0000916403 2021-05-01 2021-05-01 0000916403 vvpt:S000008640Member 2021-05-01 2021-05-01 pure iso4217:USD false 2020-12-31 497 0000916403 N-1A <div style="text-align: center; padding-left: 194px; padding-right: 285px; font: bold 14px/16px 'arial'; margin: 0px;">VOYA VARIABLE PRODUCTS TRUST <span style="font: 14px/16px 'arial';">Voya SmallCap Opportunities Portfolio (the "Portfolio")</span></div> <div style="padding-left: 198px; margin-top: 18px; margin-bottom: 0px; font: 15px/16px 'arial';">Supplement dated February 1, 2022</div> <div style="padding-left: 136px; margin-top: 1px; margin-bottom: 0px; font: 15px/17px 'arial';">to the Portfolio's Adviser Class, Class I, Class R6, Class S</div> <div style="padding-left: 151px; font: 15px/16px 'arial'; margin: 0px;">and Service 2 Class Prospectus, dated May 1, 2021</div> <div style="padding-left: 255px; font: 15px/17px 'arial'; margin: 0px;">(the "Prospectus")</div> <div style="padding-right: 91px; margin-top: 17px; margin-bottom: 0px; font: 15px/17px 'arial';">On January 27, 2022, the Board of Trustees of Voya Variable Products Trust approved changes with respect to the Portfolio's principal investment strategies and portfolio management team.</div> <div style="margin-top: 15px; margin-bottom: 0px; font: 15px/17px 'arial';">Effective February 1, 2022, the Prospectus is revised as follows:</div> <div style="padding-left: 57px; padding-right: 91px; margin-top: 34px; margin-bottom: 0px; text-indent: -57px; font: 15px/17px 'arial';"><span style="font: 15px/17px 'arial';">1.</span><span style="font: 15px/17px 'arial'; margin-left: 44px;">The section of the Prospectus entitled "Principal Investment Strategies" is deleted in its entirety and replaced with the following:</span></div> <div style="text-align: justify; padding-left: 57px; padding-right: 91px; margin-top: 15px; margin-bottom: 0px; font: 15px/17px 'arial';">Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in common stock of smaller, lesser-known U.S. companies. The Portfolio will provide shareholders with at least 60 days' prior notice of any change in this investment policy.</div> <div style="text-align: justify; padding-left: 57px; padding-right: 86px; margin-top: 15px; margin-bottom: 0px; font: 14px/16px 'arial';">For this Portfolio, the sub-adviser ("Sub-Adviser") defines smaller companies as those with market capitalizations that fall within the range of companies in the Russell 2000<span style="font: 8px/10px 'arial';">® </span>Growth</div> <div style="text-align: justify; padding-left: 57px; padding-right: 91px; margin-top: 2px; margin-bottom: 0px; font: 15px/17px 'arial';">Index ("Index") at the time of purchase. The Russell 2000® Growth Index is an index that measures the performance of small growth companies. The market capitalization of companies within the Russell 2000<span style="font: 9px/12px 'arial';">® </span>Growth Index will change with market conditions. The market capitalization of companies in the Russell 2000<span style="font: 9px/12px 'arial';">® </span>Growth Index as of June 30, 2021, ranged from $176.7 million to $11.8 billion.</div> <div style="text-align: justify; padding-left: 57px; padding-right: 91px; margin-top: 15px; margin-bottom: 0px; font: 15px/17px 'arial';">The Sub-Adviser uses fundamental research in an effort to identify companies with the potential for superior earnings growth and sustainable valuations. The Sub-Adviser's intensive bottom-up, fundamental research drives stock selection, which the Sub-Adviser believes is key to seeking excess returns.</div> <div style="text-align: justify; padding-left: 57px; padding-right: 86px; margin-top: 15px; margin-bottom: 0px; font: 14px/16px 'arial';">Most of the Portfolio's assets will be invested in U.S. common stocks that the Sub-Adviser expects will experience long-term, above average earnings growth. The Portfolio may at times invest a significant portion of its assets (greater than 25%) in specific sectors of the economy, such as in the technology and health care sectors, respectively. The Portfolio may also invest up to 20% of its net assets in equity securities of foreign issuers, including issuers located in emerging markets that are American Depositary Receipts ("ADRs") or traded on a U.S. stock exchange, when consistent with the Portfolio's investment objective.</div> <div style="text-align: justify; padding-left: 57px; padding-right: 91px; margin-top: 21px; margin-bottom: 0px; font: 15px/17px 'arial';">The Portfolio may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder ("1940 Act").</div> <div style="padding-left: 57px; padding-right: 86px; margin-top: 15px; margin-bottom: 0px; font: 13px/16px 'arial';">The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.</div> <div style="padding-left: 57px; padding-right: 5px; font: 15px/17px 'arial'; margin: 0px;">The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 33% of its total assets.</div> <div style="padding-left: 57px; padding-right: 5px; margin-top: 16px; margin-bottom: 0px; text-indent: -57px; font: 15px/17px 'arial';"><span style="font: 15px/17px 'arial';">2.</span><span style="font: 15px/17px 'arial'; margin-left: 44px;">The section of the Prospectus entitled "Principal Risks" is revised to delete the following risk: "Real Estate Companies and Real Estate Investment Trusts ("REITs")".</span></div> <div style="padding-left: 57px; padding-right: 5px; margin-top: 16px; margin-bottom: 0px; text-indent: -57px; font: 15px/17px 'arial';"><span style="font: 15px/17px 'arial';">3.</span><span style="font: 15px/17px 'arial'; margin-left: 44px;">The section of the Prospectus entitled "Principal Risks" is further revised to include the following risks:</span></div> <div style="text-align: justify; padding-left: 57px; padding-right: 5px; margin-top: 16px; margin-bottom: 0px; font: 15px/17px 'arial';"><span style="font: bold 15px/18px 'arial';">Currency: </span>To the extent that the Portfolio invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by the Portfolio through foreign currency exchange transactions.</div> <div style="text-align: justify; padding-left: 57px; margin-top: 13px; margin-bottom: 0px; font: 15px/17px 'arial';"><span style="font: bold 15px/18px 'arial';">Focused Investing: </span>To the extent that the Portfolio invests a substantial portion of its assets in securities related to a particular industry, sector, market segment, or geographic area, its investments will be sensitive to developments in that industry, sector, market segment, or geographic area. The Portfolio is subject to the risk that changing economic conditions; changing political or regulatory conditions; or natural and other disasters affecting the particular industry, sector, market segment, or geographic area in which the Portfolio focuses its investments could have a significant impact on its investment performance and could ultimately cause the Portfolio to underperform, or its net asset value to be more volatile than, other funds that invest more broadly.</div> <div style="text-align: justify; padding-left: 57px; margin-top: 12px; margin-bottom: 0px; font: bold 13px/16px 'arial';">Foreign Investments/Developing and Emerging Markets: <span style="font: 13px/16px 'arial';">Investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, auditing and financial reporting standards and practices; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments, which may include the imposition of economic sanctions or other measures by the United States or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets.</span></div> <div style="padding-left: 57px; padding-right: 5px; margin-top: 25px; margin-bottom: 0px; text-indent: -57px; font: 15px/17px 'arial';"><span style="font: 15px/17px 'arial';">4.</span><span style="font: 15px/17px 'arial'; margin-left: 44px;">The section of the Prospectus entitled "Performance Information" is revised to include the following paragraph:</span></div> <div style="text-align: justify; padding-left: 57px; margin-top: 15px; margin-bottom: 0px; font: 14px/17px 'arial';">The Portfolio's performance prior to February 1, 2022 reflects returns achieved pursuant to different principal investment strategies. If the Portfolio's current strategies had been in place for the prior periods, the performance information shown would have been different.</div> <div style="text-align: center; padding-left: 194px; padding-right: 285px; font: bold 14px/16px 'arial'; margin: 0px;">VOYA VARIABLE PRODUCTS TRUST <span style="font: 14px/16px 'arial';">Voya SmallCap Opportunities Portfolio (the "Portfolio")</span></div> <div style="padding-left: 198px; margin-top: 18px; margin-bottom: 0px; font: 15px/16px 'arial';">Supplement dated February 1, 2022</div> <div style="padding-left: 136px; margin-top: 1px; margin-bottom: 0px; font: 15px/17px 'arial';">to the Portfolio's Adviser Class, Class I, Class R6, Class S</div> <div style="padding-left: 151px; font: 15px/16px 'arial'; margin: 0px;">and Service 2 Class Prospectus, dated May 1, 2021</div> <div style="padding-left: 255px; font: 15px/17px 'arial'; margin: 0px;">(the "Prospectus")</div> <div style="padding-right: 91px; margin-top: 17px; margin-bottom: 0px; font: 15px/17px 'arial';">On January 27, 2022, the Board of Trustees of Voya Variable Products Trust approved changes with respect to the Portfolio's principal investment strategies and portfolio management team.</div> <div style="margin-top: 15px; margin-bottom: 0px; font: 15px/17px 'arial';">Effective February 1, 2022, the Prospectus is revised as follows:</div> <div style="padding-left: 57px; padding-right: 91px; margin-top: 34px; margin-bottom: 0px; text-indent: -57px; font: 15px/17px 'arial';"><span style="font: 15px/17px 'arial';">1.</span><span style="font: 15px/17px 'arial'; margin-left: 44px;">The section of the Prospectus entitled "Principal Investment Strategies" is deleted in its entirety and replaced with the following:</span></div> <div style="text-align: justify; padding-left: 57px; padding-right: 91px; margin-top: 15px; margin-bottom: 0px; font: 15px/17px 'arial';">Under normal market conditions, the Portfolio invests at least 80% of its net assets (plus borrowings for investment purposes) in common stock of smaller, lesser-known U.S. companies. The Portfolio will provide shareholders with at least 60 days' prior notice of any change in this investment policy.</div> <div style="text-align: justify; padding-left: 57px; padding-right: 86px; margin-top: 15px; margin-bottom: 0px; font: 14px/16px 'arial';">For this Portfolio, the sub-adviser ("Sub-Adviser") defines smaller companies as those with market capitalizations that fall within the range of companies in the Russell 2000<span style="font: 8px/10px 'arial';">® </span>Growth</div> <div style="text-align: justify; padding-left: 57px; padding-right: 91px; margin-top: 2px; margin-bottom: 0px; font: 15px/17px 'arial';">Index ("Index") at the time of purchase. The Russell 2000® Growth Index is an index that measures the performance of small growth companies. The market capitalization of companies within the Russell 2000<span style="font: 9px/12px 'arial';">® </span>Growth Index will change with market conditions. The market capitalization of companies in the Russell 2000<span style="font: 9px/12px 'arial';">® </span>Growth Index as of June 30, 2021, ranged from $176.7 million to $11.8 billion.</div> <div style="text-align: justify; padding-left: 57px; padding-right: 91px; margin-top: 15px; margin-bottom: 0px; font: 15px/17px 'arial';">The Sub-Adviser uses fundamental research in an effort to identify companies with the potential for superior earnings growth and sustainable valuations. The Sub-Adviser's intensive bottom-up, fundamental research drives stock selection, which the Sub-Adviser believes is key to seeking excess returns.</div> <div style="text-align: justify; padding-left: 57px; padding-right: 86px; margin-top: 15px; margin-bottom: 0px; font: 14px/16px 'arial';">Most of the Portfolio's assets will be invested in U.S. common stocks that the Sub-Adviser expects will experience long-term, above average earnings growth. The Portfolio may at times invest a significant portion of its assets (greater than 25%) in specific sectors of the economy, such as in the technology and health care sectors, respectively. The Portfolio may also invest up to 20% of its net assets in equity securities of foreign issuers, including issuers located in emerging markets that are American Depositary Receipts ("ADRs") or traded on a U.S. stock exchange, when consistent with the Portfolio's investment objective.</div> <div style="text-align: justify; padding-left: 57px; padding-right: 91px; margin-top: 21px; margin-bottom: 0px; font: 15px/17px 'arial';">The Portfolio may invest in other investment companies, including exchange-traded funds, to the extent permitted under the Investment Company Act of 1940, as amended, and the rules, regulations, and exemptive orders thereunder ("1940 Act").</div> <div style="padding-left: 57px; padding-right: 86px; margin-top: 15px; margin-bottom: 0px; font: 13px/16px 'arial';">The Sub-Adviser may sell securities for a variety of reasons, such as to secure gains, limit losses, or redeploy assets into opportunities believed to be more promising, among others.</div> <div style="padding-left: 57px; padding-right: 5px; font: 15px/17px 'arial'; margin: 0px;">The Portfolio may lend portfolio securities on a short-term or long-term basis, up to 33% of its total assets.</div> <div style="padding-left: 57px; padding-right: 5px; margin-top: 16px; margin-bottom: 0px; text-indent: -57px; font: 15px/17px 'arial';"><span style="font: 15px/17px 'arial';">2.</span><span style="font: 15px/17px 'arial'; margin-left: 44px;">The section of the Prospectus entitled "Principal Risks" is revised to delete the following risk: "Real Estate Companies and Real Estate Investment Trusts ("REITs")".</span></div> <div style="padding-left: 57px; padding-right: 5px; margin-top: 16px; margin-bottom: 0px; text-indent: -57px; font: 15px/17px 'arial';"><span style="font: 15px/17px 'arial';">3.</span><span style="font: 15px/17px 'arial'; margin-left: 44px;">The section of the Prospectus entitled "Principal Risks" is further revised to include the following risks:</span></div> <div style="text-align: justify; padding-left: 57px; padding-right: 5px; margin-top: 16px; margin-bottom: 0px; font: 15px/17px 'arial';"><span style="font: bold 15px/18px 'arial';">Currency: </span>To the extent that the Portfolio invests directly or indirectly in foreign (non-U.S.) currencies or in securities denominated in, or that trade in, foreign (non-U.S.) currencies, it is subject to the risk that those foreign (non-U.S.) currencies will decline in value relative to the U.S. dollar or, in the case of hedging positions, that the U.S. dollar will decline in value relative to the currency being hedged by the Portfolio through foreign currency exchange transactions.</div> <div style="text-align: justify; padding-left: 57px; margin-top: 13px; margin-bottom: 0px; font: 15px/17px 'arial';"><span style="font: bold 15px/18px 'arial';">Focused Investing: </span>To the extent that the Portfolio invests a substantial portion of its assets in securities related to a particular industry, sector, market segment, or geographic area, its investments will be sensitive to developments in that industry, sector, market segment, or geographic area. The Portfolio is subject to the risk that changing economic conditions; changing political or regulatory conditions; or natural and other disasters affecting the particular industry, sector, market segment, or geographic area in which the Portfolio focuses its investments could have a significant impact on its investment performance and could ultimately cause the Portfolio to underperform, or its net asset value to be more volatile than, other funds that invest more broadly.</div> <div style="text-align: justify; padding-left: 57px; margin-top: 12px; margin-bottom: 0px; font: bold 13px/16px 'arial';">Foreign Investments/Developing and Emerging Markets: <span style="font: 13px/16px 'arial';">Investing in foreign (non-U.S.) securities may result in the Portfolio experiencing more rapid and extreme changes in value than a fund that invests exclusively in securities of U.S. companies due to: smaller markets; differing reporting, accounting, auditing and financial reporting standards and practices; nationalization, expropriation, or confiscatory taxation; foreign currency fluctuations, currency blockage, or replacement; potential for default on sovereign debt; or political changes or diplomatic developments, which may include the imposition of economic sanctions or other measures by the United States or other governments and supranational organizations. Markets and economies throughout the world are becoming increasingly interconnected, and conditions or events in one market, country or region may adversely impact investments or issuers in another market, country or region. Foreign investment risks may be greater in developing and emerging markets than in developed markets.</span></div> <div style="padding-left: 57px; padding-right: 5px; margin-top: 25px; margin-bottom: 0px; text-indent: -57px; font: 15px/17px 'arial';"><span style="font: 15px/17px 'arial';">4.</span><span style="font: 15px/17px 'arial'; margin-left: 44px;">The section of the Prospectus entitled "Performance Information" is revised to include the following paragraph:</span></div> <div style="text-align: justify; padding-left: 57px; margin-top: 15px; margin-bottom: 0px; font: 14px/17px 'arial';">The Portfolio's performance prior to February 1, 2022 reflects returns achieved pursuant to different principal investment strategies. If the Portfolio's current strategies had been in place for the prior periods, the performance information shown would have been different.</div> VOYA VARIABLE PRODUCTS TRUST 2022-02-01 2021-05-01 2022-02-01