Supplement Voya MidCap Opportunities Portfolio

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

			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.

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

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, 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:

		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 -
John J. Coyle Jr.15, 17	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.