Voya Equity Trust

11/05/2025 | Press release | Distributed by Public on 11/05/2025 13:55

Prospectus by Investment Company (Form 497)

VOYA EQUITY TRUST

Voya Corporate Leaders® 100 Fund

VOYA MUTUAL FUNDS

Voya Global High Dividend Low Volatility Fund

(each a "Fund" and together, the "Funds")

Supplement dated November 5, 2025 to the

Funds' current Prospectuses

(each a "Prospectus" and together, the "Prospectuses")

Effective October 31, 2025: (1) Justin Montminy, CFA was removed as a portfolio manager for the Funds;

(2)Mark Buccigross was added as a portfolio manager for Voya Corporate Leaders® 100 Fund; and (3) Steve Gao, PhD, CFA, FRM and Russell Shtern, CFA were added as portfolio managers for Voya Global High Dividend Low Volatility Fund.

I.Effective October 31, 2025, all references to Justin Montminy, CFA as a portfolio manager for the Funds are removed from the Prospectuses.

II.Effective October 31, 2025, the Prospectuses are revised as follows:

1.The sub-section of the Prospectus entitled "Portfolio Management - Voya Investment Management Co. LLC - Portfolio Managers" in Voya Corporate Leaders® 100 Fund's Summary Section is deleted in its entirety and replaced with the following:

Portfolio Managers

Mark Buccigross

Kai Yee Wong

Portfolio Manager (since 10/25)

Portfolio Manager (since 11/19)

2.The sub-section of the Prospectus entitled "Portfolio Management - Voya Investment Management Co. LLC - Portfolio Managers" in Voya Global High Dividend Low Volatility Fund's Summary Section is deleted in its entirety and replaced with the following:

Portfolio Managers

Steve Gao, PhD, CFA, FRM

Russell Shtern, CFA

Portfolio Manager (since 10/25)

Portfolio Manager (since 10/25)

Kai Yee Wong

Portfolio Manager (since 11/19)

3.The table in the sub-section of the Voya Corporate Leaders® 100 Fund's Prospectus entitled "Management of the Funds - Portfolio Management" is amended to include the following:

Portfolio Manager

Investment Adviser

Fund

Recent Professional

or Sub-Adviser

Experience

Mark Buccigross

Voya IM

Voya Corporate

Mr. Buccigross, Portfolio

Leaders® 100 Fund

Manager, is on the quantitative

equity team at Voya IM. Prior to

joining Voya IM, he worked as

an equity trader at State Street

1

Global Advisors, where he was responsible for supporting U.S., Canada, and emerging market portfolio managers across fundamental active, active quantitative, and passive strategies. Prior to that, Mr. Buccigross held a similar position at GE Asset Management.

4.The table in the sub-section of the Voya Global High Dividend Low Volatility Fund's Prospectus entitled "Management of the Funds - Portfolio Management" is amended to include the following:

Portfolio Manager

Investment Adviser

Fund

Recent Professional

or Sub-Adviser

Experience

Steve Gao, PhD,

Voya IM

Voya Global High

Mr. Gao, Portfolio Manager,

CFA, FRM

Dividend Low

vice president and quantitative

Volatility Fund

analyst on the quantitative equity

team at Voya Investment

Management. Prior to joining

Voya, Mr. Gao was a research

analyst on the US equity strategy

team at Barclays, with a focus on

quantitative analysis of US

equities. Prior to that, Mr. Gao

worked at Macquarie as a

quantitative equity researcher.

While at Macquarie, Mr. Gao

conducted in-depth, factor-

related research for asset

managers.

Russell Shtern, CFA

Voya IM

Voya Global High

Mr. Shtern, Portfolio Manager,

Dividend Low

joined Voya IM in 2022. Prior to

Volatility Fund

joining Voya IM, he served as a

Voya Multi-

senior portfolio manager at

Manager

Franklin Templeton's

International Equity

Investment Solutions group

Fund

(2020-2022) where he was

responsible for managing smart

beta and active multi-factor

equity strategies. Prior to that,

Mr. Shtern was head of equity

portfolio management and

trading and a member of the

global equity management team

for QS Investors (a Legg Mason

affiliate), a quantitative multi-

asset and equity manager (2014-

2020).

2

Kai Yee Wong

Voya IM

Voya Global High

Ms. Wong, Portfolio Manager,

Dividend Low

joined Voya IM in 2012 and is

Volatility Fund

responsible for the portfolio

Voya Multi-

management of the index,

Manager Emerging

research enhanced index, and

Markets Equity

smart beta strategies. Prior to

Fund

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.

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3


VOYA EQUITY TRUST

Voya Corporate Leaders® 100 Fund

VOYA MUTUAL FUNDS

Voya Global High Dividend Low Volatility Fund

(each a "Fund" and together, the "Funds")

Supplement dated November 5, 2025

to the Funds' current Statements of Additional Information

(each an "SAI" and together, the "SAIs")

Effective October 31, 2025: (1) Justin Montminy, CFA was removed as a portfolio manager for the Funds; (2) Mark Buccigross is added as a portfolio manager for Voya Corporate Leaders® 100 Fund; and (3) Steve Gao, PhD, CFA, FRM and Russell Shtern, CFA were added as portfolio managers for Voya Global High Dividend Low Volatility Fund.

I.Effective October 31, 2025, all references to Justin Montminy, CFA as a portfolio manager for the Funds are removed from the Prospectuses.

II.Effective October 31, 2025, the Prospectuses are revised as follows:

Voya Corporate Leaders® 100 Fund

1.The table in the sub-section of the SAI entitled "Portfolio Management - Other Accounts Managed - Voya IM" is amended to include the following:

Registered Investment

Other Pooled Investment

Other Accounts

Portfolio

Companies

Vehicles

Number of

Total Assets

Number of

Total Assets

Number of

Total Assets

Manager

Fund(s)

Accounts

Accounts

Accounts

Mark

Voya

18

$18,788,717,994

0

$0

0

$0

Buccigross3

Corporate

Leaders 100®

Fund

Voya Multi-

Manager Mid

Cap

Value Fund

3 As of August 31, 2025.

2.The line item with respect to the 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 Corporate Leaders® 100 Fund

Mark Buccigross and Kai Yee

S&P 500® Index

Wong

1

3.The table in the sub-section of the SAI entitled "Portfolio Management - Ownership of Securities" is amended to include the following:

Portfolio Manager

Investment Adviser or

Fund(s) Managed by

Dollar Range of Fund

Sub-Adviser

the Portfolio Manager

Shares Owned

Mark Buccigross15

Voya IM

Voya Corporate

None

Leaders 100® Fund

Voya Multi-Manager

None

Mid Cap Value Fund

15As of August 31, 2025. In addition to the investments shown in this table, Mr. Buccigross has allocated a dollar range of $1-$10,000 in Fund shares to an investment option that tracks the performance of Voya Corporate Leaders® 100 Fund.

Voya Global High Dividend Low Volatility Fund

4.The table in the sub-section of the SAI entitled "Portfolio Management - Other Accounts Managed - Voya IM" is amended to include the following:

Registered Investment

Other Pooled Investment

Other Accounts

Portfolio

Companies

Vehicles

Number of

Total Assets

Number of

Total Assets

Number of

Total Assets

Manager

Fund(s)

Accounts

Accounts

Accounts

Steve Gao,

Voya Global

0

$0

0

$0

0

$0

PhD, CFA,

High Dividend

FRM2

Low Volatility

Fund

Russell

Voya Global

2

$381,820,027

1

$1,533

8

$7,873,332

Shtern,

High Dividend

CFA2

Low Volatility

Fund

Voya Multi-

Manager

International

Equity Fund

2 As of August 31, 2025.

5. The line item with respect to the 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 Global High Dividend Low

Steve Gao, PhD, CFA, FRM,

MSCI All Country World

Volatility Fund

Russell Shtern, CFA and Kai

IndexSM

Yee Wong

6. The table in the sub-section of the SAI entitled "Portfolio Management - Ownership of Securities" is amended to include the following:

2

Portfolio Manager

Investment Adviser or

Fund(s) Managed by

Dollar Range of Fund

Sub-Adviser

the Portfolio Manager

Shares Owned

Steve Gao, PhD, CFA,

Voya IM

Voya Global High

None

FRM4

Dividend Low Volatility

Fund

Russell Shtern, CFA4,5

Voya IM

Voya Global High

$1 - $10,000

Dividend Low Volatility

Fund

Voya Multi-Manager

None

Emerging Markets Equity

Fund

4As of August 31, 2025.

5In addition to the investments shown in this table, Mr. Shtern has allocated a dollar range of $10,001 - $50,000 in Fund shares to an investment option that tracks the performance of Voya Global High Dividend Low Volatility Fund.

PLEASE RETAIN THIS SUPPLEMENT FOR FUTURE REFERENCE

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Voya Equity Trust published this content on November 05, 2025, and is solely responsible for the information contained herein. Distributed via Edgar on November 05, 2025 at 19:55 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]