XSIAX DEF 14A Report ended June 16, 2025

UNITED STATES SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

SCHEDULE 14A

Proxy Statement Pursuant to Section 14(a) of

the Securities Exchange Act of 1934

Filed by the Registrant [X]

Filed by a Party other than the Registrant [ ]

Check the appropriate box:

[X]Definitive Proxy Statement

Payment of Filing Fee (Check the appropriate box):

[X]No fee required.

VOYA CREDIT INCOME FUND

VOYA ENHANCED SECURITIZED INCOME FUND

VOYA EQUITY TRUST, on behalf of its series

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258-2034

1-800-992-0180

July 11, 2025

Dear Shareholder:

Enclosed is a notice, proxy statement and proxy cards for two Joint Special Meetings of Shareholders (each, a “Meeting” and, collectively, the “Meetings”) of Voya Credit Income Fund (“CIF”), Voya Enhanced Securitized Income Fund, Voya Equity Trust, Voya Funds Trust, Voya Mutual Funds, and Voya Separate Portfolios Trust (each a “Trust” and collectively, the “Trusts”). The Meetings are scheduled for September 11, 2025. The Meetings will be held in a virtual meeting format only. You will be able to attend and participate in the first Meeting online by visiting https://www.viewproxy.com/voya/broadridgevsm/ .  You will be able to attend the second Meeting online by visiting https://www.viewproxy.com/voya2/broadridgevsm/ .  When attending online, you will be able to listen to the Meetings live, submit questions and vote. You will need your unique control number, which is located in the box indicated by the arrow on the front of your proxy ballot. Please see the “How do I attend the virtual Meetings?” section of the proxy statement for more details regarding the virtual format of the Meetings. You will not be able to attend the Meetings physically. If you were a shareholder of record of CIF or of a series of the Trusts (each, a “Fund” and collectively, the “Funds”) as of the close of business on June 16, 2025, you are entitled to vote at the applicable Meetings and any adjournment of the Meetings.

At the first Meeting:

•Shareholders of each Trust will be asked to elect Trustees to their respective Board of Trustees (the “Board”). Six of the ten nominees are currently Trustees of each Trust.

At the second Meeting:

•Shareholders of CIF will be asked to approve a proposal to amend the Fund’s fundamental investment restriction with respect to purchases and sales of equity securities; and

•Shareholders of Voya Global Income & Growth Fund (“GI&G Fund”), a series of Voya Equity Trust, will be asked to approve an amendment to the management agreement between Voya Investments, LLC and Voya Equity Trust, on behalf of the GI&G Fund.

The Board has unanimously approved each proposal and recommends that you vote “FOR” each proposal, and “FOR” each nominee, as described in the proxy statement.

•Your vote is important to us. Please take a few minutes to review this proxy statement and vote your shares today. We have enclosed a proxy card that we ask you to complete, sign, date and return as soon as possible, unless you plan to attend the Meetings. You may also vote your shares by telephone, or over the Internet or in person (virtually). Please follow the enclosed instructions to utilize any of these voting methods. If we do not receive your vote promptly, you may be contacted by a representative of the Funds, who will remind you to vote your shares.

Formal notice of each Meeting appears on the following pages, followed by the proxy statement (the “Proxy Statement”). Each Proposal is discussed in detail in the enclosed Proxy Statement, which you should read carefully.

Your vote is important regardless of the number of shares you own. To avoid the added cost of follow-up solicitations and possible adjournments, please take a few minutes to read the Proxy Statement and cast your vote. It is important that your vote be received no later than September 10, 2025.

We appreciate your participation and prompt response in this matter and thank you for your continued support.

Sincerely,

Christian G. Wilson

President

NOTICE OF JOINT SPECIAL MEETING OF SHAREHOLDERS

VOYA CREDIT INCOME FUND

VOYA ENHANCED SECURITIZED INCOME FUND

VOYA EQUITY TRUST, on behalf of its series

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258-2034

1-800-992-0180

Scheduled for September 11, 2025

To the Shareholders:

NOTICE IS HEREBY GIVEN that a Joint Special Meeting of Shareholders (the “Meeting”) of Voya Credit Income Fund (“CIF”), Voya Enhanced Securitized Income Fund, Voya Equity Trust, Voya Funds Trust, Voya Mutual Funds, and Voya Separate Portfolios Trust (collectively, the “Trusts”) is scheduled for 1:00 p.m., (MST) on September 11, 2025. The Meeting will be held in a virtual meeting format only. You can attend and participate in the Meeting by registering online http://www.viewproxy.com/voya/broadridgevsm/ where you will be able to listen to the Meeting live, submit questions and vote. You will need your unique control number, which is located in the box indicated by the arrow on the front of your Proxy Ballot. If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to attend the Meeting. To register you must obtain a legal proxy and a new unique control number through your bank/broker in order to register to attend the meeting. See the “How do I attend the virtual Meetings?” section of the enclosed Proxy Statement for more details regarding the logistics of the Meeting, including the ability to submit question, and technical details and support related to accessing the virtual platform for the Meeting. You will not be able to attend the Meeting physically.

The Meeting is called for the following purposes:

1.Shareholders of each Trust will be asked to elect Trustees to their respective Board of Trustees (the “Board”). Six of the ten nominees are currently Trustees of each Trust; and

2.To transact such other business, not currently contemplated, that may properly come before the Meeting, or any adjournments or postponements thereof, in the discretion of the proxies or their substitutes.

Please read the enclosed proxy statement (the “Proxy Statement”) carefully for information concerning the Proposals to be placed before the Meeting.

Shareholders of record as of the close of business on June 16, 2025, are entitled to notice of, and to vote at, the Meeting, and are also entitled to vote at any adjournments or postponements thereof. Your attention is called to the accompanying Proxy Statement.

Regardless of whether you plan to attend the Meeting, please complete, sign, and return promptly, but in no event later than September 10, 2025, the enclosed Proxy Ballot so that a quorum will be present and a maximum number of shares may be voted. Proxies may be revoked at any time before they are exercised by submitting a revised Proxy Ballot, by giving written notice of revocation to the Funds or by voting in person (virtually) at the Meeting.

By Order of the Board

Joanne F. Osberg

Secretary

July 11, 2025

NOTICE OF JOINT SPECIAL MEETING OF SHAREHOLDERS

VOYA CREDIT INCOME FUND

VOYA EQUITY TRUST, on behalf of its series

Voya Global Income & Growth Fund

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258-2034

1-800-992-0180

Scheduled for September 11, 2025

To the Shareholders:

NOTICE IS HEREBY GIVEN that a Joint Special Meeting of Shareholders (the “Meeting”) of Voya Credit Income Fund (“CIF”), and Voya Global Income & Growth Fund, a series of Voya Equity Trust is scheduled for 1:30 p.m., (MST) on September 11, 2025. The Meeting will be held in a virtual meeting format only. You can attend and participate in the Meeting by registering online at https://www.viewproxy.com/voya2/broadridgevsm/ where you will be able to listen to the Meeting live, submit questions and vote. You will need your unique control number, which is located in the box indicated by the arrow on the front of your Proxy Ballot. If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to attend the Meeting. To register you must obtain a legal proxy and a new unique control number through your bank/broker in order to register to attend the meeting. See the “How do I attend the virtual Meetings?” section of the enclosed Proxy Statement for more details regarding the logistics of the Meeting, including the ability to submit question, and technical details and support related to accessing the virtual platform for the Meeting. You will not be able to attend the Meeting physically.

The Meeting is called for the following purposes:

1.Shareholders of CIF will be asked to approve a proposal to amend the

Fund’s fundamental investment restriction with respect to purchases and sales of equity securities;

2.Shareholders of Voya Global Income & Growth Fund (“GI&G Fund”), a series of Voya Equity Trust, will be asked to approve an amendment to the management agreement between Voya Investments, LLC and Voya Equity Trust, on behalf of the GI&G Fund; and

3.To transact such other business, not currently contemplated, that may properly come before the Meeting, or any adjournments or postponements thereof, in the discretion of the proxies or their substitutes.

Please read the enclosed proxy statement (the “Proxy Statement”) carefully for information concerning the Proposals to be placed before the Meeting.

Shareholders of record as of the close of business on June 16, 2025, are entitled to notice of, and to vote at, the Meeting, and are also entitled to vote at any adjournments or postponements thereof. Your attention is called to the accompanying Proxy Statement.

Regardless of whether you plan to attend the Meeting, please complete, sign, and return promptly, but in no event later than September 10, 2025, the enclosed Proxy Ballot so that a quorum will be present and a maximum number of shares may be voted. Proxies may be revoked at any time before they are exercised by submitting a revised Proxy Ballot, by giving written notice of revocation to the Funds or by voting in person (virtually) at the Meeting.

By Order of the Board

Joanne F. Osberg

Secretary

July 11, 2025

PROXY STATEMENT

July 11, 2025

VOYA CREDIT INCOME FUND

VOYA ENHANCED SECURITIZED INCOME FUND

VOYA EQUITY TRUST, on behalf of its series

(EACH SERIES A “FUND”, COLLECTIVELY THE “FUNDS”)

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258-2034

1-800-992-0180

Joint Special Meetings of Shareholders

Scheduled for September 11, 2025

Important Notice Regarding the Availability of Proxy Materials for the Shareholder Meetings to be Held on September 11, 2025

This Proxy Statement and Notices of Special Meeting are available

at: www.proxyvote.com/voya

INTRODUCTION

What is happening?

On May 15, 2025, the Boards of Trustees (the “Board”) of each of Voya Credit Income Fund (“CIF”), Voya Enhanced Securitized Income Fund, Voya Equity Trust, Voya Funds Trust, Voya Mutual Funds, and Voya Separate Portfolios Trust (each a “Trust,” and collectively, the “Trusts”), voted to nominate ten individuals for election to the Board (the “Nominees”). The Nominees consist of the six current Trustees, as well as four individuals who are not currently serving as trustees of a Trust. You are being asked to elect the ten Nominees to the Board.

The Board also considered and recommended that shareholders approve certain proposals for specific Funds detailed below.

With respect to Voya Credit Income Fund

Shareholders of CIF are being asked to approve a proposal to amend the Fund’s fundamental investment restriction with respect to purchases and sales of equity securities. Currently, as a matter of fundamental policy, CIF may not purchase or sell equity securities (except that the Fund may, incidental to the purchase or ownership of an interest in a loan, or as part of a borrower reorganization, acquire, sell and exercise warrants and/or acquire or sell other equity securities). A fundamental investment restriction may not be changed without the approval of the holders of a “majority” of a fund’s outstanding voting securities. At a meeting on May 15, 2025, the Board approved a change in CIF’s investment strategy to permit the Fund to invest in equity securities, subject to shareholder approval of a change to the Fund’s fundamental investment restriction prohibiting such investments. Management recommended these changes to allow the Fund to invest opportunistically in certain equity securities.

With respect to Voya Global Income & Growth Fund

Shareholders of the Voya Global Income & Growth Fund (the “GI&G Fund”) are being asked to approve an amendment to the investment management agreement (the “Amendment”) between Voya Investments, LLC (“Voya Investments” or the “Adviser”) and Voya Equity Trust on behalf of GI&G Fund. As described in more detail in this Proxy Statement, GI&G Fund pays a management fee pursuant to a “trifurcated fee” schedule that applies different

fees to different types of Fund investments. Pursuant to the proposed fee schedule in the Amendment, the Fund would pay the Adviser a flat fee management fee rate on all assets. The change is proposed in connection with the GI&G Fund’s transition from a fund-of-funds that invests primarily in underlying funds to a fund that primarily invests directly in other securities. Although there is no financial impact from the proposed management fee change based on the GI&G Fund’s current investments, in the event that the Fund invests in underlying funds and certain other assets in the future, GI&G Fund would bear an aggregate higher management fee than under its current trifurcated management fee schedule. No other changes to the GI&G Fund’s investment management agreement are proposed.

Why did you send me this booklet?

This booklet includes a Proxy Statement and a Proxy Ballot for each Trust in which you have an interest. It provides you with information you should review before providing voting instructions on the matters listed in the Notice of Meeting. The words “you” and “shareholder” are used in this Proxy Statement to refer to the person or entity that has voting rights or is being asked to provide voting instructions in connection with the shares.

Who is eligible to vote?

Shareholders holding an investment in shares of a Trust as of the close of business on June 16, 2025 (the “Record Date”) are eligible to vote at the Meeting or any adjournments or postponements thereof.

How do I vote?

You may submit your Proxy Ballot in one of four ways:

•By Internet. The web address and instructions for voting can be found on the enclosed Proxy Ballot. You will be required to provide your control number located on the Proxy Ballot.

•By Telephone. The toll-free number for telephone voting can be found on the enclosed Proxy Ballot. You will be required to provide your control number located on the Proxy Ballot.

•By Mail. Mark the enclosed Proxy Ballot, sign and date it, and return it in the postage-paid envelope we provided. Joint owners must each sign the Proxy Ballot.

•At the Meeting Over the Internet. Each Meeting will be held entirely online. Shareholders of record as of June 16, 2025, will be able to attend and participate in the Meetings. To attend the first Meeting, Shareholders must register online at https://viewproxy.com/voya/broadridgevsm .  To attend the second Meeting, Shareholders must register online at https://www.viewproxy.com/voya2/broadridgevsm/. Even if you plan to attend a Meeting online, we recommend that you also vote by proxy as described herein so that your vote will be counted if you decide not to attend the Meeting. Please see the

“How do I attend the virtual Meetings?” section below for more details regarding the logistics of the virtual format of the Meetings.

To be certain your vote will be counted, a properly executed Proxy Ballot must be received no later than 5:00 P.M., local time, on September 10, 2025.

Should shareholders require additional information regarding the Meetings, they may contact the Solicitor toll-free at 1-844-202-7043. (See “General Information” for more information on the Solicitor.)

How does the Board recommend that I vote?

The Board recommends that shareholders vote “FOR” each Proposal.

How do I attend the virtual Meetings?

There is no physical location for the Meetings. In order to attend the first virtual Meeting, please visit https://viewproxy.com/voya/broadridgevsm and follow the instructions as outlined on the website. In order to attend the

second virtual Meeting, please visit https://www.viewproxy

.com/voya2/broadridgevsm ,  and follow the instructions as outlined on the website. Shareholders whose shares are registered directly with a Fund in the shareholder’s name will be asked to submit their name and control number found on the shareholder’s Proxy Ballot to register to participate in and vote at the Meeting for such Fund. Shareholders whose shares are held by a broker, bank or other nominee must first obtain a “legal proxy” from the applicable nominee/record holder, who will then provide the shareholder with a newly issued control number. We note that obtaining a legal proxy may take several days. Requests for registration should be received no later than September 10, 2025. Once shareholders have obtained a new control number, they must visit the website for the relevant Meeting(s) to submit their name and newly issued control number in order to register to participate in and vote at a Meeting. After shareholders have submitted their registration information, they will receive an email from the Solicitor that confirms that their registration request has been

received and is under review by the Solicitor. Once shareholders’ registration requests have been accepted, they will receive (i) an email containing an event link and dial-in information to attend the Meeting, and (ii) an email with a password to enter at the event link to access the Meeting. Shareholders may vote before or during the Meeting at www.proxyvote.com/voya .  Only shareholders of a Fund present virtually or by proxy will be able to vote, or otherwise exercise the powers of a shareholder, at the Meetings.

The virtual meeting platform is fully supported across browsers (Microsoft Edge, Firefox, Chrome, and Safari) and devices (desktops, laptops, tablets, and cell phones) running the most updated version of applicable software and plugins. Shareholders should ensure that they have a strong Wi-Fi connection wherever they intend to participate in a Meeting. Shareholders should also give themselves plenty of time to log in and ensure that they can hear audio prior to the start of a Meeting.

Access to the audio webcast of the Meeting. The live audio webcast of the first Meeting to elect members of the Board will begin promptly at 1:00 p.m. (MST) on September 11, 2025. The live audio webcast of the second Meeting for shareholders of CIF and GI&G Fund will begin promptly at 1:30 p.m. (MST). If either Meeting is adjourned or postponed, any adjournments or postponements will also be held virtually. Online access to the audio webcast will open approximately thirty minutes prior to the start of the meeting to allow time for you to log in and test the computer audio system. We encourage shareholders to access the meeting prior to the start time.

Log in Instructions. To attend the first Meeting, Shareholders must register at https://www.viewproxy.com/voya/broadridgevsm/ .  Shareholders will need the event password which will be provided in their registration confirmation. To attend the second Meeting, Shareholders must register at https://www.viewproxy.com/voya2/broadridgevsm/ .  Shareholders will need the event password which will be provided in their registration confirmation.

Beneficial Owners. If you hold your shares through an intermediary, such as a bank or broker, you must register in advance to attend the Meeting. To register you must obtain a legal proxy and a new control number.

How can I obtain more information about the Funds?

Should you have any questions about the Funds, please do not hesitate to contact Shareholder Services toll free at (800) 992-0180. A copy of the current prospectus, Statement of Additional Information (“SAI”), annual report, and semi-annual report is available, without charge, on the Internet at https://individuals.voya.com/literature or by contacting the Funds at:

Voya Funds

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258-2034

PROPOSAL 1: ELECTION OF TRUSTEES

All Funds

What Is Proposal 1?

The purpose of this Proposal is to elect Trustees to serve on the Board. The Board has nominated ten individuals (each a “Nominee,” and collectively, the “Nominees”) for election as Trustees of the Trusts. Shareholders of each Trust are asked to elect the Nominees as Trustees, effective on September 11, 2025 or upon shareholder approval, whichever is later (the “Election Effective Date”) each to serve until their death, resignation, or retirement, or until a successor is duly elected and qualified.

The Board currently consists of six Trustees: Colleen D. Baldwin, John V. Boyer, Martin J. Gavin, Joseph E. Obermeyer, Sheryl K. Pressler and Christopher P. Sullivan (the “Current Independent Trustees”). In addition, the Board has nominated Jody T. Foster, Dennis Johnson, Mark R. Wetzel and Christian G. Wilson, each of whom is not currently a member of the Board. Each of Ms. Foster and Messrs. Johnson and Wetzel has served as an independent consultant to the Board since November 2023. Each Nominee, except for Mr. Wilson, is not an “interested person” of any of the Trusts, as defined in the Investment Company Act of 1940, as amended (the “1940 Act”). Such individuals are commonly referred to as “Independent Trustees.” Mr. Wilson, currently the President and Chief/Principal Executive Officer of each Trust, is deemed to be an “interested person” of each Trust because of his current affiliation with Voya Financial, Inc., and Voya Financial, Inc.’s affiliates.

The Trusts’ Nominating and Governance Committee, which consists solely of Independent Trustees, and which, among other things, identifies and recommends to the Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board, reviewed the qualifications, experience, and background of the Nominees. Based upon this review, the Nominating and Governance Committee recommended each of Mses. Baldwin, Pressler and Foster and Messrs. Boyer, Gavin, Obermeyer, Sullivan, Johnson and Wetzel to the Board as a candidate for nomination as an Independent Trustee. Management recommended Mr. Wilson to the Board as a candidate for nomination as an Interested Trustee. At a meeting of the Board held on May 15, 2025, after discussion and further consideration of the matter, the Board voted to nominate the Nominees for election by shareholders.

In evaluating potential candidates to fill Independent Trustee vacancies on the Board, the Nominating and Governance Committee considered a variety of factors. Specific qualifications of candidates for Board membership were based on the needs of the Board at the time of nomination.

Each Nominee has consented to serve as a Trustee and to being named in this Proxy Statement.

Who are the Nominees and what are their qualifications?

Each Nominee’s substantial professional accomplishments and prior experience, including, in some cases, in fields related to the operations of the Funds, were a significant factor in the determination that the individual should be nominated to serve as a Trustee. Below is a summary of each Nominee’s professional experience and additional considerations that contributed to the Board’s conclusion that such Trustee should be nominated to serve as a Trustee of the Trusts:

Independent Trustee Nominees

Colleen D. Baldwin has been a Trustee of each Trust and a board member of other investment companies in the Voya family of funds since 2007. She currently serves as the Chairperson of the Trusts’ Investment Review Committee (“IRC”) E since January 1, 2025, and prior to that, she served as the Chairperson of the Boards of Trustees of the Voya family of funds from 2020 to 2024. Prior to that, she served as the Chairperson of the Trusts’ IRC E from 2014 to 2019 and as the Chairperson of the Trusts’ Nominating and Governance Committee from 2009 through 2013. Ms. Baldwin has been a Board member of Stanley Global Engineering since 2020 and President of Glantuam Partners, LLC, a business consulting firm, since 2009. Prior to that, she served in senior positions at the following financial services firms: Chief Operating Officer for Ivy Asset Management, Inc. (2002-2004), a hedge fund manager; Chief Operating Officer and Head of Global Business and Product Development for AIG Global Investment Group (1995-2002), a global investment management firm; Senior Vice President at Bankers Trust Company (1994-1995); and Senior Managing Director at J.P. Morgan & Company (1987-1994). Ms. Baldwin began her career in 1981 at AT&T/Bell Labs as a systems analyst. Ms. Baldwin holds a B.S. from Fordham University and an M.B.A. from Pace University.

John V. Boyer has been a Trustee of each Trust and a board member of other investment companies in the Voya family of funds since 1997. He also has served as the Chairperson of the Trusts’ Compliance Committee since January 1, 2020, and, prior to that, as the Chairperson of the Board from 2014 through 2019. Prior to that, he served as the Chairperson of the Trusts’ IRC F from 2006 through 2013 and as the Chairperson of the Compliance Committee for other funds in the Voya family of funds. Mr. Boyer was the President and CEO of the Bechtler Arts Foundation from 2008 until 2019 for which, among his other duties, Mr. Boyer oversaw all fiduciary aspects of the Foundation and assisted in the oversight of the Foundation’s endowment fund. Previously, he served as President and Chief Executive Officer of the Franklin and Eleanor Roosevelt Institute (2006-2007) and as Executive Director of The Mark Twain House & Museum (1989-2006)

where he was responsible for overseeing business operations, including endowment funds. He also served as a board member of certain predecessor mutual funds of the Voya family of funds (1997-2005). Mr. Boyer holds a B.A. from the University of California, Santa Barbara and an M.F.A. from Princeton University.

Jody T. Foster has been an independent consultant to the Board since November 2023. She is the Founder and Chief Executive Officer of Symphony Consulting since 2010 where she has overseen the development and launch of a variety of public and private investment product offerings. Previously, she served as Director of Risk Management and Strategy at JPMorgan in Chicago and London (2003 - 2007); International Research Manager for Driehaus Capital Management (2001 - 2003) and a Partner, Equity Analysis at Burridge Growth Partners (1999 - 2001) and Equity Analyst at Clover Capital Management (1996

-1999). She serves as an Independent Trustee and Audit Committee Chair for the Hussman Funds (2016 - present) and Diamond Hill Funds (2022-present). Ms. Foster holds a B.A. in Political Science from Pace University, a Master’s in Public Policy from Georgetown University and an M.B.A. from the University of Chicago Booth School of Business.

Martin J. Gavin has been a Trustee of each Trust since August 1, 2015. He also has served as the Chairperson of the Trusts’ Nominating and Governance Committee since January 1, 2024, and as the Chairperson of the Trusts’ Audit Committee since January 1, 2018. Mr. Gavin previously served as a Trustee of the Trust from May 21, 2013, until September 12, 2013, and as a board member of other investment companies in the Voya family of funds from 2009 until 2010 and from 2011 until September 12, 2013. Mr. Gavin was the President and Chief Executive Officer of the Connecticut Children’s Medical Center from 2006 to 2015. Prior to his position at Connecticut Children’s Medical Center, Mr. Gavin worked in the insurance and investment industries for more than 27 years. Mr. Gavin served in several senior executive positions with The Phoenix Companies during a 16 year period, including as President of Phoenix Trust Operations, Executive Vice President and Chief Financial Officer of Phoenix Duff & Phelps,

apublicly-traded investment management company, and Senior Vice President of Investment Operations at Phoenix Home Life. Mr. Gavin holds a B.A. from the University of Connecticut.

Dennis Johnson CFA is a non-executive director and Chair of the Audit Committee for Namib Minerals, a publicly-traded mining company focused on investing in high-growth opportunities in Sub-Saharan Africa (April 2025 - Present). He has served as an independent consultant to the Board since November 2023. Previously, he served as an independent director and executive committee member on the Board of Directors for EasyKnock, a venture capital- backed fintech company (December 2023-November 2024). Formerly, he was Director of Investments for West Coast Financial, a registered investment advisor (May 2022-December 2023); independent director on the Board of Glass

Lewis & Co., (March 2022-November 2023); Chief Strategy Officer at Public Investment Fund, a Riyadh, Saudi Arabia-based sovereign wealth fund (September 2018-December 2019), and Chief Investment Officer at TIAA, a U.S. financial services company (October 2016-August 2019). Mr. Johnson was Chief Investment Officer for Comerica, a U.S. financial services company (June 2010-August 2016), Managing Director for the Roy E. Disney, Jr. Family Office (2008-2010), a member of the Board of Directors for Texas Industries, a U.S. company in the cement and aggregates businesses (2009-2010), Head of Global Corporate Governance for the California Public Employees’ Retirement System. the largest U.S. public pension fund (2005-2008) and Managing Director for Citigroup (1994-2005). Previously, Mr. Johnson served in investment roles with increasing responsibilities and complexity for Blue Cross and Blue Shield of Virginia, Crestar Bank and SunTrust from 1981-1994. Mr. Johnson is a Chartered Financial Analyst (CFA) Charter-holder. He is a graduate of Virginia Commonwealth University School of Business with a degree in Finance and the Virginia Military Institute with a degree in Economics.

Joseph E. Obermeyer has been a Trustee of each Trust since May 21, 2013, and a board member of other investment companies in the Voya family of funds since 2003. He currently serves as the Chairperson of the Boards of Directors/Trustees of the Voya family of funds since January 1, 2025, and prior to that, he served as the Chairperson of the Trusts’ IRC E in 2024 and as the Chairperson of the Trusts’ Nominating and Governance Committee from 2018 to 2023. Prior to that, he served as the Chairperson of the Trusts’ former Joint IRC from 2014 through 2017. Mr. Obermeyer was the founder and President of Obermeyer & Associates, Inc., a provider of financial and economic consulting services, for which he served as President from 1999 through 2024. Prior to founding Obermeyer & Associates, Mr. Obermeyer had more than 15 years of experience in accounting, including serving as a Senior Manager at Arthur Andersen LLP from 1995 until 1999. Previously, Mr. Obermeyer served as a Senior Manager at Coopers & Lybrand LLP from 1993 until 1995, as a Manager at Price Waterhouse from 1988 until 1993, Second Vice President from 1985 until 1988 at Smith Barney, and as a consultant with Arthur Andersen & Co. from 1984 until 1985. Mr. Obermeyer holds a B.A. in Business Administration from the University of Cincinnati, an M.B.A. from Indiana University, and post graduate certificates from the University of Tilburg and INSEAD.

Sheryl K. Pressler has been a Trustee of each Trust and a board member of other investment companies in the Voya family of funds since 2006. She also has served as the Chairperson of the Trusts’ Contracts Committee since 2007. Ms. Pressler served on the Board of Centerra Gold from May 2008 to May 2025. Ms. Pressler has served as a consultant on financial matters since 2001. Previously, she held various senior positions involving financial services, including as Chief Executive Officer (2000-2001) of Lend Lease Real Estate Investments, Inc. (real estate investment management and mortgage servicing firm), Chief Investment Officer (1994-2000) of California Public Employees’

Retirement System (state pension fund), Director of Stillwater Mining Company (May 2002-May 2013), and Director of Retirement Funds Management (1981- 1994) of McDonnell Douglas Corporation (aircraft manufacturer). Ms. Pressler holds a B.A. from Webster University and an M.B.A. from Washington University.

Christopher P. Sullivan has been a Trustee of each Trust since October 1, 2015. He also has served as the Chairperson of the Trusts’ IRC F since January 1, 2018. He retired from Fidelity Management & Research in October 2012, following three years as first the President of the Bond Group and then the Head of Institutional Fixed Income. Previously, Mr. Sullivan served as Managing Director and Co-Head of U.S. Fixed Income at Goldman Sachs Asset Management (2001-2009) and prior to that, Senior Vice President at PIMCO (1997-2001). He currently serves as a Director of Rimrock Funds (since 2013), a fixed-income hedge fund. He is also a Senior Advisor to Asset Grade (since 2013), a private wealth management firm, and serves as a Trustee of the Overlook Foundation, a foundation that supports Overlook Hospital in Summit, New Jersey. In addition to his undergraduate degree from the University of Chicago, Mr. Sullivan holds an M.A. degree from the University of California at Los Angeles and is a Chartered Financial Analyst.

Mark Wetzel was the President of Fiducient Advisors, an investment advisor (April 2021-May 2024). Formerly, he was the President of Fiduciary Investment Advisors (April 2006-March 2020), which merged in April 2020 with DiMeo Schneider & Associates (“DiMeo Schneider”), where he became President (April 2020-April 2021). In April 2021, DiMeo Schneider rebranded as Fiducient Advisors. Previously, Mr. Wetzel served as Senior Vice President at UBS Financial Services (2000-2006), Senior Vice President at Paine Webber (1994-2000), and Senior Vice President at Kidder Peabody (1990-1994). Mr. Wetzel served on the 401(k) Investment Committee of Paine Webber and one the Pension Committee of Novartis Corp. (2006-2021). He has served as an independent consultant to the Board since November 2023. Mr. Wetzel holds a B.S. in Business Administration from the University of Vermont and an MBA from the Tuck School at Dartmouth College.

Interested Nominee

Christian G. Wilson is the Director, President and Principal/Chief Executive Officer of Voya Funds Services, LLC, Voya Capital, LLC, and Voya Investments, LLC since September 2024. He is also the Head of Product and Strategy at Voya Investment Management since June 2024. Previously, he was the Head of Global Client Portfolio Management at Voya Investment Management (March 2023- June 2024). Prior to that he was the Head of Fixed Income Client Portfolio Management at Voya Investment Management (July 2017- March 2023) and he held several other senior management positions in various aspects of the financial services business. These positions and

experiences have provided Mr. Wilson with extensive investment management, distribution and oversight experience.

Additional information about each Nominee can be found in Appendix

A.

How long will the Trustees serve on the Board?

Trustees serve until their successors are duly elected and qualified. The tenure of each Independent Trustee is subject to the Board’s retirement policy, which states that each duly elected or appointed Independent Trustee shall retire from and cease to be a member of the Board at the close of business on December 31 of the calendar year in which the Independent Trustee attains the age of 75. A majority vote of the Board’s other Independent Trustees may extend the retirement date of an Independent Trustee if the retirement would trigger a requirement to hold a meeting of shareholders of the Trust under applicable law, whether for the purposes of appointing a successor to the Independent Trustee or otherwise complying under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Trustees).

It is currently anticipated that Ms. Pressler and Mr. Gavin will retire under the Board’s retirement policy at the end of 2025.

What are the Trustees paid for their services?

Each Trustee is reimbursed for reasonable expenses incurred in connection with each meeting of the Board or any of its Committee meetings attended. Each Independent Trustee is compensated for his or her services, on a quarterly basis, according to a fee schedule adopted by the Board. The Board may from time to time designate other meetings as subject to compensation.

Each Fund pays each Independent Trustee its pro rata share, as described below, of: (i) an annual retainer of $270,000; (ii) Mr. Obermeyer, as the Chairperson of the Board, receives an additional annual retainer of $100,000;

(iii)Mses. Baldwin and Pressler and Messrs. Boyer, Gavin, and Sullivan, as the Chairpersons of Committees of the Board, each receives an additional annual retainer of $30,000, $65,000, $30,000, $60,000, and $30,000, respectively; (iv) $10,000 per attendance at any of the regularly scheduled meetings (four (4) quarterly meetings, two (2) auxiliary meetings, and two (2) annual contract review meetings); and (v) out-of-pocket expenses. The Board at its discretion may from time to time designate other special meetings as subject to compensation in such amounts as the Board may reasonably determine on a case- by-case basis.

The pro rata share paid by a Fund is based on the Fund’s average net assets as a percentage of the average net assets of all the funds managed by the Adviser or its affiliate for which the Trustees serve in common as Trustees/Directors.

Future Compensation Payment

Certain future payment arrangements apply to certain Trustees. More particularly, each Independent Trustee who will have served as an Independent Trustee for five or more years for one or more funds in the Voya family of funds is entitled to a future payment (“Future Payment”), if such Trustee: (i) retires in accordance with the Board’s retirement policy; (ii) dies; or (iii) becomes disabled. The Future Payment shall be made promptly to, as applicable, the Trustee or the Trustee’s estate, in an amount equal to two (2) times the annual compensation payable to such Trustee, as in effect at the time of his or her retirement, death or disability if the Trustee had served as Trustee for at least five years as of May 9, 2007, or in a lesser amount calculated based on the proportion of time served by such Trustee (as compared to five years) as of May 9, 2007. The annual compensation determination shall be based upon the annual Board membership retainer fee in effect at the time of that Trustee’s retirement, death or disability (but not any separate annual retainer fees for chairpersons of committees and of the Board), provided that the annual compensation used for this purpose shall not exceed the annual retainer fees as of May 9, 2007. This amount shall be paid by the Voya fund or Voya funds on whose Board the Trustee was serving at the time of his or her retirement, death, or disability. Each applicable Trustee may elect to receive payment of his or her benefit in a lump sum or in three substantially equal payments.

Compensation Table

Appendix B sets forth information provided by the Adviser regarding compensation of Trustees by the Funds and other funds managed by the Adviser and its affiliates during each Fund’s most recently completed fiscal year. Officers of the Trusts and Trustees who are interested persons of the Trusts do not receive any compensation from the Trusts or any other funds managed by the Adviser or its affiliates.

Do the Nominees own shares of the Funds or certain affiliate entities?

Appendix C sets forth information regarding each Trustee's beneficial ownership of equity securities of the Funds and the aggregate holdings of shares of equity securities of all the funds in the Voya family of funds as of December 31, 2024.

As of the Record Date, none of the Independent Trustees (or their immediate family members) owned any interest in securities of the Adviser or Principal Underwriter, or in an entity controlling, controlled by, or under common control with the Adviser or Principal Underwriter of the Fund (not including registered investment companies).

How is the Board structured?

The Board is currently comprised of six (6) members, all of whom are Independent Trustees. If all Nominees are elected, the Board will be comprised of ten (10) members, nine (9) of whom are Independent Trustees and one (1) Interested Trustee. With the anticipated retirements of Ms. Pressler and Mr. Gavin at the end of 2025, the Board would have eight (8) members, seven (7) of whom are Independent Trustees and one (1) Interested Trustee.

The Trusts are 6 of 19 registered investment companies (with a total of approximately 131 separate series) in the Voya family of funds and the Current Independent Trustees serve as and, if elected, the Nominees will serve as members of, as applicable, each investment company’s Board of Directors or Board of Trustees. The Board employs substantially the same leadership structure with respect to each of these investment companies.

One of the Independent Trustees, currently Joseph E. Obermeyer, serves as the Chairperson of the Board. The responsibilities of the Chairperson of the Board include: coordinating with management in the preparation of agendas for Board meetings; presiding at Board meetings; between Board meetings, serving as a primary liaison with other Trustees, officers of the Trusts, management personnel, and legal counsel to the Independent Trustees; and such other duties as the Board periodically may determine. Mr. Obermeyer does not hold a position with any firm that is a sponsor of any Trust. The designation of an individual as the Chairperson does not impose on such Independent Trustee any duties, obligations or liabilities greater than the duties, obligations or liabilities imposed on such person as a member of the Board, generally.

The Board performs many of its oversight and other activities through the committee structure described below in the “Board Committees” section. Each Committee operates pursuant to a written charter approved by the Board. The Board currently conducts regular meetings eight (8) times a year. In addition, during the course of a year, the Board and many of its Committees typically hold special meetings by telephone or in person to discuss specific matters that require action prior to the next regular meeting. The Independent Trustees have engaged independent legal counsel to assist them in performing their oversight responsibilities.

The Board believes that its committee structure is an effective means of empowering the Trustees to perform their fiduciary and other duties. For example, the Board’s committee structure facilitates, as appropriate, the ability of individual Board members to receive detailed presentations on topics under their review and to develop increased familiarity with respect to such topics and with key personnel at relevant service providers. At least annually, with guidance from its Nominating and Governance Committee, the Board analyzes whether there are potential means to enhance the efficiency and effectiveness of the Board’s operations.

Board Committees

Audit Committee. The Board has established an Audit Committee whose functions include, among other things: (i) meeting with the independent registered public accounting firm of the Trusts to review the scope of the Trusts’ audits, the Trusts’ financial statements and accounting controls;

(ii)meeting with management concerning these matters, internal audit activities, reports under the Trusts’ whistleblower procedures, the services rendered by various service providers, and other matters; and (iii) overseeing the implementation of the Voya funds’ valuation procedures and the fair value determinations made with respect to securities held by the Voya funds for which market value quotations are not readily available. The Audit Committee currently consists of three (3) Independent Trustees. The following Trustees currently serve as members of the Audit Committee: Ms. Baldwin and Messrs. Gavin and Sullivan. Mr. Gavin currently serves as the Chairperson of the Audit Committee. All Committee members have been designated as Audit Committee Financial Experts under the Sarbanes-Oxley Act of 2002. The Audit Committee typically meets five (5) times per year, and may hold special meetings by telephone or in person to discuss specific matters that may require action prior to the next regular meeting.

Compliance Committee. The Board has established a Compliance Committee for the purpose of, among other things: (i) providing oversight with respect to compliance by the funds in the Voya family of funds and their service providers with applicable laws, regulations, and internal policies and procedures affecting the operations of the funds; (ii) receiving reports of evidence of possible material violations of applicable U.S. federal or state securities laws and breaches of fiduciary duty arising under U.S. federal or state laws; (iii) coordinating activities between the Board and the Chief Compliance Officer (“CCO”) of the funds; (iv) facilitating information flow among Board members and the CCO between Board meetings; (v) working with the CCO and management to identify the types of reports to be submitted by the CCO to the Compliance Committee and the Board; (vi) making recommendations regarding the role, performance, compensation, and oversight of the CCO; (vii) overseeing the cybersecurity practices of the funds and their key service providers; (viii) overseeing management’s administration of proxy voting; (ix) overseeing the effectiveness

of brokerage usage by the Trusts’ advisers or sub-advisers, as applicable, and compliance with regulations regarding the allocation of brokerage for services; and (x) overseeing the implementation of the funds’ liquidity risk management program.

The Compliance Committee currently consists of three (3) Independent Trustees: Ms. Pressler and Messrs. Boyer and Obermeyer. Mr. Boyer currently serves as the Chairperson of the Compliance Committee. The Compliance Committee typically meets four (4) times per year, and may hold special meetings by telephone or in person to discuss specific matters that may require action prior to the next regular meeting.

Contracts Committee. The Board has established a Contracts Committee for the purpose of overseeing the annual renewal process relating to investment advisory and sub-advisory agreements, distribution agreements, and Rule 12b-1 Plans and, at the discretion of the Board, other service agreements or plans involving the Voya funds. The responsibilities of the Contracts Committee include, among other things: (i) identifying the scope and format of information to be provided by service providers in connection with applicable contract approvals or renewals; (ii) providing guidance to independent legal counsel regarding specific information requests to be made by such counsel on behalf of the Trustees; (iii) evaluating regulatory and other developments that might have an impact on applicable approval and renewal processes; (iv) reporting to the Trustees its recommendations and decisions regarding the foregoing matters; (v) assisting in the preparation of a written record of the factors considered by Trustees relating to the approval and renewal of advisory and sub-advisory agreements; (vi) recommending to the Board specific steps to be taken by it regarding the contracts approval and renewal process, including, for example, proposed schedules of certain actions to be taken; and (vii) otherwise providing assistance in connection with Board decisions to renew, reject, or modify agreements or plans.

The Contracts Committee currently consists of all six (6) of the Independent Trustees of the Board. Ms. Pressler currently serves as the Chairperson of the Contracts Committee. The Contracts Committee typically meets five (5) times per year and may hold special meetings by telephone or in person to discuss specific matters that may require action prior to the next regular meeting.

Investment Review Committees. The Board has established, for all of the funds under its oversight, the following two Investment Review Committees (each an “IRC” and together, the “IRCs”): (i) the Investment Review Committee

E(“IRC E”); and (ii) the Investment Review Committee F (“IRC F”). The funds are allocated among IRCs periodically by the Board as the Board deems appropriate to balance the workloads of the IRCs and to have similar types of funds or funds with the same investment sub-adviser or the same portfolio

management team assigned to the same IRC. Each IRC performs the following functions, among other things: (i) monitoring the investment performance of the funds in the Voya family of funds that are assigned to that IRC; (ii) making recommendations to the Board with respect to investment management activities performed by the investment advisers and/or sub-advisers on behalf of such Voya funds, and reviewing and making recommendations regarding proposals by management to retain new or additional sub-advisers for these Voya funds; and

(iii)making recommendations to the Board regarding the role, performance, compensation, and oversight of the Chief Investment Risk Officer.

The IRC E currently consists of three (3) Independent Trustees. The following Trustees serve as members of the IRC E: Ms. Baldwin and Messrs. Gavin and Obermeyer. Ms. Baldwin currently serves as the Chairperson of the IRC E. The IRC E typically meets five (5) times per year and on an as-needed basis.

The IRC F currently consists of three (3) Independent Trustees. The following Trustees serve as members of the IRC F: Ms. Pressler and Messrs. Boyer and Sullivan. Mr. Sullivan currently serves as the Chairperson of the IRC F. The IRC F typically meets five (5) times per year and on an as-needed basis.

Nominating and Governance Committee. The Board has established a Nominating and Governance Committee for the purpose of, among other things:

(i)identifying and recommending to the Board candidates it proposes for nomination to fill Independent Trustee vacancies on the Board; (ii) reviewing workload and capabilities of Independent Trustees and recommending changes to the size or composition of the Board, as necessary; (iii) monitoring regulatory developments and recommending modifications to the Committee’s responsibilities; (iv) considering and, if appropriate, recommending the creation of additional committees or changes to Trustee policies and procedures based on rule changes and industry practices in corporate governance; (v) conducting an annual review of the membership and chairpersons of all Board committees and of practices relating to such membership and chairpersons; (vi) undertaking a periodic study of compensation paid to independent board members of investment companies and making recommendations for any compensation changes for the Independent Trustees; (vii) overseeing the Board’s annual self- evaluation process; (viii) developing (with assistance from management) an annual meeting calendar for the Board and its committees; (ix) overseeing actions to facilitate attendance by Independent Trustees at relevant educational seminars and similar programs; and (x) overseeing insurance arrangements for the funds.

In evaluating potential candidates to fill Independent Trustee vacancies on the Board, the Nominating and Governance Committee will consider a variety of factors. Specific qualifications of candidates for Board membership will be based on the needs of the Board at the time of nomination. The Nominating and

Governance Committee will consider nominations received from shareholders and shall assess shareholder nominees in the same manner as it reviews nominees that it identifies as potential candidates. A shareholder nominee for Trustee should be submitted in writing to the Trust’s Secretary at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258-2034. Any such shareholder nomination should include at least the following information as to each individual proposed for nomination as Trustee: such person’s written consent to be named in a proxy statement as a nominee (if nominated) and to serve as a Trustee (if elected), and all information relating to such individual that is required to be disclosed in the solicitation of proxies for election of Trustees, or is otherwise required, in each case under applicable federal securities laws, rules, and regulations, including such information as the Board may reasonably deem necessary to satisfy its oversight and due diligence duties.

The Secretary shall submit all nominations received in a timely manner to the Nominating and Governance Committee. To be timely in connection with a shareholder meeting to elect Trustees, any such submission must be delivered to the Trust’s Secretary not earlier than the 90th day prior to such meeting and not later than the close of business on the later of the 60th day prior to such meeting or the 10th day following the day on which public announcement of the date of the meeting is first made, by either the disclosure in a press release or in a document publicly filed by the Trust with the Securities and Exchange Commission (“SEC”).

The Nominating and Governance Committee currently consists of all six (6) of the Independent Trustees of the Board. Mr. Gavin currently serves as the Chairperson of the Nominating and Governance Committee. The Nominating and Governance Committee conducts meetings as needed or appropriate.

How often does the Board meet?

The Board currently conducts regular meetings eight (8) times a year. In addition, during the course of a year, the Board and many of its Committees typically hold special meetings by telephone or in person to discuss specific matters that require action prior to the next regular meeting. No Board member attended fewer than 75% of the meetings of the Board and the Committee on which he or she serves during each Trust’s most recent fiscal year. The number of times each Committee met during each Trust’s last fiscal year is set forth on Appendix D.

Who are the officers of the Trusts?

The Trusts’ officers are elected by the Board and hold office until they resign, are removed, or are otherwise disqualified to serve. The executive officers of the Trusts, together with each such person’s position with the Trusts and principal occupation for the last five years, are listed in Appendix E.

What are the officers paid for their services?

The Trusts do not pay their officers for the services they provide to the Funds. Instead, the officers who are also officers or employees of the Adviser or its affiliates are compensated by the Adviser or its affiliates.

What is the recommendation of the Board?

After consideration of the above factors and other information it considered relevant, the Board, including all of the Independent Trustees, approved the nomination of each of the Nominees. The Board is recommending that the shareholders vote “FOR” each of the Nominees.

What is the required vote?

Shareholders of each Trust will vote collectively as a single class on the election of each Nominee.

With respect to CIF, Voya Enhanced Securitized Income Fund, Voya Funds Trust and Voya Separate Portfolios Trust, when a quorum is present, plurality of outstanding shares shall elect a Nominee. With respect to Voya Equity Trust, when a quorum is present, a Nominee is elected by the shareholders of a plurality of the shares voted in person (virtually) or by proxy at a meeting. With respect to Voya Mutual Funds, if a quorum is present, the election of each Nominee must be approved by more than 50% of shareholders present, either in person (virtually) or by proxy, at a meeting.

Shareholders who vote “FOR” Proposal 1 will vote “FOR” each Nominee. Those shareholders who wish to withhold their vote on any specific Nominee may do so on the Proxy Ballot or Voting Instruction Card.

PROPOSAL 2 – APPROVAL OF AMENDMENT TO FUNDAMENTAL

INVESTMENT RESTRICTION

Voya Credit Income Fund

What Is Proposal 2?

The purpose of this Proposal is to ask shareholders of CIF (for the purposes of this Proposal 2, the “Fund”) to approve amending CIF’s fundamental investment restriction with respect to purchasing and selling equity securities. Currently, as a fundamental investment restriction, CIF may not purchase or sell equity securities (except that the Fund may, incidental to the purchase or ownership of an interest in a loan, or as part of a borrower reorganization, acquire, sell and exercise warrants and/or acquire or sell other equity securities). The 1940 Act requires registered investment companies like CIF to adopt “fundamental” investment restrictions governing certain of their investment practices. Investment companies may also voluntarily designate restrictions relating to other investment practices as “fundamental.” A fundamental investment restriction may not be changed without the approval of the holders of a majority of a fund’s outstanding voting securities.

At a meeting on May 15, 2025, management proposed, and the Board approved, a change in CIF’s investment strategy to permit the Fund to invest in equity securities to a greater extent, subject to shareholder approval of a change to the Fund’s fundamental investment restriction prohibiting certain equity investments. Currently, CIF’s investment strategy states that the Fund may only invest in equity securities as an incident to the purchase or ownership of loans or fixed rate debt instruments, or in connection with a restructuring of a borrower or issuer or its debt. Management’s proposed change to CIF’s investment strategies would permit the Fund to invest in equity securities of an issuer if it already owns a loan or other fixed rate debt instrument of such issuer. Management believes that it would be advantageous to allow CIF to invest opportunistically in equity securities in cases where the fund already owns debt of the issuer of those equities. Subject to shareholder approval, management recommended changes to CIF’s fundamental investment restrictions to remove the prohibition on purchases and sales of equity securities by CIF.

The following sets forth the proposed changes to the fundamental investment restriction for CIF with respect to investments in equity securities. Deleted text is shown as struck through.

Proposed Changes to Fundamental Investment

Restriction

As a matter of fundamental policy, the Fund will not:

…

5.Purchase or sell equity securities, real estate mortgage loans, commodities, commodity futures contracts, or oil or gas exploration or development programs; or sell short, purchase or sell straddles, spreads, or combinations thereof, or write put or call options (except that the Fund may, incidental to the purchase or ownership of an interest in a loan, or as part of a borrower reorganization, acquire or sell and exercise warrants and/or acquire or sell other equity securities as well as other assets, such as real estate and real estate mortgage loans);

What is the recommendation of the Board?

The Board recommends that shareholders vote “FOR” this proposal.

What is the required vote?

Approval of Proposal 2 requires the affirmative vote of a “majority of the outstanding voting securities” of CIF, which for this purpose means the affirmative vote of the lesser of (i) more than 50% of the outstanding voting securities of CIF or (ii) 67% or more of the outstanding voting securities of CIF present at the Meeting if more than 50% of the outstanding voting securities of CIF are present at the Meeting in person (virtually) or represented by proxy. All shareholders of CIF vote together as a single class.

PROPOSAL 3 – APPROVAL OF AMENDMENT TO INVESTMENT

MANAGEMENT AGREEMENT

Voya Global Income & Growth Fund

What is Proposal 3?

Shareholders of the Voya Global Income & Growth Fund (the “GI&G Fund”) are being asked to approve an amendment (the “Amendment”) to the investment management agreement between Voya Investments, LLC (“Voya Investments” or the “Adviser”) and Voya Equity Trust on behalf of GI&G Fund (the “Management Agreement”). The Amendment would change the management fee charged to GI&G Fund from a “trifurcated fee” schedule that applies a different management fee rate based on the type of investments held by GI&G Fund to a flat fee schedule applicable to all assets. The change is proposed in connection with the GI&G Fund’s transition from a fund-of-funds that invests primarily in underlying funds to a fund that primarily invests directly in other securities. No other changes to the Management Agreement are proposed.

What is the management fee under the Amendment?

1“Direct Investments” shall include direct interests in companies other than investment companies (e.g. stocks), securities evidencing indebtedness (e.g. bonds) that do not derive their value from another security or asset, and instruments whose value is backed by an asset. Convertible securities are considered “direct investments” for purposes of calculating the management fee.

2“Underlying Funds” shall mean open-end investment companies registered under the

1940 Act within the Voya family of funds. The term “family of funds” shall have the same meaning as “fund complex” as defined in Item 17 of Form N-1A, as it was in effect on the date of the Management Agreement.

3“Other Investments” shall mean assets which are not Direct Investments or Underlying

Funds.

Because GI&G Fund currently invests its assets solely in Direct Investments, there is not expected to be a change to the effective management fee currently paid by GI&G Fund. In the event that GI&G Fund invests in Underlying Funds and certain other assets in the future, GI&G Fund would bear an aggregate higher fee than under its current management fee schedule. This is

because if GI&G Fund determined to invest in Underlying Funds or Other Investments (as defined above), the management fee applicable for those investments would be 0.750% of GI&G Fund’s average daily net assets as opposed to 0.180% and 0.400%, respectively, of GI&G Fund’s average daily net assets. Although GI&G Fund retains its ability to invest in Underlying Funds within the limits set forth under the 1940 Act, GI&G Fund is no longer managed as a fund-of-funds and the portfolio managers have no current intention of investing materially in Underlying Funds or Other Investments.

There are no other changes proposed to the Management Agreement other than the new management fee schedule as set forth above. A copy of the Management Agreement as revised for the Amendment to reflect the new management fee schedule is included as Appendix F.

Does this Proposal arise as a result of previous changes to the investment strategies of GI&G Fund?

Yes. At its March 2024 meeting, the Board of Trustees of Voya Equity Trust approved changes to the principal investment strategies of GI&G Fund, effective at the close of business on May 1, 2024. Prior to May 1, 2024, GI&G Fund primarily invested in a combination of mutual funds, including exchange- traded funds, to gain exposure to securities (such as stocks and bonds) in a number of different countries, which may include the United States. As of May 1, 2024, GI&G Fund no longer operates as a fund-of-funds and principally invests directly in securities. As a consequence of the investment strategy change, management proposed that GI&G Fund’s management fee schedule be revised to reflect the new structure of GI&G Fund, subject to shareholder approval of the Amendment.

Management has monitored the GI&G Fund in the year following the above described investment strategy changes and has determined that the GI&G Fund has no current intention to invest in Underlying Funds or Other Investments, and as a result believes that, subject to shareholder approval, this new fee structure is appropriate for the GI&G Fund.

What is the recommendation of the Board?

Based upon its review, and after consideration of such factors and information it considered relevant, the Board, including a majority of the Independent Trustees present at its May 15, 2025, meeting, approved the Amendment and voted to recommend to shareholders that they approve Proposal

3.The Board is therefore recommending that the GI&G Fund shareholders vote “FOR” Proposal 3 to approve the Amendment, as discussed in this Proxy Statement.

What factors were considered by the Board?

At a meeting held on May 15, 2025, the Board approved the Amendment to reflect the new management fee schedule, subject to shareholder approval. In determining whether to approve the Amendment and recommend its approval to shareholders of GI&G Fund, the Board received and evaluated such information as it deemed necessary for an informed determination of whether the proposed management fee schedule should be approved. The materials provided to the Board in support of the proposed change in management fee included the following: (1) a memorandum presenting the Adviser’s rationale for requesting the change to the management fee schedule; (2) the Adviser’s supporting documentation, including the amended fee schedule to the Management Agreement; and (3) other information relevant to the Board’s evaluation. In addition, the Board considered the information provided periodically throughout the year in presentations to the Board by the Adviser in the context of the Adviser’s services to GI&G Fund and other Voya funds.

The Board’s consideration of whether to approve the Amendment and recommend its approval to shareholders of GI&G Fund took into account several factors including, but not limited to, the following: (1) the nature and quality of the services provided by the Adviser under the GI&G Fund’s new investment strategy, which transitioned from a fund-of-funds investment strategy to one that principally invests directly in securities; (2) the fairness of the compensation payable to the Adviser under the Amendment; (3) the pricing structure (including the estimated expense ratio to be borne by shareholders) of GI&G Fund; and (4) a comparison of the amended fee schedule with selected peer groups of mutual funds. Certain other factors were not deemed relevant to the Board’s consideration in the context of the Amendment.

After its deliberation, the Board concluded that the Amendment is reasonable in the context of all factors considered by the Board. During the Board’s deliberations, different Board members may have given different weight to different individual factors and related conclusions.

What is the required vote?

Approval of Proposal 3 requires the affirmative vote of a “majority of the outstanding voting securities” of GI&G Fund, which for this purpose means the affirmative vote of the lesser of (i) more than 50% of the outstanding voting securities of GI&G Fund or (ii) 67% or more of the outstanding voting securities of GI&G Fund present at the Meeting if more than 50% of the outstanding voting securities of GI&G Fund are present at the Meeting in person (virtually) or represented by proxy. All shareholders of GI&G Fund vote together as a single class.

What happens if shareholders do not approve Proposal 3?

If GI&G Fund shareholders do not approve the Amendment, the current fee structure will remain in place for GI&G Fund and the Board will determine what additional action, if any, should be taken.

ADDITIONAL INFORMATION WITH RESPECT TO

PROPOSAL 3

Voya Investments, an Arizona limited liability company, is registered with the SEC as an investment adviser. Voya Investments serves as the investment adviser to, and has overall responsibility for the management of, each Fund. Voya Investments oversees all investment advisory and portfolio management services and assists in managing and supervising all aspects of the general day-to-day business activities and operations of each Fund, including, but not limited to, the following: custodial, transfer agency, dividend disbursing, accounting, auditing, compliance, and related services.

Voya Investments began business as an investment adviser in 1994 and currently serves as investment adviser to certain registered investment companies, consisting of open- and closed-end registered investment companies and collateralized loan obligations. Voya Investments is an indirect subsidiary of Voya Financial, Inc. Voya Financial, Inc. is a U.S.-based financial institution whose subsidiaries operate in the retirement, investment, and insurance industries. Voya Investments' principal business address is 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258.

The Board and shareholders of GI&G Fund most recently approved the Management Agreement on November 14, 2024, and May 13, 2013, respectively. For the most recent fiscal year ended May 31, 2025, GI&G Fund paid $2,349,740 in management fees to the Adviser which is the same amount the Adviser would have received under the Amendment. Appendix G lists the names and principal occupations of the principal executive officers of the Adviser.

Voya Investment Management Co. LLC (“Voya IM” or the “Sub- Adviser”), a Delaware limited liability company, was founded in 1972 and is registered with the SEC as an investment adviser. Voya IM is the sub-adviser to GI&G Fund and provides the day-to-day management of GI&G Fund’s portfolio. Voya IM has acted as an investment adviser or sub-adviser to mutual funds since 1994 and has managed institutional accounts since 1972. Voya IM is an indirect subsidiary of Voya Financial, Inc. and is an affiliate of the Adviser. Voya IM's principal business address is 200 Park Avenue, New York, New York 10169.

If shareholders approve the Amendment, the Adviser and Voya IM will amend its sub-advisory agreement to provide for a flat fee rate of 0.3375% of

GI&G Fund’s average daily net assets in connection with the services the Sub- Adviser provides to GI&G Fund (the same rate with respect to Direct Investments under the current sub-advisory agreement). These fees are paid by the Adviser and not the GI&G Fund.

For the most recent fiscal year, the GI&G Fund did not use affiliated brokers to execute portfolio transactions. Appendix H includes the amount paid to Voya Investments Distributor, LLC by the GI&G Fund.

GENERAL INFORMATION ABOUT THE PROXY STATEMENT

Who is asking for my vote?

The Board is soliciting your vote for a joint special meeting of each Trust’s shareholders, as well as votes at a separate joint special meeting specific to shareholders of CIF and GI&G Fund.

How is my proxy being solicited?

The Trusts have retained Broadridge Financial Solutions, Inc. (the “Solicitor”) to assist in the solicitation of proxies. The estimated cost associated with the solicitation under this Proxy Statement is $552,690, which will be borne by the Funds; provided, that due to the application of expense limitation arrangements or other management fee arrangements applicable for certain Funds, it is expected that the Adviser will bear a portion of the costs associated with this Proxy Statement. The fund-specific proposals described in this Proxy Statement will be paid for by the relevant Funds. As the date of the Meetings approaches, certain shareholders may receive a telephone call from a representative of the Solicitor if their votes have not yet been received. Authorization to permit the Solicitor to execute proxies may be obtained by telephonic instructions from shareholders of the Funds. Proxies that are obtained telephonically will be recorded in accordance with certain procedures, as explained further below. The Board believes that these procedures are reasonably designed to ensure that both the identity of the shareholder casting the vote and the voting instructions of the shareholder are accurately determined and recorded.

In situations where a telephonic proxy is solicited, the Solicitor’s representative is required to ask for each shareholder’s full name, address, title (if the shareholder is authorized to act on behalf of an entity, such as a corporation), the number of shares owned, and to confirm that the shareholder has received the proxy materials in the mail. The Solicitor’s representative will explain the process, read the Proposals on the Proxy Ballot, and ask for the shareholder’s instructions on each applicable Proposal. Although the Solicitor’s representative is permitted to answer questions about the process, he or she is not permitted to recommend to the shareholder how to vote, other than reading any recommendation set forth in the Proxy Statement. The Solicitor’s representative will record the shareholder’s instructions on the Proxy Ballot. Within approximately 72 hours of soliciting telephonic voting instructions, the shareholder will be sent a letter or mailgram to confirm his or her vote and asking the shareholder to call the Solicitor immediately if his or her instructions are not correctly reflected in the confirmation.

Should you require additional information regarding the Meetings, you may contact the Solicitor toll-free at 1-844-202-7043. In addition to solicitation by mail, certain officers and representatives of the Funds, officers and employees of the Adviser or its affiliates and certain financial services firms and their representatives, who will receive no extra compensation for their services, may solicit votes by telephone, telegram, facsimile, or other communication.

What happens to my proxy once I submit it?

The Board has named Joanne F. Osberg and Todd Modic, or one or more substitutes designated by them, as proxies who are authorized to vote Fund shares as directed by shareholders.

Can I revoke my proxy after I submit it?

A shareholder may revoke the accompanying proxy at any time prior to its use by filing with the Trusts a written revocation or a duly executed proxy bearing a later date. In addition, any shareholder who attends a Meeting in person (virtually) may vote by ballot at a Meeting, thereby canceling any proxy previously given.

How will my shares be voted?

If you follow the voting instructions, your proxies will vote your shares as you have directed. If you submitted your Proxy Ballot but did not vote on the proposals, your proxies will vote on the proposals as recommended by the Board. If any other matter is properly presented, your proxies will vote in their discretion in accordance with their best judgment, including on any proposal to adjourn a Meeting. At the time this Proxy Statement was printed, the Board knew of no matter that needed to be acted upon at the Meetings other than the proposals discussed in this Proxy Statement.

Quorum and Tabulation

Each shareholder of each Fund is entitled to one vote for each share held as to any matter on which such shareholder is entitled to vote and for each fractional share that is owned, the shareholder shall be entitled to a proportionate fractional vote.

With respect to CIF, forty percent of the shares entitled to vote shall constitute a quorum at any meeting of the shareholders. With respect to Voya Equity Trust, a majority of outstanding shares present in person or by proxy shall constitute a quorum at any meeting of the shareholders. With respect to Voya Funds Trust, one-third of shares entitled to vote in person or by proxy shall constitute a quorum at any meeting of the shareholders. With respect to Voya Mutual Funds, one-third of the interests in the Trust present in person or by proxy

shall constitute a quorum at any meeting of the shareholders. With respect to Voya Enhanced Securitized Income Fund and Voya Separate Portfolios Trust, thirty-three and one-third percent of the shares entitled to vote shall constitute a quorum at any meeting of the shareholders.

Adjournments

If a quorum is not present at a Meeting, if there are insufficient votes to approve any proposal, or for any other reason deemed appropriate by your proxies, one or more adjournments of a Meeting may be proposed to permit additional time for the solicitation of proxies, in accordance with the organizational documents of each Trust and applicable law. Solicitation of votes may continue to be made without any obligation to provide any additional notice of the adjournment. The persons named as proxies will vote in favor of such adjournments in their discretion.

Broker Non-Votes and Abstentions

If a shareholder abstains from voting as to any matter, or if a broker returns a “non-vote” proxy, indicating a lack of authority to vote on a matter, then the shares represented by such abstention or non-vote will be treated as shares that are present at the Meeting for purposes of determining the existence of a quorum. Whether an abstention or broker non-vote is counted as a vote against a proposal depends on the specifics of the proposal, any relevant provision of a Trust’s organizational documents, and the relevant state law.

With respect to Proposal One, for Voya Mutual Funds, abstentions will have the effect of a vote against. For each of the other Trusts, abstentions are disregarded. Because Proposal One is considered to be a “routine” voting item, the Trusts do not expect to receive any broker non-votes for Proposal One at that Meeting.

With respect to Proposals Two and Three, abstentions, if any, will have the effect of a vote against the Proposals. Because each proposal to be presented at the Joint Special Meetings of Shareholders of CIF and GI&G Fund is non- routine, there are not expected to be any broker non-votes at such Meeting.

How many shares are outstanding?

Appendix I includes the shares outstanding for each Fund. Shares have no preemptive or subscription rights. To the knowledge of the Adviser, as of June 16, 2025, no current Trustee owns 1% or more of the outstanding shares of each Fund, and the officers and Trustees own, as a group, less than 1% of the shares of each Fund. Appendix J lists the persons that, as of June 16, 2025, owned beneficially or of record 5% or more of the outstanding shares of any class of each Fund.

Can shareholders submit proposals for a future shareholder meeting?

The Trusts are not required to hold annual meetings and currently do not intend to hold such meetings unless shareholder action is required in accordance with the 1940 Act or other applicable law. A shareholder proposal to be considered for inclusion in a proxy statement at any subsequent meeting of shareholders must be submitted a reasonable time before a proxy statement for that meeting is printed and mailed. Whether a proposal is included in a proxy statement will be determined in accordance with applicable federal and state laws.

Who are the affiliated service providers to the Funds?

Voya Investments, LLC

Voya Investments, an Arizona limited liability company, is registered with the SEC as an investment adviser. Voya Investments serves as the investment adviser to, and has overall responsibility for the management of, each Fund. Voya Investments oversees all investment advisory and portfolio management services and assists in managing and supervising all aspects of the general day-to-day business activities and operations of each Fund, including, but not limited to, the following: custodial, transfer agency, dividend disbursing, accounting, auditing, compliance, and related services.

Voya Investments began business as an investment adviser in 1994 and currently serves as investment adviser to certain registered investment companies, consisting of open- and closed-end registered investment companies and collateralized loan obligations. Voya Investments is an indirect subsidiary of Voya Financial, Inc. Voya Financial, Inc. is a U.S.-based financial institution whose subsidiaries operate in the retirement, investment, and insurance industries.

Voya Investments' principal business address is 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258.

Voya Investment Management Co. LLC

Voya Investment Management Co. LLC (“Voya IM” or the “Sub- Adviser”), a Delaware limited liability company, was founded in 1972 and is registered with the SEC as an investment adviser. Voya IM is the sub-adviser to GI&G Fund and provides the day-to-day management of the Fund’s portfolio. Voya IM has acted as an investment adviser or sub-adviser to mutual funds since 1994 and has managed institutional accounts since 1972. Voya IM is an indirect subsidiary of Voya Financial, Inc. and is an affiliate of the Adviser. Voya IM's principal business address is 200 Park Avenue, New York, New York 10169.

Voya Investments Distributor, LLC

Voya Investments Distributor, LLC (the “Distributor”), a Delaware limited liability company, is the principal underwriter and distributor of each Fund. The Distributor is an indirect subsidiary of Voya Financial, Inc. and is an affiliate of the Adviser. The Distributor’s principal business address is 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona 85258.

The Distributor is a member of the Financial Industry Regulatory Authority, Inc. (“FINRA”). To obtain information about FINRA member firms and their associated persons, you may contact FINRA at www.finra.org or the Public Disclosure Hotline at 800-289-9999.

Who are the Trusts’ independent public accountants?

The Board has selected Ernst & Young LLP (“E&Y”) as the independent registered public accounting firm to each Trust for the current fiscal year.

As part of its oversight of the preparation of each Trust’s financial statements, the Audit Committee reviewed and discussed with the Adviser and E&Y each Trust’s audited financial statements for the most recently completed fiscal year. The Audit Committee discussed with E&Y the matters required to be discussed by Public Company Accounting Oversight Board (“PCAOB”) Auditing Standard 1301, Communications with Audit Committees. The Audit Committee has also received and reviewed the written disclosures and the letter from E&Y pursuant to PCAOB Rule 3526 and discussed E&Y’s independence with E&Y. Based on the reviews and discussion referred to above, the Audit Committee recommended to the Board that the audited financial statements be included in each Trust’s Annual Reports to shareholders.

Submitted by the Audit Committee of the Board

Colleen D. Baldwin

Martin J. Gavin (Chairperson)

Christopher P. Sullivan

The fees paid to E&Y for professional audit services during each Trust’s two most recent fiscal years, amounts billed for other services rendered by E&Y to each Trust, and the aggregate non-audit fees billed by E&Y for services rendered to each Trust, the Adviser, and any entity controlling, controlled by, or under common control with the Adviser that provides ongoing services to each Trust for the two most recently completed fiscal years, are described in Appendix K.

All of the services provided by the independent public accountants were approved by the Audit Committee pursuant to pre-approval policies and procedures adopted by the Audit Committee. Pursuant to such policies and procedures, the Audit Committee approves: (i) all audit and non-audit services to be rendered to each Fund by E&Y; and (ii) all non-audit services impacting the operations and financial reporting of each Fund provided by E&Y to the Adviser or any affiliate thereof that provides ongoing services to each Trust (collectively, “Covered Services”). The Audit Committee has adopted pre- approval procedures authorizing one or more members of the Audit Committee to approve from time to time, on behalf of the Audit Committee, all Covered Services to be provided by E&Y which are not otherwise approved at a meeting of the Audit Committee, provided that such delegate reports to the full Audit Committee at its next regularly scheduled meeting. The pre-approval procedures do not include delegation of the Audit Committee’s responsibilities to management. Pre-approval has not been waived with respect to any of the services described above since the date on which the Audit Committee adopted its current pre-approval procedures.

The Audit Committee has considered and will periodically consider whether E&Y’s provision of non-audit services to the Adviser and all entities controlling, controlled by, or under common control with the Adviser that provide ongoing services to each Trust that were not required to be pre-approved is compatible with maintaining the independence of E&Y.

Representatives of E&Y are not expected to be at the Meetings but have been given the opportunity to make a statement if they wish, and will be available should any matter arise requiring their presence.

Why did my household only receive one copy of this Proxy Statement?

Only one copy of this Proxy Statement may be mailed to each household, even if more than one person in the household is a Fund shareholder of record, unless a Fund has received contrary instructions from one or more of the household’s shareholders. If a shareholder needs an additional copy of this Proxy Statement, please contact Shareholder Services at (800) 992-0180. If in the future, any shareholder does not wish to combine or wishes to recombine the mailing of a proxy statement with household members, please inform the Fund

in writing at 7337 East Doubletree Ranch Road, Suite 100, Scottsdale, Arizona, 85258-2034 or via telephone at (800) 992-0180.

How can shareholders send communications to the Board?

Shareholders may send other communications to the Board, a Committee thereof, or an individual Trustee. Such communications should be sent to the Trusts’ Secretary at the address on the front of this Proxy Statement.

Who pays for this proxy solicitation?

The Funds will pay expenses, including the printing, mailing, solicitation, and vote tabulation expenses, legal fees, and out-of-pocket expenses in connection with this proxy solicitation. Due to the operation of expense limitation agreements and other management fee arrangements, the Adviser will bear a portion of such expenses with respect to certain Funds.

In order that the presence of a quorum at each Meeting may be assured, prompt execution and return of the enclosed Proxy Ballot is requested. A self-addressed postage paid envelope is enclosed for your convenience. You also may vote via telephone or via the Internet. Please follow the voting instructions as outlined on your Proxy Ballot.

Joanne F. Osberg

Secretary

July 11, 2025

7337 East Doubletree Ranch Road, Suite 100

Scottsdale, Arizona 85258-2034

Interested Nominee

1Trustees serve until their successors are duly elected and qualified. The tenure of each Trustee who is not an “interested person” as defined in the 1940 Act, of the Fund (as defined below,

“Independent Trustee”) is subject to the Board’s retirement policy, which states that each duly elected or appointed Independent Trustee shall retire from and cease to be a member of the Board of Trustees at the close of business on December 31 of the calendar year in which the Independent Trustee attains the age of 75. A majority vote of the Board’s other Independent Trustees may extend the retirement date of an Independent Trustee if the retirement would trigger a requirement to hold a meeting of shareholders of the Trust under applicable law, whether for the purposes of appointing a successor to the Independent Trustee or otherwise complying under applicable law, in which case the extension would apply until such time as the shareholder meeting can be held or is no longer required (as determined by a vote of a majority of the other Independent Trustees).

2For the purposes of this table, “Fund Complex” includes the following investment companies: Voya Asia Pacific High Dividend Equity Income Fund; Voya Credit Income Fund; Voya Emerging Markets High Dividend Equity Fund; Voya Enhanced Securitized Income Fund; Voya Equity Trust; Voya Funds Trust; Voya Global Advantage and Premium Opportunity Fund; Voya Global Equity Dividend and Premium Opportunity Fund; Voya Government Money Market Portfolio; Voya Infrastructure, Industrials and Materials Fund; Voya Intermediate Bond Portfolio; Voya Investors Trust; Voya Mutual Funds; Voya Partners, Inc.; Voya Separate Portfolios Trust; Voya Variable Funds; Voya Variable Insurance Trust; Voya Variable Portfolios, Inc.; and Voya Variable Products Trust. The number of funds in the Fund Complex is as of May 31, 2025.

APPENDIX B: COMPENSATION OF TRUSTEES

The following table sets forth compensation information (excluding travel expenses) relating to the Trustees for the fiscal year end as designated in the table. “None” in the table indicates that, because the Fund was not in operation during the relevant fiscal period, no Trustee received compensation from the Fund during that time.

1Patricia Chadwick retired as a Trustee effective December 31, 2023.

2During the fiscal year ended October 31, 2024, Mr. Obermeyer and Ms. Pressler deferred $38,000 and $15,000 respectively, of their compensation from the Voya family of funds. During the fiscal years ended February 28, 2025, and March 31, 2025, Mr. Obermeyer deferred $38,000 of his compensation from the Voya family of funds. During the fiscal year ended May 31, 2025, Mr. Obermeyer deferred $63,000 of his compensation from the Voya family of funds.

APPENDIX C: TRUSTEE BENEFICIAL OWNERSHIP OF FUND SHARES

The following table shows the dollar range of shares beneficially owned by the Trustees or Trustee Nominees in each Fund and in any investment company overseen by the Trustees in the Voya Fund Family as of December 31, 2024 unless otherwise noted: