Voya Emerging Markets High Dividend Equity Fund

Principal Risks

All investing involves risks of fluctuating prices and the uncertainties of rates of return and yield inherent in investing. Price volatility, liquidity, and other risks that accompany an investment in equity securities of domestic and foreign companies, and small and mid sized capitalized companies. International investing does pose special risks including currency fluctuation, economic and political risks not found in investments that are solely domestic. Risks of foreign investing are generally intensified for investments in emerging markets.

The Fund may purchase put and call options and may write (sell) put options and call options and is subject to Options Risk. The Fund will realize a gain or loss upon the expiration or closing of the option contract. When an option is exercised, the proceeds on sales of the underlying security for a written call option or purchased put option or the purchase cost of the security for a written put option or a purchased call option is adjusted by the amount of premium received or paid. The risk in writing a call option is that the Fund gives up the opportunity for profit if the market price of the security increases and the option is exercised. The risk in buying an option is that the Fund pays a premium whether or not the option is exercised. Risks may also arise from an illiquid secondary market or from the inability of counterparties to meet the terms of the contract. A decision as to whether, when and how to buy or sell options under the Fund’s strategy involves the exercise of skill and judgment, and even a well-conceived transaction may be unsuccessful to some degree because of market behavior or unexpected events. When an option purchased or sold by the Fund is exercised or closed out, the Fund may be required to sell portfolio securities or to deliver portfolio securities to the option purchaser to satisfy its obligations when it would not otherwise choose to do so, or the Fund may choose to sell portfolio securities to realize gains to offset the losses realized upon option exercise. Such sales or delivery would involve transaction costs borne by the Fund and may also result in realization of taxable capital gains, including short-term capital gains taxed at ordinary income tax rates, and may adversely impact the Fund’s after-tax returns.

This Fund has additional risks which you should consider, such as: Market Discount Risk, Investment and Market Risk, Emerging Markets and Foreign Investment Risk, Securities Market Risk, Industry Focused Risk, Geographic Focused Risk, Call Option Strategy Risk, Equity Risk, Dividend Producing Equity Securities Risk, Small-Cap and Mid-Cap Companies Risk, Derivatives Risk, Derivatives Regulation Risk, Distribution Risk, Tax Risk, Foreign Taxes, Management Risk, Market Disruption and Geopolitical Risk, Common Stock Risk, Illiquid Securities Risk, Current Capital Markets Environment Risk, Debt Securities Risk, Economic Risk, Entities with No or Poor Credit Ratings Risk, Financial Market Risk, Foreign (Non-U.S.) Currency Risk, Inflation Risk, International Sanctions Risk, Exchange-Traded Funds Risk, Interest Rate Risk, Investment and Repatriation Restrictions Risk, Issuer Risk, Portfolio Turnover Risk, , Risk of Investing in Other Investment Companies Risk, IPOs Risk, Depositary Receipts Risk, No Temporary Defensive Positions Risk, Securities Lending Risk and Short Sales Risk, Dividend Risk. These and other risks are described more fully in the Fund’s prospectus and the most current annual or semiannual report. The prospectus should be read carefully before investing. Consider the Fund’s investment objective, risks, and charges and expenses carefully before investing.