0000916403 2025-05-01 2025-05-01 0000916403 vvpt:S000008640Member 2025-05-01 2025-05-01 iso4217:USD pure false 2025-05-01 2024-12-31 497 0000916403 N-1A <div class="p0 ft0" style="text-align:left;padding-left:181px;margin-top:0px;margin-bottom:0px;font:bold 15px 'times new roman';line-height:17px;">VOYA VARIABLE PRODUCTS TRUST</div><div class="p1 ft1" style="text-align:left;padding-left:195px;margin-top:0px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">Voya SmallCap Opportunities Portfolio</div><div class="p2 ft1" style="text-align:left;padding-left:264px;margin-top:3px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">(the “Portfolio”)</div><div class="p3 ft1" style="text-align:left;padding-left:220px;margin-top:14px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">Supplement dated May 1, 2025</div><div class="p4 ft1" style="text-align:left;padding-left:55px;margin-top:0px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">to the Portfolio’s Adviser Class, Class I, Class R6, Class S, and Service 2 Class Shares’</div><div class="p5 ft1" style="text-align:left;padding-left:130px;margin-top:0px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">Summary Prospectus and Prospectus, each dated May 1, 2025</div><div class="p6 ft1" style="text-align:left;padding-left:224px;margin-top:2px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">(together, the “Prospectuses”)</div><div class="p7 ft0" style="text-align:left;padding-left:51px;margin-top:17px;margin-bottom:0px;font:bold 15px 'times new roman';line-height:17px;">IMPORTANT NOTICE REGARDING CHANGE IN INVESTMENT POLICY</div><div class="p8 ft1" style="text-align:justify;padding-right:107px;margin-top:18px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">In accordance with recent changes to regulatory disclosure requirements regarding investment company names, the Portfolio’s policy to invest in accordance with the investment focus that the Portfolio’s name suggests (the “80% Investment Policy”) is changed effective June 30, 2025 (the “Effective Date”), as set forth below.</div><table cellpadding="0" cellspacing="0" class="t0" style="width:624px;margin-top:12px;font:15px 'times new roman'"> <tr> <td class="tr0 td0" style="height:16.5pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-top:#000000 1px solid;padding:0pt;margin:0pt;width:228.75pt;vertical-align:bottom;background:#e7e6e6;"> <div class="p9 ft0" style="text-align:left;padding-left:53px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">Current 80% Investment Policy</div> </td> <td class="tr0 td1" style="height:16.5pt;border-right:#000000 1px solid;border-top:#000000 1px solid;padding:0pt;margin:0pt;width:237.75pt;vertical-align:bottom;background:#e7e6e6;"> <div class="p10 ft0" style="text-align:left;padding-left:42px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">New 80% Investment Policy as of the</div> </td> </tr> <tr> <td class="tr1 td2" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:228.75pt;vertical-align:bottom;background:#e7e6e6;"> <div class="p11 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div> </td> <td class="tr1 td3" style="height:12.75pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:237.75pt;vertical-align:bottom;background:#e7e6e6;"> <div class="p12 ft0" style="text-align:left;padding-left:113px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">Effective Date</div> </td> </tr> <tr> <td class="tr2 td4" style="height:12pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:228.75pt;vertical-align:bottom;"> <div class="p13 ft3" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Under normal market conditions, the Portfolio</div> </td> <td class="tr2 td5" style="height:12pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:237.75pt;vertical-align:bottom;"> <div class="p14 ft3" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Under normal circumstances, the Portfolio invests</div> </td> </tr> <tr> <td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:228.75pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">invests at least 80% of its net assets (plus</div> </td> <td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:237.75pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">at least 80% of its net assets (plus the amount of</div> </td> </tr> <tr> <td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:228.75pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">borrowings for investment purposes) in common</div> </td> <td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:237.75pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">any borrowings for investment purposes) in</div> </td> </tr> <tr> <td class="tr1 td6" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:228.75pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">stock of smaller, lesser-known U.S. companies.</div> </td> <td class="tr1 td7" style="height:12.75pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:237.75pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">investments tied to small-capitalization companies.</div> </td> </tr> </table><div class="p15 ft1" style="text-align:left;padding-right:104px;margin-top:15px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">Although the Portfolio’s new 80% Investment Policy and related disclosure changes are set forth in the Portfolio’s Prospectuses, these changes will not be effective until the Effective Date. Until the Effective Date, the Portfolio’s current 80% Investment Policy and related disclosure, as set forth in the table below under the heading “Current Disclosure”, will continue in effect and supersede the disclosure in the first paragraph in the section of the Prospectuses entitled “Principal Investment Strategies” (which, for reference, is set forth in the table below under the heading “Disclosure as of the Effective Date”).</div><table cellpadding="0" cellspacing="0" class="t1" style="width:624px;margin-top:14px;font:15px 'times new roman'"> <tr> <td class="tr3 td8" style="height:15.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-top:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;background:#e7e6e6;"> <div class="p16 ft0" style="text-align:left;padding-left:96px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">Current Disclosure</div> </td> <td class="tr3 td9" style="height:15.75pt;border-right:#000000 1px solid;border-top:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;background:#e7e6e6;"> <div class="p17 ft0" style="text-align:left;padding-left:48px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">Disclosure as of the Effective Date</div> </td> </tr> <tr> <td class="tr2 td10" style="height:12pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft3" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Under normal market conditions, the Portfolio</div> </td> <td class="tr2 td11" style="height:12pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft3" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Under normal circumstances, the Portfolio invests</div> </td> </tr> <tr> <td class="tr2 td10" style="height:12pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft3" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">invests at least 80% of its net assets (plus</div> </td> <td class="tr2 td11" style="height:12pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft3" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">at least 80% of its net assets (plus the amount of</div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">borrowings for investment purposes) in common</div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">any borrowings for investment purposes) in</div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">stock of smaller, lesser-known U.S. companies.</div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">investments tied to small-capitalization</div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">The Portfolio will provide shareholders with at</div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">companies. For purposes of this 80% policy,</div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">least 60 days’ prior notice of any change in this</div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">small-capitalization companies means companies</div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">investment policy.</div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">with market capitalizations that fall within the</div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p11 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">capitalization range of companies within the</div> </td> </tr> <tr> <td class="tr2 td10" style="height:12pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft3" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">For this Portfolio, the sub-adviser (the “Sub-</div> </td> <td class="tr2 td11" style="height:12pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft3" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Russell 2000<span class="ft4" style="font:9px 'times new roman';line-height:12px;position:relative;bottom:5px">® </span>Index (the “Index”).</div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">Adviser”) defines smaller companies as those with</div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p11 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">market capitalizations that fall within the range of</div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p11 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">companies in the Russell 2000<span class="ft4" style="font:9px 'times new roman';line-height:12px;position:relative;bottom:5px">® </span>Growth Index (the</div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p11 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div> </td> </tr> <tr> <td class="tr4 td12" style="height:13.5pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">“Index”) at the time of purchase.</div> </td> <td class="tr4 td13" style="height:13.5pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p11 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div> </td> </tr> </table> <div class="p0 ft0" style="text-align:left;padding-left:181px;margin-top:0px;margin-bottom:0px;font:bold 15px 'times new roman';line-height:17px;">VOYA VARIABLE PRODUCTS TRUST</div><div class="p1 ft1" style="text-align:left;padding-left:195px;margin-top:0px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">Voya SmallCap Opportunities Portfolio</div><div class="p2 ft1" style="text-align:left;padding-left:264px;margin-top:3px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">(the “Portfolio”)</div><div class="p3 ft1" style="text-align:left;padding-left:220px;margin-top:14px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">Supplement dated May 1, 2025</div><div class="p4 ft1" style="text-align:left;padding-left:55px;margin-top:0px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">to the Portfolio’s Adviser Class, Class I, Class R6, Class S, and Service 2 Class Shares’</div><div class="p5 ft1" style="text-align:left;padding-left:130px;margin-top:0px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">Summary Prospectus and Prospectus, each dated May 1, 2025</div><div class="p6 ft1" style="text-align:left;padding-left:224px;margin-top:2px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">(together, the “Prospectuses”)</div><div class="p7 ft0" style="text-align:left;padding-left:51px;margin-top:17px;margin-bottom:0px;font:bold 15px 'times new roman';line-height:17px;">IMPORTANT NOTICE REGARDING CHANGE IN INVESTMENT POLICY</div><div class="p8 ft1" style="text-align:justify;padding-right:107px;margin-top:18px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">In accordance with recent changes to regulatory disclosure requirements regarding investment company names, the Portfolio’s policy to invest in accordance with the investment focus that the Portfolio’s name suggests (the “80% Investment Policy”) is changed effective June 30, 2025 (the “Effective Date”), as set forth below.</div><table cellpadding="0" cellspacing="0" class="t0" style="width:624px;margin-top:12px;font:15px 'times new roman'"> <tr> <td class="tr0 td0" style="height:16.5pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-top:#000000 1px solid;padding:0pt;margin:0pt;width:228.75pt;vertical-align:bottom;background:#e7e6e6;"> <div class="p9 ft0" style="text-align:left;padding-left:53px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">Current 80% Investment Policy</div> </td> <td class="tr0 td1" style="height:16.5pt;border-right:#000000 1px solid;border-top:#000000 1px solid;padding:0pt;margin:0pt;width:237.75pt;vertical-align:bottom;background:#e7e6e6;"> <div class="p10 ft0" style="text-align:left;padding-left:42px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">New 80% Investment Policy as of the</div> </td> </tr> <tr> <td class="tr1 td2" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:228.75pt;vertical-align:bottom;background:#e7e6e6;"> <div class="p11 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div> </td> <td class="tr1 td3" style="height:12.75pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:237.75pt;vertical-align:bottom;background:#e7e6e6;"> <div class="p12 ft0" style="text-align:left;padding-left:113px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">Effective Date</div> </td> </tr> <tr> <td class="tr2 td4" style="height:12pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:228.75pt;vertical-align:bottom;"> <div class="p13 ft3" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Under normal market conditions, the Portfolio</div> </td> <td class="tr2 td5" style="height:12pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:237.75pt;vertical-align:bottom;"> <div class="p14 ft3" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Under normal circumstances, the Portfolio invests</div> </td> </tr> <tr> <td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:228.75pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">invests at least 80% of its net assets (plus</div> </td> <td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:237.75pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">at least 80% of its net assets (plus the amount of</div> </td> </tr> <tr> <td class="tr1 td4" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:228.75pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">borrowings for investment purposes) in common</div> </td> <td class="tr1 td5" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:237.75pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">any borrowings for investment purposes) in</div> </td> </tr> <tr> <td class="tr1 td6" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:228.75pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">stock of smaller, lesser-known U.S. companies.</div> </td> <td class="tr1 td7" style="height:12.75pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:237.75pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">investments tied to small-capitalization companies.</div> </td> </tr> </table><div class="p15 ft1" style="text-align:left;padding-right:104px;margin-top:15px;margin-bottom:0px;font:15px 'times new roman';line-height:17px;">Although the Portfolio’s new 80% Investment Policy and related disclosure changes are set forth in the Portfolio’s Prospectuses, these changes will not be effective until the Effective Date. Until the Effective Date, the Portfolio’s current 80% Investment Policy and related disclosure, as set forth in the table below under the heading “Current Disclosure”, will continue in effect and supersede the disclosure in the first paragraph in the section of the Prospectuses entitled “Principal Investment Strategies” (which, for reference, is set forth in the table below under the heading “Disclosure as of the Effective Date”).</div><table cellpadding="0" cellspacing="0" class="t1" style="width:624px;margin-top:14px;font:15px 'times new roman'"> <tr> <td class="tr3 td8" style="height:15.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-top:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;background:#e7e6e6;"> <div class="p16 ft0" style="text-align:left;padding-left:96px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">Current Disclosure</div> </td> <td class="tr3 td9" style="height:15.75pt;border-right:#000000 1px solid;border-top:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;background:#e7e6e6;"> <div class="p17 ft0" style="text-align:left;padding-left:48px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:bold 15px 'times new roman';line-height:17px;">Disclosure as of the Effective Date</div> </td> </tr> <tr> <td class="tr2 td10" style="height:12pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft3" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Under normal market conditions, the Portfolio</div> </td> <td class="tr2 td11" style="height:12pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft3" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Under normal circumstances, the Portfolio invests</div> </td> </tr> <tr> <td class="tr2 td10" style="height:12pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft3" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">invests at least 80% of its net assets (plus</div> </td> <td class="tr2 td11" style="height:12pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft3" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">at least 80% of its net assets (plus the amount of</div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">borrowings for investment purposes) in common</div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">any borrowings for investment purposes) in</div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">stock of smaller, lesser-known U.S. companies.</div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">investments tied to small-capitalization</div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">The Portfolio will provide shareholders with at</div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">companies. For purposes of this 80% policy,</div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">least 60 days’ prior notice of any change in this</div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">small-capitalization companies means companies</div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">investment policy.</div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">with market capitalizations that fall within the</div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p11 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft1" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">capitalization range of companies within the</div> </td> </tr> <tr> <td class="tr2 td10" style="height:12pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft3" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">For this Portfolio, the sub-adviser (the “Sub-</div> </td> <td class="tr2 td11" style="height:12pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p14 ft3" style="text-align:left;padding-left:6px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:16px;">Russell 2000<span class="ft4" style="font:9px 'times new roman';line-height:12px;position:relative;bottom:5px">® </span>Index (the “Index”).</div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">Adviser”) defines smaller companies as those with</div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p11 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">market capitalizations that fall within the range of</div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p11 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div> </td> </tr> <tr> <td class="tr1 td10" style="height:12.75pt;border-left:#000000 1px solid;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">companies in the Russell 2000<span class="ft4" style="font:9px 'times new roman';line-height:12px;position:relative;bottom:5px">® </span>Growth Index (the</div> </td> <td class="tr1 td11" style="height:12.75pt;border-right:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p11 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div> </td> </tr> <tr> <td class="tr4 td12" style="height:13.5pt;border-left:#000000 1px solid;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p13 ft1" style="text-align:left;padding-left:8px;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:15px 'times new roman';line-height:17px;">“Index”) at the time of purchase.</div> </td> <td class="tr4 td13" style="height:13.5pt;border-right:#000000 1px solid;border-bottom:#000000 1px solid;padding:0pt;margin:0pt;width:233.25pt;vertical-align:bottom;"> <div class="p11 ft2" style="text-align:left;margin-top:0px;margin-bottom:0px;white-space:nowrap;font:1px 'times new roman';line-height:1px;"> </div> </td> </tr> </table> VOYA VARIABLE PRODUCTS TRUST 2025-05-01 2025-05-01