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VOYA EQUITY TRUST

Voya Multi-Manager Mid Cap Value Fund

(the “Fund”)

Supplement dated July 30, 2025 to the Funds’ Class I Shares’

Summary Prospectus and Prospectus, each dated September 30, 2024, as supplemented

IMPORTANT NOTICE REGARDING CHANGE IN INVESTMENT POLICY

In accordance with recent changes to regulatory disclosure requirements regarding investment company names, the Fund’s policy to invest in accordance with the investment focus that the Fund’s name suggests (the “80% Investment Policy”) is changed effective September 30, 2025 (the “Effective Date”), as set forth below.

Current 80% Investment Policy	New 80% Investment Policy as of the
	Effective Date
Under normal market conditions, the Fund invests	Under normal circumstances, the Fund invests at
at least 80% of its net assets (plus borrowings for	least 80% of its net assets (plus the amount of any
investment purposes) in common stocks of mid-	borrowings for investment purposes) in
capitalization companies.	investments tied to mid-capitalization value
	companies.

For purposes of the New 80% Investment Policy, mid-capitalization value companies means companies with market capitalizations that fall within the capitalization range of companies within the Russell Midcap® Index or the S&P MidCap 400® Index and that the Fund believes are undervalued by the market, trade for less than their intrinsic value, or pay dividends.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE.