have the potential to produce substantial
gains for the Fund. However, there is no assurance that the Fund
will have access to profitable IPOs or that the IPOs in which the
Fund invests will rise in value. Furthermore, the value of securities
of newly public companies may decline in value shortly after the
IPO. When the Fund’s asset base is small, the impact of such
investments on the Fund’s return will be magnified. If the Fund’s
assets grow, it is likely that the effect of the Fund’s investment in
IPOs on the Fund’s return will decline.
Interest Rate: A rise in market interest rates generally results in a			✓
fall in the value of bonds and other debt instruments; conversely,
values generally rise as market interest rates fall. Interest rate risk
is generally greater for debt instruments than floating-rate
instruments. The higher the credit quality of the instrument, and the
longer its maturity or duration, the more sensitive it is to changes in
market interest rates. Duration is a measure of sensitivity of the
price of a debt instrument to a change in interest rate. Rising
market interest rates have unpredictable effects on the markets and
may expose debt and related markets to heightened volatility. To
the extent that the Fund invests in debt instruments, an increase in
market interest rates may lead to increased redemptions and
increased portfolio turnover, which could reduce liquidity for certain
investments, adversely affect values, and increase costs. Increased
redemptions may cause the Fund to liquidate portfolio positions
when it may not be advantageous to do so and may lower returns.
If dealer capacity in debt markets is insufficient for market
conditions, it may further inhibit liquidity and increase volatility in
debt markets. Fiscal, economic, monetary, or other governmental
policies or measures have in the past, and may in the future, cause
or exacerbate risks associated with interest rates, including
changes in interest rates. Declining market interest rates increase
the likelihood that debt instruments will be pre-paid. Negative or
very low interest rates could magnify the risks associated with
changes in interest rates. In general, changing interest rates,
including rates that fall below zero, could have unpredictable effects
on markets and may expose debt and related markets to
heightened volatility. In the case of inverse debt instruments, the
interest rate paid by the debt instruments is a floating rate, which
will generally decrease when the market rate of interest to which
the inverse debt instruments are indexed increases and will
increase when the market rate of interest to which the inverse debt
instruments are indexed decreases. Changes to monetary policy by
the U.S. Federal Reserve Board or other regulatory actions could
expose debt and related markets to heightened volatility, interest
rate sensitivity, and reduced liquidity, which may impact the Fund’s
operations and return potential.
Investment Model: A Sub-Adviser’s proprietary investment model			✓
may not adequately take into account existing or unforeseen
market factors or the interaction among such factors, including
changes in how such factors interact, and there is no guarantee
that the use of a proprietary investment model will result in effective
investment decisions for the Fund. Funds that are actively
managed, in whole or in part, according to a quantitative investment
19

Principal Risks	IAE Fund	IHD Fund	MM EME Fund
model (including models that utilize forms of artificial intelligence,
such as machine learning) can perform differently from the market,
based on the investment model and the factors used in the
analysis, the weight placed on each factor, and changes from the
factors’ historical trends. Technical issues in the design,
development, implementation, application, and maintenance of the
models (e.g., stale or inaccurate data, human error, programming
or other software issues, coding errors, and technology failures)
may create errors or limitations that might go undetected or are
discovered only after the errors or limitations have negatively
impacted performance.
Investment Model: The Sub-Adviser’s proprietary investment	✓	✓
model may not adequately take into account existing or unforeseen
market factors or the interaction among such factors, including
changes in how such factors interact, and there is no guarantee
that the use of a proprietary investment model will result in effective
investment decisions for the Fund. Proprietary investment models
used by the Sub-Adviser to evaluate securities or securities
markets are based on the Sub-Adviser’s understanding of the
interplay of market factors and do not assure successful
investment. The markets, or the price of individual securities, may
be affected by factors not foreseen in the construction of the
proprietary investment models. Volatility management techniques
may not always be successful in reducing volatility, may not protect
against market declines, and may limit the Fund’s participation in
market gains, negatively impacting performance even during
periods when the market is rising. During sudden or significant
market rallies, such underperformance may be significant.
Moreover, volatility management strategies may increase portfolio
transaction costs, which may increase losses or reduce gains. The
Fund’s volatility may not be lower than that of the Fund’s Index
during all market cycles due to market factors. Funds that are
actively managed, in whole or in part, according to a quantitative
investment model (including models that utilize forms of artificial
intelligence, such as machine learning) can perform differently from
the market, based on the investment model and the factors used in
the analysis, the weight placed on each factor, and changes from
the factors’ historical trends. Technical issues in the design,
development, implementation, application, and maintenance of the
models (e.g., stale or inaccurate data, human error, programming
or other software issues, coding errors, and technology failures)
may create errors or limitations that might go undetected or are
discovered only after the errors or limitations have negatively
impacted performance.
Liquidity: If a security is illiquid, the Fund might be unable to sell	✓	✓	✓
the security at a time when the Fund’s manager might wish to sell,
or at all. Further, the lack of an established secondary market may
make it more difficult to value illiquid securities, exposing the Fund
to the risk that the prices at which it sells illiquid securities will be
less than the prices at which they were valued when held by the
Fund, which could cause the Fund to lose money. The prices of
illiquid securities may be more volatile than more liquid securities,
and the risks associated with illiquid securities may be 10 greater in
times of financial stress. Certain securities that are liquid when
purchased may later become illiquid, particularly in times of overall
economic distress or due to geopolitical events such as sanctions,
trading halts, or wars. In addition, markets or securities may
become illiquid quickly.
Manager: The Fund is subject to manager risk because it is an	✓	✓
actively managed investment portfolio. The Investment Adviser, the
Sub-Adviser, or each individual portfolio manager will make
judgments and apply investment techniques and risk analyses in
making investment decisions, but there can be no guarantee that
these decisions will produce the desired results. the Fund’s portfolio
may fail to produce the intended results, and the Fund’s portfolio
may underperform other comparable funds because of portfolio
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