497 1 f42694d1.htm 497(E) VET & VMF PM CHANGES 497(e) VET & VMF PM Changes

VOYA EQUITY TRUST

Voya Large Cap Value Fund

Voya MI Dynamic SMID Cap Fund

Voya Small Company Fund

VOYA MUTUAL FUNDS

Voya Multi-Manager International Equity Fund (each a “Fund” and collectively, the “Funds”)

Supplement dated August 15, 2025

to the Funds’ current Summary Prospectuses and Prospectuses, as supplemented

(each a “Prospectus” and collectively, the “Prospectuses”)

Effective August 31, 2025: (1) Gareth Shepherd, Ph.D., CFA will no longer serve as a portfolio manager for Voya MI Dynamic SMID Cap Fund (“SMID Fund”), Voya Small Company Fund (“Small Company Fund”) and Voya Multi-Manager International Equity Fund (“Multi-Manager Fund”); (2) Vincent Costa, CFA will no longer serve as a portfolio manager for the Funds; and (3) Sanne V. de Boer, Ph.D., CFA and Kai Yee Wong will be added as portfolio managers for SMID Fund, Small Company Fund and Multi- Manager Fund.

Effective August 31, 2025, the Prospectuses are revised as follows:

1.All references to Gareth Shepherd, Ph.D., CFA as a portfolio manager for SMID Fund, Small Company Fund and Multi-Manager Fund are hereby deleted in their entirety.

2.All references to Vincent Costa, CFA as a portfolio manager for the Funds are hereby deleted in their entirety.

Voya Large Cap Value Fund

3.The sub-section of the Prospectus entitled “Portfolio Management – Portfolio Managers” in the Fund’s

Summary Section is deleted in its entirety and replaced with the following:

Portfolio Managers

 

James Dorment, CFA

Gregory Wachsman, CFA

Portfolio Manager (since 12/15)

Portfolio Manager (since 05/21)

SMID Fund

 

4.The section of the Prospectus entitled “Portfolio Management” in the 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

 

Russell Shtern, CFA

Kai Yee Wong

Portfolio Manager (since 07/25)

Portfolio Manager (since 08/25)

Sub-Sub-Adviser

 

Voya Investment Management (UK) Limited

 

1

 

Portfolio Manager

Sanne V. de Boer, Ph.D., CFA

Portfolio Manager (since 08/25)

Small Company Fund

5.The section of the Prospectus entitled “Portfolio Management” in the 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

 

Russell Shtern, CFA

Kai Yee Wong

Portfolio Manager (since 07/22)

Portfolio Manager (since 08/25)

Sub-Sub-Adviser

 

Voya Investment Management (UK) Limited

 

Portfolio Manager

 

Sanne V. de Boer, Ph.D., CFA

 

Portfolio Manager (since 08/25)

 

Multi-Manager Fund

 

6.The section of the Prospectus entitled “Portfolio Management” in the 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 05/23)

Portfolio Manager (since 05/23)

Sub-Adviser

 

Acadian Asset Management LLC

 

Portfolio Managers

 

Brendan O. Bradley, Ph.D.

Fanesca Young, Ph.D., CFA

Portfolio Manager (since 02/25)

Portfolio Manager (since 02/25)

Sub-Adviser

 

Lazard Asset Management LLC

 

Portfolio Managers

 

Robert Failla, CFA

Louis Florentin-Lee, CFA

Portfolio Manager (since 05/24)

Portfolio Manager (since 05/24)

Barnaby Wilson, CFA

 

Portfolio Manager (since 05/24)

 

Sub-Adviser

 

Voya Investment Management Co. LLC

 

Portfolio Managers

 

Russell Shtern, CFA

Kai Yee Wong

Portfolio Manager (since 05/24)

Portfolio Manager (since 08/25)

Sub-Sub-Adviser

 

Voya Investment Management (UK) Limited

 

2

 

Portfolio Manager

Sanne V. de Boer, Ph.D., CFA

Portfolio Manager (since 08/25)

Sub-Adviser

Wellington Management Company LLP

Portfolio Manager

Tara Connolly Stilwell, CFA

Portfolio Manager (since 01/17)

SMID Fund and Small Company Fund

7.The table in the sub-section of the Prospectus entitled “Management of the Funds – Portfolio Management” is amended to: (1) include information for Mr. de Boer; and (2) include SMID Fund and Small Company Fund in the line item for Ms. Wong:

Portfolio

Investment

Fund

Recent Professional Experience

Manager

Adviser or

 

 

 

Sub-

 

 

 

Adviser

 

 

Sanne V. de Boer,

Voya UK

Voya MI Dynamic SMID Cap

Mr. de Boer, Portfolio Manager,

Ph.D., CFA

 

Fund

managing director and head of systematic

 

 

Voya Small Company Fund

equities at Voya UK, joined Voya UK in

 

 

 

2019 and is responsible for overseeing

 

 

 

the firm’s quantitative equity research

 

 

 

agenda. Previously at Voya IM (2019-

 

 

 

2023), he was director of quantitative

 

 

 

equity. Prior to joining Voya IM, he was

 

 

 

a senior research analyst for quantitative

 

 

 

strategies for Invesco (2017-2019). Prior

 

 

 

to that, he was a research analyst for

 

 

 

global quantitative equities at QS and

 

 

 

before that he was with ING Investment

 

 

 

Management, Voya’s predecessor firm.

Kai Yee Wong

Voya IM

Voya Corporate Leaders® 100

Ms. Wong, Portfolio Manager, joined

 

 

Fund

Voya IM in 2012 and is responsible for

 

 

Voya Multi-Manager Mid Cap

the portfolio management of the index,

 

 

Value Fund

active quantitative, and smart beta

 

 

Voya Small Company Fund

strategies. Prior to that, she worked as a

 

 

 

senior equity portfolio manager at

 

 

 

Northern Trust (2003-2009) where she

 

 

 

was responsible for managing various

 

 

 

global indices, including developed,

 

 

 

emerging, real estate, Topix, and socially

 

 

 

responsible benchmarks.

 

 

 

 

Multi-Manager Fund

8.The table in the sub-section of the Prospectus entitled “Management of the Funds – Portfolio

Management” is amended to: (1) include information for Mr. de Boer; and (2) include Multi-Manager Fund in line item for Ms. Wong:

3

Portfolio

Investment

Fund

Professional Experience

Manager

Adviser or

 

 

 

Sub-

 

 

 

Adviser

 

 

Sanne V. de Boer,

Voya UK

Voya Multi-Manager

Mr. de Boer, Portfolio Manager,

Ph.D., CFA

 

International Equity Fund

managing director and head of systematic

 

 

 

equities at Voya UK, joined Voya UK in

 

 

 

2019 and is responsible for overseeing

 

 

 

the firm’s quantitative equity research

 

 

 

agenda. Previously at Voya IM (2019-

 

 

 

2023), he was director of quantitative

 

 

 

equity. Prior to joining Voya IM, he was

 

 

 

a senior research analyst for quantitative

 

 

 

strategies for Invesco (2017-2019). Prior

 

 

 

to that, he was a research analyst for

 

 

 

global quantitative equities at QS and

 

 

 

before that he was with ING Investment

 

 

 

Management, Voya’s predecessor firm.

Kai Yee Wong

Voya IM

Voya Global High Dividend Low

Ms. Wong, Portfolio Manager, joined

 

 

Volatility Fund

Voya IM in 2012 and is responsible for

 

 

Voya Multi-Manager Emerging

the portfolio management of the index,

 

 

Markets Equity Fund

active quantitative, and smart beta

 

 

Voya Multi-Manager

strategies. Prior to that, she worked as a

 

 

International Equity Fund

senior equity portfolio manager at

 

 

 

Northern Trust (2003-2009) where she

 

 

 

was responsible for managing various

 

 

 

global indices, including developed,

 

 

 

emerging, real estate, Topix, and socially

 

 

 

responsible benchmarks.

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VOYA EQUITY TRUST

Voya Large Cap Value Fund

Voya MI Dynamic SMID Cap Fund

Voya Small Company Fund

VOYA MUTUAL FUNDS

Voya Multi-Manager International Equity Fund (each a “Fund” and collectively, the “Funds”)

Supplement dated August 15, 2025

to the Funds’ current

Statements of Additional Information, as supplemented

(each an “SAI” and together, the “SAIs”)

Effective August 31, 2025: (1) Gareth Shepherd, Ph.D., CFA will no longer serve as a portfolio manager for Voya MI Dynamic SMID Cap Fund (“SMID Fund”), Voya Small Company Fund (“Small Company Fund”) and Voya Multi-Manager International Equity Fund (“Multi-Manager Fund”); (2) Vincent Costa, CFA will no longer serve as a portfolio manager for the Funds; and (3) Sanne V. de Boer, Ph.D., CFA and Kai Yee Wong will be added as portfolio managers for SMID Fund, Small Company Fund and Multi- Manager Fund.

Effective August 31, 2025, the SAIs are revised as follows:

1.All references to Gareth Shepherd, Ph.D., CFA as a portfolio manager for SMID Fund, Small Company Fund and Multi-Manager Fund are hereby deleted in their entirety.

2.All references to Vincent Costa, CFA as a portfolio manager for the Funds are hereby deleted in their entirety.

SMID Fund and Small Company Fund

3.The table in the sub-section of the SAI entitled “Portfolio Management – Other Accounts Managed – Voya IM” is amended to: (1) include information for Mr. de Boer; and (2) replace the line item with respect to Ms. Wong in its entirety:

 

 

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

 

Sanne V. de

Voya MI Dynamic

0

$0

0

$0

0

$0

Boer, Ph.D.,

SMID Cap Fund

 

 

 

 

 

 

CFA4

Voya Small

 

 

 

 

 

 

 

Company Fund

 

 

 

 

 

 

Kai Yee

Voya Corporate

30

$23,754,770,136

0

$0

3

$468,370,197

Wong4

Leaders® 100 Fund

 

 

 

 

 

 

 

Voya Multi-Manager

 

 

 

 

 

 

 

Mid Cap Value Fund

 

 

 

 

 

 

 

Voya Small

 

 

 

 

 

 

 

Company Fund

 

 

 

 

 

 

4As of June 30, 2025.

1

4.The line items with respect to SMID Fund and Small Company 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:

Fund

Portfolio Manager

Benchmark

Voya MI Dynamic SMID Cap

Sanne V. de Boer, Ph.D., CFA;

Russell 2500TM Index

Fund

Russell Shtern, CFA; and Kai Yee

 

 

Wong

 

Voya Small Company Fund

Sanne V. de Boer, Ph.D., CFA;

Russell 2000® Index

 

Russell Shtern, CFA; and Kai Yee

 

 

Wong

 

5.The table in the sub-section of the SAI entitled “Portfolio Management – Ownership of Securities” is amended to: (1) include information for Mr. de Boer; and (2) replace the line item with respect to Ms. Wong in its entirety:

Portfolio

Investment Adviser or

Fund(s) Managed by the

Dollar Range of Fund

Manager

Sub-Adviser

Portfolio Manager

Shares Owned

Sanne V. de Boer,

Voya IM

Voya MI Dynamic SMID

None

Ph.D., CFA14, 15

 

Cap Fund

 

 

 

Voya Small Company

None

 

 

Fund

 

Kai Yee Wong11

Voya IM

Voya Corporate

$10,001-$50,000

 

 

Leaders® 100 Fund

 

 

 

 

 

 

 

Voya Multi-Manager Mid

None

 

 

Cap

 

 

 

Value Fund

 

 

 

 

 

 

 

Voya Small Company Fund 14, 16

None

 

 

 

14As of June 30, 2025.

15In addition to the investments shown in this table, Mr. de. Boer has allocated a dollar range of $1-$10,000 in Fund shares to an investment option that tracks the performance of Voya Small Company Fund.

16In addition to the investments shown in this table, Ms. Wong has allocated a dollar range of $1-$10,000 in Fund shares to an investment option that tracks the performance of Voya Small Company Fund.

Multi-Manager Fund

6.The table in the sub-section of the SAI entitled “Portfolio Management – Other Accounts Managed – Voya IM” is amended to: (1) include information for Mr. de Boer; and (2) replace the line item with respect to Ms. Wong in its entirety:

 

 

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

 

Sanne V. de

Voya Multi-Manager

0

$0

0

$0

0

$0

Boer, Ph.D.,

International Equity

 

 

 

 

 

 

CFA2

Fund

 

 

 

 

 

 

Kai Yee

Voya Global High

30

$23,754,770,136

0

$0

3

$468,370,197

Wong2

Dividend Low

 

 

 

 

 

 

 

Volatility Fund

 

 

 

 

 

 

2

 

Voya Multi-Manager

Emerging Markets

Equity Fund

Voya Multi-Manager

International Equity

Fund

2 As of June 30, 2025.

7. The line item with respect Multi-Manager 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:

Fund

Portfolio Manager

Benchmark

Voya Multi-Manager

Sanne V. de Boer, Ph.D., CFA;

MSCI ACWI ex USA IndexSM

International Equity Fund

Russell Shtern, CFA; and Kai Yee

 

 

Wong

 

8. The table in the sub-section of the SAI entitled “Portfolio Management – Ownership of Securities” is amended to: (1) include information for Mr. de Boer; and (2) replace the line item with respect to Ms. Wong in its entirety:

Portfolio

 

Investment Adviser or

Fund(s) Managed by the

Dollar Range of Fund

Manager

 

Sub-Adviser

Portfolio Manager

Shares Owned

Sanne V. de Boer,

 

Voya UK

Voya Multi-Manager

None

Ph.D., CFA4

 

 

International Equity Fund

 

Kai Yee Wong

 

Voya IM

Voya Global High

None

 

 

 

Dividend Low

 

 

 

 

Volatility Fund

 

 

 

 

Voya Multi-Manager

None

 

 

 

Emerging

 

 

 

 

Markets Equity Fund

 

 

 

 

 

 

 

 

 

Voya Multi-Manager

None

 

 

 

International Equity Fund 4

 

 

 

 

 

 

4 As of June 30, 2025.

 

 

 

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