VOYA EQUITY TRUST

Voya MI Dynamic Small Cap Fund

Voya MI Dynamic SMID Cap Fund

VOYA MUTUAL FUNDS

Voya Multi-Manager International Equity Fund

VOYA VARIABLE PORTFOLIOS, INC.

Voya Small Company Portfolio

(each a “Portfolio” and, collectively, the “Portfolios”)

Supplement dated June 3, 2026

to the Portfolios’ current Prospectuses, as supplemented (each, a “Prospectus” and collectively, the “Prospectuses”)

Effective June 1, 2026: (1) Sanne V. De Boer, Ph.D., CFA, no longer serves as a portfolio manager for Voya MI Dynamic Small Cap Fund, Voya MI Dynamic SMID Cap Fund, Voya Multi-Manager International Equity Fund, and Voya Small Company Portfolio; and (2) Christine Cappabianca is added as a portfolio manager for Voya MI Dynamic Small Cap Fund, Voya MI Dynamic SMID Cap Fund, Voya Multi-Manager International Equity Fund, and Voya Small Company Portfolio.

Effective June 1, 2026, the Prospectuses are revised as follows:

1.All references to Sanne V. De Boer, Ph.D., CFA, as a portfolio manager for the Portfolios are hereby deleted in their entirety.

2.The sub-section of the Prospectus entitled “Portfolio Management” in Voya MI Dynamic Small Cap Fund’s 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

 

Christine Cappabianca

Russell Shtern, CFA

Portfolio Manager (since 6/2026)

Portfolio Manager (since 7/2022)

Kai Yee Wong

 

Portfolio Manager (since 8/2025)

 

3.The sub-section of the Prospectus entitled “Portfolio Management” in Voya MI Dynamic SMID Cap Fund’s Summary Section is deleted in its entirety and replaced with the following:

Investment Adviser Voya Investments, LLC

Sub-Adviser

Voya Investment Management Co. LLC

1

Portfolio Managers

 

Christine Cappabianca

Russell Shtern, CFA

Portfolio Manager (since 6/2026)

Portfolio Manager (since 7/2025)

Kai Yee Wong

 

Portfolio Manager (since 8/2025)

 

4.The sub-section of the Prospectus entitled “Portfolio Management” in Voya Multi-Manager International Equity Fund’s Summary Section is deleted in its entirety and replaced with the following:

Investment Adviser Voya Investments, LLC

Portfolio Managers

 

Lanyon Blair, CFA, CAIA

Barbara Reinhard, CFA

Portfolio Manager (since 5/2023)

Portfolio Manager (since 5/2023)

Sub-Adviser

 

Acadian Asset Management LLC

 

Portfolio Managers

 

Brendan O. Bradley, Ph.D.

Fanesca Young, Ph.D., CFA

Portfolio Manager (since 2/2025)

Portfolio Manager (since 2/2025)

Sub-Adviser

 

Lazard Asset Management LLC

 

Portfolio Managers

 

Robert Failla, CFA

Louis Florentin-Lee, CFA

Portfolio Manager (since 5/2024)

Portfolio Manager (since 5/2024)

Barnaby Wilson, CFA

 

Portfolio Manager (since 5/2024)

 

Sub-Adviser

 

Voya Investment Management Co. LLC

 

Portfolio Managers

 

Christine Cappabianca

Russell Shtern, CFA

Portfolio Manager (since 6/2026)

Portfolio Manager (since 5/2024)

Kai Yee Wong

 

Portfolio Manager (since 8/2025)

 

Sub-Adviser

 

Wellington Management Company LLP

 

Portfolio Manager

 

Tara Connolly Stilwell, CFA

 

Portfolio Manager (since 1/2017)

 

2

5.The sub-section of the Prospectus entitled “Portfolio Management” in Voya Small Company Portfolio’s 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

 

Christine Cappabianca

Russell Shtern, CFA

Portfolio Manager (since 6/2026)

Portfolio Manager (since 7/2022)

Kai Yee Wong

 

Portfolio Manager (since 8/2025)

 

6.The table in the sub-section of the Prospectus for Voya MI Dynamic Small Cap Fund and Voya MI Dynamic SMID Cap Fund entitled “Management of the Funds – Portfolio Management” is amended to include the following:

Portfolio

Investment Adviser or

Fund

Professional Experience

Manager

Sub-Adviser

 

 

Christine

Voya IM

Voya MI Dynamic

Ms. Cappabianca, Portfolio

Cappabianca

 

Small Cap Fund

Manager, is head of

 

 

Voya MI Dynamic

systematic equities at Voya

 

 

SMID Cap Fund

IM. Prior to joining Voya

 

 

 

IM, Ms. Cappabianca was

 

 

 

head of systematic

 

 

 

investments and a portfolio

 

 

 

manager at Impax Asset

 

 

 

Management. Previously,

 

 

 

Ms. Cappabianca was a

 

 

 

senior quantitative analyst

 

 

 

and portfolio manager at

 

 

 

Mellon and began her

 

 

 

career as a quantitative

 

 

 

analyst at The Boston

 

 

 

Company.

7.The table in the sub-section of the Prospectus for Voya Multi-Manager International Equity Fund entitled “Management of the Funds – Portfolio Management” is amended to include the following:

Portfolio

Investment Adviser or

Fund

Professional Experience

Manager

Sub-Adviser

 

 

Christine

Voya IM

Voya Multi-Manager

Ms. Cappabianca, Portfolio

Cappabianca

 

International Equity

Manager, is head of

 

 

Fund

systematic equities at Voya

 

 

 

IM. Prior to joining Voya

 

 

 

IM, Ms. Cappabianca was

 

 

3

 

head of systematic

investments and a portfolio manager at Impax Asset Management. Previously, Ms. Cappabianca was a senior quantitative analyst and portfolio manager at Mellon and began her career as a quantitative analyst at The Boston Company.

8.The table in the sub-section of the Prospectus for Voya Small Company Portfolio entitled “Management of the Portfolios – Portfolio Management” is amended to include the following:

Portfolio

Investment Adviser or

Portfolio

Professional Experience

Manager

Sub-Adviser

 

 

Christine

Voya IM

Voya Small Company

Ms. Cappabianca, Portfolio

Cappabianca

 

Portfolio

Manager, is head of

 

 

 

systematic equities at Voya

 

 

 

IM. Prior to joining Voya

 

 

 

IM, Ms. Cappabianca was

 

 

 

head of systematic

 

 

 

investments and a portfolio

 

 

 

manager at Impax Asset

 

 

 

Management. Previously,

 

 

 

Ms. Cappabianca was a

 

 

 

senior quantitative analyst

 

 

 

and portfolio manager at

 

 

 

Mellon and began her

 

 

 

career as a quantitative

 

 

 

analyst at The Boston

 

 

 

Company.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

4


VOYA EQUITY TRUST

Voya MI Dynamic Small Cap Fund

Voya MI Dynamic SMID Cap Fund

VOYA MUTUAL FUNDS

Voya Multi-Manager International Equity Fund

VOYA VARIABLE PORTFOLIOS, INC.

Voya Small Company Portfolio

(each a “Portfolio” and, collectively, the “Portfolios”)

Supplement dated June 3, 2026

to the Portfolios’ current Statements of Additional Information, as supplemented

(each, a “SAI” and collectively, the “SAIs”)

Effective June 1, 2026: (1) Sanne V. De Boer, Ph.D., CFA, no longer serves as a portfolio manager for Voya MI Dynamic Small Cap Fund, Voya MI Dynamic SMID Cap Fund, Voya Multi-Manager International Equity Fund, and Voya Small Company Portfolio; and (2) Christine Cappabianca is added as a portfolio manager for Voya MI Dynamic Small Cap Fund, Voya MI Dynamic SMID Cap Fund, Voya Multi-Manager International Equity Fund, and Voya Small Company Portfolio.

Effective June 1, 2026, the SAIs are revised as follows:

1.All references to Sanne V. De Boer, Ph.D., CFA, as a portfolio manager for the Portfolios are hereby deleted in their entirety.

2.The table in the sub-section of the SAI for Voya MI Dynamic Small Cap Fund and Voya MI Dynamic SMID Cap Fund entitled “Portfolio Management – Other Accounts Managed – Voya IM” is amended to delete the line item with respect to Sanne V. De Boer and 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

 

Christine

Voya MI

0

$0

0

$0

0

$0

Cappabianca3

Dynamic

 

 

 

 

 

 

 

Small Cap

 

 

 

 

 

 

 

Fund

 

 

 

 

 

 

 

Voya MI

 

 

 

 

 

 

 

Dynamic

 

 

 

 

 

 

 

SMID Cap

 

 

 

 

 

 

 

Fund

 

 

 

 

 

 

3 As of March 31, 2026.

1

3.The table in the sub-section of the SAI for Voya Multi-Manager International Equity Fund entitled “Portfolio Management – Other Accounts Managed – Voya IM” is amended to delete the line item with respect to Sanne V. De Boer and include the following:

 

 

Registered Investment

Other Pooled

Other Accounts

 

 

Companies

Investment Vehicles

 

 

 

 

Number

Total Assets

Number of

Total

Number of

Total

Portfolio

 

of

 

Accounts

Assets

Accounts

Assets

Manager

Fund(s)

Accounts

 

 

 

 

 

Christine

Voya Multi-

0

$0

0

$0

0

$0

Cappabianca3

Manager

 

 

 

 

 

 

 

International

 

 

 

 

 

 

 

Equity Fund

 

 

 

 

 

 

3As of March 31, 2026.

4.The table in the sub-section of the SAI for Voya Small Company Portfolio entitled “Portfolio Management – Other Accounts Managed” is amended to delete the line item with respect to Sanne V. De Boer and 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

 

Christine

Voya Small

0

$0

0

$0

0

$0

Cappabianca2

Company

 

 

 

 

 

 

 

Portfolio

 

 

 

 

 

 

2 As of March 31, 2026.

5. The line items with respect to Voya MI Dynamic Small Cap Fund and Voya MI Dynamic SMID Cap Fund in the table in the sub-section of the SAI entitled “Portfolio Management – Compensation – Voya IM and Voya Investments” are deleted in their entirety and replaced with the following:

Portfolio

Portfolio Manager

Benchmark

Voya MI Dynamic Small Cap

Christine Cappabianca, Russell

Russell 2000® Index

Fund

Shtern, CFA and Kai Yee Wong

 

Voya MI Dynamic SMID Cap

Christine Cappabianca, Russell

Russell 2500TM Index

Fund

Shtern, CFA and Kai Yee Wong

 

6. The line item with respect to Voya Multi-Manager International Equity Fund 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 Multi-Manager

Lanyon Blair, CFA, CAIA, Christine

MSCI ACWI ex USA IndexSM

International Equity Fund

Cappabianca, Barbara Reinhard,

 

 

CFA, Russell Shtern, CFA and Kai

 

 

Yee Wong

 

2

7.The line item with respect to Voya Small Company 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 Small Company Portfolio

Christine Cappabianca; Russell

Russell 2000® Index

 

Shtern, CFA; and Kai Yee Wong

 

8.The table in the sub-section of the SAI for Voya MI Dynamic Small Cap Fund and Voya MI Dynamic SMID Cap Fund entitled “Portfolio Management – Ownership of Securities” is amended to delete the line item with respect to Sanne V. De Boer and include the following:

 

Investment

 

Dollar Range of

 

Adviser or Sub-

Fund(s) Managed by the

Fund Shares

Portfolio Manager

Adviser

Portfolio Manager

Owned

Christine

Voya IM

Voya MI Dynamic Small Cap Fund

None

Cappabianca3

 

Voya MI Dynamic SMID Cap Fund

None

3As of March 31, 2026.

9.The table in the sub-section of the SAI for Voya Multi-Manager International Equity Fund entitled “Portfolio Management – Ownership of Securities” is amended to delete the line item with respect to Sanne V. De Boer and include the following:

 

Investment

 

Dollar Range of

 

Adviser or Sub-

Fund(s) Managed by the

Fund Shares

Portfolio Manager

Adviser

Portfolio Manager

Owned

Christine

Voya IM

Voya Multi-Manager International Equity

None

Cappabianca2

 

Fund

 

2 As of March 31, 2026.

 

 

 

10.The table in the sub-section of the SAI for Voya Small Company Portfolio entitled “Portfolio Management – Ownership of Securities” is amended to delete the line item with respect to Sanne V. De Boer and include the following:

 

Investment

 

Dollar Range of

 

Adviser or Sub-

 

Fund Shares

Portfolio Manager

Adviser

Fund(s) Managed by the Portfolio Manager

Owned

Christine

Voya IM

Voya Small Company Portfolio

None

Cappabianca1

 

 

 

1 As of March 31, 2026.

 

 

 

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

3