Voya Variable Products Trust

07/24/2026 | Press release | Distributed by Public on 07/24/2026 09:50

Prospectus by Investment Company (Form 497)

VOYA EQUITY TRUST

Voya MidCap Opportunities Fund

VOYA VARIABLE PRODUCTS TRUST

Voya MidCap Opportunities Portfolio

(each a "Fund" and, together, the "Funds")

Supplement dated July 24, 2026

to the Funds' current Prospectuses, as supplemented

(each, a "Prospectus" and collectively, the "Prospectuses")

Effective July 31, 2026: (1) Kristy Finnegan, CFA and Leigh Todd, CFA, will no longer serve as portfolio managers ("PM") for the Funds; and (2) John J. Coyle Jr. and Raymond F. Cunha, CFA will be added as PMs for the Funds.

Effective July 31, 2026, the Prospectuses are revised as follows:

1.All references to Kristy Finnegan, CFA and Leigh Todd, CFA as portfolio managers for the Funds are hereby deleted in their entirety.

2.The sub-section of the Prospectus entitled "Portfolio Management" in each of the Funds' Summary Section is deleted in its entirety and replaced with the following:

Investment Adviser Voya Investments, LLC

Sub-Adviser

Voya Investment Management Co. LLC

Portfolio Managers

John J. Coyle Jr.

Raymond Cunha, CFA

Portfolio Manager (since 7/2026)

Portfolio Manager (since 7/2026)

3.The line items with respect to Kristy Finnegan, CFA and Leigh Todd, CFA in the table in the sub- section of the Prospectus for Voya MidCap Opportunities Fund entitled "Management of the Funds - Portfolio Management" is amended to remove "Voya MidCap Opportunities Fund." The table is further amended to include the following:

Portfolio

Investment Adviser or

Fund

Professional Experience

Manager

Sub-Adviser

John J. Coyle Jr.

Voya IM

Voya MidCap

Mr. Coyle, Portfolio

Opportunities Fund

Manager, is an equity

analyst on the fundamental

thematic team at Voya IM.

Mr. Coyle joined Voya IM

following Voya's

acquisition of the

substantial majority of

Allianz Global Investors

U.S. business, where he

1

was a PM and director with

research responsibilities for

the U.S. small-mid cap and

global space team covering

a wide array of companies

across technology,

consumer, and cyclical

sectors. Prior to that, he

was a vice president and

research associate at

Barclays and Lehman

Brothers covering the U.S.

building products and

homebuilding sectors.

Raymond

Voya IM

Voya MidCap

Mr. Cunha, CFA, Portfolio

Cunha, CFA

Opportunities Fund

Manager, is an equity

research analyst at Voya

IM. Mr. Cunha joined Voya

IM following Voya's

acquisition of the

substantial majority of

Allianz Global Investors

U.S. business, where he

was a senior portfolio

manager and director with

portfolio management and

research responsibilities for

the U.S. small and mid-cap

team. Mr. Cunha was also

lead PM on the AllianzGI

global space strategy and

prior to that, a senior

industrials research analyst.

Previously, he was a vice

president and senior analyst

at State Street Global

Advisor and an analyst and

portfolio manager in the

U.S. active quantitative

strategies group at State

Street.

2

4.The line items with respect to Kristy Finnegan, CFA and Leigh Todd, CFA in the table in the sub- section of the Prospectus for Voya MidCap Opportunities Portfolio entitled "Management of the Portfolios - Portfolio Management" are hereby removed in their entirety. The table is further amended to include the following:

Portfolio

Investment Adviser or

Portfolio

Professional Experience

Manager

Sub-Adviser

John J. Coyle Jr.

Voya IM

Voya MidCap

Mr. Coyle, Portfolio

Opportunities Portfolio

Manager, is an equity

analyst on the fundamental

thematic team at Voya IM.

Mr. Coyle joined Voya IM

following Voya's

acquisition of the

substantial majority of

Allianz Global Investors

U.S. business, where he

was a PM and director with

research responsibilities for

the U.S. small-mid cap and

global space team covering

a wide array of companies

across technology,

consumer, and cyclical

sectors. Prior to that, he

was a vice president and

research associate at

Barclays and Lehman

Brothers covering the U.S.

building products and

homebuilding sectors.

Raymond Cunha,

Voya IM

Voya MidCap

Mr. Cunha, CFA, Portfolio

CFA

Opportunities Portfolio

Manager, is an equity

research analyst at Voya

IM. Mr. Cunha joined

Voya IM following Voya's

acquisition of the

substantial majority of

Allianz Global Investors

U.S. business, where he

was a senior portfolio

manager and director with

portfolio management and

research responsibilities for

the U.S. small and mid-cap

team. Mr. Cunha was also

lead PM on the AllianzGI

global space strategy and

prior to that, a senior

industrials research analyst.

Previously, he was a vice

3

president and senior analyst

at State Street Global Advisor and an analyst and portfolio manager in the U.S. active quantitative strategies group at State Street.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

4


VOYA EQUITY TRUST

Voya MidCap Opportunities Fund

VOYA VARIABLE PRODUCTS TRUST

Voya MidCap Opportunities Portfolio

(each a "Fund" and, together, the "Funds")

Supplement dated July 24, 2026

to the Funds' current Statements of Additional Information, each as supplemented

(each, a "SAI" and collectively, the "SAIs")

Effective July 31, 2026: (1) Kristy Finnegan, CFA and Leigh Todd, CFA, will no longer serve as portfolio managers ("PM") for the Funds; and (2) John J. Coyle Jr. and Raymond F. Cunha, CFA will be added as PMs for the Funds.

Effective July 31, 2026, the SAIs are revised as follows:

1.All references to Kristy Finnegan, CFA and Leigh Todd, CFA, as portfolio managers for the Funds are hereby deleted in their entirety.

2.The line items with respect to Kristy Finnegan, CFA and Leigh Todd, CFA in the table in the sub- section of the SAI for Voya MidCap Opportunities Fund entitled "Portfolio Management - Other Accounts Managed - Voya IM" is amended to remove "Voya MidCap Opportunities Fund." The table is further amended to include the following:

Registered Investment

Other Pooled

Other Accounts

Companies

Investment

Vehicles

Number

Total

Number

Total

Number

Total Assets

Portfolio

of

Assets

of

Assets

of

Manager

Fund(s)

Accounts

Accounts

Accounts

John J. Coyle

Voya MidCap

0

$0

0

$0

2

$704,843,224

Jr.3

Opportunities

Fund

Raymond

Voya MidCap

0

$0

0

$0

1

704,843,224

Cunha, CFA3

Opportunities

Fund

3Information as of May 31, 2026.

3.The table in the sub-section of the SAI for Voya MidCap Opportunities Portfolio entitled "Portfolio Management - Other Accounts Managed" is amended to delete the line items with respect to Kristy Finnegan, CFA and Leigh Todd, CFA in their entirety, and is further amended to include the following:

1

Registered Investment

Other Pooled

Other Accounts

Companies

Investment

Vehicles

Number

Total Assets

Number

Total

Number

Total Assets

Portfolio

of

of

Assets

of

Manager

Fund(s)

Accounts

Accounts

Accounts

John J. Coyle

Voya MidCap

0

$0

0

$0

2

$704,843,224

Jr.2

Opportunities

Portfolio

Raymond

Voya MidCap

0

$0

0

$0

1

704,843,224

Cunha, CFA2

Opportunities

Portfolio

2Information as of May 31, 2026.

4.The line item with respect to Voya MidCap Opportunities Fund in the table in the sub-section of the SAI entitled "Portfolio Management - Compensation - Voya IM and Voya Investments" is deleted in its entirety and replaced with the following:

Portfolio

Portfolio Manager

Benchmark

Voya MidCap Opportunities

John J. Coyle Jr. and Raymond

Russell MidCap® Growth Index

Fund

Cunha, CFA

5.The line item with respect to Voya MidCap Opportunities Portfolio in the table in the sub-section of the SAI entitled "Portfolio Management - Compensation - Voya IM" is deleted in its entirety and replaced with the following:

Portfolio

Portfolio Manager

Benchmark

Voya MidCap Opportunities

John J. Coyle Jr. and Raymond

Russell MidCap® Growth Index

Portfolio

Cunha, CFA

6.The line items with respect to Kristy Finnegan, CFA and Leigh Todd, CFA in the table in the sub- section of the SAI for Voya MidCap Opportunities Fund entitled "Portfolio Management - Ownership of Securities" is amended to remove "Voya MidCap Opportunities Fund." The table is further amended to include the following:

Investment

Dollar Range of

Adviser or Sub-

Fund(s) Managed by the

Fund Shares

Portfolio Manager

Adviser

Portfolio Manager

Owned

John J. Coyle Jr.15, 17

$10,001 -

Voya IM

Voya MidCap Opportunities Fund

$50,000

Raymond Cunha,

$10,001 -

CFA16, 17

Voya IM

Voya MidCap Opportunities Fund

$50,000

15In addition to the investments shown on this table, Mr. Coyle has allocated a dollar range of $10,001 - $50,000 in Fund shares to an investment option that tracks the performance of Voya MidCap Opportunities Fund.

16In addition to the investments shown on this table, Mr. Cunha has allocated a dollar range of $10,001 - $50,000 in Fund shares to an investment option that tracks the performance of Voya MidCap Opportunities Fund.

17Information as of May 31, 2026.

2

7.The table in the sub-section of the SAI for Voya MidCap Opportunities Portfolio entitled "Portfolio Management - Ownership of Securities" is amended to delete the line items with respect to Kristy Finnegan, CFA and Leigh Todd, CFA in their entirety, and is further amended to include the following:

Investment

Dollar Range of

Adviser or Sub-

Fund(s) Managed by the

Fund Shares

Portfolio Manager

Adviser

Portfolio Manager

Owned

John J. Coyle Jr.1

Voya IM

Voya MidCap Opportunities Portfolio

None

Raymond Cunha,

Voya IM

Voya MidCap Opportunities Portfolio

None

CFA1

1Information as of May 31, 2026.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

3


Voya Variable Products Trust published this content on July 24, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on July 24, 2026 at 15:50 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]